Federal Reserve Bulletin, 1960-05

FEDERAL RESERVE LET MAY 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 The Current Labor Market 467 Member Bank Earnings, 1959 474 Survey of Common Trust Funds, 1959 478 Survey of Foreign Investments 485 Law Department 486 Current Events and Announcements 497 National Summary of Business Conditions 502 Financial and Business Statistics, U. S. (Contents on p. 505) 506 International Financial Statistics (Contents on p. 579) 580 Board of Governors and Staff 597 Open Market Committee and Staff; Federal Advisory Council 598 Federal Reserve Banks and Branches 598 Federal Reserve Board Publications 600 Index to Statistical Tables 602 Map of Federal Reserve System Inside back cover Volume 46 Number 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

THE LABOR MARKET HAS REFLECTED the high rate of general economic activity pre- NONAGNCULTURAl IMPIOYMINT Seasonally adjusted. millions of parsons vailing this year. Seasonally adjusted nonfarm employment has risen somewhat further. Total labor income has continued to NONINOUSTRIAL increase in both money and real terms, but not so rapidly as earlier. Since last summer growth in employment INDUSTRIAL has been moderate and divergent tendencies have been evident among industries. In non- - 24 industrial activities, employment has risen - 22 almost without interruption since early 1958, and is substantially higher than in 1957. In .. i I I I! 1 20 the industrial sector, where gains were large 1954 1956 195» 1960 following declines during the steel strike, NOTE.—Bureau of Labor Statistics data. Industrial includes employment has not reattained the July 1959 manufacturing, mining, construction, transportation, and public utilities; nonindustrial covers trade, service, finance, and govlevel and is considerably below 1957. Farm ernment. Domestic service and unpaid family workers and the self-employed are excluded. Latest figures shown are for April. employment has continued its downward Clerical and sales employees continue to trend. experience less than average unemployment. Seasonally adjusted unemployment in Unemployment rates are highest in the semi- April, at 5.0 per cent of the civilian labor skilled and unskilled blue-collar occupaforce, was down from March and was about tions. the same as last summer. The steel strike last year and unusually severe weather in NONFARM EMPLOYMENT AND HOURS late winter contributed importantly to fluc- Seasonally adjusted employment in nonf arm tuations in employment after mid-1959. establishments was at a record level in Both the total number out of work and the April. The total, at 53 million persons, was number unemployed for long periods are 1.2 million or 2 per cent higher than a year currently above the levels prevailing in the earlier. Much of the increase occurred in 1955-57 period of cyclical expansion. A the spring and early summer of 1959, when number of major industrial areas continue strong and widespread expansion in employto report substantial labor surpluses, but ment opportunities was reinforced by invenfewer areas are so classified than a year ago. tory accumulation preceding the steel strike. Unemployment rates vary considerably During the strike most nonindustrial activiamong occupations. Demands for profes- ties continued to show strength, but total sional, technical, and managerial employees employment declined as curtailments spread have remained strong and the number of from steel mills to metal consuming and unemployed in these occupations is small. auxiliary industries. 467 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 FEDERAL RESERVE BULLETIN • MAY 1960 EMPLOYMENT IN NONAGRICULTURAL in durable goods lines have been partly offset ESTABLISHMENTS by some expansion in nondurables. [In thousands of persons] Efforts to adjust high output rates to current levels of final takings have resulted in Increase, or decrease (—) layoffs since February in the steel, fabri- April 1960 from: Industry April cated metals, and automobile industries, and division 1960 in some other consumer durable goods lines. July April April 1959 1958 1957 Meanwhile, shifts in defense procurement have led to further declines in employment Total 53,044 486 2,990 801 in aircraft plants, with expanded production Industrial 23,880 -134 1,400 -891 of missiles providing only a partial offset. Manufacturing.... 16,512 -68 1,269 -435 On the other hand, in machinery industries, Durable . 9,536 -99 970 -404 where rising outlays for capital equipment Nondurable, 6,976 31 299 -31 have imparted some strength, employment Mining 682 -32 -41 -130 Contract construc- has been maintained this year at a level tion 2,756 -44 132 -99 Transportation.... 2,586 10 83 -160 a little above that attained before the steel Public utilities.... 1,344 0 -43 -67 strike. Nonindustrial 29,164 620 1,590 1,692 Employment in nondurable goods indus- Trade 11,571 106 521 306 Finance and serv- tries, which had been comparatively stable, ice 9,076 80 368 466 increased in April and was above the level Government 8,517 434 701 920 of last July. Employment was higher than Federal. 2,358 157 186 131 in mid-1959 in printing, chemicals, and ap- State and local.. 6,159 277 515 789 parel, but lower in textiles and leather. Tex- NOTE.—Bureau of Labor Statistics data adjusted for seasonal tile employment increased somewhat in variation. Self-employed and domestic servants are excluded. Totals exclude Alaska and Hawaii for comparability with earlier March and April. periods. Federal Government employment in April 1960 includes 150,000 temporary Census workers. April 1960 figures are pre- Working hours in manufacturing have liminary. been sensitive to fluctuations in demand for Resumption of steel production in Novemlabor. The average workweek, which lengthber 1959 was accompanied by sharp adened from early 1958 until June 1959, vances in economic activity, and employwas reduced during the steel strike, and ment rose sharply through February of this then increased through January 1960. Since year. In March and April the labor market then, elimination of some overtime and an was heavily influenced by temporary factors increase in part-time work have reduced the including adverse effects of unusually bad average workweek. In April, at 39.4 hours, weather in late winter, a late Easter, and the it was almost one hour shorter than a year hiring of a large force of enumerators for the earlier. Both durable and nondurable goods 1960 Census. The April increase in nonlines showed declines over the year of simfarm employment was slightly larger than ilar magnitude. the March decline. Among other major industrial activities, Industrial activities. Manufacturing establishments employed 16.5 million persons in employment in transportation and public April, a slightly smaller number than at the utilities in April was little different from prestrike high of last summer or in February mid-1959. Construction employment, which of this year. Recent declines in employment recently has shown sizable fluctuations re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT LABOR MARKET 469 lated to weather conditions, was down a Women and younger persons, whose preferlittle. The secular decline in mining em- ence is for part-time work in the service and ployment has continued. In all major in- trade industries, make up a large and industrial activities, including manufacturing, creasing proportion of total employment. employment was lower in April than in The workweek in manufacturing also is 1957. shorter than three years ago. In this sector, Nonindustrial activities, Nonindustrial ac- however, some easing in demand for labor tivities have continued to show an upward and less overtime work were major factors. trend. Employment in trade, services, and Despite the increase in nonfarm employ- State and local government was at a new ment, total manhours worked this spring record level in April, with a total increase were little changed from a year earlier and of 600,000 since mid-1959. State and local were down from early 1957. governments showed the largest gain. Fed- Shifts in employment. The industrial struceral government employment rose this ture of employment has changed significantly spring because of the temporary hiring of in recent years. A major development has enumerators for the decennial Census, but been the growth in both absolute and relaotherwise has continued at about the level tive terms of nonindustrial employment and prevailing since 1954. the decline in industrial employment. Since The average workweek in nonfarm ac- 1953 nonindustrial employment has intivities has been declining in length in re- creased by 4.5 million, whereas industrial cent years. Currently, almost 12 million employment has declined by 1.3 million. nonfarm workers are employed less than There also has been a marked shift in the 35 hours per week, an increase of 22 per occupational composition of the labor force cent since early 1957. In large part the as indicated by the changes in employment shortening of hours is due to growth in the shown in the chart. number of voluntary part-time workers. Technological progress, shifts in con- OCCUMHONAt UtOt fOICI PROPORTION OF NONFARM LABOR FORCE UNEMPLOYMENT RATE CHANGE IN EMPLOYMENT April 1960 April 1960 April 1957 to April 1960 PROFESSIONAL AND MANAGERIAL 24 CLERICAL AND SALES 23 10 • SKILLED CRAFTSMEN 15 i SEMISKILLED OPERATIVES 21 UNSKILLED lAftORERS, NONFARM 0 2 4 6 1 10 12 4 2 — 0 + 2 4 6 $ Per cent Per cent Per cent NOTE.—Bureau of Labor Statistics data. The unemployment pation. April 1960 data include Alaska and Hawaii, rate is the percentage of labor force unemployed in each occu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT LABOR MARKET 469 lated to weather conditions, was down a Women and younger persons, whose preferlittle. The secular decline in mining em- ence is for part-time work in the service and ployment has continued. In all major in- trade industries, make up a large and industrial activities, including manufacturing, creasing proportion of total employment. employment was lower in April than in The workweek in manufacturing also is 1957. shorter than three years ago. In this sector, Nonindustrial activities. Nonindustrial ac- however, some easing in demand for labor tivities have continued to show an upward and less overtime work were major factors. trend. Employment in trade, services, and Despite the increase in nonfarm employ- State and local government was at a new ment, total manhours worked this spring record level in April, with a total increase were little changed from a year earlier and of 600,000 since mid-1959. State and local were down from early 1957. governments showed the largest gain. Fed- Shifts in employment. The industrial struceral government employment rose this ture of employment has changed significantly spring because of the temporary hiring of in recent years. A major development has enumerators for the decennial Census, but been the growth in both absolute and relaotherwise has continued at about the level tive terms of nonindustrial employment and prevailing since 1954. the decline in industrial employment. Since The average workweek in nonfarm ac- 1953 nonindustrial employment has intivities has been declining in length in re- creased by 4.5 million, whereas industrial cent years. Currently, almost 12 million employment has declined by 1.3 million. nonfarm workers are employed less than There also has been a marked shift in the 35 hours per week, an increase of 22 per occupational composition of the labor force cent since early 1957. In large part the as indicated by the changes in employment shortening of hours is due to growth in the shown in the chart. number of voluntary part-time workers. Technological progress, shifts in con- OCCUPAKONAl UI0I FORCE PROPORTION OF NONFARM LABOR FORCE UNEMPLOYMENT RATE CHANGE IN EMPLOYMENT April 1960 April 1960 April 1957 lo April 1960 MOfiSSIONAl AND MANAGERIAL 24 CLERICAL AND SALES 23 SKILLED CKAFTSMEM SEMISKIUID OPERAtlVES 21 UNSKIUfD LABORERS, NONFARM Per cenl Per cent Per eeni NOTE.—Bureau of Labor Statistics data. The unemployment pation. April 1960 data include Alaska and Hawaii. rate is the percentage of labor force unemployed in each occu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

470 FEDERAL RESERVE BULLETIN • MAY 1960 sumer and other demands for goods and UNEMPLOYMENT RATE services, and rapid population growth have Seasonally adjusted, per cent changed employment requirements. Research and development, education, and health services have expanded considerably. In most industries employment of professional and managerial personnel has increased sharply. These occupations, which now account for one-fourth of the nonfarm labor force, require highly trained and educated workers and the supply has been inadequate to meet current demands. Needs for clerical, sales, and service personnel have also expanded considerably. In contrast, employment of semiskilled and unskilled - 4 workers has declined. Changes in occupational requirements have also been evident in manufacturing in- 19S6 19S8 I960 dustries. Earlier divergent trends in production and nonproduction worker employment NOTE.—Bureau of Labor Statistics data. The unemployment rate is the percentage of the civilian labor force unemployed. in manufacturing have continued, after al- Beginning with January 1960, data include Alaska and Hawaii. Latest figures shown are for April 1960. lowing for cyclical changes. In April 1960 has changed little in the past year. In genthe number of production workers was eral, unemployment rates are lower for men 750,000 below the 1957 high and 1.5 than for women, as is usual during periods million below mid-195 3. Salaried worker of relatively high activity. Rates are also employment was 100,000 above the earlier lower for heads of families than for single high in 1957 and 600,000 above mid-1953. individuals. Unemployment rates have been relatively UNEMPLOYMENT high among the ybung, the unskilled, and Unemployment in April, after seasonal ad- the nonwhite—groups that usually experijustment, totaled 3.6 million persons. This ence higher than average unemployment. was 5.0 per cent of the civilian labor force, Persons under 25 years of age for the most down from March but not much changed part have little experience and low seniority, from January and February of this year or and they change jobs frequently. April 1959. The current rate of unem- Long-term unemployment leveled off beployment is substantially below the 1958 ginning last spring, after declining rapidly recession high but still above the level preduring the 1958 and early 1959 recovery vailing in the 1955-57 period, as can be period. Each month over the past year alseen in the chart. most one million persons, after allowance for With both the labor force and total seasonal influences, were reported as having civilian employment increasing by about been seeking jobs for 15 or more weeks. the same number, the distribution of unem- This is almost twice the number during the ployment among major population groups 1955-57 period of cyclical expansion. Older Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT LABOR MARKET 471 workers constitute a substantial proportion of the long-term unemployed. Short-term WAG! AND SALARY PAYMENTS unemployment in March and April—that is, persons out of work for a month or less— was moderately larger than a year earlier and accounted for about two-fifths of the unemployed. In most of the 149 major labor market areas the supply of labor is in fairly close balance with demand. In 33 such areas, however, substantial labor surpluses were reported in March, compared with 19 in early 1957. Areas with high unemployment rates included coal mining communities and one-industry towns where unemployment problems have been chronic, and NOTE.—Based on Department of Commerce monthly figures, also the large cities of Detroit, Buffalo, and seasonally adjusted; figures in 1955 dollars computed by Federal Reserve on basis of the consumer price index. Latest data Pittsburgh and a number of smaller centers shown are for April 1960; consumer price index for April estimated by Federal Reserve. producing durable goods. this cyclical expansion. The pattern of LABOR INCOME wage and productivity change has tended Wage and salary payments rose further in to stabilize unit labor costs, in contrast with April to a record seasonally adjusted annual the preceding expansion period when unit rate of $271 billion, which was more than labor costs rose sharply. These recent de- 5 per cent larger than a year earlier. After velopments have contributed to a lessening allowance for higher consumer prices, the of inflationary expectations. total was up nearly 4 per cent. Growth in Changes in earnings. Average hourly earnemployee income has slowed since mid- ings of production workers in manufacturing 1959, as wage rates and employment have in April, at $2.28, were down slightly from risen less rapidly and the workweek in manu- March and 2 per cent higher than a year facturing has shortened. earlier. Over the preceding year, from the The moderate increase in wage rates recession low in April 1958 to April 1959, contrasts sharply with experience in other hourly earnings had advanced 6 per cent. postwar periods of rising activity and stems The slower rate of increase during the from several factors. Labor is in easier past year was concentrated in durable goods supply than earlier. Intensified competition industries, reflecting in part some loss of for markets and increased imports have overtime and other premium payments in a heightened efforts by domestic producers to number of lines and the postponement of prevent advances in costs. Also the rise in wage rate increases until later in 1960 in the consumer prices has not been large, and steel and steel-fabricating industries. In there has been less demand for wage in- nondurable goods lines, average hourly earncreases on this account. ings rose about as much as during the pre- Meanwhile, increases in productivity in ceding year. Wage rate increases were remanufacturing have been relatively large in cently negotiated in the textile and apparel Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

472 FEDERAL RESERVE BULLETIN • MAY 1960 industries, in which earnings have tended close to 3 million workers in autos, metals, to lag. trucking, and construction will receive this Weekly earnings in manufacturing in year wage rate increases of about the same April averaged about $90. In both durable amount as last year. The number of workand nondurable goods lines weekly wages ers covered by long-term contracts and by were little changed from a year earlier, as cost-of-living adjustments has apparently inthe effects of increases in hourly earnings creased little this year. Contract negotiawere about offset by shorter hours. This tions are under way or are scheduled for contrasts with an increase of 11 per cent in later in 1960 in such major industries as the previous 12 months, when both weekly railroads, aircraft, electrical machinery, and hours and hourly earnings rose rapidly. rubber. In April 1960, weekly earnings were well Both management and unions appear to above a year earlier in the ordnance, instru- be more cautious in their approach to wage ment, furniture, chemical, and food in- negotiations and to be placing increasing dustries, but below in the primary metals, emphasis on problems of work standards tobacco, and rubber industries. Most other and labor displacement resulting from aumanufacturing industries showed relatively tomation. Tripartite groups representing little change. management, labor, and the public have In many nonindustrial activities where de- been established by a number of contracts mands for labor have been more expansive to study means of handling structural and the average workweek more stable, changes in employment. In some instances, there have been moderate gains in hourly funds have been set aside to provide reand weekly earnings during the past year. training, relocation, and severance pay for Increases were generally smaller, however, displaced workers. Union efforts to orthan the annual average since 1953. ganize professional and clerical workers, Collective bargaining. Settlement of the most of whom are not in unions, are being dispute in steel in January followed the long- stepped up but so far have apparently met est steel strike on record. The new contract, with little success. covering a period of 30 months, provided for LABOR FORCE smaller advances than the previous contract in wage rates and health and welfare bene- The civilian labor force averaged 69.9 milfits. A maximum cost-of-living increase of lion persons in January-April of this year, 6 cents over the contract period was pro- 500,000 more than a year earlier. The vided as compared with an actual cost-of- increase was less than that indicated by Cenliving increase of 17 cents under the pre- sus Bureau projections based on growth in the working age population and on long-run vious three-year contract. Workers received trends in labor force participation rates by an increase in take-home pay in January of age-sex groups. this year, as the companies assumed the total cost of insurance and health premiums. In the past four years, annual increases An advance in wage rates of more than 9 have been below expectations and the labor cents an hour, or about 3 per cent, is sched- force in January-April 1960 was substanuled for December. tially below the projected level. This con- Under contracts negotiated before 1960, trasts with 1956 when the labor force was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE CURRENT LABOR MARKET 473 well above the projected level. The slower- continued to be a significant factor in labor than-anticipated growth apparently reflects force growth. However, the total number a combination of factors, including some of women in the labor force has been ineasing in demands for certain labor skills, creasing more slowly than projected because longer schooling for youth, and earlier re- the rate of increase among younger women tirement among older workers than had pre- has fallen off. Many women, old and young, viously been expected. have found employment in such expanding Men under 25 years of age have con- activities as sales, service, and education. tinued to enter the labor force in large The labor force is expected to increase at numbers since January-April 1959, pri- a faster rate than the total population during marily reflecting population growth in this the current decade. Official projections sugage-sex group. Almost all men in the prime gest a potential increase in the labor force working ages of 25 to 54 years are in the of almost 14 million persons in the 1960's, labor force and their number has been re- compared with 8 million in the past decade. latively stable, owing in part to the low About half of this prospective growth is acbirth rates in the late 1920's and 1930's. counted for by youths under 25 years of age. Among men 55 years of age and older, The size of annual labor force increases will declines in labor force participation rates mount as the decade progresses. Labor have been larger than anticipated. Major force growth is projected at an annual averinfluences here include improved pension age of 1.2 million persons from 1960 to plans and the withdrawal from the labor 1965 and of 1.5 million in the second half market of older men who have lost jobs. of the decade. The latter increase is almost Women 45 years of age and older have double that experienced in the past five years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1959 GROSS OPERATING EARNINGS of all mem- FACTORS IN LOWER NET PROFITS ber banks for 1959 were $8,075 million, [In millions of dollars] 13 per cent higher than in the preceding Change year. This growth was offset only in part Item from 19581 by an increase in current operating expenses, Decrease in net profits -200 and net current earnings before income taxes Factors decreasing net profits, total. -1,881 rose 17 per cent to $2,935 million.1 Increase in operating expenses 523 Profits before income taxes, at $2,032 Nonoperating transactions 1,358 Increase in net losses on securities 2 757 million, were $574 million lower, however, Decrease in profits on sales of securities 570 Larger net increase in valuation reserve on loans. . 31 than they were in 1958 largely as a result Factors increasing net profits, total. + 1,680 of a shift from a net gain to a net loss Increase in operating earnings 948 On loans 695 on nonoperating transactions in securities. On U. S. Government securities. 133 Miscellaneous current earnings.. 87 On other securities Smaller provisions for Federal and State 33 Decrease in provision for taxes on net income income taxes offset a part of these losses, 374 Nonoperating transactions and net profits for the year totaled $1,257 Change from net increase to net decrease in valua- 358 tion reserve on securities , 330 Decrease in net losses on loans2 10 million or $200 million less than in 1958. Decrease in miscellaneous losses 10 Increase in miscellaneous recoveries The ratio of net profits to average total capital accounts declined from 9.7 in 1958 to 1 Details may not add to totals because of rounding. 2 Includes recoveries credited and losses charged either to undivided profits or to valuation reserves. 7.9 per cent in 1959. Cash dividends declared amounted to A summary of factors contributing to the $690 million, $44 million more than in decline in net profits of member banks in 1958 when banks retained a larger propor- 1959 appears in the accompanying table. tion of their higher net profits in capital accounts. Average total capital accounts EARNING ASSETS AND EARNINGS were slightly larger in relation to total assets Earning assets of member banks rose $3 in 1959 than in 1958, but they declined billion during 1959 to a total of $158 bilfrom 15.0 to 14.5 per cent of total assets lion at the year-end. Loans outstanding less U. S. Government securities and cash rose $10.7 billion. Banks financed a large part of these lending operations by reducing assets. their holdings of U. S. Government securities. NOTE.—This article was prepared by Theodore A. Veenstra, Jr., of the Board's Division of Bank Opera- Because of a change in 1959 in loan tions. classifications, figures for two loan items 1Net current earnings are gross current operating are no longer reported on the same basis earnings less gross current operating expenses, before adjustments for losses, profits on sales of securities, as they were for earlier years and comparirecoveries, transfers to and from valuation reserves, sons with end-of-1958 totals are not feasible. and taxes on net income. 474 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1959 475 Among the items for which comparable average holdings and an increase in the year-earlier figures are still available, the average rate of return from 5.35 to 5.65 call report data show that real estate loans per cent. and consumer loans, taken together, ac- In spite of a decline in average holdings counted for nearly half of the total increase of U. S. Government securities, earnings on in loans during 1959. these securities increased $133 million, as Investments in U. S. Government securi- the average rate of return rose from 2.45 ties at the end of 1959 were $46.8 billion, to 2.79 per cent. It may be noted that the $7.5 billion less than at the end of 1958. decline in average holdings of such securi- Holdings of bills, notes, and certificates de- ties for the year as a whole was only about clined $3.9 billion during the year and one-fifth of that indicated by year-end combonds $3.6 billion. Member banks reduced parisons. An increase of $33 million in their holdings of other securities slightly earnings on other securities during 1959 over the year but they increased their in- reflected a slightly larger average rate of vestments in State and local government return and larger average holdings for the securities by $0.3 billion. year as a whole. Earnings on loans increased by $695 Relative to total earnings, earnings on million or about 16 per cent over the total loans increased and those on U. S. Governfor 1958. This growth reflected both larger ment securities declined in 1959. This con- MEMBER BANK EARNINGS, 1948-59 [Dollar amounts in millions] Item 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 Earnings $2,828 $2,986 $3,265 $3,669 $4,120 $4,590 $4,826 $5,343 $6,078 $6,771 $7,127 $8,075 On U. S. Government securities 855 859 865 832 929 1,011 1,066 1,118 1,101 1,168 1,266 1,399 On other securities 158 169 190 211 235 252 273 296 308 339 411 445 On loans 1,308 1,427 1,634 2,003 2,306 2,632 2,711 3,083 3,725 4,208 4,326 5,021 Service charges on deposit accounts. . 141 158 172 187 198 219 252 274 310 354 389 422 Other earnings 367 373 403 436 452 477 523 572 634 702 734 788 Expenses 1,795 1,889 2,020 2,232 2,501 2,782 2,999 3,265 3,680 4,222 4,617 5,140 Salaries and wages 876 926 1,000 1,125 1,244 1,371 1,463 1,571 1,735 1,877 1,981 2,118 Interest on time deposits 250 261 271 306 365 425 494 543 650 927 1,123 1,280 Taxes other than income 90 96 109 115 118 125 140 149 157 172 185 211 Other expenses 579 605 640 686 775 860 902 1,002 1,138 1,246 1,327 1,531 Net current earnings before income taxes. 1,033 1,097 1,245 1,437 1,619 1,809 1,828 2,077 2,398 2,549 2,510 2,935 Net of profits and recoveries (+), losses and charge-offs, and changes in valuation reserves 179 135 95 190 181 251 +73 401 654 485 +96 904 Profits and recoveries (+), losses and charge-offs: On securities* + +44 + 60 65 129 +315 189 326 211 +535 792 On loans1 20 45 21 26 43 30 39 81 59 47 37 Other + 12 12 22 40 47 34 18 39 49 31 Net increase (or decrease,+) in valuation reserves: On securities 2 3 11 4 + 13 + 11 63 + 37 + 32 + 10 189 + 140 On loans 171 122 110 124 81 51 102 176 261 187 153 184 Profits before income taxes 854 961 1,150 1,247 1,437 1,558 1,900 1,676 1,744 2,063 2,606 2,032 Taxes on net income 234 275 369 491 608 692 804 691 718 895 1,148 775 Net profits 621 686 781 756 829 865 1,096 985 1,027 1,169 1,457 1,257 Cash dividends declared2 294 313 346 371 390 419 456 501 547 604 646 690 Ratio of net profits to average total capital accounts (per cent) 7.2 7.6 8.3 7.6 7.9 7.8 9.3 7.9 7.7 8.3 9.7 7.9 Number of banks at end of year 6,918 6,892 6,873 6,840 6,798 6,743 6,660 6,543 6,462 6,393 6,312 6,233 1 Includes recoveries credited and losses charged either to un- from valuation reserves. divided profits or to valuation reserves and excludes transfers to and 2 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 FEDERAL RESERVE BULLETIN • MAY 1960 CHANGES IN MEMBER BANK LOANS AND INVESTMENTS earnings, compared with 10.2 per cent in 1959 1955. [Dollar amounts in millions] Salaries and wages accounted for $137 Change from million of the increase in operating expenses Amount Dec. 31, 1958 Item Dec. 31, during 1959 as both the number and the 1959 Amount Percentage average compensation of officers and employees continued to expand. Average com- Total loans and investments $157,879 + $ 3,014 + 1.9 Loansl 94,779 + 10,717 +12.7 pensation of officers at all member banks Commercial and industrial 36,826 n.a. n.a. Agricultural 3,116 + 64 + 2.1 was about $9,900 while that of employees For purchasing and carrying securities , 4,472 143 + 3.3 was about $3,600. In 1955 these levels To financial institutions , 7,612 n.a. n.a. Real estate 22,185 2,173 + 10.9 were $8,700 and $3,100, respectively. Other loans to individuals 19,877 2,849 + 16.7 All other 2,603 n.a. n.a. U. S. Government securities.... 46,813 - 7,486 -13.8 PROFITS, RECOVERIES, LOSSES, AND TRANS- Treasury bills, notes, and certificates 18,028 - 3,876 -17.7 FERS TO VALUATION RESERVES Bonds2 28,785 - 3,611 -11.1 Other securities 16,287 217 - 1.3 Nonoperating transactions reduced net State and local government.. 13,677 + 272 + 2.0 Other 2,610 489 -15.8 profits by $904 million in 1959; transactions in securities accounted for $651 miln.a. Not available. 1 Totals are net (after deduction of valuation reserves); individual loan items are gross and do not add to totals. lion of the reduction, loans for $221 million, 2 Includes small amount of guaranteed obligations. NOTE.—Figures for December 31, 1959, are based on new classifica- and all other assets for $31 million. This tion of loans, including those to financial institutions; the latter were previously reported as "commercial and industrial" or "all othef." contrasts sharply with 1958 when the net effect of nonoperating transactions was to tinued the trend in the relative proportions add $96 million to member bank profits, for each of these items that began in 1947. largely as a result of a gain on transactions Although all other items of current operating in securities. earnings rose in 1959, as they have in most Member banks increased their valuation other recent years, their relative importance reserves on loans by $184 million in 1959. did not increase. Such reserves have expanded in each year since 1948 when banks first began to report EXPENSES the amounts of these reserves. On the other hand, they reduced valuation reserves on All categories of member bank expenses securities by $140 million; in recent years continued to rise in 1959. Total expenses increases in these reserves have occurred amounted to $5,140 million, about 11 per only in 1954 and 1958 when banks reported cent more than in 1958. substantial profits on securities. Interest payments on time deposits continued to increase, although at a slower pace INCOME TAXES than in 1956, 1957, or 1958. Average total time deposits rose $3.1 billion during Reflecting the decrease in profits before in- 1959 and the average rate of interest paid come taxes, provisions for taxes on net rose from 2.20 to 2.36 per cent. Since 1955 income in 1959 were reduced by $374 milthe average rate has risen from 1.36 to 2.36 lion. The total provided for such taxes, per cent and average holdings have in- $775 million, represented 38 per cent of creased 35 per cent. Interest on time de- profits before income taxes compared with posits now represents 15.8 per cent of total 44 per cent in 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1959 477 CASH DIVIDENDS crease in net current earnings before income Cash dividends declared in 1959 totaled taxes. $690 million, $44 million more than in For each class of bank all items of cur- 1958. This amount represented 55 per cent rent operating earnings were larger than in of net profits compared with only 44 per 1958, as the accompanying table shows, and cent in the earlier year. The ratio of cash earnings on loans were the principal factor dividends to average total capital accounts in the increase. One important difference was 4.3 per cent, the same as in 1957 and between classes of banks is that at country 1958. Retained earnings declined $244 banks average holdings of U. S. Government million to $567 million and accounted for securities increased and earnings on these about 70 per cent of the increase in total securities rose proportionately more than capital accounts in 1959. those on loans. Year-to-year changes in EARNINGS AND PROFITS BY CLASS OF BANK other items were similar at all classes of Net profits declined in 1959 at all reserve member banks. classifications of member banks. Neverthe- Detailed figures on earnings and related less, each class reported a substantial in- items appear on pages 564-72. MEMBER BANK EARNINGS, BY CLASS OF BANK, 1959 AND 1958 [Dollar amounts in millions] Central reserve city banks Reserve Country Total city banks banks Item New York Chicago 1959 1958 1959 1958 1959 1958 1959 1958 1959 1958 Earnings $8,075 $7,127 $1,306 $1,164 $308 $272 $3,205 $2,835 $3,256 $2,856 On U. S. Government securities. 1,399 1,266 182 170 60 58 508 478 649 560 On other securities 445 411 68 61 18 17 156 151 202 183 On loans 5,021 4,326 812 699 182 157 2,059 1,759 1,968 1,712 All other 1,210 1,123 244 234 47 40 482 447 437 401 Expenses 5,140 4,617 699 636 158 142 2,040 1,823 2,243 2,016 Salaries and wages 2,118 1,981 315 300 71 68 833 111 899 836 Interest on time deposits 1,280 1,123 123 110 31 25 534 474 592 515 All other 1,742 1,512 261 227 56 49 672 572 752 664 Net current earnings before income taxes 2,935 2,510 607 528 150 130 1,165 1,012 1,013 Net of profits and recoveries (+), losses and charge-offs, and changes in valuation reserves 904 +96 196 +48 58 +10 341 +41 309 Profits and recoveries (+), losses and charge-offs: On securities * 792 +535 189 + 85 51 +44 329 +247 223 + 158 O O t n h e l r oans* 3 3 1 7 4 4 9 7 + + 1 2 2 +4 + 3 7 3 1 1 3 5 2 1 3 3 2 3 0 0 2 3 2 1 Net increase (or decrease,+) in valuation reserves: On securities + 140 189 +20 22 + 10 22 +78 104 + 33 42 On loans 184 153 42 17 13 2 62 67 67 66 Profits before income taxes. 2,032 2,606 411 576 92 140 824 1,053 704 837 Taxes on net income 775 1,148 171 276 35 69 316 490 252 313 Net profits 1,257 1,457 240 300 71 509 563 452 524 Cash dividends declared2 690 646 166 160 26 278 258 217 202 Ratios (per cent): Net current earnings before income taxes to Average total capital accounts 18.5 16.6 18.3 16.4 20.2 18.4 19.6 18.1 17.2 15.0 Average total assets 1.48 1.32 1.77 1.55 1.73 1.51 1.49 1.35 1.32 1.16 Net profits to— Average total capital accounts 7.9 9.7 7.2 9.3 7.6 9.9 8.6 10.1 7.7 9.4 Average total assets 0.64 0.77 0.70 0.88 0.65 0.82 0.65 0.75 0.59 0.72 1 Includes recoveries credited and losses charged either to undivided valuation reserves. profits or to valuation reserves and excludes transfers to and from 2 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Common Trust Funds, 1959 THE AGGREGATE MARKET VALUE of in- 1959 were the largest for any year since vestments of 373 common trust funds in- surveys of common trust funds were started creased $232 million, or 9 per cent, during in 1955, as Table 1 shows. The growth 1959 to $2,667 million at the year-end. Net in number of funds was also the largest additions to principal of $161 million ac- during the period. These are some of the counted for 70 per cent of the increase, findings of the Fifth Annual Survey of Comappreciation in the market value for $51 mon Trust Funds conducted by the Board million, and realized capital gains for the of Governors of the Federal Reserve System remainder. Net additions to principal in as part of a program to provide information about principal uses of savings. The Survey includes all common trust NOTE.—This article was prepared by Charles W. funds operated by banks and trust com- Bryson of the Board's Division of Bank Operations. For results of the Fourth Annual Survey of Common panies in the United States and administered Trust Funds, see the BULLETIN for May 1959, pp. under subsection (c) of Section 17 of the 477-82. Board's Regulation F. The reporting date As defined by Section 584(a) of the Internal Revenue Code of 1954, a "common trust fund" is a fund for each fund is the valuation date falling maintained by a bank or trust company "(1) excluin the fourth quarter of the calendar year. sively for the collective investment and reinvestment of moneys contributed thereto by the bank in its The reporting period of funds other than capacity as a trustee, executor, administrator, or new ones covers 12 months. For funds guardian; and (2) in conformity with the rules and regulations, prevailing from time to time, of the Board that began operating during 1959, investof Governors of the Federal Reserve System perments are included in end-of-year tabulataining to the collective investment of trust funds by national banks." tions of holdings and also in tabulations of TABLE 1 SUMMARY STATISTICS FROM SURVEYS OF COMMON TRUST FUNDS, 1955-59 [Dollar amounts in millions] Number (end of year) Market value of investments (end of year) Net additions Net realized Year Fixed-income assets to p f r u i n n d cipal ca a p p it p a r l e g c a ia in ti s o a n nd Funds Banks Total Common (during year) (during year) Total i Bonds Pr S e t f o e c rr k ed Stock 1955 222 174 $1,868.7 $ 957.8 $712.0 $214.1 $ 910.9 $146.4 $126.6 1956 243 195 1,974.4 989.4 735.1 209.2 985.1 118.9 -13.2 1957 277 215 1,965.5 1,029.1 780.8 204.6 936.3 101.8 -110.6 1958 322 246 2,434.4 1,141.9 868.0 221.2 1,292.5 157.0 311.9 1959 373 273 2,666.7 1,230.0 961.4 211.5 1,436.6 161.0 71.3 1 Includes all bonds, preferred stocks, real estate mortgages, NOTE.—Details may not add to totals because of rounding. savings accounts, and principal cash. 478 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1959 479 purchases and sales; the cash and U. S. Gov- discretion of the trustee. Legal common ernment nonmarketable securities placed trust funds differ from State to State dewith the new funds by fiduciary accounts are pending on the plan and the State statute included in tabulations of net additions to under which they operate: In all States exprincipal. cept New York and New Jersey, a legal For classification purposes, a discretion- common trust fund is one in which the plan ary common trust fund is one in which all of limits investments to those authorized by the investments of the fund—both as to in- State statute as legal for funds held in indidividual securities and as to proportions of vidual fiduciary accounts. In New York and classes of investments—are made at the sole New Jersey, funds designated by their plan TABLE 2 INVESTMENT HOLDINGS, PURCHASES, AND SALES OF COMMON TRUST FUNDS, 1959 ' [Dollar amounts in millions] Holdings, at Holdings, at end of 1958 Cost of Proceeds end of 1959 purchases from sales Type of holding2 and other and At As per- acqui- redemp- At As permarket centage sitions tions market centage value of total value of total Total holdings (including principal cash). $2,434.4 100.0 $545.6 $384.2 $2,666.7 100.0 Bonds, notes, and certificates—total.. 868.0 35.6 394.7 258.1 961.4 36.1 (/. S. Government—total 173.9 7.1 197.2 151.9 210.0 7.9 Marketable, maturing: Within one year 11.3 0.5 16.1 67.8 21.5 0.8 Nonm Af a t r e k r e t o a n b e le year 1 5 0 7 5 . . 5 0 4 2 . . 3 4 118.3 2 5 6 7 . . 9 3 158.2 5.9 State and political subdivision. 47.1 1.9 6 2 . . 3 9 10.1 30.3 1.6 41.8 Domestic corporate—total. . . . 597.5 24.5 142.3 82.6 23.4 Manufacturing 154.3 6.3 24.5 26.5 624.2 5.4 P O R u a th b il e l r i r o c a u d tility 3 6 7 0 1 2 9 . . . 6 2 3 1 2 3 2 . . . 5 0 7 2 8 1 0 7 0 . . . 0 9 0 4 6 8 0 . . . 9 3 9 3 1 6 3 4 2 7 3 . . . 4 5 2 1 2 3 2. . . 7 3 0 Other*. 49.6 2.0 48.8 13.5 81.0 3.2 85.4 Preferred stocks—total. 221.2 9.1 24.9 24.2 211.5 7.9 Manufacturing.... 102.7 4.2 13.4 11.2 100.8 3.8 Public utility 101.1 4.2 10.3 10.5 95.5 3.6 Railroad 4.0 0.2 0.4 0.7 3.6 0.1 Financial 5.7 0.2 0.1 0.3 5.2 0.2 Trade 7.5 0.3 0.7 1.6 6.4 0.2 Other. 0.2 0.2 Common stocks—total. 1,292.5 53.1 114.0 95.0 1,436.6 53.9 Manufacturing... 796.1 32.7 69.4 58.9 891.9 33.4 Public utility 286.7 11.8 20.6 18.2 303.9 11.4 Railroad 17.7 0.7 3.7 1.2 25.8 1.0 Financial 126.2 5.2 11.8 9.4 138.0 5.2 Trade 55.2 2.3 5.9 5.0 66.5 2.5 Other 10.4 0.4 2.5 2.2 10.5 0.3 Real estate loans. . . 33.4 1.4 12.0 6.8 38.4 1.4 Savings accounts 0.5 0.1 0.4 Principal cash 18.8 0.8 18.3 0.7 1 Survey of common trust funds operated under Sec. 17(c) of rities are treated as sales of securities surrendered and purchases of Regulation F of Board of Governors. Except for funds beginning securities received. Stock rights held at beginning or end of reporting operation during 1959, data are for 12 months; reporting dates period are included in appropriate investment category at market range from Oct. 10 through Dec. 31, 1959. value. Proceeds from sales of such rights are included in proceeds Figures for 1958 include one small fund that was taken out of the from sales of securities during period. Details may not add to totals 1959 Survey when it was found that this fund was not operated under because of rounding. Regulation F. 3 Mainly quasi-governmental issues and foreign issues. 2 Nonmarketable U. S. Government securities are valued at cost 4 Less than .05 of one per cent. and other holdings at market value. Purchases are shown at cost 5 Less than $50,000. and sales at proceeds realized. Conversions and exchanges of secu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

480 FEDERAL RESERVE BULLETIN • MAY 1960 as legal common trust funds are specifically transactions to the aggregate portfolio— restricted by statute.1 A special common increased from about 31 per cent in 1958 to trust fund is one that is restricted by plan 35 per cent in 1959. The activity ratio for or institutional policy to one type or class of U. S. Government securities increased by investment, that is, fixed-income investments more than enough to offset the decline in or common stocks; these funds may be either the ratio for domestic corporate securities. discretionary or legal. New participations in common trust funds in 1959 totaled $292 million, and with- INVESTMENT ACTIVITY drawals $ 131 million. Of the net additions of $161 million during the year, it is esti- Holdings of all securities except bonds of States and political subdivisions and pre- mated that 85 per cent was invested in ferred stocks increased during 1959. The bonds, 12 per cent in common stocks, and 3 most notable increase was in holdings of per cent in real estate loans. Compared marketable U. S. Government securities, with 1958, larger proportions of new money where it appears that large purchases of were placed in bonds and real estate loans, Treasury notes of 1964—popularly referred and smaller proportions in preferred and to as the "magic 5's"—reversed the decline common stocks. Principal (uninvested) in holdings of Government securities that cash held declined slightly during the year. had been in progress since 1955. This increase was offset in part by a further decline GROWTH IN FUNDS in holdings of nonmarketable securities. Expansion in common trust funds may be The pronounced increase in holdings of measured both by changes in the number of "other" bonds reflected larger holdings of funds and by changes in the number and the quasi-governmental issues, particularly Fed- average size of their participating fiduciary eral land bank bonds. Despite the over-all accounts. increase in the bond portfolio, holdings of Number. At the end of 1959 there were common stocks continued to constitute more 373 common trust funds in 44 of the 49 than half of the total investments of com- jurisdictions (48 States and the District of mon trust funds at the end of 1959. Columbia) that permit common trust funds, Gross investment transactions of these compared with 322 funds in the same 44 funds, representing the total of acquisitions, jurisdictions at the end of 1958.2 sales, and redemptions, shown in Table 2, Forty-eight new funds were established in totaled $930 million in 1959, $167 million 1959 and their year-end holdings amounted more than in the previous 12 months. to $21 million; this compares with 44 new Transaction activity—the ratio of gross funds established in 1958 for which holdings at the end of 1958 totaled $25 million. The number of funds added in 1959 was the 1 "Legal investment" statutes fall into two general largest annual increase since Section 17 (c) categories: (1) those that restrict all or part of the investments to specific investments or specific classes of Regulation F went into effect on Decemof investments, and (2) those that limit investment ber 31, 1937. in nonlegal securities to a given percentage of the account or fund. The statutory limitations on investment in nonlegal securities range from 30 per cent to 50 per cent of the market value (in one State, 2 The State statutes of Iowa and Alaska are silent inventory value) of the fund. on the subject of establishment of common trust funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1959 481 Mergers and splits also affect the number sharpest among national banks. The numof funds in operation. Six existing funds ber of such banks operating common trust were each split into two separate funds in funds increased by 22 and the number of 1959; two existing funds within the same funds administered increased by 40 during bank were merged; one fund was dissolved, the year. with the participating accounts being admit- Total holdings of funds in national banks ted to a common stock fund and a fixed- increased from 25 per cent of the assets of income fund within the same bank; and one all common trust funds at the end of 1958 fund that was included in the 1958 Survey to 31 per cent at the end of 1959. Some of was taken out of the 1959 Survey when it this growth reflects the conversion to, or was found that this fund was not operated merger with, national banks of three State under Regulation F. member banks operating seven common The sharp growth in the number of com- trust funds. At the end of 1959 the total mon trust funds during the past several years holdings of these seven funds amounted to seems to indicate an increased awareness of $122 million. However, it should be noted their adaptability in handling the invest- that common trust funds operated by State ments of relatively small fiduciary accounts, member banks continue to hold the major at lower cost and with greater diversifica- part of the assets—57 per cent at the end of tion in holdings than would be possible if 1959—of all common trust funds. The disinvestments of individual accounts were tribution of funds by class of bank at the end handled separately. Growth in 1959 was of 1959 is shown in Table 3. Fiduciary accounts. The number of fidu- TABLE 3 ciary accounts invested in common trust COMMON TRUST FUNDS AND THEIR INVESTMENT funds increased by 12,000, or 12 per cent, HOLDINGS, BY CLASS OF BANK, 1959x to 116,000 during 1959, and the average Market participation remained practically unvalue of Class of bank Num- Num- holdings 3 changed at $23,000. These figures do not and ber of ber of (in miltype of fund funds banks 2 lions of make allowances, however, for accounts dollars) that may be invested in more than one fund. All banks—total 373 273 $2,666.7 Furthermore, they do not indicate the total Diversified discretionary. 185 181 1,895.4 Diversified legal 79 76 361.9 Special 107 63 409.4 number of individuals benefiting from par- State member banks—total. 121 1,512.0 ticipation in common trust funds; for a single Diversified discretionary.. 65 63 1,110.2 Diversified legal 31 29 233.3 trust account there may be more than one Special 25 15 168.6 beneficiary. National banks—total 204 154 834.4 Diversified discretionary. 101 97 555.6 Personal trusts, estates, and guardianships Diversified legal 42 41 118.4 Special 61 36 160.4 held participations of $2,555 million at the Ins D u i r v e e d r s n if o ie n d m d em isc b r e e r t i b o a n n a k ry s—total 3 1 1 3 2 1 4 3 6 3 6 8 . . 0 6 end of 1959.3 Participations of pension and Diversified legal 6 6 10.3 Special 12 7 17.1 Noninsured nonmember banks—total. 17 254.2 Diversified discretionary 190.9 3 The first survey of bank-administered personal Diversified legal Special 63.3 trust funds, conducted by the Trust Division of the American Bankers Association for 1958, estimated 1 See Table 2, note 1. that participation by personal trust accounts in com- 2 Details do not add to totals because some banks operate two or mon trust funds amounted to 4 per cent of the holdmore funds. 3 See Table 2, note 2. ings of all bank-administered personal trust funds. For Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 FEDERAL RESERVE BULLETIN • MAY 1960 TABLE 4 MARKET VALUE OF INVESTMENT HOLDINGS OF COMMON TRUST FUNDS, BY TYPE OF FUND, 1958-59 [In millions of dollars] Special funds Diversified discretionary Diversified legal All funds funds funds Discretionary Legal Type of holding2 In- In- In- Increase, crease, crease, crease, 1959 1958 or de- 1959 1958 or de- 1959 1958 or de- 1959 1958 or de- 19591958 crease crease crease Total holdings 2,666.7 2,434.4 232.3 1,895.41,804.1 91.3 361.9 342.6 19.3 378.2 268.8 109.4 31.118.9 12.2 Bonds, notes, and certificates— total 961.4 868.0 93.4 620.0 592.8 27.2 180.9 162.5 18.4134.5 97.6 36.9 26.0 15.4 10.6 U St . a t S e . a G n o d v e p r o n l m iti e c n a t l subdivi- 210.0 173.9 36. 137.3 117.8 19.5 45.3 34.6 10.7 18.1 15.1 3.0 9.3 6.3 3.0 sion 41.8 47.1 -5.3 12.9 19.5 -6.6 6.6 7.3 -0.7 17.2 16.3 0.9 5.1 4.0 1.1 Domestic corporate 624.2 597.5 26.7 414.8 421.2 -6.4 108.5108.5 90.6 63.3 27.310.2 4.6 5.6 Other3 85.4 49.6 35.8 55.0 34.2 20.8 20.5 12.1 8.5 2.9 5.6 1.4 .4 1.0 Stocks—total 1,648.21,513.7 134.51,243.21,182.1 61.1171.0168.7 2.3 229.3 159.8 69.5 4.7 3.0 1.7 Preferred 211.5 221.2 -9.7 130.8 144.0 -13.2 51.1 52.0 -0.9 24.1 3.3 2.2 1.1 1.1 Common 1,436.61,292.5 144.1 1,112.41,038.1 74.3120.0116.8 3.2 201.9135.7 66.2 2.5 1.9 0.6 Real estate loans and savings accounts 38.8 33.9 4.9 19.4 19.0 0.4 6.3 6.4 -0.1 12.9 8.5 4.4 0.1 0.1 Principal cash 18.3 18.8 -0.5 12.8 10.4 2.4 3.6 5.0 -1.4 1.6 3.0 -1.4 0.3 0.4 -0.1 Factors affecting change during year: Net additions to principal funds 161.0 80.3 20.8 48.8 Net appreciation in market value of investments 50.8 -4.7 3.7 () Net realized capital gains 20.5 12.2 4.2 5.1 -1.0 Net transfers due to splits, reclassifications, etc -52.9 51.8 2.1 i See Table 2, note 1. 3 See Table 2, note 3. 7 See Table 2, note 2. 4 Less than $50,000. profit-sharing trusts amounted to $ 112 mil- of splits of the latter into common stock and lion at the end of the year, as compared with fixed-income funds. The increase in hold- $83 million at the end of 1958. ings of diversified discretionary funds reflected for the most part net additions to CHANGES BY TYPES OF FUNDS principal and net appreciation in the market All types of common trust funds experienced value of their common stock holdings; innet increases in the market value of their creases in these items were more than suffitotal holdings in 1959, as shown in Table 4, cient to offset statistical transfers between but most of the growth occurred in diversi- these funds and special funds, noted earlier. fied discretionary and special discretionary Increased use of the "split funding" funds. Growth in special funds reflected method of handling participations in commainly net additions to principal and a trans- mon trust funds accounted for most of the fer of funds from diversified funds as a result increase in holdings of special funds during 1959. Under this arrangement, banks set up separate funds to invest in fixed-income results of this survey see "Report of National Survey assets and in common stocks, respectively. of Personal Trust Accounts," The Trust Bulletin, Vol. 39, No. 1 (September 1959), pp. 2-7. One bank uses three funds: one for bonds, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1959 483 TABLE 5 SIZE DISTRIBUTION OF COMMON TRUST FUNDS, 1959 l [Dollar amounts in millions] All Diversified Diversified Special Size of fund 2 funds discretionary funds legal funds funds (total holdings, in millions of dollars) Number ho T l o d t in al gs Number ho T ld o in ta g l s Number ho T ld o in ta g l s Number ho T l o di t n al gs All funds 373 $2,666.7 187 $1,895.4 79 $361.9 107 $409.4 Under 1 111 44.6 39 18.0 26 11.6 46 15.0 1_2 55 83.4 25 37.3 13 21.0 17 25.1 2-5 83 268 0 41 135.9 18 54.9 24 77.2 5-10 54 385.5 35 254.7 10 69.3 9 61.4 10-25 . 46 693.6 27 406.2 10 151.8 9 135.6 25-50 16 588 7 13 495.4 2 53.3 1 39.9 50 and over 8 602.9 7 547.9 1 55.0 i See Table 2, note 1. 2 See Table 2, note 2. one for preferred stocks, and one for com- flexibility needed to diversify the investmon stocks. Such an arrangement permits ments of participating fiduciary accounts participation in either or all funds in varying more effectively than is possible with a sinproportion, in accordance with the needs gle fund having a given ratio between fixedand requirements of the individual fiduciary income investments and common stocks. account, and gives to the trust institution the The number of banks using the split-funding TABLE 6 STATE DISTRIBUTION OF COMMON TRUST FUNDS, BY TYPE, 1959 x Number of funds Number of funds leg S a t l a iz t t e a r , t u i w o s n t i t f h o u f n y c d e o a s r m o m f on Total t D d i s o i i i s f n v i c e a e r d r e r y - - D s l i e i f v g ie e a d r l - D tio is n c S a r r p e y - ecia L l egal leg S a t l a iz t a e tr t , u io w s n t i th f o u f y n c d e o a s r m o m f on Total t d D i s o i i i s f n v c ie a e r d e r r y - - D s l i e i f v g ie e a d r l - D tio is n c a r r S e y p - eci L a e l gal 44 States, incl. D. C. 373 187 79 87 20 Montana (1955) 2 2 Nebraska (1953) 1 1 Alabama (1943) 3 2 1 New Hampshire (1953) 2 1 1 Arizona (1941 3 I 2 New Jersey (1945) 17 2 3 6 6 Arkansas (1947) 1 I New Mexico (1953) 3 2 California (1947) 16 7 9 Colorado (1947) 9 4 4 1 New York (1937) 45 19 21 4 1 North Carolina (1939) 7 5 Connecticut (1943) 11 11 North Dakota (1955) 2 1 1 Delaware (1935) 3 3 Ohio (1943) 8 7 1 Dist. of Columbia (1949).. 6 2 2 2 Oklahoma (1949).. 2 2 Florida (1941) 9 7 2 Georgia (1943) 8 7 1 Oregon (1951) 2 2 Pennsylvania (1939) 66 10 39 12 5 Hawaii (1947) 4 4 Rhode Island (1956) 2 2 Illinois (1943) 7 7 South Carolina (1955) 4 1 3 Indiana (1937) 8 8 South Dakota (1941) 1 1 Kentucky (1938) 4 4 Maine (1951) 4 3 1 Tennessee (1953) 8 6 Texas (1947)... . . 12 12 Maryland (1945) 8 4 2 2 Utah (1951) 2 2 Massachusetts (1941) 19 16 Vermont (1933). 2 2 Michigan (1941) 9 7 2 ...... Virginia (1944) 21 10 11 Minnesota (1937) 8 1 6 Mississippi (1950) 2 2 Washington (1943) 4 3 1 Missouri (1940)2 9 4 West Virginia (1943) 1 1 Wisconsin (1943) 8 3 3 1 See Table 2, note 1 2 By court decision; legislation was enacted in 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

484 FEDERAL RESERVE BULLETIN • MAY 1960 arrangement increased from 24 in 1958 to 31, 1959 (66, 45, and 21, respectively), as 39 in 1959 and the holdings in these funds shown in Table 6. On the basis of amounts increased from $230 million to $353 million. held Pennsylvania ranked first, followed by New York and Massachusetts. GEOGRAPHIC DISTRIBUTION While 55 per cent of the assets and 40 During the five years covered by the Surper cent of the number of funds are in the veys, the number of common trust funds has Boston, New York, and Philadelphia Fedincreased in all geographic sectors. During eral Reserve Districts, the rate of increase in 1959 the largest increases in number of new funds were in Pennsylvania, New Jersey, and volume of assets continues to be slower in Virginia (13, 6, and 6, respectively). these districts than elsewhere. The distri- Pennsylvania, New York, and Virginia had bution of funds by Federal Reserve district the largest numbers of funds on December at the end of 1959 is shown in Table 7. TABLE 7 TYPES OF COMMON TRUST FUNDS AND INVESTMENT HOLDINGS, BY FEDERAL RESERVE DISTRICT, 1959 * [Dollar amounts in millions] Investment holdings Number of funds Bonds, notes, and certificates Stocks Fede d ra is l t r R ic e t serve Total D s t c d i i i f o r i v i e s e n e - - d - r- D s l i e i f g v ie a e d l r- t D c io r i e S n s - - - peci L a e l gal Total 2 Total U G m er o . e n S n v - . t - p S d s a i o u t c i n a v l a b i d t i l t - e - - C r p a o o t r - e - o A th l e l r Total fe P r r r e e - d C m o o m n - l e R o e s a t t e a c n a t . s l e , P c c i r a p i s n a h l ary ary sion All districts 373 187 79 87 20 $2,666.7$961.4$210.0 $41.8 $624.2 $85.4 $1,648.2$211.5$1,436.6 $38.8 $18.3 Boston 36 31 1 4 314.0 112.9 25.3 0.1 78.7 198.6 8.6 190.0 0.8 1.7 New York 56 24 23 6 546.7 233.4 28.3 184.6 20.5 307.9 22.3 285.6 1.5 4.0 P C h le i v la el d a e n l d phia.... 5 2 9 9 1 1 2 0 3 1 0 1 9 7 6 2 0 5 5 6 . . 4 4 1 1 6 0 6 6 . . 9 5 6 2 2 8 . . 4 3 2 9 9 . . 6 7 7 4 1 0 . . 8 0 2 8 3 . . 5 1 4 1 3 4 3 6 . . 3 7 1 2 1 7 2 . . 9 1 3 1 2 1 1 8 . . 1 8 (3) 5 1 . . 2 4 1.8 Richmond 47 23 17 218.1 76.0 14.5 0.9 53.8 6.8 124.9 9.6 115.3 16.2 1.0 Atlanta 28 22 4 80.8 35.1 5.8 1.3 25.7 2.2 43.8 7.7 36.1 1.7 0.3 Chicago. 31 17 5 143.7 62.2 13.0 0.1 44.7 4.4 79.9 6.1 73.9 0.3 1.3 St. Louis 13 9 3 146.5 49.8 4.8 (3) 44.3 0.6 92.2 1.9 90.3 3.9 0.6 Minneapolis.... 13 3 22.9 7.5 1.4 () 5.8 0.2 15.2 0.6 14.6 () 0.2 Kansas City.... 18 9 75.4 21.2 9.1 0.1 9.3 2.7 42.7 2.7 40.0 10.1 1.3 Dallas 12 12 37. 13.1 3.4 7.6 2.1 23.4 2.8 20.6 0.5 0.2 San Francisco... 31 15 16 219.5 76.9 13.7 57.8 5.5 139.6 9.2 130.5 1.8 1.2 1 See Table 2, note 1. 3 Less than $50,000. 2 See Table 2, note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The first postwar survey of U. S. business enter- by country of the investors and showing the U. S. prises under foreign ownership is now being con- industries in which the enterprises are located, ducted by the Office of Business Economics, U. S. total assets employed, capital flows from abroad Department of Commerce, it was announced to- and capital obtained from U. S. sources, earnday. This is the second part of the program, ings, and remittances of dividends, interest and for which appropriations were made available by branch profits to foreign owners. These capital the Congress, to obtain accurate, detailed informa- and income flows are significant items in the tion on the international investments of the United balance of international payments of the United States. The first part, a comprehensive survey of States, and the information to be collected is U. S. business investments in foreign countries, necessary for this compilation. is now being completed and will be issued later This survey is mandatory, and reports are rethis year. quired by law for the type of foreign investment Reports are required from or on behalf of each in the United States described above in general business enterprise in the United States in which, terms, and specified in the detail set forth in the as of December 31, 1959, a foreign owner or instructions provided with the reporting forms. affiliated group of owners held directly or indi- Completed reports are to be filed by July 15, rectly 25 per cent or more of the voting stock 1960, with the Office of Business Economics, or comparable ownerships in case of nonincor- U. S. Department of Commerce, Washington 25, porated businesses. All types of businesses are D. C. Additional information and copies of the covered by the mandatory reporting requirement, forms and instructions may be obtained from that including corporations, branches of foreign firms, agency or from Commerce Department Field Ofproprietorships, partnerships, and real property fices in major cities throughout the United States. acquired primarily for commercial purposes. Requirements for the survey are published in the Federal Register dated today—Monday, May In the case of banks and other financial organi- 16, 1960. zations, the following section of the instructions The last comprehensive study of these foreign should be noted: investments in the United States was undertaken "2. Foreign beneficial interests.—If the foreign during the war and obtained data for 1941. At controlling interest in a United States business enthat time such investments were valued at $2.3 terprise, including commercial real property, was billion, and the value has more than doubled in held, exercised or administered by a United States the interim, largely out of retained earnings, with estate, trust (including irrevocable trusts), nomiimportant shifts in the composition of these in- nee, agent, representative, custodian, or other investments. Little detailed information is cur- termediary of the foreign beneficial owners, such rently available on the extent and nature of the estate, trust, nominee or other intermediary shall changes in these foreign holdings in the United be responsible for reporting for the business enter- States that have occurred since the war, and the prise the required information on Form BE-145,. new survey will remedy this important gap in our or shall instruct the United States business enterknowledge. prise in question to submit the required informa- Information to be provided by the new survey tion. This does not relieve the United States will include data on the value of the holdings of business enterprise of responsibility for reporting foreign individuals and enterprises, broken down if such business enterprise has knowledge of the direct or indirect foreign controlling interest, but NOTE.—Released to morning papers, May 16, 1960, only one report should be filed for each such) by the Office of Business Economics, U. S. Department of Commerce. enterprise." 485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Order Under Section 3 of Bank Holding this date, that the application of First Bank Stock Company Act Corporation be and hereby is denied. The Board of Governors of the Federal Reserve Dated at Washington, D. C, this 22nd day of System on April 22, 1960, issued an Order with April, 1960. respect to an application by a holding company, By order of the Board of Governors. pursuant to Section 3(a) (2) of the Bank Holding Company Act of 1956, for approval of the acquisi- Voting for this action: Chairman Martin, and Governors Balderston, Szymczak, Robertson, Shepardson, tion of voting shares of a bank. The Board's Order and King. Voting against this action: Governor Mills. denying the application and accompanying Statements read as follows: (Signed) MERRITT SHERMAN, Secretary. FIRST BANK STOCK CORPORATION [SEAL] In the Matter of the Application of First Bank Stock Corporation for approval of acquisition STATEMENT of voting shares of Eastern Heights State Bank of Saint Paul, St. Paul, Minnesota (Docket No. Pursuant to Section 3 (a) (2) of the Bank Hold- BHC-47) ing Company Act of 1956 ("the Act"), First Bank Stock Corporation of Minneapolis, Minnesota ("First" or "Applicant"), a bank holding com- ORDER DENYING APPLICATION FOR PRIOR pany, has requested the Board's prior approval of APPROVAL UNDER BANK HOLDING COMPANY ACT its acquisition of 1,950 of the 2,000 outstanding There having come before the Board of Gov- voting shares of Eastern Heights State Bank of ernors pursuant to Section 3(a) (2) of the Bank Saint Paul, St. Paul, Minnesota ("Eastern"). Holding Company Act of 1956 (12 USC 1843) and Section 4(a)(2) of the Board's Regulation Y General background. On December 30, 1957, (12 CFR 222.4(a)(2)), an application on behalf First filed with the Board an application (someof First Bank Stock Corporation, Minneapolis, times hereafter referred to as "the earlier applica- Minnesota, for the Board's prior approval of the tion") for approval of its acquisition of 1,190 of acquisition of 1,950 voting shares of Eastern the 1,250 voting shares then proposed to be issued Heights State Bank of Saint Paul, St. Paul, Min- by a proposed new bank, First Eastern Heights nesota; a public hearing on said application having State Bank of Saint Paul ("First Eastern"). It been held pursuant to Section 7(a) of the Board's was proposed that the new bank would be located Regulation Y (12 CFR 222.7(a)); opportunity in the Sun Ray Shopping Center, about 4.2 miles having been afforded the parties to file proposed east of St. Paul's downtown business district. findings and conclusions; the Hearing Officer hav- While the application was pending before the ing filed a Report and Recommended Decision Board, the Minnesota Department of Commerce, in which he recommended that said application having found a reasonable public demand for be denied; oral argument on the matter having either a savings and loan association or a bank in been held before the Board; and all such steps the area in which the proposed bank was to be having been taken in accordance with the Board's established, granted to a savings and loan associa- Rules of Practice for Formal Hearings (12 CFR tion authorization to commence business in the 263); vicinity of the Sun Ray Shopping Center if the bank were not activated by November 25, 1958. IT is HEREBY ORDERED, for the reasons set forth On August 5, 1958, the Board denied First's apin the accompanying Statement of the Board of plication to acquire shares of First Eastern. 486 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 487 (1958 Federal Reserve BULLETIN 1061). First by the Hearing Officer, "did not 'disapprove' the then filed a petition for review of the Board's application". In reference to the Commissioner's decision in the United States Circuit Court of views, Applicant contends that the Hearing Officer Appeals for the Eighth Circuit. erred in "suggesting that the views of the Com- Meanwhile, in order that the proposed bank missioner of Banks of the State of Minnesota conmight be established prior to November 25, 1958, stitute evidence in this proceeding." In view of the deadline set by the State Department of Com- the fact that the Commissioner's letter was by merce, stock of that bank was acquired by Min- stipulation made a part of this record, and was nesota Mining and Manufacturing Company ("3 so treated by the Hearing Officer and, further, M"), a manufacturing concern that had estab- considering the requirement in the Act that the lished and is further developing a large research Board request the views of the appropriate supercenter in the vicinity of the proposed bank; and visory authority on each application, the Board the bank opened for business on November 17, finds no merit in Applicant's objection to con- 1958, as the Eastern Heights State Bank of Saint sideration of the Commissioner's views. Paul. Statutory standards. In determining whether In connection with the organization of Eastern, the present application should be approved, the 3 M had the advice and assistance of First; and a Board is required by Section 3(c) of the Bank stock purchase agreement was entered into under Holding Company Act (12 U.S.C. 1842(c)) to which First agreed to acquire the 1,950 shares of take into consideration the following five factors: Eastern owned by 3 M, subject to approval of the (1) the financial history and condition of the hold- Board. The present application, filed with the ing company and bank concerned; (2) their pros- Board on November 28, 1958, seeks this approval. pects; (3) the character of their management; (4) In view of these developments, First's petition the convenience, needs, and welfare of the comfor judicial review of the Board's order denying munities and the area concerned; and (5) whether the earlier application was dismissed by consent or not the effect of the acquisition would be to of the parties. By stipulation entered into in con- expand the size or extent of the bank holding comnection with the present proceedings, the parties pany system involved beyond limits consistent with agreed that designated portions of the record upon adequate and sound banking, the public interest, which the Board's order of August 5, 1958, was and the preservation of competition in the field of rendered would be a part of the record for pur- banking. poses of the present application. Financial condition, prospects, and manage- In accordance with an order of the Board pubment. As to the first three factors enumerated in lished in the Federal Register on February 5, 1959, Section 3(c) of the Act, the record reflects that a public hearing was held on the application bethe financial history and condition of First and fore a duly qualified Hearing Officer. Following Eastern, as well as their prospects and the char- First's submission of Proposed Findings of Fact acter of their management, are satisfactory. and Conclusions of Law, with supporting brief, On the subject of management, First has emthe Hearing Officer filed his Report and Recomphasized what it terms the relative inexperience mended Decision on September 16, 1959, recomof 3 M in banking and, while conceding that this mending denial of the application. First filed exdoes not render that Corporation "per se unfit to ceptions to that Report and Recommended Deciengage in banking", contends that it raises the ission, with brief, and thereafter presented oral argument to the Board. sue of "whether the convenience, needs and wel- As required by Section 3(b) of the Act, upon fare of the community and area would be better receipt of the present application, the Board re- served by a bank owned by Bank Stock, with its quested the views of the Commissioner of Banks extensive banking experience, or by 3-M, a very for the State of Minnesota. In a letter dated large corporation with no banking experience." January 20, 1959, the Commissioner submitted In the Board's judgment, ownership by 3 M is not the findings of the Banking Department on cer- relevant to the quality of banking service to be tain of the factors set forth in the Act. The Com- reasonably anticipated. The assertion that ownermissioner made no recommendation but, as stated ship of Eastern's stock by a company with no prior Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 FEDERAL RESERVE BULLETIN • MAY 1960 banking experience is less desirable than owner- mary service area will have a population of 50,000 ship of Eastern by First ignores the distinction to 70,000. between bank stock ownership and bank manage- Eastern's primary service area has been desigment. The record reflects that Eastern's board nated by Applicant as comprising (1) a portion of five directors is well qualified. One of the of the southeast corner of the City of St. Paul and directors who is also Eastern's managing officer, adjoining portions of the Village of Maplewood, has had several years of banking experience. On both located in Ramsey County, and (2) the porthe basis of the evidence, including Eastern's tion of Washington County that adjoins Ramsey growth within less than a year, the conclusion is County on the east. In general, the area is reasonably reached that Eastern's directors and bounded on the north by the Chicago-Northwestofficers are well qualified to manage and direct its ern Railroad tracks and Maryland Avenue, on the affairs. west by Hazelwood Avenue, on the south by the Although not directly related to the competency Point Douglas Road and the Lower Afton Road, of management, an argument advanced by the Ap- and on the east by a north-south line approxiplicant may appropriately be noted at this point. mately WAT miles east of the Ramsey County/ Applicant urges that ownership of Eastern's stock Washington County line. In April 1959, approxiby 3 M is inconsistent with the view expressed by mately 1,400 persons were employed in the rethe Board that common control of nonbanking search center which 3 M is developing in the viand banking businesses is undesirable regardless of cinity of the Shopping Center, an increase of 75 the number of banks controlled. It cites the per cent over the employment figure of December Board's 1958 report to Congress pursuant to the 1957. Applicant anticipates that employees at the Bank Holding Company Act, wherein the Board center will number about 3,000 within the next expressed opposition to the control of any bank two or three years and about 12,000 within 5 to by a nonbanking organization and, accordingly, 10 years, assuming future growth by 3 M in prorecommended amendment of the Act to include portion to its past growth. within the definition of "bank holding company" In connection with First's earlier application, any company controlling 25 per cent of the stock with most of the above data available to it, the of one bank. This recommendation, however, has Board concluded that, while no strong need for the not been adopted by Congress. Moreover, with- proposed new bank had been demonstrated, it apout intending to suggest any such purpose in the peared that the convenience and welfare of the present case, it may be noted that adoption of the area concerned would be served if a bank were argument advanced by Applicant could tend to established at the proposed location. This was a encourage evasions of the Act. Finally, in the circumstance favorable to the granting of that appresent case there is no evidence of the existence plication. As previously mentioned, however, of the abuses that could result from control of a since that time a bank (the one here involved) bank by a nonbanking organization. has been established and is being operated in the The Board concludes that the circumstances Sun Ray Shopping Center. Accordingly, the of this case related to the first three factors are question now is not whether the proposed acquiconsistent with approval of the application but do sition would provide banking facilities in a grownot provide substantial affirmative support for ap- ing area that now lacks such facilities but, rather, whether the convenience, needs, and welfare of proval. that area are being adequately served by an exist- Convenience and needs of community. The ing bank and the extent, if any, to which they business and residential growth of the area around would be better served if that bank were owned the Sun Ray Shopping Center, in which Eastern by the Applicant. is located, has been rapid. It has been estimated The Commissioner of Banks for the State of by Applicant that Eastern's primary service area, Minnesota stated that "the convenience and needs as hereafter described, had a population of about of the area are being served by up-to-date banking 17,000 in early 1957 and that by mid-March 1959 methods, lending policy appears to fulfill the needs it had grown to about 21,500. Within the next of qualified lenders, and the depositors are in no 10 years, Applicant estimates that Eastern's pri- way subject to unjust policies." Applicant, on the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 489 other hand, both in its application and through Applicant has detailed numerous specialized witnesses at the hearing, argues that greater bene- services which would result from its ownership fits would be realized by the communities and area of Eastern and which, it asserts, would enable concerned if Applicant's request were approved. Eastern to better serve the convenience, needs, and It should be noted that Applicant's evidence in this welfare of the communities concerned. Concedregard in part dealt with the beneficial effects to be ing that these specialized services would be made anticipated from the "establishment of Eastern". available as a consequence of Applicant's owner- As to this testimony, the Board concurs in the ship of Eastern, the strength of Applicant's argu- Hearing Officer's conclusion that it is irrelevant in ment is weakened unless it appears that such view of the fact that Eastern is already estab- services will be substantially utilized by the comlished and operating. To the extent that testimony munities. It is the Board's judgment that, in view and documentary evidence offered by Applicant of the nature of the area concerned, the record related to the benefits to be anticipated from does not justify a finding to that effect. ownership of Eastern by Applicant, such evidence The Board concurs in the Hearing Officer's conis relevant and has been considered. clusion that the present and prospective banking Applicant has stressed the numerous services needs of the communities and area concerned, and types of assistance that would be made avail- including those of 3 M's employees, are being and able to Eastern as a subsidiary of Applicant and, will continue to be adequately served by existing in the main, not otherwise. Particular emphasis banking facilities. was placed upon the ability of Applicant to pro- Applicant urges two additional considerations vide continuity of management and a source of related to the fourth statutory factor. It asserts, capital. first, that 3 M's employees are entitled to a degree But there is no evidence that either matter of independence and privacy from their employer constitutes a problem under the existing arrange- as to their financial affairs and, secondly, that ment; Eastern patently has a strong capital posi- Eastern should be free from pressure to make tion and capable management, and there is no accommodations for and loans on unduly favorreason to believe that this will not continue to be able terms to employees of the company which the case. controls Eastern. In raising these points Ap- Applicant contends that 3 M's banking needs re- plicant implies, of course, that these "problems" quire specialized service and attention that can either actually exist or could likely arise, and that only be gained through Applicant's ownership of they would be solved by its acquisition of Eastern. Eastern. Apart from the testimony of a principal As to the ability of 3 M's employees to conofficer of 3M that its primary interest in Eastern duct their financial transactions independent of centers on the rendition of banking services to its pressure from or knowledge of their employer, ofemployees, rather than in service to the Company ficials of 3 M testified that there is no pressure itself, the record further reflects that First Na- exerted in this respect, that the employees are tional, Applicant's downtown subsidiary bank, is free to use Eastern or not as they see fit, and that 3 M's prime bank and that Eastern is used chiefly employees seeking recommendations for banking as a depository for a general checking account, a accommodations are given the names of three petty cash fund and withholding taxes. Despite banks, one of which is Eastern. The proximity of testimony of efforts by 3 M to further utilize those banks, as well as others in the immediate Eastern's services, the Board cannot believe that commercial area of Eastern and in downtown St. 3 M, regardless of the extent to which it expands Paul, lends support to the conclusion that adeits Center, would utilize the services of Eastern quate freedom of choice is available to 3 M's emotherwise than as a "neighborhood bank", as it has ployees. been characterized by Applicant. It seems likely As to the suggestion that Eastern might be subthat 3 M will continue to have recourse to First jected to pressure to relax its normal loan or other National for services now being rendered by that operational practices or policies to accommodate bank and that as to other services it would con- 3 M's employees, 3 M's Vice President stated that tinue to be adequately served by Eastern under no instances of this kind had arisen and that he its present ownership. did not visualize any difficulties in this regard. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

490 FEDERAL RESERVE BULLETIN • MAY 1960 Further, such a practice by a bank would be sub- First urges that any judgment on the significance ject to any necessary action by appropriate State to be attributed to the figures above set forth and Federal supervisory authorities. should take into consideration two facts: (1) that The competitive factor. It remains to be con- its position in the Greater St. Paul area is prisidered whether the acquisition, if effected, would marily due to the size of a single subsidiary, First expand the size or extent of the Applicant's bank National Bank of St. Paul, and (2) that, as to holding company system beyond limits consistent the portion of its entire system located in the area with adequate and sound banking, the public here involved, the percentage of the area's cominterest, and the preservation of competition in mercial bank deposits held by its banks has dethe field of banking.1 clined in the period 1930-1958. As a bank holding company, First controls 84 Admittedly, if the deposits of First National commercial banks with 91 offices, of which offices Bank of St. Paul were to be excluded in deter- 51 are located in Minnesota, 14 in North Dakota, mining First's position in the Greater St. Paul 10 in South Dakota, 14 in Montana, and 2 in area, the total deposits of First's banks would be Wisconsin. At June 23, 1958, First's subsidiary substantially less. However, to exclude these banks had deposits totaling $1,583 million. First's deposits would not conform to reality. The record five-State operation represented, in 1958, control reflects that First National's competitive impact of 16 per cent of the deposits of all commercial is felt within Eastern's primary service area.2 Rebanks in those States. In Minnesota, First had gardless of the volume of business obtained by 7 per cent of the total offices and 31 per cent of First National from Eastern's primary service the total deposits of that State's commercial banks. area, the mere fact that it does draw customers Eastern is in that part of St. Paul commonly from that area has significance in view of the referred to as "the East Side". It is included in fact that First National and Eastern would be what may be called "the Greater St. Paul area", subsidiaries of the same holding company system and is described by the Hearing Officer as "the if this application is approved and that, consearea with which we are concerned" and by Ap- quently, competition between those banks would plicant as "the immediate commercial area of St. be lessened, if not completely eliminated. Paul". This area comprises the City of St. Paul, If First National's deposits were excluded in West and South St. Paul, Lake Elmo and New- determining the percentage of deposits held by port in Washington County, The Village of Applicant in the Greater St. Paul area, logic Maplewood, White Bear Lake, North St. Paul, and would also compel the exclusion of the deposits all other areas in Ramsey County except New of the other downtown St. Paul banks. Excluding Brighton and certain far northern portions of all such deposits, First's banks in the Greater St. that County. Within this area, there are 28 com- Paul area held 29 per cent of the area's total mercial banks, 6 of which are owned by First. commercial bank deposits at December 31, 1958. On December 31, 1958, these 6 held 21 per cent First maintains that, if First National's deposits of the offices and 56 per cent of the total deposits are included in determining the over-all competiof all commercial banks in the Greater St. Paul tive position of First's banks in the Greater St. area. First's banks and those controlled by an- Paul area, there should at least be excluded from other bank holding company, Northwest Bancor- the total deposit figure First National's corresporation, together held 32 per cent of the offices pondent bank deposits originating from banks outand 67 per cent of the total deposits of all com- side that area, as well as deposits of certain large mercial banks in the same area. In the City of national corporations. If these exclusions are ap- St. Paul, First's banks alone held 60 per cent of propriate as to First National, they are equally total deposits, while in downtown St. Paul, its appropriate as to all commercial banks in the area. control of such deposits equaled 66 per cent. The record does not reflect the correspondent bank deposits or deposits of large national corporations held by banks other than First National iThe discussion that follows will contain references to data and conclusions drawn therefrom, portions of which appeared which originate outside the Greater St. Paul area. in the Board's Statement of August 5, 1958, on First's earlier application. To the extent that the present record reflects that these data and conclusions continue to obtain and are relevant 2 Primary service area means the area from which at least to the present application, they will be repeated. 75 per cent of the total amount of deposits arises. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

491 LAW DEPARTMENT However, record data are available to show that competition or adversely affect the competitive if all correspondent bank deposits held by all com- position of other banks. It is necessary, therefore, mercial banks in the area are excluded from con- to consider whether First's subsidiary banks pressideration, the percentage of the area's total com- ently compete with Eastern and, further, whether mercial bank deposits held by First's banks at First's acquisition of Eastern would have an ad- December 31, 1958, was 56.03, as compared with verse competitive effect upon banks outside First's 55.96 for total deposits including correspondent system. bank deposits. There are no other banks located within East- As negativing any suggestion that it has an ern's designated primary service area, nor is there expansionist tendency in the St. Paul area, Appli- evidence of actual overlap of the designated pricant points to the decline in the percentage of its mary service areas of other banks with that of banks' deposits in that area in the years 1930- Eastern. However, this is not to say that First's 1958. The Hearing Officer minimized the sig- downtown St. Paul subsidiary, First National, as nificance of this decline by referring to the fact well as all the banks located in the East St. Paul that, in the period 1940-1958, First's banks gained and Adjacent Area, do not compete to some extent 49.6 per cent of the total increase of all bank with Eastern. True, the record does not reflect a deposits in the Greater St. Paul area. The Hear- high degree of competition between Eastern and ing Officer also found a substantial percentage in- certain of these banks. Whatever the degree of crease in the same area by First's banks for the competition, to the extent it can be shown that same period, excluding the deposit increases of approval of the instant application would result First National Bank. in the elimination thereof, to that extent the ac- The Board cannot agree with the Applicant's quisition proposed can be said to be adverse to contention that by using the period 1940-1958, the public interest, absent an overriding reason including the abnormal years of World War II, for approval. the Hearing Officer presented a distorted picture. There are 8 commercial banks operating in There is no more of a distortion in such an anal- the East St. Paul and Adjacent Area. At Decemysis than in Applicant's use of a period dating ber 31, 1958, 2 subsidiaries of First held 55 per from 1930, a year of great financial and economic cent of the total deposits of those banks, cominstability. If 1945 it used as a base year, as pared to 23 per cent held by Northwestern State urged by Applicant, comparisons of deposits at Bank (a subsidiary of Northwest Bancorporation) the end of 1945 and 1958 show that Applicant's and 22 per cent held by the 5 nonholding combanks obtained the following percentages of the pany banks, including Eastern. Applicant states increase in deposits of all commercial banks in that the present accounts in First State Bank and the stated areas: Greater St. Paul Area, 37; Ram- First Merchants State Bank (its two local subsey County, 42; City of St. Paul, 40 (downtown sidiaries) originating in Eastern's primary service St. Paul, 44, and St. Paul other than downtown, area were acquired before Eastern's establishment 39); and in the east portion of the immediate in November 1958; that each expects to lose concommercial area of St. Paul, 51. In the latter siderable of such business once Eastern has bearea at December 31, 1958, First's banks held 55 come well established; and that there will be no per cent of the deposits of banks located therein. significant continuing competition between East- In the area referred to as the "east portion of the ern and those banks. It must be noted, however, immediate commercial area of St. Paul", there are that, during the period 1957-1959, both of First's located eight commercial banks including Eastern. local banks increased their total accounts derived (This area is hereafter designated as the "East St. from Eastern's primary service area. Paul and Adjacent Area".) As of March 16, 1959, First State Bank had In any event, whatever significance may be 468 accounts, checking and savings, originating attached to a demonstrated decline in the Appli- within Eastern's primary service area, an increase cant's percentage of control of bank deposits dur- of 145 accounts over 1957. These figures do not ing any particular period, this consideration must indicate either a lack of present competition or be weighed against the extent, if any, to which substantiation of the assertion that there will be the acquisition here proposed will lessen existing no significant continuing competition. Eastern Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BULLETIN • MAY 1960 can be expected to continue to seek customers to First's two banks and Eastern. One of these, from its primary service area and, similarly, it Northwestern State Bank, is a subsidiary of a may be presumed that First State Bank will at bank holding company. As to the latter bank least attempt to retain the customers it now has and as to each of the other banks not affiliated in that area. This is certainly a form of com- with First, the Hearing Officer found either that petition. competition with Eastern did exist or that he was Similarly, as to competition between Eastern unable to find that it did not exist. and First Merchants State Bank, First's other In the Board's denial of First's earlier applisubsidiary located in the East St. Paul and Ad- cation, one of the major considerations was the jacent Area, the record reflects that in the first Board's conclusion "that [First] Bank Stock's quarter of 1959, First Merchants had a total of establishment of First Eastern probably would 1,793 accounts, savings and checking, originating have adverse effects on the growth and competifrom Eastern's primary service area, representing tive strength of Hillcrest". Hillcrest State Bank an increase of 635 accounts from 1957 and con- is located some 3.6 miles to the northwest of stituting 15 per cent of the total number of First Eastern, in the Hillcrest Shopping Center. Ap- Merchants' checking and savings accounts. A plicant now points to the record of Hillcrest's logical conclusion, based on Eastern's operating growth in the first six months of 1959 as evidence record to date, would be that, as it becomes of the lack of competition between Hillcrest and more firmly established, existing competition with Eastern and as evidence also of Hillcrest's favor- Applicant's two subsidiaries in the East St. Paul able business prospects. Conceding that Hilland Adjacent Area will not only continue, but crest's growth in this period could be evidence become keener. of the lack of competition with Eastern, it is In the same period, 1957-1959, First National perhaps even more susceptible of the explanation Bank, Applicant's subsidiary in downtown St. that both banks have grown because of the growth Paul, also increased the number of its accounts within the area. Consequently, the Board does derived from Eastern's primary service area from not view the evidence of Hillcrest's growth as 836 to 1,285. Neither the increase nor the total invalidating its earlier judgment that operation of number of such accounts at the later date are Eastern by First probably would have adverse substantial when compared with First National effects on the growth and competitive strength Bank's total accounts and the dollar volume of of Hillcrest State Bank. First contends that the deposits they represent. However, the accounts circumstances of the present application differ derived by First National from Eastern's primary from the earlier one in that a bank has now been service area, representing, during the first quarter established and the effect of its operation, if any, of 1959, balances of $1,191,648, have consider- on existing competitors has already taken place. ably more significance when compared with East- This contention, however, ignores the distinction ern's total deposits of $701,000 at the end of between the competition offered by Eastern under 1958. Regardless of any judgment as to the control of a nonholding company interest, such extent or impact of the competition thus offered, as 3 M, and that which would be offered by the fact is established that First National does Eastern as a subsidiary of a large holding comcompete for banking customers within Eastern's pany system that presently controls two of the primary service area. larger banks in the same area. The Board concurs in the Hearing Officer's Applicant contends that, in determining the conclusion that the acquisition of Eastern by First degree of competition offered for banking busiwould eliminate presently existing competition ness in a given community or area, competition between Eastern and Applicant's present sub- provided by savings and loan associations, credit sidiaries—First National Bank of St. Paul, First unions, small loan companies, thrift companies, State Bank of St. Paul, and First Merchants State and other such institutions, should be taken into Bank of St. Paul—as well as potential compe- consideration. Stated otherwise, First maintains tition between Eastern and the three other banks. that the phrase "competition in the field of bank- Within the East St. Paul and Adjacent Area, ing", as used in Section 3(c)(5) of the Act, inearlier identified, there are five banks in addition cludes competition offered by financial institu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 493 tions of these types. First presented considerable of the combined deposits of commercial banks evidence bearing on the competition offered to and the share accounts of savings and loan assoits banks, and all banks in the relevant area, by ciations in that area held by Applicant's banks. such institutions. The Hearing Officer concluded Similar figures were not presented for the East that such financial institutions do in fact engage St. Paul and Adjacent Area. in activities that may be regarded as "banking Despite the competition for certain types of activities", but stated that his interpretation of banking business offered by financial institutions the Bank Holding Company Act compelled the other than banks, it is the Board's judgment that conclusion that Congress did not intend to en- such institutions are not properly considered as compass such financial institutions in the phrase operating in "the field of banking", within the "field of banking". purview of the Act. The Senate Report on the bill which subse- On the basis of all the facts, the Board must quently was enacted as the Bank Holding Comconclude that the proposed acquisition would repany Act of 1956, contained the following statesult in a significant lessening of present competiment: tion and would have potentially adverse effects ". . . The factors required to be taken into considera- upon banking competition in the future. To this tion by the Federal Reserve Board under this bill also extent, the acquisition would not be consistent require contemplation of the prevention of undue concentration of control in the banking field . . . Under with preservation of competition in the field of . . . [the bill's] provisions, the expansion of bank banking. The Board rejects Applicant's suggesholding companies in the banking field would not be tion that only such a lessening of competition prohibited. . . ." (S. R. 1095, 1st Sess., 84th Congress, p. 10) as would violate Section 7 of the Clayton Act may be regarded as an adverse consideration Since Section 4 of the statute prohibits any exunder the Holding Company Act. The latter pansion through stock acquisition of companies Act, however, requires the Board to consider, as other than "banks", and since the definition of a "bank" does not include savings and loan asso- one factor, whether a proposed acquisition would ciations, it seems reasonably clear that such asso- be consistent with the "preservation of compeciations and similar institutions are not, for the tition"; and in the Board's opinion, in reaching a purposes of the Act, deemed to be institutions decision, any significant lessening of competition, in the "banking field". Additional support for even though it may not be such as to violate the the position that only national banks, State banks, Clayton Act, is to be weighed as an adverse consavings banks and trust companies are to be in- sideration against any relevant favorable considercluded within the meaning of "banking field" is ations. found in the following language in the Senate Conclusion. In view of the foregoing discus- Committee's Report: sion, the Board's decision in this case must turn "... Nor does it [the bill] attempt to regulate cen- upon a weighing of its adverse findings with retralized control of such financial institutions as savings and loan associations or insurance companies. spect to competition under the fifth statutory fac- It has been designed to provide appropriate regulation tor against any favorable considerations with reof centralized control of banking institutions by bank spect to the other factors, particularly the conholding companies as defined in the bill." (p. 11) venience, needs, and welfare of the area and In the latter connection, it is significant that Concommunities concerned. gress has recently enacted a law dealing specifi- At the time of the Board's denial of First's cally with holding companies in the savings and earlier application, dissenting members of the loan association field. Board expresed the view that the crucial issue There is no question but that, if one considered was "whether the 'convenience, needs, and welthe share and deposit accounts, as well as the loan fare' of this growing suburban population must accounts, of all financial institutions in the here involved areas, First's banks' percentages of these go unserved, until an independent bank, of which totals would be substantially lowered. This is there is no current prospect, would be organized," exemplified by figures in the record relating to and they concluded that the needs of the comthe Greater St. Paul Area, showing the percentage munities concerned constituted an affirmative Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

494 FEDERAL RESERVE BULLETIN • MAY 1960 basis for approval that was not outweighed by siderations may exist are outweighed by adverse adverse findings under the fifth factor. considerations with respect to the effects of the The bank then proposed, which both the ma- proposed acquisition upon preservation of comjority and dissenting members of the Board rec- petition in the banking field and that, therefore, ognized would serve the communities and area the application should be denied. IT IS SO ORconcerned, has now been established. The record DERED. reflects that Eastern is currently serving the con- CONCURRING STATEMENT OF venience and needs of the area with up-to-date GOVERNOR BALDERSTON banking methods. To the extent that considerations under the fourth factor were favorable to When First Bank Stock Corporation applied, approval of First's earlier application, their weight two years ago, for approval of the acquisition is now greatly reduced. Rather than a question of the stock of a bank in the Sun Ray Shopping of the needs of the area for additional banking Center, I was one of the minority members of facilities, the issue here is whether that area would the Board who concluded that the application be benefited by the transfer to First of ownership merited approval. In the instant case, Bank Stock of the facility now serving that area. As pre- again seeks to acquire the stock of a bank in the viously indicated, the Board concurs in the Hear- Sun Ray Shopping Center, and I concur in the ing Officer's finding that the banking needs of Board's denial of the application. These circum- Eastern's primary service area are presently being stances justify a brief statement of the reasons served and that, even assuming the growth of the for these seemingly divergent positions. area as expected, those needs will continue to be As pointed out in the Dissenting Statement in adequately served. the earlier case, the question, as we saw it, was The Board has carefully considered the changes "whether the 'convenience, needs, and welfare' of in circumstances asserted by Applicant to have this growing suburban population must go unoccurred since its earlier application that would served until an independent bank, of which there justify approval of its request. In the Board's is no current prospect, would be organized." (44 judgment, however, the present record fails to Federal Reserve BULLETIN 1064, 1958). There establish that acquisition of Eastern by First would were no banks within three and one-half miles materially meet an existing need in the area con- of the proposed Sun Ray location, and there were cerned or that the convenience and welfare of strong indications that the need for banking fathe banking public would be benefited by such cilities in the immediate area would increase in acquisition to a degree that would constitute the predictable future. Consequently, we conaffirmative grounds for approving the application. cluded that "consideration of the fourth factor To the extent that more specialized banking serv- ['the convenience, needs, and welfare of the comices would be made available in the area con- munities and the area concerned'] provides a subcerned as a result of First's acquisition of East- stantial basis for approval." Reliance was placed ern, it does not appear that such services are likely on the Board's prior decision in South gate Nato be used by residents of that area. In any tional Bank of Milwaukee, (44 Federal Reserve event, any such probable benefits are over- BULLETIN 10, 1958), in which the Board approved shadowed by the facts that the proposed acqui- a similar application to establish a new bank in sition would lessen competition between Eastern a shopping center. and certain of First's present subsidiaries in the In the Dissenting Statement in the prior case, Greater St. Paul area, and, in view of the domi- we weighed the effect on competition against the nant position occupied by First in the area, would banking-service benefits that would flow from the probably result hereafter in further lessening of new bank and concluded that the impact of the competition, particularly within the East St. Paul competitive factor did not "warrant ignoring the and Adjacent Area. community's need for additional banking facili- After balancing all considerations in the light ties in the proximate and foreseeable future." of the factors stated in Section 3(c) of the Act, The instant application presents an entirely difit is the Board's judgment that, on the basis of ferent situation from that obtaining two years ago the record in this case, whatever favorable con- when Bank Stock first sought to acquire a bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 495 in the Sun Ray Shopping Center. At that time, banking institutions disproves the contention that it appeared to me that the decisive factor was the has been made that the establishment of the need for banking facilities in the Sun Ray Shop- Eastern Heights State Bank would be injurious ping Center. Since that date, however, a bank to small competing banks. Taking these factors has been established in this location by interests into account, approval of First Bank Stock Corother than Bank Stock. The need for banking poration's application to acquire shares in the services having been satisfied, it is my view that Eastern Heights State Bank has even greater justithe former justification for permitting Bank Stock fication than had the position of the dissenting to hold a bank in the Sun Ray Shopping Center members of the Federal Reserve Board who fano longer exists. vored approval of Bank Stock's original application to acquire shares in the First Eastern Heights DISSENTING STATEMENT OF GOVERNOR MILLS State Bank. On the premise that the two proposals that the In the case of the earlier application, the un- First Bank Stock Corporation has made to pro- favorable decision of a majority of the Board was vide commercial banking facilities for the Sun based largely on the ground that the resulting Ray Shopping Center area of St. Paul, Minne- bank would increase unduly an assumed domisota, are inseparable in purpose and effect, the nating position of First Bank Stock Corporation's application which was made in 1957 to acquire subsidiary banks in this sector of the St. Paul stock in the First Eastern Heights State Bank of metropolitan business area and would result in Saint Paul, St. Paul, Minnesota, and the pending competitive detriment to a small bank located in application to acquire stock in the Eastern Heights the area. In my opinion, the majority Statement State Bank of Saint Paul, St. Paul, Minnesota, failed to recognize that the "public interest" factor must be considered in conjunction. The stipu- required to be considered in reaching decisions lation entered into between the Applicant and under the Bank Holding Company Act is properly this Board that the record in the case of the First susceptible of some elasticity in interpretation r Eastern Heights State Bank application should and such being the case, mere adequacy of bankbe treated as part of the record on its application ing services in a geographical area does not signify to acquire the Eastern Heights State Bank indi- that the public interest would not be better served cates a mutual acknowledgment of the inextricable by the availability of additional banking facilities. relationship between the two applications. The The prohibition against branch banking in the major distinction between the two applications State of Minnesota has placed the metropolitan is that the First Eastern Heights State Bank case area of the City of St. Paul in a paradoxical situarelated to the contemplated establishment and tion as compared to metropolitan areas located in ownership of a new bank, while the Eastern States where branch banking is permitted and Heights State Bank case relates to the acquisition where, under similar circumstances, State and of ownership in an existing bank. In both cases Federal bank supervisory authorities have frethe banking site and the trade area served are quently acted favorably on applications to estabidentical and most other circumstances surround- lish branches that in effect have extended the ing both applications bear a close resemblance. services of the applicant banking association fur- Bearing these facts in mind, a finding on the ther into an area directly tributary to its central present application must appraise the operating banking facilities. If the broad view is then taken record of the Eastern Heights State Bank to ascer- that where the public convenience is at issue and tain (1) whether its services have met a public where positive legal impediments are absent, bank need and (2) whether this has been accomplished supervisory authorities should give comparable without competitive damage to competing banks treatment to comparable situations, the persuaoperating in the same general trade area. The siveness of the arguments that were ranged on growth of the Eastern Heights State Bank in the the side of the Dissenting Statement in the First time since its organization offers clear proof of Eastern Heights State Bank case gather greater the community need for additional banking fa- force. The Statement said in part: cilities while, on the other hand, the continued "It is not size per se that is the heart of the problem growth of the Hillcrest State Bank and other local in this case but whether the starting of a new bank in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

496 FEDERAL RESERVE BULLETIN • MAY 1960 Sun Ray would increase the extent of Bank Stock's ac-, of the St. Paul metropolitan area removes any tivities contrary to the public interest. ... If the inbasis for concern lest they be injured by the operatent of the statute is neither to kill holding companies nor to 'freeze' them into their existing molds, the fifth tions of the Eastern Heights State Bank. factor in this case does not warrant ignoring the com- The adventitious circumstances by which the munity's need for additional banking facilities in the proximate and foreseeable future." ownership of the Eastern Heights State Bank came into the hands of the Minnesota Mining Arguments that were expressed in the Dissentand Manufacturing Company interests, and the ing Statement of the members of the Federal Restrength of that ownership, are meaningful only serve Board who were in favor of approving the as proof that responsible interests recognized a application of the First Bank Stock Corporation need and were ready and willing to provide a in the First Eastern Heights State Bank are apgrowing community with banking services pendplicable to the Eastern Heights State Bank application. As has been mentioned, the successful ing authority for transfer of their property to operation of that bank since the time of its or- the First Bank Stock Corporation. Ownership of ganization is irrefutable evidence that its existence the Eastern Heights State Bank of Saint Paul by has added to the convenience and needs of its the Minnesota Mining and Manufacturing Comtrade area and is in the public interest. Further- pany has no relevance to the equitable, economic, more, the concurrent growth of the Hillcrest State and legal considerations that stand patently in Bank and the other banks operating in this sector favor of approving the proposed acquisition. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements APPOINTMENT OF DIRECTOR CENTRAL RESERVE CITY BANKS On April 19, 1960, the Board of Governors an- DISTRICT 2 nounced the appointment of Mr. Frederick P. New York Blanks, of Parkdale, Arkansas, as a director of American Trust Company the Little Rock Branch of the Federal Reserve Bank of New York Bank of St. Louis for the unexpired portion of a Bankers Trust Company term ending December 31, 1960. Mr. Blanks is Chase Manhattan Bank a planter. As a director of the Little Rock Branch Chemical Bank New York Trust Company he succeeds Mr. Robert H. Alexander, Owner- Colonial Trust Company Operator, Land's End Plantation, Scott, Arkansas, First National City Bank who resigned recently. First National City Trust Company Grace National Bank Hanover Bank DEATH OF DIRECTOR Irving Trust Company Mr. E. M. Dodds, Refrigeration Consultant, Kan- Manufacturers Trust Company sas City, Missouri, who had served as a Class B Marine Midland Trust Company director of the Federal Reserve Bank of Kansas Morgan Guaranty Trust Company City since January 1, 1950, died on May 3, 1960. Schroder Trust Company United States Trust Company ELECTION OF DIRECTOR The Federal Reserve Bank of New York on May 4 DISTRICT 7 announced the election of Mr. B. Earl Puckett as Chicago a Class B director of the Bank to serve for the re- American National Bank and Trust Company mainder of a term expiring December 31, 1961. Chicago National Bank Mr. Puckett is Chairman of the Board of the Allied City National Bank and Trust Company Stores Corporation, New York City. As a direc- Continental Illinois National Bank and Trust tor of the New York Bank, he succeeds Mr. Philip Company D. Reed, of New York City, who was appointed a Drovers National Bank Class C director and designated Chairman of the Exchange National Bank New York Bank on January 1, 1960. First National Bank Harris Trust and Savings Bank LaSalle National Bank RESERVE CLASSIFICATIONS Live Stock National Bank Central reserve and reserve cities are listed below, Northern Trust Company together with the member banks therein that as of March 15, 1960, were maintaining reserves at the RESERVE CITY BANKS requirements established by the Board of Governors for banks in such cities.1 Net demand de- DISTRICT 1 posits of these banks are subject to reserve require- Boston ments of 18 and I6Y2 per cent, respectively. First National Bank These deposits are subject to a reserve requirement Merchants National Bank of 11 per cent at all other member banks. Time National Shawmut Bank deposits are subject to a reserve requirement of New England Trust Company 5 per cent in all reserve classifications. Old Colony Trust Company Rockland-Atlas National Bank Second Bank-State Street Trust Company 1 The names of banks are not necessarily the full legal titles. United States Trust Company 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 FEDERAL RESERVE BULLETIN • MAY 1960 RESERVE CITY BANKS—Cont. RESERVE CITY BANKS—Cont. DISTRICT 2 DISTRICT 5 Richmond New York Bank of Virginia Amalgamated Bank Central National Bank Federation Bank and Trust Company First and Merchants National Bank Gotham Bank Southern Bank and Trust Company Merchants Bank State-Planters Bank of Commerce and Trusts Sterling National Bank and Trust Company Trade Bank and Trust Company Baltimore Fidelity-Baltimore National Bank Buffalo First National Bank Liberty Bank Maryland Trust Company Manufacturers and Traders Trust Company Union Trust Company Marine Trust Company of Western New York Charlotte DISTRICT 3 American Commercial Bank Philadelphia First Union National Bank of North Carolina Central Penn National Bank Wachovia Bank and Trust Company, Winston- Fidelity-Philadelphia Trust Company Salem, North Carolina (Branch in Charlotte) First Pennsylvania Banking and Trust Company Washington, D. C. Girard Trust Corn Exchange Bank American Security and Trust Company Philadelphia National Bank First National Bank Provident Tradesmens Bank and Trust Com- National Bank of Washington pany National Savings and Trust Company Riggs National Bank DISTRICT 4 Cleveland DISTRICT 6 Central National Bank Atlanta Cleveland Trust Company Citizens and Southern National Bank, Savan- National City Bank nah, Georgia (Branch in Atlanta) Society National Bank Citizens Trust Company Union Commerce Bank First National Bank Fulton National Bank Cincinnati Trust Company of Georgia Central Trust Company Fifth Third Union Trust Company Birmingham First National Bank Birmingham Trust National Bank Provident Bank First National Bank Southern Ohio National Bank Jacksonville Pittsburgh Atlantic National Bank Commonwealth Trust Company Barnett National Bank Mellon National Bank and Trust Company Central National Bank Pittsburgh National Bank Florida National Bank Union National Bank Nashville Western Pennsylvania National Bank, McKees- Broadway National Bank port, Pennsylvania (Branch in Pittsburgh) Commerce Union Bank Columbus First American National Bank City National Bank and Trust Company Third National Bank Huntington National Bank New Orleans Ohio National Bank Hibernia National Bank Toledo National American Bank National Bank of Toledo National Bank of Commerce Ohio Citizens Trust Company Progressive Bank and Trust Company Toledo Trust Company Whitney National Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 499 RESERVE CITY BANKS—Cont. RESERVE CITY BANKS—Cont. DISTRICT 6—Cont. DISTRICT 8—Cont. Miami Louisville First National Bank Citizens Fidelity Bank and Trust Company Florida National Bank and Trust Company First National Bank Pan American Bank Kentucky Trust Company Liberty National Bank and Trust Company DISTRICT 7 Lincoln Bank and Trust Company Louisville Trust Company Chicago Central National Bank Memphis Chicago City Bank and Trust Company First National Bank Lake Shore National Bank National Bank of Commerce Lake View Trust and Savings Bank Union Planters National Bank Mercantile National Bank Merchandise National Bank National Stock Yards National Boulevard Bank National Stock Yards National Bank of Na- Northwest National Bank tional City Sears Bank and Trust Company DISTRICT 9 Detroit Minneapolis Bank of the Commonwealth First National Bank City Bank Marquette National Bank Detroit Bank and Trust Company Midland National Bank Manufacturers National Bank Northwestern National Bank Michigan Bank National Bank of Detroit Helena Commerce Bank and Trust Company Des Moines First National Bank and Trust Company Bankers Trust Company Union Bank and Trust Company Central National Bank and Trust Company Iowa-Des Moines National Bank St. Paul American National Bank Indianapolis First National Bank American Fletcher National Bank and Trust Northwestern National Bank Company Indiana National Bank DISTRICT 10 Merchants National Bank and Trust Company Kansas City, Missouri City National Bank and Trust Company Milwaukee Commonwealth Mutual Savings Bank Columbia National Bank Commerce Trust Company First Wisconsin National Bank First National Bank Marine National Exchange Bank Livestock National Bank Marshall and Ilsley Bank Mercantile Bank and Trust Company Merchants-Produce Bank DISTRICT 8 Traders National Bank St. Louis Union National Bank Boatmen's National Bank First National Bank Denver Mercantile Trust Company American National Bank Security-Mutual Bank and Trust Company Central Bank and Trust Company Colorado National Bank Little Rock Denver United States National Bank Bank of Arkansas First National Bank Commercial National Bank First National Bank Oklahoma City Union National Bank City National Bank and Trust Company Worthen Bank and Trust Company Fidelity National Bank and Trust Company Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

500 FEDERAL RESERVE BULLETIN • MAY 1960 RESERVE CITY BANKS—Cont. RESERVE CITY BANKS—Cont. DISTRICT 10—Cont. DISTRICT 11—Cont. Oklahoma City—Cont. Houston—Cont. First National Bank and Trust Company Houston Bank and Trust Company Liberty National Bank and Trust Company Houston National Bank National Bank of Commerce Omaha Texas National Bank First National Bank Omaha National Bank San Antonio Packers National Bank Alamo National Bank Stock Yards National Bank of South Omaha Bexar County National Bank United States National Bank First National Bank Frost National Bank Kansas City, Kansas Groos National Bank Commercial National Bank National Bank of Commerce Security National Bank Fort Worth Pueblo Continental National Bank Arkansas Valley Bank First National Bank First National Bank Fort Worth National Bank Topeka DISTRICT 12 Fidelity Savings State Bank San Francisco First National Bank American Trust Company Merchants National Bank Bank of America, N. T. & S. A. Tulsa Bank of California, N.A. First National Bank and Trust Company Crocker-Anglo National Bank Fourth National Bank Pacific National Bank National Bank of Commerce Sumitomo Bank (California) National Bank of Tulsa Wells Fargo Bank Wichita Los Angeles First National Bank California Bank Fourth National Bank and Trust Company Citizens National Bank Southwest National Bank Security First National Bank Union National Bank Union Bank Portland DISTRICT 11 First National Bank of Oregon Dallas Portland Trust Bank Empire State Bank United States National Bank First National Bank Mercantile National Bank Salt Lake City National Bank of Commerce Continental Bank and Trust Company Republic National Bank First Security Bank of Utah, National Associa- Texas Bank and Trust Company tion, Ogden, Utah (Branch in Salt Lake City) EI Paso Tracy-Collins Trust Company El Paso National Bank Walker Bank and Trust Company Southwest National Bank Zions First National Bank State National Bank Seattle Houston National Bank of Commerce Bank of the Southwest National Association Pacific National Bank Citizens State Bank Peoples National Bank of Washington Fidelity Bank and Trust Company Seattle-First National Bank First City National Bank Seattle Trust and Savings Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 501 In the period between the June 10, 1959, and Chicago, Illinois—Cont. March 15, 1960 call dates, the following banks Upper Avenue National Bank were granted permission to maintain the same Uptown National Bank reserves against deposits as are required to be Milwaukee, Wisconsin maintained by banks outside central reserve and American State Bank reserve cities: In addition, the following newly organized or Washington, D. C. new member banks were granted permission to McLachlen Banking Corporation maintain the same reserves against deposits as are Security Bank required to be maintained by banks outside central reserve and reserve cities during this period: Miami, Florida Industrial National Bank Des Moines, Iowa Metropolitan Bank Northwest Des Moines National Bank Chicago, Illinois Kansas City, Missouri Broadway National Bank Amalgamated Trust and Savings Bank Leawood National Bank Belmont National Bank Citizens National Bank Oklahoma City, Oklahoma Commercial National Bank Penn Square National Bank Consumers National Bank El Paso, Texas Cosmopolitan National Bank Northgate National Bank Devon-North Town State Bank District National Bank Houston, Texas Drexel National Bank Medical Center National Bank First Commercial Bank South Park National Bank Gateway National Bank Kaspar-American State Bank REVISED INDEXES OF DEPARTMENT STORE SALES AND STOCKS Lawndale National Bank Lincoln National Bank Following a review by the Federal Reserve Banks Main State Bank of the factors used in adjusting the monthly in- Manufacturers National Bank dexes of department store sales and stocks for Marquette National Bank seasonal variation, the seasonally adjusted indexes Merchants National Bank have been revised for a number of months in Metropolitan State Bank recent years. Michigan Avenue National Bank The revised figures for the 13 months ending Mid-America National Bank March 1960 for the United States and each Fed- Mid-City National Bank eral Reserve district are given on page 556 of this Mutual National Bank National Bank of Albany Park BULLETIN. Data for earlier months may be obtained from the Division of Administrative Serv- National Bank of Austin National Bank of Commerce ices, Board of Governors of the Federal Reserve National Bank of Hyde Park System, Washington 25, D. C. National Security Bank North Shore National Bank ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN Park National Bank THE FEDERAL RESERVE SYSTEM Peoples National Bank The following banks were admitted to Member- Skala National Bank ship in the Federal Reserve System during the South Chicago Savings Bank period March 16, 1960, to April 15, 1960: South East National Bank South Shore National Bank Alabama South Side Bank & Trust Company Montgomery. Peoples Bank & Trust Co. State Bank of Clearing Indiana Steel City National Bank Union National Bank Plainfield. . Hendricks County Bank and University National Bank Trust Company Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication May 16 Consumer buying expanded broadly in April. radios increased in April, and apparel and other Industrial output and factory employment changed nondurable goods production expanded further. little. Total employment rose and unemployment Output of appliances was reduced about one-sixth declined. From mid-April to mid-May commodity during the first quarter to levels that were in prices and money rates were relatively stable. closer balance with retail sales. Activity in most Bank credit increased substantially reflecting business equipment industries was maintained at mainly Treasury financing. high levels. Steel mill operations were curtailed from 92 INDUSTRIAL PRODUCTION per cent of capacity in March to 80 per cent in April, and in mid-May the rate was down to 74 Increased output of consumer goods in April per cent. New orders for steel were reported to offset a further curtailment in steel and the be below current production as steel consuming Board's total index of industrial production was industries reduced further their demands for inunchanged from the March rate of 109 per cent ventories. Output of construction materials generof the 1957 average. Output of consumer goods ally expanded in April and production of coal and had been reduced in February and March from various other nondurable materials also increased. the sharply advanced rate reached in January in relation to the level of retail sales. In April, CONSTRUCTION however, retail sales increased to a new high and consumer goods output recovered somewhat. The Nonresidential building contracts increased April rate of consumer goods output was 4 per sharply in March, while residential contracts concent above last year's average level and the vol- tinued substantially below a year earlier. Reflectume of retail sales was larger by about the same ing mainly decreases in residential activity, new amount. construction put in place in April was estimated to have declined to a seasonally adjusted annual Auto production rose 3 per cent in April, folrate of $52.4 billion, 7 per cent below a year lowing a decline of one-sixth in February and earlier. Private housing starts changed little at an March. Output schedules for May indicate some annual rate of 1.14 million units. further moderate gains. Furniture, television, and EMPLOYMENT INDUSTRIAL PRODUCTION 1957 = 100 Total employment increased in April to a new high level and the unemployment rate declined to 5 per cent from 5.4 per cent in March. The number unemployed, 3.7 million, was the same as a year earlier. Construction employment recovered in April from the reduced March level and finance and State and local government employment continued upward. Manufacturing employment was unchanged. The average workweek declined somewhat reflecting mainly seasonal influences. Average hourly and weekly earnings at factories were also somewhat lower. DISTRIBUTION 1960 Retail sales increased 3 per cent further in Federal Reserve indexes, seasonally adjusted, Monthly fig- April and were 5 per cent above last year's averures, latest shown are for April. 502 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 503 age volume. New auto sales continued to expand increased and all other loans rose more than usual and, including imports, were at an annual rate of for this month. The seasonally adjusted money about 7 million units. Sales of household goods supply declined slightly in April, after rising in and apparel increased sharply from the reduced March, while deposit turnover rose slightly. volume in the first quarter to a record rate in Member bank borrowings from the Federal April and early May. Stocks of appliances and Reserve averaged $550 million and excess reserves autos remained near earlier advanced levels. $420 million over the four weeks ending May 11. Reserves were supplied principally by an increase COMMODITY PRICES of $470 million in System holdings of U. S. Government securities. Required reserves rose $410 Industrial commodity prices generally showed million reflecting deposit increases as a result little change in April and early May. Farm prodlargely of bank purchases of new Treasury securiucts and foods rose somewhat further to reach ties. year-earlier levels, although livestock marketings have expanded about 5 per cent since last autumn. SECURITY MARKETS The consumer price index rose a little further Common stock prices declined on balance from in March. Small increases in food, apparel, and mid-April to mid-May. Yields on corporate and services were largely offset by declines in retail State and local government bonds and on Treasprices for autos. ury securities showed small mixed movements. In the early May Treasury refunding, investors ac- BANK CREDIT AND RESERVES cepted $3,661 million of 4% per cent one-year Commercial bank credit increased about $3 certificates and $2,106 million of five-year 45/s billion in April. About half the increase reflected per cent notes in exchange for the $5,767 million additions to bank holdings of U. S. Government of issues maturing May 15. The remainder of securities as a result of Treasury financing opera- maturing issues, totaling $646 million, will be tions. Security loans related to the financing also redeemed for cash. RETAIL TRADE PRICES 1947- 49 = 100 1947^49^=100 RETAIL SALES WHOLESALE OTHER ALL COMMODITIES Federal Reserve indexes, seasonally adjusted; retail sales Bureau of Labor Statistics indexes. Monthly figures; latest based on Department of Commerce data. Monthly figures; shown: March for consumer prices, and April for wholesale latest shown for stocks is March, for other series, April. prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 506 Reserve Bank discount rates; margin requirements; reserve requirements 510 Federal Reserve Banks. . 511 Bank debits; currency in circulation 514 All banks: consolidated statement of monetary system; deposits and currency. 516 All banks, by classes. 517 Commercial banks, by classes. . . 520 Weekly reporting member banks. 522 Business loans 525 Interest rates 526 Security prices; stock market credit; open market paper. 527 Savings institutions 528 Business finance 530 Security issues 532 Federal finance . .. 533 Federal business-type activities 538 Real estate credit . . 539 Short- and intermediate-term consumer credit. 542 Industrial production 546 Selected indexes on business activity 552 Construction . . .. 552 Employment and earnings. 554 Department stores 556 Foreign trade 557 Wholesale and consumer prices 558 National product and income series 560 Flow of funds, saving, and investment. 562 Member bank earnings, 1959 564 Banking and monetary statistics 574 Principal assets and liabilities of Federal business-type activities. 578 Index to statistical tables. 602 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 with descripfrom regular reports made to the Board; pro- tive text, may be obtained from the Board's duction indexes are compiled by the Board on publication, Banking and Monetary Statistics. 505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstandingI Deposits, other than member bank Member bank Period T U o . t S al . G B o r o v o i u g t u . h t g - s t h e t cu u r c a H r e h n g it p e a d r i l u e e s e d e s e r r - - c v D o a a a n u n i d s c n d - - e ts s Float Total 1 s G to o c ld k T r s c o e t u i r a n u n u e r n c r g y t a - - d y s - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o r n a e r g l s y d a h s s - - T u r w r e i y a t s h - r F es F e . e i o R g r r v n . - e B s, a O n t k h s er c O F o a . t u h c R n - e t r . s Total 2 re B F W se a . r n i R v t k h e . s s A c a a ll i b s o n h l w e 3 ment Arerages of daily figures 1929—June 179 179 978 61 1,317 4 024 2,018 4 400 210 30 30 376 2,314 2,314 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec. . 2 510 2 510 8 83 2,612 17 518 2 956 7 609 2 402 616 739 248 11 473 11 473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10 985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947—Dec...... 21,905 21,905 268 681 22,858 22 712 4,556 28 937 1 330 967 1,016 614 17,261 17,261 1950_Dec 20,345 20,336 9 142 1,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 1,375 25,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 1,018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954 Dec.. .. 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 1,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956 Dec 24,765 24,498 267 706 1,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,443 26,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—June 24,749 24,698 51 142 916 25,851 21,490 5,203 31,039 701 442 281 350 1,132 18,600 18,600 Dec 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959 Mar 25,446 25,400 46 620 95427,055 20,448 5,244 31,227 717 477 312 377 1.208 18,429 18,429 April 25 661 25 538 123 694 93727 323 20 403 5 253 31 304 708 505 283 347 168 18 664 18 664 May 25 920 25 882 38 784 93527,669 20,217 5,265 31 490 708 532 274 369 I 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 1,023 28,441 19,674 5,283 32,042 411 490 269 344 1,170 18,671 18,671 Aug. . 26,588 26 548 40 1,008 89128,509 19,596 5,281 31,994 399 546 260 337 1,239 18,613 18,613 Sept 26,674 26,628 46 904 1,088 28,687 19,514 5,278 32,019 394 543 301 381 1,246 18,593 18,593 Oct 26,517 26,479 38 909 1,115 28,563 19,498 5,293 31,974 391 512 302 388 ,175 18,610 18,610 Nov 26,732 26 628 104 886 1,094 28,741 19,581 5,303 32,207 413 485 317 379 204 18,621 18,621 Dec 27,036 26,993 43 911 1,426 29,435 19,482 5,311 32,775 396 524 361 348 .195 18,932 18,628 304 1960 Jan . 25,934 25,914 20 909 1,343 28,236 19,454 5,315 32,008 419 534 270 368 838 18,878 18,568 310 Feb 25,322 25,289 33 818 1,098 27,276 19,429 5,323 31,580 445 515 214 406 921 18,213 17,947 266 Mar. 25,310 25 261 49 637 1,066 27,048 19,410 5,336 r31,628 442 481 197 307 970 18 027 17,770 257 Apr ... ... . 25,488 25,373 115 623 1,08227,227 19,386 5,344 31,713 419 554 185 353 890P18,101 17,843 z'258 Week ending: 1959 Mar. 4 25,355 25,294 61 548 95126,892 20,479 5,241 31,129 721 534 298 339 1.214 18,375 18,375 11.. 25 366 25 331 35 722 849 26,976 20,448 5,242 31,215 716 454 311 336 ,212 18,421 18,421 18 25,471 25,419 52 543 1,00027,048 20,442 5,244 31,287 727 437 290 340 1,214 18,439 18,439 25 25,510 25,461 49 619 96127,123 20,442 5,246 31,231 714 456 295 339 1,218 18,558 18,558 Apr. 1 25,494 25,462 32 629 99827,151 20,442 5,247 31,229 709 523 364 512 [,181 18,323 18,323 8 25 722 25,484 238 690 91427,357 20 442 5,250 31,280 709 524 296 348 1,180 18,711 18,711 15 25 789 25 545 244 721 816 27 357 20 440 5 253 31 365 712 471 279 343 181 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 ,178 18,817 18,817 29 25,608 25,608 673 90027,212 20,330 5,257 31,244 705 560 271 333 [,136 18,551 18,551 May 6 25,808 25,706 102 693 89327,424 20,262 5,259 31,368 711 542 256 360 1,136 18,571 18,571 n::::::::26,010 25,940 70 726 79527,563 20,251 5,262 31,505 710 521 269 383 1,139 18,550 18,550 25,935 25,926 9 870 1,155 27,989 20,197 5,264 31,515 710 504 280 367 ,245 18,829 18,829 2207 25,905 25,905 675 94027,548 20,188 5,268 31,473 708 543 281 363 [,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 77427,736 20,141 5,275 31,803 716 476 260 364 1,218 18,314 18,314 17 25,944 25,944 993 1,029 27,994 20,136 5,280 31,876 715 436 259 361 1,226 18,537 18,537 24 25,970 25,936 '"'"34 894 1,256 28,147 20,017 5,280 31,807 626 515 283 349 1,238 18,627 18,627 July 1 26,045 26,018 27 938 1,032 28,042 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 1,183 18,452 18,452 15 26,494 26,383 til 1,019 92228,462 19,695 5.283 32,194 419 394 269 338 1,185 18,640 18,640 22 26,449 26,390 59 929 1,299 28,705 19,669 5,283 32,036 412 460 255 334 1 18318,976 18,976 29 26,459 26,408 51 890 99828,374 19,636 5,284 31,883 403 559 271 340 1,137 18,702 18,702 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 507 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars ] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a r r i t o e d T U o . t S a . l G B o r o v o i u g t u . h t g - s t h e t cu u r c a H r e h n g i p t e d a r i l u e e s e d e s e r r - - c v D o a a a u n n i d s n - c d - e ts s Float Total i s G to o c ld k T s r c o t e u i r u a n u n r e r n g t c y a - - d y s- - r c C t e u c i i n u o i n l r c a r n - y - - T h c i u n o r a r e l g s d y a h s - s- T u r w r e i y a t s h - r F es F . e e i o R g r r v n - . e B s, a O n t k h s er c O F o a . t u c h R n - e t r . s Total 2 re B F W se a . r n i R v t k h e . s s A c a a l i l b s n o h l w e 3 ment Averages of daily figures Week ending: 1959 26,549 26,440 109 1,034 790 28,399 19,626 5,281 31,922 403 503 277 340 ,166 18,696 18,696 : 26,605 26,597 8 1,073 771 28,473 19,619 5,282 32,071 401 475 257 343 ,203 18,622 18,622 19. 26,531 26,525 6 945 1,065 28,562 19,601 5,282 32,051 397 638 256 349 ,246 18,509 18,509 26. 26,573 26,518 55 941 950 28,485 19,600 5,283 31,951 395 564 257 321 ,294 18,586 18,586 Sept. 2 26,691 26,650 41 966 836 28,515 19,525 5,276 31,935 400 561 260 333 ,260 18,566 18,566 9 26,754 26,663 91 1,059 819 28,656 19,523 5,274 32,107 401 430 275 341 ,259 18,640 18,640 16 26,737 26,643 94 1,060 017 28,834 19,522 5,274 32,197 395 421 331 373 ,260 18,653 18,653 23 26,637 26,637 860 499 29,016 19,513 5,278 31,984 390 632 298 420 ,264 18,819 18,819 30 26,563 26,563 722 098 28,403 19,493 5,287 31,811 388 681 310 403 ,196 18,394 18,394 Oct. 7. 26,591 26,563 1,007 1,005 28,623 19,491 5,289 31,933 387 533 300 420 ,194 18,636 18,636 14. 26,637 26,563 1,051 956 28,667 19,489 5,290 32,096 387 474 326 464 ,197 18,501 18,501 21. 26,402 26,402 824 ,417 28,664 19,488 5,293 32,026 391 518 294 344 ,193 18,679 18,679 28. 26,385 26,364 21 796 ,149 28,353 19,486 5,297 31,873 396 530 297 335 ,136 18,568 18,568 Nov. 4 26,686 26,544 142 834 897 28,443 19,585 5,299 31,924 404 471 293 397 ,127 18,711 18,711 11 26,763 26,574 189 916 947 28,651 19,585 5,301 32,105 414 458 313 396 ,128 18,724 18,724 18 26,702 26,593 109 864 1,165 28,758 19,583 5,303 32,235 414 478 304 362 ,204 18,647 18,647 25 26,682 26,652 30 829 ' ~" 28,857 19,582 5,304 32,269 415 515 315 369 ,297 18,563 18,563 Dec. 2. 26,871 26,843 28 875 1,086 28,867 19,568 5,306 32,446 410 547 347 355 ,241 18,451 18,396 55 9. 27,194 27,130 64 916 1,00329,153 19,505 5,310 32,601 405 487 362 338 ,244 18,797 18,529 268 16. 27,176 27,142 34 961 1,169 2299,365 19,478 5,311 32,798 396 528 341 342 ,181 18,872 18,567 305 23. 27,007 26,970 37 985 1,81829,883 19,467 5,312 32,924 387 523 365 331 ,195 19,274 18,937 337 30. 26,829 26,787 42 933 1,78829,629 19,456 5,313 32,893 393 537 387 333 ,195 18,997 18,660 337 I960 Jan. 6... 26,642 26,607 1,018 1,586 29,318 19,456 5,313 32,524 407 582 348 553 843 19,141 18,831 310 13... 26,395 26,339 915 8,633 19,455 5,315 32,282 410 519 308 332 840 19,029 18,713 316 20... 25,622 25,620 918 8,098 19,455 5,316 31,910 424 494 231 326 836 18,963 18,648 315 27... 25,450 25,450 776 ,103 27,370 19,454 5,315 31,650 424 519 217 332 836 18,476 18,161 315 Feb. 3. 25,447 25,442 811 1,10827,406 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 1,167 2277,535 19,432 5,323 31,631 451 591 224 522 896 18,250 17,974 276 24. 25,253 25,253 620 1,32427,235 19,423 5,325 31,562 445 529 206 439 1,008 18,061 17,793 268 Mar. 2 25,212 25,154 58 794 1,06127,102 19,421 5,328 31,518 442 542 219 323 1,008 18,105 17,800 305 9 25,270 25,235 35 595 174 27,075 19,412 5,333 31,613 435 542 200 293 1,007 17,941 17,731 210 16 25,444 25,313 131 726 994 27,197 19,409 5,335 31,726 448 446 200 293 980 18,108 17,849 259 23 25,323 25,290 33 587 1,245 27,189 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 17,894 17,600 294 25,284 25,264 20 735 89826,950 19,406 5,341 31.654 423 509 163 356 942 17,868 17,650 218 25,396 25,285 111 734 991100 27,073 19,394 5,342 31;826 417 465 200 349 917 17,870 17,634 236 20 25,701 25,417 284 561 1,391 27,690 19,386 5,344 31,828 420 660 188 448 864 18,280 18,012 268 27 25,521 25,444 77 524 159 27,234 19,373 5,346 31,581 417 553 186 275 857^18,390 18,083 P307 Wednesday 1960 Mar. 2. 25,218 25,184 34 674 869 26,796 19,420 5,330 31,520 437 451 231 293 1,004 17,916 17,611 305 9. 25,225 25,225 745 815 26,818 19,409 5,333 31,662 441 564 200 307 1,006 17,591 17,381 210 16. 25,480 25,360 120 385 1,175 27,072 19,409 5,336 31,689 460 251 201 291 945 18,241 17,981 260 23. 25,107 25,107 362 9~1"1 26,412 19,409 5,339 31,569 450 467 206 306 943 17,473 17,218 255 30. 25,266 25,264 835 823 2"'6.,956 19,408 5,340 31,558 436 511 223 316 945 18,010 17,716 294 25,321 25,264 57 770 825 261,949 19,397 5,341 31,731 419 417 165 352 942 17,879 17,661 218 Apr- 25,454 25,329 125 504 933 26i,922 19,386 5,343 31,838 426 273 237 344 852 17,917 17,681 236 20 25,470 25,403 67 400 1,107 27,008 19,385 5,345 31,685 421 519 206 247 862 18,065 17,797 268 27 25,490 25,458 32 545 936 27,001 19,360 5,347 31,515 418 596 170 299 856^18,160 17,853 ^307 * Preliminary. r Revised. tables on Federal Reserve Banks. (Industrial loan program discontinued 1 Includes industrial loans and acceptances, when held. For holdings Aug. 21, 1959.) of such items on Wednesday and end-of-month dates, see subsequent 2 See note 3. 3 Beginning with December 1959, monthly averages are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 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 v i e e r - e - e s d 2 s E e x r r v c e- 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 s3 s h T 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 r c e v - e e s s s 3 F r i o . n a w g t R 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 i l s s q e u R r r i v e e r - e - e s d 2 s E e x r r c e v - e e s s s 3 F r i o . n a w g t R s - . se F r r r e v e - e e s3 Banks • 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 ,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 ,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 ,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 ,406 ,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 ,295 37 -36 1954_Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 ,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 ,166 ,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 ,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,136 ,127 8 85 -77 1958—June.... 18,600 17,974 626 142 484 4,214 4,186 28 21 7 ,113 ,099 14 2 12 Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 -80 ,077 ,070 7 39 -31 1959—Mar 18,429 17,968 461 601 -140 3,994 3,965 30 13 16 ,029 ,027 2 124 -122 Apr 18,664 18,247 417 676 -259 4,008 4,001 7 96 -89 ,041 ,036 5 69 -64 May.... 18,580 18,132 448 767 -319 3,979 3,955 24 75 -51 ,037 ,033 4 44 -41 June 18,451 18,043 408 921 -513 3,933 3,926 7 22 -15 ,009 ,006 3 66 -63 July 18,671 18,271 400 957 -557 3,981 3,977 4 157 -154 ,028 ,028 47 -47 Aug 18,613 18,141 472 1,007 -535 3,889 3,866 23 248 -225 ,033 ,029 40 -35 Sept 18,593 18,183 410 903 -493 3,848 3,866 -18 209 -227 ,025 ,022 46 -44 Oct 18,610 18,164 446 905 -459 3,867 3,851 15 225 -209 ,020 ,018 84 -82 Nov 18,621 18,176 445 878 -433 3,808 3,785 23 207 -184 ,029 ,026 64 -61 Dec 18,932 18,450 482 906 -424 63,920 3,930 -10 99 -109 6 1,038 ,038 104 -104 1960—Jan 18,878 18,334 544 905 -361 3,907 3,884 23 111 1,046 1,041 4 94 -90 Feb 18,213 17,758 455 816 -361 3,753 3,744 9 59 -50 996 993 3 129 -126 Mar 18,027 17,611 416 635 -219 3,766 3,755 10 9 1 975 970 6 157 -151 Apr 18101 ^17,694 *>407 602 2-195 3,765 3,784 -19 12 -31 953 955 -1 99 -100 Week ending: 1959—Apr. 1. 18,323 17,855 468 612 144 4,007 3,936 71 ,007 1,004 146 -143 8. 18,711 18,302 409 672 263 4,065 4,059 68 -62 ,046 1,043 162 -159 15. 18,698 18,254 444 703 259 3,996 3,994 112 -110 ,038 1,039 61 -62 22. 18,817 18,307 510 749 239 3,997 3,982 195 -180 ,040 1,036 46 -42 29. 18,551 18,183 368 656 288 3,995 3,977 37 -19 ,037 1,035 23 -21 Nov. 4. 18,711 18,311 400 826 426 3,911 3,902 177 -169 ,038 ,037 56 -55 11. 18,724 18,202 522 908 386 3,765 3,783 286 -304 ,030 ,026 70 -66 18. 18,647 18,190 457 856 -399 3,794 3,768 281 -255 ,032 ,026 86 -81 25. 18,563 18,130 433 822 -389 3,786 3,758 116 -87 ,028 ,024 34 -30 Dec. 2. 6 18,451 18,085 366 870 504 3,773 3,769 78 -74 ,017 ,019 60 -62 9. 18,797 18,282 515 911 396 3,876 3,874 4 -2 ,032 ,030 69 -67 16. 18,872 18,429 443 956 513 3,949 3,938 109 -98 ,035 ,031 84 -81 23. 19,274 18,635 639 980 341 4,005 3,988 202 -186 1,053 ,049 143 -139 30. 18,997 18,533 464 928 464 3,953 3,944 86 -76 1,054 ,049 156 -151 1960—Jan. 6. 19,141 18,620 521 1,013 492 4,018 4,012 221 -215 1,061 ,064 153 -156 13. 19,029 18,472 557 911 354 3,915 3,889 117 -91 1,049 ,041 80 -72 20. 18,963 18,368 595 914 319 3,861 3,858 80 -77 1,046 ,044 128 -126 27. 18,476 18,074 402 773 371 3,837 3,820 49 -32 1,026 ,023 29 -26 Feb. 3. 18,537 18,056 481 327 3,858 3,854 67 -63 1,031 1,031 71 -70 10. 18,268 17,836 432 850 418 3,773 3,753 79 -59 1,007 1,003 137 -133 17. 18,250 17,742 508 973 465 3,723 3,722 118 -116 993 997 190 -195 24. 18,061 17,636 425 620 195 3,740 3,720 15 6 977 969 104 -95 Mar. 2. 18,105 17,664 441 793 352 3,751 3,749 27 -25 981 981 9. 17,941 17,576 365 595 230 3,732 3,731 5 -4 970 970 41 -40 16. 18,108 17,598 510 726 216 3,777 3,761 22 -7 973 969 133 -130 23. 18,189 17,737 452 587 135 3,802 3,777 7 18 981 978 259 -257 30. 17,894 17,533 361 602 241 3,746 3,743 3 966 963 199 -197 Ap, 6 17,? 17,431 437 704 267 3,743 3,725 18 922 920 117 -114 17,870 17,400 470 671 201 3,655 3,646 -16 933 931 137 -135 20. 18,280 17,918 362 561 199 3,876 3,863 -14 963 969 95 -100 27. ^18,390^17,912 524 3,861 3,851 10 984 982 95 -93 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 509 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 e o l r t d v a i e l s R re e s q e u rv ir e e s d 2 re E s x e c rv es e s s3 B in F o g r . r s R o . a w t - res F e r r e v e es3 re h T s e e o l r t d v a i e l s R re e s q e u rv ir e e s d 2 re E s x e c rv es e s s3 B in o g rr s o a w t - res F e r r e v e es3 Banks* Banks* 1929 June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939 Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941 Dec. 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945—Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947 Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950 Dec. 6,689 6,458 232 50 182 C4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 89 507 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955 Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 299 -203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—June 7,721 7,619 102 45 57 5,552 5,070 481 74 408 Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959 Mar 7,702 7,653 49 111 -228 5,704 5,323 381 187 194 Apr 7,825 7,791 34 317 -284 5,790 5,418 372 194 178 May 7,792 7,728 64 424 -360 5,772 5,415 357 224 133 June 7,744 7,705 39 574 -536 5,765 5,406 359 259 101 July 7,838 7,809 29 510 -482 5,824 5,458 366 242 124 Aug 7,836 7,779 57 477 -420 5,855 5,467 388 242 145 Sept 7,825 7,783 42 433 -391 5,895 5,511 384 215 169 Oct 7,820 7,766 55 393 -339 5,903 5,529 374 203 171 Nov. 7,848 7,802 46 415 -369 5,936 5,564 372 192 180 Dec 6 7,954 7,912 41 490 -449 6 6,020 5,569 450 213 237 I960—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 5,494 363 '180 183 Apr .. 7,498 7,453 45 298 -253 *>5,501 ^383 193 Week ending: 1959_APr. 1 7,660 7,609 50 242 -192 5,649 5,306 343 224 119 8 7,848 7,800 49 303 -254 5,752 5,400 352 139 213 15 7,856 7,818 38 314 -276 5,809 5,403 406 216 190 22 7,867 7,824 43 335 -292 5,912 5,465 447 173 274 29 7,808 7,753 55 347 -292 5,711 5,418 293 249 44 Nov 4 7,866 7,828 38 379 -341 5,896 5,544 352 214 13S 11 7,900 7,821 80 377 -297 6,028 5,572 456 175 281 18 7,864 7,830 34 347 -313 5,957 5,566 391 142 249 25 7,826 7,775 51 461 -410 5,924 5,573 351 211 140 Dec 2 6 7,807 7,760 47 490 -443 6 5,854 5,537 317 242 75 9 7,861 7,813 48 587 -539 6,030 5,565 465 251 214 16 7,957 7,907 50 545 -495 5,932 5,553 379 218 161 23 . .. 8,050 7,998 52 422 -370 6,165 5,600 565 213 352 30 8,050 7,962 87 487 -399 5,939 5,578 361 199 162 I960—Jan. 6 8,000 7,973 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 5,786 5,468 318 171 147 Anr 6 7,369 7,337 32 316 -284 5,834 5,450 384 271 113 13 7,387 7,351 37 335 -298 5,893 5,473 420 174 246 20 7,579 7,547 32 269 -236 5,863 5,539 324 170 154 27 7,572 7,541 31 278 -247 ^5,973 151 ^284 c Corrected. n.a. Not available. p Preliminary. 6, 1960, and monthly averages for all classes of banks beginning with * 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). Sec 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

510 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 Apr. 30 beginning: rate Apr. 30 beginning : rate Apr. 30 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 i 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 -WA Aug. 9. 3 -3% For extensions of credit by brokers and 19. 42* 23. dealers on listed securities 50 70 90 Aug. 13. Nov. 15. 50 70 90 Dec. 2. Regulation U: For loans by banks on stocks 50 70 90 1950 1958 Aug. 21. Jan. 22. 25. 24. * Regulations T and U limit the amount of credit that may be extended Mar. 7. on a security by prescribing a maximum loan value, which is a specified 1953 13. percentage of its market value at the time of extension; margin require* Jan. 16. 21. ments are the difference between the market value (100%) and the maxi- 23. Apr. 18. mum loan value. May 9. 1954 Aug. 15. Feb. 5. Sept. 12. 15. MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS Apr. 14. Oct. 24. 16. Nov. 7. [Per cent per annum] May 21. 1959 1955 Mar. 6. Nov. 1, Feb. 1, Jan. 1, Effec- Apr. 14. Mar. 16. 1933- 1935- 1936- tive May 29. Type of deposit Jan. 31, Dec. 31, Dec. 31. Jan. 1, May 2. June 12. 3 1935 1935 1956 1957 Aug. 4. Sept. 11. Sept. 18. 12! Savings deposits 3 2% 2% 3 Sept.^. 1960 In effect Postal savings deposits 3 2Vi 2% 3 Nov. 18. Apr. 30. 23. 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 I* 3 1956 In 90 days to 6 months.... 3 Ap, 13. In less than 90 days 3 % 1 Aug. 24. 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 511 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures. * In millions of dollars] Net demand deposits i Time deposits Central reserve Ef o fe f c c ti h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r e e e a c s s n n i e e t t d r r y r v v a e e l C ba o tr n u y k n s - Item m b e a A m n l k b l s er Y N o e c r w i k ty ban c C k a s h g i o - R b e c a s i n e ty k rv s e C ba o tr n u y k n s banks Four weeks ending Mar. 23, 1960 In effect Dec. 31,1945.. 20 20 14 6 6 Gross demand: Total 118,815 23,247 5,794 46,317 43,456 1948_Feb. 27 22 Interbank 12,382 3,927 1,074 6,080 1,301 June 11 24 U. S. Government. 3,757 689 202 1,444 1,422 Sept. 16,24*.... 26 22 16 Other 102,676 18,632 4,517 38,793 40,734 1949—May 1,5*., , 24 21 15 Netdemand2 101,001 19,677 5,014 38,582 37,727 J A u u n g e . 30 1 , , J 1 u 1 ly * . 1 . * . . . §* 2 1 0 9% 1 1 4 3 6 5 6 T D i e m m e and balances due 53,670 4,250 1,439 20,867 27,115 Aug. 16,18*.... ga 19 12 5 from domestic banks. 6,249 72 97 2,080 4,000 Aug. 25 8* Currency and coin: Sept. 1 Total 2,172 135 27 665 1,345 1951—J J a a n n . . 2 1 5 1 , , F 1 e 6 b * . . 1 . * .. . 2 2 3 4 19 1 1 3 4 6 6 Ba A la l n lo c w es a bl w e i a th s re F s . e rv R e . s. 256 1 77 178 1 19 9 5 5 4 3 — _j J u u ly n e 1 \t9 6 * ,24*.... 2 2 2 1 2 1 0 9 13 5 5 To B ta a l n r k e s serves held 1 1 8 7 , , 0 8 8 2 5 9 3 3 , , 7 7 6 6 5 5 9 9 7 7 6 5 7 7 , , 4 3 5 7 4 7 5 5 , , 7 8 1 8 1 9 July 29, Aug. 1* 20 18 12 Required 17,644 3,754 975 7,409 5,506 1958—Feb. 27, Mar. 1* 8* \P it** Excess 441 11 2 45 384 Mar. 20, Apr. 1* Apr. 17 it* Four weeks ending Apr. 20, 1960 Apr. 24 16% Gross demand: In effect May 1,1960... 18 16% 11 5 5 Total 118,256 23,211 5,624 46,166 43,255 Interbank 12,628 4,056 1,186 6,079 1,307 Present legal require- U. S. Government. 3,293 725 188 1,209 1,170 ments: Other 102,335 18,430 4,250 38,878 40,777 210 10 7 3 3 Net demand2 100,334 19,592 4,855 38,499 37,389 Maximum 2 22 222 14 6 6 Time 54,095 4,350 1,435 20,922 27,388 Demand balances due from domestic banks. 6,297 136 81 2,004 4,075 * First-of-month or midmonth dates record changes at country banks, Currency and coin: and other dates (usually Thurs.) record changes at central reserve or Total 2,174 133 27 671 1,343 res 1 e r D ve e m ci a ty n d b a d n e k p s o . sits subject to reserve requirements which, beginning Ba A la l n lo c w es a b w le i a th s re F s . e rv R e . s. 254 72 180 Aug. 23, 1935, have been total demand deposits minus cash items in Banks 17,724 3,755 945 7,361 5,663 process of collection and demand balances due from domestic banks (also Total reserves held 17,978 3,755 946 7,433 5,844 minus war loan and Series E bond accounts during the period Apr. 13, Required 17,570 3,744 946 7,398 5,482 1943-June 30, 1947). Excess 408 11 34 361 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 1 Balances with Reserve Banks are as of close of business; figures for 20 per cent. all other reported items (that is, excluding total reserves held and excess reserves) are as of opening of business. 2 Demand deposits subject to reserve requirements, i.e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS i [In thousands of dollars] Wednesday End of month Item 1960 1960 1959 Apr. 27 Apr. 20 Apr. 13 Apr. 6 Mar. 30 April March April Discounts and advances—total 545,307 400,018 503,850 769,857 834,605 571,497 755,725 499,575 Within 15 days 537,505 394,465 412,787 717,248 804,695 544,320 725,515 476,045 16 days to 90 days 7,799 5,546 91,015 52,561 9,840 27,174 30,150 23,402 91 days to 1 year 3 7 48 48 20,070 3 60 128 Acceptances—total 29,866 30,416 31,702 31,702 31,701 29,787 33,296 30,442 Within 15 days 7,362 5,003 7,160 9,877 10,174 6,495 11,059 9,823 16 days to 90 days 22,504 25,413 24,542 21,825 21,527 23,292 22,237 20,619 U. S. Government securities—total 25,490,229 25.469,929 25,453,679 25,321,479 25,266,479 25,557,729 25,264,47925,702,962 Within 15 days 308,050 '265,460 362,660 252,950 76,736 231,640 174,100 422,290 16 days to 90 days 754,767 796,907 788,307 790,017 911,231 875,777 789,231 933,310 91 days to 1 year 14,433,343 14,413,49314,308,643 14,284,443 14,284,443 14,456,243 14,307,07918,996,026 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 1,178,574 1,178,574 1,178,574 1,178,574 206,495 Over 10 years 271,283 271,283 271,283 271,283 271,283 271,283 271,283 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

512 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month 1960 1960 1959 Item Apr. 27 Apr. 20 Apr. 13 Apr. 6 Mar. 30 April March April Assets Gold certificate account 18,112, 18,137,64318,147,64218,158,64318 158,64218,112,642 18,158,642 18,804,895 Redemption fund for F. R. notes.. 953; 953,827 948,368 950,572 953,993 953,828 953,992 910,543 Total gold certificate reserves. 19,066,470 19,091,470 19,096,010 19,109,215 19,112,635 19,066,470 19,112,634 19,715,438 F. R. notes of other Banks 501,203 451 605 401 736 423,292 483,852 471,569 471,576 373,687 Other cash 413,530 396 143 401 087 436,469 460,131 419,743 458,765 395,952 Discounts and advances: F F o o r r n m o e n m m b e e m r b b e a r n k b s anks, etc 545,307 400: 41 8 8 5 0 8 0 5 0 0 7 4 2 5 4 , , 0 85 0 7 0 8 2 1 0 4 , , 0 6 0 0 0 5 571,497 7 2 3 0 5 , , 0 7 0 2 0 5 48 1 1 7 , , 9 6 7 0 5 0 Industrial loans A Acceptances— H Bo el u d g h u t n d o e u r t r r i e g p h u t rchase agreement. "29 866 30 31,702 31,702 31,701 '""29J87 33,296 30,442 U. S. Government securities: Bought outright: Bills 1,457,167 1,401,867 1,328,117 1,263,417 1,263,417 1,556,667 1,263,417 1,621,900 Certificates—Special Other 8,506 8,506,993 8,506,993 506,993 8,506,993 8,506,993 8,506,993 18649,726 Notes 13,010 13,010,298 13,010,298 010,298 13,010,298 13,010,298 13,010,298 867,565 Bonds 2,483! 2,483,771 2,483,771 483,771 2,483,771 2,483,771 2,483,771 483,771 Total bought outright , 25,458,229 25,402,929 25,329 179 25.264,47925,264,479 25,557,72925,264,479 25,622,962 Held under repurchase agreement. 32;000 67,000 124500 57,000 2,000 80,000 Total U. S. Government securities. 25,490,229 25,469,929 25,453,679 25,321,479 25,266,479 25,557,729 25,264,479 25,702,962 Total loans and securities 26,065,402 25,900,36325,989,231 26,123,03826,132,78526,159,01326,053,500 26,232,983 Due from foreign banks 15 15 15 15 15 15 15 15 Cash items in process of collection. 5,674.571 6,390,074 5,853,735 ,984,467 5,147,518 5,411,442 5,112,492 ,315,785 Bank premises 103; 330 103537 110022678 102,591 102,480 103,225 102,371 95,150 Other assets 343;093 323,414 302 282,767 262,132 351,537 265,207 216,969 Total assets. 52,167,614 52,656,62152,146,982 51,461,854 51,701,54851,983,014 51,576,560 52,345,979 Liabilities Federal Reserve notes 27,207,79127,315,75127,434,359 27,380,827 27,302,390 27,258,140 27,341,214 26,983,368 Deposits: Member bank reserves 17,85307817,797,17817,680,61117,660,64517,716,17717849,77317,773, 18.395,501 U. S. Treasurer—general account. 595 853 519,187 272,792 417,178 510,986 618,526 548! 539,113 Foreign 169 870 205,578 236,982 165,391 222,912 194,066 184; 265,999 Other 299 475 246,810 344,096 351,525 315,663 313,301 354; 340,905 Total deposits. 18,918,276 18,768,753 18,534,481 18,594,73918,765,73818,975,666 18,861,00119,541,518 Deferred availability cash items 4,738 5,282,699 ,920,551 4,159,005 ,324,038 ,439,131 4,062, ,372,789 Other liabilities and accrued dividends. 43 49,057 36,078 34,868 35,661 41,845 35; 32,186 Total liabilities 50,908,223 51,416,260 50,925,46950,169,439 50,427,82750,714,782 50,300,313 50,929,861 Capital Accounts Capital paid in. 396,753 396,391 396,306 395,757 395,340 397,615 395,358 377,469 Surplus 774,808 774,808 774,808 774,808 774,808 774,808 774,808 868,410 Other capital accounts. 87,830 69,162 50,399 121,850 103,573 95,809 106,081 170,239 Total liabilities and capital accounts. 52,167,614 52,656,62152,146,982 51,461,854 51,701,54851,983,014 51,576,560 52,345,979 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 41.3 41.4 41.5 41.6 41.5 41.2 41.4 42.4 Contingent liability on acceptances purchased for foreign correspondents 168,203 165,251 169,487 159,007 146,560 167,141 153,223 56,068 U. S. Government securities held in custody for foreign account 4,818,221 4,741,938 4,764,633 4,749,513 4,737,178 4,818,121 4,727,978 3,558,741 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank).. 28,312,047 28,392,18528,404,722 28,388,45228,438,402 28,269,934 28,409,894 27,934,014 Collateral held against notes outstanding: Gold certificate account , 10,585,000 10,585,00010,585,00010,585,00010,585,00010,585,00010,585,00010,755,000 Eligible paper 103,761 66,481 68,525 120,680 168,846 145,893 142,361 141,271 U. S. Government securities , 19,245,00019,245,00019,245,00019,245,00019,245,00019,245,00019,245,00018,685,000 Total collateral. 29,933,76129,896,48129,898,525 .9,950,680 29,998,846 29,975,89329,972,36129,581,271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 513 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1960 [In thousands of dollars] Item Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F S r a a n n- Assets Gold certificate account 827,019 4,868,1601,078,832 ,587,291 982,164 856,594 3,162,015 690,526 334,881 668,686 643,082 2,413,392 Redemption fund for F. R. notes 57,457 203,655 57,365 84,290 83,988 61,195 178,415 45,164 23,510 44,276 32,345 82,168 Total gold certificate reserves. 884,476 5,071,8151,136,197 ,671,5811,066,152 917,7893,340,430 735,690 358,391 712,962 675,4272,495,560 F. R. notes of other Banks.., 38,799 115,498 28,141 32,923 35,118 89,536 25,833 12,403 12,401 15,943 24,878 40,096 Other cash 25,298 72,958 18,566 40,581 24,716 36,357 73,349 25,054 10,645 15,192 19,452 57,575 Discounts and advances: Secured by U. S. Govt. securities 33,350 10,875 12,115 15,565 42,402 72,470 92,748 37,957 72,892 95,666 44,616 20,800 Other 80 4,000 15,450 290 221 Acceptances: Bought outright , 29,787 Held under repurchase agreement U. S. Govt. securities: Bought outright ,373,472 6,374,916 1,463,3332,195,843 ,617,6761,401,356 4,374,4101,032,967 593,0671,096,9631,029,9773,003,749 Held under repurchase agreement Total loans and securities 1,406,902 6,415,5781,475,4482,211,4081,660,078 ,477,826 4,467,158 1,070,924 681,4091,192,9191,074,814 3,024,549 Due from foreign banks 1 14 1 1 1 2 1 Cash items in process of collection 398,195 1,019,951 361,814 453,467 439,144 470,271 854,233 219,690 152,741 268,940 260,650 512,346 B O a th n e k r p a r s e s m et i s ses 1 4 8 , , 1 8 8 9 9 3 9,702 3,946 3 9 0 , , 0 6 5 90 6 6,476 1 1 0 9 , , 2 9 5 3 1 1 5 1 9 8 , , 3 62 0 3 0 1 6 4 , ,1 8 1 8 7 4 4 8 , ,1 9 4 5 0 8 1 4 6 , , 5 0 8 0 0 4 1 1 2 4 , , 6 2 3 6 2 0 4 1 1 1 , , 4 9 0 2 7 8 86,614 20,033 22,148 Total assets. 2,776,75312,792,120 3,044,146 4,449,707 3,253,8333,021,962 8,838,9282,084,7621,228,6852,226,5412,082,114 6,183,463 Liabilities F. R. notes 1,569,884 6,386,2111,767,0712,481,122 2,029,8271,538,1835,163,1121,187,236 600,5421,092,527 776,274 2,666,151 Deposits: Member bank reserves.... 740,453 4,802,313 869,2201,405,779 749,609 968,517 2,706,738 617,560 437,126 821,448 954,7882,776,222 U. S. Treasurer—general account 24,393 132,219 16,931 43,031 53,417 34,573 72,378 50,963 34,086 46,085 48,821 61,629 Foreign 8,183 374,661 9,853 15,698 7,515 8,684 23,046 5,511 3,841 6,847 9,686 20,541 Other 252,921 4,192 1,129 2,714 723 1.164 917 47,335 502 541 427 736 Total deposits 773,531 5,262,114 900,1961,465,637 813,2551,012,497 2,803 326 674,575 475,480 875,116 1,014,212 2,905,727 Deferred availability cash items 368,479 773,637 300,489 382,448 350,518 402,427 686,770 178,540 121,919 204,451! 218,143 451,310 Other liabilities and accrued dividends 2,222 10,012 2,233 4,020 2,319 2,168 6,843 1,512 1,347 1,645 1,669 5,855 Total liabilities. 2,714,11612,431,974 2,969,989 4,333,2273,195,919 2,955,2758,660,0512,041,8631,199,288 2,173,739 2,010,298 6,029,043 Capital Accounts Capital paid in 19,518 113,636 23,227 36,662 17,730 20,885 55,079 13,322 9,181 16,645 22,962 48,768 Surplus 38,332 220,905 45,638 72,530 34,566 40,306 107,334 25,862 17,580 31,720 44,645 95,390 Other capital accounts. 4,787 25,605 5,292 7,288 5,618 5,496 16,464 3,715 2,636 4,437 4,209 10,262 Total liabilities and capital accounts 2,776,75312,792,120 3,044,146 4,449,707 3,253,8333,021,962 8,838,928 2,084,7621,228,6852,226,5412,082,114 6,183,463 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 37.7 43.5 42.6 42.4 37.5 36.0 39.5 33.3 j 36.2 37.7 44.8 i Contingent liability on acceptances purchased for foreign correspondents 8,242 446,878 9,924 15,811 7,569 8,746 23,211 5,551 3,869 6,896 9,756 20,688 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 1,631,852 6,699,925 1,814,7432,555,930 2>,,100,9541,600,7135,272,1591,232,816 612,343 1,123,126 817,274 2,808,099 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 12,115 37,957 95,821 U. S. Govt. securities ,250,000 4,000,000 1,200,0001,750,0001,465,0001,200,000 3,700,000 935,000 450,000 870,000 625,000 1,800,000 Total collateral. ,780,000 6,900,000 1,912,1152,670,000 2,140,0001,700,000 5,600,0001,402,957 63O,OCO1,265,821 875,000 3,100,000 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $120,263,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $119,405,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 BANK DEBITS LOANS GUARANTEED UNDER REGULATION V* FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [Amounts in millions of dollars] [In effect Apr. 30] End of au t L t o h o o d a r a n i t z s e ed out L st o a a n n d s ing a A v a d a m i d l i a o t b i u o l n e n t a t l o Fees I n P s a t y it a u b t l i e o n to o G n u G 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 year or borrowers month Num- Total Portion a u n n t d e e e r a g g u re a e r- - Percentage of ( G p u er a c r e a n n t t a e g e e fe o e f an P y e r c c o e m nt m ag it e m o e f nt ber Amount amount guaran- ments loan guaranteed interest payable fee charged teed outstanding by borrower) borrower 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 Mar [,550 3,120 335 254 128 Apr 1,552 3,128 314 241 142 Maximum Rates Financing Institution May Charge Borrower May 1,557 3,169 313 240 151 [Per cent per annum] June 1,557 3,170 317 240 137 July 1,557 3,170 323 244 129 Aug 1,558 3,174 330 249 121 Interest rate Sept 1,560 3,174 342 257 101 Oct 1,561 3,179 340 253 107 Commitment rate. Nov 1,562 3,179 342 255 105 Dec 1,563 3,189 340 256 98 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Govern- 1960 ment procurement agencies, pursuant to the Defense Production Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing Jan 1,565 3,192 333 250 103 agencies in these transactions, and the procedure is governed by Regula- Feb 1,565 3,195 341 256 95 tion V of the Board of Governors. Mar 1,565 3,202 356 264 79 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 o n r 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 2 e g r New ]L Y e o a r d k ing ce 6 n te o r t s hers i 3 r c e 3 e p 7 n o t c i > r e t r t i h s n 2 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 ?,200,643 815 856 462 859 921,928 45.8 28.8 21.8 1957. ?,356,768 888,455 489 311 979,00? 49.5 30.4 23.0 1958. ?,439,754 958,721 487,432 993,600 53.6 30.0 22.9 1959. ?,679,167 1,023,605 545,258 1,110 304 56.4 32.5 24.5 1959- \pr 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 J M un ay e 2 2 2 1 8 6 , , 6 0 0 0 1 3 7 8 9 4, ,4 0 7 3 9 0 8 86 0 , , 5 7 9 2 8 5 4 4 5 4 , , 1 7 5 4 6 6 4 4 4 6 ,4 6 2 4 9 6 Q 9 - 3 > ,0 1 3 4 2 3 9 9 5 0, , 6 5 3 7 1 4 5 5 6 3 . . 2 1 5 56 4 . . 9 2 3 3 2 2 . . 6 1 3 3 2 2 . . 5 8 2 24 4 . . 6 5 2 2 4 5 . . 5 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 Aue 208,130 85,207 75 233 45 899 43 265 93 109 89,633 56.3 51.3 33.1 31.3 24.7 24.1 Sept 215,843 86,633 81,067 44,240 43,259 92,017 91,516 57.6 55.4 32.1 31.7 24.6 24.7 Oct 230,245 89,356 89,519 45,486 46,083 92,216 94,642 60.1 59.2 32.8 32.5 24.7 24.8 Nov 217,139 91,522 82,273 46,257 43,810 95,067 91,055 60.1 58.0 33.6 32.7 25.3 25.4 Dec 261,121 89,244 104,976 46,278 51 763 93 696 104,382 60.1 67.0 33.2 35.3 24.9 26.4 1960 Tan 230,100 R4,646 88,529 46 218 46 305 94 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 '245,705 88,721 96,593 46,730 50,410 '95,610 '98,703 57.9 60.3 34.0 36.6 25.8 25.8 Apr 226,007 86,042 86,174 48,445 46,893 96,744 92,940 56.4 56.3 ?35.5 ^35.7 ?26.2 ^25.5 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 515 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7 598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 262 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27 741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31 834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 Mar 31,250 22,111 2,164 1,414 80 2,075 6,410 9,968 9,139 2,704 5,789 270 366 3 g Apr 31,349 22,209 2,175 1,429 80 2,083 6,452 9,989 9,140 2,710 5,787 269 363 3 8 May.... 31,638 22,479 2,193 1,447 81 2,112 6,534 10,112 9,158 2,721 5,796 269 361 3 8 June 31,914 22,731 2,215 1,449 83 2,117 6,584 10,282 9,184 2,742 5,808 265 357 3 8 July 31,898 22,721 2,224 1,436 82 2,104 6,562 10,312 9,178 2,742 5,804 266 355 3 8 Aug 31,973 22,784 2,241 1,444 83 2,111 6,572 10,333 9,189 2,741 5,820 264 352 3 8 Sept .. 31,848 22,672 2,259 1,464 82 2,112 6,521 10,233 9,176 2,733 5,823 263 347 3 7 Oct 31 905 22,752 2,269 1,474 83 2,122 6 544 10,261 9,154 2 725 5 815 261 344 3 5 Nov 32,489 23,277 2,294 1,488 84 2,185 6,734 10,491 9,213 2,753 5,850 260 342 3 5 Dec 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 Jan 31,569 22,409 2,268 1,419 82 2,102 6,415 10,123 9,160 2,739 5,825 254 334 3 5 Feb 31,552 22,440 2,275 1,409 83 2,098 6,456 10,120 9,112 2,719 5,795 256 334 3 5 Mar 31,633 22,539 2,294 1,410 82 2,105 6,494 10,154 9,094 2,715 5,787 255 330 3 l 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 * Held by Kind of currency T s M o ta t a 1 a n r 9 l d . 6 i o 3 0 n u 1 g t , - 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 F g a a . e n n n R d k t . s s Ma 1 r 9 . 6 3 0 1, F 1 e 9 b 6 . 0 29, Ma 1 r 9 . 5 3 9 1, certificates agents Gold 19,408 19,143 2265 Gold certificates 19,143 16,297 2,816 31 31 31 Federal Reserve notes 28,410 84 1,540 26,786 26,761 26.461 Treasury currency—total 5,341 65 459 4,817 4,760 4.758 Standard silver dollars 147 299 298 280 Silver bullion 2,251 2,251 Silver certificates and Treasury notes of 1890 12,399 344 2,055 2,018 2.114 Subsidiary silver coin 1,544 24 66 1,455 1.440 1.380 Minor coin 550 3 8 540 536 504 United States notes 347 4 32 310 308 310 Federal Reserve Bank notes 103 I 1 102 103 112 National Bank notes 56 56 56 58 Total—Mar. 31, 1960 21,542 413 16,297 4,815 31,633 Feb. 29, 1960 21,548 427 16,318 5,084 31.552 Mar. 31, 1959 22,309 689 17,045 4,718 31.250 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. 507. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of 4 Less than $500,000. the Federal Reserve Act, or of direct obligations of the United States. 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- Un N it O e T d E .— Sta T te h s e r n e o t a e r s e a m nd ai n T ta re in a e su d r y i n n o th te e s T o r f e a 1 s 8 u 9 ry 0— — $ (1 1 ) 5 6 a ,0 s 39 a , 4 r 3 e 1 s er in v e go fo ld r r e e r d al e , m a p n t d io n th o fu se n d d , ep a o re s it c e o d u n w te it d h a th s e re T s r e e r a v s e u . ry G o o f l d t h c e e r U ti n fi i c te a d te s S , ta a t s e s h e a r s e i a n 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

516 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total Treas- net- Date Gold s r t c o e u i a u n u n r n r g t c y d - - y - Total Lo n a e n t s, Tot U a . l S. G m o C v a e o e r n m r c d i n a - m l en R t F e e o d s b e e r l r i v a g e l ation O s ther O s r e i t t c h i u e e s - r c l T a i i a n a p t o n i b e i e t t d t a i s a l l - l, c d u e T r a p o r n o e t d s a n i l c ts y c C o m a a n a u p n i c e n s - i d t c t t a . s, l savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 ,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 ,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955- Dec. 31 21,690 5,008 217,437 100,031 96,736 70,052 24,785 ,899 20,670 244,135 224,943 19,193 1956—Dec. 31 21,949 5,066 223,742 110,120 93,161 66,523 24,915 ,723 20,461 250,757 230,510 20,246 1957—Dec. 31 22,781 5,146 229,470 115,157 91,370 65,792 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—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 5,300 218,500 126,900 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 5,311 255,435 135^67 93,497 65,801 26,648 ,048 26,071 280,202 256,020 24,186 l%0—Jan. 27 19,500 5,300 250,200 133,000 91,300 64,800 25,400 ,000 25,800 274,900 250,500 24,400 Feb. 24 19,400 5,300 248,300 133,400 89,200 63,000 25,200 ,000 25,700 273,000 248,000 25,000 Mar. 30 19,400 5,300 247,600 134,600 87,300 61,100 25,300 ,000 25,700 272,400 247,300 25,100 Apr. 27 19,400 5,300 251,000 136,300 89,100 62,700 25,500 ,000 25,600 275,700 250,400 25,300 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o n d a i s g e e n i - t n t k s, T h c i u r n o a e r l g s a d y h s s - - m sa b c e v a a o A r i n n m n c t d k i g a - s s l B F a A . n R t ks . Total Total m T b C e i a m o r n m c k e ia - s d l e M s p b a o a u v s n t i i n u k ts g a s 2 s l ' S S P y a o s v s t i t e n a m g l s p m o D d a s e e i n - - t d s4 b r C o s e a i u n u n d t c r k e - y - s c a d d u d e T e r a j p m o r u n o e t s a d s a n t n i e l c t d d s y j p m u D o d a s a d s e e t n i - e - - t d d s b r C o s e a i u n u n d t c r k e - y - s 1929—June 29 365 204 381 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 28,301 133,600 105,800 27,800 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 27,800 Dec. 31 3,870 683 4,558 358 242,553 98,306 63,166 34,006 ,134115,507 28,740 138,800 110,700 28,100 1959_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 6,000 500 240,800101,200 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. 28 3,100 400 5,500 500 242,200101,100 65,500 34,600 ,000112,700 28,300 140,400 112,000 28,400 Nov. 25 3,000 400 4,700 400 242,600100,300 64,800 34,600 ,000113,100 29,100 140,100 111,800 28,300 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 2,800 400 3,800 600 242,900 101,000 65,200 34,900 900114,000 27,900 140,000 111,700 28,300 Feb. 24 2.600 500 4,800 500 239,600 101,200 65,400 34,900 900110,500 28,000 139,100 110,800 28,300 Mar. 30^ 2,700 400 4,700 500 239,0001102,200 66,000 35,300 900J108,800 28,100 139,500 111,100 28,400 Apr. 27*> 2,800 400 4,700 600 241,9001102,400 66,200 35,300 900 111,500 27,900 139,400 111,200 28,200 P Preliminary. shown on page 135, footnote 3, of that BUILETIN 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 rounded 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 517 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— Total Interbank2 Other Total Num- Cla a s n s d o d f a b t a e nk Total Loans o G U t b io l o . i n v g S 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 o a i a l a l u p i n i c a t n i d i - - t e t a s s l 3 Total* m D a e n - d Time U. D S. ema O n t d her Time I r B i o n o w g r s - - c c a o a p u c i n - ta ts l ba b o c e f k r s Govt. All banks: 1941—Dec. 31.. 61,126 26,615 25,511 8 27,344 90,908 81 10,982 44,355 26,479 23 8,41414,826 1945_Dec. 31.. 140,227 30,362 01,288 8, 35,415177,332165 14,065 105,935 45,613| 22~7 10.54214,553 1947—Dec. 3H. 134,924 43,002 81,199 10,72338,388175,091161;86512,793 240 1,346 94,38153,105; 6611,94814.714 1956—Dec. 31.. 197,063110,079 66,523 20 49,64 770 227, 16,133 1,462 3,736 308 80,908 7819,24914,167 1957—Dec. 31.. 203,849115,115 65,792 22 49,318 864 233! 15,636 1,386 3,903 993 88,102 80 20 42814,090 1958—June 23.. 215,179117,808 i;61125.76044.423264,525237,20413,789 2,497 9,209 113 94,596 ,137 21 35914.055 Dec. 31.. 221,485121.571 73,64126.27349,91 276.430 250, 15,799 2.374 4,253 132 97,498 8121,705 14,020 1959—Apr. 29.. 222,610125,010 71,010 26,590 43,300270,990 242. 12,850 2,360 4,280 470 99,140 2,090 22 14,009 June 24.. 223,200128,690 68,170 26,34042,730270,990 241; 12,870 2,030 4,420 121,6007 10 7 0 , , 1 3 T 10 V 2,710 22 13,997 Aug. 26.. 225,780131,970 67,570 26,24042,150273,,010 242; 1,910 5,720121,490100,530 2,770 22 14,004 Sept.30.. 225,530132,610 66,470 26;,45044,630275;,500 246; 1,780 6,140 123,860100,840 1,410 22, 13,996 Oct. 28.. 225,870133,050 66,580 26,24044,030275 160 244;85< 1,710 5,190 124,350100,450 2,480 22, 13,995 Nov.25.. 225,810134,520 65,360 25,930 44,870275; 990 244,83" 1,610 4,400 125,960 99,660 2,860 22, 13,993 Dec. 31 . . 227,831135,958 65,80126,07 50,296283,629254, 1,443 5,054 131 101,116 624 22; 13,991 1960—Jan. 29.. 225,530134,860 64,840 25 43,160 270 243; 1,390 3,540 125 100,380!2,340 23, 13,997 Feb. 24. . 224,410135,710 63,000 25 43,490 ,430 241; 1,290 4,480 122 100,560 2,820 23, 13,999 Mar. 30*. 223,770137,010 61,060 25 42,530 ,990 239, 1,270 4,410 119. 101,550 3,290 23, 13,999 Apr. 27*. 226,990138,710 62,670 25 43,400 ,010 243; 1,470 4,480 123, 101810 3,000 23, 13,994 All commercial banks: 1941—Dec. 31... 21,71 21,808 26,551 79,104 71,28 10,982 44,349 15,952! 23| 7.173!14,278 1945—Dec. 31. .. 26,083 90,606 34,806160,312150,227 14.065 105.921 30,241! 219| 8-.950 14.011 1947_Dec. 314.. 38,057 69,221 37,502155,377144,10312,792 240 1,343 94,367 35.360! 65 1*0",059 14.181 1956—Dec. 31... 90,302 58,55216,26948,720217,460197,51516,133 1,460 3,733 125,282 50,908' 75 16,30?13,640 1957—Dec. 31... 93,899 58,23917,930 48,428222;696 201,32i 15,636 1,385 3,898 123,967 56,440! 7717.368 13,568 1958—June 23... 95,571 64,19420,14043,507 227 847 204,33513,789 2,495 9,205 117.086 61.759! 1,13618.178 H.535 Dec. 31... 98,214 66,376 20 48.990238.651216,01715,799 2,372 4.250 130,104 63,493| 731«46|H 501 1959--A J p u r n . e 2 2 9 4 . . . . . . 1 10 0 4 1 . , 4 2 5 1 0 0 6 6 0 3 , , 8 6 6 3 0 0 2 2 0 0 , : 610 4 41 2 , , 9 5 3 5 0 02 2 3 3 2 2 . ; 8 38 3 0 0 2 2 0 0 7 6 , , 8 6 0 3 C 0 1 12 2 , , 8 8 7 5 0 0 2 2 , , 3 03 6 0 0 4 4, , 4 2 2 8 0 0 1 1 2 2 1 3 } , 4 5 4 7 0 0 6 6 4 5 , , 8 7 7 4 0 0 ; 2 2 , , 7 0 1 9 0 0 1 1 8 9 s ,0 8 3 9 0 0 |1 1 3 3 , , 4 4 9 7 1 9 Aug. 26... 107;370 60,290 20;53041,430234 170 207,91012,900 1,910 5,720 121,460 65,920! 2,770 19,340113,486 Sept. 30... 107,830 59,230 20;73043,910236 500 211,48013,700 1,780 6,140 123,830 66,0301 1,41019,440 13.478 Oct. 28 108,160 59,620 20;60043,330236,440210,20C 13,150 1,710 5,190 124.320 65,830! 2,480 19,500 13,478 I960— D N F Ja e e o n b c v . . . . 2 2 3 2 5 4 1 7 1 1 1 1 1 0 0 1 0 9 9 0 , , , , 8 4 5 2 3 7 5 5 2 0 0 0 5 5 5 5 8 7 6 8 , , , , 9 9 1 4 3 8 7 8 7 0 0 0 2 2 2 2 0 0 0 0 , ; 5 2 3 1 0 5 3 2 1 0 0 0 4 4 4 4 2 9 2 4 , , , , 4 4 7 1 7 6 8 5 0 7 0 0 2 2 4 3 4 7 , ,2 6 2 3 1 8 8 0 0 0 6 0 2 2 2 2 2 1 0 01 0 0 6 98 8, , ,, , 2 68 96 1 51 05 C 0C 301 1 1 1 2 5 2 3 . , , , 6 9 7 2 4 2 1 0 9 0 0 0 1 1 1 1 , , , , 4 3 2 6 4 9 9 1 1 0 0 0 4 4 5 3 , , , , 4 4 0 5 0 8 4 5 0 0 0 0 1 1 2 3 5 ^5 9 6 2 9 3 9 9 3 0 0 0 6 6 6 6 5 5 6 5 , , , ,0 6 5 1 7 4 6 1 0 0 9 0 J 2 2 2 6 , . , 3 8 8 1 4 2 6 5 0 0 0 , , , 6 5 7 5 5 5 9 3 0 6 O 0 1 i | 1 l 1 1 3 3 3 3 , , , . 4 4 4 4 8 7 8 7 2 4 0 6 Mar. 30^ 11,390 54,160 2~0~;13041,780 590 204,35012,680 1,270 4,410 690 66,300 3,290 ,86O|13,482 Apr. 27 *> 12,950 55,83020,03042,710 580 208,18012,520 1,470 4,480 123 190 66,520 3,000 960 13,478 AH member banks: 1941—Dec. 31 ,521 18,021 ,539 23,123 68,121 61,71710,385 140 1,709 37 136 12,347! 4 5,886 6,619 1945—Dec. 31 ,183 22,775 ,338 29,845138,304 129,67013,576 6422,179 69 640 24,210 208 7,589 6,884 1947_Dec. 31 ,846 32,628 914 304 32,845132,060122,52812,353 50 1,176 80 609 28,340 54 8.464 6.923 1956—Dec. 31 ,768 78,034 57513,15942,906184,874167,90615,567 1,289 3,292 106850 40,909| 4813,655 6.462 1957—Dec. 31 ,353 80,950 07914,324 42,746188,828170,63715,082 1,246 3,472 105 547 45,290! 5714.554 6,393 1958—June 23 ,589 82.146 16516,27738,489194,003173,90413.274 2,266 8,658 99 812 49.893 1,07815,181 6,357 Dec. 31 .865 84,061 29916,504 43,188202.017182,81615,227 2,187 3,822 110448 51,132 5415,460 6.312 1959__Apr. 29 ,150 86,659 669 .82: 196,711175,32312,371 2,175 3,863104688 52,226 1,94415,779 6,291 June 24 ,007 89,301 16416,542 196,182174,07312,357 1,889 3,943 102;992 52.892 2,619 15,875 6.279 Aug. 26 53' 91,757 37016,410 197,076174,56812,356 1,767 5,095 102;552 52,798 2,685 16,090 6,263 Sept. 30 938 92,063 30716,56838,834198,984177,71313,181 1,634 5,522 104;492 52,884 1,35816,169 6,249 Oct. 28 328 92,328 57116,42938,314198,793176,36812,590 1,564 4,628 104;901 52,685 2,387 16,209 6,248 1960—J A N D F M a p e e o a n r b c v r . . . . . . 3 2 2 2 3 2 7 5 1 4 7 ? 7 4 5 5 8 1 6 4 0 7 0 7 : : 5 0 9 9 9 9 9 9 9 9 6 5 4 4 3 3 , , , , , , 1 3 0 7 5 5 1 8 7 8 2 6 1 7 9 6 5 7 2 4 6 8 8 3 8 3 8 1 7 1 9 6 6 3 5 4 1 1 1 1 1 1 5 5 6 6 5 6 , , , , , , 9 0 1 9 2 8 9 6 8 8 8 9 0 7 1 0 ' 4 4 3 3 3 3 3 3 7 7 6 7 9 , , , , , , 5 6 5 7 0 3 0 8 6 7 2 3 9 9 2 0 6 2 2 1 1 1 1 1 0 9 9 9 9 9 5 8 6 5 9 7 , , , , , , 5 7 6 3 2 0 0 1 2 7 7 9 1 8 6 3 9 2 1 1 1 1 1 1 7 7 7 8 7 7 4 0 2 4 6 4 , , , , , , 1 7 1 8 7 4 2 1 9 2 0 4 3 5 5 7 6 0 1 1 1 1 1 1 2 2 2 5 2 2 , , , , , , 0 2 6 0 2 4 4 0 3 4 4 1 7 7 8 8 0 2 1 1 1 1 1 1 , , , , , , 3 1 1 2 3 4 6 6 8 8 3 6 2 5 7 8 8 2 4 4 3 3 3 3 , , , , , , 0 5 9 9 0 8 7 0 6 0 7 7 4 4 7 4 7 0 1 1 1 1 1 1 0 0 0 0 1 0 3 6 5 3 0 0 ; ; ; ; ; ; 6 9 4 6 1 1 4 8 4 8 8 5 1 8 5 9 3 2 5 5 5 5 5 5 2 2 2 2 2 2 , , , , , , 2 9 2 8 7 0 8 5 1 2 9 4 1 2 8 7 8 2 2 2 2 2 3 , , , , , 9 7 2 2 7 5 1 5 4 7 8 8 6 9 2 5 0 1 1 1 1 1 1 1 6 6 6 6 6 6 , , , , , , 5 4 3 2 3 2 8 9 8 8 2 6 1 5 7 0 7 4 6 6 6 6 6 6 , , , , , . 2 2 2 2 2 2 1 1 3 2 2 4 7 9 3 3 4 0 All mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15.371 1.592 542 1947_Dec. 31« 18,641 4,944 11,978 1,718 886 19,714 17,763 1417,745 1.889 533 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 2530,001 2,947 527 1957—Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 26 31.662 3,059 522 1958—June 23 35,274 22,237 7,417 5,620 916 36,678 32.869 26 32,,:837 181 520 Dec. 31.. 36.320 23.357 7.265 5,698 921 37,779 34.040 2934.006 3,219 519 1959—Apr. 29 36,870 23 ,'800 7,380 5,690 750 38,160 34,300 30 34,,:270 3,240 518 June 24 37,280 24,240 7,310 5,730 800 38,610 34,600 3034,570 3,330 518 Aug. 26 37,590 24,600 7,280 5,710 720 38,840 34,640 3300 34,,610 3,360 518 Sept. 30 37,740 24,780 7,240 5,720 720 39,000 34,840 30 34,,!810 3,400 518 Oct. 28 37,490 24,890 6,960 5,640 700 38,720 34,650 ,620 3,370 517 Nov. 25 37,530 25,050 6,880 5,600 720 38,780 34,620 3034,590 3,400 517 Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 29 3344,948 3,359 517 I960—Jan. 27 37,750 25,310 6,860 5,580 690 38,990 34,900 30 34,870 3,390 517 Feb. 24 37,870 25,460 6,830 5,580 710 39,130 34,950 () 30 34,920 3,420 517 Mar. 30? 38,090 25,620 6,900 5,570 750 39,400 35,280 30 35,250 3,400 517 Apr. 27? 38,180 25,760 6,840 5,580 690 39,430 35,320 (5) 30 35,290 3,410 516 (5) v Preliminary. 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 I960) For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 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 t U b io o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l o p u i n i c a t t i n d i - t a - e a t l s s l 3 Total2 m I D n a e n t - e d rba T n i k m 2 e U. D S. em O an th d er 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 b N a b u o n e m f k r s - Govt. Other Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1956—Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,022 965 747 19,940 2,475 2 2,873 18 1957—Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 3,136 18 1958—June 23 27,149 16.764 8,035 2,350 8,272 36,664 31,469 4,345 1,774 2,946 18,898 3,506 483 3,214 18 Dec. 31 25.966 16,165 7,486 2,315 9,298 36,398 31.679 4,786 1,739 968 20,704 3,482 3,282 18 1959—Apr. 29 25,886 16,307 6,971 2,608 7,521 34,533 29,410 3,991 1,740 889 19,243 3,547 519 3,290 17 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 I960—Jan. 27 24,713 17,614 4,981 2,118 7,374 33,440 27,801 3,971 933 547 19,032 3,318 637 3,360 16 Feb. 24 24,460 17,610 4,696 2,154 7,664 33,553 27,543 4,009 884 664 18,685 3,301 852 3,381 16 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 Apr. 27*> 25,355 17,991 5,249 2,115 7,77: 34,569 28,184 3,909 1,023 1,124 18,696 3,432 1,056 3,399 16 Chicago: 1941—Dec. 31.. 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31.. 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31.. 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1956—Dec. 31.. 6,473 3,772 2,113 588 2,171 8,695 7,943 1,364 184 5,069 1,319 4 660 14 1957—Dec. 31.. 6,446 3,852 2,032 562 2,083 8,595 7,792 1,333 195 4,904 1,345 4 689 14 1958—June 23.. 6,942 3,594 2,694 654 1,914 8,929 8,022 1,249 705 4,626 1,403 80 708 14 Dec. 31.. 6,830 3,637 2,562 631 2,158 9,071 8,214 1,357 249 5.136 1,438 3 733 14 1959—Apr. 29.. 6,602 3,575 2,344 683 1,883 8,575 7,616 1,153 306 4,733 1,393 90 738 14 June 24.. 6,516 3,687 2,137 69: 1,842 8,440 7,423 1,123 259 4,586 1,424 164 740 14 Aug. 26. . 6,677 3,954 2,067 656 1,815 8,567 7,530 1,105 285 4,685 1,427 182 749 14 Sept. 30. . 6,727 4,011 2,052 664 1,992 8,805 7,681 1,204 347 4,678 1,426 253 753 14 Oct. 28.. 6,701 3,944 2,092 665 1,877 8,662 7,556 1,126 228 4,749 1,427 235 751 14 Nov. 25.. 6,606 3,908 2,015 683 1,879 8,564 7,578 1,115 213 4,785 1,440 108 754 14 Dec. 31. . 6,885 4,206 1,985 694 2,003 8,967 8,062 1,231 272 5,070 1,468 40 762 14 I960—Jan. 27.. 6,673 4,072 1,928 673 1,869 8,629 7,550 1,061 166 4,849 1,450 208 755 13 Feb. 24. . 6,634 4,165 1,81 657 1,882 8,599 7,288 1,099 213 4,535 1,417 431 747 11 Mar. 30*>. 6,630 4,135 1,866 629 1,604 8,329 6,978 1,219 233 4,103 1,399 467 752 11 Apr. 27*. 6,531 4,156 1,745 630 1,783 8,410 7,281 1,087 235 4,520 1,402 241 755 11 Reserve city member banks:6 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,04211,286 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 2: 405 28,990 111,423 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 1 1 1 I9 9 9 9 6 5 5 5 8 0 7 9 — — — _A D J D A M A F J S N O J D u u a e e p e e u p o c e n n n a b p c c r g c t r v r . e e . . . . . t . . . . . . 2 3 2 2 3 3 2 2 2 2 3 2 2 3 9 7 0 1 4 1 7 3 6 4 1 5 8 0 * * 5 5 6 6 6 6 6 6 6 6 6 5 5 5 9 5 0 1 0 1 0 0 0 0 0 8 9 8 , , , , , , , , , , , , , , 6 2 1 2 5 4 8 6 6 4 7 6 8 3 2 4 7 5 5 3 7 4 1 4 4 9 4 3 1 3 3 9 8 9 9 5 7 7 9 0 8 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 2 2 4 7 6 8 5 7 8 8 7 8 8 8 , , , , , , , , , , , , , , 8 1 8 0 7 6 6 4 7 1 7 9 3 2 5 7 0 0 3 1 8 9 8 1 5 9 9 8 1 1 5 3 3 6 6 0 0 6 7 0 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 0 0 9 7 7 7 8 5 7 5 4 6 7 6 , , , , , , , , , , , , , , 1 6 4 6 3 1 3 2 4 3 6 9 2 4 0 4 3 6 6 5 0 1 2 4 9 5 9 9 ' 5 6 5 9 2 5 6 4 0 0 4 2 0 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , 9 1 9 7 7 6 6 6 3 7 3 3 5 8 0 1 7 4 9 6 4 6 0 9 5 6 6 2 0 7 5 8 5 3 3 6 2 4 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 7 5 7 5 5 6 5 8 6 5 5 5 5 5 . , , , , , , , , , , , , , 7 4 2 4 4 5 7 2 7 9 6 6 0 4 0 4 1 4 6 0 4 9 6 3 0 2 4 1 1 1 1 3 3 8 0 8 2 0 0 4 4 2 7 7 7 7 7 7 7 7 7 7 7 7 7 8 9 6 7 8 7 4 8 8 7 6 8 5 6 1 . , , , , , , , , , , , , , 7 5 3 1 7 0 8 1 6 1 7 4 0 8 8 1 9 7 5 6 8 8 9 4 2 2 6 5 1 1 1 3 5 8 3 7 6 3 5 3 5 2 6 7 6 6 6 6 7 6 7 6 6 6 6 6 8 7 2 9 9 9 0 9 3 7 6 7 9 9 , , , , , , , , , , , , , 6 4 9 5 6 6 4 4 6 6 4 2 1 9 4 8 5 0 7 9 4 7 7 9 3 1 0 4 7 3 1 9 9 6 8 5 2 9 5 6 2 2 7 6 7 6 5 6 6 7 5 6 6 5 5 5 , , , , , , , , , , , , , , 2 0 3 2 5 3 2 9 8 4 0 8 9 8 4 9 7 9 9 0 7 3 6 2 5 0 9 7 1 3 3 7 5 6 7 1 9 9 0 3 4 7 4 3 3 3 3 3 2 3 3 2 2 2 3 2 4 0 1 4 1 7 9 0 6 2 7 0 9 5 : 1 6 1 8 7 9 3 7 8 8 3 7 6 2 3 2 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , , , 3 4 6 1 2 5 6 4 0 7 4 5 6 1 5 2 0 2 9 5 4 7 7 5 6 3 8 8 8 9 0 8 8 7 6 4 7 0 1 5 2 1 4 4 4 4 3 3 4 3 4 3 3 3 3 3 2 0 2 0 8 9 9 0 9 0 9 8 9 7 , , , , , , , , , , , , , , 6 5 9 0 7 , 3 9 4 0 2 2 9 4 9 9 5 5 ~ " 6 6 9 2 7 3 5 1 0 5 4 9 2 5 9 5 2 8 0 0 1 3 4 3 4 6 4 3 0 9 8 " 6 1 2 2 2 2 2 2 2 ~ 2 2 2 " ' 2 2 2 2 -8 1 1 1 0 1 1 1 1 0 1 , 1 0 1 0 \ , 2 6 , , , , , , , , , 6 , , 4 5 2 6 7 5 7 7 0 6 6 2 0 2 6 5 0 5 9 2 0 0 7 7 8 9 9 3 8 5 5 7 2 9 6 8 5 5 5 1 1 1 1 1 , , , , , 9 9 5 9 3 2 9 1 1 2 0 1 2 0 0 5 7 3 4 5 7 1 9 4 9 0 1 1 9 5 2 8 3 0 4 5 8 0 2 4 5 5 6 5 5 6 6 5 6 6 6 6 6 6 , , , , , . , , , , , , , , 6 1 3 9 7 9 0 1 1 1 0 0 0 0 4 1 0 7 1 6 4 2 0 4 0 5 8 8 5 7 6 0 5 0 7 0 4 6 4 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 7 7 7 6 7 7 2 8 7 3 7 2 6 7 1 3 8 5 0 3 5 0 4 3 0 8 7 0 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1956—Dec. 31 54,571 26,491 22,037 6,04214,390 69,945 64,289 1,597 1,160 41,1"9"4 ~20317 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 14,03 76,767 70,27^ 1,578 1,175 42,3349 25,137 37 5,685 6,006 1959_Apr. 29 62,223 31,287 23,247 7,68912,42 75,830 68,788 1,258 1,211 40,4464 25,818 426 5,845 5,987 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 7,71312,476 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 7,77912,854 77,567 70,395 1,285 1,685 41,10526,286 306 6,030 5,949 Oct. 28 63,687 33,223 22,668 7,79612,707 77,716 70,325 1,321 1,540 41,114499 2266,281 481 6,065 5,948 Nov. 25 63,726 33,456 22,509 7,76' 12,850 77,903 70,414 1,358 1,437 41,62525,960 529 6,106 5,940 Dec. 31 64,082 33,766 22,535 7,78: 14,122 79,567 72,323 1,602 1,508 42,83226,356 71 6,035 5,938 I960—Jan. 27 63,789 33,599 22,476 7,71' 12,465 77,585 69,97: 1,351 1,229 41,113388 2266,221 487 6,092 5,928 Feb. 24 64,463 34,220 22,466 7,77' 12,543 78,284 70,56 1,255 1,429 40,97526,878 47: 6,177 5,963 Mar. 30* 64,345 34,697 21,847 7,80 12,346 77,971 70,104 1,251 1,403 40,14727,279 500 6,244 5,967 Apr. 27* 65,035 35,250 21,990 7,79512,595 78,916 70,959 1,248 1,138 411/"39 -2,7410 453 6,280 5,965 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 5 Less than $5 million. Because preliminary data are rounded to the nounced in November 1947 by the Federal bank supervisory agencies. nearest $10 million no amount is shown except on call dates. At that time a net of 115 noninsured nonmember commercial banks 6 Beginning with February 1960 reserve city banks with total loans and with total loans and investments of about $110 million was added, and investments of $950 million and total deposits of $1,070 million were 8 banks with total loans and investments of $34 million were transferred reclassified as country banks. rom 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 519 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— I 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 S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s: c c b T o a i a l a l o u p i i n c a t n t i d i - a t - e t a l s s l 3 Total2 m D In a e n t - e d rba T n i k m 2 e U. D S e . ma O n t d her Time mgs I Total N ba b u o n e m f k r - s Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 762 41,29815,699 10 13.426 1945—Dec. 31 L21,809 25,765 88,912 7,13134,292157,544147,775 13,883 740 80; 276 29,876 215 8,67113.297 1947—Dec. 31 114,274 37,583 67,941 750 36.926i 152,733141,85112,615 54 325 ,97534,882 61 9,,773344 13,398 1956—Dec. 31 163,601 89,831 57,837 ,933 48!352 215,514195,95315,981 1,301 717124,346 50,608 5615,988 13,195 1957—Dec. 31 168,595 93,430 57,58017,585 48!127 220,865199,87615,489 1,264 3^859 123',127 56,137 13,142 1958—Dec. 31 183,596 97,730 65,669 20,198 48;689 236,72"4 214,48515,653 2,209 4,241129,214 63,168 13,101 1959—June 10 184,632102,902 61,396 20334 42; 231,876 206,14913,338 2,013 2,766122,744 65,288 2.76218:76213,086 Dec. 31 188,790 110,299 58,34820,143 49, 242,828: 218,47415,500 1,358 5,037130,720 65,858 60219,20613,107 National member banks: 1941_Dec. 31 27,571 11,725 12,039 3,80614,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945_Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5.178 2222,024 88,182 82,023 8,3751 35 795 53,54119,278 5,409 5,005 1956—Dec. 31 88,477 48,109 31,568 8.800 27,006117,345107,161 9,322 2,074 67,434 2"7,810 8,450 4,651 1957—Dec. 31 91,201 50,350 31,234 9,617 26,786120,153109,091 8,958 2,166 66,546 30,904 9,070 4,620 1958—Dec. 31 99,277 52,627 35,714 10,936 2266,781128,39'116,714 9,035 2,292 69,808 34,812 9,643 4,578 1959—June 10 99,982 55,816 33,152li;01423,835126,255112.659 7,818 1,526 66,43336.177 1,42010.041 4 559 Dec. 31 102,615 59,962 31,761 10,892 27,464132,636119,638 8,947 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! ,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 ,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 ,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) ,811 1957_Dec. 31.. 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,124 729 1,306 39,00114,3861 18 5,4831 ,773 1958—Dec. 31.. 55,588 31,435 18,585 5,56816,407 73,620 66,io: 6,192 1,420 1,530 40,64016,320 10 5,817| ,734 1959—June 10.. 55,307 32,616 17,072 5,619 14,021 71,010 62,152 5,127 1,285 880 38,237; 16.622 1,266 5.8791 ,721 Dec. 31. . 55,264 34,817 15,052 5,39616,045 73,090 65,069 6,102 825 1,763 39,974|16,406 240 5,962! ,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 ,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 12,366i 6,558j 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 13,68: 11,381 3,696 5,504 34,737 31,696 426 419 18,76612,063 13 2,696! 6,793 1959—June 10 29,371 14,484 11,183 3,704 4,770 34.64: 31.365 392 361 18,07412,516 76 2,846 6.810 Dec. 31 30,939 15,534 11,546 3,85' 5,651 37,13: 33,795 451 533 19,73213,059 21 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 3291 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,45: 181 1,905 365 279 714 1947_Dec. 31 4 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 1,56: 152 159 936 300 313 444 1957—Dec. 31 1,473 468 660 34 301 1,831 1,449 147 121 840 303 317 425 1958_Dec. 31 1,568 484 707 37' 301 1,927 1,53" 146 163 890 325 332 399 1959—June 10 1,518 504 639 375 271 1,850 1,444 143 122 830 342 338 383 Dec. 31 1,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,99: 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947_Dec. 314 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 3,0281 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 20,60513,370 3,294 7,244 Insured mutual savings banks: 1941—Dec. 31 1,693 64: 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947_Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 2 1212,192 1,252 194 1956—Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 3 2322,857 2,130 223 1957—Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 3 26 "24 ,991 2,308 239 1958—Dec. 31 28,980 19,180 5,215 4,585 752 30,189 27,277 3 28 27,243 2,473 241 1959_j D Un ec e . 1 3 0 1 3 3 0 0 , , 5 1 8 5 0 0 2 20 0 , , 9 1 4 0 2 6 5 5, , 0 3 1 2 6 4 4 4 , , 6 7 2 2 2 1 6 68 3 6 0 3 3 1 1 , , 7 2 4 2 3 8 2 28 8 , , 0 5 4 7 1 7 2 3 2 28 7 2 2 8 8, ,0 5 1 4 1 4 2 2, , 6 6 5 0 4 8 2 25 6 1 8 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 558 350 1947_Dec. 31 * 5,957 1,384 3,813 760 211 6,215 5,556 1 5,553 637 339 1956—Dec. 31 7,770 4,235 2,453 1,082 182 8,028 7,146 1 7,143 817 304 1957_Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 1 6,671 751 283 1958—Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 1 6,762 746 278 1959—June 10 7,071 4,043 2,025 1,003 150 7,298 6,461 1 6,460 707 267 Dec. 31 6,981 4,184 1,848 949 143 7,200 6,405 1 6,404 705 249 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

520 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Class of Total C m c o i e a m r l - - o p L r u o r c c a a h n r s a r y s f i i o n n r g g fi L na o t n o a c n i s al Other U. S. Government obligations O ti g o b a n l - i s c b o c a m a n l m l k d e a r a n c te i d al i m n lo a v e n a e n n d s t s t s - Total 2 c o m i p k p l i p n u n a e e a e g d - r r t - n - - A c tu a u g r l l r - - i- b k d a T s e r e n e e r o o r a d s c s - l u - r o it t i T h e e o s rs b i a T n n o s k ti s tut o io t T h n o e s rs l R o ta e a t a n e l s lo u v i d t a a n i o i d n l - - s - s O lo th a e n r s Total Bills c C t a i e f t i e r - - s Notes Bonds S p s d s a i t i o u i c o o a n v l a b t n i f d i e l t - - s - s O s ri e t t h c ie e u s r - Total: 3 1947_Dec. 31.. 116,284 38,05718,167 1,660 830 ,220 115 9,393 5,723 947 69,2212,193 7,789 6,034 53,205 5,2763,729 1958—Dec. 31.. 185,165 98,214 40,425 4,973 2,832 ,829 719 25,25520,698 3,437 66;376 6,294 7,399 13,396 3~9~,28716,505 4,070 1959—June 10.. 186,151 1'"0 3,4'0641,6135,098 2,333 ,903 1,852 26,669 2222,382 3,567 62,035 5,149 4,722 14,037 38,12716i,,984 3,725 June 10*" 186,151 103,40637,1585,0982,333 ,903 1,850 ,569 26.,.6.6.9 22,382 2,455 Dec. 31.. 190,270110,83240,'1"7"4 5,0183,018 ,850 819 118 28,060 24,166 2,784 58,9376,300 2,420 14,856 35,360 16,9583,543 All insured: 1941_Dec. 31.. 49,290 21,259 9,2141,450 614 662 40 4,773 4,505 21,046 988 3,15916,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,4611,314 3,164 3,606 49 4,677 2,361 132 881912 2,45519,071 16,04551,342 3,873 3,258 1947_Dec. 31.. 114,27437,583 18,0121,610 8—23 1' ,1"9"0 114 9,266 5,654 2,124 7,552 5,918 5"2",347 5,129 33,621 1958—Dec. 31.. 183,596 9977,73040,289 4,9132,797 1,810 713 25,"1 4""8 20,589 3, 6,159 7,362 13,240 38,90816,266 3,932 1959—June 10.. 184,632102,90241,459 5,046 2^3121,884 1,847 26, ,264 3,549 61;396 5,025 4,690 13,928 37,75416,7433,591 June 10*. 184,632102,90237,013 1,884 1,846 5,55326,550 22,264 2,444 Dec. 31... 188,790110,29940,022 4,'973 2,9821,827 813 7,105 27,948 24,032 2,76758,3486,189 2,40414,72935,02716,7213,422 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,,090 2,871 1945—Dec. 31.. 107,118833 22,775 8,949 8553,133 3,378 47 3,455 1,900 1,05778,338 2,27516,985 14,27144,807 3,2542,815 1947_Dec. 31.. 97,84632,62816,962 ,046 811 ,065 113 7,130 4,662 839 57,9141,987 5,816 4,815 4'5",295 4,119999 3,105 1958—Dec. 31.. 154,86584,06137,4443,052 2,730 ,599 710 20,01317,028 3,21154,2994,644 6,143 11,117 32J396 1~3,4053,100 1959—June 10.. 155,2"8"9 88,43138,469 132 2,260 ,669 ,821 21,,1 8018,397 3,'2"7"6 50,2253,854 3,688 11,410 31,273 820 22,813 June 10*. 155,289 88,43134,172 3 132 2,260 ,669 ,820 5,277 21,180 18,397 2,298 Dec. 31.. 157,879 94,77936,826 3 116 2,885 ,587 811 6,80122,18519,877 2,603 46,8134,612 1,81211,604 28,78513,6772,610 New York City:6' 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 2,453 ,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 93 564 23811,972 ,002 640 558 9,772 638 604 1958—Dec. 31.. 25,96616,16510,928 1,652 382 503 641 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 1,625 852 6,7451,165 350 1,717 3,513 1,978 411 June 10*.25,64816,514 9,523 1,556 409 966 1,344 1,625 717 Dec. 31.. 25,29118,12110,549 1,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 Chicago:* 1941_Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 ,467 749 1,864 181 204 1947_Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1958—Dec. 31.. 6,830 3,637 2,628 266 97 161 357 210 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 1,414 139 June 10*. 6,581 3,643 2,308 146 107 181 386 155 Dec. 31.. 6,885 4.206 2,527 268 124 183 435 148 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 1,459 855 38729,5521,034 6,982 5,65315,883 1,126 916 1947—Dec. 31..36,04013,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,3421,053 1958—Dec. 31..60,55834,00315,808 669 518 851 191 8,405 6,930 1,30120,6451,293 2,370 4,49712,484 4,864 ,047 1959—June 10.. 60,812 3366,31516,410 753 404 860 715 8,986 7,513 1,35818,663 870 1,512 4,23012,051 4,885 949 June 10*. 60,81236,31514,285 753 404 860 714 2,635 8,986 7,513 848 Dec. 31.. 61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 98017,2921,484 645 4,10911,054 4,830 813 Country: 1941—Dec. 31..12,518 5,890 1,676 659 20 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,54416,722 1,342 1,067 1947_Dec. 31..36,32410,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 1,262 1958—Dec. 31..61,51130,257 8,0802,368 294 268 6 10,806 8,239 779 23;606 2,475 2,306 4,49514,330 6,181 1,467 1959—June 10..62,24831,960 8,650 2,362 154 293 102 11,267 8,872 86422,5811,642 1,622 5,02314,295 6,392 1,315 June 10*. 62,24831,960 8,0572,362 154 293 101 87911,267 8,872 578 Dec. 31.. 64,08233,766 8,498 2,321 298 284 1,05611,816 9,491 643 22,5352,381 863 5,75113,540 6,452 1,330 Nonmember:3 1947_Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1958—Dec. 31.. 30,32714,165 2,9811,921 102 230 5,256 3,671 22612,0881,651 1,255 2,280 6,901 3,102 971 1959—June 10.. 30,88914,988 3,1441,967 73 234 5,502 3,985 29111,8211,295 1,034 2,629 6,864 3,166 913 Dec. 31.. 32,41916,068 3,3481,902 133 263 317 5,r~ 4,289 18112,1341,689 608 3,254 6,584 3,283 934 « 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 i 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 521 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Reserves Bal- De- Class of with Cash ances mand Interbank Certi- Indi- U. S. States Indi- I Bor- j Capicommercial Federal in with de- deposits States fied viduals, Govt. and viduals,; row- j tal banks and Re- vault do- posits U. S. and and partner- Inter- and polit- partner-j ings I accall date serve mestic ad- Govt. political offi- ships, bank Postal ical ships, I counts Banks banks 5 justed6 Do- For- subdi- cers' and cor- Sav- subdi-and cormestic 5 eign visions checks, pora- ings poraetc. tions tions Total: 3 1947_Dec. 31... 17,796 2,216 10,216 87,123 11,362 ,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1958—Dec. 31..., 18,427 3,249 12,609115,518 14,142 ,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 ,547 2,774 10,485 3,407 109,681 2,135 322 3,747 61,562',77019,100 Dec. 31... 17,931 3,012 12,237115,420 13,944 ,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 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31... 15,810 1,829 11,075 74,722 12,566 248 23,740 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 ,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 ,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 6718,154 1959—June io... 18,084 3,096 10,140 111111,537 11,821 ,517 2,766 10,390 3,376 108,979 2,013 322 3,674 61,292:,76218 762 Dec. 31... 17,931 2,990 11,969114,563 13,825 ,675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 60219,206 Member, total: 1941—Dec. 31... 12,396 1,087 6,246 33,754 9,714 671 ,709 3,066 1,009 33,061 140 50 418 11,878} 41 5,886 1945_Dec. 31... 15,811 1,438 7,117 64,184 12,333 ,243 221,179 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 ,375 ,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 ,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 5415.460 1959—Juno 10... 18,086 2,351 6,375 93,722 11,446 ,499 2,406 8,207 3,110 93,353 1,990 297 2,937 49,5652,68615.919 Dec. 31... 17,932 2,222 7,532 95,274 13,389 ,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 581116,264 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 l,206j 195 2,120 1947—Dec. 31... 4.639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 14 1,4181 30 2,259 1958—Dec. 31... 4,454 161 92 16,170 3,519 1,267 968 329 1,540 18,835 1,739 100 3,3451. 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 1,027 310 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 2,152 476 288 1945—Dec. 31... 942 200 3,153 1,292 1,552 237 66 3,160 719 377 1947—Dec. 31... 1,070 175 3,737 1,196 72 285 63 3,853 902 426 1958—Dec. 31... 1,058 185 4,271 1,314 249 302 88 4,746 1,423 3 733 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... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2,566 1947_Dec. 31... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 2,844 1958—Dec. 31... 7,472 768 2.670 35,505 7,217 289 1,429 3,153 1,052 38,054 377 124 1,471 19,480 14 5,760 1959_june 10... 7,350 750 2,110 34,625 6.159 291 858 2.959 830 36,201 361 122 1,466 20,1361 ,141 5,930 Dec. 31... 7,532 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 1,229 20,23!; 238 6,106 Country: 1941—Dec. 31... 2,210 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,082i 41 1,982 1945_Dec. 31... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 52 219 12,224; 11 2,525 l947_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... 5,444 1,476 5,030 40,272 1,565 1,175 4,819 1,032 36,498 132 1,250 23,755 37 5,685 1959—June TO... 5,647 1,423 4,093 39.140 ,281 950 4,718 944 35,150 140 1.320 24,620 463 5.946 Dec. 31... 5,573 1,357 4,870 40,514 ,578 1,508 4,972 857 37,003 132 1,077 2155,.1144661 71 6,035 Nonmember:3 1947—Dec. 31. 544 3,947 13,595 385 167 1,295 180 12,284 190 172 6.858 1,596 1956—Dec. 31. 774 4,690 18,085 521 440 2,238 310 15,885 171 546 9.449 2.649 1958—Dec. 31. 4,633 19,300 528 428 2,325 331 16,999 185 747 II,6131 20| 3.027 I959_j Dun e e c . 1 3 0 1 . . 7 79 6 0 7 4 3 , , 7 9 0 9 6 6 2 1 0 8 , . 1 6 4 3 6 2 4 5 8 5 7 5 5 3 4 6 5 8 2 2, , 5 2 4 7 4 9 2 36 9 9 7 1 1 6 7 , , 3 6 2 9 8 2 1 10 4 3 4 8 78 1 3 0 1 1 2 2 , , 0 5 2 6 4 0 ! 8 34 4 ! 3 1 , . 2 1 9 8 4 3 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

522 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Financial institutions T lo o a t n a s l L a o n a d ns Com- a T n o d b d r e o a k l e e r r s s To others Banks in N s o ti n tu b t a i n o k ns Wednesday i m n a v e n e n d s t t s - j i m u n a s v e t d e n e - s t d t s - 1 j L us a o t d a e - n d s i in m t a c r d n i 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 e i- r G U t l i o i o o . g b S n v a - . s - t. O c t u t i h e n s e - r F ei o g r n - c m m D c o t e i i o e m a c s - r - l - - n s c s P a a o o a f n e n n i 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 panies etc. Total- Leading Cities 1960 Feb. 3 103,273 102,177 66,036 29,957 901 355 1,583 157 1,149 753 1,096 3,783 1,721 12,615 14,503 ,441 10 102,931 101,699 65,918 30,063 903 312 1,492 149 ',151 769 1,232 3,713 1,708 12,610 14,490 ,442 17 103,013 101,597 66,189 30,278 897 247 1,466 141 ,145 764 1,416 3,821 1,707 12,645 14,522 ,444 24 102,759 101,375 66,210 30,178 899 296 1,515 146 ,145 761 1,384 3,840 1,705 12,637 14,533 ,445 Mar. 2 102,726 101,572 66,532 30,320 896 254 1,515 149 ,140 751 1,154 4,095 1,694 12,605 14,559 ,446 9 102,191 100,986 66,206 30,331 888 219 1,492 136 ,130 754 1,205 3,909 1,674 12,587 14,535 ,449 16 103,452 102,153 67,273 31,076 890 275 1,447 140 ,128 769 1,299 4,217 1,660 12,585 14,537 ,451 23 102,767 101,510 67,000 31,054 893 167 1,390 135 ,125 759 1,257 4,185 1,646 12,576 14,524 ,454 30 102,446 101,040 66,890 31,026 904 144 1,335 136 ,130 758 1,406 4,067 1,691 12,586 14,573 ,460 Apr. 6 101,986 100,849 66,837 30,889 213 1,335 133 ,120 777 1,137 4,118 1,645 12,550 14,620 1,461 13 102,902 101,314 67,112 30,974 897 292 1,375 131 ,112 763 1,588 4,159 1,637 12,564 14,668 1,460 20 105,033 103,605 67,728 30,986 892 603 1,500 138 ,114 754 1,428 4,271 1,620 12,577 14,728 1,455 104,669 103,055 67,492 30,940 901 370 1,442 135 1,116 766 1,614 4,243 1,635 12,581 14,818 1,455 27 New York City 1960 24,565 24,053 17,073 10,285 201 1,019 341 471 512 ,164 394 939 2,629 412 Feb. 3 24,477 23,797 16,901 10,300 174 905 339 480 680 ,131 397 933 2,612 412 10 24,576 23,848 17,000 10,382 112 867 337 479 728 ,214 401 948 2,631 412 17 24,526 23,859 17,059 10,333 172 878 336 487 667 ,253 403 942 2,627 412 24 Mar. 2 24,589 24,072 17,231 10,399 128 895 333 480 517 ,432 401 932 2,601 412 9 24,270 23,691 16,980 10,369 119 864 330 477 579 ,280 397 925 2,590 412 16 24,998 24,451 17,593 10,714 194 844 327 485 547 ,470 389 912 2,628 415 23 24,574 23,907 17,356 10,688 86 779 326 478 667 ,462 387 910 2,614 415 30 24,399 23,721 17,270 -10,688 82 755 330 475 678 ,380 386 913 2,635 414 Apr. 6 24,181 23,723 17,176 10,594 133 744 330 487 458 ,387 362 897 2,618 415 13 24,774 23,884 17,259 10,565 179 771 327 475 890 ,445 365 893 2,615 415 20 25,468 24,849 17,433 10,488 320 862 330 466 619 ,489 357 892 2,599 409 27 25,408 24,598 17,277 10,467 232 816 328 478 810 ,432 352 895 2,648 409 Outside New York City 1960 Feb. 3 78,708 78,124 48,963 19,672 891 154 564 125 808 28! 584 2,619 1,327 11,676 11,874 ,029 10 78,454 77,902 49,017 19,763 893 138 587 117 812 289 552 2,582 1,311 11,677 11,878 ,030 17 78,437 77,749 49,189 19,896 887 135 599 110 808 285 688 2,607 1,306 11,697 11,891 ,032 24 78,233 77,516 49,151 19,845 889 124 637 116 809 274 717 2,587 1,30' 11,695 11,906 ,033 Mar. 2 78,137 77,500 49,301 19,921 885 126 620 118 807 271 637 2,663 1,293 11,673 11,958 ,034 9 77,921 77,295 49,226 19,962 877 100 628 106 800 27' 626 2,629 1,277 11,662 11,945 ,037 16 78,454 77,702 49,680 20,362 879 81 603 106 801 284 752 2,747 1,271 11,673 11,909 ,036 23 78,193 77,603 49,644 20,366 882 81 611 105 799 281 590 2,723 1,259 11,666 11,910 ,039 30 78,047 77,319 49,620 20,338 893 6: 580 107 800 283 728 2,68^ 1,305 11,673 11,938 ,046 Apr. 6 77,805 77,126 49,661 20,295 80 591 104 790 290 679 2,731 11,653 12,002 ,046 13 78,128 77,430 49,853 20,409 887 113 604 785 288 698 2,714 1,272 11,671 12,053 ,045 20 79,565 78,756 50,295 20,498 882 283 638 109 784 288 809 2,782 1,263 11,685 12,129 1,046 27 79,261 78,457 50,215 20,473 891 138 626 107 788 288 804 2,811 1,283 11,686 12,170 1,046 c Corrected. NOTE.—For description of changes in the series, beginning July 1, 1959, i Exclusive of loans to domestic commerical banks and deduction of see the BULLETIN for August 1959, p. 885. valuation reserves; individual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 523 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 W 1 y i i N n t e h a o - r t m es 5 a t a 1 y u n e r t d a o i n r b s g o : 5 n A d y f s e te a r rs O s ri e t t c h ie u e s - r Total d b a o w B a n t m a n i i c c l t k e e - h s s s - b a w e B f a n i o a n g c i r l t k e n - - h s s C c u a o r n r i e d n ncy B s F w e R a . r i n e R v 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 Total— Leading Cities 1960 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 1,753 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 1,630 490 1,644 16,675 5,274 9,695 17,070 2,783 90 ,165 13,032 3,442 134,935 24 25,525 1,572 475 1,596 16,779 5,103 9,640 16,745 2,752 84 ,260 12,649 3,427 133,752 Mar. 2 25,352 1,617 464 1,582 16,673 5,016 16,844 2,774 94 ,114 12,862 3,457 133,558 9 25,068 1,486 425 1,579 16,584 4,994 9,712 16,644 2,584 92 149 12,819 3,446 131,573 16 25,107 1,598 411 1,531 16,654 4,913 9,773 17,323 2,932 90 ,147 13,154 3,394 135,699 23 24,843 1,388 423 1,506 16,705 4,821 9,667 16,826 2,839 93 ,191 12,703 3,398 132,813 30......... 24,495 1,069 431 1,525 16,695 4,775 9,655 17,103 2,696 87 ,216 13,104 3,587 132,877 Apr. 6 24,361 911 433 1,552 16,745 4,720 9,651 16,770 2,581 101 ,102 12,986 3,552 132,331 13 24,504 1,078 426 1,514 16,725 4,761 9,698 16,958 2,704 91 ,233 12,930 3,549 135,064 20 26,187 1,599 441 1,560 17,772 4,815 9,690 17,134 2,691 95 ,227 13,121 3,510 136,850 25,991 1,474 444 1,531 17,807 4,735 9,572 17,136 2,623 101 ,232 13,180 3,512 135,642 27 New York City 1960 4,841 659 280 125 2,542 1,235 2,139 4,047 56 155 3,794 1,391 33,352 Feb. 3 4,758 597 282 145 2,501 1,233 2,138 4,115 56 174 3,845 1,458 33,177 10 4,647 558 99 152 2,936 902 2,201 3,972 69 153 3,711 1,436 33,670 17 4,635 584 108 153 2,918 872 2,165 3,823 58 162 3,569 1,423 33,609 24......... Mar. 2 4,605 599 113 159 2,859 875 2,236 3,981 57 150 3,732 1,401 33,279 9 4,454 476 85 166 2,854 873 2,257 4,133 49 153 3,888 1,390 32,889 16 4,557 579 85 165 2,853 875 2,301 3,957 61 151 3,705 1,335 33,908 23 4,353 393 77 158 2,847 878 2,198 4,024 62 147 3,774 1,360 33,319 30 4,241 220 98 178 2,862 883 2,210 4,432 181 157 4,054 1,482 33,659 Apr-n::::::::: 4 4 , , 3 4 4 2 6 8 3 3 1 8 9 4 9 8 1 9 2 1 0 9 9 6 2 2, , 8 8 6 5 4 8 8 8 8 8 2 2 2 2, , 1 2 9 0 7 1 4 3 , , 1 8 8 7 7 9 6 6 1 2 1 1 4 6 9 6 3 3, , 6 9 1 2 7 7 1 1 , , 4 4 6 6 7 4 3 33 3 , , 7 1 6 2 3 6 20 5,223 740 93 239 3,266 885 2,193 4,272 74 153 4,008 1,453 34,837 27 5,193 710 104 227 3,274 878 2,128 4,400 58 162 4,138 1,430 34,621 Outside New York City 1960 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 ,492 13,739 4,372 7,494 13,098 2,714 1,012 9,321 2,006 101,265 24 20,890 988 367 ,443 13,861 4,231 7,475 12,922 2,694 1,098 9,080 2,004 100,143 Mar. 2 20,747 1,018 351 ,423 13,814 4,141 7,452 12,863 2,717 964 9,130 2,056 100,279 9 20,614 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 20,25-' 849 333 ,347 13,833 3,892 7,445 12,671 2,515 1,059 9,050 2,105 99,218 Apr. 6 . 20,015 592 342 ,356 13,887 3,838 7,450 12,583 2,519 953 9,059 2,085 99,205 \3 20,076 694 337 ,305 13,861 3,879 7,501 13,079 2,643 1,067 9,313 2,085 101,301 20 20,964 859 348 ,321 14,506 3,930 7,497 12,862 2,617 1,074 9,113 2,057 102,013 27 20,798 764 340 ,304 14,533 3,857 7,444 12,736 2,565 1,070 9,042 2,082 101,021 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju e m D p s a a t o d e e n - - s d d i t i s Do t m I ic n e t s e - rban F e k i o g r n - G U o .S v . t. S p s d s a i i t o u c i o a n v l b a t n i d i - e l t s - - s c C c h o a e f e e i e f t n e f c r r c i d t . s d - k i ' - s, p v r c s a I a i o d h a n r t r i t n u i d o p n p d a i n o e s - l , r s s - - , I b n a t n e k r- p G U i s o a n . a o n s g v v t d S s a - t. l . S p s d s a i i t o u i c o a n v l b a t n i d i e - l t s - - s p v r c s a a i I o d a h r n t r i t n u i d o p n p d a i n o e s l - s r , s - B F F a . r o n R m k . s o F t r h o e m rs l O i i a t t i b h e i e s l r - C c a o a p u c i - n ta ts l Total- Leading Cities 1960 Feb. 3 60,616 10,760 1,345 2,607 4,921 2,436 63,727 ,198 145 ,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 ,142 145 ,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 ,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 ,122 144 ,521 28,481 552 1,888 3,769 11,399 9 r59,594 10,330 1,400 1,701 '4,656 2,118 62,112 ,129 143 ,518 28,566 528 2,164 3,809 11,399 16 ^60,255 10,881 1,388 '2,890 r4,366 2,307 65,112 ,133 142 ,528 28,619 277 1,945 3,728 11,383 23 r59,172 10,390 1,378 r3,097 r4,658 171 62,165 ,131 143 ,544 28,705 238 1,999 3,815 11,379 30 '59,085 10,054 1,407 r2,843 r4,836 100 61,890 ,136 142 ,550 28,731 665 2,228 3,864 11,431 Apr. 6 58,797 10,947 1,387 1,574 4,503 264 62,053 ,160 136 ,572 28,740 556 2,036 3,940 11,463 13 60,138 10,834 1,375 1,199 4,431 391 64,971 ,243 135 ,581 28,705 315 2,402 4,011 11,471 20 61,285 10,542 1,374 2,682 4,989 595 64,874 1,253 135 ,616 28,651 269 2,267 4,149 11,454 60,702 9,934 1,371 3,219 4,981 2,276 63,770 1,333 135 ,640 28,679 405 2,300 4,100 11,499 27 New York City 1960 15,269 2,963 ,051 761 312 1,321 16,985 884 24 60 3,230 22 700 ,673 3,366 Feb. 3 15,098 2,971 ,037 513 282 1,095 16,848 879 24 60 3,224 52 1,056 ,768 3,368 10 15,013 2,956 ,054 782 292 1,238 17,169 856 24 60 3,216 888 ,765 3,370 17 14,972 2,937 ,072 672 289 1,546 16,974 849 24 60 3,206 853 ,763 3,364 24 Mar. 2 15,277 2,782 ,020 744 328 1,255 17,002 854 25 59 3,203 883 ,756 3,368 9 15,113 2,790 ,083 475 308 1,174 16,727 858 24 60 3,252 987 ,772 3,366 16 15,517 2,967 ,060 729 262 1,218 17,655 862 24 60 3,271 726 ,708 3,356 23 14,841 3,008 ,056 922 283 1,192 16,727 872 24 61 3,314 752 ,750 3,358 30 15,154 2,829 ,077 802 391 1,140 16,969 875 24 64 3,326 963 ,832 3,367 Apr. 6 14,806 3,024 ,045 438 257 1,247 16,593 896 24 65 3,302 960 ,892 3,383 13 15,161 2,998 ,044 315 261 1,325 17,221 952 24 66 3,287 993 ,893 3,384 20 15,537 2,892 ,066 924 348 1,510 17,323 949 24 67 3,275 90 1,048 ,936 3,385 27 15,443 2,847 ,055 1,116 345 1,268 17,213 1,009 24 70 3,307 1,061 ,924 3,382 Outside New York City 1960 Feb. 3 45,347 7,797 294 1,846 4,609 1,115 46,742 314 121 1,458 25,253 613 873 1,873 7,990 10 45,499 7,710 310 1,375 4,470 980 46,642 298 123 1,457 25,260 380 1,026 1,892 7,993 17 44,382 7,612 311 2,307 4,361 1,042 46,703 286 12t 1,485 25,253 588 1,194 2,008 7,994 24 44,772 7,183 311 2,214 4,388 1,063 46,305 282 122 1,474 25,241 236 1,347 1,980 7,997 Mar. 2 44,259 7,549 310 2,210 4,592 1,054 45,836 268 119 1,462 25,278 552 1,005 2,013 8,031 9 "44,481 7,540 317 1,226 r4,348 944 45,385 271 119 1,458 25,314 515 1,177 2,037 8,033 16 "44,738 7,914 328 r2,161 '4,104 1,089 47,457 271 118 1,468 25,348 267 1,219 2,020 8,027 23 "44,331 7,382 322 •2,175 '4,375 979 45,438 259 119 1,483 25,391 238 1,247 2,065 8,021 30 »"43,931 7,225 330 2,041 '4,445 960 44,921 261 118 1,486 25,405 665 1,265 2,032 8,064 43,991 7,923 342 1,136 4,246 1,017 45,460 264 112 1,507 25,438 556 1,076 2,048 8,080 Apr-.!::::::: 44,977 7,836 331 884 4,170 1,066 47,750 291 111 1,515 25,418 315 1,409 2,118 8,087 20 45,748 7,650 308 1,758 4,641 1,085 47,551 304 111 1,549 25,376 179 1,219 2,213 8,069 27 45,259 7,087 316 2,103 4,636 1,008 46,557 324 111 1,570 25,372 405 1,239 2,176 8,117 r Revised. NOTE.—For description ot changes in the series, beginning July 1, 1959, 1 Demand deposits other than interbank and U. S. Govt., less cash see the BULLETIN for August 1959, p. 885. items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 525 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, ( —). In millions of dollars] Manufacturing and mining Comm'l Period2 t l o F i b q a o a n u o c d o d c r , o , a T l p e e a a p x n t a t h d i r e l e e r l s , , M m p u a r c e e n o t t t s d a d a 3 l - l s ch P l e c e a e m o u n t a r m i d c l o , a , - l Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s u P p t ( t t r o u i i i a l n o r b i n c t n t l i a s l i ) e . - c - s s C t t i r o o u n n c - - bu o ty s A t o i p h n f l e l e e s r ss c c h l N f a a i n e s e g s d t i e - s ch r w a e i n a e i p n a g n n e o d l e g k d l — r 'l l t y - • rubber banks 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—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 Apr -170 -38 -30 11 45 102 -89 -63 21 39 -173 -86 Week ending: I960—Feb. 3... -26 34 59 -26 2 35 -3 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 14 142 9... -75 20 44 -6 31 10 -25 36 4 10 -22 i 11 16... 30 69 239 40 73 94 -42 95 31 48 745 23... -27 51 -20 11 24 -22 25 -3 -21 -22 30... -43 35 Q 9 3 -56 21 7 34 -28 Apr. 6... -49 3 -62 21 32 -9 -25 30 7 -31 -137 13... -43 -11 35 20 17 32 -29 31 6 21 J 85 20... -11 -17 -29 6 -5 73 -21 14 3 13 12 27... -67 -13 25 -36 1 6 -14 12 5 35 -46 1 Data for a sample of about 210 banks reporting changes in their NOTE.—Beginning with the week ended July 8, 1959, changes in comlarger loans; these banks hold about 95 per cent of total commercial mercial and industrial loans exclude loans to sales finance companies and industrial loans of all weekly reporting member banks and about and certain other nonbank financial concerns (for description of revisions, 75 per cent of those of all commercial banks. see the BULLETIN for August 1959, p. 885.) Figures for earlier periods in the 2 Figures for periods other than weekly are based on weekly changes. last two columns have been adjusted only to exclude loans to sales finance 3 Includes machinery and transportation equipment. companies. Thus, these data are not strictly comparable with current 4 January-June includes 25 weeks; July-December, 27 weeks. figures. BANK RATES ON SHORT-TERM BUSINESS LOANS i [Per cent per annum] Size of loan Size of loan p A e a r r n i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 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 1 1 9 9 5 5 3 2 3 3. . 7 5 4 5. . 0 9 4 4. . 4 2 3 3 . . 9 7 3 3. . 5 3 S Se e p p t t.3 5 5. . 1 1 4 5 5 5. . 7 7 9 9 5 5. . 6 6 1 0 5 5 .3 3 6 6 5 5. . 0 0 6 7 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 S 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 I960—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 I960 Mar 5.57 6.12 5.83 5.57 5.40 1 For description see the BULLETIN for March 1949, pp. 228-37. NOTE.—Bank prime rate was 2*4 per cent Jan. 1-Jan. 7,1951. Changes 2 Based on figures for first 15 days of month. thereafter occurred on the following dates (new levels shown, in per cent): 3 Coverage of Survey revised in accordance with changes in the loan 1951—Jan. 8, 2Vi; Oct. 17, 2%; Dec. 19, 3; 1953—Apr. 27, 3V4; 1954— schedule of the call report of condition to exclude loans to nonbank Mar. 17, 3; 1955—Aug. 4, 3*4; Oct. 14, 3^; 1956—Apr. 13, 3%; Aug. 21, financial institutions. 4; 1957—Aug. 6, 4y2; 1958—Jan. 22, 4; Apr. 21, 3V2; Sept. 11, 4; and 1959—May 18, 4^; Sept. 1, 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 INTEREST RATES MONEY MARKET RATES [Per cent per annum] Lf. S. Government Securities (taxable)4 Prime Finance com- company Prime mercial paper bankers' 3-month bills 6-month bills 9- to 12-month issues Year, month, or week m 4 p - o a n t p o t e h r 6 s , - * m d 3 p i - o r l a e n to c c t e t h l 6 d y s - 2 , 9 a 0 a c n c d c e a e p y s t s , - 3 on R is s a n u t e e e w M y a ie r l k d et on R is s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l d k s ) et Others 3 is - y s t e u o a e r s 5 6 - 3.81 3.55 3.45 3.267 3.23 3.53 3.62 1958 averaee 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 Apr 3.42 3.36 2.98 2.960 2.95 3.277 3.27 3.66 4.03 Mav 3.56 3.44 3.17 2.851 2.84 3.368 3.32 3.92 4.16 June 3.83 3.66 3.31 3.247 3.21 3.531 3.52 3.97 4.33 July 3.98 3 81 3 45 3 243 3.20 3.885 3.82 4.30 4.40 3.97 3.87 3.56 3.358 3.38 3.840 3.87 4.31 4.32 4.45 Sept 4.63 4.52 4.07 3.998 4.04 4.626 4.70 4.83 4.80 4.78 Oct 4.73 4.70 4.25 4.117 4.05 4.646 4.53 4.69 4.65 4.69 Nov 4.67 4.38 4.25 4.209 4.15 4.585 4.54 4.54 4.70 4.74 Dec 4.88 4.82 4.47 4.572 4.49 4.915 4.85 4.99 4.98 4.95 I960—Jan 4.91 5.02 4.78 4.436 4.35 4.840 4.74 4.95 4.93 4.87 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 Apr 4.16 3.74 3.88 3.244 3.23 3.548 3.55 3.83 3.99 4.23 Week ending: 1960 Apr 2 4.13 3 58 3.63 2.792 2.88 3.187 3.21 3.32 3.69 4.11 9 4.05 3.50 3.63 2.731 2.96 2.927 3.18 3.30 3.57 4.06 16 4 09 3 78 3 94 3 622 3.56 3 854 3 86 3.91 4.23 4.25 23 4.25 3 88 4.00 3.306 3.34 3.705 3.73 4.17 4.17 4.32 30 4.25 3.88 4.00 3.317 3.19 3.705 3.58 4.08 4.14 4.34 * Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Average of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Consists of certificates of indebtedness and selected note and bond 3 Average of daily prevailing rates. issues. 6 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Government bonds Corporate bonds 3 Stocks5 State By selected By Dividend / Earnings / Year, month, or week United and local ratings groups price ratio price ratio States Total 4 (longterm)2 Total 4 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 8 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 Apr 4.01 3.53 3.12 4.02 4.47 4.23 4.86 4.35 4.56 4.49 4.51 3.26 May 4.08 3.70 3.29 4.20 4.60 4.37 4.96 4.46 4.67 4.67 4.68 3 21 June 4.09 3.80 3.37 4.28 4.69 4.46 5.04 4.55 4.76 4 77 4 79 3 23 5 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 4 77 4 70 3 14 Sept 4.26 3.95 3.60 4.42 4.82 4.52 5.18 4.68 4 88 4 89 4 80 3 26 6 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 I960 Jan 4.37 3.92 3.49 4.43 4.91 4.61 5.34 4 74 5 08 4 92 4 87 3 27 Feb 4.22 3.84 3.40 4.35 4.88 4.56 5.34 4.71 5 05 4 89 4 82 3 40 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 Apr 4 17 3 72 3 30 4 24 4 76 4 45 5 20 4 61 4 97 4 70 4 71 3 40 Week ending: I960 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 9 4 10 3.70 3.28 4.22 4.74 4.44 5 17 4 58 4 96 4 68 4 70 3 36 16 4.18 3.71 3.29 4.24 4.75 4.45 5.18 4.59 4 96 4 68 4 71 3 37 23 4 21 3 70 3 29 4 23 4 76 4 45 5 21 4 61 4 96 4 70 4 71 3 43 30 4.20 3.75 3.34 4.28 4.78 4.46 5.23 4.63 4.98 4.72 4.72 3.45 1 Monthly and weekly yields are averages of daily figures for U. S. 4 Includes bonds rated Aa and A, data for which are not shown sepa- Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividend/price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks, on Wednesday figures. Earnings/price ratios for common 5 Standard and Poor's Corporation. Preferred stock ratio is based on stocks are as of end of period. 8 median yields in a sample of noncallable issues—12 industrial and 2 2 Series is based on bonds maturing or callable in 10 years or more. public utility. For common stocks, the ratios beginning with July 1957 3 Moody's Investors Service. State and local govt. bonds include gen- are based on the 500 stocks in the price index; prior to mid-1957, on the ral obligations only. 90 stocks formerly included in the daily price index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 527 SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's series Securities and Exchange Commission series of (index, 1941-43= 10) (index, 1939= 100) trad- Year, month, Cor- ing4 or week U.S. Mu- po- (in Govt. nicipal rate Manufacturing Trade, thout ( e lo rm ng ) - 2 g ( r h a i d g e h ) - 3 g ( r h a i d g e h ) - 3Total d I u n s - - Rail- P l u ic b- Total T p r o a r n ta s- - P l u ic b - - na f n i- ce, Min- sa o n f ds trial road util- Du- Non- tion util- and shares) ity Total rable du- ity servrable ice Number of issues. 15 17 500 425 25 50 265 170 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—Apr... 86.21 102.2 97.0 57.10 60.92 35.94 45.12 419 514 481 536 360 226 405 340 3,449 May.. 85.31 100.4 95.0 57.96 62.09 36.07 44.30 425 527 495 547 358 221 409 334 3,379 June.. 85.16 99.4 94. % 57.46 61.75 36.02 42.58 419 521 496 534 357 213 418 326 2,925 July.. 85.00 99.4 93.8 59.74 64.23 36.86 44.21 434 543 522 551 364 218 429 321 3,222 Aug.. 85.11 100.6 94.3 59.40 63.74 35.56 45.15 434 542 516 556 349 219 425 324 2,431 Sept.. 83.15 98.3 93.0 57.05 61.21 33.78 43.59 417 520 500 529 333 211 424 305 2,739 Oct... 84.95 100.2 92.8 57.00 61.04 34.32 44.11 416 517 498 524 339 213 428 292 2,788 Nov.. 84.82 100.9 92.9 57.23 61.46 32.80 43.71 417 519 496 530 322 211 434 285 3,398 Dec... 83.00 99.3 92.4 59.06 63.56 33.57 44.31 429 538 518 547 328 213 440 297 3,284 1960—Jan.. 81.81 98.3 92.0 58.03 62.27 33.68 44.50 419 318 499 526 323 219 434 292 3,197 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 Apr.. 84.24 102.3 94.2 55.73 59.46 30.59 45.53 398 478 460 486 292 233 433 261 2,865 Week ending: I960—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 85.06 102.8 94.4 56.17 59.98 30.86 45.52 404 487 469 495 295 233 436 265 2,928 16. 84.08 102.4 94.1 56.30 60.14 30.87 45.58 404 485 468 491 296 238 437 266 2,613 23. 83.70 102.1 94.0 55.83 59.58 30.56 45.59 397 475 457 483 290 232 435 257 2,994 30. 83.87 101.8 94.2 54.77 58.32 30.10 45.51 389 464 446 472 287 230 426 251 2,995 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Total- Net debit balances with Bank loans to others (than securities New York Stock Exchange brokers and dealers) for pur- Money borrowed Customers' End of month i other than firms 2 chasing and carrying securities 3 net U. S. Govt. free obligations credit (col. 3 + Secured by Secured by U. S. Govt. Other On On balances col. 5) U. S. Govt. other obligations securities U. S. Govt. other obligations securities obligations securities 1955 Dec 4,030 34 2,791 32 1,239 51 2 246 894 1956—Dec 3,984 33 2,823 41 1,161 46 2,132 880 1957 Dec 3,576 68 2,482 60 1,094 125 1,706 896 1958—Dec 4,537 146 3,285 63 1,252 234 2,071 1,159 1959 Apr 4,764 166 3,401 55 1.363 252 2 156 1 205 May 4,758 163 3,385 58 1,373 252 2,159 1,188 June 4,734 158 3,388 58 1,346 237 2,246 1 094 July 4,648 153 3,374 164 1,274 228 2,205 1,079 Au2 4,528 154 3,269 166 1,259 217 2,199 1,035 Sept 4,443 156 3,250 162 1,193 231 2,149 1,039 Oct 4,401 168 3,210 158 1,191 227 2,178 967 Nov 4,460 165 3,273 158 t ,187 236 2,256 974 Dec 4,454 150 3,280 164 1,174 221 2,362 996 I960 Jan 4,365 134 3,198 154 1,167 190 2,233 1,001 Feb 4,274 138 3,129 146 t. 145 202 2,194 981 Mar 4 158 117 3 028 136 1 130 161 2,059 988 Apr 4,153 113 3,037 135 1,116 199 2,153 940 1 Data for cols. 4-7 are for last Wednesday of month. 3 Figures are for weekly reporting member banks. Prior to July 1959, 2 Ledger balances of member firms of the New York Stock Exchange loans for purchasing or carrying U. S. Government securities were recarrying margin accounts, as reported to the Exchange. Customers' debit ported separately only by New York and Chicago banks. Accordingly, and free credit balances exclude balances maintained with the reporting for that period col. 5 includes any loans for purchasing or carrying such firm by other member firms of national securities exchanges and balances securities at other reporting banks. Composition of series also changed of the reporting firm and of general partners of the reporting firm. Bal- beginning with July 1959; revised data for the new reporting series (but ances are net for each customer—i.e., all accounts of one customer are not for the breakdown of loans by purpose) are available back through consolidated. Money borrowed includes borrowings from banks and July 1958 and have been incorporated. from other lenders except member firms of national securities exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 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 l r a e 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 O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955...... 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 ,307 287 194 94 66 76 878 278 456 46 296 232 1958 , 3 2,744 840 3 1,904 ,194 302 238 64 49 68 775 254 349 83 244 263 S 959—Mar. 3,267 883 2,384 ,054 271 227 44 30 60 692 278 329 111 82 253 Apr. 3,334 822 2,512 ,029 269 208 60 30 56 673 292 348 78 48 263 May 3,555 791 2,764 ,038 242 193 49 28 79 689 286 350 103 43 256 June 3,401 729 2,672 983 213 175 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 ,029 232 187 44 34 71 693 355 283 46 119 226 Dec. 3,118 627 2,491 ,151 319 282 36 75 82 675 357 309 74 162 249 I960—Jan.. 3,889 664 3,225 ,229 230 193 36 42 124 833 341 337 149 158 245 Feb.. 4,085 718 3,367 ,240 218 170 48 35 119 868 350 336 193 131 229 Mar. 4,320 805 3,515 ,366 250 178 72 33 153 929 364 413 201 144 244 1 As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series revised to include all paper other commercial paper sold in the open market. with maturity of 270 days and over. Figures on old basis for December 2 As reported by finance companies that place their paper directly with were (in millions of dollars): Total, 2,731; placed directly, 1,891. investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars] Loans Securities Total E o n r d m of o n y t e h ar M ga o g r e t- Other G U o .S v . t. S l a o t n c a d a te l C r o a a n r t p d e o- a C s a se sh ts O as t s h e e ts r a s l s T u i s a a t r o 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 - l t u s s M co o m rt m ga it 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 I9593 24,754 359 6,857 730 4,844 837 553 38,934 34,967 604 3,363 65,248 1,170 1959 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 ,581 June 23 879 318 7 301 747 4,965 803 547 38 560 34,624 643 3,293 91,397 ,572 July 24,058 304 7,288 751 4,918 724 549 38.592 34,570 710 3,312 86,894 ,503 24,214 339 7,276 750 4,931 727 547 38,784 34,650 798 3,336 79,862 ,460 Sept 24,374 356 7,244 758 4,929 725 561 38,947 34,847 730 3,370 77,316 ,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 ,245 Dec 24,754 359 6,857 730 4,844 837 553 38,934 34,967 604 3,363 65,248 ,170 I960—Jan 24,928 333 6.862 715 4,833 698 565 38,934 34,909 660 3,365 62,285 ,099 Feb 25,044 372 6,851 706 4,824 735 569 39,101 34,959 742 3,400 55,775 ,029 n.a. Not available. 3 Data reflect consolidation of a large mutual savings bank with a com- 1 Includes securities of foreign governments and international organiza- mercial bank. tions and obligations of Federal agencies not guaranteed by the U. S. NOTE.—These data differ somewhat from those shown elsewhere in Government, as well as corporate securities. the BULLETIN: the latter are for call dates and are based on reports filed 2 Not a balance-sheet item. Data represent commitments outstanding with Federal and State bank supervisory agencies. Loans are shown of banks in New York State as reported to the Savings Banks Association net of valuation reserves. of the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 529 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s United State and M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Total States local Foreign2 Total Bonds Stocks (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 1 840 194^ 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 1 846 346 37 300 34 032 3 268 25 976 2 298 3 127 3 523 1955 90 432 11,829 8,576 2,038 ,215 39 545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 ,239 41,543 38,040 3.503 32.989 2,817 3,519 4,076 1957 101 309 10 690 7,029 2,376 ,285 44 057 40,666 3 391 35,236 3 119 3 869 4 338 1958 107,580 11,234 7,183 2,681 ,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 End of month:4 1957—Dec 101,309 10,691 7,028 2,377 ,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958—Dec. 107,580 11,242 7,182 2,691 ,369 46,420 43,044 3,376 37,092 3,387 4,186 5,253 1959—Feb 108 583 11,596 7 414 2 774 ,408 46 829 43,442 3,387 37 350 3 414 4 253 5 141 Mar . 108,945 11,479 7,229 2,840 ,410 47,093 43,672 3,421 37,486 3,450 4,284 5,153 Apr 109.430 11,568 7,251 2,889 ,428 47,343 43,904 3,439 37,602 3,469 4,317 5,131 Mav 109,928 11,644 7,235 2,968 ,441 47,545 44,086 3,459 37,737 3,493 4,346 5,163 June 110,424 11,679 7,246 2,991 1,442 47,800 44,314 3,486 37,894 3,522 4,380 5.149 July 111,152 11,807 7,259 3,085 1,463 48.024 44,477 3,547 38,108 3,583 4,389 5,241 Aug 111,646 11,938 7,354 3,115 1,469 48;096 44,539 3,557 38,282 3.603 4,423 5,304 Sect 111,846 11,772 7,169 3.130 ,473 48,224 44,658 3,566 38,493 3,624 4,464 5,269 Oct 112 405 11,770 7 147 3,138 ,485 48,444 44,853 3 591 38 744 3 631 4,511 5,305 Nov 112,904 11,668 7.016 3,154 1,498 48,662 45,032 3,630 38,984 3,673 4,555 5,362 Dec 113,626 11,536 6,848 3,177 1,511 48,908 45,206 3,702 39,299 3,670 4,605 5,608 I960—Jan ... . 114,202 11,731 7.011 3,197 1,523 49,047 45,330 3,717 39,573 3,688 4,651 5,512 Feb 114,666 11,755 6,975 3,222 1,558 49,170 45,435 3,735 39,769 3,698 4,709 5,565 1 Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Total Mortgage E o n r d m of o n y t e h ar g M ag o e r s t - 2 o G U b o l . i v S g t . a . - Cash Other 3 a li s a T s b e o i t l t s i a t — i l es 2 S c a a v p i i n ta g l s u R n e d a s i 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 t 5 tions profits 1941 4,578 107 344 775 6.049 4,682 475 256 636 n.a. 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 n.a. 1952 18,396 1,787 1,289 1.108 22,660 19,195 1,658 944 863 n.a. 1953 21,962 1,920 1,479 1,297 26,733 22,846 1,901 1,027 959 n.a. 1954 26,108 2,013 1,971 1,469 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 2,119 2,199 42,875 37.148 2.950 .347 1,430 843 1957 40,007 3.173 2,146 2,770 48,138 41,912 3,363 .379 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47.976 3,845 .444 ,161 713 ,475 1959 53,087 4,471 2,189 3,725 63,472 54,548 4,387 ,384 ,282 871 ,283 1959—Feb.. 46,456 4.213 2,261 3,133 56,063 48,818 3,866 .207 ,166 1,006 ,628 Mar. 47,049 4,289 2,259 3,231 56,828 49,347 3,868 ,202 .281 1,130 ,753 Apr. 47.754 4,394 2,077 3,382 57,607 49,767 3.872 .299 1378 1.291 ,920 May 48,508 4,417 2,103 3.560 58,588 50,371 3,883 ,362 ,475 1.497 ,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 1,184 ,862 Sept. 51,528 4.527 1,820 3,549 61,424 52.489 4,116 ,972 ,539 1,308 ,779 Oct.. 52,149 4,534 1,752 3,637 62,072 52,888 4,121 2.108 ,476 1,479 ,626 Nov. 52,608 4,500 1,817 3.777 62,702 53,371 4,133 2,165 ,374 1,659 ,470 Dec. 53,087 4,471 2,189 3,725 63,472 54,548 4,387 2,384 ,282 871 ,283 i960—Jan.. 53,410 4,647 1,898 3,609 63.564 54,985 4,400 ,935 ,181 1,063 1.316 Feb.. 53,809 4,731 1,864 3,645 64,049 55,480 4,405 ,805 ,169 1,190 1,386 n.a. Not available. declined consistently in recent years and amounted to $42 million at the 1 Figures are for all savings and loan associations in the United States. end of 1957. Data beginning with 1951 are based on monthly reports of insured 3 Includes other loans, stock in the Federal home loan banks and other associations and annual reports of noninsured associations. Data prior investments, real estate owned and sold on contract, and office buildings to 1951 are based entirely on annual reports. and fixtures. 2 Prior to 1958 mortgages are net of mortgage pledged shares. Asset 4 Consists of FHLB advances and other borrowing. items will not add to total assets which include gross mortgages with 5 Not a balance-sheet item. no deductions for mortgage pledged shares. Beginning with January NOTE.—Data for 1959 and 1960 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

530 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES1 [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Year or Profits In- Profits Cash Undis- Year or quarter b t e a f x o e r s e c ta o x m e e s t a a f x te e r s d d e i n v d i- s tr p i r b o u fi t t e s d quarter New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1951 42.2 22.4 19.7 9.0 10.7 1952 36.7 19.5 17.2 9.0 8.3 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 1958 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—4 39.4 19.2 20.2 12.2 8.0 1958-^ 3,590 1,324 2,265 2,184 781 1,403 1,405 543 862 1958 l.. . 32.0 15.7 16.3 12.7 3.6 2 33.6 16.5 17.1 12.6 4.5 1959—1 3,054 1,165 1,890 1,592 688 903 1,462 476 986 3 38.3 18.8 19.5 12.6 6.9 2 3,410 1,266 2,144 1,818 834 983 1,593 432 1,161 4.. .. 44.6 21.9 22.7 12.0 10.7 3 2,788 1,126 1,663 1,647 681 967 1,141 445 696 4 3,499 1,051 2,448 2,093 687 1,406 1,405 363 1,042 1959 l .... 46.5 22.6 23.8 12.8 11.0 2 52.6 25.6 27.0 13.0 14.0 3 46.4 22.6 23.8 13.4 10.4 1 Reflects cash transactions only. As contrasted with data shown on p. 532, new issues 4 45.7 22.2 23.4 13.6 9.8 exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements NOTE.—Quarterly data are at seasonally adjusted include the same types of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 532. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U e t c o i . e u S v s r . t i . - G N U o o . v t S r e t e . s . c 2 e a i n v d a b O a le t c h c e ts r . I t n o v ri e e n s - Other Total N G U o o . t v e S t p s . . a 2 a y n a d b l O e ac th c e ts r . F i b n e i c l t l d i a i o a t e x i m - r e a s e l Other 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103 0 224.0 34.6 23.5 2 3 86.6 72.8 4.2 121.0 2.3 73.8 19 3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 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 4 119.7 246.4 37.3 19.6 2.8 102.1 77.5 7.0 126.7 1.7 81.0 13.0 31.0 1959 1 122 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 2 125.3 257.6 35.8 21.5 2.7 107.7 81.7 8.3 132.4 1.7 84.3 13.5 32.9 3 126 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 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Year Total M fa i c a n t n u g u r- - M in i g n- T R r r o a a a n i 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 i m o 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 j s l T u r n e l a y s o n a 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 1.5 3.9 1.5 5.6 1958—4 8.0 3.2 .6 1.7 2.5 30.0 1953 28.3 11.9 1.0 1.3 .6 4.6 1.7 6.3 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 1959—1 6.9 2.7 .6 1.2 2.5 30.6 1955 28.7 11.4 1.0 .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 .2 1.4 .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 Z.O 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 1.1 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. * Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 531 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Qusirterly totals Industry 1958 1959 1955 1956 1957 1958 1959 2 3 4 i 2 3 4 Manufacturing Total (180 corps.): Sales 105,006108,307114,834105,251115,925 25,620 25,367 28,722 29,555 32,452 26,872 27,046 14,803 13,418 13,349 10,524 14,009 2,249 2,436 3,531 3,899 4,643 2,440 3,027 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.): i 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 3,131 541 679 778 769 808 780 775 Dividends • . 1,588 1,683 1,776 1,785 1,925 440 430 463 459 445 448 573 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 1,692 319 869 2,259 2,385 2,416 2,293 2,442 572 557 578 575 585 603 680 Selected industries: Foods and kindred products (25 corps.): 9,236 9,984 10,592 11,085 11,989 2,760 2,828 2 865 2,786 2,947 2 986 3 270 868 955 1,024 1,151 1,273 283 310 308 287 322 340 324 414 460 497 555 604 138 149 149 136 153 162 154 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 1,866 1,804 1,823 1,541 2,133 339 398 475 493 595 550 495 955 942 948 831 1,107 179 208 271 254 302 282 269 Dividends 690 698 737 717 808 178 172 185 180 111 179 273 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 3,281 3,458 Profits before taxes 1,344 1,444 1,325 941 1,194 146 274 274 360 300 259 274 979 1,068 1,075 788 913 136 219 234 263 220 215 215 438 481 512 516 523 130 127 129 133 128 128 134 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 -88 413 Profits after taxes 1,652 1,727 1,540 1,163 1,127 255 294 409 416 695 -215 231 730 880 873 801 830 201 194 203 201 204 204 221 Machinery (25 corps.): Sales 12,480 13,908 15,115 14,654 16,472 3,669 3,703 3,796 3,853 4,189 4,100 4 331 1,253 1,209 1,457 1,470 1,853 344 395 426 422 504 462 465 Profits after taxes 637 607 729 741 933 174 204 212 212 254 231 236 368 403 416 422 458 102 104 104 113 106 123 117 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 4,624 3,124 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: 10,106 10,551 10,491 9,564 9,826 2,299 2,466 2,555 2,388 2,633 2,368 2 437 1,341 1,268 1,058 844 848 144 272 366 167 310 127 243 927 876 737 602 578 102 195 271 99 207 86 186 448 462 438 410 403 79 77 157 116 82 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 2,688 2,840 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 1,668 349 357 390 469 385 392 422 942 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 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 1 Includes 17 companies in groups not shown separately. Telephone. Revenues and profits are for telephone operations of the 2 Includes 27 companies in groups not shown separately. t B h e e l l L S o y n s g te m Li n C es o n a s n o d li d G at e e n d e r ( a i l n c d l e u p d a in rt g m t e h n e t s 2 o 0 f o A p m er e a r t i i c n a g n s T ub e s le id p i h a o ri n e e s a a n n d d NOTE.—Manufacturing corporations. Data are obtained primarily Telegraph Company) and for two affiliated telephone companies, which from published company reports. together represent about 85 per cent of all telephone operations. Dividends 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 of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and 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

532 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all isSIjers2 Prop a o l s l e c d o u rp s o e r o a f te n i e s t s u p e ro rs c 6 eeds, Noncorporate Corporate New capital fear or Remonth Total G U o . v S t . .3 a F e c g e r y e a d 4 n l - - S n m a p t i n a a c u d t l i - e - Others Total Total B P l o i u c n l b y d - s v P at r e i l - y f s e P t r o r r c e e - k d C s m t o o o m c n k - Total Total m N on ew ey7 O p p o t u h s r e e - s r m s r t i e i t o r e c i e f e n u - s t offered placed 1952. ?7,709 P 459 4,401 237 9 514 7,601 3,645 957 564 1,369 9 180 8 716 8 180 517 664 1953. ?8 11,95' 106 5,558 306 8 898 ,081 3,856 1 489 1,326 8,755 8,495 7 960 515 260 1954. 29,765 12,532 458 6,969 289 9,516 1,488 4,003 3484 816 1,213 9,365 7,490 6,780 709 1,875 1955. ?6,77? 9,6?8 746 5,977 182 10?40 7,470 4,119 1 101 635 2,185 10049 871 7 957 864 1,227 1956. 22,405 5,51-J 169 5,446 334 10939 8,002 4,225 3 111 636 2,301 10,749 10,384 9,663 721 364 1957. 30,571 9,601 572 6,958 557 12884 9,957 6,118 3 839 411 2,516 12,661 12,447 11,784 663 214 1958. 14,441 1?,061 2,321 7,449 1,052 11 558 q.651 6,332 1 571 1,334 11177 10 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- Feb 9 47C 881 62 770 481 187 794 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 ?,581 940 60 978 619 310 109 92 217 908 899 817 66 9 May. 1,787 569 51 8?9 6?4 380 ?44 38 167 809 791 764 77 17 June 775 995 47 910 614 270 141 43 254 890 874 814 60 15 July. i,45? 15(1 457 93 55? 411 173 ?60 26 93 518 511 480 51 7 Aug. 1,688 309 523 5 753 623 414 209 13 117 737 718 677 42 19 Sept. ... 1,749 300 98 520 44 736 592 219 372 24 120 721 709 665 44 12 Oct.. 4,122 2,574 150 587 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 38C 86 476 72 969 783 277 506 52 134 950 936 886 50 14 1960-—Jan . 1,979 47(1 182 696 9 677 549 323 26 98 657 596 567 10 61 Feb . 2,128 435 150 622 151 770 587 253 335 29 153 753 739 688 51 14 ]Proposed uses of net proceeds,major groups of corporate issuers Manufeicturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Publicutility Communication a R nd e al f 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 ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capita 8 secu- capital8 securities rities rities rities rities rities 1952 C3,713 261 512 24 758 ??5 ?,539 88 74" 6 448 60 1953. 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 770 ,675 990 651 60 788 273 1955 2,397 533 769 51 544 ,254 174 1 04^ 77 1,812 56 1956 3,336 243 682 51 694 70 9,474 14 1 184 21 1,815 17 1957 4,104 49 579 29 802 14 ,821 51 1 441 4 1 701 67 1958 3,265 195 867 13 778 18 1,605 138 1 ?94 118 1,014 47 1959 1,966 87 838 31 960 14 ,178 12 1,777 17 1959 Feh 123 5 105 154 188 6? 111 Mar.. 92 6 46 1 51 1 331 102 Apr.. 277 7 78 1 75 314 16 139 M^ay 248 10 56 2 38 (9) 338 4 f 105 June. 221 6 127 8 96 313 22 95 July 146 3 59 (9) 34 1 170 114 A Se u p g t . . . . 2 1 0 2 5 6 1 6 5 4 4 2 5 2 2 1 9 4 7 2 2 1 1 10 9 9 2 i" 5 3 6 6 2 1 2 5 3 6 N Oc o t v . . . 1 9 1 7 5 4 1 6 8 3 5 4 2 10 1 1 7 T 2 3 4 4 1 1 5 2 1 6 7 2 7 1 1 6 3 7 7 1 Dec. 167 7 70 2 74 2 346 72 207 1960-—Jan . 80 6 86 2 25 151 (9) 223 52 Feb 82 2 101 2 14 (9) 236 78 227 7 c Corrected. tion and Development, and domestic eleemosynary and other nonprofit 1 Estimates of new issues maturing in more than one year sold for cash organizations. in the United States. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 2 Gross proceeds are derived by multiplying principal amounts or num- of notation, i.e., compensation to underwriters, agents, etc., and expenses. ber of units by offering price. 7 Represents proceeds for plant and equipment and working capital. 3 Includes guaranteed issues. 8 Represents all issues other than those for retirement of securities. 4 Issues not guaranteed. 9 Less than $500,000. 5 Represents foreign governments, International Bank for Reconstruc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY ISSUES; FEDERAL FINANCE 533 NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars] All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer 2 Use of proceeds 2 Total Period Total G g o a e b a t n i l l o e i- 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 o 3 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 u i p t a t s o a e t n t h r t c r d y u i o i c a - r t l - Others a d e m r e o e li d u 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 s e i e - r r r , h R i d t o n e i e u a g n s l s 7 i - - - V a a e n i t d s e ' r- p O 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 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 (9) 6 177 80 258 538 514 151 59 86 4 94 Sept 515 398 112 5 133 93 290 401 468 168 43 82 1 120 141 Oct 594 357 128 102 7 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 75 255 431 453 252 16 57 4 126 I960—Jan '739 r447 244 47 176 r179 '384 '480 r734 r218 31 r107 39 50 289 Feb 595 347 132 103 12 7 161 427 629 587 165 77 98 108 139 n.a. Not 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, APRIL 30, 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. M M a a y y 1 5 2, , 1 1 9 9 6 6 0 0 . . , , 6 4 0 0 6 0 O O c c t t . . 1 6 3 , , 1 1 9 9 6 6 0 0 5 5 0 0 0 0 A M p a r y . 1 1 5 , , 1 1 9 9 6 6 2 2 iy 4 2 2,2 5 1 5 1 1 D A e u c g . . 1 1 5 5 , , 1 19 9 6 6 3 3 -68... 2 2 V % i 2 6 , ,7 8 5 1 5 6 May 19, 1960. ,603 Oct. 17, 1960 2,007 Aug. 15, 1962 4 158 Feb. 15, 1964 3 3,854 May 26, 1960. ,604 Oct. 20, 1960 400 Oct. 1,1962 11/2 590 June 15, 1964-69... 2Vi 3,739 June 2, 1960. ,501 Oct. 27, 1960 400 Nov. 15, 1962 334 1,143 Dec. 15, 1964-69... 2Vi 3,813 June 9, 1960. ,700 Jan. 15,1961 1,504 Feb. 15, 1963 2% 3,971 Feb. 15, 1965 2% 6,896 June 16, 1960. ,700 Apr. 15, 1961 2,001 Apr. 1,1963 IV2 533 Mar. 15, 1965-70.. .2% 4,692 June 22, I960" 4,018 May 15, 1963 4 1,743 Aug. 15, 1966 3 1,484 June 23, 1960. ,700 Certificates Oct. 1,1963 1% 506 Mar. 15, 1966-71.. .2% 2,940 June 30, 1960. ,600 May 15, 1960 4 1,269 Nov. 15, 1963 4% 3,011 June 15, 1967-72... 2*4 1,810 July 7, 1960. ,500 Nov. 15, 1960 434 7,037 Apr. 1,1964 11/2 457 Sept. 15, 1967-72... 2 Vi 2,716 July 14, 1960. ,500 Feb. 15, 1961 4% 6,938 May 15, 1964 434 4,933 Dec. 15, 1967-72...2Vi 3,645 July 15, 1960. ,001 Aug. 15, 1964 5 2,316 Oct. 1, 1969 4 1,276 July 21, 1960. ,400 Treasury notes Oct. 1,1964 11/2 490 Nov. 15, 1974 V/% 654 July 28, 1960. ,401 May 15, 1960 3*4 2,738 Nov. 15, 1964 4% 4,195 May 15, 1975-85.. .4*4 438 A Au u g g . . 1 4 1 , , 1 1 9 9 6 6 0 0 . . 4 3 0 9 0 6 A M u a g y . 1 1 5 5 , , 1 1 9 9 6 6 0 0 3 4 V 34 Z 2 9, , 5 4 6 0 1 6 Apr. 1,1965 11/2 J F u e n b e . 1 1 5 5 , , 1 19 9 8 7 0 8 -83... 314 4 1,6 8 0 8 1 4 Aug. 18, 1960. 400 Oct. 1,1960 IVi 278 Treasury bonds May 15, 1985 3*4 1,135 S A e u p g t . . 25 1 , , 1 1 9 9 6 6 0 0 . . 4 4 0 0 1 0 A M p a r y . 1 1 5 , , 1 1 9 9 6 6 1 1 3 iy % 2 4,0 1 7 4 8 4 J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 5 9 9 - - 6 6 2 2 . .. . . . 2 2 * 1 4 4 5 3 , , 2 4 6 5 4 2 F F e e b b . . 1 1 5 5 , , 1 1 9 9 9 9 5 0 31/ 3 2 2 1 , ,7 7 2 2 7 9 S S e e p p t t . . 1 8 5, , 1 1 9 9 6 6 0 0 . . 4 4 0 0 0 0 A O u ct g . . 1 1, , 1 1 9 9 6 6 1 1 11/ 4 2 2,1 3 3 3 6 2 N De o c v . . 1 15 5 , , 1 1 9 9 6 6 0 0 -65 3.. 2 2 3 i/ ^ 8 3 1 . ,4 8 8 0 5 6 Panama Canal Loan.... 3 50 Sept. 22, 1960. 400 Feb. 15, 1962 3% 647 Sept. 15, 1961 234 2,239 Convertible bonds Sept. 29, 1960. 400 Feb. 15, 1962 4 1,435 Nov. 15, 1961 21/2 11,177 Investment Series B June 15, 1962-67... 21/2 2,110 Apr. 1, 1975-80.... 234 6,489 * Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 526. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketaible 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 e o r n ti - - Tax S i p ss e u c e ia s l Total Bills Certifi- Notes bo ib n le ds Totals S in a g v s - s a a n v d cates Bank Bank bonds ings eligi- re- notes ble * stricted 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 (6) 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 Apr 285.5 285.4 240.2 180.7 34.2 34.4 27.2 84.9 7.8 51.7 50.8 43.3 May 286.4 286 3 240.3 181.0 35.0 33.8 27.3 84 9 7.7 51 5 50.7 44 2 June ... . 284.8 284.7 237.1 178.0 32.0 33.8 27.3 84.9 7.7 51.4 50.5 44.8 July 288 8 288 7 241 8 183 1 37 0 33 8 27 3 84 8 7 6 51 1 50 2 44 1 Aug 290.5 290.4 242.9 184.5 38.6 20 3 40.7 84 8 7.6 50.8 50.0 44.7 Sept 288.4 288.3 241.1 183.1 37.1 20.3 40.8 84.8 7.5 50.6 49.7 44.4 Oct 291.4 291 3 244 9 187 4 39 1 20 3 43 1 84 8 7.3 50 2 49 4 43 6 Nov 290.7 290.6 244.2 187.0 39.1 19.7 43.3 84.8 7.2 50.0 49.3 43.6 Dec 290 9 290 8 244 2 188 3 39 6 19 7 44 2 84 8 7 1 48 9 48 2 43 5 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 Apr 288.9 288.8 242.9 188.1 37.1 15.2 50.6 85.2 6.5 48.3 47.6 42.8 1 Includes some debt not subject to statutory debt limitation (amounting * Includes Treasury bonds and minor amounts of Panama Canal and to $408 million on Apr. 30, 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 $10,402 million on Mar. 31, 1960. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f i ( n i g n c g lu u d ar - - trust funds * Federal Com- Mutual Insur- Other State 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 l „ o o c v a t j s l . S b a o v n in d g s s se O cu th ri e ti r es tors 3 1941_Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1951 Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.0 19.9 11.1 49.2 16.0 11.7 1953 Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.9 21.5 12.7 49.4 15.4 13.2 1954 Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.3 19.2 14.4 50.0 13.5 13.9 1955 Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.6 23.5 15.1 50.2 14.8 15.6 1956—Dec 276.7 45.6 8.4 222.7 24.9 59.5 8.0 13.2 19.1 16.1 50.1 15.6 16.1 1957 Dec 275.0 45.8 9.4 219.8 24.2 59.5 7.6 12.5 r18.6 17.0 48.2 r15.5 16.5 1958 June 276.4 46.2 9.7 220.5 25.4 65.3 7.4 12.2 r15.3 16.9 48.0 r14.7 15.2 Dec 283.0 44.8 9.6 228.6 26.3 67.5 7.3 12.7 r19.6 16.7 47.7 r14.4 16.5 1959_Feb 285.2 43.9 9.8 231.6 25.3 66.3 7.4 12.8 '21.6 16.9 47.6 r16.3 17.3 Mar 282.2 43.9 9.8 228.4 25.5 63.2 7.4 12.6 '21.0 16.8 47.5 17.2 17.2 Apr . 285.5 43.3 9.8 232.4 25.7 64.7 7.4 12.6 '22.4 16.9 47.3 r17.7 17.8 May 286.4 44.2 10.0 232.2 25.9 63.2 7.4 12.6 '22.9 16.8 47.2 r18.0 18.2 284.8 44.8 9.9 230.2 26.0 61.3 7.3 12.5 '21.5 16.7 47.0 r18.3 19.4 Julv.. 288.8 44.1 10.0 234.7 26.5 61.8 7.3 12.6 '23.4 17.0 46.9 r18.8 20.4 Aue 290.5 44.7 9.9 235.9 26.7 60.8 7.3 12.7 '24.4 17.2 46.7 r19.4 20.6 Sept 288.4 44.4 9.8 234.2 26.6 60.0 7.3 12.6 '22.9 17.3 46.5 '20.2 21.0 Oct 291A 43.6 10.0 237.8 26.6 60.4 7.0 12.6 '24.1 17.4 46.3 '21.6 21.7 Nov 290.7 43.6 10.2 236.9 26.9 59.0 6.9 12.5 r24.2 17.4 46.2 '21.9 21.9 Dec 290.9 43.5 10.2 237.3 26.6 59.8 6.9 12.3 '23.5 17.5 45.9 '22.9 21.8 I960—Jan 291.2 42.6 10.6 238.0 25.5 58.6 6.9 12.5 '25.5 17.6 45.8 '23.7 22.0 Feb 290.7 42.8 10.4 237.5 25.2 56.6 6.9 12.4 26.6 17.7 45.8 23.9 22.4 r Revised. 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 recJassified as continental U. S. banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 535 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 1-5 y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1955—June 30. 166,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38,188 33,687 33,628 1956—June 30. 166,050 20,808 16,303 35,952 81,890 11,098 154,953 58,714 31,997 31,312 32,930 1957—June 30. 165,985 23,420 20,473 30,973 80,839 10,280 155,705 71,033 39,184 14,732 30,756 1958—June 30. 175,573 22,406 32,920 20,416 90,932 8,898 166,675 67,782 41,071 22,961 34,860 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 Feb. 29. 196,246 41,160 15,245 48,198 84,781 6,862 189,384 75,250 72,849 16,725 24,560 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 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 I960—Jan. 31. 10,380 526 366 1,719 5,080 2,689 7,691 1,315 1,923 1,886 2,567 Feb. 29. 10,207 364 357 1,762 5,093 2,631 7,576 1,150 2,573 1,285 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 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 1960—Jan. 31. 25,464 1,463 10,507 11,010 2,484 25,464 17,470 6,524 677 793 Febl 29. 25,209 1,199 8,515 13,011 2,484 25,209 15,214 8,545 657 793 Commercial banks: 1955—June 30.. 55,667 2,721 1,455 15,385 35,942 164 55,503 7,187 21,712 21,110 5,494 1956—June 30.. 49,673 2,181 1,004 11,620 34,712 155 49,517 7,433 18,234 19,132 4,719 1957—June 30.. 48,734 2,853 2,913 8,984 33,839 144 48,590 12,268 23,500 8,600 4,222 1958—June 30.. 57,509 3,796 3,331 11,532 38,720 130 57,379 13,431 24,494 14,259 5,195 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 =31,565 104 51,841 11,198 28,778 9,235 2,629 1960—Jan. 31.. 50,916 4,793 2,112 12,704 31,203 103 50,812 10,783 28,200 9,199 2,631 Feb. 29. . 49,139 3,796 1,223 13,151 30,868 101 49,038 8,690 32,218 5,522 2,608 Mutual savings banks: 1955—June 30 8,069 84 53 289 6,422 1,222 6,848 164 533 1,405 4,746 1956—June 30 7,735 107 37 356 6,074 1,161 6,574 247 540 1,319 4,468 1957—June 30 7,397 163 114 367 5,655 1,098 6,299 576 1,082 601 4,040 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 1,106 675 4,094 1959—June 30 7,079 175 209 684 5,228 783 6,296 480 1,360 1,700 2,756 Dec. 31 6,773 191 158 4,892 644 6,129 486 1,401 2,254 1,987 1960—Jan. 31. 6,791 287 229 883 4,818 574 6,217 654 1,384 2,232 1,947 Feb. 29. 6,794 313 139 1,056 4,788 498 6,296 600 1,656 2,109 1,931 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 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 Feb. 29. 11,056 586 138 1,158 7,491 1,684 9,372 1,108 2,758 2,049 3,458 Other investors: 1955—June 30. 59,260 15,153 3,973 12,502 23,927 3,706 55,554 24,062 10,633 7,626 13,233 1956—June 30. 64,947 17,074 3,919 13,371 26,896 3,646 61,301 29,233 10,443 7,612 14,013 1957—June 30. 67,329 19,661 5,527 11,113 27,602 3,426 63,904 35.850 10,936 3,464 13,654 1958—June 30. 65,459 15,392 8,799 6,636 31,829 2,802 62,657 29;489 11,243 6,054 15,872 1959__ D jU e n c e . 3 3 1 0 . . 7 8 8 9 , , 4 06 4 6 4 2 3 5 1 , , 6 1 5 4 9 0 1 6 0 , , 3 2 1 1 5 6 1 9 6 , , 1 3 4 0 7 2 3 33 1 , , 3 2 2 5 5 2 2 1 , , 1 98 7 5 1 7 8 6 7 , , 2 0 7 8 3 2 4 3 6 9 , , 0 7 5 2 7 4 2 1 0 6 , ,5 7 0 1 3 7 5 7, , 1 0 5 6 4 9 1 1 4 3 , ,1 9 5 7 3 7 I960—Jan. 31. 92,230 33,461 6,210 16,847 33,745 1,968 90,263 <48,503 21,368 7,198 13,193 Feb. 29. 93,841 34,902 4,874 18,060 34,057 1,949 91,893 48,488 25,098 5,104 13,202 c Corrected. panies included in the survey account for more than 90 per cent of total 1 Direct public issues. holdings by these institutions. Data are complete for U. S. Govt. 2 Includes minor amounts of Panama Canal and postal savings bonds. 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

536 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 e d e i g p t e t t s re T P f c u r l e u u n i s d s p : t ts ac I t G L r n t e a i o t o s n r v s n a s t s - - : . * E p T r u f q e r t b o u o h c l t a m t e i a s l c l s . 2 : B p t u e u e n d x re d g - s i e - t p T P t f e u u e r l n r u x n u e d s - d s s : i t - A m L d e e j n s u t s s s : t 3 - E p p t T o q u a o u b y t t a h l t a i l s e l c s . : t p p o f u a r th o o ( b y e r m - l t i s ) c . , & ( c ( c o - d r d r r e I ) a i e e n , a r g a d b e - s e s e c i e t e n 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 b h s n t e h - 4 r b E r i o e n q c ( N p r ) g u a r a e s 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 -111 487 7,762 1959... 73,282 18,830 4,509 87,552 80,321 20,244 5,009 95,560 -8,006 10,112 -543 2,081 8,580 Fiscal year—1956.. 68,165 11,685 2,739 77,088 66,540 9,436 3,358 72.617 4,471 -578 3,166 623 -4,366 1957.. 71,029 14,369 3,242 82,107 69,433 12,961 2.386 80,008 2,099 -1,053 2,339 -292 -3,100 1958.. 69,117 16,329 3,493 81,893 71.936 16,069 4,592 83,413 -1,520 6,216 657 -200 5,760 1959.. 68,270 17,084 3,650 81,660 80,697 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—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 ,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 ,735 383 7,709 1,779 -1,866 -399 -9 -1,457 Oct 3,023 1,009 348 3,678 6,868 ,886 861 7,894 -4,216 3,077 -683 105 3,656 Nov 5,897 2,004 316 7.579 6,598 ,496 -134 8,228 -649 -423 242 97 -763 Dec 7,582 1,474 889 8,163 6,844 ,748 797 7,795 368 259 -84 111 233 1960—Jan 4,909 828 272 5,461 6,199 ,974 1.406 6,767 -1.306 229 -472 147 554 Feb 7,265 2,329 359 9,231 6,170 ,613 -615 8.075 1,156 -686 32 26 -744 Mar 9,581 1,708 199 11,084 6,424 ,868 1,193 7,099 3,984 -3.632 507 -100 -4,039 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a . s , h o r b d a e la c n . c ( e — s: ) Accou S n ta t t e o s f ( T en re d a s o u f r e p r e r o i f o d U ) nited Period Trust Net Net Increase, Deposits in: Net fund market inv. (-) or s B d u u e r o p f d i r l g c u i e s t t , a l c d a c e t o u f i i o r m c n i u t , - t c o R i l c e i T a a c r s t o e i h o n a n - s. is a ( G s - g f u e o - a n ) v n o c t c . y f e i s a n G e g c e o F . n v e b c t d . y y . d ( e d g - c i r ) r r o , e e s c a i s n t se T o r H u e t a e s s l i u d d r e y a T u c r c r e e o a r u s 's n - t Balance B ( F a a . v n a R i k l . - s T T a r u x e r a y a s n - d O as n t s e h e t e ts r 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 ,391 1957.. 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5.590 498 4,082 ,010 1958.. -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 ,121 1959. . -12,427 -1.511 -29 71 1,112 8,363 -23 -4.399 5,350 535 3.744 ,071 Semiannually: 1958—Jan.-June. 3,916 228 511 -440 -218 1.445 300 5.143 9.749 410 8,218 .121 July-Dec.. -11,004 -1,286 -232 -121 1,144 6,579 -131 -4,788 4.961 358 3,468 ,135 1959—Jan.-June. -1,423 -225 203 192 -32 1,784 108 389 5,350 535 3,744 .071 July-Dec.. -5,617 -1,187 -437 366 911 6.092 -105 233 5,583 504 4,216 863 Monthly: 1959—Mar 1,965 -130 507 6 -70 -3.069 45 -836 4.438 398 2,787 ,253 Apr -2,169 -603 355 78 491 3,319 -60 1.531 5,969 539 3,844 ,586 May -739 1,053 -432 1 -980 950 -67 -81 5,888 567 4,117 ,204 June 1,524 404 -211 53 -568 -1,597 143 -538 5,350 535 3,744 ,071 July -3,311 -960 35 -1 670 3,976 -77 486 5,837 522 4.364 951 Aug -626 916 -641 51 -666 1,714 -33 781 6.617 537 5,227 853 Sept 2,129 -499 323 155 317 -2,100 -73 399 7,017 704 5,353 960 Oct -3.846 -877 541 3 667 2,957 86 -641 6.376 488 4,990 898 Nov -701 507 -537 56 -67 -664 1 -1,408 4,968 582 3.559 827 Dec 738 -274 -158 102 -12 209 -10 615 5,583 504 4,216 863 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 Mar.. 3,157 -160 994 104 -386 -3,757 75 — 122 5,189 549 3,738 902 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 537 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 s l t Individual Corpo- ta c E x i x s e e - s t p m a E l x o m e e n y s - t - 7 O ce r t i e h p - e ts r Liquor b T ac o- co a t M a n i d l f e rs r r e . s - ' age way re- re- With- ration trust trust tire- ceipts held Other fund 6 fund ment 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—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 1,488 424 276 156 1,157 June.... 10.154 649 191 46 208 11,247 2,552 1,689 4,786 842 696 682 228 114 July 3,246 311 192 20 167 3,936 1,239 364 568 971 332 462 243 150 Aug 5,679 1,235 237 85 181 7,418 4,223 123 368 1,027 1,321 356 288 172 1,271 Sept 8,486 652 201 52 161 9,552 2,264 1,837 3,311 1,007 704 430 300 169 Oct 3,023 259 198 16 129 3,626 1,211 257 491 977 278 413 319 179 Nov 5,897 882 219 82 72 7,152 4,345 99 405 936 965 402 296 162 1,137 Dec 7,582 476 233 51 7 8,350 2,371 362 3,180 1,031 527 879 258 152 1960—Jan 4,909 298 218 16 -16 5,425 860 2,144 564 794 341 722 186 138 Feb 7,265 1,243 264 84 432 9,289 4,835 884 483 954 1,611 522 214 151 Mar 9,581 1,078 191 50 1,317 12,217 2,541 791 6.192 1.044 1,149 500 n.a. n.a. Budget expenditures8 Major national security Agri- Vet- culture Period Total Total 9 M de i f l e it n a s r e y M a a s i n l 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 e s r f e e s a i r n t n v a s e s n - - ' d w L a a e n l b f d o ar r e t a c a u r g u n e r r l - a d - i- l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d c in e - g g m G o e v r e e e a n n r l t - n sources Fiscal year—1956 66,540 40,641 35,791 2,611 1,651 1,843 6,846 4,756 2,821 4,867 1,105 2,030 1,630 1957 69,433 43,270 38,439 2,352 1,990 1,973 7,308 4,793 3,022 4,525 1,297 1,455 1,790 1958 71,936 44,142 39,062 2,187 2,268 2,231 7,689 5,026 3,447 4,389 1,544 2,109 1,359 1959 80,697 46,426 41,233 2,340 2,541 3,780 7,671 5,174 4.421 6,529 1,669 3,421 1,606 Semiannually: 1958—Jan.-June 35,876 22,418 19,692 1,156 1,188 1,015 3,777 2,626 1,811 1,738 694 1,106 698 July-Dec 39,906 23,246 20,619 1,145 1,269 1,206 3,686 2,580 2,158 3,922 896 1,438 765 1959—Jan.-June 40,791 23,180 20,614 1,195 1,272 2,574 3,985 2,594 2,263 2,607 773 1,983 841 July-Dec 39,530 23,119 20,975 715 1,290 650 4,494 2,493 2,086 2,961 941 1,950 833 Monthly: 1959—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 1960—Jan 6,199 3,523 3,160 136 210 157 831 419 393 470 105 195 127 Feb 6,170 3,684 3,371 103 210 169 788 420 362 322 119 161 127 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 8 The 1961 Budget Document shows certain revisions in fiscal year data. Fund and the Treasury, (5) reconciliation items to Treasury cash, and For more details, see the 1961 Budget Document and the Treasury Bulle- (6) net operating transactions of Govt. sponsored enterprises. tin, Budget Receipts and Expenditures, Table 4. 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

538 FEDERAL BUSINESS-TYPE ACTIVITIES S ELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1958 1959 1952 1953 1954 1955 1956 1957 Loans, by purpose and agency: To aid agriculture, total 5,070 6,811 6,929 6,715 6,752 6,681 7,402 8,672 9,630 8,490 7,636 Banks for cooperatives 424 377 367 375 457 454 473 511 518 526 576 Federal intermediate credit banks2.. 673 590 638 689 734 935 1,247 1,169 1,313 1,547 1,562 Farmers Home Administration 596 648 701 681 724 832 900 819 935 963 972 Rural Electrification Administration. 1,920 2,096 2,226 2,348 2,488 2,688 2,820 2,874 2,919 2,973 3,029 Commodity Credit Corporation 1,426 3,076 2,981 2,621 2,349 1,778 1,962 3,298 3,944 2,480 1,498 Other agencies 31 23 18 1 (3) (3) (3) (3) (3) (3) (3) To aid home owners, total 2,603 2,930 2,907 3,205 3,680 4,769 4,607 4,860 5,352 5,873 6,352 Federal National Mortgage Association. 2,242 2,462 2,461 2,641 3,072 3,998 3,716 3,924 4,362 4,815 5,238 V O e th te e r r a n ag s e A nc d i m es inistration • 362 3 1 0 6 0 8 38 6 3 3 48 8 0 4 4 1 6 4 4 5 770 1 890 1 936 1 989 1 1,056 1 1,113 1 To industry, total 598 588 431 678 619 674 658 680 695 717 726 Treasury Department... 174 353 306 209 251 221 216 212 201 197 O Co th m er m a e g rc e e n c D ie e s partment. 598 » 413 79 I r 2 1 6 1 1 2 2 1 1 9 9 1 2 2 0 1 6 7 2 1 4 9 7 0 2 1 7 8 8 7 3 1 0 8 1 2 3 1 4 7 2 4 3 1 5 7 8 0 To financing institutions 864 952 870 1,419 1,233 1,270 1,010 1,298 1,087 1,539 1,797 To aid States, territories, etc., total. 1,020 645 272 245 246 264 294 293 291 293 308 Public Housing Administration.. 894 500 112 90 106 105 106 106 91 89 91 Other agencies 126 145 160 155 140 159 188 187 200 204 217 Foreign, total 7,736 8,043 8,001 7,988 8,223 8,754 9,271 9,510 9,712 9,904 10,084 Export-Import Bank 2,496 2,833 2,806 2,702 2,701 3,040 3,239 3,362 3,439 3,504 3,513 Treasury Department4 3,667 3,620 3,570 3,519 3,470 3,470 3,470 3,419 3,419 3,425 3,425 International Cooperation Administration. 51,515 1,537 1,624 1,767 1,995 2,195 2,514 2,682 2,782 2,874 2,998 Other agencies 58 53 1 57 49 47 46 73 101 147 All other purposes, total 75 119 166 256 213 344 489 548 562 627 686 Housing and Home Finance Agency. 5 29 127 209 156 283 423 458 497 563 623 Other agencies 69 90 39 47 57 62 66 66 64 63 Less: Reserves for losses -140 -203 -228 -268 -309 -367 -450 -368 -353 -654 -451 Total loans receivable (net). 17,826 19,883 19,348 20,238 20,657 22,395 23,280 25,493 26,977 26,788 27,138 Investments: U. S. Government securities, total 2,421 2,602 2,967 3,236 3,739 3,804 4,365 4,198 4,533 4,442 4,478 Federal home loan banks 311 387 641 745 1,018 896 1,250 995 1,202 1,064 1,046 Federal Savings and Loan Insurance Corp.. 208 217 228 241 256 274 278 288 296 310 320 Federal Housing Administration 316 319 327 381 458 471 559 567 586 590 622 Federal Deposit Insurance Corporation.... 1,437 1,526 1,624 1,720 1,825 1,937 2,034 2,049 2,139 2,154 2,162 Other agencies 148 152 147 149 181 226 245 300 310 324 329 Investment in international institutions 3,385 3,385 3,385 3,385 3,420 3,420 3,420 3,420 3,420 4,795 4,795 Other securities6 223 219 197 179 249 298 283 283 282 331 335 Inventories, total 1,280 2,515 3,852 4,356 21,375 21,628 20,743,20,810 20,504 20,821 21,879 Commodity Credit Corporation.. 978 2,087 3,302 3,747 3,651 3,025 3,013 3,036 2,906 3,614 4,527 Defense Department 11,004 11,136 9,730 9,681 9,421 8,751 8,823 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 f [ 6 , 2 5 0 17 1 7,2 1 8 8 2 5 7,8 1 0 9 9 1 7,9 1 1 7 9 4 7,9 1 8 9 7 1 8,2 1 7 7 8 8 8,3 1 4 8 7 3 Land, structures, and equipment, total 3,213 8,062 8,046 7,822 9,985 9,962 10,422 10,670 10,753 8,869 8,938 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,535 4,550 4,721 4,736 2,856 2,899 Panama Canal Company 415 363 421 421 398 398 398 396 402 409 408 Tennessee Valley Authority 1,251 1,475 1,739 1,829 1,762 1,801 1,790 1,777 1,802 1,878 1,907 Housing and Home Finance Agency 1,202 1,040 728 450 236 88 26 25 20 9 9 Nat. Aeronautics and Space Administration.... 276 283 282 285 289 304 305 Bonneville Power Administration 311 342 371 372 373 357 354 General Services Administration 1,298 1,308 1,319 1,322 1,237 1,241 1,234 Post Office Department 590 599 637 637 637 640 640 Other agencies 345 350 360 300 613 608 1,050 1,134 1,257 1,175 1,181 Bonds, notes, & debentures payable (not guar.), total... 1,330 1,182 1,068 2,379 2,711 4,662 3,981 4,038 4,212 4,882 5,582 Banks for cooperatives 181 150 156 185 257 247 260 303 310 314 360 Federal intermediate credit banks 704 619 640 665 721 902 1,211 1,124 1,256 1,488 1,532 Federal home loan banks 445 414 272 958 963 825 612 714 699 992 1,402 Federal National Mortgage Association 570 770 2,688 1,898 1,898 1,947 2,087 2,287 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 F L i 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 compilation. Reserve on basis of information about the type of lending activity involved. 5 Figure derived by Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 539 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 1945 , 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1951 82.3 59.5 2.0 20.8 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.7 2.6 4.1 1952 91.4 66.9 2.4 22.1 84.2 58.5 46.8 11.7 25.7 17.2 8.4 7.3 2.8 4.4 1953 101.3 75.1 2.8 23.5 93.6 66.1 53.6 12.5 27.5 18.5 9.0 7.8 3.0 4.8 1954 113.7 85.7 2.8 25.2 105.4 75.7 62.5 13.2 29.7 19.9 9.8 8.3 3.3 5.0 1955 129.9 99.3 3.1 27.5 120.9 88.2 73.8 14.4 32.6 21.8 10.8 9.1 316 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 1958 171.9 131.5 4.8 35.6 160.7 117.7 98.5 19.2 43.0 28.8 14.2 rll.3 4.2 1959^ 191.0 145.4 6.7 38.9 178.7 131.0 109.3 21.7 47.7 31.6 16.1 12.3 4.5 7.8 1958—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 r11.3 4.2 •7.1 1959 Mar P 176.0 134.3 5.3 36.4 164.5 120.6 100.7 19.8 43.9 29.3 14.6 11.5 4.3 7.2 Junep 181.5 138.4 5.8 37.3 169 6 124.4 103 9 20 5 45.2 30 1 15 1 11 9 4 4 7 5 Sept.* 186.8 142.2 6.3 38.2 174.6 128.1 106.9 21.2 46.5 30.8 15.6 12.2 4.4 7.7 Dec v 191.0 145.4 6.7 38.9 178.7 131.0 109.3 21.7 47.7 31.6 16.1 12.3 4.5 7.8 1960—Mar.P 194.5 148.0 6.9 39.5 182.0 133.4 111.3 22.0 48.6 32.2 16.4 12.5 4.5 8.0 v Preliminary. r Revised. Federal agencies represent HOLC, FNMA, and VA (the bulk of the 1 Derived figures, which include negligible amount of farm loans held amounts held by HOLC, in 1941 and 1945; by FNMA in other periods by savings and loan associations. shown). Other Federal agencies (amounts small and separate data not 2 Derived figures, which include debt held by Federal land banks and readily available currently) are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS» [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings 3 End of year Residential Residential or quarter Other Other Total non- Farm Total non- Farm FHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1951 14 732 11,270 3,421 2 921 4 929 2 458 t 004 9 916 8 595 2 567 1 726 4 303 1 274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,797 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 ,367 21,169 19.010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,361 7.073 2,275 53 1959 . . . .. 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,275 8,589 7,622 2,451 55 1958—Sept 24,700 18,049 5,205 3,355 9,489 5,190 1,461 22,746 20,460 5,280 8,276 6 904 2,231 55 Dec 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,361 7,073 2,275 53 1959—Mar 426,130 19,020 5,660 3,305 10,055 5,605 ,505 423,638 21,257 5,684 8,435 7,138 2,328 53 27,060 19,615 5,885 3 230 10,500 5,875 1,570 24,110 21,676 5,915 8,510 7,251 2 380 54 Sept 27,635 20,040 6,045 3 175 10,820 6,010 [.585 24,610 22,134 6,096 8,584 7,454 2 422 54 Dec 28,145 20,320 6,122 3,161 11,037 6,237 1^588 24,992 22,486 6,275 8,589 7,622 2,451 55 I960—Mar.p 28,350 20,430 6,160 3,150 11,120 6,320 1,600 25,435 22,890 6,465 8,595 7,830 2,490 55 P 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

540 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. P5,91Q ^5,472 ^1,549 ^201 *>3,722 *>498 39,197 36,353 8,273 7,086 20,994 2,844 1959—Mar 473 410 130 10 270 63 37,486 34,753 7,693 7,347 19,713 2,733 Apr 432 385 120 13 252 47 37,602 34,851 7,758 7,314 19,779 2,751 May 433 386 105 18 263 47 37,737 34,958 7,813 7,286 19,859 2,779 469 428 116 17 295 41 37,894 35,094 7,877 7,258 19,959 2,800 July 535 501 124 11 366 34 38,108 35,335 7,945 7,220 20,170 2,773 Aug 470 438 118 9 311 32 38,282 35,496 8 005 7,181 20,310 2,786 Sept 517 488 134 21 333 29 38,493 35,698 8,082 7,153 20,463 2,795 Oct 539 506 146 22 338 33 38,744 35,936 8,176 7,132 20,628 2,808 Nov 507 477 123 24 330 30 38,984 36,169 8,257 7,116 20,796 2,815 Dec 667 619 153 36 430 48 39,299 36,475 8,318 7,115 21,042 2,824 I960—Jan 582 530 139 86 305 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 Mar 544 483 122 28 333 61 40,011 37,155 8,559 7,135 21,461 2,856 » Preliminary. end-of-year figures, because monthly figures represent book value of NOTE.—Certain mortgage loans secured by land on which oil drilling ledger assets whereas year-end figures represent annual statement asset or extracting operations are in process are classified with farm through values, and because data for year-end adjustments are more complete. June 1959 and with "other" nonfarm thereafter. These loans totaled Source.—Institute of Life Insurance; end-of-year figures are from $38 million on July 31, 1959. Life Insurance Fact Book, and end-of-month figures from the Tally of For loans acquired, the monthly figures may not add to annual totals, Life Insurance Statistics and Life Insurance News Data. and for loans outstanding, the end-of-December figures may differ from MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) By type of lender Total (without seasonal adjustment) Year or month New Home FHA- VA- Con- Year or Total i con- pur- Total* in- guar- ven- month Season- Without Sav- Insur- Com- Mutual struc- chase sured antecd tional* ally seasonal ings & ance mer- savtion ad- adjust- loan com- cial ings justed1 ment 2 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 4,727 35,729 1,486 6,643 27,600 1955. 28,484 10,452 1,932 5,617 1,858 1957 10,402 3,562 4,708 40,007 1,643 7,011 31,353 1956. 27,088 9,532 1,799 5,458 1,824 1958 12,346 4,096 5,251 45,627 1,206 7,077 36,344 1957., 24,244 9,217 1,472 4,264 1,429 1959 15,463 5,296 6,766 53,087 1,986 7,187 42,914 1958., 27,388 10,516 1,460 5,204 1,640 1959. 32,235 13,094 1,523 5,832 1,780 1959 1959 Feb J 012 326 429 46,456 1 328 7,110 37,018 Mar 1,257 439 515 47,049 1,388 7,100 37,561 Feb... 2,631 2,245 865 106 426 113 Apr 1,359 480 562 47,754 1,461 7,111 38,182 Mar.. 2,683 2,586 ,059 116 492 112 May 1,434 522 601 48,508 1,528 7,119 38,861 Apr.., 2,683 2,776 ,148 115 553 124 June 1,555 554 674 49,348 1,605 7,119 39,624 May., 2,757 2,768 ,151 112 534 140 July 1,529 520 695 50,131 1,685 7,125 40,321 June., 2,780 2,974 ,261 120 543 168 Aug 1,421 472 662 50,858 1,760 7,136 40,962 July.. 2,787 3,100 ,286 138 561 187 Sept 1,374 450 645 51,528 1,818 7,138 41,572 Aug.. 2,769 2,871 ,203 137 505 167 Oct 1,329 465 590 52,149 1,883 7,159 42,107 Sept.. 2,650 2,834 ,184 136 481 173 Nov 1,086 373 486 52,608 1,939 7,172 42,497 Oct.. 2,639 2,799 ,152 146 463 168 Dec. . . 1,094 377 465 53,087 1,986 7,187 42,914 Nov.. 2,589 2,442 953 137 409 152 Dec.. 2,485 2,487 963 138 410 152 1960 1960 Jan 884 296 385^53,410 5,031 7,191 43,188 Feb 992 344 413^53,809 5,065 7,196 43,548 Jan.. 2,487 2,079 777 107 343 115 Mar.p ,155 404 465 54,316 5,116 7,196 44,004 Feb.. 2,149 859 103 342 104 v Preliminary. 1 Three-month moving average, seasonally adjusted by Federal Re- 1 Includes loans for other purposes (for repair, additions and alterations, serve. refinancing, etc.) not shown separately. 2 Includes amounts for other lenders, not shown separately. 2 Beginning 1958 includes shares pledged against mortgage loans. 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 541 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month Total p e N r r t m e o i w e p o s - rtga p g i e s E r r e t t o i s x i n e p - g s - g m P t a e y r g o c o p e t r j - e s t - - i l p P m o e r i r a o m r e o t n v n y p - e s t - 2 - Total 3 p e N r r m t o e ie w p o s - rtga p i g e s E r r e t t o i s x i n e p - g s - q y E u e n a a d r r t o o e f r r Total G un o d v e F e r r H w n A m ri - t e t n en t V - A- 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 1,334 3,064 2,044 1,014 1951 51.7 22.9 9.7 13.2 28.8 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1952 58.5 25.4 10.8 14.6 33.1 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1953 66.1 28.1 12.0 16.1 38.0 1 1 9 9 5 5 6 7 3 3, , 7 4 1 6 5 1 1, 8 1 8 3 0 3 1 1, , 3 5 7 0 1 5 5 1 9 3 5 0 6 86 9 9 2 5 3, , 7 8 6 6 1 8 2 3 , , 8 91 9 0 0 1, 8 9 6 4 3 8 1 1 9 9 5 5 4 5 7 8 5 8 . . 7 2 3 3 2 8 . . 1 9 1 1 2 4 . . 8 3 2 1 4 9 . . 6 3 4 4 3 9 . . 6 3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 99.0 43.9 15.5 28.4 55.1 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 107.6 47.2 16.5 30.7 60.4 1958 117.7 50.1 19.7 30.4 67.6 1959—Mar. 643 211 319 33 81 260 201 59 1959* 131.0 53.8 23.8 30.0 77.2 Apr.. 639 196 294 80 69 231 179 52 May. 652 186 291 86 88 211 161 50 1958—Sept 114.5 49.1 18.6 30.5 65.4 June. 680 208 312 68 92 221 165 56 Dec 117.7 50.1 19.7 30.4 67.6 July. 694 214 310 71 99 227 168 59 Aug. 660 215 288 67 89 202 150 52 1959—Mar.*.... 120.5 51.3 20.9 30.4 69.2 Sept. 656 226 284 52 94 221 157 63 June*.... 124.3 52.1 21.8 30.3 72.2 Oct.. 649 237 286 35 90 238 167 70 Sept.* 128.1 53.1 22.9 30.2 75.0 D No e v c . . 5 5 8 4 3 0 2 23 2 3 3 2 2 2 1 5 8 5 1 0 1 7 8 8 5 2 2 4 2 1 0 1 1 7 5 7 8 6 6 1 4 Dec.* 131.0 53.8 23.8 30.0 77.2 1960—Mar.*.... 133.2 54.5 24.6 29.9 78.7 1960—Jan.. 514 221 196 19 78 195 148 47 Feb.. 464 198 170 28 68 170 133 36 Mar. 463 193 168 35 67 173 137 36 * Preliminary. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Sources.—Federal Home Loan Bank Board, Federal loans in amounts of more than $1,000 need be secured. Housing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. 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 holdings Mortgage Advances outstanding transactions Com- (end of period) Members* End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a t y s - a d n e d m t a i n m d e or month Total FH in A - - g V u A ar - - d u i n s - - Total S te h r o m r t 1 - L te o rm ng 2 - deposits sured anteed Pur- Sales bursed chases 1945 278 213 195 176 19 46 1951 1,850 204 1,646 677 111 239 1952 586 528 864 565 299 420 1952 2,242 320 1,922 538 56 323 1953 728 640 952 634 317 558 1953 2,462 621 1,841 542 221 638 1954 734 818 867 612 255 802 1954 2,434 802 1,632 614 525 476 1955 1,251 702 1.417 991 426 698 1955 2,615 901 1,714 411 62 76 1956 745 934 1,228 798 430 683 1956 3,047 978 2,069 609 5 360 1957 1,116 1,079 1,265 731 534 653 1957 3,974 1,237 2,737 1 096 3 764 1958 1,364 1,331 1,298 685 613 819 1958 3,901 1,483 2,418 623 482 1,541 1959 2,067 1,231 2,134 1,192 942 589 1959 5,531 2,546 2,985 1,907 5 568 1959_Apr 157 62 1,183 570 612 695 1959—Mar 4,340 1,740 2,600 175 1 1,182 May.. 116 53 1,246 596 650 692 Apr 4,508 1,831 2,677 193 1,063 June.. 351 60 1,537 750 786 776 May 4,641 1,900 2,740 154 1 982 July.. 235 214 1,557 807 750 613 June 4,793 2,000 2,794 177 1 875 Aug.. 171 63 1,665 892 773 587 July 4,948 2,104 2,844 178 788 Sept.. 200 70 ,795 1,042 753 570 Aug 5,085 2,198 2,887 165 1 714 Oct... 199 78 1,916 1,080 835 524 Sent . . .. 5,216 2,288 2,928 155 672 Nov.. 129 82 ,963 1,109 854 506 Oct 5,335 2,383 2,953 143 611 Dec... 281 109 2; 134 1,192 942 589 Nov 5,441 2,471 2,970 127 573 Dec . . 5,531 2,546 2,985 C115 568 I960—Jan 136 531 1,740 1,042 697 499 Feb 58 169 1,628 963 665 488 I960 Tan 5,508 2,621 2,887 c110 115 600 Mar 88 196 1,520 858 662 '534 Feb 5,577 2,713 2.864 C138 49 601 Apr 155 117 1,558 827 730 571 Mar 5,693 2,821 2.873 162 23 580 r Revised. c Corrected. 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 tha 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

542 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 Auto- Other Repair Single- Total mobile consumer and mod- Personal Total payment Charge Service paper i goods ernization loans loans accounts credit paper i loans 2 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9 172 6,085 2,458 1 929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1953 31,393 23,005 9,835 6,779 1,610 4,781 8,388 2,187 4,274 1,927 1954 32,464 23,568 9,809 6,751 1,616 5,392 8,896 2,408 4,485 2,003 1955 38,882 28,958 13,472 7,634 1,689 6,163 9,924 3,002 4,795 2,127 1956 42,511 31,897 14,459 8,580 1,895 6,963 10,614 3,253 4,995 2,366 1957 45,286 34,183 15,409 8,782 2,089 7,903 11,103 3,364 5,146 2,593 1958 45,586 34,080 14,237 8,923 2,350 8,570 11,506 3,646 5,060 2,800 19593 52,046 39,482 16,590 10,243 2,704 9,945 12,564 4,176 5,351 3,037 1959—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 48,841 37,510 16,288 9,289 2,569 9,364 11,331 4,034 4,365 2,932 Sent 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 Mar 51,162 39,648 16,876 9,940 2,706 10,126 11,514 4,222 4,118 3,174 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 End of year instal- Sales Con- Houseor month ment Com- finance Credit sumer Depart- Furni- hold Autocredit Total mercial com- unions finance Other i Total ment ture appli- mobile Other banks panies com- stores 2 stores ance dealers 3 panies i stores 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 2,137 777 4,042 ,064 1,004 377 527 ,070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 ,242 984 377 463 ,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 ,511 ,044 365 487 ,101 1956 31,897 27,154 11,777 9,100 2,014 3,056 1,207 4,743 ,408 ,187 377 502 ,269 1957 34,183 29,515 12,843 9,573 2,429 3,333 1,337 4,668 ,393 ,210 361 478 ,226 1958 34,080 29,097 12,780 8,740 2,668 3,384 1,525 4,983 ,882 ,128 292 506 ,175 19594 39,482 33,838 14,922 10,145 3,232 3,764 1,775 5,644 ,298 ,167 295 588 ,296 1959—Mar. 34,234 29,499 13,086 8,780 2,710 3,378 ,545 4,735 ,781 ,045 282 513 ,114 Apr. 34,762 30,010 13,374 8,921 2,766 3,387 ,562 4,752 ,781 ,043 282 524 ,122 May 35,357 30,540 13,645 9,089 2,815 3,394 ,597 4,817 ,807 ,044 283 535 ,148 June 36,135 31,245 13,963 9,350 2,895 3,424 ,613 4,890 ,839 ,052 283 551 ,165 July. 36,757 31,861 14,230 9,592 2,946 3,463 ,630 4,896 ,826 ,055 284 565 ,166 Aug. 37,510 32,540 14,497 9,806 3,044 3,515 ,678 4,970 1,868 ,072 288 578 ,164 Sept. 37,962 32,954 14,664 9,949 3,093 3,542 ,706 5,008 1,907 ,078 288 586 ,149 Oct.. 38,421 33,318 14,817 10,071 3,143 3,570 ,717 5,103 1,967 ,089 286 593 ,168 Nov. 38,723 33,519 14,853 10,117 3,183 3,622 ,744 5,204 2,045 ,107 290 592 ,170 Dec. 39,482 33,838 14,922 10,145 3,232 3,764 ,775 5,644 2,298 ,167 295 588 ,296 I960—Jan.. 39,358 34,003 15,066 10,168 3,225 3,777 ,767 5,355 2,109 ,132 289 587 ,238 Feb., 39,408 34,246 15,134 10,276 3,259 3,795 ,782 5,162 2,002 ,111 285 590 ,174 Mar. 39,648 34,432 15,139 10,357 3,331 3,811 ,794 5,216 2,103 ,089 281 595 ,148 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 543 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 a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r r s r R e m l r t o a e n i n o a p o i n z d d a n a s i - r - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m i R z l o o a e a d a n p ti n e d a o r s i n n r - s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954....... 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 ,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 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 1,715 2,612 19591 10,145 7,328 ,883 35 899 19591 14,922 4,798 2,511 2,553 1,941 3,119 1959—Mar.. 8,780 6,429 ,561 21 769 1959—Mar.. 13,086 4,133 2,262 2,288 ,700 2,703 Apr.. 8,921 6,543 ,582 20 776 Apr.., 13,374 4,241 2,324 2,310 ,720 2,779 May. 9,089 6,679 ,605 22 783 May.. 13,645 4,340 2,376 2,347 ,754 2,828 June. 9,350 6,884 ,647 23 796 June.. 13,963 4,475 2,425 2,383 ,788 2,892 July.. 9,592 7,063 ,695 25 809 July.. 14,230 4,580 2,465 2,424 ,825 2,936 Aug. i 9,806 7,240 ,723 26 817 Aug.1 14,497 4,682 2,495 2,472 ,855 2,993 Sept.. 9,949 7,328 ,761 30 830 Sept.. 14,664 4,746 2,500 2,494 ,882 3,042 Oct... 10,071 7,406 1,788 33 844 Oct... 14,817 4,816 2,517 2,512 ,912 3,060 Nov.. 10,117 7,388 1,830 34 865 Nov.. 14,853 4,825 2,519 2,513 ,928 3,068 Dec.. 10,145 7,328 1,883 35 899 Dec... 14,922 4,798 2,511 2,553 ,941 3,119 I960—Jan... 10,168 7,305 1,922 36 905 I960—Jan... 15,066 4,793 2,522 2,689 ,932 3,130 Feb.. 10,276 7,342 1,982 37 915 Feb... 15,134 4,822 2,549 2,684 ,928 3,151 Mar.. 10,357 7,407 1,988 39 923 Mar.. 15,139 4,876 2,597 2,562 ,927 3,177 i Includes data for Hawaii, beginning with August 1959. i Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Singlepayment Charge accounts End of year i T ns o t t a a l l - Auto- O co th n e - r R a e n p d air Per- Total loans 1939 or month c m r 7 e e 8 d n 9 i t t m pa o p b 8 e i 1 l r e s g p u o a m p o 2 d e e 4 r s r m iz l o o a d a ti 1 e n o 5 r s n n- l s o 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 d n n a 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 l i 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 c r a e 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 1,106 622 489 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 19591 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—Mar. 7,633 ,157 620 617 5,239 1958 11,506 3,156 490 907 3 808 345 2,800 Apr. 7,715 ,178 635 624 5,278 19593 12,564 3,542 634 960 3,985 406 3,037 May 7,806 ,198 653 643 5,312 June 7,932 ,231 671 656 5,374 1959—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. 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 ,345 732 721 5,751 Aug3. 11,331 3,431 603 562 3,408 395 2,932 Dec. 8,771 ,365 751 728 5,927 Sept... 11,388 3,455 629 606 3,383 401 2,914 Oct... 11,451 3,466 584 647 3,491 387 2,876 1960—Jan.. 8,769 ,361 750 723 5,935 Nov... 11,656 3,472 645 717 3,506 391 2,925 Feb.. 8,836 ,374 759 730 5,973 Dec... 12,564 3,542 634 960 3,985 406 3,037 Mar. 8,936 1,401 769 740 6,026 I960—Jan.... 11,998 3,499 593 825 3,577 414 3,090 Feb... 11,613 3,496 655 686 3,204 415 3,157 i Includes data for Alaska and Hawaii, beginning with January and Mar 11,514 3,503 719 622 3,070 426 3,174 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. heating-oil accounts. 3 Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir ti 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 1,344 8,006 1954 31,051 11,807 9,117 1,261 8,866 1955 39,039 16,745 10,634 1,388 10,272 1956 40,175 15,563 11,702 1,568 11,342 1957 42,545 16,545 11,747 1,660 12,593 1958 40,818 14,316 11,638 1,890 12,974 19591 48,476 18,001 13,512 2,087 14,876 1959—Mar 3,809 3,830 1,435 ,491 1,075 995 168 157 ,131 1,187 Apr 3,989 4,073 1,527 ,598 1,146 1,090 176 173 ,140 1,212 May 4,112 4,092 1,533 ,580 1,160 1,128 190 198 ,229 1,186 June 4,032 4,454 1,509 ,780 1,130 1,173 178 195 ,215 1,306 July 4,159 4,315 1,557 ,720 1,154 1,109 183 197 ,265 1,289 Augi 4,132 4,193 1,538 ,627 1,138 1,123 185 199 ,271 1,244 Sept 4,172 4,061 ',521 ,515 1,138 1,123 175 191 ,338 1,232 Oct 4,219 4,185 ,622 ,564 ',124 1,198 174 190 ,299 1,233 Nov 4,083 3,928 ,466 ,313 ,133 1,172 171 175 ,313 1,268 Dec 4,046 4,686 ,377 ,293 ,146 1,616 173 166 ,350 1,611 1960—Jan 4,217 3,534 ,535 ,278 ,208 976 165 124 ,309 1,156 Feb 4,115 3,723 ,560 ,427 ,094 934 175 146 ,286 1,216 Mar 4,119 4,201 ,555 ,633 ,118 1,062 172 163 ,274 1,343 Repayments 1953 27,956 ... 1(),879 i5,622 1,119 7,336 1954 30 488 1 833 c),145 1 255 8'255 1955 33,649 i:L082 c),751 1,315 9,501 1956 37,236 141576 1(),756 1,362 10,542 1957 40,259 V>.,595 11,545 1,466 11,653 1958 40 921 \*5,488 114Q7 1 629 12 307 19591 43,239 V5.,715 12,225 1,738 13,561 1959—Mar. 3,455 3,621 1,276 [,336 984 1,031 138 143 [,057 1,111 Apr.. 3,540 3,545 1,296 [,282 1,013 1,026 149 147 1,082 1,090 May. 3,628 3,497 1,318 1,262 1,014 996 149 143 1,147 1,096 June, 3,542 3,676 1,289 1,342 992 ,020 145 147 1,116 [,167 July. 3,636 3,693 [,334 1,363 1,011 [,015 146 147 1,145 [,168 Aug. 3,635 3,578 1,325 [,318 1,012 993 152 151 1,146 1,116 Sept. 3,660 3,609 1,315 1,333 1,045 1,022 147 147 1,153 [,107 Oct.. 3,697 3,726 1,341 [,375 1,048 1,054 147 150 1,161 1,147 Nov. 3,700 3,626 1,311 1,303 1,069 1,019 142 145 1,178 1,159 Dec. 3,776 3,927 1,361 1,372 1,066 1,060 144 145 1,205 1,350 1960—Jan.. 3,824 3,658 1,386 1,300 1,089 1,090 141 137 1,208 1,131 Feb. 3,707 3,673 1,338 1,318 1,046 [,066 143 142 1,180 1,147 Mar. 3.711 3,961 1,345 1,434 1,042 1,119 144 152 1,180 1,256 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—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. i. +635 +753 +269 +365 + 151 + 155 +37 +52 + 178 + 181 Sept... +512 +452 +206 + 182 +93 +101 +28 +44 + 185 + 125 Oct... +522 +459 +281 + 189 +76 + 144 +27 +40 + 138 +86 Nov... +383 +302 + 155 + 10 +64 + 153 +29 +30 + 135 + 109 Dec... +270 +759 + 16 -79 +80 +556 +29 +21 + 145 +261 I960—Jan.. +393 -124 + 149 -22 + 119 -114 +24 -13 + 101 +25 Feb.. +408 +50 +222 + 109 +48 -132 +32 +4 + 106 +69 Mar.. +408 +240 +210 + 199 +76 -57 +28 +11 +94 +87 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 545 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e st r i t f u i t n i a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n s a t d e - 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—Mar.. 3,809 3,830 ,374 1,430 883 912 950 635 567 Apr.. 3,989 4,073 ,447 1,559 945 933 929 955 668 626 May., 4,112 4,092 ,496 1,518 944 940 ,012 981 660 653 June., 4,032 4,454 ,428 1,623 918 1,074 ,002 1,069 684 688 July.. 4,159 4,315 ,535 1,612 948 1,061 ,018 1,041 658 601 Aug.2 4,132 4,193 ,521 1,530 917 988 ,031 1,021 663 654 Sept.. 4,172 4,061 ,510 1,473 941 950 ,069 996 652 642 Oct.. . 4,219 4,185 ,521 1,482 992 973 ,053 1,014 653 716 Nov.. 4,083 3,928 ,440 1,322 900 843 ,068 1,052 675 711 Dec.. 4,046 4,686 ,424 1,425 860 886 ,096 1,314 666 1,061 1960—Jan. i., 4,217 3,534 ,519 1,346 985 802 ,063 912 650 474 Feb.*. 4,115 3,723 ,495 1,393 973 860 ,058 996 589 474 Mar.i. 4,119 4,201 1,441 1,511 951 967 ,068 1,112 659 611 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 40,921 14,647 9,774 10,010 6,490 19581 43,239 15,406 9,623 10,917 7,293 195912 1959—Mar 3,455 3,621 1,236 1,282 781 827 852 893 586 619 Apr 3,540 3,545 1,257 1,271 808 792 876 873 599 609 May 3,628 3,497 1,287 1,247 819 772 924 890 598 588 June 3,542 3,676 1,250 1,305 787 813 905 943 600 615 July 3,636 3,693 1,311 1,345 807 819 923 934 595 595 Aug.2 3,635 3,578 1,310 1,299 793 795 920 892 612 592 Sept 3,660 3,609 1,312 1,306 804 807 930 892 614 604 Oct 3,697 3,726 1,326 1,329 816 851 935 925 620 621 Nov 3,700 3,626 1,312 1,286 794 797 943 933 651 610 Dec 3,776 3,927 1,331 1,356 832 858 970 1,092 643 621 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 1,325 808 792 953 929 606 627 Mar.i 3,711 3,961 1,321 1,394 821 886 956 1,012 613 669 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—Mar... + 354 +209 + 138 + 148 + 107 +56 +60 +57 +49 -52 Apr... +449 +528 + 190 +288 + 137 + 141 +53 +82 +69 + 17 May.. +484 +595 +209 +271 + 125 + 168 +88 +91 +62 +65 June.. +490 +778 + 178 + 318 + 131 +261 +97 + 126 +84 +73 July... + 523 +622 +224 +267 + 141 +242 +95 + 107 +63 +6 Aug.2. +635 +753 +247 +267 + 145 +214 + 180 + 198 +63 +74 Sept... +512 +452 + 198 + 167 + 137 + 143 + 139 + 104 +38 + 38 Oct +522 +459 + 195 + 153 + 176 + 122 + 118 +89 +33 +95 Nov... +383 +302 + 128 +36 + 106 +46 + 125 + 119 +24 + 101 Dec... +270 +759 +93 +69 +28 +28 + 126 +222 +23 +440 1960—Jan. i.. +393 -124 +251 + 144 + 141 +23 +93 -2 -92 -289 Feb.i. +408 +50 + 155 +68 +205 + 108 + 105 +67 -57 -193 Mar.i. +408 +240 +8 +5 + 130 +81 + 112 + 100 + 158 + 54 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

546 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49=100 [Seasonally adjusted] Annual average 1959 1960 Grouping 1958 1959 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar, INDUSTRY GROUPINGS Total index. 141 159 157 162 166 166 163 157 157 155 156 165 168 166 165 Manufacturing, total., 139 158 156 161 165 166 163 '157 156 154 154 164 168 166 164 Durable 141 165 165 171 177 179 171 159 '158 155 ••156 174 180 nil 175 Nondurable 141 155 151 155 156 156 159 159 159 157 157 158 159 157 157 Mining 120 125 126 129 131 129 123 120 119 120 126 130 129 126 125 Utilities 244 268 261 262 266 271 271 269 273 274 273 278 280 281 282 Durable Manufactures Primary and fabricated metals. 110 125 139 144 153 151 122 94 92 87 113 145 148 143 140 Primary metals 99 114 139 145 155 150 103 60 58 56 101 145 147 r140 135 Iron and steel 94 107 140 146 155 148 89 39 38 38 95 148 149 '142 136 Fabricated metal products 125 142 138 142 149 152 151 145 144 135 130 143 '148 '148 146 Structural metal parts 138 150 148 154 159 163 162 150 149 138 136 149 156 155 154 Machinery and related products... 166 197 190 196 203 206 209 204 r203 186 200 212 '210 208 M T In r s a A N E M a t c n l r i o h e o u r s n i c c p t m n e r o t o r a e l e r i r e f r c n t t y c v a a t t e s l t a r h i i n m o a c i d c n a n a l l d e c o e s m h t q r h i e a u a n e l n c i e a r p d h r t m e y i e n p d q e e a u n r p r y t i t r s p o m du e c n t t s .. . 3 1 1 1 1 1 1 7 9 7 7 1 4 1 6 7 5 5 7 0 2 2 2 2 3 1 1 1 2 0 1 9 4 6 4 9 9 2 0 1 9 7 2 3 1 1 1 1 1 3 8 5 9 9 5 3 1 9 1 5 8 7 2 2 2 3 1 1 1 1 3 0 9 5 6 9 3 8 4 5 8 3 7 8 4 2 2 2 1 1 1 0 1 0 4 4 6 7 1 3 4 4 3 3 0 2 2 2 3 1 1 1 4 1 1 9 6 7 4 4 7 2 7 5 5 8 2 2 4 2 1 1 1 2 1 0 4 4 6 7 3 5 0 7 9 7 7 ' ' 4 2 2 1 1 2 1 1 0 3 5 4 7 2 5 0 7 5 6 5 2 ' 1 2 2 3 1 1 2 7 1 3 8 5 4 2 7 8 0 6 1 8 4 ' ' 2 2 3 1 1 2 1 2 2 7 4 5 7 2 9 0 8 7 2 5 0 1 '2 2 3 1 1 7 1 2 9 7 4 8 1 2 0 2 8 5 4 2 2 2 3 1 1 1 2 1 7 2 4 7 3 3 7 5 7 7 7 7 ' 2 2 2 3 1 1 1 5 2 6 3 4 8 8 1 0 5 2 8 0 6 r ' ' ' ' 1 2 1 2 3 2 1 4 4 8 2 1 6 1 1 9 4 7 8 2 1 2 2 2 3 1 1 1 2 4 2 6 7 4 7 1 0 8 3 3 8 8 Ordnance and accessories Clay, glass, and lumber 124 143 138 144 147 147 151 147 144 143 142 144 143 143 138 Clay, glass, and stone products. 137 159 152 160 162 167 170 165 162 161 159 160 158 159 153 Lumber and products 110 125 123 127 131 123 129 125 124 123 123 127 '127 126 122 Furniture and miscellaneous. 126 147 140 144 148 150 153 150 149 150 150 152 153 '152 757 Furniture and fixtures 137 164 157 161 166 167 ill 167 165 166 168 172 173 '171 166 Misc. manufactures 116 133 127 131 134 135 138 136 136 136 135 136 136 136 139 Nondurable Manufactures Textile, apparel, and leather products. 117 136 131 137 139 140 142 139 137 136 137 139 138 135 136 Textile mill products 109 126 123 127 129 132 135 130 127 123 124 124 124 124 123 Apparel products 129 153 145 152 155 156 156 154 154 156 159 160 157 155 158 Leather and products 109 119 114 120 127 121 124 120 117 117 116 118 119 110 Paper and printing 142 154 149 153 154 153 156 157 158 157 155 158 159 158 157 Paper and products 155 170 164 173 172 169 175 174 175 175 167 173 176 173 171 Printing and publishing. 133 144 139 141 142 142 145 146 148 146 147 148 148 148 147 Newspapers 126 135 131 136 135 132 139 140 138 137 137 140 139 137 136 Chemical, petroleum, and rubber products., 188 215 209 212 219 223 221 223 218 218 219 '222 '275 220 Chemicals and products 210 240 230 238 241 244 245 246 250 245 246 248 250 '248 251 Industrial chemicals 247 298 282 290 296 306 310 310 315 307 309 313 '314 311 Petroleum products 148 158 163 157 158 162 163 161 159 159 158 153 '157 '153 i59* Rubber and plastics products 166 199 196 182 183 205 223 210 209 201 198 203 '206 201 Foods, beverages, and tobacco. 123 128 125 130 130 127 127 130 130 128 129 129 131 r129 729 Foods and beverages 123 128 126 130 131 128 127 131 130 128 129 130 131 130 130 Food manufactures 125 131 129 132 133 131 129 131 131 129 132 133 134 132 133 Beverages 112 117 112 121 120 112 114 126 125 119 116 114 120 117 Tobacco products 121 127 122 135 126 117 134 130 126 130 127 131 130 123 Mining Coal, oil, and gas 117 122 120 123 125 124 120 119 120 121 124 127 r125 '727 779 Coal 68 68 67 69 73 68 58 59 61 63 71 78 75 69 71 Crude oil and natural gas. 140 147 145 148 150 150 148 146 146 147 149 149 '148 '145 142 Oil and gas extraction.. 138 145 143 147 148 147 146 143 144 145 146 146 '145 '144 142 Crude oil 129 135 134 138 139 139 135 133 134 135 136 135 '135 '134 132 Gas and gas liquids.. 196 210 205 207 209 213 217 214 212 215 215 219 Oil and gas drilling.... 152 159 151 152 155 161 162 163 161 159 164 170 164 146 133 Metal, stone, and earth minerals. 142 146 159 163 164 160 145 128 118 120 142 152 153 P757 759 Metal mining 114 107 139 136 140 130 100 66 53 57 94 111 119 131 143 Stone and earth minerals 171 188 179 190 189 190 192 193 189 188 192 196 188 183 174 Utilities Electric. 244 270 261 262 267 273 275 274 279 279 274 278 279 280 279 Gas 244 265 265 265 266 266 261 259 259 263 272 283 SUMMARY MARKET GROUPINGS Final products, total 145 162 157 161 164 164 166 170 '170 170 '166 '1 71170 '167 166 Consumer goods 140 155 151 156 157 157 159 158 '158 '158 154 159 164 160 159 Equipment, including defense. 165 188 179 184 190 193 196 '194 '194 '194 '192 194 195 '194 194 Materials 138 157 158 163 167 167 160 148 '149 '146 '152 165 167 165 163 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 547 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-^*9 =100 [Without seasonal adjustment] Annual average 1959 1960 Grouping 1958 1959 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar, INDUSTRY GROUPINGS Total index. 159 163 165 167 154 156 159 160 157 168 167 Manufacturing, total., 158 163 164 167 153 154 158 159 156 168 757 Durable 165 173 177 180 161 152 157 159 158 181 179 Nondurable 155 155 155 156 149 162 163 164 159 158 158 Mining 125 128 132 131 119 120 120 122 126 126 124 Utilities 268 Durable Manufactures Primary and fabricated metals. 110 125 144 148 152 154 HI 91 94 90 114 142 149 147 144 Primary metals 99 114 148 151 155 156 88 55 56 57 102 141 150 148 143 Iron and steel 94 107 147 151 154 154 77 37 38 40 96 145 152 148 142 Fabricated metal products 125 142 137 142 146 151 145 146 151 139 133 143 146 146 145 Structural metal parts 138 150 148 153 157 162 156 148 150 141 140 154 156 154 153 Machinery and related products... 166 197 196 199 202 205 197 189 198 205 189 204 216 r216 214 Machinery 140 169 162 165 169 174 164 168 178 179 173 178 181 182 183 Nonelectrical machinery 117 141 137 142 146 149 142 139 145 145 143 148 150 152 153 Electrical machinery 175 212 202 201 206 214 198 213 233 234 222 226 229 232 232 Transportation equipment 197 229 240 244 244 243 238 203 210 231 192 230 '262 r259 251 Motor vehicles and parts 112 147 160 163 164 164 158 113 125 155 103 154 199 196 183 Aircraft and other equipment.. 376 390 398 400 395 395 393 391 382 376 376 377 373 p370 371 Instruments and related products. 175 209 197 200 203 211 209 212 218 221 222 225 220 220 224 Ordnance and accessories Clay, glass, and lumber 134 143 150 154 147 156 153 142 136 133 Clay, glass, and stone products. 149 159 165 171 168 171 169 160 151 149 Lumber and products 116 125 135 136 123 139 136 122 119 115 Furniture and miscellaneous. 140 140 143 147 145 153 157 155 r151 750 Furniture and fixtures 157 157 159 164 164 170 171 171 170 165 Misc. manufactures 125 126 129 133 128 139 144 142 134 137 Nondurable Manufactures Textile, apparel, and leather products. 117 136 136 142 140 137 123 143 136 142 138 125 140 145 141 Textile mill products 109 126 125 132 130 128 118 132 127 131 127 117 127 127 124 Apparel products 129 153 152 160 157 152 134 161 152 162 159 140 160 170 165 Leather and products 109 119 124 121 119 118 110 126 119 118 113 108 121 122 Paper and printing 142 154 153 157 155 153 145 155 160 165 159 152 755 755 750 Paper and products. 155 170 169 178 173 \12 158 176 176 186 170 156 172 177 176 Printing and publishing. 133 144 142 144 144 141 137 141 150 152 152 149 144 146 150 Newspapers 126 135 136 145 144 133 121 125 139 148 149 138 128 133 141 Chemical, petroleum, and rubber products. 188 215 214 213 212 217 207 218 224 222 218 216 r223 '223 226 Chemicals and products 210 240 236 244 243 243 231 242 251 249 246 244 250 '252 257 Industrial chemicals 247 298 289 296 298 302 292 299 312 310 310 313 '314 321 Petroleum products , 148 158 162 152 155 162 161 165 163 158 156 157 157 •155 i58* Rubber and plastics products , 166 199 206 187 179 199 187 203 212 211 203 194 r216 212 205 Foods, beverages, and tobacco 123 128 118 123 126 130 129 141 142 139 131 123 123 121 122 Foods and beverages , 123 128 118 123 125 130 130 141 143 138 131 124 123 121 122 Food manufactures 125 131 120 123 125 129 130 143 147 143 137 130 128 125 124 Beverages , 112 117 110 123 129 137 130 134 126 120 106 101 98 102 Tobacco products 121 127 122 130 130 127 122 139 131 139 127 106 130 124 Mining Coal, oil, and gas 117 122 123 123 124 123 113 118 119 121 124 128 '128 122 Coal 68 68 68 67 71 71 46 62 64 68 74 16 74 71 Crude oil and natural gas. 140 147 148 149 149 147 143 143 144 145 147 152 152 146 Oil and gas extraction.. 138 145 148 149 147 145 139 139 141 143 145 150 '150 147 Crude oil 129 135 138 139 139 136 130 130 132 133 134 138 139 136 Gas and gas liquids.. 196 210 214 207 202 200 199 202 203 209 221 230 Oil and gas drilling 152 159 146 148 155 160 164 168 166 161 162 166 145 129 Metal, stone, and earth minerals. 142 146 141 157 177 180 156 139 129 128 138 137 137 140 Metal mining 114 107 114 129 161 161 115 76 62 63 86 89 108 117 Stone and earth minerals 171 188 168 186 193 198 200 205 201 198 193 189 167 164 Utilities Electric. 244 270 265 257 254 264 273 280 284 267 265 283 297 291 284 Gas 244 265 SUMMARY MARKET GROUPINGS Final products, total 145 162 159 161 162 165 159 165 168 170 162 162 169 169 169 Consumer goods 140 155 153 154 154 157 150 159 161 165 154 153 162 162 161 Equipment, including defense. 165 188 183 187 191 195 191 190 193 192 189 194 197 196 198 Materials 138 157 160 164 167 168 150 147 151 150 154 163 167 167 166 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total index. 100.00 93 105 104 107 109 110 108 104 103 102 103 109 111 110 109 Manufacturing, total. 86.49 92 105 104 107 110 110 108 104 104 102 102 109 112 110 109 Durable 49.66 87 102 101 105 109 110 105 98 97 96 96 107 111 109 108 Nondurable 36.83 100 110 107 110 111 111 113 113 113 111 111 112 113 112 112 U M t i i n li i t n ie g s 4 8 . .5 9 5 6 1 9 0 1 5 1 9 1 5 5 1 9 1 5 2 1 9 1 8 2 1 9 1 9 4 1 9 1 8 6 1 9 1 4 6 1 9 1 1 6 1 9 1 1 7 1 9 1 1 8 1 9 1 6 7 1 9 1 9 9 1 r 2 98 0 1 ' 2 9 1 6 1 9 2 5 1 Durable Manufactures Primary and fabricated metals. 13.15 95 106 110 117 115 93 71 70 67 86 110 113 109 705 Primary metals 7.73 90 109 113 122 118 81 47 45 44 79 114 '115 'iio 106 Iron and steel 6.21 86 112 117 124 119 71 31 30 31 76 119 119 109 Fabricated metal products 5.42 104 101 104 109 112 111 106 106 99 95 105 109 113 107 Structural metal parts 2.91 101 99 103 106 109 108 100 99 92 91 100 104 '108 103 104 Machinery and related products..., 28.98 102 98 101 105 106 108 106 105 104 96 103 r109 r108 707 Machinery , 15.31 103 96 100 104 107 108 107 108 107 104 108 110 '108 109 Nonelectrical machinery 8.92 99 93 97 101 104 105 103 104 103 102 103 104 '103 104 Electrical machinery 6.39 108 100 103 107 110 113 113 113 112 108 115 118 115 115 Transportation equipment 10.76 98 99 102 104 105 106 102 98 98 79 93 108 '106 103 Motor vehicles and parts 5.04 100 103 108 111 113 114 106 103 104 63 94 '127 126 118 Aircraft and other equipment.., 5.50 94 94 95 97 96 96 96 93 91 91 90 88 '87 87 Instruments and related products. 1.66 112 105 106 110 114 115 116 117 118 119 120 118 117 119 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 97 HI 108 112 114 114 118 114 112 111 111 113 112 112 108 Clay, glass, and stone products. 2.92 95 110 106 111 112 116 118 115 112 111 110 111 110 110 106 Lumber and products 1.65 100 113 112 115 118 112 117 114 113 111 112 115 115 115 111 Furniture and miscellaneous. 2.96 96 112 107 110 113 114 116 114 113 114 114 116 116 115 775 Furniture and fixtures 1.48 96 115 110 112 116 117 120 116 115 116 118 120 121 119 116 Misc. manufactures 1.48 95 109 104 107 109 110 113 111 111 111 111 111 112 111 114 Nondurable Manufactures Textile, apparel, and leather products. 7.32 99 115 777 116 118 119 120 117 116 115 116 117 116 114 775 Textile mill products 2.78 98 113 111 114 115 119 121 117 114 111 111 111 112 111 110 Apparel products 3.44 101 120 114 120 122 122 122 121 121 122 125 126 124 122 124 Leather and products 1.10 97 106 101 107 113 107 110 107 105 104 104 105 106 98 Paper and printing 7.93 99 108 104 107 108 107 109 110 111 110 109 HI 111 '110 709 Paper and products 3.27 101 111 107 112 112 110 114 113 114 114 109 113 115 113 111 Printing and publishing. 4.66 98 105 102 104 104 104 106 107 108 107 108 109 109 109 108 Newspapers 1.53 96 104 100 104 103 101 106 107 106 105 104 107 106 105 104 Chemical, petroleum, and rubber products. 10.95 99 113 110 110 111 115 117 116 117 115 116 775 Chemicals and products 7.10 100 114 110 113 115 116 111 117 119 117 117 118 119 '118 120 Industrial chemicals 3.61 98 118 112 115 117 122 123 123 125 122 123 124 '125 123 Petroleum products 1.93 99 105 108 104 105 108 108 107 106 106 105 102 '104 '102 io6 Rubber and plastics products 1.91 95 114 112 104 105 117 128 120 120 115 113 116 '118 115 Foods, beverages, and tobacco. 10.64 102 107 104 108 108 105 106 108 108 106 107 108 109 r107 707 Foods and beverages 9.87 102 106 104 107 108 106 105 108 108 106 107 107 109 '107 107 Food manufactures 8.31 102 106 105 107 108 106 105 107 107 105 107 108 109 '107 108 Beverages 1.56 102 106 102 110 109 102 103 114 113 108 105 104 109 106 Tobacco products .77 106 112 107 119 110 102 117 114 111 114 111 115 114 108 Mining Coal, oil, and gas 7.05 92 96 94 96 98 97 94 93 94 94 97 99 r95 93 Coal 1.30 83 82 82 84 89 83 71 72 74 76 87 94 91 84 86 Crude oil and natural gas. 5.75 94 99 97 99 100 100 99 98 98 99 100 100 '99 '97 95 Oil and gas extraction.. 4.98 94 99 98 101 102 101 100 98 99 99 100 100 '100 '99 98 Crude oil 4.33 93 98 97 100 101 101 98 97 97 98 99 98 '98 '97 96 Gas and gas liquids. . .65 100 106 104 105 106 108 110 109 107 109 109 111 Oil and gas drilling .77 89 93 89 91 94 95 95 94 93 96 99 "96' "85* "78* Metal, stone, and earth minerals. 1.50 91 94 102 104 105 102 93 82 76 77 91 98 '707 702 Metal mining .70 83 11 101 99 102 94 73 48 39 42 68 80 87 '95 104 Stone and earth minerals .80 98 108 103 109 109 109 111 111 109 108 110 113 108 '106 100 Utilities Electric. 3.76 104 115 111 112 114 117 118 117 119 119 117 119 119 119 119 Gas.... 1.20 105 114 114 114 115 115 113 111 111 113 117 122 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 549 MARKET 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total index. 100.00 105 104 107 109 110 108 103 103 102 103 109 111 no 109 Final products, total 46.75 707 103 106 108 108 109 109 109 109 106 109 772 770 709 Consumer goods 31.13 110 107 111 111 111 112 112 112 112 109 112 116 113 113 Equipment, including defense. 15.62 100 95 97 100 102 103 103 103 103 101 102 103 103 102 Materials 53.25 104 104 108 110 110 106 98 99 97 100 109 110 109 108 Consumer Goods Automotive products 3.35 83 103 106 108 110 113 116 105 98 105 73 99 727 722 114 Autos 2.03 71 96 102 108 110 112 113 97 89 98 48 87 134 125 113 Auto parts and allied products. 1.32 100 113 112 108 109 115 119 118 114 117 111 117 117 117 117 Home goods and apparel 9.60 116 110 115 117 118 120 118 119 119 120 122 727 775 116 Home goods 4.40 96 115 107 112 116 117 120 120 121 121 111 124 123 117 114 Appliances, TV, and radios 1.75 94 114 103 110 115 115 119 121 125 124 126 133 130 117 113 Appliances 1.26 99 119 107 115 121 118 121 130 130 129 138 143 139 121 115 TV and home radios .49 83 102 92 96 100 108 112 97 111 113 98 108 106 105 107 Furniture and rugs 1.18 98 119 114 117 121 121 123 121 119 120 120 122 122 118 113 Misc. home goods 1.47 97 113 107 111 112 115 117 118 118 118 114 116 117 116 117 Apparel, incl. knit goods and shoes. 5.20 100 116 113 118 118 119 120 117 117 118 119 120 118 116 118 Consumer staples 18.18 102 108 106 109 109 108 108 110 111 109 110 110 772 r77O 777 Processed foods 8.11 102 106 104 107 108 107 106 107 107 104 107 107 109 107 108 Beverages and tobacco 2.32 103 108 104 113 109 102 108 114 112 110 107 107 111 106 Drugs, soap, and toiletries 2.73 102 111 108 111 110 111 111 112 115 114 115 113 115 114 Newspapers, magazines, and books. 1.44 99 106 103 104 104 105 106 108 110 108 109 109 110 109 110 Consumer fuel and lighting 3.45 105 113 111 110 111 112 113 113 114 115 116 116 117 117 Fuel oil and gasoline 1.19 98 104 107 105 103 105 104 105 101 100 105 103 104 105 Residential utilities 2,26 108 117 113 113 114 115 117 118 121 123 121 122 123 123 Electricity 1.57 108 118 113 113 115 116 119 120 124 126 122 121 122 120 Gas .69 107 115 Equipment Business equipment 12.16 99 93 96 100 102 104 103 103 103 102 703 705 4 104 Industrial equipment 7.29 97 90 92 97 100 101 102 101 101 102 104 104 104 104 Commercial equipment 2.46 104 97 100 102 105 107 108 109 111 112 113 114 115 Freight and passenger equipment. 1.83 89 95 95 97 99 97 101 96 92 91 87 90 '99 95 Farm equipment .58 100 115 112 119 128 132 132 109 129 112 106 105 109 92 Defense equipment. 3.46 Materials Durable goods materials. 27.57 100 104 705 772 772 703 90 91 93 770 709 707 Consumer durable 3.67 101 102 107 113 117 111 103 105 95 76 107 121 120 116 Equipment 8.10 103 100 102 106 109 106 102 101 103 102 106 107 106 106 Construction 9.05 107 106 111 114 113 113 107 105 102 101 107 '109 108 106 Metal materials n.e.c 6.99 Nondurable materials 25.44 97 707 104 108 108 709 70P 707 707 707 705 777 770 709 709 Business supplies 8.87 98 108 104 107 107 107 110 110 110 107 109 112 111 109 108 Containers 2.91 101 109 108 111 110 108 111 111 110 106 107 113 111 111 109 General business supplies. 5.96 97 107 102 106 106 106 109 109 110 107 110 111 109 108 Nondurable materials n.e.c.. 7.05 98 115 110 116 116 118 122 118 117 117 117 119 119 119 119 Business fuel and power 9.52 94 100 99 101 103 103 99 97 98 98 101 104 103 102 102 Mineral fuels 6.29 92 96 95 97 99 97 94 93 94 95 97 99 '98 '96 95 Nonresidential utilities 2.70 102 113 111 112 114 117 116 113 114 113 114 117 117 118 Electricity 2.19 102 113 110 111 113 117 117 115 116 114 114 117 117 118 General industrial .99 98 110 109 109 111 117 116 109 109 106 106 114 114 116 Atomic energy. .08 97 97 97 96 96 97 97 97 97 97 97 97 '95 95 Commercial and other. 1.12 105 118 112 115 117 118 118 120 123 122 122 121 121 Gas .51 102 113 114 115 116 117 112 109 109 109 113 118 Industrial .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 90 110 107 110 113 115 118 114 111 114 100 114 125 119 114 Apparel and staples 23.38 102 110 107 111 111 110 111 112 112 111 112 112 113 111 113 9 Preliminary. r Revised. NOTE.—Published groupings include some series and subtotals not BULLETIN. Figures for industrial series and subtotals without seasonal shown separately. For summary description and historical data, see adjustment are published in the monthly Business Indexes release which the BULLETIN for December 1959, pp. 1451-74. Availability of detailed is available on request from the Division of Administrative Services, descriptive and historical data will be announced in a forthcoming Board of Governors of the Federal Reserve System, Washington 25, D. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957=100 [Without seasonal adjustment] Annual 1957 average 1959 1960 pro- Grouping portion 1958 1959 Mar Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total index 100.00 93 105 105 107 109 110 102 103 105 105 104 107 Ill Ill 110 86.49 92 105 106 108 109 /// 102 103 105 106 104 107 111 112 111 Durable 49.66 87 102 104 106 109 111 99 93 97 98 97 107 111 nn 110 Nondurable 36.83 100 110 108 110 110 111 106 115 116 117 113 107 111 112 112 Mining 8.55 91 95 95 97 100 100 90 92 91 92 96 98 r97 r96 95 Utilities 4 96 105 115 Durable Manufactures 13.15 84 95 no 113 116 117 85 70 71 68 87 109 r113 112 110 7.73 78 90 116 119 121 122 69 43 44 45 80 111 118 r116 113 6.21 75 86 117 121 123 123 61 29 30 32 77 116 122 118 114 Fabricated metal products 5.42 92 104 101 104 107 111 106 107 110 102 97 105 107 r107 106 2.91 93 101 99 102 105 108 104 99 100 94 93 103 104 103 102 28.98 86 102 101 103 104 106 102 98 102 106 98 106 112 112 111 15.31 85 103 99 101 103 106 100 102 109 109 105 109 110 rlll 112 Nonelectrical machinery 8.92 83 99 97 100 103 105 100 98 102 102 100 104 106 r107 108 6.39 89 108 102 102 105 108 101 108 118 119 113 115 116 r117 117 Transportation equipment 10.76 84 98 103 104 104 104 102 87 90 99 82 98 112 111 107 Motor vehicles and parts 5.04 77 100 110 111 112 112 108 77 85 106 70 105 136 134 125 5.50 91 94 96 96 95 95 95 94 92 91 91 91 90 r89 89 Instruments and related products 1.66 94 112 106 107 109 113 112 114 117 119 119 121 119 118 120 1.25 Clay gloss ondlumber. 4.57 97 111 104 112 117 120 115 121 119 119 HI 105 102 106 104 2.92 95 110 103 111 114 119 117 119 117 116 111 108 103 105 104 1.65 100 113 105 113 122 123 112 126 123 122 111 100 '101 108 104 Furniture and miscellaneous 2.96 96 112 106 107 108 112 no 116 119 120 118 117 113 *U5 114 Furniture and fixtures •••• 1.48 96 115 110 110 111 115 115 119 120 122 119 122 119 119 116 Misc. manufactures. 1.48 95 109 102 104 106 109 105 114 118 119 116 112 107 110 112 Nondurable Manufactures Textile, apparel, and leather products 7.32 99 115 115 121 118 116 104 121 115 120 117 106 118 123 120 Textile mill products 2.78 98 113 112 119 117 115 106 118 114 117 114 105 114 114 111 Apparel products 3.44 101 120 120 126 123 119 105 127 119 127 125 110 126 134 130 1.10 97 106 110 108 106 105 98 112 106 105 101 96 107 109 7.93 99 108 107 110 108 107 101 108 112 115 /// 106 108 r110 112 3.27 101 111 110 116 112 112 103 115 115 121 111 102 112 115 115 Printing and publishing 4.66 98 105 104 106 106 104 100 104 110 111 112 110 106 107 110 1.53 96 104 104 111 110 102 92 96 107 113 114 106 98 102 108 Chemical, petroleum, and rubber products 10.94 99 113 113 112 HI 114 109 115 118 117 115 113 117 117 119 7.10 100 114 112 116 116 116 110 115 119 119 117 116 119 r120 122 Industrial chemicals 3.61 98 118 115 117 118 120 116 119 124 123 123 124 M25 128 1.93 99 105 108 101 103 108 107 110 109 105 104 104 r104 r103 105 Rubber and plastics products 1.91 95 114 118 107 103 114 107 117 121 121 116 111 '124 ••122 10.64 102 107 98 102 105 108 107 117 118 115 109 102 102 r101 101 9.87 102 106 98 101 104 108 107 117 119 115 109 103 101 100 101 8.31 102 106 97 100 101 105 105 116 119 116 111 105 104 101 101 Beverages .. .. . 1.56 102 106 100 111 117 124 118 121 115 109 96 91 89 93 .77 106 112 107 114 114 112 108 122 115 122 111 93 114 109 Mining 7.05 92 96 96 96 97 96 88 92 93 95 97 100 r100 r98 96 Coal 1.30 83 82 83 82 86 86 55 75 78 83 90 92 89 85 87 Crude oil and natural gas 5.75 94 99 99 100 100 99 96 96 97 97 99 102 '102 101 98 4.98 94 99 101 102 101 99 95 95 97 98 99 102 r103 '103 101 Crude oil 4.33 93 98 100 101 101 99 95 94 96 96 91 100 r101 r101 99 .65 100 106 109 105 102 101 101 102 103 106 112 117 Oil and gas drilling .77 89 93 86 87 91 94 96 99 97 94 95 97 96 85 76 Metal stone and earth minerals 1.50 91 94 90 101 114 115 100 89 83 82 88 88 84 r88 90 .70 83 77 82 93 117 116 83 55 45 46 62 64 68 78 85 Stone and earth minerals .80 98 108 97 107 111 114 115 118 116 114 111 109 98 96 94 Utilities Electric 3.76 104 115 113 110 108 113 116 120 121 114 113 121 127 124 121 Gas 1.20 105 114 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 551 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] Grouping p 1 r 9 o 5 - 7 A av n e n ra u g a e l 1959 1960 portion 1958 1959 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total index 100.00 93 105 105 107 109 110 102 103 105 105 104 107 Ill Ill 110 46.75 95 107 104 106 107 108 105 109 110 112 705 106 111 rlll 111 Consumer goods 31.13 99 110 108 109 109 111 107 113 114 117 109 108 115 rl 15 114 15.62 87 100 97 99 101 103 101 100 102 101 100 103 104 104 104 Materials 53.25 91 104 106 109 110 111 99 97 100 99 102 108 110 rlll 110 Consumer Goods Automotive products 3.35 83 103 115 114 114 116 no 77 80 111 76 103 136 133 124 2.03 71 96 117 118 117 114 109 51 53 105 55 98 149 143 129 Auto parts and allied products . . .. 1.32 100 113 113 107 109 118 113 118 121 120 107 111 116 118 117 9.60 98 116 115 117 116 116 105 120 122 125 119 112 118 123 122 Home goods 4.40 96 115 113 112 112 115 105 116 127 129 120 117 115 121 121 1.75 94 114 115 113 113 116 95 108 130 131 119 114 116 127 128 1.26 99 119 128 126 126 126 103 108 127 121 116 118 120 136 140 TV and home radios . . . ..... .49 83 102 83 78 80 91 73 110 139 157 125 102 106 106 96 Furniture and rugs 1.18 98 119 117 116 114 116 115 122 123 126 123 125 120 r121 115 1.47 97 113 106 109 110 113 109 120 126 129 121 113 110 114 116 Apparel incl knit goods and shoes. .... 5.20 100 116 116 120 118 117 105 124 117 122 118 107 120 125 123 18.18 102 108 103 105 105 108 107 115 117 114 110 108 109 108 108 8.11 102 106 97 99 101 105 106 116 120 115 111 105 103 101 100 Beverages and tobacco 2.32 103 108 102 112 116 120 114 122 115 113 101 92 97 98 2.73 102 111 109 111 109 110 104 114 118 117 116 113 115 114 117 Newspapers magazines and books 1.44 99 106 104 104 103 104 103 109 113 110 109 109 109 109 112 Consumer fuel and lighting 3.45 105 113 114 109 106 107 109 113 114 109 112 120 127 124 1.19 98 104 105 100 101 104 103 106 103 99 104 107 r108 105 107 Residential utilities . . 2.26 108 117 Electricity 1.57 108 118 121 113 105 106 112 117 121 113 115 129 141 136 Gas .69 107 115 Equipment Business equipment 12.16 85 99 95 98 101 104 101 100 102 102 100 104 106 r105 106 Industrial equipment 7.29 82 97 90 92 97 101 100 101 102 102 100 105 104 103 105 Commercial equipment • . . 2.46 88 104 98 100 101 104 103 106 110 112 113 115 115 115 116 Freight and passenger equipment 1.83 89 95 100 103 103 102 99 93 87 88 84 87 '98 rgg 100 .58 100 115 129 138 136 133 116 95 112 111 94 101 112 107 104 3.46 Materials Durable goods materials 27.81 86 100 106 109 112 114 97 88 91 90 94 107 110 110 109 Consumer durable. 3.67 77 101 106 106 108 110 97 '88 101 101 85 115 128 128 121 8.10 86 103 103 104 106 108 101 98 101 102 102 108 109 109 108 Construction 9.05 95 107 103 110 114 118 110 110 110 107 102 103 r103 103 103 6-99 Nondurable materials 25.44 97 107 106 109 108 108 101 107 109 109 109 108 rlll 111 111 8.87 98 108 106 111 109 108 101 110 113 113 110 106 108 109 110 2.91 101 109 107 114 113 114 105 119 118 114 103 97 r105 108 109 General business supplies 5.96 97 107 105 109 107 105 100 105 111 112 113 110 109 109 111 7.05 98 115 113 117 117 116 109 116 117 120 120 116 121 123 123 Business fuel and power. 9.52 94 100 101 101 102 102 95 98 99 98 101 105 105 104 103 6.29 92 96 98 98 98 96 87 91 93 95 97 100 r100 rgg 98 Nonresidential utilities 2.70 102 113 2.19 102 113 108 108 111 117 119 121 121 115 112 115 117 115 General industrial .99 98 110 108 109 112 117 112 110 110 109 108 114 115 113 .08 97 97 97 96 96 97 97 97 97 97 97 97 96 95 Commercial and other 1.12 105 118 108 107 110 119 128 133 133 122 116 118 120 117 Gas 51 102 113 .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 90 110 114 113 113 115 107 99 107 121 101 111 124 126 122 Apparel and staples 23.38 102 110 106 108 108 110 107 117 117 116 112 108 112 112 112 r Revised. BULLETIN. Figures for individual series and subtotals without seasonal NOTE.—Published groupings include some series and subtotals not adjustment are published in the monthly Business Indexes release which is shown separately. For summary description and historical data, see available on request from the Division of Administrative Services, Board the BULLETIN for December 1959, pp. 1451-74. Availability of detailed of Governors of the 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

552 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-^9 =100, unless otherwise indicated] Industrial production Construction Manu- Prices contracts * facturing 3 Nonag- Major market groupings ricul- Depart- Major industry tural Freight ment groupings em- car- store Y m e o a n r t o h r Total M f t i a u a n c n r g - - u- M in i g n- U iti t e il s - To F ta i l nal g s C o p u o o m r n o d e - d s r uc E m t q s e u n ip t - M ria a l t s e- R d ti e e a s n l i - - o A th l e l r m t p o e l t o n a y t l — - 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 l t u e a e s i ) l s C um on e - r m W c s o o a h d m l o e i l t - e y - Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj.Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. 1947 99 99 101 91 99 98 100 100 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 103 103 106 101 102 101 105 104 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949 98 97 94 108 99 101 94 96 116 111 99.0 93.8 97.2 88 99 101.8 99.2 1950 113 113 105 123 112 115 102 114 185 142 102.3 99.6 111.7 97 107 102.8 103.1 1951 123 123 115 140 121 114 142 124 170 172 108.2 106.4 129.8 101 112 111.0 114.8 1952 127 127 114 152 130 116 170 125 183 183 110.4 106.3 136.6 95 114 113.5 111.6 1953 138 139 117 166 138 124 182 137 178 201 113.6 111.8 151.4 96 118 114.4 110.1 1954 130 129 113 178 132 123 161 128 232 204 110.7 101.8 137.7 86 118 114.8 110.3 1955 146 145 125 199 144 136 172 147 280 248 114.4 105.6 152.9 95 128 114.5 110.7 1956 151 150 132 218 150 139 188 151 • 99 •98 118.3 106.7 161.4 97 135 116.2 114.3 1957 152 150 132 233 152 141 189 151 100 100 119.2 104.4 162.7 90 135 120.2 117.6 1958 141 139 120 244 145 140 165 138 113 107 115.5 94.3 148.7 78 136 123.5 119.2 1959 159 158 125 268 162 155 188 157 132 101 118.8 98.9 167.3 81 144 124.6 119.5 1959—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 87 144 123.9 120.0 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 73 147 124.9 119.5 Aug.. 157 156 120 269 165 159 190 147 143 96 118.9 97.4 164.9 72 144 124.8 119.1 Sept.. 156 156 119 273 168 161 193 151 135 100 119.2 98.3 169.1 72 144 125.2 119.7 Oct... 155 154 120 274 170 165 192 150 139 102 118.9 97.3 165.9 74 147 125.5 119 2 Nov.. 156 154 126 273 161 154 189 154 101 80 119.4 98.4 166.8 81 146 125.6 118.9 Dec. 165 164 130 278 166 159 194 165 91 77 120.4 100.4 175.4 91 146 125.5 118.9 I960—Jan... 168 168 129 280 170 164 195 167 85 79 120.9 101.4 175.5 90 146 125.4 119.3 Feb.. 166 166 126 281 167 160 194 165 91 79 121.1 101.4 173.9 86 142 125.6 119.3 Mar.. 165 164 125 282 166 159 194 163 119 110 120.7 100.8 172.8 83 138 125.7 120.0 Apr.. P165 2>164 2>128 *>278 P167 2>193 *163 *121.3*>100.9*>169.3 85 120.0 * 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] Annuai totals 1959 1960 Type of ownership and type of construction 1958 1959 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. TotaS construction • 35,090 36,269 3,340 3,778 3,542 3,659 3,657 3,084 3,058 3,135 2,373 2,224 2,193 2,240 3,046 By type of ownership: Public 11477 11068 869 17,07 1,094 1 167 1 186 850 840 914 701 711 727 702 Private 71,661 75 701 7,471 7,571 2,447 7 497 7,470 7,714 7 718 1 672 1 513 1 466 1 537 By type of construction: Residential 14 696 17J50 1,541 1 811 1,677 1767 1 690 1,551 1 466 1 515 993 927 988 Nonrcsidential 10,948 11 187 911 187 1,072 1055 1,191 1,006 1,001 '801 790 801 698 1061 Public works and utilities 9,446 7,732 886 760 793 842 776 571 586 616 480 441 465 554 685 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 553 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 Ind B us u - sine C s o s m- Public O n d re t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- s C t e i r o o v n n a - - o A th l e l r trial mercial utility tial 1951 32,700 23,447 12,529 7,344 2,117 1,498 3,729 3 574 9 253 XS7 2,353 912 5,101 1952 34,670 23,889 12,842 7,500 2,320 1,137 4,043 3,547 10,781 ,387 2,679 900 5,815 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 ,290 3,015 892 6,039 1954 39,362 27,684 15,379 8,531 2,030 2,212 4,289 3 774 11 678 ,003 3,680 773 6,222 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 ,287 3,861 701 5,875 1956 45,779 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,712 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 ,287 4,892 97J 6,867 1958 48,903 33,491 18,047 11,076 2,382 3,589 5,105 4,368 15,412 .402 5,500 1,019 7,491 1959 54,258 38,281 22.322 11,195 2,008 3,914 5,273 4,764 15,977 1J433 5,800 1,121 7,623 1959 Apr 4,667 3,243 1,952 915 153 311 451 376 1,424 143 517 99 665 May 4,713 3,296 1,981 936 157 334 445 379 1,417 144 513 101 659 June.... 4,705 3,287 1,939 954 163 344 447 394 1,418 139 511 112 656 July 4,671 3,301 1,924 970 170 351 449 407 1,370 113 514 90 653 4,566 3,260 1,875 966 175 347 444 419 1,306 113 475 86 632 Sent 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 I960 Jan 4,489 3,211 ,804 993 203 345 445 414 1,278 95 483 91 609 Feb.*3 4,521 3,230 1,779 1,041 218 363 460 410 1 291 77 481 103 630 Mar v 4,437 3,166 1,747 1,009 215 344 450 410 1,271 80 482 103 606 Aprv 4,363 3,087 1,669 1,012 211 339 462 406 1,276 90 481 98 607 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- Private Government-underwritten * Year or month (seasonally Total politan metro- Public an a n d u ju al s t r e a d te) areas p a o r l e it a a s n Total fam 1- ily fam 2- ily f M am ul i t l i y - Total FHA VA 1951 1.091 111 315 1.020 892 40 88 71 412 264 149 1952 1,127 795 332 L 069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 t 310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 1.379 946 432 1.343 1,079 r49 '215 36 458 349 109 1959 Apr 1,434 142 97 45 137 109 5 24 5 46 35 11 May ,370 137 94 43 134 107 5 21 4 47 36 10 1,368 137 93 44 131 107 4 20 6 47 36 11 J A U u ly g 1 , , 3 34 7 0 5 1 1 2 2 9 9 8 8 8 6 4 4 1 3 1 1 2 2 5 7 1 1 0 0 5 4 4 4 1 1 8 7 4 2 4 4 5 5 3 3 4 5 1 1 1 0 Sept ,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 ,210 93 66 27 91 73 4 15 2 31 23 g Dec 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 Feb 1,115 77 53 23 74 60 3 12 2 22 18 5 Mar 1,125 98 64 34 95 75 4 16 3 27 22 5 Apr ^1,135 2>110 70 41 *>109 n.a. n.a. n.a. 33 25 7 n.a. Not available. p Preliminary. r Revised. sure or guarantee the mortgages. VA figures after June 1950 and all FHA • Beginning June 1959 data are from the Bureau of the Census. figures are based on filed office reports of first compliance inspections; l 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

554 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 i Unemploy- Year or month institutional labor Not in the ment population force Total Total In c n u o lt 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 1953 115,095 67,362 63,815 61,945 55,390 6,555 1,870 47,732 2.9 1954 116,220 67,818 64,468 60,890 54,395 6,495 3,578 48,401 5.6 1955 117,388 68,896 65,848 62,944 56,225 6,718 2 904 48,492 4 4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4.2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2 936 49,699 4 3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4 681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 1959_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 4.9 123,296 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 Aus 123,549 73,204 70,667 67,241 60,884 6,357 3 426 50 345 5 4 Sent 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 1960 Jan 3 124,606 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 Apr 124,917 72,331 69,819 66,159 60,765 5,393 3,660 52,587 5.0 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. Monthly data are seasonally obtained through interviews of households on a sample basis. Monthly adjusted. data relate to the calendar week that contains the 12th day; annual data 3 Beginning with January 1960, data include Alaska and Hawaii. are averages of monthly figures. Figures for population increased by about 500,000 and total labor force by nearly 300,000, most of which was in nonagricultural employment. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal Year or month Total i M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15 995 111 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16 563 111 2,759 4,062 10,846 2,219 5,916 6,914 1956 51,766 16,903 807 2,929 4,161 11,221 2,308 6,160 7,277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 1958 50,543 15 468 721 2,648 3 903 11,141 2,374 6,395 7,893 1959 51,975 16,168 676 2,767 3,902 11,385 2,425 6,525 8,127 SEASONALLY ADJUSTED 1959 Apr 51,887 16,182 701 2,829 3,886 11,333 2,403 6,479 8,074 May 52,125 16,372 708 2,787 3,917 11,363 2,413 6,486 8,079 52,407 16,527 709 2,799 3,928 11,425 2,418 6,525 8,076 July 52,558 16,580 714 2,800 3,920 11,465 2,426 6,570 8,083 52,023 16 037 633 2,814 3 893 11,529 2,437 6,549 8,131 Sept 52,154 16,141 617 2,776 3,899 11,464 2,452 6,584 8,221 Oct 52,002 16,022 621 2,762 3,900 11,478 2,453 6,549 8,217 Nov 52,253 16,174 657 2,792 3,902 11,452 2,450 6,593 8,233 Dec 52,674 16,436 665 2,800 3,917 11,486 2,450 6,613 8,307 I960 Jan 52,880 16,562 658 2,775 3,941 11,594 2,454 6,606 8,290 Feb 52,972 16,567 669 2,781 3,933 11,627 2,464 6,616 8,315 Mar 52,803 16 512 669 2,594 3 920 11 584 2,456 6,574 8 494 Apr 53,044 16,512 682 2,756 3,930 11,571 2,467 6,609 8,517 WITHOUT SEASONAL ADJUSTMENT 1959 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 52,580 16,455 713 2,986 3,944 11,352 2,442 6,623 8,065 July 52,343 16,410 710 3,035 3,949 11,324 2,475 6,603 7,837 Aus 52,066 16,169 639 3,107 3,922 11,360 2,474 6,582 7,813 Sent 52,648 16,367 620 3,043 3,927 11,464 2,452 6,617 8,158 Oct 52,569 16,197 621 2,961 3,910 11,551 2,441 6,614 8,274 Nov 52,793 16,280 660 2,856 3,912 11,723 2,438 6,593 8,331 Dec 53,756 16,484 668 2,699 3,940 12,345 2,438 6,547 8,635 I960 Jan 52,078 16,470 658 2,453 3,882 11,424 2,429 6,474 8,288 Feb 52 060 16 520 669 2,389 3 887 11 329 2,439 6,484 8 343 Mar 52,150 16 478 669 2,306 3,900 11,314 2,444 6,508 8,531 Apr 52,760 16,365 675 2,593 3,923 11,540 2,467 6,642 8,555 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 March and April 1960 are preliminary. Back data may be obtained during, or received pay for, the pay period ending nearest the 15th of the from the Bureau of Labor Statistics. month. Proprietors, self-employed persons, domestic servants, unpaid Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 555 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 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Total 12,303 12,537 12,471 12,477 12,167 12,494 12,444 12,341 Durable goods 7,028 7,255 7,184 7,127 7,025 7,268 7,209 7,125 Ordnance and accessories 73 75 75 16 73 75 75 76 Lumber and wood products 583 587 571 585 568 561 554 570 Furniture and fixtures 319 322 324 328 317 328 327 326 Stone, clay, and glass products 444 452 446 449 444 445 444 449 Primary metal industries 1,037 1,047 1,036 1,016 1,037 1,052 1,041 1,016 Fabricated metal products 840 854 846 837 840 863 854 837 Machinery except electrical 1,109 1,173 1,174 1,169 1,126 1,191 1,192 1,187 Electrical machinery 803 881 872 862 803 890 881 862 Transportation equipment 1,229 1,245 1,221 1,178 1,229 1,245 1,221 1,178 Instruments and related products 215 231 229 230 216 231 231 231 Miscellaneous manufacturing industries 376 388 390 397 372 388 392 393 Nondurable goods 5,275 5,282 5,287 5,350 5,142 5,226 5,235 5,216 Food and kindred products 1,048 1,042 1,038 1,043 958 939 935 953 Tobacco manufactures 81 80 80 80 70 76 71 69 Textile-mill products 869 851 854 864 869 860 863 864 Apparel and other finished textiles 1,077 1,073 1,081 1,109 1,055 1,111 1,119 1,087 Paper and allied products 447 448 447 452 443 446 445 447 Printing, publishing and allied industries 556 568 568 573 553 565 568 570 Chemicals and allied products 530 534 535 544 535 537 543 549 Products of petroleum and coal 161 157 157 157 159 155 155 155 Rubber products 179 208 207 207 176 209 207 204 Leather and leather products 327 321 320 321 324 329 328 318 NOTE.—Data covering production and related workers only (full- and preliminary. Back data may be obtained from the Bureau of Labor part-time) who worked during, or received pay for, the pay period ending Statistics. nearest the 15th of the month. Figures for March and April 1960 are 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 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Total 89.87 91.14 90.91 89.83 40.3 39.8 39.7 39.4 2.23 2.29 2.29 2.28 Durable goods 97.75 98.98 98.74 97.60 40.9 40.4 40.3 40.0 2.39 2.45 2.45 2.44 Ordnance and accessories 103.32 107.68 108.62 106.49 41.0 41.1 41.3 40.8 2.52 2.62 2.63 2.61 Lumber and wood products 78.96 78.01 77.61 80.00 40.7 39.4 39.0 40.0 1.94 1.98 1.99 2.00 Furniture and fixtures 72.40 74.56 72.35 74.37 40.0 40.3 38.9 40.2 1.81 1.85 1.86 1.85 Stone, clay, and glass products 91.27 90.85 90.80 91.71 41.3 40.2 40.0 40.4 2.21 2.26 2.27 2.27 Primary metal industries 116.60 115.26 114.57 113.43 41.2 40.3 40.2 39.8 2.83 2.86 2.85 2.85 Fabricated metal products 96.59 98.42 98.01 97.28 41.1 40.5 40.5 40.2 2.35 2.43 2.42 2.42 Machinery except electrical 103.09 104.55 105.22 104.04 41.4 41.0 41.1 40.8 2.49 2.55 2.56 55 Electrical machinery 88.84 90.97 91.43 89.60 40.2 39.9 40.1 39.3 2.21 2.28 2.28 2.28 Transportation equipment 107.83 111.79 110.84 106.65 41.0 40.8 40.6 38.5 2.63 2.74 2.73 2.70 Instruments and related products........ 92.21 94.07 95.88 95.41 40.8 40.2 40.8 40.6 2.26 2.34 2.35 2.35 Miscellaneous manufacturing industries... 76.57 77.81 78.18 76.81 40.3 39.9 40.3 39.8 1.90 1.95 1.94 1.93 Nondurable goods 79.00 79.95 79.93 79.31 39.5 39.0 38.8 38.5 2.00 2.05 2.06 2.06 Food and kindred products 84.42 86.33 86.94 86.72 40.2 39.6 39.7 39.6 2.10 2.18 2.19 2.19 Tobacco manufactures 65.02 61.37 60.20 61.95 37.8 36.1 35.0 35.2 1.72 1.70 1.72 1.76 Textile-mill products 63.27 64.16 63.83 63.60 40.3 40.1 39.4 39.5 1.57 1.60 1.62 1.61 Apparel and other finished textiles 55.63 56.11 55.34 53.40 36.6 36.2 35.7 34.9 1.52 1.55 1.55 1.53 Paper and allied products 92.87 94.73 94.08 92.77 42.6 42.1 42.0 41.6 2.18 2.25 2.24 2.23 Printing, publishing and allied industries.. 102.11 104.12 105.05 103.85 38.1 38.0 38.2 37.9 2.68 2.74 2.75 2.74 Chemicals and allied products 98.18 101.60 102.01 103.58 41.6 41.3 41.3 41.6 2.36 2.46 2.47 2.49 Products of petroleum and coal 118.20 116.87 116.87 118.55 40.9 40.3 40.3 40.6 2.89 2.90 2.90 2.92 Rubber products 101.57 100.00 97.71 95.34 41.8 40.0 39.4 38.6 2.43 2.50 2.48 2.47 Leather and leather products 59.57 60.64 60.84 58.55 37.0 37.2 37.1 35.7 1.61 1.63 1.64 1.64 NOTE.—Data are for production and related workers. Figures for March and April 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

556 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 a l - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S i r s a a c n n o - SALES i 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 136 122 127 133 127 148 169 125 137 128 146 159 143 1959 144 126 131 139 136 156 181 133 144 134 155 172 156 SEASONALLY ADJUSTED 1959—Mar 138 120 123 133 128 151 167 125 144 133 152 165 153 144 125 130 139 137 157 177 135 144 135 157 174 155 144 125 130 140 136 157 178 136 148 132 154 172 154 June 144 124 130 142 135 156 180 135 140 140 155 174 157 July 147 126 134 142 142 157 185 138 145 133 154 174 160 Aug 144 121 128 134 137 152 184 134 144 132 153 179 157 Sept 144 127 131 138 135 154 186 134 140 136 151 167 157 Oct 147 129 134 140 138 158 188 139 148 137 162 173 158 Nov 146 129 134 140 138 156 189 135 149 131 156 179 155 Dec 146 129 135 140 141 156 185 134 143 133 155 170 158 I960—Jan 146 131 135 146 139 156 180 134 150 134 156 171 156 Feb 142 130 133 143 136 149 175 127 134 135 144 163 158 Mar 138 122 126 135 139 140 160 125 131 123 142 164 157 WITHOUT SEASONAL ADJUSTMENT 1959—Mar 125 103 112 124 117 138 165 114 128 119 134 152 132 Mwl\V^V//.'.V.'.'.'.'.'.'.'.V. 1 14 3 1 0 1 1 1 2 4 4 1 1 2 1 6 6 1 1 3 2 8 8 1 12 3 3 2 1 1 3 5 8 6 1 17 6 5 5 1 1 2 3 3 4 1 14 2 9 9 1 1 2 2 7 2 1 14 5 1 4 1 1 5 7 7 2 1 1 3 4 9 6 June 136 118 125 132 127 146 162 130 130 135 147 160 151 July 121 95 100 108 115 129 157 111 120 107 135 155 143 Aug 132 103 102 112 126 138 177 124 138 132 156 176 157 Sept 145 132 132 140 135 155 173 138 144 146 155 160 154 Oct 150 131 141 144 139 165 186 142 151 150 162 177 154 Nov 176 154 170 183 170 190 217 164 177 148 179 208 181 Dec 260 251 245 257 252 289 325 233 250 230 266 291 281 I960—Jan 111 99 108 108 105 112 139 101 111 96 115 135 121 Feb 106 93 102 102 105 105 137 95 102 99 105 122 121 Mar 115 95 107 113 113 114 148 108 110 105 119 143 126 STOCKS* 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 '150 146 160 174 158 1958 148 136 136 152 129 172 197 139 '143 137 153 165 155 1959 156 142 142 159 134 179 210 148 144 143 157 178 167 SEASONALLY ADJUSTED 1959—Mar 150 137 139 154 127 176 195 139 142 139 154 169 167 Apr 151 138 138 155 127 178 201 142 143 138 153 174 166 May 152 138 139 156 128 173 200 142 145 140 154 175 167 June 155 142 141 164 131 180 202 147 145 141 154 181 167 July 158 145 142 163 138 182 212 149 147 143 156 180 168 Aug 159 147 145 162 136 184 217 155 147 148 157 182 167 Sept 160 147 144 161 139 183 222 157 145 146 159 182 167 Oct 158 145 143 159 139 179 225 151 143 147 161 185 163 Nov 160 145 144 160 142 179 223 152 142 149 161 188 171 Dec 161 145 144 166 138 180 227 154 146 146 162 183 174 1960—Jan 161 144 146 164 142 178 227 150 149 147 162 186 178 Feb 160 143 146 160 142 179 225 147 145 145 162 180 179 Mar 161 144 147 158 145 176 220 151 148 146 160 177 180 WITHOUT SEASONAL ADJUSTMENT 1959—Mar 153 138 141 158 131 181 204 139 143 143 157 177 166 158 144 143 166 133 184 211 150 149 140 159 181 169 153 141 140 159 132 173 202 145 143 139 156 174 166 June 148 134 132 152 125 169 192 144 136 133 151 169 162 July 149 132 129 147 127 168 197 146 140 136 150 171 165 Aug 156 143 142 156 130 181 212 152 145 145 155 182 166 Sept 168 154 151 169 145 193 230 163 154 152 164 192 176 Oct 177 164 162 183 156 205 245 167 163 163 174 203 182 Nov 182 170 167 185 160 207 252 171 162 168 182 207 196 Dec 145 135 134 149 126 165 197 134 132 136 146 170 160 I960—Jan 144 128 132 144 125 158 207 135 133 135 146 163 158 Feb 152 134 136 154 136 167 223 139 138 139 156 175 165 Mar 164 146 149 163 149 180 231 151 150 149 164 185 182 r Revised. For description of the series see the BULLETIN for December 1957, i Figures for sales are the average per trading day, while those for stocks pp. 1323-36. Figures prior to March 1959 may be obtained from the are as of the end of the month or averages of monthly data. Division of Administrative Services. NOTE.—Monthly data reflect the revisions in seasonal adjustment factors announced on page 501. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 557 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 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 1.2 4.1 1.0 1953 406 1,163 421 408 401 3.0 1.1 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 1.1 4.0 1.0 1956 454 1,286 470 459 458 3.0 1.1 4.1 1.0 1957 459 1,338 461 461 458 3.1 1.1 4.1 1.0 1958 462 1,323 437 462 464 3.0 1.0 4.1 1.0 1959 485 1,385 510 492 496 3.0 1.1 4.1 1.1 M onth: 1959—Mar.. '438 rl,366 422 ••521 '493 3.1 1.0 4.1 1.2 Apr... 431 1,404 388 475 441 3.3 0.9 4.2 1.1 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 Aug.. 427 1,380 631 503 470 3.2 1.5 4.7 1.2 Sept.. 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 1960—Jan... 384 1,299 459 373 460 3.4 1.2 4.6 1.0 Feb... 362 1,362 514 425 480 3.8 1.4 5.2 1.2 416 1,465 455 519 460 3.5 1.1 4.6 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 department store sales. BULLETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports excluding Merchandise exports* military-aid shipments 2 Merchandise imports3 Period 1958 1959 1960 1958 1959 1960 1958 1959 1960 Jan [,505 1,400 1,562 1,397 [,286 1,484 1,096 1,154 1,137 Feb 1,346 1,280 1,576 1,246 1,183 1,497 956 1 118 1,288 Mar 1,555 1,456 1,751 1,440 1,375 1,634 1,072 1,295 1,375 Apr • • 1,530 1,479 1 408 I 343 1 057 I 221 May I 638 1 551 1 507 I 411 1 061 I 264 June 1,408 1,423 1,309 1,347 1,031 I 369 JUly . 1,418 1,468 1,289 1,353 1,049 [,248 Aug I 401 1 397 1 287 I 300 950 [ 189 Sept . . . .. [,363 1,479 1,242 ,399 1,073 1,392 Oct 1,607 1,482 1,426 ,398 1,150 1,202 Nov 1,599 1,479 1,410 376 1,086 I 282 Dec 594 1 675 1 389 S6Q 1 254 47 R Jan -M^ar . 4,406 4,136 4,889 4,083 3,844 4,615 3,124 3,567 3,800 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. and supplies under Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49=100] Housing Read- Other All Ap- Trans- Med- Per- ing goods Year or month items Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - parel p t o io rt n a- c ic a a re l s c o a n r a e l re t a c i n o re d n a- s a i e c n r e v d 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 120.2 115.4 125.6 135.2 113.0 131.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 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 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 124.0 117.7 128.8 139.3 118.7 135.3 103.7 133.8 107.3 145.4 150.2 130.7 117.8 128.4 124.5 118.9 128.9 139.5 119.3 133.9 104.1 133.9 107.3 145.9 150.6 131.1 118.1 129.2 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 AU2 124.8 118.3 129.3 139.8 120.1 133.9 103.6 134.6 108.0 146.7 151.4 131.7 119.1 131.1 Sept 125.2 118.7 129.7 140.0 121.6 135.0 104.0 135.2 109.0 146.4 152.2 132.1 119.6 131.5 Oct 125.5 118.4 130.1 140.4 121.7 135.5 104.1 135.3 109.4 148.5 152.5 132.5 119.7 131.6 Nov 125.6 117.9 130.4 140.5 121.7 135.9 104.4 135.4 109.4 149.0 153 0 132 7 120 0 131 6 Dec 125.5 117.8 130.4 140.8 122.7 137.3 104.2 135.5 109.2 148.7 153.2 132.9 120.4 131.7 I960 Jan 125.4 117.6 130.7 140.9 123.2 139.0 104.0 135.9 107.9 r147.6 153.5 132.7 120.3 131.8 Feb . . 125.6 117.4 131.2 141.0 124.0 139.0 104.3 136.3 108.4 r147.5 154.7 132.6 120.6 131.8 Mar 125.7 117.7 131.3 141.2 124 A 137.2 104.7 136.9 108.8 146.5 155.0 132.7 120.9 131.7 r Revised. 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 i m e l d s l i - - p F r a o r d m - 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 n c e o p r l x t e d e - d s - l - l H s e p u k a a r i o c n t i d h n t d d e s e s - s , r ,p t l F e o m i a i g r w n u n i h a a g e d e - t l l - r s , , C a p i u a l r h 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 ie t 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 u M a t e r h i c o n r v o i a t y n d d e - s - - - h F d o h b t o a u u t u o l n h u r r e r l d e s a n d e s e r - i- - e s N r t t m t m a u a r o l l r i u e s l n a n i c - — c l - - - b b e m b o a T r a e a t n f 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. 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. 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 Mar 119.6 90.8 107.2 128.1 93.9 108.5 115.0 109.8 146.0 124.2 132.0 153.6 152.2 123.5 137.7 132.1 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. 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 Jan 119.3 86.5 105.6 128.8 96.6 112.7 111.9 109.9 143.5 125.1 133.7 155.5 153.8 123.4 138.4 131.7 95.3 Feb.. 119.3 87.0 105.7 128.7 96.5 112.0 112.0 110.0 145.1 124.9 133.2 '155.3 r153.9 123.5 •138.2 131.7 93.4 Mar 120.0 90.4 107.3 128.6 96.3 111.8 112.2 110.1 145.2 124.5 133.1 154.5 153.9 123.7 138.2 131.7 94.0 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 559 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1959 1960 1959 1960 Subgroup Subgroup Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Farm Products: Pulp, Papert and Allied Products {Cont.): Fresh and dried produce 93.6 104.9 100.5 104.4 Grains 77.7 77.2 76.7 78.2 Paperboard 136.2 135.9 135.9 135.9 Livestock and poultry 91.1 78.5 80.8 86.2 Converted paper and paperboard... 127.6 130.0 130.0 130.0 Plant and animal fibers 99.5 95.9 96.1 96.0 Building paper and board 144.2 147.6 147.6 146.8 Fluid milk 93.5 99.3 '99.0 98.1 Eggs 70.5 56.9 58.4 75.8 Metals and Metal Products: Hay and seeds , 78.4 77.5 77.1 76.7 Other farm products 133.8 127.4 128.9 127.9 Iron and steel 171.9 172.4 171.6 170.5 Nonferrous metals 136.1 142.2 142.1 140.3 Processed Foods: Metal containers 156.3 152.9 154.8 154.8 Hardware 173.0 173.4 173.4 173.8 Cereal and bakery products 119.0 120.7 '120.6 120.8 Plumbing equipment 129.2 134.0 133.9 133.9 Meats, poultry, and fish 99.6 92.4 r93.1 97.9 Heating equipment 121.9 120.9 120.3 120.0 Dairy products and ice cream 113.0 118.8 118.4 117.7 Fabricated structural metal products 132.3 135.4 135.6 136.2 Canned, frozen fruits, and vegetables 111.2 104.5 105.0 105.9 Fabricated nonstructural metal Sugar and confectionery 112.9 113.3 113.9 113.7 products 145.9 146.3 146.4 146.1 Packaged beverage materials 148.0 145.2 145.2 145.2 Other processed foods 95.7 103.9 101.6 101.7 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 143.1 144.3 145.3 145.3 Cotton products 90.2 95.9 95.8 95.6 Construction machinery and equip- Wool products 97.7 104.0 103.2 102.8 ment 171.7 173.6 173.9 174.2 Synthetic textiles 80.1 79.4 79.8 79.4 Metal working machinery 172.5 177.7 177.6 178.3 Silk products 112.1 122.0 119.5 116.6 General purpose machinery and Apparel 99.3 100.8 100.6 100.7 equipment 163.3 167.8 168.2 167.8 Other textile products 76.1 79.3 79.8 80.5 Miscellaneous machinery 149.2 149.7 149.6 149.9 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 153.1 156.0 156.0 155.9 Motor vehicles 143.2 141.6 141.6 141.6 Hides and skins 87.7 73.7 69.8 72.0 Leather 103.6 105.5 104.8 102.8 Furniture and Other Household Dura- Footwear 123.6 134.2 134.2 134.2 bles: Other leather products 103.4 108.0 107.2 107.1 Household furniture 124.1 124.7 r124.9 124.9 Fuel, Power, and Lighting Materials: Commercial furniture 155.0 155.8 155.8 156.6 Floor covering 127.2 129.6 129.6 130.6 Coal 124.6 124.1 124.1 124.0 Household appliances 105.2 103.3 '103.3 103.2 Coke 170.4 170.4 170.4 170.4 Television, radios, phonographs 92.8 91.7 r91.8 91.8 Gas fuels (Jan. 1958= 100) 113.1 116.6 '114.5 114.5 Other household durable goods 156.0 157.8 158.1 158.3 Electric power (Jan. 1958= 100) 100.9 101.3 101.8 101.8 Petroleum and products 119.9 114.4 114.6 115.0 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.2 135.3 135.3 135.3 Concrete ingredients 140.2 142.0 142.0 142.1 Industrial chemicals 123.6 124.1 124.2 124.2 Concrete products 129.3 130.5 131.1 131.0 Prepared paint 128.4 128.3 128.3 128.3 Structural clay products 159.9 161.3 161.5 161.5 Paint materials 101.3 103.0 103.0 102.8 Gypsum products 133.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics. . 92.8 93.8 94.0 94.2 Prepared asphalt roofing 119.4 113.6 107.6 107.6. Fats and oils, inedible 60.3 49.2 49.4 50.6 Other nonmetallic minerals 132.7 132.8 133.7 133.7 Mixed fertilizers 110.0 109.9 110.3 110.1 Fertilizer materials 107.5 108.8 108.8 108.8 Tobacco Manufactures and Bottled Other chemicals and products 106.1 106.5 106.5 106.5 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8- Cigars 106.6 106.6 106.5 106.5 Crude rubber 142.4 162.8 160.7 161.1 Other tobacco products 150.9 155.7 155.7 155.7 Tires and tubes 151.9 133.3 138.1 138.1 Alcoholic beverages 121.7 120.5 120.6 120.6 Other rubber products 141.9 144.6 144.6 144.6 Nonalcoholic beverages 171.1 171.1 171.1 171.1 Lumber and Wood Products: Miscellaneous: Lumber 125.5 126.1 r126.1 125.9 Toys, sporting goods, small arms. .. 117.2 117.7 117.8 117.8; Millwork 130.2 137.8 137.7 137.7 Manufactured animal feeds 79.6 75.6 72.2 73.2 Plywood 104.0 98.2 97.0 95.6 Notions and accessories 97.5 97.5 97.5 97.5 Jewelry, watches, photo equipment.. 108.2 110.6 110.6 110.6 Pulp, Paper, and Allied Products: Other miscellaneous 132.6 131.9 131.5 131.6 Woodpulp 121.2 121.2 121.2 121.2 Wastepaper 115.7 108.0 93.6 89.3 Paper 142.1 144.5 144.5 144.7 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 1 2 3 4 1 Gross national product 104.4 56.0 125.8 284.6 397.5 419.2 442.5 441.7 479.5 470.4 4S4.8 478.6 483.5 500.2 Personal consumption expenditures 79.0 46.4 81.9 195.0 256.9 269.9 284.8 293.0 311.6 303.9 311.2 313.3 317. § 321.1 Durable goods 9.2 3.5 9.7 30.4 39.6 38.5 40.3 37.6 43.0 41.3 44.1 43.6 42.8 43.7 37.7 22.3 43.2 99.8 124.8 131.4 137.7 141.9 147.9 145.3 147.7 148.0 150.1 151.1 Services 32.1 20.7 29.0 64.9 92.5 100.0 106.7 113.4 120.7 117.4 119.4 121.6 124.1 126.3 16.2 1.4 18.1 50.0 63.8 67.4 66.6 54.9 71.1 70.0 77.7 67.0 69.7 79.2 New Construction ^ 8.7 1.4 6.6 24.2 34.9 35.5 36.1 35.8 40.2 39.7 41.0 41.0 39.2 40.4 Residential nonfarm 3.6 .5 3.5 14.1 18.7 17.7 17.0 18.0 22.2 21.9 23.1 22.6 21.3 21.3 Other 5.1 1.0 3.1 10.1 16.2 17.8 19.0 17.7 18.0 17.8 17.9 18.3 17 9 19.1 Producers' durable equipment . 5.9 1.6 6.9 18.9 23.1 27.2 28.5 22.9 26.1 23.9 26.0 27.0 27.5 28.1 Change in business inventories 1.7 -1.6 4.5 6.8 5.8 4.7 2.0 -3.8 4.8 6.3 10.7 -1.0 3.0 10.6 1.8 -1.4 4.0 6.0 5.5 5.1 1.2 -4.9 3.9 5.4 9.8 -1.8 2.3 10.1 2 g 2 2 21.1 .6 1.1 2.9 4.9 1.2 - 8 — 9 — 1 ft o — 6 1.2 7.0 2.4 6.0 13.1 19.4 23.1 26.2 22.6 22.8 21.5 22.1 24.1 23.4 24.8 6.3 2.3 4.8 12.5 18.3 20.2 21.3 21.3 23.6 22.4 23.9 24.1 24.1 23.6 Government purchases of goods and services 8.5 8.0 24.8 39.0 75.6 79.0 86.2 92.6 97.6 97.4 97.7 98.4 97.4 98.8 Federal 1.3 2 0 16.9 19.3 45.3 45.7 49.4 52.2 53.5 53.M 53.9 53.6 52.7 52.3 I 1 i J 13.8 14.3 39.1 40.4 44.3 44.5 45.8 45.8 46.2 45.9 45.3 44.8 Other ) *'3 2.0 1 3.2 5.2 6.6 5.7 5.5 8.1 8.1 8.3 8.0 8.1 7.8 7.8 .0 .0 .0 .1 .4 .3 .4 .5 .4 .3 .3 .4 .4 .4 State and local 7.2 6.0 7.8 19.7 30.3 33.2 36.8 40.5 44.1 43.6 43.8 44.8 44.7 46.5 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 392.7 400.9 408.3 399.0 426.0 420.7 432.1 424.3 426 8 439.3 1 Includes expenditures for crude petroleum and natural gas drilling. 4 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) Annual totals Seasonally adjusted annual rates by quarters Item 1959 1960 1929 1933 1Q41 fQC/T 1QCO •1QCQ 1JO / 1 2 3 4 i National income 87.8 40.2 104.7 241.9 330.2 350.8 366.5 366.2 398.5 389.4 403.9 398.2 402.6 Compensation of employees 51.1 29.5 64.8 154.2 223.9 242.5 255.5 256.8 277.4 269.9 278.9 279.3 281.6 290.1 Wages and salaries1 50.4 29.0 62.1 146.4 210.9 227.6 238.5 239.4 257.8 250.9 259.4 259.5 261.5 268. Private 45.5 23.9 51.9 124.1 174.9 189.6 198.4 196.2 212.1 206.2 214.0 213.5 214.8 221.2 Military .3 1.9 5.0 9.8 9.7 9.6 9.7 9.8 9.8 9.8 9.8 9.8 9.9 Government civilian 4.6 4.9 8.3 17.3 26.2 28.4 30.5 33.5 35.9 34.8 35.6 36.3 36.9 37.6 Supplements to wages and salaries .7 .5 2.7 7.8 13.0 14.9 17.0 17.4 19.6 19.0 19.6 19.8 20.0 21.4 Proprietors' income2 14.8 5.6 17.4 37.5 42.1 43.7 44.5 46.6 46.3 46.9 46.6 45.1 46.7 46.3 Business and professional 8.8 3.2 10.9 23.5 30.4 32.1 32.7 32.4 34.5 33.7 34.5 34.8 35.1 35.4 Farm 6.0 2.4 6.5 14.0 11.8 11.6 11.8 14.2 11.8 13.2 12.1 10.3 11.6 10.8 Rental income of persons 5.4 2.0 3.5 9.0 10.7 10.9 11.5 11.8 12.0 12.0 12.0 12.0 12.0 12.2 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 43.1 42.0 41.7 36.7 47.2 45.5 51.0 46.0 46.2 Profits before tax 9.6 .2 17.0 40.6 44.9 44.7 43.3 37.1 47.8 46.5 52.6 46.4 45.7 Profits tax liability 1.4 .5 7.6 17.9 21.8 21.2 21.1 18.2 23.3 22.6 25.6 22.6 22.2 Profits after tax 8.3 -.4 9.4 22.8 23.0 23.5 22.2 18.9 24.5 23.8 27.0 23.8 23.4 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.7 -2.7 -1.5 -.4 -.6 -.9 -1.6 -.3 .5 Net interest 6.4 5.0 4.5 5.5 10.4 11.7 13.3 14.3 15.6 15.1 15.4 15.8 16.1 16.4 * Includes employe© 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 561 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1959 I960 1929 1933 1941 1950 1955 1956 1957 1958 1959 1 2 3 4 1 Gross national product 104.4 56.0 125.8 284.6 397.5 419.2 442.5 441.7 479.5 470.4 484.8 478.6 483.5 500.2 Less i Capital consumption allowances 8.6 7.2 9.0 19.1 32.0 34.4 36.9 37.9 40.2 39.3 39.9 40.5 41.2 41.9 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 32.9 35.7 38.1 39.0 42.0 40.7 41.7 42.3 43.1 43.9 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 -1.7 -3.6 -4.4 Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 .0 .9 1.1 1.0 .7 .8 .7 .6 .6 Equals: National iacome 87.8 40.2 104.7 241.9 330.2 350.8 366.5 366.2 398.5 389.4 403.9 398.2 402.6 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 43.1 42.0 41.7 36.7 47.2 45.5 51.0 46.0 46.2 Contributions for social insurance .2 .3 2.8 6.9 11.0 12.6 14.6 15.1 17.9 17.5 17.9 18.1 18.2 " 20." 8 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 24.7 24.8 24.8 26.0 25.7 Net interest paid by government 1.0 1.2 1.3 4.8 5.4 5.7 6.2 6.2 6.8 6.3 6.6 7.0 7.4 7.9 Dividends 5.8 2.1 4.5 9.2 11.2 12.1 12.5 12.4 13.2 12.8 13.0 13.4 13.6 13.6 Business transfer payments .6 .7 .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 96.3 228.5 310.2 332.9 350.6 359.0 380.2 371.8 381.1 381.0 386.8 393.1 Less: Personal tax and nontax payments 2.6 7.5 3.3 20.8 35.7 40.0 42.7 42.6 45.5 44.4 45.8 45.9 46.1 47.7 Federal 1.3 .5 2.0 18.2 31.5 35.2 37.4 36.7 39.2 38.2 39.5 39.5 39.7 41.0 1.4 1.9 1.3 2.6 4.2 4.8 5.4 5.8 6.3 6.2 6.3 6.4 6.4 6.7 State and local 83.1 45.7 93.0 2«7.7 274.4 292.9 307.9 316.5 334.6 327.4 335.3 335.1 340.8 345.4 Equals: Disposable personal income 79.0 46.4 81.9 195.0 256.9 269.9 284.8 293.0 311.6 303.9 311.2 313.3 317.0 321.1 Less: Personal consumption expenditures.... 4.2 -.6 11.1 12.6 17.5 23.0 23.1 23.5 23.1 23.5 24.1 21.9 23.7 24.4 Equals: Personal saving Addendum: Disposable personal income constant (1954) dollars 134.9 102.1 175.1 231.0 273.4 286.9 292.9 295.2 309.0 304.3 310.7 308.9 312.9 315.7 PERSONAL INCOME fDepartment of Commerce estimates. In billions of dollars) 1959 1960 Item* 1958 1959 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.?3 Total personal income 359.0 380.2 379.0 381.3 383.8 383.4 380.0 380.9 382.6 387.0 392.1 392.8 393.0 394.0 397.4 Wage and salary disbursements 239.4 257.8 257.3 259. 261.7 261.5 258.8 259.2 259.2 261.1 265.4 268.1 268.8 269.4 271.3 Commodity-producing industries. 97.8 107.3 108.6 109. 110.9 109.9 106.8 106.8 106.4 107.5 111.1 113.0 112.7 112.2 113.0 Manufacturing only 76.7 84.6 85.4 86, 87.7 86.9 84.0 84.4 83.6 84.2 87.6 89.3 89.0 88.7 88.4 Distributive industries 63.8 67.6 66.9 67. 68.0 68.4 68.3 68.3 68.5 68.6 68.8 69.5 69.7 70.1 70.6 Service industries 34.6 37.2 36.8 37. 37.2 37.3 37.6 37.8 38.0 38.3 38.6 38.7 39.0 39.1 39.4 Government 43.2 45.7 45.0 45. 45.6 45.9 46.0 46.2 46.4 46.7 46.9 46.9 47.4 48.1 48.3 Other labor income 9.3 10.0 9.9 9.9 10.0 10.1 10.1 10.2 10.2 10.3 10.3 10.4 10.4 10.4 10.5 Proprietors' income: Business and professional 32.4 34.5 34.3 34.5 34.7 34.9 34.9 34.8 35.0 35.1 35. 35.4 35.4 35.4 35.6 Farm 14.2 11.8 12.2 12.0 12.1 11.4 10.0 9.6 10.5 11.6 12.6 11.6 10.7 10.3 10.9 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. 12.2 12.2 12.2 Dividends 12.4 13.2 12.9 13.0 13.1 13.2 13.4 13.5 13.6 13.7 13.5 13.6 13.6 13.6 13.6 Personal interest income 20.4 22.4 21.8 22.0 22.2 22.4 22.7 23.0 23.3 23.5 23.8 24.1 24.3 24.6 24.9 Transfer payments2 r 26.1 26.8 26.9 26.4 26.4 26.3 26.5 27.0 27.2 28.0 27.7 27.2 27.3 27.9 28.2 Less: Personal contributions for social insurance 7.0 8.3 8.3 8.3 8.4 8.4 8.4 8.4 8.4 8.4 9.7 9.7 9. 9.8 Nonagricultural income 3 341.1 364.4 362.7 365.3 367.8 368.2 366.3 367.5 368.1 371.5 375.4 377.1 378.2 379.5 382.3 Agricultural income 17.9 15.8 16.3 16.0 16.0 15.2 13.7 13.4 14.5 15.5 16.7 15.7 14.8 14.5 15.1 P Preliminary. enterprises, farm wages, agricultural net interest, and net dividends paid by corporations. NOTE.—For description of series see U. S. Income and Output, a supplefarm ment to the Survey of Current Business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 FLOW OF FUNDS/SAVING 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 saving1 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 A B Consumer and nonprofit 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 B C Farm and noncorp. business 2... * * * * 3.1 -1.1 -1. -.8 3.1 -.7 -2.2 -1.9 4.8 C 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 D E Federal Government1 .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 E F State and local governments*... -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 F G Financial sectors 3.3 3.2 3.9 3.4 4.3 .1 1.0 1.7 .2 1.4 .6 1.7 .6 G H Capital consumption3 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 H I Consumer and nonprofit 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 I 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 J 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 K L Plant and equip, (nonprofit)... .5 .5 .5 .6 .6 .1 .1 .1 .1 .1 .2 .2 .2 .2 L M Farm business 3.7 3.7 3.9 4.0 4.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 M 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. 2.2 2.2 N 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 O P Gross national saving1 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 S T 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 T U State and local governments1... -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 U V 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 V W Gross national investment* 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 W X Consumer durable goods 39.6 38.5 40.3 37.6 43.0 11.3 8.3 9.1 11.4 9.4 11.1 10.3 12.3 X Y Other gross private domestic fixed investment 58.4 62.7 64.6 58.7 66.5 16.7 13.1 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.*... 16.6 16.1 14.9 14.7 18.5 4.0 3.6 3.1 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 .8 .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. business*, 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. business4.... +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 \l .7 .8 .7 .2 .2 .2 .2 .2 .2 .2 .2 g Change in inventories 5 5.8 4.7 2.0 -3.8 4.8 -1.1 -2.4 -.6 3.2 1.8 .2 h Farm business .3 -.4 .8 1.1 .8 .2 .3 .2 .2 .2 .2 .2 .2 1 j 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 - - 4 . .8 1 3. A 5 - - . . 5 8 -1.0 .6 -2 -. . 3 4 -1.1 .1 -.5 4 2. . 0 9 1. . 5 1 -.5 .5 k Net financial investment« * 2.1 4.2 .4 -1.7 .7 .3 .2 -.1 -A -.4 .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 23.1 24.6 33.1 5.4 5.2 3.2 7.4 8.7 7.0 8.1 8.6 9.3 n 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 o Farm and noncorp. business.. -4.4 -2.5 -2.5 -2.8 -4.5 3.6 -1.9 -1.9 -1.9 3.0 -2.1 -4.1 -3.1 4.9 p Net acquis. offinan. assets. . .6 .4 .7 7.5 — .2 .5 — .2 .5 .3 .8 -.5 .7 -.2 .3 q Net increase in liabilities.... 5.0 2.9 3.2 4.3 4.2 -3.1 1.7 2.5 2.2 -2.1 7.7 4.2 2.9 -4.5 r Corp. nonfinan. business -2.9 -12.2 -6.9 A -4.0 -.3 -4.3 A 2.6 2.0 -1.7 .6 .3 -3.1 s Net acquis. offinan. 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 t Net increase in liabilities.... 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 u Federal Government A 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 -AA -.6 -1.2 -.7 -2.7 -.3 -1.7 -1.4 -1.5 .2 y Net acquis. offinan. assets. . 2.2 2.6 3.5 3.0 2.8 1.0 1.2 7.5 -.8 1.0 .2 .6 .8 1.2 z 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 1.0 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 bb Net acquis. offinan. assets.. 26.9 22.4 23.7 35.3 28.7 9.0 2.7 16.1 7.5 75.0 * 10.3 8.1 10.2 bb cc Net increase in liabilities.... 23.3 19.9 21.1 31.8 24.5 9.4 2.2 14.9 -.8 75.5 -7.7 9.5 6.1 10.6 cc dd Financial trans, discrep .5 -2.0 -.8 • -.9 1.5 -1.2 -.4 .7 -1.3 A -.4 .5 dd ee Discrepancy (P-W)7 -2.0 .8 -.9 .9 2.4 -4.2 3.1 -.2 1.3 -3.2 3.4 -.6 2.0 -2.3 ee * Less than $50 million. » Preliminary. includes work in process on 1- to 4-family dwellings and other private t Includes $0.3 billion of existing facilities purchased from Federal residential construction. Government. 5 After inventory valuation adjustment. * For govt. sectors, saving is excess of all nonfinancial receipts over all 6 Financial component of national investment equals net lending to nonfinancial outlays; investment, changes in financial assets and liabilities rest of world; financial flows among domestic sectors cancel out in only. Govt. current outlays include, and govt. (and national) investment national total. (Discrepancies in financial transactions attributed entirely excludes, govt. purchases of tangible assets. to domestic transactions.) Differs from U. S. "net foreign investment" 2 Annual figures for farm sector are retained earnings of corporate (net exports minus net unilateral transfers in national income accounts) farms; farm and nonfarm unincorporated businesses shown as having by discrepancy in rest-of-world account, which equals "errors and zero annual net saving. Quarterly figures for both sectors include seasonal omissions" in Dept. of Commerce balance-of-payments statement for net saving. See p. 838 of the BULLETIN for August 1959. the United States. 3 Depreciation, accidental damage to fixed capital, and capital outlays 7 Saving and investment are equal in concept but may differ statistically charged to current account. Line H includes amounts for financial because of discrepancies. See p. 857 of the BULLETIN for August 1959. sectors not shown separately. See discussion on p. 836 of the BULLETIN NOTE.—Discriptions of sectors and of transaction categories are given for August 1959. in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN 4 For consumers, 1- to 4-family dwellings completed and purchases of for August 1959. For latest detailed flow of funds/saving tables, see additions and alterations. Investment of nonfarm business sectors the BULLETIN for April 1960. Notes to table on opposite page. held by other sectors included in Federal obligations category. 1 Demand deposit liabilities of banking system are net of F. R. float 3 Mainly time deposits of State and local governments, corporate and cash items in process of collection as reported by commercial banks. businesses, and savings institutions. Sum of sector holdings (partly on holder-record basis) differs from liability 4 Assets in these categories shown as consumer holdings. total mainly because of mail float (checks in transit from drawers to 5 Marketable issues maturing within one year and, prior to 1956r drawees). For further discussion, see p. 853 of the BULLETIN for August savings notes. 1959. 6 Excludes loans to domestic commercial banks. Gross of valuation 2 Consumer-held only; includes net interest accruals. Savings bonds reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 563 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Transaction category, Annual totals or sector 1957 1958 1959 1955 1956 1957 1958 1959* 4* I. Demand deposits and currency A Net increase in commercial bkg. system liability1 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 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 C Federal Government -.6 -.2 .2 .1 .7 -2.7 1.5 3.6 -5.0 £ 1.0 1.5 -1.3 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 4.5 E Consumer and nonprofit -.8 1.0 2.5 1. 1.3 -1.3 -.8 2.4 2. -1.1 i!o 1.6 F Farm and noncorporate bus... .3 .1 .5 1.3 -.6 .1 .3 .3 .3 —. 2 -.2 G Corporate nonfinancial bus— 1.0 .1 2 1 .2 1.3 -3.1 1.3 1.0 2^5 -2.9 1.5 1.8 I H F S i t n at a e n c a i n a d l s lo e c c a to l rs government... . .6 4 . . 2 2 \ .3 l . . 2 4 .5 .6 - - . . 3 1 . . 6 3 -.7 3 . . 6 4 -.4 3 .1 . . 6 6 J Rest of the world .2 .2 .1 -.3 .2 -\\ I K Discrepancy (A—B) 1.5 -1.1 -.5 -.9 1.7 -1.9 .7 -1.0 1.6 '.7 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 Time deposits 2.9 3.6 6.8 10.1 2.2 1.4 4.3 3.3 1.6 .9 1.1 1. -.2 B C 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 2.2 C D U.S. savings bonds2 .3 -1.9 -.5 -1. A -.1 -.1 -.2 -.2 -.2 -.6 D E Net increase in liab., by sector 8.4 9.0 10.1 16.1 7.5 2.9 5.5 5.0 2.5 3.1 2.3 3.0 .8 1.5 E F Federal Government -.3 -2.2 -.7 -2.0 -.5 -.2 -.2 -.2 -.2 -.6 -.6 -.6 F G Commercial banking 1.3 2. 5.5 8.0 1.1 1.0 2.8 1.1 .5 .6 .9 -.2 G H Savings institutions 7.1 7.3 6.9 8.8 8.4 2.3 2.0 2.4 1.5 2.8 2.0 2.6 2.4 H I Net increase in assets, by sector 8.4 8.9 10.1 16.0 7.5 2.8 5.5 5.0 2.5 3.1 2.3 3.0 1.5 I J Consumer and nonprofit 8.7 9.0 9.8 13.6 9.5 2.8 3.3 3.7 3.0 3.6 2.3 3.6 2.0 J K Other domestic sectors 3 -.1 .1 .4 1.3 -1.0 1.2 1.2 -.4 -.6 — .2 -.2 K L Rest of the world (time deposits), -.1 -.1 .9 -1.0 1.0 -.4 -.3 L III. Savins through life insurance and pension funds A Net increase, by 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 B Life insurance 3.2 3.8 2.8 3.4 3.5 .7 .8 .7 .9 1.0 .8 1.1 .8 .9 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 D Net increase in liab., by sector4 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 E Federal Government .6 1.0 .6 1.0 1.0 .1 .2 .4 .3 .1 .2 .4 .3 .1 F G H S P L r t i a f iv e te a i t n a e s n n u d r o a n l n o i c c n e a s l u c r g o e o m d v p e p r a e n n n m i s e i e s o n n t plans 4 2 1 . . . 6 0 2 4 2 1 . . . 8 1 4 4 2 1 . . . 3 6 6 4 2 1 . . . 8 6 9 4 2 2 . . . 8 1 9 1. . . 2 6 4 1. . . 1 9 4 1. . . 0 4 5 1. . . 3 6 5 1. . 4 5 1. . . 1 9 5 l!3 c i!o 1. . 4 6 .7 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 Federal obligations , .8 -5.4 1.3 9.1 11.5 2.0 -2.0 2.6 .9 7.7 1.9 5.3 4.2 B C Short-term direct5 -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 C D Other 7.9 -12.8 -4.2 10.3 5.9 -.2 6.9 -.3 3.9 4.6 -2.8 4.6 -.5 D E State and local obligations , 3.5 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 G Corporate stock 3.0 3.8 4.0 4.2 4.5 .9 .8 1.4 1.0 1.1 1.2 1.3 .8 1.2 G H 1- to 4-family mortgages , 12.6 10.8 8.6 10.4 13.6 1.9 1.7 2.4 3.1 3.2 2.9 3.8 3.7 3.2 H 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 L K M B O Se a t c h 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 . t e.c 8 1 . . . 0 1 9 - 5 .7 .9 - 2 2 .4 . . 6 3 1 1 . . 4 4 2 7 . . 9 9 1. . 4 1 * -1 1 . . 7 4 * - 2 .2 . .7 - - - 2 . . . 3 3 1 2 1 . . . 8 4 9 - - 1 . . 4 2 .0 - 3 1 .2 . . 3 6 - 2 .4 . . 8 1 1. . . 9 5 8 M K L N Funds raised, by sector 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 0 P F C a o r n m su b m u e s r i n a e n ss d nonprofit 20 1. . 2 3 14 . . 9 9 1 1 1 . . 1 7 1 1 2 . . 4 0 20 1. . 9 8 - 3 .2 .6 . . 4 4 3. . 9 9 1. . 9 2 - 5 .1 .9 3. . 0 7 6 1 . . 0 1 5.0 6.8 O 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 l!8 ~L8 R Corporate nonfinancial business.. 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 S Federal Government i -5.4 1.0 9.3 10.9 2.3 -2.0 2.2 1.1 7.9 -.2 1.7 5.2 4.2 s T V U F R S i t e n a s t a t e n o c a f i n a t d l h e s lo e w c c t a o o l r r l g s d overnment 5i . 8 3 3 1 1 . . . 3 3 0 4 2 1 . . . 9 6 4 2 5 1 . . . 4 9 5 5 5 . . 1 8 1 1 . . . 1 1 6 - 2 .4 . . 0 5 1 1 . . . 7 5 6 -1 1 . . 7 . 4 5 2. . . 1 8 7 1. . . 3 8 2 1 1 . . . 5 5 4 1 1 . . . 2 9 3 2. . 3 5 U V T 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 X Consumer and nonprofit 8.0 7.9 9.7 3.6 16.7 .2 1.9 -.6 1.4 4.5 3.2 4.8 4.2 X Y Farm and noncorp. business .2 .3 .2 .2 .4 .4 -.5 .2 .5 -.3 .3 * .5 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 .5 b State and local government 1.9 2.3 2.8 2.0 2.7 .4 .9 .2 .3 .6 .6 .4 .6 c Commercial banking system 4.8 4.8 4.3 17.0 5.2 3.6 -1.2 10.8 -.6 8.0 -5.6 4.5 2.9 3.4 d Monetary authorities -.3 .3 2.2 .3 .9 -.6 1.8 -.4 1.4 g .6 .5 .1 e Commercial banks 5.0 4.5 5A 14.9 4.9 2.7 -.5 9.0 -.2 6.6 -A.I 4.0 2.4 3.3 f Securities -7.0 -3.5 1.3 10.4 -7.5 1.6 1.2 6.5 1.0 1.7 -4.5 -1.3 -1.2 -.5 g Loans6 12.1 8.0 3.8 4.5 12.5 1.1 -1.7 2.5 -1.2 4.9 -.3 5.3 3.6 3.8 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 1 Insurance sector 8.1 7.9 8.3 8.8 9.6 2.0 2.3 1.7 2.3 2.5 2.4 2.5 2.0 2.7 j Finance n.e.c 5.3 1.6 2.3 1.8 4.6 .8 .1 1.7 -2.1 2.1 1.0 .9 .8 2.0 k Rest of the world 1.0 1.3 .6 -.1 3.1 .4 -.5 -.6 .3 .1 1.0 1.3 .7 * Less than $50 million. *> Preliminary. sector transactions appear in other flow of funds/saving tables in the NOTE.—Data for excluded categories—trade credit, proprietors' net BULLETIN for April 1960. investment, gold, Treasury currency, and misc.—and more detail on For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 MEMBER BANK EARNINGS, 1959 EARNINGS OF ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] All All Central reserve Reserve national State city member banks city Country All member banks 1 member member member member banks banks banks banks New York Chicago 1956 1957 1958 1959 Year 1959 Earnings 6,078,173 6,770,958 7,126,594 8,074,868 5,183,069 2,891,799 1,306,202 307,695 3,204,840 3,256,131 Interest and dividends on securities: U. S. Govt 1,100,589 1,167,739 1,266,176 1,398,835 923,611 475,224 181,786 59,753 508,024 649,272 Other 307,846 339,451 411,403 444,652 291,174 153,478 68,483 18,372 155,797 202,000 Interest and discount on loans. 3,662,480 4,136,112 4,245,404 4,925,848 3,187,398 1,738.450 798,116 179,969 2,011,200 1,936,563 Other charges on loans 62,685 71,803 80,902 95,397 61,580 33;817 14,121 2,160 48,094 31,022 Service charges on deposits. . . 310,165 354,187 388,500 421,689 294,758 126,931 27,059 2,552 174,740 217,338 Other charges, fees, etc 121,585 136,558 139,686 149,399 90,949 58,450 24,710 5,650 56,489 62,550 Trust department 309,105 340,234 364,360 408,503 182,016 226,487 136,920 32,469 159,540 79,574 Other current earnings 203,719 224,875 230,163 230,545 151,583 78,962 55,007 6,770 90,956 77,812 Expenses 3,679,898 4,222,375 4,616,925 5,139,614 3,338,249 1,801,365 698,961 157,949 2,039,653 2,243,051 Salaries—officers 553,292 592,380 632,081 680,090 449,125 230,965 73,592 19,188 233,503 353,807 Salaries and wages—others. . . 1,181,906 1,284,885 1,349,170 1,438,261 898,917 539,344 241,306 51,723 599,748 545,484 Directors' fees, etc 29,161 30,856 32,485 34,586 23,790 10,796 1,694 308 6,045 26,539 Interest on time deposits 649,679 927,199 1,123,415 1,279,719 866,701 413,018 122,899 30,793 534,350 591,677 Interest on borrowed money. . 43,793 47,875 23,183 75,898 42,437 33,461 25,086 5,618 33,385 11,809 Taxes other than income 157,227 172,171 185,234 211,003 143,417 67,586 17,650 6.463 95,347 91,543 Recurring depreciation 102,854 117,071 134,749 153,411 104,701 48,710 14,258 1,425 52,648 85,080 Other current expenses 961.985 1,049,938 1,136,608 1,266,646 809,161 457.485 202,476 42,431 484,627 537,112 Net current earnings before income taxes 2,398,275 2,548,583 2,509,669 2,935,254 1,844,820 1,090,434 607,241 149,746 1,165,187 1,013,080 Recoveries, transfers from reserves, and profits 225,807 169,938 777,390 296,179 170,507 125,672 62,769 40,997 108,133 84,280 On securities: Recoveries 12,578 8,190 8,157 25,448 15,741 9,707 3,269 2,434 13,795 5,950 Transfers from reserves 39,745 19,345 54,261 106,235 69,682 36,553 13,516 28,285 37,442 26,992 Profits on securities 27.526 57,162 611,514 41,693 24,799 16,894 10,449 7,214 13,071 10,959 On loans: Recoveries 14,309 14,037 15,848 13,892 9,367 4,525 303 551 2,190 10,848 Transfers from reserves 73,279 36,848 39,679 53,173 23,650 29,523 15,731 2,081 24,390 10,971 All other 58,370 34,357 47,931 55,738 27,268 28,470 19,501 432 17,245 18,560 Losses, charge-offs, and transfers to reserves 879,830 655,063 681,456 1,199,926 708,519 491,407 258,855 99,165 448,865 393,041 On securities: Losses and charge-offs.... 276,573 206,908 74,869 666,514 361,631 304,883 181,158 57,026 218,753 209,577 Transfers to reserves 97,001 78,269 253,282 157,997 96,654 61,343 15,154 21,241 96,705 24,897 On loans: Losses and charge-offs.... 21,851 15,675 15.109 15,382 11,090 4,292 140 504 1,106 13,632 Transfers to reserves 407,544 280,887 240,813 273,068 184,273 88,795 55,250 11,654 99,990 106,174 All other 76,862 73,324 97,383 86,965 54,871 32,094 7,153 8,740 32,311 38,761 Profits before income taxes 1,744,253 2,063,459 2,605,603 2,031,507 1,306,808 724,699 411,155 91,578 824,455 704,319 Taxes on net income 717,688 894,515 1,148,409 774,622 506,497 268,125 171,424 34,990 315,931 252,277 Federal 677,206 848,679 1,081,498 728,418 482,489 245,929 153,798 34,990 298,962 240,668 State 40,482 45,836 66,911 46,204 24,008 22,196 17,626 16,969 11,609 Net profits 1,026,565 1,168,944 1,457,194 1,256,885 800,311 456,574 239,731 56,588 508,524 452,042 Cash dividends declared 546,931 603,767 646,178 689,721 422,868 266,853 166,346 28,119 278,080 217,176 On preferred stock2 1,592 1,485 1,566 1,461 165 1,296 27 68 287 1,079 On common stock 545,339 602,282 644,612 688,260 422,703 265,557 166,319 28,051 277,793 216,097 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 3,185 2,099 8,919 2,848 2,603 245 17 1,294 1,537 On loans 35,443 43,673 61,132 66,050 45,373 20,677 14,125 5,783 21,693 24,449 Losses charged to reserves (not included in losses above): On securities 92,830 71,394 18,823 195,044 121,895 73,149 21,522 3,205 138,245 32,072 On loans 108,536 100,611 109,169 101,989 69,417 32,572 11,907 2,440 35,482 52,160 Loans 74,279,000 79,024,000 80,819,000 88,848,000 16,829,000 3,753,000 36,340,000 31,925,000 U. S. Govt. securities 47,554,000 46,081,000 51,604,000 50,125,000 6,405,000 2,263,000 18,544,000 22,914,000 Other securities 13,421,000 13,579,000 15,721,000 16,476,000 2,339,000 664,000 5,777,000 7,696,000 Cash assets 36,924,000 37,435,000 37,916,000 38,402,000 7,649,000 1,910,00016,101,00012,742,000 Other assets 2,883,000 3,450,000 3,893,000 4,047,000 1,173,000 82,000 1,536,000 1,256,000 Total assets 175,061,000179,568,000189,953,000197,898,000 34,395,000 8,673,000 78,298,000 76,532,000 Time deposits 41,200,000 44,596,000 51,054,000 54,142,000 4,980,000 1,451,000 21,810,000 25,900,000 Total deposits 157,561,000160,753,000170,058,000176,303,000 29,083,000 7,675,000 70,101,000 69,443,000 Total capital accounts 13,270,000 14,108,000 15,086,000 15,898,000 3,310,000 742,000 5,941,000 5,905,000 Number of officers 61,325 63,410 65,694 68,70: 47,825 20,87 4,689 1,122 21,205 41,686 Number of employees 363,639 378,317 381,086 399,28: 258,746 140,539 53,823 12,018 161,561 171,883 Number of banks 6,462 6,393 6,312 6,233 4,542 1,691 16 14 265 5,938 For notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1959 565 EARNINGS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district 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 Lo S u t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings , 389,406 2,001,638 418,870 639,867 366,389 454,620 1,144,496 264,205 222,084 348,409 424,727 1,400,157 Interest and dividends on securities: U.S. Govt 57,215 296,013 68,839 127,856 67,704 84,278 259,492 56,299 41,904 70,628 72,468 196,139 Other 16,201 118,473 25,242 38,467 17,300 24,679 70,047 15,742 12,902 18,771 23,455 63,373 Interest and discount on loans, 231,501 1,226,005 260,849 379,979 223,651 272,788 653,846 160,491 132,564 209,515 269,515 905,144 Other charges on loans 2,566 22,306 3,045 5,088 3,265 5,528 10,687 1,613 2,185 2,186 3,577 33,351 Service charges on deposits... 24,115 76,386 16,660 29,259 22,582 29,069 49,915 11,689 13,792 21,680 20,148 106,394 Other charges, fees, etc 10,653 35,082 5,664 8,206 9,219 10,836 19,905 4,710 7,465 5,059 6,004 26,596 Trust department 34,025 156,048 29,640 33,250 14,041 12,843 56,506 7,909 5,946 9,455 9,020 39,820 Other current earnings 13,130 71,325 8,931 17,762 8,627 14,599 24,098 5,752 5,326 11,115 20,540 29,340 Expenses 243,129 1,201,167 274,360 410,320 239,767 304,045 731,284 161,203 147,218 215,343 269,118 942,660 Salaries—officers 35,903 133,164 36,127 50,602 37,180 43,126 96,129 27,904 24,637 42,073 46,279 106,966 Salaries and wages—others. 77,802 369,844 77,482 107,518 66,126 81,228 201,792 42,022 35,029 54,951 62,324 262,143 Directors' fees, etc 2,014 5,679 3,882 2,984 2,518 2,436 4,897 2,125 1,413 2,331 2,515 1,792 Interest on time deposits.. . 35,876 276,547 61,425 113,878 51,673 64,824 194,182 30,797 36 170 38,318 52,168 323,861 Interest on borrowed money 2,413 28,577 3,079 3,988 2,915 4,688 9,882 1,899 2,442 3,920 4,404 7,691 Taxes other than income... 10,152 33,742 12,708 28,757 9,933 14,614 29,857 7,814 4,623 6,859 20,750 31,194 Recurring depreciation 8,342 31,250 9,912 12,997 9,899 11,564 18,101 4,846 4,407 7,802 10,848 23,443 Other current expenses 70,627 322,364 69,745 89,596 59,523 81,565 176,444 43,796 38,497 59,089 69,830 185,570 Net current earnings before income taxes 146,277 800,471 144,510 229,547 126,622 150,575 413,212 103,002 74,866 133,066 155,609 457,497 Recoveries, transfers from reserves, and profits 21,316 82,103 9,546 25,634 10,535 10,566 65,824 13,350 4,723 9,085 9,638 33,859 On securities: Recoveries 582 3,868 1,703 2,927 514 2,299 7,810 2,223 405 1,365 183 1,569 Transfers from reserves. . 11,332 17,293 3,363 9,522 3,688 2,517 34,909 5,405 1,582 1,936 3,172 11,516 Profits on securities 1,750 14,505 949 1,825 872 1,909 10,293 1,511 700 1,813 1,149 A,All On loans: Recoveries 638 1,992 1,147 977 431 1,082 1,581 375 957 1,497 2,435 780 Transfers from reserves. . 2,512 21,282 1,290 7,320 1,492 1,218 5,880 2,534 179 557 823 8,086 All other 4,502 23,163 1,094 3,063 3,538 1,541 5,351 1,302 900 1,917 1,876 7,491 Losses, charge-offs, and transfers to reserves 65,418 351,792 53,538 94,070 43,441 66,631 217,503 42,911 22,577 41,680 43,381 156,984 On securities: Losses and charge-offs. . . 38,348 217,139 33,027 37,457 23,476 37,786 128,485 25,640 12,509 21,929 16,813 73,905 Transfers to reserves 4,966 32,614 2,490 34,108 5,880 4,020 35,120 5,892 927 3,818 3,473 24,689 On loans: Losses and charge-offs... 544 959 657 835 655 1,604 2,334 546 1,422 2,004 2,840 982 Transfers to reserves 12,724 86,206 12,199 15,819 10,071 18,274 35,033 5,905 6,159 9,046 15,318 46,314 All other 8,836 14,874 5,165 5,851 3,359 4,947 16,531 4,928 1,560 4,883 4,937 11,094 Profits before income taxes. . . 102,175 530,782 100,518 161,111 93,716 94,510 261,533 73,441 57,012 100,471 121,866 334,372 Taxes on net income 38,300 204,870 36,597 48,007 37,687 33,612 94,574 25,650 23,638 41,853 51,236 138,598 Federal 32,795 183,242 36,346 48,007 36,866 32,804 94,313 25,184 21,209 40,155 51,178 126,319 State 5,505 21,628 251 821 808 261 466 2,429 1,698 58 12,279 Net profits 63,875 325,912 63,921 113,104 56,029 60,898 166,959 47,791 33,374 58,618 70,630 195,774 Cash dividends declared 35,780 217,031 42,233 49,982 27,800 27,922 79,353 21,013 16,667 23,945 37,623 110,372 On preferred stock 2 52 1,083 2 1 10 253 28 7 25 On common stock 35,728 215,948 42,231 49,982 27,912 79,100 20,985 16,660 23,945 37*,623 110,347 27,799 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 154 505 10 834 348 84 109 22 17 159 605 On loans 1,877 19,008 2,275 7,496 1,271 3,006 12,762 1,497 1,251 3,459 4,386 7,762 Losses charged to reserves (not included in losses above): On securities 8,473 42,375 2,955 58,748 8,328 8,051 21,029 9,717 48 3,964 1,852 29,504 On loans 6,098 24,026 5,877 6,539 3,734 10,533 12,023 2,420 2,178 4,842 8,978 14,741 Loans 4,110,000 24,124,000 4,624,000 7,096,000 3,787,000 4,513,00012,056,0002,890,0002,243,000 3,562,000 4,673,00015,169,000 U. S. Govt. securities 10,440,000 2,480,000 4,473,000 2,460,000 2,998,000 9,455,0002,002,0001,451,000 2,493,000 2,609,000 7,281,000 Other securities 689,000 4,241,000 933,000 1,351,000 672,000 913,000 2,657,000 575,000 462,000 730,000 834,000 2,417,000 Cash assets 1,654,000 9,935,000 1,834,000 2,861,000 ,847,000 2,403,000 5,604,0001,489,000 965,0002,065,000 2,684,000 5,063,000 Other assets 169,000 1,442,000 192,000 237,000 161,000 211,000 366,000 85,000 127,000 280,000 695,000 81,000 Total assets.... 8,604,000 50,181,00010,064,000 16,018,000 8,927,00011,039,00030,138,000 5,207,0008,977,00011,080,000 30,625,000 7,037,000 Time deposits 1,602,00011,242,000 2,979,000 5,168,000 2,295,000 2,538,000 9,224,000 1,572,0001,582,000 2,125,000 112,263,000 Total deposits ",586,00043,346,000 8,934,00014,303,0008,010,000 9,988,00027,300,00061,,354543,,000000 4,690,000 8,,008855,,000000 9",,999966,,000000 :-2^7,,772222,,000000 Total capital accounts 797,000 4,450,000 934,000 1,420,000 713,000 816,000 2,229,000 579,000 388,000 723,000 901,000 ,949,000 Number of officers 3,620 10,740 4,122 4,938 4,174 4,584 8,794 3,284 2,951 4,864 5,020 11,611 Number of employees 23,381 90,703 23,212 29,950 20,927 25,875 55,069 13,805 11,14." 17,194 19,209 68,818 Number of banks 277 508 499 44' 403 1,008 488 477 756 633 165 i Includes figures for all banks that were members of the Federal Reserve 2 Includes interest on capital notes and debentures. System at the end of the year (including those becoming members during 3 Not available on the 13-month basis used for all member banks. See the year whose returns may cover operations for only part of the year); NOTE on following page. and in addition includes appropriate adjustments for member banks in operation during part of the year but not at the end of the year. Data For other notes see following page. may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 MEMBER BANK EARNINGS, 1959 EARNINGS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district 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 Fra S n a c n isco Earnings 137,889 90,125 172,752 379,652 162,147 185,080 344,069 123,025 69,083 164,087 205,550 1,171,381 Interest and dividends o securities: U. S. Govt 17,219 11,329 20,649 70,107 28,478 30,762 80,189 21,747 8,572 28,555 30,079 160,338 Other 3,800 5,861 8,246 23,546 6,792 8,219 21,536 6,264 3,242 7,565 8,883 51,843 Interest and discount on loans 81,697 59,320 109,801 224,151 95,804 114,992 196,219 78,254 45,206 104,334 136,559 764,863 Other charges on loans 1,399 1,253 1,500 3,532 1,453 2,982 3,462 847 811 882 2,529 27,444 Service charges on deposits.. 4,022 5,158 6,755 15,209 10,386 8,773 18,930 4,540 2,797 6,839 4,198 87,133 Other charges, fees, etc 6,145 1,388 2,749 4,607 4,895 4,433 5,245 2,144 1,677 1,260 2,055 19,891 Trust department 17,738 1,978 19,498 28,088 9,570 7,257 13,300 6,448 4,773 7,759 7,071 36,060 Other current earnings 5,869 3,838 3,554 10,412 4,769 7,662 5,188 2,781 2,005 6,893 14,176 23,809 Expenses 70,318 62,649 105,538 231,651 103,804 119,842 230,157 68,953 43,183 96,470 122,245 784,843 Salaries—officers 10,588 6,830 12,545 24,628 14,770 14,603 22,386 9,614 5,269 13,237 15,136 83,897 Salaries and wages—others., 27,081 17,480 37,839 67,497 33,224 34,735 71,162 21,058 14,032 28,483 27,4161 219,741 Directors' fees, etc , 247 303 455 584 694 522 858 298 203 414 352 1,115 Interest on time deposits 3,713 17,061 11,885 62,231 16,463 21,791 62,559 10,366 6,389 15,457 27,169! 279,266 Interest on borrowed money, 800 756 2,351 3,432 2,182 3,061 2,974 1,552 2,023 3,077 3,943 7,234 Taxes other than income 3,287 1,561 5,745 16,437 4,886 7,158 9,509 3,312 846 3,176 12,072 27,358 Recurring depreciation 1,913 1,378 3,087 5,857 4,368 3,423 5,124 1,377 803 3,706 4,497 17,115 Other current expenses 22,689 17,280 31,631 50,985 27,217 34,549 55,585 21,376 13,618 28,920 31,660 149,117 Net current earnings before income taxes , 67,571 27,476 67,214 148,001 58,343 65,238 113,912 54,072 25,900 67,617 83,305 386,538 Recoveries, transfers from reserves, and profits 12,646 3,839 4,288 18,741 7,044 6,085 12,049 9,809 624 4,914 2,451 25,643 On securities: Recoveries 1 164 4 2,580 113 2,242 4,524 1,723 9 979 2 1,454 Transfers from reserves. .. 7,573 182 2,910 6,435 2,647 1,625 1,493 4,504 70 1,156 919 7,928 Profits on securities 1,243 771 213 1,175 181 1,243 1,202 977 103 1,385 691 3,887 On loans: Recoveries 171 22 453 355 41 289 310 6 125 74 39 305 Transfers from reserves. .. 1,703 2,150 538 6,112 1,384 207 1,977 2,300 49 81 139 7,750 All other 1,955 550 170 2,084 2,678 479 2,543 299 268 1,239 661 4,319 Losses, charge-offs, and transfers to reserves 28,734 16,246 27,517 68,500 24,240 34,769 56,492 27,062 7,060 19,661 15,607 122,977 On securities: Losses and charge-offs... 16,825 1,126 20,420 23,101 11,815 23,189 30,756 17,214 4,528 11,776 7,574 50,429 Transfers to reserves 3,012 8,018 13 32,792 4,756 3,272 12,329 4,333 70 2,629 1,832 23,649 On loans: Losses and charge-offs... 48 5 240 224 6 319 150 9 105 Transfers to reserves 5,387 5,866 4,455 8,705 5,293 6,565 10,025 2,492 1,742 3,521 5,258 40,681 All other 3,510 1,236 2,629 3,854 2,371 1,503 3,158 3,017 401 1,585 934 8,113 Profits before income taxes 51,483 15,069 43,985 98,242 41,147 36,554 69,469 36,819 19,464 52,870 70,149 289,204 Taxes on net income. 21,624 3,840 16,485 24,432 15,511 12,507 22,502 12,456 9,582 22,971 32,761 121,260 Federal 18,399 3, 6 2 3 0 7 3 16,485 24,432 15, 3 1 7 4 0 1 12,192 22, 1 3 0 98 4 12, 3 1 3 2 2 4 8 1 , ,0 5 0 7 7 5 22, 7 2 0 7 0 1 32,761 1 1 1 0 0, , 9 2 8 7 1 9 State 3,225 315 Net profits 11,229 27,500 73,810 25,636 46,967 24,363 9,882 29,899 37,388 167,944 29,859 24,047 Cash dividends declared. 8,703 21,154 32,666 13,345 24,621 11,807 6,077 12,272 22,754 96,569 On preferred stock 2. . 15,057 167 13,055 115 5 On common stock.... 8,536 ' '32,666 ' '1*3,345 13,055 24,506 ' Yl',807 6,077 12,272 ' 22/754 96,564 ' '1*5,057 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 126 797 73 22 4 158 114 On loans 242 820 805 5,628 311 972 3,257 525 97 1,377 1,228 6,431 Losses charged to reserves (not included in losses above): On securities 4,582 9,444 56,467 6,225 6,783 15,845 7,839 2,426 982 27,652 On loans , 2,287 2,100 1,908 2,411 1,180 3,963 3,393 589 625 1,710 3,110 12,206 Loans ,572,000 988,000 2,025,000 4,394,0001,739,000 2,064,000 3,652,0001,519,000 825,0001,943,000 2,592,00013,027,000 U. S. Govt. securities. 565,000 404,000 729,000 2,397,0001,051,000 1,125,000 2,935,000 769,000 331,0001,044,000 1,148,000 6,048,000 Other securities 163,000 214,000 296,000 790,000 272,000 305,000 827,000 222,000 115,000 297,000 256,000 2,021,000 Cash assets 668,000 358,000 948,000 1,856,000 961,000 1,210,000 1,848,000 835,000 433,0001,193,000 1,436,000 4,354,000 Other assets 71,000 34,000 86,000 137,000 82,000 84,000 128,000 37,000 29,000 78,000 172,000 599,000 Total assets. 3,038,000 1,998,000 4,083,000 9,574,000 4,104,000 4,788,000 9,389,000 3,382,000 ,734,000 4,554,000 5,605,000 26,049,000 Time deposits 219,000 642,000 534,000 2,655,000 754,000 875,000 3,071,000 497,000 267,000 622,000 1,106,00010,570,000 Total deposits 2,623,000 1,800,000 3,584,000 8,486,0003,679,000 4,287,000 8",,555566,,000000 3,,001166,,000000 ,551133,,000000 4,,006600,,000000 4',,998866,,000000 23",,551122,,000000 Total capital accounts. 315,000 155,000 374,000 875,000 300,000 357,000 638,000 285,000 144,000 372,000 475,000 ,650,000 Number of officers 895 589 989 1,728 1,282 1,275 1,673 824 452 1,163 1,161 9,174 Number of employees. 7,507 4,732 10,284 17,182 9,977 10,415 18,609 6,633 3,915 8,183 7,808 56,316 Number of banks 21 19 23 62 19 10 38 26 24 * Not including central reserve city banks. with other banks (including reserves balances), and cash items in process NOTE.—The figures of assets, deposits, and capital accounts are aver- of collection. Total capital accounts are comprised of the aggregate ages of the amounts reported for the call dates at the beginning, middle, book value of capital stock, capital notes and debentures, surplus, unand end of each year, plus the last-Wednesday-of-the-month figures for divided profits, reserves for contingencies, and other capital reserves. the 10 intervening months. The number of officers, employees, and banks For other notes see preceding page. are as of the end of the year. Cash assets are comprised of cash, balances Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1959 567 EARNINGS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o ew rk - 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 Lo S u t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 251,517 605,311 246,118 260,215 204,242 269,540 492,732 141,180 153,001 184,322 219,177 228,776 Interest and dividends on securities: U. S. Govt 39,996 102,898 48,190 57,749 39,226 53,516 119,550 34,552 33,332 42,073 42,389 35,801 Other 12,401 44,129 16,996 14,921 10,508 16,460 30,139 9,478 9,660 11,206 14,572 11,530 Interest and discount on loans. 149,804 368,569 151,048 155,828 127,847 157,796 277,658 82,237 87,358 105,181 132,956 140,281 Other charges on loans 1,167 6,932 1,545 1,556 1,812 2,546 5,065 766 1,374 1,304 1,048 5,907 Service charges on deposits.. 20,093 44,169 9,905 14,050 12,196 20,296 28,433 7,149 10,995 14,841 15,950 19,261 Other charges, fees, etc 4,508 8,984 2,915 3,599 4,324 6,403 9,010 2,566 5,788 3,799 3,949 6,705 Trust department 16,287 17,150 10,142 5,162 4,471 5,586 10,737 1,461 1,173 1,696 1,949 3,760 Other current earnings 7,261 12,480 5,377 7,350 3,858 6,937 12,140 2,971 3,321 4,222 6,364 5,531 Expenses 172,811 439,557 168,822 178,669 135,963 184,203 343,178 92,250 104,035 118,873 146,873 157,817 Salaries—officers 25,315 52,742 23,582 25,974 22,410 28,523 54,555 18,290 19,368 28,836 31,143 23,069 Salaries and wages—others.. 50,721 111,058 39,643 40,021 32,902 46,493 78,907 20,964 20,997 26,468 34,908 42,402 Directors' fees, etc 1,767 3,682 3,427 2,400 1,824 1,914 3,731 1,827 1,210 1,917 2,163 677 Interest on time deposits.... 32,163 136,587 49,540 51,647 35,210 43,033 100,830 20,431 29,781 22,861 24,999 44,595 Interest on borrowed money. 1,613 2,735 728 556 733 1,627 1,290 347 419 843 461 457 Taxes other than income.... 6,865 14,531 6,963 12,320 5,047 7,456 13,885 4,502 3,777 3,683 8,678 3,836 Recurring depreciation 6,429 15,614 6,825 7,140 5,531 8,141 11,552 3,469 3,604 4,096 6,351 6,328 Other current expenses 47,938 102,608 38,114 38,611 32,306 47,016 78,428 22,420 24,879 30,169 38,170 36,453 Net current earnings before income taxes 78,706 165,754 77,296 81,546 68,279 85,337 149,554 48,930 48,966 65,449 72,304 70,959 Recoveries, transfers from reserves, and profits 8,670 15,495 5,258 6,893 3,491 4,481 12,778 3,541 4,099 4,171 7,187 8,216 On securities: Recoveries 581 435 1,699 347 401 57 852 500 396 386 181 115 Transfers from reserves. .. 3,759 3,595 453 3,087 1,041 892 5,131 901 1,512 780 2,253 3,588 Profits on securities 507 3,285 736 650 691 666 1,877 534 597 428 458 530 On loans: Recoveries 467 1,667 694 622 390 793 720 369 832 1,423 2,396 475 Transfers from reserves. .. 809 3,401 752 1,208 108 1,011 1,822 234 130 476 684 336 All other 2,547 3,112 924 979 860 1,062 2,376 1,003 632 678 1,215 3,172 Losses, charge-offs, and transfers to reserves 36,684 76,691 26,021 25,570 19,201 31,862 61,846 15,849 15,517 22,019 27,774 34,007 On securities: Losses and charge-offs.... 21,523 34,855 12,607 14,356 11,661 14,597 40,703 8,426 7,981 10,153 9,239 23,476 Transfers to reserves 1,954 9,442 2,477 1,316 1,124 748 1,550 1,559 857 1,189 1,641 1,040 On loans: Losses and charge-offs 544 819 657 787 650 1,364 1,606 540 1,103 1,854 2,831 877 Transfers to reserves 7,337 25,090 7,744 7,114 4,778 11,709 13,354 3,413 4,417 5,525 10,060 5,633 Allother 5,326 6,485 2,536 1,997 988 3,444 4,633 1,911 1,159 3,298 4,003 2,981 Profits before income taxes.... 50,692 104,558 56,533 62,869 52,569 57,956 100,486 36,622 37,548 47,601 51,717 45,168 Taxes on net income 16,676 29,606 20,112 23,575 22,176 21,105 37,082 13,194 14,056 18,882 18,475 17,338 Federal 14,396 26,241 19,861 23,575 21,725 20,612 36,925 13,060 12,634 17,884 18,417 15,338 State 2,280 3,365 251 451 493 157 134 1,422 998 58 2,000 Net profits 34,016 74,952 36,421 39,294 30,393 36,851 63,404 23,428 23,492 28,719 33,242 27,830 Cash dividends declared 20,723 41,982 21,079 17,316 14,455 14,867 26,613 9,206 10,590 11,673 14,869 13,803 On preferred stock2 52 889 2 1 10 70 28 7 20 On common stock 20,671 41,093 21,077 * 1*7,316 14,454 14,857 26,543 9,178 10,583 ' Vl',673 ' *14,869 13,783 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 28 488 10 37 348 84 36 1 13 1 491 On loans 1,635 4,063 1,470 1,868 960 2,034 3,722 972 1,154 2,082 3,158 1,331 Losses charged to reserves (not included in losses above): On securities 3,891 11,409 2,955 2,281 2,103 1,268 1,979 1,878 48 1,538 870 1,852 On loans 3,811 10,019 3,969 4,128 2,554 6,570 6,190 1,831 1,553 3,132 5,868 2,535 Loans 2,538,000 6,307,000 2,600,000 2,701,0002,049,000 2,449,000 4,651,000 ,371,0001,418,0001,620,000 2,081,000 2,142,000 U. S. Govt. securities ',417,000 3,632,000 1,751,000 2,076,000 1' ,409,000 1,873,000 4,257,000 ,233,0001,120,0001,450,000 1,462,000 1,233,000 Other securities 527,000 1,688,000 637,000 562,000 400,000 608,000 1,166,000 354,000 347,000 434,000 578,000 396,000 Cash assets 986,000 1,927,000 886,000 1,004,000 886,000 1,194,000 1,846,000 654,000 532,000 872,000 1,248,000 709,000 Other assets 99,000 235,000 106,000 101,000 79,000 127,000 156,000 44,000 57,000 49,000 107,000 96,000 Total assets 5,565,000 13,788,000 5,981,000 6,444,000 4,823,000 6,251,000 12,075,000 3,655,000 3,473,000 4,423,000 5,475,000 4,577,000 Time deposits 1,383,000 5,620,000 2,446,000 2,513,0001,541,000 1,663,000 4,701,000 1,056,000 1,306,000 960,000 1,019,000 1,693,000 Total deposits 4,,996633,,000000 1"2,,446633,,000000 5,350,000 5;,881177;O,0O0O0 44,,333311,000 5,700,000 11,068,000 3,329,000 3,177,000 4,024,000 5,010,000 4,210,000 Total capital accounts 482,000 985,000 560,000 545,000 412,000 459,000 849,000 293,000 244,000 351,000 426,000 299,000 Number of officers 2,725 5,462 3,133 3,210 2,892 3,309 5,999 2,460 2,499 3,701 3,859 2,437 Number of employees 15,874 32,148 12,928 12,768 10,950 15,460 24,442 7,172 7,227 9,011 11,401 12,502 Number of banks 269 483 493 551 428 380 932 469 467 718 607 141 For notes see preceding two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 MEMBER BANK EARNINGS, 1959 EARNINGS OF ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i Less than 2,000- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000 2,000 5,000 10,000 25,000 50,000 100,000 500,000 Earnings 8,002,714 56,350 284,727 437,563 705,623 583,113 617,294 1,876,711 3,441,333 Interest and dividends on securities: U. S. Govt 1,388,840 13,933 67,492 97,309 149,235 120,310 117,656 319,717 503,188 Other 441,077 3,145 19,171 30,685 47,080 35,771 36,004 93,358 175,863 Interest and discount on loans 4,902,798 33,711 169,741 258,539 408,463 338,290 367,238 1,143,165 2,183,651 Other charges on loans 94,877 194 1,051 2,694 5,618 5,663 6,336 20,582 52,739 Service charges on deposits 418,666 2,868 15,901 29,635 53,729 41,139 38,651 95,789 140,954 Other charges, fees, etc 148,766 1,631 6,034 8,768 14,813 10,765 10,267 31,473 65,015 Trust department 378,617 60 556 2,475 11,414 14,769 22,979 110,379 215,985 Other current earnings 229,073 4,781 7,458 15,271 16,406 18,163 62,248 103,938 Expenses 5,091,753 38,933 196,633 303,561 495,402 403,928 418,659 1,219,653 2,014,984 Salaries—officers 672,886 12,572 48,031 58,015 78,376 57,033 56,463 150,118 212,278 Salaries and wages—others 1,422,091 5,514 34,550 63,266 116,938 102,136 111,683 360,796 627,208 Directors' fees, etc 34,292 1,113 5,276 5,868 6,438 3,513 2,785 5,560 3,739 Interest on time deposits 1,273,923 8,449 51,102 83,777 135,979 107,889 103,869 262,888 519,970 Interest on borrowed money 75,745 115 562 797 1,485 2,275 3,656 19,575 47,280 Taxes other than income 209,562 1,770 8,329 12,608 19,484 16,388 17,847 55,528 77,608 Recurring depreciation 152,376 1,162 7,506 11,896 19,724 15,276 15,191 36,281 45,340 Other current expenses 1,250,878 8,238 41,277 67,334 116,978 99,418 107,165 328,907 481,561 Net current earnings before income taxes. 2,910,961 17,417 88,094 134,002 210,221 179,185 198,635 657,058 1,426,349 Recoveries, transfers from reserves, and profits 293,3<Y 1,570 5,581 7,361 15,605 13,928 16,088 68,211 165,050 On securities: Recoveries 24,958 25 231 657 1,682 947 1,735 11,468 8,213 Transfers from reserves 105,146 304 948 3,742 4,626 5,651 26,815 63,060 Profits on securities <1,501 iO6 842 1,216 2,262 1,597 1,970 9,852 23,656 On loans: Recoveries 13,494 1,089 2,622 2,060 2,355 652 449 2,305 1,962 Transfers from reserves 53,153 81 533 805 2,122 1,996 2,758 7,411 37,447 All other 55,14f 1,049 1,675 3,442 4,110 3,525 10,360 30,712 269 Losses, charge-offs, and transfers to reserves 1,189,812 4,021 23,346 42,947 76,875 71,727 81,115 291,017 598,764 On securities: Losses and charge-offs , 659,764 933 9,963 21,682 39,539 43,930 42,860 160,207 340,650 Transfers to reserves , 156,620 37 539 1,231 3,907 2,312 8,697 44,368 95,529 On loans: Losses and charge-offs , 14,662 1,650 3,951 2,422 3,005 741 380 1,760 753 Transfers to reserves , 272,658 899 6,127 12,564 22,196 19,254 23,168 58,742 129,708 All other 86,108 502 2,766 5,048 8,228 5,490 6,010 25,940 32,124 Profits before income taxes 2,014,543 14,966 70,329 98,416 148,951 121,386 133,608 434,252 992,635 Taxes on net income 767,833 3,847 20,074 33,720 57,864 47,038 49,991 164,966 390,333 Federal 722,287 3,694 19,210 32,405 55,485 45,572 48,296 157,449 360,176 State 45,546 153 864 1,315 2,379 1,466 1,695 7,517 30,157 Net profits 1,246,710 11,119 50,255 64,696 91,087 74,348 83,617 269,286 602,302 Cash dividends declared 683,206 4,110 19,195 27,047 41,586 34,339 41,129 151,627 364,173 On preferred stock2 419,864 2,928 14,464 20,899 31,654 25,619 28,557 99,046 196,697 On common stock 263,342 l,18f 4,731 6,148 9,932 8,720 12,57: 52,581 167,476 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 2,846 51 215 277 461 1,708 127 On loans 66,013 362 2,383 4,449 6,084 4,170 4,895 7,924 35,746 Losses charged to reserves (not included in losses above): On securities 194,03' 4 24: 1,620 4,547 4,262 12,840 55,333 115,186 On loans 101,886 539 3,97! 8,272 12,036 8,498 10,456 23,47' 34,640 Loans 94,678,01 531,109 2,797,608 4,304,929 7,066,715 6,009,125 6,627,41521,996,82145,344,297 U. S. Govt. securities 46,671,752 486,138 2,341,534 3,390,881 5,242,577 4,256,219 4,103,189 11,003,316 15,847,898 Other securities 16,238,546 114,844 731,272 1,194,306 1,832,288 1,379,117 1,432,729 3,424,253 6,129,737 Cash assets 43,383,745 281,645 1,348,877 1,994,481 3,134,484 2,609,692 2,948,055 10,811,58320,254,928 Other assets 4,320,539 11,975 87,423 153,25: 287,526 264,629 282,294 903,208 2,330,232 Total assets 205,292,601 1,425,711 7,306,71411,037,84! 17,563,590 14,518,78: 15,393,68248,139,181 89,907,092 Time deposits 54,082,736 402,224 2,407,195 3,899,544 6,234,312 4,826,365 4,532,47: 11,312,88120,467,743 Total deposits 184,367,145 1,267,86" 6,605,033 10,045,199 16,027,073 13,265,868 13,989,31' 43,631,227766 ^799,535,517 Total capital accounts 16,191,683 151,149 660,749 895,590 1,319,305 1.028,843 1,124,019 3,569,396 7,442,632 Number of officers 68,32! 2,55: 7,573 7,629 8,875 5,677 5,312 12,995 17,712 Number of employees 396,54! 2,549 12,914 21,359 37,440 31,540 34,351 102,962 153,428 Number of banks 6,19: 910 1,971 1,434 1,058 38: 197 197 49 1 Totals are for banks operating during the entire year, except two NOTE.—The figures for assets, deposits, capital accounts, number of trust companies having no deposits. officers and employees, and number of banks are as of the end of the 2 Includes interest on capital notes and debentures. year. See note on second preceding page regarding the composition of cash assets and total capital accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1959 569 EARNINGS RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve All member banks city b m an e k m s ber Re c s i e ty rve C m o e u m n b tr e y r Item New m b e a m nk b s er banks York Chicago 1956 1957 1958 1959 Year 1959 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 18.1 18.1 16.6 18.5 18.3 20.2 19.6 17.2 Profits before income taxes 13.1 14.6 17.3 12.8 12.4 12.3 13.9 11.9 Net profits , 7.7 8.3 9.7 7.9 7.2 7.6 7.7 Cash dividends declared 4.1 4.3 4.3 4.3 5.0 3.8 4.7 3.7 Percentage of total assets: Total earnings 3.47 3.77 3.75 4.08 3.80 3.55 4.09 4.25 Net current earnings before income taxes 1.37 1.42 1.32 1.48 1.77 1.73 1.49 1.32 Net profits .59 .65 .77 .64 .70 .65 .65 .59 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 18.1 17.3 17.8 17.3 13.9 19.4 15.8 19.9 Other securities 5.1 5.0 5.8 5.5 5.2 6.0 4.9 6.2 Earnings on loans 61.3 62.1 60.7 62.2 62.2 59.2 64.3 60.4 Service charges on deposit accounts 5.1 5.2 5.4 5.2 2.1 .8 5.4 6.7 Other current earnings 10.4 10.4 10.3 9.8 16.6 14.6 9.6 6.8 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.5 27.7 27.8 26.2 24.1 23.0 26.0 27.6 Interest on time deposits 10.7 13.7 15.8 15.8 9.4 10.0 16.7 18.2 Other current expenses 21.3 21.0 21.2 21.6 18.3 20.9 23.1 20.0 Total expenses 60.5 62.4 64.8 63.6 51.3 63.6 68.9 53.5 Net current earnings before income taxes 39.5 37.6 35.2 36.4 48.7 36.4 31.1 46.5 Net losses including transfers (or recoveries and profits+) 1 11 0 . . 8 8 1 7 3 . . 1 2 + 1 1 6 . . 3 1 1 9 1 . . 6 2 15.0 1 1 8 1 . . 9 4 1 9 0 . . 9 6 9 7 . . 5 7 Taxes on net income 16.9 17.3 20.4 15.6 13.1 18.4 15.9 13.9 Net profits 18.4 Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 2.31 2.53 2.45 2.79 2.84 2.64 2.74 2.83 Interest and dividends on other securities 2.29 2.50 2.62 2.70 2.93 2.77 2.70 2.62 Net losses (or recoveries and profits+) 1 .53 .35 + .79 1.19 2.16 1.73 1.35 .73 Return on loans: Earnings on loans 5.02 5.32 5.35 5.65 4.83 4.85 5.67 6.16 Net losses (or recoveries-}-)1 .11 .07 .06 .04 + .01 + .09 .03 .10 Distribution of assets: Percentage of total assets: U. S. Govt. securities 27.2 25.7 27.2 25.3 18.6 26.1 23.7 29.9 Other securities 7.7 7.6 8.3 8.3 6.8 7.7 7.4 10.1 Loans 42.4 44.0 42.5 44.9 48.9 43.3 46.4 41.7 Cash assets 21.1 20.8 20.0 19.4 22.3 22.0 20.6 16.7 Other assets 1.6 1.9 2.0 2.1 3.4 .9 1.9 1.6 Other ratios: Total capital accounts to: Total assets 7.6 7.9 7.9 8.0 9.6 8.6 7.6 7.7 Total assets less U. S. Govt. securities and cash assets.. 14.6 14.7 15.0 14.5 16.3 16.5 13.6 14.4 Total deposits 8.4 8.9 9.0 11.4 9.7 8.5 8.5 Time to total deposits 26.1 27.7 30.0 30.7 17.1 18.9 31.1 37.3 Interest on time deposits to time deposits 1.58 2.08 2.20 2.36 2.47 2.12 2.45 2.28 Number of banks 6,462 6,393 6,312 6,233 16 14 265 5,938 i Net losses is the excess of (a) actual losses charged against net profits the ratios based on aggregates presented here, the experience of those plus losses charged against valuation reserves over (b) actual recoveries banks in each group whose figures are largest have a much greater inand profits credited to net profits plus recoveries credited to valuation fluence than that of the many banks with smaller figures. (For example, reserves; net recoveries and profits is the reverse. Transfers to and from the 110 largest member banks have total earnings which, combined, are valuation reserves are excluded. larger than those of all the other member banks, numbering about 6,100.) NOTE.—The ratios in this and the following three tables were computed Ratios based on aggregates show combined results for the banking from the dollar aggregates shown in preceding tables. Many of these system as a whole, and, broadly speaking, are the more significant for ratios vary substantially from the average of individual bank ratios, purposes of general analyses of credit and monetary problems, while which will be published in a subsequent issue of the BULLETIN, in which averages of individual ratios are useful primarily to those interested in each bank's figures—regardless of size or amount—are weighted equally studying the financial results of operations of individual banks. and in general have an equally important influence on the result. In Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 MEMBER BANK EARNINGS, 1959 EARNINGS RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 18.4 18.0 15.5 16.2 17.8 18.5 18.5 17.8 19.3 18.4 17.3 23.5 Profits before income taxes 12.8 11.9 10.8 11.3 13.1 11.6 11.7 12.7 14.7 13.9 13.5 17.2 Net profits 8.0 7.3 6.8 8.0 7.9 7.5 7.5 8.3 8.6 8.1 7.8 10.0 Cash dividends declared 4.5 4.9 4.5 3.5 3.9 3.4 3.6 3.6 4.3 3.3 4.2 5.7 Percentage of total assets: Total earnings 4.53 3.99 4.16 3.99 4.10 4.12 3.80 3.75 4.27 3.88 3.83 4.57 N Ne e t t c p u ro rr fi e t n s t earnings before income taxes. 1. . 7 7 0 4 1. . 6 6 0 5 1. . 4 6 4 4 1. . 4 7 3 1 1. . 4 6 2 3 1. . 3 5 6 5 1. . 3 5 7 5 1. . 4 6 6 8 1. . 4 6 4 4 1. . 4 6 8 5 1. . 4 6 0 4 1. . 4 6 9 4 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on : U. S. Govt. securities 14.7 14.8 16.4 20.0 18.5 18.6 22.7 21.3 18.9 20.3 17.1 14.0 Other securities 4.2 5.9 6.0 6.0 4.7 5.4 6.1 6.0 5.8 5.4 5.5 4.5 Earnings on loans 60.1 62.4 63.0 60.2 61.9 61.2 58.1 61.4 60.7 60.8 64.3 67.0 Service charges on deposit accounts 6.2 3.8 4.0 4.6 6.2 6.4 4.3 4.4 6.2 6.2 4.7 7.6 Other current earnings 14.8 13.1 10.6 9.2 8.7 8.8 6.9 8.4 7.3 8.4 6.9 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.2 25.1 27.1 24.7 28.2 27.3 26.0 26.5 26.9 27.8 25.6 26.4 Interest on time deposits 9.2 13.8 14.7 17.8 14.1 14.3 17.0 11.6 16.3 11.0 12.3 23.1 Other current expenses , 24.0 21.1 23.7 21.6 23.1 25.3 20.9 22.9 23.1 23.0 25.5 17.8 Total expenses 62.4 60.0 65.5 64.1 65.4 66.9 63.9 61.0 66.3 61.8 63.4 67.3 Net current earnings before income taxes 37.6 40.0 34.5 35.9 34.6 33.1 36.1 39.0 33.7 38.2 36.6 32.7 Net losses including transfers , 11.3 13.5 10.5 10.7 9.0 12.3 13.2 11.2 8.0 9.4 7.9 Taxes on net income 9.9 10.2 8.7 7.5 10.3 7.4 8.3 9.7 10.7 12.0 12.1 9.9 Net profits 16.4 16.3 15.3 17.7 15.3 13.4 14.6 18.1 15.0 16.8 16.6 14.0 Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 2.89 2.84 2.78 2.86 2.75 2.81 2.74 2.81 2.89 2.83 2.78 2.69 Interest and dividends on other securities, 2.35 2.79 2.71 2.85 2.57 2.70 2.64 2.74 2.79 2.57 2.81 2.62 Net losses1 1.66 1.64 .98 1.56 .96 1.06 1.08 1.23 .60 .70 .50 1.00 Return on'- oans: E N a e r t n l i o n s g s s e s o n (o l r o r a e n c s o veries+)1 , 5. . 7 1 0 0 5. . 1 0 7 2 5. . 7 0 1 7 + 5 . . 4 0 3 2 5. . 9 0 9 7 6. . 1 1 7 8 5 2 . . 5 0 1 5. . 6 0 1 4 6. . 0 0 1 6 5. . 9 0 4 5 5. . 8 1 4 1 6. . 1 0 9 5 Distribution of assets: Percentage of total assets: U. S. Govt. securities 23.1 20.8 24.6 27.9 27.6 27.1 31.4 28.4 27.9 27.8 23.6 23.8 Other securities 8.0 8.4 9.3 8.4 7.5 8.3 8.8 8.2 8.9 8.1 7.5 7.9 Loans 47.8 48.1 46.0 44.3 42.4 40.9 40.0 41.1 43.1 39.7 42.2 49.5 Cash assets , 19.2 19.8 18.2 17.9 20.7 21.8 18.6 21.2 18.5 23.0 24.2 16.5 Other assets , 1.9 2.9 1.9 1.5 1.8 1.9 1.2 1.1 1.6 1.4 2.5 2.3 Other ratios: Total capital accounts to: Total assets 9.3 8.9 9.3 8.9 8.0 7.4 7.4 8.2 7.5 8.1 8.1 6.4 Total assets less U. S. Govt. securities and cash assets 16.0 14.9 16.2 16.4 15.4 14.5 14.8 16.3 13.9 16.4 15.6 10.7 Total deposits 10.5 10.3 10.5 9.9 8.9 8.2 9.1 8.3 8.9 9.0 7.0 8.2 Time to total deposits 21. 25.9 33.3 36.1 28.7 25.4 33.8 24.5 33.5 19.6 21.3 44.2 Interest on time deposits to time deposits.. 2.24 2.46 2.06 2.20 2.25 2.55 2.11 1.98 2.30 2.42 2.45 2.64 Number of banks 277 508 499 572 447 403 1,008 488 477 756 633 165 1 Net losses is the excess of (a) actual losses charged against net profits reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (b) actual recoveries valuation reserves are excluded. and profits credited to net profits plus recoveries credited to valuation 2 Ratio of less than .05. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1959 571 EARNINGS RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 21.5 17.7 18.0 16.9 19.4 18.3 17.9 19.0 18.0 18.2 17.5 23.4 16.3 9.7 11.8 11.2 13.7 10.2 10.9 12.9 13.5 14.2 14.8 17.5 Net profits 9.5 7.2 7.4 8.4 8.5 6.7 7.4 8.5 6.9 8.0 7.9 10.2 Cash dividends declared 4.8 5.6 4.1 4.2 3.3 4.8 5.9 Percentage of total assets: T N o e t t a c l u e r a r r e n n i t n g ea s rnings before income taxes. 4 2 . . 5 2 4 2 41..3581 4 1 . .6 2 5 3 3 1. . 5 9 5 7 3 1 . .4 9 2 5 3 1 . .3 8 6 7 3 1 . .2 6 1 6 3 1 . .6 6 0 4 3 1. . 4 9 9 8 31..4680 31..4697 4 1 . .4 5 8 0 Net profits .98 .56 .67 .77 .62 .50 .50 .72 .57 .66 .67 .64 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 12.5 12.6 12.0 18.4 17.5 16.6 23.3 17.7 12.4 17.4 14.6 13.7 Other securities 2.8 6.5 4.8 6.2 4.2 4.4 6.3 5.1 4.7 4.6 4.3 4.4 Earnings on loans 60.2 67.2 64.4 60.0 60.0 63.7 58.0 64.3 66.6 64.1 67.7 67.7 Service charges on deposit accounts 2.9 5.7 3.9 4.0 6.4 4.8 5.5 3.7 4.1 4.2 2.1 7.4 21.6 8.0 14.9 11.4 11.9 10.5 6.9 9.2 12.2 9.7 11.3 6.8 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 27.3 27.0 29.2 24.3 29.5 26.7 27.2 24.9 27.9 25.4 20.7 25.9 2.7 18.9 6.9 16.4 10.2 11.8 18.2 8.4 9.3 9.4 13.2 23.9 Other current expenses • • 21.0 23.6 25.0 20.3 24.3 26.3 21.5 22.7 25.3 24.0 25.6 17.2 64.8 62.5 51.0 69.5 61.1 61.0 64.0 66.9 56.0 58.8 59.5 67.0 Net current earnings before income taxes 49.0 30.5 38.9 39.0 36.0 35.2 33.1 44.0 37.5 41.2 40.5 33.0 Net losses including transfers 11.6 13.7 13.5 13.1 10.6 15.5 12.9 14.1 9.3 9.0 6.4 8.3 Taxes on net income 15.7 4.3 9.5 6.4 9.6 6.7 6.5 10.1 13.9 14.0 15.9 10.4 Net profits 21.7 12.5 15.9 19.5 15.8 13.0 13.7 19.8 14.3 18.2 18.2 14.3 Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 3.05 2.80 2.83 2.92 2.71 2.73 2.73 2.83 2.59 2.74 2.62 2.65 Interest and dividends on other securities. 2.33 2.74 2.79 2.98 2.50 2.69 2.60 2.82 2.82 2.55 3.47 2.57 Net losses1 2.75 1.56 1.97 2.35 1.34 1.85 1.08 2.25 .99 .88 .55 .90 Return on loans: 5.29 6.13 5.50 5.18 5.59 5.72 5.47 5.21 5.58 5.42 5.37 6.08 Net losses (or recoveries+)* .12 .13 .03 + .08 .05 .14 2.0 2.0 .09 .02 .07 .04 Distribution of assets: Percentage of total assets: U S Govt securities 18.6 20.2 17.9 25.0 25.6 23.5 31.2 22.7 19.1 22.9 20.5 23.2 Other securities ... 5.4 10.7 7.2 8.3 6.6 6.4 8.8 6.6 6.6 6.5 4.6 7.8 51.7 49.5 49.6 45.9 42.4 43.1 38.9 44.9 47.6 42.7 46.2 50.0 Cash assets 22.0 17.9 23.2 19.4 23.4 25.3 19.7 24.7 25.0 26.2 25.6 16.7 Other assets 2.3 1.7 2.1 1.4 2.0 1.7 1.4 1.1 1.7 1.7 3.1 2.3 Other ratios: Total capital accounts to : Total assets 10.4 7.8 9.2 9.1 7.3 7.5 6.8 8.4 8.3 8.2 8.5 6.3 Total assets less U. S. Govt. securities and cash assets . 17.5 12.5 15.5 16.4 14.3 14.6 13.9 16.0 14.8 16.1 15.7 10.5 Total deposits 12.0 8.6 10.4 10.3 8.2 8.3 7.5 9.4 9.5 9.2 9.5 7.0 Time to total deposits 8.3 35.7 14.9 31.3 20.5 20.4 35.9 16.5 17.6 15.3 22.2 45.0 Interest on time deposits to time deposits... 1.70 2.66 2.23 2.34 2.18 2.49 2.04 2.09 2.39 2.49 2.46 2.64 Number of banks . 8 9 6 21 19 23 62 19 10 38 26 24 * Not including central reserve city banks. reserves; net recoveries and profits is the reverse. Transfers to and from i Net losses is the excess of (a) actual losses charged against net profits valuation reserves are excluded. plus losses charged against valuation reserves over (b) actual recoveries 2 Ratio of less than .05. and profits credited to net profits plus recoveries credited to valuation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 MEMBER BANK EARNINGS, 1959 EARNINGS RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 16.3 16.8 13.8 15.0 16.6 18.6 17.6 16.7 20.1 18.6 17.0 23.7 Profits before income taxes 10 5 10.6 10 1 11.5 12.8 12.6 11.8 12.5 15.4 13.6 12.1 15.1 Net profits 7.1 7.6 6 5 7.2 7.4 8.0 7.5 8.0 9.6 8.2 7.8 9.3 Cash dividends declared . 4.3 4.3 3.8 3.2 3.5 3.2 3.1 3.1 4.3 3.3 3.5 4.6 Percentage of total assets: Total earnings. .... 4 52 4.39 4 11 4.04 4.23 4.31 4.08 3.86 4.41 4.17 4.00 5.00 Net current earnings before income taxes. 1.41 1.20 1.29 1.27 1.42 1.37 1.24 1.34 1.41 1.48 1.32 1.55 Net profits .61 .54 .61 .61 .63 .59 .53 .64 .68 .65 .61 .61 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U S Govt securities 15.9 17.0 19.6 22.2 19.2 19.9 24.2 24.5 21.8 22.8 19.4 15.7 Other securities. 4 9 7.3 6 9 5.7 5.1 6.1 6.1 6.7 6.3 6.1 6.6 5.0 Earnings on loans 60.0 62.0 62.0 60.5 63.5 59.5 57.4 58.8 58.0 57.8 61.1 63.9 Service charges on deposit accounts 8.0 7.3 4.0 5.4 6.0 7.5 5.8 5.1 7.2 8.0 7.3 8.4 Other current earnings 11.2 6.4 7.5 6.2 6.2 7.0 6.5 4.9 6.7 5.3 5.6 7.0 Total earnings . 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages . .... 30.2 27.1 25.7 25.4 27.1 27.8 27.1 27.8 26.4 30.0 30.1 28.6 Interest on time deposits 12.8 22.5 20.1 19.8 17.2 16.0 20.5 14.5 19.5 12.4 11.4 19.5 Other current expenses 25.7 23.0 22.8 23.5 22.3 24.5 22.1 23.0 22.1 22.1 25.5 20.9 Total expenses 68.7 72.6 68.6 68.7 66.6 68.3 69.7 65.3 68.0 64.5 67.0 69.0 Net current earnings before income taxes 31.3 27.4 31.4 31.3 33.4 31.7 30.3 34.7 32.0 35.5 33.0 31.0 Net losses including transfers 11.2 10.1 8.4 7.2 7.7 10.2 10.0 8.7 7.4 9.7 9.4 11.3 Taxes on net income . 6.6 4.9 8.2 9.0 10.8 7.8 7.5 9.4 9.2 10.2 8.4 7.5 Net profits 13.5 12.4 14.8 15.1 14.9 13.7 12.8 16.6 15.4 15.6 15.2 12.2 Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 2.82 2.83 2.75 2.78 2.78 2.86 2.81 2.80 2.98 2.90 2.90 2.90 Interest and dividends on other securities. 2.35 2.61 2.67 2.65 2.63 2.71 2.58 2.68 2.78 2.58 2.52 2.91 1.25 .79 .55 .59 .68 .61 .74 .58 .48 .58 .46 1.49 Return on loans: Earnings on loans . 5.95 5.95 5.87 5.83 6.33 6.55 6.08 6.05 6.26 6.57 6.44 6.82 Net losses 1 .09 .08 .09 .09 .09 .21 .07 .08 .05 .09 .15 .07 Distribution of assets: Percentage of total assets: U S Govt securities 25 4 26.4 29.3 32.2 29.2 30.0 35.2 33.7 32.2 32.8 26.7 26.9 Other securities 9.5 12.2 10.6 8.7 8.3 9.7 9.7 9.7 10.0 9.8 10.6 8.7 Loans 45.6 45.7 43.5 41.9 42.5 39.2 38.5 37.5 40.8 36.6 38.0 46.8 Cash assets 17 7 14 0 14 8 15 6 18.4 19.1 15.3 17.9 15.3 19.7 22.8 15.5 Other assets 1.8 1.7 1.8 1.6 1.6 2.0 1.3 1.2 1.7 1.1 1.9 2.1 Other ratios: Total capital accounts to: Total assets 8.7 7.1 9.4 8.5 8.5 7.3 7.0 8.0 7.0 7.9 7.8 6.5 Total assets less U. S. Govt. securities and cash assets . 15.2 12.0 16.7 16.2 16.3 14.4 14.2 16.6 13.4 16.7 15.4 11.3 Total deposits 9.7 7.9 10.5 9.4 9.5 8.1 7.7 8.8 7.7 8.7 8.5 7.1 Time to total deposits 27.9 45.1 45.7 43.2 35.6 29.2 42.5 31.7 41.1 23.9 20.3 40.2 Interest on time deposits to time deposits... 2.33 2.43 2.03 2.06 2.28 2.59 2.14 1.93 2.28 2.38 2.45 2.63 Number of banks. . 269 483 493 551 428 380 932 469 467 718 607 141 1 Net losses is the excess of (a) actual losses charged against net profits and profits credited to net profits plus recoveries credited to valuation plus losses charged against valuation reserves over (b) actual recoveries reserves. Transfers to and from valuation reserves are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS, 1959 573 EARNINGS OF INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1956-59 [Amounts in thousands of dollars] Banks not members of All insured commercial banks 1 Federal Reserve System Item 1956 1957 1958 1959 1956 1957 1958 1959 Earnings 7,231,921 8,050,416 8,500,949 9,669,352 1,154,684 1,280,472 1,375,467 1,595,680 Interest and dividends on securities: U. S. Govt 1,342,842 1,442,379 1,544,023 1,732,174 242,577 274,952 278,143 333,645 Other 370,045 412,497 501,978 546,253 62,275 73,124 90,656 101,689 Interest and discount on loans 4,339,866 4,879,676 5.046,782 5,856,688 677,862 744,120 802,024 931,548 Other charges on loans 73,562 83,815 94,674 111,991 10,888 12,017 13,780 16,605 Service charges on deposits 385,927 440,892 486,5071 531,916 75,762 86,705 98,007 110,227 Other charges, fees, etc 168,497 186,815 191,408! 205,935 46,923 50,265 51,729 56,550 Trust department 322,117 354,520 379,395! 426,016 13,043 14,329 15,094 17,574 Other current earnings 229,068 249,828 256,183*1 258,381 25,356 24,965 26,035 27,844 I Expenses 4,457,198 5,119,182 5,612,723! 6,264,207 778,055 897,653 996,746 1,125,626 Salaries—officers 720,866 773,769 827,1421 892,657 167,671 181,498 195,174 212,689 Salaries and wages—others 1,372,262 1,493,778 1,573,3301 1,684,159 190,430 208,973 224,244 245,985 Directors' fees, etc 42,614 45,396 48,271! 51,866 13,459 14,546 15,793 17,288 Interest on time deposits 805,857 1,141,715 1,380,5751 1,580,250 156,635 215,034 257,762 301,185 Interest on borrowed money 45,392 49,538 24,161 78,350 1,599 1,663 978 2,452 Taxes other than income 187,526 205,903 221,571* 252,763 30,318 33,751 36,356 41,784 Recurring depreciation 128,085 146,262 168.371! 191,424 25,238 29,202 33,633 38,024 Other current expenses 212,987 232,809 266,220 1,154,600 1,262,823 1,369,305 1,532,739 192,710 Net current earnings before income taxes 382,821 378,718 470,054 2,774,724 2,931,235 2,888,223 3,405,145 376,630 Recoveries, transfers from reserves, and profits.. 28,480 90,738 32,712 On securities: 250,171 198,413 868,115 328,889 24,365 Recoveries 14,090 9,295 9,646 27,946 1,512 1,105 1,489 2,498 Transfers from reserves 41,001 20,751 57,145! 111,447 1,256 1,406 2,884 5,212 Profits on securities 31,151 64,368 681,554 47,277 3,625 7,207 70,046 5,585 On loans: Recoveries 20,762 21,183 22,439 20,551 6,453 7,149 6,595 6,660 Transfers from reserves 77,606 39,757 42,158 57,607 4,327 2,909 2,479 4,434 All other 65,563 43,063 55,176 64,062 7,193 8,707 7,248 8,324 Losses, charge-offs, and transfers to reserves.... 993,534 757,432 783,213 1,361,515 113,710 102,380 101,767 161,615 On securities: Losses and charge-offs 317,381 237,480 93,657 745,081 40,810 30,579 18,793 78,590 Transfers to reserves 101,830 84,996 268,159 168,003 4,829 6,727 14,877 10,006 On loans: Losses and charge-offs 32,018 25,636 25,053 25,459 10,167 9,962 9,946 10,078 Transfers to reserves 452,940 321,870 282,227 318,965 45,396 40,983 41,414 45,897 All other 89,369 87,452 114,117 104,006 12,511 14,131 16,737 17,043 Profits before income taxes 2,031,360 2,372,217 2,973,128 2,372,519 287,283 308,921 367,692 341,151 Taxes on net income 814,636 998,397 1,271,459 884,458 96,952 103.886 123,059 109,842 Federal 769,843 947,998 1,198,890 832,797 92,641 99,323 117,401 104,385 State 44,793 50,401 72,570 51,661 4,311 4,565 5,659 5,457 Net profits 1,216,725 1,373,821 1,701,667 1,488,061 190,332 205,036 244,631 231,309 Cash dividends declared 616,890 678,101 725,866 776,386 69,979 74,354 79,708 86,686 On preferred stock2 2,389 2,234 2,366 2,219 797 749 800 758 On common stock 614,501 675,867 723,500 774,167 69,182 73,605 78,908 85,928 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 3,332 2,646 10,410 5,585 147 547 1,491 2,737 On loans 42,717 50,824 69,073 73,790 7,274 7,151 7,941 7,740 Losses charged to reserves (not included in losses above): On securities 95,505 74,529 19,741 207,061 2,675 3,135 918 12,017 On loans 123,529 117,937 127,515 122,315 14,993 17,326 18,346 20,326 Loans 86,291,628 91,493,989 95,666,835103.872,35111,701,99912,361,62113,293,5 14,795,537 U. S. Govt. securities 58,257,149 57,238,574 62,355,819 61,878,54810,103,45010,422,55110,852,50211,443,907 Other securities 16,179,498 16,725,206 19.237,561 20,284,525 2,762,758 3,056,686 3,538,456 3,812,538 Cash assets 45,728,691 45.474,318 46.766,041 46,881,654 5,111,725 5,169,492 5,294,095 5,366,751 Other assets 3,255,814 3,858,353 4,333,431 4,660,311 357,596 405,218 460,770 519,632 Total assets 209,712,780 214,790,440 228,359,687237,577,389 30,037,528 31,415,568 33,439,63135,938,365 Time deposits 51,096,090 54,969,887 62,382,540 66,829,234 9,701,78210,523,43111,737,02112,765,115 Total deposits 190,786,522193,993,484 20066,196,015 21133,428,997799 27,461,076 "2188,640,53130,436,830 "3122,678,186 Total capital accounts 15,553,298 16,554,663 17,723,575 18,738,160 2,312,174 2,468,571 2,661,655 2,859,940 Number of officers 88,462 91,597 95.308 98,934 27,153 28,203 29,630 30,249 Number of employees 433,563 452,218 457,023 481,666 69,949 73,927 75,964 82,404 Number of banks 13,218 13,165 13,124 13,114 6,760 6,776 6,816 6,885 1 Excludes three mutual savings banks and starting in 1955 a non- NOTE.—The figures of assets, deposits, and capital accounts are averages insured nondeposit trust company; these are State member banks of the of the amounts reported for call dates at the beginning, middle, and end Federal Reserve System and are included in member banks figures on of each year. The number of officers, employees, and banks are as of the preceding pages. end of each year. 2 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total assets, Treas- net— Date c u u r r y - U. S. Government obligations l T ia o b t i a l l - Total Ca a p n i d tal Gold s r t o e a n u n c t d - y - Total Lo n a e n t s, m C e o rc m ia - l Federal O se t c h u e - r ca i a p t n i i e t d s al, c d u e r a p r n o e d n si c t y s c m o a u i c s n - c t . s, ing Total and Reserve Other rities net net savings Banks banks 1929—June 29.... 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.... 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.... 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.... 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31.... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.... 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1951—Dec. 31.... 22,695 4,709 181,323 67,597 97,808 71,343 23,801 2,664 15,918 208,727 193,410 15,317 1952—Dec. 31.... 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953_Dec. 31.... 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 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—Jan. 28.... 20,500 5,200 247,300 119,800 101,500 74,900 25,400 ,200 26,000 273,100 249,600 23,500 Feb. 25.... 20,500 5,200 245,300 119.800 99,400 72,900 25,300 ,200 26,100 271,000 247,100 23,900 Mar. 25.... 20,400 5,200 244,900 121,400 97,200 70,600 25,500 ,100 26,300 270,600 246,700 23,900 Apr. 29.... 20,300 5,300 247,900 123,500 97,800 71,000 25,600 ,200 26,600 273,500 249,800 23,700 May 27.... 20,200 5,300 248,300 124,800 97,100 70,000 25,900 ,200 26,400 273,700 249,400 24,300 June 10 20,137 5,279 248,626 125,715 96,478 69,384 25,944 ,150 26,433 274,042 249,547 24,494 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 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date eign At Time deposits2 Total Debank Treas- com- De Cur- demand mand Curde- ury mercial At mand rency deposits de- rency posits, cash md F. R. Total Com- Mutual Postal de- out- adjusted posits outnet hold- savings Banks Total mercial savingsSavings posits'* side and ad- side ings banks banks banks3 System banks currency justed banks 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 1,186 14' 411 4,761 1939—Dec. 30 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29, 793 6,401 1941 Dec. 31 1,498 2215 f «Q<% 867 76,336 27 729 15,884 10,532 1 313 38^992 9,615 1945—Dec. 31 2,141 2*287 24'^ns 977 150,793 48,452 30,135 15,385 2,932 75' 851 26 490 1947_Dec. 31.... 1,682 1^336 1,452 870 170,008 56,411 35,249 17,746 3,416 87, 121 26,476 110,500 84,40C 26,100 1950—Dec. 30 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92, 272 25,398 114,600 90,00C 24,600 1951—Dec. 31.... 2,279 1,270 3,615 247 185,999 61,450 37,859 20,887 2,704 98, 234 26,315 120,200 94,80C 25,400 1952—Dec. 31.... 2,501 1,270 5,259 389 194,801 65,799 40,666 22,586 2,547 101,508 27,494 124,100 97,10C 27,000 1953—Dec. 31 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359 102,451 28,091 126,600 99,30C 27,300 1955—Dec. 31.... 3,167 767 4,038 394 216,577 78,378 48,359 28,129 ,890 109,914 28,285 133,500 106,10C 27,400 1956—Dec. 31.... 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647 111,391 28,335 134,500 107,10C 27,400 1957_Dec. 31.... 3,270 761 4,179 481 227,681 89,126 56,139 31,662 ,325 110,254 28,301 133,600 105,80C 27,800 1958—June 23.... 3,953 700 9,471 524 229,483 95,524 61,473 32,837 ,214 106,169 27,790 135,300 107,50C 27,800 Dec. 31.... 3,870 683 4,558 358 242,553 98,306 63,166 34,006 ,134 115,507 28,740 138,800 110,70C 28,100 1959—Jan. 28.... 3,800 700 4,800 500 239,800 98,400 63,400 33,800 ,100 113,800 27,600 139,500 lll,50C 28,000 Feb. 25.... 3,700 700 4,500 500 237,700 98,700 63,700 34,000 ,100 111,300 27,700 139,600 111,60C 28,000 Mar. 25 3,900 700 3,900 500 237,600 99,500 64,100 34,300 ,100 110,300 27,900 140,300 112,10C 28,200 Apr. 29 3,700 700 4,600 500 240,300 99,900 64,500 34,300 ,100 112, 500 27,900 140,400 112,20C 28,200 May 27.... 3,700 700 5,200 500 239,300 100,400 65,000 34,400 ,100 110, 700 28,100 140,600 112,40C 28,200 June 10 3,587 717 3,077 414 241,752 100,838 65,309 34,471 ,058 112, 351 28,563 (5) ) (5) June 24.... 3,600 400 4,700 500 240,100 101,000 65,400 34,600 ,100 110, 700 28,300 140,900 112,60C> 28,300 July 29.... 3,400 400 5,000 600 242,000 100,900 65,300 34,500 ,000 112,700 28,400 141,200 112,90C 28,300 Aug. 26.... 3,300 400 6,000 500 240,800 101,200 65,600 34,600 ,000 111,100 28,500 140,900 112,60C 28,300 Sept. 30 3,300 400 6,400 700 241,400 101,500 65,700 34,800 ,000 111,400 28,500 140,800 112,40C) 28,400 Oct. 28.... 3,100 400 5,500 500 242,200 101,100 65,500 34,600 ,000 112,700 28,300 140,400 112,00C) 28,400 Nov. 25.... 3,000 400 4,700 400 242,600 100,300 64,800 34,600 ,000 113,100 29,100 140,100 111,80C) 28,300 Dec. 31.... 3,203 391 5,319 504 246,603 101,779 65,884 34,947 948 115,402 29,422 140,200 112,0(X) 28,200 1 Represents all commercial and savings banks, Federal Reserve Banks, NOTE.—For description of statement and back figures, see the BULLETIN Postal Savings System, and Treasury currency funds (the gold account, for January 1948, pp. 24-32. The composition of a few items differs Treasury currency account, and Exchange Stabilization Fund). slightly from the description in the BULLETIN article; stock of Federal 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, Reserve Banks held by member banks is included in other securities and open account; and deposits of Postal Savings System in banks. in capital and miscellaneous accounts, net, and balances of the Postal 3 Prior to June 30, 1947, includes a small amount of demand deposits. Savings System and the Exchange Stabilization Fund with the U.S. 4 Demand deposits other than interbank and U. S. Govt., less cash Treasury are netted against capital and miscellaneous accounts, net, items reported as in process of collection. instead of against U. S. Govt. deposits and Treasury cash. Total deposits 5 Seasonally adjusted series begin in 1946 and are available only for last and currency shown in the monthly Chart Book excludes foreign bank de- Wednesday of the month. For description of series and for back data posits, net, and Treasury cash. Except on call dates, figures are rounded see the BULLETIN for February 1960, pp. 133-36. 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 575 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i S v n g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l l a u o p i n i c a t n t i - d i - t a e t a l s s l 3 Total* m D In a e n t - e d rba T n i k m 2 e U. D S e . ma O O n t t d h h e e r r 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 ; N ba b u o n e m f r ks - Govt. All banks: 1939—Dec. 30 50,884 22,165 19,417 23,292 77,068 68,242 9 874 32,516 25,852 26 8,19415,035 1941—Dec. 31 61,126 26,615 25,511 27,344 90,908 81,816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 40,227 30,362101,288 577 35,415177,332165,612 14,065 105,935 45,613 227 10,54214,553 1947—Dec. 3H 34,924 43,002 81,199 72338,388 175,091161,86512, 240 1,346 94,38 53,105 6111,94814,714 1950—Dec. 30 48,021 60,386 72,894 74141,086 191,317175,29613; 462 2,809101,936 56,513 9113,83714,650 1951_Dec. 31 54,869 67,608 71,343 91845,531202,903185,75614; 551 3,362108,282 59,025 3: 14,62314,618 1952—Dec. 31 165,626 75,512 72,740 37' 45,584 213,83' 195,55214; 746 4,944111,690 63,598 181 15,36714,575 1953—Dec. 31 171,497 80,518 72,610 370 45! 220,140201,10014 1,169 4,149112,635 68,354 6: 16,11814,509 1955—Dec. 31 190,780100,05 70,052 670 47!803242;008 220,44 15 1,58^ 3,712123,23* 76,844 16: 18,11214,243 1956—Dec. 31 197,063no;o7 66,523 49,64 250,770227,54616 1,462 3,736125,308 80,908 7! 19,24914,167 1 1 9 9 5 5 7 8 — — D D Ju e e n c c e . . 3 2 3 1 3 1 . ... 2 2 2 0 1 2 3 5 1 , , , 8 1 4 4 7 8 9 9 5 1 1 1 1 1 2 7 5 1 , , , 8 1 5 0 1 7 ! 5 7 6 7 1 5 3 , , , 6 7 6 1 9 4 1 2 4 4 4 9 9 4 , , , 3 9 4 1 1 232 2 2 6 5 7 4 7 6 , , , 5 8 4 2 6 3 5 4 0 2 2 2 3 5 3 3 0 7 , , , 0 0 2 2 5 0 C 7 4 1 1 1 5 3 5 , , , 6 7 7 8 3 9 9 6 9 2 2 1 , , ,3 3 4 8 7 9 6 ^ 4 4 9 3 , , , 2 9 2 5 0 0 3 3 9 1 1 1 2 1 3 3 7 0 , , , 9 1 1 9 1 3 3 3 2 9 9 8 7 4 8 , , , 4 5 1 9 9 0 r 6 2 1,13 8 ' ( 2 2 2 0 1 1 , , , 4 7 3 2 0 5 8 5 9 1 1 1 4 4 4 , , , 0 0 0 5 9 2 5 0 0 1959—Jan. 28 221,92C 121,03C 74,85026,04C43,20C270,10C 241,83C 13,110 2,41C 4,490124,241 97,581 1,771 21,78! 14,030 Feb. 25........ 220,34C 121,37C 72,88026,09C43,56C268,75C 239,74!" 12,850 2,29C 4,150122,521 97,931 2,211 21,86C 14,022 Mar. 25 219,69C 122,85C 70,58026,2""60 42,24C266,88C 238,15! 13,030 2,34C 3,590 112200,48C 98,7K 2,05C21,98C 14,012 Apr. 29 222,61C 125,OK 71,01026,590 43,30C270,99C 242,10C 12,850 2,36C 4,280123,47f 99,14< 2,09C22,13C 14,009 May 27 222,880126,440 70,01026,43042,510270,480241,090 12,750 2,23C 4,890121,54C 99,68) 2,24C22,270 14,000 June 10 223,372127,555 69,38. 26,43343,675272,253242,096 13,481 2,13^ 2,776 112233,601 100,10 2,77: 22,415 13.988 June 24 223,200128,69!" 68,17C26,34042,730270,990241,230 12,870 2,03C 4,420121,60C 100,311 2,711 22,360 13,997 July 29 225,06C 130,35! 68,40C 26,31C42,29C272,52C242,69C 12,630 1,99C 4,680123,25C 100,14C 2,58C22,51C 13,994 Aug. 26.... 225,780 131,97( 67,57C26,24C42,15f273,01C242,55C 12,900 1,91( 5,720121,49C 100,53C 2,IK 22,70C 14,004 Sept. 30 225,531 132,61 66,47C26,45!' 44,63< 275,50C246,32C 13,700 1,78( 6,140123,86C 100,84C 1,411 22,84C 13,996 Oct. 28 225,871 133,05C 66,58C 26,24! 44,03( 275,16C244,85C 13,150 1,711 5,190124,35C 100,45C 2,48C22,87C 13,995 Nov. 25 225,811 134,52C 65,36C25,93! 44,87(275,99C244,83C 13,200 1,61( 4,400125,96C 99,66C 2,86022,990 13,993 Dec. 31 227,83 135,95 65,80 26,07 50,296283,629 254,88. 15,650 1,44: 5,054131,62: 101,11 624 2"2,915 13,991 All commercial banks: 1939—Dec. 30 40,66* 17,23, 16,316 7 22,474 65,21 57,71 9,874 32,513 15,33 2< 6, 14,484 1941_Dec. 31 50,74i 21,714 21,808 7 26,55 79,104 71,28 10,982 44,349 15,95: 2. 7,17314,278 1945_Dec. 31 124,019 26,08. 90,606 7 34,80< 160,31: 150,22' 14,065 105,921 30,24 21S 8,95014,011 1947_Dec. 314 116,284 38,05 69,22 9; 006 37; 50:155,37' 144,10: 12,792 24C 1,34. 94,36' 35,36C 6: 10,05514,181 1950—Dec. 30 126,67. 52,24S 62,02712,39S40,285 168,93: 155,26* 13,57' 46: 2,806 101,91' 36,502 9011,59C14,121 1951_Dec. 31 132,6H 57,746 61,52413,33!44,64. 179,46: 164,84C 14,53< 550 3,359108,25! 38,13' 3412,21 14,089 1952—Dec. 31 141,62^ 64,16; 63,31 14,14.44,66! 188,60: 172,93 14,57. 744 4,941 111,65' 41,01: 18! 12,88814,046 1953—Dec. 31 145,68' 67,59! 63,42614,66144,82* 193,01! 176,70: 14,78! 1,167 4,14i 112,604 43,99' 6: 13,55913,981 1955—Dec. 31 160,88 82,60 61,59f 16!68!46,83* 210,73. 192,25. 15,05! 1,58. 3,705 123,187 48,71. 15915,30013,716 1956—Dec. 31 165,12: 90,30: 58,55: 1626S48,72C217,46C 197,51 16,13. 1,46C 3,73 125,28: 50,90, 7516,30213,640 1957—Dec. 31 170,06* 93,89' 58,23S 17,93C48,42* 222,69i 201,32< 15,636 1,38: 3,89! 123,96' 56,44C 7' 17,36813,568 1958—June 23 179,90! 95,57 64,194 20,14C43,50' 227,84' 204,33 13,785 2,49. 9,20f 117,086 61,755 1,136 18,17813,535 Dec. 31 185,16: 98,21. 66,37620,57. 48,99C 238,65 216,01 15,795 2,37: 4,25C 130,104 63,49. 7. 18,48! 13,501 1959—Jan. 28 185,62C 97,7H 67,53! 20,38C42,40C 232,47C207,96C 13,11' 2,411 4,49C 124,21 63,74C 1,771 18,57C13,512 Feb. 25 183,84C 97,89! 65,52(20,43C42,74C 230,90C205,76C 12,85* 2,29C 4,15C 122,49C 63,98C 2,211 18,62C13,504 Mar. 25 182,94C 99,191 63,16(20,59C41,38C 228,71C203,85C 13,O3C 2,34C 3,59C120,45C 64,44C 2,051 18,73C13,494 Apr. 29 185,74C 101,21! 63,63! 20,90C42,55C 232,83C207,80C 12,85C 2,36C 4,28C 123,44C 64,87C 2,09C 18,89C13,491 May 27 185,8K 102,440 62,62020,75' 41,76C 232,10C206,67C 12,751 2,23C 4,890 121,510 65,29C 2,241 18,99C13,482 June 10 186,15 103,406 62,03520,71i 42,889944 223333,726 207,59' 13,48 2,13. 2,774123,574 65,631 2,771 19,10C13,470 June 24 185,92C 104,450 60,86020,61' 41,93C 232,38C206,63C 12,87( 2,03C 4,420 121,570 65,74C 2,711 19,03C13,479 July 29 187,66C105,94C 61,11C20,61! 41,571 233,87C208,13C 12,631 1,99C 4,68C 123,22C 65,61C 2,58C19,17C13,476 Aug. 26 188,19C 107,37i 60,29C20,53! 41,431 234,17C207,91C 12,90C 1,91 5,72C 121,46C 65,92C 2,77C 19,34C13,486 Sept. 30 187,79! 107,83i 59,23C20,73C43,91( 236,50C211,48C 13,70C 1,78C 6,14C 123,83C 66,03C 1,41" 19,44C13,478 Oct. 28 188,38C 108,16C 59,62C20,60C43,33( 236,44C210,20C 1,71 5,19C 124,32C 65,83C 2,48C19,50013,478 Nov. 25 188,28C 109,470 58,48020,33C44,15( 237,210210,21C 13,'200 1,61C 4,40C 125,93C 65,07C 2,86C 19,59013,476 Dec. 31 190,27C 110,832 58,93720,50 49,46' 244,686219,902 15,649 1,44 5,05* 131,59. 66,165 61 19,55613,474 All member banks: 1939—Dec. 30 ,941 13,962 14,328 19,782 55,36 49,340 9,257 154 743 27,48! 11,699 5,522 6,362 1941_Dec. 31 ,521 18,021 19,539 23,123 68,12: 61,71710,385 140 1,709 37,136 12,34^ 6,619 1945—Dec. 31 ,183 22,775 78,338 6,07029,845 138,304129,67013,576 64 22",179 69,640 24,21! 208 7^589 6,884 1947__Dec. 31 ,846 32,628 57,91 7,30432,845 132,060122,52812,353 5C 1,176 80,609 28,341 54 8,464 6,923 1950—Dec. 30 ,424 44,705 52,36: ,35: 35,524 144,66C133,08913,106 34 2,523 87,783 29,33' 79 9,695 6,873 1951—Dec. 31 ,247 49,56 51,621 11,06539,252 153,439141,01514,003 422 3,10 92,867 30,622 2610,218 6,840 1952—Dec. 31 ,547 55,034 52,763 11,75139,255 160.826147,52714,025 592 4,56' 95,453 32,890 16510,761 6,798 1953—Dec. 31 422 57,762 52,603 12,05739,381 163,983150,16414,149 1,02 3,756 96,024 35,213 4311,316 6,743 1955—Dec. 31 360 70,982 50,697 13,68041,416 179,414163,75714,512 1,353 3,32^ 105,400 39,165 13' 12,783 6,543 1956—Dec. 31 768 78,034 47,575 13,15942,906 184,874167,90615,567 1,289 3,292106,850 40,909 4813,655 6,462 1957_Dec. 31........ 353 80,950 47,079 14,32 42,746 188,828170,63715,082 1,246 3,472105,547 45,290 5714,55 6,393 (958—June 23 .... 589 82,146 53,165 16,27738,489 194,003173,90413,274 2,266 8,658 99,812 49,893 1,078 15,181 6,357 Dec. 31 865 84,061 54,299 16,504 43; 188202,017182,81615,227 2,187 3,822110,448 51,132 5415,460 6,312 1959—Jan. 28 55,054 83,588 55,136 16,33037,336196,333175,36412,619 2,224 3,979105,220 51,322 1,684 15,509 6,302 Feb. 25 53,504 83,728 53,403 16,37337,681195,014173,45912,394 2,10: 3,716 103,749 51,498 2,083 15,556 6,295 Mar. 25 52,813 84,882 51,392 16 5~~39~ 3^66,382193,065171,78512,582 2,155 3,203101,988 51,857 1,949 15,642 6,289 Apr. 29 55,150 86,659 51,669 16,822 7,533 196,711175,323 12,371 2,175 3,863104,688 52,226 1,94415,779 6,291 May 27 55,067 87,660 50,731 6,67636,935 195,986174,225 12,253 2,046 4,365 103,008 52,553 2,09715,856 6,292 June 10 55,289 88,431 50,225 6,63337,856 197,265174,811 2,945 1,990 2,406 104,671 52,799 2,68615,919 6,280 June 24 55,007 89,301 49,164 6,54237,171 96,182 174,073 2,357 1,889 3,943 102,99: 52,89:" 2,61915,875 6,279 July 29 56,558 90,697 49,340 6,52136,765 97,411 175,344 2,119 1,842 4,250 104,390 52,743 2,500 15,980 6,271 Aug. 26 56,537 91,757 48,370 6,41036,547 97,076 74,568 2,356 1,767 5,095 02,552 52,798 2,685 16,090 6,263 Sept. 30 55,938 92,063 47,307 6,56838,834 98,984 77,713 3,181 1,634 5,522 04,492 52,884 1,358 16,169 6,249 Oct. 28 56,328 92,328 47,571 6,429 !8,314198,793 76,368 2,590 1,564 4,628 04,901 52,685 2,387 6,209 6,248 Nov. 25 56,142 93,525 46,436 6,181 19,026199,373 76,195 2,638 1,462 3,870 06,183 52,042 2,780 6,280 6,240 Dec. 31 57,879 94,779 46,813 6,287 ^3,509205,726 84,706 5,048 1,338 4,504 10,989 52,827 581 6,264 6,233 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

576 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Contiilued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i v S g t a . . - O se t c h u e - r a C ss a e s t h s2 c b T a i a l l p o i i n a t i t d i t - a e a l s l Total 2 Interbank2 Dema O nd ther 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 tions rities co a u c n - ts3 m D a e n - d Time U.S. Time Govt. Other All mutual savings banks 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1941—Dec. 31.... 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 3H. .. 18,641 4,944 11,978 1,718 886 19,714 17,763 1417,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 19 20,009 2,247 529 1951—Dec. 31.... 22,259 9,862 9,819 2,579 886 23,439 20,915 23 20,: 2,407 529 1952—Dec. 31 24,003 11,349 9,422 3,231 918 25,233 22,621 30 22,586 2,479 529 1953—Dec. 31 25,810 12,925 9,184 3,701 983 27,130 24,398 3524,358 2,559 528 1955—Dec. 31 29,898 17,456 8,460 3,982 965 31,274 28,187 5128,129 2,812 527 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 2255 30,001 2,947 527 1957—Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 2631,662 3,059 522 1958—June 23 35,274 22,237 7,417 5,620 916 36,678 32,869 26 "32,837 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_jan. 28 36,300 23,320 7,320 5,660 800 37,630 33,870 30 33,840 3,210 518 Feb. 25.... 36,500 23,480 7,360 5,660 820 37,850 33,980 30 33,950 3,240 518 Mar. 25 36,750 23,660 7,420 5,670 860 38,170 34,300 30 34,270 3,250 518 Apr. 29.... 36,870 23,800 380 5,690 750 38,160 34.300 30 34,270 3,240 518 May 27.... 37,070 24,000 390 5,680 750 38,380 34,420 30 34,390 3,280 518 June 10 37,221 24,149 7,349 5,724 780 38,526 34,503 28 34,471 3,315 518 June 24 37,280 24,240 7,310 730 800 38,610 34.600 30 34,570 3,330 518 July 29 37,400 24,410 7,290 700 720 38,650 34,560 30 34,530 3,340 518 Aug. 26 37,590 24,600 7,280 710 720 38,840 34,640 30 34,610 3,360 518 Sept. 30 37,740 24,780 7,240 720 720 39,000 34,840 30 34,810 3,400 518 Oct. 28.... 37,490 24,890 6,960 ,640 700 38,720 34,650 3034,620 3,370 517 Nov. 25 37,530 25,050 6,880 5,600 720 38,780 34,620 30 34,590 3,400 517 Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 29 34,948 10 3,359 517 Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,231 7 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31.... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,370 268 451 18,836 1,722 70 2,351 23 1951—Dec. 31 21,379 11,146 8,129 2,104 8,564 30,464 26,859 4,514 318 858 19,490 1,679 5 2,425 22 1952—Dec. 31.... 22,130 12,376 7,678 2,076 8,419 31,053 27,309 4,500 465 1,143 19,361 1,840 132 2,505 22 1953—Dec. 31 22,058 12,289 7,765 2,004 8,074 30,684 27,037 4,383 831 778 18,895 2,150 23 2,572 22 1955—Dec. 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 4,515 1,085 756 20,719 2,303 1 2,745 18 1956—Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,022 965 747 19,940 2,475 2 2,873 18 1957—Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 2 3,136 18 1958—June 23 27,149 16,764 8,035 2,350 8,272 36,664 31,469 4,345 1,774 2,946 18,898 3,506 483 3.214 18 Dec. 31 25,966 16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739 968 20,704 3,482 3,282 18 1959—Jan. 28 25,959 16,011 7,650 2,298 7,314 34,447 29,191 3,897 1,764 925 19,130 3,475 543 3,272 18 Feb. 25 25,549 15,864 7,361 2,324 7,624 34,353 28,900 3,964 1,689 815 18,946 3,486 723 3,281 18 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 Apr. 29 25,886 16,307 6,971 2,608 7,521 34,533 29,410 3,991 1,740 889 19,243 3,547 519 17 May 27 25,687 16,580 6,657 2,450 7,114 33,936 28,730 3,999 1,614 1,009 18,553 3,555 530 17 June 10 25,648 16,514 6,745 2,389 7,555 34,387 28,879 4,036 1,564 479 19,211 3,589 809 17 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 17 July 29 26,112 17,062 6,699 2,351 6,984 34,262 28,688 3,883 1,438 1,250 18,608 3,509 894 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 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 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 ,035 127 2,419 476 288 13 1945—Dec. 31.... 5,931 1,333 4,213 385 1,489 7,459 7,046 ,312 1,552 3,462 719 377 12 1947_Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 ,225 174 4,604 1,103 490 13 1951—Dec. 31.... 5,731 2,468 2,711 552 2,196 7,972 7,402 ,307 242 4,710 1,143 513 13 1952—Dec. 31 6,240 2,748 2,912 581 2,010 8,297 7,686 ,345 343 4,789 1,205 541 13 1953—Dec. 31 6,204 2,776 2,856 572 2,115 8,366 7,724 ,378 259 4,836 1,242 566 13 1955—Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 ,286 222 5,165 1,327 3 628 13 1956—Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 ,364 184 5,069 1,319 4 660 14 1957—Dec. 31 6,446 3,852 2,032 562 2,083 8,595 7,792 ,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 ,249 705 4,626 1,403 80 708 14 Dec. 31.... 6,830 3,637 2,562 631 2,158 9,071 8,214 ,357 249 5,136 1,438 3 733 14 1959—Jan. 28 6,651 3,433 2,611 607 1,881 8,617 7,695 ,138 201 4,913 1,409 68 726 14 Feb. 25.... 6,637 3,440 2,572 625 1,952 8,667 7,726 ,163 233 4,900 1,397 79 725 14 Mar. 25 6,759 3,551 2,576 632 1,745 8,583 7,438 ,135 223 4,655 1,395 296 728 14 Apr. 29 6,602 3,575 2,344 683 1,883 8,575 7,616 ,153 306 4,733 1,393 90 738 14 May 27.... 6,630 3,637 2,288 705 1,856 8,574 7,582 ,109 304 4,734 1,402 125 739 14 June 10 6,581 3,643 2,235 703 1,850 8,520 7,375 ,160 120 4,657 1,407 272 743 14 June 24 6,516 3,687 2,137 692 1,842 8,440 7,423 ,123 259 4,586 1,424 164 740 14 July 29 6,631 3,811 2,120 700 1,949 8,661 7,677 ,116 273 4,823 1,433 137 743 14 Aug. 26 6,677 3,954 2,067 656 1,815 8,567 7,530 ,105 285 4,685 1,427 182 749 14 Sept. 30 6,727 4,011 2,052 664 1,992 8,805 7,681 ,204 347 4,678 1,426 253 753 14 Oct. 28 6,701 3,944 2,092 665 1,877 8,662 7,556 ,126 228 4,749 1,427 235 751 14 Nov. 25.... 6,606 3,908 2,015 683 1,879 8,564 7,578 ,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 76: 14 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 577 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i S v g . 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 b T a i a l l p o i n i a t i t d i t a - e a l s l Total 2 D In e t - erbank2 Dem O an th d er r B i o n o w g r s - - c T a o p t it a a l ] N ba b u o n e m f k r s tions co a u c n - ts3 mand Time U. S. Time Govt. Other Reserve City member banks: 1939—Dec. 30 5,329 5,194 1,749 6,785 19,687 17,741 3,565 120 435 9,004 4,616 1,828 346 1941—Dec. 31 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 8,514 29,552 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2,566 359 1947—Dec. 31 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,990 111,423 2,844 353 1950—Dec. 30 17,906 19,084 3,69513,998 55,369 51,437 6,391 57 976 32,36611,647 3,322 336 1951—Dec. 31 19,651 19,194 3,84915,199 58,654 54,466 6,887 90 ,124 34,09412,272 3,521 321 1952—Dec. 31 21,697 19,624 4,26215,544 61,941 57,357 6,891 109 ,814 35,28113,261 3,745 319 1953—Dec. 31 22,763 19,559 4,43415,925 63,547 58,663 7,088 166 ,504 35,77314,132 3,984 319 1955—Dec. 31 28,622 18,826 5,01116,994 70,478 64,733 7,207 239 ,288 39,83516,164 82 4,641 292 1956—Dec. 31 31,783 17,368 4,76417,716 72,854 66,524 7,584 294 ,201 40,64716,797 21 5,076 289 1957—Dec. 31 32,805 17,352 5,10217,540 74,196 67,483 7,241 301 ,358 39,96018,623 21 5,370 278 1958_J D U e n c e . 2 3 3 1 3 3 2 4 , , 8 0 5 0 1 3 2 20 0 , , 6 4 4 3 5 6 5 5, , 9 9 1 8 0 61 17 5 , , 7 4 0 4 1 3 7 79 6 , , 7 1 8 5 1 5 7 6 2 8 , , 6 6 4 7 7 2 7 6 , ,3 5 9 0 7 6 4 3 1 7 6 7 , ,4 1 2 5 9 0 4 3 2 8 , , , 0 2 0 59 3 " 2 2 1 ,0 , 7 0 0 7 6 5 35 1 0 4 5 5 , , 6 7 1 6 7 0 2 2 7 8 4 0 1959_jan. 28 60,698 34,083 20,776 5,83915,626 77,845 69,800 6,232 382 ,439 40,452 21,295 832 5,782 273 Feb. 25 60,033 34,279 19,928 5,82615,672 77,155 68,876 6,011 336 ,479 39,70821,342 932 5,802 272 Mar. 25 59,524 34,720 18,946 5,85815,381 76,360 68,272 6,122 316 ,226 39,23321,375 839 5,845 273 Apr. 29 60,439 35,490 19,107 5,84f15,708 77,773 69,509 5,969 367 ,457 40,"2 4"8 "21,468 909 5,906 273 May 27 60,550 35,806 18,907 5,83'15,672 77,717 69,291 5,918 362 ,680 39,722 21,609 973 5,932 273 June 10 60,812 36,315 18,663 5,83415,611 77,952 69,382 6,450 361 858 39,990 21,724 1,141 5,930 273 June 24 60,617 36,616 18,224 5,77715,762 77,887 69,448 5,994 341 ,600 39,72121,792 1,140 5,945 273 July 29 61,096 37,301 18,046 5,74915,447 78,087 69,734 5,896 338 ,494 40,3-6"8 2"1 ,638 1,049 5,976 272 Aug. 26 61,143 37,780 17,665 5,69815,441 78,068 69,679 6,093 342 ,081 39,554 21,609 972 6,004 271 Sept. 30 60,647 37,733 17,169 5,74516,298 78,511 70,496 6,377 318 ,282 39,914 21,605 555 6,044 270 Oct. 28 60,879 37,757 17,416 15,930 78,391 69,942 6,295 299 ,746 40,073 21,529 901 6,053 270 Nov. 25 60,790 38,171 16,954 16,463 78,852 69,951 6,273 303 ,528 40,590 21,257 1,175 6,083 270 Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 ,698 42,668 21,555 238 6,106 1265 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 572 154 7,158 5,852 3 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 ,056 432 28,37814,560 23 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,19311,571 52,689 48,897 ,121 922 31,97714,865 9 3,532 6,501 1951—Dec. 31 42,444 16,296 21,587 4,561 13,292 56,349 52,288 ,296 876 34,572 1155,530 16 3,760 6,484 1952—Dec. 31 45,594 18,213 22,549 4,832 13,281 59,535 55,175 ,289 1,267 36,02216,585 25 3,970 6,444 1953—Dec. 31 47,404 19,934 22,423 5,04713,268 61,385 56,740 ,300 1,216 36,51917,690 20 4,194 6,389 1955—Dec. 31 52,775 24,379 22,570 5,82613,342 66,988 61,636 ,505 1,061 39,68119,372 52 4,769 6,220 1956—Dec. 31 54,571 26,491 22,037 6,042 1'4 ,39069,945 64,289 ,597 1,160 41,194 "2,0317 21 5,046 6,141 1957—Dec. 31 56,820 28,191 21,815 6,81414,139 72,062 65,991 ,640 1,181 40',,724 22,429 30 5,359 6,083 1958—June 23 58,225 28,937 22,000 7,28812,860 72,255 65,741 ,282 1,857 38,,286 24,277 164 5,641 6,045 Dec. 31 61,511 30,257 23,606 7,64814,031 76,767 70,277 ,578 1,175 42,,349 25,137 37 5,685 6,006 1959—Jan. 28 61,746 30,061 24,099 7,586 12,515 75,424 68,678 ,352 ,414 40,725 25,143 241 5,729 5,997 Feb. 25 61,285 30,145 23,542 7,59812,433 74,839 67,957 ,256 ,189 40,195 25,273 349 5,748 5,991 Mar. 25 60,936 30,464 22,873 7,59912,190 74,314 67,448 1,246 ,063 39,62125,482 301 5,792 5,984 Apr. 29 62,223 31,287 23,247 7,68912,421 75,830 68,788 1,258 ,211 40, 46"4 2"5",818 426 5,845 5,987 May 27 62,200 31,637 22,879 7,68412,293 75,759 68,622 1,227 ,372 39,999 25,987 469 5,883 5,988 June 10 62,248 31,960 22,581 7,70712,840 76,405 69,175 1,299 950 40,81226,080 463 5,946 5,976 June 24 62,386 32,317 22,377 7,69212,363 75,986 68,787 1,232 ,309 40,11526,094 510 5,898 5,975 July 29 62,719 32,523 22,475 7,72112,385 76,401 69,245 1,224 ,233 40,59126,163 420 5,947 5,968 Aug. 26 63,081 32,817 22,551 7,71312,476 76,847 69,500 1,261 ,675 40,27—0 2"6',260 531 6,003 5,961 Sept. 30 63,370 33,075 22,516 7,77912,854 77,567 70,395 1,285 ,685 41,105 26,286 306 6,030 5,949 Oct. 28 63,687 33,223 22,668" 7,796 112,707 77,716 70,325 1,321 ,540 41,149 26,281 481 6,065 5,948 Nov. 25 63,726 33,456 22,509 7,761 12,850 77,903 70,414 1,358 ,437 41,625 25,960 529 6,106 5,940 Dec. 31 64,082 33,766 22,535 7,78114,122 79,567 72,323 1,602 ,508 42,83226,356 71 6,035 5,938 1 All banks in the United States. Beginning with January 1959, figures for classes of banks is affected somewhat by changes in Federal all banks in Alaska with total deposits of $172 million were included Reserve membership, insurance status, and the reserve classifications of in the series (a national member bank has been included since April cities and individual banks, and by mergers, etc. 1954); beginning with August 1959, all banks in Hawaii with total deposits 2 Beginning with June 30, 1942, excludes reciprocal balances, which on of $365 million were included in the series (a national member bank Dec. 31, 1942, aggregated $513 million at all member banks and $525 with total deposits of $220 million has been included in the series since million at all insured commercial banks. April 1959). 3 Includes other assets and liabilities not shown separately. All banks comprise all commercial banks and all mutual savings banks. 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- All commercial banks comprise (1) all nonmember commercial and nounced in November 1947 by the Federal bank supervisory agencies. (2) all member commercial banks. Member banks include (1) a national At that time a net of 115 noninsured nonmember commercial banks bank in the Virgin Islands that became a member on May 31, 1957, (2) with total loans and investments of about $110 million was added, and a noninsured nondeposit trust company, and (3) three mutual savings 8 banks with total loans and investments of $34 million were transferred banks that became members in 1941 (these banks are excluded from all from noninsured mutual savings to nonmember commercial banks. commercial banks). 5 Less than $5 million. Because estimated data are rounded to the Stock savings banks and nondeposit trust companies are included with nearest $10 million no amount is shown except on call dates. commercial banks. Number of banks includes a few noninsured banks NOTE.—For revisions in series prior to June 30, 1947, see the BULLETIN for which asset and liability data are not available. Comparability of for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 FEDERAL BUSINESS-TYPE ACTIVITIES PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items! Liabilities, other than interagency items 1 Date, and fund or activity Total Cash L c a r e o b e i a l v - e n - s to v I e r n i n - e - s P s r d i e u t e c i b b e I u m l n t s i - c v e e n s O t s r t s i e - t t c h ie u e s - r L e s t m u a t q a r r n e u u n e d n i c d s p t - , , - Other a B t U G u n a o b r t u n . n e y e S d a s e d . r d s - d p , e a n O b y o e a t t h n b e e - l s e r , l O i i a t t i b h e i e s l r - G i U n e o t . s e v S t r t . - . o v in w P a e t t r s n e e i t - l r e y - d All activities 1955—Dec. 31 45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900 2,379 2,70339,583 596 1956—Dec. 31 69,863 5,139 20;, 665577 21,375 3,739 3,669 9,985 5,299 2,711 3,6"5"8 62,509 918 1957—Dec. 31 71,124 4,29122,38821,628 3,804 3,718 9,962 5,332 4,662 2,914 62,377 1,121 1958—Sept. 30 73,748 5,870 23,267 20,743 4,365 3,70310,422 5,377 3,981 3,642 64,841 1,229 Dec. 31 76,475 6,110 25,48320,810 4,198 3,70310,670 5,500 4,038 3,909 67,180 1,298 1959—Mar. 31 77,442 5,644 26,977 20,504 4,533 3,70210,753 5,329 4,212 3,642 68,157 1,374 June 30 76,795 5,29126,788 20,821 4,442 5,127 8,869 5,458 4,882 3,758 66,710 1,397 Sept. 30 80,136 6,982 2"7 ,13"8 21,879 4,478 5,130 8,938 5,590 5,582 3,530 69,549 1,423 Classification of agencies reporting quarterly, by type of fund and activity, Sept. 30, 1959 Public Enterprise Funds—Total 26,025 2,739 10,719 6,026 1,012 177 3,902 1,449 53 797 1,80123,374 Farm Credit Administration: Federal Farm Mortgage Corporation 4 4 4 Agricultural Marketing Act, revolving fund 186 60 126 186 Agricultural Department: Commodity Credit Corporation 6,270 17 1,301 4,527 137 288 711 5,559 Disaster loans, etc., revolving fund 123 68 51 4 (2) 123 All other 100 50 38 13 10 90 Housing and Home Finance Agency: Public Housing Administration 243 145 90 3 43 200 Federal Housing Administration 1,032 32 622 375 52 135 845 Federal National Mortgage Association 3,481 5 3,458 18 797 47 2,636 Office of the Administrator 1,131 180 744 205 7 1,124 Federal Savings and Loan Insurance Corporation... 333 2 320 11 16 317 Small Business Administration 676 315 344 16 3 673 Export-Import Bank 3,555 6 3.513 () () 34 6 3,549 Tennessee Valley Authority 2,149 84 38 1,907 120 35 2,114 Panama Canal Company 464 30 8 408 18 16 448 Veterans Administration 1,144 203 860 4 70 3 3 47 1,097 General Services Administration 1,588 32 1,417 85 55 11 1,577 Treasury Department 188 4 178 6 1 188 Post Office Department—postal fund 1,027 337 19 640 30 243 784 Interior Department 423 124 15 6 169 108 13 409 All other 1,909 1,044 128 6 48 544 139 456 1,452 Intragovernmental Funds—Total 10,930 1,598 8,970 249 113 63910,291 Defense Department: Army 6,415 752 5,502 114 47 176 6,239 Navy 3,311 419 2,872 21 266 3,045 Air Force 812 323 449 40 115 697 All other 392 104 147 135 6 82 310 Certain Other Activities—Total 33,594 2,337 10,762 6,883 4,938 4,786 3,882 290 33,304 General Services Administration 9,156 619 79 6,867 (2) 1,127 463 9,119 Agricultural Department: Farmers Home Administration 923 137 754 29 904 Rural Electrification Administration 3,299 131 3,019 148 3,297 Veterans Administration 328 8 254 66 321 Nat. Aeronautics and Space Administration 1,111 678 305 122 1,095 Interior Department 477 60 375 36 469 International Cooperation Administration 3,043 12 2,998 32 3,029 Treasury Department . 11,123 3,438 4,938 32,746 1,123 Commerce Department—maritime activities........ 3,595 "482 201 2,854 54 151 3,444 All other 539 209 17 122 185 35 504 Certain Deposit Funds—Total 7,470 98 3,929 3,355 71 3,294 747 2,400 1,029 Banks for cooperatives 643 19 572 43 9 360 5 215 63 Federal Deposit Insurance Corporation 2,185 3 2,162 20 125 2,060 Federal home loan banks 2,920 52 1,795 1,046 12 1,402 590 928 Federal intermediate credit banks4 1,722 25 1,562 104 30 1,532 27 124 38 Certain Trust Revolving Funds—Total 2,116 209 1,728 105 73 1,490 52 180 5 394 Federal National Mortgage Association 1,771 52 1,706 13 1,490 39 190 5 53 Office of Alien Property 206 148 58 1 5 205 All other 139 9 22 105 2 13 5 136 1 Prior to 1956, figures for trust revolving funds include interagency NOTE.—Coverage has changed in some of the years shown. Beitems. ginning 1956, changes reflect the expanded coverage and the new classi- 2 Less than $500,000. fication of agencies now reported in the Treasury Bulletin. The revised 3 Includes $815 million due under the agreement with Germany signed statement includes a larger number of agencies, and their activities arc Feb. 27, 1953, and lend-lease and surplus property balances due the classified according to the type of fund they represent. United States in the principal amount of $1,704 million. Historical data for loans by purpose and agency and for other selected * Prior to Jan. 1, 1959 was classified as a trust revolving fund. assets and liabilities by agency are shown on p. 538. 5 Figure represents total trust interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 580 Net gold purchases and gold stock of the United States. 588 Estimated foreign gold reserves and dollar holdings. 589 Reported gold reserves of central banks and governments 590 Gold production 591 International Bank and Monetary Fund. 592 United States balance of payments. 593 Money rates in foreign countries. 593 Foreign exchange rates 595 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. 579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date G to ra ta n l d t t i e i n I o r n s n n t - a a i- l - Foreign countries R G o er t - 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 r t o a p l e Canada Am La er ti i n ca Asia ot A h l e l r tutions 2 Total Official 1955 Dec. 31 13,601 1.881 11,720 6,953 J.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 ,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 ,557 1,079 1,275 3,231 7,142 1,623 2,575 1,946 355 1958 Dec 31 16,159 1,544 14,615 8,665 ,755 1,121 873 3,960 7,708 2,019 2,403 2,205 279 1959—Mar. 31 16,655 1,676 14,980 8,623 ,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 l!719 15,434 8,802 ,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 ,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 1,091 4,402 8,415 2,231 2,439 2,532 327 Aug. 31 18,812 2,720 16,092 9,175 1,409 1,570 1,093 4,503 8,575 2,135 2,515 2,526 340 Sept. 30 19,197 2,991 16,206 9,226 [,436 1,578 1.056 4,611 8,681 2,245 2,364 2,560 355 Oct. 31 r19,016 3,049 r15,967 9,096 ,544 1,543 874 4,454 8,415 r2,256 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 1960 Jan 31 . 19,342 3,138 16,204 8,889 [,899 1,358 993 4,051 8,301 2,318 2,393 2,803 391 Feb 29* 19,439 3,285 16,154 8,865 .908 1,245 1,143 4,036 8,331 2,270 2,377 2,779 397 Mar 31* 19,592 3,300 16,293 8,985 2,012 1,159 1,227 3,945 8,344 2,349 2,383 2,830 387 Table la. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - France Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l w a e n r it - d z- T k u e r y - Y sl u av g i o a - ot A h l e l r* I955 Dec 31 3,357 261 108 60 49 1,081 176 164 82 132 104 153 757 9 13 209 1956—Dec. 31 3,089 296 117 65 53 626 177 134 67 137 43 217 836 20 17 282 1957—Dec. 31 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 11 349 1958—Dec. 31 3,960 411 115 169 69 532 126 339 130 163 36 303 852 20 9 685 1959—Mar. 31 4,005 417 117 138 75 644 138 347 108 175 30 294 846 20 6 650 Apr 30 4,083 410 151 130 74 649 145 361 104 171 29 321 853 25 7 651 May 31 4,183 409 124 110 73 855 156 363 108 162 33 322 857 22 6 582 June 30 4,279 390 118 110 71 981 154 356 113 151 35 350 878 21 7 544 July 31 4,402 390 122 119 72 1,054 164 397 109 153 32 351 868 27 6 538 Aug. 31 4,503 391 119 98 76 1,139 165 423 102 155 59 343 869 29 7 528 Sept. 30 4,611 394 129 113 71 1,157 161 435 103 151 67 330 905 32 6 557 Oct 31 4,454 386 125 113 79 1,095 172 426 101 142 71 241 889 28 6 582 Nov. 30 4,300 364 132 122 81 903 192 429 97 138 79 243 902 34 5 578 Dec 31 4,127 331 138 137 77 655 186 485 95 138 86 213 966 31 6 583 I960—Jan. 31 4,051 308 152 120 83 664 188 496 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 Mar. 31* 3,945 264 157 114 87 719 160 480 99 125 111 217 922 30 12 448 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i a i 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 - s i i e s t - s l a p P i R c m u a e b n o a - - - f , Peru U gu r a u y - V zu e e n l e a - A L O 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—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 86 131 83 62 250 154 Feb. 29* 2,377 380 23 164 159 232 151 35 35 52 421 83 125 70 68 209 171 Mar. 31* 2,383 388 21 156 152 204 149 29 33 53 432 85 128 72 62 245 175 * Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1NTL CAPITAL TRANSACTIONS OF THE U. S. 581 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—-Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Aski All other Ko- Date Union Hong Indo- r3 Phil- Tai- Thai- Aus- Bel- of Total Kong India nesia Iran Israel Japan Re- ip- wan land Other Total tralia gian Egypt* South Other pub- pines Congo Africa lic of 1955—Dec. 31 2,181 55 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956—Dec. 31 2,415 66 76 186 20 45 1,017 99 272 61 148 425 346 84 44 50 53 114 1957—Dec. 31 1,946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 40 38 153 1958—Dec. 31 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 16 30 125 1959—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 I960—Jan. 31 2,803 60 113 146 46 93 1,293 149 174 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 Mar. 31*\... 2,830 63 104 150 45 87 1,336 141 178 93 146 486 387 114 42 33 43 157 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.): .3 .1 .3 .3 Burma 7.0 6.7 5.9 n a British dependencies .4 .3 .4 .8 Cambodia . .... 17.2 20.0 24.9 19.7 .2 .6 .3 1.2 Ceylon 41.2 34.2 44.1 n.a. Czechoslovakia 8 .5 .7 .6 .7 China Mainland* 35 5 36 3 36 0 35 8 Eastern Germany 1.2 3.1 1.4 1.5 Iraq 16.9 19.6 18.0 n.a. 1.9 1.7 1.7 n.a. 2.0 1.6 2.8 2 5 Hungary . .8 .7 .9 1.3 Kuwait 5 3 5 9 10 3 9 4 3.1 2.9 3.5 2.7 37.3 33.1 20 9 n a Ireland, Republic of. 9.1 9.0 10.0 5.4 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 13.2 16.4 16.1 8.2 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 8 3.3 3.2 4.9 4.0 Saudi Arabia 97 4 94 8 60 2 111 6 Rumania' . .9 .8 .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 .8 .7 2.2 2.6 All other: Other Latin America: British dependencies 3.8 2.3 1.8 2.4 British dependencies 24.1 24.0 40.9 46.9 Ethiopia and Eritrea 24.2 35.1 27.8 18.7 Costa Rica 14.6 16.4 24.5 18 9 French dependencies 10 5 10 7 6 5 5 8 Ecuador . 18.0 22.7 17.4 21.7 23.7 23.0 13.0 20 3 French West Indies and French Guiana.. 1.0 .8 .5 .5 Libya 3.7 10.7 6.4 17.6 Haiti 8.9 11.2 7.7 10.5 Morocco: Honduras 10.2 12.6 6.3 12.8 Morocco (excl. Tangier) 13.6 32.2 25 4 41 9 11.8 12.7 11.3 12.5 Tangier 22.4 19.2 18.1 16 0 Paraguay • 4.0 5.1 3.4 6.7 New Zealand 2.2 1.9 6.9 6 8 Portuguese dependencies . . .. 2.8 4.4 4.0 2.9 Other Asia: .9 1.3 1 3 n a Afghanistan 5.3 4.7 4.5 n.a. Spanish dependencies... .3 .7 .4 .2 Bahrein Islands 1.7 .9 .9 .9 Sudan .4 1.7 5.2 n a British dependencies 7.4 8.0 4.3 5.7 Tunisia .5 .8 .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 liabilities amounted to $12 million on Mar. 31, 1960. Tables la-lc. 2 Includes International Bank for Reconstruction and Development, * Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other inter- NOTE.—Statistics on international capital transactions of the United national organizations. States are based on reports by U. S. banks, bankers, brokers, and dealers, 3 Represents liabilities to foreign central banks and foreign central by branches or agencies of foreign banks, by certain domestic institutions governments and their agencies (including official purchasing missions, not classified as banks that maintain deposit or custody accounts for trade and shipping missions, diplomatic and consular establishments, etc.). foreigners, and by the U. S. Treasury. The term "foreigner" is used to ^ Includes $1,031 million representing increase in United States dollar designate foreign governments, central banks, and other official institusubscription to the International Monetary Fund paid in June 1959. tions, as well as banks, organizations, and individuals domiciled abroad 5 Includes Bank for International Settlements. and the foreign subsidiaries and offices of U. S. banks and commercial « 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

582 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 2 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 Mar 31 . .. 16,655 14,115 6,936 6,079 1,099 2,488 1,970 311 205 54 Apr 30 16,803 14,196 6,864 6,242 1,090 2,537 1,966 338 234 69 May 31 17,153 14,569 6,775 6,633 1,161 2,523 1,975 305 243 62 June 30 18,428 15,794 6,694 7,940 J.I 60 2,557 1,999 314 244 77 July 31 18,724 16,082 6,497 8,409 1,175 2,576 1,026 301 249 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 19,016 16,450 6,132 9,046 1,271 r2,498 .913 310 r276 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 31 19,342 16,928 6,149 9,255 1,524 2,358 1,766 298 294 56 Feb 29*\. 19,439 17,100 6,065 9,427 1,608 2,283 1,750 228 305 56 Mar. 31? 19,592 17,287 6,275 9,355 1,657 2,243 1,731 212 300 62 Area and country detail, January 31, 1960 Europe: Austria 308 306 153 137 17 2 1 1 (3) (3) Belgium 152 107 63 11 33 45 36 1 8 C3) Denmark 120 110 16 91 2 10 8 2 (3) Finland 83 82 9 69 4 1 1 France 664 613 231 336 46 50 44 4 2 Germany, Fed. Rep. of 1,899 1,873 251 1,398 225 25 18 4 3 188 175 17 158 13 13 Italy 1,358 1,328 155 989 184 30 22 6 1 (3) Netherlands 496 454 115 247 92 36 17 16 4 Norway . 95 54 45 7 2 40 38 2 (3) Portugal 128 81 72 10 47 45 1 (3) Spain 93 76 75 1 17 17 (3) Sweden 151 143 63 43 37 7 7 $ $ Switzerland 973 804 268 178 357 165 87 20 58 4 Turkey 30 28 28 2 2 (3) (3) United Kincdom 993 660 364 226 70 299 111 116 71 34 10 9 9 1 1 Other Europe 559 540 54 341 1 ( 4 3 4 ) 19 11 4 4 (3) Total 8,301 7,443 1,988 4,232 1,224 812 482 176 155 45 Canada ... 2,318 2,001 1,469 490 43 308 184 89 34 9 Latin America: Argentina 360 286 128 126 32 74 71 ?l 3 (3) Bolivia 25 9 9 (3) 16 15 ( 3 ) (3) Brazil 152 47 43 (3) 4 105 95 8 C C h o i l l o e mbia 2 1 2 7 2 0 1 1 6 2 1 0 1 1 5 2 0 0 (3) 11 1 4 6 9 1 4 6 9 0 ( 3 ) (3 1 ) $ (3) Cuba 163 67 56 9 2 96 86 10 (3) Dominican ReDublic . .. 36 6 6 30 29 (3) 1 El Salvador 31 14 11 2 17 16 1 Guatemala 44 26 10 8 7 18 17 Mexico 425 296 273 21 2 129 121 5 2 (3) Neth. W. Indies and Surinam 86 39 12 19 8 48 15 9 23 131 27 26 s (3) 104 65 6 33 Peru 83 38 38 44 42 1 2 (3) V U e ru n g ez u u a e y la 25 6 0 2 2 8 6 5 2 8 4 5 (3 2 ) 1 3 6 6 5 1 2 5 7 9 2 2 7 4 (83) Other Latin America 154 83 62 6 71 67 2 2 Total 2,393 1,330 1,053 200 77 1,062 933 30 98 l P Preliminary. r Revised. 2 Represents principally bankers' acceptances and commercial paper. i Includes International Monetary Fund's holdings of nonnegotiable, 3 Less than $500,000. non-interest-bearing demand notes of the United States which amounted to $2,181 million on Mar. 31, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 583 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable 1n dollars To banks and official institutions To all other foreigners Area and Payable country Total in foreign U.S. U. S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 1 Total Deposits T bi r l e ls a s a u n r d y Other1 certificates certificates Area and country detail, January 31, 1960—Continued Asia: Hong Kong 60 34 27 26 25 1 p> India 113 100 29 68 12 12 (2) Indonesia 146 145 71 74 2 2 Iran . . .... 46 42 1 4 4 j-- Israel 93 89 •56" 4 Japan 1,293 1,279 645 581 15 14 ! Korea, Rep. of 149 146 99 47 3 Philippines 174 155 122 18 15 20 19 (2) Taiwan 94 87 83 4 7 7 Thailand 142 139 31 103 5 3 3 Other Asia 493 455 175 245 34 38 37 (2> 1 Total 2,803 2,668 1,342 1,192 134 134 129 2 3 1 All other: n Australia 110 106 72 6 4 3 1 Belgian Congo 33 32 2 17 1 1 E U g n y io p n t3 of South Africa.... 2 6 5 2 5 2 9 3 2208 28 3 2 1 2 1 ( P 2\ Other 162 128 97 16 14 34 30 3 (2) Total 391 348 185 121 41 42 37 l 4 f Total foreign countries. 16,204 13,791 6,037 6,234 1,519 2,358 1 ,766 298 294 56 International institutions.... 3,138 3,138 112 3,021 5 Grand total .. . . 19,342 16,928 6,149 9,255 1,524 2,358 1,766 298 294 56 1 Represents principally bankers' acceptances and commercial paper. 3 Part of the United Arab Republic since February 1958. 2 Less than $500,000. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Ger- Date Total France R m F e a e p n . d y . o , f Italy S l z a w e n r i d - t- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1955—Dec. 31 1,549 12 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 !959_Mar. 31 2,419 102 60 36 39 264 589 246 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. '2,396 65 41 29 36 150 230 551 311 '978 503 52 Nov. 30. 2,482 60 48 28 37 174 225 573 282 1,045 528 54 Dec. 31. 2,635 57 54 30 38 138 234 552 272 1,169 586 56 I960—Jan. 31. 2,716 46 51 41 51 131 229 548 255 1,235 624 55 Feb. 29 2,691 38 51 41 39 141 229 538 234 1,240 626 53 Mar. 31 2,729 25 53 30 37 123 231 499 246 1,248 682 54 v Preliminary. r Revised. foreigners; drafts drawn against foreigners that 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

584 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Date E O u t r h o e p r e A tr u i s a - 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 - o A th H er 1955—Dec. 31 158 2 16 13 3 4 11 9 2 5 7 78 2 7 1956—Dec. 31 216 7 28 12 4 4 21 23 2 8 13 88 7 1957—Dec. 31 211 6 25 11 4 6 29 23 2 8 10 76 10 1958—Dec. 31 315 7 65 14 6 7 56 22 2 30 24 72 9 1959—Mar. 31 264 5 63 12 5 6 52 15 2 27 16 50 1 9 Apr. 30 255 5 62 10 5 7 40 14 3 29 14 51 1 14 May 31 236 5 51 9 6 8 34 11 2 28 15 51 2 16 June 30 220 6 50 8 5 7 31 10 2 26 10 49 2 13 July 31 234 6 53 9 5 7 32 8 2 25 12 57 3 14 Aug. 31 222 5 48 9 5 7 24 10 2 11 13 70 4 15 Sept. 30 239 6 50 10 7 7 22 10 2 11 19 75 3 17 Oct. 31 230 5 50 11 8 7 23 9 1 9 15 72 17 Nov. 30 225 5 51 14 8 7 25 9 2 8 16 62 2 17 Dec. 31 234 4 56 18 8 5 38 7 2 8 19 47 3 18 I960 Jan 31 229 4 56 18 8 3 33 8 2 7 17 50 7 16 Feb. 29» 229 3 53 15 9 3 26 7 2 6 17 66 8 16 Mar. 31» 231 3 49 12 9 3 30 8 2 6 18 69 9 14 Table 3b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c u a i o e 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 a a n e n n d r e d d - s ie t s s a P p R m u a e n b a - - - , Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e r n r lic Suri- lic of nam 1955—Dec. 31 706 7 4 69 14 143 92 5 8 5 154 3 17 29 18 105 34 1956—Dec. 31 840 15 4 72 16 145 90 7 11 7 213 5 12 35 15 144 49 1957—Dec. 31 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958—Dec. 31 1,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959—Mar. 31 1,068 38 3 172 50 49 149 25 5 9 263 4 25 34 45 144 53 Apr. 30 1,027 40 3 136 52 50 149 25 5 10 263 4 27 38 33 139 54 May 31 [,064 43 3 156 58 50 140 23 5 10 278 3 28 37 34 143 52 June 30 1,082 45 3 167 65 53 130 27 6 10 279 3 22 31 38 151 51 July 31 1,000 44 3 151 40 53 119 29 6 9 271 3 21 34 27 139 49 Aug. 31 965 44 3 134 36 55 92 28 7 11 269 3 24 34 39 136 50 Sept. 30 968 48 3 125 42 55 91 30 9 10 267 3 22 32 40 142 49 Oct. 31 r978 51 3 112 46 '60 91 29 14 13 265 3 23 34 39 146 49 Nov. 30 1,045 63 3 113 47 61 101 31 16 10 275 4 17 34 45 174 52 Dec. 31 1,169 63 3 118 59 68 103 29 15 10 291 4 18 36 47 247 59 I960—Jan. 31 1,235 64 3 139 58 71 91 29 10 12 288 3 18 35 47 314 54 Feb. 29* 1,240 64 3 150 57 70 83 27 5 13 257 5 19 38 46 346 56 Mar. 31* 1,248 66 3 151 51 71 83 23 5 12 282 5 18 36 51 333 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 - 1955—Dec. 31 233 3 5 18 10 103 19 6 8 60 43 11 1956 Dec. 31 337 4 6 20 16 170 16 6 9 91 43 11 1957—Dec. 31 386 7 6 22 24 146 53 6 14 110 50 13 1958—Dec. 31 435 6 4 27 23 179 67 6 13 111 69 13 1959—Mar. 31 454 6 5 34 19 204 34 8 14 130 61 11 Apr. 30 481 8 6 34 18 224 29 9 17 137 61 11 May 31 502 8 5 32 16 242 29 10 17 142 61 12 June 30 520 7 5 35 16 260 24 9 20 143 65 15 July 31 510 8 6 31 17 256 18 8 12 153 64 14 Aug. 31 518 9 5 29 15 269 18 8 13 151 66 16 Sept. 30 511 9 6 30 13 262 17 8 12 155 54 18 Oct. 31 503 9 7 29 12 262 11 8 12 154 52 19 Nov. 30 528 10 6 29 9 275 20 8 14 157 54 Dec 31 586 10 6 29 14 324 24 9 15 155 56 I960 Jan. 31 624 11 6 30 14 362 24 9 14 154 55 Feb. 29* 626 12 6 30 17 372 18 9 12 148 53 Mar. 31P 682 12 6 31 13 420 22 9 13 154 54 0000 OOVC Bel- Union gian Egypt* of Other Congo A S f o r u ic t a h 5 1 8 17 6 2 8 17 5 1 12 19 4 3 r21 r29 4 1 r19 r26 4 2 r17 r26 3 2 '17 '27 3 2 r17 '28 3 1 r18 '27 3 1 '19 '27 3 2 '12 '20 3 2 '10 '19 3 2 '11 '20 3 2 12 21 3 2 10 22 3 2 11 21 18 3 10 23 v Preliminary. ' Revised. 2 Less than $500,000. i See note 1 on preceding page. J Part of the United Arab Republic since February 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFL CAPITAL TRANSACTIONS OF THE U. S. 585 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- Date, or area term— Loans to: and country total i Total C t o io ll n e s c- Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Total amounts outstanding 1955—Dec. 31.. 671 1,549 1,385 489 236 353 307 164 144 20 1956—Dec. 31.. 839 1,946 1,796 582 330 440 444 150 131 19 1957_Dec. 31.. ,174 2,199 2,052 627 303 423 699 147 132 15 1958_Dec. 31.. ,362 2,542 2,344 840 428 421 656 198 181 16 1959—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 '2,396 '2,170 728 r441 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 I960—Jan. 31.. ,501 2,716 2,488 864 431 517 676 229 195 34 Feb. 29*. ,493 2,691 2,481 835 416 526 704 210 175 36 Mar. 31*. ,513 2,729 2,514 797 401 538 778 215 179 37 Area and country detail, January 31, 1960 Europe: Austria 4 3 1 2 Belgium 22 56 55 38 9 () Denmark 1 18 17 1 2 12 Finland 3 8 8 1 7 France 19 46 45 10 30 Germany, Fed. Rep. of., 12 51 44 12 25 Greece 6 3 3 (2) 3 Italy 31 41 40 15 11 Netherlands 12 33 25 2 15 Norway 130 7 1 4 Portugal 2 2 2 Spain 7 7 7 1 Sweden 33 17 16 1 6 7 Switzerland 3 51 41 23 11 5 9 9 Turkey 50 50 46 3 (2) (2) United Kingdom 50 131 25 9 14 105 81 25 Yugoslavia (2) 7 6 2 4 Other Europe 10 16 16 5 Total 343 548 410 162 47 122 79 138 112 26 Canada 98 255 199 12 167 7 13 56 53 3 Latin America: Argentina 69 64 39 19 25 25 Bolivia 3 3 () () 3 Brazil 262 139 139 53 23 18 44 Chile 48 58 58 17 14 13 14 Colombia 26 71 71 7 10 28 27 Cuba 70 91 91 44 4 28 14 *(2)' Dominican Republic.... 29 29 7 6 4 12 El Salvador () 10 10 4 1 3 2 Guatemala 12 12 3 2 6 2 Mexico 179 288 285 123 60 30 72 Netherlands W. Indi< and Surinam 3 Panama, Rep. of , 37 18 18 () 10 4 4 8 8 Peru 13 35 35 4 17 13 Uruguay 1 47 47 24 3 2 18 Venezuela , 30 314 311 99 51 50 112 "l Other Latin America.... 58 54 54 5 12 27 11 Total 797 1,235 1,204 390 205 253 356 28 P Preliminary. r Revised. 1 Less than $500,000. 1 Represents mainly loans with an original maturity of more than ono year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- Area and term— Loans to: country total * 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, January 31, 1960—Continued Asia: 2 11 11 7 2 2 (2) 1 (2) (2) India 11 6 6 3 (2) I I n ra d n onesia 5 9 6 30 30 j (2) 29 (2) (2) Israel 3 14 14 1 2 11 2 16 362 362 114 1 45 202 <) (2) (2) Korea Rep. of 1 1 7 24 24 20 2 1 (2) (2) Taiwan . . .. 9 9 6 2 Thailand 10 14 14 9 2 2 (2) Other Asia 2 153 153 136 1 15 (2) n\ Total 116 624 623 296 5 102 220 1 1 (2) All other: Australia, 25 18 17 1 1 7 8 I Belgian Congo 21 3 3 3 (2) Union of South Africa 19 1 2 0 1 i 0 9 (? \ ( ) 2) Other 80 22 21 5 13 (21} (2) Total 146 55 52 4 7 33 9 3 1 International institutions.... Grand total 1,501 2,716 2,488 864 431 517 676 229 195 :33 i 34 l Represents mainly loans with an original maturity of more than 2 Less than $500,000. one year. 3 Part of the United Arab Republic since February 1958. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES * [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r ch P a u s r e - s Sales N c sa h e l a e t s s e p s u ( , - o r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u ,o - r ) r - c P ha u s r e - s Sates s c N a h l a e e s t s e p s ( u , - o r > - r 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1957 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 1,458 -512 566 '804 -238 1959—Mar... 37 18 19 231 224 7 63 89 -26 45 84 -39 Apr... 60 19 41 226 196 30 49 74 -25 51 76 -25 May.. 39 23 16 240 203 37 111 169 -57 47 83 -36 June.. 24 23 1 222 181 41 45 45 49 '57 r-8 July.. 63 40 23 229 190 39 60 163 -102 48 53 -5 Aug... 259 25 234 190 145 45 27 27 44 50 -6 Sept.., 106 40 66 177 134 44 157 208 44 44 Oct... 163 77 86 191 151 40 52 75 -23 58 35 % Nov.. 166 99 68 234 175 59 53 93 -40 41 51 -10 Dec... 92 55 37 254 200 54 95 '145 '-49 53 63 -10 1960—Jan.. . 104 53 50 229 152 77 57 59 -1 56 45 II Feb. P. 119 88 32 194 149 46 77 238 -161 41 36 5 Mar.** 113 70 42 199 153 46 57 174 -117 42 44 -2 P Preliminary. r Revised. 2 Includes small amounts of U. S. municipal securities. i Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 587 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, (— ). In millions of dollars] Type of security Country Year or month Total 2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- ot A h l e l r 2 1956 291 256 35 23 23 -7 147 87 7 280 -53 38 27 1957 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958 -39 -56 17 — 3 2 -8 19 -1 1 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 1959—Mar 7 2 5 20 -12 1 -6 2 3 Apr 30 25 5 27 -2 4 31 -8 2 4 May 37 36 1 () 21 4 5 33 2 3 4 June 41 36 5 21 4 4 31 2 2 5 July 39 34 6 4 2 19 -1 2 27 1 4 7 Aug 45 35 10 11 5 18 7 1 42 -1 4 Sept 44 26 18 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 11 8 23 11 5 58 2 3 1 Dec 54 58 -4 6 5 20 13 4 46 -6 5 I960—Jan.. 77 72 5 9 3 28 13 17 71 -2 7 46 34 11 7 -6 34 -6 7 37 2 7 46 31 14 4 10 23 6 -4 41 1 p Preliminary. 2 Includes transactions of international institutions. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (—). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A L m ati e n r- Asia o A th l e l r Date Deposits tutions tries ica U. S. Govt. Miscelsecurities2 laneous 3 1956 -33 -478 8 —447 17 -40 — 16 1957 -384 -338 231 -552 15 -45 13 1958—Dec. 31 272 3,695 480 1958 -558 -805 -72 -543 5 -45 -150 1959 -157 r-593 -50 r — 443 11 -97 — 15 1959—Apr. 30 266 3,559 504 May 31 291 3,750 524 1959—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 '1 5 r— I 3 -7 2 Sept. 30 312 4,346 548 July.. -107 -4 -100 j -4 -1 Oct. 31 284 4,409 547 Aug.. -('2 -6 -4 0) 1 Nov. 30 332 4,396 556 Sept.. 3 -17 42 -42 3 -21 Dec. 31 345 4,477 570 Oct.. -7 7 24 -21 3 1 0) Nov.. -6 -44 -13 -29 4 -6 0) I960—Jan. 31 249 4,444 593 Dec. C1) '-59 -16 r-39 5 -11 Feb. 29 191 4,707 466 Mar. 31 184 4,728 615 I960—Jan... 29 -20 -17 2 0) -6 1 Apr. 30 194 4,818 639 Feb.P -101 -56 9 -43 -20 -3 1 Mar.* 7 -126 -3 -89 -32 -4 2 1 Excludes assets held for international institutions, and earmarked gold. See note 5 at bottom of next page for total gold under earmark Preliminary. r Revised. at 2 F e U d . e r S a . l T R r e e s a e s r u v r e y B b a i n ll k s s , c fo er r t i f f o ic r a e t i e g s n o a f n d in i d n e te b r te n d a n ti e o s n s a , l n a o c t c e o s, u n a t n s d . bonds. Less than $500,000. 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

588 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] larterly totals Annual totals 1958 1959 Area and country 1952 1953 1954 1955 1956 1957 1958 1959 O D c e t c . . - J M an ar .- . A Ju p n r. e - S Ju ep ly t - . O D c e t c . . - Continental Western Europe: -6 -84 -83 -58 -39 -43 Beleium ... 1-6 1-95 3 3 -329 -39 -58 -39 -68 -34 -266 -66 -200 Germany (Fed. Rep. of) -10 -130 -226 -10 Italy — 349 — 56 -100 -65 25 -261 -30 -110 -30 Portusal -5 -60 — 55 __ e -20 -10 — 10 Sweden -20 -15 15 Switzerland 23 — 65 — 16 — 8 —215 20 20 Bank for Int'l Settlements -V -94 -20 -178 -32 -28 -7 -25 Other -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 (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 TVlexico 88 -28 80 -30 -20 -10 -30 -200 65 65 Other -10 -19 12 14 56 6 2 -4 3 (2) (2) -2 -1 Total 58 -132 62 14 -28 81 69 31 58 (2) -20 -12 64 -7 -6 -10 -5 (2) 18 4-27 *-176 4-23 4-45 4-50 4-62 -19 All other .... C2) (2) 1 14 (2) -1 (2) C2) (2) (2) (2) (2) Total foreign countries... 394-1,164 -327 -68 80 172 -2,287 -969 -347 -84 -389 -348 -14& International institutions 5 200 600 -7 -73 r\ 5-344 189 91 Grand total 394-1,164 -327 -68 280 772-2,294 -1,041 -347 -93 -732 -159 -57 1 Includes sales of gold to Belgian Congo as follows (in millions): 1952, 4 Includes sales of gold to Japan as follows (in millions): 1958, $30; $2; and 1953, $10. and 1959, $157 (Jan.-Mar., $50; Apr.-June, $45; and July-Sept., $62). 2 Less than $500,000. 5 Figures represent purchase of gold from, or sale to (—) International 3 Includes purchases of gold from Spain as follows (in millions): 1957, Monetary Fund; includes payment of $344 million in June 1959 as $31; and 1958, $32. increase in United States gold subscription. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( r u e G e r n a y o d s l - d o f s T t y o o e c a t k a r l ) 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 : k i r s n s - e d e e - d e , - D p ti r c o t o i m g o d o n u e l c s d - - Month T (e r u n G e r d a y o s l o - d f m s T to o o c n t k a th l ) i in c o 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 e r l o o t d 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 e d e e - d , e- D p ti r c o t o i m g d o o u n e l c s d - - 1947 22,754 22,868 2 2,162 1,866 210 76 1959—Apr 20,305 20,358 -129 3 -127 4 1948 24,244 24,399 1,530 1,680 -159 71 May 20,188 20,227 -130 10 -137 4 1949 24,427 24,563 165 686 -496 67 June 19,705 19,746 3-482 15 492 5 1950 22,706 22,820 -1,743 -371 -1,352 80 July 19,626 19,672 -73 25 -98 5 1951 22,695 22,873 53 -549 618 66 Aug 19,524 19,568 -104 76 -176 4 1952 23,187 23,252 380 684 -305 67 Sept 19,491 19,579 10 55 — 35 4 Oct 19,585 19,647 68 24 52 4 1953 22,030 22,091 -1,162 2 -1,171 69 Nov 19,566 19,617 -30 48 -71 3 1954 21,713 21,793 -297 16 -325 65 Dec 19,456 19,507 -110 9 -112 4 1955 21,690 21,753 -41 97 -132 66 1956 21,949 22,058 306 106 319 65 I960—Jan 19,444 19,494 -13 2 — 12 3 1957 22 781 22 857 799 104 600 63 Feb 19 421 19 471 — 23 4 21 3 1958 20,534 20,582 -2,275 260 -2,515 62 Mar 19,408 19,457 -14 17 -13 4 1959 19,456 19,507 3-1,076 302 -1,324 49 Apr *>19,360*>19,403 5-71 v 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 $9,979 million on Apr. 30, 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 589 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1957 Dec. 3 , 1958 Mar. 3I, 1959 June 30, 1959 Sept. 30, 1959 Dec. 31, 1959" Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars &notes dollars & notes Continental Western Europe: 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 167 143 "I 158 179 "I 187 (l) 212 (l) Italy 1,531 2,207 2,421 2,720 3,054 3,118 Netherlands (and Netherlands West Indies and Surinam) 1,044 14 1,497 15 1,614 17 1,627 22 1,711 26 1,732 29 Norway 138 105 173 120 151 125 156 133 133 136 125 141 651 707 728 711 723 1 731 1 Spain (and dependencies) 126 94 88 92 123 3 141 3 Sweden 479 5 507 10 498 31 555 31 521 68 404 101 2,685 128 2,777 76 2,781 80 2,787 82 2,805 90 2,900 88 Turkey 162 0) 164 (l) 164 0) 165 176 8 164 Other2 846 12 1,209 3 1,117 16 1,111 16 1,067 1,076 17 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 Kincdom dependencies 104 4 109 4 110 4 105 4 106 4 115 4 211 0) 241 246 0) 226 (i) 252 0) 268 329 1 324 m 337 346 0) 366 0) 361 /•j\ Union of South Africa . ... 255 1 241 221 (1) 237 268 287 1 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 <*) 237 0) 263 325 0) 393 456 463 504 480 495 478 ^ J Chile 115 1 140 0) 135 0) 170 8 212 0) 228 Colombia. 215 TAX 0) 262 W 278 266 0) 288 37 92 1 0) 3 6 66 9 ( 8 i) 6 3 7 3 0 9 086) 3 6 1 7 7 82 27 5 7 9 08)2 21 6 4 1 82 566 3 561 4 543 3 566 565 584 Panama Reoublic of • < 136 1 146 2 156 2 147 2 157 2 129 3 Peru 88 96 93 96 0) 107 0) 110 1 235 262 0) 276 0) 269 251 0) 242 Venezuela 1,554 2 1,213 2 1,227 2 1,219 2 997 931 4 277 13 250 11 292 13 302 13 268 13 253 12 Total 4,368 176 4,017 106 4,134 107 4,174 104 3,979 105 3,911 105 Asia: a 190 145 156 1 118 1 149 1 172 1 193 0) 184 195 0) 179 0) 167 0) 187 714 2 1,094 1,232 1 1,380 2 1 420 2 1,539 2 181 5 186 3 180 3 178 3 187 5 181 3 Thailand 269 1 245 1 250 1 246 1 239 1 248 1 Other 777 8 778 7 818 7 931 7 1,013 12 1,027 16 Total 2,324 16 2,632 12 2,831 13 3,032 14 3 175 21 3,354 23 AUother: EgVDt3 228 190 190 8 190 190 194 8 Other 162 140 149 171 176 170 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 34,948 1,504 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 40,513 2,164 P Preliminary. 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.t other Eastern European countries, and China Mainland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

590 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] E m n o d n t o h f w m t E o o a s r t t t l a e i d - l d i M F I ta n u o r t n n y 'l d e- U S n ta i t t e e s d r m w e E s a o s t t r t e i 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 n g - o g B iu e m l- Brazil Canada Chile lo C m o b - ia 1953 Dec 36,425 [,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 J 270 325 ,078 40 72 1959—Mar 40,060 1,352 20,486 18,220 57 163 212 69 1,246 326 1,072 40 73 Apr . ... 1,353 20,358 57 166 222 65 1,265 326 ,071 40 73 May 1,522 20,227 57 169 222 63 1,289 326 1,074 40 74 40,340 ,910 19,746 18,685 57 135 256 63 1,270 326 1,073 40 74 July . ... <m 19,672 57 138 280 53 1,281 326 1,061 40 74 Aug 2^025 19,568 57 141 291 53 ,276 326 1,053 41 75 Sent 40,445 2,052 19,579 18,815 57 143 291 48 1,254 326 41 69 Oct 2,210 19,647 57 146 291 42 1,187 326 967 42 70 Nov 2 389 19 617 57 150 291 42 1,156 327 960 41 70 Dec r40,685 2,407 19,507 r18 770 56 154 292 42 1,134 327 960 r43 71 1960 Jan 2 416 19 494 56 292 42 I 143 326 952 r42 71 Feb 2,421 19,471 292 38 1,175 326 952 41 72 Mar 2,454 19,457 292 1,183 294 950 41 72 Ger- E m n o d n t o h f Cuba m De ar n k - D R o e ic p m a u n i b n - - E d c o u r a- Egypt2 E v l a d S o a r l- l F a i n n d - France3 R F m e e p d a u n e b r y a l , i l c Greece G m u a a l t a e- India I n n e d s o ia lic 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 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 75 31 11 20 174 31 38 899 2,704 25 25 247 41 July 7 7 5 5 3 3 1 1 1 1 2 2 2 2 0 0 1 1 7 7 4 4 3 3 1 1 3 3 8 8 9 9 3 3 9 0 2 2 , , 7 7 2 2 1 1 2 2 6 6 2 2 4 4 2 2 4 4 7 7 4 4 1 1 Sent .... 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 24 247 33 1960 Jan 50 31 10 20 174 30 38 ,285 2,638 26 247 33 Feb 21 31 10 20 174 30 38 I 298 2 652 26 247 33 Mar 31 10 20 174 30 38 2,670 247 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 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 6 513 140 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 l|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 1,749 102 142 1,132 33 30 50 28 9 548 I960—Jan 140 18 102 I 132 33 30 52 28 10 548 Feb 131 18 102 1,141 33 30 52 28 11 548 Mar 18 102 ,142 33 30 52 12 r Revised. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 591 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 t o t t r l 'l e- m p P e e a a n y n t - s ments Union 1953 Dec . . 176 218 1,459 14 113 143 2,518 227 373 13 193 153 1954—Dec 199 265 1.5H 17 113 144 2,762 227 403 14 196 153 1955—Dec 212 276 ,597 19 112 144 2,120 216 403 16 217 244 1956 Dec 224 266 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 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 [,925 24 112 144 3,220 180 719 10 436 Aug 204 191 1,919 19 112 144 3,248 180 719 10 434 Sect 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 1960 Jan 248 191 1,826 133 2,685 180 654 10 445 Feb 244 171 1,807 133 2,722 180 654 10 513 Mar 256 171 1 777 133 2,780 654 10 510 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 ]Ntorth and SouthAmerica Other month Total U.S.S.R.) A So fr u ic th a R de h s o ia - Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - * Brazil Chile Co b l i o a m- t A ra u l s ia - India 1953 864.5 780.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 9.1 4.0 4.6 15.3 37.7 7.8 1954 . ... 910.0 830.4 462.4 18.8 27.5 12.8 65.1 152.8 13.5 8.2 4.2 4.4 13.2 39.1 8.4 1955 955.5 877.7 510.7 18.4 23.8 13.0 65.7 159.1 13.4 8.1 3.9 4.3 13.3 36.7 7.4 1956 . . 994.0 914.8 556.2 18.8 21.9 13.1 65.3 153.4 12.3 7.6 4.3 3.3 15.3 36.1 7.3 1957 1,036.0 956.3 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 3.6 11.4 37.9 6.3 1958 1,064.0 984.0 618.0 19.4 29.2 12.8 61.6 158.8 11.6 7.2 3.9 3.9 13.0 38.6 6.0 1959 702 2 19 8 31.8 12.0 48.6 156.9 7.3 3.9 13.9 5.8 1959 Feb 81 2 52 8 1.5 2.6 .9 4.1 12.5 1.0 .8 .3 .1 1.1 3.0 .5 Mar 85.0 55.9 1.7 2.6 1.0 3.8 13.2 1.0 .6 .3 .4 .7 3.3 ,5 Apr 86.6 57.9 1.6 2.6 .8 3.8 13.2 1.2 .5 .3 .3 1.0 2.9 .5 May 88 1 58 7 1.6 2.6 1.3 4.1 13.3 .9 .7 .3 .2 1.0 2.9 .5 June.... 89.4 59.5 1.8 2.6 1.0 4.6 12.5 .9 .7 .3 .2 1.3 3.5 .5 July ... 2 91 4 60.8 1.6 2.7 .8 5.3 13.2 .9 .6 .4 1.4 3.2 .5 AUE 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 c t t .... 2 2 9 8 1 9 .5 4 6 61 0 .9 3 2 1. . 7 0 2 2. . 8 8 1. . 1 7 3 3. . 5 8 1 1 2 3. . 9 7 1. . 1 8 . .6 5 . .4 3 1 1. . 2 2 3 3 .3 3 . .5 5 Nov 60 3 1 7 2 7 .9 3 4 13 6 6 4 1 3 3 4 5 Dec 59.3 1.6 2.7 .8 3.7 13.2 .6 .4 1.2 .5 I960 Jan 60 8 1 6 2 6 3 4 13 2 5 4 Feb 60.0 2.6 3.1 13.0 .6 .4 1 Gold exports, representing about 90 per cent of total production. Ghana, Belgian Congo and Brazil, data for which are from American 2 Excluding Chile. Bureau of Metal Statistics. For the United States, annual figures through Sources.—World production: estimates of the U. S. Bureau of Mines. 1958 are from the U. S. Bureau of the Mint and figures for 1959 and! Production reported monthly: reports from individual countries except 1960 are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 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 1959 1960 Item Item Jan. Apr. July Oct. Jan. Mar. June Sept. Dec. Mar. Gold 1,332 1,352 1,371 2,210 2,416 Dollar deposits and U. S. securities 937 r952 rl,O33 1,023 1,109 Investments* 200 200 200 500 500 Other currencies and securities1 — 636 '671 '630 666 648 Currencies:1 Effective loans* 3,408 3,387 3,548 3,531 3,642 United States 780 951 998 2,028 2,141 Other assets* 92 93 104 138 137 Other 5,958 5,807 5,839 8,283 8,349 Gold and currency separate IBRD bonds outstanding 1,840 1,905 1,963 1,990 2,067 accounts: * ° Undisbursed loans 893 839 960 893 952 Gold 1 551 Other liabilities 28 28 31 28 27 Currency 4 1,542 Reserves 401 420 440 462 485 Unpaid member subscriptions 979 944 854 680 640 Capital* 1,911 1,911 1,920 1,985 2,005 Other assets 9 9 8 1M05 ^59 Member subscriptions , 9,228 9,228 9,22813,644 13,999 Loans by country, Mar. 31, 1960 Member subscriptions in separate account * o , 2,093 Reserves and liabilities 30 35 42 1 162 1U06 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 1,643 1,260 266 993 243 Mar. Feb. Mar. Austria 100 67 1 66 5 Belgium and Luxembourg.. 213 162 24 138 35 Denmark 60 46 6 40 3 Argentina 280 70 91 155 162 Finland 102 72 17 56 8 Bolivia 23 6 9 10 10 France 418 273 28 245 32 Brazil 150 70 113 92 92 Italy 298 213 8 204 62 Burma 15 1 12 8 8 Netherlands 236 236 161 75 75 Chile 75 15 42 42 42 Norway 95 70 3 67 22 Turkey. 61 60 8 52 Colombia 75 19 30 15 3 Yugoslavia 61 61 10 50 Cuba 50 13 25 25 25 Dominican Rep... 15 4 5 7 Sterling area, total 1,500 1,275 169 1,106 107 El Salvador 11 3 6 3 Australia 318 318 47 270 21 France 788 174 394 181 181 Ceylon 24 14 1 14 1 India 592 462 39 422 32 Haiti 11 3 4 5 5 Pakistan 151 96 19 77 3 Iceland 11 3 3 3 Union of S. Africa 197 197 52 145 28 India 600 78 200 150 150 United Kingdom 193 168 10 158 23 Indonesia 165 29 55 46 46 Other 25 20 1 19 Iran 70 18 17 5 5 Latin America, total 976 730 139 590 14 Paraguay 9 2 6 5 5 Brazil 267 193 33 160 Philippines 50 13 21 9 6 Chile 106 52 9 43 Spain 100 10 50 50 Colombia 148 109 34 75 Sudan 15 2 6 6 Ecuador 45 22 2 19 Turkey 86 22 36 36 El Salvador 32 24 21 Mexico 186 164 20 144 United Arab Re- Nicaragua 23 22 7 14 public—Egypt.. 60 10 30 27 20 Peru 47 42 9 34 United Kingdom. 1,950 399 345 296 282 Uruguay 71 60 10 51 United States 4,125 1,031 12-1,757 ^-1,548 ^-1,505 Other 50 42 13 29 Yugoslavia 66 9 23 23 23 Asia (excluding Sterling area), total 726 410 43 367 29 r Revised. Iran 194 91 20 71 12 1 Currencies include demand obligations held in lieu of deposits. Japan 338 231 223 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 sold to others, and exchange adjustment. T Ph h i a l i i l p a p n i d nes 10 1 7 9 5 1 7 6 4 1 8 6 3 Excludes uncalled portions of capital subscriptions. Other 6 6 * Loans to dependencies are included with member. 5 Includes also effective loans agreed to be sold but not yet disbursed. Africa (excluding Sterling « Less than $500,000. area), total 119 7 Includes $281 million in loans not yet effective. Ethiopia 24 8 Includes $383 million not guaranteed by the Bank. Sudan 39 9 U. S. Treasury bills purchased with proceeds from sale of gold. United Arab Republic 57 I ° Paid by members pending increases in quotas becoming effective. Total 74,964 3,731 620 3,111 8402 I1 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 593 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1956 1957 1958 1959 Item Exports of goods and services, total1. 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 4,061 4,032 4,320 Services2 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 -888 -1,247 -783 -892 -472 <-l,020 -641 -366 Pr D iv i a r t e e c , t to in ta v l estment -l - t 6 0 9 7 4 7 - - 8 4 1 0 3 2 -1 - , 9 5 9 6 3 4 - - 4 3 1 3 0 9 - - 5 3 8 2 8 4 - - 6 1 4 5 2 5 -1 - , 4 0 1 2 1 5 - - 4 1 5 5 1 6 - - 7 3 2 7 6 2 - - 3 2 8 6 3 7 - - 7 4 5 5 2 0 - -4 2 0 2 5 9 - - 6 2 0 5 5 8 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 •-268 -236 239 Foreign capital and gold (net) -195 -381 316 -269 227 585 1,069 907 878 915 <1,432 1,403 510 Increase in foreign short-term assets and Government securities -283 -199 514 -260 275 202 9 450 479 744 <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 <397 167 72 Errors and omissions 305 376 217 347 -192 203 107 218 -87 217 357 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 Sw la i n tz d er- Month 3 T m r b e o i a l n s ls u t , h ry s1 D m a 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 a s e i n r t s c s ' e D m a o d y n a - y e t y o 3 - Tr 6 d b e 0 a i a y l - s l 9 s s u 0 * , ry D m a o d y n a - e y t y o 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 - d P is r r c i a v o t a e u t n e t 1957—Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 3.75 3.25 4.64 3.33 2.50 1958—Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 1.50 2.50 1959—Mar 4.16 4.00 3.41 3.30 2.67 2.00 4.36 2.25 2.44 1.68 1.42 2.25 Apr 4.57 4.41 3.40 3.25 2.69 2.00 4.13 2.00 2.31 1.61 1.50 2.00 May 4.98 4.26 3.43 3.33 2.67 2.00 3.88 2.00 2.56 1.63 1.34 2.00 June 5.15 4.49 3.54 3.45 2.74 2.00 3.67 2.00 2.50 1.82 1.46 2.00 July 5.23 4.52 3.57 3.46 2.79 2.00 4.27 2.00 2.25 1.79 1.48 2.00 Aug 5.82 5.72 3.60 3.48 2.76 2.00 3.93 2.00 2.44 1.63 1.15 2.00 Sept 5.68 5.01 3.59 3.48 2.78 2.00 4.05 2.75 2.75 1.66 1.31 2.00 Oct 5.05 4.28 3.58 3.43 2.82 2.00 3.87 3.63 2.38 2.03 1.50 2.00 Nov 4.87 4.16 3.55 3.39 2.77 2.00 4.02 3.63 3.94 2.01 1.50 2.00 Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 1.50 2.00 1960—Jan 4.81 3.60 4.14 4.07 3.07 2.35 3.91 3.75 3.69 2.53 1.50 2.00 Feb 4.69 4.14 4.69 4.55 3.78 3.00 4.11 3.88 3.94 2.48 1.54 2.00 Mar 4.09 3.98 4.74 4.59 3.91 3.00 4.17 4.00 4.06 2.33 1.65 2.00 1 Based on average yield of weekly tenders during month. * 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

594 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Rate as of Changes during the last 12 months Apr. 30, 1959 Rate as of Country 1959 1960 Apr. 30, 1960 Per Month cent effective May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Argentina ^ 6.0 Dec. 1957 6.0 Austria 4.5 Apr. 1959 5 0 5.0 Belgium 3.25 Jan. 1959 4 0 4.0 Brazil2 10.0 Apr. 1958 10.0 Burma 3 0 Feb 1948 3.0 Canada3 5.01 Apr. 1959 5.15 5.36 5.72 5.58 5.85 5.27 5.11 5.37 4.85 4.86 3.26 3.51 3.51 Ceylon 2.5 June 1954 42 5 2.5 Chiles 15.90 Apr. 1959 J6.25 16 40 16.40 Colombia2 4.0 July 1933 4.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 6 0 6.0 Denmark ... . 4.5 Aug. 1958 5.6 5.5 5.5 Ecuador 10.0 May 1948 10.0 Egypt 3.0 Nov. 1952 3.0 El Salvador2 4.0 Apr. 1957 5.5 5.5 Finland2 6.0 Mar. 1959 6.0 France 4.0 Apr. 1959 4.0 Germany 2.75 Jan. 1959 3 6 4.0 4.0 Greece 10.0 May 1956 10.0 Honduras6 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 11 0 11.0 India7 4.0 May 1957 4.0 Indonesia 2 3.0 Apr. 1946 3.0 Iran 4.0 Aug. 1948 4.0 Ireland 4.25 Nov. 1958 4.75 4.75 Israel 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Japan 2 6.94 Feb. 1959 7.3 7.3 Mexico 4 5 June 1942 4.5 Netherlands 2.75 Jan. 1959 3.5 3.5 New Zealand 7.0 Oct. 1955 6.0 6.0 Nicaragua 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru2 . . 6.0 Nov. 1947 9.5 9.5 Philippine Republic2 6.5 Feb. 1959 6.5 Portugal 2.0 Jan. 1944 2.0 South Africa 4.0 Jan. 1959 4.0 Spain 5.0 July 1957 6.25 5.75 5.75 Sweden 4.5 May 1958 5 6 5.0 Switzerland 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 6.0 June 1956 6.0 United Kingdom 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 Japan—penalty rates (exceeding the basic rate shown) for borrowings discounts or makes advances against eligible commercial paper and /or from the Central bank in excess of an individual bank's quota; government securities for commercial banks or brokers. For countries Peru—8 per cent for agricultural, industrial and mining paper; with more than one rate applicable to such discounts or advances, the Philippine Republic-^4.5 per cent for crop loan paper and 5 per cent for rate shown is the one at which the largest proportion of central bank export packing credit paper; and credit operations is understood to be transacted. In certain cases other Venezuela—4 per cent for rediscounts of certain agricultural paper and rates for these countries are given in note 2. for advances against government bonds or gold and 5 per cent on ad- 2 Discounts or advances at other rates include: vances against securities of Venezuelan companies. Argentina—3 and 5 per cent for certain rural and industrial paper, de- 3 Since Nov. 1, 1956, the discount rate has been set each week at pending on type of transaction; VA of one per cent above the latest average tender rate for Treasury bills; Brazil—8 per cent for secured paper and 4 per cent for certain agricultural end-of-month rate shown. paper; 4 The discount rate was advanced from 2.5 to 3 per cent on Dec. 16, Colombia—3 per cent for agricultural paper and for loans on products and lowered again to 2.5 per cent on Dec. 24, 1959. in bonded warehouses; 5 Since April 1, 1959, new rediscounts are granted at the average rate Costa Rica—5 per cent for paper related to commercial transactions charged by banks in the previous half year. Old rediscounts remain subject (rate shown is for agricultural and industrial paper) ; to old rates provided their amount is reduced by one-eighth each month Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by beginning May 1, 1959, but the rates are raised by 1.5 per cent for each national public securities; month in which the reduction does not occur. All rediscounts were repaid El Salvador—4.5 per cent for agricultural and industrial paper and 3.5 by January 1960. per cent for special cases; 6 Rate shown is for advances only. Finland—rates ranging up to 7.25 per cent for longer term paper (rate 7 Since May 16, 1957, this rate applies to advances against commercial shown is for 3 months commercial paper); paper as well as against government securities and other eligible paper. Indonesia—various rates depending on type of paper, collateral, commodity involved, etc.; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 595 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month (peso) (p t A o ra u u l n s i - a ds) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r l k an k d a) Official Free 1954. 7.198 223.80 3.8580 1.9975 102.72 21.017 .4354 1955. 7.183 222.41 3.8580 1.9905 101.40 20.894 .4354 1956. 5.556 2.835 222.76 3.8580 2.0030 101.60 20.946 .4354 1957. 5.556 2.506 222.57 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—Apr.. 1.3680 224.42 8487 2.0037 103.77 21.089 .3114 May. 1.1774 224.27 8488 2.0057 103.84 21.081 .3114 June. 1.1091 224.11 8510 2.0027 104.28 21.072 .3120 July.. 1.1851 224.04 8506 2.0031 104.46 21.062 .3120 Aug.. 1.1922 223.86 8502 2.0013 104.75 21.060 .3116 Sept.. 1.2037 223.40 8525 1.9989 105.08 21.037 .3113 Oct.., 1.2213 223.61 8526 1.9993 105.51 21.048 .3113 Nov.. 1.2084 223.32 8526 1.9990 105.22 21.031 .3113 Dec.. 1.2003 222.98 8523 1.9996 105.12 20.995 .3113 I960—Jan... 1.2035 223.09 8449 2.0037 104.91 21.014 .3113 Feb.. 1.2032 223.37 8419 2.0048 105.07 21.031 .3113 Mar.. 1.2030 223.57 8418 2.0051 105.15 21.044 .3113 Apr.. 1.2004 223.86 3.8407 2.0061 103.84 21.062 .3112 Year or month F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) 1954. 23.838 21.020 280.87 32.641 9.0515 26.381 1955. 23.765 20.894 279.13 32.624 8.0056 26.230 1956. 23.786 20.934 279.57 .2779 32.582 8.0056 26.113 1957. .2376 23.798 20.910 279.32 .2779 32.527 8.0056 26.170 1958. 2.2374 23.848 21.048 280.98 .2779 32.767 8.0056 26.418 1959. .2038 23.926 21.031 280.88 3.1610 .2778 32.857 8.0056 26.492 i959_Apr... .2039 23.913 21.101 281.65 .1610 .2779 32.975 8.0056 26.501 May.. .2039 23.911 21.087 281.45 .1610 .2779 32.951 8.0056 26.488 June.. .2039 23.931 21.049 281.25 .1611 .2779 32.870 8.0056 26.504 July.. .2038 23.918 21.032 281.17 .1611 .2779 32.856 8.0056 26.515 Aug.. .2039 23.901 21.028 280.95 .1610 .2779 32.837 8.0056 26.463 Sept.. .2038 23.901 20.999 280.37 .1611 .2777 32.784 8.0056 26.459 Oct... .2037 23.931 21.010 280.63 .1610 .2776 32.794 8.0056 26.493 Nov.. .2038 23.971 20.954 280.27 .1611 .2776 32,798 8.0056 26.471 Dec... .2038 23.974 20.928 279.84 .1610 .2776 32.766 8.0056 26.506 1960—Jan.. 420.366 23.975 20.935 279.98 .1610 .2775 32.776 8.0056 26.502 Feb.. 20.369 23.977 20.951 280.33 .1610 .2773 32.771 8.0056 26.512 Mar., 20.376 23.978 20.963 280.59 .1610 .2773 32.767 8.0056 26.511 Apr.. 20.384 23.978 20.978 280.95 .1611 .2776 32.833 8.0056 26.516 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r u a t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w ro ed n e a n ) z (f e S r r w a la n i n t c - d ) ( U K p d n o i o i n u m t n g ed d - ) 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 276.80 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1957 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958 278.19 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959 278.10 14.028 49.721 3.4967 279.83 62.0579 19.324 23.142 280.88 1959—Apr.. 278.86 14.048 49.695 3.5026 280.60 2.3810 19.330 23.134 281.65 May. 278.67 14.041 49.695 3.5019 280.40 2.3810 19.326 23.133 281.45 June. 278.47 14.052 49.695 3.5004 280.20 2.3810 19.327 23.194 281.25 July. 278.38 14.050 49.695 3.5001 280.12 62.0679 19.330 23.204 281.17 Aug. 278.17 14.038 49.713 3.4990 279.90 1.6600 19.327 23.178 280.95 Sept. 277.59 14.011 49.770 3.4947 279.32 1.6607 19.325 23.121 280.37 Oct.. 277.85 14.023 49.770 3.4958 279.58 1.6607 19.325 23.048 280.63 Nov. 277.49 14.008 49.770 3.4915 279.22 1.6607 19.308 23.040 280.27 Dec. 277.07 13.994 49.770 3.4861 278.80 1.6607 19.303 23.127 279.84 I960—Jan.. 277.20 13.985 49.770 3.4844 278.93 1.6607 19.302 23.112 279.98 Feb.. 277.55 13.990 49.770 3.4898 279.28 1.6625 19.311 23.054 280.33 Mar. 277.81 14.006 49.770 3.4923 279.54 1.6637 19.314 23.058 280.59 Apr.. 278.17 14.035 549.770 3.4957 279.90 1.6637 19.359 23.048 280.95 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 Based on quotations through Apr. 22, 1960. was extended to all foreign exchange transactions on Oct. 28, 1957, and 6 Effective July 20, 1959, the par value for the Spanish peseta was set on June 23, 1958, became the official rate. On Dec. 29,1958, the franc at 60 pesetas per U. S. dollar. 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 DIVISION OF PERSONNEL ADMINISTRATION FRANK R. GARFIELD, Adviser 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 597 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

598 FEDERAL RESERVE BULLETIN - MAY 1960 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON W. D. FULTON J. L. ROBERTSON KARL R. BOPP G. H. KING, JR. CHAS. N. SHEPARDSON MALCOLM BRYAN H. G. LEEDY M. S. SZYMCZAK A. L. MILLS, JR. RALPH A. YOUNG, Secretary DAVID P. EASTBURN, Associate Economist MERRITT SHERMAN, Assistant Secretary L. MERLE HOSTETLER, Associate Economist KENNETH A KENYON, Assistant Secretary ARTHUR Economist W MARGET> Associate HOWARD H. HACKLEY, General Counsel ^ „ ^ . „ T A DAVID B. HEXTER, Assistant General Counsel G uY E* 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. SIENKIEWICZ, PHILADELPHIA, p ls GoRDQN MuRRAy? MINNEA OL Vice President REUBEN B. HAYS, CLEVELAND R- OTIS MCCLINTOCK, KANSAS CITY JOHN S. ALFRIEND, RICHMOND I- F- BETTS, DALLAS JOHN C. PERSONS, ATLANTA CHARLES F. FRANKLAND, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches Chairmen and Deputy Chairmen of Boards of Directors FEDERAL RESERVE CHAIRMAN AND DEPUTY CHAIRMAN BANK OF— FEDERAL RESERVE AGENT BOSTON ROBERT C. SPRAGUE NILS Y. WESSELL NEW YORK PHILIP D. REED FORREST F. HILL PHILADELPHIA HENDERSON SUPPLEE, JR. WALTER E. HOADLEY, JR. CLEVELAND ARTHUR B. VAN BUSKIRK JOSEPH H. THOMPSON RICHMOND ALONZO G. DECKER, JR. D. W. COLVARD ATLANTA WALTER M. MITCHELL HENRY G. CHALKLEY, JR. CHICAGO BERT R. PRALL ROBERT P. BRIGGS ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL MINNEAPOLIS O. B. JESNESS ATHERTON BEAN KANSAS CITY RAYMOND W. HALL JOE W. SEACREST DALLAS ROBERT J. SMITH LAMAR FLEMING, JR. SAN FRANCISCO F. B. WHITMAN Y. FRANK FREEMAN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 599 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 Upton S. Martin James M. Slay Edward A. Wayne Aubrey N. Heflin Joseph M. Nowlan Atlanta Malcolm Bryan J. E. Denmark L. B. Raisty Brown R. Rawlings Harold T. Patterson J. E. McCorvey Earle L. Rauber 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 J. Dewey Daane M. B. Holmgren H. G. McConnell A. W. Mills C. W. Groth A. W. Johnson M. H. Strothman, h 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 Oklahoma City R. L. Mathes Richmond Baltimore D.F. Hagner Omaha P. A. Debus Charlotte Thomas I. Storrs Atlanta Birmingham H. C. Frazer Jacksonville T. A. Lanford Dallas El Paso Howard Carrither 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. 600 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 601 REPRINTS GOLD AND DOLLAR FLOWS IN 1958. March 1959. (From Federal Reserve Bulletin unless preceded 6 pages. by an asterisk) MEMBER BANK TERM LENDING TO BUSINESS, THE MONETARY SYSTEM OF THE UNITED STATES. 1955-57. April 1959. 16 pages. February 1953. 16 pages. •PART I, ALL-BANK STATISTICS, 1896-1955. Re- INFLUENCE OF CREDIT AND MONETARY MEASURES print of the U. S. Summary containing a de- ON ECONOMIC STABILITY. March 1953. 16 scription of revised statistics for all banks in the pages. United States, by class of bank, together with FEDERAL FINANCIAL MEASURES FOR ECONOMIC revised statistics. April 1959. 100 pages. STABILITY. May 1953. 7 pages. 1959 SURVEY OF CONSUMER FINANCES. Prelimi- •DETAILED DESCRIPTION OF SOURCES AND METH- nary Findings. March 1959. 4 pages. The Fi- ODS USED IN REVISION OF SHORT- AND INTER- nancial Position of Consumers. July 1959. 24 MEDIATE-TERM CONSUMER CREDIT STATISTICS. pages. Housing of Nonfarm Families. Sep- April 1953. 25 pages. tember 1959. 17 pages. (Similar Surveys are available for earlier years from 1952, 1953, DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised Indexes). No- 1955, 1956, 1957, and 1958 BULLETINS.) vember 1953. 65 pages. INTEREST RATES IN LEADING COUNTRIES. July FEDERAL RESERVE MONTHLY INDEX OF INDUS- 1959. 6 pages. TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. A QUARTERLY PRESENTATION OF FLOW OF FUNDS, SAVING, AND INVESTMENT. August 1959. 49 SEASONAL ADJUSTMENT FACTORS FOR DEMAND pages. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. THE GOVERMENT SECURITIES MARKET. August 1959. 22 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- SECURITY PLEDGED ON BUSINESS LOANS AT MEMber 1955. 40 pages. BER BANKS. September 1959. 16 pages. SURVEY OF BANK LOANS FOR COMMERCIAL AND REVISED INDUSTRIAL PRODUCTION INDEX. De- INDUSTRIAL PURPOSES. Business Loans of cember 1959. 24 pages. Member Banks. April 1956. 14 pages. Credit Lines and Minimum Balance Requirements. CAPITAL MARKETS and MONEY AND BANK CREDIT June 1956. 7 pages. IN 1959. Combined reprint. January and February 1960. 14 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also, similar reprint MONETARY POLICY AND ECONOMIC GROWTH. from April 1953 BULLETIN.) February 1960. 7 pages. AGRICULTURAL LOAN SURVEY. November 1956 GOLD AND DOLLAR TRANSFERS IN 1959. March and January, February, and March 1957 BUL- 1960. 6 pages. LETINS. 52 pages. OWNERSHIP OF DEMAND DEPOSITS. April 1960. SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. 4 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 and May 1960. 13 REVISION OF MONTHLY DEPARTMENT STORE IN- pages. (Similar reprint of 1958 data, February DEXES. December 1957. 30 pages. and May 1959 BULLETINS.) REVISED WEEKLY INDEX OF DEPARTMENT STORE SURVEY OF COMMON TRUST FUNDS, 1959. May SALES. April 1958. 10 pages. 1960. 7 pages. (Also, similar reprints from OPEN MARKET OPERATIONS IN LONG-TERM SE- August 1956, June 1957, May 1958, and May CURITIES. November 1958. 15 pages. 1959 BULLETINS.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 526, 528 Demand deposits—Continued Agricultural loans of commercial banks, 520, 522 Type of holder, at commercial banks, 521 Agriculture, Govt. agency loans, 538, 578 Department stores: Assets and liabilities (See also Foreign liabilities and Merchandising data, 557 claims reported by banks): Sales and stocks, 552, 556 Banks and the monetary system, consoli- Deposits (See also specific types of deposits): dated, 516, 574 Adjusted, and currency, 516, 574 Corporate, current, 530 Banks, by classes, 511, 517, 521, 524, 528, 575 Banks, by classes, 517, 520, 522, 528, 575 Federal Reserve Banks, 512, 587 Federal business-type activities, Postal savings, 514, 516, 574 by fund or activity, 538, 578 Discount rates, 510, 594 Federal Reserve Banks, 512 Discounts and advances by Federal Reserve Automobiles: Banks, 506, 511, 512 Consumer instalment credit, 542, 543, 544 Dividends, corporate, 530, 531 Production index, 546, 549 Dollar assets, foreign, 587, 589 Dwelling units started, 553 Bankers' balances, 521, 523 (See also Foreign liabilities and claims reported Earnings and expenses: by banks) Insured commercial banks, 573 Banking and monetary statistics for 1959, 574 Member banks, 564 Banks and the monetary system, consolidated state- Earnings and hours, manufacturing indusment, 516, 574 tries, 552, 555 Bonds (See also U. S. Govt. securities): Employment, 552, 554, 555 New issues, 530, 532, 533 Export-Import Bank, loans, etc., 538, 578 Prices and yields, 526, 527 Farm mortgage loans, 538, 539, 540, 578 Brokers and dealers in securities, bank Federal business-type activities, assets and liabilities, loans to, 520, 522 by fund or activity, 538, 578 Business expenditures on new plant and equip- Federal Deposit Insurance Corporation, ment, 530 assets, etc., 538, 578 Business indexes, 552 Federal finance: Business loans (See Commercial and industrial loans) Cash transactions, 536 Receipts and expenditures, 537 Capital accounts: Treasurer's balance, 536 Banks, by classes, 517, 521, 524, 575 Federal home loan banks, loans, etc., 538, 541, 578 Federal Reserve Banks, 512 Federal Housing Administration, loans, etc., 538, 539, Carloadings, 552 540, 541, 578 Central banks, foreign, 590, 594 Federal National Mortgage Association, Coins, circulation of, 515 Commercial banks: loans, etc., 538, 541, 578 Federal Reserve Banks: Assets and liabilities, 517, 520, 575 Condition statement, 512 Consumer loans held, by type, 543 U. S. Govt. securities held by, 506. 511, 512, Number, by classes, 517, 575 Real estate mortgages held, by type, 539 534,535 Commercial and industrial loans: Federal Reserve credit, 506, 511, 512 Commercial banks, 520 Federal Reserve notes, 512, 515 Weekly reporting member banks, 522, 525 Finance company paper, 526, 528 Commercial paper, 526, 528 Financial institutions, loans to, 522 Commodity Credit Corporation, loans, etc., 538, 578 Flow of funds, saving and financial flows, 562 Condition statements (See Assets and liabilities) Foreign central banks, 590, 594 Construction, 552, 553 Foreign deposits in U. S. banks, 506, 512, 516, 521, Consumer credit: 524, 574 Instalment credit, 542, 543, 544, 545 Foreign exchange rates, 595 Major parts, 542, 544 Foreign liabilities and claims reported by Noninstalment credit, by holder, 543 banks, 580, 582, 585, 587 Consumer price indexes, 552, 558 Foreign trade, 557 Consumption expenditures, 560, 561 Gold: Corporate sales, profits, taxes, and dividends, 530, 531 Earmarked, 588 Corporate security issues, 530, 532 Net purchases by U. S., 588 Corporate security prices and yields, 526, 527 Production, 588, 591 Cost of living (See Consumer price indexes) Reserves of central banks and governments, 590 Currency in circulation, 507, 515 Reserves of foreign countries and international Customer credit, stock market, 527 institutions, 589 Stock, 506, 516, 574, 588 Debits to deposit accounts, 514 Gold certificates, 512, 515 Demand deposits: Govt. debt (See U. S. Govt. securities) Adjusted, banks and the monetary Gross national product, 560, 561 system, 516, 574 Adjusted, commercial banks, by classes, 521 Home owners, Govt. agency loans, 538, 578 Banks, by classes, 517, 524, 575 Hours and earnings, manufacturing indus- Turnover of, 514 tries, 552, 555 602 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 603 Industrial production index, 546, 552 Reserve requirements, member banks, 511 Instalment loans, 542, 543, 544, 545 Reserves: Insurance companies, 529, 534, 535, 540 Commercial banks, 521 Insured commercial banks, 519, 520, 573 Federal Reserve Banks, 512 Interbank deposits, 511, 517, 521, 524, 575 Foreign central banks and governments, 590 Interest rates: Foreign countries and international institu- Bond yields, 526 tions, 589 Business loans by banks, 525 Member banks, 506, 512, 521, 523 Federal Reserve Bank discount rates, 510 Residential mortgage loans, 539, 540, 541 Foreign countries, 593, 594 Open market, 526, 593 Sales finance companies, consumer loans of, 542. Regulation V loans, 514 543, 545 Stock yields, 526 Saving: Time deposits, maximum rates, 510 Flow-of-funds series, 562 International capital transactions of the U. S., 580 National income series, 561 International financial institutions, 588, 589, 590, 592 Savings deposits (See Time deposits) Inventories, 560 Savings institutions, principal assets, 528, 529 Investments (See also specific types of investments): Savings and loan associations, 529, 540 Banks, by classes, 517, 520, 523, 528, 575 Securities, international transactions, 586, 587 Federal Reserve Banks, 511, 512 Security issues, 530, 532, 533 Govt. agencies, etc., 538, 578 Silver coin and silver certificates, 515 Life insurance companies, 529 State member banks, 519, 564 Savings and loan associations, 529 State and municipal securities: New issues, 532, 533 Labor force, 554 Prices and yields, 526, 527 Loans (See also specific types of loans): States and political subdivisons: Banks, by classes, 517, 520, 522, 528, 575 Deposits of, 521,524 Federal Reserve Banks, 506, 511, 512 Holdings of U. S. Govt. securities, 534 Govt. agencies, etc., 538, 578 Ownership of obligations of, 520, 528, 529 Insurance companies, 529, 540 Stock market credit, 527 Savings and loan associations, 529, 540 Stocks: Loans insured or guaranteed, 514, 539, 540, 541 New issues, 532 Prices and yields, 526, 527 Manufacturers, production index, 546, 552 Margin requirements, 510 Member banks: Tax receipts, Federal, 537 Assets and liabilities, by classes, 517, 520, 575 Time deposits, 510, 511, 516, 517, 521, 524, 574, 575 Borrowings at Federal Reserve Treasurer's account balance, 536 Banks, 506, 512, 524 Treasury cash, 506, 515, 516, 574 Deposits, by classes, 511 Treasury currency, 506, 515, 516, 574 Earnings and expenses, 564 Treasury deposits, 506, 512, 536 Number, by classes, 518, 575 Reserve requirements, by classes, 511 Unemployment, 554 Reserves and related items, 506 U. S. Balance of payments, 593 Weekly reporting series, 522 U. S. Govt. balances: Mining, production index, 546, 552 Commercial bank holdings, by classes, 521, 524 Money rates (See Interest rates) Consolidated monetary statement, 516, 574 Mortgages (See Real estate loans) Treasury deposits at Federal Reserve Mutual savings banks, 516, 517, 519, 528, 534, 535. Banks, 506, 512, 536 539, 574, 576 U. S. Govt. securities: Bank holdings, 516, 517, 520, 523, 528, 534, National banks, 519, 564 535, 574, 575 National income, 560, 561 Federal Reserve Bank holdings, 506, 511, 512, National security expenditures, 537, 560 534, 535 Nonmember banks, 512, 519, 520, 521, 573 Foreign and international holdings, 512, 589 International transactions, 586, 587 Payrolls, manufacturing, index, 552 New issues, gross proceeds, 532 Personal income, 561 Outstanding, by type of security, 533, 534, 535 Postal Savings System, 510, 516, 574 Ownership of, 534, 535 Prices: Prices and yields, 526, 527 Consumer, 552, 558 United States notes, outstanding and in circula- Security, 527 tion, 515 Wholesale commodity, 552, 558 Utilities, production index, 546, 552 Production, 546, 552 Profits, corporate, 530, 531 Vault cash, 506, 521 Veterans Administration, loans, etc., 538, 539, Real estate loans: 540, 541, 578 Banks, by classes, 520, 522, 528, 539 Type of mortgage holder, 539, 540, 541 Weekly reporting member banks, 522 Type of property mortgaged, 539, 540, 541 Regulation V, loan guarantees, 514 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 I ) Minneapolis^ i> (o THE FEDERAL RESERVE SYSTEM Q) 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