Federal Reserve Bulletin, 1960-06

FEDERAL RESERVE June 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 Interest Rates in Leading Countries 605 Law Department 611 Current Events and Announcements 632 National Summary of Business Conditions 634 Financial and Business Statistics, U. S. (Contents on p. 637) 638 International Financial Statistics (Contents on p. 699) 700 Board of Governors and Staff 717 Open Market Committee and Staff; Federal Advisory Council 718 Federal Reserve Banks and Branches 718 Federal Reserve Board Publications 720 Index to Statistical Tables 724 Map of Federal Reserve System Inside back cover Volume 46 Number 6 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

Interest Rates in Leading Countries EARLY THIS YEAR interest rates declined INTEREST RATES IN LEADING COUNTRIES rapidly in the United States as the Federal SELECTED DATES [Per cent per annum] Government shifted from net borrowing to net repaying of marketable debt and as busi- 1959 ness expanded more slowly than had been Type of issue, 1960, 1958, and country May May expected following the steel strike. In Can- Dec. July ada the sharp decline in short-term rates that started in August 1959 continued, and Treasury bills bond yields also declined. In 1959 public United States 3.29 4.49 3.20 0.91 and private demands for credit had pushed Canada 2.87 5.02 5.23 1.53 interest rates in these countries to postwar United Kingdom 4.58 3.61 3.46 5.02 peaks. Higher rates, together with restraint Germany 4.00 3.75 2.00 3.25 France1 P4.24 4.07 4.27 210.04 on bank credit expansion, were accompanied by an increased flow of savings into financial Long-term Government bonds assets to meet record credit demands. United States 4.16 4.27 4.11 3.14 In West European industrial countries in- Canada 5.22 5.56 5.05 4.02 terest rates turned up in the fall of 1959 United Kingdom 5.30 4.99 4.74 5.03 as a result of the growing demands for funds Germany 3 6.4 6.2 5.6 6.7 France n.a. 5.27 5.36 7.15 that accompanied rapid expansion in indus- Switzerland P3.11 3.29 3.14 3.20 trial output. In early 1960 interest rates rose further as additional credit restraint n.a. Not available. v Preliminary. 1 Day-to-day money rate, private collateral. measures were put into effect. 2 Abnormal figure due to political crisis in France in May 1958. 3 April 1960. NOTE.—Treasury bills, monthly average market yields for 3-month In the second half of 1959 long-term in- bills, except end-of-month selling rate for Germany. Bonds, monthly average yields—unless otherwise noted—for the terest rates in North America and West following: United States, marketable Treasury bonds maturing or callable in 10 years or more; Canada, quotations for third Wednesday Europe were closer together than in any of month for 3% per cent bonds maturing in 1978; United Kingdom, 2Vi per cent Consols (undated); Germany, average of loans of public earlier postwar year. Short-term rates, as authorities (except May 1958 when only those with 6 per cent coupon were included); France, average of quotations for last business day reflected in Treasury bill yields in the United of the month for Government bonds (excluding indexed bonds); and Switzerland, weighted average yield on 12 Confederation and Railway bonds. States and Canada, were appreciably above corresponding rates in Britain and Ger- after United States rates turned up in midmany, as the table shows. 1958, European interest rates continued to The relative movements in interest rates decline. Moreover, central government since the spring of 1958 have reflected in sales of new marketable securities domilarge measure the difference in timing of nated money markets in both the United expansion in economic activity. Expansion States and Canada in 1959 but did not did not begin in West Europe until early dominate those in West Europe, as they 1959, whereas by that time business re- had in some earlier postwar years. covery in the United States had been under- With enhanced confidence in European way for nine months. For about a year currencies, stabler domestic prices, and 605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 FEDERAL RESERVE BULLETIN • JUNE 1960 yields in Britain and Germany were appre- INDUSTRIAL PRODUCTION ciably above their mid-1959 levels and 1957 = 100, seasonally adjusted 120 Treasury bill rates were substantially above those in North America. WEST EUROPE NORTH AMERICA Long- and short-term interest rates reached postwar highs in both the United States and Canada in the latter half of 1959 or early I I 80 1960. From mid-195 8 through the first 130 week of 1960, average yields on long-term Government bonds rose by more than one percentage point in the United States and 110 by 1.5 percentage points in Canada while UNITED 100 rates on Treasury bills rose by 3.5 percent- KINGDOM age points in each country. During the first half of 1960 bond and Treasury bill yields declined appreciably in both countries. United States. The rise in interest rates that accompanied the cyclical upswing in 1956 1958 business activity in the United States in the NOTE.—Federal Reserve index for United States. Other indexes shifted to 1957 base by Federal Reserve. Organization spring of 1958 continued throughout 1959. for European Economic Cooperation (OEEC) indexes for West Europe and Germany. National indexes for other coun- Borrowing by the Federal Government was tries. Latest figures shown (preliminary): April, except West Europe and Canada (March). at a record peacetime level, and financing in the private sectors of the economy in large balance-of-payments surpluses, a rec- 1959 reached a new peak one-third above ord volume of savings moved into financial that for 1958. assets through European financial institu- Both private and public borrowings were tions and capital markets during 1959. The particularly heavy in the short- and intercontinental countries were net exporters of mediate-term area (maturities up to five physical resources for consumption and inyears), although there was also a record vestment outside Europe. The financial increase in home mortgage credit. Private counterpart of these export surpluses was a build-up of medium- and short-term claims credit demands in the shorter maturities on the rest of the world, in part because the were for financing consumer durable goods capacity of European financial markets to purchases and business working capital. provide long-term foreign financing was in- With market yields on its outstanding bonds adequate. close to or above the AlA per cent legal After January 1960 interest rate trends in ceiling on new Treasury issues of more than North America and West Europe diverged. five-year maturity, the Federal Government Rates in the United States and Canada borrowed almost entirely on short- and indeclined sharply. In May, as the table on termediate-term issues. the preceding page shows, long-term bond Average yields on intermediate-term Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES IN LEADING COUNTRIES 607 Government securities rose above long-term rates early in 1959, as they had in 1956 INTEREST RATES IN NORTH AMERICA and 1957, and the spread became consider- LONG-TERM GOVERNMENTS ably larger last year than in the earlier period. The Treasury bill rate advanced relative to long-term rates throughout 1959, and rose above them late in the year, which it had not done in 1956-57. The advance in yields on Government securities accelerated in the second half of 1959 when Treasury demands reflected normal seasonal requirements for funds and a deficit in the Federal Budget. Expectation that private demands for credit would expand after steel operations were resumed in November was a factor in the further rise 1958 1960 of yields in the closing weeks of the year. The concentration of Treasury financing NOTK.—For description of series see note to table on p. 605. Latest figures shown: May. in short- and intermediate-term maturities and heavy sales by banks contributed to of the year. With Treasury budget surthe rise in rates for these maturities during pluses forecast for the remainder of fiscal the latter half of the year. At the higher year 1960 and also for fiscal 1961, the yields prevailing after midyear, Treasury prospective role of the Federal Government intermediate-term issues were more compet- in credit and capital markets changed conitive with alternative investments and at- siderably. Also, business activity and pritracted buying from both institutional and vate credit demands did not expand so individual investors. rapidly after the steel strike as had been Private short-term rates, including those widely anticipated. on prime bank loans, bankers' acceptances, Stock prices dropped early in the year and commercial paper, also rose in 1959, as inflationary expectations were modified particularly during the second half. To and private demand shifted from equities to restrain bank credit expansion under the fixed-interest obligations. With total decircumstances prevailing, discount rates at mand for funds in better balance with sup- Federal Reserve Banks were raised from ply, with wholesale prices relatively sta- 2 yi to 4 per cent in three steps of one-half ble, and with output in some industries per cent each, in March, May—June, and below expanded capacity, Federal Reserve September. policies were adjusted to the lessened de- Early in 1960 there was an abrupt re- mand pressures in the economy, thus conversal of trends in interest rates. A number tributing to easier credit conditions. of factors contributed to this reversal. Yields on all maturities of Government After a sustained period of record deficit securities declined through March. The financing, the Treasury became a substan- spread between intermediate- and long-term tial net repayer of debt in the first quarter issues was virtually eliminated and Treasury Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

608 FEDERAL RESERVE BULLETIN • JIJNE 1960 bill rates fell well below long-term yields. banks ceased to expand their loans and to Although yields in April and May were liquidate their holdings of Treasury securigenerally somewhat above first-quarter ties. Their loans leveled off in September lows, these advances were erased in early and then declined more than seasonally un- June. Beginning June 3, discount rates at til March 1960. The volume of new pri- Federal Reserve Banks were reduced from vate security offerings also declined in the 4 to ZVi per cent. second half of the year. The Treasury's Canada. Demand for credit in Canada cash position improved with a reduced defiincreased rapidly through the summer of cit and with cash receipts from a 5Vi per 1959. The Government borrowed substan- cent bond issue in October and from the tial amounts, although less than in 1958 1959 Canada Savings Bond campaign a when it undertook not only to lengthen debt month later. maturities on a broad scale but also to fi- The sharp decline in short-term rates nance a record peacetime budget deficit. A continued in 1960. Bond yields also deheavy demand for private credit was con- clined. On June 9 the 90-day Treasury bill centrated at banks, which met the demand rate reached a low of 2.65 per cent. in part by selling Government bonds. Sales of securities by the Treasury to finance the WEST EUROPE large deficit and by the chartered banks Interest rates in leading West European brought an unprecedented volume of Gov- markets declined until mid-1959. By that ernment securities to the capital market. time Treasury bill rates in these countries Interest rates moved to record highs. At had approached or fallen below similar these levels the nonbank public added sub- rates in North America. In most European stantially to its holdings of Government countries long-term bond yields were subsecurities. stantially below those of a year earlier. Upward pressures on shorter term interest The low level of European money rates rates reached a climax in mid-August 1959. in mid-1959 reflected in part a lag in Euro- Rapid growth in bank credit, financed in pean industrial activity. Whereas output part by sales of Treasury bills, and larger did not begin to expand in Europe until offerings of bills by the Treasury pushed February 1959, it had turned up in May yields on bills and short-term bonds above 1958 in the United States. Furthermore, 6 per cent. The 90-day bill rate reached large balance-of-payments surpluses, proa peak of 6.16 per cent in the week of duced by expansion in exports and by fav- August 12, 1959, compared with 0.87 of orable import prices, increased liquidity in one per cent a year earlier. At the next financial markets. In addition, central govtender of bills the Finance Minister accepted ernment financing needs were limited. only 77 per cent of the bids on the ground The low interest rates also reflected progthat "the recent rise in Treasury bill rates ress in rebuilding continental capital marhad gone farther and faster than conditions kets. Domestic private capital issues were warrant." in postwar record volume during 1959 in After mid-August short-term money rates West Germany and France and were apdeclined rapidly as demands in Canadian preciably above 1958 levels in Switzerland financial markets shifted. The chartered and Britain. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES IN LEADING COUNTRIES 609 In the second half of 1959 interest rates in West European countries began to rise INTEREST RATES IN WEST EUROPE Per cent as expanding output pressed against avail- LONG-TERM able resources and the authorities turned GOVERNMENTS y'V- W.FRANCE from expansionary to restrictive monetary /'VGERMANYSS,», policies. In the period September 1959- January 1960 seven central banks raised s—^\ >^ ^• UNITED KINGDOM their discount rates. In addition, reserve requirements were raised in several countries X SWITZERLAND -~»»-/ and other financial measures were taken to 1 __... . moderate credit expansion. TREASURY BILLS United Kingdom. Interest rates in Great / \ UNITED Britain, which showed only a slight upward I \KINGDOM / \ tendency during the first phase of the rapid <1. V expansion in British industrial output in 1 > f 1959, began to rise rapidly toward the end w GERMANY v^ 1 of the year. With internal demands in- I i creasing and with a current-account deficit I 1 1 recorded in the fourth quarter, the authori- 1960 ties took steps in early 1960 to check a record expansion in bank loans, financed NOTE.—For description of series see note to table on p. 605. Latest figures shown: May, except bonds for Germany (April) and France (January). by heavy sales of Government bonds. In January the Bank of England's discount rate be considered liquid assets for computing was raised from 4 to 5 per cent. In Feb- the liquid-asset ratio of more than 30 per ruary the Bank, which throughout 1959 cent customarily held in the form of cash had helped the market absorb the heavy reserves, call loans, and Treasury bills. volume of Government bonds offered by By early June interest rates in the United banks, dropped its buying prices for bonds. Kingdom were substantially above end-of- When the clearing banks continued to 1959 levels. The yield on Treasury bills sell securities and increase their loans, the had risen from 3.39 per cent in November authorities announced on April 28, 1960, 1959 to 4.56 per cent on June 3 and the the imposition for the first time of a special yield on IVi per cent Consols from 4.83 to supplementary reserve requirement. Con- 5.44 per cent. trols over instalment credit terms were re- Germany. Interest rates in Germany imposed at the same time. reached their postwar lows in mid-1959. London clearing banks were directed to At 2 per cent the Treasury bill rate was place in Special Deposits at the Bank of the lowest in major financial centers. Long- England by June 15 an amount equal to term bond yields at 5.5 per cent in August one per cent of their total deposits. This were not greatly above those of other leadamount is in addition to the 8 per cent ing countries. For several years the central minimum that the banks traditionally keep bank had actively encouraged lower interas vault cash and as deposits at the Bank. est rates to aid in expanding activity in the Moreover, the Special Deposits may not capital market and to stimulate an outflow Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

610 FEDERAL RESERVE BULLETIN • JUNE 1960 of capital that would offset the continuing on above-ceiling rediscounts at the Bank of substantial surpluses in international trans- France were reduced three times. actions on current account. Capital market conditions eased despite The volume of domestic fixed-interest the sharp growth in industrial output. Longsecurities placed in Germany in 1959 ex- term interest rates at 5.3 per cent in Decemceeded the record in 195 8. Exports of long- ber 1959 were one percentage point lower term capital in the form of net purchases of than a year earlier. The volume of new inforeign equities and fixed-income securi- dustrial security issues in 1959 was 40 per ties were five times as large as in 1958. cent larger than that in 1958. In the autumn interest rates started to rise Late in 1959 bank credit expanded raprapidly as the boom in economic activity idly. In February 1960 the Bank of France gathered strength. The German Federal cautioned commercial banks against over- Bank increased its discount rate from 2% extension of credit. to 3 per cent on September 4 and to 4 per Switzerland. The Swiss money market cent on October 23. In addition, it raised was extremely liquid in early 1959. In reserve requirements on five occasions be- January the central bank reduced its distween September 1959 and June 1960. count rate and in April long-term interest rates reached a low of 2.83 per cent. Conditions in German financial markets As business activity began to pick up in continued to tighten in late 1959 and early the spring of 1959, interest rate trends were 1960. A Federal Government bond offered reversed. By December long-term rates in November 1959 at a 6.12 per cent yield were one-half percentage point above the was oversubscribed, but one offered in mid- April low. Growing demands for credit and January 1960 at 6.36 per cent was not sold some outflow of short-term funds in response out. During the spring capital market acto higher interest rates abroad contributed to tivity was at reduced levels as the market exthe rise. The central bank stated that it did pected further increases in rates. On June 3 not raise its discount rate during the year the central bank raised its discount rate to 5 because it wished to keep Swiss rates below per cent and the Treasury bill rate to 4.87 those in other countries to encourage an outper cent. flow of liquid funds. France. A balance-of-payments surplus The Swiss capital market absorbed a recand the restoration of economic stability ord volume of financing in 1959. Gross were overriding influences on money and issues of bonds and shares were 37 per cent credit developments in France in 1959. larger than in 1958. The two-year ban on There was a large return of capital from borrowings by foreigners was lifted in Auabroad during the year. gust 1958, and foreign flotations reached a Actions taken by the monetary authorities postwar high in 1959. in 1959 were all in the direction of easing By the end of 1959 the Swiss authorities credit conditions. Early in the year the began to take cautionary steps in the credit Bank of France reduced its rediscount rate field. In December, and again early in 1960, on two occasions. In February the ceilings they warned commercial banks about inflaon credit at commercial banks, imposed a tionary factors. However, long-term bond year earlier, were removed. Penalty rates yields have eased in recent months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Amendment to Federal Deposit petition (including any tendency toward monopoly), and shall not approve the transaction unless, after con- Insurance Act sidering all of such factors, it finds the transaction to The Act of Congress approved May 13, 1960, be in the public interest. In the interests of uniform standards, before acting on a merger, consolidaamended Section 18(c) of the Federal Deposit tion, acquisition of assets, or assumption of liabilities Insurance Act to require Federal approval for under this subsection, the agency (unless it finds that mergers and consolidations of insured banks. The it must act immediately in order to prevent the probable failure of one of the banks involved) shall request amending Act (Public Law 86-463, 86th Con- a report on the competitive factors involved from the gress) is set forth below in its entirety. Attorney General and the other two banking agencies referred to in this subsection (which report shall be furnished within thirty calendar days of the date on AN ACT which it is requested, or within ten calendar days of such date if the requesting agency advises the Attorney To amend the Federal Deposit Insurance Act to require Federal approval for mergers and consolidations of insured banks. General and the other two banking agencies that an emergency exists requiring expeditious action). The Be it enacted by the Senate and House of Repre- Comptroller, the Board, and the Corporation shall sentatives of the United States of America in Coneach include in its annual report to the Congress a gress assembled, That subsection (c) of section 18 of description of each merger, consolidation, acquisition the Federal Deposit Insurance Act is amended by of assets, or assumption of liabilities approved by it striking out the third sentence and inserting in lieu during the period covered by the report, along with thereof the following: "No insured bank shall merge the following information: the name and total reor consolidate with any other insured bank or, either sources of each bank involved; whether a report has directly or indirectly, acquire the assets of, or asbeen submitted by the Attorney General hereunder, sume liability to pay any deposits made in, any other and, if so, a summary by the Attorney General of the insured bank without the prior written consent (i) of substance of such report; and a statement by the the Comptroller of the Currency if the acquiring, Comptroller, the Board, or the Corporation, as the assuming, or resulting bank is to be a national bank case may be, of the basis for its approval." or a District bank, or (ii) of the Board of Governors of the Federal Reserve System if the acquiring, assuming, or resulting bank is to be a State member Amendments to Regulation Y bank (except a District bank), or (iii) of the Corpora- The Board of Governors of the Federal Reserve tion if the acquiring, assuming, or resulting bank is to System, effective July 1, 1960, amended parabe a nonmember insured bank (except a District bank). Notice of any proposed merger, consolida- graphs (d) and (e) of Section 4 of Regulation Y tion, acquisition of assets, or assumption of liabili- (§222.4 CFR), relating to procedure on applicaties, in a form approved by the Comptroller, the Board, or the Corporation, as the case may be, shall tions for approval of acquisition of bank shares or (except in a case where the furnishing of reports assets. The amended paragraphs read as follows: under the seventh sentence of this subsection is not (d) Submission of applications. An application for required) be published, at appropriate intervals durapproval by the Board of any transaction requiring ing a period (prior to the approval or disapproval of such approval under paragraph (a) of this section the transaction) at least as long as the period allowed shall be filed with the Federal Reserve Bank.* Three under such sentence for furnishing such reports, in a copies of such application shall be filed except where, newspaper of general circulation in the community or pursuant to the provisions of paragraph (e) of this communities where the main offices of the banks insection, copies of the application are required to be volved are located (or, if there is no such newspaper transmitted to both the Comptroller of the Currency in any such community, then in the newspaper of genand the appropriate State supervisory authority, in eral circulation published nearest thereto). In grantwhich circumstances four copies of the application ing or withholding consent under this subsection, the shall be filed. The application shall be filed not Comptroller, the Board, or the Corporation, as the less than 60 days before the date on which it is case may be, shall consider the financial history and proposed that the transaction requiring approval be condition of each of the banks involved, the adequacy consummated.3 However, the Board in its discretion of its capital structure, its future earnings prospects, the general character of its management, the con- * The term "Federal Reserve Bank," as used herein, means venience and needs of the community to be served, and the Federal Reserve Bank of the Federal Reserve district in whether or not its corporate powers are consistent wh 3 i c In h t s h o e m e a p c p a l s ic e a s n t i t h m as a y i ts n o p t rin b c e i p p a o l ss o ib ff l i e c e. for the Board to with the purposes of this Act. In the case of a merger, act upon an application within such period of 60 days and consolidation, acquisition of assets, or assumption of this requirement should not be regarded as suggesting that liabilities, the appropriate agency shall also take into the Board will act upon all applications within that period of time, although every effort will be made to expedite such consideration the effect of the transaction on com- action. 611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

612 FEDERAL RESERVE BULLETIN • JUNE 1960 may, upon good cause shown, accept an application of Appeals held that the Board has no authority although submitted within such period of 60 days. A to approve or disapprove a State member bank's separate application shall be filed with respect to each bank the voting shares or assets of which are sought operating as its offices the main and branch offices to be acquired by an existing bank holding company of a national bank that had merged into the State or nonbanking subsidiary thereof. member bank. The majority and dissenting opin- (e) Procedure on applications. (1) A Federal ions rendered are printed below. Reserve Bank receiving an application under this section will retain one copy thereof and will forward all other copies to the Board. If either the applicant UNITED STATES COURT OF APPEALS or the bank the voting shares or assets of which are sought to be acquired is a national bank or a District FOR THE DISTRICT OF COLUMBIA CIRCUIT bank, the Board will transmit a copy of the application to the Comptroller of the Currency. If either the applicant or the bank the voting shares or assets No. 15244 of which are sought to be acquired is a State bank, the Board will transmit a copy of the application to OLD KENT BANK AND TRUST COMPANY, the bank supervisory authority of the State in which such bank is located. APPELLANT (2) Following the receipt of an application under this section, the Board will publish in the Federal V. Register a notice of such receipt, stating the names WILLIAM MCC. MARTIN, JR., individually and as and addresses of the applicant and the bank or banks involved, indicating the general nature of the pro- Chairman of the Board of Governors of the posed transaction, and allowing 30 days (or a shorter Federal Reserve System, et ah, APPELLEES period in exceptional circumstances) for the submission of written comments or views. Such comments or views shall be submitted to the Board or to the Appeal from the United States District Court Federal Reserve Bank for transmission to the Board. for the District of Columbia In publishing notice of this amendment in the Decided April 28, 1960 Federal Register, the Board of Governors stated: 'The purposes of this amendment are to give Mr. Gerhard A. Gesell, with whom Messrs. public notice of the receipt of application filed Henry T. Rathbun and Hamilton Carothers were pursuant to §222.4 and thereby (i) afford inter- on the brief, for appellant. ested persons full opportunity to submit to the Mr. John G. Laughlin, Jr., Attorney, Department Board comments and views with respect to such of Justice, with whom Assistant Attorney General applications, and (ii) facilitate disposition of ap- Doub and Messrs. Oliver Gasch, United States plications by the Board in the light of such com- Attorney, and Samuel D. Slade, Attorney, Departments or views." ment of Justice, were on the brief, for appellees. A draft form of this amendment was the subject Mr. James F. Bell filed a brief on behalf of the of a notice of proposed rule making, published in National Association of Supervisors of State the Federal Register (25 F.R. 2140). The proce- Banks, as amicus curiae, urging reversal. dure here contemplated will supersede the proce- Before EDGERTON, WASHINGTON and DANAHER, dure of announcing tentative decisions on applica- Circuit Judges. tions. EDGERTON, Circuit Judge: Appellant is a State bank and a member of the Federal Reserve System. It was formed by a merger or consolidation, Litigation Involving Board's Branch Authority "under the charter" of a predecessor State bank On April 28, 1960, the United States Court of and under State law, between that predecessor and Appeals for the District of Columbia Circuit a national bank. It proposes to operate branches reversed a decision of the United States District that were operated, until the merger, by the na- Court of the District of Columbia in a suit in- tional bank. stituted against the Members of the Board of Gov- Section 9 of the Federal Reserve Act, as ernors by Old Kent Bank & Trust Company, amended, provides: ". . . Upon the merger or con- Grand Rapids, Michigan. The text of the District solidation of a national bank with a State member Court's opinion was published in the 1959 Federal bank under a State charter, the membership of the Reserve BULLETIN at page 489. A divided Court State bank in the Federal Reserve System shall Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 613 continue. . . . The approval of the Board [of 1927, beyond the limits of the city, town, Governors of the Federal Reserve System] shall or village in which the parent bank is situated: Provided, however, . . . that the ap- ... be obtained before any State member bank proval of the Board of Governors of the may establish any new branch. . . ." 66 Stat. 633, Federal Reserve System, instead of the 12 U.S.C. § 321 (1958 Ed.). Comptroller of the Currency, shall be ob- The Board has disapproved appellant's opera- tained before any State member bank may hereafter establish any branch. . . ." (Emtion of the branches formerly operated by the naphasis supplied.) tional bank, on the ground that this would have an "adverse effect ... on competition. ..." Ap- The thrust of the statute is prohibition: the proviso pellant asked the District Court for a declaratory permits branch banks only when specifically aujudgment that the Board's disapproval is not thorized in advance by the Federal Reserve Board. within its statutory authority and is illegal. This Clearly, the approval of the Board must be obappeal is from a summary judgment for the Board. tained before the member bank begins to operate We think the court erred. In our opinion the any branch which it had not previously operated.1 statutory word "establish" does not mean "operate The Board has always so read the statute. It has after acquiring by merger", and the statutory consistently ruled that the statute, to be effective, phrase "any new branch" of a State member bank must cover every means of setting up additional does not mean "any existing branch of a national branches—including the obvious device of mergbank that merges with a State member bank." ing with other banks. Realistically, Old Kent In short, we think a State bank does not "establish Bank has established new and additional branches any new branch" when it retains the branches it by merging with Peoples National Bank. Cerhas acquired by merger. tainly this must be true of the former main office of Peoples—once the headquarters of an inde- The Board is not, and does not claim to be, pendent bank, and now a mere branch of its oneauthorized to prevent the merger of the two banks. time competitor, Old Kent. To me it is equally It should follow, in the absence of clear language true of the former branch offices of Peoples. I to the contrary, that the Board has no authority to prevent the incident of merger which is involved here. We find no such contrary language. More- 1The full text of the pertinent provisions of Section 9 (Section 321 of 12 U.S.C.) is as follows: over, the Federal Reserve Act provides that when "Upon the merger or consolidation of a national bank with a State member bank under a State charter, the a national banking association merges or consoli- membership of the State bank in the Federal Reserve System shall continue. dates with a State bank under a State charter, "the "Any such State bank which on February 25, 1927, resulting State bank shall be considered the same has established and is operating a branch or branches in conformity with the State law, may retain and operbusiness and corporate entity as the national bank- ate the same while remaining or upon becoming a stockholder of such Federal Reserve bank; but no such ing association, although as to rights, powers, and State bank may retain or acquire stock in a Federal Reserve bank except upon relinquishment of any branch duties the resulting bank is a State bank." o^ or branches established after February 25, 1927, beyond the limits of the city, town, or village in which the Stat. 456, 12 U.S.C. § 214b (1952 Ed.). If Con- parent bank is situated: Provided, however, That nothing herein contained shall prevent any State member gress had meant to require "the same business and bank from establishing and operating branches in the corporate entity as the national banking associa- United States or any dependency or insular possession thereof or in any foreign country, on the same terms tion" to get the Board's approval in order to con- and conditions and subject to the same limitations and restrictions as are applicable to the establishment of tinue operating the association's branches, we branches by national banks except that the approval of the Board of Governors of the Federal Reserve System, think Congress would have said so. instead of the Comptroller of the Currency, shall be obtained before any State member bank may hereafter Reversed. establish any branch and before any State bank hereafter admitted to membership may retain any branch established after February 25, 1927, beyond the limits WASHINGTON, Circuit Judge, dissenting: Section o is f s t i h tu e a te ci d t . y , T t h o e w n a , p p o r r o v v a i l l la o g f e th in e B w o h a ic rd h s t h h a e l l p l a i r k e e n w t is b e a n b k e 9 of the Federal Reserve Act, 38 Stat. 259 (1913), obtained before any State member bank may establish any new branch within the limits of any such city, town, as amended, 12 U.S.C. § 321 (1959), provides in or village (except within the District of Columbia)." pertinent part that no State bank which is a mem- The branch banking paragraph of Section 321 thus distinguishes between "any branch or branches established after ber of the Federal Reserve System or seeks mem- February 25, 1927, beyond the limits of the city, town, or village in which the parent bank is situated" and "any new bership therein may remain in or join the System branch [established] within the limits of any such city, town, or village." (Emphasis supplied.) For the purposes of "except upon relinquishment of any branch this appeal, I do not believe that the distinction is important, and I think my colleagues mistakenly rely on the or branches established after February 25, phrase "any new branch." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 FEDERAL RESERVE BULLETIN • JUNE 1960 think the majority, in reaching a contrary conclu- ing and by Section 9 restricted branch banking by sion, ignores not only the realities of the situation State member banks, notwithstanding that State and the plain language of the statute, but also its law permitted more extensive branch operation. historical background. In amended form, Section 7 is now found in 12 There has long been public hostility to the ex- U.S.C. § 36 (1959). With respect to State memtension, by means of branches, of a bank's geo- ber banks, the McFadden Act changed Section 9 graphic area of operation. At one time branch of the Federal Reserve Act to permit the continued banking was almost uniformly forbidden in the operation of existing branches but required the states of the United States. Many persons feared "relinquishment of any branch or branches estaband still fear that, among other things, unre- lished after . . . [February 25, 1927] beyond the strained branch operations would enable a few limits of the city, town, or village" in which the wealthy urban banks to extend their operations to parent State member bank was located. 44 Stat. a point where the independence and prosperity of 1229. In amended form the branch banking propoorer banks doing business solely in communi- visions of the Federal Reserve Act are codified in ties remote from the great centers of commerce 12 U.S.C. § 321 (1959). Since national banks would be seriously jeopardized.2 There is no were allowed to establish branches only within reason to believe that any particular method of the limits of the city, town, or village of the parent adding branches—by merger, purchase, or inter- bank, all Federal and State banks in the Federal nal expansion—has ever been considered worthy Reserve System were accorded substantially equal of special approbation. In fact, from the view- treatment under the McFadden Act. Amendpoint of those who have opposed branching, ments thereafter to Section 9 of the Federal merger is an especially pernicious threat to local Reserve Act purported to clarify the 1927 Act single-unit banks since not only does a competing by making branch operations of State member bank thereby extend the scope of its operations banks subject to the Board's jurisdiction. These but it also increases the amount of its capital. amendments did not define "establish," but gave The congressional approach to these problems has the Board's jurisdiction over branch operations by been characterized by two long-established pol- State member banks the same scope as that exicies: (1) that State member banks and national ercised over national banks by the Comptroller of banks should be given equal treatment within the the Currency under 12 U.S.C. § 36. See § 5(a) Federal Reserve System, and (2) that branch (b) of the Act of June 16, 1933, 48 STAT. 164; §§ banking requires close control and regulation, in 203(a), 338 of the Act of August 23, 1935, 49 view of its far-reaching competitive consequences. STAT. 704, 721.3 Since 1927, Congress has sought to effect a uni- In indirectly defining the Board's jurisdiction form policy toward branch banking by all mem- over branch banks under Section 321, 12 U.S.C. § bers of the Federal Reserve System. The branch 36 also gives no express definition of "establish." banking paragraph was originally added to Sec- Certainly a branch added through internal expantion 9 by the McFadden Act of 1927, 44 Stat. sion comes within the term "establish," and no 1229—fourteen years after the establishment of basis exists for reaching a different result with the Federal Reserve System. During the life of respect to branches acquired by purchase or the System prior to 1927, national banks had no merger. Appellants concede, moreover, that under authority to operate branches, and branch banking Section 36(c) the Comptroller has jurisdiction to by State member banks existed through the suffer- approve the operation of branches which national ance of only a few State laws. By Section 7 of the banks acquired by merger if the branches were not McFadden Act of 1927, Congress authorized na- in operation on February 25, 1927. This concestional banks to operate branches on a limited sion is well made.4 The language of Sections basis in those States which permitted branch bank- 3 The congressional intent to make the jurisdiction of the Federal Reserve Board over the branches of State member banks co-extensive with the Comptroller's authority over na- 2 See, generally, BRADFORD, THE LEGAL STATUS OF BRANCH tional bank branches is further evidenced by the fact that BANKING IN THE UNITED STATES (1940); WESTERFIELD, HIS- amendments to the branch banking paragraph of Section 9 TORICAL SURVEY OF BRANCH BANKING IN THE UNITED STATES of the Federal Reserve Act and Section 7 of the McFadden (1939); Annot., 136 A.L.R. 471 (1942) (collecting cases on Act of 1927 were at all times enacted concurrently. branch banking); Annot., 50 A.L.R. 1340 (1927) (same); *See 36 Ops. Att'y Gen. 116 (1929); cf. Rushton v. Michi- Annot., 30 A.L.R. 927 (1924) (same). See, also, New York gan National Bank, 298 Mich. 417, 418, 299 N.W. 129, 130 Times, March 25, 1960, p. 37, col. 6. (1941). See, also, 37 Ops. Att'y Gen. 325 (1933). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 615 bank mergers. To me, acquiring and operating 36 (b) and (c) supports this view by providing in new branches without permission, in the manner pertinent part: here presented, is by no means a normal or in- "§36. Branch banks. evitable incident of a merger. The operation of a branch bank is merely a method of doing business. And the transaction of merging two enterprises primarily creates a new aggregation of "(b) If a State bank is after February 25, capital: it does not automatically put the stamp 1927, converted into or consolidated with a national banking association, or if two or of approval upon particular methods of doing more national banking associations are con- business. It certainly cannot mean that methods solidated, such converted or consolidated of doing business previously followed separately association may, with respect to any of such by the merging enterprises are necessarily legal banks, retain and operate any of their and proper when followed by the new aggregation. branches which may have been in lawful operation by any bank on February 25, 1927. The whole history of the antitrust laws is to the "(c) A national banking association may, contrary. with the approval of the Comptroller of In prosperous times such as these, branching the Currency, establish and operate new branches. ..." may appear to some to be an ordinary and necessary incident of a bank merger. But it is well to In the context of Section 36(b), the word "new" remember that many states forbid branch banking in subsection (c) must refer to the period of time altogether. And in times of hardship, merger may after February 25, 1927, and the word "establish" well be aimed at averting insolvency. Thus, must refer to the manner of acquisition. Thus, branches may be closed instead of opened. Morethe word "establish" must provide the Comptrol- over, many other advantages besides branching ler's authority over acquisitions by merger and may motivate the decision to merge, and one of this word must confer the same authority on the these—the tax advantage—was in the forefront Federal Reserve Board under Section 321.5 of the 1950 amendment to our banking laws. Finally, there is no indication in the legislative S.REP. NO. 1104, 81st Cong., 2d Sess. (1950). I history that Congress, when in 1950 it authorized cannot conclude, as does the majority, that the national banks to merge into state banks for the congressional intent to open up some benefits of first time, believed that the Federal Reserve Board merger constituted an abandonment of the older would not exercise jurisdiction over branches ac- congressional policy of putting special restrictions quired by a State member bank through merger on branch banking, applicable equally to State and with a national bank. By the Act of August 17, national member banks of the Federal Reserve 1950, 64 STAT. 455, Sections 214-214c were added System. The history of the public controversy to 12 U.S.C., and 12 U.S.C. § 321 was amended. over branch banking, the intent of Congress to Sections 214-214c for the first time permitted na- treat all Federal Reserve members alike, and the tional banks to merge into State banks. Section past practices of the Federal Reserve Board and 321 was amended to recognize this new possibility the Comptroller of the Currency convince me that and to provide for the admission or continued the majority misreads the intent of Congress in membership of the resulting State bank in the finding "that the Board has no authority to pre- Federal Reserve System. No changes were made vent the incident of merger which is involved in the branch banking paragraph of Section 321. here." I see no basis, therefore, for concluding Nor is there any indication that Congress intended that the 1950 amendments should be interpreted to abandon its policy of according similar treat- so as to deprive the Board of jurisdiction with ment to all Federal Reserve members. In con- respect to the newly-created possibility that a State cluding otherwise the majority seems to assume bank may add branches through merger with a that branch operations are the normal incidents of national bank. I would uphold the asserted authority of the Board to disapprove the branch 5 No claim is made that the jurisdiction which the Comptroller has exercised over merger acquisitions has ever been bank acquisitions involved in the present case. successfully contested and no evidence has been offered as As the majority denies all authority to the Board to whether or not the Federal Reserve Board has approved operation of branches which a State bank acquires through on the facts in this case, I do not need, perhaps, to merger with another State bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 FEDERAL RESERVE BULLETIN • JUNE 1960 enter into a full discussion of the standards which tion 36 of Title 12 were and are the standards I think the Board should apply to it. But the found in State statutes. The McFadden Act proparties have argued the matter to us, with partic- vided in pertinent part: ular reference to whether or not—assuming the "(c) A national banking association may, Board has jurisdiction—it can properly apply after the date of the approval of this Act, antitrust considerations in determining the issue establish and operate new branches within of approval vel non. I think it can, for reasons the limits of the city, town, or village in which may be briefly set out. which said association is situated if such establishment and operation are at the time Appellant urges that the only standards on permitted to State banks by the law of the which the Board may act are those contained in State in question. 12 U.S.C. § 322, which reads: "(d) No branch shall be established after the date of the approval of this Act within "In acting upon such application the Board the limits of any city, town, or village of of Governors of the Federal Reserve System which the population by the last decennial shall consider the financial condition of the census was less than twenty-five thousand. applying bank, the general character of its No more than one such branch may be thus management, and whether or not the cor- established where the population, so deterporate powers exercised are consistent with mined, of such municipal unit does not exthe purposes of this Act." ceed fifty thousand; and not more than two such branches where the population does not Section 322 was not a part of the original Fed- exceed one hundred thousand. In any such eral Reserve Act. See 38 STAT. 259 (1913). It municipal unit where the population exceeds was added, in 1917, in a slightly different form one hundred thousand the determination of the number of branches shall be within the from its present one. See 40 STAT. 232 (1917). discretion of the Comptroller of the Cur- At that time, however, Section 9 of the Act (12 rency." 44 Stat. 1228. U.S.C. § 321) contained no restrictions on the operation of branches by State banks. Thus, as of 1927, the Comptroller exercised full The history of the Branch banking amendments discretion only where the home town of the nato the Federal Reserve Act does not suggest that tional bank was larger than 100,000. Of course, the Board's criteria for approving branch banks in all situations it was the Comptroller's responsiwere to be limited to those expressed in Section bility to determine for himself whether or not State 322—if indeed Section 322 is in any way relevant. law was hospitable. Cf. Rushton v. Michigan Na- When the branch banking paragraph was added to tional Bank, 298 Mich. 417, 299 N.W. 129 the Federal Reserve Act in 1927, there was no (1941). need for a reference to standards such as Section The discretion conferred by the McFadden Act 322 contains. The 1927 amendment conferred with respect to branch banking in cities over 100,no discretion on the Federal Reserve Board. Ex- 000 was extended in 1933 and 1935 to permit the isting branches were expressly approved; future Comptroller to determine the appropriateness of out-of-town branches were forbidden, and the Sec- national bank branches in communities of all sizes tion was silent on new in-town branches. Thus, regardless of whether or not the national bank's Section 322 was not originally pertinent to the home office was located in the community. The branch banking paragraph. sole restrictions on this discretion were, again, that Discretionary jurisdiction over out-of-town State law be hospitable and that certain capital branches was first conferred on the Comptroller prerequisites and limitations on the operation of of the Currency in 1933 and then transferred to "seasonal agencies" be met. Compare 48 Stat. the Board in 1935. Act of June 16, 1933, 48 189 (1933); 49 Stat. 708 (1935) with 12 U.S.C. STAT. 189; Act of August 23, 1935, 49 STAT. 721. § 36(c) (1959). It is to be noted that the discre- Neither the 1933 nor the 1935 amendments made tionary authority of the Board, co-extensive with reference to any standards except to the extent that of the Comptroller over national banks, was that they purported to adopt the same standards first extended to State member banks at that time. as are applied by the Comptroller of the Currency See 48 STAT. 164 (1933); 49 STAT. 721 (1935). in approving branches under 12 U.S.C. § 36. The amendment to Section 321, enacted on July The only express standards specified under Sec- 15, 1952, 66 STAT. 633, did not alter the character Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 617 of the discretion to be exercised by the Comptrol- stem from congressional awareness of the antiler or the Board. competitive evils which can flow from unrestricted What were the considerations relevant to the branch banking.6 exercise of this discretion? In the various statutes The antitrust laws reflect an important aspect which, over the years, have governed branch bank- of congressional policy—the preservation of coming by members of the Federal Reserve System, petition. Courts should be reluctant to interfere Congress has imposed limits on the discretion of with an implementation of that policy by regulathe Board and Comptroller by denial rather than, tory agencies, absent some clear intimation from as in many other regulatory schemes, by express Congress that a particular sort of business—or statement of positive factors which each authority way of doing business—is to be exempted. "The must consider. Thus, under the McFadden Act fact that a policy against monopoly has been capital restrictions were imposed and the number made the subject of criminal sanction by Conof branches which could be established in cities gress as to certain activities does not preclude of certain sizes was specified. Later, Congress an administrative agency charged with furthering abandoned specification of the precise number of the public interest from holding the general policy branches which could be established in communi- of Congress to be applicable to questions arising ties and left the problem of the allowable number in the proper discharge of its duties." Mansfield of branches to the unfettered discretion of the ap- Journal Co. v. Federal Communications Comproving authority. With respect to national banks mission, 86 U.S. App. D.C. 102 at 107, 180 F.2d this is clearly true because national banks have no 28 at 33 (1950). authority to operate branches except as expressly given by statute—by 12 U.S.C. § 36. Section 36 Orders Under Section 3 of the Bank is primarily a grant of authority to national banks, Holding Company Act not a limitation of the Comptroller's authority. The Board of Governors of the Federal Reserve Since 12 U.S.C. § 321 incorporates the policy of System, on May 18, 1960, and May 26, 1960, Section 36, the Board's discretion over State memissued the following Orders and Statements with ber banks must be construed as broadly as that of respect to applications by two holding companies the Comptroller of the Currency. for approval of the acquisition of voting shares In any event, it seems clear to me that Conof certain banks: gress did intend the discretion of the Comptroller and the Board to extend to competitive considera- FIRST VIRGINIA CORPORATION tions. One of the historic bases of the Federal In the Matter of the Application of The First banking structure has been a hostility to branch Virginia Corporation for prior approval of acquibanking. Economically, this hostility is directed, sition of voting shares of The Purcellville National among other things, against the competitive ad- Bank, Purcellville, Virginia vantage which banks operating branches have over unit banks (banks without branches). And ORDER APPROVING APPLICATION UNDER the specific restrictions which Section 36 has from BANK HOLDING COMPANY ACT time to time contained reflect this concern. To There having come before the Board of Govthe extent that branching has been permitted at ernors pursuant to Section 3(a) (2) of the Bank all in the Federal system, it has resulted as much Holding Company Act of 1956 (12 USC 1843) from the necessity of protecting national banks and Section 4(a)(2) of the Board's Regulation Y from the competition offered by State banks per- (12 CFR 222.4(a)(2)), an application on behalf mitted by State law to operate branches as from of the First Virginia Corporation, Arlington, Vira congressional desire to assure the blessings of ginia, for the Board's prior approval of the acbranch banking to communities where that sort quisition of 3,107 or more of the 4,000 voting of banking could be useful. At a minimum, many shares of The Purcellville National Bank, Purcellof those limitations which Congress has placed ville, Virginia; a Notice of Tentative Decision on branch banking, and a primary reason for referring to a Tentative Statement on said applicacommitting to a Federal official the authority of Federal Reserve System banks to operate branches. 0 See, generally, the authorities cited in note 2, above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

618 FEDERAL RESERVE BULLETIN • JUNE 1960 tion having been published in the Federal Register and welfare of the communities and area conon April 29, 1960 (25 FR 3772); the said Notice cerned; and (5) whether or not the effect of the having provided interested persons an opportunity, acquisition would be to expand the size or extent before issuance of the Board's final order, to file of the bank holding company system involved objections or comments upon the facts stated and beyond limits consistent with adequate and sound the reasons indicated in the Tentative Statement; banking, the public interest, and the preservation and the time for filing such objections and com- of competition in the field of banking. ments having expired and no such objections or Discussion. First presently operates three comments having been filed; banks and, with the acquisition of Purcellville, it IT IS HEREBY ORDERED, for the reasons set forth would have subsidiary banks in four Virginia in the Board's Statement of this date, that the counties (Loudon, Arlington, Fairfax, and Prince said application be and hereby is granted, and the William counties). The three banks have four acquisition by The First Virginia Corporation of branches with a total of seven banking offices and 3,107 or more of the 4,000 voting shares of The total deposits of individuals, partnerships, and Purcellville National Bank, Purcellville, Virginia, corporations (IPC deposits) amounting to is hereby approved, provided that such acquisition $48,353,000 which accounted for 15.6 per cent of is completed within three months from the date the 45 banking offices and 21.6 per cent of the hereof. $223,385,000 total IPC deposits as of October 6, 1959, of all banks operating in Loudon, Arling- Dated at Washington, D. C, this 18th day of ton, Fairfax, and Prince William counties and the May 1960. independent city of Falls Church. If First ac- By order of the Board of Governors. quires Purcellville it would control eight banking Voting for this action: Chairman Martin and Gover- offices holding total IPC deposits of $52,193,000 nors Szymczak, Robertson, Shepardson, and King. or 17.8 per cent and 23.4 per cent, respectively, of Absent and not voting: Governors Balderston and the offices and IPC deposits of all banks in the Mills. four counties and one city. (Although First con- (Signed) MERRITT SHERMAN, trols no banks in Falls Church, that city is in- Secretary. cluded in arriving at the percentages because it [SEAL] lies between Arlington and Fairfax counties.) STATEMENT The town of Purcellville has a population of The First Virginia Corporation, Arlington, Vir- approximately 1,200 and is located in the center ginia ("First"), a bank holding company, has ap- of an attractive and prosperous agricultural area plied, pursuant to Section 3 (a) (2) of the Bank with highly stable economic conditions. The Holding Company Act of 1956 ("the Act"), for construction of the Dulles International Airport, the Board's prior approval of the acquisition of which is located about 30 miles from the town, 3,107 or more of the 4,000 voting shares of The should have a favorable impact upon the area. Purcellville National Bank, Purcellville, Virginia There are no other banks in the town of Purcell- ("Purcellville"). ville. However, in the primary service area of the Purcellville Bank, there are four additional Views and recommendations of the Comptroller banks, none of the stock of which is owned or of the Currency. As required by Section 3(b) of controlled by First. the Act, the Board forwarded notice of the ap- The financial history and condition, prospects, plication to the office of the Comptroller of the and management of both First and Purcellville are Currency. The Comptroller responded by recomsatisfactory. mending approval of the transaction. There is some suggestion that the acquisition Statutory factors. Section 3(c) of the Act re- by First would help solve a management succesquires the Board to take into consideration the sion problem and provide the community with following five factors: (1) the financial history broader banking services and improved facilities. and condition of the holding company and bank It appears, however, that acquisition by First concerned; (2) their prospects; (3) the character is not the only solution of the management sucof their management; (4) the convenience, needs, cession problem and that Purcellville has been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 619 serving the convenience and needs of its com- consistent with the statutory objectives and the munity and area adequately. Viewed in the light public interest and that the application should be of all of the facts in this case, these considera- approved. tions lend little support for, but would not be THE MARINE CORPORATION inconsistent with, approval of this application. In the Matter of the Application of The Marine An additional judgment required of the Board Corporation for prior approval of acquisition of by Section 3(c) of the Act is whether the effects voting shares of Peoples Trust & Savings Bank, of the proposed acquisition would be to expand the size or extent of the bank holding company Green Bay, Wisconsin system involved beyond limits consistent with ORDER APPROVING APPLICATION UNDER adequate and sound banking, the public interest BANK HOLDING COMPANY ACT and the preservation of banking competition. There having come before the Board of Gov- First's subsidiary banks account for 1.3 per cent ernors pursuant to Section 3 (a) (2) of the Bank of the banking offices and 1.8 per cent of the total Holding Company Act of 1956 (12 USC 1843) deposits of all banks in the State of Virginia as and Section 4(a) (2) of the Board's Regulation Y of June 10, 1959. If First acquires Purcellville (12 CFR 222.4(a)(2)), an application on behalf it would control 1.5 per cent of banking offices of The Marine Corporation, Milwaukee, Wisand 1.9 per cent of deposits of all banks in consin, for the Board's prior approval of the Virginia. Within Purcellville's designated primary acquisition of 80 per cent or more of the 5,000 service area, First would be acquiring one of five voting shares of Peoples Trust & Savings Bank, banking offices (20 per cent) and $3.8 million of Green Bay, Wisconsin; a Notice of Tentative the $23.4 million (16.4 per cent) IPC deposits Decision referring to a Tentative Statement on of all banks in that area. First states that the said application having been published in the Fedrecords of its subsidiary banks indicate that they eral Register on May 7, 1960 (25 FR 4120); the do not solicit business in Loudon County; and it said Notice having provided interested persons appears that the Loudon County banks do not an opportunity, before issuance of the Board's solicit business in any area where First's subsidiary final order, to file objections or comments upon banks are located. Furthermore, First's banking the facts stated and the reasons indicated in the offices are located from 36 to 43.9 miles from Tentative Statement; and the time for filing such Purcellville and there are intervening locations objections and comments having expired and no which offer alternative sources of banking servsuch objections or comments having been filed; ices. This acquisition would represent First's entrance into Loudon County. A consideration IT IS HEREBY ORDERED, for the reasons set forth of the facts in this case does not indicate that the in the Board's Statement of this date, that the proposed acquisition would expand the size or said application be and hereby is granted, and the extent of banking resources under First's control acquisition by The Marine Corporation of 80 per beyond limits consistent with adequate and sound cent or more of the 5,000 voting shares of banking, the public interest, and the preservation Peoples Trust & Savings Bank, Green Bay, Wisof competition in the field of banking. consin, is hereby approved, provided that such acquisition is completed within three months Conclusion. The above views were incorpofrom the date hereof. rated in the Tentative Statement issued in con- Dated at Washington, D. C, this 26th day of nection with the Notice of Tentative Decision May 1960. published in the Federal Register on April 29, 1960 (25 FR 3772), affording interested persons an By order of the Board of Governors. opportunity to submit comments on, or objections to, the Board's proposed action. No comments Voting for this action: Governors Balderston, Mills, Robertson, Shepardson, and King. Absent and not or objections were received. voting: Chairman Martin and Governor Szymczak. Viewing the relevant facts in the light of the general purposes of the Act and the factors (Signed) MERRITT SHERMAN, enumerated in Section 3(c), it is the judgment of Secretary. the Board that the proposed acquisition would be [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

620 FEDERAL RESERVE BULLETIN • JUNE 1960 STATEMENT banking services, if the application is granted. On the basis of available information, it appears that The Marine Corporation, Milwaukee, Wiscon- Peoples is serving the convenience and needs of sin ("Marine"), a bank holding company has its area in a satisfactory manner and that acquiapplied, pursuant to Section 3(a) (2) of the Bank sition by Marine is not the only solution to the Holding Company Act of 1956 ("the Act"), for problem of management succession. These conthe Board's prior approval of the acquisition of siderations would not therefore have a material 80 per cent or more of the 5,000 voting shares effect on the convenience, needs, and welfare of of Peoples Trust & Savings Bank, Green Bay, the community and area concerned, but would Wisconsin ("Peoples"). not be inconsistent with approval of the applica- Views and recommendations of the Commis- tion. sioner of Banks. As required by Section 3(b) of Peoples is located more than 100 miles from the Act, the Board forwarded notice of the ap- Marine's subsidiary banks and outside of their plication to the Commissioner of Banks for the service area. There are five other banks operat- State of Wisconsin. The Commissioner of Banks, ing in Peoples' primary service area. With the however, submitted no views regarding the ap- acquisition of Peoples, Marine would control one plication. of six banking offices (16.7 per cent) and Statutory factors. Section 3(c) of the Act re- $14,908,000 (16.1 per cent) of the $92,626,000 quires the Board to take into consideration the total deposits of individuals, partnerships, and following five factors: (1) the financial history corporations (IPC) as of December 31, 1959, of and condition of the holding company and bank all banks operating in that area. Only Marine's concerned; (2) their prospects; (3) the character largest subsidiary bank holds any IPC deposits of their management; (4) the convenience, needs, from the primary service area of Peoples. These and welfare of the communities and area con- deposits from Peoples' area are only 0.3 per cent cerned; and (5) whether or not the effect of the of that subsidiary's deposits and are equal in acquisition would be to expand the size or extent amount to 2.3 per cent of the total IPC deposits of the bank holding company system involved of Peoples. beyond limits consistent with adequate and sound It does not appear that the acquisition proposed banking, the public interest, and the preservation would result in an undue concentration of bankof competition in the field of banking. ing resources or produce circumstances which Discussion. Marine, the smallest of the three would have an adverse effect on competition. A bank holding companies in Wisconsin, currently consideration of all the facts in this case does not has five subsidiary banks in or near Milwaukee. indicate that the proposed acquisition would ex- The largest bank of the group is Marine National pand the size or extent of banking resources under Exchange Bank, located in the business center Marine's control beyond limits consistent with of Milwaukee. adequate and sound banking, the public interest, Peoples is located in downtown Green Bay and and the preservation of competition in the field of its primary service area includes the city of banking. Green Bay, and the following adjacent towns: Conclusion. The above views were incorpo- Ashwaubenon, Allouez, Preble, and Howard. The rated in the Tentative Statement issued in conarea comprises approximately 25 square miles, nection with the Notice of Tentative Decision is primarily urban in character, and has an esti- published in the Federal Register on May 7, 1960 mated population of 65,000. Peoples is the sec- (25 FR 4120), affording interested persons an ond largest of six banks serving the area and is opportunity to submit comments on, or objecapproximately one-third the size of the largest. tions to, the Board's proposed action. No com- The financial history and condition, prospects, ments or objections were received. and management of both Marine and Peoples Viewing the relevant facts in the light of the are satisfactory. general purposes of the Act and the factors enu- Marine's application offers its services in secur- merated in Section 3(c), it is the judgment of the ing management succession for Peoples, and pro- Board that the proposed acquisition would be conposes to have Peoples provide several additional sistent with the statutory objectives and the public Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 621 interest and that the application should be ap- matter; and all such steps having been taken in proved. accordance with the Board's Rules of Practice for Form Hearings (12 CFR 263): Order Under Section 4(c)(6) of Bank IT IS HEREBY ORDERED, for the reasons set forth Holding Company Act in the accompanying Statement of the Board of The Board of Governors of the Federal Reserve this date, that Foster County Agency, Inc. and System on May 16, 1960, issued an Order ap- its activities are determined to be so closely related proving a request by a bank holding company to the business of banking or of managing or confor a determination under Section 4(c)(6) of trolling banks as to be a proper incident thereto the Bank Holding Company Act of 1956 that a and as to make it unnecessary for the prohibitions subsidiary corporation is exempt from the pro- of Section 4 of the Bank Holding Company Act hibitions of Section 4 of the Act. The Board's of 1956 to apply in order to carry out the pur- Order and accompanying Statement, together with poses of that Act, and, therefore, Applicant's rethe Report and Recommended Decision of the quest with respect to Foster County Agency, Inc. Hearing Examiner, read as follows: shall be, and hereby is, granted; provided that this determination shall be subject to revocation OTTO BREMER COMPANY by the Board if the facts upon which it is based In the Matter of the Request of Otto Bremer should substantially change in such a manner as Company for Determination under Section 4{c) to make the reasons for such determination no (6) of the Bank Holding Company Act of 1956 longer applicable. with respect to Foster County Agency, Inc. Dated at Washington, D. C. this 16th day of {Docket No. BHC-55) May, 1960. By order of the Board of Governors. ORDER Voting for this action: Chairman Martin and Gover- The Otto Bremer Company, St. Paul, Min- nors Szymczak, Robertson, Shepardson, and King. nesota, a bank holding company within the mean- Absent and not voting: Governors Balderston and Mills. ing of Section 2(a) of the Bank Holding Company Act of 1956 (12 USC 1843), has filed a request (Signed) MERRITT SHERMAN, Secretary. for a determination by the Board of Governors of the Federal Reserve System that a corporation [SEAL] to be formed, the Foster County Agency, Inc., STATEMENT and its activities are of the kind described in Sec- Background of the case. On November 20, tion 4(c)(6) of the Act and Section 5(b) of the 1959, the Otto Bremer Company (hereafter some- Board's Regulation Y (12 CFR 222.5(b)), so as times called the "Applicant"), a Minnesota corto make it unnecessary for the prohibitions of poration with its principal office and place of Section 4 of the Act with respect to retention of business in St. Paul, Minnesota, and a bank holdshares in nonbanking organizations to apply in ing company as defined in Section 2(a) of the order to carry out the purposes of the Act. Bank Holding Company Act of 1956 (the "Act"), A hearing having been held pursuant to Sec- filed with the Board of Governors of the Federal tion 4(c)(6) of the Act and in accordance with Reserve System (the "Board") a request for a Sections 5(b) and 7(a) of the Board's Regula- determination that a proposed non-banking subtion Y (12 CFR 222.5(b) and 222.7(a)); the sidiary and its activities, the Foster County Hearing Examiner having filed on April 7, 1960, Agency, Inc. ("Foster"), will be of such a nature his Report and Recommended Decision wherein as to be exempt from the prohibitions of Section he recommended that the request with respect to 4(a) of the Act. Foster County Agency, Inc. be approved; the time Section 4(a) of the Act makes it unlawful, for filing with the Board exceptions and brief to subject to certain exceptions, for a bank holding the recommended decision of the Hearing Ex- company (1) to acquire direct or indirect owneraminer having expired without any exceptions or ship or control of voting shares of any company brief having been filed; the Board having given that is not a bank, or (2) to retain direct or indue consideration to all relevant aspects of the direct ownership or control of voting shares of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

622 FEDERAL RESERVE BULLETIN • JUNE 1960 any such company after two years from the date ing Examiner recommended approval of the Apof enactment (May 9, 1956) of the Act. Foster plicant's request. is a nonbanking company which the shareholders The salient relevant facts with respect to the of Foster County State Bank ("Bank") propose insurance business to be carried on by Foster are to form, and in which the Applicant proposes to set forth hereafter in this Statement. Additional acquire stock. facts with respect to its activities are contained The Applicant's proposed acquisition of stock in the Hearing Examiner's Report and Recomof Foster escapes the prohibitions of the Act only mended Decision attached hereto; and, to the if it falls within one of the exceptions provided extent not inconsistent with this Statement, the by the Act. Section 4(c)(6) of the Act excepts findings of fact made by the Hearing Examiner shares of a nonbanking company if two require- are hereby adopted. ments are met: (1) if all the activities of the In determining whether or not the pending company are of a financial, fiduciary, or insurance request should be granted, the Board has connature, and (2) if the Board determines, on the sidered solely the facts embraced in the record of basis of the record made at a hearing, that all the hearing held in this matter. In addition, howthe activities of the company are so closely re- ever, the Board has considered arguments prelated to the business of banking or of managing sented in the Applicant's proposed findings of or controlling banks as to be a proper incident fact and conclusions of law, and the Hearing thereto and as to make it unnecessary for the Examiner's Report and Recommended Decision. prohibitions of Section 4 to apply in order to The Board's findings and conclusions are herecarry out the purposes of the Act.1 Section 5(b) after set forth. of the Board's Regulation Y, issued pursuant to Factual summary. The Foster County State the Act, paraphrases the provisions of the Act, Bank, located in Carrington, North Dakota, is a but requires that the activities of a company must State bank. It is proposed that the stockholders be closely related to the business of banking or of in the Bank will form the new corporation, Foster, managing or controlling banks "as conducted by which will have 1,000 shares of stock outstandsuch bank holding company or its banking sub- ing, and that they will receive shares in proporsidiaries." tion to their stockholdings in the Bank. The Ap- As required by the statute, the Board, on plicant owns 39 per cent of the stock of Bank, so January 18, 1960, ordered that a hearing be held that it would receive 390 shares of stock in Foster. on the Applicant's request; and such a hearing Carrington has a population of approximately was held at Minneapolis, Minnesota, before a 2,500 people, and there is no other bank in Carduly designated Hearing Examiner on February rington, although there are two other banks in 8, 1960. Following the conclusion of that hear- the trade area of approximately 20 surrounding ing, the Applicant, on March 22, 1960, submit- miles. The Bank has been in operation for apted proposed findings of fact and conclusions of proximately 65 years, and for over 50 years has law. In his Report and Recommended Decision, owned and operated an insurance department on filed with the Board on April 7, 1960, the Hear- its premises. Foster will confine itself to carrying on the same activities now carried on by this deirrhe relevant language of the Act is as follows: partment. The Hearing Examiner found that: "Sec. 4(a) Except as otherwise provided in this Act, no bank holding company shall— "The insurance business, as a department of the bank, "(1) after the date of enactment of this Act acquire direct or indirect ownership or control of any voting shares of any is actually intermingled with the business of the bank company which is not a bank, or and all profits resulting therefrom inure to the bene- "(2) after two years from the date of enactment of this Act fit of the bank. The bank does not advertise the in- . . . retain direct or indirect ownership or control of any voting shares of any company which is not a bank or a bank surance agency and does not actively solicit insurance holding company . . . business. It maintains the department of insurance for its own convenience, the convenience of its bank "(c) The prohibitions of this section shall not apply— customers, and to make certain that collateral on * * * ** loans are protected by insurance when such is neces- "(6) to shares of any company all the activities of which are of a financial, fiduciary, or insurance nature and which the sary. The purchase of insurance is not made a condi- Board after due notice and hearing, by order has determined tion for a borrower to obtain a loan, except where to be so closely related to the business of banking or of manag- prudence requires the protection of property against ing or controlling banks as to be a proper incident thereto and as to make it unnecessary for the prohibitions of this section hazards when such property is the principal security to apply in order to carry out the purposes of this Act. . . ." for a loan, such as in the case of automobile loans, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 623 and real estate loans where buildings are the main "so closely related" to the business of banking value of the property offered as security. In such or of managing or controlling banks, as concases, the bank will accept insurance written by any other agent, not requiring that it be purchased from ducted by the Applicant and its banking subthe bank." sidiaries, as to be a "proper incident" to such The insurance department of Bank sells fire, business and as to make it unnecessary for the automobile, inland marine, public liability, bond, prohibitions of Section 4 of the Act to apply in specific disease, travel (baggage), plate glass, order to carry out the purposes of the Act. This grain and hail insurance. During the period from determination is to be made on the basis of all of January 1, 1958, through September 30, 1959, the relevant facts and circumstances disclosed at 13.37 per cent of total premiums received derived a hearing held in the case. from insurance written on collateral held by the The weight which the Board believes should be bank. During the period from October 1, 1959, given these factors and circumstances was disthrough December 31, 1959, 25 per cent of total cussed at length in its Statement in the First Bank premiums received derived from this source. Stock Corporation matter, 1959 Federal Reserve Testimony was introduced at the hearing, and the BULLETIN 917, 930-33. For the reasons there set Hearing Examiner made findings, tending to show forth, it is the Board's judgment that the direct that a substantial proportion of premiums re- connection between the activities of Foster and ceived during the former period derived from hail the activities of Bank, when considered in the light insurance, and that this insurance was connected of the physical, personnel, and particularly of the with bank loans to a considerable extent. How- historical connection between the two, is sufever, in the absence of more specific data, the ficiently great as to be given strong weight, along Board makes no finding on this point. During the with other pertinent factors, as suggesting the entire period reviewed, more than 99 per cent of requisite close relationship required by the statute. the business of the insurance department was done The degree to which common customers make with persons who were also customers of Bank. use of facilities offered by both is a cumulative All three of the Bank's officers are licensed insur- factor entitled to be considered in this respect. ance agents, and they conduct the business of the Area practice in North Dakota, under which department. banks in these localities offer insurance services of the kind which has been provided by the The Hearing Examiner also found that: insurance department of Bank and will be pro- "It is a normal and accepted practice for State banks in the State of North Dakota to offer insurance vided by Foster, is a weighty factor, and in the agency service in conjunction with their banking oper- opinion of the Board, the enactment of the Bank ation. Both of the other banks which operate in the Holding Company Act does not diminish the same area with Foster County State Bank have bankconnected insurance agencies. A recent survey made weight to be accorded such area practice. in the State of North Dakota indicates that 84 per Closeness and propriety of relationship. On the cent of the State banks therein have connected insurance agencies, and in communities under 5,000 popu- basis of the record and particularly the facts lation, 88 per cent of the State banks and 94 per cent heretofore stated, it is the Board's view that the of the national banks have connected insurance deactivities of Foster will bear a direct and subpartments." stantial relationship to the business of Bank. Preliminary requirement as to nature of activi- For the reasons set forth in the Board's Stateties. Since Foster will confine itself, as the insur- ment in the First Bank Stock Corporation matter, ance department of Bank has done, to selling cited above, the Board believes that the relation insurance, it is clear that the preliminary require- of Foster's activities to the business of Applicant's ment for exemption under Section 4(c)(6) of subsidiary, the Foster County State Bank, will not the Act will be met—that all the activities of be inconsistent with the purposes of the Act. the company involved be of a "financial, fiduciary, Conclusion. After carefully considering all the or insurance nature." circumstances—historical, physical, and person- Relation to banking business. The statute and nel relationship, the extent of direct connection the Board's Regulation Y require that, after between the proposed activities of Foster and the passing the preliminary test, the company's ac- activities of Bank, the degree to which common tivities must be determined by the Board to be customers will be enjoyed by both, and partic- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

624 FEDERAL RESERVE BULLETIN • JUNE 1960 ularly the sanction given by long-established prac- since such counsel neither favors nor opposes the application and appeared only in an endeavor to assist tice in North Dakota to the operation of bankin developing any relevant information whether tendconnected insurance agencies—the Board has de- ing to support or oppose the application; however, termined that the activities of Foster County counsel for the Applicant, on March 23, 1960, filed a statement of proposed findings of fact, conclusions of Agency, Inc. will be so closely related to the busilaw and recommended decision, but advised that Apness of banking as conducted by the Foster plicant did not desire to file a brief. To the extent County State Bank as to be a proper incident consistent with the findings of fact and conclusions of law made below, the same are accepted. thereto and as to make it unnecessary for the pro- An order closing the hearing was entered March hibitions of Section 4 of the Act to apply in order 9, 1960, and orders correcting inaccuracies in the to carry out the purposes of the Act. transcript of the evidence in the record were entered on March 9, 1960 and March 16, 1960. Accordingly, for the reasons herein set forth, Upon the entire record in the proceeding, giving it is the Board's judgment that the requested ex- consideration to the contentions of all parties of recemption with respect to Foster County Agency, ord, and their counsel, and from my own observation of the oral testimony and exhibits offered, I make the Inc. should be granted; and IT IS SO ORDERED. following As indicated in the Board's Order, its approval of this request is based solely on the facts dis- FINDINGS OF FACT closed by the record; and if the facts should sub- I. Introduction stantially change in the future in such manner as 1. The particular sections of the Act here pertinent to make the reasons for the Board's conclusion no are as follows: longer applicable, the statutory exemption result- "Sec. 4. (a) Except as otherwise provided in this ing from the Board's present determination would, Act, no bank holding company shall— of course, cease to obtain. "(1) after the date of enactment of this Act acquire direct or indirect ownership or control of any voting shares of any company which is not a bank, or REPORT AND RECOMMENDED DECISION "(2) . . . retain direct or indirect ownership or control of any voting shares of any company which is STATEMENT OF THE CASE not a bank or a bank holding company or engage in any business other than that of banking or of On November 20, 1959, Otto Bremer Company, managing or controlling banks or of furnishing servherein the Applicant, filed with the Board of Gov- ices to or performing services for any bank of which ernors of the Federal Reserve System, herein the it owns or controls 25 per centum or more of the Board, application requesting determination of the voting shares. Board, pursuant to Section 4(c)(6) of the Bank * * * Holding Company Act of 1956, herein the Act (12 U.S.C. § 1843), and Section 5(b) of the Board's "(c) The prohibitions in this section shall not Regulation Y (12 CFR 222.5(b)), that shares of stock apply— which the Applicant proposes to acquire in a certain * * * nonbanking company, proposed to be incorporated "(6) to shares of any company all the activities of under the laws of the State of North Dakota and to which are of a financial, fiduciary, or insurance nature be known as Foster County Agency, Inc., of Car- and which the Board after due notice and hearing, and rington, North Dakota, are exempt from the prohibi- on the basis of the record made at such hearing, by tions of Section 4(a)(l) and Section 4(a) (2) of the order has determined to be so closely related to the Act. The application is in the nature of a request in business of banking or of managing or controlling which the Applicant seeks consent of the Board to ac- banks as to be a proper incident thereto and as to quire said shares on a pro rata basis to its shares held make it unnecessary for the prohibitions of this section in the Foster County State Bank, the proposed non- to apply in order to carry out the purposes of this banking corporation to be affiliated with said bank. Act; . . ." On January 18, 1960, a notice of request for determination pursuant to Section 4(c)(6) and an order 2. Acting under the provisions of Section 4(c)(6) for a hearing thereon was entered, the same being of the Act, the Applicant has applied to the Board published in 25 Federal Register 616, January 23, seeking a determination that all the activities which 1960. In accordance therewith, a hearing was held are now carried on by the insurance department of in Minneapolis, Minnesota, on February 8, 1960, be- the Foster County State Bank, Carrington, North fore the undersigned duly designated Hearing Exami- Dakota, and those same activities when, in the future ner. The Applicant and the Board—the latter in a are carried on by the proposed corporation, Foster nonadversary capacity—were represented at the hear- County Agency, Inc., are of a financial, fiduciary, or ing by counsel and were afforded full opportunity to insurance nature, and are so closely related to the be heard, to examine witnesses, to introduce evidence, business of banking or of managing or controlling and to file proposed findings of fact, conclusions of banks as to be a proper incident thereto and as to law and briefs. Counsel for the Board announced of make it unnecessary for the prohibitions of Section record that no proposed findings of fact, conclusions 4 of the Act to apply in order to carry out the purof law or brief would be filed in behalf of the Board, poses of the statute. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

625 LAW DEPARTMENT II. Otto Bremer Company gentlemen manage and control the operation of the bank and direct its policies. 1. Otto Bremer Company, the Applicant, is a Minnesota corporation with its principal office located 2. For over 50 years, this bank has owned and in St. Paul of the same State, is a bank holding com- operated an insurance department on its premises, pany within the meaning of Section 2(a) of the Act, such insurance business being unincorporated and and has duly registered as such with the Board. The being carried on as an integral part of the bank's Applicant was organized as a corporation in 1943 business. All three of the banks' officers are licensed when its founder and organizer, Otto Bremer, con- insurance agents and they perform the duties necesveyed to it stocks he had accumulated in numerous sary to the conduct of such business. The insurance banks throughout the area of Minnesota and the business, as a department of the bank, is actually in- Dakotas over a number of years, a large part having termingled with the business of the bank and all profits been accumulated by Mr. Bremer in philanthropic resulting therefrom inure to the benefit of the bank. efforts to help small communities by aiding in the The bank does not advertise the insurance agency and establishment and support of banks in such communi- does not actively solicit insurance business. It mainties. In furthering these efforts, Mr. Bremer, in May tains the department of insurance for its own con- 1944, caused a charitable organization to be formed, venience, the convenience of its bank customers, and known as the Otto Bremer Foundation, and all the to make certain that collateral on loans are proshares of stock in the Otto Bremer Company were tected by insurance when such is necessary. The purtransferred to it, and it is now the owner of the same. chase of insurance is not made a condition for a The Otto Bremer Foundation as a charitable institu- borrower to obtain a loan, except where prudence retion is exempt from income taxation pursuant to the quires the protection of property against hazards provisions of Section 501(c)(3) of the Internal when such property is the principal security for a Revenue Code of 1954, and is exempt from the ap- loan, such as in the case of automobile loans, and plication of the Bank Holding Company Act pursuant real estate loans where buildings are the main value to Section 2(b)(2) of that Act. The Applicant is of the property offered as security. In such cases, exempt from income taxation pursuant to the pro- the bank will accept insurance written by any other visions of Section 501 (c) (2) of the Internal Rev- agent, not requiring that it be purchased from the enue Code of 1954, but is not exempt from the bank. provisions of the Bank Holding Company Act. 3. Including those licensed at the bank, there are 7 2. The Applicant now owns stock interest in 39 full-time insurance agents and an additional 7 partbanks, most of the banks being located in Minnesota time agents located in Carrington, and of all the inand North Dakota. Included in this group is the surance written on collateral accepted by the bank to Foster County State Bank, or Carrington, North secure loans, only one-fourth (VA) to one-third (%) Dakota. The interest of the Applicant is a majority of the policies were sold by the bank, the rest being interest in 21 of these banks, and a minority interest in written by other agents. the 18 remaining banks. It owns 25 per cent or more of the total voting stock in 9 of the banks where its 4. It is a normal and accepted practice for State interest is that of a minority stockholder, the Foster banks in the State of North Dakota to offer insurance County State Bank being one of these. The Applicant agency service in conjunction with their banking operhas no policy of expanding its interest in any of the ation. Both of the other banks which operate in the banks or of acquiring interest in any additional same area with Foster County State Bank have bankbanks; in fact the foundation set up by Otto Bremer connected insurance agencies. A recent survey made provides no way that this could be done. in the State of North Dakota indicates that 84 per 3. The Applicant owns or controls 39 per cent of cent of the State banks therein have connected insurthe total stock issued by the Foster County State ance agencies, and in communities under 5,000 popu- Bank, the same being 1,560 shares out of the total lation, 88 per cent of the State banks and 94 per cent of 4,000 shares issued. It proposes to acquire 390 of the national banks have connected insurance deshares of the total shares to be issued by the pro- partments. Originally, most banks operating agencies posed corporation, Foster County Agency, Inc., said did so through licensed employees and as an integral total being 1,000 shares. part of the banks' business, but recently there has been a tendency to incorporate the insurance business. III. Foster County State Bank There are various reasons of incorporating, such as the growth of the business, making it desirous to 1. The Foster County State Bank, located in Car- divorce it from the banks' business for operation and rington, North Dakota, is a State bank. Its total tax records, then incorporation assures perpetuation capital, surplus and undivided profits amount to ap- of the business and insulates the bank from liability proximately $484,000. The city of Carrington has a caused by errors and negligence of agents. Usually population of approximately 2,500 people, and this is these related insurance agencies operate on banking the only bank in such city. There is no other bank premises, and various plans of operation and for the nearer than New Rockford, North Dakota, some 16 handling of net earnings are used. However, the most miles north of Carrington. There are only three common arrangement for conducting the business is banks, including the Foster County State Bank, in to have it operate for the direct benefit of the bank the general area around Carrington, and the Foster with payment to the bank of all its net profits or a County State Bank serves a trade area of approxi- substantial part thereof. mately 20 miles surrounding said city. This bank has been in operation for approximately 65 years. 5. During the period January 1, 1958 through Its officers and directors are local citizens of Carring- September 30, 1959, the insurance department, operton and Foster County, there being three officers who ated as a part of the Foster County State Bank, delikewise constitute the board of directors, and these rived its gross income from the following sources: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

626 FEDERAL RESERVE BULLETIN • JUNE 1960 Gross Gross would be substantially increased and the others cor- Type of Insurance Sold Premiums Commissions respondingly reduced. Fire $ 36,553.75 $ 8,681.19 Auto 29,077.25 7,269.31 7. On December 31, 1959, the statement of con- Inland Marine 193.54 25.98 dition of the unincorporated insurance agency owned Public Liability 2,126.85 423.45 and operated by the bank was as follows: Bonds 452.50 132.46 Specific Disease 20.00 5.00 Accounts Receivable $ 2,951.20 Accounts Payable $ 3,115.16 Travel—Baggage 91.90 32.03 Cash in Bank 10,381.78 Prepaid Insurance 258.53 Polio 97.50 17.50 Commissions Earned 9,959.29 Plate Glass 124.97 14.07 Grain 766.65 208.85 Hail 52,110.39 10,067.47 $13,332.9 $13,332.98 Total $121,615.30 $26,877.31 8. Insurance agency operations, even where conducted on banking premises and for the direct bene- The above was related to the bank's business and fit of a bank, are not subject to supervision and exits customers as follows: amination by banking authorities in the State of North Percentage of Dakota. However, the prevalent practice of coupling Classification Total Volume banking and insurance agency operations is well On insurance written on collateral held by the known to the banking and insurance authorities of bank 13.37 On insurance covering property not securing bank said State, and has long been acquiesced in by such loans placed by persons who are borrowers from as a proper practice. North Dakota statutes contain the bank at one time or another, but not neces- no specific statutory provision or expressed policy sarily at the time the insurance is placed 21.36 On insurance written for non-borrowing bank prohibiting the operation of an insurance agency on customers (i.e., depositors and others who avail banking premises or for the benefit of its related themselves of banking services, include all hail bank. insurance premiums) 64.91 On insurance placed for persons who otherwise have no business relations with the bank .36 IV. Proposed Corporation Foster County Agency, Inc. 100.00 1. The shareholders of Foster County State Bank, For the period October 1, 1959, through December including the Applicant herein, propose to form a cor- 31, 1959, said insurance department shows the folporation to be known as Foster County Agency, Inc., lowing results: with the address of the initial registered office being: Gross Gross 978 Main Street, Carrington, North Dakota. They Type of Insurance Sold Premiums Commissions propose to subscribe for 1,000 shares of the capital Fire $ 6,910.79 $ 1,703.17 stock of Foster County Agency, Inc., said stock to be Auto 5,001.91 1,181.58 Inland Marine 0 0 subscribed to by the shareholders of Foster County Public Liability 217.15 39.79 State Bank in the same pro rata amount for each as Bonds 5.00 1.25 are the shares of each in said bank. When organ- Specific Disease 0 0 Travel—Baggage 0 0 ized, it is proposed that the corporation purchase from Polio 17.50 2.50 the bank all assets now used in the operation of the Plate Glass 0 0 insurance department and assume the liabilities there- Grain 26.49 6.62 Hail 0 0 of. Thereafter, Foster County Agency, Inc., would own and operate the insurance department of Foster Total. . $12,178.84 $ 2,934.91 County State Bank, would operate the same on bank The related percentages were as follows: premises, with bank personnel, in exactly the same fashion as that of the present insurance department, Percentage of Classification Total Volume and would pay appropriate rent and other expenses On insurance written on collateral held by the incurred on its part. It is further proposed that the bank 25.00 same officers and directors of the bank be officers On insurance written for non-borrowing bank and directors of the insurance agency, and that the customers (i.e., depositors and others who avail themselves of banking services) 42.2 shares of the bank and the insurance corporation be On insurance covering property not securing bank linked by a restrictive agreement whereby disposiloans placed by persons who are borrowers from tion of the shares of one will require disposition of the the bank at one time or another, but not necessarily at the time the insurance is placed 32.8 shares of the other, to the end that any shareholder of either the bank or the insurance corporation own 100.00 proportionately the same number of shares of the other. 6. The placement of hail insurance constitutes a large part of the insurance business done in the de- 2. The proposed corporation does not plan to partment. The foregoing tables do not include hail engage in the real estate, lending, financial, fiduciary, insurance as insurance written on bank collateral be- or any other business except that of insurance, and its cause it is unlawful in North Dakota for a bank to proposed Articles of Incorporation set forth the foltake growing crops as security for loans. However, lowing purposes: the bank in determining the creditworthiness of a "To act as agent or broker for insurance companies farmer loan-applicant seeking an advance to carry in soliciting and receiving applications for fire, auto, him over to the harvesting season, considers among marine, motor vehicles and trucks, travel, polio, plate other factors whether or not the loan-applicant's crop glass, grain, hail, casualty, accident, boiler, elevator, is protected by insurance against hail damage. If hail rent, health, credit, and life insurance, and all other insurance were included in the tables above as insur- kinds of insurance, the collection of premiums, and ance written on collateral held by the bank, the first doing such other business as may be delegated to percentage item of the tables, which includes such, agents or brokers by such companies and to conduct a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 627 general insurance agency and insurance brokerage and conditions set forth in Section 4(c)(l-8 inclubusiness." sive). Sections 4(a)(l) and 4(a)(2) of the Act deal 3. The proposed agency does not plan to advertise with acquisitions and/or retention of shares of any its services or to solicit business outside its office on company, the inference being that "any company" is bank premises. The stated reasons for the organiza- one in actual existence, and there is no reference to tion of the corporation is to operate the insurance a proposed company in contemplation of organizaagency for the same purposes and in the same man- tion. Thus the first question for consideration herein ner as the present insurance department of the bank is whether the sections of the Act referred to can be now operates, while at the same time insulating the interpreted as contemplating the inclusion of companies in the formative stages. If not then the Board bank from liability arising out of the operation of the would have no power to act upon this request and for insurance business. When incorporated, the insurance the Applicant to carry out its plans, the proposed agency expects to have sufficient assets to finance corporation would need to be organized and in actual itself, to advance premiums for customers when necesexistence. sary, and it does not expect to borrow money from the bank for such purposes. If a customer needs a The prohibitions of Section 4 are not directed loan to pay insurance premiums, he will be expected against the nonbanking company, but against the bank to make his own arrangements with the bank, or else- holding company acquiring or retaining stock in such where, to obtain the same. nonbanking company unless the facts justify an ex- 4. In the area around Carrington, and in all of emption from the prohibitions. In other words the North Dakota, insurance departments appear to be jurisdiction of the Board applies to the bank holding of substantial benefit to their affiliated banks and to company, not the company in which it seeks to acquire the shareholders and customers of such banks. Some or retain an interest. The reference to "any comof the reasons for this are: (a) The earnings provide pany" is a broad one, and includes any corporation, an additional income for the banks' stockholders, a business trust, association, or similar organization, and form of income that has become recognized and ac- this would seem to include an existing business, owned cepted in the area as incidental to the business of by a corporate concern in which the bank holding banking; (b) having insurance services immediately company is a shareholder, and which those who are available facilitates and expedites the making of cer- charged with the duties of management have detain loans where insurance on collateral is required, termined to give separate status as a corporate entity, thus providing a convenience not only to the banks as is the case herein. In this case, the actual business involved, but to their customers as well; (c) through of concern is in existence and the proposal to inthe facilities of their affiliated agencies the banks are corporate it is to change its status of ownership, not in a better position to follow up insurance on bank the business itself. collateral, to assure that proper loss payable clauses From the record it appears that every step has been are obtained and that policies are promptly renewed taken to organize Foster County Agency, Inc., as a and kept in force during the life of a loan; (d) the corporation, and for Foster County State Bank to furnishing of insurance services attracts customers and transfer all the present insurance department of said promotes business for the banks; (e) because of area bank to it, except the act of actually riling the Articles practices, it has become a competitive factor for banks of Incorporation with the proper governmental agency to be in a position to offer their customers insurance to finally effect the organization, and the final act of services and advice; (f) banking in the present time transferring the business. It is understandable why would be hazardous were it not for the security that the parties of interest want approval of the Board insurance provides to protect chattels and certain real for a large and valued shareholder to acquire and reproperty used as security for loans against the many tain its interest in the organization when it is perfected; contingencies that may arise, and having an agency on the bank premises means it is always available at the otherwise the plan might not be carried out. The moment of need; (g) many people who borrow money Articles of Incorporation for the proposed corporafrom a bank wish the transaction to be kept in con- tion are a part of the record herein, and there is ample fidence between themselves and the bank officials, and evidence to support a finding that the corporation they are embarrassed to go to an outside agent and when organized will carry on substantially the same reveal the transaction in order to obtain an insurance activities as those carried on by the unincorporated policy with a clause for the bank's protection; they, insurance department of Foster County State Bank therefore, like to handle the entire transaction right which are as described in the purposes set forth in in the bank, and it is an important service to such the Articles of Incorporation. In dealing with an customers when the bank has all facilities to ac- organized corporation which then existed only on a commodate them. standby basis, but which it was then contemplated would take over the business carried on by 19 unincorporated insurance agencies, in the case of First DISCUSSION OF ISSUES Bank Stock Corporation, Federal Reserve BULLETIN, As pointed out in the above Statement of the Case, August 1959, page 917, on page 928, and under First this application is in the nature of a request seeking Service Agencies, Inc., the Board had this to say: the consent of the Board for the Applicant to acquire "While the language of Section 4(c)(6) is couched an interest in the Foster County Agency, Inc., a proposed nonbanking corporation yet to be organized. in the present tense, it does not, in the Board's opin- Section 4(a)(l) and Section 4(a)(2) of the Act are ion, preclude consideration of a request for exempprohibitions against a bank holding company acquir- tion with respect to a corporation in which the Appliing and/or retaining direct or indirect ownership or cant proposes to acquire stock where, as here, the control of any voting shares of any company which nature of the activities to be carried on by that coris not a bank or a bank holding company, with the poration is susceptible of determination. . . . Accordprohibitions not applying under certain circumstances ingly, it is appropriate to consider the present request Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

628 FEDERAL RESERVE BULLETIN • JUNE 1960 as though all such activities were presently being car- A. The requirement of "proper incident." The ried on by Agencies, Inc." Board has stated that Section 4(c)(6) only intends to There cannot be a great distinction between an in- exempt those "nonbanking businesses that 'usually* corporated business contemplating the taking over of or 'naturally' 'depend upon' or 'appertain to' the busiactivities of 19 unincorporated businesses, and an un- ness of banking or of managing or controlling banks." incorporated business, by and through its owner, con- B. The Board has found a primary "purpose of this templating to incorporate a company to take it over. Act" to be the removal of potential sources of evil. The above-cited case seems to settle this question, and This purpose has provided a helpful guide in applying thus it seems appropriate to consider the request as the requirements of Section 4(c)(6). The Board has though all the insurance activities now carried on by found that if "a nonbanking business is a 'proper inthe Foster County State Bank were presently being cident' to banking or to managing or controlling carried on by Foster County Agency, Inc., and the banks, that is, if it properly and 'naturally appertains' request of the Applicant as being proper for the thereto, it is less likely to cause a bank to be in- Board's determination. This being true, the following fluenced by the 'unnatural' or extraneous consideraissues arise for determination: tions or temptations that are 'potential sources of 1. Are the activities of the insurance department of evil'. . . ." Transamerica Corp., Federal Reserve Foster County State Bank the activities and the only BULLETIN, September 1957, pages 1014, 1016. activities contemplated for Foster County Agency, The facts in the present case indicate no practice Inc.? that could be considered a potential source of evil. As to this issue, all the evidence shows clearly that The practice is just that of a regular, ordinary insurall the activities contemplated for Foster County ance business, the same as is carried on by any Agency, Inc. are identical to the same activities now legitimate insurance agency and as is carried on by carried on by the insurance department of the Foster banks in the same area and in the State. The Board County State Bank. The purposes of the corpora- has stated that the sources of evil to which Section 4 tion set forth in the Articles of Incorporation, quoted is addressed are evils peculiar to banks in holding above, make clear this intention. The same type of company groups. It has taken the position that a insurance will be sold to the same type of purchasers, practice common among both non-holding company it will be for the same purposes, handled by the same banks and holding company banks appears to be outpersonnel and in the same manner. The business will side the scope of "potential evils" to which Section 4 continue to operate on bank premises, and to all intent is addressed. and purposes those who buy their insurance from it, "As stated by the Board in its decision in the and otherwise deal with it, will hardly be able to Transamerica case, the purpose of Section 4 of the detect any difference in the operation from that of the Act, namely, 'to remove * * * potential * * * sources present. It is therefore concluded that the activities of evil', provides 'a helpful guide in applying the of the proposed corporation, and the only activities requirements of Section 4(c)(6).' However, Section thereof, will be the same as those now carried on at 4 was clearly not intended to remove all potential the bank. sources of evil in the banking field; it was directed at those that may be said to arise from, or be accen- 2. Are all such activities of a financial, fiduciary, tuated by, the operation of bank holding companies. or insurance nature? Accordingly, it is important to determine whether a This issue requires very little discussion. The acparticular type of relationship is peculiar to banks in tivities are certainly not of a financial or fiduciary holding company groups, or, on the other hand, is nature, but it is just as certain that they are of an prevalent among both holding company and noninsurance nature. The testimony and other evidence holding company banks. If the latter circumstance as to this is uncontradicted that all the activities now prevails, it suggests that any 'potential evils' that may being carried on as a department in the bank, and be inherent in the relationship are not of the kind those contemplated for the proposed corporation, are against which Section 4 of the Holding Company Act of an insurance nature. Insurance is the sole busiwas directed." First Bank Stock Corporation, Federal ness. Thus the preliminary requirement as to the nature of the activities is met. Reserve BULLETIN, August 1959, at page 932. "Preliminary requirements as to nature of activi- The activities of concern herein are all of an inties. The activities of Citizens Agency are confined to surance nature, but that alone does not warrant exthe writing of various types of property and credit emption under the statute and the Board's Regulation life insurance and fiduciary bonds. Accordingly, the Y unless they are determined to be so closely related preliminary requirement for exemption under Section to the business of banking or of managing or control- 4(c)(6) of the Act is satisfied." In the Matter of the ling banks as to be a proper incident to such business Request of Otto Brewer Company for Determinations and as to make it unnecessary for the prohibitions of under Section 4(c)(6) of the Act, Federal Reserve Section 4 of the Act to apply in order to carry out the BULLETIN, August 1959, page 892, at page 896. purposes of the Act. This determination must be made on the facts of the case, and there is no fixed 3. If so, are they so closely related to the business standard for making such as each case must be judged of banking or of managing or controlling the Foster on its own merits. In discussing the method of deter- County State Bank as to be (a) a proper incident mining whether exemption is warranted, the Board has thereto, and (b) as to make it unnecessary for the said: prohibitions of Section 4 of the Act to apply in order "The law prescribes no specific standards to guide to carry out the purposes of the Act? the Board in making such determinations; it does not, In dealing with this issue, it is well to note in the for example, require that a majority or even a substanbeginning that the Board has set forth two general tial part of the business of the company involved be requirements to be met when applying the exemption directly connected with transactions of subsidiary with regard to insurance companies. These are: banks. In effect, it leaves the determination to be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 629 made by the Board on the basis of the record of the loss-payable clause in such policies in favor of the hearing held in each case. As stated by the Senate bank to the extent of premium charges for hail in- Banking and Currency Committee's Report on the surance. The Board recognizes this as being directly Holding Company Act, it was deemed advisable 'to related to bank loans— provide a forum before an appropriate Federal au- "Under North Dakota law a bank may not take a thority in which decisions concerning the relationship mortgage on growing crops. However, as stated in the of such activities to banking can be determined in each Report of the Hearing Examiner, the record shows case on its merits.'" First Bank Stock Corporation, that, in determining the creditworthiness of a farmer supra, at page 930. loan applicant, the bank considers, among other fac- In this same case, the Board recognizes its responsitors, whether or not the applicant's crop is protected bility to "consider all of the relevant facts and cirby insurance against hail damage. North Dakota law cumstances"—it points out that both Federal and allows hail insurance policies to carry a loss-payable State laws "implicitly recognize that insurance has clause running to the bank in an amount equal to the some general relation to the business of banking"; that premium charges for the hail insurance. Thus, in Section 13 of the Federal Reserve Act, as amended in reality, hail insurance is properly considered as in- 1916, specifically authorizes national banks located in surance directly related to bank loans." In the Matter places of a population of not more than 5,000 to act of the Requests of Otto Bremer Company, supra, at directly as insurance agents. In the case at hand, it page 903. is noted that North Dakota statutes contain no specific statutory provision or expressed policy prohibiting the Considering the reality that hail insurance is properly operation of an insurance agency on banking premises insurance related to bank loans, the total premiums or for the benefit of a related bank, and the practice attributable to insurance written on collateral held by of such by State banks in that State is well known to the bank involved herein would greatly increase—for the banking and insurance authorities; therefore, it the period mentioned above it would have been more appears from the conduct of said State authorities to- than half of the total premium volume. The very fact ward such that they fully acquiesce in the practice. that growing crops cannot be used as security for loans In the above-referred-to First Bank Stock Corpora- would, in the opinion of this Hearing Examiner, make tion case, the Board further points out that while "in- it all the more important for the bank to have its own surance may be considered as generally related to the insurance agency readily available to the farmer for banking business"—such "would not alone be suffi- such hail insurance, because the bank, being interested cient to justify an exemption" but "it is essential that in the ability of the farmer loan applicant to repay the activities of the company involved"—"have some his loan, is interested in his protection against the direct and significant connection with the business of possible loss of his crop, and if his insurance should banking." In the case at hand, the Foster County have to be placed with an agency not related to the State Bank has operated an insurance business for 50 bank, the bank would then have no actual knowledge years on its banking premises, the transactions being concerning such, and whether it remained in force handled by its officers and employees. During the during the time of the loan. Haying its own related most recent period of record, January 1, 1958 through agency affords it a better opportunity to keep informed December 31, 1959, the insurance it wrote for those about such. who otherwise had no business relations with the bank It is clear that the benefits of the insurance business amounted to less than one (1) per cent of its total are considerable to the bank with which the proposed premium volume. All of the rest of its insurance agency corporation will be affiliated, and to its cusbusiness during said period was with customers and tomers as well. These benefits relate generally to the depositors of the bank, and those borrowing from it banking business, and thus it is likewise clear that the at the time the insurance was being written, or who activities of the insurance business have a direct and at one time or another have borrowed from the bank. significant connection with the banking business. It It is noted that during the period referred to insurance does not appear that the purpose of the bank, or its on collateral held by the bank was not a very high officials and directors who will control the proposed precentage of the total volume (January 1, 1958— incorporate agency, is to promote the insurance busi- September 30, 1959—13.37 per cent, and October 1, ness for the sake of profit therefrom, but rather for 1959—December 31, 1959—25 per cent), but there the benefits to be derived in furthering their primary seems to be a reasonable explanation for this because business of banking. It is shown that insurance busisuch a large volume of the total insurance written was ness is not actively solicited outside the bank, and that to protect growing crops of farmers from damaee due the bank accepts insurance written on collateral it to hail. For the period January 1, 1958—September holds from other agents; that it does not advertise the 30, 1959, this hail insurance amounted to $52,110.39 business, yet at the same time the profits have been out of the total gross premium volume of $121,615.30, sufficient to meet the expenses incurred for the operawhich was approximately 43 per cent of such total tion and for remuneration for the effort put forth. volume. There was no hail insurance written during As pointed out in the Hearing Examiner's Report the latter period shown, but the first period shown and Recommended Decision in the Request of Union covered the seasons in 1958 and 1959 when hail Bond & Mortgage Company For Determinations Unstorms are most likely to occur. The North Dakota der Section 4(c)(6), Docket Nos. BHC-51, 52, 53 and law prohibits the pledging of growing crops to secure 54, which said report was adopted as the basis for the bank loans, but even so, many farmers obtain loans Board's order in said cause, February 10, 1960, exfrom the Foster County State Bank on their credit amination of cases dealing with the insurance activities standing to carry them over the growing season for before the Board brings to light the important factors their crops, and until harvest season. The bank is that are relied on by the Board to determine whether naturally interested in seeing that the farmer loan ap- or not the prohibitions of Section 4 should apply to a plicant has his crop protected by insurance against given situation, and outstanding among the same are: hail damage, and the North Dakota law does allow a (1) Ts it the general practice in the area for such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 FEDERAL RESERVE BULLETIN • JUNE 1960 banks to have a related insurance agency? (2) Has if the facts upon which they are based should subthe practice been in existence for some time? (3) stantially change in such a manner as to make the What is the physical relationship of the insurance reasons for such determination no longer applicable. agency to the bank; that is, does it operate out of the Dated at Washington, D. C, this 7th day of April, banking quarters? (4) Do bank employees also op- 1960. erate the insurance agency? (5) Are the operations of the insurance agencies intimately related to the op- (Signed) EDWARD H. MCMAHAN, eration of the bank? (6) Is a substantial part of the Hearing Examiner. business of the agency done with bank customers? (7) Is the maintenance of the agency deemed of Monthly Payment by Check of Interest benefit to the bank's operation? (8) Are the bank customers required to obtain their insurance needs on Deposits through the agency, or do they do so voluntarily? (9) The Board has recently considered the question Have the banking authorities in the area permitted the practice to continue without objection? (10) Is the whether a member bank's plan for payment of relationship between insurance agency and bank pecuinterest on a one-year time certificate of deposit liar to banks in holding company groups in the area, or is it prevalent also among non-holding company conforms with the requirements of Regulation Q. banks in the area? Under this plan the bank would pay interest It would serve no useful purpose to rehash all the monthly by means of check in an amount equal facts from the evidence in this case touching on the above questions that deal with these factors that seem to one-twelfth of the amount that would have important to the Board. Suffice it to say that as to been paid for the year if the bank had comeach of said questions the facts of this case show that pounded interest quarterly at the maximum perthe operation of the involved insurance agency meets the test. missible rate of 3 per cent. Careful consideration of all the facts and circum- The Supplement to the Board's Regulation Q stances in this case, and in the light of the rulings of the Board in other cases of a similar nature, leads to prohibits a member bank from paying interest the conclusion that the insurance activities now carried on a savings deposit or on a time deposit having on by Foster County State Bank and contemplated a maturity of 6 months or more "at a rate in to be carried on by Foster County Agency, Inc. are so closely related to the business of banking, and excess of 3 per cent per annum, compounded managing and controlling the bank involved, as to be quarterly, regardless of the basis upon which such a proper incident thereto, and as to make it unnecessary for the prohibitions of Section 4 to apply in order interest may be computed." A footnote states to carry out the purposes of the Act. that this limitation "is not to be interpreted as Accordingly, upon the foregoing findings of fact, preventing the compounding of interest at other the entire record in the proceeding, and in keeping with my own opinion as revealed in the foregoing dis- than quarterly intervals, provided that the agcussion of the issues, I arrive at the following gregate amount of such interest so compounded does not exceed the aggregate amount of interest CONCLUSIONS OF LAW at the rate above prescribed when compounded The activities of the insurance department of Foster County State Bank, and those proposed for quarterly." Foster County Agency, Inc. are all of an insurance These provisions in effect permit a member nature, and are so closely related to the banking business of the Foster County State Bank, and the bank to pay interest in an amount somewhat managing and controlling of that bank, as to be a greater than that paid on a straight 3 per cent proper incident thereto and as to make it unnecessary for the prohibitions of Section 4 of the Bank Holding basis // the bank's practice is to compound inter- Company Act of 1956 to apply in order to carry out est, provided that on whatever basis interest is the purposes of said Act. The request of the Applicant compounded the amount "so compounded" does herein should be granted. I therefore make the following not exceed the amount that would have been paid at the maximum rate when compounded quar- RECOMMENDATIONS terly. The Regulation does not prevent a member That the Board of Governors of the Federal bank from paying interest monthly by check in- Reserve System— stead of compounding interest. However, the 1. Enter an order determining the issues in this proceeding in accordance with the findings of fact and Regulation does not contemplate payment of inconclusions of law made above. terest in excess of a straight or simple rate of 3 2. Grant the application of the Applicant, Otto per cent except where it is paid on interest left Bremer Company, and determine that shares of stock to be issued to it in a corporation to be known as in the account, that is, where interest is com- Foster County Agency, Inc. are exempt from the ap- pounded. Accordingly, a plan under which plication of the prohibitions of Section 4 of the Bank monthly payments are made by check in an Holding Company Act of 1956; but, provided that this determination be subject to revocation by the Board amount equal to one-twelfth of the amount that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 631 would have been paid for a year if the bank had Under the plan, any regular, full-time employee compounded interest quarterly at a rate of 3 per may participate by authorizing the sponsoring cent would not be in accordance with the Reg- company to deduct a percentage of his salary and ulation. wages and transmit the same to the bank as trus- The same principles would, of course, apply tee. Voluntary contributions by the company are to monthly payments of interest by check on a allocated among the participants. A participant time deposit having a maturity of less than 6 may direct that funds held for him be invested months and on which the maximum permissible by the trustee in insurance, annuity contracts, rate would be IVi per cent or 1 per cent. They Series E Bonds, or in one or more of three speciwould equally apply to monthly payments of in- fied securities which are listed on a stock exchange. terest on savings deposits. Loans to purchase the stocks may be made to participants from funds of the trust, subject to ap- Director of Member Bank as Director proval of the administrative committee, which is of Licensee Corporation Under composed of five participants, and of the trustee. Small Business Investment Act The bank's right to approve is said to be restricted of 1958 to the mechanics of making the loan, the purpose being to avoid cumbersome procedures. The Board of Governors of the Federal Reserve Loans are secured by the credit balance of the System has been asked to consider whether Secborrowing participants in the savings fund, intion 32 of the Banking Act of 1933 (12 U.S.C. cluding stock, but excluding (in practice) insur- 78) prohibits an officer, director, or employee of a ance and annuity contracts and government securimember bank from serving at the same time as an ties. Additional stocks may be, but, in practice, officer, director, or employee of a Licensee corhave not been pledged as collateral for loans. poration under the Small Business Investment Act Loans are not made, under the plan, from bank of 1958 (15 U.S.C. 661 et seq.). It is underfunds, and participants do not borrow from the stood that a Licensee would be authorized to enbank upon assignment of the participants' acgage only in the activities set forth in the statute, counts in the trust. namely, to provide capital and long-term loan It is urged that loans under the plan are not subfunds to small business concerns. ject to Regulation U because a loan should not be In the opinion of the Board, a corporation enconsidered as having been made by a bank where gaged exclusively in the enumerated activities the bank acts solely in its capacity of trustee, withwould not be "primarily engaged in the issue, flotaout exercise of any discretion. tion, underwriting, public sale, or distribution, at The Board reviewed this question upon at least wholesale or retail, or through syndicate participaone other occasion in recent years, and full contion, of stocks, bonds, or other similar securities." sideration has again been given to the matter. The Accordingly, the prohibition of Section 32 would Board has reaffirmed its earlier view that, in connot apply to serving as an officer, director, or emformity with the interpretation published at page ployee of either a small business investment company organized under the Small Business Invest- 874 of the 1946 Federal Reserve BULLETIN, Regument Act of 1958, or an investment company lation U applies to the activities of a bank when chartered under the laws of a State solely for the it is acting in its capacity as trustee. Although the purpose of operating under the Small Business In- bank in that case had at best a limited discretion vestment Act of 1958. with respect to loans made by it in its capacity as trustee, the Board concluded that this fact did not affect the application of the regulation to such Applicability of Regulation U to Loans loans. Made by Bank in Capacity as Trustee Loans Under Regulation U to Exercise The Board's advice has been requested on Stock Options whether a bank's activities in connection with the administration of an employees' savings plan are From time to time requests have been received subject to Regulation U. by the Board that Regulation U, Loans by Banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 FEDERAL RESERVE BULLETIN • JUNE 1960 for the Purpose of Purchasing or Carrying Regis- for special treatment of loans for the purpose of tered Stocks, be amended to provide more favor- exercising restricted stock options relate primarily able treatment for loans for the purpose of exercis- to executive compensation rather than to credit ing restricted stock options which conform to the regulation. In addition, it appears that a large applicable provisions of the Internal Revenue Code potential volume of stock market credit would be of 1954 than is provided for other loans for the involved in any proposal to accord such loans purpose of purchasing or carrying stocks. Several favored treatment. After re-examining the quessuch requests have been received in recent months, tion in detail, the Board has again reached the conand the Board has reconsidered the entire quesclusion that it would not be desirable to amend tion of such stock options and their treatment under the Regulation. Regulation U to provide for special treatment of As on previous occasions when this matter has loans for the purpose of exercising restricted stock been considered, the Board believes that proposals options. Current Events and Announcements DECREASE IN FEDERAL RESERVE DISCOUNT RATES director on January 1, 1959. He had previously The Board of Governors of the Federal Reserve served as a Class B director of that Bank from System has recently approved action by the direc- 1951 through 1954. As Deputy Chairman he tors of the 12 Federal Reserve Banks decreasing succeeds Dr. D. W. Colvard. the discount rate at those Banks to 2>Vz per cent. The effective dates at the several banks were as APPOINTMENT OF DIRECTOR follows: On June 9, 1960, the Board of Governors announced the appointment, effective July 1, of Mr. William H. Grier, of Rock Hill, South Carolina, Philadelphia • [ June 3, 1960 as a director of the Federal Reserve Bank of Rich- San Francisco mond for the unexpired portion of a term ending New York December 31, 1960. Mr. Grier is President, Rock Cleveland Hill Printing & Finishing Company. As a direc- Richmond tor of the Richmond Bank he succeeds Dr. D. W. Chicago > June 10, 1960 Colvard. Mr. Grier was a director of the Char- St. Louis lotte Branch of the Federal Reserve Bank of Rich- Minneapolis . mond from 1954 through 1959. Kansas City Dallas Atlanta June 13, 1960 RESIGNATION OF DIRECTOR Boston June 14, 1960 Dr. D. W. Colvard, Deputy Chairman of the Federal Reserve Bank of Richmond and Class C direc- The rate previously in effect at all 12 Reserve tor since January 1, 1955, has resigned effective Banks was 4 per cent. July 1, 1960. Dr. Colvard is Dean of Agriculture, North Carolina State College of Agriculture APPOINTMENT OF DEPUTY CHAIRMAN and Engineering, Raleigh, North Carolina. On June 9, 1960, the Board of Governors announced the appointment, effective July 1, of Mr. PUBLICATION OF "INDUSTRIAL PRODUCTION— Edwin Hyde, of Richmond, Virginia, as Deputy 1959 REVISION" Chairman of the Federal Reserve Bank of Rich- The complete report on the revision of the indusmond. Mr. Hyde is President, Miller & Rhoads, trial production index, Industrial Production— Inc., Richmond, and was appointed a Class C 1959 Revision, is now available for distribution. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 633 The first chapter, which summarizes the results earlier (see BULLETIN for August 1959, page 1061, of the revision, appeared in the BULLETIN for Table 8H). The sectors and subsectors are: December 1959. Sector Subsector The report provides a detailed description of iMutual savings banks the new features of the revised index and the Savings institutions Savings and loan associations Credit unions methods used in its compilation. Analytical ( Life insurance companies aspects of the revised index relating to industrial Insurance •< Private noninsured pension plans ( Other insurance companies classification, market groupings, output-per-man- /Finance companies hour adjustments, seasonal fluctuations, and J Security brokers an d dealers Finance n.e.c. | Open-end investment companies weighting and other base period considerations VOther financial business are also presented. The book contains complete Copies of Supplements No. 2 and No. 3 are tables of monthly and annual average index numbeing mailed to all those whose names are on the bers for industry and market groupings for the permanent mailing list for flow-of-funds suppleperiod 1947-58. Indexes for the period since mentary materials. Others who would like to re- 1958 have been published in the BULLETIN and ceive copies of No. 2 and No. 3 should address in the Board's Business Indexes release. their requests to the Flow of Funds and Saving The price of this book of 229 pages is $1.00 Section, Division of Research and Statistics, Board a copy up to 10 copies and 85 cents each for 10 of Governors of the Federal Reserve System, or more copies in a single shipment. Orders Washington 25, D. C. In requesting copies, please should be addressed to the Division of Adminis- indicate if you would like to have your name trative Services, Board of Governors of the Fed- placed on the permanent mailing list. eral Reserve System, Washington 25, D. C. TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, FLOW-OF-FUNDS SUPPLEMENTARY TABLES OR QUARTERLY Supplements No. 2 and No. 3 of flow-of-funds and saving material are now available for distribu- Latest BULLETIN Reference tion. The first supplementary material, hereafter Annually Issue Page referred to as Supplement No. 1, was announced Earnings and expenses: Federal Reserve Banks Feb. 1960 220-21 in the BULLETIN for December 1959. Member banks: Calendar year May 1960 564-72 In the tables in Supplement No. 2, financial First half of year Oct. 1959 1320 estimates of flow-of-funds and saving statistics as Insured commercial banks May 1960 573 Banks and branches, number of, by class shown in the BULLETIN for August 1959 and sucand State Apr. 1960 440-41 ceeding issues have been rearranged in terms of Operating ratios, member banks July 1959 794-96 detailed transaction accounts. The data for flows Stock Exchange firms, detailed debit and are quarterly for 1952-58 and annually for 1946- credit balances Sept. 1959 1208 Banking and monetary statistics, 1959.. / £eb. 1960 574I77 58; amounts outstanding are for end of year, Bank holding companies: 1945-58. List of, Dec. 31, 1959 June 1960 697 Banking offices and deposits of group Supplement No. 3 gives a breakdown of the banks, Dec. 31, 1958 Aug. 1959 1064 data for the nonbank financial sector as shown Semiannually Banking offices: quarterly in the BULLETIN and in Supplement No. Analysis of changes in number of Feb. 1960 222 On, and not on, Federal Reserve Par 1 (see Part H of Tables 4 and 8); for flows it List, number of Feb. 1960 223 shows detailed sector and subsector accounts for Quarterly each type of financial institution but for amounts Flow of funds Apr. 1960 432-39 outstanding it shows data only for subsectors, Principal assets and liabilities of Federal business-type activities June 1960 696 since the full sector statements were published Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication June 15 Industrial production advanced in May and con- May; output of farm machinery changed little, struction activity was maintained. Employment however, at a level one-fourth below a year ago. and unemployment showed mainly seasonal im- Steel mill operations continued to decline—to provement, and retail sales receded from the 70 per cent of capacity in May and 62 per cent in record rate attained in April. Commercial bank mid-June. Output of coal and crude oil also decredit changed little. Between mid-May and mid- clined in May, while production of some other June, yields on Treasury securities declined nondurable materials and construction materials sharply, and Federal Reserve Bank discount rates rose further. were reduced. Wholesale commodity prices re- EMPLOYMENT mained stable. Employment in nonfarm establishments rose INDUSTRIAL PRODUCTION slightly in May to a new high, after allowance for seasonal variation and for the layoff of the Industrial production in May rose to 110 per Census enumerators hired in March. In manucent of the 1957 average, one point above April facturing, employment changed little but the averand a year earlier. Output of consumer goods and age workweek increased more than seasonally in business equipment increased to the record rates most industries. Hourly earnings were unchanged reached in January but production of materials and weekly earnings were somewhat higher. The declined to a rate 3 per cent below the January seasonally adjusted rate of unemployment was 4.9 high, mainly as a result of reductions in invenper cent of the civilian labor force, compared with tories of metals. 5.0 per cent in April. Among consumer goods, output of apparel, furniture, and television sets continued to increase, DISTRIBUTION and production of appliances expanded after a sharp decline in the first quarter of the year. Auto Following a 4 per cent rise in April, seasonally assemblies rose 5 per cent further, and schedules adjusted retail sales declined 3 per cent in May. for June indicate an additional moderate gain. Most lines of trade shared first in the increase and Activity expanded in most equipment industries in then in the decrease. Sales of new autos, including imports, were at a seasonally adjusted annual rate of about 6.7 million units. In early June, sales INDUSTRIAL PRODUCTION at department stores advanced. 1957 = 100 COMMODITY PRICES PRODUCTS Xf\^, %% Commodity prices continued to change little in May and early June. Over the past year, average wholesale prices of both industrial materials and V MATERIALS industrial products have been stable. Average prices of foods and foodstuffs in May and early NONDURABLE r\Ss/ CONSUMER ^ A^ June were at year-earlier levels, following a rise — MANUFACTURES/^ f^ — — GOODS /f — from the seasonal low of last autumn. Altogether, the general level of wholesale commodity prices - * \ J 7 \ / has shown little change since the spring of 1958. \ 1 DURABLE \f EQUIPMENT The consumer price index rose further in April, •» /MANUFACTURES Z i ! 1 1 1 Z owing mainly to more than seasonal increases in 7*. . I ! I ' i \ Z retail prices of fresh foods. Prices of services con- Federal Reserve indexes, seasonally adjusted, Monthly figures, tinued to rise, but less rapidly than earlier this latest shown are for May. 634 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 635 year. Meanwhile, used car prices declined further, SECURITY MARKETS and prices of new cars and household goods generally were stable. Yields on all maturities of U. S. Government securities declined sharply from mid-May to mid- BANK CREDIT AND RESERVES June, in most cases to new lows for the year. Dis- Total commercial bank credit changed little in count rates were reduced from 4 to 3Vi per cent May. Loans increased moderately further but at two Federal Reserve Banks on June 3, and subbanks reduced their holdings of U. S. Government sequently at the remaining Reserve Banks. On securities. A sharp decline in the seasonally ad- June 6 the Treasury undertook an advance refundjusted active money supply was associated with ing of part of $11 billion of bonds maturing in an unusually large rise in U. S. Government de- November 1961. It offered holders the option of posits. Seasonally adjusted turnover of demand an exchange into a four year 33A per cent note or deposits increased. an eight year 3% per cent bond. Member bank borrowings from the Federal Re- Yields on long-term corporate and State and serve and excess reserves both averaged about local government bonds changed little from mid- $450 million during the four weeks ending June May to mid-June. Common stock prices increased 8. Reserves were supplied principally by Federal substantially, to a level about 4 per cent below Reserve purchases of U. S. Government securities and were absorbed by an outflow of currency and the early January high. other factors. Required reserves declined. INTEREST RATES PRICES 1947-49 = 100 \* - ?^CJ\A V ! I J L I I I 1956 1958 1960 1956 1958 1960 Discount rate, range or level for all F. R. Banks. Weekly average market yields for U. S. Government bonds maturing in 10 years or Bureau of Labor Statistics indexes. Monthly figures; latest shown: more and for 90-day Treasury bills. Latest figures shown are for April for consumer prices, and May (estimated) for wholesale prices. week ending June 10. 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. 638 Reserve Bank discount rates; margin requirements; reserve requirements 642 Federal Reserve Banks 643 Bank debits; currency in circulation 646 All banks: consolidated statement of monetary system; deposits and currency. 648 All banks, by classes 649 Commercial banks, by classes 652 Weekly reporting member banks. . 654 Business loans 657 Interest rates 658 Security prices; stock market credit; open market paper. 659 Savings institutions 660 Business finance 662 Security issues . 664 Federal finance 665 Federal business-type activities . 670 Real estate credit 671 Short- and intermediate-term consumer credit. 674 Industrial production 678 Selected indexes on business activity. 684 Construction . . . . 684 Employment and earnings. 686 Department stores 688 Foreign trade 689 Wholesale and consumer prices. . . . 690 National product and income series. ... 692 Flow of funds, saving, and investment. 694 Principal assets and liabilities of Federal business-type activities. 696 Bank holding companies, December 31, 1959. 697 Tables not published each month—list, with latest BULLETIN reference 633 Index to statistical tables 724 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. 637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves Period T U o . t S a . l <G B r r o o o i v u g u t h t g . - t s h e t cu u c r a H r e h n g i p e t a r d i l u e s e e d e e r s r - - c v D o a a a u n n i d s n c d - - e ts s Float Total 1 s G to o c ld k s r c o t u e i a u n u n r n r g t c y - - d y - r c C t c e u i i n i u o n l r a c 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 - F F . e i o R g r n . - Ba O n t k h s er c O F o a . t u h c R n - e t r . s Total* B F W a . n i R t k h . s A c a a l i l b s n o h l w e 3 ment Averages of daily figures 1929—June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947—Dec 21,905 21,905 268 68122,858 22,712 4,556 28,937 1,330 967 1,016 614 17,261 17,261 1950—Dec 20,345 20,336 9 142 1,11721,606 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 1,26227,299 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 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 [,063 19,420 19,420 195$—June 24,749 24,698 51 142 91625,851 21,490 5,203 31,039 701 442 281 350 1,132 18,600 18,600 Dec 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 ,174 18,899 18,899 1959 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 38 784 935 27 669 20 217 5,265 31 490 708 532 274 369 I 197 18 580 18 580 June 25,963 25,949 14 938 1,00927 937 20 030 5,278 31,813 632 495 277 359 I 219 18,451 18 451 July 26,422 26,354 68 969 ,0?328,441 19,674 5,283 32,042 411 490 269 344 1,170 18,671 18,671 Auu 26,588 26 548 40 1 008 89128 509 19 596 5,281 31 994 399 546 260 337 I 239 18 613 18 613 Sept 26,674 26,628 46 904 1,08828 687 19 514 5,278 32,019 394 543 301 381 t 246 18,593 18,593 Oct 26,517 26,479 38 909 1,11528,563 19,498 5,293 31,974 391 512 302 388 1,175 18,610 18,610 Nov 26,732 26 628 104 886 1,09428 741 19 581 5,303 32,207 413 485 317 379 I 204 18,621 18 621 Dec 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 18,932 18,628 304 1960 Jan 25,934 25,914 20 909 1,34328,236 19,454 5,315 32,008 419 534 270 368 838 18,878 18,568 310 Feb 25,322 25,289 33 818 1,09827,276 19,429 5,323 31,580 445 515 214 406 921 18,213 17,947 266 Mar. 25,310 25,261 49 637 [,066 27,048 19,410 5,336 31,628 442 481 197 307 970 18,027 17,770 257 Apr 25,488 25,373 115 623 1,08227,227 19,386 5,344 31,713 419 554 185 353 890 18,104 17,843 261 25,818 25,697 121 502 043 27,393 19,356 5,349 31,725 415 534 194 331 QT7^18,236 17,962 Week ending: 1959 Apr. 1 25,494 25,462 32 629 99827,151 20,442 5,247 31,229 709 523 364 512 1,181 18,323 18,323 25 722 25 484 238 690 91427 357 20 442 5 250 31 280 709 524 296 348 I 180 18 711 18 711 15 25,789 25 545 244 721 81627 357 20*440 5,253 31,365 712 471 279 343 I 181 18 698 18'698 22 25 544 25 511 33 767 1 13027 472 20 409 5 254 31 332 705 456 286 362 I 178 18 817 18 817 29 25,608 25,608 673 90027,212 20,330 5,257 31,244 705 560 271 333 1,136 18,551 18,551 Mav 6 25,808 25 706 102 693 89327 424 20 262 5,259 31 368 711 542 256 360 I 136 18 571 18 571 B:::::::: 26,010 25,940 70 726 79527,563 20,251 5.262 31,505 710 521 269 383 1,139 18,550 18 550 20 25 935 25 926 9 870 1 15527 989 20 197 5,264 31,515 710 504 280 367 I 245 18 829 18 829 27 25,905 25,905 675 94027,548 20,188 5,268 31,473 708 543 281 363 1,244 18,393 18,393 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 1,02927,994 20,136 5,280 31,876 715 436 259 361 1,226 18,537 18,537 24 25,970 25,936 34 894 1,25628,147 20,017 5,280 31,807 626 515 283 349 1,238 18,627 18,627 July 1 26,045 26,018 27 938 1,03228,042 19,712 5,283 31,852 407 552 296 353 1,190 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 26,383 111 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 1,183 18,976 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 Aug 5.. 26 549 26 440 109 1 034 79028 399 19 626 5 281 31 922 403 503 277 340 [ 166 18 696 18 696 12 26 605 26 597 8 1 073 77128 473 19 619 5,282 32 071 401 475 257 343 I 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 1,246 18 509 18 509 26 26,573 26,518 55 941 95028,485 19,600 5,283 31,951 395 564 257 321 1,294 18,586 18,586 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 639 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 r r o o o i v g u u t h t . g - t s h e t cu u r c a H r e n h g i p e t a d r i l e u s e e d e e r s r - - c v D o a a a n n u d is c d n - - e ts s Float Total i s G to o c ld k T r s c o e u t i r a u n n u e r n r g c y t a - - d y s- - r c C t e u c i i n u o n i l c r a r n - - y - T h c i u o r n a e r l g s y a d h s s - - T u r w e ry a it s h - r F e . F s e e i o R g r r v n . - e B s, a O nk th s er c O F o a . t u h c R n - e t . r s Total 2 re B s F W e a . r n i R v t k h e . s s A c a a l i b l s n o h le w 3 ment Averages of daily figures Week ending: 1959 Sept 2 26 691 26,650 41 966 83628,515 19,525 5,276 31,935 400 561 260 333 ^60 18 566 18 566 9 26,754 26,663 91 1,059 81928,656 19,523 5,274 32,107 401 430 275 341 18,640 18,640 16 26 737 26 643 94 1,060 1,017 28,834 19,522 5,274 32,197 395 421 331 373 I 260 18 653 18 653 23 26,637 26,637 860 1,499 29,016 19,513 5,278 31,984 390 632 298 420 ^64 18,819 18 819 30 26,563 26,563 722 1,098 28,403 19,493 5,287 31,811 388 681 310 403 ,196 18,394 18,394 Oct 7 26,591 26,563 28 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 74 1,051 95628,667 19,489 5,290 32,096 387 474 326 464 ,197 18,501 18,501 21 26,402 26,402 824 1,417 28,664 19,488 5,293 32,026 391 518 294 344 ,193 18,679 18,679 28 26,385 26,364 21 796 1,149 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 89728,443 19,585 5,299 31,924 404 471 293 397 18 711 18 711 11 . 26 763 26 574 189 916 94728,651 19,585 5,301 32,105 414 458 313 396 I 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 I 204 18 647 18 647 25 26,682 26,652 30 829 1,311 28,857 19,582 5,304 32,269 415 515 315 369 ?97 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 18,451 18.396 55 9 27 194 27 130 64 916 1,003 29,153 19,505 5,310 32,601 405 487 362 338 I 244 18 797 18 529 268 16 27 176 27 142 34 961 1,169 29,365 19,478 5,311 32,798 396 528 341 342 181 18,872 18 567 305 23 27,007 26,970 37 985 1,818 29,883 19,467 5,312 32,924 387 523 365 331 1,195 19,274 18,937 337 30 26,829 26,787 42 933 1,788 29,629 19,456 5,313 32,893 393 537 387 333 1,195 18,997 18,660 337 1960 Jan 6 26,642 26,607 35 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 56 915 1,269 28,633 19,455 5,315 32,282 410 519 308 332 840 19,029 18 713 316 20 25,622 25,620 2 918 1,513 28,098 19,455 5,316 31,910 424 494 231 326 18,963 18,648 315 27 25,450 25,450 776 1,103 27,370 19,454 5,315 31,650 424 519 217 332 836 18,476 18,161 315 Feb 3 25,447 25,442 5 811 1,108 27,406 19,445 5,319 31,565 436 510 239 333 834 18,537 18 252 285 10 25,389 25,355 34 853 853 27,135 19,433 5,321 31,599 443 417 203 344 834 18 268 18 049 219 17 25,355 25,300 55 974 1,167 27,535 19,432 5,323 31,631 451 591 224 522 896 18,250 17 974 276 24 25,253 25,253 620 1,324 27,235 19,423 5,325 31,562 445 529 206 439 1,008 18,061 17,793 268 Mar 2 25 21225,154 58 794 1,061 27,102 19,421 5,328 31,518 442 542 219 323 1008 18 105 17 800 305 1 9 6 2 2 5 5 , , 4 2 4 7 4 0 2 2 5 5 , ,2 3 3 1 5 3 13 3 1 5 7 5 2 9 6 5 1,1 9 7 9 4 4 2 2 7 7 , , 1 0 9 7 7 5 1 1 9 9 , , 4 4 1 0 2 9 5 5, , 3 3 3 3 5 3 3 31 1 , , 7 6 2 1 6 3 4 4 3 4 5 8 4 5 4 4 6 2 2 2 0 0 0 0 2 2 9 9 3 3 1 ,0 9 0 80 7 1 1 8 7 , ,9 1 4 0 1 8 1 17 7 ,8 7 4 3 9 1 2 2 5 1 9 0 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 5 608 898 26,778 19,408 5,340 31,534 439 479 203 327 945 17,894 17 600 294 Apr 6 . . .2.5,284 25,264 20 735 898 26,950 19,406 5,341 31,654 423 509 163 356 942 17,868 17 650 218 13 25,396 25,285 111 734 91027,073 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 1,159 27,234 19,373 5,346 31,581 417 553 186 275 857 18 392 18 083 309 May 4 25,660 25,557 103 552 958 27,199 19,360 5,347 31,606 414 567 184 311 18,243 17 968 275 11 25,868 25,616 252 549 924 27,371 19,359 5,348 31,723 419 504 184 314 854 18 306 18 081 225 18 25,761 25,627 134 555 1,133 27,480 19,359 5,349 31,774 413 608 195 349 887 18,235 17 961 274 25 25,745 25,718 27 403 1,161 27,338 19,353 5,350 31,684 415 547 202 290 1 034 2*18,166 17,868 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 1 9 6 . .. 2 2 5 5 , , 2 4 2 8 5 0 2 2 5 5 , , 2 3 2 6 5 0 " * * i 26 7 3 4 8 5 5 1,1 8 7 1 5 5 2 2 7 6 , ,8 0 1 7 8 2 1 1 9 9 , , 4 4 0 0 9 9 5 5 , , 3 3 3 3 6 3 3 3 1 1 , , 6 6 8 6 9 2 4 4 4 6 1 0 2 5 5 6 1 4 2 2 0 0 1 0 2 3 9 0 1 7 1,0 9 0 4 6 5 1 1 8 7 ,5 2 9 4 1 1 1 17 7 ,3 9 8 8 1 1 2 2 1 6 0 0 23 25,107 25,107 362 91126,412 19,409 5,339 31,569 450 467 206 306 943 17,473 17,218 255 30 25,266 25,264 2 835 82326,956 19,408 5,340 31,558 436 511 223 316 945 18,010 17,716 294 Apr 6 . . ..25,321 25,264 57 770 825 26,949 19,397 5,341 31,731 419 417 165 352 17,879 17 661 218 13 25,454 25,329 125 504 933 26,922 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 86? 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 18,162 17,853 309 May 4 25,888 25,598 290 572 877 27,367 19,360 5,348 31,629 423 478 170 303 8S4 18,492 18,217 275 11 25,805 25,623 182 768 81927,422 19,359 5,348 31,741 412 505 172 335 853 18,337 18 112 225 18 25,713 25,655 58 266 1,137 27,146 19,358 5,349 31,707 414 594 235 303 1,034 17,840 17 566 274 25 25,718 25,718 375 850 26,972 19,352 5,350 31,660 414 504 217 292 1,033^17,852 17,554 P298 v Preliminary. tables on Federal Reserve Banks. (Industrial loan program discontinued ofr ** s A u n V In Ic i S* cc h!* il uu iU ud teA ce mW ss IsS mi n o ud /%n uu •« s s tu WW riiaa ae il rd ln ll n uo ea aa so u d n rl s a s a yv aa in a i a ud nn / d1 aa w c eA cw n- e n c dr pp f-_ ti no aa £ nu f_- w m c m e / c " ss ofc ,, nn - ww tffht hi iec dr ni i i oa l-t hi Ae iec Os li , d u. s . C eOe F A sr o s u oun ir lb h i i c i s o u Ae/ l. -q i I d I u Iu/ i > .nu *e" ig >n g -+ s t s Au 2 g 2 Q . S *» 2 e A 1 e r , t n s 1 t+ o 9 £ t 5 k e 9 * 3 . X ) . 3 Beginning with December 1959, monthly averages are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

640 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 * l s s q e u R r r v i e e r e - - e s d 2 s E e x r r c v e e - e s s s 3 F r i o n . a w g t R s - . se F r r r v e e - e e s3 s T h e e r o r e k v t - U a e l s s q e u R r r v i e e r e - - e s d 2 s E e x r r c v e- e e s s s 3 F r i o . n a w g t R s - . se F r r r v e e e - e s 3 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 v e e r - e e - s d 2 s E e x r r c v e e - e s s s 3 F r i o . n a w g t R s - . se F r r r v e e - e e s3 Banks * Banks4 Banks 4 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. 1,141 601 540 n.a. n.a. 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a 1,143 848 295 n.a. n.a. 1945_Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 ,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 ,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 ,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 ,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 ,295 1 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—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,r~ 3,785 23 207 -184 ,029 ,026 64 -61 Dec 6 18,932 18,450 482 906 -424 63,920 3,930 -10 99 -109 « 1,038 ,038 104 -104 I960—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 A M p a r r 1 1 8 8 , , 1 02 0 7 4 1 17 7 , , 6 6 1 9 1 6 4 4 1 0 6 8 6 6 3 0 5 2 - - 2 1 1 9 9 4 3 3, , 7 7 6 6 5 6 3 3 , , 7 7 5 8 5 4 -1 1 9 0 1 9 2 I C 9 9 ^ 5 5 4 9 95 7 5 0 -1 6 1 9 5 9 7 - -1 1 5 0 1 0 ^18,236*>17,773 ^463 502 ^3,853 3S -31 56 May Week ending: 18,571 18,213 358 675 -317 4,008 4,010 52 -53 ,049 ,045 35 -32 1959—May 6. 18,550 18,096 454 709 -255 3,925 3,908 49 -32 ,034 ,032 47 -45 20'. 18,829 18,227 602 853 -251 4,023 3,992 118 -87 ,044 ,038 78 -73 27. 18,393 18,063 330 658 -328 3,938 3,931 56 -49 ,027 ,025 17 -15 Dec. 2. 6 18,451 18,085 366 870 -504 6 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 ,053 ,049 143 -139 30. 18,997 18,533 464 928 -464 3,953 3,944 86 -76 ,054 1,049 156 -151 1960—Jan. 6. 19,141 18,620 521 1,013 -492 4,018 4,012 221 -215 ,061 1,064 153 -156 13. 19,029 18,472 557 911 -354 3,915 3,889 117 -91 ,049 1,041 80 -72 20. 18,963 18,368 595 914 -319 3,861 3,858 80 -77 ,046 1,044 128 -126 27. 18,476 18,074 402 773 -371 3,837 3,820 49 -32 ,026 1,023 29 -26 Feb. 3. 18,537 18,056 481 -327 3,854 67 -63 ,031 1,031 71 -70 10. 18,268 17,836 432 850 -418 3,753 79 -59 ,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 Apr. 6. 17,868 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 -14 963 969 95 -100 27. 18,392 17,911 481 524 -43 3,861 10 984 982 95 -93 May 18,243 17,918 325 552 -227 3,911 3,914 -4 1,000 996 53 -49 18,306 17,808 498 549 -51 3,835 10 985 984 101 -100 18. 18,235 17,777 458 555 -97 3,838 46 977 979 93 -94 25. ^18,166'17,721 402 3,779 3,776 3 984 975 12 -3 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 641 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES— Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period re T h s e o e l r t d v a i l es R re e s q e u rv ir e e s d 2 re E s x e c rv es e s s3 B B in F o a g r . n r s R o k a w s . t 4 - res F e r r e v e es3 re T h s e o e l r t d v a i l es R re e s q e u rv ir e e s d 2 re E s x e c rv es e s s3 B B in F o a g . r n r s R o k a w s . t 4 - res F e r r e v e es3 1929 June 761 749 12 409 -397 632 610 22 327 -305 1933 June 648 528 120 58 62 441 344 96 126 -30 1939 Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941 Dec 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945 Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947 Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950 Dec 6,689 6,458 232 50 182 4,761 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 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 A us 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 5 887 5,504 383 193 190 May ^7,516 ^7,464 224 P-173 ^5,879 ^5,519 P360 222 Week ending: 1959 Mav 6 7,781 7 745 37 379 -342 5,733 5 413 320 209 111 7 13! 7,784 7,732 51 382 -331 5,808 5,424 384 231 153 20 7,824 7,764 59 458 -399 5,938 5,433 505 199 306 27 7,735 7,702 33 343 -310 5,692 5,405 287 242 45 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 Apr 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 5,975 5,537 438 151 287 May 4 7,527 7,501 26 277 -251 5,805 5,507 298 222 76 11 7 514 7 468 46 263 -217 5 972 5 532 440 185 255 18 7,541 7,478 63 248 -186 5,879 5,528 350 214 136 25 7,479 7,447 32 190 -158 ^5,923 ^5,522 ^400 200 P200 n.a. Not available. v Preliminary. 6, 1960, and monthly averages for all classes of banks beginning with 1 Based on figures at close of business through November 1959; there- January 1960 are estimated. after on closing figures for balances with Reserve Banks and opening 4 Based on closing figures. figures for allowable cash. Monthly averages for allowable cash are 5 This total excludes, and that in the preceding table includes, $51 estimated. million in balances of unlicensed banks. 2 Based on deposits as of opening of business each day. Weekly 6 Beginning with December 1959, total reserves held include allowable averages for country banks prior to Jan. 6, 1960, and monthly averages cash (for definition see the BULLETIN for December 1959, p. 1482). See for all classes of banks beginning with January 1960 are estimated. also note 1. 3 Weekly averages for all member and for country banks prior to Jan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 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 advano 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 May 31 beginning: rate May 31 beginning: rate May 31 beginning: rate Boston Sept. 14, 1959 Sept. 14, 1959 Sept. 14, 1959 New York... Sept. 11, 1959 Sept. 11, 1959 Sept. 11, 1959 Philadelphia.. Sept. 18, 1959 Sept. 18, 1959 Sept. 18, 1959 Cleveland Sept. 11, 1959 Sept. 11, 1959 Sept. 11, 1959 Richmond.. . Sept. 11, 1959 Sept. 11, 1959 Sept. 11, 1959 Atlanta Sept. 14, 1959 Sept. 14, 1959 Sept. 14, 1959 Chicago Sept. 11, 1959 Sept. 11, 1959 Sept. 11, 1959 St. Louis Sept. 11, 1959 Sept. 11, 1959 Sept. 11, 1959 Minneapolis.. Sept. 14, 1959 Sept. 14, 1959 Sept. 14, 1959 Kansas City.. Sept. 11, 1959 Sept. 11, 1959 Sept. 11,1959 Dallas Sept. 11, 1959 Sept. 11, 1959 Sept. 11, 1959 San Francisco Sept. 11,1959 Sept. 11, 1959 Sept. 11, 1959 i Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES * MARGIN REQUIREMENTS i [Per cent per annum] [Per cent of market value] Range F. R. Range F. R. Jan. 16, Aug. 5, Effec- Date (or level)— Bank Date (or level)— Bank Prescribed in accordance with 1958- 1958- tive effective all F. R. of effective all F. R. of Securities Exchange Act of 1934 Aug. 4, Oct. 15, Oct. 16, Banks N. Y. Banks N. Y. 1958 1958 1958 1948 1957 Regulation T: Jan. 12. 1 -WA Au82?::: For extensions of credit by brokers and 19. dealers on listed securities 50 70 90 Aug. 13. Nov. 15... For short sales 50 70 90 23. Dec. 2... Regulation U: For loans by banks on stocks 50 70 90 Au81 i 9 k 50 Jan. 1 9 2 58 2... 24... 1 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. 2 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. 2A.Y. 16. Nov. 7... [Per cent per annum] May 21. 1959 1955 Mar. 6... Nov. 1, Feb. 1, Jan. 1, Effec- Ap, 14. 16... 3 1933- 1935- 1936- tive May 29... 3 -3 Type of deposit Jan. 31, Dec. 31, Dec. 31, Jan. 1, May 2. WA June 12... 1935 1935 1956 1957 Aug. 4. WA-2VA Sept. 11... 18... 12! Savings deposits 3 2Vi 2% 3 1960 In effect Postal savings deposits 3 2Vi 2Vi 3 Nov. 18. May 31... 23. Other time deposits payable: t In 6 months or more 3 1956 In 90 days to 6 months.... 3 Apr. 13. In less than 90 days 3 & 20. Aug. 24. 31. 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 643 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures, i In millions of dollars] Net demand deposits 1 Time deposits Central reserve Ef o fe f c c ti h v a e n g d e ate C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r e e e a s s n e n e t r r d 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 city banks Four weeks ending Apr. 20, 1960 In effect Dec. 31,1945.. 20 20 14 Gross demand: Total 118,256 23,211 5,624 46,166 43,255 1948—Feb. 27 22 Interbank 12,628 4,056 1,186 6,079 1,307 June 11 24 U. S. Government. 3,293 725 188 1,209 1,170 Sept. 16,24*.... 26 22 16 Other 102,335 18,430 4,250 38,878 40,777 1949_May 1,5* 24 21 15 Net demand2 100,334 19,592 4,855 38,499 37,389 June 30, July 1*. 20 14 6 Time 54,095 4,350 1,435 20,922 27,388 Aug. 1,11*.... 19% 13 5 Demand balances due Aug. 16,18*.... 19 12 from domestic banks. 6,297 136 81 2,004 4,075 Aug. 25 Currency and coin: Sept. 1 Total. 2,174 133 27 671 1,343 1951—Jan. 11,16*.... 23 19 13 Allowable as reserves, 254 1 72 180 Jan. 25, Feb. 1*. 24 20 14 Balances with F. R. 1953—July 1,9* 22 19 13 Banks 17,724 3,755 945 7,361 5,663 1954—June 16,24*... 21 Total reserves held 17,978 3,755 946 7,433 5,844 July 29, Aug. 1* 20 18 12 Required , 17,570 3,744 946 7,398 5,482 Excess 408 11 34 361 1958—Feb. 27, Mar. 1* 8* Mar. 20, Apr. 1* Apr. 17 Four weeks ending May 18, 1960 Apr. 24 Gross demand: In effect June 1, 1960... 18 Total 120,459 23,983 5,871 46,986 43,619 Interbank 12,299 4,009 1,097 5,917 1,276 Present legal require- U. S. Government. 4,952 1,379 302 1,929 1,343 ments: Other 103,207 18,595 4,471 39,140 41,001 Minimum 210 10 7 Net demand2 102,021 20,132 5,072 39,066 37,751 Maximum 2 22 222 14 Time 54,373 4,431 1,442 21,023 27,476 Demand balances due from domestic banks. 6,121 72 99 1,961 3,989 * 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 2,208 134 27 667 1,380 reserve city banks. Allowable as reserves. 271 1 75 195 1 Demand deposits subject to reserve requirements which, beginning Balances with F. R. Aug. 23, 1935, have been total demand deposits minus cash items in Banks 18,023 3,861 986 7,464 5,713 process of collection and demand balances due from domestic banks (also Total reserves held 18,294 3,861 987 7,538 5,908 minus war loan and Series E bond accounts during the period Apr. 13, Required 17,854 3,845 985 7,497 5,526 1943-June 30, 1947). Excess 440 16 2 41 381 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 May 25 May 18 May 11 May 4 Apr. 27 May April May Discounts and advances—total 374,870 265,616 768,492 572,294 545,307 341,964 571,497 984,364 Within 15 days 365,523 257,520 761,050 563,002 537,505 330,312 544,320 942,743 16 days to 90 days 9,229 7,978 7,288 9,288 7,799 11,534 27,174 41,435 91 days to 1 year 118 118 154 4 3 118 3 186 Acceptances—total 28,866 29,366 29,866 29,866 29,866 29,239 29,787 27,863 Within 15 days 10,955 10,191 9,124 8,092 7,362 7,129 6,495 7,556 16 days to 90 days 17,911 19,175 20,742 21,774 22,504 22,110 23,292 20,307 U. S. Government securities—total 25,718,229 25,713,329 25,805,129 25,887,829 25,490,229 26,035,129 25,557,729 25,904,562 Within 15 days 294,921 348,671 476,751 596,290 308,050 230,160 231,640 114,960 16 days to 90 days 6,422,246 6,386,846 867,566 835,227 754,767 6,734,246 875,777 9,426,073 91 days to 1 year 11,864,55811,841,30814,466,74314,462,24314,433,34311,934,21914,456,24311,012,193 Over 1 year to 5 years 5,686,647 5,686,647 8,544,212 8,544,212 8,544,212 5,686,647 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 i 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

644 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month 1960 1960 1959 Item May 25 May 18 May 11 May 4 April 27 May April May Assets Gold certificate account 18,115,64318,120,64318,122,64318,112,64518,112,644 18.115,64318,112,64218,691,892 Redemption fund for F. R. notes.. 943,060 945,917 947,835 950,729 953,826 943,060 953,828 913,052 Total gold certificate reserves. 19,058,703 19,066,56019,070,47819,063,37419,066,470 19,058,70319,066,47019,604,944 F. R. notes of other Banks 404,859 406,054 403,903 444,072 501,203 340,835 471,569 312,086 Other cash 375,881 371,151 374,046 395,664 413,530 356,881 419,743 367,966 Discounts and advances: For member banks 967,364 For nonmember banks, etc 374,870 265,616 768,492 572,294 545,307 341,964 571,497 17,000 Industrial loans 2 Acceptances—Bought outright 27,863 Held under repurchase agreement. "28^866 " 29^366'""29 ,'866 "29^866 "29^866 "29^239 29^787 U. S. Government securities: Bought outright: Bills 1,716,867 1,653,667 1,621,667 1,596,667 1,457,167 2,019,067 1,556,667 1,903,500 Certificates—Special Other 8,506,993 8,506,993 8,506,993 8,506,993 8,506,993 8,506,993 ,506,993 18,649,726 Notes 13,010,298 13,010,298 13,010,298 13,010,298 13,010,298 13,010,298 13,010,298 2,867,565 Bonds 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 2,483,771 ,483,771 2,483,771 Total bought outright 25,717,929 25,654,729 25.622,729 25.597,729 25,458,22926,020,129 25.557,72925,904,562 Held under repurchase agreement. 300 58,600 182,400 290,100 32,000 15,000 ..: Total U. S. Government securities. 25,718,229 25,713,329 25,805,12925,887,829 25,490,229 26,035,129 25,557,729 25,904,562 Total loans and securities 26,121,96526,008,31126,603,487 26,489,989 26,065,402 26;406,332 26,159,01326,916,791 Due from foreign banks 15 15 15 15 15 15 15 15 Cash items in process of collection. 5,257,171 6,363,243 ,396,284 5,433,040 5,674,571 690,897 5 411,442 4,753,708 Bank premises 104,466 103,648 103,456 103,210 103,330 104,204 103,225 95,632 Other assets 165,795 146,409 383,145 363,389 343,093 186,162 351,537 148,899 Total assets. 51,488,85552,465,39152,334,814 52,292,75352,167,614 51,144,02951,983,014 52,200,041 Liabilities Federal Reserve notes 27,210,752 27,257,102 27,293,804 27,248,208 27,207,791 27,344,188 27,258,140 27,155,560 Deposits: Member bank reserves 17,554,032 17,566,36618,112,41018,216,62817,853,07817,619,11717,849,77318,458,879 U. S. Treasurer—general account. 503,992 593,891 504, 478 269 595; 461 6"1"8, 526 567,331 Foreign 216,942 235,239 172; no:011 169; 215; 194,i066 291,236 Other 292,182 302,667 334; 303;118 299; 346! 313, 301 369,380 Total deposits. 18,567,148 18,698,163 19,123,950 19,168,026 18,918,276 18,642,792 18,975,666 19,686,826 Deferred availability cash items 4,407,615 5,226 4,577,672 4,556,159 4,738,761 3,835,296 4,439,131 3,893,738 Other liabilities and accrued dividends. 43,486 42; 41,434 41,354 43,395 45,721 41,845 39,142 Total liabilities 50,229,00151,223,999 51,036,860 51,013,74750,908,223 49,867,997 50,714,782 50,775,266 Capital Accounts Capital paid in. 397,931 397,919 397,739 397,659 396,753 398,051 397,615 378,296 Surplus 774,808 774,808 774,808 774,808 774,808 774,808 774,808 868,410 Other capital accounts. 87,115 68,665 125,407 106,539 87,830 103,173 95,809 178,069 Total liabilities and capital accounts. 51,488,855 52,465,39152,334,814 52,292,753 52,167,614 51,144,029 51,983,014 52,200,041 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 41.6 41.5 41. 41.1 41.3 41.4 41.2 41.9 Contingent liability on acceptances purchased for foreign correspondents 168,616 161,217 163,594 167,988 168,203 160,918 167,141 78,757 U. S. Government securities held in custody for foreign account 4,821,049 4,790,233 4,880,143 4,881,743 4,818,221 4,841,049 4,818,121 3,750,375 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank). . 28,249,120 28,288,559 28,250,939 28,252,23328,312,047 28,285,42728,269,934 28,010,652 Collateral held against notes outstanding: Gold certificate account 10,565,000 10,565,000 10,565,000 10,585,000 10,585,000 10,565,000 10,585,000 10,725,000 Eligible paper 87,275 52,285 129,276 115,796 103,761 71,739 145,893 217,884 U. S. Government securities 19,145,000 19,145,000 19,145,000 19,245,000 19,245,000 19,145,000 19,245,000 18,685,000 Total collateral. 29,797,275 29,762,285 29,839,276 29,945,796 29,933,761 29,781,739,29,975,893 29,627,884 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

645 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31,1960 fin 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. is M a i p n o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificate account 838,281 5,328,169 993,8121,596,557 919,463 844,7913,092,763 668,755 325,221 642,589 564,603 2,300,639 Redemption fund for F. R. notes 56,837 200,502 58,335 83,326 80,659 60,215 177,298 44,860 23,294 44,016 32,128 81,590 Total gold certificate reserves 895,118 5,528,6711,052,1471,679,8831,000,122 905,006 3,270,061 713,615 348,515 686,605 596,7312,382,229 F. R. notes of other Banks.. 23,014 88,171 19,089 22,925 23,154 74,490 19,505 10,698 7,873 14,446 17,450 20,020 Other cash 22,900 67,602 15,236 33,517 19,854 31,148 59,112 19,715 9,231 14,473 14,450 49,643 Discounts and advances: Secured by U. S. Govt. securities 17,020 35,140 17,430 12,910 31,651 33,640 39,690 8,894 52,579 45,290 38,568 6,550 Other 50 100 1,818 125 509 Acceptances: Bought outright 29,239 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,398,322 6,490,2531,489,8082,235,571 ,646,944 ,426,710 4,453,5531,051,656 603,7971,116,8101,048,6113,058,094 Held under repurchase agreement 15,000 Total loans and securities 1,415,392 6,569,6321,507,238 2,248,481 ,678,695 ,462,168 4,493,2431,060,550 656,376 ,162,2251,087,688 3,064,644 Due from foreign banks 1 14 1 1 1 1 1 1 2 Cash items in process of collection 359,955 934,118 305,279 438,207 350,693 351,344 770,254 184,146 128,685 219,188 185,451 463,577 Bank premises 4,155 9,661 3,923 9,022 6,431 10,396 19,585 6,853 4,941 4,566 12,787 11,884 Other assets 12,867 44,628 10,317 16,236 11,602 10,712 30,498 7,296 4,215 8,706 7,453 21,632 Total assets. 2,733,40213,242,487 2,913,230 4,448,272 3,090,552 2,845,2658,662,260 2,002,8731,159,836 2,110,2101,922,0116,013,631 Liabilitiei F. R. notes 1,572,086 6,414,4461,772,357 2,483,218 2,029,9351,540,7755,179,662 ,181,376 603,3421,101,505 773,388 2,692,098 Deposits: Member bank reserves 700,080 5,266,296 742,986 1,345,513 682,461 917,263 2,694,264 597,744 375,003 793,058 904,148 2,600,301 U. S. Treasurer—general account 28,973 55,023 20,105 45,502 43,205 32,785 65,426 43,546 11,501 22,527 34,742 58,536 Foreign 10,486 3 62,462 12,626 20,116 9,630 11,128 29,532 7,062 4,922 8,774 12,412 26,322 Other 657 291,753 1,206 821 2,147 825 621 587 442 646 45,738 Total deposits 740,196 5,675,534 776,9231,411,952 737,443 962,0012,789,843 648,939 391,868 825,005 952,1912,730,897 Deferred availability cash items 355,808 778,970 287,068 431,856 262,151 273,041 505,254 127,816 133,769 128,322 122,449 428,792 Other liabilities and accrued dividends 2,435 11,250 2,536 4,267 2,573 2,376 7,639 1,635 1,371 1,893 1,849 5,897 Total liabilities. 2,670,52512,880,200 2,838,884 4,331,2933,032,102 2,778,193 8,482,3981,959,7661,130,350 2,056,7251,849,8775,857,684 Capital Accounts Capital paid in 19,581 113,720 23,270 36,661 17,860 20,902 55,109 13,311 9,186 16,657 22,976 48,818 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. 4,964 27,662 5,438 7,788 6,024 5,864 17,419 3,934 2,720 5,108 4,513 11,739 Total liabilities and capital accounts 2,733,40213,242,487 2,913,230 4,448,272 3,090,552 2,845,2658,662,260 2,002,8731,159,8362,110,2101,922,0116,013,631 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 38.7 45.7 41.3 43.1 36.1 36.2J 41.0 39.0 35.0 35.6 34.6 43.9 Contingent liability on acceptances purchased for foreign correspondents 8,261 4 40,369 9,947 15,848 7,587 8,767 23,267 5,564 3,878 6,913 9,779 20,738 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 1,630,967 6,686,474 1,826,8512,553,3972,091,6231,610,316 5,271,9561,223,607 614,3751,127,520 816,620 2,831,721 Collateral held against notes outstanding: Gold certificate account 530,000 2,900,000 700,000 920,000 675,000 500,000 1,900,000 410,000 180,000 300,000 250,0001,300,000 Eligible paper 17,430 8,894 45,415 U. S. Govt. securities 1,250,666 3,900,6661,200,000i,750,666 i,465,666i ,200,6663,700,666 935,000 450,666 870,000 625,666i,*8oo,666 Total collateral. 1,780,000 6,800,000 1,917,430 2,670,000 2,140,0001,700,000 5,600,000 1,353,894 630,0001,215,415 875,000 3,100,000 1 After deducting $11,000 participations of other Federal Reserve Banks. * After deducting $120,549,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $153,010,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 BANK DEBITS LOANS GUARANTEED UNDER REGULATION V* FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [Amounts in millions of dollars] [In effect May 31] Loans Loans Additional Fees Payable to Guaranteeing Agency by Financing au t t o h o d r a iz te ed outstanding av a a m ila o b u l n e t to Institution on Guaranteed Portion of Loan End of borrowers y m e o ar n t o h r 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 i e tm 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 1 1 9 9 5 5 6 5 1 1 , , 4 4 1 6 1 8 2 2, , 7 5 6 7 1 5 2 3 9 8 4 9 2 28 2 9 6 1 1 7 2 0 5 7 8 5 0 2 1 0 5 2 1 0 5 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 Apr 1,552 3,128 314 241 142 May 1.557 3,169 313 240 151 Maximum Rates Financing Institution May Charge Borrower June 1.557 3,170 317 240 137 [Per cent per annum] July 1,557 3,170 323 244 129 Aug 1,558 3,174 330 249 121 Sept 1,560 3,174 342 257 101 Interest rate Oct ,561 3.179 340 253 107 Nov ,562 3,179 342 255 105 Commitment rate. Dec ,563 3,189 340 256 98 1 Schedule of fees and rates established by the Board of Governors on 1960 loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act Jan 1,565 3,192 333 250 103 of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing Feb 1,565 3,195 341 256 95 agencies in these transactions, and the procedure is governed by Regula- Mar [,565 3,202 356 264 79 tion V of the Board of Governors. Apr ,565 3,216 358 251 90 1 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 others^ 3 r c e 3 e p 7 n o t o r e t t i r h n s e 2 g r New L Y e o a r d k ing ce 6 n te o r t s hers * 3 r c e 3 e p 7 n o t <> r e t r t i h s n e 2 g r Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1958 2,439,754 958,721 487,432 993,600 53.6 30.0 22.9 1959 2,679,167 1,023,605 545,258 1,110,304 56.4 32.5 24.5 1959 May 216,003 84,030 80,725 45,156 44 646 92,143 90,631 56.2 54.2 32.6 32.5 24.5 24.5 228,601 79,479 86,598 44,746 46,429 93,032 95,574 53.1 56.9 32.1 32.8 24.6 25.1 July 235,637 86,792 89,600 46,694 48,422 93,516 97,615 57.3 57.2 33.1 32.9 24.7 24.9 Aug 208,130 85,207 75,233 45,899 43,265 93,109 89,633 56.3 51.3 33.1 31.3 24.7 24.1 Sept 215,843 86,633 81,067 44,240 43,259 92,017 91,516 57.6 55.4 32.1 31.7 24.6 24.7 Oct 230,245 89,356 89,519 45,486 46,083 92,216 94,642 60.1 59.2 32.8 32.5 24.7 24.8 Nov 217,139 91,522 82 273 46,257 43 810 95,067 91,055 60.1 58.0 33.6 32.7 25.3 25.4 Dec 261,121 89,244 104,976 46,278 51,763 93,696 104,382 60.1 67.0 33.2 35.3 24.9 26.4 I960 Jan 230,100 84,646 88 529 46,218 46,305 94,335 95,266 55.7 57.8 33.0 32.9 25.1 25.3 Feb 221,965 90,786 85,058 49,752 45,626 98,866 91,282 58.5 56.3 35.7 33.4 26.4 25.0 245 705 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 r225,984 86,042 86,174 r48,414 r46 862 r96,753 r92,947 56.4 56.3 35.3 35.5 26.1 25.4 May 232,953 92,176 88,551 48,453 47,895 98,117 96,507 61.1 58.9 *35.2 »26.4 9 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. I960, 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 647 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—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 I960—Jan.. . 31 569 22,409 2,268 1,419 82 2,102 6,415 10,123 9,160 2,739 5,825 254 334 3 5 Feb 31 552 22,440 2,275 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 5 Apr 31,600 22,529 2,311 1,417 82 2,104 6,474 10,141 9,070 2,712 5,769 254 327 3 5 i Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation i Total out- Held by Kind of currency s A ta p 1 n r 9 d . 6 i 3 0 n 0 g , A g a s o s g l s i d a l e v i c a n e u n r s r t d ity Tr c e a a s s h ury B F a F a . n o n R d k r . s B a F g a a . e n n R n d k t . s s Ap 1 r 9 . 6 3 0 0, M 1 a 9 r 6 . 0 31, Ap 1 r 9 . 5 3 9 0, certificates agents Gold 19,360 19,097 2 263 19,097 16,251 2,816 30 31 31 Federal Reserve notes 28 270 92 1,483 26,695 26,786 26,519 Treasury currency—total 5,346 3 2,401 52 420 4,874 4,817 4,800 Standard silver dollars . 488 149 27 11 300 299 281 Silver bullion 2,251 2,251 Silver certificates and Treasury notes of 1890 . . 3 2 401 307 2,094 2,055 2,144 Subsidiary silver coin 1 547 15 65 1,467 1,455 1,387 554 4 7 543 540 506 United States notes . 347 5 29 312 310 311 Federal Reserve Bank notes 103 (4) 1 102 102 111 National Bank notes 56 (4) (4) 56 56 58 Total Aor 30 1960 (5) 21 497 406 16 251 4 719 31 600 Mar. 31, 1960 (5) 21,542 413 16 297 4,815 31,633 Apr 30 1959 (5) 22,166 711 16,900 4,536 31,349 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. 639. 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- NOTE.—There are maintained in the Treasury—(1) as a reserve for eral, and those deposited with the Treasury of the United States as a United States notes and Treasury notes of 1890—$156,039,431 in gold redemption fund, are counted as reserve. Gold certificates, as herein bullion; (2) as security for Treasury notes of 1890—an equal dollar amount used, includes credits with the Treasurer of the United States payable in standard silver dollars (these notes are being canceled and retired on i n n o te g s o l a d r e c i e n r t p if r i o c c a e te s s s . of F r e e d ti e r r e a m l e R n e t. serve Bank notes and national bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

648 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d n si c t y s co m n a u i c e n s - t c ts . , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933-June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1955_Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—Dec. 31. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 1,723 20,461 250,757 230,510 20,246 1957—Dec. 31. 22,781 5,146 229,470 115,157 91,370 65,792 24,238 1,340 22,943 257,397 236,372 21,023 1958—June 23. 21,356 5,204 240,451 116,842 97,849 71,611 25,000 1,238 25,760 267,011 244,131 22,880 Dec. 31. 20,534 5,234 249,082 121,602 101,207 73,641 26,347 1,219 26,273 274,850 252,022 22,829 1959—May 27. 20,200 5,300 248,300 124,800 97,100 70,000 25,900 1,200 26,400 273,700 249,400 24,300 June 24. 19,800 5,300 248,500 126,900 95,200 68,200 25,900 1,200 26,300 273,600 249,400 24,200 July 29. 19,600 5,300 250,700 128,400 96,000 68,400 26,500 1,100 26,300 275,700 251,400 24,200 Aug. 26. 19,600 5,300 251,200 129,800 95,200 67,600 26,500 1,100 26,200 276,100 251,100 25,000 Sept. 30. 19,500 5,300 252,100 131,600 94,100 66,500 26,600 1,100 26,500 276,900 252,100 24,800 Oct. 28. 19,500 5,300 251,800 131,500 94,000 66,600 26,400 1,100 26,200 276,600 251,700 24,900 Nov. 25. 19,600 5,300 251,400 132,300 93,100 65,400 26,700 1,100 25,900 276,300 251,100 25,200 Dec. 31. 19,456 5,311 255,435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 I960—Jan. 27. 19,500 5,300 250,200 133,000 91,300 64,800 25,400 1,000 25,800 274,900 250,500 24,400 Feb. 24. 19,400 5,300 248,300 133,400 89,200 63,000 25,200 1,000 25,700 273,000 248,000 25,000 Mar. 30^ 19,400 5,300 247,600 134,600 87,300 61,100 25,300 1,000 25,700 272,400 247,300 25,100 Apr. 27* 19,400 5,300 250,800 136,200 89,000 62,600 25,500 1,000 25,600 275,600 250,300 25,300 May 25P. 19,400 5,400 250,700 136,800 88,500 61,800 25,700 1,000 25,400 275,400 249,400 25,900 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series' For- Date p b e o n d a i s e g e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c m n t d k i g a - s s l B F a . A n R t ks . Total Total m T b C i e a o m r n m c k e i a s - d l e M p s b a o a u v s n t i i n u k ts g a s 2 l s ' S S P y a o v s s t i t e n a m g l s p m o D d s a e e i n - - t d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i l c t d d y s j m p u D o a d s a e d s e t n - e i - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29., 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30. 50 264 852 35 40,828 21,656 10,849 9,621 ,186 14,411 4,761 1939—Dec. 30. 1,217 2,409 846 634 63,253 27,059 15,258 10,523 ,278 29,793 6,401 1941—Dec. 31. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 ,313 38,992 9,615 1945—Dec. 31. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 ,932 75,851 26,490 1947_Dec. 31., 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 ,416 87,121 26,476 110,500 84,40026,100 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 2"4,600 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 28,335 134,500 107,10027,400 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 2"7,800 1958—June 23., 3,953 700 9,471 524 229,483 95,524 61,473 32,837 ,214106,169 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—May 27. 3,700 700 5,200 500 239 100,400 65.000 34,400 100 110,700 28,100 140,600 112,400 28,200 June 24. 3,600 400 4,700 500 240 101,000 65,400 34,600 ,100110,700 28,300 140,900 112,600 28,300 July 29. 3,400 400 5,000 600 242! 100,900 65,300 34,500 ,000112,700 28,400 141,200 112,900 28,300 Aug. 26. 3,300 400 6,000 500 240! 101,200 65,600 34,600 ,000111,100 28,500 140,900 112,600 28,300 Sept. 30. 3,300 400 6,400 700 241; 101,500 65,700 34,800 ,000111,400 28,500 140,800 112,400 28,400 Oct. 28. 3,100 400 5,500 500 242! 101,100 65,500 34,600 ,000112,700 28,300 140,400 112,000 28,400 Nov. 25. 3,000 400 4,700 400 242; 100,300 64,800 34,600 000113,100 29,100 140,100 111,800 28,300 Dec. 31., 3,203 391 5,319 504 246; 101,779 65,884 34,947 948115,402 29,422 140,200 112,000 28,200 1960—Jan. 27. 2,800 400 3,800 600 242,900101,000 65,200 34,900 900114,000 27,900 140,000 111,700 28,300 Feb. 24., 2,600 500 4,800 500 239,600101,200 65,400 34,900 900110,500 28,000 139,100 110,800 28,300 Mar. 30*\ 2,700 400 4,700 500 239,000102,200 66,000 35,300 900 i108,800 28,100 139,500 111,100 28,400 Apr. 27* 2,800 400 4,700 600 241,700102,300 66,200 35,200 900 111,500 27,900 139,400 111,200 28,200 May 25 *>, 2,800 400 7,200 500 238,500102,600 66,500 35,200 900 i107,800 28,100 137,600 109,400 28,200 P Preliminary. * Revised preliminary figures. shown on page 135, footnote 3, of that BULLETIN has been revised from 1 Represents all commercial and savings banks, Federal Reserve Banks, -0.9 to -0.5. The new factor is 97.9. Postal Savings System, and Treasury currency funds (the gold account, NOTE.—For description of statement and back figures, see the BULLETIN Treasury currency account, and Exchange Stabilization Fund). for January 1948, pp. 24-32. The composition of a few items differs 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, slightly from the description in the BULLETIN article; stock of Federal open account; and deposits of Postal Savings System in banks. Reserve Banks held by member banks is included in other securities and 3 Prior to June 30, 1947, includes a small amount of demand deposits. in capital and miscellaneous accounts, net, and balances of the Postal •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 desec 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 649 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U bl o . 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 s2 c b T a i a l l o p i n i a t t i d i - a t e a l s l Total2 D In e t - erbank2 Dema O n t d her 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 r k - s tions ac- mand Time Time counts 3 U.S. Govt. Other AD banks: 1941—Dec. 31 61,126 26,615 25,511 999 27 344 90,908 816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 140,227 30,362 01,288 577 35,415177,332 612 14,065 105,935 45,613 22710,542 14,553 1947—Dec. 3H 134,924 43,002 81,199 10,72338,388 175,091161;86512,793 240 1,346 94,38153,105 66 11,94814,714 1956—Dec. 31 197,063110,079 66,523 20;46149,641250,,770 227 1,462 3,736 125,308 80,908 7819,24914,167 1957—Dec. 31 203.849 115,115 65,792 22 943 49;318 257.864 233 15^636 1,386 3,903 123,',993 88,102 80 20,42814,090 1958—Dec. 31 221,485 121,571 73,641 273 49 911276.4430 250, 15,799 2,374 4,253 130, 132 97,498 8121.70514,020 1959_May 27 222,880 126,440 70,010 430 42 510 270480 241 12,750 2,230 4,890 121,540 99,680 2,240 22 14,000 June 24 223.200 128,690 68,170 26 340 42;730 270990 241; 12,870 2,030 4,420 121,600100,310 2,710 22, 13,997 O N c o t v . . 2 2 5 8 2 2 2 2 5 5 , , 8 8 7 1 0 0 1 1 3 3 3 4 , , 0 5 5 2 0 0 6 6 6 5 , , 5 3 8 6 0 0 2 2 5 6 9 2 3 4 0 0 4 4 4 4 ; ;0 8 3 7 0 0 2 2 7 7 5 59 1 9 6 0 0 2 2 4 4 4 4 1 1 3 3 , , 1 2 5 0 0 0 1 1 , , 6 7 1 1 0 0 4 5 , , 4 19 0 0 0 1 1 2 2 4 5 , , 3 9 5 6 0 0 9 10 9 0 ,6 ,4 6 5 0 0 2 2 , , 4 86 8 0 0 2 22 2 , , 1 1 3 3 , , 9 9 9 9 5 3 Dec. 31 227,831 135,958 65,80126,07150296 283629 254 15,650 1,443 5,054131,622101,116 624 22; 13,991 I960— F Ja e n b . . 2 2 4 9 2 2 2 2 5 4 , , 5 4 3 1 0 0 1 1 3 3 4 5 , , 8 7 6 1 0 0 6 6 4 3 , , 8 0 4 0 0 0 2 2 5 5 7 8 0 3 0 0 4 4 3 3 4 1 9 6 0 0 2 2 7 7 3 42 4 7 3 0 0 2 2 4 4 3 1 , , 5 7 5 6 0 0 1 1 2 2 , , 9 7 2 1 0 0 1 1 , , 3 2 9 9 0 0 4 3 , , 4 54 8 0 0 1 1 2 2 5 2 , , 3 7 2 2 0 0 1 1 0 0 0 0 , , 5 3 6 8 0 0 2 2 , , 3 8 4 2 0 0 2 23 3 , : 1 1 3 3 , , 9 9 9 9 9 7 Mar. 30? 223,770 137,010 61,060 25 700 42530 271990 239, 12,680 1,270 4,410 119,720101,550 3,290 23, 13,999 Apr. 27* 226,820 138,660 62,570 25 590 43400 275860 243. 12,520 1,470 4,480 123,,2"20 101,670 3,000 23 13,996 May 25? 226,710139,550 61,810 25 350 42;i80 274;510 24i;470 12,210 1,490 6,880 118,870 102,020 3,180 23 13,996 All commercial banks: 1941—Dec. 31 21,714 21,808 7,225 26,551 79,104 71 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31 26,083 90,606 7,33134,806160,312150 14,065 105,921 30,241 219 8,950 14,011 1947_Dec. 3H 38,057 69,221 9 006 37502155,377144, ,792 240 1,343 94367 35,360 6510,05914.181 1956—Dec. 31 90,302 58,552 ,269 48720 217460197,51516,133 1,460 3,733125,28250,908 7516,30213,640 1957—Dec. 31 93,899 58.239 ,930 48428 222;696 201.32615,636 1.385 3,898 967 56,440 7717.36813.568 1958_Dec. 31 98,214 66,376 20,575 48,990 238,651216,01715,799 2,372 4,250 104 63,493 7318,486H.501 1959_May 27 102,440 62,620 20,750 41,760 232;100 206, 12,750 2,230 4,890 510 65,290 2,24018,99013,482 June 24 104,450 60.860 20,610 4i;930 232;380 206, 12,870 2,030 4,420 121 570 65,740 2,710 19,03013,479 Oct. 28 108,160 59,620 20,600 43,330 236,440 210, 13,150 1,710 5,190 320 65,830 2,48019,50013,478 Nov. 25 109,470 58,480 20330 44;150 237;210 210, 13,200 1,610 4,400 930 65,070 2,86019,59013,476 Dec. 31 110,832 58,93720,50149467 244;686 219, 15,649 1,441 5,050 593 66,169 61519,55613,474 1960—Jan. 27 109,550 57,980 20250 42470 235280 208, 12.920 1,390 3,540 290 65,510 2,34019,65013,480 Feb. 24 110,250 56,170 20;120 42780 234;300 206, 12,710 1,290 4,480 122690 65,640 2,82019,730 13,482 Mar. 30? 111,390 54,160 20.130 41780 232;590 204, 12,680 1,270 4,410119690 66,300 3,29019,86013,482 Apr. 27*> 112,950 55,830 20;030 42710 236;580 208, 12,520 1,470 4,480 123 190 66,520 3,00019,960*13,480 May 25» 113,630 55,14019,81041,510235;130 206. 12,210 1,490 6,880118840 66,820 3,180 20,11013,480 All member banks: 1941—Dec. 31 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 ,709 13612,347 4 886 6,619 1945—Dec. 31 107,183 22,775 78,338 ,070 29, 138,304129,67013,576 64 22,179 640 24,210 208 589 6,884 1947—Dec. 31 97,846 32,628 57,914 304 32, 132,060122,52812,353 50 176 609 28,340 54 464 6,923 1956—Dec. 31 138,768 78,034 47,575 159 42, 184,874167,90615,567 1,289 292 850 40,909 48 655 6.462 1957—Dec. 31 142,353 80,950 47,079 324 42, 188,828170,63715,082 1,246 472 547 45,290 57 554 6,393 1958_Dec. 31..., 154.865 84,061 54,29916,504 43.188 202.017 182.81615.227 2,187 822 448 51,132 54 15460 6.312 1959_May 27 155,067 87,660 50,73116,67636,935195,986174,22512,253 2,046 4,365 008 52,553 2,09715856 6,292 June 24 155,007 89,301 49,16416,542 37,171196,182174,07312,357 1,889 943 992 52.892 2,61915875 6.279 Oct. 28 156,328 92,328 47,57116,42938,314198,793176,36812,590 1,564 628104,90152,685 2,38716;209 6,248 Nov. 25 156,142 93,525 46,43616,18139,026199,373176,19512,638 1,462 870106,18352,042 2,780 280 6.240 Dec. 31 157,879 94,779 46,813 287 43,509 205,726184,70615,048 1,338 504 989 52,827 581 264 6,233 I960—Jan. 27 155,509 93,567 45,875 067 37,,332197,279174,44012,412 1,288 077 445 52,218 2,27516,327 6,224 Feb. 24 154,405 94,111 44,314 980 37,,689196,501 172,82712,240 1,187 ,967 152 52,281 2,759" 387 6,223 Mar. 30P 153,762 95,086 42,686 990 36i,,770195,092170,71512,207 1,165 904100,64152,798 3,216 495 6,219 Apr. 27*> 156,570 96,387 44,28915,894 37,562198,618174,12312,047 1,362 074103,68852,952 2,942 *6,218 May 25*> 156,317 96,880 43,74215,69536,52: 197,304172,40011,752 1"" ,232 99,84153,187 3,08816',697 6,218 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 25 3300,000011 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_Dec. 31 36.320 23,357 7.265 5.698 921 37.779 34.040 29 34.006 3,219 519 1959—May 27 37,070 24,000 7,390 5,680 750 38,380 34,420 30 34,390 3,280 518 June 24 37,280 24,240 7,310 5,730 800 38,610 34,600 30 34,570 3,330 518 Oct. 28 37,490 24,890 6,960 5,640 700 38,720 34,650 30 34,620 (5) 3,370 517 Nov. 25 37,530 25,050 6,880 5,600 720 38,780 34,620 30 34,590 (5) 3,400 517 I960— D F M Ja e e n b a c . . . r . 2 3 3 2 0 4 1 7 ^ 3 3 3 3 7 8 7 7 , , , , 5 0 7 8 6 9 5 7 1 0 0 0 2 2 2 2 5 5 5 5 , , , , 6 1 4 3 2 2 6 1 0 6 0 0 6 6 6 6 , , , , 8 9 8 8 6 0 3 6 0 0 0 4 5 5 5 5 , , , , 5 5 5 5 7 7 8 8 0 0 0 0 7 7 8 6 2 1 5 9 9 0 0 0 3 3 3 3 9 8 9 8 , , , , 9 1 4 9 4 3 0 9 3 0 0 0 3 3 3 3 4 5 4 4 , , , , 9 2 9 9 8 8 0 5 3 0 0 0 2 3 3 3 9 0 0 0 3 3 33 3 4 4 5 4 4 , , ,, , 9 9 2 98 2 4 5 27 0 8 0 00 ( ( ( 5 5 ) ) ) 10 3 3 3 3 , , , , 3 3 4 4 5 0 9 2 9 0 0 0 5 5 5 5 1 1 1 1 7 7 7 7 Apr. 27* 38,010 25,710 6,740 5,560 690 39,280 35,180 30 35,150 3,390 516 May 25^ 38,130 25,920 6,670 5,540 670 39,380 35,230 30 35,200 3,410 516 P Preliminary. * Revised preliminary figures. mutual savings banks that became members in 1941 (these banks are 1 All banks in the United States. Beginning with January 1959, excluded from all commercial banks). all banks in Alaska with total deposits of $172 million were included Stock savings banks and nondeposit trust companies are included with in the series (a national member bank has been included since April commercial banks. Number of banks includes a few noninsured banks 1954); beginning with August 1959, all banks in Hawaii with total deposits for which asset and liability data are not available. Comparability of of $365 million were included in the series (a national member bank figures for classes of banks is affected somewhat by changes in Federal with total deposits of $220 million has been included in the series since Reserve membership, insurance status, and the reserve classifications of April 1959). cities and individual banks, and by mergers, etc. All banks comprise all commercial banks and all mutual savings banks. 2 Beginning with June 30, 1942, excludes reciprocal balances, which on All commercial banks comprise (1) all nonmember commercial and Dec. 31, 1942, aggregated $513 million at all member banks and $525 (2) all member commercial banks. Member banks include (1) a national million at all insured commercial banks. bank in the Virgin Islands that became a member on May 31, 1957, (2) 3 Includes other assets and liabilities not shown separately. a noninsured nondeposit trust company, and (3) two (three prior to 1960) For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *-Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] 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 io o l . i S n v g s . t a . - O s ri e t t c h ie u e s - r Cash c c b T o a i a l a l u p o i i n c a t i n t d i - t - a e t a l s s l 3 m D In a e n t - e d rba T n i k m 2 e U. D S. ema 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 o p u t i n a ta t l s l b N a b u o n e m f k r s - Govt. Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1956—Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,022 965 747 19,940 2,475 2 2,873 18 1957—Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 2 3,136 18 1958—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—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 3,302 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 Oct. 28 25,061 17,404 5,395 2,262 7,800 34,024 28,545 3,848 1,205 1,114 18;930 3,448 770 3,340 16 Nov. 25 25,020 17,990 4,958 2,072 7,834 34,054 28,252 3,892 1,100 692 19,183 3,385 968 3,337 16 Dec. 31 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20,419 3,448 232 3,361 16 1960—Jan. 27 24,713 17,614 4,981 2,118 7,374 33,440 27,801 3,971 933 547 19,032 3,318 637 3,360 16 Feb. 24 24,460 17,610 4,696 2,154 7,664 33,553 27,543 4,009 884 664 18,685 3,301 852 3,381 16 Mar. 30* 24,342 17,862 4,283 2,197 7,776 33,609 27,431 3,906 889 794 18,397 3,445 951 3,384 16 Apr. 27* 25,355 17,991 5,249 2,115 7,772 34,569 28,184 3,909 1,023 1,124 18,696 3,432 1,056 3,399 16 May 25* 25,090 17,827 5,300 1,963 7,371 33,875 27,421 3,885 1,041 1,457 17,628 3,410 1,143 3,423 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 ,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 ,345 4 689 14 1958—Dec. 31 6,830 3,637 2,562 631 2,158 9,071 8,214 1,357 249 5,136 ,438 3 733 14 1959—May 27 6,630 3,637 2,288 705 1,856 8,574 7,582 1,109 304 4,734 ,402 125 739 14 June 24 6,516 3,687 2,137 692 1,842 8,440 7.423 1,123 259 4,586 ,424 164 740 14 Oct. 28 6,701 3,944 2,092 665 1,877 8,662 7,556 1,126 228 4,749 ,427 235 751 14 Nov.25 6,606 3,908 2,015 683 1,879 8,564 7,578 1,115 213 4,785 ,440 108 754 14 Dec. 31 6,885 4,206 1,985 694 2,003 8,967 8,062 1,231 272 5,070 ,468 40 762 14 1960—Jan. 27 6,673 4,072 1,928 673 1,869 8,629 7,550 1,061 166 4,849 ,450 208 755 13 Feb. 24 6,634 4,165 1,812 657 1,882 8,599 7,288 1,099 213 4,535 ,417 431 747 11 Mar. 30* 6,630 4,135 1,866 629 1,604 8,329 6,978 1,219 233 4,103 ,399 467 752 11 Apr. 27* 6,531 4,156 1,745 630 1,783 8,410 7,281 1,087 235 4,520 ,402 241 755 11 May 25* 6,562 4,259 1,647 656 1,723 8,378 7,254 1,053 381 4,371 ,405 225 760 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 2,39613,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1956—Dec. 31 53,915 31,783 17,368 4,76417,716 72,854 66,524 7,584 294 1,201 40,64716,797 21 5,076 289 1957—Dec. 31 55,259 32,805 17,352 5,10217,540 74,196 67,483 7,241 301 1,358 39,9"6"0 1'8-,623 21 5,370 278 1958—Dec. 31 60,558 34,003 20,645 5,91017,701 79,781 72,647 7,506 377 1,429 42,259 21,075 14 5.760 274 1959—May 27 60,550 35,806 18,907 5,83715,672 77,717 69,291 5,918 362 1,680 39,722 21,609 973 5,932 273 June 24 60,617 36,616 18,224 5,77715,762 77,887 69,448 5,994 341 1,600 39,72121,792 1,140 5,945 273 Oct. 28 60,879 37,757 17,416 5,706 1155,930 78,391 69,942 6,295 299 1,746 40,0"7"3" 2"1',529 901 6,053 270 Nov. 25 60,790 38,171 16,954 5,66516,463 78,852 69,951 6,273 303 1,528 40,590 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 1,698 42,66821,555 238 6,106 265 I960—Jan. 27 60,334 38,282 16,490 5,56215,624 77,625 69,116 6,029 297 1,135 40, •4"2-6 2"1,229 943 6,120 267 Feb. 24 58,848 38,116 15,340 5,39215,600 76,065 67,435 5,877 256 1,661 38,956 20,685 1,004 6,082 233 Mar. 30* 58,445 38,392 14,690 5,36315,044 75,183 66,202 5,831 228 1,474 37,994 20,675 1,298 6,115 *225 Apr. 27* 59,649 38,990 15,305 5,35415,412 76,723 67,699 5,803 278 1,577 39,33320,708 1,192 6,147 225 May 25* 59,491 39,126 15,046 5,31915,105 76,253 67,149 5,623 279 2,591 37,81120,845 1,105 6,174 224 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 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,40810,632 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 1"0,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1956—Dec. 31 54,571 26,491 22,037 6,042 14,390 69,945 64,289 1,597 ,160 41,19420,317 21 5,046 6,141 1957—Dec. 31 56,820 28,191 21,815 6,814 14,139 72,062 65,991 1,640 ,181 401,,772244 2222,429 30 5,359 6,083 1958—Dec. 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 ,175 42,34925,137 37 5,685 6.006 1959—May 27 62,200 31,637 22,879 7,68412,293 75,759 68,622 1,227 ,372 39,999 2255,987 469 5,883 5,988 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 Oct. 28 63,687 33,223 22,668 7,796 12,707 77,716 70,325 1,321 ,540 41,149 2266,281 481 6,065 5,948 Nov. 25 63,726 33,456 22,509 7,761 12,850 77,903 70,414 1,358 ,437 41,62525,960 529 6,106 5.940 Dec. 31 64,082 33,766 22,535 7,78114,122 79,567 72,323 1,602 ,508 42,832 2"6',356 71 6,035 5,938 I960—Jan. 27 63,789 33,599 22,476 7,71412,465 77,585 69,973 1,351 ,229 41,138 26,221 487 6,092 5,928 Feb. 24 64,463 34,220 22,466 7,77712,543 78,284 70,561 1,255 ,429 40,97526,878 472 6,177 5,963 Mar. 30* 64,345 34,697 21,847 7,801 12,346 77,971 70,104 1,251 ,403 40,147 2277,279 500 6,244 5,967 Apr. 27* 65,035 35,250 21,990 7,795 12,595 78,916 70,959 1,248 ,138 41,13927,410 453 6,280 "5,966 May 25* 65,174 35,668 21,749 7,757 12,323 78,798 70,576 1,191 ,803 40,03127,527 615 6,340 5,967 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 5 Less than $5 million. Because preliminary data are rounded to the nounced in November 1947 by the Federal bank supervisory agencies. nearest $10 million no amount is shown except on call dates. At that time a net of 115 noninsured nonmember commercial banks 6 Beginning with February 1960 reserve city banks with total loans and with total loans and investments of about $110 million was added, and investments of $950 million and total deposits of $1,070 million were 8 banks with total loans and investments of $34 million were transferred reclassified as country banks. from noninsured mutual savings to nonmember commercial banks. For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 651 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i— Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l o p i i n c a t t i d i - a t - e a l s l Total2 D In e t - erba T n i k m 2 e Dema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b u o n e m f k r s counts3 mand U.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 1,762 41,29815,699 10 6,84413,,426 1945—Dec. 31 121,809 25,765 88,912 7,13134292 157,544 147,775 13,883 23,740 80,276 2"9",876 215 8,67111 3,,297 1947—Dec. 31 14,274 37,583 67,941 ,750 361926 152: ,733141,8"5"112,615 54 1,325 92,975 34;,882 61 9,, 7341133,,398 1956—Dec. 31 63,601 89,831 57,83715,933 48352215,514195,95315,981 1,301 3,717124,346 50,,608 5615,98813,195 1957—Dec. 31 168,595 93,430 57,58017,58548,127 220,,8.65199,87615,489 1,264 3,859123,12756,137 05113,142 1958—Dec. 31 183,596 97,730 65,669 20 198 48689 236,724 214,48515,653 2,209 4,241129,214 6633;,168 15413,101 1959—June 10 184,632102,902 61,396 20334 42 876 206,14913,338 2,013 766 112222,;7744 65,288 2,76218i76213,086 Dec. 31 188,790110,299 58,348 20,14349,158242,828218,47415,500 1,358 5,037130,72065,858 60219,20613,107 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 ,977 39,458 6,786 1,088 23,262 8,322 4 3,6405,117 1945—Dec. 31 69,312 13,925 51,250 4,137 ,114 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5; 178 22,02488,18: 82,023 8,375 35 795 53,54119,278 4: 5,409 5,005 1956—Dec. 31 88,477 48,109 31,568 8,80027,006117,345107,161 9,322 522 2,074 67,434 2"7,810 19 8,4504,651 1957—Dec. 31 91,201 50,350 31,234 9,61726,786120,153109,091 8,958 517 2,166 66,546 30,904 38 9,0704,620 1958—Dec. 31 99,277 52,627 35,71410,93626,781128,397116,714 9,035 767 2,292 69,808 34,812 43 9,6434,578 1959—June 10 99,982 55,816 33,15211,014 23,835126,255112,659 7,818 705 1,526 66,43336,177 1,42010,041 4,559 Dec. 31 102,615 59,962 31,76110,89:27,464132,636119,638 8,947 514 2,742 71,01536,421 34010,302 4,542 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,12510,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1956—Dec. 31 50,291 29,924 16,007 4,35915,900 67,530 60,744 6,245 767 1,218 39,41613,098 29 5,205 1,811 1957—Dec. 31 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958—Dec. 31 55,588 31,435 18,585 5,56816,407 73,620 66,102 6,192 1,420 1,530 40,64016,320 10 5,817 1,734 1959—June 10 55,307 32,616 17,072 5,619 14,021 71,010 62,152 5,127 1,285 880 38,23716,622 1,2665,879 1,721 Dec. 31 55,264 34,817 15,052 5,39616,045 73,090 65,069 6,102 825 1,763 39,9"7"4' 16,406 240 5,962 1,691 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1956—Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 414 425 17,497 9,724 2,336 6,737 1957—Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,580 1"0,873 2,500 6,753 1958—Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,766 12,063 2,696 6,793 1959__june 10 29,371 14,484 11,183 3,704 4,770 34,642 31,365 392 361 18,074 12,516 76 2,846 6,810 Dec. 31 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,73213,059 21 2,944 6,878 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 3H 2,009 474 1,280 255 576 2,643 2,251 177 185 1,392 478 4 325 783 1956—Dec. 31 1,521 471 714 336 369 1,946 1,562 152 159 936 300 18 313 444 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 11 317 425 1958—Dec. 31 1,568 484 707 377 301 1,927 1,532 146 163 890 325 6 332 399 1959_june 10 1,518 504 639 375 271 1,850 1,444 143 122 830 34: 8 338 383 Dec. 31 1,480 534 589 358 309 1,858 1,429 150 83 873 311 1 350 366 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1956—Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 566 171 440 184,3"3 10,024 2,649 7,181 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,420 11,176 2,817 7,178 1958—Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 185 428 19,65512,387 3,028 7,192 1959—June 10 30,889 14,988 11,821 4,079 5,041 36,491 32,810 536 144 368 18,990033 12,858 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 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947_Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 "1,2192 1,252 194 1956—Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 A 3 23 22,857 2,130 223 1957—Dec. 31 26,535 17,194 5,404 3,93^ 719 27,671 25,022 1 3 26 24,991 2,308 239 1958—Dec. 31 28,980 19,180 5,215 4,585 752 30,189 27,277 A 3 28 27,243 2,473 241 1959— D Ju e n c e . 3 1 1 0 3 30 0 , , 5 1 8 5 0 0 2 2 0 0 , ,9 1 4 0 2 6 5 5 , , 0 3 1 2 6 4 4 4 , , 7 62 2 2 1 6 68 3 6 0 3 31 1 , , 7 2 4 2 3 8 2 2 8 8 , , 0 5 4 7 1 7 J A 2 3 2 2 7 8 2 2 8 8, ,0 5 1 4 1 4 2 2 , , 6 6 0 5 8 4 2 25 6 1 8 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 64! 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947_Dec. 3H 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1956—Dec. 31 7,770 4,235 2,453 1,082 182 8,028 7,146 7,143 817 304 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 1958—Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 6,762 746 278 1959_June 10 7,071 4,043 2,025 1,003 150 7,298 6,461 6,460 707 267 Dec. 31 6,981 4,184 1,848 949 143 7,200 6,405 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

652 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments c b o c C m a a l n l a m l k s d s e a r a o n c t f e i d al i m T n lo a v o e n a e n t n d s a t s t s l - Total2 C c o m m c p i k p l i p o n u i n a e e e a a e m g d - r r r t - l n - - - - A c tu a u g r l l r - - i- o p b k d a L T e s r u r e e n e r o o o r r a d s c c a c s - l a u - h n r r s a o r i y t s t i f T h i i e o n n e o s r g g rs b i a T n f n o s i L k n ti s a o t t n u o a c t n o i i s o a t T h n l o e s rs l R o t e a e a s t a n - e l s O lo u v i d t t a a i n h o i d n l - - e s - s r O l t o h a e n r s To U ta . l S. B G i o ll v s ern c C t m a i e f t i e e r - - s nt o N b o li t g es atio B n o s nds S p s O t d s a i i i t g o u c i o o o a b n v a l a b f t n n i l d - i e l t i - s - s - - s O s ri e t t h c ie e u s r - Total:* 1947—Dec. 31.. 116,28438,05718,1671,660 830 ,220 115 9,393 5,723 94769,2212,193 7,789 6,034 53,205 5,276 3,,729 1958_Dec. 31.. 185,116655 98,21440,4254,973 2,832 ,829 719 25,25520,698 3,43766,376 6',294 7,399 13,396 3399,287 16,5 ,070 1959—June 10*. 186,151103,406 41,6135,098 2,333 ,903 1,852 26,66922,382 3,56762, ,149 4,722 14,037 38;,127 16,984 3•,725 Dec. 31.. 190,270110,83240,1745,018 3,018 ,850 819 7,118 28,0"6"0 24,166 2,784 5""8,937 6,300 2,420 14,856 35,360 16,958 3",543 I960—Mar. 15e. 187,080IH',570 40,760 5,000 2,120,740 2,210 6~7~8"0 28; 120 24,280 2,760 55,230 4,850 1,530 14,600 34,25016,980 3,300 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,5505 21,046 988 3,15916,899 3,6513,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,13288,912 2,,-45519,07116,045 5"1,342 3,873 3~,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 8231' ,'1"9~0 114 9,266 5,654 914 67,9412,124 7,552 5,918 52,347 5, ,621 1958—Dec. 31.. 183,596 97,730 40,289 4,913 2,797 1,810 713 25,14820,589 3,420 65,669 6,159 7,36213,24038,908 16,2663,932 1959_june 10*. 184,632 102,902 41,459 5,046 1,8 1,847 26,555500 2222,264 3,549 61,396 5,025 4,69013,928 3"7,754 16,743 33,591 Dec. 31.. 188,790 110,299 40,022 4,973 1,827 813 7,105 27,94824,032 2,76758,348 6,189 2,40414,,729 35,027 16,7213,422 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.. 107,18322,775 8,949 8553,133 3,378 47 3,455 1,900 1,057 78,338 2,27516,98514,27144,807 3,254 2,815 1947—Dec. 31.. 97,884466 3322,62816,962 ,046 811 1,065 113 7,130 4,662 83957,914 1,987 5,816 4,815 4'5",,295 4,199 3,105 1958—Dec. 31.. 154,86584,06137,4443,052 2,7301,599 710 20,01317,028 3,21154,229999 44,644 6,14311,117 32,396 13,4053,100 1959_june 10*. 1552_,.8—.9 88,,4 3138,4693,132 2,2601,669 1,821 21,18018,397 3,27650,2253,854 3,68811,410 311, 2—7"3 13,820 2",813 Dec. 31.. 157.879 94,779 36,8263,1162,885 1,587 811 6,80122,18519,877 2,603 46,8134,612 1,81211,604 288,78513,677 2,610 I960—Mar. 15.. 155,076 95,35437,3873,087 1,9871,484 2,194 6,453 22,17619,944 2,586 43,6053,235 94911,484 277,937 13,732 2,385 New York City:* 1941_Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945_Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 17,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 11,9721,002 640 558 9,772 638 604 1958_Dec. 31.. 25,96616,165 10,928 1,652 382 503 641 1,502 7,486 643 1,106 1,602 4,135 1,869 446 1959—June 10*. 25,64816,514 10,731 1,556 409 967 746 1,625 6,7451,165 350 1,717 3,513 1,978 411 Dec. 31.. 25,29118,121 10,549 1,740 403 531 1,788 936 1,739 5,002 639 227 1,277 2.859 1,833 335 I960—Mar. 15.. 24,96218,07310,583 1,090 357 1,100 1,842 902 1,774 4,637 606 93 1,242 2,697 1,958 294 Chicago:* 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 ,022 182 193 1945_Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 ,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 ,446 491 140 I959__ D ju e n c e . 1 3 0 1 * . . . 6 6 , , 8 5 8 8 5 1 4 3 . , 2 6 0 4 6 3 2 2. , 5 6 2 7 7 8 2 1 6 4 8 6 1 1 2 0 4 7 588 1 18 8 1 3 4 3 3 8 5 6 2 1 0 4 3 8 2 1 , . 2 9 3 8 5 5 1 1 0 7 8 8 20 7 5 8 4 4 3 6 9 7 , , 4 3 1 3 4 2 5 5 6 6 4 2 1 1 3 3 3 9 1960—Mar. 15.. 6,746 4,173 2,636 162 122 546 175 408 168 1,927 300 50 443 ,134 537 109 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 3,661 205 427 ,503 17 1,459 855 387 29,5521,034 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.. 60,55834,003 15,808 669 518 851 191 8,405 6,930 1,30120,6451,293 2,370 4,49712,484 4,8641,047 1959—June 10*. 60,81236,315 16,410 753 404 860 715 8,986 7,513 1,358 18,663 870 1,512 4,23012,051 4,885 949 Dec. 31.. 61,62138,686 15,252 765 580 776 235 3,369 9,251 8.211 98017,292 484 645 4.10011.054 4,830 813 1960—Mar. 15.. 58S85338,589 15,355 725 462 724 885 3,0 9,054 8,057 96914,886 599 204 3,80810,275 4,700 678 Country: 1941—Dec. 31.. 12,518 5,890 ,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 ,028 1945_Dec. 31.. 35,002 5,596 ,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,54416,722 1,342 ,067 1947—Dec. 31..36,32410,199 3,096 818 23 227 < 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 ,262 1958_Dec. 31..61,51130,257 8,080 2,368 294 268 6 10,806 8,239 23,6062,475 2,306 4,49514,330 6,181 ,467 1959—June 10*.62,24831,960 8,650 2,362 154 29S 102 11,267 8,872 22,5811,642 1,622 5,02314,295 6,392 ,315 Dec. 31.. 64.08233,766 8.4982,321 298 284 11 1,056 11,816 9,491 22,5352.381 863 5.751H. 540 6,452 1,330 1960—Mar. 15.. 64,51634,519 838132,328 273 281 153 976 12,045 9,705 22,1561,731 602 5,99213,831 6,537 1,304 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 2,981 1,921 102 230 5,256 3,671 22612,0881,651 1,255 2,280 6,901 3,102 971 1959—June 10.. 30,88914,988 3,144 1,967 73 234 5,502 3,985 29111,8211,295 1,034 2,629 6,864 3,166 913 Dec. 31...32,41916,068 3,348 1,902 133 263 317 5,8881 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 1 All commercial banks in the United States. These figures exclude Reserve membership, insurance status, and the reserve classifications of data for banks in U. S. territories and possessions except for member cities and individual banks, and by mergers, etc. banks. During 1941 three mutual savings banks became members of For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 653 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] i Demand deposits Time deposits Reserves Bal- De- Class of with Cash ances mand Interbank Certi- Indi- U. S. States Indi- Bor- Capicommercial Federal in with de- deposits States fied viduals, Govt. and viduals, row- tal banks and Re- vault do- posits U.S. and and partner- Inter- and polit- partner- ings accall date serve mestic ad- Govt. political offi- ships, bank Postal ical ships, counts Banks banks5 justed6 Do- For- subdi- cers' and cor- Sav- subdi-and cormestics eign visions checks, pora- ings visions poraetc. tions tions Total:* 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1958—Dec. 31.... 18,427 3,249 12,609 115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 73 18,486 1959_june 10.... 18,084 3,118 10,371 112,353 11,934 1,547 2,774 10,485 3,407 109,681 2,135 322 3,747 61,5622,770 19,100 Dec. 31.... 17,931 3,012 12,237 115,420 13,944 1,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62,718 615 19,556 1960—Mar. 15e... 17,810 3,160 11,140 111,590 12,020 1,470 4,510 10,570 3,290 111,740 1,260 280 3,330 62,5402,610 19,860 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 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1958—Dec. 31.... 18,427 3,227 12,353 114,645 14,025 1,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 67 18,154 1959—June io.... 18,084 3,096 10,140111,537 11,821 1,517 2,766 10,390 3,376 108,979 2,013 322 3,674 61,2922,762 18.762 Dec. 31.... 17,931 2,990 11,969 114,563 13,825 1,675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 602 19,206 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1958—Dec. 31.... 18,428 2,441 7,977 96,218 13,614 1,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 54 15,460 1959—June 10.... 18,086 2,351 6,375 93,722 11,446 1,499 2,406 8,207 3,110 93,353 1,990 297 2,937 49,5652,686 15,919 Dec. 31... 17,932 2,222 7,532 95,274 13,389 1,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 581 16,264 1960—Mar. 15 17,806 2,326 6,898 92,287 11,568 1,428 3,959 8,156 2,937 94,847 1,156 249 2,532 49,8782,546 16,480 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 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1958—Dec. 31.... 4,454 161 92 16,170 3,519 1,267 968 329 1,540 18,835 1,739 36 100 3,345 3,282 1959—June 10.... 4,090 148 66 16,010 2,888 1,148 479 295 1,259 17,657 1,564 27 140 3,423 809 3,300 Dec. 31... 3,908 151 138 15,494 3,462 1,303 1,027 310 1,536 18,573 988 24 65 3,359 232 3,361 I960—Mar. 15.... 3,798 139 76 15,549 2,971 1,105 707 239 1,459 18,006 866 24 55 3,325 691 3,385 Chicago:* 1941_Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947 Dec. 31 1,070 30 175 3 737 I 196 21 72 285 63 3 853 2 9 902 426 1958—Dec. 31.... 1,058 36 185 4,271 1,314 43 249 302 88 4,746 34 7 7 1,423 ""3 733 1959_jUne 10.... 998 29 105 3,947 [,119 41 120 235 77 4,345 31 8 12 1,387 272 743 Dec. 31.... 920 33 142 4,171 1,187 43 272 329 105 4,636 23 8 12 1,449 40 762 I960—Mar. 15.... 999 30 99 3,856 1,091 43 223 253 83 4,364 24 8 9 1,400 449 749 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 1 2,844 1958—Dec. 31.... 7,472 768 2,670 35,505 7,217 289 1,429 3,153 1,052 38,054 377 124 1,471 19,480 14 5,760 1959_jUne 10.... 7,350 750 2,110 34,625 6,159 291 858 2,959 830 36,201 361 122 1,466 20,136 1,141 5,930 Dec. 31.... 7,532 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 1,229 20,231 238 6,106 1960—Mar. 15.... 7,342 710 2,276 33,385 6,210 265 1,479 2,720 780 36,560 241 86 1,276 19,2441,045 6,069 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3.900 27,424 ,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1958—Dec. 31.... 5,444 1,476 5,030 40,272 1,565 13 1,175 4,819 1,032 36,498 36 132 1,250 23,755 37 5,685 1959—June 10.... 5,647 1,423 4,093 39,140 1,281 19 950 4,718 944 35,150 34 140 1,320 24,620 463 5,946 Dec. 31..., 5,573 1,357 4,870 40,514 [,578 24 1,508 4,972 857 37,003 24 132 1,077 25,146 71 6,035 1960—Mar. 15 5,667 1,446 4,446 39,498 1,296 15 1,550 4,943 616 35,918 26 132 1,192 25,910 362 6,277 Nonmember:3 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1956 Dec 31 774 4 690 18 085 521 45 440 2 238 310 15 885 171 29 546 9 449 27 2 649 1958—Dec. 31 808 4,633 19,300 528 43 428 2,325 331 16,999 185 27 747 11,613 20 3^027 1959 j D Un e e c . 1 3 0 1 7 7 9 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 4 4 8 6 5 3 4 6 5 8 2 2 ,5 2 4 7 4 9 2 3 9 6 7 9 1 1 6 7 ,6 3 9 2 2 8 1 10 4 3 4 2 2 5 6 8 78 1 3 0 1 1 2 2 ,5 0 6 2 0 4 8 3 4 4 3 3 ,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

654 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Financial institutions T lo o a t n a s l L a o n a d ns Com- a T n o d b d r e o a k l e e r r s s To others Banks in N s o ti n tu b t a i n o k ns Wednesday i m n a v e n e n d s t t s - j i m u n s a v e t d e e n - s d t t s - 1 j L u a s o t d a e - n d s 1 in m t a c r d n i i e a u a d r l l s - - A t c u g u r r l a - i l - G U t l i o i o o . g b n v a S - s - t . . O c t s u t i e h e r - s i e - r G U t l i o i o o g . b S n v a - - s . t. O c t s u t i e h e r - s i e - r F ei o g r n - c m m D c o t i i e e o m a c s r - l - - - n s c s P a a o o a f n e n n l i m e r - d c a - s - e l Other e R st e a a t l e o lo A t a h l n e l s r V s t e a r i r o e l v u - n e a s panies etc. Total- Leading Cities 1960 Mar 2 102,726 101,572 66,532 30,320 896 254 1.515 149 1.140 751 1,154 4 095 I 694 12,605 14 559 1,446 9 102,191 100,986 66,206 30,331 888 219 1,492 136 1,130 754 1,205 3,909 1,674 12,587 14,535 1,449 16 103,452 102,153 67,273 31,076 890 275 [,447 140 1,128 769 4 217 I 660 12 585 14 537 1 451 23 102,767 101,510 67,000 31,054 893 167 1,390 135 1,125 759 l)257 4 185 [ 646 12,576 14 524 1,454 30 102,446 101,040 66,890 31,026 904 144 1,335 136 1,130 758 1,406 4,067 1,691 12,586 14 573 1,460 Apr 6 101,986 100,849 66,837 30,889 898 213 1,335 133 [,120 777 1,137 4 118 I 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 I 500 138 1,114 754 1,428 4 271 I 620 12,577 14 728 1,455 27 104,669 103,055 67,492 30,940 901 370 1,442 135 1,116 766 1,614 4 243 1,635 12,581 14 818 1,455 May 4 104,578 103,030 67,728 31,013 908 376 [ 4^3 135 ,116 772 1,548 4 430 I 599 12,555 14 829 1,458 103,995 102,685 67,634 31,053 908 317 1,446 142 ,110 791 1,310 4,340 1,600 12,558 14 826 1,457 18 104,309 102,914 67,778 31,222 919 237 433 157 ,110 776 1,395 4,312 1,612 12,565 14,893 1,458 25 104,434 102,718 67,570 31,172 922 175 1 413 139 772 1,716 4 210 I 617 12,566 14 930 1,457 New York City 1960 Mar. 2 24,589 24,072 17,231 10,399 11 128 895 31 333 480 517 1,432 401 932 2,601 412 9 24,270 23,691 16,980 10,369 11 119 864 30 330 477 579 1,280 397 925 2,590 412 16 24,998 24,451 17,593 10,714 11 194 844 34 327 485 547 1,470 389 912 2,628 415 23 24,574 23,907 17,356 10,688 11 86 779 30 326 478 667 1,462 387 910 2,614 415 30 24,399 23,721 17,270 10,688 11 82 755 29 330 475 678 1,380 386 913 2,635 414 Apr 6 24,181 23,723 17,176 10,594 10 133 744 29 330 487 458 1 387 362 897 2 618 415 13 24,774 23,884 17,259 10,565 10 179 771 29 327 475 890 1,445 365 893 2,615 415 20 25,468 24,849 17,433 10,488 10 320 862 29 330 466 619 1,489 357 892 2,599 409 27 25,408 24,598 17,277 10,467 10 232 816 28 328 478 810 1,432 352 895 2,648 409 May 4 25,364 24,640 17,363 10,387 9 288 854 28 326 484 724 1,544 346 893 2,614 410 11 24,908 24,411 17,248 10,387 8 220 874 28 327 502 497 1 476 339 894 2,603 410 18 25,149 24,365 17,228 10,456 8 147 862 42 328 501 784 1,418 343 892 2,641 410 25 25 158 24 269 17,062 10,433 8 108 848 31 328 475 889 1 352 344 886 2,659 410 Outside New York City 1960 Mar. 2 78,137 77,500 49,301 19,921 885 126 620 118 807 271 637 2,663 11,673 11,958 1,034 9 77,921 77,295 49,226 19,962 877 100 628 106 800 277 626 2,629 1,277 11,662 11,945 1,037 16 78,454 77,702 49,680 20,362 879 81 603 106 801 284 752 2,747 11,673 11,909 1,036 23 78,193 77,603 49,644 20,366 882 81 611 105 799 281 590 2,723 [,259 11,666 11,910 1,039 30 78,047 77,319 49,620 20,338 893 62 580 107 800 283 728 2,687 ,305 11,673 11,938 1,046 Apr. 6 77,805 77,126 49,661 20,295 888 80 591 104 790 290 679 2,731 1,283 11,653 12,002 1,046 p 13::::..: 78,128 77,430 49,853 20,409 887 113 604 102 785 288 698 2,714 11,671 12,053 1,045 20 79,565 78,756 50,295 20,498 882 283 638 109 784 288 809 2,782 [',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 May 4 79 214 78,390 50,365 20,626 899 88 599 107 790 288 2 886 I 253 11 662 12,215 1,048 11 79,087 78,274 50,386 20,666 900 97 572 114 783 289 813 2 864 I 261 11,664 12,223 1,047 18 79,160 78,549 50,550 20,766 911 90 571 115 782 275 611 2,894 [,269 11,673 12,252 1,048 25 79,276 78,449 50,508 20,739 914 67 565 108 783 297 827 2,858 1,273 11,680 12,271 1,047 1 Exclusive of loans to domestic commerical banks and deduction of NOTE.—For description of changes in the series beginning July 1, 1959, valuation reserves; individual loan items are shown gross. see the BULLETIN for August 1959, p. 885. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 655 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 a t 1 y u n e r t d a o in 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 n a i i c c t l e k e h - s s s - b a w e B f a n i o n a g c i r t l e k n h - - s s Cu c a r o r n e i d n ncy B s F w e R a . r i n v e R t k - h e . s s other a c l c i a c a a t p i o n b e i u d i t s l a n i l - ts Total— Leading Cities 1960 Mar. 2 25,352 ,617 464 ,582 16,673 5,016 9,688 16,844 2,774 94 ,114 12,862 3,457 133,558 9..... 25,068 ,486 425 ,579 16,584 4,994 9,712 16,644 2,584 92 ,149 12,819 3,446 131,573 16 25,107 ,598 411 ,531 16,654 4,913 9,773 17,323 2,932 90 ,147 13,154 3,394 135,699 23 24,843 ,388 423 ,506 16,705 4,821 9,667 16,826 2,839 93 ,191 12,703 3,398 132,813 30 24,495 ,069 431 ,525 16,695 4,775 9,655 17,103 2,696 87 ,216 13,104 3,587 132,877 24,361 911 433 ,552 16,745 4,720 9,651 16,770 2,581 101 ,102 12,986 3,552 132,331 Apr-,!::::::::: 24,504 ,078 426 ,514 16,725 4,761 9,698 16,958 2,704 91 ,233 12,930 3,549 135,064 20 26,187 ,599 441 ,560 17,772 4,815 9,690 17,134 2,691 95 ,227 13,121 3,510 136,850 27 25,991 ,474 444 ,531 17,807 4,735 9,572 17,136 2,623 101 ,232 13,180 3,512 135,642 Mayit::::::::: 25,902 ,352 460 1,610 17,768 4,712 9,400 17,314 2,616 98 ,106 13,494 3,580 136,283 25,703 ,229 460 1,582 17,749 4,683 9,348 17,330 2,656 110 ,212 13,352 3,540 135,630 18 2 2 5 5 , , 7 7 9 7 0 4 , ,3 2 3 8 1 3 8 8 7 5 3 2 9 93 1 8 7 1 17 8 , , 9 0 8 4 7 4 4 4 , , 6 66 7 6 3 9 9 , , 3 3 4 7 6 4 1 16 6 , , 8 9 5 8 8 7 2 2 , , 7 5 4 8 0 8 9 9 6 9 , , 1 2 8 2 7 7 1 1 2 2 , , 9 9 4 6 4 4 3 3 , , 4 4 5 9 8 0 1 1 3 3 5 4 , , 7 5 9 4 2 2 25 New York City 1960 4,605 599 113 159 2,859 875 2,236 3,981 57 150 3,732 ,401 33,279 Mar. 2 4,454 476 85 166 2,854 873 2,257 4,133 49 153 3,888 ,390 32,889 9 4,557 579 85 165 2,853 875 2,301 3,957 61 151 3,705 ,335 33,908 16 4,353 393 77 158 2,847 878 2,198 4,024 62 147 3,774 ,360 33,319 23 4,241 220 98 178 2,862 883 2,210 4,432 181 157 4,054 ,482 33,659 Apr-£ 3 : 0 ::::::: 4,346 319 91 196 2,858 882 2,201 4,187 62 149 3,927 ,467 33,126 4,428 384 89 209 2,864 882 2,197 3,879 61 166 3,617 ,464 33,763 20 5,223 740 93 239 3,266 885 2,193 4,272 74 153 4,008 ,453 34,837 27 5,193 710 104 227 3,274 878 2,128 4,400 58 162 4,138 ,430 34,621 May,?::::::::: 5,280 668 119 342 3,276 875 1,997 4,502 61 149 4,250 ,473 34,879 5,219 623 116 333 3,274 873 1,944 4,425 59 162 4,147 ,425 34,186 18 5,190 535 362 34 3,390 869 1,947 4,126 67 146 3,869 ,444 34,140 25 5,236 565 346 62 3,398 865 1,971 4,160 65 158 3,894 ,396 33,936 Outside New York City 1960 Mar. 2 20,747 1,018 351 1,423 13,814 4,141 7,452 12,863 2,717 964 9,130 2,056 100,279 9 20,614 1,010 340 1,413 13,730 4,121 7,455 12,511 2,535 996 8,931 2,056 98,684 16 20,550 1,019 326 1,366 13,801 4,038 7,472 13,366 2,871 996 9,449 2,059 101,791 23 20,490 995 346 1,348 13,858 3,943 7,469 12,802 2,777 1,044 8,929 2,038 99,494 30 20,254 849 333 1,347 13,833 3,892 7,445 12,671 2,515 1,059 9,050 2,105 99,218 Apr. 6 20,015 592 342 1,356 13,887 3,838 7,450 12,583 2,519 953 9,059 2,085 99,205 13 20,076 694 337 1,305 13,861 3,879 7,501 13,079 2,643 1,067 9,313 2,085 101,301 20 20,964 859 348 1,321 14,506 3,930 7,497 12,862 2,617 1,074 9,113 2,057 102,013 27 20,798 764 340 1,304 14,533 3,857 7,444 12,736 2,565 1,070 9,042 2,082 101,021 May >?::::::::: 20,622 684 341 1,268 14,492 3,837 7,403 12,812 2,555 957 9,244 2,107 101,404 20,484 606 344 1,249 14,475 3,810 7,404 12,905 2,597 1,050 9,205 2,115 101,444 18 20,600 748 511 883 14,654 3,804 7,399 12,861 2,673 1,041 9,095 2,046 101,652 25 20,538 766 506 876 14,589 3,801 7,403 12,698 2,523 1,069 9,050 2,062 100,606 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

656 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 Dom In e te s- rban F k or- G U o .S vt . . S p s a i t o u c a n l a b t d i e l t - - s C c o a f e e i f n e f r r d i t d s - i ' - p v s a I i h d a n rt n i u d n p d a i e s - l , r s - , I b n a t n e k r- p U G a o . o n s v t d S a t. . l S p s a i t o u c a n l a b t i d e l t - - s p v s a i I d a h r n t n u i d n p d a i e s - l , r s - , B F F a r . o n R m k . s o F t r h o e m rs O li i a t t i b h e i e s l r - C c a o a p u c i n - ta ts l tic eign divi- checks, corpo- sav- divi- corposions etc. rations ings sions rations Total- Leading Cities 1960 Mar 2 59,536 10,331 1,330 2,954 4,920 2,309 62,838 1,122 144 J 521 28,481 552 1,888 3,769 11,399 9 59,594 10,330 1,400 1,701 4,656 2,118 62,112 1,129 143 1,518 28,566 528 2,164 3,809 11,399 16 60,255 10,881 1,388 2,890 4,366 2,307 65,112 1,133 142 1,528 28,619 277 1,945 3,728 11,383 23 59,172 10,390 1,378 3,097 4,658 2,171 62,165 1,131 143 1,544 28,705 238 1,999 3,815 11,379 30 59,085 10,054 1,407 2,843 4,836 2,100 61,890 1,136 142 [,550 28,731 665 2,228 3,864 11,431 Apr 6 ... 58,797 10,947 ,387 1,574 4,503 2,264 62,053 1,160 136 [ 572 28,740 556 2,036 3,940 11,463 13 60,138 10,834 1,375 1,199 4,431 2,391 64,971 1,243 135 1,581 28,705 315 2,402 4,011 11,471 20 61,285 10,542 ,374 2,682 4,989 2,595 64,874 1,253 135 [,616 28,651 269 2,267 4,149 11,454 27 60,702 9,934 1,371 3,219 4,981 2,276 63,770 1,333 135 1,640 28,679 405 2,300 4,100 11,499 May 4 58,936 10,458 1,324 4,604 5,188 2,401 62,158 1,336 134 1,646 28,707 388 2,298 4,092 11,549 11 58,695 10,480 1,354 4,080 4,887 2,149 62,424 1,335 134 ,653 28,729 614 2,099 4,138 11,554 18 58,040 10,359 1,363 4,927 4,930 2 129 61 987 1 368 133 I 646 28 747 113 2 268 4 280 11 542 25 58,268 9,713 1,343 4,937 4,912 1,970 61,178 1,359 132 670 28,784 158 2,629 4,203 11,554 New York City 1960 Mar 2 15 277 2 782 I 020 744 328 J 255 17 002 854 25 59 3 203 883 3 368 9 . .. 15,113 2,790 [,083 475 308 ,174 16,727 858 24 60 3,252 13 987 1,772 3,366 16 15,517 2,967 1,060 729 262 ,218 17,655 862 24 60 3,271 10 726 1,708 3,356 23 14 841 3 008 I 056 922 283 [ 192 16 727 872 24 61 3 314 752 I 750 3 358 30 15,154 2,829 1,077 802 391 1,140 16,969 875 24 64 3,326 963 1,832 3,367 Apr. 6 14,806 3,024 1,045 438 257 [,247 16,593 896 24 65 3,302 960 1,892 3,383 13 15,161 2,998 1,044 315 261 1,325 17,221 952 24 66 3,287 993 1,893 3,384 20 15,537 2,892 1,066 924 348 [,510 17,323 949 24 67 3,275 90 1,048 1,936 3,385 27 15,443 2,847 1,055 1,116 345 1,268 17,213 1,009 24 70 3,307 1,061 924 3,382 May 4 14,874 2,985 1,001 1,691 345 1,413 16,656 1,009 24 72 3,291 1,083 1,900 3,409 11 14,540 3,018 1,042 1,345 283 1,253 16,432 1,003 24 71 3,285 1,129 1,888 3,413 18 14 660 2,974 I 047 1,478 307 I 187 16,587 1 037 24 71 3,262 822 1,939 3 405 25. . . . 14,510 2,904 981 1,461 312 .103 16,317 1,027 24 72 3,278 1,152 1,899 3,406 Outside New York City 1960 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 4,348 944 45,385 271 119 1,458 25,314 515 1,177 2,037 8,033 16 44,738 7,914 328 2,161 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 Apr 6 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 13 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 Mav 4 44 062 7,473 323 2,913 4,843 988 45,502 327 110 1,574 25,416 388 1 215 2,192 8,140 44,155 7,462 312 2,735 4,604 896 45,992 332 110 1,582 25,444 614 970 2,250 8,141 18 43,380 7,385 316 3,449 4,623 942 45,400 331 109 1,575 25,485 113 1,446 2,341 8,137 25 43,758 6,809 362 3,476 4,600 867 44,861 332 108 1,598 25,506 158 1,477 2,304 8,148 1 Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of changes in the series beginning July 1,1959, items reported as in process of collection. see the BULLETIN for August 1959, p. 885. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 657 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 p a x n t a t h d i r l e e e r l s , , M m p u a r c e e n o t t t d a d s a 3 l - l s ch P l e c e a e m o u n t a r m d i o l c , , - al, 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 o a d l m e it r - y s u P p t t ( t r i o u i i a l n o b r i n c t n t l i s a 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 e l 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 e a i a e n i p n a n n e d o l g g k d l ' r e l l t — y rubber banks 1958-Jan.-June4. -658 84 146 -140 157 -158 -283 -177 56 69 -905 -1,085 July-Dec.-*. 522 -232 -454 -14 -121 162 410 234 50 362 920 723 1959—Jan.- July 1. -519 218 864 -162 188 284 -364 -141 106 145 620 762 July 8-Dec. 698 -58 -148 248 26 151 738 480 11 -31 2,114 1,983 1960—Mar -101 101 444 -13 121 181 -185 37 31 702 848 Apr -170 -38 -30 11 45 102 -89 -63 21 39 -173 -86 May -56 5 136 10 53 89 -76 -73 32 35 154 232 Week ending: 1960—Mar. 2... 14 22 76 -18 -4 50 -41 -17 14 142 9... -75 20 44 -6 31 10 -25 -36 4 10 -22 11 16... 30 69 239 40 73 94 -42 95 31 48 675 745 23... -27 51 -20 11 24 -22 -25 -3 -21 -33 -22 30... -43 35 -9 9 3 -56 21 7 34 -6 -28 Apr. 6... -49 3 -62 21 32 -9 -25 -30 7 -31 -142 -137 13... -43 -11 35 20 17 32 -29 -31 6 21 16 85 20... -11 -17 -29 6 -5 73 -21 -14 3 13 -3 12 27... -67 -13 25 -36 6 -14 12 5 35 -45 -46 May 4... 7 -1 45 -23 15 6 -20 -31 22 17 37 73 11... -17 10 22 -6 23 44 -15 -46 9 — 5 19 40 18... 16 6 11 60 17 49 -26 -20 3 33 149 169 25... -61 -10 59 -22 _2 -11 -14 23 -2 -9 -50 -50 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 (thousands of dollars) (thousands of dollars) Area All Area All period loans 1- 10- 100- 200 period loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly (cont.): 2 19 large cities: New York City: 1959 Mar 4.29 5.30 4.93 4.56 4.18 1951 3.1 4.7 4.0 3.4 2.9 June 4.71 5 55 5 24 4 97 4 61 1952 3 5 4 9 4 2 3.7 3 3 Sept 5 15 5 79 5 60 5 36 5 07 1953 3.7 5.0 4.4 3.9 3.5 Sept.3 5 14 5 79 5 61 5.36 5.06 1954 3.6 5.0 4.3 3.9 3.4 Dec 3 5.19 5.82 5.61 5.41 5.12 1950—Mar 5.18 5 81 5 63 5.41 5.10 1955 3.7 5.0 4.4 4.0 3.5 1956 4.2 5.2 4.8 4.4 4.0 7 Northern and Eastern 1957 4.6 5.5 5.1 4.8 4.5 cities: 1958 4.3 5.5 5.0 4.6 4.1 1959 Mar 4 49 5 54 5 06 4 71 4 35 1959 . 5 0 5 8 5 5 5 2 4 9 June 4 90 5 67 5 33 5 06 4 78 Sept . 5.27 5.88 5.69 5.42 5.17 Quarterly: 2 Sept. 3 5.28 5.89 5.70 5.42 5.17 19 large cities: Dec 3 5.39 5.95 5.77 5.50 5.30 1960—Mar 5.34 5 95 5.73 5.47 5.24 1959—Mar 4.51 5.53 5.09 4.74 4.32 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, V/i\ Oct. 17, 2%; Dec. 19, 3; 1953—Apr. 27, 3%; 1954— schedule of the call report of condition to exclude loans to nonbank Mar. 17, 3; 1955—Aug. 4, 3%; Oct. 14, 3%; 1956—Apr. 13, 3%; Aug. 21, financial institutions. 4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, 3%; Sept. 11, 4; and 1959—May 18, 4%; Sept. 1, 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Year, month, or week m p P c a e r o i p r m m c e i r - e a , l c d F o p p i i m r l n a a e a p p c c n e e t a l c d r n y e y , b a a P a c n n r c i c k e m e e p s e r t , s - ' 3-month bills 6-month bills 9- to 12-month issues 3- to 5m 4- o t n o t h 6 s - 1 m 3- o n to th 6 s - * 90 days3 o R n a n t e e w Market o R n a n t e e w Market (m B a i r ll k s et Others is y su ea e r s • issue yield issue yield yield) 1957 average 3.81 3.55 3.45 3.267 3.23 3.53 3.62 1958 average 2.46 2.12 2.04 1.839 1.78 2.09 2.90 1959 average < 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 1959—May 3.56 3.44 3.17 2.851 2.84 3.368 3.32 3.92 4.16 June 3.83 3.66 3.31 3.247 3.21 3.531 3.52 3.97 4.33 July 3.98 3.81 3.45 3.243 3.20 3.885 3.82 4.30 4.40 Aug 3.97 3.87 3.56 3.358 3.38 3.840 3.87 4.31 4.32 4.45 Sept . . 4.63 4.52 4.07 3.998 4.04 4.626 4.70 4.83 4.80 4.78 Oct 4.73 4.70 4.25 4.117 4.05 4.646 4.53 4.69 4.65 4.69 Nov 4.67 4.38 4.25 4.209 4.15 4.585 4.54 4.54 4.70 4.74 Dec 4.88 4.82 4.47 4.572 4.49 4.915 4.85 4.99 4.98 4.95 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 May 4.25 3.88 3.78 3.392 3.29 3.684 3.58 4.01 4.19 4.42 Week ending: I960—Apr. 30 4.25 3.88 4.00 3.317 3.19 3.705 3.58 4.08 4.14 4.34 Mav 7 4.25 3.88 3.90 3.003 3.08 3.349 3.41 4.01 4.11 4.37 14:::::::;::::: 4.25 3.88 3.75 3.274 3.32 3.521 3.55 4.05 4.08 4.35 21 4.25 3.88 3.75 3.793 3.50 4.000 3.77 4.09 4.34 4.51 28 4.25 3.88 3.75 3.497 3.29 3.867 3.64 3.75 4.26 4.48 1 Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily * 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 2 Stocks 5 State By selected By Dividend / Earnings / Year, month, or week United and local 3 ratings groups price ratio price ratio States TotaH (longterm) ^ Total* Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 4-7 20 5 5 120 30 30 40 40 40 14 500 500 1957 average 3.47 3.56 3.10 4.20 4.21 3.89 4.71 4.12 4.32 4.18 4.63 4 35 8.43 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 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 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 Julv 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 4^5 3.18 5.47 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 6 14 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 May 4.16 3.75 3.34 4.31 4.80 4.46 5.28 4.65 4.98 4.76 4.75 3.43 Week ending: I960—Apr. 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 May 7 4.17 3.73 3.32 4.28 4.80 4.46 5.27 4 65 4 98 4 76 4 72 3 44 y 14:.:: 4.13 3.73 3.32 4.28 4.79 4.45 5.28 4.65 4 97 4 76 4 72 3 47 21.. 4 18 3 78 3.37 4 33 4 80 4 46 5 28 4 65 4 98 4 76 4 76 3 42 28 4.16 3.79 3.38 4.33 4.81 4.47 5.28 4.66 4.98 4.77 4.80 3.40 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 eral obligations only. 90 stocks formerly included in the daily price index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 659 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, thou- Cong- (high- (high- In- Pub- Trans- Pub- fi- sands term) 2 grade) 3grade) 3 Total dus- Rail- lic Total porta- lic- nance, Min- of trial road util- Du- Non- tion util- and ing shares) ity Total rable du- ity servrable ice 15 17 500 425 25 50 265 170 98 72 21 29 31 14 1957 average 93.24 105.8 101.3 44.38 47.66 28.11 32.19 331 422 391 451 275 156 277 342 2,222 1958 average 94.02 106.4 102.9 46.24 49.36 27.05 37.22 341 426 385 458 270 173 314 314 2,965 1959 average 85.49 100.7 95.0 57.40 61.45 35.09 44.15 420 522 495 536 347 216 418 322 3,242 1959—May 85.31 100.4 95.0 57.96 62.09 36.07 44.30 425 527 495 547 358 221 409 334 3,379 85.16 99.4 94.9 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 85.11 100.6 94.3 59.40 63.74 35.56 45.15 434 542 516 556 349 219 425 324 2,431 Sept 83.15 98.3 93.0 57.05 61.21 33.78 43.59 417 520 500 529 333 211 424 305 2,739 Oct 84.95 100.2 92.8 57.00 61.04 34.32 44.11 416 517 498 524 339 213 428 292 2,788 Nov 84.82 100.9 92.9 57.23 61.46 32.80 43.71 417 519 496 530 322 211 434 285 3,398 Dec 83.00 99.3 92.4 59.06 63.56 33.57 44.31 429 538 518 547 328 213 440 297 3,284 I960—Jan 81.81 98.3 92.0 58.03 62.27 33.68 44.50 419 318 499 526 323 219 434 292 3,197 Feb ... . 83.60 100.4 92.8 55.78 59.60 32.54 44.38 405 494 474 502 312 224 420 279 3,027 Mar 85.32 101.9 93.9 55.02 58.71 31.01 44.60 396 478 458 487 295 226 425 268 2,857 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 May 84.39 102.2 94.1 55.22 58.84 30.18 45.75 394 472 456 477 290 232 437 250 3,277 Week ending: 1960 Apr 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 Mav 7 84.21 101.8 94.2 54.72 58.28 30.03 45.44 391 468 449 476 290 231 430 248 2,791 Y 14 84.77 102.6 94.2 54.79 58.35 29.77 45.62 394 471 457 475 286 232 436 244 3,084 21 84.12 102.1 93.9 55.53 59.21 30.32 45.76 398 477 462 482 294 232 438 260 3,945 28 84.36 102.1 94.1 55.72 59.38 30.63 46.06 395 471 455 476 289 234 444 248 3,195 l 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 5*/i-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit 2 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 1 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—May 4,758 163 3,385 58 1,373 252 2,159 1,188 June 4,734 158 3,388 58 1,346 237 2,246 1,094 July. 4,648 153 3,374 164 1,274 228 2,205 1,079 Aug. 4,528 154 3,269 166 1,259 217 2,199 1,035 Sept. 4,443 156 3,250 162 1,193 231 2,149 1,039 Oct.. 4,401 168 3,210 158 1,191 227 2,178 967 Nov. 4,460 165 3,273 158 1,187 236 2,256 974 Dec. 4,454 150 3,280 164 1,174 221 2,362 996 1960—Jan.. 4,365 134 3,198 154 1,167 190 2,233 1,001 Feb.. 4,274 138 3,129 146 1,145 202 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 r185 '2,155 940 May, 4,132 130 3,021 139 1,111 207 2,115 970 r Revised. 3 Figures are for weekly reporting member banks. Prior to July 1959, * Data for cols. 4-7 are for last Wednesday of month. loans for purchasing or carrying U. S. Government securities were re- 2 Ledger balances of member firms of the New York Stock Exchange ported separately only by New York and Chicago banks. Accordingly, carrying margin accounts, as reported to the Exchange. Customers* debit for that period col. 5 includes any loans for purchasing or carrying such and free credit balances exclude balances maintained with the reporting securities at other reporting banks. Composition of series also changed firm by other member firms of national securities exchanges and balances beginning with July 1959; revised data for the new reporting series (but of the reporting firm and of general partners of the reporting firm. Bal- not for the breakdown of loans by purpose) are available back through ances are net for each customer—i.e., all accounts of one customer are July 1958 and have been incorporated. consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: E o n r d m of o n y t e h ar Placed P di l r a e c c e t d - Total Accepting banks B F. a n R k . s p I o m rt - s p E o x rt - s Dollar G sh o i o p p d p o s e i d s n t t o s b r e e i t d n w : i e n e n or Total through ly Others into from exdealers i ( 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 Foreign 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 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,744 840 3 1,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959_4pr. 3,334 822 2,512 1,029 269 208 60 30 56 673 292 348 78 48 263 May 3,555 791 2,764 1,038 242 193 49 28 79 689 286 350 103 43 256 June 3,401 729 2,672 983 213 175 38 26 76 668 256 327 111 33 256 July. 3,552 759 2,793 957 198 160 38 25 74 661 259 334 85 26 253 Aug. 3,646 795 2,851 946 169 127 42 21 72 685 287 322 56 29 251 Sept. 3,334 763 2,571 954 205 158 47 20 67 662 316 301 45 46 246 Oct.. 3,784 755 3,029 945 182 145 36 28 62 673 304 290 36 81 234 Nov. 3,664 784 2,880 1,029 232 187 44 34 71 693 355 283 46 119 226 Dec. 3,118 627 2,491 1,151 319 282 36 75 82 675 357 309 74 162 249 I960—Jan.. 3,889 664 3,225 1,229 230 193 36 42 124 833 341 337 149 158 245 Feb., 4,085 718 3,367 1,240 218 170 48 35 119 868 350 336 193 131 229 Mar. 4,320 805 3,515 1,366 250 178 72 33 153 929 364 413 201 144 244 ""Apr. 4,269 888 3,381 1,336 320 247 73 30 167 819 373 461 128 109 266 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] Loins Securities Total E o n r d m of o n y t e h ar M ga o g r e t- Other G U o .S v . t. S l a o t n c a d a te l Co r a a n r t p d e o- a C s a se sh ts O as t s h e e ts r a s l s T u i s a a t r o e i b n p e t t i d s l s a l u — i l - s Deposits l O ia t t i b h e i s e li r - S c u o a r u c p n - 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 i 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 ,664 19593r 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 ,170 1959 Mar 23 407 256 7 426 763 4,908 866 559 38,185 34,287 629 3,269 82,783 ,564 Apr 23,562 242 7,382 729 4,967 752 541 38,175 34,293 630 3,252 86,488 1,620 May 23 723 278 7 395 739 4,947 760 550 38,392 34,413 699 3,280 85,913 ,581 June 23,879 318 7,301 747 4.965 803 547 38,560 34,624 643 3,293 91,397 1,572 July 24,058 304 7,288 751 4,918 724 549 38,592 34,570 710 3,312 86,894 1,503 Aus 24 214 339 7 276 750 4 931 727 547 38 784 34 650 798 3,336 79 862 I 460 Sept 24,374 356 7,244 758 4,929 725 561 38,947 34,847 730 3,370 77,316 1,439 Oct 24,511 327 6,963 738 4,874 698 553 38,664 34,660 665 3,339 73,699 1,294 Nov 24 635 366 6 878 730 4 846 718 556 38 729 34,631 724 3,372 76 612 24*5 Dec r 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960 Jan 24,928 333 6.862 715 4,833 698 565 38,934 34,909 660 3,365 62 285 1 099 Feb 25,044 372 6,851 706 4,824 735 569 39,101 34,959 742 3,400 55,775 1,029 Mar 25,194 412 6,883 709 4,876 776 570 39,420 35,279 722 3,419 55,028 1,008 n.a. Not available. r Revised. 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 661 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets United State and gages estate loans assets Total States local Foreign: 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 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1952 73,375 12,905 10,252 1,153 ,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 ,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 40,666 391 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—Mar... 108,945 11,479 7,229 2,840 ,410 47,093 43,672 3,421 37,486 3,450 4,284 153 Apr..., 109,430 11,568 7,251 2,889 ,428 47,343 43,904 3,439 37,602 3,469 4,317 131 May.. 109,928 11,644 7,235 2,968 ,441 47,545 44,086 3,459 37,737 3,493 4,346 163 June.. 110,424 11,679 7,246 2,991 ,442 47,800 44,314 3,486 37,894 3,522 4,380 149 July. ., 111,152 11,807 7,259 3,085 ,463 48,024 44,477 3,547 38,108 3,583 4,389 241 Aug— 111,646 11,938 7,354 3,115 ,469 48,096 44,539 3,557 38,282 3,603 4,423 304 Sept... 111,846 11,772 7,169 3,130 ,473 48,224 44,658 3,566 38,493 3,624 4,464 5; 269 Oct.. . 112,405 11,770 7,147 3,138 ,485 48,444 44,853 3,591 38,744 3,631 4,511 5,305 Nov.. . 112,904 11,668 7,016 3,154 ,498 48,662 45,032 3,630 38,984 3,673 4,555 5,362 Dec 113,626 11,536 6,848 3,177 ,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 ,523 49,047 45,330 3,717 39,573 3,688 4,651 5,512 Feb.... 114.666 11,755 6,975 3,222 .558 49.170 45,435 3,735 39,769 3,698 4,709 5,565 Mar... 114,965 11,638 6,808 3,257 ,573 49,298 45,576 3,722 40,011 3,712 4,774 5,532 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 1 [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities E o n r d m of o n y t e h ar U.S. as T se o ts ta — l 2 Reserves M co o l m o rt a m g n a i g t- e g M ag o e r s t- 2 o G b o li v g t a . - Cash Other 3 lia T b o il t i a ti l es S c a a v p i i n ta g l s und a i n v d ided B m or o r n o e w y e 4 d L p o ro an ce s s i s n Other ments 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 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47.976 3,845 1,444 ,161 713 ,475 1959 53,087 4,471 2,189 3,725 63,472 54,548 4,387 2,384 ,282 871 ,283 1959—Mar. 47,049 4,289 2,259 3,231 56,828 49,347 3,868 1,202 ,281 1,130 ,753 Apr., 47,754 4,394 2,077 3,382 57,607 49,767 3,872 1,299 ,378 1.291 ,920 May, 48,508 4,417 2,103 3,560 58,588 50,371 3,883 1,362 ,475 1,497 ,975 June, 49,348 4,413 2,348 3,570 59,679 51,461 4,093 1,675 ,589 861 ,979 July. 50,131 4,517 1,916 3,462 60,026 51,651 4,099 1,706 ,597 973 ,951 Aug. 50,858 4,534 ,873 3,484 60,749 52,045 4,111 1,824 ,585 1,184 ,862 Sept. 51,528 4,527 ,820 3,549 61,424 52,489 4,116 1,972 ,539 1,308 ,779 Oct.. 52,149 4,534 ,752 3,637 62.072 52,888 4,121 2,108 ,476 1,479 ,626 Nov. 52,608 4,500 ,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 1960—Jan.. 53,410 4,647 ,898 3,609 63,564 54,985 4,400 1,935 ,181 1,063 ,316 Feb.. 53,809 4,731 ,864 3,645 64,049 55,480 4,405 1,805 ,169 1,190 ,386 Mar. 54,316 4,724 ,894 3,758 64,692 56,019 4,415 1,674 ,219 1,365 ,480 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

662 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t e r a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s d - Y qu e a a r r t e o r r 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—4 3,590 1,324 2,265 2,184 781 1,403 1,405 543 862 1958—1 32.0 15.7 16.3 12.7 3.6 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—1 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. 664, 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. 664. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1 [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 ec o . u S v r . t i- Not r e e s c e a i n v d ab a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c l t d i a o a e x m - ra e l Other ties G U o . v S t . . 2 Other G U o . v S t . . 2 Other bilities 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 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 * [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Total Year Total f M a i c a n t n u g u r- - M in i g n- R ro a a i d l- Other P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i i c n n n i t n u g g d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 ( a a s j l u r n e l a y s a n t t s u e e a o ) a d d n l - - 1952 26.5 11.6 1.0 1.4 .5 3.9 1.5 5.6 1953 28.3 11.9 1.0 1.3 .6 4.6 1.7 6.3 1959—1 6.9 2.7 .6 1.2 2.5 30.6 1954 26.8 11.0 1.0 .9 .5 4.2 1.7 6.5 2 8.3 3.3 .8 1.5 2.8 32.5 1955 28.7 11.4 1.0 .9 .6 4.3 2.0 7.5 3 8.3 3.3 .8 1.5 2.7 33.4 1956 35.1 15.0 1.2 1.2 .7 4.9 2.7 8.4 4 9.0 3.8 .8 1.5 2.9 33.6 1957 37.0 16.0 1.2 1.4 .8 6.2 3.0 7.4 1958 30.5 11.4 .9 .8 .5 6.1 2.6 7.2 I960—1'.... 7.9 3.3 .7 1.2 2.7 35.2 1959 32.5 12.1 1.0 .9 >.O 5.7 2.7 8.2 24'... 9.5 4.1 .9 1.5 3.1 37.0 1960*r 36.9 14.9 1.1 1.1 1.1 5.9 11.8 34.... 9.4 4.0 .8 1.6 3.0 37.5 r Revised. 3 Includes communications and other. * Corporate and noncorporate business, excluding agriculture. 4 Anticipated by business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 663 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1958 1959 1960 1955 1956 1957 1958 1959 3 4 1 2 3 4 1 Manufacturing Total (180 corps.): Sales c 104,402c107,717cl14,229 ''105,134'115,874'25,352 '28,716 29,555 32,452 26,872 '26,995 31,707 Profits before taxes 14,803 13,418 13,349 '10,466 '14,013 '2,432 '3,508 3,899 4,643 2,440 '3,032 4,012 Profits after taxes 7,564 7,094 7,177 r5,714 '7,259 '1,282 '2,003 2,016 2,499 1,099 '1,645 2 047 3,847 4,068 4,192 4,078 '4,361 987 1,042 1,033 1,029 1,051 '1,247 1,092 Nondurable goods industries (79 corps.) :* Sales C36,858 C39,463 c41,740 '41,541 '45,718'10,569 '11,007 11,085 11,450 11,414 '11,769 11,700 Profits before taxes 5,013 5,146 5,010 '4,402 '5,606 '1,190 1,297 1.376 1,482 1,391 '1,356 1,419 Profits after taxes 2,814 2,943 2,944 r2,574 3,131 '676 '785 769 808 780 775 773 Dividends 1,588 1,683 1,776 1,785 '1,916 430 463 459 445 448 '564 482 Durable goods industries (101 corps.):2 Sales 67,544 68,254 72,525 '63,593 70,156 '14,783 '17,709 18,470 21,001 15,458 15,226 20,007 Profits before taxes 9,790 8,272 8,339 '6,065 '8,407 '1,242 '2,211 2,523 3,161 1,049 '1,675 2 593 Profits after taxes 4,750 4,151 4,233 '3,140 '4,128 '605 '1,218 1,247 1,692 319 '870 1,274 Dividends 2,259 2,385 2,416 '2,294 '2,445 557 578 575 585 603 '683 609 Selected industries: Foods and kindred products (25 corps.): Sales C8,632 C9,394 C9,987 '10,707 '11,937 '2,730 '2,763 2,786 2,947 2,986 '3,218 2,941 868 955 1,024 '1,152 '1,275 '309 '306 287 322 340 '326 303 Profits after taxes 414 460 497 555 604 149 '148 136 153 162 154 142 Dividends • 260 277 289 312 343 72 88 85 78 79 100 92 Chemicals and allied products (21 corps.): Sales 9,584 10,199 10,669 '10,390 11,593 '2,676 '2,770 2,770 3,054 2,964 2,804 3,057 1,866 1,804 1,823 '1,538 2,133 398 '474 493 595 550 495 537 955 942 948 '829 1,107 208 '270 254 302 282 269 276 Dividends 690 698 737 717 '799 172 185 180 177 179 '264 191 Petroleum refining (16 corps.): Sales 11,515 12,454 13,463 '12,838 13,413 '3,228 '3,422 3,447 3,228 3,281 3,458 3,422 Profits before taxes 1,344 1,444 1,325 '919 1,194 274 '276 360 300 259 274 325 Profits after taxes 979 1,068 1,075 '791 913 '216 '243 263 220 215 215 229 438 481 512 516 523 127 129 133 128 128 134 130 Primary metals and products (35 corps.): Sales 20,744 22,365 22,468 '19,226 20,978 '4,919 '5,222 5,621 7,110 3,644 4,603 6 003 Profits before taxes 3,267 3,331 2,977 '2,182 2,329 '559 '756 821 1,183 -88 413 854 Profits after taxes 1,652 1,727 1,540 '1,154 1,127 '292 '404 416 695 -215 231 426 Dividends 730 880 873 '802 '831 194 203 201 204 204 221 206 Machinery (25 corps.): Sales 12,480 13,908 15,115 '14,685 16,472 '3,696 '3,833 3,853 4,189 4,100 '4,331 4,000 1,253 1,209 1,457 '1,463 '1,854 '393 '425 422 504 462 '466 389 Profits after taxes. 637 607 729 '734 933 '203 '208 212 254 231 '237 197 Dividends . . 368 403 416 422 '461 104 104 113 106 123 '119 121 Automobiles and equipment (14 corps.): Sales 24,624 21,217 23,453 '18,469 20,593 3,329 '5,677 6,259 6,585 4,624 3,124 7,022 Profits before taxes 4,011 2,473 2,701 '1,332 '2,987 -15 '718 1,012 1,117 356 '503 1,076 Profits after taxes 1,841 1,186 1,354 706 1,470 — 44 '447 491 570 155 '254 521 Dividends 872 791 805 758 810 183 183 184 196 197 233 198 Public Utility Railroad: 10,106 10,551 10,491 '9,565 9,826 '2,465 2,555 2,388 2,633 2,368 2,437 2,411 Profits before taxes 1,341 1,268 1,058 '843 848 272 '365 167 310 127 243 165 927 876 737 602 578 '194 271 99 207 86 186 99 Dividends 448 462 438 '419 403 '78 '160 116 82 78 127 91 Electric Power: 8,360 9,049 '9,670 '10,195 '11,102 '2,466 '2,617 '2,928 '2,644 '2,685 '2,845 3,114 2,304 2,462 '2,579 '2,704 '2,988 '648 '671 853 682 713 739 853 1,244 1,326 1,413 '1,519 '1,669 '359 '391 469 385 392 422 502 Dividends 942 1,022 '1,069 1,134 '1,213 276 '291 303 302 301 306 325 Telephone: 5,425 5,966 6,467 6,939 7,572 1,745 1,807 1,825 1,891 1,909 1,947 1,967 Profits before taxes 1,282 1,430 1,562 1,860 2,153 494 510 522 551 537 543 558 Profits after taxes 638 715 788 921 1,073 244 251 258 272 268 275 277 496 552 613 674 743 171 173 178 183 190 192 196 c Corrected. ' Revised. Telephone. Revenues and profits are for telephone operations of the 1 Includes 17 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and 2 Includes 27 companies in groups not shown separately. Telegraph Company) and for two affiliated telephone companies, which NOTE.—Manufacturing corporations. Data are obtained primarily together represent about 85 per cent of all telephone operations. Divifrom published company reports. dends are for the 20 operating subsidiaries and the two affiliates* Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 account for about 95 per cent of all electric power operations) and are (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public obtained from reports of the Federal Power Commission, except that utilities); and p. 908 of the BULLETIN for September 1944 (electric power). quarterly figures on operating revenue and profits before taxes are partly For back data for manufacturing, see pp. 792-93 of the BULLETIN for estimated by the Federal Reserve to include affiliated nonelectric opera- July 1959; back data for other series are available from the Division of tions. Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

664 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Prop a o l s l e c d o r u p s o e r o at f e n i e s t s u p e ro rs c 6 eeds, Noncorporate Corporate New capital Year or Remonth tire- State Bonds ment Total G U o . v S t . .3 a F e c g e r y e a d n 4 l - - n m a p i n a c u d l i - - Others Total Total P li u cl b y - v P at r e i- ly f s e P t r o r r e c e - k d C s m t o o o m c n k - • rotal Total m N o e n w ey7 O p p o t u h s r e e - s r s ri e o t c i f e u s offered placed 1952 27,209 12,577 459 4,401 237 9,534 7,601 3,645 3,957 564 1,369 9 380 716 8 180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,755 i1,495 7 960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 1',490 6 780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7,4?0 4,119 3,301 635 2,185 10 049 f 7 957 864 1,227 1 1 1 9 9 9 5 5 5 8 6 7 2 3 3 2 0 4 , , . 5 4 4 7 0 4 1 5 3 1 9 5 2 , , , 6 5 0 0 1 6 1 7 3 2,3 5 1 2 7 6 1 2 9 6 7 5 , , , 4 9 4 4 5 4 9 8 6 1,0 3 5 5 5 3 2 7 4 1 1 1 0 1 2 , , , 9 5 8 3 5 8 9 8 4 9 8, ,9 0 5 0 7 2 4 6 6 , , , 2 1 3 1 2 3 8 5 2 3 3 3 , , , 7 3 8 7 3 2 7 9 0 4 6 5 1 7 3 1 1 6 2 2 1 , , , 3 5 3 0 1 3 1 6 4 1 1 1 0 2 1 , , , 6 7 3 6 4 7 1 9 2 1 iu: C) > ), , , 8 3 4 2 8 4 3 4 7 •I 9 6 7 0 6 8 7 3 4 9 7 6 1 2 6 5 1 3 2 5 3 1 4 6 4 9 4 1959' 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 s>,392 8 578 814 135 1959—Mar.'. .. 1,928 443 175 637 10 664 461 195 266 48 155 648 646 551 95 2 Apr.'.... *,504 2,583 940 60 921 613 310 303 92 217 901 894 833 61 6 May' [,782 338 569 56 819 614 380 235 38 167 799 78S 7^6 29 14 June' 2,290 323 995 47 925 627 270 357 43 255 903 887 825 63 16 July'.... 1,452 350 457 93 552 433 173 260 26 93 538 535 463 73 3 Aug.'.... 1,710 309 98 523 5 774 642 414 228 13 119 758 740 699 41 18 Sept.'... 1,748 300 150 520 43 735 590 220 370 24 121 720 703 656 48 16 Oct.'.... 1,121 2,574 587 39 922 644 331 313 47 230 898 879 801 78 19 Nov.'. . . 1,722 332 458 41 891 657 396 261 61 173 871 864 803 61 7 Dec.' 1,942 380 86 476 75 926 747 277 470 45 134 907 900 844 56 7 I960—Jan 1,958 420 182 696 '11 '649 '524 323 '201 26 '100 '635 '577 '550 '27 '58 Feb 2,127 435 150 622 '181 '740 '554 253 '302 29 '156 '724 '715 r667 '48 '9 Mar , 2,077 391 150 568 74 894 675 361 314 46 173 875 860 803 57 15 Proposed uses of net proceeds, major grouj>s of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al Year oi month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1952 3,713 261 512 24 758 225 ?,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 ,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 1>,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 ,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 ,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 ,605 138 1,294 118 1,014 47 1959'. . 1,941 70 812 28 942 15 3,189 15 707 1,801 | 6 1959—Mar.'.... 92 48 56 (9) 333 9 107 Apr ' . 279 5 74 1 74 314 16 138 (9) May' 250 7 53 2 35 337 5 6 104 June' 222 4 129 6 93 A 328 1 22 94 July' 135 1 61 32 1 170 7 129 j Aug ' 127 15 44 2 98 1 191 36 245 I Sept ' 206 4 35 10 138 1 109 1 56 161 Oct '.... 86 14 83 4 104 1 341 126 140 Nov ' 114 (9) 50 2 17 (9) 241 5 262 180 (9) Dec '. 164 3 61 1 60 1 346 72 198 2 I960—Jan '68 '5 '64 '57 '1 '155 (9) '36 '196 '51 Feb '64 '4 101 2 '21 (') '245 '81 '203 r(9) Mar 185 1 122 5 71 198 (') 69 1 215 6 ' Revised. tion and Development, and domestic eleemosynary and other nonprofit 1 Estimates of new issues maturing in more than one year sold for cash organizations. 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 flotation, i.e., compensation to underwriters, agents, etc., and expenses. ber of units by offering price. 7 Represents proceeds for plant and equipment and working capital. 3 Includes guaranteed issues. 8 Represents all issues other than those for retirement of securities. 4 Issues not guaranteed. 9 Less than $500,000. 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 665 NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars] Al issues (new capital and refunding) Issues for new capital Type of issue Type of issuer 2 1Use of proceeds 2 Total Period Special a d m e o li u v n - t Water, Total G g o a e b a t n i l l o e i- r n - R n e u v e e- A P H u i u i 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 v l e s t r * . - State d a s u i t a t s o a t n t h r t r d y u o ic - r t - Others ered 6 Total c E a d ti u o - n R br a o i n a d d d ge s s s o u e a t t t i w n h i e l d e s e i- r r h R d i t n o e i e u g a n s 7 l s i - - - V a a e n i t d s e ' r- O p p o t u h s r e e - s r ity 1952 4,410 2,633 J.463 305 9 718 1 305 2 387 n.a. 4,096 969 938 642 424 100 1 024 1953 5,558 3,495 ,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1,119 1954 6,969 3,380 J,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 .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__Mar 647 447 185 1 14 185 139 323 907 646 196 49 142 12 50 198 Apr 940 495 431 15 186 397 357 618 931 264 166 334 10 33 124 May.... 596 369 93 105 29 50 147 399 904 593 191 25 188 121 68 June.... 1,010 545 426 40 271 359 381 613 1,006 225 134 321 29 100 197 July.... 567 224 192 150 150 62 355 985 567 155 159 50 145 58 Aug.. . . 515 392 117 e>) 6 177 80 258 538 514 151 59 86 4 120 94 Sept... . 515 398 112 5 133 93 290 401 468 168 43 82 1 32 141 Oct 594 357 128 102 7 30 125 439 502 593 168 28 135 102 160 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 .. . r741 r449 244 47 176 r157 r408 480 r736 r219 31 107 39 50 r290 Feb '628 r361 r152 103 12 7 r271 »"349 r631 r620 M80 77 r104 108 '151 Mar 558 454 78 27 154 86 318 636 556 203 79 52 18 50 155 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, MAY 31, 19601 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury bills—Cont. Treasury notes—Cont Treasury bonds—Cont. June 2, I960 1,501 Oct. 27 1960 400 Aug. 15. 1962 ...4 158 Aug. 15, 1963 2V» 6,755 June 9,I960 1,700 Nov. 3, 1960 400 Oct. 1 1962 590 Dec. 15 1963-68 2 816 June 16,I960 1,700 Nov. 10, 1960 405 Nov. 15,1962 '¥4 1,143 Feb. 15,1964 3,854 June 22,I960* 4,018 Nov. 17,1960 500 Feb. IS, 1963 3,971 June 15,1964-69. 3,738 June 23,I960 1,700 Nov. 25 1960 500 Apr. 1,1963 533 Dec. 15,1964-69. 3,812 June 30 1960 1 600 Jan 15 1961 1 504 May is 1963 . .'U/4 1 743 Feb 15 1965 "?% 6 896 July 7,I960 1,500 Apr IS 1Q61 2 001 Oct. 1963 iw 506 Mar. 15,1965-70. 2V? 4 692 July 14,1960 . . 1,500 Nov. 15, 1963 3,011 Aug. 15,1966 1,484 J J u u l l y y 2 1 1 5 ,I 1 9 9 6 6 0 0 2 1 ,4 0 0 0 0 1 Ce N r o ti v f . ie 1 d 5 " 1960 . 7,037 A M p a r y 15 1 , 1 1 9 9 6 6 4 4 A\(\ 4,9 4 3 5 3 7 J M u a n r e 1 15 5 ,1 19 9 6 6 6 7 - - 7 7 1 2.-2 2 % V> 2 1 ,8 9 0 3 8 9 July 28 1960 1 401 Feb 15 1961 4% 6 938 Aug 1964 5 2 316 Sept 15 1967 72 2 716 Aug. 4,I960 1,401 May 15 1961 3,674 Oct. 1,1964 490 Dec. 15,1967-72. 3,639 Aug 11 1960 1 591 Nov 15 1964 4 195 Oct 1 1969 4 1 276 Aug. 18,I960 1,600 Treasury notes Apr. 1,1965 27 Nov. 15,1974 ..3% 654 Aug. 25,I960 1,600 Aug. 15, 1960 ft 9,561 May 15,1965 •45/8 2,113 May 15,1975-85. 458 Sept. 1,1960 400 Oct. 1 1960 278 Feb. 15,1980.... 884 Sept. 8,I960 400 Apr. 1 1961 . .. 144 Treasury b<>nds June 15,1978-83. 1,601 Sept. 15,I960 400 May 15, 1961 4,078 June 15.1959-62.. 5,264 May 15.1985 1,135 Sept. 22,I960 400 Aug. 1, 1961 ...4 2,136 Dec. 15, 1959-62.. 2i/ 3,452 Feb. 15,1990 1,727 Sept. 29,1960 . . . 400 Oct. 1 1961 •at 332 Nov. 15, I960 3,806 Feb. 15,1995. .. 2,728 O O c c t t . . 1 6 3 ,I I 9 9 6 6 0 0 5 5 0 0 0 0 F F e e b b . . 1 1 5 5 , , 1 1 9 9 6 6 2 2 1,4 6 3 4 5 7 D Se e p c. t. 1 IS 5 , , 1 19 9 6 6 1 0-653. 2 1 , , 2 48 3 5 9 Panama Canal Loan ...3 50 Oct. 17,I960 2,007 Apr. 1,1962 551 Nov. 1961 2V> 11,177 Convertible bonds Oct 20 1960 400 May 15 1962 4 2,211 June IS, 1962-67.. 2,109 Investment Series B Apr. 1, 1975-80....2% 6,432 • Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables * Direct public issues. on Money Market Rates, p. 658. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 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' Marketable Nonmarketable Total Total E m n o d n t o h f d gr e o b s t s i d d g i e r r b o e s t c * s t Total Bonds v C e o r n ti - - Tax S is p s e u c e ia s l ible Sav- and Total Bills C c e a r t t e if s i- Notes Bank Bank bonds Totals b i o n n g d s s s in a g v s e b li l g e* i- str r ic e t - ed notes 1941—Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945 Dec 278.7 278 1 255 7 198 8 17 0 38 2 23 0 68 4 52 2 56 9 48 2 8 2 20 0 1947 Dec 257.0 256.9 225.3 165 8 15.1 21.2 11.4 68 4 49 6 59 5 52.1 5.4 29.0 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.1 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (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—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 AUK 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 May 289.5 289.4 242.4 187.7 37.3 17.7 47.6 85.2 6.4 48.2 47.6 43.9 1 Includes some debt not subject to statutory debt limitation (amounting • Includes Treasury bonds and minor amounts of Panama Canal and to $407 million on May 31, 1960) and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which « Less than $50 million. aggregated $10,364 million on Apr. 30, 1960. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in (in g c g l u u a d r - - trust funds * Federal Com- Mutual Insur- Other State Individuals Misc. s a e n t c i t e u e 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 r k ci 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 on o- s g l a o o _j v ca ts l . S b a o v n in d g s s se O cu th ri e ti r es tors' 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 18.6 17.0 48.2 15.5 16.5 1958—June 276.4 46.2 9.7 220.5 25.4 65.3 7.4 12.2 15.3 16.9 48.0 14.7 15.2 Dec 283.0 44.8 9.6 228.6 26.3 67.5 7.3 12.7 19.6 16.7 47.7 14.4 16.5 1959—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 17.2 285.5 43.3 9.8 232.4 25.7 64.7 7.4 12.6 22.4 16.9 47.3 17.7 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 18.0 18.2 June 284.8 44.8 9.9 230.2 26.0 61.3 7.3 12.5 21.5 16.7 47.0 18.3 19.4 July 288.8 44.1 10.0 234.7 26.5 61.8 7.3 12.6 23 4 17.0 46.9 18 8 20.4 290.5 44.7 9.9 235.9 26.7 60.8 7.3 12.7 24.4 17.2 46.7 19.4 20.6 Sent 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 291.4 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 24.2 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 Mar 287.0 43.3 10.4 233.3 25.3 54.4 6.9 12.2 24.0 17.8 45.7 24.6 22.4 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $85 million on Dec. 31, 1959. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 667 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 r d k le s e 2 t- v b e C o r o t n i n d b - l s e Total W 1 y it e h a in r y 1 ea -5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 AH 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 I960—Feb. 29 196,246 41,160 15,245 48,198 84,781 6,862 189,384 75,250 72,849 16,725 24,560 Mar. 31 192,082 37,153 15,238 48,284 84,763 6,645 185,437 71,236 72,934 21,416 19,852 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 ,282 3,664 3,063 5,491 1,138 1,210 295 2,848 1958—June 30 9,477 173 599 ,169 4,703 2,833 6,644 899 1,565 913 3,267 1959_june 30 9,681 86 537 ,389 4,988 2,680 7,001 930 1,679 1,448 2,944 Dec. 31 9,982 260 363 ,700 5,071 2,587 7,394 1,037 1,909 1,882 2,567 I960—Feb. 29 10,207 364 357 ,762 5,093 2,631 7,576 1,150 2,573 1,285 2,567 Mar. 31 10,215 439 370 ,780 5,106 2,519 7,696 1,255 2,578 2,004 1,859 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 I960—Feb. 29 25,209 1,199 8,515 13,011 2,484 25,209 15,214 8,545 657 793 Mar. 31 25,264 1,263 8,507 13,010 2,484 25,264 15,270 8,544 1,179 271 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 I960—Feb. 29 49,139 3,796 1,223 13,151 30,868 101 49,038 8,690 32,218 5,522 2,608 Mar. 31 47,162 2,518 1,154 12,853 30,538 99 47,063 7,141 31,868 5,928 2,126 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 6,773 191 158 888 4,892 644 6,129 486 1,401 2,254 1,987 1960—Feb. 29 6,794 313 139 1,056 4,788 498 6,296 600 1,656 2,109 1,931 Mar. 31 6,814 346 155 1,113 4,756 443 6,370 685 1,673 2,685 1,327 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 1960—Feb. 29 11,056 586 138 1,158 7,491 1,684 9,372 1,108 2,758 2,049 3,458 Mar. 31 10,828 381 137 1,194 7,467 1,648 9,180 921 2,753 3,025 2,482 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—June 30 78,444 25,659 10,216 9,147 31,252 2,171 76,273 39,724 16,503 5,069 14,977 Dec. 31 89,066 31,140 6,315 16,302 33,325 1,985 87,082 46,057 20,717 7,154 13,153 I960—Feb. 29 93,841 34,902 4,874 18,060 34,057 1,949 91,893 48,488 25,098 5,104 13,202 Mar. 31 91,799 32,206 4,914 18,334 34,411 1,935 89,864 45,964 25,517 6,595 11,787 i Direct public issues. panies included in the survey account for more than 90 per cent of total * Includes minor amounts of Panama Canal and postal savings bonds. holdings by these institutions. Data are complete for U. S. Govt. NOTE.—Commercial banks, mutual savings banks, and insurance com- agencies and trust funds and Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

668 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period from In- Less: r B e u N ce d e i g p t e t t s re T P f c u r l e u n u i s d p s : t ts ac t I G L r t n i a e o t o s n r v s n a s t : - - s . 1 p E T r u f q e r t b o u o h c l a t m e t i a s c l l s . 2 : B p t e u u e n d r x e d g - s i e - t p T P t f e u u e r l n r x u n u e d - s d s s i : t - A m L d e e j n s u s t s s : t 3 - E p p t T q o u a u o b y t a t h l t a l i s e s c l . : t p p o u a t o h b y ( r e l - t i s ) c . , ( c ( c o d - r d r r e ) i e e r , a a b d e s s i e c t e n e - t , a i G g n N e v o n . e v . t b t & . y O n ca o th s n h e - r b E 7 i o n q c N r g - a u r e s a o T h o t l w s r : - & agen.) tr. funds debt* Cal. year—1957 72,284 15,368 3,079 84,521 71,692 14,794 3,155 83,328 1,191 467 1,573 64 -1,168 1958 68,694 16,797 3,710 81,728 75,782 17,856 4,622 89,014 -7,287 7,533 -717 487 7,762 1959 73,282 18,830 4,509 87,552 80,321 20,244 5,009 95,560 -8,006 10,112 -543 2,081 8,580 Fiscal year—1956, , . . 68,165 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 5,362 660 111 -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—Apr 4,258 1,302 171 5,384 6,427 1,905 328 8,005 -2,621 3,491 -665 69 4,086 May 5,425 2,479 189 7,708 6,164 1,426 -288 7,879 -171 1,248 1,148 84 15 June 10,154 1,950 1,052 11,048 8,631 1,548 1.533 8,646 2,403 -1,307 454 1,042 -2,803 July 3,246 1,214 486 3,973 6,557 2,174 561 8,171 -4,198 4,339 -505 239 4,606 Aug 5,679 2,444 217 7,903 6,305 1,528 -664 8,498 -594 1,943 573 31 1,339 Sept 8,486 1,236 230 9,488 6,357 1,735 383 7,709 1,779 -1,866 -399 -9 -1,457 Oct 3,023 1,009 348 3,678 6,868 1,886 861 7,894 -4,216 3,077 -683 105 3,656 Nov 5,897 2,004 316 7,579 6,598 1,496 -134 8,228 -649 -423 242 97 -763 Dec 7,582 1,474 889 8,163 6,844 1,748 797 7,795 368 259 -84 111 233 I960—Jan 4,909 828 272 5,461 6,199 1,974 1,406 6,767 -1,306 229 -472 147 554 Feb 7,265 2,329 359 9,231 6,170 1,613 -615 8,075 1,156 -686 32 26 -744 Mar 9,581 1,708 199 11,084 6,424 1,868 1,193 7,099 3,984 -3,632 507 -100 -4,039 Apr.** 5,074 1,490 13 6,551 6,041 2,067 107 8,001 -1,450 1,949 -498 12 2,435 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a ., s h o r b a d l e a c n . c ( e — s : ) Accou S n ta t te o s f ( T e r n e 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 t s 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 T i a a c r s t o e i h o n a n - s. is ( a G s g + u e o ) a n v o n c t c f . y 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 i c a n s s t e T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance B ( F a a . v n a R k il . s - T T a r u x e r a y a s n - d O as n t s h e e t e ts r (-) (-) obliga- & trust public able Loan tions5 funds 5 debt funds) Accts. Fiscal year—1956 1,626 2,250 320 173 -2,617 -1,623 -202 331 6,546 522 4,633 1,391 1957 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 1,010 1958 -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 1,121 1959 -12,427 -1,511 -29 71 1,112 8,363 -23 -4,399 5,350 535 3,744 1,071 Semiannually: 1958—Jan.-June 3,916 228 511 -440 -218 1,445 300 5,143 9,749 410 8,218 1,121 July-Dec -11,004 -1,286 -232 -121 1,144 6,579 -131 -4,788 4,961 358 3,468 1,135 1959—Jan.-June -1,423 -225 203 192 -32 1,784 108 389 5,350 535 3,744 1,071 July-Dec -5,617 -1,187 -437 366 911 6,092 -105 233 5,583 504 4,216 863 Monthly: 1959—Apr -2,169 -603 355 78 491 3,319 -60 1,531 5,969 539 3,844 1,586 May -739 1,053 -432 -980 950 -67 -81 5,888 567 4,117 1,204 June 1,524 404 -211 53 -568 -1,597 143 -538 5,350 535 3,744 1,071 July -3,311 -960 35 -1 670 3,976 -77 486 5,837 522 4 ,,364 951 Aug -626 916 -641 51 -666 1,714 -33 781 6,617 537 5,227 853 Sept 2,129 -499 323 155 317 -2,100 -73 399 7,017 704 5,353 960 Oct -3,846 -877 541 3 667 2,957 86 -641 6,376 488 4,990 898 Nov -701 507 -537 56 -67 -664 1 -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 Apr -968 -577 134 143 296 1,961 -115 1,105 6,294 619 4,490 1,185 n.a.""NoOavailable. p Preliminary. Budget expenditures, and payroll deductions for Federal employees rei 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 669 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budget receipts Selected excise taxes (Int. Rev. Serv. repts. Adjustments from total Income and Budget receipts profit taxes Period B c u N e r 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- t c a E i x x s e e - s t p m a E l x o e m e n y s - t - ? O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r s 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—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 I960—Jan 4,909 298 218 16 -16 5,425 860 2,144 564 794 341 722 186 138 Feb 7,265 1,243 264 84 432 9,289 4,835 884 483 954 1,611 522 214 151 1,320 Mar 9,581 1,078 191 50 1,317 12,217 2,541 791 6,192 1,044 1,149 500 258 152 Apr 5,074 839 202 17 1,336 7,468 770 3,520 619 945 858 755 n.a. n.a. n.a. Budget expenditures 8 Major national security Agri- Vet- culture Period Total Total * M de i f l e it n a s r e y M a a s il n s i i c t s a e t r - y A en t e o r m gy ic f a i I n f a n f 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 e f e s a i n r n t 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 - d a - i- l s N o u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources 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 onthly: 159—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 Mar 6,424 3,976 3,570 171 223 140 792 457 340 289 120 148 156 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 3 Excludes net transactions of Govt. sponsored enterprises, which are separately. included in the corresponding columns above. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

670 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1958 1959 1952 1953 1954 1955 1956 1957 Loans, by purpose and agency: To aid agriculture, total 5,070 6,811 6,929 6,715 6,752 6,681 8,672 9,630 8,490 7,636 7,762 Banks for cooperatives 424 377 367 375 457 454 511 518 526 576 623 Federal intermediate credit banks2.. 673 590 638 689 734 935 1,169 1,313 1,547 1,562 1,396 Farmers Home Administration 596 648 701 681 724 832 819 935 963 972 916 Rural Electrification Administration. 1,920 2,096 2,226 2,348 2,488 2,688 2,874 2,919 2,973 3,029 3,083 Commodity Credit Corporation 1,426 3,076 2,981 2,621 2,349 1,778 3,298 3,944 2,480 1,498 1,745 Other agencies 31 23 18 1 (3) (?) (3) (3) (3) (3) (3) To aid home owners, total 2,603 2,930 2,907 3,205 3,680 4,769 4,860 5,352 5,873 6,352 6,735 Federal National Mortgage Association. 2,242 2,462 2,461 2,641 3,072 3,998 3,924 4,362 4,815 5,238 5,568 Veterans Administration } 362 / 300 383 480 464 770 936 989 1,056 1,113 1,167 Other agencies \ 168 63 84 145 1 1 1 1 1 To industry, total 598 588 431 678 619 674 680 695 717 726 733 Treasury Department... 1 174 353 306 209 251 216 212 201 197 185 C O o th m e m r a e g rc e e n c D ie e s partment. J \ 598 413 79 ; 2 1 6 1 1 2 2 1 1 9 9 1 2 20 1 6 7 2 1 7 8 8 7 3 1 0 8 1 2 3 1 4 7 2 4 3 1 5 7 8 0 3 1 8 6 2 6 To financing institutions 864 952 870 1,419 1,233 1,270 1,298 1,087 1,539 1,797 2,136 To aid States, territories, etc., total. 1,020 645 272 245 246 264 293 291 293 308 319 Public Housing Administration.. 894 500 112 90 106 105 106 91 89 91 87 Other agencies 126 145 160 155 140 159 187 200 204 217 231 Foreign, total , 7,736 8,043 8,001 7,988 8,223 8,754 9,510 9,712 9,904 10,084 9,840 Export-Import Bank , 2,496 2,833 2,806 2,702 2,701 3,040 3,362 3,439 3,504 3,513 3,235 Treasury Department4 3,667 3,620 3,570 3,519 3,470 3,470 3,419 3,419 3,425 3,425 3,373 International Cooperation Administration. 51,515 1,537 1,624 1,767 1,995 2,195 2,682 2,782 2,874 2,998 3,043 Other agencies 58 53 1 57 49 46 73 101 147 189 All other purposes, total 75 119 166 256 213 344 548 562 627 686 752 Housing and Home Finance Agency. 5 29 127 209 156 283 458 497 563 623 691 Other agencies 69 90 39 47 57 62 89 66 64 63 62 Less: Reserves for losses -140 -203 -228 -268 -309 -367 -56*5 -353 -654 -451 413 Total loans receivable (net). 17,826 19,883 19,348 20,238 20,657 22,395 25,493 26,977 26,788 27,138 27,865 Investments: U. S. Government securities, total 2,421 2,602 2,967 3,236 3,739 3,804 4,198 4,533 4,442 4,478 4,670 Federal home loan banks 311 387 641 745 1,018 896 995 1,202 1,064 1,046 1,092 Federal Savings and Loan Insurance Corp.. 208 217 228 241 256 274 288 296 310 320 332 Federal Housing Administration 316 319 327 381 458 471 567 586 590 622 649 Federal Deposit Insurance Corporation.... 1,437 1,526 1,624 1,720 1,825 1,937 2,049 2,139 2,154 2,162 2,178 Other agencies 148 152 147 149 181 226 300 310 324 329 419 Investment in international institutions 3,385 3,385 3,385 3,385 3,420 3,420 3,420 3,420 4,795 4,795 4,795 Other securities6 223 219 197 179 249 298 283 282 331 335 323 Inventories, total 1,280 2,515 3,852 4,356 21,375 21,628 20.810 20,504 20,821 21,879 21,476 Commodity Credit Corporation.. 978 2,087 3,302 3,747 3,651 3,025 3,036 2,906 3,614 4,527 4,493 Defense Department 11,004 11,136 9,681 9,421 8,751 8,823 8,422 O G t e h n e e r r a a l g e S n e c rv ie ic s es Administration. 303 428 550 609 1 1 6, 2 5 0 1 1 7 7,2 18 8 5 2 7,9 17 1 4 9 7,9 19 8 1 7 8,2 17 7 8 8 8,3 18 4 3 7 8,3 19 7 4 0 Land, structures, and equipment, total 3,213 8,062 8,046 7,822 9,985 9,962 10,670 10,753 8,869 8,938 9,124 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,535 4,721 4,736 2,856 2,899 2,880 Panama Canal Company 415 363 421 421 398 398 396 402 409 408 411 Tennessee Valley Authority 1,251 1,475 1,739 1,829 1,762 1,801 1,777 1,802 1,878 1,907 1,924 Housing and Home Finance Agency 1,202 1,040 728 450 236 88 25 20 9 9 9 Nat. Aeronautics and Space Administration 276 283 285 289 304 305 310 Bonneville Power Administration 311 342 372 373 357 354 352 General Services Administration 1,298 1,308 1,322 1,237 1,241 1,234 1,221 Post Office Department 590 599 637 637 640 640 640 Other agencies 345 350 360 300 613 608 1,134 1,257 1,175 1,181 1,376 Bonds, notes, & debentures payable (not guar.), total... 1,330 1,182 1,068 2,379 2,711 4,662 4,038 4,212 4,882 5,582 5,974 Banks for cooperatives 181 150 156 185 257 247 303 310 314 360 404 Federal intermediate credit banks 704 619 640 665 721 902 1,124 1,256 1,488 1,532 1,359 Federal home loan banks 445 414 272 958 963 825 714 699 992 1,402 1,774 Federal National Mortgage Association 570 770 2,688 1,898 1,947 2,087 2,287 2,437 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, c B u u r l r le e t n i t n l . y . C W las h s e if r i e c a c ti u o r n re s n b t y T s r u e p a e s r u v r i y s o c r o y 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 id 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 671 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- holders2 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 r4.7 12.2 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 r2.4 r12.1 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 r3.4 r19 4 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 r4.0 r20.6 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 r4.4 r21.8 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 r4.6 '23.5 105.4 75.7 62.5 13.2 29.7 19.9 9.8 8.3 3.3 5.0 1955 129.9 99.3 r5.1 r25.5 120.9 88.2 73.8 14.4 32.6 21.8 10.8 9.1 3.6 5 4 1956 144.5 111.2 r6.0 r27.4 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957 156.6 119.7 r7.4 r29.5 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958 171.9 131.5 r7.7 r32.7 160.7 117.7 98.5 19.2 43.0 28.8 14 2 11.3 4 2 7 1 1959P 191.0 145.4 9.9 35.7 178.7 131.0 109.3 21.7 47.7 31.6 16.1 12.3 4.5 7.8 1958 Sept 167.1 127.9 r7.4 r31.8 156.0 114.5 95.9 18.6 41.5 27.8 13.7 11.1 4.2 6.9 Dec 171.9 131.5 r7.7 r32.7 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.3 4.2 7.1 1959 Mar * 176.0 134.3 8.3 33.4 164.5 120.6 100.7 19.8 43.9 29.3 14.6 11.5 4.3 7.2 June*'. • 181.5 138.4 8.9 34.2 169.6 124.4 103 9 20.5 45.2 30.1 15.1 11.9 4.4 7.5 Sept p 186.8 142.2 9.5 35.0 174.6 128.1 106.9 21.2 46.5 30.8 15.6 12.2 4.4 7.7 Dec.P 191.0 145.4 9.9 35.7 178.7 131.0 109.3 21.7 47.7 31.6 16.1 12.3 4.5 7.8 1960 Mar v 194.4 147.9 10.2 36.3 181.9 133.3 111.3 22.0 48.6 32.2 16.4 12.5 4.5 8.0 * Preliminary. r Revised. Administration, and Federal land banks, and in earlier years^RFC, 1 Derived figures, which include negligible amount of farm loans held HOLC, and Federal Farm Mortgage Corporation. Other Federal by savings and loan associations. agencies (amounts small or separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home NOTE.—Figures for first three quarters of each year are Federal Reserve Loan Bank Board, Institute of Life Insurance, Departments of Agriestimates. Financial institutions represent commercial banks (including culture and Commerce^Federal National Mortgage Association, Federal nondeposit trust companies but not trust departments), mutual savings Housing Administration, Public Housing Administration, Veterans banks, life insurance companies, and savings and loan associations. Administration, Comptroller of the Currency, and Federal Reserve. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home MORTGAGE LOANS HELD BY BANKS» [In millions of dollars] Commercial bank holdings 2 Mutual savings bank holdings 3 End of year Residential Residential or quarter Other Other Total non- Farm Total non- Farm FHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941... 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 571 4,208 3,387 797 24 1951 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 1 274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 ,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 t\*>9 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5 645 1 831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,746 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 ,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 ,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 J471 23,263 20,935 5,501 8,361 7,073 2,275 53 1959 Mar •26,130 19,020 5,660 3,305 10,055 5,605 1,505 •23,638 21,257 5,684 8,435 7,138 2,328 53 27,060 19,615 5,885 3,230 10,500 5,875 ^70 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 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 1960—Mar.*> 28,270 20,335 6,085 3,135 11,115 6,355 1,580 25,435 22,890 6,465 8,595 7,830 2,490 55 9 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 • 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

672 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Farm Total Farm FHA- VA- FHA- VA- Total insured guar- Other Total insured guar- Other anteed anteed 1941. 6,442 5,529 815 4,714 913 1945. 976 6,636 5,860 1,394 4,466 776 1952. 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953. 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954. 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955. 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956. 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957. 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958. 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959. "5,970 *>5,472 PI,549 "3,722 P498 39,197 36,353 8,273 7,086 20,994 2,844 1959—Apr.. 432 385 120 13 252 47 37,602 34,851 7,758 7,314 19,779 2,751 May. 433 386 105 18 263 47 37,737 34,958 7,813 7,286 19,859 2,779 June. 469 428 116 17 295 41 37,894 35,094 7,877 7,258 19,959 2,800 July.. 535 501 124 11 366 34 38,108 35,335 7,945 7,220 20,170 2,773 Aug.. 470 438 118 9 311 32 38,282 35,496 8,005 7,181 20,310 2,786 Sept.. 517 488 134 21 333 29 38,493 35,698 8,082 7,153 20,463 2,795 Oct.., 539 506 146 22 338 33 38,744 35,936 8,176 7,132 20,628 2,808 Nov.. 507 477 123 24 330 30 38,984 36,169 8,257 7,116 20,796 2,815 Dec.., 667 619 153 36 430 48 39,299 36,475 8,318 7,115 21,042 2,824 I960—Jan.. 582 530 139 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 Apr.. 483 443 110 17 316 40 40,236 37,358 8,623 7,117 21,618 2,878 p 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 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 2 in- guar- ven- month Season- Without Sav- Insur- Com- Mutual struc- chase sured anteed tional 2 ally seasonal ings & ance mer- savtion ad- adjust- loan com- cial ings justed1 ment 2 assns. panies banks bank* 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 1501 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 i,S2A 1958 12,346 4,096 5,251 45,627 2,206 7,077 36,344 1957 24,244 9,217 1,472 4,264 1,429 1959 15,463 5,296 6,766 53,087 2,986 7,187 42,914 1958 27,388 10,516 1,460 5,204 1,640 1959 32,235 13 094 1,523 5,832 1 780 1959 1959 Apr 1.359 480 562 47,754 2,461 7,111 38,182 May ,434 522 601 48,508 2,528 7,119 38,861 Mar 2,683 2,586 1.059 116 492 112 1,555 554 674 49,348 2,605 7,119 39,624 Apr 2,683 2,776 1,148 115 553 124 July 1,529 520 695 50,131 2,685 7,125 40,321 May 2,757 2,768 1,151 112 534 140 Aug |4?1 472 662 50,858 2,760 7,136 40,962 June.. • 2,780 2,974 1,261 120 543 168 Sent 1,374 450 645 51,528 2,818 7,138 41,572 July 2,787 3,100 1,286 138 561 187 Oct 1,329 465 590 52,149 2,883 7,159 42,107 2,769 2,871 t,203 137 505 167 Nov 1,086 373 486 52,608 2,939 7,172 42,497 Sept 2,650 2,834 1,184 136 481 173 Dec 094 377 465 53,087 2,986 7,187 42,914 Oct 2*639 2,799 1.152 146 463 168 Nov 2,589 2,442 953 137 409 152 1960 Dec 2,485 2,487 963 138 410 152 Jan 884 296 385*53,410 3,031 7,191 43,188 1960 Feb 992 344 413*>53,809 3,065 7,196 43,548 Mar 1,165 411 468*>54,316 3,116 7,196 44,004 Jan . . 2,487 2,079 777 107 343 115 Apr p 1,171 411 470 54,895 3,150 7,206 44,539 Feb 2,430 2,149 859 103 342 104 Mar 2,406 983 119 377 104 P Preliminary. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Beginning 1958 includes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 673 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 mortgages Proj- P e r r o ty p- mortgages G un o d v e e r r w nm rit e t n en t- Total p e N r r t o e i w e p s - p e is E r r t t o i x i n e p - g s - g m t a y g o p e r e s t- * p l m o r i a o m e n v n - s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E u e n a a d r r t o o e r f r Total FHA- VA- t C i v o e o n n n a - - l Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1951 3,220 1,216 713 582 708 3,614 2,667 942 1945 18.6 4.3 4.1 .2 14.3 1952 3,113 969 974 322 848 2,719 1,823 890 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1951 51.7 22.9 9.7 13.2 28.8 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1952 58.5 25.4 10.8 14.6 33.1 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1953 66.1 28.1 12.0 16.1 38.0 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1954 75.7 32.1 12.8 19.3 43.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88.2 38.9 14.3 24.6 49.3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 99.0 43.9 15.5 28.4 55.1 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 107.6 47.2 16.5 30.7 60.4 1958 117.7 50.1 19.7 30.4 67.6 1959_Apr 639 196 294 80 69 231 179 52 1959* 131.0 53.8 23.8 30.0 77.2 May 652 186 291 86 88 211 161 50 June 680 208 312 68 92 221 165 56 1958—Sept 114.5 49.1 18.6 30.5 65.4 July 694 214 310 71 99 227 168 59 Dec 117.7 50.1 19.7 30.4 67.6 660 215 288 67 89 202 150 52 Sept 656 226 284 52 94 221 157 63 1959—Mar.*.... 120.6 51.3 20.9 30.4 69.3 Oct 649 237 286 35 90 238 167 70 June*.... 124.4 52.1 21.8 30.3 72.3 Nov . . . 583 223 225 50 85 220 158 61 Sept.* 128.1 53.1 22.9 30.2 75.0 Dec 540 233 218 11 78 241 177 64 Dec* 131.0 53.8 23.8 30.0 77.2 1960 Jan . . 514 221 196 19 78 195 148 47 1960—Mar.*.... 133.3 54.5 24.6 29.9 78.8 Feb 464 198 170 28 68 170 133 36 Mar 463 193 168 35 67 173 137 36 Apr 433 172 163 22 76 153 123 29 v 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 BANES [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a t y s - a d n e d m t a i n m d e or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r or m t- 1 L te o r n m g 2 - deposits 1945 278 213 195 176 19 46 1951 1,850 204 1,646 677 111 239 1952 586 528 864 565 299 420 1952 2,242 320 1,922 538 56 323 1953 728 640 952 634 317 558 1953 2,462 621 1,841 542 221 638 1954 734 818 867 612 255 802 1954 2,434 802 1,632 614 525 476 1955 1,251 702 417 991 426 698 1955 2,615 901 1,714 411 62 76 1956 745 934 ,228 798 430 683 1956 3,047 978 2,069 609 5 360 1957 1,116 1,079 265 731 534 653 1957 3,974 1,237 2,737 1,096 3 764 1958 1,364 1,331 ,298 685 613 819 1958 3,901 1,483 2,418 623 482 1,541 1959 2,067 1,231 1,134 1,192 942 589 1959 . . .. 5,531 2,546 2,985 1,907 5 568 1959—May 116 53 ,246 596 650 692 1959 Apr 4,508 1,831 2,677 193 1,063 June 351 60 ,537 750 786 776 May 4,641 1,900 2,740 154 1 982 July 235 214 ,557 807 750 613 June 4,793 2,000 2,794 177 1 875 Aug 171 63 ,665 892 773 587 July . . . 4,948 2,104 2,844 178 788 Sept 200 70 ,795 1,042 753 570 AUK 5,085 2,198 2,887 165 1 714 Oct !• 199 78 ,916 1,080 835 524 Sept 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 >,134 1,192 942 589 Nov 5,441 2,471 2,970 127 573 Dec 5,531 2,546 2,985 115 568 I960—Jan 136 531 ,740 1,042 697 499 I960 Jan 5,508 2,621 2,887 no 115 600 M Fe a b r 8 5 8 8 1 1 9 6 6 9 , , 5 62 2 8 0 9 85 6 8 3 6 6 6 6 2 5 4 53 8 4 8 Feb 5,577 2,713 2,864 138 49 601 Apr 155 117 ,558 r828 r 73 571 Mar . . 5 693 2,821 2,873 162 23 580 May 112 96 ,574 827 747 590 Apr . .... 5,785 2,905 2,880 126 12 588 rReVised. i Operations beginning with Nov. 1, 1954, are on the basis of FNMA's * Secured or unsecured loans maturing in on« year or less. new charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, havinrfmaturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 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 loans2 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 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 47,522 36,135 15,566 9,040 2,467 9,062 11,387 3,991 4,446 2,950 July 48,047 36,757 15,923 9,134 2,517 9,183 11,290 3,954 4,407 2,929 Aug. 3 48,841 37,510 16,288 9,289 2,569 9,364 11,331 4,034 4,365 2,932 Sept 49,350 37,962 16,470 9,390 2,613 9,489 11,388 4,084 4,390 2,914 Oct 49,872 38,421 16,659 9,534 2,653 9,575 11,451 4,050 4,525 2,876 Nov 50,379 38,723 16,669 9,687 2 683 9,684 11,656 4,117 4,614 2,925 Dec 52,046 39,482 16,590 10,243 2,704 9,945 12,564 4,176 5,351 3,037 1960 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 Apr 52,169 40,265 17,218 10,022 2,736 10,289 11,904 4,247 4,451 3,206 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- stores2 stores ance dealers 3 panies l 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 2,137 111 4,042 1.064 1,004 377 527 1,070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1,511 1,044 365 487 1 101 1956 31,897 27,154 11,777 9,100 2,014 3,056 1,207 4,743 1,408 1,187 377 502 1,269 1957 34,183 29,515 12,843 9,573 2,429 3,333 1,337 4,668 1,393 1,210 361 478 1,226 1958 34,080 29,097 12,780 8,740 2,668 3,384 1,525 4,983 1,882 1,128 292 506 1 175 19594 39,482 33,838 14,922 10,145 3,232 3,764 1,775 5,644 2,298 1,167 295 588 1,296 1959_Apr 34,762 30,010 13,374 8,921 2,766 3,387 ,562 4,752 [,781 1,043 282 524 1 112 M!ay . . .. 35,357 30,540 13,645 9,089 2,815 3,394 ,597 4,817 1,807 1,044 283 535 1,148 June 36,135 31,245 13,963 9,350 2,895 3,424 ,613 4,890 [,839 1,052 283 551 1,165 July 36,757 31,861 14,230 9,592 2,946 3,463 ,630 4,896 1,826 1,055 284 565 1,166 Aus 4 37,510 32,540 14,497 9,806 3,044 3,515 ,678 4,970 1,868 1,072 288 578 1,164 Sent 37,962 32,954 14,664 9,949 3,093 3,542 ,706 5,008 1,907 1,078 288 586 1,149 Oct 38,421 33,318 14,817 10,071 3,143 3,570 ,717 5,103 I 967 1,089 286 593 1,168 Nov 38,723 33,519 14,853 10,117 3,183 3,622 ,744 5,204 2,045 1,107 290 592 1,170 Dec . .. 39,482 33,838 14,922 10,145 3,232 3,764 ,775 5,644 2,298 1,167 295 588 1,296 I960 Jan . . .. 39,358 34,003 15,066 10,168 3,225 3,777 ,767 5,355 2,109 1,132 289 587 1,238 Feb 39,408 34,246 15,134 10,276 3,259 3,795 782 5,162 2,002 1,111 285 590 1,174 Mar 39,648 34,432 15,139 10,357 3,331 3,811 ],794 5,216 2,103 1,089 281 595 1,148 Apr 40,265 35,085 15,402 10,604 3,418 3,858 ,803 5,180 2,055 1,080 277 606 I 162 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 675 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r s o e e t t d a n a i l t l t - P A u u r- t p o a m pe o r bile s g O c u o o t m o h n d e e - r s r e R m r t a e n i n o o p iz d d n a a 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 a n 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 lo o a e a n a d p ti n d e a o s r i n r n- s l P o o e a n n r a - s l chased Direct paper loans 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941, 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,777 3,651 2,075 2,464 [,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,740 6,404 1,567 19 750 1958 12,780 4,014 2,170 2,269 1,715 2,612 19591 10,145 7,328 [,883 35 899 19591 14,922 4,798 2,511 2,553 1,941 3,119 1959—Apr.. 8,921 6,543 1,582 20 776 1959—Apr 13,374 4,241 2,324 2,310 1,720 2,779 May. 9,089 6,679 1,605 22 783 May 13,645 4,340 2,376 2,347 754 2,828 June. 9,350 6,884 ,647 23 796 June 13,963 4,475 2,425 2,383 1,788 2,892 July.. 9,592 7,063 1,695 25 809 July 14,230 4,580 2,465 2,424 1,825 2,936 Aug.i 9,806 7,240 1,723 26 817 Aug.i 14,497 4,682 2,495 2^472 1,855 2,993 Sept.. 9,949 7,328 1,761 30 830 Seot 14,664 4,746 2,500 2,494 1,882 3,042 Oct... 10,071 7,406 1,788 33 844 Oct 14,817 4,816 2,517 2,512 1,912 3,060 Nov.. 10,117 7,388 1,830 34 865 Nov 14,853 4,825 2,519 2,513 1,928 3,068 Dec.. 10,145 7,328 1,883 35 899 Dec 14,922 4,798 2,511 2,553 1,941 3,119 1960—Jan... 10,168 7,305 1,922 36 905 I960 Jan 15,066 4,793 2,522 2,689 1,932 3,130 Feb.. 10,276 7,342 1.982 37 915 Feb 15,134 4,822 2,549 2,684 1,928 3,151 Mar.. 10,357 7,407 1,988 39 923 Mar . . 15,139 4,876 2,597 2,562 .927 3,177 Apr.. 10,604 7,538 >,096 42 928 Apr . . . 15,402 4,977 2,664 2,567 ,948 3,246 1 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 1939 E o n r d m o o f n y t e h ar i c T m n r 7 o s e e t 8 t d n a a 9 i l t l t - m A pa o u p b 8 t e o i 1 l r - e s g O p c u o a o t m o p h 2 n d e e e 4 - r s r r m i R z lo o a a e a d p n t 1 i n e a d o 5 r s i n r n- s lo P o 6 a e n 6 n r a 9 - s l E o n r d m o o f n y t e h ar i c T m n n r s o o e e t t d n n a a i - l t l t - b C m c a o i n e a m r k l - l s - oa t n f O u i s i n c t n t i i s h a o a t n e l i n - r - s st m p D o a r e e r e n - t s - t i o O r u e t t t h l a e e i t l r s C ca re r d d i s t 2 S c e r r e v d i i c t e 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1953 4,038 538 370 247 2,883 1941 3,087 693 152 275 1,370 597 1954 4,510 539 375 282 3,314 1945 3,203 674 72 290 1,322 845 1955 5,406 761 537 326 3,782 1956 6,277 948 648 403 4,278 1953 8,388 1,899 288 772 3,352 150 1 927 1957 7,099 1,106 622 489 4,882 1954 8,896 2,096 312 793 3 515 177 2,003 1958 7,577 1,143 610 616 5,208 1955 . . . 9 924 2 635 367 862 3,717 216 2*127 19591 8,771 1,365 751 728 5,927 1956 10,614 2,843 410 893 3*842 260 2*366 1957 11,103 2,937 427 876 3,953 317 2,593 1959—Apr 7,715 1,178 635 624 5,278 1958 11,506 3,156 490 907 3,808 345 2J800 May 7,806 1,198 653 643 5,312 19593 12,564 3,542 634 960 3,985 406 3,037 June . 7,932 1,231 671 656 5,374 July 8,039 1,250 684 667 5,438 1959—Apr 10,946 3,291 521 601 3,208 351 2,974 Aus 1 .... 8,237 1,293 702 688 5,554 May.... 11,246 3,337 588 609 3,405 345 2,962 Sept 8,341 1,310 713 701 5,617 June.... 11,387 3,417 574 599 3,494 353 2,950 Oct 8,430 1,327 724 708 5,671 July 11,290 3,407 547 558 3,467 382 2,929 Nov 8,549 [,345 732 721 5,751 Aug3... 11,331 3,431 603 562 3,408 395 2,932 Dec 8,771 1,365 751 728 5,927 Sept 11,388 3,455 629 606 3,383 401 2,914 Oct 11,451 3,466 584 647 3,491 387 2,876 I960 Jan 8,769 1,361 750 723 5,935 Nov 11,656 3,472 645 717 3,506 391 2,925 Feb 8,836 [,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 Apr 9,079 1,433 785 746 6,115 1960—Jan 11,998 3,499 593 825 3,577 414 3,090 Feb 11,613 3,496 655 686 3,204 415 3,157 Mar 11,514 3,503 719 622 3,070 426 3,174 i Includes data for Alaska and Hawaii, beginning with January and Apr 11,904 3,569 678 657 3,380 414 3,206 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

676 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 Other consumer Repair and Personal loans goods paper modernization loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1953 31,558 12,981 9,227 ,344 8,006 1954 31,051 11,807 9,117 ,261 8,866 1955 39,039 16,745 10,634 ,388 10,272 1956 40,175 15,563 11,702 ,568 11,342 1957 42,545 16,545 11,747 ,660 12,593 1958 40,818 14,316 11 638 800 12,974 19591 48,476 18,001 13,512 2'087 14,876 1959 Apr 3,989 4,073 1,527 1.598 1,146 1.090 176 173 1.140 1.212 May 4,112 4,092 1,533 ,580 1,160 1,128 190 198 1,229 ,186 June 4,032 4,454 1,509 ,780 1,130 I 173 178 195 [ 215 ,306 July 4,159 4,315 1,557 ,720 1,154 1,109 183 197 1,265 ,289 4,132 4,193 1,538 ,627 1,138 1,123 185 199 1,271 ,244 Sept 4,172 4,061 1,521 ,515 1,138 1,123 175 191 1,338 ,232 Oct 4,219 4,185 1,622 ,564 1,124 [,198 174 190 1,299 ,233 Nov 4,083 3,928 1,466 ,313 1,133 1,172 171 175 1,313 ,268 Dec 4,046 4,686 1,377 ,293 1,146 1,616 173 166 1,350 1,611 I960—Jan 4,217 3,534 1,535 ,278 1,208 976 165 124 [,309 1,156 Feb 4,115 3,723 1,560 ,427 1,094 934 175 146 1,286 1,216 Mar 4,119 4,201 1,555 ,633 ,118 [,062 172 163 1,274 ,343 Apr 4,437 4,457 1,652 ,697 1,240 [,168 178 173 1,367 1,419 Repayments 1953 27,956 10,879 8,622 ,119 7,336 1954 30,488 11,833 9,145 ,255 8,255 1955 33,649 13,082 9,751 ,315 9,501 1956 37,236 14,576 10,756 ,362 10,542 1957 40,259 15,595 11,545 ,466 11,653 1958 40,921 15,488 11,497 ,629 12,307 19591 43,239 15,715 12,225 ,738 13,561 1959—Apr 3,540 3,545 1,296 1.282 1,013 1,026 149 147 1.082 1.090 May .. . .. 3,628 3,497 1.318 ,262 1,014 9Q6 149 143 [,147 1,096 June 3,542 3,676 ,289 ,342 992 ,020 145 147 ,116 ,167 July 3,636 3,693 ,334 ,363 1,011 [,015 146 147 1,145 1,168 Aug. i 3,635 3,578 ,325 ,318 1.012 993 152 151 1,146 ,116 Sept 3,660 3,609 ,315 ,333 ,045 1,022 147 147 ,153 ,107 Oct 3,697 3,726 ,341 ,375 ,048 1,054 147 150 1,161 ,147 Nov 3,700 3,626 ,311 ,303 ,069 1,019 142 145 1,178 ,159 Dec 3,776 3,927 ,361 ,372 ,066 1,060 144 145 1,205 ,350 I960—jan 3,824 3,658 1,386 ,300 ,089 ,090 141 137 1,208 1,131 Feb 3,707 3,673 1,338 ,318 ,046 ,066 143 142 [,180 ,147 Mar . . 3.711 3,961 ^4S ,434 ,042 ,119 144 152 1,180 ,256 Apr 3,904 3,840 1,397 . 355 .084 .086 147 143 .276 .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 I9591 +5,402 +2,353 +1,320 +354 + 1,375 1959 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 AUK 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 4-4 + 106 +69 Mar +408 +240 4-210 4-199 4-76 -57 4-28 + 11 +94 + 87 Apr +533 + 617 + 255 + 342 + 156 + 82 + 31 + 30 +91 + 163 1 Extansions 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 677 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 i n es ce Ot i h n e st r i t f u in ti 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 st a e d d - Extensions 1953 31,558 12,099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 19561 40 175 14,463 9 600 9 474 6,638 19571 42,545 15,355 10,200 10,495 6,495 19581 40,818 14,860 8,907 10,488 6,563 195912 48,476 17,522 11,007 12,035 7,912 1959 Apr 3,989 4,073 J.447 1,559 945 933 929 955 668 626 May 4,112 4,092 ,496 1,518 944 940 1,012 981 660 653 June. 4,032 4,454 ,428 1,623 918 1,074 1,002 1,069 684 688 July 4,159 4,315 ,535 1,612 948 1,061 1,018 1,041 658 601 Aug.2. 4,132 4,193 ,521 1,530 917 988 1,031 1,021 663 654 Sept 4,172 4,061 ,510 1,473 941 950 1,069 996 652 642 Oct 4,219 4,185 ,521 1,482 992 973 1,053 1,014 653 716 Nov 4,083 3,928 ,440 1,322 900 843 1,068 1,052 675 711 Dec . 4,046 4,686 ,424 1,425 860 886 1,096 1,314 666 1,061 I960—Jan. i 4,217 3,534 ,519 1,346 985 802 1,063 912 650 474 Feb i 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 1,068 1,112 659 611 Apr. i 4,437 4,457 1,512 1,600 1,039 1,008 1,144 1,155 742 694 Repayments 1953 27,956 10,625 6,344 5,683 5,304 1954 30,488 11,469 7,043 6,511 5,465 1955 33,649 12,304 7,901 7,553 5,891 19561 37,236 13,362 8,943 8,603 6,328 19571 40,259 14,360 9,727 9,673 6,499 19581 40,921 14,647 9,774 10,010 6,490 195912 43,239 15,406 9,623 10,917 7,293 1959—Apr 3,540 3,545 1.257 1,271 808 792 876 873 599 609 May 3,628 3,497 ,287 1,247 819 772 924 890 598 588 June .... 3,542 3,676 ,250 1,305 787 813 905 943 600 615 July 3,636 3,693 ,311 1,345 807 819 923 934 595 595 3,635 3,578 ,310 1,299 793 795 920 892 612 592 Sept 3,660 3,609 ,312 1,306 804 807 930 892 614 604 Oct 3,697 3,726 ,326 1,329 816 851 935 925 620 621 Nov 3,700 3,626 ,312 1,286 794 797 943 933 651 610 Dec 3,776 3,927 ,331 1,356 832 858 970 1,092 643 621 I960—Jan. i 3,824 3,658 ,389 1,323 844 779 970 914 621 642 Feb i 3,707 3,673 ,340 1,325 808 792 953 929 606 627 Mar i 3,711 3,961 ,321 1,394 821 886 956 1,012 613 669 Apr. I; 3,904 3,840 ,349 1,337 878 841 1.035 1,012 642 650 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—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 Sent +512 +452 + 198 + 167 + 137 + 143 + 139 + 104 + 38 +38 Oct +522 +459 + 195 + 153 + 176 + 122 + 118 +89 + 33 +95 Nov +383 + 302 + 128 +36 + 106 +46 + 125 + 119 +24 + 101 Dec +270 +759 +93 +69 +28 +28 + 126 +222 +23 +440 I960 Jan i . .. +393 -124 +251 + 144 + 141 +23 +93 -2 -92 -289 Feb. i +408 + 50 + 155 +68 +205 + 108 + 105 +67 -57 -193 Mar i +408 +240 +8 + 5 + 130 +81 4-112 + 100 + 158 +54 Apr i + 533 +617 + 163 + 263 +241 +247 + 109 + 143 +20 -36 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

678 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 =100 [Seasonally adjusted] Annual 1959 1960 average Grouping 1958 1959 Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. INDUSTRY GROUPINGS 141 159 162 166 166 163 157 157 155 156 165 168 166 r166 165 139 753 757 755 755 755 757 755 754 754 754 755 755 '755 164 141 165 171 177 179 171 159 158 155 156 174 180 r178 175 172 141 155 155 156 156 159 159 159 157 157 158 159 157 158 159 120 125 129 131 129 123 120 119 120 126 130 129 126 125 127 Utilities 244 268 262 266 271 271 269 273 274 273 278 280 r280 r288 285 Durable Manufactures 110 125 144 755 757 722 94 92 57 775 745 745 745 140 133 99 114 145 155 150 103 60 58 56 101 145 147 140 135 127 Iron and steel. 94 107 146 155 148 89 39 38 38 95 148 149 142 136 125 125 142 142 149 152 151 145 144 135 130 143 148 148 146 141 Structural metal Darts . • 138 150 154 159 163 162 150 149 138 136 149 156 155 '153 151 755 797 7P5 203 206 209 204 203 202 755 200 272 •-277 r209 206 140 169 163 170 175 177 175 177 175 171 177 180 177 178 175 Nonelectrical machinery 117 141 138 143 148 149 146 148 147 145 147 148 147 '147 145 Electrical machinery 175 212 204 213 217 223 222 224 220 212 227 232 227 '227 225 Transportation equipment 197 229 238 244 244 247 237 230 229 184 217 251 '250 '243 239 112 147 158 163 165 167 155 151 152 92 137 186 184 173 169 Aircraft and other eauipment 376 390 395 401 397 400 400 386 378 378 375 365 '366 '371 370 175 209 197 204 212 215 215 218 220 220 223 220 218 '220 217 Clay glass, and lumber 124 143 144 747 147 757 747 744 745 742 744 745 745 138 143 Clav class and stone products 137 159 160 162 167 170 165 162 161 159 160 158 159 153 158 Lumber and products 110 125 127 131 123 129 125 124 123 123 127 127 126 122 125 Furniture and miscellaneous 126 147 144 148 750 755 750 74P 750 750 752 755 752 '752 754 137 164 161 166 167 171 167 165 166 168 172 173 171 166 174 Misc manufactures •.... 116 133 131 134 135 138 136 136 136 135 136 136 136 139 138 Nondurable Manufactures Textile annarel and leather Droducts 117 755 757 75P 140 742 75P 757 755 757 759 755 755 755 757 Textile mill products. 109 126 127 129 132 135 130 127 123 124 124 124 124 123 122 129 153 152 155 156 156 154 154 156 159 160 157 155 158 161 Leather and Droducts • •• 109 119 120 127 121 124 120 117 117 116 118 119 110 111 142 154 755 154 755 755 757 158 757 755 755 75P 755 757 158 Paper and products 155 170 173 Ml 169 175 174 175 175 167 173 176 173 171 173 133 144 141 142 142 145 146 148 146 147 148 148 148 147 148 126 135 136 135 132 139 140 138 137 137 140 139 137 136 139 Chemical netroleum and rubber Droducts 188 215 210 212 219 223 227 223 218 275 219 222 r219 220 224 Chemicals and products 210 240 238 241 244 245 246 250 245 246 248 250 248 251 257 247 298 290 296 306 310 310 315 307 309 313 314 311 317 Petroleum products 148 158 157 158 162 163 161 159 159 158 153 157 153 '154 160 166 199 182 183 205 223 210 209 201 198 203 206 '204 201 Food? bevera&es and tobacco .. 123 128 750 750 727 727 750 750 725 72P 729 757 729 '750 757 Foods and beverages 123 128 130 131 128 127 131 130 128 129 130 131 130 130 131 Food manufactures • 125 131 132 133 131 129 131 131 129 132 133 134 132 133 133 111 117 121 120 112 114 126 125 119 116 114 120 117 117 111 127 135 126 117 134 130 126 130 127 131 130 123 129 Mining Coal oil and sas 117 122 725 725 724 720 77P 720 727 724 727 725 727 H20 727 Coal 68 68 69 73 68 58 59 61 63 71 78 75 69 71 72 Crude oil and natural 2as . 140 147 148 150 150 148 146 146 147 149 149 148 145 142 143 138 145 147 148 147 146 143 144 145 146 146 145 144 '143 144 129 135 138 139 139 135 133 134 135 136 135 135 134 '133 133 Gas and cas liouids... 196 210 207 209 213 217 214 212 215 215 219 Oil and gas drilling 152 159 152 155 161 162 163 161 159 164 170 164 146 133 135 Metal stone and earth minerals 142 745 755 164 750 745 725 775 720 742 752 755 757 759 770 114 107 136 140 130 100 66 53 57 94 111 119 131 143 140 171 188 190 189 190 192 193 189 188 192 196 188 183 '175 200 Utilities Electric 244 270 262 267 273 275 274 279 279 274 278 279 r278 '288 282 Gas 244 265 265 266 266 261 259 259 263 272 283 SUMMARY MARKET GROUPINGS 145 162 161 164 164 166 170 170 170 166 171 170 167 '167 168 Consumer coods. 140 155 156 157 157 159 158 158 158 154 159 164 160 '160 162 Equipment including defense 165 188 184 190 193 196 194 194 194 192 194 195 194 '196 194 Materials 138 157 163 167 167 160 148 149 146 152 165 167 165 '164 163 ••Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 679 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 =100 [Without seasonal adjustment] Annual average 1959 1960 Grouping 1958 1959 Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. INDUSTRY GROUPINGS 141 159 163 165 167 154 156 159 160 157 162 168 r169 r168 167 139 158 163 164 167 153 154 158 159 156 161 167 168 167 166 Durable 141 165 173 177 180 161 152 157 159 158 174 181 181 179 175 141 155 155 155 156 149 162 163 164 159 151 156 158 158 161 120 125 128 132 131 119 120 120 122 126 129 128 126 125 127 Utilities 244 268 Durable Manufactures 110 125 148 152 154 111 91 94 90 114 142 149 147 144 136 Primarv metals 99 114 151 155 156 88 55 56 57 102 141 150 148 144 133 94 107 151 154 154 77 37 38 40 96 145 152 148 143 129 125 142 142 146 151 145 146 151 139 133 143 146 146 144 141 Structural metal Darts..... .... 138 150 153 157 162 156 148 150 141 140 154 156 154 153 150 166 197 199 202 205 197 189 198 205 189 204 216 r217 r215 209 140 169 165 169 174 164 168 178 179 173 178 181 182 183 178 117 141 142 146 149 147, 139 145 145 143 148 150 152 153 149 Electrical machinery 175 212 201 206 214 198 213 233 234 222 226 229 232 '231 222 Transportation equipment 197 229 244 244 243 238 203 210 231 192 230 262 r261 r253 245 112 147 163 164 164 158 113 125 155 103 154 199 196 183 174 Aircraft and other equipment 376 390 400 395 395 393 391 382 376 376 377 373 r374 '379 375 Instruments and related products 175 209 200 203 211 209 212 218 221 222 225 220 220 '223 219 Cloy gloss and lumber 124 143 143 150 154 147 156 153 152 142 135 131 136 133 141 Clay class and stone products . 137 159 159 165 171 168 171 169 168 160 155 149 151 149 158 Lumber and products 110 125 125 135 136 123 139 136 135 122 111 111 119 115 123 Furniture ond miscellaneous . . 126 147 140 143 147 145 153 157 158 155 154 149 151 r151 150 Furniture and fixtures 137 164 157 159 164 164 170 171 174 171 175 170 170 166 170 116 133 126 129 111 128 139 144 145 142 137 131 134 138 133 Nondurable Manufactures Textile oppovel ond leather- products 117 136 142 140 137 123 143 136 142 138 125 140 145 141 144 1 1 2 09 9 1 15 26 3 1 m 60 n 15 o 7 1 1 2 5 8 2 1 1 1 3 8 4 1 16 32 1 1 1 2 5 7 2 1 1 3 6 1 2 1 1 2 5 7 9 1 1 1 4 7 0 1 1 2 6 7 0 1 il 7 l 0 1 16 24 5 1 1 7 27 1 Leather and products 109 119 121 119 118 110 126 119 118 113 108 121 122 121 Paper ond printing 142 154 157 155 153 145 155 160 165 159 152 155 158 r161 162 Paper and products 155 170 178 173 172 158 176 176 186 170 156 172 111 r\ll 179 133 144 144 144 141 137 141 150 152 152 149 144 146 150 152 Newspapers 126 135 145 144 133 121 125 139 148 149 138 128 133 141 148 Chemical pett'oleum ond rubber products 188 215 213 212 217 207 218 224 222 218 216 223 r224 226 228 Chemicals and products 2 2 4 10 7 2 29 40 8 2 29 44 6 2 2 4 9 3 8 2 3 4 0 3 2 2 23 9 1 2 2 29 42 9 2 3 5 1 1 2 2 3 4 1 9 0 2 3 4 1 6 0 2 3 4 1 4 3 2 3 5 1 0 4 r3 25 2 2 2 2 3 5 2 7 6 263 Petroleum products 148 158 152 155 162 161 165 163 158 156 157 157 155 153 155 166 199 187 179 199 187 203 212 211 203 194 216 '215 111 201 Foods beverages, ond tobocco 123 128 123 126 130 129 141 142 139 131 123 123 121 122 125 Hoods and beverages 123 128 123 125 130 130 141 143 138 131 124 123 121 122 126 Food manufactures 125 131 123 125 129 130 143 147 143 137 130 128 125 124 125 112 117 123 129 137 130 134 126 120 106 101 98 102 114 Tobacco products 121 127 130 130 127 122 139 131 139 127 106 130 124 129 Mining Cool oil ond sas 117 122 123 124 123 113 118 119 121 124 128 128 125 '123 121 Coal 68 68 67 71 71 46 62 64 68 74 76 14 70 71 70 Crude oil and natural gas 140 147 149 149 147 143 143 144 145 147 152 152 150 146 144 138 145 149 147 145 139 139 141 143 145 150 150 151 148 145 Crude oil 129 135 139 139 136 130 130 132 133 134 138 139 139 137 135 196 210 207 202 200 199 202 203 209 221 230 Oil and gas drilling 152 159 148 155 160 164 168 166 161 162 166 163 145 129 131 Metal stone and earth minerals 142 146 157 177 180 156 139 129 128 138 137 131 137 r141 164 Metal mining 114 107 129 161 161 115 76 62 63 86 89 94 108 117 132 171 188 186 193 198 200 205 201 198 193 189 171 167 164 196 Utilities Electric 244 270 7.57 254 264 273 280 284 267 265 283 297 r290 r293 277 Gas 244 265 SUMMARY MARKET GROUPINGS 145 162 161 162 165 159 165 168 170 162 162 169 r170 170 169 Consumer goods 140 155 154 154 157 150 159 161 165 154 153 162 162 161 162 165 188 187 191 195 191 190 193 192 189 194 197 '198 r200 198 Materials 138 157 164 167 168 150 147 151 150 154 163 167 168 166 164 f Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Seasonally adjusted] p 1 r 9 o 5 - 7 A av n e n r u a a g l e 1959 1960 Grouping portion 1958 1959 Apr. May June July Aug. Sept.Oct. Nov Dec. Jan. Feb. Mar. Apr. 100.00 93 105 107 109 no 108 104 103 102 103 109 Ill 110 109 109 86.49 92 705 707 770 770 70S 104 104 702 702 709 772 110 mo 709 4 3 9 6 . . 6 8 6 3 1 8 0 7 0 1 n 0 o 2 1 1 0 1 5 0 1 11 09 1 n i o n 1 1 0 1 5 3 1 9 1 8 3 1 9 1 7 3 1 9 1 6 1 1 9 1 6 1 1 1 0 1 7 2 1 1 1 11 3 1 10 1 9 2 1 1 1 08 2 1 1 1 06 3 8.55 91 95 98 99 98 94 91 91 91 96 99 98 96 95 97 Utilities. 4.96 105 115 112 114 116 116 116 117 118 117 119 120 r120 r124 12? Durable Manufactures 13.15 84 95 770 777 775 93 77 70 67 55 770 773 709 705 101 7.73 78 90 113 122 118 81 47 45 44 79 114 115 no 106 100 6.21 75 86 117 124 119 71 31 30 31 76 119 119 r114 109 100 5.42 92 104 104 109 112 111 106 106 99 95 105 109 108 107 103 2.91 93 101 103 106 109 108 100 99 92 91 100 104 104 no2 101 28.98 86 102 707 705 705 705 705 705 104 96 703 709 rW9 r705 705 15.31 85 103 100 104 107 108 107 108 107 104 108 no 108 r108 107 Nonelectrical machinery 8.92 83 99 97 101 104 105 103 104 103 102 103 104 103 104 102 Transportation equipment . 1 6 0 . . 3 7 9 6 8 8 9 4 1 9 0 8 8 1 1 0 0 3 2 1 1 0 0 4 7 1 n 0 o 5 1 1 0 1 6 3 1 1 1 0 3 2 1 9 1 8 3 1 9 1 8 2 1 7 0 9 8 1 9 1 3 5 1 1 1 0 8 8 M 1 0 1 7 5 r1 1 0 1 4 5 1 1 0 1 2 4 Motor vehicles and parts 5.04 77 100 108 111 113 114 106 103 104 63 94 127 126 118 115 Aircraft and other equipment 5.50 91 94 95 97 96 96 96 93 91 91 90 88 r88 '89 89 Instruments and related products 1.66 94 112 106 no 114 115 116 117 118 119 120 118 117 119 117 1.25 Cloy gloss ond lumber 4.57 97 777 772 114 114 775 774 772 777 777 773 772 7/2 705 777 2.92 95 no 111 112 116 118 115 112 in no 111 no no 106 110 1.65 100 115 118 112 117 114 113 115 '110 113 2.96 96 113 770 773 114 775 114 773 111 112 775 115 115 115 117 Misc. manufactures 1 1 . . 4 4 8 8 9 95 6 71 10 71 9 25 1 10 1 7 2 1 10 1 9 6 1 n 1 o 7 1 11 2 3 0 1 11 1 1 6 1 1 1 1 1 5 11 1111 146 11 1111 148 1 11 2 1 0 71 1 27 1 5 2 1 11 11 11 1 59 1 1 1 14 6 1 1 1 2 3 2 Nondurable Manufactures Textile, apparel\ and leather products 7.32 99 775 116 118 779 720 777 775 775 775 777 7/5 114 775 775 Textile mill products 2.78 98 113 114 115 119 121 117 114 111 111 111 112 111 Apparel products 3.44 101 120 120 122 122 122 121 121 1?? 125 126 124 122 n\\ no 1.10 97 106 107 113 107 no 107 105 104 104 105 106 98 1 9 2 8 4 127 7.93 99 705 707 705 107 709 770 777 770 709 777 777 110 r110 111 Paper and products . 3.27 101 111 112 112 no 114 113 114 114 109 113 115 113 nn 113 Printing and publishing 4 1 . . 6 5 6 3 9 9 8 6 1 1 0 0 5 4 1 10 0 4 4 1 10 0 3 4 1 1 0 0 1 4 1 1 0 0 6 6 1 1 0 0 7 7 1 10 0 6 8 1 10 0 5 7 1 1 0 0 8 4 1 1 0 0 7 9 1 1 0 0 6 9 1 1 0 0 5 9 1 10 0 8 4 1 1 0 0 6 9 Chemical, petroleum, and rubber products 10.95 99 773 770 777 775 777 775 777 775 114 775 775 7/5 7/5 118 Chemicals and products 7.10 100 114 113 115 116 117 117 119 117 117 118 119 118 rl 19 123 Industrial chemicals 3.61 98 118 115 117 122 123 123 125 122 123 124 125 M24 126 1.93 99 105 104 105 108 108 107 106 106 105 102 104 102 r103 106 Rubber and plastics products 1.91 95 114 104 105 117 128 120 120 115 113 116 118 '117 115 Foods, beverages, and tobacco 10.64 102 707 108 705 705 705 705 705 705 707 705 109 107 r108 109 9.87 102 106 107 108 106 105 108 108 106 107 107 109 107 r108 108 8.31 102 106 107 108 106 105 107 107 105 107 108 109 107 108 108 Beverages 1.56 102 106 no 109 102 103 114 113 108 105 104 109 106 106 Tobacco products .77 106 112 119 110 102 117 114 111 114 111 115 114 108 113 Mining Coal oil and gas • 7.05 92 96 96 98 97 94 93 94 94 97 99 95 95 r94 94 Coal 1.30 83 82 84 89 83 71 72 74 76 87 94 91 84 86 87 Crude oil and natural gas 5.75 94 99 99 100 100 99 98 98 99 100 100 99 97 95 96 4.98 94 99 101 102 101 100 98 99 99 100 100 100 99 98 99 Crude oil . 4.33 93 98 100 101 101 98 97 97 98 99 98 98 97 96 97 Gas and gas liquids .65 100 106 105 106 108 no 109 107 109 109 111 Oil and gas drilling .77 89 93 89 91 94 95 95 94 93 96 99 96 85 78 79 Metal, stone, and earth minerals 1.50 97 94 104 705 702 93 82 76 77 97 98 95 101 702 709 .70 83 11 99 102 94 73 48 39 42 68 80 87 95 104 102 .80 98 108 109 109 109 111 111 109 108 no 113 108 106 r101 115 Utilities Electric 3.76 104 115 112 114 117 118 117 119 119 117 119 119 119 '123 121 Gas 1.20 105 114 114 115 115 113 111 111 113 117 122 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 681 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping p p 19 r o o 5 r - 7 - a A v n e n r u ag a e l 1959 1960 tion 1958 1959 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 100.00 93 105 107 109 110 108 103 103 102 103 109 Ill no 109 109 46.75 95 107 106 108 108 70P 709 709 709 705 709 772 770 mo 777 Equipment including defense 3 1 1 5 . . 1 6 3 2 9 8 9 7 1 1 1 0 0 0 1 9 1 7 1 1 1 1 0 1 0 1 1 1 0 1 2 1 10 1 3 2 1 10 1 3 2 1 10 1 3 2 1 1 0 1 3 2 1 10 0 1 9 1 1 1 0 2 2 1 1 0 1 3 6 r1 1 0 1 2 3 1 1 0 1 4 3 1 1 0 1 3 5 53.25 91 104 108 110 110 106 98 99 97 100 109 no 109 108 108 Consumer Goods Automotive products 3.35 83 103 108 no 113 775 705 98 705 73 99 727 722 114 777 2.03 71 96 108 no 112 113 97 89 98 48 87 134 125 113 116 Auto parts and allied products 1.32 100 113 108 109 115 119 118 114 117 111 117 117 117 '116 119 9.60 98 116 775 777 775 720 118 779 779 720 122 727 775 775 779 4.40 96 115 112 116 117 120 120 121 121 121 124 123 117 114 117 1.75 94 114 no 115 115 119 121 125 124 126 133 130 117 rl 12 115 Appliances 1.26 99 119 115 121 118 121 130 130 129 138 143 139 121 ••114 116 .49 83 102 96 100 108 112 97 111 113 98 108 106 105 107 114 1.18 98 119 117 121 121 123 121 119 120 1?0 122 122 118 rl 14 121 Misc home goods 1.47 97 113 111 112 115 117 118 118 118 114 116 117 116 '116 116 5.20 100 116 118 118 119 120 117 117 118 119 120 118 116 118 120 18.18 102 108 109 109 108 705 770 777 709 770 770 772 770 '772 775 8.11 102 106 107 108 107 106 107 107 104 107 107 109 107 108 108 Beverages and tobacco 2.32 103 108 113 109 102 108 114 112 110 107 107 111 106 108 2 73 102 111 111 110 111 111 112 115 114 115 113 115 114 115 118 Newspapers magazines and books 1.44 99 106 104 104 105 106 108 no 108 109 109 110 109 110 113 Consumer fuel and lighting 3.45 105 113 no 111 112 113 113 114 115 116 116 117 117 120 Electricity 2 1 1 . . . 2 5 1 6 7 9 1 1 9 0 0 8 8 8 1 1 1 1 1 0 7 8 4 1 1 11 0 1 3 5 3 1 1 11 1 0 5 4 3 1 1 1 1 1 0 6 5 5 1 1 11 1 0 9 7 4 1 1 1 2 1 0 0 8 5 1 1 1 2 0 24 1 1 1 1 1 2 2 0 6 3 0 1 1 1 ? 2 0 2 1 5 1 1 12 0 2 1 3 2 1 1 12 2 0 2 3 4 1 1 12 0 2 0 5 3 '1 1 1 0 2 2 5 7 8 109 Gas .69 107 115 Equipment Business equipment 12.16 85 99 96 100 102 104 705 705 705 102 705 705 104 104 705 Industrial equipment 7.29 82 97 92 97 100 101 102 101 101 102 104 104 104 104 102 Commercial equipment 2.46 88 104 100 102 105 107 108 109 111 11? 113 114 113 115 115 1.83 89 95 97 99 97 101 96 92 91 87 90 99 r97 '96 96 Farm equipment .58 100 115 119 128 132 132 109 129 112 106 105 109 97 '93 89 3 46 Materials Durable goods materials 27.81 86 100 108 112 112 705 90 97 88 93 707 110 109 107 705 3.67 11 101 107 113 117 111 103 105 95 76 107 121 120 r117 109 8.10 86 103 102 106 109 106 102 101 103 10? 106 107 '107 106 103 Construction 9.05 95 107 111 114 113 113 107 105 102 101 107 109 108 '105 109 6 99 Nondurable materials 25.44 97 707 108 108 709 709 707 707 707 705 777 7/0 709 709 770 Business supplies 8 2. . 9 8 1 7 1 9 0 8 1 1 1 0 0 8 9 1 in 07 1 n 0 o 7 1 1 0 0 7 8 n in o no n n o o 1 1 0 0 7 6 1 1 0 0 9 7 1 11 1 3 2 1 1 1 1 1 1 m 11 o 1 '1 1 0 0 9 9 1 10 0 7 8 General business supplies 5.96 97 107 106 106 106 109 109 no 107 no 111 111 109 '109 109 Nondurable materials nee 7.05 98 115 116 116 118 122 118 117 117 117 119 119 119 119 122 Business fuel and power 9.52 94 100 101 103 103 99 97 98 98 101 104 103 102 '103 103 Mineral fuels 6.29 92 96 97 99 97 94 93 94 95 97 99 98 96 '96 96 Nonresidential utilities 2.70 102 113 112 114 117 116 113 114 113 114 117 117 118 120 Electricity .. 2.19 102 113 in 113 117 117 115 116 114 114 117 117 118 120 .99 98 no 109 111 117 116 109 109 106 106 114 114 116 118 Atomic energy .08 97 97 96 96 97 97 97 97 97 97 97 95 95 95 Commercial and other 1.12 105 118 115 117 118 118 120 123 122 122 121 121 121 124 Gas .51 102 113 115 116 117 112 109 109 109 113 118 Industrial .33 Commercial and other .18 Supplementary groups of consumer goods 7.75 90 no no 113 115 118 114 in 114 100 114 125 119 114 117 Apparel and staples 23.38 102 no 111 111 no 111 112 112 111 112 112 113 111 113 114 p Preliminary. r Revised. NOTE.—Published groupings include some series and subtotals not BULLETIN. Figures for industrial series and subtotals without seasonal sshhoowwnn sseeppaarraatteellyy.. FFoorr ssuummmmaarryy ddeescsrpipt tion aadn d hitstoarl ical dta,ta, 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, ddesciir iptive adn dh hiistilo ricdal datai llw bil l'be announdc eid in a fforhthicoming 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

682 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957* 100 [Without seasonal adjustment] Annual 1957 average 1959 1960 Grouping proportion 1958 1959 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total index 100.00 93 105 107 109 110 102 103 105 105 104 107 Ill Ill in 110 Ma D n u u r f a a b c l t e uringt total 4 86 9 . . 4 6 9 6 9 8 2 7 1 1 0 0 5 2 1 1 0 0 8 6 1 1 0 0 9 9 1 1 1 1 1 1 1 9 0 9 2 1 9 0 3 3 1 9 0 7 5 1 9 0 8 6 1 9 0 7 4 1 1 0 0 7 7 1 11 1 1 1 1 1 1 1 2 2 H 11 I 0 1 10 1 8 0 Nondurable 36.83 100 110 110 110 111 106 115 116 117 113 107 111 112 113 114 Mining 8.55 91 95 97 100 100 90 92 91 92 96 98 97 96 95 96 Utilities 4.96 105 115 Durable Manufactures 13.15 84 95 113 116 117 85 70 71 68 87 109 113 112 110 104 7.73 78 90 119 121 122 69 43 44 45 80 111 118 116 113 105 Iron and steel .. 6.21 75 86 121 123 123 61 29 30 32 77 116 122 118 114 103 Fabricated metal products 5.42 92 104 104 107 111 106 107 110 102 97 105 107 107 106 103 2.91 93 101 102 105 108 104 99 100 94 93 103 104 103 102 101 28.98 86 102 103 104 106 102 98 102 106 98 106 112 112 111 108 Machinery 15.31 85 103 101 103 106 100 102 109 109 105 109 110 111 111 108 8.92 83 99 100 103 105 100 98 102 102 100 104 106 107 108 105 Electrical machinery . 6.39 89 108 102 105 108 101 108 118 119 113 115 116 117 117 113 Transportation equipment 10.76 84 98 104 104 104 102 87 90 99 82 98 112 112 108 105 5.04 77 100 111 112 112 108 77 85 106 70 105 136 134 125 119 Aircraft and other equipment 5.50 91 94 96 95 95 95 94 92 91 91 91 90 '90 r91 90 Instruments and related products 1.66 94 112 107 109 113 112 114 117 119 119 121 119 118 120 118 1.25 4.57 97 HI 112 117 120 7/5 121 119 119 111 105 102 106 104 110 Clay, glass, and stone products 2.92 95 110 111 114 119 117 119 117 116 111 108 103 105 104 110 Lumber and products 1.65 100 113 113 122 123 112 126 123 122 111 100 101 108 104 111 Furniture and miscellaneous 2.96 96 112 107 108 112 110 116 119 120 118 117 113 115 114 114 Furniture and fixtures 1.48 96 115 110 111 115 115 119 120 122 119 122 119 119 116 119 1.48 95 109 104 106 109 105 114 118 119 116 112 107 110 113 109 Nondurable Manufactures 7.32 99 115 121 118 116 104 121 115 120 117 106 118 123 120 122 Textile mill products 2.78 98 in 119 117 115 106 118 114 117 114 105 114 114 112 114 Apparel products 3.44 101 120 126 123 119 105 127 119 127 125 110 126 134 130 134 Leather and products 1.10 97 106 108 106 105 98 112 106 105 101 96 107 109 107 7.93 99 108 110 108 107 101 108 112 115 111 106 108 110 112 113 Paper and products 3.27 101 111 116 112 112 103 115 115 121 111 102 112 115 115 116 4.66 98 105 106 106 104 100 104 110 111 112 110 106 107 110 111 Newspapers . . 1.53 96 104 111 110 102 92 96 107 113 114 106 98 102 108 113 Chemical petroleum and rubber products. . 10.94 99 113 112 HI 114 109 115 118 117 115 113 117 r118 r118 120 Chemicals and products 7.10 100 114 116 116 116 110 115 119 119 117 116 119 120 122 125 Industrial chemicals 3.61 98 113 117 118 120 116 119 124 123 123 124 125 128 129 Petroleum products . .. . 1.93 99 105 101 103 108 107 110 109 105 104 104 104 103 102 103 Rubber and plastics products 1.91 95 114 107 103 114 107 117 121 121 116 111 124 '123 121 10.64 102 107 102 105 108 107 117 118 115 109 102 102 101 r102 104 Foods and beverages 9.87 102 106 101 104 108 107 117 119 115 109 103 101 100 101 104 8.31 102 106 100 101 105 105 116 119 116 111 105 104 101 101 102 Beverages 1.56 102 106 111 117 124 118 121 115 109 96 91 89 93 103 .77 106 112 114 114 112 108 122 115 122 111 93 114 109 113 Mining Coal oil and gas 7.05 92 96 96 97 96 88 92 93 95 97 100 100 98 96 94 Coal 1.30 83 82 82 86 86 55 75 78 83 90 92 89 85 87 85 5.75 94 99 100 100 99 96 96 97 97 99 102 102 101 98 97 Oil and gas extraction 4.98 94 99 102 101 99 95 95 97 98 99 102 103 103 102 100 Crude oil 4.33 93 98 101 101 99 95 94 96 96 97 100 101 101 99 98 .65 100 106 105 102 101 101 102 103 106 112 117 Oil and gas drilling .77 89 93 87 91 94 96 99 97 94 95 97 96 85 76 77 Metal stone and earth minevals 1.50 91 94 101 114 115 100 89 S3 82 88 88 84 88 90 105 Metal mining .70 83 77 93 117 116 83 55 45 46 62 64 68 78 85 96 Stone and earth minerals .80 98 108 107 111 114 115 118 116 114 111 109 98 96 r95 113 Utilities Electric 3.76 104 115 110 108 113 116 120 121 114 113 121 127 124 125 118 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 683 MARKET GROUPINGS 1957=» 100 [Without seasonal adjustment] p 1 r 9 o 5 - 7 A av n e n r u a a g l e 1959 1960 Grouping portion 1958 1959 Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total index 100.00 93 105 107 109 110 102 103 105 105 104 107 Ill Ill Mil 110 46.75 95 107 705 107 108 705 709 770 77i 106 705 777 r772 r772 777 31.13 99 110 109 109 111 107 113 114 117 109 108 115 115 114 115 15.62 87 100 99 101 103 101 100 102 101 100 103 104 104 r106 104 Materials 53.25 91 104 109 110 111 99 97 100 99 102 108 110 111 110 108 Consumer Goods 3.35 83 103 114 114 775 770 77 50 777 76 103 755 133 124 723 Autos 2.03 71 96 118 117 114 109 51 53 105 55 98 149 143 129 126 1.32 100 113 107 109 118 113 118 121 120 107 111 116 118 116 118 9.60 98 116 117 116 775 705 170 722 725 779 772 775 723 722 727 4.40 96 115 112 112 115 105 116 127 129 120 117 115 121 r120 118 1.75 94 114 113 in 116 95 108 130 131 119 114 116 127 r127 120 Appliances 1.26 99 119 126 126 126 103 108 127 121 116 118 120 136 r139 131 .49 83 102 78 80 91 73 110 139 157 125 102 106 106 96 93 1.18 98 119 116 114 116 115 122 123 126 123 125 120 121 r116 120 1.47 97 113 109 110 113 109 120 126 129 121 113 110 114 116 115 5.20 100 116 120 118 117 105 124 117 122 118 107 120 125 123 124 18.18 102 108 705 105 705 707 775 777 114 770 705 709 108 r7O9 770 8.11 102 106 99 101 105 106 116 120 115 111 105 103 101 100 102 Beverages and tobacco 2.32 103 108 112 116 120 114 122 115 113 101 92 97 98 107 2.73 102 111 111 109 110 104 114 118 117 116 113 115 114 117 118 Newspapers magazines and books 1.44 99 106 104 103 104 103 109 113 110 109 109 109 109 112 113 Consumer fuel and lighting 3.45 105 113 109 106 107 109 113 114 109 112 120 127 124 123 1.19 98 104 100 101 104 103 106 103 99 104 107 108 105 r103 103 Residential utilities 2.26 108 117 Electricity 1.57 108 118 113 105 106 112 117 121 113 115 129 141 136 136 Gas .69 107 115 Equipment 12.16 85 99 98 707 704 707 700 702 702 700 104 705 705 705 705 7.29 82 97 92 97 101 100 101 102 102 100 105 104 103 r104 103 Commercial equipment 2.46 88 104 100 101 104 103 106 110 112 113 115 115 115 116 114 Freight and passenger equipment 1.83 89 95 103 103 102 99 93 87 88 84 87 98 noo '101 102 Farm equipment .58 100 115 138 136 133 116 95 112 111 94 101 112 105 100 107 3.46 Materials Durable soods Tnatetials . ..... 27.81 86 700 709 772 114 97 55 97 90 94 707 7/0 770 '705 705 Consumer durable 3.67 77 101 106 108 110 97 88 101 101 85 115 128 128 121 108 8.10 86 103 104 106 108 101 98 101 102 102 108 109 109 108 104 Construction 9.05 95 107 110 114 118 110 110 110 107 102 103 103 103 r102 108 6.99 25.44 97 107 709 705 705 707 707 709 709 709 705 777 111 r112 111 8.87 98 108 111 109 108 101 110 113 113 110 106 108 109 112 Containers 2.91 101 109 114 113 114 105 119 118 114 103 97 105 108 109 110 General business supplies 5.96 97 107 109 107 105 100 105 111 112 113 110 109 109 nn 112 7.05 98 115 117 117 116 109 116 117 120 120 116 121 123 123 123 9.52 94 100 101 102 102 95 98 99 98 101 105 105 104 r104 102 6.29 92 96 98 98 96 87 91 93 95 97 100 100 99 98 97 Nonresidential utilities. 2.70 102 113 Electricity 2.19 102 113 108 iii 117 119 121 121 115 112 115 117 115 118 General industrial .99 98 110 109 112 117 112 110 110 109 108 114 115 113 118 .08 97 97 96 96 97 97 97 97 97 97 97 96 95 95 Commercial and other 1.12 105 118 107 110 119 128 133 133 122 116 118 120 117 119 Gas . ... .51 102 113 .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 90 110 113 113 115 107 99 107 121 101 111 124 126 122 120 23.38 102 110 108 108 110 107 117 117 116 112 108 112 112 112 113 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

684 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 = 100, unless otherwise indicated] Industrial production Construction Manu- Prices contracts * facturing 3 Major industry Major market groupings N r o ic n u a l g - - Freight D m ep e a n r t t- Y m e o a n r t o h r Total M t f i u a a n c n r g - - u g - ro M u in p i g n in - gs U it t ie il s - To F ta in l al g s C o u p o o m r n d o e - d s r u E c m t q s e u n ip t - M ria a l t s e- R d t e e ia s n l i - - o A th l e l r t p o e l m t o a y - l - 2 p m E l m o en y - - t P ro a l y l - s l c i o n a a g r d s - - v ( s s r a t a e o l l t u r e a e e s il ) s C u o m n e - r m W c s o o a h m d l o e i - t le 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 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 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 ••280 167 160 194 165 91 79 121.1 101.4 173.9 86 142 125.6 119.3 Mar. . . '166 '165 125 '288 '167 '160 '196 '164 119 110 '120.8 100.8 '172.6 83 138 125.7 120.0 Apr 165 164 127 285 168 162 194 163 136 118 121.4 100 8 169 1 '84 P154 126.2 120.0 May ^167 H66 ^125 ^121.3P100.8P170.2 83 *140 119.7 « Estimated. ? Preliminary. r Revised. were: residential, 271; all other, 266. A description of the old index, Adj. =adjusted for seasonal variation. Unadj. = without seasonal including seasonal adjustments, may be obtained from the Division of adjustment. Research and Statistics. • See note 1. 2 Employees only, excluding personnel in the armed forces. i Indexes beginning with 1956 are based on data for 48 States from 3 Production workers only. F. W. Dodge Corporation, 1957=100. Figures for earlier years are NOTE.—Indexes for employment (excluding Alaska and Hawaii), three-month moving averages, based on value data for 37 States east of payrolls, and prices are compiled by the Bureau of Labor Statistics. the Rocky Mountains, 1947-49=100; the data for 1956 on this basis CONSTRUCTION CONTRACTS [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Annua1 totals 1959 1960 Type ot ownership and type of construction 1958 1959 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total construction 35,090 36,269 3,778 3,542 3,659 3,657 3,084 3,058 3,135 2,373 2,224 2,193 2,240 3,046 3,360 By type of ownership: Public 13,427 11,068 1?07 1.094 167 1 186 850 840 914 701 711 727 702 I075 1,067 Private . . . 21,663 25,201 2,571 2,447 2,492 2,470 2,234 2,218 2,220 1,672 1,513 1,466 1,537 1,971 2,293 By type of construction: Residential 14 696 17,150 1 1,677 176? 1600 1 551 i 466 1 993 927 988 I 294 10,948 11,387 1,187 1,072 1 961 ,006 1,003 801 790 801 698 1067 Public works and utilities 9,446 7,732 760 793 J842 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 685 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates1. Seasonally adjusted. In millions of dollars] ]Private Public Year or month Total Business Other Total d R en es ti i a - l Total Indus- Com- Public n r d e o e s n n i- - - 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 t r trial mercial utility tial 1951 32,700 23,447 12,529 7,344 2,117 1,498 3,729 3,574 9,253 887 2,353 912 5 101 1952 34,670 23,889 12,842 7,500 2 320 1 137 4 043 3 547 10 781 I 387 2 679 900 5 815 1953 , 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11 236 1,290 3,015 892 6'039 1954 39,362 27,684 15,379 8,531 2,030 2,212 4,289 3,774 11,678 1,003 3,680 773 6 222 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3.861 701 5,875 1956 45,779 33,067 17,677 11,608 3 084 3 631 4 893 3 782 12 712 1,360 4 395 826 6 131 1957 47,795 33,778 17,019 12,535 3,557 3 564 5 414 4 224 14 017 1,287 4,892 971 6 867 1958 48,903 33,491 18,047 11,076 2,382 3,589 5,105 4,368 15,412 ,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 1.433 5,800 1,121 7,623 1959 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 ,418 139 511 112 656 July 4,671 3,301 1,924 970 170 351 449 407 I 370 113 514 90 653 Aug 4,566 3,260 1,875 966 175 347 444 419 I 306 113 475 86 632 Sept 4,427 3,196 1.855 933 168 329 436 408 1,231 102 443 88 598 Oct 4,313 3,129 [ 811 910 169 318 423 408 I 184 95 418 91 580 Nov 4,221 3,085 [,748 921 180 317 424 416 ,134 105 381 77 571 Dec 4,331 3,144 [,760 955 196 331 428 429 ,187 111 381 95 600 I960 Jan 4,489 3,211 1,804 993 203 345 445 414 1,278 95 483 91 609 Feb 4,521 3,230 ,779 1,041 218 363 460 410 1,291 77 481 103 630 Mar p 4,522 3,216 776 1,030 215 344 471 410 I 306 115 482 103 606 Apr.? 4,493 3,181 '761 1,014 211 339 464 406 ,312 108 481 99 624 Mayp 4,488 3,210 1,749 1,018 210 338 470 404 ,317 92 482 101 642 P Preliminary. 1 Prior to June 1959, data are from the Departments of Commerce and Labor. NEW HOUSING STARTS [Bureau of the Census estimates. In thousands of units] S a e d a j s u o s n t a e l d ly Private Government-underwritten 2 annual rate Metro- Non- Year or month T ( o P t r a iv l ate N o o n n l f y a ) rm Total p a o r l e i a ta s1 n p a o r l e i a ta sl n Total family fam 2- ily M fam ul i t l i y - Public Total FHA VA 1951 1 .091 111 315 1,020 892 40 88 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 ,104 804 300 1,068 933 42 94 36 409 252 157 1954 .220 897 324 1,202 1,077 34 90 19 583 276 307 1955 . ... ,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 ,118 780 338 1,094 981 31 82 24 465 195 271 1957 ,042 700 993 840 33 120 49 322 193 128 1958 .209 827 382 1,142 933 39 170 68 439 337 102 1959 .379 946 432 1,343 1,079 49 215 36 458 349 109 I9593 I 553 1 077 477 1.517 1,234 56 227 36 458 349 109 1959 Jan.^ 1,533 1,517 99 75 24 96 76 17 3 27 20 7 Feb [ 546 [ 529 100 71 29 99 79 4 16 1 26 20 6 Mar [,598 1,580 131 90 41 128 102 5 20 3 40 30 10 Apr [ 613 I 599 156 107 49 151 122 6 23 5 46 35 11 May ,597 1,580 156 106 50 153 124 6 23 4 47 36 10 June 577 [ 563 153 103 50 148 121 5 22 6 47 36 11 July ,578 1,546 150 103 47 148 123 6 20 2 45 34 11 Aug ,450 ,446 142 98 44 138 115 5 19 4 45 35 10 Sept ,509 I 468 140 94 46 136 113 4 19 4 42 32 10 Oct .378 ,354 123 89 35 120 97 5 19 3 37 28 9 Nov 1,356 ,328 107 74 32 105 85 4 15 2 31 23 8 Dec 1 451 401 96 67 29 96 77 4 15 26 20 6 196O Jan 1 334 259 86 62 24 84 67 3 14 20 \6 4 Feb 1,358 338 90 65 25 87 70 4 14 2 22 18 5 Mar ^1,100 p ,086 P93 66 26 J>89 71 4 15 pi 27 22 5 Aor *1,254 V 234 ^118 81 37 P116 n.a. n.a. n.a. P2 33 25 7 n.a. Not available. p Preliminary. 3 New series, including both farm and nonfarm unless otherwise 1 For new series, based on revised definition of metropolitan areas. indicated. Not strictly comparable with nonfarm series developed by 2 Data from Federal Housing Administration and Veterans' Ad- the Bureau of Labor Statistics, for which annual totals are given through ministration represent units started under commitments of FHA or VA 1959. to insure or guarantee the mortgages, as based on field office reports of first compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employed 1 Unemploy- Year or month institutional labor Not in the ment population force Total In nonagri- In U pl n o e y m ed - labor force (per r a c t e e nt)2 Total cultural 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 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 Aug 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 I960 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 May 125,033 73,171 70,667 67,208 61,371 5,837 3,459 51,862 4.9 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 1 M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6 645 1954 48,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16 563 111 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 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 julv 52,558 16,580 714 2,800 3,920 11,465 2,426 6,570 8,083 52,023 16,037 633 2,814 3,893 11,529 2,437 6,549 8 131 Sept 52,154 16,141 617 2,776 3,899 11,464 2,452 6,584 8,221 Oct 52,002 16,022 621 2,762 3,900 11,478 2,453 6,549 8,217 Nov 52,253 16,174 657 2,792 3,902 11,452 2,450 6,593 8,233 Dec 52,674 16,436 665 2,800 3,917 11,486 2,450 6,613 8,307 1960 Jan 52,880 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 52,823 16,509 666 2,601 3,920 11,595 2,456 6,577 8 499 Apr 53,109 16,522 683 2,760 3,928 11,639 2,464 6,607 8,506 May 53,042 16,519 683 2,786 3,930 11,649 2,466 6,612 8,397 WITHOUT SEASONAL ADJUSTMENT 1959—May 51,982 16,187 701 2,834 3,914 11,234 2,413 6,583 8,116 June 52,580 16,455 713 2,986 3,944 11,352 2,442 6,623 8,065 July 52,343 16,410 710 3,035 3,949 11,324 2,475 6,603 7,837 52,066 16,169 639 3,107 3,922 11,360 2,474 6,582 7,813 Sept 52,648 16,367 620 3,043 3,927 11,464 2,452 6,617 8,158 Oct 52,569 16,197 621 2,961 3,910 11,551 2,441 6,614 8 274 Nov 52,793 16,280 660 2,856 3,912 11,723 2,438 6,593 8,331 Dec 53,756 16,484 668 2,699 3,940 12,345 2,438 6,547 8,635 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 52,172 16,478 666 2,312 3,900 11,325 2,444 6,511 8,536 Apr 52,824 16,375 676 2,597 3,921 11,608 2,464 6,640 8 543 May 52,896 16,329 676 2,833 3,927 11,517 2,466 6,711 8,437 * 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 April and May 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 687 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 May Mar. Apr. May May Mar. Apr. May Total 12,481 12,462 12,470 12,466 12,299 12,435 12,330 12,282 Durable goods 7,162 7,179 7,119 7,082 7,139 7,205 7,114 7,061 Ordnance and accessories 73 75 74 74 73 75 74 74 Lumber and wood products 591 573 581 589 594 556 566 592 Furniture and fixtures 326 324 330 333 318 327 328 325 Stone, clay, and glass products 454 445 448 451 454 443 448 451 Primary metal industries 1,057 1,038 1,019 991 1,052 1,043 1,019 986 Fabricated metal products 857 846 836 834 853 854 836 830 Machinery except electrical 1,142 1,168 1,160 1,150 1,153 1,186 1,177 1,162 Electrical machinery 822 870 860 857 814 879 860 848 Transportation equipment 1,233 1,221 1,183 1,170 1,233 1,221 1,183 1,170 Instruments and related products 220 229 229 229 219 231 230 228 Miscellaneous manufacturing industries. 387 390 399 404 379 392 395 396 Nondurable goods 5,319 5,283 5,351 5,384 5,160 5,230 5,216 5,221 Food and kindred products 1,040 1,036 1,051 1,048 974 934 960 979 Tobacco manufactures 80 80 80 79 69 71 69 68 Textile-mill products 878 854 862 867 874 863 862 863 Apparel and other finished textiles 1,111 1,080 1,106 1,136 1,055 1,118 1,084 1,079 Paper and allied products 451 448 453 452 446 446 448 447 Printing, publishing and allied industries 556 568 571 571 553 568 568 568 Chemicals and allied products 535 533 548 550 532 541 553 547 Products of petroleum and coal 158 156 156 154 159 154 154 155 Rubber products 173 208 203 199 172 208 200 198 Leather and leather products 337 320 321 328 325 328 318 317 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 April and May 1960 are HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hhoouurrss wworked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1959 1960 1959 1960 1959 1960 May Mar. Apr. May May Mar. Apr. May May Mar. Apr. May Total 90.32 90.91 89.83 90.74 40.5 39.7 39.4 39.8 2.23 2.29 2.28 2.28 Durable goods 98.64 98.74 97.36 98.09 41.1 40.3 39.9 40.2 2.40 2.45 2.44 2.44 Ordnance and accessories 105.83 108.73 106.75 107.01 41.5 41.5 40.9 41.0 2.55 2.62 2.61 2.61 Lumber and wood products 80.56 77.60 79.80 80.39 41.1 38.8 39.7 39.6 1.96 2.00 2.01 2.03 Furniture and fixtures 72.76 72.73 73.63 73.45 40.2 39.1 39.8 39.7 1.86 1.85 1.85 Stone, clay, and glass products 91.94 90.57 91.30 91.98 41.6 39.9 40.4 40.7 2.27 2.26 2.26 Primary metal industries 117.58 114.29 112.86 106.96 41.4 40.1 39.6 38.2 2.85 2.85 2.80 Fabricated metal products 98.36 98.42 96.80 98.66 41.5 40.5 40.0 40.6 2.37 2.43 2.42 2.43 Machinery except electrical 104.00 105.47 103.79 105.73 41.6 41.2 40.7 41.3 2.50 2.56 2.55 2.56 Electrical machinery 89.51 91.43 88.98 90.52 40.5 40.1 39.2 39.7 2.21 2.28 2.27 2.28 Transportation equipment 107.98 110.84 108.13 111.79 40.9 40.6 39.9 40.8 2.64 2.73 2.71 2.74 Instruments and related products 91.98 95.88 93.20 94.30 40.7 40.8 40.0 40.3 2.26 2.35 2.33 2.34 Miscellaneous manufacturing industries... 76.57 78.18 76.24 78.00 40.3 40.3 39.3 40.0 1.90 1.94 1.94 1.95 Nondurable goods 79.40 79.93 79.52 81.35 39.7 38.8 38.6 39.3 2.00 2.06 2.06 2.07 Food and kindred products 85.68 86.94 87.16 88.70 40.8 39.7 39.8 40.5 2.10 2.19 2.19 2.19 Tobacco manufactures 67.51 59.86 64.98 67.50 38.8 34.8 36.1 37.5 1.74 1.72 1.80 1.80 Textile-mill products 63.83 63.83 63.76 65.85 40.4 39.4 39.6 40.4 1.58 1.62 1.61 1.63 Apparel and other finished textiles 55.63 55.85 53.70 55.54 36.6 35.8 35.1 36.3 1.52 1.56 1.53 1.53 Paper and allied products 93.52 94.30 93.86 95.82 42.9 42.1 41.9 42.4 2.18 2.24 2.24 2.26 Printing, publishing and allied industries.. 102.11 105.05 103.57 105.16 38.1 38.2 37.8 38.1 2.68 2.75 2.74 2.76 Chemicals and allied products 99.42 102.01 104.66 103.34 41.6 41.3 42.2 41.5 2.39 2.47 2.48 2.49 Products of petroleum and coal 117.67 116.87 119.54 117.74 41.0 40.3 40.8 40.6 2.87 2.90 2.93 2.90 Rubber products 101.46 97.71 94.35 100.95 42.1 39.4 38.2 39.9 2.41 2.48 2.47 2.53 Leather and leather products 60.54 60.84 58.06 60.23 37.6 37.1 35.4 36.5 1.61 1.64 1.64 1.65 NOTE.—Data are for production and related workers. Figures for April and May 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

688 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 P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c Ch a i g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 1952 114 110 104 113 115 122 127 109 116 109 121 129 120 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 127 148 169 125 137 128 146 159 143 1959 144 126 131 139 136 156 181 133 144 134 155 172 156 SEASONALLY ADJUSTED 1959_Apr 144 125 130 139 137 157 ill 135 144 135 157 175 155 May 144 125 130 140 136 157 178 136 148 132 154 172 154 144 124 130 142 135 156 180 135 140 140 155 174 157 July 147 126 134 142 142 157 185 138 145 133 154 174 160 Auc • •• 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 138 122 126 134 139 140 162 125 131 123 142 164 157 Apr ^154 134 144 151 144 2>169 192 145 159 147 Pi 64 181 159 WITHOUT SEASONAL ADJUSTMENT 1959 Apr 130 114 116 128 123 139 165 123 129 122 141 158 139 May 141 124 126 138 132 156 175 134 149 127 154 172 146 June 136 118 125 132 127 146 162 130 130 135 147 160 151 July 121 95 100 108 115 129 157 111 120 107 135 155 143 132 103 102 112 126 138 177 124 138 132 156 176 157 Sent ... 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 95 107 113 113 114 149 108 110 105 119 143 126 p150 133 137 153 144 ^166 194 139 150 139 p154 172 153 STOCKS i 1952 121 117 115 120 115 127 143 112 120 113 130 129 131 1953 131 124 120 129 125 141 155 122 131 123 146 143 140 1954 128 126 117 127 122 138 152 120 125 124 141 140 135 1955 136 132 119 135 124 159 170 127 135 130 152 153 142 1956 148 141 130 148 133 175 195 138 148 142 164 168 156 1957 152 138 138 154 136 178 203 143 150 146 160 174 158 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 Apr 151 138 137 155 127 178 '203 142 143 138 153 174 168 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 I960—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 r162 144 147 159 145 177 r225 151 148 146 160 182 183 Apr p\59 141 144 161 139 P180 ^224 146 147 147 *>157 »182 *>176 WITHOUT SEASONAL ADJUSTMENT 1959—Apr 158 144 142 166 133 184 211 150 149 140 159 180 171 May 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 149 132 129 147 127 168 197 146 140 136 150 171 165 156 143 142 156 130 181 212 152 145 145 155 182 166 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 165 146 149 164 149 181 r237 151 150 149 164 191 182 Apr H65 147 150 172 146 *>186 P232 155 153 150 *163 ^189 P179 P Preliminary. r Revised. For description of the series see the BULLETIN for December 1957, •I1 Figures for sales are the average per trading day, while those for stocks pp. 1323-36. Back data may be obtained from the Division of Adminare as of the end of the month or averages of monthly data. istrative Services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 689 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales* Out- Re- New Stocks Period Sales i Stocks! stand- ceipts 2 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 ,097 435 397 401 2.9 1.2 4. 1.0 1953 406 ,163 421 408 401 3.0 L.I 4. 1.0 1954 409 ,140 388 410 412 3.0 1.0 4.() 1.0 1955 437 ,195 446 444 449 2.9 l.l 4.() 1.0 1956 454 ,286 470 459 458 3.0 l.l 4. 1.0 1957 459 ,338 461 461 458 3.1 l.l 4. 1.0 1958....... 462 ,323 437 462 464 3.0 1.0 4. .0 1959....... 485 1,385 510 492 496 3.0 .1 4. l.l M onth: 1959_Apr.. r434 rl,409 r380 r477 r435 '3.2 0.9 r4.1 l.l May. 453 1,365 418 414 444 3.0 0.9 3.9 ).9 June. 446 1,299 603 380 565 2.9 1.4 4.3 3.9 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 l.l 4.1 1.2 Nov. 578 1,639 521 639 556 2.8 ().9 3.7 l.l Dec. 940 1,310 372 611 462 1.4 ().4 1.8 ().7 I960—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 Mar. 415 1,468 456 521 463 3.5 l.l 4.6 1.3 Apr.* 505 ,467 418 504 466 2.9 ().8 3.'7 1.0 P Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1959, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see the dep 2 a D rt e m ri e v n e t d s f to ro r m e sa th le e s . reported figures on sales and stocks. BULLETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports excluding Merchandise exports * military-aid shipments 2 Merchandise imports 3 Period 1958 1959 1960 1958 1959 1960 1958 1959 1960 Jan 1,505 1,400 1,562 1,397 1,286 1,484 1,096 1,154 1,137 Feb 1,346 1,280 1,576 ,246 1,183 1,497 QSfi 1,118 1,288 Mar 1,555 1,456 1,751 ,440 1,375 1,634 ,072 1,295 1,375 Apr 1,530 1,479 1,823 ,408 1,343 1,708 ,057 1,221 1,257 May 1 638 I 551 I 507 I 411 061 I 264 June 1,408 1,423 1,309 I 347 031 I 369 JUly 1 418 I 468 289 I 353 049 I 248 1,401 1,397 1,287 1,300 950 I 189 Sept 1 363 1,479 I 242 I 399 073 I 392 Oct 1,607 1,482 1,426 1,398 ,150 I 202 Nov . 1,599 ,479 ,410 ,376 ,086 ,282 Dec 1,524 254 I 478 Jan -Apr 5,936 5,615 6,712 ),491 5,187 6,323 A1,181 1,788 5,057 • 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

690 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49=100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A ar p e - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o re g d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55 6 1945 76.9 68.9 90.9 76.3 1952 113.5 114.6 114.6 117.9 104.5 118 7 108 5 111 8 105.8 126 2 117 3 111 8 107 0 115 4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112 8 108 0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.1 1955 114.5 110.9 120.0 130.3 110 7 125 2 104 1 119 1 103.7 126 4 128 0 115 3 106 6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120 0 108.1 122.0 1957 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1958 123.5 120.3 127.7 137.7 117.0 134 9 103 9 131 4 107.0 140.5 144 4 128 6 116 7 127.2 1959 124.6 118.3 129.2 139.7 119.9 136.6 103.9 134.3 107.9 146.3 150.8 131.2 118.6 129.7 1959—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 Aug 124.8 118.3 129.3 139.8 120.1 133.9 103.6 134.6 108.0 146.7 151.4 131.7 119.1 131.1 Sept . .. 125.2 118.7 129.7 140.0 121.6 135.0 104.0 135.2 109.0 146.4 152.2 132.1 119.6 131.5 Oct 125.5 118.4 130.1 140.4 121.7 135.5 104.1 135.3 109.4 148.5 152.5 132.5 119.7 131.6 Nov 125.6 117.9 130.4 140.5 121.7 135.9 104.4 135.4 109.4 149.0 153.0 132 7 120 0 131.6 Dec 125.5 117.8 130.4 140.8 122.7 137.3 104.2 135.5 109.2 148.7 153.2 132.9 120.4 131.7 I960—Jan 125.4 117.6 130.7 140.9 123.2 139.0 104.0 135.9 107.9 147.6 153.5 132.7 120.3 131.8 Feb 125.6 117.4 131.2 141.0 124 0 139 0 104 3 136 3 108 4 147 5 154 7 132 6 120 6 131.8 Mar 125.7 117.7 131.3 141.2 124.1 137.2 104.7 136.9 108.8 146.5 155.0 132.7 120.9 131.7 Apr 126.2 119.5 131.4 141.4 124.4 136.3 104.7 137.0 108.9 146.1 155.5 132.9 121.1 131.9 NOTE.—Revised index, reflecting, beginning with January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49=100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49=100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e n c o p l r x t e d d e - s - l - l H s p e u k a a r i c n o i t d n h t d d e s s e - s , r ,p t l F e o i m a i g r u w n n i h a e a g d e - t l l - r , s ,C a p i u a l h c r l c n o a i e e t d l d m s s d - - p R u a b r u c n o e t b 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 a l 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 m u a t e r h i c n o r v i o a y t n d d e s - - - - h F d o h t b o a u u t u o l n h u r r e r l d e s a n e d s e r - i- - e s N r t t m t m a u a r o l i r l u l n e s a n i c — - - c l - - b b e m b o a T r a t e a n f c o t r v g d c l s - e e - o . d s n c M e e o l i l s u a - - s 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 89.6 1958 119.2 94.9 110.9 126.0 93.5 100.6 112.7 110.4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1959 119.5 89. 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 Apr 120.0 92.4 107.2 128.3 94.1 117.8 114.0 110.0 r146.7 126.3 132.2 152.8 152.1 123.4 138.3 132.2 98.8 May 119.9 90.8 107.7 128.4 94.5 118.5 113.4 110.0 148.8 128.2 132.0 153.0 152.5 123.5 138.4 132.2 95.2 June 119.7 89.8 108.1 128.2 94.9 118.9 111.2 110.0 147.3 128.9 132.3 153.3 153.0 123.6 137.4 132.2 91.0 July 119.5 88.4 107.5 128.4 95.3 119.3 111.1 109.9 146.4 128.3 132.4 152.7 153.6 123.8 137.5 134.5 92.9 Aug 119.1 87.1 105.8 128.4 95.7 119.7 112.2 109.7 141.0 128.5 132.3 152.8 153.8 123.5 137.4 134.5 92.0 Sept 119.7 88.9 107.8 128.4 95.9 119.1 111.9 109.9 142.0 127.2 132.4 153.8 153.9 123.4 137.5 131.8 88.6 Oct 119.1 86.5 106.4 128.4 95.9 116.2 111.4 110.0 142.3 126.2 132.5 154.5 153.7 123.3 137.5 131.7 91.8 Nov 118.9 85.4 104.9 128.5 96.3 111.7 111.2 110.0 144.9 124.3 132.3 155.8 153.6 123.3 137.7 131.7 93.7 Dec 118.9 85.9 104.7 128.6 96.7 112.3 111.7 110.0 142.5 124.8 132.4 155.2 153.7 123.2 137.8 131.7 94.2 1960 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 96.5 112.0 112.0 110.0 145.1 124.9 133.2 155.3 153.9 123.5 138.2 131.7 93.4 Mar 120.0 90.4 107.3 128.6 96.3 111.8 '112.3 110.1 145.2 124.5 133.1 154.5 153.9 123.7 138.2 131.7 94.0 Apr 120.0 91.1 106.8 128.7 96.2 112.3 112.2 110.2 145.1 124.2 133.1 154.4 154.0 123.5 138.2 131.7 95.4 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 691 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-^9= 100] 1959 1960 1959 1960 Subgroup Subgroup Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Farm Products: Pulp, Paper, and Allied Products {Cont.): Fresh and dried produce , 114.2 100.5 104.4 111.5 Grains , 79.7 76.7 78.2 79.4 Paperboard 136.2 135.9 135.9 135.9 Livestock and poultry 91.9 80.8 86.2 85.7 Converted paper and paperboard... 127.5 130.0 130.0 130.0 Plant and animal fibers 101.0 96.1 96.0 96.3 Building paper and board 145.0 147.6 '146.5 145.1 Fluid milk 91.9 99.0 r97.9 96.1 Eggs 54.5 58.4 75.8 80.2 Metals and Metal Products: Hay and seeds 79.5 77.1 76.7 76.3 Other farm products 133.5 128.9 127.9 128.5 Iron and steel , 170.8 171.6 170.5 170.5 Nonferrous metals 134.7 142.1 140.3 140.2 Processed Foods: Metal containers 152.9 154.8 154.8 154.8 Hardware 173.0 173.4 173.8 174.1 Cereal and bakery products 118.9 120.6 120.8 120.9 Plumbing equipment 129.8 133.9 133.9 132.1 Meats, poultry, and fish 100.8 93.1 •97.8 96.8 Heating equipment 121.7 120.3 120.1 120.2 Dairy products and ice cream 112.0 118.4 117.7 115.6 Fabricated structural metal products. 132.3 135.6 r136.0 135.5 Canned, frozen fruits, and vegetables 110.6 105.0 105.8 105.8 Fabricated nonstructural metal Sugar and confectionery 112.1 113.9 113.7 114.1 products 146.0 146.4 146.1 146.2 Packaged beverage materials 145.2 145.2 145.2 145.2 Other processed foods 95.3 101.6 101.7 102.8 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 143.0 145.3 145.3 145.5 Cotton products 90.3 95.8 95.6 94.9 Construction machinery and equip- Wool products 99.4 103.2 102.8 102.7 ment 171.8 173.9 '174.3 174.7 Synthetic textiles 80.6 79.8 79.4 79.5 Metal working machinery 172.7 177.6 178.3 178.3 Silk products 113.6 119.5 116.6 118.0 General purpose machinery and Apparel 99.3 100.6 100.7 100.6 equipment 162.8 168.2 '167.7 167.9 Other textile products 75.7 79.8 80.5 82.5 Miscellaneous machinery 149.2 149.6 149.9 150.1 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 153.0 156.0 '155.8 155.9 Motor vehicles 143.2 141.6 141.6 141.6 Hides and skins 108.5 69.8 72.0 73.5 Leather 120.4 104.8 102.8 104.7 Furniture and Other Household Dura- Footwear 128.2 134.2 134.2 133.7 bles: Other leather products 110.1 107.2 107.3 107.6 Household furniture 123.4 124.9 124.9 124.9 Fuel, Power, and Lighting Materials: Commercial furniture 155.0 155.8 156.6 156.7 Floor covering 127.8 129.6 130.6 130.8 Coal 119.3 124.1 124.0 119.2 Household appliances 105.2 103.3 103.2 103.1 Coke 170.4 170.4 170.4 170.4 Television, radios, phonographs 92.8 91.8 91.8 91.7 Gas fuels (Jan. 1958= 100) 108.6 114.5 r115.6 115.9 Other household durable goods 156.2 158.1 158.3 157.3 Electric power (Jan. 1958= 100) 100.8 101.8 101.8 101.8 Petroleum and products 119.4 114.6 115.0 115.4 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.2 135.3 135.3 135.3 Concrete ingredients 140.2 142.0 142.1 142.2 Industrial chemicals 123.9 124.2 124.2 124.4 Concrete products , 129.4 131.1 131.0 131.0 Prepared paint 128.3 128.3 128.3 128.3 Structural clay products 160.0 161.5 161.5 161.5 Paint materials 101.4 103.0 102.8 102.9 Gypsum products , 133.1 133.1 133.2 133.2 Drugs, Pharmaceuticals, cosmetics. . 92.9 94.0 94.2 94.5 Prepared asphalt roofing 126.4 107.6 107.6 106.6 Fats and oils, inedible 60.4 49.4 50.6 52.0 Other nonmetallic minerals , 132.7 133.7 133.7 134.4 Mixed fertilizers 109.6 '110.1 110.1 110.2 Fertilizer materials 107.5 108.8 108.8 108.8 Tobacco Manufactures and Bottled Other chemicals and products 106.3 106.5 106.5 106.4 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.5 106.5 106.5 Crude rubber 146.9 160.7 161.1 160.9 Other tobacco products 152.8 155.7 155.7 155.7 Tires and tubes 151.9 138.1 138.1 138.1 Alcoholic beverages 121.7 120.6 120.6 120.6 Other rubber products 141.9 144.6 144.6 144.5 Nonalcoholic beverages 171.1 171.1 171.1 171.1 Lumber and Wood Products: Miscellaneous: Lumber 126.8 126.1 125.9 125.5 Toys, sporting goods, small arms. .. 116.9 117.8 117.8 118.3 Millwork 135.4 137.7 137.7 136.8 Manufactured animal feeds 82.9 72.2 73.2 75.6 Plywood 106.6 97.0 r95.9 96.1 Notions and accessories 97.5 97.5 97.5 97.2 Jewelry, watches, photo equipment.. 108.2 110.6 110.6 110.6 Pulp, Paper, and Allied Products: Other miscellaneous 132.6 131.5 131.6 132.1 Woodpulp 121.2 121.2 121.2 121.2 Wastepaper 115.7 93.6 89.3 88.4 Paper 143.3 144.5 144.8 145.1 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 1 2 3 4 1 104.4 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 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 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 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 Gross orivate domestic investment 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 l 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 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 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 Net exDorts of soods And services 2.8 2 2 21.1 .6 1.1 2.9 4.9 1.2 — .8 — .9 — 1.8 .0 — .6 1.2 Exports 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 53.8 53.9 53.6 52.7 52.3 National defense3 1 « /» 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 1 !'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 Less* Government sales^ .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. * 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 b a y d j q u u s a te r d te r a s nnual rates Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 National income 87.8 40.2 104.7 241.9 330.2 350.8 366.5 366.2 398.5 389.4 403.9 398.2 402.6 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 62.1 146.4 210.9 227.6 238.5 239.4 257.8 250.9 259.4 259.5 261.5 268.6 P M r i i l v it a a t r e y 45.5 23.9 51.9 124 5 , . 174.9 189.6 198.4 196.2 212.1 206.2 214.0 213.5 214.8 22 9 1 . . 9 2 Government civilian .3 .3 1.9 17. 9.8 9.7 9.6 9.7 9.8 9.8 9.8 9.8 9.8 37.6 Supplements to wages and salaries 4.6 4.9 8.3 7. 26.2 28.4 30.5 33.5 35.9 34.8 35.6 36.3 36.9 21.4 Proprietors' income2 .7 .5 2.7 37. 13.0 14.9 17.0 17.4 19.6 19.0 19.6 19.8 20.0 46.3 Business and professional 14.8 5.6 17.4 23. 42.1 43.7 44.5 46.6 46.3 46.9 46.6 45.1 46.7 35.4 Farm 6 8 . . 0 8 2 3 . . 4 2 1 6 0 . . 5 9 14. 3 1 0 1 . . 4 8 3 1 2 1 . . 1 6 3 1 2 1 . . 7 8 3 1 2 4 . . 4 2 3 1 4 1 . . 5 8 3 1 3 3 . . 7 2 3 1 4 2 . . 5 1 3 1 4 0 . . 8 3 3 1 5 1 . . 1 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 Pro/its 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 9.4 22.8 23.0 23.5 22.2 18.9 24.5 23.8 27.0 23.8 23.4 -.4 Inventory valuation adjustment .5 -2.5 -5.0 -1.7 -2.7 -1.5 -.4 -.6 -.9 -1.6 -.3 .5 -2.1 Net interest 6.4 4.5 5.5 10.4 11.7 13.3 14.3 15.6 15.1 15.4 15.8 16.1 16.4 5.0 'Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 693 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAYING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters 1959 1960 1933 1955 1957 1958 1959 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: 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 S B t u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 .8 1 1. . 5 0 1.6 1.7 1.7 -2 1 .3 .7 1.7 1.7 1.7 -4 1 . . 4 7 1.7 Plus: Subsidies less current surplus of gov- -.7 -2.4 -2.1 .2 -1.7 -3.6 ernment enterprises -.1 .0 .1 .0 1.1 .7 .6 .2 .9 1.0 .8 .7 .6 Equals: National income 87.8 40.2 104.7 330.2 366.5 398.5 402.6! 241.9 350.8 366.2 389.4 403.9 398.2 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 43.1 42.0 41.7 36.7 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 2j 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 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 .8 1.5 1.6 1.7 1.7 1.7 1.7 1.7 1.7 1 7 1.7 .7 .5 Fquals: Personal income •5.8 228.5 310.2 332.9 350.6 359.0 380.2 371.8 381.1 381.0 386.8 393.1 47.2 96.3 Less: Personal tax and nontax payments 2.6 20.8 35.7 40.0 42.7 42.6 45.5 44.4 45.8 45.9 46. J 47.7 1.5 3.3 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 State and local. 1.4 1.0 1.3 2.6 4.2 4.8 5.4 5.8 6.3 6.2 6.3 6.4 6.4 6.7 Equals: Disposable personal income 83.1 45.7 93.0 207.7 274.4 292.9 307.9 316.5 334.6 327.4 335.3 335.1 340.8 345.4 Less: Personal consumption expenditures 79.0 46.4 81.9 195.0 256.9 269.9 284.8 293.0 311.6 303.9 311.2 313.3 317.0 321.1 Equals: Personal saving 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 Addendum: Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 273.4 286.9 292.9 295.2 309.0 304.3 310.7 308.9 312.9! 315.7 PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] 1959 1960 Ftem1 1958 1959 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar 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.... 239.4 257.8 257.3 259.8 261.7 261.5 258.8 259.2 259.2 261.1 265.4 268.1 268.8 269,41 271.3 Commodity-producing industries... 97.8 107.3 108.6 109.8 110.9 109.9 106.8 106.8 106.4 107.5 111.1 113.0 112.7 1122i 113.0 Manufacturing only 76.7 84.6 85.4 86.7 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 67.5 68.0 68.4 68.3 #8.3 68.5 68.6 68.8 69.5 69.7 70, 70.6 Service industries 34.6 37.2 36.8 37.1 37.2 37.3 37.6 37.8 38.0 38.3 38.6 38.7 39.0 39. 39.4 Government 43.2 45.7 45.0 45.4 45.6 45.9 46.0 46.2 46.4 46.7 46.9 46.9 47.4 48, 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 35.2 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 12.1 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 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 8.5 9.7 9.7 9.8 9.8 Nonagricultural income3. 341.1 364.4 362.7 365.3 367.8 368.2 366.3 367.5 368.1 371.5 375.4 377.1 378.2 379.51 382.3 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 14.5J 15.1 * Preliminary. enterprises, farm wages, agricultural net interest, and net dividends paid 1 Monthly data are seasonally adjusted totals at annual rates. by corporations. 2 Mainly social insurance benefits and veterans' payments. NOTE.—For description of series see U. S. Income and Output, a supple- 3 Personal income exclusive of net income of unincorporated farm ment to the Survey of Current Business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 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 saving * 39.4 41.4 37.5 18.9 36.5 4.7 6.7 2.8 5.4 4.0 10.3 9.8 9.0 7.4 B 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 C Farm and noncorp. business 2... * • 3.1 -1.1 -1.1 -.8 3.1 -2.2 -1.9 4.8 D Corporate nonfinancial business. 12.4 5.8 5.4 2.7 11.7 2.4 -3.1 -1.3 3.3 3.8 l!2 3.9 3.4 3.2 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 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 G Financial sectors 3.3 3.2 3.9 3.4 4.3 .1 1.0 .4 1.7 .2 1.4 .6 1.7 .6 H Capita] 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 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 J Consumer durable goods 30.4 33.0 35.8 37.0 38.2 9.1 9.2 9.2 9.3 9.3 9.4 9.5 9.6 9.8 K Owner-occupied homes 3.1 3.4 3.7 4.0 4.3 .9 1.0 1.0 1.0 1.0 1.0 1.1 1.1 1.1 L Plant and equip, (nonprofit)... .5 .5 .5 .6 .6 .1 .1 .1 .1 .1 .2 .2 .2 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 i!o 1.0 1.0 N Noncorp. nonfinan. business.... 7.0 7.5 8.1 8.0 8.5 2.1 2.0 2.0 2.0 2.1 2.1 2.1 2.2 2.2 0 Corporate nonfinancial business. 17.6 19.3 20.7 21.4 22.7 5.5 4.9 5.2 5.5 5.8 5.5 5.6 5.7 5.9 P Gross national 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 16.3 S R F C a o r r m po a ra n t d e n n o o n n c fi o n r a p n . c b ia u l s i b n u e s s i s ness. 3 1 0 0 . . 1 7 2 1 5 1 . . 1 3 2 1 6 1 . . 1 9 2 1 4 2 . . 1 0 3 1 4 2 . . 4 6 7 6 . . 9 1 1 1 . . 8 8 3 1 . . 9 8 2 8 . . 2 7 9 6 . . 7 1 2 6 . . 3 7 9. . 5 9 9 1 . . 2 3 9 8. . 1 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 governments*... -3.2 -2.7 -3.3 -4.6 -5.0 -1.3 -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 ! .4 1.7 .2 1.4 .6 1.7 .6 V W Gross national investment1 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 8.8 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. business*.... t24.1 29.1 32.0 26.1 27.5 8.4 5.8 6.7 6.6 7.0 5.3 7.4 7.3 7.5 f Financial sectors .7 .7 .8 .7 .8 .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 -.8 -.6 3.2 1.8 -.5 :! 8 h Farm business .3 -.4 .8 1.1 .8 .2 .3 .2 .2 .2 .2 .2 .2 1 Noncorp. nonfinan. business.. .6 .2 • -.1 -.8 .6 -.3 .1 -.5 .9 .1 -.1 -.5 i j Corp. nonfinan. business 4.9 4.9 1.2 -4.8 3! -.5 -1.0 -2.4 -1.1 -.4 2.0 1.5 -.6 .5 j k Net financial investment 6 * 2.1 4.2 .4 -1.7 .7 .3 .2 -.1 -.4 — 4 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!l 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.. .5 .4 .7 1.5 -.2 .5 -.2 .5 .3 .8 -.5 ./ .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 1.7 4.2 ~2.9 -4.5 r Corp. nonfinan. business -2.9 -12.2 -6.9 .4 -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 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 1.5 3.2 1.5 5.5 -2.1 1.4 3.9 -4.4 .7 .2 4.1 3.0 -.9 w Net increase in liabilities.... .5 -4.3 -.4 9.8 11.0 2.8 -2.2 2.6 1.0 8.4 -.4 2.9 4.7 3.9 x State and local governments.. -2.6 -2.2 -3.0 4.9 -4.4 -.6 -1.2 -.7 -2.7 -.3 -1.7 -1.4 -1.5 y Net acquis. offinan. assets.. 2.2 2.6 5.5 3.0 2.8 1.0 1.2 1.5 -.8 1.0 .2 .6 .8 1.2 y 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 z aa Financial sectors 3.6 2.5 2.6 3.4 4.2 — 4 .5 1.2 2.2 -.5 1.7 .9 1.9 -.3 aa bb Net acquis. offinan. assets.. 26.9 22.4 23.7 35.3 28.7 9.0 2.7 16.1 1.5 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 15.5 -1.7 9.5 6.1 10.6 cc dd Financial trans, discrep .5 -2.0 -.8 * -.9 1.5 -1.2 .8 -A .7 -1.3 A -A .5 dd ee Discrepancy (P-W)? -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 f Includes $0.3 billion of existing facilities purchased from Federal residential construction. Government. 5 After inventory valuation adjustment. 1 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.—Descriptions 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 • 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 are treated as consumer holdings. total mainly because of mail float (checks in transit from drawers to 5 Marketable issues maturing within one year and, prior to 1956, drawees). For further discussion, see p. 853 of the BULLETIN for August savings notes. 1959. 6 Excludes loans to domestic commercial banks. Gross of valuation 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 695 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Transaction category, Annual totals or sector 1957 1958 1959 1955 1956 1957 1958 1959P 4 1 2 3 4 1 2 3 4? I. Demand deposits and currency A Net increase in commercial bkg. system liability* 2.3 1.7 -.8 5.8 1.1 3.1 -5.2 6.4 -3.4 8.0 — 7 3 2.4 2.1 3.8 A B Net increase in assets, by sector .8 6 1.8 .3 6.3 2.C 1 2 . 4 7 -3 1 . 2 5 5 3 . . 7 6 - - 2 5 . . 4 0 6.3 -S.t 2 1 . . 3 0 2 1 . 1 5 _i 3.2 i r B * D Other domestic sectors 1.5 1.7 * 6.2 1.2 4.0 -4.4 1.8 2.7 6.1 -4^9 1.2 .5 4.5 D E Consumer and nonprofit - 8 1 0 — 8 2 5 1 1 1 3 — 1 3 — 8 2 4 2 2 — 1 1 1 0 1 6 E F Farm and noncorporate bus 3 1 c 1 3 3 3 -.2 F G Corporate nonfinancial bus 1.0 .1 _ 2 1.8 2 1.3 -3.1 1.3 1.0 2.5 -2.9 ~1 '\ 1.8 G H State and local government.... .4 2 e .6 .6 -.7 .6 — .4 .1 2 .6 H I Financial sectors .6 .2 3 .4 * 8 — l _- 3 4 _ 3 .6 I J Rest of the world • .2 2 * .1 * 3 -.1 .3 1 .2 J -.1 J K Discrepancy (A —B) 1.5 * -1.1 e -.9 1.7 -1.9 .7 -1.0 1.6 .1 * .7 K II. Fixed-value redeemable claims A Net increase by type 8.4 8.9 10.1 16.0 7.5 2.8 5.5 5.0 2.5 3.1 2.3 3.0 1.8 1.5 A B 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 * -.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 US. savings bonds2 .3 1 -1 9 c — 1 8 — 4 — 1 -.1 — 2 — 2 -.2 _ 5 1.2 — 6 D e E Net increase in liab., by sector 8.4 9.0 10.1 16.1 7.5 2.9 5.5 5.C 2.5 3.1 2.3 3.0 .8 1.5 E F Federal Government * -.3 -2.2 — .7 -2.0 1 -.2 -.2 -.2 -.6 -.6 -.6 F H Savings institutions 71..13 7 2 . . 3 1 6 5 . . 9 5 8 8 . . 0 8 8 1 . . 4 1 2.3 2 3 . . 0 6 2 2. . 4 8 1 1. . 5 1 2. . 8 5 2. . 0 6 2. . 6 9 — 1 . . 4 1 - 2.4 2 H G 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 .8 1.5 I J K L C O R o e th s n t e s r u o m f d o t e h m r e e a s w n t d i o c r n l s d o e n c ( p t ti o r m o rs f e i 3 t deposits). - - 8 . . 1 1 .7 9. . 0 1 1 9. . 8 4 1 1 3 . . . 3 9 6 -1 9 j . . 0 5 Q 2.8 1 3 1 1. . 0 3 2 3 1 . . 7 2 * - 3 .1 .0 A - 3.6 6 * 2. . 3 1 * - - 3 . .4 2 .6 _— 1 . 7 7.3 — - 2 .3 .0 2 L K J III. Saving 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 A B Life insurance 3.2 3.8 2.8 3.4 3.5 .7 .8 .7 .9 1.0 .8 1.1 .8 .9 B C Pension funds 5.1 5.6 6.2 6.9 7.4 1.6 1.8 1.5 1.7 1.8 1.9 1.9 1.7 2.0 C D Net increase in liab., by 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 D E Federal Government .6 1.0 .6 1.0 1.0 .1 .2 .4 .3 .2 .4 .3 .1 E F State and local government 1.4 1.6 1.9 2.1 .4 .4 .5 .5 .5 .5 .5 .5 .6 F G Life insurance companies 4.6 4.8 4.3 4.8 4.8 1.2 1.1 1.0 1.3 1.4 1.1 1.3 1.0 1.4 G H Private noninsured pension plans. 2.0 2.1 2.6 2.6 2.9 .6 .9 .4 .6 .8 .9 .7 .5 .8 H IV. Credit and equity market instruments A Net increase, by type 43.8 30.6 36.7 45.4 61.8 11.8 3.0 13.7 5.9 22.7 7.3 18.5 18.3 17.7 A D E C B S F t e a O S d t h e e th r o a a e r l n t r - d o te b l r l o m i c g a a d l t i i o o re b n c l s i t g 5 a .. tions -7 7 3 . . . 1 . 9 5 8 -1 -5 2 7 3 . . . . 4 8 4 2 -4 4 5 1 . . . . 2 7 5 3 - 1 1 9 5 0 .2 . . . 7 1 3 1 4 5 5 1 . . . 9 5 5 9 _ 2 2. . 2 0 1 - - 1 2 1 . . 9 9 0 1 -4 2 6 1 . . . 3 9 6 6 - 1 1 .3 . . 2 9 3 7 3 3 . . . 7 9 8 8 -4 4 1 .6 . . 6 3 -2 4 1 1 .8 . . 7 9 4 4 5 1 . . . 6 3 7 8 - 4 4 .5 . . 7 2 4 D C B E F Corporate and foreign bonds 4.0 5.0 7.5 6.9 4 7 8 2 4 1.5 1.4 6 1.1 1.1 1.1 15 F G Corporate stock 3.0 3.8 4.0 4.2 4.5 .9 .8 1.4 1.0 .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 .9 1.7 2.4 3.1 .2 2.9 3.8 3.7 3.2 H 3.6 3.8 3.5 4.2 5.6 0 .8 1.1 1.0 1.2 1.6 1 5 1 3 I J Consumer credit 6.4 3.4 2.7 .3 6.3 -2.3 .6 .1 .9 -.9 2.6 1.7 2.7 J K Security credit .9 -.7 -.4 1.4 * * 2.1 -2.1 A -.2 -.2 -.4 .8 K M L O Ba th n e k r l l o o a a n n s s n.e.c .. . . 8 1 . . 0 1 5. . 9 9 2 2. . 6 3 1 1 . . 4 8 7 2 . . 9 9 1. A 4 -1 1 . . 7 4 -.2 .7 - - . . 3 3 2. . 8 9 i!o A 3 1 . . 6 3 2. . 8 1 1. . 9 5 M 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 O Consumer and nonprofit 20.3 14.9 11.7 12.0 20.8 3.6 .4 3.9 1.9 5.9 3.0 6.0 5 0 6.8 O P Farm business 1.2 .9 1.1 1.4 1 9 _ 2 4 9 2 1 7 1 1 3 — 2 P Q Noncorporate nonfinancial bus.. . 4.0 3.4 2.6 4.2 6.2 1.5 -.8 .9 .2 3.9 -.3 3.0 1.8 1.8 Q 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 R S Federal Government 1 -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 State and local government 3^5 3.3 4.9 5.9 5.1 1.1 2 0 1.7 1.4 .8 1.3 1.5 1 9 .5 T V U T F i i p n ^ a t n o c f i a tV l i s e e w ct o o r r l s d 5.8 3 1 1 . 3 0 2 1 . 6 4 2 1 .5 4 5.8 8 1.1 -.4 1.5 5 -1.7 2.1 .8 1.5 1.2 2.3 * U V 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 .8 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 * 4.2 1.2 1.0 * 1.6 Z j k f g h c d e i a b F R S I S F C n i a t e e o n s a v C M d s m u a t t i e e o n n r o L m r o a m c g S a a n o n f e s e l n e o m e c c t r n d t n i G h e c u a e n s e i r ^ r r o l s e s a i o y c t t e v l w i i i c e e c t e a a b a u s . o t r l u l o a n t r b i t n r l g m o h d a k o n o n e i v s r n n k i e g t t s r i . n e s m s ys e t n em t . • .. ... -7 1 - 4 5 8 . 5 8 2 1 1 1 . 0 3 . . . . . . . . . 1 3 1 1 0 8 0 9 4 -3 4 7 4 8 7 . 2 1 1 1 5 . . . . . . . . . . 0 9 3 8 3 5 6 1 3 3 - 3 7 8 2 2 4 5 1 2 . . 8 . . . . . . . . . 8 3 3 2 3 1 3 3 8 6 1 1 1 4 9 2 8 2 0 1 1 4 7 . . . . . . . . . . 5 8 1 4 8 2 7 0 9 0 -7 1 1 9 4 4 . 2 5 3 2 3 0 5 . . . . . . . . . . 6 5 6 9 1 2 7 9 3 6 2 2 1 3 1 1 . . . . . . . . . . . 1 6 0 7 3 6 8 4 9 4 9 - - 1 - - - 1 2 ' . 1 1 . 7 . . . 6 5 5 . . . 2 . 3 2 7 9 * 1 - 2 2 9 6 1 0 1 1 .6 . . . . . . . . . . 5 3 5 0 7 7 8 8 3 2 - - 1 2 - - 2 2 . I 1 . . . 2 ' 1 6 4 . . . . . . . 3 8 O 1 8 5 3 2 4 2 2 2 8 6 1 1 . . . . . . . . . . . 9 1 5 3 0 7 6 4 3 9 6 - - - 4 5 4 - - 2 . 2 . 1 . 3 . . 5 9 . . 7 6 . . . 8 4 0 7 6 -1 2 4 4 5 . 3 1 1 3 . . . . . . . . . . 5 3 5 0 2 0 6 4 6 9 -1 3 2 2 3 . 2 1 1 1 1 2 . . . . . . . . . . . 6 3 0 8 0 9 1 5 4 3 1 - 3 2 2 3 3 1 . . 5 . . . . . . . . . 8 7 0 6 3 4 7 5 6 1 k f h d g b e a c i j • 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

696 FEDERAL BUSINESS-TYPE ACTIVITIES PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items1 Li i a n b te il r i a ti g e e s n , c o y t h i e te r m th s1 an Total Date, and fund or activity Cash L c a r e o b e i a l v - e n - s t v o I e r n i n - e - s P s d e u e c b b I u m l n t i - c v e e n s O r t s t s i e - t t c h ie u e s - r L e s t m u t a q a r r n e u u n e d n i c d s p t - , , - Other a i b T m n s a i l s v o l i n e i e a e t t d n t a i - s s e t l t - s - a B t G u n a o b r t u n e y e n a d 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 , b O i l l t i i h a ti e - e r s G i U n e o . t s e v t S r t - . . v o in P a w e t t r s e e n i t r l - e y - d rities U. S. All activities 1955—Dec. 31 . 1,338 20,238 4,356 3,236 3,414 7,822 4,900 45,304 2,379 2,703 39,583 596 1956—Dec. 31. 5,139 20,657 21,375 3,739 3,669 9,985 5,29969,863 2,711 3,6"5"8 6622,509 918 1957—Dec. 31. 4.29122,388 21,628 3,804 3,718 9,962 5,33271,124 4,662 2,914 62,377 ,121 1958—Dec. 31. 6,110 25,483 20,810 4,198 3,70310,670 5,50076,475 4,038 3,909 67,180 ,298 1959—Mar. 31. 5,644 26,977 20,504 4,533 3,702 10,753 5,32977,442 4,212 3,642 68,157 ,374 June 30. 5,291 788 20,821 4,442 5,127 8,869 5,45876,795 4,882 3,758 66,710 ,397 Sept. 30. 6,998822 27;; 138 21,879 4,478 5,130 8,938 5,590 8800,136 5,582 3,530 69,549 ,423 Dec. 31. 6,855 27,86521,476 4,670 5,119 9,124 5,51280,620 5,974 3,36269,747 ,480 Classification of agencies reporting quarterly, by type of fund and activity, Dec. 31, 1959 Public Enterprise Funds—Total 3,276 10,938 6,019 1,099 1794,076 1,304 26,891 57 797 1,711 24,327 Farm Credit Administration: Federal Farm Mortgage Corporation 4 4 Agricultural Marketing Act, revolving fund 60 126 186 186 Agricultural Department: Commodity Credit Corporation 13 1,599 4,493 134 268 6,507 588 5,919 Disaster loans, etc., revolving fund 91 28 4 123 123 All other 51 41 4 96 89 Housing and Home Finance Agency: Public Housing Administration 106 86 3 200 44 156 Federal Housing Administration 34 649 395 1,081 56 145 879 Federal National Mortgage Association 6 3,514 19 3,540 797 42 2,700 Office of the Administrator 213 825 188 1,229 7 1,222 Federal Savings and Loan Insurance Corporation... 2 332 14 349 20 328 Small Business Administration 303 358 14 676 4 672 Export-Import Bank 2 3,235 () () 27 3,266 5 3,261 Tennessee Valley Authority 32 41 44 1,924 121 2,162 36 2,126 Panama Canal Company 29 8 411 16 464 16 448 Veterans Administration 287 895 4 74 3 3 1,266 46 1,220 General Services Administration 26 1,441 83 55 1,606 12 1,595 Treasury Department 4 2 173 172 Post Office Department—postal fund 406 19 640 32 1,097 262 835 Interior Department 117 15 6 170 116 424 11 413 All other 1,493 173 6 50 701 19 2,443 465 1,977 Intragovernmental Funds—Total 1,426 8,577 249 9310,345 538 9,807 Defense Department: Army 545 5,274 114 25 5,958 153 Navy 482 2,702 26 3,210 208 Air Force 303 445 36 785 99 Allother 96 155 134 6 392 78 Certain Other Activities—Total 1,80410,788 6,880 4,938 4,797 3,970 33,182 284 32,898 General Services Administration 472 79 6,865 (2) 1,116 511 9,043 8,999 Agricultural Department: Farmers Home Administration 90 718 21 831 825 Rural Electrification Administration 9 3,073 150 3,232 3,231 Veterans Administration 7 273 67 347 341 Nat. Aeronautics and Space Administration. 592 310 130 1,037 1,021 Interior Department 46 373 40 464 458 International Cooperation Administration... 10 3,043 27 3,080 3,063 Treasury Department 3,386 4,938 32,72911,054 11,054 Commerce Department—maritime activities. 423 194 2,872 53 3,546 154 3,391 All other 155 23 122 242 548 32 516 Certain Deposit Funds—Total 142 4,150 3,419 71 7,785 3,537 774 2,431 1,043 Banks for cooperatives 22 619 43 12 696 404 6 219 67 Federal Deposit Insurance Corporation. 3 2,178 15 2,197 107 2,090 Federal home loan banks 103 2,134 1,092 12 3,343 1,774 632 937 Federal intermediate credit banks4 15 1,396 106 32 1,549 1,359 29 122 39 Certain Trust Revolving Funds—Total. 207 1,988 146 74 2,416 1,640 55 284 5437 Federal National Mortgage Association 51 1,966 15 2,032 1,640 38 295 559 Office of Alien Property 145 57 202 1 5200 All other 12 22 146 3 183 16 -11 5177 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 are Feb. 27, 1953, and lend-lease and surplus property balances due the classified according to the type of fund they represent. United States in the principal amount of $1,686 million. Historical data for loans by purpose and agency and for other selected 4 Prior to Jan. 1, 1959 was classified as a trust revolving fund. assets and liabilities by agency are shown on p. 670. 5 Figure represents total trust interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK HOLDING COMPANIES 697 BANK HOLDING COMPANIES, DECEMBER 31, 1959 [Registered pursuant to Section 5, Bank Holding Company Act of 1956] Location of Location of principal office Holding company principal office Holding company California New York Los Angeles Firstamerica Corporation Buffalo Marine Midland Corporation New York Amalgamated Clothing Workers of America Florida New York Empire Shares Corporation Jacksonville The Atlantic National Bank of Jacksonville New York Illinois Shares Corporation Jacksonville Atlantic Trust Company New York Southeastern Shares Corporation Jacksonville Barnett National Securities Corporation Warsaw Financial Institutions, Inc. Georgia Ohio Atlanta Trust Company of Georgia Columbus BancOhio Corporation Atlanta Trust Company of Georgia Associates Springfield The Springfield Savings Society of Clark County Savannah Citizens and Southern Holding Company Savannah The Citizens and Southern National Bank Tennessee Chattanooga Hamilton National Associates, Inc. Indiana Knoxville Tennessee Shares Corporation South Bend St. Joseph Agency, Inc. South Bend St. Joseph Bank and Trust Company Texas Childress Farmers and Mechanics Trust Company Iowa Fort Worth The Fort Worth National Bank Des Moines Brenton Companies Houston C. B. Investment Corporation Kentucky Utah Louisville Trustees, First National Bank of Louisville Salt Lake City First Security Corporation Maine Virginia Bangor Eastern Trust and Banking Company Arlington The First Virginia Corporation Richmond Dominion Securities, Incorporated Massachusetts Boston Baystate Corporation Washington Boston The National Shawmut Bank of Boston Port Angeles Union Bond & Mortgage Company Boston Shawmut Association Spokane Old National Corporation Minnesota Wisconsin Minneapolis Bank Shares Incorporated Milwaukee Bank Stock Corporation of Milwaukee Minneapolis First Bank Stock Corporation Milwaukee The Marine Corporation Minneapolis Northwest Bancorporation Milwaukee First Wisconsin Bankshares Corporation St. Paul Otto Bremer Company Canada Missouri Montreal Bank of Montreal St. Joseph The First National Bank of St. Joseph Toronto The Canadian Bank of Commerce St. Louis General Bancshares Corporation Japan Montana Tokyo The Bank of Tokyo, Ltd. Havre Montana Shares, Incorporated New Hampshire Nashua New Hampshire Bankshares, Inc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

Financial Statistics * International * International capital transactions of the United States 700 Net gold purchases and gold stock of the United States 708 Estimated foreign gold reserves and dollar holdings. 709 Reported gold reserves of central banks and governments 710 Gold production 711 International Bank and Monetary Fund. 712 United States balance of payments. 713 Money rates in foreign countries. 713 Foreign exchange rates 715 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. 699 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

700 INTX CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES* [Amounts outstanding, in millions of dollars] In- Foreign countries Ger- Date G to ra ta n l d t t i e i n o r s n n t a a i- - l m R F a e e n d p y . . , Italy U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia ot A h l e l r tutions 2 Total Officials of 1955 Dec. 31 13,601 1,881 11,720 6,953 1,454 785 550 3,357 6,147 1,032 2,000 2,181 360 1956—Dec. 31 14,939 1,452 13,487 8,045 1,835 930 1,012 3,089 6,865 1,516 2,346 2,415 346 1957—Dec. 31 15,158 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—Apr. 30 16,803 1,668 15,135 8,438 1,299 1,245 1,228 4,083 7,855 2,171 2,463 2,357 290 May 31 17,153 1,719 15,434 8,802 1,409 1,298 1,094 4,183 7,984 2,094 2,661 2,391 304 June 30 18,428 1,756 15,673 8,967 1,467 1,409 1,084 4,279 8,238 2,122 2,551 2,439 322 July 31 18,724 2,780 15,944 9,141 1,446 1,476 1,091 4,402 8,415 2,231 2,439 2,532 327 Aug. 31 18,812 2,720 16,092 9,175 1,409 1,570 1,093 4,503 8,575 2,135 2,515 2,526 340 Sept. 30 19,197 2,991 16,206 9,226 1,436 1,578 1,056 4,611 8,681 2,245 2,364 2,560 355 Oct. 31 19,016 3,049 15,967 9,096 1,544 1,543 874 4,454 8,415 2,256 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 19,341 3,158 16,183 9,139 1,987 1,369 971 r4,131 r8,458 2,195 2,406 2,748 376 1960 Jan. 31 19,346 3,138 16,208 8,889 1,899 1,358 993 '4,055 r8,304 2,318 2,393 2,803 391 Feb. 29 19,441 3,285 16,155 8,869 1,908 1,245 1,141 4,037 8,332 2,270 2,378 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 Apr. 30^ 19,794 3,233 16,560 9,188 2,199 1,142 1,310 3,818 8,469 2,384 2,478 2,807 422 Table la. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - France Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l w a e n r i - t d z- T k u ey r- 1955 Dec. 31 3,357 261 108 60 49 1,081 176 164 82 132 104 153 757 9 1956 Dec. 31 3,089 296 117 65 53 626 177 134 67 137 43 217 836 20 1957 Dec. 31 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 1958—Dec. 31 3,960 411 115 169 69 532 126 339 130 163 36 303 852 20 1959 Aor 30 4,083 410 151 130 74 649 145 361 104 171 29 321 853 25 May 31 4,183 409 124 110 73 855 156 363 108 162 33 322 857 22 June 30 4,279 390 118 110 71 981 154 356 113 151 35 350 878 21 July 31 4,402 390 122 119 72 1,054 164 397 109 153 32 351 868 27 Aug. 31 4,503 391 119 98 76 1,139 165 423 102 155 59 343 869 29 Sept. 30 4,611 394 129 113 71 1,157 161 435 103 151 67 330 905 32 Oct 31 4,454 386 125 113 79 1,095 172 426 101 142 71 241 889 28 Nov. 30 4,300 364 132 122 81 903 192 429 97 138 79 243 902 34 Dec 31 r4,131 331 138 137 77 655 186 485 95 138 86 213 r969 I960 Jan 31 '4,055 308 152 120 83 664 188 496 95 128 93 151 r977 Feb 29 4,037 300 137 112 90 675 197 496 94 130 99 196 950 Mar. 31* 3,945 264 157 114 87 719 160 480 99 125 111 217 922 Apr 30? 3,818 234 136 92 75 711 146 442 96 113 108 265 927 CO COC^ Yugo- All slavia others 13 209 17 282 11 349 9 685 7 651 6 582 7 544 6 538 7 528 6 557 6 582 5 578 6 583 10 559 10 521 30 12 448 23 9 441 Table lb. Latin America Neth- Do- er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a 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 u n n d e r d d i s i e s - t s l a p P i R m c 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—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 2,378 380 23 164 159 232 151 35 35 52 421 83 125 70 68 209 172 Mar. 31P 2,381 388 21 156 152 204 149 29 33 53 432 85 128 72 62 245 175 Apr. 30^ 2,478 386 20 159 147 205 146 29 33 54 437 81 129 81 62 317 190 * 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. 701 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 AD Other Asia All other Ko- Date Union rea, Hong Indo- p~ Phil- Tai- Thai- Aus- Bel- of Total Kong India nesia Iran Israel Japan t\.e- 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_\pr. 30 2,357 57 91 108 54 65 1,028 146 164 91 133 418 290 83 33 15 28 132 May 31 2,391 58 94 81 51 70 1,068 142 175 92 133 427 304 83 33 16 33 139 June 30 2,439 57 99 77 39 86 1,101 145 168 90 134 443 322 91 35 16 36 144 July 31 2,532 56 113 88 27 86 1,131 147 163 90 133 497 327 84 39 16 48 140 Aug. 31 2,526 57 103 92 28 94 1,106 148 182 90 126 501 340 85 31 16 53 155 Sept. 30 2,560 58 119 108 27 78 1,141 150 180 87 127 484 355 109 29 16 43 159 Oct. 31 2,627 59 122 116 21 80 1,169 152 176 91 129 511 369 112 29 17 48 163 Nov. 30 2,658 61 115 126 24 81 1,215 148 179 92 133 483 369 114 26 18 51 161 Dec. 31 2,748 59 114 139 47 87 1,260 148 172 94 136 494 376 114 31 20 49 162 1960—Jan. 31 2,803 60 113 146 46 93 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 P.... 2,830 63 104 150 45 87 1,336 141 178 93 146 486 387 114 42 33 43 157 Apr. 30^ 2,807 59 68 152 39 93 1,' 379 140 184 91 142 459 422 140 37 39 39 166 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1956 1957 1958 1959 1956 1957 1958 1959 Other Europe: Other Asia (Cont.): Albania .3 .1 .3 Burma 7.0 6.7 5.9 n.a. British dependencies .4 .3 .4 Cambodia 17.2 20.0 24.9 19.7 Bulgaria .2 .6 .3 1.2 Ceylon 41.2 34.2 44.1 n.a. Czechoslovakia* .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. Estonia 1.9 1.7 1.7 n.a. Jordan , 2.0 1.6 2.8 2.5 Hungary .8 .7 .9 1.3 Kuwait 5.3 5.9 10.3 9.4 Iceland 3.1 2.9 3.5 2.7 Laos , 37.3 33.1 20.9 n.a. Ireland, Republic of. 9.1 9.0 10.0 5.4 Lebanon 22.3 28.2 37.9 38.0 Latvia .6 .5 .6 .6 Malaya, Fed. of 1.4 1.6 1.2 1.4 Lithuania .4 .7 .6 Pakistan.* 20.2 12.8 5.6 23.5 Luxembourg 13.2 16!4 16.1 8.2 Portuguese dependencies. 2.7 3.1 3.1 2.4 Monaco 4.3 5.4 5.9 5.3 Ryukyu Islands 30.6 32.7 15.2 14.8 Poland* 3.3 3.2 4.9 4.0 Saudi Arabia 97.4 94.8 60.2 111.6 Rumania* .9 .9 .9 Syria* 17.1 3.5 4.7 5.0 Trieste 1.4 1.2 .5 n.a. Viet-Nam 50.1 58.5 48.8 68.3 U. S. S. R.« .7 2.2 2.6 All other: Other Latin America: British dependencies 3.8 2.3 1.8 2.4 British dependencies 24.1 24.0 40.9 46.9 Ethiopia and Eritrea 24.2 35.1 27.8 18.7 Costa Rica 14.6 16.4 24.5 18.9 French dependencies 10.5 10.7 6.5 5.8 Ecuador 18.0 22.7 17.4 21.7 Liberia 23.7 23.0 13.0 20.3 French West Indies and French Guiana. 1.0 .8 .5 .5 Libya 3.7 10.7 6.4 17.6 Haiti 8.9 11.2 7.7 10.5 Morocco: Honduras 10.2 12.6 6.3 12.8 Morocco (excl. Tangier). 13.6 32.2 25.4 41.9 Nicaragua 11.8 12.7 11.3 12.5 Tangier 22.4 19.2 18.1 16.0 Paraguay 4.0 5.1 3.4 6.7 New Zealand 2.2 1.9 6.9 6.8 Portuguese dependencies... 2.8 4.4 4.0 2.9 Other Asia: Somalia .9 1.3 1.3 n.a. Afghanistan 5.3 4.7 4.5 n.a. Spanish dependencies .3 .7 .4 .2 Bahrein Islands 1.7 .9 .9 .9 Sudan .4 1.7 5.2 n.a. British dependencies. 7.4 8.0 4.3 5.7 Tunisia .5 .8 .3 8.4 n.a. Not available. p Preliminary. the Second (New York) Federal Reserve District. They represent a 1 Does not include banking liabilities to foreigners maturing in more partial breakdown of the amounts shown in the "other" categories in than one year; such liabilities amounted to $4 million on Apr. 30, 1960. Tables la-lc. 2 Includes International Bank for Reconstruction and Development, 8 Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other inter- NOTE.—Statistics on international capital transactions of the United national organizations. States are based on reports by U. S. banks, bankers, brokers, and dealers, 3 Represents liabilities to foreign central banks and foreign central by branches or agencies of foreign banks, by certain domestic institutions governments and their agencies (including official purchasing missions, not classified as banks that maintain deposit or custody accounts for trade and shipping missions, diplomatic and consular establishments, etc.). foreigners, and by the U. S. Treasury. The term "foreigner" is used to * Includes $1,031 million representing increase in United States dollar designate foreign governments, central banks, and other official institulubscription 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

702 BVTL 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 Date, or area To banks and official institutions To all other foreigners Payable and country Total in foreign currencies U.S. U.S. Treasury Treasury Total Deposits bills and Other2 Total Deposits bills and 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 ,132 2,252 1,766 278 209 59 1958—Dec. 31. 16.159 13,669 6.772 5.823 .075 2.430 1,951 306 174 59 1959_Apr. 30 16,803 14,196 6,864 6,242 ,090 2,537 1,966 338 234 69 May 31 17,153 14,569 6,775 6,633 ,161 2,523 1,975 305 243 62 June 30 18,428 15,794 6,694 7,940 ,160 2,557 1,999 314 244 77 July 31 18,724 16,082 6,497 8,409 ,175 2,576 2,026 301 249 67 Aug. 31 18,812 16,131 6,374 8,546 ,211 2,615 2,045 303 267 66 Sept. 30 19,197 16,549 6,560 8,768 ,220 2,578 1,963 331 283 71 Oct. 31 19,016 16,450 6,132 9,046 ,271 2,498 1,913 310 276 68 Nov. 30 19,303 16,805 6,331 9,181 ,292 2,433 1,857 290 286 65 Dec. 31 19,341 r16,861 6,341 9,240 ,280 2,403 1,833 299 271 77 1960—Jan. 31 '19,346 r16,932 6,149 9,255 ,528 2,358 1,766 298 294 56 Feb. 29 19,441 17,109 6,065 9,430 ,615 2,275 1,750 225 301 56 Mar. 31 19,592 17,287 6,275 9,355 ,657 2,243 1,731 212 300 62 Apr. 30 19,794 17,493 6,690 9,231 ,572 2,239 1,750 200 288 63 Area and country detail, February 29, 1960 Europe: Austria 300 298 136 144 19 2 1 () Belgium 137 89 43 11 35 48 37 10 Denmark 112 103 14 85 3 9 7 Finland 90 88 8 77 4 1 1 France 675 630 214 363 48 50 44 Germany, Fed. Rep. of... 1,908 1,884 243 1,395 246 24 18 Greece 197 184 21 164 (3) 12 12 Italy 1,245 1,212 129 913 171 32 24 6 Netherlands 496 458 100 254 103 36 15 17 Norway 94 54 42 7 4 40 38 1 Portugal 130 84 70 14 46 44 Spain 99 82 82 1 16 16 () S S w w e it d z e e n rland 9 1 5 9 0 6 7 1 8 8 5 9 23 5 5 0 1 15 0 1 6 39 3 9 3 16 7 1 7 7 7 S ( 59 ) Turkey 31 29 29 2 2 (3) United Kingdom 1,141 799 457 268 74 309 138 (3) 78 33 Yugoslavia 10 10 9 (3) 1 Other Europe 521 506 49 *295' 162 15 94 Total 8,332 7,479 1,930 4,233 1,315 811 492 155 164 42 Canada 2,270 2,002 1,479 All 46 258 183 39 35 10 Latin America: Argentina 380 308 125 159 24 71 69 Bolivia 23 7 7 16 16 Brazil 164 57 51 5 107 97 Chile 159 107 107 51 50 8 Colombia 232 169 156 SI 12 63 62 Cuba 151 59 48 1 92 83 (3) Dominican Republic 35 5 31 30 El Salvador 35 16 19 18 Guatemala 52 35 14 11 10 17 17 Mexico 421 292 279 11 2 128 122 Neth. W. Indies and Surinam 83 38 18 46 23 Panama, Rep. of 125 27 27 61 32 Peru 70 25 25 44 41 2 Uruguay 68 32 28 36 27 7 Venezuela 209 62 62 146 140 4 Other Latin America 172 98 78 13 73 69 2 Total 2,378 1,338 1,033 227 78 1,039 915 28 95 P Preliminary. r Revised. 2 Represents principally bankers* acceptances and commercial paper. 1 Includes International Monetary Fund's holdings of nonnegotiable, 3 Less than $500,000. non-interest-bearing demand notes of the United States which amounted to $2,191 million on Apr. 30, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 703 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable n dollars To banks and official institutions To all other foreigners Area and Payable Total in foreign country U. S. U.S. currencies Total Deposits T bi r l e ls a s a u n ry d Other1 Total Deposits T bi r l e ls a s a u n ry d Other1 certificates certificates Area amd country detail, February 29, 1960—Continued Asia: Hong Kong 61 33 26 8 27 26 (2) (2) India 90 79 20 57 2 11 11 (2) Indonesia 153 151 74 77 2 •y Iran 43 39 36 4 4 Israel 87 83 20 52 11 4 4 Japan .. 1,291 1,277 652 574 50 15 14 (2) 1 (2) Korea Rep. of 145 142 98 41 3 3 3 Philippines 177 157 127 19 12 19 19 (2) (2) Taiwan 95 88 85 7 7 (2) Thailand 142 139 27 107 5 3 3 (2) Other Asia 494 456 169 251 36 37 35 (2) 2 Total... 2,779 2,645 1,334 1,179 132 133 128 2 3 1 All other: Australia 115 111 11 72 8 3 3 1 Belgian Congo 34 34 14 4 16 1 1 Egypt 3 38 37 20 16 1 1 1 H (2) Union of South Africa.... 57 54 25 26 3 2 Other 152 124 89 20 15 28 24 1 j Total 397 360 180 138 42 35 31 3 2 Total foreign countries. 16,155 13,824 5,957 6,255 1,613 2,275 1,750 224 301 56 International institutions.... 3,285 3,285 108 3,175 3 Grand total .. .... 19,441 17,109 6,065 9,430 1,615 2,275 1,750 225 301 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 i [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 1959—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.. 2.688 38 51 38 39 141 229 536 234 1,240 626 53 Mar. 31*. 2,729 25 53 30 37 123 231 499 246 1,248 682 54 Apr. 30?. 2,722 25 56 33 41 137 228 520 254 1,177 716 55 * Preliminary. 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

704 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—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 ia s- g B iu e m l- m D a e r n k - 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 ey r- Y sl u av g i o a - o A th l e l r 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 (2) 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 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 3 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. 3\P 231 3 49 12 9 3 30 8 2 6 18 69 9 14 Apr 30p 228 2 51 9 9 4 26 6 2 6 19 67 11 15 Table 3b. Latin America Neth- Date A L m i a c t e a in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c u i a 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 e r d d - i s e s t 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—Apr. 30 1.027 40 3 136 52 50 149 25 5 10 263 4 27 38 33 139 54 May 31 1,064 43 3 156 58 50 140 23 5 10 278 3 28 37 34 143 52 June 30 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. 31 978 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 63 3 151 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 Apr. 30* 1,177 65 4 149 50 75 92 20 5 13 297 3 17 40 52 242 54 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 i i n l e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - C g B o i e n a l n g - o Egypt3 U S n o o i u f o t n h Other Africa 1955—Dec. 31 233 3 5 18 10 103 19 6 8 60 43 11 5 1 8 17 1956—Dec. 31 337 4 6 20 16 170 16 6 9 91 43 11 6 2 8 17 1957 Dec 31 386 7 6 22 24 146 53 6 14 110 50 13 5 12 19 1958 Dec 31 435 6 4 27 23 179 67 6 13 111 69 13 4 3 21 29 1959 Apr. 30 481 8 6 34 18 224 29 9 17 137 61 11 4 2 17 26 May 31 502 8 5 32 16 242 29 10 17 142 61 12 3 2 17 27 June 30 520 7 5 35 16 260 24 9 20 143 65 15 3 2 17 28 July 31 510 8 6 31 17 256 18 8 12 153 64 14 3 1 18 27 Aug. 31 518 9 5 29 15 269 18 8 13 151 66 16 3 1 19 27 Sept. 30 511 9 6 30 13 262 17 8 12 155 54 18 3 2 12 20 Oct. 31 503 9 7 29 12 262 11 8 12 154 52 19 3 2 10 19 Nov 30 528 10 6 29 9 275 20 8 14 157 54 18 3 2 11 20 Dec 31 . 586 10 6 29 14 324 24 9 15 155 56 18 3 2 12 21 I960 Jan 31 624 11 6 30 14 362 24 9 14 154 55 18 3 2 10 22 Feb. 29 626 12 6 30 17 372 18 9 12 151 53 16 3 2 11 21 Mar. 31 P 682 12 6 31 13 420 22 9 13 154 54 18 3 10 23 Apr 30p 716 11 8 35 15 457 22 10 10 148 55 19 3 2 11 19 Preliminary, 2 Less than $500,000. i See note 1 on preceding page. 3 Part of the United Arab Republic since February 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ENTL CAPITAL TRANSACTIONS OF THE U. S. 705 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 total1 Total Total Banks and C t o o io u ll n t e - s c- Other Total De w p i o t s h its 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 8^9 1,946 1,796 582 330 440 444 150 131 19 1957 Dec 31 1,174 2,199 2,052 627 303 423 699 147 132 15 1958—Dec. 31 1,362 2,542 2,344 840 428 421 656 198 181 16 1959 Apr. 30 1,379 2,399 2,247 738 434 427 648 152 136 16 May 31 I 402 2 427 2 264 731 424 434 674 164 149 15 June 30 1,440 2,441 2,280 743 413 455 669 161 144 17 July 31 I 482 2,384 2,204 717 413 437 637 180 153 27 Aug. 31 1,501 2,356 2,178 708 421 442 607 178 152 26 Sept 30 1,507 2,392 2,193 743 424 453 573 199 163 36 Oct. 31 1,516 2 396 2 170 728 441 458 543 226 192 34 Nov 30 1,497 2,482 2,270 805 456 475 533 212 182 30 Dec 31 1,526 2,635 2,400 839 463 516 582 235 203 32 1960 Jan 31 1,501 2,716 2,488 864 431 517 676 229 195 34 Feb 29 1,497 2,688 2,478 834 413 526 705 210 175 36 Mar 31p 1,513 2,729 2,514 797 401 538 778 215 179 37 Apr. 30^ 1,579 2,722 2,499 778 413 562 746 223 196 36 Area and country detail, February 29, 1960 Europe: 2 3 2 (2) (2) 1 1 (2) (2) Belgium 27 53 52 37 5 9 1 1 (2) 1 15 14 2 2 10 4 9 9 1 7 France 19 38 36 5 3 11 17 2 2 Germany, Fed. Rep. of 11 51 45 18 2 21 4 6 6 I Greece 6 3 3 3 Italy 39 38 37 13 5 12 7 « Netherlands 14 26 23 3 4 13 3 3 3 131 7 6 4 1 1 1 2 2 2 7 6 5 1 I Sweden 33 17 15 6 2 1 1 2 39 30 11 11 4 9 9 Turkey 66 66 62 43 United Kingdom . . 50 141 36 19 <i 15 1 105 79 26 Yugoslavia 8 8 4 3 Other Europe 10 16 16 8 5 1 (2) (2) (2) Total 358 536 405 183 44 116 61 130 103 27 Canada 100 234 189 8 157 8 16 45 42 4 Latin America: Argentina 74 63 37 4 i 17 12 25 25 Bolivia 3 3 3 Brazil 251 151 151 53 18 61 Chile 39 57 57 15 14 13 15 26 70 70 6 9 26 29 | Cuba 60 83 83 42 4 29 9 m 2 27 27 7 5 4 12 El Salvador 5 5 4 2 13 13 2 6 2 Mexico 180 257 254 98 61 29 65 3 Netherlands W. Indies and Surinam 3 5 5 2 1 2 (2) Panama Rep of 35 19 19 11 4 3 p> 12 38 38 1 4 17 16 (2) 1 46 46 24 3 18 28 346 343 95 49 50 149 2 2 Other Latin America 60 56 56 5 12 28 12 Total 773 1,240 1,208 354 200 251 403 32 28 3 p Preliminary. 2 Less than $500,000. 1 Represents mainly loans with an original maturity of more than one year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- Area and term— Loans to: country total i Total Collections Deposits Total Banks and out- Other Total with Other official Others standing foreigners institutions Area and country detail, February 29, ]960—Continued Asia: 2 12 12 8 2 2 (2) (2) India 18 6 6 1 3 (2) (2) I I n ra d n onesia .• 5 9 6 30 1 (2) (2) (2) (2) Israel 3 17 17 1 2 13 Japan 16 372 371 115 1 58 197 (2) (2> Korea Reo of. 2 2 2 T P a h i i w lip a p n ines 7 1 9 8 1 9 8 1 6 5 (2) 2 2 1 (2) (2) (2) Thailand . 7 12 12 8 2 2 Other Asia 3 148 148 130 (2)2 16 (2) (2> (2) Total 119 626 625 285 6 117 217 1 i All other: Australia 27 16 15 7 7 1 i 1 Belsian Conso 21 3 3 3 Egypt3 2 2 i Union of South Africa 19 11 11 9 1 Other 81 21 21 5 13 Total 147 53 51 3 6 33 8 2 i i International institutions.... Grand total 1,497 2,688 2,478 834 413 526 705 210 175 36 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 TYPESi [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales N c sa h e l a e t s s p e s u ( , r - o ) - r ch P a u s r e - s Sales c s N a h l a e e t s s e p s ( u , o - r ) r - c P ha u s r e - s Sales c s N a h l a e e t s s e p s ( u , - o r ) r - 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 — 126 1957., 666 718 -52 1,617 1,423 194 699 1,392 -693 593 622 —29 1958 1,224 1,188 36 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1959 1,214 528 686 2.593 2,158 435 946 1,458 -512 566 804 -238 1959 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 -8 July 63 40 23 229 190 39 60 163 48 53 _5 259 25 234 190 145 45 27 27 -V? 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 23 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 11 Feb 119 88 32 194 149 46 77 238 -161 41 36 5 Mar P 113 70 42 199 153 46 57 174 -117 42 44 -2 Aprp 183 86 97 190 145 45 76 101 -25 41 59 -19 P Preliminary. 2 Includes small amounts of U. S. municipal securities. i Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 707 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY* [Net sales. (-). In millions of dollars] Type of security Country Year or month Total* Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r it - d z- U K d n i o i n t m 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 A L m i a c t a e in r- ot A he ll r* 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—Apr 30 25 5 (3) 1 1 27 —2 4 31 -8 2 4 May 37 36 1 1 (3) 4 21 4 5 33 — 3 3 4 41 36 5 1 -1 21 4 4 31 2 5 July 39 34 6 4 2 19 — 1 2 27 1 4 7 O A Se U c p K t t 4 4 4 5 4 0 2 3 3 6 5 0 1 1 1 0 0 8 — 1 1 1 1 2 1 1 5 5 5 2 3 1 6 5 8 - - 4 1 7 2 4 1 4 4 3 2 0 4 - - - 1 5 4 4 6 5 4 3 1 Nov 59 48 11 1? 11 8 23 11 5 58 -2 3 Dec ,.. 54 58 -4 6 5 20 13 4 46 -6 5 9 I960 Jan 77 72 5 13 9 3 28 13 17 71 -2 7 2 Feb 46 34 11 7 -6 34 -6 7 37 2 7 Mar.p 46 31 14 4 10 23 6 -4 41 1 1 3 Apr p 45 34 12 ((33)) 3 2 21 8 3 37 2 2 5 9 Preliminary. 2 Includes transactions of international institutions. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (—). In millions of dollars] [In millions of dollars] Y m e o a n r t o h r n I a i n n ti t s o e t n r i- - al f c o T o r o e u t i n a g l - n Europe C a a d n a - A L i m a c t a e in r- Asia o A th l e l r Date Deposits Assets in custody tutions tries ica U. S. Govt. Miscelsecurities 2 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 -593 -50 -443 11 -97 -15 1959—May 31 291 3,750 524 June 30 294 3,900 528 1959—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 I 5 -1 3 7 2 Sept. 30 312 4,346 548 July... -a0) -107 -4 -100 1 -4 -1 Oct. 31 284 4,409 547 Aug... -6 A -1 (? -2 1 Nov. 30 332 4,396 556 S O e c p t. t . . . . . -7 -17 7 4 24 2 - -2 4 1 2 3 3 1 -2<1? Dec. 31 345 4,477 570 Nov... -6 -44 -13 -29 4 -6 I960—Jan. 31 249 4,444 593 Dec... 0) -59 -16 -39 5 -11 Feb. 29 191 4,707 466 Mar. 31 184 4,728 615 1960—Jan 29 -20 -17 2 0) -6 1 Apr. 30 194 4,818 639 Feb... -101 -56 9 -43 -20 -3 1 May 31 215 4,841 643 Mar.?». 7 -126 3 -89 -32 -4 2 Apr.p. -2 -42 -4 -16 2 2 -22 1 Excludes assets held for international institutions, and earmarked gold. See note 5 at bottom of next page for total gold under earmark p Preliminary. at Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annua[ totals 1959 1960 Area and country 1952 1953 1954 1955 1956 1957 1958 1959 J M an a . r - . A Ju p n r e .- S Ju e l p y t - . O D c ec t- . J M an ar .- . Continental Western Europe: Austria • . . . .. -6 -84 -83 -39 -43 -1 1-6 1-95 3 3 -329 — 39 — 39 26 -68 -34 266 — 66 — 200 Germany (Fed. Rep. of) -10 -i30 -226 -10 Italy -100 -65 25 — -2 6 3 1 49 — 30 — 30 10 Portugal -5 -60 -55 -5 -20 -10 -10 Sweden -20 — 15 is Switzerland 23 -65 -16 -8 -215 20 20 Bank for Int'l Settlements -94 -20 -178 -32 _7 -25 Other -18 9 4 3 339 38 -38 -5 -15 -17 -3 Total . . .. -116 -546 -328 -79 -20 68-1,428 -477 -38 -118 -124 -197 -40 Sterling Area: United Kingdom 440 -480 -50 100 -900 -350 —200 — 150 Other 11 -1 -1 (2) Total 451 -481 -51 (2) 100 —900 — 350 — 200 — 150 Canada 7 15 5 Latin America: -20 -85 115 75 67 88 -28 80 30 20 10 Venezuela -30 -200 65 65 Other -10 -19 12 14 56 6 2 -4 (2) (2) -2 -1 (2) Total 58 -132 62 14 -28 81 69 31 -20 -12 64 o -7 -6 -10 -5 (2) 18 4-27 4 — 176 4—45 4 — 50 4-62 — 19 All other 1 14 — 1 Total foreign countries... 394-1,164 -327 -68 80 172-2,287 -969 -84 -389 -348 -148 -41 International institutions 5 200 600 -7 6-73 -9 6-344 189 91 -1 Grand total 394-1,164 -327 -68 280 772-2,294 6-1,041 -93 6-732 -159 -57 -42 1 Includes sales of gold to Belgian Congo as follows (in millions): 1952, 4Includes 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-Sent., $62). 2 Less than $500,000. s Figures represent purchase of gold from, or sale to ( —) International 3 Includes purchases of gold from Spain as follows (in millions): 1957, Monetary Fund. $31; and 1958, $32. 6 Includes payment of $344 million in June 1959 as increase in United States gold subscription to the International Monetary Fund. 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 c o 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, im g N o o p e r l o d t rt, 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 o g d n o u e l c s d - - Month ( T e r u n G e r d a y o s o l - 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 t c l a a d s e k s l e - : e, im g N o o p e r l o d t rt, g m c o c o r E r l a r e d e r a a i : a k r n s s d - e e - e d e , - D p ti r c o t o i m g o d o n u e l c s d - - 1947 22,754 22,868 2 2,162 1,866 210 76 1959—May 20,188 20,227 -130 10 -137 4 1948 24,244 24,399 1,530 1,680 -159 71 June 19,705 19,746 3-482 15 -492 5 1949 24.427 24,563 165 686 -496 67 July 19,626 19,672 -73 25 -98 5 1950 22,706 22,820 -1,743 -371 -1,352 80 Aug 19,524 19,568 -104 76 -176 4 1951 22,695 22,873 53 -549 618 66 Sept. 19,491 19,579 10 55 -35 4 1952 23,187 23,252 380 684 -305 67 Oct 19,585 19,647 68 24 52 4 Nov 19,566 19,617 -30 48 -71 3 1953 22,030 22,091 -1,162 2 -1,171 69 Dec 19,456 19,507 -110 9 -112 4 1954 21,713 21,793 -297 16 -325 65 1955 21 69021 753 -41 97 -132 66 I960—Jan 19 444 19 494 -13 2 — 12 3 1956 21,949 22,058 306 106 319 65 Feb 19,421 19,471 -23 4 -21 3 1957 22,781 22.857 799 104 600 63 Mar 19,408 19,457 -14 17 -13 4 1958 20,534 20,582 -2,275 260 -2,515 62 Apr 19,360 19,403 -54 8 —71 1959 19,456 19,507 3-1,076 302 -1,324 49 May ^19,352*>19,395 5-14 (*} » 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 $9,993 million on May 31, 1960. "Circulation Statement of United States Money." Gold under earmark is not included in the gold stock of the United States. 2 Net after payment of $688 million as United States gold subscription to the International Monetary Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 709 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1958 Mar. 31, 1959 June 30, 1959 Sept. 30, 1959 Dec. 31, 1959* Mar. 31, I960* Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U. S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars &notes dollars & notes dollars & notes Continental Western Europe: Austria 605 629 7 646 7 685 7 623 7 556 7 Belgium-Luxembourg (and Belgian Congo). 1,522 1,489 6 1,510 7 1,484 7 1,360 7 1,435 6 Denmark 200 169 43 141 44 144 54 168 64 145 64 Finland 104 113 1 109 1 109 1 115 1 125 1 France (and dependencies) 1,295 1,469 12 1,893 32 2,091 32 1,957 35 2,053 37 G G r e e r e m c a e ny (Federal Republic of) 4,3 14 9 3 4 4,0 1 6 58 3 15 4,1 1 7 79 1 0 1 ) 6 4,0 18 5 7 7 0 1 ) 6 4, 2 6 1 2 2 4 0 1 ) 6 4,6 18 8 6 2 C 116 ) Italy 2,207 2,421 2,720 3,054 0) 3,118 (*) 2,975 0) Netherlands (and Netherlands West Indies and Surinam) 1,497 15 1,614 17 1,627 22 1,711 26 1,732 29 1,736 30 Norway 173 120 151 125 156 133 133 136 125 141 129 141 Portugal (and dependencies) 707 »729 '712 0) '725 1 733 1 722 1 Spain (and dependencies) 94 88 92 123 3 141 3 167 3 Sweden 507 10 498 31 555 31 521 68 404 101 388 79 Switzerland 2,777 76 2,781 80 2,787 82 2,805 90 2,903 88 2,699 87 Turkey 164 0) 164 0) 165 (0 176 8 164 0) 163 Other* 1,209 1,117 16 1,111 16 »i,069 1,090 17 1,181 Total 17,598 274 '17,653 358 r18,574 396 '19,074 456 19,469 510 19,342 477 Sterling Area: United Kingdom 3,723 194 3,923 184 3,909 201 3,956 264 3,471 323 3,677 368 United Kingdom dependencies 109 110 4 105 4 106 4 115 4 119 Australia 241 246 226 0) 252 0 268 0) 268 India 324 337 0) 346 0) 366 « 361 0) 351 Union of Soujth Africa 241 221 237 268 287 299 Other 251 43 250 49 199 55 199 57 211 76 214 89 Total 4,889 242 5,087 238 5,022 5,147 326 4,713 404 4,928 473 Canada 3,097 341 3,159 344 3,195 3,284 450 3,155 452 3,299 485 La A ti r n g e A n m tin er a ica: 210 (? 237 263 325 0) 393 (V 444 () Brazil 463 504 480 495 478 450 Chile 140 135 88 170 212 0) 228 193 0) C C G u o u l b a o t a m em bi a a la 2 3 4 6 6 1 9 6 1 86 2 3 7 6 3 0 2 9 18866 2 3 7 1 6 8 7 7 2 2 6 7 5 6 7 9 0 82 ) 2 2 1 8 6 4 8 1 1 0) 2 1 7 7 7 6 7 0 0 0 82 ) ) Mexico 561 543 566 565 0) 584 574 Panama, Republic of 146 156 147 157 129 128 4 Peru 96 93 96 107 4 110 100 3 Uruguay 262 0) 276 "0I) 269 251 242 1 242 1 Venezuela 1,213 1,227 1,219 997 931 0) 899 0) Other 250 292 302 268 13 253 273 13 12 12 Total 4,017 10161 4,134 107 4,174 104 3,979 105 3,911 105 3,826 106 Asia: 1 Indonesia 145 156 118 149 172 183 1 Iran , 184 195 179 167 187 176 0) Japan 1,094 1,232 1,380 1,420 1,539 1,615 Philippines , 186 180 178 187 181 190 3 Thailand , 245 250 246 239 240 250 1 Other 778 818 931 1,013 1,027 16 1,028 21 Total , 2,632 12 2,831 13 3,032 14 3,175 21 3,346 23 3,442 28 Allother: Egypt3 190 190 190 (*) 190 194 0) 207 0) Other , 140 149 171 10 176 170 10 166 10 Total 330 339 10 361 10 366 11 364 10 373 10 Total foreign countries4 32,563! 983 r33,2O3 1,070 r34,358 1,127 '35,025 1,369 34,958 1,504 35,210 1,579 International institutions , 2,876 495 3,027 523 4,665 523 5,043 605 5,565 660 5,753 709 Grand total4 , 35,439 1,478 36,230 1,593 r39,023 1,650 '40,068 1,974 40,523 2,164 40,963 2,288 P Preliminary. r Revised. NOTE.—Gold and short-term dollars include reported and estimated 1 Less than $500,000. official gold reserves, and total dollar holdings as shown in "Short-term 2 Includes Yugoslavia, Bank for International Settlements (including Liabilities to Foreigners Reported by Banks in the United States by European Payments Union account through December 1958 and Euro- Countries" (Tables 1 and la-Id of the preceding section). U. S. Govt. pean Fund account thereafter), gold to be distributed by the Tripartite bonds and notes represent estimated holdings with original maturities Commission for Restitution of Monetary Gold, and unpublished gold of more than one year; these estimates are based on a survey of selected reserves of certain Western European countries. U. S. banks and on monthly reports of security transactions. 3 Part of the United Arab Republic since February 1958. 4 Excludes gold reserves of the U. S. S. R., other Eastern European countries, and China Mainland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- Bel- E m n o d n t o h f w m t o o a r t t l a e d l d i M F t u a o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s i - a A tr u i s a - C g o i n an go 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 ,740 21,793 13,540 372 138 62 115 778 322 ,073 42 86 1955—Dec.. 37,730 ,808 21,753 14,170 372 144 71 116 929 323 ,134 44 86 1956—Dec.. 38,235 ,692 22,058 14,485 224 107 71 122 925 324 ,103 46 57 1957—Dec.. 38,960 ,180 22,857 14,925 126 126 103 81 915 324 ,100 40 62 1958—Dec.. 39,865 ,332 20,582 17,950 60 162 194 83 1,270 325 ,078 40 72 1959—Apr.. ,353 20,358 57 166 222 65 1,265 326 ,071 40 73 May. ,522 20,227 57 169 222 63 1,289 326 ,074 40 74 June. 40,340 ,910 19,746 18,685 57 135 256 63 1,270 326 ,073 40 74 July.. ,923 19,672 57 138 280 53 1,281 326 ,061 40 74 Aug.. 2,025 19,568 57 141 291 53 1,276 326 ,053 41 75 Sept.. r40,450 2,052 19,579 18*820' 57 143 291 48 1,254 326 ,039 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.. '•46^696 2,407 19,507 56 154 292 42 1,134 327 960 43 71 I960—Jan.., 2,416 19,494 56 292 42 1,143 326 952 42 71 Feb.. 2,421 19,471 56 292 38 1,175 326 952 41 72 Mar.. 2,454 19,457 292 38 1,183 294 950 41 72 Apr.. 2,495 19,403 292 1,197 945 42 Ger- E m n o d n t o h f Cuba m D a e r 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.. 186 174 617 328 247 145 1954—Dec.. 186 174 708 626 247 81 1955—Dec.. 136 174 942 920 247 81 1956—Dec.. 136 188 924 1,494 247 45 1957—Dec.. 136 188 581 2,542 247 39 1958—Dec.. 80 174 750 2,639 247 37 1959__Apr.. 76 174 718 2,678 247 36 May. 76 174 859 2,684 247 4i June. 75 174 899 2,704 247 41 July.. 75 174 939 2,721 247 41 Aug.. 75 174 930 2,721 247 41 Sept.. 75 174 921 2,621 247 41 Oct... 75 174 ,055 2,626 247 33 Nov.. 60 174 ,122 2,626 247 33 Dec.. 50 174 ,290 2,637 247 33 I960—Jan... 50 174 ,285 2,638 247 33 Feb.. 21 174 ,298 2,652 247 33 Mar.. 174 ,322 2,670 247 33 Apr.. 174 ,399 2,704 247 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. 137 346 35 158 737 52 38 36 9 361 1954—Dec. 138 346 63 62 796 45 38 35 9 429 1955—Dec. 138 352 74 142 865 45 48 35 16 428 1956—Dec. 138 14 338 77 167 844 50 49 35 22 448 1957—Dec. 138 20 452 91 180 744 45 49 28 6 461 1958—Dec. 141 34 1,086 91 143 1.050 43 49 19 10 493 1959—Apr. 140 34 1,222 102 142 ,164 43 49 19 9 502 May 140 34 1,263 102 142 ,164 43 50 19 9 507 June 140 34 1,311 102 160 ,164 43 50 19 10 512 July. 140 73 1,381 102 158 ,164 30 50 19 6 313 Aug. 140 84 1,433 102 156 ,162 30 50 19 6 525 Sept. 140 84 1,476 102 165 ,162 30 50 19 525 Oct.. 140 84 1,583 102 165 ,126 30 50 19 8 530 Nov. 140 84 1,635 102 143 ,132 30 50 29 8 546 Dec. 140 84 1,749 102 142 ,132 30 50 28 9 548 1960—Jan.. 140 1,816 102 142 ,132 30 52 28 10 548 Feb., 131 102 ,141 30 52 28 11 548 Mar. 131 102 ,142 30 52 28 12 549 Apr. 131 102 ,142 30 52 r Revised. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 711 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 - g U u 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 'i e- m p P e e a a n y n t - s ments Union 1953 Dec 176 218 J.459 14 113 143 2,518 227 373 13 193 153 1954 Dec 199 265 1,513 17 113 144 2,762 227 403 14 196 153 1955—Dec 212 276 1,597 19 112 144 2,120 216 403 16 217 244 1956 Dec 224 266 1,676 19 112 144 2,133 186 603 17 179 268 1957—Dec 217 219 1,718 24 112 144 2,273 180 719 13 165 254 1958 Dec 211 204 1,925 24 112 144 3,069 180 719 17 339 126 1959 Apr 190 204 I 931 24 112 144 3 251 180 719 15 533 May 197 204 1,912 24 112 144 3,119 180 719 10 479 June 201 205 I 909 24 112 144 3 172 180 719 10 486 JUly 217 205 1,925 24 112 144 3,220 180 719 10 436 AUK 204 191 1,919 19 112 144 3,248 180 719 10 434 Sept 225 191 1,900 19 112 144 3,284 180 719 10 427 Oct 231 191 1,868 19 112 133 3,024 180 719 10 367 New 230 191 1 816 19 112 133 2 974 180 654 10 383 Dec 238 191 1.934 104 133 2,736 180 654 16 381 1960 Jan 248 191 1 826 104 133 2 685 180 654 10 445 Feb 244 171 1,807 104 133 2,722 180 654 10 513 Mar 256 171 1,777 104 133 2,780 180 654 10 510 At>r 258 171 1,767 133 2,831 180 514 9 l 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 Year or pro w d o u r c ld tion Africa North and SouthAmerica Other month U. ( S e . x S c . l R . .) Total A So fr u ic th a R de h s o ia - Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - l 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 38 1 5.8 1959 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 6 2.6 .8 3.8 13.2 1.2 .5 .3 .3 1.0 2 9 5 May.... 88.1 58.7 6 2.6 1.3 4.1 13.3 .9 .7 .3 .2 1.0 2.9 .5 June.... 89.4 59.5 8 2.6 1.0 4.6 12.5 .9 .7 .3 .2 1.3 3.5 .5 July 91.6 60.8 6 2.7 .8 5.3 13.2 .9 .6 .4 .2 1.4 3.2 .5 Aug 2 88.8 60.7 4 2.7 1.4 4.2 12.2 .6 .6 .3 1.2 3.0 .5 Sept 2 89.5 60.9 ? 0 2.8 .7 3.8 12.7 .8 .5 .3 1.2 3.3 5 Oct 291.4 61.3 7 2.8 1.1 3.5 13.9 1.1 .6 .4 1.2 3.3 .5 Nov 60.3 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 3 6 5 I960 Jan 60.8 1.6 2.6 3.4 13.2 .5 4 1 5 2 8 4 Feb 60.0 1.6 2.6 3.1 n.o .6 .4 Mar 59.6 3.5 13.6 .6 .3 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

712 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 937 952 1,033 1,023 1,109 Investments' , 200 200 200 500 500 Other currencies and securities1... 636 671 630 666 648 Currencies:1 Effective Ioans2 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 in separate IBRD bonds outstanding 1,840 1,905 1,963 1,990 2,067 accounts:l ° 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 11105 1159 Member subscriptions , 9,228 9,228 9,228 13,644 13,999 Loans by country, Apr. 30, 1960 Member subscriptions in separate account1** , 5 2,093 Reserves and liabilities 30 35 42 "162 H106 Outstanding Area and member country* Prin- Dis- Re- Quota Cumulative net drawings cipal bursed paid Sold on the Fund Total to others* Country Paid 1959 1960 Total in Continental Western Europe, gold total 1,643 1,286 272 1,014 249 Apr. Mar. Apr. Austria 100 67 1 66 5 Belgium and Luxembourg.. 213 163 24 138 40 Denmark 60 46 6 40 3 Argentina 280 70 94 162 159 Finland 102 73 17 56 13 Bolivia 23 6 9 10 10 France 418 294 28 265 32 Brazil 280 70 113 92 92 Italy 298 217 8 209 62 Burma 15 1 12 8 8 Netherlands 236 236 165 72 72 Chile 75 15 42 42 42 Norway 95 70 3 67 22 Turkey 61 60 9 51 Colombia 75 19 30 3 2 Yugoslavia 61 61 11 50 Cuba 50 13 25 25 25 Dominican Rep... 15 4 7 7 Sterling area, total 1,506 1,293 174 1,119 109 El Salvador 11 3 3 2 Australia 318 318 47 270 25 France 788 174 394 181 181 Ceylon 24 14 14 India 592 475 43 432 30 Haiti 11 3 5 Pakistan 151 98 19 79 Honduras 11 3 1 Union of S. Africa 197 197 53 144 28 Iceland 11 3 3 3 United Kingdom 199 170 10 160 23 India 600 78 200 150 150 Other 25 21 2 19 Indonesia 165 29 55 46 46 Iran 70 18 17 5 5 Latin America, total 976 735 141 594 14 Brazil 267 194 33 161 Paraguay 9 2 6 5 5 Chile 106 54 9 44 1 Philippines 50 13 21 6 6 Colombia 148 109 34 76 1 Spain 100 10 50 50 Ecuador 45 22 2 20 (6) Sudan 15 2 6 6 El Salvador 32 24 4 21 (6) Turkey 86 22 36 36 Mexico 186 164 20 144 6 Nicaragua 23 22 8 14 (6) United Arab Re- Peru 47 42 9 34 1 public—Egypt.. 90 17 30 20 28 Uruguay 71 60 10 51 2 United Kingdom. 1,950 399 345 282 268 Other 50 43 13 30 2 United States.... 4,125 1,031 12-1,763 12-1,505 12-1,495 Yugoslavia 66 9 23 23 23 Asia (excluding Sterling area), total 726 418 44 374 29 Iran 194 91 20 71 12 1 Currencies include demand obligations held in lieu of deposits. Japan 338 237 228 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. Philippines 19 16 16 3 Excludes uncalled portions of capital subscriptions. Thailand 107 59 49 * Loans to dependencies are included with member. Other 6 6 5 Includes also effective loans agreed to be sold but not yet disbursed. « Less than $500,000. Africa (excluding Sterling 7 Includes $260 million in loans not yet effective. area), total 119 61 59 « Includes $391 million not guaranteed by the Bank. Ethiopia 24 16 14 • U. S. Treasury bills purchased with proceeds from sale of gold. Sudan 39 23 23 i © Paid by members pending increases in quotas becoming effective. United Arab Republic 57 22 22 1! Includes subscriptions due from members on increases in quotas consented to but not yet effective. Total 74,970 3,792 632 3,160 8410 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 713 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1956 1957 1958 1959 Item Exports o! 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 681 880 850 715 720 829 908 841 838 801 821 773 739 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 4-1,020 -641 -366 Private, total -1,077 -5/5 -1,364 -410 -588 -642 -1,025 -451 -726 -383 -752 -405 -605 Direct investment -694 -402 -993 -339 -324 -155 -411 -156 -372 -267 -450 -229 -258 Portfolio and short-term investment -383 -411 -371 -71 -264 -487 -614 -295 -354 -116 -302 -176 -347 Government -102 -199 -134 -368 -246 -222 -332 -166 -89 4-268 -236 239 -257 Foreign capital and gold (net) -195 316 -269 227 585 1,069 907 878 915 4 1,432 1,403 510 Increase in foreign short-term assets -381 and Government securities -283 514 -260 275 202 9 450 479 744 4 845 1,078 303 Increase in other foreign assets.... 115 -199 127 18 50 13 -15 -26 52 75 190 158 135 Gold sales by United States -27 166 -325 -27 -98 370 1,075 483 347 96 4 397 167 72 Errors and omissions 305 -348 217 347 -192 203 107 218 -87 217 357 62 140 376 » 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, of which $344 million was transferred in gold and $1,031 million in 2 Including military transactions. noninterest bearing U.S. Government securities. OPEN MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Germany Netherlands land Month 3 T m r b e o i a l n s ls u t , h r s y * 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 s a e i n r t s c s ' e D m a o d y n a - y e t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - y e t y o 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 1.64 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—Apr 4.57 4.41 3.40 3.25 2.69 2.00 4.13 2.00 2.31 1.61 1.50 2.00 May 4.98 4.26 3.43 3.33 2.67 2.00 3.88 2.00 2.56 L.63 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 '3.87 '3.83 4.74 4.59 3.91 3.00 4.17 4.00 4.06 2.33 1.65 2.00 Apr 3.40 3.33 4.80 4.65 3.67 3.00 4.00 3.94 2.25 1.75 2.00 r Revised. 3 Rate shown is on private securities. 1 Based on average yield of weekly tenders during month. 4 Rate in effect at end of month. 2 Based on weekly averages of daily closing rates. 5 Based on average of lowest and highest quotation during month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 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 May 31, 1959 Rate as of Country 1959 1960 May 31, 1960 Per Month cent effective June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Argentina2 6.0 Dec. 1957 6.0 Austria 4.5 Apr. 1959 5 0 5.0 Belgium 3.25 Jan. 1959 4.0 4.0 Brazil* 10.0 Apr. 1958 10.0 Burma 3.0 Feb. 1948 3.0 Canada 3 5.15 May 1959 5.36 5.72 5.58 5.85 5.27 5.11 5.37 4.85 4.86 3.26 3.51 3.26 3.26 Ceylon . 2.5 June 1954 42 5 2.5 Chiles 15.90 Apr. 1959 16.25 16.40 16.40 Colombia2 4.0 July 1933 5.0 5.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 6.0 6.0 Denmark 4.5 Aug. 1958 5 0 5 5 5.5 Ecuador2 5.0 Nov. 1956 5.0 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 3.0 4.0 4.0 Greece 10.0 May 1956 10.0 Honduras* 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 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 5.0 5.0 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 Indonesia—various rates depending on type of paper, collateral, comdiscounts or makes advances against eligible commercial paper and/or modity involved, etc.; government securities for commercial banks or brokers. For countries Japan—penalty rates (exceeding the basic rate shown) for borrowings with more than one rate applicable to such discounts or advances, the from the Central bank in excess of an individual bank's quota; rate shown is the one at which the largest proportion of central bank Peru—8 per cent for agricultural, industrial and mining paper; credit operations is understood to be transacted. In certain cases other Philippine Republic—-4.5 per cent for crop loan paper and 5 per cent for rates for these countries are given in note 2. export packing credit paper; and 2 Discounts or advances at other rates include: Venezuela—4 per cent for rediscounts of certain agricultural paper and Argentina—3 and 5 per cent for certain rural and industrial paper, de- for advances against government bonds or gold and 5 per cent on adpending on type of transaction; vances against securities of Venezuelan companies. Brazil—8 per cent for secured paper and 4 per cent for certain agricultural 3 Since Nov. 1, 1956, the discount rate has been set each week at paper; lA of one per cent above the latest average tender rate for Treasury bills; Colombia—3.5 per cent for agricultural and industrial development end-of-month rate shown. paper of up to 150 days and 3 per cent for economic development paper 4 The discount rate was advanced from 2.5 to 3 per cent on Dec. 16, of up to 5 years; and lowered again to 2.5 per cent on Dec. 24, 1959. Costa Rica—5 per cent for paper related to commercial transactions 5 Since April 1, 1959, new rediscounts are granted at the average rate (rate shown is for agricultural and industrial paper); charged by banks in the previous half year. Old rediscounts remain subject Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by to old rates provided their amount is reduced by one-eighth each month national public securities; beginning May 1, 1959, but the rates are raised by 1.5 per cent for each Ecuador—6 per cent for bank acceptances for commercial purposes; 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 715 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- Year or month (p t o ra u l n i d a s) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r l k an k d a) Official Free 1954. 7.198 223.80 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.273O 223.81 3.8619 2.0012 104.27 21.055 .3115 1959—May. .1774 224.27 8488 2.0057 103.84 21.081 .3114 June. .1091 224.11 8510 2.0027 104.28 21.072 .3120 July.. .1851 224.04 8506 2.0031 104.46 21.062 .3120 Aug.. .1922 223.86 8502 2.0013 104.75 21.060 .3116 Sept.. .2037 223.40 8525 1.9989 105.08 21.037 .3113 Oct.. .2213 223.61 8526 1.9993 105.51 21.048 .3113 Nov.. .2084 223.32 8526 1.9990 105.22 21.031 .3113 Dec.. .2003 222.98 8523 1.9996 105.12 20.995 .3113 I960—Jan... .2035 223.09 8449 2.0037 104.91 21.014 .3113 Feb.. .2032 223.37 8419 2.0048 105.07 21.031 .3113 Mar.. .2030 223.57 8418 2.0051 105.15 21.044 .3113 Apr.. .2004 223.86 8407 2.0061 103.84 21.062 .3112 May. .2005 223.59 3.8406 2.0055 102.24 21,047 .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 a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) 1954. 23.838 21.020 280.87 32.641 9.0515 26.381 1955. 23.765 20.894 279.13 32.624 8.0056 26.230 1956. 23.786 20.934 279.57 .2779 32.582 8.0056 26.113 1957. .2376 23.798 20.910 279.32 .2779 32.527 8.0056 26.170 1958. 2.2374 23.848 21.048 280.98 .2779 32.767 8.0056 26.418 1959. .2038 23.926 21.031 280.88 3.1610 .2778 32.857 8.0056 26.492 1959—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 I960—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 May. 20.396 23.978 20.958 280.60 .1611 .2774 32.810 8.0056 26.519 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 a u t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( S e fr r w a la n i n t c - d ) ( U p K d o n i o u i n m t n g e d - 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 «2.0579 19.324 23.142 280.88 1959—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 .6607 19.325 23.048 280.63 Nov.. 277.49 14.008 49.770 3.4915 279.22 .6607 19.308 23.040 280.27 Dec... 277.07 13.994 49.770 3.4861 278.80 .6607 19.303 23.127 279.84 1960—Jan... 277.20 13.985 49.770 3.4844 278.93 .6607 19.302 23.112 279.98 Feb... 277.55 13.990 49.770 3.4898 279.28 .6625 19.311 23.054 280.33 Mar.. 277.81 14.006 49.770 3.4923 279.54 .6637 19.314 23.058 280.59 Apr.. 278.17 14.035 549.770 3.4957 279.90 .6637 19.359 23.048 280.95 May. 277.82 14.018 3.4935 279.55 . 6633 19.339 23.124 280.60 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 1X1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN • JUNE 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 Economist ARTHUR W MARGET Associate HOWARD H. HACKLEY, General Counsel _, _ . . _ XT DAVID B. HEXTER, Assistant General Counsel G uY E' NoYES> ^oaate 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, MINNEAPOLIS GoRDQN Mu Vice President REUBEN B. HAYS, CLEVELAND R- OTIS MCCLINTOCK, KANSAS CITY JOHN S. ALFRIEND, RICHMOND I- F. BETTS, DALLAS JOHN C. PERSONS, ATLANTA CHARLES F. FRANKLAND, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches Chairmen and Deputy Chairmen of Boards of Directors FEDERAL RESERVE CHAIRMAN AND DEPUTY CHAIRMAN BANK OF— FEDERAL RESERVE AGENT BOSTON ROBERT C. SPRAGUE NILS Y. WESSELL NEW YORK PHILIP D. REED FORREST F. HILL PHILADELPHIA HENDERSON SUPPLEE, JR. WALTER E. HOADLEY, JR. CLEVELAND ARTHUR B. VAN BUSKIRK JOSEPH H. THOMPSON RICHMOND ALONZO G. DECKER, JR. D. W. COLVARD ATLANTA WALTER M. MITCHELL HENRY G. CHALKLEY, JR. CHICAGO BERT R. PRALL ROBERT P. BRIGGS ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL MINNEAPOLIS O. B. JESNESS ATHERTON BEAN KANSAS CITY RAYMOND W. HALL JOE W. SEACREST DALLAS ROBERT J. SMITH LAMAR FLEMING, JR. SAN FRANCISCO F. B. WHITMAN Y. FRANK FREEMAN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 719 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, Jr. 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 Son 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 Carrithers Nashville R. E. Moody, Jr. Houston J. L. Cook New Orleans M. L. Shaw San Antonio Carl H. Moore Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City E. R. Barglebaugh Memphis E. Francis DeVos Seattle J. M. Leisner Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted the material listed may be obtained from the Division of Administrative Services, f Board of Governors of the Federal Reserve System, Washington 25, £>. 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. THE FEDERAL RESERVE SYSTEM—PURPOSES AND 159 pages. Part III. February 1960. 112 FUNCTIONS. April 1954. 208 pages. pages. Individual books $1.00 each; set of 3 ANNUAL REPORT OF THE BOARD OF GOVERNORS books $2.50. OF THE FEDERAL RESERVE SYSTEM. INDUSTRIAL PRODUCTION—1959 REVISION. July FEDERAL RESERVE BULLETIN. Monthly. Sub- 1960. 229 pages. $1.00 per copy; in quantiscription price in the United States and its pos- ties of 10 or more for single shipment, 85 cents sessions, Bolivia, Canada, Chile, Colombia, each. Costa Rica, Cuba, Dominican Republic, Ecua- THE FEDERAL FUNDS MARKET—A Study by a dor, Guatemala, Haiti, Republic of Honduras, Federal Reserve System Committee. May Mexico, Nicaragua, Panama, Paraguay, Peru, 1959. Ill pages. $1.00 per copy; in quanti- El Salvador, Uruguay, and Venezuela is $6.00 ties of 10 or more for single shipment, 85 per annum or 60 cents per copy; elsewhere cents each. $7.00 per annum or 70 cents per copy. Group DEBITS AND CLEARINGS STATISTICS AND THEIR subscriptions in the United States for 10 or USE (rev. ed.). May 1959. 144 pages. $1.00 more copies to one address, 50 cents per copy per copy; in quantities of 10 or more for single per month, or $5.00 for 12 months. shipment, 85 cents each. FEDERAL RESERVE CHART BOOK ON FINANCIAL ALL-BANK STATISTICS, 1896-1955. Part I, U. S. AND BUSINESS STATISTICS. Monthly. Annual Summary. Part II, Summaries by States and subscription includes one issue of Historical other areas. April 1959. 1,229 pages. $4.00. Supplement. Subscription price in the United THE FEDERAL RESERVE ACT, as amended through States and the countries listed above is $6.00 December 31, 1956, with an Appendix conper annum; 60 cents per copy, or 50 cents each taining provisions of certain other statutes affor 10 or more of same issue for single ship- fecting the Reserve System. 385 pages. $1.00. ment; elsewhere $7.00 per annum or 70 cents FLOW OF FUNDS IN THE UNITED STATES, 1939-53. each. December 1955. 390 pages. $2.75. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE BANKING AND MONETARY STATISTICS. November CHART BOOK. Issued annually in September. 1943. 979 pages. $1.50. Annual subscription to monthly chart book in- RULES OF ORGANIZATION AND RULES OF PROCEcludes one issue of Supplement. In the United DURE—Board of Governors of the Federal Re- States and countries listed above under Federal serve System. 1946. 31 pages. Reserve Bulletin, single copies 60 cents each or in quantities of 10 or more for single shipment REGULATIONS OF THE BOARD OF GOVERNORS OF 50 cents each; elsewhere 70 cents each. THE FEDERAL RESERVE SYSTEM. TREASURY-FEDERAL RESERVE STUDY OF THE GOV- ADMINISTRATIVE INTERPRETATIONS OF REGULA- ERNMENT SECURITIES MARKET. Part I. July TION F—SECTION 17—COMMON TRUST FUNDS. 1959. 108 pages. Part II. February 1960. 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. 720 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 721 PERIODIC RELEASES DEPARTMENT STORE CREDIT WEEKLY DEPARTMENT STORE MERCHANDISING DATA FEDERAL RESERVE PAR LIST (Also annual list. CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS Both available at Federal Reserve Banks only) BY INDUSTRY CHANGES IN STATE BANK MEMBERSHIP INTERDISTRICT SETTLEMENT FUND CONDITION OF WEEKLY REPORTING MEMBER INDEX NUMBERS OF WHOLESALE PRICES BANKS IN CENTRAL RESERVE CITIES MONTHLY DEPARTMENT STORE SALES CONDITION OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES MONTHLY DEPARTMENT STORE SALES AND STOCKS, BY DEPARTMENTS WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS MONTHLY DEPARTMENT STORE STOCKS AND STATEMENT OF CONDITION OF THE FED- MONTHLY FOREIGN EXCHANGE RATES ERAL RESERVE BANKS NATIONAL SUMMARY OF BUSINESS CONDITIONS WEEKLY DEPARTMENT STORE SALES WEEKLY DEPARTMENT STORE SALES—SELECTED OPEN MARKET MONEY RATES AND BOND PRICES CITIES AND AREAS RETAIL FURNITURE REPORT WEEKLY FOREIGN EXCHANGE RATES SALES FINANCE COMPANIES WEEKLY U. S. GOVERNMENT SECURITY YIELDS STATE MEMBER BANKS OF THE FEDERAL RESERVE AND PRICES SYSTEM AND NONMEMBER BANKS THAT MAIN- SEMIMONTHLY TAIN CLEARING ACCOUNTS WITH FEDERAL RE- SERVE BANKS (Also annual list) DEPOSITS, RESERVES, AND BORROWINGS OF MEM- BER BANKS U. S. GOVERNMENT SECURITY YIELDS AND PRICES SELECTED LIST OF ADDITIONS TO THE RESEARCH SEMIANNUAL-QUARTERLY LIBRARY ALL BANKS IN THE UNITED STATES AND OTHER MONTHLY AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES (Including Consolidated State- BANK RATES ON SHORT-TERM BUSINESS LOANS ment for Banks and the Monetary System) MEMBER BANK CALL REPORT ASSETS AND LIABILITIES OF ALL MEMBER BANKS, BY DISTRICTS MEMBER BANK EARNINGS BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS MEMBER BANK LOANS BUSINESS INDEXES SALES, PROFITS, AND DIVIDENDS OF LARGE COR- CONSUMER CREDIT (Short- and Intermediate- PORATIONS Term and Consumer Instalment Credit Ex- ANNUAL tended and Repaid) BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS CONSUMER CREDIT AT CONSUMER FINANCE COM- PANIES DEPARTMENT STORE TRADE CONSUMER INSTALMENT CREDIT AT COMMERCIAL BANKS BIENNIAL CONSUMER LOANS MADE UNDER EFFECTIVE STATE DISTRIBUTION OF BANK DEPOSITS BY COUNTIES SMALL LOAN LAWS AND STANDARD METROPOLITAN AREAS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 FEDERAL RESERVE BULLETIN • JUNE 1960 REPRINTS FEDERAL RESERVE BANK RESPONSIBILITIES. May (From Federal Reserve Bulletin unless preceded 1953. 5 pages. by an asterisk) THE HISTORY OF RESERVE REQUIREMENTS FOR DEPARTMENT STORE SALES AND STOCKS, BY BANKS IN THE UNITED STATES. November MAJOR DEPARTMENTS (Revised Indexes). No- 1938. 20 pages. vember 1953. 65 pages. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RESERVE POLICY. April 1940. 11 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- STALMENT CREDIT. January 1954. 14 pages. ADJUSTMENT FOR SEASONAL VARIATION. Description of method used by Board in adjusting THE PRIVATE DEMAND FOR GOLD, 1931-53. September 1954. 10 pages. economic data for seasonal variation. June 1941. 11 pages. USE OF MONETARY INSTRUMENTS SINCE MID- 1952. December 1954. 8 pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS. March 1949. 10 pages. DIRECTLY PLACED FINANCE COMPANY PAPER. December 1954. 8 pages. METHODS OF THE SURVEY OF CONSUMER FI- NANCES. July 1950. 15 pages. UNITED STATES BANKS AND FOREIGN TRADE FI- *THE TREASURY-CENTRAL BANK RELATIONSHIP NANCING. April 1955. 11 pages. IN FOREIGN COUNTRIES—PROCEDURES AND TECHNIQUES. November 1950. April 1951. 19 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pages. REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS. October 1952. 5 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. SURVEYS OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of INFLUENCE OF CREDIT AND MONETARY MEASURES Member Banks. April 1956. 14 pages. Credit ON ECONOMIC STABILITY. March 1953. 16 Lines and Minimum Balance Requirements. pages. June 1956. 7 pages. Member Bank Lending to Small Business, 1955-57. April 1958. 19 pages. Member Bank Term Lending to Busi- FEDERAL FINANCIAL MEASURES FOR ECONOMIC ness, 1955-57, April 1959. 16 pages. Security STABILITY. May 1953. 7 pages. Pledged on Business Loans at Member Banks. September 1959. 16 pages. •DETAILED DESCRIPTION OF SOURCES AND METH- ODS USED IN REVISION OF SHORT- AND INTER- MEDIATE-TERM CONSUMER CREDIT STATISTICS. FINANCING OF LARGE CORPORATIONS, 1951-55. April 1953. 25 pages. June 1956. 9 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 723 REVISION OF CONSUMER CREDIT STATISTICS. Oc- MONEY AND CREDIT IN ECONOMIC EXPANSION. tober 1956. 24 pages. (Also, similar reprint July 1959. 7 pages. from April 1953 BULLETIN.) A QUARTERLY PRESENTATION OF FLOW OF FUNDS, SAVING, AND INVESTMENT. August 1959. 49 AGRICULTURAL LOAN SURVEY. November 1956 pages. and January, February, and March 1957 BUL- LETINS. 52 pages. THE GOVERNMENT SECURITIES MARKET. August 1959. 22 pages. UNITED STATES BANKING ORGANIZATION ABROAD. December 1956. 16 pages. THE U. S. BALANCE OF PAYMENTS, 1958-59. October 1959. 7 pages. SURVEY OF FINANCE COMPANIES, MID-1955. April 1957. 17 pages. REVISED INDUSTRIAL PRODUCTION INDEX. December 1959. 24 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- DEXES. December 1957. 30 pages. CAPITAL MARKETS and MONEY AND BANK CREDIT IN 1959. Combined reprint. January and February 1960. 14 pages. SEASONAL FACTORS AFFECTING BANK RESERVES. February 1958. 12 pages. MONETARY POLICY AND ECONOMIC GROWTH. February 1960. 7 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1958. 10 pages. REVISED SERIES FOR SEASONALLY ADJUSTED MONEY SUPPLY. February 1960. 4 pages. THE 1957-58 RECESSION IN WORLD TRADE. October 1958. 8 pages. GOLD AND DOLLAR TRANSFERS IN 1959. March 1960. 6 pages. OPEN MARKET OPERATIONS IN LONG-TERM SE- CURITIES. November 1958. 15 pages. OWNERSHIP OF DEMAND DEPOSITS. April 1960. 4 pages. •PART I, ALL-BANK STATISTICS, 1896-1955. Re- BANKING AND MONETARY STATISTICS, 1959. Seprint of the U. S. Summary containing a descrip- lected series of banking and monetary statistics tion of revised statistics for all banks in the for 1959 only. February and May 1960. 13 United States, by class of bank, together with pages. (Similar reprint of 1958 data, February revised statistics. April 1959. 94 pages. and May 1959 BULLETINS.) SURVEY OF COMMON TRUST FUNDS, 1959. May PUBLIC DEBT MANAGEMENT. June 1959. 5 pages. 1960. 7 pages. (Also, similar reprints from August 1956, June 1957, May 1958, and May 1959 BULLETINS.) 1959 SURVEY OF CONSUMER FINANCES. March, July, and September 1959. 48 pages. (Similar Surveys available for some earlier years in INTEREST RATES IN LEADING COUNTRIES. June the period 1952-58.) 1960. 6 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 658, 660 Demand deposits—Continued Agricultural loans of commercial banks, 652, 654 Type of holder, at commercial banks, 653 Agriculture, Govt. agency loans, 670, 696 Department stores: Assets and liabilities {See also Foreign liabilities and Merchandising data, 689 claims reported by banks): Sales and stocks, 684, 688 Banks, by classes, 649, 652, 654, 660 Deposits {See also specific types of deposits): Banks and the monetary system, consoli- Adjusted, and currency, 648 dated, 648 Banks, by classes, 643, 649, 653, 656, 660 Corporate, current, 662 Federal Reserve Banks, 644, 707 Federal business-type activities by fund or Postal savings, 646, 648 activity, 670, 696 Discount rates, 642, 714 Federal Reserve Banks, 644 Discounts and adances by Federal Reserve Automobiles: Banks, 638, 643, 644 Consumer instalment credit, 674, 675, 676 Dividends, corporate, 662, 663 Production index, 678, 681 Dollar assets, foreign, 707, 709 Dwelling units started, 685 Bank holding companies registered as of Dec. 31, 1959, list of 697 Earnings and hours, manufacturing indus- Bankers' balances, 653, 655 tries, 684, 687 {See also Foreign liabilities and claims reported Employment, 684, 686, 687 by banks) Export-Import Bank, loans, etc., 670, 696 Banks and the monetary system, consolidated statement, 648 Farm mortgage loans, 670, 671, 672, 696 Bonds {See also U. S. Govt. securities): Federal business-type activities, assets and liabilities, New issues, 662, 664, 665 by fund or activity, 670, 696 Prices and yields, 658, 659 Federal Deposit Insurance Corporation, Brokers and dealers in securities, bank assets, etc., 670, 696 loans to, 652, 654 Federal finance: Business expenditures on new plant and equip- Cash transactions, 668 ment, 662 Receipts and expenditures, 669 Business indexes, 684 Treasurer's balance, 668 Business loans {See Commercial and industrial loans) Federal home loan banks, loans, etc., 670, 673, 696 Federal Housing Administration, loans, etc., 670, Capital accounts: 671, 672, 673, 696 Banks, by classes, 649, 653, 656 Federal National Mortgage Association, Federal Reserve Banks, 644 loans, etc., 670, 673, 696 Carloadings, 684 Federal Reserve Banks: Central banks, foreign, 710, 714 Condition statement, 644 Coins, circulation of, 647 U. S. Govt. securities held by, 638, 643, Commercial banks: 644, 666, 667 Assets and liabilities, 649, 652 Federal Reserve credit, 638, 643, 644 Consumer loans held, by type, 675 Federal Reserve notes, 644, 647 Number, by classes, 649 Finance company paper, 658, 660 Real estate mortgages held, by type, 671 Financial institutions, loans to, 654 Commercial and industrial loans: Flow of funds, saving and financial flows, 694 Commercial banks, 652 Foreign central banks, 710, 714 Weekly reporting member banks, 654, 657 Foreign deposits in U. S. banks, 638, 644, 648, 653, 656 Commercial paper, 658, 660 Foreign exchange rates, 715 Commodity Credit Corporation, loans, etc., 670, 696 Foreign liabilities and claims reported by Condition statements {See Assets and liabilities) banks, 700, 702, 705, 707 Construction, 684, 685 Foreign trade, 689 Consumer credit: Instalment credit, 674, 675, 676, 677 Gold: Major parts, 674, 676 Earmarked, 708 Noninstalment credit, by holder, 675 Net purchases by U. S., 708 Consumer price indexes, 684, 690 Production, 708, 711 Consumption expenditures, 692, 693 Reserves of central banks and governments, 710 Corporate sales, profits, taxes, and Reserves of foreign countries and international dividends, 662, 663 institutions, 709 Corporate security issues, 662, 664 Stock, 638, 648, 708 Corporate security prices and yields, 658, 659 Gold certificates, 644, 647 Cost of living {See Consumer price indexes) Govt. debt {See U. S. Govt. securities) Currency in circulation, 639, 647 Gross national product, 692, 693 Customer credit, stock market, 659 Home owners, Govt. agency loans, 670, 696 Debits to deposit accounts, 646 Hours and earnings, manufacturing indus- Demand deposits: tries, 684, 687 Adjusted, banks and the monetary system, 648 Adjusted, commercial banks, by classes, 653 Industrial production index, 678, 684 Banks, by classes, 649, 656 Instalment loans, 674, 675, 676, 677 Turnover of, 646 Insurance companies, 661, 666, 667, 672 724 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 725 Insured commercial banks, 651, 652 Reserves: Interbank deposits, 643, 649, 653, 656 Commercial banks, 653 Interest rates: Federal Reserve Banks, 644 Bond yields, 658 Foreign central banks and governments, 710 Business loans by banks, 657 Foreign countries and international institu- Federal Reserve Bank discount rates, 642 tions, 709 Foreign countries, 713, 714 Member banks, 638, 644, 653, 655 Open market, 658, 713 Residential mortgage loans, 671, 672, 673 Regulation V loans, 646 Stock yields, 658 Sales finance companies, consumer Time deposits, maximum rates, 642 loans of, 674, 675, 677 International capital transactions of the U. S., 700 Saving: International financial institutions, 708, 709, 710, 712 Flow-of-funds series, 694 Inventories, 692 National income series, 693 Investments (See also specific types of investments): Savings deposits (See Time deposits) Banks, by classes, 649, 652, 655, 660 Savings institutions, principal assets, 660, 661 Federal Reserve Banks, 643, 644 Savings and loan associations, 661, 672 Govt. agencies, etc., 670, 696 Securities, international transactions, 706, 707 Life insurance companies, 661 Security issues, 662, 664, 665 Savings and loan associations, 661 Silver coin and silver certificates, 647 State member banks, 651 Labor force, 686 State and municipal securities: Loans (See also specific types of loans): New issues, 664, 665 Banks, by classes, 649, 652, 654, 660 Prices and yields, 658, 659 Federal Reserve Banks, 638, 643, 644 States and political subdivisions: Govt. agencies, etc., 670, 696 Deposits of, 653, 656 Insurance companies, 661, 672 Holdings of U. S. Govt. securities, 666 Savings and loan associations, 661, 672 Ownership of obligations of, 652, 660, 661 Loans insured or guaranteed, 646, 671, 672, 673 Stock market credit, 659 Stocks: Manufacturers, production index, 678, 684 New issues, 664 Margin requirements, 642 Prices and yields, 658, 659 Member banks: Assets and liabilities, by classes, 649, 652 Tax receipts, Federal, 669 Borrowings at Federal Reserve Time deposits, 642, 643, 648, 649, 653, 656 Banks, 638, 644, 656 Treasurer's account balance, 668 Deposits, by classes, 643 Treasury cash, 638, 647, 648 Number, by classes, 650 Treasury currency, 638, 647, 648 Reserve requirements, by classes, 643 Treasury deposits, 638, 644, 668 Reserves and related items, 638 Weekly reporting series, 654 Unemployment, 686 Mining, production index, 678, 684 U. S. balance of p-ayments, 713 Money rates (See Interest rates) U. S. Govt. balances: Mortgages (See Real estate loans) Commercial bank holdings, by classes, 653, 656 Mutual savings banks, 648, 649, 651, 660, 666, Consolidated monetary statement, 648 667, 671 Treasury deposits at Federal Reserve Banks, 638, 644, 668 National banks, 651 U. S. Govt. securities: National income, 692, 693 Bank holdings, 648, 649, 652, 655, 660, 666, 661 National security expenditures, 669, 692 Federal Reserve Bank holdings, 638, 643, 644, Nonmember banks, 644, 651, 652, 653 666, 667 Foreign and international holdings, 644, 709 Payrolls, manufacturing, index, 684 International transactions, 706, 707 Personal income, 693 New issues, gross proceeds, 664 Postal Savings System, 642, 648 Outstanding, by type of security, 665, 666, 667 Prices: Ownership of, 666, 667 Consumer, 684, 690 Prices and yields, 658, 659 Security, 659 United States notes, outstanding and in circula- Wholesale commodity, 684, 690 tion, 647 Production, 678, 684 Utilities, production index, 678, 684 Profits, corporate, 662, 663 Vault cash, 638,653 Real estate loans: Veterans Administration, loans, etc., 670, 671, 672, Banks, by classes, 652, 654, 660, 671 673, 696 Type of mortgage holder, 671, 672, 673 Type of property mortgaged, 671, 672, 673 Weekly reporting member banks, 654 Regulation V, loan guarantees, 646 Reserve requirements, member banks, 643 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 (g THE FEDERAL RESERVE SYSTEM g) Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis