Federal Reserve Bulletin, 1960-07

FEDERAL RESERVE July 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 Recent Money and Credit Developments 727 Classification and Coding System for Demand Deposits 735 Retirement of Federal Reserve Bank Stock 739 Law Department 742 Current Events and Announcements 746 Membership of the Board of Governors of the Federal Reserve System, 1913-60 747 National Summary of Business Conditions 749 Financial and Business Statistics, U. S. (Contents on p. 751) 752 International Financial Statistics (Contents on p. 815) 816 Board of Governors and Staff 833 Open Market Committee and Staff; Federal Advisory Council 834 Federal Reserve Banks and Branches 834 Federal Reserve Board Publications 836 Index to Statistical Tables 838 Map of Federal Reserve System Inside back cover Volume 46 Number 7 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

DEMANDS FOR CREDIT have eased this year, while economic activity has been at a CHANGES IN COMMERCIAL BANK CREDIT high level. Gross national product, after JANUARY • JUNE Billions of dollars receding slightly during the steel strike that LOANS ended in November 1959, has risen further from the advanced level reached at the end of 1959. In the second quarter this year total product was about 3.5 per cent above U. S. GOVERNMENT SECURITIES its second quarter 1959 rate. Most of the growth occurred in the first quarter, when inventory accumulation was very rapid as steel-consuming industries continued to restock after the steel strike. In the second quarter the rate of accumulation TOTAL LOANS AND INVESTMENTS was substantially reduced. Total purchases other than for inventories rose further in both quarters and during the second quarter were almost 5 per cent above the year-earlier rate. Meanwhile, average prices of goods and services remained relatively stable. 1956 1958 1960 The easing in over-all demands for credit NOTE.—Based on data for December 31 of each year; June reflected in large part a sharp shift from 30, 1955 and 1956; and last Wednesday of -June, 1957-60; (data for March-June 1960 preliminary). Interbank loans exdeficit to surplus in the Federal Govern- cluded. Changes for 1959 exclude increases resulting from addition of banks in Alaska and Hawaii and from the absorption of one large mutual savings bank by a commercial bank. ment's cash budget. The total amount of These changes increased total loans and investments about $700 million; total loans, $400 million; and U. S. Government credit advanced to private sectors of the securities, $200 million. Total loans and investments include other securities not shown separately. economy and to State and local governments in the first half of the year was somewhat generally decreases during the January-June below the unusually large amount of a year period, declined more than usual in the first earlier. The reduced demands in credit mar- half of 1960. The decline reflected a rekets, together with a lessening of inflationary duction in holdings of securities. The total expectations and continued demand for amount of loans outstanding continued to fixed-interest securities by nonbank inves- increase at a moderate rate, although not tors, contributed to a decline in interest so much as in other recent periods of ecorates from the peaks reached around the be- nomic expansion. ginning of 1960. The active money supply, seasonally Total credit at commercial banks, which adjusted, declined in the first half of the 727 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 FEDERAL RESERVE BULLETIN • JULY 1960 year, but time deposits at banks and savings earlier, as is shown in the accompanying and loan shares continued to expand. The chart. The change from deficit to surplus rate of turnover or use of money rose in the Federal Government's cash budget further. position was the most important factor in As inflationary expectations lessened and this decrease. Aggregate demand for credit demand for credit slackened early in the by other sectors moderated from last year's year, Federal Reserve operations became record volume, but it remained at a level less restraining and member bank net re- comparable with other recent years. serve positions eased. Beginning in late Treasury financing. The Treasury had a March, the Federal Reserve System supplied surplus of $8.2 billion in its cash budget for reserves to member banks through open the six months January-June this year as market purchases of U. S. Government secucompared with a small contraseasonal defirities. The increased availability of reserve cit for the corresponding period last year. funds was reflected both in continued reduc- As a result, for the first time since fiscal tions in member bank borrowings and in a year 1957, the Treasury experienced a fulllarger than usual rise in total member bank year cash surplus, amounting to $700 milreserves during the second quarter. During lion. Practically all of the change in the the first two weeks of June, discount rates budgetary position resulted from a substanwere reduced from 4 to 3Vi per cent at all tial expansion in cash receipts. Federal Reserve Banks. A part of the increased cash inflow in the January-June period was used to build up OVER-ALL DEMAND FOR CREDIT Treasury balances in anticipation of cash The amount of funds raised by the economy drains that normally occur in the second in credit and equity markets in the first half hah*. Most of it, however, was used to of 1960 was substantially less than a year reduce outstanding debt, thus supplying funds to credit markets. Net debt repay- NET FUNDS RAISED ment in those markets totaled about $6 bil- IN CREDIT AND EQUITY MARKETS lion. Notwithstanding the large cash sur- Billions oF dollars 40 plus in this period, differences in the timing of receipts and outlays entailed sizable All SECTORS \ -_ 20 borrowing of new cash by the Treasury in early January and in early April. In addition, the Treasury was active in credit markets through its refinancing operations. In June it undertook a successful 20 "" OTHER SCCTORS ~~ advance exchange of bonds maturing in November 1961 for new issues of longer maturity. FEDERAL V / GOVERNMENT ' Over the six months Treasury financing 1 1 1 20 operations resulted in a sharp decline in 1957 1958 1959 1960 short-term debt outstanding, as some shortterm debt was refunded into longer maturi- NOTE.—Flow-of-funds/savings data. Figures for the first half ties and some was retired. The reduction of 1960 are preliminary estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONEY AND CREDIT DEVELOPMENTS 729 in debt maturing within one year was more yield on three-month Treasury bills averaged than offset by a large increase in obligations 2.3 per cent, as compared with the recent maturing in from one to five years. Because high of 4.6 per cent reached in early January of the effect of passage of time, the amount 1960; the midyear yield was below levels of outstanding issues maturing in more than during most of 1956 and 1957, as well as five years declined. 1959, though still well above the lows Other credit demands. The amount of reached in 1954 and 1958. The sharp refunds raised in credit markets by consumers, duction in the amount of Treasury bills outbusinesses, and State and local governments standing was an important factor affecting in the first half of 1960 was smaller than the decline in their yield. Long-term intera year earlier. New issues of long-term se- est rates have declined much less from their curities by both State and local governments previous highs than short-term rates, and and corporations were somewhat below the most long-term rates have remained above moderate year-earlier levels. or close to their 1957 cyclical peaks. Corporations increased their expenditures for plant and equipment during the first half COMMERCIAL BANK CREDIT of the year, but they financed much of the Commercial bank credit—loans and investincrease in outlays out of internal funds, the ments—declined by almost $3 billion over flow of which remained near the high levels the first half of 1960. The reduction in the of a year earlier. At the same time corpora- first quarter amounted to about $6 billion, tions drew down liquid assets somewhat, much more than the usual seasonal decline. whereas a year earlier they had added Most of the decline was in holdings of U. S. slightly to such holdings. Government securities. In the second quar- Expansion in consumer credit during the ter total credit expanded more than usual. first five months of the year was somewhat Security holdings, which had declined subsmaller than the near-record total for the stantially in the second quarter of last year, same period in 1959. The increase in non- were little changed this year, while loan exfarm residential mortgage debt was also pansion was larger than usual for the time less than a year earlier. of year, although less than the volume for the Interest rates. Reflecting mainly the eas- corresponding period last year. ing of demand pressure in credit markets During the January-June period this year, generally and maintenance of the public's growth in bank loans was smaller than in willingness to supply funds out of current most other recent years of economic exsaving, interest rates declined during the pansion. At banks in leading cities, the infirst half of 1960. Moderation of inflation- crease was considerably smaller than usual, ary expectations, reflected in some shifting but at other banks outstanding loans rose by investors from equities to fixed-interest substantially. obligations and a sharp decline in stock The pattern of bank lending this year prices, also helped to reduce pressure on has reflected shifting demands for credit by interest rates. borrowers as well as changing portfolio Short-term rates were quite responsive preferences of banks. Business loans have to changing market conditions and declined continued to rise at about the same pace as considerably. In early July the market last year; on the other hand, real estate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 FEDERAL RESERVE BULLETIN • JULY 1960 loans have expanded considerably less and about $1 billion in these loans. This was security loans have shown a larger decline more than in the period of heavy inventory than last year. accumulation prior to the steel strike last Business loans. Loans to businesses, ex- year but was less than in the first half of cluding those to nonbank financial institu- 1956, when a strike also was anticipated. tions, rose an estimated $2 billion in the Most of this year's rise occurred in the first first half of 1960. This was about the quarter when steel users were restocking in same amount as a year earlier but was the aftermath of the steel shutdown. sharply less than the exceptional growth in Loans to trade concerns expanded by the corresponding period of 1956. somewhat more than the record amount last With demand for business loans sustained, year. For this group too the growth rerates of interest charged by banks on such flected a build-up in inventories. During loans remained at last year's high level. The the first five months of the year trade inprime loan rate—the rate charged by large ventories increased much more than they city banks on short-term loans to businesses had a year earlier. Loans to textile, apwith the highest credit rating—was un- parel, and leather manufacturers rose by a changed from the 5 per cent level reached record amount early in 1960. in September 1959. The average rate on Food processors and commodity dealers all short-term business loans made by large incurred exceptionally large amounts of new banks in selected cities remained near the bank debt this year, but at the same time postwar peak of almost 5.4 per cent re- they made record repayments, and their corded at the end of 1959. outstanding loans declined more than usual. As is often the case during the January- Loans to public utilities and to petroleum June period, loans to manufacturers of and chemical concerns, the bulk of whose metals and metal products showed the bank credit consists of term loans, also delargest increase for any major industry clined, as they had in the first half of the group, as is shown in the accompanying preceding two years. During the 1955-57 chart. City banks reported an increase of period such loans rose substantially. BUSINESS LOANS - CUMULATIVE CHANGE FROM DICIMIM i?se Billions of dollars ~ METALS ~ ~ ALl OTHER ~ ~~ TRADE ~FOOD PROCESSORS"" ~~ PUMIC UTILITIES "~ MANUFACTURERS MANUFACTURERS AND COMMODITY DEALERS / 1960 I — y /' \ /" 195° — _ N * * ** *\ ^"^»* * TV, 1 ! 1 i i ; 1 1 1 1 1 1 M J S D M J S D M J SD NOTE.—Monthly changes in large loans at a sample of more series. All changes cumulative from last Wednesday of Dethan 200 large banks in the weekly reporting member bank cember 1958. Latest data shown, June 29, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONEY AND CREDIT DEVELOPMENTS 731 Other loans. Commercial bank loans on companies increased somewhat over the sixreal estate rose by an estimated $400 million month period. Sales finance companies in the first six months of 1960. This was raised additional funds by increasing their about one-third as much as in the same outstanding commercial paper and by fiperiod a year earlier and was also a smaller nancing in the capital markets. proportion, as compared with a year earlier, Bank investments. Commercial banks reof total mortgages recorded during the pe- duced their holdings of U. S. Government riod. Banks in leading cities reduced their securities by almost $5 billion in the first outstanding real estate loans this year, half of 1960, or by somewhat less than in whereas in the first half of 1959 they had the first half of most other recent years of increased such loans by substantial amounts. rising economic activity. Banks used pro- On the other hand, banks outside leading ceeds from these sales mainly to help finance cities increased their holdings in both pe- loan expansion but also to reduce their own riods, although less in 1960 than in 1959. indebtedness at Federal Reserve Banks. Security loans declined by about $1 A large part of the decline in the first billion, a much larger decline than usual, half was in holdings of Treasury bills and in the first half of 1960. Most of the de- other short-term issues. Sales of such secucrease occurred in the first quarter and rities by member banks reflected to some was in loans to brokers and dealers secured extent the fact that market yields were below by customers' stock exchange collateral. the discount rate during much of the period; The decline was related in part to a rise in this spread made borrowings at Federal Rethe call loan rate from 5 to 5Vi per cent serve Banks relatively costly and provided in early January. In the second week of an incentive for banks to reduce such bor- May the call loan rate was reduced to its rowings. previous level. Banks also reduced their holdings of Loans to brokers and dealers in U. S. other securities in the first half of 1960; most Government securities rose during April of the reduction was in holdings of nonin connection with Treasury cash financing guaranteed Federal agency issues and State and also in mid-June. A part of the expan- and local government obligations. In the sion in June was to finance dealer purchases January-June period of only two years of of securities from businesses that needed the past decade, 1956 and 1959, have banks funds for tax payments; these loans were re- reduced their portfolios of other securities, paid in subsequent weeks. and then only by comparatively small In line with the continued expansion in amounts. total consumer credit, consumer loans at Loan-deposit ratios. The continued excommercial banks rose by about $1 billion pansion of commercial bank loans in the in the first half of 1960, somewhat less first half of this year, coupled with declines than the record increase in the same period in investments and deposits, resulted in a last year. Most of the increase was in auto- further rise in the ratio of loans to total mobile instalment paper, as sales of new deposits. Movements in this ratio are one cars have been maintained above year-ear- indication of changes in bank liquidity. lier levels. Loans were about 57 per cent of deposits Bank loans to sales and personal finance at midyear, as compared with less than 53 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL RESERVE BULLETIN • JULY 1960 per cent in mid-1959 and 54 per cent at The decline in the first half was assothe end of 1959. ciated with an increase of $2.4 billion in At the end of 1945, when banks were U. S. Government deposits between the last in a highly liquid position as a result of Wednesday of April and the last Wednesday large accumulations of U. S. Government of May; these deposits at commercial banks securities during the war, the loan-deposit were built up unusually rapidly as tax reratio was 18 per cent. Since then the ratio ceipts were much larger, and expenditures has risen fairly steadily. somewhat less, than anticipated. At the end of June the privately held money supply and MONEY SUPPLY U. S. Government demand deposits at commercial banks were about the same in the The privately held active money supply— aggregate as in mid-1959. i.e., demand deposits adjusted and currency outside banks—declined by about $2 billion The privately held money supply has on a seasonally adjusted basis in the first risen less during the latest cyclical upswing half of 1960. At midyear the money supply than in the previous one—only about 2.5 was about 2 per cent less than in mid-1959. per cent over the 26-month period from the low point of economic activity in April 1958 until the middle of this year, compared with MONEY SUPPLY AND TURNOVER about 6 per cent in the same period follow- DUIINO CYCLICAL UPSWINGS Billions of dollars, seasonally adjusted ing the low in April 1954. Expansion to US ACTIVI MONIY SUPPLY ^^ ——^» mid-1959 was about the same as in the com- . ^^ "APRIL 195* •JUNE 1960 ~" 'N^ parable months of the previous period, but — 135 since then the money supply has declined, 1954 JUNE 1956 as the chart shows. 125 Annuol 10te The behavior of the money supply in 28 DEPOSIT TURNOVER these two 26-month periods has been accom- panied by variations in the rate at which - 26 money has been used for making payments. APRIL 1958 .JUNE I960 i ••••a/ In both periods businesses and individuals economized in the use of cash balances. In the recent period, however, monetary velocity, as measured by turnover of demand - APRIL 1934 - JUNE 1956 deposits outside financial centers, has risen somewhat more. It rose as the economy - 20 recovered from the cyclical low reached in the spring of 1958 and then was relatively , . . 1 . , , I 1 , . 18 stable for several months during 1959, partly 4 8 12 16 20 MONTHS AFTER CYCLICAL LOW associated with the lull in economic activity during the steel strike. Since last October NOTE.—Money supply: Last Wednesday-of-month figures (March-June 1960 preliminary) for demand deposits adjusted the rise in velocity has been marked. In and currency outside banks, partly estimated. Demand deposits are for all banks in the United States and exclude U. S. Government and interbank deposits and cash items in process June 1960 the turnover rate was about 6.5 of collection. Currency excludes bank vault cash. Turnover: Monthly data (June 1960 preliminary) for 337 leading centers per cent above that a year earlier. outside New York and 6 other financial centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT MONEY AND CREDIT DEVELOPMENTS 733 OTHER LIQUID ASSETS The nonbank public maintains liquidity in UCHHB ASSfTS many forms in addition to currency and OTHIt THAN MONIY ftitLont of cHllort, leaionolly od|i/*ie(J demand deposits. Among these alternative 120 U. S. GOVERNMENT forms are time and savings deposits at SECURITIES: banks, savings and loan shares, U. S. sav- TIME DEPOSITS - 60 100 SAVINGS BONOS ings bonds, and U. S. Government securities maturing within a year. Such assets have a 40 high degree of liquidity in that they are 80 60 readily convertible into cash with compara- MAIURING tively little or no risk of capital loss. WI1HIN 1 YEAR SAVINGS AND The decline in the active money supply LOAN SHARES 60 40 in the first half of 1960 was accompanied by further expansion in the public's hold- 40 ings of time and savings deposits and saving and loan shares, as the accompanying chart in 1 ! ! shows. On a seasonally adjusted basis, these 1958 I960 1958 1960 liquid assets expanded by more than $3 bil- NOTE.—Holders other than banks and U. S. Government agencies and trust funds. Time deposits represent time and lion during the five months ending May savings deposits at commercial and mutual savings banks and deposits in the Postal Savings System. Latest figures shown: 1960 as compared with an increase of more time deposits, last Wednesday of May; other assets, end of May. than $4 billion during the same period a year earlier. On the other hand, holdings eminent securities maturing in from one to of short-term U. S. Government securities five years. declined, and those of U. S. savings bonds The total of liquid assets other than money continued to decline, as they have for the has risen more in the latest cyclical upswing past several years. than in the previous one. Expansion from During the January-June period time de- April 1958 to May 1960 amounted to posits at commercial banks rose by almost about 13 per cent, as compared with 10 as much this year as last, exclusive of the per cent over the 25-month period beginning increase in early 1959 due to changes in with April 1954. The rate of growth was bank structure, but the increase in deposits particularly rapid from mid-195 8 to midat mutual savings banks has been much 1959. smaller this year. The increase in shares at During the past decade the public has savings and loan associations through the shown a preference for interest-earning first five months of the year, on the other liquid assets rather than currency and demand deposits. The preference has been a hand, was slightly more than a year earlier. factor in the rising velocity of money over Over the five months ending May 1960, the period. the nonbank public's holdings of U. S. Government securities maturing within a year MEMBER BANK BORROWINGS AND declined contraseasonally. The decline, RESERVES however, was accompanied by a much The easing of money and credit market greater increase in its holdings of U. S. Gov- conditions in the first half of this year was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 FEDERAL RESERVE BULLETIN • JULY 1960 accompanied by a steady reduction in mem- rowings and member banks had net free ber bank borrowings at Federal Reserve reserves. Banks. Discounts and advances to member While the net reserve position of banks banks averaged $425 million in June, com- eased gradually throughout the first half of pared with $910 million in December. Dur- the year, total reserves of member banks ing the first hah5 of 1959, when bank reserve declined more than usual in the first quarpositions were under considerable restraint, ter. In the second quarter, however, such borrowings had increased and then fluctu- reserves rose more than they normally do. ated within a narrow range over the re- Reserves were supplied during the early mainder of the year. weeks of the year by the usual large inflow of currency from circulation. In part reflecting improvement in the U. S. balance- RESERVES AND BORROWINGS Billions of dollars of-payments position, foreign factors—the change in the U. S. gold stock together with the change in foreign deposits at Federal Reserve Banks—had little effect on reserves in the first half of this year, in contrast with a large drain last year when the gold stock declined by about $500 million. - 11 During the first quarter of 1960 the reserves made available from other sources and required reserves released by the decline in deposits were absorbed only in part by - 1 System sales of securities, and banks used funds released to reduce borrowings. During the second quarter Federal Reserve open 1957 19SS 19S9 1960 market operations contributed to expansion in bank reserves. The System bought securities steadily and provided more reserves NOTE.—Monthly averages of daily figures for member banks. Beginning with December 1959, total reserves include reserves than needed to meet the economy's seaallowable in cash. Latest figures shown, June 1960 (total reserves and excess reserves preliminary). sonal requirements for credit. The net reserve position of banks this With credit market demands lessened, year shifted with the decline in borrowings, inflationary expectations moderated, and as excess reserves showed little change. Net short-term interest rates at reduced levels, borrowed reserves—that is, the amount by the Federal Reserve Banks reduced their which member bank borrowings at Federal discount rates—that is, the rate they charge Reserve Banks are greater than excess re- member banks on borrowed reserve funds. serves—averaged $425 million in late 1959. The rate for each Bank was lowered from By late May and continuing through early 4 to ?>Vi per cent during the first two weeks July of 1960, excess reserves exceeded bor- of June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Classification and Coding System for Demand Deposits THE FEDERAL RESERVE SYSTEM has pre- as to the types of statistical information pared a classification and coding system for that should be provided for in automated demand deposits as a guide for commercial accounting systems. These requests were banks that are considering adoption of au- prompted in part by a desire to anticipate tomated accounting or other improvements longer run statistical needs at the time of in their deposit accounting procedures. The acquiring expensive and complex electronic proposals are shown in the schedules on the systems, so as to minimize the risk of diffifollowing two pages. cult and costly modifications later in meet- Schedule A provides a basis for the sys- ing these needs piecemeal. The requests tematic organization of all major categories also reflect a growing interest on the part of demand deposits, as well as a suggested of bank management for more and better code number for each category. Schedule internal statistical information as an aid to B, a supplementary classification, is designed formation and administration of bank policy. for use by banks desiring a breakdown of Review of specifications for various autotheir nonfinancial business deposits by in- mated and semiautomated deposit-accountdustry. Copies of both schedules are avail- ing equipment indicates that most of the able through the Federal Reserve Banks. equipment now available affords consider- The proposals were developed by a Sys- able flexibility and capacity for providing tem technical group assigned responsibility deposit information by type of holder. This for considering problems raised by bank is true for both deposits outstanding on parautomation and for developing guidelines ticular dates and accumulations of debits for banks planning such installations. At and credits for various holder groups over various stages the proposals were discussed selected periods. with other Government agencies; the Tech- The categories in the proposed classificanical Committee on Mechanization of Check tion system include all those used in exist- Handling, American Bankers Association; ing government reporting forms, as well as the Banking Committee, Budget Bureau Ad- some additional categories for which devisory Council on Federal Reports; and rep- posit information would be useful for anaresentative commercial banks in each Fed- lytical purposes but is not now reported. eral Reserve district having considerable Adoption by a bank of the suggested classiexperience with automatic check-processing fication would provide reasonable assurance systems. that the bank could supply all present and likely future needs of bank supervisory and PURPOSE OF CLASSIFICATION other government agencies for regularly re- In connection with the recent surge of bank ported data. The proposed classification automation, the Federal Reserve has re- should also aid banks in developing imceived requests from banks for guidance proved systems for internal management. 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 FEDERAL RESERVE BULLETIN • JULY 1960 The proposed classification and the cor- PROPOSED CLASSIFICATION AND CODING SYSresponding codes do not involve any Fed- TEM FOR DEMAND DEPOSITS, BY HOLDER eral Reserve request for reporting of addi- SCHEDULE A—BASIC CLASSIFICATION tional data at this time. They are merely suggested for banks that can benefit from Holder Code them and that care to use them in assembling data for their own use or for current reports. I. Individuals, partnerships, and corporations: At the same time they provide for some ad- A. Domestic individuals (excl. accounts for farm or other business purposes) 03 ditional data that would be of considerable B. Domestic nonprofit organizations 04 C. Domestic business: value. 1. Nonfinancial:1 a. Corporate, nonfinancial 34 b. Noncorporate, nonfinancial: SCHEDULE A 1. Nonfarm 62 2. Farm and ranch operators (in- Schedule A provides an orderly arrange- cluding owners and tenants, but not landlords) 63 ment of the demand deposit categories used 2. Financial, nonbank: in existing report forms of bank supervisory a. Trust departments of own and other commercial banks2 66 agencies and the Treasury Department. It b. Sales, commercial, and personal finance companies 71 includes all categories currently used in the c. Security brokers, dealers, and ex- Member Bank Call Report, other reports of changes 72 d. Commodity contracts brokers, condition, and other reports such as the dealers, and exchanges 73 report on liabilities to foreigners required by e. Other nonbank financial institutions (including holding and the Treasury Department and the annual other investment companies, survey of deposit ownership.1 clearing house associations, insurance carriers, mortgage com- Schedule A also contains four important panies, savings and loan associations, agricultural credit subclassifications of nonbank financial busiassociations, etc.) 74 ness not now included in reporting forms D. Foreign (nonbank):3 1. Foreign governments, international for demand deposits, namely, sales, com- institutions, & other foreign official. 77 mercial, and personal finance companies; 2. Other foreign nonbank (including foreign individuals, businesses, etc.). 79 security brokers, dealers, and exchanges; II. Domestic government: A. U. S. Government: commodity contracts brokers, dealers, and 1. Special depositaries (tax and loan accounts) 82 exchanges; and other nonbank financial in- 2. Other (including general and other stitutions. These categories have been in- bank depositaries) 84 B. States and political subdivisions 89 corporated in the breakdown of loans used III. Banks: by banks that report both their weekly state- A. In the United States: 1. Commercial banks (excluding trust ment of condition and their weekly changes departments of commercial banks).. 93 2. Mutual savings banks 94 B. In foreign countries:3 1 In this survey, which covers a sample of about 1. Foreign central banks 96 2,000 banking offices, information is collected on the 2. Other foreign banks 98 dollar amount and number of demand deposit ac- IV. Certified and officers' checks, cash letters counts held by corporate and noncorporate financial of credit and travelers' checks, etc 99 and nonfinancial businesses, nonprofit organizations, farm operators, private individuals, trust departments 1 For supplemental classification by industry, see Schedule B. of banks, and foreign nonbank holders. Tt is expected 2 To distinguish between demand deposit accounts of trust departthat the sample of offices reporting in this survey will ments of own and other commercial banks, if desired, code "Own" 65, be rotated from time to time and that some present "Other" 66. respondents will be dropped and that other offices 3 All banks whose liabilities to foreigners on their own account and for the account of others average $500,000 or more over any sixwill be asked to participate. For a summary of find- month period are required to report to the Treasury on these liaings from the most recent survey, see Federal Reserve bilities to foreigners by country. Since there are approximately 60 countries for which separate figures must be submitted, an additional BULLETIN for April 1960, pp. 367-70. 2-digit code would be necessary to identify foreign accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CLASSIFICATION SYSTEM FOR DEMAND DEPOSITS 737 in commercial and industrial loans by in- PROPOSED CLASSIFICATION AND CODING SYSdustry. TEM FOR DEMAND DEPOSITS, BY HOLDER This schedule includes the more impor- SCHEDULE B—SUPPLEMENTAL CLASSIFICATION OF NONFINANCIAL BUSINESS, BY INDUSTRY tant categories of deposits needed for purposes of bank supervision and for economic Code analysis, including analysis of flows of funds Industry within the domestic economy and between Nonthe United States and foreign countries. Corporate corporate business business The schedule should be useful to any bank in analyzing and classifying its deposits. Durable goods manufacturing.. 12 42 Nondurable goods manufacturing 17 47 SCHEDULE B Mining 18 48 Wholesale trade: Schedule B is a subclassification of domestic Commodity dealers (farm products—raw materials) 19 49 nonfinancial businesses (category I.C.I of Other wholesale trade.... 20 50 Retail trade 23 53 Schedule A). The industry categories are Automobile dealers and similar to those used by the Federal Reserve filling stations 121 151 General merchandise and in reporting data on weekly changes in loans apparel 122 152 Other retail trade 123 153 by industry for about 200 large banks. The Transportation, communicasubclasses for three groups—retail trade; tion, and other public utilities 26 56 transportation, communication, and other Transportation 124 154 public utilities; and all other nonfinancial, Communication 125 155 Other public utilities 126 156 nonfarm domestic business—were deter- Construction 27 57 All other nonfinancial, nonmined on the basis of substantial differences farm domestic business in deposit holdings or in deposit activity. (mainly services) 31 61 Personal services 128 158 This supplemental schedule should be of Business services 129 159 Motion pictures and other major interest to banks that have a subamusements 130 160 stantial volume of business deposits and that Allother 131 161 Farm and ranch operators.... 33 63 have installed, or are planning to install, an automated deposit accounting system. These i These subgroups are of secondary order of importance; they are suggested as guides to be followed by any banks that may set up would be mainly large banks. In view of more detailed classifications. prospects for cooperative regional arrangeclassifications compatible with this proposal, ments for automated check-processing or banks would have considerable assurance for such processing by service bureaus or that their data could be reconciled with those correspondent banks, however, some mecompiled by other banks and also that their dium-sized and smaller banks may also be data would be comparable with other finanable to use the supplemental schedule. cial and business statistics available to the For banks desiring additional industrial public. or other categories under either Schedule A or Schedule B, and for those that have al- NUMERICAL CODES ready adopted much more detailed classifications than the one described here, the pro- Schedules A and B contain a code for each posed schedules constitute a foundation for of the proposed deposit categories. The further expansion. By making their own coding system is limited to two digits, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

738 FEDERAL RESERVE BULLETIN • JULY 1960 minimum needed for an adequate classifi- ledger sheet or in the master magnetic or cation. Since the proposed classification is punched paper tape. In either case coma simplification of the Standard Industrial pilation of statistics on deposit holdings or Classification geared to bank supervisory deposit activity by type of owner would be and financial analysis objectives, the SIC facilitated. codes can be readily translated into the sug- The codes are suggested as a convenience gested 2-digit coding system. for banks that wish to set up deposit codes The code numbers can be incorporated and that might otherwise need to prepare into any account-numbering system used as their own. For banks that use SIC codes the basis for mechanized deposit account- or that have developed compatible coding ing. They may, for example, be included systems of their own, there is no need to with other identifying information on the convert to the proposed system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Retirement of Federal Reserve Bank Stock You HAVE ASKED that I appear before home and abroad, if that stock were to be you today in connection with your consid- retired. eration of the bills H.R. 8516 and H.R. The first nine sections of H.R. 8516 re- 8627, both of which provide for retirement late to "the retirement of Federal reserve of the stock of the Federal Reserve Banks. bank stock," as stated in its title. It is not I am glad to be here and give to you such necessary to take your time to review the assistance as I can in your study of these nature, amount, and ownership of that stock, proposals. except to mention that about $400 million I should like first to discuss H.R. 8516 is outstanding; all of it is owned by the 6,200 and then conclude with some observations banks that are members of the Federal Reconcerning the similar bill H.R. 8627. serve System, in proportion to their own As you know, the stock of Federal Re- capital stock and surplus; it is nontransferserve Banks is nontransferable, and each able; and it pays a dividend of 6 per cent unit of that stock is an incident of the mem- a year. bership of a commercial bank in the Federal Reserve Bank stock of this nature, owned Reserve System. The question raised by by member banks, has been a feature of the these bills, therefore, concerns not only the Federal Reserve System from its establish- Reserve Banks, which issue and service the ment almost 50 years ago. Such stock has stock, but also the commercial banks that not been a source of difficulty, and does have own it. positive advantages. Unless its elimination or modification either offers a remedy for The Committee has already received the actual evils or offers new benefits, there testimony of the Presidents of Reserve Banks would seem to be no justification for changin the central, eastern, and western parts of ing the provisions of the law with respect to the country, and perhaps proposes to obtain stock ownership. the views also of commercial bankers representing both member banks and nonmem- Neither of these circumstances appears ber banks. I mention the testimony of to be present. I would not be understood Presidents Allen, Hayes, and Mangels be- as claiming that theoretically the operation cause I believe you already have heard from of the Federal Reserve System could not three men well qualified to form reliable dispense with member bank ownership of judgments regarding the value of the present Federal Reserve Bank stock. I simply exarrangements regarding Reserve Bank stock press the conviction that the existence of and the effects to be anticipated, both at such stock has not produced, and does not threaten, any material evils. On the con- NOTE.—Statement of William McChesney Martin, trary, it has served to integrate the member Jr., Chairman, Board of Governors of the Federal Reserve System, before Subcommittee No. 3 of the banks and bankers into the guiding policies House Banking and Currency Committee, June 28, of the Federal Reserve System. This is im- 1960. 739 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 FEDERAL RESERVE BULLETIN • JULY 1960 portant because the commercial banks are payment of dividends by the Reserve Banks the principal vehicle through which System to member banks is adequately defensible policy is effectuated and it is desirable that in these terms. the banks be as conversant as possible with To me, it seems clear that the reasons the needs and purposes of policy objectives. advanced in favor of this bill do not pro- It has been said that a purpose of this vide a substantial affirmative basis for it. bill is to make it easier for small banks to But it might be asked whether, even if there become members of the Federal Reserve is little to be said for the proposal, are there System. It is difficult to see how elimina- any cogent objections to it? tion of Reserve Bank stock would have this To my mind, the strongest argument effect. Far from being a deterrent to Fed- against action in these circumstances is the eral Reserve membership, the opportunity sound principle that existing institutions, to acquire and hold such stock constitutes operating well, should not be disturbed exan incentive to membership, although not cept to do away with evils or to gain some a feature of major importance. I cannot new benefits. Whether or not it was true conceive of any small bank, otherwise un- one hundred-odd years ago, it is no longer willing to become a member of the Federal true that our country is "a land of wonders," Reserve System, deciding to apply for mem- as de Tocqueville said, "in which . . . every bership simply because the stock subscrip- change seems an improvement." tion requirement had been done away with. In this matter, the proposed change Another reason is sometimes advanced threatens to bring detriment rather than to for elimination of Reserve Bank stock: The promise improvement. Without laboring termination of dividends on that stock, it is the point, it is sufficient to say that eliminasaid, would expand the Treasury's annual tion of Federal Reserve Bank stock could, receipts by some $24 million. Calculation in my judgment and that of the other of the actual net increase in Treasury re- members of the Board of Governors, be conceipts would be very difficult because there strued, both at home and abroad, as indiare factors such as income taxation on the cating a change in the structure and chardividends and diminished income from Fed- acter of the Federal Reserve System that eral Reserve Bank holdings of Government presaged a weakening of the resolution of securities that need to be taken into account. the United States to maintain a stable dol- The net cost, after these factors are allowed lar. The change might also adversely affect for, would be considerably less than the fig- the extent to which the commercial bankure of Reserve Bank expense. ing system reinforces, and renders valuable This is not to say that any avenue of sav- service to, the functioning of the Federal ings should be overlooked, even though rela- Reserve System. tively small, as governmental expenditure Some may say that these are merely psyfigures go these days. If $4 million, $2 chological factors; I can only reply that psymillion, or even a few thousand dollars could chological factors are among the most imbe saved with no loss of benefit, I would ad- portant in dealing with the monetary and vocate the necessary action. But the saving credit streams that are the life blood of our has always to be weighed against the pub- economy. lic interest benefits. In my judgment, the Up to this point I have discussed only Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETIREMENT OF FEDERAL RESERVE BANK STOCK 741 the first nine of the ten sections in H.R. To summarize my views on the principal 8516, which deal with the elimination of purpose of H.R. 8516—elimination of Fed- Federal Reserve Bank stock. The brief eral Reserve Bank stock—it appears to me tenth section relates to a different subject. that the benefits, if any, would be relatively Prior to these hearings, the purpose and negligible, but that the potential injury to effect of Section 10 were not clear. There confidence in the American monetary syswas genuine concern that this provision tem, as it is now conceived, might be conmight change for the worse the nature and siderable. value of Federal Reserve membership and The Subcommtitee also has under conundermine a stated purpose of the Federal sideration H.R. 8627, which is similar to Reserve Act—"to establish a more effective H.R. 8516. Instead of simply retiring Resupervision of banking in the United States." serve Bank stock, however, it would provide However, it is my understanding now that in effect that member banks should main- Section 10 is not intended to diminish the tain interest-bearing deposits of equivalent authority and duty of the Board of Gov- amount in the Reserve Banks. ernors to exercise discretion, within the stat- My remarks concerning H.R. 8516 are utory framework, regarding the admission applicable also to this proposal. The adof commercial banks to Federal Reserve ditional feature of H.R. 8627—substitution membership, and that you, Mr. Chairman, of interest-bearing deposits for Reserve have indicated that you would be agreeable Bank stock—would not, in my judgment, to clarificaton of the bill in this respect. In produce any significant advantage, but these circumstances, it is not necessary to would introduce a complicating detail withdiscuss the significance and possible short- out justifying benefits. Consequently, I do comings of Section 10 in its present form. not favor enactment of this proposal. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Amendment to Small Business Investment Act guaranteed obligations of the United States directly from or to the United States, which expired The Act of Congress approved June 11, 1960 on June 30, 1960, was extended until June 30, (Public Law 86-502) amended the Small Business 1962. The text of the Act is as follows: Investment Act of 1958 so as to permit a bank that is a subsidiary of a holding company to invest AN ACT up to 1 per cent of its capital and surplus in the To amend section 14(b) of the Federal Reserve Act, as stock of a small business investment company not- amended, to extend for two years the authority of Federal Reserve banks to purchase United States obligations directly withstanding the provision of Section 6 of the from the Treasury. Bank Holding Company Act of 1956 which would Be it enacted by the Senate and House of Repreotherwise prohibit banks from purchasing such sentatives of the United States of America in Congress assembled. That section 14(b) of the Federal Restock if the small business investment company is serve Act, as amended (12 U.S.C. 355) is amended also a subsidiary of the parent holding company. by striking out "July 1, 1960" and inserting in lieu thereof "July 1, 1962" and by striking out "June 30, The text of this portion of the Act is as follows: 1960" and inserting in lieu thereof "June 30, 1962". SEC. 5. Subsection 302(b) of the Act is amended Approved July 1, 1960. by deleting the first word and inserting in lieu thereof the following: "Notwithstanding the provisions of Orders Under Section 3 of the Bank section 6(a)(l) of the Bank Holding Company Act Holding Company Act of 1956, shares". The Board of Governors of the Federal Reserve Amendment to Defense Production Act System, on June 6, 1960, and June 24, 1960, The Defense Production Act of 1950 (Section issued the following Orders and Statements with 301 of which is the basis for guarantees of loans respect to applications by two holding companies for defense production), which would have expired for approval of the acquisition of voting shares June 30, 1960, was amended so as to continue in of certain banks: force until the close of June 30, 1962, by act of NEW HAMPSHIRE BANKSHARES, INC. June 30, 1960 (Public Law 86-560). In the Matter of the Application of New Hamp- Federal Reserve Banks as Fiscal Agents for shire Bankshares, Inc. for prior approval of ac- International Development Association quisition of voting shares of The Peoples National Bank of Claremont, Claremont, New Hampshire. The Act of Congress approved June 30, 1960 (Public Law 86-565) authorizes any Federal Re- ORDER APPROVING APPLICATION UNDER serve Bank to act as depository or as fiscal agent BANK HOLDING COMPANY ACT for the International Development Association. The text of this provision of law is as follows: There having come before the Board of Governors pursuant to Section 3 (a) (2) of the Bank SEC. 6. Any Federal Reserve bank which is requested to do so by the Association shall act as its Holding Company Act of 1956 (12 USC 1843) depository or as its fiscal agent, and the Board of and Section 4(a) (2) of the Board's Regulation Y Governors of the Federal Reserve System shall supervise and direct the carrying out of these functions (12 CFR 222.4 (a) (2)), an application on beby the Federal Reserve banks. half of New Hampshire Bankshares, Inc., Nashua, New Hampshire, for the Board's prior approval Purchase of Government Obligations by of the acquisition of up to 60 per cent of the 2,000 Federal Reserve Bank outstanding voting shares of The Peoples National By Act of Congress approved July 1, 1960 (Pub- Bank of Claremont, Claremont, New Hampshire; lic Law 86-567), the authority of the Federal Re- a Notice of Tentative Decision referring to a serve Banks under Section 14(b) of the Federal Tentative Statement on said application having Reserve Act to purchase and sell direct or fully been published in the Federal Register on May 742 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

743 LAW DEPARTMENT 18, 1960 (25 FR 4403); the said Notice having of the acquisition would be to expand the size provided interested persons an opportunity, before or extent of the bank holding company system issuance of the Board's final order, to file objec- involved beyond limits consistent with adequate tions or comments upon the facts stated and the and sound banking, the public interest, and the reasons indicated in the Tentative Statement; and preservation of competition in the field of bankthe time for filing such objections and comments ing. having expired and no such objections or com- Discussion. Applicant owns a majority of the ments having been filed; shares of each of six commercial banks in New IT IS HEREBY ORDERED, for the reasons set forth Hampshire. At midyear 1959 these banks had in the Board's Statement of this date, that the said total deposits of $43,156,000. application be and hereby is granted, and the ac- The city of Claremont, where Peoples is loquisition by New Hampshire Bankshares, Inc. of cated, is situated in the west central portion of up to 60 per cent of the 2,000 outstanding voting New Hampshire, in the Connecticut River Valshares of The Peoples National Bank of Clare- ley. It is described by Applicant as being primont, Claremont, New Hampshire, is hereby marily an industrial community with an estiapproved, provided that such acquisition is com- mated population of 15,500. Peoples is one of pleted within three months from the date hereof. two commercial banks located in Claremont, Dated at Washington, D. C, this 6th day of which is also served by a savings bank. June 1960. The financial history and condition, prospects, and management of both Applicant and Peoples By order of the Board of Governors. are satisfactory. Voting for this action: Chairman Martin and Gover- In respect to the effect of the proposed acquisinors Balderston, Szymczak, Mills, Robertson, and tion on the convenience, needs, and welfare of King. Absent and not voting: Governor Shepardson. the community and area concerned, Applicant (Signed) MERRITT SHERMAN, asserts that its control of Peoples would supply Secretary. an added capacity of management and capital, [SEAL] resulting in the Bank's ability to improve mate- STATEMENT rially the quality and quantity of banking serv- New Hampshire Bankshares, Inc., Nashua, New ices provided to its customers and the community. Hampshire ("Applicant"), a bank holding com- However, it appears from the evidence that the pany, has applied, pursuant to Section 3 (a) (2) present management and capital position of Peoof the Bank Holding Company Act of 1956 ("the ples are satisfactory. Act"), for the Board's prior approval of the acqui- Although the acquisition would enable Peoples sition of up to 60 per cent of the 2,000 outstand- to provide additional services and thus to some ing voting shares of The Peoples National Bank degree add to the convenience of those seeking of Claremont, Claremont, New Hampshire ("Peo- such accommodations, there is no indication in ples"). the record before the Board that the needs of the Views and recommendations of the Comptroller community are not presently being served adeof the Currency. As required by Section 3(b) of quately in all major respects. Approval of the the Act, the Board forwarded notice of the appli- application would to some extent benefit the concation to the Comptroller of the Currency. The venience of the community and the area con- Comptroller recommended approval of the ap- cerned; but in view of the lack of evidence as to plication. a community need to be served by, or benefit to Statutory factors. Section 3(c) of the Act re- the community welfare to result from, this acquisiquires the Board to take into consideration the tion, the Board finds no strong support relative following five factors: (1) the financial history to the fourth statutory factor for approval of this and condition of the holding company and bank application. At the same time, the Board finds concerned; (2) their prospects; (3) the charac- no adverse considerations in this connection. ter of their management; (4) the convenience, An additional judgment required of the Board needs, and welfare of the communities and area in its consideration of this application is whether concerned; and (5) whether or not the effect the effects of the acquisition proposed would be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 FEDERAL RESERVE BULLETIN • JULY 1960 to expand the size or extent of Applicant's bank pete with commercial banks for certain types of holding company system beyond limits consistent business, the Board, in determining the probable with adequate and sound banking, the public in- effect of the proposed acquisition on banking comterest, and the preservation of banking competi- petition, has given consideration to the competition. tion offered by mutual savings banks in the area. At June 10, 1959, Applicant's six banks con- On the basis of the evidence adduced, it does stituted 8 per cent of the State's total commercial not appear that Applicant's acquisition of Peoples banks and held 11 per cent of the total deposits would result in an undue concentration of bankof such banks. Acquisition of Peoples would in- ing resources in the area concerned, nor produce crease Applicant's control of commercial bank results inconsistent with adequate and sound banktotal deposits by less than two percentage points. ing, the public interest, and the preservation of Applicant's subsidiary bank nearest to Peoples banking competition. is at Wilton, New Hampshire, which, by the most Conclusion. The above views were incorpoaccessible route, is approximately 67 miles south- rated in the Tentative Statement issued in coneast of Claremont, and is the second smallest nection with the Notice of Tentative Decision bank in Applicant's system. Its largest subsidiary, published in the Federal Register on May 18, Indian Head National Bank, located at Nashua, 1960 (25 FR 4403), affording interested persons New Hampshire, approximately 76 miles south- an opportunity to submit comments on, or objeceast of Claremont, had total deposits of $17.5 tions to, the Board's proposed action. No commillion at June 10, 1959. ments or objections were received. It was found that an insignificant amount of Viewing the relevant facts in the light of the deposits of individuals, partnerships and corpo- general purposes of the Act and the factors enurations held by the Indian Head National Bank merated in Section 3(c), it is the judgment of originated from within the designated primary the Board that the proposed acquisition would service area of Peoples (the area from which at be consistent with the statutory objectives and least 75 per cent of the total amount of its the public interest and that the application should deposits arises). Considering the fact that Appli- be approved. cant's other subsidiary banks, and Peoples, range EASTERN TRUST AND BANKING in size from less than one-half to less than one- COMPANY seventh of the size of Indian Head National Bank, and in view of the distances separating Appli- In the Matter of the Application of Eastern Trust cant's subsidiaries and Peoples, it may be fairly and Banking Company for prior approval of the concluded that the amount of business of Appli- acquisition of voting shares of Guilford Trust cant's banks derived from Peoples' primary serv- Company, Guilford, Maine. ice area, and likewise the business derived by ORDER APPROVING APPLICATION UNDER Peoples from the areas in which the Applicant's BANK HOLDING COMPANY ACT banks primarily operate, would be negligible. The competition between Applicant's present subsidi- There having come before the Board of Govaries and Peoples that would be reduced or elimi- ernors pursuant to Section 3 (a) (2) of the Bank nated, if Peoples were acquired by Applicant, Holding Company Act of 1956 (12 USC 1843) would therefore be insignificant. and Section 4(a) (2) of the Board's Regulation Y At midyear 1959 Peoples had 49 per cent of (12 CFR 222.4(a)(2)), an application on behalf the total deposits of the two commercial banks of Eastern Trust and Banking Company, Bangor, and 28 per cent of the total deposits of the three Maine, for the Board's prior approval of the acbanks located in Claremont. At the same date, quisition of up to 70 per cent of the 2,000 out- Peoples held 19 per cent of the total deposits of standing voting shares of Guilford Trust Comthe eight commercial banks in its primary service pany, Guilford, Maine; a Notice of Tentative Dearea and 11 per cent of the total deposits of the cision referring to a Tentative Statement on said eleven banks, including savings banks, in that application having been published in the Federal area. In view of the extent to which New Hamp- Register on June 8, 1960 (25 FR 5115); the said shire law permits mutual savings banks to com- Notice having provided interested persons an op- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

745 LAW DEPARTMENT portunity, before issuance of the Board's final beyond limits consistent with adequate and sound order, to file objections or comments upon the banking, the public interest, and the preservation facts stated and the reasons indicated in the of competition in the field of banking. Tentative Statement; and the time for filing such Discussion. Applicant is a State bank which objections and comments having expired and no owns a majority of the shares of each of two such objections or comments having been filed; other commercial banks in Maine, the three banks IT IS HEREBY ORDERED, for the reasons set forth having total deposits of approximately $30,000,in the Board's Statement of this date, that the 000. said application be and hereby is granted, and The towns of Guilford and Greenville, where the acquisition by Eastern Trust and Banking Bank and its branch, respectively, are situated, Company of up to 70 per cent of the 2,000 out- are in Piscataquis County. The area is described standing voting shares of Guilford Trust Com- by Applicant as one in which the population pany, Guilford, Maine, is hereby approved, pro- derives its income from activities such as lumber vided that such acquisition is completed within and pulp operations, textiles, slate quarries, hardthree months from the date hereof. wood products, furniture manufacturing, and tourist trade. The population of Guilford is about Dated at Washington, D. C, this 24th day of 1,850 and of Greenville, 1,900. There are no June 1960. other banking offices in either town. By order of the Board of Governors. The financial history and condition, the pros- Voting for this action: Chairman Martin and Gov- pects, and the management of both Applicant and ernors Szymczak, Mills, and Robertson. Absent and Bank are satisfactory. not voting: Governors Balderston, Shepardson, and King. The Applicant states that the principal effect of (Signed) MERRITT SHERMAN, the proposed acquisition upon the convenience, Secretary. needs, and welfare of the communities and the [SEAL) area concerned would be the advantages derived STATEMENT by Bank and its customers from supervision of Bank by a larger institution. Applicant also states Eastern Trust and Banking Company, Bangor, that the population of the area concerned is re- Maine ("Applicant") a bank holding company, maining fairly stable. Nor is there any indicahas applied, pursuant to Section 3 (a) (2) of the tion that the needs of the community will increase Bank Holding Company Act of 1956 ("the Act"), for any other reason in the near future. Consefor the Board's prior approval of the acquisition quently, there appears to be no strong evidence of up to 70 per cent of the 2,000 outstanding supporting a community need to be satisfied by, voting shares of Guilford Trust Company, Guil- or benefit to the community welfare to result from, ford, Maine ("Bank"). this acquisition. At the same time, the Board Views and recommendations of the Bank Com- finds no adverse considerations insofar as the missioner for the State of Maine. As required by fourth statutory factor is concerned. Section 3(b) of the Act, the Board forwarded An additional judgment required of the Board notice of the application to the Bank Commis- in its consideration of this application is whether sioner for the State of Maine. The Commissioner the effects of the acquisition proposed would be interposed no objection to the application. to expand the size or extent of Applicant's bank Statutory factors. Section 3(c) of the Act re- holding company system beyond limits consistent quires the Board to take into consideration the fol- with adequate and sound banking, the public inlowing five factors: (1) the financial history terest, and the preservation of banking competiand condition of the holding company and bank tion. concerned; (2) their prospects; (3) the character Applicant and its two subsidiary banks hold of their management; (4) the convenience, needs, approximately 5 per cent of the total deposits of and welfare of the communities and area con- commercial banks in Maine, and have about 6 cerned; and (5) whether or not the effect of the per cent of the total offices of such banks in the acquisition would be to expand the size or extent State. Acquisition of Guilford would increase of the bank holding company system involved Applicant's control of total commercial bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 FEDERAL RESERVE BULLETIN • JULY 1960 deposits and of such offices by approximately one cant as Bank's primary service area, Applicant percentage point. The office of Applicant's sub- also states that Bank is in active competition with sidiary banks which is nearest to Bank is some 43 the remaining banks which have offices in Piscamiles from Guilford. Bangor, where the Appli- taquis County. cant's head office and several of its branches are On the basis of the evidence adduced it does located, is 48 miles from Guilford. Offices of a not appear that Applicant's acquisition of Bank substantial competing commercial bank are lo- would result in an undue concentration of banking cated on the highways between Bangor and Guil- resources in the area concerned, or produce reford, and between Guilford and the areas served sults inconsistent with adequate and sound bankby Applicant's present subsidiaries. ing, the public interest, and the preservation of It was found that an insignificant amount of banking competition. deposits of individuals, partnerships, and corpora- Conclusion. The above views were incorpotions held by Bank originates in the areas in rated in the Tentative Statement issued in conwhich Applicant's banks primarily operate. Like- nection with the Notice of Tentative Decision wise, the business derived by Applicant's banks published in the Federal Register on June 8, 1960 from the service area of Bank appears to be (25 FR 5115), affording interested persons an negligible. The competition between offices of opportunity to submit comments on, or objecthe present Eastern group and those of Bank that tions to, the Board's proposed action. No comwould be reduced or eliminated, if Bank were ments or objections were received. acquired by Applicant, would therefore be in- Viewing the relevant facts in the light of the significant. general purposes of the Act and the factors Bank has approximately 57 per cent of the enumerated in Section 3(c), it is the judgment of total deposits of all commercial banks, and about the Board that the proposed acquisition would be 35 per cent of the deposits of all banks located consistent with the statutory objectives and the in Piscataquis County. While there are no other public interest and that the application should be banking offices in the area designated by Appli- approved. Current Events and Announcements ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN Alabama THE FEDERAL RESERVE SYSTEM Brundidge. .Brundidge Banking Company, Inc. The following banks were admitted to Membership in the Federal Reserve System during the New Jersey period May 16, 1960 to June 15, 1960: Clark. Clark State Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Membership of the Board of Governors of the Federal Reserve System, 1913-60 APPOINTIVE MEMBERS1 Federal Reserve Effective date of district appointment Charles S. Hamlin. . Boston. Aug. 10, 1914 Reappointed 1916 and 1926. Served until Feb. 3, 1936, on which date his successor took office. Paul M. Warburg. . New York. do Term expired Aug. 9, 1918. Frederic A. Delano. . Chicago. do Resigned July 21, 1918. W. P. G.Harding. Atlanta. do Term expired Aug. 9, 1922. AdolphC. Miller. . San Francisco. do. Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936, on which date his successor took office. Albert Strauss. New York. Oct. 26, 1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah. Chicago. .Nov. 10, 1919 Term expired Aug. 9, 1920. Edmund Platt New York. June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. David C. Wills. Cleveland. Sept. 29, 1920 Term expired Mar. 4, 1921. John R. Mitchell Minneapolis May 12, 1921 Resigned May 12, 1923. Milo D. Campbell. Chicago Mar. 14, 1923 Died Mar. 22, 1923. Daniel R. Crissinger. Cleveland. May 1, 1923 Resigned Sept. 15, 1927. George R. James . St. Louis May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936, on which date his successor took office. Edward H. Cunningham Chicago do Died Nov. 28, 1930. Roy A. Young. Minneapolis Oct. 4, 1927 Resigned Aug. 31, 1930. Eugene Meyer New York. . Sept. 16, 1930 Resigned May 10, 1933. Wayland W. Magee Kansas City. .May, 18, 1931 Term expired Jan. 24, 1933. Eugene R. Black. Atlanta. May 19, 1933 Resigned Aug. 15, 1934. M. S. Szymczak. . Chicago June 14, 1933 Reappointed effective Feb. 3, 1936, and Feb. 1, 1948. J. J. Thomas Kansas City do. Served until Feb. 10, 1936, on which date his successor took office. Marriner S. Eccles San Francisco Nov. 15, 1934 Reappointed effective Feb. 3, 1936, Mar. 8, 1940, and Feb. 1, 1944. Resigned July 14, 1951. Joseph A. Broderick New York Feb. 3, 1936 Resigned effective Sept. 30, 1937. John K. McKee . Cleveland. do. Served until Apr. 4, 1946, on which date his successor took office. Ronald Ransom. Atlanta. do. Reappointed effective Feb. 1, 1942. Died Dec. 2, 1947. Ralph W. Morrison. . Dallas . Feb. 10, 1936 Resigned effective July 9, 1936. 1 For footnote see following page. 747 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 FEDERAL RESERVE BULLETIN • JULY 1960 Federal Reserve Effective date of district appointment Chester C. Davis Richmond June 25, 1936 Resigned effective Mar. 7, 1940, to accept reappointment effective Mar. 8, 1940, for term of 14 years from Feb. 1, 1940. Resigned effective Apr. 15, 1941. Ernest G. Draper New York Mar. 30, 1938 Served until Sept. 1, 1950, on which date his successor took office. Rudolph M. Evans Richmond Mar. 14, 1942 Served until Aug. 13, 1954, on which date his successor took office. James K. Vardaman, Jr. St. Louis Apr. 4, 1946 Dec. 1, 1958. Lawrence Clayton Boston Feb. 14, 1947 Died Dec. 4, 1949. Thomas B. McCabe Philadelphia Apr. 15, 1948 Resigned Mar. 31, 1951. Edward L. Norton Atlanta. Sept. 1, 1950 Resigned Feb. 1, 1952. Oliver S. Powell Minneapolis do Resigned June 30, 1952. Wm. McC. Martin, Jr. New York. Apr. 2, 1951 Reappointed effective Feb. 1, 1956. Abbot L. Mills, Jr.. San Francisco Feb. 18, 1952 Reappointed effective Feb. 1, 1958. James L. Robertson Kansas City Feb. 18, 1952 Paul E. Miller. Minneapolis Aug. 13, 1954 Died Oct. 21, 1954. C. Canby Balderston Philadelphia Aug. 12, 1954 Chas. N. Shepardson Dallas Mar. 17, 1955 G. H. King, Jr. Atlanta Mar. 25, 1959 Reappointed effective Feb 1, 1960. CHAIRMEN 2 VICE CHAIRMEN2 Charles S. Hamlin Aug. 10, 1914-Aug. 9, 1916. F. A. Delano Aug. 10, 1914-Aug. 9, 1916. W. P. G. Harding Aug. 10, 1916-Aug. 9, 1922. Paul M. Warburg Aug. 10, 1916-Aug. 9, 1918. D. R. Crissinger May 1,1923-Sep. 15, 1927. Albert Strauss Oct. 26,1918-Mar. 15, 1920. Roy A. Young Oct. 4, 1927-Aug. 31, 1930. Edmund Platt July 23, 1920-Sept. 14, 1930. Eugene Meyer Sept. 16, 1930-May 10, 1933. J. J. Thomas Aug. 21, 1934-Feb. 10, 1936. Eugene R. Black May 19, 1933-Aug. 15, 1934. Ronald Ransom Aug. 6, 1936-Dec. 2,1947. Marriner S. Eccles. .Nov. 15, 1934-Jan. 31, 1948. C. Canby Balderston Mar. 11,1955- Thomas B. McCabe Apr. 15, 1948-Mar. 31, 1951. Wm. McC. Martin, Jr. Apr. 2, 1951- EX-OFFICIO MEMBERS1 SECRETARIES OF THE TREASURY COMPTROLLERS OF THE CURRENCY W. G. McAdoo Dec. 23, 1913-Dec. 15, 1918. John Skelton Williams Feb. 2, 1914-Mar. 2, 1921. Carter Glass Dec. 16, 1918-Feb. 1,1920. D. R. Crissinger Mar. 17, 1921-Apr. 30, 1923. David F. Houston Feb. 2, 1920-Mar. 3, 1921. Henry M. Dawes May 1,1923-Dec. 17,1924. Andrew W. Mellon Mar. 4, 1921-Feb. 12, 1932. Joseph W. Mclntosh Dec. 20, 1924-Nov. 20,1928. Ogden L. Mills Feb. 12, 1932-Mar.4, 1933. J.W.Pole Nov. 21, 1928-Sept. 20, 1932. William H. Woodin Mar. 4, 1933-Dec. 31, 1933. J. F. T. O'Connor May 11, 1933-Feb. 1, 1936. Henry Morgenthau, Jr. Jan. 1, 1934-Feb. 1,1936. 1 Under the provisions of the original Federal Re- posed of seven appointive members; that the Secreserve Act the Federal Reserve Board was composed tary of the Treasury and the Comptroller of the Curof seven members, including five appointive members, rency should continue to serve as members until the Secretary of the Treasury, who was ex-officio February 1, 1936; that the appointive members in chairman of the Board, and the Comptroller of the office on the date of that Act should continue to serve Currency. The original term of office was 10 years, until February 1, 1936, or until their successors were and the five original appointive members had terms appointed and had qualified and that thereafter the of 2, 4, 6, 8, and 10 years, respectively. In 1922 the terms of members should be 14 years and that the number of appointive members was increased to six, and in 1933 the term of office was increased to 12 designation of Chairman and Vice Chairman of the years. The Banking Act of 1935, approved Aug. 23, Board should be for a term of four years. 1935, changed the name of the Federal Reserve Board 2 Prior to Aug. 23, 1935, the Chairman and Vice to the Board of Governors of the Federal Reserve Chairman of the Board were known as Governor and System and provided that the Board should be com- Vice Governor, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication July 15 Most measures of economic activity continued for July owing partly to work stoppages and to to show little change in June at advanced levels, relatively early cutbacks for model changeover. and commodity prices generally were stable. In- In business equipment lines other than aircraft, dustrial production edged down, returning to the additional gains in activity were widespread in March-April level. Nonagricultural employment June. also declined slightly and, with a rise in the labor Output of iron and steel declined in June. In force unusually large for June, unemployment in- the second week of July steel mill operations were creased. Retail sales expanded, approaching the scheduled at 53 per cent of capacity compared April high. Bank credit and the money supply with 61 per cent in June, suggesting a decrease for increased. the month of about seasonal proportions. Output of coal continued to decline in June while pro- INDUSTRIAL PRODUCTION duction of crude oil and some other nondurable Industrial production was down one point in materials increased. June to the March-April level of 109 per cent of the 1957 average. Output of materials declined CONSTRUCTION further as durable goods industries continued to The value of new construction put in place reduce inventories of steel and other metals. Overduring June was down slightly to a seasonally all production of equipment was reduced by strikes adjusted annual rate of $53.4 billion. Outlays in the aircraft industry, while output of consumer for residential and industrial construction changed goods rose slightly further. little but expenditures for other types generally Production of consumer staples rose again to a declined. The value of new construction in the new high as output of processed foods and of fuel second quarter as a whole was about unchanged and lighting increased. Production of apparel from the first quarter. also increased further while output of such home goods as furniture, air conditioners, and television EMPLOYMENT sets declined. Auto assemblies rose moderately further. Some decline in assemblies is indicated Seasonally adjusted employment in nonfarm establishments declined slightly in June. Paral- INDUSTRIAL PRODUCTION leling curtailments in output, employment de- 1957 = 100 clined at steel mills and aircraft plants. Meanwhile, there were further gains in employment in service industries and State and local government. Unemployment rose by about 1 million to 4.4 million reflecting an unusually large increase in the number of teenagers entering the labor force and a contraseasonal rise among adult job seekers. As 120 a result, the seasonally adjusted rate of unemploy- 110 ment rose to 5.5 per cent of the civilian labor force from 4.9 per cent in May. 100 Y / 90 DISTRIBUTION \f EQUIPMENT 80 J I Seasonally adjusted retail sales rose 1 per cent I I t in June, following a 2 per cent decrease in May Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for June. from the record high reached in April. Sales of 749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 FEDERAL RESERVE BULLETIN • JULY 1960 domestically produced autos rose, approaching a what in June as a further moderate loan expansion 6.5 million annual rate. Sales at apparel and de- was offset only in part by reductions in holdings of partment stores also advanced, while those at U. S. Government securities. The seasonally adappliance and furniture stores declined. In the justed money supply, which had declined sharply April-June quarter, total retail sales reached a new in May in association with an unusually large rise high—3 per cent above both the first quarter of in U. S. Government deposits, increased $600 this year and the second quarter of last year. million in June. Seasonally adjusted turnover of demand deposits declined slightly. AGRICULTURE Member bank borrowings from the Federal Based on July 1 conditions, crop production was Reserve averaged $435 million and excess reofficially forecast at 118 per cent of the 1947-49 serves $510 million during the four weeks ending average, equaling the record levels of 1958 and July 13. Reserves were supplied principally by 1959. Total livestock production is also expected an increase of $435 million in System holdings of to be about the same as in 1959. U. S. Government securities, and were absorbed mainly by an outflow of currency. COMMODITY PRICES The wholesale commodity price average was stable in June and early July at the level of a year SECURITY MARKETS ago. In recent weeks, prices of industrial com- Yields on U. S. Government securities conmodities and of foods and foodstuffs as well have tinued to decline from mid-June to early July changed little. when for most issues they reached new lows for Consumer prices increased very slightly further the year. Yields on short-term issues subsequently in May. Retail prices of many foods declined but some fresh vegetables rose sharply because of un- turned up as the Treasury auctioned $3.5 billion favorable weather in preceding months. Prices March 1961 tax bills for cash, and refinanced of services also continued to increase, but there three-fourths of a $2 billion maturing bill with a were decreases in prices of new and used autos, new one-year issue. gasoline, appliances, and some other nonfood com- Yields on corporate and State and local govmodities. ernment bonds, meanwhile, have been relatively BANK CREDIT AND RESERVES stable. Common stock prices have declined Total commercial bank credit increased some- somewhat. RETAIL TRADE 1947 - 49 = 100 Bureau of Labor Statistics indexes. Monthly figures; latest Federal Reserve indexes, seasonally adjusted; retail sales shown: May for consumer prices, and June (estimated) for based on Department of Commerce data. Monthly figures; wholesale prices. latest shown for stocks is May, for other series, June. 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 752 Reserve Bank discount rates; margin requirements; reserve requirements 756 Federal Reserve Banks 757 Bank debits; currency in circulation 760 All banks: consolidated statement of monetary system; deposits and currency 762 All banks, by classes 763 Commercial banks, by classes.... 766 Weekly reporting member banks. . 768 Business loans 771 Interest rates 772 Security prices; stock market credit; open market paper. 773 Savings institutions 774 Business finance 776 Security issues 778 Federal finance 779 Federal business-type activities . 784 Real estate credit 785 Short- and intermediate-term consumer credit. . 788 Industrial production 792 Selected indexes on business activity. . 798 Construction 798 Employment and earnings. 800 Department stores 802 Foreign trade 803 Wholesale and consumer prices 804 National product and income series 806 Flow of funds, saving, and investment. 808 Member bank operating ratios, 1959. . 810 Bank holding companies, December 31, 1959 813 Tables not published each month—(for latest list see June 1960 BULLETIN page 642) Index to statistical tables 838 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. 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS fin millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank reserves, reserves Period T U o S t . a l Go B v o o t u u . t g - s h ec t u u c r r H i e h n t p e i a d e l u s e d s e r r - c v D o a a a n n u i d s c d n - - e ts s Float Total» s G to o c ld k T r s c o e t u i r a u n n u e r n r c g y t a - - d y s - - r c C e t c u i i n i u o n l r c a r n - y - - j I h T c i u o n a r r l g s e y d h a s - s- T u r w e ry a it 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 c h R - n e t . r s I i ! i Total 2 F W . i R th A a l i b l n o lc vright agree- | Banks cash 3 ment Averages of daily figure* 1929—June 179 179 978 61 1,317 4,024 2,018 4.400 210 30 30 376 2,314 2,314 193*—Juno.... ,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 ,37525,446 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 ,262 2277,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 ,01827,107 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 ,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 ,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 ,443 26,186 22,769 5,144 31,932 768 385 345 186 ,063 19,420 19,420 1958-June.... 24.749 24,698 51 142 916:25,851 21,490 5,203 31,039 701 442 281 350 ,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 May 25,920 25,882 38 784 93527,669 20,217 5,265 31,490 708 532 274 369 ,197 18,580 18,580 Juno 25,963 25,949 14 938 009 27,937 20,030 5,278 31,813 632 495 277 359 ,219 18,451 18,451 July 26,422 26,354 68 969 ,"02238,441 19,674 5,283 32,042 411 490 269 344 ,170 18,671 18,671 Aug 26,588 26,548 40 1,008 89128,509 19,596 5,281 31,994 399 546 260 337 ,239 18,613 18,613 Sept 26,674 26,628 46 904 ,08828,687 19,514 5,278 32,019 394 543 301 381 ,246 18,593 18,593 Oct 26,517 26,479 38 909 ,11528,563 19,498 5,293 31,974 391 512 302 388 ,175 18,610 18,610 Nov 26,732 26,628 104 886 ,09428,741 19,581 5,303 32,207 413 485 317 379 ,204 18,621 18,621 Dec 27,036 26,993 43 911 426 29,435 19,482 5,311 32,775 396 524 361 348 ,195 18,932 18,628 30' 1960 Jan 25,934 25,914 20 909 343 28,236 19,454 5,315 32,008 419 534 270 368 838 18,878 18,568 310 Fob 25,322 25,289 33 818 ,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 Anr 25,488 25,373 115 623 ,08227,227 19,386 5.344 31,713 419 554 185 353 890 18,104 17.843 261 May 25,818 25,697 121 502 043 27,393 19,356 5,349 r31,726 415 534 194 331 937 18,239 17,962 277 26,124 26,118 425 ,17327,751 19.343 5,353 31,926 414 496 221 395 994^18,289 18,001 P288 June Week ending: 1959 May 6 25,805 25,706 102 693 893 27,424 20,262 5,259 31,368 711 542 256 360 ,136 18,571 18,571 13 26,010 25,940 70 726 795 27,563 20,251 5,262 31,505 710 521 269 383 ,139 18,550 18,550 20 25,935 25,926 9 870 1,155 27,989 20,197 5,264 31,515 710 504 280 367 ,245 18,829 18,829 27 25,905 25,905 675 940 27,548 20,188 5,268 31,473 708 543 281 363 ,244 18,393 18,393 June 3 25,905 25,905 866 853 27,650 20,188 5,272 31,645 701 548 297 376 ,219 18,324 18,324 10 25,939 25,939 996 774 27,736 20,141 5,275 31,803 716 476 260 364 ,218 18,314 18,314 17 25,944 25,944 993 1,029 27,994 20,136 5,280 31,876 715 436 259 361 ,226 18,537 18,537 24 25,970 25,936"*'34 894 ', 256 2V84720,017 5,280 31,807 626 515 283 349 ,238 18,627 18,627 July 1 26,045 26,018 27 938 1,03:28,042 19,712 5,283 31,852 407 552 296 353 ,190 18,386 18,386 8 26,300 26,255 45 1,044 94828,319 19,704 5,283 32,105 412 516 278 360 ,183 18,452 18,452 15 26,494 26,383 111 1,019 922 2288,462 19,695 5,283 32,194 419 394 269 338 ,185 18,640 18,640 22 26,449 26,390 59 929 1,29928,705 19,669 5,283 32,036 412 460 255 334 ,183 18,976 18,976 29 26,459 26,408 51 890 998 "2"8,374 19,636 5,284 31,883 403 559 271 340 ,137 18,702 18,702 26,549 26,440 109 1,034 790 28,399 19,626 5,281 31,922 403 503 277 340 ,166 18,696 18,696 26,605 26,597 8 1,073 77128,473 19,619 5,282 32,071 401 475 257 343 ,203 18,622 18,622 *-••! 1 : 9 ::::::: 2 2 6 6 , , 5 5 3 7 1 3 2 2 6 6 , ,5 5 2 1 5 8 5 6 5 9 94 4 1 5 1, 9 06 50 5 2 2 " 8 8, , 4 5 8 6 5 2 1 1 9 9 , , 6 6 0 0 1 0 5 5 , , 2 28 8 3 2 3 3 2 1 , , 0 9 5 5 1 1 3 39 9 5 7 6 5 3 6 8 4 2 2 5 5 6 7 3 32 49 1 , , 2 2 4 9 6 4 1 1 8 8 , , 5 5 0 8 9 6 1 1 8 8 , , 5 5 0 8 9 6 26 Sept. 2 26,691 26,650 41 966 836 28,515 19,525 5,276 31,935 400 561 260 333 ,260 18,566 18,566 9 26,754 26,663 91 1,059 81928,656 19,523 5,274 32,107 401 430 275 341 ,259 18,640 18,640 16 26,737 26,643 94 1,060 1,01728,834 19,522 5,274 32,197 395 421 331 373 ,260 18,653 18,653 23 26,637 26,637 860 1,4 9"9~ 2299,016 19,513 31,984 390 632 298 420 ,264 18,81" 18,819 30 26,563 26,563 722 1,09828,403 19,493 31,811 388 681 310 403 ,196 18,394 18,394 Oct. 7 26,591 26,563 28 1,007 1,00528,623 19,491 5,289 31,933 387 533 300 420 ,194 18,636 18,636 14 26,637 26,563 74 ],051 95628,667 19,489 5,290 32,096 387 474 326 464 ,197 18,501 18,501 21 26,402 26,402 824 1,41728,664 19,488 5,293 32,026 391 518 294 344 ,193 18,679 18,679 28 26,385 26,364"ii 796 1,14928,353 19,486 5,297 31,873 396 530 297 335 18,568 18,568 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 753 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars ] Reserve Bank credit outst*mdinjI Deposits, other than member bank Member bank P d e o a r r i t o e d U To . t S a . l G B o r o v o ig u t u . h t g - t s h e t cu u c r a H r e h n g i p t e a d r i l u e e s e d r e e s r - - c v D o a a a u n n d is n c d - - e ts s Float Total i s G to o c ld k T s r c o e u t i r a u n n u e r n y g r c t a - - d y s - - r c C t e u c i i n u o i n l r c a r n - - y - T h c i u r o n a e r l g s y a d h s - s- T u r w r e i y a t s h - r F es . F e e i R o g rv r n . - e B s, a O nk th s er c O F o a . t u c h R n - e t . r s Total 2 re B F W se a . r n i R v t k h e . s s A c a a l i l b s n o l h w e ' ment Arerages of daily figures Week ending: 1959 Nov 4 26 686 26 544 142 834 89728,443 19,585 5 299 31 924 404 471 293 397 1 127 18,711 18 711 11 26,763 26,574 189 916 94728,651 19,585 5,301 32,105 414 458 313 396 1,128 18,724 18,724 18 26,702 26,593 109 864 J6^28,758 19,583 5,303 32,235 414 478 304 362 1,204 18,647 18,647 25 26,682 26,652 30 829 1,31128,857 19,582 5,304 32,269 415 515 315 369 1,297 18,563 18,563 Dec 2 26,871 26,843 28 875 1,08628,867 19,568 5,306 32,446 410 547 347 355 1,241 18,451 18,396 55 9 27,194 27,130 64 916 1,00329,153 19,505 5,310 32,601 405 487 362 338 1,244 18,797 18,529 268 16 27,176 27,142 34 961 1,16929,365 19,478 5,311 32,798 396 528 341 342 1,181 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 1,78829,629 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 I 58629 318 19,456 5,313 32 524 407 582 348 553 843 19,141 18,831 310 13 26,395 26,339 56 915 1,26928,633 19,455 5,315 32,282 410 519 308 332 840 19,029 18,713 316 20 ... 25,622 25,620 2 918 I 51328 098 19,455 5,316 31 910 424 494 231 326 836 18,963 18,648 315 27 25,450 25,450 776 1,10327,370 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 8S327,135 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 25,212 25,154 58 794 1,061 27,102 19,421 5,328 31,518 442 542 219 323 1,008 18,105 17,800 305 9 25,270 25,235 35 595 1,174 27 075 19,412 5,333 31 613 435 542 200 293 1,007 17,941 17,731 210 16 25,444 25,313 131 726 994 27,197 19,409 5,335 31,726 448 446 200 293 980 18,108 17,849 259 23 25,323 25,290 33 587 1 24527 189 19,409 5,337 31 671 450 451 180 305 944 18,189 17,934 255 30 25,239 25,234 5 608 898 26,778 19,408 5,340 31,534 439 479 203 327 945 17,894 17,600 294 Aor 6 ... 25,284 25,264 20 735 898 26 950 19,406 5,341 31 654 423 509 163 356 942 17,868 17,650 218 I?::::.:.. 25,396 25,285 111 734 910 27,073 19,394 5,342 31,826 417 465 200 349 917 17,870 17,634 236 20 25,701 25,417 284 561 1,391 27,690 19,386 5,344 31,828 420 660 188 448 864 18,280 18,012 268 27 25,521 25,444 77 524 1,159 27,234 19,373 5,346 31,581 417 553 186 275 857 18,392 18,083 309 Mav 4 25,660 25,557 103 552 958 27,199 19,360 5,347 31,606 414 567 184 311 855 18,243 17,968 275 y n::: 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 1,16127,338 19,353 5,350 31,684 415 547 202 290 1,034 "18,168 17,868 "300 June 1 25,968 25 941 27 436 99327 427 19 352 5 349 31 812 414 468 206 390 1 033 18,121 17 806 315 8 26,134 26,118 16 400 ,01127,575 19,352 5,350 31,917 424 445 199 361 1,034 18,152 17,897 255 15 26,176 26,176 375 1,029 27,609 19,351 5,353 31,976 415 490 206 365 1,001 18,157 17,859 298 22 26,011 26,011 550 1,544 28,135 19,346 5,354 31,927 412 550 225 437 970"18,601 18,315 "286 29 26,129 26,129 412 1,168 27 739 19,325 5,356 31 867 406 505 249 415 971"18,343 18,007 "336 End of month 1960 Jan 25,464 25,464 862 1 24527 613 19,444 5 320 31 569 437 567 249 324 834 18,681 18 396 285 Feb 25,209 25,149 60 739 97926,961 19,421 5,329 31,552 427 453 191 326 1,008 18,059 17,754 305 Mar 25,264 25,264 756 1,050 27,103 19,408 5,431 31 633 413 549 184 355 944 17,991 17 773 218 Apr 25,558 25,558 571 97227,131 19,360 5,346 31,600 406 619 194 313 855 18,125 17,850 275 May 26,035 26,020 15 342 85627,262 19,352 5,351 31,879 412 462 215 346 1,031 17,934 17,619 315 June .. 26,523 26,472 51 258 1,058 27,869"19,322"5,356"32,060 MOO 504 254 427 960"18,177 17,941 "236 Wednesday 1960 Mav 4 25,888 25,598 290 572 87727,367 19,360 5,348 31,629 423 478 170 303 854 18,492 18,217 275 u:":::::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 85026,972 19,352 5,350 31,660 414 504 217 292 1,033 17,854 17,554 300 June 1 26,037 26,037 321 85427,240 19.352 5,349 31,905 430 460 214 360 1,031 17,856 17,541 315 8 26,162 26,162 556 86027.607 19,351 5,353 31,947 416 479 207 348 1,033 18,135 17,880 255 15 26,155 26,155 352 ,30827,845 19,351 5.354 31,937 421 535 184 375 970 18,426 18,128 298 22 25,983 25,983 739 1,061 27,811 19,339 5,355 31,852 408 578 275 397 968"18,312 18,026 "286 29 26,219 26,219 267 86827,383 19,322 5,356 31,950 405 495 289 423 971"17,864 17,528 "336 * Preliminary. r Revised. tables on Federal Reserve Banks. (Industrial loan program discontinued i Includes industrial loans and acceptances, when held. For holdings Aug. 21,1959.) of such items on Wednesday and end-of-month dates, see subsequent * See note 3. 3 Beginning with December 1959, monthly averages are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. In millions of dollars] All member banks Central reserve city banks—New York Central reserve city banks—Chicago Period Bor- Bor- Bors T h e e r o r e l v t - d a e i l s s q e u R r r i e v e r - e e - s d 2 s E e x r r c e v - e e s s s 3 F r i o n . a w g t R s - . se F r r r v e e - e e s3 s T h e e r o r e l v t - d a e i l s s q e u R r r i v e e r - e - e s d 2 s E e x r r c e v - e e s s s 3 F r i o . n a w g t R s - . se F r r r e v e - e e s3 s T h e e r o r e l v t - d a e i l s s q e u R r r i v e e r - e - e s d 2 s E e x r r v c e e - e s s s 3 F r i o . n a w g t R s - . se F r r r e v e - e e s3 Banks* Banks 4 Banks 4 1929—June 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 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 ."6 14 1947_Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 ,011 13 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 1,210 ,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 1,166 ,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 ,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 ,127 8 85 -77 1958—June 18,600 17,974 626 142 484 4,214 4,186 28 21 7 1,113 ,099 14 2 12 Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 1,077 ,070 7 39 -31 1959—May 18,580 18,132 448 767 -319 3,979 3,955 24 75 -51 1,037 ,033 4 44 -41 June 18,451 18,043 408 921 -513 3,933 3,926 7 22 -15 1,009 ,006 3 66 -63 July 18,671 18,271 400 957 -557 3,981 3,977 4 157 -154 1,028 ,028 47 -47 Aug 18,613 18,141 472 1,007 -535 3,889 3,866 23 248 -225 1,033 ,029 40 -35 Sept 18,593 18,183 410 903 -493 3,848 3,866 -18 209 -227 1,025 ,022 46 -44 Oct 18,610 18,164 446 905 -459 3,867 3,851 15 225 -209 1,020 ,018 84 -82 Nov 18,621 18,176 445 878 -433 3,808 3,785 23 207 -184 1,029 ,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 Mar 18,027 17,611 416 635 -219 3,766 3,755 10 9 1 975 970 6 157 -151 Apr 18,104 17,696 408 602 -194 3,765 3,784 -19 12 -31 C954 955 -1 99 -100 May 18,239 17,770 469 502 -33 3,853 3,808 45 45 981 7 56 -49 June ^18,289 '17,826 -M63 425 ^38 "3,852 ^3,819 ^33 17 H6 ^989 v-2 58 Week ending: 1959_june 1 3 0 1 1 8 8 , , 3 3 1 2 4 4 1 1 7 8, , 0 8 2 8 1 6 4 3 2 0 ; 3 9 8 7 4 9 9 - -5 5 5 4 1 6 3 3 , , 9 r~ 4 ~ 9 3 3 , , 9 8 3 5 8 5 1 7 1 5 4 6 -45 3 1, 9 0 9 1 5 7 1, 9 01 9 4 3 - - 3 7 8 3 2 1 4 7 1 1 8 8 , , 5 6 3 2 7 7 1 18 8 , , 0 1 8 7 1 0 4 45 5 7 6 9 8 7 7 6 6 - - 4 5 1 2 9 0 3 3 , , 9 9 4 5 9 3 3 3 , , 9 9 5 3 4 8 - 1 1 2 4 2 5 1 -46 Q 1 1, , 0 0 1 1 5 0 1 1, , 0 0 1 0 1 9 - - 8 5 8 7 I960—Jan. 6 19,141 18,620 521 1,013 -492 4,018 4,012 6 221 -215 1,061 1,064 -3 153 -156 13 19,029 18,472 557 911 -354 3,915 26 117 -91 1,049 1,041 80 -72 20 18,963 18,368 595 914 -319 3,861 3 80 -77 1,046 1,044 128 -126 27 18,476 18,074 402 773 -371 3,837 17 49 -32 1,026 1,023 29 -26 Feb. 3 18,537 18,056 481 808 -327 3,858 3,854 4 67 -63 1,031 1,031 71 -70 10 18,268 17,836 432 850 -418 3,773 3,753 20 79 -59 1,007 1,003 137 -133 17 18,250 17,742 508 973 -465 3,723 3,722 1 118 -116 993 997 190 -195 24 18,061 17,636 425 620 -195 3,740 3,720 20 15 6 977 969 104 -95 Mar. 2 18,105 17.664 441 793 -35 3,751 3,749 27 -25 981 981 88 -88 9 17,941 17,^76 365 595 -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 45 587 -135 3,80: 3,777 25 7 18 981 978 259 -257 30.... 17,894 17,533 361 602 -241 3,746 3,743 3 3 966 963 199 -197 Apr. 6.... 17,868 17,431 437 704 -267 3,743 3,725 18 18 92: 920 117 -114 17,870 17,400 470 671 -201 3,655 3,646 9 -16 933 931 13 -135 20. .. . 18,280 17,918 36: 561 -199 3,876 3,863 13 -14 963 969 95 -100 27 18,39: 17,911 481 524 -43 3,861 3,851 10 10 984 98: -93 May 4.... 18,243 17,918 325 55: -227 3,911 3,914 -4 -4 1,000 996 53 -49 11 18,306 17,808 498 549 -51 3,835 3,824 10 10 985 984 101 -100 18 18,235 17,777 458 555 -97 3,838 3,79" 46 46 97' 979 -1 93 -94 25 18,168 17,716 45: 40: 50 3,779 3,776 984 975 9 1 -3 June 1 ... . 18,121 17,684 43' 436 1 3,825 3,77: 52 988 97 8. ... 18,15" 17.690 462 400 62 3,755 3,75: 4 974 974 14 -13 15. ... 18,15 17,729 428 374 54 3,795 3,788 6 98: 979 50 -47 22. . . . ^18,601^18,04: PS^9 550 3,89. 3,880 -60 1,003 1,003 152 -152 29. . . . ^18,343 1785 M89 412 3,915 3,84f 73 1,008 995 31 -19 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 755 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period re T h s e e o l r t d v a * e l s R re e s q er u v i e re s d 2 re E s x e c r e v s e s s3 B B in o F a g . r n r s R k o a s w . 4 t - res F e r r e v e es 3 re T h s e e o l r t d v a i e l s R re e s q er u v i e re s d 2 re E s x e c r e v s e s s3 B B in F o a g . r n r s R k o a s w . 4 t - res F e r r e v e es 3 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939_Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941—Dec 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945—Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 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 5*94 135 489 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—May 7,792 728 64 424 -360 5,772 5,415 357 224 133 June 7,744 705 39 574 -536 5,765 5,406 359 259 101 July 7,838 809 29 510 -482 5,824 5,458 366 242 124 Aug 7,836 779 57 477 -420 5,855 5,467 388 242 145 Sept 7,825 783 42 433 -391 5,895 5,511 384 215 169 Oct 7,820 766 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 67,954 7,912 41 490 -449 66,020 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 ,429 7,391 37 289 -252 5,857 5,494 363 180 183 Apr ,498 7,453 45 298 -253 5,887 5,504 383 193 190 May 7,515 7,465 51 224 -173 5,882 5,517 366 222 144 June ^7,538 ^7,496 164 *-122 ^5,912 ^5,522 ^389 186 ^203 Week ending: 1959—June 3 7,721 7,679 42 509 -467 5,638 5,390 248 243 5 10 7,688 7,646 42 643 -601 5,769 5,392 377 257 120 17 7,769 7,732 37 596 -559 5,809 5,402 407 270 137 24 7,793 7,754 39 557 -518 5,866 5,451 415 213 202 1960—Jan. 6 8,000 7,973 26 525 -499 6,063 571 492 114 378 13 7,992 7,927 65 482 -417 6,073 615 458 232 226 20 7,917 7,866 51 565 -514 6,139 600 539 141 398 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 5,507 222 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 5,925 5,517 408 200 208 June 1 531 7,442 142 -53 5,779 5,493 286 291 -5 8 470 7,443 27 198 -171 5,952 5,522 431 188 243 15 481 7,440 41 129 -88 5,898 5,522 373 194 179 22 645 7,606 38 197 -158 ^6,059 ^5,554 ^505 128 nil 29 7,612 7,506 106 155 -49 v5,809 ^5,512 P299 226 n.a. Not available. p Preliminary. 6, 1960, and monthly averages for all classes of banks beginning with 1 Based on figures at close of business through November 1959; there- January 1960 are estimated. after on closing figures for balances with Reserve Banks and opening 4 Based on closing figures. figures for allowable cash. Monthly averages for allowable cash are s 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

756 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advance ( s S s e e e c s u . r 1 e 3 d a b n y d e l 1 ig 3 i a b ) l e i paper [Sec. 10(b)] ob O lig as a t t io p n a s r . of S e th c e . U 13 . ) S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous June 30 beginning: rate June 30 beginning: rate June 30 beginning: rate Boston June 14,1960 June 14,1960 June 14,1960 5 New York... June 10,1960 June 10,1960 June 10,1960 5 Philadelphia.. June 3,1960 June 3,1960 Sept. 18,1959 4% Cleveland 3% June 10,1960 June 10,1960 5 Sept. 11,1959 4% A R t i l c a h n m ta ond... 3Vi J J u u n n e e 1 1 0 3 , , 1 1 9 9 6 6 0 0 J J u u n n e e 1 1 3 0 , , 1 1 9 9 6 6 0 0 41/2 J Se u p n t e . 1 0 14 , ,1 1 9 9 5 6 9 0 4% Chicago June 10,1960 June 10,1960 41/2 June 10,1960 St. Louis June 10,1960 June 10,1960 4% June 10,1960 5 Minneapolis.. June 10,1960 June 10,1960 4Vi June 10,1960 5 Kansas City.. June 10,1960 June 10,1960 4% June 10,1960 5 S D a a n ll a F s rancisco 3*2 J J u u n n e e 1 3 0 , , 1 1 9 9 6 6 0 0 J J u u n n e e 1 3 0 , , 1 1 9 9 6 6 0 0 S J e u p n t e . 3 11 , ,1 1 9 9 5 6 9 0 4% 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES 1 MARGIN REQUIREMENTS 1 [Per cent per annum] [Per cent of market value] Range F. R. Range F. R. Jan. 16, Aug. 5, Effec- Date Bank Date (or level)— Bank Prescribed in accordance with 1958- 1958- tive effective 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 195b 1948 1957 Regulation T: Jan. 12. 1 -WA Aug. 9. For extensions of credit by brokers and 19. 42 23. 3 50 70 90 A»». Nov. 15. For short sales 50 70 90 Dec. 2. Regulation U: For loans by banks on stocks 50 70 90 1950 1958 Aug. 21. Jan. 22. 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. Apr. 18. mum loan value. May 9. 1954 Aug. 15. Feb. 5. Sep.. .2. 15. MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS Apr. 14. Oct. 24. 16. Nov. 7. [Per cent per annum] May 21. 1959 1955 Mar. 6. Nov. 1, Feb. 1, Jan. 1, Effec- Ap, 14. 16. 1933- 1935- 1936- tive m-13/4 May 29. Type of deposit Jan. 31, Dec. 31, Dec. 31, Jan. 1, May 2. June 12. 1935 1935 1956 1957 Aug. 4. Sept. 11. 18. 12! Savings deposits 3 2Vi 2% 3 Scp.^9. 1960 June 3. 4 3 2% 3 Nov. 2 1 3 8 . . 1 14 0 . . 3% Other time deposits payable: 31/2 In 6 months or more 3 f 1956 In effect In 90 days to 6 months.... 3 2L4 Ap, W June 30. 3V4 In less than 90 days 3 Aug. 24. NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any * 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 757 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures. * In millions of dollars] Net demand deposits i Time deposits Central reserve Central All city banks Reserve Coun- Ef o fe f c c ti h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s i n e e t r r d y v v e e C ba o tr n u y k n s - Item m b e a m nk b s er Y N o e r w k c C a h g i o - b c a i n ty ks ba tr n y ks banks Four weeks ending May 18, 1960 In effect Dec. 31,1945.. 20 20 14 6 6 Gross demand: Total 120,459 23,983 5,871 46,986 43,619 1948—Feb. 27 22 Interbank 12,299 4,009 1,097 5,917 1,276 June 11 24 U. S. Government. 4,952 1,379 302 1,929 1,343 Sept. 16,24*... 26 22 16 ?» Other 103,207 18,595 4,471 39,140 41,001 1949—May 1,5*... . 24 21 15 Net demand2 102,021 20,132 5,072 39,066 37,751 A Ju u n g e . 30 1 , , J 1 u 1 l * y 1 * im 2 8 0 * 1 1 4 3 6 5 6 T D i e m m e and balances due 54,373 4,431 1,442 21,023 27,476 A A u u g g . . 2 1 5 6, 18* 23 if* 12 5 Cu f r r r o e m nc y d o a m n e d s t c ic o i b n: anks. 6,121 72 99 1,961 3,989 Sept. 1... g» Total 2,208 134 27 667 1,380 1951—Jan. 11,16*. 19 13 6 6 Allowable as reserves. 271 1 75 195 1 I 1 9 9 9 5 5 5 3 8 4 — — _j J J J F u u a u e n n l l b y y e . . 2 2 2 1 5 9 7 6 1 , , , , , F A 2 M 9 e 4 * u b a * g . . r . . . . 1 . .. 1 1 * * * 2 2 2 2 2 4 0 3 2 1 2 1 1 1 0 7 9 8 % 1 i 1 1 2 i 4 3 * 5 5 T B o a E B R l t a a x a e n l c q n c e r u k e e s i s s s s r e e r d w ve i s th h el F d . R. 1 1 1 7 8 8 , , , 8 0 2 4 5 4 2 9 4 0 3 4 3 3 3 , , , 8 8 8 4 6 6 1 5 1 1 6 9 9 9 8 8 8 5 7 6 2 7 7 7 , , ,4 5 4 9 3 6 4 7 1 8 4 5 5 5, , , 3 7 9 5 1 8 0 2 3 1 8 6 Mar. 20, Apr. I* 19 17 Apr. 17 18% Four weeks ending June 15, I960 Apr. 24 18 16% Gross demand: In effect July 1, 1960... 18 16% 11 5 5 Total 119,014 23,502 5,809 46,376 43,327 Interbank 12,246 4,025 1,087 5,888 1,245 Present legal require- U. S. Government. 5,741 1,314 340 2,364 1,723 ments: Other 101,027 18,162 4,381 38,124 40,359 210 10 7 3 3 Net demand2 101,024 19,720 5,021 38,704 37,579 Maximum 2 22 222 14 6 6 Time 54,634 4,450 1,450 21,137 27,598 Demand balances due from domestic banks. 6,129 95 98 2,012 3,925 * 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 2,235 134 29 681 1,391 reserve city banks. Allowable as reserves. 292 i 84 207 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 17,857 3,789 981 7,407 5,681 process of collection and demand balances due from domestic banks (also Total reserves held 18,149 3,789 982 7,491 5,888 minus war loan and Series E bond accounts during the period Apr. 13, Required 17,705 3,772 976 7,443 5,514 1943-June 30, 1947). Excess 444 16 6 47 375 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 all 20 per cent. 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 June 29 June 22 June 15 June 8 June 1 June May June Discounts and advances—total 267,247 738,678 352,478 556,318 320,927 258,167 341,964 421,027 Within 15 days 254,281 727,761 344,134 547,174 309,115 245,351 330,312 393,199 16 days to 90 days 12,846 10,782 8,268 9,066 11,695 12,696 11,534 27,638 91 days to 1 year 120 135 76 78 117 120 118 190 Acceptances- total 28,223 28,223 28,866 28,866 28,866 30,340 29,239 26,005 Within 15 days 8,663 11,280 9,590 6,988 6,300 8,300 7,129 8,114 16 days to 90 days 19,560 16,943 19,276 21,878 22,566 22,040 22,110 17,891 U. S. Government securities—total 26,218,92925,982,92926,155,22926,161,729 26,036,629 26,523,129 26,035,129 26,043,912 Within 15 days 266,836 303,396 385,296 390,360 284,060 444,900 230,160 253,450 16 days to 90 days 6,731,910 6,558,350 6,648,750 6,667,886 6,681,846 6,622,110 6,734,246 9,351,833 91 days to 1 year 12,083,67911,984,67911,984,67911,966,97911,934,21912,319,61511,934,21911,087,293 Over 1 year to 5 years 5,686,647 5,686,647 5,686,647 5,686,647 5,686,647 5,686,647 5,686,647 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 1,178,574 410,385 Over 10 years 271,283 271,283 271,283 271,283 271,283 271,283 271,283 1,059,772 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month 1960 1960 1959 Item June 29 June 22 June 15 June 8 June 1 June May June Assets Gold certificate account 18,093,64118,110,64318,111,64318,114,64418,115,64518,093,64318,115,64318,494,141 Redemption fund for F. R. notes.. 935,380 936,424 938,353 937,851 943,060 935,380 943,060 921,950 Total gold certificate reserves. 19,029,021 19,047,067 19,049,99619,052,49519,058,70519,029,02319,058,70319,416,091 F. R. notes of other Banks 349,974 374,317 349,812 344,207 342,933 324,475 340,835 294,676 Other cash 365,887 367,099 352,106 350,930 346,486 368,381 356,881 366,464 Discounts and advances: For member banks 738,678 556,318 258,167 404,027 For nonmember banks, etc 267,247 352,478 320,927 341,964 17,000 Industrial loans 1 Acceptances— H Bo e u ld g h u t n d o e u r t r r ig ep h u t rchase agreement. "lh',223 28,223 '"2M66 28,866 "28^866 30,340 " "29^239 26,005 U. S. Government securities: Bought outright: Bills 2,217,867 1,981,867 2,154,167 2,160,667 2,035,567 2,470,567 2,019,067 2,024,100 Certificates—Special Other 8,506,993 8,506,993 ,506,993 8,506,993 8,506,993 8,506,993 8,506,99318649,726 Notes 13,010,29813,010,29813,010,29813,010,29813,010,29813,010,29813,010,298 867,565 Bonds 2,483,771 2,483,771 ,483,771 2,483,771 2,483,771 2,483,771 2,483,771 483,771 Total bought outright 26,218,929 25,982,929 26,155,22926,161,72926,036,629 26,471,629 26 020,129 26 025,162 Held under repurchase agreement. 51,500 15,000 18,750 Total U. S. Government securities. 26,218,929 25,982,929 26,155,229 26,161,72926,036,629 26,523,12926,035,129 26,043,912 Total loans and securities 26,514,399 26,749,83026,536,573 26,746,91326,386,422 26,811,636 26,406,332 26,490,945 Due from foreign banks 15 15 15 15 15 15 15 15 Ca*h items in process of collection. 5,499,482 6,542,341 ,763,097 5,032,671 5,132,268 5,508,148 ,690,897 5,,117,737 Bank premises 104,920 105,134 104,669 104,197 104,192 104,742 104,204 95,805 Other assets 245,295 225,203 205,006 205,872 187,811 248,056 186,162 183,500 Total assets. 52,108,99353,411,00653,361,274 51,837,300 51,558,832 52,394,476 51,144,029 51,965,233 Liabilities Federal Reserve notes 27,421,47327,354,86727,404,26527,407,079 27,382,324 27,504,85827,344,188 27,401,872 Deposits: Member bank reserves 17,528,05118,025,56418,127,84817,879,86317,541,02617,940,87617619,117 ,640,301 U. S. Treasurer—general account. 495,062 577,736 534,871 479,444 460,051 504,210 461,871 534,594 Foreign 288,730 275,046 184,062 206,849 213,748 254,142 215,472 294,040 Other 422,651 397,342 375,445 347,871 359,819 427,005 346,332 362,686 Total deposits. 18,734,494 19,275,688 19,222,226 18,914,027 18,574,644 19,126,233 18,642,792 18,831,621 Deferred availability cash items 4,631,395 5,481,630 5,454,748 4,172,909 4,278,767 4,450,313 3,835,296 ,271,540 Other liabilities and accrued dividends1. 48,831 45,931 45,593 45,937 44,506 37,540 45,721 29,493 Total liabilities 50,836,19352,158,116 52,126,832 50,539,952 50,280,24151,118,944 49,867,99750,534,526 Capital Accounts Capital paid in. 399,829 398,827 398,589 398,244 398,079 399,924 398,051 379,882 Surplus 774,808 774,808 774,808 774,808 774,808 774,808 774,808 868,410 Other capital accounts. 98,163 79,255 61,045 124,296 105,704 100,800 103,173 182,415 Total liabilities and capital accounts. 52,108,993 53,411,006 53,361,274 51,837,30051,558,832 52,394,476 51,144,029 51,965,233 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 40.8 40.9 41.1 41.5 40.8 41.4 42.0 Contingent liability on acceptances purchased for foreign correspondents 183,799 181,694 172,165 162,529 182,335 160,918 75,959 U. S. Government securities held in custody for foreign account 4,977,414 5,041,192 4,924,312 4,863,549 4,976,614 4,841,049 3,899,826 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank).. 28,407,70128,343,736 28,383,250 28,319,59328,298,336 28,394,185 28,285,42728,276,429 Collateral held against notes outstanding: Gold certificate account 10,565,000 10,565,000 10,565,000 10,565,000 10,565,000 10,565,000 10,565,000 10,750,000 Eligible paper 71,456 123,726 59,720 164,037 71,682 90,032 71,739 149,955 U. S. Government securities 19,145,000 19,145,000 19,145,000 19,145,000 19,145,000 19,145,000 19,145,000 18,710,000 Total collateral. 29,781,456 29,833,726 29,769,720 29,874,037 29,781,682 29,800,032 29,781,739 29,609,955 1 No accrued dividends at end-of-June dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 759 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1960 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in ol r i e s - K C an it s y as Dallas F c S r i a s a n c n o - Assets Gold certificate account 881,089 5,261,947 982,6151,440,864 971,637 830,204 3,053,203 670,923 317,373 688,435 648,2522,347,101 Redemption fund for F. R. notes 59,073 196,948 59,075 84,149 77,252 59,060 175,877 44,486 23,054 43,718 31,875 80,813 Total gold certificate reserves. 940,162 5,458,8951,041,6901,525,0131,048,889 889,264 3,229,080 715,409 340,427 732,153 680,1272,427,914 F. R. notes of other Banks.. 17,643 75,130 20,386 21,370 20,628 67,893 16,994 10,911 12,115 16,173 17,459 27,773 Other cash 24,256 66,624 14,219 36,235 17,484 35,358 64,212 21,194 15,695 16,492 47,916 Discounts and advances: Secured by U. S. Govt. securities 6,630 4,955 21,185 2,425 19,818 25,325 27,608 3,455 33,041 65,392 19,427 4,885 Other 185 23,140 100 416 180 Acceptances: Bought outright 30,340 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,422,585 6,602,8711,515,6592,274,363 1,675,5221,451,466 4,530,8311,069,904 614,274 l,136,189;l,066,8073,111,158 Held under repurchase agreement , 51,500 Total loans and securities ,429,215 6,689,666 1,536,84412,276,7881,695,5251,476,79114,558,4391,073,359; 670,455j 1,201,681.!,086,650 3,116,223 Due from foreign banks , 1 14 1 1 1 (2) (2) Cash items in process of collection 422,369 1,092,229 340,000 490,867 410,980 425,264 905,164 217,711 151,641 259,525 227,734 564,664 Bank premises 4,120 9,62r 3,901 8,948 6,385 10,499 20,120 6,817 4,936 4,552 13,014 11,822 Other assets 13,627 60,714 14,152 21,780 15,607 14,289 41,683 9,905 5,729 11,5291 10,063 28,978 -I- Total assets. 2,851,39313,452,890 2,971,193 4,381,0023,215,4992,919,359 8,835,6942,055,3061,193,999 ,241,309|2,051,540 6,225,292 Liabilities F. R. notes 1,598,341 6,422,441 ,787,3332,488,0492,047,862 1,562,8635,191,9831,186,156 602,4591,109,039 784,9222,723,410 Deposits: Member bank reserves 759,838 5,312,895 796,5231,335,111 701,221 895,629 2,632,041 612,167 408,794 848,985 945,374 2,69:2,298 U. S. Treasurer—general account 27,534 122,422 19,338 11,314 47,979 26,555 51,681 33,514 21,446 19,818 39,794 82,815 Foreign 11,858 381,112 14,278 22,748 10,890 12,584 33,396 7,986 5,566 9,922 14,036 29,766 Other 422 361,701 1,835 773 1,684 1,011 713 1,590 311 1,002 740 55,223 Total deposits 799,652 5,878,130 831,9741,369,946 761,774 935,779 2,717,831 655,257 436,117 879,727 999,9442,860,102 Deferred availability cash items 388,096 781,892 275,392 402,363 344,879 351,652 739,549 169,465 124,878 197,609 193,248 481,290 Other liabilities 2,143 8,877 1,992 3,601 2,107 1,989 6,656 1,373 1,198 1,547 1,356 4,701 Total liabilities 2,788,23213,091,3402,896,6914,263,959 3,156,622 2,852,2838,656,019 2,012,2511,164,6522,187,9221,979,470 6,069,503 Capital Accounts Capital paid in 19,915 113,829 23,305 37,049 18,281 21,040 55,323 13,402 9,201 16,709 23,033 48,837 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. 4,914 26,816 5,559 7,464 6,030 5,730 17,018 3,791 2,566 4,958 4,392 11,562 Total liabilities and capital accounts , 2,851,39313,452,890 2,971,193 4,381,002 3,215,499 2,919,3598,835,6942,055,3061,193,999 2,241,309 2,051,540 6,225,292 Ratio of gold certificate i reserves to deposit and F. R. note liabilities combined (per cent) 39.2 44.4 39.8 39.5 37.3 35.6 40.8 38.9 32.8 36.8 38.1 Contingent liability on acceptances purchased for foreign correspondents. 4 52,491 10,714 17,070 8,172 9,443 25,061 5,993 4,177 7,446 10,533 22,337 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 1,639,861 6,655,6041,830,1332,584,569 2>,,106,1701,621,736 5,289,0871,234,055 614,2201,137,266 832,2022,849,282 Collateral held against notes outstanding: Gold certificate account 530,000 2,900,000 700,000 920,000 675,000 500,0001,900,000 410,000 180,000 300,000 250,000 ,300,000 Eligible paper 21,185 3,455 65,392 U. S. Govt. securities 1,250,000 3,900,0001,200,000 ,750,0001,465,0001,200,0003,700,000 935,000 450,000 870,000 625,0001,800,000 Total collateral. 1,780,000 6,800,000 1,921,185 2,670,000 2,140,000 ,700,000 5,600,0001,348,455 630,0001,235,392 875,000 3,100,000 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $129,844,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $173,030,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 BANK DEBITS LOANS GUARANTEED UNDER REGULATION V» FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [Amounts in millions of dollars] [In effect June 30] Loans Loans Additional Fees Payable to Guaranteeing Agency by Financing End of au t t o h o d r a iz te ed outstanding a b v a o a m r il r a o o b w u l n e e t r t s o Institution on Guaranteed Portion of Loan 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 gu te a e ra d n- out m st e a n n t d s ing loan guaranteed in b t y e re b s o t r r p o a w ya e b r) le fe b e o r c r h o a w rg e e r d 1954 ,367 2,500 472 368 273 70 or less 10 10 1955 1.411 2,575 294 226 170 75 15 15 1956 1,468 2,761 389 289 125 80 20 20 1957 ,503 2,912 395 300 135 85 25 25 1958 ,543 3,105 310 236 168 90 30 30 95 35 35 1959 Over 95 40-50 40-50 May 1,557 3,169 313 240 151 June ,557 3,170 317 240 137 Maximum Rates Financing Institution May Charge Borrower July ,557 3,170 323 244 129 [Per cent per annum] Aug. 1,558 3,174 330 249 121 Sept , ,560 3,174 342 257 101 Oct ,561 3,179 340 253 107 Interest rate Nov ,562 3,179 342 255 105 Dec ,563 3,189 340 256 98 Commitment rate. 1960 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Govern- Jan 1,565 3,192 333 250 103 ment procurement agencies, pursuant to the Defense Production Act Fcb ,565 3,195 341 256 95 of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing Mar ,565 3,202 356 264 79 agencies in these transactions, and the procedure is governed by Regula- Apr ,565 3,216 358 251 90 tion V of the Board of Governors. May ,568 3,272 376 252 92 * 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 iig ericies 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, euarantees 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 o A n r t l e t l i r n s g New Yor L k eading centers 6 others i 3 r c e 3 e p 7 n o t o r e t t r i h n s e 2 g r New 1 Y .c 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 c) r e t t r 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—June 228,601 79,479 86,598 44,746 46,429 93,032 95,574 53.1 56.9 32.1 32.8 24.6 25.1 July 235,637 86,792 89,600 46,694 48,422 93,516 97,615 57.3 57.2 33.1 32.9 24.7 24.9 AUE 208,130 85 207 75 233 45,899 43 265 93,109 89,633 56.3 51.3 33.1 31.3 24.7 24 1 Sept 215,843 86,633 81,067 44,240 43,259 92,017 91,516 57.6 55.4 32.1 31.7 24.6 24.7 Oct 230,245 89,356 89,519 45,486 46,083 92,216 94,642 60.1 59.2 32.8 32.5 24.7 24.8 Nov 217,139 91 522 82 273 46,257 43 810 95,067 91,055 60.1 58.0 33.6 32.7 25.3 25.4 Dec 261,121 89,244 104,976 46,278 51,763 93.696 104,382 60.1 67.0 33.2 35.3 24.9 26.4 I960—Jan 230,100 84,646 88,529 46,218 46,305 94,335 95,266 55.7 57.8 33.0 32.9 25.1 25 3 Feb 221,965 90,786 85,058 49,752 45,626 98,866 91,282 58.5 56.3 35.7 33.4 26.4 25.0 Mar 245,705 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 225,984 86,042 86,174 48,414 46,862 96,753 92,947 56.4 56.3 35.3 35.5 26.1 25.4 May r232,824 92 176 88 551 48.453 47 895 r97 986 r96,T78 61.1 58.9 35 5 35 2 26 3 26 2 June .. 250,837 91,604 99,809 48,583 50,415 97,937 100.614 61.3 65.7 *36.1 P37.O ^26.2 P26 .7 " Preliminary. r Revised. NOTE.—Series revised by Federal Reserve beginning with 1950; for Adj.5* adjusted for seasonal variation. Unadj. = without seasonal description and revised monthly figures, see the BULLETIN for Jan. 1960, adjustment. pp. 8-11. Seasonally adjusted figures for earlier years, prepared b> 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 761 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 262 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28 868 20 020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1954 30,509 21,374 1,834 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 ,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 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 —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 May 31,879 22,809 2,324 1,440 83 2,138 6,561 10,263 9,070 2,718 5,767 252 324 3 5 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION fOn basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulationl Kind of currency T s M o ta t a I a n 9 y l d 6 o i 3 0 n u 1 g t , - A g a s o g l s d a e i c a n u n s r t d ity Treasury B F F a . o n R r k . s H B F e a a l . n d n R d k b . s y May 31, Apr. 30, May 31, silver cash and agents 1960 1960 1959 certificates agents Gold 19,352 19,089 2 263 Gold certificates 19,089 16,243 2,816 30 30 31 Federal Reserve notes 28,285 1,282 26,916 26,695 26,761 Treasury currency—total 5,351 32,387 62 357 4,933 4,874 4,846 Standard silver dollars 135 40 10 303 300 283 Silver bullion 2,251 2,251 Silver certificates and Treasury notes of 1890. . . . 12,387 254 2,133 2,094 2,170 Subsidiary silver coin 1,550 12 63 1,475 1,467 1,400 Minor coin 558 4 7 546 543 510 United States notes 347 5 319 312 315 Federal Reserve Bank notes 102 101 102 111 National Bank notes 56 C4) 56 56 58 Total—May 31, 1960 21,476 412 16,243 4,455 I 31,879 Apr. 30, 1960 21,497 406 16,251 4,719 ! 31,600 May 31, 1959 22,060 694 16,789 4,351 i 31,638 « 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. 753. 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 in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Date Gold T s r t o c e u r i a u n n e u r n a r g y c t d - - s y - - Total Lo n a e n t s, Tot U al . S. G m o C v a e o e r n m c r d i n a - m l ent R F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l n T a i i a a n e p t o n i b t e i e t — d t t i a s a l l - l, c d u e T r a p r o n o e t d s n a i l c t y s c C m o a a n a u p n i c e n s - i d t c t t a s . l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 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 1956—Dec. 31., 21,949 5,066 223,742 110,120 93,161 66,523 24,915 ,723 20,461 250,757 230,510 20,246 1957—Dec. 31. 22,781 5,146 229,470 115,157 91,370 65,792 24,238 ,340 22,943 257,397 236,372 21,023 1958—June 23., 21,356 5,204 240,451 116,842 97,849 71,611 25,000 ,238 25,760 267,011 244,131 22,880 Dec. 31., 20,534 5,234 249,082 121,602 101,207 73,641 26,347 ,219 26,273 274,850 252,022 22,829 1959—June 24. 19,800 5,300 248,500 126,900 95,200 68,200 25,900 ,200 26,300 273,600 249,400 24,200 July 29. 19,600 300 250,700 128,400 96,000 68,400 26,500 ,100 26,300 275,700 251,400 24,200 Aug. 26. 19,600 300 251,200 129,800 95,200 67,600 26,500 ,100 26,200 276,100 251,100 25,000 Sept. 30. 19,500 300 252,100 131,600 94,100 66,500 26,600 ,100 26,500 276,900 252,100 24,800 Oct. 28.. 19,500 300 251,800 131,500 94,000 66,600 26,400 ,100 26,200 276,600 251,700 24,900 Nov. 25., 19,600 300 251,400 132,300 93,100 65,400 26,700 ,100 25,900 276,300 251,100 25,200 Dec. 31., 19,456 5,311 255,435 135,867 93,497 65,801 26,648 ,048 26,071 280,202 256,020 24,186 1960—Jan. 27., 19,500 5,300 250,200 133,000 91,300 64,800 25,400 ,000 25,800 274,900 250,500 24,400 Feb. 24., 19,400 5,300 248,300 133,400 89,200 63,000 25,200 ,000 25,700 273,000 248,000 25,000 Mar. 30^, 19,400 5,300 247,600 134,600 87,300 61,100 25,300 ,000 25,700 272,400 247,300 25,100 Apr. 27* 19,400 5,300 250,800 136,200 89,000 62,600 25,500 ,000 25,600 275,600 250,300 25,300 May 25 P, 19,400 5,400 250,700 136,800 88,500 61,800 25,700 ,000 25,400 275,400 249,400 25,900 June 29". 19,300 5.400 252,300 139.100 87,900 60,700 26,200 900 25,400 277,000 251,000 26,000 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o n d a i s 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 - - s m a b c e v a a o A r i n n c m n d t k i g a - s s l B F a A n t k R s . Total Total m T b C i e a o m r n m c k e ia s - l de M s p b a o a v u n s i t i k n u t s g s a 2 l s 3 S S P y a o v s s t i e t n a m g l s p m o D d a s e e i n - t - d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i c l t d d y s j p m u D o a d s a e s d t e 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 1,186 14,411 4,761 1939—Dec. 30 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941-Dec. 31 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,40026,100 1950—Dec. 30 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,600 90,00024,600 1956—Dec. 31 3,306 775 4,038 441 221,950 82,224 50,577 30,000 1.647 111,391 28,335 134,500 107,10027,400 1957—Dec. 31 3,270 761 4,179 481 227,681 89,126 56,139 31,662 1,325 110,254 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 1.214 106,169 27,790 135,300 107,500 27,800 Dec. 31 3,870 683 4,558 358 242,553 98,306 63,166 34,006 1,134 115,507 28,740 138,800 110,700 28,100 1959—June 24 3,600 400 4,700 500 240,100101,000 65,400 34,600 1,100110,700 28,300 140,900 112,600 28,300 July 29 3,400 400 5,000 600 242,000100,900 65,300 34,500 1,000112,700 28,400 141,200 112,900 28,300 Aug. 26 3,300 400 6,000 500 240,800101,200 65,600 34,600 1,000111,100 28,500 140,900 112,600 28,300 Sept. 30 3,300 400 6,400 700 241,400101,500 65,700 34,800 1,000111,400 28,500 140,800 112,400 28,400 Oct. 28 3,100 400 5,500 500 242,200101,100 65,500 34,600 1,000112,700 28,300 140,400 112,000 28,400 Nov. 25 3,000 400 4,700 400 242,600 110000,300 64,800 34,600 1,000113,100 29,100 140,100 111,800 28,300 Dec. 31 3,203 391 5,319 504 246,603101,779 65,884 34,947 948115,402 29,422 140,200 112,000 28,200 I960—Jan. 27 2,800 400 3,800 600 242,900101,000 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 900108,800 28,100 139,500 100 28,400 Apr. 27* 2,800 400 4,700 600 241,770000 102,300 66,200 35,200 900111,500 27,900 139,400 111, 200 28,200 May 25*> 2,800 400 7,200 500 238,500102.600 66,500 35,200 900 107,800 28,100 137,600 109, 400 28,200 June 29P 2.900 400 7.300 500 239.900103,600 67,500 35,300 800 108,000 28,300 138,200 110,10028,100 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 BULLFTTN 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 desee the BULLETIN for February 1960, pp. 133-36. Special adjustment posits, net, and Treasury cash. Except on call dates, figures are rounded in seasonal factor for demand deposits adjusted for March 30, I960, 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 763 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets- Cla a s n s d o d f a b te ank Total Loans o G U t b io l o . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l o p u i n i c a t t i n d - i t a - e a t l s s l 3 Total2 m D I a n e n t - d erba T n im k2 e U. D S e . ma O nd ther Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N ba b u o n e m f r k - s Govt. Other AD banks: 1941—Dec. 31 126 26, < 25, 8,999 27,344 90,908 81 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 227 30,; 101, 8,57735,415177,332165 14,065 105,935 45,613 22710,54214,553 1947—Dec. 3H 924 43,( 81,19910,723 38,388175,091161,86512793 240 1,346 94,38153,105 6611,94814,714 1 1 9 9 5 5 6 7 — —D D e e c c . . 3 3 1 1 0 8 6 4 3 9 110, , 0 1 7 1 9 5 66, 7 5 9 2 2 3 2 2 0 2 ,4 9 6 4 1 3 4 4 9 9 , . 6 3 4 1 1 8 2 2 5 5 7 0 , , 8 7 6 7 4 0 2 2 2 3 7 3 , , 5 0 4 2 6 0 1 1 6 56 1 3 3 6 3 1 1, , 3 4 8 6 6 2 3 3 , , 7 9 3 0 6 3 1 12 2 3 5 , , 9 3 9 0 3 88 8 0 8 , , 9 1 0 0 8 2 7 8 8 0 2 1 0 9 . , 4 2 2 4 8 91 1 4 4 , , 1 0 6 9 7 0 1958—Dec. 31 485121,571 64126273 49,911276430 250, 15799 2.374 4,253130;132 97.498 8121.70514,020 1959—June 24 200128,690 ,170 26340 42730 270 990 241; 12870 2,030 4,420 121 600 100,310 2,710 22 13,997 Oct. 28 870133,050 ,580 26240 44 030 275 160 244, 13 150 1,710 5,190 124350 100,450 2,480 22 13,995 Nov. 25 810134,520 65,36025; 930 44,870 275990 244; 13200 1,610 4,400 125,960 99,660 2,860 22 13,993 Dec. 31 831135,958 65,80126,07150,:296 283 629254,88515650 1,443 5,054131,622101,116 624 22, 13,991 1960—Jan. 29 ,530134,860 840 25 830 43,160 274270 243; 12920 1,390 3,540 125, 320 100,380 2,340 23 13,997 Feb. 24 ,410135,710 000 25 700 43,490 273 430 241; 12710 1,290 4,480 122,'720 100,560 2,820 23 13,999 Mar. 30^ ,770137,010 060 25 700 42,530 271990 239 12680 1,270 4,410 119,720 101,550 3,290 23 13,999 Apr. 27* ,820138,660 570 25590 43,400 275 860 243 12;520 1,470 4' ,480"'1"232,20 101,670 3,000 23350 13,996 May 25? ,710139,550 810 25,350 42 180 274,510 241,47012,210 1,490 6,880 118,870 102,020 3,180 23 520 *14,002 June 29^ ,020140,930 700 25!390 43 850 276 ,710244,53—013,240 1,400 7,060 119,750 103,080 2,13023,67014,000 All commercial banks: 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,33134,806160,312150 14,065 105,921 30,241 219 8.950 14,011 1947—Dec. 31 4 116,284 38,057 69,221 9 006 37,502155,377144;10312,792 240 1,343 367 35,360 6510,05914.181 1956—Dec. 31 165.123 90,302 58,552 269 48,720 217460197,51516,133 ,460 3,733 282 50,908 7516,30213,640 1957—Dec. 31 170.068 93,899 58.239 930 48!.428 222696 201.32615,636 .385 3,898 967 56,440 7717.36813.568 1958—Dec. 31 185,165 98,214 66,376 20575 48,990 238,651216,017 15,799 2.372 4,250 104 63,493 7318,48613 501 1959_j O Un c e t. 2 2 4 8 1 1 8 8 5 8 , , 9 3 2 8 0 0 1 1 0 0 4 8 , , 4 1 5 6 0 0 6 5 0 9 . , 8 6 6 2 0 0 2 2 0 0 6 6 1 0 0 0 4 4 1 3 9 3 3 3 0 0 2 2 3 3 2 6 , 4 3 4 8 0 0 2 2 1 0 0 6 ; 6 2 3 0 0 0 12, , 8 1 7 5 0 0 2, , 0 7 3 1 0 0 4 5 , , 4 19 2 0 0 5 3 7 2 0 0 6 6 5 5 , , 7 8 4 3 0 0 2 2 , , 7 4 1 8 0 0 1 1 9 9 . , 0 5 3 0 0 0 1 1 3 3 , , 4 4 7 7 9 8 Nov. 25 188,280 109,470 58,480 20330 44; 150 237,210 210;210 ,200 ,610 4,400 930 65,070 2,86019,59013,476 Dec. 31 190,270 110,832 58,937 20,50149,467 244,686 219,903 ,649 ,441 5,050 593 66,169 61519,55613,474 I960—Jan. 27 187,780 109,550 57,980 20 250 42 470 235,280 208,650 .920 ,390 3,540 290 65,510 2,34019,65013,480 Feb. 24 186,540 110,250 56,170 20 120 42 780 234,300 206,810 ,710 ,290 4,480 690 65,640 2,82019,73013,482 Mar. 30? 185,680 111,390 54,160 20 130 41780 232,590 204,350 680 ,270 4,410 690 66,300 3,29019,86013,482 Apr. 27^ 188,810 112,950 55;830 20,030 42 710 236,580 208,18012,520 ,470 4,480 190 66,520 3,00019,960*13,480 May 25*> 188,580 113,630 55,140 81041,510 235,130206,24012,210 1,490 6,880 840 66,820 3,180 20. *13,486 June 29? 188,790 114,840 54,100 850 43.110237,160209,16013,240 1,400 7,060 720 67,740 2.130 20, 13,485 All member banks: 1941—Dec. 31 18,021 19,539 5,961 23,123 68,121 61,71710,385 140 709 136 12,347 5,886 6,619 1945__Dec. 31 ..... 22,775 78,338 6,070 29,845 138,304129,67013,576 64 179 640 24,210 208 589 6,884 1947—Dec. 31 32.628 57,914 30432,845 132,060122,52812,353 50 176 609 28,340 54 464 6.923 1956—Dec. 31 78,034 47,575 159 42906184.874167,90615,567 1,289 292 850 40,909 48 655 6.46? 1957_Dec. 31 80.950 47,079 324 42 746188.828170,63715,082 1,246 3,472 547 45,290 57 554 6,393 1958—Dec 31...« 84.061 54,299 504 43.188202.017182,81615,227 2,187 3.822110,44851,132 5415460 6.312 1959—Tune 24 89,301 49,164 542 37 171196,182174,07312.357 ,889 3,943102,992 52.892 2,619 15875 6.279 Oct. 28 92,328 47,571 16,429 38^314198,793176,36812,590 ,564 4,628104,90152,685 2,387 209 6,248 Nov. 25 93,525 46,43616,18139,026 199,373176,19512,638 ,462 870106,18352,042 2,780 280 6.240 Dec. 31 94,119 46,81316,287 43,509 205,726184,70615,048 ,338 504 989 52,827 581 ,264 6,233 1960—Jan. 27 93,567 45,87516,06737,332197,279174,44012,412 ,288 077 445 52,218 2,27516,327 6,224 Feb. 24 94,111 44,314 980 37;689196,501172,82712,240 ,187 967 152 52,281 2,75916387 6,223 Mar. 30? 95,086 42,686 990 36;770195,09: 170,71512,207 ,165 904100,64152,798 3,21616, 49,.5 6,219 Apr. 27*> 96,38^ 44,289 ,56:198,618174,12312,047 ,362 074103,688 52,952 2,94216,581*6,218 May 25P 96,88i 43,74215,69536,52:197,304172,40011,752 ,388 6,232 99,84153,187 3,08816,697*6,213 June 29^ 97,898 42,98015,71537,977199,243175,20012.775 ,298 6,360100,790 53,977 2,06916,8Z 6.212 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. 3H 18,641 4.944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 30,001 2,947 527 1957—Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 31,662 3.O5Q 522 1958—Dec. 31 36.320 23,357 7.265 5,698 921 37,779 34.040 34.006 3.219 519 1959_June 24 37,280 24,240 7,310 5,730 800 38,610 34,600 30 34,570 3.330 518 1960— J N D A O F M M J u a e e o c p b n n a a c t v r . . y e r . . . . . 2 3 2 2 2 2 3 2 2 0 9 5 4 5 1 8 7 7 ? ^ ? * 3 3 3 3 3 3 3 3 3 7 7 7 8 7 7 8 8 8 , , , , , , , , , 5 5 4 0 7 8 0 1 2 6 3 9 9 5 7 1 3 3 1 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 5 6 5 4 5 5 5 5 5 , , , , , , , , , 1 0 9 0 8 4 6 3 7 2 5 9 6 2 2 9 1 1 6 0 0 0 0 0 0 0 0 6 6 6 6 6 6 6 6 6 , , , , , , , , , 9 8 9 7 6 8 8 8 6 0 8 6 6 4 7 6 3 0 0 0 4 0 0 0 0 0 0 5 5 5 5 5 5 5 5 5 , , , , , , , , , 5 5 5 6 5 5 5 5 6 7 7 6 0 4 8 8 4 4 0 0 0 0 0 0 0 0 0 7 7 7 6 7 7 6 8 6 2 5 7 4 0 2 1 9 9 0 0 0 0 0 9 0 0 0 3 3 3 3 3 3 3 3 3 9 9 9 9 8 9 8 8 8 , , , , , , , , , 9 4 2 3 5 1 7 9 7 4 0 8 8 5 3 8 9 2 3 0 0 0 0 0 0 0 0 3 3 3 3 3 3 3 3 3 5 5 5 5 4 4 4 4 4 , , , , , , , , / 3 2 2 1 6 6 9 9 8 7 3 2 8 5 0 5 0 0 0 0 0 0 0 0 ' (5) 3 3 3 3 3 3 3 3 3 4 4 4 4 4 5 5 5 5 , , , , , , , , , , 9 5 6 8 9 2 1 2 3 4 9 2 7 2 5 5 0 4 8 0 0 0 0 0 0 0 0 ( ( ( 5 5 ) ) ) 3 3 3 3 3 3 3 3 3 . , , , , , , , , 4 3 3 3 4 4 4 3 4 0 5 7 9 2 0 1 9 2 0 9 0 0 0 0 0 0 0 5 5 5 5 5 5 5 5 5 1 1 1 1 1 1 1 1 1 7 7 7 7 7 6 7 6 5 9 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 I960) For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total 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 c b T o a i a l a l o u p i n i c a t t i n - d i t a - e t a l s s l 3 Total* m D In a e n t - e d rba T n i k m 2 e U.S D . 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 a o p u c t i - n a ta t l s l N ba b u o n e m f r ks - 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 2,873 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—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 I960—Jan. 27 24,713 17,614 4,981 2,118 7,374 33,440 27,801 3,971 933 547 19,032 3,318 637 3,360 16 Feb. 24 24,460 17,610 4,696 2,154 7,664 33,553 27,543 4,009 884 664 18,685 3,301 852 3,381 16 Mar. 30* 24,342 17,862 4,283 2,197 7,776 33,609 27,431 3,906 889 794 18,397 3,445 951 3,384 16 Apr. 27* 25,355 17,991 5,249 2,115 7,772 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 June 29* 25,320 18,060 5,273 1,987 7,773 34,600 28,654 4,339 985 1,415 18,379 3,536 473 3,427 16 Chicago: 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947__Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1956—Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 1,364 184 5,069 1,319 4 660 14 1957—Dec. 31........ 6,446 3,852 2,032 562 2,083 8,595 7,792 1,333 195 4,904 1,345 4 689 14 1958—Dec. 31 6,830 3,637 2,562 631 2,158 9,071 8,214 1,357 249 5,136 1,438 3 733 14 1959_june 24 6,516 3,687 2,137 692 1,842 8,440 7.423 1,123 259 4,586 1,424 164 740 14 Oct. 28 6,701 3,944 2,092 665 1,877 8,662 7,556 1,126 228 4,749 1,427 235 751 14 Nov. 25 6,606 3,908 2,015 683 1,879 8,564 7,578 1,115 213 4,785 1,440 108 754 14 Dec. 31 6,885 4,206 1,985 694 2,003 8,967 8,062 1,231 272 5,070 1,468 40 762 14 1960—Jan. 27 6,673 4,072 1,928 673 1,869 8,629 7,550 1,061 166 4,849 1,450 208 755 13 Feb. 24 6,634 4,165 1,812 657 1,882 8,599 7,288 1,099 213 4,535 1,417 431 747 11 Mar. 30* 6,630 4,135 1,866 629 1.604 8,329 6,978 1,219 233 4,103 1,399 467 752 11 Apr. 27* 6,531 4,156 1,745 630 1,783 8,410 7,281 1,087 235 4,520 1,402 241 755 11 May 25* 6,562 4,259 1,647 656 1,723 8,378 7,254 1.053 381 4,371 1,405 225 760 11 June 29* 6,598 4,342 1.620 636 1.854 8,546 7,474 1; 151 407 4,442 1,426 161 769 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 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28.99011.423 1 2,844 353 1956—Dec. 31 .... 53,915 31,783 17,368 4,76417,716 72,854 66,524 7,584 294 ,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 ,358 39960 1"8,623 21 5,370 278 1958—Dec. 31 60,558 34,003 20,645 5,910 1177,701 79,781 72,647 7,506 377 ,429 42,259 21,075 14 5.760 274 1959—June 24 60,617 36,616 18,224 5,77715,762 77,887 69,448 5,994 341 ,600 39,72121,792 1,140 5,945 273 Oct. 28 60,879 37,757 17,416 5,70615,930 78,391 69,942 6,295 299 ,746 40,07321,529 901 6,053 270 Nov. 25 60,790 38,171 16,954 5,66516,463 78,852 69,951 6,273 303 ,528 40,5—90 2"1,257 1,175 6,083 270 Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 ,698 42,668 21,555 238 6,106 265 I960— Tan. 27 60,334 38,282 16,490 5,,5"6"2 1155,624 77,625 69,116 6,029 297 ,135 40,426 21,229 943 6,120 267 Feb. 24 58,848 38,116 15,340 39215,600 76,065 67,435 5,877 256 ,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 ,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 ,577 39,333 20,708 1,192 6,147 225 May 25* 59,491 39,126 15,046 5,319 15.105 76,253 67,149 5,623 279 2,591 37,81120,845 1,105 6,174 224 June 29^ 59,563 39.421 14,846 5.29615.786 77,090 68,028 6.062 241 2.591 37,96621.168 1.064 6.257 224 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,40810,632 46,059 43,418 1,207 17 5,465 24,23512,494 11 525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 1,056 17 432 28,37814,560 23 934 6,519 1956—Dec. 31 54,571 26,491 22,037 6,04214,390 69,945 64,289 1,597 22 1,160 41,194 20,317 21 046 6,141 1957_Dec. 31 56,820 28,191 21,815 6,81414,139 72,062 65,991 1,640 18 1,181 40,724 22,429 30 359 6,083 1958—Dec. 31 61,511 30,257 23,606 7,64814,031 76,767 70,277 1,578 36 \175 42,349 25,137 37 685 6,006 1959—June 24 62,386 32,317 22,377 7,692 12,363 75,986 68,787 1,232 37 ,309 40,115 26,094 510 898 5,975 Oct. 28 63,687 33,223 22,668 7,796 1122,707 77,716 70,325 1,321 34 ,540 41,149 26,281 481 065 5,948 Nov. 25 63,726 33,456 22,509 7,76112,850 77,903 70,414 1,358 34 ,437 41,625 25,960 529 6,106 5,940 Dec. 31 64,082 33,766 22,535 7,781 14,122 79,567 72,323 1,602 24 ,508 42,832 26,356 71 6,035 5,938 1960—Jan. 27 63,789 33,599 22,476 7,71412,465 77,585 69,973 1,351 34 ,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 24 ,429 40,975 26,878 472 6,177 5,963 Mar. 30* 64,345 34,697 21,847 7,801 12,346 77,971 70,104 1,251 24 ,403 40,147 27,279 500 6,244 5,967 Apr. 27* 65,035 35,250 21,990 7,795 12,595 78,916 70,959 1,248 24 ,138 41.139 27,410 453 6,280"5,966 May 25* 65,174 35,668 21,749 7,75712,323 78,798 70,576 1,191 24 1,803 40,031 27,527 615 ,340*5,962 June 29P 65,112 36,075 21,241 7,796 1'2~.564 79,007 71.044 1.223 24 1.947 40.003 27,847 371 6,369 5,961 44 BBeeggiinnnniinngg wwiitthh DDeecc.. 3311,, 11994477,, tthhee aallll--bbaannkk sseerriieess wwaass rreevviisseedd aass aann-- 5 LLeessss tthhaann $$55 mmiilllliioonn.. BBeeccaauussee pprreelliimmiinnaarryy ddaattaa aarree rroouunded to the nouun ced in November 1947 byy the Federal bank suppye rvisory aggencies. nearest $$ 10 million no amount is shown excepp t onn ccaalll l ddaatetess.. AAtt tthhaatt ttiimmee aa nneett ooff 111155 nnoonniinnssuurreedd nnoonnmmeemmbbeerr ccoommmmeerrcciiaall bbaannkkss 66 BBeeggiinnnniinngg wwiitthh FFeebbrruuaarryy 11996600 rreesseerrvvee cciittyy bbaannkkss wwiitthh ttoottal 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 765 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total Cla a s n s d o d f a b t a e nk Total Loans o G U t b io o l . i n v g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l u o p i n i c a t n t i d i - a t - t e a l s s l 3 Total 2 m D In a e n t - e d rba T n i k m 2 e U. D S. ema O O n t t d h h e e r r Time r B i o n o w g r s - - c c T a o a o p u c t i n a - ta l ts l N ba b u o n e m f k r s - Govt. All insured commercial banks: 1941_Dec. 31 49,290 21,259 21,046 6,98425,788 76,820 69 10,654 1,762 41,29815,699 106,84413,,426 1945—Dec. 31 21,809 25,765 88,912 7,13134,292157,544147, " 883 23,740 801,2,27766 "29,876 215 8,67111 3,,297 1947—Dec. 31 14,274 37,583 67,941 8 750 36,926 152 141,85112,615 54 1,325 92,975 34,882 61 9,7341133,,398 1956—Dec. 31 63,601 89,831 57,83715,933 48,352 215 195,95315,981 1,301 3,717124,346 50,608 5615,98813,195 1957—Dec. 31 68,595 93,430 57,58017,585 48 i127 220 199,876 15,489 1,264 3,859123,127 56,137 . 13,142 1958—Dec. 31 83,596 97,730 65,669 20,198 48,689 236 724 214,48515,653 2,209 4,241129,214 63,168 6718,15413,101 1959—June 10 ,84,632102,902 61,396 20,334 42;623 231,,876206,14913,338 2,013 2,766122,744 65,288 2,77662218,76213,086 . Dec. 31 [88,790110,299 58,348 20,143 49,158 242,828 218,474 15,500 1,358 5,037130,720 65,858 60?19,20613,107 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,80614,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947_Dec. 31 65,280 21,428 38,674 5,17822,024 88,182 82,023 8,375 35 795 53,54119,278 5,409 5,005 1956—Dec. 31 88,477 48,109 31,568 800 27 117,345107,161 9,322 522 2,074 67,434 2"7,810 8,450 4,651 1957—Dec. 31 91,201 50,350 31,234 617 26 120,153109,091 8,958 517 2,166 66,546 30,904 9,070 4,620 1958—Dec. 31 99,277 52,627 35,714 10936 26; 128,397116,714 9,035 767 2,292 69,80834,812 9,643 4,578 1959—June 10 99,982 55,816 33,152 11,014 23 126,255112,659 7,818 705 1,526 66,433 3~6'177 1,42010,041 4,559 Dec. 31 102,615 59,962 31,76110,892 27,464132,636119,638 8,947 514 2,742 71,015 36^21 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 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 39,441166 13,098 29 5,205 1,811 1957—Dec. 31 51,152 30,600 15,846 4,70715,960 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 5,61914,021 71,010 62,152 5,127 1,285 880 38,23716,622 ,266 5.879 1,721 Dec. 31... 55,264 34,817 15,052 5,39616,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 1,691 Insured nonmember commercial banks: 1941_Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6.416 1947—Dec. 31......... 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1956—Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 414 425 17,497 9,724 2,336 6,737 1957—Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,58010,873 2,500 6,753 1958—Dec. 31 28,759 13,68f 11,381 3,696 5,504 34,737 31,696 426 419 18,76612,063 2,696 6,793 1959—June 10 29,371 14,484 11,183 3,704 4,770 34,642 31,365 392 361 18,07412,516 762,846 6,810 Dec. 31 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,73213,059 2,944 6,878 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945_Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947_Dec. 3H 2,009 474 1,280 255 576 2,643 2,251 177 185 1,39: 478 325 783 1956—Dec. 31 1,521 471 714 336 369 1,946 1,562 152 159 936 300 313 444 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 317 425 1958—Dec. 31.... 1,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 1959—June 10 ..... 1,518 504 639 375 271 1.850 1,444 143 122 830 342 338 383 Dec. 31 1,480 534 589 358 309 1,858 1,429 150 873 311 350 366 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 22,02 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 3H 18,454 5,43" 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1956—Dec. 31......... 26,381 12,279 10,989 3,113 5,817 32,613 29,635 566 171 440 18,43310,024 2,649 7,181 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,42011,176 2,817 7,178 1958—Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 18: 428 19,65512,387 3,028 7,192 1959—June 10 30,889 14.988 11,821 4,079 5,041 36,491 32,810 536 144 368 18,90312,858 3.183 7,193 Dec. 31 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 3,294f 7,244 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1 1212,192 1,252 194 1956—Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 23 22,857 2,130 223 1957_Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 4 26 24,991 2,308 239 1958—Dec. 31 28,980 19,180 5,215 4,585 752 30,189 27,277 28 27,243 2,473 241 1959—June 10 30,150 20,106 5,324 4,721 630 31,228 28,041 27 28,011 2,608 251 Dec. 31 30,580 20,94! 5,016 4,622 686 31,743 28,577 28 28,544 2,654 268 Noninsured mutual savings banks: 1941_Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 314 5,957 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 18: 8,028 7,146 7,143 817 304 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 1958—Dec. 31......... 7,341 4,177 2,050 1,113 169 7,589 6,763 6,762 746 278 1959_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

766 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES» [In millions of dollars] Loans2 Investments c b o c C a m a l n l a m l k s d s e a a r o n c t f e d ial i m T l n o a v o e n a e n t n d a s t s t s l - Total 2 C c o m m c p p i k l i p o n u i n e a e a e a e m g d - r r r - t l n - - - - A c tu a u g r l l r - - i- p o b k d a L T e s r u r e n e e r o o o r r c a s d c c a s - a l u h n r r r a s o i y t t s T i f i i h e o n n o e s r g g rsb i a T n f n o s i L k n ti s a o t t u n o a c t n o i i s o a T th n l o e s rs l R o ta a e t n a e l s O lo v u i d t t a i n a h o i d n l - - e s - s r O lo th a e n r s To U ta . l S. B G i o ll v s ern c C t a m i e f t i e r e - - s nt o N b o li t g e a s tio 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 t n f n l i d i - e l i t - - s s - - s O s ri e t t h c ie e u s r - Total:3 1947_Dec. 31.. 116,28438,05718,1671,660 830 1,220 115 9,393 5,723 947 69,2212,19: 7,789 6,034 53,20; 5276 3,729 1958—Dec. 31.. 185,16598,21440,425 4;973 2,832 ,829 719 25,25520,698 3,437 66,376 6,294 7,39913,39639,28716;505 4,070 1959__ D jUe n c e . 1 3 0 1 * .. . 1 1 9 86 0 , , 1 2 5 7 1 0 1 1 0 1 3 0 , , 4 8 0 3 6 24 4 0 1, , 6 1 1 7 3 4 5 5 1 1 , , 8 9 5 0 0 3 1,8 8 5 1 2 9 7,1182 2 8 6 , , 0 6 6 6 0 9 2 2 4 2 , , 1 3 6 8 6 2 2 3 , , 7 56 8 7 4 6 5 2 8 , , 0 9 3 3' 5 6 5" , , 3 1' 0 4 0 9" 2 4 , , 4 7 2 2 0 2 1 1 4 4 , , 8 0 5 3 6 7 3 3 38 5 8 , , 3 1 6 2 0 7 1 1 6 6 , ,9 9 8 5 4 8 3 3 , , 5 7 4 25 3 1960—Mar. 15*. 187,080111,57040,760 5',000 2i 1201,740 2,210 6,"780 28,12024,280 2,760 55,2304,850 1,530 '1 4,60034,25016,9803,300 All insured: 1941 _Dec. 31.. 49,29021,259 9,2141,450 614 662 40 4,773 4,5505 21,046 988 3,15916,899 3,6513,333 1945—Dec. 31.. 121,80925,765 9,4611,3143,1643,606 49 4,677 2,361 1,132 88,9122,45519,07116,04551,342 3,8733,258 1947_Dec. 31.. 114,27437,583 18,0121,610 8231,190 114 9,266 5,654 914 67,9412,124 7,552 5,91852,347 5,1293,621 1958—Dec. 31.. 183,59697,73040,289 41913 2,7971,810 713 25,14820,589 3,420 65;669 6,159 7,36213,240 3388,90816,226666 33,932 1959_ D ju e ne c . 1 3 0 1 *. .. 1 1 8 8 4 8 , , 6 7 3 9 2 0 1 1 0 1 2 0 , , 9 2 0 9 2 94 4 0 1, , 4 0 5 2 9 2 4 5 , , 9 0 7 4 3 6 2 2 , , 9 3 8 1 2 2 1 1 , , 8 8 2 8 7 4 1,8 8 4 1 7 3 7,105 2 2 7 6 , , 9 55 4 55 8 00 2 22 4 22 , , 0 2 3 6 2 4 2 3 , , 7 5 6 4 7 96 5 1 8 , ,3 3 4 9 8 6 6 5 , , 1 0 8 2 9 5 2 4 , , 4 6 0 9 4 01 1 3 4 , , 9 72 2 9 8 3 3 5 7 , , 0 7 2 5 7 41 16 6 , , 7 7 2 4 1 33 3 , , 5 4 9 2 1 2 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 ,378 47 3,455 1,900 1,05778,3382,27516,98514,27144,807 3, ,815 1947_Dec. 31.. 97,84632,62816,9621,046 811 ,065 113 7,130 4,662 83957,9141,987 5,816 4,815 4455,295 4, ,105 1958—Dec. 31.. 154,86584,06137,4443,0522,730 ,599 710 20,013 17,028 3,21154,229999 4',644 6,14311,11732,39613,405 3,100 1959—June 10*. 155,28988,43138,4693,1322,260 ,669 1,821 21,180 18,397 3,27650,2253,854 3,68811,41031,27313,820 2,813 Dec. 31.. 157,87994,77936,8263,116 2",885 ,587 811 6,80122,185 19,877 2,60346.8134,612 1,81211,604 2"8,785 13,677 2,610 1960—Mar. 15.. 155,07695,35437,387 3,0871,987 ,484 2,194 6,45322,176 19,944 2;586 43,6053,235 94911,484 27,93713,732 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 2,4531,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,9721,002 640 558 9,772 638 604 1958—Dec. 31.. 25,96616,16510,928 1,652 382 503 641 1,502 921 7,486 643 1,106 1,602 4,135 1,869 446 1959_j D Un ec e . 1 3 0 1 * . . . 2 25 5 , , 2 6 9 4 1 81 18 6 , , 1 5 2 1 1 41 1 0 0 , , 7 5 3 4 1 9 1 1 , , 5 7 5 4 6 0 4 40 0 3 9 9 5 6 3 7 1 1,788 7 93 4 6 6 1 1 , , 6 7 2 3 5 9 8 83 5 3 2 6 5 , , 7 0 4 0 5 2 1, 6 1 3 6 9 5 2 3 2 5 7 0 1 1, , 2 7 7 1 7 7 2 3 , , 8 51 5 3 9 1 1 , ,8 9 3 7 3 8 4 3 1 3 1 5 1960—Mar. 15.. 24,96218,07310,583 1,090 357 1,100 1,842 902 1,774 825 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 1,022 182 193 1945_Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947_Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1958—Dec. 31.. 6,830 3,637 2,628 266 97 161 357 210 2,562 232 361 522 1,446 491 140 1959—June 10*. 6,581 3,643 2,678 146 107 181 386 203 2,235 178 205 439 1,414 564 139 Dec. 31.. 6.885 4.206 2,527 268 124 588 183 435 148 1,985 108 78 467 1,332 562 133 I960—Mar. 15.. 6,746 4,173 2,636 162 122 546 175 408 168 1,927 300 50 443 1,134 537 109 Reserve city: 1941_Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1,459 855 38729,5521,034 6,982 5,65315,883 1,126 916 1947_Dec. 31... 36,04013,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,342 ,053 1958—Dec. 31... 60,55834,00315,808 669 518 851 191 8,405 6,930 1,30120,645 ,293 2,370 4,49712,484 4,864 ,047 1959—June 10*. 60,81236,31516,410 753 404 860 715 8,986 7,513 1,358 18,663 870 1,512 4,23012,051 4,885 949 Dec. 31.. 61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 98017.292 ,484 645 4,10911,054 4,830 813 1960—Mar. 15.., 58,85338,58915,355 725 462 724 885 9,054 8,057 96914,886 599 204 3,80810,275 4,700 678 Country: 1941_Dec. 31... 12,518 5,890 1,676 659 20 183 2 1,823 528 4,377 110 481 3,787 1,222 ,028 1945_Dec. 31... 35,002 5,596 1,484 648 42 471 4 1,881 707 35926,999 630 5,102 4,54416,722 1,342 ,067 1947_Dec. 31.. 36,32410,199 3,096! 818 23 227 5 3,827 1,979 22422,857 480 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 77923,6062,475 2,306 4,49514,330 6,181 ,467 1959—June 10*. 62,24831,960 8,6502,362 154 293 102 11,267 8,872 86422,5811,642 1,622 5,02314,295 6,392 ,315 Dec. 31... 64,08233,766 8,4982,321 298 284 11 1,056 11,816 9,491 643 2222,5352,381 863 5,75113,540 6,452 ,330 I960—Mar. J5... 64,51634,519 8,8132,328 273 281 153 97612,045 9,705 62522,1561,731 602 5,99213,831 6,537 ,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 22612,088 ,651 1,255 2,280 6,901 3,102 971 1959_ D ju e n c e . 1 3 0 1 . . . .. 3 3 2 0 , , 4 8 1 8 9 91 1 4 6 , , 9 0 8 6 8 8 3 3 , , 3 1 4 4 8 41 1 , , 9 9 6 0 7 2 1 7 3 3 3 2 2 6 3 3 4 317 5 5, , 5 f 0 " 2 4 3 , , 2 9 8 8 9 5 2 1 9 8 1 11 1 2 1, , 8 1 2 3 1 4 1, , 2 6 9 8 5 9 1,0 6 3 0 4 8 2 3, ,6 2 2 5 9 4 6 6 , , 5 8 8 6 4 4 3 3 , , 2 1 8 6 3 6 9 9 3 1 4 3 «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 767 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Reserves Bal- De- Class of with Cash ances mand Interbank Certi- Incli- 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 justed 6 Do- For- subdi- cers' and cor- Sav- subdi-and cormestic5 eign visions checks, pora- ings visions poraetc. tions tions Total: 3 1947_Dec. 31.... 17,796 2,216 10,216 87, 123 11,362 1,430 1,343 6,799 ,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 '<•^043 115,132 2,372 327 3 576 59,590 7318,486 1959—June 10.... 18 084 3,118 10,371 112,353 11,934 1,547 2,774 10.485 '. ,407 109.681 2,135 322 3 747 61,5622 77019,100 Dec. 31.... 17,931 3,012 12,237 115,420 13,944 1,705 5,050 11,459 2,910 116,225 \,441 285 3 166 62,718 61519,556 1960—Mar.15*... 17,810 3,160 11,140 111,590 12,020 1,470 4,510 10,570 ,290 111,740 1,260 280 3 330 62,5402 61019,860 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 6718,154 1959—June 10.... 18 084 3:096 10,140 111,537 11.821 1,517 2,766 10 390 ,376 108,979 2,013 322 3 674 61,2922 76218.762 Dec. 31.... 17 931 2,990 11,969 114,563 13,825 1,675 5,037 11,372 -,866 115,482 1,358 285 3 095 62,478 60219,206 Member, total 1941—Dec. 31 12 396 1,087 6 246 33,754 9.714 671 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 1C>,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 U,614 1,613 3,822 8 603 3,712 98 133 2,187 300 2 829 48,004 5415,460 1959—June 10.... 18 086 2,351 6 375 93,722 11,446 1,499 2,406 8 207 3.110 93 353 1,990 297 2 937 49,5652 68615,919 Dec. 31.... 17 932 222 7 532 95 274 i:5,389 1,659 4,504 8 915 S.542 98 532 1,338 259 2^383 50,185 58116,264 1960—Mar.15.... 17 806 2^326 6 898 92,287 n,568 1,428 3,959 8 156 2,937 94 847 1,156 249 2 532 49,8782 54616,480 New York City:* 1941—Dec. 31 5 105 93 141 10 761 .595 607 866 319 450 11282 6 29 778 1 648 1945—Dec. 31.... 4 015 111 78 15 065 3',535 1,105 6.940 237 ,338 15712 17 10 20 1.206 195 2,120 1947—Dec. 31.... 4,639 151 70 16 653 3.236 1,217 267 290 ,105 17646 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 18835 1,739 36 100 3,345 3,282 1959__jUne 10.... 4 090 148 66 \6 010 2,888 1,148 479 295 ,259 17657 1,564 27 140 3.423 809 3,300 Dec. 31.... 3,908 151 138 15 494 ?.462 1,303 1,027 310 ,536 18 ^73 988 24 65 3,359 232 3,361 1960—Mar.15 3,798 139 76 15 549 2,971 1,105 707 239 ,459 18 006 866 24 55 3,325 691 3,385 Chicago:* 1941 Dec. 31 1 021 43 298 2 215 027 8 127 233 34 2 152 476 288 J945 Dec. 31 942 36 200 3 153 ,292 20 1,552 237 66 3 160 719 377 1947—Dec. 31 1,070 30 175 3 737 ,196 21 72 285 63 3 853 '''' 2 "9 902 426 1958—Dec. 31.... 1,058 36 185 4 271 ,314 43 249 302 88 4 746 "34 7 7 1.423 3 733 1959—June 10.... 998 2S 105 3 947 ,119 41 120 235 77 4 345 31 8 12 1,387 272 743 Dec. 31.... 920 142 4 171 187 43 272 329 105 4 636 23 8 12 1.449 40 762 I960—Mar. 15.... 999 30 99 3 856 [,091 43 223 253 83 4 364 24 8 9 1,400 449 749 Reserve citv: 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 5,307 110 8,221 1,763 611 22 281 30 38 160 9.563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25 714 5,497 131 405 2.282 705 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 20.1361J41 5 930 Dec. 31 7 532 681 2,381 35 095 7 162 288 ,698 3,304 1,043 38 321 303 95 1.229 20 231 2^8 6 106 I960—Mar. 15 7,342 710 2,276 33 385 <5,210 265 1,479 2,720 780 36 560 241 86 1,276 19,244 1,045 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 .199 8 5,465 2 00^ 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 ,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 1,578 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 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—June 10 767 3,996 18 632 487 48 368 2,279 297 16,328 144 25 810 12,024 84 3,183 Dec. 31 790 4,706 20 146 555 46 545 2,544 369 17,692 103 26 783 12,560 34 3,294 2 Beginning with June 30, 1948, figures for various loan items are 4 Central reserve city banks. shown gross (i.e., before deduction of valuation reserves); they do not 5 Beginning with June 30, 1942, excludes reciprocal bank balances, add to the total and are not entirely comparable with prior figures. Total which on Dec. 31, 1942, aggregated $513 million at all member banks and loans continue to be shown net. $525 million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not « Demand deposits other than interbank and U. S. Govt., less cash iteirs 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

768 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Financial institutions Wednesday i m T l n o a v o e n a e n t n d a s t s t l s - j i L m u n a a s o v e n t d a e n e d - n s t d t s s - 1 j L us a o t d a e - n d s i i C n m t a c r o d n i i e a m u a d r l l s - - - A t c u u g r l r a - i l - G U t l a T i o i o o . g n b o S n v a d - . s - t b . d r e o O a k c t l s u e t i e e h e r r r - s s i e s - r G U t l i o i T o o g . b S n v a o - . - s t . oth O c e t s u t i r e h e r s - s i e - r F ei o g r B n - ank c m m D c s o t e i i e o m a c s - r - l - - n s c s P a i a o o a n f N n e n n l i m s e r - d c o a t - s - i e l n tu b t a O i n o t k n h s er e R st e a a t l e l o o A t a h l n e l s r V s t e a r i r e o l v - u n e a s panies etc. Total— Leading Cities 1960 Apr. 6 101,986 100,849 66,837 30,889 898 213 ,335 133 1,120 777 ,137 4,118 1,645 12,550 14,620 1,461 13 102,902 101,314 67,112 30,974 897 292 ,375 131 1,112 763 ,588 4,159 1,637 12,564 14,668 1,460 20 105,033 103,605 67,728 30,986 892 603 ,500 138 1,114 754 ,428 4,271 1,620 12,577 14,728 1,455 27 104,669 103,055 67,492 30,940 901 370 ,442 135 1,116 766 ,614 4,243 1,635 12,581 14,818 1,455 Mayit:::::::::: 1 10 0 3 4 , , 9 5 9 7 5 8 1 1 0 0 3 2 , , 0 6 3 8 0 5 6 6 7 7 , , 7 6 2 3 8 4 3 3 1 1 , , 0 0 1 5 3 3 9 9 0 0 8 8 3 3 7 1 6 7 , , 4 4 5 4 3 6 1 1 3 4 5 2 1 1 , , 1 1 1 1 6 0 7 79 7 1 2 , , 5 3 4 1 8 0 4 4 , , 4 3 3 4 0 0 1 1 , , 5 6 9 0 9 0 1 1 2 2 , , 5 5 5 5 5 8 1 1 4 4 , , 8 8 2 2 9 6 1 1 , , 4 4 5 5 8 7 18 104,309 102,914 67,778 31,222 919 237 ,433 157 1,110 776 ,395 4,312 1,612 12,565 14,893 1,458 25 104,434 102,718 67,570 31,172 922 175 ,413 139 1,111 772 ,716 4,210 1,617 12,566 14,930 1,457 June 1 104,401 102,925 67,843 31,170 929 201 ,504 166 1,108 772 ,476 4,337 1,595 12,548 14,972 1,459 8 104,044 102,636 67,508 30,991 929 146 ,461 167 1,121 756 ,408 4,213 1,594 12,536 15,053 1,459 15 105,614 104,213 69,025 31,526 939 613 1,621 156 1,123 760 ,401 4,506 1,616 12,549 15,075 1,459 22 105,090 103,776 68,789 31,608 938 434 1,490 142 1,131 741 ,314 4,500 1,627 12,535 15,103 1,460 104,718 103,424 68,691 31,645 952 198 1,467 135 1,132 740 ,294 4,575 1,617 12,543 15,144 1,457 29 New York City 1960 24,181 23,723 17,176 10,594 133 744 330 487 458 ,387 362 897 2,618 415 Apr. 6 24,774 23,884 17,259 10,565 179 771 327 475 890 ,445 365 893 2,615 415 13 25,468 24,849 17,433 10,488 320 862 330 466 619 ,489 357 892 2,599 409 20 25,408 24,598 17,277 10,467 232 816 328 478 810 ,432 352 895 2,648 409 27 25,364 24,640 17,363 10,387 288 854 326 484 724 ,544 346 893 2,614 410 May,!::::::::::: 24,908 24,411 17,248 10,387 220 874 327 502 497 ,476 339 894 2,603 410 18 25,149 24,365 17,228 10,456 147 862 328 501 784 ,418 343 892 2,641 410 25 25,158 24,269 17,062 10,433 108 848 328 475 889 ,352 344 886 2,659 410 June 1 25,294 24,517 17,280 10,464 134 953 324 473 777 ,441 339 884 2,640 411 8 24,905 24,286 17,022 10,335 84 918 336 470 619 ,351 342 882 2,677 411 15 25,826 25,277 17,903 10,573 421 1,044 337 482 549 ,546 338 88: 2,651 410 22 25,455 24,967 17,614 10,620 295 935 338 463 488 ,497 331 871 2,635 410 29 25,385 24,696 17,497 10,636 117 920 339 457 689 ,574 322 869 2,63r 410 Outside New York City 1960 Apr- if::::::::::: 7 7 7 8 , , 8 1 0 2 5 8 7 7 7 7 , , 1 4 2 3 6 0 4 4 9 9 , , 6 8 6 5 1 3 2 20 0 , , 4 2 0 9 9 5 8 8 8 8 8 7 1 8 1 0 3 6 5 0 9 4 1 1 1 0 0 4 2 7 78 9 5 0 2 28 9 8 0 6 6 7 9 9 8 2 2 , , 7 7 3 1 1 4 1 ' , , 2 2 8 7 3 2 1 11 1 , , 6 6 7 5 1 3 1 12 2 , ,o 0 o 5 : 3 , ,0 0 4 4 5 6 20 79,565 78,756 50,295 20,498 882 283 638 109 784 288 809 2,782 ,263 11,685 12,129 ,046 27 79,261 78,457 50,215 20,473 891 138 626 107 788 288 804 2,811 ,283 11,686 12,170 ,046 May,?:::::::::: 79,214 78,390 50,365 20,626 899 599 107 790 288 824 2,886 ,253 11,66: 12,215 ,048 79,087 78,274 50,386 20,666 900 97 572 114 783 289 813 2,864 ,261 11,664 12,223 ,047 18 79,160 78,549 50,550 20,766 911 90 571 115 782 275 611 2,894 ,269 11,673 12,252 ,048 25 79,276 78,449 50,508 20,739 914 67 565 108 783 297 827 2,858 ,273 11,680 12,271 ,047 June 1 79,107 78,408 50,563 20,706 921 67 551 135 784 299 699 2,896 ,256 11,664 12,332 ,048 8 79,139 78,350 50,486 20,656 922 62 543 136 785 286 789 2,862 ,252 11,654 12,376 ,048 15 79,788 78,936 51,122 20,953 932 192 577 124 786 278 852 2,960 ,278 11,667 12,424 ,049 22 79,635 78,809 51,175 20,988 931 139 555 110 793 278 826 3,003 1,296 11,664 12,468 ,050 29 79,333 78,728 51,194 21,009 945 81 547 108 793 283 605 3,001 1,29" 11,674 12,505 ,047 i * 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 769 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 Other a B nc al e - s a B nc a e l- s Currency se R rv e- es a o s t s h e e t r s lia ti b e i s li- Bills After s r e it c ie u s - Total d b o w a t m n i i c t k e h s s- b e w f a i o n g i r t k n h - s c a o n i d n B F w . a i n t R h k . s a c c a c a p o n i u d ta n l ts 5 years Total Leading Cities 1960 Apr. 6 24,361 9111 433 ,552 16,745 4,720 9,651 16,770 2,581 101 ,102 12,986 3,552 132,331 13 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 ,4741 444 ,531 17,807 4,735 9,572 17,136 2,623 101 ,232 13,180 3,512 135,642 May 4 25,902 ,352! 460 ,610 17,768 4,712 9,400 17,314 2,616 98 ,106 13,494i 3,580 136,283 11 25,703 ,229' 460 ,582 17,749| 4,683 9,348 17,330 2,656 110 ,212 13,352j 3,540 135,630 18 25,790 ,283| 873 917 18,044 4,673 9,346 16,987 2,740 96 ,187 12,964 3,490 135,792 25 25,774 ,331 852 938 17,987 4,666 9,374 16,858 2,588 99 ,227 12,944 3,458 134,542 June I 25,752 ,314 874 937 18,001 4,626 9,330 17.272 3,010 100 ,192 12,970 3,499 137,015 8 25,640 ,246! 856 931 17,974 4,633 9,488 17.144 2,602 94 ,177 13,271 3,512 134,555 15 25,750 ,4l0i 872 931 17,903 4,634 9,438 17.842 3,076 91 ,187 13,488 3,498 140,204 22 25,572 ,202i 882 910 17,931 4,647 9,415 17.510 2,718 103 ,221 13.468 3,505 137,064 25,359 950! 874 913 17,973 4,649 9,374 17.440 3,014 95 ,283 13,048 3,644 136,196 29 New York City 1960 Apr. 6... 4,346 319 91 196 2,858 882 2,201 4,187 49 149 3,927 1,467 33,126 13... 4,428 384 89 209 2,864 882 2,197 3,879 35 166 3,617 1,464 33,763 20... 5,223 740 93 239 3,266 885 2,193 4,272 37 153 4,008 1,453 34,837 27... 5,193 710 104 227 3,274 878 2,128 4,400 42 162 4,138 1,430 34,621 May 4. 5,280 668 119 342 3,276 875 1,997 4,502 42 149 4,250 1,473 34,879 5,219 623 116 333 3,274 873 1,944 4,425 57 162 4,147 1,425 34,186 18*. 5,190 535 36! 34 3,390 869 1,947 4,126 44 146 3,869 1,444 34,140 25. 5,236 565 346 62 3,398 865 1,971 4,160 43 158 3,894 1,396 33,936 June 1. • 5,256 554 350 74 3,433 845 1,981 4,21 50 152 3,926 1,372 35,100 8.- 5,139 481 331 68 3,406 853 2,125 4,351 42' 157 4,085 1,402 33,901 15 5,321 676 359 73 3,350 863 2,053 4,318 39! 147 4,066i 1,411 36,131 22 5,331 604 358 77 3,424 868 2,022 4,279 46! 154 4,023i 1,409 34,845 29 5,203 435 35: 87 3,447 1,996 4,208 42 164 3,939 1,497 34,638 Outside New York City 1960 20,015 592 34! 1,356 13,887 3,838 7,450 12,583 2,519 953 9,059 2,085 99,205 Apr 20,076 694 337 ,305 13,861 3,879 7,501 13,079 2,643 1,067 9,313 2,085 101,301 20.. 20,964 859 348 ,321 14,506 3,930 7,497 12,862 2,617 1,074 9.113 2,057 102,013 27.. 20,798 764 340 ,304 14,533 3,857 7,444 12,736 2,565 1,070 9,042 2,082 101,021 May 4. 20,622 684 341 ,268 14,492 3,837 7,403 12,812 2,555 957 9,244 2,107 101,404 11. 20,484 6061 344 ,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 June 1. 20,496 760 524 863 14,568 3,781 7,349 13,060 2,926 1,040 9,044 2,127 101,915 8. 20,501 765' 525 863 14,568! 3,780 7,363 12,793 2,535 1,020 9,186 2,110 100,654 15. 20,429 734 513 858 14,5531 3,771 7,385 13,524 3,010 1,040 9,422 2,087 104,073 22. 20,241 598! 524 833 14,507 3,779 7,393 13,231 2,662 1,067 9,445 2,096 102,219 29. 20,156 5151 522 826 14,526 3,767 7,378 13,23" 2,951 1,119 9,109 2.147 101,558 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time De- Other Capital Wednesday d ju m ep s a a t o d e n s - d d i ^ ts Do t m I ic n e t s e - rban F e k i o g r n - G U o .S v . t. S p s d s a i i t o u c i o a n v l a b t n i d i e l - t - s - s c C c h o a e f e e e i f t n e f r c r c i d t s d . k - i ' - s, p v r c s a I a i o d h a n r t r i t n u i d o p n p d a i n o e s - l , r s s - - , I b n a t n er k - p G U i s a o n a o . n s g v v t d S s a - t . . l S p s d s a i i t o u i c o a n v l b a t n d i i e l - t - s - s p v r c s a a i I o d h a r n t r i t n u i d o p n p d a i n o e s - l , s r s - - , B F F a r . o n R m k . s o F t r h o e m rs li i a ti b e i s l- co a u c n - ts Total- Leading Cities 1960 58,797 10,947 1,387 1,574 4,503 2,264 62,053 ,160 136 ,572 28,740 556 2,036 3,940 11,463 Apr-,!::::::: 60,138 10,834 1,375 1,199 4,431 2,391 64,971 ,243 135 ,581 28,705 315 2,402 4,011 11,471 20 61,285 10,542 1,374 2,682 4,989 2,595 64,874 ,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 ,333 135 ,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 ,336 134 ,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 ,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 ,368 133 ,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 ,359 132 ,670 28,784 158 2,629 4,203 11,554 June 1 58,185 10,702 1,343 5,002 5,137 2,632 62,259 ,307 132 ,676 28,805 75 2,157 4,185 11,603 8 58,510 10,566 1,334 3,526 4,829 2,286 61,250 ,275 132 ,645 28,979 399 2,449 4,280 11,605 15 59,784 11,257 1,366 4,293 4,570 2,924 65,540 1,270 128 ,718 28,978 207 2,067 4,310 11,576 22 59,607 10,377 1,384 4,064 4,820 2,711 63,035 1,266 129 ,731 29,090 523 1,985 4,352 11,597 58,649 10,613 1,417 4,965 4,718 2,299 62,026 1,269 129 ,778 29,250 63 1,726 4,285 11,658 29 New York City 1960 14,806 3,024 ,045 438 257 1,247 16,593 896 24 65 3,302 960 1,892 3,383 Apr-,!::::::: 15,161 2,998 ,044 315 261 1,325 17,221 952 24 66 3,287 993 1,893 3,384 20 15,537 2,892 ,066 924 348 1,510 17,323 949 24 67 3,275 90 1,048 1,936 3,385 27 15,443 2,847 ,055 1,116 345 1,268 17,213 1,009 24 70 3,307 1,061 1,924 3,382 May 4 14,874 2,985 ,001 ,691 345 1,413 16,656 1,009 24 72 3,291 1,083 1,900 3,409 14,540 3,018 ,042 ,345 283 1,253 16,432 1,003 24 71 3,285 1,129 1,888 3,413 18'.'.'.'.'.'.'.14,660 2,974 ,047 ,478 307 1,187 16,587 1,037 24 71 3,262 822 1,939 3,405 25 14,510 2,904 981 ,461 312 1,103 16,317 1,027 24 72 3,278 1,152 1,899 3,406 June 1 14,506 3,310 ,027 ,507 303 1,617 16,808 993 24 71 3,261 866 1,895 3,418 8 14,724 2,830 ,031 ,042 293 1,313 lb,361 970 25 62 3,358 1,228 1,971 3,417 15 15,401 3,162 ,052 ,159 301 1,820 17,856 975 24 97 3,323 989 1,961 3,412 22 15,130 2,947 ,069 ,106 328 1,629 16,875 964 25 118 3,356 110 935 1,971 3,412 29 14,928 3,238 ,091 ,425 266 1,320 16,890 971 24 125 3,355 481 2,042 3,410 Outside New York City 1960 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 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 Mayif 4 44 4 , , 1 0 5 6 5 2 7 7 , , 4 4 7 6 3 2 3 3 2 1 3 2 2 2 , , 9 7 1 3 3 5 4 4 , , 8 6 4 0 3 4 9 8 8 9 8 6 4 4 5 5 , , 5 9 0 9 2 2 3 3 2 3 7 2 1 1 1 1 0 0 1 1 , , 5 5 8 7 2 4 2 2 5 5 , , 4 4 1 4 6 4 6 3 1 8 4 8 1, 9 2 7 1 0 5 2 2, , 2 1 5 9 0 2 8 8 , , 1 1 4 4 0 1 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 June 1 43,679 7,392 316 3,495 4,834 1,015 45,451 314 108 1,605 25,544 75 1,291 2,290 8,185 8 43,786 7,736 303 2,484 4,536 973 44,889 305 107 1,583 25,621 399 1,221 2,309 8,188 15 44,383 8,095 314 3,134 4,269 1,104 47,684 295 104 1,621 25,655 207 1,078 2,349 8,164 22 44,477 7,430 315 2,958 4,492 1,082 46,160 302 104 1,613 25,734 413 1,050 2,381 8,185 29 43,721 7,375 326 3,540 4,452 979 45,136 298 105 1,653 25,895 63 1,245 2,243 8,248 l 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 771 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 n a u o c d o d c r , o , T a l p e e x a p a n t t a i h d r l e e e r l s , , M m p u a r e c e n o t t t s d a d a l 3 - l s ch P l e c e a e m o u n t a r m d i l o 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 o u i i i l n o r b i c t t n l i 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 d g s t i e - s ch r w e a i a e p i n n a n e n o d l g g k d l r ' e l l t y — rubber banks 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 I960—Jan -June ... . — 558 273 1 062 -52 354 372 -677 -48 96 155 977 1 180 I960—Apr — 170 — 38 -30 H 45 102 -89 -63 21 39 — 173 — 86 May -56 5 136 10 53 89 -76 -73 32 35 154 232 June 15 53 168 — 26 92 10 — 95 126 25 41 409 473 Week ending: I960—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 -17 10 22 -6 23 44 -15 -46 9 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 June 1 37 2 -16 — 9 -1 -i -2 14 -17 9 9 -2 8 -78 -6 -10 13 -26 -24 -35 2 -16 -179 -179 15 53 37 184 18 55 39 —40 104 21 23 494 535 22. . . 4 2 13 — 10 36 -3 -11 10 9 10 59 82 29 -1 11 -7 -15 -11 7 -18 33 10 16 25 37 i 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 financiEil 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 periodsother 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 figures. BANK RATES ON SHORT-TERM BUSINESS LOANS i [Per cent per annum] Size of loan Size of loan Area All (thousands of dollars) A a r n e d a All (thousands of dollars) pe a r n i d od loans 1- 10- 100- 200 period loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Quarterly (cont.):2 Annual averages, New York City: 19 large cities: 1959—June 4.71 5.55 5.24 4.97 4.61 Sept 5.15 5.79 5.60 5.36 5.07 1951 3.1 4.7 4.0 3.4 2.9 Sept. 3 5.14 5.79 5.61 5.36 5.06 1952 3.5 4.9 4.2 3.7 3.3 Dec.3 5.19 5.82 5.61 5.41 5.12 1953 3.7 5.0 4.4 3.9 3.5 I960—Mar 5.18 5.81 5.63 5.41 5.10 1954 3.6 5.0 4.3 3.9 3.4 June 5.19 5.81 5.64 5.42 5.10 1955 3.7 5.0 4.4 4.0 3.5 7 Northern and Eastern 1956 4.2 5.2 4.8 4.4 4.0 cities: 1957 4.6 5.5 5.1 4.8 4.5 1959—June 4.90 5.67 5.33 5.06 4.78 1958 4.3 5.5 5.0 4.6 4.1 Sept 5.27 5.88 5.69 5.42 5.17 1959 5.0 5.8 5.5 5.2 4.9 Sept.3 5.28 5.89 5.70 5.42 5.17 Dec.3 5.39 5.95 5.77 5.50 5.30 Quarterly:2 1960—Mar 5.34 5.95 5.73 5.47 5.24 19 large cities: June 5.34 5.94 5.72 5.52 5.24 1959_june 4.87 5.68 5.33 5.06 4.72 11 Southern and Sept 5.27 5.91 5.65 5.43 5.15 Western cities: Sept. 3 5.27 5.92 5.66 5.44 5.15 1959—June 5.07 5.74 5.37 5.13 4.87 Dec.3 5.36 5.99 5.74 5.54 5.24 Sept 5.44 5.97 5.65 5.50 5.29 I960—Mar 5.34 6.01 5.75 5.50 5.21 Sept.3 5.46 5.99 5.68 5.51 5.30 June 5.35 6.00 5.76 5.53 5.22 I960— D M e a c r .3 5 5 . . 5 5 7 6 6 6 . . 0 1 8 2 5 5 . . 8 8 3 1 5 5 . . 5 6 7 4 5 5. . 4 3 0 8 June 5.58 6.10 5.84 5.61 5.41 1 For description see the BULLETIN for March 1949, pp. 228-37. NOTE.—Bank prime rate was 21/A 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, 2%; Oct. 17, 2%; Dec. 19, 3; 1953—Apr. 27, 314; 1954— schedule of the call report of condition to exclude loans to nonbank Mar. 17,3; 1955—Aug. 4, 3V4; Oct. 14, 3^; 1956—Apr. 13, 3% ; Aug. 21, financial institutions. 4; 1957—Aug. 6, 4y2; 1958—Jan. 22, 4; Apr. 21, 3y2; Sept. 11, 4; and 1959—May 18, 4%; Sept. 1,5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government securities (taxable)4 Prime Finance com- company Prime Year, month, or week m 4 m p - o a e n t p r o c t e h i r 6 a s , l - i m d 3 p p i - o r l a a e t n p o c c t e e t h l 6 d r y s - 2 , 9 b a 0 a a c n n c d c k e a e e p y s r t s , - s 3 ' on R is s a 3 n u t - e e e m w onth M b y il a i l e r s l k d et on i R s s a 6 n u t - e e e m w onth M b y il a i l e r s l k d et 9 ( - m y B t i o a e i r l l l d k 1 s e ) 2 t -mont O h th is e s r u s es 3 is - y s t e u o a e r 5 s' - 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_j J U u n ly e 3 3. . 9 8 8 3 3 3. . 8 6 1 6 3 3 . . 3 4 1 5 3 3 . . 2 2 4 4 7 3 3 3 . . 2 2 1 0 3 3 . . 5 8 3 8 1 5 3 3 . . 5 8 2 2 4 3 . . 3 9 0 7 4 4. . 4 3 0 3 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 June 3.81 3.24 3.28 2.641 2.46 2.909 2.74 3.10 3.35 4.06 Week ending: I960—June 4 4.19 3.83 3.63 3.184 2.94 3.495 3.18 3.56 3.87 4.24 11 4.03 3.53 3.48 2.716 2.61 2.871 2.80 3.23 3.47 4.12 18 3.70 3.05 3.18 2.292 2.31 2.497 2.52 2.90 3.15 3.99 25 3.63 3.00 3.13 2 613 2.39 2 877 2.76 3 04 3.29 4.01 July 2 3.60 3.00 3.13 2.399 2.18 2.806 2.64 2.95 3.20 3.99 * Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Average of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Consists of certificates of indebtedness and selected note and bond 3 Average of daily prevailing rates. issues. * Consists of selected note and bond issues. BOND AND STOCK YIELDS» [Per cent per annum] Government bonds Corporate bonds 3 Stocks* State By selected By Dividend / Earnings / Year, month, or week United and local 3 ratings groups price ratio price ratio S (l t o a n te g s - TotaH term)* Total* Aaa Baa Aaa Baa Indus- Rail- Public Pre- Com- Comtrial road utility ferred mon mon Number of issues 4-7 20 5 5 120 30 30 40 40 40 14 500 500 1957 average 3.47 3.56 3.10 4.20 4.21 3.89 4.71 4.12 4.32 4.18 4.63 4.35 8.43 1958 average 3.43 3.36 2.92 3.95 4.16 3.79 4.73 3.98 4.39 4.10 4.45 3 97 5.23 1959 average . . . 4.07 3.74 3.35 4.24 4.65 4.38 5.05 4.51 4.75 4.70 4.69 3.23 1959 June 4.09 3.80 3.37 4.28 4.69 4.46 5.04 4.55 4.76 4 77 4.79 3 23 5.81 July 4.11 3.92 3.51 4.43 4.72 4.47 5.08 4.58 4.79 4.79 4.75 3.11 Aug 4.10 3.84 3.44 4.36 4.71 4.43 5.09 4.56 4.80 4.77 4.70 3.14 SeDt 4.26 3.95 3.60 4.42 4.82 4.52 5.18 4.68 4.88 4.89 4.80 3.26 6.03 Oct 4.11 3.90 3.57 4.38 4.87 4.57 5.28 4.70 4.96 4.95 4.81 3.26 Nov 4.12 3.81 3.44 4.30 4.85 4.56 5.26 4.69 4.99 4.86 4.81 3.24 Dec. 4.27 3.84 3.43 4.37 4.87 4.58 5.28 4.70 5.05 4.86 4.85 3.18 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 June 3.99 3.74 3.33 4.27 4.78 4.45 5.26 4.64 4.94 4.76 7.74 3.37 Week ending: I960 June 4 4.07 3.78 3.38 4.32 4.81 4.48 5.27 4.66 4.98 4.78 4.81 3.39 11 4.00 3.78 3.38 4.30 4.77 4.44 5.24 4 64 4.92 4 76 4.73 3 33 18 3 96 3 72 3 31 4.25 4 77 4 45 5 26 4 64 4 93 4 76 4 73 3 35 25 3 97 3.71 3.30 4.24 4.78 4.45 5 27 4 64 4 94 4 75 4 71 3 37 July 2 3.96 3.71 3.30 4.24 4.78 4.44 5.28 4.64 4.94 4.75 4.72 3.39 * 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 * 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 773 SECURITY PRICES1 Bond prices Common stock prices •! Vol- ! ume Standard and Poor's series Securities and Exchange Commissit :ries ; of (index, 1941-43= 10) (index, 1939=100) ! trad- Ye o a r r , w m ee o k nth, t ( G e U lo r o . m n v S g t ) . . - 2 g n ( r h i M c a i i g d u p h e - a ) - l 3 g ( C r h r p a a i o o g d t - r e h e - ) - • Total Total Tot M al anu r D f a a b u c l - t e urin N g d o u n - - T p t r o i a o r n n ta s- - i u P l i t u i t i c b l y - - - T n s r a a e f a n n r d i c v d e e - - , , M in i g n- | | j | s t h s h i a a n ( o o i n r g n f u e d 4 s - s ) rable ice Number of issues. 98 72 29 3t 14 1957 average 93.24 105.8 101.3 422 391 451 275 156 277 342 2,222 1958 average 94.02 106.4 102.9 426 385 458 270 173 314 314 2,965 1959 average 85.49 100.7 95.0 522 495 536 347 216 418 322 3,242 1959-June.... 85.16 99.4 94.0 521 496 534 357 213 418 326 2 925 July 85.00 99.4 93.8 543 522 551 364 21S 429 321 3,222 Aug.. . . 85.11 100.6 94.3 542 516 556 349 219 425 324 2,431 Sept.. . . 83.15 98.3 93.0 520 500 529 333 211 424 305 2,739 Oct 84.95 100.2 92.8 517 498 524 339 213 428 292 2,788 Nov.. . . 84.82 100.9 92.9 519 496 530 322 211 434 285 3,398 Dec 83.00 99.3 92.4 538 518 547 328 213 440 297 3,284 I960—Jan 81.81 98.3 92.0 518 499 526 323 219 434 292 3,197 Feb 83.60 100.4 92.8 494 474 502 312 224 420 279 3,027 Mar 85.32 101.9 93.9 478 458 487 295 226 425 268 2,857 Apr 84.24 102.3 94.2 478 460 486 292 233 433 261 2,865 May 84.39 102.2 94.1 472 456 477 290 232 437 250 3,277 June 86.50 103.1 94.2 485 470 489 293 240 462 250 3,479 Week ending: I960—June 4 85.43 102.1 94.0 56.02 398 474 461 476 284 239 450 250 3,648 11 86.32 102.6 94.2 57.64 411 492 477 497 298 240 463 252 3,501 18 86.77 103.4 94.3 57.68 406 485 469 490 292 239 465 247 3,540 25 86.72 103.9 94.2 57.36 409 488 472 494 299 241 472 250 3.656 July 2 86.87 103.6 94.4 57.04 404 481 463 488 293 240 463 249 2,964 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5!/2-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Total- Net debit balances with Bank loans to others (than End of month' o s t e h c e u r r i t t h ie a s n New York f S ir t m oc s k 2 Exchange ch b a r s o i k n e g r s a n a d n d c a d r e r a y l i e n r g s ) s e fo c r u r p it u i r e - s3 Money borrowed Cust n o e m t ers" U. S. Govt. free o ( b c c l o i o g l l . . a t 3 5 io ) + ns U S ob e . c l S i u g . r a e G t d io o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G tio o n v s t. se O cu th ri e ti r es U ob . l S ig O . a n G tio o n v s t. se o cu O th r n i e t r ies ba c l r a e n d c it es 1956—Dec 3,984 33 2,823 41 ,161 46 2,132 880 1957—Dec 3,576 68 2,482 60 ,094 125 1 ,706 896 1958—Dec 4,537 146 3,285 63 ,252 234 2,071 1,159 1959—June 4,734 158 3,388 58 ,346 237 2,246 1,094 July 4,648 153 3,374 164 ,274 228 2,205 1.079 Aug.. 4,528 154 3,269 166 ,259 217 2,199 1,035 Sept 4,443 156 3,250 162 ,193 231 2,149 1,039 Oct 4,401 168 3,210 158 ,191 227 2,178 967 Nov 4,460 165 3,273 158 ,187 236 2,256 974 Dec 4.454 150 3,280 164 ,174 221 2,362 996 I960—Jan 4,365 134 3,198 154 ,167 190 2,233 1,001 Feb 4,274 138 3,129 146 ,145 202 2,194 981 Mar 4,158 117 3,028 136 ,130 161 2,059 988 Apr 4,153 113 3.037 135 ,116 185 2,155 940 May 4,132 130 3,021 139 '208 2,115 970 June 4,214 106 3,082 135 ' 132 I 162 2,110 1,017 r Revised. from other lenders except member firms of national securities exchanges. 1 Data for cols. 4-7 are for last Wednesday of month. 3 Figures are for weekly reporting member banks. Prior to July 1959, 2 Ledger balances of member firms of the New York Stock Exchange loans for purchasing or carrying U. S. Government securities were recarrying margin accounts, as reported to the Exchange. Customers' debit ported separately only by New York and Chicago banks. Accordingly, and free credit balances exclude balances maintained with the reporting for that period col. 5 includes any loans for purchasing or carrying such firm by other member firms of national securities exchanges and balances securities at other reporting banks. Composition of series also changed of the reporting firm and of general partners of the reporting firm. Bal- beginning with July 1959; revised data for the new reporting series (but ances are net for each customer—i.e., all accounts of one customer are not for the breakdown of loans by purpose) are available back through consolidated. Money borrowed includes borrowings from banks and July 1958 and have been incorporated. 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774 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed P di la re c c e t d - Total Banks p I o m rt - s p E o x rt - s Dollar ship p p o e i d n ts b e i t n w : een Total through ly Others into from exdealers * ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g i n es 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—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 ,029 232 187 44 34 71 693 355 283 46 119 226 Dec. 3,118 627 2,491 ,151 319 282 36 75 82 675 357 309 74 162 249 1960—Jan.. 3,889 664 3,225 ,229 230 193 36 42 124 833 341 337 149 158 245 Feb. 4,085 718 3,367 ,240 218 170 48 35 119 868 350 336 193 131 229 Mar. 4,320 805 3,515 ,366 250 178 72 33 153 929 364 413 201 144 244 Apr. 4,269 888 3,381 ,336 320 247 73 30 167 819 373 461 128 109 266 May 4,492 920 3,572 1,263 310 237 74 29 161 763 352 474 87 65 286 1 As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series revised to include all paper other commercial paper sold in the open market. with maturity of 270 days and over. Figures on old basis for December 2 As reported by finance companies that place their paper directly with were (in millions of dollars): Total* 2,731; placed directly, 1,891. investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars] Loans Securities Total assets— Mortgage loan 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 g l a o o t n a c v d a t t e l . C o o r t a h a n r t e p d e r o 1 - a C s a se sh ts O as t s h e e ts r s l a T u i a a c t r o i b n c p e t i d t l s a l s 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 Nu co m m b m er itm A e m n o ts u 2 nt 1941 4 787 89 3 592 1 786 829 689 11 772 10 503 38 1,231 n.a. n.a. 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1952 11,231 144 9,443 336 2,925 917 304 25,300 22,610 163 2,527 n.a. n.a. 1953 12,792 165 9.191 428 3,311 982 330 27,199 24,388 203 2,608 n.a. n.a. 1954 14 845 188 8,755 608 3 548 1 026 380 29 350 26 351 261 2,738 n.a. n.a. 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 n.a. n.a. 1956 19 559 248 7,982 675 3 549 920 448 33 381 30,026 369 2,986 n.a. n.a. 1957 20,971 253 7,583 685 4.344 889 490 35,215 31,683 427 3,105 n.a. n.a. 1958 23 038 320 7,270 729 4 971 921 535 37 784 34,031 526 3,227 89,912 1,664 I9593 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 1959 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 AuE 24 214 339 7 276 750 4 931 727 547 38 784 34 650 798 3,336 79,862 1,460 Sept 24,374 356 7,244 758 4,929 725 561 38,947 34,847 730 3,370 77,316 1,439 Oct 24,511 327 6,963 738 4,874 698 553 38,664 34,660 665 3,339 73,699 1,294 Nov 24 635 366 6 878 730 4 846 718 556 38,729 34 633 724 3,372 76,612 1,245 Dec 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 ,029 Mar 25,194 412 6.883 709 4,876 776 570 39,420 35,279 722 3,419 55,028 1,008 Aor 25,323 386 6;735 722 4,857 690 575 39,288 35,184 713 3,391 57,916 1,059 May 25,484 446 6,655 699 4,870 732 578 39,464 35,242 799 3,423 54,364 1,042 n.a. Not available. 3 Data reflect consolidation of a large mutual savings bank with a com- 1 Includes securities of foreign governments and international organiza- mercial bank. tions and obligations of Federal agencies not guaranteed by the U. S. NOTE.—These data differ somewhat from those shown elsewhere in Government, as well as corporate securities. the BULLETIN: the latter are for call dates and are based on reports filed 2 Not a balance-sheet item. Data represent commitments outstanding with Federal and State bank supervisory agencies. Loans are shown of banks in New York State as reported to the Savings Banks Association net of valuation reserves. of the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 775 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s United State and M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Total States local Foreign2 Total Bonds Stocks (U.S.) End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 J 940 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 Oil 11 067 7 555 2 273 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 ,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 ,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 End of month:4 1957_Dec 101 309 10 691 7,028 2 377 1,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958—Dec 107,580 11,242 7.182 2,691 1,369 46,420 43.044 3,376 37,092 3,387 4,186 5,253 1959 Apr 109,430 11,568 7,251 2,889 1,428 47,343 43,904 3,439 37,602 3,469 4,317 5,131 May 109,928 11,644 7,235 2,968 1,441 47,545 44,086 3,459 37,737 3,493 4,346 5,163 June 110,424 11,679 7,246 2,991 1,442 47,800 44,314 3,486 37,894 3,522 4,380 5,149 July 111,152 11,807 7,259 3,085 1,463 48,024 44,477 3,547 38,108 3,583 4,389 5,241 Aug 111 646 11 938 7 354 3 115 L 469 48 096 44,539 3,557 38 282 3,603 4,423 5,304 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 1,498 48,662 45,032 3,630 38,984 3,673 4,555 5,362 Dec 113,626 11,536 6,848 3,177 1,511 48,908 45,206 3,702 39,299 3,670 4,605 5,608 I960—Jan 114,202 11,731 7.011 3,197 1,523 49,047 45,330 3,717 39,573 3,688 4,651 5,512 Feb 114,666 11,755 6,975 3,222 ,558 49,170 45,435 3,735 39,769 3,698 4,709 5,565 Mar 114 965 11 638 6 808 3 257 49 298 45,576 3,722 40,011 3,712 4,774 5,532 Apr 115,394 11,583 6,723 3,278 1,582 49,450 45,708 3,742 40,236 3,721 4,838 5,566 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." i These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities E o n r d m of o n y t e h ar Mort- o G U b o l . i v g S t a . . - Cash Other 3 a li s a T T s b e o o i t l t t s i a a t — i l l es 2 S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 4 d L p o r a o n ce s s i s n Other M c m o o l m e o rt n a m g n t a s i g 5 t- e 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 1,475 1959 53,087 4,471 2,189 3,725 63,472 54,548 4,387 2,384 ,282 871 1,283 1959—Apr 47,754 4,394 2,077 3,382 57,607 49,767 3,872 1,299 ,378 .291 1,920 May 48,508 4,417 2,103 3,560 58,588 50,371 3,883 1,362 ,475 ,497 1,975 June 49,348 4,413 2,348 3,570 59,679 51,461 4,093 1,675 ,589 861 1,979 July 50,131 4,517 ,916 3,462 60,026 51,651 4,099 1,706 ,597 973 1,951 Aug 50,858 4,534 ,873 3,484 60,749 52,045 4,111 1,824 ,585 ,184 1,862 Sept 51,528 4,527 ,820 3,549 61,424 52,489 4,116 1,972 ,539 ,308 1,779 Oct 52,149 4,534 ,752 3,637 62,072 52,888 4,121 2,108 ,476 ,479 ,626 Nov 52,608 4,500 ,817 3,777 62,702 53,371 4,133 2,165 ,374 ,659 ,470 Dec 53,087 4,471 ,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 ,063 ,316 Feb 53,809 4,731 ,864 3,645 64,049 55,480 4,405 1,805 ,169 ,190 ,386 Mar 54,316 4,724 ,894 3,758 64,692 56,019 4,415 1,674 1,219 ,365 ,480 Apr 54,895 4,731 1,863 3,845 65,334 56,392 4,420 1,720 1,261 ,541 ,555 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

776 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES1 [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu ea ar r t e o r r P b t r e 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 te f e i r t s s d C d e i a n v s d i h - s tr U p i r b n o u d f t i i t e s s d - Y qu ea ar 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 1959—1 3,054 1,165 1,890 1,592 688 903 1,462 476 986 1958—1 32.0 15.7 16.3 12.7 3.6 2 3,410 1,266 2,144 1,818 834 983 1,593 432 1,161 2.... . 33.6 16.5 17.1 12.6 4.5 3 2,788 1,126 1,663 1,647 681 967 1,141 445 696 3...... 38.3 18.8 19.5 12.6 6.9 4 3,499 1,051 2,448 2,093 687 1,406 1,405 363 1,042 4 44.6 21.9 22.7 12.0 10.7 1960—1 2,950 1,211 1,739 1,608 728 880 1,341 482 859 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. 778, 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. 778. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS» [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N r p k e it i t a n l g Total Cash s G U ec o . u S v r . t i- Not r e e s c e a i n va d b a le ccts. I t n o v r e ie n s - Other Total Note p s a a y n a d bl a e ccts. F in e c t l d i a o a e x m r - a 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 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—l 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 I960 1 130.7 270.2 33.8 23.4 2.9 113.6 87.2 9.4 139.6 1.8 89.8 14.0 34.0 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 M fa 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 e il s l i i - c c m C at o u i m o n n i - - s Other 2 Quarter Total fa m a i i c n n n t in u g g d r - - T p t o r i a r o t n n a s - - P u u t t i b i e l s l i i - c ot A he ll r^ ( a a s j l r u n e l a y a s n t t s u a e e o a ) d d n l - - 1952 26.5 11.6 1.0 1.4 1.5 3.9 1.5 5.6 1953 28.3 11.9 1.0 1.3 1.6 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 1.5 4.2 1.7 6.5 2 8.3 3.3 .8 1.5 2.8 32.5 1955 28.7 11.4 [.0 .9 1.6 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 1.7 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 6.1 2.6 7.2 1960—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 I960* 36.9 14.9 t.l 1.1 2.1 5.9 11.8 34.... 9.4 4.0 .8 L.6 3.0 37.5 i Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. > Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 777 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1958 1959 1960 1955 1956 1957 1958 1959 Manufacturing Total (180 corps.): Sales 104,402 107,717 114,229 105,134 115,874 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 5,714 7,259 1,282 2,003 2,016 2,499 1,099 1,645 2,047 Dividends 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 36,858 39,463 41,740 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 2,574 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 8,632 9,394 9,987 10,707 11,937 2,730 2,763 2,786 2,947 2,986 3,218 2,941 Profits before taxes 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 Profits before taxes 1,866 1,804 1,823 1,538 2,133 398 474 493 595 550 495 537 Profits after taxes 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 Dividends 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 Profits before taxes 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: Operating revenue 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 Profits after taxes 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: Operating revenue 8,360 9,049 9,670 10,195 11,102 2,466 2,617 2,928 2,644 2,685 2,845 3,114 Profits before taxes 2,304 2,462 2,579 2,704 2,988 648 671 853 682 713 739 853 Profits after taxes 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: Operating revenue 5,425 5,966 6,467 6,939 7,572 1,745 ,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 Dividends 496 552 613 674 743 171 173 178 183 190 192 196 1 Includes 17 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and 2 Includes 27 companies in groups not shown separately. the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Data are obtained primarily Telegraph Company) and for two affiliated telephone companies, which from published company reports. together represent about 85 per cent of all telephone operations. Divi- Railroads. Figures are for Class I line-haul railroads (which account dends are for the 20 operating subsidiaries and the two affiliates. Data for 95 per cent of all railroad operations) and are obtained from reports are obtained from the Federal Communications Commission. of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and Electric Power. Figures are for Class A and B electric utilies (which before Federal income taxes and dividends. For detailed description of account for about 95 per cent of all electric power operations) and are series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 obtained from reports of the Federal Power Commission, except that (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public quarterly figures on operating revenue and profits before taxes are partly utilities); and p. 908 of the BULLETIN for September 1944 (electric power). estimated by the Federal Reserve to include affiliated nonelectric opera- For back data for manufacturing, see pp. 792-93 of the BULLETIN for tions. July 1959; back data for other series are available form the Division of Telephone. Revenues and profits are for telephone operations of the Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 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 r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth State Bonds m ti e re n - t 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 c a u d i l - - Others Total Total P li u cl b y - v P at r e i l - y f s e P t r o r r c e e - k d C s m t o o o m c n k - Total Total m N on ew ey7 O p p o t u h s r e e - s r 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 3J645 3,957 564 1,369 9 380 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7.083 R56 3,228 489 1,326 8,755 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,303 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7A70 4,119 3,301 635 2,185 10 049 8,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,00? 4, 3,777 636 2,301 10,749 10,384 9,663 721 364 1957 30,571 9,601 572 6,958 557 12,884 9,957 118 3,839 411 2,516 12 661 12,447 11 784 663 214 1958 34.443 12,063 2,321 7,449 1,052 11,558 9 653 33? 3,320 571 1,334 11,372 10,823 9,907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7,190 3, 557 3,632 531 2,027 9,527 9,392 8,578 814 135 1959 Apr t,504 2,583 940 60 921 613 310 303 92 217 901 894 833 61 6 May 1,782 338 569 56 819 614 380 235 38 167 799 785 756 29 14 June 2,290 323 995 47 925 627 270 357 43 255 903 887 825 63 16 Julv [ 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 [,748 300 150 520 43 735 590 370 24 121 720 703 656 48 16 Oct X 121 2,574 587 39 922 644 331 313 47 230 898 879 801 78 19 Nov. .. . ,722 332 458 41 891 657 396 261 61 173 871 864 803 61 7 Dec 1,942 380 86 476 75 926 747 ?77 470 45 134 907 900 844 56 7 I960—Jan 1,958 420 182 696 11 649 3?3 201 26 100 635 577 550 27 58 Feb 2 127 435 150 622 181 740 554 302 29 156 724 715 667 48 9 Mar... . 2,077 391 150 568 74 894 675 361 314 46 173 875 860 803 57 15 Apr 1,603 2,860 148 717 41 838 605 347 258 35 198 815 789 698 91 25 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Publicutility Communication a R nd e al f 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 ,905 67 87 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 ,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 3,821 51 1,44 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959 1,941 70 812 28 942 15 ,189 15 707 (9) 1,801 6 1959 Apr 279 5 74 1 74 314 16 138 May 250 7 53 2 35 337 5 6 104 1 June . .. 222 4 129 6 93 4 328 22 94 July 135 1 61 32 1 170 7 129 1 Aug 127 15 44 2 98 1 191 36 245 1 Sept 206 4 35 10 138 1 109 1 56 161 (9) Oct 86 14 83 4 104 1 341 126 140 1 Nov 114 (9) 50 2 17 (9) 241 5 262 180 Dec 164 3 61 1 60 1 346 72 198 2 1960 Jan 68 5 64 1 57 1 155 (9) 36 196 51 Feb 64 4 101 2 21 (9) 245 2 81 203 Mar .. .. 185 1 122 5 71 1 198 (9) 69 1 215 6 Anr 177 2 41 42 302 18 55 173 4 1 Estimates of new issues maturing in more than one year sold for cash tion and Development, and domestic eleemosynary and other nonprofit in the United States. organizations. 2 Gross proceeds are derived by multiplying principal amounts or num- 6 Estimated net proceeds are equal to estimated gross proceeds less cost ber of units by offering price. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 3 Includes guaranteed issues. 7 Represents proceeds for plant and equipment and working capital. 4 Issues not guaranteed. 8 Represents all issues other than those for retirement of securities. 5 Represents foreign governments, International Bank for Reconstruc- 9 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY ISSUES; FEDERAL FINANCE 779 NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars] All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer 2 1Jse of proceeds2 Total amount Period 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 l v e s t r . 4 - State S d a s i u p t t a s o i a t e n t t h t r r c y d u y i o i c - a r t l - Others d er e e li d v 6 - Total c E a d ti u o - n R br a o i n d a d g d e s s W s o u e a t t a t i w n h i e t l d e e s e i- r r r , h R d i t o n e i e u a g n s l s i 7 - - - V a a e n i t d e s' r- O p p o t u h s r e e - s r 1952 4,410 2,633 ,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 $,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 ,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 ,626 199 44 800 983 3.664 n.a. 5,383 1,455 698 1,399 258 110 1 464 1957 8 7,150 4,795 ,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 .683 1959—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 (9) 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 741 449 244 47 176 157 408 480 736 219 31 107 39 50 290 Feb 628 361 152 103 12 7 271 349 631 620 180 77 104 108 151 Mar 558 454 78 27 154 86 318 636 556 203 79 ^50 18 50 155 Apr 698 435 234 20 18 47 239 412 547 694 294 134 107 23 136 n.a. Not available. 5 Consists of municipalities, counties, townships, school districts and, 1 Data prior to 1957 are from the Bona 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 $500,000. 4 Beginning with 1957, coverage is considerably broader than earlier. UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JUNE 30, 19601 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. July 7, 1960, 1,500 Dec. 8,1960 500 Oct. 1,1962 liyi 590 Dec. 15, 1963-68... 2% 2,815 J J u u l l y y 1 14 5 , , 1 1 9 96 6 0 0 , 2 1 , , 0 50 0 0 1 D D e e c c . . 2 1 2 5 , , 1 1 9 9 6 6 0 0 5 5 0 0 0 0 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 6 6 2 3 3 2 y %4 3 1 , , 9 14 7 3 1 J F u e n b e . 1 1 5 5 , , 1 19 9 6 6 4 4 -69... 2% 3 3 3 , , 7 85 3 4 8 July 21, 1960, 1,400 Dec. 29,1960 500 Apr. 1,1963 Vh 533 Dec. 15, 1964-69... 2Vi 3,812 July 28, 1960, 1,401 Jan. 15,1961 1,504 May 15, 1963 4 1,743 Feb. 15, 1965 2% 6,896 Aug. 4, 1960 1,401 Apr. 15, 1961 2,001 Oct. 1,1963 lVi 506 Mar. 15, 1965-70.. .2^ 4,691 Aug. 11, 1960 1,591 Nov. 15, 1963 4% 3,011 Aug. 15, 1966 3 1.484 Aug. 18, 1960, 1,600 Certificates Apr. 1,1964 11/2 457 Mar. 15, 1966-71... 2% 2,938 Aug. 25, 1960, 1,600 Nov. 15, 1960 4% 7,037 May 15, 1964 WA 4,933 June 15, 1967-72...2V$ 1,806 S S e e p rt t . . 8 1 , , 1 1 9 9 6 6 0 0 , , 1 1 , , 5 6 0 0 1 0 F M e a b y . 1 1 5 5 , , 1 1 9 9 6 6 1 1 4 4 ? % /8 6 3 , , 9 6 3 7 8 4 M Au a g y . 1 15 5 , , 1 1 9 9 6 6 4 4 3V 54 2 3 , , 3 8 1 9 6 5 D Se e p c t . . 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . . . . . . ? 2V M i 2 3, , 6 7 3 1 3 6 Sept. 15,1960, 1,600 Oct. 1,1964 IVi 490 May 15,1968 3% 320 Sept. 22,1960. 1,601 Treasury notes Nov. 15, 1964 4% 4,195 Oct. 1,1969 4 1 276 Sept. 29,1960. 1,500 Aug. 15, 1960 434 9,561 Apr. 1,1965 1V> 58 Nov. 15, 1974 3% 654 Oct. 6. 1960 500 Oct. 1,1960 \Vi 278 May 15, 1965 A% 2,113 May 15, 1975-85.. .4VA 470 Oct. 13, 1960 500 Apr. 1,1961 IVi 144 Feb. 15, 1980 4 884 O O O c c c t t t . . . 2 2 1 0 7 7 , , , 1 1 1 9 9 9 6 6 6 0 0 0 2,0 4 4 0 0 0 7 0 0 A O M c u a t g y . . 1 1 1 5, , , 1 1 1 9 9 9 6 6 6 1 1 1 1 3 % y 4 8 4 2, , 1 0 3 3 7 3 6 2 8 Tr J D e u a e s n c u e . r y 1 1 5 5 b , , o n 1 1 d 9 9 s 5 5 9 9 - - 6 6 2 2 . .. . . . 2 i 1 y / A 4 5 3 , , 2 45 6 2 4 J F M u e n a b y e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 8 7 0 5 8 -83... 3 3 3 V % V A 4 1 1 1 , , , 7 1 6 2 3 0 7 5 0 Nov. 3, 1960 400 Feb. 15, 1962 3% 647 Nov. 15, 1960 2H 3,806 Feb. 15,1995 3 2,727 N N o o v v . . 1 1 0 7 , , 1 1 9 9 6 6 0 0 4 5 0 0 5 0 F A e p b r . . 15 1 , , 1 1 9 9 6 6 2 2 1% 4 1,4 5 3 5 5 1 D Se e p c t . . 1 1 5 5 , . 1 1 9 96 6 1 0- 65 3.. 2 2 3 % 4 2 1 . ,4 2 8 3 5 9 Panama Canal Loan.... 3 50 Nov. 25, 1960, 500 May 15, 1962 4 2,211 Nov. 15,1961 2Vi 6,962 Convertible bonds Dec. 1,1960. 500 Aug. 15, 1962 4 158 June 15, 1962-67... 2 % 2,109 Investment Series B Aug. 15, 1963 2V) 6,755 Apr. 1, 1975-80.... 2% 6,306 • Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 772. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketable E m n o d n t o h f d T g e r o b o t s t a * s l d T d g i e r o r b o t e s a t c * s l t Total Bonds v C b e o r l n e ti - - Sav- T an a d x S is p s e u c e ia s l Total Bills Certifi- Notes bonds Totals ings savcates Bank Bank bonds ings eligi- re- notes ble « stricted 1941__Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945_Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947 pec 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 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 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 Aue 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 June 286.5 286.3 238.3 183.8 33.4 17.7 51.5 81.3 6.3 48.2 47.5 44.9 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $406 million on June 30, 1960) and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $10,463 million on May 31, 1960. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in (i g n c g l u u a d r - - trust funds i 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 nj v ca ts l . S b a o v n in d g s s se O cu th ri e t r ies 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 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—Apr 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 Sept 288.4 44.4 9.8 234.2 26.6 60.0 7.3 12.6 22.9 17.3 46.5 20.2 21.0 Oct 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 r25A 17.6 45.8 r23.8 22.0 Feb 290.7 42.8 10.4 237.5 25.2 56.6 6.9 12.4 '26.2 17.7 45.8 r24.3 22.4 Mar 287.0 43.3 10.4 233.3 25.3 54.4 6.9 12.2 r23.4 17.8 45.7 '25.2 22.4 Apr 288.9 42.8 10.4 235.7 25.6 56.5 6.8 12.1 23.9 17.7 45.7 24.8 22.8 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $85 million on Dec. 31, 1959. 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 781 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 C e o r o t n i n b d - l s e Total W 1 i y th ea in r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 AU 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 1960—Mar. 31 192,082 37,153 15,238 48,284 84,763 6,645 185,437 71,236 72,934 21,416 19,852 Apr. 30 194,636 37,144 15,245 50,571 85,187 6,489 188,147 71,322 75,133 21,415 20,278 May 31 194,166 37,332 17,650 47,557 85,195 6,432 187,735 72,849 73,184 21,413 20,288 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 1960—Mar. 31 10,215 439 370 ,780 5,106 2,519 7,696 1,255 2,578 2,004 1,859 Apr. 30 10,169 303 349 ,801 5,200 2,516 7,653 1,098 2,592 2,004 1,959 May 31 10,272 351 426 ,754 5,208 2,533 7,738 1,012 2,759 2,006 1,961 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 1960—Mar. 31 25,264 1,263 8,507 13,010 2,484 25,264 15,270 8,544 1,179 271 Apr. 30 25,558 1,557 8,507 13,010 2,484 25,558 15,564 8,544 1,179 271 May 31 26,035 2,019 8,507 13,010 2,499 26.035 18,899 5,687 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—Juno 30 53,513 3,563 3,883 12,417 33,531 120 53,394 10,045 31,304 8,233 3,812 1960—Mar. 31 47,162 2,518 1,154 12,853 30,538 99 47,063 7,141 31,868 5,928 2,126 Apr. 30 49,233 3,150 1,185 14,230 30,572 96 49,137 7,822 33,210 5,933 2,172 May 31 48,576 2,765 1,810 13,558 30,348 94 48,481 6,998 33,394 5,935 2,155 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 1960—Mar. 31 6,814 346 155 1,113 4,756 443 6,370 685 1,673 2,685 1,327 Apr. 30 6,679 243 140 1,118 4,763 416 6,263 533 1,694 2,688 1,348 May 31 6,600 247 158 1,121 4,715 360 6.240 492 1,744 2,655 1,349 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 1960—Mar. 31 10,828 381 137 1,194 7,467 1,648 9,180 921 2,753 3,025 2,482 Apr. 30 10,756 369 139 1,175 7,454 1,620 9,135 875 2,752 3,018 2,491 May 31 10,691 366 174 1,078 7,461 1,612 9,080 743 2,818 3,029 2,490 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 I960—Mar. 31 91,799 32,206 4,914 18,334 34,411 1,935 89,864 45,964 25,517 6,595 11,787 Apr. 30 92,241 31,523 4,925 19,237 34,716 1,841 90,400 45,430 26,339 6,594 12,037 May 31 91,993 31,584 6,576 17,035 34,965 1,833 90,160 44,705 26,783 6,610 12,062 1Direct public issues. panies included in the survey account for more than 90 per cent of total 2 Includes minor amounts of Panama Canal and postal savings bonds. holdings by these institutions. Data are complete for U. S. Govt. 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

782 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period r B ec u N e 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 ic t I G L r t n i a e o o t n s r v n s a s t s : - - . i E p T r f u q e r t o b u o h c t a l m e t a i s l c 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 ^ - E p p t T q o u a u o b y t a t h l t a l i s s e l c . : t p p o f u a r t o o h b y ( r m e l t - i s ) c . , & ( c ( o c d - r d r r I e ) a i e e n r a g a , d b e - s i s e e c t n e e n - t , .) t a i r G n g . N v e o f n . e u v . t b n t & . y L d e s ss: O d n c e a t o b h s n h t e - * r b E r i o e n q c ( N p r g u ) a r a e s a o y h o t l w s t r . : - Cal. year—1957 72,284 15,368 3,079 84,521 71,692 14,794 3,155 83,328 1,191 467 1,573 64 -1,168 1958 68,694 16,797 3,710 81,728 75,782 17,856 4,622 89,014 -7,287 7,533 -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 5,362 660 777 -166 49 July-Dec 28,902 7,635 1,627 34,892 39,906 8,921 1,285 47,539 -12,649 6,873 -1,494 653 7,713 1959—Jan.-June 39.368 9,449 2,023 46,768 40,791 9,676 3,205 47,265 -495 2,783 313 1,507 965 July-Dec 33,914 9,381 2,486 40,784 39,530 10,568 1,804 48,295 -7,511 7,329 -856 574 7,615 Monthly: 1959—May 5,425 2,479 189 7,708 6,164 ,426 -288 7,879 -171 1,248 1,148 84 15 June 10,154 1,950 1,052 11,048 8,631 ,548 1,533 8,646 2,403 -1,307 454 1,042 -2,803 July 3,246 1,214 486 3,973 6,557 ,174 561 8,171 -4,198 4,339 -505 239 4,606 Aug 5,679 2,444 217 7,903 6,305 ,528 -664 8,498 -594 1,943 573 31 1,339 Sept 8,486 1,236 230 9,488 6,357 ,735 383 7,709 1,779 -1,866 -399 -9 -1,457 Oct 3,023 1,009 348 3,678 6,868 ,886 861 7,894 -4,216 3,077 -683 105 3,656 Nov 5,897 2,004 316 7,579 6,598 ,496 -134 8,228 -649 -423 242 97 -763 Dec 7,582 1,474 889 8,163 6,844 ,748 797 7,795 368 259 -84 111 233 1960~Jan 4,909 828 272 5,461 6,199 ,974 1,406 6,767 -1.306 229 -472 147 554 Feb 7.265 2,329 359 9,231 6,170 .613 c-291 8,075 1.156 -686 32 26 -744 Mar 9.581 1,708 199 11.084 6.424 .868 1,193 7,099 3,984 -3.632 507 -100 -4.039 Apr 5,074 1,490 189 6,369 6,041 2,067 289 7,819 -1,450 1,949 -498 12 2,435 6,555 3,301 180 9.672 6,079 1,780 -142 8,001 1,671 1,220 53 -375 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period Trust Net Net Increase, Deposits in: Net fund market inv. (-) or s B d u u e r o f p 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 it u , - 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 c b 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 c u c 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 t r s obliga- & trust public able Loan tions 5 funds 5 debt funds) Accts. Fiscal year—1956 1,626 2,250 320 173 -2,617 -1,623 -202 331 6,546 522 4,633 1,391 1957 1,596 1,409 -518 ,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 -21& 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—May -739 1,053 -432 1 -980 950 -67 -81 5,888 567 4,117 1,204 June 1,524 404 -211 53 -568 -1,597 143 -538 5,350 535 3,744 1,071 July -3,311 -960 35 670 3,976 -77 486 5,837 522 4,364 951 Aug -626 916 -641 51 -666 1,714 -33 781 6,617 537 5,227 853 Sept 2,129 -499 323 155 317 -2,100 -73 399 7,017 704 5,353 960 Oct -3,846 -877 541 3 667 2,957 86 -641 6,376 488 4,990 898 Nov -701 507 -537 56 -67 -664 -1,408 4,968 582 3,559 827 Dec 738 -274 -158 102 -12 209 -10 615 5,583 504 4,216 863 1960-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 May 476 1,521 -332 153 -1,097 579 83 1,217 7,511 462 6,180 869 c Corrected. n.a. Not available. * 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 783 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 O ag ld e T - ran H s w f i e g a r y h s - to R r . e - R fu R r o n e e f - d - s B c T e u r o i e d p t - g a t l s e' W I it n h d - ividual C ra o t r i p o o n - t c a E i x x s e e - s t p m a E x lo e m e n y s - t - ? O ce r t i e h p - e ts r Liquor b T ac o- co a t M a n i d l f e rs r r e . s - ' trust trust tire- ceipts held Other fund6 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 ,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—May 5,425 1,417 214 70 1,030 8,155 4,196 617 410 1,020 1,488 424 276 156 June 10,154 649 191 46 208 11,247 2,552 1,689 4,786 842 696 682 228 114 1,157 July 3,246 311 192 20 167 3,936 1,239 364 568 971 332 462 243 150 Aug 5,679 1,235 237 85 181 7,418 4,223 123 368 1,027 1,321 356 288 172 1,271 Sept 8,486 652 201 52 161 9,552 2,264 1,837 3,311 1,007 704 430 300 169 Oct 3,023 259 198 16 129 3,626 1,211 257 491 977 278 413 319 179 Nov 5,897 882 219 82 72 7,152 4,345 99 405 936 965 402 296 162 1,137 Dec 7,582 476 233 51 7 8,350 2,371 362 3,180 1,031 527 879 258 152 1960—Jan 4,909 298 218 16 -16 5,425 860 2,144 564 794 341 722 186 138 Feb 7,265 1,243 264 84 432 9,289 4,835 884 483 954 1,611 522 214 151 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 3,520 619 945 858 755 248 157 May 6,555 1,834 249 82 1,005 9,725 4,744 1,039 467 1,061 1,918 496 n.a. n.a. Budget expenditures 8 Major national security Agri- Vet- culture Period Total Total 9 M de i f l e it n a s r e y M a a s il n s i i c t s a e t r - y A en t e o r m gy ic f a in I f a f n a n a t n d i l r c . s e In e t s e t r- ic e b s e r e e f s a i r n 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 a c u r g u n e r r l - d a - i- l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v e e r e n a n r t - l 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 Monthly: 1959-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 Apr 6,041 3,669 3,306 136 222 163 777 421 412 304 104 37 158 3 Consists primarily of (1) intra-Govemmental transactions as de- 6 Includes transfers to Federal disability insurance trust fund. icribcd 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. * Primarily adjustments 2, 3, and 4, described in note 3. 9 Includes stockpiling and defense production expansion not shown 5 Excludes net transactions of Govt. sponsored enterprises, which are separately. included in the corresponding columns above. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 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 4 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) 0) (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 f 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... 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. \ 598 \ 413 79 1 ' 2 1 6 1 1 2 2 1 1 9 9 1 2 2 0 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 -368 -353 -6U - 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 1,9 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 S en e c rv ie ic s es Administration. 303 428 550 609 \ [ 6, 2 5 0 1 1 7 7,2 18 8 5 2 7,9 1 1 7 9 4 7,9 1 8 9 7 1 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 D $5 re 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 l e e n ti t n l . y . C W las h s e if r i e c a c ti u o r n r s e n b t y T s r u e p a e s r u v r i y s o c 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 in v 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 785 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial properties1 or quarter All Finan- All All Finanhold- cial hold- hold- cial Other ers insti- Selected Indi- ers Finan- Other Finan- Other ers insti- holders 2 tutions Federal viduals Total cial hold- Total cial hold- tutions agen- and insti- ers insti- ers cies others tutions tutions 1941 37.6 20.7 4.7 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 2.4 12.1 JO. 8 18.6 12.2 6.4 1 1 9 95 5 1 2 9 8 1 2 . . 4 3 5 6 9 6 . . 5 9 4 3 . . 0 4 2109..64 8745..62 5 5 1 8 . . 7 5 4 4 1 6 . . 1 8 1 1 1 0 . . 7 7 2 2 3 5 . . 9 7 1 1 5 7 . . 9 2 8 8 . . 0 4 6 7 . . 7 3 2 2 . . 6 8 4 4 . . 1 4 1953 101.3 75.1 4.4 21.8 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 4.6 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 5.1 25.5 120.9 88.2 73.8 14.4 32.6 21.8 10.8 9.1 3.6 5.4 1956 144.5 111.2 6.0 27.4 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3 9 6 0 1957 156.6 119.7 7.4 29.5 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958 171.9 131.5 7.7 32.7 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.3 4.2 7.1 1959* 191.0 145.4 9.9 35.7 178.7 131.0 109.3 21.7 47.8 31.6 16.1 12.3 4.5 7.8 1958 Sept 167.1 127.9 7.4 31.8 156.0 114.5 95.9 18.6 41.5 27.8 13.7 11.1 4.2 6.9 Dec 171.9 131.5 7.7 32.7 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.3 4.2 7.1 1959 Mar.P 176.0 134.3 8.3 33.4 164.5 120.5 100.7 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 Sect v 186.8 142.2 9.5 35.0 174.6 128.1 106.9 21.2 46.5 30.9 15.7 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 8 31.6 16.1 12 3 4 5 7 8 I960 Mar.p 194.4 147.9 10.2 36.3 181.9 133.3 111.2 22.0 48.6 32.2 16.4 12.5 4.5 8.0 * Preliminary. 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 holdings2 Mutual savings bank holdings 3 End of year Residential Residential or quarter Other Other Total non- Farm otal non- Farm FHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1951 14,732 11,270 3,421 2,921 4,929 2,458 1.004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 ,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 ,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 J5Q 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 ,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 ^36 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 5,461 471 23,263 20,935 5,501 8,361 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,275 8 589 7 622 2 451 55 1958 Sept 24,700 18,049 5,205 3,355 9,489 5,190 ,461 22,746 20,460 5,280 8,276 6 904 2 231 55 Dec 25,523 18,591 5,476 3,335 9,780 5,461 ,471 23,263 20,935 5,501 8,361 7,073 2,275 53 1959—Mar *26,130 19,020 5,660 3,305 10,055 5,605 505423,638 21,257 5,684 8,435 7,138 2,328 53 June 27,060 19,615 5,885 3,230 10,500 5,875 ,570 24,110 21,676 5,915 8,510 7,251 2,380 54 Sept 27,635 20,040 6,045 3,175 10,820 6,010 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 S88 24,992 22,486 6,275 8,589 7,622 2,451 55 1960 Mar.p 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 J> Preliminary. estimates based in part on data from National Association of Mutual 1 Represents all banks in the United States and possessions. Savings Banks. 2 Includes loans held by nondeposit trust companies, but excludes 4 On Jan. 1, 1959, holdings of commercial banks increased by $143 holdings of trust departments of commercial banks. March and Septem- million, and those of mutual savings banks declined by that amount, ber figures are Federal Reserve estimates based on data from Member as a result of the absorption of a mutual savings bank by a commercial Bank Call Report and from weekly reporting member banks. bank. 3 Figures for 1941 and 1945, except for the grand total, are estimates Source.—All-bank series prepared by Federal Deposit Insurance based on Federal Reserve preliminary tabulation of a revised series of Corporation from data supplied by Federal and State bank supervisory banking statistics. March and September figures are Federal Reserve agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 REAL ESTATE CREDII MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfann 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 35,23* 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 ^1,549 *>201 *3,722 ^498 39,197 36,353 8 273 7 086 20,994 2 844 1959—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 May 476 438 101 23 314 38 40,439 37,545 8,677 7,098 21,770 2,894 v 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 justed ! ment* assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1954 8,969 3,076 3,846 26,108 1,170 4,709 20,229 1953 19,747 7,365 1 4S0 3,680 1,327 1955 11,432 4,041 5,241 31,408 1,404 5,883 24,121 1954 22,974 8,312 1,768 4,239 1,501 1956 10,545 3,771 A,121 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10,402 3,562 4,708 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958 12,346 4,096 5,251 45,627 2,206 7,077 36,344 1957 24,244 9,217 1,472 4,264 1,429 1959. ... 15,463 5,296 6,766 53,087 2,986 7,187 42,914 1958 27,388 10,516 1,460 5,204 1,640 1959 32,235 13,094 . 523 5,832 1,780 1959 1959 May 1,434 522 601 48,508 2,528 7,119 38,861 June 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 1,421 472 662 50,858 2,760 7,136 40,962 June......... 2,780 2,974 1,261 120 543 168 Sept 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 1,203 137 505 167 Nov 1,086 373 486 52,608 2,939 7,172 42,497 Sept 2,650 2,834 1,184 136 481 173 Dec ... 1,094 377 465 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 1,173 411 471^54,895 3,150 7,206 44,539 Feb 2,430 2,149 859 103 342 104 May*3 1,253 442 524 55,552 3,201 7,221 45,130 Mar . 2,441 2,406 983 119 377 104 Apr . . 2,366 983 108 382 106 p Preliminary. 1 Includes loans for other purposes (for repair, additions and alterations, * 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 787 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 i e s 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- i p l m o r i o a m e n v n - e s 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 f r r Total FHA- VA- t C i v o e o n n n a - - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1951 3,220 1,216 713 582 708 3,614 2,667 942 1945 18.6 4.3 4.1 .2 14.3 1952 3,113 969 974 322 848 2,719 1,823 890 1953 3,882 1,259 1,030 259 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—May 652 186 291 86 88 211 161 50 1959* 131.0 53.8 23.8 30.0 77.2 June 680 208 312 68 92 221 165 56 July 694 214 310 71 99 227 168 59 1958—Sept 114.5 49.1 18.6 30.5 65.4 Aug 660 215 288 67 89 202 150 52 Dec 117.7 50.1 19.7 30.4 67.6 Sent 656 226 284 52 94 221 157 63 Oct 649 237 286 35 90 238 167 70 1959—Mar.*.... 120.5 51.3 20.9 30.4 69.2 Nov 583 223 225 50 85 220 158 61 June* 124.4 52.1 21.8 30.3 72.3 Dec 540 233 218 11 78 241 177 64 Sept.*.... 128.1 53.1 22.9 30.2 75.0 Dec.* 131.0 53.8 23.8 30.0 77.2 I960 Jan 514 221 196 19 78 195 148 47 Feb 464 198 170 28 68 170 133 36 1960—Mar.*.... 133.3 54.5 24.6 29.9 78.8 Mar 463 193 168 35 67 173 137 36 Apr 433 172 163 22 76 153 123 29 May 456 155 167 45 88 155 124 31 * 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 i FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage holdings tr M an o s r a t c g t a io ge ns Com- Adv ( a e n n c d e s o f o p u e ts ri t o an d) ding 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 o m rt 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 1,841 542 638 1954 734 818 867 612 255 802 1954. 2,434 802 1,632 614 476 1955 1 251 702 1 417 991 426 698 1955 2,615 901 1,714 411 6? 76 1956 745 934 1,228 798 430 683 1956. 3,047 978 2,069 609 360 1957 1,116 1,079 1 265 731 534 653 1957 3,974 1,237 2,737 1,096 764 1958 1,364 1,331 1,298 685 613 819 1958. 3,901 1,483 2,418 623 48? 1,541 1959 2,067 1,231 2,134 1,192 942 589 1959 5,531 2,546 2,985 1,907 568 1959—May 116 53 1,246 596 650 692 1959—Mav 4,641 1,900 2,740 154 1 982 June 351 60 1,537 750 786 776 4,793 2,000 2,794 177 1 875 July 235 214 1,557 807 750 613 Julv 4,948 2,104 2,844 178 788 Aug 171 63 1,665 892 773 587 5,085 2,198 2,887 165 1 714 Sept 200 70 1,795 1,042 753 570 Sept 5,216 2,288 2,928 155 672 Oct 199 78 1,916 1,080 835 524 Oct 5,335 2,383 2,953 143 611 Nov 129 82 1,963 1,109 854 506 Nov 5,441 2,471 2,970 127 573 Dec 281 109 2,134 1,192 942 589 Dec 5,531 2,546 2,985 115 568 I960 Jan .... 136 531 1 740 1 042 697 499 I960 5,508 2,621 2,887 110 115 600 Feb 58 169 1,628 963 665 488 Feb 5,577 2,713 2,864 138 49 601 Mar 88 196 1,520 858 662 534 Mar 5,693 2,821 2.873 162 580 Apr 155 117 1,558 828 731 571 Apr 5,785 2,905 2,880 126 12 588 112 96 1,574 827 747 590 May 5,827 2,997 2,830 129 67 561 May i Secured or unsecured loans maturing in one year or less. i Operations beginning with Nov. 1, 1954, are on the basis of FNMA's * Secured loans, amortized quarterly, having maturities of more I new charter, under which it maintains three separate programs: secondary one year but not more than ten vears. market, special assistance, and management and liquidation. Source.—Federal Home Loan Bank Board. Source.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 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 paperi goods ernization loans loans accounts credit paper i loans 2 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1953 31,393 23,005 9,835 6,779 1,610 4,781 8,388 2,187 4,274 1,927 1954 32,464 23,568 9,809 6,751 1,616 5,392 8,896 2,408 4,485 2,003 1955 38,882 28,958 13,472 7,634 1,689 6,163 9,924 3,002 4,795 2,127 1956 42,511 31,897 14,459 8,580 1,895 6,963 10,614 3,253 4,995 2,366 1957 45,286 34,183 15,409 8,782 2,089 7,903 11,103 3,364 5,146 2,593 1958 45,586 34,080 14,237 8,923 2,350 8,570 11,506 3,646 5,060 2,800 19593 52,046 39,482 16,590 10,243 2,704 9,945 12,564 4,176 5,351 3,037 1959 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 I960 Jan 51,356 39,358 16,568 10,129 2,691 9,970 11,998 4,092 4,816 3,090 Feb 51,021 39,408 16,677 9,997 2,695 10,039 11,613 4,151 4,305 3,157 Mar 51,162 39,648 16,876 9,940 2,706 10,126 11,514 4,222 4,118 3,174 Apr 52,169 40,265 17,218 10,022 2,736 10,289 11,904 4,247 4,451 3,206 May 52,831 40,740 17,481 10,080 2,786 10,393 12,091 4,345 4,547 3,199 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1946, of purchasing automobiles and other consumer goods, whether held by and a general description of the series, are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1947-58, in the BULLETIN individuals of automobiles or other consumer goods that may be used for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957, in part for business. pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17. 2 Represents repair and modernization loans held by financial institu- A detailed description of the methods used to derive the estimates may tions; holdings of retail outlets are included in other consumer goods be obtained from Division of Research and Statistics. paper. 3 Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions> Retail outlets Total End of year instal- Sales Con- Houseor month ment Com- finance Credit sumer Depart- Furni- hold Autocredit Total mercial com- unions finance Other i Total ment ture appli- mobile Other banks panies com- stores 2 stores ance dealers 3 panies * 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 28 970 1953 23,005 18,963 8,998 5,927 1,124 2,137 111 4,042 1,064 1,004 377 527 ,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 ,072 4,508 1,511 1,044 365 487 1,101 1956 31,897 27,154 11,777 9,100 2,014 3,056 ,207 4,743 1,408 1,187 377 502 269 1957 34,183 29,515 12,843 9,573 2,429 3,333 ,337 4,668 1,393 [,210 361 478 ,226 1958 34,080 29,097 12,780 8,740 2,668 3,384 ,525 4,983 1,882 1,128 292 506 ,175 19594 39,482 33,838 14,922 10,145 3,232 3,764 .775 5,644 2,298 1.167 295 588 ,296 1959—May 35,357 30,540 13,645 9,089 2,815 3,394 ,597 4,817 1,807 [,044 283 535 1,148 36,135 31,245 13,963 9,350 2,895 3,424 ,613 4,890 1,839 1,052 283 551 I 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 Aug.4 37,510 32,540 14,497 9,806 3,044 3,515 ,678 4,970 1,868 1,072 288 578 1,164 Sept 37,962 32,954 14,664 9,949 3,093 3,542 ,706 5,008 1,907 1,078 288 586 I 149 Oct 38,421 33,318 14,817 10,071 3,143 3,570 ,717 5,103 1,967 1,089 286 593 1,168 Nov 38,723 33,519 14,853 10,117 3,183 3,622 1,744 5,204 2,045 1,107 290 592 ,170 Dec 39,482 33,838 14,922 10,145 3,232 3,764 1,775 5,644 2,298 1,167 295 588 1,296 I960—Jan 39,358 34,003 15,066 10,168 3,225 3,777 1,767 5,355 2,109 1,132 289 587 I 238 Feb 39,408 34,246 15,134 10,276 3,259 3,795 1,782 5,162 2,002 1,111 285 590 1,174 Mar 39,648 34,432 15,139 10,357 3,331 3,811 1,794 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 1 162 M!ay 40,740 35,554 15,597 10,744 3,484 3,888 I 841 5,186 2,059 1 071 276 615 1 165 * 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. * See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 789 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 n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t m o p h n d e e e - r r s r e R m l r t a o e n i n o a p o iz d n d a n a s - ir - s l P o o a e n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p O c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a d n a p ti e n d a o r s i n n r - s l P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1.317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 ,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 ,227 23 567 1956 11,777 3,651 2,075 2,464 [,469 2,118 1957 9,573 7,470 ,413 20 670 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,740 6,404 ,567 19 750 1958 12,780 4,014 2,170 2,269 1,715 2,612 19591 10,145 7,328 ,883 35 899 I9591 14,922 4,798 2,511 2,553 1,941 3,119 1959—May. 9,089 6,679 ,605 22 783 1959 May 13,645 4,340 2,376 2,347 1,754 2,828 June. 9,350 6,884 ,647 23 796 13,963 4,475 2,425 2,383 1,788 2,892 July.. 9,592 7,063 ,695 25 809 July 14,230 4,580 2,465 2,424 1,825 2,936 Aug.i 9,806 7,240 ,723 26 817 Aue.l 14,497 4,682 2,495 2,472 1,855 2,993 Sept.. 9,949 7,328 ,761 30 830 Sept 14,664 4,746 2,500 2,494 1,882 3,042 Oct... 10,071 7,406 ,788 33 844 Oct 14,817 4,816 2,517 2,512 1,912 3,060 Nov.. 10,117 7,388 ,830 34 865 Nov 14,853 4,825 2,519 2,513 1,928 3,068 Dec.. 10,145 7,328 ,883 35 899 Dec 14,922 4,798 2,511 2,553 1,941 3,119 I960—Jan... 10,168 7,305 ,922 36 905 I960—Jan 15,066 4,793 2,522 2,689 1,932 3,130 Feb.. 10,276 7,342 ,982 37 915 Feb 15,134 4,822 2,549 2,684 [,928 3,151 Mar.. 10,357 7,407 ,988 39 923 Mar 15,139 4,876 2,597 2,562 [,927 3,177 Apr.. 10,604 7,538 2,096 42 928 Apr 15,402 4,977 2,664 2,567 [,948 3,246 May. 10,744 7,631 2,132 45 936 May 15,597 5,060 2,714 2,571 976 3,276 1 Includes data for Hawaii, beginning with August 1959. 1 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 of o n y t e h ar i c T m n r 7 s o e e t 8 d t a n 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 l o o a e a n d a p ti 1 n d e a o 5 s r i n r n- s l P o o 6 a e n 6 n r a - 9 s l E o n r d m of o n y t e h ar i c T m n n r s o o e e t t d n a n 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 e r e r e n - t s - t 1 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 I9591 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 May 7,806 1,198 653 643 5,312 1958 11,506 3,156 490 907 3,808 345 2,800 June 7,932 [,231 671 656 5,374 19593 12,564 3,542 634 960 3,985 406 3,037 July 8,039 1,250 684 667 5,438 8,237 1,293 702 688 5,554 1959—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 May 9,213 ,461 806 765 6,181 Feb.... 11,613 3,496 655 686 3,204 415 3,157 Mar.... 11,514 3,503 719 622 3,070 426 3,174 Apr.... 11,904 3,569 678 657 3,380 414 3,206 1 Includes data for Alaska and Hawaii, beginning with January and May... 12,091 3,573 772 647 3,483 417 3,199 August 1959, respectively. un N io O n T s, E . i — nd I u n s s t t r i i t a u l t io lo ns a n r ep c r o e m se p n a t n e i d e s a , re m c u o t n u s a u l m s e a r v i f n in g a s n c b e a n co k m s, p s a a n v i i e n s g , s c r a e n d d it 1 Includes mail-order houses. loan associations, and other lending institutions holding consumer 2 Service station and miscellaneous credit-card accounts and homeinstalment loans. hea 3 t i I n n g c - l o u i d l e a s c d co a u ta n t f s o . r Alaska and Hawaii, beginning with January and August 1959, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir ti o a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1953 31,558 12,981 9,227 1,344 8,006 1954 31,051 11,807 9,117 1,261 8,866 1955 39,039 16,745 10,634 1,388 10,272 1956 40,175 15,563 11,702 1,568 11,342 1957 42,545 16,545 11,747 1,660 12,593 1958 40,818 14,316 11,638 1,890 12,974 19591- 48,476 18,001 13,512 2,087 14,876 1959—May 4,112 4,092 1.533 1.580 1.160 1.128 190 198 1.229 1.186 4,032 4,454 ,509 1,780 1,130 1,173 178 195 [,215 ,306 July 4,159 4,315 ,557 1,720 ,154 ,109 183 197 ,265 ,289 Augi 4,132 4,193 ,538 ,627 ,138 ,123 185 199 1,271 ,244 Sent 4,172 4,061 ,521 1,515 ,138 1,123 175 191 1,338 ,232 Oct 4,219 4,185 ,622 ,564 ,124 1,198 174 190 1,299 ,233 Nov 4,083 3,928 ,466 1,313 ,133 1,172 171 175 1,313 ,268 Dec 4,046 4,686 ,377 1,293 1,146 1,616 173 166 1,350 ,611 1960 Jan 4,217 3,534 ,535 1,278 1,208 976 165 124 1,309 1,156 Feb 4,115 3,723 ,560 1,427 1.094 934 175 146 1,286 ,216 Mar 4,119 4,201 ,555 1,633 1,118 1,062 172 163 ,274 ,343 Apr 4,437 4,457 ,652 1,697 1,240 1,168 178 173 1,367 ,419 May 4,209 4,335 ,543 ,664 1,164 1,153 186 198 1,316 ,320 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 12,225 718 13,561 1959 May 3,628 3,497 1.318 1,262 1,014 996 149 143 1.147 1,096 June . 3,542 3,676 ,289 1,342 992 1,020 145 147 ,116 1,167 July 3,636 3,693 ,334 1,363 1,011 1,015 146 147 ,145 1,168 Aug.i 3,635 3,578 ,325 1,318 1,012 993 152 151 ,146 1,116 Sept 3,660 3,609 ,315 1,333 1,045 1,022 147 147 ,153 1,107 Oct 3,697 3,726 ,341 1,375 1,048 1,054 147 150 ,161 1,147 Nov 3,700 3,626 ,311 1,303 1,069 1,019 142 145 ,178 1,159 Dec 3,776 3,927 ,361 1,372 1,066 1,060 144 145 ,205 1,350 I960—Jan 3,824 3,658 ,386 1,300 1,089 1,090 141 137 ,208 1,131 Feb 3,707 3,673 ,338 1,318 1,046 1,066 143 142 [,180 1,147 Mar 3.711 3,961 ,345 1,434 1,042 1,119 144 152 ,180 1,256 Apr 3,904 3.840 ,397 1,355 1,084 1,086 147 143 ,276 1,256 May 3,886 3,860 .411 1,401 1,099 1,095 150 148 .226 1,216 Change in outstanding credit 2 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 May +484 +595 +215 +318 + 146 + 132 +41 +55 +82 +90 +490 +778 +220 +438 + 138 + 153 +33 +48 +99 + 139 July +523 +622 +223 +357 + 143 +94 +37 +50 + 120 + 121 Aue i +635 +753 +269 +365 + 151 + 155 +37 +52 + 178 + 181 Sept +512 +452 +206 + 182 +93 + 101 +28 +44 + 185 + 125 Oct +522 +459 +281 + 189 +76 + 144 +27 +40 +138 +86 Nov +383 +302 + 155 + 10 +64 + 153 +29 +30 + 135 + 109 Dec +270 +759 + 16 -79 +80 +556 +29 +21 + 145 +261 I960—Jan +393 -124 + 149 -22 + 119 -114 +24 -13 + 101 +25 Feb +408 +50 +222 + 109 +48 -132 +32 +4 + 106 +69 Mar +408 +240 +210 + 199 +76 -57 +28 + 11 +94 +87 Apr +533 +617 +255 +342 + 156 +82 +31 +30 +91 + 163 M^ay + 323 +475 + 132 +263 +65 +58 +36 +50 +90 + 104 1 Extensions and repayments include current data for Alaska and December 1957, pp. 1420-22, and November 1959, p. 1418. Hawaii beginning with January and August 1959, respectively. The A discussion of the composition and characteristics of the data and differences between extensions and repayments do not equal the changes a description of the methods used to derive the estimates are shown in outstanding credit for these two months or for the year 1959 because in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment the differences do not reflect the effect of the introduction of outstanding credit extended and repaid are based on information from accounting balances for these two States. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except as indicated in note 1. loans, repurchases and resales of instalment paper, and certain other NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of transactions may increase the amount of both credit extended and credit the BULLETIN for October 1956; for 1955-58, in the BULLETIN for repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 791 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r ti 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 I9571 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 May . . .. 4,112 4,092 1.496 1,518 944 940 1.012 981 660 653 June 4,032 4,454 1,428 1,623 918 1,074 1,002 1,069 684 688 July 4,159 4,315 1,535 1,612 948 1,061 1,018 1,041 658 601 A.U2 2 4,132 4,193 1,521 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 [,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 1,424 1,425 860 886 1,096 1,314 666 1,061 I960—Jan. 1 4,217 3,534 1,519 1,346 985 802 1,063 912 650 474 Feb i 4 115 3,723 ,495 1,393 973 860 1,058 996 589 474 Mar i 4,119 4,201 ,441 1,511 951 967 ,068 1,112 659 611 Apr 1 4,437 4,457 ,512 1,600 1,039 1,008 1,144 1,155 742 694 May 4,209 4,335 .489 1,584 949 983 .114 1,120 657 648 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 May 3,628 3,497 1.287 1,247 819 772 924 890 598 588 June 3,542 3,676 1,250 1,305 787 813 905 943 600 615 J A U u ly g 2 3 3 , , 6 6 3 3 6 5 3 3 , , 6 5 9 7 3 8 [ 1 , , 3 3 1 1 1 0 1 1 , , 3 2 4 9 5 9 8 79 0 3 7 8 79 1 5 9 9 92 2 0 3 9 8 3 92 4 5 6 9 12 5 5 5 9 9 5 2 Sept 3,660 3,609 1,312 1,306 804 807 930 892 614 604 Oct 3,697 3,726 1,326 1,329 816 851 935 925 620 621 Nov 3,700 3,626 1,312 1,286 794 797 943 933 651 610 Dec . ... 3,776 3,927 1,331 1,356 832 858 970 1,092 643 621 I960 Jan i 3,824 3,658 1,389 1,323 844 779 970 914 621 642 Feb. i 3,707 3,673 [,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 1,349 1,337 878 841 1,035 1,012 642 650 3,886 3,860 .379 1,389 862 843 990 986 655 642 Change in outstanding credit 3 1953 + 3 602 + 1,474 + 1,216 +692 +220 1 1 9 9 5 5 5 4 +5 + ,3 5 9 6 0 3 + 1 -2 ,8 0 0 2 5 +2 + ,2 2 9 1 9 7 ++487926 + + 3 7 9 6 0 1 1 9 9 5 56 7 1 1 + + 2 2 ,9 28 39 6 + + 1 1 , , 1 0 7 6 6 6 + + 6 4 5 7 7 3 + + 8 87 2 1 2 + - 2 7 3 5 5 19581 — 103 -63 -833 +478 + 315 I95912 +5,402 +2,142 + 1,405 + 1,194 +661 1959—May +484 +595 +209 +271 + 125 + 168 +88 +91 +62 +65 June +490 +778 + 178 + 318 + 131 +261 +97 + 126 +84 +73 A Ju u ly g 2 + +6 5 3 2 5 3 + + 6 7 2 5 2 3 + +2 2 4 2 7 4 + + 2 2 6 6 7 7 + + 1 1 4 4 5 1 ++221442 + + 1 9 8 5 0 + + 1 1 9 0 8 7 + + 6 6 3 3 ++764 Sept + 512 +452 + 198 + 167 + 137 + 143 + 139 + 104 +38 +38 Oct +522 +459 + 195 + 153 + 176 + 122 + 118 + 89 + 33 +95 Nov + 383 + 302 + 128 + 36 + 106 +46 + 125 + 119 +24 + 101 Dec +270 + 759 +93 +69 +28 +28 + 126 +222 +23 +440 I960—Jan 1 + 393 -124 +251 + 144 + 141 +23 +93 -2 -92 -289 Feb. 1 +408 +50 + 155 +68 +205 + 108 + 105 +67 -57 -193 Mar 1 +408 + 240 -1-8 +5 + 130 +81 + 112 + 100 + 158 + 54 Apr.! + 533 +617 + 163 +263 +241 +247 + 109 + 143 +20 -36 May + 323 +475 + 110 + 195 + 87 + 140 + 124 + 134 +2 + 6 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

792 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 =100 [Seasonally adjusted] Annual average 1959 1960 Grouping 1958 1959 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May INDUSTRY GROUPINGS Total index. 141 159 166 166 163 157 157 155 156 165 168 166 166 165 167 Ma D n u u r f a a b c l t e uringt total. 1 14 3 1 9 1 16 5 5 8 1 1 6 7 5 7 1 1 6 7 6 9 1 1 6 7 3 1 1 1 5 5 7 9 1 1 5 5 6 8 1 15 5 5 4 1 15 5 6 4 1 17 6 4 4 1 1 6 8 8 0 1 1 6 7 6 8 1 17 6 5 5 1 17 6 2 4 1 17 6 5 6 Nondurable 141 155 156 156 159 159 159 157 157 158 159 157 158 159 161 Mining 120 '126 131 129 123 120 119 120 126 130 '128 126 125 127 Utilities 244 268 266 271 271 269 r272 '272 "274 278 280 '282 288 '288 287 Durable Manufactures Primary and fabricated metals. 110 125 153 151 122 94 92 87 113 145 148 143 133 131 Primary metals 99 "113 155 150 103 60 58 56 101 145 147 140 135 126 119 Iron and steel 94 107 155 148 89 39 38 38 95 148 149 142 136 125 115 Fabricated metal products.... 125 142 149 152 151 145 144 135 130 143 148 148 145 142 147 Structural metal parts 138 150 159 163 162 150 149 138 136 149 156 155 153 151 156 Machinery and related products... 166 197 203 206 209 "205 "204 202 186 200 212 211 209 206 211 Machinery 140 169 170 175 177 175 177 175 171 177 180 177 178 175 178 Nonelectrical machinery 117 141 143 148 149 146 148 147 145 147 148 147 147 145 147 Electrical machinery 175 212 213 217 223 222 224 '221 '213 227 232 227 227 225 228 Transportation equipment 197 229 244 244 247 237 230 229 184 217 251 250 243 239 249 Motor vehicles and parts 112 '148 163 165 167 155 151 152 92 137 186 184 173 169 175 Aircraft and other equipment.. 376 390 401 397 400 400 386 378 378 375 365 366 371 '368 385 Instruments and related products. 175 209 204 212 215 215 218 220 220 223 220 218 220 '218 222 Ordnance and accessories Clay, glass, and lumber 124 143 147 147 151 147 144 143 142 144 143 143 138 143 142 Clay, glass, and stone products. 137 159 162 167 170 165 162 161 159 160 158 159 153 158 160 Lumber and products 110 125 131 123 129 125 124 123 123 127 127 126 122 126 123 Furniture and miscellaneous., 126 147 148 150 153 150 149 150 150 152 153 152 152 154 757 Furniture and fixtures 137 164 166 167 171 167 165 166 168 172 173 171 166 174 177 Misc. manufactures 116 133 134 135 138 136 136 136 135 136 136 136 139 138 140 Nondurable Manufactures Textile; apparel, and leather products. 117 136 139 140 142 139 137 136 137 139 138 135 136 137 141 Textile mill products 109 126 129 132 135 130 127 123 \2\ 124 124 124 123 122 126 Apparel products 129 153 155 156 156 154 154 156 159 160 157 155 158 161 164 Leather and products 109 119 127 121 124 120 117 117 116 118 119 110 111 111 Paper and printing. 142 154 154 153 156 157 158 157 155 158 159 158 157 158 767 Paper and products 155 170 172 169 175 174 175 175 167 173 176 173 171 173 174 Prinittiiing and publishing. 133 143 142 142 145 146 148 146 147 148 148 148 147 148 152 Newspapers 126 135 135 132 139 140 138 137 137 140 139 137 136 139 142 Chemical, petroleum, and rubber products. 188 215 212 219 223 221 223 218 '217 219 222 219 220 226 Chemicals and products 210 240 241 244 245 246 250 245 '245 '249 250 248 251 '256 259 Industrial chemicals 247 298 296 306 310 310 315 307 309 313 314 311 317 318 Petroleum products 148 158 158 162 163 161 159 159 158 153 157 153 154 161 "\6\' Rubber and plastics products 166 '200 183 205 223 210 209 201 198 203 206 204 201 195 Foods, beverages, and tobacco., 123 128 130 127 127 130 130 128 129 129 131 129 130 r130 131 Foods and beverages 123 128 131 128 127 131 130 128 129 130 131 130 130 131 132 Food manufactures 125 131 133 131 129 131 131 129 132 133 134 132 133 133 134 Beverages 112 117 120 112 114 126 125 119 116 114 120 117 117 117 Tobacco products 121 127 126 117 134 130 126 130 127 131 130 123 129 133 Mining Coal, oil, and gas 117 122 r126 124 120 119 120 121 124 r126 r124 121 120 121 720 Coal 68 68 73 68 58 59 61 63 71 78 75 69 71 72 71 Crude oil and natural gas. 140 147 150 150 148 146 146 147 149 149 147 145 143 144 142 Oil and gas extraction.. 138 145 148 147 146 143 144 145 146 146 145 144 143 144 142 Crude oil 129 135 139 139 135 133 134 135 136 135 135 134 133 133 131 Gas and gas liquids.. 196 "211 209 213 217 214 212 215 215 219 Oil and gas drilling 152 159 158 159 160 163 r162 160 164 164 159* "146* 136* 138" Metal, stone, and earth minerals. 142 '147 164 160 145 128 118 120 142 152 153 157 159 '772 169 Metal mining 114 109 140 130 100 66 53 57 94 111 119 131 143 146 141 Stone and earth minerals 171 187 189 190 192 193 189 188 192 196 188 183 175 199 199 Utilities Electric. 244 270 267 273 275 274 r278 '275 '275 '279 279 '280 288 '286 284 Gas 244 265 266 266 261 259 259 263 272 283 SUMMARY MARKET GROUPINGS Final products, total 145 162 164 164 166 166 165 165 162 '166 170 167 167 168 171 Consumer goods 140 155 157 157 158 158 158 '157 154 159 164 160 160 162 164 Equipment, including defense. 165 188 190 193 196 194 194 194 192 194 195 194 196 194 199 Materials 138 157 167 167 160 148 149 146 152 165 167 166 164 162 162 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 793 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 =100 [Without seasonal adjustment] Annual 1959 average 1960 Grouping 1958 1959 May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May INDUSTRY GROUPINGS Total index 141 159 165 167 154 156 159 160 157 162 168 169 168 167 166 Manufacturing total 139 158 164 167 153 154 158 159 156 161 167 168 167 166 166 Durable 141 165 177 180 161 152 157 159 158 174 181 181 179 175 174 141 155 155 156 149 162 163 164 159 151 156 158 158 161 161 120 125 132 131 119 120 120 122 126 129 128 126 125 127 127 244 268 Durable Manufactures Primary and fabricated metals •• 110 125 152 154 111 91 94 90 114 142 149 147 144 136 131 99 114 155 156 88 55 56 57 102 141 150 148 '143 '132 121 94 107 154 154 77 37 38 40 96 145 152 148 '143 129 116 125 142 146 151 145 146 151 139 133 143 146 146 144 '142 145 138 150 157 162 156 148 150 141 140 154 156 154 153 150 154 166 197 202 205 197 189 198 205 189 204 216 217 215 709 210 140 169 169 174 164 168 178 179 173 178 181 182 183 178 178 Nonelectrical machinery 117 141 146 149 142 139 145 145 143 148 150 152 153 149 150 175 212 206 214 198 213 234 222 226 229 232 231 222 223 Transportation equipment 197 '228 244 243 238 203 210 231 192 230 262 261 253 245 248 112 147 164 164 158 113 125 155 103 154 199 196 183 174 175 Aircraft and other equipment • . 376 390 395 395 393 391 382 376 376 377 373 374 379 '372 380 Instruments and related products 175 209 203 211 209 212 218 221 222 225 220 220 223 '220 221 124 143 150 154 147 156 153 152 142 135 131 136 133 r142 146 Clav class and stone Droducts 137 159 165 171 168 171 169 168 160 155 149 151 149 158 163 Lumber and products 110 125 135 136 123 139 136 135 122 111 111 119 115 '124 126 Furniture and miscellaneous 126 147 143 147 145 153 157 158 155 154 149 151 151 150 151 Furniture and fixtures ... 137 164 159 164 164 170 171 174 171 175 170 170 166 170 170 116 133 129 133 128 139 144 145 142 137 131 134 138 133 135 Nondurable Manufactures 117 136 140 137 123 143 136 142 138 125 140 145 r142 144 142 109 126 130 128 118 132 127 131 127 117 127 127 124 127 128 Apparel products . ... 129 153 157 152 134 161 152 162 159 140 160 170 165 171 167 Leather and products 109 119 119 118 110 126 119 118 113 108 121 122 121 112 Paper and printing 142 154 155 755 145 155 160 165 159 152 155 158 161 162 162 Paper and products 155 170 171 172 158 176 176 186 170 156 172 177 177 '178 174 Printing and publishing 133 '143 144 141 137 141 150 152 152 149 144 146 150 '151 154 126 135 144 133 121 125 139 148 149 138 128 133 141 148 151 188 215 212 217 207 218 224 222 218 216 223 224 226 r227 226 Chemicals and products 210 240 243 243 231 242 251 249 246 250 252 257 '262 261 Industrial chemicals 247 298 298 302 292 299 312 310 310 313 314 322 326 325 Petroleum products .. 148 158 155 162 161 165 163 158 156 157 157 155 153 '157 158 Rubber and plastics products 166 199 179 199 187 203 212 211 203 194 216 215 211 201 195 Foods beverages and tobacco 123 128 126 130 129 141 142 139 131 123 123 121 122 125 129 Foods and beverages 123 128 125 130 130 141 143 138 131 124 123 121 122 '125 128 Food manufactures 125 131 125 129 130 143 147 143 137 130 128 125 124 125 128 Beverages 112 117 129 137 130 134 126 120 106 101 98 102 114 124 Tobacco products 121 127 130 127 122 139 131 139 127 106 130 124 129 127 Mining Coal oil, and gas 117 122 124 123 113 118 119 121 124 128 128 125 123 121 118 Coal 68 68 71 71 46 62 64 68 74 76 74 70 71 70 69 Crude oil and natural gas .. 140 147 149 147 143 143 144 145 147 152 152 150 146 144 141 Oil and cas extraction 138 145 147 145 139 139 141 143 145 150 150 151 148 '146 141 Crude oil 129 135 139 136 130 130 132 133 134 138 139 139 137 135 131 196 210 202 200 199 202 203 209 221 230 Oil and gas drilling 152 159 155 160 164 168 166 161 162 166 163 145 129 131 141 Metal stone and earth minerals 142 146 177 180 156 139 129 128 138 137 131 137 141 r166 182 114 107 161 161 115 76 62 63 86 89 94 108 117 '138 162 Stone and earth minerals . . 171 188 193 198 200 205 201 198 193 189 171 167 164 '195 203 Utilities 244 270 254 264 273 280 284 267 265 283 297 290 293 r281 270 244 265 SUMMARY MARKET GROUPINGS 145 162 162 165 159 165 168 170 162 162 169 170 170 169 170 140 155 154 157 150 159 161 165 154 153 162 162 161 162 162 Equipment including defense 165 188 191 195 191 190 193 192 189 194 197 198 200 '197 199 138 157 167 168 150 147 151 150 154 163 167 168 166 164 163 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Seasonally adjusted] p 19 r 5 o 7 - A av n e n ra u g a e l 1959 1960 Grouping portion 1958 1959 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total index 100.00 93 105 109 110 108 104 103 102 103 109 Ill 110 109 109 110 86.49 92 705 770 770 705 104 104 702 702 709 112 7/0 770 709 770 Durable 49.66 87 102 109 110 105 98 97 96 96 107 111 109 108 106 107 36.83 100 110 111 111 113 113 113 111 111 112 113 112 112 113 115 Mining 8.55 91 95 '100 98 94 91 91 91 96 '98 98 96 95 97 96 4.96 105 115 114 116 116 116 117 '117 '118 '120 120 '121 124 '124 123 Durable Manufactures Primary and fabricated metals 13.15 84 95 777 775 93 77 70 67 86 770 773 709 706 707 700 1.13 78 90 122 118 81 47 45 44 79 114 115 110 106 '99 94 6.21 75 86 124 119 71 31 30 31 76 119 119 114 109 100 92 5.42 92 104 109 112 111 106 106 99 95 105 109 108 107 '104 108 2.91 93 101 106 109 108 100 99 92 91 100 104 104 102 101 104 Machinery and related products 28.98 86 102 705 705 705 705 705 70* 96 703 709 709 705 706 709 15.31 85 103 104 107 108 107 108 107 104 108 110 108 108 107 109 Nonelectrical machinery 8.92 83 99 101 104 105 103 104 103 102 103 104 103 104 102 104 Electrical machinery 6.39 89 108 '108 110 113 113 113 112 108 115 118 115 115 114 116 Transportation equipment 10.76 84 98 '105 105 106 102 98 98 79 93 108 107 104 102 106 Motor vehicles and parts 5.04 77 100 111 113 114 106 103 104 63 94 127 126 118 115 120 Aircraft and othw equipment 5.50 91 94 97 96 96 96 93 91 91 90 DO 89 89 93 Instruments and related products 1.66 94 112 110 114 115 116 117 118 119 120 118 117 119 117 119 1.25 Clay glass and lumber 4.57 97 777 114 114 775 114 772 777 777 773 772 112 108 '772 777 Clay, glass, and stone products 2.92 95 110 111 116 118 115 112 111 110 111 110 110 106 110 111 1.65 100 113 118 112 117 114 113 111 112 115 115 115 110 '114 111 Furniture and miscellaneous 2.96 96 772 773 114 775 774 773 77* 77* 775 116 775 115 117 779 Furnitur© and fixtures .. 1.48 96 115 116 117 120 116 115 116 118 120 111 119 116 111 124 Misc. manufactures 1.48 95 109 109 '111 113 111 111 111 111 111 111 111 114 113 115 Nondurable Manufactures Textile apparel and leather products 7.32 99 775 118 779 720 777 775 775 775 777 116 77* 775 776 779 Textile mill products 2.78 98 113 115 119 121 117 114 111 111 111 111 111 111 110 113 Apparel products . • 3.44 101 120 122 122 122 121 121 122 125 126 124 122 124 127 129 Leather and products 1.10 97 106 113 107 '111 107 105 104 104 105 106 98 '99 99 Paper and printing 7.93 99 108 705 107 709 770 777 770 709 111 110 110 '770 112 Paper and products 3.27 101 111 112 110 114 113 114 114 109 113 115 113 111 113 113 Printing and publishing. . 4.66 98 105 104 104 106 107 108 107 108 109 109 109 108 109 112 1.53 96 104 103 101 106 107 106 105 104 107 106 105 104 106 108 Chemical, petroleum, and rubber products 10.95 99 113 777 775 777 775 777 775 77* 775 776 775 776 '117 779 7.10 100 114 115 116 117 117 119 117 117 118 119 118 119 M22 123 Industrial chemicals 3.61 98 118 117 122 123 123 125 122 123 124 125 124 126 126 1.93 99 105 105 108 108 107 106 106 105 102 104 102 103 '107 107 Rubber and plastics products 1.91 95 114 105 117 128 120 120 115 113 116 118 117 115 112 10.64 102 707 108 r106 705 705 705 706 707 705 709 107 108 109 109 Foods and beverages . 9.87 102 106 108 106 105 108 108 106 107 107 109 107 108 108 109 Food manufactures 8.31 102 106 108 '107 105 107 107 105 107 108 109 107 108 108 109 Beverages 1.56 102 106 109 102 103 114 113 108 105 104 109 106 106 106 Tobacco products .77 106 112 '111 '103 117 114 111 114 111 115 114 108 113 116 Mining 7.05 92 96 98 97 94 93 94 r95 97 99 r97 95 94 r95 94 Coal 1.30 83 82 89 83 71 11 74 76 87 94 91 84 86 87 86 5.75 94 99 100 100 99 98 98 99 100 100 99 97 '96 96 95 Oil and gas extraction :. 4.98 94 99 102 101 100 98 99 99 100 100 100 99 98 99 97 4.33 93 98 101 101 98 97 97 98 99 98 98 97 96 97 95 Gas and gas liquids .65 100 106 106 108 no 109 107 109 109 111 Oil and gas drilling . .77 89 93 '93 '93 95 '95 96 '96 '93 85 '80 '81 84 Metal stone and earth minerals 7.50 97 94 705 102 93 52 76 77 97 98 95 70/ 702 '777 709 Metal mining .70 83 11 102 '95 73 48 39 42 68 80 87 95 104 '106 102 Stone and earth minerals .80 98 108 109 109 111 111 109 108 110 113 108 106 101 115 115 Utilities Electric 3.76 104 115 114 117 118 117 119 '118 '118 119 119 '120 123 '122 121 Gas 1.20 105 114 115 115 113 111 111 113 117 122 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 795 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping p 1 r 9 o 5 - 7 A av n e n r u a a g l e 1959 1960 portion 1958 1959 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total index 100.00 *3 105 109 110 108 '104 103 102 103 109 Ill 110 109 109 110 FinofpToducts toted • 46.75 95 707 108 108 109 109 109 709 106 709 772 770 770 777 113 31.13 99 110 111 111 112 112 112 112 109 113 116 113 113 115 117 Equipment including defense 15.62 87 100 100 102 104 103 103 103 101 102 103 102 104 102 105 53.25 91 104 110 110 106 98 99 97 100 109 110 109 108 107 107 Consumer Goods no 3.35 83 103 113 116 105 98 705 73 99 727 722 774 777 727 2 03 71 96 110 112 113 97 89 98 48 87 134 125 113 116 122 1.32 100 113 109 115 119 118 114 117 111 117 117 117 116 119 119 9.60 98 116 117 118 ni9 118 119 779 720 122 727 775 116 779 727 Home goods 4.40 96 115 116 117 119 120 121 121 1?1 124 123 117 114 117 120 Appliances TV and radios 1.75 94 114 115 115 119 121 125 124 126 133 130 117 112 115 118 1 26 99 119 121 118 r122 130 130 129 138 143 139 121 114 116 118 TV and home radios ... . .49 83 102 100 108 112 97 111 113 98 108 106 105 107 114 118 Furniture and rugs 1.18 98 119 121 121 '121 121 '121 120 120 122 122 118 114 121 124 1.47 97 113 112 115 117 118 118 118 114 116 117 116 116 116 120 Annarel incl knit soods and shoes 5.20 100 116 118 119 120 117 117 118 119 120 118 116 118 120 122 18 18 102 108 109 108 108 110 r110 70P 770 770 772 770 112 113 113 8.11 102 106 108 107 106 107 107 104 107 107 109 107 108 108 109 2.32 103 108 109 102 108 114 112 110 107 107 111 106 108 110 2.73 102 111 110 111 111 112 115 114 114 114 115 114 115 118 119 Newspapers magazines and books 1.44 99 106 104 105 106 108 110 108 109 109 110 109 110 112 114 3.45 105 113 111 112 113 113 '113 '114 116 116 117 117 120 121 1.19 98 104 103 105 104 105 101 100 105 103 104 105 105 108 104 2 26 108 117 114 115 117 118 r120 121 122 123 123 124 128 128 Electricity 1.57 108 118 115 116 119 120 123 123 123 122 122 122 127 126 Gas 69 107 115 Equipment Business equipment 12.16 85 r100 100 r103 104 103 103 r104 702 r104 r106 r105 r105 r104 705 7.29 82 97 97 100 101 102 101 101 102 104 104 104 104 102 104 Commercial equipment 2 46 88 104 102 105 107 108 109 111 11? 113 114 113 115 115 118 Freight and passenger equipment 1.83 89 '98 102 100 105 1Q0 '97 r97 '93 '96 106 103 102 101 105 Farm equipment .58 100 115 128 132 132 109 129 112 106 105 109 97 93 89 3 46 Materials 27.81 86 100 112 112 103 90 91 88 93 707 770 709 707 705 705 3.67 11 101 113 117 111 103 105 95 16 107 121 120 117 110 115 EduiDment 8.10 86 103 106 108 106 102 101 103 102 106 107 107 106 104 104 9.05 95 107 114 113 113 107 105 102 101 107 109 108 105 109 110 6 99 Nondufoble materials 25.44 97 107 108 109 109 107 707 707 108 777 770 '770 '770 770 770 8.87 98 108 107 107 110 110 110 107 109 112 111 110 109 109 109 2.91 101 109 110 108 111 111 110 106 107 113 111 111 109 108 107 General business supplies 5.96 97 107 106 106 109 109 110 107 110 111 111 109 109 109 111 7.05 98 115 116 118 121 118 117 117 117 119 119 120 120 120 122 Business fuel and power. 9.52 94 100 103 103 99 97 98 98 101 104 103 102 103 103 101 6.29 92 96 99 97 94 93 94 95 97 99 98 96 96 96 95 Nonresidential utilities 2.70 102 113 114 117 116 113 114 113 114 117 117 118 120 120 Electricity 2.19 102 113 113 117 117 115 116 114 114 117 117 118 120 120 General industrial .99 98 110 111 117 116 109 109 106 106 114 114 116 118 115 Atomic energy .08 97 97 96 97 97 97 97 97 97 97 95 95 95 96 Commercial and other 1.12 105 118 117 118 '119 120 123 122 122 121 121 121 124 126 Gas 51 102 113 r117 117 112 109 109 109 113 118 Industrial .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 90 110 113 115 118 114 111 114 100 114 125 119 114 117 120 Apparel and staples 23.38 102 110 111 110 112 112 112 112 113 112 113 114 115 ' Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—7959 Revision (for announcement of that Reserve System, Washington 25, D. C. publication, see BULLETIN for June 1960, p. 632). Figures for'industrial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] Annual 1957 average 1959 1960 Grouping p p r o o r - tion 1958 1959 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total index 100.00 93 105 109 110 107 103 105 105 104 107 Ill Ill Ill 110 110 Manufacturing, total 86.49 92 105 109 HI 702 703 705 705 70* 707 777 772 777 110 110 Durable 49.66 87 102 109 111 99 93 97 98 97 107 111 112 110 108 107 Nondurable 36.83 100 110 110 111 106 115 116 117 113 107 111 112 113 114 114 Mining 8.55 91 95 100 100 90 92 91 92 96 98 97 96 95 r97 97 Utilities 4.96 105 115 Durable Manufactures Primary and fabricated metals 13.15 84 95 116 117 85 70 77 68 87 70P 113 772 770 104 100 7.73 78 90 121 122 69 43 44 45 80 111 118 116 r112 104 95 Iron and steel . 6.21 75 86 123 123 61 29 30 32 77 116 122 118 114 103 93 Fabricated metal products 5.42 92 104 107 111 106 107 110 102 97 105 107 107 106 104 106 2.91 93 101 105 108 104 99 100 94 93 103 104 103 102 r100 103 Machinery and related products 28.98 86 102 104 106 102 98 702 705 98 106 772 772 777 108 109 Machinery 15.31 85 101 103 106 100 102 109 109 105 109 110 111 112 108 108 Nonelectrical machinery 8.92 83 99 103 105 100 98 102 102 100 104 106 107 108 105 105 6.39 89 108 105 108 101 108 118 119 113 115 116 117 117 113 112 Transportation equipment 10.76 84 98 104 104 102 87 90 99 82 98 112 112 108 105 106 Motor vehicles and parts 5.04 77 100 112 112 108 77 85 106 70 105 136 134 125 119 120 Aircraft and other equipment 5.50 91 94 95 95 95 94 92 91 91 91 90 90 91 90 92 Instruments and related products 1.66 94 112 109 113 112 114 117 119 119 121 119 118 120 118 119 1.25 4.57 97 HI 117 120 115 121 77P 77P 777 705 102 705 104 rlll 114 Clay, glass, and stone products 2.92 95 110 114 119 117 119 117 116 111 108 103 105 104 110 113 1.65 100 113 122 123 112 126 123 122 111 100 101 108 104 112 114 2.96 96 112 108 112 no 775 77P 720 118 777 113 775 114 114 775 1.48 96 115 111 115 115 119 120 122 119 122 119 119 116 119 119 Misc. manufactures 1.48 95 109 106 109 105 114 118 119 116 112 107 110 113 109 111 Nondurable Manufactures 7.32 99 115 118 116 104 727 in 720 777 705 775 123 720 722 720 Textile mill products 2.78 98 113 117 115 106 118 114 117 114 105 114 114 112 114 115 3.44 101 120 123 119 105 127 119 127 125 110 126 134 130 135 131 Leather and products 1.10 97 106 106 105 98 112 106 105 101 96 107 109 108 100 Paper and printing 7.93 99 108 108 707 707 70* 772 775 777 705 108 110 112 113 113 3.27 101 111 112 112 103 115 115 121 111 102 112 115 115 116 113 Printing and publishing 4.66 98 105 106 104 100 104 110 111 112 110 106 107 110 111 113 1.53 96 104 110 102 92 96 107 113 114 106 98 102 108 113 116 Chemical, petroleum, and rubber products 10.94 99 113 111 774 709 775 77* 777 775 775 117 118 118 '779 779 Chemicals and products 7.10 100 114 116 116 110 115 119 119 117 116 119 120 122 125 124 3.61 98 118 118 120 116 119 124 123 123 124 125 128 129 129 1.93 99 105 103 108 107 110 109 105 104 104 104 103 102 104 105 Rubber and plastics products 1.91 95 114 103 114 107 117 121 121 116 111 124 123 121 115 10.64 102 707 105 108 707 777 77* 775 709 702 702 101 102 104 707 Foods and beverages 9.87 102 106 104 108 107 117 119 115 109 103 101 100 101 104 106 8.31 102 106 101 105 105 116 119 116 111 105 104 101 101 102 104 Beverages 1.56 102 106 117 124 118 121 115 109 96 91 89 93 103 113 Tobacco products .77 106 112 114 112 108 122 115 122 111 93 114 109 113 112 Mining 7.05 92 96 97 96 88 92 93 95 97 700 100 98 96 r95 93 Coal 1.30 83 82 86 86 55 75 78 83 90 92 89 85 87 85 84 5.75 94 99 100 99 96 96 97 97 99 102 102 101 98 97 95 Oil and gas extraction 4.98 94 99 101 99 95 95 97 98 99 102 103 103 102 100 96 Crude oil 4.33 93 98 101 99 95 94 96 96 97 100 101 101 99 98 95 Gas and gas liquids .65 100 106 102 101 101 102 103 106 112 117 Oil and gas drilling .77 89 93 91 94 96 99 97 94 95 97 96 85 76 77 83 \fgtal stone, and earth minerals 1.50 91 94 114 775 700 89 83 82 88 88 84 88 90 rlO6 777 S M t e o t n ft e l m an in d i n ea g, r th f.T m TT in .. e . r . a T l , s t..t.,TT.T,.Tt,,, . . 8 7 0 0 9 8 8 3 1 7 0 7 8 1 1 1 1 1 7 1 1 1 1 4 6 1 8 1 3 5 1 5 1 5 8 1 4 1 5 6 1 4 1 6 4 1 6 1 2 1 1 6 0 4 9 6 9 8 8 7 9 8 6 9 8 5 5 1 1 0 1 0 2 1 1 1 1 7 7 Utilities Electric 3.76 104 115 108 113 116 120 121 114 113 121 127 124 125 120 115 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 797 MARKET GROUPINGS 1957=100 [Without seasonal adjustment] Annual 1957 average 1959 1960 pro- Grouping portion 1958 1959 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.Apr. May 100.00 93 105 109 110 102 103 105 105 104 107 Ill Ill Ill 110 110 no 46.75 95 107 107 108 105 109 112 106 106 111 112 112 777 772 31.13 99 110 109 111 107 113 114 117 109 108 115 115 114 115 115 15.62 87 100 101 103 101 100 102 101 100 103 104 104 106 104 105 Materials 53.25 91 104 110 111 99 97 100 99 102 108 110 111 110 108 108 Consumer Goods 3.35 83 103 114 116 110 77 80 111 76 103 136 133 124 123 124 Autos 2.03 71 96 117 114 109 51 53 105 55 98 149 143 129 126 126 1.32 100 113 109 118 113 118 121 120 107 111 116 118 116 118 120 9.60 98 116 116 116 105 120 122 125 119 112 118 123 122 121 77P 4.40 96 115 112 115 105 116 127 129 120 117 115 121 120 118 116 Appliances TV and radios 1.75 94 114 113 116 95 108 130 131 119 114 116 127 127 120 114 Appliances . 1.26 99 119 126 126 103 108 127 121 116 118 120 136 139 131 122 .49 83 102 80 91 73 110 139 157 125 102 106 106 96 93 95 Furniture and rugs 1.18 98 119 114 116 115 122 123 126 123 125 120 121 116 120 117 1.47 97 in 110 113 109 120 126 129 121 113 110 114 116 115 118 Apparel incl knit goods and shoes 5.20 100 116 118 117 105 124 117 122 118 107 120 125 123 124 122 no ConsumcT staples 18.18 102 108 105 108 107 115 117 114 108 109 108 109 110 111 8.11 102 106 101 105 106 116 120 115 111 105 103 101 100 102 104 2.32 103 108 116 120 114 122 115 113 101 92 97 98 107 112 2.73 102 111 109 110 104 114 118 117 116 113 115 114 117 118 118 1.44 99 106 101 104 103 109 113 110 109 109 109 109 112 rll2 113 Consumer fuel and lighting 3.45 105 113 106 107 109 113 114 109 112 120 127 124 123 119 1.19 98 104 101 104 103 106 103 99 104 107 108 105 103 103 102 Residential utilities 2.26 108 117 Electricity. 1.57 108 118 105 106 112 117 121 113 115 129 141 136 136 126 Gas .69 107 115 Equipment 12.16 55 r100 101 104 rW2 noi r103 r103 r101 r105 r107 r106 r107 r106 107 7.29 82 97 97 101 100 101 102 102 100 105 104 103 104 103 104 2.46 88 104 101 104 103 106 110 112 113 115 115 115 116 rll5 117 1.83 89 r98 r105 106 r103 r97 '92 r93 r89 r93 r104 r106 r107 r107 108 .58 100 115 136 133 116 95 112 111 94 101 112 107 105 100 3.46 Materials 27.81 86 100 112 114 97 88 91 90 94 707 110 110 705 106 105 3.67 77 101 108 110 97 88 101 101 85 115 128 128 121 no9 109 8.10 86 103 106 108 101 98 101 102 102 108 109 109 108 104 104 9.05 95 107 114 118 110 110 110 107 102 103 103 103 102 108 111 6.99 25.44 97 107 108 108 101 107 109 109 109 108 777 777 112 777 110 8.87 98 108 109 108 101 110 113 113 110 106 108 109 111 112 111 Containers 2.91 101 109 113 114 105 119 118 114 103 97 105 108 109 rlll 110 5.96 97 107 107 105 100 105 111 112 113 110 109 109 112 112 112 7.05 98 115 117 116 109 116 117 120 120 116 121 123 123 123 123 9.52 94 100 102 102 95 98 99 98 101 105 105 104 104 102 100 Mineral fuels 6.29 92 96 98 96 87 91 93 95 97 100 100 99 98 97 94 Nonresidential utilities 2.70 102 113 Electricity 2.19 102 113 111 in 119 121 121 115 112 115 117 115 118 116 .99 98 110 112 117 112 110 110 109 108 114 115 113 118 115 .08 97 97 96 97 97 97 97 97 97 97 96 95 95 96 Commercial and other 1.12 105 118 110 119 128 133 133 122 116 118 120 117 119 118 Gas . . . . .51 102 113 .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods... 7.75 90 110 113 115 107 99 107 121 101 111 124 126 122 120 120 23.38 102 110 108 110 107 117 117 116 112 108 112 112 112 113 113 r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—1959 Revision (for announcement of that Reserve System, Washington 25, D. C. publication, see BULLETIN for June 1960, p. 632). Figures for individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

798 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947_49 =100, unless otherwise indicated] Industrial production Construction Manucontracts^ facturing 3 Prices Major industry Major market groupings N r t i o u c n r u a a l l g - - Freight D m ep e a n r t tgroupings em- car- store Y m e o a n r th or Total M f t i a u a n c n r g - - u- M in i g n- U iti t e il s - To F ta i l nal g s C o u p o o m r n o d e - d s r uc E m t q s e u n ip t - M ria a l t s e- R d ti e e a s n l i - - o A th l e l r m t p o e l t o n a y t l — - 2 p m E lo e m n y - t - P ro a l y ls - l i o n a g d s - v ( s r a a e l l t u e a e s il ) s C u o m n e - r m W c s o o h a d m l o i e l t - e y - Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj. Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. 1947 99 99 101 91 99 98 100 100 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 103 103 106 101 102 101 105 104 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949 98 97 94 108 99 101 94 96 116 111 99.0 93.8 97.2 88 99 101.8 99.2 1950 113 113 105 123 112 115 102 114 185 142 102.3 99.6 111.7 97 107 102.8 103.1 1951 123 123 115 140 121 114 142 124 170 172 108.2 106.4 129.8 101 112 111.0 114.8 1952. . 127 127 114 152 130 116 170 125 183 183 110.4 106.3 136.6 95 114 113.5 111.6 1953 138 139 117 166 138 124 182 137 178 201 113.6 111.8 151.4 96 118 114.4 110.1 1954 130 129 113 178 132 123 161 128 232 204 110.7 101.8 137.7 86 118 114.8 110.3 1955 146 145 125 199 144 136 172 147 280 248 114.4 105.6 152.9 95 128 114.5 110.7 1956 151 150 132 218 150 139 188 151 *99 *98 118.3 106.7 161.4 97 135 116.2 114.3 1957 152 150 132 233 152 141 189 151 100 100 119.2 104.4 162.7 90 135 120.2 117.6 1958 141 139 120 244 145 140 165 138 113 107 115.5 94.3 148.7 78 136 123.5 119.2 1959 159 158 '126 268 162 '156 188 157 132 101 118.8 98.9 167.3 81 144 124.6 119.5 1959—May. . 166 165 131 266 164 157 190 167 154 117 119.2 100.9 169.6 89 145 124.0 119.9 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 '158 196 160 156 123 120.2 102.0 170,2 73 147 124.9 119.5 Aug 157 157 120 269 166 158 '194 148 143 96 118.9 97.4 164.9 72 144 124.8 119.1 Sept. r157 156 119 '272 165 '158 '194 149 135 100 119.2 98.3 169.1 72 144 125.2 119.7 Oct 155 154 120 '272 165 '157 194 146 139 102 118.9 97.3 165.9 74 147 125.5 119.1 Nov 156 154 126 '274 162 154 192 152 101 80 119.4 98.4 166.8 81 146 125.6 118.9 Dec 165 164 130 r279 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 '282 167 160 194 166 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 r128 '288 168 162 194 162 136 118 121.5 100.8 168.8 84 154 126.2 120.0 May, 167 166 127 287 171 164 199 162 134 118 121.4 101.0 171.7 83 *141 126.3 119.7 June ^166 ^165 ^127 ?288 "171 *165 *196 P161 »121.3^100.2^172.3 77 146 119.5 e Estimated. v Preliminary. ' 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. 1 Indexes beginning with 1956 are based on data for 48 States from 3 Production workers only. F. W. Dodge Corporation, 1957=100. Figures for earlier years are NOTE.—Indexes for employment (excluding Alaska and Hawaii), three-month moving averages, based on value data for 37 States east of payrolls, and prices are compiled by the Bureau of Labor Statistics. the Rocky Mountains, 1947-49=100; the data for 1956 on this basis CONSTRUCTION CONTRACTS [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Annual totals 1959 1960 Type of ownership and type of construction 1958 1959 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total construction 35,090 36,269 3,542 3,659 3,657 3,084 3,058 3,135 2,373 2,224 2,193 2,240 3,046 3,360 3,337 By type of ownership: Public ... 13,427 11,068 1,094 1,16? 1,186 850 840 914 701 711 727 702 1,075 1,067 Private 21,663 25,201 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 1,677 1,762 1,690 1,551 1,466 1,515 1,092 993 927 988 1,294 1,480 1,453 Non residential 10,948 11,387 1,072 1,055 1,191 961 1,006 1,003 801 790 801 698 1,067 1,048 1,110 Public works and utilities 9.446 7.732 793 842 776 571 586 616 480 441 465 554 685 833 774 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 799 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 In tr d i u al s- m C e o rc m ia - l P u u ti b li l t i y c n d r t e o e i s a n n i l - - - Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r 1951 32,700 23 447 12 529 7,344 2 117 1,498 3 729 3 574 9 253 887 2 353 912 5 101 1952 34,670 23,889 12,842 7,500 2,320 1,137 4,043 3 547 10,781 1,387 2 679 900 5 815 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 1,290 3,015 892 6,039 1954 39,362 27,684 15,379 8,'531 2,030 2,212 4,289 3,774 11,678 1,003 3,680 773 6,222 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3 861 701 5 875 1956 45,779 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,712 1,360 4,395 826 6,131 1957 „ 47,795 33,778 17 019 12,535 3,557 3 564 5 414 4 224 14 017 1 287 4 892 971 6 867 1958 48,903 33,491 18,047 11,076 2,382 3,589 5,105 4,368 15,412 1,402 5,500 1 019 7 491 1959 54,258 38,281 22,322 11,195 2,008 3,914 5,273 4,764 15.977 1,433 5,800 1,121 7,623 1959 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 1,370 113 514 90 653 Aug 4,566 3,260 1,875 966 175 347 444 419 ,306 113 475 86 632 Sept 4,427 3,196 1,855 933 168 329 436 408 ,231 102 443 88 598 Oct 4,313 3,129 1,811 910 169 318 423 408 ,184 95 418 91 580 Nov 4,221 3,085 1,748 921 180 317 424 416 ,134 105 381 77 571 Dec . . . 4,331 3,144 1,760 955 196 331 428 429 ,187 111 381 95 600 I960—Jan 4,489 3,211 1,804 993 203 345 445 414 ,278 95 483 91 609 Feb 4,521 3,230 1,779 1,041 218 363 460 410 ,291 77 481 103 630 Mar 4,522 3,216 1,776 1,030 215 344 411 410 ,306 115 482 103 606 Apr.? 4,480 3,181 ,763 1,014 211 339 462 406 ,299 95 481 99 624 Mayp 4,488 3,175 ,753 1,018 210 338 470 404 ,313 90 482 100 641 Junep 4,449 3,164 758 1,002 210 332 460 404 285 82 481 95 627 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 re li a ta si n Total fam 1- ily 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 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1 118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 1 209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 I9593 1 553 1 077 477 1,517 1,234 56 227 36 458 349 109 1959—May 1.597 1,580 156 106 50 153 124 6 23 4 47 36 10 June 1,577 1,563 153 103 50 148 121 5 22 6 47 36 11 July 1,578 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 1,509 ,468 140 94 46 136 113 4 19 4 42 32 10 Oct 1,378 ,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 1 26 20 6 I960 Jan [,366 ,291 '88 65 24 '87 69 3 15 1 20 16 4 Feb 367 ,347 r90 66 25 r88 71 3 14 2 22 18 5 Mar ,112 ,098 93 66 27 90 73 3 14 3 27 22 5 Apr ,324 V ,305 *125 82 44 *>123 101 4 18 P2 33 25 7 IVtay 322 v\ 305 ^128 90 39 ^126 102 5 19 *3 32 25 7 n.a. Not available. " Preliminary. r Revised. 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

800 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 * Unemploy- Year or month institutional labor Not in the ment population force Total Total In c n u o lt n u a ra g l ri- In U pl n o e y m ed - labor force (per r a c t e e nt) 2 industries agriculture 1953 115,095 67,362 63,815 61,945 55,390 6,555 1,870 47,732 2.9 1954 116,220 67,818 64,468 60,890 54,395 6,495 3,578 48,401 5.6 1955 117,388 68,896 65,848 62,944 56,225 6,718 2,904 48,492 4.4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4.2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 1959—June 123,296 73,862 71,324 67,342 60,111 7,231 3,982 49,435 5.1 July 123,422 73,875 71,338 67,594 60,769 6,825 3,744 49,547 5.1 Aug 123,549 73,204 70,667 67,241 60,884 6,357 3,426 50,345 5.4 Sept 123,659 72,109 69,577 66,347 60,105 6,242 3,230 51,550 5.6 Oct 123,785 72,629 70,103 66,831 60,707 6,124 3,272 51,155 6.0 Nov 123,908 71,839 69,310 65,640 60,040 5,601 3,670 52,068 5.9 Dec 124,034 71,808 69,276 65,699 60,888 4,811 3,577 52,225 5.5 I960—Jan. 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 June 125,162 75,499 73,002 68,579 61,722 6,856 4,423 49.663 5.5 i Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is * xxiwiuucs acii-ompujj'cu., uxipcuu laixuijr, auu uuiucauc aw vivc wuiitcis. I^UIB.—-Aiiiuiuiauuu relating ivj persons It years OI age allU. over IS adj2u Psteerd .cent of civilian labor force. Monthly data are seasonally doabttaa irneeldat eth troo uthgeh cianlteenrvdiaerw ws eoefk htohuast echoonldtasi nosn thae s a1m2tphl ed abyas; ias.n nuMalo ndtahtlay 3 Beginning with January 1960, data include Alaska and Hawaii. are averages of monthly figures. Figures for population increased by about 500,000 and total labor force by nearly 300,000, most of which was in nonagricultural employment. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total i M t a u n ri u n 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 15,995 111 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 111 2,759 4,062 10,846 2,219 5,916 6,914 1956 51,766 16,903 807 2,929 4,161 11,221 2,308 6,160 7,277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 1958 50,543 15,468 721 2,648 3,903 11,141 2,374 6,395 7,893 1959 51,975 16,168 676 2,767 3,902 11,385 2,425 6,525 8,127 SEASONALLY ADJUSTED 1959—June 52,407 16,527 709 2,799 3,928 11,425 2,418 6,525 8,076 July 52,558 16,580 714 2,800 3,920 11,465 2,426 6,570 8,083 Aug 52,023 16,037 633 2,814 3,893 11,529 2,437 6,549 8,131 Sept 52,154 16,141 617 2,776 3,899 11,464 2,452 6,584 8,221 Oct 52,002 16,022 621 2,762 3,900 11,478 2,453 6,549 8,217 Nov 52,253 16,174 657 2,792 3,902 11,452 2,450 6,593 8,233 Dec 52,674 16,436 665 2,800 3,917 11,486 2,450 6,613 8,307 I960—Jan 52,880 16,562 658 2,775 3,941 11,594 2,454 6,606 8,290 Feb 52,972 16,567 669 2,781 3,933 11,627 2,464 6,616 8.315 Mar 52,823 16,509 666 2,601 3,920 11,595 2,456 6,577 8,499 Apr 53,128 16,527 684 2,752 3.924 11,652 2,463 6,611 8,515 Mayp 53,095 16,540 686 2,791 3.928 11,668 2,468 6,616 8,398 Junep 53,039 16,453 688 2,790 3.927 11,678 2.468 6.643 8,392 WITHOUT SEASONAL ADJUSTMENT 1959—June 52,580 16,455 713 2,986 3,944 11,352 2,442 6,623 8,065 July 52,343 16,410 710 3,035 3,949 11,324 2,475 6,603 7,837 Aug 52,066 16,169 639 3,107 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 52,844 16,380 677 2.590 3,917 11,620 2,463 6,644 8,553 May*' 52,951 16,352 679 2,838 3,925 11.536 2,468 6.715 8,438 Junep 53,209 16,378 691 2,977 3,943 11,603 2,493 6,743 8,381 p Preliminary. month. Proprietors, self-employed persons, domestic servants, unpaid i Excludes data for Alaska and Hawaii. family workers, and members of the armed forces are excluded. Back NOTE:—Data include all full- and part-time employees who worked data may be obtained from the Bureau of Labor Statistics. during, or received pay for, the pay period ending nearest the 15th of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 801 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 June Apr. May*5 June*5 June Apr. May*3 Total 12,600 12,472 12,487 12,392 12,524 12,334 12,303 12,314 Durable goods 7,244 7,126 7,110 7,045 7,248 7,123 7,089 7,047 Ordnance and accessories 73 74 73 70 73 74 73 70 Lumber and wood products 603 584 589 592 624 569 592 613 Furniture and fixtures 331 329 333 337 321 327 325 327 Stone, clay, and glass products 448 452 452 466 448 452 454 Primary metal industries. 1,067 1,020 1,000 969 1,067 1.020 995 969 Fabricated metal products 870 837 839 843 866 837 835 839 Machinery except electrical 1,155 1.159 1.151 1,145 1,167 1.176 1,163 1.156 Electrical machinery 841 860 864 862 833 860 855 853 Transportation equipment 1,224 1,187 1,175 1,139 1,224 1,187 1.175 1,139 Instruments and related products 225 229 229 229 224 230 228 228 Miscellaneous manufacturing industries., 391 399 405 407 385 395 397 401 Nondurable goods 5,356 5,346 5,377 5,347 5,276 5,211 5,214 5,267 Food and kindred products 1,047 1.051 1,035 1,032 1,030 960 968 1,016 Tobacco manufactures 80 80 80 78 70 69 69 68 Textile-mill products 883 861 868 864 883 861 864 864 Apparel and other finished textiles 1.113 1,104 1,137 1,123 1,068 1.082 1,080 1,078 Paper and allied products 453 453 454 453 453 448 449 453 Printing, publishing and allied industries 555 571 571 571 555 568 568 571 Chemicals and allied products 535 546 551 547 527 551 548 539 Products of petroleum and coal 158 156 154 155 160 154 155 157 Rubber products 196 204 200 199 196 201 199 199 Leather and leather products 336 320 327 325 334 317 316 323 *> Preliminary, nearest the 15th of the month. Back data may be obtained from the NOTE.—Data covering production and related workers only (full- and Bureau of Labor Statistics. part-time) who worked during, or received pay for, the pay period ending HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1959 1960 1959 1960 1959 I960 June Apr. June Apr. Junep June Apr. June^ Total 91.17 89.60 91.37 91.60 40.7 39.3 39.9 40.0 2.24 2.28 2.29 2.29 Durable goods 99.36 97.36 98.58 98.58 41.4 39.9 40.4 40.4 2.40 2.44 2.44 2.44 Ordnance and accessories 105.47 106.49 107.79 107.42 41.2 40.8 41.3 41.0 2.56 2.61 2.61 2.62 Lumber and wood products 82.19 80.20 82.21 83.02 41.3 39.9 40.3 40.3 1.99 2.01 2.04 2.06 Furniture and fixtures 74.66 73.82 74.19 74.77 40.8 39.9 40.1 40.2 1.83 1.85 1.85 1.86 Stone, clay, and glass products 92.16 91.08 92.84 93.52 41.7 40.3 40.9 41.2 2.21 2 26 2.27 2.27 Primary metal industries 118.43 112.29 109.98 109.80 41.7 39.4 39.0 38.8 2.84 2.85 2.82 2.83 Fabricated metal products 99.72 96.56 99.96 99.96 41.9 39.9 40.8 40.8 2.38 2.42 2.45 2.45 Machinery except electrical 104.75 104.04 105.73 105.47 41.9 40.8 41.3 41.2 2.50 2.55 2.56 2.56 Electrical machinery 90.58 88.98 90.97 91.83 40.8 39.2 39.9 40.1 2.22 2.27 2.28 2.29 Transportation equipment 109.06 107.59 110.70 111.38 41.0 39.7 40.7 40.8 2.66 2.71 2.72 2.73 Instruments and related products 94.35 93.43 94.77 94.07 41.2 40.1 40.5 40.2 2.29 2.33 2.34 2.34 Miscellaneous manufacturing industries... 76.95 76.05 77.60 77.41 40.5 39.2 40.0 39.9 1.90 1.94 1.94 1.94 Nondurable goods 79.60 79.52 81.35 82.16 39.8 38.6 39.3 39.5 2.00 2.06 2.07 2.08 Food and kindred products 85.69 87.16 88.91 89.57 41.0 39.8 40.6 40.9 2 09 2.19 2.19 2.19 Tobacco manufactures 67.99 64.80 68.40 70.92 39.3 36.0 38.0 39.4 1.73 1.80 1.80 1.80 Textile-mill products 64.46 63.76 65.36 65.69 40.8 39.6 40.1 40.3 1.58 1.61 1.63 1.63 Apparel and other finished textiles 55.05 53.70 55.90 56.11 36.7 35.1 36.3 36.2 1.50 1.53 1.54 1.55 Paper and allied products 94.60 93.63 95.60 96.90 43.0 41.8 42.3 42.5 2.20 2.24 2.26 2.28 Printing, publishing and allied industries.. 102.87 103.95 106.09 105.81 38.1 37.8 38.3 38.2 2.70 2.75 2.77 2.77 Chemicals and allied products 100.43 104.41 103.58 104.17 41.5 42.1 41.6 41.5 2.42 2.48 2.49 2.51 Products of petroleum and coal 117.79 119.54 117.62 118.03 40.9 40.8 40.7 40.7 2.88 2.93 2.89 2.90 Rubber products 98.74 94.60 100.80 106.66 40.3 38.3 40.0 41.5 2.45 2.47 2.52 2.57 Leather and leather products 61.50 58.06 59.90 61.34 38.2 35.4 36.3 37.4 1.61 1.64 1.65 1.64 P Preliminary. NOTE.—Data are for production and related workers, Back data are available from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

802 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-^*9 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 C a hi 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 a sc 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.. 136 122 127 133 128 148 169 125 137 128 146 159 143 1959 144 126 131 139 136 156 181 133 144 134 155 172 156 SEASONALLY ADJUSTED 1959 May. . 144 125 130 142 142 156 165 136 148 132 154 172 155 June 144 124 130 142 135 156 180 135 140 140 155 174 157 July 147 126 134 142 142 157 185 138 145 133 154 174 160 Aus . . 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 153 134 144 151 144 168 180 145 159 147 164 181 159 May 125 131 136 139 132 143 134 159 153 WITHOUT SEASONAL ADJUSTMENT 1959—May 141 124 126 140 137 155 153 134 149 127 154 17? 147 136 118 125 132 127 146 162 130 130 135 147 160 151 July . 121 95 100 108 115 129 157 111 120 107 135 155 143 Aug 132 103 102 112 126 138 177 124 138 132 156 176 157 Sept 145 132 132 140 135 155 173 138 144 146 155 160 154 Oct 150 131 141 144 139 165 186 142 151 150 162 177 154 Nov 176 154 170 183 170 190 217 164 177 148 179 208 181 Dec 260 251 245 257 252 289 325 233 250 230 266 291 281 I960—Jan 111 99 108 108 105 112 139 101 111 96 115 135 121 Feb 106 93 102 102 105 105 137 95 102 99 105 122 121 Mar 115 95 107 113 113 114 149 108 110 105 119 143 126 149 133 137 153 144 165 183 139 150 139 154 172 153 May 124 127 134 135 130 144 128 159 145 STOCKS^ 1952 121 117 115 120 115 127 143 112 120 113 130 129 131 1953 131 124 120 129 125 141 155 122 131 123 146 143 140 1954 128 126 117 127 122 138 152 120 125 124 141 140 135 1955 .. . 136 132 119 135 124 159 170 127 135 130 152 153 142 1956 . . 148 141 130 148 133 195 138 148 142 164 168 156 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—May 152 138 138 158 128 174 200 142 145 140 155 175 169 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 162 144 147 159 145 177 225 151 148 146 160 182 183 Apr 159 141 144 157 139 181 224 146 147 146 157 182 176 May H61 146 149 162 144 P224 152 149 149 P160 P185 H61 WITHOUT SEASONAL ADJUSTMENT 1959—May 153 141 139 161 132 174 202 145 143 139 156 174 168 148 134 132 152 125 169 192 144 136 133 151 169 162 July 149 132 129 147 127 168 197 146 140 136 150 171 165 Aug 156 143 142 156 130 181 212 152 145 145 155 182 166 Sept 168 154 151 169 145 193 230 163 154 152 164 192 176 Oct 177 164 162 183 156 205 245 167 163 163 174 203 182 Nov 182 170 167 185 160 207 252 171 162 168 182 207 196 Dec 145 135 134 149 126 165 197 134 132 136 146 170 160 I960—Jan 144 128 132 144 125 158 207 135 133 135 146 163 158 Feb 152 134 136 154 136 167 223 139 138 139 156 175 165 Mar 165 146 149 164 149 181 237 151 150 149 164 191 182 Apr 165 147 150 168 146 188 232 155 153 150 163 189 179 May 149 151 166 148 P226 155 147 149 P183 *> Preliminary. r Revised. For description of the series see the BULLETIN for December 1957, i Figures for sales are the average per trading day, while those for stocks pp. 1323-36. 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 803 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Out- Re- New Stocks Period Sales i Stocks1 stand- ceipts2 orders 3 Out- plus (total (end ing (total (total Stocks stand- out- Refor of orders i 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 \ 0 1952 397 1,097 435 397 401 2.9 1.2 4.1 0 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4 0 I 0 1955 437 1,195 446 444 449 2.9 1.1 4.0 1.0 1956 454 1,286 470 459 458 3 0 1.1 4 1 [ 0 1957 459 1,338 461 461 458 3.1 1.1 4.1 o 1958 462 1,323 437 462 464 3.0 1.0 4.1 1.0 1959 485 1,385 510 492 496 3.0 1.1 4 1 1 Month : 1959—May '455 1,371 '415 r4l7 '452 3.0 0.9 3.9 0.9 June . . . 446 1,299 603 380 565 2.9 1.4 4.3 0.9 July 389 1,304 664 394 455 3.4 1.7 5.1 1.0 427 1,380 631 503 470 3.2 1.5 4.7 1.2 Sept . . 472 1,483 627 575 571 3.1 1.3 4.5 1.2 Oct 531 1,578 604 626 603 3.0 1.1 4.1 1.2 Nov . . . .. 578 1,639 521 639 556 2.8 0.9 3.7 1.1 Dec 940 1,310 372 611 462 1.4 0.4 1.8 0.7 I960 Jan 384 1,299 459 373 460 3.4 1.2 4.6 1.0 Feb 362 1,362 514 425 480 3.8 1.4 5.2 1.2 Mar r418 1,468 456 521 r466 3 5 1.1 4 6 1 3 Apr 507 1,473 417 512 473 2.9 0.8 3.7 1.0 Mayp 448 1,457 417 432 432 3.3 0.9 4.2 1.0 * Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1959, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see the department store sales. BULLETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports excluding Merchandise exports* military-aid shipments 2 Merchandise imports3 Period 1958 1959 1960 1958 1959 1960 1958 1959 1960 Jan 1.505 1,400 1,562 1,397 J .286 1,484 1 096 I 154 1 137 Feb ,346 1,280 1,576 1,246 ,183 1,497 956 ,118 1,288 Mar ,555 1,456 1,751 1,440 ,375 1,634 1,072 295 1 375 Apr ,530 1,479 1,823 1.408 ,343 1,708 1,057 ,221 1,257 May . . ,638 1,551 1,792 1,507 ,411 1,698 1 061 ,264 1,260 ,408 1,423 1,309 ,347 031 369 Julv .... ,418 1,468 1,289 ,353 ,049 ,248 Aug ,401 1,397 1,287 .300 950 ,189 Sept ,363 1,479 1,242 1 399 073 392 Oct . . . ,607 1,482 1,426 1,398 ,150 ,202 Nov ,599 1,479 1,410 1 376 ,086 282 Dec . .S24 1,675 389 ,569 ?*,4 ,478 Jan -M!ay 7,574 7,166 8,504 6,998 (5,598 8,021 5,242 (5,052 6,317 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

804 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 Gas Solid House- House- p A a p re - l T po ra r n ta s - - M ic e a d l - s P o e n r a - l a in n g d g a o n o d ds Total Rent e a l n e d c- f a u n e d ls n f i u s r h - - o h p o e l r d a- tion care care re t c io re n a- s i e c r e v 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 C117.2 111.8 107.0 115.4 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 c107.0 120.1 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 May . . 124.0 117.7 128.8 139.3 118.7 135.3 103.7 133.8 107.3 145.4 150.2 130.7 117.8 128.4 June 124.5 118.9 128.9 139.5 119.3 133.9 104.1 133.9 107.3 145.9 150.6 131.1 118.1 129.2 July 124.9 119.4 129.0 139.6 119.5 134.0 104.0 134.3 107.5 146.3 151.0 131.3 119.1 130.8 Aug 124.8 118.3 129.3 139.8 120.1 133.9 103.6 134.6 108.0 146.7 151.4 131.7 119.1 131.1 Sept 125.2 118.7 129.7 140.0 121.6 135.0 104.0 135.2 109.0 146.4 152.2 132.1 119.6 131.5 Oct 125.5 118.4 130.1 140.4 121.7 135.5 104.1 135.3 109.4 148.5 152.5 132.5 119.7 131.6 Nov 125.6 117.9 130.4 140.5 121.7 135.9 104.4 135.4 109.4 149.0 153.0 132.7 120.0 131.6 Dec 125.5 117.8 130.4 140.8 122.7 137.3 104.2 135.5 109.2 148.7 153.2 132.9 120.4 131.7 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 M!ay 126.3 119.7 131.2 141.4 124.7 132.9 104.3 137.2 108.9 145.6 155.9 133.2 121.4 131.9 c corrected. 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 I Y m e o a n r th or m c t A o o ie m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - p p T u a a t r a i e c n o p l r x t e d - d e s - l - l H s p e u a k a r i n c o i t d n h t d d e s s e - s , r ,p t l F e o i m a i g r u w n n i h a e g a d e - t l l - r , s , C a p i u a l h r c l c n o a i e e t d d l m s s d - - p R u a b r u c n o e b t d d r s - - p w L u a b r u o c n o e m o t d d r s d - - p p a P u a a l r l u c n o p i t e l d d e s p d r - , M m p u a r e e c n o t t t d a d a s l - l s p c m M u a t e r h i c n o r v o i a y t d n d e - s - - - h F d o h t b o a u u t u o l n u h r r e r l d s e n a e d s e r - i - - e s N r t t m t m a a u r o l l i r u e l s n a n i - c — c - l - - b b e m o b a T r a e t a f n c o t r v g d l c - s e - e o . d s n c M e e o l i l s u a - - s 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2; 134.6 126. 89.6 1958 119.2 94.9 110.9 126.0 93.5 100.6 112.7 110.4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1959 119.5 89.1 107.0 128.2 95.0 114.3 112.7 109.9 144.8 125.8 132.2 153.6 153.0 123.4 137.7 131.4 94.5 1959 May 119.9 90.8 107.7 128.4 94.5 118.5 113.4 110.0 148.0 128.2 132.0 153.0 152.5 123.5 138.4 132.2 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 r96.3 r112. 112.2 110.2 145.1 r124.3 133.1 '154.5 154.0 123.5 r138.3 131.7 95.4 May 119.7 90.4 107.3 128.2 96.3 111.3 110.8 110.2 146.7 123.7 133.3 154.3 153.6 123.2 138.4 131.7 91.1 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 805 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49=* 100] 1959 1960 1959 1960 Subgroup Subgroup May Mar. Apr. May May Mar. Apr. May Farm Products: Pulp, Paper, and Allied Products {Com.): Fresh and dried produce 107.0 104.4 111.5 116.8 Grains 78.6 78.2 79.4 77.8 Paperboard 136.2 135.9 135.9 135.9 Livestock and poultry 90.6 86.2 85.7 85.8 Converted paper and paperboard 127.3 130.0 130.0 130.6 Plant and animal fibers 101.9 96.0 96.3 96.6 Building paper and board 146.7 146.5 145.1 145.1 Fluid milk 90.2 97.9 r95.5 93.1 Eggs 51.1 75.8 80.2 69.6 Metals and Metal Products: Hay and seeds 80.3 76.7 76.3 76.5 Other farm products 133.5 127.9 r128.6 128.3 Iron and steel 170.4 170.5 170.5 170.4 Nonferrous metals 136.2 r140.8 140.5 140.1 Processed Foods: Metal containers , 152.9 154.8 154.8 154.8 Hardware , 173.0 173.8 r174.0 174.2 Cereal and bakery products 119.5 120.8 120.9 121.2 Plumbing equipment , 130.9 133.9 132.1 132.7 Meats, poultry, and fish 101.4 97.8 r96.7 98.4 Heating equipment 121.7 120.1 120.1 120.2 Dairy products and ice cream 111.7 117.7 115.6 114.9 Fabricated structural metal products, 132.3 135.8 '135.3 135.0 Canned, frozen fruits, and vegetables 110.4 105.8 105.8 106.3 Fabricated nonstructural metal Sugar and confectionery 114.4 113.7 114.1 114.0 products 146.1 146.1 146.1 146.0 Packaged beverage materials 145.2 145.2 145.2 145.2 Other processed foods 95.8 101.7 102.8 102.2 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 143.5 145.3 145.6 145.7 Cotton products 90.8 95.6 94.8 Construction machinery and equip- Wool products 101.1 102.8 102.7 102.4 ment 171.7 174.3 174.7 175.2 Synthetic textiles 81.0 79.4 r79.4 79.7 Metal working machinery 173.3 178.3 178.3 179.0 Silk products 114.0 116.6 118.0 118.7 General purpose machinery and Apparel 99.6 100.7 r100.7 100.7 equipment 162.8 167.7 167.9 167.8 Other textile products 75.7 80.5 82.5 86.8 Miscellaneous machinery 149.2 149.9 150.1 150.1 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 154.1 155.8 155.8 154.5 Motor vehicles 143.2 141.6 141.6 141.6 Hides and skins 98.6 72.0 73.5 73.2 Leather 124.5 102.8 104.7 103.5 Furniture and Other Household Dura- Footwear 129.5 134.2 133.5 132.5 bles: Other leather products 112.4 107.3 107.3 106.8 Household furniture 123.7 124.9 124.9 125.0 Fuett Power, and Lighting Materials: C Fl o o m or m c e o rc v i e a r l i n f g urniture 1 1 2 5 7 5 . . 8 0 1 1 3 5 0 6 . . 6 6 1 13 5 0 6 . . 8 7 1 1 5 3 6 0 . . 7 8 Coal 118.9 124.0 119.0 119.0 Household appliances 105.2 103.2 103.1 102.3 Coke 170.4 170.4 170.4 170.4 Television, radios, phonographs 92.8 91.8 91.7 91.7 Gas fuels (Jan. 1958= 100) 109.9 115.6 115.6 111.7 Other household durable goods 156.5 158.3 157.3 157.4 Electric power (Jan. 1958= 100) 100.9 101.8 101.8 101.7 Petroleum and products 118.3 115.0 115.4 113.6 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.2 135.3 135.3 135.3 Concrete ingredients 140.2 142.1 142.1 142.1 Industrial chemicals 123.8 124.2 124.4 124.4 Concrete products 129.7 131.0 131.3 131.5 Prepared paint 128.3 128.3 128.3 128.3 Structural clay products 160.1 161.5 161.5 161.7 Paint materials 101.4 102.8 102.9 103.0 Gypsum products 133.1 133.2 133.2 133.2 Drugs, Pharmaceuticals, cosmetics. . 93.1 94.2 94.5 94.8 Prepared asphalt roofing 126.4 107.6 106.6 106.6 Fats and oils, inedible 60.4 50.6 r51.7 50.2 Other nonmetallic minerals 132.5 133.7 134.4 134.6 Mixed fertilizers 108.9 110.1 110.2 110.2 Fertilizer materials 107.5 108.8 108.8 108.8 Tobacco Manufactures and Bottled Other chemicals and products 106.4 106.5 106.4 106.4 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.5 106.5 106.5 Crude rubber 152.9 161.1 160.9 169.6 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 142.3 144.6 144.5 144.5 Nonalcoholic beverages 171.1 171.1 171.1 171.1 Lumber and Wood Products: Miscellaneous: Lumber , 128.9 125.9 125.7 124.9 Toys, sporting goods, small arms 117.0 117.8 118.3 118.3 Millwork , 137.5 137.7 136.8 136.9 Manufactured animal feeds 76.6 73.2 75.6 68.0 Plywood 106.6 95.9 96.1 95.5 Notions and accessories 97.5 97.5 97.2 96.4 Jewelry, watches, photo equipment.., 108.1 110.6 110.5 110.5 Pulp, Paper, and Allied Products: Other miscellaneous 132.3 131.6 132.1 132.5 Woodpulp 121.2 121.2 121.2 121.2 Wastepaper 110.5 89.3 88.4 83.2 Paper 143.3 144.8 145.1 145.7 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 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 7f.O 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 Durable goods 9.2 3.5 9.7 30.4 39.6 38.5 40.3 37.6 43.0 41.3 44.1 43.6 42.8 43.7 37.7 22.3 43.2 99.8 124.8 131.4 137.7 141.9 147.9 145.3 147.7 148.0 150.1 151.1 Services 32.1 20.7 29.0 64.9 92.5 100.0 106.7 113.4 120.7 117.4 119.4 121.6 124.1 126.3 16.2 1.4 18.1 50.0 63.8 67.4 66.6 54.9 71.1 70.0 77.7 67.0 69.7 79.2 New Construction 1 8.7 1.4 6.6 24.2 34.9 35.5 36.1 55.5 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 Chance in business inventories 1.7 -1.6 4.5 6.8 5.8 4.7 2.0 -3.8 4.8 6.3 10.7 -1.0 3.0 10.6 Nonfarm only < 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 exports of goods and services 2.8 2.2 21.1 .6 1.1 2.9 4.9 1.2 -.8 — .9 -1 8 o -.6 1.2 7.0 2.4 6.0 13.1 19.4 23.1 26.2 22.6 22.8 21.5 22.1 24.1 23.4 24.8 6.3 2.3 4.8 12.5 18.3 20.2 21.3 21.3 23.6 22.4 23.9 24.1 24.1 23.6 Government purchases of goods and services 8.5 8.0 24.8 39.0 75.6 79.0 86.2 92.6 97.6 97.4 97.7 98.4 97.4 98.8 Federal 1.3 2.0 16.9 19.3 45.3 45.7 49.4 52.2 53.5 53.8 53.9 53.6 52.7 52.3 I 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 \ 3.2 5.2 6.6 5.7 5.5 8.1 8.1 8.3 8.0 8.1 7.8 7.8 .0 .0 .0 .1 .4 .3 .4 .5 .4 .3 .3 .4 .4 .4 State and local 7.2 6.0 7.8 19.7 30.3 33.2 36.8 40.5 44.1 43.6 43.8 44.8 44.7 46.5 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 392.7 400.9 408.3 399.0 426.0 420.7 432.1 424.3 426.8 439.3 1 Includes expenditures for crude petroleum and natural gas drilling. 4 Consists of sales abroad and domestic sales of surplus consumption 2 Net exports of goods and services and net foreign investment have goods and materials. been equated, since foreign net transfers by government were negligible NOTE.—For explanation of series see U. S. Income and Output ( a suppleduring the period 1929^*5. ment to the Survey of Current Business for 1959) and the July 1959 issue 3 This category corresponds closely to the major national security of the Survey of Current Business. classification in the Budget of the United States Government for the fiscal year ending June 30, 1960. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 1 2 3 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 G M r o i i l v v it a e a r t r e n y ment civilian 4 4 5 . . 6 5 23. . 9 3 51 1. . 9 9 12 5 4 . . 0 1 17 9 4 . . 8 9 18 9 9 . . 7 6 19 9 8 . . 6 4 19 9 6 . . 7 2 21 9 2 . . 8 1 2 3 0 9 4 6 . . . 8 8 2 2 3 1 9 5 4 . . . 8 6 0 2 3 1 9 6 3 . . . 8 5 3 21 9 4 . . 8 8 22 9 1 . . 9 2 37.6 Supplements to wages and salaries .7 4.9 8.3 17.3 26.2 28.4 30.5 33.5 35.9 19.0 19.6 19.8 36.9 21.4 Proprietors' income2 14.8 .5 2.7 7.8 13.0 14.9 17.0 17.4 19.6 46.9 46.6 45.1 20.0 46.3 Business and professional 8.8 5.6 17.4 37.5 42.1 43.7 44.5 46.6 46.3 33.7 34.5 34.8 46.7 35.4 Farm 6.0 2 3 . . 4 2 1 6 0 . . 5 9 2 1 3 4 . . 5 0 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 13.2 12.1 10.3 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 Ccrptrate 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 Profits before tax 9.6 .2 17.0 40.6 44.9 44.7 43.3 37.1 47.8 46.5 52.6 46.4 45. r 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 i Inventory valuation adjustment .5 -2.5 -5.0 -1.7 -2.7 -1.5 -.4 -.6 -.9 -1.6 -.3 .5 -2.1 N«t 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 i Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 807 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 Gross national product 104.4 56.0 125.8 284.6 397.5 419.2 442.5 441.7 479.5 470.4 484.8 478.6 483.5 500.2 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 B St 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 . . 0 5 1.6 1. . 7 5 1.7 1.7 1.7 1.7 1.7 -4 1 . . 4 7 1.7 Plus: Subsidies less current surplus of gov- -.7 -2.4 -2.1 -2.3 -1.7 -3.6 ernment enterprises -.1 .0 .1 .0 1.1 .8 .6 .7 .2 .9 1.0 .7 .7 .6 Equals: National income 87.8 40.2 104.7 330.2 366.5 389.4 402.6 241.9 350.8 366.2 398.5 403.9 398.2 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 18.2 20.8 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 16.0 17.2 20.0 24.4 25.1 24.7 24.8 24.8 26.0 25.7 Net interest 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 Equals: Personal income 85.8 228.5 310.2 332.9 350.6 359.0 380.2 371.8 381.1 381.0 386.8 393.1 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 46.1 47.7 1.5 3.3 Federal 1.3 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 .5 1.3 2.6 4.8 5.4 5.8 6.3 6.2 6.3 6.4 6.4 6.7 4.2 Equals: Disposable personal income 83.1 1.0 93.0 207.7 292.9 307.9 316.5 334.6 327.4 335.3 335.1 340.8 345.4 274.4 Less: Personal consumption expenditures.... 79.0 45.7 81.9 195.0 269.9 284.8 293.0 311.6 303.9 311.2 313.3 317.0 321.1 256.9 Equals: Personal saving 4.2 46.4 11.1 12.6 23.0 23.1 23.5 23.1 23.5 24.1 21.9 23.7 24.4 17.5 Addendum: Disposable personal income in -.6 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 Item! 1958 1959 May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May Total personal income. 359.0 380.2 381.3 383.8 383.4 380.0 380.9 382.6 387.0 392.1 392.8 393.0 394.0 397.8 399.4 Wage and salary disbursements 239.4 257.8 259.8 261, 261.5 258.8 259.2 259.2 261.1 265.4 268.1 268.8 269.4 271.5 272.1 Commodity-producing industries... 97.8 107.3 109.8 110. 109.9 106.8 106.8 106.4 107.5 111.1 113.0 112.7 112.2 112.7 113.3 Manufacturing only 76.7 84.6 86.7 87. 86.9 84.0 84.4 83.6 84.2 87.6 89.3 89.0 88.7 88.6 89.0 Distributive industries 63.8 67.6 67.5 68. 68.4 68.3 68.3 68.5 68.6 68.8 69.5 69.7 70.1 70.9 70.9 Service industries 34.6 37.2 37.1 37. 37.3 37.6 37.8 38.0 38.3 38.6 38.7 39.0 39.1 39.5 39.7 Government 43.2 45.7 45.4 45. 45.9 46.0 46.2 46.4 46.7 46.9 46.9 47.4 48.1 48.3 48.2 Other labor income 9.3 10.0 9.9 10.0 10.1 10.1 10.2 10.2 10.3 10.3 10.4 10.4 10.4 10.5 10.5 Proprietors* income: Business and professional. 32.4 34.5 34.5 34.7 34.9 34.9 34.8 35.0 35.1 35.2 35.4 35.4 35.4 35,6 35.8 Farm 14.2 11.8 12.0 12.1 11.4 10.0 9.6 10.5 11.6 12.6 11.6 10.7 10.3 11.1 11.6 Rental income 11.8 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 12.2 Dividends 12.4 13.2 13.0 13.1 13.2 13.4 13.5 13.6 13.7 13.5 13.6 13.6 13.6 13.6 13.7 Personal interest income. 20.4 22.4 22.0 22.2 22.4 22.7 23.0 23.3 23.5 23.8 24.1 24.3 24.6 24.9 25.2 Transfer payments2 26.1 26.8 26.4 26.4 26.3 26.5 27.0 27.2 28.0 27.7 27.2 27.3 27.9 28.2 28.0 Less: Personal contributions for social insurance 7.0 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 9.8 Nonagricultural income3. 341.1 364.4 365.3 367.8 368.2 366.3 367.5 368.1 371.5 375.4 377.1 378.2 379.5 382.4 383.5 Agricultural income 17.9 15.8 16.0 16.0 15.2 13.7 13.4 14.5 15.5 16.7 15.7 14.8 14.5 15.4 15.9 » Preliminary. enterprises, farm wages, agricultural net interest, and net dividends paid * 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

808 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 1959* 4 1 2 3 4 1 2 3 4? 39.4 41.4 37.5 18.9 7.4 A 26.6 29.3 27.9 25.5 30.0 5.4 6.7 4.5 8.1 6.2 8.3 7.7 8.7 5.2 B C Farm and noncorp. business 2.... * 3.1 -1.1 -1.1 -.8 3.1 -.7 -2.2 -1.9 4.8 C E D F S C F t e o a d r t e p e r o a a r l n a d G te o lo n v c o e a n r l n f i g m n o a e v n n e c t r i 1 n al m b e u nt s s i n 1 e . s . s . . . . — 12 3 . . . 4 4 2 -2 5 5 . . . 7 8 8 5 3 3 . . 4 6 3 — -8 2 4 . . 2 . 7 6 - - 1 4 5 1 . . 5 0 .7 - — 5 2 1 . . 0 4 .3 -3 3 . . 1 5 4 - — 1 1 1 . . 3 . 3 1 - - 5 1 3 . . . 4 5 3 - - 7 1 3 . . . 7 6 8 — 1. . 2 . 7 5 — 3 1 1 . . . 2 9 5 - — 1 3 1 . . 6 4 3 - - 4 1 3 . . . 8 7 2 E F D 3.3 3.2 3.9 3.4 4.3 .1 1.0 .4 1.7 .2 1.4 .6 1.7 .6 G H Capital consumption 3 62.3 67.4 72.7 74.9 78.4 18.7 18.1 18.5 18.9 19.4 19.1 19.4 19.7 20.2 H 33.9 36.9 40 0 41.6 43.1 10.2 10.3 10.4 10.4 10.5 10.6 10.7 10.8 11.1 I J Consumer durable goods...... 30.4 33.0 35.8 37.0 38.2 9.1 9.2 9.2 9.3 9.3 9.4 9.5 9.6 9.8 J K Owner-occupied homes 3.1 3.4 3.7 4.0 4.3 .9 1.0 1.0 1.0 1.0 1.0 1.1 1.1 1.1 K L Plant and equip (nonprofit).... .5 .5 5 .6 .6 .1 .1 .1 .1 .1 2 2 2 .2 L 3.7 3.7 3 9 4.0 4.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 M N Noncorp. nonfinan. business 7.0 7.5 8.1 8.0 8.5 2.1 2.0 2.0 2.0 2.1 2.1 2.1 2.2 2.2 N O Corporate nonfinancial business.. 17.6 19.3 20.7 21.4 22.7 5.5 4.9 5.2 5.5 5.8 5.5 5.6 5.7 5.9 O p Gross national saving^.. 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 P 60.5 66.2 67.9 67.2 73.1 15.6 17.0 14.9 18.6 16.6 18.9 18.4 19.5 16.3 Q R Farm and noncorp. business 10.7 11.3 11.9 12.0 12.6 6.1 1.8 1.8 2.2 6.1 2.3 .9 1.3 8.1 R S Corporate nonfinancial business.. 30.1 25.1 26.1 24.1 34.4 7.9 1.8 3.9 8.7 9.7 6.7 9.5 9.2 9.0 S T Federal Government ^ ... .4 5.8 3.6 -8.2 -4.5 -5.0 3.5 1.3 -5.4 -7.6 .7 1.2 -1.6 -4.8 T U State and local governments *.... -2.7 3 3 -4.6 —5.0 — 1.3 — A -1.1 -1.5 -1.6 — .5 — 1 5 — 1 3 -1.7 U 3.3 3.2 3.9 3.4 4.3 .1 1.0 .4 1.7 .2 1.4 .6 1.7 .6 V 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 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 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 Y 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 Z a Nonfarm residen. constr.*.... 16.6 16.1 14.9 74.7 75.5 4.0 3.6 5.7 3.6 4.3 4.3 4.1 4.9 5.3 a b Plant and equip, (nonprofit)... 2.7 2.8 3.3 3.4 3.7 .9 .8 .8 .9 .9 .9 .9 1.0 7.0 b c Farm business 4.2 3.8 4 0 4.6 5.1 .8 1.0 1.3 1.2 1.0 1.2 I 5 1 4 1.0 c d Noncorp. nonfinan. business4.. 10.1 10.1 9.2 10.7 2.3 1.7 2.5 2.5 2.4 2.1 3.2 2.9 2.5 d e Corp. nonfinan. business4 f24.1 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 e .7 .7 .8 .7 .8 .2 .2 .2 .2 .2 .2 .2 .2 f 5.8 4.7 2.0 -3.8 4.8 -1.1 -2.4 -.8 -.6 3.2 1.8 -.5 •? s .3 -.4 .8 1.1 .8 .2 .3 .2 .2 .2 .2 .2 .2 i Noncorp. nonfinan. business... .6 .2 — .1 .4 -.8 .6 -.3 .1 — .5 .9 .1 1 -.5 i 4.9 4.9 1.2 -4.8 3.5 -.5 -1.0 -2.4 -1.1 -.4 2.0 1.5 -.6 .5 j * 2.1 4 2 .4 -1.7 .7 .3 .2 * — .4 — .4 — .8 .1 k 1 Consumer and nonprofit 5.4 12.6 11.3 12.5 12.3 1.8 4.8 -.6 5.5 2.8 4.0 2.1 3.7 2.5 1 m Net acquis. offinan. assets... 25.8 27.6 25.7 24.6 55.7 5.4 5.2 3.2 7.4 8.7 7.0 8.1 8.6 9.3 m n Net increase in liabilities 20.4 15.0 77.5 72.7 20.8 3.6 .4 3.9 1.9 5.9 3.0 6.0 5.0 6.8 n 0 Farm and noncorp. business... -4.4 -2.5 -2.5 -2.8 -4.5 3.6 -1.9 -1.9 3.0 -2.1 -4.1 -3.1 4.9 0 .6 .4 7 1.5 — .2 .5 — .2 .5 .5 .8 -.5 .5 p q Net increase in liabilities 5.0 2.9 3.2 4.3 4.2 -5.7 1.7 2.5 2.2 -2.1 1.7 4.2 2.9 —4.5 q -2.9 -12.2 — 6 9 A -4.0 -4.3 .1 2.6 2.0 — 1.7 .6 .3 -3.1 r s Net acquis. offinan. assets... 16.8 4.2 2.8 7.4 12.9 7.5 -6.2 1.4 6.8 5.4 .5 5.4 3.4 3.9 s 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 t u Federal Government .4 5.8 3 6 -8.2 —4.5 -5.0 3.5 1.3 -5.4 —7.6 .7 1.2 — 1.6 -4.8 u v Net acquis. offinan. assets... .9 7.5 3.2 7.5 6.5 -2.7 1.4 3.9 -4.4 .7 .2 4.1 3.0 -.9 v w Net increase in liabilities .5 -4.3 — .4 9.8 77.0 2.8 -2.2 2.6 1.0 8.4 -.4 2.9 4.7 3.9 w 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 .2 x y Net acquis. offinan. assets... 2.2 2.6 3.5 3.0 2.8 1.0 7.2 7.5 -.8 7.0 .2 .6 .8 7.2 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 7.5 2.0 2.4 1.0 z 3.6 2.5 2 6 3.4 4.2 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 7.5 75.0 70.5 5.7 70.2 bb cc Net increase in liabilities 23.3 19.9 21.1 31.8 24.5 9.4 2.2 14.9 -.8 75.5 -7.7 9.5 6.1 70.6 cc dd Financial trans, discrep .5 -2.0 -.8 * -.9 1.5 -1.2 .8 -A .7 -1.3 A -.4 .5 dd ee Discrepancy (P—W)7 -2.0 .8 __ Q .9 2.4 -4.2 3.1 -.2 1.3 -3.2 3.4 -.6 2.0 -2.3 ee • Less than $50 million. * Preliminary. includes work in process on 1- to 4-family dwellings and other private t Includes $0.3 billion of existing facilities purchased from Federal residential construction. Government. 5 After inventory valuation adjustment. 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 4 For consumers, 1- to 4-family dwellings completed and purchases of for August 1959. For latest detailed flow of funds/saving tables, see additions and alterations. Investment of nonfarm business sectors the BULLETIN for April 1960. Notes to table on opposite page. held by other sectors included in Federal obligations category. 1 Demand deposit liabilities of banking system are net of F. R. float 3 Mainly time deposits of State and local governments, corporate and cash items in process of collection as reported by commercial banks. businesses, and savings institutions. Sum of sector holdings (partly on holder-record basis) differs from liability 4 Assets in these categories 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 * 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 809 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Transaction category, Annual totals or sector 1957 1958 1959 1955 1956 1957 1958 1959^ 4 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 1.8 .3 6.3 2.0 1.4 -3.2 5.7 -2.4 6.3 -5.6 2.3 2.1 3.2 B C Federal Government -.6 -.2 .2 .1 .7 -2.7 1.5 3.6 -5.0 * -.5 1.0 1.5 -1.3 C D Other domestic sectors 1.5 1.7 6.2 1.2 4.0 -4.4 1.8 2.7 -4.9 1.2 .5 4.5 D E Consumer and nonprofit — 8 1 0 — 8 2 5 1 i 1 3 — 1 3 — 8 2 4 6.1 — 1 1 1 0 16 E F Farm and noncorporate bus.... .3 .1 .5 1.3 -.6 .1 .3 .3 .3 2 .32 -.2 -.2 -.2 -.2 F G Corporate nonfinancial bus 1.0 2 1.8 .2 1.3 -3.1 1.3 1 0 2 5 -2.9 1.5 — 2 1 8 G H State and local government.... .4 .2 .2 .2 .5 .6 -.3 .6 -.7 .6 -.4 .1 .2 .6 H I Financial sectors .6 .2 .3 .4 • 8 — .1 3 — 3 4 _ 3 _ 3 6 I J Rest of the world .2 .2 * .1 * -.3 .2 -.1 .3 -.1 .2 .1 -.1 J K Discrepancy (A—B) 1.5 -1.1 -.5 -.9 1.7 -1.9 .7 -1.0 1.6 -1.7 .1 * .7 K II. Fixed-value redeemable claims A Net increase by type 8.4 8.9 10.1 16.0 7.5 2.8 5.5 5.0 2.5 3.1 2.3 3.0 1.8 1.5 A B 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 (2. Savings shares 5.3 5.4 5.2 6.5 7.2 1.8 1.3 1.8 1.0 2.3 1.4 2.3 1.2 2.2 C D US. savings bonds2 .3 -.1 -1.9 -1.8 -.4 -.2 2 -.2 -.5 c -.6 D E Net increase in liab., by sector 8.4 9.0 10.1 16.1 7.5 2.9 5.5 5.0 2.5 3.1 2.3 3.0 .8 1.5 E F Federal Government * -.3 -2.2 -.7 -2.0 -.5 -.2 -.2 -.2 -.2 -.6 -.6 -.6 F G Commercial banking .. 1.3 2.1 5.5 8.0 1.0 3.'6 2.8 1.1 .5 .6 .9 -.2 G H Savings institutions 7.1 7.3 6.9 8.8 8i4 2.3 2.0 2.4 1.5 2.8 2.0 2.6 \A 2.4 H I Net increase in assets, by sector 8.4 8.9 10.1 16.0 7.5 2.8 5.5 5.0 2.5 3.1 2.3 3.0 .8 1.5 I J Consumer and nonprofit 8.7 9.0 9.8 13.6 9.5 2.8 3.3 3.7 3.0 3.6 2.3 3.6 1.7 2.0 J K Other domestic sectors ^ i .1 4 1 3 — 1 0 1 1 2 1 2 — 4 — 6 — 2 — 7 — 2 K L Rest of the world (time deposits). -.1 -.1 * .9 -1.0 • 1.0 * -.1 * -.4 -.3 -.3 L 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 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 J .2 .4 .3 .1 .2 .4 .3 1 E F State and local government 1 2 1.4 1.6 1.9 2.1 .4 .4 .5 .5 .5 .5 .5 .5 .6 F G Life insurance companies 4.6 4.8 4.3 4 8 4 8 1 2 1 l 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 bv tvDe 43.8 30.6 36.7 45.4 61.8 11.8 3.0 13.7 5.9 22.7 7.3 18.5 18.3 17.7 A B Federal obligations .8 -5.4 1.3 9.1 11.5 2.0 -2.0 2.6 .9 7.7 * 1.9 5.3 4.2 B C Short-term direct5 -7.1 7.4 5.5 -1.2 5.5 2.2 -1.9 -4.3 1.2 3.8 -4.6 4.7 .7 4.7 C D Other 7.9 -12.8 -4.2 10.3 5.9 -.2 -.1 6.9 -.3 3.9 4.6 -2.8 4.6 -.5 D 3.5 3.2 4.7 5.7 4.9 1.1 1.9 1.6 1.3 .8 1.3 1.4 1.8 .4 E F Corporate and foreign bonds 4.0 5.0 7.5 6.9 4.7 1.8 2.4 1.5 1.4 1.6 1.1 1.1 1.1 1.5 F G Corporate stock 3.0 3.8 4.0 4.2 4.5 .9 .8 1.4 1.0 1.1 1.2 1.3 .8 1.2 G 12.6 10.8 8.6 10.4 13.6 1.9 1.7 2.4 3.1 3.2 2.9 3.8 3.7 3.2 H I Other mortgages 3.6 3.8 3.5 4.2 5.6 1.0 .8 1.1 1.0 1.2 1.2 1.6 1.5 1.3 I J K . C Se o c n u s r u it m y e c r re c d re it dit 6. . 4 9 3.4 "7 - 2 .4 .7 1. . 4 3 6.3 * 1.6 -2.3 * 2. . 1 6 -2.1 .1 1 1 . . 9 4 - - . . 9 2 - 2 .2 .6 - 1 .4 .7 2. . 7 8 K J L Bank loans nee 8.0 5^9 2.3 1.4 7.9 .1 -1.7 .7 2 2.8 -.4 3.6 2.8 1.9 L M Other loans 1.1 .9 2.6 1.8 2.9 1.4 1.4 -.2 -.3 .9 1.0 1.3 .1 5 M 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 l 1 4 1 9 _ 2 .4 9 .2 i .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 3.5 3.3 4.9 5.9 5.1 1.1 2.0 1.7 1.4 .8 l.*3 1.5 1.9 .5 T "U Financial sectors 5.8 1.3 2 6 1 5 5.8 -.4 1.5 -1.7 2.1 .8 1.5 1.2 2.3 U V Rest of the world .3 1.0 1.4 2.4 .8 .6 .5 .6 .5 .7 .2 .4 .3 • 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 8.0 7.9 9.7 3.6 16.7 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 -2.3 1.1 4.2 1.2 1.0 1.3 1.6 Z 1.4 1.1 2.3 1.7 3.9 .9 * .3 .5 .9 .7 1.6 1.1 .5 a b State and local government... 1.9 2.3 2.8 2.0 2.7 .4 .9 .2 .3 .6 .6 .4 1.1 .6 b c Commercial banking system 4.8 4.8 4.3 17.0 5.2 3.6 -1.2 10.8 -.6 8.0 -5.6 4.5 2.9 3.4 c -.3 .3 -.8 2.2 .3 .9 -.6 1.8 -.4 1.4 -.9 .6 .5 .1 d e Commercial banks . . 5.0 4.5 5.1 14.9 4.9 2.7 -.5 9.0 2 6.6 -4.7 4.0 2.4 3.3 e f Securities -7.0 -3.5 1.3 10.4 -7.5 1.6 1.2 6.5 1.0 1.7 -4.5 -1.3 -1.2 -.5 f 12.1 8.0 3.8 4.5 12.5 1.1 -1.7 2.5 -1.2 4.9 -.3 5.3 3.6 3.8 g h Savings institutions 8.1 7.3 7.2 9.1 10.6 1.3 1.7 2.3 2.8 2.3 2.8 3.2 3.0 1.6 h i Insurance sector 8.1 7.9 8.3 8.8 9.6 2.0 2.3 1.7 2.3 2.5 2.4 2.5 2.0 2.7 i 5.3 1.6 2.3 1.8 4.6 .8 .1 1.7 -2.1 2.1 1.0 .9 .8 2.0 j k Rest of the world 1.0 1.3 .6 -.1 3.1 .4 -.5 -.6 .8 .3 .1 1.0 1.3 .7 k * Less than $50 million. p 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

810 MEMBER BANK OPERATING RATIOS OPERATING RATIOS OF MEMBER BANKS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS, 1959 [Averages of individual ratios, expressed as percentages] Size group—total deposits Ratio of time deposits to (in thousands of dollars) total deposits (per cent) Item All groups u 1 a n ,0 n d 0 d e 0 r 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 1 2 0 5 , , 0 0 0 0 0 0 -2 5 5 0 , , 0 0 0 0 0 0 -5 1 0 00 ,0 ,0 0 0 0 0 - 10 O 0 v ,0 e 0 r 0 Un 2 d 5 er 25-50 o a 5 v n e 0 d r Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 15.2 10.4 12.2 14.0 15.7 16.8 18.5 18.7 19.6 16.2 15.7 12.9 Profits before income taxes 11.4 9.0 10.5 11.2 11.6 11.9 12.3 12.2 13.0 12.5 11.6 9.8 Net profits 7.8 6.7 7.9 8.1 7.8 7.3 7.6 7.7 8.1 8.4 7.8 7.0 Cash dividends declared 3.2 2.8 2.8 3.5 3.2 2.8 Percentage of total assets: Total earnings 4.06 4.10 4.03 3.99 4.08 4.13 4.20 4.14 4.10 3.91 4.14 4.11 Net current earnings before income taxes. 1.25 1.21 1.23 1.24 1.25 1.23 1.30 1.33 1.45 1.41 1.25 1.07 Net profits .65 .79 .79 .71 .62 .54 .53 .56 .60 .75 .63 .59 Sources and disposition oi earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 23.6 23.1 25.8 25.0 23.3 22.5 21.4 20.0 17.3 24.7 23.4 22.6 6.7 4 2 5.9 6.8 7.4 6.9 6.5 5.9 5.1 6.6 6.5 7.0 Earnings on loans .. 58.9 63.5 59.2 58.9 58.6 57.7 58.2 59.8 62.2 56.8 58.7 61.9 Service charges on deposit accounts 6.0 4.8 5.1 5.4 6.5 7.5 6.9 6.2 5.0 6.7 6.4 4.7 4.8 4.4 4.0 3.9 4.2 5.4 7.0 8.1 10.4 5.2 5.0 3.8 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.8 36.2 31.8 29.1 27.7 27.6 27.3 27.2 26.8 33.0 28.6 24.3 Interest on time deposits 17.8 10 5 15.5 17.7 19.5 19.5 18.9 16.6 14.2 6.8 18.6 29.8 Other current expenses 22.5 24.3 22.0 22.0 22.1 23.0 23.3 23.8 23.1 24.0 22.6 20.0 Total expenses 69.1 71.0 69.3 68.8 69.3 70.1 69.5 67.6 64.1 63.8 69.8 74.1 Net current earnings before income taxes 30.9 29.0 30.7 31.2 30.7 29.9 30.5 32.4 35.9 36.2 30.2 25.9 Net losses *... 5.9 3.3 3.0 4.6 6.5 7.2 8.8 10.2 12.0 6.3 6.3 4.8 Net increase in valuation reserves 1.2 .7 1.2 1.4 1.4 1.4 1.1 .8 1.4 1.3 .9 Taxes on net income 7.5 6 6 6.7 7.1 7.6 8.2 7.9 7.9 9.0 9.2 7.3 5.8 Net profits 16.3 18.4 19.8 18.1 15.2 13.1 12.7 13.5 14.9 19.3 15.3 14.4 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities.. 2.90 2.93 2.97 2.95 2.90 2.83 2.79 2.79 2.78 2.96 2.89 2.90 Interest and dividends on other securities. 2.82 3.38 3.19 2.87 2.69 2.66 2.77 2.44 2.72 2.86 2.80 2.81 Net losses1 .46 .10 .14 .31 .48 .59 .78 .95 1.32 .45 .50 .39 Return on loans: Earnings on loans 6.31 6 61 6.55 6.37 6.37 6.22 6.07 5.92 5.68 6.39 6.39 6.09 Net losses 1 .10 .18 .12 .10 .10 .09 .08 .09 .05 .12 .10 .07 Distribution of assets: Percentage of total assets: U. S. Government securities 31.6 30 3 33.5 32.5 31.4 31.5 30.8 28.7 24.8 31.1 32.0 31.6 Other securities 9.8 5.9 8.0 9.8 11.0 10.6 9.9 9.5 7.5 9.3 9.8 10.3 L C o as a h n s assets 3 1 8 9 . . 3 0 2 3 4 8 . 1 9 2 3 0 7 . 6 0 3 1 7 9 . . 5 1 3 1 8 8 . . 0 2 3 1 8 7 . . 5 8 4 1 0 7 . . 1 5 4 1 1 8 . . 6 4 4 2 4 1 . . 7 1 2 3 3 5 . . 4 0 3188..44 4124..27 Real estate assets 1.1 .7 .8 1.1 1.2 1.4 1.4 1.3 1.2 1.0 1.2 1.1 Other ratios: Total capital accounts to: Total assets 8.7 12.1 10.4 9.2 8.2 7.6 7.1 7.2 7.5 9.1 8.4 8.7 Total assets less Government securities and cash assets 18 6 28 2 24 1 20.2 17.0 15.5 14.0 14.0 14.0 21.2 17.9 16.8 Total deposits 9.7 14.0 11.8 10.2 9.1 8.4 7.8 8.0 8.3 10.2 9.3 9.7 Time to total deposits . .. 35.7 22.3 31.3 35.5 39.1 38.9 37.6 32.9 27.8 13.8 37.4 59.4 Interest on time deposits2 2.17 2 01 2.15 2.13 2.18 2.21 2.25 2.24 2.29 1.84 2.23 2.26 Trust department earnings to total earnings2. 3.0 .5 1.9 1.7 1.9 2.6 3.2 4.2 5.7 4.1 2.8 2.0 6,184 171 768 2,027 1,401 1,021 360 196 240 1,857 2,804 1,523 For notes see second succeeding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS 811 OPERATING RATIOS OF MEMBER BANKS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK, 1959 [Averages of individual ratios, expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over Item All Size group—total deposits (in thousands of dollars) groups u 2 a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 - 5 2 , 5 0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 2 a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 2 J, 5 ,0W ,0 0V 0 0- 0 - 2 O 5, v 0 e 0 r 0 u 2 a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 2 , 5 0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 15.2 13.0 15.4 18.0 19.6 11.6 14.1 16.9 19.2 10.0 12.1 13.5 16.6 Profits before income taxes 11.4 11.2 12.5 13.1 13.6 9.8 11.2 12.0 12.6 8.7 9.8 10.1 10.2 Net profits 7.8 8.3 8.9 8.2 8.0 7.3 8.0 7.7 7.9 6.6 7.2 6.9 7.1 Cash dividends declared 3.2 3.3 3.4 3.2 4.2 2.5 2.9 3.3 3.9 2.2 2.7 2.9 3.5 Percentage of total assets: Total earnings 4.06 4.00 3.80 3.94 3.98 4.09 4.07 4.17 4.22 4.08 4.11 4.09 4.31 Net current earnings before income taxes 1.25 1.38 1.38 1.41 1.52 1.17 1.22 1.26 1.31 1.00 1.09 1.07 1.14 Net profits .65 .80 .65 .62 .74 .69 .58 .55 .66 .65 .54 .46 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 23.6 26.1 26.8 24.1 18.7 25.2 24.7 23.0 20.4 24.0 23.2 22.1 20.6 Other securities 6.7 5.2 7.6 7.2 5.1 5.8 6.5 7.0 6.1 6.0 6.6 7.6 7.2 Earnings on loans 58.9 58.8 55.3 55.2 60.5 60.0 59.2 57.7 59.2 62.8 62.6 61.5 60.0 Service charges on deposit accounts 6.0 5.8 6.3 8.3 5.5 4.7 5.6 7.2 6.5 3.6 4.0 5.1 6.6 Other current earnings. 4.8 4.1 4.0 5.2 10.2 4.3 4.0 5.1 7.8 3.6 3.6 3.7 5.6 Total earnings.... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.8 36.8 33.8 31.6 27.8 30.9 28.9 28.1 27.3 26.0 24.1 23.7 25.3 Interest on time deposits 17.8 5.4 6.0 7.8 8.6 18.3 18.7 18.7 18.6 29.6 29.8 30.2 28.8 Other current expenses 22.5 23.3 22.4 22.2 22.8 23.1 20.1 19.6 20.1 21.1 23.7 24.8 24.7 Total expenses 69.1 65.5 71.6 69.8 69.6 69.0 75.7 73.5 74.0 75.2 63.5 64.2 61.1 Net current earnings before income taxes.. 30.9 34.5 28.4 30.2 30.4 31.0 24.3 26.5 26.0 24.8 36.5 35.8 38.9 Net losses1 5.9 3.3 11.4 3.3 4.8 7.1 9.7 2.0 3.7 5.6 8.6 Net increase in valuation reserves 1.2 1.2 5.2 7.4 .6 .9 1.3 1.5 .8 .9 1.1 .9 .6 Taxes on net income 7.5 7.8 1.6 1.8 11.1 6.1 6.9 7.8 7.5 5.3 5.7 6.2 4.8 Net profits 16.3 22.2 8.7 10.1 15.8 18.1 17.2 14.0 13.0 16.1 16.0 13.3 10.8 21.0 16.5 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities ... 2.90 3.02 3.02 2.92 2.78 2.95 2.95 2.88 2.80 2.83 2.86 2.83 2.77 Interest and dividends on other securities 2.82 3.30 2.84 2.61 2. 3.10 2.89 2.71 2.64 3.26 2.86 2.66 2.75 Net lossesJ .46 .12 .31 .52 1.17 .17 .33 .56 .92 .12 .28 .46 .78 Return on loans: Earnings on loans. 6.31 6.61 6.46 6.49 5.70 6.68 6.46 6.37 6.03 6.22 6.13 6.04 5.99 Net losses1 .10 .13 .12 .12 .07 .18 .10 .10 .08 .05 .08 .07 .06 Distribution of assets: Percentage of total assets: U. S. Government securities. 31.6 32.5 32.4 31.2 25.5 33.3 32.7 31.8 29.8 33.3 32.2 30.9 30.4 Other securities 9.8 7.0 10.5 10.8 7.6 8.3 9.4 10.6 9.4 8.0 9.4 11.4 11.0 Loans 38.3 35.5 33.0 33.9 41.3 37.6 37.9 38.1 41.6 41.5 42.3 42.0 43.5 Cash assets 19.0 24.3 23.1 22.7 23.7 19.9 18.8 18.0 17.3 16.2 14.9 14.3 13.4 Real estate assets.... 1.1 .7 .9 1.2 1.3 .9 1.1 1.3 1.4 .9 1.0 1.2 1.3 Other ratios: Total capital accounts to: Total assets 8.7 10.9 9.3 7.8 10.6 9.0 7.8 7.0 10.3 9.2 8.2 6.7 Total assets less Government securities and cash assets 18.6 26.9 22.0 18.3 15.8 24.2 20.1 16.1 13.5 21.3 18.1 15.4 12.1 Total deposits 9.7 12.4 10.3 8.9 8.7 12.1 10.0 8.6 7.7 11.7 10.3 9.1 7.3 Time to total deposits 35.7 11.2 12.2 16.2 16.8 37.0 37.4 37.7 36.9 60.4 59.9 59.2 56.7 Interest on time deposits2 2.17 1.98 1.90 2.03 2.16 2.24 2.22 2.22 2.30 2.23 2.24 2.26 2.35 Trust department earnings to total earnings2. ... 3.0 2.8 2.1 2.8 5.5 1.0 1.6 2.5 3.8 1.5 1.5 1.8 3.0 Number of banks 3 6,184 429 639 518 271 329 846 1,241 388 181 542 663 137 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

812 MEMBER BANK OPERATING RATIOS OPERATING RATIOS OF MEMBER BANKS BY FEDERAL RESERVE DISTRICTS, 1959 [Averages of individual ratios, expressed as percentages] Federal Reserve district All Item tr d i i c s- ts B to os n - Y N o e r w k P p d h h e i l i l - a a - C la le n v d e m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 15.2 14.1 13.4 11.9 13.3 14.4 16.5 15.4 15.2 17.8 16.7 15.7 19.4 Profits before income taxes 11.4 10.2 9.6 9.3 10.3 11.4 11.9 10.8 11.7 14.2 12.8 12.3 14.3 Net profits 7.8 6.7 6.9 6.5 6.9 7.4 8.2 7.2 8.0 9.6 8.6 8.8 9.1 Cash dividends declared 3.2 3.8 3.0 2.8 2.9 3.1 3.0 2.9 2.9 3.8 3.3 3.5 3.5 Percentage of total assets: Total earnings 4.06 4.62 4.22 3.98 3.94 4.10 4.24 3.82 3.71 4.30 4.10 4.02 4.67 Net current earnings before income taxes 1.25 1.35 1.09 1.16 1.18 1.27 1.25 1.17 1.28 1.31 1.43 1.31 1.33 Net profits .65 .65 .57 .64 .62 .65 .62 .56 .69 .71 .75 .75 .64 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 23.6 18.0 19.8 21.5 23.6 21.8 21.5 28.6 28.4 24.2 24.3 21.2 19.8 Other securities 6.7 4.7 8.2 7.5 6.0 5.6 6.9 6.1 7.1 7.7 6.3 7.5 5.0 Earnings on loans 58.9 60.3 60.5 63.1 61.2 63.2 59.5 54.7 56.2 54.8 58.3 60.5 60.2 Service charges on deposit accounts 6.0 9.9 7.2 3.6 4.9 4.8 7.1 5.9 4.0 6.4 7.0 6.4 8.7 Other current earnings 4.8 7.1 4.3 4.3 4.3 4.6 5.0 4.7 4.3 6.9 4.1 4.4 6.3 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 28.8 31.0 27.0 24.5 25.8 26.5 28.7 29.1 29.0 28.0 32.4 33.0 29.0 Interest on time deposits 17.8 13.9 25.8 24.5 21.2 20.8 18.0 18.5 13.6 20.9 11.1 9.2 22.3 Other current expenses 22.5 26.7 21.4 21.9 23.1 21.8 23.7 21.5 22.7 20.7 21.5 19.9 25.1 Total expenses 69.1 71.6 74.2 70.9 70.1 69.1 70.4 69.1 65.3 69.6 65.0 71.2 67.3 Net current earnings before income taxes... 30.9 28.4 25.8 29.1 29.9 30.9 29.6 30.9 34.7 30.4 35.0 28.8 32.7 Net losses 1 5.9 7.4 5.8 5.2 6.1 5.4 6.5 7.0 6.9 4.3 5.8 5.8 Net increase in valuation reserves 1.2 .5 1.1 1.1 .4 .7 1.5 1.6 .7 1.5 1.8 4.7 1.3 Taxes on net income 7.5 7.4 5.2 6.7 7.6 8.7 6.7 7.4 8.4 7.8 8.8 1.8 7.6 Net profits 16.3 13.1 13.7 16.1 15.8 16.1 14.9 14.9 18.7 16.8 18.6 7.4 14.1 18.8 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities 2.90 2. 2.85 2.77 2.81 2.84 2.95 2.83 2.89 3.03 2.99 3.07 2.86 Interest and dividends on other securities 2.82 2. 2.69 2.96 2.91 2.77 2.87 2.70 2.91 2.85 2.84 2.79 2.94 Net losses 1 .46 .72 .51 .39 .48 .50 .50 .52 .45 .36 .39 .26 .65 Return on loans: Earnings on loans 6.31 6.27 5.99 5.99 5.92 6.52 6.90 5.91 6.20 6.27 6.66 6.92 6.78 Net losses * .10 .21 .10 .09 .09 .08 .18 .06 .09 .05 .10 .16 .09 Distribution of assets: Percentage of total assets: U. S. Government securities 31.6 26.9 28.3 30.1 32.1 30.3 29.8 36.8 35.2 33.3 31.9 26.7 30.8 Other securities 9.8 8.2 12.5 10.4 8.5 8.6 10.4 8.9 9.4 11.2 9.5 10.9 8.0 Loans 38.3 41.3 43.0 42.4 41.1 40.3 36.9 35.9 34.1 38.0 36.7 35.6 41.7 Cash assets 19.0 21.6 14.7 15.8 16.9 19.4 21.1 17.4 20.2 16.3 20.9 25.4 17.9 Real estate assets 1.1 2.0 1.3 1.2 1.2 1.4 1.6 .9 .9 1.0 .8 1.3 1.4 Other ratios: Total capital accounts to: Total assets 8.7 10.0 8.5 10.1 9.3 9.1 8.0 7.9 8.7 7.7 8.9 8.7 7.1 Total assets less Government securities and cash assets 18.6 19.6 15.6 19.4 19.1 19.0 17.0 18.5 21.7 16.2 20.1 19.3 14.6 Total deposits 9.7 11.4 9.5 11.4 10.3 10.2 8.9 8.7 9.6 8.5 10.1 9.7 7.8 Time to total deposits 35.7 29.6 49.2 52.5 45.1 40.5 31.9 38.7 27.9 42.8 21.2 16.3 42.5 Interest on time deposits 2 2.17 2.10 2.38 2.03 1.98 2.25 2.51 1.94 1.90 2.29 2.20 2.42 2.58 Trust department earnings to total earnings 2 3.0 4.9 3.1 3.1 3.4 2.7 2.5 2.8 2.6 2.7 2.4 2.2 3.4 Number of banks 3 6,184 276 507 494 566 447 399 1,002 487 474 750 621 161 1 Net losses is the excess of (a) actual losses charged against net profits on the aggregate dollar amounts. Averages of individual ratios are plus losses charged against valuation reserves over (b) actual recoveries useful primarily to those interested in studying the financial results of and profits credited to net profits plus recoveries credited to valuation operations of individual banks, while ratios based on aggregates show reserves; net recoveries and profits is the reverse. Transfers to and from combined results for the banking system as a whole and, broadly speaking, reserves are excluded. are the more significant for purposes of general analyses of credit and 2 Banks with no time deposits, or no trust department earnings, as the monetary problems. case may be, were excluded in computing this average. Figures of earnings, expenses, etc., used in the calculations were taken 3 The ratios for 49 member banks in operation at the end of 1959 were from the annual earnings and dividends reports for 1959. Balanceexcluded from the compilations because of unavailability of data covering sheet figures used in the compilations were obtained by averaging the the complete year's operations, certain accounting adjustments, lack of amounts shown in each bank's official condition reports submitted for comparability, etc. Dec. 31, 1958 and June 10 and Oct. 6, 1959 (and Mar. 12 and Dec. 31, NOTE.—These ratios, being arithmetic averages of the operating ratios 1959, for the New York District, except for a limited number of banks of individual member banks, differ in many cases from corresponding for which all reports were not available; such reports as were available ratios computed from aggregate dollar amounts, see BULLETIN for May were used in those instances. Savings deposits are included in the time 1960, pp. 569-572. Such differences result from the fact that each bank's deposit figures used in these tables. Banks with no time deposits (153 figures have an equal weight in calculation of the averages whereas the in number) are included with the banks having ratios of time to total figures of the many small and medium-sized banks have but little influence deposits of less than 25 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK HOLDING COMPANIES 813 BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 19591 [Holding companies registered pursuant to Bank Holding Company Act of 1956] Details for 32 States Number of banking offices in Deposits of banks in holding company groups holding company groups State, or item Banks and branches Number of As a percompanies 2 In centagefof Banks Branches c A e s n t a a g p e e r o - f o m f i d ll o io ll n a s rs al c l ia c l o m ba m nk er- Total all commer- deposits cial banking offices Arizona 1 2 59 61 39.61 442 37.72 California 4 5 180 185 11.35 2,358 9.90 Colorado 1 3 3 1.60 86 4.49 Florida 3 12 12 4.10 364 7.68 6 22 37 59 11.99 1,002 35.34 Idaho 2 2 38 40 35.71 256 39.73 Illinois 3 6 6 .63 196 1.16 Indiana 2 3 2 5 .69 38 .82 Iowa 2 13 8 21 2.49 236 7.72 Kentucky 1 2 16 18 3.70 170 7.37 Maine 1 3 7 10 5.78 29 4.62 3 22 136 158 30.50 1,109 21.13 Minnesota 4 118 6 124 17.89 2,453 60.67 Missouri 2 7 7 1.11 245 4.10 Montana . . .. 4 31 31 26.72 419 51.97 Nebraska 1 5 5 1.17 155 9.71 1 2 23 25 60.98 310 74.87 New Hampshire. 1 6 6 7.79 42 10.53 New Mexico . . 1 5 10 15 15.46 89 12.79 New York 10 22 176 198 11.64 2,366 5.69 North Dakota 3 34 5 39 21.31 299 38.97 Ohio 2 24 33 57 4.82 660 5.98 Oklahoma 1 .25 3 .12 1 1 81 82 35.34 879 43.98 South Dakota. 2 11 23 34 15.04 236 32.65 Tennessee 3 9 8 17 3.49 107 3.33 Texas 3 8 8 .80 329 2.82 Utah 2 3 48 51 44.74 500 52.47 Virginia 2 4 5 9 1.65 58 1.82 3 7 48 55 15.76 369 13.52 Wisconsin 5 16 18 34 4.81 1,433 32.13 2 4 4 7.55 73 17.94 Total—32 States 2 48 1413 1967 U,380 117,311 Summary totals and comparisons 32 States United States- perce H n o ta ld g i e n g o f c a o l m l c p o a m ny m g e r r o ci u a p l s b a a s n k a s in: all comp H a o n l y d in g g roups commer A ci l a l l banks com ba m n e k r s cial 32 States United States Number of banking offices total 1 1,380 15,829 22,860 18.72 16.04 Banks 1 413 9 804 13 473 Branches .. . . 1 967 6'025 9,387 Deposits (in millions of dollars) ... 1 17,311 167,087 219,886 1 10.36 17.87 1 The data include: (1) banks of which the bank holding companies 2 Data for individual States represent bank holding companies having owned or controlled 25 per cent or more of the outstanding stock, and subsidiary banks in the respective States rather than registered bank (2) eight domestic commercial banks that are themselves bank holding holding companies whose principal offices are located in such States. companies. The eight banks have 54 branches and deposits aggregating Total does not equal sum of State figures because it has been corrected $1,669,770,600. Exclusion of these 62 banking offices and their deposits for duplications; that is, holding companies that have subsidiary banks from the data in the table would reduce the percentage ratios shown in in more than one State are included in the total only once. the table as follows: Holding company groups to all commercial banks The 48 bank holding companies included in the total represent only 43 in 32 States—number of banking offices, from 8.72 to 8.33; deposits, separate bank groups because in five cases the bank group is controlled from 10.36 to 9.36; holding company groups to all commercial banks by a bank holding company that is in turn controlled by another bank in United States—number of banking offices, from 6.04 to 5.77; deposits, holding company. These groups are located in the following States: from 7.87 to 7.11. Florida, one; Georgia, two; Indiana, one; and Massachusetts, one. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 816 Net gold purchases and gold stock of the United States 824 Estimated foreign gold reserves and dollar holdings 825 Reported gold reserves of central banks and governments 826 Gold production 827 International Bank and Monetary Fund 828 United States balance of payments 829 Money rates in foreign countries 829 Foreign exchange rates 831 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. 815 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] In- Ger- Date G to ra ta n l d t t i e i n o r s n n t a a i- - l Foreign countries m R F a e e n p d y . . , Italy U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia ot A h l e l r tutions 2 Total Official 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—May 31 17,153 1,719 15,434 8,802 ,409 1,298 1,094 4,183 7,984 2,094 2,661 2,391 304 June 30 18,428 •2,756 15,673 8,967 ,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 ,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 r9,144 [,987 1,369 971 4,131 8,458 2,195 2,406 2,748 376 1960 Jan. 31 19,346 3,138 16,208 r8,894 [,899 1,358 993 4,055 8,304 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 19,649 3,300 16,349 8,999 2,012 1,159 1,258 3,963 8,391 2,358 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 May 31? 20,113 3,358 16,756 9,247 2,220 1,050 1,458 3,905 8,633 2,409 2,525 2,781 408 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m D a e r n k - l F a i n n d - France Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w e e n - S l w a e n r i - t d z- T k u ey r- Y sl u a g vi o a - ot A h l e l r * 1955 Dec. 31 3,357 261 108 60 49 1,081 176 164 82 132 104 153 757 9 13 209 1956 Dec. 31 3,089 296 117 65 53 626 177 134 67 137 43 217 836 20 17 282 1957 Dec 31 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 11 349 1958 Dec 31 3,960 411 115 169 69 532 126 339 130 163 36 303 852 20 9 685 1959—May 31 4,183 409 124 110 73 855 156 363 108 162 33 322 857 22 6 582 June 30 4,279 390 118 110 71 981 154 356 113 151 35 350 878 21 7 544 July 31 4,402 390 122 119 72 1,054 164 397 109 153 32 351 868 27 6 538 Aug. 31 4,503 391 119 98 76 1,139 165 423 102 155 59 343 869 29 7 528 Sept 30 4,611 394 129 113 71 1,157 161 435 103 151 67 330 905 32 6 557 Oct 31 . . 4 454 386 125 113 79 1,095 172 426 101 142 71 TAX 889 28 6 582 Nov. 30 4,300 364 132 122 81 903 192 429 97 138 79 243 902 34 5 578 Dec 31 4,131 331 138 137 77 655 186 485 95 138 86 213 969 31 6 583 I960 Jan 31 4,055 308 152 120 83 664 188 496 95 128 93 151 977 30 10 559 Feb. 29 4,037 300 137 112 90 675 197 496 94 130 99 196 950 31 10 521 Mar. 31 3,963 264 156 114 87 719 160 482 99 125 111 217 931 30 12 456 Apr. 30*> 3,818 234 136 92 75 711 146 442 96 113 108 265 927 23 9 441 May 3\P 3,905 221 141 82 71 726 128 430 99 104 120 267 941 24 7 545 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o bi m o a - - Cuba m p i D R c l u i i a o e b c n - n - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a p P i R c m u a e b n o a - - - , f Peru U gu r a u y - V zu e e n l e a - A L O i a m t c h t a i e e n r r nam 1955 Dec. 31 2,000 138 26 143 95 131 253 65 24 45 414 47 86 92 65 265 112 1956 Dec 31 2 346 146 29 225 91 153 211 68 25 64 433 69 109 84 73 455 111 1957 Dec 31 . ... 2 575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958 Dec 31 2,403 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 133 1959 Mav 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 31 2 383 388 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 May 31*> 2,525 412 22 172 156 205 138 35 33 52 409 85 123 79 63 351 191 * Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1NTTL CAPITAL TRANSACTIONS OF THE U. S. 817 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS EM THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Ko- Date Union Hong Indo- rea, Phil- Tai- Thai- Aus- Bel- of Total Kong India nesia Iran Israel Japan p ni\ up .e b - - p i i p n - es wan land Other Total tralia C g o i n an go Egypt* A S f o r u ic t a h Other 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—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 2,830 63 104 150 45 87 1,336 141 178 95 144 486 387 114 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 May 31*.... 2,781 56 67 138 47 91 1,410 136 194 90 152 399 408 118 46 41 30 174] 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 Mainland8. 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 9 1.7 1.7 n.a. Jordan 2.0 1.6 2.8 2.5 Hungary .8 .7 .9 1.3 Kuwait 5.3 5.9 10.3 9.4 Iceland 3.1 2.9 3.5 2.7 Laos 37.3 33.1 20.9 n.a. Ireland, Republic of 9.1 9.0 10.0 5.4 Lebanon , 22.3 28.2 37.9 38.0 Latvia .6 .5 .6 .6 Malaya, Fed. of 1.4 1.6 1.2 1.4 Lithuania .4 .5 .7 .6 Pakistan , 20.2 12.8 5.6 23.5 Luxembourg 13.2 16.4 16.1 8.2 Portuguese dependencies. 2.7 3.1 3.1 2.4 Monaco 4.3 5.4 5.9 5.3 Ryukyu Islands 30.6 32.7 15.2 14.8 Poland* 3.3 3.2 4.9 4.0 Saudi Arabia 97.4 94.8 60.2 111.6 Rumania * .9 .8 .9 .9 Syria* 17.1 3.5 4.7 5.0 Trieste 1.4 1.2 .5 n.a. Viet-Nam , 50.1 58.5 48.8 68.3 U. S. S. R.» .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 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 .3 8.4 n.a. Not available. » Preliminary. the Second (New York) Federal Reserve District. They represent a 1 Does not include banking liabilities to foreigners maturing in more partial breakdown of the amounts shown in the "other" categories in than one year; such liabilities amounted to $4 million on May 31, 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 institusubscription to the International Monetary Fund paid in June 1959. tions, as well as banks, organizations, and individuals domiciled abroad' 5 Includes Bank for International Settlements. and the foreign subsidiaries and offices of U. S. banks and commercial! • Part of the United Arab Republic since February 1958. firms. i 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

818 EVTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Date, or area Payable and country Total in foreign U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other2 Total Deposits T bi r l e ls a s a u n r d y Other* certificates1 certificates Total amounts outstanding 1955—Dec. 31 13,601 11,777 5,451 5,670 656 1,783 1,543 184 56 40 1956—Dec. 31 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957 Dec 31 15,158 12,847 5,875 5,840 1,132 2,252 1,766 278 209 59 1958—Dec. 31 16.159 13.669 6.772 5.823 L075 2.430 1.951 306 174 59 1959—May 31 17,153 14,569 6,775 6,633 1,161 2,523 1,975 305 243 62 June 30 . 18,428 15,794 6,694 7,940 1,160 2,557 1,999 314 244 77 July 31 18,724 16,082 6,497 8,409 1,175 2,576 2,026 301 249 67 Aug 31 18,812 16,131 6,374 8,546 1,211 2,615 2,045 303 267 66 Sept. 30 19,197 16,549 6,560 8,768 1,220 2,578 1,963 331 283 71 Oct. 31 19,016 16,450 6,132 9,046 ,271 2,498 1,913 310 276 68 Nov 30 19,303 16,805 6,331 9,181 1Q1 2,433 1,857 290 286 65 Dec. 31 19,341 '16,866 6,341 '9,243 '1,281 '2,398 1,833 '295 '270 77 I960—Jan. 31 19,346 r16,936 6,149 r9,258 '1,529 '2,354 1,766 '295 '293 56 Feb. 29 19,441 17,109 6,065 9,430 1,615 2,275 1,750 225 301 56 Mar. 31 19,649 17,344 6,272 9,357 1,715 2,243 1,738 204 301 62 Apr. 30^ 19,794 17,493 6,690 9,231 1,572 2,239 1,750 200 288 63 May 31* 20,113 17,778 6,918 9,314 1,545 2,268 1,770 213 285 68 Area and country detail, March 31, 1960 Europe: 264 262 121 119 21 2 1 1 (3) (3) Belgium . 156 108 67 9 32 47 38 9 (3) Denmark 114 103 11 89 3 11 8 2 (3) (3) Finland 87 86 9 73 4 1 France 719 662 210 409 42 55 45 3 7 2 Germany, Fed. Rep. of 2,012 1,986 268 1,474 244 25 19 3 4 1 160 145 26 119 15 15 Italy 1,159 1,122 131 839 $ 37 28 6 3 (3) Netherlands. 482 441 99 231 112 36 16 16 4 4 Norway 99 60 51 6 3 39 37 1 Portusal 125 81 69 12 44 42 (3) 2 (3) Spain ...... 111 95 94 1 16 16 Sweden 217 209 55 105 49 7 7 (3) (3) Switzerland . . 931 779 223 142 414 148 78 22 48 4 30 28 28 2 2 United Kingdom 1,258 932 537 299 97 288 119 88 81 38 Yugoslavia 12 12 12 (3) 1 1 Other Europe 456 441 62 215 165 15 10 1 4 (3) Total 8,391 7,553 2,074 4,130 1,350 789 483 144 162 49 Canada 2,358 2,103 1,577 475 50 247 179 31 37 8 Latin America: Argentina ... 388 316 123 173 20 73 70 2 (3) Bolivia 21 5 15 15 Brazil 156 47 41 (3) 109 98 4 7 (3) Chile . . .. 152 107 106 (3) 45 44 (3) (3) (3) Colombia 204 140 120 (3) 20 64 63 (3) 1 (3) Cuba 149 58 48 8 2 91 82 9 (3) Dominican Republic 29 6 6 23 22 1 PI Salvador 33 16 8 4 17 17 Ouatemala 53 37 10 15 12 16 16 Mexico 432 303 285 6 12 129 125 3 1 (3) Neth. W. Indies and Surinam 85 38 12 17 10 47 15 9 23 Panama Reo of 128 25 24 2 103 65 4 33 Peru 72 30 29 (3) 42 39 I 2 Uruguay •.. 62 28 25 34 25 2 7 Venezuela 245 85 85 160 154 1 4 Other Latin America 175 104 80 15 9 70 65 2 3 l Xotal 2,383 1,344 1,006 238 100 1,038 915 27 95 2 p Preliminary. ' 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 toT$2,238 million on May 31, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 819 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Payable Area and Total in foreign country currencies U.S. U.S. Total Deposits T bi r l e ls a s a u n r d y Other1 Total Deposits T bi r l e ls a s a u n r d y Other i certificates certificates Area and country detail, March 31,1960—Continued Asia: Hong Kong 63 36 28 8 27 26 (2) 1 3 India . 104 90 20 42 29 13 13 Indonesia 150 148 69 75 4 2 2 Iran .. .. 45 41 38 3 4 4 (2) Israel 87 83 21 48 14 4 4 Japan 1,336 1,321 680 592 50 15 14 CO 1 <2) 141 138 97 41 3 3 Philippines 178 159 126 25 19 19 8 (2) (2) Taiwan 95 88 86 3 7 7 Thailand 144 141 26 109 5 3 3 Other Asia 486 451 156 248 46 35 33 ( 2 ) 2 (2) Total 2,830 2,697 1,346 1,181 170 132 127 1 4 All other: Australia 114 109 28 72 9 4 4 C2) 1 Egypt3 4 3 2 3 4 3 1 1 1 1 8 8 1 3 3 20 2 1 2 1 <i Union of South Africa 43 41 25 14 2 2 1 Other 157 126 90 23 14 30 26 1 $ Total 387 348 179 124 44 38 33 1 4 2 Total foreign countries. 16,349 14,044 6,182 6,149 1,714 2,243 1,738 204 301 62 International institutions.... 3,300 3,299 90 3,208 1 Grand total 19,649 17,344 6,272 9,357 1,715 2,243 1,738 204 301 62 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» [Amounts outstanding, in millions of dollars] Ger- Date Total France R m F e a p e n . d y . o , f Italy S l z a w e n r i d - t- U K d n i o n i 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—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 1960—Jan. 31., '2,714 46 51 r39 51 131 229 '546 255 1,235 624 55 Feb. 29., 2.688 38 51 38 39 141 229 536 234 1,240 626 53 Mar. 31., 2,726 25 53 30 37 123 231 499 246 1,245 682 54 Apr. 30*>, 2,722 25 56 33 41 137 228 520 254 1,177 716 55 May 31* 2,700 26 55 32 36 142 228 519 254 1,127 744 56 P Preliminary. r Revised. foreigners; drafts drawn against foreigners that are being collected by 1 Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year: loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 INT'L CAPITAL TRANSACTIONS OF THE U, S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a e r n k - 1955—Dec. 31 158 2 16 13 1956—Dec. 31 216 7 28 12 1957—Dec. 31 211 6 25 11 1958_Dec. 31 315 7 65 14 1959—May 31 236 51 9 June 30 220 6 50 8 July 31 234 6 53 9 Aug. 31 222 5 48 9 Sept. 3@ 239 6 50 10 Oct. 31 230 5 50 11 Nov. 30 225 5 51 14 Dec. 31 234 4 56 I960—Jan 31 229 4 56 Feb. 29 229 3 53 Mar. 31 231 3 49 Apr. 30p 228 2 51 May 31* 228 2 49 oo ooisi Fin- land 3 4 4 6 6 5 5 5 7 8 8 12 9 7 00 00O Neth- Greece la e n r d - 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 n er 4 11 9 2 5 7 78 2 7 4 21 23 2 8 13 88 7 6 29 23 2 8 10 76 10 7 56 22 2 30 24 72 9 8 34 11 2 28 15 51 2 16 7 31 10 2 26 10 49 2 13 7 32 8 2 25 12 57 3 14 7 24 10 2 11 13 70 4 15 7 22 10 2 11 19 75 3 17 7 23 9 1 9 15 72 3 17 7 25 9 2 8 16 62 2 17 5 38 7 2 8 19 47 3 18 3 33 8 2 7 17 50 7 16 3 26 7 2 6 17 66 8 16 9 3 30 8 2 6 18 69 9 14 9 4 26 6 2 6 19 67 11 15 8 4 36 7 2 5 23 60 12 13 Table 3b. Latin America Neth- Do- er- Date A L m i a c t e a in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i 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 c m u a e b n o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e r n r nam 1955—Dec. 31 706 7 4 69 14 143 92 5 8 5 154 3 17 29 18 105 34 1956—Dec. 31 840 15 4 72 16 145 90 7 11 7 213 5 12 35 15 144 49 1957—Dec. 31 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958—Dec. 31 1,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959—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 \ug. 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 1,245 65 3 151 51 71 83 23 5 12 282 5 18 36 51 334 54 Apr. 30* 1,177 65 4 149 50 75 92 20 5 13 297 3 17 40 52 242 54 May 31P 1,127 68 4 161 50 77 77 19 6 13 325 5 22 41 49 160 50 Table 3c. Asia and All Other Asia All other Date Total H Ko o n n g g India Iran Israel Japan ip P p h in il e - s w Ta 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 Egypt* 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 1 12 19 1958—Dec. 31 435 6 4 27 23 179 67 6 13 111 69 13 4 3 21 29 1959—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. 3J 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 31 682 12 6 31 13 420 22 9 13 154 54 18 3 1 10 23 Apr. 30» 716 11 8 35 15 457 22 10 10 148 55 19 3 2 11 19 May 31P 744 12 8 33 16 487 21 10 12 146 56 21 3 1 11 19 P Preliminary. 2 Less than $500,000. 1 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

EVTL CAPITAL TRANSACTIONS OF THE U. S. 821 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 C t o io ll n e s c- Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Total amounts outstanding 1955 Dec. 31 671 1 549 1 385 489 236 353 307 164 144 20 1956—Dec. 31 839 1,946 1,796 582 330 440 444 150 131 19 1957 Dec 31 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 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 1,482 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 '1,503 r2,714 864 '428 517 676 229 195 34 Feb 29 1,497 2,688 2^78 834 413 526 705 210 175 36 Mar. 31 1 518 2 726 2 510 797 397 538 779 215 179 37 Apr 30p 1,579 2,722 2,499 778 413 562 746 223 186 36 May 31? 1,638 2,700 2,476 774 395 569 737 224 188 36 Area and country detail, March 31, 1960 Europe: 3 3 2 (2) (2) 1 (2) (?) 25 49 48 36 4 8 1 1 (2) Denmark • 1 12 12 1 2 8 Finland 4 9 9 1 7 (2) n\ 19 25 23 10 7 2 (?) Germany, Fed. Rep. of.... 14 53 47 17 2 23 4 7 6 i Greece 6 3 3 <2 3 Italy 41 30 28 4 12 7 2 2 Netherlands 16 30 26 3 7 12 2 4 4 123 8 7 1 1 4 1 1 1 (?) 2 2 2 1 (\> 6 6 6 1 1 (2) (2) 34 18 16 1 6 7 3 Switzerland 2 37 29 11 10 5 4 8 8 Turkey 69 69 65 4 48 123 26 7 1 17 1 97 71 26 9 9 5 3 1 Other Europe 10 14 14 6 3 4 1 (2) (2) (2) Total 353 499 375 162 43 120 50 125 97 28 Canada 93 246 191 13 153 8 17 55 51 4 Latin America: 87 65 40 6 3 17 14 25 25 Bolivia 3 3 ft 3 Brazil 25 3 3 9 1 5 5 1 1 1 5 5 1 0 4 1 6 0 16 2 1 0 2 7 1 0 3 § ( 1 2) 8 Colombia 27 71 71 5 9 26 31 8 Cuba 54 83 83 45 4 26 8 2 23 23 5 2 4 12 2 El Salvador 5 5 3 1 ( ) Guatemala 2 12 12 3 2 6 2 8 N M e e t x h i e c r o lands W. Indies 184 282 278 116 60 29 73 ( 2 ) 3 and Surinam 3 5 5 2 2 Panama Rep of 33 18 18 11 4 3 Peru 12 36 36 5 16 14 1 1 51 51 19 3 1 28 (?) V O e th n e e r z u L e a la tin America 2 5 7 9 3 5 3 4 4 3 5 3 4 2 8 3 5 4 1 8 1 4 2 9 8 14 1 9 2 c2) 2 Total 782 1,245 1,213 346 190 247 430 32 29 3 P Preliminary. r Revised. 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

822 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 country term— Loans to: total* Total Collections Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, March 31, 1960—Continued Asia: Hong Kong 2 12 12 9 1 2 India . . . 22 6 6 1 3 1 Indonesia 56 (2) C2) Iran 9 31 31 1 31 (2)" Israel ... 2 13 13 1 2 10 Japan 14 420 420 91 3 70 254 I (2) 1 Korea, Rep. of 2 2 2 T Ph a i i l w iD a D n ines j" 2 9 2 2 9 2 1 6 9 2 1 3 (2) (2) (2) Thailand 7 13 13 7 3 3 (2) Other Asia 2 151 151 135 1 14 1 (2) (2) (2) Total 121 682 680 271 6 131 273 1 1 1 All other: Australia 25 18 16 1 8 8 2 1 1 Belgian Congo 40 3 3 3 Egypt3 3 1 1 Union of South Africa.... 20 10 9 9 Other 81 23 22 4 13 1 Total 168 54 51 4 6 33 9 3 1 2 International institutions.... Grand total 1,518 2,726 2,510 797 397 538 779 215 179 37 1 Represents mainly loans with an original maturity of more than 2 Less than $500,000. one year. •* Part of the United Arab Republic since February 1958. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES' [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , - o r ) - r 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 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 c s N a h l a e e s t s e p s ( u , - o r ) - r 1956 883 ,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 ,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—May. . 39 23 16 240 203 j 37 111 169 -57 47 83 -36 J J u u l n y e . . . . 2 6 4 3 4 2 0 3 23 1 2 22 2 9 2 1 1 9 81 0 4 3 1 9 4 6 5 0 1 4 6 5 3 -18 4 4 9 8 5 5 7 3 - - 8 5 Aug... 259 25 234 190 145 45 27 27 (3) 44 50 -6 Sept... 106 40 66 177 134 44 157 208 -52 44 44 (3) Oct.. . 163 77 86 191 151 40 52 75 -23 58 35 23 Nov... 166 99 68 234 175 59 i 53 93 -40 41 51 -10 Dec... 92 55 37 254 200 54 j 95 145 -49 53 63 -10 I960—Jan 104 50 229 152 77 57 59 -1 56 45 11 Feb 119 32 194 149 46 77 238 -161 41 36 5 Mar 113 70 42 199 156 43 57 174 -117 42 44 -2 Apr.? 183 86 97 190 145 45 76 101 -25 41 59 -19 Mayp 161 240 -79 205 183 22 59 87 -28 58 46 12 *> Preliminary. 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international institutions. ^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. 823 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 2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o i n m t g 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 i a c t a e in r- ot A h n er - 2 1956 291 256 35 23 23 -7 147 87 7 280 -53 38 27 1957 . 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958 -39 -56 17 -3 2 g 19 j 1 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 1959—May 37 36 I (3] (3) 4 21 4 5 33 -3 3 4 June 41 36 21 4 4 31 2 2 5 July 39 34 6 1 4 2 19 -1 2 27 1 4 7 A S O N D e c e u o p c t g v t 4 4 4 5 5 5 4 0 9 4 4 2 3 3 5 8 6 5 0 8 -4 1 1 1 1 0 8 0 1 - ( 1 3) 1 1 1 1 2 6 1 1 1 5 5 5 8 5 2 2 3 2 1 6 3 5 0 8 - - 4 1 1 1 7 1 3 4 2 4 5 1 4 4 4 3 5 0 2 6 4 8 - - - - 1 5 4 6 9 4 6 5 3 5 4 9 3 1 1 I960—Jan 77 72 5 (3) 9 3 28 13 17 71 -2 7 2 Feb 46 34 11 (3) 7 -6 34 -6 7 37 2 7 1 Mar . . 43 29 14 0) 4 5 23 6 2 41 -1 1 3 Apr." 45 34 12 (3) 3 2 21 8 3 37 2 2 5 May^ 23 6 17 3 (3) 4 -3 7 13 4 3 3 '' 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 1 [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A L m at e in r- Asia o A th ll er Date Deposits tutions tries ica U. S. Govt. Miscelsecurities 2 laneous-' 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 I959—June 30 294 3,900 528 July 31 278 4,131 525 1959—May... -50 -43 18 -61 3 4 2 Aug. 31 252 4,286 520 June... -8 1 5 -1 3 -7 2 Sept. 30 312 4,346 548 July.... 0) -107 -4 -100 1 -4 -T Oct. 31 284 4,409 547 Aug (x) -6 -4 -I 0) -2 i Nov. 30 332 4,396 556 Sept -34 -17 42 -42 1 3 -21 Dec. 31 345 4,477 570 Oct.. . . -7 7 24 -21 3 1 C1) Nov.... -6 44 -13 -29 4 -6 0) I960—Jan. 31 249 4,444 593 Dec.. . . C1) -59 -16 -39 5 -11 Feb. 29 191 4,707 466 Mar. 31 184 4,728 615 1960—Jan 29 -20 -17 2 (') -6 i Apr. 30 194 4,818 639 Feb.. .. -101 -56 9 -43 -20 -3 i May 31 215 4,841 643 Mar. .. 7 -126 -3 -89 -32 -4 •7 June 30 254 4,977 672 Apr. P .. — 2 -42 -4 -16 2 _2 -22 May*3.. — 39 22 22 C1) 2 -3 1 1 Excludes assets held for international institutions, and earmarked gold. See note 5 at bottom of next page for total gold under earmark <•' Preliminary. at Federal Reserve Banks for foreign and international accounts. ' Less than $500,000 2 3 U C . o S ns . i T st r s e a o s f u b ry a n b k i e ll r s s , ' c a e c rt c i e fi p c t a a t n e c s e o s, f c in o d m e m bt e e r d c n ia e l s s p , a n p o e t r e , s a , n a d n d fo b re o i n g d n s. and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

824 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 AnnuaI totals 1959 1960 Area and country 1952 1953 1954 1955 1956 1957 1958 1959 M Jan ar .- . A Ju p n r e .- S Ju e l p y t - . O D c e t c . . - J M an ar .- . Continental Western Europe: Austria -6 -84 -83 -39 -43 _1 1-6 1-95 3 3 -329 -39 -39 — 26 France -68 -34 -266 -66 -200 Germany (Fed. Rep. of) -10 -130 -226 -10 Italy -349 Netherlands -ioo -65 25 -261 -30 -30 10 -60 -55 -5 -20 -10 -io Sweden . -5 -20 -15 15 Switzerland 23 -65 -16 -8 -iis 20 20 Bank for Int'l Settlements.... -94 -20 -178 -32 — 7 -25 Other -17 -18 9 4 3 339 38 -38 -1 -5 -is -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 (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 (2) -20 -12 64 (2) Asia -7 -6 -10 -5 (2) 18 4-27 4-176 4—45 4 —50 4 — 62 — 19 All other (2) 1 14 (2) -1 (2) Total foreign countries... 394-1,164 -327 -68 80 172 -2,287 -969 -84 -389 -348 -148 -41 International institutions5 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, 4 Includes sales of gold to Japan as follows (in millions): 1958, $30; $2; and 1953, $10. and 1959, $157 (Jan.-Mar., $50; Apr.-June, $45; and July-Sept., $62). 2 Less than $500,000. 5 Figures represent purchase of gold from, or sale to (—) International 3 Includes purchases of gold from Spain as follows (in millions): 1957, Monetary Fund. $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] (e G n o d l d o f s t y o e c a k r) T g o o t l a d l g N o e ld t m E ar a k r- ed Domes- (en G d o l o d f s m to o c n k th) T g o o t l a d l g N o e ld t m E ar a k r- ed Domes- Year in s c to re c a k s : e, im o p r ort, g c o r l e d a : s d e e , - p ti r c o g d o u l c d - Month in s c t r o e c a k s : e, im o p r ort, g c o r l e d a : s d e e , - p ti r c o g d o u l c d - Treas- or de- export or in- tion Treas- or de- export or in- tion ury Total i crease crease ury Total i crease crease (-) (-) (-) (-) 1947 22,754 22,868 2 2,162 1,866 210 76 1959—June 19,705 19,746 3-482 15 -492 5 1948 24,244 24,399 1,530 1,680 -159 71 July 19,626 19,672 -73 25 -98 5 1949 24,427 24,563 165 686 -496 67 Aug 19,524 19,568 -104 76 -176 4 1950 22,706 22,820 -1,743 -371 -1,352 80 Sept 19,491 19,579 10 55 -35 4 1951 22,695 22,873 53 -549 618 66 Oct 19,585 19,647 68 24 52 4 1952 23,187 23,252 380 684 -305 67 Nov 19,566 19,617 -30 48 -71 3 Dec 19,456 19,507 -110 9 -112 4 1953 22,030 22,091 -1,162 2 -1,171 69 1954 21,713 21,793 -297 16 -325 65 I960—Jan 19,444 19,494 -13 2 -12 3 1955 21,690 21,753 -41 97 -132 66 Feb 19,421 19,471 -23 4 -21 3 1956 21,949 22,058 306 106 319 65 Mar 19,408 19,457 -14 17 -13 4 1957 22,781 22,857 799 104 600 63 Apr 19,360 19,403 -54 8 -71 4 1958 20,534 20,582 -2,275 260 -2,515 62 May 19,352 19,395 -8 10 — 14 4 1959 19,456 19,507 3-1,076 302 -1,324 49 June 19,322 19,362 -33 (4) 5-102 (4) P Preliminary. 3 Includes payment of $344 million as increase in United States gold 1 Includes gold in Exchange Stabilization Fund. Gold in active portion subscription to the International Monetary Fund. of this Fund is not included in regular statistics on gold stock (Treasury 4 Not yet available. gold) used in the Federal Reserve statement "Member Bank Reserves, 5 Gold held under earmark at the Federal Reserve Banks for foreign Reserve Bank Credit, and Related Items" or in the Treasury statement, and international accounts amounted to $10,095 million on June 30,1960. "Circulation Statement of United States Money." Gold under earmark is not included in the gold stock of the United States. 2 Net after payment of $688 million as United States gold subscription to the International Monetary Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 825 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 1,434 6 Denmark 200 169 43 141 44 144 54 168 64 145 64 Finland 104 113 1 109 109 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 Germany (Federal Republic of) 4,394 4,063 15 4,171 16 4,057 16 4,624 16 4,682 16 Greece 143 158 179 187 0) 212 0) 186 8 Italy 2,207 2,421 2,720 ( 3,054 0) 3,118 (*) 3,029 Netherlands (and Netherlands West Indies and Surinam) 1,497 15 1,614 17 1,627 22 1,711 26 1,732 29 1,760 30 Norway 173 120 151 125 156 133 133 136 125 141 129 141 Portugal (and dependencies) 707 729 712 725 1 733 722 1 Spain (and dependencies) 94 88 92 123 3 141 3 167 3 Sweden 507 498 31 555 31 521 68 404 101 388 79 Switzerland 2,777 2,781 80 2,787 82 2,805 90 2,903 88 2,708 87 Turkey 164 164 0) 165 0) 176 0) 164 163 Other2 1,209 1,117 16 1,111 16 1,069 15 1,090 1,134 Total 17,598 274 17,653 358 18,574 396 19,074 456 19,469 510 19,381 477 Sterling Area: United Kingdom 3,723 194 3,923 184 3,909 201 3,956 264 3,471 323 3,708 368 U Au n s it t e ra d l i K a ingdom dependencies 2 1 4 0 1 9 2 1 4 1 6 0 4 2 1 2 0 6 5 2 1 5 0 2 6 2 1 6 1 8 5 2 1 6 1 8 9 5 India 324 337 346 366 361 351 0) Union of South Africa 241 221 237 268 287 299 10 Other 251 43 250 49 199 55 199 57 211 76 213 1 89 Total 4,889 5,087 238 5,022 261 5,147 326 4,713 404 4,958 473 Canada 3,097 3,159 344 3,195 342 3,284 450 3,155 452 3,308 485 La A tin rg e A n m tin e a rica: 210 237 0) 263 325 393 (V 444 0) Brazil 463 504 480 495 478 450 Chile 140 135 170 8 212 0) 228 193 0) C C G P M a o u u e n l b a x o a a t i m e m c m o b a i a , a l R a epublic of 2 3 5 1 4 6 6 6 4 1 9 1 6 6 2 5 3 1 7 6 4 3 5 0 2 3 9 6 G 2 ) 2 5 3 1 7 6 6 1 4 8 7 6 7 7 182 2 2 5 1 6 5 6 7 5 6 9 5 7 7 8 1 2 2 5 1 8 6 1 8 2 8 1 4 4 9 @ 0 1 ) 2 5 1 1 7 7 7 6 2 6 7 4 8 8 0 ( 8 ! 2 ) ) Peru 96 93 0) 96 107 110 100 3 Uruguay 26: 276 269 251 242 242 Venezuela 1,213 1,227 1,219 99 931 899 Other 250 292 13 302 13 268 253 12 273 12 Total 4,017 106 4,134 107 4,174 104 3,979 105 3,911 105 3,824 106 Asia: Indonesia 14: 10) 156 118 149 1 172 183 1 Iran 184 195 179 167 187 176 Japan 1,094 1,23: 1,380 1,420 1,539 1,615 Philippines 186 180 178 187 181 190 T O h th a e il r and 2 7 4 7 5 8 7 1 2 8 5 1 0 8 9 2 3 4 1 6 1, 2 0 3 1 9 3 1 1 2 1, 2 02 40 7 1, 2 0 4 3 8 0 2 1 1 Total 2,63! 12 2,831 13 3,032 14 3,175 21 3,346 23 3,442 28 All other: Egypt* 190 190 190 190 194 207 0) 140 149 171 176 170 166 10 Other 330 8 339 10 361 10 366 11 364 10 373 10 Total 32,563 983 33,203 1,070 34,358 1,127 35,025 1,369 34,958 1,504 35,286 1,579 Total foreign countries4 2,876 495 3,027 523 4,665 523 5,043 605 5,565 660 5,754 709 International institutions 35,439 ,478 36,230 1,593 39,023 1,650 40,068 1,974 40,523 2,164 41,040 2,288 Grand total4 p Preliminary. NOTE.—Gold and short-term dollars include reported and estimated 1 Less than $500,000. official gold reserves, and total dollar holdings as shown in "Short-term 2 Includes Yugoslavia, Bank for International Settlements (including Liabilities to Foreigners Reported by Banks in the United States by European Payments Union account through December 1958 and Euro- Countries" (Tables 1 and la-Id of the preceding section). U. S. Govt. pean Fund account thereafter), gold to be distributed by the Tripartite bonds and notes represent estimated holdings with original maturities Commission for Restitution of Monetary Gold, and unpublished gold of more than one year; these estimates are based on a survey of selected reserves of certain Western European countries. U. S. banks and on monthly reports of security transactions. 3 Part of the United Arab Republic since February 1958. 4 Excludes gold reserves of the U. S. S. R., other Eastern European countries, and China Mainland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

826 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] E m n o d n t o h f m t E o a s t t t a e i- l d M I ta n o r t n ' y e l - U S n ta i t t e e s d r m E es a s t t t e i o - 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 B o i e n a l n g - o g B iu e m l- Brazil Canada Chile lo C m o b - ia worldi Fund world 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 1,073 42 86 1955—Dec.. 37,730 ,808 21,753 14,170 372 144 71 116 929 323 1,134 44 86 1956—Dec.. 38,235 ,692 22,058 14,485 224 107 71 122 925 324 1,103 46 57 1957—Dec.. 38,960 ,180 22,857 14,925 126 126 103 81 915 324 1,100 40 62 1958—Dec.. 39,865 ,332 20,582 17,950 60 162 194 83 1,270 325 1,078 40 72 1959—May. ,522 20,227 57 169 222 63 ,289 326 1,074 40 74 June. 40,340 ,910 19,746 18,685 57 135 256 63 ,270 326 1,073 40 74 July.. ,923 19,672 57 138 280 53 ,281 326 1,061 40 74 Aug.. 2,025 19,568 57 141 291 53 ,276 326 1,053 41 75 Sept.. 40,450 2,052 19,579 18,820 57 143 291 48 ,254 326 1,039 41 69 Oct... 2,210 19,647 57 146 291 42 ,187 326 967 42 70 Nov.. 2,389 19,617 57 150 291 42 ,156 327 960 41 70 Dec.. 2,407 19,507 i8*775 56 154 292 42 ,134 327 960 43 71 1960—Jan... 2,416 19,494 56 292 42 ,143 326 952 42 71 Feb.. 2,421 19,471 56 292 38 ,175 326 952 41 72 Mar.. 2,454 19,457 56 292 38 ,183 294 950 41 72 Apr.. 2,495 19,403 292 ,197 294 945 42 71 May. 2,489 19,395 292 ,182 922 42 Ger- E m n o d n t o h f Cuba m De a n r - k D R o i e c m p a u n i b n - - E d c o u r a- Egypt 2 E v l a d S o a r l- l F a i n n- d France 3 R F m e e p d a u e n r b y a l , i l c Greece G m u a a l t a e- India I n n e d si o a lic of 1953—Dec. 186 174 29 26 617 328 27 247 145 1954—Dec. 186 174 29 31 708 626 27 247 81 1955—Dec. 136 174 28 35 942 920 27 247 81 1956—Dec. 136 188 28 35 924 1,494 27 247 45 1957—Dec. 136 188 31 35 581 2,542 27 247 39 1958—Dec. 174 31 35 750 2,639 27 247 37 1959—May 76 174 31 38 859 2,684 25 247 41 June 75 174 31 38 899 2,704 25 247 41 July. 75 174 31 38 939 2,721 24 247 41 Aug. 75 174 31 38 930 2,721 24 247 41 Sept. 75 174 30 38 921 2,621 24 247 41 Oct.. 75 174 30 38 1,055 2,626 24 247 33 Nov. 60 174 30 38 1,122 2,626 24 247 33 Dec. 50 174 30 38 1,290 2,637 24 247 33 I960—Jan.. 50 174 30 38 1,285 2,638 24 247 33 Feb.. 21 174 30 38 1,298 2,652 24 247 33 Mar. 19 174 30 38 1,322 2,670 247 33 Apr. 19 174 30 38 1,399 2,704 247 33 May 19 174 30 38 1,513 2.741 247 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 eb o - 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 in il e - s Po g r a t l ulic of 1953—Dec. 137 346 35 158 737 33 52 38 36 9 361 1954—Dec. 138 346 63 62 796 33 45 38 35 9 429 1955—Dec. 138 8 352 74 142 865 33 45 48 35 16 428 1956—Dec. 138 14 338 77 167 844 33 50 49 35 22 448 1957—Dec. 138 20 452 91 180 744 33 45 49 28 6 461 1958—Dec. 141 34 1,086 91 143 1,050 33 43 49 19 10 493 1959—May 140 34 1,263 102 142 ,164 34 43 50 19 9 507 June 140 34 1,311 102 160 ,164 34 43 50 19 10 512 July. 140 73 1,381 102 158 ,164 34 30 50 19 6 513 Aug. 140 84 1,433 102 156 ,162 34 30 50 19 6 525 Sept. 140 84 1,476 102 165 ,162 34 30 50 19 7 525 Oct.. 140 84 1,583 102 165 ,126 34 30 50 19 8 530 Nov. 140 84 1,635 102 143 ,132 34 30 50 29 8 546 Dec. 140 84 1,749 102 142 ,132 34 30 50 28 9 548 1960—Jan.. 140 84 1,816 102 142 ,132 34 30 52 28 10 548 Feb.. 131 1,870 102 142 ,141 34 30 52 28 11 548 Mar. 131 102 ,164 34 30 52 28 12 549 Apr. 131 102 ,164 34 30 52 13 549 May 131 102 1,164 34 30 52 549 r Revised. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 827 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 it n z d er- Syria2 T la h n a d i- Turkey U K d n o i i n m t g e 4 - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t f r l l e- m p P e e a a n y n t - s ments Union 1953 Dec 176 218 1.459 14 113 143 2,518 227 373 13 193 153 1954 Dec 199 265 1,513 17 113 144 2,762 227 403 14 196 153 1955 Dec 212 276 1,597 19 112 144 2,120 216 403 16 217 244 1956—Dec 224 266 1,676 19 112 144 2,133 186 603 17 179 268 1957—Dec 217 219 1,718 24 112 144 2,273 180 719 13 165 254 1958 Dec 211 204 1,925 24 112 144 3,069 180 719 17 339 126 1959 May 197 204 [,912 24 112 144 3,119 180 719 10 479 June . • .... 201 205 1,909 24 112 144 3 172 180 719 10 486 julv 217 205 1,925 24 112 144 3 220 180 719 10 436 204 191 1,919 19 112 144 3,248 180 719 10 434 SeDt 225 191 1,900 19 112 144 3,284 180 719 10 427 Oct 231 191 [,868 19 r104 133 3,024 180 719 10 367 Nov 230 191 1,816 19 ••104 133 2,974 180 654 10 383 Dec 238 191 1,934 104 133 2,736 180 654 16 381 1960 Jan 248 191 I 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 Apr 258 171 1,767 104 133 2 831 180 514 9 May 171 1,767 133 2,859 180 514 7 r Revised. 2 Part of the United Arab Republic since February 1958. 1 Excludes U.S.S.R., other Eastern European countries, and China 3 Represents holdings of Bank of France and French Exchange Stabili- Mainland. zation Fund. Represents reported gold holdings of central banks and governments 4 Beginning with December 1958, represents Exchange Equalization and international institutions, unpublished holdings of various central Account gold and convertible currency reserves, as reported by British banks and governments, estimated holdings of British Exchange Equaliza- Government; prior to that time represents reserves of gold and United tion Account based on figures shown for United Kingdom, and esti- States and Canadian dollars. mated official holdings of countries from which no reports are received. 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 South America Other month (excl. U.S.S.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 - 1 Brazil Chile Co b l i o a m- t A ra u l s i - a 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 V 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 V* ? 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 V 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 V5 1 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 1 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 r\ 0 38.6 6 0 1959 702 2 19.8 31.8 12.0 48 6 156 9 7.3 3.9 Jt Q 38 1 5 8 1959 Apr 86.6 57.9 1.6 2.6 .8 3.8 13.2 1.2 .5 .3 .3 1.0 2.9 .5 May 8 8 8 9 . . 1 4 5 5 8 9 . . 7 5 .6 8 2 2 . . 6 6 1 1 . . 0 3 4 4 . . 1 6 1 12 3 . . 5 3 . . 9 9 . . 7 7 . . 3 3 . . 2 2 1.0 2 3 . . 9 5 '5 July .. 91.6 60.8 6 2.7 .8 5.3 13.2 .9 .6 .4 .2 4 3 2 5 Aug 89.0 60.7 4 2.7 1.4 4.2 12.2 .6 .6 .3 ,2 ? 3.0 5 Sent 2 89.5 60.9 > 0 2.8 .7 3.8 12.7 .8 .5 .3 ? 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 3 4 5 Dec 59.3 .6 2.7 .8 3.7 13.2 .6 .4 1.2 3.6 .5 I960 Jan .. .. 60.8 6 2.6 1.3 3.4 13.2 .5 .4 2 8 4 Feb 60.0 6 2.6 1.4 3.1 13.0 .6 .4 4 2 8 5 Mar 59.6 6 2.7 .9 3.5 13.6 .6 .3 S Apr 61 8 2.7 .8 3.5 12.8 7 4 1 Gold exports, representing about 90 per cent of total production. Ghana, Belgian Congo and Brazil, data for which are from American 2 Excluding Chile. Bureau of Metal Statistics. For the United States, annual figures through Sources.—World production: estimates of the U. S. Bureau of Mines. 1958 are from the U. S. Bureau of the Mint and figures for J959 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

828 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND INTERNATIONAL MONETARY FUND DEVELOPMENT [End-of-month figures. In millions of dollars] [End-of-montfa 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:! Effective loans 2 , 3,408 3,387 3,548 3,531 3,642 United States 780 951 998 2,028 2,141 Other assets3 , 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: *• 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 1U05 1159 Member subscriptions , 9,228 9,228 9,228 13,644 13,999 Loans by country, May 31, 1960 Member subscriptions in separate account*® 5 2,093! Reserves and liabilities 30 35 42 11 162 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 1,323 278 1,045 270 May Apr. May Austria 100 69 2 68 5 Belgium and Luxembourg.. 213 164 24 140 41 Denmark 60 46 6 40 3 Argentina 280 70 97 159 166 Finland 102 75 17 58 13 Bolivia 23 6 9 10 10 France 418 324 31 294 56 Brazil 280 70 113 92 140 Italy 298 217 9 208 62 Burma 15 1 12 8 8 Netherlands 236 236 168 68 68 Chile 75 15 42 42 42 Norway 95 70 3 67 22 Turkey 61 60 9 51 Colombia 75 19 25 2 2 Yugoslavia 61 61 11 50 Cuba 50 13 25 25 25 Dominican Rep... 15 4 7 7 Sterling area, total 1,511 1,305 178 1,127 138 El Salvador 11 3 2 2 Australia 318 318 47 270 27 France 788 174 394 181 126 Ceylon 24 15 14 1 India 592 484 43 442 30 Haiti 11 3 5 5 Pakistan 151 99 19 80 3 Honduras 11 3 1 1 Union of S. Africa 197 197 56 141 29 Iceland 11 3 3 5 United Kingdom 204 172 11 161 50 India 600 78 200 150 150 Other 25 21 2 19 Indonesia 165 29 55 46 37 Iran 70 18 17 5 18 Latin America, total 1,003 740 145 595 13 Brazil 267 196 34 162 Paraguay 9 2 6 5 5 Chile 106 54 10 44 Philippines 50 13 21 6 6 Colombia 173 110 37 73 Spain 100 10 50 50 Ecuador 45 23 2 21 Sudan 15 2 6 6 El Salvador 32 24 4 21 Turkey 86 22 36 36 Mexico 186 165 20 145 Nicaragua 23 22 8 14 United Arab Re- Peru 47 43 9 34 public: Egypt.. 90 17 30 28 28 Uruguay 71 60 10 51 Syria... 15 2 8 Other 52 43 13 30 United Kingdom. 1,950 399 345 268 245 United States 4,125 1,031 -1,751 12-1,495 12-1,459 Asia (excluding Sterling area), Yugoslavia 66 9 23 23 23 total 726 427 45 383 30 Iran 194 94 20 73 12 Japan 338 242 9 233 15 1 Currencies include demand obligations held in lieu of deposits. Lebanon 27 8 8 2 Represents principal of authorized loans, less loans not yet effective, Malaya 36 2 2 repayments, the net amount outstanding on loans sold or agreed to be Philippines 19 16 16 sold to others, and exchange adjustment. Thailand 107 59 50 3 Excludes uncalled portions of capital subscriptions. Other 6 6 4 Loans to dependencies are included with member. 5 Includes also effective loans agreed to be sold but not yet disbursed. Africa (excluding Sterling • Less than $500,000. area), total 119 64 62 7 Includes $222 million in loans not yet effective. Ethiopia 24 16 14 8 Includes $441 million not guaranteed by the Bank. Sudan 39 24 24 9 U. S. Treasury bills purchased with proceeds from sale of gold. United Arab Republic 57 23 23 10 Paid by members pending increases in quotas becoming effective. 11 Includes subscriptions due from members on increases in quotas Total 5.003 3,859 649 3,210 »460 consented to but not yet effective. 12 Represents sales of U. S. dollars by the Fund to member countries for local currencies, less repurchases of such currencies with dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 829 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1957 1958 r 1959 r 1960 Item \v Exports of goods and services, total1. 6,743 7,010 6,326 6,654 5,611 5,965 5,607 6,142 5,421 5,797 5,878 6,368 6,311 Merchandise 5,108 5,158 4,462 4,662 4,058 4,193 3,816 4,196 3,802 4,060 4,035 4,328 4,596 Services2 1,635 1,852 1,864 1,992 1,553 1,772 1,791 1,946 1,619 1,737 1,843 2,040 1,715 Imports of goods and services, total... 5,092 5,318 5,361 5,152 4,941 5,278 5,388 5,446 5,431 5,967 6,200 5,962 5,753 Merchandise 3,297 3,344 3,265 3,385 3,139 3,166 3,124 3,522 3,597 3,884 3,848 3,986 3,819 Services 915 1,124 1,381 1,047 970 1,200 1,425 1,095 1,059 1,293 1,579 1,224 1,177 Military expenditures 880 850 715 720 832 912 839 829 775 790 773 752 757 Balance on goods and services1 1,651 1,692 965 1,502 670 687 219 696 -10 -170 -322 406 558 Unilateral transfers (net) 3 -576 -662 -499 -581 -563 -598 -544 -633 -627 -578 -534 -663 -574 Private remittances and pensions... -184 -174 -164 -180 -178 -174 -174 -196 -190 -185 -201 -203 -194 Government nonmilitary grants.... -392 -488 -335 -401 -385 -424 -370 -437 -437 -393 -333 -460 -380 U.S. long- and short-term capital (net) 3 -1,070 -1,563 -544 -956 -887 -1,251 -784 -893 -470 4-1,033 -620 -536 -789 Private, total -813 -1,364 -410 -588 -642 -1,025 -451 -725 -391 -745 -392 -773 -567 Direct investment -402 -993 -339 -324 -155 -411 -156 -372 -267 -449 -229 -365 -248 Portfolio and short-term investment -411 -371 -71 -264 -487 -614 -295 -354 -124 -296 -163 -408 -319 Government -257 -199 -134 -368 -245 -226 -333 -167 -79 4-288 -228 237 -222 Foreign capital and gold (net) -381 316 -269 227 580 1,086 934 901 947 41,416 1,444 567 797 Increase in foreign short-term assets and Government securities -199 514 -260 275 197 26 477 502 780 4829 1,119 367 557 Increase in other foreign assets.... 166 127 18 50 13 -15 -26 52 72 190 158 128 190 Gold sales by United States -348 -325 -27 -98 370 1,075 483 347 95 4397 167 72 50 Errors and omissions 376 217 347 -192 200 76 175 -71 160 365 32 226 v Preliminary. r Revised. 3 Minus sign indicates net outflow. 1 Excluding military transfers under grants. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 2 Including military transactions. of which $344 million was transferred in gold and $1,031 million in noninterest bearing U.S. Government securities. OPEN MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Germany Netherlands land Month 3 T m r b e o i a l s n ls u t , h ry s1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t r t , h - s s ' 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - y e t y o 3 - Tr 6 d b e 0 a i a y l - s l 9 s s u 0 * , ry D m a o d y n a - e y t y o s - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r i c 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 t(.64 *.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—May 4.98 4.26 3.43 3.33 2.67 2.00 3.88 2.00 2.56 1.63 L.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 L.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 L .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 .54 2.00 Mar 3.87 3.83 4.74 4.59 3.91 3.00 4.17 4.00 4.06 2.33 .65 2.00 Apr 3.40 3.33 4.80 4.65 3.67 3.00 4.22 4.00 3.94 2.25 1L.75 2.00 May 2.87 2.77 4.76 4.58 3.87 3.00 4.00 3.88 2.30 ].54 2.00 r Revised. 3 Rate shown is on private securities. 1 Based on average yield of weekly tenders during month. * Rate in effect at end of month. 2 Based on weekly averages of dally 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

830 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS* [Per cent per annum] Rate as of Changes during the last 12 months June 30, 1959 Rate as of Country 1959 1960 June 30, 1960 Per Month cent effective July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Argentina2 6.0 Dec. 1957 6.0 Austria 4.5 Apr. 1959 5.0 5.0 3.25 Jan. 1959 4.0 4.0 Brazil2 10.0 Apr. 1958 10.0 Burma 3.0 Feb. 1948 3.0 Canada^ 5.36 June 1959 5.72 5.58 5.85 5.27 5.11 5.37 4.85 4.86 3.26 3.51 3.26 3.32 3.32 Ceylon 2.5 June 1954 *2.5 2.5 C C h o i l l o o m 5 bia2 1 4 5 . . 0 9 A Ju p ly r. 1 1 9 9 5 3 9 3 i6.25 5.0 16.4 1 5 6 . . 0 4 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 3.0 Nov. 1952 3.0 El Salvador2 4.0 Apr. 1957 5.5 5.5 Finland 2 6.0 Mar. 1959 6.0 France • 4.0 Apr. 1959 4.0 2.75 Jan. 1959 3.0 4.0 5.0 5.0 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 Indonesia2 .. . 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 Japan2 6.94 Feb. 1959 7.3 7.3 4.5 June 1942 4.5 Netherlands 2.75 Jan. 1959 3.5 3.5 New Zealand 7.0 Oct. 1955 6.0 6.0 6.0 Apr. 1954 6.0 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 6.0 6.0 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 6.0 6.0 Venezuela2 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-^A.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; VA 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 831 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month (peso) (p t A o r u a u n l s i - d a s) (s A ch u i s l t l r in ia g) B (f e r lg a i n u c m ) C (d a o n ll a a d r a ) C (r e u y p l e o e n ) (m Fi a n r la k n k d a) Official Free 1954. 7.198 223.80 8580 1.9975 102.72 21.017 .4354 1955. 7.183 222.41 8580 1.9905 101.40 20.894 .4354 1956. 5.556 2.835 222.76 8580 2.0030 101.60 20.946 .4354 1957. 5.556 2.506 222.57 8539 1.9906 104.29 20.913 .3995 1958. 5.556 2.207 223.88 8536 2.0044 103.03 21.049 .3118 1959. H.2730 223.81 3.8619 2.0012 104.27 21.055 .3115 1959_june., .1091 224.11 3.8510 2.0027 104.28 21.072 .3120 July.. .1851 224.04 3.8506 2.0031 104.46 21.062 .3120 Aug.. .1922 223.86 3.8502 2.0013 104.75 21.060 .3116 Sept.. .2037 223.40 3.8525 1.9989 105.08 21.037 .3113 Oct... .2213 223.61 3.8526 1.9993 105.51 21.048 .3113 Nov.. .2084 223.32 3.8526 1.9990 105.22 21.031 .3113 Dec.. .2003 222.98 3.8523 1.9996 105.12 20.995 .3113 I960—Jan... .2035 223.09 3.8449 2.0037 104.91 21.014 .3113 Feb.. .2032 223.37 3.8419 2.0048 105.07 21.031 .3113 Mar.. .2030 223.57 3.8418 2.0051 105.15 21.044 .3113 .2004 223.86 3.8407 2.0061 103.84 21.062 .3112 May! .2005 223.59 3.8406 2.0055 102.24 21.047 .3112 June.. .1989 223.32 3.8426 2.0053 101.79 21.020 .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 di e a 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__june.. .2039 23.931 21.049 281.25 .1611 .2779 32.870 8.0056 26.504 July.. .2038 23.918 21.032 281.17 .1611 .2779 32.856 8.0056 26.515 Aug.. .2039 23.901 21.028 280.95 .1610 .2779 32.837 8.0056 26.463 Sept.. .2038 23.901 20.999 280.37 .1611 .2777 32.784 8.0056 26.459 Oct... .2037 23.931 21.010 280.63 .1610 .2776 32.794 8.0056 26.493 Nov.. .2038 23.971 20.954 280.27 .1611 .2776 32,798 8.0056 26.471 Dec... .2038 23.974 20.928 279.84 .1610 .2776 32.766 8.0056 26.506 1960—Jan... 420.366 23.975 20.935 279.98 .1610 .2775 32.776 8.0056 26.502 Feb... 20.369 23.977 20.951 280.33 .1610 .2773 32.771 8.0056 26.512 Mar.. 20.376 23.978 20.963 280.59 .1610 .2773 32.767 8.0056 26.511 Apr... 20.384 23.978 20.978 280.95 .1611 .2776 32.833 8.0056 26.516 May. 20.396 23.978 20.958 280.60 .1611 .2774 32.810 8.0056 26.519 June.. 20.401 23.980 20.935 280.27 .1611 .2768 32.785 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 ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u n i 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 52.0579 19.324 23.142 280.88 1959—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 52.0679 19.330 23.204 281.17 Aug. 278.17 14.038 49.713 3.4990 279.90 1.6600 19.327 23.178 280.95 Sept. 277.59 14.011 49.770 3.4947 279.32 1.6607 19.325 23.121 280.37 Oct.. 277.85 14.023 49.770 3.4958 279.58 1.6607 19.325 23.048 280.63 Nov. 277.49 14.008 49.770 3.4915 279.22 1.6607 19.308 23.040 280.27 Dec.. 277.07 13.994 49.770 3.4861 278.80 1.6607 19.303 23.127 279.84 I960—Jan.. 277.20 13.985 49.770 3.4844 278.93 1.6607 19.302 23.112 279.98 Feb.. 277.55 13.990 49.770 3.4898 279.28 1.6625 19.311 23.054 280.33 Mar. 277.81 14.006 49.770 3.4923 279.54 1.6637 19.314 23.058 280.59 Apr.. 278.17 14.035 «49.770 3.4957 279.90 1.6637 19.359 23.048 280.95 May. 277.82 14.018 3.4935 279.55 1.6633 19.339 23.124 280.60 June. 277.49 14.007 3.4905 279.22 1.6636 19.365 23.175 280.27 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. I, 1960. 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957, 5 Effective July 20, 1959, the par value for the Spanish peseta was set was extended to all foreign exchange transactions on Oct. 28, 1957, and at 60 pesetas per U. S. dollar. on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc 6 Based on quotations through Apr. 22, 1960. 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 833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 FEDERAL RESERVE BULLETIN - JULY 1960 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON W. D. FULTON J. L. ROBERTSON KARL R. BOPP G. H. KING, JR. CHAS. N. SHEPARDSON MALCOLM BRYAN H. G. LEEDY M. S. SZYMCZAK A. L. MILLS, JR. RALPH A. YOUNG, Secretary DAVID P. EASTBURN, Associate Economist MERRITT SHERMAN, Assistant Secretary L. MERLE HOSTETLER, Associate Economist KENNETH A. KENYON, Assistant Secretary ARTHUR W. MARGET, Associate Economist HOWARD H. HACKLEY, General Counsel _ „ ^ . ^ T A DAVID B. HEXTER, Assistant General Counsel G uY E' NoYES> Associate Economist WOODLIEF THOMAS, Economist ROBERT V. ROOSA, Associate Economist HARRY BRANDT, Associate Economist CLARENCE W. TOW, Associate Economist ROBERT G. ROUSE, Manager, System Open Market Account Federal Advisory Council OSTROM ENDERS, BOSTON HOMER J. LIVINGSTON, CHICAGO, President JOHN J. MCCLOY, NEW YORK NORFLEET TURNER, ST. LOUIS CASIMIR A. SlENKIEWICZ, PHILADELPHIA, LIS GoRDQN MuRRAY MINNEAPO 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. KORSVK, 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. EDWIN HYDE 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 835 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 Kyle K. Fossum A. W. Johnson M. H. Strothman, Jr. C. W. Groth 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 H. W. Pritz Dallas Watrous H. Irons James L. Cauthen James A. Parker L. G. Pondrom Harry A. Shuford Thomas A. Hardin Thomas W. Plant Morgan H. Rice G. R. Murff San Francisco. H. N. Mangels J. L. Barbonchielli H. E. Hemmings R. H. Morrill Eliot J. Swan R. S. Einzig E. R. Millard John A. O'Kane E. H. Galvin 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 C. A. Van Nice 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 A. B. Merritt Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should, accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 720-23 of the June 1960 Bulletin. 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 shipfecting 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. 836 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 837 REPRINTS REVISED WEEKLY INDEX OF DEPARTMENT STORE (From Federal Reserve Bulletin unless preceded SALES. April 1958. 10 pages. by an asterisk) OPEN MARKET OPERATIONS IN LONG-TERM SE- THE MONETARY SYSTEM OF THE UNITED STATES. CURITIES. November 1958. 15 pages. February 1953. 16 pages. *PART I, ALL-BANK STATISTICS, 1896-1955. April INFLUENCE OF CREDIT AND MONETARY MEASURES 1959. 94 pages. ON ECONOMIC STABILITY. March 1953. 16 1959 SURVEY OF CONSUMER FINANCES. March, pages. July, and September 1959. 48 pages. (Similar Surveys available for some earlier years in FEDERAL FINANCIAL MEASURES FOR ECONOMIC the period 1952-58.) STABILITY. May 1953. 7 pages. A QUARTERLY PRESENTATION OF FLOW OF FUNDS, •DETAILED DESCRIPTION OF SOURCES AND METH- SAVING, AND INVESTMENT. August 1959. 49 ODS USED IN REVISION OF SHORT- AND INTERpages. MEDIATE-TERM CONSUMER CREDIT STATISTICS. April 1953. 25 pages. THE GOVERMENT SECURITIES MARKET. August 1959. 22 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised Indexes). No- REVISED INDUSTRIAL PRODUCTION INDEX. Devember 1953. 65 pages. cember 1959. 24 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- CAPITAL MARKETS and MONEY AND BANK CREDIT COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- IN 1959. Combined reprint. January and Febber 1955. 40 pages. ruary 1960. 14 pages. SURVEYS OF BANK LOANS FOR COMMERCIAL AND MONETARY POLICY AND ECONOMIC GROWTH. INDUSTRIAL PURPOSES. Business Loans of February 1960. 7 pages. Member Banks. April 1956. 14 pages. Credit Lines and Minimum Balance Requirements. REVISED SERIES FOR SEASONALLY ADJUSTED June 1956. 7 pages. Member Bank Lending MONEY SUPPLY. February 1960. 4 pages. to Small Business, 1955-57. April 1958. 19 GOLD AND DOLLAR TRANSFERS IN 1959. March pages. Member Bank Term Lending to Busi- 1960. 6 pages. ness, 1955-57, April 1959. 16 pages. Security Pledged on Business Loans at Member Banks. OWNERSHIP OF DEMAND DEPOSITS. April 1960. September 1959. 16 pages. 4 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. BANKING AND MONETARY STATISTICS, 1959. Se- June 1956. 9 pages. lected series of banking and monetary statistics for 1959 only. February and May 1960. 13 REVISION OF CONSUMER CREDIT STATISTICS. Oc- pages. (Similar reprint of 1958 data, February tober 1956. 24 pages. (Also, similar reprint and May 1959 BULLETINS.) from April 1953 BULLETIN.) SURVEY OF COMMON TRUST FUNDS, 1959. May AGRICULTURAL LOAN SURVEY. November 1956 1960. 7 pages. (Also, similar reprints from and January, February, and March 1957 BUL- August 1956, June 1957, May 1958, and May LETINS. 52 pages. 1959 BULLETINS.) SUHVEY OF FINANCE COMPANIES, MID-1955. INTEREST RATES IN LEADING COUNTRIES. June April 1957. 17 pages. 1960. 6 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- RECENT MONEY AND CREDIT DEVELOPMENTS. DEXES. December 1957. 30 pages. July 1960. 8 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 772, 774 Demand deposits—Continued Agricultural loans of commercial banks, 766, 768 Type of holder, at commercial banks, 767 Agriculture, Goyt. agency loans, 784 Department stores: Assets and liabilities (See also Foreign liabilities and Merchandising data, 803 claims reported by banks) : Sales and stocks, 798, 802 Banks and the monetary system, consoli- Deposits (See also specific types of deposits): dated, 762 Adjusted, and currency, 762 Corporate, current, 776 Banks, by classes, 757, 763, 767, 770, 774 Domestic banks, by classes, 763, 766, 768, 774 Federal Reserve Banks, 758, 823 Federal business-type activities, Postal savings, 760, 762 by fund or activity, 784 Discount rates, 756, 830 Federal Reserve Banks, 758 Discounts and advances by Federal Reserve Automobiles: Banks, 752, 757, 758 Consumer instalment credit, 788, 789, 790 Dividends, corporate, 776, 777 Production index, 792, 795 Dollar assets, foreign, 823, 825 Dwelling units started, 799 Bank holding companies, banking offices and deposits of group banks, 813 Earnings and hours, manufacturing indus- Bankers' balances, 767, 769 tries, 798, 801 (See also Foreign liabilities and claims reported Employment, 798, 800, 801 by banks) Export-Import Bank, loans, etc., 784 Banks and the monetary system, consolidated statement, 762 Farm mortgage loans, 784, 785, 786 Bonds (See also U. S. Govt. securities): Federal business-type activities, assets and liabilities, New issues, 776, 778, 779 by fund or activity, 784 Prices and yields, 772, 773 Federal Deposit Insurance Corporation, Brokers and dealers in securities, bank assets, etc., 784 loans to, 766, 768 Federal finance: Business expenditures on new plant and equip- Cash transactions, 782 ment, 776 Receipts and expenditures, 783 Business indexes, 798 Treasurer's balance, 782 Business loans (See Commercial and industrial loans) Federal home loan banks, loans, etc., 784, 787 Federal Housing Administration, loans, etc., 784, Capital accounts: 785, 786, 787 Banks, by classes, 763, 767, 770 Federal National Mortgage Association, Federal Reserve Banks, 758 loans, etc., 784, 787 Carloadings, 798 Federal Reserve Banks: Central banks, foreign, 826, 830 Condition statement, 758 Coins, circulation of, 761 U. S. Govt. securities held by, 752, 757, 758, Commercial banks: 780, 781 Assets and liabilities, 763, 766 Federal Reserve credit, 752, 757, 758 Consumer loans held, by type, 789 Federal Reserve notes, 758, 761 Number, by classes, 763 Finance company paper, 772, 774 Real estate mortgages held, by type, 785 Financial institutions, loans to, 768 Commercial and industrial loans: Flow of funds, saving and financial flows, 808 Commercial banks, 766 Foreign central banks, 826, 830 Weekly reporting member banks, 768, 771 Foreign deposits in U. S. banks, 752, 758, 762, Commercial paper, 772, 774 76/, 77° Commodity Credit Corporation, loans, etc., 784 Foreign exchange rates, 831 Condition statements (See Assets and liabilities) Foreign liabilities and claims reported by Construction, 798, 799 banks, 816,818, 821,823 Consumer credit: Foreign trade, 803 Instalment credit, 788, 789, 790, 791 Gold: Major parts, 788, 790 Earmarked, 824 Noninstalment credit, by holder, 789 Net purchases by U. S., 824 Consumer price indexes, 798, 804 Production, 824, 827 Consumption expenditures, 806, 807 Reserves of central banks and governments, 826 Corporate sales, profits, taxes, and dividends, 776, 777 Reserves of foreign countries and international Corporate security issues, 776, 778 institutions, 825 Corporate security prices and yields, 772, 773 Stock, 752, 762, 824 Cost of living (See Consumer price indexes) Gold certificates, 758, 761 Currency in circulation, 753, 761 Govt. debt (See U. S. Govt. securities) Customer credit, stock market, 773 Gross national product, 806, 807 Debits to deposit accounts, 760 Home owners, Govt. agency loans, 784 Demand deposits: Hours and earnings, manufacturing indus- Adjusted, banks and the monetary system, 762 tries, 798, 801 Adjusted, commercial banks, by classes, 767 Banks, by classes, 763, 770 Industrial production index, 792, 798 Turnover of, 760 Instalment loans, 788, 789, 790, 791 838 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES 839 Insurance companies, 775, 780, 781, 786 Regulation V, loan guarantees, 760 Insured commercial banks, 765, 766 Reserve requirements, member banks, 757 Interbank deposits, 757, 763, 767, 770 Reserves: Interest rates: Commercial banks, 767 Bond yields, 772 Federal Reserve Banks, 758 Business loans by banks, 771 Foreign central banks and governments, 826 Federal Reserve Bank discount rates, 756 Foreign countries and international institu- Foreign countries, 829, 830 tions, 825 Open market, 772, 829 Member banks, 752, 758, 767, 769 Regulation V loans, 760 Residential mortgage loans, 785, 786, 787 Stock yields, 772 Time deposits, maximum rates, 756 Sales finance companies, consumer loans of, 788, International capital transactions of the U. S., 816 789, 791 International financial institutions, 824, 825, 826, 828 Saving: Inventories, 806 Flow-of-funds series, 808 Investments (See also specific types of investments): National income series, 807 Banks, by classes, 763, 766, 769, 774 Savings deposits (See Time deposits) Federal Reserve Banks, 757, 758 Savings institutions, principal assets, 774, 775 Govt. agencies, etc., 784 Savings and loan associations, 775, 786 Life insurance companies, 775 Securities, international transactions, 822, 823 Savings and loan associations, 775 Security issues, 776, 778, 779 Silver coin and silver certificates, 761 Labor force, 800 State member banks, 765 Loans (See also specific types of loans): State and municipal securities: Banks, by classes, 763, 766, 768, 774 New issues, 778, 779 Federal Reserve Banks, 752, 757, 758 Prices and yields, 772, 773 Govt. agencies, etc., 784 States and political subdivisions: Insurance companies, 775, 786 Deposits of, 767, 770 Savings and loan associations, 775, 786 Holdings of U. S. Govt. securities, 780 Loans insured or guaranteed, 760, 785, 786, 787 Ownership of obligations of, 766, 774, 775 Stock market credit, 773 Manufacturers, production index, 792, 798 Stocks: Margin requirements, 756 New issues, 778 Member banks: Prices and yields, 772, 773 Assets and liabilities, by classes, 763, 766 Borrowings at Federal Reserve Banks, 752, Tax receipts, Federal, 783 758, 770 Time deposits, 756, 757, 762, 763, 767, 770 Deposits, by classes, 757 Treasurer's account balance, 782 Number, by classes, 764 Treasury cash, 752, 761, 762 Operating ratios, 810 Treasury currency, 752, 761, 762 Reserve requirements, by classes, 757 Treasury deposits, 752, 758, 782 Reserves and related items, 752 Weekly reporting series, 768 Unemployment, 800 Mining, production index, 792, 798 U. S. balance of payments, 829 Money rates (See Interest rates) U. S. Govt. balances: Mortgages (See Real estate loans) Commercial bank holdings, by classes, 767, 770 Mutual savings banks, 762, 763, 765, 774. 780, Consolidated monetary statement, 762 781, 785 Treasury deposits at Federal Reserve Banks, 752, 758, 782 National banks, 765 U. S. Govt. securities: National income, 806, 807 Bank holdings, 762, 763, 766, 769, 774, 780, 781 National security expenditures, 783, 806 Federal Reserve Bank holdings, 752, 757, 758, Nonmember banks, 758, 765, 766, 767 780, 781 Foreign and international holdings, 758, 825 Operating ratios, member banks, 810 International transactions, 822, 823 New issues, gross proceeds, 778 Payrolls, manufacturing, index, 798 Outstanding, by type of security, 779, 780, 781 Personal income, 807 Ownership of, 780, 781 Postal Savings System, 756, 762 Prices and yields, 772, 773 Prices: United States notes, outstanding and in circula- Consumer, 798, 804 tion, 761 Security, 773 Utilities, production index, 792, 798 Wholesale commodity, 798, 804 Production, 792, 798 Vault cash, 752, 767 Profits, corporate, 776, 777 Veterans Administration, loans, etc., 784, 785, 786, 787 Real estate loans: Banks, by classes, 766, 768, 774, 785 Weekly reporting member banks, 768 Type of mortgage holder, 785, 786, 787 Type of property mortgaged, 785, 786, 787 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 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