Federal Reserve Bulletin, 1960-08

FEDERAL RESERVE August 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 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 Construction and Mortgage Credit 841 The Balance Sheet of Agriculture, 1960 848 Law Department 857 Current Events and Announcements 868 National Summary of Business Conditions 870 Financial and Business Statistics, U. S. (Contents on p. 873) 874 International Financial Statistics (Contents on p. 949) 950 Board of Governors and Staff 966 Open Market Committee and Staff; Federal Advisory Council 967 Federal Reserve Banks and Branches 967 Federal Reserve Board Publications 969 Index to Statistical Tables 971 Map of Federal Reserve System Inside back cover Volume 46 • Number 8 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

Construction and Mortgage Credit CONSTRUCTION ACTIVITY has risen about seasonally in recent months but has re- CONSTRUCTION Billion, of dollar. mained somewhat below the levels of a year earlier. Costs of construction have increased further and in June were one per cent higher than in June 1959. Compared with the recession low in the spring of 1958, activity was 18 per cent higher by July, and costs were 4 per cent higher by June. The number of occupied dwellings has continued to grow this year as consumer incomes have risen further and sharing of dwellings by two or more married couples has declined. Nevertheless, housing occu- 20 pancy has expanded less than the available supply of new and old units, and vacancies 12 for the nation as a whole are the highest 1951 1960 since the end of World War II. After remaining under heavy demand NOTE.—Bureau of the Census data at seasonally adjusted annual rates. Private residential excludes farm. Series repressure last fall and winter, residential vised beginning with 1959 to reflect new series on housing starts and on farm construction. Figures for recent months mortgage markets have eased slightly. Fol- preliminary; latest shown, July. lowing a sharp decline late last year in comand nonresidential properties totaled about mitments by investors and lenders to take $199 billion, three times the level a decade mortgages, loan closings during recent ago. months have been below the record volume Housing legislation enacted recently has of a year earlier but generally above the affected several programs. In June conlevels of any other year. struction, permitted under the Capehart Act, Residential mortgages have become more of family housing on or near military inattractive investments since last winter as stallations was raised by 5,000 units. In their yields have declined less than those on July the VA programs of mortgage guaranty other long-term investments. Since Feband direct loans for home purchase by ruary, lenders have become more willing to World War II veterans were extended for advance funds, and their outstanding comtwo years; for Korean veterans no change mitments to buy mortgages have increased was made in the programs, which remain in somewhat. Mortgage debt outstanding has effect until 1965. risen at a more moderate rate than in 1959. Another act approved in July authorized On June 30 mortgage debt on residential the Federal Housing Administration to in- 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

842 FEDERAL RESERVE BULLETIN • AUGUST I960 sure mortgage loans on certain housing at installations of the National Aeronautics RENTAL VACANCIES and Space Administration that were for- RESIDENTIAL PROPERTIES Per cent merly under military jurisdiction. When the 10 ARIAS: Congress reconvened in August, a number of housing bills were under consideration. CONSTRUCTION The value of new construction put in place reached a record seasonally adjusted annual rate of more than $57.9 billion in June SELECTED TYPES OF PROJECTS: 1959, as the chart on the preceding page indicates. Over the next five months it dropped about 6 per cent, reflecting declines particularly in private residential building and in highway and military construction. Total construction activity in the winter and early spring changed little at a rate slightly under $55 billion, as increases in NOTE.—Data from Bureau of the Census, Federal Housing public construction roughly offset declines Administration, and Public Housing Administration. Data for areas (latest for second quarter) based on nationwide samples in private. In May total outlays rose to a for private and public housing inside and outside standard metropolitan areas. The data cover vacant, not-dilapidated rate of $55.8 billion, reflecting for the most units available for rent only, plus those available either for rent or sale, at time of survey; they exclude vacant units part an increase in highway construction. available for sale only. Data for selected types of projects are: for FHA, end-of-March data for units in completed Since then, total construction expenditures rental housing projects insured or owned by FHA; and for PHA, end-of-quarter data (latest for March) for completed have edged down, and in July they were at projects Federally aided under the United States Housing Act, as amended, and past the initial operating period. a seasonally adjusted annual rate of $55.5 billion. available for rent—as contrasted with va- Housing starts dropped sharply in the cant units for sale within the inventory for second hah* of 1959 from the advanced rate owner occupancy—has occurred both inof the spring, then changed little until July. side and outside metropolitan areas. This During the first half of 1960 private starts trend has been evident in completed rental of farm and nonfarm units, as represented projects insured or owned by the Federal by the new series published recently by the Housing Administration. In contrast, va- Bureau of the Census, were at a seasonally cancies have been lower in fully operating, adjusted annual rate of 1,300,000, comlow-rent public housing projects assisted by pared with 1,518,000 last year. In July the Public Housing Administration, as the the rate was 1,173,000. chart shows. The upward trend in rental vacancies HOUSING VACANCIES since 1956 has reflected in part the growing Vacancies have slowly increased over the volume of multifamily units started. In past three years. A rise in the proportion 1959 rental units placed under construction of the rental inventory that is vacant and in multifamily structures reached a postwar Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE CREDIT 843 record of 244,000. Even so, for some time Extensions of new credit on 1- to 4-family fewer than half of all rental vacancies have houses during the first five months of 1960, been reported in multifamily units. For all as measured by nonfarm mortgage recordresidential rental properties vacancy rates ings of $20,000 or less, were at a seasonally during the second quarter of 1960 were at adjusted annual rate of more than $29 bila postwar high of more than 7 per cent. lion. This was about one-tenth lower than a year earlier, and one-eighth below the rec- HOME MORTGAGE FINANCING ord of last summer. The volume of debt retirement, seasonally adjusted, was about Total mortgage debt outstanding has inthe same as in the corresponding period of creased less rapidly this year than in the last year. corresponding period a year ago. For 1959 as a whole, the total expanded by a record Among institutional lenders, mortgage $19 billion. As in past years, trends in the lending during this period has declined most total have reflected in large part develop- at commercial banks; the dollar volume of ments in home mortgage financing. Here their recordings through May was one-fourth changes in the amount of lending, rather less than in the same period of 1959. Lendthan in the volume of repayments, have been ing by mutual savings banks and by savings the governing factor. and loan associations also declined. Life ATTRIBUTES OF ONE-FAMILY HOUSES PURCHASED WITH MORTGAGES [Averages; first mortgages only] S&L FHA- VA- S&L conven- insured guar- conven- Attribute tional Attribute mort- anteed tional mortgage gage mortgage mortgage House price Downpayment as (dollars) per cent of price 1955—New 1955—New 15.1 5.3 37.1 Existing... Existing 19.0 11.6 1959—New 1959—New. 7.7 3.3 33.4 Existing Existing 10.4 11.0 Mortgage Maturity (dollars) (years) 1955—New 1955—New 25.6 27.4 Existing... Existing 22.7 22.2 1959—New 1959—New 28.8 28.8 Existing Existing 25.2 23.5 Downpayment Interest rate (dollars) (per cent) 1955—New 1955—New 4.50 4.50 Existing Existing 4.50 4.50 n.a. 1959—New 1959—New (1) (1) Existing Existing (1) 0) n.a. Not available. Sec. 203 owner-occupied home transactions; other FHA data based i Contract interest rate on FHA mortgages raised from 5.25 to on purchase transactions only. VA data include a few mortgages on 5.75 per cent on Sept. 23, 1959; on VA loans, from 4.75 to 5.25 per 2- or more-family properties. Savings and loan conventional data, cent on July 2, 1959. from Federal Home Loan Bank Board, are for mortgages made by NOTE.—Downpayment calculated as difference between price and Federally insured savings and loan associations on new and existing amount of mortgage. FHA data for maturities are for a sample of houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 FEDERAL RESERVE BULLETIN • AUGUST 1960 insurance companies, on the other hand, to-price ratios on mortgage-financed houses. acquired more mortgages this year than they Continuing the general upward movedid in the comparable period of 1959. ment of real estate prices in earlier postwar With the reduction in lending, mortgage years, prices of mortgaged houses were debt outstanding on 1- to 4-family proper- higher in 1959 than in 1955, as depicted ties increased less in January-June than in in the chart. For houses with Federally the same period of 1959. Federal agency underwritten loans, most of the price adholdings of home mortgages also rose more vance after 1955 came in 1956-57. Even slowly. Outstanding advances by Federal if no change had occurred in financing home loan banks to member institutions terms, the higher prices of houses in 1959 declined by a record $364 million whereas would have resulted in larger average loans in the same period last year they increased closed in that year than in 1955. by a record $239 million. Mortgage financing terms have changed, however. In particular, loans are now a HOME MORTGAGE TERMS higher proportion of average price, further Recent developments in home mortgage increasing the average loan. Available infinancing have reflected in part longer term formation indicates that the average loan trends in the market. Since World War II has increased by 20 to 30 per cent for most the average size of loan has risen and the types of first mortgages. The exception is rate of mortgage debt repayment has de- VA-guaranteed loans closed on existing clined. These trends were sustained between houses, where the increase has been about 1955 and 1959—both years of unusually 12 per cent. As a result of these changes, high levels of mortgage financing activity. downpayments associated with most types Changes, 1955-59. Data in the table of loans are smaller in amount, and in all on page 343 suggest that the average first cases are a smaller proportion of the price, mortgage loan made in 1959 was at least as shown in the preceding table. a fifth larger than in 1955. As in the earlier Two other important changes took place postwar years, two factors accounted for in mortgage financing terms between 1955 this increase: higher prices and higher loan- and 1959. Average maturities on new PRICES OF MORTGAGED HOUSES Ttiou.ondl of Jollof! FHA-INSURED VA-GUARANTEED SAVINGS AND LOAN CONVINTIONAl NEW N5W ANO OIO I 1 I I I - I I I I I 1954 1956 1958 I960 1954 1956 1958 1960 1954 1956 1958 1960 NOTE.—Average prices for one-family houses financed with conventional, semiannual data for mortgages made by Federally first mortgages: (a) FHA-insured, for purchase transactions insured savings and loan associations during the three months (from FHA annual data through 1958, quarterly thereafter); preceding examination (from Federal Home Loan Bank Board (b) VA-guaranteed (from VA monthly data which include a examination reports). Latest figures shown: FHA, first quarfew mortgages on 2-or more-family properties); (c) S&L ter; VA, June; and S&L conventional, first half. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE CREDIT 845 loans lengthened further, and interest rates vestors in both years were somewhat higher rose. Longer maturities, with no change than indicated in the table. in interest rate, mean lower rates of repay- At the same time, the average credit buyer ment throughout the life of the loan. Higher in 1959 made larger debt service payments, interest rates, with no change in maturity, on principal and interest together, than the generally mean lower rates of repayment in 1955 buyer did. Per $1,000 of original the early years that a loan is outstanding loan, however, these payments were only and higher rates of repayment later. Acting slightly larger because higher interest rates in 1959 were largely offset by slower repaytogether, these changes reinforce each ment of principal associated with longer other in the early years and reduce the rate maturities. Thus the larger size of loan acat which mortgage debt is repaid through counted for practically all of the increase amortization. in debt service payments, as set forth in the The effect of slower amortization and table. The higher debt service payments smaller downpayments has been to lower the rate at which the credit buyer increases BUYERS' CASH INVESTMENT AND his cash investment in his property during MORTGAGE PAYMENTS the early years of ownership. Those who [Illustrative calculations, in dollars] purchased in 1959 on average terms will f At end of 5years from: ordinarily have a smaller total cash investj ment—that is, downpayment plus amortiza- Type of 1959 1955 tion—in their houses five years later than mortgage those who bought in 1955 now have, as New Existing New Existing house house house house may be seen from the calculations in the table. For instance, on the average, the Amortization buyer of a new house with an FHA-insured Per $1,000 of original loan : loan in 1959 will have accumulated a cash FHA-insured.... 84.53 111.18 114.14 139.69 investment of $2,242 in his property five VA-guaranteed.. 84.53 119.42 106.77 149.75 years later; if he had bought in 1955, his Per loan: FHA-insured.... 1,127 1,322 1,174 1,390 cash investment now would be $3,000. ; VA-guaranteed.. 1,193 1,340 1,260 1,500 All these factors affect the availability of Investment mortgage funds. When prices are higher FHA-insured.... 2,242 2,705 3,000 3,719 VA-guaranteed.. 1,673 2,730 1,920 2,820 and downpayments are lower, more funds are necessary to finance a given number of Debt service Per $1,000 of transactions. When interest rates are high- original loan: FHA-insured.... 337 360 327 350 er and maturities are longer, borrowers re- VA-guaranteed..; 337 367 320 359 pay their loans more slowly. In the calcu- Per loan: lations given in the table, this return flow FHA-insured... .•; 4,488 4,282 3,364 3,481 VA-guaranteed..! 4,749 4,120 3,781 3,595 of funds was smaller in 1959 than in 1955, both per $1,000 of original loan and per NOTE.—Calculations based on average data in preceding table, by rounding maturities to the nearest year and assuming a 5.25 per cent loan. To the extent that additional charges average interest rate on both the average FHA and VA loan closed in 1959. The calculations, which are rounded to the nearest dollar were made for originating or acquiring or cent, assume that all loans are made at par. Investment covers amortization plus downpayment per loan. loans, funds available to lenders and in- Debt service covers cumulative mortgage payments for principal and interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 FEDERAL RESERVE BULLETIN • AUGUST 1960 Lending on second mortgages has prob- NEW HOUSES ably increased since 1955 in response to FHA INSURED mortgage market conditions. In periods Thousand* ol dollar of higher interest rates buyers often assume an existing mortgage and finance some of the remainder of the price with a purchasemoney second mortgage. Similarly, the higher downpayments typically associated with conventional first mortgages are often financed in part with second mortgages. To DOWNPAYMENT the extent that second mortgages may be a larger proportion of all mortgage financing 0 now than they were in 1955, average inter- 200 est rates and average repayment rates on LOANS CLOSED new mortgages would be somewhat higher, and cash investments of recent buyers somewhat smaller, than the available data suggest. 1954 1956 1958 1960 Although interest receipts of lenders have NOTE.—Averages for new one-family house purchase transactions, based on sample data (annual through 1959; first risen, pressures in home mortgage markets quarter, 1960) from Federal Housing Administration. Number of loans closed, FHA estimates. appear to have increased on balance from 1955 to 1959. Part of the increased presmade by the credit buyer show up, of course, sure reflects growth in the average loan; as larger total receipts of lenders both per part, the decline in average repayment rates. $1,000 of original loan and per loan. During this period the average nonfarm Changes have occurred not only in the mortgage recorded, including first and junior average terms on FHA, VA, and convenloans of $20,000 or less, rose from $7,279 tional loans, but also in the relative imto $8,522. Had the average not changed portance of such loans. Since 1955, lendover the period, the 3.8 million of recordings ing on conventional mortgages has increased in 1959 would have involved $27.5 billion as a proportion of total home mortgage of credit, or one-seventh less than the $32.2 financing. Contract interest rates on conbillion actually extended. Or, the $32.2 ventional loans are generally higher than billion in credit extended in 1959 could have those on Federally underwritten mortgages, financed 4.4 million recordings, or one-sixth and average maturities are shorter. Avermore than the number actually extended. age maturities on conventional home loans Meanwhile, gross retirement rates on all appear to have lengthened less since 1955 outstanding debt on 1- to 4-family properthan those on VA and FHA loans. The ties appear to have declined by more than shift to more conventional financing, then, one-fifth from 1955 to 1959. During 1955 probably means that average interest rates retirements—including payments in full and on all home loans closed have risen more partial prepayments as well as amortization than the FHA and VA data would suggest, —implied by available data were at a rate that maturities have lengthened less, and of $210 per $1,000 of debt outstanding at that downpayments have declined less. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION AND MORTGAGE CREDIT 847 the beginning of the year. In 1959 this rate was $161 per $1,000. MORTGAGE YIELDS Trends in 1960. In the first part of 1960 terms on home mortgages—apart from in- CONVENTIONAL - 6 terest rates—have been at least as liberal as those prevailing in 1959, for VA-guaran- / FHA-INSURED teed and FHA-insured home mortgages. -- 5 Average maturities on FHA loans have ^ - ^^ lengthened further, and downpayments on 1 1 1 1 i Federally underwritten loans have been at Basis points or close to record minimum proportions of SPREAD IN YIELDS FHA MORTGAGES LESS A - 200 average house prices as well as of average COHPORATI BONDS \\f* liquid assets or annual incomes of borrowers. ./\A I*1 \H A/ On new-house purchase transactions fi- - Vy \' - 100 nanced with FHA-insured mortgages, for example, the average downpayment during i i i i i the first quarter of 1960 was at an all-time 1954 1956 195* 1960 low of $1,071, as the chart on the preceding page shows. This was 7.3 per cent of the NOTE.—Mortgage yield data based on FHA Seld office opinions regarding market areas of insuring office cities. For average sale price. In relation to the bor- conventional, average interest rates on first mortgages on new and existing houses. For FHA-insured, weighted average bid prices in private secondary market for certain new-house mortrower's estimated annual income, the aver- gages for immediate delivery, converted to annual yield by Federal Reserve. age downpayment on these FHA loans was Spread is gross (exclusive of servicing costs, which are higher for mortgages than for bonds) and is difference beat a record low of 14 per cent. In 1955, it tween FHA-insured series (shown in upper section of chart) and weighted average yields of new corporate issues publicly was 35 per cent. offered, adjusted to a Aaa basis, as computed by First National Civ Bank of New York. During the first half of 1960, contract Dashed lines indicate periods of adjustment to changes in the contractual interest rate on FHA-insured loans. Latest interest rates paid by borrowers remained figures shown, June. at 5.25 per cent on VA-guaranteed home between returns on mortgages and yields on loans and at 5.75 per cent on FHA-insured investments such as high-grade corporate home loans, excluding the mortgage insurbonds has widened, and toward mid-1960 ance premium. For investors purchasing was the largest in about two years, as the such loans at a discount, yields are higher chart depicts. In other periods such an than the nominal interest rates. As disincrease in spread has attracted more funds counts have declined, these yields have into mortgages. edged down from the all-time high around Since February, outstanding committhe beginning of the year. Interest rates ments of reporting financial institutions to on conventional first mortgages have also acquire mortgages have risen about seasondeclined slightly over the same period. ally, following a larger than usual decline Meanwhile, yields on alternative long- late last year. In June the volume of comterm investments have declined more than mitments outstanding was still one-fifth less mortgage yields. As a result, the spread than a year earlier. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Balance Sheet of Agriculture, i960 The major factual portion of the sixteenth in Garlock, W. H. Sco field, F. D. Stocker, F. D. a series of annual reports on the financial condi- Hansing, and Q. F. Dallavalle. tion of agriculture, as issued by the United States Data relating to the inventories of livestock, Department of Agriculture, is given below.1 The crops, machinery, and household equipment were full report will be published as an Agriculture prepared under the direction of the following Information Bulletin of the Department of Agri- persons: Livestock—R. H. Moats; crops—C. E. culture. Burkhead and R. Royston; machinery—Robert H. The study was prepared under the direction of Masucci, Mardy Myers; household equipment— Norman J. Wall, Chief, Agricultural Finance Re- Jean L. Pennock. search Branch, Farm Economics Research Divi- Data relating to farm income and expenditures sion, Agricultural Research Service, by F. L. were compiled under the direction of E. W. Grove. SUMMARY OF THE 1960 BALANCE SHEET The total value of farm assets rose to a new increases of about $8 billion in 1956, $10 billion record level in the 12 months ending January 1, in 1957, and $16 billion in 1958. 1960 (Table 1). Over the same period, however, Farm debts continued to be small relative to farm operators' net realized income from farming farm assets. On January 1, 1960, debts totaled dropped from the relatively high level of 1958 $24.3 billion, about 12 per cent of the value of to a level approximating the average for 1955-57. farm assets. The equities of farmers and other Although the average income per person on owners of farm property remained virtually unfarms from farming and off-farm sources was changed at the record level of about $179 billion lower in 1959 than in 1958, it was higher than for in 1959, in contrast with increases of $7.6 billion, any other year since 1951. Over this period more $9.0 billion, and $13.2 billion, respectively, during and more farm families have been supplementing the preceding three years. their farm income by obtaining off-farm jobs. At Real estate—the principal farm asset—rose the same time, the number of farms has been de- about $4 billion in value in 1959. This was a creasing and farm income has been distributed substantial increase but less than in any of the among fewer farm people. preceding three years. Further increases also Farms assets on January 1, 1960, were valued occurred in the value of farm machinery and at $203.6 billion, less than 1 per cent above a motor vehicles, of household furnishings and year earlier (Table 1). The increase of $1.3 equipment, and of farmers' investments in cobillion in such assets during 1959 contrasted with operatives. But the value of both crop and live- 1 The balance sheet as presented here brings toshould be recognized that the data are aggregates gether the assets and liabilities of agriculture as though and that they do not show the distribution of assets it were one large enterprise. It is the 16th in a series and debts among owner-operators, tenants, and landthat contain comparable annual estimates beginning lords. Nor do the data permit full separation of the in 1940. The annual changes shown provide a means farm firm as a production unit from the farm family of appraising the effects of developments in both the as a consumption unit. farm and nonfarm sectors of the economy on the financial structure of agriculture. The general financial and credit position of agri- This report shows farm assets and farm debts as culture and how it varies among regions and among of the beginning of 1960 and specified earlier years. some groups of farmers is given special attention in It deals mainly with changes in the financial situation the Agricultural Finance Outlook issued in November of agriculture that occurred during 1959. of each year by the Farm Economics Research Divi- In using and interpreting the balance sheet, it sion, Agricultural Research Service. 848 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1960 849 TABLE 1 current market value of farm real estate, after COMPARATIVE BALANCE SHEET OF AGRICULTURE, all costs were paid, has been below the average UNITED STATES, JANUARY 1, 1940, mortgage rate of interest in four of the last five 1959, AND I9601 years. In 1959 it was estimated at 3 per cent. The major reason for the decline in value of (In billi A o m ns o o u f n t dollars) N d e e t c i r n e c a r s e e a ( s e — , ) o 2 r the livestock inventory in 1959 was lower prices Item (per cent) of cattle and hogs. Numbers of both types of 1940 1959 1960 1940-60 1959-60 animals were larger on January 1, 1960, than a year earlier. Assets Farmer-owned inventories of crops were nearly Physical assets: Real estate 33.6 125.1 129.1 283.8 3.2 15 per cent lower in value on January 1, 1960, Non-real-estate: Livestock 5.1 18.1 16.2 216.3 -10.3 than a year earlier, chiefly because of a change Machinery and motor vehicles 3.1 317.7 18.4 502.1 4.0 in the cotton price-support program and a smaller Crops stored on and off farms 4 2.7 39.3 8.0 199.4 -14.5 wheat crop in 1959. The 1959 cotton crop was Household furnishings and equip- supported chiefly through direct purchases by ment 5 4.3 13.1 13.5 214.8 2.6 Financial assets: the Commodity Credit Corporation rather than Deposits and currency. . 3.2 10.0 9.1 182.6 -8.2 U. S. savings bonds.... 0.2 5.2 5.2 1,986.3 0.3 through loan operations. Investment in coopera- The decline in farmer-owned deposits and curtives 0.8 3.8 4.1 390.8 6.8 rency in 1959 was largely the result of the cost- Totals 53.0 3202.3203.6 283.5 0.6 price squeeze on farmers but crop conditions Claims accentuated the decline in some areas. The high Liabilities: Real estate debt 6.6 11.3 12.3 86.6 9.2 moisture content of the 1959 corn crop made Non-real-estate debt to: Commodity Credit much of the crop ineligible for loans until after Corporation7 0.4 2.5 1.4 211.7 -44.3 Other reporting in- January 1, 1960, and this reduced the flow of stitutions 8 1.5 5.8 6.7 342.9 15.5 Nonreoorting credi- funds into the Corn Belt during the late months tors^ 1.5 3.7 3.9 160.0 5.4 of 1959. The short grain crops in the Dakotas Total liabilities6.. 10.0 23.3 24.3 141.5 4.4 cut receipts in those States. Proprietors' equities 43.0 3179.0179.3 316.6 0.2 Farm machinery and motor vehicles on farms Total6 53.0 3202.3203.6 283.5 0.6 increased in value by about $700 million during 1959. Expenditures for these items exceeded de- 1 Data for 48 States only. 2 Computed from unrounded data. preciation charges, but most of the rise in inven- 3 Revised. 4 Includes all crops held on farms for whatever purpose and crops tory values was the result of a revaluation of the h O e n l d J a o n f . f 1 fa , r 1 m 96 s 0 a , s t h s e e c la u t r t i e t r y t f o o ta r le C d o m $4 m 99 o d m it i y ll i C on r . edit Corporation loans. inventory at the higher prices prevailing at the s Estimated valuation for 1940, plus purchases minus depreciation end of 1959. since then. 6 Total of rounded data. Farm debts increased by only about 4 per cent 7 Although these are nonrecourse loans, they are included as liabilities because borrowers must either repay in cash or deliver the during 1959 compared with an increase of nearly commodities on which the loans were based. The values of the underlying commodities are included among the assets; hence the 15 per cent in 1958. The difference between the loans must be included as liabilities to avoid overstating proprietors' equities. two years in over-all debt growth reflected a de- 8 Loans of all operating banks, the production credit associations, and the Farmers Home Administration, and discounts of the Federal cline in 1959 in price-support loans of the Comintermediate credit banks for agricultural credit corporations and livestock loan companies. modity Credit Corporation. 9 Loans and credits extended by dealers, merchants, finance companies, individuals, and others. Estimates based on fragmentary Farm mortgage debt increased by about 9 per data. cent during 1959, compared with about 7 per cent in 1958. The non-real-estate farm debt, excludstock inventories declined, and, for the first time ing Commodity Credit Corporation loans, inin 10 years, farmers' holdings of deposits and creased by about 12 per cent, the same as in 1958. currency were reduced substantially. The continued growth in these types of debt re- The lower level of farm income in 1959 and a change in the relationship between land values flects the increase in credit-financed transfers of and farm income, were probably responsible for farm real estate and the rising level of farm exslowing down the rise in farm real estate values. penditures for production and capital equipment. On a national basis, the calculated return on the However, farm debts remain relatively small and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

850 FEDERAL RESERVE BULLETIN • AUGUST 1960 TABLE 2 throughout the year. For the year as a whole gross national product averaged $482 billion, 8.5 PHYSICAL ASSETS OF AGRICULTURE VALUED AT 1940 PRICES, UNITED STATES, JANUARY 1, 1940, per cent over 1958. 1959, AND I9601 Employment also set new records. With widespread expansion in both hourly earnings and Type (in billi A on m s o o u f n t dollars) N d e e t ( c p r in e e a r c s r c e e e a n ( s — t e ) , ) o 2 r t s h h e o w a e v d e ra a g e g a w in o r o k f w e a e lm k, o s w t a 8 g e p e a r n d c e s n a t l a o ry ve r i nc 1 o 9 m 58 e . High levels of employment and income in 1959 1940 1959 1960 1940-60 1959-60 supported a strong domestic demand for agricul- Real estate 3.... 33.6 38.0 38.2 13.6 0.5 tural products. Consumer expenditures for food Livestock 5.1 5.1 5.3 3.9 Machinery and motor ve- 3.2 (including alcoholic beverages) increased 1.5 per hicles 3.1 7.2 7.3 0.7 Crops stored on and off 137.9 cent over 1958 to $68.6 billion. Agricultural Ho fa u r s m eh s old furnishings and 2.7 4.4 3.8 43.4 -12.9 exports also increased during the year. Despite equipment4 4.3 7.1 7.2 1.4 69.2 Totals 48.8 61.8 61.8 26.8 (6) TABLE 3 COMPARATIVE INCOME STATEMENT OF AGRICULTURE, 1 Data for 48 States only. 2 Computed from unrounded data. UNITED STATES, 1940, 1958, AND 1959 1 3 This series is based on data for census years developed by Alvin [In millions of dollars] S. Tostlebe in cooperation with the National Bureau of Economic Research. It takes into account changes in the area in farms, acreage of improved land, and number and condition of farm structures. (See Agricultural Finance Review, November 1952.) Data for Item 1940 19582 1959 1959 and 1960 are extensions from census benchmarks based on net inv 4 e P st u m rc e h n a t s i e n s f s a i r n m ce st 1 r 9 u 4 c 0 tu a r r e e s d (g e r f o la s t s e d in b v y es t a m n e i n n t d m ex i n o u f s p d r e ic p e r s e c p ia a t i i d o n b ) y . How net income was obtained farme 6 5 r s D T o e fo t c a r r l e h a o s o f e u r s o o e f u f n u le r d s n e s i d s t h h d i a n a n g t a s . . . 0 5 S o e f e 1 a p ls e o r c n e o n te t. 5 to Table 1. Gr C G os a o s s v h f e a r r r n e m m ce e i i p n n t t c s o p f m a ro y e m m : e f n a t r s m t o m f a a r rm ke e t r i s n g . s . . 8,3 7 8 2 2 3 33 1, , 0 4 8 9 9 0 33,1 6 4 8 6 1 Home consumption of farm products 1,210 1,753 1,628 farm foreclosures and distress transfers continue Rental value of farm dwellings 723 1,884 2,012 Net change in inventory 3 281 1,037 518 near a record low. Total 11,319 39,253 37,985 As reflected by valuations at 1940 prices, the Production costs, other than wages, physical assets of agriculture totaled about the rent, and interest on mortgages: Feed bought 998 4,496 4,623 same on January 1, 1960, as a year earlier (Table Livestock bought, except horses and 2). The substantial drop in crop inventories was mules , 517 2,711 2,727 Fertilizer and lime bought 306 1,345 1,444 offset by increases in other assets, particularly by Repairs and operation of capital items 1,006 3,832 4,087 the increased numbers of cattle and hogs. Depreciation and other consumption of farm capital 796 3,961 4,125 Gross farm income declined from slightly more Taxes on farm real estate and personal property 451 1,343 1,445 than $39 billion in 1958 to slightly less than $38 S M e i e s d c e b ll o a u n g e h o t us 7 1 0 9 8 7 532 534 billion in 1959. With farm production costs con- 2,470 2,664 tinuing to increase, net realized income of farm Total 4,979 20,690 21,649 operators, excluding income from nonfarm Net income from agriculture. 6,340 18,563 16,336 sources, declined from about $13 billion in 1958 How net income was distributed to $11.3 billion in 1959. Wages to hired labor (cash and perquisites) 1,029 2,878 2,929 Net rent and Government payments to landlords not living on farms4 , 448 1,141 1,001 Interest on farm mortgage debt 293 527 580 INFLUENCE OF THE GENERAL ECONOMIC SITUATION Net income of farm operators , 4,570 14,017 11,826 The slowing down of the growth in farm assets Net income from agriculture , 6,340 18,563 16,336 and equities and the decline in farm incomes Realized net income of farm operators occurred in spite of high and rising general eco- Net income of farm operators 4,570 14,017 11,826 nomic activity. Total output of goods and serv- Net change in inventory 281 1,037 518 ices, which continued its recovery from the 1958 Realized net income of farm operators 4,289 12,980 11,308 recession, gained rapidly in the first half of 1959 and reached a record $488 billion rate in the 1 Data for 48 States only. 2 Revised. April-June quarter. Work stoppages after mid- 3 Reflects the physical changes during the year in all livestock and crops on farms, except crops under CCC loan, with the changes year caused some decline in gross national prod- valued at average prices for the year. uct, but final purchases continued upward 4 After subtraction of taxes, mortgage interest, and other expenses paid by such landlords. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1960 851 this high level of demand, markets for farm prod- cent less in 1959 than in 1958. Omitting adjustucts continued to be dominated by heavy sup- ments for changes in inventory, the realized net plies, with the result that prices trended downward income of farmers dropped to $11.3 billion, or throughout most of 1959. almost 13 per cent. The average realized net in- Increases in the general price level—an im- come per farm, including farms of all sizes, deportant influence on values of farm real estate clined from $2,733 in 1958 to $2,437 in 1959 and other farm assets in recent years—were very after allowing for a decrease in the number of small in 1959. But strong demand for credit by farms. business, consumers, and government alike, ac- The total volume of farm products sold or used companied by Federal Reserve policies of con- in the home increased 3 per cent from 1958 to tinued restraint on the growth of the money 1959 but prices received for those sold declined supply, kept financial markets tight during 1959 an average of 4 per cent. The volume of crops and led to further increases in interest rates. sold increased less than 1 per cent and the prices Higher costs and limited availability of funds may received for crops remained the same as a year have been a factor in holding the rise in farm earlier. The volume of livestock and livestock debt (other than to the Commodity Credit Cor- products sold increased about 5 per cent but their poration) to about the same as that for 1958. average prices decreased about 6 per cent. The purchasing power of the realized net income of farm operators from farming was slightly AGRICULTURAL INCOME more than 13 per cent lower in 1959 than in Gross farm income of $38 billion in 1959 was 1958 and was at the same level as 1957. This 3 per cent less than in 1958 (Table 3). Produc- resulted chiefly from a decline in current dollar tion costs (other than wages, rent, and interest) income but partly from an increase in prices increased almost 5 per cent to a high of $21.6 farmers paid for items used in family living. billion. With a decrease in gross farm income Farmers' income from nonfarm sources in 1959 and an increase in production costs, net income is estimated at $6.8 billion, about 6 per cent more from agriculture dropped about 12 per cent to than in 1958. Per capita income of farm people $16.3 billion. from nonfarm sources increased from $299 in The net income of farm operators was 16 per 1958 to a record high of $321 in 1959. THE 1960 BALANCE SHEET IN DETAIL In the preceding paragraphs, the balance sheet was summarized in general terms. In the sections CHANGE IN DOLLAR VALUE that follow, each item of the 1960 balance sheet OF FARMLAND* is treated in detail. ASSETS Assets fall into two general classes: (1) Physical assets, both real estate and tangible personalty; and (2) financial assets, which include cash, bank deposits, U. S. savings bonds, and farmers' investments in cooperative associations. Farm real estate. The market value of farm real estate (land and buildings) advanced to $129.1 \) billion as of March 1, 1960, or $111.46 per acre. This was $4 billion, or 3 per cent, above a year earlier and a new record high. Farm buildings represented by operators' dwellings. accounted for 22 per cent of the total value of The gain of 3 per cent in farm real estate values farm real estate, about the same proportion as a in the year ended March 1, 1960, was about half year earlier. About half of the value of farm as large as in each of the preceding three years. buildings, which is estimated at $28.2 billion, is Although the increase in 1959-60 was less than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 FEDERAL RESERVE BULLETIN • AUGUST 1960 in 1958-59 in all regions, the slowdown was most foreclosures and distress transfers totaled about pronounced in the Corn Belt, Lake States, and 6,500—100 less than in 1958-59 and near a record Northern Plains. Average values for most of low. the States in these regions in March were less About 70 per cent of all land transfers in 1959than 2 per cent above a year earlier as the chart 60 were credit-financed, compared with 67 per shows. The advance in the Pacific Coast States cent in 1958-59. A sharp increase in the use of was double the national average. Most of the land contracts, particularly in the Corn Belt, was increase in that area represented higher prices responsible for most of the increase. Nationally, in California where demand for land for nonfarm about a fourth of all voluntary transfers were espurposes remains strong. timated to be financed by contracts in 1959-60, In the four months ended March 1, 1960, the compared with about one-seventh 10 years earlier. national index of farm real estate values advanced As contracts normally involve smaller downpay- 1 per cent to 173 per cent of the 1947-49 average. ments than do conventional mortgages, their in- Changes amounted to 1 per cent or less in 30 creased use in recent years has raised the average States, but in 14 States, most of which were in amount of debt incurred in relation to the purthe Northern and Southern Plains and along the chase price. Debts of 75 per cent or more of Pacific Coast, there were increases of 2 to 3 per the purchase price were reported for more than a cent. third of the credit sales in 1958-59, compared with During recent years many factors have com- about a fifth of such sales a decade earlier. bined to increase land values. The slowing down Livestock and poultry. The total inventory value in the rate of increase in 1959 probably resulted of livestock and poultry on farms on January 1, from a change in the relationship between land 1960, was down 10 per cent from the $18.1 bilvalues and farm income. Nationally, the average lion level of January 1, 1959 (Table 4). Numvalue of farm real estate, which was $111.46 per bers of cattle, hogs, and sheep increased in 1959, acre on March 1, 1960, was 9.6 times the net but numbers of horses and mules, chickens, and income per acre of $11.57 in 1959. This com- turkeys decreased. Value per head decreased for pares with 8.5 times in 1955-59 and 6.0 times cattle, hogs, and sheep, and also for chickens but inin 1950-54. In only two other years since 1910— creased for horses and mules and turkeys. The net in 1921 and 1933—has the ratio of land value to result was a decrease in total value for all classes per-acre-income been higher than it was last year. of livestock except horses and mules and turkeys. When land values are as high in relation to net farm income as they are at present, repayment TABLE 4 of debt from income becomes more difficult, par- LIVESTOCK AND POULTRY ON FARMS, UNITED STATES, JANUARY 1, 1959 AND I9601 ticularly when the debt represents a high proportion of the purchase price. 19592 1960 The calculated rate of return on current market values of farm real estate, after all costs are paid Value Value (including an allowance for unpaid labor) has Class Num- Numi b n e e f n o u b r e lo o w f th th e e la a s v t e r f a iv g e e m ye o a r r t s g . a ge In r a 1 t 9 e 5 o 9 f th in e t e r r a e t s e t l ( i b m o e n i r l s - ) h ( l P e d a a r e o d s r l ) - 3 T ( l d l m a i o o o r t i s l n a l - ) - l l ( i b m o e n i r l s - ) h ( l P e d a a r e o d s r l ) - 3 T ( l d l m a i o o o r t i s l n a l - ) - l was estimated at 3 percent. Rates of voluntary and distress transfers in the Cattle 97 153.00 14,784 102 136.00 13,841 year ended March 1, 1960, remained low despite Milk cows4 21 219.00 4,715 21 208.00 4,436 Hogs 57 32.00 1,820 58 18.50 1,084 the continued decline in numbers of farms. Al- Al S ls t h o e c e k p s S heep 6.... 2 3 8 3 2 2 0 0 . . 0 3 5 0 6 5 6 7 0 8 2 3 9 4 1 1 6 6 . . 4 5 3 0 4 5 8 5 7 2 though many farmers have liquidated their hold- Horses and mules.. 3 101.00 319 3 112.00 345 Chickens. . . 384 1.26 482 367 1.05 386 ings, rising prices and the strong demand for land Turkeys 6 4.65 28 6 4.91 28 have enabled them to recover their original in- Total 18,093 16,236 vestment and often to realize capital appreciation. 1 Data for 48 States only. The rate of voluntary sales in 1959-60, at 30.7 2 Revised. 3 Rounded to significant price intervals. farms per 1,000, was 2 per cent less than in the 4 Included in cattle. 5 Includes sheeo and lambs on feed for market. previous year and the lowest since 1939-40. Farm 6 Included in all sheep. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1960 853 In most areas of the country, feed supplies were those pledged under loan to the Commodity Credit abundant in 1959, and this tended to reduce the Corporation, were valued at $8.0 billion, a derate of cattle and calf slaughter and to build up crease of nearly 15 per cent from a year earlier. inventories. On January 1, 1960, cattle on feed This decrease resulted chiefly from a reduction of in 26 important feeding States were up 9 per cent 67 per cent in the quantity of stocks stored off over the preceding year. farms under CCC loans. At the same time total hog numbers on January Cotton and wheat accounted for about two- 1, 1960, were 3 per cent higher than a year earlier thirds of the decline in the value of off-farm and at their highest peak since 1952. The number stocks under CCC loan. The declines for these of sows and gilts on farms declined 11 per cent crops may be attributed principally to a smaller from levels on January 1, 1959, reflecting farmers' wheat crop in 1959 and to a change in the prointentions to reduce 1960 spring farrowings. gram under which the Commodity Credit Cor- Machinery and motor vehicles on farms. Gross poration purchased most of the cotton instead of expenditures by farmers for farm machinery in making loans on it. 1959 totaled $3,724 million, up $86 million or The value of crops stored on farms changed 2.4 per cent from the total for 1958 and the fourth less than 1 per cent between January 1, 1959, and highest of record. Expenditures for tractors rose January 1, 1960. Food grain stocks, chiefly 15 per cent and for other farm machinery 10 per wheat, decreased about 28 per cent, but part of cent as farmers continued the trend toward larger this decrease was offset by a 3- to 4-per cent inand more efficient machinery units. At the same crease in price. Stocks of corn increased about time farmers spent less for automobiles and motor- 15 per cent, but the average price declined from trucks, reflecting mainly the continued decline in $1.02 to $0.96 per bushel. number of farms operated. Measured in 1940 prices, the physical quantity The value of all machinery on farms on Jan- of crop inventories decreased about 13 per cent uary 1, 1960, was $18.4 billion—$703 million, or between January 1, 1959, and January 1, 1960. 4 per cent, above the value on January 1, 1959 For crops stored on farms the quantity decreased (Table 5). A large part of the increase was the about 3 per cent, and for crops stored off farms under CCC loan it decreased about 67 per cent. TABLE 5 These declines were due mainly to a reduction in farmer-owned stocks of cotton, grain sorghum, FARM MACHINERY AND MOTOR VEHICLES, UNITED STATES, JANUARY 1, SPECIFIED YEARS, 1940-60x wheat, and soybeans. Liquid financial assets. On January 1, 1960, [In millions of dollars] the bank deposits, currency, and U.S. savings Year Total Tractors m A o u b t i o le - s M tru o c to k r s - ma O f c a h t r h i m n er ery b b o il n li d o s n , o a w n d e e d c re b a y s e f a o rm f e a r l s m o w s e t re $ 9 e 0 s 0 ti m m a i t l e li d o n a t f ro $1 m 4 .3 a year earlier (Table 6). Almost $600 million of 1940 3,060 503 958 262 1,337 1950 11,314 2,380 2,324 1,446 5,164 1955 16,164 3,120 3,827 1,885 7,332 1959 17,721 3,307 3,953 2,278 8,183 TABLE 6 19602 18,424 3,392 3,986 2,339 8,707 LIQUID FINANCIAL ASSETS OWNED BY FARMERS, 1 Data for 48 States only. UNITED STATES, JANUARY 1, SPECIFIED 2 Preliminary. YEARS, 1940-60 X result of the continued uptrend in machinery [In billions of dollars] prices. In 1940 dollars, the total value of such machinery was up only 0.7 of 1 per cent, or $49 Deposits U.S. Year Total Currency savings million. Demand Time bonds Most of the major types of motor vehicles and machines on farms increased in 1959. However, 1940 3.4 0.7 1.3 1.2 0.2 1945 11.3 2.6 3.6 1.7 3.4 the increase in number of tractors was only 20,000 1950 13.8 2.5 4.5 2.1 4.7 1955 14.4 2.2 4.7 2.5 5.0 units, the smallest annual increase in many years. 1959 15.2 2.0 4.9 3.1 5.2 1960 14.3 1.9 4.3 2.9 5.2 Crop inventories. On January 1, 1960, farmerowned inventories of harvested crops, including 1 Data for 48 States only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

854 FEDERAL RESERVE BULLETIN • AUGUST 1960 the decline occurred in farmers' checking ac- cooperatives. Since 1950, these cooperatives have counts. increased their net worth more than 500 per cent. According to estimates of the Federal Reserve Net worth of the production credit associations Board, farmer-owned demand deposits decreased increased by 14 per cent in 1959, while that of in all Federal Reserve districts except one during the Federal land bank system rose about 5 per 1959. In the San Francisco District farm oper- cent to a new high of $501 million. ators increased their demand deposits by about Assets used in farm production. On January 1, 3 per cent. In the Pacific area cash receipts from 1960, the value of assets used in farm production farming increased almost 6 per cent during 1959. was $157.3 billion. These assets increased about Large decreases in farmer-owned demand de- 1.5 per cent during 1959 and almost 30 per cent posits occurred in the Boston, New York, Chicago, during the last five years. In terms of 1947-49 Minneapolis, and Kansas City Federal Reserve prices total assets used in farm production in- Districts. These districts contain most of the States in which cash receipts from farming de- TABLE 7 creased substantially. Lower prices for farm com- VALUE OF ASSETS USED IN AGRICULTURAL PRODUC- TION, UNITED STATES, JANUARY 1, SPECIFIED modities, increased production costs, and unfa- YEARS, 1940-601 vorable weather, particularly in the Corn Belt and Great Plains, were the main reasons for the de- Average (dollars) cline in cash receipts. Total Year (billions According to the Federal Reserve estimates, the of dollars) P w e o r r f k a e r r m 2 fa P r e m r 2 average size of farmers' checking accounts decreased about 7 per cent. All districts except 1940 38.7 3,413 6,094 1945 67.7 6,625 11,346 three reported decreases. The San Francisco, 1950... . 95.9 9 625 16,979 1955 121.1 14,018 23,806 Philadelphia, and St. Louis Districts reported in- 19593 155.0 20 598 33,398 1960 157.3 21,303 34,648 creases of 10, 6, and 0.3 per cent, respectively. The average size of farmers' checking accounts 1 Includes farm real estate, less value of dwellings; livestock; in the San Francisco District is more than twice machinery and motor vehicles, less 60 per cent of the value of automobiles ; crop inventories held for livestock feed; and a portion of the that in any other district except Dallas and Phil- demand deposits owned by farmers estimated as being held to meet farm production costs. Data for 48 States only. adelphia. 2 Number of farms and farm workers used in computing these averages are as estimated by the U. S. Department of Agriculture. On January 1, 1960, the U.S. savings bonds 3 Revised. owned by farmers were estimated as having a creased about 1 per cent in 1959 and 13 per cent redemption value of $5.2 billion, the same as a from 1950 to 1960. year earlier. Farmers reduced their purchases While the total value of production assets has and increased their redemptions of E and H bonds increased greatly since 1950, the number of farms during 1959 but the accrual of interest practically has dropped 20 per cent and the number of farmoffset these two factors. Purchases decreased in workers 26 per cent. The amount of production all regions except the Northern Plains and the capital per farm on January 1, 1960, in current Mountain States, where there were slight in- prices was about $34,600, an increase of more creases. than 100 per cent since 1950, while the capital Net worth of farmers' cooperatives. The net per farm worker was $21,303, an increase of worth of farmers' cooperatives increased almost 7 121 per cent over the same period (Table 7). per cent in 1959 compared with an increase of 6 per cent in 1958. As of January 1, 1960, the CLAIMS net worth of cooperatives was slightly more than Claims on agricultural assets are of two general $4 billion, nearly double the total a decade earlier. kinds: (1) Liabilities, which are divided into real Marketing and purchasing associations continued estate and non-real-estate debt; and (2) equities, to have the largest net worth. They accounted which represent the value of the residual rights for about 52 per cent of the total net worth of in agricultural assets belonging to the proprietors cooperatives on January 1, 1960. —owner-operators, tenants, and landlords. In- In percentage terms, growth continued to be cluded among these proprietors are individuals, largest—17.2 per cent—among the rural electric financial institutions and other corporations, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1960 855 TABLE 8 FARM MORTGAGE DEBT HELD FARM MORTGAGE DEBT OUTSTANDING, BY LENDERS, BY MAJOR LENDERS UNITED STATES, JANUARY 1. SPECIFIED BIL. DOLLARS YEARS, 1940-60 ' ; m (in mill A io m ns o u o n f t dollars) ; ; de In cr c e r a e s a e s e ( , — or )3 (per cent) Lende 1940 1950 1959 I 1960 21950- 1959- 60 602 Total. . 6,5861 5,579 11,254 12,29l| 120.3 j 9.2 Federal land banks4 2,010 906 2.065 2,335 157.7 13.0 Federal Farm Mortgage Corpora- 1910 1920 1930 1940 1950 1960 tion 4, 5 713 59 0 0 -100.0 Farmers Home Administration6 32 193 388 437 126.1 12.6 Life insurance companies4 984 1,172 2,661 2,821 140.6 6.0 Insured commercial banks 534 879 1,443 1,554| 76.7 7.7 Federal, State, and local government agencies. Individuals and mis- I cellaneous 2,313 2,370 4,697 5,1441 117.I 9.5 Farm real estate debt. Farm mortgage debt on January 1, 1960, as shown in Table 8 and also 1 Data for 48 States only. 2 Preliminary. in the chart, reached a total of $12.3 billion, 9.2 3 Computed from unrounded data. per cent higher than a year earlier, but it was still 4 Includes regular mortgages, purchase-money mortgages, and sales contracts. less than 10 per cent of the value of farm real 5 Loans were made for the Corporation by the Land Bank Commissioner. Authority to make new loans expired July 1, 1947. On estate. Higher land prices, an increase in the June 30, 1955, loans of the Federal Farm Mortgage Corporation were sold to the 12 Federal land banks. proportion of credit-financed land transfers, and 6 Data for 1940 include only tenant-purchase loans and direct soil and water loans to individuals. Thereafter, data also include farmlarger farm expenditures contributed to the in- development, farm-enlargement, and project-liquidation loans; farm-housing loans, beginning with July 1950; and building-improvecrease of $1 billion during the year. ment loans, beginning with 1955. The proportions of total farm-mortgage debt life insurance companies reporting in a quarterly held by the Federal land banks, individuals and survey averaged 5.9 per cent in the fourth quarter others, and the Farmers Home Administration of 1959. In the first quarter of 1960 the average increased in 1959, whereas the proportions held rate moved up to 6.1 per cent. by life insurance companies and all operating Borrowers from both the Federal land banks banks declined. The Federal land banks inand life insurance companies repaid their loans creased their recordings of farm mortgages in at higher rates in 1959 than in 1958. Those bor- 1959 by 32 per cent over 1958. Increases for rowing from insurance companies repaid at an other lenders were as follows: Life insurance companies, 15 per cent; miscellaneous, 14 per cent; TABLE 9 individuals, 10 per cent; and commercial banks, 9 per cent. FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES, JANUARY 1, SPECIFIED YEARS, 1940-60 * Available data indicate that borrowers were [In billions of dollars] using a larger proportion of the loan funds secured by farm real estate to purchase real estate Type 1940 1950 1959 1960 in 1959 than in 1958 and a smaller proportion to refinance real estate mortgages. Price-support loans made or guaranteed by Commodity Interest rates on farm mortgage loans climbed Credit Corporation 2 0.4 1.7 2.5 1.4 Other loans by banks and steadily in 1959 but apparently began to level off Federally sponsored agencies.. . 1.5 2.8 5.8 6.7 Loans and book credits by misearly in 1960. On January 1, 1959, nine Federal cellaneous lenders3 1.5 2.4 3.7 3.9 land banks were charging 5 per cent on new farm Total, excluding CCC loans. . . . 3.0 5.2 9.5 10.6 mortgage loans and three were charging 5Vi per Total, including CCC loans .... 3.4 6.9 12.0 12.0 cent. By December 31, 1959, all land banks 1 Data for 48 States only. 2 Although these are nonrecourse loans, they are treated as debts. were charging 6 per cent, the statutory limit. Borrowers must either pay them in cash or deliver the commodities on which they were based. Interest rates on farm mortgage loans made by 3 Estimates based on fragmentary data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 FEDERAL RESERVE BULLETIN • AUGUST 1960 average rate of 1.1.4 per cent of the principal. For Federal land bank borrowers the rate aver- NON-REAL-ESTATE FARM LOANS aged 9.1 per cent. Held by Banks and Federally Sponsored Agencies* Non-real-estate debt On January 1, 1960, the total non-real-estate debt of farmers (including CCC loans) was estimated to be $12.0 billion, the same as a year earlier (Table 9). An increase of $1.1 billion in loans held by banks, Federally sponsored agencies, and other creditors was offset by a decrease of $1.1 billion in price-support loans owed by farmers to the Commodity Credit Corporation. 1910 1920 1930 1940 1950 1960 The non-real-estate loans to farmers held by the principal lending agencies, excluding CCC loans and certificates of interest, totaled about $6.7 billion on January 1, 1960, as the chart shows. loans were 3 per cent less than in the comparable This was nearly 16 per cent above the amount period of 1959. There were similar trends in reoutstanding a year earlier. Non-real-estate farm newals and in new loans at some banks, particuloans held by banks increased 15.7 per cent dur- larly in the Corn Belt. At the same time, aping 1959, and those of the production credit as- plications to the Farmers Home Administration sociations 22.1 per cent, but loans held by the for operating loans increased. Farmers Home Administration showed a small Interest rates charged by the production credit decline—2 per cent. associations increased by about 1 percentage point Price-support loans owed by farmers to the during 1959, as interest rates in general moved upward. On April 1, 1960, 63 per cent of the Commodity Credit Corporation decreased 44 per associations were charging farmers rates of 7 per cent during 1959. Much of this decrease was cent or more, whereas a year earlier only 9 per due to a reduction in the amount of cotton and cent had been charging such rates. Seven per wheat put under loan. Under the cotton-support cent of all associations were charging 8 per cent program, the CCC purchased most of the cotton or more in April 1960, whereas none charged instead of making loans on it. The reduction in such rates in April 1959. According to a survey Commodity Credit Corporation loans on wheat made by the American Bankers Association in reflected the fact that the 1959 wheat crop was the spring of 1960, rates paid by farmers to banks smaller than the 1958 crop. had increased by about one-third of 1 percentage Outstanding loans of the production credit aspoint during the preceding 12 months. sociations declined more in the second half of Total farm debt. Excluding price-support loans, 1959 than in the comparable period of 1958, and farm debt increased $2.1 billion, or about 10 expansion in 1960 has been at a more moderate per cent during 1959 to a high of $22.9 billion on rate than a year earlier. As compared with year- January 1, 1960. Including price-support loans, earlier levels, outstanding loans were up 27 per farm debt increased to a high of $24.3 billion. cent in mid-1959, 22 per cent at the end of the Although total debt has risen each year since 1946 year, and only 12 per cent on May 31, 1960. and has nearly doubled since 1950, it represented This spring, the associations renewed more loans only 12 per cent of the value of farm assets on but made a smaller volume of new loans than January 1, 1960, compared with 10 per cent on last spring. For the five months January-May January 1, 1950, and 19 per cent on January 1, renewed loans were 26 per cent larger, but new 1940. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Margin Requirements its current market value, as determined by any reasonable method. The Board of Governors, effective July 28, 1960, amended the Supplements to Regulations T and Reserves of Member Banks U so as to decrease the margin requirements from The Board of Governors amended the Supple- 90 per cent to 70 per cent for credit extended ment to Regulation D, pertaining to reserves reby brokers, dealers, and banks to finance purquired to be maintained with the Federal Reserve chases of securities registered on a national securi- Banks by member banks, so as to reduce the ties exchange. The decreased margins also apply reserve against net demand deposits required of to short sales. The texts of the Supplements as member banks in central reserve cities. The thus amended are as follows: amendment also permits all member banks to count a larger portion of their currency and coin SUPPLEMENT TO REGULATION T in partial compliance with such reserve require- § 220.8 SUPPLEMENT ments. There is set forth below the text of the Effective July 28, 1960 amended Supplement. (a) Maximum loan value for general accounts. The maximum loan value of a registered security SUPPLEMENT TO REGULATION D (other than an exempted security) in a general ac- § 204.5 SUPPLEMENT count, subject to § 220.3, shall be 30 per cent of its current market value. Effective as to member banks not in reserve and (b) Margin required for short sales in general central reserve cities at opening of business on accounts. The amount to be included in the adjusted August 25, 1960, and as to member banks in reserve debit balance of a general account, pursuant to and central reserve cities at opening of business on § 220.3(d)(3), as margin required for short sales September 1, 1960. of securities (other than exempted securities) shall (a) Reserve percentages. Pursuant to the provibe 70 per cent of the current market value of each sions of Section 19 of the Federal Reserve Act and such security. § 204.2 (a), but subject to paragraph (b) of this (c) Retention requirement for general accounts. section, the Board of Governors of the Federal Re- In the case of a general account which would have serve System hereby prescribes the following reserve an excess of the adjusted debit balance of the account balances which each member bank of the Federal over the maximum loan value of the securities in Reserve System is required to maintain on deposit the account following a withdrawal of cash or securi- with the Federal Reserve Bank of its district: ties from the account, the "retention requirement" (1) Tf not in a reserve or central reserve city— of a registered security (other than an exempted ( i) 5 per cent of its time deposits, plus security), pursuant to § 220.3(£)(2), shall be 50 (ii) 11 per cent of its net demand deposits. per cent of its current market value. (2) If in a reserve city (except as to any bank located in such a city which is permitted by the Board of Governors of the Federal Reserve System, SUPPLEMENT TO REGULATION U pursuant to § 204.2 (a) (2), to maintain the § 221.4 SUPPLEMENT reserves specified in subparagraph (1) of this paragraph)— Effective July 28, 1960 ( i) 5 per cent of its time deposits, plus (ii) 16V^ per cent of its net demand deposits. (a) Maximum loan value of stocks. For the (3) If in a central reserve city (except as to purpose of § 221 A, the maximum loan value of any bank located in such a city which is permitted any stock, whether or not registered on a national by the Board of Governors of the Federal Reserve securities exchange, shall be 30 per cent of its current System, pursuant to § 204.2 (a) (2), to maintain market value, as determined by any reasonable the reserves specified in subparagraph (1) or (2) method. of this paragraph)— (b) Retention requirements. For the purpose of ( i) 5 per cent of its time deposits, plus § 221.1, in the case of a loan which would exceed (ii) WVi per cent of its net demand deposits. the maximum loan value of the collateral following (b) Counting of currency and coin. In partial a withdrawal of collateral, the "retention require- compliance with the reserve requirements of parament" of a stock, whether or not registered on a graph (a) of this section, the amount of a member national securities exchange, shall be 50 per cent of bank's currency and coin shall be counted to the 857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

858 FEDERAL RESERVE BULLETIN • AUGUST 1960 extent that it exceeds 1 per cent of the bank's net mand deposits in violation of Regulation Q and demand deposits in the case of a bank subject to Section 19 of the Federal Reserve Act. In other the requirements for banks located in central reserve and reserve cities, and to the extent that it exceeds words, the payment of interest includes any direct 2Vi per cent of the bank's net demand deposits in or indirect payment or absorption of exchange the case of a bank subject to the reserve requirements charges by any device whatsoever, regardless of for banks not located in central reserve and reserve cities. whether such payment or absorption is made di- Clearing and Collection of Checks rectly by a member bank or indirectly through any other bank for a member bank or a depositor The Board of Governors, effective August 10, of such member bank. This principle will be 1960, amended Section 6 of Regulation J (12 applied hereafter by examiners for the Federal CFR § 210.6), relating to the promulgation of Reserve Banks in their examinations of State rules governing the clearing and collection of member banks and the Comptroller of the Curchecks. The amendment inserted after the first rency has advised that it will be applied by sentence of Section 6 a new sentence reading as national bank examiners in their examinations of follows: national banks. Such rules may, among other things, prescribe the In reaching this conclusion the Board has caretypes of checks and other items that will be received as cash items under this regulation, classify cash items, fully reexamined earlier interpretations on the require separate sorts and cash letters, and provide subject, and this interpretation supersedes all such different closing times for the receipt of different earlier interpretations, including those published types or classes of cash items. in the 1944 Federal Reserve BULLETIN, p. 339, The purpose of this amendment is to make it and 1945 Federal Reserve BULLETIN, p. 564. clear that the Reserve Banks may not be able to avoid the need for separate sorts and different closing times for checks handled as cash items that Necessity for Board Approval of Stock Dividend by State Member Bank are not suitable for processing on the high-speed document handling equipment which is being used The opinion of the Board of Governors has increasingly for handling checks. been requested as to whether Section 5199(b) of the Revised Statutes of the United States, as Absorption of Exchange Charges amended September 8, 1959 (12 U.S.C. 60), reas Payment of Interest on Deposits quires the Board's approval for the declaration of a stock dividend by a State member bank in The Board of Governors has had occasion to an amount which would exceed the total of net consider whether certain practices involving the profits for the present year combined with the absorption of exchange charges constitute the payretained net profits of the preceding two years. ment by a Federal Reserve member bank of This statute is made applicable to State member interest on demand deposits in violation of Regubanks by the sixth paragraph of Section 9 of the lation Q, Payment of Interest on Deposits, and Federal Reserve Act (12 U.S.C. 324). Section 19 of the Federal Reserve Act. The purpose of this provision is to prevent the One question was whether such absorption depletion of the capital structure of a bank by the would constitute the payment of interest on depayment of excessive dividends. Since a stock mand deposits when the amounts absorbed by a dividend does not result in the distribution of cash member bank are claimed to be less than the cost or assets, the Board does not consider the term of collecting them from depositors. Another "dividend" in this statute as including stock diviquestion was whether a member bank would be dends. Consequently, the Board's approval for the paying interest on demand deposits if it maindeclaration of a stock dividend is not required. tained balances with another bank or banks in return for which such other bank or banks directly or indirectly would absorb for it exchange Deed of Trust Notes Issued Under Military Housing Program charges made by the drawee banks. as Collateral for Advances Upon a careful review of the subject, the Board has concluded that both these practices should The Board of Governors has been asked for be deemed to be the payment of interest on de- an opinion whether certain "Deed of Trust Notes", Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 859 issued under the provisions of Title VIII of the graph (a) of § 201.3, the term is parenthetically National Housing Act in connection with the mili- defined as meaning only bonds, notes, Treasury tary housing program, are eligible as collateral bills, or certificates of indebtedness of the United for advances to member banks under any of the States. Clearly this evidences an intent that the provisions of Section 13 of the Federal Reserve term shall have that meaning wherever it is used Act. in the Regulation. It is understood that the "Deed of Trust Notes'' Of course, the "Deed of Trust Notes" are eligiare issued by so-called "Capehart Corporations1' ble for advances under Section 10(b) of the Fedand that the financing institutions which advance eral Reserve Act although at a rate of interest the funds for the housing construction look to the not less than one-half of one per cent per annum Defense Department for payment pursuant to a higher than the highest rate applicable to disso-called guaranty agreement executed by the counts for member banks then in effect. Secretary of Defense or his designee under which the United States undertakes to make each peri- Order Directing Increase in Capital Funds odic payment which becomes due on the note The Board of Governors, on July 18, 1960, without prior demand for such payment. issued an Order directing The Continental Bank After careful consideration of the questions and Trust Company, Salt Lake City, Utah, to involved, the Board has concluded that (1) the effect an increase in its net capital and surplus notes would not be eligible as collateral for 15funds in the amount and within the time specified day advances under the eighth paragraph of Secin the Board's Order. The text of the Board's tion 13 of the Federal Reserve Act since the Order and accompanying Statement are as fol- "Deed of Trust Notes" are not "bonds, notes, lows: certificates of indebtedness, or Treasury bills" as ORDER TO INCREASE CAPITAL those words are used in the eighth paragraph; (2) the notes are not "such notes, drafts, bills of There has come before the Board of Governors, exchange, or bankers' acceptances" as are eligible pursuant to notice of institution of a proceeding for rediscount or for purchase by Federal Reserve with formal hearing dated June 29, 1956, the Banks under the provisions of the Federal Reserve matter of the adequacy or inadequacy of the net Act, and, accordingly, they are not eligible as capital and surplus funds of The Continental Bank collateral for 90-day advances under paragraph and Trust Company, Salt Lake City, Utah (hereeight of Section 13; and (3) the notes are not after called "the Bank"), in relation to the chareligible for advances under the last paragraph acter and condition of its assets and its deposit of Section 13 which authorizes 90-day advances liabilities and other corporate responsibilities. to any individual, partnership, or corporation on During the course of the aforesaid hearing, testipromissory notes secured by direct obligations of mony and documentary evidence were introduced the United States. on behalf of the Bank and the Board, following Some comment seems desirable with respect to which Counsel for the Bank and Special Counsel (3) above. Notwithstanding the fact that in a to the Board submitted proposed findings and broad sense the Government's contract to make conclusions with briefs thereon and replies thereto; periodic payments on the notes without prior de- the Trial Examiner filed with the Board his Report mand appears to be a direct obligation of the and Recommended Decision; Special Counsel to United States, it is the Board's view that the Gov- the Board filed exceptions, with supporting brief, ernment's contract does not constitute such an and Counsel for the Bank filed a brief in opposition to such exceptions; and the matter was obligation within the meaning of the last paraargued orally before the Board. graph of Section 13. Under that paragraph, advances by Reserve Banks are authorized on such The Board has considered the evidence of recobligations subject to such "limitations, restric- ord to the extent and in the degree set forth in tions, and regulations" as the Board may pre- the Statement accompanying this Order; the arguscribe. While the term "direct obligations of ments of Counsel on the issues of fact and law the United States" is not specifically defined in raised by motion and otherwise during this pro- Regulation A, nevertheless in two places in para- ceeding; the Trial Examiner's Report and Recom- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 FEDERAL RESERVE BULLETIN • AUGUST 1960 mended Decision; the exceptions and briefs filed Act. In thus voluntarily becoming a member by Counsel; the oral arguments before the Board; of the System, Continental became subject to all and information, equally available to the Bank, provisions of the Federal Reserve Act and other derived before and after the date of such hearing laws of Congress applicable to State member from reports of examination of the Bank and from banks. supervisory reports filed by the Bank. At the time of Continental's admission to mem- On the basis of such deliberation and considera- bership, Section 9 of the Federal Reserve Act tion, and for the reasons set forth in the State- required a State bank, in order to be eligible for ment accompanying this Order, it is the judgment membership, to have capital equal to the minimum of the Board, and the Board has so determined, amount specified by the National Bank Act for that the net capital and surplus funds of the Bank the organization of a national bank in the place are inadequate in relation to the character and in which such State bank was located, and the condition of its assets and to its deposit liabilities amount so specified by the latter Act was arbitrarand other corporate responsibilities, and that ily related to the population of the place of the such inadequacy in an amount of not less than bank's location. Continental's capital met this $1,500,000 shows no likelihood of being corrected requirement of the statute. It was not until July within a reasonable time by retained earnings. 15, 1952, several months after Continental's ad- Accordingly, IT IS HEREBY ORDERED that, within mission, that Section 9 of the Federal Reserve six months from the date of this Order, the Bank Act (12 U.S.C. 329) was amended to prohibit shall, by the sale of common stock for cash, admission of a State bank to membership in the effect an increase in its net capital and surplus Federal Reserve System unless it has "capital stock funds in the amount of not less than $1,500,000. and surplus which, in the judgment of the Board of Governors of the Federal Reserve System, are Dated at Washington, D. C, this 18th day of adequate in relation to the character and condi- July, 1960. tion of its assets and to its existing and prospec- By order of the Board of Governors. tive deposit liabilities and other corporate responsibilities". Voting for this action: Chairman Martin and Governors Balderston, Szymczak, Mills, Shepardson, and Although Continental met the minimum capital King. Governor Robertson took no part in the requirement prescribed by the Federal Reserve Board's consideration of this matter or in the Board's action of this date, having voluntarily withdrawn Act at the time of its admission to membership, from participation in the matter for the reasons set nevertheless, if in the judgment of the Board the forth in the Statement issued by him on June 30, 1959, Bank lacked adequate capital, it was within the and made a part of the record in these proceedings. Board's statutory discretion either to withhold ap- (Signed) MERRITT SHERMAN, proval of the Bank's application for membership Secretary. or to approve the Bank's application notwith- [SEAL] standing its capital situation. An intermediate course was also open to the Board. Under the STATEMENT OF THE BOARD first paragraph of Section 9 of the Federal Reserve IN CONNECTION WITH ORDER TO INCREASE Act (12 U.S.C. 321), the Board had authority to CAPITAL permit an applying State bank to become a member of the System "subject to the provisions of I. BACKGROUND this Act and to such conditions as it may prescribe Prior to February 1, 1952, Continental was a pursuant thereto." Pursuant to this provision, national bank chartered under provisions of the the Board prescribed the following conditions of National Bank Act. As of that date it con- membership in approving Continental's applicaverted to a State charter under the laws of the tion for membership: State of Utah. As of the same date, the Bank Such bank at all times shall conduct its business and was admitted to membership in the Federal exercise its powers with due regard to the safety of Reserve System by virtue of the Board's approval its depositors, and, except with the permission of the Board of Governors of the Federal Reserve System, of the Bank's application for such membership such bank shall not cause or permit any change to be filed pursuant to provisions of the Federal Reserve made in the general character of its business or in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

861 LAW DEPARTMENT the scope of the corporate powers exercised by it at theless, each examination of Continental subsethe time of admission to membership. quent to its admission to membership indicated The net capital and surplus funds of such bank shall that, because of changes in the risk quality of its be adequate in relation to the character and condition of its assets and to its deposit liabilities and other assets, its capital structure was still low in relacorporate responsibilities, and its capital shall not be tion to the character and condition of its assets and reduced except with the permission of the Board of liabilities. On each such occasion, corrective Governors of the Federal Reserve System. action was urged, but the Bank refused to take It was the second of these conditions, hereafter any further steps to improve its capital situation. called "Condition of Membership No. 2", that By letter dated February 10, 1956, the Federal expressly related to the maintenance of adequate Reserve Bank of San Francisco informed Conticapital. nental that, after review of its capital situation, In accordance with its practice of prescribing the Board of Governors believed that corrective special conditions of membership when warranted action was needed; and advice was requested by the circumstances of particular cases, the Board within 60 days as to what steps the Bank would also prescribed two such special conditions in take to provide not less than $1,500,000 of net Continental's case. One required full payment additional capital funds by the sale of additional within two years of the indebtedness to Continen- common stock. Continental issued notice of a tal of certain members of the family of Mr. special stockholders' meeting to consider an in- Walter E. Cosgriff, President of Continental; the crease in capital; but the notice was accompanied other provided that the Bank prior to member- by a letter from Mr. Walter E. Cosgriff, Presiship should charge off or otherwise eliminate dent of Continental, opposing such action, and certain losses. the stockholders rejected the request. That the Board had reservations as to the ade- On June 29, 1956, the Board issued to Contiquacy of Continental's capital and that Condition nental a notice of institution of a proceeding with of Membership No. 2 was intended to be a cona formal hearing, stating that, if reports of extinuing condition as to maintenance of adequate amination of Continental made by the Federal capital was clearly evidenced by the Board's letter Reserve Bank of San Francisco were correct, of January 25, 1952, advising the Bank of the they indicated that the capital and surplus funds Board's approval of its application for memberof Continental were inadequate, and that the ship. In that letter, the Board stated: hearing was being ordered to determine: In approving this application the Board of Governors (1) the adequacy or inadequacy of the net capital has considered and relied upon the assurances given stock and surplus of the Bank in relation to the by Mr. Cosgriff that his indebtedness and that of his character and condition of its assets and its present immediate family to the affiliated banks in which and prospective deposit liabilities and other corporate they own a majority stock interest will be liquidated responsibilities; within two years and that the dividends of The Con- (2) the additional amount of capital funds, if any, tinental Bank and Trust Company will not exceed needed by the Bank; and $108,000 per annum until the capital funds of the bank have been increased through retention of earn- (3) what period of time would be reasonable to ings by a substantial amount: at least $600,000 to allow the Bank to increase its capital funds to make $700,000. The Board feels that the present capitaliza- them adequate, before being required by the Board tion of the bank is low in relation to its total assets to surrender its Federal Reserve Bank stock and and, particularly, in relation to the amount of its forfeit its membership in the System. risk assets (total assets less Cash and Government The Board of Governors, having no hearing securities). Therefore, the Board wishes to emphasize the fact that its present action in approving the examiner on its staff, requested the Civil Service application for membership is not to be construed Commission to select and assign, in accordance as approving in any way the hank's capital position or as indicating that the Board may not hereafter with Section 11 of the Administrative Procedure insist on an increase in the bank's capital or on the Act (5 U.S.C. 1010), a hearing examiner to concorrection of any undesirable condition. (Exh. 52) duct the hearing ordered by the Board. From (italics supplied) its list of qualified hearing examiners, the Civil In compliance with the understanding stated in Service Commission selected an examiner on the this letter with respect to dividends, Continental staff of the Federal Power Commission to conduct did not increase its dividends until after its capital the Board's hearing. In connection with this funds had been increased by $700,000. Never- matter, the Board retained a private attorney to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 FEDERAL RESERVE BULLETIN • AUGUST 1960 act as Special Counsel in representing the Board. thority of the Federal Deposit Insurance Cor- Commencement of the hearing for the purpose poration to terminate deposit insurance upon a of taking evidence was delayed by Continental's finding of "unsafe and unsound" banking pracpetition in the United States District Court for tices. Second, aside from the question of the the District of Utah to enjoin the conduct of Board's authority, the Trial Examiner concluded the hearing by the Trial Examiner, on the ground that requirements of due process of law were not that the Board lacked authority to order the pro- observed during the 1956-1958 hearing because ceeding. The District Court denied the Bank's of the indefiniteness of the notice of that hearing, petition and, on appeal to the United States Court the refusal of the Board to permit access by of Appeals for the Eighth Circuit, that Court af- Counsel for Continental to certain material in firmed the judgment of dismissal. The Court the Board's files, bias and prejudice on the part held that, since the Board was authorized by stat- of certain witnesses called by Special Counsel to ute to conduct the hearing and had lawfully dele- the Board, and because of certain other stated gated such authority to the Trial Examiner, the reasons. Finally, the Trial Examiner concluded Board was an indispensable party to the action, that the evidence at that hearing was not sufficient and that, inasmuch as the Board had not been to establish a violation by Continental of Condijoined as a party defendant, the petition should tion of Membership No. 2. On the basis of these be dismissed. The Continental Bank and Trust conclusions, the Trial Examiner recommended Co. v. Woodall, 239 F.2d 707 (1957), cert. den. that the proceeding be dismissed. 353 U. S. 909. In April 1957, the hearing began for the pur- II. LEGAL ASPECTS OF THE CASE pose of taking evidence and, with numerous ad- Forfeiture of a State member bank's memberjournments, it continued until November 1958. In March 1959, the Trial Examiner filed his Re- ship in the Federal Reserve System is provided port and Recommended Decision. He recom- for by the ninth paragraph of Section 9 of the mended that the proceeding be dismissed for (1) Federal Reserve Act (12 U.S.C. 327) which want of jurisdiction or lawful authority, (2) viola- reads as follows: tion of due process of law, and (3) failure to sus- If at any time it shall appear to the Board of Governors of the Federal Reserve System that a tain the burden of proof. member bank has failed to comply with the provisions Exceptions to the Trial Examiner's Report and of this section or the regulations of the Board of Governors of the Federal Reserve System made pur- Recommended Decision, with a supporting brief, suant thereto, or has ceased to exercise banking funcwere filed by Special Counsel to the Board, and tions without a receiver or liquidating agent having Counsel for Continental filed a brief in opposition been appointed therefor, it shall be within the power of the board after hearing to require such bank to thereto. Oral arguments by both Counsel were surrender its stock in the Federal Reserve Bank and heard by the Board on July 22, 1959. to forfeit all rights and privileges of membership. The Board of Governors of the Federal Reserve The conclusions of the Trial Examiner may be System may restore membership upon due proof briefly summarized as follows: First, as to the of compliance with the conditions imposed by this Board's statutory authority, he concluded that the section. Board has no authority under the law to prescribe In the present case there is no question of cesregulations requiring maintenance of adequate sation of banking functions. Accordingly, the capital by a State member bank; that, even if such Board's authority to forfeit membership for violaauthority may be implied from various provisions tion of Condition of Membership No. 2 must deof the Federal Reserve Act, the law contains no pend upon (1) whether violation of a condition constitutionally adequate standards to guide the of membership constitutes a failure to comply Board in exercising such authority; that, in any with the provisions of Section 9 of the Federal event, the Board's regulation on the subject is too Reserve Act or with regulations of the Board made vague and indefinite to be enforceable; that, even pursuant thereto; (2) whether Condition of Memif Condition of Membership No. 2 is enforceable bership No. 2 is a valid condition prescribed puras a condition precedent to membership, it is in- suant to the Act; and (3) whether, in the event valid as applied subsequent to membership; and of noncompliance with such condition, any action that such condition is in derogation of the au- taken by the Board meets the requirements pre- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 863 scribed by the ninth paragraph of Section 9 of tion posed by the Trial Examiner whether the the Federal Reserve Act and any other applicable Board has statutory authority to prescribe reguprocedural requirements, including due process lations on this subject or whether the law preof law. scribes adequate standards for such regulations. Violation of condition of membership as ground In the Board's opinion, the provision of the first for forfeiture of membership.—It has been recog- paragraph of Secion 9, heretofore quoted, with nized by judicial decision that the Board has au- respect to the Board's authority to impose condithority, after hearing, to terminate membership tions of membership, must be read as implicitly of a State member bank that fails to comply with providing that any State bank voluntarily becoma condition of membership imposed by the Board ing a member of the System shall comply with and accepted by such bank, if it is a valid condi- conditions of membership imposed by the Board tion prescribed pursuant to the Federal Reserve pursuant to the Act. Otherwise, the Board's au- Act. Peoples Bank v. Eccles, 161 F. 2d 636 thority to prescribe such conditions would be (1947), reversed on other grounds, 333 U. S. 426 meaningless. Consequently, violation of such a (1948). Implicit in the Court's holding in that condition constitutes a violation of this provision case was the conclusion that violation of a validly of the Act. prescribed condition of membership constitutes In addition, noncompliance with a condition of a violation either of the provisions of Section 9 membership also constitutes a violation of Section of the Federal Reserve Act or of some regulation 6(c) of the Board's Regulation H (Section 7(c) prescribed by the Board pursuant thereto, or both. at the time of Continental's admission) which For the reasons hereafter indicated, it is the expressly provides: Board's opinion that violation of such a condi- Every State bank while a member of the Federal tion constitutes a violation of both Section 9 of Reserve System— the Act and the present Section 6(c) of the * * * Board's Regulation H (12 CFR 208.6(c)). (c) Shall comply at all times with any and all conditions of membership prescribed by the Board As has been noted, conditions of membership in connection with the admission of such bank to membership in the Federal Reserve System; . are auhorized by the first paragraph of Section 9 of the Federal Reserve Act (12 U.S.C. 321), re- Under Section ll(i) of the Federal Reserve lating to applications by State banks for member- Act (12 U.S.C. 248(i)), the Board is authorized ship in the System. That paragraph provides in to "make all rules and regulations necessary to part: . . . perform the duties, functions, or services . . . The Board of Governors of the Federal specified in this Act". One of the Board's statu- Reserve System, subject to the provisions of this Act tory duties and functions is the prescribing of and to such conditions as it may prescribe pursuant thereto may permit the applying bank to become a conditions of membership. The Board cannot stockholder of such Federal Reserve Bank. effectively perform this duty and function without The legislative history of this provision, as re- the power to require compliance with conditions flected in amendments made by Congress in 1917 so prescribed. It is clear, therefore, that the and in 1927, clearly indicates that Congress did Board has authority to prescribe by regulation not regard a condition of membership as itself that State member banks shall comply with conconstituting a "regulation". Although the so- ditions of membership; otherwise, a State memcalled "standard" conditions of membership, in- ber bank, having voluntarily accepted such condicluding Condition of Membership No. 2, are tions, could disregard them after becoming a contained in Section 7 of the Board's Regulation member and the purpose of the law would be H (Section 6 at the time of Continental's admis- wholly nullified. sion), they are set forth there for the information A violation of a valid condition of memberof State banks that may wish to become members ship is, therefore, both a noncompliance with the of the System and are not themselves of a regula- first paragraph of Section 9 of the Federal Reserve tory nature. Act and with Section 6(c) of the Board's Regu- Since Condition of Membership No. 2 is not lation H issued pursuant thereto. It remains to itself a "regulation" as to capital adequacy, the be considered whether Condition of Membership Board finds it unnecessary to consider the ques- No. 2 is a valid condition of membership. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

864 FEDERAL RESERVE BULLETIN • AUGUST 1960 Validity of Condition of Membership No. 2.— posit Insurance Corporation to terminate such The fourth paragraph of Section 9 of the Federal bank's deposit insurance for unsafe or unsound Reserve Act (12 U.S.C. 322) requires the Board, banking practices. The Federal Reserve Act and in acting upon an application for membership, the Federal Deposit Insurance Act are separate to consider: statutes conferring separate authority. The Federal Deposit Insurance Act itself recognizes that ... the financial condition of the applying bank, the general character of its management, and whether the Federal Deposit Insurance Corporation does or not the corporate powers exercised are consistent not have "exclusive" authority to issue and terwith the purposes of this Act. minate deposit insurance as to banks that are Consideration of the "financial condition" of members of the System. Under the provisions a bank applying for membership and of the "gen- of that Act, State banks that are admitted to the eral character of its management" reasonably Federal Reserve System are insured without applijustifies, and even requires, the imposition by the cation to the Federal Deposit Insurance Corpora- Board of a condition regarding the capital ade- tion, and State banks whose membership in the quacy of a bank admitted to membership. It is System is terminated by the Board automatically the Board's opinion, therefore, that such a con- lose deposit insurance. dition is properly to be regarded as one prescribed Procedural requirements.—Under the ninth "pursuant" to the fourth paragraph of Section 9 paragraph of Section 9 of the Federal Reserve of the Federal Reserve Act. At the same time, Act, heretofore quoted, membership of a State the language found in that paragraph of the Act member bank may not be forfeited (1) until after contains statutory guides which, in the Board's it shall "appear" to the Board that the bank "has judgment, are at least as specific as standards that failed to comply" with Section 9 of the Act or have been sustained by the United States Su- regulations pursuant thereto, and (2) until after preme Court against contentions of unconstitu- a hearing held with respect to such noncompliance. tional delegations of legislative powers. More- Although, as has been noted, the Board in Febover, it is the Board's opinion that the language ruary 1956 had expressed the view that Conof Condition of Membership No. 2 itself, which tinental should increase its capital by at least relates capital adequacy to the character and con- $1,500,000, no final determination as to whether dition of a bank's assets and its deposit liabilities Continental's capital was inadequate or, if so, the and other corporate responsibilities, is sufficiently amount of such inadequacy, had been made by definite to overcome charges of vagueness made the Board at the time of the institution of the by Continental and by the Trial Examiner to the 1956-1958 hearing. That hearing was ordered for same effect. the purpose of receiving evidence upon which the The Board disagrees with the conclusion of the Board might base a determination of the adequacy Trial Examiner that, even if the Board has au- of the Bank's capital. The notice of that hearing thority to prescribe Condition of Membership No. did not charge the Bank with having failed to 2 as a condition precedent to membership, it has comply with Condition of Membership No. 2 or no authority to prescribe it as a condition subse- with Section 9 of the Federal Reserve Act and quent to membership. Such a position would regulations pursuant thereto; such a charge would mean that a bank could be required to have ade- be appropriate only in the event of failure of the quate capital in order to be admitted to member- Bank to comply with the Board's Order of today's ship, but that, once a member, it could freely al- date. Consequently, arguments made by Counsel low its capital situation to deteriorate without re- for Continental as to the failure of the Board gard to the safety of its depositors or the general in the 1956-1958 hearing to sustain its "burden" desirability of maintaining a sound banking sys- of proving a violation of law or regulation are tem. irrelevant and the Trial Examiner's conclusions Similarly untenable, in the Board's opinion, is in this respect are therefore rejected. the Trial Examiner's conclusion that termination Counsel for Continental asserted, and the Trial of a State bank's membership in the Federal Re- Examiner concluded, that the 1956-1958 hearing serve System for capital inadequacy would be failed to comply in certain respects with requirein derogation of the authority of the Federal De- ments of due process of law. Without passing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 865 upon the validity of these assertions and con- quate in relation to the character and condition clusions, but in order to avoid any questions in of its assets and to its deposit liabilities and other this respect, the Board has excluded from its corporate responsibilities"—the language of Conconsideration any evidence which in its judgment dition of Membership No. 2—requires the formight reasonably be regarded as inconsistent with mation in each case of a reasonable judgment principles of due process and fair play in respect based on all relevant factors and formed in the to the 1956-1958 hearing and the Board's Order light of experience in this field. of today's date. For this reason only and without The factual information considered in this case impugning their good faith or passing up the derives principally from Continental's own books Trial Examiner's finding that their testimony was and records, and is reflected largely in reports of biased, the Board has excluded from considera- examination of that Bank, copies of which were tion all testimony by Messrs. Holahan, Millard, furnished to it, as well as in supervisory reports Shaw and Walker. Also excluded from consid- filed by the Bank. The Board has considered not eration is the so-called "19-bank" study and all only information to the date of the 1956-1958 evidence based thereon. hearing, but also, in order to be more currently Despite the Trial Examiner's conclusion to the realistic and to give Continental the benefit of contrary, the Board is of the opinion that the any later net improvement in its capital situation, tender to Continental of the confidential portions subsequent information to the present time. of reports of examinations of that Bank, although Recognizing that no single formula or mechanmade late in the hearing, was nevertheless suffi- istic rule can show definitely whether a particular ciently timely to permit the Bank's use of them bank's capital is adequate and that this question for every proper purpose. The Board does not must depend upon consideration of all relevant believe that such inconvenience to Continental as circumstances, the Board in this case has taken may have been occasioned by the late tender of into account all of the evidence adduced at the these materials constitutes denial of due process 1956-1958 hearing relating to the adequacy of of law. However, in order again to avoid any Continental's capital except that portion of the question in this respect, the Board has excluded evidence heretofore excluded for the reasons from its consideration evidence adduced at the stated. It was made clear during that hearing hearing that, in the Board's judgment, could rea- that it is the practice of experts in this field to sonably be considered as based upon or influenced consider certain initial or preliminary tests in by information in such confidential sections of appraising a bank's capital situation, with subreports of examination. sequent adjustments for special factors not given effect fully in the initial tests, before reaching To the extent that the Trial Examiner's cona final judgment as to whether a bank's capital clusions as to the Board's lack of statutory auis adequate or inadequate. Among such initial thority in this matter, failure to sustain its burden of proof, and denial of due process of law, are or preliminary tests are (1) the ratio of capital inconsistent with the above-stated conclusions of to total deposits; (2) the ratio of capital to total the Board, the Trial Examiner's conclusions and assets; (3) the ratio of capital to so-called "prihis recommendations based thereon are hereby mary risk" assets (total assets less cash assets rejected for the reasons heretofore indicated. The and U. S. Government securities); (4) the ratio Board also rejects all other findings and conclu- of capital to so-called "secondary risk assets" sions of the Trial Examiner including his findings (total assets less cash assets, U. S. Government and conclusions regarding the adequacy of Con- securities, Government guaranteed assets, and tinental's capital, to the extent that they are in- certain other similar assets); (5) a test in the consistent with the findings and conclusions of nature of a schedule of different capital requirethe Board as heretofore or hereafter set forth in ments against different types of assets formulated this Statement. by the Federal Reserve Bank of New York; (6) a somewhat similar schedule prepared for the HI. CONTINENTAL'S CAPITAL NEEDS Illinois Bankers Association; and (7) a somewhat A decision on the question whether a particular similar and more specific schedule developed by bank's "net capital and surplus funds" are "ade- the staff of the Board of Governors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

866 FEDERAL RESERVE BULLETIN • AUGUST I960 Expert witnesses* called on behalf of the Board it was admitted to membership on February 1, during the hearing applied one or more of these 1952, and that the Bank's capital position has repreliminary tests and then made adjustments for mained as good or better since that time. This special or additional factors before reaching their argument ignores the facts, heretofore mentioned, ultimate judgments as to Continental's capital sit- that when the Board admitted the Bank to memuation. A summary of their judgments on this bership the Board specifically found the Bank's basis is indicated by the following table: capital to be inadequate by at least $600,000 to $700,000, admitted it to membership only on Appraisals of Continental's Caoital Inadequacy as condition that at least this much capital be added, of October 16, 1956 and stated that changed circumstances might re- [Dollar amounts in thousands] quire further additions of capital in the future. % of Actual The argument also relies solely on rough initial Expert Witness A In p a p d r e a q is u a a l c o y f C A a c p tu it a a l l C to a p C it a a p l i ( ta C l ) tests, completely ignoring the essential process of Need (B plus C) applying experienced judgment to other factors (A) (B) (C) (D) not fully reflected in the preliminary tests. Brumbaugh $ 2,500 $3,547 59 Crosse 3,500 3,547 51 Continental further argued that the Board's re- Greensides 3,000 3,547 55 Jennings 2,240-2,500 3,547 161-59 quest in February 1956 for $1,500,000 additional S M u a th rs e h r a la ll nd 3 3 , , 0 6 0 0 0 0 3 3 , , 5 5 4 4 7 7 5 5 0 5 capital was inconsistent with subsequent statements by Special Counsel for the Board and api Witness testified Bank needed about $2,500,000 of additional praisals of the Board's expert witnesses at the capital. As a recapitalization program he suggested sale of 140,000 shares of common stock to yield, depending upon market conditions, hearing. This argument fails to take into account about $2,240,000 to $2,520,000. the fact that for the years 1951, 1952, 1953 and Witnesses* called by Continental during the 1954 the Bank's records, as reflected in various hearing, and also Continental's counsel, presented reports, had indicated capital deficiences that certain general arguments to support their con- would be reasonably corrected by about $1,500,clusion that Continental's capital was adequate. 000 of new capital, and that despite an indica- First they contended that the Board must have tion in the latest reports that the deficiency might found Continental's capital to be adequate when be widening, the Board gave the Bank the benefit of the doubt as to the possible temporary nature •Eleven expert witnesses called by the Board testified as of the worsening. Subsequent information at the to the capital needs of Continental; however, as mentioned previously no consideration has been given the testimony of time of Special Counsel's statements, and particu- Messrs. Holahan, Millard, Shaw, and Walker. Mr. George R. Wilkinson, Senior Examiner employed by the Federal Re- larly when the expert witnesses testified, dispelled serve Bank of Kansas City, expressed an opinion on the doubts as to the nature of the increased deficiency. subject of capital adequacy only to the extent of stating the amount of additional capital needed to bring the ratio of Continental argued that it is adequately capicapital to so-called "secondary risk assets" to approximately 1 to 6. The six other witnesses called by the Board were: talized because it survived the 1929-1933 depres- Brumbaugh, D. Emmert, President of the First National Bank of Claysburg, Pennsylvania, had served four years as sion and is even stronger today. However, the "Secretary of Banking of the Commonwealth of Pennsylvania and for four years before that as a member of Congress Bank, then under different management, was ac- •during which time he served on the House Banking and cording to Mr. Cosgriff not only inadequately Currency Committee. Crosse, Howard D., now Vice President in Charge of Bank capitalized but in fact insolvent in 1929. This Examinations for the Federal Reserve Bank of New York. Greensides, Neil G., Chief, Division of Examination and argument would lead to the absurd conclusion Acting Assistant to the Chairman of the Federal Deposit Insurance Corporation. that the experience of one bank at one time, when Jennings, Llewellyn A., First Deputy Comptroller of the Currency; now Senior Vice President and Member of Execu- it was inadequately capitalized and even insolvent, tive Committee, Republic National Bank, Dallas, Texas. Marshall, Harold J., President of the National Bank of provides a reasonable test for capital adequacy Westchester, White Plains, New York, lecturer on bank cap- of all banks. ital at the Graduate School of Banking conducted at Rutgers University by the American Bankers Association, and for- Continental also argued that its capital is ademerly president of Manufacturers National Bank of Troy, Troy, New York. quate because of the strengthening of the Federal Sutherland, Allen J., employed by the Security Trust and Savings Bank, San Diego, California, since 1928, had been Reserve System's lending powers, the creation of president of the bank since 1945. the Federal Deposit Insurance Corporation, the •Witnesses called by Continental who testified on the subject of capital adequacy were: development of various forms of Government Cosgriff, Walter E., President, member of Board of Directors, and controlling stockholder of Continental. guarantees for various kinds of loans, and the ad- Kent, Raymond P., Professor of Finaice at the University of Notre Dame. dition to the economy of other built-in stabilizers; Sullivan, Kenneth J., Executive Vice President and member of Board of Directors of Continental. that comparison »with other banks is meaningless; Dayton, Newell B., President, Tracy Collins Trust Company, and that most other banks have excessive capital. 'Salt Lake City, Utah. (Mr. Dayton's testimony was restricted to the value of the bank premises occupied by Con- Such arguments, if accepted, would invite every tinental.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 867 bank to proceed on the theory that it may be im- Since October 16, 1956, Continental has inprudent and improvident in its affairs because creased its capital and surplus funds to some exthe Government will take care of it in time of tent from retained earnings. On the other hand, stress. Moreover, such arguments fail to recog- there have been substantial changes in the nature nize that each bank would need substantially more and risk quality of its assets, with the result that its capital than it now has if it were not for the capital needs have further increased and the restrength available in time of need from all other duction in capital inadequacy has been less than banks and from the Federal Reserve System and the additions to capital. For example, there has the FDIC. When one bank provides considerably been a significant and substantial shift in the less than its proportionate share of capital it Bank's investments in securities from those with abuses the composite protection provided by other relatively short maturities to securities with much banks and governmental action, and decreases the longer maturities. While such a shift to longer protection available to other banks with a result- maturities may in no way lessen the certainty of ing increase in the risk which they and the general the obligations being paid when they mature, nevpublic must bear. ertheless, such a shift does increase the Bank's The Board has carefully considered the argu- risks and need for capital. This is not only bements of Continental as previously stated above, cause securities with longer maturities generally but, for the reasons indicated, concludes that they experience wider fluctuations in market prices, cannot be given significant weight in appraising but also because a bank that has reduced its holdthe adequacy or inadequacy of Continental's capi- ings of shorter-term, liquid assets which it might tal. otherwise be able to convert into cash in case of In the present case the Board has considered need is more likely to have to sell other assets the results suggested by the application of pre- such as the longer-term obligations. liminary tests of the kind heretofore discussed, For the reasons here indicated, it is the Board's and it has also considered whether special cir- judgment, and it so determines, that Continental's cumstances in this case require adjustments, net capital and surplus funds are now inadequate either upward or downward in those preliminary in relation to the character and condition of its indications of capital need. For example, the assets and to its deposit liabilities and other cor- Board has taken into account the Bank's investporate responsibilities, and that such inadequacy ment in buildings and other fixed assets, including in an amount of not less than $1,500,000 shows the substantial proportion of bank capital invested no likelihood of being corrected within a reatherein, nonbank income from the property, and sonable time by retained earnings and should in testimony as to estimated value currently and in the public interest be corrected by the issuance a depression; the nature of Continental's manof additional common stock for cash. While the agement, including its relationships with a number Board has carefully considered whether this necof smaller banks comprising in effect a "chain" essary increase might be accomplished by some of banks under similar control; and significant other means, the Board has concluded on the basis trends in capital, various assets and deposits of of all relevant information, and in the exercise of Continental. its judgment, that such an increase should be On the basis of all of the circumstances hereeffected by the sale of common stock for cash. tofore indicated, and after considering all arguments and relevant evidence in this matter, in- The Board has also concluded on the basis of cluding the testimony of the witnesses heretofore the testimony and after consideration of all ciridentified, the results of the application of pre- cumstances of this case, that a period of six liminary tests, further factors in this case not months from the date of the accompanying Order fully given effect in those tests, views expressed would be an adequate period within which such by counsel, and the Report and Recommended an increase in capital should be effected by Con- Decision of the Trial Examiner, the Board has tinental. concluded in its judgment that as of October 16, Since the present conclusions as to Continen- 1956, Continental's net capital and surplus funds tal's capital inadequacy are based, as indicated were inadequate in relation to the character and above, on the relationship of its actual capital to condition of its assets and to its deposit liabilities its appraised need, a substantial worsening in and other corporate responsibilities by an amount either would require further consideration and of not less than $2,200,000. possibly further determinations by the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements DECREASE IN FEDERAL RESERVE DISCOUNT RATES season of rising credit needs. The changes are as The Board of Governors of the Federal Reserve follows: System has recently approved action by the direc- 1. Effective August 25, 1960, member banks tors of five Federal Reserve Banks decreasing the outside of central reserve and reserve cities discount rate at those Banks to 3 per cent. The ("country banks") will be permitted to count, effective dates at those Banks were as follows: in meeting their reserve requirements, any vault New York cash that they hold in excess of 2V2 per cent of Cleveland their net demand deposits. At present they can V August 12, 1960 Richmond only count any vault cash that they hold in ex- Kansas City cess of 4 per cent of net demand deposits. Minneapolis August 15, 1960 2. Effective September 1, 1960, reserve city Atlanta August 16, 1960 and central reserve city banks similarly will be Philadelphia 1 permitted to count vault cash in excess of 1 per Chicago cent of their net demand deposits, instead of \. August 19, 1960 St. Louis the present 2 per cent. J 3. Effective September 1, 1960, the reserve The rate previously in effect at these Banks was requirement of central reserve city banks against 3V2 per cent. their net demand deposits, now 18 per cent, will be reduced to 17Vi per cent. This change is a REDUCTION IN MARGIN REQUIREMENTS first step toward compliance with a provision of On July 27, 1960, the Board of Governors of the the 1959 Act that the differential between the Federal Reserve System amended Regulations requirements of central reserve city and reserve T and U, relating respectively to margin require- city banks be eliminated by July 28, 1962. Since ments of brokers and banks, by reducing margin the requirement for banks in reserve cities is requirements from 90 per cent to 70 per cent, now I6V2 per cent, the present action reduces effective July 28, 1960. The reduced require- the differential from \x/i percentage points to ments apply to both purchases and short sales. 1 point. No other change was made in the regulations. As a result of the first two changes, it is esti- AMENDMENT TO REGULATION D mated that about four-fifths of the 6,200 member On August 8, 1960, the Board of Governors of the banks will be in a position to count a part of their Federal Reserve System amended its Regulation D, vault cash in meeting their required reserves. relating to bank reserves and reserve requirements, The amount of reserves made available by the in three respects. The amendments will become actions on vault cash will be around $480 million, effective August 25 and September 1, 1960. of which somewhat more than half would be The changes, made in further implementation at country banks and almost all of the remainder of a 1959 Act of Congress relating to vault cash at reserve city banks. The reduction in the reand reserve requirements, will make available quirement of central reserve city banks arising about $600 million of additional reserves for ex- from the third change will release about $125 panding bank credit as the economy enters the million of reserves. 868 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 869 ELECTION OF DIRECTOR TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR QUARTERLY The Federal Reserve Bank of Kansas City, on July 26, announced the election of Mr. Robert A. Olson as a Class B director of the bank, to serve for the Latest BULLETIN Reference remainder of a term expiring December 31, 196L Annually Issue Page Mr. Olson is President of the Kansas City Power & Earnings and expenses: Federal Reserve Banks Feb. 1960 220-21 Light Company, Kansas City, Missouri. As a Member banks: Calendar year May 1960 564-72 director of the Kansas City Bank, he succeeds Mr. First half of year Oct. 1959 1320 E. M. Dodds, Refrigeration Consultant, Kansas Insured commercial banks May 1960 573 Banks and branches, number of, by class City, Missouri, who died recently. and State...- Apr. 1960 440-41 Operating ratios, member banks July 1960 810-12 Stock Exchange firms, detailed debit and CHANGE IN BOARD'S STAFF credit balances Sept. 1959 1208 Susan S. Burr, Associate Adviser in the Division of Banking and monetary statistics, 1959.. / Fg>- J960 Bank holding companies: Research and Statistics, retired as a member of the List of, Dec. 31, 1959 June 1960 697 Board's staff on August 1, 1960. Banking offices and deposits of group banks, Dec. 31, 1958 July 1960 813 Miss Burr joined the Board's organization in Semiannually 1935 as a member of the staff of the Division of Banking offices: Analysis of changes in number of.... Aug. 1960 947 Research and Statistics and was an Associate Ad- On, and not on, Federal Reserve Par List, number of Aug. 1960 948 viser beginning in 1958. Prior to that time she was in charge of the Capital Markets Section in the Quarterly Flow of funds Aug. 1960 930-46 period 1935-48, Assistant to the Director in 1949- Principal assets and liabilities of Federal 50, and Assistant Director in 1951-57. business-type activities June I960 696 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication August 16 Industrial production, construction activity, em- was maintained at the advanced levels first reached ployment conditions, and retail sales generally con- about a year ago. Output of industrial machinery tinued to change little in July and early August. was maintained and activity in other equipment Credit extended by commercial banks increased. industries increased further. Interest rates declined further. CONSTRUCTION INDUSTRIAL PRODUCTION The value of new construction put in place Industrial production was unchanged in July during July changed little at a seasonally adjusted and, at 109 per cent of the 1957 average, was annual rate of $55.5 billion, according to the rearound the level prevailing since early spring. Outcently revised Census Bureau estimates. A furput of consumer goods was somewhat lower in ther decline in public construction, chiefly in out- July, while activity in business equipment lines lays for conservation and military construction, rose to record rates. Production of materials, was offset by a continued increase in private exwhich had declined 3 per cent from January to penditures, mainly for nonresidential construction. June, was maintained in July as inventory liquidation of metals abated and output of fuels and other EMPLOYMENT nondurable materials rose further. Iron and steel Employment in nonagricultural establishments, production showed somewhat more than the usual seasonally adjusted, was maintained in July at the sharp curtailment in July. Steel mill operations, level which has prevailed since April. Over that at 50 per cent of capacity, were 30 per cent below period, a decline of about 100,000 in factory emthe 1957 level, while activity in most steel conployment has been offset by increases in other lines suming industries was at or above 1957 levels. of activity. Total unemployment, including stu- Auto assemblies were curtailed about 12 per dents and recent graduates, declined by 400,000 cent in July, reflecting in part strikes at plants of a in July to 4 million, and the seasonally adjusted major producer. Production schedules for August rate of unemployment was 5.4 per cent versus 5.5 indicate a less than seasonal decline from the rein June. Reflecting job cuts in some durable goods duced July level. Output of home goods was industries, however, insured unemployment rose somewhat lower in July, while apparel production more than seasonally in July. INDUSTRIAL PRODUCTION 1957 = 100 DISTRIBUTION 120 Seasonally adjusted retail sales declined 1 per no cent in July, according to preliminary figures, and V 100 were little changed from the advanced rate a year ago. Sales at department stores and some other 90 V MATERIALS outlets rose further, while sales at auto stores declined 7 per cent. New auto deliveries were limited partly by strikes and by the ending of intensive sales promotions in June. With changeovers to 1961 models under way, a reduction in dealers' auto stocks is indicated in August. Stocks at department stores increased further in June. \ / DURABLE \/ EQUIPMENT \ /MANUFACTURES J L AGRICULTURE Favorable growing conditions in July raised Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for July. crop prospects 1 per cent to an aggregate volume 870 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 871 1 per cent above last year's record crop. A food- Reserve averaged about $350 million and excess grain harvest one-fifth above last season was indi- reserves $500 million during the four weeks endcated and small gains in tobacco and oilcrops ing August 10. Reserves were supplied principally were in prospect on August 1. A cotton crop of by Federal Reserve purchases of U. S. Govern- 14.5 million bales was forecast—about the same ment Securities. Reserves were absorbed by a reas last year's output. duction in Federal Reserve float and an accelerated gold outflow. Required reserves increased sharply COMMODITY PRICES in mid-July but subsequently declined somewhat. Wholesale commodity price indexes generally On August 8 an amendment to Federal Reserve continued to show little change in July and the regulations resulted in making available about first half of August. Prices of some materials $600 million of additional bank reserves by Sepsuch as print cloths and rubber declined, while tember 1. metal scrap prices were firmer. Trade reports SECURITY MARKETS noted marked discounting of prices for some busi- Yields on all issues of U. S. Government securiness and consumer goods and such fabricated maties declined further from mid-July to mid-August, terials as plywood and copper wire. reaching their lowest levels since the autumn of 1958. In early August the Treasury sold $9 bil- BANK CREDIT AND RESERVES lion of securities, dated August 15, to retire matur- Total commercial bank credit increased $2 bil- ing issues of $10.4 billion, including an agency lion further in July, reflecting additions to bank issue. Maturities not covered by the new offerings holdings of U. S. Government securities at the are being paid off by reducing the Treasury cash time of the Treasury's midmonth financing opera- balance. On August 11 and 12, five Reserve Banks tions. Business loans declined. The seasonally announced reductions in their discount rates from adjusted money supply increased $300 million 3Vi per cent to 3 per cent. following a $600 million rise in June. Seasonally Yields on corporate and State and local governadjusted turnover of demand deposits declined. ment bonds declined from mid-July to mid-August. Member bank borrowings from the Federal Common stock prices showed little net change. INTEREST RATES RETAIL TRADE Fer cent 1947 - 49 = 100 Discount rate, range or level for all F. R. Banks. Weekly Federal Reserve indexes, seasonally adjusted; retail sales average market yields for U. S. Government bonds maturing based on Department of Commerce data. Monthly figures; in 10 years or more and for 90-day Treasury bills. Latest latest for stocks is June, for other series, July. figures shown are for week ending August 12. 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 874 Reserve Bank discount rates; margin requirements; reserve requirements 878 Federal Reserve Banks 880 Bank debits; currency in circulation 882 All banks: consolidated statement of monetary system; deposits and currency 884 All banks, by classes ... 885 Commercial banks, by classes. . . . 888 Weekly reporting member banks. . 890 Business loans 893 Interest rates 894 Security prices; stock market credit; open market paper. 895 Savings institutions . . . 896 Business finance 898 Security issues 900 Federal finance . .. 901 Federal business-type activities . 906 Real estate credit 907 Short- and intermediate-term consumer credit. 910 Industrial production 914 Selected indexes on business activity. 920 Construction . . 920 Employment and earnings 922 Department stores 924 Foreign trade . . 925 Wholesale and consumer prices 926 National product and income series 928 Flow of funds, saving, and investment. 930 Changes in number of banking offices in the United States. . 947 Number of banking offices on Federal Reserve par list and not on par list 948 Tables not published each month—list with latest BULLETIN reference. 869 Index to statistical tables. 971 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. 873 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

874 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves P d e o r a i r t o e d T U o . t S al . G B o r o v o ig u t u . h t g - t s h e t cu u r c a H r e h n g it p e a d r i l u e e s e d e e s r r - - c v D o a a a n u n i d s c n d - - e ts s Float Total* s G to o c ld k r s c o e t u i a u n n u r n g r c y t - - d y - r c C t e c u i i n o u i n l r c a n r - - y - T h c i u o n r a r e l g s y d a h s - s- T w re i a t s h - F. F o R r . - Ba O n t k h s er c O F o a . t u c h R n - e t . r s Total 2 B F W a . n i R t k h . s A c a a l b l s o h le w 3 ment Averages of daily figures 1929—June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947—Dec 21,905 21,905 268 68122,858 22,712 4,556 28,937 1,330 967 1,016 614 17,261 17,261 1950—Dec... 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec.... 23,409 23,310 99 657 1,37525,446 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 1,26227,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec... 25,639 25,218 421 448 1,01827,107 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 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec... 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec... 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 ,063 19,420 19,420 1958—June... 24,749 24,698 51 142 91625,851 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 June 25,963 25,949 14 938 ,00927,937 20,030 5,278 31,813 632 495 277 359 ,219 18,451 18,451 July 26,422 26,354 68 969 ,02328,441 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 ,42629,435 19,482 5,311 32,775 396 524 361 348 ,195 18,932 18,628 304 1960 Jan 25,934 25,914 20 909 ,34328,236 19,454 315 32,008 419 534 270 368 838 18,878 18,568 310 Feb 25,322 25,289 33 818 ,09827,276 19,429 ,323 31,580 445 515 214 406 921 18,213 17,947 266 Mar 25,310 25,261 49 637 ,06627,048 19,410 336 31,628 442 481 197 307 970 18,027 17,770 257 Apr 25,488 25,373 115 623 ,08227,227 19,386 344 31,713 419 554 185 353 890 18,104 17,843 261 May 25,818 25,697 121 502 ,04327,393 19,356 349 31,726 415 534 194 331 937 18,239 17,962 277 June 26,124 26,118 6 425 ,17327,751 19,343 353 31,926 414 496 221 395 994 18,294 18,001 293 26,619 26,521 98 388 ,14128,178 19,245 356 32,173 407 492 213 377 910*>18,515 18,208 *>307 July Week ending: 1959 25,905 25,905 866 85327,650 20,188 5,272 31,645 701 548 297 376 ,219 18,324 18,324 June 3 25,939 25,939 996 77427,736 20,141 5,275 31,803 716 476 260 364 ,218 18,314 18,314 10 25,944 25,944 993 1,02927,994 20,136 5,280 31,876 715 436 259 361 ,226 18,537 18,537 17 25,970 25,936 894 1,25628,147 20,017 5,280 31,807 626 515 283 349 ,238 18,627 18,627 24 July 1 26,045 26,018 938 1,03228,042 19,712 5,283 31,852 407 552 296 353 ,190 18,386 18,386 8 26,300 26,255 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 99828,374 19,636 5,284 31,883 403 559 271 340 ,137 18,702 18,702 Aug.i:::::::: 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 19 26,531 26,525 6 945 1,06528,562 19,601 5,282 32,051 397 638 256 349 ,246 18,509 18,509 26 26,573 26,518 55 941 950 28,485 19,600 5,283 31,951 395 564 257 321 ,294 18,586 18,586 Sept. 2 26,691 26,650 966 836 28,515 19,525 5,276 31,935 400 561 260 333 ,260 18,566 18,566 9 26,754 26,663 1,059 819 28,656 19,523 5,274 32,107 401 430 275 341 ,259 18,640 18,640 16 26,737 26,643 1,060 1,017 28,834 19,522 5,274 32,197 395 421 331 373 ,260 18,653 18,653 23 26,637 26,637 860 * ,499 29,016 19,513 5,278 31,984 390 632 298 420 ,264 18,819 18,819 30 26,563 26,563 722 ,098 28,403 19,493 5,287 31,811 388 681 310 403 ,196 18,394 18,394 Oct. 7.... 26,591 26,563 28 1,007 ,005 28,623 19,491 5,289 31,933 387 533 300 420 ,194 18,636 18,636 14.... 26,637 26,563 74 1,051 956 28,667 19,489 5,290 32,096 387 474 326 464 ,197 18,501 18,501 21 26,402 26,402 "ii 824 1,417 28,664 19,488 5,293 32,026 391 518 294 344 ,193 18,679 18,679 28.... 26,385 26,364 796 1,149 28,353 19,486 5,297 31,873 396 530 297 335 ,136 18,568 18,568 Nov. 4.... 26,686 26,544 142 834 897 28,443 19,585 5,299 31,924 404 471 293 397 ,127 18,711 18,711 11.... 26,763 26,574 189 916 947 28,651 19,585 5,301 32,105 414 458 313 396 ,128 18,724 18,724 18.... 26,702 26,593 109 864 1,165 28,758 19,583 5,303 32,235 414 478 304 362 ,204 18,647 18,647 25.... 26,682 26,652 30 829 1,311 28,857 19,582 5,304 32,269 415 515 315 369 1,297 18,563 18,563 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 875 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d U To . t S al . G B o r o v o ig u t u . h t g - t s h e t cu u r c a H r e n h g it p e d a r i l u e e s e d e s e r r - - c v D o a a a i u n n d s n c d - - t e s s Float TotaP s G to o c ld k T r s c o e t u i r a u n n u e r n r g y c a t - d - y s - - r c C t e c u i i n u o i n l r c a n r - - y - T h c i u o n r a e r l g s y d a h s - s- T u w re r i y a t s h - r F es . F e e o i R r r g v . - n es B , a O n t k h s er c O F o t . a u c h n R - e t r . s Total 2 re B F W s . a e r n i R t v k h e . s s A c a l a b l s o l h e w 3 ment Averages of daily figures Weekending: 1959 Dec. 2 26,871 26 843 875 .08628,867 19,568 5,306 32,446 410 547 347 355 1,241 18,451 18,396 55 9 27,194 27,130 916 ,003 29,153 19,505 5,310 32,6011 405 487 362 338 1,244 18,797 18,529 268 16 27,176 27,142 961 ,16929,365 19,478 5,311 32,798 396 528 341 342 1,181 18,872 18,567 305 23 27,007 26,970 985 ,818 29,883 19,467 5,312 32,924s 387 523 365 331 1,195 19,274 18,937 337 30 26,829 26,787 933 ,78829.629 19,456 5,313 32,8931 393 537 387 333 1,195 18,997 18,660 337 1960 Jan. 6 26,64: 26,607 1,018 1,58629,318 19,456 5,313 32,524 407 582 348 553 843 19,141 18,831 310 13 26,395 26,339 915 1,26928,633 19,455 5,315 32,282 410 519 308 332 840 19,029 18,713 316 20 25,622 25,620 918 1,51328.098 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 25,442 811 1,10827,406 19,445 5,319 31,565 436 510 239 333 834 18,537 18,252 285 10 25,389 25,355 853 85327,135 19,433 5,321 31,599 443 417 203 344 834 18,268 18,049 219 17 25,355 25,300 974 1,16727,535 19,432 5,323 31,631 451 591 224 522 896 18,250 17,974 276 24 25,253 25,253 620 1,324 2277,235 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 1,117744 27,075 19,412 5,333 31,613 435 i 542 200 293 1,007 17,941 17,711 210 16 25,444 25,313 131 726 999944 27,197 19,409 5,335 31,726i 448i 446 200 293 980 18,108 17,849 259 23 25,323 25,290 33 587 1,245 27,189 19,409 5,337 31,671! 4501 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 4391 479 203 327 945 17,894 17,600 294 | Ap, 25,284 25,264 20 735 89826,950 19,406 5,341 31,654! 4231 509 163 356 942 17,868 17,650 218 25,396 25,285 111 734 91027,073 19,394 5,342 31,826| 417! 465' 200 349 917 17,870 17,634 236 20. 25,701 25,417 284 561 1,391 27,690 19,386 5,344 31,828 420! 6601 188 448 864 18,280 18,012 268 27. 25,521 25,444 77 524 1,159 27,234 19,373 5,346 31,58l! 417; 553 186 275 857 18,392 18,083 309 May 4. 25,660 25,557 103 552 95827,199 19,360 5,347 31,606 414 567 184 311 855 18,243 17,968 275 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 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 26,13- 26,118 16 400 1,01127,575 19,352 5,350 31,917 424 445 199 361 1,034 18,152 17,897 255 15 26,176 26,176 375 1,02927,609 19,351 5,353 31,976 415 490 206 365 1,001 18,157 17,859 298 22 26,011 26,011 550 1,54428,135 19,346 5,354 31,927 412 550 225 437 970 18,602 18,315 287 29 26,129 26,129 41 1,16827,739 19,325 5,356 31,867 406 505 249 415 971 18,342 18,007 335 6 26,553 26,491 6: 440 1,04028,063 19,32: 5,356 32,155 406 517 226 399 958 18,320 18,079 241 July 13 26,613 26,517 96 341 1,113388 2288,120 19,282 5,356 32,361 406 422 214 380 935 18,349 18,041 303 20 26,556 26,416 140 429 1,42_3_28,437 19,251 5,357 32,199 409 548 209 374 884^18,762 18,422 P340 27 26,599 26,522 77 351 28,065 19,191 5,357 32,041 405 488 202 373 884*>18,552 18,219 ^333 End of month 1960 May 26,035 26,020 15 34: 856 27,26: 19,35: 5,351 31,879 412 462 215 346 1,031 17,934 17,619 315 June 2 26 6 , , 8 5 8 2 5 3 2 26 6 , , 7 4 7 7 0 2 1 5 1 1 5 2 3 5 4 8 3 1,0 8 5 7 8 4 2 2 7 8, , 1 8 3 6 1 9 ^1 1 9 9, , 3 1 2 4 : 4 '5 5 , ,3 3 5 5 4 6^ 3 3 2 2 , , 0 0 6 3 5 4 395 4 5 7 0 7 4 2 2 5 1 4 5 4 3 2 5 7 3 9 8 6 8 0 3^1 1 8 8 , , 5 1 6 8 4 2 1 1 7 8 , , 9 2 4 6 1 1 ^3 24 0 1 3 July Wednesday 1960 26,037 26,037 321 854 27,240 19,352 5,349 31,905 430 460 214 360 1,031 17,856 17,541 315 June 1 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 35: 1,30827,845 19,351 5,354 31,937 421 535 184 375 970 18,426 18,128 298 22 25,983 25,983 739 1,06127,811 19,339 5,355 31,852 408 578 275 397 968 18,313 18,026 287 29 26,219 26,219 267 86827,383 19,322 5,356 31,950 405 495 289 423 971 17,863 17,528 335 26,640 26,536 104 531 1,01928,218 19,322 5,356 32,358 408 325 267 371 95' 18,450 18,209 241 July 26,51-' 26,478 36 453 1,04328,038 19,253 5,357 32,253 406 475 179 373 879 18,390 18,082 308 20 26,51' 26,394 120 981 1,18328,705 19,234 5,357 32,105 415 621 203 364 884^19,045 18,705 27 26,68- 26,662 2: 281 85- 27,846 19,164 5,355 31,973 404 500 204 362 *>18,373 18,040 v Preliminary. tables on Federal Reserve Banks. (Industrial loan program discontinued 1 Includes industrial loans and acceptances, when held. For holdings Aug. 21, 1959.) of such items on Wednesday and end-of-month dates, see subsequent 2 See note 3. 3 Beginning with December 1959, monthly averages are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

876 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. In millions of dollars] All member banks Central reserve city banks—New York Central reserve city banks—Chicago Period Bor- Bor- Bors T h e e r o r e l v t d - a e * l s s q e u R r r v i e e r e - e - s d 2 s E e x r r v e c - 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 * 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 - es s s 3 F r i o . n a w g t R s - . se F r r r v e e - e e s 3 s T h e e r o r e l v t d - a e * l s s q e u R r r i 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 R g t s . - se F r r r v e e - e e s3 Banks4 Banks * Banks* 1929—June 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 1 63 -62 1933—June 5 2,160 1,797 363 1841 179 861 792 69 69 211 133 78 n.a. n.a. 1939—Dec 11,473 6,462 5,011 3i 5,008 5,623 3,012 2,611 n.a. n.a. ,141 601 540 n.a. n.a. 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a. ,143 848 295 n.a. n.a. 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 )4 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 ,024 .011 13 6 7 1950—Dec 17,3 1 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 J91 5 3 1951—Dec 20,3.0 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 ,?5?j 64 - 61 1952—Dec 21,180 20,457 72? 1,593 -870 5,357 5,328 30 486 -456 ,40r ,409 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 .29< .295 1 37 -36 1954— Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 .21f ,210 -1 15 - 16 1955 Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 ,166 .164 85 -83 1956 Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 .138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,13f .127 8 85 -77 1958—June 18,600 17,974 626 142 484 4,214 4,186 28 21 7 ,m .099 14 2 12 Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 -80 .070 7 39 -31 I ,077 1959_j J U u n ly e 1 1 8 8 , , 4 6 5 7 1 1 1 1 8 8 , , 2 0 7 4 1 3 4 4 0 0 8 0 9 9 2 5 1 7 - - 5 5 1 5 3 7 3 3, , 9 9 8 3 1 3 3 3 , , 9 9 2 7 6 7 4 7 1 2 5 2 7 - - 1 1 5 5 4 . , 0 0 0 2 9 8 , , 0 0 0 2 6 8 4 6 7 6 - - 6 4 3 7 Aug 18,613 18,141 472 1,007 -535 3,889 3,866 23 248 -225 ,033 ,029 40 -35 Sept 18,593 18,183 410 903 -493 3,848 3,866 -18 209 -227 ,025 ,022 46 -44 Oct 18,610 18,164 446 905 -459 3,867 3,851 15 225 -209 ,020 ,018 84 -82 Nov 18,621 18,176 445 878 -433 3,785 23 207 -184 ,029 ,026 64 -61 Dec « 18,932 18,450 482 906 -424 *3]920 3,930 -10 99 -109 ,038 ,038 104 -104 1960—Jan 18,878 18,334 544 905 -361 3,907 3,884 23 111 -88 1,046 1,041 4 94 -90 Feb 18,213 17,758 455 816 -361 3,753 3,744 9 *9 -50 996 993 3 129 -126 Mar 18,027 17,611 416 635 -210 766 3,755 10 9 1 975 970 6 157 -151 Apr 18,104 17,696 408 602 -194 3,765 3,784 -19 12 -31 954 955 -1 99 -100 May 18,239 17,770 469 502 -33 3,853 3,808 45 45 988 981 7 56 -49 June.... 18,294 17,828 466 425 41 3; 852 3,819 33 16 987 988 58 -59 July P18,515 '18,008 ^507 388 ^3,864 ^3,853 P\\ P-3 "1,020 "1.010 "10 49 "-39 I Week ending: I959_july i. 18,386 18,069 317 921 -604 3,983 3,965 18 30 -12 ,014 ,012 2 41 -39 8. 18,452 18,017 435 1,027 -592 3,894 3,883 11 117 -106 ,000 997 3 74 -71 15. 18,640 18,229 411 1,002 -591 3,936 3,950 -14 145 -159 ,023 ,024 j 46 -47 22. 18,976 18,488 488 912 -424 4,079 4,055 25 217 -192 ,052 1,046 6 37 -31 29. 18,702 18,353 349 890 -541 4,013 4,009 4 150 -146 ,046 1,041 5 38 -33 1960—Feb. 3. 18,537 18,056 481 -327 3,858 3,854" 4 67 -6? ,031 1,031 71 -70 10. 18,268 17,836 432 850 -418 3,773 3,753 20 79 -59 ,007 1.003 4 137 -133 17. 18,250 17,742 508 973 -465 3,723 3,722 118 -116 99 997 -5 190 -195 24. 18,061 17,636 425 620 -195 3,740 3,720 20 15 6 977 969 9 104 -95 Mar. 2. 18,105 17,664 441 793 -352 3,751 3,749 2 27 -25 981 981 88 -88 9. 17,941 17,576 365 595 -230 3,732 3,731 5 -4 970 970 1 41 -40 16. 18,108 17,598 510 726 -216 3,777 3,761 15 22 -7 97? 4 133 -130 23. 18,189 17,737 45: 587 -135 3,802 3,777 25 7 18 981 978 3 259 -257 30. 17,894 17,533 361 602 -241 3,746 3,743 3 3 966 963 2 199 -197 Apr. i«. 1 1 7 7 , , 8 8 6 7 8 0 1 1 7 7, . 4 4 3 0 1 0 4 4 3 7 7 0 7 67 0 1 4 - -2 2 0 6 1 7 3 3, , 6 7 5 4 5 3 3 3 , , 7 6 2 4 5 6 1 9 8 -1 1 6 8 9 9 2 3 2 3 9 93 2 1 0 2 2 1 1 1 3 7 7 - -1 1 3 1 5 4 20. 18,280 17,918 36: 564 -199 3,876 3,863 13 -14 963 969 -5 95 -100 18,392 17,911 481 524| -43 3,861 3,851 10 10 984 982 2 95 -93 27. 18,243 17,918 325 552! -227 3,911 3,914 -4 -4 1,000 996 4 53 -49 May 4. 18,306 17,808 498 549 i -51 3,835 3,824 10 10 985 984 2 101 -100 18,235 17,777 458 555 -97 3,838 3,792 46 46 97' 979 93 -94 18. 18,168 17,716 45: 402 50 3,779 3,776 3 3 984 975 9 12 25. June I. 18,121 17,684 437 436 1 3,825 3,77 52 988 977 11 3 8 8. 18,15" 17,690 46: 400 62 3,755 3,75: 4 4 974 974 14 -13 15. 18,157 17,729 428 374 54 3,795 3,788 7 6 98: 979 3 50 -47 2 2 2 9 . . 1 1 8 8 , , 6 3 0 4 2 2 1 17 8 , , 8 0 5 4 6 " 4 5 8 6 6 0 4 5 1 5 2 0 7 1 - 0 3 3, , 9 8 1 9 5 4 3 3, , 8 8 4 8 : C 7 1 3 3 73 -6 7 0 3 1 1 , , 0 0 0 0 8 3 1, 9 0 9 03 5 13 15 3 2 1 - - 1 1 5 9 2 July 1 6 3 . . 1 1 8 8 , , 3 3 2 4 0 9 1 1 7 7 , ,7 88 7 5 4 4 5 3 7 5 5 4 3 4 4 0 1 234 3 3, , 769 3 3, , 7 8 5 8 ^ 0 -13 4 1,0 9 0 9 2 - 1, 9 00 89 1 8 1 4 1 3 2 - - 4 4 2 20. ^18,762^18,240 429 3,92!" 3,919 -24 1,035 1,034 77 -76 27. 1855f ^18,084 "468 351 3,875 3,858 1 1,020 1,012 8 29 -21 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 877 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 e u rv ir e e s d 2 re E s x e c rv e e ss s 3 B B in F o a g . r n r s k R o s a w . ' t * - res F e r r e v e es 3 re h T 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 rv e e ss s 3 B B in F o a . g r n r s R k o a s w . t 4 - 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 11330033 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 5,94 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec... 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec. 8,078 7,983 96 299 -203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—June 7,721 7,619 102 45 57 5,552 5,070 481 74 408 Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—June 7,744 7,705 39 574 -536 5,765 5,406 359 259 101 July 7,838 7,809 29 510 -482 5,824 5,458 366 242 124 Aug 7,836 7,779 57 477 -420 5,855 5,467 388 242 145 Sept 7,825 7,783 42 433 -391 5,895 5,511 384 215 169 Oct 7,820 7,766 55 393 -339 5,903 5,529 374 203 171 Nov 7,848 7,802 46 415 -369 5,936 5,564 372 192 180 Dec 6 7,954 7,912 41 490 -449 6 6,020 5,569 450 213 237 I960—Jan 7,909 7,840 69 508 -439 6,014 5,568 449 192 257 Feb 7,544 7,503 42 423 -381 5,920 5,518 402 205 197 Mar 7,429 7,391 37 289 -252 5,857 5,494 363 180 183 Apr 7,498 7,453 45 298 -253 5,887 5,504 383 193 190 May 7,515 7,465 51 224 -173 5.882 5,517 366 222 144 June 7,540 7,496 44 164 -120 5,915 5,525 390 186 204 July ^7,647 ^7,598 176 P-127 ^5,984 ^5,547 ?437 149 Week ending: 1959—Jaly i 7,766 7,709 57 551 -494 5,623 5,383 240 299 -59 8 7,723 7,686 37 583 -546 5,835 5,451 384 253 131 15 7,865 7,832 34 525 -491 5,814 5,423 391 286 105 22 7,926 7,893 32 489 -457 5,919 5,494 425 169 256 29 7,867 7,830 38 442 -404 5,776 5,473 303 260 43 I960—Feb. 3 7,703 7,665 38 441 -403 5,945 5,506 439 230 209 10 7,631 7,588 43 418 -375 5,856 5,492 364 216 148 17 7,510 7,468 41 491 -450 6,025 5,555 470 174 296 24 7,498 7,434 64 289 -225 5,846 5,513 332 213 119 Mar. 2 7,452 7,426 25 469 -443 5,922 5,508 414 209 205 9 7,414 7,381 33 323 -290 5,825 5,494 331 226 105 16 7,417 7,370 47 389 -342 5,942 5,497 444 182 262 23 7,533 7,460 73 187 -114 5,872 5,523 350 134 216 30 7,396 7,359 36 232 -196 5,786 5,468 318 171 147 Apr. 6 7,369 7,337 32 316 -284 5,834 5,450 384 271 113 13 7,387 7,351 37 335 -298 5,893 5,473 420 174 246 20 7,579 7,547 32 269 -236 5,863 5,539 324 170 154 27 7,572 7,541 31 278 -247 5,975 5,537 438 151 287 May 4 7,527 7,501 26 277 -251 5,805 5,507 298 222 76 11 7,514 7,468 46 263 -217 5,972 5,532 440 185 255 18 7,541 7,478 63 248 -186 5,879 5,528 350 214 136 25 7,479 7,447 32 190 -158 5,925 5,517 408 200 208 June 1 7,531 7,442 142 -53 5,779 5,493 286 291 -5 8 7,470 7,443 27 198 -171 5,952 5,522 431 188 C242 15 7,481 7,440 41 129 -88 5,898 5,522 373 194 C181 ?229YYYYYYYYYY. 7 7 , , 6 6 4 1 5 2 7 7 , , 6 5 0 0 6 6 1 3 0 8 6 1 15 9 5 7 - - 1 4 5 9 8 6 5 , , 0 8 6 0 0 8 5 5 , ,5 5 1 5 4 4 2 5 9 0 5 5 2 1 2 2 6 8 37 6 6 8 July 6 7,536 7,502 34 228 -194 5,897 5,500 397 168 229 13 7.594 7,507 88 127 -40 5,989 5,522 466 176 291 20 7,738 7,701 37 198 -160 ^6,058 *>5,587 P471 120 *>351 27 7,695 7,649 45 171 -125 ^5,964 *>5,565 ^399 151 ^248 n.a. Not available. p Preliminary. c Corrected. 6, 1960, and monthly averages for all classes of banks beginning with 1 Based on figures at close of business through November 1959; there- January 1960 are estimated. after on closing figures for balances with Reserve Banks and opening 4 Based on closing figures. figures for allowable cash. Monthly averages for allowable cash are 5 This total excludes, and that in the preceding table includes, $51 estimated. million in balances of unlicensed banks. 2 Based on deposits as of opening of business each day. Weekly 6 Beginning with December 1959, total reserves held include allowable averages for country banks prior to Jan. 6, 1960, and monthly averages cash (for definition see the BULLETIN for December 1959, p. 1482). See for all classes of banks beginning with January 1960 are estimated. also note 1. 3 Weekly averages for all member and for country banks prior to Jan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

878 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 Federal Reserve Bank o a b d l v ig a a n t c i e o ( s n S s s e e e c a s u . n r d 1 e 3 d d a b i n s y c d e o l u 1 ig n 3 i a t b s ) l * e o p f a a p n e d r Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances b o a b ( n l l i k a g s s a t t i s o e p n c a u s r r . e o d f S e t b h c y . e d U 1 i 3 r . ) e S ct . Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous July 31 beginning: rate July 31 beginning: rate July 31 beginning: rate Boston 3% June 14,1960 June 14,1960 4*4 41/2 June 14,1960 5 New York. . . 3% June 10,1960 June 10,1960 4*4 June 10,1960 5 Philadelphia.. 3*4 June 3,1960 June 3,1960 4% Sept. 18,1959 41/2 Cleveland 3*4 June 10,1960 June 10,1960 41/2 5 Sept. 11,1959 4% Richmond. . . 3% June 10,1960 June 10,1960 4*4 41/2 June 10,1960 Atlanta 3% June 13,1960 June 13,1960 4*4 Sept. 14,1959 4V4 Chicago 3*4 June 10,1960 June 10,1960 4*4 41/2 June 10,1960 St. Louis Wi June 10,1960 June 10,1960 41/2 41/2 June 10,1960 5 Minneapolis.. 3% June 10,1960 June 10,1960 4J/2 4*4 June 10,1960 s Kansas City.. w?. June 10,1960 June 10,1960 4*4 June 10,1960 5 D Sa a n ll a F s rancisco 3 V2 J J u u n n e e 10 3 , , 1 1 9 9 6 6 0 0 J Ju u n n e e 10 3 , , 1 1 9 9 6 6 0 0 4 4* * 4 4 41/2 S J e u p n t e . 1 3 1 , ,1 1 9 9 5 6 9 0 4./2 3V4 41/2 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES' MARGIN REQUIREMENTS^ [Per cent per annum] [Per cent of market value] Range F. R. Range F. R. Aug. 5, Oct. 16, Effec- Date (or level)— Bank Date (or level)— Bank Prescribed in accordance with 1958- 1958- tive effective all F. R. of effective all F. R. of Securities Exchange Act of 1934 Oct. 15, July 27, July 28, Banks N.Y. Banks N. Y. 1958 1960 1960 1948 1957 Regulation T: Jan. 12... 1 -1% 1% Aug. 9... 3 -3*4 3 For extensions of credit by brokers and 19.. . 114 1*4 23... 3*4 3*4 dealers on listed securities 70 90 70 Aug. 13... l%-l*4 Nov. 15... 3 -31/2 3 For short sales 70 90 70 23.. . 1*2 1*4 Dec. 2... 3 3 Regulation U: For loans by banks on stocks 70 90 70 1950 1958 Aug. 21... l *4-l 34 134 Jan. 22... 234-3 3 25... 134 134 24. .. 234-3 2VA 1 Regulations T and U limit the amount of credit that may be extended Mar. 7... 2*4 on a security by prescribing a maximum loan value, which is a specified 1953 13... 214-234 214 percentage of its market value at the time of extension: margin require- Jan. 16... l34-2 2 21... 2*4 ments are the difference between the market value (100%) and the maxi- 23.. . 2 2 Apr. 18. .. 321/4i 134 mum loan value. May 9... 134 1954 Aug. 15... 134-2 134 Feb. 5... 134 Sep,n... 134-2 2 15.. . IVWA 134 2 MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS Apr. 1 1 4 6 . .. . . . 1 1 * ^ 4 2 — _1 1 3 V 4 A I 1 1 3 / 4 ! N O o ct v . . 2 7 4 . . . . . . 2 2* -2 4 i/2 2 2*4 [Per cent per annum] May 21... 1*4 1*4 1959 1955 Mar. 6... 2*4—3 3 Nov. 1, Feb. 1, Jan. 1, Effec- Apr. 1 1 4 5 . . . . . . 1 1 * * 4 4 - - 1 1 % % 1 1 * 34 4 May 1 2 6 9 . . . . . . 3 3 -3*4 3 31/2 Type of deposit Ja 1 n 9 . 3 3 3 1 - , D 1 e 9 c. 3 5 3 - 1, D 1 e 9 c. 3 6 3 - 1, Ja t n iv . e 1, May 2... 134 June 12... 31/2 31/2 1935 1935 1956 1957 Aug. 4... 134-214 134 Sept. 11... 3V4-4 4 18... 4 4 Sept. 12 9 ! . ! . . '. 2 2 4- - 2 21 i| 4 2 18 1960 Savings deposits 3 2*4 2*4 3 Nov. 1 1 8 3. . . . . . 2*4—2*4 2*2 June 1 3 0 . . . . . . 3 3 1 * / 4 2 - - 4 4 4 3*4 Postal savings deposits 3 21/2 21/2 3 23... 2*4 21/2 14... 3*4 Other time deposits payable: In 6 months or more 3 M f/2 3 Apr 1 . 9 1 56 3... 2*4-3 234 J In u ly e ffe 3 c 1 t ... 3V4 31/2 I I n n 9 le 0 s s d t a h y a s n t o 9 0 6 d m ay o s nths. . . 3 3 1 21/2 20.. . 234-3 234 21/2 Aug. 24... 234-3 3 31.. . 3 3 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any 1 Under Sees. 13 and 13a (as described in table above). For data for event exceed the maximum rate payable by State banks or trust companies 1941-47, see the BULLETIN for January 1959, p. 76. on like deposits under the laws of the State in which the member bank is NOTE.—The rate charged by the Federal Reserve Bank of New York located. Effective Feb. 1, 1936, maximum rates that may be paid by on repurchase contracts against U. S. Govt. securities was the same as insured nonmember commercial banks, as established by the F.D.I.C, its discount rate except in the following periods (rates in percentages): have been the same as those in effect for member banks. 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 879 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures.1 In millions of dollars] Net demand deposits1 Time deposits Central reserve Ef o fe f c c ti h v a e n g d e ate C re e s n e t r r v a e l Re c s i e ty rve Co tr u y n- C re e a s n n e t r d r v a e l Co tr u y n- Item m b e a A m n l k b l s er Ne c w ity ban C ks hi- R b e c a s i n e ty k rv s e C ba o tr n u y k n s city banks banks reserve banks York cago banks city banks Four weeks ending June 15, 1960 In effect Dec. 31, 1945.. 20 20 14 Gross demand: Total 119,014 23,502 5,809 46,376 43,327 1948—Feb. 27....... 22 Interbank 12,246 4,025 1,087 5,888 1,245 June 11 24 U. S. Government. 5,741 1,314 340 2,364 1,723 Sept. 16,24*... 26 22 16 Other 101,027 18,162 4,381 38,124 40,359 1949—May 1,5*.... 24 21 15 Net demand 2 101,024 19,720 5,021 38,704 37,579 June 30, July 1 * 20 14 Time 54,634 4,450 1,450 21,137 27,598 Aug. 1,11*... 13 Demand balances due Aug. 16,18*... 12 from domestic banks, 6,129 95 98 2,012 3,925 Aug. 25 Currency and coin: Sept. 1 Total, 2,235 134 29 681 1,391 1951—Jan. 11, 16*.. 23 19 13 Allowable as reserves. 292 1 84 207 Jan. 25, Feb. 1* 24 20 14 Balances with F. R. 1 19 9 5 5 4 3 — __ J ju u l n y e 1 1 6 , , 9 24 * * .. . . . . . 2 2 2 1 19 13 To B ta a l n r k e s serves held 1 18 7 , , 1 8 4 5 9 7 3 3 , , 7 7 8 8 9 9 9 9 8 8 1 2 7 7 , , 4 4 9 0 1 7 5 5 , , 6 8 8 8 1 8 July 29, Aug. 1 * 20 18 12 Required 17,705 3,772 976 7,443 5,514 Excess 444 16 6 47 375 1958—Feb. 27, Mar. 19% 17% 11* Mar. 20, Apr. 1 * 19 17 Apr. 17....... 18% Four weeks ending July 13, 1960 Apr. 24 18 Gross demand: In effect Aug. 1, 1960 . 18 Total 121,129 24,108 5,980 47,366 43,675 Interbank 12,954 4,249 1,154 6,251 1,300 Present legal require- U. S. Government. 5,968 1,284 368 2,446 1,869 ments: Other 102,208 18,575 4,458 38,669 40,506 Minimum 210 10 7 Net demand2 101,919 20,080 5,129 39,172 37,538 Maximum 2 22 2 22 14 Time 55,186 4,506 1,475 21,337 27,869 Demand balances due from domestic banks. 6,476 95 105 2,061 4,215 * 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 2,247 133 29 677 1,407 reserve city banks. Allowable as reserves. 292 1 80 211 1 Demand deposits subject to reserve requirements which, beginning Balances with F. R. Aug. 23, 1935, have been total demand deposits minus cash items in Banks 18,111 3,865 1,002 7,517 5,727 process of collection and demand balances due from domestic banks (also Total reserves held 18,403 3,865 1.003 7,597 5,938 minus war loan and Series E bond accounts during the period Apr. 13, Required 17,889 3,840 997 7,530 5,523 1943-June 30, 1947). Excess 514 ' 26 5 67 416 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 July 27 July 20 July 13 July 6 June 29 July June July Discounts and advances—total 280,507 981,159 452,926 530,745 267,247 343.195 258.167 1,228,628 Within 15 days 270,230 972,290 442,795 518.769 254,281 333J89 245;351 1,205,622 16 days to 90 days 10,207 8,797 10,054 11,884 12,846 9,937 12,696 22,770 91 days to 1 year 70 72 77 92 120 69 120 236 Acceptances—total. . 28,113 27,111 27,611 28,224 28,223 28,997 30,340 25,108 Within 15 days.... 6,130 5,242 5,468 5,477 8.663 6,474 8,300 6,068 16 days to 90 days. 21,983 21,869 22,143 22,747 19.560 22,523 22,040 19,040 91 days to 1 year. . U. S. Government securities—total. 26,683,969 26,513,769 26,514,129 26,640,129 26,218,92926.884,669 26523,129 26543,173 Within 15 days 473,950 450,410 457,610 589,900 266,836 5,931,540 444,900 8^595,034 16 days to 90 days 6,832,036 6,763,676 6,751,036 6,746,546 6,731,910 1,541,236 6,622,110 1,308,210 91 days to 1 year 12,241,479 12,163,179 12,168,979 12,167,179 12,083,67912,275,38912,319,61511,288,593 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 2~7 1,2"8"3" 271,283 271,283 1,059,772 * Holdings under repurchase agreements are classified as maturing within IS days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

880 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month 1960 1960 1959 July 27 July 20 July 13 July 6 June 29 July June July Assets Gold certificate account 17,900,64117.976.64217,998,64518,092,641 18.093.64117,880.642J 18,093,643; 18.396.142 Redemption fund for F. R. notes . 957,903 955,825 953,825 936,380 935,380 957,9O3| 935,380; 936.862 Total gold certificate reserves 18,858,54418,932,467 18,952,47019,029,02119,029,021118,838,545) 19.029,023; 19. 333,004 F. R. notes of other Banks 434,825 397,820 353,372 276,998 349.974 418,750! 324,475; 378.438 Other cash 399,850 373,765 366,993 344,527 365,887j 412,322' 368.381' 398.780 Discounts and advances: For member banks 280,507 981,159 452,926J 530,745 267,247 343,195 258,167! 1,228,628 For nonmember banks, etc Acceptances—Bought outright 27.iIi 27 * 61i 28.224 28,223 28,997; 30,340' 25.108 Held under repurchase agreement. U. S. Government securities: Bought outright: C Bi e l r l t s ificates—Special 2,660,907 2,392,807 2,477,067 2,535,267j 2,217,867 2,768,607 2,470,567; 2,406.900 Other 8,506,993 506,993 8,506 8,506,993 8,506,993 ,506,993 8,506,993118,649.726 Notes 13,010,298 010,29813,010 13,010,298 13,010,298 ,010,298 13,010,2981 2,867.565 Bonds 2,483,771 483,771 2,483 2,483,771 2.483,771 ,483,771 2,483,771! 2,483.771 Total bought outright 26,661,969 26.393.869 26,478. 26,536.329 26,218,929 26.769.669126,471,629:26,407.962 Held under repurchase agreement. 22,000 119,900 36 103.800 115,000! 51,500; 135,211 Total U. S. Government securities. . . 26,683,969 26,513,76926.514.12926,640,129 26,218,929 26.884.669126,523,129j26,543.173 Total loans and securities 26,992,58927,522,03926,994.666 27,199,098 26.514,399 27,256,86IJ26,811,636 27.796.909 Due from foreign banks 15 15 15 15i 15, 15 15 Cash items in process of collection 5.217,462 6.121,701 5.925,653 5.163,712 ,499,482 4.744.967) 5,508,148' 4,476.035 Bank premises 105.308 105,555 105.201 104,742 104,920 105.146J 104,742! 95.985 Other assets 327.941 307,338 ,234 266,764 245,295 339,2O3| 248,0561 244.972 Total assets. 52.336.534|53.760,700 52,986.604 52.384.87752,108,993 52,115,809i52,394,476i52,724.138 Liabilities Federal Reserve notes 27,550.855J27.631, 27,721.877(27.738,41527,421,473J27,612,074i27,504,858127,499,084 Deposits: Member bank reserves 18,040.268118.704.975 18 082.333 18,209,199 17,528,05118,260,763 17.940,876; 18.904.817 U. S. Treasurer—general account. 500,394 620 982 475,418 325,043 495,062 477,343| 504,210 521.839 Foreign 203,553 202 986 178,757 267,097 288,730 214,7661 254,142, 277.545 Other 361.633 364 451 372,660 371,382 422,651 352,5481 427,005 337,360 Total deposits. 19,105.848 19,893,394 19,109,16819,172,72118,734,494J19,305,420J19,126,233120,041,561 Deferred availability cash items 4,363.715 4,938. 4,882,626 4,144,786 4,631,395 ,870,717j 4,450,313 3.704,315 Other liabilities and accrued dividendsl. 42.715 42; 37,373 36,815 48,831 43,363^ 37,540 37,874 Total liabilities 51,063,133 52.506,183 51,751,044 51,092,737 50,836,193J50,831,574>5i, 118,944-51,282,834 Capital Accounts Capital paid in 401,140 401,013 400,651 400,190 399,829 401,2^7 399,924; 380,826 Surplus 774,808 774.808 774,808 774,808 774,808 774.808 774,808; 868.410 Other capital accounts 97,453 78,696 60,101 117,142 98,163 108,200 100,800| 192.068 Total liabilities and capital accounts 52,336,534 53.760.700 52.986,604 52,384,877 52,108,993 52,115.809 52,394,476J52,724.138 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 40.4 39.8 40.5 40.6 41.2| 40.2 40.8! 40.7 Contingent liability on acceptances purchased for foreign correspondents 177.725 181,177 181,187 179,039 181.607! 180,213! 182,335| 73,853 U. S. Government securities held in custody for foreign account 5.255,442 5,163,1541 5,142,254 5,072,254 5,079,2141 5,272,3O3J 4,976,614F 4,130,626 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank). . 28,687,69128,748,874 28,734,829 28,552,27728,407,70128,651,520 28,394,185 28,414,500 Collateral held against notes outstanding : Gold certificate account , 10,565,000 10,565,00010,565,00010,565,00010,565,00010,565,00010,565,000 10,750,000 Eligible paper 47,538 73,556 37,636 88,738 71,456 70,082 90,032 241,260 U. S. Government securities 19,180,000 19,180,00019,180,000 19145,00019,145,00019,180,00019,145,000J18,810,000 Total collateral. 29,792,53829,818.556 29,782.636 29,798,73829,781,45629,815,08229,800,032:29.801.260 1 No accrued dividends at end of June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 881 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1960 [In thousands of dollars] Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificate account 859,887 4,878,993 1,040,2051,550,341 980,640 877,864 3,082,952 663,222 363,672 722,762 685,989 2,174,115 Redemption fund for F. R. notes 60,511 194,473 60,175 86,263 84,941 63,125 179,857 44,200 23,884 43,498 31,712 85,264 Total gold certificate reserves. 920,398 5,073,466 1,100,3801,636,6041,065,581 940,989 3,262,809 707,422 387,556 766,260 717,7012,259,379 F. R. notes of other Banks. . . 44,018 84,284 36,084 20,929 29,011 72,789 22,083 13,623 20,631 16,744 17,868 40,686 Other cash 30,936 78,581 21,084 38,984 20,958 39,072 66,625 25,267 9,280 15,345 14,189 52,001 Discounts and advances: Secured by U. S. Govt. securities 7,400 4,930 8,830 14,615 15,835 41,786 119,553 19,100 28,297 42,152 19,676 14,685 Other 5,000 53 440 100 361 382 Acceptances: Bought outright 28,997 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,438,602 6,677,212 1,532,7242,299,969 1,694,3861,467,808 4,581,8431,081,950 621,1901,148,981 1,078,818 3,146,186 Held under repurchase agreement 115,000 Total loans and securities.... 1,446,002 6,826,139 1,541,5542,314,584 1,710,2211,514,594 4,701,4491,101,050 649,9271,191,2331,098,855 3,161,253 Due from foreign banks..... 1 i 4 1 1 1 2 1 1 Cash items in process of collection 331,106 908,806 291,832 410,080 393,247 362,689 766,863 203,460 135,661 249,495 213,822 477,906 Bank premises. 4,086 9,587 3,878 8,890 6,340 10,585 20,467 6,776 4,933 4,538 13,294 11,772 Other assets 18,344 83,451 19,558 29,550 21,388 19,306 57,227 13,611 7,847 15,489 13,754 39,678 Total assets... 2,794,891 13,064,3183,014,3714,459,6223,246,747 2,960,0258,897,5252,071,209 1,215,8352,259,1052,089,484 6,042,677 Liabilities F. R. notes 1,606,950 6,433,578 1,792,319 2,501,382 2,054,6051,569,2785,228,152 1,187,093 598,5381,118,207 794,900 2,727,072 Deposits: Member bank reserves 769,370 5,153,514 865,4671,438,063 757,635 971,4052,750,640 633,009 441,835 852,676 991,060 2,636,089 U. S. Treasurer—general account 33,975 50,183 30,034 42,583 45,863 33,255 64,286 36,341 26,203 29,725 37,012 47,883 Foreign 9,898 3 70,336 11,918 18,988 9,090 10,504 27,876 6,666 4,646 8,282 11,716 24,846 Other 657 298,837 2,626 728 2,472 562 742 307 381 466 643 44,127 Total deposits 813,900 5,572,870 910,045 1,500,362 815,0601,015,726 2,843,544 676,323 473,065 891,1491,040,4312,752,945 Deferred availability cash items 307,592 683,406 234,947 335,441 314,751 305,084! 637,457 162,882 113,598 194,252 180,174 401,133 Other liabilities and accrued dividends 2,428 11,585 2,288 3,968 2,303 2,209 7,249 1,550 1,222 1,796 1,586 5,179 Total liabilities 2,730,87012,701,4392,939,599 4,341,1533,186,719 2,892,297 8,716,402 2,027,8481,186,423 2,205,4042,017,0915,886,329 Capital Accounts Capital paid in 19,915 113,958 23,385 37,242 18,276 21,108 55,821 13,410 9,221 16,806 23,092 48,993 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. 5,774 28,016 5,749 8,697 7,186 6,314 17,968 4,089 2,611 5,175 4,656 11,965 Total liabilities and capital accounts 2,794,891 13,064,3183,014,3714,459,6223,246,747 ,960,025 8,897,5252,071,209 1,215,8352,259,1052,089,484 6,042,677 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 38.0 42.3 40.7 40.9 37.1 36.4! 40.4 38.11 Contingent liability on acceptances purchased for foreign correspondents.... 8,707 4 53,157 10,4841 16,704 7,997 9,240 24,523 5,864 4,087 7,286 10,307 21,857 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank). 1,679,524 6,678,576 !,845,9142,609,071 2,130,494 1,642,351!5,339,0841,237,851 615,406 1,150,142 846,2422,876,865 Collateral held against notes outstanding: Gold certificate account.... 530,000 2,900,000 700,000 920,000 675,000 500,000 1,900,000 410,000 180,000 300,000 250,000 1,300,000 Eligible paper 8,830 19,100 42,152 U. S. Govt. securities 1,250,000 3,900,000 1,200,0001,750,0001,500,0001,200,000!3,700,000 935,000 450,000 870,000 625,000 1,800,000 Total collateral......... 1,780,000 6,800,000 1,908,830 ,670,000 2,175,000 1,700,000 5.600,0001,364,100 630,0001,212,152 875,000 3,100,000 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $127,056,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $144,430,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

882 BANK DEBITS LOANS GUARANTEED UNDER REGULATION V* FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [Amounts in millions of dollars] [In effect July 31] End of au t L t o h o o d a r a n i t z s e ed out L st o a a n n d s ing a A b v a o d a r m d il r i a o o t b i u w o l n e e n t r a t s l o Fees I P ns a t y i a tu b t l i e o n to o G n u G ar u a a n r t a e n e t i e n e g d A P g o e r n ti c o y n b o y f F L i o n a a n ncing year or month N b u e m r - Amount am To o t u a n l t g P u o a r r ti a o n n - a u n n t d m e e e r e n a g g t u s r a e r e - - lo P a e n r c g e u n a t r a a g n e te o e f d in ( G p t u e e r r a e c r s e a t n n t p t a e a g e y e a f b e o e l f e an P y f e e r c e c o e c m n h t m a a r g i g t e e m d o e f nt teed outstanding by borrower) borrower 1954 .... ,367 2.500 472 368 273 70 or less 10 10 1955 ,411 2.575 294 226 170 75 15 15 1956. , ,468 2.761 389 289 125 80 20 20 1957 ,503 2.912 39< 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 ,557 3.170 317 240 137 July ,557 3,170 323 244 129 Maximum Rates Financing Institution May Charge Borrower Aug .558 3.174 330 249 121 [Per cent per annum] Sept ,560 3,174 342 257 101 Oct ,561 3,179 340 253 107 Nov .562 3.179 342 255 105 Interest rate Dec .563 3,189 340 256 98 Commitment rate. I960 i Schedule of fees and rates established by the Board of Governors on Jan ,565 3,192 333 250 103 loans made by private financing institutions and guaranteed by Govern- Feb ,565 3,195 341 256 95 ment procurement agencies, pursuant to the Defense Production Act Mar ,565 3,202 356 264 79 of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing Apr ,565 3,216 358 251 90 agencies in these transactions, and the procedure is governed by Regula- May ,568 3,272 376 252 92 tion V of the Board of Governors. June 1,568 3,272 303 216 75 1 Loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing agencies in these transactions, and the procedure is governed by Regulation V of the Board of Governors. NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers under guarantee agreements outstanding represents amounts repaid, guarantees authorized but not completed, and authorizations expired or withdrawn. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to demand deposit accounts, Annual rate of turnover except interbank and of demand deposits except interbank U. S. Government accounts and U. S. Government deposits Year or month re c p en A o t r l e t l i r n s g New Yor L k eading centers 6 others i 3 r c 3 e e p 7 n o t o r e t t r h i s n e 2 g r New L Y e o a r d k ing cen 6 t e o r t s hers * 3 r c e 3 e p 7 n o t c i > [ e • r t t h i s n * e g r Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1952. 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953. 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954. 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955. 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462 859 921,928 45.8 28.8 21.8 1957. 2,356,768 888,455 489, 311 979,002 49.5 30.4 23.0 1958. 2,439,754 958,721 487,432 993,600 53.6 30.0 22.9 1959. 2,679,167 1,023,605 545,258 1,110,304 56.4 32.5 24.5 1959--July 235,637 86,792 89,600 46,694 48,422 93,516 97,615 57.3 57.2 33 1 32.9 24.7 24.9 Aug 208,130 85,207 75,233 45,899 43,765 91,109 89,633 56.3 51.3 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 9?,216 94,642 60.1 59.2 3? 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 Flee 261,121 89,244 104,976 46,278 51,763 93,696 104,382 60.1 67.0 33 2 35.3 24.9 26.4 1960 Jan 230,100 84,646 88,529 46,218 46 30S 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 46,867 96,753 92,947 56.4 56.3 35.5 26.1 25.4 May . 232,824 92,176 88,551 48,453 47,895 97,986 96,378 61.1 58.9 35 5 35.2 26.3 26.2 June 250,837 91,604 99,809 48,583 50 41S 97,937 100,614 61.3 65.7 7 36 5 26 4 26 9 July 223,608 89,444 86,063 46,807 45 254 94,861 92,291 58.9 58.8 2 P34 0 *>25.5 *>25.7 * Preliminary. NOTE.—Series revised by Federal Reserve beginning with 1950; for Adj.= adjusted for seasonal variation. Unadj. =* without seasonal description and revised monthly figures, see the BULLETIN for Jan. 1960, adjustment pp. 8-11. Seasonally adjusted figures for earlier years, prepared by * 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 883 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 ',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 10.509 21,374 1,834 ,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31.158 22,021 1,927 ,312 75 2.151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956. 31,790 22,598 2,027 ,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31,834 22,626 2,110 ,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958 32,193 22.856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959-June 31,914 22.731 2,215 ,449 83 2,117 6,584 10,282 9,184 2,742 5,808 265 357 3 8 July. 31,898 22.721 2,224 ,436 82 2,104 6,562 10,312 9,178 2,742 5,804 266 355 3 8 Aug. 31,973 22.784 2,241 ,444 83 2,111 6,572 10,333 9,189 2,741 5,820 264 352 3 8 Sept. 31,848 22.672 2.259 ,464 82 2,112 6,521 10,233 9,176 2,733 5,823 263 347 3 Oct.. 31.905 22.752 2,269 ,474 83 2,122 6,544 10,261 9,154 2,725 5,815 261 344 3 5 Nov. 32,489 23,277 2,294 ,488 84 2,185 6,734 10,491 9,213 2,753 5,850 260 342 3 5 Dec. ^2,591 23.264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 I960—Jan.. 31,569 22,409 2,268 ,419 82 2,102 6,415 10,123 9,160 2,739 5,825 254 334 3 5 Feb. 31.552 22,440 2,275 ,409 83 2,098 6,456 10,120 9,112 2,719 795 256 334 3 5 Mar. 31,633 22,539 2,294 ,410 82 2,105 6,494 10,154 9,094 2,715 787 255 330 3 5 Apr. 31,600 22,529 2,311 ,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 ,440 83 2,138 6,561 10,263 9,070 2,718 5,767 252 324 3 5 June 32,065 22,970 2,338 ,440 84 2,141 6,604 10,363 9,095 2,737 5,774 252 323 3 5 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation* Kind of currency T s J o t u a t 1 n a n 9 e l d 6 i o 3 0 n u 0 g , t- A g a s o s g l s i d l a e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n o n R d r k . s H a B F e g a a . l e n d n R n d k t b . s s y Ju 1 n 9 e 6 3 0 0, M 1 a 9 y 6 3 0 1, Ju 1 n 9 e 5 3 9 0, certificates agents Gold 19,322 19,059 2 263 Gold certificates 19,059 16,213 2,816 30 30 31 Federal Reserve notes 28,394 87 1,214 27,094 26,916 27,029 Treasury currency—total 5,354 "i 2,396" 46 369 4,941 4,933 4,855 Standard silver dollars 488 144 31 8 305 303 285 Silver bullion 2,252 2,252 Silver certificates and Treasury notes of 1890. . . . 32,396 268 2,128 2,133 2,156 Subsidiary silver coin 1 552 7 61 1,484 1,475 1,415 Minor coin 559 3 7 549 546 514 United States notes .... 347 4 24 318 319 316 Federal Reserve Bank notes 101 100 101 110 National Bank notes 56 56 56 57 Total June 30 1960 II 21,455 395 16,213 4,398 32,065 May 31, 1960 21,476 412 16,243 4,455 31,879 June 30, 1959 21,863 394 16,601 4,351 3i,914 1 Outside Treasury and Federal Reserve Banks. Includes any paper and standard silver dollars of a monetary value equal to the face amount currency held outside the continental limits of the United States. Totals of such silver certificates; and (4) as security for gold certificates—gold for other end-of-month dates are shown in table above; totals for Wednes- bullion of a value at the legal standard equal to the face amount of day dates, in table on p. 875. such gold certificates. Federal Reserve notes are obligations of the 2 Includes $156,039,431 held as reserve against United States notes United States and a first lien on all the assets of the issuing Federal Reserve and Treasury notes of 1890. Bank. Federal Reserve notes are secured by the deposit with Federal 3 To avoid duplication, amount of silver dollars and bullion held as Reserve agents of a like amount of gold certificates or of gold certificates security against silver certificates and Treasury notes of 1890 outstanding and such discounted or purchased paper as is eligible under the terms of is not included in total Treasury currency outstanding. the Federal Reserve Act, or of direct obligations of the United States. 4 Less than $500,000. Each Federal Reserve Bank must maintain a reserve in gold certificates of 5 Because some of the types of currency shown are held as collateral or at least 25 per cent against its Federal Reserve notes in actual circulareserves against other types, a grand total of all types has no special tion. Gold certificates deposited with Federal Reserve agents as collatsignificance and is not shown. See NOTE for explanation of duplications. eral, and those deposited with the Treasury of the United States as a NOTE.—There are maintained in the Treasury—(1) as a reserve for redemption fund, are counted as reserve. Gold certificates, as herein United States notes and Treasury notes of 1890—$156,039,431 in gold used, includes credits with the Treasurer of the United States payable bullion; (2) as security for Treasury notes of 1890—an equal dollar amount in gold certificates. Federal Reserve Bank notes and national bank in standard silver dollars (these notes are being canceled and retired on notes are in process of retirement. receipt); (3) as security for outstanding silver certificates—silver in bullion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

884 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM * [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 u n e r n r a g t c y 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 r c d i n a - m l en R t F e e o d s b e e r l r i v a g e l ation O s ther O s r e i t t c h i u e e s - r c l n T a i i a a n p t o e n i b e i t e t t d t a i s a - l l - l, c d u e T r a p o r n o e t d s a n i l c ts y C co m a a n a u p n i e c 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—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 I959__ J ju u n ly e 2 2 4 9 1 1 9 9 , , 8 6 0 0 0 0 5 5 , , 3 3 0 0 0 0 2 2 5 4 0 8 , , 7 5 0 0 0 0 1 1 2 2 6 8 , , 9 4 0 0 0 0 9 9 5 6 , , 2 0 0 0 0 0 6 6 8 8 , , 2 4 0 0 0 0 2 2 5 6 , , 9 5 0 0 0 0 , , 1 2 0 0 0 0 2 2 6 6 , , 3 3 0 0 0 0 2 2 7 7 5 3 , , 7 6 0 0 0 0 2 2 5 4 1 9 , , 4 4 0 0 0 0 2 2 4 4 , , 2 2 0 0 0 0 Aug. 26 19,600 5,300 251,200 129,800 95,200 67,600 26,500 ,100 26,200 276,100 251,100 25,000 Sept. 30 19,500 5,300 252,100 131,600 94,100 66,500 26,600 ,100 26,500 276,900 252,100 24,800 Oct. 28 19,500 5,300 251,800 131,500 94,000 66,600 26,400 ,100 26,200 276,600 251,700 24,900 Nov. 25 19,600 5,300 251,400 132,300 93,100 65,400 26,700 ,100 25,900 276,300 251,100 25,200 Dec. 31 19,456 5,311 255,435 135,867 93,497 65,801 26,648 ,048 26,071 280,202 256,020 24,186 I960—Jan. 27 19,500 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 25P 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 87,800 60,700 26,200 900 25,500 277,000 251,100 25,900 July 27'> 19,200 5,400 254,400 138,100 90,700 63,100 26,700 900 j 25,600 278,900 252,900 26,000 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 3 For- Date p b e o n d a i s g e e n i n t - t k s, T h c i u r n o a e r l g s a d y h s s - - m sa b c e v a a o A r i n n m n c t d k i g a - s s l B F a A . n R t ks . Total Total m T b C i e a m o r n m c k e ia - s d l e M p s b a o a u v s n t i i n k u ts g s a 2 s l 3 S S P y a o s v s t i t e n a m g l s p m o D d s a e e i n t - - s d * b r C o s e a i u n u n d c t r k e - y - s c a d d u d e e T r a j m p o r u n o e t a s d s a n t n i e l c t d d s y j m p u D o a d s a d s e t e n i e - - - t d d s b r C o s e a i u n u n d t c r k e - y - s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—Juno 30., 50 264 852 35 40,828 21,656 10,849 9,621 ,186 14,411 4,761 1939—Dec. 30., 1,217 2,409 846 634 63,253 27,059 15,258 10,523 ,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 ,313 38,992 9,615 1945—Dec. 31., 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 ,932 75,851 26,490 1947_Dec. 31., 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 ,416 87,121 26,476 110,500 84,400 26,100 1950—Dec. 30., 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 ,923 92,272 25,398 114,600 90,000 24,600 1956—Dec. 31.. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647111,391 28,335 134,500 107,100 27,400 1957—Dec. 31., 3,270 761 4,179 481 227,681 89,126 56,139 31,662 ,325110,254 28,301 133,600 105,800 27,800 1958—Dec. 31. 3,870 683 4,558 358 242,553 98,306 63,166 34,006 ,134115,507 28,740 138,800 110,700 28,100 1959—June 24. 3,600 400 4,700 500 240,100101,000 65,400 34,600 ,100110,700 28,300 140,900 112,600 28,300 July 29. 3,400 400 5,000 600 242,000100,900 65,300 34,500 ,000112,700 28,400 141,200 112,900 28,300 Aug. 26. 3,300 400 6,000 300 240,800101,200 65,600 34,600 ,000111,100 28,500 140,900 112,600 28,300 Sept. 30. 3,300 400 6,400 700 241,400101,500 65,700 34,800 ,000111,400 28,500 140,800 112,400 28,400 Oct. 28. 3,100 400 5,500 500 242,200101,100 65,500 34,600 ,000112,700 28,300 140,400 112,000 28,400 Nov. 25. 3,000 400 4,700 400 242,600100,300 64,800 34,600 ,000113,100 29,100 140,100 111,800 28,300 Dec. 31. 3,203 391 5,319 504 246,603101,779 65,884 34,947 948115,402 29.422 140,200 112,000 28,200 1960—Jan. 27 2,800 400 3,800 600 242,900101,000 65,200 34,900 900114,000 27,900 140,000 111,700 28,300 Feb. 24 2,6001 500 4,800 500 239,600101,200 65,400 34,900 900 110,500 28,000 139,100 110,800 28,300 Mar. 30P 2,7001 400 4,700 500 239,000102,200 66,000 35,300 900108,800 28,100 139,500 111,100 28,400 Apr. 27* 2,800 400 4,700 600 241,700102,300 66,200 35,200 900 111,500 27,900 139,400 111,200 28,200 May 25*> 2,8001 400 7,200 500 238,500102,600 66,500 35,200 900107,800 28,100 137,600 109,400 28,200 June 29* 2,900| 400 7,300 500 240,000103,700 67,500 35,400 800108,000 28,300 138,200 110,100 28,100 July 27'' 2,800| 400 i 6,500 500 242.700104,300 68.000 35.400 800 110,100 28,300 138,500 110,30028,200 * Preliminary. * Revised preliminary figures. shown on page 135, footnote 3, of that BUILETTN has been revised from 1 Represents all commercial and savings banks, Federal Reserve Banks, — 0.9 to —0.5. The new factor is 97.9. Postal Savings System, and Treasury currency funds (the gold account, NOTE.—For description of statement and back figures, see the BULLETIN Treasury currency account, and Exchange Stabilization Fund). for January 1948, pp. 24-32. The composition of a few items differs 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, slightly from the description in the BULLETIN article; stock of Federal open account; and deposits of Postal Savings System in banks. Reserve Banks held by member banks is included in other securities and 3 Prior to June 30, 1947, includes a small amount of demand deposits. in capital and miscellaneous accounts, net, and balances of the Postal •Demand deposits other than interbank and U. S. Govt., less cash Savings System and the Exchange Stabilization Fund with the U. S. items reported as in process of collection. Treasury are netted against capital and miscellaneous accounts, net, 5 Seasonally adjusted series begin in 1946 and are available only for last instead of against U. S. Govt. deposits and Treasury cash. Total deposits Wednesday of the month. For description of series and for back data and currency shown in the monthly Chart Book excludes foreign bank desee the BULLETIN for February 1960, pp. 133-36. Special adjustment posits, net, and Treasury cash. Except on call dates, figures are rounded in teasonal factor for demand deposits adjusted for March 30, 1960, to nearest $100 million and may not add to the totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 885 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES' [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b io o l . i S n v g . t s a . - O s r e i t t c h i u e e s - r a C ss a e s t h s2 c c b T o a i a l a l u o p i n i c a n t t i d - i t a - t e a l s s l 3 Total2 m D I a n e n - t d erba T n im k2 e Time I r B i o n o w g r s - - c T a o p t it a a l l i b N a b o u n e f r m ks All banks: 1941—Dec. 31 61,126 26,615 511 8,999 27,344 90,908 81 10,982 44,355 26,479 23! 8,41414,826 1945—Dec. 31 140,227 30,362 288 8 57735,415177,332 165 14,065 105,935 45,613 227 , 14,553 1947—Dec. 3H 134,924 43,002 199 723 38,388175,091161,86512,793 240 1,346 94,38153,105 6610,54214,714 1956—Dec. 31 197,063110,079 66;552233 2200,461 49,641 250770 227;54616,133 1,462 3,736125,308 80,908 7811,94814,167 1957—Dec. 31 203,849 115,115 65,792 22,943 49.318 257864 233;02015,636 1,386 3,903123,99388,102| 80 2109,,42248914,090 1958—Dec. 31.... 221,485 121,571 73,64126.273 49,911 276430 250,05715,799 2,374 4,253130,132 97,498 8121,70514,020 1959__ J j u Un ly e 2 2 4 9 2 2 2 2 3 5 . , 2 0 0 6 0 0 1 1 2 3 8 0 , , 6 3 9 5 0 0 6 6 8 84 1 .0 7 .0 0 . 2 2 6 6 , , ,3 3 1 4 0 0 4 4 2 2 . ,. '7 2 3 9 0 0 2 2 7 7 0 2 9 5 9 2 0 0 2 2 4 4 1 2 , . 2 6 3 9 0 01 12 2 , 6 8 3 7 0 0 2 ' , , 0 9 3 9 0 0 4 4, , 6 4 8 2 0 01 1 2 2 i 3 ; , 6 2 0 5 0 01 1 0 0 0 0 , ,3 1 1 40 0 ; 2 2 , . 7 5 1 8 0 0 1 :2 2 2 2 3 5 6 1 0 0 1 1 3 3 , , 9 9 9 9 7 4 Nov.25 225,810 134,520 65 360 25,930 44,870 275990 244;83013200 ,610 4,400125,960 99,660 2,860j22 990113,993 Dec. 31 227,831 135,958 65,80126,07150,296 283629 254;88515;650 ,443 5,054131,622101,116 624(22 915 13,991 1960—Jan. 29 225,530 134,860 840 25830 43160 274270 243,55012920 ,390 3,540125,320 100^380 2,340123 04013,997 Feb. 24 224,410 135,710 000 25;700 43490 273430 241;76012710 ,290 4,480122,720100,560 2,820;23,15013,999 Mar. 30" 223,770 137,010 060 25700 42530271990 239;63012680 ,270 4,410119,720101,550 3,290 23 26013,999 Apr. 27* 226,820 138,660 ,570 25;590 43400 275860 243;,36012520 ,470 4,480123,220101,670! 3,000 23 350 13,996 May 25* 226,710 139,550 ,810 25350 42180 274510 241;,470 210 .490 6,880118,870102,020j 3 180 2352Oi*!4,002 June 29* 227.000 140,900 60,,650 25450 43940276;780 244,620 240 .40017.060119.750 103,170' 2,130:23 690114.000 July 27* 229,050 140,340 63,080 25,630 44,020 279\010 246,010 010 .44016,250121.600103,710| 2,550^23 810j 13.999 \l! commercial banks: 1941—Dec. 31... 21,714 21,808 7,225 26,551 79,104 71 10,982 44,349 15,952 23 7,173114,278 1945—Dec. 31... 26,083 90,606 7,33134,806160,312150 14,065 105,921 30,2411 219; 8.950 14,011 1947—Dec. 314.. 38,057 69,221 9,006 37502155,377144,10312,792 240 1,343 94 367 35,360; 65110059 14.181 1956—Dec. 31... 90,302 58,552 ,269 48;720 217460197,51516,133 ,460 3,733125,28250,908 75 16,302 13,640 1957—Dec. 31... 93,899 58.239 .930 48;428 222696 201.32615,636 .385 3,898123967 56,440 7717.368 13.568 1958—Dec. 31... 98,214 66,376 20,575 48990 238651216,01715,799 2,372 4,250130 104 63,493 7318,486 13,501 1959_j J U u n l e y 2 2 4 9 . . . . . . 1 1 0 0 4 5 , , 4 9 5 4 0 0 6 6 0 1 . , 8 1 6 1 0 0 2 2 0 0 . , 6 6 1 1 0 0 4 4 1 1;9 5 3 7 0 0 2 23 3 3 2 . 3 8 8 7 0 0 2 2 0 0 6 8 ; , 1 1 2 2 . ,870 2, . 0 9 3 9 0 0 4 4' ^ , 4 6— 2 8 0 0 1 1 2 2 1 3 5 2 7 2 0 0 6 6 5 5, , 6 7 1 4 0 0 1 ! 2 2 , . 7 5 1 8 0 0 0 1 3 7 0 0 ) 1 1 1 3 3 , , 4 4 7 7 9 6 Nov. 25... 109,470 58,480 20,330 44;150 237,210 210,21013,200 ,610 4,400 930 65,070 2,860 590 13,476 Dec. 31. .. 110,832 58,937 2050149467 244,686219,903 15,649 ,441 5,050 593 66,169 19; 13,474 I960—Jan. 27... 109,550 57,980 20250 42470 235,280 208 12.920 ,390 3,540 290 65,510 2,340il9 13,480 Feb. 24. .. 110,250 56,170 20120 42780 234,300 206; 12,710 ,290 4,480 690 65,640! 2,820 '" 13,482 Mar. 30*. . 111,390 54,160 20130 41780 232,590204,35012,680 ,270 4,410 690 66,300) 3,29019,860!13,482 Apr. 27*.. 112,950 55,830 20030 42710 236580 208, 12,520 ,470 4,480 123 190 66,520 3,000 19,960•13,480 May 25*. . 113,630 55,14019,81041510 235130 206, 12,210 ,490 6,880 118 840 66,8201 3,18O;2O3,,110•13,486 June 29*. . 114,840 54,100 19,85043,110 237,160 209,160 .400 7.060 119 720 67.740; 2 1?0J230..25013,485 July 27*. . 114,130 56,590 20,030 43,270239,380 110,55013,010 ,44016.2501121 57O68528O; 2.550i20.360il3.484 Atl member banks: 1941—Dec. 31 18,021 19,539 5,96123,123 68,121 61,71710,385 140 709 13612,347 4 5,886! 6,619 1945—Dec. 31 22,775 78,338 6,070 29,845138,304129,67013,576 64 179 640 24,210! 2O8| 7,,5—89 6,884 1947—Dec. 31 32,628 _.,._. 7,304 32,845 132;060122,52812,353 50 176 609 28,340 54 8,,464 6,923 1956—Dec. 31 78,034 47,575 13,159 42,906 184,874167,90615,567 ,289 292 850 40,909, 48113,,655 6.462 1957—Dec. 31 80,950 47,079 14,324 42,746 188,828170,63715,082 ,246 472 547 45,2901 57114,.554 6.393 1958—Dec. 31....... 84,061 5"4', 2—9 916,504 43,188 202.017182.81615,227 ,187 822 448 51,132! 54!l5. 6.312 1959—June 24 89,301 49,16416,54237,171196,182174,07312,357 ,889 943 10299252.892!2,6!9i15..875 6.279 July 29 90,697 49,34016,52136,765197,411175,34412.119 ,842 2501104,390 52,743 2 500:15.98OJ 6,271 D N e o c v . . 2 3 5 1 9 9 3 A , , 5 1 2 1 5 9 4 46 6 , , 8 4 1 3 3 6 1 16 6 , , 1 2 8 8 1 7 4 3 3 9 , , 5 0 0 2 9 6 2 1 0 9 5 9 , ,3 7 7 2 3 61 1 8 7 4 6 , , 7 1 0 9 6 5 1 1 5 2 , , 0 6 4 3 8 8 , ,3 4 3 6 8 2 8 5 7 0 0 4 1 1 1 0 0 6 , ,; 9 1 8 8 9 3 5 5 2 2 , ,8 0 2 4 7 2 2t7 5 8 8 0 1 | J l 1 6 6 , ,, , 2 2 6 8 4 0 " 6 6 , ,'• 2 2• 3 4" 3 0 I960—Jan. 27 93,567 45,87516,06'37,332197,279174,44012,412 ,288 105,44552,218 2,275 16,327 6,224 Feb. 24 94,111 44,31415,98037,689196,501172,82712,240 ,187 103,152 52,281 2,759 16387 6,223 Mar. 30* 95,086 42,68615,99036,770195,092170,71512,207 ,165 100,64152,798 3,216 -1~6,495 6,219 Apr. 27* 96,387 44,28915,894 37,562198,618174,12312,047 ,3621 4074j 103,688 52,9522,942|16,5811*6,218 May 25* 96,880 43,74215,69536,522197,304172,40011,752 ,388 6 232 99, 8-4"1 5"3 ,187—1 3,088jl6,6971*6,213 June 29* 97,898 42,98015,71537.977199.243175.20012.775] .298 6 360 100.790 53.977! 2.069116 8?2i 6.212 July 27* 97,183 45,23815,89237,981201,057176,21412.524 ,336i 5.622 102 54;366. 2.505!16.8<>2! 6.204 411 mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10.533 6 10,527 .. . 1,2411 548 1945_Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15.371 7 1.592 542 1947—Dec. 31* 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 .. j 1,889! 533 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 30,001 4 2,947j 527 1957—Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 26 31,662 3.059! 522 1958—Dec. 31 36.320 23,357 7.265 5,698 921 37,779 34.040 29 34.006i 219! 519 1959—June 24 37,280 24,240 7,310 5,730 800 38,610 34,600 (5) (5) 30 34,570 330 518 July 29 37,400 24,410 7,290 5,700 720 38,650 34,560 3~~0 34,530; 340 518 Nov. 25 37,530 25,050 6,880 5,600 720 38,780 34,620 30 34,590 400 517 Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 34,948 10! 359 517 I960—Jan. 27 37,750 25,310 6,860 580 690 38,990 34,900 34,870 () 390 517 Feb. 24 37,870 25,460 6,830 580 710 39,130 34,950 30 34,920 (5) 3,420 517 Mar. 30* 38,090 25,620 6,900 570 750 39,400 35,280 3035,25Oi 3,400 517 Apr. 27* 38,010 25,710 6,740 560 690 39,280 35,180 30 35,150 3,390 516 May 25* 38,130 25,920 6,670 540 670 39,380 35,230 ) 35,200! (S) 3,410| 516 June 29* 38.210 26.060 6,550 600 830 39,620 35,460 f5) 35,430; (?) 3.440! 515 July 27* 38,300 26,210! 6,490 5,600 750 39,630 35,460 30 35,430i 3.4501 515 * 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

886 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 t a e nk Total Loans o G U bl o . i S v g . t a . - O s r e i t t c h i u e e s - r a C ss a e s t h s2 c b T a i a l l p o i n i a t t i - d t i a e a l s l Total2 I D n e t - erbank2 Dema O n t d her r B in o o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f r k - s tions co a u c n - ts3 mand Time U.S. Other Time Govt. Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 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 2871.236 195 2,120 37 1947—Dec. 31 20.393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19.040 1,445 30 2,259 37 1956—Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,022 965 747 19 940 2,475 2 2,873 18 1957—Dec. 31 23.828 16.102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19.959 2,893 2 3,136 18 1958—Dec. 31 25,966 16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739 968 20,704 3,482 3,282 18 1959_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 July 29 26,112 17,062 6,699 2,351 6,984 34,262 28,688 3,883 1,438 1,250 18,608 3,509 894 3,314 17 Nov. 25 25,020 17,990 4,958 2,072 7,834 34,054 28,252 3,892 1,100 692 19,183 3,385 968 3,337 16 Dec. 31 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20,419 3,448 232 3,361 16 1960—Jan. 27 24,713 17,614 4,981 2,118 374 33,440 27,801 3,971 933 547 19,032 3,318 637 360 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 25P 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 July 27 P 25,698 17,610 5,975 2,113 7,639 34,886 28,243 4,013 1,012 1,276 18,366 3,576 946 3,450 16 Chicago: 1941—Dec. 31 2.760 954 1,430 376 ,566 4.363 4,057 1,035 127 2.419 476 288 13 1945—Dec. 31 5,931 1.33 4,21? 385 ,489 7.459 7,046 1,312 1.552 3.462 719 377 12 1947—Dec. 31 5.08* 1,80 2,890 397 ,739 6 866 6,402 1,217 72 4,201 913 426 14 1956—Dec. 31 6,473 3,77? 2,113 588 2.171 8.695 7.943 1,364 184 5,069 1,319 4 660 14 1957—Dec. 31 6 44 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 2.13-7 69? .842 8 440 7.423 1,123 259 4,586 1,424 163 740 14 July 29 6,631 3,811 2,120 700 ,949 8,661 7,677 1,116 273 4,823 1,433 137 743 14 Nov. 25 6.606 3,908 2,015 683 ,879 8,564 7,578 1,115 213 4,785 1,440 108 754 14 Dec. 31 6,88: 4,206 1,985 694 2,003 8,967 8,062 1,231 272 5,070 1,468 40 762 14 I960—Jan. 27 6,67 4.072 1,928 673 ,869 8,62') 7,550 1,061 166 4,849 1,450 208 755 13 Feb. 24 6,634 4,165 1,812 657 .88: 8,599 7,288 1,099 213 4,535 1,417 431 747 11 Mar. 30* 6.630 4.135 1,866 629 .604 8,329 6,978 1,219 233 4,103 1,399 467 752 11 Apr. 27* 6,531 4,156 1,745 630 ,783 8.4101 7,281 1,087 235 4,520 1,402 241 755 11 May 25* 6.562 4,259 1,647 656 ,723 8,378 7,254 1,053 381 4,371 1,405 225 760 11 J Ju u l n y e 2 2 9 7 * * 6 6. . 8 5 1 9 1 8 4 4 . , 3 2 4 8 2 4 1 1, , 8 6 4 2 5 0 6 6 3 8 6 2 ,854 8 8 , , 6 54 6 6 2 7 7, , 5 4 5 7 1 4 1 1 , , 1 1 5 6 1 3 4 3 0 4 7 2 4 4 , , 4 5 4 5 2 2 1 1 , , 4 42 4 6 4 1 16 9 1 5 7 7 7 6 0 9 1 1 1 1 ,745 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 44920,196 2,396 13,066 49,659 46,467 5,627 22 405 28.99011,423 1 2,844 353 1956—Dec. 31 53.915 31,783 17,368 4,764 17,716 72,854 66,524 7,584 294 1,201 40,64716,797 21 5,076 289 1957—Dec. 31 55 25932.805 17,352 5,102 1177,540 74,196 67,483 7,241 301 1,358 39.96018,623 21 5,370 278 1958—Dec. 31 60,558 34,003 20,645 5,910 17,701 79,781 72,647 7,506 377 1,429 42,259 21,075 14 5.760 274 1959_june 24 60,617 36.616 18,224 5,77715,762 77,887 69,448 5,994 341 1,600 39,72121,792 1,140 5,945 273 July 29 61,096 37,301 18,046 5,749 15,447 78,087 69,734 5,896 338 1,494 40,36821,638 1,049 5,976 272 Nov. 25 60,790 38,171 16,954 5,665 16,463 78,852 69,951 6,273 303 1,528 40,559900 2211,257 1.175 6,083 270 Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 1,698 42,66821,555 238 6,106 265 1960—Jan. 27 60,334 38,282 16,490 5,56215,624 77,625 69,116 6,029 297 1,135 40,4"2"6' "21,229 943 6,120 267 Feb. 24 58,848 38,116 15,340 5,39215,600 76,065 67,435 5,877 256 1,661 38,956 20,685 1,004 6,082 233 Mar. 30* 58,445 38,39!" 14,690 5,363 15,044 75,183 66,202 5,831 228 1,474 37,994 20,675 1,298 6,115 •225 Apr. 27* 59,649 38,990 15,305 5,35415,412 76,723 67,699 5,803 278 1,577 39,333 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 37,9"6"6 2~1\168 1,064 6.257 223 July 27? 60,427 39,290 15,825 5,31 15,743 77,938 68,796 6,074 250 2,247 38,92::5 21,300 1.063 6.256 222 Country member banks:6 1941—Dec. 31 12,518 5.890 4,377 2,250 6,402 19,466 17,41 792 225 10,109 6,258 4 1,982 6,219 1945_Dec. 31 35.002 5.596 26,999 2,40810,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36.324 10 19922,857 3,26810,778 47,553 44,443 1,056 432 28.37814,560 23 2,934 6,519 1956—Dec. 31 54.571 26.491 22,037 6,04214,390 69,945 64,289 1,597 ,160 41,19420,317 21 5.046 6,141 1957—Dec. 31 56,820 28,191 21,815 6,81414,139 72.062 65,991 1,640 ,181 40,72422,429 30 5,359 6,083 1958—Dec. 31 61,511 30,257 23,606 7,64814,031 76,767 70,277 1,578 ,175 42,3"49 2255,137 37 5,685 6,006 1959_June 24 62,386 32,317 22,377 7,69212,363 75,986 68,787 1,232 ,309 40,11526,094 510 5.898 5,975 July 29 62,719 32,523 22,475 7,72112,385 76,401 69,245 1,224 ,233 40,59126,163 420 5,947 5,968 Nov. 25 63,726 33,456 22,509 7,76112,850 77,903 70,414 1,358 ,437 41,62525,960 529 6,106 5.940 Dec. 31 64,08' 33,766 22,535 7,78114,122 79,567 72,323 1,602 ,508 42,8~3"2 2"6,356 71 6,035 5,938 I960—Jan. 27 63,789 33,599 22,476 7,71412,465 77,585 69,973 1,351 ,229 41,138 26,221 487 6,092 5,928 Feb. 24 64,463 34,220 22,466 7,77712,543 78,284 70,561 1,255 ,429 40,97526,878 472 6,177 5,963 Mar. 30* 64,345 34,697 21,847 7,80112,346 77,971 70,104 1,251 ,403 40,14727,279 500 6,244 5,967 Apr. 27* 65,035 35,250 21,990 7,79512,595 78,916 70,959 1,248 ,138 41,13927,410 453 6,280*5,966 May 25* 65,174 35,668 21,749 7,75712,323 78,798 70,576 1,191 ,803 40,03127,527 615 6,340*5,962 June 29* 65.112 36,075 21,241 7,79612,564 79,007 71,044 1,223 1,947 40,00327,847 371 6.369 5,962 July 27* 65,377 35,999 21,593 7,78512,854 79,571 71,624 1,27- 1,757 40,52328,046 301 6,416 5,955 « Beginning with Dec. 31, 1947, the all-bank series was revised as an- 5 Less than $5 million. Because preliminary data are rounded to the nounced in November 1947 by the Federal bank supervisory agencies. nearest $10 million no amount is shown except on call dates. At that time a net of 115 noninsured nonmember commercial banks 6 Beginning with February 1960 reserve city banks with total loans and with total loans and investments of about $110 million was added, and investments of $950 million and total deposits of $1,070 million were 8 banks with total loans and investments of $34 million were transferred reclassified as country banks. from noninsured mutual savings to nonmember commercial banks. For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 887 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES1—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b i o l o . i v n g S t s a . . - O s r e i t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l a o p i i n c a t t i - d i a t - e a l s l Total 2 D In e t - erba T n i k m 2 e Dema O n t d her j 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 f m k r s counts3 U. S. Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,29815,699 10 6,84413,,426 1945—Dec. 31 .21,809 25,765 88,912 7,131 34,292157,544 147,775 13,883 23,740 80,276 ",876 215 8,67113,297 1947—Dec. 31 : 14,27437,583 67,941 750 36926 152,733141,851 12,.615 54 1,325 92,975 34,;882 61 9,7341133!.398 1956—Dec. 31 63,601 89,831 57,837 15933 48352 215 195,95315,981 1,301 3,717 124,346 50,,608 5615,98813.195 1957—Dec. 31 68,595 93,430 57,580 17,585 48 127 220; 199; 876 15; 489 1,264 3,859 123,127 56,,137 13 142 1958—Dec. 31 [83,596 97,730 65,669 20 198 48 689 236,724214,48515,653 2,209 4,241 129,214 63,,168 67 18; 15413 J01 1959—June 10 [84,632102,902 61,396 20 334 42,623 231,876 206,14913,338 2,013 2."766 122,744 65,288 2.76218.76213,086 Dec. 31 188,790110,299 58,34820143 49,158242,828218,47415,500 1,358 5,037 130,72065,858 60219,20613,107 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,80614,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,13720,114 90,220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,54119,278 5,409 5.005 1956—Dec. 31 88,477 48,109 31,568 8,800 27,006117,345107,161 9,322 522 2,074 67,434 27,810 8,450 4.651 1957—Dec. 31 91,201 50,350 31,234 9,617 26;786 120,153109,091 8,958 517 2,166 66,546 30,904 9,070 4,620 1958—Dec. 31 99,277 52,627 35,71410,936 26,781128,397116,714 9,035 767 2,292 69.80834,812 9,643 4,578 1959__june 10 99,982 55,816 33,15211,014 23,835126,255 112,659 7,818 705 1.526 66.433 3366.177 1,42010.041 4,559 Dec. 31 102,615 59,962 31,76110,89227,464 132,636119,638 8,947 514 2,742 71,01536,421 34010,30: 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 2,125 10,82: 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1956—Dec. 31.. 50,291 29,924 16,007 4,359 15,900 67,530 60,744 6,245 767 1,218 39,41613,098 29 5,205 1,811 1957—Dec. 31.. 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958—Dec. 31.. 55,588 31,435 18,585 5,568 16,407 73,620 66,102 6,192 ,420 1,530 40,64016,320; 10 5.817 1,734 1959—June 10.. 55,307 32,616 17,072 5,619 14,021 71,010 62,152 5,127 ,285 880 38,23716,622 ,266 5.870 1,721 Dec. 31. . 55,264 34,81" 15,05: 5,396 16,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,96: 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 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,76612,0631 2,696 6,793 1959__ D j e u c ne . 1 31 0 . .. . 2 3 9 0 , , 3 9 7 3 1 9 1 1 4 5 , , 4 5 8 3 4 4 1 1 1 1 , , 5 1 4 8 6 3 3 3 , , 7 85 0 9 4 4 5 , ,6 7 5 7 1 0 3 37 4 , , 1 6 3 4 : 2 3 3 1 3 , , 3 79 6 5 5 4 3 5 9 1 2 3 5 6 3 1 3 1 19 8 , . 7 0 3 7 2 41 1 2 3 . , 5 0 1 5 6 9 J 2 2 , . 9 8 4 4 4 6 6 6 , ,8 8 1 7 0 8 Noninsured nonmember commercial banks: 1941—Dec. 31 1,45' 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 51 2,768 2,452 181 1,905 365 279 714 1947—Dec. 3H... 2,009 47- 1,280 255 576 2,643 2,251 177 185 1,39: 478 32 783 1956—Dec. 31. ... 1,521 471 714 336 369 1,946 1,562 152 159 936 300 31 444 1957—Dec. 31 1,473 468 660 34 301 1,831 1,449 147 121 840 303 31 425 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 12: 830 342 338 383 Dec. 31 1,480 53- 58' 358 309 1,858 1,429 150 83 873 311 350 366 All nonmember commercial banks: 1941_Dec. 31 7,233 3,696 2,270 1,266 3,431 10,99: 9,573 457 5,504 3,613 1.28J- 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14.101 6,045 1,36 130 1947_Dec. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7.036 l,59f 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 2.81? 7,178 1958—Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 185 428 19,65512.387 3.028 7,192 1959_j D Un ec e . 1 3 0 1 3 32 0 , , 8 4 8 1 9 1 1 4 6 , , 9 0 8 6 8 8 1 1 1 2 , , 8 1 2 3 1 4 4 4, , 2 0 1 7 6 9 5 5, , 9 0 6 4 1 1 3 3 6 8 , , 4 9 9 9 1 0 3 3 2 5 , , 8 2 1 2 0 4 601 1 10 4 3 4 3 54 6 5 8 2 1 0 8 , , 6 9 0 0 5 31 1 2 3 . , 8 3 5 7 8 0 3 3 , . 2 1 9 8 4 ? 7 7 . , 1 2 9 4 3 4 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3.081 7,160 606 429 11,424 10,363 10,351 1.034 192 1947—Dec. 31 12,683 3.560 8,165 958 675 13,499 12,207 1212.192 1.25: 194 1 1 1 1 9 9 9 9 5 5 5 5 8 7 6 9 — — — _ D D D D ju e e e e n c e c c c . . . . 1 3 3 3 3 0 1 1 1 1 2 2 2 3 3 8 6 4 0 0 , , , , , 5 9 1 1 5 3 8 7 5 8 5 0 0 0 0 2 2 1 1 1 0 0 9 7 5 , , , , , 1 9 1 1 5 0 4 8 9 4 6 2 0 4 2 5 5 5 5 5 , , , , , 2 5 0 3 4 1 1 1 2 0 8 6 4 4 4 4 4 3 3 , , , , , 7 5 6 9 1 2 8 2 3 1 1 5 2 7 0 7 7 7 6 6 5 3 1 8 3 2 9 9 6 0 2 2 3 3 3 7 5 1 0 1 , , , , , 6 7 1 2 2 7 4 8 2 8 1 3 9 8 2 2 2 2 2 2 8 7 2 5 8 , , , , , 0 2 8 0 5 4 8 7 2 7 1 6 7 2 7 2 2 2 2 26 8 7 8 3\ J 1 2 2 2 2 2 % 7 4 8 2 . , . , . 2 5 9 0 8 4 9 4 1 5 3 1 4 1 7 2 2 2 2 2 , . . , . 6 6 1 3 4 0 0 3 5 7 8 8 0 4 1 2 2 2 2 2 5 2 4 6 3 1 3 1 8 9 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. 3H 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1956—Dec. 31 7,770 4,235 2,453 1,082 182 8,028 7,146 7,143 817 304 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 1958_Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 6,762 746 278 1959—June 10 7,071 4,043 2,025 1,003 150 7,298 6,461 6,460 707 267 Dec. 31 6,981 4,184 1,848 949 14: 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

888 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 c b o c C a m a l n l a m l k s d s e a r a o n c t f e i d al i m T n lo a v o e n a e n t d n s a t s t l s - Total 2 C c o m m c p p k i l i p o n u i n a e 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- o p b k d a L T s r r u e n e e o o o r r a d c - c s a c l a u - h n r r s a o r i t y s t i T f h i i e o n n o e s r g g rs b i a T n n f o s i k L n ti s a o t t n u o a c t n o i i s o a T th n l o e s rs l R o t e a a e s t - n a e l s O lo v u i d t t a i a n h o i d - n l - e s - s r O l t o h a e n r s To U ta . l S. B G il o l v s ern c C t m a i e f t i e e r - - s nt o N b o l t i e ga s tio B n o s nds O s ri e t t h c ie e u s r ers Total: * 1947—Dec. 31.. 116,284 38,,057 18,167 1,660 8301,220 115 9,393 5,723 947 69,2212,193 7,789 6,034 53,205 5,,276 3,729 1958—Dec. 31.. 185,165 98,214 40,425 44,9732,8321,829 719 25,25520,698 3,437 661376 6,294 7,399 13,396 39,28716,,505 4,070 1959__ D jUe n c. e 3 1 1 0 . * . . 1 1 9 86 0 , , 1 2 5 7 1 0 1 1 0 1 3 0 , , 4 8 0 3 6 2 4 4 0 1 , , 1 6 7 1 4 35 5, , 0 0 1 9 8 82 3 , ,0 3 1 3 8 3 1 1 , , 8 9 5 0 0 3 1,8 8 5 1 2 9 118 2 2 6 8 , ; 6 0 "6 6 "9 0 2 2 22 4 2, , 3 1 8 6 2 6 2 3, ,7 5 —8 6 '4 7 6 5 2 8 , , 0 9 3 3 5 7 6 5 , , 3 1 0 49 0 4 2, , 4 7 2 2 0 2 1 1 4 4 , , 8 0 5 3 6 7 3 3 5 8, , 1 3 2 6 7 0 1 16 6 , , 9 9 5 8 8 4 3 3, , 5 7 4 2 3 5 I960—Mar. 15*. 187,080111,570 40,7605,000 2,1201,740 2,210 780 28,120 24,280 2,760 55,230 4,850 1,53014,600 34,25016,9803,300 AH insured: 1941__Dec. 31.. 49,290 211,259 9,2141,450 614 662 40 4,773 4,505 21,046 988 3,15916,899 3,6513,333 1945_Dec. 31.. 121,809 255,765 9,461 1,314 3,164 3,606 49 4,677 2,361 132 8888,,991122 2,45519,07116,04551,342 3,8733,258 1947—Dec. 31.. 114,274 377,,58318,0121,610 ~ 1,190~ 114 9,266 5,654 914 67,9412,124 7,552 5"'- 52,347 5,1293,621 1 1 9 9 5 5 9 8 — — J D u e n c e . 3 10 1 * .. . 1 18 8 4 3 , , 6 5 3 9 2 6 9 10 7 2 , , 7 90 3 2 0 4 4 1 0, 4 2 5 8 9 9 4 5 4, , 9 0 1 4 3 6 2^121 1 , , 8 8 8 1 4 0 1,8 7 4 1 7 3 2 2 5 6 , , ' 5 1" 5 4 0 8 2 2 2 0 , , 2 58 6 9 4 3 3 , , 4 5 2 4 0 9 6 6 5 1 , , 6 3 6 9 9 6 5 6 , , 0 1 2 59 5 7 4, , 6 3 9 6 0 2 1 ,3 3 ;9 ,9 21 2 48 8 052 3 3 8 7 , , 9 7 0 5 8 41 1 6 6 , ,2 7 26 4 66 3 6 3 3 3 , , 5 9 9 3 1 2 Dec. 31.. 188,790110,299 40,022 4,973 2,982 ,827 813 7,105 27,'948 24,032 2,76758,348 6,189 2,404' ,729 3"5",02716,7213,422 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31.. 107,, 183j 22,775 8,949 8553,1333,378 47 3,455 1,900 1,057 78,338 2,275 16,98514,27144,807 3, ,815 1947—Dec. 31.. 97,,884466 32,628 16,9621,046 8111,065 113 7,130 4,662 839 57,9141,987 5,816 4,815 4'5",295 4, ,105 1958—Dec. 31.. 154,8655 84,06137,4""44 3,0522,730 ,599 710 20,013 17,028 ,21154,299 4,644 6,143 11,117 32,39613,405 3,100 1959_j D U e n c e . 1 3 0 1 * .. . 1 1 5 5 7 5 , | , ,2 8 "8 7 "9" 9 8 9 8 4 , , 4 7 3 7 1 9 3 3 8 6 , , 4 8 6 2 9 6 3 3, , 1 1" 3 1" 2 62 2, , 2 8 6 8 0 5 , , 6 5 6 8 9 7 1,8 8 2 1 1 1 6,8012 2 2 1 , , 1 1 8 8 5 0 1 1 8 9 , , 3 8 9 7 7 7 2 3 , ; 6 2 0 7 3 6 4 5 6 0, , 2 8 2 1 5 34 3 , , 6 8 1 5 2 4 3 1 , , 6 81 8 2 81 1 1 1 , , 4 6 1 0 0 4 3 2 1 8 , ,7 2 8 7 5 31 13 3 , , , 8 67 2 7 0 2 2 , ,6 8 1 1 0 3 I960—Mar. 15... 155,076 95,354 37",3873,0871,987 ,484 2,194 6,45322,176 19,944 2,586 43,6053,235 94911,484 27,93713,732 2,385 New York City:4 1941_Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec 31.. 26,143 7,334 3,044 2,453 ,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 ,002 640 558 9,772 638 604 1958—Dec. 31.. 25,966 16,16510,928 1,652 382 503 641 1,502 921 7,486 643 1,106 1,602 4,135 1,869 446 1959—June 10*. 25,648 16,51410,731 1,556 409 967 746 1,625 852 6,745 ,165 350 1,717 3,513 1,978 411 Dec. 31.. 25,291 18,12110,549 1,740. 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 I960—Mar. 15.. 24,962 18,07310,583 1,090 357 1,100 1,842 902 1,774 825 4,637 606 93 1,242 2,697 1,958 294 Chicago:4 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 I959__ D j eucn.e 1 3 0 1 * .. . 6 6 , , 5 8 8 8 1 5 4 3 . , 2 6 0 4 6 3 2 2 , , 6 5 7 2 8 7 2 1 6 4 8 6 1 1 0 2 7 4 588 1 1 8 8 1 3 4 3 3 8 5 6 2 1 0 4 3 8 2 1 , , 2 9 3 8 5 5 1 1 7 0 8 8 20 7 5 8 4 4 3 6 9 7 1 1 , , 4 33 1 2 4 5 56 6 2 4 1 1 3 3 9 3 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 1,508 6,467 295 751 5,421 9561 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1,459 855 38729,552 1,034 6,982 5,65315,883 1,1261 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!1,053 1958—Dec. 31.. 60,55834,00315,808 669 518 851 191 8,405 6,930 ,30120,645 1,293 2,370 4,49712,484 4,864i1,047 1959—June 10*. 60,81236,31516,410 753 404 860 715 8,986 7,513 ,358 18,663 870 1,512 4,230 1122,051 4,885 949 Dec. 31.. 61,62138,686 1155,252 765 580 776 235 3,369 9,251 8,211 980 17,292 1,484 645 4,109 11,054 4,830) 813 I960—Mar. 15.. 58,85338,58915,355 725 724 885 3,088 9,054 8,057 969 14,886 599 204 3,80810,275 4,700 678 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 ,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,54416,722 1,3421,067 1947_Dec. 31.. 36,32410,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 1,262 1958—Dec. 31.. 61,51130,257 8,080 2,368 294 268 6 10,806 8,239 779 23;606 2,475 2,306 4,49514,330 6,181 1,467 1959—June 10*. 62,24831,960 8,650 2,362 154 293 102 11,267 8,872 864 22,581 1,642 1,622 5,02314,295 6,392 1,315 Dec. 31.. 64,082 3"3".766 8,498 2,321 298 284 1,05611,816 9,491 643 22,5352,381 863 5,751 13,540 6,452 1,330 1960—Mar. 15.. 64,516 34,519 8,8132,328 273 281 153 97612,045 9,705 62522,156 1,731 602 5,99213,831 6,537 1,304 Nonmember:3 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1958—Dec. 31.. 30,32714,165 2,981 1,921 102 230 5,256 3,671 226 12,088 ,651 1,255 2,280 6,901 3,102 971 1959—June 10.. 30,88914,988 3,144 1,967 73 234 5,502 3,985 291 11,821 ,295 1,034 2,629 6,864 3,166 913 Dec. 31.. 32,41916,068 3,3481,902 133 263 317 5r~ 4,289 18112,1341,689 608 3,254 6,584 3,283 934 «Estimated. the Federal Reserve System; these banks are included in member banks • For a discussion of revision in loan schedule, see the BULLETIN for but are not included in all insured or total banks. Comparability of January 1960, p. 12. figures for classes of banks is affected somewhat by changes in Federal 1 All commercial banks in the United States. These figures exclude Reserve membership, insurance status, and the reserve classifications of data for banks in U. S. territories and possessions except for member cities and individual banks, and by mergers, etc. banks. During 1941 three mutual savings banks became members of For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 889 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES' [In millions of dollars] Demand deposits Time deposits Re- Bal- Dec b o c C a m a n l l a m k l s s d s e r a a o c n t f i e a 1 l F s B s w e e R e a r d r i n v e e t v - h e k r e s a s l C va i a n u s l h t b m a a w d n e n o i c s k t - e t h s i s c 5 j p u m o s d a a t s d e e n i - - d t d s 6 m D e ] s d n o t - e t i e c p r s o b s a i n F t e s k i o g r n - G U o . v S t . . p v s S o u i a t l s a i b n i t t o d d i e c n i s a - s l c C c o h f a e e e i f n e t e r r f c c d s i t d . - i * k - s, p a v n a s i p t I d h d r i o n o t u i r n p d c n a a e o s i s l - - , s r r - , - I b n a t n e k r- G P U S i a n o o a . n g s v v d S t s - t a . . l v S s p i a u i s t o c a n i b l a o t d i d e l n t- i s s - p a v n s a p t i I h d i d r n o o t i u d r n p c n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - C C O £ a i u a c p n l - i t - s Total-.3 1947_Dec. 31.... 17,796 2,216 10 216 87, 123 11,362 ,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1958—Dec.31.... 18,427 3,249 12 609 115,518 U^142 ,657 4,250 10,928 4,043 115,132 2,372 327 3 576 59,590 73 18,486 1959—June 10.... 18,084 3,118 10 371 112,353 11,934 1,547 2,774 10,485 3,407 109,681 2,135 322 3 747 61,5622,77019,100 Dec. 31... 17,931 3,012 12 237 115,420 i: .944 ,705 5,050 11,459 3,910 116,225 1,441 285 3 166 62,718 615 19,556 1960—Mar.15*... 17,810 3,160 11 140 111,590 12;020 ,470 4, 510 10,570 3,290 111,740 1,260 280 3 330 62,5402,610 19,860 All insured: 1941—Dec. 31.... 12,396 1,358 8 570 37 845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11 075 74 722 12,566 1,248 23,740 5 098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9 736 85,751 11,236 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 10841 4,001 114,372 2,209 327 3 512 59,329 67 18,154 1959—June 10.... 18,084 3,096 10 140 111 537 1 ,821 1,517 2,766 10390 3,376 108,979 2,013 322 3 674 61,2922,762 18.762 Dec. 31.... 17,931 2,990 11 969 114 563 13,825 1,675 5,037 11372 3,866 115,482 1,358 285 3 095 62,478 602 19,206 Member, total 1941—Dec. 31.... 12,396 1,087 6 246 33 754 9,714 671 1,709 3 066 1,009 33,061 140 50 418 11,878 4 <,886 1945—Dec. 31.... 15,811 1,438 7 117 64 184 12,333 1,243 22, 179 4 240 2,450 62 950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6 270 73 528 10,978 1,375 1,176 5 504 2,401 72 704 50 105 693 27,542 54 8,464 1958—Dec. 31.... 18,428 2,441 7 977 96 218 13,614 1,613 3,822 8 603 3,712 98 133 2,187 300 2 829 48,004 54 15,460 1959—Juno 10.... 18,086 2,351 6 375 93 722 11,446 1,499 2,406 8 207 3,110 93 353 1,990 297 2 937 49,5652,686 15,919 Dec. 31... 17,932 2,222 7 532 95 274 13,389 1,659 4,504 8 915 3,542 98 532 1,338 259 2,383 50,185 581 16,264 1960—Mar.15.... 17,806 2,326 6 898 92 287 1 ,568 1,428 3,959 8 156 2,937 94,847 1,156 249 2 532 49,878 2,546 16,480 Mew York City:* 1941—Dec. 31.... 5,105 93 141 10 761 3,595 607 866 319 450 11 282 6 29 778 . 1,648 1945—Dec. 31.... 4,015 111 78 15 065 3 535 1 105 6 940 237 1,338 15 712 17 10 20 1.206! 195 2,120 1947—Dec. 31.... 4,639 151 70 \6 653 3,236 1,217 267 290 ,105 17 646 12 12 14 1 ,418 30 2,259 1958—Dec. 31.... 4,454 161 92 16 170 5,519 1,267 968 329 ,540 18 835 1,739 36 100 3,345 3,282 1959—June 10.... 4,090 148 66 16 010 2,888 1,148 479 295 ,259 17.657 1,564 27 140 3.423 809 3.300 Dec. 31.... 3,908 151 138 15 494 5,462 1,303 1027 310 ,536 18 573 988 24 65 3,359 232 3,361 I960—Mar. 15.... 3,798 139 76 15 549 <2,971 1,105 707 239 ,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 1945—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 29 105 3 947 ,119 41 120 235 77 4 345 31 8 12 1.387 272 743 Dec. 31.... 920 33 142 4,171 1,187 43 272 329 105 4 636 23 8 12 1,449 40 762 1960—Mar.15.... 999 30 99 3 856 1,091 43 223 253 83 4 364 24 8 9 1,400 449 749 Reserve city 1941—Dec. 31.... 4.060 425 2,590 11,117 *,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__ D jUe n c e . 1 31 0.... 7 7 , , 3 5 5 3 0 2 7 6 5 8 0 1 2 2 , , 1 38 1 1 0 3 3 4 5,0 6 9 25 5 5 7 , . 1 1 5 6 9 2 2 2 9 8 1 8 1 8 6 5 9 8 8 2 3.3 9 0 59 4 1.0 8 4 30 3 3 3 6 8 2 3 0 2 1 1 3 3 6 0 1 3 1 9 2 5 2 1 1, , 2 4 2 6 9 6 2 2 0 0 , .2 1 3 3 1 6 1,1 2 4 3 1 8 5 6 , , 9 10 3 6 0 1960—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 1 199 I 5 465 2 004 435 21 797 17 52 219 12.224 11 2.525 1947—Dec. 31.... 4,993 929 3.900 27,424 1,049 432 2,647 528 25 203 17 45 337 14,177 23 2,934 1958—Dec. 31.... 5,444 1,476 5,030 40,272 1,565 13 1 175 4 819 1,032 36 498 36 132 1,250 23,755 37 5,685 I959_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 I960—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 Nonmeraber: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_T,me 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 6 Demand deposits other than interbank and U. S. Govt., less cash items available prior to 1947; summary figures for earler 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

890 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 n lo 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 o s v e n t d a e n e d - n s t d t s s - 1 j L u a s o t d a e - n d s 1 i C n m t a c r d o n i i e a u m a d r l s l - - - A u c t g u r r l 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 n S 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 i i e e m o a c s r - l - - - n s c s P a i a o o a n f N n e n n i l m s - e r d c o a - t s - e l i 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 se t a r i r e o l v u - n e a s panies etc. Total- Leading Cities 1959 July 1 104,995 103,476 63,351 28,482 883 293 1,894 157 1,253 596 1,519 3,832 ,462 12,198 13,640 ,339 8 105,457 104 383 63,232 28,395 886 428 1,773 165 1,243 593 1,074 3 749 454 12,217 13 671 ,342 15 106,643 105,457 63,774 28,499 895 614 1,758 165 1,256 609 1,186 3,850 ,485 12,259 13,730 ,346 22 105,865 104 671 63,797 28,585 896 455 1,736 165 1,271 618 1,194 3 873 502 12 262 13 781 ,347 29 105,502 104,187 63,820 28,585 907 401 1,705 164 1,274 610 1,315 3,911 ,528 12,277 13,812 ,354 1960 104,401 102,925 67,843 31,170 929 201 1,504 166 1,108 772 1.476 4,337 1,595 12,548 14,972 ,459 8 104,044 102,636 67,508 30,991 929 146 1,461 167 1,121 756 ,408 4,213 ,594 12,536 15,053 459 15 105,614 104,213 69,025 31,526 939 613 1,621 156 1,123 760 1,401 4,506 1,616 12,549 15,075 ,459 22 105,090 103,776 68,789 31,608 938 434 1,490 142 1,131 741 ,314 4,500 ,677 12,535 15,103 ,460 29 104,718 103,424 68,691 31,645 952 198 1,467 135 1,132 740 7.94 4,575 ,617 12,543 15,144 ,457 JUJy 1 6 3 1 1 0 0 4 6 , , 7 9 9 8 6 6 1 1 0 0 3 5 , , 2 5 8 4 2 7 6 6 8 8 , , 6 6 1 6 4 9 3 3 1 1 , , 4 3 4 7 9 3 9 96 5 6 4 2 4 2 9 9 2 1 1 , , 4 4 7 7 6 9 1 13 3 8 6 1 1 , ,1 1 4 3 8 4 7 72 4 2 2 ,5 4 1 3 4 9 4 4 , , 5 6 7 8 8 7 1 1, , 6 6 0 2 9 2 1 1 2 2 , , 5 5 2 4 1 1 1 15 5 , , 0 1 7 2 9 0 ,4 4 5 5 6 6 20 106,218 105 253 68,336 31,162 980 431 1,422 140 1,138 700 965 4 588 1,618 12,538 15,070 451 27 106,098 104,723 67,837 30,981 991 259 1,399 135 1,129 698 1,375 4,493 ,608 12,520 15,076 452 New York City 1959 JUly 1 26,034 25,285 16,588 9,703 236 1,387 40 379 382 749 1,339 276 783 2,441 379 8 25,942 25,515 16,386 9,659 318 1,270 43 380 378 427 1,244 7,67 779 2,426 379 15 26,531 26,083 16,661 9,670 442 1,282 42 386 391 448 1,332 275 800 2,424 384 22 26,255 25,720 16,595 9,710 345 1,241 43 405 391 535 1,322 7,83 794 2,445 385 29 26,131 25,550 16,575 9,708 303 1,233 44 407 395 583 1,336 285 794 2,461 392 1960 June 1 25 294 24,517 17,280 10,464 8 134 953 31 324 473 111 1,441 339 884 2,640 411 8 24.J05 24,286 17,022 10,335 7 84 918 31 336 470 619 1,351 34? 882 2,677 411 15 25,826 25,277 17,903 10,573 7 421 1,044 32 337 482 549 1,546 338 882 2,651 410 22 25,455 24,967 17,614 10,620 7 295 935 32 338 463 488 1,497 331 871 2,635 410 29 25,385 24,696 17,497 10,636 7 117 920 27 339 457 689 1,574 327. 869 2,639 410 Tilly 6 25,401 24,711 17,495 10,512 6 126 931 28 338 460 690 1,646 325 871 2,663 411 y 13.:::::: 26,188 25,540 17,489 10,479 5 269 925 27 348 450 648 1,543 37,0 881 2,653 411 20 25,617 25,466 17,341 10,362 5 260 867 28 346 433 151 1,609 319 863 2,658 409 27 25,746 25,142 17,129 10,319 5 149 837 29 339 432 604 1,603 308 857 2,661 410 Outside New York City 1959 JUly 1 78,961 78,191 46,763 18,779 882 57 507 117 874 214 770 2,493 186 11,415 11,199 960 8 79,515 78,868 46,846 18,736 885 110 503 122 863 215 647 2,505 187 11,438 11,245 963 15 80,112 79,374 47,113 18,829 894 172 476 123 870 218 738 2,518 1,210 11,459 11,306 962 22 79,610 78,951 47,202 18,875 895 110 495 122 866 227 659 2,551 719 11,468 11,336 962 29 79,369 78,637 47,245 18,877 906 98 472 120 867 215 732 2,575 7,43 11,483 11,351 962 1960 June 1 • 79,107 78,408 50,563 20,706 921 67 551 135 784 299 699 2,896 1,756 11,664 12,332 1 048 8 79,139 78,350 50,486 20,656 922 62 543 136 785 286 789 2,862 1,252 11,654 12,376 1 048 15 79,788 78,936 51,122 20,953 932 192 577 124 786 278 852 2,960 1,778 11,667 12,424 1 049 22 79,635 78,809 51,175 20,988 931 139 555 110 793 278 826 3,003 1,796 11,664 12,468 1*050 29 79,333 78,728 51,194 21,009 945 81 547 108 793 283 605 3,001 1,295 11,674 12,505 1 047 julv 6 79,395 78,571 51,119 20,937 948 103 545 108 796 282 824 3,041 1 797 11,650 12,457 1 045 y ii::::: 80,798 80,007 51,180 20,894 961 223 554 111 800 272 791 3,035 1 789 11,660 12,426 1 045 20 80,601 79,787 50,995 20,800 975 171 555 112 792 267 814 2,979 1,299 11,675 12,412 1 042 27 80,352 79,581 50,708 20,662 986 110 562 106 790 266 771 2,890 1,300 11,663 12,415 1,042 1 Exclusive of loans to domestic commercial banks and deduction of valuation reserves; individual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 891 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 Bal- Bal- Re- other liabili- Notes and bonds Other ances ances Currency serves assets ties maturing: secu- Total with with and with and Cer- rities domes- for- coin F. R. capital Total Bills tifi- tic eign Banks accounts cates With- banks banks in 1 to After 1 year 5 years 5 years Total— Leading Cities 1959 July 29,980 1 ,747 2,157 1,692 17,696 6,688 10,145 17,165 2,981 125 12,987 3,142 136,868 30,966 2,850 2,099 1,694 17,618 6,705 10,185 17,299 2,630 151 13,442 3,064 135,675 15 31,502 3,514 2,055 1,650 17,608 6,675 10,181 17,705 2,903 ,174 13,548 3,079 139,704 22 30,702 3,027 2,020 1,519 17.466 6,670 10,172 17,710 2,738 178 13,721 3,028 136,773 29 30,242 2,753 1,850 1,502 17,482 6,655 10,125 17,209 2,622 211 13,294 3,064 135,132 1960 June 1 25,752 1,314 874 937 18,001 4,626 9,330 17,272 3,010 100 ,192 12,970 3,499 137,015 8 25,640 1,246 856 931 17,974 4,633 9,488 17,144 2,602 94 ,177 13,271 3,512 134,555 15 25,750 1,410 872 931 17,903 4,634 9,438 17,842 3,076 91 ,187 13,488 3,498 140,204 22 25,572 1,202 882 910 17,931 4,647 9,415 17,510 2,718 103 ,221 13,468 3,505 137,064 29 25,359 950 874 913 17,973 4,649 9,374 17,440 3,014 95 ,283 13,048 3,644 136,196 25,266 898 891 907 17,955 4,615 9,402 17,574 2,850 102 ,172 13,450 3,580 137,833 July ,!::::::::: 27,453 3,115 888 903 17,960 4,587 9,425 17,643 2,863 90 ,284 13,406 3,649 140,631 20 27,428 3,149 875 855 17,974 4,575 9,489 17,946 2,683 92 ,216 13,955 3,658 139,198 27 27,324 3,039 866 900 17,962 4,557 9,562 17,457 2,696 93 ,253 13,415 3,732 137,438 New York City 1959 July 1 6,336 871 345 453 3,313 ,354 2,361 3,917 146 3,661 1,185 35,082 8 6,743 1,268 331 474 3,320 ,350 2,386 4,132 150 3,881 1,179 34,424 15 7,016 1,589 279 480 3,327 ,341 2,406 4,112 138 3,864 1,190 35,704 22 6,759 1,409 289 379 3,343 ,339 2,36( 4.200 140 3,969 1,160 34,854 29 6,609 1,282 251 357 3,376 ,343 2,366 3.969 146 3,734 1,151 34,275 1960 June 1 5,256 554 350 74 3,433 845 1,981 4,212 152 3,926 ,372 35,100 8 5,139 481 331 68 3,406 853 2,125 4,351 157 4,085 ,402 33,901 15 5,321 676 359 73 3,350 863 2,053 4,318 147 4,066 ,411 36,131 22 5,331 604 358 77 3,424 868 2,022 4,279 154 4,023 ,409 34,845 29 5,203 435 352 87 3,447 882 1,996 4,208 164 3,939 ,497 34,638 July 6 5,211 415 370 87 3,435 904 2,005 4,134 162 3,851 ,452 34,819 13 6,011 1,234 366 85 3,422 904 2,040 4,032 162 3,767 ,529 35,888 20 6,045 1,261 366 81 3,436 901 2,080 4,385 151 4,132 ,521 35,357 27 5,891 1,161 358 57 3,413 902 2,122 4,188 152 3,937 ,543 34,939 Outside New York City 1959 July 1 23,644 876 ,812 1,239 14,383 5,334 7,784 13,248 2,903 979 9,326 ,957 101,786 24,223 1,582 ,768 1,220 14,298 5,355 7.799 13,167 2,565 1,001 9,561 ,885 101,251 15 24,486 1,925 ,776 1,170 14,281 5,334 7,775 13,593 2,829 1,036 9,684 104,000 22 23,943 1,618 ,731 1,140 14,123 5,331 7,r- 13,510 2,679 ,038 9,752 101,919 29 23,633 1,471 ,599 1,145 14,106 5,312 7,759 13,240 2,574 ,065 9,560 ,913 100,857 1960 June 1 20,496 760 524 863 14,568 3,781 7,349 13,060 2,926 ,040 9,044 2,127 101,915 8 20,501 765 525 863 14,568 3,780 7,363 12,793 2,535 ,020 9,186 2,110 100,654 15 20,429 734 513 858 14,553 3,771 7,385 13,524 3,010 ,040 9,422 2,087 104,073 22 20,241 598 524 833 14,507 3,779 7,393 13,231 2,662 ,067 9,445 2,096 102,219 29 20,156 515 522 826 14,526 3,767 7,378 13,232 2,951 ,119 9,109 2,147 101,558 July 6 20,055 483 521 820 14,520 3,711 7,397 13,440 2,777 ,010 9,599 2,128 103,014 13 21,442 1,881 522 818 14,538 3,683 7,385 13,611 2,802 ,122 9,639 2,120 104,743 20 21,383 1,888 509 774 14,538 3,674 7,409 13,561 2,622 ,065 9,823 2,137 103,841 27 21,433 1,878 508 843 14,549 3,655 7,440 13,269 2,642 ,101 9,478 2,189 102,499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

892 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju e m D p s a a t o d e e f s - i - d d i t i s Do t m I ic n e t s e - rban F e k i o g r n - G U o . v S t . . S p s d s a i i t o u c i o a n v l a b t n d i i e l t - s - - s c C c h o a e f e e i e f t n r e f r c c s i d t d . - k * i- s, p v r c s a a I i o h a d n r t r i n t i u d o n p p d a i n e o s - l , r s s - - , I b n a t n e k r- p G U s i a o n a o . n s g v v d t S s a - t. l . S p s d s a i i t o u i c o a n v l a b t n i d i e l t - - s - s p v r c s a a i I o a h d r n t r i n t i u d o p n p d a i n o e s - l , r s s - - , B F F a . r o n R m k . s o F t r h o e m rs O li i a t t i b h e i e s l r - C c a o a p u c i n - ta ts l Total- Leading Cities 1959 July 1 60,835 10,841 1,523 3,056 4,864 3,064 64,473 ,825 178 1,767 29,022 461 1,789 2,949 11,056 60,498 11,060 1,540 3,809 4,523 2,547 63,283 ,801 177 1,752 28,984 879 1,350 2,905 11,065 15 61,199 11,272 1,532 4,669 4,539 2,621 66,316 ,794 178 1,742 28,962 635 1,441 2,958 11,045 22 61,973 10,473 1,457 3,874 4,570 2,523 65,050 ,797 177 1,721 28,939 561 1,659 2,939 11,033 29 62,214 9,998 1,431 3,310 4,699 2,333 64,539 ,770 178 1,652 28,924 425 1,826 2,972 11,075 1960 June 1 58,185 10,702 1,343 5,002 5,137 2,632 62,259 ,307 132 1,676 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 1,645 28,979 399 2,449 4,280 11,605 15 59,784 11,257 1,366 4,293 4,570 2,924 65,540 ,270 128 1,718 28,978 207 2,067 4,310 11,576 22 59,607 10,377 1,384 4,064 4,820 2,711 63,035 ,266 129 1,731 29,090 '633 rl,875 4,352 11,597 29 58,649 10,613 1,417 4,965 4,718 2,299 62,026 ,269 129 1,778 29,250 63 1,726 4,285 11,658 July 6 57,646 11,425 1,363 4,558 4,606 2,576 62,347 ,286 128 1,765 29,223 380 2,278 4,226 11,672 13 58,440 11,516 1,389 5,937 4,365 2,608 63,820 ,297 127 1,798 29,243 299 2,154 4,415 11,663 20 59,258 10,941 1,407 4,798 4,423 2,408 63,803 ,301 128 1,862 29,301 | 868 1,806 4,504 11,648 27 59,966 10,398 1,370 4,357 4,652 2,294 63,171 1,307 126 1,878 29,360 140 2,180 4,531 11,674 New York City 1959 July 1 15,655 3,041 ,194 906 368 1,663 17,570 ,431 151 3,377 48 640 1,379 3,287 8 15,301 2,966 ,219 ,320 302 1,297 16,873 ,408 150 3,391 170 652 1,359 3,290 15 15,395 3,050 ,209 ,810 380 1,341 17,545 ,411 140 3,361 117 648 1,376 3,289 22 15,646 2,924 ,132 ,488 313 1,232 17,340 ,419 140 3,335 855 1,359 3,290 29 15,692 2,777 ,105 ,231 274 1,147 17,293 ,399 141 3,338 38 860 1,358 3,287 1960 June 1 14,506 3,310 ,027 ,507 303 1,617 16,808 993 71 3,261 866 1,895 3,418 8 14,724 2,830 ,031 ,042 293 1,313 lb,361 970 62 3,358 1,228 1,971 3,417 15 15,401 3,162 ,052 ,159 301 1,820 17,856 975 97 323 989 1,961 3,412 22 15,130 2,947 ,069 ,106 328 1,629 16,875 964 118 356 110 935 1,971 3,412 29 14,928 3,238 ,091 ,425 266 1,320 16,890 971 125 355 481 2,042 3,410 July 6 14,427 3,274 ,020 ,317 287 1,440 16,532 980 125 3,329 997 2,063 3,431 13 14,604 3,241 ,063 ,714 371 1,593 16,779 988 125 3,314 182 872 2,190 3,431 20 14,811 3,137 ,081 ,370 279 1,439 16,927 994 171 3,318 I 61 924 2,199 3,433 27 15,042 2,978 ,027 ,258 322 1,328 16,854 172 3,355 i. 950 2,242 3,430 Outside New York City 1959 July 1 45,180 7,800 329 2,150 4,496 1,401 46,903 394 151 1,616 25,645 413 1,149 1,570 7,769 8 45,197 8,094 321 2,489 4,221 1,250 46,410 393 150 1,602 25,593 709 698 1,546 7,775 15 45,804 8,222 323 2,859 4,159 1,280 48,771 383 151 1,602 25,601 518 793 1,582 7,756 22 46,327 7,549 325 2,386 4,257 1,291 47,710 378 150 1,581 25,604 561 804 1,580 7,743 29 46,522 7,221 326 2,079 4,425 1,186 47,246 371 151 1,511 25,586 387 966 1,614 7,788 1960 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 r523 '940 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 July 6 43,219 8,151 343 3,241 4,319 1,136 45,815 306 104 1,640 25,894 380 1,281 2,163 8,241 13 43,836 8,275 326 4,223 3,994 1,015 47,041 309 102 1,673 25,929 117 1,282 2,225 8,232 20 44,447 7,804 326 3,428 4,144 969 46,876 307 104 1,691 25,983 807 882 2,305 8,215 27 44,924 7,420 343 3,099 4,330 966 46,317 309 101 1,706 26,005 140 1,230 2,289 8,244 r Revised. i Demand deposits other than interbank and U. S. Govt., less cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 893 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRYi [Net decline, ( —). In millions of dollars] Manufacturing and mining Comm'l Period 2 l F iq a o n u o d o d r , , T ap e a x p n t a i d r le e s l, , M p m a r e e n o t t d a d a l - l s ch P l e c e e m o u t a r m i o c l, a , - l, Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s u P p t ( t t r o u i i i a l n o r b i n c n t t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n f l e e l e s r ss c c h l f N a a i n e s e g s d t i e - s c r h w e a i a e p n n a e n o d g l k l d r ' e l l t — y tobacco leather ucts3 and ing 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 26 151 480 11 -31 2,114 1,983 738 1960—Jan.-June.. -558 273 1,062 -52 354 372 -48 96 155 977 1,180 -677 I960—May -56 5 136 10 53 89 -73 32 35 154 232 June. 15 53 168 -26 92 10 -76 126 25 41 409 473 July -104 25 -308 -79 7 -45 -95 -20 5 5 -524 -664 Week ending: -9 I960—May 4.. . 7 45 -23 15 6 ! -20 -31 22 17 37 73 11... -17 10 22 -6 23 44 ! -15 -46 9 -5 19 40 18... 16 6 11 60 17 49 ! -26 -20 3 33 149 169 25... -61 -10 59 -22 -2 -11 | -14 23 -2 -9 -50 -50 June 1.. . 37 -16 Q -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 2.9... 11 -7 -15 11 7 -18 33 10 16 25 37 July 6... -7 -6 -159 -60 16 2 43 -13 -5 -189 -196 13.. . -64 14 5 -1 23 | -32 -4 -44 13 32 -57 -76 20... 9 -73 -21 -11 I 16 -7 -25 -5 -13 -133 211 27... -41 18 -81 3 -21 | -28 6 10 -10 -145 -181 1 Data for a sample of about 200 banks reporting changes in their larger loans; these banks hold about 95 per cent of total commercial and industrial loans of all weekly reporting member banks and about ana certain otner nonoanK nnanciai concerns jior description oi revisions, 70 per cent of those of all commercial banks. see the BULLETIN for August 1959, p. 885). Figures for earlier periods in the 2 Figures for periods other than weekly are based on weekly changes. last two columns have been adjusted only to exclude loans to sales finance 3 Includes machinery and transportation equipment. companies. Thus, these data are not strictly comparable with current figures. BANK RATES ON SHORT-TERM BUSINESS LOANS i [Per cent per annum] Size of loan Size of loan Area All (thousands of dollars) Area All (thousands of dollars) pe a r n i d od loans 1- 10- 100- 200 pe a r n io d d 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_ S ju e n p e t 4 5 . . 7 1 1 5 5 5 . . 5 7 5 9 5 5 . . 6 2 0 4 4 5 . .3 9 6 7 4 5 . . 6 0 1 7 1951 3.1 4.7 4.0 3.4 2.9 Sept.3 5.14 5.79 5.61 5.36 5.06 195^ 3 5 4.9 4.2 3.7 3.3 Dec.3 5.19 5.82 5.61 5.41 5.12 1953 5.0 4.4 3.9 3 5 1960—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 195S 1 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 D Se e p c t . . 3 3 5 5 . . 3 2 9 8 5 5 . . 8 9 9 5 5 5 . .7 7 7 0 5 5. . 5 4 0 2 5 5 . .1 3 7 0 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: D Se e p c t . . 3 3 5 5 . .2 3 7 6 5 5. . 9 9 9 2 5 5 . . 6 7 6 4 5 5 . . 4 5 4 4 5 5 . . 2 1 4 5 1959_ S ju e n p e t 5 5 . . 0 4 7 4 5 5 . .9 7 7 4 5 5 . . 3 6 7 5 5 5. . 5 1 0 3 4 5 . . 8 2 7 9 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 Dec.3 5.56 6.08 5.81 5.64 5.38 1960—Mar 5.57 6.12 5.83 5.57 5.40 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 2V4 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, 2i/2; Oct. 17, 2%; Dec. 19, 3; 1953—Apr. 27, 3*4; 1954— schedule of the call report of condition to exclude loans to nonbank Mar. 17,3; 1955—Aug. 4, 3V4; Oct. 14,3i/2; 1956—Apr. 13,3%; Aug. 21, financial institutions. 4; 1957—Aug. 6, 41/2; 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

894 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Year, month, or week m 4 m p P - c o a e r o t n i p r o m m c t e h i r 6 - e a , s l - l c m d F 3 o p p i i - o m r l n a a e t n p a p c o c t e n e t a h r l 6 c d n y - s e - y 2 , 9 b a 0 a P a c n n r c d i c k e m a e e p y s e r t , s - s ' 3 o i n R s s a 3 n u t - e e e m w onth M b y il a i l e s r l k d et o i n R s s a 6 n u t - e e e m w onth M b y il a i l e s r l k d et 9 ( - m y B t i o a e i r l l l d k 1 s e ) 2 t -mont O h t h is e s r u s es 3 is - y s t u e o a e r s 5 6 - 1957 averase 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 July 3.98 3.81 3.45 3.243 3.20 3.885 3.82 4.30 4.40 Aug 3.97 3.87 3.56 3.358 3.38 3.840 3.87 4 31 4 32 4.45 Sent 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 July 3.39 2.98 3.13 2.396 2.30 2.826 2.71 3.03 3.13 3.71 Week ending: 1960 July 2 3.60 3.00 3.13 2.399 2.18 2.806 2.64 2.95 3.20 3.99 9 3.41 3.00 3.13 2.307 2.27 2.805 2.85 3.03 3.23 3.87 16 3.38 3.00 3.13 2.567 2.41 3.175 2.87 3.07 3 18 3 76 23 3.38 2.96 3.13 2.307 2.31 2.625 2.62 3.12 3.12 3.67 30 3.38 2.94 3.13 2.404 2.24 2.701 2.56 2.92 3.00 3.54 1 Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Average of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Consists of certificates of indebtedness and selected note and bond 3 Average of daily prevailing rates. issues. 6 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Government bonds Corporate bonds3 Stocks s State By selected By Dividend/ Earnings/ Year, month, or week United and local3 ratings groups price ratio price ratio States TotaH (longterm)2 Total 4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues 4-7 20 5 5 120 30 30 40 40 40 14 500 500 1957 averase 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 averase 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 July 4.11 3.92 3.51 4.43 4.72 4.47 5.08 4.58 4.79 4.79 4.75 3.11 Aug 4.10 3.84 3.44 4.36 4.71 4.43 5.09 4.56 4 80 4 77 4 70 3 14 Sept • . 4 26 3.95 3.60 4.42 4.82 4.52 5.18 4 68 4 88 4 89 4 80 3 26 6 03 Oct 4.11 3.90 3.57 4.38 4.87 4.57 5.28 4.70 4.96 4.95 4.81 3 26 Nov . . .. 4 12 3.81 3.44 4.30 4.85 4.56 5.26 4 69 4 99 4 86 4 81 3 24 Dec 4.27 3.84 3.43 4.37 4.87 4.58 5.28 4.70 5 05 4 86 4 85 3 18 5 47 1960 Jan 4.37 3.92 3.49 4.43 4.91 4.61 5.34 4.74 5 08 4 92 4 87 3 27 Feb 4.22 3.84 3.40 4.35 4.88 4.56 5.34 4.71 5.05 4 89 4 82 3 40 Mar 4.08 3.77 3.34 4.29 4.81 4.49 5.25 4 64 4 99 4 79 4 76 3 43 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 4 74 3 37 July 3.86 3.73 3.31 4.26 4.74 4.41 5.22 4.61 4.90 4.71 4.70 3.47 Week ending: 1960 Julv 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 9 3.91 3.71 3.30 4.24 4.77 4.44 5.27 4.64 4 93 4 75 4 72 3 39 16 3.87 3.75 3.32 4.27 4.77 4.43 5.26 4.64 4.93 4 73 4 70 3 46 23 3.84 3.75 3.32 4.26 4.73 4.40 5.20 4 60 4 89 4 70 4 69 3 49 30 3.81 3.71 3.28 4.25 4.69 4.38 5.15 4.57 4.85 4.66 4.70 3.59 1 Monthly and weekly yields are averages of daily figures for U. S. 4 Includes bonds rated Aa and A, data for which are not shown sepa- Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividend/price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks, on Wednesday figures. Earnings/price ratios for common 5 Standard and Poor's Corporation. Preferred stock ratio is based on stocks are as of end of period. 8 median yields in a sample of noncallable issues—12 industrial and 2 2 Series is based on bonds maturing or callable in 10 years or more. public utility. For common stocks, the ratios beginning with July 1957 3 Moody's Investors Service. State and local govt. bonds include gen- are based on the 500 stocks in the price index; prior to mid-1957 on the eral obligations only. 90 stocks formerly included in the daily price index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 895 SECURITY PRICES i Bond prices Common stock prices Volume Sta ( n in d d ar e d x , a 1 n 9 d 4 P 1- o ^ o 3 r = 's 1 s 0 er ) ies Securities an ( d in E d x e c x h , a 1 n 9 g 3 e 9 = C o 1 m 00 m ) ission series tr o a f d- Ye o a r r , w m e o ek nth, t ( G U e l r o o . m n S v g ) . t . - 2 g n ( r i h M c a i i d g u p e h - a ) - l 3 g ( C r h r p a a i o o d g t r - e e h - ) - 3 Total d t I r u n ia s - l - R ro a a i d l- P u i l u t t i i y c b l- - 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 - - P u l i u i t t c i y b l - - - T n s a a r e f a n n r i d v d c - e e - . , M in i g n- s s t h i h a ( n a o n o i r g n f d u e 4 s s - ) rable ice Number of issues. 15 17 500 425 25 50 265 170 98 72 21 29 14 1957 average. 93.24 105.8 101.3 44.38 47.63 28.11 32.19 331 422 391 451 275 156 277 342 2,222 1958 average. 94.02 106.4 102.9 46.24 49.36 27.05 37.22 341 426 385 458 270 173 314 314 2,965 1959 average. 85.49 100.7 95.0 57.38 61.45 35.09 44.15 420 522 495 536 347 216 418 322 3,242 1959—July.. 85.00 99.4 93.8 59.74 64.23 36.86 44.21 434 543 522 551 364 218 429 321 3,222 Aug.. 85.11 100.6 94.3 59.40 63.74 35.56 45.15 434 542 516 556 349 219 425 324 2,431 Sept.. 83.15 98.3 93.0 57.05 61.21 33.78 43.59 417 520 500 529 333 211 424 305 2,739 Oct... 84.95 100.2 92.8 57.00 61.04 34.32 44.11 416 517 498 524 339 213 428 292 2,788 Nov.. 84.82 100.9 92.9 57.23 61.46 32.80 43.71 417 519 496 530 322 211 434 285 3,398 Dec.. 83.00 99.3 92.4 59.06 63.56 33.57 44.31 429 538 518 547 328 213 440 297 3,284 1960—Jan... 81.81 98.3 92.0 58.03 62.27 33.68 44.50 419 518 499 526 323 219 434 292 3,197 Feb... 83.60 100.4 92.8 55.78 59.60 32.54 44.38 405 494 474 502 312 224 420 279 3,027 Mar.. 85.32 101.9 93.9 55.02 58.71 31.01 44.60 396 478 458 487 295 226 425 268 2,857 Apr.. 84.24 102.3 94.2 55.73 59.46 30.59 45.53 398 478 460 486 292 233 433 261 2,865 May. 84.39 102.2 94.1 55.22 58.84 30.18 45.75 394 472 456 477 290 232 437 250 3,277 June. 86.50 103.1 94.2 57.26 61.06 30.81 47.35 406 485 470 489 293 240 462 250 3,479 July. . 88.12 103.9 94.8 55.84 59.25 30.19 48.02 399 472 454 480 288 240 458 246 2,694 Week ending: I960—July 2.. 86.87 103.6 94.4 57.04 60.68 30.92 47.98 404 481 463 488 293 240 463 249 2,964 9 87.48 103.5 94.4 57.15 60.77 30.69 48.33 408 485 467 492 294 242 467 249 2,954 16 87.91 103.5 94.7 56.28 59.72 30.31 48.34 398 472 454 479 288 241 458 242 2,599 23 88.40 104.1 94.9 55.37 58.63 30.16 48.27 389 458 439 467 282 239 451 241 2,510 30 88.74 104.5 95.3 54.59 57.68 29.49 47.19 394 467 448 475 284 238 449 246 2,773 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 End of monthl o s t T e h c o e u t r a r i l t t — h ie a s n N N ew et Y d o e r b k it f S i b r t m a o l c s a k n 2 c E e x s c w ha it n h ge ch b a B ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e ry a o l i e n th r g s e ) s r s e f o c ( u r t r h p i a t u i n e r s - 3 Money borrowed Cust n o e m t ers' U. S. Govt. free ob (c c l o i o g l l . a . t 3 i 5 o + ) 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 1,161 46 2,132 880 1957 Dec 3,576 68 2,482 60 1,094 125 1,706 896 1958 Dec 4,537 146 3,285 63 1,252 234 2,071 1,159 1959 July 4,648 153 3,374 164 1,274 228 2,205 1 079 AUR 4,528 154 3,269 166 1,259 217 2 199 1 035 Sept 4,443 156 3,250 162 1,193 231 2,149 1,039 Oct 4,401 168 3,210 158 1,191 227 2,178 967 Nov 4 460 165 3,273 158 1,187 236 2 256 974 Dec 4,454 150 3,280 164 1,174 221 2,362 996 I960 Jan 4,365 134 3,198 154 1,167 190 2,233 1,001 Feb 4,274 138 3,129 146 1,145 202 2,194 981 Mar 4,158 117 3,028 136 1,130 161 2,059 988 Apr 4,153 113 3,037 135 1,116 185 2,155 940 May 4,132 130 3,021 139 1,111 208 2,115 970 June 4,214 106 3,082 135 1,132 162 2,110 '1,016 July 4,133 110 3,004 135 1,129 187 2,042 1,018 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

896 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 Accepting banks F. R. Goods stored in or or month Placed Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: 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 c n t c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,744 840 31,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959—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 3,664 784 2,880 1,029 232 187 44 34 71 693 355 283 46 119 226 Dec 3,118 627 2,491 1,151 319 282 36 75 82 675 357 309 74 162 249 I960—Jan 3,889 664 3,225 1,229 230 193 36 42 124 833 341 337 149 158 245 Feb 4,085 718 3,367 1,240 218 170 48 35 119 868 350 336 193 131 229 Mar 4,320 805 3,515 1,366 250 178 72 33 153 929 364 413 201 144 244 Apr 4,269 888 3,381 1,336 320 247 73 30 167 819 373 461 128 109 266 May 4,492 920 3,572 1,263 310 237 74 29 161 763 352 474 87 65 286 June 4,457 1,019 3,438 1,382 311 229 82 30 182 859 375 501 94 91 321 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— E o n r d m of o n y t e h ar M ga o g r e t- Other G U o .S v . t. S l a o t n c a d a te l C r o a a n r t p d e o- a C s a se sh ts O as t s h e e ts r s l T u ia a t r o i b n p e t i d l s a l u i l - s Deposits l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s M co o m rt m ga it g m e e l n o t a s n 2 govt. other i accts. Number Amount 1941 4,787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 n.a. n.a. 1945 4,202 62 10,650 1.257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1952 11,231 144 9,443 336 2,925 917 304 25,300 22,610 163 2,527 n.a. n.a. 1953 12,792 165 9,191 428 3,311 982 330 27,199 24,388 203 2,608 n.a. n.a. 1954 14 845 188 8,755 608 3,548 1,026 380 29,350 26,351 261 2,738 n.a. n.a. 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 n.a. n.a. 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2.986 n.a. n.a. 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 n.a. n.a. 1958 23,038 320 7,270 729 4,971 921 535 37.784 34.031 526 3,227 89,912 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—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 86 894 503 Aug 24,214 339 7,276 750 4,931 in 547 38,784 34,650 798 3,336 79,862 ,460 Sept 24,374 356 7,244 758 4,929 725 561 38,947 34,847 730 3,370 77,316 ,439 Oct 24,511 327 6,963 738 4,874 698 553 38,664 34,660 665 3,339 73,699 ,294 Nov 24,635 366 6,878 730 4,846 718 556 38,729 34,633 724 3,372 76,612 ,245 Dec 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 ,170 I960 Jan 24 928 333 6.862 715 4,833 698 565 38,934 34.909 660 3,365 62,285 099 Feb 25,044 372 6,851 706 4,824 735 569 39,101 34,959 742 3,400 55,775 029 Mar 25,194 412 6,883 709 4,876 776 570 39,420 35,279 722 3,419 55,028 008 Apr 25 323 386 6,735 722 4.857 690 575 39,288 35,184 713 3,391 57 916 059 May 25,484 446 6,655 699 4,870 732 578 39,464 35,242 799 3,423 54,364 042 Tune 25,663 399 6,546 696 4,921 840 569 39,634 35,457 719 3,458 52,638 1,028 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 897 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign2 Total Bonds Stocks gages estate loans assets (U.S.) End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 ,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101.309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 End of month:4 1957—Dec 101,309 10,691 7,028 2,377 1,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958—Dec 107,580 11,242 7.182 2,691 1,369 46,420 43.044 3,376 37,092 3,387 4,186 5,253 1959_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 1,469 48,096 44,539 3,557 38,282 3,603 4,423 5,304 Sept 111,846 11,772 7,169 3,130 1,473 48,224 44,658 3,566 38,493 3,624 4,464 5,269 Oct 112,405 11,770 7,147 3,138 1,485 48,444 44,853 591 38,744 3,631 4,511 5,305 Nov 112,904 11,668 7,016 3,154 1,498 48,662 45,032 630 38,984 3,673 4,555 5,362 Dec 113,626 11,536 6,848 3,177 1,511 48,908 45,206 702 39,299 3,670 4,605 5,608 I960—Jan 114,202 11,731 7.011 3,197 1,523 49,047 45,330 3,717 39,573 3,688 4,651 5,512 Feb 114,666 11,755 6,975 3,222 1,558 49,170 45,435 3,735 39,769 3,698 4,709 5,565 Mar 114,965 11,638 6,808 3,257 1,573 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 May 115.908 11,554 6.661 3,304 1,589 49,725 45,940 3,785 40,439 3,766 I 4,897 5,527 i 1 Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Total Mortgage E o n r d m of o n y t e h ar g M ag o e r s t- 2 o G U b o l . i S v g . t a . - Cash Other 3 a li s a T s b e o i t l t s i a — ti l e 2 s S c a a v p i i n ta g l s u R n e d a s i n e v d r i v d e e s d B m o o rr n o e w y e 4 d L p o ro an ce s s i s n Other c m o l m e o n a m n ts i 5 ttions profits 1941 4,578 107 344 775 6,049 4,682 475 256 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 1 944 n a 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 ,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 I 347 1 430 843 1957 40 007 3 173 2,146 2,770 48 138 41 912 3 363 I 379 1 4R4 1958 . . 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 ,161 7!3 ,475 1959 53,087 4 471 2,189 3,725 63,472 54 548 4 387 I 384 282 871 I 283 1959—May 48,508 4,417 2,103 3,560 58,588 50,371 3,883 ,362 ,475 1,497 ,975 June 49,348 4,413 2,348 3,570 59,679 51,461 4,093 ,675 ,589 861 ,979 July 50,131 4 517 1.916 3,462 60,026 51 651 4 099 I 706 597 973 951 Aug 50,858 4,534 ,873 3,484 60,749 52,045 4,111 1,824 ,585 1,184 1,862 SeDt.. . . 51,528 4,527 ,820 3,549 61,424 52,489 4,116 972 ,539 1,308 1,779 Oct 52,149 4 534 ,752 3,637 62,072 52,888 4 121 2,108 476 1 479 I 626 Nov 52,608 4,500 ,817 3,777 62,702 53,371 4,133 2,165 .374 1,659 ,470 Dec 53,087 4,471 >,189 3,725 63,472 54,548 4,387 2,384 ,282 871 1,283 I960 Jan 53 410 4 647 ,898 3,609 63,564 54,985 4 400 1 935 181 1 063 I 316 Feb 53,809 4,731 ,864 3,645 64,049 55,480 4,405 1,805 ,169 1,190 1,386 Mar 54,316 4,724 ,894 3,758 64,692 56,019 4,415 1,674 ,219 1,365 1,480 Apr 54,895 4,731 ,863 3,845 65,334 56,392 4,420 .720 261 1 541 I 555 May 55,552 4,731 ,953 4,069 66,305 57,061 4,429 ,721 ,314 1,780 1,632 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 I960 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

898 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1 [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a ar r te 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 - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U p ri r b n o u d fi t i t e s s d - Y qu e a a r r te o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1952 . 36 7 19.5 17.2 9.0 8.3 1953 38.3 20.2 18.1 9.2 8.9 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954 .. 34 1 17.2 16.8 9.8 7.0 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 44.9 21.8 23.0 11.2 11.8 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956 44 7 21.2 23.5 12.1 '11.3 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957 '•43.2 '20.9 '22.3 '12.6 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1958 r37 7 '18 6 '19.1 12.4 '6.7 1957 14,350 3,609 10,741 9,638 2,584 7,053 4,712 1,024 3,688 1959 47.0 23.2 23.8 13.4 10.5 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 1958—1 '32.8 '16.2 '16.6 12.7 '3.9 2 '34.4 '17.0 '17.4 12.6 '4.8 1959—1 3,054 1,165 1,890 1,592 688 903 1,462 476 986 3 r38 8 '19.1 '19.6 12.6 '7.0 2 3,410 1,266 2,144 1,818 834 983 1,593 432 1,161 4 '•44.9 '22.1 22.7 12.0 '10.8 3 2,788 1,126 1,663 1,647 681 967 1,141 445 696 4 3,499 1,051 2,448 2,093 687 1,406 1,405 363 1,042 1959—1 '46.4 '22.9 '23.5 '13.0 '10.5 2 '51.7 '25.5 '26.2 '13.2 '12.9 1960—1 2,950 1,211 1,739 1,608 728 880 1,341 482 859 3 . r45 3 '22.3 '22.9 '13.6 '9.3 4 '44.8 '22.1 '22.7 '13.8 '8.9 1 Reflects cash transactions only. As contrasted with data shown on p. 900 new issues 1960—1 48.8 23.8 25.0 13.9 11.0 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 ' Revised. include the same types of issues, and also securities retired with internal funds or with NOTE.—Quarterly data are at seasonally adjusted proceeds of issues for that purpose shown on p. 900. annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U e t c i o . e u v S s r t i . . - N U o . t r S e e . s c e a i n v d ab O a le t c h c e ts r . I t n o v ri e e n s - Other Total N U o . t e S p s . a a y n a d b l O e a t c h c e ts r . F i b n e i c l t l d i a i o a t e x i m - r e a s e l Other Govt.2 Govt. 2 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—1 122.2 249.8 34.5 21.0 2.8 103.8 80.0 7.8 127.6 1.7 81.5 12.6 31.9 2 125.3 257.6 35.8 21.5 2.7 107.7 81.7 8.3 132.4 1 7 84.3 13.5 32 9 3 126.9 262.1 35.5 22.9 2.7 110.6 82.1 8.4 135.2 1.7 85.8 14.4 33.3 4 128.8 268.3 37.2 23.5 2.9 112.7 83.6 8.3 139.5 1.7 89.4 15.4 32.9 1960 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 i Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Total Year Total f M a i c a n t n u g u r- - M in i g n- Rail- Other P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i c n n i t n u g d r - - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 ( a a j s l u n l e y s n a t s u a e o a d d n l - road ing rate) 1952 26.5 11.6 .0 1.4 1.5 3.9 1.5 5.6 1953 28.3 11.9 .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 .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 .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 .2 1.4 1.8 6.2 3.0 7.4 1958 30.5 11.4 .9 .8 (.5 6.1 2.6 7.2 1960—1 7.9 3.3 .7 [.2 2.7 35.2 1959 32.5 12.1 .0 .9 1.0 5.7 2.7 8.2 24.... 9.5 4.1 .9 [.5 3.1 37.0 19604 36.9 14.9 .1 1.1 2.1 5.9 11.8 34.... 9.4 4.0 .8 [.6 3.0 37.5 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 899 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1958 1959 1960 1955 1956 1957 1958 1959 3 4 1 2 3 4 1 Manufacturing Total (180 corps.): Sales 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 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 4,62.4 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: Ooeratins revenue 5.425 5,966 6,467 6,939 7,572 1,745 1,807 1,825 1,891 1,909 1,947 1,967 Profits before taxes 1.282 1,430 1,562 1,860 2,153 494 510 522 551 537 543 558 Profits after taxes 638 715 788 921 1,073 244 251 258 272 268 275 111 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 I ines 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. AH 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

900 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 a o t 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 tir e e n - t Total G U o . v S t . .3 a F e c g e r y e a d 4 n 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 3,645 3.957 564 1,369 9,380 f5,716 8 180 537 664 1953., 28,824 13,957 106 5,558 306 8,898 7,083 3,856 *,228 489 1,326 8,755 %,495 I 960 535 260 1954 29 765 12,532 458 6,969 289 9,516 7,488 4,003 J.484 816 1,213 9,365 ,490 780 709 1,875 1955 26 772 9 628 746 5,977 182 10,240 7,470 4,119 635 2,185 10 049 fl 1 957 864 1,227 1956 22 405 5,517 169 5,446 334 10,939 8,00? 4,225 3.777 636 2,301 10,749 If ,384 9 663 721 364 1957 30,571 9,601 572 6,958 557 12,884 9 957 6,118 5,839 411 2,516 12,661 17,447 \\ 784 663 214 1958 34 443 12 063 2,321 7,449 1,052 11,558 9 653 6,332 \. 320 571 1,334 11,372 If 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 39? 8 578 814 135 1959—May 1,782 338 569 56 819 614 380 235 38 167 799 785 756 29 14 June 2 290 323 995 47 925 6?7 270 357 43 255 903 887 825 63 16 July . 1 452 350 457 93 552 433 173 260 26 93 538 4631 73 3 Aug 1,710 309 98 523 5 774 642 414 228 13 119 758 740 699 41 18 Sept 1,748 300 150 520 43 735 590 220 370 24 121 720 703 656 48 16 Oct 4 121 2 574 39 922 644 331 313 47 230 898 879 801i 78 19 Nov 1 722 '332 458 41 891 657 396 261 61 173 871 864 803 61 7 Dec 1 942 380 86 476 75 926 747 277 470 45 134 907 900 844 56 7 i960—jan . 1 958 420 182 696 11 649 323 201 26 100 635 577 550 27 58 Feb 2,127 435 150 622 181 740 554 253 30? 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 4 603 2,860 148 717 41 838 (SOS 347 258 35 198 815 789 698 91 25 May 1,911 368 354 556 34 600 422 185 237 32 146 582 570 525: 45 12 Proposed uses of net proceeds, major grout>s 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 an R d e a f l i n e a s n ta c t i e al Year or month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital 8 securities rities rities rities rities rities 1952 3,713 261 512 24 758 22S ?,539 88 747 6 448 ! 60 1953 2,128 90 502 40 553 36 j,905 67 87 3 1,536 24 1954 2,044 190 831 93 501 270 ,675 990 65 60 788 273 J955 2,397 533 769 51 544 33*\ 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 1,474 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 !« 3,189 15 707 (*> 1,80! 6 1959 May 250 7 53 2 35 337 5 104 1 June 222 4 129 6 93 AI 328 1 22 94 July 135 1 61 32 170 7 129 1 Aug 127 15 44 2 98 191 36 245 1 Sent 206 4 35 10 138 109 1 56 161 (9) Oct 86 14 83 4 104 341 126 140 1 Nov 114 50 2 17 (9 241 5 262 180 (9) Dec . . . 164 3 61 60 346 72 198 2 1960 Jan 68 5 64 57 155 (9) 36 196 51 Feb 64 4 101 2 21 (9 245 2 81 203 (9) Mar 185 1 122 5 71 198 (9) 69 1 215 6 Apr 177 2 41 (9>> 42 (9 302 18 55 173 4 May 102 2 58 6 71 (9 140 29 170 3 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 901 NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars] Al issues (new capital and refunding) Issues for new capital Type of issue Type of issuer2 1Use of proceeds 2 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 a e t n t h r t c r 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 a e t t a t i w n h i e t l d e s e e i r - r r h R d i t o n e e i g u a 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 ity 1952 4,410 2,633 1.463 305 9 718 1,305 2,387 n.a. 4,096 969 938 642 424 100 1 054 1953 5,558 3,495 ,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1,119 1954 6,969 3,380 J 205 374 9 2,047 1,463 3,459 n.a. 6,789 1 432 2 136 1 270 456 162 333 1955 5,976 3,770 ,730 474 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 ,414 1956 5.446 3,577 I 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 ,352 1958 7,832 5,446 778 187 420 2,016 1,368 4,448 7,708 7,746 2 644 1 172 1 403 530 339 657 1959 7,880 4,766 2,397 333 384 1,609 2,094 4,177 7,415 7,773 2,238 834 1,961 701 355 1,683 1959_Apr 940 495 431 15 186 397 357 618 931 264 166 334 10 33 MA. 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 S A e u p g t .. . . 5 51 1 5 5 3 3 9 9 2 8 1 1 1 1 2 7 (7 6 5 1 1 7 3 7 3 9 8 3 0 2 2 5 9 8 0 4 5 0 3 1 8 4 5 6 1 8 4 1 1 5 6 1 8 4 5 3 9 8 8 6 2 4 1 1 3 2 2 0 1 9 4 4 1 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 . . . 126 1960—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 is 50 155 Apr...... '738 '452 '248 20 18 '63 '246 '428 '545 '733 '311 '135 '113 '27 '147 Mav 535 277 107 133 17 65 47 422 733 531 128 14 115 144 129 n.a. Not available. ' Revised. 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, JULY 31, 19601 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Aug. 4,1960 1,401 Jan. 12, 1961 500 Oct. 1,1962 IVi 590 Dec. 15, 1963-68... 2Yi 2,815 Aug. 11, 1960 1,591 Jan. 15, 1961 1,504 Nov. 15, 1962 334 1,143 Feb. 15, 1964 3 3.854 A Au u g g . . 2 1 5 8 . , 1 1 9 9 6 6 0 0 1 1 , , 6 6 0 0 0 0 J J a a n n . . 2 1 6 9 , , 1 1 9 9 6 6 1 1 4 4 0 0 0 0 A Fe p b r . . 1 1 5, , 1 1 9 9 6 6 3 3 2 IV y8 i 3,9 5 7 3 1 3 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 . . . . . . 2 2 ^ ^ i 3 3, , 8 7 1 3 1 8 Sept. 1,1960 1,501 Mar. 22, 1961* 3,512 May 15, 1963 4 1,743 Feb. 15, 1965 2% 6.896 Sept. 8,1960 1,600 Apr. 15, 1961 2,001 Oct. 1,1963 \Vi 506 Mar. 15, 1965-70...2Vi 4,691 Sept. 15,1960 1,600 July 15, 1961 1,501 Nov. 15, 1963 4% 3.011 Aug. 15, 1966 3 1,484 Sept. 22,1960 1,601 Apr. 1,1964 114 '457 Mar. 15, 1966-71.. .2Vi 2,938 Sept. 29,1960 1,500 Certificates May 15, 1964 434 4,933 June 15, 1967-72... 2 Vi 1,805 O O c c t t . . 1 6 3 . , 1 1 9 9 6 6 0 0 1 1 , , 5 5 0 0 1 1 N Fe o b v . . 1 1 5 5 , , 1 19 9 6 6 1 0 4 4 V %4 7 6 , , 0 9 3 3 7 8 M Au a g y . 1 15 5 , , 1 1 9 9 6 6 4 4 3% 5 2 3 , , 3 8 1 9 6 4 D Se e p c t . . 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . . . . . . 2 2 V V 2 > 2 3 ,6 7 2 1 9 6 Oct. 17, 1960 2,007 May 15, 1961 4% 3,674 Oct. 1,1964 UA 490 May 15,1968 3% 320 Oct. 20, 1960 1,400 Nov. 15, 1964 4% 4,195 Oct. 1,1969 4 1 276 Oct. 27, 1960 1,400 Treasury notes Apr. 1,1965 HA 126 Nov. 15, 1974 3% 654 Nov. 3, 1960 400 Aug. 15, 1960 434 9,561 May 15, 1965 4% 2,113 May 15, 1975-85... 4^ 470 Nov. 10, 1960 405 Oct. 1,1960 \Vi 278 Feb. 15, 1980 4 884 Nov. 17, I960 500 Apr. 1,1961 1% 144 Treasury bonds June 15, 1978-83... 3% 1,600 N De o c v . . 25 1 , , 1 1 9 9 6 6 0 0 5 5 0 0 0 0 A M u a g y . 1 1 5, , 1 1 9 9 6 6 1 1 3% 4 4 2, , 1 0 3 7 6 8 J D u e n c e . 1 15 5 , , 1 1 9 9 5 5 9 9 - - 6 6 2 2. . . . . . 2 2 % V4 5 3, , 4 2 5 6 1 3 M Fe a b y . 1 1 5 5 , , 1 1 9 9 9 8 0 5 3 3 * ^ 4 1 1 . , 7 1 2 3 7 5 Dec. 8,1960 500 Oct. 1,1961 1*4 332 Nov. 15, 1960 2Vs 3,806 Feb. 15, 1995 3 2,724 D D D Ja e e e n c c c . . . . 2 2 1 5 9 2 5 , , . , 1 1 1 1 9 9 9 9 6 6 6 6 0 0 0 1 5 5 5 5 0 0 0 0 0 0 0 0 M F A F e e p a b b r y . . . 1 1 1 1 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 2 2 2 2 3 U % / 4 4 2 2 1 , , 2 4 5 6 1 3 5 4 1 5 1 7 D J S N u e e o n p c v e t . , . 1 1 1 1 5 5 5 5 , , . , 1 1 1 9 1 9 9 6 9 6 6 1 6 1 0 2 - - 6 6 5 7 3 . . . . . 2 2 2 2 V 3 i 1 / 4 4 i /2 2 6 2 1 , . , 9 2 1 .4 6 3 0 8 3 9 9 5 P C a o I n n n a v v m e e r a s ti t b m C le e a n n b t a o l S n L e d r o s i a e n s B .... 3 50 Aug. 15, 1962 4 158 Aug. 15, 1963 2y? 6,755 Apr. 1, 1975-80....2% 6,206 • Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 894. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

902 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s t a * s l d d T g i e r o r o b e t s t a c 2 s l t Total Total Bills C c e a r t t e if s i- Notes B el a ig n i k - Bond B s r a e n - k b C v i o b e o n r l n d e t- - s Totals b S i o n a n g v d s - s s i T a n a n a g v d x s - S i p ss e u c e ia s l ble 4 stricted notes 1941 Dec . 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20 0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1952 Dec 267.4 267 4 226.1 148.6 21.7 16 7 30.3 58.9 21.0 12.5 65.1 57.9 5.8 39 2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954 Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 43.9 1956 Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 Dec . . . 275.0 274 9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52 5 45 8 1958 Dec 283 0 282 9 236 0 175 6 29 7 36 4 26 1 83 4 8 3 52 1 51 2 44 8 1959 July 288.8 288.7 241.8 183.1 37.0 33.8 27.3 84.8 7.6 51.1 50.2 44.1 Aug 290.5 290.4 242.9 184.5 38.6 20.3 40.7 84.8 7.6 50.8 50.0 44.7 Sept 288.4 288.3 241.1 183.1 37.1 20.3 40.8 84.8 7.5 50.6 49 7 44 4 Oct 291.4 291.3 244.9 187.4 39.1 20.3 43.1 84.8 7.3 50.2 49.4 43.6 Nov .... 290.7 290.6 244.2 187.0 39.1 19.7 43.3 84 8 7.2 50.0 49 3 43 6 Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 1960 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 July 288.5 288.3 241.1 186.9 36.4 17.7 51.6 81.3 6.2 48.0 47.4 44.2 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $405 million on July 31, 1960) and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $10,439 million on June 30, 1960. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held bythe public gross U. S. Govt. debt agencies and E m n o d n t o h f in ( s a i g n e n c c t g e u lu u e r d a i d - r - - Sp t e r c u i s a t l fun P d u s b * lic Total R F B e e a d s n e e r k r v a s e l m b C a e n o r k m ci s a - 2 l M s b a a v u n i t n u k g a s s l p I c n a o s n m u ie r - s - r c O a o t t r i h o p e n o r s - g S l a o o t n c v a d a t t e s l . Savi I n n g d s ividu O al t s her i M t n o v r is e s c s 3 . ties) issues issues bonds securities 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—May 286.4 44.2 10.0 232.2 25.9 r63.4 7.4 12.6 22.9 16.8 47.2 r17 8 18 2 June 284.8 44.8 9.9 230.2 26.0 '61.5 7.3 12.5 21.5 16.7 47.0 r18.1 19.4 July . . .. 288.8 44.1 10.0 234.7 26.5 r62.1 7.3 12.6 23.4 17.0 46 9 r18 6 20 4 Aug 290.5 44.7 9.9 235.9 26.7 r61.1 7.3 12.7 24.4 17.2 46.7 r19 1 20 6 Sept 288 4 44.4 9.8 234.2 26.6 r60.3 7 3 12.6 22.9 17 3 46 5 r19 8 21 0 Oct 291.4 43.6 10.0 237.8 26.6 r60.8 7.0 12.6 24.1 17.4 46.3 r21 2 21 7 Nov 290.7 43.6 10.2 236.9 26.9 '59.5 6.9 12.5 24.2 17.4 46.2 '21.4 21.9 Dec 290.9 43.5 10.2 237.3 26.6 r60.3 6.9 12.3 23.5 17.5 45.9 r22.4 21.8 I960 Jan 291.2 42 6 10 6 238.0 25.5 r59.1 6.9 12.5 25.4 17 6 45 8 r23 3 22 0 Feb 290.7 42.8 10.4 237.5 25.2 r57.1 6.9 12.4 26.2 17.7 r45.7 r23 8 22 4 Mar 287.0 43.3 10.4 233.3 25.3 r54.9 6.9 12.2 23.4 17.8 45.7 r24.7 22.4 Apr 288.9 42.8 10.4 235.7 25.6 r57.0 6.8 12.1 23.9 17.7 r45.6 r24 3 22 8 May 289.5 43.9 10.5 235.1 26.0 56.2 6.7 12.0 24.2 17.6 45.7 24.3 22.4 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $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 903 OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES i [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 Certifl- Notes M bo a a n b rk l d e e s2 t- v b e C o r o t n i n d b - s le Total W 1 i y th ea in r 1-5 Over 10 AH holders: 1955—June 30 66,882 19,514 13,836 40,729 81,128 11,676 155,206 49.703 38,188 33,687 33,628 1956—June 30 66,050 20,808 16,303 35,952 81,890 11,098 154,953 58,714 31,997 31,312 32,930 1957—June 30 65,985 23,420 20,473 30,973 80,839 10,280 155,705 71,033 39,184 14,732 30,756 1958—June 30 75,573 22,406 32,920 20,416 90,932 8,898 166,675 67,782 41,071 22,961 34,860 1959__ D ju e n c e . 3 3 0 1 9 8 5 5 , ,7 3 0 4 9 6 3 3 2 9, , 6 0 4 1 3 7 3 1 3 9 , , 8 6 4 6 3 9 4 2 4 7 , , 1 3 5 1 2 4 8 8 4 4 , , 8 8 5 0 3 4 7 7 , , 6 0 8 7 1 7 1 18 7 8 8 , , 2 0 6 2 9 7 7 7 2 8 . , 9 4 5 5 8 6 6 5 1 6 . , 6 8 0 1 9 9 2 1 3 8 , , 6 5 2 3 5 8 2 2 4 9, , 7 5 1 7 3 9 I960—Apr. 30 94,636 37,144 15,245 50,571 85,187 6,489 188,147 71,322 75.133 21,415 20,278 May 31 94,166 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 40 119 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 \\619 1,448 2,944 Dec. 31 9,982 260 363 ,700 5,071 2,587 7.394 1,037 1,909 2,567 1960—Apr. 30 10,169 303 349 ,801 5,200 2.516 7,653 1,098 2.592 2,004 .959 May 31 10,272 351 426 ,754 5,208 2,533 7,738 1,012 2,759 2.006 ,961 Federal Reserve Banks: 1955—June 30 23,607 886 8,274 11,646 2,802 23.607 17.405 3.773 1,014 ,415 1956—June 30 23,758 855 10,944 9.157 2,802 23,758 20,242 1,087 1.014 ,415 1957—June 30 23,035 287 11,367 8,579 2,802 23,035 20,246 681 750 ,358 1958—June 30 25,438 2,703 19,946 2,789 25,438 23,010 1.014 57 ,358 1959__ D ju e n c e . 3 3 0 1 2 26 6 , , 6 0 4 4 8 4 2 2 , , 6 0 2 3 6 2 1 10 8 , , 5 6 0 5 8 0 1 ' 1 2 , 18 0 7 1 9 6 ' 2 2, , 4 4 9 8 8 4 2 26 6 , , 6 0 4 4 8 4 2 1 0 8 , , 6 6 8 5 7 4 6 3 . . 5 88 2 7 4 4 6 1 7 0 7 , 7 0 9 6 3 0 1960-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—June 30 53,513 3,563 3,883 12,417 33,531 120 53,394 10,045 31.304 8,233 3,812 Dec. 31 51,945 5,011 2,094 13,172 31,565 104 51,841 11,198 28,778 9,235 2,629 1960—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 1,098 6.299 576 1.082 601 4,040 1958—June 30 7.110 89 132 465 931 6.179 303 1.106 675 4,094 1959—June 30 7.079 175 209 684 783 6,296 480 1.360 1.700 2,756 Dec. 31 6,773 191 158 644 6.129 486 1.401 2,254 1,987 I960—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 Dec. 31 10,933 416 231 1,074 7,454 1,758 9,175 1,023 2,279 2,422 3,450 I960—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 Dec. 31 89,066 31,140 6,315 16,302 33,325 1,985 87,082 46,057 20,717 7,154 13,153 I960—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 1 Direct public issues. panies included in the survey account for more than 90 per cent of total 2 Includes minor amounts of Panama Canal and postal savings bonds. holdings by these institutions. Data are complete for U. S. Govt. agencies and trust funds and Federal Reserve Banks. NOTE.—Commercial banks, mutual savings banks, and insurance com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

904 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. ( — ) of borrowing Excess of rects. Period r B e u c N e d e i g p t e t t s re T P f c u r l e u 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 : - - . * E p T r f u q e r t o u b o h c t a l m t e a i s l c l s . 2 : B p t u e u e n d r x e d g - s i e - t p T P t f e u u e r l n r x n u u e d - d s s s i : t - A m L d e e j n s u t s s s : t 3 - E p p t T q o u a o u b y t t a h l t a i s l e l c s . : t p p o f u r a t o o h b y ( r m e l - t i s ) c . , & ( c ( c o d - d r r r e I ) i a e e r n a g a , b e d s - i s e c e t n e e n - t , .) a t i r g G n . N e v o f n . e u v . b t n t & . y L ds ess: O d n c e a t o b h s n t h e - * r b E r i o e n q c ( N p r g a ) u r a s e o a y h o t l w t s 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—1957... 71,029 14,369 3,242 82,107 69.433 12,961 2,386 80,008 2,099 -1,053 2,339 i -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 I960?.. 78,368 21,795 5,186 94,987 77,299 22,075 5,088 94,286 701 3,371 952 ; 597 1,822 Semiannually: t 1 9 9 5 5 g 9 _ — ju J ly a _ n D .-J e u c n .. e . .. 2 3 8 9 , . 9 3 0 6 2 8 9 7 , , 4 6 4 3 9 5 2 1 , , 0 62 2 7 3 4 3 6 4 , , 7 8 6 9 8 2 4 3 0 9 , , 7 9 9 0 1 6 9 8, , 9 6 2 7 1 6 3 1 , ,2 2 8 0 5 5 4 4 7 7 , , 5 2 3 6 9 5 -12 - , 4 6 9 4 5 9 6 2, . 7 8 8 7 3 3 -1,4 3 9 1 4 3 1,5 6 0 5 7 3 7,7 9 1 6 3 5 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 1960—Jan.-JuneP. 44,454 12,414 2,700 54,203 37,769 11,507 3,284 45,991 8,212 -3,958 1,808 23 -5,793 Monthly: 1959—June 10,154 1,950 1,052 11,048 8,631 1,548 1,533 8,646 2,403 1,307 454 1,042 -2,803 July 3,246 1,214 486 3,973 6,557 2,174 561 8,171 -4,198 4,339 -505 239 4,606 Aug 5,679 2,444 217 7,903 6,305 \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 -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 May 6,555 3,301 167 9,685 6,079 1,780 -155 8,014 1,671 898 1,220 53 -375 Junep 11,069 2,757 1,458 12,365 6.855 2,205 851 8,209 4,157 -2,714 1,022 -114 -3,622 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 p f d i r l g c u i e t s t , a l c d a c e t o u f i i r o 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 G n e g c e o F . n v e b c t d y y . . d ( e d g - c i r ) r r o , e e s c a i s n s t e T o r u H e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a a . v n a R k il . s - T T a r ^ ea n s d - — O n th e • e > t r obliga- & trust public able Loan | tions 5 funds5 debt funds) Accts. Fiscal year—1957.. . 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 1,010 1958... -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 1,121 1959... -12,427 -1,511 -29 71 1,112 8,363 -23 -4,399 5,350 535 3,744 1,071 1960^.. 1,068 -280 -146 1,023 -713 1,625 -78 2,654 8,005 504 6,458 1,043 Semiannually: 1958—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 I960—Jan.-JuneP.. 6,685 907 291 657 -1,624 -4,467 27 2,421 8,005 504 6,458 1,043 Monthly: 1959—June 1,524 404 -211 53 -568 -1,597 143 -538 5,350 535 3,744 1,071 July -3,311 -960 35 -I 670 3,976 -77 486 5.837 522 ! 4,364 951 Aug -626 916 -641 51 -666 1,714 -33 781 6,617 537 i 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 6,376 488 990 898 Nov -701 507 -537 56 -67 -664 1 1,408 4,968 582 559 827 Dec 738 -274 -158 102 -12 209 -10 615 5,583 504 4,216 863 I I960—Jan -1,290 -1,146 634 3 764 287 -26 -722 4,862 567 3,246 1,049 Feb 1,095 716 -838 105 -160 -501 -33 450 5,311 453 3,843 1,015 Mar 3,157 -160 994 104 -386 -3,757 75 -122 5,189 549 3,738 902 Apr -968 -577 134 143 296 1,961 -115 1,105 6,294 619 4,490 1,185 May 476 1,521 -332 153 -1,097 579 83 1,217 7,511 462 6,180 869 June** 4,214 552 -301 150 -1,042 -3,036 44 494 8,005 504 6,458 1,043 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 905 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budget receipts (I S n e t. l e R ct e e v d . e S x e c r i v s . e r t e a p x t e s s .) 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 f t O u a r n u l g d d e s T - t < r > an H s t f w f r u i e u g a n r s y d h s t - to: R m a t . i r c e r e c e - n R t - t . c fu e R r o n i e e p f d - - t s s B c T u e r o i d e t p - g a t l s et W he I it l n d h d - ivid O u t a h l er 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 l x e o m e n y s - t - 7 O ce r t i e h p - e t r s Liquor b T ac o- co a t M a n i d l f e rs r r e . s - ' Fiscal year—1957... 71,029 6,634 1,479 616 3,917 83,675 26.728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958... 69,117 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 1959... 68.270 8.004 2,171 525 4,933 83,904 29,001 11,733 18,092 10.760 8,854 5,464 3,002 1.807 4,315 I960".. 78,368 10,211 2,642 609 5,045 96,874 31,677 13,271 22,179 11,861 11,161 6,725 n.a. n.a. n.a. Semiannually: 1958—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 1960—Jan.-June". 44,454 6,396 1,361 302 4,327 56,839 16,025 10,230 13,856 5,913 7,034 3,781 n.a. .Monthly: 1959—June .. 10,154 649 191 46 208 11,247 2,552 1,689 4,786 842 696 682 228 114 July 3,246 311 192 20 167 3,936 1.239 364 568 971 332 462 243 150 Aug... 5,679 1,235 237 85 181 7,418 4,223 123 368 1,027 1,321 356 288 172 1,271 Sept 8,486 652 201 52 161 9,552 2,264 1.837 3,311 1,007 704 430 300 169 Oct 3,023 259 198 16 129 3,626 1,211 257 491 977 278 413 319 179 Nov.. 5,897 882 219 82 72 7,152 4,345 99 405 936 965 402 296 162 1,137 Dec 7,582 476 233 51 7 8,350 2,371 362 3,180 1,031 527 879 258 152 I960—Jan 4,909 298 218 16 -16 5,425 860 2,144 564 794 341 722 186 138 Feb 7,265 1,243 264 84 432 9,289 4,835 884 483 954 1,611 522 214 151 1,320 Mar 9,581 1,078 191 50 1,317 12.217 2,541 791 6,192 1,044 1,149 500 258 152 Apr 5,074 839 202 17 1,336 7,468 770 3,520 619 945 858 755 248 157 May 6,555 1,834 249 82 1,005 9,725 4,744 1,039 467 1,061 1,918 496 282 166 June*5 11,069 1,104 238 52 252 12,716 2,275 1.852 5,530 1,114 1,157 788 n.a. n.a. Budget expenditures8 Major national security Agri- Vet- culture Period Total Total 9 M de i f l e it n a s r e y M a a s i n l s i i c t s a e t r - y A en t e o r m gy ic .f a i I n f a f n a n a t n i d l r c . s e In e t s e t r- ic e b s e r f e e s a i n r t n v a s e s n - - ' d L w a a e n b lf d o a r r e j : j t a c a u r g u n e r r l - a d - i- l so N u r u r e a r a - t c l - es ! | h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources 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—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 3,523 160 136 210 157 831 419 393 470 105 195 127 Feb 6,170 3,684 371 103 210 169 788 420 362 322 119 161 127 Mar 6,424 3,976 570 171 223 140 792 457 340 289 120 148 156 Apr 6,041 3,669 306 136 222 163 777 421 412 304 104 37 158 May 6,079 3,669 3,331 110 224 196 777 422 390 229 131 149 108 3 Consists primarily of (1) intra-Governmental transactions as de- « Includes transfers to Federal disability insurance trust fund. •cribed in note 1, (2) net accruals over payments of interest on savings 7 Represents the sum of taxes for old-age insurance, railroad retirebonds and Treasury bills, (3) Budget expenditures involving issuance of ment, and unemployment insurance. Federal securities, (4) cash transactions between International Monetary * The 1961 Budget Document shows certain revisions in fiscal year data. Fund and the Treasury, (5) reconciliation items to Treasury cash, and For more details, see the 1961 Budget Document and the Treasury Bulle- (6) 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 3 Excludes net transactions of Govt. sponsored enterprises, which are separately. included in the corresponding columns above. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

906 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 1 2 3 4 Loans, by purpose and aeency: To aid agriculture total 070 6 811 6 979 6 715 6,752 6,681 8,672 9,630 8,490 7,636 7,762 Banks for cooperatives 474 177 167 175 457 454 511 518 526 576 623 Federal intermediate credit banks2 671 SQO 618 689 714 935 1 169 1 113 1 547 1.56? 1,396 Farmers Home Administration 64R 701 681 724 832 819 935 963 972 916 Rural Electrification Administration . . . 1 920 ")096 226 148 488 2 688 2 874 919 2 973 3,029 3,083 Commodity Credit Corporation 1 476 3 076 7 981 7 671 7 149 1,778 3,298 3 944 2,480 1,498 1,745 Other agencies 31 23 18 (3) (3) (3) (3) (3) (3) To aid home owners, total ? 601 7 910 7 907 1 701 1680 4,760 4,860 1 117 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 \ 1 300 181 480 464 770 936 989 1,056 1,113 1,167 Other agencies f 362 168 63 84 145 1 1 1 1 To industry, total 198 188 411 678 619 674 680 695 717 726 733 Treasury Department 174 353 106 209 251 216 71? 201 197 185 Commerce Department i 598 } 761 219 217 187 182 174 170 166 Other agencies j 413 79 t U? 191 206 278 301 342 358 382 To financing institutions 864 952 870 I 419 ,233 1,270 1,298 I,057 7,539 1.797 2,136 To aid States, territories, etc., total / 070 641 777 741 746 264 291 791 293 308 319 Public Housing Administration 894 500 11? 90 106 105 106 91 89 91 87 Other agencies 176 145 160 155 140 159 187 700 204 217 231 Foreign, total 7 716 8.041 R 001 7 988 ft 771 8 754 9 510 0 712 9,904 '0 0*4 9,840 Export-Import Bank ? 496 7 831 7 806 707 .701 3,040 3,36? 3,439 3,504 3.513 3,235 Treasury Department4 3,667 3,670 1 3 519 1 470 3,470 3 4f9 1 419 3.425 3.425 3,373 International Cooperation Administration 1,537 1 674 1 767 1,99* 2,195 2,68? 7 78? 2,874 3,043 Other agencies 58 53 1 57 49 46 73 101 147 189 All other purposes, total 71 110 166 213 344 548 562 627 752 Housing and Home Finance Agency 5 29 177 709 156 283 458 497 563 623 691 Other agencies 69 90 39 47 57 62 89 66 64 63 62 140 701 768 -309 -367 -368 -353 -614 - 451 413 Total loans receivable (net) 876 19 883 19 348 70,?38 70,657 22,395 25,493 76*,977 26,788 27,138 27,865 Investments: U. S. Government securities, total ?,471 7607 9*7 1,739 3 804 4 108 4 533 4,442 4.478 4,670 Federal home loan banks 311 187 641 745 018 896 995 f 202 1 064 1 046 1,092 708 717 741 256 274 288 296 310 320 332 Federal Housing Administration 316 119 377 381 458 471 567 586 590 6?2 649 Federal Deposit Insurance Corporation 1,437 1,5?6 1,624 1,720 1 1,937 2.040 2 139 2,154 2,162 2,178 Other aeencies 148 15? 147 149 '181 226 300 310 324 3?9 419 Investment in international institutions ?,181 3, 181 1 181 1470 3,420 3,420 1 470 4,795 ¥.705 4,795 Other securities** ... 223 219 197 179 249 298 283 282 331 335 323 Tnvpntories, total 1,780 515 3 85? 4,356 ,375 21,628 70 504 20,821 21,8^9 21,476 C D o ef m en m s o e d D it e v p C ar r t e m di e t n C t orporation 978 2,087 3,302 3,747 11 3, , 6 0 5 0 1 4 1 3 1 , , 0 1 2 3 5 6 9 3 , . 6 0 8 3 1 6 q 29 47 0 1 6 8 3 , , 7 6 5 1 1 4 4 8 . . 5 8 2 2 7 3 4 8 , , 4 4 9 2 3 2 General Services Administration f6,517 7,282 7,919 7 987 8,278 8.347 8,370 Other agencies f 303 428 550 609 201 185 174 191 178 183 194 La C n o d m , s m tr e u r c c t e u r D es e , p a t. n d (p r e i a m ui a p r m ily e n m t, a t r o it t i a m l e activities)... 3 ?13 4 8 , 0 81 6 4 ? 4 8 , 0 79 4 8 6 4 7 , ,8 8 ? 7? ? 4 9,9 5 8 02 5 4 9 ,9 5 6 3 2 5 1 4 0 . 7 6 2 7 1 0 1 4 0,7 7 5 36 3 2 8. 8 8 6 5 Q 6 8 2. . 8 9 9 3 9 8 9 2 , , 1 8 2 8 4 0 Panama Canal Company 415 363 421 421 398 398 396 402 409 408 411 Tennessee Valiev Authoritv 1 751 1 475 1,739 1,879 1,76? 1 801 1,777 1 802 1,878 1.907 1,924 Housing and Home Finance Agency. 1j 70? 040 7^8 450 21* 88 25 20 0 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 t 298 1 308 1 322 1237 1 241 1 214 1,221 Post Office Department 590 599 637 637 640 640 640 Other agencies 345 350 360 300 613 608 1,134 257 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 181 150 156 185 257 247 303 310 314 360 404 704 619 640 665 721 902 1,174 1256 1,488 1,532 1,359 Federal home loan banks 445 414 272 958 963 825 714 699 992 1,402 1,774 570 770 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 r n e p $ r 5 e 0 s 0 e , n 0 t 0 0 la . rgely the Treasury loan to the United Kingdom, c B u u r l r le e t n in tl . y . C W las h s e if r i e c a c ti u o r n r s e n b t y T s r u e p a e s r u v r i y so c r o y m a p u i t l h a o t r io it n ie s s d a o r e n t o h t o s p e r o in v i e d x e i s a te n d c e 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 907 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multifamily and E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s o a a t l i n n - s - S F e a e c l g e d i e e c e h n s t r e - o a d l l de v o r I i s t a d n h n u d e d a i r - l s s h A o er l l s d l - T 1 o - t a to l 4- t F f u i a i n c t m n i i s o a a t i l i l n n - y s - ho O h u o e t s h r l e s d e s - r c T o o m ta m l erc t F i u i a i n c t l n i i s o a a t p l i n n - r s - ope O h rt o e i t e h r l s d s e - r * h A e o r l l s d l - t F u i c t n i i o a a l n n s - h O ol t d h e e r r s2 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 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1951 82.3 59.5 3.4 19.4 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.7 "> 6 4.1 1952 91.4 66.9 4.0 20.6 84.2 58.5 46.8 11.7 25.7 17.2 8.4 7.3 7.8 4.4 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 1.1 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 1.9 6.C 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.^ 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 Sept.P 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 1960—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 P 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 nor 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, FederalfHome 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 FederalJReserve. ~ Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3 292 1.048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1951 14,732 11,270 3,421 2,921 4,929 2.458 1,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1 058 11,379 9,883 3,168 2,237 4,477 1.444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 ,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 ,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1.831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 ,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 ,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,361 7.073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 ,588 24,992 22,486 6,275 8,589 7,622 2,451 55 1958 Sept 24,700 18,049 5,205 3,355 9,489 5,190 1,461 22,746 20,460 5,280 8,276 6,904 2,231 55 Dec 25,523 18,591 5,476 3,335 9,780 5,461 ,471 23,263 20,935 5,501 8,361 7,073 2,275 53 1959 Mar 4 26,130 19,020 5,660 3,305 10,055 5,605 1,505 4 23,638 21,257 5,684 8,435 7,138 2,328 53 June 27,060 19,615 5,885 3,230 10,500 6,875 1,570 24,110 21,676 5,915 8,510 7,251 2,380 54 Sept 27,635 20,040 6,045 3,175 10,820 6,010 1,585 24,610 22,134 6,096 8,584 7,454 2,422 54 Dec 28,145 20,320 6,122 3,161 11,037 6,237 I 588 24,992 22,486 6,275 8,589 7,622 2,451 55 I960 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 P Preliminary. estimates based in part on data from National Association of Mutual 1 Represents all banks in the United States and possessions. Savings Banks. 2 Includes loans held by nondeposit trust companies, but excludes 4 On Jan. 1, 1959, holdings of commercial banks increased by"$143 holdings of trust departments of commercial banks. March and Septem- million, and those of mutual savings banks declined by that amount, ber figures are Federal Reserve estimates based on data from Member as a result of the absorption of a mutual savings bank by a commercial Bank Call Report and from weekly reporting member banks. bank. 3 Figures for 1941 and 1945, except for the grand total, are estimates Source.—All-bank series prepared by Federal Deposit Insurance based on Federal Reserve preliminary tabulation of a revised series of Corporation from data supplied by Federal and State bank supervisory banking statistics. March and September figures arc Federal Reserve agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

908 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [Tn millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Farm Total VA- Farm Total FHA- Other Total FHA- guar- Other insured an teed insured anteed 1941. 6,442 5,529 815 4,714 913 1945. 976 6,636 5,860 1,394 4,466 776 1952. 3,978 3,606 864 429 2,313 372 21,251 19,546 5.681 3,347 10,518 1.705 1953. 4.345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954. 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955. 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2.273 1956. 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957. 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958. 5,277 4,839 1,301 195 3,343 1 438 37,062 34,395 7,443 7.433 19,519 2,667 1959. ^5,970 ^5,472 Pi,549 ^201 ^3,722 I 39,197 36,353 8,273 7i 086 20,994 2,844 ! 1959—May 433 386 105 18 263 47 37,737 34,958 7,813 286 19,859 779 June 469 428 116 17 295 41 37,894 35,094 7,877 258 19,959 800 July 535 501 124 11 366 34 38,108 35,335 7,945 220 20,170 2,773 Aug 470 438 118 9 311 32 38,282 35,496 8,005 181 20,310 2,786 Sept 517 488 134 21 333 29 38,493 35,698 8.082 153 20,463 2,795 Oct 539 506 146 22 338 33 38,744 35,936 8;i76 132 20,628 2,808 D N e o c v 5 6 0 6 7 7 A 61 l 9 l 1 1 2 5 3 3 2 3 4 6 433300 II 4 3 8 0 3 3 8 9, , 2 9 9 8 9 4 3 36 6 , , 4 1 7 6 5 9 8 8, , 3 2 1 5 8 7 7,1 1 1 1 5 6 2 2 0 1 , , 7 0 9 4 6 2 2 2, , 8 8 1 2 5 4 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 i 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 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) Y m e o a n r t o h r Tota11 ! I j st t N r i u o e c n ' w - H c p h o u a m r s - e e Total2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e n o n a n - l - 2 Y m e o a n r t o h r Se a a a l d s ly o - n- W se a a i d t s j h o u o n s u t a - t l in S lo g a s a v n & - I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed } ment2 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 2S0 1,097 217 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1954 8,969 3,076 3,846 26,108 1,170 4,709 20,229 1953 19,747 7,365 1,480 3,680 1,327 1955 11,432 4,041 5,241 31,408 1,404 5,883 24,121 1954 . 22,974 8,312 1,768 4,239 1,501 1956 10,545 3J71 4,727 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10,402 3.562 4,708 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958 12,346 4,096 5,251 45,627 2,206 7,077 36,344 1957 24,244 9,217 1,472 4,264 1,429 1959 15,463 5,296 6,766 53,087 2,986 7,187 42,914 1958 27,388 10,516 1,460 5,204 1,640 1959 32,235 13,094 1 523 5,832 1,780 1959 1959 June 1.555 554 674 49,348 2,605 7,119 39,624 July 1,529 520 695 50,131 2,685 7,125 40,321 May 2,757 2,768 1,151 112 534 140 Aug........ 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 Aug 2,769 2,871 1,203 137 505 167 Nov i;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 SS 385^53,410 3,031 7,191 43,188 1960 Feb 992 413^53,809 3,065 7,196 43,548 Mar 1,165 411 468^54,316 3,116 7,196 44,004 Jan 2,487 2,079 111 107 343 11^ Apr 1,173 411 471*>54,895 3,150 7,206 44,539 Feb 2,430 2,149 859 103 342 104 M Jun ay e33 1 1 , , 2 4 5 2 6 0 4 4 4 6 3 9 6 5 1 2 2 0"5 5 5 6 , , 5 3 5 1 6 0 3 3 , , 2 2 0 4 4 5 7 7 , , 2 2 2 2 3 2 4 4 5 5 , , 1 8 3 4 0 2 A M p a r r 2 2 , , 4 4 4 0 1 0 2 2 , , 4 3 0 6 6 6 9 9 8 8 3 3 1 10 1 8 9 3 3 7 8 7 2 1 1 0 0 4 6 May 2,500 1,051 114 402 120 v Preliminary. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Beginning 1958 includes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 909 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING OK NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Government- Year or month Total p e N r r t m e o i w e p o s - rtga p e g is E r r e t t o i s x i n e p - g s - g m P a t e y r g o c o p e r t j e - s t - - i p l P m o r e i r a o m r e o t n v n y p - s e t - 2 - ! | Total ^ p e N r r t m o e i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - q y E u e n a a d r r t o o er f r Total und F er H w A ri - tten VA- t C i v o e o n n n a - - l Total in- guarsured anteed 1945 665 257 20 171 192 1951 3,220 1,216 713 582 708 3.614 2.667 942 1945 18.6 4.3 4.1 -> 14.3 1952 3,113 969 974 322 848 2.719 1,823 890 1953 ,882 1,259 I 1,030 259 .334 3.064 2,044 1.014 1951 51 .7 22 9 9.7 13.. 2 28 8 1954 ,066 1,035 907 232 891 4.257 2,686 1 ,566 1952 58 5 25.4 10 8 14.6 33 1 1955 ,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 ,461 1,133 1.505 130 692 5.868 3,910 1,948 1954 75 7 32 1 12 8 19 1 41 6 1957 3,715 880 1 ,371 595 869 3.761 2.890 863 1955 oo . L 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—June 680 208 312 68 92 221 165 56 1959? 131.0 53.8 23.8 30.0 77.2 July 694 214 310 71 99 227 168 59 Aug 660 215 288 67 89 202 150 52 1958—Sept 114.5 49.1 18.6 30.5 65.4 O Se c p t t 6 64 5 9 6 2 2 2 37 6 I I 2 28 8 6 4 5 35 2 9 9 4 0 2 2 2 3 1 8 1 1 6 5 7 7 7 6 0 3 Dec 117.7 50.1 19.7 30.4 67.6 Nov 583 223 j 225 50 85 220 158 61 1959—Mar. P 120.5 51.3 20.9 30.4 69.2 Dec 540 233 218 78 241 177 ! 64 June? 124.4 52.1 21.8 30.3 72.3 Sept.?3 128.1 53.1 22.9 30.2 75.0 I960—Jan 514 221 196 19 78 195 148 47 Dec.P 131.0 53.8 23.8 30.0 77.2 Feb 464 198 170 28 68 170 133 36 Mar 463 193 168 35 67 173 137 36 1960—Mar.?'.... 133.3 54.5 24.6 29.9 78.8 Apr 433 172 163 22 76 153 123 29 May 456 155 167 45 88 155 124 31 June 539 170 195 71 103 175 143 32 p Preliminary. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Sources.—Federal Home Loan Bank Board, Federal loans in amounts of more than $1,000 need be secured. Housing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY^ FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a t y s - a d n e d m t a i n m d e or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - - ed 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 .646 677 239 1952 586 528 864 565 299 420 1952 2,242 320 ,922 538 323 1953 728 640 952 634 317 558 1953 2,462 621 ,841 542 III 638 1954 734 818 867 612 255 802 1954 2,434 802 ,632 614 476 1955 1,251 702 ,417 991 426 698 1 J 1 1 1 9 9 9 9 9 5 5 5 5 5 6 8 9 7 5 2 5 3 3 3 , , , , , 5 9 6 9 0 3 0 7 1 4 1 1 4 5 7 2 1 1 , , , 5 2 4 9 9 4 3 8 0 7 6 7 3 1 8 2 2 2 2 . . . , . 4 7 0 9 7 1 3 6 8 1 8 7 9 5 4 1 1, , 9 0 4 6 6 0 9 1 0 2 7 6 1 9 3 48 6 2 2 5 3 5 1.5 7 3 5 4 6 6 7 6 1 4 8 6 0 1 1 1 1 9 9 9 9 5 5 5 5 8 7 6 9 2 1 1 , , 0 3 7 1 6 6 4 1 7 5 4 6 1 1 1 , , 3 2 9 0 3 3 3 7 4 1 1 9 > , , , , 2 2 2 1 9 6 2 3 8 5 8 4 1,1 7 7 6 9 3 9 8 1 8 5 2 4 9 6 5 4 3 1 3 2 0 3 4 6 6 8 5 8 5 1 8 3 3 9 9 1959—June 351 60 .537 750 786 776 1959—June 4,793 2.000 2.794 177 1 875 July 235 214 ,557 807 750 613 July 4,948 2,104 2,844 178 788 Aug 171 63 ,665 892 773 587 Aug 5,085 2,198 2,887 165 714 Sept 200 70 ,795 1,042 753 570 Sept 5,216 2,288 2,928 155 i' 672 Oct 199 78 ,916 1,080 835 524 Oct 5,335 2,383 2,953 143 611 Nov 129 82 .963 1,109 854 506 Nov 5,441 2,471 2.970 127 573 Dec 281 109 1,134 1,192 942 589 Dec 5,531 2,546 2,985 115 568 1960—Jan 136 531 ,740 1,042 697 499 1960—Jan 5,508 2,621 2.887 110 600 Feb 58 169 ,628 963 665 488 Feb 5,577 2,713 2,864 138 115 601 Mar 88 196 ,520 858 662 534 Mar 5,693 2,821 2,873 162 49 580 Apr 155 117 ,558 828 731 571 Apr 5,785 2,905 2,880 126 23 588 May 112 96 1,574 827 747 590 May 5,827 2,997 2,830 129 12 561 June 290 94 .770 932 838 736 June 5,827 3,042 2,784 74 67 592 July 173 269 1,674 922 751 682 50 1 Operations beginning with Nov. 1, 1954, are on the basis of FNMA's 1 Secured or unsecured loans maturing in one year or less. new charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

910 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Auto- Other Repair Single- Total mobile consumer and mod- Personal Total payment Charge Service paper i goods ernization loans loans accounts credit paper* loans2 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 . ... 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1953 31,393 23,005 9,835 6,779 1,610 4,781 8,388 2,187 4,274 1,927 1954 32 464 23,568 9 809 6,751 1 616 5,392 8,896 2,408 4,485 2,003 1955 38,882 28,958 13,472 7,634 1,689 6,163 9,924 3,002 4,795 2,127 1956 42 511 31,897 14,459 8,580 1 895 6 963 10 614 3 253 4,995 2,366 1957 45,286 34,183 15,409 8,782 2,089 7,903 11,103 3,364 5,146 2,593 1958 45,586 34,080 14,237 8,923 2,350 8,570 11,506 3,646 5,060 2,800 19593 52,046 39,482 16,590 10,243 2,704 9,945 12,564 4,176 5,351 3,037 J959—June 47,522 36,135 15,566 9.040 2,467 9,062 11,387 3,991 4,446 2,950 July . ... 48,047 36,757 15,923 9,1 ?4 2,517 9,183 11,290 3,954 4,407 2,929 AUE 3 . 48,841 37,510 16,288 9 289 2 569 9 364 11 331 4 034 4,365 2 932 Sept 49,350 37,962 16,470 9,390 2,613 9,489 11,388 4,084 4,390 2,914 Oct 49,872 38,421 16,659 9,534 2,653 9,575 11,451 4,050 4,525 2,876 Nov 50,379 38,723 16,669 9,687 2,683 9,684 11,656 4,117 4,614 2,925 Dec . . 52,046 39,482 16,590 10,243 2,704 9,945 12,564 4,176 5,351 3,037 1960 Jan 51,356 39,358 16,568 10,129 2,691 9,970 11,998 4,092 4,816 3,090 Feb 51,021 39,408 16,677 9,997 2 695 10,039 11 613 4 151 4,305 3,157 Mar 51,162 39,648 16,876 9.940 2,706 10,126 11,514 4,222 4,118 3.174 Apr 52,169 40,265 17 218 10,022 2 736 10,289 11 904 4 247 4,451 3,206 May 52,831 40,740 17,481 10,080 2,786 10,393 12,091 4,345 4,547 3,199 June 53,497 41,362 17.807 10.194 2,824 10,537 12,135 4,321 4,628 3,186 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 BULLFTIN 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 ! 197 132 657 1 438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1953 23,005 18 963 8 998 5 927 1,124 2 137 111 4 042 1 064 1 004 377 527 1 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 91 1 4,118 ,242 984 377 463 1 052 1955 28,958 24,450 10,601 8,443 1,678 2,656 .072 4,508 ,511 ,044 365 487 1,101 1956 31,897 27,154 11 777 9 100 2,014 3 056 207 4 743 408 187 377 502 1 269 1957 . . . 34,183 29,515 12,843 9,573 2,429 3,333 ,337 4,668 ,393 ,210 361 478 1,226 1958 34,080 29,097 12,780 8,740 2,668 3,384 ,525 4,983 .882 ,128 292 506 1,175 1959* 39,482 33,838 14,922 10,145 3,232 3,764 .775 5,644 £,298 .167 295 588 1,296 1959 June 36,135 31,245 13,963 9,350 2,895 3,424 ,613 4,890 ,839 ,052 283 551 1,165 July 36,757 31,861 14,230 9,592 2,946 3,463 ,630 4,896 ,826 ,055 284 565 1,166 Aug.4 37,510 32,540 14,497 9,806 3,044 3,515 1,678 4,970 ,868 ,072 288 578 1,164 Sept 37,962 32,954 14,664 9,949 3,093 3,542 1,706 5,008 ,907 ,078 288 586 1,149 Oct 38,421 33,318 14,817 10,071 3,143 3,570 1,717 5,103 967 ,089 286 593 1,168 Nov 38,723 33 519 14 853 10,117 3 183 3 622 1 744 5,204 2 045 107 290 592 1 170 Dec 39,482 33,838 14,922 10,145 3,232 3,764 1,775 5,644 2,298 ,167 295 588 1,296 I960 Jan . 39,358 34,003 15,066 10,168 3,225 3,777 1,767 5,355 2,109 1,132 289 587 1,238 Feb 39,408 34,246 15,134 10,276 3,259 3,795 1,782 5,162 2,002 ,111 285 590 1,174 Mar 39,648 34,432 15,1 39 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 1,803 5,180 2,055 1,080 277 606 1,162 May 40,740 35,554 15,597 10,744 3,484 3,888 1 841 5,186 2 059 1,071 276 615 1 165 June 41.362 36,127 15,834 10,945 3,570 3,938 1 840 5,235 2.078 1 078 277 626 1,176 1 Consumer finance companies included with "other" financial institu- 3 Represents automobile paper only; other instalment credit held by tions until September 1950. automobile dealers is included with "other" retail outlets. 2 Includes mail-order houses. * See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 911 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 o a e n i a n o p o i n z d d a n a s i - r - 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 O p c u o a o t m o p h n d e e e - r r s r m i R z lo o a a e a d n p ti n e d a o r s i n r n- s l P o o a e n r n a - s ] 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 (43 114 110 312 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 ,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 ,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 ,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,777 3,651 2,075 2,464 ,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,843 4,130 2,225 2,557 ,580 2,351 1958 8,740 6,404 1,567 19 750 1958 12,780 4,014 2,170 2,269 ,715 2,612 19591 10,145 7,328 1,883 35 899 1959» 14,922 4,798 2,511 2,553 ,941 3,119 1959__jUne. 9,350 6,884 1,647 23 796 1959—June 13,963 4,475 2,425 2,383 ,788 2,892 July.. 9,592 7,063 1,695 25 809 July 14,230 4,580 2,465 2,424 ,825 2,936 Aug.i 9,806 7,240 1,723 26 817 Aug.i.. 14,497 4,682 2,495 2,472 ,855 2,993 Sept.. 9,949 7,328 1,761 30 830 Sept 14,664 4,746 2,500 2,494 ,882 3,042 Oct... 10,071 7,406 1,788 33 844 Oct 14,817 4,816 2,517 2,512 ,912 3,060 Nov.. 10,117 7,388 1,830 34 865 Nov 14,853 4,825 2,519 2,513 ,928 3,068 Dec.. 10,145 7,328 1,883 35 899 Dec 14,922 4,798 2,511 2,553 ,941 3,119 1960—Jan... 10,168 7,305 1,922 36 905 I960—Jan 15,066 4,793 2,522 2,689 ,932 3,130 Feb.. 10,276 7,342 1,982 37 915 Feb 15,134 4,822 2,549 2,684 ,928 3,151 Mar.. 10,357 7,407 1,988 39 923 Mar 15,139 4,876 2,597 2,562 ,927 3,177 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 June. 10,945 7,767 2,175 49 954 June 15,834 5,170 2,754 2,588 2,004 3,318 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 t d n a a 9 i l t l t - m A pa o u p b 8 t e o i 1 l r - e s g O p c u o a o t m o p h n 2 d e e e - 4 r r s r m i R o l z e a o a d p n t a e a 1 d i n r i 5 o s 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 c T m n r o o e e t d n n a i - 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 n t t i i s h a a o t n e l i n - r - s s m t 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 ,106 622 489 4,882 1954 8,896 2,096 312 793 3,515 177 2,003 1958 7,577 ,143 610 616 5,208 1955.. 9,924 2 635 367 862 3 717 216 2 127 19591 8,771 ,365 751 728 5,927 1956 10,614 2,843 410 893 3,842 260 2,366 1957 11,103 2,937 427 876 3,953 317 2,593 1959_june. 7,932 ,231 671 656 5,374 1958 11,506 3,156 490 907 3,808 345 2,800 July.. 8,039 ,250 684 667 5,438 19593 12,564 3,542 634 960 3,985 406 3,037 Aug.i 8,237 ,293 702 688 5,554 Sept.. 8,341 ,310 713 701 5,617 1959—June.... 11,387 3,417 574 599 3,494 353 2,950 Oct... 8,430 ,327 724 708 5,671 July..... 11,290 3,407 547 558 3,467 382 2,929 Nov.. 8,549 ,345 732 721 5,751 Aug3. 11,331 3,431 603 562 3,408 395 2,932 Dec.. 8,771 ,365 751 728 5,927 Sept..• • •11,388 3,455 629 606 3,383 401 2,914 Oct.. 11,451 3,466 584 647 3,491 387 2,876 1960—Jan... 8,769 1,361 750 723 5,935 Nov.. 11,656 3,472 645 717 3,506 391 2,925 Feb.. 8,836 1,374 759 730 5,973 Dec.. .. 12,564 3|542 634 960 3,985 406 3,037 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 1,461 806 765 6,181 Feb.. 11,613 3,496 655 686 3,204 415 3,157 June. 9,348 1,490 822 771 6,265 Mar.. 11,514 3,503 719 622 3,070 426 3,174 Apr.. 11,904 3,569 678 657 3,380 414 3,206 May. 12,091 3,573 772 647 3,483 417 3,199 i Includes data for Alaska and Hawaii, beginning with January and June. 12,135 3,623 698 634 3,565 429 3,186 August 1959, respectively. NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and 1 Includes mail-order houses. loan associations, and other lending institutions holding consumer 2 Service station and miscellaneous credit-card accounts and homeinstalment loans. heating-oil accounts. 3 Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

912 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 i t r i 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 June 4,032 4,454 1.509 J.780 1.130 f 171 178 105 1.215 1.306 July 4,159 4,315 1,557 [,720 1,154 1,109 183 197 1,265 1,289 Augi 4,132 4,193 1,538 1,627 1,138 1,123 185 199 1,271 1,244 Sept 4; 172 4,061 1,521 1,515 1,138 1,123 175 191 1,338 ,232 Oct 4,219 4,185 1,622 1,564 [,124 [,198 174 190 [,299 1,233 Nov 4,083 3,928 1,466 1,313 1,133 1,172 171 175 [,313 1,268 Dec 4,046 4,686 1,377 ,293 [,146 1,616 173 166 1,350 1,611 1960 Jan 4,217 3,534 1,535 1,278 1,208 976 165 124 1,309 1,156 Feb. 4,115 3,723 1,560 ,427 1,094 934 175 146 2Rfi 1,216 Mar 4,119 4,201 [,555 .633 [,118 ,062 172 163 l!274 1,343 Apr . . .. 4,437 4,457 1,652 i;«>97 1,240 ,168 178 173 1,367 .419 May 4,209 4,335 ,543 1,664 1,164 153 186 198 1,316 1,320 June 4,202 4,561 1,501 1,738 1,191 ,226 176 191 1,334 1,406 Repayments 1953 27,956 10,879 8,622 1.119 7,336 1954 30 488 11,833 9,145 [,255 8,255 1955 33,649 13,082 9,751 1,315 9,501 1956 37,236 14,576 10,756 1,362 10,542 1957 40,259 15,595 11 545 [,466 11,653 1958 40,921 15,488 11,497 .629 12,307 I9591 43.239 15 715 12 225 1J38 13,561 1959 June 3,542 3,676 1.289 1.342 992 1.020 145 147 1,116 1.167 July 3,636 3,693 1,334 ,363 1,011 ,015 146 147 1,145 1,168 AUK. * 3,635 3,578 1,325 ,318 ,012 993 152 151 1,146 1,116 Sept 3,660 3,609 1,315 ,333 ,045 ,022 147 147 1,153 [,107 Oct 3,697 3,726 [,341 ,375 ,048 ,054 147 150 1,161 1,147 Nov 3,700 3,626 1,311 ,303 ,069 ,019 142 145 1,178 [,159 Dec 3,776 3,927 ,361 ,372 ,066 ,060 144 145 1,205 [,350 I960 Jan 3,824 3,658 ,386 ,300 ,089 ,090 141 137 1,208 1,131 Feb 3,707 3,673 1,338 ,318 [,046 ,066 143 142 1,180 [,147 Mar 3.711 3,961 1,345 ,434 ,042 ,119 144 152 1,180 1,256 Apr 3,904 3,840 ,397 ,355 ,084 ,086 147 143 1,276 1,256 May 3,886 3,860 ,411 ,401 ,099 ,095 150 148 1,226 1,216 June 3,860 3,939 ,384 ,412 ,094 ,112 153 153 1,229 1,262 Change in outstanding credit2 1953 + 3,602 +2,102 +605 +225 +670 1954 +563 -26 -28 4-6 +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 June +490 +778 +220 +438 + 138 + 153 + 33 +48 +99 + 139 July +523 +622 +223 +357 + 143 +94 +37 +50 + 120 + 121 AUK 1 +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 4-240 +210 + 199 +76 -57 +28 + 11 +94 +87 Apr +533 +617 +255 +342 + 156 +82 +31 +30 +91 + 163 May + 323 +475 + 132 +263 +65 +58 +36 +50 +90 + 104 June +342 +622 + 117 +326 +97 + 114 +23 +38 + 105 + 144 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 913 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Sales finance Other financial Total Commercial banks companies institutions Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1953 31,558 12,099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 19561 40,175 14,463 9,600 9,474 6,638 19571 42,545 15,355 10,200 10,495 6,495 19581 40,818 14,860 8,907 10,488 6,563 195912 48,476 17,522 11,007 12,035 7,912 1959_june 4,032 4,454 ,428 1,623 918 1,074 1,002 1,069 684 688 July 4,159 4,315 ,535 1,612 948 1,061 1,018 1,041 658 601 Aug.2 4,132 4,193 ,521 1,530 917 988 ,031 1,021 663 654 Sept 4,172 4,061 ,510 ',473 941 950 ,069 996 652 642 Oct 4,219 4,185 ,521 ,482 992 973 ,053 1,014 653 716 Nov 4,083 3,928 ,440 ,322 900 843 ,068 1,052 675 711 Dec 4,046 4,686 ,424 ,425 860 886 ,096 1,314 666 1,061 1960—Jan. t 4,217 3,534 ,519 ,346 985 802 ,063 912 650 474 Feb.i 4,115 3,723 ,495 ,393 973 860 ,058 996 589 474 Mar.i 4,119 4,201 ,441 ,511 951 967 ,068 1,112 659 611 Apr. i 4,437 4,457 ,512 ,600 1,039 1,008 ,144 1,155 742 694 May 4,209 4,335 ,489 ,584 949 983 ,114 1,120 657 648 June 4,202 4,561 ,460 ,627 917 1,050 ,114 1,171 711 713 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 19591, 2 43,239 15,406 9,623 10,917 7,293 1959—June 3,542 3,676 1,250 ,305 787 813 905 943 600 615 July 3,636 3,693 ',311 ,345 807 819 923 934 595 595 Aug.2 3,635 3,578 ,310 ,299 793 795 920 892 612 592 Sept.... 3,660 3,609 ,312 ,306 804 807 930 892 614 604 Oct 3,697 3,726 ,326 ,329 816 851 935 925 620 621 Nov. 3,700 3,626 ,312 ,286 794 797 943 933 651 610 Dec 3,776 3,927 ,331 ,356 832 858 970 1,092 643 621 1960—Jan. i 3,824 3,658 ,389 ,323 844 779 970 914 621 642 Feb.i 3,707 3,673 ,340 ,325 808 792 953 929 606 627 Mar.i 3,711 3,961 ,321 ,394 821 886 956 1,012 613 669 A M p a r y . 1 3 3 3 , , , 8 8 9 8 6 0 6 0 4 3 3 3 , , , 9 8 8 3 6 4 9 0 0 , , , 3 3 3 7 4 5 9 9 9 , , , 3 3 3 9 8 3 0 9 7 8 8 84 7 6 1 8 2 8 8 8 4 4 4 1 3 9 1 1 , , 9 0 00 3 9 9 5 0 1 1 , , 9 0 0 3 8 1 6 6 2 6 6 65 5 4 1 5 2 6 6 6 4 6 5 2 4 0 June Change in outstanding credit3 1953 + 3,602 + 1,474 + 1,216 +692 +220 1954 +563 -202 +217 +472 +76 1955 +5,390 + 1,805 +2,299 +896 +390 19561 +2,939 + 1,176 +657 +871 +235 19571 +2,286 + 1,066 +473 +822 -75 19581 -103 -63 -833 +478 +315 195912 + 5.402 +2,142 + 1,405 + 1.194 +661 1959_June.. +490 +778 + 178 +318 + 131 +261 +97 + 126 +84 +73 July. . +523 +622 +224 +267 + 141 +242 +95 + 107 +63 +6 Aug. 2. +635 +753 +247 +267 + 145 +214 + 180 + 198 +63 +74 Sept... +512 +452 + 198 + 167 + 137 + 143 + 139 + 104 +38 +38 Oct... +522 +459 + 195 + 153 + 176 + 122 + 118 +89 +33 +95 Nov... +383 +302 + 128 +36 + 106 +46 + 125 + 119 +24 + 101 Dec... +270 +759 +93 +69 +28 +28 + 126 +222 +23 +440 1960—Jan. i.. +393 -124 +251 + 144 + 141 +23 +93 -2 -92 -289 Feb. i. +408 +50 + 155 +68 +205 + 108 + 105 +67 -57 -193 Mar.i. +408 +240 +8 +5 + 130 +81 + 112 + 100 + 158 +54 A M p a r y . . i . . + +3 5 2 3 3 3 + + 4 6 7 17 5 + + 1 1 1 6 0 3 + + 2 1 6 9 3 5 + + 2 8 4 7 1 + + 2 1 4 4 7 0 + + 1 1 0 2 9 4 + + 1 14 34 3 +33 - + 36 6 June.. +342 +622 + 101 +237 +76 +201 + 105 + 135 +49 +60 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

914 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 =100 [Seasonally adjusted] Annual 1959 1960 average Grouping 1958 1959 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June INDUSTRY GROUPINGS Total index 141 159 166 163 157 157 155 156 165 168 166 166 165 167 166 Manufacturing total,• • 139 158 166 163 157 156 154 154 164 168 166 165 164 166 165 Durable 141 165 179 171 159 158 155 156 174 180 178 175 172 174 171 Nondurable 141 155 156 159 159 159 157 157 158 159 157 158 159 162 162 Mining. 120 126 129 123 120 119 120 126 130 128 126 125 '129 '128 126 Utilities 244 268 271 271 269 272 272 274 278 280 282 288 288 '286 290 Durable Manufactures Primary and fabricated metals no 125 151 122 94 92 87 113 145 148 143 139 133 131 126 Primary metals 99 113 150 103 60 58 56 101 145 147 140 135 126 119 111 94 107 148 89 39 38 38 95 148 149 142 136 125 115 104 Fabricated metal products 125 142 152 151 145 144 135 130 143 148 148 145 142 147 148 Structural metal parts 138 150 163 162 150 149 138 136 149 156 155 153 151 156 158 Machinery and related products 166 197 206 209 205 204 202 186 200 212 211 209 206 211 207 140 169 175 177 175 177 175 171 177 180 177 178 175 178 177 Nonelectrical machinery 117 141 148 149 146 148 147 145 147 148 147 147 145 147 148 Electrical machinery 175 212 217 223 222 224 221 213 227 232 227 227 225 228 225 Transportation equipment • 197 229 244 247 237 230 229 184 217 251 250 243 239 '248 237 Motor vehicles and parts 112 148 165 167 155 151 152 92 137 186 184 173 169 '176 176 Aircraft and other equipment 376 390 397 400 400 386 378 378 375 365 366 371 368 '383 346 Instruments and related products 175 209 212 215 215 218 220 220 223 220 218 220 218 222 224 Clay glass and lumber . .. . . .. 124 143 147 151 147 144 143 142 144 143 143 138 143 '143 145 Clay, glass, and stone products 137 159 167 170 165 162 161 159 160 158 159 153 '159 160 164 Lumber and products 110 125 123 129 125 124 123 123 127 127 126 122 126 122 122 Furniture and miscellaneous 126 147 150 153 150 149 150 150 152 153 152 152 154 157 158 Furniture and fixtures 137 164 167 171 167 165 166 168 172 173 171 166 174 177 176 116 133 135 138 136 136 136 135 136 136 136 139 138 140 143 Nondurable Manufactures 117 136 140 142 139 137 136 137 139 138 135 136 137 '140 140 Textile mill products 109 126 132 135 130 127 123 124 124 124 124 123 122 126 128 Apparel products 129 153 156 156 154 154 156 159 160 157 155 158 161 162 161 Leather and products . .. 109 119 121 124 120 117 117 116 118 119 110 111 111 116 Paper and printing . 142 154 153 156 157 158 157 155 158 159 755 157 158 '160 160 Paper and products 155 170 169 175 174 175 175 167 173 176 173 171 173 173 Printing and publishing .. . 133 143 142 145 146 148 146 147 148 148 148 147 148 152 152 Newspapers 126 135 132 139 140 138 137 137 140 139 137 136 139 142 143 188 215 219 223 221 223 218 217 219 222 219 220 '225 '227 233 Chemicals and products 210 240 244 245 246 250 245 245 249 250 248 251 256 '258 264 247 298 306 310 310 315 307 309 313 314 311 317 318 323 Petroleum products 148 158 162 16? 161 159 159 158 153 157 153 154 161 161 165 Rubber and plastics products . . 166 200 205 223 210 209 201 198 203 206 204 201 '201 205 Foods beverages and tobacco 123 128 127 127 130 130 128 129 129 131 129 130 130 '132 131 Foods and beverages . .. 123 128 128 127 131 130 128 129 130 131 130 130 131 132 131 Food manufactures 125 131 131 129 131 131 129 132 133 134 132 133 133 134 134 Beverages 112 117 112 114 126 125 119 116 114 120 117 117 117 122 Tobacco products 121 127 117 134 130 126 130 127 131 130 123 129 133 131 Mining Coal, oil, and gas 117 122 124 120 119 120 121 124 126 124 121 120 '122 '121 120 Coal 68 68 68 58 59 61 63 71 78 75 69 71 72 71 63 Crude oil and natural gas 140 147 150 148 146 146 147 149 149 147 145 143 145 144 145 Oil and gas extraction 138 145 147 146 143 144 145 146 146 145 144 143 '145 '143 145 Crude oil 129 135 139 135 133 134 135 136 135 135 134 133 133 '132 134 Gas and gas liquids 196 211 213 217 214 212 215 215 219 Oil and gas drilling .... . . .. 152 159 159 160 163 162 160 164 164 159 146 136 138 i44 145 Metal, stone, and earth minerals 142 147 160 145 128 118 120 142 152 153 157 159 172 '170 166 Metal mining 114 130 100 66 53 57 94 111 119 131 143 146 142 134 171 190 192 193 189 188 192 196 188 183 175 199 198 200 Utilities 244 270 273 275 274 278 275 275 279 279 280 288 286 284 288 Gas 244 265 266 261 259 259 263 272 283 SUMMARY MARKET GROUPINGS Final products, total 145 162 164 166 166 165 165 162 166 170 167 167 168 171 170 Consumer goods. 140 155 157 158 158 158 157 154 159 164 160 160 162 165 164 165 188 193 196 194 194 194 192 194 195 194 196 194 '198 196 Material! 138 157 167 160 148 149 146 152 165 167 166 164 '163 '163 162 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 915 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 =100 [Without seasonal adjustment] a A v n e n ra u g a e l 1959 1960 Grouping 1958 1959 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June INDUSTRY GROUPINGS Total index 141 159 167 154 156 159 160 157 162 168 169 168 167 166 166 139 158 167 153 154 158 159 156 161 167 168 167 755 755 755 Durable 141 165 180 161 152 157 159 158 174 181 181 179 175 174 172 141 155 156 149 162 163 164 159 151 156 158 158 161 161 162 Mining . . .. . .. .. 120 125 131 119 120 120 122 126 129 128 126 125 r128 r128 128 Utilities 244 268 Durable Manufactures no 125 154 HI 91 94 90 114 142 149 147 144 735 131 727 99 114 156 88 55 56 57 102 141 150 148 143 132 121 113 Iron and steel 94 107 154 77 37 38 40 96 145 152 148 143 129 116 106 125 142 151 145 146 151 139 133 143 146 146 144 142 145 147 Structural metal parts . . . .. 138 150 162 156 148 150 141 140 154 156 154 153 150 154 157 166 197 205 197 189 198 205 189 204 216 277 215 209 270 206 Machinery. 140 169 174 164 168 178 179 173 178 181 182 183 178 r177 111 117 141 149 142 139 145 145 143 148 150 152 153 149 r149 149 Electrical machinery 175 212 214 198 213 233 234 222 226 229 232 231 222 r221 222 197 228 243 238 203 210 231 192 230 262 261 253 245 r247 236 Motor vehicles and parts 112 147 164 158 113 125 155 103 154 199 196 183 174 r176 175 376 390 395 393 391 382 376 376 377 373 374 379 372 r378 344 Instruments and related products 175 209 211 209 212 218 221 222 225 220 220 223 220 221 223 Clay, glass, and lumber 124 143 154 147 156 153 152 142 135 131 136 133 142 146 752 Clay, glass, and stone products 137 159 171 168 171 169 168 160 155 149 151 149 158 163 168 Lumber and products 110 125 136 123 139 136 135 122 111 111 119 115 124 126 135 Furniture and miscellaneous. 126 147 147 145 153 157 158 155 154 149 151 757 150 757 755 137 164 164 164 170 171 174 171 175 170 170 166 170 170 172 Misc manufactures ... . 116 133 133 128 139 144 145 142 137 131 134 138 133 r136 141 Nondurable Manufactures 117 136 137 123 143 136 142 138 125 140 145 142 144 142 735 Textile mill products 109 126 128 118 132 127 131 127 117 127 127 124 127 128 126 Apparel products 129 153 152 134 161 152 162 159 140 160 170 165 171 167 154 109 119 118 110 126 119 118 113 108 121 122 121 112 110 Paper and printing 142 154 153 145 155 160 165 159 152 155 755 757 752 752 757 Paper and products . . 155 170 172 158 176 176 186 170 156 172 177 177 178 174 176 Printing and publishing 133 143 141 137 141 150 152 152 149 144 146 150 151 154 151 Newspapers 126 135 133 121 125 139 148 149 138 128 133 141 148 151 143 Chemical petroleum and rubber products . 188 215 217 207 218 224 222 218 216 223 224 226 r228 r227 237 210 240 243 231 242 251 249 246 244 250 252 257 262 '260 262 247 298 302 292 299 312 310 310 313 314 322 326 325 325 Petroleum products 148 158 162 161 165 163 158 156 157 157 155 153 157 158 165 Rubber and plastics products 166 199 199 187 203 212 211 203 194 216 215 211 r201 r201 123 128 130 129 141 142 139 131 123 123 727 722 725 729 135 123 128 no 130 141 143 138 131 124 123 121 122 125 r\29 134 Food manufactures .. . . 125 131 129 130 143 147 143 137 130 128 125 124 125 128 132 112 117 137 130 134 126 120 106 101 98 102 114 124 134 Tobacco products. 121 127 127 122 139 131 139 127 106 130 124 129 127 135 Mining Coal oil and gas • . • ...•• ... 117 122 123 113 118 119 121 124 128 128 125 725 r122 r119 118 Coal...'. 68 68 71 46 62 64 68 74 76 74 70 71 70 69 66 140 147 147 143 143 144 145 147 152 152 150 146 r145 '142 142 Oil and gas extraction 138 145 145 139 139 141 143 145 150 150 151 148 ••147 r142 141 129 135 136 130 130 132 133 134 138 139 139 137 135 131 131 Oas and cas liauids 196 210 200 199 202 203 209 221 230 Oil and gas drilling 152 159 160 164 168 166 161 162 166 163 145 129 131 ui 146 142 146 180 156 139 129 128 138 137 131 137 141 755 r183 187 Metal mining . . 114 107 161 115 76 62 63 86 89 94 108 117 138 r163 165 171 188 198 200 205 201 198 193 189 171 167 164 195 '202 209 Utilities Electric 244 270 264 273 280 284 267 265 283 297 290 293 281 r269 278 Gas 244 265 SUMMARY MARKET GROUPINGS 145 162 165 159 165 168 170 162 162 169 170 170 169 170 171 140 155 157 150 159 161 165 154 153 162 162 161 162 162 164 Equipment including defense 165 188 195 191 190 193 192 189 194 197 198 200 197 199 198 Materials 138 157 168 150 147 151 150 154 163 167 168 166 164 163 161 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

916 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Seasonally adjusted] p 1 r 9 o 5 - 7 A av n e n ra u g a e l 1959 1960 Grouping portion 1958 1959 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total index. 100.00 93 105 110 108 104 103 102 103 109 111 110 109 109 110 109 Manufacturing, total. 86.49 92 105 110 705 104 704 702 702 709 772 770 770 709 770 110 Durable 49.66 87 102 110 105 98 97 96 96 107 111 109 108 106 107 105 Nondurable 36.83 100 110 111 113 113 113 111 111 112 113 112 112 113 115 116 Mining 8.55 91 95 98 94 91 91 91 96 98 98 96 95 '98 '97 96 Utilities 4.96 105 115 116 116 116 117 117 118 120 120 121 124 124 123 125 Durable Manufactures Primary and fabricated metals. 13.15 95 775 93 71 70 67 86 770 113 709 705 707 700 96 Primary metals 7.73 90 118 81 47 45 44 79 114 115 110 106 I 99 94 87 Iron and steel 6.21 86 119 71 31 30 31 76 119 119 114 109 100 92 83 Fabricated metal products.... 5.42 104 112 111 106 106 99 95 105 109 108 107 104 108 109 Structural metal parts 2.91 101 109 108 100 99 92 91 100 104 104 102 101 104 Machinery and related products..., 28.98 102 705 108 705 705 104 96 103 709 709 108 106 709 707 Machinery 15.31 103 107 108 107 108 107 104 108 110 108 108 107 109 108 Nonelectrical machinery 8.92 99 104 105 103 104 103 102 103 104 103 104 102 104 104 Electrical machinery 6.39 108 110 113 113 113 112 108 115 118 115 115 114 116 114 Transportation equipment 10.76 98 105 106 102 98 98 79 93 108 107 104 102 106 102 Motor vehicles and parts 5.04 100 113 114 106 103 104 63 94 127 126 118 115 120 120 Aircraft and other equipment... 5.50 94 96 96 96 93 91 91 90 88 88 89 89 '92 83 Instruments and related products. 1.66 112 114 115 116 117 118 119 120 118 117 119 117 "120 120 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 97 777 114 118 114 772 777 777 773 772 772 705 772 777 773 Clay, glass, and stone products. 2.92 95 110 116 118 115 112 111 110 111 110 110 106 110 111 114 Lumber and products 1.65 100 113 112 117 114 113 111 112 115 115 115 110 114 111 111 Furniture and miscellaneous. 2.96 96 772 114 775 114 773 114 114 775 775 775 775 777 779 720 Furniture and fixtures 1.48 96 115 117 120 116 115 116 118 120 121 119 116 122 124 123 Misc. manufactures 1.48 95 109 111 113 111 111 111 111 111 112 111 114 113 115 117 Nondurable Manufactures Textile, apparel, and leather products. 7.32 99 775 779 720 777 775 775 775 777 775 114 775 775 779 118 Textile mill products 2.78 98 113 119 121 117 114 111 111 111 |112 111 111 110 113 115 Apparel products 3.44 101 120 122 122 121 121 122 125 126 124 122 124 127 127 127 Leather and products 1.10 97 106 107 111 107 105 104 104 105 106 98 99 99 104 Paper and printing 7.93 99 108 707 709 770 777 770 709 777 777 770 770 770 772 772 Paper and products 3.27 101 111 110 114 113 114 114 109 113 115 113 112 113 113 112 Printing and publishing. 4.66 98 105 104 106 107 108 107 108 109 109 109 108 109 111 112 Newspapers 1.53 96 104 101 106 107 106 105 104 107 106 105 104 106 108 109 Chemical, petroleum, and rubber products. 70.95 99 775 775 777 775 777 775 114 775 775 775 118 Chemicals and products 7.10 100 114 116 117 117 119 117 117 118 119 118 119 122 123 126 Pe I tr n o d l u e s u t m ri a p l r c o h d e u m ct i s cals 3 1 . . 6 9 1 3 9 9 8 9 1 1 1 0 8 5 1 10 2 8 2 1 1 2 0 3 8 1 12 0 3 7 1 1 2 0 5 6 1 10 2 6 2 1 1 2 0 3 5 1 10 2 2 4 1 1 0 2 4 5 1 1 0 2 2 4 1 10 2 3 6 1 1 2 0 6 7 1 1 0 2 7 8 "iio" Rubber and plastics products 1.91 95 114 117 128 120 120 115 113 116 118 117 115 115 117 Foods, beverages, and tobacco. 70.54 702 707 705 705 705 705 705 707 705 709 707 705 709 '770 709 Foods and beverages 9.87 102 106 106 105 108 108 106 107 107 109 107 108 108 109 109 Food manufactures 8.31 102 106 107 105 107 107 105 107 108 109 107 108 108 109 109 Beverages 1.56 102 106 102 103 114 113 108 105 104 109 106 106 106 111 Tobacco products .77 106 112 103 117 111 114 111 115 114 108 113 116 115 Mining Coal, oil, and gas 7.05 92 96 97 94 93 94 95 97 99 97 95 94 95 94 94 Coal 1.30 83 82 83 71 72 74 76 87 94 91 84 86 87 86 11 Crude oil and natural gas. 5.75 94 99 100 99 98 98 99 100 100 99 97 96 '97 r96 97 Oil and gas extraction.. 4.98 94 99 101 100 98 99 99 100 100 100 99 98 100 '98 99 Crude oil 4.33 93 98 101 98 97 97 98 99 98 98 97 96 97 '96 97 Gas and gas liquids.. .65 100 106 108 110 109 107 109 109 111 Oil and gas drilling .77 89 93 93 94 95 95 94 96 96 "93* "85* "80* "hi' "84* "*85" Metal, stone, and earth minerals. 7.50 97 94 702 93 82 76 77 97 95 95 707 702 111 709 707 Metal mining .70 83 11 95 73 48 39 42 68 80 87 95 104 106 103 97 Stone and earth minerals .80 98 108 109 111 111 109 108 110 113 108 106 101 115 114 115 Utilities Electric. 3.76 104 115 117 118 117 119 118 118 119 119 120 123 122 121 123 Gas 1.20 105 114 115 113 111 111 113 117 122 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 917 MARKET GROUPINGS 1957- 100 [Seasonally adjusted] Grouping 1 p p 9 r o o 5 r - 7 - A av n e n r u ag a e l 1959 1960 tion 1958 1959 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total index 100.00 93 105 no 108 104 103 102 103 109 Ill 110 109 109 no 109 Final nroducts total ... 46.75 95 107 108 109 109 109 109 106 109 112 110 no 777 775 772 Consumer goods 31.13 99 110 in 112 112 112 112 109 113 116 113 113 115 117 116 Equipment, including defense 15.62 87 100 102 104 103 103 103 101 102 103 102 104 102 105 104 Materials 53.25 91 104 no 106 98 99 97 100 109 110 109 108 •"108 '108 107 Consumer Goods Automotive products 3.35 83 103 113 116 105 98 105 73 99 127 122 114 777 121 72/ 2.03 71 96 112 113 97 89 98 48 87 134 125 113 116 122 123 Auto parts and allied products 1.32 100 113 115 119 118 114 117 111 117 117 117 116 119 119 118 Home soods and cwDarel.. 9.60 98 116 118 119 118 119 119 120 122 121 116 116 779 727 720 4.40 96 115 117 119 120 121 121 1?1 \2A 123 117 114 117 r121 118 Appliances TV and radios 1.75 94 114 115 119 121 125 124 126 133 130 117 112 115 M20 112 1.26 99 119 118 122 130 130 129 138 143 139 121 114 116 r120 114 TV and home radios .49 83 102 108 112 97 in 113 98 108 106 105 107 114 118 109 1 1 . . 4 1 7 8 9 97 8 1 1 1 1 3 9 1 11 2 5 1 1 1 1 2 7 1 1 1 2 18 1 111281 1 11 2 8 0 1 11 2 4 0 1 1 1 2 6 2 1 11 2 7 2 1 11 1 6 8 1 1 1 1 6 4 1 1 2 1 1 6 r1 1 2 2 3 0 1 17 2 ? 2 Apparel incl knit goods and shoes 5.20 100 116 119 120 117 117 118 119 120 118 116 118 120 122 121 Consumer stavles 18.18 102 108 108 108 no 110 109 no no 112 no 112 775 775 114 Processed foods 8 11 102 106 107 106 107 107 104 107 107 109 107 108 108 109 109 Bevera&es and tobacco 2 32 103 108 102 108 114 112 110 107 107 111 106 108 no 112 Drugs soap and toiletries 2.73 102 111 111 111 112 115 114 114 114 115 114 115 118 M20 121 1.44 99 106 105 106 108 no 108 109 109 no 109 110 112 r113 113 Consumer fuel and lighting .. 3.45 105 113 112 113 113 113 114 116 116 117 117 120 121 119 1 19 98 104 105 104 105 101 100 105 103 104 105 105 108 r105 ios Residential utilities 2 26 108 117 115 117 118 120 121 122 123 123 124 128 128 127 Electricity 1.57 108 118 116 119 120 123 123 123 122 122 122 127 126 124 Gas .69 107 115 Equipment Business equipment 12.16 85 100 103 104 705 103 104 10? 104 106 105 105 104 706 705 Industrial equipment 7.29 82 97 100 101 102 101 101 10?, 104 104 104 104 102 104 f(V? 2.46 88 104 105 107 108 109 111 112 113 114 113 115 115 r117 120 Freight and passenger equipment.. ...... 1.83 89 98 100 105 100 97 97 93 96 106 103 102 101 '104 100 Farm equipment .58 100 115 132 132 109 129 112 106 105 109 97 93 89 89 89 3 46 Materials Durable goods materials 27.81 86 100 112 103 90 91 88 93 107 110 109 707 705 705 702 3.67 77 101 117 111 103 105 95 76 107 121 120 117 110 115 11S 8 10 86 103 108 106 102 101 103 102 106 107 107 106 104 104 97 9.05 95 107 113 113 107 105 102 101 107 109 108 105 109 110 109 Metal materials nee 6 99 B N u on si d n u e r s a s b s le u p m p a li t e e s rials. . 25 8 . . 4 8 4 7 9 9 7 8 1 1 0 0 7 8 1 1 0 0 9 7 1n0o9 1 1 0 1 7 0 1 1 0 1 7 0 1 1 0 0 7 7 1 1 0 0 8 9 H 11 I 2 1 1 1 1 0 1 n 11 o 0 n 10 o 9 rl 1 ll 09 r r 7 1 7 1 7 0 7 1 7 1 5 1 Containers • • • .... 2.91 101 109 108 in 111 110 106 107 113 111 111 109 108 107 108 General business supplies 5.96 97 107 106 109 109 no 107 110 111 111 109 109 r110 »"112 113 Nondurable materials nee 7.05 98 115 118 121 118 117 117 117 119 119 120 120 120 M21 123 Business fuel and power 9.52 94 100 103 99 97 98 98 101 104 103 102 103 r104 r105 106 Mineral fuels 6 29 92 96 97 94 93 94 95 97 99 98 96 96 r99 r100 102 Nonresidential utilities 2.70 102 113 117 116 113 114 113 114 117 117 118 120 120 120 2.19 102 113 117 117 115 116 114 114 117 117 118 120 120 119 General industrial .99 98 no 117 116 109 109 106 106 114 114 116 118 115 114 Atomic energy .08 97 97 97 97 97 97 97 97 95 95 95 96 96 Commercial and other 1.12 105 19187 118 119 120 123 122 122 121 121 121 124 126 125 Gas .51 102 113 117 112 109 109 109 113 118 .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 2 7 3 . . 7 3 5 8 1 9 0 0 2 n n o o 1 1 1 1 0 5 1 11 1 1 8 1 1 1 1 4 2 1 11 1 1 2 1 1 1 1 1 4 1 1 1 0 2 0 1 1 1 1 4 2 1 1 2 1 5 3 1 1 1 1 9 2 1 1 1 1 4 3 1 1 1 1 7 4 '1 1 2 1 1 5 1 1 1 1 9 5 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—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

918 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 = 100 [Without seasonal adjustment] p 19 ro 5 - 7 a A v n e n ra u g a e l 1959 1960 Grouping portion 1958 1959 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total index 100.00 93 105 110 102 103 105 105 104 107 111 111 111 110 110 109 Manufacturing, total 86.49 92 105 111 102 103 105 106 104 707 111 112 111 110 110 770 Durable 49.66 87 102 111 99 93 97 98 97 107 111 112 110 108 107 106 Nondurable 36.83 100 110 111 106 115 116 117 113 107 111 112 113 114 115 115 Mining 8.55 91 95 100 90 92 91 92 96 98 97 96 95 97 97 97 Utilities... 4.96 105 115 Durable Manufactures Primary and fabricated metals 13.15 95 117 85 70 71 68 87 109 113 112 110 104 100 97 Primary metals 7.73 90 122 69 43 44 45 80 111 118 116 112 104 95 89 Iron and steel 6.21 86 123 61 29 30 32 77 116 122 118 114 103 93 85 Fabricated metal products 5.42 104 111 106 107 110 102 97 105 107 107 106 104 106 108 Structural metal parts 2.91 101 108 104 99 100 94 93 103 104 103 102 100 103 105 Machinery and related products. . 28.98 102 106 102 98 102 106 98 106 112 112 111 108 109 707 Machinery 15.31 103 106 100 102 109 109 105 109 110 111 112 108 108 108 Nonelectrical machinery 8.92 99 105 100 98 102 102 100 104 106 107 108 105 105 105 Electrical machinery 6.39 108 108 101 108 118 119 113 115 116 117 117 113 112 112 Transportation equipment 10.76 98 104 102 87 90 99 82 98 112 112 108 105 106 101 Motor vehicles and parts 5.04 100 112 108 77 85 106 70 105 136 134 125 119 120 119 Aircraft and other equipment... 5.50 94 95 95 94 92 91 91 91 90 90 91 90 '91 83 Instruments and related products. 1.66 112 113 112 114 117 119 119 121 119 118 120 118 119 120 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 97 111 120 115 727 779 779 777 705 702 106 104 777 114 779 Clay, glass, and stone products. 2.92 95 110 119 117 119 117 116 111 108 103 105 104 110 113 117 Lumber and products 1.65 100 113 123 112 126 123 122 111 100 101 108 104 112 114 122 Furniture and miscellaneous. 2.96 112 112 110 775 779 720 118 777 775 775 114 114 775 118 Furniture and fixtures 1.48 115 115 115 119 120 122 119 122 119 119 116 119 119 121 Misc. manufactures 1.48 109 109 105 114 118 119 116 112 107 110 113 109 111 115 Nondurable Manufactures Textile, apparel, and leather products 7.32 99 115 116 104 727 775 720 777 106 775 725 720 722 720 775 Textile mill products 2.78 98 113 115 106 118 114 117 114 105 114 114 112 114 115 114 Apparel products 3.44 101 120 119 105 127 119 127 125 110 126 134 130 135 131 121 Leather and products 1.10 97 106 105 98 112 106 105 101 96 107 109 108 100 98 Paper and printing 7.93 99 108 107 101 108 772 775 777 706 70S 770 772 775 775 772 Paper and products 3.27 101 111 112 103 115 115 121 111 102 112 115 115 116 113 115 Printing and publishing. 4.66 98 105 104 100 104 110 111 112 110 106 107 110 111 113 111 Newspapers 1.53 96 104 102 92 96 107 113 114 106 98 102 108 113 116 110 Chemical, petroleum, and rubber products. 10.94 99 113 114 109 115 118 777 775 775 '720 779 Chemicals and products 7.10 100 114 116 110 115 119 119 117 116 119 120 122 125 124 125 Pe I tr n o d l u e s u t m ri a p l r c o h d e u m ct i s cals 3 1 . . 6 9 1 3 9 9 8 9 1 1 0 1 5 8 1 1 0 2 8 0 1 1 0 1 7 6 1 1 1 1 9 0 1 1 0 2 9 4 1 1 2 0 3 5 1 1 2 0 3 4 1 1 0 2 4 4 1 12 0 5 4 1 1 0 2 3 8 1 1 2 0 9 2 1 1 2 0 9 4 1 1 2 0 9 5 iio Rubber and plastics products 1.91 95 114 114 107 117 121 121 116 111 124 123 121 115 Foods, beverages, and tobacco 10.64 102 107 108 707 777 775 775 709 702 702 707 702 704 707 772 Foods and beverages 9.87 102 106 108 107 117 119 115 109 103 101 100 101 104 '107 111 Food manufactures 8.31 102 106 105 105 116 119 116 111 105 104 101 101 102 104 107 Beverages 1.56 102 106 124 118 121 115 109 96 91 89 93 103 113 122 Tobacco products .77 106 112 112 108 122 115 122 111 93 114 109 113 112 119 Mining Coal, oil, and gas 7.05 92 96 96 92 93 95 97 700 700 98 96 95 93 92 Coal 1.30 83 82 86 55 75 78 83 90 92 89 85 87 85 84 80 Crude oil and natural gas. . 5.75 94 99 99 96 96 97 97 99 102 102 101 98 97 95 95 Oil and gas extraction. . . 4.98 94 99 99 95 95 97 98 99 102 103 103 102 101 r97 96 Crude oil 4.33 93 98 99 95 94 96 96 97 100 101 101 99 98 '96 95 Gas and gas liquids. . . .65 100 106 101 101 102 103 106 112 117 Oil and gas drilling .77 89 93 94 96 99 97 94 95 97 85 77 83 86 Metal, stone, and earth minerals. 1.50 91 94 115 100 89 83 82 88 106 777 720 Metal mining .70 83 11 116 83 55 45 46 62 64 100 '118 119 Stone and earth minerals 98 108 114 115 118 116 114 111 109 112 r116 120 Utilities Electric. 3.76 104 115 113 116 120 121 114 113 121 127 124 125 120 115 119 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 919 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] p 19 ro 5 - 7 a A v n e r i l a u g a e l 1959 1960 Grouping portion 1958 1959 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total index 100.00 93 105 no 102 103 105 105 104 107 Ill Ill Ill 110 110 109 Final products, total 46.75 95 707 108 105 109 7i0 112 106 706 111 772 112 777 in 112 31.13 99 110 111 107 113 114 117 109 108 115 115 114 115 115 (16 Equipment including defense 15.62 87 100 103 101 100 102 101 100 103 104 104 106 104 105 105 Materials 53.25 91 104 111 99 97 100 99 102 108 110 111 110 r109 108 107 Consumer Goods Automotive products 3.35 83 103 116 110 77 80 111 76 103 136 133 124 123 124 125 2.03 71 96 114 109 51 53 105 55 98 149 143 129 126 126 127 A uto parts and allied products 1.32 100 113 118 113 118 121 120 107 111 116 118 116 118 120 121 Home goods and apparel 9.60 98 116 116 105 120 122 125 119 112 118 123 122 727 r120 777 Home goods 4.40 96 115 115 105 116 127 129 120 117 115 121 120 118 r117 116 Appliances TV and radios 1.75 94 114 116 95 108 130 131 119 114 116 127 127 120 r117 113 Appliances 1.26 99 119 126 103 108 127 121 116 118 120 136 139 131 r126 122 TV and home radios .49 83 102 91 73 110 139 157 125 102 106 106 96 93 95 92 Furniture and rugs 1.18 98 119 116 115 122 123 126 123 125 120 121 116 120 117 117 1.47 97 113 113 109 120 126 129 121 113 110 114 116 115 118 119 Apparel incl knit goods and shoes .... 5.20 100 116 117 105 124 117 122 118 107 120 125 123 124 122 117 Consumer staples, .... 18.18 102 108 108 707 115 117 114 770 705 709 108 709 770 //7 114 8.11 102 106 105 106 116 120 115 111 105 103 101 100 102 104 108 Beverages and tobacco . ...... . ... 2.32 103 108 120 114 122 115 113 101 92 97 98 107 112 121 2.73 102 111 110 104 114 118 117 116 113 115 114 117 118 118 120 Newspapers magazines and books . 1.44 99 106 104 103 109 113 110 109 109 109 109 112 112 MI2 112 Fuel oil and gasoline. . . 3 1 . . 4 1 5 9 1 9 0 8 5 1 1 1 0 3 4 1 1 0 04 7 1 1 0 03 9 1 1 1 06 3 1 1 1 0 4 3 1 9 0 9 9 1 1 1 04 2 1 10 2 7 0 1 1 2 08 7 1 10 2 5 4 1 10 2 3 3 1 1 1 03 9 r1 1 0 1 3 4 107 Residential utilities 2.26 108 117 Electricity 1.57 108 118 106 112 117 121 113 115 129 141 136 136 126 114 69 107 115 Equipment Business equipment........ 12.16 #5 100 104 102 101 103 103 101 705 707 106 107 106 107 107 Industrial ecj uipment 7.29 82 97 101 100 101 102 102 100 105 104 103 104 103 104 104 Commercial ecj uipment 2.46 88 104 104 103 106 110 112 113 115 115 115 116 115 117 119 Freight and passenger equipment 1.83 89 98 106 103 97 92 93 89 93 104 106 107 107 108 106 Farm equipment .58 100 115 133 116 95 112 111 94 101 112 107 105 100 94 91 Defense equipment ... 3.46 Materials Durable goods materials 27.81 86 100 114 97 88 91 90 94 707 770 770 108 106 705 103 Consumer durable ... 3.67 77 101 no 97 88 101 101 85 115 128 128 121 109 '110 108 Equipment 8.10 86 103 108 101 98 101 102 102 108 109 109 108 104 r103 98 Construction ... 9.05 95 107 118 110 110 110 107 102 103 103 103 102 108 111 114 6-99 25.44 97 107 108 101 707 709 70P 709 108 111 111 112 r112 110 110 8.87 98 108 108 101 110 113 113 110 106 108 109 111 r113 r112 w> Containers . 2.91 101 109 114 105 119 118 114 103 97 105 108 109 111 110 114 General business supplies . 5.96 97 107 105 100 105 111 112 113 110 109 109 112 M13 ni3 112 Nondurable materials n.e.c.. 7.05 98 115 116 109 116 117 120 120 116 121 123 123 123 '122 122 Business fuel and power . . 9.52 94 100 102 95 98 99 98 101 105 105 104 104 102 100 100 Mineral fuels , 6.29 92 96 96 87 91 93 95 97 100 100 99 98 97 94 9^ Nonresidential utilities 2.70 102 113 Electricity 2.19 102 113 117 119 121 121 115 112 iis 117 iis 118 116 116 General industrial .99 98 110 117 112 110 110 109 108 115 118 115 115 Atomic energy ........ .08 97 97 97 97 97 97 97 97 19174 96 19153 95 96 96 Commercial and other 1.12 105 118 119 128 133 133 122 116 118 120 117 119 118 118 Gas .51 102 113 Industrial • • • 33 Commercial and other • 18 Supplementary groups of consumer goods Automotive and home goods.. . 7.75 90 110 115 107 99 107 121 101 111 124 126 122 120 120 120 Apparel and staples 23.38 102 110 110 107 117 117 116 112 108 112 112 112 113 113 115 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—7959 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

920 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 =100, unless otherwise indicated) Industrial production Construction Manucontracts 1 facturing 3 Prices Major market groupings N ri o c n u a l- g- Depart- Major industry tural Freight ment groupings em- car- store Y m e o ar n t o h r Total Final products R d e e s n i - - All ploy- p E lo m y - - Pay- l i o n a g d s - ( s re al t e a s il Con- W s h al o e le- M f t i a u a n c n r g - - u- M in i g n- U iti t e il s - Total g s C o u o o m n d e - s rE m q e u n ip t - M ria a l t s e- tial other total 2 ment rolls value) sumer m c o o d m it - y Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj. Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Ucadj. 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 June . 166 166 129 271 164 157 193 167 162 119 119.8 101.9 174.4 87 r145 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 Sent 157 156 119 272 165 158 194 149 135 100 119.2 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 165 164 130 279 166 159 194 165 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 r129 288 168 162 194 '163 136 118 121.5 100.8 168.8 84 154 126.2 120.0 May 167 166 r128 r286 171 r165 r198 r163 134 118 121.4 100.9 171 5 83 141 126 3 119 7 June 166 165 126 290 170 164 196 162 137 125 121.4 100.3 172.5 77 P145 126.5 119.5 July *>166 *>165 *128 ^292 ^170 ^163 P\97 P162 *>121.5 P99<7 P169.2 73 '150 119.7 « Estimated. » Preliminary. f Revised. were: residential, 271; all other, 266. A description of the old index, Adj. = adjusted for seasonal variation. Unadj. —without seasonal including seasonal adjustments, may be obtained from the Division of adjustment. Research and Statistics. * See note 1. 2 Employees only, excluding personnel in the armed forces. i Indexes beginning with 1956 are based on data for 48 States from 3 Production workers only. F. W. Dodge Corporation, 1957=100. Figures for earlier years are NOTE.—Indexes for employment (excluding Alaska and Hawaii), three-month moving averages, based on value data for 37 States east of payrolls, and prices are compiled by the Bureau of Labor Statistics. the Rocky Mountains, 1947-49 »100; the data for 1956 on this basis CONSTRUCTION CONTRACTS [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Annua1 totals 1959 1960 Type ot ownership and type of construction 1958 1959 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total construction 35,090 36,269 3,659 3,657 3,084 3.058 3,135 2,373 2,224 2,193 2,240 3,046 3,360 3,337 3,472 By P t u y b p l e ic of ownership: n 4?7 11,068 167 1 186 850 840 914 701 711 727 702 1,075 1,067 6 075 1 237 Private ,663 25,201 ,49? ,470 2,218 2,220 1,67? 1,513 1,466 1,537 1,971 312 2 236 By type of construction: 14696 17,150 176? 1690 1,551 1,466 1,515 109? 993 927 988 1 1,480 1 453 Nonresidential 10,948 11,387 1,055 1,191 961 1,006 1,003 801 790 801 698 1J067 048 110 Public works and utilities 9,446 7,732 842 776 571 586 616 480 441 465 554 685 833 774 NOTE.—Beginning in 1958, monthly data exceed annual total and are in policy of accounting for negative adjustments in monthly data after aot 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 921 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates. * Monthly data at seasonally adjusted annual rates. In millions of dollars] Private Public Year or month Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i B u al s u - sin m e C s e s o rc m ia - l P u u ti b li l t i y c O n d r t e t o e i h s a n n l i e - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r 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 2,353 775 5,238 1952 34,670 23,889 12,842 7,500 2,320 1,137 4,043 3,547 10,781 1,387 2,679 790 5,925 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 1,290 3,015 883 6,048 1954 39,362 27,684 15,379 8,531 2,030 2,212 4,289 3,774 11,678 1,003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 ,085 5,491 1956.. 45,779 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,712 1,360 4,395 ,275 5,682 1957.. 47,795 33,778 17,019 12,535 3,557 3,564 5,414 4,224 14,017 1,287 4,892 ,344 6,494 1958 48,903 33,491 18,047 11,076 2,382 3,589 5,105 4,368 15,412 1,402 5,500 ,387 7,123 19592... 56,105 39,848 24,469 11,088 2,106 3,930 5,052 4,291 16,257 1,488 5,916 ,467 7,386 19592__jan 55,525 37,918 23,233 10,519 1,886 3,644 4,989 4,166 17,607 1,542 6,816 ,442 7,807 Feb 54,855 37,738 23,009 10,614 1,887 3,698 5,029 4,115 17,117 1,539 6,252 ,441 ,885 Mar 55,862 38,351 23,606 10,634 1,881 3,680 5,073 4.111 17,511 1,653 6,564 ,433 ,861 Apr 56,719 39,351 24,507 10,738 1,901 3,765 5,072 4; 106 17,368 1,761 6,348 ,433 ,826 May 57,352 40,191 24,996 11,015 1,986 3,986 5,043 4,180 17,161 1,770 6,144 ,437 ,810 June 57,910 40,778 25,204 11,313 2,093 4,095 5,125 4,261 17,132 1,669 6,156 ,459 ,848 July 57,753 41,263 25,415 11,491 2,196 4,159 5,136 4,357 16,490 1,407 6,036 ,484 ,563 Aug 57,327 41,361 25,290 11,589 2,289 4,148 5,152 4.482 15,966 1,422 5,772 ,503 7,269 Sept 55,645 40,474 24,983 11,172 2,184 3,948 5,040 4,319 15,171 1,289 5,532 ,512 6,838 Oct 54,723 39,804 24,507 10,956 2,208 3,876 4,872 4,341 14,919 1,212 5,580 ,452 6,675 Nov 54,266 39,622 24,016 11,184 2,316 3,888 4,980 4,422 14,644 1,327 5,328 ,476 6,513 Dec. 55,367 40,058 23,901 11,652 2,448 4,020 5,184 4,505 15,309 1,433 5,520 ,524 6,832 1960—Jan.... 54,696 39,864 23,244 11,928 2,556 4,140 5,232 4,692 14,832 1,272 5,004 ,536 7,020 Feb 54,900 39,720 22,536 12,396 2,748 4,356 5,292 4,788 15,180 996 5,448 ,536 7.200 Mar 54,444 39,288 22,392 12,120 2,772 4,116 5,232 4,776 15,156 1,512 5,112 ,536 6,996 Apr 54,432 38,988 22,128 12,084 2,772 4,056 5,256 4,776 15,444 1,236 5,304 .536 7,368 Mayp 55,812 39,468 22,608 12,036 2,760 3,960 5,316 4,824 16,344 1,200 6,168 ,512 7,464 Junep 55,596 39,816 22,968 11,964 2,784 3,888 5,292 4,884 15,780 1,032 5,640 ,476 7,632 July'' 55,524 40,008 23,028 12,024 2,868 3,876 5,280 4,956 15,516 924 5,580 ,440 7,572 p Preliminary. and reflects (a) new series on housing starts and on farm construction, and 1 Data for 1951-58 are joint estimates of the Departments of Commerce (b) revisions in some other components to incorporate the latest available and Labor, data. 2 Series beginning 1959 includes Alaska and Hawaii for the first time, NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, and Veterans Administration. In thousands of units] S a e d a j s u o s n t a e l d ly Non- Private Government-underwritten 2 annual rate Metro- 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 s n l p a o re li a t s a n 1 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 ,104 804 300 1,068 933 42 94 36 409 252 157 1954 ,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 211 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 [,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 • ... .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 June . . . . 1 577 1,563 153 103 50 148 121 5 22 6 47 36 u July 1,578 1,546 150 103 47 148 123 6 20 2 45 34 11 Aug 1,450 1,446 142 98 44 138 115 5 19 4 45 35 10 Sept . . 1 509 1,468 140 94 46 136 113 4 19 4 42 32 10 Oct 1.378 1.354 123 89 35 120 97 5 19 3 37 28 9 Nov ,356 ,328 107 74 32 105 85 4 15 2 31 23 8 Dec 451 401 96 67 29 96 77 4 15 1 26 20 6 1960 Jan 366 ,291 00 65 24 87 69 3 15 1 20 16 4 Feb ,367 ,347 90 66 25 88 71 3 14 2 22 18 5 Mar ,112 ,098 93 66 27 90 73 3 14 3 27 22 5 Apr 325 ,306 125 83 43 123 102 4 18 2 33 25 7 May p ,336 ,317 "130 92 38 *>128 102 4 21 *>3 32 25 7 June V ,334 V ,316 P130 84 45 "125 n.a. n.a. n.a. H 34 26 8 n.a. Not available. » Preliminary. 3 New series, including both farm and nonfarm unless otherwise 1 For new series, based on revised definition of metropolitan areas. indicated. Not strictly comparable with nonfarm series developed by 2 Data from Federal Housing Administration and Veterans' Ad- the Bureau of Labor Statistics, for which annual totals are given through ministration represent units started, based on field office reports of first 1959. compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

922 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Year or month i p T n o s o t p t i a u tu l l a t n i t o i o o n n n a - l T l f a o o b r t c o a e r l Total Employed i Unem- l N ab o o t r i n fo t r h c e e U (p n e e m r r m a c e t e n p e n t lo t) y 2 - In nonagri- In ployed Total cultural industries agriculture 1953 115,095 67,362 63,815 61,945 55,390 6,555 1,870 47,732 2.9 1954 116,220 67,818 64,468 60,890 54,395 6,495 3,578 48,401 5.6 1955 117,388 68,896 65,848 62,944 56,225 6,718 2,904 48,492 4.4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4.2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 1959 July 123,422 73,875 71,338 67,594 60,769 6,825 3,744 49,547 5.1 123,549 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 July 125,288 75,215 72,706 68,689 61,805 6,885 4,017 50.074 5.4 11 IInncclluuddeess sseellff--eemmppllooyyeedd,, uunnppaaiidd ffaammiillyy,, aanndd ddoommeessttiicc sseerrvviiccee wwoorrkkeerrss.. NNOOTTEE..——IInnffoorrmmaattiioonn rreellaattiinngg ttoo ppeerrssoonnss 1144 yyeeaarrss ooff aaggee aanndd oovveerr iiss 22 PP er centt off ciiviillii an llba bor ff orce. MMtonhtl hly dtd ata are seasonlallly obtained through interviews of households on a sample basis. Monthly adjusted. data relate to the calendar week that contains the 12th day; annual data 3 Beginning with January 1960, data include Alaska and Hawaii. are averages of monthly figures. Figures for population increased by about 500,000 and total labor force by nearly 300,000, most of which was in nonagricultural employment. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total* M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15,995 111 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 111 2,759 4,062 10,846 2,219 5,916 6,914 1956 51,766 16,903 807 2,929 4,161 11,221 2,308 6,160 7,277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 1958 50,543 15,468 721 2,648 3,903 11,141 2,374 6,395 7,893 1959 51,975 16,168 676 2,767 3,902 11,385 2,425 6,525 8,127 SEASONALLY ADJUSTED 1959 July 52.558 16,580 714 2,800 3,920 11,465 2,426 6,570 8,083 52,023 16,037 633 2,814 3,893 11,529 2,437 6,549 8,131 Sept 52,154 16,141 617 2,776 3,899 11,464 2,452 6,584 8,221 Oct 52,002 16,022 621 2,762 3,900 11,478 2,453 6,549 8,217 Nov 52,253 16,174 657 2,792 3,902 11,452 2,450 6,593 8,233 Dec 52,674 16,436 665 2,800 3,917 11,486 2,450 6,613 8,307 i960 Jan 52,880 16,562 658 2,775 3,941 11,594 2,454 6,606 8,290 Feb 52,972 16,567 669 2,781 3,933 11,627 2,464 6,616 8.315 Mar 52,823 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 May. 53,105 16,540 684 2,783 3,927 11,675 2,469 6,618 8,409 June2* 53,114 16,489 676 2,796 3,926 11,695 2 470 6 646 8 416 Julyp 53,133 16,417 659 2,862 3,904 11,731 2,477 6,688 8,395 WITHOUT SEASONAL ADJUSTMENT 1959 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 1960 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 52,957 16,348 677 2,830 3 924 11,543 2 469 6 717 8 449 June*1 ... 53,284 16,414 679 2,983 3,942 11,620 2,495 6,746 8,405 JulyP 52,910 16,249 656 3,102 3,933 11,586 2,527 6,721 8,136 P Preliminary. month. Proprietors, self-employed persons, domestic servants, unpaid * 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 923 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 July May June*3 July** July May July*> Total. 12,612 12,476 12,405 12,333 12,433 12,292 12,330 12,155 Durable goods 7,275 7,106 7,052 7,000 7,161 7,084 7,057 6,886 Ordnance and accessories.. . 72 73 72 61 72 73 72 61 Lumber and wood products... 615 590 599 597 627 593 620 609 Furniture and fixtures 333 332 336 334 320 324 326 321 Stone, clay, and glass products 469 452 453 460 464 452 455 455 Primary metal industries 1,048 998 969 936 1,038 993 969 927 Febricated metal products 873 841 845 849 847 837 841 824 Machinery except electrical. 1,166 1,148 1,145 1,148 1,149 1,159 1,156 1,131 Electrical machinery 866 864 867 874 836 855 858 843 Transportation equipment. 1,207 1,174 1,127 1,100 1.207 1,174 1,127 1.100 Instruments and related products 226 229 228 229 '221 228 227 '224 Miscellaneous manufacturing industries 400 405 411 412 380 397 405 391 Nondurable goods 5,337 5,370 5,353 5,333 5,272 5,208 5,273 5,269 Food and kindred products. . 1,012 1,035 1,029 1,022 1,062 967 1,013 1,072 Tobacco manufactures 77 79 78 80 67 68 68 70 Textile-mill products 899 867 866 874 872 863 866 848 Apparel and other finished textiles 1,097 1,136 1,132 1,110 1,048 1,079 1,087 1,060 Paper and allied products 454 454 452 448 449 449 452 444 Printing, publishing and allied industries 558 570 570 570 552 567 570 564 Chemicals and allied products 538 550 549 554 527 547 541 543 Products of petroleum and coal 155 154 154 152 158 155 156 155 Rubber products 209 199 198 201 203 198 198 195 Leather and leather products.. 338 326 325 322 335 315 323 319 p 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 I960 1959 1960 July May June** July? July May July May Total. 89.65 91.37 91.60 91.14 40.2 39.9 40.0 39.8 2.23 2.29 2.29 2.29 Durable goods 96.80 98.58 98.98 97.84 40.5 40.4 40.4 40.1 2.39 2.44 2.45 2.44 Ordnance and accessories 105.06 107.79 107.30 107.71 41.2 41.3 40.8 40.8 2.55 2.61 2.63 2.64 Lumber and wood products. . 80.19 81.40 83.43 81.99 40.5 40.1 40.5 39.8 1.98 2.03 2.06 2.06 Furniture and fixtures 74.66 74.19 74.77 74.40 40.8 40.1 40.2 40.0 1.83 1.85 1.86 1.86 Stone, clay, and glass products. 92.13 92.84 93.07 92.80 41.5 40.9 41.0 40.7 2.22 2.27 2.27 2.28 Primary metal industries 108.19 109.70 109.80 109.48 38.5 38.9 38.8 39.1 2.81 2.82 2.83 2.80 Fabricated metal products. 97.17 99.96 99.96 98.98 41.0 40.8 40.8 40.4 2.37 2.45 2.45 2.45 Machinery except electrical 103.25 106.14 105.88 104.45 41.3 41.3 41.2 40.8 2.50 2.57 2.57 2.56 Electrical machinery 89.02 91.37 92.23 91.54 40.1 39.9 40.1 39.8 2.22 2.29 2.30 2.30 Transportation equipment 108.53 111.66 110.97 108.93 40.8 40.9 40.5 39.9 2.66 2.73 2.74 2.73 Instruments and related products 93.71 94.77 95.41 95.58 41.1 40.5 40.6 40.5 2.28 2.34 2.35 2.36 Miscellaneous manufacturing industries.. 75.60 77.41 77.41 77.02 40.0 39.9 39.9 39.7 1.89 1.94 1.94 1.94 Nondurable goods 80.00 81.35 82.16 81.95 39.8 39.3 39.5 39.4 2.01 2.07 2.08 2.08 Food and kindred products 85.48 88.91 88.51 88.94 40.9 40.6 40.6 40.8 2.09 2.19 2.18 2.18 Tobacco manufactures 70.58 68.58 71.89 67.50 40.1 38.1 39.5 37.5 1.76 1.80 1.82 1.80 Textile-mill products 63.83 65.36 65.69 64.31 40.4 40.1 40.3 39.7 1.58 1.63 1.63 1.62 Apparel and other finished textiles.. 55.57 55.90 55.90 55.90 36.8 36.3 36.3 36.3 1.51 1.54 1.54 1.54 Paper and allied products 95.03 96.05 96.67 96.22 43.0 42.5 42.4 42.2 2.21 2.26 2.28 2.28 Printing, publishing and allied indus 103.52 106.37 105.54 106.09 38.2 38.4 38.1 38.3 2.71 2.77 2.77 2.77 Chemicals and allied products 100.28 103.58 105.34 105.41 41.1 41.6 41.8 41.5 2.44 2.49 2.52 2.54 Products of petroleum and coal 118.78 118.03 119.31 120.83 41.1 40.7 41.0 41.1 2.89 2.90 2.91 2.94 Rubber products 107.10 100.04 103.12 103.68 42.5 39.7 40.6 40.5 2.52 2.52 2.54 2.56 Leather and leather products 60.90 59.90 62.37 63.03 38.3 36.3 37.8 38.2 1.59 1.65 1.65 1.65 ^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

924 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h 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 nt - a 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 s a n c n o - SALES i 1952 114 110 104 113 115 122 127 109 116 109 121 129 120 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 128 148 169 125 137 128 146 159 143 1959 144 126 131 139 136 156 181 133 144 134 155 172 156 SEASONALLY ADJUSTED 1959 June 145 124 130 144 139 156 180 135 140 140 155 174 157 July 147 126 134 142 142 157 185 138 145 133 154 174 160 144 121 128 134 137 152 184 134 144 132 153 179 157 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 1960—Jan 146 131 135 146 139 156 180 134 150 134 156 171 156 Feb 142 130 133 143 136 149 175 127 134 135 144 163 158 Mar 138 122 126 134 139 140 162 125 131 123 142 164 157 Apr 154 134 144 151 144 168 192 145 159 147 164 181 159 May 141 125 131 136 139 144 176 132 143 134 150 159 153 June 129 135 144 139 "149 P184 134 Pi 44 138 *>154 170 153 WITHOUT SEASONAL ADJUSTMENT 1959 June 137 118 124 134 131 146 162 130 130 135 147 160 151 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 Apr 150 133 137 153 144 165 194 139 150 139 154 172 153 May . 138 124 127 134 135 143 173 130 144 128 150 159 145 June P137 123 130 134 131 P139 P\66 129 ^134 134 P146 156 147 STOCKS^ 1952 121 117 115 120 115 127 143 112 120 113 130 129 131 1953 131 124 120 129 125 141 155 122 131 123 146 143 140 1954 128 126 117 127 122 138 152 120 125 124 141 140 135 1955 136 132 119 135 124 159 170 127 135 130 152 153 142 1956 148 141 130 148 133 175 195 138 148 142 164 168 156 1957 152 138 138 154 136 178 203 143 150 146 160 174 158 1958 148 136 136 152 129 172 197 139 143 137 153 165 155 1959 156 142 142 159 134 179 210 148 144 143 157 178 167 SEASONALLY ADJUSTED 1959—June 155 142 141 165 131 181 202 147 145 141 154 181 168 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 Sent 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 HI 146 157 181 176 May 161 146 149 164 144 187 223 152 151 150 160 185 167 ^164 148 149 167 150 185 226 152 152 152 P192 WITHOUT SEASONAL ADJUSTMENT 1959—June 148 134 132 154 125 170 192 144 136 133 151 169 163 July 149 132 129 147 127 168 197 146 140 136 150 171 165 AUE 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 163 149 151 167 148 186 225 155 149 150 161 183 166 June P157 139 140 155 142 174 212 149 143 143 P179 v Preliminary. r Revised. c Corrected. For description of the series see the BULLETTN for December 1957, 1 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 925 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Out- Re- New Stocks Period Sales i Stocksi stand- ceipts2 orders 3 Out- plus (total (end ing (total (total Stocks stand- out- Refor of orders1 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 4.4 1 0 1952 397 ,097 435 397 401 2.9 I 2 4 1 J " I953 406 ,163 421 408 401 3.0 l.l 4.1 .0 1954 409 1,140 388 410 412 3.0 I 0 4 0 o 1955 437 1,195 446 444 449 2.9 l.l 4.0 o 1956 454 1,286 470 459 458 3.0 l.l 4.1 .0 1957 459 ,338 461 461 458 3.1 l.l 4.1 0 1958 .... 462 [,323 437 462 464 3.0 1.0 4.1 1.0 1959 485 [,385 510 492 496 3.0 l.l 4.1 1 1 Month: 1959 June '449 r1,303 '606 '572 2.9 1.3 4.3 rQ 8 July 389 1,304 664 394 455 3.4 1.7 5.1 .0 Aug 427 1,380 631 503 470 3.2 1.5 4.7 .2 Sept 472 ,483 627 575 571 3.1 1.3 4.5 .2 Oct 531 S7R 604 626 603 3.0 1 4.1 .2 Nov 578 1^639 521 639 556 2.8 0.9 3.7 Dec 940 1,310 372 611 462 1.4 0.4 1.8 () 7 I960—Jan 384 1,299 459 373 460 3.4 1.2 4.6 0 Feb . 362 1,362 514 425 480 3.8 1.4 5.2 .2 Mar 418 1,468 456 r524 466 3.5 1.1 4 6 3 Apr . . 507 1,473 417 512 473 2 9 0 8 3 7 o May 448 1.461 421 436 440 3.3 0 9 4 2 0 June*7 451 ,381 618 371 568 3.1 .4 4.4 ( P Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and /or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1959, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see the dep 2 a D rt e m ri e v n e t d s f t r o o r m e sa th le e s . reported figures on sales and stocks. BULLETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports excluding Merchandise exports * military-aid shipments2 Merchandise imports3 Period 1958 1959 1960 1958 1959 1960 1958 1959 1960 Jan 1.505 1.400 1,562 1,397 1.286 1,484 1 096 1 154 1 137 Feb ,346 ,280 1,576 1,246 1,183 1,497 956 ,118 1 288 Mar ,555 ,456 1,751 1,440 1,375 1,634 1,071 ,295 1,375 Apr ,530 ,479 1,823 1,408 1,343 1,708 1,057 ,221 1,257 May ,638 ,551 1,792 1,507 ,411 1,698 1.061 264 I 260 June ,408 ,423 1,720 1,309 ,347 1,620 ,031 ,369 1 313 July [ 418 468 1 289 I 353 049 248 Aug . . ,401 ,397 1,287 [,300 950 189 Sept . 361 ,479 1,242 ,399 073 392 Oct 1,607 ,482 1,426 ,398 ,150 202 Nov ... 1,599 ,479 1,410 ,376 086 282 Dec • 1 524 .675 1,389 <569 954 47 R Jan.-June. . 8,982 8,589 10,224 8,307 7,945 9,641 6,272 7,421 7,630 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 ttries into bonded warehouses. and supplies under Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

926 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49=100] Housing Read- Other All Ap- Trans- Med- Per- ing goods Year or month items Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - parel p t o io rt n a- c ic a a re l s c o a n r a e l re t a c i n o re d n a- s a i e c n r e v d s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 • 55.3 41.6 83.6 45 9 1941 62 9 52 2 88.4 55 6 1945 76.9 68.9 90.9 76.3 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111 .8 105.8 126.2 117.2 111.8 107 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 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.0 120.1 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 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 1 1 2 2 4 4. . 9 8 1 1 1 1 9 8 . . 4 3 1 1 2 2 9 9 . . 0 3 1 1 3 3 9 9 . . 8 6 1 12 1 0 9 . . 1 5 1 13 3 3 4 . . 9 0 1 1 0 0 3 4 . . 6 0 1 1 3 3 4 4 . . 6 3 1 1 0 0 8 7. . 5 0 1 14 4 6 6 . . 7 3 1 1 5 5 1 1 . . 0 4 1 13 3 1 1 . . 3 7 1 1 1 1 9 9 . . 1 1 1 13 3 1 0 . . 1 8 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 .6 125.6 117.9 130.4 140.5 121 .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 May 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 June 126.5 120.3 131.3 141.6 124.7 132.3 104.3 137.3 108.9 145.8 156.1 133.2 121.1 132.0 NOTE.—Revised index, reflecting, beginning with January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interi elusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49=100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49=100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - p F u r a c o r t d m s - f e P o s r o s o e d c d s - Total p p T u a a t r a i e n c o p l r x t d e - d e s - l - l H s e p k u a a r i n c i o t d n h t d d e s s e - s , r ,p t l e F o i m a i g r w n u n i h a g a e d e - t l l - r s , , C a p i u a l r h c l n c o a i e e t d d l m s s d - - p R u a r b n u c o e b t d d r s - - p w L u a r b u o n c o e m o t d d r s d - - p p a P u a l a r l n c u o i p e t l d d e s p d - r, M m p u a r e e n c o t t t d d a a s - l l s p c u m a M t e r h i c n o r v i o y t a d n d e s - - - - h F d o h t b o a u u t u o l n h u r r e r l d e s n a e d s e r - i- - e s N r t t m t m a a u r l o l r i u s e l n a n i — c - c - l - - h e b m o b a T r a r a e n f c o d r g v d c s - e e - o . d s n c M e e l o i l s a u - - 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 * 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105 7 125 0 120 2 116 1 126 9 123 0 114 2 118 2 115.7 97 8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108. 1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115 9 124 2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122 2 134.6 126.1 89.6 195g 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 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 Ul.l 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 Fob. 119.3 87.0 105.7 128.7 96.5 112.0 112.0 110.0 145.1 124.9 133.2 155.3 153.9 123.5 138.2 131.7 93 4 Mar 120.0 90.4 107.3 128.6 96.3 111.8 112.3 110.1 145.2 124.5 133.1 154.5 153.9 123 7 138.2 131 7 94 0 Apr 120.0 91.1 106.8 128.7 96.3 112.1 112.2 110.2 145.1 124.3 133.1 154.5 154.0 123.5 138.3 131.7 95 4 May 119.7 90.4 107.3 128.2 96.3 111.2 110.8 110.2 146 7 123.7 r133 4r154 2r153 5 123 2r138 1 131 7 91 1 June 119.5 89.0 107.6 128.2 96.3 110.3 112.3 110.2 146.9 122.6 133.6 153.9 153.4 123.1 138.0 131.7 90.9 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 927 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49=100] 1959 1960 1959 1960 Subgroup Subgroup June Apr. May June June Apr. May June Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce 100.9 111.5 116.9 109.7 Grains 78.2 79.4 77.8 77.5 Paperboard 136.2 135.9 135.9 135.9 Livestock and poultry , 89.5 85.7 85.8 85.1 Converted paper and paperboard 127.6 130.0 130.6 131.1 Plant and animal fibers 101.6 96.3 96.6 96.7 Building paper and board 146.7 145.1 145.1 145.1 Fluid milk 90.0 95.5 r92.7 93.2 Eggs 56.5 80.2 69.6 64.2 Metals and Metal Products: Hay and seeds 78.0 76.3 76.5 74.4 Other farm products 132.8 128.6 128.3 128.0 Iron and steel 171.3 170.5 170.4 169.9 Nonferrous metals 136.1 140.5 140.0 139.4 Processed Foods: Metal containers 152.9 154.8 154.8 153.9 Hardware 173.0 174.0 174.2 174.5 Cereal and bakery products 119.2 120.9 121.2 121.2 Plumbing equipment 130.9 132.1 132.7 131.6 Meats, poultry, and fish 101.9 96.7 r98.5 98.0 Heating equipment 121.7 120.1 120.2 120.2 Dairy products and ice cream 111.9 115.6 114.9 116.0 Fabricated structural metal products. 132.3 135.3 134.9 134.9 Canned, frozen fruits, and vegetables 111.1 105.8 106.3 106.9 Fabricated nonstructural metal Sugar and confectionery 115.6 114.1 114.0 114.0 products 146.1 146.1 Packaged beverage materials 145.2 145.2 145.2 145.2 Other processed foods 95.4 102.8 102.2 103.9 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 143.5 145.6 145.7 Cotton products 91.6 95.0 94.8 94.8 Construction machinery and equip- Wool products 102.2 102.7 102.4 102.1 ment 171.7 174.7 r175.3 175.3 Synthetic textiles 81.5 79.4 79.7 79.6 Metal working machinery 173.7 178.3 179.0 179.8 Silk products 114.2 118.0 118.7 121.6 General purpose machinery and Apparel 99.6 100.7 100.6 100.8 equipment 165.8 167.9 167.8 166.7 Other textile products 75.6 82.5 86.8 85.1 Miscellaneous machinery 149.3 150.1 r150.0 150.0 Electrical machinery and equip- Hides, Skins, and Leather Products : ment 154.0 155.6 -153.9 154.1 Motor vehicles 143.2 141.6 141.6 141.6 Hides and skins 106.7 73.5 r72.9 67.1 Leather 120.1 104.7 103.5 103.0 Furniture and Other Household Dura- Footwear 130.2 133.5 132.5 132.5 bles: Other leather products. 112.0 107.3 106.7 106.3 Household furniture 124.0 124.9 125.0 125.0 Fuel, Power, and Lighting Materials: Commercial furniture 155.1 156.7 156.7 156.7 Floor covering 128.1 130.8 130.8 130.6 Coal 119.8 119.0 -118.7 119.2 Household appliances 105.1 103.1 r102.1 101.8 Coke 170.4 170.4 170.4 170.4 Television, radios, phonographs 92.9 91.7 91.7 91.7 Gas fuels (Jan. 1958 * 100) 106.8 115.6 '111.6 112.4 Other household durable goods , 156.7 157.3 157.4 i 57.5 Electric power (Jan. 1958 = 100) 100.8 101.8 101.7 101.8 Petroleum and products 115.0 115.4 113.6 116.0 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.3 135.3 r132.4 132.4 Concrete ingredients 140.1 142.1 142.1 142.1 Industrial chemicals 123.8 124.4 124.4 124.4 Concrete products 129.7 131.3 131.5 131.3 Preoared paint 128.3 128.3 128.3 128.3 Structural clay products 160.4 161.5 161.7 161.7 Paint materials 101.4 102.9 103.0 103.2 Gypsum products 133.1 133.2 133.2 133.2 Drugs, Pharmaceuticals, cosmetics . . 93.4 94.5 94.8 95.1 Prepared asphalt roofing 113.6 106.6 106.6 106.6 Fats and oils, inedible 58.4 51.7 50.2 47.8 Other nonmetallic minerals 132.5 134.4 134.6 134.6 Mixed fertilizers. ., 108.9 110.2 110.2 110.2 Fertilizer materials.. , 107.6 108.8 108.8 108.8 Tobacco Manufactures and Bottled Other chemicals and products 106.5 106.4 106.4 106.4 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.5 106.5 106.5 Crude rubber 148.7 160.9 169 6 169.6 Other tobacco products 152.8 155.7 155.7 155.7 Tires and tubes 150.0 138.1 138.1 138.1 Alcoholic beverages 121.7 120.6 120.6 120.6 Other rubber products 142.4 144.5 144.5 145.1 Nonalcoholic beverages 171.1 171.1 171.1 171. 1 Lumber and Wood Products: Miscellaneous: Lumber 130.4 125.7 124.9 123.4 Toys, sporting goods, small arms 117.0 118.3 118.3 118.3 Millwork 137.3 136.8 136.9 136.9 Manufactured animal feeds 69.0 75.6 68.0 67.6 Plywood 105.2 96.1 '95.7 95.5 Notions and accessories 97.5 97.2 96.4 96.4 Jewelry, watches, photo equipment.., 108.1 110.5 110.5 110.2 Pulp, Paper, and Allied Products: Other miscellaneous , 132.0 132.1 132.5 1 32.6 Woodpulp 121.2 121.2 121.2 121.2 Wastepaper 115.9 8R.4 S3 2 82.3 Paper 143!3 ! 145 1 145 9 145.9 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

928 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally b a y d j q u u st a e r d t er a s nnual rates Item 1959r I960' 1929 1933 1941 1950 1955 1956 1957 r 1958r 1959 r 1 2 3 4 1 104.4 56.0 125.8 284.6 397.5 419.2 442.8 444.2 482.1 473.1 487.9 481.4 486.4 501.3 Personal consumDtion exDenditures 79.0 46.4 81.9 195.0 256.9 269.9 285.2 293.5 313.8 306.1 313.6 316.0 319.6 323.3 3 9 7 . . 2 7 2 3 2 . . 5 3 4 9 3 . . 7 2 9 3 9 0 . . 8 4 1 3 2 9 4 . . 6 8 1 3 3 8 1 . . 5 4 1 4 3 0 7 . . 4 7 1 3 4 7 2 . . 3 0 1 4 4 3 7 . . 4 6 1 4 4 1 5 . . 6 3 1 4 4 4 7 . . 4 7 1 4 4 4 8 . . 0 0 1 4 4 3 9 . . 5 6 1 4 5 4 0 . . 2 5 Services . 32.1 20.7 29.0 64.9 92.5 100.0 107.1 114.2 122.8 119.2 121.4 124.1 126.6 128.6 Gross nrivate domestic investment 16.2 1.4 18.1 50.0 63.8 67.4 66.1 56.0 72.0 70.9 78.9 67.5 70.8 79.3 New Construction . 8.7 1.4 6.6 24.2 34.9 35.5 36.1 35.4 40.3 39.4 41.3 41.1 39.4 40.8 Residential nonfarm 3.6 .5 3.5 14.1 18.7 17.7 17.0 18.0 22.3 21 9 23 5 22 6 21 3 21 4 Other 5.1 1.0 3.1 10.1 16.2 17.8 19.0 17.4 18.0 17.5 17.8 18.5 18.1 19.3 Producers' durable equipment 5.9 1.6 6.9 18.9 23.1 27.2 28.5 23.1 25.8 23.9 26.1 26.5 26.8 27.1 Change in business inventories 1.7 -1.6 4.5 6.8 5.8 4.7 1.6 -2.5 5.9 7.6 11.5 -.1 4.7 11.4 Nonfarm only 1.8 -1.4 4.0 6.0 5.5 5.1 .8 -3.6 5.4 6.9 11.0 <j 4,3 11.0 Net exnorts of soods and services .8 2.2 1.1 .6 1.1 2.9 4.9 1.2 -1.0 -1.0 -2.2 -.2 -.4 1.2 7.0 2.4 6.0 13.1 19.4 23.1 26.2 22.7 22.9 21 8 22 2 24 0 23 5 25 2 6.3 2.3 4.8 12.5 18.3 20.2 21.3 21.5 23.8 22.8 24.4 24.2 23.9 23.9 Government purchases of goods and services... 8.5 8.0 24.8 39.0 75.6 79.0 86.5 93.5 97.1 97.1 97.7 98.1 96.4 97.5 Federal 1.3 2.0 16.9 19.3 45.3 45.7 49.7 52.6 53.3 53.3 53.7 53.6 52.5 51.8 \ , , j 13.8 14.3 39.1 40.4 44.4 44.8 46.0 45.9 46 4 46.1 45.5 44.9 Other ) 1.3 2.0 \ 3.2 5.2 6.6 5.7 5.7 8.3 7.8 7.9 7.8 8.0 7.5 7.5 Less * Government sales .0 .0 .0 .1 .4 .3 4 5 5 5 5 5 5 5 State and local 7.2 6.0 7.8 19.7 30.3 33.2 36.8 40.8 43.9 43.8 44.0 44.5 43.9 45.7 Addendum: Gross national product in constant (1954> dollars 181.8 126.6 238.1 318.1 392.7 400.9 408.6 401.0 428.0 422.9 434.2 426.3 429.1 440.1 NATIONAL INCOME, BY DISTRIBUTIVE SHARES (Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rate* by quarters Item 1959' 1960 r 1929 1933 1941 1950 1955 1956 1957 r 1958' 1959' National income 87.8 40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 390.9 405.4 399.4 402.8 414.4 Compensation of employees. . 51.1 29.5 64.8 154.2 223.9 242.5 255.5 257.0 277.8 270.4 279.7 279.5 281.6 290.2 Wages and salaries.... 50.4 29.0 62.1 146.4 210.9 227.6 238.5 239.7 258.2 251.4 260.1 259.7 261.5 268.7 Private 45.5 23.9 51.9 124.1 174.9 189.6 198.4 196.4 212.9 206.8 214.9 214.2 215.6 222.1 Military .3 .3 1.9 5.0 9.8 9.7 9.6 9.8 9.9 9.9 9.9 9.9 9.8 9.9 Government civilian. 4.6 4.9 8.3 17.3 26.2 28.4 30.5 33.5 35.4 34.8 35.3 35.7 36.1 36.7 Supplements to wages and salaries .7 .5 2.7 7.8 13.0 14.9 17.0 17.4 19.6 19.0 19.6 19. i 20.1 21.5 Employer contributions for social insurance .1 .1 2.0 4.0 5.8 6.8 7.8 8.0 9.5 9.2 9.6 9.5 9.6 10.8 Other labor income .6 .4 3.8 7.1 8.1 9.1 9.4 10.1 9.8 10.0 10.3 10.5 10.7 .7 Proprietors' income.. . 14.8 5.6 17.4 37.5 42.1 43.7 44.5 46.4 46.5 46.8 46.8 46.1 46.3 46.0 B Fa u r s m iness and professional. 6.0 2 3. . 2 4 160..59 2 1 3 4 . . 5 0 3 1 0 1. .4 3 1 2 1 . . 1 6 3 1 2 1 . . 7 8 3 1 2 4 . . 3 0 3 1 4 1 . . 7 8 3 1 3 3 . . 8 0 3 1 4 2 . . 8 0 3 1 5 1 . . 0 1 3 1 5 1 . .2 3 1 5 0 . . 4 6 Rental income of persons 5.4 2.0 3.5 9.0 10.7 10.9 11.9 12.2 12.4 12.3 12.4 12.4 12.5 12.5 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 43.1 42.0 41.7 37.4 46.6 45.5 50.4 44.9 45.5 48.0 Profits before tax 9.6 .2 17.0 40.6 44.9 44.7 43.2 37.7 47.0 46.4 57.7 45.3 44.8 48.8 Profits tax liability 1.4 .5 7.6 17.9 21.8 21.2 20.9 18.6 23.2 22.9 25.5 22.3 22.1 23.8 Profits after tax 8.3 -.4 9.4 22.8 23.0 23.5 22.3 19.1 23.8 23.5 26.2 22.9 22.7 25.0 Dividends 5.8 2.1 4.5 9.2 11.2 12.1 12.6 12.4 13.4 13.0 13.2 13.6 13.8 13.9 Undistributed profits. 2.4 -2.4 4.9 13.6 11.8 11.3 9.7 6.7 10.5 10.5 12.9 9.3 8.9 11.0 Inventory valuation adjustment. . .5 -2.1 -2.5 -5.0 j n -2.7 -1.5 2 -.5 -.9 -1.3 -.4 .7 Net interest 6.4 5.0 4.5 5.5 10.4 11.7 13.4 14.7 16.4 15.9 16.2 16.5 16.9 17.8 r Revised ment to the Survey of Current Business for 1959) and the Survey of Current NOTE.—For explanation of series see U. S. Income and Output ( a supple- Business, July I960' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 929 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' I960' 1929 1933 1941 1950 1955 1956 1957' 1958 r 1959' Gross national product 104.4 56.0 125.8 284.6 397.5 419.2 442.8 444.2 482.1 473.1 487.9 481.4 486.4 501.3 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 32.0 34.4 37.4 38.1 40.5 39.5 40.2 40.7 41.4 42.2 Indirect business tax and nontax lia- S B t u a b s t i i i l n s it t e y 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 7. . . 0 6 3 7. . . 7 9 11 . . . 5 4 3 23. . 7 8 3 1 2 1 . . . 5 0 9 35 1 . . 7 6 38 1. .2 39 1. .4 8 42 1 . . 6 8 41 1 . . 5 8 - 4 i 2 !o .2| - 4 3 3 1 . . . 0 0 8 ! - 4 2 3 1 . . . 6 5 8 | 44 1 . . 4 8 -.7 -2.4 -.6 -1.7 -1.8 .1 -1.1 I Plus: Subsidies less current surplus of government enterprises -.1 .0 .2 .0 .9 1.0 1.1 .5 .5 Equals: National income 87.8 40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 .81 .7| 399.4 402.8| 414.4 Less: Corporate profits and inventory valua- 390.9 405.4 tion adjustment 10.1 -2.0 14.5 35.7 43.1 42.0 41.7 37.4 46.6 45.5 50.4 44.9 45.5J 48.0 Contributions for social insurance .2 .3 2.8 6.9 11.0 12.6 14.5 14.8 17.3 16.9 17.4 17.4 17.5! 19.9 Excess of wage accruals over disburse- ] ments .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 20.1 24.5 25.2 24.8 25.0 25.0 26. Oi 26.1 Net interest paid by government 1.0 1.2 1.3 4.8 5.4 5.7 6.2 6.2 7.1 6.6 6.9 7.3 7.6 7.8 Dividends 5.8 2.1 4.5 9.2 11.2 12.1 12.6 12.4 13.4 13.0 13.2 13.6 13.8 13.9 Business transfer payments .6 .5 .8 1.5 1.6 1.8 1.8 1.8 1.8 1.8 .7 Equals: Personal income 85.8 96.3 228.5 310.2 332.9 351.4 360.3 383.3j 374.7 384.5 384.8 389.0! 396.2 47.2 Less: Personal tax and nontax payments 2.6 3.3 20.8 35.7 40.0 42.6 42.4 46. 0 45. l\ 46,2 46.3 45.5 j 49.2 1.5 Federal 1.3 .5 2.0 18.2 31.5 35.2 37.3 36.7 39.8i 39.0 40.1 40.0 40.2! 42.6 1.4 1.0 1.3 2.6 4.2 4.8 5.3 5.7 6.0 6.1 6.2 6.3 6.6 State and local 6.2 83.1 45,7 93.0 207.7 274.4 292.9 308 8 317.9 329.6 338.3 338.5 342.4 347.0 Equals: Disposable personal income 337.3j 79.0 46.4 81.9 195.0 256.9 269.9 285.2 293.5 306.1 313.6 316.0 319.6 323.3 Less: Personal consumption expenditures 313.81 4.2 -.6 11.1 12.6 17.5 23.0 23.6 24.4 23.6 24.8 22.5 22.8! 23.7 Equals: Personal saving 23.4 Addendum: Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 273.4 286.9 293.8 296.2 311.1 305.8 313.0; 311.4 313.61 316.3 PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] 1959' 1960' I tern i 1958' 1959' June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June*1 Total personal income. 360.3 383.3 386.8 386.9 383.3 384.3 384.3 388.7 393.9 395.7 395.7 397.0 401.9 404.7 405.8 Wage and salary disbursements... 239.7 258.2 262.1 261.5 258.6 259.0 258.6 260.8 265.0 268.2 268.6 269.3 271. 7\ 273.6 273.9 Commodity-producing industries... 97.9 107.2 110.5 109.3 105.8 106. 105.6 107.0 110.4 112.6 111.9 111.6 112.1 113.3 113.0 Manufacturing only 76.7 84.7 87.6 86.9 83.8 84.3 83.5 84.5 87.6 89.4 89.0 88.8 88.6\ 89.5 89.1 Distributive industries 63.8 68.2 68.9 69.0 69.2 69.1 68.8 69.1 69.4 69.9 70.3 70.8 71.81 72.0 72.2 Service industries 34.7 37.5 37.4 37.8 38.0 38.1 38.5 38.8 39.1 39.4 39.8 40.0 40.5 40.7 41.1 Government 43.2 45.3 45.4 45.4 45.6 45.6 45.7 46.0 46.1 46.3 46.5 46.9 47.3 47.6 47.7 Other labor income 9.4 10. 10.1 10.2 10.3 10.3 10.4 10.5 10.5 10.6 10.7 10.8 10.8 10.9 11.0 Proprietors' income: Business and professional. 32.3 34.7 35.0 35.1 35.0 34.9 35.0 35. 35.2 35.5 35.5 35.4 35.7 36.0 36.1 Farm 14.0 11.8 12.0 12.1 10.7 10.4 10.1 11.2 12.3 11.3 10.4 10.1 11.7 12.1 12.5 Rental income 12.2 12.4 12.4 12.4 12.4 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 Dividends 12.4| 13.4 13.3 13.4 13.6 13.8 13.8 13.8 13.6 13.9 13.9 13.9j 13.9 13.9 13.9 I Personal interest income. 20.8| 23.5 23.2 23.5 23.8 24.0 24.2 24.5 24.8 25.2 25.5 25.9 26.2 26.5 26.8 Transfer payments 26.4 27.0 26.6 26.5 26.7 27.2 27.4 28.2 27.9 27.7 27.7 28.3 28.6 28.4 28.4 Less: Personal contributions for I social insurance 6.8 7.8 7. 7.9 7.8 7.9 7.9 7.9 8.0 9.2 9.1 9.2 9.2| 9.3! 9.3 Nonagricultural income. 342.6 367.6 371.0 371.0 368.9 370.1 370.3 373.5 377.4 380.2 381.2 382 7 385.9 388.2 389.0 Agricultural income 17.8 15.7 15.8 15.9 14.4 14.2 14.0 15.2 16.5 15.5 14.5 14 3 16.1. 16.4 16.8 ' Revised. p Preliminary. ment to the Survey of Current Business for 1959) and the Survey of Current 1 Monthly data are seasonally adjusted totals at annual rates. Business^ July 1960. NOTE.—For explanation of series see U. S. Income and Output (a supple- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 1. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR FIRST QUARTER, I960' [In billions of dollars] Sector C an o s p d n e r c s o u t n f o i m o t r n e - r Farm Nonfinanc c i o a r l N p b o o u r n a s - t i e n e l ss sec C to o r r s porate F G ed o e v r e a r l nment s a e n c S d t t o a l r o t s e c 2 al C b o a m n m ki e n r g c i 3 al ins S ti a t v u F i t n i i n o g a n s n s4 cial s I e n c s t u o r r a s nce5 F n i . n e a .c n . c fi e R s w e e s o c t r t - J o o d r f- se A ct l o l rs a c D n re c is p y - - 7 s i N n a a v v n a e i t d n l s . g tment Transaction category U S U S U U S U S U S U A Gross saving2,9 19.8 .7 1.7 6.3 4.0 -.7 .2 -.1 33.0 114.I 33.0 B Capital consumption 12 11.1 1.1 2.11 6.1 20.3 20.3 C Net saving (A-B) 8.7 -.4 -.4! .2 4^0 -J 12. 12.6 D Gross investment (E+J)2 18.0 1.7 4.3j 4.0 1.2 -.2 30.2 -1.4 8.6 D w E Private capital expenditures (net of sales) *3 15.4 1.1 3.3 8.9| 28.9 28.9 E F Consumer durable goods. . . 10.0 10.0 10.0 F G Nonfarm resident, constr.14. 4.5 — 1 "-A 4.3 4.3 G H Plant and equipment 1.0 5.7! 10.0 10.0 H I Change in inventories15. . . . .1 1.2 3.2 4.5 4.5 I J Net financial invest. (K- L)... 2.5 -1.6 -4.6 4.0 1.1 .3 -.2 1.4 -1.4 -.2 J K Net acquis. of finan. assets.... 4.6 -.4 -2.7 -.4 -7.9 1.9 2.6 .6 K L Net increase in liab.17 2.1 1.2 1.9 -4.4 1.5 -9.0 1.1 2.3 -1.7 .8 L M Gold and Treas. currency 1 8. * M N Dem. dep. and currency19.. -3.0 — 4 -.3 -9A -.3 -.2 -.5 -8.0 -9.1 -1.1 .5 N 0 Fixed-value redeem, claims.. 1.5 -.3 r1.9 -.1 1. 1.6 .1 O P Q R T U Sa i . m v S i e n . g d s s a e v p s i o h n s a g i r t s s e 2 s b * 2 * o 1 nds22 1. . 5 1 2 -.2 1. . 5 3 -.1 - 1 .2 . . 5 2 - 1 .2 . . 5 2 .1 Q R P S Saving through life insur.2 3. 9 .8 S T Saving through pen. funds 2 4. 2.0 .5 1.5 2.0 2.0 T V U Cr F ed e i d t e a r n al d o eq b u li it g y a m tio kt n . s i 2 n 5 s . t . r .. .. 2 4 . . 7 7 2.1 -.4 - - . . 2 2 -.1 - - 4 4 . . 1 1 1.0 - - 6 7 . . 9 9 2. . 2 4 -.7 -.1 .4 -4 2 . . 1 6 -4 2 .1 .6 -.1 .1 U V W State and local obligations. .6 1.0 -.1 1.0 1.0 w X Corp. and foreign bonds.. .5 .4 1.1 1.1 '.2 X Y Corporate stock 4 .5 1.0 1.0 -.1 Y Z I - to 4-family mortgages.. o 3 1 -.4 -.4 1.4 2.3 2.3 Z e c a d b C O B S O e o a t t c h h n n u e e k s r r r u i l t m l m o y o a e o a c n r r n r s t c e s g 2 r n d a s e . i g d e t e 2 i . 6 t s c.27 I * — -.4 . . . 1 2 * S -.4 .3 -1 1 . . 1 1 — 3 -1. . . . 5 1 2 3 . . 3 2 -.1 - - 1 1 . . 5 2 .1 - - 1 2 1 . . 9 . . 6 . 3 1 3 -1 - 1 . . 9 . 6 . 1 3 - - . . 1 1 d b a c e 2.3 f Trade credit 29 1. .8 -.8 f g Proprietors' net invest, in 1.4 h Mi n s o c n . c fi o n r a p n o c r i a a t l e t r b a u n s s i . n 3 0 essl... -1. .2 -.2 1.0 -1 1 . . 5 1 -1. -.7 h g 1 Sector discrepancies (A — D) 3l. 2.0 -1.0 -.2 2.7 2.7 4.3 * Less than $50 million. ** Preliminary. In Tables 3-5, figures for 1959 have been adjusted to eliminate the effect of certain structural changes. NOTE.—U=uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions in order to reflect only transaction flows. Structural changes are (1) the shift of banks in Alaska and of assets; financial sources of funds, net changes in liabilities. Hawaii from the finance n.e.c. sector to the commercial banking sector (2) and the shift of a large mutual For discussion of saving and investment concepts see pp. 831-43 of the BULLETIN for August 1959. sav"in gs bank to t'h e commercial banking sector resul-t i.n g f~r om a -b ank merger earl<y i•n 1959. —The adjust- Descriptions of sectors and of transaction categories are given in notes to tables and in "Technical Notes," ments aDply to the first three quarters and to the annual totals for 1959. pp. 846-59 of the BULLETIN for August 1959. Details may not add to totals because of rounding. For other notes see pp. 931 and 933. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 931 TABLE 2. SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transa o c r t io se n c t c o a r tegory, 1958 r 1959 r 1960 1955 r 1956' 1957 r 1958 r 1959 1 2 3 4 1 2 3 4 A Net national savins2 39.5 41.5 37.9 19.5 36.1 6.5 3.4 5.7 3.8 9.9 10.1 8.4 7.7 12.6 A B Consumer and nonprofit 26.6 29.5 28.5 26.1 30.6 6.9 4.8 8.5 5.8 8.2 7.9 8.4 6.1 8.7 B D C E O F S F C F F t e i a o a n d r r t a m e p e n r o a c a a r l i n a n a d t G d l e o s l n o n e v o c o c e n a t n r o c l f n r o i g s m n r o a p e v n . n c e b t i r 2 a u n l s m i b n e u e n s s t i s s n 2 3 . e 2 . s . s . . . . . . - 1 3 3 2 . . 2 . . 3 5 4 * -2 5 5 2 . . . . 7 9 9 9 * -3 53 3 . . . . 2 3 7 6 * - - 5 83 3 . . . . 0 2 1 5 * - - 14 4 3 1. . . 5 4 . 1 4 * - - - 2 1 3 . . . 5 . 9 2 . 5 7 - - - 1 1 1 . . . 9 . 2 0 . 3 4 - - - 1 5 3 1 . . . 3 . . 7 4 5 3 - - 7 1 4 2 . . . 6 6 . 4 5 2 - \ . A 6 . . 7 9 c - - 1 1 3 1 . . . 8 8 . 4 6 8 - - - 1 2 1 3 1 . . . . 1 2 6 6 3 - - - 4 3 3 . . . 9 1 . 5 9 3 - - 4 1 . . 7 8 . . 0 3 2 C F G E D H Capital consumption^2. 62.3 67.5 73.3 75.2 79.0 18.5 18.7 18.8 19.2 19.3 19.7 19.9 20.2 20.3 H I Consumer and nonprofit 33.9 36.9 40.1 41.6 43.4 10.2 10.3 10.5 10.6 10.7 10.8 10.9 11.0 11.1 I J Consumer durable goods 30.4 33.0 35.8 37.0 38.5 9.1 9.2 9.3 9.4 9.5 9.6 9.7 9 7 9 8 J K Owner-occupied homes 3.1 3.4 3.7 4.0 4.3 1.0 1.0 1.0 1.0 1.0 1.1 1.1 1.1 1.1 K L Plant and equip, (nonprofit).... .5 .5 .6 .6 .6 .1 .1 .2 .2 .2 .2 .2 L NT Farm business 3.7 3.7 3.9 4.0 4.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1 M N Noncorp nonfinan business . .. 7.0 7.5 8.1 7.7 8.2 1.9 1.9 1.9 2 0 2.0 2 0 2.1 2 1 2 1 N O Corporate nonfinancial business.. 17.6 19.3 21.2 21.9 23.3 5.4 5.4 5.5 5.6 5.6 5.8 5.8 6.0 6.1 O p Gross national saving2 101.9 108.9 111.2 94.6 115.2 25.0 22.1 24.6 22.9 29.2 29.7 28.3 27.9 33.0 P Q Consumer and nonprofit 60.5 66.4 68.6 67.7 74.0 17.2 15.2 18.9 16.4 18.9 18.7 19.4 17.1 19.8 Q R Farm and noncorp business 10.7 11.3 12.0 11.7 12.3 1.7 2.0 2.6 5.3 2.5 1.2 1 5 7 0 2 4 R S Corporate nonfinancial business.. 30.1 25.2 26.5 25.4 34.8 2.4 4.4 8.7 9.8 6.7 9.6 9.1 9.3 6.3 S T Federal Government2 .5 5.9 3.6 -8.2 -4.5 3.5 1.3 -5.4 -7.6 .7 1.4 -2.1 -4.5 4.0 T U State and local governments2.... -3.2 -2.7 -3.2 -5.0 -4.4 -.5 -1.2 -1.7 -1.6 -.6 -1.8 -1.2 -.9 -.7 U V Financial sectors . .. 3.3 2.9 3.7 3.1 3.1 .7 .4 1.5 .5 .9 .6 1.6 i 1.3 V W Gross national investment2 103.6 108.0 110.7 93.6 113.7 21.7 21.8 23.2 26.9 26.4 30.1 27.1 30.1 28.6 W X Consumer durable goods 39.6 38.5 40.4 37.3 43.4 8.2 9.0 8.7 11.4 9.4 11.2 10.4 12.4 10.0 X Y Other gross private domestic fixed investment 58.2 62.7 64.6 58.5 66.1 13.1 14.7 15.1 15.7 13.9 17.3 17.7 17.3 14.3 Y Z Consumer and nonprofit 19.3 18.9 18.2 18.3 22.2 4.5 4.0 4.6 5.3 5.2 4.9 5.9 6.2 5.4 Z a Nonfarm residen. constrA*... 16.6 16.1 14.9 14.7 18.5 3.6 3.1 3.6 4.3 4.3 4.1 4.9 5.3 4.5 a b Plant and equip, {nonprofit)... 2.7 2.8 3.3 3.6 3.7 .8 .9 1.0 1.0 .9 .9 1.0 1.0 .9 b Q Farm business 4.2 3.8 4.0 4.4 4.9 1.0 1.3 1.2 1.0 1.1 1.4 1 3 1 0 1 0 c d Noncorp. nonfinan. business14, 10.1 10.2 9.7 9.1 10.8 1.7 2.5 2.5 2.4 2.1 3.3 3.0 2.5 2.1 d e Corp. nonfinan. business14.. .. 24.0 29.1 32.0 25.9 27.4 5.7 6.7 6.5 7.0 5.3 7.4 7.3 7.4 5.7 e f Financial sectors .7 .7 .8 .7 .8 .2 .2 .2 .2 .2 .2 .2 .2 .2 f g Change in inventories 1 -* 5.8 4 7 1.6 -2.5 5.9 .1 -2.0 -.4 — .1 3 6 2.1 _ 2 4 4 5 K h Farm business 3 — 4 g 1 0 c .3 .3 .2 .2 .2 .1 .1 :i h i Noncorp. nonfinan. business... .6 .2 .2 0 .6 .6 2 .1 -.5 1.1 .2 -.1 -.6 1.2 i j Corp. nonfinan. business 4.9 4.9 .6 -3.5 4.8 -.8 -1A -.8 .1 2.4 1.7 - 1 9 3 2 j k Net financial investment16 2.1 4.2 .3 -1.8 .3 .2 -.2 * -.5 -.4 -.8 * -.2 k 1 Consumer and nonprofit 4.7 12.1 14.3 15.8 10.6 6.1 .2 6.1 3.3 4 2 1 8 2 8 2 0 2 5 1 m Net acquis. offinan. assets. .. 25.1 27.4 26.3 27.8 31.3 6.5 3.7 8.6 9.0 7.3 7.9 7.8 8.4 4.6 m n Net increase in liabilities 20.4 15.2 12.0 12.1 20.7 .4 3.6 2.4 5.7 3.1 6.2 5.0 6.4 2.1 n o Farm and noncorp. business... -4.4 -2.5 -1.1 -2.9 -4.5 -1.8 -1.8 -1.5 1.1 -1.9 -3.8 -2.8 4.0 -2.0 o p Net acquis. offinan. assets. .. .5 .5 .8 1.3 — .4 -.2 .5 .3 .8 -.5 .1 - .2 .3 -.4 p q Net increase in liabilities 4.9 3.0 3.5 4.2 4.1 1.6 2.3 1.7 -1.4 1.4 3.9 2.5 -3.7 1.6 q -1.1 -13.4 -8.2 -1.5 -1.6 -5.0 1.1 1.5 -1.5 .8 .5 -1.4 -4.6 r s Net acquis. offinan. assets. .. 16.8 4.3 4.9 6.6 13.4 -6.7 1.2 6.9 5.2 .2 5.6 3.6 4.1 -2.7 s t Net increase in liabilities 19.0 17.7 13.1 8.0 15.0 -1.8 1.3 4.8 3.7 1.7 4.8 3.1 5.4 1.9 t u Federal Government .5 5.9 3.6 -8.2 -4.5 3.5 1.3 -5.4 -7.6 .7 1.4 -2.1 -4.5 4.0 u v Net acquis. offinan. assets. .. 1.0 1.6 3.2 1.6 6.3 1.3 3.9 -4.4 .7 .2 4.3 2.6 -.8 - .4 v w Net increase in liabilities -4.3 - .4 9.7 10.8 -2.2 2.6 1.0 8.3 r 2.9 4.7 3.7 -4.4 w y x Sta N te e t a a n c d q u lo is c . a o l f g fi o n v a e n r . n m as e s n e t t s s . . . . . . -1 2 .6 .2 -1 2 .1 .6 -3 3 . . 2 3 -5 2 . . 2 5 -3 3 . . 9 1 -1 1 . . 3 1 - 1 .9 .3 -1 - . . 1 9 - 1 .3 .0 -x'.e -1.2 .7 -1.3 .9 1. . 2 3 -.8 • 7 x y z Net increase in liabilities 4.8 4.8 6.5 7.7 6.9 2.4 2.1 1.9 1.3 .2 1.9 2.3 .9 1.5 z aa Financial sectors 3.5 2.7 3.0 4.5 3.7 .6 1.3 2.5 .1 1.8 .6 1.1 -.5 2.0 aa bb Net acquis. offinan. assets. .. 27.0 22.5 23.9 36.2 29.2 2.8 16.1 1.9 15.4 1.4 10.1 8.5 10.3 -2.9 bb cc Net increase in liabilities 23.4 19.8 20.9 31.7 25.5 2.2 14.9 -.7 15.3 .2 9.5 6.3 10.9 -4.9 cc dd Financial trans, discrep .5 -.5 -2.6 -1.1 -1.6 -1.8 .1 -1.3 .7 -1.1 .1 * A -1.4 dd -1.8 ee Discreoancv fP—W) 31 — 1 8 9 5 I 0 1 5 3.4 7 1.4 -4.0 2.8 — 3 1 7 -1.1 4.3 ee 1 1 • Less than $50 million. p Preliminary. r Revised. for August 1959. For other notes see below and second page following. NOTE.—Descriptions of sectors and of transaction categories are given Back data available in Flow-of-Funds Supplements. in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN Notes to Tables 7, 2, 3, and 5. 9 For content of sector saving, see Tables 1 and 4 and pp. 833 and 849 1 Net saving of, and consumer investment in, unincorporated business of the BULLETIN for August 1959. discussed on p. 838 of the BULLETIN for August 1959. See note 32, p. 933. 1 ° Rest-of-world surplus on current transactions with United States. 2 For govt. sectors, saving is excess of all nonfinancial receipts over all 1! Discrepancy between total nonfinancial sources and uses of funds nonfinancial outlays; investment, changes in financial assets and liabilities (Line A minus line E in "all sectors" column). only. Govt. current outlays include, and govt. (and national) invest- 12 Depreciation, accidental damage to fixed capital, and capital outlays ment excludes, govt. purchases of tangible assets. charged to current account. Annual data in Table 2 are from Dept. of 3 Consolidated account for rronetary authorities (Federal Reserve Commerce national income accounts except for F. R. estimates of de- System, ESF, and Treasury currency accounts) and commercial banks preciation on consumer durable goods. Depreciation on latter item in United States (excluding territories and possessions). and on farm assets at current cost; other depreciation, in general, at 4 Mutual savings banks, savings and loan assns., and credit unions. original cost. Line H in Table 2 includes amounts for financial sectors 5 Life and nonlife insurance ccrrpanies and private pension plans. not shown separately. 6 Finance companies, open-end investment companies, security brokers 13 Transactions in land excluded from sector investment for statistical and dealers, banks in U. S. territories and possessions, and U. S. agencies reasons. Such transactions, when recorded as capital flows, affect of foreign banks. sector allocation of investment but not the national total. i For discussion, see p. 857 of the BULLETIN for August 1959. 14 For consumers, 1- to 4-family dwellings completed and purchases of 8 Totals for domestic sectors; financial entries are net uses plus items additions and alterations. Investment of nonfarm business sectors in discrepancy column. For comparison with national saving and in- includes work in process on 1- to 4-family dwellings and other private vestment in national inccire accounts of Dept. of Commerce, see p. 842 residential construction. of the BULLETIN for August 1959. For other notes to Tables 1-3 see second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

932 FLOW OF FUNDS/SAVING TABLE 3. SUMMARY OF PRINCIPAL FINANCIAL FLOWS ^ [In billions of dollars] Quarterly totals Annual totals Transa o c r t io se n c t c o a r tegory, 1958 r 1959' 1960 1955 r 1956 r 1957 r 1958*- 1959 1 2 3 4 1 2 3 4 1* I. Demand deposits and currency A Net increase in commercial bkg. system liability19 2.3 1.7 -.8 5.8 1.1 -5.2 6.4 -3.4 8.0 -7.0 2.1 2.1 3.8 -9.1 A B Net increase in assets, by sector .8 1.7 6.5 1.7 -3.3 5.7 2 5 6.6 5 3 1 9 2 0 3 1 8 0 B 1 1 5 3 6 5 0 1 0 1 5 -1.2 -.4 C D Other domestic sectors 1 5 1.7 3 6.4 9 -4.4 1.9 2.7 6 3 — 4 9 1 0 4 4 7 1 D — 8 1 0 — .9 2.5 9 -1 4 2 3 2 3 9 .8 1.6 -3.0 E F Farm and noncoroorate bus 1 1 3 •5 2 2 p G Corporate nonfinancial bus.... 1.0 .1 1.7 -3.1 1.0 2.5 -2.9 1.5 -•2 1.8 -3.4 G H State and local government.... .4 '"".2 3 .6 .6 J 5 3 H I Financial sectors .6 . 1 .3 .7 * .A ":? .6 -.4 I J Rest of the world 1.4 * A -1.4 .2 * — .6 1 -1 __ .9 3 -\\ 9 1 4 -A -.1 - - 1 . . 5 1 K J II. Fixed-value redeemable claims 8.4 8.9 10.1 16.1 7.6 5.5 5.0 2.5 3.1 2.3 3.0 8 1 6 1 6 A B Time deposits 2 9 3 6 6 8 10 1 2 2 4 3 3 1 1 6 9 1.1 1.2 * -.1 .2 B C Savings shares 5.3 5.4 5.2 6.5 7.2 1.3 1.8 1.0 2.3 1.4 2.3 2.3 1.5 C D U.S. savings bonds22 —. 1 — 1.9 — 1.8 —. 1 — .1 -.2 D H E G F Ne F S C t a e o i v d n m i e c n m r r g a e s e l a r s i c G e n i o a s in t l v i t e b l u r i a a t n n i b m o k . n , e i s n n b g t y sector34 7 8 1 . . . 1 4 3 * 7 2 9 J . .3 0 2 - 1 2 6 5 0 . . . 2 . 9 5 1 1 — 8 8 6 . . . 9 0 2 .7 -2 7 8 1 .0 . . . 6 2 4 5 23. . .* 5 16 — 2 5 2 . . . . 4 0 8 A. 2 1 . . 5 5 3 2 .1 9 2 2. . . 3 0 6 - 3 2 .6 . . 0 6 9 \A .8 - 1 .6 .6 - 1 1 .2 . . 6 8 • F H G E 2.4 I Net increase in assets, by sector34... 8.4 8.9 10.1 16.1 7.6 5.5 5.0 2.5 3.1 2.3 3.0 .8 1.6 I J K C O o th n e s r u m do e m r e a s n t d ic n s o e n c p to ro rs f 3 it 5 - 8 .1 .7 9.0 9. . 8 4 1 1 3 . . 7 5 -1 9 .0 .6 3 1 . . 3 2 3 1. . 3 7 3.0 3.5 2.2 * 3 5 1 7 2 1 .6 1 15 2 K J L Rest of the world (time deposits). i -.1 * .9 -1.0 1.0 * -.1 * .1 -.4 -.3 -.3 -.1 L III. Saving through life insurance and pension funds A Net increase bv tvDe 8.4 9.3 9.0 10.3 11.6 2.6 2.3 2.6 2.8 2.9 3.2 2.5 3.1 2.9 A B Life insurance 3.2 3.8 2.8 3.4 3.7 .7 .8 1.0 1.0 9 1 2 8 9 .9 B C Pension funds 5.1 5.6 6.1 6.9 7.9 1.9 1.5 1.7 1 8 2 0 2 0 1 7 2 1 2 0 C D Net increase in liab., by sector34, 36. 8.4 9.3 9.0 10.3 11.6 2.6 2.3 2.6 2.8 2.9 3.2 2.5 3.1 2.9 D E F S F t e a d t e e ra a l n d G o lo v c e a r l n m go e v n e t rnment 1. . 2 6 1 1 . .4 0 1. . 6 6 1 1. 7 0 1 1. . 8 0 .4 .4 4 .4 4 1 4 c 3 c 2 5 E F G Life insurance companies 4.6 4.8 4.3 4.7 5.6 1.0 1.1 1.3 1.5 1 3 1 6 1 2 1 6 1 3 G H Private noninsured pension plans. 2.0 2.1 2.6 2.8 3.2 1.0 A .6 .8 1.0 .8 c 9 1 0 H IV. Credit and equity market instruments A Net increase, by type 44.0 30.7 36.7 46.2 61.5 3.1 13.4 7.0 22.7 7.3 18.7 18.3 17.2 2.6 A C B Fe S d h er o a r l t - o te b r l m ig a d ti i o re n c s t3 7 -7.1 .8 -5 7 .6 .4 5 1 . . 5 1 -1 9 .2 .0 1 5 1 . . 5 3 - -2 1 .9 2 -4 2 .3 .5 1 1 . . 1 2 7 3 .8 6 -4.6 * 4 2 . 7 0 5 .7 3 4 4 .7 0 -7 4 . 4 1 C B D Other 7.9 -13.0 -4.4 10.2 5.8 -.3 6.8 -.1 3.8 4.6 -2.7 4.6 -.7 3.3 D E State and local obligations 3.5 3.2 4.7 5.7 4.9 1.9 1.6 1.3 .8 1.3 1.4 1 8 4 1 0 E F Corporate and foreign bonds 4.0 5.0 7.5 6.8 4.7 2.4 1.4 1.3 1.6 1.1 1 0 1 1 1 5 1 1 F G Corporate stock 3.0 3.8 4.0 4.2 4.4 .7 1.4 .9 1.1 1 2 1 2 7 1 2 1 0 G H 1- to 4-family mortgages 12.6 10.8 8.6 10.1 13.3 1.5 2.4 3.0 3.2 2.9 3.8 3.7 3.0 2.3 H I Other mortgages 3.6 3.8 3.5 5.2 5.8 1.0 1.3 1.3 1.6 1 2 1 7 1 5 1 4 1 1 I J Consumer credit 6.4 3.6 2.8 .3 6.3 -2 3 .6 1 9 — 7 2 6 1 7 2 7 — 9 J K. Security credit 1.0 — .6 — .3 1 7 1 3 1.8 -1 4 1 i — 2 3 5 1 6 K L Bank loans nee 8.0 5.9 2.3 1.3 7.9 -1.8 .6 -.2 2.7 -.4 3.6 2.8 1.9 .3 L M Other loans 1.1 .9 2.6 2 0 2.8 1 4 2 — 3 1 0 9 1 3 5 2 3 M N Funds raised by sector3 4 44.1 31.2 36.9 46.2 61.4 3.1 13.4 7.0 22.7 7.3 18.7 18.3 17.1 2.6 N O Consumer and nonprofit 20.3 15.1 11.8 12.0 20.6 .4 3.6 2.4 5.6 3.0 6.2 5.0 6.4 2.1 O P Q N Fa o r n m c o b r u p s o i r n a e t s e s nonfinancial bus... 2 1 . . 9 2 2. . 0 9 1 1 . . 1 1 2 1 . . 3 5 4 2 . . 8 0 -.9 .4 .9 5 .2 2.8 * .7 A 2 1 . 5 1 1.6 3 _ 1 .1 2 .5 5 Q P R Corporate nonfinancial business.. 10.1 13.0 13.1 11.8 11.6 3.0 2.6 3.1 3.1 1.9 3.8 2.9 2.9 2.6 R S Federal Government -5.4 1.0 9.3 10.7 -2.0 2.2 1.1 7.9 -.2 1.7 5.2 4.1 -4.1 S T State and local government 3.3 4.9 5.9 5.1 2.0 1.7 1.4 .8 1.3 1.5 1.8 .5 1.0 T U Financial sectors 5!9 1.2 2.4 1.2 5.7 -.4 1.4 -1.7 1.8 .7 1 5 1 2 2 3 — 4 U V Rest of the world .3 1.0 1.4 2.3 .8 .5 6 .5 6 2 4 3 * .3 V W Funds advanced, by sector34 44.0 30.7 36.7 46.2 61.5 3.1 13.4 7.0 22.7 7.3 18.7 18.3 17.2 2.6 W X Consumer and nonprofit 8.0 7.7 7.6 5.2 15.3 2.9 -.6 1.5 1.4 4.5 3.4 4.3 3.2 4.7 X e f c d g h Y Z b i j a k F S I S R F C F C n i a t e a e o o n a s v C I d r s m r u a t V m i t e p e o n n r L S m t r o a m o g o c a a e o a n r f s e n e l n c m o a n c e r u t d i n t G d e c t h n e e n r a s i e i r l o s r 3 e a n t s o c n y t i l v e e w o i e i ^ c o t e a c s b n a a . u n o l r t l . u a c o t n f . r . . i b i n t o l r g m o n h d a k r o n a o p n e i v s n r n n . k e i c g t s t b r i i n a u e s l m s s y i s n e b t n e u e . t s m s s iness.. -7 1 — . 4 5 5 8 8 2 5 1 1 1 0 . . . . . . . . . . . 1 1 1 0 0 8 9 3 5 0 2 3 - -3 3 4 . 7 4 8 2 8 1 1 1 5 . . . . . . . . . 8 . . 0 5 3 8 3 0 1 6 3 3 - 3 7 4 5 2 2 2 1 8 . . 8 . . . . . . . . . . . 8 3 5 3 1 2 3 4 6 2 9 6 1 1 1 - 4 9 2 2 4 0 8 7 1 1 .1 . . . . . . . . . . . 4 9 9 0 2 5 0 4 4 7 6 * -7 1 1 . 2 9 4 5 5 5 3 2 3 0 2 . . . . . . . . . . . . 8 9 5 3 5 5 6 8 1 6 4 3 - - -1 - - - 2 1 - . 2 1 1 . 7 . . . . . 5 5 6 5 . . . 4 2 . . 2 7 3 7 1 - 1 2 - 9 6 2 2 1 1 1 0 . . . . 6 . . 5 . . . . . . 5 5 0 4 6 8 7 3 8 2 * - - 1 - - - - 1 . 2 2 1 1 . 2 . . . . 1 6 2 4 . . . . 9 . . . 0 9 3 3 5 2 8 6 4 4 8 2 2 2 1 1 . . . . . . . . . . . . . 9 6 7 0 1 5 4 2 4 3 9 5 5 - - - 4 4 5 - - - . . 2 2 1 . . . . 2 3 9 3 5 4 . . . . . . . 5 7 0 7 6 9 2 -1. 5 4 2 3 3 1 1 1 7 . . . . . . . . . . . . 3 6 2 2 6 7 2 0 6 9 3 5 - - . 3 2 2 3 3 1 1 1 1 . 8 1 . . . . . . . . . . . 6 1 0 8 5 0 2 3 3 8 5 - 3 2 2 3 3 1 1 . ^ . . . . . . . . . 8 . 0 6 6 9 5 7 5 5 7 4 4 - - - - 5 3 9 7 - - - . . 2 2 1 . . . . . 7 6 1 4 2 9 2 . . . . . . 8 2 3 4 4 8 Y Z a k e h g c d b f i j * Less than $50 million. Preliminary. r Revised. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 933 Notes to Tables 1, 2, 3, and 5 (cont.). 2 6 Loans from banks for purchasing or carrying securities and cus- 15 After inventory valuation adjustment. tomer debit and net free credit balances on books of security brokers 16 Financial component of national investment equals net lending to and dealers. rest of world; financial flows among domestic sectors cancel out in national 27 Mainly commercial, industrial, and agricultural loans (other than total. (Discrepancies in financial transactions attributed entirely to open market paper and CCC-guaranteed loans); includes loans to foreign domestic transactions.) Differs from U. S. "net foreign investment" banks, loans to individuals (other than consumer credit), and other loans. (net exports minus net unilateral transfers in national income accounts) Gross of valuation reserves. Loans to domestic commercial banks by discrepancy in rest-of-world account, which equals "errors and excluded in consolidated banking statement. omissions" in Dept. of Commerce balance-of-payments statement for 2 8 Mainly Federal Government loans (other than mortgages), CCCthe United States. guaranteed loans, open market paper, finance company loans to business, 17 "Liabilities" cover equity as well as debt claims. and policy loans on life insurance. 18 For description, see p. 852 of the BULLETIN for August 1959. 2 9 Trade debt net of trade credit. 19 Demand deposit liabilities of banking system are net of F. R. float 3 0 For coverage, see p. 856 of the BULLETIN for August 1959. See also and cash items in process of collection as reported by commercial banks. notes for this category in individual sector statements in Table 4. Sum of sector holdings (partly on holder-record basis) differs from 3! Saving and investment are equal in concept but may differ statistically liability total mainly because of mail float (checks in transit from drawers because of discrepancies. See p. 857 of the BULLETIN for August 1959. to drawees). See Table 4 (G), lines Y-a, for sector allocation of demand 3 2 Annual figures for farm sector are retained earnings of corporate deposit and currency liability on a net bank-record basis. For further farms; farm and nonfarm unincorporated businesses shown as having discussion, see p. 853 of the BULLETIN for August 1959. zero annual net saving. Quarterly figures for both sectors include 2 o At commercial and mutual savings banks and Postal Savings System. seasonal net saving. See p. 838 of the BULLETIN for August 1959. 2! Shares in savings and loan associations and credit unions. 3 3 Data for excluded categories—trade credit, proprietors' net invest- 22 Consumer-held only; includes net interest accruals. Savings bonds ment, gold, Treasury currency, and misc.—appear in Tables 1 and 4 and held by other sectors included in Federal obligations category. Supplement No. 2. 2 3 Private and Federal Government life insurance. Estimated as equal 34 For sector transactions in specific instruments, see Tables 1 and 4. to changes in reserves against life insurance policies and supplementary 3 5 Mainly time deposits of State and local governments, corporate contracts and in policy dividend accumulations. businesses, and savings institutions. 2 4 Private pension plans and railroad and govt. employee retirement 3 6 Includes life insurance issued by fraternal orders not shown sepafunds. Estimated as equal to changes in reserves of pension plans ad- rately. All assets in these categories are treated as consumer holdings. ministered by life insurance companies and in assets of other private 37 Marketable issues maturing within one year and, prior to 1956, plans and of railroad and govt. employee retirement funds. savings notes. 2 5 Excludes Federal debt held by Federal agencies, consumer-held 3 8 Excludes loans to domestic commercial banks. Consists of mortsavings bonds, special notes issued to IMF, and currency items in public gages, consumer credit, security credit, other loans, and bank loans, n.e.c. debt; includes Federal agency debt and accrued interest on Treasury bills Gross of valuation reserves. and on savings bonds (other than consumer-held). NOTE.—Back data available in Flow-of-Funds Supplements. TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS [In billions of dollars] Quarterly totals Annual totals Category 1958 r 1959r I960 1955r 1956r 1957r 1958r 1959 (A) Consumer and nonprofit organization sector A Current receipts 291.9 314.2 331.4 338.8 361.5 81.9 83.1 86.1 87.8 87.0 90.2 91.1 93.3 92.1 A B Income receipts * 273.4 293.5 307.3 310.2 331.8 74.8 75.8 78.8 80.8 79.6 82.8 83.8 85.7 84.3 B C Transfer receipts2 18.6 20.7 24.0 28.7 29.7 7.1 7.3 7.3 7.0 7.4 7.4 7.3 7.6 7.9 C D Income taxes and other deductions.. 38.3 42.9 46.2 45.9 50.1 12.1 12.5 11.5 9.8 12.6 14.0 12.7 10.9 13.9 D E Taxes less tax refunds3 33.1 37.0 39.4 38.9 42.1 10.1 10.5 9.9 8.4 10.3 11.7 10.8 9.3 11.2 E F Pension and OASI deductions4... 5.2 5.9 6.8 7.0 8.0 2.0 2.0 1.6 1.4 2.3 2.3 1.9 1.5 2.7 F G Cur. receipts after deduct. (A - D).. 253.6 271.2 285.2 293.0 311.4 69.8 70.6 74.5 78.0 74.4 76.2 78.3 82.4 78.2 G H Cur. expend, for goods and serv.5. . 198.3 211.2 222.9 232.9 246.4 54.6 57.1 57.5 63.7 57.9 60.1 60.8 67.6 60.9 H I Net life insurance premiums 6 2.8 2.7 2.8 2.5 2.6 .6 .5 .7 .7 .6 .6 .7 .7 .5 I J Current surplus (G—H —I) 52.5 57.3 59.5 57.6 62.4 14.6 13.0 16.3 13.7 16.0 15.5 16.9 14. 16.8 J K Insurance and retirement credits7... 8.0 9.1 9.1 10.1 11.6 2.6 2.2 2.6 2.7 2.9 3.2 2.5 3.0 2.9 K L Capital consumption 8 33.9 36.9 40.1 41.6 43.4 10.2 10.3 10.5 10.6 10.7 10.8 10.9 11.0 11.1 L M Net saving (J+K-L) 26.6 29.5 28.5 26.1 30.6 6.9 4.8 8.5 5.8 8.2 7.9 8.4 6.1 8.7 M N Gross saving (L-fM) 60.5 66.4 68.6 67.7 74.0 17.2 15.2 18.9 16.4 18.9 18.7 19.4 17.1 19.8 N 0 Gross investment (P+T) 63.6 69.6 72.8 71.4 76.2 18.8 13.2 19.4 20.0 18.8 17.9 19.1 20.6 18.0 O P Capital expend, (net of sales)... 58.9 57.4 58.5 55.6 65.6 12.7 13.0 13.3 16.6 14.6 16.1 16.3 18.7 15.4 P Q Residential construction 16.6 16.1 14.9 14.7 18.5 3.6 3.1 3.6 4.3 4.3 4.1 4.9 5.3 4.5 Q R Consumer durable goods 39.6 38.5 40.4 37.3 43.4 8.2 9.0 8.7 11.4 9.4 11.2 10.4 12.4 10.0 R S Plant and equip, (nonprofit) 2.7 2.8 3.3 3.6 3.7 .8 .9 1.0 1.0 .9 .9 1.0 1.0 .9 S T Net financial investment (U — j). 4.7 12.1 14.3 15.8 10.6 6.1 .2 6.1 3.3 4.2 1.8 2.8 2.0 2.5 T U Net acquis. offinan. assets9 25.1 27.4 26.3 27.8 31.3 6.5 3.7 8.6 9.0 7.3 7.9 7.8 8.4 4.6 U V Demand deposits and currency. -.8 1.0 -.9 2.5 .9 -1.4 -.7 2.3 2.3 -.9 -.7 .8 1.6 -3.0 V W Fixed-value redeem, claims 8.7 9.0 9.8 13.6 9.6 3.3 3.7 3.0 3.5 2.2 3.5 1.7 2.1 1.5 w X Time deposits 3.2 3.7 6.5 7.7 4.1 2.1 2.0 2.1 1.5 1.0 1.6 1.0 .4 .1 X Y Savings shares 5.2 5.3 5.2 6.3 7.3 1.3 1.8 1.0 2.1 1.4 2.4 1 .2 2.3 1.5 Y Z U.S. savings bonds io .3 1 -1.9 -.5 -1.8 j -.1 -.2 -.2 -.2 — 5 — S — 2 Z a Saving through life insurance... 3.2 3.8 2.8 3.4 3.7 .7 .8 1.0 1.0 .9 1.2 .8 .9 b Saving through pension funds.. 5.1 5.6 6.1 6.9 7.9 1.9 1.5 1.7 1.8 2.0 2.0 1.7 2.1 2.0 c Cr. and equity mkt. instr.11 8.0 7.7 7.6 5.2 15.3 2.9 -.6 1.5 1.4 4.5 3.4 4.3 3.2 4.7 d Federal obligations 2.2 1.0 .3 -1.7 9.4 .4 -1.4 .8 .1 3.1 1 .6 1.8 2.9 2.7 e State and local obligations... 2.1 1.7 2.3 1.5 2.5 .7 -.2 .6 .4 .5 .7 1.2 .1 .6 f Corporate and foreign bonds. 1.2 1.2 1.3 1.0 .1 1.1 -.4 .4 -.1 i .4 -.1 .5 g Corporate stock 1.4 2.2 1.7 1.9 1.1 .4 .6 .8 .2 .4 .6 .2 * .4 h Mortgages 1.2 1.7 1.9 2.2 2.3 .3 .7 .5 .7 .5 .8 .7 .3 .5 1 Net invest, in noncorp. bus .8 .4 .8 -3.7 -6.1 -.9 -.9 -.9 -.9 -1.5 -1.5 -1.5 -1.5 -1.5 j Net increase in liabilities 20.4 15.2 12.0 12.1 20.7 .4 3.6 2.4 5.7 3.1 6.2 5.0 6.4 2.1 k Consumer 19.7 14.9 11.5 11.5 20.1 .3 3.4 2.3 5.5 2.9 6.0 4.9 6.2 1.9 1 1-4 family mortgages 12.3 11.0 8.7 9.6 13.2 2.0 2.1 2.4 3.0 3.3 3.3 3.3 3.3 3.1 m Consumer credit 6.4 3.6 2.8 .3 6.3 -2.3 .6 .1 1.9 -.7 2.6 1.7 2.7 -.9 n Security credit .7 * A 1.1 • .4 .6 _ 3 .4 .2 -.2 .1 -.4 o Other loans12 .2 .3 A .4 .5 .1 .1 A .1 .1 .1 .! .2 .2 p Nonprofit organizations! 3 .7 .4 .4 .6 .6 .1 .1 .2 2 .1 .2 .2 .1 q Discrepancy (N — O) -3.1 -3.2 -4.2 -3.7 -2.2 -1.6 2.0 < -3.6 .1 .8 .3 -3.5| 1.8 * Less than $50 million. p Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

934 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1958r 1959' 1960 1955' 1956' 1957' 1958' 1959 (B) Farm business sector A B P N r e o t p i r n i c e o to m rs e ' income withdrawals *4.. 8 8 . . 6 6 8 8 . . 5 5 8 8 . . 6 6 1 1 1 1 . . 0 0 8 8 . . 6 6 2 2. . 9 5 2 2 . . 7 2 2 3. . 1 6 2 1 . . 4 9 2 1 . . 2 6 2 2 . . 7 0 1 1. . 4 8 C D E C C N u a e p r t r i s e t a a n v l t i c s n u o g r n p ( s l u A u m s - = B p t ) g i 1 o r 5 o n ss saving (C+D) 3 3 . . 7 7 * 3 3. . 7 7 3 3 . . 9 9 • 4 4 . . 0 0 4 4. . 1 1 - 1 .4 . . 0 6 - 1 .5 . . 0 5 1 1. . . 5 0 5 i! . o 6 c - 1 .6 . . 0 4 - 1 .4 . . 1 7 Gross investment (G+J) 3.7 3.7 3.9 4.0 4.1 .6 .5 1.5 .6 .4 1.8 .7 F Capital expenditures 4.5 3.4 4.7 5.5 5.4 1.3 1.6 1.2 1.3 1.6 1.1 7.1 G C Ch o a n n st g r e u c in ti o i n n v a e n n d to r e i q es uipmentl 4. . 2 3 3.8 4 4.0 4 1 . . 4 0 4. . 9 5 1. . 0 3 1. . 3 3 1. . 0 2 1. . 1 2 1. . 4 1 1. . 0 1 1. . 0 1 H I Net financial investment(K—L) -.8 .3 -.9 -1.5 -1.3 - .6 -J.I - .1 .3 -.7 -2.2 - .4 J N N e e t t i a n c c q r u e i a s s . e o i f n f l i i n a a b n il c i i t a ie l s assets17... .8 * - - . . 5 2 - . . 7 2 1. . 9 4 - . . 9 4 . . 1 8 1. . 2 7 .1 -.2 .1 -.1 .6 - 1 .7 .1 .4 K L Credit market instruments 1.2 .9 1.1 1.5 2.0 A .9 .7 1.1 .5 M O B M a t o h n r e k t r g l a l o g o a e a n s n s s n 19 .e.c.] 8 . . 8 4 . . . 6 3 2 . . . 2 7 6 1. . . 1 7 2 . A . 2 1 . . . 2 4 2 . . . 3 1 2 . . . 5 4 2 . . . 2 1 2 N O P Trade debt .2 .2 .2 .2 2 Q Proprietors' net investment. . .. -.4 -.5 .5 .1 .1 -.3 -.3 -.3 R (C) Noncorporate nonfinancial business sector A Net income20 36.1 37.8 38.6 37.8 40.6 8.5 9.0 8.9 11.6 9.9 11.4 8.3 10.0 C B P N r e o t p s r a ie v t i o n r g s ' ( A inc - o B m )i e s withdrawals21.. 36.1 37.8 38.6 37.8 40.6 - 9 .8 .3 9.4 4 - 9 .6 .5 9 1 . . 7 9 9.9 - 1 1 0 .2 .2 - 1 1 0 . . 9 2 3.2 1 - 0 .4 .4 D Capital consumption 7.0 7.5 8.1 7.7 1.9 K9 1.9 2.0 2.0 2.0 2.1 2.1 2.1 E Current surplus = gross saving(C -}- D) 7.0 7.5 8.1 7.7 8.2 1.1 1.5 1.3 3.8 2.0 .1 5.3 1.7 Gross investment (G+J)... 7.0 7.5 8.1 7.7 8.2 1.1 1.5 1.3 3.8 2.0 .8 .1 5.3 1.7 F Ca P C p l h i a t a n a n t l g a e n e x d in p e e i q n n u d v i i e t p u n m r to e e s r n . i . e t 2 s 2 2 . 0 . . . 1 1 0 0 . . . 6 1 6 1 1 0 0 .3 . . 1 2 9 9 . . . 9 7 2 9 9 . . 1 1 1 1 1 0 . . . 4 6 8 2 1 . . . 3 7 6 - 2 2 .2 . . 2 5 2 2 . . . 7 5 1 - 1 2 .5 . . 9 4 3 2 1 . . . 2 1 1 3 3 . . . 4 3 2 - 2 2 .1 . . 8 9 - 2 1 .6 . . 5 9 3 2 1 . . . 3 1 2 G H 1 Ne N t e C D t f i o e n a n m a c s q n a u u c n m i i d s a e . l r d o e f i c n p f r i v e o n d e s a s i i t n t t s m c i a e a n n l d t a s c s ( u K e r t — r s en T c V y. ) — 3 . . . 5 2 6 3 -2.8 . . . 7 3 3 -1. 1 8 . . . 0 8 2 . . 9 9 * -3 - . . 2 3 .4 * -1.4 . . 2 2 1. . . . 9 7 2 5 - - 2 A .7 .3 2 -2 - - - . A A . 1 7 - 3 . . . A 4 4 5 -1 - .6 .4 A M K L J Net increase in liabilities 4.2 3.5 2.8 2.3 3.2 7^5 -7.3 .8 2.5 2.6 -3.0 1.2 N Cr M ed o it r t m ga a g r e k s et instruments 2 1 . . 9 0 2. . 0 6 1. . 1 9 2 1. . 6 3 4 1 . . 8 5 .6 2. . 8 5 -A * 2. . 5 7 1. . 6 6 1. . 1 2 - . A 5 O P Bank loans n.e.c 1.0 .8 - .3 .5 2.7 -1 -.4 1.9 -.6 1.5 1.1 1.7 O Other loans23 .4 .5 .2 .6 -.2 .3 .2 .3 .3 .6 R Trade debt24 -.2 .5 4.1 3.4 2.6 -3.0 2.4 1.6 2#2 -2.9 .9 S Proprietors' net investment.... 1.7 1.2 -4.2 -5.0 -1.0 -1.0 -1.2 -1.2. -\.2 -1.2 -1.2 (D) Corporate nonfinancial business sector A Profits2** 38.3 36.9 36.0 31.7 39.9 6.3 7.5 8.4 9.6 9.0 11.2 9.8 9.9 9.5 B Profits tax payments (net)2 5 17.1 21.6 21.1 18.8 18.2 6.9 6.2 2.8 2.9 5.4 4.9 4.0 3.9 6.5 C Net dividend payments26 8.8 9.4 9.6 9.4 10.3 2.4 2.3 2.3 2.4 2.5 2.5 2.5 2.8 2.8 D Net saving (A-B-C) 12.4 5.9 5.3 3.5 11.4 -2.9 -1.0 3.3 4.2 1.1 3.8 3.3 3.3 .2 E Capital consumption 17.6 19.3 21.2 21.9 23.3 5.4 5.4 5.5 5.6 5.6 5.8 5.8 6.1 6.1 F Current surplus = gross saving(D-(-E) 30.1 25.2 26.5 25.4 34.8 2.4 4.4 8.7 9.8 6.7 9.6 9.1 9.3 6.3 G Gross investment (H+M).. 26.7 20.6 24.3 20.9 30.7 * 4.5 7.9 8.6 6.1 9.9 7.6 6.9 4.3 H Capital expenditures... 2S.9 34.0 32.5 22.4 32.3 4.9 4.7 5.7 7.1 7.7 9.1 7.2 8.3 8.9 I Fixed investment 24.0 29 A 32.0 25.9 27.5 5.7 6.7 6.5 7.0 5.3 1A 7.3 7.4 5.6 J Plant and equipment.. 22.9 28.4 30.9 24.3 25.5 5.8 6.2 5.8 6.5 5.3 6.5 6.6 7.2 5.7 K Other 1.0 .8 1.1 1.7 1.9 -.1 .6 .7 .5 .1 .9 .7 .2 -.1 L Change in inventories20. 4.9 4.9 1.6 -3.5 4.8 -.8 -2.1 -.8 .1 2.4 1.7 -.1 .9 3.2 M Net financial investment (N-V) -2.2 -13.4 -8.2 -1.5 -1.6 -5.0 j 2.2 1.5 -1.5 .8 .4 -1.4 -4.6 N Net acquis. of financial assets 16. 4.3 4.9 6.6 13.4 -6.7 l'.2 6.9 5.2 .2 5.6 3.6 4.1 -2.7 O Demand deposits and currency, 1.0 i 1.7 .2 — 3 1 1 .3 1.0 2.5 — 2.9 1 5 _ 2 1.8 -3.4 P Credit market instruments27... 5.0 -3!8 .9 .6 5.5 -2.4 -2.5 1.3 4.2 1.0 \'.2 \'.5 1.9 2 § Federal obligations 4.4 -4.3 .5 .1 4.4 -1.9 -2.5 1.2 3.3 1 .4 .1 1.5 .8 -'.2 Consumer credit .6 .3 .1 A .8 -1.1 .1 .2 1.1 o .3 .1 1.2 -1.1 s Tra O d t e h e c r r e lo d a it ns (finance paper). 10.2 * 6. . 1 1 1. . 9 3 2. A 6 6. . 8 3 -2.0 .6 - 1 .1 .4 - 4 .2 .5 -1 - .2 .4 1. ' 8 A 2^6 j 2^2 i - .2 # 1. . 1 8 T Other financial assets28 .6 1.8 2.1 1.7 .9 .7 .9 2 ^ .3 .3 .3 .2 U V Net increase in liabilities2® 19.0 17.7 13.1 8.0 15.0 -1.8 1.3 4.8 3.7 1.7 4.8 3.1 5.4\ 1.9 W Credit and equity market instr. 10.1 13.0 13.1 11.8 11.6 3.0 2.6 3.1 3.1 1.9 3.8 2.9 2.9 2.6 X Corporate bonds 2.8 3.7 6.3 5.7 3.3 1.9 1.1 1.4 1.3 .6 .9 .6 1.1 .4 Y Corporate stock 2.0 2.3 2.4 2.3 2.3 .2 .9 .6 .5 .5 .8 .3 .6 .4 Z Mortgages 2.0 1.8 1.8 3.3 3.2 .3 .9 1.0 1.1 A 1.2 1.1 .6 Bank loans n.e.c 3.0 5.2 2.0 .5 2.5 .1 -.1 .3 .1 A .9 1.1 .4 Other Ioans30 .3 .1 .5 .1 .4 .4 -.1 -.3 .2 .3 .1 -.1 .1 Trade debt 8.7 4.5 -.1 -3.8 3.3 -4.8 -1.3 1.7 .6 -.2 .9 .1 2.5 d Discrepancy (F — G) 3.4 4.6 2.2 4.4 4.1 2.4 i .8 1.3 .5 -.3 1.5 2.4 2.0 e Memo: Profits tax accruals2 5 20.2 19.5 18.8 16.2 20.9 3.3 3> 4.2 4.9 4.8 6.0 5.1 5.0 5.1 * Less than $50 million. Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 935 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1958' 1959' 1960 1955' 1956' 1957' 1958' 1959 (E) Federal Government sector A Tax receipts (net of refunds) 59.7 69.1 71.5 67.7 72.3 20.1 18.9 14.9 13.8 19.0 19.6 17.5 16.2 21.4 B Individual income 30.0 34.1 36.1 34.6 38.6 9.5 8.9 8.7 7.6 9.7 10.7 9.7 8.6 10.5 C Corporate profits 18.1 22.4 21.8 19.9 19.4 7.3 6.7 2.9 3.0 6.0 5.4 4.1 3.9 7.0 D Other 31 11.6 12.6 13.6 13.2 14.3 3.3 3.3 3.4 3.2 3.3 3.5 3.7 3.7 3.9 Social insurance programs3 2 E Premiums received 7.5 8.0 9.5 10.4 11.3 2.5 3.4 2.5 2.0 2.6 3.5 3.0 2.2 3.4 F Benefits paid 6.5 7.2 9.3 12.4 12.9 3.1 3.3 3.1 2.9 3.3 3.1 3.1 3.3 3.5 Life insurance and retirement programs 3 3 G Premiums received 1.5 1.7 1.8 1.7 1.8 .4 .4 .4 .4 .4 .5 .5 .5 G H Benefits paid. 1.6 1.8 2.0 2.1 2.3 .5 .6 .5 .5 .6 .6 .6 .6 H f Net grants and donations paid34. .. 9.6 10.0 11.4 13.3 14.2 2.8 3.2 3.5 3.7 3.2 3.8 4.0 3.1 I J Net interest paid 3 5 4.8 5.3 5.7 5.5 6.4 1.5 1.4 1.3 1.3 1.5 1.6 1.8 1.9 J K Other net purchases of goods and services3 6 45.2 47.6 50.2 53.8 53.3 11.5 12.6 14.5 15.2 12.6 13.3 13.7 13.7 12.1 K L Construction expenditures 2.8 2.7 3.0 3.4 3.7 .6 .8 1.0 1.0 .8 1.1 1.0 .8 .7 L M Other 42.4 44.9 47.2 50.3 49.6 10.9 11.8 13.5 14.2 11.8 12.2 12.7 12.9 11.4 M N Current surplus (A, E, and G, less F and H through K) 1.1 6.9 4.1 -7.2 -3.7 3.7 1.7 -5.1 -7.5 .8 1. -1.8 -4.5 4.1 N O Credits imputed to consumers-" .6 1.0 .6 1.0 .9 .2 .4 .3 .1 .4 .3 * .1 O P Gross and net saving (N —O) .5 5.9 3.6 -8.2 -4.5 3.5 1.3 -5.4 -7^6 .7 1.4 -2.1 -4.5 4.0 P Q ISet finan. investment (R—X). .5 5.9 3.6 -8.2 -4.5 3.5 1.3 -5.4 -7.6 .7 1.4 -2.1 -4.5 4.0 Q R Net acquis. of finan. assets 1.0 1.6 3.2 1.6 6.3 1.3 3.9 -4.4 .7 .2 4.3 2.6 -.8 - .4 R S Demand deposits and currency -.6 -.2 .2 A .7 1.5 3.6 -5.0 -.5 1.0 1.5 -1.2 -A S T V W U C O r t O M e h d e t o h i r t r e t f m r g i n a I a a g o r n a e k c n s e i s a t 3 3 l i 8 9 n a s s t s r e u t m s 4 e o nts 1. . . . 5 6 9 1 1. . . . 1 8 3 7 2 1 . . . . 4 4 9 6 - 1 1 .2 . . . 7 4 3 2 3 1 1 . . . . 8 2 8 6 - -. . 1 2 .2 * — . ' . 3 2 5 1 . . . 5 5 1 * -.1 . . . 9 3 6 * . . . . 6 1 1 7 1 1 1 . . . . 7 7 0 6 1. . . . 0 6 1 4 . . 4 5 • - - A .3 . . 3 1 W U V T X Net increase in liabilities .5 -4.3 -.4 9.7 10.8 -2.2 2.6 1.0 8.3 -.5 2.9 4.7 3.7 -4.4 X Y Fixed-value redeemable claims. * -.3 -2.2 -.1 -2.0 -A 2 2 -.2 2 -.6 -.6 -.6 - .2 Y Z a b Co P C n o o s s u n t m s a u l e m r s a e s v r a i - v n h i g e n l g d d e t s p h v o r g o s s i u t . s g b h o n li d fe s i -.3 .3 -.2 - - 1 . . 3 9 2 c - - 1 . . 2 8 -.1 * - Ji -.2 - - A .2 * -.5 -.6 * - .2 * Z insurance and retir. funds .6 1.0 .6 1.0 1.0 .2 .4 .3 A .2 .4 .3 .1 .2 c Federal obligations41 1.0 — 5 1 1.4 9.0 11.3 -2.2 2.5 1.1 7.6 * 2.0 5.3 4.0 -4.1 d Short-term direct42 -7.1 5.5 -1.2 5.5 -1.9 -4.3 1.2 3.8 -4.6 4.7 .7 4.7 -7.4 e Other direct and guaranteed. 6.6 —13^0 -6.2 10.7 3.6 -.3 7.7 A 3.7 4.4 -3.5 3.7 -1.1 3.6 f Nonguaranteed43 1.5 .6 2.1 -.5 2.2 .1 '.2 .1 .2 .8 .8 .4 -.2 g Other loans44 -1.1 -.3 -.4 .4 -.6 .2 -'.3 A .3 -.2 -.3 .1 h Other liabilities45 * .3 .3 .1 1.1 -.3 .2 .5 -.2 1.3 .2 -.2 Memo: Assets of OAST fund 1.1 .9 -.1 -.5 -1.7 -.2 .7 _ 5 -.5 -.5 -.7 -.7 j (F) State and local government sector A Tax receipts4^ 24.5 27.3 29.4 31.0 33.2 7.5 7.9 7.7 7.9 8.1 8.2 8.4 8.5 8.6 A B Net insurance and grants receipts47 .2 .4 1.0 1.4 2.6 .4 .2 .2 .5 .8 .3 .8 .7 .4 C Net interest paid .5 .5 .5 .6 .7 .1 .2 .2 .2 .2 .2 .2 .2 .2 D Other net purchases of goods and services 3 6 26.2 28.5 31.5 35.1 37.7 7.9 8.8 9.1 9.4 8.8 9.7 9.7 9.5 9.0 D E Construction and land 10.0 11.1 12.1 13.3 13.7 2.5 3.3 4.0 3.5 2.8 3.7 4.1 3.1 2.5 E F G O O t t h h e e r r b b y y g g o en v e t. r a e l n g te o r v p e ri r s n e m s ent. . . - 1 1 7 .6 .8 - 1 1 9 .7 .1 2K 1 2 O - 2 1 3 .9 .7 - 2 2 6 .0 .0 5!9 c - 5 .5 .9 5^6 c - 6 .5 .3 - 6 .5 .4 - 6 .5 .5 - 6 .5 .1 - 7 .5 .0 - 7 .5 .0 G F H Current surplus (A+B -C-D). . . -2.0 -1.4 -1.6 -3.3 -2.6 -.1 o -1.3 -1.1 j -1.3 -.7 -.4 -.2 H I Credits imputed to consumers48... 1.2 1.4 1.6 1.7 1.8 .4 'A .4 .4 '.5 .5 .5 .5 .5 I J Gross and net saving (H—I) -3.2 -2.7 -3.2 -5.0 -4.4 -.5 -1.2 -1.7 -1.6 -.6 -1.8 -1.2 -.9 -.7 J K Net finan. investment (L — S).. -2.6 -2.2 -3.2 -5.2 -3.9 -1.3 -.9 -2.7 -.3 -1.6 -1.2 -1.3 .3 -.8 K L Net acquis. of finan. assets 2.2 2.6 3.3 2.5 3.1 1.1 1.3 -.9 1.0 .2 .7 .9 1.2 .7 L M Demand deposits and currency A .2 .2 .2 .5 -.3 .6 -.7 .6 -.4 A .2 .6 -.3 M P O N T C i r m F ed e e d i t d e e m ra p l a o r s o k it b e s t l i i g ns a t t r i u o m n e s n . t . s ...... - 1 .1 . . 9 8 2.3 * 2 1. . A 0 6 - 1 .4 . . 4 8 - 2 1 .4 . . 9 0 . . . 6 7 3 -.5 .7 * - -. . 2 4 .2 .5 * t .6 '. * 5 -. 1 5 . . 2 7 . . 7 2 * . . . 8 2 3 N O P Q R O St t a h te e r a s nd local obligations.. . . 4 7 ' . . 1 5 1. . 1 5 1. . 4 5 1. . 4 5 . . 1 3 . . 2 3 . . 1 4 A A A . . 2 4 'A • 1 Q A A .4 R S Net increase in liabilities 4.8 4.8 6.5 7.7 6.9 2.4 2.1 1.9 1.3 1.8 1.9 2.3 .9 1.5 T State and local obligations. 3.5 3.2 4.7 5.7 4.9 1.9 1.6 1.3 .8 1.3 1.4 1.8 A 1.0 U Short-term -.2 -.1 .4 .4 .3 .3 .3 -.2 .2 .6 -A V Other 3.7 3.3 4.3 5.2 4.5 1.6 K5 1.1 1.0 1.1 1.4 1.2 .8 1.0 W Consumer saving through retirement funds , 1.2 1.4 1.6 1.7 1.8 .4 .4 .4 .4 .5 .5 .5 .5 .5 W X Other liabilities so .1 .2 .3 .4 .2 * .1 .1 .1 .1 .1 * X Y Discrepancy (J-K) -.6 -.5 * .2 -.6 .8 -.4 1.2 -1.2 1.0 -.5 .2 -1.2 * Less than $50 million. p Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

936 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1958' 1959 ' 1960 1955r \956r 1957' 1958*" 1959 (G) Commercial banking and monetary authorities sector A Net operating surplus 2.5 3.0 3.5 3.5 4.1 .9 .8 .9 .9 1.0 1.0 1.0 1.1 1.0 B Profits tax & net div. pymts.si 1 7 1.8 2 2 2.4 2.6 .7 7 5 5 .7 8 5 6 C Current surplus = gross saving (A-B)52 8 1.2 1 3 1.0 1 5 2 4 4 2 2 5 5 .2 C D Gross investment (E+F) 14 1.3 1.1 1.3 2.4 -.1 .7 1.3 -.5 .8 .6 1.3 -.2 1.2 D E Capital expenditures .1 .1 E F Met financial invest. (G-W).. T 7 1.0 .9 2.0 — .2 .6 1.2 — .6 . 5 1.2 - .3 J.I F G Net acquis. of Jinan, assets52. ... 4.7 5.1 5.4 14.7 4.6 -1.7 9.9 -1.1 7.7 -5.5 3.5 3.2 3.5 -7.9 G I H C G r o e l d d it market instruments.... 4.8 * 4. . 8 3 4. . 3 8 - 1 2 7 .3 .0 -1 5 . . 1 6 - - 1 A .2 - 1 1 0 .1 .8 - - . . 5 6 - 8 .3 .0 - - 5 A .4 - 4 .7 .2 - 3 .2 .3 — 3 . m 5 \ -7.9 H I J Federal obligations -7.1 -3.1 -.6 10.0 -7.1 * 7.0 .2 2.9 -5.3 -1.3 -.4 -.2 -6.9 J K Monetary authorities j 2 — 7 2 2 3 — 6 1 8 — 4 1 4 — 9 6 5 I -1.4 K L Commercial banks -6 Q -3.3 .2 7.9 -7.4 .6 5 2 6 1.6 -4 4 -1 9 p - .3 -5.6 L M Short-term direct42 -8 5 4.8 1.9 .9 -3.1 .1 -A .3 .9 -6.0 1.0 -.4 2.3 -4.6 M N Other direct and guar... 1.1 -7.8 -2.2 5.9 -3.9 .1 5.9 .1 .7 1.8 -2.7 c -2.5 N O Nonguaranteed 4 3 -.2 .5 .1 -.5 .3 -.3 .2 -.1 -.2 -.2 j O P State and local obligations.. .1 .2 1.0 2.6 .4 .6 1.3 .5 .2 .2 .2 .1 * -.1 P Q Corp. and foreign bonds. . . -.2 -.4 .1 — 1 -.2 * .1 i -.1 * * * -.1 Q R Mortgages 2.4 1.7 .6 2.1 2.5 .1 .6 .7 .8 .4 1.0 .5 .5 R S Consumer credit 2.3 1.4 1.2 .2 2.4 -.4 .4 j .3 .3 1.1 .7 .3 S T Security loans .6 -.8 -.1 .4 .2 -.1 1.2 -1.7 1.0 -.4 * -.2 .8 -1 T U Bank loans n.e.c 8.0 5.9 2.3 1.3 7.9 -1.8 .6 2 2.7 -.4 3.6 2.8 1.9 U V Other loans 5 4 -1.3 -.2 -.3 .4 -.6 .5 -.2 • .2 2 -.4 -.1 .2 V W Net increase in liabilities 3.6 4.1 4.7 13.8 2.6 -1.5 9.3 -2.3 8.3 -6.2 3.0 2.0 3.8 -9.0 w X Dem. dep. net & currency 5 5. . 2.3 1.7 -.8 5.8 I i -5.2 6.4 -3.4 8.0 -7.0 2.1 2.1 3.8 -9.1 X Y Due to U.S. Govt.56 n 1 .2 .2 .7 1.2 3.8 -5.0 .1 -.9 1.0 1.9 -1.3 -.7 Y Z Due to rest of world * .2 .2 * .1 -.3 .2 -.1 .3 -.1 .2 .1 -.1 -.4 Z a Due to others56 3.0 1.4 -1.1 5.6 .3 -6.1 2.4 1.7 7.6 -5.9 .9 .1 5.2 -8.0 a b Demand deposits, net55.. . 2.6 1.4 -1.1 5.2 -.3 -5.3 2.0 1.7 6.8 -5.1 .4 .2 4.2 -6\7 b c Currency 4 * * 4 6 — 7 4 8 — 8 5 * 1 0 c d Time deposits 1.3 2.1 5.5 8.0 1.2 3.6 2.8 j \ .5 .6 .9 -.1 _ 2 d e Due to consumers 1.7 2.1 5.1 5.5 3.0 1.4 1.5 1.6 1.0 .5 1.4 .9 .3 i e f Due to others 2 -.1 .3 2.5 -1.9 2.2 1.3 -.5 -.5 .1 c -1.0 -.5 '.1 f g Other Iiabilities57 * .3 • * .4 * .1 -.1 -.1 .2 * * .2 g h Discrepancy (C —D). . . -.6 -.1 .3 a -.9 .3 -.5 -1.0 .9 -.5 — .4 -.8 .7 -1.0 (H) Nonbank financial sectors73 A Current surplus58 8.7 8.4 9.4 9.4 10.3 2.5 1.7 2.9 2.3 3.0 2.7 2.7 2.0 3.4 A B Credits imputed to consumers 5 9.... 6.2 6.7 7.0 7.4 8.8 2.0 1.4 1.8 2.2 2.3 2.3 1.7 2.5 2.3 B C Gross saving (A —B)52 2.5 1.7 2.4 2.0 1.6 .5 .3 1.1 .1 .7 .3 1.1 -.5 1.1 C D Gross investment (E+F) 2.7 2.1 2.7 3.9 2.2 .9 .8 1.4 .8 .8 .2 1.1 -.1 1.0 D E Capital expend, (insur. sector) . A .3 A .3 A ./ .J .1 .1 ./ ./ .7 .1 .1 E F Net financial invest. (G — Z) .. 2.4 1.8 2.4 3.6 1.8 .8 .7 1.3 .7 .7 .1 1.0 -.2 .9 F G Net acquis. offinan. assets 22.2 17.4 18.5 21.5 24.6 4.5 6.3 2.9 7.8 5.7 6.6 5A 6.9 5.0 G By subsector: H Mutual savings banks 2.0 2.0 1.8 2.6 1.5 .9 .6 .7 .5 .6 A .4 » .5 H I S & L assns. & cr. unions 6.3 5.6 5.6 7.5 8.6 1.2 2.1 1.8 2.5 1.7 2.7 2.1 2.1 1.4 I J Life insurance companies.... 5.2 5.2 4.9 5.2 5.1 1.2 1.1 1.3 1.5 1.2 1.4 1.1 1.4 1.2 J K Other insurance companies... 1.2 .7 1.0 1.2 1.6 .1 .2 .4 A .3 A .5 .5 .4 K L Noninsured pension funds... 2.0 2.3 2.7 2.8 3.2 1.0 .4 .6 .8 1.0 .8 .5 .9 1.0 L M Finance n.e.c 5.7 1.8 2.7 2.2 4.6 .2 1.8 -1.9 2.1 1.0 .9 .9 1.9 .5 M By type: N Demand dep. and currency. . .6 .2 .3 .7 * * .4 -.2 .5 -.3 • -.3 .6 -.4 N 0 Cr. and equity mkt. instr 21.5 17.0 18.0 20.2 24.9 4.1 5.7 3.4 7.0 6.1 6.6 5.9 6.3 5.4 O P Federal obligations -.6 -1.1 -.3 .9 .8 -.2 .3 -.2 1.0 .5 .1 .5 -.3 .2 P Q State and local oblig .9 .8 .9 1.1 1.4 .5 .3 1 .2 .5 .4 .3 .3 .4 Q R Corp. and foreign bonds... 2.4 3.6 5.1 4.8 3.6 1.1 1.5 !8 1.4 .9 .8 .4 1.4 .3 R S Corporate stock 1.5 1.3 2.1 2.3 2.9 .4 .8 .2 .9 .8 .6 .5 1.1 .5 S T 1- to 4-family mortgages... 10.2 8.4 6.3 8.0 9.8 1.4 2.1 2.3 2.3 2.1 2.5 2.8 2.3 1.9 T U Other mortgages 1.7 1.8 1.5 2.2 2.2 .5 .5 .6 .6 .4 .6 .6 .6 .5 U V W C Se o c n u s r u it m y e c r r e c d re it dit 3. . 3 5 1. .1 6 - 1 .2 .3 - 1 .3 .0 2.7 * -.3 .3 .5 * .2 * # " » i . . 1 2 .9 - 1 .1 .0 -.1 .6 -.2 .5 W V X Other loans6** 1.7 .4 1.4 .2 1.5 .5 -.2 -.6 .5 .7 .6 -.2 .3 1.3 X Y Other financial assets61 .2 .2 .6 -.2 .4 .2 -.2 .2 -.1 * -.2 * Z Net increase in liabilities 19.8 15.7 16.1 18.0 22.9 3.8 5.6 1.6 7.0 5.0 6.5 4.4 7.1 4.1 a Dep. in mutual savings bks 1.8 1.8 1.7 2.3 1.2 .7 .6 .5 .5 .5 .3 .2 1 .3 b Savings shares 5.3 5.4 5.2 6.5 7.2 1.3 1.8 1.0 2.3 1.4 2.3 1.2 2i3 1.5 c Saving through life insurance... 3.3 3.6 2.7 3.4 3.6 .7 .7 .9 1.0 .8 1.2 .7 .9 .8 d Saving through pension funds.. 3.2 3.3 4.1 4.3 5.2 1.4 .7 1.0 1.3 1.5 1.1 1.0 1.6 1.5 e Cr. and equity mkt. instr.62 6.0 1.0 2.2 1 i 5.6 -.4 1.4 -1.7 1.8 .7 1.5 1.1 2.3 A f Corporate bonds 1.3 1.1 .7 .2 1.0 .3 * -.2 .2 .3 .1 .3 .3 .5 g Corporate stock .9 1.1 1.2 1.6 1.8" .4 .5 .3 .5 .5 .3 .4 .5 .5 h Security credit .3 -.6 .1 .6 * -.1 -1.1 .6 -.4 -.1 .6 -1.2 1 Bank loans n.e.c 2.7 -.6 -.4 -1.1 1.4 -1.0 -'.2 -.5 .6 * .5 .3 .7 -.6 j Open market paper 63 .2 .2 .5 —. 1 .5 .6 -.2 -.2 -.3 .5 .2 -.1 -.1 k FHLB loans to S & L assns. 6 3 .5 -.2 * .8 -.6 .2 .1 .3 -.2 .4 .3 .3 -.6 1 Miscellaneous64 .2 .5 .3 .3 .1 .1 .3 i .1 • 1 * .1 -.1 .3 m Discrep. & unident. assets (C—D). -.4 -.4 -1.9 -.5 -.4 -.5 -.3 -.7 -.1 .2 -.4 • Less than $50 million. Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 937 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1959' 1960 1955' 1956' 1957r 1958r 1959 (I) Rest-of-world sector*5 A Net purch. of goods and serv. f B — C) 1 6 3.4 5.3 1.8 — .5 .5 .6 .1 .6 -.2 -5 -A .3 .5 A B Purch. of goods and services66. .. 19.5 23.2 26.3 22.9 23.0 5.5 5.8 5.5 6.0 5.3 5.7 5.8 6.3 6.2 B C Sales ofoods and services 17.9 19.8 20.9 21.1 23.5 4.9 5.3 5.4 5.4 5.4 6.0 6.2 5.9 5.7 C D Net unilateral receipts66 "> 1 1.9 1.9 1 9 2 0 4 5 5 5 .5 .5 4 .6 .5 D E Current surplus (D—A) \ — 1 5 —3 5 1 2 5 _ i — 1 3 — 1 7 8 8 2 • E F Net financial investment (G—I\) * -2.1 -4.2 -.3 1.8 -.3 2 .2 • .5 .4 .8 .2 F G Net acquis. offinan. assets 1.5 -.1 3 5 5 8 6 11 9 9 1 0 2 8 1 4 6 .8 G H Gold 1 -.3 -.8 2.3 1.1 .4 .5 .3 A .8 .2 A • H I U.S. dem. dep. and currency... * .2 .2 * .1 -.3 .2 .3 -A .2 .1 -A -.5 I J L M K O T M Fe i t i m h d s e e c e r . r a d f c l i e r n p e o a d o b n i s l c t i i i g t a m s a l t a i a r o k s n s e s e t t i s n 68 str.67 - - 1 . . 1 1 . . 1 7 -.1 . . . 5 8 4 . . 2 5 * -.1 .9 * -1 2 2 . . 0 . . 8 4 3 - 1 .7 . . . 0 1 1 - - . . 4 2 .4 • -'. ! 1 8 .3 0 * * -A A . . 2 7 - \ . ' 4 . . 3 9 - 1 .3 . . . 2 2 1 ! . . 2 2 s - - 1 . . 1 1 . . 0 4 K M J L .3 O N Ne S t e i c n u c r r i e ti a e s s e in liabilities } * S 3. A 6 4. . 1 5 3 1 .2 8 4 .7 0 A 9 / A 3 .2 8 .3 9 .3 5 2.4 A 6 .1 5 . . 6 2 O N P Loans6' 4 .6 .9 1 1 2 1 2 4 3 — .1 2 1 i .1 P Q Miscellaneous7 o 1 ? 2.6 2.7 1.4 3.2 .3 .6 .2 .3 .3 2.0 .4 .5 .3 Q R Discrepancy (E —F)7 * .4 .6 .8 .4 .8 .2 A .2 -.1 .2 A * .2 — 2 S Memo: Unilateral transfers in kind 7 2 2.8 3.0 2.9 2.7 2.3 .7 .8 .5 .6 .6 .1 .5 .5 '.5 * Less than $50 million. P Preliminary. r Revised. governments, and to savings and loan associations (by FHLB). Excludes 1 Payrolls, interest, dividends, and income withdrawals from unincor- CCC-guaranteed loans other than those on tobacco. porated business. 40 Treasury currency assets, time deposits, trade credit, and mis- 2 Grant and donation receipts of consumers and nonprofit organiza- cellaneous (mainly foreign cash and subscription to IMF). tions (net of transfers within the sector), social insurance benefits, and 4* See Table 1, note 25. 42 See Table 3, note 37. benefits from private pension and government retirement funds. 43 Securities and notes issued by FNMA, Federal land banks, home 3 Federal, State, and local income and estate and gift taxes. loans banks, intermediate credit banks, and banks for cooperatives. 4 Mainly employee contributions to OASI and to private pension and 44 CCC-guaranteed bank loans and CCC certificates of interest. government retirement funds. 45 Treasury currency liabilities, trade debt, and misc. liabilities (special 5 Figures include net operating outlays of nonprofit organizations and IMF notes, misc. deposits, and private equity in Govt. enterprises). net transfer payments abroad. 46 Excludes employment taxes. 6 Net of dividends on and benefits from private life insurance and 47 Receipts of Federal Government grants; payments of direct relief individual annuity policies and Government life insurance. and other transfers; and receipts and payments in connection with 7 In connection with consumer saving through life insurance, private government employee retirement, unemployment insurance, workmen's pension funds, railroad retirement, and government employee retirement. compensation, and cash sickness compensation programs. 8 For details, see Table 2, lines J-L. 48 In connection with saving through govt. employee retirement funds. 9 Breakdown by consumer and nonprofit not available. 49 Corporate bonds and mortgages. 1 o Includes net accruals of interest. 5 ° Trade debt and loans from Federal Government. 1! Includes net free credit balances with brokers not shown separately. 51 Includes payment to Treasury on F. R. notes outstanding. 12 Policy loans. 52 Net saving is less than line C by the amount of capital consumption, 13 Consists of commercial mortgages, bank loans, loans from Govern- about $0.1 billion a year. ment, and trade debt. 5 3 Includes misc. and Treasury currency assets not shown separately. 14 Estimated as equal to seasonally adjusted net income of unincor- 5 4 Open market paper, CCC-guaranteed loans, and CCC certificates of porated farms. Figures include small amounts of dividends and profits interest. taxes paid by corporate farms. 5 5 Net of Federal Reserve float and cash items in process of collection 15 See Table 2, note 32. as reported by commercial banks. 16 Includes farm residential construction. 56 Bank-record basis, net of bank float; differs from sector demand 17 Mainly demand deposits and currency. deposits and currency assets (shown in Table 3 and in nonbank sector 18 Excludes CCC-guaranteed loans. See p. 840 of the BULLETIN for accounts in Table 4) principally because of mail float. August 1959. 57 Mainly stock issues and balances due to foreign branches. 19 Government loans; excludes CCC loans. 5 8 Includes premiums on life insurance and private pension plans, less 20 After inventory valuation adjustment. benefit payments and policy dividends. 21 Estimated as equal to seasonally adjusted business net income. 5 9 In connection with consumer saving through life insurance and 22 Includes business residential construction. pension funds. 2 3 Mainly REA and other loans from Federal Government and loans 60 Mainly finance company loans to business and insurance policy loans. from finance companies. 61 Trade credit, time deposits, sayings shares, and miscellaneous assets. 2 4 Net of trade receivables. 62 Lines /, j, and most of i are liabilities of finance companies; line g-, 2 5 Federal, State, and local taxes on profits. shares of open-end investment companies; and line h, liabilities of security 26 Includes profits paid by U. S. branches to foreign parent coporations brokers and dealers. ess profits paid by foreign branches to U. S. parent corporations. 63 Part of "other loans" category. 2 7 Includes State and local obligations not shown separately. 64 Deposits at banks in U. S. possessions and agencies of foreign banks. 2 s Miscellaneous financial assets (direct investments in foreign branches 65 Consolidated; records only transactions with U. S. and 2 3 0 9 h I M o n l c a d l i i u n n d l g y e s s c o o d f m i r f e m o c r t e e r i i c g n i n v a l e c s p a tm a sh p e ) e n , r t a s a n n d f d r o t m i l m o a e a n b s d r e f o r p a o o d m s i n ts f o . i t n a s n h c o e w c n o m se p p a a n r i a e te s. ly. 6 6 6 7 8 6 D C Ex o ir c r e p l c u o t d r e a i s n t e v u e n s s e i t l c m a u t r e e i n r t a i t e l s s , t , r u a s n e n c i s d u f e e r n r i s t t y if in i c e r d k e d in i a t d s , , s a e s n t h s d o , w c I o n M m i F n m l e h i r n o c e l i d a i S l n . p g a s pe o r f . special 31 Mainly excise taxes and customs receipts; also includes estate and U. S. notes, and miscellaneous deposits. gift taxes and payment to Treasury on F. R. notes outstanding. 69 Security credit, bank loans n.e.c, and other loans (mainly from 3 2 OASI, disability insurance, and unemployment programs. Line E U. S. Government). includes Federal employment taxes and States deposits in unemployment 7 o Direct investments, foreign currency and deposits held by U. S. compensation trust funds; line F, Federal benefit payments to consumers domestic sectors, and other liabilities. and State withdrawals from these trust funds. 71 "Errors and omissions" in U. S. balance-of-payments statement. 3 3 Veterans' life insurance and Government employee and railroad re- 72 Grants in the form of goods and services by U. S. Government and tirement funds. Line G excludes Government contributions to these funds. private individuals and institutions. 3 4 Transfer payments (other than insurance benefits) to individuals, 7 3 For detail by subsector, see Supplement 3. p S l t u a s te n a e n t d c l a o s c h a l u g n o il v a e t r e n r m al e t n r t a s n , s a f n e d rs su to b s f id o i r e e s ig t n o b c u o s u i n n t e r s ie s. s, grants-in-aid to NOTE.—"Liabilities" covers equity as well as debt claims. out 3 3 l 6 5 a y P I s u n r c f c o lu h r d a t s e a e s n s g n l i e e b t s l s e a c s c a c a l r e p u s i a t l f a s o l r o a n g n e d s n a e ( v f r i o a n r l g g F s o e b v d o t e . n r a d a n s l d G a n g o d o v v t T t . . ) r e e n a n e s t t e u r d r p y is r i b b s u i e l r l s s s , . e i m nc e l n u t d s i n to g a tr n a d F n o s r 5 a , c d t p i e o p s n c . r c 9 ip a 3 t t 0 e io , g n o 9 s r 3 ie o 1 s f , , 9 s s 3 e e e 8 c , t n o o a rs n te , d s o t f " o T c c e a o c p h r i r t n e a i s l c p a e o l x n p N d e i o n n t d g e i s t i u , t " e r m e p s s , p . i a n n 8 d T 4 a 6 o b -5 f l e 9 s f i o 1 n f , a n 2 t c , h i 3 e a , l farmers in form of CCC-direct and guaranteed-loans. BULLETIN for August 1959. For discussion of saving and investment 37 In connection with saving through Government life insurance and concepts, see p. 833 of the BULLETIN for August 1959. Government employee and railroad retirement funds. Back data available in Flow-of-Funds Supplements- 3 8 Mainly on 1- to 4-family and farm properties. Details may not add to totals because of rounding. 3 9 Mainly loans to business sectors, to foreign and State and local Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 5. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1959 00 [In billions of dollars] Consumer Nonfinancial business sectors Government sectors2 Financial sectors and non- Rest-of- All Dis- Natl. Sector s p e r c o t f o it r Farm* cor N po o r n a - te l Corporate Federal an S d t a lo te cal C b o a m n m ki e n r g c 3 ial ins S ti a t v u i t n i g o s ns4 Insurance5 F n i . n e a . n c c .6 e s w e o c r to ld r sectors a c n re c p y - 7 i s n a a v v n e i d n s g tment Transaction category U S U S U S U S U S U S U S U S U S U S U S U S U A Gross saving2,* 74.0 4.1 8.2 34.8 -4.5 -4.4 1.5 .9 1.2 -.5 102.5 117.8 115.2 A B Capital Consumption12 43.4 4.1 8.2 23.3 79.0 79.0 B C Net saving (A-B) 30.6 * 11.4 "-4.5 -4^4 L5 '"".9 "i.2 "2.5 38.7 36.1 C D Gross investment (E+J)2 76.2 4.1 8.2 30.7 -4.5 -3.9 2.4 .7 1.6 -.1 1.8 117.1 -1.6 113.7 D E Private capital expenditures (net of sales) 13 . . • 65.6 5.4 11.4 32.3 .4 .4 115.4 115.4 E G F C N o o n n s f u ar m m e r r e d s u id ra e b n l t e , c g o o n o s d tr s .1 . 4 . . . 4 1 3 8 . . 4 5 1L9 4 2 3 2 . . 4 3 4 2 3 2 . . 4 3 G F H Plant and equipment 3.7 "4.9 8^9 25.5 4 4 43.8 43.8 H I Change in inventories *5.... .5 .6 4.8 5.9 5.9 I J Net financial invest. (K - L)... 10.6 -1.3 -3.2 -1.6 -4.5 -3.9 2.0 .7 1.2 -.1 1.8 1.6 -1.6 K Net acquis. of finan. assets.... 31.3 — A * 13 4 6 3 3.1 4.6 10.0 9.9 4.6 5.8 88.7 4.0 K T Net increase in liab l ^ • 20 7 .9 3.2 15.0 10.8 6^9 2*6 9.4 '"i.K 4^0 5.8 L M Gold and Treas. currency18. * 1 0 1.1 .1 * -.1 -1.1 M N Dem. dep. and currency 19. . .9 -.4 0 .2 .7 .5 1.1 -.2 .1 .1 .1 1.7 1.1 -.6 -.1 N O Fixed-value redeem, claims.. 9.6 -.4 * -2.0 4 1.2 2 8.4 -1.0 7.6 7.6 1.0 O P Time deposits20 4 1 — 4 2 -.4 1.2 -'l 1.2 -1.0 2.2 2.2 1.0 P Q Savings shares 21 7 3 -.1 7.2 7.2 7.2 R U. S. savings bonds22.... —1.8 1 8 -1.8 -1.8 S Saving through life insur.2 3.. 3.7 3.7 3 7 s T Saving through pen. funds 2 4. 7.9 g 1.8 5 2 7.9 7.9 T U Credit and equity mkt. instr.. 15.3 20.6 2.0 .4 4.8 5.5 11.6 3.8 10.7 2.9 5.1 5.6 .1 10.6 .9 9.8 4.5 4.7 3.1 .8 61.5 61.4 -.1 -2.3 U V W S F t e a d te e r a a n l d o l b o l c i a g l a o t b io li n g s a 2 t 5 io . n .. s . . 9 2 . . 4 5 4.4 11.3 1. . 0 5 -7.1 .4 .6 1 2 4 1 1 2.8 1 4 1 . . 9 3 1 4 1 . . 9 3 -2.8 W V X Corp. and foreign bonds.. 1 3 3 1.2 2 -.1 3.5 .2 1.0 .1 .5 4.7 4.7 .4 X Y Corporate stock 1.1 2.3 1.9 1.0 1.8 .4 .2 4.4 4.4 -.2 Y Z 1-to 4-family mortgages.. .5 132 '""A .1 '""A 8.2 1.3 .2 13.3 13.3 Z c d a b C B S O e o a th c n n , u k e s r r u i l t m m o y a e o c n r r r s t c e g n r d a e . i g d e t e 2 i . 6 t s c.27 1.8 2 6 . . 1 4 3 1. . 1 7 4 2 1. . 4 7 g 3 2 . . 2 5 ^6 A 2 7 L . . I 4 2 9 1.2 i 1.0 1.9 * 1.3 * * .2 5 6 7 . . . . 8 9 3 1 5 6 7 . . . . 8 3 9 1 * .2 * d b a c e Other loans28 .5 .2 6 3 4 1 6 — 6 2 — 6 * 8 5 1.0 .5"-A 2.8 2.7 -.1 .1 e f Trade credit .1 293.4 6.8 3.3 .1 6.9 6.9 f g Proprietors' net invest, in noncorporate business 1... -6.1 -1.1 -5.0 ... -6.1 -6.1 .. . . g ti Misc. financial trans.3 ° " i'3 1.8 1.0 * .2 -A .1 "2.4 "3^2 5.4 4.6 " -.8 .8 h Sector discrepancies (A — D)31. 9 2 4.1 -.6 -.9 .2 -.4 -.4 .8 .7 .7 1.5 i • Less than $50 millions. Details may not add to totals because of rounding. NOTE.—U=uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions For other notes see pp. 930, 931, and 933. of assets; financial sources of funds, net changes in liabilities. For discussion of saving and investment concepts see pp. 831-43 of the BULLETIN for August 1959. Descriptions of sectors and of transactions categories are given in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 6. STRUCTURE OF FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1959 [Amounts outstanding at end of year. In billions of dollars] Sector C n o on n a p s n u r d o m fi e t r Nonfinancial business sectors Government sectors Financial institutions sectors R w es o t r - l o d f- se A ct l o l rs sector Farm co N rp o o n r - ate Corporate Federal an S d t a lo te cal C b o a m n m ki e n r g ci 2 al ins S ti a t v u i t n io g n s s 3 Insurance4 F n i . n e a .c n . c 5 e sector Transaction category1 A L A L A L A L A L A L A L A L A L A L A L A L K Total of assets below6 924.3 5.9 18.6 181.3 47.5 48.9 243.4 105.5 163.0 49 A 58.1 1,845.9 K L Total of liabilities below 6 21 i i 97 i 220 2 ' i 24 5 58 6 1,337.7 L M! Gold and Treasury currency6 1 1 fs 24.7 21 2 46.0 2.6 M Gold 19 5 21 2 40.7 Treasury currency .1 2.6 5.2 5.3 2.6 N Demand deposits and currency7 62.2 5.8 13 1 34.0 6.0 11 6 151.9 2.7 3.5 3.1 4.8 146.8 151.9 N O Fixed-value redeemable claims 200.9 1.2 .3 46.9 3.2 67.6 .7 94.0 1.5 207.8 208.5 O P Time deposits 8 96.6 1 2 1 0 3 2 67.6 .1 35.0 1.5 102.9 103.6 P Q Savings shares 9 58.4 .6 59.0 59.0 59.0 Q R U. S. savings bonds * °... 45.9 45 9 45.9 45.9 R S Savings in life insurance 11.. ... 87.2 6 3 80.9 87.2 87.2 S T Savings in pension funds 12 73.6 13 2 16 8 43.7 73.6 73.6 T U Credit and equity market instruments. 500.4 190.5 19.0 5.5 40.7 34.9 138.5 32.0 197.2 34.1 64.9 218.5 100.7 2.4 157.8 46.2 22.2 20.3 20.6 1,150.6 695.9 U V Federal obligations 13 25.1 24.2 197.0 18.1 87.4 12.5 16.6 2.1 9.6 195.6 197.0 V W State and local obligations 28.3 7 0 63 7 17 0 7 10.4 .3 63.7 63.7 W X Corporate and foreign bonds6 8.7 71.6 6.8 1.2 3.6 62.6 1.8 8.2 .6 5.5 85.3 85.3 X Y Corporate stock6 407.7 n.a. n a n a. .8 22.5 n.a. 14.5 n.a. 9.5 n.a. 455.0 n.a. Y Z 1- to 4-family mortgages . . . 11 6 124 1 5 3 1 7 6 2 1 1 19 2 67.0 24.3 1.6 131.0 131.0 Z a Other mortgages 18.2 1.0 12.3 15.4 31.3 3.7 1.1 8.9 11.5 16.5 .1 60.0 60.0 a Multifamily and commercial 13 1 1 0 15 4 31 3 9 1 l 7 3 11.5 13.6 .1 47.7 47.7 Farm 5.0 \2 3 2 8 1.6 .1 2.8 12.3 12.3 b Consumer credit 52 0 5 5 8.6 18 5 4.4 15.1 52.0 52.0 b c Security credit14 1.0 5.5 4.9 4.5 4.9 .1 .1 10.5 10.5 c d Bank loans n.e.c. *5 . . . 2 4 4 8 13 0 29 8 60 2 .3 6.3 2.8 60.2 59.5 d e Other loans16 5.4 1.8 7 0 2.1 4.2 22. i .2 1.2 1.4 .2 2.1 5.0 6.1 2.7 .5 12.2 37.3 36.9 e f Trade credit 1.9 2.1 5.3 81.2 53.4 1 7 2.9 2.0 1.7 84.6 67.6 f h Miscellaneous finan. instruments6 . 1 * 29 9 5 1 7 4 4 1 2 .7 1 5 3.1 10.2 37.4 49.4 50.4 h A= Assets, L= Liabilities. * Less than $50 million, n.a. Not available. *i Estimated as equal to reserves against life insurance policies and supplementary contracts and policy sho 1 w L n i n i e n s T i a d b e l n e t if 5 i . ed alphabetically correspond to lines in Table 5; unlettered lines indicate detail not div 1 i 2 d e P n r d iv a a t c e c u p m en u s la io ti n o n p s l . ans and railroad and govt. employee retirement funds. Estimated as equal to 2 Consolidated account for monetary authorities (Federal Reserve System, ESF, and Treasury currency reserves of pension plans administered by life insurance companies and assets of other private plans and acc 3 o M un u ts tu ) a a l n s d a v c i o n m gs m b e a rc n i k a s l , b s a a n v k in s g . s and loan associations, and credit unions. of 1 r 3 a i E lr x o c a l d u d a e n s d F g e o d v e t r . a l e m de p b lo t y h e e e l d r e b ti y re m Fe e d n e t ra f l u n a d g s e . ncies, consumer-held savings bonds, special notes issued 4 Life and nonlife insurance companies and private pension plans. to IMF, and currency items in public debt; includes Federal agency debt and accrued interest on Treasury terr 5 it F o i r n i a e n s c a e n d c o p m o p ss a e n s i s e i s o , n s o , p a e n n d -e n U d . S in . v a e g s e tm nc e i n es t o c f o m fo p re a i n g i n e s, b a s n ec k u s. rity brokers and dealers, banks in U, S. bill 1 s 4 a L n o d a n o s n f r s o a m vi n b g a s n b k o s n fo d r s p (o u t r h c e h r a s t i h n a g n o c r o c n a s r u ry m in e g r- h se e c ld u ) r . ities and customer debit and net free credit balances cat 6 e g C o h r a ie n s g . es S i e n e a p m p o . u 8 n 5 t 1 s - 5 o 9 u t o st f a t n h d e i n B g U L fo L r E T y IN ea r f - o e r n d A u d g a u te s s t 1 d 9 o 5 9 n . ot agree with corresponding flows for some wit 1 h 5 s M ec a u in ri l t y y c b o r m ok m er e s r . cial, industrial, and agricultural loans (other than open market paper and CCC- 7 Demand deposit liabilities of banking system are net of F. R. Float and cash items in process of collec- guaranteed loans); includes loans to foreign banks, loans to individuals (other than consumer credit), tion as reported by commercial banks. Sum of sector holdings (partly on holder-record basis) differs and other loans. Gross of valuation reserves. Excludes loans to commercial banks. from liability total mainly because of mail float (checks in transit from drawers to drawees). 16 Mainly Federal Government loans (other than mortgages), CCC-guaranteed loans, open market 8 At commercial and mutual savings banks and the Postal Savings System. paper, finance company loans to business, and policy loans on life insurance. 9 Shares in savings and loan associations and credit unions. NOTE.—For further descriptions, see "Technical Notes," pp. 846-57 of the BULLETIN for August 1959. 1 ° Consumer-held only; includes accrued interest. Savings bonds held by other sectors included in Back data available in Flow-of-Funds Supplements. Federal obligations category. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

940 FLOW OF FUNDS/SAVING TABLE 7. SUMMARY OF PRINCIPAL FINANCIAL ASSETS AND LIABILITIES [Amounts outstanding at end of year. In billions of dollars] Transaction category, or sector 1 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 T. Currency and demand deposits A Total Hab. of com. bkg. system2 115.9 119.4 118.9 118.9 124.1 130.9 137.4 137.4 141.9 144.2 145.9 145.2 151.0 151.9 B Total assets, by sector 110.6 113.3 113. 112.7 117.1 123.7 128.7 128.6 134.7 135.5 137.2 137.9 144.8 146.8 C Federal Government 4.3 3.7 4. 5.2 5.0 5.1 7.0 5.4 5.7 5.1 4.9 5.2 5.3 6.0 D Other domestic sectors 101.9 105.1 103. 102.6 107.3 114.3 117.2 118.9 124.6 126.1 127.8 128.1 134.9 136.0 E Consumer and nonprofit 53.8 53.5 51. 49.0 50.9 53.9 55.9 56.6 59.0 58.2 59.1 58.3 60.9 62.2 F Farm and noncorporate bus 16.0 16.3 15. 15.8 16.0 17.3 16.8 16.7 17.1 17.4 17.5 18.2 19.7 18.9 G Corporate n onfinancial business. 21.2 23.4 23. 24.7 26.2 27.9 28.7 28.9 30.9 32.0 32.1 32.1 33.8 34.0 H State and local government 6.2 6.9 7. 7.6 8.1 8.5 9.0 9.7 10.0 10.4 10.6 10.8 11.0 11.6 I Financial sectors 4.7 5.0 5. 5.4 6.1 6.7 6.8 7.1 7.6 8.2 8.5 8.8 9.4 9.3 J Rest of the world 4.4 4.5 4. 4.8 4.7 4.3 4.5 4.2 4.3 4.3 4.5 4.7 4.7 4.8 K Discrepancy (A-B) 5.3 6.1 5. 6.2 7.0 7.2 8.7 7.2 8.6 8.7 7.3 6. 5.2 II. Fixed-value redeemable claims A Total, by type 108.0 114.0 117.7 121.8 124.3 128.3 136.4 145.5 156.4 164.8 173.7 183.8 199.9 207.8 A B Time deposits 54.3 56.7 57.8 59.0 59.7 62.0 66.6 71.6 77.1 79.9 83.5 90.3 100.4 102.9 B C Savings shares 9.0 10.3 11.6 13.2 14.8 17.2 20.5 24.5 29.4 34.6 40.1 45.3 51.8 59.0 C D U. S. savings bonds3 44.8 47.0 48.3 49.6 49.8 49.2 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 D E Total liabilities, by sector4 108.1 114.1 117.9 122.0 124.6 128.7 136.8 145.9 156.9 165.3 174.3 184.4 200.6 208.5 E F Federal Government 48.1 50.5 51.7 53.0 52.8 52.0 51.9 51.8 52.2 52.2 51.9 49.6 48.9 46.9 F G Commercial banking 34.1 35.5 36.1 36.6 36.9 38.6 41.7 45. 48.9 50.3 52.3 57.8 65.8 67.6 G H Savings institutions 25.8 28.0 30.0 32.5 34.9 38.1 43.2 48.9 55.7 62.8 70.1 77.0 85.9 94.0 H I Total assets, by sector4 108.0 114.0 117.7 121.8 124.3 128.3 136.4 145.5 156.4 164.8 173.7 183.8 199.9 207.8 I J Consumer and nonprofit 106.0 111.8 115.2 118.9 121.2 124.8 132.4 140.5 150.1 158.8 167.8 177.5 191.0 200.9 J K Other domestic sectors 5 2.0 2.2 2.5 2.7 2.7 3.1 3.3 3.7 4.5 4.4 4.4 4.8 6.4 5.4 K L Rest of the world (time deposits). .2 .4 .5 .7 1.3 1.8 1.7 1.6 1.6 2.5 1.5 L III. Savings in life insurance and pension fundsf A Total, by type 58.5 63.7 69.0 74.8 80.9 87.4 95.1 102.8 110.6 120.2 129.8 139.1 149.7 160.8 A B Life insurance 46.6 49.8 52.6 55.3 58.0 60.7 63.9 67.1 70.2 73.4 77.2 80.0 83.4 87.2 B C Pension funds 11.9 13.9 16.4 19.5 22.9 26.7 31.2 35.7 40.4 46.8 52.7 59.1 66.3 73.6 C D Total liabilities, by sector4 & 58.5 63.7 69.0 74.8 80.9 87.4 95.1 102.8 110.6 120.2 129.8 139.1 149.7 160.8 E Federal Government 8.0 9.4 10.5 11.6 12.7 13.6 14.6 15.2 15.3 15.9 17.0 17.5 18.5 19.5 F State and local government 2.9 3.1 3.6 4.4 5.2 6.0 6.9 8.1 9.3 10.6 12.1 13.7 15.6 16.8 G Life insurance companies 43.6 46.6 49.7 52.9 56.2 59.7 63.9 68.0 72.5 77.1 81.8 86.0 90.7 96.3 H Private noninsured pension plans 2.8 3.3 3.9 4.5 5.4 6.7 8.2 9.9 11.8 14.9 17.2 20.0 22.9 26.2 IV. Credit and equity market instruments A Total, by type 426.7 438.0 450.6 479.0 532.8 580.0 627.1 649.7 754.1 853.8 901.8 895.4 1063 1150 6 A B Federal obligations 185.2 175.8 167.6 168.7 168.4 168.6 172.8 177.8 179.4 180.2 174.6 175.7 184 195.6 B C Short-term direct7 60.5 55.9 53.4 63.9 66.6 55.6 62.6 79.1 67.3 60.2 67.6 73.1 71 77.4 C D Other 124.7 119.9 114.2 104.8 101.8 113.0 110.2 98.7 112.1 120.0 106.9 102.5 113 118 2 D E State and local obligations 19.4 20.7 22.8 25.2 28.2 30.3 33.1 37.0 41.5 45.0 48.2 52.8 58 63.7 E F Corporate and foreign bonds 27.4 30.4 35.0 38.2 40.7 44.6 49.5 54.1 57.6 61.4 66.5 73.8 80 85,3 F G Corporate stock 8 111.0 109.0 108.0 120.0 146.0 170.0 186.0 179.0 258.0 317.0 338.0 299.0 425 455.0 G H I- to 4-family mortgages 23.0 28.2 33.3 37.6 45.2 51.7 58.5 66.1 75.7 88.2 99.0 107.6 117 131,0 H I Other mortgages 18.7 20.7 22.9 25.1 27.6 30.6 32.9 35.2 38.0 41.7 45.5 49.0 54 60.0 I J Consumer credit 8.4 11.6 14.4 17.4 21.5 22.7 27.5 31.4 32.5 38.9 42.5 45.3 45 52.0 J K Security credit 4.5 3.4 3.6 4.4 5.4 5.0 5.7 6.5 8.6 9.6 9.0 8.7 10 10.5 K L Bank loans n.e.c 17.5 22.0 23.7 22.1 28.2 33.0 35.3 34.4 34.6 42.6 48.5 50.8 52 60.2 L M Other loans 11.6 16.2 19.2 20.4 21.6 23.5 25.7 28.2 28.2 29.2 30.1 32.7 34 37.3 M N Total liabilities, by sector4 » 314.2 327.6 341.5 357.8 385.8 409.1 440.3 470.1 495.3 536.2 563.6 596.4 638.4 695.9 N 0 Consumer and nonprofit 31.4 39.0 47.0 54.6 66.8 75.0 86.8 98.9 110.5 130.8 145.9 157.7 169.7 190.5 O P Farm business 6.9 7.3 8.0 8.4 9.4 10.7 11.5 11.5 12.3 13.5 14.4 15.5 17.0 19.0 P Q Noncorporate nonfinancial bus.. 15.0 18.0 18.9 19.5 22.2 24.0 25.6 26.0 27.5 30.3 32.3 33.5 35.7 40.7 Q R Corporate nonfinancial business. 44.1 50.5 56.6 59.2 65.9 74.0 81.1 86.0 90.4 98.4 109.1 119.6 129.3 138.5 R S Federal Government 184.2 174.8 167.9 169.0 168.2 168.6 173.4 180.1 181.6 181.5 176.2 177.1 186.5 197.2 S T State and local government 19.8 21.2 23.4 25.7 28.8 31.1 34.3 37.8 42.0 45.4 48.7 53.6 59.5 64.9 T U Financial sectors 5.0 5.1 6.7 8.1 10.3 10.6 12.3 14.3 15.5 20.6 20.4 21.3 20.8 24.6 U V Rest of the world 7.8 11.7 12.9 13.4 14.3 14.9 15.4 15.5 15.5 15.6 16.6 18.0 20.0 20.6 V W Total assets, by sector4 l ° 426.7 438.0 450.6 479.0 532.8 580.0 627.1 649.7 754.1 853.8 901.8 895.4 1063.61150.6 W X Consumer and nonprofit 153.5 152.5 152.2 162.6 187.5 209.3 225.1 220.1 291.9 351.5 375.7 343.2 462 500.4 X Y Farm and noncorp. business 1.9 2.2 2.6 2.8 3.3 3.6 4.0 4.2 4.3 4.5 4.8 5.1 5 5.5 Y Z Corporate nonfinancial business. 17.5 17.0 18.4 21.0 24.8 26.7 27.0 29.0 26.7 31.8 27.9 28.8 29 34.9 Z a Federal Government 9.8 13.8 15.4 16.7 17.9 19.4 21.0 21.9 21.5 22.9 24.1 26.5 28 32.0 a b State and local government 9.3 10.3 11.3 12.3 13.8 15.3 17.4 20.0 22.9 24.8 27.1 29.8 31 34.1 b c Commercial banking system (37.1 138.5 137.9 139.3 147.7 156.8 166.8 172.2 181.5 186.3 191.0 195.3 212 218.5 c d Monetary authorities 23.5 22.6 23.5 19.0 20.8 23.8 24.8 26.0 25.1 24.8 25.1 24.3 26 26.8 d e Commercial banks 113.6 115.9 114.3 120.4 126.9 133.0 142.0 146.2 156.4 161.4 165.9 171.0 186 191.7 e f Securities 82.7 77.9 71.5 76.9 74.1 74.5 77.7 77.7 84.9 77.8 74.3 75.6 86 78.9 f g Loans11 30.9 38.0 42.8 43.5 52.9 58.5 65.0 68.5 71.5 83.6 91.6 95.4 99 112.9 g h Savings institutions 27.3 29.8 32.0 34.5 37.7 40.7 45.8 51.7 58.4 66.5 73.9 81.1 90 100.7 h 1 Insurance sector 56.5 61.0 66.2 72.1 78.1 84.3 92.0 99.8 109.8 119.9 128.2 135.8 147 157.8 i j Finance n.e.c 8.8 8.9 10.4 12.9 15.6 16.9 19.6 21.9 26.2 32.6 34.6 35.8 41 46.2 k Rest of the world 4.9 4.0 4.2 4.8 6.5 7.0 8.4 8.9 10.9 13.1 14.5 14.1 16 20.3 k * Less than $50 million. f See p. 946 note f. to drawees). See Table 8(G), lines d-1, for sector allocation of demand 1 Alphabetic designations of categories correspond to those in Table 3. deposit and currency liability on a net bank-record basis. 2 Demand deposit liabilities of banking system are net of F. R. float 3 Consumer-held only; includes accrued interest. Savings bonds held and cash items in process of collection as reported by commercial banks. by other sectors included in Federal obligations category. Sum of sector holdings (partly on holder-record basis) differs from For other notes see p. 946. liability total mainly because of mail float (checks in transit from drawers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 941 TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES [Amounts outstanding at end of year. In billions of dollars] Category 1 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 (A) Consumer and nonprofit organizations sector U Total financial assets* 371.9 381.5 387.8 405.3 440.5 475.4 508.5 520.1 611.6 688.6 732.4 718.1 863.7 924.3 V De C m o a n n s d u m de e p rs osits and currency... 5 5 3 1 . . 8 3 5 5 0 3 . . 9 5 4 5 8 1 . . 7 4 4 4 9 6 . . 0 2 4 5 8 0 . . 0 9 5 5 3 0 . . 9 7 5 5 5 2 . . 9 6 5 53 6 . . 1 6 5 5 9 5 . . 0 3 5 54 8 . . 5 2 5 5 9 5 . . 1 3 5 54 8 . . 1 3 6 5 0 6 . . 9 7 6 5 2 7 . . 2 8 Nonprofit organizations 2.5 2.6 2.7 2.8 2.9 3.2 3.3 3.5 3.7 3.7 3.8 4.2 4.2 4.4 Fixed-value redeemable claims... 106.0 111.8 115.2 118.9 121.2 124.8 132.4 140.5 150.1 158.8 167.8 177.5 191.0 200.9 W Time deposits 52.4 54.6 55.4 56.2 56.6 58.6 62.8 66.9 71.1 74.3 78.1 84.5 92.2 96.6 X Svgs. and loan assn. shares 8.5 9.7 10.9 12.4 13.9 16.0 19.0 22.6 27.0 31.8 36.6 41.4 47.2 53.9 Credit union shares .4 .5 .6 .7 .8 1.1 1.4 1.7 2.0 2.4 2.9 3.4 3.8 4.5 U. S. savings bonds3 44.8 47.0 48.3 49.6 49.8 49.2 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 Savings in life insurance 46.6 49.8 52.6 55.3 58.0 60.7 63.9 67.1 70.2 73.4 77.2 80.0 83.4 87.2 Privatef 41.9 44.4 47.0 49.7 52.0 54.6 57.7 60.8 64.2 67.5 71.2 73.8 77.2 80.9 Government 4.7 5.4 5.6 5.6 6.0 6.1 6.2 6.3 6.0 5.9 6.0 6.2 6.2 6.3 Savings in pension funds 11.9 13.9 16.4 19.5 22.9 26.7 31.2 35.7 40.4 46.8 52.7 59.1 66.3 73.6 Private 5.7 6.7 7.9 9.1 11.0 13.3 15.9 18.7 21.7 26.1 29.7 34.0 38.4 43.7 Government 6.2 7.2 8.5 10.4 11.9 13.4 15.3 17.0 18.7 20.7 23.0 25.1 27.9 29.9 Credit and equity mkt. instr.t... • 153.5 152.5 152.2 162.6 187.5 209.3 225.1 220.1 291.9 351.5 375.7 343.2 462.1 500.4 Federal obligations 19.0 18.8 17.4 17.1 16.6 15.9 15.7 15.8 13.9 15.9 16.9 17.2 15.4 25.1 Direct and guaranteed 18.9 18.7 17.2 16.9 16.4 15.6 15.4 75.5 13.6 15.0 15.7 15.3 13.8 22.0 Nonguaranteed 1 .1 .2 .2 .2 .3 .3 .3 .3 .9 1.2 1.9 1.6 3.1 State and local obligations 10.9 11.4 12.4 12.9 13.4 13.8 15.0 16.8 17.8 19.9 21.6 23.9 25.4 28.3 Corporate and foreign bonds... 7.2 6.7 6.5 5.9 5.9 5.4 5.5 5.6 4.7 5.4 6.6 7.7 8.7 8.7 Corporate stock4 102.4 100.4 99.5 109.6 133.8 155.6 169.5 161.6 233.8 287.5 306.3 268.2 383.9 407.7 1- to 4-family mortgages 6.1 6.6 7.1 7.4 7.5 7.8 8.1 8.6 9.0 9.3 9.7 10.6 11.3 11.6 Other mortgages 7.2 8.0 8.7 9.1 9.5 10.1 10.6 11.0 11.7 12.6 13.7 14.8 16.2 18.2 Security credit .7 .6 .6 .6 .9 .8 .7 .7 1.0 .9 .9 .9 1.2 1.0 Total liabilities 32.0 39.7 47.8 55.4 67.7 75.9 87.9 100.1 111.8 132.2 147.5 159.5 171.5 192.4 Consumer debt (credit mkt. instr.). 30.5 38.3 46.3 53.8 65.7 73.9 85.6 97.8 109.2 128.9 143.8 155.3 166.8 187.0 1- to 4-family mortgages 18.4 22.9 28.0 32.1 39.0 46.0 52.6 60.2 69.2 81.5 92.6 101.3 110.9 124.1 Consumer credit 8.4 11.6 14.4 17.4 21.5 22.7 27.5 31.4 32.5 38.9 42.5 45.3 45.6 52.0 Instalment 4.2 6.7 9.0 11.6 14.7 15.3 19.4 23.0 23.6 29.0 31.9 34.2 34.1 39.5 Noninstalment 4.2 4.9 5.5 5.8 6.8 7.4 8.1 8.4 8.9 9.9 10.6 11.1 11.5 12.6 O Se t c h u e r r i t l y o a c n re s d 5 it 2 1 . . 1 7 2 1 . . 1 7 2 1 . . 3 5 2 1 . . 5 8 2 2. . 7 5 2 2 . . 4 9 2 3 . . 6 0 3 3 . . 0 2 4 3 . . 1 5 4 3 . . 8 7 4 4. . 0 8 4 4 . . 4 4 4 5 . . 8 5 5 5 . . 5 4 Nonprofit organ, debt 1.4 1.3 1.5 1.6 2.0 2.0 2.3 2.3 2.6 3.3 3.7 4.1 4.7 5.4 Credit mkt. instruments .8 .6 .8 .8 1.1 1.1 1.1 1.1 1.3 1.9 2.1 2.4 2.9 3.5 Other mortgages .3 .3 .3 .4 .4 .4 .5 .5 .6 .7 .7 .8 .9 1.0 Bank loans n.e.c .6 .3 .4 .4 .7 .7 .6 .6 .7 1.2 1.3 1.6 2.0 2.4 Trade credit .6 .7 .8 .8 .9 .9 1.1 1.2 1.3 1.4 1.6 1.7 1.8 1.9 f See p. 946 note f- 4 At estimated market price. Annual changes differ from flow figures 1 Lines identified alphabetically correspond to lines in Table 4 (A); shown in Table 4 (A), which reflect only net funds put into securities. unlettered lines indicate detail not shown in Table 4. 5 Predominantly loans on insurance policies. 2 Excludes proprietors' net investment in noncorporate business for NOTE.—Definitions of sectors and transaction categories are given in wh 3 i c C h o n n o s u a m m e o r- u h n e t l d o u o t n s l t y a ; n i d n i c n l g u d is e s a a v c a c i r la u b e l d e . interest, and armed forces leave "T B ec a h c n k i c d a a l t a N a o v te ai s l , a " b l p e p i . n 8 F 4 l 6 o - w 59 -o o f- f F t u h n e d B s U S LL u E p T p I l N e m fo e r n t A s. ugust 1959. bonds prior to 1954. Details may not add to totals because of rounding. Notes to Table 7 (cont.). 8 At market value. 8 a 4 n F d o S r u s p e p c l t e o m r e a n ss t e N ts o a . n 2 d . liabilities for each instrument, see Tables 6 and 9 1 o N I o n c a l m ud o e u s n t c s o r in p c o l r u a d te e d s t f o o c r k c a o t r p m o a ra rk te e t s v to a c lu k e . . 5 Mainly time deposits of State and local governments, corporate i1 Excludes loans to domestic commercial banks. Consists of mortbusinesses, and savings institutions. gages, consumer credit, security credit, other loans, and bank loans, n.e.c. 6 Includes life insurance issued by fraternal orders not shown sepa- Gross of valuation reserves. rately. Assets in these categories shown as consumer holdings. NOTE.—For descriptions of sectors and of transaction categories 7 Beginning with 1951, direct marketable issues maturing within one see "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. year; prior to 1951, issues maturing or callable within one year. Includes Back data available in Flow-of-Funds Supplements. savings notes prior to their retirement in 1956. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

942 FLOW OF FUNDS/SAVING TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category! 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 (B) Farm business sector K Total financial assets2 7.2 7.1 6.8 6.4 6.4 6.6 6.5 6.4 6.3 6.3 6.1 5.9 6.3 5.9 Demand deposits and currency. .. 7.1 7.0 6.7 6.3 6.3 6.5 6.4 6.3 6.2 6.2 6.0 5.8 6.2 5.8 L Total liabilities* 7.8 8.5 9.4 10.0 11.2 13.0 13.8 13.6 14.4 15.6 16.5 17.6 19.1 21.1 M Credit market instruments 6 9 7.3 8.0 8.4 9.4 10.7 11.5 11.5 12.3 13.5 14.4 15.5 17.0 19.0 N Mortgages 4.9 5.1 5.3 5.6 6.1 6.7 7.3 7.8 8.3 9.1 9.9 10.5 11.2 12.3 O P O Ba th n e k r l l o o a a n n s s 5 n.e.c.4 1 7 3 1. 7 6 1. 8 9 2 8 0 2. 8 5 3 1 1 0 3 1 2 0 2 1 . 0 8 2 i . 9 l 3 1 . 1 3 3 1 . 2 3 3 1 . 6 4 4 1 . 6 2 4 1 . . 8 8 Q Trade debt a 1.1 1.4 1 6 1 8* 2 2 2 3 2 1 2 1 2.1 2.1 2.1 2.1 2.1 Memo: CCC direct and guaranteed loans not included above A 1.2 1.7 .8 .6 1.2 2.4 2.4 1.9 1.6 1.2 2.5 1.2 (C) Noncorporate nonfinancial business sector K Total financial assets 10.8 11.5 11.7 12.3 13.1 14.4 14.4 14.6 15.2 15.7 16.4 17.4 18.6 18.6 K L Demand deposits and currency 8.9 9.3 9.1 9 5 9.7 10 8 10 4 10.4 10.9 11.2 11.5 12 4 13.5 13.1 L M Consumer credit 1.9 2.2 2.6 2.8 3.3 3.6 4.0 4.2 4.3 4.5 4.8 5.1 5.1 5.5 M N Total liabilities3 13.3 15.4 16.7 17.4 19.6 20.6 21.4 22.3 24.9 27.8 29.6 31.2 37.6 45.9 O Credit market instruments.... 15.0 18.0 18.9 19.5 22.2 24.0 25.6 26.0 27.5 30.3 32.3 33.5 35.7 40.7 1- to 4-family mortgages 4.1 4.8 5.0 5.2 5.0 5.0 5.2 5.3 Multifamily and com. mtgs. 5.0 5 6 6 2 6 7 7 3 7 9 8 4 9 0 9 7 10 6 11 6 12 6 13 9 15.4 Q Bank loans n.e.c. 4.5 6.1 6.0 5.6 6.8 7.7 8.4 8.1 8.2 9.2 10.0 9.7 10.2 13.0 R Other loans6 1.4 1.9 2.3 2.6 3.2 3.7 4.0 4.2 4.5 5.3 5.7 6.2 6.4 7.0 S Trade debt, net -1.7 -2.6 -2.2 -2.0 -2.5 -3.4 -4.2 -3.7 -2.6 -2.5 -2.8 -2.3 1.9 5.3 Trade debt 3.3 2.8 3.6 3.8 4.5 3.8 4.1 5.2 6.6 7.2 7.9 8.6 12.4 15.8 Trade receivables 5.0 5.4 5.8 5.8 7.0 7.3 8.4 8.9 9.1 9.7 10.6 10.9 10.5 10.5 (D) Corporate nonfinancial business sector N Total financial assets 74.3 81.3 86.7 91.7 107.8 116.2 122.1 125.1 130.3 148.1 153.4 159.2 166.6 181.3 O Demand deposits and currency, 21.2 23.4 23.6 24.7 26.2 27.9 28.7 28.9 30.9 32.0 32.1 32.1 33.8 34.0 P Credit market instruments. 17.5 17.0 18.4 21.0 24.8 26.7 27.0 29.0 26.7 31.8 27.9 28.8 29.4 34.9 Q Federal obligations 15.3 14.1 14.7 16.7 19.6 20.7 19.9 21.5 19.1 23.5 19.2 19.7 19.8 24.2 R Consumer credit 2.2 2.9 3.4 3.8 4.6 5.1 5.9 6.1 6.4 7.0 7.3 7.4 7.8 8.6 S Other loans • .1 .3 .5 .6 .9 1.2 1.4 1.2 1.2 1.4 1.6 1.7 2.1 T Trade credit 26.0 31.4 33.9 34.2 43.9 47.3 50.6 49.8 53.7 63.8 69.9 71.9 74.5 81.2 Time deposits .9 .9 .9 .9 .9 .9 .9 .9 1.1 1.0 1.0 1.0 1.6 1.2 Miscellaneous 7 8.6 8.6 9.8 10.9 12.0 13.3 15.0 16.5 17.9 19.5 22.4 25.4 27.3 29.9 V Total liabilities * 69.7 79.7 87.2 88.6 101.8 113.5 123.7 128.5 135.2 152.2 167.6 178.3 184.3 197.1 W Credit market instruments.... 44.1 50.5 56.6 59.2 65.9 74.0 81.1 86.0 90.4 98.4 109.1 119.6 129.3 138.5 X Corporate bonds 24.4 27.2 31.3 34.1 35.7 38.9 43.4 46.7 50.1 52.8 56.4 62.6 68.4 71.6 1- to 4-family mortgages9... .5 .8 .8 .9 1.3 1.1 1.2 1.2 1.4 1.5 1.4 1.4 1.6 1.7 Multifamily and com. mtgs.. 8.6 9.8 11.1 12.4 13.9 15.6 16.7 18.0 19.4 21.3 23.3 25.1 28.1 31.3 a Bank loans n.e.c 8.8 11.0 11.7 10.0 13.1 16.3 17.3 17.3 16.7 19.6 24.8 26.8 27.3 29.8 b Other loans i o 1.3 1.5 1.6 1.7 2.0 2.2 2.4 2.8 2.8 3.0 3.2 3.7 3.8 4.2 c Trade debt 23.1 26.6 27.8 26.5 32.8 36.2 39.1 38.8 40.8 49.5 54.0 53.9 50.1 53.4 Miscellaneous 11 2.5 2.6 2.8 2.9 3.1 3.3 3.5 3.8 4.0 4.3 4.5 4.8 4.9 5.1 e Memo: Profits tax liability *2 8.9 11.3 12.1 9.9 17.4 22.1 18.9 19.5 16.2 20.3 18.6 16.4 14.0 16.4 * Less than $50 million. 8 Includes the following amounts of security credit not shown separately 1 Lines identified alphabetically correspond to lines in Table 4(B)-(D); (in billions): $0.5 in 1946, and $0.2 in 1947. unlettered lines indicate detail not shown in Table 4. 9 Construction loans. 2 Includes equity in Federal land banks not shown separately. 10 Mainly loans from finance companies, commercial paper and 3 Excludes proprietors' net investment for which amounts outstanding Government loans. are not estimated. 11 Direct investments of foreign affiliates. 4 Excludes CCC-guaranteed loans. See p. 840 of the BULLETIN for 12 Federal, State, and local taxes on profits. Au 6 5 g M G us o a t v i 1 n e 9 l r y 5 n 9 m R . e E n A t lo a a n n d s; o e th x e c r l u l d o e a s n C s C fr C o m lo a F n e s d . eral Government and loans "T N B e a O c c h T k n E i d c .— a al t a D N e a o f v i t n a e i i s t l i a , o " b n l p s e p i o . n f 8 F 4 s 6 l e o - c w 5 to 9 - r o s o f f - a F t n u h d n e d t B s r U a n L S s L u a E p c T p t I i l N e o m n f o e c r n a t A t s e . u g g o u ri s e t s 1 a 9 r 5 e 9 . given in fro 7 m F o fi r n e a ig n n ce c c u o rr m en p c a y n ie a s n . d deposits and direct investments abroad. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 943 TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category* 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 (E) Federal Government sector R_ Total financial assets^ 16.9 21.5 24.2 26.0 27.4 30.1 34.6 33.7 34.0 34.9 36.4 39.6 41.2 47.5 R S Demand deposits and currency... 4.3 3.7 4.9 5.2 5.0 5.1 7.0 5.4 5.7 5.1 4.9 5.2 5.3 6.0 S Available funds at F. R. Banks. .4 .9 1.1 .8 .7 .3 .4 .3 .6 A .4 .5 .4 .5 Tax and loan accounts 2.6 1.0 1.9 2.6 2.3 2.7 4.4 3.4 3.5 3.0 2.9 3.1 3.5 4.2 Currency and other deposits. .. 1.3 1.9 1.9 1.8 2 0 2 1 2 2 1 7 1.7 1 7 1 6 1.6 1.5 1.3 Credit market instruments 9.8 13.8 15.4 16.7 17.9 19.4 21.0 21.9 21.5 22.9 24.1 26.5 28.1 32.0 T 1 - to 4-family mortgages .7 .7 .8 1.2 1 5 2 1 2 5 2 8 2.8 3 0 3 5 4 7 4.6 6.2 Other mortgages3 1.3 1.2 1.2 1.2 1.2 1.3 1.4 1.7 1.8 2.1 2.4 2.7 3.1 3.7 Other loans 7.8 12.0 13.5 14.2 15.1 16.0 17.1 17.4 17.0 17.8 18.1 19.0 20.4 22.1 V To savings and loan assns .3 A .5 .4 .8 .8 .9 .9 .9 1.4 1.2 1.3 1.3 2.1 To rest of world 4.7 8,3 9.5 9.9 10.1 10.3 10.6 10.9 10.7 10.6 10.7 11.0 11.6 11.7 To others 2.8 3.2 3.5 3.9 4.2 5 0 5 6 5 6 5.4 5.7 6.2 6 8 7.5 8.3 Time deposits 1 1 \ 2 2 3 3 3 4 4 3 3 3 3 T T r r e a a d s e u c ry r e c d u it r 5 r en . c y asset . s 4 . .1 1 .1 A .1 . . 1 4 li 2.3 2.2 * 2.4 2.3 2. . 4 1 2. . 3 1 1. . 7 1 1. . 7 1 Miscellaneous6. 2.5 3.7 3.7 3.8 3.9 3.9 3.9 3.9 4.1 4.6 5.3 5.6 7.4 X Total liabilities 245.2 239.8 234.6 237.7 239.2 241.7 247.5 254.8 257.1 257.7 252.9 252 A 262.2 273.2 X Y Fixed-value redeemable claims. . . 48.1 50.5 51.7 53.0 52 8 52 0 51 9 51 8 52 2 52 2 51 9 49 6 48.9 46.9 Y Z Postal savings deposits 3.4 3.5 3.4 3.3 3.0 2.8 2.7 2.5 2.2 2.0 1.7 1.4 1.2 1.0 Z a Consumer-held svgs. bonds7 8.. 44.8 47.0 48.3 49.6 49.8 49.2 49.2 49 A 50.0 50.2 50.1 48.2 47.7 45.9 a Consumer svgs. in life insurance. . 4.7 5.4 5.6 5.6 6.0 6.1 6.2 6.3 6.0 5.9 6.0 6.2 6.2 6.3 Consumer svgs. in retirement fds.. 3.3 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 10.0 10.9 11.3 12.3 13.2 Credit market instruments 184.2 174.8 167.9 169.0 168.2 168.6 173.4 180.1 181.6 181.5 176.2 177.1 186.5 197.2 c Federal obligations 9 184.1 174.7 167.0 168.0 167.8 168.3 172.7 177.9 179.3 180.4 175.3 176.7 185.7 197.0 c d Short-term directl0 60.5 55.9 53.4 63.9 66.6 55.6 62 6 79.1 67.3 60 2 67.6 73.1 71.9 77.4 d e Other direct and guaranteed. . 122.4 117.4 112.0 102.6 99.3 110.6 108.0 96.7 109.9 116.5 103.5 97.3 108.0 111.6 e f Nonguaranteed^ ^. 1.3 1.4 1.6 1.5 1.9 2.2 2.1 2.1 2.1 3.6 4.2 6.3 5.8 8.0 f g Other loans i2 .1 .9 1.0 A .3 .1 2.2 2.3 1.2 .9 .5 .8 .2 g Trade debt13 7 1.1 2.7 2.8 2.6 2.4 2.3 2.6 2.8 2.8 2.9 Treasury currency liability14 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.6 2.6 2.6 Miscellaneous liabilities 1.7 2.6 2.1 1.8 2.0 2.4 2.4 2.6 3.1 3.2 2.8 2.8 2.9 4.1 Deposits of savings and loan associations at FHLB .1 1 1 3 2 3 4 6 8 7 7 7 .8 .6 Demand notes issued to IMF. . .2 1.5 1.2 1.0 1.3 1.3 1.3 1.3 1.5 1 6 1 1 .7 .8 2.1 Other 15 1.4 1.0 .8 .5 .5 .8 .7 .7 .8 .9 1.0 1.4 1.3 1.4 Memo: Assets of OASI fund 8.2 9.4 10.7 11.8 13.7 15.5 17.4 18.7 20.6 21.7 22.5 22.4 21.9 20.1 (F) State and local government sector L Total financial assets 16.2 18.1 19.9 21.2 23.3 25.4 28.1 31.6 35.3 37.5 40.1 43.3 45.8 48.9 L M Demand deposits and currency.. . 6.2 6.9 7.4 7.6 8.1 8.5 9.0 9.7 10.0 10.4 10.6 10.8 11.0 11.6 M N Time deposits 7 9 I 1 1 3 1.4 1.5 1.6 2.0 2.4 2.4 2.4 2.8 3.6 3.2 N O Credit market instruments 9.3 10.3 11.3 12.3 13.8 15.3 17.4 20.0 22.9 24.8 27.1 29.8 31.2 34.1 O P Federal obligations.... 6.4 7.3 7.9 8.1 8.8 9.7 11.3 12.9 14.6 15.4 16.5 17.5 17.1 18.1 P Direct and guaranteed 6.4 7.3 7.9 8.1 8.8 9.6 11.2 12.8 14.5 15.2 16.2 17.1 16.8 17.6 Monguaranteed .. .1 .1 .1 .1 .2 .3 .4 .3 .5 State and local obligations 2.4 2.5 2.6 3.1 3.6 3.8 4.0 4.4 4.7 5.1 5.6 6.0 6.5 7.0 Q Corporate bonds .. .4 .5 .7 .9 1.1 1.3 1.6 2.0 2.7 3.2 3.8 4.6 5.6 6.8 1 - to 4-family mortgages .1 .1 .2 .2 .3 .4 A .5 5 .6 .8 1.0 1.1 Multifamily and com. mtgs. . . . * * * * .1 .2 2 A .5 .5 .6 .8 1.0 1.1 S Total liabilities 23.4 25.2 28.0 31.2 35.1 38.3 42.5 47.3 52.8 57.8 62.6 69.2 77.1 83.6 S Credit market instruments 19.8 21.2 23.4 25.7 28.8 31.1 34.3 37.8 42.0 45.4 48.7 53.6 59.5 64.9 T State and local obligations 19.4 20.7 22.8 25.2 28.2 30.3 33.1 37.0 41.5 45.0 48.2 52.8 58.5 63.7 T Other loans (Federal Govt.) .5 .5 .6 .5 .6 .8 1.1 .8 .5 .5 .6 .8 1.0 1.2 Trade debt .7 .9 1.0 1.1 1.2 1.2 1.3 1.4 1.6 1.7 1.8 1.8 2.0 2.0 W Consumer savings in retirement funds 2.9 3.1 3.6 4.4 5.2 6.0 6.9 8.1 9.3 10.6 12.1 13.7 15.6 16.8 W * Less than $50 million. !0 Beginning with 1951, direct marketable issues maturing within one 1 Lines that are identified alphabetically correspond to lines in Table year; prior to 1951, issues maturing or callable within one year. Includes 4(E) and (F); unlettered lines indicate detail not shown in Table 4. savings notes prior to their retirement in 1956. 2 Prior to 1950, includes small amounts of savings and loan shares 1! Securities and notes issued by FNMA, Federal land banks, home not shown separately. loan banks, intermediate credit banks, and banks for cooperatives. 3 Mainly farm mortgages. 12 CCC certificates of interest and liability for CCC-guaranteed loans. 4 Silver bullion held at cost in account of Treasurer of the United See discussion on p. 840 of the BULLETIN for August 1959. States. 13 Payable to corporations. 5 Prepayments and advances to corporations. 14 Seigniorage on silver, deposits with Federal Government for re- 6 Mainly Subscriptions to International Monetary Fund and Inter- demption of Federal Reserve Bank notes and national bank notes, and national Bank for Reconstruction and Development; capital stock of liability of Federal Government in connection with minor coin and U.S. Exchange Stabilization Fund; and holdings of foreign cash assets. notes not backed by gold reserves. 7 Prior to 1954, includes armed forces leave bonds. 1 5 Private equity in Government enterprises, and miscellaneous trust 8 Includes accrued interest. and deposit liabilities. 9 Excludes Federal debt held by Federal agencies, consumer-held NOTE.—Definitions of sectors and transaction categories are in "Techsavings bonds, special notes issued to IMF, and currency items in public nical Notes," pp. 846-59 of the BULLETIN for August 1959. debt; includes Federal agency debt and accrued interest on Treasury bills Back data available in Flow-of-Funds Supplements. and on savings bonds (other than consumer-held). Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

944 FLOW OF FUNDS/SAVING TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category * 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 j 1959 (G) Commercial banking and monetary authorities sector A Total Financial assets 162.3 166.0 166.8 168.5 175.3 184.4 194.8 199.1 208.3 213.0 218.1 223.5 238.6 243.4 A B Gold* 20.7 22.9 24.4 24.6 22.8 22.9 23.3 22.1 21.8 21.8 22.1 22.9 20.6 19.5 B C Treasury currency 3 4.9 4.9 5.0 5.1 5.2 C D Credit and equity market instr.... 137.1 138.5 137.9 139.3 147.7 156.8 166.8 172.2 181.5 186.3 191.0 195.3 212.8 218.5 D E Federal obligations4 99.5 93.0 87.3 87.2 84.5 86.9 89.5 90.7 95.3 88.2 85.2 84.6 95.0 87.4 E F Monetary authorities 23.4 22.6 23.4 18.9 20.8 23.8 24.7 25.9 25.0 24.8 25.0 24.3 26.4 26.7 F G Short-term directs 22.3 19.9 12.4 12.0 16.0 13.4 14.8 17.0 19.4 20.7 22 A 21.4 21.0 18.7 G H Other direct 1.1 2.7 10.9 6.9 4.8 10.4 10.0 9.0 5.5 4.1 2.9 2.8 5.4 8.0 H I Commercial banks4 76.1 70.5 63.9 68.3 63.7 63.1 64.8 64.8 70.4 63.4 60.2 60.3 68.6 60.6 I J Short-term directs 18.8 19.2 19.4 26.5 22.2 15.8 19.2 28.2 17.6 9.0 13.8 15.7 16.6 13.6 J K Other direct and guar 56.2 50.1 43.3 40.5 39.8 45.7 44.1 35.2 51.4 52.6 44.8 42.5 49.7 45.3 K L Nonguaranteed^ 1.1 1.2 1.3 1.3 1.7 1.6 1.5 1.3 1.4 1.8 1.6 2.1 2.2 1.7 L M State and local obligations 4.4 5.3 5.7 6.5 8.1 9.2 10.2 10.8 12.6 12.7 12.9 13.9 16.5 17.0 M N Corp. and foreign bonds 2.2 2.2 1.9 2.1 2.2 2.2 2.1 2.1 1.9 1.7 1.3 1.4 1.3 1.2 N 0 1- to 4-family mortgages 4.6 6.3 7.3 7.9 9.4 10.2 11.1 11.9 13.2 14.9 16.1 16.2 17.4 19.2 O P Other mortgages 2.6 3.1 3.5 3.7 4.2 4.4 4.6 4.8 5.2 5.9 6.4 6.9 7.8 8.9 P Q Consumer credit 2.6 3.8 4.8 5.8 7.4 7.5 9.4 10.9 10.9 13.2 14.6 15.8 15.9 18.5 Q R Security loans 3.2 2.1 2.3 2.6 2.9 2.6 3.2 3.6 4.5 5.0 4 3 4.2 4.7 4.9 R S Bank loans n.e.c 17.5 22.0 23.7 22.1 28.2 33.0 35.3 34.4 34.6 42.6 48.5! 50.8 52.1 60.2 S T To farm business 1.3 1.6 1.9 2.0 2.5 3.7 3.2 2.8 2.9 3.3 3.3J 3.6\ 4.2 4.8 T U To nonfarm business 13.3 17.1 17.7 15.6 20.0 24.1 25.7 25.4 24.9 28.9 34.81 36.6 37.5 42.8 U V To nonbank finan. sectors.... 1.7 2.3 2.7 3.1 4.1 4.0 4.6 4.6 4.6 7.3 6.8\ 6.3 5.2 6.6 V W To other sectors1 1.2 1.1 1.3 1.4 1.7 1.9 1.8 1.7 2.2 3.1 3.6\ 4.3 5.2 5.9 W X Other loans .6 .1 1.4 1.5 .9 .9 1.5 3.0 3.2 2.0 1.8! 1.5 2.0 1.4 X Y CCC-guaranteed loans* .1 .1 .9 1.0 .4 .3 .7 2.2 2.3 1.2 .9' .5 .8 .2 Y Z Open market paper .5 .6 .5 .5 .5 .6 .7 .8 1.0 .8 .9 1.1 l.2\ 1.2 Z a Miscellaneous9 A .2 .2 .2 .2 A .1 A .2 A .2] .2 b Total liabilities 152.4 155.6 155.7 156.2 161.9 170.5 180.0 183.3 191.5 195.2 199.1 203.5 217.2J 220.2 c Demand dep., net, and currency1 o. 115.9 119.4 118.9 118.9 124.1 130.9 137.4 137.4 141.9 144.2 145.9 145.2 151.0 151.9 d Due to U. S. Government11... 3.7 3.4 4.6 5.1 4.6 4.7 6.4 5.1 5.4 4.7 4.8 5.0 5.1 5.8 e Monetary authorities .7 2.0 2.3 2.0 1.8 1.4 7.5 1.0 1.2 1.0 7.7 .9 .7 f g Du C e o t m o m re e s r t c i o a f l t b h a e n k w s orld 3 4 . . 0 4 4 1. . 3 5 2 4 . . 3 8 3 4 . . 1 8 2 4 . . 8 7 3 4 . . 4 3 4 4 . . 9 5 4 4. . 1 2 4 4 . . 2 3 4 3. . 7 3 3 3 4 . . 9 7 4 4 . . 2 7 5 4 . . 0 8 h Monetary authorities12 1.2 1.4 1.7 7.9 1.7 1.4 1.4 7.3 1.4 7.3 1.2 1.2 1.3 1 Commercial banks 3.2 3.0 3.1 2.9 3.0 2.9 3.1 2.9 3.0 3.0 3.3 3.4 3.5 3.5 j Due to othersll 107.8 111.6 109.5 109.0 114.8 121.9 126.4 128.0 132.2 135.2 136.6 135.5 141.1 141.3 k Demand deposits, net10 81.5 85.6 84.0 84.2 90.0 96.2 99.6 100.6 105.0 107.5 108.9 107.9 7/3.7 112.6 1 Currency 26.3 25.9 25.5 24.8 24.8 25.7 26.8 27.4 27.2 27.6 27 7 28.1 28.7 m Time deposits 34.1 35.5 36.1 36.6 36.9 38.6 41.7 45.1 48.9 50.3 52.3; 57.8 65.8 67.6 n Due to U. S. Government.... .1 .1 .1 .2 .2 .3 .3 .3 .4 4 .31 .3 .3 .3 o Due to rest of the world * * * .2 .4 .5 .7 1.3 1.8 1.61 1.6 2.5 1.5 p Due to State and loc. govts.... .7 .9 I.I 1.3 1.4 1.5 1.6 2.0 2.4 2.4 2.4| 2.8 3.6 3.2 q Due to others13 33.3 34.5 34.9 35.0 34.9 36.3 39.0 41.6 44.3 45.9 48.0' 53.2| 59.4 62.6 r Other liabilities i4 2.4 .6 .6 .7 .8 1.0 .9 .8 .7 .7 (G.I) Monetary authorities subsector15 s Total financial assets 49.2 50.6 53.0 48.6 49.6 52.5 53.8 53.7 52.5 53.1 53.8 53.9 53.5 53.5 t Inch in consol. sector acct.16 48.6 50.0 52.4 48.0 48.1 51.3 52.7 52.8 51.7 51.4 52.1 52.4 52.2 51.5 Excl. from consol. sector acct.: u v F F . . R R . . f lo lo a a n t s to domestic banks. .6 * .5 .5 * .5 * 1. . 4 1 1.2 * 1. . 0 1 .9 * .8 * 1.6 1.7 1.4! 1. . 6 5 w Total liabilities 48.7 50.1 52.4 47.7 48.7 51.7 53.0 52.9 51.7 52.2 52.9! 53.0 52.5 52.6 x Incl. in consol. sector acct.17 30.1 29.6 29.7 28.9 28.5 28.6 30.0 29.9 30.0 30.2 30.2! 30.2 30.3 30.9 Excl. from consol. sector acct.: y Member bank reserves 16.1 17.9 20.5 16.6 17.7 20.1 20.0 20.2 18.9 19.0 19.l! 19.0 18.5 18.2 z Other dep. of domestic banks. .1 .1 .1 .1 .1 .1 .1 .1| .1 .1 .1 aa Currency held by com. banks. 2.0 2.2 2^0 2.0 2.2 2.1 2.8 2.5 2.7 3.3; 3.3 3.2 3.0 bb Capital stock of F. R. Banks.. .2 .2 .2 .2 .2 .2 .3 .3 .3! .4 .4 bb (G.2) Commercial banks subsector 1 cc Total financial assets 132.1 136.3 137.0 139.2 147.1 156.1 165.0 169.2 178.2 183.4 188.4 193.9 208.6 213.4 cc dd Incl. in consol. sector acct.18 113.7 115.9l 114.4 120.4 127.1 133.1 142.1 146.3 156.6 161.6 166.0 171.2 186.5 192.0 dd Excl. from consol. sector acct.: ee Demand dep. and currency19 . 18.2 20.1 22.5 18.5 19.7 22.7 22.6 22.6 21.3 21.5 22.1 22.4 21.7 21.0 ee ff Capital stock of F. R. Banks.. .2 .2 .2 .2 .2 .3 .3 .3 .3 .3 .3 .4 .4 ff gg Total liabilities 122.9 126.5 126.6 127.9 134.8 143.1 151.1 154.4 162.4 166.7 170.6 174.8 188.2 191.3 gg hh Incl. in consol. sector acct.20 122.3 126.0 126.0 127.3 133.3 141.9 150.0 153.4 161.6 165.0 168.9 173.4 186.9 189.2 hh Excl. from consol. sector acct.: ii F. R. float*! 1.2 1.0 1.6 1.7: 1-4 1.6 ii jj Borrowings at F. R. Banks. . . .1 .1 .5 jj * Less than $50 million. For other notes see second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 945 TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 (H) Nonbank financial sectors—total A Total financial assets 98.1 105.7 115.0 126.4 138.9 150.3 166.3 183.1 204.8 230.2 248.4 264.9 292.2 317.9 A B Demand deposits and currency 4.7 5.0 5.1 5.4 6A 6.7 6.8 7.1 7.6 8.2 8.5 8.8 9.4 9.3 B C Credit and equity mkt. instr.. . 92.6 99.7 108.7 119.5 131.4 141.9 157.4 173.5 194.3 219.0 236.7 252.7 278.7 304.8 C D Other .9 1.1 1.2 1.4 1.4 1.7 2.1 2.4 2.9 3.0 3.3 3.5 4.1 3.9 D E Total liabilities 79.9 85.8 93.2 100.8 109.8 118.3 131.0 144.9 159.6 179.6 194.4 209.6 225.9 246.2 E F Fixed-value redeemable claims , 25.8 28.0 30.0 32.5 34.9 38.1 43.2 48.9 55.7 62.8 70.1 77.0 85.9 94.0 F G Insurance and pension reserves 47.6 51.2 54.9 58.8 63.0 67.9 73.6 79.6 86.0 93.7 100.8 107.8 115.6 124.5 G H Credit and equity mkt. instr... 4.8 5.0 6.6 8.0 10.2 10.5 12.3 14.3 15.4 20.6 20.4 21.3 20.8 24.6 H T Miscellaneous 1.7 1.6 1. 1.6 1.7 1.9 2.0 2.1 2.4 2.6 3.1 3.4 3.7 3.1 I (H.I) Savings institutions sector2 A Total financial assets, 28.8 31.5 33.9 36.6 39.8 43.2 48.7 55.0 62.4 70.7 78.3 85.7 95.8 105.5 B Demand deposits and currency. 1 ? 1.2 1.3 1.4 1.4 1.7 1.7 1.8 2 2 2.3 2 5 2 5 2.9 2.7 C Fixed-value redeemable claims 3. 2 3 3 3 3 4 5 6 6 7 7 9 .7 D Credit and equity mkt. instr. 4.. 27.3 29.8 32.0 34.5 37.7 40.7 45.8 51.7 58.4 66.5 73.9 81.1 90.4 100.7 E Federal obligations 14 0 13.9 13.2 13.1 12.5 11.6 11.5 11.4 11.0 11.2 11.3 11.7 12.0 12.5 F Direct and guaranteed 14.0 73.9 75.7 13.0 72.5 11.6 11.3 77.2 70.9 10.9 10.9 10.9 11.2 77.5 G Nonguaranteed * * .7 * * * .1 .2 .7 .3 .4 .8 .8 1.0 H State and local obligations 5.. .1 1 1 1 1 1 3 4 6 6 7 7 7 .7 1 Corporate bonds5 1 1 1.5 1.9 2.1 2.0 2.2 2.5 2.8 2.9 2.6 2.6 3.2 3.8 3.6 J Corporate stock 5 .2 1 2 2 2 2 3 4 6 7 7 8 9 .8 K 1- to 4-family mortgages 8.9 10.8 12.7 14.6 17.5 20.3 24.0 28.5 34.2 41.3 47.2 52.4 58.9 67.0 L Other mortgages 2.7 3.0 3.4 3.8 4.5 5.3 5.9 6.5 7.2 7.8 8.5 9.1 10.3 11.5 M Consumer credit .2 .4 .5 .6 .9 .9 1.2 1.6 1.8 2.3 2.7 3.2 3.6 4.4 N Miscellaneous6 .2 .2 .2 .4 .4 .5 .7 .9 1.2 1.2 1.3 1.3 1.6 1.5 O Total liabilities 26.2 28.6 30.6 33.0 35.8 39.0 44.1 50.0 56.7 64.4 71.4 78.4 87.3 96.4 P Deposits at mutual s\gs. banks. 16.8 17.8 18.4 19.3 20.0 20.9 22.6 24.4 26.4 28.2 30.0 31.7 34.0 35.0 Q Savings shares 9.0 10.3 11.6 13.2 14.8 17.2 20.5 24.5 29.4 34.6 40.1 45.3 51.8 59.0 R Savings and loan assns 8.6 9.8 11.0 12.5 14.0 16.1 19.2 22.8 27.3 32.2 37.1 41.9 48.0 54.6 S Credit unions .4 .5 .6 .7 .8 1.1 1.4 1.7 2.0 2.4 2.9 3.4 3.8 4.5 T Credit market instr.7 .4 .5 .6 .5 .9 .9 .9 1.0 1.0 1.6 1.4 1.4 1.4 2.4 (H.2) Insurance sector2 A Total financial assets f 58.7 63.8 69.0 75.2 81.4 87.9 95.8 103.9 113.9 124.2 132.6 140.5 152.2 163.0 B Demand deposits and currency 1.7 2.2 2.2 2.3 2.6 2.7 2.9 3.1 3.0 3.2 3.2 3.2 3.4 3.5 C Credit and equity mkt. instr.. . 56.5 61.0 66.2 72.1 78.1 84.3 92.0 99.8 109.8 119.9 128.2 135.8 147.2 157.8 D Federal obligations 27.0 26.2 23.6 22.8 21.6 19.4 19.1 19.1 18.5 18.5 17.0 16.1 16.4 16.6 E Short-term direct 1.2 .8 7.7 1.5 1.8 1.5 7.5 1.9 7.5 .9 1.0 1.4 1.6 1.6 F Other 25.9 25.4 22.4 21.4 19.8 17.9 77.5 17.2 77.7 17.6 16.0 14.7 14.8 15.0 G State and local obligations.. 1.2 1.2 1.8 2.3 2.6 2.9 3.3 4.2 5.4 6.3 7.3 8.0 9.0 10.4 H Corporate bonds 15.1 18.6 23.3 26.0 28.4 32.1 36.5 40.3 43.7 46.8 50.5 55.0 59.1 62.6 I Corporate stock 3.9 4.1 4.4 5.3 6.4 7.3 8.4 9.2 12.0 14.4 15.4 15.9 19.7 22.5 J 1 - to 4-family mortgages 2.5 3.5 4.9 6.1 8.5 10.7 11.8 13.3 15.3 17.8 20.5 21.9 23.0 24.3 K Other mortgages 4.8 5.4 6.1 7.2 8.0 9.2 10.0 10.7 11.5 12.5 13.6 14.6 15.4 16.5 L Other loans 8 2.0 2.0 2.1 2.3 2.5 2.7 2.8 3.0 3.3 3.6 3.8 4.3 4.5 5.0 M Trade credit 9 .5 .6 .7 .7 .7 .8 .9 1.0 1.1 1.2 1.3 1.5 1.6 1.7 N Total liabilitiesf 47.6 51.2 54.9 58.8 63.0 67.9 73.6 79.6 86.0 93.7 100.8 107.8 115.6 124.5 N O Savings in life insurance 41.9 44.4 47.0 49.6 52.0 54.6 57.7 60.9 64.2 67.6 71.1 73.8 77.2 80.9 O P Savings in pension funds+. • • . 5.7 6.7 7.9 9.1 11.0 13.3 15.9 18.7 21.8 26.1 29.7 34.0 38.4 43.7 P (H.3) Finance n.e.c. sector2 A Total financial assets 10.6 10.5 12.1 14.7 17.7 19.1 21.9 24.2 28.6 35.3 37.4 38.8 44.3 49.4 B Demand deposits and currency. . 1.8 1.6 1.7 1.7 2.1 2.3 2.2 2.2 2.4 2.7 2.9 3.0 3.2 C Credit and equity mkt. instr 8.8 8.9 10.4 12.9 15.6 16.9 19.6 21.9 26.2 32.6 34.6 35.8 41.1 D Federal obligations 2.2 1.4 2.0 1.8 1.7 1.4 1.9 1.8 2.1 1.6 1.8 2.1 2.3 2.1 E State and local obligations .4 .3 .3 .4 .4 .3 .5 .4 .4 .2 .3 .3 F Corporate bonds 1.0 .8 A 1.0 1.0 1.2 1.1 1.0 1.4 1.4 1.4 1.5 1.6 G Corporate stock 1.9 1.8 2.4 2.7 3.4 4.0 4.1 6.3 7.9 8.6 8.1 12.3 14. H Mortgages 2 3 .4 .7 .6 .8 .8 1.0 1.6 1.5 1.2 1.7 I Consumer credit 1.5 2.4 3.2 4.3 5.3 5.6 7.1 8.6 9.1 11.9 13.0 13.8 13.1 15.1 J Security credit .6 .6 .6 1.0 1.6 1.6 1.7 2.2 3.1 3.6 3.7 3.5 4.5 4.5 K Other loans3 o. 1.0 1.3 1.7 1.6 2.2 2.6 2.8 2.9 2.9 4.2 4.4 5.3 5.3 6.1 L Total liabilities... 6.0 6.1 7.6| 9.1 11.0 11.4 13.3 15.4 16.9 21.6 22.2 23.3 23.1 25.3 M Credit market instrumentsJ l 4.3 4.4 6.0 7.5 9.3 9.6 11.3 13.3 14.5 19.0 19.1 20.0 19.3 22.2 N Corporate bonds .4 .5 i.o! 1 .4 1.7 2.0 2.3 3.7 4.0 5.4 6.4 7.1 7.2 8.2 P Q O B O Se a t c h n u e k r r i l t l o y o a a c n n r s s e d n ( i . o t e p . e c n mkt. paper). 2 1 . . . 3 6 1 2 1 . . . 2 2 5 2 2 : .0 l 1 \ 2 3. . . 1 5 6 4 2 . . . 0 9 7 2 3 1 . . . 6 9 1 4 3 1 . . . 6 1 4 4 3 1 . . . 5 4 6 4 4 1 . . . 4 6 5 4 7 1 . . . 7 2 7 4 6 1 . . . 2 6 9 4 6 2 . . . 3 2 3 4 2 5 . . . 8 2 0 4 6 2 . . . 9 7 3 R Miscellaneousll 1.7 1.6 1.6 1.7 1.9 2.0 2.1 2.4 2.6 3.1 3.4 3.7 3.1 1.6 * Less than $50 million. f See p. 946 note f. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

946 FLOW OF FUNDS/SAVING TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category * 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 (I) Rest-of-the-world sector G Total financial assets2 26.5 25.3 24.7 25.7 30.4 30.9 32.9 35.7 39.9 43.1 45.1 44.5 51.2 58.1 G H Gold3 13.4 11.7 10.5 10.8 13.0 12.8 12.7 14.3 15.3 16.0 16.2 16.1 19.3 21.2 H I U. S. dem. dep. and currency. ... 4.4 4.5 4.7 4.8 I Deposits of foreign banks 1.9 1.8 2.2 2.1 2.4 1.9 2.0 1.8 2.0 1.9 2.1 2.1 1.9 2.0 Other deposits and currency. . . 2 5 2 6 2 6 2 7 2 3 2 3 2 5 2 5 2 3 2 3 2 4 2 5 2 8 2 8 Time deposits * • .2 .4 .5 .7 1.3 1.8 1.7 1.6 1.6 2.5 1.5 J Credit and equity mkt. instr 4.9 4.0 4.2 4.8 6.5 7.0 8.4 8.9 10.9 13.1 14.5 14.1 16.3 20.3 v Federal obligations. 1.9 1.2 1.6 1.9 3.1 3.0 4.0 4.5 4.8 5.8 6.6 6.8 6.8 9.6 K Corporate stock4 2.7 2.5 2.3 2.5 2.9 3.4 3.7 3.6 5.3 6.6 7.0 6.1 8.3 9.5 Other5 . . . 4 3 3 4 5 6 6 7 9 7 9 1 2 1 1 1 2 Miscellaneous6 3.7 5.1 5.1 5.2 5.9 6.3 6.6 6 9 7.5 8 1 8 3 8 1 8.4 10.2 N Total liabilities7 16.9 24.0 26.4 28.0 30.2 32.0 34.2 35.7 37.3 39.3 43.6 48.7 52.9 58.0 N Credit and equity mkt. instr.8.. . . 7.8 11.7 12.9 13.4 14.3 14.9 15.4 15.5 15.5 15.6 16.6 18.0 20.0 20.6 Bonds4 2.6 2 7 2 7 2 7 3.3 3.7 3.8 3 7 3.5 3 3 3.7 4.1 5.0 5.5 Bank loans nee 5 6 6 7 7 8 8 7 1 0 1 4 1 7 2 1 2 6 2 8 Other loans9 4.6 8 4 9 5 10 0 10.2 10 4 10.8 11 0 10 9 10 9 11.2 11 7 12 3 12.2 Miscellaneous 9.2 12.3 13.5 14.6 15.9 17.1 18.8 20.3 21.8 23.6 27.0 30.7 32.9 37.4 Q U. S. subscription to IMF and IBRD 10 .3 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 4.9 Other 11 8.8 8.9 10.1 11.2 12.5 13.7 15.5 16.9 18.4 20.2 23.5 27.3 29.5 32.5 * Less than $50 million. 6 Mainly direct investments in U. S., deposits with U. S. agencies of 1 Lines identified alphabetically correspond to lines in Table 4(T); foreign banks, and notes of the International Monetary Fund. unlettered lines indicate detail not shown in Table 4. 7 Excludes amounts for corporate stock and unidentified liabilities (in 2 Excludes amounts for unidentified assets (in miscellaneous category) miscellaneous category) for which estimates of amounts outstanding are for which estimates of amounts outstanding are not available. not available. 3 Holdings of international institutions and foreign central banks and 8 Includes security credit not shown separately. governments, excluding U.S.S.R. Reflects net foreign gold production 9 Predominantly U. S. Government loans. (output plus net U.S.S.R. gold exports, less consumption and net increase 10 Includes subscriptions to IFC (1956) and IAB (1959). in private holdings) as well as gold transactions with the U. S. Annual 11 U. S. direct investment abroad and holdings of foreign currency. changes differ from corresponding flows, which reflect only transactions with the U. S. NOTE.—"Liabilities" cover equity as well as debt claims. Definitions of * At estimated market value; annual changes thus differ from cor- sectors and transaction categories are given in "Technical Notes," pp. responding flows, which reflect only net funds put into securities. 846-59 of the BULLETIN for August 1959. 5 Commercial paper, corporate bonds, and security credit. Back data available in Flow-of-Funds Supplements. Details may not add to totals because of rounding. Motes to Table 8 (G), (G.I), and (G.2) on second preceding page. 1 Alphabetic identification of lines does not correspond to that in and Exchange Stabilization Fund stock held by U. S. Treasury ($1.8 Table 4(G). billion through 1946 and $0.2 billion thereafter). 2 Monetary gold stock and active gold held by Exchange Stabilization 15 Each subsector statement is consolidated. For example, gold Fund. certificates held by Federal Reserve (a Federal Reserve asset and a 3 Silver and claims on Federal Government sector representing backing Treasury gold-account liability) are excluded from assets and liabilities (other than small gold reserve) for U. S. currency other than Federal in monetary authorities subsector, and interbank loans and interbank Reserve notes. See note 14 to part E of this table. deposits of commercial banks are excluded from assets and liabilities in 4 Change in amount outstanding beginning 1958 differs from flows due commercial banks subsector. Debt and equity relationships between the to valuation adjustment. subsectors, shown under "Excluded from consolidated sector account" in 5 Beginning with 1951, direct marketable issues maturing within one the stub for each subsector, are eliminated in derivation of consolidated year; prior to 1951, issues maturing or callable within one year. account for the commercial banking and monetary authorities sector. 6 Securities and notes issued by FNMA, Federal land banks, home 16 Lines B, C, and F, small amounts of foreign and industrial loans in loan banks, intermediate credit banks, and banks for cooperatives. line S and of acceptances in line Z, and Exchange Stabilization Fund 7 Nonprofit organizations and rest of the world; also contains loans deposits in line a. secured by hypothecated deposits, which are not treated as a bank loan 17 Lines e, h, and /, and Exchange Stabilization Fund stock component liability. of line r. 8 Includes CCC certificates of interest. 18 Lines / through a, except as indicated in note 16. 9 Balances with foreign banks, balances due from foreign branches, 19 Vault cash and reserves and other balances at Federal Reserve Banks; and Exchange Stabilization Fund deposits with U. S. Treasury. differs from sum of lines y, z, and aa because of timing differences in 1 o Net of Federal Reserve float and cash items in process of collection recording reserve balances at Federal Reserve Banks and at member banks. as reported by commercial banks. 20 Lines/, /, k, and m; and r, except as indicated in note 17. 1! Bank-record basis, net of bank float; differs from sector demand 21 Netted against commercial bank demand deposits in deriving the deposits and currency assets principally because of mail float. commercial banking and monetary authorities sector. 12 Deposits of foreign banks and international organizations at Federal Reserve Banks, and U. S. currency held abroad. NOTE.—Definitions of sectors and transaction categories are in "Tech- 13 Mainly consumers and corporate business sector. Includes hypothe- nical Notes," pp. 846-59 of the BULLETIN for August 1959. cated deposits not treated as time deposit assets. Back data available in Flow-of-Funds Supplements. 14 Balances due to foreign branches, loans from Federal Government, Details may not add to totals because of rounding. Notes to Table 8 (H), (H.I), (H.2), and (H.3) on preceding page. t Beginning in 1955, the pension fund subsector includes estimates for 7 Bank loans, and advances from Federal home loan banks to savings multiemployer and union administered plans, resulting in small dis- and loan associations. continuities in the insurance sector assets and liabilities and in consumer 8 Mainly policy loans; includes small amount of open market paper. assets. 9 Receivables from agents. 1 Alphabetic identification of lines does not correspond to that in I o Mainly finance company loans to business; also loans of banks in Table 4(H). territories and possessions and acceptances. 2 Detailed subsector accounts for this sector are shown in Supplement I1 Lines N, P, and Q are liabilities of finance companies. Line O is No. 3. liabilities of brokers and dealers. 3 Time deposits held by mutual savings banks and savings and loan 12 Deposits at banks in U. S. possessions and agencies of foreign banks. association shares held by credit unions. * Includes small amount of other loans held by mutual savings banks NOTE.—Definitions of sectors and transaction categories are in "Technot shown separately. nical Notes," pp. 846-59 of the BULLETIN for August 1959. 5 Holdings of mutual savings banks only. 6 Savings and loan association equity in, and deposits at, Federal home Back data available in Flow-of-Funds Supplements. loan banks. Details may not add to totals, because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING OFFICES 947 CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES 1 Commercial and stock savings banks and nondeposit trust companies Mutual savings banks All Type of office and type of change banks Member banks Non member banks Total Na- State In- Non- In- Non- Total tional member2 Total sured insured sured2 insured Banks (head offices) Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec. 31, 19473 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1951 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec. 31, 1956 14,167 13,640 6,462 4,651 1,811 181 6,737 444 223 304 Dec. 31, 1957 14,090 13,568 6,393 4,620 1,773 7,178 6,753 425 239 283 Dec. 31, 1958 14,020 13,501 6,312 4,578 1,734 7,192 6,793 399 241 278 Dec. 31, 1959 13,991 13,474 6,233 4,542 1,691 7,244 6.878 366 268 249 June 30, 1960 14,000 13,485 6,212 4,538 1,674 7,275 6,926 349 268 247 Branches and additional offices Dec. 31, 1934.. 3,133 3,007 2,224 1,243 981 783 4,783 4,126 Dec. 31, 1941.. 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31,19473. 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1951.. 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec. 31, 1956.. 7,955 7,589 5,886 3,809 2,077 1,703 1,666 37 257 109 Dec. 31, 1957.. 8,609 8,204 6,378 4,178 2,200 1,826 1,789 37 296 109 Dec. 31, 1958.. 9,286 8,861 6,924 4.534 2,390 1,937 1,898 39 305 120 Dec. 31, 1959.. 10,099 9,652 7,492 4:973 2,519 2,160 2,118 42 318 129 June 30, I960.. 10,479 10.019 7,784 5; 201 2,583 2,235 2,189 46 327 133 Changes, Jan. 1-June 30, 1960 Banks: New banks5 +71 +71 + 23 + 19 + 48 +41 +7 Consolidations and absorptions: Banks converted into branches. -50 -48 -28 -21 rr — 20 -18 -1 Volu O nt t a h r e y r liquidations6 - - 9 3 -9 3 -5 -1 -4 -> -3 _ -1 3 Conversions: National into State -4 +4 +4 Fede S ra ta l t R e e i s n e to rv n e a m tio e n m a b l ership:7 + 3 + 6 -3 Admissions of State banks + 3 + 3 -3 -3 Fede W ral i t D hd e r p a o w s a it l s i n o s f u S ra ta n t c e e b :8 anks2... -13 -13 + 12 + 12 Admissions of State banks + 18 -18 -r -1 ! -1 Net increase or decrease +9 + 11 -21 -4 -17 + 31 +48 -17 .1 -2 Number of banks, June 30, 1960. . . 14,000 13,485 6,212 4,538 1,674 7,275 6,926 349 268| 247 I Branches and additional offices except banking facilities:9 De novo branches + 345 + 334 + 243 + 184 + 59 +91 + 87 + 4 - 8 ! . „ D Ba is n c k o s n c ti o n n u v e e d rted into branches + 50 + -2 4 2 8 + -1 3 8 9 + -1 3 0 2 +7 +9 + -4 9 -rl| X- Tnterclass branch changes: State member to national + 11 Net i N N nc o o r n n e m m as e e e m m o b b r e e r d r e t t c o o r e n S a a t s a t e i t o e n m al ember + 373 + 360 + + 2 + 8 1 4 2 8 +2 + + 6 1 5 8 -18 2 + -1 7 8 2 2 +4 + 9 | +4 Number of branches and additional offices, +76 June 30, 1960 10,208 9,748 7,543 4,988 2,555 2,205 46 327 I 133 Banking facilities:9 Established + 10 + 10 + 10 Discontinued -2 -1 -1 -1 Net increase or decrease +7 +7 +8 +9 -1 j — 1 Number of facilities, June 30, 1960. 271 271 241 28 30 30 213 1 Beginning with 1959, figures include all banks in Alaska and Hawaii. 4 Separate figures not available. One national bank in Alaska with no branches and one on the Virgin 5 Exclusive of new banks organized to succeed operating banks. Islands with one branch have been included in this series since 1954 and 6 Exclusive of liquidations incident to succession, conversion, and 1957, respectively. Other banks in territories and possessions are ex- absorption of banks. cluded. 7 Exclusive of conversions of State member banks into national banks 2 State member bank and insured mutual savings bank figures both that are shown separately under conversions. include, 1941 to 1959, inclusive, three member mutual savings banks 8 Exclusive of insured nonmember banks converted into national banks not included in the total for commercial banks: and subsequent figures or admitted to Federal Reserve membership, and vice versa. reflect the withdrawal of one from membership in 1960. State member 9 Banking facilities (other than branches) that are provided at military bank figures also include, since 1954, one noninsured trust company and other Government establishments through arrangements made by without deposits. the Treasury Department. 3 Series revised as of June 30, 1947. The revision resulted in a net 10 See note 1. addition of 115 banks and 9 branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

948 FEDERAL RESERVE PAR LIST NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST* Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve district, branches and offices1 Total Member Nonmember State, or other area Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Total, including Puerto Rico and Virgin Islands:2 Dec 31 1959 13 385 9 757 11 695 9 425 6 227 7 509 5 468 1 916 1 690 332 June 30, 1960 13,397 10,122 11,717 9,802 6.207 7,801 5,510 2,001 1,680 320 Districts, June 30, 1960: Boston. 409 739 409 739 272 591 137 148 New York 2 595 1,835 595 1,835 500 1,602 95 233 Philadelphia 646 655 646 655 496 521 150 134 Cleveland 937 919 937 919 570 796 367 123 Richmond 938 1 185 792 1 042 440 675 352 367 146 143 Atlanta 1 352 514 795 468 411 384 384 84 557 46 Chicago 2 471 1 094 2,471 1 094 1.004 663 1,467 431 St Louis 1,481 321 1.192 245 485 161 707 84 289 76 Minneapolis 1 300 134 702 90 475 42 227 48 598 44 Kansas City 1,772 93 1,766 93 754 70 1,012 23 6 Dallas. . 1 133 143 1 053 132 633 96 420 36 80 11 San Francisco 363 2 490 359 2 490 167 2 200 192 290 4 State or area, June 30, 1960: Alabama .. 237 83 153 82 94 77 59 5 84 1 Alaska . .. 13 29 9 29 7 29 2 4 Arizona 9 159 9 159 4 130 5 29 Arkansas. 237 41 131 76 17 55 4 106 20 California 112 1.613 112 1.613 62 1,447 50 166 Colorado .. 162 7 162 7 95 6 67 1 Connecticut 67 194 67 194 33 152 34 42 Delaware 20 54 20 54 5 24 15 30 District of Columbia 12 65 12 65 9 59 3 6 Florida.. . 294 14 252 13 124 128 2 42 1 Georgia 417 93 138 91 64 76 74 15 279 2 Hawaii . . . 6 83 6 83 1 28 5 55 Idaho 32 82 32 82 18 76 14 6 Illinois 960 4 959 4 525 4 434 1 Indiana 448 291 448 291 225 196 223 95 Iowa .. 671 177 671 177 168 14 503 163 Kansas 590 22 588 22 215 15 373 7 2 Kentucky 358 134 358 134 105 93 253 41 Louisiana 187 171 79 143 53 113 26 30 108 28 M^aine 48 129 48 129 31 90 17 39 Maryland . . .. 137 237 137 237 60 141 77 96 Massachusetts 167 363 167 363 123 303 44 60 Michigan 382 548 382 548 218 450 164 98 Minnesota 686 6 289 6 209 6 80 397 Mississippi 193 134 54 66 35 40 19 26 139 68 Missouri 623 18 568 18 173 12 395 6 55 Montana 116 1 116 1 86 1 30 Nebraska 420 7 420 7 138 7 282 Nevada 7 37 7 37 5 32 2 5 New Hampshire 74 4 74 4 52 3 22 1 New Jersey 254 409 254 409 216 365 38 44 New Mexico 52 49 52 49 35 27 17 22 New York 406 1,334 406 1,334 355 1,263 51 71 North Carolina 177 480 101 344 41 190 60 154 76 136 North Dakota 156 29 58 8 40 2 18 6 98 21 Ohio 589 613 589 613 374 531 215 82 Oklahoma . . . 387 21 381 21 224 19 157 2 6 Oregon 51 183 51 183 17 160 34 23 Pennsylvania 710 761 710 761 544 650 166 111 Rhode Island. . 9 90 9 90 5 68 4 22 South Carolina 146 138 78 131 31 99 47 32 68 7 South Dakota 174 57 71 34 59 27 12 7 103 23 Tennessee 296 202 219 189 83 140 136 49 77 13 Texas 1 004 28 971 28 577 28 394 33 Utah 49 71 49 71 20 62 29 9 Vermont 55 34 55 34 32 18 23 16 Virginia. 307 265 306 265 198 186 108 19 1 Washington 86 278 86 278 34 270 52 8 West Virginia 183 182 112 70 1 Wisconsin 556 556 155 156 25 400 130 Wyoming 54 ' T 54 1 40 1 14 Puerto Rico2 10 191 10 119 13 10 106 Virgin Islands- 1 5 1 5 1 5 1 Comprises all commercial banking offices in the United States, Puerto 2 Puerto Rico and the Virgin Islands assigned to the New York District Rico, and the Virgin Islands on which checks are drawn, including 271 for purposes of Regulation J, "Check Clearing and Collection." Member banking facilities. Number of banks and branches differs from that in branches in Puerto Rico and all except one in the Virgin Islands are the preceding table because this table includes banks in Puerto Rico and branches of New York banks. the Virgin Islands, but excludes banks and trust companies on which no checks are drawn and two mutual savings member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 950 Net gold purchases and gold stock of the United States 958 Estimated foreign gold reserves and dollar holdings. 959 Reported gold reserves of central banks and governments 960 Gold production 961 International Bank and Monetary Fund 962 United States balance of payments 963 Money rates in foreign countries 963 Foreign exchange rates 965 Index to statistical tables 971 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. 949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

950 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 d p y . . , Italy U K d n i o i n m t g ed - E O u t r h o e p r e E T u o r t o a 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 1,557 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 1,755 ,121 873 3,960 7,708 2,019 2,403 2,205 279 1959—June 30 18,428 4 2,756 15,673 8,967 1,467 1,409 1,084 4,279 8,238 2,122 2,551 2,439 322 July 31 18,724 2,780 15,944 9,141 1,446 1,476 ],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 ,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 19,365 3,158 16,207 '9,145 1,987 1,369 '990 '4,132 '8,479 '2.199 2,406 2,748 376 I960—Jan. 31 '19,366 3,138 r16,229 '8,895 1,899 1,358 1,008 '4,056 '8,322 '2,321 2,393 2,803 391 Feb. 29 r19,461 3,285 r16,176 '8,871 1,908 1,245 ,157 '4,039 '8,349 '2,273 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 19,817 3,233 16,583 9,193 2,199 1,142 1,332 3,821 8,494 2,387 2,478 2,807 417 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 June 30*> 20,337 3,315 17,022 9,567 2,473 1,060 1,534 3,807 8,874 2,532 2,430 2,788 399 Table la. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - France Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l w a e n r it - d z- T k u e r y - Y sl u av g i o a - ot A he ll 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—.June 30 4,279 390 118 110 71 981 154 356 113 151 35 350 878 21 7 544 July 31 4,402 390 122 119 72 1,054 164 397 109 153 32 351 868 27 6 538 Aug. 31.. 4,503 391 119 98 76 1,139 165 423 102 155 59 343 869 29 7 528 Sept. 30.. 4,611 394 129 113 71 1,157 161 435 103 151 67 330 905 32 6 557 Oct. 31.. 4,454 386 125 113 79 1,095 172 426 101 142 71 241 889 28 6 582 Nov. 30.. 4,300 364 132 122 81 903 192 429 97 138 79 243 902 34 5 578 Dec. 31.. '4,132 331 138 137 77 655 186 485 95 138 86 213 969 31 6 '584 If60—Jan. 31.. '4,056 308 152 120 83 664 188 496 95 128 93 151 977 30 10 '561 Feb. 29.. '4,039 300 137 112 90 675 197 496 94 130 99 196 950 31 10 '523 Mar. 31.. 3,963 264 156 114 87 719 160 482 99 125 111 217 931 30 12 456 Apr. 30.. 3,821 234 134 92 75 711 146 442 96 113 108 265 930 23 9 442 May 31 P. 3,905 221 141 82 71 726 128 430 99 104 120 267 941 24 7 545 June 30^. 3,807 198 149 80 61 759 112 412 99 88 149 261 939 19 9 474 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i a i o e c n b 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 S t a A a i e u n l n r l n r d e d - - i s 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 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—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 82 129 81 62 317 190 May 3\P 2,525 412 22 172 156 205 138 35 33 52 409 85 123 79 63 351 191 June 30P 2,430 388 21 162 144 189 130 35 31 46 355 93 116 77 60 301 282 Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 951 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES*—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and AH Other Asia All other Ko- Date Con- Egyp- Union Hong Indo- rea, Phil- Tai- Thai- Aus- go. tian of Total Kong India nesia Iran Israel Japan Re- ip- wan land Other Total tralia Rep. Re- South Other pub- pines of gion—Africa l o i f c the U.A.R. 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—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 ,141 150 180 87 127 484 355 109 29 16 43 159 Oct. 31 2,627 59 122 116 21 80 1,169 152 176 91 129 511 369 112 29 17 48 163 Nov. 30 2,658 61 115 126 24 81 1,215 148 179 92 133 483 369 114 26 18 51 161 Dec. 31 2,748 59 114 139 47 87 1,260 148 172 94 136 494 376 114 31 20 49 162 I960—Jan. 31 2,803 60 113 146 46 93 ,293 149 174 94 142 493 391 110 33 25 62 162 Feb. 29 2,779 61 90 153 43 87 ,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 91 142 459 417 135 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 June 30? 2,788 57 59 155 37 80 1,441 139 197 90 154 379 399 114 37 42 40 167 Table Id. Supplementary Areas and Countries6 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. Czechoslovakia7 .5 .7 .6 .7 China Mainland7. 35.5 36.3 36.0 35.8 Eastern Germany.... 1.2 3.1 1.4 1.5 Iraq., 16.9 19.6 18.0 n.a. Estonia 1.9 .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 7 .9 .9 .9 Syrian Region—U.A.R.. . 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 .8 .7 2.2 2.6 All other: Other Latin America: British dependencies 3.8 2.3 1.8 2.4 British dependencies 24.1 24.0 40.9 46.9 Ethiopia and Eritrea 24.2 35.1 27.8 18.7 Costa Rica 14.6 16.4 24.5 18.9 French dependencies 10.5 10.7 6.5 5.8 Ecuador 18.0 22.7 17.4 21.7 Liberia 23.7 23.0 13.0 20.3 French West Indies and French Guiana. 1.0 .8 .5 .5 Libya 3.7 10.7 6.4 17.6 Haiti 8.9 11.2 7.7 10.5 Morocco: Honduras 10.2 12.6 6.3 12.8 Morocco (excl. Tangier). 13.6 32.2 25.4 41.9 Nicaragua 11.8 12.7 11.3 12.5 Tangier 22.4 19.2 18.1 16.0 Paraguay 4.0 5.1 3.4 6.7 New Zealand 2.2 1.9 6.9 6.8 Portuguese dependencies... 2.8 4.4 4.0 2.9 Other Asia: Somalia .9 1.3 1.3 n.a. Afghanistan 5.3 4.7 4.5 n.a. Spanish dependencies .3 .7 .4 .2 Bahrein Islands 1.7 .9 .9 .9 Sudan .4 1.7 5.2 n.a. British dependencies. 7.4 8.0 4.3 5.7 Tunisia .5 .8 .3 8.4 n.a. Not available. * 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 $3 million on June 30, 1960. Tables la-lc. 2 Includes International Bank for Reconstruction and Development, 7 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 6 Except where noted, these data are based on reports by banks in firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

952 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Payable Date, or area Total in foreign and country currencies U.S. U.S. 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 Other2 certificates1 certificates Total amounts outstanding 1955 Dec 31 13,601 11,777 5,451 5,670 656 1,783 1,543 184 56 40 1956 Dec 31 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957 Dec 31 15,158 12,847 5,875 5,840 1,132 2,252 1 766 278 209 59 1958 Dec. 31 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959 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 1,271 2,498 1,913 310 276 68 Nov 30 19,303 16,805 6,331 9,181 1,292 2,433 1,857 290 286 65 Dec 31 19,365 16,889 6,341 9,243 1,305 2,398 1,833 295 270 77 1960 Jan. 31 19,366 16,957 6,149 9,258 1,549 2,354 1,766 295 293 56 Feb 29 ... 19,461 17,130 6,065 9,430 1,636 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 19,817 17,513 6,690 9,227 1,596 2,239 1,750 199 290 65 May 31p 20,113 17,778 6,918 9,314 1,545 2,268 1,770 213 285 68 June 30p 20,337 18,010 7,182 9,276 1,551 2,252 1,796 167 289 76 Area and country detail, April 10, 1960 Europe: Austria 234 232 109 104 19 1 1 (3) (3) Belgium 134 89 50 9 30 45 35 (3) 9 (3) Denmark 92 83 11 70 2 9 6 2 (3) (3) Finland 75 74 10 59 5 1 1 France 711 657 223 403 31 53 44 3 6 2 Germany, Fed. Rep. of.... 2,199 2,173 285 1,638 250 25 19 2 4 2 Greece 146 130 17 113 16 16 Italy 1,142 1,103 142 852 110 39 30 6 3 2 Netherlands 442 406 96 221 88 33 15 14 4 Norway 96 58 45 10 3 38 36 1 P S o p r a t i u n gal 1 10 1 8 3 9 6 1 8 9 6 1 0 7 1 4 1 5 7 4 1 3 6 (3) 2 c3) Sweden 265 258 54 152 52 7 6 (3) (3) (3) Switzerland 930 784 250 131 402 141 76 21 44 5 Turkey 23 22 22 2 2 United Kingdom 1,332 994 645 261 89 299 136 80 82 39 Yueoslavia 9 9 g 1 Other Europe 442 426 61 205 161 16 12 1 3 Total 8,494 7,657 2,180 4,227 1,250 786 497 131 158 51 Canada 2,387 2,131 1,634 456 41 246 178 39 29 10 Latin America: Argentina 386 315 121 171 23 72 69 2 Bolivia 20 5 5 15 15 (3) Brazil 159 46 40 (V) 6 113 102 4 Chile 147 105 105 (3) 42 41 (3) Colombia 205 137 123 (3) 13 68 67 (3) J Cuba 146 62 50 8 3 84 78 6 (') Dominican Reoublic 29 6 6 23 22 (3) El Salvador 33 15 9 4 18 18 (3) Guatemala 54 37 10 15 12 17 17 ''I (3) 437 307 286 3 17 130 124 3 (3) Neth. Antilles and Suri- 82 36 11 14 11 46 15 8 23 Panama, Rep. of 129 27 26 2 102 65 6 31 Peru 81 40 40 41 39 1 2 Uruguay 62 27 24 (3) 3 34 26 2 7 (3) Venezuela 317 159 158 (3) j 158 153 1 4 (3) Other Latin America 190 115 88 15 11 74 67 2 5 1 Total 2,478 1,438 1,102 228 108 1,038 918 26 95 2 v Preliminary. r Revised. 2 Represents principally bankers' acceptances and commercial paper. i Includes International Monetary Fund's holdings of nonnegotiable, 3 Less than $500,000. non-interest-bearing demand notes of the United States which amounted to $2,238 million on June 30, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 953 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES— Continued [In millions of dollars] Payable in dollars Area and Total To banks and official institutions To all other foreigners in P a f y o a re b i l g e n country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other i Total Deposits T bi r l e ls a s a u n r d y Other 1 certificates certificates Area and country detail, April 30, 1960—Continued Asia: Hong Kong 59 33 26 8 26 24 p> 1 India 68 57 20 14 23 11 11 Indonesia 152 150 80 66 4 2 2 Iran . . .. 39 35 31 3 4 4 Israel 93 89 24 48 17 5 5 Japan 1,379 1,364 702 612 50 15 15 w (2)" Korea Rep of 140 138 97 41 3 T Ph ai i w lip a p n ines 1 9 8 1 4 1 8 6 5 5 1 8 2 2 9 30 6 3 1 7 9 1 6 9 pi (2) (2) Thailand 142 139 28 107 5 3 Other Asia 459 417 157 215 45 42 39 <2> 2 (2) Total 2,807 2,671 1,375 1,132 164 136 131 i 4 1 All other: Australia 135 131 56 72 4 4 3 Congo Rep. of the 37 36 18 2 16 1 Egyptian Region—U.A.R.. 39 38 19 19 1 1 (2) Union of South Africa 39 36 25 8 3 2 n, Other 166 141 113 19 9 24 20 4 1 Total 417 383 231 119 33 33 27 4 1 Total foreign countries. 16,583 14,280 6,521 6,163 1,596 2,239 1,750 199 290 65 International institutions.... 3,233 3,233 169 3,064 Grand total. . . 19,817 17,513 6,690 9,227 1,596 2,239 1,750 199 290 65 1 Represents principally bankers' acceptances and commercial paper. 2 Less than $500,000. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding, in millions of dollars] Date Total France R m G F e a e p e n d . r y - . o , f Italy S l z a w e n r i d - t- U K d n i o i n m t g 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 i m 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—June 30 2,451 94 54 37 34 105 220 544 229 '1,092 520 65 July 31 "2,394 91 52 31 36 122 234 566 245 rl,010 510 64 Aug. 31 "2,366 89 45 34 34 142 222 567 241 '975 518 66 Sept. 30 "2,402 81 44 33 39 151 239 586 272 r978 511 54 Oct. 31 '2,406 65 41 29 36 150 230 551 311 r988 503 52 Nov. 30 "2,492 60 48 28 37 174 225 573 282 1,055 528 54 Dec. 31 "2,645 57 54 30 38 138 234 552 272 rl,179 586 56 I960—Jan. 31 '2,723 46 51 39 51 131 229 546 255 1,245 624 55 Feb. 29 2,698 38 51 38 39 141 229 536 234 1,250 626 53 Mar. 31 '2,736 25 53 30 37 123 231 499 246 1,255 682 54 Apr. 30 2,716 25 55 33 41 137 228 520 254 1,172 716 55 May 3 1 2,700 26 55 32 36 142 228 519 254 1,127 744 56 June 30 2,735 62 43 42 151 233 560 264 1,105 746 60 P Preliminary. r Revised. foreigners; drafts drawn against foreigners that are being collected by i 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

954 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES*—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - o A th H er 1955_Dec. 31 158 2 16 13 3 4 11 9 2 5 7 78 2 7 1956—Dec 31 216 7 28 12 4 4 21 23 2 8 13 88 8 7 1957—Dec. 31 211 6 25 11 4 6 29 23 2 g 10 76 10 If58 Dec 31 315 7 65 14 6 7 56 22 2 30 24 72 i 1959—june 30 220 6 50 8 5 7 31 10 2 26 10 49 2 13 July 31 234 6 53 9 5 7 32 8 2 25 12 57 3 14 Aug 31 222 5 48 9 5 7 24 10 2 11 13 70 4 15 Sept. 3© 239 6 50 10 7 7 22 10 2 11 19 75 3 17 Oct. 31 230 5 50 11 8 7 23 9 1 9 15 72 17 Nov. 30 225 5 51 14 8 7 25 9 2 8 16 62 2 17 Dec 31 . 234 4 56 18 8 5 38 7 2 8 19 47 3 It I960—Jan. 31 229 4 56 18 8 3 33 8 2 7 17 50 7 16 Fcb 29 229 3 53 15 9 3 26 7 2 6 17 66 8 16 Mar. 31 231 3 49 12 9 3 30 8 2 6 18 69 9 14 Apr 30 228 2 51 9 9 4 26 6 2 6 19 67 11 15 May 31* 228 2 49 7 8 4 36 7 2 5 23 60 12 13 June 30^ 233 2 54 7 8 4 34 7 2 5 22 62 12 14 Table 3b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i a i o e c n b 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 S t a A a i e u l n n r l n r e d d - - i s 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_june 30 1,092 45 3 167 65 53 '140 27 6 10 279 3 22 31 38 151 51 July 31 r1,010 44 3 151 40 53 '129 29 6 9 271 3 21 34 27 139 49 Aug. 31 '975 44 3 134 36 55 '102 28 7 11 269 3 24 34 39 136 50 Sept. 30 '978 48 3 125 42 55 '101 30 9 10 267 3 22 32 40 142 49 Oct. 31 '988 51 3 112 46 60 '101 29 14 13 265 3 23 34 39 146 49 Nov. 30 1,055 63 3 113 47 61 '111 31 16 10 275 4 17 34 45 174 52 Dec. 31 1,179 63 3 118 59 68 '113 29 15 10 291 4 18 36 47 247 59 I960—Jan. 31 1,245 64 3 139 58 71 '101 29 10 12 288 3 18 35 47 314 54 Feb. 29 1,250 63 3 151 57 70 '93 27 5 13 257 5 19 38 46 346 56 Mar. 31 1,255 65 3 151 51 71 '93 23 5 12 282 5 18 36 51 334 54 Apr. 30 1,172 63 4 148 50 75 92 20 5 13 297 3 17 40 52 242 52 May 31* 1,127 68 4 161 50 77 77 19 6 13 325 5 22 41 49 160 50 June 3QP 1,105 76 4 158 50 77 67 17 7 11 313 5 17 43 42 169 50 Table 3c. Asia and All Other Asia Allother Egyp- Date Total H K o o n n g g India Iran Israel Japan ip P p h in il e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - C o R o f n e th p g e . o, gi t R o io n e n - — U S n o o u i f o t n h Other U.A.R.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_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 IS 3 2 12 20 Oct. 31 503 9 7 29 12 262 11 8 12 154 52 19 3 2 10 19 Nov. 30 528 10 6 29 9 275 20 8 14 157 54 18 3 2 11 20 Dec 31 586 10 6 29 14 324 24 9 15 155 56 18 3 2 12 21 I960—Jan. 31 624 11 6 30 14 362 24 9 14 154 55 18 3 2 10 22 Feb. 29 626 12 6 30 17 372 18 9 12 151 53 16 3 2 11 21 Mar 31 . . .. 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 31* 744 12 8 33 16 487 21 10 12 146 56 21 3 1 11 19 June 30p 746 11 7 35 24 490 14 11 11 143 60 23 3 2 11 21 P Preliminary. r Revised, 2 Less than $500,000. i See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ENTL CAPITAL TRANSACTIONS OF THE U. S. 955 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable n foreign currencies Long- Date, or area term— Loans to: and country totali Collec- Total tions Deposits Total Banks and out- Other Total with Other official Others standing foreigners institutions 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 June 30 1,430 '2,451 '2,290 '753 413 455 669 161 144 17 July 31 1,472 '2,394 '2 214 r121 413 437 637 180 153 27 Aug. 31 1,491 '2,366 '2,188 '718 421 442 607 178 152 26 Sept 30 1,497 '2,402 '2,203 '753 424 453 573 199 163 36 Oct. 31 1,506 '2,406 '2,180 '738 441 458 543 226 192 34 Nov. 30 1,487 '2,492 '2,280 '815 456 475 533 212 182 30 Dec 31 . 1,516 '2,645 '2,410 '849 463 516 582 235 203 32 1960 Jan 31 . . 1,493 '2,724 '2 495 '874 428 517 676 229 195 34 Feb 29 1,487 '2,698 '2,488 '844 413 526 705 210 175 36 Mar. 31... 1,508 '2,736 '2,520 '806 397 538 779 215 179 37 Apr 30 1,583 2,716 2,493 111 408 562 746 223 186 36 May 31» 1,638 2,700 2,476 114 395 569 737 224 188 36 June 3QP 1.608 2,735 2,496 738 387 579 793 239 198 41 Area and country detail, April 30, 1960 Eu A ro u p s e tr : ia 2 2 2 1 1 Belgium 25 51 50 7 7 1 (2) Denmark 1 9 8 1 2 5 (2) Finland 3 9 9 2 7 (2) (2) France 19 25 23 4 2 11 6 2 (2) Germany, Fed. Rep. of 14 55 48 16 2 25 5 7 7 Greece . ... 5 4 4 3 Italy 40 33 31 5 13 7 1 (2) Netherlands .... 15 26 23 2 7 10 3 3 3 Norway 114 6 6 1 3 1 1 1 Portugal 2 2 2 Spain .... 6 6 6 2 1 I 2 (2) Sweden 34 19 18 1 7 7 3 1 (2) Switzerland . . . 1 41 34 16 9 5 4 7 7 67 67 64 4 United Kingdom 48 137 33 12 3 17 1 104 78 26 11 11 6 3 2 Other Europe 9 15 14 4 2 6 (2) (2) (2) Total 338 520 389 168 49 124 49 130 103 27 Canada • • • 94 254 199 10 164 8 16 55 52 3 Latin America: Argentina 91 63 38 4 3 17 13 25 25 (2) Bolivia 4 4 3 Brazil 252 148 146 44 20 68 1 1 Chile . 39 50 50 10 15 12 13 (2) Colombia 27 75 75 6 9 26 33 (2) (2) Cuba 44 92 92 54 3 28 7 (2) 2 20 20 5 4 10 (2) El Salvador (2) 5 5 (2) (2) 3 1 Guatemala . ... 13 13 6 3 (2) Mexico 192 297 293 127 63 30 73 3 (23} Netherlands Antilles and Surinam 3 3 3 1 2 34 17 17 10 4 3 P U e r r u u guay 1 2 0 4 5 0 2 4 5 0 2 18 4 3 17 1 3 1 0 7 (2) I (2) Venezuela 104 242 239 60 46 51 83 2 2 Other Latin America 60 52 52 3 11 28 11 Total 863 1,172 1,139 335 186 254 364 33 29 4 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

956 INFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- A c r o e u a n t a r n y d term— Loans to: total i Total Total B i a o n n f s f k i t c s it ia u a l - nd Others s C ta t o o i n o u l d l n t e i - s n c- g Other Total f D or e w e p i i g o t n h si e t r s s Other tions Area and country detail, April 30, 1960—Continued Asia: Hong Kong 2 11 11 7 1 3 India 20 8 7 1 4 2 1 1 Indonesia 56 |- Iran 9 35 35 2 32 Israel 2 15 15 2 2 It Japan 14 457 457 90 2 79 286 (2) (2) Korea Rep of 1 1 1 Philippines 7 22 22 19 2 (2) (2) (2) Taiwan. 10 10 6 3 Thailand 7 10 10 5 2 3 Other Asia 2 147 146 129 1 15 1 1 (2) (2) Total... 120 716 714 261 5 141 308 1 1 All other: Australia 19 17 1 8 8 1 1 1 Congo, Rep. of the 40 3 3 3 (2) Egyptian Region—U.A.R.. 3 2 2 1 (2) C2) Union of South Africa .... 20 11 10 9 C2) Other 80 19 18 3 13 1 (2) Total 168 55 51 3 4 34 9 4 2 2 International institutions 1 Grand total 1,583 | 2,716 2,493 111 408 562 746 223 186 36 1 Represents mainly loans with an original maturity of more than 2 Less than $500,000. one year. 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 - ! ch P a 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 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1957 666 718 -52 1,617 1,423 194 699 1,392 -693 593 622 -29 1958 1,224 1,188 36 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1959 1,214 528 686 2,593 2,158 435 946 1,458 -512 566 804 -238 1959—June 24 23 1 222 181 41 45 45 () 49 57 -8 July 63 40 23 229 190 39 60 163 -102 48 53 -5 Aug 259 25 234 190 145 45 27 27 (3) 44 50 —-O Sept 106 40 66 177 134 44 157 208 -52 44 44 Oct 163 77 86 191 151 40 52 75 -23 58 35 Nov 166 99 68 234 175 59 53 93 -40 41 51 -10 Dec 92 55 37 254 200 54 95 145 -49 53 63 -10 I960—Jan 104 53 50 229 152 77 57 59 -1 56 45 11 Feb 119 88 32 194 149 46 77 238 -161 41 36 5 Mar 113 70 42 199 156 43 57 174 -117 42 44 -2 A M p a r y* 1 16 8 1 3 2 8 4 6 0 -7 9 9 7 2 1 0 9 5 1 1 1 4 8 5 3 4 2 5 3 7 5 6 9 10 8 9 7 =8 i 4 5 1 8 4 5 6 9 -1 1 9 2 June** 198 170 29 272 220 52 82 141 -59 I 50 -70 -19 p Preliminary. 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT"L CAPITAL TRANSACTIONS OF THE U. S. 957 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, (—). In millions of dollars] Type of security Country Year or month Total 2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o n i m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m a i e t c i r a n - ot A h l e l r 2 1956 291 256 35 23 23 -1 147 87 7 280 -53 38 27 1957 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958........ -39 -56 17 -3 2 -8 19 -1 1 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 1959—June. . 41 36 5 2 1 -1 21 4 4 31 2 2 5 July... 39 34 6 1 4 2 19 -1 2 27 1 4 7 Aug... 45 35 10 1 11 5 18 7 42 -1 4 1 Sept... 44 26 18 1 2 5 35 -4 2 40 -5 6 3 Oct.... 40 30 10 -1 5 26 -1 4 34 -4 5 4 Nov... 59 48 11 (3) 11 23 11 5 58 -2 3 1 Dec... 54 58 -4 6 20 13 4 46 -6 5 9 1960—Jan.... 77 72 5 (3) 9 3 28 13 17 71 -2 7 2 Feb.. . 46 34 11 8 7 -6 34 -6 7 37 2 7 1 Mar... 43 29 14 4 5 23 6 2 41 j 1 3 A M J p u a r n y . e * . ^ . . . 4 2 5 5 3 2 4 3 6 6 4 1 1 6 2 7 (7 3 3 3 2 2 3 4 1 0 - 1 3 8 1 7 4 3 3 5 1 7 0 3 -4 4 2 2 3 3 5 4 3 p Preliminary. 2 Includes transactions of international institutions. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A L m at e in r- Asia o A th ll er Date Deposits tutions tries ica U. S. Govt. Miscelsecurities 2 laneous 3 1956 — 33 — 478 g — 447 17 -40 -16 1957 -384 -338 231 -552 15 -45 13 1958—Dec. 31 272 3,695 480 1958 — 558 — 805 — 72 -543 5 -45 -150 1959 . .. -157 -593 -50 -443 11 -97 -15 1959—July 31 278 4,131 525 Aug. 31 252 4,286 520 1959—June... -8 1 5 3 -7 2 Sept. 30 312 4,346 548 July.... 0) -107 -4 -100 1 4 \ Oct. 31 284 4,409 547 Aug.... 0) -6 -4 -1 0) -2 1 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 0) Nov.... -6 -44 -13 -29 4 -6 0) I960—Jan. 31 249 4,444 593 Dec.... C1) -59 -16 -39 5 -11 2 Feb. 29 191 4,707 466 Mar. 31 184 4,728 615 I960—Jan..... 29 -20 -17 2 C1) -6 1 Apr. 30 194 4,818 639 Feb.. .. -101 -56 9 -43 -20 -3 1 May 31 215 4,841 643 Mar. .. 7 -126 -3 -89 -32 A 2 June 30 254 4,977 672 Apr.. .. -2 -50 -4 -24 2 -2 -22 July 31 215 5,272 671 May33.. -39 22 22 C1) 2 — 3 1 June*.. 4 -83 -27 -53 3 -4 2 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of next page for total gold under earmark Preliminary, at Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

958 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals 1959 1960 Area and country 1952 1953 1954 1955 1956 1957 1958 1959 Jan.- Apr.- July- Oct.- Jan.- Mar. June Sept. Dec. Mar. Continental Western Europe: Austria -6 -84 -83 -19 — 43 — 1 Belgium -4 -85 3 3 -329 -39 -39 -26 France -68 -34 -266 — 66 — 200 Germany (Fed. Rep. of) -10 -130 -226 -10 1AQ Netherlan ds -100 -65 25 -261 -30 -30 -10 Portugal — 5 -60 — 55 -5 -20 -10 — 10 S wi tzerland 23 -65 -16 -8 -215 20 20 Bank for Int'l Settlements 0) -94 -20 -178 -32 n — 2S Other -37 -6 4 18 239 28 -38 -1 -5 -\5 -17 -3 -17 Total -114 -536 -328 -79 -20 68 -1,428 -477 -38 -118 -124 -197 -40 Sterling Area: United Kingdom 440 -480 -50 100 -900 -200 -150 Other 11 -1 0) -350 Total 451 -481 -51 0) 100 -900 -350 -200 -150 Canada 7 15 5 Latin America: Ar°entina -20 115 75 67 M!exico 88 -28 80 -30 -20 -10 Venezuela -30 -200 65 65 Other -10 -19 12 14 56 6 2 -4 0) 0) -2 (!) Total 58 -132 62 14 -28 81 69 31 -20 -12 64 0> Asia: Japan -30 -157 — 50 45 — 62 Other -T -6 -10 c (]) -19 5 -1 -\9 18 Total -7 -6 -10 18 -27 -176 -45 -50 -62 -19 All other -2 -10 0) 1 14 0) -1 0) C1) 0> Total foreign countries... 394 -1,164 -327 -68 80 172-2,287 -969 -84 -389 -348 -148 -41 International institutions3 200 600 — 7 4-73 -9 4-344 189 91 -1 Grand total 394 -1,164 -327 -68 280 772 -2,294 4-1,041 -93 4-732 -159 -57 -42 1 Less than $500,000. 3 Figures represent purchase of gold from, or sale to ( —) International 2 Includes purchases of gold from Spain as follows (in millions): 1957, Monetary Fund. $31; and 1958, $32. 4 Includes payment of $344 million in June 1959 as increase in United States gold subscription to the International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( u r e G e r n a y o d s l - d o f s T t y o o e c a t k a r) l i in s c o T c g t r r o r o e o e c a d t l a a k d s e s l e - : e, i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E r l a r e d e r a a a : k i r s n s - e d e e - d , e- D p ti r c o t o i m o g d n o u e l c s d - - Month ( T e r u n G e r d a y o s o l - d f s m T to o o c n t k a th l ) i in s o c T c g t r r o r o e o e d a c t l a a d s k e s l e - : e, i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E l r a r e d e r a a a : k i r s n d s - e e e - e d , - D p ti r c o t o i m o g d n o u e l c s d - - 1948 24,244 24,399 1,530 1,680 -159 71 1959_july 19,626 19,672 -73 25 -98 5 1949 24,427 24 563 165 686 -496 67 Aus 19 52419 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 -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 May 19,352 19,395 -8 10 -14 4 1958 20,534 20,582 -2,275 260 -2,515 62 June 19,322 19,363 -32 77 -102 4 1959 19,456 19,507 2-1,076 302 -1,324 49 July "19,144"19,189 p-174 4-222 v Preliminary. 2 Includes payment of $344 million as increase in United States gold i 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 3 Not yet available. gold) used in the Federal Reserve statement "Member Bank Reserves, 4 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 $10,317 million on July 31, 1960. "Circulation Statement of United States Money." Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 959 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1958 Mar. 3 , 1959 June 3C, 1959 Sept. 30, 1959 Dec. 3 , 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: 605 7 629 7 646 7 685 7 623 7 556 7 Belgium-Luxembourg (and Belgian Congo).. 1,522 6 1,489 6 1,510 7 1,484 7 1,360 7 1,434 6 200 6 169 43 141 44 144 54 168 64 145 64 Finland 104 1 113 1 109 1 109 1 115 1 125 1 France (and deDendencies) 1,295 12 1,469 12 1,893 32 2,091 32 1,957 35 2,053 37 Germany (Federal Republic of) 4,394 13 4,063 15 4,171 16 4,057 16 4,624 16 4,682 16 Greece 143 (i) 158 (l) 179 187 212 (i) 186 (l) Italy 2,207 2 2,421 2 2,720 2 3,054 (i) 3,118 (i) 3 061 Netherlands (and Netherlands Antilles and 1,497 15 1,614 17 1,627 22 1,711 26 1,732 29 1.760 30 Norwav 173 120 151 125 156 133 133 136 125 141 129 141 PortuEal (and deDendencies) 707 0) 729 712 0) 725 1 733 1 722 1 Spain (and dependecies) 94 88 92 123 3 141 3 167 3 Sweden . . 507 10 498 31 555 31 521 68 404 101 388 79 Switzerland 2,777 76 2,781 80 2 787 82 2 805 90 2 903 88 2 708 87 Turkey 164 G) 164 165 0) 176 (l) 164 163 Other 2 1,209 3 1,117 16 1,111 16 1,069 15 '1,091 17 1,102 5 Total . . 17,598 274 17,653 358 18,574 396 19,074 456 19,470 510 19.381 477 Sterling Area: United Kinsdom .. 3,723 194 3,923 184 3,909 201 3,956 264 r3,490 323 3.708 368 United Kingdom dependencies... .... 109 4 110 4 105 4 106 4 115 4 119 5 Australia 241 0) 246 (i) 226 0) 252 (l) 268 (l) 268 (l) Tndia 324 0) 337 V) 346 0) 366 (i) 361 (i) 351 10 Union of South Africa 241 221 1 237 268 1 287 1 299 Other 251 43 250 49 199 55 199 57 211 76 213 89 Total... 4,889 242 5,087 238 5,022 261 5,147 326 r4,732 404 4,958 473 Canada 3,097 341 3,159 344 3,195 342 3,284 450 '3,159 452 3,308 485 Latin America: Argentina 210 C1) 237 0) 263 0) 325 0) 393 (i) 444 Brazil 463 504 480 495 478 1 450 1 140 (i) 135 (i) 170 (1) 212 (l) 228 (i) 193 (i) Colombia 241 (i) 262 0) 278 (1) 266 (l) 288 0) 276 0> Cuba 366 86 339 86 317 82 277 82 214 82 168 82 Guatemala 69 70 o 67 0) 59 0) 61 (l) 77 Mexico 561 543 566 4 565 584 574 4 Panama Republic of 146 2 156 2 147 2 157 4 129 128 3 Peru . 96 (l) 93 (0 96 107 2 110 100 1 Uruguav 262 276 (1) 269 (i) 251 (i) 242 (i) 242 Venezuela • • 1 213 2 1 227 2 1 219 2 997 3 931 899 Other 250 11 292 13 302 13 268 13 253 12 273 12 Total... 4,017 106 4,134 107 4,174 104 3,979 105 3,911 105 3,824 106 Asia: Indonesia 145 (i) 156 1 118 1 149 1 172 1 183 1 Iran 184 (i) 195 (i) 179 (i) 167 (i) 187 (i) 176 Japan 1,094 1 1 232 1 1,380 2 1 420 2 1 539 2 1 615 2 Philippines 186 3 180 3 178 3 187 5 181 3 190 3 245 1 250 1 246 1 239 1 240 1 248 1 Other 778 7 818 7 931 7 1,013 12 1,027 16 1,030 21 Total 2,632 12 2,831 13 3,032 14 3,175 21 3,346 23 3,442 28 All other: Egyptian Region—U A R 190 0) 190 0) 190 0) 190 0) 194 0) 207 0) Other 140 8 149 10 171 10 176 11 170 10 166 10 Total 330 8 339 10 361 10 366 11 364 10 373 10 Total foreign countries3. . 32,563 983 33,203 1,070 34,358 1,127 35,025 1,369 r34,982 1,504 35,286 1,579 International institutions... 2,876 495 3,027 523 4,665 523 5,043 605 5,565 660 5,754 709 Grand total 3 35,439 1,478 36,230 1,593 39,023 1,650 | 40,068 1,974 r40,547 2,164 41,040 2.288 P Preliminary. r Revised. NOTE.—Gold and short-term dollars include reported and estimated 1 Less than $500,000. official gold reserves, and total dollar holdings as shown in "Short-term 2 Includes Yugoslavia, Bank for International Settlements (including Liabilities to Foreigners Reported by Banks in the United States by European Payments Union account through December 1958 and Euro- Countries" (Tables 1 and la-Id of the preceding section). U. S. Govt. pean Fund account thereafter), gold to be distributed by the Tripartite bonds and notes represent estimated holdings with original maturities Commission for Restitution of Monetary Gold, and unpublished gold of more than one year; these estimates are based on a survey of selected reserves of certain Western European countries. U. S. banks and on monthly reports of security transactions. 3 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

960 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- E m n o d n t o h f w m t o o a r t t l a e d l d i M F t u a o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p g h . o e , 1953 Dec 36,425 1,702 22,091 12,630 372 117 52 ne 321 42 86 101 1954 Dec .. 37,075 1 740 21,793 13,540 372 138 62 778 322 I 073 42 86 115 1955—Dec 37,730 1,808 21,753 14,170 372 144 71 929 323 1,134 44 86 116 1956 Dec 38,235 1,692 22,058 14,485 224 107 71 925 324 1,103 46 57 122 1957—Dec 38,960 1,180 22,857 14,925 126 126 103 915 324 1,100 40 62 81 1958 Dec 39,865 1,332 20,582 17,950 60 162 194 j ?70 325 1,078 40 72 83 1959 June 40,340 1,910 19,746 18,685 57 135 256 1,270 326 1,073 40 74 63 July 1 923 19 672 57 138 280 I 281 326 1 061 40 74 53 Aug . 2^025 19,568 57 141 291 1,276 326 1,053 41 75 53 Sept 40,450 2,052 19,579 18,820 57 143 291 [,254 326 039 41 69 48 Oct 2 210 19 647 57 146 291 I 187 326 967 42 70 42 Nov 2 389 19 617 57 150 291 156 327 960 41 70 42 Dec 40,690 2,407 19,507 18,775 56 154 292 .134 327 960 43 71 42 1960 Jan 2 416 19 494 56 292 1 143 326 952 42 71 42 Feb 2 421 19 471 56 292 1 175 326 952 41 72 38 Mar 2 454 19 457 56 292 1 183 294 950 41 72 38 Apr . . 2,495 19,403 56 292 \,\91 294 945 42 71 38 May 2 489 19 395 292 1 182 286 922 42 72 June 2,515 19,363 292 1*191 909 42 E m n o d n t o h f Cuba m De a n rk - D R o i e c l p m i a c u n i b n - - E d c o u r a- U g E i t . R o g i A a n y e n . — - p R - . E v l a d S o a r l- l F a i n n d - France2 R F m e e G p d a o e u n e f r b r 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 - 1953 Dec 186 31 12 23 174 29 26 617 328 11 27 247 145 1954—Dec 186 31 12 23 174 29 31 708 626 11 27 247 81 1955 Dec 136 31 12 23 174 28 35 942 920 11 27 247 81 1956—Dec 136 31 11 22 188 28 35 924 1 494 10 27 247 45 1957 Dec 136 31 11 22 188 31 35 581 2,542 13 27 247 39 1958 Dec ...... 80 31 11 22 174 31 35 750 2,639 17 27 247 37 1959 June .. . 75 31 11 20 174 31 38 899 2 704 25 25 247 41 July 75 31 12 20 174 31 38 939 2,721 26 24 247 41 Aug 75 31 12 20 174 31 38 930 2 721 26 24 247 41 Sept 75 31 12 20 174 30 38 921 2,621 26 24 247 41 Oct . 75 31 12 20 174 30 38 1,055 2,626 26 24 247 33 Nov... - 60 31 12 20 174 30 38 1,122 2,626 26 24 247 33 Dec 50 31 10 20 174 30 38 1,290 2,637 26 24 247 33 I960 Jan . ... 50 31 10 20 174 30 38 1 285 2 638 26 24 247 33 Feb 21 31 10 20 174 30 38 1,298 2,652 26 24 247 33 Mar 19 31 10 20 174 30 38 1 322 2 670 26 24 247 33 Apr 19 31 10 20 174 30 38 1,399 2,704 26 247 33 M^av .. 19 31 10 20 174 30 38 1 513 2 741 26 247 33 June 31 10 20 174 30 38 1,551 2,772 247 33 Ire- E m n o d n t o h f Iran Iraq R l e a p n u d b , - Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l ulic of 1953 Dec 137 18 346 35 158 111 33 52 38 36 9 361 1954—Dec 138 18 346 63 62 796 33 45 38 35 9 429 1955 Dec 138 8 18 352 74 142 865 33 45 48 35 16 428 1956—Dec 138 14 18 338 77 167 844 33 50 49 35 22 448 1957—Dec 138 20 18 452 91 180 744 33 45 49 28 6 461 1958 Dec 141 34 18 1,086 91 143 1,050 33 43 49 19 10 493 1959 June 140 34 18 J.311 102 160 1 164 34 43 50 19 10 512 July 140 73 18 ,381 102 158 1,164 34 30 50 19 6 513 Aug 140 84 18 ,433 102 156 1,162 34 30 50 19 6 525 Sept 140 84 18 ,476 102 165 1,162 34 30 50 19 7 525 Oct 140 84 18 ,583 102 165 1 126 34 30 50 19 8 530 Nov 140 84 18 ,635 102 143 1,132 34 30 50 29 8 546 Dec . . 140 84 18 ,749 102 142 1,132 34 30 50 28 9 548 I960 Jan 140 84 18 ,816 102 142 1 132 34 30 52 28 10 548 Feb 131 84 18 ,870 102 142 1,141 34 30 52 28 11 548 Mar 131 84 18 .902 102 142 1,164 34 30 52 28 12 549 Apr 131 18 102 1 164 34 30 52 13 549 Mav 131 18 102 1 164 34 30 52 15 549 18 102 1,231 34 30 52 16 549 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 961 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Syrian 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- U gi . R o A n e . — - R. T la h n a d i- Turkey U K d n o i i n m t g e 3 d - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - 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 ,597 19 112 144 2,120 216 403 16 217 244 1956—Dec 224 266 ,676 19 112 144 2,133 186 603 17 179 268 1957—Dec 217 219 ,718 24 112 144 2,273 180 719 13 165 254 1958—Dec 211 204 ,925 24 112 144 3,069 180 719 17 339 126 1959—June 201 205 1,909 24 112 144 3,172 180 719 10 486 July 217 205 1,925 24 112 144 3,220 180 719 10 436 Aug 204 191 1,919 19 112 144 3,248 180 719 10 434 Sept 225 191 1,900 19 112 144 3,284 180 719 10 427 Oct 231 191 1,868 19 104 133 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 1 826 104 133 2 685 180 654 10 445 Feb 244 171 1,807 104 133 2,722 180 654 10 513 Mar 256 111 1 777 104 133 2 780 180 654 10 510 Apr 258 171 1,767 104 133 2,831 180 514 9 494 May 255 171 1,767 104 133 2,859 180 514 7 473 June 240 .71 1 774 133 2,892 514 7 491 1 Excludes U.S.S.R., other Eastern European countries, and China 2 Represents holdings of Bank of France and French Exchange Stabili- Mainland. zation Fund. Represents reported gold holdings of central banks and governments 3 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 world Afiica North and SouthAmerica j Other month production U. ( S e . x S c . l R . .) Total A So fr u ic th a R de h s o ia - Ghana C o R f o e n t p h g . e o, 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 - x Brazil Chile I I !C^ o a r\-\ i 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 ! 15.: ! 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 i 13.:. J 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 4.3 ; n.: ! 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 \\ 3.3 j 15." 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 \i 3.6 I 11.4 ! 37.9 6.3 1958 1,064.0 984.0 618.0 19.4 29.2 12.8 61.6 158.8 11.6 7.2 3.9 ! 13.0 1 38.6 6.0 1959 702.2 19.8 31.8 12.0 48.6 156.9 7.3 3.9 | 13.S ; 38.1 5.8 1959—May 88.1 58.7 1 .6 2.6 1.3 4.1 13.3 .9 .7 .3 .2 j l.C> ! 2.9 .5 June.... 89.4 59.5 8 2.6 1.0 4.6 12.5 .9 .7 .3 .2\ i.: 3.5 .5 July 91.6 60.8 1.6 2.7 .8 5.3 13.2 .9 .6 .4 .2 ! \.t1- 3.2 .5 Aug 89.0 60.7 4 2.7 1 4 4.2 12.2 .6 .6 .3 .2 ; 1 : 3 0 5 Sept 89.7 60.9 2.0 2.8 3.8 12.7 .8 .5 .3 2 ' I 3.3 .5 Oct 291.4 61.3 1.7 2.8 l!l 3.5 13.9 1.1 .6 .4 > . 3.3 .5 Nov 60 3 7 2 7 9 3 4 13.6 .6 .4 \ \ 3 4 5 Dec 59.3 1.6 2.7 .8 3.7 13.2 .6 .4 I ! 3.6 .5 I 1960—Jan 60.8 .6 2.6 1.3 3.4 13.2 .5 .4 .'.5 1 2.8 .4 Feb 60.0 1.6 2.6 1.4 3.1 13.0 .6 .4 . i\ 1 2.8 .5 Mar 59.6 6 2.7 .9 3.5 13.6 .6 .3 > i 3.2 Apr 61.8 1.7 2.7 .8 3.5 12.8 .7 .4 May 63.1 ... 2.6 1 .4 4.1 13.2 .5 .3 j ' ' ' 1 Gold exports, representing about 90 per cent of total production. Ghana, Republic of the Congo and Brazil, data for which are from 2 Excluding Chile. American Bureau of Metal Statistics. For the United States, annual Sources.—World production: estimates of the U. S. Bureau of Mines. figures through 1958 are from the U. S. Bureau of the Mint and figures for Production reported monthly: reports from individual countries except 1959 and 1960 are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

962 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND INTERNATIONAL MONETARY FUND DEVELOPMENT [End-of-month figures. In millions of dollars] [End-of-month figures. In millions of dollars] 1959 1960 1959 1960 Item Item Apr. July Oct. Jan. Apr, June Sept. Dec. Mar. June Gold 1,352 1,371 2,210 2,416 2,495 Dollar deposits and U. S. securities. 952 1,033 1,023 1,109 1,110 Investments9 200 200 500 500 500 Other currencies and securities1. . . 671 630 666 648 632 Currencies: i Effective Ioans2 3,387 3,548 3,531 3,642 3,664 United States 951 998 2,028 2,141 2,250 Other assets 3 93 104 138 137 133 Other 5,807 5,839 8,283 8,349 8,455 Gold and currency in separate IBRD bonds outstanding 1,905 1,963 1,990 2,067 2,073 accounts: * ° Undisbursed loans 839 960 893 952 904 Gold 1 551 Other liabilities 28 31 28 27 30 Currency 4 1,542 Reserves 420 440 462 485 506 Unpaid member subscriptions 944 854 680 640 632 CapitaP 1,911 1,920 1,985 2,005 2,026 Other assets 9 11 105 1159 H60 Member subscriptions 9,228 9,228 13,644 13,999 14,277 Loans by country, June 30, 1960 Member subscriptions in separate account* o 5 2,093 Reserves and liabilities 35 42 162 106 Outstanding Area and member country4 Prin- Dis- Re- Quota Cumulative net drawings cipal bursed paid Sold on the Fund Total to others 5 Country Paid 1959 1960 Total in Continental Western Europe, gold total 1,643 1,343 280 1,063 287 June May June Austria 100 72 2 70 5 Belgium and Luxembourg.., 213 170 24 146 52 Denmark 60 48 6 42 3 Argentina 280 70 100 166 173 Finland 102 77 18 59 13 Bolivia 23 6 9 10 10 France 418 326 31 295 62 Brazil 280 70 92 140 140 Italy 298 221 9 213 62 Burma 15 1 12 8 8 Netherlands 236 236 168 68 68 Chile 75 15 42 42 42 Norway 95 72 3 68 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 9 Sterling area, total 1,511 1,327 183 1,145 144 El Salvador 11 3 2 2 Australia 318 318 49 269 32 France 788 174 394 126 126 Ceylon 24 15 14 1 India 592 502 45 457 30 Haiti 11 3 5 5 Pakistan 151 100 20 80 2 Honduras 11 3 1 3 Union of S. Africa 197 197 56 141 29 Iceland 11 3 5 5 United Kingdom 204 175 11 164 50 India 600 78 200 150 128 Other 25 21 2 19 Indonesia 165 29 55 37 37 Iran 70 18 17 18 18 Latin America, total 1,053 745 149 596 14 Brazil 267 197 36 161 ... Paraguay 9 2 6 5 5 Chile 106 55 10 45 Philippines 50 13 19 6 6 Colombia 173 111 37 74 Spain 100 10 50 50 Ecuador 45 24 2 21 Sudan 15 2 6 6 E M l e S x a ic lv o ador 1 3 8 2 6 1 2 6 5 5 2 4 1 1 2 4 1 3 Turkey 86 22 36 36 Nicaragua 35 22 8 14 United Arab Re- Peru 76 43 9 34 public: Egypt.. 90 17 30 28 28 Uruguay 71 61 10 51 Syria... 15 2 8 10 Other 61 44 13 30 United Kingdom. 1,950 399 345 245 231 United States 4,125 1,031 12-1,732 12-1,459 12-1,428 Asia (excluding Sterling area), Yugoslavia 66 9 23 23 23 total 726 441 45 396 30 Iran 194 94 20 73 12 Japan 337 255 9 245 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 3 3 repayments, the net amount outstanding on loans sold or agreed to be Philippines 19 16 16 sold to others, and exchange adjustment. Thailand 107 60 51 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 6 Less than $500,000. area), total 135 65 7 Includes $243 million in loans not yet effective. Ethiopia 24 16 8 Includes $464 million not guaranteed by the Bank. Sudan 55 25 9 U. S. Treasury bills purchased with proceeds from sale of gold. United Arab Republic 57 23 I ° Paid by members pending increases in quotas becoming effective. I1 Includes subscriptions due from members on increases in quotas Total 5,068 3,921 659 3,262 8 483 consented to but not yet effective. i2 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 963 IM1ID STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1957 1958 1959 1960 Item 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 3,986 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 services3 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 Private remittances and pensions... -184 -174 -164 -180 -178 -174 -174 -196 -190 -185 -201 Government nonmilitary grants -392 -488 -335 -401 -385 -424 -370 -437 -437 -393 -333 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 -726 -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 ^829 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 226J p Preliminary 3 Minus sign indicates net outflow. 1 Excluding military transfers under grants. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 2 Including military transactions. of which $344 million was transferred in gold and $1,031 million in noninterest bearing U.S. Government securities. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m r b e o i a l n s ls u t , h ry sl D m a o d y n a - e y t y o 2 - 3 B a a m a c n n c o c k e e n p e s t t r h , - s s ' 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - y e t y o 3 - Tr 6 e b d 0 a i a - l s 9 l y u s 0 s r 4 y D m a o d y n a - e y t y o 5 - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1957—Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 3.75 3.25 4.64 5.33 2.50 1958—Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 *.50 2.50 1959—June 5.15 4.49 3.54 3.45 2.74 2.00 3.67 2.00 2.50 1.82 .46 2.00 July 5.23 4.52 3.57 3.46 2.79 2.00 4.27 2.00 2.25 1.79 .48 2.00 Aug 5.82 5.72 3.60 3.48 2.76 2.00 3.93 2.00 2.44 1.63 .15 2.00 Sept 5.68 5.01 3.59 3.48 2.78 2.00 4.05 2.75 2.75 1.66 .31 2.00 Oct 5.05 4.28 3.58 3.43 2.82 2.00 3.87 3.63 2.38 2.03 .50 2.00 Nov 4.87 4.16 3.55 3.39 2.77 2.00 4.02 3.63 3.94 2.01 .50 2.00 Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 [.50 2.00 1960—Jan 4.81 3.60 4.14 4.07 3.07 2.35 3.91 3.75 3.69 2.53 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 1.65 2.00 Apr 3.40 3.33 4.80 4.65 3.67 3.00 4.22 4.00 3.94 2.25 [.75 2.00 May 2.87 2.77 4.76 4.58 3.87 3.00 4.25 4.00 3.88 2.30 [.54 2.00 June 2.87 2.84 5.04 4.88 3.98 3.25 4.15 4.88 4.75 2.00 1 Based on average yield of weekly tenders during month. 4 Rate in effect at end of month. 2 Based on weekly averages of daily closing rates. 5 Based on average of lowest and highest quotation during month. 3 Rate shown is on private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

964 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Rate as of Changes during the last 12 months July 31, 1959 Rate Country 1959 1960 Ju a l s y o 3 f 1, Per Month 1960 cent effective Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June j July Argentina 2 6.0 Dec. 1957 6.0 Austria 4.5 Apr. 1959 5 0 5 0 Belgium 3.25 Jan. 1959 4 0 4.0 Brazil2 10.0 Apr. 1958 10.0 Burma.... 3.0 Feb. 1948 3.0 Canada^ 5.72 July 1959 5.58 5.85 5.27 5.11 5.37 4.85 4.86 3.26 3.51 3.26 3.32 1 17 3.17 Ceylon 2.5 June 1954 42 5 2.5 Chile 5 .. . 16.25 July 1959 16 4 16.4 Colombia2 4.0 July 1933 5.0 5.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 6 0 6.0 Denmark 4.5 Aug. 1958 5 0 5 5 5.5 Ecuador2 5.0 Nov. 1956 5.0 Egypt 3.0 Nov. 1952 ..:.•• 3 0 El Salvador2 4.0 Apr. 1957 5 5 5.5 Finland2 6.0 Mar. 1959 6.0 France 4.0 Apr. 1959 4.0 Germany 2.75 Jan. 1959 3 0 4 6 5.0 5.0 Greece 10.0 May 1956 10.0 Honduras ^ 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 li 0 11.0 India? 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 5.5 Israel 6 0 Feb. 1955 6 0 Italy 3.5 June 1958 3.5 Japan 2 6.94 Feb. 1959 *7!3' 7.3 M^exico 4 5 June 1942 4.5 Netherlands 2.75 Jan. 1959 3.5 3.5 New Zealand 7.0 Oct. 1955 ... 6.0 6.0 Nicaragua. ..... 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru2 6.0 Nov. 1947 9.5 9.5 i Philippine Republic 2 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 6 5.0 Switzerland 2.0 Feb. 1959 • 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 6.0 June 1956 6.0 United Kingdom 4.0 Nov. 1958 5.0 ' 6A)' 6.0 Venezuela 2 2.0 May 1947 4 S :::::: 4.5 1 Rates shown represent mainly those at which the central bank either Indonesia—various rates depending on type of paper, collateral, comdiscounts or makes advances against eligible commercial paper and /or modity involved, etc. ; government securities for commercial banks or brokers. For countries Japan—penalty rates (exceeding the basic rate shown) for borrowings with more than one rate applicable to such discounts or advances, the from the Central bank in excess of an individual bank's quota; rate shown is the one at which the largest proportion of central bank Peru—8 per cent for agricultural, industrial and mining paper; credit operations is understood to be transacted. In certain cases other Philippine Republic—4.5 per cent for crop loan paper and 5 per cent for rates for these countries are given in note 2. export packing credit paper; and 2 Discounts or advances at other rates include: Venezuela—4 per cent for rediscounts of certain agricultural paper and Argentina—3 and 5 per cent for certain rural and industrial paper, de- for advances against government bonds or gold and 5 per cent on adpending on type of transaction; vances against securities of Venezuelan companies. Brazil—8 per cent for secured paper and 4 per cent for certain agricultural 3 Since Nov. 1, 1956, the discount rate has been set each week at paper; lA of one per cent above the latest average tender rate for Treasury bills; Colombia—3.5 per cent for agricultural and industrial development end-of-month rate shown. paper of up to 150 days and 3 per cent for economic development paper 4 The discount rate was advanced from 2.5 to 3 per cent on Dec. 16, of up to 5 years; and lowered again to 2.5 per cent on Dec. 24, 1959. Costa Rica—5 per cent for paper related to commercial transactions 5 Since April 1, 1959, new rediscounts are granted at the average rate (rate shown is for agricultural and industrial paper); charged by banks in the previous half year. Old rediscounts remain subject Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by to old rates provided their amount is reduced by one-eighth each month national public securities; beginning May 1, 1959, but the rates are raised by 1.5 per cent for each Ecuador—6 per cent for bank acceptances for commercial purposes; month in which the reduction does not occur. All red iscounts 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 965 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- Year or month (p t o r u al n i d a s) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r l k an k d a) Official Free 1954. 7.198 223.80 3.8580 1.9975 102.72 21.017 .4354 1955. 7.183 222.41 3.8580 1.9905 101.40 20.894 .4354 1956. 5.556 2.835 222.76 3.8580 2.0030 101.60 20.946 .4354 1957. 5.556 2.506 222.57 3.8539 1.9906 104.29 20.913 .3995 1958. 5.556 2.207 223.88 3.8536 2.0044 103.03 21.049 .3118 1959. 11.2730 223.81 3.8619 2.0012 104.27 21.055 .3115 1959—July.. .1851 224.04 3.8506 2.0031 104.46 21.062 .3120 Aug.. .9122 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 Apr.. 1.2004 223.86 3.8407 2.0061 103.84 21.062 .3112 May. 1.2005 223.59 3.8406 2.0055 102.24 21.047 .3112 June. 1.1989 223.32 3.8426 2.0053 101.79 21.020 .3112 July.. 1.2010 223.78 3.8468 2.0041 102.19 21.048 .3111 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 a k c n ) h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - r s ) 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—July.. .2038 23.918 21.032 281.17 .1611 .2779 32.856 8.0056 26.515 Aug.. .2039 23.901 21.028 280.95 .1610 .2779 32.837 8.0056 26.463 Sept.. .2038 23.901 20.999 280.37 .1611 .2777 32.784 8.0056 26.459 Oct.., .2037 23.931 21.010 280.63 .1610 .2776 32.794 8.0056 26.493 Nov.. .2038 23.971 20.954 280.27 .1611 .2776 32.798 8.0056 26.471 Dec. .2038 23.974 20.928 279.84 .1610 .2776 32.766 8.0056 26.506 I960—Jan... 4 20.366 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 July.. 20.404 23.979 20.966 280.84 .1611 .2783 32.839 8.0056 26.511 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 o e p l ) - ic (e P s o g c r u a t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U K p d n o i o u i n m t n g e d - d ) 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 276.80 14.008 49.676 3.4900 278.52 19,333 23.334 279.57 1957 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958 278.19 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959 278.10 14.028 49.721 3.4967 279.83 5 2.0579 19.324 23.142 280.88 1959__july. 278.38 14.050 49.695 3.5001 280.12 5 2.0679 19.330 23.204 281.17 Aug.. 278.17 14.038 49.713 3.4990 279.90 .6600 19.327 23.178 280.95 Sept. 277.59 14.011 49.770 3.4947 279.32 .6607 19.325 23.121 280.37 Oct.. 277.85 14.023 49.770 3.4958 279.58 .6607 19.325 23,048 280.63 Nov. 277.49 14.008 49.770 3.4915 279.22 .6607 19.308 23.040 280.27 Dec. 277.07 13.994 49.770 3.4861 278.80 .6607 19.303 23.127 279.84 I960—Jan.. 277.20 13.985 49.770 3.4844 278.93 .6607 19.302 23.112 279.98 Feb.. 277.55 13.990 49.770 3.4898 279.28 .6625 19.311 23.054 280.33 Mar. 277.81 14.006 49.770 3.4923 279.54 .6637 19.314 23.058 280.59 Apr.. 278.17 14.035 6 49.770 3.4957 279.90 .6637 19.359 23.048 280.95 May. 277.82 14.018 3.4935 279.55 .6633 19.339 23.124 280.60 June. 277.49 14.007 3.4905 279.22 .6636 19.365 23.175 280.27 July. 278.06 14.018 3.4936 279.79 .6640 19.366 23.183 280.84 1 Effective Jan. 12, 1959, the Argentine Government established a was further devalued to 493.706 francs per U. S. dollar. single exchange rate for the peso in place of the former official and free 3 Based on quotations beginning with Mar. 2, 1959. rates. 4 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957, s 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 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 M. B. DANIELS, Assistant Director OFFICE OF DEFENSE PLANNING JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 966 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 967 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 MARG Associate Economist HOWARD H. HACKLEY, General Counsel DAVID B. HEXTER, Assistant General Counsel GuY R NoYES> Associate Economist WOODLIEF THOMAS, Economist ROBERT V. ROOSA, Associate Economist HARRY BRANDT, Associate Economist CLARENCE W. TOW, Associate Economist ROBERT G. ROUSE, Manager, System Open Market Account Federal Advisory Council OSTROM ENDERS, BOSTON HOMER J. LIVINGSTON, CHICAGO, President JOHN J. MCCLOY, NEW YORK NORFLEET TURNER, ST. LOUIS CASIMIR A. SIENKIEWICZ, PHILADELPHIA, ^^ MINNEAPOLIS Mu Vice President „ ^ R. OTIS MCCLINTOCK, KANSAS CITY TT REUBEN B. HAYS, CLEVELAND JOHN S. ALFRIEND, RICHMOND ^ F. BETTS, DALLAS JOHN C. PERSONS, ATLANTA CHARLES F. FRANKLAND, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches Chairmen and Deputy Chairmen of Boards of Directors FEDERAL RESERVE CHAIRMAN AND DEPUTY CHAIRMAN BANK OF— FEDERAL RESERVE AGENT BOSTON ROBERT C. SPRAGUE NILS Y. WESSELL NEW YORK PHILIP D. REED FORREST F. HILL PHILADELPHIA HENDERSON SUPPLEE, JR. WALTER E. HOADLEY, JR. CLEVELAND ARTHUR B. VAN BUSKIRK JOSEPH H. THOMPSON RICHMOND ALONZO G. DECKER, JR. 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

968 FEDERAL RESERVE BULLETIN • AUGUST 1960 Presidents and Vice Presidents Federal Vice Presidents Reserve President (Vice Presidents in charge of branches are Bank of First Vice President listed in lower section of this page) Boston. J. A. Erickson D. Harry Angney Benjamin F. Groot O. A. Schlaikjer E. O. Latham Ansgar R. Berge Dana D. Sawyer Charles E. Turner George H. Ellis New York. Alfred Hayes Harold A. Bilby Herbert H. Kimball H. L. Sanford William F. Treiber Charles A. Coombs Robert V. Roosa Todd G. Tiebout Howard D. Crosse Robert G. Rouse Marcus A. Harris Walter H. Rozell, Jr. Philadelphia.. Karl R. Bopp Joseph R. Campbell Murdoch K. Goodwin James V. Vergari Robert N. Hilkert Wallace M. Catanach Philip M. Poorman Richard G. Wilgus David P. Eastburn Cleveland W. D. Fulton Dwight L. Allen Clyde Harrell Martin Morrison Donald S. Thompson Roger R. Clouse W. Braddock Hickman Paul C. Stetzelberger E. A. Fink L. Merle Hostetler Richmond Hugh Leach N. L. Armistead Upton S. Martin Benjamin U. Ratchford Edward A. Wayne Aubrey N. Heflin Joseph M. Nowlan James M. Slay 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 Kyle K. Fossum M. B. Holmgren H. G. McConnell A. W. Mills C. W. Groth A. W. Johnson M. H. Strothman, Jr. Kansas City.. H. G. Leedy John T. Boysen Joseph S. Handford E. U. Sherman Henry O. Koppang George H. Clay L. F. Mills Clarence W. Tow C. A. Cravens 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 Sen 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. Barglcbaugh Memphis E. Francis DeVos Seattle A. B. Merritt Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

970 FEDERAL RESERVE BULLETIN • AUGUST 1960 REPRINTS OPEN MARKET OPERATIONS IN LONG-TERM SE- (From Federal Reserve Bulletin unless preceded CURITIES. November 1958. 15 pages. by an asterisk) •PART I, ALL-BANK STATISTICS, 1896-1955. April THE MONETARY SYSTEM OF THE UNITED STATES. 1959. 94 pages. February 1953. 16 pages. 1959 SURVEY OF CONSUMER FINANCES. March, INFLUENCE OF CREDIT AND MONETARY MEASURES July, and September 1959. 48 pages. (Simi- ON ECONOMIC STABILITY. March 1953. 16 lar Surveys available for some earlier years in pages. the period 1952-58.) FEDERAL FINANCIAL MEASURES FOR ECONOMIC A QUARTERLY PRESENTATION OF FLOW OF FUNDS, STABILITY. May 1953. 7 pages. SAVING, AND INVESTMENT. August 1959. 49 pages. •DETAILED DESCRIPTION OF SOURCES AND METH- ODS USED IN REVISION OF SHORT- AND INTER- THE GOVERMENT SECURITIES MARKET. August MEDIATE-TERM CONSUMER CREDIT STATISTICS. 1959. 22 pages. April 1953. 25 pages. REVISED INDUSTRIAL PRODUCTION INDEX. De- DEPARTMENT STORE SALES AND STOCKS, BY cember 1959. 24 pages. MAJOR DEPARTMENTS (Revised Indexes). November 1953. 65 pages. CAPITAL MARKETS and MONEY AND BANK CREDIT IN 1959. Combined reprint. January and Feb- A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- ruary 1960. 14 pages. COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. MONETARY POLICY AND ECONOMIC GROWTH. February 1960. 7 pages. SURVEYS OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of REVISED SERIES FOR SEASONALLY ADJUSTED Member Banks. April 1956. 14 pages. Credit MONEY SUPPLY. February 1960. 4 pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. Member Bank Lending GOLD AND DOLLAR TRANSFERS IN 1959. March to Small Business, 1955-57. April 1958. 19 1960. 6 pages. pages. Member Bank Term Lending to Business, 1955-57, April 1959. 16 pages. Security OWNERSHIP OF DEMAND DEPOSITS. April 1960. Pledged on Business Loans at Member Banks. 4 pages. September 1959. 16 pages. BANKING AND MONETARY STATISTICS, 1959. Se- FINANCING OF LARGE CORPORATIONS, 1951-55. lected series of banking and monetary statistics June 1956. 9 pages. for 1959 only. February and May 1960. 13 pages. (Similar reprint of 1958 data, February REVISION OF CONSUMER CREDIT STATISTICS. Ocand May 1959 BULLETINS.) tober 1956. 24 pages. (Also, similar reprint from April 1953 BULLETIN.) SURVEY OF COMMON TRUST FUNDS, 1959. May 1960. 7 pages. (Also, similar reprints from AGRICULTURAL LOAN SURVEY. November 1956 August 1956, June 1957, May 1958, and May and January, February, and March 1957 BUL- 1959 BULLETINS.) LETINS. 52 pages. SURVEY 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. REVISED WEEKLY INDEX OF DEPARTMENT STORE THE BALANCE SHEET ON AGRICULTURE, 1960. SALES. April 1958. 10 pages. August 1960. 9 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 894, 896 Department stores: Agricultural loans of commercial banks, 888, 890 Merchandising data, 925 Agriculture, Govt. agency loans, 906 Sales and stocks, 920, 924 Assets and liabilities (See also Foreign liabilities and Deposits (See also specific types of deposits): claims reported by banks): Adjusted, and currency, 884 Banks and the monetary system, consolidated, 884 Banks, by classes, 879, 885, 889, 892, 896 Corporate, current, 898 Federal Reserve Banks, 880, 957 Domestic banks, by classes, 885, 888, 890, 896 Postal savings, 882, 884 Federal business-type activities, by fund or Discount rates, 878, 964 activity, 906 Discounts and advances by Federal Reserve Federal Reserve Banks, 880 Banks, 874, 879, 880 Automobiles: Dividends, corporate, 898, 899 Consumer instalment credit, 910, 911, 912 Dollar assets, foreign, 957, 959 Production index, 914, 917 Dwelling units started, 921 Bankers' balances, 889, 891 Earnings and hours, manufacturing industries. 920. 92? (See also Foreign liabilities and claims reported Employment, 920, 922, 923 by banks) Export-Import Bank, loans, etc., 906 Banking offices: Changes in number, 947 Farm mortgage loans, 906, 907, 908 On, and not on, Par List, number, 948 Federal business-type activities, assets and liabilities. Banks and the monetary system, consolidated state- by fund or activity, 906 ment, 884 Federal Deposit Insurance Corporation, Bonds (See also U. S. Govt. securities): assets, etc., 906 New issues, 898, 900, 901 Federal finance: Prices and yields, 894, 895 Cash transactions, 904 Brokers and dealers in securities, bank Receipts and expenditures, 905 loans to, 888, 890 Treasurer's balance, 904 Business expenditures on new plant and equip- Federal home loan banks, loans, etc., 906. 909 ment, 898 Federal Housing Administration, loans, etc., 906. 907, Business indexes, 920 908, 909 Business loans (See Commercial and industrial loans) Federal National Mortgage Association, loans, etc., 906, 909 Capital accounts: Federal Reserve Banks: Banks, by classes, 885, 889, 892 Condition statement, 880 Federal Reserve Banks, 880 U. S. Govt. securities held by, 874. 879, 880. Carloadings, 920 902, 903 Central banks, foreign, 960, 964 Federal Reserve credit, 874, 879, 880 Coins, circulation of, 883 Federal Reserve notes, 880, 883 Commercial banks: Finance company paper, 894, 896 Assets and liabilities, 885, 888 Financial institutions, loans to, 890 Consumer loans held, by type, 911 Flow of funds: Number, by classes, 885 Financial assets and liabilities, 939 Real estate mortgages held, by type, 907 Saving and financial flows, 930 Commercial and industrial loans: Foreign central banks, 960, 964 Commercial banks, 888 Foreign deposits in U. S. banks, 874, 880, 884, Weekly reporting member banks, 890, 893 889, 892 Commercial paper, 894, 896 Foreign exchange rates, 965 Commodity Credit Corporation, loans, etc., 906 Foreign liabilities and claims reported by banks, 950, Condition statements (See Assets and liabilities) 952, 955, 957 Construction, 920, 921 Foreign trade, 925 Consumer credit: Instalment credit, 910, 911, 912, 913 Gold: Major parts, 910, 912 Earmarked, 958 Noninstalment credit, by holder, 911 Net purchases by U. S., 958 Consumer price indexes, 920, 926 Production, 958, 961 Consumption expenditures, 928, 929 Reserves of central banks and governments, 960 Corporate sales, profits, taxes, and dividends, 898, 899 Reserves of foreign countries and international Corporate security issues, 898, 900 institutions, 959 Corporate security prices and yields, 894, 895 Stock, 874, 884, 958 Cost of living (See Consumer price indexes) Gold certificates, 880, 883 Currency in circulation, 875, 883 Govt. debt (See U. S. Govt. securities) Customer credit, stock market, 895 Gross national product, 928, 929 Debits to deposit accounts, 882 Home owners, Govt. agency loans, 906 Demand deposits: Hours and earnings, manufacturing indus- Adjusted, banks and the monetary system, 884 tries, 920, 923 Adjusted, commercial banks, by classes, 889 Banks, by classes, 885, 892 Industrial production index, 914, 920 Turnover of, 882 Instalment loans, 910, 911, 912, 913 Type of holder, at commercial banks, 889 Insurance companies, 897, 902, 903, 908 971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

972 FEDERAL RESERVE BULLETIN • AUGUST 1960 Insured commercial banks, 887, 888, 947 Regulation V, loan guarantees, 882 Interbank deposits, 878, 885, 889, 892 Reserve requirements, member banks, 879 Interest rates: Reserves: Bond yields, 894 Commercial banks, 889 Business loans by banks, 893 Federal Reserve Banks, 880 Federal Reserve Bank discount rates, 878 Foreign central banks and governments, 960 Foreign countries, 963, 964 Foreign countries and international institu- Open market, 894, 963 tions, 959 Regulation V loans, 882 Member banks, 874, 880, 889, 891 Stock yields, 894 Residential mortgage loans, 907, 908, 909 Time deposits, maximum rates, 878 International capital transactions of the U. S., 950 Sales finance companies, consumer loans of, 910, International financial institutions, 958, 959, 960, 962 911, 913 Inventories, 928 Saving: Investments {See also specific types of investments): Flow-of-funds series, 930 Banks, by classes, 885, 888, 891, 896 National income series, 929 Federal Reserve Banks, 879, 880 Savings deposits {See Time deposits) Govt. agencies, etc., 906 Savings institutions, principal assets, 896, 897 Life insurance companies, 897 Savings and loan associations, 897, 908 Savings and loan associations, 897 Securities, international transactions, 956, 957 Security issues, 898, 900, 901 Labor force, 922 Silver coin and silver certificates, 883 Loans {See also specific types of loans) : State member banks, 887, 947 Banks, by classes, 885, 888, 890, 896 State and municipal securities: Federal Reserve Banks, 874, 879, 880 New issues, 900, 901 Govt. agencies, etc., 906 Prices and yields, 894, 895 Insurance companies, 897, 908 States and political subdivisions: Savings and loan associations, 897, 908 Deposits of, 889, 892 Loans insured or guaranteed, 882, 907, 908, 909 Holdings of U. S. Govt. securities, 902 Ownership of obligations of, 888, 896, 897 Stock market credit, 895 Manufacturers, production index, 914, 920 Stocks: Margin requirements, 878 New issues, 900 Member banks: Prices and yields, 894, 895 Assets and liabilities, by classes, 885, 888 Banking offices, changes in number, 947 Borrowings at Federal Reserve Banks, 874, Tax receipts, Federal, 905 880, 892 Time deposits, 878, 879, 884, 885, 889, 892 Deposits, by classes, 879 Treasurer's account balance, 904 Number, by classes, 886 Treasury cash, 874, 883, 884 Reserve requirements, by classes, 879 Treasury currency, 874, 883, 884 Reserves and related items, 874 Treasury deposits, 874, 880, 904 Weekly reporting series, 890 Mining, production index, 914, 920 Unemployment, 922 Money rates {See Interest rates) U. S. balance of payments, 963 Mortgages {See Real estate loans) U. S. Govt. balances: Mutual savings banks, 884, 885, 887, 896, 902, 903, Commercial bank holdings, by classes, 889, 892 907, 947 Consolidated monetary statement, 884 Treasury deposits at Federal Reserve Banks, 874, 880, 904 National banks, 887, 947 U. S. Govt. securities: National income, 928, 929 Bank holdings, 884, 885, 888, 891, 896, 902, 903 National security expenditures, 905, 928 Federal Reserve Bank holdings, 874, 879, 880, Nonmember banks, 880, 887, 888, 889, 947 902, 903 Foreign and international holdings, 880, 959 Par List, banking offices on, and not on, number, 948 International transactions, 956, 957 Payrolls, manufacturing, index, 920 New issues, gross proceeds, 900 Personal income, 929 Outstanding, by type of security, 901, 902, 903 Postal Savings System, 878, 884 Ownership of, 902, 903 Prices: Prices and yields, 894, 895 Consumer, 920, 926 United States notes, outstanding and in circulation, 883 Security, 895 Utilities, production index, 914, 920 Wholesale commodity, 920, 926 Production, 914, 920 Vault cash, 874, 889 Profits, corporate, 898, 899 Veterans Administration, loans, etc., 906, 907, 908, 909 Real estate loans: Banks, by classes, 888, 890, 896, 907 Weekly reporting member banks, 890 Type of mortgage holder, 907, 908, 909 Type of property mortgaged, 907, 908, 909 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 (o THE FEDERAL RESERVE SYSTEM g) 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