Federal Reserve Bulletin, 1960-09

FEDERAL RESERVE t September 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 Consumer Buying Intentions 973 Quarterly Survey of Consumer Buying Intentions 977 Law Department 1004 Current Events and Announcements 1005 National Summary of Business Conditions 1006 Financial and Business Statistics, U. S. (Contents on p. 1009) 1010 International Financial Statistics (Contents on p. 1071) 1072 Board of Governors and Staff 1088 Open Market Committee and Staff; Federal Advisory Council 1089 Federal Reserve Banks and Branches 1089 Federal Reserve Board Publications 1091 Index to Statistical Tables 1093 Map of Federal Reserve System Inside back cover Volume 46 Number 9 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumer Buying Intentions ABOUT THE SAME PROPORTION of con- showed some increase from a year earlier sumers this July as a year ago said they were in purchases of washing machines, refrigeraplanning to buy new automobiles and any tors, and television sets taken as a group, but of three major household appliances—wash- the increase was on the margin of statistical ing machines, refrigerators, and television significance. Other available data, however, sets—during the following six months. In indicate a moderate increase in sales of these January and April of this year the propor- three appliances from the first half of 1959 tions of consumers reporting plans to buy to the first half of 1960. these items had been moderately higher than in the same months in 1959, as the chart on DESCRIPTION OF THE SURVEY the following page shows. Plans to buy used The purpose of the Quarterly Survey of cars, on the other hand, were below year- Consumer Buying Intentions is to provide earlier levels in July after having been close more adequate data on consumers' intento year-earlier levels in both January and tions and attitudes regarding purchases of April. durable goods and to make such informa- These are among the findings from an tion available more frequently than our preexperimental Quarterly Survey of Consumer vious annual series. The Survey was under- Buying Intentions. The Bureau of the Cen- taken because of the public interest in the sus has conducted this Survey for the Board regular availability of information that of Governors of the Federal Reserve System might help to foreshadow trends in consumer beginning in January 1959. spending and because of the usefulness such Changes in consumer buying plans from information might have for public policy. the first half of 1959 to the first half of 1960 Arrangements for the Survey were worked appear in general to have foreshadowed the out with the Bureau of the Census with the changes that occurred in purchases of both advice and assistance of members of the new and used automobiles and the three staffs of the Bureau of the Budget and the major household appliances covered. Ques- Council of Economic Advisers. tions were also asked about purchases actu- To provide the information required for ally made. In April and July 1960 it was the Survey, the Bureau of the Census added found that a larger proportion of families a short supplemental questionnaire to its had bought new cars in the first half of the monthly Current Population Survey in the year as compared with the first half of 1959, first month of each calendar quarter. The but that the proportion purchasing used cars supplemental questionnaire is used for onehad changed little. The findings for auto- half of the Current Population Survey mobiles are in accord with estimates of au- sample. Interviews on plans and purchases tomobile sales based on other information. are conducted with about 17,000 house- Survey data for the first half of 1960 holds each quarter, which is a reporting 973 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

974 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 sample sufficiently large that sampling error of consumer expenditures for furniture and should not obscure actual changes in plans household equipment, and as a group they indicated by the Survey. have generally shown cyclical fluctuations Interviewers visit each household address that are similar to those of the larger group. in the sample four times over the course of The questionnaire also covered past and exa 15-month period. At any given time, pected changes in income and some experiabout one-fourth of the sample is being in- mental questions designed to probe more terviewed for the first time. The three re- deeply into plans to purchase automobiles. interviews provide a check of purchases The primary time interval for which conagainst the buying plans previously ex- sumers were asked to express buying intenpressed by the family. tions was 6 months. Respondents who re- During the first year of the Survey the ported plans to buy within this period were questions asked covered intentions to pur- also asked whether they planned to buy chase as well as actual purchases of new and within 3 months. For automobiles, consumused automobiles, washing machines, re- ers who reported no plans to buy in 6 months frigerators, and television sets. The three were asked about their plans for 12 months. household appliances selected were chosen In 1960 the Survey was expanded to because they account for about one-fifth cover plans to purchase and actual purchases NOTE.—Plans for new and used automobiles combined include plans of families undecided between new and used. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER BUYING INTENTIONS 975 of phonograph and radio equipment costing $100 or more, air conditioners, clothes dry- CHANGES IN CONSUMER INCOME CURRENT COMPARED WITH A YEAR EARLIER ers, and dishwashers. Demand for these Per cent 100 items is less likely to be for replacement purposes than it is in the case of refrigera- 60 tors, washing machines, and television sets. 40 Questions about ownership of houses and 20 plans to purchase houses were also added. LOWER I 0 No information on these items is presented EXPECTED COMPARED WITH CURRENT 100 in this article since data are not available to HIGHER 80 permit year-to-year comparisons. 60 40 SURVEY RESULTS 20 0 The period since January 1959, when the 1959 1960 Quarterly Survey began, has been one of relatively strong demand for consumer dur- NOTE.—Those for whom past income change was not ascertained excluded from distribution. Expected income able goods, following the low levels reached refers to expectation a year hence. in the 1958 recession. In this period there the same direction, from one quarter to the has been no marked shift in consumer spendnext, for most or all of the items covered. In ing, although demand for new cars was 1959 the lowest level of buying plans restronger in the first half of this year than ported was in April and the highest in Octoin the comparable period of 1959. ber for all types of durable goods. Over the period covered by the Survey, The decline in plans from January to the proportions of consumers reporting in- April for both 1959 and 1960 and the sharp creases or decreases in income during the rise in October 1959 suggests that there preceding year have been relatively stable, may be a seasonal variation in buying plans. as the chart shows. The proportion report- Quarterly movements in plans to buy, howing lower incomes declined from January to ever, did not usually correspond to seasonal July 1959 as employment and income rose. movements in sales, for which the seasonal After increasing moderately in October, pattern differs among the several items. during the latter part of the steel strike, re- More experience with Survey data is necesports of lower income declined again in sary for an adequate interpretation of quar- January and April of this year and remained terly changes in these data. unchanged in July. As a statistical check, it may be noted that Family expectations of future changes in purchases as reported in the Survey did income have been even more stable than follow the seasonal pattern shown by sales reports of past changes. The proportion data. Sales of new and used automobiles of families expecting lower incomes in the are generally highest in the second quarter coming year declined somewhat from Jan- of the year, of refrigerators and washing uary to April 1959. Since then there has machines in the third quarter, and of telebeen little change in this proportion. vision sets in the fourth quarter. The proportions of consumers with plans People in different income and age groups to buy in 6 months have generally moved in express buying plans and make purchases Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

976 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 at different rates. Upper income groups buy October 1959 occurred in most age and ina larger than proportionate share of new come groups. The low level of buying plans automobiles. Younger families account for in April and the high level in October of last a larger proportion of used car and ap- year were fairly general throughout the pliance sales than older families, as shown country and among different occupations. by the accompanying chart. Whatever factors were responsible for the Nevertheless, changes in buying plans shifts, they appeared to be affecting all segand purchase rates have been generally simi- ments of the population. lar for the various income and age groups. Additional information on Survey find- Declines in buying plans from January to ings appears in the article immediately fol- April in both years and the increases in lowing in this BULLETIN. PLANNERS AND PURCHASERS, FIRST HALF I960 PROPORTIONS BY INCOME AND AGS AGE Of HEAP INCQMI NEW AUTOMOBILES PUSCHASERS USSD AUTOMOB&K HAMMERS PU8CHASER5 MAiOR APPLIANCES PLANNEBS All FAMILIES 40 60 SO 100 Per cist NOTE.—Income refers to total money income of family in 1959. Planners include those expressing plans in January 1960 to buy within 6 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Quarterly Survey of Consumer Buying Intentions IN ANALYSIS OF TRENDS in consumer ing plans sometimes foreshadowed shifts spending, expenditures for durable goods in consumer purchases. The annual surreceive major attention because they fluc- vey, however, did not provide an adequate tuate more than other components of con- test of information on buying plans since sumer expenditures. While spending for shifts in plans during a year could not be nondurable goods—as for example food— detected. Furthermore, the sample size or for services is influenced primarily by the was small and as a result sampling errors level of income and by certain long-term were substantial. trends such as changes in the size and com- The primary objective of the Quarterly position of the population or changes in Survey is to measure changes over time in customs or tastes, spending for durable goods consumer intentions to buy durable goods. is subject to short-term fluctuations that sug- A sample of 15,000-20,000 households per gest more influence of independent elements quarter was considered necessary to keep of consumer choice. A major factor ac- the sampling errors small enough so that counting for this behavior is the postponable they would not obscure changes in plans. By character of spending for durable goods. setting up the Survey as a supplement to In addition, since consumers often finance the Current Population Survey of the Bureau purchases of these goods by borrowing or of the Census, it was possible to obtain reby drawing on liquid assets, such expendi- peated quarterly surveys that were largely tures are not so closely related to current constant in design and that provided a large levels of consumer income. sample. The basic design of the Current In January 1959 the Board of Governors Population Survey also provides reinterviews of the Federal Reserve System initiated a with part of the sample at regular intervals. quarterly survey of consumer intentions to The Quarterly Survey is experimental in buy selected durable goods. Experience that it establishes an instrument for collectwith the annual Survey of Consumer Fi- ing and processing data to meet these parnances, conducted for the Board by the ticular requirements. While this project is Survey Research Center of the University still on an experimental basis, it is anticiof Michigan during the period 1946-59, pated that quarterly surveys will be conhad indicated that shifts in consumer buy- ducted and reported on, at least through 1961. NOTE.—This article was prepared by Gertrude S. Weiss, Tynan Smith, and Theodore G. Flechsig of It was decided at the outset to concenthe Board's Division of Research and Statistics with trate on buying plans questions similar to the assistance of Natalie C. Strader. The Quarterly Survey of Consumer Buying Intentions has been con- those that had been asked before. Neverducted under the supervision of Mona E. Dingle of theless, some changes were made on the the Board's staff and Herman Miller of the Bureau basis of experience. For example, primary of the Census. 977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

978 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 emphasis was put on a 6-month planning have typically been equal to about two-thirds period, which was considered more realis- of purchases during the 6-month period for tic as a planning horizon than the longer new cars and television sets and less than ones used in the past. Use of such a period, one-half for used cars. Plans for refrigerahowever, introduces a seasonal element in tors computed on this basis have been aladdition to that inherent in quarterly sur- most the same as purchases, and plans for veys. washing machines have been larger than Although questions covering attitude to- purchases. Comparisons for the first half ward automobile owned, repairs on auto- of 1960 are shown in Table 1. mobile owned, and shopping for automo- The "definitely's," the "probably's," and biles were added, primary interest was in the "maybe's" each constituted about onetesting the results of obtaining data on third of all plans to buy automobiles within buying plans regularly from a large num- 6 months. For refrigerators and washing ber of respondents. The size of the sample machines, however, the "maybe's" constiand coverage of the questionnaire, as well tuted about one-half of total plans. A large as the results obtained in the first seven proportion of respondents in this group re- Surveys, have been discussed in the pre- ferred to the condition of the old item as an ceding article, pages 973-76, and the important factor in their planning. questionnaire used in the 1959 Surveys is Plans to buy new and used cars in 12 reproduced on pages 990-91. months were about twice as large as the 6month plans, as shown in the accompany- LEVELS AND MOVEMENTS OF BUYING PLANS ing chart, and the relationship to purchases The degrees of definiteness of planning were was about the same. For each of the items classified as "definitely will buy," "probcovered, however, 3-month plan rates were ably will buy," and "maybe will buy." For substantially less than one-half as high as these three groups combined, 6-month plans the 6-month rates and were substantially TABLE 1 lower than 3-month purchases. These re- DURABLE GOODS: PLANNERS AND PURCHASERS sults may reflect in part the unwillingness SELECTED PERIODS IN 1960 of persons to commit themselves with re- [Percentage of all families] spect to so short a period as 3 months un- January-March January-June less they have made definite arrangements, Type of good but some bias may have been introduced Planners * Pur- Planners2 Pur- as a result of the ordering of the questions. chasers chasers Movement of the 6-month buying plans Automobile: over the period covered and their relation- New 0.9 2.7 3.4 5.9 ship to purchases were discussed in the pre- Used 1.3 5.0 4.5 10.7 ceding article. For new and used automo- Washing machine.... 1.4 2.4 6.4 5.1 biles the 12-month buying plans have moved similarly to the 6-month plans. The 3- Refrigerator... 0.9 1.6 4.4 4.0 month plans to purchase new automobiles Television set.. 1.2 3.3 4.5 6.2 paralleled the movement of the 6-month plans throughout 1959 but rose from Jan- 1 Families expressing plans at beginning of period to buy within 3 m 2 o F n a t m hs il . ies expressing plans at beginning of period to buy within uary to April in 1960 and then declined 6 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 979 their plans to buy automobiles within 3 PLANS TO BUY DURABLE GOODS, JULY 1960 months. The numbers of families expressing Per cent of all families 3-month plans, however, have proved to be 0 5 10 so small as to be of questionable statistical NEW AUTOMOBILES reliability as indicators of subsequent purchases. Families planning to buy in 3 months accounted for only about one-sixth USED AUTOMOBILES of the new automobiles and washing machines subsequently purchased and much WASHING MACHINES smaller proportions of the other durable REFRIGERATORS goods. PLANS FOR INCOME AND AGE GROUPS The interpretation of Survey data on plans to buy durable goods must take account of the fact that planners and purchasers are to the 1959 level in July. The 3-month concentrated in certain population groups. plans to purchase used cars rose slightly New automobile purchasers are most nufrom January to April in both 1959 and merous in the upper income groups while 1960, in contrast with declines in 6-month purchasers of used automobiles are most plans in those periods. frequent in the middle income groups. There For the three major appliances taken as is a similar pattern for buying plans, as a group, 3-month buying plans rose mod- Table 2 shows. The younger age groups erately from January to April in both years account for disproportionately large peras compared with declines in 6-month plans. centages of buying plans and purchases of The 3-month plans for the group reached a used automobiles and the three household peak in October 1959 as did the 6-month appliances. plans. The various degrees of definiteness To date, changes from one Survey to the of 6-month plans have generally moved together. TABLE 2 The 6-month planning period has been AUTOMOBILES: PLANNERS AND PURCHASERS WITHIN INCOME GROUPS, FIRST HALF 1960 given major emphasis in the Survey because [Percentage of all families in group] past experience indicates that 12 months is too long a planning period for appliances New automobile Used automobile and probably also for automobiles. On the 1959 incomei other hand, the 3-month period is probably Planners2 Pur- Planners2 Purchasers chasers too short to be of much value for forecasting purposes. Under $3,000.. 0.7 1.0 3.0 7.7 Reinterviews have shown that a high pro- $3,000-$4,999.. 2.2 4.4 4.7 13.5 $5,000-$7,499.. 3.9 7.5 5.9 12.4 portion of the families expressing plans to $7,500-$9,999.. 6.6 10.0 6.2 12.8 $10,000 purchase automobiles and appliances within and over.... 11.7 15.7 5.4 7.5 a 3-month period actually do so. For example, nearly half of the families carry out 1 Total money income of family. 2 See Table 1, note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 next in the rates at which families plan to ilies planning to purchase are often fewer purchase and in their purchase rates have than those that subsequently purchase, as been similar for most age and income was discussed earlier. Furthermore, many groups. For example, declines from Jan- planners do not buy according to plan, and uary to April in both years in plans to buy many families who report no buying plans within 6 months and the increase in Oc- do subsequently buy. Therefore, plans can tober 1959 occurred for nearly all age and be used in forecasting only as analysis of income groups. results shows that relationships between the In view of the larger sampling error as- numbers of planners and the numbers that sociated with averages for subgroups in subsequently purchase, including nonplanthe population, it is unlikely that the Sur- ners, are stable or move in a predictable vey can measure changes in demand over manner. a short period for specific income or age Buying plans can also be evaluated by groups. To date, however, the general uni- comparing them with purchases reported formity of shifts for these groups is evi- later by the same population. The quardent. This suggests that the conditions terly purchase data from the Survey appear causing short-run changes, whether seasonal to be sufficiently accurate for this purpose, factors or special circumstances in the pe- in view of their correspondence with estiriod covered, were affecting all segments of mates of sales from other sources.1 the population. Survey reports from those interviewed more than once show that plans identify EVALUATION OF BUYING PLANS purchasers better than any other question Basically, the test of the adequacy of asked, such as the age of the head of the data on buying plans must depend on how family, whether the family was satisfied with these plans move over time in relation to the automobile owned, or whether it expurchases. It is too early to evaluate this pected an income increase. The extent to relationship fully. One reason, as noted in which planners bought varied with the item, the preceding article, is that the period cov- the time interval and degree of certainty of ered thus far has not included major changes the plan, and the purchase period. in the level of economic activity. Secondly, The Quarterly Survey provides return inanalyses of results for the period were com- terviews with about half the sample after 3 plicated by the effects of the steel strike and months, with about one-fourth 9 months the introduction of new compact automo- later, and with about one-half a year later, biles. A third factor is that the data are permitting comparison of plans and subapparently subject to seasonal movements sequent purchases. The reinterview data for which adjustments cannot be made on are subject to several limitations beyond the basis of such limited experience. those of the basic data. Since the reinter- Several factors must be taken into ac- view tabulations relate to only one-half or count in interpreting data on buying plans one-quarter of the sample, and since the collected in the Survey. To begin with, number reporting plans is small to start with, the number of families expressing plans to any analysis of purchases related to plans buy cannot be used directly as a precise as determined from reinterview must be reforecast of the number of purchasers. Fam- 1 See Technical Appendix for details and discussion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 981 stricted. Small differences between groups called after a lapse of time or over a long would more often be within the range of period than when recalled for the quarter sampling error in the reinterview than in immediately preceding. Therefore, purthe basic Survey data, and especially so for chase rates of planners for the longer pethe data about the 6-month purchase inter- riods, as shown in reinterview tabulations, val. Other limitations include the attrition can be compared with those from the 3in the sample because some families have month reinterviews only if purchase rates moved or are not available for reinterview are adjusted to compensate for underrefor other reasons and the underreporting porting of purchases over the longer periods. of purchases by families asked about purchases made more than 3 months earlier.2 TABLE 3 Automobiles. In the April 1959 Survey FAMILIES PURCHASING AUTOMOBILES IN DESIGNATED PLANNING PERIODS 2 per cent of the families reported plans to buy either new or used automobiles in the Period next 3 months. By the time of the July Survey, 46 per cent of these planners re- Plans expressed in April 1959 Apr.- Apr.- April ported they had purchased. Of the large 1959- June, Sept, Mar. group without plans, 7 per cent reported 1959 1959 1960 purchases during this 3-month period. Because the 3-month planners were so small Purchase rate: * All families 9 16 30 a group to begin with, their purchases ac- Planned to buy 46 50 65 counted for only 12 per cent of the auto- Did not know about plan *20 17 38 No plan to buy 7 13 22 mobiles bought by the total Survey popula- Planners' purchases as a percenttion. Results from the other reinterview age of all purchases in desig- Surveys were not significantly different, ex- nated period 12 24 34 cept in the fourth quarter of 1959, when * Based on interviews with 50-99 families. automobile purchases were unusually small 1 Purchasers as a percentage of all families in each group. Sixmonth and 12-month purchases adjusted for underreporting. for all groups (Supplementary Table 13). Proportionately more families expressed Purchase rates for the 6-month and 12plans to buy automobiles during the next month intervals shown in Table 3 have been 6 months or 12 months than in the next 3 adjusted on the basis of quarterly data, using months, and planners accounted for larger relationships derived from the reinterview shares of the purchases in the longer pe- Surveys. On the adjusted basis, 50 per cent riods. For example, those with plans to of the families with 6-month plans and 13 buy automobiles in the 6 months following per cent of those without had bought within April 1959 accounted for 24 per cent of all 6 months after the April Survey and 65 per purchases in these 6 months and those with cent of the families with 12-month plans plans to buy during the next 12 months ac- and 22 per cent of those without had bought counted for 34 per cent of all purchases in within a year. that period. Although buying plans refer primarily to Reported purchases of the items covered the period designated, there is considerable by the Survey are generally less when respill-over into other periods, as Table 4 shows. Of the families who said that they - See Technical Appendix for details and discussion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

982 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 planned to buy in the 6 months after the erators, and television sets were generally April 1959 Survey, for example, one-half lower than for automobiles, as Table 5 did so, but an additional one-fifth of these shows. It is difficult to evaluate these diffamilies made purchases during the follow- ferences for household appliances because ing 6 months. Similarly, 39 per cent of the rates for planners are based on such those who expressed plans for the second small portions of the sample, producing 6 months did buy in that period, but about results not stable from the several Surveys. one-fifth did their buying earlier than their Plans seem to be less effective in identifying original plans indicated. subsequent purchasers of household appliances than of automobiles. TABLE 4 For both automobiles and appliances re- PURCHASES OF AUTOMOBILES BY PLANNING PERIOD1 interview results show that replies to ques- [Purchasers as a percentage of all families in group] tions about the degree of certainty of their plans to purchase helped to identify fam- Purchased in: ilies most likely to purchase. Purchase rates Plans expressed in April 1959 Oct. were clearly highest for those answering Apr.- 1959- Sept., "yes, definitely" about plans and were gen- Mar. 1959 1960 erally higher for those coded "yes, probably" than for those coded "maybe" (Sup- Planned to purchase (new or used): plementary Table 14). Within 6 months (Apr.-Sept.) 50 21 In subsequent 6 months (Oct.-Mar.)... 19 39 TABLE 5 Did not know about 12-month plan 22 16 PURCHASES OF DURABLE GOODS BY PLANNERS AND No plan to buy within 12 months 11 11 NONPLANNERS, APRIL-SEPTEMBER 1959 1 Purchases adjusted for underreporting. Wash- Re- Auto- Tele- Plans expressed ing frigmo- vision in April 1959 ma- er- Conclusions would have been about the bile set chine ator same if new and used automobiles had been analyzed separately. In total, there was little Purchase rate:1 All families 16 6 5 6 shifting by planners between new and used Planners2 50 20 26 23 cars (Supplementary Table 15). Fam- Nonplanners3 13 5 5 5 ilies with plans to buy new cars were only Planners' purchases as a a little more likely to buy used cars than percentage of all purchases 24 17 16 15 were those with no plans to buy, and purchase rates for new cars were only a little 1 Purchasers as a percentage of all families in group. Purchases adjusted for underreporting. higher for families that planned to buy used 2 See Table 1, note 2. 3 Includes those answering "don't know." cars than for those without plans. Families who expressed plans to buy a car but who Income and age. When assessing reinterwere uncertain as to whether it would be view results as to the performance of plans new or used were more likely to buy used in identifying those that subsequently purcars. chase, it is necessary to be certain that the Selected household appliances. Purchase relationship of plans and purchases is not rates of both those planning and those not simply the result of concentration of both planning to buy washing machines, refrig- planners and purchasers in groups that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 983 have a high likelihood of purchasing, irrespective of plans. For all of the durable AUTOMOBILES: PLANNERS AND PURCHASERS SELECTED INCOME - CHANGE GROUPS goods tested, and regardless of the time PURCHASERS interval of the plans or the periods com- CURRENT INCOME pared, plans clearly distinguish those families in each age and income group that are HIGHER THAN A YEAR AGO likely to purchase (Supplementary Tables 16, 17, and 18). The numbers of planners reinterviewed in EXPECTED INCOME each Survey are small for analysis by such variables as income and age. Nevertheless, HIGHER A YEAR HENCE the reinterview tabulations suggest that plans identify purchasers about equally well for different income and age groups. Purchase rates of planners show more erratic move- 10 0 10 20 Per cenf of families in group ments for both income and age groups than purchase rates of nonplanners because of NOTE.—Second half 1959. Planners include those expressing plans in July 1959 to buy within 6 months. the relatively large sampling error for the come brackets report past or expected insmall number of planners. In general, howcreases most often. Those with unfavorever, groups that have low purchase rates able expectations are generally older. for nonplanners tend to have low rates also for planners. The added contribution of questions about past and expected income changes to identifying subsequent purchasers is limited INCOME CHANGE AND EXPECTATIONS because a large proportion of the purchasers Past and expected changes in income as regiving favorable replies to this question ported by consumers are of interest both with were also planners. Reinterviews show that respect to their influence on spending for nearly half of the purchasers who had exdurable goods and as a measure of the pected income increases had also expressed general situation of consumers.3 plans to buy in the first interview. For ex- Like similar surveys, this Survey shows ample, among those that purchased automothat purchases of durable goods are assobiles in the previous 3 months and 12 ciated with favorable replies to questions months, respectively, and had reported at about past or expected changes in income. the beginning of each period that they ex- The accompanying chart shows the extent pected income increases, from 40 to 48 per to which this has been true for automobiles. cent in the several Surveys were also The relationships of past and expected planners. income change to purchases or plans are, The income expectation question conin part, a reflection of income and age. tributed little to locating nonplanners who Younger families and those in the upper insubsequently purchased. Purchase rates of nonplanners who had expected income in- 3 The 1959 Surveys included a question on whether the general financial situation of the family had creases were not always higher than purchanged during the year. It was omitted from the chase rates of nonplanners with other in- 1960 Surveys to make room for additional questions on plans to buy durable goods. come expectations, and when they were Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 higher, they were often not significantly so. buy within 6 months. Even though there Moreover, part of the small differences in were relatively few nonplanners who said the purchase rates for these two groups that they had shopped, the question about should be credited to differences in their shopping for cars did serve to identify some age-income composition. of the purchasers in the group without plans. Purchase rates of nonplanners were INDICATORS RELATING ONLY TO clearly higher for those who had reported AUTOMOBILES shopping for cars than for those who had Several questions were asked about autonot (Supplementary Table 16). mobiles in addition to buying plans. Only From 8 to 10 per cent of the families rethe questions to determine whether anyone ported dissatisfaction with the cars they in the family had shopped for a car recently owned. This was about the same number and whether the family was satisfied with as reported plans to buy within 6 months. the car owned at the time of the interview This indicator, like the others, declined from appeared of some value in foreshadowing January to April in both 1959 and 1960. subsequent purchases. It reached its highest level in January 1960. Families reporting that they had shopped Purchasers who previously reported disfor cars were more numerous than those satisfaction with their cars were less often with plans to buy in the next 3 months, but planners than were purchasers who reported not so numerous as those with plans to buy that they had shopped for cars. Purchase in the next 6 months. Over the period covrates of nonplanners in the 3 months folered by the Survey, this indicator followed lowing the first interview were significantly a pattern of change much like that of the higher for those dissatisfied with the cars buying plans. they previously owned than for those satis- Because so many of those who reported fied (Supplementary Table 16). The questhat they had shopped for cars also had tion on satisfaction with the car owned adds plans to buy within the next 6 months, this more to the information supplied by buying question makes only a limited additional plans than the question about shopping, contribution to plans as an indicator. Nearly 8 in 10 purchasers that had reported shop- because of the close relationship of the latter ping for cars had also reported plans to question to plans. TECHNICAL APPENDIX The sample for the Survey of Consumer aged, infirm, and needy. Persons not re- Buying Intentions is drawn from the non- lated to the head of the household they live institutional population in 333 areas com- in are not interviewed. An estimated 4 prising 641 counties and independent cities per cent of all households contained at least in 50 States and the District of Columbia. one such person in 1959. The sample excludes members of the armed Data on consumer buying plans are colforces living on posts without their families, lected during the first month of each quarstudents away from home, and inmates of in- ter from approximately 17,000 households, stitutions, including those in homes for the or about one-half of the households in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 985 eluded in the monthly Current Population tively. For most purposes, these differences Survey. Nonresponse rates have been low. are not sufficiently large that they need to Only about 5 per cent of the occupied be taken into account. households decline to participate or are not SAMPLING VARIABILITY reached by interviewers during the week designated for interviewing. In order to Since Survey estimates are based on a sammake allowances for these noninterviews, ple, they may differ somewhat from figweights assigned to interviewed households ures that would be obtained if a complete of similar characteristics are increased ac- census were taken using the same schedules, cordingly. An additional 2 per cent of the instructions, and enumerators. As in any respondents who answer the CPS question- survey work, the results are subject to errors naire fail to include information on buying of response and of reporting as well as of plans. In such cases respondents are arbitrar- sampling variability. The sampling error is primarily a measily grouped by item and time interval with ure of the variations that occur by chance those that said "don't know" about plans. because a sample rather than the whole of The estimating procedure used in the the population is surveyed. The sampling Current Population Survey involves the inerror also partially measures the effect of reflation of weighted sample results to current sponse variability, but it does not measure, independent estimates of the noninstituas such, any systematic biases in the data. tional population of the United States by The chances are about 68 out of 100, or age, color, and sex. Each person in a samabout 2 in 3, that an estimate from the Surple household has a slightly different samvey sample would differ from a complete ple weight according to these characteriscensus figure by less than the sample errors tics. In the 1959 Quarterly Surveys the shown in Table 1. The chances are 95 out weight of the head of the household deterof 100 that the difference would be less mined the weight applied to the statistics than twice the errors shown. in this report. In the 1960 Surveys, the Most of the data from the Quarterly Surweight of the principal person in the housevey are shown as percentages. The reliahold was used. The "principal person" is defined as the wife of the head in husband- TABLE 1 wife families or the head in other families. APPROXIMATE SAMPLING ERRORS Both of these weighting procedures yield The chances are about 2 out of 3 that the value being estimated lies estimates of total households that are slightly within a range equal to the reported percentage plus or minus the number of percentage points shown below. less accurate than CPS estimates, which are Reported percentage based on a somewhat different estimating Number of households procedure. According to the April 1959 2 or 98 10 or 90 25 or 75 50 Survey there were 52.0 million households, 500,000 1.2 2.5 3.7 4.2 which compared with the March CPS esti- 1,000,000 0.8 1.8 2.6 3.0 2 000 000. . 0.6 1.3 1.8 2.1 mate of 51.3 million. As a result of the 5,000 000 0 4 0 8 1 2 1 4 change in the Survey weighting procedure 10,000,000 0.3 0.6 0.8 1.0 20,000,000 0.2 0.4 0.6 0.7 the corresponding estimates for 1960 were 50,000,0001 0.1 0.3 0.4 0.4 even closer, 52.5 and 52.6 million, respec- 1 Approximate total number of households. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

986 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 bility of these percentages depends on both terms of the actual number of families samthe size of the percentage and the size of the pled. total on which they are based. Totals for the For either the total sample or the reintervarious subgroups can be estimated from the view sample, one may wish to determine 52 million families represented by the Sur- whether the reported change in percentages vey and the percentage distributions such from one Survey to another, or the difference as those shown in Supplementary Tables 3 between percentages in the same Survey, is and 11. greater than might occur by chance alone. Percentages computed from the reinter- The sampling errors for differences beview data are based on smaller numbers tween Survey estimates may be calculated than the basic data because reinterviews by taking the square root of the sum of the were obtained from portions of the total squared sample errors for each of the two sample. The 3- and 12-month reinter- percentages being compared. Usually, howviews use one-half the original sample of ever, this method will only approximate the each Survey, and the reinterviews covering true sampling error because it does not take 6-month purchases use only one-quarter. into account the fact that most Survey Moreover, some of the families scheduled estimates are not completely independent. to be reinterviewed are not reached because they have changed their place of residence. RELIABILITY OF PURCHASE ESTIMATES In using the table of sampling errors for re- Data on purchases of durable goods are interview data, therefore, the base for per- included in the Survey to determine the centages of the total is only about 20 mil- relationships between what consumers plan lion for the 3-month and 12-month rein- to buy and what they subsequently do buy. terview tabulations and 10 million for the Estimates of sales of these goods are avail- 6-month reinterview tabulations. able from other sources, although they are Many of the purchase rates derived not uniformly accurate or similar to the from reinterview tabulations are based Survey in concept and in population groups on the number of families that intended to covered. There is a presumption that the buy a specific item, and hence have much Survey has provided a reasonable estimate smaller bases than percentages based on the if aggregate purchases and sales are gentotal. For example, when 10 per cent of the erally the same as to level and movement families are planners, the base for the pur- over time after allowances for as many of chase rate of these planners would be about these differences as possible. 2 million in the 3-month and 12-month re- There are some errors in reporting the interview and about 1 million in the 6-month date of purchase, as data from successive reinterview tabulations; these figures repre- quarterly interviews with identical families sent 4 and 2 per cent, respectively, of the show. For example, about 15 per cent of total population. Some of the percentages the families reporting purchases stated they included in the reinterview tables relate to bought the same item in two consecutive items for which plans are based on esti- quarters. Since there is little likelihood that mated populations so small that they should a family would purchase two of the same be used with special caution. Such cases durable goods in 6 months, it is probable are indicated in footnotes to the tables in that most of these families reported the same Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 987 purchase twice. It is not known how often purchases are not reported, but reinterview CONSUMER PURCHASES AND SALES data indicate that some respondents fail to Quarterly 2.0 report purchases until one or more quar- NEW AUTOMOBILES ters have elapsed from the reported date of _ 1.6 the purchase. SALES Because each Quarterly Survey provides PURCHASES 1.2 f\r purchase data for the preceding four quar- USED AUTOMOBILES / 3.2 ters, several estimates of purchases are available for a particular period. These es- sv ^*%^ - 2.8 timates, however, are not consistent. In 2.4 general, the number of purchases for a given quarter typically has declined steadily in 2.0 subsequent Surveys. For example, the num- 1 2.0 NEW TELEVISION SETS ^ ber of purchases reported at the beginning - 'V -- 1.6 of 1960 for the preceding year was considerably smaller than the number for the year 1.2 derived by summing the quarterly figures : reported immediately after each quarter in 1 1959. This was true for each of the durable vv 1 2 3 4 1 2 goods covered by the Survey, as shown in 1959 1960 Table 2. As nearly as can be determined, annual estimates in both level and movement so purchase estimates derived from quarterly that they can be used as a reasonably reliable data are in general the closest to sales esti- indicator of the number of units that conmates. These purchase data, moreover, sumers bought. compare closely enough with quarterly sales For each type of durable good covered in the Survey, purchase estimates should be TABLE 2 below corresponding estimates of sales pri- CONSUMER PURCHASES COMPARED WITH SALES DATA, 1959 marily because the Survey includes only [Estimates in thousands] consumer transactions. In the case of automobiles it is possible to make some allow- Annual purchases based on: Annual ance for sales to nonconsumers. For new Type of durable good Qu d a a rt t e a rly a S n d e n a m t u a i a - l A d n a n t u a al d sa a l t e a s 1 automobiles a fairly accurate allowance can be made for fleet sales to businesses. Automobile:. Quarterly estimates of purchases and N U e se w d 2 2 1 5 0 , , 3 7 1 5 4 9 9 5 , , 7 0 5 3 7 5 4 8 , ,6 6 1 5 0 0 1 5 0 , , 5 4 2 5 3 4 sales for new and used automobiles and for Television set (new) 5,288 5,050 4,100 5,749 Washing machine (new). . . 4,204 3,909 3,700 4,052 television sets are compared in the accom- Refrigerator (new) 3,176 3,096 3,000 3,576 panying chart. Data on washing machines 1 Estimates for automobiles based on data from Ward's Automotive Report and other related trade sources. Estimates for and refrigerators are not included because household durable goods, in the order shown, derived from data released by the Electronic Industries Association, American Home the only sales estimates available for these Laundry Manufacturers Association, and National Electrical Manufacturers Association. products are not retail sales but shipments 2 Estimates adjusted for purchases made by unrelated persons in interviewed households and, where applicable, for multiple purchases to retailers and to builders. of automobiles, which are not obtained by the Survey. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

988 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 The comparison of purchases and sales is occupancy. Reinterview data for the Surmore reliable for new automobiles. For these vey are obtained by matching reports from the concepts and coverage are more nearly separate interviews with the same family. identical and the sales data more dependable Considering how often families move, it is than for the other types of durable goods. not surprising that many are not reached for The discrepancies between the quarterly reinterview and that the number lost insales and purchase estimates of new auto- creases as the interval between interviews mobiles, after adjustment for nonconsumer lengthens. Some reinterviews are lost betransactions, were well within the range of cause of mechanical problems in matchthe sampling error. That the adjusted sales ing schedules from two Surveys. The numdata are generally above the purchase data ber lost from all causes represents about 15 can probably be attributed largely to the per cent of the original sample for the 3fact that the former include sales to con- month reinterview and about 25 per cent sumers outside the Survey population. for the 12-month reinterview. There was some difference between pur- An analysis made by the Bureau of the chases and sales data for used automobiles. Census revealed that families omitted from The estimates of such sales to consumers, the 3-month reinterview were younger, and however, are less accurate than for new had lower incomes, lower ownership rates for automobiles since they include estimates for durable goods, and somewhat higher rates sales made by nonfranchised dealers based of buying plans than the total Survey popon their relationship to sales of franchised ulation. In view of this, some upward bias dealers carried forward from a 1955 bench- in the income distribution of the reintermark. view samples would be expected, but it is Purchases estimated for television sets slight, as Table 3 shows. seem to coincide reasonably well with sales, There is somewhat more bias in the age but the check is less precise than for used distribution of the reinterview samples. For automobiles because the sales data include TABLE 3 nonconsumer transactions. Because of this INCOME AND AGE DISTRIBUTIONS OF TOTAL SAMPLE difference, quarterly purchase estimates for AND RETNTERVIEW GROUPS [Per cent] television sets should move with sales but f m u o rt b h i e le r s b . el T ow he t f h a e c m t t t h h a a t n s i a n le t s h t e o c n a o se n c o o f n a su u m to - - Inco Ja m in n e t u e o a rv r r y i a e g w 1 e 9 5 i ( n f 9 r ) om J s a a T 1 n m o 9 u t 5 p a a 9 l r l e y , Apr. 19 R 59 eint O er c v t i . e w 19 5 g 9 rou J p a s n. 1960 ers may change in relative importance from Income: * one quarter to another because of differ- Under $3,000.... 29 29 27 28 $3,000-54,999 25 25 24 24 ences in seasonal movements may account $5,000-$7,499.... 23 24 24 24 $7,500 and over... 16 16 18 18 for some of the dissimilarity in the move- Not ascertained... 7 5 6 5 ments of the two series. All families 100 100 100 100 Age of head: Under 25 5 4 3 3 BIAS IN REINTERVIEW 25-34 19 18 17 17 35-44 22 22 23 22 45-54 21 22 20 21 The sample used for the Quarterly Survey 55-64 17 17 17 18 65 and over 17 17 19 19 is designed so that interviewers visit the All families 100 100 100 100 same dwelling unit four times during a 15month period, irrespective of any change in i Total money income of family in 1958. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 989 example, in the January 1959 Survey 24 TABLE 4 per cent of the households were headed by COMPARISON OF PURCHASE RATES X persons under 35 years of age. In the rein- [Per cent] terview 3 months later the proportion was Automobile 22 per cent, and in reinterviews 9 months Time of Washing Refrig- Teleand 12 months later it was 20 per cent. interview New Used machine erator set Comparison of data from the total sam- April 1959: Total sample... 2.4 5.2 2.5 1.7 3.4 ple and the reinterview sample with respect Reinterview sample2 2.7 5.4 2.7 1.3 3.2 to purchase rates and plan rates shows the July 1959: extent to which losses in the reinterview Total sample... 2.8 5.7 2.5 2.2 2.6 Reinterview samples affect the basic data of this Sur- sample2 2.8 5.7 2.2 1.7 2.5 vey. Since young families are more apt to October 1959: Total sample... 2.6 5.2 3.3 3.1 3.3 buy household durable goods and used au- Re s i a n m te p rv le ie 2 w 3.1 5.4 2.9 2.3 3.5 tomobiles, it would seem that omitting 1 Purchases in 3 months preceding interview. young families from, say, 3-month reinter- 2 Includes only families being rein ter vie wed after 3 months. view samples would result in lower purchase greater than might be attributed to samrates for these items, and higher rates for new automobiles, than indicated by the total pling error. Planning rates and purchase rates sample. With the exception of used auto- among the various classes of consumers obmobiles, the differences in aggregate pur- tained from the reinterview sample also do chase rates were generally, although not not differ a great deal from the rates availconsistently, in the direction that would be able from the total sample. This small bias expected on the basis of age bias alone, as would not change the conclusions drawn can be seen in Table 4. from the reinterview data included in the Most of the differences shown are no foregoing article. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

^CONTROL NUMBER ©SAMPLE SAMPLE © SERIAL NUMBER ©HOUSEHOLD © SEGMENT AREA OF NUMBER NUMBER CODE HOUSEHOLD O O O O OO 0CT08ER 1959 SUPPLEMENT C ) ( •) ( ) < > < > CURRENT POPULATION SURVEY 1 1 11 ( ) C ) < > CZZD SURVEY OF CONSUMER BUYING PLANS 2 2 2 2 < > < ) < > < ) (G) METHOD OF INTERVIEW PERS I NONINTERVIEW 3 3 3 3 3 3 < ~> 1 < > < ) CZZD C=D ( ) < > < > (MARK ONE REASON TEL. I J I NO ONE VACANT C HOME SEAS CD OFFICE CONOUCTEO 8Y THE BUREAU 6 6 6 6 USE ONLY OF THE CENSUS ACTING AS ) LINE C ) C-777) < ) ( ) DATA COMPILING AGENT FOR >. PERS. 7 7 7 7 o THE BOARD OF GOVERNORS INT. < > < ) < ) < > OF THE FEDERAL RESERVE 0T- OT- CD SYSTEM. OCCUP. IUNOCCUP. 8 8 8 8 .HVU- < > < > ( > < ) < > fRATOR O NUMBER 9 < ) < > < ) < ) a (?) Does any member of (3) Was this car bought (6) How many months (§) Are you satisfied jg) In the next 6 months (by mid- ((3) Do you expect to buy 0 car this family own a car? new or used? do you still have to with this car? April of next year),does any ~ ithin the next 12 months( by pay on this car? member of this fomily expect to lid-October of next yeor)? buy a car ? NO (Skip to 9) NO w YES-I CAR "I DON'T KNOW YES-2+CARSJ / MAYBE-DEPENDS ON MAYBE-OEPENOS ON w (4) How was this car CUD OLD CAR CZZDOLDCAR paid for? NO RECUIAR When was the car CASH-IN-FULL (Skip to 7) PAYMENTS f bought? ( ) OCTOBER 1959 TIME PAYMENTS^ (9) Has ony member of YES-PROBABLY 7 this family shopped for (7) In the past 6 months, a car during the past JULY-SEPT. 1959 OTHER WAYS have you spent $50 or few weeks? YES-DEFINITELY < ) more on major repairs APRIL-JUNE 1959 at any one time or on iO If you i If you buy, will it be tires for this car? buy,will a new or used car? it be o JAN.-M C A Z R Z . D 1959 (5) m D o o n e y y o u o n st i t l h l i o s w ca e r? YES ASKED DEALERS n i e s w ed o c r or: YES- OTHER WAYS NO (Skip to 7) Q2) If you buy, will it be within 73 YES the next 3 months DON'T (Ask 61 (by mid-January KNOW of next year)? BEFORE 1956 < > (Ask 3) Department of Commerce - Bureou of the Census-CURRENT POPULATION SURVEY BUDGET BUREAU NO, 4I-RI922.2 APPR.EXP.I2/9I/59 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1959 SUPPLEMENT ;A) CONTROL NUMBER Does this family own a ! I T IN O T P A A L S T F A 1 M 2 I M LY O N IN T C H O S ME ) Q f I V s )€ t O h S e I T p W re fQ s S e n Q t V in C c Q o F m Q e O O o f O y f o u fft r O f f£ a m O il f y iC a S b S o * ut the (fs) Washing machine ? Electric or gas <2f) Television set ? refrigerator ? YES- When was it bought ? YES-When was it bought? YES-When was it What was the total ABOUT THE SAME { ^ bought? income of this family OCTOBER 1959 OCTOBER 1959 OCTOBER 1959 during the post 12 MORE < > months ? This in- JULY-SEPT. 1959 JULY- SEPT. 1959 JULY-SEPT. 1959 cludes wages and LESS salaries, business APRIL-JUNE 1959 APRIL-JUNE 1959 APRIL-JUNE 1959 profits, farm income, DON'T KNOW pensions, rent, and OQ JAN.-MAR. 1959 JAN.-MAR. 1959 JAN.-MAR. 1959 a c n om y e o th re e c r e m iv o e n d e b y y in- |> in A co y m ea e r t f o ro b m e n a o b w ou , d t o t h y e o u s a e m xp e e c o t s y i o t u is r f n a o m w i , l y or I more, or less? the members of this ABOUT THE SAME family. BEFORE 1955 BEFORE (955 o (SHOW FLASHCARD WHERE NEEDED) DON'T KNOW S" 7) Looking at your financial situation in general, In the next 6 months( by mid-April of next year), do you expect to buy a : a is your family about os well off os it was o T6) Washing machine ? (J9) Refrigerator ? Television set ? year ago,or better,or worse off? DON'T KNOW A. Under $ 1,000 vo MAYBE-DEPENDS ON 01.0 ONF B. $ 1,000-$1,999 C. $2,000-$2,999 DON'T KNOW YES-PROBABLY YES-PROBABLY YES-PROBABLY D. $3,000-$ 3,999 < ") YES-OEFINITELY YES-OEFINITELY YES-DEFINITELY E. $4,000-$4,999 F. $5.000-$5,999 @ if you buy, will it be within ) If you buy, will it be within (23 If you buy, will it be within the next 3 months (by mid- the next 3 months (by mid- the next 3 months (by mid- JonuGry of next year)? January of next year)? January of next year)? G. $6,000-$7,499 CZ=D YES H. $7,5OO-$9,999 NO I. $IO,OOO-$I4,999 VO DON'T KNOW OON'T KNOW J. $15,000 and Over (Ask 25) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

992 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 SUPPLEMENTARY TABLE 1 PLANS TO BUY DURABLE GOODS, 1959-601 [Percentage of all families] 1959 1960 Buying plan Jan. Apr. July Oct. Jan. Apr. July New or used automobile:2 Planning to buy within 12 months 16.9 15.6 16.8 20.9 18.4 16.8 16.5 Doesn't know about 12-month plan 8.3 7.7 8.3 7.5 8.9 9.4 9.3 Planning to buy within 6 months 8.4 7.5 8.2 10.1 9.3 8.6 7.9 Timing of planned purchase: First 3 months 2.1 2.4 2.5 3.0 2.5 3.0 2.6 Second 3 months 3.8 3.0 3.2 4.3 4.4 3.2 3.0 Doesn't know when in 6 months 2.5 2.1 2.5 2.8 2.4 2.4 2.3 Doesn't know about 6-month plan 4.8 4.3 4.9 4.7 4.7 4.9 5.0 Has shopped for automobile3 5.1 4.8 5.2 6.5 4.5 5.5 4.9 Dissatisfied with automobile owned 8.9 8.1 8.1 9.1 9.8 8.7 8.0 New automobile: Planning to buy within 12 months 6.6 6.5 6.9 9.5 7.3 6.9 6.8 Planning to buy within 6 months 3.0 2.7 3.1 4.6 3.4 3.2 3.0 Degree of certainty: Definitely 1.2 0.9 1.2 1.8 1.3 1.5 1.2 Probably 1.1 0.9 1.6 1.0 0.9 1.0 Maybe 0.8 0.8 1.2 1.1 0.8 0.8 Timing of planned purchase: First 3 months 0.9 0.7 0.9 1.4 0.9 1.2 0.9 Second 3 months 1.4 1.4 1.4 2.1 1.7 1.3 1.4 Doesn't know when in 6 months 0.7 0.6 0.8 1.1 0.8 0.7 0.7 Used automobile: Planning to buy within 12 months 8.4 7.7 9.2 8.3 7.1 7.1 Planning to buy within 6 months 4.6 4.0 4.1 4.6 4.5 3.8 3.7 Degree of certainty: Definitely .3 .4 1.4 1.6 1.6 1.3 .3 Probably .6 .5 1.5 1.4 1.5 .2 .2 Tim M i a n y g b o e f planned purchase: .7 .1 1.2 1.6 1.5 .3 .2 First 3 months .2 .5 1.5 1.4 1.3 .4 .4 Second 3 months .9 .4 1.3 2.0 2.0 .3 .2 Doesn't know when in 6 months .5 .1 1.3 1.2 1.2 1.1 Washing machine: Planning to buy within 6 months 5.8 5.0 6.0 6.9 6.4 5.9 5.8 Degree of certainty: D Pr e o f b in a i b te l l y y 3.2 2.9 3.1 3.5 2 1 . . 0 2 2 1 . . 1 2 1 1 . . 9 3 Maybe 2.6 2.1 2.9 3.4 3.2 2.6 2.7 Timing of planned purchase: First 3 months 1.3 1.3 1.5 1.7 1.4 1.5 1.6 Second 3 months 2.1 1.6 1.9 2.4 2.4 2.1 2.0 Doesn't know when in 6 months 2.4 2.1 2.6 2.8 2.6 2.3 2.2 Doesn't know about 6-month plan 3.2 2.9 3.5 3.0 3.3 3.0 3.5 Refrigerator: Planning to buy within 6 months 3.6 3.4 4.0 4.6 4.4 3.7 3.9 Degree of certainty: D Pr e o f b in a i b te l l y y 1.8 1.8 2.0 2.0 0 1 . . 9 2 0 1 . . 8 2 0 1 . . 7 2 Maybe 1.8 1.6 2.1 2.5 2.2 1.7 2.0 Timing of planned purchase: First 3 months 0.7 1.0 1.0 0.9 0.9 1.0 1.0 Second 3 months 1.3 1.0 1.2 1.8 1.8 1.2 1.2 Doesn't know when in 6 months 1.6 1.4 1.8 1.9 1.7 1.5 1.7 Doesn't know about 6-month plan 2.6 2.2 3.0 2.7 3.3 3.0 3.3 Television set: Planning to buy within 6 months 4.2 3.8 3.9 5.6 4.5 4.0 3.9 Degree of certainty: D Pr e o f b in a i b te l l y y 2.5 2.3 2.3 3.3 1 1 . . 1 4 . . 4 1 1. . 3 0 Maybe 1.7 1.5 1.5 2.3 2.0 .6 .7 Timing of planned purchase: First 3 months 1.1 1.0 1.2 2.0 1.2 .2 .2 Second 3 months 1.4 1.4 1.3 1.7 1.6 .5 .3 Doesn't known when in 6 months 1.7 1.4 1.4 1.9 1.7 .3 .4 Doesn't know about 6-month plan 3.0 2.7 3.3 3.1 3.5 3.3 .5 1 As reported in interviews in January 1959 and in the first month 2 Includes those undecided between new and used. of succeeding quarters. Interviews are taken in the week that includes 3 In the weeks immediately preceding interview. the 19th of the month. Planning period begins on date of interview. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 993 SUPPLEMENTARY TABLE 2 PURCHASERS OF AUTOMOBILES AND OTHER SPECIFIED DURABLE GOODS, 6 QUARTERS, 1959-601 [Percentage of all families] 1959 1960 Type of durable good Jan.- Apr.- July- Oct- Jan.- Apr.- Mar. June Sept. Dec. Mar. June Automobile: New 2.4 2.8 2.6 2.4 2.7 3.2 Used 5.2 5.7 5.2 4.7 5.0 5.7 Washing machine., 2.5 2.5 3.3 3.2 2.4 2.7 Refrigerator 1.7 2.2 3.1 2.3 1.6 2.4 Television set 3.4 2.6 3.3 4.8 3.3 2.9 1 As reported in month immediately following purchase period. SUPPLEMENTARY TABLE 3 PAST AND EXPECTED CHANGES IN INCOME, 1959-60 [Percentage distribution of families] 1959 1960 Direction of change Jan. Apr. July Oct. Jan. Apr. July Current income compared with a year earlier: Higher 22.7 22.3 23.3 23.4 24.3 21.6 20.8 Same . 54.3 58.3 57.8 55.6 55.4 59.7 60.0 Lower 19.9 16.4 15.7 17.5 16.6 15.1 15.2 Doesn't know 3.2 3.0 3.2 3.5 3.7 3.6 3.9 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Expected income compared with current: * Higher 24.3 21.0 23.0 24 4 23.7 23.6 23.8 Same 55.8 59.8 58.6 57.0 57.9 58.6 57.8 Lower.. .. . 6.9 6.0 6.3 6 2 5 6 5.5 5.8 Doesn't know 13.0 13.2 12.1 12.5 12.7 12.3 12.5 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 * Expected a year hence. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

994 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 SUPPLEMENTARY TABLE 4 PLANS OF SPECIFIED GROUPS TO BUY AUTOMOBILES WITHIN 6 MONTHS, 1959-60 [Prospective purchasers as a percentage of all families in group] 1959 1960 Group characteristic Jan. Apr. July Oct. Jan. Apr. July New or used automobile * All families 8.4 7.5 8.2 10.1 9.3 8.6 7.9 Income: Current:2 Under $2,000 3.3 2.8 3.4 3.6 2.9 3.1 3.3 $2,000-$2,999 5.5 4.5 6.4 5.9 6.6 6.5 5.7 $3,000-53,999 7.8 6.1 6.6 9.2 8.2 6.9 6.7 $4,000-$4,999 9.4 8.1 8.3 10.3 8.4 7.4 6.9 $5,000-$5,999 10.1 8.6 8.4 12.6 10.9 11.1 9.0 $6,000-$7,499 10.7 9.8 12.7 13.5 12.7 11.6 9.6 $7,500-$9,999 13.3 12.9 13.1 16.1 15.1 12.4 13.8 $10,000 and over 17.0 13.9 16.1 19.6 19.3 15.7 16.1 Current compared with a year earlier: Higher 12.8 11.6 12.7 15.5 14.1 14.3 13.1 Same 7.1 6.3 7.0 8.5 8.0 6.9 6.7 Lower 8.1 6.6 6.8 9.7 8.5 8.7 7.3 Doesn't know 2.5 3.9 3.1 1.6 1.2 2.9 2.1 Expected compared with current:3 Higher 13.0 13.1 14.3 16.9 15.4 15.3 13.7 Same 7.3 6.3 6.5 8.3 8.0 6.6 6.3 Lower 7.3 6.4 7.0 9.5 8.6 7.8 8.2 Doesn't know 5.4 4.4 5.2 5.6 4.6 5.6 4.6 Age of head: Under 25 11.9 10.3 14.3 14.5 13.6 15.1 13.3 25-34 11.5 10.6 10.2 12.3 10.6 10.6 10.5 35-44 10.0 9.4 9.4 12.4 12.2 10.2 9.7 45-54 8.7 7.4 9.2 11.0 10.6 10.0 8.4 55-64 6.6 5.4 6.4 8.1 7.6 6.9 6.3 65 and over 3.2 2.4 3.0 4.5 3.3 2.5 2.6 New automobile All families 3.0 2.7 3.1 4.6 3.4 3.2 3.0 Income:2 Under $2,000.... 0.3 0.4 0.8 0.6 0.5 0.5 0.6 $2,000-$2,999... 0.2 0.8 1.0 0.8 1.1 1.7 1.1 $3,000-$3,999. .. 1.5 1.4 1.7 2.6 2.4 1.4 1.3 $4,000-$4,999. .. 2.3 2.2 1.9 3.6 1.9 1.9 1.6 $5,000-$5,999. .. 3.3 2.7 3.3 4.7 3.0 4.0 3.4 $6,000-$7,499. .. 4.5 3.4 4.9 6.4 4.9 4.8 3.6 $7,500-$9,999. .. 7.3 6.3 6.8 10.0 6.6 5.4 6.4 $10,000 and over 10.8 8.5 10.4 15.3 11.7 9.4 9.6 Age of head: Under 25 2.0 1.8 2.5 2.4 2.6 3.6 3.0 25-34 3.6 3.6 3.6 4.9 3.2 3.1 3.3 35-44 3.5 3.4 3.3 5.8 4.7 3.9 3.5 45-54 3.6 2.7 4.1 5.8 4.0 4.2 3.7 55-64 2.9 2.5 3.0 4.3 3.3 3.4 2.9 65 and over 1.3 1.0 1.6 2.4 1.6 1.1 1.1 Used automobile All families 4.6 4.0 4.1 4.6 4.5 3.8 3.7 Income:2 Under $2,000.... 2.8 2.2 2.3 2.7 2.0 2.0 2.2 $2,000-$2,999. .. 5.1 3.4 4.9 4.7 4.8 3.8 3.8 $3,0O0-$3,999. .. 5.3 4.2 4.2 5.7 4.6 4.5 4.1 $4,000-$4,999. .. 6.4 5.0 5.2 5.8 4.9 3.9 3.9 $5,000-$5,999. .. 5.7 4.9 4.4 6.7 6.2 4.9 4.5 $6,000-$7,499. .. 5.2 5.3 6.1 5.7 5.7 4.8 4.6 $7,500-$9,999. .. 5.1 5.4 5.2 4.6 6.2 4.7 5.3 $10,000 and over 4.2 3.8 3.8 3.3 5.4 3.2 4.0 Age of head : Under 25 8.9 7.6 10.5 11.0 9.4 9.4 8.6 25-34 6.9 5.8 5.8 6.6 5.7 5.9 5.9 35-44 5.5 5.0 5.2 5.2 6.0 4.4 4.5 45-54 4.3 4.0 3.9 4.3 4.8 3.9 3.3 55-64 3.2 2.4 2.5 2.9 3.1 2.0 2.2 65 and over 1.5 1.2 1.0 1.7 1.1 0.8 1.0 1 Includes those undecided between new and used. 3 Expected a year hence. 2 Total money income of family in 12 months immediately preceding interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 995 SUPPLEMENTARY TABLE 5 PLANS TO BUY SPECIFIED HOUSEHOLD DURABLE GOODS IN 6 MONTHS, 1959-60 WITHIN INCOME AND AGE GROUPS [Prospective purchasers as a percentage of all families in group] 1959 1960 Income or age group Jan. Apr. July Oct. Jan. Apr. July Washing machine All families 5.8 5.0 6.0 6.9 6.4 5.9 5.8 Income: 1 Under $2,000.... 4.4 3.2 4.2 5.0 4.7 4.0 3.9 $2,000-$2,999... 6.0 4.7 6.2 6.3 6.0 4.9 4.4 $3,000-$3,999... 5.5 4.9 6.7 8.6 7.4 6.3 6.6 $4,000-54,999. .. 6.7 6.1 6.3 7.4 7.4 6.7 6.3 $5,000-$5,999. .. 6.3 6.3 7.0 7.4 7.0 6.5 6.3 $6,000-$7,499... 6.4 5.5 7.3 7.9 6.8 5.7 6.8 $7,5OO-$9,999. .. 7.3 5.5 6.3 8.0 8.3 6.2 7.2 $10,000 and over 7.1 5.3 7.5 8.4 7.9 7.2 8.4 Age of head: Under 25 11.5 9.1 10.3 13.3 10.7 11.8 12.3 25-34 7.6 6.5 7.5 8.2 7.9 8.1 7.4 35-44 6.5 5.9 7.2 8.5 7.9 6.2 6.1 45-54 5.6 4.8 5.9 6.3 6.9 6.2 6.5 55-64 4.5 3.5 5.1 5.7 4.8 3.5 4.3 65 and over 2.7 2.4 2.6 3.3 2.8 3.2 2.5 Refrigerator All families 3.6 3.4 4.0 4.6 4.4 3.7 3.9 Income:1 Under $2,000.... 2.5 2.1 2.3 3.0 3.2 2.9 2.6 $2,000-$2,999. . . 3.1 2.7 3.8 3.8 3.1 3.5 3.3 $3,000-$3,999. .. 3.3 3.3 3.9 4.5 3.0 2.7 3.6 $4,000-$4,999. .. 4.5 3.8 3.6 4.7 3.6 3.5 3.8 $5,000-$5,999. .. 4.2 3.5 4.8 5.2 4.7 3.7 4.8 $6,000-$7,499. .. 4.0 4.3 5.2 5.9 6.0 4.1 4.6 $7,500-$9,999. .. 4.6 4.2 5.5 5.2 7.1 4.1 4.1 $10,000 and over 5.4 6.5 6.5 7.2 7.1 6.9 7.2 Age of head : Under 25 5.4 5.6 5.1 6.9 3.8 5.9 5.7 25-34 3.7 4.0 3.9 3.9 4.8 3.8 4.6 35-44 3.7 4.3 4.7 5.4 5.5 4.7 4.8 45-54 4.1 3.2 4.6 5.0 4.7 4.0 3.7 55-64 3.2 2.7 3.4 4.4 4.0 2.6 3.3 65 and over 2.7 1.9 2.9 3.1 2.7 2.5 2.7 Television set All families 4.2 3.8 3.9 5.6 4.5 4.0 3.9 Income:1 Under $2,000.... 2.5 1.9 2.0 3.2 2.4 2.0 2.4 $2,000-$2,999. .. 4.1 3.5 3.8 5.2 4.1 2.7 3.2 $3,OOO~$3,999. .. 3.6 3.8 3.7 5.6 3.6 3.8 3.2 $4,000-$4,999. .. 4.8 3.7 4.2 5.9 3.9 3.0 3.7 $5,000-$5,999. .. 4.3 3.4 3.7 5.2 4.9 4.0 4.8 $6,000-$7,499. .. 4.5 4.6 4.5 6.7 5.4 4.5 4.4 $7,500-$9,999. .. 6.1 6.4 5.7 7.3 7.4 6.3 6.2 $10,000 and over 9.0 5.9 7.5 10.2 8.3 6.8 6.2 Age of head: Under 25 8.0 6.9 7.2 10.9 7.6 8.1 8.9 25-34 5.5 4.3 4.0 6.2 4.6 5.5 4.8 35-44 5.3 4.2 4.7 5.8 5.0 4.5 4.3 45-54 3.7 3.6 4.2 6.1 4.8 3.6 4.4 55-64 3.4 3.4 3.0 5.3 4.7 3.5 2.8 65 and over 1.8 2.3 2.1 2.7 2.5 1.6 1.5 1 Total money income of family in 12 months immediately preceding interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

996 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 SUPPLEMENTARY TABLE 6 PURCHASES OF AUTOMOBILES BY SPECIFIED GROUPS, 1959-601 [Purchasers as a percentage of all families in group] 1959 1960 Group characteristic Jan.- Apr.- July- Oct.- Jan.- Apr.- Mar. June Sept. Dec. Mar. June New or used automobile All families. . . 7.6 8.5 7.8 7.0 7.7 8.9 Income: Current:2 Under $2,000 3.9 3.6 3.9 3.1 3.5 3.1 $2,000-$2,999 5.0 7.5 6.1 5.1 4.7 8.0 $3,000-53,999 8.9 8.5 8.1 7.1 7.3 7.5 $4,000-$4,999 8.7 9.9 7.9 7.7 9.5 11.2 $5,000-$5,999 7.7 9.2 9.4 8.0 8.0 11.1 $6,000-$7,499 8.9 11.5 9.4 9.0 10.0 10.6 $7,500-$9,999 10.1 12.0 11.1 9.0 11.1 11.8 $10,000 and over 13.2 12.4 10.6 11.3 9.6 13.6 Current compared with a year earlier: Higher 9.8 11.4 10.8 9.9 9.5 12.4 Same 7.1 7.8 7.2 6.4 7.0 7.9 Lower 6.6 7.5 6.1 5.5 7.9 8.7 Doesn't know 6.1 5.5 5.0 4.6 8.0 7.1 Expected compared with current:3 Higher 9.5 11.6 10.2 9.6 9.6 11.1 Same 7.3 7.6 7.1 6.3 7.0 8.4 Lower 6.3 8.5 8.3 6.4 6.8 8.5 Doesn't know 6.5 7.1 5.8 5.7 7.7 7.6 Age of head: Under 25 12.4 13.4 14.7 12.3 13.4 14.6 25-34 10.2 10.9 10.0 9.7 10.3 11.0 35-44 9.4 9.7 9.0 7.9 9.3 10.4 45-54 7.7 10.4 8.1 7.4 8.1 10.7 55-64 5.7 6.2 6.0 5.6 5.5 6.7 65 and over 2.6 3.0 3.2 2.4 2.9 3.4 New automobile All families 2.4 2.8 2.6 2.4 2.7 3.2 Income:2 Under $2,000... 0.5 0.3 0.5 0.2 0.3 0.3 $2,000-$2,999... 0.6 0.7 1.2 0.9 0.6 1.2 $3,000-$3,999... 1.7 1.6 1.1 1.3 1.5 1.7 $4,000-$4,999... 2.0 2.3 2.0 1.6 2.3 3.0 $5,000-$5,999... 1.8 3.0 3.0 2.6 2.9 3.5 $6,000-$7,499... 3.5 4.9 3.8 4.0 3.9 4.7 $7,500-$9,999... 4.6 5.9 5.0 4.2 5.0 5.0 $10,000 and over 8.4 7.8 7.1 6.3 6.3 9.4 Age of head: Under 25 1.7 1.9 2.6 1.5 1.8 3.2 25-34 2.7 3.1 2.5 2.7 3.2 3.4 35-44 3.3 3.4 3.6 3.1 3.5 3.3 45-54 2.7 3.8 3.0 2.8 3.2 4.5 55-64 2.2 2.4 2.5 2.1 2.3 2.9 65 and over 1.1 1.3 1.2 1.0 1.2 1.7 Used automobile All families 5.2 5.7 5.2 4.7 5.0 5.7 Income:2 Under $2,000 3.4 3.4 3.4 2.9 3.2 2.8 $2,000-$2,999 4.4 6.8 4.9 4.2 4.1 6.8 $3,OOO-$3,999 7.3 6.9 6.9 5.8 5.8 5.8 $4,000-$4,999 6.6 7.5 5.9 6.1 7.2 8.1 $5,000-$5,999 5.9 6.2 6.3 5.5 5.0 7.6 $6,000-$7,499 5.4 6.6 5.6 5.0 6.1 5.9 $7,500-$9,999 5.5 6.1 6.2 4.8 6.0 6.8 $10,000 and over 4.7 4.5 3.5 5.0 3.3 4.2 Age of head: Under 25 10.7 11.4 12.0 10.8 11.6 11.5 25-34 7.5 7.8 7.5 7.0 7.1 7.6 35-44 6.1 6.3 5.4 4.9 5.9 7.2 45-54 5.0 6.6 5.1 4.6 4.9 6.2 55-64 3.6 3.8 3.5 3.5 3.2 3.8 65 and over 1.5 1.7 2.0 1.4 1.7 1.6 1 As reported in month immediately following purchase period. 3 Expected a year hence. 2 Total money income of family in 12 months immediately preceding interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 997 SUPPLEMENTARY TABLE 7 PURCHASERS OF SPECIFIED HOUSEHOLD DURABLE GOODS, WITHIN INCOME AND AGE GROUPS, 1959-60a [Percentage of all families in group] 1959 1960 Income or age group Jan.- Apr.- July- Oct.- Jan.- Apr.- Mar. June Sept. Dec. Mar. June Washing machine All families 2.5 2.5 3.3 3.2 2.4 2.7 Income: 2 Under $2,000... 1.4 1.4 2.0 1.9 1.4 2.0 $2,000-$2,999... 2.6 2.7 3.2 2.8 2.3 2.9 $3,000-$3,999... 2.9 2.5 4.1 3.6 2.4 2.8 $4,000-54,999... 3.0 3.4 4.2 3.8 2.3 2.6 $5,000-$5,999.. . 2.1 2.8 2.4 3.9 2.9 3.1 $6,000-$7,499... 3.1 3.1 2.6 3.4 2.5 3.1 $7,500-$9,999.. . 2.3 2.0 3.2 3.5 2.1 2.6 $10,000 and over 2.9 2.5 4.0 4.2 3.3 3.1 Age of head: Under 25 3.8 4.4 6.7 6.0 4.8 7.0 25-34 3.3 3.5 5.1 4.5 3.0 4.4 35-44 3.0 2.7 2.9 3.7 2.6 2.7 45-54 2.6 2.6 3.3 3.1 2.5 2.4 55-64 1.6 1.9 2.0 2.5 1.5 1.5 65 and over 1.3 1.0 1.9 1.5 1.3 1.2 Refrigerator All families. . . . 1.7 2.2 3.1 2.3 1.6 2.4 Income:2 Under $2,000 1.1 2.2 2.5 1.6 1 2.5 $2,000-$2,999.... 1.8 2.2 3.1 2.4 ,5 1.8 $3,OOO-$3,999 1.8 1.9 3.6 2.0 0 2.1 $4,000-54,999.... 1.3 2.6 2.8 2.8 6 2.2 $5,000-55,999. . .. 1.5 1.9 3.1 2.1 4 2.4 $6,000-$7,499 1.9 2.3 3.0 2.3 .8 2.2 $7,500-59,999. ... 1.6 2.3 2.6 2.5 ,2 2.8 $10,000 and over. 1.9 2.5 4.0 3.2 1.6 2.4 Age of head : Under 25 4.9 7.0 8.5 5.1 4.9 7.1 25-34 2.8 2.6 4.1 3.0 2.1 2.9 35-44 1.4 1.9 3.1 2.6 1.7 2.6 45-54 1.5 1.8 2.6 1.8 1.2 2.3 55-64 1.0 1.9 2.3 1.8 1.4 1.3 65 and over 1.0 1.6 2.0 1.5 0.7 1.1 Television set All families 3.4 2.6 3.3 4.8 3.3 2.9 Income: 2 Under $2,000. .. 2.8 1.8 2.1 3.5 3.0 2.5 $2,000-$2,999... 3.0 3.2 3.1 4.1 3.5 3.0 $3,000-53,999... 4.1 3.1 3.6 5.0 3.8 3.6 $4,000-54,999... 3.8 2.9 3.4 5.0 2.6 2.5 55,000-55,999... 2.6 2.5 2.8 5.0 3.2 2.7 56,000-57,499.. . 3.6 2.1 2.8 5.0 3.2 2.9 57,500-59,999... 3.0 2.7 4.0 4.9 3.1 2.4 510,000 and over 3.9 2.9 4.0 7.1 3.6 3.4 Age of head: Under 25 9.1 8.4 8.0 11.2 9.0 7.4 25-34 4.3 3.1 4.4 6.1 4.1 3.7 35^*4 3.7 2.5 3.1 5.1 4.0 3.2 45-54 2.9 2.6 2.9 4.4 2.8 2.3 55-64 2.4 1.6 2.5 3.6 2.1 2.0 65 and over 2.1 1.4 2.2 2.9 1.6 1 As reported in month immediately following purchase period. 2 Total money income of family in 12 months immediately preceding interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

998 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 SUPPLEMENTARY TABLE 8 INCOME AND AGE OF PURCHASERS OF SPECIFIED DURABLE GOODS, THIRD QUARTER, 1959x [Percentage distribution] Automobile All families Income or age group N u e s w e d or New Used W ma a c s h h i i n n e g R e e ra fr t i o g r - Tele s v e i t sion p (p u a u n rc r d c h h a n a s o s e n e r - r s s ) [ncome:2 Under $3 000 17 8 22 21 25 22 28 $3,000 $4 999 24 14 29 30 24 25 23 $5 000 $7 499 28 30 27 18 23 20 23 $7 5OO-$9 999 13 18 11 9 8 11 9 $10,000 and over 12 23 6 10 11 10 9 Not ascertained 5 6 5 11 10 12 8 All families 100 100 100 100 100 100 100 Age of head: Under 25 10 5 12 11 14 13 5 25 34 24 18 27 29 24 25 19 35_44 25 29 23 19 21 20 22 45-54 21 23 20 21 17 18 20 55 64 13 16 11 10 12 12 17 65 and over 7 8 7 10 11 12 18 All families 100 100 100 100 100 100 100 1 As reported in month immediately following purchase period. NOTE.—Details may not add to totals because of rounding. 2 Total money income of family in 12 months immediately pre ceding interview in October 1959. SUPPLEMENTARY TABLE 9 PLANS TO BUY SELECTED DURABLE GOODS WITHIN 6 MONTHS, 1959-601 [Number per 100 families in group] 1959 1960 Income-change group Jan. Apr. July Oct. Jan. Apr. July All families 13.6 12.2 13.9 17.0 15.3 13.6 13.6 Current income compared with a year earlier: Higher 20.0 17.1 19.4 23.3 22 2 20 3 20 5 Same . .. . 11.7 10.8 12.4 15.3 12.9 11.3 11.7 Lower 12.9 11.4 13.5 16.7 15.7 14 9 14 0 Doesn't know 5.8 5.8 2.0 4.4 3.8 5.9 5.5 Expected income compared with current:2 Higher 21.0 18.1 21.0 24.9 22.8 20.8 20.0 Same 11.3 10.9 11.8 14.6 13.2 11.3 11.4 Lower 14.1 10.8 14.2 15.0 15.8 14.7 15.4 Doesn't know 9.8 9.1 10.5 13.5 10.7 10.4 11.0 1 Refers to sum of all prospective purchases of the following 2 Expected a year hence. durable goods: washing machines, refrigerators, television sets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 999 SUPPLEMENTARY TABLE 10 PURCHASES OF SELECTED DURABLE GOODS, 1959-60' [Number per 100 families in group] 1959 1960 Income-change group Jan.- Apr.- July- Oct.- Jan.- Apr.- Mar. June Sept. Dec. Mar. June All families 7.6 7.2 9.7 10.4 7.3 8.0 Current income compared with a year earlier: Higher 10.5 9.6 12.0 13.0 11.1 Same 6.8 6.2 8.1 9.2 6.5 6.5 Lower 6.5 7.1 8.9 10.0 7.3 8.5 Doesn't know 9.9 23.2 12.1 10.9 10.9 Expected income compared with current:2 Higher 9.3 9.9 11.8 12.2 10.5 Same 6.9 6.3 8.4 9.7 6.7 7.1 Lower 7.3 7.2 7.2 9.9 6.7 6.6 Doesn't know 8.6 6.6 12.8 10.4 7.2 7.7 1 As reported in month immediately following purchase period washing machines, refrigerators, television sets. Refers to sum of all purchases of the following durable goods: 2 Expected a year hence. SUPPLEMENTARY TABLE 11 INCOME AND AGE OF FAMILIES GROUPED BY DIRECTION OF CHANGE IN INCOME, JANUARY 1959 SURVEY [Percentage distribution] Current income compared Expected income compared with a year earlier with current2 All Income or age group families i Higher Same Lower Higher Same Lower Doesn't know 1958 income: Under $3 000 29 16 32 38 25 31 27 30 $3 000-$4,999 25 25 26 27 26 25 28 21 $5 000-$7,499 23 32 23 21 27 24 26 16 $7 500 and over 16 25 15 10 20 16 17 8 Not ascertained 7 2 4 4 2 4 3 25 All income groups 100 100 100 100 100 100 100 100 Age of head: Under 25 5 8 3 5 9 4 4 3 25 34. . . .. . . 19 28 15 19 30 16 13 14 35-44 22 25 22 21 25 22 15 20 45 54 21 19 21 22 18 21 23 25 55-64 17 13 17 18 10 17 22 22 65 and over 17 7 22 15 8 20 23 16 All age groups 100 100 100 100 100 100 100 100 1 Includes those for whom past income change was not ascertained, 2 Expected a year hence, not shown separately. NOTE.—Details may not add to totals becase of rounding. SUPPLEMENTARY TABLE 12 INCOME CHANGE REPORTED IN REINTERVIEW RELATED TO EXPECTATIONS [Percentage distribution of all families in group] Income expected a year hence, as reported All in January 1959 Income change during year families in reinterview Higher Same Lower D k o n e o s w n't 'ncome in January 1960 compared with a year earlier: Higher 23 38 18 14 19 Same 58 45 64 47 55 Lower 16 14 14 36 19 Doesn't know . . . 4 3 3 3 8 All in group 100 100 100 100 100 Percentage of families in each group 100 22 59 7 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1000 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 SUPPLEMENTARY TABLE 13 PURCHASES OF DURABLE GOODS AS REPORTED IN REINTERVIEW, 1959-60* FOR FAMILIES CLASSIFIED BY BUYING PLANS 2 1959 1960, Buying plan Jan.- Jan.- Apr.- July- Oct.- Mar. Mar. June Sept. Dec. Automobile: Purchase rate (purchasers as a percentage of all families in group) All families Planned to buy within 12 months 21 23 20 16 21 No plan to buy within 12 months 5 6 6 4 5 Planned to buy within 6 months 32 33 29 24 30 No plan to buy within 6 months 6 7 7 5 6 Planned to buy within 3 months 49 46 45 40 51 No plan to buy within 3 months 7 6 7 Planners' purchases as a percentage of all purchases: Planned to buy within 12 months 45 42 42 49 50 Planned to buy within 6 months 34 28 29 37 37 Planned to buy within 3 months 14 12 14 19 16 Washing machine: Purchase rate (purchasers as a percentage of all families in group): All families Planned to buy within 6 months 16 15 15 12 12 No plan to buy within 6 months 2 2 2 2 2 Planned to buy within 3 months *28 •26 35 28 •36 No plan to buy within 3 months 2 2 2 3 2 Planners' purchases as a percentage of all purchases: Planned to buy within 6 months 34 34 31 29 35 Planned to buy within 3 months 13 13 16 16 18 Refrigerator: Purchase rate (purchasers as a percentage of all families in group): All families Planned to buy within 6 months 10 11 No plan to buy within 6 months 1 2 Planned to buy within 3 months •22 •12 •24 •14 •16 No plan to buy within 3 months 1 2 2 2 1 Planners' purchases as a percentage of all purchases : Planned to buy within 6 months *29 14 20 18 26 Planned to buy within 3 months •10 5 9 6 9 Television set: Purchase rate (purchasers as a percentage of all families in group): All families Planned to buy within 6 months 17 15 17 22 19 No plan to buy within 6 months 3 2 3 3 2 Planned to buy within 3 months •32 •28 •28 34 •43 No plan to buy within 3 months 3 2 3 4 3 Planners' purchases as a percentage of all purchases: Planned to buy within 6 months 23 22 21 28 27 Planned to buy within 3 months 10 10 10 14 18 • Based on interviews with 50-99 families. 2 Plans, expressed at beginning of period, to buy within 12 (or •• Based on interviews with 10-49 families. 6, or 3) months for automobiles and within 6 (or 3) months for other i Purchases during quarter as reported in reinterview in month types of goods. immediately following purchase period. Nonplanners include those answering "don't know." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 1001 SUPPLEMENTARY TABLE 14 PURCHASERS OF DURABLE GOODS, AS REPORTED IN REINTERVIEW, 1959-60a BY DEGREE OF CERTAINTY TO BUY WITHIN 6 MONTHS8 [Purchasers as a percentage of all families in group] 1959 I960, Type of good, and degree of certainty to buy Jan.- Jan.- Apr- July- Oct.- Mar. Mar. June Sept. Dec. Automobile: New or used:3 All planners.. 32 33 29 24 30 Definitely 47 46 42 35 44 Probably. 32 30 28 21 25 Maybe. . 19 24 16 16 21 New: All planners.. 29 24 19 19 29 Definitely *40 •43 •35 34 46 Probably. •26 •14 *9 12 •28 Maybe. . *18 •17 •13 •8 •11 Used: All planners.. 32 29 28 25 26 Definitely 52 •36 •42 34 34 Probably. 29 31 23 26 17 Maybe. ., 17 *16 •17 15 27 Washing machine: All planners 16 15 15 12 12 Definitely 27 23 31 26 24 Probably 16 ••19 •14 6 •8 Maybe 9 6 6 7 Refrigerator: All planners 10 12 6 9 Definitely *23 *13 •24 •15 •17 Probably *7 *5 •11 •5 •4 Maybe 4 6 6 4 7 Television set: All planners 17 15 17 22 19 Definitely •27 *26 •31 36 37 Probably •22 •20 •15 •18 •14 Maybe 4 7 14 9 • Based on interviews with 50-99 families. 2 Plans, expressed at beginning of period, to buy within 6 months. •• Based on interviews with 10-49 families. 3 Includes those undecided between new and used. i Purchases during quarter, as reported in reinterview in month immediately following purchase period. SUPPLEMENTARY TABLE 15 PURCHASERS OF NEW AND USED AUTOMOBILES, AS REPORTED IN REINTERVIEW, 1959-60 * BY PLANS TO BUY WITHIN 6 MONTHS" [Purchasers as a percentage of all families in group] 1959 1960, Type of purchase planned Jan.- Jan.- Apr.- July- Oct.- Mar. Mar. June Sept. Dec. Purchasers of new automobiles: All families... 3 3 3 2 3 Planned to buy: New automobile 29 24 19 19 29 Used automobile 2 4 5 2 2 New or used automobile undecided which . . •2 •8 •8 •7 9 No plan to buy 2 2 2 1 2 Purchasers of used automobiles: 5 6 5 5 5 Planned to buy: Used automobile 32 29 28 25 26 5 9 5 5 5 New or used automobile undecided which •19 •22 •20 •6 14 4 4 4 3 4 • Based on interviews with 50-99 families. 2 Plans, expressed at beginning of period, to buy within 6 months. i Purchases during quarter, as reported in month immediately Nonplanners include those answering "don't know." following purchase period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1002 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 SUPPLEMENTARY TABLE 16 PURCHASERS OF AUTOMOBILES IN SELECTED QUARTERS OF 1959, AS REPORTED IN REINTERVIEW * BY PLANS TO BUY WITHIN 6 MONTHS2 [Purchasers as a percentage of all families in group] Jan.-Mar. Apr.-June July-Sept. Characteristic (from interview at beginning of period) All Non- All Non- All Nonpurchasers Planners planners 3 purchasers Planners planners 3 purchasers Planners planners 3 All families 32 33 29 Income: Current:4 Under $3,000 4 •22 4 *16 5 *23 $3,000-$4,999 9 37 9 36 9 27 $5,000-$7,499 10 34 9 30 10 32 $7,500 and over 12 30 13 38 11 29 Expected compared with current: 5 Higher 32 33 30 Same 35 35 29 Lower **29 •15 *24 Age of head: Under 35 12 43 11 37 12 32 35-44 9 27 10 35 10 30 45-54 7 32 11 32 9 29 55 and over 5 26 4 *23 5 22 Has shopped for automobile:6 Yes 33 48 14 33 21 39 No 7 25 6 7 6 24 Satisfied with automobile owned: Yes 8 34 6 9 30 7 9 27 No 17 32 12 21 39 14 18 32 12 * Based on interviews with 50-99 families. 3 Includes those answering "don't know." ** Based on interviews with 10-49 families. 4 Total money income of family in 12 months preceding interview. 1 Purchases during quarter, as reported in reinterview in month 5 Expected a year hence. immediately following purchase period. 6 In the few weeks preceding interview. 2 Plans expressed at beginning of quarter, to buy within 6 months. SUPPLEMENTARY TABLE 17 PURCHASERS OF AUTOMOBILES, AS REPORTED IN REINTERVIEW, SELECTED 12-MONTH PERIODS, 1959-60J BY PLANS TO BUY WITHIN 12 MONTHS 2 [Purchasers as a percentage of all families in group] Jan.-Dec, 1959 Apr. 1959-Mar. I960 Characteristic (from interview at beginning of period) All Non- All Nonch p a u s r e - rs Planners planners 3 ch p a u s r e - rs Planners planners 3 All families... 23 49 25 52 20 Income: Current:4 Under $3,000 13 35 11 12 46 10 $3,000-$4,999 24 47 19 26 49 21 $5,000-$7,499 30 52 23 29 53 24 $7,500 and over 29 52 20 37 56 29 Expected compared with current:5 Higher 27 48 20 32 54 23 Same 22 50 17 23 51 19 Lower.... 20 •47 15 24 52 20 Age of head: Under 35 32 59 25 33 57 27 35-44 28 50 22 31 55 24 45-54 26 52 21 29 51 24 55 and over 13 32 11 14 43 * Based on interviews with 50-99 families. 4 Total money income of family in 12 months preceding interview. 1 Purchases during 12-month period, as reported in reinterview in 5 Expected a year hence. month immediately following the period. NOTE.—Adjustment for underreporting would change the percent- 2 Plans expressed at beginning of period, to buy within 12 months. gae of purchasers from 23 to 30 for the year 1959 and from 25 to 30 3 Includes those answering "don't know." for the year beginning in April 1959. For discussion, see p. 981. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 1003 SUPPLEMENTARY TABLE 18 PURCHASERS OF SELECTED DURABLE GOODS, AS REPORTED IN REINTERVIEW, 6-MONTH PERIODS, 1959 1 BY PLANS TO BUY WITHIN 6 MONTHS2 [Purchasers as a percentage of all families in group] Jan.-June July-Dec. Characteristic (from interview at beginning of period) ch p A a u s l r e l - rs Planners pla N n o n n e - rs 3 ch p A a u s l r e l - rs Planners pla N n o n n e - rs 3 All families 13 28 Income: Current:4 Under $3,000 7 •17 12 •31 10 $3,000-54,999 9 26 14 *28 12 $5,000-$7,499 10 *18 13 26 12 $7,500 and over 9 *21 14 27 Expected compared with current:5 Higher 9 23 17 30 15 Same 8 21 12 28 11 Lower 8 **18 10 *37 7 Age of head: Under 35 11 *24 17 *36 15 35-44 10 23 15 *30 13 45-54 10 *22 14 *29 12 55 and over 7 *14 9 20 * Based on interviews with 50-99 families. 2 Plans, expressed at beginning of period, to buy within 6 months. ** Based on interviews with 10-49 families. 3 Includes those answering "don't know." 1 Refers to purchasers of any one of the following durable goods: 4 Total money income of family in 12 months preceding interview. washing machine, refrigerator, television set. Purchases during 5 Expected a year hence. 6-month period, as reported in reinterview in the fourth month NOTE.—Not adjusted for underreporting; for discussion see p. 981. following purchase period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Percentage Limitation on Acquisition by Bank The recent amendment of Section 302(b) of the Holding Company of Stock of Small Small Business Investment Act simply inserted the Business Investment Company words "Notwithstanding the provisions of Section The Board has considered the question whether, 6(a)(l) of the Bank Holding Company Act". in view of the amendment of June 11, 1960, to Section 6(a)(l) does not govern, or relate to, the Section 302(b) of the Small Business Investment maximum amount of stock in a small business in- Act, the total amount that may be invested in a vestment company that a holding company may small business investment company by a bank own; that matter is controlled by Section 4(c) (4). holding company and its subsidiary banks is limited The amendment to Section 302(b) of the Small to one per cent of the capital and surplus of the Business Investment Act was intended to overrule holding company. by statute the latter part of the interpretation pub- In the ruling published in the 1959 Federal Re- lished in the 1958 BULLETIN, page 1161 (12 CFR serve BULLETIN, at page 257 (12 CFR 222.111), 222.107) which related to the applicability of the Board pointed out that Section 4 of the Bank Section 6 of the Bank Holding Company Act. Holding Company Act relates to "direct or indirect The language of the amendment to Section 302(b) ownership or control" of shares of a company that carries out this purpose, and there is nothing in is not a bank. Shares owned or controlled by a the language of that amendment to indicate an subsidiary of a holding company are indirectly intention to amend also Section 4 of the Bank owned or controlled by the holding company itself. Holding Company Act to permit a holding com- Consequently, the Board concluded, if a holding pany to acquire and retain "direct or indirect company directly owned shares of a small business ownership or control" of stock of a small business investment company in an amount equal to one investment company in an amount exceeding one per cent of the holding company's capital and surper cent of the holding company's capital and surplus, and its subsidiary banks also owned shares plus, the maximum permitted by Section 4(c) (4) of such company, the holding company would of the Holding Company Act and the relevant have "direct or indirect ownership or control" of provision of the Small Business Investment Act. stock of the small business investment company Accordingly, it is the Board's conclusion that, in an amount exceeding one per cent of the holding company's capital and surplus, which is the under provisions of present law, the total amount maximum permitted by Section 4(c)(4) of the that may be invested in a small business investment Holding Company Act in conjunction with the company by a bank holding company and its subapplicable provisions of the Small Business Invest- sidiary banks is limited to one per cent of the ment Act. capital and surplus of the holding company. 1004 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements CHANGES IN THE BOARD'S STAFF ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Wilson L. Hooff was appointed an Assistant Gen- The following banks were admitted to Membereral Counsel effective September 18, 1960. ship in the Federal Reserve System during the Mr. Hooff joined the Board's staff in 1926 and period July 16, 1960 to August 15, 1960: served first as Law Clerk and then as Attorney. Georgia He had been an Assistant Counsel since 1946. Atlanta The Bank of Georgia Elberton Granite City Bank DECREASE IN FEDERAL RESERVE DISCOUNT RATES TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR QUARTERLY The Board of Governors of the Federal Reserve System has recently approved action by the direc- Latest BULLETIN Reference tors of three Federal Reserve Banks decreasing the discount rate at those Banks to 3 per cent. The Annually Issue Page Earnings and expenses: effective dates at those Banks were as follows: Federal Reserve Banks Feb. 1960 220-21 Member banks: Calendar year May 1960 564-72 Boston August 23, 1960 First half of year Oct. 1959 1320 Insured commercial banks May 1960 573 San Francisco September 2, 1960 Banks and branches, number of, by class Dallas September 9, 1960 and State Apr. 1960 440-41 Operating ratios, member banks July 1960 810-12 The rate previously in effect at these Banks Stock Exchange firms, detailed debit and was V/i per cent. credit balances Sept. 1960 1069 Banking and monetary statistics, 1959.. !**£• J|60 574I77 Bank holding companies: List of, Dec. 31, 1959 June 1960 697 HISTORICAL SUPPLEMENT TO MONTHLY CHART Banking offices and deposits of group BOOK ON FINANCIAL AND BUSINESS STATISTICS banks, Dec. 31, 1958 July 1960 813 Semiannually The 1960 edition of the Historical Supplement to Banking offices: the monthly Federal Reserve Chart Book on Fi- Analysis of changes in number of.... Aug. 1960 947 On, and not on, Federal Reserve Par nancial and Business Statistics will be available for List, number of Aug. 1960 948 distribution early in October, on the terms indi- Quarterly cated on page 1091. Charts will include the latest Flow of funds Aug. 1960 930-46 Principal assets and liabilities of Federal data available on September 7, 1960. business-type activities Sept. 1960 1068 1005 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication September 16 Industrial production in August was slightly September production schedules indicate an adbelow the May-July level and unemployment in- ditional rise. On the other hand, output of furcreased. Personal income changed little and re- niture, television, and some other home goods tail sales were maintained. Bank credit showed was reduced further and output of apparel and a small increase, after rising sharply in July, and consumer staples declined slightly from record the seasonally adjusted money supply increased. levels. In late August and early September, common stock CONSTRUCTION prices declined. Following a period of decrease, The value of new construction put in place rose bond yields changed little or increased. slightly less than seasonally during August, and was at an adjusted annual rate of $54.5 billion. INDUSTRIAL PRODUCTION A further decline in private residential building Industrial production in August was 109 per was offset in part by a rise in private construccent of the 1957 average—1 per cent below July, tion for business purposes and in public highway which was revised upward to a figure of 110. construction. Output of materials continued to decrease while EMPLOYMENT production of consumer goods and business equip- Seasonally adjusted employment in nonfarm ment changed little at advanced levels. establishments declined slightly in August, mainly Iron and steel production declined slightly furreflecting layoffs at automobile and supplier plants ther in August, and in early September steel mill and steel mills. Employment also declined in the operations did not show the usual seasonal exservice industries but rose further in trade, finance, pansion, owing partly to rail strikes. Production and State and local governments. Unemployment of nondurable materials, after rising to a new declined less than seasonally, to 3.8 million, and high in July, declined in August as output of texthe seasonally adjusted rate rose to 5.9 per cent tiles, paper, and chemicals was reduced and profrom 5.4 per cent in July. duction of mineral fuels was maintained. Auto assemblies increased, reflecting a smaller than DISTRIBUTION usual curtailment for model changeovers, and Seasonally adjusted retail sales, which had declined 2 per cent in July, were unchanged in INDUSTRIAL PRODUCTION 1957 = 100 August. While auto sales rose somewhat, sales at department stores and most other retail outlets declined. Dealer stocks of autos were substantially reduced in August in advance of new model introductions due to begin late this month, but remained higher than at pre-introduction dates in other years. COMMODITY PRICES The wholesale commodity price index remained stable in August and in early September. Average prices of industrial commodities changed little, although prices of rubber, textiles, and some other sensitive materials declined further. Among foodstuffs, prices of meats declined while prices Federal Reserve indexes, seasonally adjusted. Monthly of some other foods advanced. ures, latest shown are for August. 1006 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1007 AGRICULTURE reserves $660 million over the four weeks ending September 14; in the previous four weeks, bor- Crop prospects continued to improve during rowings had averaged $340 million and excess August raising the official production forecast to reserves $510 million. Around $700 million of 120 per cent of the 1947-49 average. If achieved, reserves were made available to banks in late this would be 2 per cent above 1959 and 1958 August and early September through changes in and well above any year before 1958. Meat proreserve requirements and in regulations on vault duction, which has been in record volume most cash allowable as reserves. Reserves were abof this year, is expected to rise less than seasonsorbed principally through reductions in Federal ally this autumn reflecting the reduced pig crop Reserve holdings of U. S. Government securities of last spring. and by currency and gold outflows. BANK CREDIT AND RESERVES SECURITY MARKETS Total commercial bank credit increased some- Bond yields generally reached new lows for the what further in August reflecting expansion in year in mid- or late August and then changed loans. Holdings of U. S. Government securities little or increased. Between August 12 and Sepchanged little following a substantial rise in July tember 9, discount rates at Federal Reserve Banks associated with Treasury financing. The season- were reduced to 3 per cent from ZVi per cent. ally adjusted money supply rose slightly further On September 9, the Treasury announced an offer and time deposits at commercial banks continued to exchange three new 3Yi per cent bonds maturto expand rapidly. Seasonally adjusted turnover ing from 1980 to 1998 for four outstanding 2Vi of demand deposits increased. per cent bonds, due from mid-1967 to the end of Member bank borrowings from the Federal 1969. Reserve averaged about $260 million and excess INTEREST RATES Discount rate, range or level for all F. R. Banks. Weekly Bureau of Labor Statistics indexes. Monthly figures; latest average market yields for U. S. Government bonds maturing shown: July for consumer prices, and August (estimated) for in 10 years or more and for 90-day Treasury bills. Latest wholesale prices. figures shown are for week ending September 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 1010 Reserve Bank discount rates; margin requirements; reserve requirements 1014 Federal Reserve Banks 1016 Bank debits; currency in circulation. 1018 All banks: consolidated statement of monetary system; deposits and currency 1020 All banks, by classes 1021 Commercial banks, by classes. 1024 Weekly reporting member banks 1026 Business loans 1029 Interest rates 1030 Security prices; stock market credit; open market paper 1031 Savings institutions 1032 Business finance 1034 Security issues 1036 Federal finance 1037 Federal business-type activities 1042 Real estate credit 1043 Short- and intermediate-term consumer credit 1046 Industrial production 1050 Selected indexes on business activity 1056 Construction 1056 Employment and earnings 1058 Department stores 1060 Foreign trade .... 1061 Wholesale and consumer prices. 1062 National product and income series. 1064 Flow of funds, saving, and investment 1066 Principal assets and liabilities of Federal business-type activities 1068 Stock market credit . . . . 1069 Tables not published each month—list with latest BULLETIN reference 1005 Index to statistical tables 1093 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. 1009 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1010 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 U. S. Govt. securities ury Cur- Treas- with F. R. Banks P d e o a ri r t o e d Total B r o o ig u u h t g - t ht u r c a H e h n g p e a d r l u e s e d e e r r - - c v D o a a a n n u i d s c d n - - e ts s Float Total* s G to o c ld k r s o c e t i a n u n u n g r c t - - d y - r c t e c u i i n i o n l r c a n - y - h c i u o n a r g l s y d h s - Treas- F ei o g r n - Other 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 i l b s n o l h w e 3 ment Averages of daily figures 1929—June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June 1,933 1,933 250 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 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 65: 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947—Dec 21,905 21,905 268 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 July 26,422 26,354 68 969 1,02328,441 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 5,315 32,008 419 534 270 368 838 18,878 18,568 310 Feb 25,322 25,289 33 818 ,09827,276 19,429 31,580 445 515 214 406 921 18,213 17,947 266 Mar 25,310 25,261 49 637 ,06627,048 19,410 31,628 442 481 197 307 970 18,027 17,770 257 Apr 25,488 25,373 115 623 ,08227,227 19,386 31,713 419 554 185 353 890 18,104 17,843 261 May 25,818 25,697 121 502 ,04327,393 19,356 31,726 415 534 194 331 937 18,239 17,962 277 June 26,124 26,118 6 425 ,17327,751 19,343 31,926 414 496 221 395 994 18,294 18,001 293 July 26,619 26,521 98 388 ,14128,178 19,245 '32,174 '406 492 213 377 910 18,518 18,208 310 26,983 26,768 215 293 89728,209 19,052 5,364 32,091 403 490 202 380 948 i8,499 18,111 *>388 Aug Week ending: 1959 26,045 26,018 27 938 1,03228,042 19,712 5,283 31,852 407 552 296 353 ,190 18,386 18,386 July 1 26,300 26,255 45 1,044 94828,319 19,704 5,283 32,105 412 516 278 360 ,183 18,452 18,452 8 26,494 26,383 111 1,019 92228,462 19,695 5,283 32,194 419 394 269 338 ,185 18,640 18,640 15 26,449 26,390 59 929 1,29928,705 19,669 5,283 32,036 412 460 255 334 ,183 18,976 18,976 22 26,459 26,408 51 890 99828,374 19,636 5,284 31,883 403 559 271 340 ,137 18,702 18,702 29 Aug. 5 26,549 26,440 109 1,034 79028,399 19,626 5,281 31,922 403 503 277 340 ,166 18,696 18,696 12 26,605 26,597 8 1,073 77128,473 19,619 5,282 32,071 401 475 257 343 ,203 18,622 18,622 19 26,531 26,525 6 945 1,06528,562 19,601 5,282 32,051 397 638 256 349 ,246 18,509 18,509 26 26,573 26,518 55 941 95028,485 19,600 5,283 31,951 395 564 257 321 ,294 18,586 18,586 Sept. 2 26,691 26,650 41 966 83628,515 19,525 5,276 31,935 400 561 260 333 ,260 18,566 18,566 9 26,754 26,663 91 1,059 81928,656 19,523 5,274 32,107 401 430 275 341 ,259 18,640 18,640 16 26,737 26,643 94 1,060 1,01728,834 19,522 5,274 32,197 395 421 331 373 ,260 18,653 18,653 23 26,637 26,637 860 1,49929,016 19,513 5,278 31,984 390 632 298 420 ,264 18,819 18,819 30 26,563 26,563 722 1,09828,403 19,493 5,287 31,811 388 681 310 403 ,196 18,394 18,394 Oct. 7 26,591 26,563 1,007 1,00528,623 19,491 5,289 31,933 387 533 300 420 ,194 18,636 18,636 14 26,637 26,563 74 1,051 95628,667 19,489 5,290 32,096 387 474 326 464 ,197 18,501 18,501 21 26,402 26,402 824 1,41728,664 19,488 5,293 32,026 391 518 294 344 ,193 18,679 18,679 28 26,385 26,364 796 1,14928,353 19,486 5,297 31,873 396 530 297 335 ,136 18,568 18,568 Nov. 4 26,686 26,544 142 834 89728,443 19,585 5,299 31,924 404 471 293 397 ,127 18,711 18,711 11 26,763 26,574 189 916 94728,651 19,585 5,301 32,105 414 458 313 396 ,128 18,724 18,724 18 26,702 26,593 109 864 1,16528,758 19,583 5,303 32,235 414 478 304 362 ,204 18,647 18,647 25 26,682 26,652 30 829 1,31128,857 19,582 5,304 32,269 415 515 315 369 ,297 18,563 18,563 Dec. 2 26,871 26,843 28 875 1,086 28,867 19,568 5,306 32,446 410 547 347 355 ,241 18,451 18,396 55 9 27,194 27,130 64 916 1,003 29,153 19,505 5,310 32,601 405 487 362 338 ,244 18,797 18,529 268 16 27,176 27,142 34 961 1,169 29,365 19,478 5,311 32,798 396 528 341 342 ,181 18,872 18,567 305 23 27,007 26,970 37 985 1,818 29,883 19,467 5,312 32,924 387 523 365 331 ,195 19,274 18,937 337 30 26,829 26,787 42 933 1,788 29,629 19,456 5,313 32,893 393 537 387 333 ,195 18,997 18,660 337 For notes see opposite page. 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BANK RESERVES AND RELATED ITEMS 1011 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 r a i 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 i g t p e d a r i l e u e s e d s e e r r - - c v D o a a a n u n d is c d n - - e ts s Float Total i s G to o c ld k T r s c o e t u i r a u n n u e r n g r y c a t - - d s y - - r c C t e c u i i n i u o n l r c a r n - - y - T h c i u o n r a e r g l s y d a h s s - - Tr u w e r a i y t s h - r F es . F e e o i R r g r v . n - es B , a O n t k h s er c O F o a . t u c h R n - e t . r s Total 2 re B s F W e a . r n i v R t k h e . s s A c a a l i b l s n o l h w e 3 ment Averages of daily figures Week ending: 1960 Ian. 6. 26,642 26,607 1,018 1,586 29,318 19,456 5,313 32,524 407 582 348 553 843 19,141 18,831 310 13. 26,395 26,339 915 1,269 28,633 19,455 5,315 32,282 410 519 308 332 840 19,029 18,713 316 20. 25,622 25,620 918 1,513 28,098 19,455 5,316 31,910 424 494 231 326 836 18,963 18,648 315 27. 25,450 25,450 776 1,103 27,370 19,454 5,315 31,650 424 519 217 332 836 18,476 18,161 315 Feb. 3 25,447 25,442 811 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 1,32427,235 19,423 5,325 31,562 445 529 206 439 1,008 18,061 17,793 268 Mar. 2. 25,212 25,154 58 794 1,06127,102 19,421 5,328 31,518 442 542 219 323 1,008 18,105 17,800 303 9. 25,270 25,235 35 595 1,17427,075 19,412 5,333 31,613 435 542 200 293 1,007 17,941 17,731 210 16. 25,444 25,313 131 726 99427,197 19,409 5,335 31,726 448 446 200 293 980 18,108 17,849 259 23. 25,323 25,290 33 587 1,24527,189 19,409 5,337 31,671 450 451 180 305 944 18,189 17,934 255 30. 25,239 25,234 5 608 89826,778 19,408 5,340 31,534 439 479 203 327 945 17,894 17,600 294 25,284 25,264 20 735 89826,950 19,406 5,341 31,654 423 509 163 356 942 17,868 17,650 218 25,396 25,285 111 734 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 1,39127,690 19,386 5,344 31,828 420 660 188 448 864 18,280 18,012 268 27. 25,521 25,444 77 524 1,15927,234 19,373 5,346 31,581 417 553 186 275 857 18,392 18,083 309 May 4. 25,660 25,557 103 552 95827,199 19,360 5,347 31,606 414 567 184 311 855 18,243 17,968 275 11. 25,868 25,616 252 549 92427,371 19,359 5,348 31,723 419 504 184 314 854 18,306 18,081 225 18. 25,761 25,627 134 555 1,13327,480 19,359 5,349 31,774 413 608 195 349 887 18,235 17,961 274 25. 25,745 25,718 27 403 1,16127,338 19,353 5,350 31,684 415 547 202 290 1,034 18,168 17,868 300 June 1. 25,968 25,941 27 436 99327,427 19,352 5,349 31,812 414 468 206 390 1,033 18,121 17,806 315 26,134 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 26,129 412 1,16827,739 19,325 5,356 31,867 406 505 249 415 971 18,342 18,007 335 26,553 26,491 62 440 1,04028,063 19,322 5,356 32,155 406 517 226 399 958 18,320 18,079 241 26,613 26,517 96 341 1,13828,120 19,282 5,356 32,361 406 422 214 380 935 18,349 18,041 308 20. 26,556 26,416 140 429 1,42328,437 19,251 5,357 32,199 409 548 209 374 884 18,762 18,422 340 27. 26,599 26,522 77 351 1,08728,065 19,191 5,357 32,041 405 488 202 373 884 18,552 18,219 333 Aug. 3. 26,930 26,760 170 315 89028,165 19,147 32,046 408 466 221 371 884 18,592 18,272 320 10. 27,099 26,806 293 293 82228,246 19,098 32,129 404 452 192 363 884 18,525 18,279 246 17. 27,041 26,812 229 416 97628,469 19,039 32,184 409 555 190 386 904 18,564 18,243 321 24. 26,992 26,772 220 193 1,01428,245 19,026 32,087 400 485 195 380 1,016 18,404 18,075 329 31. 26,788 26,682 106 273 78827,882 19,006 5,370 31,980 396 487 225 384 1,014 '18,457 17,772 ^685 End of month 1960 June 26,523 26,472 51 258 1,058 27,869 19,322 5,354 32,065 395 504 254 427 960 18,182 17,941 241 July 26,885 26,770 115 343 87428,131 19,144 5,359 32,039 406 477 215 353 883 18,581 18,261 320 26,762 26,640 122 405 70727,907*19,005P5,371*32,O25 ^392 481 204 432 1,013 ^18,420 17,735 *>685 Aug Wednesday 1960 26,640 26,536 104 531 1,01928,218 19,322 5,356 32,358 408 325 267 371 957 18,450 18,209 241 July 6 26,514 26,478 36 453 1,04328,038 19,253 5,357 32,253 406 475 179 373 879 18,390 18,082 308 13 26,514 26,394 120 981 1,18328,705 19,234 5,357 32,105 415 621 203 364 884 19,045 18,705 340 20 26,684 26,662 22 281 85427,846 19,164 5,355 31,973 404 500 204 362 883 18,373 18,040 333 27 Aug. 3 27,074 26,770 304 287 74328,133 19,144 5,357 32,062 413 378 230 358 885 18,628 18,308 320 10 26,944 26,808 136 214 72827,916 19,082 5,362 32,141 409 431 177 373 881 18,194 17,948 246 17 27,084 26,833 251 476 1,02628,636 19,032 5,364 32,138 410 547 192 362 1,016 18,686 18,365 321 24 26,763 26,697 66 238 73427,770 19,026 5,366 31,982 402 519 228 383 1,014 17,965 17,636 329 31 26,762 26,640 122 405 70727,907P19,005 *>5,371*>32,025 481 204 432 1,013 l8,420 17,735 *685 p Preliminary. r Revised. tables on Federal Reserve Banks. (Industrial loan program discontinued 1 Includes industrial loans and acceptances, when held. For holdings Aug. 21, 1959.) of such items on Wednesday and end-of-month dates, see subsequent 2 See note 3. 3 Beginning with December 1959, monthly averages are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1012 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- j Bor- Bor- Total Re- Excess row- I Free Total Re- Excess row- Free Total Re- Excess row- Free re- quired re- ings | re- re- quired re- ings re- re- quired re- ings reserves re- serves 3 at serves 3 serves re- serves 3 at serves 3 serves re- serves3 at serves 3 heldi serves2 F. R. ! heldi serves2 F. R. heldi serves2 F. R. Banks4 Banks Banks 4 1929—June 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 1 63 -62 1933—June 5 2,160 1,797 363 184 179 861 792 69 69 211 133 78 n.a. n.a. 1939—Dec 11,473 6,462 5,011 3] 5,008 5,623 3,012 2,611 n.a. n.a. 1,141 601 540 n.a. n.a. 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a. 1,143 848 295 n.a. n.a. 1945—Dec 16,027 14,536 1,491 3341 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 ,024 ,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 ,191 8 5 3 1951—Dec 20,370 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 ,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 ,406 ,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 ,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 ,210 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 ,166 ,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 ,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,136 ,127 8 85 -77 1958—June 18,600 17,974 626 142 484 4,214 4,186 28 21 7 ,113 ,099 14 2 12 Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 -80 ,077 ,070 7 39 -31 1959—June 18,451 18,043 408 921 -513 3,933 3,926 7 22 -15 ,009 ,006 66 -63 July 18,671 18,271 400 957 -557 3,981 3,977 4 157 -154 ,028 ,028 47 -47 Aug 18,613 18,141 472 1,007 -535 3,889 3,866 23 248 -225 ,033 ,029 40 -35 Sept 18,593 18,183 410 903 -493 3,848 3,866 -18 209 -227 ,025 ,022 46 -44 Oct 18,610 18,164 446 905 -459 3,867 3,851 15 225 -209 1,020 ,018 84 -82 Nov 18,621 18,176 445 878 -433 3,808 3,785 23 207 -184 1,029 ,026 64 -61 Dec 6 18,932 18,450 482 906 -424 6 3,920 3,930 -10 99 -109 6 1,038 ,038 104 -104 I960—Feb 18,213 17,758 455 816 -361 3,753 3,744 9 59 -50 996 993 3 129 -126 Mar 18,027 17,611 416 635 -219 3,766 3,755 10 9 1 975 970 6 157 -151 Apr 18,104 17,696 408 602 -194 3,765 3,784 -19 12 -31 954 955 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 -1 58 -59 July 18,518 18,010 508 388 120 3,864 3,853 11 -3 1,020 1,010 10 49 -39 *18499 *17,962 *537 293 J>244 3,780 3,780 -27 1,027 1,024 3 41 -38 Aug Week ending: 18,696 18,296 400 1,034 -634 3,987 3,983 197 -193 1,052 1,047 4 -26 1959_Aug. 5 18,622 18,080 542 1,073 -531 3,864 3,841 278 -255 1,025 1,023 1 -45 19'.'.'.'. 18,509 18,078 431 945 -514 3,828 3,839 260 -271 1,020 1,021 -2 -51 26.... 18,586 18,149 437 940 -503 3,866 3,841 232 -207 1,034 1,026 -28 1960—Mar. 2 18,105 17,664 441 793 -352 3,751 3,749 27 -25 981 981 9 17,941 17,576 365 595 -230 3,732 3,731 5 -4 970 970 1 41 -40 16.... 18,108 17,598 510 726 -216 3,777 3,761 15 22 -7 973 969 4 133 -130 23 18,189 17,737 452 587 -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. 6.... 17,868 17,431 437 704 -267 3,743 3,725 18 18 922 920 2 117 -114 17,870 17,400 470 671 -201 3,655 3,646 9 -16 933 931 2 137 -135 20 18,280 17,918 362 561 -199 3,876 3,863 13 -14 963 969 -5 95 -100 27 18,392 17,911 481 524 -43 3,861 3,851 10 10 984 982 2 95 -93 18,243 17,918 325 552 -227 3,911 3,914 -4 -4 1,000 996 4 53 -49 :: 18,306 17,808 498 549 -51 3,835 3,824 10 10 985 984 2 101 -100 18... 18,235 17,777 458 555 -97 3,838 3,792 46 46 977 979 -1 93 -94 25 18,168 17,716 452 402 50 3,779 3,776 3 3 984 975 9 12 -3 June 1... 18,121 17,684 437 436 1 3,825 3,772 52 52 988 977 3 8 18,152 17,690 462 400 62 3,755 3,752 4 4 974 974 14 -13 15... 18,157 17,729 428 374 54 3,795 3,788 7 6 982 979 50 -47 22 18,602 18,042 560 550 10 3,894 3,880 13 -60 1,003 1,003 152 -152 29 18,342 17,856 486 412 74 3,915 3,842 73 73 1,008 995 41 -19 July 6 18,320 17,885 435 440 -5 3,884 3,880 4 4 1,002 1,001 43 -42 13 18,349 17,774 575 341 234 3,769 3,757 13 -13 997 989 12 -4 20 18,762 18,245 517 429 88 3,929 3,919 10 -24 1,035 ,034 77 -76 27 18,552 18,077 475 351 124 3,875 3,858 17 17 1,020 ,012 29 -21 Aug. 3 18,592 18,104 488 315 173 3,879 3,1 -1 -1 1,021 ,021 100 -101 10 18,525 18,018 507 293 214 3,811 3,807 4 3 1,029 ,023 6 109 -102 17... 18,564 17,983 581 416 165 3,794 3,778 16 -82 1,029 ,031 -2 30 -33 24 18,404 17,938 466 193 273 3,761 3,750 12 12 1,034 ,023 11 11 31 *18,457*>17,832 *>625 273 P352 3,737 3,734 3 -17 1,023 ,018 5 4 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1013 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period re T h s e o e l r t d v a * l es R re e s q e u rv ir e e s d 2 re E s x e c r e v s e s s3 B B in F o a g r . n r s k R o a s w . 4 t - res F e r r e v e es3 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 er c v e e s s s 3 B B i F n o a g . r n s r R k o a s w . t 4 - res F e r r e v e es3 1929 June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n a n a. 1941 Dec 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945 Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950 Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 89 507 1952 Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 299 -203 5,859 5,371 488 144 344 1957 Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—June 7,721 7,619 102 45 57 5,552 5,070 481 74 408 Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959 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 67,954 7,912 41 490 -449 6 6,020 5,569 450 213 237 I960—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 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 7,599 48 176 -128 5,987 5,548 439 149 290 Aug . .. 7,654 7,607 47 109 -62 *6,038 M88 116 *372 Week ending: 1959—Aug. 5 7,852 7,806 46 557 -511 5,805 5,460 345 250 95 12 7,801 7,753 48 497 -449 5,932 5 463 469 252 217 19 7,791 7,750 41 435 -394 5,871 5,468 403 201 202 26 7,845 7,803 42 439 -397 5,841 5,479 362 233 129 I960—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 m -251 5,805 5,507 298 222 76 II.:::::::::::: 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 89 142 -53 5,779 5,493 286 291 -5 8 7,470 7,443 27 198 -171 5,952 5,522 431 188 242 15 7,481 7,440 41 129 -88 5,898 5,522 373 194 181 22 7,645 7,606 38 197 -158 6,060 5,554 505 128 376 29 7,612 7,506 106 155 -49 5,808 5,514 295 226 68 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 5,592 467 120 347 27 7,695 7,649 45 171 -125 5,964 5,558 403 151 252 7,683 7,641 42 102 -60 6,009 5,562 447 113 334 10 . . 7 679 7,629 50 73 -23 6,005 5,558 447 111 336 17 7,659 7,623 36 178 -142 6,082 5,552 531 108 423 24 7,657 7,607 49 66 -17 5,954 5,558 395 127 268 31 7,584 7,550 34 133 -99 *>584 119 n.a. Not available. » Preliminary. 6, 1960, and monthly averages for all classes of banks beginning with 1 Based on figures at close of business through November 1959; there- January 1960 are estimated. after on closing figures for balances with Reserve Banks and opening * 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

1014 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 t b i a o n n k s s o t s h e e c r u r t e h d a n b m y e d m ir b e e c r t obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advance ( s S s e e e c s u . r 1 e 3 d a b n y d e l 1 ig 3 i a b ) l 1 e paper [Sec. 10(b)] (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Aug. 31 beginning: rate Aug. 31 beginning: rate Aug. 31 beginning: rate Boston 3 Aug. 23,1960 Aug.23, 1960 4 Aug. 23,1960 4V4 New York. . . 3 Aug. 12,1960 Aug. 12, 1960 4 June 10,1960 C Ph le i v la e d la e n lp d hia.. 3 3 A A u u g g . . 1 1 2 9 , , 1 1 9 9 6 6 0 0 I3% 3 3 % % A A u u g g . . 1 1 9 2, , 1 1 9 9 6 6 0 0 4 4 4 4 1 % /2 A A u u g g . . 1 1 2 9 , ,1 1 9 9 6 6 0 0 5 5 Richmond. . . 3 Aug. 12,1960 31/2 Aug. 12, 1960 4 Aug. 12,1960 41/2 Atlanta 3 Aug. 16,1960 3% Aug. 16,1960 4 Aug. 16,1960 Chicago 3 Aug. 19,1960 1 3i/2 Aug. 19, 1960 4 June 10,1960 5 St. Louis 3 Aug. 19,1960 3% Aug. 19, 1960 4 4 Aug. 19,1960 4V2 Minneapolis.. 3 Aug. 15,1960 Aug. 15, 1960 4 4 Aug. 15,1960 Kansas City.. 3 Aug. 12,1960 Aug. 12, 1960 4 4 Aug. 12,1960 Dallas 31/2 June 10,1960 3% June 10, 1960 41/2 5 Sept. 11,1959 4% San Francisco 3% June 3,1960 4 June 3, 1960 41/2 41/2 June 3,1960 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*4 WA Aug. 9... 3 -31/2 3 For extensions of credit by brokers and 19... WA WA 23... 3% 3^2 dealers on listed securities 70 90 70 Aug. 13.. . WA-WI 11/2 Nov. 15... 3 For short sales 70 90 70 23... 1 Vi Dec. 2... 3 3 Regulation U: For loans by banks on stocks 70 90 70 1950 I A 1958 Aug. 21... V: 134 Jan. 22... 2*4-3 3 25... 134 24... 2*4-3 2*4 1 Regulations T and U limit the amount of credit that may be extended Mar. 7... 214-3 214 on a security by prescribing a maximum loan value, which is a specified 1953 13... 214-2*4 2j4 percentage of its market value at the time of extension: margin require- Jan. 16... 134—2 2 21... 214 ments are the difference between the market value (100%) and the maxi- 23. .. 2 2 Apr. 18. .. 1*4-2 VA 1*4 mum loan value. May 9... WA 1*4 1954 Aug. 15... 1*4-2 Feb. 5... 1*4-2 1*4 Sept. 12... 134-2 2 4 Apr. 1 1 5 4 . . . . . . VA-U 18 Oct. 2 2 3 4 . . . . . . 2 -2V4 2 2 MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS 16... \\^2—\YA l*A Nov. 7... 21/2 2V2 [Per cent per annum] May 21... Jl/2 1 Vi 1959 1955 Mar. 6... 3 Nov. 1, Feb. 1, Jan. 1, Effec- Apr. 1 1 5 4 .. . .. . 1 1 1 1 ^ ^ — _1 1 3 3 4 4 May 2 16 9 . . . . . . 3 -31/2 3 Type of deposit Ja 1 n 9 . 3 3 3 - 1, D 1 ec 9 . 3 5 3 - 1, De 1 c 9 . 3 6 3 - 1, Ja t n iv . e 1, May 2... :! June 12... 3% 1935 1935 1956 1957 Aug. 4... 1*4-2 VA WA Sept. 11... 4 Sept. 1 5 2 9 . . . . . .. . . 2 -214 \ 214 196 1 0 8... 4 4 Savings deposits 3 2V2 2% 3 13... 2J4 June 3... 3J/2-* 4 Postal savings deposits ;i 21/2 2% 3 Nov. 18.. . 2V4—2Vi 10... 3% 23... 2Vi 2V2 Aug. 1 1 4 2 . . .. .. 3 3 — V2 31/2 3 Ot I h n e r 6 t i m m o e n d th e s p o o s r i t m s p o a re yable: 3 fA 3 1956 In 90 days to 6 months. . . 3 2% Apr. 13... 21/2-3 234 In effect In less than 90 days 3 2Vi 1 20... 2*4-3 2*4 Aug. 31... 3 -31/2 Aug. 24... 234-3 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 1015 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures. * In millions of dollars) Net demand deposits * Time deposits Central reserve Central All city banks Reserve Coun- Ef o fe f c c ti h v a e n d ge ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s i e n e t r r d y v v e e C ba o tr n u y k n s - Item m b e a m nk b s er Y N o e r w k c C a h g i o - b c a i n ty ks ba tr n y ks banks Four weeks ending July 13, 1960 In effect Dec. 31,1945. 20 20 14 6 6 Gross demand: Total 121,129 24,108 5,980 47,366 43,675 1948— Feb. 27 22 Interbank 12,954 4,249 1,154 6,251 1,300 June 11 24 U. S. Government. 5,968 1,284 368 2,446 1,869 Sept. 16,24*.., 26 22 16 Other 102,208 18,575 4,458 38,669 40,506 1949—May 1,5* 24 21 15 Net demand2 101,919 20,080 5,129 39,172 37,538 June 30, July 1 • 20 14 6 6 Time 55,186 4,506 1,475 21,337 27,869 Aug. 1,11*... g» 13 5 Demand balances due Aug. 16,18*... 12 5 from domestic banks. 6,476 95 105 2,061 4,215 Aug. 25 8* Currency and coin: Sept. 1 Total 2,247 133 29 677 1,407 1951—Jan. 11,16*.... 23 13 6 6 Allowable as reserves. 292 1 80 211 Jan. 25, Feb. 1* 24 19 14 Balances with F. R. 1953—July 1,9*... 22 20 13 Banks 18,111 3,865 1,002 7,517 5,727 1954__june 16,24*... 21 19 5 5 Total reserves held 18,403 3,865 1,003 7,597 5,938 July 29, Aug. 1 * 20 18 12 Required 17,889 3,840 997 7,530 5,523 Excess 514 26 5 67 416 1958_Feb. 27, Mar. 1* 17% Mar. 20, Apr. 1* 17 Apr. 17 Four weeks ending Aug. 10, 1960 Apr. 24 i6% 1960 Sent 1 Gross demand: Total 121,825 24,055 6,092 47,728 43,949 In effect Sept. 1,1960 .. 17% 16% 11 5 5 Interbank 13,018 4,188 1,179 6,321 1,330 U. S. Government. 6,009 1,375 361 2,419 1,854 Present legal require- Other 102,798 18,492 4,553 38,988 40,765 ments: Net demand2 103,185 20,200 5,265 39,862 37,859 Minimum 210 10 7 3 3 Time 55,721 4,597 1,496 21,559 28,068 Maximum 222 222 14 6 6 Demand balances due from domestic banks. 6,476 85 102 2,003 4,286 Currency and coin: * First-of-month or midmonth dates record changes at country banks, Total 2,273 131 28 690 1,425 and other dates (usually Thurs.) record changes at central reserve or Allowable as reserves. 309 80 228 reserve city banks. Balances with F. R. 1 Demand deposits subject to reserve requirements which, beginning Banks 18,298 3,874 1,026 7,618 5,780 Aug. 23, 1935, have been total demand deposits minus cash items in Total reserves held 18,607 3,874 1,026 7,699 6,009 process of collection and demand balances due from domestic banks (also Required 18,111 3,866 1,022 7,655 5,568 minus war loan and Series E bond accounts during the period Apr. 13, Excess 496 8 4 44 441 1943-June 30, 1947). 2 Prior to July 28,1959, the minimum and maximum legal requirements against net demand deposits of central reserve city banks were 13 and 1 Balances with Reserve Banks are as of close of business; figures for all 26 per cent, respectively, and the maximum for reserve city banks was other reported items (that is, excluding total reserves held and excess re- 20 per cent. serves) 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' [In thousands of dollars] Wednesday End of month Item 1960 1960 1959 Aug. 31 Aug. 24 Aug. 17 Aug. 10 Aug. 3 August July August Discounts and advances—total 405,118 237,725 476,240 213,537 286,575 405,118 343,195 691,960 Within 15 days 400,207 231,980 470,189 206,193 277,195 400,207 333,189 681,411 16 days to 90 days 4,849 5,683 5,959 7,245 9,251 4,849 9,937 9,674 91 days to 1 year 62 62 92 99 129 62 69 875 Acceptances—total 32,607 35,337 49,210 30,115 29,113 32,607 28,997 20,686 Within 15 days 7,459 8,573 25,105 8,222 5,853 7,459 6,474 6,888 16 days to 90 days 25,148 26,764 24,105 21,893 23,260 25,148 22,523 13,798 U.S. Government securities—total 26,761,769 26,762,669 27,083,919 26,944,119 27,074,169 26,761,769 26,884,66926,689,712 Within 15 days 419,200 373,500 690,650 6,103,090 6,247,940 419,200 5,931,540 170,710 16 days to 90 days 6,471,687 6,470,826 6,467,876 1,436,136 1,414,336 6,471,687 1,541,236 6,699,850 91 days to 1 year 12,734,378 12,781,83912,788,88912,268,38912,275,38912,734,37812,275,38911,825,083 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 6,523,912 Over 5 years to 10 years 1,178,574 1,178,574 1,178,574 1,178,574 1,178,574 1,178,574 1,178,574 410,385 Over 10 years 271,283 271,283 271,283 271,283 271,283 271,283 271,283 1,059,772 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1016 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1960 1960 1959 Aug. 31 Aug. 24 Aug. 17 Aug. 10 Aug. 3 August July August Assets Gold certificate account 17,735,643 17,755,64517,752,64317,804,64317,880,64117,735,64317,880,64218,296,140 Redemption fund for F. R. notes.. 973,095 976,843 977,707 979,909 954,910 973,095 957,903 930,661 Total gold certificate reserves. 18,708,738 18,732,48818,730,35018,784,55218,835,55118,708,73818,838,545 19,226,801 F. R. notes of other Banks 442,535 454,733 407,620 388,579 400,033 442,535 418,750 408,642 Other cash 428,842 420,850 408,016 401,151 407,190 428,842 412,322 388,262 Discounts and advances: For member banks 405,118 237,725 476,240 213,537 286,575 405,118 343,195 691,260 For nonmember banks, etc 700 Acceptances—Bought outright 32,107 32,106 32,109 32,107 20,104 Held under repurchase agreement. 500 3,231 17,101 500 582 U. S. Government securities: Bought outright: Bills 2,639,407 2,696,407 2,831,757 2,807,057 2,768,607 2,639,407 2,768,607 2,649,400 Certificates—Special Other 14,006 006,99314,006 ,506,993 8,506, 14,006,993 8,506,99310.506,993 Notes 7,510: 510,298 7,510; 13,010,29813,010; 7,510,29813,010,298 010,298 Bonds 2,483! 483,771 2,483; ,483,771 2,483; 2,483,771 2,483,771 483,771 Total bought outright 26,640 469 26,697,469 26,832,819 26, 119 26,769,669 26,640,469 26,769,669 26,650,462 Held under repurchase agreement. 121;300 65,200 251; 100 136,000 304,,5"0"0 121300 115,000 39,250 Total U. S. Government securities. 26,761,769 26,762,669 27,083,919 26,944,119 27,074,169 26,761,769 26,884,669 26,689,712 Total loans and securities 27,199,494 27,035,73127,609,369 27,187,77127,389,857 27,199,494 27,256,86127,402,358 Due from foreign banks 15 15 15 15 15 15 15 Cash items in process of collection. 4,916,605 ,984,610 6,136 580 5,039,625 5,118, 4,916,605 4,744,967 ,337,366 Bank premises 105,501 105,781 105,881 105,303 105; 10"5",501 105,146 96,578 Other assets 207;,192 189,326 170,772 368,188 347; 207,192 339,203 152,490 Total assets. 52,008,922 51,923,534 53,568,603 52,275,184 52,603,68352,008,922 52,115,809 52,012,512 Liabilities Federal Reserve notes 27,621,30127,598,72127,699,194 27,680,814 27,617,01327,621,30127,612,074 27,580,799 Deposits: Member bank reserves 17,735,276 17,636, 18,365,060 17,947,507 18,307,874 17,735,27618,260,763 ,245,245 U. S. Treasurer—general account. 481,413 518, 5"4"7 ,375 431,462 378,105 481,413 477,343 537,073 Foreign 204,398 227. 192,i053 176,579 230,045 204,398 214,766 252,400 Other 431,820 383; 362J025 372,561 357,711 431,820 352,548 329,490 Total deposits. 18,852,907 18,765,653 19,466,513 18,928,109 19,273,735 18,852,907 19,305,420 19,364,208 Deferred availability cash items , 4,209,414 4,250, 5,110,381 4,311,558 4,375,060 ,209,414 3,870,717 3,558,470 Other liabilities and accrued dividends. 41,550 42; 43,023 43,152 45,562 41,550 43,363 40,578 Total liabilities 50,725,172 50,656,932 52,319,11150,963,63351,311,370 50,725,17250,831,574 50,544,055 Capital Accounts Capital paid in. 402,233 402,063 401,916 401,703 401,415 402,233 401,227 382,485 Surplus 774,808 774,808 774,808 774,808 774,808 774,808 774,808 868,410 Other capital accounts. 106,709 89,731 72,768 135,040 116,090 106,709 108,200 217,562 Total liabilities and capital accounts 52,008,922 51,923,534 53,568,603 52,275,184 52,603,683 52,008,922 52,115,809 52,012,512 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 40.3 40.4 39.7 40.3 40.2 40.3 40.2 41.0 Contingent liability on acceptances purchased for foreign correspondents 203,578 197,802 194,531 183,730 182,615 203,578 108,213 71,650 U. S. Government securities held in custody for foreign account 5,422,616 5,384,850 5,404,361 5,367,315 5,313,413 5,422,616 5,272,303 4,285,684 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank).. 28,662,756 28,666,569 28,679,339 28,624,923 28,635,577 28,662,756 28,651,520 28,556,383 Collateral held against notes outstanding: Gold certificate account , 10,465,000 10,465,000 10,465,000 10,465,000 10,565,000 10,465,000 10,565,000 10,750,000 Eligible paper 55,760 38,405 42,505 22,385 58,265 55,760 70,082 152,590 U. S. Government securities 19,280,000 19,280,000 19,280,000 19,280,000 19,180,000 19,280,000 19,180,000 18,910,000 Total collateral. 29,800,760 29,783,40529,787,505 29,767,385 29,803,265 29,800,760 29,815,082 29,812,590 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1017 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1960 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in 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 - Gold certificate account 822,408 4,917,209 972,629 ,540,920 973,287 832,7693,167,739 686,419 343,684 688,432 630,380 2,159,767 Redemption fund for F. R. notes 59,796 216,146 59,052 86,087 81,589 62,038 178,532 43,848 23,680 45,221 32,497 84,609 Total gold certificate reserves. 882,204 5,133,3551,031,681 ,627,007 ,054,876 894,8073,346,271 730,267 367,364 733,653 662,877 2,244,376 F. R. notes of other Banks... 52,786 86,147 44,832 14,452 25,216 71,717 29,925 14,177 24,757 20,293 16,405 41,828 Other cash 31,488 83,085 21,633 38,212 21,924 35,835 66,071 25,281 9,362 15,855 17,439 62,657 Discounts and advances: Secured by U. S. Govt. securities 17,600 86,305 4,065 30,525 48,715 18,750 112,160 13,850 11,645 37,845 14,115 8,635 Other 400 83 236 189 Acceptances: Bought outright 32,107 Held under repurchase agreement 500 U. S. Govt. securities: Bought outright ,431,659 6,644,9851,525,3272,288,8691,686,208 ,460,724 4,559,7291,076,728 618,1921,143,436 1,073,6113,131,001 Held under repurchase agreement 121,300 Total loans and securities.... ,449,259 6,885,1971,529,3922,319,3941,735,323 ,479,474 4,671,972 ,090,578 629,8371,181,281 ,087,962 3,139,825 Due from foreign banks 1 14 1 1 2 1 1 Cash items in process of collection 348,567 914,994 300,561 412,790 380,081 370,962 798,941 206,274 143,519 257,043 265,471 517,402 Bank premises , 4,051 9,547 3,856 8,833 6,295 10,623 20,949 6,737 4,926 4,524 13,438 11,722 Other assets , 11,171 f 18,254 12,996 12,075 34,555 8,269 4,775 9,898 8,468 24,323 50,597 Total assets. 2,779,52713,162,926 2,943,767 4,438,9433,236,712 2,875,4948,968,6862,081,5831,184.540 2,222,548 2,072,0616,042,135 Liabilities F. R. notes 1,595,793 6,427,6311,786,512 2,512,1552,083,2541,570,9655,215,7571,188,032 594,742 1,120,875 806,343 2,719,242 Deposits: Member bank reserves.... 744,118 5,135,208 784,2761,390,538 722,257 877,6512,782,091 642,815 403,885 796,927 917,860 2,537,650 U. S. Treasurer—general account 30,337 56,348 36,583 37,089 31,172 31,307 49,767 30,754 23,487 37,343 34,118 83,108 O Fo th re e i r gn 9,604 3 3 7 6 3 4 , , 0 2 1 5 3 8 1 3 1 , , 0 5 6 6 1 4 18 1, , 1 4 7 2 1 4 8 3 , , 8 4 2 89 0 10,192 27,048 6,468 4,5 2 0 5 8 7 2 8 , , 6 0 2 3 9 6 11, 7 3 2 6 6 8 4 2 4 4 , , 9 1 0 0 5 8 384 760 905 520 Total deposits 784,443 5,628,827 835,484 1,447,222 765,738 919,910 2,859,811 680,557 432,137 844,935 964,072 2,689,771 Deferred availability cash items 333,166 732,799 244,925 357,178 325,286 314,733 705,032 168,248 127,058 201,180 227,707 472,102 Other liabilities and accrued dividends 2,344 10,978 2,134 3,890 2,709 2,170 6,466 1,488 1,266 1,743 1,569 4,793 Total liabilities. 2,715,74612,800,235 2,869,055 4,320,4453,176,987 2,807,778 8,787,066 2,038,3251,155,203 2,168,733 ,999,6915,885,908 Capital Accounts Capital paid in 19,927 114,217 23,433 37,277 18,341 21,315 55,908 13,430 9,237 16,952 23,133 49,063 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. 5,522 27,569 5,641 8,691 6,818 6,095 18,378 3,966 2,520 5,143 4,592 11,774 Total liabilities and capital accounts 2,779,52713,162,9262,943,767 4,438,9433,236,712 2,875,494 8,968,6862,081,5831,184,540 2,222,548 2,072,0616,042,135 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 37.1 42.6 39.3 41.1 37.0 35.9 41.4 39.1 35.8 37.3 37.4 41.5 Contingent liability on acceptances purchased for foreign correspondents.... 9,962 458,219 11,995 19,110 9,148 10,572 28,055 6,709 4,676 8,335 11,791 25,006 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 1,678,886 6,671,3981,831,949 2,621,1312,151,0531,641,524 5,337,1031,231,438 611,2591,150,337 847,004 2,889,674 Collateral held against notes outstanding: Gold certificate account.... 530,000 2,800,000 700,000 920,000 675,000 500,000 1,900,000 410,000 180,000 300,000 250,0001,300,000 Eligible paper 4,065 13,850 37,845 U. S. Govt. securities 1,250,000 4,000,000 1,200,000 ,750,6661,500,000 1,200,000 3,700,000 935,000 450,666 870,000 625,666i,"800,666 Total collateral. 1,780,000 6,800,0001,904,065 2,670,000 2,175,000 ,700,000 5,600,000 [,358,850 630,0001,207,845 875,000 3,100,000 1 After deducting $11,000 participations of other Federal Reserve Banks. * After deducting $145,359,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $140,140,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1018 BANK DEBITS LOANS GUARANTEED UNDER REGULATION V1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V1 [Amounts in millions of dollars] [In effect Aug. 31] Loans Loans Additional Fees Payable to Guaranteeing Agency by Financing authorized outstanding amount Institution on Guaranteed Portion of Loan to date available to End of borrowers y m e o ar n t o h r N b u e m r - Amount a T m o o t u a n l t g P u o te a r e t r i a d o n n - a u o n n u t d t e m s e e t r e a n a n g g t d s u r i e a n e r g - - lo P a e n r c g e u n a ta ra g n e te o e f d in ( G b p t y e u e r r a e b c r s e o a t n n r r t p t o a e a g w e y e e a f b r e o ) e l f e an P y f e e b r c e c o o e r c m n r h o t m a a w r g i g e t e m e r d o e f nt 1954 1,367 2,500 472 368 273 70 or less 10 10 1955 1,411 2,575 294 226 170 75 15 15 1956 1,468 2,761 389 289 125 80. ... 20 20 1957.. [,503 2,912 395 300 135 85 25 25 1958 [,543 3,105 310 236 168 90. 30 30 95 35 35 1959 Over 95 40-50 40-50 July 1,557 3,170 323 244 129 Aug [,558 3,174 330 249 121 Maximum Rates Financing Institution May Charge Borrower Sept 1,560 3,174 342 257 101 [Per cent per annum] Oct 1,561 3,179 340 253 107 Nov ,562 3,179 342 255 105 Dec ,563 3,189 340 256 98 Interest rate Commitment rate. 1960 Jan 1,565 3,192 333 250 103 i Schedule of fees and rates established by the Board of Governors on Feb ,565 3,195 341 256 95 loans made by private financing institutions and guaranteed by Govern- Mar ,565 3,202 356 264 79 ment procurement agencies, pursuant to the Defense Production Act Apr 1,565 3,216 358 251 90 of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing May ,568 3,272 376 252 92 agencies in these transactions, and the procedure is governed by Regula- June 1,568 3,272 303 216 75 tion V of the Board of Governors. July 1,571 3,284 304 217 73 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 All Leading centers 337 other Leading centers 337 other reporting reporting reporting centers New York 6 others1 centers2 New York 6 others1 centers2 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 Aug 208,130 85,207 75,233 45,899 43,265 93,109 89,633 56.3 51.3 33.1 31.3 24.7 24.1 Sept 215,843 86,633 81,067 44 240 43,259 92,017 91,516 57.6 55.4 32 1 31 7 24 6 24 7 Oct 230,245 89,356 89,519 45,486 46,083 92,216 94,642 60.1 59.2 32.8 32.5 24.7 24.8 Nov 217,139 91,522 82,273 46,257 43,810 95,067 91,055 60.1 58.0 33.6 32.7 25.3 25.4 Dec 261,121 89,244 104 976 46 278 51,763 93,696 104,382 60.1 67.0 33 2 35 3 24 9 26 4 1960—Jan 230,100 84,646 88,529 46,218 46,305 94,335 95,266 55.7 57.8 33.0 32.9 25.1 25.3 Feb 221,965 90,786 85,058 49,752 45,626 98,866 91,282 58.5 56.3 35.7 33.4 26.4 25.0 Mar 245,705 88,721 96,593 46,730 50,410 95,610 98,703 57.9 60.3 34.0 36.6 25.8 25.8 Apr 225,984 86,042 86.174 48 414 46,862 96,753 92,947 56.4 56 3 35 3 35.5 26 1 25 4 May 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 r250,831 91 604 99 809 48 583 50 415 r97,931 r100 608 61 3 65 7 35 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 34.2 34 0 25 5 25 7 Aug . .. 241,809 99,947 92,435 50.127 49.474 99.072 99,899 65.5 59.8 *>36.7 ^34.7 ?26.6 P26.0 P Preliminary. r Revised. NOTE.—Series revised by Federal Reserve beginning with 1950; for Adj. = adjusted for seasonal variation. Unadj. = without seasonal description and revised monthly figures, see the BULLETIN for Jan. 1960, adjustment. pp. 8-11. Seasonally adjusted figures for earlier years, prepared by 1 Boston, Philadelphia, Chicago, Detroit, San Francisco and Los Federal Reserve Bank of New York, together with unadjusted data Angeles. were published in the BULLETIN for May 1959, p. 554. 2 Prior to April 1955, 338 centers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 1019 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 262 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31,834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959—July 31,898 22,721 2.224 1,436 82 2,104 6,562 10,312 9,178 2,742 5,804 266 355 3 Aug 31,973 22,784 2,241 1,444 83 2,111 6,572 10,333 9,189 2,741 5,820 264 352 3 i Sect 31,848 22,672 2,259 1,464 82 2,112 6,521 10,233 9,176 2,733 5,823 263 347 3 Oct 31,905 22,752 2,269 1,474 83 2,122 6,544 10,261 9,154 2,725 5,815 261 344 3 4 Nov 32,489 23,277 2,294 1,488 84 2,185 6,734 10,491 9,213 2 753 5 850 260 342 3 4 Dec 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 I960 Jan 31,569 22,409 2,268 1,419 82 2,102 6,415 10,123 9,160 2,739 5,825 254 334 3 Feb 31,552 22,440 2,275 1,409 83 2,098 6,456 10,120 9,112 2,719 5,795 256 334 3 Mar 31,633 22,539 2,294 1,410 82 2,105 6,494 10,154 9,094 2,715 5,787 255 330 3 5 Apr 31,600 22,529 2,311 1,417 82 2,104 6.474 10,141 9,070 2,712 5,769 254 327 3 5 May 31,879 22,809 2,324 ( 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 1,440 84 2,141 6,604 10,363 9,095 2,737 5,774 252 323 3 5 July 32,039 22,946 2,345 1,428 84 2,124 6,567 10,398 9,094 2,739 5,776 250 320 3 5 i Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation i Held by Kind of currency T s J o t u a t 1 l a n y 9 l d 6 3 i o 0 n 1 u g , t- A g a s o s g l i s 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 F a a . n o n R d r k . s a B F g a a . e n n R n d k t . s s Ju 1 ly 96 3 0 1, Ju 1 n 9 e 6 3 0 0, Ju 1 ly 95 3 9 1, certificates agents Gold 19,144 18,869 2 275 Gold certificates 18,869 16,022 2,816 30 30 31 Federal Reserve notes 28,652 1,458 27,105 27,094 27,037 Treasury currency—total. 5,359 12,395 43 412 4,904 4,941 4,830 Standard silver dollars 488 143 29 307 305 288 Silver bullion 2,252 2,252 Silver certificates and Treasury notes of 1890. 32,395 307 2,089 2,128 2,127 Subsidiary silver coin 1,555 63 1,485 1,484 1,419 Minor coin 562 7 553 549 517 United States notes 347 26 316 318 313 Federal Reserve Bank notes 100 1 99 100 109 National Bank notes 56 56 56 57 Total—July 31, 1960. 21,264 406 16,022 4,687 32,039 June 30,1960. 21,455 395 16,213 4,398 32,065 July 31, 1959. 21,778 397 16,517 4,508 31,898 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. 1056. 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

1020 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Total Bank credit assets, Treas- net- Date Gold s r t o c e u i a u n n u r n g y r c t d - - y - Total Lo n a e n t s, Tot U al . S. G m o C a e v o r n e c m d r i n a - m l en R F t e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l T a i i a n a p t o n i b e i e t d t t i a s a l l - l, c d u e T r a p r o n o e t d n s a i l c t y s C c m o a a n a u p n i c e s n 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 l947_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 1,723 20,461 250,757 230,510 20,246 1957—Dec. 31. 22,781 5,146 229,470 115,157 91,370 65,792 24,238 1,340 22,943 257,397 236,372 21,023 1958—Dec. 31. 20,534 5,234 249,082 121,602 101,207 73,641 26,347 1,219 26,273 274,850 252,022 22,829 1959—June 24. 19,800 5,300 248,500 126,900 95,200 68,200 25,900 1,200 26,300 273,600 249,400 24,200 1959—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 1960—Jan. 27. 19,500 5,300 250,200 133,000 91,300 64,800 25,400 ,000 25,800 274,900 250,500 24,400 Feb. 24. 19,400 5,300 248,300 133,400 89,200 63,000 25,200 ,000 25,700 273,000 248,000 25,000 Mar. 30* 19,400 5,300 247,600 134,600 87,300 61,100 25,300 ,000 25,700 272,400 247,300 25,100 Apr. 27* 19,400 5,300 250,800 136,200 89,000 62,600 25,500 ,000 25,600 275,600 250,300 25,300 May 25* 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,tOO 26,700 900 25,600 278,900 252,900 26,000 Aug. 31* 19,000 5,400 255,000 138,700 90,600 63,000 26,800 900 25,600 279,300 252,300 27,000 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o n d a i s e g e n i - t n t k s, T h c i u r o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c m n t d k i g a - s s l B F a . A n R t ks . Total Total m T b C e i a o r m n c m k e ia s - l de M p b s o a a u v n s t i i k u t n s s a g 2 l 3 s S S P a y o v s s t i t e n a m g l s p m o D d s a e e i n - - ts d 4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m o r u n o e s t a d s n a t n e i l c t d d y s j p m u D o a d s a e s d e t n - i - e - t d d s b r C o s e a i n u u n d c t r k e - y - s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 l945_Dec. 31.. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 I947_Dec. 31.. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,400 26,100 1950—Dec. 30.. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,600 90,000 24,600 1956—Dec. 31.. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 1,647111,391 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 1,325110,254 28,301 133,600 105,800 27,800 1958—Dec. 31.. 3,870 683 4,558 358 242,553 98,306 63,166 34,006 134 115,507 28,740 138,800 110,700 28,100 1959—June 24.. 3,600 400 4,700 500 240,100101,000 65,400 34,600 ,100110,700 28,300 140,900 112,600 28,300 1959_Aug. 26., 3,300 400 6,000 500 240,800101,200 65,600 34,600 ,000111,100 28,500 140,900 112,600 28,300 Sept. 30.. 3,300 400 6,400 700 241,400101,500 65,700 34,800 ,000111,400 28,500 140,800 112,400 28,400 Oct. 28.. 3,100 400 5,500 500 242,200101,100 65,500 34,600 ,000112,700 28,300 140,400 112,000 28,400 Nov. 25.. 3,000 400 4,700 400 242,600100,300 64,800 34,600 ,000113,100 29,100 140,100 111,800 28,300 Dec. 31.. 3,203 391 5,319 504 246,603101,779 65,884 34,947 115,402 29,422 140,200 112,000 28,200 I960—Jan. 27.. 2,800 400 3,800 600 242, 101,000 65,200 34,900 900114,000 27,900 140,000 111,700 28,300 J F A M M u e p n b a a r . y e r . . 2 2 2 3 2 9 5 7 0 4 * * * * .. 2 2 2 2 2 , , , , , 6 7 9 8 8 0 0 0 0 0 0 0 0 0 0 4 4 4 4 5 0 0 0 0 0 0 0 0 0 0 4 4 4 7 7 , , , , , 8 7 7 2 3 0 0 0 0 0 0 0 0 0 0 5 6 5 5 5 0 0 0 0 0 0 0 0 0 0 2 2 2 23 4 3 3 8 1 9 9 i ; , 0 7 5 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 1 2 2 2 3 , , , , , 2 2 3 6 7 0 0 0 0 0 0 0 0 0 0 6 6 6 6 6 5 6 6 6 7 , , , , , 4 0 2 5 5 0 0 0 0 0 0 0 0 0 0 3 3 3 3 3 4 5 5 5 5 , , , , , 9 3 2 4 2 0 0 0 0 0 0 0 0 0 0 9 9 9 9 0 0 0 0 0 0 0 0 1 1 1 1 1 0 1 0 1 0 7 0 8 1 8 , , , , , 8 5 8 5 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 8 8 7 8 8 , , , , , 0 1 9 1 3 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 3 3 3 3 3 9 9 9 7 8 , , , , , 1 5 4 6 2 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 1 0 1 1 9 0 , , , , , 8 1 2 4 1 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 8 8 8 8 8 , , , , , 3 4 2 2 1 0 0 0 0 0 0 0 0 0 0 July 27* 2,800 400 6,500 500 224402; ",700104,300 68,000 35,400 110,100 28,300 138,500 110,300 28,200 Aug. 31* 3,000 400 5,700 500 242,800105,300 68,900 35,600 800 109,000 28,500 138,700 110,400 28,300 * Preliminary. * Revised preliminary figures. shown on page 135, footnote 3, of that BULLETIN has been revised from 1 Represents all commercial and savings banks, Federal Reserve Banks, —0.9 to —0.5. The new factor is 97.9. Postal Savings System, and Treasury currency funds (the gold account, NOTE.—For description of statement and back figures, see the BULLETIN Treasury currency account, and Exchange Stabilization Fund). for January 1948, pp. 24-32. The composition of a few items differs 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, slightly from the description in the BULLETIN article; stock of Federal open account; and deposits of Postal Savings System in banks. Reserve Banks held by member banks is included in other securities and 3 Prior to June 30, 1947, includes a small amount of demand deposits. in capital and miscellaneous accounts, net, and balances of the Postal 4 Demand deposits other than interbank and U. S. Govt., less cash Savings System and the Exchange Stabilization Fund with the U. S. items reported as in process of collection. Treasury are netted against capital and miscellaneous accounts, net, 5 Seasonally adjusted series begin in 1946 and are available only for last instead of against U. S. Govt. deposits and Treasury cash. Total deposits Wednesday of the month. For description of series and for back data and currency shown in the monthly Chart Book excludes foreign bank desee the BULLETIN for February 1960, pp. 133-36. Special adjustment posits, net, and Treasury cash. Except on call dates, figures are rounded in seasonal factor for demand deposits adjusted for March 30, 1960, to nearest $100 million and may not add to the totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1021 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io l o . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c b T a i a l a l o p i n i c a t t i - d i a - t e a l s l Total3 D In e- terba T n im k2 e Dema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N ba b u o n e m f r k - s counts3 mand U.S. Other Govt. AH banks: 1941—Dec. 31 26,615 25,511 1,999 27.344 90,908 816 10,982 44,355 26,479 23 414 14,826 1945—Dec. 31 30,362 101288 ,577 35415177,332 ,612 14,065 105,935 45,613 227 542 14,553 1947—Dec. 31*.... 43,002 81;19910,723 i388175,091161,86512,793 240 1,346 94,38153,105 66 948 14,714 1956—Dec. 31 110,079 66 523 20;46149,641250,770 227;54616;133 ,462 3,736 308 80,908 78 249 14,167 1957—Dec. 31 115,115 65 792 22;943 49.318 257,864 233;02015;636 ,386 3,903 993 88,102 80 20,42814.090 1958—Dec. 31... c. 121,571 73,64126.273 49,911276 430 250,05715799 ,374 4,253 132 97,498 SI 21 705 14,020 1959—June 24 128,690 68,170 26340 42!,730 270.990 241,230II:870 ,030 4,420 600 100,310 2,710 22360 13,997 Aug. 26 131,970 67 570 26240 42;,150 273,010 242,550 900 ,910 5,720 490 100,530 2,770 22700 14,004 Dec. 31 135,958 65;80126,07150,296 283,629 254;885 650 ,443 5,054 622101,116 624 22915 13,991 I960— A M Fe p a b r r . . . 3 2 2 0 4 7 * *.... 1 1 1 3 3 3 7 5 8 , , , 0 7 6 1 1 6 0 0 0 6 6 6 3 1 2 , , ; 0 0 5 0 6 7 0 0 0 2 2 25 5 5 ; 7 7 5 0 0 9 0 0 0 4 4 4 2 3 3 , , , 4 5 4 9 3 0 0 0 0 2 2 2 7 7 7 1 3 5 , , , 4 9 8 3 9 6 0 0 0 2 2 2 4 3 4 3 9 1 , , ,7 6 3 6 3 6 0 0 0 1 12 5 ; ; 7 6 5 1 8 2 0 0 0 , , , 2 2 4 9 7 7 0 0 0 4 4 4 , , , 4 4 4 8 1 8 0 0 0 123 7 7 2 2 2 2 0 0 0 1 1 1 0 0 0 0 1 1 , , , 5 5 6 5 6 7 0 0 0 2 3 3 , , , 8 2 0 2 9 0 0 0 0 2 2 2 3 3 3 :2 3 1 6 5 5 0 0 0 1 1 1 3 3 3 , , , 9 9 9 9 9 9 9 6 9 May 25* 139,550 61,810 25;350 42,180 274,510 241,47012;210 ,490 6,880 118 870 102,020 3,180 23 520 June 29* 140,900 60,650 25,450 43,940 276,780 244,62012; ,400 7,060 750 103,170 2,130 23 690 14,000 July 27*.... 140,340 63080 25;630 44,020 279,0,1.0 246;01013^240 ,440 6,250 600 103,710 2,550 23 810 13,999 Aug. 31* 141,120 62,970 25,640 44,070 280,060 246,02013,010 ,570 5,470 800 104,740 2,860 24020 13,998 13,440 All commercial banks: 1941—Dec. 31 21,714 21,808 225 26,551 79,104 283 10,982 44,349 15,952 23 17314,278 1945—Dec. 31 26,083 90,606 33134,806160,312 227 14,065 105,921 30,241 219 950 14,011 1947—Dec. 31* 38,057 69,221 006 37502155,377144;10312,792 240 1,343 94367 35,360 65 059 14,181 1956—Dec. 31 90,302 58,552 16,269 48,720 217460 197; 16,133 1,460 3,733 125282 50,908 75 302 13,640 1957—Dec. 31 93,899 58.239 17930 48.428 222696 201 15,636 1.385 3,898 ,967 56,440 7717.36813.568 1958—Dec. 31 98,214 66,376 20,575 48.990 238651216,01715,799 2,372 4,250 104 63,493 73 486 13,501 1959—June 24 104,450 60.860 20,610 41i930 232380 206; 12,870 2,030 4,420 570 65,740 2,710 030 13,479 Aug. 26 107,370 60,290 20,530 41.430 234170 207; 12,900 ',910 5,720 460 65,920 2,770 340 13,486 Dec. 31 110,832 58,93720,501 49;467 244686 219; 15;649 ,441 5,050 131 593 66,169 615 556 13,474 1960—Feb. 24 110,250 56,170 20,120 42,780 234300 206; 12;710 ,290 4,480 '" 690 65,640 2,820 730 13,482 Mar. 30* 111,390 54,160 20,130 41,780 232590 204, 12;680 ,270 4,410 690 66,300 3,290 860 13,482 Apr. 27* 112,950 55,830 20,030 42,710 236580 208; 12;520 ,470 4,480 190 66,520 3,00019,960*13,480 May 25* 113,630 55,140 ,810 41,510 235130 206; 12;210 ,490 6,880 118,840 66,820 3,180 20,, 110.* 13,,486 June 29* 114,840 54,100 ,850 43;110 237160 209; 13J240 ,400 7,060 119,720 67,740 2,130 20,250 13,485 July 27* 114,130 56,590 20,;030 43,270 239380 210; 13,010 ,440 6,250 570 68,280 2,550 20,360 13,484 Aug. 31* 114,660 56,490 20,000 43,310 240^130 210; 13,440 ,570 5,470 770 69,190 2,860 20,540 13,483 All member banks: 1941—Dec. 31 43,521 18,021 539 ,96123,123 68,121 61,71710,385 140 1,709 136 12,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 338 6,070 29; 845138,304129,67013,576 64 22,179 640 24,210 208 7,589 6,884 1947—Dec. 31 97,846 32,628 914 7,304 32,845132,060122,52812,353 50 1,176 609 28,340 54 464 6,923 1956—Dec. 31 138,768 78,034 575 159 421,906184,874167,90615,567 ,289 ,292106 850 40,909 4813^655 6,462 1957—Dec. 31 142,353 80,950 079 324 42746 188,828 170,63715,082 ,246 3;472105 547 45,290 57 554 6,393 1958_Dec. 31..... t54.865 84,061 299 504 43188 202.017182,81615,227 2,187 3.822110.44851,132 54 460 6.312 1959__june 24 155.007 89,301 164 542 37,171196,182174,07312,357 ',889 I3,943 992 52.892 2,619 875 6.279 Aug. 26 156,537 91,757 370 410 36,547197,076174,56812,356 ,767 095 552 52,798 2,685 090 6,263 Dec. 31 157,879 94,779 813 287 43; 509 205; 726184,70615,048 ,338 504 989 52,827 581 264 6,233 I960—Feb. 24 154,405 94,111 314 980 37 172,82712,240 ,187 ,967 152 52,281 2,759 16,387 6,223 Mar. 30* 153,762 95,086 686 990 36:770 195,092170,71512,207 ,165 ,904100,64152,798 3,21616,495 6,219 Apr. 27*.... 156,570 96,387 28915,894 37,562198,618174,12312,047 1,362 4,074103,68852,952 2,942 16,581*6,218 May 25* 156,317 96,880 74215,69536,522197,304172,40011,752 1,388 6,232 99,84153,187 3,08816,697*6,213 June 29* 156,593 97,898 980 15,71537,977199,243175,20012,775 1,298 6,360 790 53,977 2,069 6,212 July 27* 158,313 97,183 15,892 37, 201,057176,21412,524 1,336 5,622 366 54,366 2,505 6,204 Aug. 31* 158,587 97,523 ,866 38; 201,63: 175,99912,943 1,467 4,887 594 55,108 2,783 17,056 6,205 All mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 16.208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 31* 18,641 4,944 11,978 1,718 886 19,714 17,763 1417,745 1,889 533 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 2530,001 2,947 527 1957—Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 26 31,662 3,059 522 1958—Dec. 31 36.320 23,357 7.265 5,698 921 37,779 34.040 29 34.006 3,219 519 1959—June 24 37,280 24,240 7,310 5,730 800 38,610 34,600 30 34,570 3,330 518 Aug. 26 37,590 24,600 7,280 5,710 720 38,840 34,640 3300 34,610 3,360 518 Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 2934,948 10 3,359 517 1960—Feb. 24 37,870 25,460 6,830 5,580 710 39,130 34,950 30 34,920 3,420 517 Mar. 30* 38,090 25,620 6,900 5,570 750 39,400 35,280 3300 3355,250 3,400 517 Apr. 27*.... 38,010 25,710 6,740 5,560 690 39,280 35,180 30 35,150 3,390 516 May 25*.... 38,130 25,920 6,670 5,540 670 39,380 35,230 3300 35,200 3,410 516 June 29*.... 38,210 26,060 6,550 5,600 830 39,620 35,460 3035,430 3,440 515 July 27* 38,300 26,210 6,490 5,600 750 39,630 35,460 30 3"5",430 3,450 515 Aug. 31*.... 38,580 26,460 6,480 5,640 760 39,930 35,580 30 35,550 3,480 515 * Preliminary. * Revised preliminary figures. mutual savings banks that became members in 1941 (these banks are l 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

1022 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b i l o o . i S v n g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l o p i i n c a t i t - d i t a - e a l s l Total 2 m D I a n e n t - e d rba T n i k m 2 e Dema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l N ba b u o n e m f r ks counts 3 U. S. Govt. Other Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1956—Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,022 965 747 19,940 2,475 2 2,873 18 1957—Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 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 Aug. 26 25,636 17,206 6,087 2,343 6,815 33,594 27,859 3,897 1,363 1,054 18,043 3,502 1,000 3,334 17 Dec. 31 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20.419 3.448 232 3,361 16 I960—Feb. 24 24,460 17,610 4,696 2,154 7,664 33,553 27,543 4,009 884 664 18,685 3,301 852 3,381 16 Mar. 30* 24,342 17,862 4,283 2,197 7,776 33,609 27,431 3,906 889 794 18,397 3,445 951 3,384 16 Apr. 27* 25,355 17,991 5,249 2,115 7,772 34,569 28,184 3,909 1,023 1,124 18,696 3,432 1,056 3,399 16 May 25* 25,090 17,827 5,300 1,963 7,371 33,875 27,421 3,885 1,041 1,457 17,628 3,410 1,143 3,423 16 June 29* 25,320 18,060 5,273 1,987 7,773 34,600 28,654 4,339 985 1,415 18,379 3,536 473 3,427 16 July 27* 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 Aug. 31* 25,438 17,236 6,031 2,171 7,829 34,928 27,945 4,057 1,101 1,005 18,148 3,634 1,083 3,483 15 Chicago: 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6.866 6,402 1,217 72 4,201 913 426 14 1956—Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 1,364 184 5,069 1,319 4 660 14 1957—Dec. 31 6,446 3,852 2,032 562 2,083 8,595 7,792 1,333 195 4,904 ',345 4 689 14 1958—Dec. 31 6,830 3,637 2,562 631 2,158 9,071 8,214 1,357 249 5,136 ,438 3 733 14 1959_June 24 6,516 3,687 2,137 692 1,842 8,440 7.423 1,123 259 4,586 ,424 164 740 14 Aug. 26 6,677 3,954 2,067 656 1,815 8,567 7,530 1,105 285 4,685 ,427 182 749 14 Dec. 31 6,885 4,206 1,985 694 2,003 8,967 8,062 1,231 272 5,070 ,468 40 762 14 1960—Feb. 24 6,634 ,165 1,812 657 1,882 8,599 7,288 1,099 213 4,535 ,417 431 747 11 Mar. 30* 6,630 4,135 1,866 629 1,604 8,329 6,978 1,219 233 4,103 ,399 467 752 11 Apr. 27* 6,531 4,156 1,745 630 1,783 8,410 7,281 1,087 235 4,520 ,402 241 755 11 May 25* 6,562 4,259 1,647 656 1,723 8,378 7,254 1,053 381 4,371 ,405 225 760 11 June 29* 6,598 4,342 1,620 636 1,854 8,546 7,474 1,151 407 4,442 ,426 161 769 11 July 27* 6,811 4,284 1,845 682 1,745 8,662 7,551 1,163 342 4,552 ,444 195 770 11 Aug. 31* 6,661 4,317 1,727 617 1,927 8,698 7,647 1,236 275 4,629 ,452 117 783 11 Reserve city member banks:6 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,999900 1111,423 1 2,844 353 1956—Dec. 31 53,915 31,783 17,368 4,764 1'7",716 72,854 66,524 7,584 294 ,201 40,64716,797 21 5,076 289 1957—Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67,483 7,241 301 ,358 39,9"6"0 18,623 21 5,370 278 1958—Dec. 31 60,558 34,003 20,645 5,910 17,701 79,781 72,647 7,506 377 ,429 42,259 21,075 14 5.760 274 1959—June 24 60,617 36,616 18,224 5,77715,762 77,887 69,448 5,994 341 ,600 39,72121,792 1,140 5; 945 273 Aug. 26 61,143 37,780 17,665 5,69815,441 78,068 69,679 6,093 342 ,081 39,"5-54 2"1',609 972 6,004 271 Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 ,698 42,668 21,555 238 6,106 265 1960— Feb. 24 58,848 38,116 15,340 5,392 15,600 76,065 67,435 5,877 256 ,661 38,956 20,685 1,004 6,082 233 Mar. 30* 58,445 38,392 14,690 5,36315,044 75,183 66,202 5,831 228 ,474 37,994 20,675 1,298 6,115 •225 Apr. 27* 59,649 38,990 15,305 5,35415,412 76,723 67,699 5,803 278 ,577 39,33320,708 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 37,996666 2211,168 1,064 6,257 223 July 27* 60,427 39,290 15,825 5,312 15,743 77,938 68,796 6,074 250 2,247 38,92521,300 1,063 6,256 222 Aug. 31* 60,683 39,497 15,920 5,26615,353 77,796 68,484 6,342 285 1,984 38,2"8"4' 2"1,589 1,093 6,306 217 Country member banks: * 1941—Dec. 31 12,518 5,890 4,377 2,250 6,40: 19,466 17,415 792 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5.465 24,23512,494 11 525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 432 28,37814,560 23 934 6,519 1956—Dec. 31 54,571 26,491 22,037 6,042 14,390 69,945 64,289 1,597 1,160 41, 19'4 —2 0,317 21 046 6,141 1957—Dec. 31 56,820 28,191 21,815 6,814 14,139 72,062 65,991 1,640 1,181 40,724 22,429 30 359 6,083 1958—Dec. 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 1,175 42,349 25,137 37 685 6,006 1959—June 24 62,386 32,317 22,377 7,692 12,363 75,986 68,787 1,232 1,309 40,115 26,094 510 898 5,975 Aug. 26 63,081 32,817 22,551 7,713 12,476 76,847 69,500 1,261 1,675 40,270 26,260 531 003 5,961 Dec. 31 64,082 33,766 22,535 7,781 14,122 79,567 72,323 1,602 1,508 42,832 26,356 71 035 5,938 I960—Feb. 24 64,463 34,220 22,466 7,777 12,543 78,284 70,561 1,255 1,429 40,975 26,878 47! 177 5,963 Mar. 30* 64;345 34,697 21,847 7,801 12,346 77,971 70,104 1,251 1,403 40,147 27,279 500 244 5,967 Apr. 27* 65,035 35,250 21,990 7,795 12,595 78,916 70,959 1,248 1,138 41,139 27,410 453 280*5,966 May 25* 65,174 35,668 21,749 7,757 12,323 78,798 70,576 1,191 1,803 40,03127,527 615 340^5,962 June 29* 65,112 36.075 21,241 7,796 12,564 79,007 71,044 1,223 1,947 40,0"0'3 2"7,847 371 369 5,962 July 27* 65,377 35,999 21,593 7,785 12,854 79,571 71,624 1,274 1,757 40,523 28,046 301 ,416 5,955 Aug. 31* 65,805 36,473 21,520 7,81" 12,924 80,210 71,923 1,308 1,623 40,533 28,433 490 ,484 5,962 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 5 Less than $5 million. Because preliminary data are rounded to the nounced in November 1947 by the Federal bank supervisory agencies. nearest $10 million no amount is shown except on call dates. At that time a net of 115 noninsured nonmember commercial banks 6 Beginning with February 1960 reserve city banks with total loans and with total loans and investments of about $110 million was added, and investments of $950 million and total deposits of $1,070 million were 8 banks with total loans and investments of $34 million were transferred reclassified as country banks. from noninsured mutual savings to nonmember commercial banks. For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1023 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G u t b i l o o . i n v g s t a s . . - O se t c h u e - r a C ss a e s t h s2 c c b T o a i a l a l u p o i n i a c t t i n d i t - a - e a t l s s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S e . ma O n t d her Time r B in o o w g r s - - c c T a o a p o u c i t n t - a a t l s : N ba b u o n e m f r ks - Govt. Other All insured commercial banks: 1941— Dec. 31 49,290 21,259 21,046 6,984 25,788 820 69,411 10,654 1,762 41,298 5,699 106,844 3,426 1945—Dec. 31 21,809 25,765 88,912 34,292 544147,775 13,883 23,740 80i,,2"7'6 2299,876 215 8,671 3,297 1947—Dec. 31 14,274 37,583 67,941 36,926 733141,851 2,615 54 1,325 92,,975 3344,882 619,734 3,398 1956—Dec. 31 63,601 89,831 57,837 933 48352 514195,953 5,981 1,301 3,7"1'7" 124,34650,608 56 5,98813,195 1957—Dec. 31 68,595 93,430 57,580 585 48127 220^65199,87615,489 1,264 3,859 123,12756,137 66 7,05113,142 1958—Dec. 31 83,596 97,730 65,669 20 198 48689236724214,48515,653 2,209 4,241 129,21463,168 67 8,154 3,101 1959_June 10 ,84,632 102,902 61,396 20334 42623 231876 206,14913,338 2,013 2,766 122,744 6655,288 2,7628,762 3,086 Dec. 31 88,790 110,299 58,348 20 143 49,158 242828218,47415,500 1,358 5,037 130,72065,858 6029,206 3,107 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20; 90;220 84,939 9,229 4,013 45,473 166,224 78 4,644 5,017 1947_Dec. 31 65,280 21,428 38,674 5,178 22; 88!182 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1956—Dec. 31 88,477 48,109 31,568 ,80027,006 117,345107,161 9,322 522 2,074 67,434 2277,810 198,450 4,651 1957—Dec. 31 91,201 50,350 31,234 9,617 26; 120,153109,091 8,958 517 2,166 66,546 3-0,904 389,070 4,620 1958—Dec. 31 99,277 52,627 35,714 10,936 26; 128,397116,714 9,035 767 2,292 69,808 34,812 43 9,643 4,578 1959—June 10 99,982 55,816 33,152 11,01423,835126,255112,659 7,818 705 1,526 66,433 36,177 1,42010,041 4,559 Dec. 31 02,615 59,962 31,761 1100,88992227,464132,636119,638 8,947 514 2,742 71,01536,421 3400,302 4,542 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 1302,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1956—Dec. 31.. 50,291 29,924 16,007 4,359 15,900 67,530 60,744 6,245 767 1,218 39,416 133,098 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 39,00114,386 185,483 1,773 1958—Dec. 31.. 55,588 31,435 18,585 5,568 16,407 73,620 66,10: 6,192 1,420 1,530 40,640 1166,320 105,817 1,734 1959_ D ju e n c e . 1 3 0 1 . . . . 5 5 5 5 , , 3 2 0 6 7 4 3 3 2 4 , , 6 8 1 1 6 7 1 1 7 5 , , 0 0 7 5 2 2 5 5 , , 6 3 1 9 9 6 1 1 4 6 , , 0 0 2 4 1 5 7 7 1 3 , , 0 09 1 0 0 6 62 5 , , 1 0 5 6 : 9 6 5 , , 1 12 0 7 2 1, 8 2 2 8 5 5 1, 8 76 8 3 0 3 39 8 , , 9 2 7 3 4 7 1 1 6 6, , 6 40 2 6 2 1, 2 2 4 6 0 65 5 , , 8 9 7 6 9 2 1 1 , , 7 69 2 1 1 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 ,560 10,635 5,680 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 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 18,766 12,063 2,696 6,793 1959_ D ju e n c e . 1 3 0 1 . . . . 2 3 9 0 , , 3 9 7 3 1 9 1 1 4 5 , , 4 53 8 4 4 1 1 1 1 , , 1 5 8 4 3 6 3 3, , 8 7 5 0 9 4 4 5 , ,6 7 5 7 1 0 3 37 4 , , 1 6 3 4 f 2 3 3 1 3 , , 3 79 6 5 5 4 3 5 9 1 2 5 36 3 1 3 1 1 8 9 , , 0 7 7 3 4 2 1 13 2 , , 0 5 5 1 9 6 2 2 , , 8 9 4 4 6 4 6 6 , ,8 8 7 1 8 0 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 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947_Dec. 3H... 2,009 474 1,280 255 576 2,643 2,251 177 18 1,392 478 325 783 1956—Dec. 31 1,521 471 714 336 369 1,946 ',562 152 159 936 300 313 444 1957—Dec. 31 1,473 468 660 345 301 1,831 ,449 147 121 840 303 31' 425 1958—Dec. 31.... 1,568 484 707 377 301 1,927 ,532 146 163 890 325 33: 399 1959_ D ju e ne c . 1 3 0 1.... 1 1 , , 5 4 1 8 8 0 5 53 0 4 4 6 58 3 9 9 3 35 7 8 5 2 3 7 0 1 9 1 1 , ,8 8 5 5 8 0 , ,4 4 2 4 9 4 1 1 4 5 3 0 122 8 87 3 3 0 3 31 4 1 2 3 3 3 5 8 0 3 3 6 8 6 3 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31* 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1956—Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 566 171 440 18,43310,024 2,649 7,181 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,42011,176 2,817 7,178 1958—Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 18 428 19,65512,387 3,028 7,192 1959—June 10 30,889 14,988 11,821 4,079 5,041 36,491 32,810 53< 144 368 18,90312,858 3,183 7,193 Dec. 31 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 3,294 7,244 Inured mutual savings banks: 1941—Dec. 31 1,693 64! 629 421 151 1,958 1,78< 1,789 164 52 1945—Dec. 31 10.846 3,081 7,160 606 429 11.424 10,363 12 10,351 1,034 192 1947_Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1 2 1212,192 1,252 194 1956—Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 3 2322,857 2,130 223 1957—Dec. 31 26,535 17,194 5,404 3,93^ 719 27,671 25,022 3 26 2244,991 2,308 239 1958—Dec. 31 28,980 19,180 5,215 4,585 752 30,189 27,277 3 2827,243 2,473 241 1959—June 10 30,150 20,106 5,324 4,721 630 31,228 28,041 2 2728,011 2,608 251 Dec. 31 30,580 20,94: 5,016 4,622 686 31,743 28,577 3 28 -2"8,544 2,654 268 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,07 496 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 63' 339 1956—Dec. 31 7,770 4,235 2,453 1,082 18: 8,028 7,146 7,143 81' 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

1024 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES» [In millions of dollars] Loans2 Investments c b o c C a m a l n l a m l k s d s e a a r o n c t f e d ial i m T l n o a v o e n a e n t n d a s t s t l s - Total 2 C c o m m c i l i p o n u i n e a a e m g d - r r l n - - - - A c tu a u g r l l r - - i- p o b L T s r u r e o o o r c c c a - a u h n r r r a s i y t s f i i i e o n n s r g g in f s i L n ti a o t t n u o a c t n i i s o a n l s l R t o e a e a s t a n - e l s O lo v i d t t a i n h o i d n - - e - s r O lo th a e n r s U. S. Govern C m er e - nt obligations S p O t a i i t g o c o o a b n a l a t f n l d i - e l i t s - - s O s ri e t t h c ie u e s r p k a e - t k a e n r d s ot T h o ers ba T n o ks o T th o ers uals Total Bills c t a if t i e - s Notes Bonds d su iv b i - per deal- sions ers Total:' 1947_Dec. 31.. 116,28438,057 18,,1671,660 830 1,220 115 9,393 5,723 947 69,2212,193 7,789 6,034 53,205 5,276 3,729 1958—Dec. 31.. 185,16598,214 40,425 4,973 2,832 1,829 719 25,25520,698 437 66,3766,294 7,39913,396 39,287 16,505 4,070 1959_j DUn ec e . 1 3 0 1 * . . . 1 1 8 9 6 0 , , 1 2 5 7 1 01 1 1 0 0 3 , ,4 8 0 3 6 2 4 4 0 1 ; , 6 1 1 7 3 4 5 5 , , 0 0 9 1 8 8 2 3 , , 3 0 3 1 3 81, , 8 9 5 03 0 1, 8 8 1 5 9 2 7,118 _2 2 .6 8 , , ,.6 0 .6 6 —.9 0 2 2 22 4 2 , , 1 3 6 8 6 2 3, » 576874 5 6 8 2 , , 9 0 3 3 7 5 6 5 , , 3 1 0 4 0 9 2 4 , , 4 7 2 2 0 2 1 1. 4 4. , ;. 8 0. 5 .3 6 .7 3 35 8 , , 3 1 6 2 0 7 1 1 6 6 , , 9 9 5 8 8 4 3 3 , , 5 7 4 2 3 5 2,—' All insured: 1941—Dec. 31.. 49,29021,259 9,2141,450 614 662 40 4,773 4,505 21,046 988 3,15916,899 3,651 3,333 1945—Dec. 31..121,80925,765 9,4611,314 3,164 3,606 49 4,677 2,361 1,132 88,9122,45519,07116,045 5"1,342 3,873 3,258 1947—Dec. 31...114,27437,58318,012 '1,610 8231,190 114 9,266 5.,654 914 67,9412,124 7,552 5,918 52,347 5,129 3,621 1958—Dec. 31...183,59697730 ,797',810 713 25,148 2"0i,,589 420 65,6696,159 7,36213,240 38,908 16,266 3,932 1959—June 10*.184,632102,902 41,459 5,046 2,312 1,884 1,847 26,,5..5. 0 2:2,2,64 549 61,3965,025 4,69013,928 37,754 16,743 3,591 Dec. 31..188,790110,299 40,022 4,973 2,9821,827 813 7,105 27,948 24,032 767 58,3486,189 2,40414,,729 35,027 16,721 3,422 Member, total: 1941—Dec. 31.. 43,52118,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31.. 107,18322,775 8,949 885555 3,1333,378 47 3,455 1,900 1,057 78,3382,27516,98514,271 4'4,807 3,2542,815 1947_Dec. 31.. 97,84632,62816,9621,046 811',065 113 7,130 4,662 839 57,9141,987 5,816 4,815 45,,295 4,199 3",105 1958—Dec. 31.. 154,86584,06137,444 3,'052 2,730 1,599 710 20,013 117,028 3,21154,2994,644 6,14311,117 32,396 13,405 3,100 1959—June 10*. 155,28988,43138,469 3 132 2,260 ,669 1,821 21,180 1188,;397 3,2"7'6 50,2253,854 3,688 li;0 ,27313;820 2,i813 Dec. 31.. 157,87994,779 36i826 3 116 2,8851,587 811 6,80122,185 1T9,877 2,603 46,8134,612 1,812 11,604 28,785 ,610 1960—June 15.. 157,65798,344 38,204 3^97 2,'469 1,488 2,309 6,7-3'6 22,'309 20,932 2,550 43,5262,521 1,58311,959 27,46313*473 2,315 New York City:* 1941_Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945_Dec. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,9721,002 640 558 9,772 638 604 1958—Dec. 31.. 25,96616,16510,928 1,652 382 503 641 1,502 921 7,486 643 1,106 1,602 4,135 1,869 446 1959__june 10*. 25,64816,514 1100,731 1,556 409 967 746 1,625 852 6,745 ,165 350 1,717 3,513 1,978 411 Dec. 31.. 25,29118,12110,549 ,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 I960—June 15.. 25,77418,35010,499 ,463 366 1,050 1,886 870 1,821 795 5,384 681 369 1,546 2,788 1,722 319 Chicago:* 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 ,022 182 193 1945_Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 ,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1958—Dec. 31.. 6,830 3,637 2,628 266 97 161 357 210 2,562 232 361 522 ',446 491 140 1959—June 10*. 6,581 3,643 2,678 146 107 181 386 203 2,235 178 205 439 ,414 564 139 Dec. 31.. 6,885 4.206 2,527 268 124 588 183 435 148 1,985 108 78 467 ,332 562 133 I960—June 15.. 6,707 4,386 2,716 187 123 581 183 396 211 1,664 46 42 480 1,096 564 93 Reserve city: 1941_Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31..40,108 8,514 3,661 205 4271,503 17 1,459 855 38729,5521,034 6,982 5,65315,883 1,126 916 1947_Dec. 31.. 36,04013,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,3421,053 1958—Dec. 31.. 60,55834,00315,808 669 518 851 191 8,405 6,930 1,30120,6451,293 2,370 4,49712,484 4,8641,047 1959—June 10*.60,81236,31516,410 753 404 860 715 8,986 7,513 1,35818,663 870 1,512 4,23012,051 4,885 949 Dec. 31...61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 98017,2921,484 645 4,10911,054 4,830 813 1960—June 15.. 59,75039,53415,778 805 511 713 924 3,184 9,036 8,430 89214,921 464 365 4,00610,086 4,623 672 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 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 2'6,999 630 5,102 4,54416,722 1,342 1,067 1947_Dec. 31... 36,32410,199 3,096 818 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,0061,262 1958—Dec. 31.. 61,51130,257 8,080 2,368 294 268 6 10,806 8,239 779 23,6062,475 2,306 4,49514,330 6,181 ,467 1959—June 10*. 62,24831,960 8,650 2,362 154 293 102 11,267 8,872 864 22,5811,642 1,622 5,02314,295 6,392 ,315 Dec. 31... 64,08233,766 8,4982 321 298 284 11 1,056 11,816 9,491 64322,5352,381 863 5,75113,540 6,452 ,330 1960—June 15.. 65,42736,074 9,2122,465 308 286 242 1,085 12,2~2~0 10,286 652 ~21\556 1,329 807 5,92813,493 6,565 ,232 Nonmember:3 1947_Dec. 31... 18,454 5,432 1,205 614 20 156 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1958—Dec. 31.. 30,32714,165 2,981 1,921 102 230 5,256 3,671 22612,0881,651 1,255 2,280 6,901 3,102 971 1959—June 10.. 30,88914,988 3,1441,967 73 234 5,502 3,985 29111,8211,295 1,034 2,629 6,864 3,166 913 Dec, 31... 32,41916,068 3,3481,902 133 263 317 5,888 4,289 18112,1341,689 608 3,254 6,584 3,283 934 * 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. the Federal Reserve System; these banks are included in member banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1025 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits ive- 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 t n e i f a d l F s B s w e e R e a r d r i n v e t v e - e k h r e s a s l C va a u s l h t b m a w a d n e n i o c s t k - e t h i s s c 3 j p m u o d a s a t d s e n e i - - t d d s 6 D In d o t - e e p r o b s a i n F ts k or- G U o .S v . t. p s S o u a t l a i b n t t d i d e c i s a - l C c o f a e e i f n e r f r i d d t s - i ' - p a v n s a i I d h r d n u t i d p n c a i o e s - l , r s r , - - I b n a t n e k r- G P U S a o o a n . s S v v d t - . t al S p su i t o c a b l a t i d e t l - i s - p a v n s a i I h d r d n t i u d p n c a i o e s - l , r r s - - , B in o g r s - c C o a t a u a c p n - l i t - s mestics eign visions ch e e tc c . ks, p ti o o r n a s - ings visions p ti o o r n a s - Total: 3 1947—Dec 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1958—Dec. 31.... 18,427 3,249 12,609115,518 14,142 ,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 7318,486 1959—June 10.... 18,084 3,118 10,371112,353 11,934 ,547 2,774 10,485 3,407 109,681 2,135 322 3,747 61,5622,77019,100 Dec. 31.... 17,931 3,012 12,237115,420 13,944 ,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62,718 61519,556 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1958—Dec. 31.... 18,427 3,227 12,353114,645 14,025 1,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 6718,154 1959—June io.... 18,084 3,096 10,140111,537 11,821 1,517 2,766 10,390 3,376 108,979 2,013 322 3,674 61,2922,76218,762 Dec. 31.... 17,931 2,990 11,969114,563 13,825 1,675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 60219,206 Member, total : 1941—Dec 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec, 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1958—Dec. 31.... 18,428 2,441 7,977 96,218 13,614 1,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 5415,460 1959—June 10.... 18,086 2,351 6,375 93,722 11,446 1,499 2,406 8,207 3,110 93,353 1,990 297 2,937 49,5652,68615,919 Dec. 31.... 17,932 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 58116,264 I960—June 15.... 17,918 2,427 6,913 91,042 11,980 [,387 5,745 8,304 3,366 93,896 1,305 234 2,768 50,5342,50316,829 New York City:* 1941—Dec. 31.... 5,105 93 141 10 761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945_Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 "l95 2,120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1958—Dec. 31.... 4,454 161 92 16,170 3,519 1,267 968 329 1,540 18,835 1,739 36 100 3,345 3,282 1959—June 10.... 4,090 148 66 16,010 2,888 1,148 479 295 1,259 17,657 1,564 27 140 3,423 809 3,300 Dec. 31.... 3,908 151 138 15,494 3,462 1,303 1,027 310 1,536 18,573 988 24 65 3,359 232 3,361 1960—June 15.... 4,054 144 87 15,332 3,149 1,060 1,140 294 1,849 17,754 992 24 95 3,360 980 3,430 Chicago:4 1941—Dec. 31 1,021 43 298 2 215 I 027 8 127 233 34 2,152 476 288 1945—Dec. 31 942 36 200 3'153 1,292 20 1,552 237 66 3,160 719 377 1947_Dec. 31.... 1,070 30 175 3 737 1,196 21 72 285 63 3,853 2 9 902 426 1958—Dec. 31.... 1,058 36 185 4,271 1,314 43 249 302 88 4,746 34 7 7 1,423 ""3 733 1959_june 10.... 998 29 105 3,947 1,119 41 120 235 77 4,345 31 8 12 1,387 272 743 Dec. 31.... 920 33 142 4,171 1,187 43 272 329 105 4,636 23 8 12 1,449 40 762 I960—June 15.... 995 28 109 3,678 ,193 40 335 283 85 4,301 43 4 8 1,401 333 765 Reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563'"*2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1958—Dec. 31.... 7,472 768 2,670 35,505 7,217 289 1,429 3,153 1,052 38,054 377 124 1,471 19,480 14 5,760 1959—June 10.... 7,350 750 2,110 34,625 6,159 291 858 2,959 830 36,201 361 122 1,466 20,1361,141 5,930 Dec. 31.... 7,532 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 1,229 20,231 238 6,106 1960—June 15.... 7,482 740 2,229 32,873 6,354 272 2,319 2,803 801 36,156 245 80 1,375 19,484 870 6,18! Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1958—Dec. 31.... 5,444 1,476 5,030 40,272 1,565 13 1,175 4,819 1,032 36,498 36 132 1,250 23,755 37 5,685 1959—June 10.... 5,647 1,423 4,093 39,140 1,281 19 950 4,718 944 35,150 34 140 1,320 24,620 463 5,946 Dec. 31..., 5,573 1,357 4,870 40,514 1,578 24 1,508 4,972 857 37,003 24 132 1,077 25,146 71 6,035 1960—June 15.... 5,388 1,515 4,488 39,159 1,285 14 1,951 4,923 631 35,686 26 127 1,290 26,289 320 6,453 Nonmember:* 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1958—Dec. 31 808 4,633 19,300 528 43 428 2,325 331 16,999 185 27 747 11,613 20 3,027 1959—June 10 767 3,996 18,632 487 48 368 2,279 297 16,328 144 25 810 12,024 84 3,183 Dec. 31 790 4,706 20,146 555 46 545 2,544 369 17,692 103 26 783 12,560 34 3,294 2 Beginning with June 30, 1948, figures for various loan items are 4 Central reserve city banks. shown gross (i.e., before deduction of valuation reserves); they do not 5 Beginning with June 30, 1942, excludes reciprocal bank balances, add to the total and are not entirely comparable with prior figures. Total which on Dec. 31,1942, aggregated $513 million at all member banks and loans continue to be shown net. $525 million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not 6 Demand deposits other than interbank and U. S. Govt., less cash items available prior to 1947; summary figures for earlier dates appear in the reported as in process of collection. preceding table. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1026 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Financial institutions T lo o a t n a s l L a o n a d ns Com- a T n o d b d r e o a k l e e r r s s To others Banks in N s o ti n tu b t a i n o k ns Wednesday i m n a v e n e n d s t t s - j i m u n s a v e t d e n e - s t d t s - 1 j L us a o t d a e - n d s 1 in m t a c r d n i i e a u a d r l l s - - A t c u u g r l r a - i l - G U t l i o i o o . g b S n v a - . - s t. O c t s u t i e h e r - s e i- r G U t l i o i o o . g b S n v a - . - s t. O c t s u t i e h e r - s i e - r F ei o g r n - c m m D c o t e i i o e m a c s - r - l - - n s c s P a a o a o f n e n n l i m e r - d c a - s - e l Other e R st e a a t l e l o o A t a h l n e l s r V se t a r i r o e l v - u n e a s panies etc. Total— Leading Cities 1959 Aug. 5 105,123 103,737 64,040 28,688 912 354 ,704 167 1,277 598 1,386 4,004 1,542 12,264 13,889 ,359 12 104,879 103,398 64,209 28,759 916 321 ,752 166 1,264 599 1,481 3,994 1,565 12,302 13,932 ,361 19 105,233 104,037 64,596 28,912 929 402 ,766 167 1,264 619 1,196 4,060 ',565 12,327 13,945 ,360 26 105,261 103,888 64,617 28,978 927 406 ,697 166 1,259 613 1,373 4,041 ,528 12,353 14,011 ,362 1960 July 6 104,796 103,282 68,614 31,449 954 229 ,476 136 1,134 742 1,514 4,687 ,622 12,521 15,120 ,456 13 106,986 105,547 68,669 31,373 966 492 ,479 138 1,148 722 1,439 4,578 ,609 12,541 15,079 ,456 20 106,218 105,253 68,336 31,162 980 431 ,422 140 1,138 700 965 4,588 ,618 12,538 15,070 ,451 27 106,098 104,723 67,837 30,981 991 259 ,399 135 1,129 698 1,375 4,493 ,608 12,520 15,076 ,452 Aug. 3 106,765 105,148 68,469 31,104 1,004 499 ,483 146 1,133 704 1,617 4,566 ,617 12,510 15,161 ,458 10 106,230 104,720 68,231 31,069 1,005 476 ,471 140 1,125 689 1,510 4,418 ,627 12,516 15,153 ,458 17 106,397 105,003 68,229 31,114 1,011 534 ,466 138 1,127 663 1,394 4,313 ,629 12,518 15,170 ,454 24 105,749 104,428 67,779 30,897 1,011 466 1,388 143 1,133 672 1,321 4,171 ,634 12,560 15,156 ,452 106,198 104,845 67,943 30,970 1,023 468 1,392 140 1,134 674 1,353 4,183 ,645 12,566 15,202 ,454 31 New York City 1959 Aug. 5 25,836 25,291 16,678 9,746 269 1,241 411 392 545 1,382 303 774 2,510 396 12 25,574 25,052 16,723 9,759 245 1,289 415 388 522 1,367 314 790 2,506 396 19 25,764 25,236 16,863 9,836 240 1,270 413 405 528 1,444 305 798 2,503 396 26 25,691 25,226 16,859 9,882 225 1,222 416 412 465 1,425 304 805 2,520 396 1960 July .§:::::::::: 2 2 5 6 , , 4 1 0 8 1 8 2 24 5 , , 7 5 1 4 1 0 1 1 7 7 , , 4 4 9 8 5 9 1 10 0 , , 4 5 7 1 9 2 2 1 6 2 9 6 9 93 2 1 5 3 3 3 4 8 8 4 4 6 5 0 0 6 64 9 8 0 1 1, , 5 6 4 4 3 6 3 3 2 2 5 0 8 8 7 8 1 1 2 2 , , 6 6 6 5 3 3 4 41 1 1 1 20 25,617 25,466 17,341 10,362 260 867 346 433 151 1,609 319 863 2,658 409 27 25,746 25,14: 17,129 10,319 149 837 339 43 604 1,603 308 857 2,661 410 Aug. 3 26,094 25,462 17,505 10,385 320 916 337 438 63: 1,597 315 854 2,715 411 10 25,661 25,181 17,263 10,335 265 871 335 425 480 1,532 315 849 2,714 411 17 25,629 25,223 17,242 10,336 307 889 338 413 406 1,480 307 842 2,707 411 24 25,408 24,912 16,927 10,232 205 852 341 42: 496 1,396 305 838 2,706 404 31 25,525 25,231 17,070 10,321 221 861 341 420 294 1,423 315 83 2,705 405 Outside New York City 1959 79,28' 78,446 47,36: 18,94: 911 463 12: 866 206 841 2,62 1,239 11,490 11,379 963 79,305 78,346 47,486 19,000 915 76 463 121 849 211 959 2,627 1,251 11,512 11,426 965 19 79,469 78,801 47,733 19,076 928 162 496 123 851 214 668 2,616 1,260 11,529 11,442 964 26 79,570 78,66: 47,758 19,096 926 181 475 123 843 201 908 2,616 1,224 11,548 11,491 966 1960 79,395 78,571 51,119 20,937 948 545 108 796 282 824 3,041 1,297 11,650 12,457 1,045 July ,!::::: 80,798 80,007 51,180 20,894 961 223 554 111 800 27: 791 3,035 1,289 11,660 12,426 1,045 2 2 0 7 8 8 0 0 , , 6 3 0 5 1 2 7 79 9 , , 5 7 8 8 1 7 5 5 0 0 , , 9 7 9 0 5 8 2 2 0 0 , , 8 6 0 6 0 : 9 9 7 8 5 6 1 1 7 1 1 0 5 5 5 6 5 2 1 10 1 6 2 7 79 9 0 2 2 2 6 6 7 6 7 8 7 1 1 2 2 , , 9 8 7 9 9 0 1 1 , , 2 3 9 0 9 0 1 1 1 1 , , 6 6 7 6 5 3 1 1 2 2, , 4 4 1 1 5 2 1 1 , , 0 0 4 4 2 2 Aug. 3 80,67 79,686 50,964 20,719 999 179 567 112 796 266 985 2,969 1,302 11,656 12,446 1,047 10 80,569 79,539 50,968 20,734 1,000 211 600 112 790 264 1,030 2,886 1,312 11,667 12,439 1,047 17 80,768 79,780 50,987 20,778 1,006 227 577 109 789 250 988 2,833 1,322 11,676 12,463?l,043 24 80,341 79,516 50,852 20,665 1,006 261 536 11 792 250 825 2,775 1,329 11,722 12,45011,048 31 80,673 79,614 50,873 20,649 1,018 247 531 112 793 254 l,05( 2,760 1,330 11,731 12,49^ ',049 1 Exclusive of loans to domestic commercial banks and deduction of valuation reserves; individual loan items are shown | Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 1027 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- 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 Aug. 5 29,646 2,345 1,166 1,546 17,885 6,704 10,051 17,030 2,658 84 1,067 13,221 3,160 134,896 12 29,196 2,068 1,143 1,509 17,798 6,678 9,993 17,047 2,738 1,204 13,017 3,169 135,578 19 29,451 2,460 1,096 1,800 17,421 6,674 9,990 17,094 2,727 90 1,158 13,119 3,036 135,386 26 29,270 2,378 1,095 1,762 17,382 6,653 10,001 17,065 2,614 101 1,195 13,155 2,971 134,505 1960 July ,S::::::::: 25,266 898 891 907 17,955 4,615 9,402 17,574 2,850 102 1,172 13,450 3,580 137,833 27,453 3,115 888 903 17,960 4,587 9,425 17,643 2,863 90 1,284 13,406 3,649 140,631 20 27,428 3,149 875 855 17,974 4,575 9,489 17,946 2,683 92 1,216 13,955 3,658 139,198 27 27,324 3,039 866 900 17,962 4,557 9,562 17,457 2,696 93 1,253 13,415 3,732 137,438 Aug. 3 27,062 2,782 848 936 17,926 4,570 9,617 17,373 2,706 101 1,145 13,421 3,752 138,289 10 26,903 2,627 855 945 17,900 4,576 9,586 17,101 2,655 102 1,201 13,143 3,774 137,362 17 27,169 2,390 ,311 684 17,902 4,882 9,605 17,579 2,763 104 1,192 13,520 3,707 138,915 24 27,150 2,395 ,315 701 17,860 4,879 9,499 16,933 2,624 100 1,232 12,977 3,689 135,848 27,381 2,612 ,309 724 17,870 4,866 9,521 17,115 2,648 97 1,189 13,181 3,837 137,586 31 New York City Au8-,i: 1 : 9 : 5 : 9 ::::: 6,297 998 141 366 3,443 1,349 2,316 3,947 142 3,711 ,226 33,767 6,019 798 126 336 3,418 1,341 2,310 3,930 145 3,693 ,250 33,710 19 6,038 835 126 382 3,356 1,339 2,335 3,856 139 3,611 ,200 33,833 26 6,011 831 117 375 3,350 1,338 2,356 3,899 145 3,646 ,136 33,658 1960 5,211 415 370 3,435 904 2,005 4,134 162 3,851 ,45: 34,819 July 6,011 ,234 366 3,422 904 2,040 4,032 162 3,767 ,529 35,888 20 6,045 ,261 366 3,436 901 2,080 4,385 151 4,132 ,521 35,357 27 5,891 ,161 358 3,413 90: 2,122 4,188 152 3,937 ,543 34,939 Aug. 3 5,819 ,122 339 3,397 900 2,138 4,09: 148 3,842 ,546 34,972 10 5,758 ,051 344 3,406 894 160 3,990 150 3,730 ,601 34,676 17 5,831 916 478 3,389 1,033 .150 4,172 148 3,910 ,591 34,833 24 5,852 957 482 3,375 1,02" 2,133 3,944 147 3,695 ,59' 34,029 31 5,978 ,086 472 3,38' 1,020 2,183 4,280 148 4,028 ,656 35,023 Outside New York City 1959 Aug- £:::::::: 23,349 1,347 1,025 1,180 14,44: 5,35: 7,735 13,083 2,607 925 9,510 1,934 101,129 23,177 1,270 1,017 1,173 14,380 5,33' 7,683 13,117 2,688 1,059 9,324 1,919 101,868 19 23,413 1,625 970 1,418 14,065 5,33: 7,655 13,238 2,667 1,019 9,508 1,836 101,553 26 23,259 1,547 978 1,387 14,032 5,31: 7,645 13,166 2,564 1,050 9,509 1,835 100,847 1960 'uly ,§::::::::: 2 2 0 1 , , 0 4 5 4 5 2 , 4 8 8 8 3 1 5 52 2 1 8 81 2 8 0 1 1 4 4 , , 5 5 3 2 8 0 3 3 , , 7 6 1 8 1 3 7 7 , ,3 3 9 8 7 5 1 1 3 3 , , 6 4 1 4 1 0 2 2 , , 7 8 7 0 7 2 1 1 , , 1 0 2 1 2 0 9 9 , , 6 5 3 9 9 9 2 2 , , 1 1 2 2 0 8 1 1 0 0 4 3 , , 7 0 4 1 3 4 20 21,383 ,888 509 774 14,538 3,674 7,409 13,561 2,622 1,065 9,823 2,137 103,841 27 21,433 ,878 508 843 14,549 3,655 7,440 13,269 2,642 1,101 9,478 2,189 102,499 Aug. 3.. 21,243 ,660 509 875 14,529 3,670 7,479 13,281 2,650 99 9,579 2,206 103,317 10 21,145 ,576 511 88 14,494 3,682 7,426 13,111 2,593 1,051 9,413 2,173 102,686 17 21,338 ,474 833 669 14,513 3,849 7,455 13,407 2,697 1,044 9,610 2,116 104,082 24 21,298 ,438 833 685 14,485 3,857 7,366 12,989 2,572 1,085 9,28f 2,092 101,819 31 21,403 ,526 837 706 14,488 3,846 7,338 12,835 2,591 1,041 9,153 2,181 102,563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1028 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju m e D p s a a t o d e n e s - - d d it 1 s Dom In e t s e - rban F k or- G U o .S vt . . S p s a i t o u c a n l a b t i d e l t - - s C c o a f e e i f n e r f r s d i t d - * i- p v s a I id h a n rt n u i d n p d a i e s - l , r s - , I b n a t n e k r- p G u o a o . n s v t d s a t. l . S p s a i t o u c a n l a b t i d e l t - - s p v s a i I d h a r n t n u i d n p d a i e s - l , r s - , B F F a r . o n R m k . s o F t r h o e m rs O li i a t t i b h e i e s l r - C c a o a p u c i n - ta ts l tic eign divi- checks, corpo- sav- divi- corposions etc. rations ings sions rations Total- Leading Cities 1959 Aug. 5 61,218 10,769 1,448 2,906 4,837 2,219 63,745 1.744 174 1,644 28,941 463 1,849 3,045 11,112 12 61,047 10,977 1,416 2,397 4,576 2,104 64,850 1,705 176 1,631 28,940 410 2 173 3 096 11 127 19 60,030 10,695 1,441 4,293 4,540 2,185 63,328 1,694 175 1,617 28,931 382 1,866 3,097 11,142 26 60,786 10,239 1,403 3,856 4,573 2,232 63,189 ,701 175 1,594 28,926 326 2,037 3,110 11,144 1960 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 ,307 126 1,878 29,360 140 2,180 4,531 11,674 Aug 3 . 59,392 10,988 1,372 4,549 4,947 2,375 62,469 [,376 129 1,882 29 417 189 2 354 4,519 11,723 10 58,967 11,291 1.474 3,720 4,691 2,572 61,961 ,387 127 1,882 29,489 107 2,249 4,679 11,733 17 58,163 11,186 1,'433 4,613 4,625 2,354 62,416 422 127 1 922 29 631 389 2 308 4 749 11 740 24 58,603 10,572 1,416 3,871 4,581 2,215 61,284 [,437 130 1,985 29,687 98 2 101 4,735 11,736 31 58,934 10,771 1,390 3,676 4,794 2,340 62,236 [.431 133 1,987 29,738 309 2,136 4,843 11,802 New York City 1959 Aug. 5. 15,445 2,825 1.120 1,016 256 1,050 16,897 1 376 26 141 3 336 70 927 1 415 3 312 12.::.::: 15,355 2,840 1,082 757 268 923 17,120 1,351 25 138 3,336 7 1,109 1,440 3,314 19 15,039 2,857 1,102 1,248 260 1,026 16,766 1 342 26 140 3 322 34 981 1 414 3 315 26 15,234 2,806 1,090 [,058 253 1,109 16,804 1,328 26 140 3,328 13 1,001 1 396 3 306 1960 July 6 14,427 3,274 1,020 1,317 287 1,440 16,532 980 24 125 3 329 997 2 063 3 431 13 14,604 3,241 1,063 1,714 371 1,593 16,779 988 25 125 3,314 182 872 2,190 3,431 20 14,811 3,137 1,081 1,370 279 1,439 16,927 994 24 171 3,318 61 924 2,199 3,433 27 15,042 2,978 ,027 1,258 322 1,328 16,854 998 25 172 3,355 950 2,242 3,430 Aug 3. . . 15,057 2,933 1,038 1,348 296 1,377 16,624 1 0S2 25 171 3 365 1 071 2 219 3 453 10 14,580 3,023 1,149 1,063 272 1,611 16,121 ,056 25 176 3,364 7 1,052 2,298 3,459 17 14,439 2,958 1,092 1,238 270 1,356 16,254 ,077 25 179 3,393 117 1,077 2,335 3 462 24 . 14,564 2,874 1,081 1,039 273 1,274 16,097 090 25 180 3 400 890 2 355 3 451 31 14,716 2,993 .058 .011 289 1,361 16,628 .084 28 182 3,427 51 1,033 2,409 3,469 Outside New York City 1959 Aug 5 45,773 7,944 328 1,890 4,581 1,169 46,848 368 148 1,503 25,605 393 922 1 630 7 800 12 . 45,692 8,137 334 1,640 4,308 1,181 47,730 354 151 1,493 25,604 403 1,064 1,656 7,813 19 44,991 7,838 339 3,045 4,280 1,159 46,562 352 149 1,477 25,609 348 885 1 683 7 827 26 . 45,552 7,433 313 2,798 4,320 1,123 46,385 373 149 1,454 25,598 313 1,036 1,714 7,838 1960 July 6.. . 43,219 8,151 343 3,241 4,319 1,136 45,815 306 104 J fM) 25,894 380 1,281 2,163 8,241 l?::.:::. 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 ,706 26,005 140 1,230 2,289 8,244 Aug. 3 44,335 8,055 334 3,201 4,651 998 45,845 324 104 ,711 26,052 189 1,283 2,300 8,270 10 44,387 8,268 325 2,657 4,419 961 45,840 331 102 ,706 26 125 100 1 197 2 381 8 274 17 43,724 8,228 341 3,375 4,355 998 46,162 345 102 [,743 26,238 272 1,231 2,414 8,278 24 44,039 7,698 335 2,832 4,308 941 45,187 347 105 I 805 26 287 98 1 211 2 380 8 285 31 44,218 7,778 332 2,665 4,505 979 45,608 347 105 1,805 26,311 258 1,103 2,434 8,333 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 1029 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (-). In millions of dollars] Manufacturing and mining Comm'i Period 2 t l o F i b q a o a n u o c d o d c r , o , T a l p e e a x p a n t t a h i d r l e e e r s l, , M p m u a r c e e n o t t t s d d a a l 3 - l s ch P l e c e a e m o u n t a r m d i o l c , , - al, Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s u P p t ( t t r o i u i i a l n o r b i n c t n t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n f l e e l e s r ss c c h l f N a a i n e s e s g d t i e - s c r h w e a i a e i p n n a n e n o d l g g k l d r ' e l l t y — rubber banks 1959—Jan.- July 1 . -519 218 864 -162 188 284 -364 -141 106 145 620 762 July 8-Dec.. 698 -58 -148 248 26 151 738 480 11 -31 2,114 1,983 1960—Jan.-June... -558 273 1,062 -52 354 372 -677 -48 96 155 977 1,180 1960—June. 15 53 168 -26 92 10 -95 126 25 41 409 473 July., -104 25 -308 -79 7 -45 -9 -20 5 5 -524 -664 Aug.. 102 89 -112 -11 24 -32 83 -105 20 55 113 -11 Weekending: 1960—June 1. 37 -16 -9 -1 -7 -2 14 -17 9 9 -2 8. -78 -6 -10 13 -26 -24 -35 -16 -179 -179 15. 53 37 184 18 55 39 -40 104 21 23 494 535 22. 4 2 13 -10 36 -3 -11 10 9 10 59 82 29. -1 11 -7 -15 -11 7 -18 33 10 16 25 37 -7 -6 -159 -60 16 -2 2 43 -13 -5 -189 -196 -64 14 5 -1 23 -32 -4 -44 13 32 -57 -76 20. 9 -1 -73 -21 -11 16 -7 -25 -5 -13 -133 -211 27. -41 18 -81 3 -21 -28 -1 6 10 -10 -145 -181 Aug. 3. 30 24 10 -4 17 9 25 -17 7 44 145 123 10. -22 14 -37 6 15 -7 6 -35 7 8 -44 -35 17. 50 33 -16 22 22 -10 14 -35 12 -29 61 45 24. -6 -42 -17 -18 -42 15 -60 4 -8 -175 -217 31. 50 18 -27 -18 -12 17 24 42 -9 41 126 73 1 Data for a sample of about 200 banks reporting changes in their NOTE.—Beginning with the week ended July 8, 1959, changes in comlarger loans; these banks hold about 95 per cent of total commercial mercial and industrial loans exclude loans to sales finance companies and industrial loans of all weekly reporting member banks and about and certain other nonbank financial concerns (for description of revisions, 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 p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0- llars) 200 p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0- llars) 200 10 100 200 and over 10 100 200 and over Quarterly (cont.):2 Annual averages, New York City: 19 large cities: 1959_june 4.71 5.55 5.24 4.97 4.61 Sept 5.15 5.79 5.60 5.36 5.07 1951 3.1 4.7 4.0 3.4 2.9 Sept.3 5.14 5.79 5.61 5.36 5.06 1952 3.5 4.9 4.2 3.7 3.3 Dec.3 5.19 5.82 5.61 5.41 5.12 1953 3.7 5.0 4.4 3.9 3.5 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 1955 3.7 5.0 4.4 4.0 3.5 7 Northern and Eastern 1956 4.2 5.2 4.8 4.4 4.0 cities: 1957 4.6 5.5 5.1 4.8 4.5 1959—June 4.90 5.67 5.33 5.06 4.78 1958 4.3 5.5 5.0 4.6 4.1 Sept 5.27 5.88 5.69 5.42 5.17 1959 5.0 5.8 5.5 5.2 4.9 Sept.3 5.28 5.89 5.70 5.42 5.17 Dec.3 5.39 5.95 5.77 5.50 5.30 Quarterly: 2 1960—Mar 5.34 5.95 5.73 5.47 5.24 19 large cities: June 5.34 5.94 5.72 5.52 5.24 1959—June 4.87 5.68 5.33 5.06 4.72 11 Southern and Sept 5.27 5.91 5.65 5.43 5.15 Western cities: Sept.3 5.27 5.92 5.66 5.44 5.15 1959_ June 5.07 5.74 5.37 5.13 4.87 Dec.3 5.36 5.99 5.74 5.54 5.24 Sept 5.44 5.97 5.65 5.50 5.29 I960—Mar 5.34 6.01 5.75 5.50 5.21 Sept. 3 5.46 5.99 5.68 5.51 5.30 June 5.35 6.00 5,76 5.53 5.22 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 21/A per cent Jan. 1-Jan. 7,1951. Changes 2 Based on figures for first 15 days of month. thereafter occurred on the following dates (new levels shown, in per cent): 3 Coverage of Survey revised in accordance with changes in the loan 1951—Jan. 8, 2%; Oct. 17, 2%; Dec. 19, 3; 1953—Apr. 27, 3*4; 1954— schedule of the call report of condition to exclude loans to nonbank Mar. 17,3; 1955—Aug. 4, 3V4; Oct. 14,3%; 1956—Apr. 13,3%; Aug. 21, financial institutions. 4; 1957—Aug. 6, 4%; 1958—Jan. 22, 4; Apr. 21, 3Vi; Sept. 11,4; 1959— May 18, 4^; Sept. 1, 5; and 1960—Aug. 23, 4%. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1030 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Prime Finance m c e o r m ci - al co p m ap p e a r ny ba P n ri k m e e rs' 3-month bills 6-month bills 9- to 12-month issues Year, month, or week paper, placed accept- 3- to 5- 4-toe- directly, ances, year months1 m 3- o t n o t h 6 s - 2 90 days 3 on R is s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l k d s e ) t Others issues 6 1957 average.. 3.81 3.55 3.45 3.267 3.23 3.53 3.62 1958 average.. 2.46 2.12 2.04 1.839 1.78 2.09 2.90 1959 average.. 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 1959_Aug 3.97 3.87 3.56 3.358 3.38 3.840 3.87 4.31 4.32 4.45 Sept.... 4.63 4.52 4.07 3.998 4.04 4.626 4.70 4.83 4.80 4.78 Oct 4.73 4.70 4.25 4.117 4.05 4.646 4.53 4.69 4.65 4.69 Nov.... 4.67 4.38 4.25 4.209 4.15 4.585 4.54 4.54 4.70 4.74 Dec 4.88 4.82 4.47 4.572 4.49 4.915 4.85 4.99 4.98 4.95 1960—Jan 4.91 5.02 4.78 4.436 4.35 4.840 4.74 4.95 4.93 4.87 Feb 4.66 4.50 4.44 3.954 3.96 4.321 4.30 4.45 4.58 4.66 Mar 4.49 4.16 3.96 3.439 3.31 3.693 3.61 3.68 3.93 4.24 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 Aug 3.34 2.94 3.04 2.286 2.30 2.574 2.59 2.82 2.89 3.50 Week ending: I960—Aug. 6 3,38 2.94 3.13 2.131 2.13 2.409 2.39 2.81 2.86 3.49 3.38 2.94 3.08 2.215 2.18 2.458 2.48 2.79 2.84 3.52 20 3.38 2.94 2.93 2.278 2.31 2.621 2.66 2.83 2.93 3.52 27 3.30 2.94 3.05 2.518 2.43 2.806 2.70 2.81 2.90 3.47 Sept. 3 3.25 3.01 3.00 2.550 2.53 2.825 2.82 2.87 2.93 3.51 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 YIELDS1 [Per cent per annum] Government bonds Corporate bonds3 Stocks 5 State By selected By Dividend/ Earnings/ Year, month, or week United and local3 ratings groups price ratio price ratio S (l t o a n te g s - Total4 term)2 Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d Corn- C m o o m n - Number of issues 4-7 20 120 30 30 40 40 40 14 500 500 1957 average.... 3.47 3.56 3.10 4.20 4.21 3.89 4.71 4.12 4.32 4.18 4.63 4.35 8.43 1958 average 3.43 3.36 2.92 3.95 4.16 3.79 4.73 3.98 4.39 4.10 4.45 3.97 5.23 1959 average 4.07 3.74 3.35 4.24 4.65 4.38 5.05 4.51 4.75 4.70 4.69 3.23 1959—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 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 4.70 4.96 4.95 4.81 3.26 Nov 4.12 3.81 3.44 4.30 4.85 4.56 4.69 4.99 4.86 4.81 3.24 Dec 4.27 3.84 3.43 4.37 4.87 4.58 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 .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 Aug 3.79 3.55 3.10 4.15 4.61 4.28 5.08 4.49 4.82 4.53 4.61 3.43 Week ending: 1960—Aug. 6.. 3.75 3.68 3.22 4.24 4.67 4.34 5.15 4.54 4.86 4.63 4.64 3.54 3.62 3.14 4.21 4.64 4.30 5.11 4.50 4.83 4.57 4.63 3.46 20i! 3.51 3.03 4.11 4.60 4.26 5.06 4.49 4.82 4.51 4.60 3.42 27.. 3.47 2.99 4.05 4.57 4.23 5.03 4.46 4.79 4.47 4.57 3.35 Sept. 3. . 3.84 3.46 2.99 4.05 4.57 4.23 5.01 4.45 4.79 4.46 4.60 3.40 1 Monthly and weekly yields are averages of daily figures for U. S. 4 Includes bonds rated Aa and A, data for which are not shown sepa- Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividend/price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks, on Wednesday figures. Earnings/price ratios for common 5 Standard and Poor's Corporation. Preferred stock ratio is based on stocks are as of end of period. 8 median yields in a sample of noncallable issues—12 industrial and 2 2 Series is based on bonds maturing or callable in 10 years or more. public utility. For common stocks, the ratios beginning with July 1957 3 Moody's Investors Service. State and local govt. bonds include gen- are based on the 500 stocks in the price index; prior to mid-1957 on the eral obligations only. 90 stocks formerly included in the daily price index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1031 SECURITY PRICES1 Bond prices Common stock prices Volume Standard and Poor's series Securities and Exchange Commission series of (index, 1941-43= 10) (index, 1939= 100) trad- Ye o a r r , w m e o ek nth, t ( G e U 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 - ) - "•Total d t I r u n i s a - - 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 - e turin N r g a d o b u n l - e - 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 i f c n a n r i e v d d - c - e e , , M in i g n- s s t h i h a a ( n o n o i r g f n d e u 4 s s - ) Number of issues. 500 425 25 50 265 170 98 72 29 31 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—Aug.. 85.11 100.6 94.3 59.40 63.74 35.56 45.15 434 542 516 556 349 219 425 324 2,431 Sept.. 83.15 98.3 93.0 57.05 61.21 33.78 43.59 417 520 500 529 333 211 424 305 2,739 Oct... 84.95 100.2 92.8 57.00 61.04 34.32 44.11 416 517 498 524 339 213 428 292 2,788 Nov.. 84.82 100.9 92.9 57.23 61.46 32.80 43.71 417 519 496 530 322 211 434 285 3,398 Dec... 83.00 99.3 92.4 59.06 63.56 33.57 44.31 429 538 518 547 328 213 440 297 3,284 I960—Jan... 81.81 98.3 92.0 58.03 62.27 33.68 44.50 419 518 499 526 323 219 434 292 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 Aug.. 88.93 106.7 96.4 56.51 59.96 30.19 48.65 402 476 454 486 290 243 460 258 2,841 Week ending: I960—Aug. 6 89.46 105.1 95.5 55.12 58.50 29.48 47.45 393 465 446 474 279 237 448 252 2,569 13 89.07 106.1 96.1 56.07 59.55 29.93 48.02 402 477 453 490 292 240 460 259 2,940 20 88.78 107.1 96.5 56.80 60.25 30.61 48.93 404 478 456 488 294 245 463 260 2,741 27 88.68 107.6 96.7 57.68 61.22 30.80 49.61 409 483 461 493 294 250 468 263 3,060 Sept. 3 88.40 107.4 97.0 57.07 60.49 30.02 49.72 404 474 450 487 285 253 463 264 2,990 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Total- Net debit balances with Bank loans to others (than End of monthl o s t e h c e u r r i t t h ie a s n New York f S ir t m oc s k 2 Exchange ch b a ro si k n e g r s a n a d n d c a d r e ry al i e n r g s ) s e fo cu r r p it u ie r- s3 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 5 io ) + ns U S ob e . c l S i u g . r a e G t d io o b n v y s t. S s e e c c o u u t r h r e i e d t r i e b s y U ob . l S ig . a G tio o n v s t. se O cu th ri e ti r es U ob . l S ig O . a n G tio o n v s t. se o cu O th r n i e t r ies ba c l r a e n d c it es 1956—Dec. 3,984 33 2,823 41 ,161 46 2,132 880 1957—Dec. 3,576 68 2,482 60 ,094 125 1,706 896 1958—Dec. 4,537 146 3,285 63 ,252 234 2,071 1,159 1959—Aug. 4,528 154 ,269 166 ,259 217 2,199 1,035 Sept. 4,443 156 ,250 162 ,193 231 2,149 1,039 Oct.. 4,401 168 ,210 158 ,191 227 2,178 967 Nov. 4,460 165 ,273 158 ,187 236 2,256 974 Dec. 4,454 150 3,280 164 ,174 221 2,362 996 I960—Jan.. 4,365 134 3,198 154 ,167 190 2,233 1,001 Feb. 4,274 138 3,129 146 ,145 202 2,194 981 Mar. 4,158 117 3,028 136 ,130 161 2,059 988 Apr. 4,153 113 3,037 135 ,116 185 2,155 940 May 4,132 130 3,021 139 ,111 208 2,115 970 June 4,214 106 3,082 135 ,132 162 2,110 1,016 July. 4,133 110 3,004 135 ,129 187 2,042 1,018 Aug. 4,243 111 3,109 147 ,134 173 2,063 1,021 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, loans for purchasing or carrying U. S. Government securities were recar 2 r y L y]i e n d g g m er a r b g a i l n a n a c c e c s o u o n f ts m , e a m s r b e e p r o f r i t r e m d s t o o f t h t e h e E x N c e h w an Y ge o . rk C S u to st c o k m E er x s c ' h d a e n b g i e t ported separately only by New York and Chicago banks. Accordingly, andfree 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

1032 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS* ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed P di l r a e c c e t d - Total Banks p I o m rt - s p E o x rt - s Dollar ship p p o e i d n ts b e i t n w : een Total through ly Others into from exdealers1 ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht Own F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign acct. corr. States countries 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 ,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,744 840 3 1,904 ,194 302 238 64 49 68 775 254 349 83 244 263 1959-July 3,552 759 2,793 957 198 160 38 25 74 661 259 334 85 26 253 Aug 3,646 795 2,851 946 169 127 42 21 72 685 287 322 56 29 251 Sept 3,334 763 2,571 954 205 158 47 20 67 662 316 301 45 46 246 Oct 3,784 755 3,029 945 182 145 36 28 62 673 304 290 36 81 234 Nov 3,664 784 2,880 ,029 232 187 44 34 71 693 355 283 46 119 226 Dec 3,118 627 2,491 ,151 319 282 36 75 82 675 357 309 74 162 249 I960—Jan 3,889 664 3,225 ,229 230 193 36 42 124 833 341 337 149 158 245 Feb 4,085 718 3,367 ,240 218 170 48 35 119 868 350 336 193 131 229 Mar 4,320 805 3,515 ,366 250 178 72 33 153 929 364 413 201 144 244 Apr 4,269 888 3,381 ,336 320 247 73 30 167 819 373 461 128 109 266 May 4,492 920 3,572 ,263 310 237 74 29 161 763 352 474 87 65 286 June.... r4,459 rl ,021 3,438 ,382 311 229 82 30 182 859 375 501 94 91 321 July 4,652 1,116 3,536 ,561 404 299 104 29 180 948 400 545 166 76 373 r Revised. 3 Beginning with November 1958, series revised to include all paper 1 As reported by dealers; includes finance company paper as well as with maturity of 270 days and over. Figures on old basis for December other commercial paper sold in the open market. were (in millions of dollars): Total, 2,731; placed directly, 1,891. 2 As reported by finance companies that place their paper directly with 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 a d te l C r o a a n r t p d e o- a C s a se s t h s O as t s h e e t r s s l u T ia a t r o i b n p e t i d s l 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 r m tg i a tments2 govt. other i accts. Number Amount 1941 4 787 89 3 592 1 1 829 689 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 19593 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 1959—juiy , 24,058 304 7,288 751 4,918 724 549 38,592 34,570 710 3,312 86.894 1,503 Aug . . 24.214 339 7,276 750 4,931 727 547 38,784 34,650 798 3.336 79,862 1,460 Sept 24,374 356 7,244 758 4,929 725 561 38,947 34,847 730 3,370 77,316 1,439 Oct 24,511 327 6,963 738 4,874 698 553 38,664 34,660 665 3,339 73,699 1,294 Nov 24,635 366 6,878 730 4,846 718 556 38,729 34,633 724 3,372 76,612 1,245 Dec 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960—Jan 24,928 333 6.862 715 4,833 698 565 38,934 34,909 660 3,365 62,285 1,099 Feb . . 25,044 372 6,851 706 4,824 735 569 39,101 34,959 742 3,400 55,775 1,029 Mar . . 25,194 412 6,883 709 4,876 776 570 39,420 35,279 722 3,419 55,028 1,008 Apr 25,323 386 6,735 722 4,857 690 575 39,288 35,184 713 3,391 57,916 1,059 May 25,484 446 6,655 699 4,870 732 578 39,464 35,242 799 3,423 54,364 1,042 June r25,653 r396 r6 562 r695 r4,927 840 569 r39,642 r35,463 r720 r3,459 52,638 1,028 July 25,812 435 6,514 691 4,965 771 572 39,760 35,484 797 3,479 53,276 1,031 r Revised. 3 Data reflect consolidation of a large mutual savings bank with a comn.a. Not available. mercial bank. 1 Includes securities of foreign governments and international organiza- NOTE.—These data differ somewhat from those shown elsewhere in tions and obligations of Federal agencies not guaranteed by the U. S. the BULLETIN; the latter are for call dates and are based on reports filed Government, as well as corporate securities. with Federal and State bank supervisory agencies. Loans are shown 2 Not a balance-sheet item. Data represent commitments outstanding net of valuation reserves. of banks in New York State as reported to the Savings Banks Association of the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 1033 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s United State and M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Total States local Foreign 2 Total Bonds Stocks (U.S.) End of year: 3 1941 32,731 9,478 6 796 1 995 687 10,174 9,573 601 6 442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2.573 23.322 2,020 2,914 3,302 1954 84,486 12,262 9 070 1 846 1,346 37,300 34,032 3,268 25 976 2,298 3,127 3,523 1955 . 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96 Oil 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 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 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_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 Aue 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 3,591 38,744 3,631 4.511 5,305 Nov 112 904 11 668 7 016 3 154 1 498 48,662 45,032 3,630 38,984 3,673 4,555 5,362 Dec . .. 113,626 11,536 6,848 3,177 1,511 48,908 45,206 3,702 39,299 3,670 4,605 5,608 I960 Jan 114,202 11,731 7,011 3,197 1,523 49,047 45,330 3,717 39,573 3,688 4,651 5,512 Feb 114,666 11,755 6 975 3 222 1,558 49,170 45,435 3,735 39,769 3,698 4,709 5,565 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 4,897 5,527 June . 116,377 11,468 6,559 3,317 1,592 49,880 46,942 3,788 40,631 3,786 4,957 5,658 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 E o n r d m of o n y t e h ar g M ag o e r s t- 2 o G U b o l . i S v g . t a . - Cash Other 3 a li s a T T s b e o o i t l t t s i a a t — i l l es 2 S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 4 d L p o ro an ce s s i s n Other M c m o o l m e o rt n a m g n t a s i g 5 t- e tions profits 1941 4,578 107 344 775 6,049 4,682 475 256 636 n.a. 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 n.a. 1952 18,396 1,787 1,289 1.108 22,660 19,195 1,658 944 863 n.a. 1953 21,962 1,920 1,479 1,297 26,733 22,846 1,901 1,027 959 n.a. 1954 26,108 2,013 1,971 1,469 31,633 27,252 2,187 950 1,244 n.a. 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958 45.627 3,819 2,585 3,108 55,139 47,976 3,845 1.444 1,161 713 1,475 1959r 53,093 4,474 2,201 3,707 63,475 54,556 4,392 2,388 1,282 857 1,285 1959_jUne. 49,348 4,413 2,348 3,570 59,679 51,461 4,093 1,675 1,589 861 1,979 July.. 50,131 4,517 1,916 3,462 60,026 51,651 4,099 1,706 1,597 973 1,951 Aug.. 50,858 4,534 1,873 3,484 60,749 52,045 4,111 1,824 1,585 1,184 1,862 Sept.. 51,528 4,527 1,820 3,549 61,424 52,489 4,116 1,972 1,539 1,308 ,779 Oct... 52,149 4,534 1,752 3,637 62,072 52,888 4,121 2,108 1,476 ',479 ,626 Nov.. 52.608 4,500 1,817 3,777 62,702 53,371 4,133 2,165 1,374 ,659 ,470 Dec.' 53,093 4,474 2,201 3,707 63,475 54,556 4,392 2,388 1,282 857 ,285 I960—Jan.r. 53,413 4,675 1,887 3,594 63,569 55,024 4,400 1,935 1,184 ,026 ,316 Feb.r. 53,811 4,742 1,854 3,656 64,063 55,433 4,410 1,810 1,172 ,238 ,378 Mar.r 54,356 4,715 1,903 3,756 64,730 56,056 4,419 1,683 1,219 ,353 ,482 Apr.r 54,922 4,716 1,873 3,860 65,371 56,428 4,424 1,721 1,265 ,533 ,560 May. 55,552 4,731 1,953 4,069 66,305 57,061 4,429 1,721 1,314 ,780 ,632 June. 56,310 4,577 2,261 3,994 67,142 58,243 4,632 1,930 1,358 979 ,614 r Revised. 1958, no deduction is made for mortgage pledged shares. These have n.a. Not available. declined consistently in recent years and amounted to $42 million at the * Figures are for all savings and loan associations in the United States. end of 1957. Data beginning with 1951 are based on monthly reports of insured 3 Includes other loans, stock in the Federal home loan banks and other associations and annual reports of noninsured associations. Data prior investments, real estate owned and sold on contract, and office buildings to 1951 are based entirely on annual reports. and fixtures. 2 Prior to 1958 mortgages are net of mortgage pledged shares. Asset 4 Consists of FHLB advances and other borrowing. items will not add to total assets which include gross mortgages with 5 Not a balance-sheet item. no deductions for mortgage pledged shares. Beginning with January NOTE.—Data for 1959 and 1960 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1034 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t o er r P b t r e a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - Y qu e a a r r t o er 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 37.7 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—2 3,410 1,266 2,144 1,818 834 983 1,593 432 1,161 3 38.8 19.1 19.6 12.6 7.0 3 2,788 1,126 1,663 1,647 681 967 1,141 445 696 4 44.9 22.1 22.7 12.0 10.8 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 1960—1 2,950 1,211 1,739 1,608 728 880 1,341 482 859 2 51.7 25.5 26.2 13.2 12.9 2 3,101 1,163 1,937 1,808 in 1,090 1,293 446 847 3 45.3 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. 1036 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 NOTE.—Quarterly data are at seasonally adjusted include the same types of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 1036. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS' [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U e t c o i . e u v S s r t i . . - N G U o o . v t r S e e t . s . c 2 e a i n v d a b O a le c th c e ts r . I t n o v ri e e n s - Other Total G N U o o . t v e S t p s . . a 2 a y n a d b l O e ac th c e ts r . F i b n e i c l t l d i a i o a t e x i m - r e a s e l Other 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 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 2 125.3 257.6 35.8 21.5 2.7 107.7 81.7 8.3 132.4 1.7 84.3 13.5 32.9 3 126.9 262.1 35.5 22.9 2.7 110.6 82.1 8.4 135.2 1.7 85.8 14.4 33.3 4 128.8 268.3 37.2 23.5 2.9 112.7 83.6 8.3 139.5 1.7 89.4 15.4 32.9 I960 1 130.7 270.2 33.8 23.4 2.9 113.6 87.2 9.4 139.6 1.8 89.8 14.0 34.0 2 131.2 271.5 34.5 21.7 2.9 115.6 87.4 9.5 140.3 1.8 91.0 13.0 34.6 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Total Year Total M fa i c a n t n g u u r- - M in i g n- T R r r o a a a i n d l s - por O ta t t h io e n r P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i i c n n n i t n u g g d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 a ( a j s l r u n l e a y s n a t t s u a e e o ) a d d n l - 1952 26.5 11.6 1.0 1.4 .5 3.9 1.5 5.6 1959—1 6.9 2.7 .6 .2 2.5 30.6 1953 28.3 11.9 1.0 1.3 .6 4.6 1.7 6.3 2 8.3 3.3 .8 .5 2.8 32.5 1954 26.8 11.0 1.0 .9 .5 4.2 1.7 6.5 3 8.3 3.3 .8 .5 2.7 33.4 1955 28.7 11.4 1.0 .9 .6 4.3 2.0 7.5 4 9.0 3.8 .8 .5 2.9 33.6 1956 35.1 15.0 [.2 1.2 .7 4.9 2.7 8.4 1957 37.0 16.0 1.2 1.4 .8 6.2 3.0 7.4 1960—1 7.9 3.3 :2 1.2 2.7 35.2 1958 30.5 11.4 .9 .8 .5 6.1 2.6 7.2 2 9.3 4.0 1.4 3.0 36.3 1959 32.5 12.1 .0 .9 >.O 5.7 2.7 8.2 34r... 9.3 3.9 :S .6 3.0 36.9 19604' 36.4 14.6 1.1 >.l 5.9 117 44 9.9 4.4 1.7 3.0 36.9 f Revised. 3 Includes communications and other. 1 Corporate and noncorporate business, excluding agriculture. 4 Anticipated by business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 1035 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1958 1959 1960 1955 1956 1957 1958 1959 4 1 2 3 4 1 2 Manufacturing Total (180 corps.): Sales 104,402 107,717 114,229 105,134 115,874 28,716 29,555 32,452 26,872 26,995 r31,573 31,010 Profits before taxes .. ... 14,803 13,418 13,349 10,466 14,013 3,508 3,899 4,643 2,440 3,032 r4,002 3,559 Profits after taxes 7.564 7,094 7,177 5,714 7,259 2,003 2,016 2,499 1,099 1,645 r2,063 1,809 Dividends • • 3,847 4,068 4,192 4,078 4,361 1,042 1,033 1,029 1,051 1,247 1,092 1,099 Nondurable goods industries (79 corps.):* Sales 36,858 39,463 41,740 41,541 45,718 11,007 11,085 11,450 11,414 11,769 rll,599 11,701 Profits before taxes .. 5,013 5,146 5,010 4,402 5,606 1,297 1,376 1,482 1,391 1,356 r1,407 1,424 Profits after taxes 2,814 2,943 2,944 2,574 3,131 785 769 808 780 775 '785 791 1,588 1,683 1,776 1,785 1,916 463 459 445 448 564 482 486 Durable goods industries (101 corps.):2 Sales 67,544 68,254 72,525 63,593 70,156 17,709 18,470 21,001 15,458 15,226 M9,974 19,310 Profits before taxes 9,790 8,272 8,339 6,065 8,407 2,211 2,523 3,161 1,049 1,675 '2,595 2,135 Profits after taxes . .. . 4,750 4,151 4,233 3,140 4,128 1,218 1,247 1,692 319 870 '1,277 1,018 Dividends 2,259 2,385 2,416 2,294 2,445 578 575 585 603 683 '610 612 Selected industries: Foods and kindred products (25 corps.): Sales 8,632 9,394 9,987 10,707 11,937 2,763 2,786 2,947 2,986 3,218 '2,821 2,974 Profits before taxes 868 955 1,024 1,152 1,275 306 287 322 340 326 303 341 Profits after taxes 414 460 497 555 604 148 136 153 162 154 142 160 Dividends 260 277 289 312 343 88 85 78 79 100 92 88 Chemicals and allied products (21 corps.): Sales . . 9,584 10,199 10,669 10,390 11,593 2,770 2,770 3,054 2,964 2,804 3,057 3,146 Profits before taxes 1,866 1,804 1,823 1,538 2,133 474 493 595 550 495 537 534 Profits after taxes 955 942 948 829 1,107 270 254 302 282 269 276 281 690 698 737 717 799 185 180 177 179 264 191 186 Petroleum refining (16 corps.): Sales 11,515 12,454 13,463 12,838 13,413 3,422 3,447 3,228 3,281 3,458 '3,427 3,273 Profits before taxes 1,344 1,444 1,325 919 1,194 276 360 300 259 274 '307 292 Profits after taxes . . .. 979 1,068 1.075 791 913 243 263 220 215 215 '238 220 Dividends 438 481 512 516 523 129 133 128 128 134 130 130 Primary metals and products (35 corps.): Sales 20,744 22,365 22,468 19,226 20,978 5,222 5,621 7,110 3,644 4,603 6,003 5,442 Profits before taxes 3,267 3,331 2,977 2,182 2,329 756 821 1,183 -88 413 854 615 Profits after taxes 1,652 1,727 1,540 1,154 1,127 404 416 695 -215 231 426 322 Dividends 730 880 873 802 831 203 201 204 204 221 206 208 Machinery (25 corps.): Sales . 12,480 13,908 15,115 14,685 16,472 3,833 3,853 4,189 4,100 4,331 4,000 4,171 Profits before taxes 1,253 1,209 1,457 1,463 1,854 425 422 504 462 466 389 395 Profits after taxes . . 637 607 729 734 933 208 212 254 231 237 197 202 Dividends 368 403 416 422 461 104 113 106 123 119 121 119 Automobiles and equipment (14 corps.): Sales 24,624 21,217 23,453 18,469 20,593 5,677 6,259 6,585 4,624 3,124 7,022 6,520 Profits before taxes 4,011 2,473 2,701 1,332 2,987 718 1,012 1,117 356 503 1,076 940 Profits after taxes 1,841 1.186 1,354 706 1,470 447 491 570 155 254 521 460 Dividends . 872 791 805 758 810 183 184 196 197 233 '199 199 Public Utility Railroad : Operating revenue 10,106 10,551 10,491 9,565 9,826 2,555 2,388 2,633 2,368 2,437 2,411 2,477 Profits before taxes 1,341 1,268 1,058 843 848 365 167 310 127 243 165 '212 Profits after taxes 927 876 737 602 578 271 99 207 86 186 99 «139 Dividends... 448 462 438 419 403 160 116 82 78 127 91 Electric Power: Operating revenue 8,360 9,049 9,670 10,195 11,102 2,617 2,928 2,644 2,685 2,845 '3,131 2,808 Profits before taxes 2,304 2,462 2,579 2,704 2,988 671 853 682 713 739 853 695 Profits after taxes 1.244 1,326 1,413 1,519 1,669 391 469 385 392 422 502 422 Dividends 942 1,022 1,069 1,134 1,213 291 303 302 301 306 325 321 Telephone: Operating revenue 5,425 5,966 6,467 6,939 7,572 1,807 1,825 1,891 1,909 1,947 1,967 2,025 Profits before taxes 1,282 1,430 1,562 1,860 2,153 510 522 551 537 543 558 585 Profits after taxes 638 715 788 921 1,073 251 258 272 268 275 277 290 Dividends 496 552 613 674 743 173 178 183 190 192 196 200 r Revised. * Estimated. Bell System Consolidated (including the 20 operating subsidiaries and 1 Includes 17 companies in groups not shown separately. the Long Lines and General departments of American Telephone and 2 Includes 27 companies in groups not shown separately. Telegraph Company) and for two affiliated telephone companies, which NOTE.—Manufacturing corporations. Data are obtained primarily together represent about 85 per cent of all telephone operations. Divifrom published company reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric Power. Figures are for Class A and B electric utilies (which series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 account for about 95 per cent of all electric power operations) and are (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public obtained from reports of the Federal Power Commission, except that utilities); and p. 908 of the BULLETIN for September 1944 (electric power). quarterly figures on operating revenue and profits before taxes are partly For back data for manufacturing, see pp. 792-93 of the BULLETIN for estimated by the Federal Reserve to include affiliated nonelectric opera- July 1959; back data for other series are available from the Division of tions. Research and Statistics. Telephone. Revenues and profits are for telephone operations of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1036 SECURITY ISSUES NEW SECURITY ISSUES» [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Prop a o l s l e c d o r u p s o e r o at f e n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth tire- Total G U o . v S t . .3 a F e C g r e y e a d 4 n l - - S n m a p t i n a c a u d t i l - - e Others Total Total B P l o i u c n l b d y - s v P at r e i l - y f s e P t r o r r c e e k - d C s m t o o o m c n k - Total Total m N on ew ey7 O p p o t u h s r e e - s r m s ri e t o e c i f e n u s t offered placed 1952 27 209 12 577 459 4,401 237 9,534 7 601 3 S45 3 957 564 1 369 9 380 ,716 8 180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3f *56 3,228 489 1,326 8 755 ,495 7 960 535 260 1954 29,765 12,532 458 6,969 289 9 516 7,488 4,<103 3,484 816 1,213 9 365 7 490 6 780 709 1,875 1955 26,772 9 628 746 5,977 182 10 \ 240 7 470 4 119 3 301 635 2 185 10 049 ,8?1 7 957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,00? 4, ??5 3,777 636 2,301 10 749 1C,384 9 663 721 364 1957 30,571 9 601 572 6,958 557 12,884 9,957 6 (18 3 839 411 2 516 12 661 1?,447 784 663 214 1 1 9 9 5 5 9 8 3 34 1 . , 4 0 4 7 3 4 1 1 2 2 , , 3 0 2 6 ? 3 2,3 7 2 0 1 7 7 7 , , 6 4 8 4 1 9 1,0 6 5 1 2 6 1 9 1 , . 7 5 4 5 8 8 7 9 , , 1 6 9 5 0 3 3 6J , W 55 > 7 3 3 , ,3 6 2 3 0 2 5 57 3 1 1 2 1 , , 0 3 2 3 7 4 1 9 1 , 5 3 2 7 7 2 If 9, , 3 87 9 3 2 9 8, 9 5 0 7 7 8 9 8 1 1 5 4 5 1 4 3 9 5 1959_June 2,290 323 995 47 925 627 270 357 43 255 903 887 825 63 16 July 452 350 457 93 552 433 173 260 26 93 538 535 463 73 3 Aug 1,710 309 98 523 5 774 642 •14 228 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 . ... I 121 2,574 587 39 922 644 331 313 47 230 898 879 801 78 19 Nov. ... ,722 332 458 41 891 657 396 261 61 173 871 864 803 61 7 Dec .. . 1,942 380 86 476 75 926 747 277 470 45 134 907 900 844 56 7 I960—Jan I 958 420 182 696 11 649 5?4 3?3 201 26 100 635 577 550 27 58 Feb 2,127 435 150 622 181 740 554 ?53 302 29 156 724 715 667 48 9 Mar 2,077 391 150 568 74 894 675 361 314 46 173 875 860 803 57 15 A M p a r y 1 1, , 9 5 5 7 1 9 2,8 3 6 6 0 8 3 1 5 4 4 8 1 55 1 6 1 r ' 4 7 3 8 r ' 8 5 1 9 1 5 ' ' 5 4 8 0 4 4 3 18 4 5 7 r '2 2 1 3 9 7 r '3 3 1 8 1 1 9 5 6 3 r r 7 5 8 7 9 7 ' '5 7 6 6 7 6 r r 6 5 8 1 1 9 ' '4 8 8 6 ' 1 2 1 3 June 2,493 350 978 49 1,115 859 540 319 26 229 1,085 1,034 985 50 51 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing Commercial and Transportation Public utility Communication Real estate miscellaneous and financial Year oi month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1952 3,713 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 1,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 7,254 174 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 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 1,605 138 1 294 118 1 014 47 1959 1,941 70 812 28 942 15 3,189 15 707 (9) 1,801 6 1959_june 222 4 129 6 93 4 328 1 22 94 July 135 1 61 32 170 7 129 1 A.UE 127 15 44 2 98 1 191 36 245 Sent 206 4 35 10 138 1 109 1 56 161 Oct 86 14 83 4 104 1 341 126 140 Nov 114 (9) 5C 2 17 (9) 241 5 262 180 (') Dec . .. 164 3 61 1 60 1 346 72 198 I960 Jan 68 5 64 1 57 1 155 (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 A J M u p a n r y e '1 2 ' 7 9 5 1 2 3 '3 2 2 H '6 4 i 9 9 6 1 ' r 5 8 3 6 0 3 (s9) r1 3 3 4 6 0 2 4 2 ( 1 9 3 8 ) ' ' 3 5 6 7 4 2 1 '1 2 3 4 7 9 5 3 ' r 2 9 \ 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. * Issues not guaranteed. 8 Represents all issues other than those for retirement of securities. * 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 1037 NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars] All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer 2 Use of proceeds 2 Total Period Total G g o a e b a t n i l l o e i- n r- R n e u v e e- A P H u i u i o t t n b y h u g l 3 o s ic - r- F l G o e a o a d n v l e s t r . 4 - State S d a s i u p t t a s o a e t n t h t r c r d u y i o i c a - r t l - Others a d m er e e o li d u v n « - t Total c E a d ti u o - n R br a o i n d a d g d e s s W s o u e a t t a t i w n h i e t l d e e s e i r - r r h R d i t o n e e i u a g n s l s i - 7 - - V a a e n i t d e s' r- O p p o t u h s r e e - s r ity 1952 4,410 2,633 1,463 305 9 718 1,305 2,387 n.a. 4,096 969 938 642 424 100 1,024 1953 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1,119 1954 6,969 3,380 3,205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 1,333 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 1,414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 1,464 1957 «7,150 4,795 1,964 66 324 1,508 1,279 4,362 6,568 7,099 2,551 1,041 1,524 299 333 1,352 1958 7,832 5,446 1,778 187 420 2,016 1,368 4,448 7,708 7,746 2,644 1,172 1,403 530 339 ,657 1959 7,880 4,766 2,397 333 384 1,609 2,094 4,177 7,415 7,773 2,238 834 1,961 701 355 681 1959—May. .. 596 369 93 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 ioo 197 July.... 567 224 192 105 150 150 62 355 985 567 155 159 50 145 58 Aug.. . . 515 392 117 6 177 80 258 538 514 151 59 86 4 120 94 Sept 515 398 112 5 133 93 290 401 468 168 43 82 1 32 141 Oct 594 357 128 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 59 102 15 125 75 255 431 453 252 16 57 4 126 1960—Jan 741 449 '245 47 176 157 '409 480 736 219 31 107 39 50 290 Feb '631 '364 152 12 7 '272 '352 '632 '623 '181 77 '105 108 151 Mar '578 r467 '84 27 154 '89 '335 '639 '575 '217 79 '56 18 50 155 Apr '734 '448 248 103 18 '57 '247 '430 545 '729 '312 '136 113 27 141 May.... '555 '293 '111 17 65 '52 '437 '729 '551 '140 '15 '120 144 131 June.... 970 497 411 20 63 227 335 409 546 970 250 51 179 53 51 386 133 n.a. Not available. r Revised. 5 Consists of municipalities, counties, townships, school districts and, 1 Data prior to 1957 are from the Bond Buyer as classified by Federal prior to 1957, small unclassified issues. Reserve. 6 Excludes Federal Government loans. These data are based on date 2 Classifications prior to 1957 as to use of proceeds and type of issuer of delivery of bonds to purchaser (and of payment to issuer) which occurs are based principally on issues of $500,000 or more; smaller issues not after date of sale. Other data in table are based on date of sale. classified. As a result some categories, particularly education, are under- 7 Includes urban redevelopment loans. stated relative to later data. 8 Beginning in 1957 this figure differs from that shown on the opposite 3 Includes only bonds sold pursuant to the Housing Act of 1949. page, which is based on Bond Buyer data. The principal difference is in These are secured by a contract requiring the Public Housing Administra- the treatment of Federal Government loans. tion to make annual contributions to the local authority. 9 Less than $500,000. 4 Beginning with 1957, coverage is considerably broader than earlier. UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, AUGUST 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—Coet. Sept. 1,1960 1,501 Feb. 2,1961 400 Oct. 1,1962 1% 590 Dec. 15, 1963-68... 2Vi 2,815 S Se e p rt t . . 1 8 5 , , 1 1 9 9 6 6 0 0 1 1 , , 6 6 0 0 0 0 F F e e b b . . 1 9 6 , , 1 1 9 9 6 6 1 1 5 5 0 0 0 0 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 6 6 3 2 3 2 V % 4 3 1 , , 9 1 7 4 1 3 J F u e n b e . 1 1 5 5 , , 1 1 9 9 6 6 4 4 -69... 2 V 3 i 3 3 , , 7 85 3 4 7 Sept. 22,1960 1,601 Feb. 23, 1961 501 Apr. 1,1963 1% 533 Dec. 15, 1964-69... 2 V2 3,811 Sept. 29,1960 1,500 Mar. 22, 1961* 3,512 May 15, 1963 4 1,743 Feb. 15, 1965 2% 6,896 Oct. 6.1960 1.501 Apr. 15, 1961 2,001 Oct. 1,1963 U/i 506 Mar. 15, 1965-70... 2^ 4,690 Oct. 13, 1960 1,501 July 15, 1961 1,501 Nov. 15, 1963 4% 3,011 Aug. 15, 1966 3 1,484 Oct. 17, 1960 2,007 Apr. 1,1964 11/2 457 Mar. 15, 1966-71...2Vi 2,937 Oct. 20, 1960 1,400 Certificates May 15, 1964 4*4 4,933 June 15, 1967-72... 2^ 1,803 N O o ct v . . 2 3 7 , , 1 1 9 9 6 6 0 0 1 1 , , 4 4 0 0 0 0 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 6 6 1 0 4 4 3 % 4 7 6, , 9 0 3 3 8 7 M Au a g y . 1 15 5 , , 1 1 9 9 6 6 4 4 3V 54 2 3 , , 3 8 1 9 6 3 D Se e p c t . . 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . . . . . . 2 2 1 V /2 t 2 3 , , 7 6 1 2 6 3 Nov. 10, 1960 ,505 May 15, 1961 4% 3,674 Oct. 1,1964 1% 490 May 15,1968 3% 1,390 N N De o o c v v . . . 2 1 5 1 7 , , , 1 1 1 9 9 9 6 6 6 0 0 0 1 1 , , 6 6 5 0 0 0 0 0 0 Tr A ea u s g u . r y 1 n , o 1 t 9 es 61 3i/8 7,829 A N M p o a r v y . . 1 1 5 5 1 , , , 1 1 1 9 9 9 6 6 6 5 4 5 4 4 iy % % 2 4 2 , , 1 1 1 9 1 6 5 3 9 N O M c o a t v y . . 1 1 5 5 1 , , , 1 1 1 9 9 9 6 7 7 9 4 5 -85.. .4 3 1 % 4 4 1 4 6 2 7 5 7 0 4 6 Dec. 8,1960 500 Oct. 1,1960 1% 278 Feb. 15, 1980 4 884 D J J J J D D a a a a e e e n n n n c c c . . . . . . . 2 2 1 1 1 1 5 9 2 5 2 9 5 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 6 6 6 6 6 6 6 0 1 0 0 1 1 1 1,5 4 5 5 5 5 5 0 0 0 0 0 0 0 4 0 0 0 0 0 0 A A O F A F M e e p c u p a b b t r g r y . . . . . . 1 1 1 1 5 5 1 1 1 5 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 6 6 6 6 6 6 6 2 1 1 1 2 2 1 A 3 1 3 l V % f % % c 4 4 i 4 2 1 , , ,4 1 5 6 0 3 1 3 3 5 4 7 3 4 5 6 1 7 2 8 4 Tr J D N D S N e u a e e e o o s n p c c v v u e t . . . . . r y 1 1 1 1 1 1 5 5 5 5 5 5 b , , , , . , o 1 1 1 1 1 n 1 9 9 9 9 d 9 9 6 6 6 6 s 5 1 5 1 0 0 9 9 - - - 6 6 6 5 2 2 3. . . . . . . . 2 2 2 2 2 2 % V 1 V V i/ 4 2 4 8 4 2 6 3 5 3 1 . , , , , , 2 4 4 8 9 2 8 5 3 0 6 6 5 1 9 6 4 3 P C a o J F F M n n u a e e v n a m b b e y e . . r a ti 1 1 1 b 1 C 5 5 5 l 5 e a , , , , n 1 1 1 1 b a 9 9 9 o 9 l 9 9 8 n 7 5 L 0 5 d 8 s o -8 a 3 n .. . . . 3 3 3 .. V V V 3 3 4 i 4 2 1 1 1 , , , , 1 7 6 7 3 2 0 5 2 5 7 0 0 2 Jan. 26, 1961 400 May 15,1962 4 2,211 June 15, 1962-67... 2Vi 2,109 Investment Series B Aug. 15, 1962 4 158 Aug. 15, 1963 2Vi 6,755 Apr. 1,1975-80.... 2*/4 6,162 • Tax anticipation series* 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 1030. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1038 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketable Total Total E m n o d n t o h f d g e ro b s t s 1 d d g i e r r o b e s c t s 2 t Total Total Bills C c e a r t ti e f s i- Notes B e b l a l i e g n i 4 k - Bon s d t B s r r i a c e n - te k d b C v i o b e o n r l n e d t- - s Totals b S i o n a n g v d s - s n s i T a o n a n a t g v d e x s - s S i p ss e u c e ia s l 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 (6) 43.9 1956 Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958 Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959 Aug 290.5 290.4 242.9 184.5 38.6 20.3 40.7 84.8 7.6 50.8 50.0 44.7 Sept 288.4 288.3 241.1 183.1 37.1 20.3 40.8 84.8 7.5 50.6 49.7 44.4 Oct 291.4 291.3 244.9 187.4 39.1 20.3 43.1 84.8 7.3 50.2 49.4 43.6 Nov . 290 7 290 6 244 2 187.0 39.1 19.7 43 3 84 8 7 2 50 0 49.3 43 6 Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960 Jan 291.2 291.1 245.5 189.9 41.2 19.7 44.2 84.8 7.0 48.6 47.9 42.6 Feb 290.7 290.6 244.8 189.4 41.2 15.2 48.2 84.8 6.9 48.5 47.8 42.8 Mar 287 0 286 8 240.5 185.4 37.2 15.2 48 3 84 8 6 6 48.4 47.8 43.3 Apr 288.9 288.8 242.9 188.1 37.1 15.2 50.6 85.2 6.5 48.3 47.6 42.8 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 Aug 288.8 288.7 240.4 186.3 36.4 25.5 42.0 82.3 6.2 48.0 47.3 45.2 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $404 million on Aug. 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, adjusted service bonds, and R.E.A. bonds, not shown sep- 3 Includes amounts held by Govt. agencies and trust funds, which arately. aggregated $10,639 million on July 31, 1960. 6 Less than $50 million. 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 ( a s i g n e n t i c c t e g e u l s u u e r ) d i a d - - r- S i p ss t e r u c u e i s a s t l fun P i d s u s s b u * l e i s c 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 o n r m c k i s a - 2 l M s b a a v u n m tu 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 ts e l . S b a o v n i I n n d g d s s ivid se u O c a u l th s ri e ti r es i M t n o v i r s e s c s 3 . - 1941 Dec 64.3 7.0 2.6 54.7 2 3 21.4 3.7 8.2 4.0 .7 5.4 8 2 9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 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 I953 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 I959—June 284.8 44.8 9.9 230.2 26.0 61.5 7.3 12.5 21.5 16.7 47.0 18.1 19 4 July 288.8 44.1 10.0 234.7 26.5 62.1 7.3 12.6 23.4 17.0 46.9 18.6 20.4 AUK 290.5 44.7 9.9 235.9 26.7 61.1 7.3 12.7 24.4 17.2 46.7 19 1 20 6 Sept 288.4 44.4 9.8 234.2 26.6 60.3 7.3 12.6 22.9 17.3 46.5 19.8 21.0 Oct 291.4 43.6 10.0 237.8 26.6 60.8 7.0 12.6 24.1 17.4 46.3 21.2 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 60.3 6.9 12.3 23.5 17.5 45.9 22.4 21.8 I960 Jan 291.2 42.6 10.6 238.0 25.5 59.1 6.9 12.5 25.4 17.6 45.8 23.3 22.0 Feb 290.7 42.8 10.4 237.5 25.2 57.1 6.9 12.4 26.2 17.7 '45.8 23.8 22.4 Mar 287.0 43.3 10.4 233.3 25.3 54.9 6.9 12.2 23.4 17.8 45.7 24.7 22 4 Apr 288.9 42.8 10.4 235.7 25.6 57.0 6.8 12.1 23.9 17.7 r45.7 24.3 22.8 M^ay . ... 289.5 43.9 10.5 235.1 26 0 56.2 6.7 12.0 24.2 17 6 r45.6 24 3 22 4 286.5 44.9 10.4 231.1 26.5 55.6 6.6 11.8 20.9 17.7 45.6 24.4 22.0 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. * 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 1039 OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk d le e s t 2 - v b C e o r o t n i n b d - l s e Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1955—June 30. 66,882 19,514 13,836 40,729 81,128 11,676 55,206 49,703 38,188 33,687 33,628 1956—June 30. 66,050 20,808 16,303 35,952 81,890 11,098 54,953 58,714 31,997 31,312 32,930 1957—June 30. 65,985 23,420 20,473 30,973 80,839 10,280 55,705 71,033 39,184 14,732 30,756 1958—June 30. 75,573 22,406 32,920 20,416 90,932 8,898 66,675 67,782 41,071 22,961 34,860 1959—June 30. 85,709 32,017 33,843 27,314 84,853 7,681 78,027 72,958 56,819 18,538 29,713 Dec. 31. 95,346 39,643 19,669 44,152 84,804 7,077 88,269 78,456 61,609 23,625 24,579 1960—May 31. 94,166 37,332 17,650 47,557 85,195 6,432 87,735 72,849 73,184 21,413 20,288 June 30. 90,151 33,415 17,650 51,483 81,297 6,306 83,845 68,982 72,844 21,731 20,288 U. S. Govt. agencwi 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 1,679 1,448 2,944 Dec. 31. 9,982 260 363 ,700 5,071 2,587 7,394 1,037 1,909 1,882 2,567 1960—May 31. 10,272 351 426 ,754 5,208 2,533 7,738 1,012 2,759 2,006 1,961 June 30. 10,246 371 459 ,810 5,136 2,470 7,776 1,070 2,683 2,062 1,961 Federal Reserve Banks: 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,405 3,773 1,014 1,415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1,014 1,415 1 19 9 5 5 8 7 — __ J jU u n n e e 3 3 0 0 2 2 5 3 , , 4 03 3 5 8 2,7 2 0 87 3 1 1 9 1 , , 9 3 4 6 6 7 8,579 2 2, , 7 8 8 0 9 2 2 2 5 3 , , 4 0 3 3 8 5 2 2 0 3 , , 2 0 4 1 6 0 1, 6 0 8 1 1 4 7 5 5 7 0 1 1 , , 3 3 5 5 8 8 1959—June 30 26,044 2,032 18,650 '2',879' 2,484 26,044 20,687 3,887 410 1,060 Dec. 31 26,648 2,626 10,508 11,016 2,498 26,648 18,654 6,524 677 793 1960—May 31. 26,035 2,019 8,507 13,010 2,499 26,035 18,899 5,687 1,179 271 June 30. 26,523 2,513 8,508 13,011 2,491 26,523 19,385 5,689 1,179 271 Commercial banks: 1955—June 30.. 55,667 2,721 1,455 15,385 35,942 164 55,503 7,187 21,712 21,110 5,494 1956—June 30.. 49,673 2,181 1,004 11,620 34,712 155 49,517 7,433 18,234 19,132 4,719 1957_june 30.. 48,734 2,853 2,913 8,984 33,839 144 48,590 12.268 23,500 8,600 4,222 1958—June 30.. 57,509 3,796 3,331 11,532 38,720 130 57,379 13,431 24,494 14,259 5,195 1959—June 30.. 53,513 3,563 3,883 12,417 33,531 120 53,394 10,045 31,304 8,233 3,812 Dec. 31. . 51,945 5,011 2,094 13,172 31,565 104 51,841 11,198 28,778 9,235 2,629 I960—May 31.. 48,576 2,765 1,810 13,558 30,348 94 48,481 6,998 33,394 5,935 2,155 June 30.. 48,099 2,376 1,832 15,598 28,199 95 48,004 6,546 33,342 5,966 2,151 Mutual savings banks: 1955—June 30 8,069 84 53 289 6,422 1,222 6,848 164 533 1,405 4,746 1956—June 30 7,735 107 37 356 6,074 1,161 6,574 247 540 1,319 4,468 1 19 9 5 5 8 7 — _ J ju u n n e e 3 3 0 0 7 7, , 1 3 1 9 0 7 1 8 6 9 3 1 1 1 3 4 2 4 3 6 6 5 7 5 5 , , 6 4 5 9 5 3 1, 9 09 3 8 1 6 6 , , 2 17 9 9 9 5 30 7 3 6 1 1 , , 0 1 8 0 2 6 6 6 0 7 1 5 4 4, , 0 0 9 4 4 0 1959—June 30 7,079 175 209 684 5,228 783 6,296 480 1,360 1,700 2,756 Dec. 31 6,773 191 158 4,892 644 6,129 486 1,401 2,254 1,987 I960—May 31. 6,600 247 158 1,121 4,715 360 6,240 492 1,744 2,655 1,349 June 30. 6,489 209 166 1,199 4,607 309 6,181 463 1,720 2,662 1,336 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—May 31. 10.691 366 174 1,078 7,461 1,612 9,080 743 2,818 3,029 2,490 June 30. 10,521 232 165 1,225 7,304 1,595 8,926 595 2,794 3,063 2,475 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 1960—May 31. 91,993 31,584 6,576 17,035 34,965 1,833 90,160 44,705 26,783 6,610 12,062 June 30. 88,272 27,714 6,521 18,640 33,560 1,837 86,436 40,924 26,618 6,800 12,094 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

1040 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period r B ec u N e d e i g p t e t t s re T P f c u r l e u n u i s d p s : t ts ac t I G L t r n i a e o o t n s r v n s a s t s : - - . * E p T r u f q e r t b o u o h c l t m e a t i a s c l l . s * : B p t e u u e n d r x e d g - s i e - t p T P t f e u u e r l n r u x n 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 o q 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 r r r I e i e a n r a a d g e - s s e e c e e n - t , .)t a 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 T i o n c q N r g a u - r e s o a T h o t w l r s: - 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 -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 5,126 94,984 77,299 22,075 5,092 94,283 701 3,371 952 597 1,822 Semiannually : 1958—July-Dec 28,902 7,635 1,627 34,892 39,906 8,921 1,285 47,539 -12,649 6,873 -1,494 653 7,713 1959—Jan.-June 39,368 9,449 2,023 46,768 40,791 9,676 3,205 47,265 -495 2,783 313 1,507 965 July-Dec 33,914 9,381 2,486 40,784 39,530 10,568 1,804 48,295 -7,511 7,3291 -856 574 7,615 I960—Jan.-JuneP... 44,454 12,414 2,640 54,200 37,769 11,507 3,288 45,988 8,212 -3,958 1,808 23 -5,793 Monthly: 1959_j A ul u y g 3 5, , 6 2 7 4 9 6 2 1 , ,2 4 1 4 4 4 4 2 8 1 6 7 7 3 , , 9 9 0 7 3 3 6 6 , , 5 3 5 0 7 5 2, , 1 5 7 2 4 8 -6 5 6 6 4 1 8 8 , , 1 4 7 9 1 8 -4 - , 5 1 9 9 4 8 4 1 , , 3 94 3 3 9 -5 5 0 7 5 3 23 3 9 1 4 1 , , 6 33 0 9 6 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 I960—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 June** 11,069 2,757 1,453 12,371 6,855 2,205 847 8,214 4,157 -2,714 1,022 -114 -3,622 July? 3,128 1,057 256 3,927 6,172 1,790 529 7,433 -3,506 2,094 -516 84 2,526 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 or s B d u u e r o f p d i r l g c u i e t s t , a l c d a c e t o u f i i o r m c n it u , - t c o R i l c e T i a a c r s t o e i h o n a n - s. is a ( G s g + u e o ) a n v o n c t c f . y e i s a n G e g c e o F . n v e b c t d y . y . de d g c i r r r o e e s c a s t se T o r H u e t a e s s l i u d d r e y a T u c r c r e e o a r u ' s s n - t Balance B ( F a a . v n a R k il . s - T T a u r x e r a y a s n - d O as n t s h e e t e ts r obliga- & trust public able Loan tions5 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 I960? 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 1960—Jan.-JuneP 6,685 907 291 657 -1,624 -4,467 27 2,421 8,005 504 6,458 1,043 Monthly: 1959—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 5,227 853 Sept 2,129 -499 323 155 317 -2,100 -73 399 7,017 704 5,353 960 Oct -3,846 -877 541 3 667 2,957 86 -641 6,376 488 4,990 898 Nov -701 507 -537 56 -67 -664 -1,408 4,968 582 3,559 827 Dec 738 -274 -158 102 -12 209 -10 615 5,583 504 4,216 863 1960—Jan -1,290 -1,146 634 3 764 287 -26 -722 4,862 567 3,246 1,049 Feb 1,095 716 -838 105 -160 -501 -33 450 5,311 453 3,843 1,015 Mar 3,157 -160 994 104 -386 -3,757 75 -122 5,189 549 3,738 902 Apr -968 -577 134 143 296 1,961 -115 1,105 6,294 619 4,490 1,185 May 476 1,521 -332 153 -1,097 579 83 1,217 7,511 462 6,180 869 JuneP 4,214 552 -301 150 -1,042 -3,036 44 494 8,005 504 6,458 1,043 July -3,044 -734 186 23 616 2,008 27 -1,006 6,998 477 5,676 845 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 1041 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budget receipts Selected excise taxes (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period B c u N e r d i e e p g - t t e s t f t O u a r n u g ld d s e T - t s ran H s t f w f r u i e u g n a r s y d h s t - to R : m a t r i c . r e e c e R n - 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 p t g - a t e l s t W he I i l n t 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 o m e e n y s - t - 7 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r r s e s . - ' Fiscal year—1957 71,029 6,634 ,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958 69,117 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 1959 68,270 8,004 2,171 525 4,933 83,904 29,001 11,733 18,092 10,760 8,854 5,464 3,002 1,807 4,315 I960? 78,368 10,211 2,642 609 5,045 96,874 31,677 13,271 22,179 11,861 11,161 6,725 3,194 1,932 5,114 Semiannually: 1958—July-Dec 28,902 3,383 ,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 I960—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 1,491 948 2,706 Monthly: 1959—July 3,246 311 192 20 167 3,936 1,239 364 568 971 332 462 243 150 Aug 5,679 1,235 237 85 181 7,418 4,223 123 368 1,027 1,321 356 288 172 1,271 Sept 8,486 652 201 52 161 9,552 2,264 1,837 3,311 1,007 704 430 300 169 Oct 3,023 259 198 16 129 3,626 1,211 257 491 977 278 413 319 179 Nov 5,897 882 219 82 72 7,152 4,345 99 405 936 965 402 296 162 1,137 Dec 7,582 476 233 51 7 8,350 2,371 362 3,180 1,031 527 879 258 152 1960—Jan 4,909 298 218 16 -16 5,425 860 2,144 564 794 341 722 186 138 Feb 7,265 1,243 264 84 432 9,289 4,835 884 483 954 1,611 522 214 151 1,320 Mar 9,581 1,078 191 50 1,317 12,217 2,541 791 6,192 1,044 1,149 500 258 152 Apr 5,074 839 202 17 1,336 7,468 770 3,520 619 945 858 755 248 157 May 6,555 1,834 249 82 1,005 9,725 4,744 1,039 467 1,061 1,918 496 282 166 1,386 June? 11,069 1,104 238 52 252 12,716 2,275 1,852 5,530 1,114 1,157 788 303 183 July 3,128 365 257 17 167 3,976 1,055 346 670 995 383 527 n.a. n.a. n.a. Budget expenditures * Major national security Agri- Vet- culture Period Total Total 9 M de i f l e it n a s r e y M a a s il n s i i c t s a e t r - y A en t e o r m gy ic f a i I n f a f n a n a t n d i l r c . s e In e t s e t r- ic e b e s r f e e s a i r n t n v a s e s n - - ' d w L a a e n b lf d o ar r e t a c a u r g u n e r r l d a - i - - l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources Fiscal year—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 1960*\ 77,299 45,611 41,200 1,607 2,624 1,736 9,268 5,056 4,338 5,066 1,713 2,822 1,692 Semiannually: 1958—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 1960—Jan.- June? 37,769 22,492 20,225 892 1,334 1,086 4,774 2,563 2,252 2,105 772 872 859 Monthly: 1959—June 8,631 4,487 3,946 320 214 1,673 698 474 351 181 200 379 187 July 6,557 3,772 3,435 95 224 159 735 406 330 506 143 388 131 Aug 6,305 3,710 3,375 90 208 144 734 400 352 346 150 346 114 Sept 6,357 3,783 3,412 122 205 136 725 428 364 403 176 178 143 Oct 6,868 3,980 3,622 135 204 -85 740 405 405 675 173 446 166 Nov 6,598 3,643 3,275 148 212 173 747 424 317 495 165 467 130 Dec 6,844 4,231 3,856 125 237 123 813 430 318 536 134 125 149 I960—Jan 6,199 3,523 3,160 136 210 157 831 419 393 470 105 195 127 Feb 6,170 3,684 3,371 103 210 169 788 420 362 322 119 161 127 Mar 6,424 3,976 3,570 171 223 140 792 457 340 289 120 148 156 Apr 6,041 3,669 3,306 136 222 163 777 421 412 304 104 37 158 May 6,079 3,669 3,331 110 224 196 777 422 390 229 131 149 108 Junep.... 6,855 3,971 3,487 236 245 261 809 424 355 491 193 182 183 3 Consists primarily of (1) intra-Governmental transactions as de- •Includes transfers to Federal disability insurance trust fund. scribed in note 1, (2) net accruals over payments of interest on savings 7 Represents the sum of taxes for old-age insurance, railroad retirebonds and Treasury bills, (3) Budget expenditures involving issuance of ment, and unemployment insurance. Federal securities, (4) cash transactions between International Monetary 8 The 1961 Budget Document shows certain revisions in fiscal year data. Fund and the Treasury, (5) reconciliation items to Treasury cash, and For more details, see the 1961 Budget Document and the Treasury Bulle- (6) net operating transactions of Govt. sponsored enterprises. tin, Budget Receipts and Expenditures, Table 4. * Primarily adjustments 2, 3, and 4, described in note 3. 'Includes stockpiling and defense production expansion not shown 5 Excludes net transactions of Govt. sponsored enterprises, which are separately. included in the corresponding columns above. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1042 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 1959 1960 1953 1954 1955 1956 1957 1958 1 2 3 4 1 Loans, by purpose and agency: To aid agriculture, total 6",S77 6,929 6,715 6,752 6,681 8,672 9,630 8,490 7,636 7,762 8,178 377 367 375 457 454 511 518 526 576 623 609 Federal intermediate credit banks2 590 638 689 734 935 1,169 1,313 1,547 1,562 1,396 1,499 648 701 681 724 832 819 935 963 972 916 1,001 Rural Electrification Administration 2,096 2,226 2,348 2,488 2,688 2,874 2,919 2,973 3,029 3,083 3,140 Commodity Credit Corporation 3,076 2,981 2,621 2,349 1,778 3,298 3,944 2,480 1,498 1,745 1,929 Other agencies 23 18 1 (3) (3) To aid home owners, total 2,930 2,907 3,205 3,680 4,769 4,860 5,352 5,873 6,352 6,735 6,998 Federal National Mortgage Association 2,462 2,461 2,641 3,072 3,998 3,924 4,362 4,815 5,238 5,568 5,759 Veterans Administration 300 383 480 464 770 936 989 1,056 1,113 1,167 1,238 Other agencies 168 63 84 145 1 1 1 1 1 1 1 To industry, total 588 431 678 619 674 680 695 717 726 733 739 Treasury Department 174 353 306 209 251 216 111 201 197 185 184 Commerce Department / 261 219 217 187 182 174 170 166 158 Other agencies > 413 79 \ 112 191 206 278 301 342 358 382 397 952 870 1,419 7 233 7 270 1,298 7,057 1,539 1,797 2J36 7,522 To aid States, territories, etc., total 645 272 245 246 264 293 297 293 308 319 316 Public Housing Administration 500 112 90 106 105 106 91 89 91 87 91 145 160 155 140 159 187 200 204 217 231 225 8,043 8,001 7 988 8 223 8 754 9 510 9 772 9 904 10 084 9,840 9,972 2,833 2,806 2,702 2,701 3 040 3,362 3 439 3,504 3,513 3,235 3,239 Treasury Department4 3,620 3,570 3,519 3,470 3,470 3,419 3,419 3,425 3,425 3,373 3,373 International Cooperation Administration 1,537 1,624 1,767 1,995 2,195 2,682 2,782 2,874 2,998 3,043 3,115 Other agencies 53 1 57 49 46 73 101 147 189 244 A11 other purposes, total 77P 166 256 213 344 548 562 627 686 752 782 Housing and Home Finance Agency 29 127 209 156 283 458 497 563 623 691 722 90 39 47 57 62 89 66 64 63 62 60 -203 -228 -268 -309 -367 -368 -353 -654 -451 -413 418 Total loans receivable (net) 19,883 19,348 20,238 20,657 22,395 25,493 26,977 26,788 27,138 27,865 28,090 Investments: U S Government securities, total 2,602 2,967 3,236 3,739 3,804 4,198 4,533 4,442 4,478 4,670 4,998 Federal home loan banks 387 641 745 1 018 896 995 1 202 1 064 1,046 1,092 1,282 Federal Savings and Loan Insurance Corp 217 228 241 256 274 288 296 310 320 332 345 Federal Housing Administration 319 327 381 458 471 567 586 590 622 649 667 Federal Deposit Insurance Corporation 1,526 1,624 1,720 1,825 1,937 2,049 2,139 2,154 2,162 2,178 2,270 Other agencies 152 147 149 181 226 300 310 324 329 419 435 Investment in international institutions 3,385 3,385 3,385 3,420 3,420 3,420 3,420 4,795 4,795 4,795 4,796 Other securities5 219 197 179 249 298 283 282 331 335 323 337 Inventories, total 2,515 3,852 4,356 21,375 21,628 20,810 20,504 20,821 21,879 21,476 21,294 Commodity Credit Corporation 2,087 3,302 3,747 3,651 3,025 3,036 2,906 3,614 4,527 4,493 4,257 11 00411 136 9 681 9 421 8 751 8 823 8 422 8 425 General Services Administration /6,517 7 282 7,919 7,987 8,278 8,347 8,370 8,420 \ 428 550 609 \ 201 185 174 191 178 183 194 193 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 e ri q m ui a p r m ily e n m t, a t r o it t i a m l e activities).... 4 8 , , 8 0 3 6 4 2 48,,709486 4 7 , , 8 82 2 2 2 4 9 , , 5 98 0 5 2 4 9 , 5 9 3 6 5 2 1 4 0 , , 7 6 2 7 1 0 1 4 0 , , 7 7 3 5 6 3 2 8 , , 8 8 5 6 6 9 2 8 , , 8 9 9 3 9 8 9 2 , , 1 8 2 8 4 0 9 2, , 9 1 2 5 8 6 Panama Canal Company 363 421 421 398 398 396 402 409 408 411 411 1,475 1,739 1,829 1 762 1 801 1 777 1 802 1 878 1 907 1,924 1 911 Housing and Home Finance Agency 1,040 728 450 236 88 25 20 9 9 9 9 Nat. Aeronautics and Space Administration 276 283 285 289 304 305 310 313 311 342 372 373 357 354 352 149 General Services Administration 1,298 1,308 1,322 1,237 1,241 1,234 1,221 1,261 Post Office Department 590 599 637 637 640 640 640 640 Other agencies 350 360 300 613 608 1,134 1,257 1,175 1,181 1,376 1,333 Bonds, notes, & debentures payable (not guar.), total. 1,182 1,068 2,379 2,711 4,662 4,038 4,212 4,882 5.582 5,974 5,767 Banks for cooperatives 150 156 185 257 247 303 310 314 360 404 396 619 640 665 721 902 1,124 1,256 1,488 1,532 1,359 1,440 Federal home loan banks 414 272 958 963 825 714 699 992 1,402 1,774 1,293 Federal National Mortgage Association. 570 770 2,688 1,898 1,947 2,087 2,287 2,437 2,638 1 Figures exclude interagency items. Prior to 1956, data for trust 5 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 3 Less than $500,000. Bulletin. Classifications by supervisory authorities are those in existence 4 Figures represent largely the Treasury loan to the United Kingdom, currently. Where current Treasury compilations do not provide a deand 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1043 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 e o r l l s d l - t F u i i n c t n i i s o a a ti l 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 a t s n d h n u d e d a i r - l s s h A e o r l l s d l - T 1 o - t a to l 4- t F f u i a i n c t n m i i s o a a t i i l n n l - y s - ho O h u o e s t r h 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 n l i i s o a a p ti l n n r - o - s pe O h rt o e t i r h l e s d e s - r 1 h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - - s ho O l 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 2 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 2.8 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 3 3 5 0 1955 129.9 99.3 5.1 25.5 120.9 88 2 73.8 14.4 32.6 21.8 10 8 9 1 3 6 5 4 1956 144.5 111.2 6.0 27.4 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9 9 3 9 6 0 1957 156.6 119 7 7.4 29.5 146.1 107.6 89.9 17.7 38.5 25.8 12 7 10 5 4 0 6 5 1958 171.9 131.5 7.7 32.7 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11 3 4 2 7 1 1959P 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 Junep 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 v 186.8 142.2 9.5 35.0 174.6 128.1 106.9 21.2 46.5 30.9 15.7 12.2 4.4 7.7 Dec v 191.0 145.4 9.9 35.7 178.7 131.0 109.3 21.7 47.8 31.6 16 1 12 3 4 5 7 8 I960—Mar P 194.4 147.9 10.2 36.3 181.9 133.3 111.2 22.0 48.6 32.2 16.4 12.5 4.5 8.0 v Preliminary. Administration, and Federal land banks, and in earlier years RFC, 1 Derived figures, which include negligible amount of farm loans held HOLC, and Federal Farm Mortgage Corporation. Other Federal by savings and loan associations. agencies (amounts small or separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home NOTE.—Figures for first three quarters of each year are Federal Reserve Loan Bank Board, Institute of Life Insurance, Departments of Agriestimates. Financial institutions represent commercial banks (including culture and Commerce, Federal National Mortgage Association, Federal nondeposit trust companies but not trust departments), mutual sayings Housing Administration, Public Housing Administration, Veterans banks, life insurance companies, and savings and loan associations. Administration, Comptroller of the Currency, and Federal Reserve. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commerclal bank holdings 2 Mutual savings bank holding 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 A,112 3,395 856 571 4,208 3,387 797 24 1951 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1 726 4 303 1 274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 . 16,850 12,925 3,912 3,061 5,951 2,843 ,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18 573 14 152 4,106 3,350 6,695 3,263 1,159 15,007 13 211 3 800 4 262 5 149 1 740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 ?97 17,457 15,568 4,150 5,773 5,645 1 831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,746 17,703 4,409 7 139 6 155 1 984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8.361 7,073 2,275 53 1959 . ... 28,145 20 320 6,122 3.161 11,037 6,237 1,588 24,992 22,486 6,275 8 589 7 622 2 451 55 1958—Sept 24,700 18 049 5,205 3,355 9,489 5,190 461 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 5054 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 1 588 24,992 22,486 6,275 8,589 7,622 2,451 55 1960—Mar.P 28,270 20,335 6,085 3,135 11,115 6,355 1,580 25,435 22,890 6,465 8,595 7,830 2,490 55 P Preliminary. estimates based in part on data from National Association of Mutual 1 Represents all banks in the United States and possessions. Savings Banks. 2 Includes loans held by nondeposit trust companies, but excludes 4 On Jan. 1, 1959, holdings of commercial banks increased by $143 holdings of trust departments of commercial banks. March and Septem- million, and those of mutual savings banks declined by that amount, ber figures are Federal Reserve estimates based on data from Member as a result of the absorption of a mutual savings bank by a commercial Bank Call Report and from weekly reporting member banks. bank. 3 Figures for 1941 and 1945, except for the grand total, are estimates Source.—All-bank series prepared by Federal Deposit Insurance based on Federal Reserve preliminary tabulation of a revised series of Corporation from data supplied by Federal and State bank supervisory banking statistics. March and September figures are Federal Reserve agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1044 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total FHA- VA- Farm Total FHA- VA- Farm Total guar- Other Total guar- Other insured anteed 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 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 *>5,970 *>5,472 ^1,580 P201 ^3,691 P498 39,197 36,370 8,523 7,086 20,761 2,827 1959 July 535 501 124 11 366 34 38,108 35,335 7,945 7,220 20,170 2,773 Aug 470 438 118 9 311 32 38,282 35,496 8,005 7,181 20,310 2 786 Sept 517 488 134 21 333 29 38,493 35,698 8,082 7,153 20,463 2,795 Oct 539 506 146 22 338 33 38,744 35,936 8,176 7,132 20 628 2 808 Nov 507 477 123 24 330 30 38,984 36,169 8,257 7,116 20,796 2,815 Dec 667 619 153 36 430 48 39,299 36,475 8,318 7,115 21,042 2,824 I960 Jan 582 530 139 86 305 52 39,573 36,753 8,411 7,162 21,180 2,820 Feb 445 405 117 28 260 40 39,769 36,933 8,484 7,150 21 299 2 836 Mar 544 483 122 28 333 61 40,011 37,155 8,559 7,135 21,461 2,856 Apr 483 443 110 17 316 40 40,236 37,358 8,623 7,117 21,618 2,878 May 476 438 101 23 314 38 40,439 37,545 8,677 7,098 21 770 2 894 June 490 456 108 21 327 34 40,631 37,722 8,727 7,080 21,915 2,909 July 420 392 90 22 280 28 40,694 37,769 8,729 7,057 21,983 2,925 p Preliminary. end-of-year figures, because monthly figures represent book value of NOTE.—Certain mortgage loans secured by land on which oil drilling ledger assets whereas year-end figures represent annual statement asset or extracting operations are in process are classified with farm through values, and because data for year-end adjustments are more complete. June 1959 and with "other" nonfarm thereafter. These loans totaled Source.—Institute of Life Insurance; end-of-year figures are from $38 million on July 31, 1959. Life Insurance Fact Book, and end-of-month figures from the Tally of For loans acquired, the monthly figures may not add to annual totals, Life Insurance Statistics. and for loans outstanding, the end-of-December figures may differ from MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) By type of lender Total (without seasonal adjustment) Y m e o a n r th or Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n a n - l - 2 Y m e o a n r th or Se a a a l d s ly o - n- W se a a d i s t j h o u o n st a u - l t. in l S o 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 i s 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 2,017 250 1,097 217 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1954 8,969 3,076 3,846 26,108 1,170 4,709 20,229 1953 . 19,747 7,365 1,480 3,680 1,327 1955 11,432 4,041 5,241 31,408 1,404 5,883 24,121 1954 22,974 8,312 1,768 4,239 1,501 1956 10,545 3,771 4,727 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10,402 3,562 4,708 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958 12,346 4,096 5,251 45,627 2,206 7,077 36,344 1957 24,244 9,217 1,472 4,264 1,429 1959 15,463 5,296 6,766 '53,093 2,989 7,187 42,917 1958 27,388 10,516 1,460 5,204 1,640 1959 . 32,235 13,094 523 5,832 1,780 1959 1959 July 1,529 520 695 50,131 2,685 7,125 40,321 Aug 1,421 472 662 50,858 2,760 7,136 40,962 July 2,787 3,100 1,286 138 561 187 Sept 1,374 450 645 51,528 2,818 7,138 41,572 Aug 2,769 2,871 1,203 137 505 167 Oct 1,329 465 590 52,149 2,883 7,159 42,107 Sept 2,650 2,834 1,184 136 481 173 Nov 1,086 373 486 52,608 2,939 7,172 42,497 Oct 2,639 2,799 1,152 146 463 168 Dec 1,094 377 465 '53,093 2,989 7,187 42,917 Nov.. . . 2,589 2,442 953 137 409 152 Dec 2,485 2,487 963 138 410 152 1960 1960 Jan 884 296 385 '53,413 3,035 7,192 42,186 Feb 992 344 413 "53,811 3,078 7,197 43,536 Jan 2,487 2,079 111 107 343 115 Mar 1,165 411 468 ''54,356 3,120 7,209 44,027 Feb 2,430 2,149 859 103 342 104 Apr 1,173 411 471 '54,922 3,159 7,209 44,554 Mar 2,441 2,406 983 119 377 104 May 1,256 443 520'55,556 3,204 7,222 45,130 Apr 2,400 2,366 983 108 382 106 June 1,425 479 612 '56,335 3,249 7,224 45,862 May 2,446 2,500 1,051 114 402 120 JulyP 1,311 425 584 56,999 3,292 7,232 46,475 June 2,427 2,690 1,167 119 415 138 July 2,528 1,048 116 378 145 p Preliminary. " Revised. 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 1045 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Government- Year or month mortgages Proj- P e r r o ty p- mortgages underwritten Total p e N r r t e o i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y g o p e r e s t- i p l m o r i o a m e n v n - e s t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E u e n a a d r r t o o er f r Total FHA- VA- t C i v o e o n n n a - - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1951 3 220 1 216 713 582 708 3,614 2,667 942 1945 18.6 4.3 4.1 .2 14.3 1952 3,113 969 974 322 848 2,719 1,823 890 1953 3 882 1 259 1 030 259 1 334 3,064 2 044 1 014 1951 51.7 22.9 9.7 13.2 28.8 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1952 58.5 25.4 10.8 14.6 33.1 1955 . ... 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1953 66.1 28.1 12.0 16.1 38.0 1 1 9 9 5 5 6 7 3 3 ,7 4 1 6 5 1 1 8 1 8 3 0 3 1 1, 3 5 7 0 1 5 5 1 9 3 5 0 6 86 9 9 2 5 3, , 7 8 6 6 1 8 2 3 , 8 9 9 1 0 0 1,9 8 4 6 8 3 1 1 9 9 5 5 4 5 7 8 5 8 .2 7 3 3 8 2. . 1 9 1 1 2 4 . . 8 3 2 1 4 9 . . 6 3 4 49 3 . . 3 6 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__july 694 214 310 71 99 227 168 59 1959^ 131.0 53.8 23.8 30.0 77.2 All 2 660 215 288 67 89 202 150 52 Sent 656 226 284 52 94 221 157 63 1958—Sept 114.5 49.1 18.6 30.5 65.4 Oct 649 237 286 35 90 238 167 70 Dec 117.7 50.1 19.7 30.4 67.6 Nov 583 223 225 50 85 220 158 61 Dec 540 233 218 11 78 241 177 64 1959—Mar.P. ... 120.5 51.3 20.9 30.4 69.2 June19.... 124.4 52.1 21.8 30.3 72.3 I960—Jan 514 221 196 19 78 195 148 47 Sept.p 128.1 53.1 22.9 30.2 75.0 Feb 464 198 170 28 68 170 133 36 Dec.P 131.0 53.8 23.8 30.0 77.2 Mar 463 193 168 35 67 173 137 36 Apr 433 172 163 22 76 153 123 29 1960—Mar.*.... 133.3 54.5 24.6 29.9 78.8 May 456 155 167 45 88 155 124 31 June 539 170 195 71 103 175 143 32 July 509 162 200 59 88 160 126 34 p Preliminary. NOTE.—For total debt outstanding, figures for first 2 1 T M h o e n se th l l o y a n fi s g u a r r e e s n d o o t n o o rd t i r n e a f r le il c y t s m ec o u rt r g e a d g b e y a m m e o n rt d g m ag e e n s t . s included in annual totals. t F h o re r e c o q n u v a e r n te ti r o s n o al f , f y ig ea u r r e a s r a e r e F e d d e e r r iv a e l d R . eserve estimates. 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 Federal Reserve. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANKS [In millions of dollars] [Tn millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' (during mit- Year or month Ad- Repay- demand ind of year period) ments vances ments and time or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt 1 - L te o r n m g 2 - deposits 1945 278 213 195 176 19 46 1951 1 850 204 1 646 677 111 239 1952 . ... 586 528 864 565 299 420 195? 2,242 320 1,922 538 56 323 1953 728 640 952 634 317 558 1953 2 462 621 1 841 542 ??1 638 1954 734 818 867 612 255 802 1954 2,434 802 1.632 614 525 476 1955 1 251 702 1 417 991 426 698 1955 2,615 901 1,714 411 6? 76 1956 '745 934 1 [228 798 430 683 1956 3 047 978 2 069 609 5 360 1957 1 116 1 079 1 265 731 534 653 1957 3,974 1,237 2,737 1,096 764 1958 1,364 1,331 1,298 685 613 819 1958 3 901 1 483 2 418 623 48? 1,541 1959 2,067 1,231 2,134 1,192 942 589 1959 5,531 2,546 2,985 1,907 5 568 1959_Aug 171 63 1,665 892 773 587 1959- July 4.948 2,104 2,844 178 788 Sept 200 70 1,795 1,042 753 570 Aug 5 085 2 198 2 887 165 1 714 Oct 199 78 1,916 1,080 835 524 Sept 5,216 2,288 2,928 155 672 Nov 129 82 1,963 1,109 854 506 Oct 5,335 2,383 2,953 143 611 Dec 281 109 2,134 1,192 942 589 Nov 5 441 2 471 2 970 127 573 Dec 5,531 2,546 2,985 115 568 1960—Jan 136 531 1,740 1,042 697 499 Feb 58 169 1,628 963 665 488 1960-—Jan 5,508 2,621 2,887 110 115 600 Mar 88 196 1,520 858 662 534 Feb 5,577 2,713 2,864 138 49 601 155 117 1,558 828 731 571 Mar 5 693 2 821 2 873 162 ?3 580 May!;;;; 112 96 1,574 827 747 590 Apr 5,785 2,905 2,880 126 1? 588 June 290 94 1,770 932 838 736 May 5,827 2,997 2,830 129 67 561 July 173 269 1,674 922 751 682 June 5 827 3 042 2 784 74 50 592 Aug 168 146 1,696 967 729 730 July 5,918 3,121 2,797 113 3 569 1 Secured or unsecured loans maturing in one year or less. 1 Operations beginning with Nov. 1, 1954, are on the basis of FNMA's 2 Secured loans, amortized quarterly, having maturities of more than new charter, under which it maintains three separate programs: secondary one year but not more than ten years. market, special assistance, and management and liquidation. Source.—Federal Home Loan Bank Board. Source.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1046 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 * goods ernization loans loans accounts credit paperi 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 I9593 52,046 39,482 16,590 10,243 2,704 9,945 12,564 4,176 5,351 3,037 1959 July 48,047 36,757 15,923 9,134 2,517 9,183 11,290 3,954 4,407 2,929 Aug 3 48,841 37,510 16,288 9,289 2,569 9,364 11,331 4,034 4,365 2,932 Sept 49,350 37,962 16,470 9,390 2,613 9,489 11,388 4,084 4,390 2,914 Oct . 49,872 38,421 16,659 9,534 2,653 9,575 11,451 4,050 4,525 2,876 Nov 50,379 38,723 16,669 9 687 2,683 9,684 11,656 4,117 4,614 2,925 Dec 52,046 39,482 16,590 10,243 2,704 9,945 12,564 4,176 5,351 3,037 I960 Jan 51,356 39,358 16,568 10,129 2,691 9,970 11,998 4,092 4,816 3,090 Feb 51,021 39,408 16,677 9,997 2,695 10,039 11 613 4,151 4,305 3,157 Mar 51,162 39,648 16,876 9,940 2,706 10,126 11,514 4,222 4,118 3,174 Apr 52,169 40,265 17,218 10,022 2,736 10,289 11,904 4,247 4,451 3,206 May 52,831 40,740 17,481 10,080 2,786 10,393 12,091 4,345 4,547 3,199 June 53,497 41 362 17 807 10 194 2 824 10 537 12 135 4 321 4 628 3,186 July 53,653 41,687 17,946 10,202 2,852 10,687 11,966 4,290 4,506 3,170 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1946, of purchasing automobiles and other consumer goods, whether held by and a general description of the series, are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1947-58, in the BULLETIN individuals of automobiles or other consumer goods that may be used for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957, in part for business. pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17. 2 Represents repair and modernization loans held by financial institu- A detailed description of the methods used to derive the estimates may tions; holdings of retail outlets are included in other consumer goods be obtained from the Division of Research and Statistics. paper. 3 Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total End of year instal- Sales Con- Houseor month ment Com- finance Credit sumer Depart- Furni- hold Autocredit Total mercial com- unions finance Other i Total ment ture appli- mobile Other banks panies com- stores2 stores ance dealers 3 panies i stores 1939 4 503 3 065 1 079 1 197 132 657 1 438 354 439 183 123 339 1941 6,085 4,480 1,726 1 797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 m 240 17 28 ?7ft 1953 23,005 18,963 8,998 5,927 1,124 2,137 777 4,042 1,064 1,004 377 527 1,070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1,511 1,044 365 487 1,101 1956 31,897 27,154 11,777 9,100 2,014 3,056 1,207 4,743 1,408 1,187 377 502 1,269 1957 34,183 29,515 12,843 9,573 2,429 3,333 1,337 4,668 1,393 361 478 1,226 1958 34,080 29,097 12,780 8,740 2,668 3,384 1,525 4,983 1,882 1,128 292 506 1,175 19594 39,482 33,838 14,922 10,145 3,232 3,764 1.775 5,644 2,298 1.167 295 588 1,296 1959_July 36,757 31,861 14,230 9,592 2,946 3,463 1.630 4,896 1,826 1,055 284 565 I 166 Aug * . ... 37,510 32,540 14,497 9,806 3,044 3,515 1,678 4,970 [,868 1,072 288 578 1,164 Sept 37,962 32,954 14,664 9,949 3,093 3,542 ,706 5,008 1,907 1,078 288 586 1,149 Oct 38,421 33,318 14,817 10,071 3,143 3,570 ,717 5,103 .967 1,089 286 593 I 168 Nov 38,723 33,519 14,853 10,117 3,183 3,622 ,744 5,204 2,045 1,107 290 592 1,170 Dec 39,482 33,838 14,922 10,145 3,232 3,764 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 ,782 5,162 2,002 1,111 285 590 1 174 Mar 39,648 34,432 15,139 10,357 3,331 3,811 ,794 5,216 2,103 1,089 281 595 1,148 Apr 40,265 35,085 15,402 10,604 3,418 3,858 ,803 5,180 2,055 1,080 277 606 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 1165 June 41,362 36,127 15,834 10,945 3,570 3,938 1,840 5,235 2,078 1,078 277 626 [,176 July . 41,687 36,506 15,927 11,062 3,622 4,035 [ 860 5,181 2,044 I 071 276 632 I 158 1 Consumer finance companies included with "other" financial institu- 3 Represents automobile paper only; other instalment credit held by tions until September 1950. automobile dealers is included with "other" retail outlets. 2 Includes mail-order houses. 4 See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1047 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 n p a o o i n z d a d n a s i - r - s l P o o a e n r n a - s l E o n r d m o o f 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 - 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 s r r m i R z l o o a e a d n a p ti e n d a o r s i n n r - s l P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,740 6,404 1,567 19 750 1958 12,780 4,014 2,170 2,269 1,715 2,612 19591 10,145 7,328 1,883 35 899 19591 14,922 4,798 2,511 2,553 1,941 3,119 1959—July.. 9,592 7,063 1,695 25 809 1959—July 14,230 4,580 2,465 2,424 1,825 2,936 Aug.i 9,806 7,240 1,723 26 817 AUK I 14,497 4,682 2,495 2,472 1,855 2,993 Sept.. 9,949 7,328 1,761 30 830 Sept 14,664 4,746 2,500 2,494 1,882 3,042 Oct... 10,071 7,406 1,788 33 844 Oct 14,817 4,816 2,517 2,512 1,912 3,060 Nov.. 10,117 7,388 1,830 34 865 Nov 14,853 4,825 2,519 2,513 1,928 3,068 Dec. 10,145 7,328 1,883 35 899 Dec 14,922 4,798 2,511 2,553 1,941 3,119 I960—Jan... 10,168 7,305 1,922 36 905 I960—Jan 15,066 4,793 2,522 2,689 1,932 3,130 Feb.. 10,276 7,342 1,982 37 915 Feb 15,134 4 822 2,549 2,684 1,928 3,151 Mar.. 10,357 7,407 1,988 39 923 Mar 15,139 4,876 2,597 2,562 1,927 3,177 Apr.. 10,604 7,538 2,096 42 928 Apr 15,402 4,977 2,664 2,567 1,948 3,246 May. 10,744 7,631 2,132 45 936 May 15,597 5,060 2,714 2,571 1,976 3,276 June. 10,945 7,767 2,175 49 954 June 15 834 5 170 2,754 2,588 2,004 3,318 July.. 11,062 7,822 2,225 52 963 July 15,927 5,216 2,766 2,594 2,018 3,333 1 Includes data for Hawaii, beginning with August 1959. i Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Singlepayment Charge accounts E o n r d m o o f 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 - m A pa o u p b t e o il r - e s g p O c u o a o t m o p h n d e e e - r r s r m i R z lo o a a e a d n p ti n e a d o r s i n r n- l s o P o a e n n r a - s l E o n r d m o o f n y t e h ar . c T m r o e e d t • n a i t t l . C m o e m r- l - oan f O s in th a e n r - p D a e r - t- v/tner Credit S c e r r e v d i i c t e cial cial ment retail cards2 1939 789 81 24 15 669 banks tu in t s io ti n - s stores! outlets 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 . 2,719 625 162 236 1,178 518 1953 4,038 538 370 247 2,883 1941 3,087 693 152 275 1,370 597 1954 4,510 539 375 282 3,314 1945 3,203 674 72 290 1,322 845 1955 5,406 761 537 326 3,782 1956 6,277 948 648 403 4,278 1953 8,388 1,899 288 772 3,352 150 1,927 1957 7,099 1,106 622 489 4,882 1954 8,896 2,096 312 793 3,515 177 2,003 1958 7,577 1,143 610 616 5,208 1955 9,924 2,635 367 862 3 717 216 2 127 19591 8,771 1,365 751 728 5,927 1956 10 614 2 843 410 893 3,842 260 2,366 1957 11,103 2,937 427 876 3*953 317 2! 593 1959 juiy 8,039 1,250 684 667 5,438 1958 11,506 3,156 490 907 3,808 345 2,800 Aug.! 8,237 1,293 702 688 5,554 19593 12,564 3,542 634 960 3,985 406 3,037 Sept . 8,341 1,310 713 701 5,617 Oct 8,430 1,327 724 708 5,671 1959—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 I960 Jan 8,769 1,361 750 723 5,935 Nov... 11,656 3,472 645 717 3,506 391 2,925 Feb 8,836 [,374 759 730 5,973 Dec... 12,564 3,542 634 960 3,985 406 3,037 Mar 8,936 ,401 769 740 6,026 Apr 9,079 1,433 785 746 6,115 I960—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 9,348 1,490 822 771 6,265 Mar... 11,514 3,503 719 622 3,070 426 3,174 July 9,517 I 510 834 782 6,391 Apr... 11,904 3,569 678 657 3,380 414 3,206 May.. 12,091 3,573 772 647 3,483 417 3,199 June.. 12,135 3,623 698 634 3,565 429 3,186 l Includes data for Alaska and Hawaii, beginning with January and July... 11,966 3,605 685 585 3,475 446 3,170 August 1959, respectively. un N io O n T s, E . i — nd I u n s s t t r i i tu al t io l n o s a n r ep c r o e m se p n a t n e i d e s a , re m c u o t n u s a u l m s e a r v i f n in g a s n c b e a n co k m s, p s a a n v i i e n s g , s c r a e n d d it 1 Includes mail-order houses. loan associations, and other lending institutions holding consumer 2 Service station and miscellaneous credit-card accounts and homeinstalment loans. 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

1048 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir ti o a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1953 31,558 12,981 9,227 1 344 8,006 1954 31,051 11,807 9,117 I 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 i son 12,974 19591 48,476 18.001 13,512 2!087 14,876 1959 July 4,159 4,315 1.557 1.720 1.154 1.109 183 197 1.265 1.289 Augi 4,132 4,193 1,538 1,627 1,138 [,123 185 199 1,271 1,244 SeDt 4,172 4,061 1,521 1,515 [,138 1,123 175 191 1,338 1,232 Oct 4,219 4,185 1,622 1,564 1,124 1,198 174 190 1,299 [,233 Nov 4,083 3,928 1,466 1,313 1,133 1,172 171 175 1,313 1,268 Dec 4,046 4,686 1,377 1,293 1,146 1,616 173 166 1,350 1,611 I960 Jan 4,217 3,534 1,535 1,278 1,208 976 165 124 [,309 1,156 Feb 4,115 3,723 1,560 1,427 1,094 934 175 146 I 286 1,216 Mar 4,119 4,201 1,555 1.633 ,118 1,062 172 163 [.21A ,343 Apr 4,437 4,457 1,652 i;697 ,240 1,168 178 173 1,367 1,419 May 4,209 4,335 1,543 1,664 1,164 1,153 186 198 1,316 1,320 June 4,202 4,561 ,501 1,738 1,191 1,226 176 191 1,334 406 July 4,227 4,141 ,418 1,477 ,163 1,072 172 177 1,474 1,415 Repayments 1953 27,956 10,879 8,622 ,119 7,336 1954 ;:;;::;::; 30,488 11,833 9,145 ,255 8,255 1955 33,649 13,082 9,751 1,315 9,501 1956 37,236 14,576 10,756 ,362 10,542 1957... 40,259 15,595 11,545 ,466 11,653 1958 . 40,921 15,488 11,497 629 12,307 19591 43.239 15,715 12,225 7^8 13,561 1959 July 3,636 3,693 1,334 1.363 1.011 1,015 146 147 1,145 1,168 Aug.i 3,635 3,578 1.325 1,318 ,012 993 152 151 1,146 1,116 Sent 3,660 3,609 ,315 1,333 ,045 1,022 147 147 1,153 1,107 Oct 3,697 3,726 ,341 1,375 ,048 1,054 147 150 1,161 1,147 Nov 3,700 3,626 ,311 1,303 ,069 1,019 142 145 1,178 1,159 Dec 3,776 3,927 ,361 1,372 ,066 1,060 144 145 1,205 1,350 I960 Jan 3,824 3,658 ,386 [,300 ,089 1,090 141 137 1,208 1,131 Feb 3,707 3,673 ,338 ,318 ,046 1 066 143 142 1 180 1 147 Mar 3.711 3,961 ,345 1,434 ,042 1,119 144 152 1,180 1,256 Apr 3,904 3,840 ,397 ,355 ,084 1,086 147 143 1,276 1,256 May 3,886 3,860 ,411 ,401 ,099 1,095 150 148 1,226 1,216 June • . 3,860 3,939 ,384 ,412 ,094 1,112 153 153 1,229 1,262 July 3,978 3,816 .390 .338 .115 1,064 155 149 1,318 1,265 Change in outstanding credit2 1953 + 3,602 +2,102 +605 +225 +670 1954 +563 — 26 — 28 +6 +611 1955 +5,390 + 3,663 +883 +73 +771 1956 +2 939 +987 +946 + 206 + 800 1957 . . +2,286 +950 +202 + 194 +940 1958 — 103 -1 172 + 141 + 261 +667 19591 +5 402 +2,353 + 1,320 + 354 + 1,375 1959_july +523 +622 +223 +357 + 143 +94 + 37 + 50 + 120 + 121 AUK. i +635 +753 +269 +365 + 151 + 155 + 37 +52 + 178 + 181 Sept +512 +452 +206 + 182 +93 + 101 +28 +44 + 185 + 125 Oct +522 +459 +281 + 189 +76 + 144 +27 +40 + 138 +86 Nov +383 +302 + 155 + 10 +64 + 153 + 29 +30 + 135 + 109 Dec +270 +759 + 16 -79 +80 +556 +29 +21 + 145 +261 I960—Jan +393 -124 + 149 -22 + 119 -114 +24 -13 + 101 +25 Feb +408 +50 +222 + 109 +48 -132 +32 M + 106 +69 A M p a r r . + + 5 4 3 0 3 8 + + 6 2 1 4 7 0 + + 2 2 5 1 5 0 + + 3 1 4 9 2 9 + + 1 7 5 6 6 + -5 8 7 2 + + 3 2 1 8 +30 + + 9 9 4 1 ++ 18673 May +323 +475 + 132 +263 +65 +58 +36 +50 +90 + 104 June + 342 -t 622 + 117 + 326 +97 + 114 +23 +38 + 10 + 144 July +249 +325 +28 + 139 +48 + 8 + 17 +28 + 156 + 150 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-^8 of transactions may increase the amount of both credit extended and credit the BULLETIN for October 1956; for 1955-58, in the BULLETINS 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 1049 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and i ntermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p fi a n n a i n es ce Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1953 31,558 12,099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 1956 1 40,175 14,463 9,600 9,474 6,638 1957 1 42,545 15,355 10,200 10,495 6,495 1958 1 . . .. 40 818 14 860 8 907 10 488 6 563 1959 1,2 48,476 17. ^n 11,007 12,035 7^912 1959 July 4,159 4,315 1,535 1,612 948 1,061 ,018 1,041 658 601 Aug.2 4,132 4,193 1,521 1,530 917 988 ,031 1 021 663 654 Sept 4,172 4,061 1,510 [,473 941 950 ,069 996 652 642 Oct 4,219 4,185 1,521 1,482 992 973 053 1 014 653 716 4,083 3,928 1,440 1,322 900 843 ,068 1,052 675 711 Dec 4,046 4,686 1,424 ,425 860 886 ,096 1,314 666 1,061 1960 Jan i 4,217 3,534 1,519 ,346 985 802 ,063 912 650 474 Feb i 4,115 3,723 1,495 ,393 973 860 058 996 589 474 Mar i 4,119 4,201 1,441 ,511 951 967 ,068 1,112 659 611 Apr. i 4,437 4,457 1,512 ,600 1,039 1,008 ,144 1,155 742 694 4,209 4,335 1,489 ,584 949 983 ,114 1,120 657 648 June 4,202 4,561 1,460 ,627 917 1,050 ,114 1,171 711 713 July 4,227 4,141 1,447 ,430 905 955 ,240 1,200 635 556 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 1956 i 37,236 13,362 8,943 8 603 6,328 1957 i 40,259 14,360 9,727 9,673 6,499 1958 i 40,921 14,647 9,774 10,010 6,490 1959 1,2 43,239 15,406 9,623 10,917 7,293 1959 July 3,636 3,693 1,311 1,345 807 819 923 934 595 595 Aue 2 3,635 3,578 1,310 1,299 793 795 920 892 612 592 Sept 3,660 3,609 1,312 1,306 804 807 930 892 614 604 Oct 3,697 3,726 ,326 1,329 816 851 935 925 620 621 Nov .. 3,700 3,626 1,312 1,286 794 797 943 933 651 610 Dec 3,776 3,927 1,331 ,356 832 858 970 1,092 643 621 1960 Jan.i 3,824 3,658 1,389 1,323 844 779 970 914 621 642 Feb 1 3,707 3 673 1,340 1,325 808 792 953 929 606 627 Mar i 3,711 3,961 1,321 1,394 821 886 956 1,012 613 669 Apr i 3,904 3,840 1,349 1,337 878 841 1,035 1,012 642 650 May 3,886 3,860 1,379 1,389 862 843 990 986 655 642 June 3,860 3,939 1,359 1,390 841 849 1,009 1,036 651 664 July 3,978 3,816 1,386 1,337 876 838 1,078 1,031 638 610 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 1 1 9 9 5 5 6 7 i i + + 2 2 ,2 93 8 9 6 + + 1 1 , 06 17 6 6 + +4 6 7 5 3 7 + + 8 8 7 2 1 2 + - 2 7 3 5 5 1958 i — 103 -63 — 833 +478 + 315 1959 1,2 + 5.402 + 2,142 + 1,405 + 1.194 +661 1959— A ju u iy s. 2 + + 6 5 3 2 5 3 + + 6 7 2 5 2 3 + + 2 2 2 4 4 7 + + 2 2 6 6 7 7 + + 1 1 4 4 5 1 + + 2 21 4 4 2 + + 1 9 8 5 0 + + 1 1 0 9 7 8 + + 6 6 3 3 + + 7 6 4 Sept +512 +452 + 198 + 167 + 137 + 143 + 139 + 104 +38 +38 Oct + 522 +459 + 195 + 153 + 176 + 122 + 118 + 89 +33 +95 Nov + 383 + 302 + 128 +36 + 106 +46 + 125 + 119 +24 + 101 Dec +270 +759 +93 +69 +28 +28 + 126 +222 +23 +440 I960—Jan. i + 393 -124 +251 + 144 + 141 +23 +93 -2 -92 -289 Feb i +408 +50 + 155 +68 +205 + 108 + 105 +67 -57 -193 Mar. i +408 +240 +8 + 5 + 130 +81 + 112 + 100 + 158 +54 Apr i +533 +617 + 163 +263 +241 +247 + 109 + 143 +20 -36 May +323 +475 + 110 + 195 +87 + 140 + 124 + 134 +6 June + 342 +622 + 101 +237 +76 +201 + 105 + 135 +60 +49 July +249 + 325 +61 +93 + 29 + 117 + 162 + 169 -54 1 Data on extensions and repayments have been adjusted to avoid NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of duplications resulting from large transfers of other consumer goods paper. the BULLETIN for October 1956; for 1955-58, in the BULLETINS for As a result, the differences between extensions and repayments for some December 1957, pp. 1421-22, and November 1959, p. 1419. types of holders do not equal the changes in outstanding credit. A discussion of the composition and characteristics of the data and 2 Extensions and repayments include current data for Alaska and a description of the methods used to derive the estimates are shown Hawaii beginning with January and August 1959, respectively. The in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment differences between extensions and repayments do not equal the changes credit extended and repaid are based on information from accounting in outstanding credit for these two months or for the year 1959 because records of retail outlets and financial institutions and often include charges the differences do not reflect the effect of the introduction of outstanding incurred under the instalment contract. Renewals and refinancing of balances for these two States. loans, repurchases and resales of instalment paper, and certain other trans- 3 Obtained by subtracting instalment credit repaid from instalment actions may increase the amount of both credit extended and credit credit extended, except as indicated in notes 1 and 2. repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1050 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 =100 [Seasonally adjusted] Annual average 1959 1960 Grouping 1958 1959 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July INDUSTRY GROUPINGS Total index. 141 159 163 157 157 155 156 165 168 166 166 165 167 166 166 Manufacturing, total., 139 158 163 157 156 154 154 164 168 166 165 164 166 165 165 Durable 141 165 171 159 158 155 156 174 180 178 175 172 174 171 172 Nondurable 141 155 159 159 159 157 157 158 159 157 158 159 '161 '163 163 Mining 120 126 123 120 119 120 126 130 128 126 125 129 128 '128 129 Utilities 244 268 271 269 272 272 274 278 280 282 288 288 '285 '289 291 Durable Manufactures Primary and fabricated metals. 110 125 122 94 92 87 113 145 148 143 139 133 131 126 125 Primary metals 99 113 103 60 58 56 101 145 147 140 135 126 119 '112 110 Iron and steel 94 107 89 39 38 38 95 148 149 142 136 125 115 '105 101 Fabricated metal products 125 142 151 145 144 135 130 143 148 148 145 142 147 148 148 Structural metal parts 138 150 162 150 149 138 136 149 156 155 153 151 156 158 160 Machinery and related products... 166 197 209 205 204 202 196 200 212 211 209 206 211 207 208 Machinery 140 169 177 175 177 175 171 177 180 177 178 175 178 '178 180 Nonelectrical machinery 117 141 149 146 148 147 145 147 148 147 147 145 147 148 152 Electrical machinery 175 212 223 222 224 221 213 227 232 227 227 225 228 '224 225 Transportation equipment 197 229 247 237 230 229 184 217 251 250 243 239 '249 237 234 Motor vehicles and parts 112 148 167 155 151 152 92 137 186 184 173 169 176 176 164 Aircraft and other equipment.. 376 390 400 400 386 378 378 375 365 366 371 368 383 '347 368 Instruments and related products. 175 209 215 215 218 220 220 223 220 218 220 218 222 224 227 Ordnance and accessories Clay, glass, and lumber 124 143 151 147 144 143 142 144 143 143 138 143 r142 r144 146 Clay, glass, and stone products. 137 159 170 165 162 161 159 160 158 159 153 159 160 164 165 Lumber and products 110 125 129 125 124 123 123 127 127 126 122 126 122 '120 124 Furniture and miscellaneous. 126 147 153 150 149 150 150 152 153 152 152 154 157 158 159 Furniture and fixtures 137 164 171 167 165 166 168 172 173 171 166 174 177 mi 178 Misc. manufactures 116 133 138 136 136 136 135 136 136 136 139 138 140 143 143 Nondurable Manufactures Textile, apparel, and leather products. 117 136 142 139 137 136 137 139 138 135 136 137 140 140 Textile mill products 109 126 135 130 127 123 124 124 124 124 123 122 126 128 126 Apparel products 129 153 156 154 154 156 159 160 157 155 158 161 162 '162 163 Leather and products 109 119 124 120 117 117 116 118 119 110 111 111 116 116 Paper and printing , 142 154 156 157 158 157 155 158 159 158 157 755 160 160 161 Paper and products 155 170 175 174 175 175 167 173 176 173 171 173 174 mi 173 Printing and publishing. 133 143 145 146 148 146 147 148 148 148 147 148 152 153 Newspapers 126 135 139 140 138 137 137 140 139 137 136 139 142 152 142 143 Chemical, petroleum, and rubber products. 188 215 223 221 223 218 217 219 222 219 220 225 227 233 234 Chemicals and products 210 240 245 246 250 245 245 249 250 248 251 256 258 '263 266 Industrial chemicals 247 298 310 310 315 307 309 313 314 311 317 318 '322 331 Petroleum products 148 158 163 161 159 159 158 153 157 153 154 161 161 '167 Rubber and plastics products 166 200 223 210 209 201 198 203 206 204 201 201 205 214 Foods, beverages, and tobacco 123 128 127 130 130 128 129 129 131 129 130 130 132 131 131 Foods and beverages 123 128 127 131 130 128 129 130 131 130 130 131 132 '132 131 Food manufactures 125 131 129 131 131 129 132 133 134 132 133 133 134 134 134 Beverages 112 117 114 126 125 119 116 114 120 117 117 117 122 118 Tobacco products 121 127 134 130 126 130 127 131 130 123 129 133 131 131 Mining Coal, oil, and gas 117 122 120 119 120 121 124 126 124 121 120 122 121 123 Coal 68 68 58 59 61 63 71 78 75 69 71 72 71 '64 64 Crude oil and natural gas. 140 147 148 146 146 147 149 149 147 145 143 145 144 '148 150 Oil and gas extraction.. 138 145 146 143 144 145 146 146 145 144 143 145 143 '147 150 Crude oil 129 135 135 133 134 135 136 135 135 134 133 133 132 '137 140 Gas and gas liquids.. 196 211 217 214 212 215 215 219 Oil and gas drilling.... 152 159 160 163 162 160 164 164 i59* *i36* *138" *145* *143* Metal, stone, and earth minerals. 142 147 145 128 118 120 142 152 153 157 159 172 170 r167 167 Metal mining 114 109 100 66 53 57 94 111 119 131 143 146 142 '133 132 Stone and earth minerals 171 187 192 193 189 188 192 196 188 183 175 199 198 '201 203 Utilities Electric. 244 270 275 274 278 275 275 279 279 280 288 286 284 288 Gas 244 265 261 259 259 263 272 283 SUMMARY MARKET GROUPINGS Final products, total 145 162 166 166 165 165 162 166 170 167 167 168 171 170 170 Consumer goods 140 155 158 158 158 157 154 159 164 160 160 162 '164 164 164 Equipment, including defense. 165 188 196 194 194 194 192 194 195 194 196 194 '197 196 197 Materials 138 157 160 148 149 152 165 167 166 164 163 '162 '161 162 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1051 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 -100 [Without seasonal adjustment] a A v n e n r u a a g l e 1959 1960 Grouping 1958 1959 July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July INDUSTRY GROUPINGS 141 159 154 156 159 160 157 162 168 169 168 167 166 166 157 739 755 753 154 755 759 755 757 757 755 757 755 166 165 155 Durable 141 165 161 152 157 159 158 174 181 181 179 175 174 172 160 Nondurable 141 155 149 162 163 164 159 151 156 158 158 161 161 162 154 120 125 119 120 120 122 126 129 128 126 125 128 128 129 125 Utilities 244 268 Durable Manufactures 110 725 777 91 94 90 774 742 749 747 744 735 737 727 113 Primary metals . . ... 99 114 88 55 56 57 102 141 150 148 143 132 121 114 94 Iron and steel 94 107 77 37 38 40 96 145 152 148 143 129 116 106 87 125 142 145 146 151 139 133 143 146 146 144 142 145 146 142 Structural metal parts .... 138 150 156 148 150 141 140 154 156 154 153 150 154 157 154 Machinery and related products. • • . 755 797 797 759 795 205 759 204 275 277 275 209 270 206 795 Machinery 140 169 164 168 178 179 173 178 181 182 183 178 177 111 167 117 141 142 139 145 145 143 148 150 152 153 149 149 149 144 Electrical machinery 175 212 198 213 233 234 222 226 229 232 231 222 r222 222 202 197 228 238 203 210 231 192 230 262 261 253 245 247 r237 221 112 147 158 113 125 155 103 154 199 196 183 174 176 175 149 376 390 393 391 382 376 376 377 373 374 379 372 378 r346 361 175 209 209 212 218 221 222 225 220 220 223 220 221 223 220 Clav class and lumber 124 743 747 755 753 752 742 735 737 136 133 142 146 152 142 Clay glass and stone products 137 159 168 171 169 168 160 155 149 151 149 158 164 168 163 Lumber and products 110 125 123 139 136 135 122 111 111 119 115 124 125 133 118 725 747 745 753 757 755 755 754 749 757 757 750 757 755 750 Furniture and fixtures 137 164 164 170 171 174 171 175 170 170 166 170 170 173 170 116 133 128 139 144 145 142 137 131 134 138 133 136 140 133 Nondurable Manufactures 117 735 123 143 136 742 735 725 740 745 142 144 142 735 124 Textile mill products 109 126 118 132 127 131 127 117 127 127 124 127 128 127 112 Apparel products 129 153 134 161 152 162 159 140 160 170 165 171 167 154 143 109 119 110 126 119 118 113 108 121 122 121 112 110 113 742 754 145 755 160 755 759 752 755 755 757 162 752 757 150 Paper and products . 155 170 158 176 176 186 170 156 172 177 177 178 174 176 156 133 143 137 141 150 152 152 149 144 146 150 151 153 151 145 126 135 121 125 139 148 149 138 128 133 141 148 151 143 124 Chemical petroleum and rubber products 188 275 207 275 224 222 275 275 223 224 226 228 227 231 219 Chemicals and products 210 240 231 242 251 249 246 244 250 252 257 262 260 262 250 247 298 292 299 312 310 310 313 314 322 326 325 325 326 Petroleum products . 148 158 161 165 161 158 156 157 157 155 153 157 158 167 170 Rubber and plastics products 166 199 187 203 212 211 203 194 216 215 211 207 201 208 Foods beverages and tobacco 723 725 729 747 742 739 737 723 723 727 722 725 729 735 733 Poods and beverages . ... 123 128 130 141 143 138 131 124 123 121 122 125 129 135 134 125 131 130 143 147 143 137 130 128 125 124 125 128 132 134 Beverages 112 117 130 134 126 120 106 101 98 102 114 124 134 143 121 127 122 139 131 139 127 106 130 124 129 127 135 143 Mining Coal oil and gas 117 722 773 775 779 727 724 725 725 725 723 122 119 r119 116 Coal 68 68 46 62 64 68 74 76 74 70 71 70 69 66 51 140 147 143 143 144 145 147 152 152 150 146 145 142 144 145 Oil and gas extraction 138 145 139 139 141 143 145 150 150 151 148 147 142 143 143 129 135 130 130 132 133 134 138 139 139 137 135 131 133 134 Gas and gas liquids 196 210 199 202 203 209 221 230 152 159 164 168 166 161 162 166 163 145 129 131 141 146 147 Metal stone and earth minerals 742 745 755 739 729 725 735 737 737 737 747 755 753 757 757 Metal mining .... 114 107 115 76 62 63 86 89 94 108 117 138 163 164 152 171 188 200 205 201 198 193 189 171 167 164 195 202 r210 210 Utilities Electric 244 270 273 280 284 267 265 283 297 290 293 281 269 278 Gas 244 265 SUMMARY MARKET GROUPINGS Final Dro ducts total 145 162 159 165 168 170 162 162 169 170 170 169 r169 170 163 140 155 150 159 161 165 154 153 162 162 161 162 162 164 155 Equipment, including defense 165 188 191 190 193 192 189 194 197 198 200 197 198 197 193 Materials 138 157 150 147 151 150 154 163 167 168 166 164 163 162 152 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1052 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 July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Total index. 100.00 93 105 108 104 103 102 103 109 111 110 109 109 110 109 110 Manufacturing, total. 86.49 92 105 108 104 104 102 102 109 112 110 110 109 110 110 110 Durable 49.66 87 102 105 98 97 96 96 107 111 109 108 106 107 105 105 Nondurable 36.83 100 110 113 113 113 111 111 112 113 112 112 113 115 116 116 Mining 8.55 91 95 94 91 91 91 96 98 98 96 95 98 97 r97 98 Utilities 4.96 105 115 116 116 117 117 118 120 120 121 124 124 122 ••124 125 Durable Manufactures Primary and fabricated metals. 13.15 95 93 71 70 67 86 110 113 109 106 101 100 96 95 Primary metals 7.73 90 81 47 45 44 79 114 115 110 106 99 94 '88 86 Iron and steel 6.21 86 71 31 30 31 76 119 119 114 109 too 92 '84 81 Fabricated metal products.... 5.42 104 111 106 106 99 95 105 109 108 107 108 '108 109 Structural metal parts 2.91 101 108 100 99 92 91 100 104 104 102 104 104 106 107 101 Machinery and related products.... 28.98 102 108 106 105 104 96 103 109 109 108 106 109 107 707 Machinery , 15.31 103 108 107 108 107 104 108 110 108 108 107 109 108 110 Nonelectrical machinery 8.92 99 105 103 104 103 102 103 104 103 104 102 104 '105 107 Electrical machinery 6.39 108 113 113 113 112 108 115 118 115 115 114 '115 114 114 Transportation equipment 10.76 98 106 102 98 98 79 93 108 107 104 102 106 102 100 Motor vehicles and parts , 5.04 100 114 106 103 104 63 94 127 126 118 115 120 120 112 Aircraft and other equipment.., 5.50 94 96 96 93 91 91 90 88 88 89 89 92 '84 89 Instruments and related products. 1.66 112 115 116 117 118 119 120 118 117 119 117 120 '121 122 Ordnance and accessories , 1.25 Clay, glass, and lumber 4.57 97 HI 118 114 112 111 HI 113 112 112 108 112 7/7 '7/2 7/4 Clay, glass, and stone products. 2.92 95 110 118 115 112 111 110 111 110 110 106 110 111 114 115 Lumber and products 1.65 100 113 117 114 113 111 112 115 115 115 110 114 '110 109 112 Furniture and miscellaneous. 2.96 96 112 116 114 113 114 114 116 116 115 115 117 119 120 72/ Furniture and fixtures 1.48 96 115 120 116 115 116 118 120 121 119 116 122 124 123 124 Misc. manufactures 1.48 95 109 113 111 111 111 111 111 112 111 114 113 115 117 117 Nondurable Manufactures Textile, apparel, and leather products. 7.32 99 115 120 117 116 115 116 117 116 114 115 775 '7/9 779 Textile mill products 2.78 98 113 121 117 114 111 111 111 112 111 111 110 113 115 113 Apparel products 3.44 101 120 122 121 121 122 125 126 124 122 124 127 127 127 128 Leather and products 1.10 97 106 111 107 105 104 104 105 106 98 99 99 104 104 Paper and printing 7.93 99 108 109 110 111 110 109 HI 111 110 110 770 112 772 775 Paper and products 3.27 101 111 114 113 114 114 109 113 115 113 112 113 113 112 112 Printing and publishing. 4.66 98 105 106 107 108 107 108 109 109 109 108 109 111 112 113 Newspapers 1.53 96 104 106 107 106 105 104 107 106 105 104 106 108 109 108 Chemical, petroleum, and rubber products. 10.95 99 113 117 116 117 115 114 115 116 115 116 118 119 722 123 Chemicals and products 7.10 100 114 117 117 119 117 117 118 119 118 119 122 123 r125 127 Pe I t n ro 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 9 8 1 10 1 5 8 1 1 2 0 3 8 1 12 0 3 7 1 1 0 2 6 5 1 1 0 2 6 2 1 1 2 0 3 5 1 1 0 2 2 4 1 1 2 0 5 4 1 1 0 2 2 4 1 10 2 3 6 1 1 2 0 6 7 1 10 2 7 8 ' 1 11 3 1 2 "ii4* Rubber and plastics products 1.91 95 114 128 120 120 115 113 116 118 117 115 115 117 122 Foods, beverages, and tobacco. 10.64 102 107 106 108 108 106 107 108 109 107 108 709 110 709 709 Foods and beverages 9.87 102 106 105 108 108 106 107 107 109 107 108 108 109 109 109 Food manufactures 8.31 102 106 105 107 107 105 107 108 109 107 108 108 109 109 109 Beverages 1.56 102 106 103 114 113 108 105 104 109 106 106 106 111 107 Tobacco products .77 106 112 117 114 111 114 111 115 114 108 113 116 115 115 Mining Coal, oil, and gas 7.05 92 96 94 93 94 95 97 99 97 95 94 95 94 96 Coal 1.30 83 82 71 72 14 76 87 94 91 84 86 87 86 78 Crude oil and natural gas. 5.75 94 99 99 98 98 99 100 100 99 97 96 97 96 '99 101 Oil and gas extraction.. 4.98 94 99 100 98 99 99 100 100 100 99 98 100 98 '101 103 Crude oil 4.33 93 98 98 97 97 98 99 98 98 97 96 97 96 '99 102 Gas and gas liquids. . .65 100 106 110 109 107 109 109 111 Oil and gas drilling .77 89 93 94 95 95 94 96 96 93' "85* "80* "si* "84' "85* "84' Metal, stone, and earth minerals. 1.50 91 94 93 82 76 77 91 98 98 101 102 111 109 707 707 Metal mining .70 83 11 73 48 39 42 68 80 87 95 104 106 103 97 96 Stone and earth minerals .80 98 108 111 111 109 108 110 113 108 106 101 115 114 '116 117 Utilities Electric. 3.76 104 115 118 117 119 118 118 119 119 120 123 122 121 123 Gas 1.20 105 114 113 111 111 113 117 122 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1053 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping p 19 ro 5 - 7 a A v n e n ra u g a e l 1959 1960 portion 1958 1959 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total index 100.00 93 105 108 104 103 102 103 109 in no 109 109 no 109 110 Final products total. 46.75 95 707 709 709 709 709 705 709 772 770 770 777 '772 772 772 31.13 99 110 112 112 112 112 109 113 116 113 113 115 117 116 116 Equipment including defense . . 15.62 87 100 104 103 103 103 101 102 103 102 104 102 104 103 104 Materials 53.25 91 104 106 98 99 97 100 109 no 109 108 108 107 106 107 Consumer Goods Automotive products 3.35 55 705 775 705 98 705 73 99 727 722 114 777 727 727 114 Autos 2.03 71 96 113 97 89 98 48 87 134 125 113 116 122 123 108 Auto parts and allied products 1.32 100 113 119 118 114 117 111 117 117 117 116 119 119 118 122 Home goods and apparel . . 9.60 95 775 779 775 779 779 720 722 727 775 775 779 727 120 120 Home goods 4 40 96 115 119 120 121 121 121 124 123 117 114 117 121 118 118 Appliances TV and radios 1.75 94 114 119 121 125 124 126 133 130 117 112 115 120 112 114 Appliances 1 26 99 119 122 130 130 129 138 143 139 121 114 116 120 113 121 TV and home radios 49 83 102 112 97 111 113 98 108 106 105 107 114 118 109 97 Furniture and rugs 1.18 98 119 121 121 121 120 120 122 122 118 114 121 123 122 119 Misc. home goods 1 47 97 113 117 118 118 118 114 116 117 116 116 116 120 122 122 Apparel incl knit goods and shoes 5.20 100 116 120 117 117 118 119 120 118 116 118 120 122 121 121 Consumer staples 75.75 702 705 705 770 770 709 770 770 772 770 772 775 775 114 775 Processed foods 8 11 102 106 106 107 107 104 107 107 109 107 108 108 109 110 109 Beverages and tobacco. 2.32 103 108 108 114 112 no 107 107 111 106 108 110 112 109 D Ne ru w g s s p a s p o e a r p s , m an a d g a to zi i n le e t s r , i e a s nd books 2 1 .4 7 4 3 1 9 0 9 2 1 1 1 0 1 6 1 1 1 0 1 6 1 10 1 8 2 1 n 1 o 5 111048 1 10 1 9 4 1 1 1 0 4 9 1 n 1 o 5 1 1 1 0 4 9 1 1 1 1 5 0 1 1 1 1 8 2 1 1 2 1 0 3 1 1 2 1 2 3 1 1 2 1 1 6 Co F R n u e s E e s u l i l m d e o c e e i t n r l r t i a i f c a u n i l t e d y l u g t a i a n li s d t o i e l l i s i n g e hting 2 3 1 1 . . 4 1 2 5 5 9 6 7 1 1 1 9 0 0 0 8 8 8 5 1 1 1 1 1 1 0 1 8 7 4 3 1 1 1 1 1 1 1 0 3 7 9 4 1 1 1 1 0 1 1 2 5 8 3 0 1 1 1 12 2 0 1 3 0 1 3 1 1 1 1 2 2 1 0 3 1 4 0 1 1 1 1 2 0 1 2 3 5 6 2 1 1 1 1 2 1 2 0 2 6 3 3 1 1 1 1 2 2 1 0 2 3 7 4 1 1 1 1 0 2 1 2 2 5 7 4 1 1 1 12 2 0 2 7 8 5 0 1 1 1 12 2 2 0 6 1 8 8 1 1 1 1 1 2 2 0 8 5 4 5 1 1 1 1 0 2 2 2 7 6 0 7 109 Gas 69 107 115 Equipment Business equipment 12.16 55 700 104 705 705 104 702 104 705 705 705 704 705 705 106 Industrial equipment 7.29 82 97 101 102 101 101 102 104 104 104 104 102 104 103 103 Commercial equipment 2 46 88 104 107 108 109 111 112 113 114 113 115 115 117 120 121 Freight and passenger equipment . 1.83 89 98 105 100 97 97 93 96 106 103 102 101 105 100 101 Farm equipment .58 100 115 132 109 129 112 106 105 109 97 93 89 89 89 88 5 46 Materials Durable goods materials 27.81 55 700 705 90 97 55 93 707 770 709 707 705 705 102 102 Consumer durable 3.67 77 101 111 103 105 95 16 107 121 120 117 110 115 115 no Equipment 8 10 86 103 106 102 101 103 102 106 107 107 106 104 104 r98 102 9.05 95 107 113 107 105 102 101 107 109 108 105 109 no 110 no 6 99 Nondurable materials 25 44 97 107 709 707 707 707 705 777 770 770 110 r77O r77O mi 113 Bu C G si o e n n n e t e s a s r i a n s l e u b r p s u p s l i i n es ess supplies 2 8 5 . . . 9 9 8 1 6 7 1 9 9 0 8 7 1 1 1 1 0 0 0 8 7 9 n 1 1 1 0 o 1 9 n 1 1 1 0 o 1 9 n 1n1 o o0 1 1 10 0 0 7 7 6 1 1 1 0 1 0 9 0 7 1 1 1 1 1 1 2 1 3 1 1 1 1 1 1 1 1 1 1 i n n 0 o 9 1 1 1 0 0 0 9 9 9 1 1 10 1 0 9 0 8 1 1 1 1 1 0 0 2 7 1 i 1 n 1 0 3 8 1 1 1 1 1 1 3 3 2 Nondurable materials nee 7.05 98 115 121 118 117 117 117 119 119 120 120 120 121 123 125 Business fuel and power . . 9.52 94 100 99 97 98 98 101 104 103 102 103 103 102 103 103 Mineral fuels 6.29 92 96 94 93 94 95 97 99 98 96 96 '97 '96 98 Nonresidential utilities 2 70 102 113 116 113 114 113 114 117 117 118 120 120 120 121 Electricity 2.19 102 113 117 115 116 114 114 117 117 118 120 120 119 121 General industrial .99 98 110 116 109 109 106 106 114 114 116 118 115 114 117 Atomic energy .08 97 97 97 97 97 97 97 97 95 95 95 96 96 96 Commercial and other 1.12 105 118 119 120 123 122 122 121 121 121 124 126 125 126 Gas .51 102 113 112 109 109 109 113 118 33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 90 110 118 114 111 114 100 114 125 119 114 117 121 120 116 Aooarel and staoles 23.38 102 no 111 112 112 111 112 112 113 112 113 114 115 115 116 r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—1959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see the BULLETIN for June 1960, p. 632). Figures for industrial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total index 100.00 93 105 102 103 105 105 104 107 Ill Ill Ill 110 '109 109 104 Manufacturing total .. 86.49 92 705 702 703 705 705 104 707 777 772 777 770 770 770 703 Durable 49.66 87 102 99 93 97 98 97 107 111 112 110 108 107 106 99 36.83 100 110 106 US 116 117 113 107 111 112 113 114 115 '116 110 M^ining . 8.55 91 95 90 92 91 92 96 98 97 96 95 97 97 '98 95 Utilities 4.96 105 115 Durable Manufactures Primary and fabricated metals 13.15 84 95 85 70 77 68 87 709 773 772 770 104 700 97 86 Primary metals 7.73 78 90 69 43 44 45 80 111 118 116 112 104 95 89 74 Iron and steel 6.21 75 86 61 29 30 32 77 116 122 118 114 103 93 85 70 Fabricated metal products . 5.42 92 104 106 107 110 102 97 105 107 107 106 104 106 '107 104 Structural metal parts 2.91 93 101 104 99 100 94 93 103 104 103 102 100 103 105 103 Machinery and related products 28.98 86 702 702 98 702 705 98 705 772 772 777 108 r108 707 707 Machinery 15.31 85 103 100 102 109 109 105 109 110 111 112 108 108 108 102 Nonelectrical machinery . . . .... 8.92 83 99 100 98 102 102 100 104 106 107 108 105 105 105 102 Electrical machinery 6.39 89 108 101 108 118 119 113 115 116 117 117 113 112 112 102 Transportation equipment 10.76 84 98 102 87 90 99 82 98 112 112 108 105 106 101 95 Motor vehicles and parts 5.04 77 100 108 77 85 106 70 105 136 134 125 119 120 119 102 Aircraft and other equipment 5.50 91 94 95 94 92 91 91 91 90 90 91 90 91 83 87 1.66 94 112 112 114 117 119 119 121 119 118 120 118 119 120 119 Ordnance and accessories 1.25 Clay glass and lumber 4.57 97 777 775 727 779 779 777 705 702 705 104 777 '773 '778 777 Clay glass and stone products. . 2.92 95 110 117 119 117 116 111 108 103 105 104 110 113 117 113 Lumber and products 1.65 100 113 112 126 123 122 111 100 101 108 104 112 114 '120 107 Furniture and miscellaneous 2.96 96 772 770 775 779 720 118 777 773 775 114 114 775 778 114 Furniture and fixtures 1.48 96 115 115 119 120 122 119 122 119 119 116 119 119 121 119 Misc manufactures 1.48 95 109 105 114 118 119 116 112 107 110 113 109 111 115 109 Nondurable Manufactures Textile apparel and leather products 7.32 99 775 104 727 775 720 777 705 118 723 720 722 720 775 705 Textile mill products 2.78 98 113 106 118 114 117 114 105 114 114 112 114 115 114 101 Apparel products 3.44 101 120 105 127 119 127 125 110 126 134 130 135 131 121 113 Leather and products . . . . 1.10 97 106 98 112 106 105 101 96 107 109 108 100 98 101 Paper and printing 7.93 99 108 707 108 772 775 777 705 108 770 772 113 113 112 705 Paper and products 3.27 101 111 103 115 115 121 111 102 112 115 115 116 113 '114 102 Printing and publishing 4.66 98 105 100 104 110 111 112 110 106 107 110 111 113 111 107 Newspapers 1.53 96 104 92 96 107 113 114 106 98 102 108 113 116 110 95 Chemical, petroleum, and rubber products 10.94 99 773 709 775 775 777 775 773 777 118 118 720 779 727 775 Chemicals and products 7.10 100 114 110 115 119 119 117 116 119 120 122 125 124 125 119 Industrial chemicals 3.61 98 118 116 119 124 123 123 124 125 128 129 129 129 130 Petroleum products 1.93 99 105 107 110 109 105 104 104 104 103 102 104 105 '111 113 Rubber and plastics products 1.91 95 114 107 117 121 121 116 111 124 123 121 118 115 119 Foods beverages and tobacco . ... 10.64 702 707 707 777 778 775 709 702 702 707 702 104 707 772 777 Foods and beverages 9.87 102 106 107 117 119 115 109 103 101 100 101 104 107 111 111 Food manufactures . .. 8.31 102 106 105 116 119 116 111 105 104 101 101 102 104 '108 109 Beverages 1.56 102 106 118 121 115 109 96 91 89 93 103 113 122 130 Tobacco products .77 106 112 108 122 115 122 111 93 114 109 113 112 119 125 Mining Coal oil and gas 7.05 92 96 88 92 93 95 97 700 700 98 96 95 93 r93 97 Coal 1.30 83 82 55 75 78 83 90 92 89 85 87 85 84 80 63 Crude oil and natural gas 5.75 94 99 96 96 97 97 99 102 102 101 98 97 95 '96 97 Oil and gas extraction . 4.98 94 99 95 95 97 98 99 102 103 103 102 101 97 '98 98 Crude oil . . 4.33 93 98 95 94 96 96 97 100 101 101 99 98 96 '97 98 Gas and gas liquids .65 100 106 101 102 103 106 112 117 Oil and gas drilling .77 89 93 96 99 97 94 95 97 96 85 76 77 83 86 86 Metal stone and earth minerals 1.50 91 94 700 89 83 82 88 88 84 88 90 705 777 720 775 Metal mining . . .70 83 11 83 55 45 46 62 64 68 78 85 100 118 119 110 Stone and earth minerals .80 98 108 115 118 116 114 111 109 98 96 95 112 116 '121 121 Utilities Electric 3.76 104 115 116 120 121 114 113 121 127 124 125 120 115 119 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 1055 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] Grouping p p 19 o ro 5 r- - 7 a A v n e n ra u g a e l 1959 1960 tion 1958 1959 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total index 100.00 105 102 103 105 105 104 107 111 111 111 110 109 109 104 Final products, total 46.75 107 105 109 110 112 106 106 HI 112 112 111 '111 112 707 Consumer goods 31.13 110 107 113 114 117 109 108 115 115 114 115 115 116 110 Equipment, including defense 15.62 100 101 100 102 101 100 103 104 104 106 104 105 104 102 Materials 53.25 104 99 97 100 99 102 108 110 I 111 110 109 108 107 100 Consumer Goods Automotive products 3.35 83 103 110 77 80 HI 76 103 136 133 124 123 124 125 103 Autos 2.03 71 96 109 51 53 105 55 98 149 143 129 126 126 127 94 Auto parts and allied products 1.32 100 113 113 118 121 120 107 HI 116 118 116 118 120 121 116 Home goods and apparel 9.60 98 116 105 120 122 125 119 112 118 123 122 121 119 117 107 Home goods 4.40 96 115 105 116 127 129 120 117 115 121 120 118 117 117 105 Appliances, TV, and radios 1.75 94 114 95 108 130 131 119 114 116 127 127 120 117 114 93 Appliances 1.26 99 119 103 108 127 121 116 118 120 136 139 131 126 122 105 TV and home radios .49 83 102 73 110 139 157 125 102 106 106 96 93 95 92 63 Furniture and rugs 1.18 98 119 115 122 123 126 123 125 120 121 116 120 117 117 113 Misc. home goods 1.47 97 113 109 120 126 129 121 113 110 114 116 115 118 120 113 Apparel, incl. knit goods and shoes 5.20 100 116 105 124 117 122 118 107 120 125 123 124 122 117 109 Consumer staples 18.18 102 108 107 115 117 114 110 108 109 108 109 110 111 114 113 Processed foods 8.11 102 106 106 116 120 115 111 105 103 101 100 102 104 108 109 Beverages and tobacco 2.32 103 108 114 122 115 113 101 92 97 98 107 112 121 129 Drugs, soap, and toiletries 2.73 102 111 104 114 118 117 116 113 115 114 117 118 118 120 H4 Newspapers, magazines, and books 1.44 99 106 103 109 113 110 109 109 109 109 112 112 112 111 113 Co F n u s e u l m o e i r l a fu n e d l g a a n s d o l l i i n g e hting 3 1 . . 4 1 5 9 1 9 0 8 5 1 1 1 0 3 4 1 1 0 0 9 3 1 1 1 0 3 6 1 10 1 3 4 1 9 0 9 9 1 10 1 4 2 1 1 0 2 7 0 1 10 2 8 7 1 10 2 5 4 1 1 2 0 3 3 1 10 1 3 9 1 1 1 0 3 3 1 1 1 0 5 6 ios Residential utilities 2.26 108 117 Electricity 1.57 108 118 112 117 121 113 115 129 141 136 136 126 114 116 Gas .69 107 115 Equipment Business equipment 12.16 100 102 101 103 103 101 105 107 106 107 106 107 707 104 Industrial equipment 7.29 97 100 101 102 102 100 105 104 103 104 103 104 104 102 Commercial equipment 2.46 104 103 106 110 112 113 115 115 115 116 115 117 119 117 Freight and passenger equipment 1.83 89 98 103 97 92 93 89 93 104 106 107 107 108 105 101 Farm equipment .58 100 115 116 95 112 111 94 101 112 107 105 100 94 91 79 Defense equipment 3.46 Materials Durable goods materials. . 27.81 too 97 88 91 90 94 107 110 110 108 106 105 104 96 Consumer durable 3.67 97 88 101 101 85 115 128 128 121 109 110 109 96 Equipment 8.10 101 101 98 101 102 102 108 109 109 108 104 103 98 97 Construction 9.05 103 110 110 110 107 102 103 103 103 102 108 111 114 109 Metal materials n.e.c 6-99 107 Nondurable materials 25.44 97 107 101 107 109 109 109 108 111 111 112 112 111 777 105 Business supplies 8.87 98 108 101 110 113 113 110 106 108 109 111 113 112 112 104 Containers 2.91 101 109 105 119 118 114 103 97 108 109 111 110 114 106 General business supplies. 5.96 97 107 100 105 111 112 113 110 109 109 112 113 113 112 103 Nondurable materials n.e.c.. 7.05 98 115 109 116 117 120 120 116 121 123 123 123 122 121 113 Business fuel and power 9.52 94 100 95 98 99 98 101 105 105 104 104 102 101 101 99 Mineral fuels 6.29 92 96 87 91 93 95 97 100 100 99 98 97 94 91 Nonresidential utilities 2.70 102 113 Electricity 2.19 102 113 \\9 121 121 115 112 115 117 115 118 116 116 121 General industrial .99 98 110 112 110 110 109 108 114 115 113 118 115 115 116 Atomic energy .08 97 97 97 97 97 97 97 97 96 95 95 96 96 96 Commercial and other. 1.12 105 118 128 133 133 122 116 118 120 117 119 118 118 128 Gas .51 102 113 Industrial • 33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 90 110 107 99 107 121 101 111 124 126 122 120 120 120 104 Apparel and staples 23.38 102 110 107 117 117 116 112 108 112 112 112 113 113 115 112 r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—1959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see the BULLETIN for June 1960, p. 632). Figures for individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1056 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 =100, unless otherwise indicated] Industrial production C c o o n n s t t r r a u c c t t s i 1 on fa M ctu a r n i u n - g3 Prices Major industry Major market groupings N ri o c n u a l- g- Freight D m ep e a n r t tgroupings em- car- store Y m e o a n r th or Total M f t i a u a n c n r g - - u- M in i g n- U iti t e il s - To F ta i l nal g s C o u p o o m r n o d e - d s r uc E m t q s e u n ip t - M ria a l t s e- R d t e i e a n s l i - - o A th l e l r m t p o e l t o n a y t l — * - p m E lo m en y - t - P ro a l y ls - l i o n a g d s - ( v s r a a e l l t u e a e s il ) s C u o m n e - r m W c s o o a h m d l o e i l t - e y - Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj. Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. 1947 99 99 101 91 99 98 100 100 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 103 103 106 101 102 101 105 104 98 105 101.6 102.8 105.1 104 104 102 8 104.4 1949 98 97 94 108 99 101 94 96 116 111 99.0 93.8 97.2 88 99 101.8 99.2 1950 113 113 105 123 112 115 102 114 185 142 102.3 99 6 111 7 97 107 102 8 103.1 1951 123 123 115 140 121 114 142 124 170 172 108.2 106.4 129.8 101 112 111 0 114.8 1952 127 127 114 152 130 116 170 125 183 183 110.4 106.3 136.6 95 114 113.5 111.6 1953 138 139 117 166 138 124 182 137 178 201 113.6 111.8 151.4 96 118 114 4 110.1 1954 130 129 113 178 132 123 161 128 232 204 110.7 101.8 137.7 86 118 114.8 110.3 1955 146 145 125 199 144 136 172 147 280 248 114.4 105.6 152.9 95 128 114 5 110.7 1956 151 150 132 218 150 139 188 151 *99 *98 118.3 106.7 161.4 97 135 116.2 114.3 1957 152 150 132 233 152 141 189 151 100 100 119.2 104.4 162.7 90 135 120.2 117.6 1958 141 139 120 244 145 140 165 138 113 107 115.5 94.3 148.7 78 136 123.5 119.2 1959 159 158 126 268 162 156 188 157 132 101 118.8 98.9 167.3 81 144 124.6 119.5 1959 July 163 163 123 271 166 158 196 160 156 123 120.2 102.0 170,2 73 '148 124.9 119.5 Aug . 157 157 120 269 166 158 194 148 143 96 118.9 97.4 164.9 72 144 124.8 119.1 Sept 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 1960 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 165 164 129 288 168 162 194 163 136 118 121.5 100.8 168.8 84 154 126.2 120.0 May 167 166 128 '285 171 '164 '197 '162 134 118 121.4 100.9 171.5 83 141 126.3 119.7 June 166 165 M28 '289 170 164 196 '161 137 125 M21.5 100.3 172.5 77 145 126.5 119.5 July 166 165 129 291 170 164 197 162 122 142 121.5 99.7 169.2 73 P149 126.6 119.7 Aug "165 *>164 *130 *>291 *>170 ^163 P197 P160 ^121.3 ^98.6 ^169.5 75 M45 119.2 e Estimated. P PreUminary. ' Revised. were: residential, 271; all other, 266. A description of the old index, Adj. = adjusted for seasonal variation. Unadj. =without seasonal including seasonal adjustments, may be obtained from the Division of adjustment. Research and Statistics. * See note 1. 2 Employees only, excluding personnel in the armed forces. 1 Indexes beginning with 1956 are based on data for 48 States from 5 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 price? 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total construction 35,090 36,269 3,657 3,084 3.058 3,135 2,373 2,224 2,193 2.240 3,046 3,360 3,337 3,472 3,597 By type of ownership: Public 13 427 11 068 1 186 850 840 914 701 711 727 702 1 075 1 067 1 025 1 237 Private 21,663 25,201 2,470 2,234 2.218 2,220 1,672 1.513 1.466 1.537 1,971 2.293 2,312 2,236 By type of construction: Residential 14,696 17,150 1 690 1 551 1,466 1,515 1 092 993 927 988 1 294 1 480 1 453 1 483 1 329 No nresidential 10,948 11,387 1,191 961 1,006 1,003 801 790 801 698 1,067 1,048 1,110 1,110 1,152 Public works and utilities 9,446 7,732 776 571 586 616 480 441 465 554 685 833 774 879 1,116 NOTE.—Beginning in 1958, monthly data exceed annual total and are in policy of accounting for negative adjustments in monthly data after not comparable with monthly data for earlier years because of a change original figures have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION 1057 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates. 1 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 r d t e o t e i h s a n n i l 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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,488 5,916 ,467 7,386 19592— Aug. 57,327 41,361 25,290 11,589 2,289 4,148 5,152 4,482 15,966 ,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 ,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 ,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 ,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 ,433 5,520 ,524 6,832 I960—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.. '54,212 '38,768 '21,930 12,084 2,772 4,056 5,256 '4,754 15,444 1,236 5,304 ,536 7,368 May. 55,337 38,993 22,180 12,036 2,760 3,960 5,316 4,777 16,344 1,200 6,168 ,512 7,464 June** 55,293 39,207 22,362 12,074 2,788 3,881 5,405 4,771 16,086 1,283 5,639 ,475 7,689 July P. 54,969 38,615 21,753 12,102 2,868 3,870 5,364 4,760 16,354 1,277 5,768 .455 7,854 Aug.p 54,520 38,361 21,303 12,271 2,934 3,922 5,415 4,787 16,159 1,258 5,893 ,439 7,569 * Preliminary. ' Revised. 2 Series beginning 1959 includes Alaska and Hawaii for the first time. 1 Data for 1951-58 are joint estimates of the Departments of Commerce and Labor. NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, and Veterans Administration. In thousands of units] a S n a e n d a u j s u o a s l n t a e r l d a l t y e Metro- Non- Private Government-underwritten2 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 re li a ta s1 n p a o r l e i a ta s n l Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1951 1,091 111 315 1,020 892 40 88 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1.190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 1 209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 19593 '1,554 1,077 477 1 517 1 234 56 227 36 458 349 109 1959 July 1,578 1,546 150 103 47 148 123 6 20 2 45 34 11 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 1,356 1,328 107 74 32 105 85 4 15 2 31 23 8 Dec 1 451 1 401 96 67 29 96 77 4 15 1 26 20 6 I960 Jan 1,366 1,291 88 65 24 87 69 3 15 1 20 16 4 Feb 1,367 1,347 90 66 25 88 71 3 14 2 22 18 5 Mar 1,112 1,098 93 '67 27 90 73 3 14 3 27 22 5 Apr rl,329 '1,309 125 83 43 '124 102 4 18 2 33 25 7 May . ... 1.342 1,324 131 91 40 128 102 4 22 3 32 25 7 "1,298 n 281 nn 83 44 p\22 100 5 17 P5 34 26 8 July »1,173 Pi,154 P114 78 36 P110 n.a. n.a. n.a. H 31 14 7 n.a. Not available. » Preliminary. ' Revised. 3 New series, including both farm and nonfarm unless otherwise 1 For new series, based on revised definition of metropolitan areas. indicated. Not strictly comparable with nonfarm series developed by 2 Data from Federal Housing Administration and Veterans' Ad- the Bureau of Labor Statistics, for which annual totals are given through ministration represent units started, based on field office reports of first 1959. compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1058 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employedl Unemploy- Year or month i p n o st p it u u l t a i t o i n on al l f a o b rc o e r Total Total In c u n l o tu n r a a g l ri- In U pl n o e y m ed - l N ab o o t r i n f o t r h c e e (pe m r r a c e t e n e n t t) 2 industries agriculture 1953 115,095 67,362 63,815 61,945 55,390 6,555 1,870 47,732 2.9 1954 116,220 67,818 64,468 60,890 54,395 6,495 3,578 48,401 5.6 1955 117,388 68,896 65,848 62,944 56,225 6,718 2,904 48,492 4.4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4.2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 1959—Aug 123,549 73,204 70,667 67,241 60,884 6,357 3,426 50,345 5.4 Sept 123,659 72,109 69,577 66,347 60 105 6,242 3 230 51,550 5.6 Oct 123,785 72,629 70,103 66,831 60,707 6,124 3,272 51,155 6.0 Nov 123,908 71,839 69,310 65,640 60,040 5,601 3,670 52,068 5.9 Dec 124,034 71,808 69,276 65,699 60,888 4,811 3,577 52,225 5.5 I960 Jan.3 124,606 70,689 68,168 64,020 59,409 4,611 4,149 53,917 5.2 Feb 124,716 70,970 68,449 64,520 59,901 4,619 3,931 53,746 4.8 Mar 124,839 70,993 68,473 64,267 59,702 4,565 4 206 53,845 5 4 124,917 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 Aug 125,499 74,551 72,070 68,282 61,828 6,454 3,788 50,948 5.9 t Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is ' lui/iuucs scu-cmpiuycu, uupaiu laiiiny, eu.i\x uuiiicsnv scivivc wui&cis, num.—j.iin_»iuiaiju_ui idauiig WJ pcisuiis i*t yctus ui age aiiu uvw is 2 Per cent of civilian labor force. Monthly data are seasonally obtained through interviews of households on a sample basis. Monthly adjusted. data relate to the calendar week that contains the 12th day; annual data 3 Beginning with January 1960, data include Alaska and Hawaii. are averages of monthly figures. Figures for population increased by about 500,000 and total labor force by nearly 300,000, most of which was in nonagricultural employment. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total i M t a u n r u in 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 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 777 2,759 4,062 10,846 2,219 5,916 6,914 1956 51,766 16,903 807 2,929 4,161 11,221 2,308 6,160 7,277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 1958 50,543 15,468 721 2,648 3,903 11,141 2,374 6,395 7,893 1959 51,975 16,168 676 2,767 3,902 11,385 2,425 6,525 8,127 SEASONALLY ADJUSTED 1959 -Aug 52,023 16,037 633 2,814 3,893 11,529 2,437 6,549 8,131 Sept 52,154 16,141 617 2,776 3,899 11,464 2,452 6,584 8,221 Oct 52,002 16,022 621 2,762 3,900 11,478 2,453 6,549 8,217 Nov 52,253 16,174 657 2,792 3,902 11,452 2,450 6,593 8,233 Dec 52,674 16,436 665 2,800 3,917 11,486 2,450 6,613 8,307 1960 -Jan 52,880 16,562 658 2,775 3,941 11,594 2.454 6,606 8.290 Feb 52,972 16,567 669 2,781 3,933 11,627 2,464 6,616 8.315 Mar 52,823 16,509 666 2,601 3,920 11,595 2,456 6,577 8,499 Apr 53.128 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 June 53,140 16,498 678 2,790 3,926 11,712 2,471 6,645 8,420 July? 53,158 16,421 659 2,863 3,908 11,720 2,478 6,695 8,414 Aug.p 53,076 16,278 673 2,860 3,899 11,744 2.492 6,660 8,470 WITHOUT SEASONAL ADJUSTMENT 1959—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 53,309 16,422 681 2,977 3,942 11,637 2,496 6,745 8,409 52,934 16,251 656 3,104 3,937 11,575 2,528 6,728 8,155 53,102 16,407 680 3,157 3,928 11,572 2,529 6,693 8,136 P Preliminary. month. Proprietors, self-employed persons, domestic servants, unpaid 1 Excludes data for Alaska and Hawaii. family workers, and members of the armed forces are excluded. Back Non:—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 1059 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 Aug. June July** Aug. June Total 12,052 12,407 12,338 12,202 12,173 12,332 12,155 12,316 Durable goods 6,717 7,051 7,022 6,904 6,679 7,056 6,906 6,863 Ordnance and accessories 71 72 72 70 71 72 72 70 Lumber and wood products 604 596 599 588 628 617 611 612 Furniture and fixtures 329 337 335 334 324 327 322 329 Stone, clay, and glass products 463 454 455 452 468 456 450 457 Primary metal industries 631 970 937 920 628 970 928 915 Febricated metal products 823 844 841 819 815 840 816 811 Machinery except electrical 1,167 1,143 1.149 1,151 1,138 1,154 1,132 1,122 Electrical machinery 867 868 879 884 850 859 848 866 Transportation equipment 1,132 1,127 1,114 1.051 1,132 1,127 1,114 1,051 Instruments and related products 227 229 229 228 224 228 224 225 Miscellaneous manufacturing industries 403 411 412 407 401 405 391 405 Nondurable goods 5,335 5,356 5,316 5,298 5,494 5,276 5,249 5,453 Food and kindred products 1,035 1,032 1,009 1,020 1,176 1,015 1,058 1,159 Tobacco manufactures 81 78 79 81 90 68 69 89 Textile-mill products 896 867 874 868 887 867 848 859 Apparel and other finished textiles 1,081 1,130 1,108 1,086 1,103 1,085 1,058 1,108 Paper and allied products 452 452 449 447 454 452 445 449 Printing, publishing and allied industries 564 572 575 579 558 572 569 573 Chemicals and allied products 540 548 549 547 532 540 538 539 Products of petroleum and coal 148 154 150 150 151 156 153 153 Rubber products 206 198 198 195 204 198 192 193 Leather and leather products 332 325 325 325 339 323 322 331 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 1960 1959 1960 Aug. June July? Aug.p Aug. June July? Aug.*7 Aug. June July*1 Aug.p Total. 88.70 91.60 91.14 90.12 40.5 40.0 39.8 39.7 2.19 2.29 2.29 2.27 Durable goods 95.88 98.98 97.60 96.71 40.8 40.4 40.0 39.8 2.35 2.45 2.44 2.43 Ordnance and accessories 103.38 107.30 105.86 104.41 40.7 40.8 40.1 39.7 2.54 2.63 2.64 2.63 Lumber and wood products 82.61 83.84 80.96 81.78 41.1 40.5 39.3 39.7 2.01 2.07 2.06 2.06 Furniture and fixtures 76.31 74.77 74.80 75.36 41.7 40.2 40.0 40.3 1.83 1.86 1.87 1.87 Stone, clay, and glass products 92.35 93.07 93.02 93.48 41.6 41.0 40.8 41.0 2.22 2.27 2.28 2.28 Primary metal industries 104.81 109.70 108.47 105.08 39.7 38.9 38.6 37.8 2.64 2.82 2.81 2.78 Fabricated metal products 99.01 100.21 99.23 100.37 41.6 40.9 40.5 40.8 2.38 2.45 2.45 2.46 Machinery except electrical 102.34 105.88 104.70 103.94 41.1 41.2 40.9 40.6 2.49 2.57 2.56 2.56 Electrical machinery 89.91 92.23 91.08 91.54 40.5 40.1 39.6 39.8 2.22 2.30 2.30 2.30 Transportation equipment 108.14 110.97 110.15 107.29 40.2 40.5 40.2 39.3 2.69 2.74 2.74 2.73 Instruments and related products 93.48 95.65 96.22 96.22 41.0 40.7 40.6 40.6 2.28 2.35 2.37 2.37 Miscellaneous manufacturing industries... 76.76 77.41 76.44 77.41 40.4 39.9 39.4 39.9 1.90 1.94 1.94 1.94 Nondurable goods 80.20 82.16 82.56 82.37 40.1 39.5 39.5 39.6 2.00 2.08 2.09 2.08 Food and kindred products 84.87 88.51 89.60 88.15 41.4 40.6 41.1 41.0 2.05 2.18 2.18 2.15 Tobacco manufactures 65.93 71.53 68.61 66.13 40.7 39.3 37.7 38.9 1.62 1.82 1.82 1.70 Textile-mill products 64.87 65.53 64.48 64.48 40.8 40.2 39.8 39.8 1.59 1.63 1.62 1.62 Apparel and other finished textiles 56.85 55.90 56.27 57.99 37.4 36.3 36.3 36.7 1.52 1.54 1.55 1.58 Paper and allied products 95.68 97.13 96.87 97.71 43.1 42.6 42.3 42.3 2.22 2.28 2.29 2.31 Printing, publishing and allied industries.. 103.79 105.54 105.81 106.20 38.3 38.1 38.2 38.2 2.71 2.77 2.77 2.78 Chemicals and allied products 100.53 105.59 105.83 105.92 41.2 41.9 41.5 41.7 2.44 2.52 2.55 2.54 Products of petroleum and coal 116.12 119.60 121.18 119.19 40.6 41.1 41.5 41.1 2.86 2.91 2.92 2.90 Rubber products 105.33 102.72 103.94 100.55 42.3 40.6 40.6 39.9 2.49 2.53 2.56 2.52 Leather and leather products 60.48 62.37 62.59 61.83 37.8 37.8 38.4 37.7 1.60 1.65 1.63 1.64 '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

1060 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a 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 July 148 126 134 145 145 157 185 138 145 133 154 174 160 144 121 128 134 137 152 184 134 144 132 153 179 157 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 13* 149 131 156 179 155 Dec 146 129 135 140 141 156 185 134 143 133 155 170 158 I960—Jan 146 131 135 146 139 156 180 134 150 137 156 171 156 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 141 125 131 136 139 144 176 132 143 133 150 159 153 June 145 129 135 144 139 149 183 134 144 137 154 170 153 July P149 126 135 142 146 ^157 P194 141 P144 137 n59 175 159 WITHOUT SEASONAL ADJUSTMENT 1959—juiy 121 95 100 110 118 129 157 111 120 107 135 155 143 Aufi 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 '98 115 135 121 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 138 124 127 134 135 143 173 130 144 127 150 159 145 June 137 123 130 134 131 139 165 129 134 133 146 156 147 July P122 95 101 108 118 *>l30 *>165 113 H19 110 ^140 156 142 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_july 158 145 143 r165 138 182 212 149 147 143 156 180 169 159 147 145 162 136 184 217 155 147 148 157 182 167 Sect 160 147 144 161 139 183 222 157 145 146 159 182 167 Oct 158 145 143 159 139 179 225 151 143 147 161 185 163 Nov 160 145 144 160 142 179 223 152 142 149 161 188 171 Dec 161 145 144 166 138 180 227 154 146 146 162 183 174 I960—Jan 161 144 146 164 142 178 227 150 149 147 162 186 178 Feb 160 143 146 160 142 179 225 147 145 145 162 180 179 Mar 162 144 147 159 145 177 225 151 148 146 160 182 183 Apr 159 141 144 157 139 181 224 146 147 146 157 181 176 May 161 146 149 164 144 187 223 152 151 150 160 185 167 June 165 148 149 ^168 150 185 '227 152 152. 152 161 192 180 July Pi 67 149 151 166 160 *>187 *>223 155 154 157 P165 J>l90 179 WITHOUT SEASONAL ADJUSTMENT 1959 July 149 132 129 148 127 168 197 146 140 136 150 171 165 Aug 156 143 142 156 130 181 212 152 145 145 155 182 166 Sept 168 154 151 169 145 193 230 163 154 152 164 192 176 Oct 177 164 162 183 156 205 245 167 163 163 174 203 182 Nov 182 170 167 185 160 207 252 171 162 168 182 207 196 Dec 145 135 134 149 126 165 197 134 132 136 146 170 160 I960 Jan . . 144 128 132 144 125 158 207 135 133 135 146 163 158 Feb 152 134 136 154 136 167 223 139 138 139 156 175 165 Mar 165 146 149 164 149 181 237 151 150 149 164 191 182 Apr 165 147 150 168 146 188 232 155 153 150 163 189 179 May 163 149 151 167 148 186 225 155 149 150 161 183 166 June . 157 139 140 156 142 174 '213 149 143 143 158 179 176 July *157 135 137 149 147 P\12 ?208 152 146 148 *>158 *>180 176 * Preliminary. r Revised. For description of the series see the BULLETIN for December 1957, * 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 1061 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Out- Re- New Stocks Period Sales i Stocks i stand- ceipts2 orders 3 Out- plus (total (end ing (total (total Stocks stand- out- Refor of orders * for for ing stand- ceipts month) month) (end of month) month) orders ing month) orders Annual average: 1951 391 1,202 460 390 379 3.2 1.3 4 4 1.0 1952 397 1,097 435 397 401 2.9 1.2 4. 1.0 1 1 9 9 5 5 4 3 4 4 0 0 9 6 1 1 , ,1 1 4 6 0 3 4 3 2 8 1 8 4 41 0 0 8 A 40 ll 1 3 3. . 0 0 !o 4. 1 1 . . 0 0 1955 437 1,195 446 444 449 2.9 .1 1.0 1956 454 1,286 470 459 458 3.0 A. 1.0 1957 459 1,338 461 461 458 3.1 4. 1.0 1958 462 1,323 437 462 464 3.0 .0 4. 1.0 1959 485 1,385 510 492 496 3.0 4. 1 1 Month: I959_july r391 M,304 r667 '396 r457 1.7 5.1 1.0 Aug 427 1,380 631 503 470 3^2 1.5 4.7 1.2 Sept 472 1,483 627 575 571 3.1 1 3 4 5 1 2 Oct . . .. 531 1,578 604 626 603 3.0 4.1 1.2 Nov 578 1,639 521 639 556 2.8 0^9 3.7 1.1 Dec 940 1,310 372 611 462 1.4 0.4 1.8 0.7 I960 Jan 384 1,299 459 373 460 3.4 1.2 4.6 1.0 Feb . .. . 362 1,362 514 425 480 3.8 1.4 5.2 1.2 Mar 418 1,468 456 524 466 3.5 1.1 4.6 1.3 Apr 507 1,473 417 512 473 2.9 0.8 3.7 1.0 May . .. 448 1,461 ''420 436 3.3 0.9 4.2 1.0 June 451 1 381 616 371 567 3.1 1 4 4.4 0 8 373 1,371 678 363 425 3.7 1.8 5.5 1.0 P Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1959, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see the department store sales. BULLETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports excluding Merchandise exports' military-aid 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 1,154 137 Feb 1,346 1,280 1,576 1,246 1,183 1,497 956 1.118 ,288 Mar 1,555 ,456 1,751 1,440 ,375 1,634 1,071 1,295 375 Apr 1,530 ,479 1,823 1,408 1,343 1,708 1,057 [,221 ,257 May 1,638 ,551 rl,810 1,507 ,411 rl,716 1,061 1,264 ,260 June . 1,408 ,423 '1,738 1,309 ,347 '1,638 1,031 ,369 ,313 July 1,418 ,468 1,699 1,289 ,353 1,629 1,049 1,248 1,401 ,397 1,287 ,300 950 [ 189 Sept ... . ... 1,363 ,479 1,242 ,399 1,073 [,392 Oct 1 607 482 1 426 398 1 150 I 202 Nov 1,599 .479 1,410 ,376 1,086 1,282 Dec 1 524 1 675 1 389 1 254 478 Jan -July . 10,400 10,057 11,959 9,596 9,298 11,306 7,321 8,669 8,785 r Revised. 3 General imports including imports for immediate consumption plus 1 Exports of domestic and foreign merchandise. entries into bonded warehouses. 2 Department of Defense shipments of grant-aid military equipment and supplies under Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1062 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49=100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o re g d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55.6 1945,. 76.9 68.9 90.9 76.3 1952 113.5 114.6 114.6 117.9 104.5 118.7 108 5 111 8 105.8 126 2 117 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 July 124.9 119.4 129.0 139.6 119.5 134.0 104.0 134 3 107.5 146.3 151 0 131 3 119 1 130 8 Aug 124.8 118.3 129.3 139.8 120.1 133.9 103.6 134.6 108.0 146.7 151.4 131.7 119.1 131.1 Seot 125.2 118.7 129.7 140.0 121.6 135.0 104.0 135.2 109.0 146.4 152.2 132.1 119.6 131.5 Oct 125.5 118.4 130.1 140.4 121.7 135.5 104.1 135.3 109.4 148.5 152.5 132 5 119.7 131.6 Nov 125.6 117.9 130.4 140.5 121.7 135.9 104.4 135.4 109.4 149.0 153.0 132.7 120.0 131.6 Dec 125.5 117.8 130.4 140.8 122.7 137.3 104.2 135.5 109.2 148.7 153.2 132.9 120.4 131.7 I960 Jan 125.4 117.6 130.7 140.9 123.2 139.0 104.0 135.9 107.9 147.6 153.5 132 7 120 3 131.8 Feb 125.6 117.4 131.2 141.0 124.0 139.0 104.3 136.3 108.4 147.5 154.7 132.6 120.6 131.8 Mar 125.7 117.7 131.3 141.2 124.1 137.2 104.7 136 9 108.8 146.5 155 0 132 7 120 9 131.7 Apr 126.2 119.5 131.4 141.4 124.4 136.3 104.7 137.0 108.9 146.1 155.5 132.9 121.1 131.9 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 July 126.6 120.6 131.3 141.8 124.8 132.9 104.1 137.4 109.1 145.9 156.4 133.4 121.6 132.2 NOTE.—Revised index, reflecting, beginning with January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (Le. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49=100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49=100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - p F u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d - d e s - l - l H s p e u k a a r i c n i o t d n h t d d e s s e - s , r ,p t l F e o i m a i g r u w n n i h a e g a d e - t l l - r , s , C a p i u a l h r c l c n o a i e e t d l d m s s d - - p R u a b r u n c o e b t d d r s - - p w L u a b r u o c n o e m o t d d r s d - - p p a P u a l a r l u c n o p ie l t d e d p s d r - , M p m u a r e e c n o t t t d d a a s l - l s p c M m u a t e r h i c n o r v o i a y t d n d e - s - - - h F d o h b t o a u u t u o l n u h r r e r l d s e n a d e s e r - i- - e s N r t t m t m a a u r o l l i r u e l s n n a i - c — c - l - - b b e m o b a T a r t e a f n c o t r v g l d c - s e - e o . d s n c M e e o l i l s u a - - s 1952. 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953. 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954. 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955. 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956. 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119. 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. 122.2 134.6 126. 89.6 1958. 119.2 94.9 110.9 126.0 93.5 100.6 112.7 110.4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1959. 119.5 89.1 107.0 128.2 95.0 114.3 112.7 109.9 144.8 125.8 132.2 153.6 153.0 123.4 137.7 131.4 94.5 1959 July.. 119.5 88.4 107.5 128.4 95.3 119.3 111.1 109.9 146.4 128.3 132.4 152.7 153.6 123.8 137.5 '132.2 92.9 Aug.. 119.1 87.1 105.8 128.4 95.7 119.7 112.2 109.7 141.0 128.5 132.3 152.8 153.8 123.5 137.4 134.5 92.0 Sept.. 119.7 88.9 107.8 128.4 95.9 119.1 111.9 109.9 142.0 127.2 132.4 153.8 153.9 123.4 137.5 131.8 88.6 Oct.. 119.1 86.5 106.4 128.4 95.9 116.2 111.4 110.0 142.3 126.2 132.5 154.5 153.7 123.3 137.5 131.7 91.8 Nov.. 118.9 85.4 104.9 128.5 96.3 111.7 111.2 110.0 144.9 124.3 132.3 155.8 153.6 123.3 137.7 131.7 93.7 Dec.. 118.9 85.9 104.7 128.6 96.7 112.3 111.7 110.0 142.5 124.8 132.4 155.2 153.7 123.2 137.8 131.7 94.2 1960 Jan 119.3 86.5 105.6 128.8 96.6 112.7 111.9 109.9 143.5 125.1 133.7 155.5 153.8 123.4 138.4 131.7 95.3 Feb 119.3 87.0 105.7 128.7 96.5 112.0 112.0 110.0 145.1 124.9 133.2 155.3 153.9 123.5 138.2 131.7 93.4 Mar. 120.0 90.4 107.3 128.6 96.3 111.8 112.3 110.1 145.2 124.5 133.1 154.5 153.9 123.7 138.2 131 94.0 120.0 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 95.4 Jun y e 1 11 19 9 .7 9 8 0 9 . . 4 0 1 1 0 0 7 7 . . 3 6 1 1 2 2 8 8 . . 2 2 9 9 6 6 . . 3 3 1 11 1 0 1 . . 3 2 1 1 1 1 0 2 . . 8 3 1 1 1 1 0 0 . . 2 2 '• 1 1 4 4 6 7 . . 7 2 r1 1 2 2 2 3. . 7 4 r1 1 3 3 3 3 . . 5 4 r1 1 5 5 3 4 . . 8 2 1 1 5 5 3 3 . . 5 4 r1 1 2 2 3 3 . . 0 21 1 3 3 7 7 . . 9 8 1 1 3 3 1 1 9 9 0 1. . 1 9 July 119.7 88.9 108.8 128.2 96.3 110.2 113.7 110.4 146.1 121.4 133.5 153.4 153.4 123.0 137.8 131.2 90.8 r Revised. « Corrected. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1063 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49=100] 1959 1960 1959 1960 Subgroup Subgroup July May June July July May June July Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce 985 1169 109.7 112.9 Grains 782 778 77.5 75.5 Paperboard , 135.9 135.9 135.9 135.9 Livestock and poultry 848 858 85.1 84.1 Converted paper and paperboard 127.6 130.6 r130.9 130.9 Plant and animal fibers 1000 966 96.7 96.4 Building paper and board , 147.3 145.1 145.1 144.2 Fluid milk 922 927 '93.3 95.5 Eggs 654 696 64.2 65.4 Metals and Metal Products: Hay and seeds 749 765 74.4 73.5 Other farm products 1322 1283 128.0 127.7 Iron and steel 171.8 170.4 169.9 169.5 Nonferrous metals , 133.8 140.0 138.9 138.6 Processed Foods: Metal containers 152.9 154.8 153.9 153.6 Hardware 173.0 174.2 174.5 174.5 Cereal and bakery products 1195 1212 121.2 122.6 Plumbing equipment , 130.9 132.7 131.3 131.3 Meats, poultry, and fish 993 985 '98.1 99.5 Heating equipment , 121.7 120.2 120.0 118.9 Dairy products and ice cream 113.9 1149 116.0 117.3 Fabricated structural metal products, 132.3 134.9 134.9 134.6 Canned, frozen fruits, and vegetables 1106 1063 106.9 107.4 Fabricated nonstructural metal Sugar and confectionery 1152 1140 114.0 116.9 products 145.3 146.1 146.0 146.0 Packaged beverage materials 1452 1452 145.2 143.5 Other processed foods 961 1022 103.9 103.3 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 143.4 145.7 145.7 145.7 Cotton products. 919 948 94.8 94.7 Construction machinery and equip- Wool products 103.3 102.4 102.1 102.1 ment 171.8 175.3 175.3 175.5 Synthetic textiles 82.2 79.7 79.6 79.6 Metal working machinery 174.0 179.2 180.0 180.0 Silk products 113.4 118.7 121.6 123.3 General purpose machinery and Apparel 99.9 1006 100.8 101.0 equipment 165.9 167.8 166.4 166.5 Other textile products , 75.5 86.8 85.1 81.9 Miscellaneous machinery 149.5 150.0 150.2 150.0 Electrical machinery and equip- Hides\ Skins, and Leather Products: ment 155.8 153.9 153.9 153.9 Motor vehicles 143.2 141.6 141.6 141.6 Hides and skins 107.7 72.9 67.1 68.0 Leather , 118.7 103.5 103.0 102.2 Furniture and Other Household Dura- Footwear 130.6 132.5 132.5 132.5 bles: Other leather products 113.9 106.7 '106.4 106.0 Household furniture 124.2 125.0 124.9 124.9 Fuel, Power, and Lighting Materials: Commercial furniture 155.3 156.7 156.7 157.1 Floor covering 128.6 130.8 130.6 130.6 Coal 121.1 118.7 '119.5 120.3 Household appliances 104.4 102.1 101.7 101.7 Coke 170.4 170.4 170.4 170.4 Television, radios, phonographs 94.3 91.7 '91.4 91.4 Gas fuels (Jan. 1958= 100) 105.8 111.6 '112.2 113.7 Other household durable goods 156.8 157.4 157.4 157.4 Electric power (Jan. 1958= 100) 100.8 101.7 101.8 102.0 Petroleum and products 114.8 113.6 116.0 117.9 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.3 130.2 130.2 130.2 Concrete ingredients 140.4 142.1 142.1 142.1 Industrial chemicals 123.9 '124.6 '124.6 124.7 Concrete products 129.9 131.5 131.3 131.3 Prepared paint 128.3 128.3 128.3 128.4 Structural clay products 160.6 161.7 161.7 161.8 Paint materials 101.3 103.0 103.2 103.8 Gypsum products 133.1 133.2 133.2 133.2 Drugs, Pharmaceuticals, cosmetics... 93.7 94.8 95.1 95.1 Prepared asphalt roofing 111.9 106.6 106.6 106.6 Fats and oils, inedible 55.3 50.2 '47.9 47.7 Other nonmetallic minerals 132.5 134.6 134.6 134.6 Mixed fertilizers 108.8 110.2 110.2 110.3 Fertilizer materials 107.4 108.8 108.8 110.6 Tobacco Manufactures and Bottled Other chemicals and products 106.6 106.4 106.4 106.4 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.5 106.5 106.5 Crude rubber 149.3 169.6 169.6 161.5 Other tobacco products. 153.7 155.7 155.7 155.7 Tires and tubes 150.0 138.1 138.1 139.2 Alcoholic beverages 121.8 120.6 120.6 120.6 Other rubber products 141.6 144.5 '145.6 145.6 Nonalcoholic beverages. 171.1 171.1 171.1 167.4 Lumber and Wood Products: Miscellaneous: Lumber 129.9 124.9 '123.1 121.6 Toys, sporting goods, small arms 117.5 118.3 118.3 118.6 Millwork 137.7 136.9 136.9 137.0 Manufactured animal feeds 72.2 68.0 67.6 67.3 Plywood 102.4 95.7 95.5 95.5 Notions and accessories 97.5 96.4 96.4 97.3 Jewelry, watches, photo equipment.. 108.1 110.5 110.2 110.7 Pulp, Paper, and Allied Products: Other miscellaneous 131.9 132.5 132.6 132.5 Woodpulp 121.2 121.2 121.2 121.2 Wastepaper 115.9 83.2 82.3 82.3 Paper 143.6 145.9 145.9 145.9 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1064 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 Gross national product 104.4 56.0 125.8 284.6 397.5 419.2 442.8 444.2 482.1 487.9 481.4 486.4 501.3 505.0 Personal consumption expenditures 79.0 46.4 81.9 195.0 256.9 269.9 285.2 293.5 313.8 313.6 316.0 319.6 323.3 329.0 Durable goods 9.2 3.5 9.7 30.4 39.6 38.5 40.4 37.3 43.4 44.4 44.0 43.5 44.2 44.5 Nondurable goods 37.7 22.3 43.2 99.8 124.8 131.4 137.7 142.0 147.6 147.7 148.0 149.6 150.5 153.5 Services 32.1 20.7 29.0 64.9 92.5 100.0 107.1 114.2 122.8 121.4 124.1 126.6 128.6 130.9 Gross private domestic investment 16.2 1.4 18.1 50.0 63.8 67.4 66.1 56.0 72.0 78.9 67.5 70.8 79.3 75.5 New Construction 8.7 1.4 6.6 24.2 34.9 35.5 36.1 35.4 40.3 41.3 41.1 39.4 40.8 40.7 Residential, nonfarm 3.6 3.5 14.1 18.7 17.7 17.0 18.0 22.3 23.5 22.6 21.3 21.4 21.3 Other 5.1 l'.O 10.1 16.2 17.8 19.0 17.4 18.0 17.8 18.5 18.1 19.3 19.4 Producers' durable equipment 5.9 1.6 6.9 18.9 23.1 27.2 28.5 23.1 25.8 26.1 26.5 26.8 27.1 29.5 Change in business inventories 1.7 -1.6 4.5 6.8 5.8 4.7 1.6 -2.5 5.9 11.5 -.1 4.7 11.4 5.3 Nonfarm only 1.8 -1.4 4.0 6.0 5.5 5.1 .8 -3.6 5.4 11.0 -.5 4.3 11.0 5.0 Net exports of goods and services 1.1 .6 1.1 2.9 4.9 1.2 -1.0 -2.2 -.2 -.4 1.2 2.0 Exports 7^0 1A 6.0 13.1 19.4 23.1 26.2 22.7 22.9 22.2 24.0 23.5 25.2 26.4 Imports 6.3 2.3 4.8 12.5 18.3 20.2 21.3 21.5 23.8 24.4 24.2 23.9 23.9 24.4 Government purchases of goods and services.. 8.5 8.0 24.8 39.0 75.6 79.0 86.5 93.5 97.1 97.7 98.1 96.4 97.5 98.6 Federal 1.3 2.0 16.9 19.3 45.3 45.7 49.7 52.6 53.3 53.7 53.6 52.5 51.8 51.7 O N t a h ti e o r nal defense 2.0 1 3 3 . . 2 8 1 5 4 . . 2 3 3 6 9 . . 6 1 4 5 0 . . 7 4 4 5 4 . . 7 4 4 8 4 . . 3 8 4 7 6 . . 8 0 4 7 6 . . 8 4 46 8 . . 1 0 45 7 . . 5 5 4 7 4 . . 5 9 4 7 4 . . 6 7 Less: Government sales .0 .0 .1 .3 .4 .5 .5 .5 .5 .6 State and local 7.2 6.0 7.8 19.7 3O!3 33.2 36.8 40.8 43'.9 44.0 44#.5 43.9 45.7 46.9 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 392.7 400.9 408.6 401.0 428.0 434.2 426.3 429.1 '440.5 442.2 NATIONAL INCOME, BY DISTRIBUTIVE SHARES (Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 National income 87.8 40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 405.4 399.4 402.8 414.4 Compensation of employees 51.1 29.5 64.8 154.2 223.9 242.5 255.5 257.0 277.8 279.7 279.5 281.6 290.2 295.0 Wages and salaries 50.4 29.0 62.1 146.4 210.9 227.6 238.5 239.7 258.2 260.1 259.7 261.5 268.7 273.1 Private 45.5 23.9 51.9 124. 174.9 189.6 198.4 196.4 212.9 214.9 214.2 215.6 222.1 225.5 Military .3 .3 1.9 5.0 9.8 9.7 9.6 9.8 9.9 9.9 9.9 9.8 9.9 10.0 Government civilian 4.6 4.9 8.3 17.3 26.2 28.4 30.5 33.5 35.4 35.3 35.7 36.1 36.7 37.6 Supplements to wages and salaries .7 .5 2.7 7.8 13.0 14.9 17.0 17.4 19.6 19.6 19.8 20.1 21.5 21.9 Employer contributions for social insurance .1 2.0 4.0 5.8 6.8 7.8 8.0 9.5 9.6 9.5 9.6 10.8 10.9 Other labor income .6 A .7 3.8 7.1 8.1 9.1 9.4 10.1 10.0 10.3 10.5 10.7 10.9 Proprietors' income 14.8 5.6 17.4 37.5 42.1 43.7 44.5 46.4 46.5 46.8 46.1 46.3 46.0 48.1 Business and professional 8.8 3.2 10.9 23.5 30.4 32.1 32.7 32.3 34.7 34.8 35.0 35.1 35.4 36.0 Farm 6.0 2.4 6.5 14.0 11.8 11.6 11.8 14.0 11.8 12.0 11.1 11.2 10.6 12.1 Rental income of persons 5.4 2.0 3.5 9.0 10.7 10.9 11.9 12.2 12.4 12.4 12.4 12.5 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 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 51.7 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 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 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 13.2 13.6 13.8 13.9 13.9 Undistributed profits 2.4 -2.4 4.9 13.6 11.8 11.3 9.7 6.7 10.5 12.9 9.3 8.9 11.0 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.7 -2.7 -1.5 -.2 -.5 -1.3 -.4 .7 -.8 Net interest 6.4 5.0 4.5 5.5 10.4 11.7 13.4 14.7 16.4 16.2 16.5 16.9 17.8 18.5 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 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 1065 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 Gross national product. 104.4 56.0 125.8 284.6 397.5 419.2 442.8 444.2 482.1 487.9 481.4 486.4 501.3 505.0 is: Capital consumption allowances , 8.6 7.2 9.0 19.1 32.0 34.4 37.4 38.1 40.5 40.2 40.7 41.4 42.2 43.0 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 32.9 35.7 38.2 39.4 42.6 42.2 43.0 43.5 44.4 45.3 S B t u a s t i i n st e i s c s a l t r d a i n sc sf r e e r p a p n a c y y ments . . 6 3 '.9 . . 5 4 -.7 .8 1 1 . . 5 0 -2 1 . . 4 6 - 1 .6 .8 -1 1 .7 .8 -1 1 .8 .8 -1 1 . . 0 8 -3 1 . . 0 8 -2 1 . . 6 8 -1 1 .1 .8 1.8 Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 .0 .9 1.0 1.1 .6 .7 .5 .5 .5 Equals: National income 87.8 40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 405.4 399.4 402.8 414.4 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 43.1 42.0 41.7 37.4 46.6 50.4 44.9 45.5 48.0 Contributions for social insurance .3 2.8 6.9 11.0 12.6 14.5 14.8 17.3 17.4 17.4 17.5 19.9 20.2 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments. . .9 1.3 2.6 14.3 16.0 17.2 20.1 24.5 25.2 25.0 25.0 26.0 26.1 26.7 Net interest paid by government. 1.0 1.2 1.3 4.8 5.4 5.7 6.2 6.2 7.1 6.9 7.3 7.6 7.8 8.0 Dividends 5.8 2.1 4.5 9.2 11.2 12.1 12.6 12.4 13.4 13.2 13.6 13.8 13.9 13.9 Business transfer payments .6 .5 1.5 1.6 1.8 1.8 1.8 1.8 1.8 1.8 1.8 .7 .8 Equals: Personal income 85.8 47.2 96.3 228.5 310.2 332.9 351.4 360.3 383.3 384.5 384.8 389.0 396.2 404.2 Less: Personal tax and nontax payments 2.6 3.3 35.7 40.0 42.6 42.4 46.0 46.2 46.3 46.5 49.2 50.0 1.5 20.8 Federal , 1.3 2.0 18.2 31.5 35.2 37.3 36.7 39.8 40.1 40.0 40.2 42.6 43.4 State and local. i!o 1.3 2.6 4.2 4.8 5.3 5.7 6.2 6.1 6.2 6.3 6.6 6.6 1.4| Equals: Disposable personal income 45.7 93.0 207.7 274.4 292.9 308 8 317.9 337.3 338.3 338.5 342.4 347.0 354.1 83.1 Less: Personal consumption expenditures.... 46.4 81.9 195.0 256.9 269.9 285.2 293.5 313.8 313.6 316.0 319.6 323.3 329.0 79.0 Equals: Personal saving 4.2j -.6 11.1 12.6 17.5 23.0 23.6 24.4 23.4 24.8 22.5 22.8 23.7 25.2 Addendum: Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 273.4 286.9 293.8 296.2 311.1 313.0 311.4 313.6 316.3 321.1 PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] 1959 1960 Item* 1958 1959 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.p Total personal income . . 360.3 383.3 383.3 384.3 384.3 388.7 393.9 395.7 395.7 397.0 401.9 404.7 406.1 407.3 407.6 JWage and salary disbursements.......239.7 258.2 258.6 259.0 258.6 260.8 265.0 268.2 268.6 269.3 271.7 273.6 274.0 275.1 275.1 Commodity-producing industries... 97.9 107.2 105.8 106.1 105.6 107.0 110.4 112.6 111.9 111.6 112.1 113.3 112.9 112.8 111.7 76.7 84.7 83.8 84.3 83.5 84.5 87.6 89.4 89.0 88.8 88.6 89.5 89.2 88.7 87.5 Distributive industries 63.8 68.2 69.2 69.1 68.8 69.1 69 A 69.9 70.3 70.8 71.8 72.0 72.2 72.4 72.7 34.7 37.5 38.0 38.1 38.5 38.8 39.1 39.4 39.8 40.0 40.5 40.7 41.1 41.3 41.6 Government 43.2 45.3 45.6 45.6 45.7 46.0 46.1 46.3 46.5 46.9 47.3 47.6 47.8 48.5 49.0 9.4 10.1 10.3 10.3 10.4 10.5 10.5 10.6 10.7 10.8 10.8 10.9 11.0 11.1 11.2 Proprietors* income: 32.3 34.7 35.0 34.9 35.0 35.1 35.2 35.5 35.5 35.4 35.7 36.0 36.2 36.2 36.2 14.0 11.8 10.7 10.4 10.1 11.2 12.3 11.3 10.4 10.1 11.7 12.1 12.5 12.0 11.5 Rental income 12.2 12.4 12.4 12.5 12.5 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 13.6 13.8 13.8 13.8 13.6 13.9 13.9 13.9 13.9 13.9 13.9 13.9 14.0 20.8 23.5 23.8 24.0 24.2 24.5 24.8 25.2 25.5 25.9 26.2 26.5 26.8 27.1 27.4 Transfer payments 26.4 27.0 26.7 27.2 27.4 28.2 27.9 27.7 27.7 28.3 28.6 28.4 28.5 28.7 29.1 Less: Personal contributions for 6.8 7.8 7.8 7.9 7.9 7.9 8.0 9.2 9.1 9.2 9.2 9.3 9.3 9.3 9.4 342.6 367.6 368.9 370.1 370.3 373.5 377.4 380.2 381.2 382.7 385.9 388.2 389.3 391.1 391.9 Agricultural income ............... 17.8 15.7 14.4 14.2 14.0 15.2 16.5 15.5 14.5 14.3 16.1 16.4 16.8 16.2 15.7 > Preliminary. ment to the Survey of Current Business for 1959) and the Survey of Current 1 Monthly data are seasonally ad juisted totals at annual rates. Business, July 1960. NOTE.—For explanation of series seeU. S. Income and Output (a supple- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1066 FLOW OF FUNDS/SAVING SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transaction category, or sector 1958 1959 1960 1955 1956 1957 1958 1959 A Net national saving1 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 C B C Fa o r n m su m an e d r n a o n n d c o n r o p n . p b ro u f s i i t ness2. . . 26.6 29.5 28.5 26.1 30.6 -1 6 . . 2 9 - 4 .9 .8 - 8 .3 .5 2 5. . 8 4 - 8 .5 .2 -1 7 . . 8 9 -1 8 . . 6 4 6 3 . . 1 9 - 8 .8 .7 D Corporate nonfinancial business. 12.4 * * 3.5 11.4 -2.9 -1.0 3.3 4.2 1.1 3.8 3.3 3.3 .2 E Federal Government i .5 5.9 5.3 -8.2 -4.5 3.5 1.3 -5.4 -7.6 .7 1.4 -2.1 -4.5 4.0 F State and local governments 1. . . -3.2 5.9 3.6 -5.0 -4.4 -.5 -1.2 — 1.7 -1.6 -.6 -1.8 -1.2 -.9 -.7 0 Financial sectors 3.3 -2.7 -3.2 3.1 3.1 .7 .4 1.5 .5 .9 .6 1.6 -.1 1.3 2.9 3.7 H Capital consumption 3 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 1 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 .1 .2 .2 .2 .2 .2 L M Farm business 3.7 3.7 3.9 4.0 4.1 1.0 l.'o 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 0 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 saving i 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 R F C a o r n m su m an e d r n a o n n d c n or o p n . p r b o u fi s t iness.... 6 1 0 0 . . 5 7 6 1 6 1 . . 4 3 6 1 8 2 . . 6 0 6 1 7 1 . . 7 7 7 1 4 2 . . 0 3 1 1 7 . . 7 2 1 2 5 . . 0 2 1 2 8 . . 6 9 1 5 6 . . 3 4 1 2 8 . . 5 9 1 1 8 . . 2 7 1 1 9 . . 5 4 1 7 7 . . 0 1 1 2 9 . . 4 8 § 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 Government i .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 governments *. .. -3.2 -2.7 -3.2 -5.0 -4.4 -.5 -1.2 -1.7 -1.6 -.6 -1.8 j 2 -.9 U V Financial sectors 3.3 2.9 3.7 3.1 3.1 .7 .4 1.5 .5 .9 .6 -.1 V W Gross national investmentl 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. 14.7 15.1 15.7 13.9 17.3 17.7 17.3 14.3 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 a Nonfarm residen. constr.4... 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 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 c Farm business 4.2 3. 4.0 4.4 4.9 1.0 1.3 1.2 1.0 1.1 1.4 1.3 1.0 1.0 d Noncorp. nonfinan. business4, 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 e Corp. nonfinan. business4. . . . f24.0 29. 32.0 25.9 27.4 5.7 6.7 6.5 7.0 5.3 7.4 7.3 7.4 5.7 f Financial sectors .7 .7 .7 .2 .2 .2 .2 .2 .2 .2 g Change in inventories 5 5.8 4.7 1.6 -2.5 5.9 .1 -2.0 -.1 3.6 2.1 .4 4.5 g h Farm business .3 -.4 .8 1.0 .5 .3 .3 .2 .2 .1 .1 .1 h 1 Noncorp. nonfinan. business.. .6 .2 .2 .6 .6 -.2 -.5 1. .2 -.6 1.2 i j Corp. nonfinan. business 4.9 4.9 .6 -3.5 4.8 -.8 -2. .1 2.4 1.7 -.1 .9 3.2 k Net financial investment 6 2.1 4.2 .3 -1. .3 .2 -.2 -.5 -.4 -.2 1 Consumer and nonprofit 4.7 12.1 C14.8 C15.3 10.6 C5.6 .2 6.1 3.3 4.2 1.8 2.8 2.0 2.5 m Net acquis. offinan. assets. . 25.1 27.4 C26. C27.3 31.3 "6.0 3.7 8.6 9.0 7.3 7.9 7.8 8.4 4.6 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 o Farm and noncorp. business.. -4.4 -2.5 -2.7 -2.9 -4.5 -1.8 -1. -1.5 2.2 -1.9 -3.8 -2.8 4.0 -2.0 p Net acquis. offinan. assets. . .5 .5 .8 1.3 - .4 -.2 .5 .3 -.5 .1 2 .3 -.4 q Net increase in liabilities.... 4.9 3.0 3.5 4.2 4.1 1.6 2.3 1.7 1.4 3.9 2.5 -3.7 1.6 r Corp. nonfinan. business -2.2 -13.4 c-8.7 c-.9 -1.6 c-4.4 -.1 2.2 1.5 -1.5 .8 .5 -1.4 -4.6 s Net acquis. offinan. assets. . 16.8 4.3 C4.4 C7.2 13.4 c-6.1 1.2 6.9 5.2 .2 5.6 3.6 4.1 -2.7 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 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 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 w 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 State and local governments. . -2.6 -2.2 -3.2 -5.2 -3.9 -1.3 -.9 -2.7 -.3 -1..6 -1.2 -1 3 .3 -.8 x y Net acquis. offinan. assets. . 2.2 2.6 3.3 2.5 3.1 1.1 1.3 -.9 1.0 .2 .7 9 1.2 .7 z Net increase in liabilities.... 4.8 4.8 6.5 7.7 6.9 2.4 2.1 1.9 1.3 1. 1.9 2.3 .9 1.5 y b a b a Fin N a e n t c a ia c l q u se is c . t o o r ff s inan. assets. . 27 3 . . 0 5 22 2 . . 5 7 23 3 . . 9 0 3 4 6. . 2 5 29 3 . . 2 7 2. . 8 6 16 1 . . 1 3 2 1. . 9 5 15. . 4 1 1. . 4 2 10. . 1 6 2 8. . 5 2 10.3 e -2 2 .9 .0 aa z cc Net increase in liabilities.... 23.4 19.8 20.9 31.7 25.5 2.2 14.9 — .7 15.3 -1.1 9.5 6.3 10.9 -4.9 bb dd Financial trans, discrep .5 -.5 -2.6 -2.2 -1.6 -1.8 .2 -1.3 .7 -1.8 -1.4 d c d c ee Discrepancy (P—W)7 -1.! .9 .5 1.0 1.5 3.4 .2 1.4 -4.0 2.8 -.3 1.2 -2.2 4.3 * Less than $50 million. c Corrected. v Preliminary. includes work in process on 1- to 4-family dwellings and other private t Includes $0.3 billion of existing facilities purchased from Federal residential construction. Government. 5 After inventory valuation adjustment. 1 For govt. sectors, saving is excess of all nonfinancial receipts over all 6 Financial component of national investment equals net lending to nonfinancial outlays; investment, changes in financial assets and liabilities rest of world; financial flows among domestic sectors cancel out in only. Govt. current outlays include, and govt. (and national) investment national total. (Discrepancies in financial transactions attributed entirely excludes, govt. purchases of tangible assets. to domestic transactions.) Differs from U. S. "net foreign investment" 2 Annual figures for farm sector are retained earnings of corporate (net exports minus net unilateral transfers in national income accounts) farms; farm and nonfarm unincorporated businesses shown as having by discrepancy in rest-of-world account, which equals "errors and zero annual net savins. Quarterly figures for both sectors include seasonal omissions" in Dept. of Commerce balance-of-payments statement for net saving. See p. 838 of the BULLETIN for August 1959. the United States. 3 Depreciation, accidental damage to fixed capital, and caoital outlays 7 Saving and investment are equal in concept but may differ statistically charged to current account. Line H includes amounts for financial because of discrepancies. See p. 857 of the BULLETIN for August 1959. sectors not shown separately. See discussion on p. 836 of the BULLETIN NOTE.—Descriptions of sectors and of transaction categories are given for August 1959. in notes to tables and in "Technical Notes," pn. 846-59 of the BULLETIN 4 For consumers, 1- to 4-family dwellings completed and purchases of for August 1959. For latest detailed flow of funds/saving tables, see additions and alterations. Investment of nonfarm business sectors the BULLETIN for August 1960. Notes to table on opposite page. held by other sectors included in Federal obligations category. 1 Demand deposit liabilities of banking system are net of F. R. float 3 Mainly time deposits of State and local governments, corporate and cash items in process of collection as reported by commercial banks. businesses, and savings institutions. Sum of sector holdings (oartlv on holder-record basis) differs from liability 4 Assets in these categories are treated as consumer holdings. total mainly because of mail float (checks in transit from drawers to 5 Marketable issues maturing within one year and, prior to 1956, drawees). For further discussion, see p. 853 of the BULLETIN for August savings notes. 1959. 6 Excludes loans to domestic commercial banks. Gross of valuation 2 Consumer-held only; includes net interest accruals. Savings bonds reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1067 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 1959 1960 1955 1956 1957 1958 1959 1 2 3 4 > 2 3 4 1P I. Demand deposits and currency A Net increase in commercial bkg. system liability1 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 .7 6.5 1.7 -3.3 5.7 -2.5 6.6 -5.3 1.9 2.0 3.1 -8.0 B C D O Fe th de er ra d l o G m o e v s e ti r c n m se e c n to t rs - 1 .6 .5 - 1 .2 .7 . . 2 3 6. . 4 1 . . 7 9 -4 1 . . 4 5 3 1 . . 6 9 -5 2 . . 0 7 * - - 4 . . 5 9 1 1. . 0 0 1. . 5 4 -1 4 . . 2 4 - - 7 . . 4 1 D C E Consumer and nonprofit -.8 1.0 9 2.5 .9 -1.4 -.7 2.3 6.3 -.9 -.7 .8 1.6 -3.0 E F Farm and noncorporate bus. . . .3 .1 .6 1.3 -.7 .3 .3 .3 2.3 _ 2 — 2 — 2 — 2 F G Corporate nonfinancial bus.... 1.0 .1 1.7 .2 -3.1 1.3 1.0 2.53 -2.9 1 5 -.2 1 8 — 3 4 G H State and local government.... .4 .2 .2 .2 .5 -.3 .6 n .6 -.4 .1 .2 .6 -.3 H I Financial sectors .6 .2 .3 .7 * * .4 - .2 .5 * 0 6 — 4 I J Rest of the world * .2 .2 * .1 2 .2 3 _ l 2 1 — 5 J K Discrepancy (A-B) 1.4 -1.4 -.7 -.6 -1.9 .7 -.9 1.4 -1.7 .2 .2 .7 -I.I K II. Fixed-value redeemable claims A Net increase by type 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 3.3 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 1 2 2 3 1 5 C D US. savings bonds2 .3 -.1 -1.9 -.5 -1.8 -.1 -.1 -.2 -.2 -.2 c -.5 -.6 -.2 D E Net increase in liab., by sector 8.4 9.0 10.1 16.2 7.6 5.5 5.0 2.5 3.1 2.3 3.0 .8 1.6 1.6 E F Federal Government * -.3 -2.2 n -2.0 -.1 -.2 -.2 -.2 -.2 -.6 -.6 -.6 -.2 F G H S C a o v m in m gs e r i c n ia st l i t b u a t n io k n i s ng .. . ... 7 1 . . 1 3 2 7. . 3 1 6 5 9 .5 8 8 . . 0 9 8 1 . . 4 2 2 3 . . 1 6 2 2 . .4 8 i 1 . . 5 1 2. . 9 5 2. . 0 6 2 9 6 1.4 _ 2 2 4 1 • 8 G H I Net increase in assets, by sector 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 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 ct p o r r o s f 3 it - 8 .1 .7 9.0 9. . 8 4 1 1 3 . . 7 5 -1 9 . . 0 6 3 1 . . 3 2 3 1 . . 7 3 - 3 .4 .0 - 3 .4 .5 2.2 - 3 .2 .5 - 1 .7 .7 - 2 .2 .1 1. . 5 2 K J L Rest of the world (time deposits). i * * .9 -1.0 1.0 * -.1 * -.4 -.3 -.3 -.1 L -.1 Ed. Saving through life insurance and pension funds A Net increase by type . . 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 sector4 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 Federal Government .6 1.0 .6 1.0 1.0 .2 .4 .3 .1 .2 4 3 1 2 E F State and local government 1.2 1.4 1.6 1.7 1.8 .4 .4 .4 .4 .5 .5 5 .5 .5 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 .4 .6 .8 1.0 .8 .5 .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 de h r o a r l t - o te b r l m ig a d ti i o re n c s t5 -7.1 .8 -5 7 . . 6 4 5 1 . . 5 1 -1 9 . . 2 0 1 5 1 . . 5 3 - - 1 2 . . 9 2 -4 2 . . 3 5 1 1 . . 2 1 7 3 . . 6 8 -4.6 * 4 2 .7 0 5 .7 3 4 4 . . 7 0 - -4 7 .4 1 B C 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 1.2 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 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 l — '2 _ 1 _ 3 6 — 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 .1 .5 2.3 M N Funds raised by sector 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 Farm business 1.2 .9 1.5 2.0 .4 .9 .2 * .7 1.1 .3 -.2 .5 P Q Noncorporate nonfinancial bus 2 9 2 0 1 j 2 3 4 8 — 9 5 * 2 8 — 4 2 5 1 6 1.1 5 Q 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 -.1 -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 5 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 ^N Funds advanced, by sector 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 C8.1 C4.7 15.3 C2.4 -.6 1.5 1.4 4.5 3.4 4.3 3.2 4.7 X Y Farm and noncorp. business .2 .3 .2 * .4 c .2 -.1 .5 -.3 .3 -.1 .5 -.4 Y Z Corporate nonfinancial business. . 5.0 -3.8 CA n.2 5.5 c-f.8 -2.5 1.3 4.2 1.0 1.2 1.5 1.9 -.2 Z c a b d S C F t e o a M d m t e e o m ra a n e l n e r d t G c a i r o l a y o l v c e b a a r l u a n n t m g h k o o e i v n r n i e g t t r i n e s s m ys e te n m t — 4 1 1 . . . 8 5 9 3 4 2 1 . . . 8 1 3 3 — 4 2 2 . . . 3 4 6 8 1 2 1 1 7 . . . 7 4 0 2 2 5 3 . . . 6 9 8 -1.2 .7 * 1 1 0 . . . 8 8 3 * - -. . 4 6 '. 5 2 8 1 . . . . 0 4 9 5 - - 5 . . 9 4 . . 7 6 4 1 . . . . 2 7 5 6 3 1 1 . . . 3 0 2 3. . . . 5 5 1 7 - - 7 1 . . 1 . 9 . 3 8 a c b d e Commercial banks 5.0 4.5 5.1 14.9 5.3 -.6 9.0 6.6 -4.5 3.6 2.8 3.4 -9.2 e f Securities -7.0 -3.5 1.3 10.4 -7.2 -1.5.2 6.5 1.0 1.7 -4.2 -1.7 -.8 -5.7 f g Loans 6 12.1 8.0 3.8 4.5 12.5 -1.7 2.5 -1.2 4.9 -.3 5.3 3.6 3.8 -3.6 g h Savings institutions . . 8.1 7.3 7.2 9.4 10.6 1.7 2.4 2.9 2.4 2.7 3.2 3.0 1.6 2.2 h i Insurance sector 8.1 8.0 8.3 8.9 9.8 2.3 1.7 2.3 2.5 2.5 2.6 2.1 2.6 2.8 i j Finance nee 5.3 1.6 2.5 2.0 4.5 .1 1.6 -1.9 2.1 .9 .9 .8 2.0 • 4 j k Rest of the world 1.0 1.3 .6 -.1 3.1 -.5 -.6 .8 .3 .2 1.0 1.3 .7 .4 k * Less than $50 million. c Corrected. v Preliminary. sector transactions appear in other flow of funds/saving tables in the NOTE.—Data for excluded categories—trade credit, proprietors' net BULLETIN for August 1960. investment, gold, Treasury currency, and misc.—and more detail on For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1068 FEDERAL BUSINESS-TYPE ACTIVITIES PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES Based on compilation by Treasury Department. In millions of dollars] Liabilities, other than Assets, other than interagency items1 interagency items 1 Total Date, and fund or activity Cash L c a r e o b e i a l v - e n - s t v o I e r n i n - e - s P s d e u e c b b I u m l n t i - c v e e n s O t s r t s e i - t t c h ie u e s - r L e s t m u t a q a r r n e u u n e n d i c d s p t - , , - Other a i m T i n s l l a i i s v o e a n t e i e n t b d e a t s t - s s l s t - - a B t G u n a o b r u t n e e y n a d s e d r d - s p d , a e n O b y o e a t t h n b e e - l s e r , b O i l l t i i h a ti - e e r s G i U n e o . t s e v S t r t - . . o v in P w a e t t r s e n e i t - r l e y - d rities U.S. All activities 1955—Dec. 31. 1,338 20,238 4,356 3,236 3,414 7,822 4,900 45,304 2,379 2,703 3:9,583 596 1956—Dec. 31. 5,139 20,65721,375 3,739 3,669 9,985 5,29969,863 2,711 3,658 "6:2,V509 918 1957—Dec. 31. 4,29122,38821,628 3,804 3,718 9,962 5,33271,124 4,662 2^14 62,377 1,121 1958—Dec. 31. 6,~110 25,48320,810 4,198 3,703 10,670 5,50076,475 4,038 3,909 67,180 1,298 1959—June 30. 5,29126,78820,821 4,442 5,127 8,869 5,45876,795 4,882 3,758 66,710 1,397 Sept. 30. 6,98227,13821,879 4,478 8,938 5,59080,136 5,582 3,530 69,549 1,423 Dec. 31. 6,855 27,86521,476 4,670 9,124 5,512 80,620 5,974 3,36: 69,747 1,480 1960—Mar. 31. 6,430 28,09021,294 4,998 5,132 9,156 5,50880,608 5,767 3,236 69,946 1,592 Classification of agencies reporting quarterly, by type of fund and activity, Mar. 31, 1960 Public Enterprise Funds—Total 3,156 11,158 5,796 1,144 180 4,049 1,278 26,761 66 797 1,581124,316 Farm Credit Administration: Federal Farm Mortgage Corporation (2) 4 4 Agricultural Marketing Act, revolving fund 60 126 186 186 Agricultural Department: Commodity Credit Corporation 14 1,786 4,257 131 212 6,399 487 5,912 Disaster loans, etc., revolving fund 82 38 3 123 (2) 123 Allother 48 41 3 91 4 87 Housing and Home Finance Agency: Public Housing Administration 77 90 3 175 45 129 Federal Housing Administration 40 667 418 1,127 66 150 911 Federal National Mortgage Association 8 3^384 20 3,413 797 37 2,578 Office of the Administrator 227 853 156 1,237 7 1,231 Federal Savings and Loan Insurance Corporation... 2 *345 16 362 21 341 Small Business Administration 295 368 10 675 4 672 Export-Import Bank 7 3,239 (2) 29 3,277 5 3,272 Tennessee Valley Authority 24 38 1,911 146 2,174 32 2,141 Panama Canal Company 31 8 411 18 467 19 449 Veterans Administration 308 945 5 3 4 1,343 55 1,288 General Services Administration 28 1,457 76 52 1,613 7 1,606 Treasury Department 4 166 4 174 (2) 174 Post Office Department—postal fund 360 19 640 32 1,051 231 820 Interior Department 110 16 6 168 126 425 12 413 All other 1,434 232 6 49 701 23 2,444 464 1,980 Intragovernmental Funds -Total 1,419 8,585 249 8810,341 527 9,815 Defense Department: Army 542 5,274 114 25 5,955 150 5,805 Navy 471 2,722 26 3,219 210 3,009 Air Force 309 429 30 768 84 684 All other 97 160 135 7 400 83 317 Certain Other Activities—Total 1,558 11,013 6,913 4,938 4,855 3,98533,269 298 32,971 General Services Administration 377 79 6,896 (2) 1,164 513 9,030 49 8,980 Agricultural Department: Farmers Home Administration 132 799 23 956 15 941 Rural Electrification Administration 53 3,130 152 3,335 3,334 Veterans Administration 8 294 69 371 8 363 Nat. Aeronautics and Space Administration 480 313 146 946 15 931 Interior Department 40 370 44 459 6 454 International Cooperation Administration....... 7 3,] 37 3,159 19 3,140 Treasury Department 3,386 4,938 32,701 11,026 11,026 Commerce Department—maritime activities 357 184 2,882 54 3,480 i59 3.321 Allother 104 27 123 247 507 25 482 Certain Deposit Funds—Total 89 3,624 3,702 79 7,509 3,129 772 2,463 1,145 Banks for cooperatives 17 605 43 12 677 396 8 2021 70 Federal Deposit Insurance Corporation. 2 2,270 21 2,295 172 2,123 Federal home loan banks 59 1,282 14 2,889 1,293 562 1,034 Federal intermediate credit banks 4 11 1,499 106 32 1,649 1,440 30 138 41 Certain Trust Revolving Funds—Total.. 208 2,295 147 77 2,727 1,841 59 381 5447 Federal National Mortgage Association.... 52 2,273 17 2,342 1,841 46 389 5 66 Office of Alien Property 145 57 2or 1 5 200 All other 11 22 147 12 n 5 180 184 1 Prior to 1956, figures for trust revolving funds include interagency NOTE.—Coverage has changed in some of the years shown. Beitems. ginning 1956, changes reflect the expanded coverage and the new classi- 2 Less than $500,000. fication of agencies now reported in the Treasury Bulletin. The revised 3 Includes $815 million due under the agreement with Germany signed statement includes a larger number of agencies, and their activities are Feb. 27, 1953, and lend-lease and surplus property balances due the classified according to the type of fund they represent. United States in the principal amount of $1,686 million. Historical data for loans by purpose and agency and for other selected 4 Prior to Jan. 1, 1959 was classified as a trust revolving fund. assets and liabilities by agency are shown on p. 1042. 5 Figure represents total trust interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STOCK MARKET CREDIT 1069 DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE NEW YORK STOCK EXCHANGE CARRYING MARGIN ACCOUNTS, JUNE 1953-601 [End of month figures. Amounts in millions of dollars] Item 1953 1954 1955 1956 1957 1959 1960 DEBIT BALANCES Cash on hand and in banks 282 309 337 322 324 363 366 Securities borrowed 37 64 85 65 134 129 96 Securities sold, delivery pending (failed to deliver) 67 121 214 148 170 291 334 Net debit balances due from member firms of national securities exchanges: Member firms of New York Stock Exchange 100 77 144 151 132 159 134 Member firms of other exchanges 11 10 16 14 15 18 22 Net debit balances due from all other customers exclusive of firms' own partners: S S e e c c u u r r e e d d b b y y o U t . h S er . c G o o ll v a e t r e n ra m l ent obligations 1,684 1,857 2,768 2,811 ' 2,9 2 2 5 6 3 ,3 1 7 6 0 5 ,0 1 8 0 1 4 Net debit balances in partners' individual investment and trading accounts 10 14 21 35 36 37 Debit balances in firm investment and trading accounts: Co I I m n n m f f i i r r o m m d i t i t y n ra v m d e i s a n t r m g g i e a n n n s t d o a u n c n c d d o e e u p r n w o ts s r i i t t i w ng it h a c b c a o n u k n s t s and commodity guaranty funds on deposit.. 4 4 9 1 2 67 3 3 5 62 3 5 8 ' 1 1 3 3 35 ' r 2 3 8 3 3 6 6 9 3 3 2 0 7 3 9 4 All other debit balances 98 144 137 151 '190 218 Total. 2,666 3.080 4,430 4,332 4,985 r5,382 5,097 CREDIT BALANCES Money borrowed: From banks and trust companies: U U . . S S . . b ag a e n n k c s ies of foreign banks 1,196 1.159 2,075 2,231 ' , 1,7 6 4 2 3 2 1,8 6 7 0 1 5 1.4 8 7 0 3 6 In New York City 1,066 976 1,744 7,572 1,402 r1,428 1,157 Elsewhere 130 183 331 359 341 444 316 From other lenders (not including members of national securities exchanges)- 20 14 40 35 21 31 52 Securities loaned 68 116 156 124 187 204 167 Securities bought, delivery pending (failed to receive) 67 123 218 156 181 '294 352 Net credit balances due to member firms of national securities exchanges: Member firms of New York Stock Exchange 89 68 126 123 120 132 120 Member firms of other exchanges 6 11 11 9 13 11 Credit balances of other customers exclusive of firms1 own partners: Free credit balances 653 838 919 837 1,034 1,070 1,006 Other net credit balances 163 248 239 207 367 277 246 Credit balances and money borrowed which are subordinated to general creditors under approved agreements- n.a. n.a. n.a. n.a. 20 22 25 Net credit balances in partners' individual investment and trading accounts 23 23 31 34 34 38 37 Credit balances in firm investment and trading accounts 16 45 62 34 82 71 61 All other credit balances (except those included in next item) 45 64 83 78 83 r149 129 Net balance in capital and profit and loss accounts and partners' drawing accounts 319 372 469 466 483 612 Total. 2,665 3,080 4,430 4,332 4,985 r5,382 5,097 Memorandum: Value of securities sold under repurchase agreements. n.a. 24 '24 24 Number of firms. 287 278 299 303 316 320 328 Money borrowed according to type and ownership of collateral :- Secured by customers' collateral: Entirely by obligations of U. S. Government or its agencies 245 156 103 Entirely by other securities exempted under Section 3(a) of Securities Exchange Act—1934 150 161 129 By nonexempt securities or mixed collateral 1,451 1,824 1,710 Secured by firm or partners' collateral: Entirely by obligations of U. S. Government or its agencies 204 105 107 Entirely by other securities exempted under Section 3 (a) of Securities Exchange Act—1934 98 r64 99 By nonexempt securities or mixed collateral 239 M98 182 Unsecured 1 1 r Revised. balances due from all other customers exclusive of firms' own partners,'' n.a. Not available. "money borrowed," and "credit balances of other customers exclusive of 1 Data not collected for June 1957. firms' own partners—free credit balances" are conceptually identical to 2 Prior to 1958 probably includes some borrowing from U. S. agencies these items (including debit balances secured by and money borrowed on of foreign banks. U. S. Government obligations), as shown in the table on Stock Market 3 Collected in 1958 for the first time. Credit, p. 1035, but the data differ somewhat because of minor differences 4 Less than $500,000. in coverage, statistical discrepancies in reporting, and—since June 1955 NOTE.—For explanation of these figures see "Statistics on Margin Ac- for the item "money borrowed"—the date of reporting. counts" in the BULLETIN for September 1936. The items "net debit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

* International * International capital transactions of the United States 1072 Net gold purchases and gold stock of the United States 1080 Estimated foreign gold reserves and dollar holdings. 1081 Reported gold reserves of central banks and governments 1082 Gold production 1083 International Bank and Monetary Fund 1084 United States balance of payments 1085 Money rates in foreign countries 1085 Foreign exchange rates 1087 Index to statistical tables 1093 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. 1071 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1072 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi [Amounts outstanding, in millions of dollars] In- Ger- End of month G to ra ta n l d t t i i e n o r s n n t a a i- l - Foreign countries m F a e n d y . , Italy U K d n i o i n t m g ed - E O u t r h o e p r e E T u o r t o a p l e Canada Am La e t r i i n ca Asia ot A h l e l r tutions 2 Total Officials R$- 1955—Dec 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 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 15,158 1,517 13,641 7,917 ,557 ,079 1 275 3^31 7,142 1,623 2,575 1,946 355 1958 Dec 16,159 1,544 14,615 8,665 ,755 1,121 873 3,960 7,708 2,019 2,403 2,205 279 1959 July 18,724 4 2,780 15,944 9,141 ,446 1,476 1,091 4,402 8,415 2,231 2,439 2,532 327 Aus 18,812 2,720 16,092 9,175 ,409 1,570 1,093 4,503 8,575 2,135 2,515 2,526 340 Sept 19,197 2,991 16,206 9,226 1,436 1,578 1,056 4,611 8,681 2,245 2,364 2,560 355 Oct 19 016 3,049 15,967 9,096 ,544 1,543 874 4,454 8,415 2,256 2,300 2 627 369 Nov 19 303 3,160 16,144 9,082 .706 1,523 955 4,300 8,484 2,330 2,302 2,658 369 Dec 19,365 3,158 16,207 9,145 1,987 1,369 990 4,132 8,479 2,199 2,406 2,748 376 1960 Jan 19,366 3,138 16,229 8,895 1,899 1,358 1,008 4,056 8,322 2,321 2,393 2,803 391 Feb 19,461 3,285 16,176 8,871 1,908 1,245 1,157 4,039 8,349 2,273 2,378 2 779 397 Mar 19,649 3,300 16,349 8,999 2,012 ,159 1,258 3,963 8,391 2,358 2,383 2,830 387 Apr ... 19 817 3,233 16,583 9,193 2,199 ,142 1,332 3,821 8,494 2,387 2 478 2 807 417 May 20,142 3,358 16,785 9,247 2,220 ,050 1,490 3,890 8,650 2,424 2,526 2,781 403 June^ 20 363 3,315 17,048 9,567 2,473 ,060 1,559 3,807 8,899 2,532 2 430 2 788 399 Julyp 20,702 3,332 17,371 9,723 2,704 ,095 1,727 3,475 9,001 2,686 2,496 2,819 369 Table la. Other Europe End of month 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 - 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 er n i - t d z- T k u e r y - Y sl u av g i o a - ot A h l e l rs 1955—Dec 3,357 261 108 60 49 1,081 176 164 82 132 104 153 757 9 13 209 1956 Dec 3,089 296 117 65 53 626 177 134 67 137 43 217 836 20 17 282 1957 Dec 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 11 349 1958 Dec 3,960 411 115 169 69 532 126 339 130 163 36 303 852 20 9 685 1959—July 4,402 390 122 119 72 1,054 164 397 109 153 32 351 868 27 6 538 Aus .. 4,503 391 119 98 76 1,139 165 423 102 155 59 343 869 29 7 528 Sept 4,611 394 129 113 71 1,157 161 435 103 151 67 330 905 32 6 557 Oct 4,454 386 125 113 79 1,095 172 426 101 142 71 241 889 28 6 582 Nov 4,300 364 132 122 81 903 192 429 97 138 79 243 902 34 578 Dec 4,132 331 138 137 77 655 186 485 95 138 86 213 969 31 6 584 I960 Jan 4,056 308 152 120 83 664 188 496 95 128 93 151 977 30 10 561 Feb 4,039 300 137 112 90 675 197 496 94 130 99 196 950 31 10 523 Mar 3,963 264 156 114 87 719 160 482 99 125 111 217 931 30 12 456 Apr 3 821 234 134 92 75 711 146 442 96 113 108 265 930 23 9 442 May 3,890 221 141 82 71 726 128 430 97 104 120 267 928 24 7 545 JuneP 3,807 198 149 80 61 759 112 412 99 88 149 261 939 19 9 474 JulyP 3,475 197 172 72 64 650 97 387 88 88 131 252 874 18 8 378 Table lb. Latin America Neth- Do- er- End of month A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba p m i R c u li i a e b c n - n - - v S a E a d l l o - r Guate- M ic e o x- l S t a A a i u l n n l n r e d d i - s s - l a P p i R c m u a e n b o a - - - f , Peru U gu r a u y - V zu e e n l e a - A L O i a m t c h t a i e e n r r nam 1955—Dec. 2,000 138 26 143 95 131 253 65 24 45 414 47 86 92 65 265 112 1956—Dec, 2,346 146 29 225 91 153 211 68 25 64 433 69 109 84 73 455 111 1957—Dec. 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958_Dec, 2,403 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 133 1959_july.. 2,439 222 23 154 121 206 227 43 33 39 402 80 159 77 77 407 169 Aug.., 2,515 245 20 163 144 212 206 40 29 36 416 79 155 81 85 428 175 Sept.. 2,364 268 20 169 171 197 202 37 25 35 400 85 157 88 71 278 161 Oct.. . 2,300 291 23 150 141 203 191 39 22 35 396 83 151 96 70 254 154 Nov.. 2,302 310 22 141 139 215 168 41 27 36 420 85 144 88 68 251 148 Dec.. 2,406 337 24 151 185 217 164 37 28 37 442 86 129 82 62 277 14S 1960—Jan... 2,393 360 25 152 170 222 163 36 31 44 425 86 131 83 62 250 154 Feb.. 2,378 380 23 164 159 232 151 35 35 52 421 83 125 70 68 209 172 Mar.. 2,383 388 21 156 152 204 149 29 33 53 432 85 128 72 62 245 175 Apr.. 2,478 386 20 159 147 205 146 29 33 54 437 82 129 81 62 317 190 May. 2,526 412 22 172 156 205 138 35 33 52 409 86 123 79 63 351 191 June*5 2,430 388 21 162 144 189 130 35 31 46 355 93 116 77 60 301 283 2,496 394 20 162 132 185 120 35 27 40 390 98 123 82 55 355 276 9 Preliminary. 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. 1073 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other End of month Con- Egyp- Union Hong Indo- Phil- Tai- Thai- Aus- go, tian of Total Kong India nesia Iran Israel Japan ip- land Other Total tralia Rep. Re- South Other of gion—Africa the U.A.R. 1955—Dec 2,181 55 73 174 53 893 252 39 138 380 360 75 42 72 53 119 1956—Dec 2,415 66 76 186 45 1,017 272 61 148 425 346 84 44 50 53 114 1957—Dec 1,946 70 82 151 52 586 175 86 157 417 355 85 39 40 38 153 1958—Dec 2,205 62 77 108 56 935 176 99 133 371 279 79 30 16 30 125 1959—July 2,532 56 113 86 ,131 163 90 133 497 327 84 39 16 48 140 Aug 2,526 57 103 92 94 ,106 182 90 126 501 340 85 31 16 53 155 Sept 2,560 58 119 108 78 ,141 180 87 127 484 355 109 29 16 43 159 Oct 2,627 59 122 116 80 ,169 176 91 129 511 369 112 29 17 48 163 Nov 2,658 61 115 126 81 ,215 148 179 92 133 483 369 114 26 18 51 161 Dec 2,748 59 114 139 87 ,260 172 94 136 494 376 114 31 20 49 162 1960—Jan 2,803 60 113 146 93 ,293 174 94 142 493 391 110 33 25 62 162 Feb 2,779 61 90 153 87 ,291 177 95 142 494 397 115 34 38 57 152 Mar 2,830 63 104 150 87 ,336 178 95 144 486 387 114 42 33 43 157 Apr 2,807 59 68 152 93 ,379 140 184 91 142 459 417 135 37 39 39 166 May 2,781 56 67 138 91 ,410 136 194 90 152 399 403 113 46 41 30 174 June*3 2,788 57 59 155 80 1,441 139 197 90 154 379 399 114 37 42 40 167 July" 2,819 58 55 158 1,502 143 216 87 158 339 369 107 25 46 36 155 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 .3 Burma 7.0 6.7 5.9 n.a. British dependencies .4 .4 Cambodia 17.2 20.0 24.9 19.7 Bulgaria .2 .3 1.2 Ceylon 41.2 34.2 44.1 n.a. Czechoslovakia7 .5 .6 .7 China Mainland7. 35.5 36.3 36.0 35.8 Eastern Germany 1.2 1.4 1.5 Iraq. 16.9 19.6 18.0 n.a. Estonia 1.9 1.7 1.7 n.a. Jordan 2.0 1.6 2.8 2.5 Hungary .8 .7 .9 1.3 Kuwait 5.3 5.9 10.3 9.4 Iceland 3.1 2.9 3.5 2.7 Laos 37.3 33.1 20.9 n.a. Ireland, Republic of 9.1 9.0 10.0 5.4 Lebanon , 22.3 28.2 37.9 38.0 Latvia .6 .5 .6 .6 Malaya, Fed. of 1.4 1.6 1.2 1.4 Lithuania .4 .7 .6 Pakistan 20.2 12.8 5.6 23.5 Luxembourg 13.2 16.4 16.1 8.2 Portuguese dependencies. 2.7 3.1 3.1 2.4 Monaco 4.3 5.4 5.9 5.3 Ryukyu Islands 30.6 32.7 15.2 14.8 Poland7 3.3 3.2 4.9 4.0 Saudi Arabia 97.4 94.8 60.2 111.6 Rumania7 .9 .8 .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 .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. v 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 July 31, 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 * 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

1074 INT*L 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 End of month, or area To banks and official institutions To all other foreigners Payable Total in foreign and country currencies U.S. U.S. Total Deposits T bi r l e ls a s a u n ry d Other 2 Total Deposits T bi r l e ls a s a u n ry d Other 2 certificates1 certificates Total amounts outstanding 1955 Dec 13,601 11 777 5 451 5 670 656 1 783 1 543 184 56 40 1956—Dec 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957 Dec 15,158 12,847 5,875 5.840 ,132 2,252 1,766 278 209 59 1958—Dec lb,159 13,669 6 772 5'823 075 2 430 1 951 306 174 59 1959 July 18,724 16,082 6,497 8,409 ,175 2,576 2,026 301 249 67 Aug . . .. 18,812 16.131 6,374 8,546 ,211 2,615 2,045 303 267 66 Sept 19,197 16 549 6 560 8 768 220 2 578 1 963 331 283 71 Oct 19,016 16,450 6,132 9,046 ,271 2,498 1,913 310 276 68 Nov 19 303 16 805 6 331 9 181 292 2 433 1 857 290 286 65 Dec 19,365 16,889 6,341 9,243 ,305 2,398 1,833 295 270 77 I960 Jan 19,366 16 957 6 149 9 258 549 2 354 1 766 295 293 56 Feb . . .. 19,461 17,130 6,065 9,430 ,636 2,275 1,750 225 301 56 19,649 17,344 6,272 9,357 ,715 2,243 1,738 204 301 62 Apr 19,817 17,513 6 690 9 227 596 2 239 1 750 199 290 65 May . . .. 20,142 17,807 6,918 9,342 1,546 2,268 1,770 211 287 68 June?5 20 363 18 036 7 182 9 302 551 2 252 1 796 167 289 76 20.702 18,371 7.358 9,513 ,500 2,256 1,788 165 304 76 Area and country detail, May 31, 1960 Europe: Austria 221 219 109 92 18 2 (3) (3) Belgium 141 95 59 9 27 45 38 (3) 7 (3) Denmark 82 72 14 55 2 10 8 Finland 71 70 10 55 5 1 France 726 675 232 412 30 51 43 3 4 1 Germany, Fed. Rep. of 2,220 2,196 253 1,650 292 24 19 2 4 1 Greece 128 112 14 98 (3) 16 16 Italy 1,050 1.016 128 787 101 34 25 6 3 (3) Netherlands 430 389 112 207 70 36 16 15 5 5 Norway 97 56 45 9 2 41 40 2 Portugal 104 64 60 4 40 38 (3) 2 Spain 120 102 101 18 17 (-) Sweden 267 259 57 154 49 7 7 (3) (3) Switzerland 928 773 271 130 372 150 85 43 Turkey 24 22 22 2 2 United Kingdom 1,490 1.143 733 330 80 307 139 82 87 40 Yugoslavia 7 7 7 1 1 Other Europe 545 530 70 280 181 15 10 1 4 (3) Total 8,650 7.798 2 297 4 268 1 233 800 506 135 158 53 Canada 2,424 2.145 1 725 382 38 270 190 49 31 8 Latin America: 412 338 133 187 18 74 72 2 Bolivia ">2 6 6 15 15 Brazil 172 60 53 (3) 6 112 101 4 6 Chile 156 113 112 43 42 (3) (3) ((•*)3) Colombia 205 142 128 14 63 62 1 Cuba 138 55 43 8 4 83 77 P) 6 P) Dominican Republic 35 11 11 24 23 2 El Salvador 33 16 8 3 5 18 17 Guatemala 52 36 12 13 11 16 16 (3) (3) (3) Mexico 409 279 278 (3) 2 128 125 2 1 1 Neth. Antilles and Surinam 86 40 14 14 11 47 14 7 26 Panama Rep of 123 22 20 2 100 67 5 28 Peru 79 38 38 (3) 40 39 1 (3) Urusuav •. 63 29 26 34 25 2 7 Venezuela 351 191 188 (3) 2 161 156 4 Other Latin America 191 116 84 20 11 74 66 2 6 1 Total 2,526 1,492 1,155 246 91 1,031 917 25 90 3 P Preliminary. 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 $2,268 million on July 31, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1075 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Area and Total in P a fo y r a e 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 i certificates certificates Area and country detail, May 31, 1960—Continued Asia: Hong Kong 56 30 23 6 27 25 (2) 1 India 67 57 18 14 25 10 10 Indonesia 138 135 75 56 4 2 2 Iran 47 42 38 3 5 5 (2).. Israel 91 86 22 46 18 4 4 1 Japan 1,410 1,395 716 633 46 15 14 (2) (2) Korea, Rep. of 136 134 93 41 2 2 Philippines 194 175 128 40 8 19 19 (2) (2) Taiwan 90 83 80 3 7 7 (2) Thailand 152 149 17 126 5 3 3 Other Asia 399 364 157 174 34 34 33 (2) 1 (2) Total 2,781 2,651 1,368 1,132 151 129 124 2 3 2 Allother: Australia 113 109 33 72 3 4 3 Congo, Rep. of the 46 44 19 5 20 1 1 Egyptian Region—U.A.R.. 41 39 14 25 1 1 1 Union of South Africa.... 30 26 25 4 4 Other 174 145 122 17 6 28 23 1 4 1 Total 403 363 214 119 30 38 33 1 4 2 Total foreign countries. 16,785 14,448 6,759 6,146 1,543 2,269 1,770 211 287 68 International institutions.... 3,358 3,357 159 3,196 2 Grand total 20,142 17,806 6,918 9,342 1,546 2,269 1,770 211 287 68 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 COUNTRIESi [Amounts outstanding, in millions of dollars] End of month 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 t m g ed - E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e i r n - Asia o A th l e l r 1955—Dec 1,549 12 88 30 26 109 158 423 144 706 233 43 1956—Dec 1,946 18 157 43 29 104 216 568 157 840 337 43 1957—Dec 2,199 114 140 56 34 98 211 654 154 956 386 50 1958_Dec. 2,542 102 77 36 42 124 315 696 243 1,099 435 69 1959—July 2,394 91 52 31 36 122 234 566 245 1,010 510 64 Aug 2,366 89 45 34 34 142 222 567 241 975 S18 66 Sept 2,402 81 44 33 39 151 239 586 272 978 511 54 Oct 2,406 65 41 29 36 150 230 551 311 988 503 52 Nov 2,492 60 48 28 37 174 225 573 282 ,055 528 54 Dec 2,645 57 54 30 38 138 234 552 272 ,179 586 56 I960—Jan 2,723 46 51 39 51 131 229 546 255 ,245 624 55 Feb 2,698 38 51 38 39 141 229 536 234 ,250 626 53 Mar 2,736 25 53 30 37 123 231 499 246 ,255 682 54 Apr 2,716 25 55 33 41 137 228 520 254 ,172 716 55 May 2,683 26 55 32 36 120 228 498 258 ,127 744 56 Junep 2,749 28 62 43 42 156 233 565 272 ,105 746 60 July? 3,006 26 63 41 36 201 227 595 336 ,195 819 61 v Preliminary. foreigners; drafts drawn against foreigners that are being collected by 1 Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year: loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1076 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe End of month 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 ey r- Y sl u av g i o a - o A th l e l r 1955—Dec. 158 16 13 11 9 5 7 78 7 1956—Dec. 216 28 12 21 23 8 13 88 1957—Dec 211 25 11 29 23 8 10 76 10 1958—Dec... 315 65 14 56 22 30 24 72 9 1959—July. . 234 53 9 32 8 25 12 57 3 14 Aug.. 222 48 9 24 10 11 13 70 4 15 Sept.. 239 50 10 22 10 11 19 75 3 17 Oct... 230 50 11 23 9 9 15 72 3 17 Nov.. 225 51 14 25 9 8 16 62 2 17 Dec 234 56 18 38 7 19 47 3 18 1960—Jan.. . 229 56 18 33 8 7 17 50 7 16 Feb... 229 53 15 26 7 6 17 66 8 16 Mar.. 231 49 12 30 8 6 18 69 9 14 Apr... 228 51 9 26 6 6 19 67 11 15 May.. 228 49 7 36 7 5 23 60 12 13 Junep, 233 54 7 34 7 5 22 62 12 14 227 49 6 36 7 22 55 12 13 Table 3b. Latin America Neth- Do- er- End of mo nth A L m i a c t e a in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i R c l u i i a e b c n n - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t A a a i u l n n 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 706 7 4 69 14 143 92 5 8 5 154 3 17 29 18 105 34 1956 Dec 840 15 4 72 16 145 90 7 11 7 213 5 12 35 15 144 49 1957 Dec 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958—Dec 1,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959 July 1,010 44 3 151 40 53 129 29 6 9 271 3 21 34 27 139 49 Aug 975 44 3 134 36 55 102 28 7 11 269 3 24 34 39 136 50 Sept 978 48 3 125 42 55 101 30 9 10 267 3 22 32 40 142 49 Oct 988 51 3 112 46 60 101 29 14 13 265 3 23 34 39 146 49 Nov 1,055 63 3 113 47 61 111 31 16 10 275 4 17 34 45 174 52 Dec 1,179 63 3 118 59 68 113 29 15 10 291 4 18 36 47 247 59 I960 Jan 1,245 64 3 139 58 71 101 29 10 12 288 3 18 35 47 314 54 Feb 1,250 63 3 151 57 70 93 27 5 13 257 5 19 38 46 346 56 Mar 1 255 65 3 151 51 71 93 23 5 12 282 5 18 36 51 334 54 Apr . ... 1,172 63 4 148 50 75 92 20 5 13 297 3 17 40 52 242 52 May 1,127 68 4 161 50 77 77 19 6 13 325 5 22 41 49 160 50 June23 1,105 76 4 158 50 77 67 17 7 11 313 5 17 43 42 169 50 JUlyP . . . 1,195 80 4 168 57 80 59 16 7 11 335 5 17 43 38 224 51 Table 3c. Asia and All Other Asia All other Egyp- End of month 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 i - a C o R o f e n t p g h . o e , gi t R o io i e n - U S n o o i u f o t n h Other U. A. R. Africa 1955—Dec, 233 3 18 10 103 19 6 8 60 43 11 8 17 1956—Dec... 337 4 20 16 170 16 6 9 91 43 11 8 17 1957—Dec... 386 7 22 24 146 53 6 14 110 50 13 12 19 1958—Dec... 435 6 27 23 179 67 6 13 111 69 13 21 29 1959—July.. 510 8 31 17 256 18 8 12 153 64 14 18 27 Aug.. 518 9 29 15 269 18 8 13 151 66 16 19 27 Sept.. 511 9 30 13 262 17 8 12 155 54 18 12 20 Oct... 503 9 29 12 262 11 8 12 154 52 19 10 19 Nov.. 528 10 29 9 275 20 8 14 157 54 18 11 20 Dec, 586 10 29 14 324 24 9 15 155 56 18 12 21 I960—Jan... 624 11 30 14 362 24 9 14 154 55 18 10 22 Feb... 626 12 30 17 372 18 9 12 151 53 16 11 21 Mar.. 682 12 31 13 420 22 9 13 154 54 18 10 23 Apr... 716 11 35 15 457 22 10 10 148 55 19 11 19 May.. 744 12 33 16 489 21 10 12 145 56 21 11 20 June? 746 11 35 24 490 14 11 11 143 60 23 11 21 July*. 819 10 35 16 560 22 10 15 142 61 25 12 21 P Preliminary. 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

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1077 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- End of month, or area term— Loans to: and country total i Collec- Total tions Deposits Total Banks and out- Other Total with Other official Others standing foreigners institutions Total amounts outstanding 1955—Dec 671 1,549 1,385 489 236 353 307 164 144 20 1956 Dec 839 1 946 1,796 582 330 440 444 150 131 19 1957 Dec 1,174 2,199 2,052 627 303 423 699 147 132 15 1958—Dec 1,362 2,542 2,344 840 428 421 656 198 181 16 1959 July 1,472 2,394 2,214 727 413 437 637 180 153 27 Aug 1 491 2,366 2,188 718 421 442 607 178 152 26 Sept 1,497 2,402 2,203 753 424 453 573 199 163 36 Oct . ... 1 506 2 406 2,180 738 441 458 543 226 192 34 Nov 1 487 2,492 2,280 815 456 475 533 212 182 30 Dec 1,516 2,645 2,410 849 463 516 582 235 203 32 I960 Jan 1,493 2,724 2,495 874 428 517 676 229 195 34 Feb 1 487 2,698 2,488 844 413 526 705 210 175 36 Mar 1,508 2,736 2,520 806 397 538 779 215 179 37 Apr 1 583 2 716 2,493 111 408 562 746 223 186 36 May 1,664 2,683 2,476 114 395 569 737 208 191 17 June^1 1 632 2 749 2 496 738 387 579 793 253 198 55 1,680 3,006 2,643 741 389 589 924 364 223 140 Area and country detail, May 31, 1960 Europe: Austria 2 2 2 (2) (2) 1 (2) (2) (2) 1 25 3 49 7 48 7 35 1 4 2 8 (4 1 2 ( 2 ) Finland . 4 8 8 (2) 2 6 (2) 19 26 24 5 2 11 6 2 2 Germany, Fed. Rep. of.... 14 55 47 18 2 21 6 8 6 2 Greece 5 4 4 (2) 3 (2) (2) Italy . . . • 40 32 31 7 14 8 1 1 n\ Netherlands 16 36 32 8 8 13 3 4 3 (2) Norway 113 7 7 1 4 2 Portusal .. 2 2 2 (2,» 1 (2) Spain 6 5 5 2 1 Sweden 33 23 22 1 11 7 3 1 1 Switzerland .. 36 32 13 9 6 4 4 4 Turkey 60 60 56 4 United Kingdom 48 121 35 15 3 16 1 86 82 5 Yugoslavia (2) 12 12 6 3 3 Other Europe 9 13 13 4 4 2 (2) (2) (2) Total 339 498 388 172 46 120 51 110 103 7 Canada 95 258 198 15 157 9 18 60 56 4 Latin America: Argentina 97 68 43 7 3 17 16 25 25 (2) Bolivia (2) 4 4 (2) 3 Brazil 240 161 161 65 13 19 63 1 (2) Chile 40 50 50 8 16 12 14 (2) (2) 29 77 77 7 9 27 34 (2) Cuba 44 77 76 39 3 26 7 (2) w Dominican Republic 2 19 19 5 4 10 P) (2) El Salvador 6 6 3 1 Guatemala 13 13 3 2 6 2 (2) (2} 197 325 322 151 61 31 78 3 3 (2) Netherlands Antilles and 4 5 5 1 1 2 Panama Ret) of 33 22 22 15 4 3 9 41 41 5 17 18 (2) (2) 1 49 49 20 3 25 (2) (2) (2) Venezuela 164 160 157 21 40 49 47 2 2 Other Latin America 60 50 50 3 10 27 9 (2) (2) Total 921 1,127 1,095 332 182 252 328 32 30 3 Preliminary, 2 Less than $500,000. i 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

1078 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- Area and term— Loans to: country total i Total Total Ba i o n n f s f k i t c s it i a u a l n - d Others s C ta t o o i n o u l d l n t e i - s c n - g Other Total f D or e w e p i i g o t n s h i e t r s s Other tions Area and country detail, May 31, 1960—Continued Asia: Hons Kons 2 12 12 8 1 2 1 India 19 8 i 1 1 4 1 Indonesia 55 S |- Iran 12 33 Israel 2 16 16 1 2 11 (2) Japan. 14 489 488 89 2 89 308 1 Korea Rep of 2 2 C2) 2 | P T h ai i w lip a p n ines 6 2 1 1 0 2 1 1 0 1 6 9 2 4 1 ( 2 ) (2)" Thailand 7 12 12 6 2 3 Other Asia 3 142 142 122 1 17 2 1 Total 120 744 743 253 6 153 330 1 1 1 All other: Australia 26 21 19 1 8 9 I Congo, Rep. of the 40 3 3 3 Egyptian Region—U.A.R.. 3 1 1 Union of South Africa.... 41 11 11 (2) 10 1 1 1 Other 80 19 18 14 1 1 1 Total 189 56 52 2 4 35 11 4 1 3 International institutions Grand total 1,664 2,683 2,476 774 395 569 737 208 191 17 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 i [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Net purchases, Year or month c P h u as r e - s Sales or sales F ( o — rei ) gn 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- es Sales c s N a h l a e e t s s e p s, u ( o r - r - ) Total countries 1956 883 1,018 -135 -205 1,907 1,615 291 607 992 -385 749 875 — 126 1957 666 718 -52 117 1,617 1,423 194 699 1,392 -693 593 622 -29 1958 1,224 1,188 36 -237 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1959 1,214 528 686 524 2,593 2,158 435 946 1,458 -512 566 804 -238 1959 July 63 40 23 21 229 190 39 60 163 -102 48 53 -5 Aug 259 25 234 185 190 145 45 27 27 (3) 44 50 — 6 Sect 106 40 66 36 177 134 44 157 208 -52 44 44 (3) Oct 163 77 86 61 191 151 40 52 75 -23 58 35 23 Nov 166 99 68 51 234 175 59 53 93 — 40 41 51 — 10 Dec 92 55 37 24 254 200 54 95 145 -49 S3 63 -10 1960 Jan 104 53 50 49 229 152 77 57 59 -1 56 45 11 Feb 119 88 32 17 194 149 46 77 238 -161 41 36 5 Mar 113 70 42 9 199 156 43 57 174 — 117 42 44 — 2 Apr 183 86 97 39 191 145 45 76 109 -33 41 59 — 19 May 166 241 -75 -29 205 183 23 59 87 -28 58 46 12 June27 198 170 29 -5 272 220 52 82 141 -59 50 -70 -19 July*3 48 58 -10 -9 188 195 -7 45 76 -31 35 46 -11 p Preliminary. 2 Includes small amounts of U. S. municipal securities. * Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTT CAPITAL TRANSACTIONS OF THE U. S. 1079 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, (—). In millions of dollars] Type of security Country Year or month Total 2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- ot A he ll r* 1956 291 256 35 23 23 -7 147 87 7 280 -53 38 27 1957 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958 -39 -56 17 -3 2 -8 19 -1 1 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 1959 July 39 34 6 1 4 2 19 -1 2 27 1 4 7 Aue 45 35 10 11 5 18 7 1 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 8 23 11 5 58 -2 3 1 Dec 54 58 -4 6 5 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 7 -6 34 -6 7 37 2 7 1 Mar 43 29 14 $ 4 5 23 6 2 41 -1 1 3 Apr 45 34 12 3 2 21 8 4 37 2 2 5 May 23 6 17 3 3 4 3 4 13 4 3 3 JUlyP -7 52 46 -6 6 (3) 2 3 1 (3 2 ) -3 30 1 4 1 3 2 ( 5 3 0 ) - - 1 4 2 2 3 4 3 P Preliminary. 2 Includes transactions of international institutions. i Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS * [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 l e l r Date Deposits tutions tries ica U. S. Govt. Miscelsecurities2 laneous3 1956 — 33 — 478 8 —447 17 — 40 — 16 1957 — 384 -338 231 -552 15 -45 13 1958—Dec. 31 272 3,695 480 1958. -558 -805 -72 -543 5 -45 -150 1959 -157 -593 -50 -443 11 -97 -15 1959—Aug. 31 252 4,286 520 Sept. 30 312 4,346 548 -107 -4 -100 -4 -1 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 C1) I960—Jan. 31 249 4,444 593 Dec 0) -59 -16 -39 5 -11 2 Feb. 29 191 4,707 466 Mar. 31 184 4,728 615 I960—Jan 29 -20 -17 2 0) -6 1 Apr. 30 194 4,818 639 Feb.. .. -101 -56 9 -43 -20 -3 1 May 31 215 4,841 643 Mar... 7 -126 -3 -89 -32 -4 2 June 30 254 4,977 672 Apr.... -2 -50 -4 -24 2 -2 -22 July 31 215 5,272 671 May... -39 22 22 0) 2 -3 1 Aug. 31 204 5,423 701 June59 4 -83 -27 -53 3 -4 -2 July" . . -9 -33 -9 -8 -15 -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

1080 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 Apr.- July- Oct.- Jan.- Apr.- June Sept. Dec. Mar. June Continental Western Europe: Austria -6 -84 -83 — 39 — 43 — 1 Belgium -4 -85 3 3 -329 -39 -39 -26 -25 France -68 -34 -266 -66 -200 Germany (Fed. Rep. of) -10 -130 -226 -10 P I N t o a e r l t y t h u e g r a la l nds -1 - 0 5 0 - - 6 6 5 0 -55 -5 25 -2 -2 6 0 1 - - 3 1 0 0 -10 — 10 -25 Spain 31 32 Switzerland 23 -65 -16 -8 -215 20 20 Bank for Int'l Settlements 0) -94 -20 -178 -32 -25 Other -17 -37 -6 4 18 8 -23 -38 -5 -15 -17 -? 1 Total -114 -536 -328 -79 -20 68 -1,428 -477 -118 -124 -197 -40 -49 Sterling Area: United Kingdom 440 -480 -50 100 -900 -350 -200 -150 Other 11 0) Total 451 -481 -51 0) 100 -900 -350 -200 -150 Canada 7 15 5 Latin America: Argentina... -20 -85 115 75 67 Mexico 88 -28 80 -30 -20 -io Venezuela -30 -200 65 65 Other -10 -19 12 14 56 6 2 -4 0) _2 -1 0) -1 Total 58 -132 62 14 -28 81 69 31 -20 -12 64 0) -1 Asia: Japan -30 -157 -45 -62 Other -7 -6 -10 c 0) 18 3 -19 -5 -19 Total -7| -6 -10 -5 0) 18 -27 -176 -50 -62 -19 Allother -2| -10 0) 1 14 0) 0) 0) 0) 0) -8 1 Total foreign countries... 394J —1,164 -327 -68 80 172-2,287 -969 -389 -348 -148 -41 -57 | International institutions2 j 200 600 -7 3-73 3-344 189 91 -1 -26 Grand total 394 -1,164 -327 -68 280 772 -2,294 3-1,041 3-732 -159 -57 -42 -84 1 Less than $500,000. 3 Includes payment of $344 million in June 1959 as increase in United 2 Figures represent purchase of gold from, or sale to (—) Internatiional States gold subscription to the International Monetary Fund. 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 ) a d 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 t d 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 , - p D ti r c o t o i m o d g n o u e l c s d - - Month T (e u r n G e r d a y o s l o - d f s m T to o o c n t k a th l ) i in s c o 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 t d 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 o n u e l c s d - - 1948 24,244 24,399 1,530 1,680 -159 71 1959_Aug 19,524 19,568 -104 76 -176 4 1949 24,427 24,563 165 686 -496 67 Sept 19,491 19 579 10 55 — 35 4 1950 22,706 22,820 -1,743 -371 -1,352 80 Oct 19,585 19,647 68 24 52 4 1951 22,695 22,873 53 -549 618 66 Nov 19,566 19,617 -30 48 -71 3 1952.. 23 187 23,252 380 684 -305 67 Dec 19,456 19 507 — 110 9 — 112 4 1953 22 030 22 091 -1,162 2 -1,171 69 I960—Jan 19 444 19 494 — 13 2 — 12 3 1954 21,713 21,793 -297 16 -325 65 Feb 19,421 19 471 -23 4 — 21 1955 21,690 21,753 -41 97 -132 66 Mar 19,408 19,457 -14 17 -13 4 1956 21,949 22,058 306 106 319 65 Apr 19,360 19,403 -54 8 -71 4 1957 22,781 22,857 799 104 600 63 May 19,352 19,395 — 8 10 — 14 4 June 19,322 19,363 -32 77 -102 4 1958 20,534 20,582 -2,275 260 -2,515 62 July 19,144 19 188 — 174 49 — 222 C5) 1959 19,456 19,507 2-l,076 302 -1,324 '57 Aug ^19,005^19,045 P-143 (3) 4-151 » Preliminary. r Revised. 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 $10,469 million on Aug. 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 1081 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3 , 1958 June 30, 1959 Sept. 30, 1959 Dec. 3 , 1959 Mar. 31, 1960 June 30, I960** Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold & U.S. Gold& U.S. Gold & U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Continental Western Europe: Austria 605 7 646 7 685 7 623 7 556 7 490 7 Belgium-Luxembourg 1,409 6 1,412 7 1,407 7 1,287 7 1,354 6 1,355 7 Denmark 200 6 141 44 144 54 168 64 145 64 111 53 Finland 104 1 109 1 109 1 115 1 125 99 1 France (and dependencies) 1,295 12 1,893 32 2,091 32 1,957 35 2,053 37 2,322 18 Germany (Federal Republic of) 4,394 13 4,171 16 4,057 16 4,624 16 4,682 16 5,245 16 Greece 143 0) 179 0) 187 0) 212 0) 186 0) 138 0) Italy 2,207 2 2,720 2 3,054 0) 3,118 0) 3,061 0) 2,962 0) Netherlands (and Netherlands Antilles and Surinam) 1,497 15 1,627 22 1,711 26 1,732 29 1,760 30 1,765 30 Norway 173 120 156 133 133 136 125 141 129 141 129 158 Portugal (and dependencies) 707 (!) 712 0) 725 1 733 1 722 1 685 1 Spain (and dependecies) 94 3 92 3 123 3 141 3 167 3 204 3 Sweden 507 10 555 31 521 68 404 101 388 79 432 79 Switzerland 2,777 76 2,787 82 2,805 90 2,903 88 2,708 87 2,713 84 Turkey 164 0) 165 G) 176 8 164 C1) 163 0) 152 0) Other2 1,210 3 1,111 16 1,070 1,091 17 1,102 1,188 4 Total 17,486 274 18,476 396 18,998 456 19,397 510 19,301 477 19,990 461 Sterling Area: United Kingdom 3,723 194 3,909 201 3,956 264 3,490 323 3,708 368 4,084 403 United Kingdom dependencies 109 4 105 4 106 4 115 4 119 5 113 5 Australia 241 0) 226 0) 252 0) 268 0) 268 0) 268 0) India 324 0) 346 0) 366 361 0) 351 10 306 40 Union of South Africa 241 1 237 1 268 1 287 299 1 280 1 Other 251 43 199 55 199 57 211 76 213 89 214 89 Total 4,889 242 5,022 261 5,147 326 4,732 404 4,958 473 5,265 538 Canada 3,097 341 3,195 342 3,284 450 3,159 452 3,308 485 3,441 429 Latin America: Argentina 210 0) 263 0) 325 0) 393 0) 444 0) 443 (1) Brazil 463 480 1 495 1 478 450 448 j Chile 140 0) 170 8 212 0) 228 0) 193 0) 186 0) Colombia 241 0) 278 266 0) 288 0) 277 0) 262 0) Cuba 366 86 317 82 277 82 214 82 168 82 149 82 Guatemala 69 0) 67 0) 59 0) 61 0) 77 0) 70 1 Mexico 561 4 566 4 565 4 584 574 4 497 4 Panama, Republic of 146 2 147 2 157 2 129 3 128 3 116 2 Peru 96 0) 96 (|) 107 0) 110 1 100 1 105 1 Uruguay 262 0) 269 251 (!) 242 0) 242 0) 240 0) Venezuela 1,213 2 1,219 2 997 3 931 899 815 3 Other 250 11 302 13 268 13 253 12 273 12 386 11 Total 4,017 106 4,174 104 3,979 105 3,911 105 3,825 106 3,717 105 Asia: Indonesia 145 0) 118 1 149 1 172 1 183 1 188 0) Iran 184 0) 179 0) 167 0) 187 0) 176 0) 168 0) Japan 1,094 1,380 2 1,420 2 1,539 2 1,615 2 1,720 2 Philippines 186 3 178 3 187 5 181 3 190 3 213 2 Thailand 245 1 246 1 239 1 240 1 248 1 258 1 Other 778 7 931 7 1,013 12 1,027 16 1,030 21 913 32 Total 2,632 12 3,032 14 3,175 21 3,346 23 3,442 28 3,460 37 All other: Egyptian Region—U.A.R 190 0) 190 0) 190 ff 194 0) 207 0) 216 0) 252 8 269 10 252 243 10 246 10 261 14 Other Total foreign countries3 442 8 459 10 442 11 437 10 453 10 477 14 Total 32,563 983 34,358 1,127 35,025 1,369 34,982 1,504 35,287 1,579 36,350 1,584 International institutions 2,876 495 4,665 523 5,043 605 5,565 660 5,754 709 5,830 755 Grand total3 35,439 1,478 39,023 1,650 40,068 1,974 40,547 2,164 41,041 2,288 42,180 2,339 P Preliminary. NOTE.—Gold and short-term dollars include reported and estimated 1 Less than $500,000. official gold reserves, and total dollar holdings as shown in "Short-term 2 Includes Yugoslavia, Bank for International Settlements (including Liabilities to Foreigners Reported by Banks in the United States by European Payments Union account through December 1958 and Euro- Countries" (Tables 1 and la-Id of the preceding section). U. S. Govt. pean Fund account thereafter), gold to be distributed by the Tripartite bonds and notes represent estimated holdings with original maturities Commission for Restitution of Monetary Gold, and unpublished gold of more than one year; these estimates are based on a survey of selected reserves of certain Western European countries. U. S. banks and on monthly reports of security transactions. 3 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

1082 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 1 M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s i - a A tr u i s a - g B iu el m - Brazil Canada Chile lo C m o b - ia C o R o f e n t p g h . o e , 1953 Dec 36,425 1,702 22,091 12,630 372 117 52 776 321 986 42 86 101 1954—Dec 37 075 1 740 21 793 13 540 372 138 62 778 322 1,073 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 [,100 40 62 81 1958—Dec 39,865 1,332 20,582 17,950 60 162 194 1,270 325 1,078 40 72 83 1959 July 1 923 19 672 57 138 280 t 981 326 I 061 40 74 53 AUE 2,025 19^568 57 141 291 1,276 326 1,053 41 75 53 Sent 40,450 2 052 19 579 18,820 57 143 291 1,254 326 .039 41 69 48 Oct 2 210 19 647 57 146 291 1 187 326 967 42 70 42 Nov 2 389 19 617 57 150 291 1 156 327 960 41 70 42 Dec 40,690 2,407 19,507 18,775 56 154 292 1,134 327 960 43 71 42 I960—Jan 2 416 19 494 56 292 I 143 326 952 42 71 42 Feb 2,421 19,471 56 292 I 175 326 952 41 72 38 Mar 2 454 19 457 56 292 1' 183 294 950 41 r73 38 Apr 2 495 19 403 56 292 1 197 294 945 42 71 38 May 2'489 19 395 56 292 1 182 286 922 42 72 June 2 515 19 363 292 1 191 286 909 42 73 July 2,527 19,188 293 906 42 74 Egyp- Ger- E m n o d n t o h f Cuba m De a n rk - D R o e ic p m a u n i b n - - E d c o u r a- gi t R o ia e n n - — E v l a d S o a r l- l F a i n n d - France2 R F m e e p d a u n e b r y a l , i l c Greece G m u a a l t a e- India I n n e d s o ia lic U.A.R. of 1953 Dec 186 31 12 23 174 29 26 617 328 11 27 247 145 1954 Dec 186 31 12 23 174 29 31 708 626 11 27 247 81 1955—Dec 136 31 12 23 174 28 35 942 920 11 27 247 81 1956 Dec 136 31 11 22 188 28 35 924 1,494 10 27 247 45 1957 Dec 136 31 11 22 188 31 35 581 2,542 13 27 247 39 1958—Dec 80 31 11 22 174 31 35 750 2,639 17 27 247 37 1959—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 24 247 33 May 19 31 10 20 174 30 38 513 2 741 26 247 33 19 31 10 20 174 30 38 ,551 2,772 26 247 33 July 31 10 20 174 30 38 ,560 2,818 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- es Po g r a t l ulic of 1953 Dec 137 18 346 35 158 737 33 52 38 36 9 361 1954 Dec 138 18 346 63 62 796 33 45 38 35 9 429 1955 Dec 138 8 18 352 74 142 865 33 45 48 35 16 428 1956 Dec 138 14 18 338 77 167 844 33 50 49 35 22 448 1957 Dec 138 20 18 452 91 180 744 33 45 49 28 6 461 1958—Dec 141 34 18 1,086 91 143 1,050 33 43 49 19 10 493 1959—July 140 73 18 1.381 102 158 1,164 34 30 50 19 6 513 Aug 140 84 18 ,433 102 156 1,162 34 30 50 19 6 525 Sent . ... 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 1,816 102 142 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 84 18 902 102 142 1,164 34 30 52 28 13 549 May 131 84 18 102 1,164 34 30 52 28 15 549 June . 131 84 18 102 1,231 34 30 52 28 16 549 July 131 18 102 1,246 34 30 52 28 16 550 rRe vised. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 1083 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] 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 g S i y . R o A r n e i . a - — R n . 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 - S m B I e f n e a t o t n t n r l ' t l k e s - U m E p P n u e e a i r a n y o o n t - n s - 1953 Dec 176 218 1,459 14 113 143 2,518 227 373 13 193 153 1954—Dec .. 199 265 I 513 17 113 144 2 762 227 403 14 196 153 1955—Dec 212 276 1,597 19 112 144 2,120 216 403 16 217 244 1956—Dec . ... 224 266 1,676 19 112 144 2,133 186 603 17 179 268 1957—Dec 217 219 1,718 24 112 144 2 273 180 719 13 165 254 1958—Dec 211 204 1,925 24 112 144 3,069 180 719 17 339 126 1959_july 217 205 1,925 24 112 144 3,220 180 719 10 436 Au2 204 191 I 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 I960—Jan 248 191 1,826 104 133 2,685 180 654 10 445 Feb 244 171 807 104 133 2 722 180 654 10 513 Mar 256 171 1,777 104 133 2,780 180 654 10 510 Apr 258 171 1,767 104 133 2,831 180 514 9 494 May 255 171 767 104 133 2 859 180 514 7 473 June 240 171 ,774 104 133 2,892 180 514 7 491 July . 233 171 896 133 2,996 514 7 504 i 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 pro w d o u r c ld tion Africa North and South America Other month U. ( S e . x S c . l R . .) Total A So fr u ic th a R de h s o ia - Ghana 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 - 1 Brazil Chile Co b l i o a m- t A ra u l s i - a India 1953 864.5 780.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 9.1 4.0 4.6 15.3 37.7 7.8 1954 910.0 830.4 462.4 18.8 27.5 12.8 65.1 152.8 13.5 8.2 4.2 4.4 13.2 39.1 8.4 1955 955 5 877.7 510.7 18.4 23.8 13.0 65.7 159.1 13.4 8.1 3.9 4.3 13.3 36.7 7 4 1956 994.0 914.8 556.2 18.8 21.9 13.1 65.3 153.4 12.3 7.6 4.3 3.3 15.3 36.1 7.3 1957 1 036 0 956.3 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 3.6 11.4 37.9 6 3 1958 n O7i.o 984.0 618.0 19.4 29.2 12.8 61.6 158.8 11.6 7.2 3.9 3.9 13.0 38.6 6.0 1959 1 148 0 21 059 9 702.2 19 8 31.8 12 0 r57.2 156.9 11.0 7.3 3 9 13.9 38.1 5 8 1959_june 89.4 59.5 .8 2.6 1.0 4.6 12.5 .9 .7 .3 .2 1.3 3.5 .5 July... 91.6 60.8 6 2.7 .8 5.3 13.2 .9 .6 .4 .2 1.4 3.2 .5 Aug 89.0 60.7 .4 2.7 1.4 4.2 12.2 .6 .6 .3 .2 1.2 3.0 .5 Sept 89.7 60.9 > 0 2.8 .7 3.8 12.7 .8 .5 .3 .2 1.2 3.3 .5 Oct 91.6 61.3 7 2.8 1.1 3.5 13.9 1.1 .6 .4 2 1.2 3.3 5 Nov 90.0 60.3 .7 2.7 .9 3.4 13.6 1.0 .6 .4 .2 1.3 3.4 .5 Dec . . 288.4 59.3 6 2.7 .8 3.7 13.2 .8 .6 .4 1.2 3.6 .5 I960—Jan 2 89.3 60.8 6 2.6 1.3 3.4 13.2 .7 .5 .4 1.5 2.8 r.5 Feb 60.0 6 2.6 1.4 3.1 13.0 .6 .4 1.4 2.8 .5 Mar. 59.6 .6 2.7 .9 3.5 13.6 .6 .3 1.5 3.2 Apr 61 8 7 2 7 8 3 5 12.8 7 4 1 2 Mi ay 63.1 2.6 1.4 4.1 13.2 .5 .3 1 1 June.... 63.4 2.6 3.9 13.5 .6 r Revised. Ghana, Republic of the Congo and Brazil, data for which are from 1 Gold exports, representing about 90 per cent of total production. American Bureau of Metal Statistics. For the United States, annual 2 Excluding Chile. figures are from the U. S. Bureau of the Mint and monthly figures are Sources.—World production: estimates of the U. S. Bureau of Mines. from American Bureau of Metal Statistics. Production reported monthly: reports from individual countries except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1084 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 securities 1.. . 671 630 666 648 632 Currencies:i Effective loans* 3,387 3,548 3,531 3,642 3,664 United States 951 998 2,028 2,141 2,250 Other assets3 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:i ° Undisbursed loans 839 960 893 952 904 Gold 551 Other liabilities 28 31 28 27 30 Currency 1,542 Reserves 420 440 462 485 506 Unpaid member subscriptions.... 944 854 680 640 632 Capital* 1,911 1,920 1,985 2,005 2,026 Other assets 9 i 105 1159 H60 Member subscriptions 9,228 9,228 13,644 13,999 14,277 Loans by country, July 31, 1960 Mem a b c e c r o u su n b t1 s ° criptions in separate 5 2,093 Reserves and liabilities 35 42 162 106 11 115 Outstanding Area and member country 4 Prin- Dis- Re- Quota Cumulative net drawings cipal bursed paid Sold on the Fund Total to othersS Country Paid 1959 1960 Total in Continental Western Europe, gold total 1,643 1,353 282 1,071 298 July July Austria 100 73 2 71 5 Belgium and Luxembourg.. 213 170 25 146 54 Denmark 60 48 6 42 4 Argentina 280 70 103 173 180 Finland 102 79 18 61 13 Bolivia 23 6 9 10 10 France 418 327 31 296 62 Brazil 280 70 92 140 140 Italy 298 227 10 218 70 Burma 15 12 8 8 Netherlands 236 236 168 68 68 Chile 75 15 42 42 42 Norway 95 72 3 69 Turkey 61 60 9 51 Colombia 75 19 25 2 Yugoslavia 61 61 11 50 Cuba 50 13 25 25 25 Dominican Rep.... 15 4 9 9 Sterling area, total 1,581 1,333 186 1,147 146 El Salvador 11 3 2 Australia 318 318 50 268 32 France 788 174 394 126 i26" Ceylon 24 15 14 India 662 504 45 459 30 Haiti 11 3 5 5 Pakistan 151 101 20 81 Honduras 11 3 3 3 Union of S. Africa 197 197 57 140 29 Iceland 11 3 5 5 United Kingdom 204 177 11 166 52 India 600 78 200 128 128 Other 25 21 2 20 Indonesia 165 29 46 37 37 Iran 70 18 18 35 Latin America, total 1,057 749 152 598 14 Brazil 267 198 37 161 Pakistan 150 16 13 Chile 106 55 10 45 Paraguay 9 2 5 4 Colombia 173 112 37 75 (6) Philippines 50 13 6 12 Ecuador 45 24 2 22 (6) Spain 100 10 50 50 El Salvador 35 25 4 21 Sudan 15 2 6 6 Mexico 186 166 21 144 Turkey 86 22 36 36 Nicaragua 35 22 8 14 Peru 76 43 10 33 United Arab Re- Uruguay 71 61 10 51 public: Egypt. . , 90 17 30 28 28 Other 61 44 13 31 Syria 15 2 10 10 United Kingdom.. 1,950 399 345 231 199 Asia (excluding Sterling area), United States 4,125 1,031 ,716 12-1,428 12-1,434 total 726 447 46 401 29 Yugoslavia 66 9 23 23 23 Iran 194 95 20 75 12 Japan 337 258 10 14 Lebanon 27 8 1 Currencies include demand obligations held in lieu of deposits. Malaya 36 3 2 Represents principal of authorized loans, less loans not yet effective, Philippines 19 16 repayments, the net amount outstanding on loans sold or agreed to be Thailand 107 60 sold to others, and exchange adjustment. Other 6 6 3 Excludes uncalled portions of capital subscriptions. 4 Loans to dependencies are included with member. Africa (excluding Sterling 5 Includes also effective loans agreed to be sold but not yet disbursed. area), total 135 67 65 6 Less than $500,000. Ethiopia 24 17 15 7 Includes $311 million in loans not yet effective. Sudan 55 26 26 8 Includes $477 million not guaranteed by the Bank. United Arab Republic 57 25 25 'U.S. Treasury bills purchased with proceeds from sale of gold, i o Paid by members pending increases in quotas becoming effective. Total 75,141 3 ,949 667 3,282 8 496 11 Includes subscriptions due from members on increases in quotas consented to but not yet effective. 12 Represents sales of U. S. dollars by the Fund to member countries for local currencies, less repurchases of such currencies with dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 1085 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1957 1958 1959 1960 Item 1 2 3 4 1 2 3 4 1 2 3 4 IP 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 S M e e rv rc ic h e a s n 2 dise 5 1 , ,6 1 3 0 5 8 5 1 , , 1 85 5 2 8 4 1 , , 4 86 6 4 2 4 1 , , 6 99 6 2 2 4 1 , , 0 55 5 3 8 4 1 , , 1 77 9 2 3 3 1 ,7 8 9 1 1 6 4 1 , , 1 94 9 6 6 3 1, , 6 8 1 0 9 2 4 1 ,7 0 3 6 7 0 4 1 ,8 0 4 3 3 5 4 2 0 3 4 2 0 8 4 1 5 7 9 1 6 5 Imports of goods and services, total... 5,092 5,318 5,361 5,152 4,941 5,278 5,388 5,446 5,431 5,967 6,200 5,962 5,753 Merchandise .... 3 297 3,344 3,265 3,385 3 139 3 166 3 124 3,522 3 597 3 884 3 848 3 986 3 819 Services 915 1,124 1,381 1,047 970 1,200 1,425 1,095 1,059 1,293 1,579 1,'224 1,177 ^Military expenditures 880 850 715 720 832 912 839 829 775 790 773 752 757 Balance on goods and services1 1,651 1,692 965 1,502 670 687 219 696 -10 -170 -322 406 558 Unilateral transfers (net)3 -576 -662 -499 -581 -563 -598 -544 -633 -627 -578 -534 -663 -574 Private remittances and pensions... -184 -174 -164 -180 -178 -174 -174 -196 -190 -185 -201 -203 -194 Government nonmilitary grants -392 -488 -335 -401 -385 -424 -370 -437 -437 -393 -333 -460 -380 U.S. long- and short-term capital (net)3 -1,070 -1,563 -544 -956 -887 -1,251 -784 -893 -470 4-l,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 4 829 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 4 397 167 72 50 Errors and omissions 376 217 347 -192 200 76 175 -71 160 365 32 226 8 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 s1 D m a o d y n a - y e 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 s - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1957—Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 3.75 3.25 4.64 3.33 2.50 1958—Dec. 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 1.50 2.50 1959—July....... 5.23 4.52 3.57 3.46 2.79 2.00 4.27 2.00 2.25 1.79 1.48 2.00 Aug........ 5.82 5.72 3.60 3.48 2.76 2.00 3.93 2.00 2.44 1.63 1.15 2.00 Sept 5.68 5.01 3.59 3.48 2.78 2.00 4.05 2.75 2.75 1.66 1.31 2.00 Oct 5.05 4.28 3.58 3.43 2.82 2.00 3.87 3.63 2.38 2.03 1.50 2.00 Nov... 4.87 4.16 3.55 3.39 2.77 2.00 4.02 3.63 3.94 2.01 1.50 2.00 Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 1.50 2.00 I960—Jan 4.81 3.60 4.14 4.07 3.07 2.35 3.91 3.75 3.69 2.53 1.50 2.00 Feb 4.69 4.14 4.69 4.55 3.78 3.00 4.11 3.88 3.94 2.48 1.54 2.00 Mar 3.87 3.83 4.74 4.59 3.91 3.00 4.17 4.00 4.06 2.33 1.65 2.00 Apr 3.40 3.33 4.80 4.65 3.67 3.00 4.22 4.00 3.94 2.25 1.75 2.00 May....... 2.87 2.77 4.76 4.58 3.87 3.00 4.25 4.00 3.88 2.30 1.54 2.00 June 2.87 2.84 5.04 4.88 3.98 3.25 4.15 4.88 4.75 2.49 1.75 2.00 July 3.13 3.24 5.76 5.58 4.67 4.00 4.88 4.69 2.19 1.64 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

1086 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS» [Per cent per annum] Rate as of Changes during the last 12 months Aug. 31,1959 Rate Country 1959 1960 as of Aug. 31, Per Month 1960 cent effective Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Argentina 2 6.0 Dec. 1957 6.0 Austria 4.5 Apr. 1959 5 0 5.0 Belgium 3.25 Jan. 1959 4 0 5.0 5.0 Brazil2 10.0 Apr. 1958 10.0 Burma 3 0 Feb 1948 3.0 Canada 3 5.58 Aug. 1959 5.85 5.27 5.11 5.37 4.85 4.86 3.26 3.51 3.26 3.32 3.17 2.50 2.50 Ceylon2 2.5 June 1954 42.5 24.0 4.0 Chile 5 16.25 July 1959 16 4 16.4 Colombia2 5.0 Aug. 1959 5.0 Costa Rica 2 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 Ecuador 2. 5 0 Nov. 1956 5.0 Egypt 3.0 Nov. 1952 3.0 El Salvador2 . 4.0 Apr. 1957 5 5 5.5 Finland2 6.0 Mar. 1959 6.0 France 4.0 Apr. 1959 4.0 Germany 2.75 Jan. 1959 3.0 4.0 5.0 5.0 Greece 10.0 May 1956 10.0 Honduras ^ 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 11.0 11.0 India7 4.0 May 1957 4.0 Indonesia2 3.0 Apr. 1946 3.0 Iran 4.0 Aug. 1948 4.0 Ireland 4.25 Nov. 1958 4.75 5 5 5.5 Israel 6 0 Feb 1955 6.0 Italy 3.5 June 1958 3.5 Japan 2 6 94 Feb 1959 7 3 6.94 6.94 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 Philippine Republic2. . 6.5 Feb. 1959 6.0 6.0 Portugal 2.0 Jan. 1944 2.0 South Africa 4.0 Jan. 1959 5.0 5.0 Spain 6.25 Aug. 1959 5 75 5.75 Sweden 4.5 May 1958 5.0 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 6 0 6.0 Venezuela 2 2.0 May 1947 4 5 4.5 1 Rates shown represent mainly those at which the central bank either Indonesia—various rates depending on type of paper, collateral, comdiscounts or makes advances against eligible commercial paper and/or modity involved, etc.; government securities for commercial banks or brokers. For countries Japan—penalty rates (exceeding the basic rate shown) for borrowings with more than one rate applicable to such discounts or advances, the from the Central bank in excess of an individual bank's quota; rate shown is the one at which the largest proportion of central bank Peru—8 per cent for agricultural, industrial and mining paper; credit operations is understood to be transacted. In certain cases other Philippine Republic—^4.5 per cent for crop loan paper and 5 per cent for rates for these countries are given in note 2. export packing credit paper; and 2 Discounts or advances at other rates include: Venezuela—4 per cent for rediscounts of certain agricultural paper and Argentina—3 and 5 per cent for certain rural and industrial paper, de- for advances against government bonds or gold and 5 per cent on adpending on type of transaction; vances against securities of Venezuelan companies. Brazil—8 per cent for secured paper and 4 per cent for certain agricultural 3 Since Nov. 1, 1956, the discount rate has been set each week at paper; l/4 of one per cent above the latest average tender rate for Treasury bills; Ceylon—2.5 per cent for advances against certain types of commercial end-of-month rate shown. and production paper; 4 The discount rate was advanced from 2.5 to 3 per cent on Dec. 16, Colombia—3.5 per cent for agricultural and industrial development and lowered again to 2.5 per cent on Dec. 24, 1959. paper of up to 150 days and 3 per cent for economic development paper 5 Since April 1, 1959, new rediscounts are granted at the average rate of up to 5 years; charged by banks in the previous half year. Old rediscounts remain subject Costa Rica—5 per cent for paper related to commercial transactions to old rates provided their amount is reduced by one-eighth each month (rate shown is for agricultural and industrial paper); beginning May 1, 1959, but the rates are raised by 1.5 per cent for each Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by month in which the reduction does not occur. All rediscounts were repaid national public securities; by January 1960. Ecuador—6 per cent for bank acceptances for commercial purposes; 6 Rate shown is for advances only. El Salvador—4.5 per cent for agricultural and industrial paper and 3.5 7 Since May 16, 1957, this rate applies to advances against commercial per cent for special cases; paper as well as against government securities and other eligible paper. Finland—rates ranging up to 7.25 per cent for longer term paper (rate shown is for 3 months commercial paper); Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 1087 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month (peso) (p t A r o a u u l s n ia - d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) ( C ru ey 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 2.835 222.16 3.8580 2.0030 101.60 20.946 .4354 1957. 5.556 2.506 222.57 3.8539 1.9906 104.29 20.913 .3995 1958. 5.556 2.207 223.88 3.8536 2.0044 103.03 21.049 .3118 1959. U.2730 223.81 3.8619 2.0012 104.27 21.055 .3115 1959—Aug.. .9122 223.86 8502 2.0013 104.75 21.060 .3116 Sept.. .2037 223.40 8525 1.9989 105.08 21.037 .3113 Oct... .2213 223.61 8526 1.9993 105.51 21.048 .3113 Nov.. .2084 223.32 8526 1.9990 105.22 21.031 .3113 Dec. .2003 222.98 8523 1.9996 105.12 20.995 .3113 I960—Jan... .2035 223.09 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.. .2004 223.86 3.8407 2.0061 103.84 21.062 .3112 May. .2005 223.59 3.8406 2.0055 102.24 21.047 .3112 June. .1989 223.32 3.8426 2.0053 101.79 21.020 .3112 July.. .2010 223.78 3.8468 2.0041 102.19 21.048 .3111 Aug.. .2022 223.92 3.8573 1.9956 103.10 21.061 .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 k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a si l l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e a il t n d h d e - s r) 1954. 23.838 21.020 280.87 32.641 9.0515 26.381 1955. 23.765 20.894 279.13 32.624 8.0056 26.230 1956. 23.786 20.934 279.57 .2779 32.582 8.0056 26.113 1957. .2376 23.798 20.910 279.32 .2779 32.527 8.0056 26.170 1958. 2.2374 23.848 21.048 280.98 .2779 32.767 8.0056 26.418 1959. .2038 23.926 21.031 280.88 3.1610 .2778 32.857 8.0056 26.492 1959—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 Aug.. 20.404 23.978 20.978 281.02 .1611 .2787 32.846 8.0056 26.512 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r a u t l d u o - ) (p A S o o f u r 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 ( S e fr r w a la n i n t c - d ) ( U p K d o n i o u n i m t n g e d - d ) 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 276.80 14.008 49.676 3.4900 278.52 19,333 23.334 279.57 1957 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958 278.19 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959 278.10 14.028 49.721 3.4967 279.83 5 2.0579 19.324 23.142 280.88 1959—Aug. 278.17 14.038 49.713 3.4990 279.90 1.6600 19.327 23.178 280.95 Sept. 277.59 14.011 49.770 3.4947 279.32 1.6607 19.325 23.121 280.37 Oct.. 277.85 14.023 49.770 3.4958 279.58 1.6607 19.325 23.048 280.63 Nov. 277.49 14.008 49.770 3.4915 279.22 1.6607 19.308 23.040 280.27 Dec 211.01 13.994 49.770 3.4861 278.80 1.6607 19.303 23.127 279.84 1960—Jan.. 277.20 13.985 49.770 3.4844 278.93 1.6607 19.302 23.112 279.98 Feb.. 277.55 13.990 49.770 3.4898 279.28 1.6625 19.311 23.054 280.33 Mar. 277.81 14.006 49.770 3.4923 279.54 1.6637 19.314 23.058 280.59 Apr., 278.17 14.035 6 49.770 3.4957 279.90 1.6637 19.359 23.048 280.95 May. 277.82 14.018 3.4935 279.55 1.6633 19.339 23.124 280.60 June. 277.49 14.007 3.4905 279.22 1.6636 19.365 23.175 280.27 July. 278.06 14.018 3.4936 279.79 1.6640 19.366 23.183 280.84 Aug. 278.24 14.026 3.4956 279.97 1.6640 19.392 23.198 281.02 1 Effective Jan. 12, 1959, the Argentine Government established a was further devalued to 493.706 francs per U. S. dollar. single exchange rate for the peso in place of the former official and free 3 Based on quotations beginning with Mar. 2, 1959. rates. 4 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957, 5 Effective July 20, 1959, the par value for the Spanish peseta was set was extended to all foreign exchange transactions on Oct. 28, 1957, and at 60 pesetas per U. S. dollar. on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc 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 WILSON L. HOOFF, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS GUY E. NOYES, Director DIVISION OF PERSONNEL ADMINISTRATION FRANK R. GARFIELD, Adviser EDWIN J. JOHNSON, Director ALBERT R. KOCH, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director ROLAND I. ROBINSON, Adviser 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 1088 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1089 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 MERLE HOSTETLER, Associate Economist L# KENNETH A. KENYON, Assistant Secretary ^ Economist w MA Associate HOWARD H. HACKLEY, General Counsel DAVID B. HEXTER, Assistant General Counsel G uY 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 QoRDQN MuRRAY? Vice President ^ ^ ^ R. OTIS MCCLINTOCK, KANSAS CITY xx REUBEN B. HAYS, CLEVELAND JOHN S. ALFRIEND, RICHMOND L 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

1090 FEDERAL RESERVE BULLETIN • SEPTEMBER 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 Roger R. Clouse W. Braddock Hickman Paul C. Stetzelberger Donald S. Thompson 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 San Francisco. H. N. Mangels J. L. Barbonchielli H. E. Hemmings R. H. Morrill Eliot J. Swan R. S. Einzig E. R. Millard John A. O'Kane E. H. Galvin Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis Helena C. A. Van Nice Cleveland Cincinnati R. G. Johnson Kansas City Denver Cecil Puckett Pittsburgh J. W. Kossin Oklahoma City R. L. Mathes Richmond Baltimore D.F. Hagner Omaha P. A. Debus Charlotte Thomas I. Storrs Atlanta Birmingham H. C. Frazer Jacksonville T. A. Lanford Dallas El Paso Howard Carrithers Nashville R. E. Moody, Jr. Houston J. L. Cook New Orleans M. L. Shaw San Antonio Carl H. Moore Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City E. R. Barglebaugh Memphis E. Francis DeVos Seattle A. B. Merritt Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Unless otherwise noted, the material listed may be obtained jrom 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. (Stamps and coupons not accepted). 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. S7.00 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 includes one issue of Supplement. In the United RULES OF ORGANIZATION AND RULES OF PROCE- 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. 1091 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1092 FEDERAL RESERVE BULLETIN • SEPTEMBER 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 1959. 94 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. 1959 SURVEY OF CONSUMER FINANCES. March, July, and September 1959. 48 pages. (Simi- INFLUENCE OF CREDIT AND MONETARY MEASURES lar Surveys available for some earlier years in ON ECONOMIC STABILITY. March 1953. 16 the period 1952-58.) pages. A QUARTERLY PRESENTATION OF FLOW OF FUNDS, FEDERAL FINANCIAL MEASURES FOR ECONOMIC SAVING, AND INVESTMENT. August 1959. 49 STABILITY. May 1953. 7 pages. pages. * DETAILED DESCRIPTION OF SOURCES AND METH- THE GOVERNMENT SECURITIES MARKET. August ODS USED IN REVISION OF SHORT- AND INTER- 1959. 22 pages. MEDIATE-TERM CONSUMER CREDIT STATISTICS. April 1953. 25 pages. REVISED INDUSTRIAL PRODUCTION INDEX. December 1959. 24 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised Indexes). No- CAPITAL MARKETS AND MONEY AND BANK CREDIT vember 1953. 65 pages. IN 1959. Combined reprint. January and February 1960. 14 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- MONETARY POLICY AND ECONOMIC GROWTH. ber 1955. 40 pages. February 1960. 7 pages. REVISED SERIES FOR SEASONALLY ADJUSTED SURVEYS OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of MONEY SUPPLY. February 1960. 4 pages. Member Banks. April 1956. 14 pages. Credit GOLD AND DOLLAR TRANSFERS IN 1959. March Lines and Minimum Balance Requirements. 1960. 6 pages. June 1956. 7 pages. Member Bank Lending OWNERSHIP OF DEMAND DEPOSITS. April 1960. to Small Business, 1955-57. April 1958. 19 4 pages. pages. Member Bank Term Lending to Business, 1955-57, April 1959. 16 pages. Security BANKING AND MONETARY STATISTICS, 1959. Se- Pledged on Business Loans at Member Banks. lected series of banking and monetary statistics September 1959. 16 pages. for 1959 only. February and May 1960. 13 pages. (Similar reprint of 1958 data, February FINANCING OF LARGE CORPORATIONS, 1951-55. and May 1959 BULLETINS.) June 1956. 9 pages. SURVEY OF COMMON TRUST FUNDS, 1959. May REVISION OF CONSUMER CREDIT STATISTICS. Oc- 1960. 7 pages. (Also, similar reprints from tober 1956. 24 pages. (Also, similar reprint August 1956, June 1957, May 1958, and May from April 1953 BULLETIN.) 1959 BULLETINS.) AGRICULTURAL LOAN SURVEY. November 1956 INTEREST RATES IN LEADING COUNTRIES. JUNE and January, February, and March 1957 BUL- 1960. 6 pages. LETINS. 52 pages. RECENT MONEY AND CREDIT DEVELOPMENTS. SURVEY OF FINANCE COMPANIES, MID-1955. July 1960. 8 pages. April 1957. 17 pages. THE BALANCE SHEET ON AGRICULTURE, 1960. REVISION OF MONTHLY DEPARTMENT STORE IN- August 1960. 9 pages. DEXES. December 1957. 30 pages. CONSUMER BUYING INTENTIONS AND QUARTERLY REVISED WEEKLY INDEX OF DEPARTMENT STORE SURVEY OF CONSUMER BUYING INTENTIONS. SALES. April 1958. 10 pages. Combined reprint. September 1960. 31 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1030, 1032 Department stores: Agricultural loans of commercial banks, 1024, 1026 Merchandising data, 1061 Agriculture, Govt. agency loans, 1042, 1068 Sales and stocks, 1056, 1060 Assets and liabilities (See also Foreign liabilities and Deposits (See also specific types of deposits): claims peported by banks): Adjusted, and currency, 1020 Banks and the monetary system, consoli- Banks, by classes, 1015, 1021, 1025, 1028, 1032 dated, 1020 Federal Reserve Banks, 1016, 1079 Corporate, current, 1034 Postal savings, 1018, 1020 Domestic banks, by classes, 1021, 1024, Discount rates, 1014, 1086 1026, 1032 Discounts and advances by Federal Reserve Federal business-type activities, Banks, 1010, 1015, 1016 by fund or activity, 1042, 1068 Dividends, corporate, 1034, 1035 Federal Reserve Banks, 1016 Dollar assets, foreign, 1079, 1081 Automobiles: Dwelling units started, 1057 Consumer instalment credit, 1046, 1047, 1048 Earnings and hours, manufacturing indus- Production index, 1050, 1053 tries, 1056, 1059 Bankers' balances, 1025, 1027 Employment, 1056, 1058, 1059 (See also Foreign liabilities and claims reported Export-Import Bank, loans, etc., 1042, 1068 by banks) Farm mortgage loans, 1042, 1043, 1044, 1068 Banks and the monetary system, consolidated state- Federal business-type activities, assets and liabilities, ment, 1020 by fund or activity, 1042, 1068 Bonds (See also U. S. Govt. securities): Federal Deposit Insurance Corporation, New issues, 1034, 1036, 1037 assets, etc., 1042, 1068 Prices and yields, 1030, 1031 Federal finance: Brokers and dealers in securities, bank Cash transactions, 1040 loans to, 1024, 1026 Receipts and expenditures, 1041 Business expenditures on new plant and equip- Treasurer's balance, 1040 ment, 1034 Federal home loan banks, loans, etc., 1042, 1045, 1068 Business indexes, 1056 Federal Housing Administration, loans, etc., 1042, Business loans (See Commercial and industrial loans) 1043, 1044, 1045, 1068 Capital accounts: Federal National Mortgage Association, Banks, by classes, 1021, 1025, 1028 loans, etc., 1042, 1045, 1068 Federal Reserve Banks, 1016 Federal Reserve Banks: Carloadings, 1056 Condition statement, 1016 Central banks, foreign, 1082, 1086 U. S. Govt. securities held by, 1010, 1015, 1016, Coins, circulation of, 1019 1038, 1039 Commercial banks: Federal Reserve credit, 1010, 1015, 1016 Assets and liabilities, 1021, 1024 Federal Reserve notes, 1016, 1019 Consumer loans held, by type, 1047 Finance company paper, 1030, 1032 Number, by classes, 1021 Financial institutions, loans to, 1026 Real estate mortgages held, by type, 1043 Flow of funds, saving and financial flows, 1066 Commercial and industrial loans: Foreign central banks, 1082, 1086 Commercial banks, 1024 Foreign deposits in U. S. banks, 1010, 1016, 1020, Weekly reporting member banks, 1026, 1029 1025, 1028 Commercial paper, 1030, 1032 Foreign exchange rates, 1087 Commodity Credit Corporation, loans, etc., 1042, 1068 Foreign liabilities and claims reported by Condition statements (See Assets and liabilities) banks, 1072, 1074, 1077, 1079 Construction, 1056, 1057 Foreign trade, 1061 Consumer credit: Gold: Instalment credit, 1046, 1047, 1048, 1049 Earmarked, 1080 Major parts, 1046, 1048 Net purchases by U. S., 1080 Noninstalment credit, by holder, 1047 Production, 1080, 1083 Consumer price indexes, 1056, 1062 Reserves of central banks and governments, 1082 Consumption expenditures, 1064, 1065 Reserves of foreign countries and international Corporate sales, profits, taxes, and diviinstitutions, 1081 dends, 1034, 1035 Stock, 1010, 1020, 1080 Corporate security issues, 1034, 1036 Gold certificates, 1016, 1019 Corporate security prices and yields, 1030, 1031 Govt. debt (See U. S. Govt. securities) Cost of living (See Consumer price indexes) Gross national product, 1064, 1065 Currency in circulation, 1011, 1019 Customer credit, stock market, 1031, 1069 Home owners, Govt. agency loans, 1042, 1068 Hours and earnings, manufacturing indus- Debits to deposit accounts, 1018 tries, 1056, 1059 Demand deposits: Adjusted, banks and the monetary system, 1020 Industrial production index, 1050, 1056 Adjusted, commercial banks, by classes, 1025 Instalment loans, 1046, 1047, 1048, 1049 Banks, by classes, 1021, 1028 Insurance companies, 1033, 1038, 1039, 1044 Turnover of, 1018 Insured commercial banks, 1023, 1024 Type of holder, at commercial banks, 1025 Interbank deposits, 1014, 1021, 1025, 1028 1093 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1094 FEDERAL RESERVE BULLETIN • SEPTEMBER 1960 Interest rates: Reserves—continued Bond yields, 1030 Foreign central banks and governments, 1082 Business loans by banks, 1029 Foreign countries and international institu- Federal Reserve Bank discount rates, 1014 tions, 1081 Foreign countries, 1085, 1086 Member banks, 1010, 1016, 1025, 1027 Open market, 1030, 1085 Residential mortgage loans, 1043, 1044, 1045 Regulation V loans, 1018 Stock yields, 1030 Sales finance companies, consumer loans of, 1046, Time deposits, maximum rates, 1014 1047, 1049 International capital transactions of the U. S., 1072 Saving: International financial institutions, 1080, 1081, 1082, 1084 Flow-of-funds series, 1066 Inventories, 1064 National income series, 1065 Investments (See also specific types of investments) : Savings deposits (See Time deposits) Banks, by classes, 1021, 1024, 1027, 1032 Savings institutions, principal assets, 1032, 1033 Federal Reserve Banks, 1015, 1016 Savings and loan associations, 1033, 1044 Govt. agencies, etc., 1042, 1068 Securities, international transactions, 1078, 1079 Life insurance companies, 1033 Savings and loan associations, 1033 Security issues, 1034, 1036, 1037 Silver coin and silver certificates, 1019 Labor force, 1058 State member banks, 1023 Loans (See also specific types of loans): State and municipal securities: Banks, by classes, 1021, 1024, 1026, 1032 New issues, 1036, 1037 Federal Reserve Banks, 1010, 1015, 1016 Govt. agencies, etc., 1042, 1068 Prices and yields, 1030, 1031 Insurance companies, 1033, 1044 States and political subdivisions: Savings and loan associations, 1033, 1044 Deposits of, 1025, 1028 Loans insured or guaranteed, 1018, 1043, 1044, 1045 Holdings of U. S. Govt. securities, 1038 Manufacturers, production index, 1050, 1056 Ownership of obligations of, 1024, 1032. 1033 Margin requirements, 1014 Stock market credit, 1031, 1069 Member banks: Stocks: Assets and liabilities, by classes, 1021, 1024 New issues, 1036 Borrowings at Federal Reserve Banks, 1010, 1016, 1028 Prices and yields, 1030, 1031 Deposits, by classes, 1015 Tax receipts, Federal, 1041 Number, by classes, 1022 Time deposits, 1014, 1015, 1020, 1021, 1025, 1028 Reserve requirements, by classes, 1015 Treasurer's account balance, 1040 Reserves and related items, 1010 Treasury cash, 1010, 1019, 1020 Weekly reporting series, 1026 Treasury currency, 1010, 1019, 1020 Mining, production index, 1050, 1056 Treasury deposits, 1010, 1016, 1040 Money rates (See Interest rates) Unemployment, 1058 Mortgages (See Real estate loans) U. S. balance of payments, 1085 Mutual savings banks, 1020, 1021, 1023, 1032, 1038, 1039, 1043 U. S. Govt. balances: Commercial bank holdings, by classes, 1025, 1028 National banks, 1023 Consolidated monetary statement, 1020 National income, 1064, 1065 Treasury deposits at Federal Reserve National security expenditures, 1041, 1064 Banks, 1010, 1016, 1040 Nonmember banks, 1016, 1023, 1024, 1025 U. S. Govt. securities: Payrolls, manufacturing, index, 1056 Bank holdings, 1020, 1021, 1024, 1027, 1032, Personal income, 1065 1038, 1039 Postal Savings System, 1014, 1020 Federal Reserve Bank holdings, 1010, 1015, 1016, Prices : 1038, 1039 Foreign and international holdings, 1016, 1081 Consumer, 1056, 1062 International transactions, 1078, 1079 Security, 1031 New issues, gross proceeds, 1036 Wholesale commodity, 1056, 1062 Outstanding, by type of security, 1037, 1038, 1039 Production, 1050, 1056 Ownership of, 1038, 1039 Profits, corporate, 1034, 1035 Prices and yields, 1030, 1031 Real estate loans: United States notes, outstanding and in circula- Banks, by classes, 1024, 1026, 1032, 1043 tion, 1019 Type of mortgage holder, 1043, 1044, 1045 Utilities, production index, 1050, 1056 Type of property mortgaged, 1043, 1044, 1045 Vault cash, 1010, 1025 Regulation V, loan guarantees, 1018 Veterans Administration, loans, etc., 1042, 1043, 1044, Reserve requirements, member banks, 1015 1045, 1068 Reserves: Weekly reporting member banks, 1026 Commercial banks, 1025 Federal Reserve Banks, 1016 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 j (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