Federal Reserve Bulletin, 1960-10

FEDERAL RESERVE October 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. 1 • Contents The U. S. Balance of Payments, 1959-60 1095 A New Measure of the Money Supply 1102 Law Department 1124 National Summary of Business Conditions 1125 Financial and Business Statistics, U. S. (Contents on p. 1127) 1128 International Financial Statistics (Contents on p. 1193) 1194 Board of Governors and Staff 1210 Open Market Committee and Staff; Federal Advisory Council 1211 Federal Reserve Banks and Branches 1211 Federal Reserve Board Publications 1213 Index to Statistical Tables 1215 Map of Federal Reserve System Inside back cover i Volume 46 * Number 10 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The U. S. Balance of Payments, 1959-60 UNITED STATES EXPORTS have expanded U. S. F0RII6N TRAD! rapidly since mid-195 9 in response to buoy- BtHiont si dollars, annual ca*«> ant demands from abroad. Imports, on the IS other hand, have declined slightly. As a result, the foreign trade surplus last summer reached its highest level in a decade except for late 1956 and 1957. There has been no corresponding reduction, however, in the over-all balance-of- y*"\~. _ payments deficit as measured by net transfers of gold and liquid dollar assets to the rest of the world, because the outflow of capital has recently increased sharply. Net gold and dollar transfers were running at an annual rate of nearly $3 billion in the second 1954 193S quarter of 1960 and became larger during NOTE.—Three-month centered moving averages of seasonally the summer. adjusted monthly data, weighted one-two-one. Bureau of the Census data, adjusted for seasonal variation by Federal Re- Outflows of U.S. capital and shifts of serve. Exports exclude shipments under military-aid programs. Latest figures shown are for June-July-August. foreign private funds have tended to increase foreign official reserves more rapidly in reare less important in assessing the underlying cent months than in the first half of the balance-of-payments situation than trends year. Acquisitions of gold by foreign monein trade, services, long-term investment, and tary authorities this year, including large Government grants and loans. On these purchases from the United States since midtransactions the United States has continyear, have constituted about the same proued to run a deficit this year, but this deficit portion of their aggregate gold and dollar has been reduced by the expansion in exgains as in earlier years. ports. Further increases in the export sur- Most of the increase in the outflow of plus will be needed in the years ahead to capital this year appears to have represented establish reasonable equilibrium in U.S. a response to the pull of tighter credit contransactions with the rest of the world. ditions and higher interest rates abroad com- Since exports, imports, and capital flows pared with easier conditions and lower rates in this country. Such flows have been facili- will continue to respond to cyclical changes tated by the wider convertibility of leading in demands abroad and in the United States, foreign currencies. adjustment toward equilibrium is unlikely Because interest-rate differentials change to be smooth or continuous. The gold stock with changing business conditions, the short- of the United States is big enough to term capital movements which they induce absorb the impact of large swings in 1095 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1096 FEDERAL RESERVE BULLETIN • OCTOBER 1960 current and capital transactions, so long as INDUSTRIAL PRODUCTION underlying forces continue to work in the 19t>7 = 100. direction of an adjustment. These forces include rising international liquidity, continuing reductions of foreign barriers to U.S. goods, continuing efforts of U.S. business- WEST EUROPE men to improve the competitive position of their products in domestic and foreign markets, and continuing avoidance of inflation in the United States. RISING EXPORT SURPLUS UNITED STATES Expansion of merchandise exports and of the trade surplus has been rapid over the past year. Exports rose from a low of about 70 1956 $15.5 billion early in 1959 to a seasonally adjusted annual rate of $20 billion last NOTE.—Seasonally adjusted indexes. Organization for European Economic Cooperation (OEEC) index for West Europe; summer. This rate had been equalled only latest figure shown, July (partly estimated by Federal Reserve). Federal Reserve index for the United States; latest figure shown, in early 1957 when fuel shipments, swollen September (preliminary). by the Suez crisis, were at a rate $1.5 billion Also, automobile imports continued to adhigher than last summer. Imports, on the vance rapidly. other hand, at an annual rate of $15 billion During that period exports continued to last summer, were somewhat lower than in fall off, largely because renewed economic the last three quarters of 1959. expansion in Europe did not get under way The export surplus on merchandise trade until early in 1959, nine months later than reached a seasonally adjusted annual rate of in this country. Also, many nonindustrial $5 billion last summer. It had not been this countries were reducing their purchases in large since the days of Marshall Plan aid, an attempt to redress reserve losses resulting except in the boom and Suez crisis of 1956- from earlier overimporting and declines in 57. At its low point in the second quarter export earnings. U.S. exports of raw cotton of last year, the trade surplus had nearly were held down by the expectation that cotdisappeared. ton export prices would be cut. Cyclical factors. Differences in business- Cyclical and temporary factors have cycle timing between this country and Eu- also been important in the recent favorable rope contributed to the unfavorable trade trade position. However, the recovery in position during 1958 and the first half of the U.S. export surplus owes something, too, 1959. The sharp cyclical rise in U.S. im- to longer run factors of growth in foreign ports from the autumn of 1958 to mid-1959 markets and of adaptation by U.S. producers was accentuated by orders for foreign steel to changing competitive conditions. placed in anticipation of the steel strike in Merchandise exports. Most of the expanthis country—orders that could be readily sion in U.S. exports over the past year filled because demand abroad was still slack. occurred in shipments to industrial coun- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE U. S. BALANCE OF PAYMENTS, 1959-60 1097 tries in Europe and to Japan, as the chart Stabilization efforts in a number of Latin below shows. Economic activity in those American countries over the past two years countries rose rapidly throughout 1959 and have been accompanied by notable balancehas advanced further this year within limita- of-payments improvements. U.S. exports to tions imposed by resource availabilities. Latin America turned upward early this During the current boom in those coun- year, but they remain well below the untries, monetary and fiscal authorities have sustainable 1957 peak. Shipments to other moved more promptly to check excessive nonindustrial countries have been rising expansion of demand than they did in strongly since early 1959. 1955-57 and, with supplies of primary com- Exports to Canada, unlike those to other modities more plentiful, commodity prices areas, have declined this year, as Canadian have been below 1956 levels. As a result, economic activity has declined. balance-of-payments strains of the sort ex- Exports of all major commodity groups perienced by many industrial countries in except fuels have expanded over the past 1956-57 have not emerged. Japan and year. Strong demand for machinery from the countries of continental West Europe both industrial and nonindustrial countries have maintained reasonable equilibrium in is likely to be an important force sustaining their international payments or, as in the our exports in the months ahead. In Europe case of Germany and France, have contin- and Japan domestic order backlogs for ued to run large payments surpluses. Only capital equipment were large and still growthe United Kingdom has had a substantial ing last summer. deficit on current and long-term capital Stimulated by price reductions in August account. 1959 and by rising demand, exports of raw UNITED STATES MERCHANDISE EXPORTS DESTINATION SELECTED COMMODITIES Billion of dollori annual rattji Bill.or,, ol dollars. on.»ol role 6 Aw EUROPE _ _ _ 6 J\ AGRICULTURAL - LATIN AMERICA AA AA I \ 1 MACHINERY / / Vv/ 4 / _ / ^\/ _/ 4 / A* / N~' / . / ALL OTHER / CANADA - J /N> METALS r 2 l\ CHEMICALS- i i - 2 i f). JAPAN - VEHICLES FUELS^**1^** AIRCRAFT/* < 0 1 . ' 1 11 i 0 1956 1958 I960 1956 1958 1960 1956 1958 1960 1956 1958 I960 NOTE.—Bureau of the Census data—excluding special-category ipation of the port strike in October 1959. Commodity groups exports for which details are not available by destination and not shown in the righthand panels were at an annual rate of commodity—adjusted for seasonal variation by Federal Re- more than $3 billion in the second quarter of 1960, about oneserve. Adjusted to exclude in the third quarter of 1959, and sixth higher than a year earlier. Dots indicate annual rates to include in the fourth quarter, shipments accelerated in antic- for July-August. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1098 FEDERAL RESERVE BULLETIN • OCTOBER 1960 cotton rose to 7.2 million bales or $900 they ran at annual rates of $7.5 and $8.4 million in the crop year ending July 1960 billion, respectively. Both flows have been from 2.8 million bales the year before. Cot- growing, but net payments on such transacton exports bulged early in 1960 but fell tions have been steady for two years at back again by July-August to a rate only an annual rate of about $1 billion. moderately above the long-term average. U.S. military expenditures abroad remain Exports of commercial aircraft, mainly jet large. At an annual rate of $3 billion, planes for which deliveries are being con- they are somewhat smaller than in 1957 centrated in the current year, were at an and 1958 but are still about as large as annual rate about $600 million larger last in 1956. Payments for other services, such summer than at their 1959 low. as transportation and travel, have risen about Merchandise imports. In contrast with 40 per cent over the past four years, or exports, merchandise imports have declined nearly twice as fast as merchandise imports. somewhat this year from the plateau reached Receipts from services have risen more in mid-1959. There has been a sharp drop slowly. Income transferred to the United in steel imports and a moderate reduction States from direct foreign investments of in imports of other industrial materials, U.S. corporations has not risen much since connected with inventory movements and a 1958; a decline in receipts from investments leveling-off of industrial activity in this in petroleum has offset an increase from country. those in manufacturing. Receipts for trans- An important element checking imports portation have also been relatively stable, of manufactures has been the success of while other service receipts have continued American business in meeting foreign com- to rise. petition in design and pricing of products. By the second quarter of 1960 the ad- Automobiles provide a striking example. vance in merchandise exports had raised the After expanding six-fold from 1956 through current-account balance by more than $4 1959, sales of imported automobiles have billion, annual rate, from last year's low declined sharply this year while sales of point. Yet the over-all deficit as measured domestic models have increased. The num- by recorded net transfers of gold and liquid ber of automobiles imported has declined dollar assets decreased by less than $2 bileven more, and was running at an annual lion in this period, from about $4.5 billion rate of roughly 350,000 units last summer. in the spring of 1959 to just under $3 billion in the spring of 1960. CURRENT-ACCOUNT SURPLUS This difference is not fully explained by The rise in the trade surplus over the past the available statistics. It will be seen from year has brought a corresponding improve- the accompanying chart that if the over-all ment in the balance on all current transac- deficit is measured not by gold and dollar tions. In addition to merchandise trade, transfers but instead by the balance on all these include U.S. military expenditures recorded transactions (including recorded abroad, other service transactions, and net capital movements other than gold and dolprivate remittances and pension payments lar transfers), it shows almost as much imof about $800 million a year. provement as the current account. The Receipts from and payments for services discrepancy between the two measures of are large. In the second quarter of 1960 the deficit represents unrecorded transac- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE U. S. BALANCE OF PAYMENTS, 1959-60 1099 year earlier (excluding the subscription to the International Monetary Fund). These U. S. BALANCE OF PAYMENTS payments included the initial subscription of $80 million last June to the new Inter- American Development Bank and a larger increase than a year earlier in U.S. holdings of foreign currencies acquired from sales of surplus agricultural commodities. Private long-term capital. The net flow of private direct investments abroad by U.S. corporations was somewhat smaller in the first half of 1960 than a year earlier. The net flow to Latin America fell to zero, reflecting a further slowdown in petroleum development in Venezuela and disturbed conditions in Cuba. Flows to Europe and to Canada were little changed and accounted 1956 1951 1960 for 70 per cent of the total. NOTE.—Department of Commerce seasonally adjusted data, The reported net flow of U.S. private excluding military aid. Excludes subscription of $1,375 million to International Monetary Fund in second quarter of 19S9. Current account represents goods, services, remittances and capital into foreign portfolio investments, pensions. "Balance on recorded transactions" represents current account, Government grants and loans, private U.S. capi- including bonds issued by the International tal, and foreign long-term capital; i.e., all recorded transactions other than net gold and dollar transfers. Net gold and dollar Bank for Reconstruction and Development, transfers represent foreign gold purchases (—) from the United States and recorded net increases (—) in foreign hold- was also somewhat smaller in the first half ings of short-term assets in the United States and of U.S. Government long-term securities. Net unrecorded transactions are of the year than a year earlier. The flow the difference between net gold and dollar transfers and balance on recorded transactions. Latest figures shown are for second quarter (preliminary). of foreign funds into long-term investments in this country was a little larger. tions. Unrecorded capital movements of If all the foregoing reported movements one sort or another are the key to the wide swing in this residual over the past year. of private long-term capital and of Government grants and loans are combined, CAPITAL OUTFLOWS they show a net outflow during the first half of 1960 no larger than that of a year Identifiable net outflows of private long-term earlier. Thus, these movements do not excapital and of U.S. Government nonmilitary plain why the over-all balance of payments grants and loans totaled about $4 billion improved so much less than the balance on at an annual rate in the first half of 1960, current account. unchanged from a year earlier. The big shift in capital flows between these periods Private short-term capital. Reported net occurred in recorded short-term and un- movements of private U.S. short-term caprecorded capital movements. ital provide part of the explanation. Re- Government economic aid. Net payments payments of U.S. bank loans and other inon Government grants and loans (excluding ward movements had exceeded outflows in military grants) rose to an annual rate of the first half of 1959 when credit conditions nearly $3 billion in the first half of this were tighter here and easier abroad than year, compared with less than $2.5 billion a they have been in I960. The net inflow at Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1100 FEDERAL RESERVE BULLETIN • OCTOBER 1960 that time was at an annual rate of $200 to adopted additional measures to restrict credit $300 million. The movement shifted to an expansion. In Germany the discount rate outflow of similar proportions in the first was raised from 4 to 5 per cent, reserve rehalf of this year. The shift occurred in net quirements for commercial banks were furflows to West Europe, Canada, and Japan. ther increased, and their rediscount quotas Reported movements of foreign short-term at the central bank were further reduced. capital will be discussed in the concluding The Bank of England increased its discount section on gold and dollar transfers. rate from 5 to 6 per cent and increased Large movements of capital—presumably the "special deposit" requirements for comof both foreign and U.S. capital—seem to mercial banks. In this country, Federal have escaped the reporting systems, showing Reserve discount rates were reduced from up only as a shift in the residual "errors 4 to VA per cent in June and to 3 per and omissions" item in the balance-of-paycent in August. ments accounts. Normally, this residual The 3-month U.K. Treasury bill rate rose has shown net receipts, some of which probfrom 4.6 to 5.6 per cent during June while ably represent unrecorded exports of servin this country the U.S. Treasury bill rate ices. Net receipts on unrecorded transacdeclined from more than 3 to less than 2.5 tions averaged $500 million annually from per cent. From late June through early 1952 through 1959, with an occasional wide October, the spread between British and swing. U.S. Treasury bill rates almost continuously Unusually large receipts on unrecorded exceeded 3 per cent. After deduction of transactions in the first half of 1959 probthe cost of covering the exchange risk, the ably included some net capital inflow net incentive in favor of short-term investwhereas net payments in the first half of this ment in British bills averaged more than one year probably included sizable capital outper cent. Both covered and uncovered flows. The swing over the year was about movements into sterling from the United $1.5 billion at an annual rate. States and other countries appear to have Interest-rate differentials. Tightening credit been substantial. conditions in Europe this year, while credit Capital flows into Germany have also developments in the United States were been large. German commercial banks removing in the opposite direction, provided duced their foreign liquid assets from nearly strong incentives for capital to move abroad $800 million in January 1960 to about $250 from this country—whether through loans, million in August; in the month of June short-term investments, repatriation of foreign funds, or changing leads and lags in alone they repatriated $180 million from commercial payments. The attractions of the United States and other countries. Sales equity investment in Europe during a period of money-market paper to foreigners and of business hesitation in this country pro- payment of interest on foreign deposits have vided an additional pull in the same direc- been prohibited in Germany since early tion. June, but other avenues of credit extension Incentives to an outflow of short-term and equity investment remain open. While capital were sharply intensified in June foreign deposits with German banks de- 1960 when several European central banks clined in June-August, the German balance- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE U. S. BALANCE OF PAYMENTS, 1959-60 1101 of-payments accounts showed very large net There were only small increases in reported receipts on unrecorded transactions. U.S. banking claims on Switzerland, where interest rates are low, and on Germany. RECENT GOLD AND DOLLAR TRANSFERS Net transfers of gold and dollars from the Largely in response to the widening of in- United States to the rest of the world since terest-rate differentials, and despite further June have included much larger sales of improvement in the U.S. export surplus, gold than during the first half of 1960. The there was a more-than-seasonal increase in U.S. gold stock declined by $317 million in the rate of net gold and dollar transfers from July-August and by $637 million during the the United States to the rest of the world in third quarter. Net increases in foreign of- July-August. Such transfers were roughly ficial holdings of liquid dollar assets were $500 million in each of those two months also at a higher monthly average rate in compared with a monthly average of $235 July-August than before. Private foreign million during the first half year. Summer dollar holdings, on the other hand, increased tourist expenditures and other seasonal more slowly than before. The over-all defichanges explain only part of the increase. cit in the U.S. balance of payments has Recorded outflows of U.S. capital ex- continued to allow increases in private forpanded. Recorded net foreign purchases of eign holdings, but shifts out of these holdings U.S. corporate securities ceased. There may into other currencies have resulted in addialso have been substantially larger outflows tional accretions to the official reserves of of U.S. and foreign funds which cannot be foreign countries. identified. Reserve changes have, of course, reflected In the two months July and August, current transactions and capital movements claims on foreigners reported by U.S. banks among foreign countries as well as those increased by $390 million, in contrast with affecting the United States. Among counan increase of less than $200 million during tries having drains on their official gold and the first six months of the year. Part of this foreign exchange reserves in the third quaroutflow was clearly independent of credit ter were Australia, Belgium, India, and conditions here or in Europe. For example, South Africa. large private credits were extended to Ven- Countries reporting large increases in ezuela to help deal with its balance-of-paygold reserves during the third quarter inments difficulties. cluded Switzerland, the United Kingdom, Aside from Venezuela, however, the Germany, France, and the Netherlands. largest increases in reported U.S. banking German official holdings of foreign exchange claims during this two-month period oc- (including dollars) also increased sharply curred in claims on the United Kingdom and further, while foreign exchange reserves of Japan. These were undoubtedly influenced the other four of these countries showed by interest yields and the relative costs and little net change. availability of financing here and abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A New Measure of the Money Supply MONEY PERFORMS the essential economic time relative to its holdings of other assets functions of providing a medium of ex- and to the aggregate volume of expenditures change, a readily available store of value, in the economy. Public demand determines and a standard of value. The principal the proportion of the money supply that is financial instruments that perform these held in the form of currency and the profunctions are coin, currency, and demand portion held on deposit in banks. deposits in banks. Many other financial The Federal Reserve System has primary instruments perform in varying degrees some responsibility for regulating the total volume of the functions of money, particularly the of money available to meet the public's store-of-value function, but no other instrudemands. This is accomplished through its ment performs all of these functions. influence on the volume of reserves avail- The amount of money in existence and able to member banks. The System supplies changes in this amount influence the course reserves through purchases of securities in of economic developments. For this reason the market and extension of credit to memaccurate measurement of the money supply ber banks. The reserves made available to and of changes in the supply is of great im- commercial banks determine their ability to portance. This article presents and describes meet the public's demand for currency, to a revised and improved measure of the make loans to their customers, or to buy money supply in the United States for the securities in the market. Because of the period beginning with 1947. The new series system of fractional reserve requirements, is on a daily average rather than single-day the amount of credit that the banking basis and will be available twice each month. system can extend and the amount of money thus made available to the public is several REGULATION OF MONEY SUPPLY times the amount of reserves provided for the expansion of bank deposits. The stock of money is constantly being ex- The Federal Reserve regulates the supply tinguished through the payment of debts at of reserves so as to keep the amount of bank banks, and new money is being created credit and money consonant with the changthrough the extension of new bank credits. ing needs of the economy. This process re- The volume of money that the public quires a wide range of current economic chooses to hold—in its pockets, in tills, and and financial data, in which an accurate, in deposit accounts—varies from time to frequent, and promptly available measure NOTE.—Many people, both inside and outside the of the money supply occupies a key position. Federal Reserve System, have contributed to the con- Movements in such a measure will necesceptual and statistical foundations of the new money supply series. The planning and execution of the final sarily register the responses of commercial product presented by this article was carried out by banking operations both to Federal Reserve William J. Abbott, Adviser, of the Federal Reserve Bank of St. Louis. action and to the demand for bank credit. 1102 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NEW MEASURE OF THE MONEY SUPPLY 1103 The significance of changes in the money jections before assessing the reserve actions supply can thus be assessed in terms of the needed for monetary purposes. economy's general performance. In this The statistical measurement of the money sense monetary policy is guided by data supply as here defined omits interbank deindicative of the nation's cash-balance needs. posits because such deposits involve double In other words, it looks to changes in the counting. Deposits "due to" banks are money supply for signs as to whether mone- matched by "due from" accounts at other tary administration is or is not attaining its banks. The two accounts cancel each other policy aims with respect to cash balances. when the statements of all commercial banks are consolidated. CHANGES IN CONCEPT OF THE MONEY Deposits held in commercial banks by SUPPLY nonbank financial institutions, such as sav- Monetary transactions and the financial ings and loan associations and life insurance instruments used in effecting them take a companies, have been included in earlier variety of forms, and many types of claims money supply series. The new series goes other than currency and demand deposits one step further by including demand demay serve to provide part of the public's posits due to mutual savings banks and total liquidity requirements. However, eco- foreign banks. Amounts due to these instinomic analysis and monetary regulation re- tutions represent cash available for investquire a statistical definition of the money ment in much the same way as balances of supply that is closely related to the mech- other financial institutions and involve no anism through which money is created or duplication of funds held by others. extinguished. Hence, the most useful defini- The money supply, in the new series as in tion of the money supply covers the total the old, excludes deposits of the U. S. Government, but includes those of State and of the public's holdings of coin, currency, local governments. U. S. Government deand demand deposits in banks. posits are excluded primarly because these This concept of money supply does not deposits do not represent money in the hands deny the significance of time deposits or of of the public. In regulating the availability other types of savings instruments or, for of reserves, Federal Reserve operations althat matter, the importance of changes in the low for variations in the reserves that banks public's holdings of less liquid assets. Even need to hold against U. S. Government dethe most liquid of these other types of assets, posits. Deposits of State and local governhowever, must generally be converted into ments exhibit economic characteristics not money, as defined here, before being used in unlike deposits of large private economic economic transactions. The amount of nonentities. monetary financial instruments outstanding The currency component of the money is not limited by the supply of reserve funds supply series continues to exclude coin and as is the volume of bank deposits. It is currency held in the vaults of commercial true that reserves are needed to support banks. However, it does include currency time deposits in member banks but the held by other financial institutions, thus amount absorbed in this way is relatively paralleling the treatment of demand deposits small and is allowed for in the reserve pro- of these institutions as described above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1104 FEDERAL RESERVE BULLETIN • OCTOBER 1960 OTHER CHANGES monthly single-date series on the money supply as a part of the consolidated condition The statistics of bank deposits and currency statement for the banking and monetary in circulation have been revised from time to system, in order to provide the data needed time with respect to composition, coverage, for analyzing factors affecting changes in and applicable dates in order to provide the money supply and other bank deposits more useful measures of changes in the between monthly dates. money supply and related financial develop- The following paragraphs explain in more ments. The Federal Reserve has compiled detail the chief changes that have been made and published monthly since 1948 a conin the new money supply series. solidated statement of the banking and monetary system as of the last Wednesday in the Averages of daily figures. The new series month, or for call report dates. This state- is based on averages of daily figures in order ment includes figures for the money supply, to reduce both the systematic and the randefined as the total of demand deposits ad- dom variations that are characteristic of figjusted and currency outside banks.1 Each ures for a single date and are sometimes of the component series has been further ad- of considerable magnitude. A study of availjusted for seasonal variation and the seasonal able daily figures, described in the notes at adjustment factors have been revised from the end of this article, illustrates the extent time to time. and nature of day-to-day variations in de- The new series introduces a major im- posits. To the extent that random forces provement in that it is based on averages of account for these movements, daily averages daily figures rather than on figures for a are clearly more meaningful for analytical single date. As explained in more detail purposes than single-date figures. Hence, later, this reduces random movements in the figures for the new series are published in series. the form of daily averages. The new series is available for semi- The series is presented on a semimonthly monthly intervals beginning with 1947. average basis since, until recently, the prin- Factors for leveling out the statistical influ- cipal underlying data were compiled for ence of seasonal variations have been com- this interval in the administration of reserve puted. They are based on a detailed study requirements. Figures for each day were of the characteristics of such variations and reported on the administrative form but of the technical aspects of the problem of daily figures had not been tabulated on a measuring them. The notes at the end of system-wide basis. this article discuss this problem at greater Reports of daily deposit and vault cash length. Data for the new series, adjusted for figures for reserve computation purposes are seasonal variation and without adjustment, now being received each week from all memare presented in Tables 1 and 2, pages 1115 ber banks, and a series of weekly averages and 1116, respectively. The seasonal fac- for demand deposits adjusted and currency tors used are given in Table 3, page 1123. outside banks is being compiled. These The Board will continue to publish the data will be carried back to 1958 on a weekly basis by combining the daily data 1 Demand deposits adjusted were defined as demand from earlier semimonthly reports. The pordeposits other than interbank and U. S. Government, less cash items reported as in process of collection. tion of this compilation that has been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NEW MEASURE OF THE MONEY SUPPLY 1105 completed—from January 6, 1960, to date Estimates for nonmember banks. Non- —is shown in Table 2(B) on page 1122. member insured banks submit reports of For obvious reasons it is impossible at this their deposits and other items for only two stage to adjust these data for seasonal varia- call report dates each year.2 No daily avertion. Weekly averages of daily figures for age figures are available. After experiment deposits and currency will be included in with various approximation devices, a new the semimonthly release on the money method of estimating daily average deposit supply. figures for all nonmember commercial banks Eliminating duplication. Unadjusted or was devised, using the daily average figures gross deposit figures contain a sizable ele- of country member banks. This method is ment of duplication because checks are described in a memorandum that is availadded to the accounts of payees before they able upon request to the Division of Adare subtracted from the accounts of issuers. ministrative Services, Board of Governors of For many years a partial correction for this the Federal Reserve System, Washington 25, double counting has been made by deduct- D. C. ing "cash items in process of collection," as Comparative levels. The chart on page recorded on the books of commercial banks. 1106 compares changes in the money supply In the new series, duplication has been as measured by the new series with those further reduced. In addition to cash items shown by the single-date consolidated conin process of collection, as reported, Federal dition statement series that has heretofore Reserve float is now deducted from demand been published. The relatively stable difdeposits. While this change improves the ference in the general levels of the two series series, the problem of duplication has not reflects mainly the net effect of adding debeen fully solved either statistically or con- mand deposits due to mutual savings and ceptually. The residual duplication, how- foreign banks to the new series and deductever, does not appear large enough, nor are ing Federal Reserve float. changes in it great enough, to impair the Short-term movements in the two series, usefulness of the data for most analytical however, occasionally show significant difpurposes. A number of these problems are ferences. These differences reflect princidiscussed in the notes at the end of this arti- pally the wide fluctuations in single-day cle. figures. Some of these variations are char- Types of deposit holders. For reasons al- acteristic of particular days of the week or ready mentioned, the deposits due to mutual of the month; some are due to the influence savings banks and foreign banks have been of holidays and some to the incidence of taxincluded in the demand deposit component or dividend-payment dates; they may at of the new money supply series. Neither times reflect weather conditions. The use is a part of the domestic commercial banking of averages of daily figures for a month, or system and both have many economic char- a half-month, or for a week smooth most of acteristics in common with nonbank finan- these differences and better adapt the series cial intermediaries. The deposits due to to the analysis of current monetary and ecothese other nonbanking financial intermedi- nomic developments. aries had previously been recognized as 2 Under new legislation the number of calls will be properly included in money supply. increased to four in 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1106 FEDERAL RESERVE BULLETIN • OCTOBER 1960 MONEY SUPPLY MEASURES Seasonally adjusted Billions of dollar; 140 r 1952 1954 1956 1958 1960 Daily averaging is not feasible for the small differences in methods of derivation consolidated condition statement series, and coverage. These differences are sumhowever, since data for most of the other marized in the exhibit appearing on page balance sheet items are not available on a 1114. daily basis. This exhibit also compares the new series Derivation and coverage. The demand with the single-date series for deposits and deposit and currency components of the new currency derived from the quarterly flow-ofdaily average series are otherwise similar in funds accounts. The levels for these two composition to those of the consolidated series are similar but the flow-of-funds series condition statement series except for some is available at less frequent intervals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NEW MEASURE OF THE MONEY SUPPLY 1107 NOTES make preliminary estimates of missing bank data. However, a study of country member bank report- This supplement to the preceding article deing in three Federal Reserve districts in September scribes the major problems encountered in devel- 1959 suggested that these preliminary estimates oping the new money supply series. The notes are only slightly changed by later reports. discuss first the nature of the available data, the Reserve reports have been submitted weekly reasons for averaging deposits figures, and the since December 1, 1959, so it is necessary to methods for estimating other required data. The prorate weekly average data for deposits and readjustments to eliminate double counting and lated items in computing semimonthly averages the adjustment for seasonal variation are then of all member and country member bank deposits. described. The notes finally consider the differ- (2) Deposits and related data for member ences in holder records and bank records as a banks at the close of business on call dates are basis for measurement. taken from the "Member Bank Call Reports." (3) The Federal Deposit Insurance Corpora- BASIC DATA tion compiles deposits and related data for nonmember commercial banks and selected data for The core data in the new money supply series mutual savings banks at year-end and midyear consist of: (1) semimonthly averages of the daily call dates. These data are included in "Assets amounts of currency in circulation outside the and Liabilities of All Operating Banks and Trust Treasury and Federal Reserve Banks; and (2) Companies" (F.R. 40), prepared by the Board. semimonthly and weekly averages of daily levels The Board also presents monthly in the Federal of member banks' demand deposits (except those due to banks), cash items in process of collection, Reserve BULLETIN estimates of deposits and related data for mutual savings banks on the last and vault cash. From these data, three series were Wednesday of each month except in June and constructed on a daily average basis for semi- December when call report dates (usually the end monthly periods from the first half of January of the month) are used.1 1947 to date: (1) demand deposits at all commercial banks; (2) currency in circulation outside the (4) Data on currency in circulation outside the Treasury, Federal Reserve Banks, and commercial Treasury and Federal Reserve Banks are taken banks; and (3) the sum of these two components. from the daily Treasury Department figures on currency in circulation. These data are prepared Reported data used in the new money supply in the same manner as the official "Circulation series come from the following sources: Statement of United States Money" published (1) Deposits and related data for all member monthly by the Treasury.2 banks on a semimonthly, daily average basis are (5) Daily figures on tax and loan balances are from Reserve Bank summaries of member bank from Treasury Department records. reports in their respective districts. The reports (6) Data for Federal Reserve float are taken are required of member banks to ascertain their from Reserve Bank records. compliance with reserve requirements imposed by Reported and computed data entering into the law. Supervisory authorities check these reports money supply series are given without seasonal during the course of examinations and the accountadjustment in Table 2 on page 1116. ing departments of Reserve Banks periodically compare them with other reports the member NEED FOR AVERAGING DEPOSIT FIGURES banks submit concerning their deposits and related The heretofore published money supply series items. The Board of Governors tabulated and for the last Wednesday of each month is subject published the data as semimonthly averages to December 1959. Since then they have been tabulated and published as biweekly averages. They Similar figures for nonmember commercial banks may be obtained by deducting figures for member appear in the release entitled "Deposits, Reserves, banks from those for all commercial banks as puband Borrowings of Member Banks" (identified by lished in the BULLETIN. the symbol J.I). 2 A detailed description of the Treasury data may be found in Banking and Monetary Statistics, (Board Certain delays in reporting are encountered and of Governors of the Federal Reserve System, Washfor early publication the Federal Reserve Banks ington 25, D. C, 1943), pp. 404-07. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1108 FEDERAL RESERVE BULLETIN • OCTOBER 1960 to random fluctuation. An experimental analysis ESTIMATING PROCEDURES of daily data for the period March 2-July 29, In preparing the new money supply series cer- 1959, gave some indication of the range and signifitain gaps in data on a daily average basis have to cance of daily movements in deposits and related be filled, as follows: items at member banks. The daily data cover (1) Country member bank demand deposits totals for all member banks and subtotals by readjusted are prepared on the basis of semimonthly serve classification and by reserve classification averages of daily figures to furnish a base from in each Federal Reserve district for each of the which to determine the demand deposits adjusted following items: of nonmember commercial banks. Demand deposits: (2) Estimates of U. S. Government demand Due to banks deposits at all member banks for some earlier Due to U. S. Government periods had to be improved so as to provide a member bank segment of the deposit component Due to others of the money supply. Average U. S. Government Cash items in process of collection demand deposits at country member banks are Due from banks also required in order to prepare country mem- Vault cash ber bank demand deposits adjusted. As indicated above, these are needed to estimate the nonmember Net demand deposits and demand deposits adcommercial bank deposit segment. justed were determined from these items. On (3) Semimonthly averages of daily member the basis of a five-day week, there were 106 busibank vault cash are prepared as the base for estiness-day-to-business-day changes in the March 2mating all commercial bank vault cash. Weekly re- July 29, 1959 period. porting member bank data, 1954-59, and monthly Daily changes in demand deposits adjusted at all member bank data, 1947-59, were used to member banks over this period averaged $337 establish semimonthly average levels for member million, without regard to the direction of change, banks. Daily figures for member bank vault cash ranging from +$1,030 million to —$1,042 milwere tabulated for the period March 2 to May 24, lion. The variation from day to day in "other" 1959, to supply an intraweekly pattern needed to demand deposits (i.e., before the deduction of allocate weekly data to semimonthly periods after cash items in process of collection) was even December 1959. greater. Average changes in "other" demand de- (4) In order to include foreign and mutual savposits amounted to $730 million with particular ings bank demand balances with commercial banks changes running from +$2,325 million to —$1,in the money supply figures, these balances are 975 million. Cash items in process of collection estimated as semimonthly averages of daily figare also volatile; daily changes in cash items averures. aged $580 million and fluctuations for particular Details of the steps involved in these estimatdays ranged from +$1,618 million to —$1,878 ing procedures are available on request to the million. Division of Administrative Services, Board of For demand deposits adjusted, averages for Governors of the Federal Reserve System, Washthe second half of the month were compared with ington 25, D. C. the last Wednesday of each month. The last- Wednesday values varied through a wider range than the semimonthly averages, as would be ex- CORRECTION OF DUPLICATION pected. The variation ranged from $2,600 million, or 2.8 per cent, above semimonthly average Totaling gross demand deposits at all commerlevels to $1,500 million, or 1.6 per cent, below. cial banks in the United States would overstate Member banks report deposits and vault cash the level of such deposits, since a check deposited for reserve purposes as of the opening of the day by a payee for collection is added to demand de- (corresponding to the close of the previous day). posits in the receiving bank some time before the All figures used in this series are adjusted so as account of the issuer in the drawee bank can be to be on this basis. reduced. This results in double counting by an Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NEW MEASURE OF THE MONEY SUPPLY 1109 amount that is subject to considerable fluctuation ceived. The holdover share of CIPC presumably but that is without significance from the stand- should be deducted from gross demand deposits point of monetary forces. The problem is that in order to avoid double counting. The questionof approximating the amount of true duplication able portion is in the one-half of CIPC represented on the basis of existing banking statistics. by checks forwarded for collection on which pay- Cash items in process of collection. For a quarter ment has not yet been received. century or more so-called "cash items in process Broadly speaking, the time involved in getting of collection" as reported by commercial banks payment back to the forwarding bank would equal have been subtracted from gross demand deposits the time required to get the checks from the forof banks in order to make a partial correction for warding bank or the Federal Reserve Bank to this double counting in banks' records of deposits. the drawee bank (i.e., one-half the round-trip While this adjustment is continued in the new time). If it may be assumed that the drawee series, it should be noted that it does not provide bank charges the checks to its customers' acan exact correction of duplication for several counts on the day the incoming cash letter is reasons. received, the accounts of the issuers of the checks Banks include checks and other credit items in are drawn down while the drawee bank's remitthe "cash items in process of collection" account tance is returning. Thus, except in unusual cir- (CIPC, for short) until payment for such items cumstances, there is duplication in the total of is received in acceptable funds or as a credit to demand deposits for banks as a group for roughly their reserve accounts at Federal Reserve Banks. half the time the checks that have been for- Since the statistical objective is the measurement warded are included as cash items in process of an unduplicated total of demand deposits at of collection by sending banks. If these assumpcommercial banks, the ideal deduction would be tions are approximately right, only about threeone that ceases as soon as the drawee bank quarters of the CIPC aggregate for all commercharges the item against its customers' accounts cial banks should be deducted from gross de- —not when the sending bank receives payment. mand deposits in order to avoid duplication. CIPC covers a somewhat longer period. CIPC also does not properly correct for double The CIPC reported by commercial banks—for counting because some checks listed by banks as the most part by the larger banks doing a sub- being in the collection process are not drawn on stantial correspondent bank business—is composed private checking accounts. As in the case of forof two principal parts: (1) the checks processed warding banks waiting for payment, the deducafter clearing hours and ready for the next day's tion is too large and depositors' balances are clearings, plus any holdover of checks received over corrected. Items of this type are primarily and credited to depositors but not yet processed; checks drawn by one bank on another bank, or and (2) checks forwarded for collection for which by the Treasury on its balances at the Federal payment has not yet been received. No precise Reserve Banks, or postal money orders. figures are available on the relative share of these On an average day in July 1952, approximately two parts. The collection items forwarded by one-fourth (2.8 million out of 11.5 million) of member banks to Federal Reserve Banks for which the items received by Federal Reserve Banks for the forwarding banks have not yet been given collection consisted of items payable at the Recredit in their reserve accounts (equal approxi- serve Banks. As commercial banks forwarded mately to the "deferred availability, cash items" somewhat more than one-third of all checks they on Federal Reserve Bank books) represent received to Reserve Banks, the proportion of roughly 40 per cent of the CIPC volume reported Treasury checks to the total number of items flowby member banks. This proportion does not in- ing through the banking system may have been clude the checks forwarded by member banks for approximately 8 per cent. However, Federal Recollection through other than Federal Reserve serve Banks treat Treasury checks and postal Bank channels. Thus, the CIPC reported by com- money orders as immediate credit items; bank mercial banks might consist of approximately one- drafts on interbank accounts likewise tend to be half holdover and one-half checks forwarded for in immediately available funds. Thus the procollection for which payment had not been re- portion of these three types of instruments to total Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1110 FEDERAL RESERVE BULLETIN • OCTOBER 1960 CIPC volume reported by member banks would mand deposits" of member banks as defined by probably be substantially less than 8 per cent. Regulation D include certain demand liabilities Treasury checks, postal money orders, and bank of banks that are not part of a "money supply" drafts for which the receiving bank had not ob- figure in the usual sense of the term: officers' tained reserve credit would be found only in the checks outstanding that have been issued in setholdover of work at commercial banks. tlement of interbank transactions (not in exchange Other shortcomings work in the opposite direc- for cash or customers' deposit credit). tion and tend to understate CIPC. Many rela- The Board of Governors revised Regulation D tively small banks immediately charge checks for- in December 1959 to eliminate from "gross dewarded for collection to the "due from corre- mand deposits" outstanding drafts on, or authorispondent banks" account rather than to the "cash zations to debit, reserve balances held by member items in process of collection" account. As a re- banks at their Federal Reserve Bank. However, sult, some checks flowing through the commercial outstanding officers' checks issued in settlement banking system are not initially counted in the of interbank transactions, which are not in ex- "cash items" deduction and depositors' balances change for cash or customers' deposit credit, are are undercorrected. It should be noted, however, still included in "gross demand deposits" in subthat these checks would be listed as "cash items stantial and varying amounts. in process of collection" as soon as they were Thus, gross demand deposits less CIPC probreceived and processed by the collecting correably is smaller than the ideal unduplicated despondent banks. mand deposit total on two counts and larger on Two rough measures of the extent of this partwo other counts. Gross demand deposits less ticular shortcoming are available. First, a one- CIPC understates the ideal total because the CIPC month investigation in July 1952 indicated that deduction is too large in that banks keep items between 25 and 30 per cent of the number of in process of collection in their CIPC account unitems entering the collection process (those not til payment is received and since the CIPC total payable at the bank at which presented) were includes some checks drawn on other banks and listed initially in a "due from" account and not on the Treasury. Gross demand deposits less as an item in process of collection. Second, the CIPC overstates an unduplicated total of demand Board of Governors recently conducted for andeposits because it does not reflect some checks other purpose a study of the magnitude of this that are debited to "due from banks" when forunderreporting of cash items in process of colwarded for collection and because outstanding lection. In the latter study a stratified sample of officers' checks issued in settlement of interbank member banks was taken as of the October 1957 transactions are included. call report date and percentages of cash items to To some unknown extent these overstatements deposits noted for sample banks in each size class. and understatements are offsetting. For example, On the basis of the assumption that banks reporting cash items in excess of 1 per cent of de- outstanding officers' checks issued in settlement of posits were distinguishing properly between cash interbank transactions may approximate the volitems and due from banks, while those with a ume of checks drawn on other banks listed in lower percentage were not, cash items not re- CIPC. However, satisfactory quantitative evidence ported by sending banks were estimated at about of the magnitude of these various factors is not 8 per cent of total cash items, or roughly $1 bil- available. lion. Alternatively, if banks with cash items in In addition, some logical justification may exist excess of one-tenth of 1 per cent of deposits for assuming that a substantial portion of the inwere assumed to be reporting correctly, cash items trayearly variations of such overcorrections and not reported by sending banks would amount to undercorrections have fairly persistent patterns and about 2 per cent of reported cash items—or that the seasonal adjustment of the deposits data roughly $200 million. cancels out a large part of such variations. This combination of overcorrection and under- Growth and cyclical variation in these over- and correction for double counting on banks' records undercorrections will remain even in the seasonis further complicated by the fact that "gross de- ally adjusted data, however, and should be kept Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NEW MEASURE OF THE MONEY SUPPLY 1111 in mind by analysts using the new money supply posits. Only that portion of Federal Reserve series. float that arises on checks in the process of col- Deduction of Federal Reserve float. Federal Re- lection before the checks are charged against serve float is a significant factor in money supply issuers' accounts at drawee commercial banks calculations because it alters the cash items in proc- should be subtracted. To subtract all Federal ess of collection reported by member banks. By Reserve float accruing to commercial banks would definition Federal Reserve float means that deposit- tend to overcorrect aggregate deposit levels. ing member banks have received credit for items A hypothetical example will help to clarify the forwarded to Federal Reserve Banks for collection point. If the checks in a particular outgoing cash before the collection has been accomplished.3 letter from a Reserve Bank were "1-calendar- Thus, Federal Reserve float is an approximate day" items but because of some circumstance measure of the volume of checks that are still in delivery to the remitting bank was delayed until the process of collection through the banking the second day following dispatch, the Reserve system but are not classified as such on the books Bank would still give credit to the depositing bank of commercial banks. and the latter, in turn, would reduce its cash As is true of cash items in process of collection, items in process of collection one day after disnot all Federal Reserve float is an appropriate patch. This float would be a proper correction correction for double counting of demand de- of deposits since the reported CIPC volume had gone down although the checks were not yet charged to the issuers' accounts. 3 So-called "Federal Reserve float" arises in the process of clearing checks through the commercial On the second day after dispatch, the drawee banking system. Banks forwarding checks to a Fed- bank would receive the cash letter, remit for it, eral Reserve Bank for collection are given credit in and reduce issuers' accounts. At the close of the their reserve accounts according to a time schedule. Some checks are "immediate credit" items; some are second day, Federal Reserve float would still exist "1-calendar-day" items; some "2-calendar-day" items; (as it would until payment funds were received by some "2-business-day" items. The forwarding banks the Reserve Bank), but there should be no subcarry the amount of the checks for which they will traction of a CIPC amount to prevent double receive deferred credit in "cash items in process of collection" according to the deferred availability counting (since the checks have now been charged schedule, shifting the "1-calendar-day" portion to to issuers' accounts) and there is no CIPC amount their reserve asset on the following day and the to subtract. Thus, at this point the Federal Re- "2-calendar-day" portion to their reserve asset on the second day following, and so on. serve float should not be used as a deduction from On the records of Federal Reserve Banks, checks deposits. received for deferred credit are entered as cash items A study of Federal Reserve float indicates that in process of collection with a corresponding entry in an important share in dollar terms arises from the liability account, "deferred availability cash items." When payment is received by the Federal Reserve causes that lead to appropriately deductible float. Banks, cash items in process of collection and the re- In this study, which covered a 13-week period, serve accounts of the member banks making payment are reduced (payment in whole or in part by currency country bank collections accounted for almost and coin would require an offsetting change in three-quarters of holdover float and slightly more some other account of Federal Reserve Banks, than three-quarters of float on items forwarded rather than the reduction of the paying member banks' reserve account.) The depositing member banks' re- for collection. Both of these types of transactions serve balance is credited and deferred availability cash are likely to generate appropriately deductible items debited according to the deferred availability Federal Reserve float. schedule. Some portions of Federal Reserve float, how- Under certain conditions, however, the Reserve Banks may not receive payment from the drawee ever, are not appropriately deductible. Extension banks on the day they give credit to the banks that of credit to the Treasury for checks deposited by deposited the checks for collection. The Reserve it and other U. S. Government agencies with Banks will thus remove the items from their deferred availability cash items liability before removing the Federal Reserve Banks for collection and credit paid items from cash items in process of collection. to the Treasurer's account explains a part of this The difference between these two Federal Reserve float. Subtraction of this portion of float overaccounts is what is termed "Federal Reserve float" corrects the deposit level. Such overcorrection is and represents an extension of Reserve Bank credit to member banks and others. probably relatively small on a yearly average basis, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1112 FEDERAL RESERVE BULLETIN • OCTOBER 1960 although it can increase in importance in tax and trend influences, and the final seasonal faccollection periods.4 tors produced in the machine run were reviewed, On balance, the decision is in favor of deduct- and the factors modified and balanced, in according Federal Reserve float. This deduction im- ance with the procedure outlined in the June 1941 proves the data as an unduplicated measure of Federal Reserve BULLETIN. demand deposits. It is necessary, however, to note While modifications based on personal judgthat the correction carries with it certain inappro- ment were held to a minimum, certain of priate reductions that cannot be removed. the computer-determined seasonal factors were changed in the review. Even with this review, the seasonal factors over the most recent 14 semi- SEASONAL ADJUSTMENT PROCEDURE monthly periods, and the projected factors, must The amplitude of seasonal movement in the daily be considered tentative. Additional data will enaverage money supply figures is less than in the able the machine process to fix more accurately single-day figures. Though less, a seasonal pat- the weighted, centered moving average in what tern is still evident in the unadjusted daily aver- is now the terminal sector of 14 semimonthly age data for semimonthly periods and requires periods. The added data can also clarify the measurement for the purpose of adjustment. proper position of the line drawn through the ratios (original data to the weighted moving aver- Ratio-to-moving-average method. The daily average data in the new semimonthly series are sea- age) grouped by semimonthly periods. sonally adjusted by the ratio-to-moving-average It should be noted that the ratio-to-moving-avmethod described in "Adjustment for Seasonal erage method, while able to measure a changing Variation," Federal Reserve BULLETIN, June 1941, seasonal, has a tendency to absorb some of the pages 518-28. The Census Method II electronic cyclical movement into the final seasonal adjustcomputer program for monthly seasonal adjust- ment factors (thus tending to oversmooth the ments5 was adapted to semimonthly data (24 pe- data) and to blunt what may well be abrupt riods a year instead of 12) to provide the first changes in the seasonal factors. Neither of these approximation of the seasonal factors and sea- weaknesses appears to warrant abandonment of sonally adjusted semimonthly data. In the adapted the ratio-to-moving-average procedure so far as program, preliminary seasonal factors are devel- the money supply series are concerned. One aloped from ratios of the original data to a centered ternative, the link-relative method, could not be 24-period moving average; final seasonal factors readily adapted to the almost continual change are derived from ratios of the original data to a that appears in the seasonal influence at work 29-period weighted moving average of the pre- on these series. liminary adjusted series, centered on the fifteenth The unadjusted demand deposit series was edmonth. The weighted, centered 29-period mov- ited to eliminate one abrupt change due to a ing average, which is presumed to include cyclical regulatory revision. The computation data used for deposits from the first half of December 1959 4 While not precisely measuring the ratio of the through the second half of August 1960 were the dollar volume of checks handled directly for the Treasury to that handled for commercial banks, estimated semimonthly values plus $400 million, some notion of the ratio's magnitude may be the approximate amount by which it was estiobtained from the fact that uncollected Treasury mated these demand deposits decreased as a reitems ranged from a low level of $123 million on a semimonthly average basis to a peak level of $494 sult of the redefinition of "gross demand demillion, averaging $243 million during 1959. The posits" in Regulation D, effective December 1, total deferred availability cash items on Federal Reserve Banks' books averaged $4.6 billion, using the 1959. This amount was, of course, not included 52 Wednesday values, ranging from $3.8 billion to in either the adjusted or unadjusted series. The $5.9 billion. These figures suggest that over the year edited series was used only in the determination as a whole the share of Federal Reserve credit that will be extended to the Treasury in the form of float of the seasonal factors. may be in the order of magnitude of one-twentieth Until additional years of data have been acof the total. 5 Julius Shiskin and Harry Eisenpress, "Seasonal cumulated, the seasonal factors used in correct- Adjustments by Electronic Computer Methods," Jour- ing the deposit component for the period since nal of the American Statistical Association, December December 1, 1959, must be considered approxi- 1957, pp. 415-49. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NEW MEASURE OF THE MONEY SUPPLY 1113 mate because of the break in the deposit series Seasonal factors. Table 3 on page 1123 indioccasioned by the redefinition of "gross demand cates the seasonal factors applied to the deposit deposits" for member banks at that point. and currency components for the period begin- Correction for intraweekly fluctuations. In addi- ning with the first half of January 1947. Seasonal tion to the intrayearly seasonal pattern, irregular factors are also presented through the second half movements are apparent in the daily average of May 1961 for currency and the second half money supply data. One source of irregularity of August 1961 for deposits. grows out of intraweekly fluctuations, such as those in figures for banks' vault cash. Intra- HOLDER RECORDS AND MAIL FLOAT weekly changes affect semimonthly average data because of variations in the number of days in- The statistical equivalent of an ideal measure cluded in the averaging periods and the particular of the stock of money in the United States might day of the week on which each period begins for be on either of two bases: the amount of deposits one year as compared with another. The impact of and currency according to the records of coman intraweekly seasonal pattern is greatest on 16mercial banks, Federal Reserve Banks, and the day semimonthly periods, and less for 15-day and Treasury; or the amount of deposits and currency 13-day periods. The relatively infrequent 14-day according to the records of the holders. So far periods that occur in the second half of February as currency is concerned, the principal difference every four years are unaffected. arises because of currency held abroad and cur- Intraweekly fluctuations cannot be corrected by rency lost or destroyed. Only scanty informaa semimonthly seasonal adjustment. Allowance tion is available on these amounts. for intraweekly fluctuations is not provided in Holder records of demand deposits and an unthe electronic computer seasonal adjustment produplicated bank record of these demand deposits grams presently in use or in the subsequent handwould differ because of "mail float." Mail float editing of the seasonal factors. arises because of checks issued and deducted from In the daily average money supply series, alholders' records, but not yet received by payees lowance for intraweekly seasonal fluctuation was and incorporated into their records. This magnimade only in estimating semimonthly average tude is estimated to have ranged from $8.0 billion vault cash data from weekly reports submitted by to $13.3 billion at year-ends 1947 through 1958. member banks after December 1959. A correc- The "mail float" discrepancy between holder tion for these measurable irregularities in the enrecords and bank records may be offset to a large tire series would have been attempted before the extent, so far as economic motivation is conseasonal adjustment process was started if more cerned, by the anticipation of regularly inflowing daily data had been available to establish the inpayments. Check-book balances of consumers traweekly pattern more clearly and if the unadand businesses at particular points in time may justed money supply data had been subject to not influence their expenditures so much as the less estimating error. Under existing circumaverage level of these balances over a natural acstances, however, correction for intraweekly fluctuations was not considered worthwhile. The counting period. recently improved reporting of deposit and cur- The decision to rely on bank records for the rency data by member banks may make it pos- demand deposit component of the daily average sible to remove from the semimonthly average money supply also rests on the practical ground data the irregularities produced by intraweekly that holder records are not available for most behavior patterns. sectors in the economy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1114 FEDERAL RESERVE BULLETIN • OCTOBER 1960 COxMPARISON OF COVERAGE AND TREATMENT OF SELECTED DATA New Money Supply Series: Consolidated Condition Statement Flow-of-Funds /Saving Accounts: Commercial bank demand deposits for Banks and the Monetary Commercial banking and monetary Sector or data and currency in circulation outside System (CCS): authorities sector; demand deposits, the Treasury, Federal Reserve Demand deposits adjusted and net, and currency liabilities (exclud- Banks, and commercial banks. currency outside banks.! ing "Due to U.S. Government"). 1. Type of data Average of daily figures for semi- Last Wednesday of the month Values on last day in year or monthly (and weekly) periods. except in December and most June quarter and change between dates. dates when call report dates are used. 2. Timing of data Open ing-of-day. Close-of-day. Close-of-day. 3. Geographic coverage of data United States. United States. United States. Banks in Alaska and Hawaii (and All banks in Alaska included be- Same as Consolidated Condition member banks in U.S. territories ginning 1959. (A national bank Statement. and possessions) are included when had been included beginning April reporting on deposits as member 1954.) All banks in Hawaii inbanks or when brought into the cluded beginning August 1959 (a CCS. national member bank had been included beginning April 1959). 4. Banks in territories and possessions A. Demand balances with Excluded; since the counterpart Excluded; since the counterpart Included in demand deposit liabili- U.S. banks (an asset of (due to banks in territories and (due to banks in territories and ties. (Not deducted as an interbanks in territories and possessions by U.S. banks) is sub- possessions by U.S. banks) is sub- bank item.) possessions) tracted from "gross demand de- tracted from "gross demand deposits." posits." B. Currency and coin held Included in circulation outside Excluded. Included in currency liabilities of (as asset of banks in banks. consolidated banking system. territories and possessions) C. Demand deposit liability Excluded (except for member Excluded. (For certain exceptions Excluded from demand deposit (a liability item of banks banks reporting deposits and re- see reference given in note 1.) liabilities. (For certain exceptions in territories and posses- lated items; see note 1). see reference given in note 1.) sions) 5. Mutual savings banks Excluded. Series covers only com- Included in banking sector. Excluded from commercial banking mercial banks. sector. A. Demand balances with Included in deposit liability of Excluded; netted out when "de- Included. U.S. banks (an asset of commercial banks and thus in posits due to banks" are subtracted the Mutual Banks) Money Supply figure. from "gross demand deposits." B. Currency and coin held Included as currency in circulation. Excluded. Included. (an asset of the mutual banks) C. Demand deposits (a lia- Excluded from commercial bank- Included with demand deposits Excluded. bility item of mutual ing deposit liability. adjusted. banks) 6. Foreign demand deposits Included in deposit component of Included in demand deposits ad- Included in demand deposits and of individuals, partnerships, Money Supply series (not identified justed (not identified separately). currency; a liability to "The Rest and corporations with separately). of the World." U.S. commercial banks 7. Foreign bank demand Included in deposit component Part of "Foreign Bank Deposits, Included in demand deposit and balances with U.S. of Money Supply series (not Net." The CCS nets "due from" currency; a liability to "The Rest commercial banks separately identified). foreign banks against "due to" of the World." foreign banks. 8. Foreign balances with Not included. Part of "Foreign Bank Deposits, Included as part of demand deposit Federal Reserve Banks Net," except deposits of inter- and currency; a liability to "The national agencies. Rest of the World." 9. Federal Reserve float Deducted from gross demand de- Entered as a negative item in Netted against gross demand deposits; therefore lessens the de- "Capital and miscellaneous ac- posits and therefore lessens the mand deposit component. counts, net"; does not reduce series on "Demand Deposits, demand deposits adjusted. Net." 1 Banking coverage in the Consolidated Condition Statement of Banks and the Monetary System is described in note 1, p .1138. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NEW MEASURE OF THE MONEY SUPPLY 1115 TABLE 1 MONEY SUPPLY SERIES, SEMIMONTHLY, 1947-60 [Averages of daily figures, adjusted for seasonal variation. In billions of dollars] Period 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 (A) Total Jan. —1 108.7 112.6 110.2 115.8 122.3 126.6 128, 132.1 135.1 136.5 135.4 141.1 141.3 2 108.7 112.6 110.4 115.8 122.7 126.5 128, 132.6 135.1 136.4 135.2 141.2 141.2 Feb. —1 108.8 112.4 110.6 116.0 123.1 126.6 128. 133.0 135.0 136.3 135.8 141.6 141.1 2 109.1 112.2 111.1 116.3 122.9 126.8 128. 133.5 135.1 136.6 135.9 141.6 141.0 Mar.—1 109.3 112.2 111.1 116.7 123.0 127.3 128.6 133.0 135.2 136.4 136.1 141.8 140.9 2 110.0 111.7 111.6 116.7 123.3 127.4 128.5 133.0 135.6 136.6 135.9 142.2 140.3 Apr.—1 110.2 111.6 112.0 116.7 123.5 127.5 128.1 133.5 135.7 136.3 136.4 142.2 140.5 110.4 111.5 112.2 116.9 123.3 127.8 128.3 133.6 135.5 136.5 136.6 142.1 140.6 May—1 '.'.'.'.'.'.1 1'0..7'.'1.1'1..3'.'.'. 112.4 117.2 123.6 127.6 129.0 133.7 135.5 136.6 137.0 142.4 140.2 2 110.9 111.2 112.6 117.1 123.9 127.8 129.0 134.1 135.2 136.5 137.1 142.8 139.6 June—1 111.1 111.3 112.7 117.5 124.1 128.0 129.1 133.7 135.4 136.4 138.3 142.8 139.5 2 111.6 111.3 113.0 117.7 124.5 127.7 129.2 134.1 135.9 136.3 137.8 142.7 139.4 July —1 111.5 111.5 113.4 117.7 124.3 128.1 129.2 134.3 135.6 136.4 137.5 143.6 »139.6 2 111.6 111.4 113.4 118.2 124.6 127.7 129.8 134.2 135.3 136.4 138.0 143.0 *139.7 Aug.—1 111.7 111.5 113.8 118.7 124.7 128.0 129.9 134.3 135.0 136.5 138.5 142.9 *>139.7 111.8 111.5 114.1 118.8 124.9 128.0 130.0 134.3 135.5 136.7 138.8 142.6 *139.7 Sept.—1............. 111.8 111.4 114.0 119.3 125.4 127.9 130.0 134.3 135.5 136.3 139.1 142.8 *140.3 112.1 111.2 114.3 119.6 125.5 127.9 130.4 134.9 135.9 136.2 139.2 142.8 *>140.5 Oct. —1 '.'.'.'.'.'.1'1.2'.0.'.1'1.1'.3.'.'. 114.5 119.8 125.8 127.9 130.7 134.8 135.6 136.0 139.4 142.6 2 112.1 111.2 114.7 120.6 125.8 128.2 130.8 134.5 135.9 136.0 139.8 142.2 Nov.—1 112.2 111.0 114.8 121.1 126.2 128.0 131.2 134.2 135.9 135.7 140.4 142.2 2 112.4 110.8 114.9 121.5 126.2 128.0 131.6 134.4 136.2 135.7 140.5 142.1 Dec—1 112.2 110.7 115.1 121.8 126.4 128.2 131.5 134.6 136.4 135.5 140.8 U41.5 2 112.3 110.7 115.5 122.1 126.5 128.1 132.0 134.7 136.6 135.5 140.9 141.5 (B) Deposit component Jan. —1 82.0 86.2 84.6 85.1 90.7 96.0 99.2 100.6 104.7 107.2 108.2 107.1 112.5 112.4 2 82.0 86.2 84.4 85.2 90.8 96.5 99.0 100.6 105.1 107.2 108.2 106.9 112.6 112.3 Feb. —1 82.1 86.0 84.5 85.5 90.9 96.8 99.2 100.7 105.5 107.2 108.1 107.6 112.8 112.1 2 82.4 85.9 84.4 85.9 91.2 96.6 99.3 100.8 106.0 107.2 108.4 107.6 112.9 112.0 Mar.—1 82.7 85.9 84.6 85.9 91.5 96.6 99.7 100.9 105.5 107.3 108.1 107.8 113.0 111.8 2 83.3 85.4 84.4 86.4 91.5 96.9 99.8 100.9 105.5 107.6 108.3 107.6 113.4 111.3 Apr.—1 83.5 85.5 84.5 86.7 91.5 97.0 99.9 100.5 105.9 107.8 108.1 108.1 113.4 111.5 83.7 85.4 84.8 87.0 91.6 96.8 100.1 100.7 106.0 107.6 108.3 108.3 113.2 111.6 May—1'.'.'.'.'.'.'.'.'.'.'.'.'.84.1 85.2 84.8 87.1 91.8 97.2 99.9 101.4 106.1 107.5 108.3 108.7 113.5 111.2 84.2 85.2 84.9 87.5 91.8 97.4 100.0 101.4 106.5 107.3 108.2 108.7 113.9 110.6 June—1 84.4 85.3 84.9 87.6 92.1 97.5 100.3 101.6 106.1 107.4 108.2 110.0 113.8 110.6 85.0 85.2 84.7 87.9 92.2 97.8 99.9 101.7 106.5 108.0 108.0 109.4 113.8 110.5 2 84.9 85.5 84.7 88.3 92.1 97.5 100.3 101.7 106.6 107.6 108.1 109.1 114.5 ^110.7 July —I 85.0 85.3 84.9 88.4 92.5 97.9 99.9 102.3 106.6 107.4 108.1 109.6 114.0 ^110.7 85.2 85.5 84.7 88.8 93.0 97.9 100.2 102.4 106.6 107.0 108.2 110.1 113.8 ^110.7 Aug.—1 ... . 85.2 85.4 84.7 89.1 93.0 98.1 100.2 102.6 106.6 107.5 108.3 110.3 113.6 ^110.9 85.3 85.4 84.7 89.1 93.5 98.5 100.1 102.6 106.6 107.5 108.0 110.6 113.7 1.3 Sept.—1 85.6 85.2 84.6 89.4 93.7 98.5 100.1 103.0 107.1 107.8 107.8 110.7 113.8 l.5 85.5 85.3 84.7 89.6 93.8 98.7 100.1 103.3 107.0 107.5 107.7 110.9 113.6 Oct. —1'.'.'.'.'.'.'.'.'.'.'.'.'.85.6 85.2 84.6 89.7 94.6 98.7 100.4 103.4 106.7 107.9 107.6 111.3 113.3 2 85.8 85.0 84.7 89.8 95.1 99.0 100.3 103.8 106.4 107.8 107.4 111.9 113.2 Nov.—1 85.9 84.9 84.6 89.9 95.4 99.0 100.2 104.2 106.6 108.1 107.3 111.9 113.2 2 85.8 84.9 84.9 90.1 95.7 99.1 100.4 104.1 106.8 108.2 107.2 112.1 U12.6 Dec—1 85.9 84.9 85.0 90.4 95.9 99.1 100.3 104.6 106.9 108.3 107.2 112.3 112.6 2 (C) Currency component Jan. —1 26.6 26.4 25.7 25.1 25.1 26.3 27.4 27.7 27.4 27.9 28.3 28.3 28.6 28.9 2 26.7 26.4 25.7 25.1 25.1 26.3 27.4 27.7 27.5 27.9 28.3 28.3 28.7 29.0 Feb.—1 26.7 26.4 25.7 25.1 25.1 26.3 27.5 27.7 27.5 27.9 28.2 28.3 28.7 28.9 2 26.7 26.3 25.7 25.2 25.2 26.3 27.5 27.7 27.5 27.9 28.3 28.3 28.7 29.0 Mar.—1 26.7 26.3 25.7 25.2 25.2 26.4 27.6 27.7 27.5 27.9 28.3 28.3 28.8 29.0 2 26.7 26.2 25.7 25.2 25.2 26.4 27.6 27.6 27.5 28.0 28.3 28.3 28.8 29.0 Apr.—1 26.7 26.1 25.7 25.3 25.2 26.4 27.6 27.6 27.6 27.9 28.3 28.3 28.8 29.1 26.7 26.1 25.7 25.2 25.3 26.4 27.7 27.6 27.6 27.9 28.3 28.3 28.8 29.0 May—1 '. . . . 26.7 26.1 25.7 25.2 25.3 26.5 27.7 27.6 27.6 28.0 28.3 28.3 28.9 29.0 26.7 26.1 25.6 25.2 25.4 26.5 27.7 27.6 27.6 28.0 28.3 28.4 28.9 29.0 June—1 26.6 26.0 25.6 25.1 25.4 26.6 27.7 27.6 27.6 28.0 28.3 28.3 29.0 28.9 26.6 26.1 25.6 25.1 25.5 26.7 27.8 27.5 27.6 28.0 28.3 28.4 29.0 28.9 2 26.6 26.0 25.5 25.0 25.6 26.7 27.8 27.5 27.6 28.0 28.3 28.4 29.0 z-28.9 July —1 26.6 26.0 25.5 25.0 25.6 26.7 27.8 27.5 27.7 28.0 28.3 28.4 29.0 *29.0 26.6 26.0 25.5 25.0 25.7 26.8 27.8 27.5 27.7 28.0 28.3 28.4 29.1 *>29.0 Aug.—1 26.5 26.0 25.4 24.9 25.8 26.8 27.8 27.4 27.7 28.0 28.3 28.5 29.0 *28.8 26.5 26.0 25.4 24.9 25.8 26.9 27.8 27.4 27.7 28.0 28.4 28.5 29.0 *29.0 Sept.—1'.'.'.'.'.'.'.'.'.'.'.'.'. 26.5 26.0 25.3 24.9 25.9 27.0 27.8 27.4 27.7 28.0 28.3 28.5 29.0 ^28.9 Oct. — 1 '.'.'. '. '. '.'. '. '.'.'"26.5 26.0 25.3 24.9 26.0 27.0 27.8 27.4 27.8 28.1 28.3 28.5 29.0 2 26.5 25.9 25.3 25.0 26.0 27.1 27.8 27.4 27.8 28.1 28.3 28.5 29.0 Nov.— 1 26.5 26.0 25.2 24.9 26.0 27.2 27.8 27.4 27.8 28.1 28.3 28.5 29.0 2 26.5 25.9 25.2 25.0 26.1 27.2 27.8 27.4 27.8 28.2 28.3 28.6 28.9 Dec—1 26.4 25.9 25.2 25.0 26.1 27.3 27.8 27.4 27.8 28.2 28.3 28.7 28.9 2 26.5 25.8 25.1 25.0 26.2 27.4 27.7 27.4 27.8 28.3 28.3 28.6 28.9 f Preliminary. Regulation D effective Dec. 1, 1959. This change reduced such i Change in series beginning with first half of December 1959 deposits in early December by an estimated $400 million. reflects redefinition of gross demand deposits in line with revision of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1116 FEDERAL RESERVE BULLETIN • OCTOBER 1960 TABLE 2 BASIC DATA FOR MONEY SUPPLY SERIES [Averages of daily figures. In millions of dollars] Deposit component Currency component Memo: Demand All member baiiks Plus: deposits Non- lotal f d o u r e e ig to n Period e i D n x d c c t e o e e l p m m . r o b d a m s a o n i n t ' m d l s k . in i C p te r a o m s c h s es L s ess: d G e U m o .S v a . n t. d m d d p f e o c ( e o e i m r o p m n n e m o c a e i b g s l n n - . e i n d t t r L F fl e . o s R a s t : . D E d p e c e q o o m p u n m o a e a s l n - n s i t d t : Cu c la i r r t i r i n c e o u n n - cy c c b V L o a a s e m a n h s u m s k l : i s t n 'l C E p u c q o r o u n r m e a e n l n - s c t : y + m s ( c u c o o p o n l p . l e l . 6 y y 9) m s m b a e a a u v b m n n i t y n u d k b g a s e s l r of deposits bal.) banks collection 2 3 4 5 6 7 8 9 10 11 (A) Semimonthly periods, 1947-60 1947— Jan. —1. 79,111 4,755 2,245 12,914 548 84,477 28,775 ,948 26,827 111,304 1,902 2. 79,048 4,535 2,461 12,805 550 84,307 28,369 1,822 26,547 110,854 1,891 Feb. —1. 78,126 4,426 2,859 12,623 413 83,051 28,310 1,740 26,570 109,621 1,873 2. 77,837 4,800 3,040 12,549 476 82,070 28,286 1,788 26,498 108,568 1,882 Mar.—1. 77,872 4,615 3,351 12,562 396 82,072 28,333 1,730 26,603 108,675 1,881 2. 77,463 4,455 3,018 12,460 476 81,974 28,221 1,757 26,464 108,438 1,883 Apr.—1. 76,880 4,699 2,751 12,445 423 81,452 28,249 1,731 26,518 107,978 1,879 2 77,370 4,710 2,447 12,407 379 82,241 28,127 1,774 26,353 108,594 1,859 May—1. 77,293 4,738 2,112 12,457 353 82,547 28,169 1,713 26,456 109,003 1,887 2. 77,222 4,763 1,954 12,420 372 82,553 28,138 1,768 26,370 108,923 1,833 June—1. 77,185 5,088 824 12,593 348 83,518 28,264 1,756 26,508 110,026 1,824 2. 77,624 5,054 832 12,573 458 83,853 28,207 1,804 26,403 110,256 1,894 July —1. 77,704 5,273 841 12,611 357 83,844 28,369 ,800 26,569 110,413 1,871 2. 77,836 4,896 898 12,575 335 84,282 28,166 ,816 26,350 110,632 1,826 Aug.—1. 77,856 4,744 1,190 12,731 264 84,389 28,203 1,758 26,445 110,834 1,820 78,257 4,815 1,296 12,804 321 84,629 28,280 1,814 26,466 111,095 1,875 Sept.—1'. 79,319 5,106 1,292 13,027 342 85,606 28,704 1,864 26,840 112,446 1,916 2 79,942 5,280 1,495 12,999 431 85,735 28,595 1,894 26,701 112,436 1,938 Oct. —1'. 80,497 5,347 2,203 13,129 412 85,664 28,624 ,854 26,770 112,434 1,927 2. 81,331 5,830 1,737 13,290 561 86,493 28,575 1,908 26,667 113,160 1,913 Nov.—1. 81,151 5,868 1,503 13,412 407 86,785 28,636 1,917 26,719 113,504 1,880 2. 81,661 6,048 1,396 13,428 529 87,116 28,647 1,927 26,720 113,836 1,867 Dec. —1. 81,715 5,758 835 13,585 490 88,217 28,848 2,099 26,749 114,966 1,839 2. 82,470 6,110 863 13,622 854 88,265 29,015 2,206 26,809 115,074 1,783 1948— Jan. —1. 82,216 5,927 683 13,715 582 88,739 28,658 2,084 26,574 115,313 1,918 2. 81,870 5,558 828 13,633 517 88,600 28,196 1,949 26,247 114,847 1,898 Feb. —1. 80,666 5,347 1,281 13,383 443 86,978 28,141 1,865 26,276 113,254 1,890 2. 80,317 5,766 1,608 13,194 488 85,649 28,054 1,917 26,137 111,786 1,909 Mar.—1. 79,788 5,211 1,699 13,176 451 85,603 28,023 1,852 26,171 111,774 1,875 2. 78,983 5,314 1,986 12,865 473 84,075 27,880 1,881 25,999 110,074 1,819 Apr.—1. 78,497 5,305 2,104 12,792 408 83,472 27,810 1,850 25,960 109,432 1,775 2. 79,064 5,491 1,980 12,721 390 83,924 27,726 1,897 25,829 109,753 1,717 May—1. 79,171 5,362 2,316 12,671 391 83,773 27,769 1,853 25,916 109,689 1,683 2. 79,321 5,506 2,429 12,517 438 83,465 27,725 ,913 25,812 109,277 1,711 June—1. 79,517 5,490 2,004 12,705 385 84,343 27,873 ,907 25,966 110,309 1,724 2. 79,363 5,603 1,775 12,582 472 84,095 27,813 ,959 25,854 109,949 1,787 July —1. 79,069 5,655 1,483 12,702 351 84,282 28,045 ,957 26,088 110,370 1,802 2. 79,628 5,397 1,938 12,701 350 84,644 27,873 ,975 25,898 110,542 1,770 Aug.—1. 79,711 5,264 2,118 12,809 316 84,822 27,949 ,908 26,041 110,863 [,741 2. 79,750 5,106 2,241 12,762 314 84,851 27,992 ,969 26,023 110,874 1,764 Sept.—1. 80,372 5,343 1,950 12,920 324 85,675 28,198 2; 009 26,189 111,864 1,834 2. 81,033 5,841 2,317 12,806 454 85,227 28,109 2,041 26,068 111,295 1,915 Oct. —l! 80,840 5,719 2,242 12,953 352 85,480 28,212 2,003 26,209 111,689 1,959 I. 81,520 6,083 1,884 12,997 456 86,094 28,162 2,061 26,101 112,195 1,940 Nov.—1. 81,385 6,045 2,060 13,084 429 85,935 28,273 2,063 26,210 112,145 1,914 2. 81,720 6,037 2,276 12,954 478 85,883 28,271 2,074 26,197 112,080 1,897 Dec—1. 81,609 5,744 1,537 13,240 391 87,177 28,392 2,249 26,143 113,320 ,926 2 82,371 6,021 1,605 13,400 869 87,276 28,458 2,364 26,094 113,370 2,009 1949— Jan. —1. 81,441 5,760 1,434 13,325 483 87,089 28,092 2,214 25,878 112,967 [,963 2. 81,048 5,398 1,437 13,084 552 86,745 27,664 2,071 25,593 112,338 2,021 Feb. —1. 80,013 5,037 2,215 12,962 321 85,402 27,569 1,970 25,599 111,001 [,962 2. 79,856 5,413 2,756 12,877 387 84,177 27,519 2,025 25,494 109,671 1,903 Mar.—1. 79,617 5,192 2,508 12,852 343 84,426 27,580 1,942 25,638 110,064 ,872 2. 79,011 5,145 2,917 12,641 357 83,233 27,449 1,973 25,476 108,709 ,860 Apr.—1. 78,152 5,109 2,712 12,641 379 82,593 27,503 1,932 25,571 108,164 ,852 2. 78,473 5,238 1,964 12,643 434 83,480 27,422 1,982 25,440 108,920 ,806 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NEW MEASURE OF THE MONEY SUPPLY 1117 TABLE 2—Continued BASIC DATA FOR MONEY SUPPLY SERIES—Continued [Average of daily figures. In millions of dollars] Deposit component Currency component Memo: Demand All member banks Plus: deposits Non- Total due to member money foreign Period e i D x n d c c t e o e e l p m m . r o b d a m s a o n i n t ' d m l s k . i c n o i C l p t l e r e o a o m c s f c t h s i e o s L n s ess: d d G e e U p m o . o S v a s . n t i . t d s d d f p o e c ( e b o i m r o p n a n e m o l c i a e . g s l n ) n - . n i d t t L F fl e . o s R a s t : . D E d p e c e q o o m p u n m o a e a s l n - n s i t t d : Cu l c a i r r t i r i c n e o u n n - cy c c b V L o a a m e s a n h s u m s k i l : s t n 'l C E p u c q o r o u n r m e a e n l n - s c t : y + s ( c u c o p o l p . l l . 6 y 9) m m s b b a e a a u a v b m n n n t i y n u d u k k b g a s s e l s r 1 2 3 4 5 6 7 8 9 10 11 (A) Semimonthly periods, 1947-60—Continued 1949— May—1. 77,932 5,170 ,590 12,591 299 83,464 27,463 1,910 25,553 109,017 ,764 2. 77,840 5,024 ,739 12,462 314 83,225 27,409 1,971 25,438 108,663 ,731 June—1. 78,070 5,174 ,049 12,611 292 84,166 27,490 1,941 25,549 109,715 ,744 2 78,370 5,342 ,459 12,427 355 83,641 27,375 1,995 25,380 109,021 ,796 July — 1. 78,313 5,520 ,407 12,447 361 83,472 27,571 1,984 25,587 109,059 ,816 2. 78,167 4,995 ,004 12,388 316 84,240 27,385 2,000 25,385 109,625 ,807 Aug.—1. 78,763 4,843 2,152 12,495 253 84,010 27,428 1,920 25,508 109,518 ,704 2. 79.484 4,727 2,971 12,490 151 84,125 27,369 1,979 25,390 109,515 ,805 Sept.—1. 80J92 5,159 2,547 12,707 307 84,886 27,512 2,001 25,511 110,397 ,805 80,877 5,407 3,282 12,594 388 84,394 27,390 2,031 25,359 109,753 ,753 Oct. — I! 81,199 5,584 3.211 12.725 330 84,799 27,494 1,982 25,512 110,311 ,831 2. 81,669 5,576 3,100 12,713 391 85,315 27,420 2,036 25,384 110,699 ,803 Nov.—1. 81,774 5,669 3,100 12,814 293 85,526 27,470 2,035 25,435 110,961 ,833 2 82,337 5,832 3,374 12,755 399 85,487 27,475 2,044 25,431 110,918 ,775 Dec— l! 82,687 5,584 2,576 12,985 357 87,155 27,673 2,214 25,459 112,614 .777 2 83,526 6,083 2,458 13,067 682 87,370 27,788 2,324 25,464 112,834 ,802 1950— Jan. — 1. 83,555 6,017 2,521 13,108 489 87,636 27,458 2,183 25,275 112,911 ,783 2 83,063 5,331 2,632 12,988 452 87,636 27,039 2,046 24,993 112,629 ,716 Feb.— \\ 82,301 5,241 3,170 12,927 370 86,447 26,992 1,954 25,038 111,485 ,692 2. 82,701 5,774 3,618 12,925 487 85,747 27,016 2,012 25,004 110,751 ,745 Mar.—1. 81,623 5,284 2,873 12,944 416 85,994 27,099 1,959 25,140 111,134 ,769 2 81,828 5,388 3,537 12,802 366 85,339 26,993 1,994 24,999 110,338 ,777 Apr.—-l'. 81,325 5,421 3,393 12,800 398 84,913 27,113 1,962 25,151 110,064 .776 2 81,809 5,645 2,667 12,747 363 85,881 27,012 2,016 24,996 110,877 ,788 May —l! 81,284 5,388 2,469 12,789 380 85,836 27,065 1,954 25,111 110,947 ,705 2. 82,114 5,542 3,020 12,686 429 85,809 26,978 2,022 24,956 110,765 ,701 June — I. 82,633 5,783 2,491 12,881 400 86,840 27,078 2,047 25,031 111,871 ,719 2. 83,464 5,870 3,101 12,811 469 86,835 26,970 2,108 24,862 111,697 ,756 July —1. 83,664 6,156 3,204 12,956 417 86,843 27,238 2,101 25,137 111,980 .718 2. 84,032 6,060 3,016 12,987 447 87,496 27,013 2,115 24,898 112,394 ,693 Aug.—I. 83,954 5,922 2,652 13,119 382 88,117 27,022 2,035 24,987 113,104 .703 85,127 6,156 3.494 13,038 361 88,154 26,991 2,094 24,897 113,051 ,699 Sept.—T. 85,859 6,382 3,194 13,228 441 89,070 27,198 2,142 25,056 114,126 ,750 2 86,540 6,895 3,100 13,175 669 89,051 27,107 2,170 24,937 113,988 ,777 Oct. — 1." 86,129 6,700 2.613 13,391 547 89,660 27,253 2,130 25,123 114,783 ,861 87,007 6,838 2,546 13,506 687 90,442 27,210 2,185 25,025 115,467 ,885 Nov.—7! 86,916 6,726 2 589 13,631 495 90,737 27,325 2,182 25,143 115,880 .869 87,742 6,979 2,826 13,534 744 90,727 27,410 2,188 25,222 115,949 ',832 Dec.—7! 88,406 6,755 2,181 13,642 710 92,402 27,705 2,380 25,325 117,727 ,840 2. 90,535 7,828 2,026 13,844 1,461 93,064 27,893 2,494 25,399 118,463 ,882 1951— Jan. — 1. 89,738 7,444 1,743 13,973 985 93,539 27,551 2,346 25,205 118,744 ,904 2. 89,173 6,685 1,946 13,846 905 93,483 27,115 2,197 24,918 118,401 1,815 Feb. —1. 88,203 6,258 2,584 13,767 1,143 91,985 27,133 2,101 25,032 117,017 ,784 2. 89,266 7,106 3,517 13,746 1,294 91,095 27,149 2,163 24,986 116,081 1,803 Mar.—1. 89,180 6,768 3,308 13,734 947 91,891 27,222 2,099 25,123 117,014 1,822 2. 90,178 6,610 4,952 13,475 1,207 90,884 27,128 2,135 24,993 115,877 ,862 Apr.—1. 89,634 6,588 6,071 13,405 818 89,562 27,168 2,106 25,062 114,624 1,943 2 89,730 6,506 5,327 13,426 892 90,431 27,180 2,162 25,018 115,449 1,896 May—1.' 88,758 6,277 4,800 13,507 741 90,447 27,315 2,116 25,199 115,646 1,845 2, 88,678 6,403 4,795 13,429 872 90,037 27,317 2,188 25,129 115,166 1,819 June—1. 89,100 6,614 3,861 13,585 774 91,436 27,527 2,189 25,338 116,774 1,815 2. 90,261 6,794 4,650 13,467 1,069 91,215 27,550 2,254 25,296 116,511 1,797 July —1. 89,763 6,915 5,038 13,558 950 90,418 27,935 2,237 25,698 116,116 1,800 2. 89,088 6,248 4,062 13,668 1,119 91,327 27,786 2,251 25,535 116,862 1,758 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1118 FEDERAL RESERVE BULLETIN • OCTOBER 1960 TABLE 2—Continued BASIC DATA FOR MONEY SUPPLY SERIES—Continued [Averages of daily figures. In millions of dollars] Deposit component Currency component Memo: Demand All member banks Plus- deposits Nonl Total due to Period e i D n d x c c e t o e e l p m m . r o b d a m s a o n i n t ' m d l s k . i c n o i l C p t l e e r o a o m c f s c t h s i e o s L n s ess: d d G e e U p m o . o S v a s . n t i . t d s m d d f p o e c ( e o e b i m r o p m n n a e m o l c e a i . b g s l n n ) - . e i n t d t r L F fl e . o s R a s t : . D E d p e c q e o m o p u n m a o e a l s n n - s i t : d t Cu c la i r r t i r i n c e o u n n - cy c c b V L o a a e s m a n h s u m s k l i : s t n 'l C E p u c q o r o u n r m e a e n l n - s c t : y + m s ( c u c o o p o n l p . l e l . 6 y y 9) m s f m b b o a e a a a v u r b m e n n n i t y n i u d u k k b g g a s s e n s l r 1 2 3 4 5 6 7 8 9 10 11 (A) Semimonthly periods, 1947-60—Continued 1951— Aug.—1 • 88,900 6,145 3,780 13,743 775 91,943 27,911 2,180 25,731 117,674 ,724 89,008 6,088 4,034 13,663 909 91,640 27,970 2,243 25,727 117,367 ,702 Sept.—1. 89,677 6,750 2,727 13,932 846 93,286 28,229 2,292 25.937 119,223 ,691 P 2. 91,535 7,133 3,963 13,971 1,244 93,166 28,187 2,321 25,866 119,032 ,700 Oct. —1 • 91,263 6,847 4,092 14,213 988 93,549 28,392 2,252 26,140 119,689 ,741 2. 92,398 1,21 A 3,235 14,425 1,065 95,249 28,376 2,310 26,066 121,315 ,735 Nov.—1. 92,102 7,041 2,684 14,637 870 96,144 28,529 2,306 26,223 122,367 ,725 2. 93,336 7,610 2,900 14,789 1,266 96,349 28,669 2,311 26,358 122,707 ,716 Dec. —1. 93,793 7,272 2,267 14,919 971 98,202 28,948 2,511 26,437 124,639 ,741 2. 96,190 7,832 2,697 14,956 1,734 98,883 29,295 2,630 26,665 125,548 ,850 1952— Jan. —1. 94,915 7,477 2,234 15,044 1,125 99,123 28,929 2,478 26,451 125,574 ,885 2. 94,181 6,745 1,814 14,929 978 99,573 28,414 2,320 26,094 125,667 ,822 Feb.—I! 93,643 6,791 2,696 14,847 778 98,225 28,411 2,229 26,182 124,407 ,774 93,532 7,221 3,444 14,670 1,035 96,502 28,396 2,294 26,102 122,604 ,789 Mar.—1. 92,675 6,785 2,662 14,689 900 97,017 28,483 2,208 26,275 123,292 ,791 2. 94,015 6,773 4,458 14,553 981 96,356 28,395 2,246 26,149 122,505 ,116 Apr.—1 92,319 6,593 4,452 14,579 859 94,994 28,513 2,210 26,303 121,297 ,111 2 92,940 7,027 3,860 14,587 958 95,682 28,406 2,268 26,138 121,820 ,765 May—1 92,420 6,737 3,728 14,588 712 95,831 28,528 2,207 26,321 122,152 ,726 2 93,194 6,996 4,257 14,490 895 95,536 28,566 2,281 26,285 121,821 ,779 Juie —1 93,534 7,108 3,359 14,650 851 96,866 28,832 2,255 26,577 123,443 ,798 2 95,350 7,284 4,569 14,508 1,044 96,961 28,837 2,321 26,516 123,477 ,865 July —1 97,232 7,520 7,718 14,560 860 95,694 29,140 2,301 26,839 122,533 t,847 2 96,080 6,810 6,535 14,673 911 96,497 28,922 2,321 26,601 123,098 ,745 Aug.—1 95,028 6,576 5,920 14,781 695 96,618 29,038 2 239 26,799 123,417 ,778 2 94,806 6,693 5,779 14,739 767 96,306 29,115 2,309 26,806 123,112 ,740 Sept.—1 95,011 7,102 4,169 15,051 764 98,027 29,363 2,356 27,007 125,034 1,799 2 96,424 7,323 5,336 15,037 960 97,842 29,316 2,392 26,924 124,766 1,806 Oct. —1 96,252 7,338 5,069 15,170 778 98,237 29,541 2,347 27,194 125,431 ,855 2 97,893 7,831 4,945 15,334 1,059 99,392 29,554 2,413 27,141 126,533 ,858 Nov.—1 97,381 8,020 4,028 15,527 800 100,060 29,821 2,417 27,404 127,464 1,830 2 99,233 8,175 5,555 15,538 1,085 99,956 29,981 2,428 27,553 127,509 1,807 Dec.—1 99,296 7,665 4,639 15,747 1,058 101,681 30,342 2,637 27,705 129,386 1,837 2 100,493 8,187 4,383 15,892 1,496 102,319 30,622 2,769 27,853 130,172 1,922 1953— Jan. —1 99,258 8,071 3,692 15,959 1,011 102,443 30,188 2,593 27,595 130,038 1,903 2 98,062 7,408 3,148 15,792 1,017 102,281 29,715 2,440 27,275 129,556 1,874 Feb.—1 96,962 7,311 3,868 15,662 707 100,738 29,714 2,327 27,387 128,125 1,832 2 97,097 7,721 4,703 15,538 940 99,271 29,714 2,394 27,320 126,591 1,817 Mar.—1 96,542 7,498 3,595 15,563 940 100,072 29,806 2,306 27,500 127,572 1,865 2 96,621 7,413 4,429 15,328 904 99,203 29,706 2,345 27,361 126,564 1,863 Apr.—1 94,817 7,208 4,203 15,341 842 97,905 29,803 2,298 27,505 125,410 1,844 2 94,841 7,489 2,676 15,231 844 99,063 29,755 2,358 27,397 126,460 1,820 May—1 93,944 7,270 2,474 15,195 706 98,689 29,880 2,284 27,596 126,285 1,771 2 93,858 7,338 2,557 15,038 792 98,209 29,853 2,359 27,494 125,703 1,814 June—1 94,124 7,243 1,787 15,235 678 99,651 30,017 2,344 27,673 127,324 1,775 2 95,281 7,500 3,034 15,136 873 99,010 29,996 2,412 27,584 126,594 1,194 July —1 93,709 7,276 2,581 15,273 685 98,440 30,252 2,377 27,875 126,315 1,795 2 98,384 7,253 7,086 15,331 788 98.588 30,085 2,399 27,686 126,274 1,777 Aug.—t 97,488 7,088 6,320 15,413 612 98,881 30,159 2,315 27,844 126,725 1,762 2 96,972 6,991 6,375 15,302 708 98,200 30,167 2,389 27,778 125,978 1,713 Sept.—1 96,883 7,257 5,206 15,622 646 99,396 30,375 2,436 27,939 127,335 1,720 2 97,733 7,933 5,244 15,637 887 99,306 30,279 2,475 27,804 127,110 1,765 Oct. —1 96,847 7,792 4,599 15,726 692 99,490 30,383 2,417 27,966 127,456 1,741 2 97,026 7,781 3,240 15,821 895 100,931 30,342 2,486 27,856 128,787 1,790 Nov.—1 97,853 8,057 3,801 16,035 662 101,368 30,485 2,479 28,006 129,374 1,780 2 99,253 8,178 5,285 16,083 834 101,039 30,598 2,493 28,105 129,144 1,763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NEW MEASURE OF THE MONEY SUPPLY 1119 TABLE 2—Continued BASIC DATA FOR MONEY SUPPLY SERIES—Continued [Averages of daily figures. In millions of dollars] Deposit component Currency component Memo: Demand All member banks deposits Plus: Total due to Non- foreign Period e D x d rn c e e l m p m . o t d a n s o n i * t d m ! s . i C te a m sh s Less: G U o .S v . t. m d d p e c e o e m o p m n m o e a b s n n - e i t d t r L F fl e . o s R a s t : . D E d p e c q e o o m p u n m o a e a s l n - n s i t t : d Cu l c a i r r t i r i n c e o u n n - cy c c b V L o a a s m e a n h s u m s k i l : s t n 'l C E p u c q o r o u n r m e a e n l n - s c t : y + m s ( c u c o o p o n l p . l e l . 6 y y 9) s m b a a a v u b n n i t y n u d k g a s s l in\sKtSMe-±lr.Lkb!L aInk in pr o o f cess d d e e p m o a s n it d s fo (i r n e c ig l. n m b e a m nk b s er collection bal.) 2 3 4 5 6 7 8 9 10 11 (A) Semimonthly periods, 1947-60—Continued 1953— Dec. —1. 98,983 7,889 3,663 16,237 733 102,935 30,878 2,701 28,177 131,112 1,803 2 99,949 8,173 3,330 16,371 1,269 103,548 31,054 2,838 28,216 131,764 1,847 1954— Jan. —1. 99,866 8,536 2,820 16,384 880 104,014 30,568 2,661 27,907 131,921 1,857 2. 99,048 7,809 2,565 16,158 862 103,970 30,064 2,488 27,576 131,546 1,850 Feb.—1. 97,547 7,496 2,989 15,936 602 102,396 29,947 2,370 27,577 129,973 1,847 2. 97,696 8,074 3,818 15,755 729 100,830 29,859 2,436 27,423 128,253 1,898 Mar.—1. 96,865 7,629 3,021 15,808 698 101,325 29,902 2,348 27,554 128,879 1,892 2. 97,195 7,465 4,308 15,598 744 100,276 29,716 2,384 27,332 127,608 1,858 Apr. —1. 95,332 7,408 4,222 15,466 586 98,582 29,793 2,346 27,447 126,029 1,897 2. 95,753 7,506 3,172 15,415 802 99,688 29,717 2,406 27,311 126,999 1,855 May —1. 96,048 7,748 2,779 15,464 603 100,382 29,780 2,315 27,465 127,847 1,809 2. 97,065 7,816 4,284 15,321 665 99,621 29,759 2,389 27,370 126,991 1,750 June—I. 97,087 7,698 3,322 15,523 645 100,945 29,911 2,377 27,534 128,479 1,730 2. 97,721 7,734 3,700 15,393 781 100,899 29,798 2,443 27,355 128,254 1,803 July —1. 97,863 8,249 4,563 15,502 685 99,868 30,071 2,454 27,617 127,485 1,831 2. 97,171 7,645 3,151 15,490 698 101,167 29,874 2,475 27,399 128,566 1,855 Aug.—1. 97,862 7,456 4,229 15,567 641 101,103 29,921 2,382 27,539 128,642 1,871 2. 97,606 7,174 4,685 15,473 680 100,540 29,871 2,457 27,414 127,954 1,830 Sept.—I. 97,547 7,432 3,669 15,814 626 101,634 30,046 2,503 27,543 129,177 1,794 2. 98,527 7,875 3,557 15,909 805 102,199 29,933 2,542 27,391 129,590 1,797 Oct. —1. 100,970 8,041 5,711 16,099 644 102,673 30,083 2,495 27,588 130,261 [,854 2. 102,083 8,231 5,400 16,221 796 103,877 30,067 2,566 27,501 131,378 1,868 Nov.—1. 102,500 8,427 5,239 16,428 648 104,614 30,197 2,584 27,613 132,227 1,817 2. 104,129 8,568 6,103 16,469 894 105,033 30,349 2,597 27,752 132.785 1,835 Dec—I. 103,826 8,244 5,063 16,593 727 106,385 30,659 2,821 27,838 134;223 ,914 2. 104,961 8,561 4,095 16,783 1,231 107,857 30,834 2,963 27,871 135,728 2,030 1955— Jan. —1. 103,773 8,665 2,875 16,799 808 108,224 30,381 2,781 27,600 135,824 2,013 2. 103,261 8,100 2,446 16,671 806 108,580 29,902 2,602 27,300 135,880 1,956 Feb.—1. 102,341 7,817 3,253 16,540 636 107,175 29,787 2,476 27,311 134,486 ,922 2. 102,254 8,515 3,352 16,398 789 105,996 29,777 2,545 27,232 133,228 1,948 Mar.—I. 101,546 8,246 3,232 16,352 749 105,671 29,821 2,454 27,367 133,038 1,922 2. 101,121 7,977 3,583 16,181 856 104,886 29,761 2,493 27,268 132,154 ,958 Apr.—1. 101,935 8,239 4,924 16,201 758 104,215 29,883 2,448 27,435 131,650 1,972 2. 102,874 8,515 4,072 16,242 908 105,621 29,734 2,511 27,223 132,844 1,956 May—1. 102,437 8,436 4,433 16,203 732 105,039 29,838 2,428 27,410 132,449 ,944 2. 102,427 8,381 4,564 16,002 870 104,614 29,868 2,507 27,361 131,975 ,989 June—1. 101,917 8,507 3,519 16,171 785 105,277 30,056 2,499 27,557 132,834 1,989 2. 103,088 8,733 3,772 16,142 957 105,768 30,028 2,569 27,459 133,227 2,050 July — 1. 102,411 9,215 3,724 16,230 899 104,803 30,356 2,570 27,786 132,589 2,026 2. 103,750 8,905 4,647 16,158 977 105,379 30,216 2,590 27,626 133,005 2,017 Aug.—1. 102,217 8,258 4,365 16,252 671 105,175 30,289 2,497 27,792 132,967 1,942 2. 101,744 8,038 4,587 16,117 801 104,435 30,285 2,573 27,712 132,147 1,909 Sept.—1. 102,371 8,705 3,744 16,449 751 105,620 30,467 2,610 27,857 133,477 ,943 103,146 9,140 3,269 16,604 1,090 106,251 30,367 2,649 27,718 133,969 1,992 Oct. —1'. 103,915 9,555 3.858 16,710 848 106,364 30,516 2,587 27,929 134,293 2; 023 2. 104,891 9,382 4,279 16,751 1,005 106,976 30,538 2,658 27,880 134,856 1,992 Nov.—1. 104,013 9,264 3,622 16,853 839 107,141 30,685 2,651 28,034 135,175 1,989 2. 105,517 9,899 4,128 16,991 1,259 107,222 30,868 2,662 28,206 135,428 1,942 Dec—1. 105,141 9,353 2,917 17,104 945 109,030 31,145 2,887 28,258 137,288 1,974 2. 107,992 10,303 3,168 17,405 1,762 110,164 31,366 3,029 28,337 138,501 2,034 1956— Jan. —1. 107,456 10,567 2,328 17,604 1,336 110,829 30,942 2,840 28,102 138,931 2,036 2. 104,915 9,212 1,465 17,345 1,030 110,553 30,377 2,662 27,715 138,268 2,035 Feb. —1. 102,944 8,518 1,996 17,045 822 108,653 30,231 2,536 27,695 136,348 2,052 2. 103,468 9,244 2,885 16,845 1,118 107,066 30,200 2,611 27,589 134,655 2,035 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1120 FEDERAL RESERVE BULLETIN • OCTOBER 1960 TABLE 2—Continued BASIC DATA FOR MONEY SUPPLY SERIES—Continued [Averages of daily figures. In millions of dollars] Deposit component Currency component Memo : Demand All member banks Plus- deposits Nonl Total due to Period e D x d c c e o e l p m m . o d a m s o n it ' d m l s . i C te a m sh s Less : G U o .S v . t. m d d p e c ( e o e i m o p m n n m o c a e b s l n n - . e i d t t r L F fl e . o s R a s t : . D E d p e c q e o m o p u n m o a e a l s n n - s i t : d t Cu l c a i r r t i r i n c e o u n n - cy c c b V L o a a e s m a n h s u s m k i l : s t n 'l C E p u c q o r o u n r m e a e n l n - s c t : y + m s ( u c c o o p o n l p . l e l . 6 y y 9) s f m b o a a a u v r b e n n i t y i n u d k g g a s n s l interbank in process demand foreign member of deposits bal.) banks collection 1 2 3 4 5 6 7 8 9 10 11 (A) Semimonthly periods, 1947-60—Continued 1956— Mar.—1. 102,985 8,850 2,705 16,748 887 107,291 30,234 2,527 27,707 134,998 2,061 2. 104,917 9,056 4,626 16,661 1,052 106,844 30,265 2,573 27,692 134,536 2,042 Apr.—I. 103,734 9,105 3,977 16,789 859 106,582 30,310 2,530 27,780 134,362 2,090 2. 104,306 9,181 3,485 16,793 985 107,448 30,189 2,599 27,590 135,038 2,021 May—1. 103,862 9,084 4,245 16,722 867 106,388 30,301 2,536 27,765 134,153 2,002 2. 104,006 9,251 5,131 16,589 988 105,225 30,324 2,623 27,701 132,926 1,999 June—1. 103,977 9,474 3,819 16,831 970 106,545 30,527 2,622 27,905 134,450 1,989 2. 105,488 9,902 3,811 16,854 1,410 107,219 30,531 2,701 27,830 135,049 2,003 July —1. 104,623 10,327 4,089 16,816 1,230 105,793 30,865 2,674 28,191 133,984 2,032 2. 103,201 9,333 2,945 16,668 1,309 106,282 30,650 2,689 27,961 134,243 2,062 Aug.—1. 101,616 8,834 2,826 16,594 841 105,709 30,648 2,587 28,061 133,770 2,090 2. 104,094 9,005 5,165 16,528 985 105,467 30,643 2,660 27,983 133,450 2.046 Sept.—1. 104,448 9,539 3,994 16,717 985 106,647 30,855 2,712 28,143 134,790 2; 068 2. 105,781 10,236 3,968 16,785 1,387 106,975 30,750 2,745 28,005 134,980 2,126 Oct. —1. 104,296 9,710 3,719 16,966 1,061 106,772 30,877 2,677 28,200 134,972 2,082 2. 105,540 9,932 3,327 i7,213 1,310 108,184 30,847 2,745 28,102 136,286 2,084 Nov.—1. 104,975 9,944 2,794 17,357 1,051 108,543 31,038 2,739 28,299 136,842 2,115 2. 107,916 11,773 4,504 17,595 1,520 108,714 31,320 2,744 28,576 137,290 2,154 Dec—1. 107,250 10,377 2,816 17,627 1,283 110,401 31,597 2,957 28,640 139,041 2,185 2. 109,906 11,186 3,105 17,888 1,941 111,562 31,919 3,096 28,823 140,385 2,256 1957— Jan. —1. 108,427 10,847 2,156 17,932 1,462 111,894 31,428 2,909 28,519 140,413 2,274 2. 106,172 9,817 1,201 17,549 1,268 111,435 30,751 2,725 28,026 139,461 2,135 Feb.—1. 104,159 9,550 1,366 17,266 1,011 109,498 30,621 2,602 28,019 137,517 2,045 2. 104,504 10,310 2,007 17,078 1,207 108,058 30,569 2,679 27,890 135,948 2,082 Mar.—1. 103,600 9,800 1,797 16,967 1,048 107,922 30,590 2,589 28,001 135,923 2,079 2. 105,068 9,933 3,462 16,819 1,026 107,466 30,547 2,635 27,912 135,378 2,058 Apr.—1. 104,782 9,492 4,469 16,948 885 106,884 30,647 2,582 28,065 134,949 2,020 2. 105,590 9,572 3,397 17,073 1,325 108,369 30,584 2,652 27,932 136,301 2,043 May—1. 104,462 9,551 3,724 16,977 942 107,222 30,606 2,576 28,030 135,252 2,070 2. 103,752 9,714 3,552 16,842 1,144 106,184 30,662 2,663 27,999 134,183 2,069 June—1. 104,388 9,988 3,198 16,971 986 107,187 30,880 2,633 28,247 135,434 2,031 2. 105,997 10,483 3,920 16,889 1,335 107,148 30,907 2,711 28,196 135,344 2,173 July —1. 106,171 10,553 5,158 16,937 1,141 106,256 31,261 2,687 28,574 134,830 2,192 2. 104,908 9,784 3,652 16,895 1,226 107.141 30,990 2,707 28,283 135,424 2,185 Aug.—1. 102,688 9,374 2,083 16,920 900 107^251 31,020 2,603 28,417 135,668 2,229 2. 103,407 9,558 3,289 16,812 1,086 106,286 31,037 2,681 28,356 134,642 2,195 Sept.—1. 104,029 10,242 2,507 17,058 995 107,343 31,217 2,724 28,493 135,836 2,164 2. 105,121 10,239 3,652 17,043 1,297 106,976 31,075 2,763 28,312 135,288 2,128 Oct. —1. 105,368 10,011 4,598 17,156 990 106,925 31,137 2,667 28,470 135.395 2,203 2. 104,871 10,034 2,836 17,242 1,275 107,968 31,081 2,739 28,342 136;31O 2,217 Nov.—1. 104,664 10,410 2,303 17,296 979 108,268 31,212 2,719 28,493 136,761 2,173 2. 105,740 10,920 2,891 17,330 1,282 107,977 31,419 2,728 28,691 136,668 2,137 Dec. —1. 106,420 10,773 2,811 17,578 1,084 109,330 31,803 2,973 28,830 138,160 2,160 2. 108,859 11,344 3,342 17,961 1,749 110,385 32,041 3,118 28,923 139,308 2,268 1958— Jan. —1. 107,597 11,275 2,413 17,930 1,222 110,617 31,465 2,941 28,524 139,141 2,235 2. 104,577 9,814 1,547 17,519 1,063 109,672 30,758 2,755 28,003 137,675 2,130 Feb.—1. 103,878 9,867 1,808 17,355 789 108,769 30,636 2,629 28,007 136,776 2,082 2. 103,484 9,784 2,643 17,133 1,029 107,161 30,578 2,706 27,872 135,033 2,104 Mar.—1. 104,338 10,064 3,026 17,124 865 107,507 30,602 2,610 27,992 135,499 2,131 2. 104,998 9,643 4,844 16,976 929 106,558 30,564 2,655 27,909 134,467 2,115 Apr.—1. 103,443 9,457 3,171 17,172 836 107,151 30,729 2,611 28,118 135,269 2,132 2. 107,274 10,396 4,547 17,341 891 108,781 30,585 2,681 27,904 136,685 2,127 May—1. 105,887 9,922 4,911 17,314 785 107,583 30,724 2,605 28,119 135,702 2,146 2. 105,480 9,836 5,246 17,169 885 106,682 30,840 2,692 28,148 134,830 2,072 June —1. 106,779 10,224 4,023 17,307 863 108,976 31,038 2,680 28,358 137,334 2,075 2. 110,153 10,707 7,204 17,059 980 108,321 31,028 2,758 28,270 136,591 2,135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NEW MEASURE OF THE MONEY SUPPLY 1121 TABLE 2—Continued BASIC DATA FOR MONEY SUPPLY SERIES—Continued [Averages of daily figures. In millions of dollars] Deposit component Currency component Memo: Demand All member banks deposits N Pl o us n l • Total due to foTcisn. Period e i D x n d c c t e o e e l p m m . r o b d a m s a o n i n t ' d m l s k . in i C p te r o a o m f s c h s es L s ess: d G e U m o .S v a . n t. d m d d f p o e c ( e o e i m r o p m n n e m o c a i e b g s l n n - . e n i d t t r L F fl e . o s R a s t : . D E d p e c q e o o m p u n m a o e a l s n - n s i t d t : Cu l c a i r t r i r i n c e o u n n - cy c c b V L o a a e s m a n h s u m s k i l : s t n 'l C E p u c q o r o u n r m e a e n l n - s c t : y + m s ( c u c o o p o n l p . l e l . 6 y y 9) m s m b b a e a a a u v b m n n n i t y n u d k k b g a s s e s l r collection deposits bal.) 1 2 3 4 5 6 7 8 9 !0 11 (A) Semimonthly periods, 1947-60—Continued 1958— July — 1. 108,676 10,822 6,794 17,213 930 107,343 31,363 2,725 28,638 135,981 2,101 2. 106,989 10,018 4,429 17,125 945 108,722 31,172 2,748 28,424 137,146 2,204 Aug.—1. 107,020 10,008 4,219 17,301 813 109,281 31,237 2,650 28,587 137,868 2,172 2. 107,280 9,809 5,426 17,207 905 108,347 31,285 2,732 28,553 136,900 2,149 Sept.—1. 107,589 10,483 3,881 17,597 869 109,953 31,418 2,793 28,625 138,578 2,091 2 107,182 10,323 3,489 17,586 1,107 109,849 31,276 2,835 28,441 138,290 2,032 Oct. —1 .' 107,676 10,466 3,923 17,896 903 110,280 31,397 2,796 28,601 138,881 2,003 2. 109,005 10,652 3,687 18,166 1,163 111,669 31,375 2,874 28,501 140,170 2,063 Nov.—1. 109,061 11,316 2,608 18,543 883 112,797 31,582 2,894 28,688 141,485 2,013 2. 111,173 11,563 4,422 18,678 1,179 112,687 31,840 2,920 28,920 141,607 2,033 Dec.—l. 111,091 11,072 3,281 18,892 1,170 114,460 32,223 2,965 29,258 143,718 2,041 2. 113,337 11.544 3,561 19,203 1,784 115,651 32,499 3,286 29,213 144,864 2,155 1959— Jan. —1. 113,091 12,358 2,623 19,322 1,212 116,220 31,881 3,067 28,814 145,034 2,072 2. 111,834 11,254 I 3,050 18,990 1,151 115,369 31,250 2,908 28,342 143,711 1,970 Feb. —1. 110,828 11,105 i 3,830 18,857 902 113,848 31,176 2,712 28,464 142,312 1,967 2. 110,087 11,523 j 3,892 18,550 1,028 112,194 31,136 2,877 28,259 140,453 1,976 Mar.—1. 108,960 11,192 | 2,817 18,528 904 112,575 31,203 2,735 28,468 141,043 2,126 2. 109,064 10,611 3,767 18,332 1,010 112,008 31,242 2,786 28,456 140,464 2,195 Apr.—1. 110;870 11,118 4,786 18,548 867 112,647 31,308 2,740 28,568 141,215 2,091 2. 111,265 11,478 3,554 18,686 1,002 113,917 31,292 2,869 28,423 142,340 1,924 May —1. 110,685 11,273 4,617 18,577 858 112,514 31,444 2,821 28,623 141,137 1,921 2. 110,357 11,407 4,763 18,354 1,013 111,528 31,516 2,837 28,679 140,207 2,026 June—1. 109,174 11,227 3,088 18,545 833 112,571 31,786 2,755 29,031 141,602 1,985 2. 110,688 11,533 4,010 18,457 1,186 112,416 31,828 2,965 28,863 141,279 2,056 July —1. 110,241 11,430 3,877 18,691 920 112,705 32,132 2,818 29,314 142,019 2,063 2. 112,165 11,471 4,925 18,682 1,124 113,327 31,972 2,966 29,006 142,333 ,936 Aug.—1. 110,274 11.092 3,853 18,856 803 113,382 32,013 2,756 29,257 142,639 ,904 2. 110,031 10,829 5,084 18,731 972 111,877 31,971 2,884 29,087 140,964 1,890 Sept.—1'. 110,430 11.445 4,163 19,073 849 113,046 32,117 2,851 29,266 142,312 ,975 2# 111,778 11,769 4,971 19,209 1,315 112,932 31,930 3,042 28,888 141,820 ,955 Oct. —1'. 110,615 11,871 3,995 19,259 978 113,030 32,003 2,869 29,134 142,164 1,932 2. 112,047 12,132 4,629 19,447 1,244 113,489 31,943 3,010 28,933 142,422 1,908 Nov.—1. 112,210 12,388 4,322 19,502 925 114,077 32,077 2,885 29,192 143,269 1,870 2. 112,185 12.597 4,004 19,805 1,248 114,141 32,298 3,067 29,231 143,372 1,852 Dec.—l. 112,781 12,217 4,113 19,546 1,047 114,950 32,640 3,181 29,459 144,409 2; 003 2. 115,260 12,957 4,636 20,063 1.755 116,375 32,896 3,427 29,469 145,444 2,140 1960— Jan. — 1. 115,053 13,689 4,008 20,159 1,437 116,078 32,378 3,236 29,142 145,220 2,057 2. 112,161 12,356 3,238 19,811 1,276 115,102 31,726 3,179 28,547 143,649 1,970 Feb. —1. 109.678 11,754 3,352 19,596 1,018 113,150 31,605 2,930 28,675 141,825 1,897 2. 109,035 12,027 3,962 19,248 1,204 111,090 31,555 3,008 28,547 139,637 ,926 Mar.—1. 107,826 11,319 3,324 19,150 1,053 111,280 31,636 2,896 28,740 140,020 1,919 2. 107,743 11,265 4,261 18,861 1,074 110,004 31,615 2,996 28,619 138,623 1,949 Apr.—1. 106,972 11,725 2,722 19,083 925 110,683 31,751 2,863 28,888 139,571 1,927 2 110,441 12,321 3,819 19,195 1,245 112,251 31,677 3,043 28,634 140,885 1,894 May— 1." 109,765 12,246 5,356 18,979 956 110,186 31,698 2,882 28,816 139,002 1,844 2. 108,794 11.814 6,205 18,649 1,131 108,293 31,733 3,017 28,716 137,009 ,850 June—1. 108,793 12,175 5,263 18,857 979 109,233 31,940 2,989 28,951 138,184 ,858 2. 110,469 12,512 6,165 18,612 1,353 109,051 31,899 3,074 28,825 137,876 1,926 July —1. 110,071 13,064 5,889 18,893 1,110 108,901 32,259 3,002 29,257 138,158 ,901 2 111,153 12,393 6,192 18,906 1,182 110,292 32,095 3,079 29,016 139,308 ,883 Aug.—1. 109,719 11,909 5,523 18,983 853 110,417 32,125 2,942 29,183 139,600 1,899 2. 108,119 11,195 5,391 18,699 949 109,283 32,060 3,153 28,907 138,190 ,886 Sept.—1. 108,700 12,222 3,886 19,018 946 110,664 32,219 3,032 29,187 139,851 ,847 111,507 12,858 5,790 19,153 1,366 110,646 32,084 3,165 28,919 139,565 ,878 2- NOTE.—Data for second half of September 1960 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1122 FEDERAL RESERVE BULLETIN • OCTOBER 1960 TABLE 2—Continued BASIC DATA FOR MONEY SUPPLY SERIES—Continued [Averages of daily figures. In millions of dollars] Deposit component Currency component Memo: All member banks Demand Plus: deposits Non- Total due to member money foreign Period e i D x n d c c t e o e e l p m m . r o b d a m s a o n i n t ' m d l s k . i c n o i l C p t l e e r o a o m c f s c t h i s e o L s n s ess: d d G e e U p m o . o S v a s . n t i . t d s d d f p o e c ( e o b i m r o p n a n e m o l c i a e . g s l ) n n - . n i d t t L F fl . e o s R a s t : . co D E d m e q e m p p u o o a a n s l n s i e : t d nt Cu l c a i r t r i r i n c e o u n n - cy c c b V L o a a e s m a n h s u m s k i l : s t n 'l C E p u c q o r o u n r m e a e n l n - s c t : y + s ( c u c o p o l p l . . l y 6 9) b m m s a b a n e a u a v m k n n i t n s u d k b g a b s e s l y r 1 2 3 4 5 6 7 8 9 10 11 (B) Weekly periods, 1960 Jan. — 6... 116,707 15,044 4,283 20,071 1,591 115,860 32,566 3,224 29,342 145,202 2,081 13... 113,761 12,554 3,958 20,229 1,311 116,167 32,330 3,229 29,101 145,268 2,018 20... 114,490 13,593 3,360 20,194 1,508 116,223 31,954 3,204 28,750 144,973 2,000 27... 110,931 11,705 2,961 19,676 1,148 114,793 31,682 3,329 28,353 143,146 1,927 Feb.— 3... 111,289 11,950 3,571 19,548 1,119 114,197 31,564 3,053 28,511 142,708 1,895 10... 108,706 11,016 3,273 19,551 851 113,117 31,588 2,859 28,729 141,846 1,898 17... 110,092 12,669 3,330 19,546 1,137 112,502 31,642 3,023 28,619 141,121 1,917 24... 108,599 11,815 4,106 19,216 1,341 110,553 31,564 2,968 28,596 139,149 1,936 Mar.— 2... 109,192 12,066 4,014 19,104 1,069 111,147 31,520 3,061 28,459 139,606 1,884 9... 106,983 10,558 3,511 19,112 1,182 110,844 31,592 2,764 28,828 139,672 1,955 16... 108,409 11,958 2,875 19,123 943 111,756 31,722 2,954 28,768 140,524 1,944 23... 108,867 11,683 4,627 18,978 1,283 110,252 31,688 2,945 28,743 138,995 1,935 30... 106,658 10,671 4,176 18,715 910 109,616 31,536 3,016 28,520 138,136 1,966 106,808 11,799 3,676 18,842 898 109,277 31,630 2,763 28,867 138,144 1,933 Apr-.!::: 106,015 11,404 2,033 19,177 895 110,860 31,811 2,860 28,951 139,811 1,908 20... 110,732 12,629 3,287 19,373 1,366 112,823 31,850 3,073 28,777 141,600 1,894 27... 109,958 11,870 3,694 19,162 1,184 112,372 31,605 3,098 28,507 140,879 1,879 May— 4... 110,983 12,859 4,999 18,965 966 111,124 31,589 2,969 28,620 139,744 [,829 11... 108,713 11,364 5,294 19,031 932 110,154 31,707 2,819 28,888 139,042 1,855 18... 110,408 13,178 5,823 18,904 1,088 109,223 31,779 2,990 28,789 138,012 1,861 25... 108,417 11,472 6,327 18,641 1,202 108,057 31,691 3,035 28,656 136,713 1,837 June — 1... 108,418 11,530 6,253 18,532 992 108,175 31,777 3,028 28,749 136,924 [,850 8... 108,621 12,178 5,789 18,834 1,010 108,478 31,911 2,888 29,023 137,501 1,854 15... 109,054 12,265 4,595 18,926 965 110,155 31,977 3,046 28,931 139,086 1,899 22... 111,828 13,269 6,338 18,739 1,580 109,380 31,939 3,011 28,928 138,308 1,911 29... 109,132 11,645 5,938 18,501 1,196 108,854 31,853 3,125 28,728 137,582 1,958 July — 6... 110,399 13,282 6,543 18,665 1,019 108,220 32,097 2,794 29,303 137,523 [,888 13... 108,996 12,745 5,053 19,032 1,134 109,096 32,376 3,113 29,263 138,359 1,898 20... 112,792 13,528 6,855 19,029 1,403 110,035 32,220 3,126 29,094 139,129 1,900 27... 110,191 11,754 5,917 18,838 1,134 110,224 32,060 3,152 28,908 139,132 1,848 Aug.— 3... 110,713 12,092 5,846 18,891 906 110,760 32,033 3,055 28,978 139,738 1,849 10... 109,078 11,281 5,418 19,037 824 110,592 32,117 2,853 29,264 139,856 1,950 17... 110,071 12,678 5,477 18,848 933 109,831 32,184 3,066 29,118 138,949 1,908 24... 108,550 11,391 5,835 18,729 1,055 108,998 32,108 3,093 29,015 138,013 1,889 31... 107,116 10,576 4,923 18,626 792 109,451 31,974 3,164 28,810 138,261 1,861 Sept.— 7... 107,908 11,580 4,534 18,786 843 109,737 32,134 2,866 29,268 139,005 1,860 14... 108,966 12,601 3,174 19,216 1,009 111,398 32,304 3,141 29,163 140,561 1,846 21... 112,622 14,064 4,332 19,385 1,523 112,088 32,193 3,156 29,037 141,125 1,902 28?.. 110,527 11,880 6,651 18,989 1,280 109,705 32,017 3,189 28,828 138,533 1,867 Oct.— 5*\. 111,592 12,665 7,154 19,032 1,092 109,713 32,023 3,027 28,996 138,709 1,839 p Preliminary. and mutual savings banks with member banks—are described in NOTE.—Sources of data are described on p. 1107 of this "Estimating Procedures Used in Daily Average Money Supply BULLETIN. Procedures used in estimating the following series: Series," which is available on request to the Division of Administra- —(1) U. S. Government demand deposits at member banks to mid- tive Services, Board of Governors of the Federal Reserve System, November 1958, (2) nonmember demand deposit component, (3) Washington 25, D. C. vault cash at commercial banks, and (4) demand balances of foreign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A NEW MEASURE OF THE MONEY SUPPLY 1123 TABLE 3 SEASONAL ADJUSTMENT FACTORS FOR COMPONENTS OF MONEY SUPPLY, SEMIMONTHLY, 1947-60 [Per cent] Period 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 (A) Deposits Jan. —1 103.0 103.0 103.0 103.0 103.1 103.2 103.3 103.4 103.4 103.4 103.4 103.3 103.3 103.3 103.2 2 102.8 102.8 102.8 102.8 103.0 103.2 103.3 103.3 103.3 103.1 103.0 102.6 102.5 102.5 102.5 Feb. —1 101.1 101.1 101.1 101.1 101.2 101.5 101.6 101.7 101.6 101.4 101.3 101.1 100.9 100.9 100.8 2 99.6 99.7 99.7 99.8 99.9 99.9 100.0 100.0 100.0 99.9 99.7 99.6 99.4 99.2 99.1 Mar.—1 99.3 99.6 99.8 100.1 100.4 100.4 100.4 100.4 100.2 100.0 99.8 99.7 99.6 99.5 99.4 2 98.4 98.4 98.6 98.8 99.3 99.4 99.4 99.4 99.4 99.3 99.2 99.0 98.8 98.8 98.6 Apr.—1 97.6 97.6 97.7 97.9 97.9 97.9 98.0 98.1 98.4 98.9 98.9 99.1 99.3 99.3 99.4 2 98.2 98.3 98.5 98.7 98.7 98.8 99.0 99.0 99.6 99.9 100.1 100.4 100.6 100.6 100.6 May—1 98.2 98.3 98.4 98.5 98.5 98.6 98.8 99.0 99.0 99.0 99.0 99.0 99.1 99.1 99.1 98.0 98.0 98.0 98.1 98.1 98.1 98.2 98.2 98.2 98.1 98.1 98.1 97.9 97.9 97.9 June—1 98.9 98.9 99.1 99.1 99.3 99.4 99.4 99.4 99.2 99.2 99.1 99.1 98.9 98.8 98.8 98.7 98.7 98.7 98.8 98.9 99.1 99.1 99.2 99.3 99.3 99.2 99.0 98.8 98.7 98.7 2 98.7 98.6 98.5 98.3 98.2 98.1 98.1 98.2 98.3 98.3 98.3 98.4 98.4 98.4 98.4 July —1 99.1 99.2 99.2 99.0 98.7 98.6 98.7 98.9 98.9 99.0 99.1 99.2 99.4 99.6 99.6 99.1 99.2 99.2 99.2 98.9 98.7 98.7 98.7 98.7 98.8 99.1 99.3 99.6 99.7 99.8 Aug.—1 99.3 99.3 99.3 98.9 98.5 98.2 98.0 98.0 98.0 98.1 98.1 98.2 98.5 98.5 98.6 100.4 100.3 100.2 100.0 99.8 99.5 99.3 99.1 99.1 99.2 99.4 99.4 99.4 199.4 Sept.—1 '.'.'.'. 100.2 100.0 99.8 99.6 99.4 99.3 99.2 99.2 99.2 99.2 99.2 99.2 99.2 99.2 Oct. —1 100.2 100.2 100.1 100.1 99.7 99.5 99.4 99.4 99.4 99.3 99.3 99.4 99.5 99.6 2 101.0 101.0 100.9 100.8 100.7 100.7 100.5 100.5 100.3 100.3 100.3 100.3 100.2 100.2 Nov.—1 101.2 101.1 101.0 101.0 101.1 101.1 101.1 100.8 100.7 100.7 100.8 100.8 100.8 100.8 2 101.4 101.2 101.0 100.9 101.0 101.0 100.8 100.8 100.6 100.6 100.6 100.7 100.8 100.9 Dec —1 102.8 102.7 102.6 102.6 102.6 102.6 102.5 102.2 102.1 102.0 102.0 102.1 102.1 102.1 2 102.8 102.8 102.8 102.9 103.1 103.2 103.2 103.1 103.1 103.0 103.0 103.0 103.0 103.0 (B) Currency Jan. —1 100.7 100.6 100.5 100.5 100.6 100.7 100.8 100.7 100.7 100.8 100.8 100.8 100.7 100.7 100.7 2 99.6 99.5 99.4 99.4 99.4 99.4 99.4 99.4 99.4 99.4 99.2 99.0 98.8 98.6 98.5 Feb.—1 99.7 99.6 99.6 99.6 99.6 99.6 99.6 99.5 99.4 99.3 99.2 99.1 99.1 99.1 99.1 2 99.4 99.3 99.3 99.3 99.3 99.2 99.2 99.1 99.1 98.9 98.7 98.5 98.5 98.5 98.5 Mar.—1 99.7 99.7 99.8 99.8 99.8 99.7 99.7 99.6 99.5 99.2 99.1 99.0 99.0 99.0 99.0 2.... 99.2 99.2 99.2 99.2 99.2 99.1 99.0 99.0 99.0 99.0 98.8 98.7 98.7 98.7 98.7 Apr.—1 99.3 99.4 99.5 99.5 99.5 99.5 99.5 99.5 99.5 99.4 99.3 99.3 99.3 99.4 99.4 98.8 98.9 99.0 99.1 99.0 98.9 98.9 98.8 98.8 98.8 98.8 98.6 98.6 98.6 98.6 May—l! '.'.'. 99.2 99.4 99.5 99.5 99.5 99.5 99.5 99.5 99.4 99.3 99.2 99.2 99.2 99.2 99.2 98.9 99.0 99.2 99.2 99.1 99.1 99.1 99.2 99.2 99.1 99.1 99.2 99.2 99.1 99.1 June—I 99.5 99.7 99.7 99.7 99.7 99.8 99.8 99.8 99.8 99.8 99.9 100.1 100.2 1/00.2 2 99.2 99.2 99.2 99.2 99.2 99.3 99.3 99.4 99.4 99.5 99.6 99.6 99.7 99.7 July —1 99.9 100.2 100.3 100.4 100.4 100.4 100.4 100.4 100.5 100.7 100.9 100.9 101.1 101.1 2 99.2 99.5 99.5 99.5 99.6 99.6 99.6 99.7 99.8 99.9 100.0 100.0 100.1 100.2 Aug.—1 99.6 100.1 100.1 100.1 100.1 100.1 100.1 100.2 100.2 100.3 100.4 100.6 100.7 100.8 2 99.7 99.9 99.9 99.9 99.9 99.9 99.9 99.9 99.9 100.0 100.1 100.3 100.3 100.4 Sept.—1 101.3 100.7 100.6 100.5 100.4 100.4 100.4 100.4 100.4 100.4 100.5 100.6 100.8 100.8 100.7 100.3 100.2 100.0 99.9 99.9 99.9 99.9 99.9 99.9 99.9 99.9 99.9 99.9 Oct. —1 101.1 101.0 100.9 100.8 100.7 100.6 100.6 100.6 100.5 100.5 100.5 100.5 100.5 100.5 2 100.7 100.6 100.4 100.3 100.2 100.2 100.2 100.2 100.2 100.1 100.0 100.0 99.9 99.9 Nov.—I 101.0 100.9 100.8 100.8 100.8 100.8 100.8 100.8 100.7 100.7 100.7 100.7 100.7 100.7 2 101.0 101.0 101.0 101.0 101.1 101.2 101.2 101.3 101.3 101.4 101.3 101.2 101.1 101.0 Dec—1 101.2 101.1 101.1 101.2 101.3 101.4 101.5 101.5 101.6 101.7 101.9 102.1 102.0 102.0 2 101.4 101.2 101.3 101.5 101.7 101.7 101.7 101.7 101.8 102.0 102.1 102.1 102.0 102.0 i See "Note". NOTE.—Figures in italics represent projections for one year from latest corresponding semimonthly period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Associated Hospital Service ineligible to maintaing savings accounts in member Ineligible to Maintain Savings Account banks. The Board of Governors has been requested to Absorption of Intangible Personal Property give its opinion on the question whether Associated Tax on Bank Deposits Hospital Service of a particular city is eligible to The Board of Governors has been asked to maintain a savings account. It is understood that consider the question whether the payment, by the Association is a nonprofit corporation that banks in a certain State that are members of the operates a plan whereby hospitalization is pro- Federal Reserve System, of the State's intangible vided for subscribers to such plan by any hospital personal property tax on bank deposits would be with which the Association has a contract. an indirect payment of interest on such deposits A savings deposit is defined in Section 217.l(e) within the purview of Section 19 of the Federal of Regulation Q as a fund deposited to the credit Reserve Act. of one or more individuals, or of a corporation, The Board has heretofore considered other association, or other organization operated pri- State laws which specifically require all banks marily for religious, philanthropic, charitable, edu- to pay such taxes in the first instance, although cational, fraternal, or other similar purposes and the banks may, if they wish, obtain reimbursement not operated for profit. from the depositors. In those cases, the Board It is urged that the Association is eligible to has taken the position that payment of the tax maintain a savings account since it is a nonprofit by a member bank would not constitute an indirect organization and the statute under which it is payment of interest on deposits. organized provides that such corporations are The State statute under consideration does not "hereby declared to be charitable and benevolent require, or apparently even contemplate, that institutions, and all of their funds and investments banks will pay these taxes and, therefore, may shall be exempt from taxation by the Common- not seem closely analogous to the statutes conwealth and its political subdivisions." sidered previously. However, there is very little There is no indication that the Association is difference between a bank being required to pay operated for charitable purposes even though the the tax but not demanding reimbursement and organic Act declares it to be a charitable insti- a bank voluntarily paying the tax and also not tution. A plan for hospital insurance and medical seeking reimbursement. Therefore, for the sake and surgical benefits is provided for subscribers of uniformity and to avoid individual decisions thereto and no element of charity is present. The based upon the wording of particular State laws, insurance risk in such plans is usually determined the Board has concluded that the absorption by on an actuarial basis and payments by subscribers a member bank of intangible personal property are based upon disbursements by the Association tax upon a bank deposit should not be considered computed upon such basis and past experience. a payment of interest on such deposit within the Therefore, the Board is of the opinion that As- meaning of Section 19 of the Federal Reserve sociated Hospital Service is similar to other mutual Act regardless of whether the tax is levied against insurance plans which the Board has held to be the bank or the depositor. 1124 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication October 14 Industrial production declined further in Sep- radios also increased in September, but productember, while construction activity increased. tion of some other home goods and of apparel Total employment and personal income changed was curtailed further. Output of commercial equiplittle and sales at retail stores declined. Bank ment was maintained but production of industrial credit, both loans and investments, increased sub- and farm equipment showed additional decreases. stantially. INDUSTRIAL PRODUCTION CONSTRUCTION The Board's preliminary index of industrial The value of new construction put in place production in September was 107 per cent of the increased in September, following a dip in Au- 1957 average—about 1 per cent below August, gust, and the seasonally adjusted annual rate of which was revised downward to a figure of 108. $55.4 billion nearly equaled the high for this year This compared with a level of 109-110 from Feb- reached in July. Further advances in construcruary through July. The decline in September tion expenditures for private business purposes reflected reductions in output of materials and and for highways more than offset a further debusiness equipment, owing partly to the effects of cline in residential building outlays. rail strikes. Output of consumer goods changed EMPLOYMENT little. Production of primary metals declined further Seasonally adjusted nonfarm employment in September to 79 per cent of the 1957 average, changed little in September as decreases in manureflecting continued liquidation of inventories; out- facturing and some other industries were about put of construction materials and of textiles and balanced by gains in State and local government other nondurable materials was also curtailed. In and service industries. The average factory workearly October, steel mill operations did not show week, seasonally adjusted, was reduced from 39.7 the usual seasonal increase. hours in August to 39.3 hours in September. Production of new-model autos rose in Sep- Unemployment declined 400,000 to 3.4 million, tember, and October schedules indicate a fur- and was at a seasonally adjusted rate of 5.7 per ther rise. Output of television sets and home cent of the civilian labor force compared with 5.9 per cent in August. INDUSTRIAL PRODUCTION DISTRIBUTION 1957 = 100 Seasonally adjusted retail sales declined slightly in September, reflecting decreases at department stores and most other types of outlets. New auto sales were maintained at a seasonally adjusted annual rate of around six million units. Dealers' stocks of new autos remained at advanced levels for this time of year. Freight carloadings of manufactured products were reduced by a work stoppage at a major railroad from September 1 to 12, but then they increased considerably through early October. COMMODITY PRICES The wholesale commodity price index remained Federal Reserve indexes, seasonally adjusted. Monthly figrelatively stable in September and early October. ures, latest shown are for September. 1125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1126 FEDERAL RESERVE BULLETIN • OCTOBER 1960 Among industrial commodities, such basic mate- quired reserves increased substantially. Reserves rials as scrap metals, rubber, and textiles contin- were supplied principally by Federal Reserve purued to decline. The 1961 autos were introduced chases of $620 million of U. S. Government sewith price lists little changed from 1960 and 1959. curities and absorbed mainly through a $360 mil- Prices of farm products rose somewhat, owing lion gold outflow. mainly to increases in livestock and products. SECURITY MARKETS BANK CREDIT AND RESERVES Yields on most issues of Government securities, Total commercial bank credit increased over which had risen from the lows of early August, de- $2 billion in September, much more than usual clined moderately in late September but then, in for this month. Loans rose substantially further early October, resumed their rise. On October 11, and holdings of U. S. Government securities inthe Treasury auctioned $1.5 billion of one-year creased contraseasonally. U. S. Government despecial bills at an average rate of 3.13 per cent posits at commercial banks increased sharply, and to partially refund $2.0 billion of maturing onethe private money supply, seasonally adjusted, year bills. declined slightly. Time deposits rose further. In late September and early October, yields on Member bank borrowings from the Federal Recorporate and State and local government bonds serve averaged about $165 million and excess reserves $585 million over the four weeks ending increased somewhat further from their 1960 lows. October 12. Both borrowings and excess reserves Common stock prices declined to new lows for were somewhat lower than in the previous four this year in late September, but then increased weeks. During the later four-week period, re- somewhat. RETAIL TRADE 1947 - 49 = 100 .RETAIL SALES DEPARTMENT STORES STOCKS ^V* 1956 1958 1960 1956 1958 1960 Federal Reserve indexes, seasonally adjusted; retail sales Bureau of Labor Statistics indexes. Monthly figures; latest based on Department of Commerce data. Monthly figures; shown: August for consumer prices, and September for wholelatest for stocks is August, for other series, September. sale prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics • United States * Member bank reserves, Reserve Bank credit, imd related items. 1128 Reserve Bank discount rates; margin requirements; reserve requirements. 1132 Federal Reserve Banks 1134 Bank debits; currency in circulation . . 1136 All banks: consolidated statement of monetary system; deposits and currency. 1138 All banks, by classes 1139 Commercial banks, by classes... . 1142 Weekly reporting member banks. 1144 Business loans 1147 Interest rates 1148 Security prices; stock market credit; open market paper. .. 1149 Savings institutions 1150 Business finance . 1152 Security issues . . 1154 Federal finance 1155 Federal business-type activities . 1160 Real estate credit . . .. . 1161 Short- and intermediate-term consumer credit 1164 Industrial production 1168 Selected indexes on business activity. 1174 Construction .. . 1174 Employment and earnings. . 1176 Department stores 1178 Foreign trade 1179 Wholesale and consumer prices 1180 National product and income series 1182 Flow of funds, saving, and investment. 1184 Index to statistical tables. 1215 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 creditagencies 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. 1127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1128 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 P d e o a ri r t o e d T U o . t S al . G B o r o v o ig u t u . h t g - t s h e t cu u r c a H r e n h g i p t e a d r i l u e e s e d e e s r r - - c v D o a a a n u n i d s c d n - - e ts s j Float Total i s G to o c ld k T r s o c e t u i r a n u n u e r n g r c y t a - - d y s - - r c C t e c u i i n i o u n l r c a n r - - y - T h c i u o n r a e r l g s y d a h s s - - T u w re r i y a t s h - r F es . F e o R rv r . - 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* re B F s 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 e w 3 ment Averages of daily figures I 1929—June.. 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.. 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec... 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec... 23,708 23,708 381 652 2:44,744 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 ,117 "2'1,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec... 23,409 23,310 99 657 ,375 25,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec... 24,400 23,876 524 1,633 ,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec... 25,639 25,218 421 448 ,018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec... 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec... 24,602 24,318 284 840 ,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec... 24,765 24,498 267 706 ,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 ,44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec.... 26,312 26,216 96 564 1,496 2288,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—June... 25,963 25,949 14 938 1,00927,937 20,030 5,278 31,813 632 495 277 359 1,219 18,451 18,451 1959 Aug 26,588 26,548 40 1,008 89128,509 19,596 5,281 31,994 399 546 260 337 1,239 18,613 18,613 Sept 26,674 26,628 46 904 1,08828,687 19,514 5,278 32,019 394 543 301 381 1,246 18,593 18,593 Oct 26,517 26,479 38 909 1,11528,563 19,498 5,293 31,974 391 512 302 388 1,175 18,610 18,610 Nov 26,732 26,628 104 886 1,094 "2"8,741 19,581 5,303 32,207 413 485 317 379 1,204 18,621 18,621 Dec 27,036 26,993 43 911 1,426 29,435 19,482 5,311 32,775 396 524 361 348 1,195 18,932 18,628 304 1960 Jan 25,934 25,914 20 909 1,34328,236 19,454 5,315 32,008 419 534 270 368 838 18,878 18,568 310 Feb 25,322 25,289 33 818 1,09827,276 19,429 5,323 31,580 445 515 214 406 921 18,213 17,947 266 Mar 25,310 25,261 49 637 1~0"66 2277,048 19,410 5,336 31,628 442 481 197 307 970 18,027 17,770 257 Apr 25,488 25,373 115 623 i;082 27,227 19,386 5,344 31,713 419 554 185 353 890 18,104 17,843 261 May 25,818 25,697 121 502 '1 ,0"4" 327,393 19,356 5,349 31,726 415 534 194 331 937 18,239 17,962 277 June 26,124 26,118 6 425 1,17327,751 19,343 5,353 31,926 414 496 221 395 994 18,294 18,001 293 July 26,619 26,521 98 388 1,14128,178 19,245 5,357 32,174 406 492 213 377 910 18,518 18,208 310 Aug 26,983 26,768 215 293 89728,209 19,052 5,364 32,091 403 490 202 380 948 18,501 18,111 390 26,653 26,546 107 233 1,17128,091 18,870 5,374 32,151 401 516 216 393 962?18,566 17,697 Sept Week ending: i 1959 26,549 26,440 109 1,034 790 28,399 19,626 5,281 31,922 403 503 277 340 1,166 18,696 18,696 Aug. 5 26,605 26,597 8 1,073 77128,473 19,619 5,282 32,071 401 475 257 343 1,203 18,622 18,622 12 26,531 26,525 6 945 1,06528,562 19,601 5,282 32,051 397 638 256 349 ,246 18,509 18,509 19 26,573 26,518 55 941 950 28,485 19,600 5,283 31,951 395 564 257 321 ,294 18,586 18,586 26 Sept. 2 26,691 26,650 41 966 836 28,515 19,525 5,276 31,935 400 561 260 333 ,260 18,566 18,566 9 26,754 26,663 91 1,059 819 28,656 19,523 5,274 32,107 401 430 275 341 ,259 18,640 18,640 16 26,737 26,643 94 1,060 017 28,834 19,522 5,274 32,197 395 421 331 373 ,260 18,653 18,653 23. 26,637 26,637 860 ,016 19,513 5,278 31,984 390 632 298 420 ,264 18,819 18,819 30 26,563 26,563 722 098 28,403 19,493 5,287 31,811 388 681 310 403 ,196 18,394 18,394 Oct. 7 26,591 26,563 1,007 1,00528,623 19,491 5,289 31,933 387 533 300 420 ,194 18,636 18,636 14 26,637 26,563 1,051 956 2288,667 19,489 5,290 32,096 387 474 326 464 ,197 18,501 18,501 21 26,402 26,402 824 ,417 28,664 19,488 5,293 32,026 391 518 294 344 ,193 18,679 18,679 28 26,385 26,364 21 796 1,149 28,353 19,486 5,297 31,873 396 530 297 335 ,136 18,568 18,568 Nov. 4 26,686 26,544 142 834 897 28,443 19,585 5,299 31,924 404 471 293 397 ,127 18,711 18,711 11 26,763 26,574 189 916 947 28,651 19,585 5,301 32,105 414 458 313 396 ,128 18,724 18,724 18 26,702 26,593 109 864 1,165 28,758 19,583 5,303 32,235 414 478 304 362 ,204 18,647 18,647 25 26,682 26,652 30 829 1,31128,857 19,582 5,304 32,269 415 515 315 369 ,297 18,563 18,563 Dec. 2 26,871 26,843 28 875 1,08628,867 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 2299,153 19,505 5,310 32,601 405 487 362 338 ,244 18,797 18,529 268 16 27,176 27,142 34 961 1,16929,365 19,478 5,311 32,798 396 528 341 342 ,181 18,872 18,567 305 23 27,007 26,970 37 985 1,81829,883 19,467 5,312 32,924 387 523 365 331 ,195 19,274 18,937 337 30 26,829 26,787 42 933 1,788 "29,629 19,456 5,313 32,893 393 537 387 333 ,195 18,997 18,660 337 1960 Jan. 6 26,642 26,607 1,018 1,586 29,318 19,456 5,313 32,524 407 582 348 553 843 19,141 18,831 310 13 26,395 26,339 915 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 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1129 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 a . l G B o r o v o ig u t u . h t g - t s h e t cu u r c H r e n h it p e d a i l e u s e d s e r r - c v D o a a a n u n i d s c d n - - e ts s Float Total* s G to o c ld k T r s c o e t u i r a u n n u e r n g y r c t a - - d y s - - r c C t e c u i i n u i o n l r c a r n - y - - T h c i u o n r a e r g l s y d a h s s - - T u w re r i y a th s- r F es . F e e i o R g rv r 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 F s W e . a r n i v R t k h e . s s A a l b lo le wagree- cash 3 ment Averages of daily figures Week ending: 1960 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 26S Mar. 2 25,21 25,154 58 794 1,06127,102 19,421 5,328 31,518 442 542 219 323 1,008 18,105 17,800 305 9 25,270 25,235 35 595 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 Apr-,!::::::: 2 25 5 , , 3 2 9 8 6 4 2 2 5 5 , , 2 2 8 6 5 4 1 2 1 0 1 7 7 3 3 5 4 9 8 1 9 0 8 2 2 7 6 , , 0 9 7 5 3 0 1 1 9 9 , , 4 3 0 9 6 4 5 5 , , 3 3 4 4 1 2 3 3 1 1, , 8 6 2 5 6 4 4 4 2 1 3 7 5 4 0 6 9 5 2 1 0 6 0 3 3 3 5 4 6 9 9 9 4 1 2 7 1 1 7 7 , , 8 86 7 8 0 1 1 7 7 , , 6 6 5 3 0 4 2 23 1 6 8 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 25,616 252 549 924 2277,371 19,359 5,348 31,723 419 504 184 314 854 18,306 18,081 225 18 25,761 25,627 134 555 1,133:27,480 19,359 5,349 31,774 413 608 195 349 887 18,235 17,961 274 25 25,745 25,718 27 403 1,16127,338 19,353 5,350 31,684 415 547 202 290 1,034 18,168 17,868 300 June 1 25,968 25,941 27 436 993 27,427 19,352 5,349 31,812 414 468 206 390 1,033 18,121 17,806 315 8 26,134 26,118 16 400 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 1,554444 2288,135 19,346 5,354 31,927 412 550 225 437 970 18,602 18,315 287 29 26,129 26,129 41 1,16827,739 19,325 5,356 31,867 406 505 249 415 971 18,342 18,007 335 July 6 26,553 26,491 6: 440 1,04028,063 19,322 5,356 32,155 406 517 226 399 958 18,320 18,079 241 13 26,613 26,517 96 341 1,138 2288,120 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 5,358 32,046 408 466 221 371 884 18,591 18,272 10 27,099 26,806 293 293 822 2~~8,246 19,098 5,359 32,129 404 452 192 363 884 18,525 18,279 246 17 27,041 26,812 229 416 976 28,469 19,039 5,363 32,184 409 555 190 386 904 18,564 18,243 321 24 26,992 26,772 220 193 1,014 28,245 19,026 5,366 32,087 400 485 195 380 1,016 18,404 18,075 329 31 26,788 26,682 106 273 788 27,882 19,006 5,370 31,980 '395 487 225 384 1,014 18,466 17,772 694 Sept. 7 26,78- 26,640 144 262 86127,941 18,999 5,372 32,174 399 477 233 412 1,011 18,358 17,607 751 14 26,649 26,524 125 301 1,06428,048 18,975 5,374 32,291 401 465 204 386 974 18,581 17,676 905 21 26,541 26.495 46 86 1,52"28,189 18,828 5,376 32,171 403 551 224 379 936 18,635 17,729 906 28 26,539 26,456 244 1,24:28,059 18,731 5,375 32,004 399 579 200 378 934 18,609 17,671 End of month 1960 July. 26,885 26,770 115 34-3 87428,131 19,144 5,359 32,039 406 477 215 353 883 18,581 18,261 320 Aug.. 26,762 26,640 122 405 70727,907 19,005 5,368 32,027 388 481 204 43! 1,013 18,430 17,735 695 Sept.. 27,024 26,808 216 181 1,15528,40f^18,685^5,376*>32,014 P4O3 489 223 456 936 '18,727 17,942 *>785 Wednesday 1960 Aug. 3. 27,07' 26,770 304 287 74328,133 19,144 5,357 32,062 41 378 230 358 885 18,628 18,308 320 10. 26,944 26,808 136 214 72827,916 19,08r 5,362 32,141 409 431 17' 373 881 18,194 17,948 246 17. 27,084 26,833 251 476 1,026 28,636 19,03: 5,364 32,138 410 54' 19: 36: 1,016 18,686 18,365 321 24. 26,763 26,697 66 238 7"31427,770 19,026 5,366 31,982 402 51! 228 383 1,014 17,965 17,636 329 31. 26,762 26,640 122 405 70727,907 19,005 5,368 32,027 388 481 204 432 1,013 18,430 17,735 695 Sept. 7 26,723 26.640 17 83627,768 18,990 5,374 32,310 402 518 195 376 1,009 18,073 17,32 751 14 26,577 26; 57' 137 1,22727,972 18,939 5,375 32,220 401 431 22- 371 929 18,615 17,709 906 21 26,382 26,38.' 90 1,25327,757 18,758 5,376 32,061 404 575 198 378 935 18,245 17,341 904 28 26,780 26,673 10' 61 98"28,417 18,697 5,375 31,972 404 55- 18- 382 936 18996 18,058 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

1130 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. In millions of dollars] All member banks Centrail reserve city banks—NewYork Central reserve city banks—Chicago Period Bor- Bor- Bor- Total Re- Excess row- 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 serves3 serves re- serves3 at serves3 heldi serves2 F. R. heldi serves2 F. R. heldi serves2 F. R. Banks 4 Banks 4 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 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950 Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 [ 199 I 191 8 5 3 1951 Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 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 1,295 1 37 -36 1954 Dec 19 279 18,576 703 246 457 4,508 4 497 12 62 — 50 L 210 I 210 15 — 16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 1,166 [ 164 2 85 — 83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957 Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 136 I 127 8 85 —77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 -80 1,077 I 070 7 39 -31 1959 June 18,451 18,043 408 921 -513 3,933 3,926 7 22 -15 1,009 1,006 3 66 -63 1959_Aug 18,613 18,141 472 1,007 -535 3,889 3,866 23 248 -225 1,033 1,029 4 40 -35 Sent 18,593 18,183 410 903 -493 3,848 3,866 -18 209 -227 [ 025 I 022 3 46 —44 Oct 18,610 18,164 446 905 -459 3,867 3,851 15 225 -209 1,020 (.018 2 84 -82 Nov 18,621 18,176 445 878 -433 3,808 3,785 23 207 -184 02Q 3 64 -61 Dec 6 18,932 18,450 482 906 -424 6 3,920 3,930 -10 99 -109 6 1,038 M38 104 -104 1960 Jan 18,878 18,334 544 905 -361 3,907 3 884 23 111 — 88 1 046 1 041 4 94 -90 Feb 18,213 17,758 455 816 -361 3,753 3,744 9 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 -1 99 -100 May 18,239 17,770 469 502 -33 3,853 3,808 45 ii 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 14 -3 1,020 1,010 10 49 -39 Aug 18,501 17,961 540 293 247 3,780 3,780 27 -27 1,027 1,024 3 41 -38 Sept 218,566^17,928 2638 225 3,773 3,755 18 20 -2 ,014 1,011 3 8 c Week ending: 1959—Sept. 2 18,566 18,165 401 965 -564 3,887 3,876 11 203 -192 1,034 1,031 3 36 -33 9.... 18,640 18,082 558 1,057 -499 3,846 3,839 149 -142 [,010 1,006 4 58 -54 16.... 18,653 18,170 483 1,059 -576 3,886 3,876 10 266 -256 [,021 1,016 4 62 -58 23 18,297 522 859 -337 3,870 3,870 297 -298 1,030 1,032 -2 41 -43 30.... 18^394 18,174 220 721 -501 3,868 3,867 170 -169 [,038 1,031 8 25 -17 17,868 17,431 437 704 -267 3,743 3,725 18 18 Q22 920 2 117 -114 17,870 17,400 470 671 -201 3,655 3,646 9 25 -16 933 931 2 137 -135 20'.'.'.'. 18,280 17,918 362 561 -199 3,876 3,863 13 27 -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 May 4 18,243 17,918 325 552 -227 3,911 3,914 -4 -4 1,000 996 4 53 -49 11.. 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 -I 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 11 3 8 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 i 6 982 979 3 50 -47 2 29 2.... 1 1 8 8 , , 3 6 4 0 2 2 1 1 7 8 , , 8 0 5 4 6 2 4 5 8 6 6 0 4 5 1 5 2 0 7 1 4 0 3 3, , 9 8 1 9 5 4 3 3 , , 8 8 8 4 0 2 7 1 3 3 73 -6 7 0 3 1 1 , , 0 0 0 0 8 3 1,0 9 0 9 3 5 13 1 3 5 1 2 -1 -1 5 9 2 July .f:::: 18,320 17,885 435 440 -5 3,884 3,880 4 4 J 002 1,001 1 43 -42 18,349 17,774 575 341 234 3,769 3,757 13 26 -13 997 989 8 12 -4 2 27 0 . . . . . . . . 1 1 8 8 , , 5 7 5 6 2 2 c1 1 8 8 , , 0 2 7 4 8 5 517 4 3 2 5 9 1 C1 8 2 8 3 3 3, , 8 9 7 2 5 9 3 3 , , 9 8 1 5 9 8 1 1 7 0 34 -2 1 4 7 1 1 , , 0 0 3 2 5 0 1 1, 0 M 34 l 8 1 7 2 7 9 - -2 7 1 6 Aug. 3 C18,591 C18,1O3 488 315 173 3,879 3,880 -1 -1 1,021 1,021 100 -101 10.... 18,525 18,018 507 293 214 3,811 3,807 4 i 3 1,029 1,023 6 109 -102 17 18,564 17,983 581 416 165 3,794 3,778 16 99 -82 1,029 1,031 -2 30 -33 24.. 18,404 17,938 466 193 273 3,761 3,750 12 12 1.034 1,073 11 11 31 18,466 17,827 639 273 366 3,737 3,734 3 20 -17 1,018 5 1 4 1960—Sept. 7 18,358 17,702 656 261 395 3,681 3,651 30 17 13 1,002 997 5 5 18,581 17,762 819 299 520 3,681 3,660 21 43 -22 1,001 996 4 18 -14 21'. !'.'. 18,635 18,116 519 79 440 3,835 3,835 1 1 1,029 1,025 4 4 28.... 218,609218,089 225 3,834 3,836 -2 13 -16 1,019 1,023 -4 12 -16 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1131 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 a v * l es R re e s q e u rv ir e e s d 2 re E s x e c rv es e s s3 B B in o F a g r n . r s R k o a s . w * t - res F e r r e v e es3 v re h T s e e o l r t d v a i e l s R re e s q e u r i v r e e s d 2 re E s x er c v es e s s 3 B B in F o a g r . n r R s k o a . s w t * - 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—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 1959—Aug 7,836 7,779 57 477 -420 5,855 5,467 388 242 145 Sent. 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 NOY. 7,848 7 802 46 415 —369 5 936 5 564 372 192 180 Dec •7,954 7,912 41 490 -449 «6,020 5,569 450 213 237 I960—Jan 7,909 7 840 69 508 -439 6,014 5,568 449 192 257 Feb 7.544 7,503 42 423 -381 5,920 5,518 402 205 197 Mar 7,429 7,391 37 289 -252 5,857 5,494 363 180 183 Apr 7,498 7,453 45 298 -253 5,887 5,504 383 193 190 May 7,515 7 465 51 224 — 173 5 882 5,517 366 222 144 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 6 041 5,550 491 116 375 Sept 7,662 7,595 68 112 -44 *>6,117 *>5,568 *>549 85 H64 Week ending: 1959_Sept. 2 7,841 7,796 45 438 -393 5,804 5,462 342 288 54 9 7,828 7,748 80 556 -476 5,957 5,489 468 294 174 16 7,834 7 789 45 513 — 468 5 912 5,489 423 218 205 23 7,876 7,827 49 376 -327 6,044 5,568 476 145 331 30 7,832 7,768 65 331 -266 5,656 5,508 148 195 -47 I960 Apr. 6 7,369 7,337 32 316 -284 5,834 5,450 384 271 113 7,387 7,351 37 335 -298 5,893 5,473 420 174 246 20 7,579 7,547 32 269 -236 5,863 5,539 324 170 154 27 7,572 7|541 31 278 -247 5,975 5,537 438 151 287 May 4 7,527 7,501 26 277 -251 5,805 5,507 298 222 76 y n: ;::: 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 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 y n ;: 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 C5,559 403 151 C251 Aug 3 . 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 C5,953 5,558 C394 127 C267 31 7,584 7,550 34 133 -99 6,122 5,526 597 119 478 Sent 7 7,602 7 5^7 75 118 — 44 6,073 5,526 547 126 420 p 14::::....:..:: 7,608 7,541 67 139 -72 6,291 5,565 726 99 627 21 7 711 7 659 52 26 27 6,059 5,597 462 54 408 28 7,677 7,644 33 145 -112 *6,078 *5,585 M93 55 P438 c Corrected. n.a. Not available. p Preliminary. 6, 1960, and monthly averages for all classes of banks beginning with 1 Based on figures at close of business through November 1959; there- January 1960 are estimated. after on closing figures for balances with Reserve Banks and opening * 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 < 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

1132 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Sept. 30 beginning: rate Sept. 30 beginning: Sept. 30 beginning: rate Boston Aug. 23,1960 Aug. 23,1960 Aug. 23,1960 4K New York... Aug. 12,1960 Aug. 12,1960 June 10,1960 Philadelphia.. Aug. 19,1960 Aug. 19,1960 Aug. 19,1960 5 Cleveland Aug. 12,1960 Aug. 12,1960 Aug. 12,1960 5 Richmond... Aug. 12,1960 Aug. 12,1960 Aug. 12,1960 4% Atlanta Aug. 16,1960 Aug. 16,1960 4% Aug. 16,1960 Chicago Aug. 19,1960 Aug. 19,1960 June 10,1960 k St. Louis Aug. 19,1960 Aug. 19,1960 4* Aug. 19,1960 Minneapolis.. Aug. 15,1960 Aug. 15,1960 4 Aug. 15,1960 Kansas City.. Aug. 12,1960 Aug. 12,1960 4 Aug. 12,1960 Dallas Sept. 9,1960 Sept. 9,1960 41/2 Sept. 9,1960 4% San Francisco Sept. 2,1960 Sept. 2,1960 4% June 3,1960 5 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES 1 MARGIN REQUIREMENTS 1 [Per cent per annum] [Per cent of market value] Range | F. R. Range ' F. R. Aug. 5, Oct. 16, Effec- Date or level)— Bank Date or level)— Bank Prescribed in accordance with 1958- 1958- tive effective a B ll a F n . k R s . ' N. o Y f . effective 'al B l a F n . k R s . N o .Y f . Securities Exchange Act of 1934 Oc 1 t 9 . 5 1 8 5, Ju 1 ly 96 2 0 7, Ju 1 ly 96 2 0 8, 1948 1957 Regulation T: Jan. 1 19 2 . . . . 1 W - A WA Aue-2l: 3 -3 For extensions of credit by brokers and 70 90 70 Aug. 13.. Nov. 15. For short sales 70 90 70 23.. Dec. 2. Regulation U: 70 90 70 1950 1958 Jan. 22. 24. 1 Regulations T and U limit the amount of credit that may be extended Mar. 7. on a security by prescribing a maximum loan value, which is a specified 1953 13. percentage of its market value at the time of extension: margin require- Jan. 16. 21. 214 ments are the difference between the market value (100%) and the maxi- 23. Apr. 18. WA-2VA mum loan value. May 9. 1954 Aug. 15. Feb. 5. 113344-2 Sept. 12. 15. 23. MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS Apr. 14. Oct. 24. 16. Nov. 7. [Per cent per annum] May 21. 1955 Mar. 6. 2%- Nov. 1» Feb. 1, Jan. 1, Effec- Ap, H. 16. 1933- 1935- 1936- tive May 29. Type of deposit Jan. 31, Dec. 31, Dec. 31, Jan. 1, May 2. June 12. 1935 1935 1956 1957 Aug. 4. Sept. 11. n'. 18. Savings deposits 3 2% 2% 3 1960 Nov. 18. June 1 3 0 . . 3*4-4 3 2Vt 2Vi 3 23. 14. Other time deposits payable: Apr 1 . 9 1 5 3 6 . A Se u p g t . . 1 9 2 .. . 3 -3K I I I n n n l 9 6 e 0 s m s d o t a h n y a t s h n s t o 9 o 0 6 r d m m ay o o s r n e ths.. . 3 3 3 % f ftt 20. In effect 2Vi Aug. 24. Sept. 30. 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 1133 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures. 1 In millions of dollars] Net demand deposits i Time deposits Central reserve Ef o fe f c t c i h v a e n g d e ate C re e s n e t r r v a e l Reserve Coun- C re e a s n e n t r d r v a e l Coun- Item m b e a A m n l k b l s er Ne c w ity ban C ks hi- R b e c a s i n e ty k rv s e C ba o tr n u y k n s city city try reserve try York cago banks banks banks city banks banks Four weeks ending Aug. 10, 1960 In effect Dec. 31, 1945.. 20 20 14 6 6 Gross demand: Total 121,825 24,055 6,092 47,728 43,949 1948_Feb. 27 22 Interbank 13,018 4,188 1,179 6,321 1,330 June 11 24 U. S. Government. 6,009 1,375 361 2,419 1,854 1949__ J S M u e n a p y e t. 1 3 1 0 , 6 , 5 , J 2 * u 4 ly * . 1 . . * . . 2 2 6 4 2 2 2 0 2 1 1 1 1 6 5 4 7 6 * 7 6 % T N i e m t e d O e t m he a r nd2 1 1 5 0 0 5 3 2 , , , 7 1 7 2 8 9 1 5 8 2 1 4 0 8 , , , 5 2 4 9 0 9 7 0 2 4 5 1 , , ,4 5 2 9 6 5 6 3 5 2 3 3 1 8 9 , , , 5 9 8 5 8 6 9 8 2 4 2 3 0 8 7 , , , 7 8 0 6 5 6 5 9 8 A A u u g g . . 16 1 , ,1 1 1 8 * * . . . . . . . . §* \t A 1 1 3 2 5 5 De f m ro a m n d d o b m al e a s n ti c c e s b a d n u k e s. 6,476 85 102 2,003 4,286 Aug. 25 Currency and coin: 1 1 1 9 9 9 5 5 5 3 1 4 — — _ J J S J J j u a u u a e n n l l n p y y e . . t . 1 1 2 2 1 6 5 9 1 , 1 , , , 9 , 2 F A 1 * 4 e u 6 * b g * . . . 1 . 1 * .. . * 2 2 2 2 2 2 2 3 2 4 2 1 0 2% 2 1 1 1 1 1 0 8 8 9 9 8 % 1 1 1 1 3 4 3 2 6 5 6 5 B To a T A B R E l t a a o x e a l n l l c q n t o c a e r u k w e l e s s i s s s r a e e b r d w l v e 5 e i a th h s e r l e d F se . r ve R s. . 1 1 1 2 8 8 8 , , , , 1 2 2 6 4 3 1 7 9 0 9 0 1 6 3 8 7 9 3 3 3 , , , 8 8 8 1 6 7 7 3 6 4 4 1 8 1 1 1 , , , 0 0 0 2 2 2 2 2 6 6 8 4 1 7 7 7 , , , 6 6 6 6 1 9 5 9 4 8 8 9 0 0 5 4 6 5 5 1 , , , , 4 0 2 4 7 5 2 0 2 8 4 6 5 8 1 9 0 8 1958— M Fe a b r . . 2 2 0 7 , , M Ap a r r . . 1 1 * * 1 1 9 9i/2 |7Vi 11a Apr. 17 181/2 Four weeks ending Sept. 7, 1960 Apr. 24 18 16% 1960—Sept. 1 171/2 Gross demand: Total 119,621 23,080 6,072 46,909 43,560 In effect Oct. 1, 1960.. . 171/2 16% 11 5 5 Interbank 13,089 4,122 1,222 6,413 1,332 U. S. Government. 5,192 1,068 299 2,117 1,708 Present legal require- Other 101,339 17,889 4,552 38,380 40,519 ments : Net demand2 101,568 19,538 5,268 39,299 37,464 Minimum 210 10 7 3 3 Time 56,465 4,716 1,509 21,851 28,388 Maximum 222 222 14 6 6 Demand balances due from domestic banks. 6,497 80 107 1,955 4,356 Currency and coin: * First-of-month or midmonth dates record changes at country banks, Total 2,274 131 28 694 1,421 and other dates (usually Thurs.) record changes at central reserve or Allowable as reserves. 524 2 1 140 381 reserve city banks. Balances with F. R. Banks 17,924 3,741 1,021 7,485 5,677 Total reserves held 18,448 3,743 1,022 7,625 6,058 Required 17,862 3,728 1,017 7,577 5,540 minus war loan and Excess 586 15 5 48 518 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 20 per cent. " JLFCiuitiiu ucpuMis suujcui IU resci vc rci4u1iGi.uc11.ui, i.e., gruss uciuaiiu 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 1 fin thousands of dollars] Wednesday End of month 1960 1960 1959 Sept. 28 Sept. 21 Sept. 14 Sept. 7 Aug. 31 September August September Discounts and advances—total 617,409 89,582 136,537 176,672 405,118 181,331 405,118 330,032 Within 15 days 592,983 67,516 131,504 170,952 400,207 153,476 400,207 320,843 16 days to 90 days 23,284 21,937 4,983 5,670 4,849 27,716 4,849 9,081 91 days to 1 year 1,142 129 50 50 62 139 62 108 Acceptances—total 33,109 32,110 32,110 32,107 32,607 41,807 32,607 20,035 Within 15 days 6,312 5,532 9,667 11,078 7,459 13,716 7,459 6,703 16 days to 90 days 26,797 26,578 22,443 21,029 25,148 28,091 25,148 13,332 U. S. Government securities—total.. 26,779,609 26,382,109 26,576,569 26,722,569 26,761,769 27,023,909 26,761,769 26,563,312 Within 15 days 507,276 313,336 387,096 419,460 419,200 471,740 419,200 397,900 16 days to 90 days 6,376,311 6,223,751 6,326,951 6,438,787 6,471,687 6,583,647 6,471,687 6,424,210 91 days to 1 year 12,759,518 12,708,518 12,726,018 12,727,818 12,734,378 12,832,018 12,734,378 11,747,133 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

1134 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1960 1960 1959 Sept. 28 Sept. 21 Sept. 14 Sept. 7 Aug. 31 September August September Assets Gold certificate account 17,426,643 ,486,64017,675,642 17,730,64017,635,64317,416,64217,735,64318,230,144 Redemption fund for F. R. notes.. 977,129 977,429 971,648 970,300 973,095 977,129 973,095 972,885 Total gold certificate reserves. 18,403,772 18,464,06918,647,29018,700,94018,708,738 18,393,77118,708,73819,203,029 F. R. notes of other Banks 487,132 471,713 422,757 380,149 442,535 489,216 442,535 483,569 Other cash 404,237 401,118 392,204 387,910 428,842 412,400 428,842 383,492 Discounts and advances: For member banks 593,409 71,582 134,537 174,672 405,118 162,331 405,118 329,332 For nonmember banks, etc 24,000 18,000 2,000 2,000 19,000 700 Acceptances—Bought outright 33,109 32,110 32,110 32,107 32,107 34,803 32,107 20,035 Held under repurchase agreement. 500 7,004 500 U. S. Government securities: Bought outright: Bills 2,672,047 2,381,047 2,575,507 2,639,407 2,639,407 2,807,247 2,639,407 2,562,250 Certificates—Special Other 14,006,993 006,99314,006, 14,006,99314,006,99314006,99314,006, 10,506,993 Notes 7,510,298 510,298 7,510! 7,510,298 7,510,298 510,298 7,510; 010,298 Bonds 2,483,771 483,771 2,483; 2,483,771 2,483,771 483,771 2,483; 483,771 Total bought outright 26,673,109 26,382,109 26,576,569 26.640,469 26,640,469 26,808,309 26,640, 469 26,563,312 Held under repurchase agreement 106,500 82,100 121,300 215,600 121 300 Total U. S. Government securities. 26,779,609 26,382,109 26,576,569 26,722,569 26,761,769 27,023,909 26,761,769 26,563,312 Total loans and securities 27,430,127 26,503,80126,745,216 26,931,348 27,199,494 27,247,04727,199,494 26,913,379 Due from foreign banks 15 15 15 15 15 15 15 Cash items in process of collection. 5,619,753 ,153,266 6,417, 4,614,276 4,916,605 ,206,457 4,916,605 ,437,331 Bank premises 106,453 106,640 106; 105,510 105,501 106,303 105,501 97,642 Other assets 272,630 255,018 244; 227,214 207,192 278,896 207,192 220,299 Total assets. 52,724,119 53,355,640 52,975,659 51,347,362 52,008,92252,134,10552,008,922 52,738,756 Liabilities Federal Reserve notes 27,598,285 27,667,118 27,769,990 27,817,080 27,621,301 27,651,092 27,621,30127,515,342 Deposits: Member bank reserves 18,058,19117,340,51217,709,34917,322,31217,735,27617,942 17,735,27617,759,814 U. S. Treasurer—general account. 554,395 575,166 430,902 517,536 481,413 489; 481,413 703,536 Foreign 183,956 197,872 224,063 194,786 204,398 222; 204,398 311,833 Other 381,594 378,395 370,651 376,073 431,820 456 431,820 447,756 Total deposits. 19,178,136 18,491,945 18,734,965 18,410,707 18,852,907 19,110,229 18,852,907 19,222,939 Deferred availability cash items 4,632,855 5,900,313 5,190,762 3,777,780 4,209,414 4,051, 4,209,414 4,486,135 Other liabilities and accrued dividends. 41,245 39,529 40,001 41,467 41,550 42; 41,550 39,806 Total liabilities 51,450,521 51,735,718 50,047,03450,725,172 50,855,652 50,725,172 51,264,222 Capita] Accounts Capital paid in. 402,736 402,361 402,093 402,002 402,233 402,858 402,233 383,366 Surplus 774,808 774,808 774,808 774,808 774,808 774,808 774,i"" 868,410 Other capital accounts. 96,054 79,566 63,040 123,518 106,709 100,787 106,709 222,758 Total liabilities and capital accounts. 52,724,119 53,355,640 52,975,659 51,347,362 52,008,922 52,134,105 52,008,922 52,738,756 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 39.3 40.0 40.1 40.5 40.3 39.3 40.3 41.1 Contingent liability on acceptances purchased for foreign correspondents , 205,093 205,001 198,872 202,693 203,578 203,943 203,578 66,579 U. S. Government securities held in custody for foreign account 5,493,836 ,402,786 5,371,406 5,421,416 5,422,616 5,479,006 5,422,616 4,346,216 Federal Reserve Notes—Federal Reserve Agents* Accounts F. R. notes outstanding (issued to Bank).. 28,791,82328,833,958 28,812,232 28,727,57328,662,756 28,743,68128,662,576 28,571,174 Collateral held against notes outstanding: Gold certificate account 10,300,000 10,290,000 10,490,000 10,465,000 10,465,000 10,300,00010,465,00010,200,000 Eligible paper 65,670 13,045 15,449 23,215 55,760 39,995 55,760 80,492 U. S. Government securities 19,565,000 19,565,000 19,365,000 19,305,000 19,280,000 19,565,000 19,280,00019,560,000 Total collateral. 29,930,670 29,868,045 29,870,449 29,793,215 29,800,760 29,904,995 29,800,760 29,840,492 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1135 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1960 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificate account , 819,288 4,646,732 953,806 ,462,524 1,014,234 895,5513,032,360 671,181 354,934 737,640 681,994 2,,146,398 Redemption fund for F. R. notes 59,209 213,524 58,147 87,117 79,259 61,103 177,367 43,548 26,519 44,985 32,318 94,033 Total gold certificate reserves 878,497 4,860,2561,011,9531,549,6411,093,493 956,654 3,209,727 714,729 381,453 782,625 714,312 2,240,431 F. R. notes of other Banks.. 66,822 93,123 45,737 20,864 27,939 70,930 28,104 16,802 27,096 18,799 20,411 52,589 Other cash 30,824 73,214 20,364 37,101 23,990 33,446 65,748 21,281 9,388 15,057 16,208 65,779 Discounts and advances: Secured by U. S. Govt. securities , 6,600 7,960 5,900 3,350 4,650 29,430 40,725 5,075 13,961 29,020 12,760 Other 931 5,415 1,121 1,786 1,055 1,488 2,817 627 1,837 779 1,707 2,337 Acceptances: Bought outright , 34,803 Held under repurchase agreement , 7,004 U. S. Govt. securities: Bought outright , 1,440,679 6,686,850 1,534,9372,303,2891,696,8321,469,926 4,588,4571,083,511 622,0871,150,6391,080,3753,150,727 Held under repurchase agreement , 215,600 Total loans and securities 1,448,210 6,957,6321,541,958 2,308,4251,702,5371,500,844 4,631,9991,089,213 637,8851,180,438 ,094,842 3,153,064 Due from foreign banks 1 14 1 1 1 1 2 1 1 2 Cash items in process of collection 368.188 1,023,959 275,253 422,32o! 445,560 363,869! 838,973 228,637 161,342 255,040 245,507 577,809 Bank premises 4;016 9,506 3,838 8,767| 6,249 10,769, 21,199 6,713 4,904 5,094 13,577 11,671 Other assets 15,062 15,948 24,464 17,533 15,986 46,804 11,167 6,430 12,249 11,377 32,722 69,154 Total assets. 2,811,62013,086,8482,915,052 4,371,5833,317,302 2,952,499 8,842,556 2,088,5421,228,498 2,269,3032,116,2356,134,067 Liabilities F. R. notes ,585,767 6,425,647 1,779,159 2,502,568 2,119,8321,571,655 5,213,7801,189,583 590,4701,121,854 812,0212,738,756 Deposits: Member bank reserves 793,843 5,033,615 798,992 ,368,793 731,473 951,1732,717,227 622,982 448,933 860,341 974,0612,640,870 U. S. Treasurer—general account 27,636 69,123 22,842 25,508 49,777 36,424 51,535 43,811 25,007 26,696 30,459 80,253 Foreign 10,388 371,093 12,508 19,928 9,540 11,024 29,256 6,996 4,876 8,692 12,296 26,076 Other 385,815 2,244 1,726 3,482 1,522 870 1,062 3,932 54,015 475 285 754 Total deposits 832,342 5,559,646 836,586 ,415,955 794,2721,000,1432,798,888 674,851 479,101 899,6611,017,570 2,801,214 Deferred availability cash items 328,095 728,637 222,628 331,056 341,381 310,638 642,766 179,513 128,397 192,113 212,744 433,505 Other liabilities and accrued dividends 2,010 12,030 2,250 4,065 2,299 2,193 6,668 1,641 1,302 1,726 1,706 4,968 Total liabilities 2,748,21412,725,960 2,840,623 4,253,6443,257,784 2,884,629 8,662,1022,045,588 1,199,270 2,215,354 2,044,0415,978,443 Capital Accounts Capital paid in 19,971 113,990 23,503 37,340 18,384 21,525 55,981 13,472 9,263 17,109 23,151 49,169 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. 5,103 25,993 5,288 8,069 6,568 6,039 17,139 3,620 2,385 5,120 4,398 11,065 Total liabilities and capital accounts 2,811,62013,086,848 2,915,052 4,371,5833,317,302 2,952,4998,842,556 2,088,542 ,228,498 2,269,3032,116,2356,134,067 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 36.3 40.6 38.7 39.5 37.5 37.2 40.0 38.3 35.7 38.7 39.0 40.4 Contingent liability on acceptances purchased for foreiim correspondents. 10,050 457,296 12,101 19,280 9,230 10,665 28,304 6,768 4,717 8,409 11,896 25,227 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) ,675,289 6,674,192 1,823,732 2,625,2372,184,9611,633,3135,315,214 1,238,787 670,5101,152,181 853,032 2,897,233 Collateral held against notes outstanding: Gold certificate account.... 530,000 2,800,000 700,000 920,000 700,000 500,0001,900,000 410,000 180,000 300,000 260,0001,100,000 Eligible paper 5,900 5,075 29,020 U. S. Govt. securities 1,250,000 4,000,000 1,200,0001,750,000i'525,6661,200,000 3,700,000 935,000 510,000 870,000 625,000 2,000,000 Total collateral. ,780,000 6,800,0001,905,900 2,670,000 2,225,0001,700,000 5,600,0001,350,075 690,000 1,199,020 885,000 3,100,000 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $146,647,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $151,580,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1136 BANK DEBITS LOANS GUARANTEED UNDER REGULATION V* FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [Amounts in millions of dollars] [In effect Sept. 30] y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a r A a n iz t s m e ed ount a T m o o t o u a u n l t t L st o a a n n d s g P in u o t g e a r e t r i a d o n n - a u a o A b n v n u o a t d a d t e m s m r i d e e l r t i r a e a o o t b n n a i w u g o l g t d e n s e u n r i t r e n a a s t e r l g o - - lo P a e n F r c e g e e u n s a I ta P n ra g s a n t e y i t a t e o u b e f t l d i e o n to o G n u G ar u a a n r i t a n ( G e b p n t e y e u e t i e r r a n e b e c r g s d e a o t n n r A r t P p t a o g e a o g w e e y r e n t a e f i c b r e o o y ) e l n f e b o y f F L i o n a a n a P n y n f e e c b r e c i c o n o e r c g m n r h o t m a a w r g i g e e t e m r d o e f nt 1954 ,367 2,500 472 368 273 70 or less 10 10 1955 ,411 2,575 294 226 170 75 15 15 1956 ,468 2,761 389 289 125 80 20 20 1957 ,503 2,912 395 300 135 85 25 25 1958 ,543 3,105 310 236 168 90 30 30 95 35 35 1959 Over 95 40-50 40-50 Aug [,558 3,174 330 249 121 Sept 1,560 3,174 342 257 101 Maximum Rates Financing Institution May Charge Borrower Oct 1,561 3,179 340 253 107 [Per cent per annum] Nov 1,562 3,179 342 255 105 Dec 1,563 3,189 340 256 98 Interest rate 1960 Commitment rate. Jan 1,565 3,192 333 250 103 Feb 1,565 3,195 341 256 95 1 Schedule of fees and rates established by the Board of Governors on Mar 1,565 3,202 356 264 79 loans made by private financing institutions and guaranteed by Govern- Apr 1,565 3,216 358 251 90 ment procurement agencies, pursuant to the Defense Production Act May 1,568 3,272 376 252 92 of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing June 1,568 3,272 303 216 75 agencies in these transactions, and the procedure is governed by Regula- July ,571 3,284 304 217 73 tion V of the Board of Governors. Aug :,573 3,284 281 200 60 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 interbaink U. S. Government accounts and U. S. Government deposits Year or month All Leading centers 337 other ]Leading centers 337 c>ther reporting reporting repoi centers New York 6 others1 centers2 New York 6 others1 cent 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—Sept 215,843 86,633 81,067 44,240 43,259 92,017 91,516 57.6 55.4 32.1 31.7 24 6 24.7 Oct 230,245 89,356 89,519 45,486 46,083 92,216 94,642 60.1 59.2 32.8 32.5 24.7 24.8 Nov 217,139 91,522 82,273 46 257 43,810 95,067 91,055 60.1 58.0 33.6 32.7 25 3 25 4 Dec 261,121 89,244 104,976 46,278 51,763 93,696 104,382 60.1 67.0 33.2 35.3 24.9 26.4 I960—Jan 230,100 84,646 88,529 46,218 46,305 94,335 95,266 55.7 57.8 33.0 32.9 25.1 25.3 Feb 221,965 90,786 85,058 49,752 45,626 98,866 91,282 58.5 56.3 35.7 33.4 26.4 25.0 Mar 245,705 88,721 96,593 46,730 50,410 95,610 98,703 57.9 60.3 34.0 36.6 25 8 25 8 Apr 225,984 86,042 86,174 48,414 46,862 96,753 92,947 56.4 56.3 35.3 35.5 26.1 25.4 May 232 824 92 176 88 551 48,453 47,895 97,986 96,378 61.1 58.9 35.5 35.2 26 3 26 2 June 250,831 91,604 99,809 48,583 50,415 97,931 100,608 61.3 65.7 35.7 36.5 26.4 26 9 July '223,567 89,444 86,063 46,807 45,254 '94,819 '92,250 58.9 58.8 34.2 34.0 25.5 25.7 Aus r241 799 99 947 92 435 50,127 49,474 r99,063 r99,890 65.5 59.8 36 7 34 7 26 6 26 0 Sept 240,798 103,832 97,162 48,974 47,909 96,261 95,727 68.5 65.9 2>35.8 P35.5 P26.0 P26.2 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 1137 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! 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 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1954 30,509 21,374 1,834 ,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 ,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31,834 22,626 2,110 ,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958 32,193 22,856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959—Aug 31,973 22,784 2,241 ,444 83 2,111 6,572 10,333 9,189 2,741 5,820 264 352 3 Sept 31,848 22,672 2,259 ,464 82 2,112 6,521 10,233 9,176 2,733 5,823 263 347 3 Oct 31,905 22,752 2,269 ,474 83 2,122 6,544 10,261 9,154 2,725 5,815 261 344 3 Nov 32,489 23,277 2,294 ,488 84 2,185 6,734 10,491 9,213 2,753 5,850 260 342 3 Dec 32,591 23,264 2,304 ,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 I960—Jan 31,569 22,409 2,268 ,419 82 2,102 6,415 10,123 9,160 2,739 5,825 254 334 3 Feb 31,552 22,440 2,275 ,409 83 2,098 6,456 10,120 9,112 2,719 5,795 256 334 3 Mar 31,633 22,539 2,294 ,410 82 2,105 6,494 10,154 9,094 2,715 5,787 255 330 3 Apr 31,600 22,529 2,311 ,417 82 2,104 6,474 10,141 9,070 2,712 5,769 254 327 3 May 31,879 22,809 2,324 ,440 83 2,138 6,561 10,263 9,070 2,718 5,767 252 324 3 June 32,065 22,970 2,338 ,440 84 2,141 6,604 10,363 9,095 2,737 5,774 252 323 3 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 Aug 32,027 22,912 2,364 1,426 85 2,113 6,525 10,399 9,115 2,738 5,800 250 319 3 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955^the totals shown as in circulation were less than totals of coin and rency (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulationl Total out- Held by F. R. Kind of currency standing As security For Banks Au 1 g 9 . 6 3 0 1, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B F a a . n n R d k . s ag a e n n d ts Au 1 g 9 . 6 3 0 1, Ju 1 ly 9 6 3 0 1, Au 1 g 9 . 5 3 9 1, certificates agents Gold 19,005 18,739 2266 Gold certificates . 18,739 15,893 2,816 30 30 31 Federal Reserve notes 28,663 84 1,484 27,095 27,105 27,093 Treasury currency—total 5,368 32,394 37 429 4,902 4,904 4,848 Standard silver dollars 488 142 26 8 312 307 291 Silver bullion 2,252 2,252 Silver certificates and Treasury notes of 1890.. .. 12,394 326 2,068 2,089 2,i27 Subsidiary silver coin 1,560 4 61 1,495 1,485 1,429 Minor coin 566 2 7 558 553 521 United States notes 347 5 25 316 316 316 Federal Reserve Bank notes 100 C4) 98 99 108 National Bank notes 56 w (4) 55 56 57 Total Aug 31 1960 (5) 21,133 388 15,893 4,729 32,027 July 31, 1960. . . . (5) 21 264 406 16 022 4,687 32,039 Aug 31 1959 (5) 21,667 392 16,411 4,588 31,973 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. 1129. 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 redemption fund, are counted as reserve. Gold certificates, as herein NOTE.—There are maintained in the Treasury—(1) as a reserve for used, includes credits with the Treasurer of the United States payable United States notes and Treasury notes of 1890—$156,039,431 in gold in gold certificates. Federal Reserve Bank notes and national bank bullion; (2) as security for Treasury notes of 1890—an equal dollar amount notes are in process of retirement. in standard silver dollars (these notes are being canceled and retired on receipt); (3) as security for outstanding silver certificates—silver in bullion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1138 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, net- Date T c u r u e r a y r- s- U. S. Government obligations l T i i a t o i b e ta i s l l - Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n rc m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d s n i c t y s c m o n a u i c e s n - t c ts . , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 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—Sept. 30. 19,500 5,300 252,100 131,600 94,100 66,500 26,600 1,100 26,500 276,900 252,100 24,800 Oct. 28. 19,500 5,300 251,800 131,500 94,000 66,600 26,400 1,100 26,200 276,600 251,700 24,900 Nov. 25. 19,600 5,300 251,400 132,300 93,100 65,400 26,700 1,100 25,900 276,300 251,100 25,200 Dec. 31. 19,456 5,311 255,435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 1960—Jan. 27. 19,500 5,300 250,200 133,000 91,300 64,800 25,400 1,000 25,800 274,900 250,500 24,400 Feb. 24. 19,400 5,300 248,300 133,400 89,200 63,000 25,200 1,000 25,700 273,000 248,000 25,000 Mar. 30. 19,400 5,300 247,600 134,600 87,300 61,100 25,300 1,000 25,700 272,400 247,300 25,100 Apr. 27 r 19,400 5,300 250,800 136,200 89,000 62,600 25,500 1,000 25,600 275,600 250,200 25,300 May 25 r 19,400 5,400 250,700 136,800 88,500 61,800 25,700 1,000 25,400 275,400 249,300 26,000 June 15. 19,351 5,354 253,320 139,164 88,637 61,541 26,155 941 25,519 278,025 251,981 26,044 June 29r 19,300 5,400 252,500 139,100 87,900 60,800 26,200 900 25,500 277,200 251,000 26,200 July 27r 19,200 5,400 254,700 138,200 90,800 63,200 26,700 900 25,700 279,200 252,900 26,300 Aug. 31 r 19,000 5,400 255,100 138,700 90,800 63,100 26,800 900 25,600 279,500 252,200 27,300 Sept. 28^ 18,700 5,400 258,300 140,800 91,800 64,200 26,800 900 25,700 282.400 255,100 27,300 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o d n a i s e g e n i - t n t k s, T h c i u r o n a e r g l s a y d h s s - - m sa b c e v a a o A r i n n c n m 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 m r n c m k e ia s - l de M p b s o a a u s v n t i i k t u n s s a g 2 3 l s S S P y a o v s s t i e t n a m g l s p m o D d s a e e i n - - ts d 4 b r C o e s a i n u u n d c t r k e - y - s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i l c t d d y s j p m u D o a d s a e d s e t n - i e - - t d d s b r C o e s a i n u u n d c t r k e - y - s 1929—June 29.. 365 204 381 36 54, 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40, 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63, 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 76, 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 150, 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31.. 1,682 1,336 1,452 870 170, 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, 59,247 36,314 20,009 2,923 92,272 25,398 114,600 90,000 24,600 1957—Dec. 31.. 3,270 761 4,179 481 227, 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, 98,306 63,166 34,006 1,134115,507 28,740 138,800 110,700 28,100 1959_june 24.. 3,600 400 4,700 500 240, 101,000 65,400 34,600 1,100110,700 28,300 140,900 112,600 28,300 1959—Sept. 30.. 3,300 400 6,400 700 241,400101,500 65,700 34,800 1,000111,400 28,500 140,800 112,400 28,400 Oct. 28.. 3,100 400 5,500 500 242,200101,100 65,500 34,600 1,000112,700 28,300 140,400 112,000 28,400 Nov. 25.. 3,000 400 4,700 400 242,600100,300 64,800 34,600 1,000113,100 29,100 140,100 111,800 28,300 Dec. 31.. 3,203 391 5,319 504 246,603101,779 65,884 34,947 948115,402 29,422 140,200 112,000 28,200 I960—Jan. 27.. 2,800 400 3,800 600 242, 101,000 65,200 34,900 900114,000 27,900 140,000 111,700 28,300 Feb. 24.. 2,600 500 4,800 500 239 101,200 65,400 34,900 900110,500 28,000 139,100 110,800 28,300 Mar. 30.. 2,700 400 4,700 500 239J000 102,200 66,000 35,300 900108,800 28,100 139,500 111,100 28,400 Apr. 27 r, 2,800 400 4,700 600 241 102,300 66,200 35,200 900111,500 27,900 139,400 111,200 28,200 May 25 '. 2,800 400 7,200 500 238 102,600 66,500 35,200 900107,700 28,100 137,500 109,300 28200 June 15.. 2,744 421 6,657 535 241 103,056 66,906 35,301 849110,024 28,544 (5) .5) June 29', 2,900 400 7,300 500 239 103,700 67,400 35,400 800107,800 28,300 138,000 109,900 28,100 July 27r, 2,800 400 6,500 500 242 104,200 67,900 35,500 800110,100 28,400 138,600 110,300 28,300 Aug. 31 r, 3,000 400 5,700 500 242 105,200 68,900 35,600 800108,900 28,500 138,600 110,300 28,300 Sept. 28?, 2,900 400 7,700 600 243 106,000 69,400 35,800 800109,300 28,300 138,500 110,300 28,200 * Preliminary. r Revised to benchmark data. shown on page 135, footnote 3, of that BULLETIN has been revised from 1 Represents all commercial and savings banks, Federal Reserve Banks, —0.9 to —0.5. The new factor is 97.9. Postal Savings System, and Treasury currency funds (the gold account, NOTE.—For description of statement and back figures, see the BULLETIN Treasury currency account, and Exchange Stabilization Fund). for January 1948, pp. 24-32. The composition of a few items differs 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, slightly from the description in the BULLETIN article; stock of Federal open account; and deposits of Postal Savings System in banks. Reserve Banks held by member banks is included in other securities and 3 Prior to June 30, 1947, includes a small amount of demand deposits. in capital and miscellaneous accounts, net, and balances of the Postal * Demand deposits other than interbank and U. S. Govt., less cash Savings System and the Exchange Stabilization Fund with the U. S. items reported as in process of collection. Treasury are netted against capital and miscellaneous accounts, net, 5 Seasonally adjusted series begin in 1946 and are available only for last instead of against U. S. Govt. deposits and Treasury cash. Total deposits Wednesday of the month. For description of series and for back data and currency shown in the monthly Chart Book excludes foreign bank 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 1139 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank2 Other Total Num- Cash lia- Bor- capital ber Class of bank U.S. assets 2 bilities row- ac- of and date Govt. Other and Total 2 Demand ings counts baiinks Total Loans obliga- secu- capital Detions rities ac- mand Time Time counts 3 U.S. Govt. Other All banks: 1941—Dec. 31 61,126 26,615 25. 8,99927,344 90,908 81,816 10,982 44,355 26,479 23 41414,826 1945_Dec. 31 140,227 30,362 101 8,57' 35,415177,332165,612 14,065 105.935 45,613 227 1054214,553 1947—Dec. 134,924 43,002 81,199 10,72338,388175,091161,865 [2,793 240 1,346 94 381 53,105 6611 94814,714 1957—Dec. 3H. .., 203,849 •15,115 65,792 22,94349,318257,864233,020 5,636 1,386 3,903 123 993 88,102 8020;42814,090 1958—Dec.31 221,485 21,571 73,641 26,27349,911276,430250,057 [5,799 2,374 4,253 130 132 97,498 8121 705 14,020 1959—June 31 223,200 128,690 68 170 26,34042,730 270,990241,230 [2,870 2,030 4,420121 600 100,310 2,710: 36013,997 Sept.24 225,530 132,610 66470 26:450 44,630275,500246,320 [3,700 1,780 6,140123 860 100,840 1,41022 84013,996 Dec. 30 227,831 [35,958 65;80126,07150,296283,629254,885 [5,650 1.443 5.0541131 622 101,116 624 22915 13,991 1960—Mar.31 223,770 137,010 61,06025,700 42,530271,990239,630 12,680 1,270 4,410119 720 101,550 3,29023 26013,999 30 226,820 [38,660 62,57025,59043,300275,760243,260 2,520 1,470 4.4801123 120 101.670 3,00023 35013,996 May 27' 226,710 139,550 61,81025,35042,030274,360241,320 2,210 1.490 6.880J118;720 102,020 3,18023 52014,002 June 25' 228,436 141,376 61,54125,51947,888 142 249,163 3,920 1,448 6.4171124.912 102,467 2,594 23 79614,006 June 15 227,200 140,990 60,76025,45043,710 ;710 244,470[3,300 1,440 7.060! 119 570 103,100 2,17023 77014,000 July 29 ' 229,370140,520 63,20025,65043,770 ,050 245,900[3,070 1,480 6,2301121 460 103,660 2,59023 89013,999 Aug. 27' 229,940 141,230 63.11025,60043,830 ,000 245,830 [3,500 1,610 5,440120^600104,680 2,92024 12013,998 Sept.31 ' 232,100 142,180 64;19025,73044,500 ,710 249,330[3,670 1,670 7,390121.130 105,470 2.05024 23014,000 All commercial banks: 1941—Dec. 31 50,746 21,714 21, 26,551 79,104 71,283 10,982 15,952 23 7,173|14,278 1945—Dec. 31 124,019 26,083 90,606 34,806160,312150,227 14.065 30,241; 219 950(14.011 1947_Dec. 314 116,284 38,057 69,221 37,502155,377144,103 2,792 240 ,367i35,360 65 1005914,181 1957—Dec. 31 170,068 93,899 58,23917,93048,428222^696 201,326 5,636 1,385 ,967 56,440 77il7 36813.568 1958—Dec. 31 185,165 98,214 66,376 20,57548,990238,651216.017 5,799 2.372 .104 63.493! 7311848613,501 1959—June 24 185,920 104,450 60,860 20;610 41 ;93O232,380206,630 2,870 2,030 .570 65.740i 2.71019 03013,479 Sept. 30 187,790 107,830 59,23020,73043,910236,500211,480 3,700 1.780 ,830 66,030 1,41019 44013,478 Dec. 31 190,270 110,837 58,937 20,50 49,467244,686219,903 5,649 1.441 ,593 66,169 61519 55613,474 1960—Mar. 30 185,680 111,390 54,16020,13041,780232,590204,350 12.680 1,270 ,690 66,300 3,29019 86013.482 Apr. 27' 188,810112,950 55,83020,03042,610236.480208,080 12,520 1,470 .090 66,520 3,00019 96013,480 May 25' 188,580 113,630 55,14019,81041,360234,980206,090 12,210 1,490 ,690 66,820 3,180 20 11013.486 June 15 190,137 115,30^ 54,91319,91747,124 242,544 213,829 13,919 1,446 ,884 67,165 2,590J20 331 13,491 June 29r 188,900 114,840 54.21019,85042,880237.040209,01013,300 1,440 .540 67,670 2,17020 28013,485 July 27' 190,890 114,170 56,70020,02043,010239,270210,42013,070 1,480 ,430 68,210 2.59020 38013,484 Aug. 31 T 191,240 114,660 56,58020,000 43,080240,000210,24013.500 1,610 ,570 69,120 2,920|20 580113,483 Sept. 28" 193,270 115,430 57,69020J5C43,710242,530213,52013,670 1,670 ,100 69,690 2,050120 660113,485 All member banks: 1941—Dec. 31 521 18,021 19,539 5,96 23,123 68,121 61.71 10.385 140 1,709 37,136 12,347 4 5,886| 6,619 1945—Dec. 31 183 22,775 78,338 6,07C29,845 138,304129,67013,576 64 22,179 69!640 24,210! 208 7,589 6.884 1947—Dec. 31 846 32,628 57,914 7,304 32,845132,060122,52812,353 50 1,176 80;60928,340 54} 8,464 6.923 1957—Dec. 31 353 80,950 47,07914,32442,746188,828170,63' 15,082 1,246 472105:547 45,290 5714,554 6.393 1958—Dec. 31 865 84,061 54,29916,504 43,188202,017182,81615,227 2,187 822110 5415,460 6,312 1959_j S U e n p e t . 2 3 4 0 , ,0 9 0 3 ' 8 9 8 2 9 , , 0 30 6 1 3 4 4 7 9 , , 3 1 0 6 7 41 16 6 , , 5 5 6 4 8 23 3 7 8 , , 1 8 7 34 1 19 9 8 6 , , 9 1 8 8 . 2 1 1 7 7 7 4 . . 7 0 1 7 3 3 1 1 3 2 , , 1 3 8 5 1 7 , , 8 6 8 3 9 4 ,9 5 4 2 3 2 1 1 0 04 2 ; 492 52; 884 2 1 , , 6 3 1 5 9 8 1 1 5 6 , , 8 1 7 6 5 9 6 6 . , 2 24 7 9 9 Dec. 31 .879 94,779 46,81316,28743,509 205,726184.70615,048 ,338 4,504 HO! 52,827 58116,264 6,233 1960—Mar. 30 762 95,086 42,68615,99C36,770195,092170.71512,207 ,165 3,904 IOO; 52,798 3,21616,495 6,219 Apr. 27 570 96,38" 44,28915.89437,562198,618174,12312.047 ,362 4,074103 52,952 2,94216,581 6,218 May 25 317 96,880 43,74215;69536,522197,304172.40011,752 ,388 6,232 99,841 53,187 3,08816,697 6,213 June 15 657 98,344 43,52615,78841,875204,167179,51913,367 .305 745105 566 53,536 2,503 16,829 6,217 June 29 593 97,898 42,98015,71537,97' 199,243175,20012,775 ,298 360100 790 53,977 2,06916,822 6,212 July 27 313 97,183 45,23815,89237,981201,057176.21412,524 ,336 622 102;366 54,366 2,505 16,892 6.204 Aug. 31 587 97,523 45,19815,86638,033201,632175.99912,943 .467 887|l01,594 55.108 2,78317,056 6,205 Sept. 28." 282 98,196 46,07316,01338,686203,891178.95213,10f ,525 827 10190555,590 1,99617,114! 6,200 AH mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 110,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 115.371 1,592; 542 1947—Dec. 31 4 18,641 4,944 11,978 1,718 886 19,71 17,763 3 14 17,745 1,889i 533 1957—Dec. 31 33,782 21,216 7,55f 5,013 890 35,168 31,69: 4 26 31,662 3,059! 522 1958—Dec. 31 36,320 23,35^ 7,265 5,698 92 37,779 34,040 3[ 29 34,006 3,219 519 1 19 9 5 5 9 9 — _ S ju e n p e t. 2 3 4 0 3 3 7 7 , , 2 7 8 4 0 0 2 2 4 4 . , 2 7 4 8 0 0 7 7 , , 3 2 1 4 0 0 5 5 , , 7 7 3 2 0 0 7 8 2 0 0 0 3 3 8 9 , , 6 0 1 0 0 0 3 3 4 4 . , 6 8 0 4 0 0 3 3 0 0 3 3 4 4 , , 5 8 7 1 0 0 3 3 . , 3 4 3 0 0 0 : | 5 5 1 1 8 8 Dec. 31 37,561 25,126 6,864 5,570 82 38.943 34,983 29 34,948 3,3591 517 1960—Mar. 30 38,090 25,620 6.900 570 750 39,400 35.280 30 35,250 3,400i 517 Apr. 27 38,010 25,710 6,740 56C 690 39,280 35,180 30 35,1501 3,390 516 May 25 38,130 25,920 6.670 54C 670 39,380 35,230 30 35,200! 3,4101 516 June 15 38,300 26,069 6,628 5,603 764 39,598 35.335 28 35,301j 3,4651 515 June 29 r 38,300 26.150 6,550 830 39,670 35,460 30 35,430 3,490| 515 July 27 ' 38,480 26,350 6.500 760 39,780 35,48C 30 35.450 (5) 3,5101 515 A Se u p g t . . 2 31 8 " r 3 3 8 8 , , 8 7 3 0 0 0 2 2 6 6 , , 5 7 7 5 0 0 6 6 , . 5 5 3 0 0 0 5,58C 7 7 5 9 0 0 4 4 0 0, J 0 8 0 C 0 3 3 5 5 . . 5 8 9 1 C C 3 3 0 0 3 3 5 5 . . 7 56 8 0 0 (5) 3 3 . , 5 54 7 0 0 5 5 1 1 5 5 P Preliminary. r Revised to benchmark data. mutual savings banks that became members in 1941 (these banks are 1 All banks in the United States. Beginning with January 1959, excluded from all commercial banks). all banks in Alaska with total deposits of $172 million were included Stock savings banks and nondeposit trust companies are included with in the series (a national member bank has been included since April commercial banks. Number of banks includes a few noninsured banks, 1954); beginning with August 1959, all banks in Hawaii with total deposits for which asset and liability data are not available. Comparability of of $365 million were included in the series (a national member bank figures for classes of banks is affected somewhat by changes in Federal with total deposits of $220 million has been included in the series since Reserve membership, insurance status, and the reserve classifications of April 1959). cities and individual banks, and by mergers, etc. All banks comprise all commercial banks and all mutual savings banks. 2 Beginning with June 30, 1942, excludes reciprocal balances, which on All commercial banks comprise (1) all nonmember commercial and Dec. 31, 1942, aggregated $513 million at all member banks and $525 (2) all member commercial banks. Member banks include (1) a national million at all insured commercial banks. bank in the Virgin Islands that became a member on May 31, 1957, (2) 3 Includes other assets and liabilities not shown separately. a noninsured nondeposit trust company, and (3) two (three prior to I960) For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1140 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES'—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits ! Total assets— Total Interbank 2 Other Total Num- Cash lia- Bor- capital ber Cla a s n s d o d f a b te ank Total Loans o G U t b io q l . i n v g S s t a . . - O s ri e t t c h ie u e s - r assets2 c c b o a i a a l u p i n c t i n - d i t e t a s s l 3 Total 2 m D a e n - d Time U.S D . emand Time r i o n w gs - co a u c- nts ba o n f ks 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 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 Sept. 30 25,194 17,244 5,570 2,380 7,690 34,101 29,141 4,315 1,256 1,208 18,795 3,567 244 3,342 16 Dec. 31 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20,419 3,448 232 3,361 16 1960—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 15 24,774 18,350 5,384 2,040 8,890 36,102 29,719 4,209 992 1,140 19,898 3.479 980 3,430 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 Sept. 28P 26,270 17,714 6,277 2,279 8,165 36,068 29,347 4,056 1,121 1,995 18,401 3,774 865 3,470 15 Chicago: 1941_Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 ,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947_Dec. 31 5,088 1,801 2,890 397 ,739 6,866 6,402 1,217 72 4,201 913 426 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 ',842 8,440 7,423 1,123 259 4,586 ,424 164 740 14 Sept. 30 6,727 4,011 2,052 664 ,992 8,805 7,681 1,204 347 4,678 ,426 253 753 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 I960—Mar. 30 6,630 4,135 1,866 629 ,604 8,329 6,978 1,219 233 4,103 ,399 467 752 11 Apr. 27 6,531 4,156 1,745 630 ,783 8,410 ,281 1,087 235 4.520 ,402 241 755 11 May 25 6,562 4,259 1,647 656 ,723 8,378 ,254 1.053 381 4,371 ,405 225 760 11 June 15 6,707 4,386 1,664 656 2,132 8,928 ,692 1,233 335 4,669 ,412 333 765 11 June 29 6,598 4,342 1,620 636 ,854 8,546 ,474 1,151 407 4,442 ,426 161 769 11 July 27 6.811 4,284 1,845 682 ,745 8,662 ,551 1,163 342 4,552 ,444 195 770 11 Aug. 31 6,661 4,317 1,727 617 .927 8,698 ,647 1,236 275 4,629 ,452 117 783 11 Sept. 28^ 6,740 4,361 1,792 587 ,980 8,833 7,766 1,191 552 4,497 ,465 125 781 11 Reserve city member banks:6 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1957—Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67,483 7,241 301 ,358 39,96018,623 21 5,370 278 1958—Dec. 31 60,558 34,003 20,645 5,910 17,701 79,781 72.647 7,506 377 ,429 42,259"" 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 Sept. 30 60,647 37,733 17,169 5,74516,298 78,511 70,496 6.377 318 ,282 39,991144 21,605 555 6,044 270 Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 ,698 42,66821,555 238 6,106 265 I960—Mar. 30 58,445 38,392 14,690 5,36315,044 75,183 66,202 5,831 228 ,474 37,9"9 4' "2"0,675 ,298 6,115 225 Apr. 27 59,649 38,990 15,305 5,35415,412 76,723 67,699 5,803 278 ,577 39,333 20,708 ,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 15 59,750 39,534 14,921 5,29517,378 78,780 69,887 6,625 245 2,319 39,759 20,938 870 6,181 224 June 29 59,563 39,421 14,846 5,296 1155,786 77,090 68,028 6,062 241 2,591 37,966 21,168 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 38,925 21,300 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 38,284 21,589 1,093 6,306 217 Sept. 28^ 60,790 39,430 16,029 5,331 15,801 78,381 69,317 6,509 317 2,500 38,25721,734 803 6,332 217 Country member banks:6 1941_Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6.519 1957—Dec. 31 56,820 28,191 21,815 6,814 14,139 72,062 65,991 1,640 ,181 40,724 "2,2429 30 5,359 6,083 1958—Dec. 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 ,175 42,349 25,137 37 5,685 6,006 1959—June 24 62,386 32,317 22,377 7,69212,363 75,986 68,787 1,232 ,309 40,11526,094 510 5,898 5,975 Sept. 30 63,370 33,075 22,516 ,77912,854 77,567 70,395 1,285 ,685 41,10526,286 306 6,030 5,949 Dec. 31 64,082 33,766 22,535 ,78114,122 79,567 72,323 1,602 ,508 42,8"3"2 "2,6356 71 6,035 5,938 1960—Mar. 30 64,345 34,697 21,847 ,80112,346 77,971 70,104 1,251 ,403 40,147 27,279 500 6,244 5,967 Apr. 27 65,035 35,250 21,990 ,79512,595 78,916 70,959 1,248 ,138 41,139 27,410 453 6,280 5,966 May 25 65,174 35,668 21,749 ,75712,323 78,798 70,576 1,191 ,803 40,03127,527 615 6,340 5,962 June 15 65,427 36,074 21,556 7,797 13,475 80,357 72,222 1,299 ,951 41,240 "2"7,706 320 6,453 5,966 June 29 65,112 36,075 21,241 7,796 12,564 79,007 71,044 1,223 ,947 40,003 27,847 371 6,369 5,962 July 27 65,377 35,999 21,593 7,785 12,854 79,571 71,624 1,274 1,757 40,52328,046 301 6,416 5,955 Aug. 31 65,805 36,473 21.520 7,812 12,924 80,210 71,923 1,308 1,623 40,53328,433 490 6,484 5,962 Sept. 2SP 66,482 36,691 21,975 7,816 12,740 80,609 72,522 1,349 1,780 40 "75"0 "2,8617 203 6,531 5,957 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 1141 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans andi nvestments Deposits Total assets— Total Interbank2 Other Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i n v g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b o a i a l a l u p i n i c a t n i - d i t - t e a s s l 3 Total 2 m D a e n - d Time U.S D . ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e m f k r s - Govt. All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69, 10,654 1,762 41,298 15,699 10 6,84413,,426 1945—Dec. 31 121,809 25,765 88,912 7,13134,292157,544147, 13,883 23,740 80,276 29,876 215 8,67113,,297 1947—Dec. 31 114,274 37,583 67,941 750 36!926152,733141,85112,615 54 1,325 92,975 34,882 61 9,73413,,398 1957—Dec. 31 168,595 93,430 57,580 17585 48127 220,865199,87615,489 1,264 3,859 123,127 56,137 6617,05113,142 1958—Dec. 31 183,596 97,730 65,669 20198 48!689 236,724214,48515,653 2,209 4,241129,214 63,168 6718,15413,101 1959_June 10 184,632102,902 61,396 20334 42;623 231,876 206; 14913,338 2,013 2,766122,744 65,288 2,76218,76213,086 Dec. 31 188,790110,299 58,34820,14349158 242,828218,47415, 1,358 5.037130,720 65.858 60219.206n 107 I960—June 15 188,691114,785 54,36619,540 46,825 240,728 212,44213. 1,324 6,396124,091 ,875 2,573 19,978 13.140 National member banks: 1941_Dec. 31 27,571 11,725 12,039 3,806 977 433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 114 220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 024 182 82,023 8,375 35 795 53,54119,278 5,409 5,005 1957—Dec. 31 91,201 50,350 31,234 9,617 26;786 153109,091 8,958 517 2,166 66,54630,904 9,070 4,620 1958—Dec. 31 99,277 52,627 35,71410,936 26; 397116,714 9,035 767 2,292 69,80834,812 9,643 4,578 1959—June 10 99,982 55,816 33,15211,014 23; 255112,659 7,818 705 1,526 66,43336,177 1,42010,041 4,559 Dec. 31 102,615 59,962 31,76110,892 27; 636119,638 8,947 514 2,742 71.01536.421 34010.302 4.542 I960—June 15 102,309 62,398 29,29810,614 26 433116,178 7,937 472 3,594 67.27036,905 1,491 10,686 4.542 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1957—Dec. 31. 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958-Dec. 31 55,588 31,435 18,585 5,56816,407 73,620 66,102 6,192 1,420 1,530 40,64016,320 10 5,817 1,734 1959—June 10 55,307 32,616 17,072 5,619 14,021 71,010 62,152 5,127 1,285 880 38,23716,622 1,266 5,879 1,721 Dec. 31 55,264 34.817 15.052 5,396 16,045 73,090 65,069 6.102 825 1,763 39,97416.406 240 5.962 T.601 1960—June 15 55,348 35,946 14,228 5,174 15,495 72,734 63,341 5,42' 833 2,151 38.29616.631 1.012 6,143 1.675 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 1957—Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,558800 10,873 2,500 6,753 1958—Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,76612,063 2,696 6,793 1959—June 10 29,371 14,484 11,183 3,704 4,770 34,642 31,365 392 361 18,07412,516 2,846 6,810 Dec. 31 30,939 15,534 11.546 3,859 5,651 37,132 33,795 451 533 19.73213.059 2.944 6.878 1960—June 15 31,052 16.450 10,848 3,755 4,952 36,582 32,942 389 651 18.52513.357 3.151 6,926 Noninsured nonmember commercial banks: 1941_Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 31* 2,009 474 1,280 255 576 2,643 2,251 177 185 1,392 478 325 783 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 317 425 1958—Dec. 31 1,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 1959_june 10 1,518 504 639 375 271 1,850 1,444 143 122 830 342 338 383 Dec. 31 1,480 534 589 358 309 1,858 1,429 150 83 873 311 350 1960—June 15 1,446 522 547 377 299 1,815 1,386 163 122 792 290 353 350 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 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 33,227 572 185 428 19,65512,387 3,028 7,192 I959_june 10 30,889 14,988 11,821 4,079 5,041 36,491 32,810 Sf 144 368!18,90312,858 3,183 7,193 Dec. 31 32,419 16,068 12,134 4,216 5,961 38,990 35,224 103 545 20,60513.370 3,294 7.244 I960—June 15 32,498 16,972 11,395 4,131 5,251 38,397 34,328 141 669 19,31813,648 3,503 7,276 553 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12,192 1,252 194 1957—Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 1 3 24,991 2,308 239 1958—Dec. 31 28,980 19,180 5,215 4,585 752 30,189 27,277 2 3 27,243 2,473 241 1959_june 10 30,150 20,106 5,324 4,721 630 31,228 28,041 2 2 28,011 2,608 251 Dec. 31 30,580 20,942 5,016 4,622 686 31,741 28.577 2 3 28 544 2,654 I960—June 15 31,133 21,721 4,743 4,669 624 32,211 28,824 2 28,791 2,735 268 Noninsured mutual savings banks: 1941_Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 3H 5,957 1,384 3,813 760 211 6,215 5.556 5,553 637 339 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 1958—Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 6,762 746 278 1959—June 10 7,071 4,043 2,025 1,003 150 7,298 6,461 6,460 707 267 Dec. 31 6,981 4,184 1,848 949 143 7,200 6,405 6.404 705 24<> I960—June 15 7,167 4,348 1,885 934 141 7,387 6,511 6,510 730 247 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

1142 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 c n t f e i d al 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* C c o m m c p p i k l i p o n u i n a e e a e a e m g d - r r r - t l n - - - - A c tu u a g l r l - r - i- o p b k d a L T s r u r e e n e o o o r r a c d c - c a s l a u - h n r r a s r o i y t s t f T i i h i e o n n o e s r g g rs b i a T n f n o s i L k n ti s a o t t n u o a c t n o i i s o a T th n l o e s rs l R t o a a e t n a e s l O lo v u i d t t a i a n h o i d - n l - e s - s r O lo th a e n r s To U ta . l S. B G i o ll v s ern c C t m a e i t f r e i e - n - s t o N b o li t g e a s tio B n o s nds S p s O t d s a i i t i o u c i o o o a b n v b l a f t n n i d l - i e l t i s - s - - s O s ri e t t h c ie e u s r - Total:' 1947_Dec. 31... 116,28438,057 18,167 1,660 8301,220 115 9,393 5,723 947 69,2212,193 7,789 6,034 53,205 5,276 3,729 1958—Dec. 31... 185,16598,21440,425 4,973 2,8321,829 719 25,25520,698 3,437 66,3766,294 7,39913,396 39,287 16J505 4,070 1959—June 10*. 186,151103,40641,613 5,098 22,,333333 1,903 1,852 26,6""69 2222,382 3,567 62,0355,149 4,722 14.,.0.3.7. 3 .8.,1.2 7 16,9,84 3 Dec. 31... 190,270110,83240,174 5,018 3,0181,850 819 7,118 28,060 24,166 2,784 58,9376,300 2,420 14,856 35,360 16,958 3,543 I960—June 15... 190,137115,30741,775 5,363 2,6021,739 2,365 7,063 28,353 25,523 2,74754,9133,593 2,210 1152,22 243 333,88716;789 3,127 All insured: 1941—Dec. 31... 49,29021,259 9,2141,450 614 662 40 4,773 4,505 21,046 988 3,159 16,,899 3,651 3,333 1945—Dec. 31... 121,80925,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,132 88,9122,45519,07116,045 51,,342 3,873 3%258 l947_Dec. 31... 114,27437,58318,012 '1,610 "8"2 3"1 ,1"9'0 114 9,266 5,.654 914 67,9412,124 7,552 5,918 52,,347 5,129 3,621 1958—Dec. 31... 183,59697,73040,289 4,9132,7971,810 713 25,148 2~0,,589 3,420 65,6696,159 7,36213,240 38,,9!08 16,266 3,932 1959— D Ju e n c. e 1 3 0 1 * .. . . 1 18 8 8 4 , , 7 6 9 3 0 21 11 0 0 2 , , 2 9 9 0 0 24 4 1 0 , , 4 0 5 2 9 2 4 5 , J 9 0 7 4 3 6 2 2 , ^ 9 1 8 2 2 1 ' , , 8 8 8 2 4 7 1,8 8 4 1 7 3 105 2 27 6 , ,.5 9 .5 4 .0 8 . 2 2 ,2 4, 2 0 6 3 4 2 2 3 , , 7 5 6 4 7 9 5 6 8 1 , , 3 3 4 9 8 6 6 5 , , 1 0 8 2 9 5 4 2, , .4 6 " 9 0* 0 4' 1 1 4 3 , , 7 9 2 2 9 8 3 3: 5 7 , ,7 0 5 2 4 71 16 6 , ,7 7 2 4 1 3 3 3 ,4 5 2 9 2 1 1960—June 15... 188,691114,78541,625 5,318 2,584 ,719 2,360 043 28,240 25,387 2,72854,3663,527 2,184 15,090 33,566 "1,6545 2,994 Member, total: 1941_Dec. 31... 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31... 107,18322,775 8,949 885555 3,133 3,378 47 3,455 1,900 1,057 7788,3382,27516,985 14,271 44,807 3,254 2,815 1947_Dec. 31... 97,84632,62816,962 ,,046 811 ,065 113 7,130 4,662 83957,9141,987 5,816 4,815 45,295 4,199 3,105 1958—Dec. 31... 154,86584,06137,444 3,052 2,,730 ,599 710 20,01317,028 3,21154,2994,644 6,143 11,117 32,396 13,405 3,100 1959—June 10*. 155,28988,43138, 132 2,260 ,669 1,821 21,180 18,397 3,276 5"0,225 3,854 3,688 11,410 31,273 13,820 2,813 Dec. 31... 157,87994,77936, 116 2,885 ,587 811 6,80122,185 19,877 2,603 46,8134,612 1,812 11,604 28,785 13,677 2,610 1960—June 15... 157,65798,34438,204 3297 2,469 ,488 2,309 6— 309 20,932 2,550 43,5262,521 1,583 11,959 27,463 13,473 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 80 287 272 17,574 477 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*. 25,64816,51410,731 1,556 409 967 746 1,625 852 6,7451,165 350 1,717 3,513 1,978 411 Dec. 31.. 25,29118,12110,549 1,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 1960—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 ,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 ,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 1,459 855 387 2199,5521,034 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 1,301 20,645 ,293 2,370 4,497 1122,484 4,864 ,047 1959—June 10*. 60,81236,31516,410 753 404 860 715 8,986 7,513 1,358 18,663 870 1,512 4,23012,051 4,885 949 Dec. 31.. 61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 98017,292 ,484 645 4,109 1111,054 4,830 813 1960—June 15.. 59,75039,53415,778 805 511 713 924 3,184 9,036 8,430 89214,921 464 365 4,006 10,086 4,623 672 Country: 1941_Dec. 31.. 12,518 5,890 1,676 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 42 471 4 1,881 707 359 26',999 630 5,102 4,54416,722 1,342 1,067 1947—Dec. 31.. 36,32410,199 3,096 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 ,262 1958—Dec. 31.. 61,51130,257 8,080 2,368 294 268 6 10,806 8,239 779 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 ,5811,642 1,622 5,02314,295 6,392 ,315 Dec. 31.. 64,08233,766 8,498 2,321 298 284 11 1,056 11,816 9,491 .5352,381 863 5,751 13,540 6,452 ,330 I960—June 15.. 65,42736,074 9,212 2,465 308 286 242 1,085 12,22010,286 652 21,5561,329 807 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 1,921 230 5,256 3,671 22612,088 ,651 1 2552,280 6,901 3,102 971 1959_june 10.. 30,88914,988 3,144 1,967 73 234 5,502 3,985 29111,8211,295 1,034 2,629 6,864 3,166 913 Dec. 31.. 32,41916,068 3,3481,902 133 263 317 5,888 4,289 18112,1341,689 608 3,254 6,584 3,283 934 I960—June 15.. 32,498 16,972 3,571 2,066 134 251 32' 6,053 4,591 19711,395 1,073 627 3,265 6,429 3,317 814 • For a discussion of revision in loan schedule, see the BULLETIN for included in member banks but are not included in all insured or total January 1960, p. 12. banks. Comparability of figures for classes of banks is affected somewhat i All commercial banks in the United States. These figures exclude by changes in Federal Reserve membership, insurance status, and the data for banks in U. S. territories and possessions except for member reserve classifications of 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 (two beginning June 1960) are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1143 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Rec b o c C a m a n l l a m k l s s d s e a r a o c t n f e i d al F s B s w e e R e a r d r i v n e t e v e h - k r e s a s l C va i a n u s l h t b m a a w B d n e n a o i c s k t l e - t h - s i s c 5 ju p m D s o d a a t d s e e e n i - - - d t d s 6 m D e In d s o t t e - i e p c r 5 o b s a i n F ts k or- G U o . v S t . . p v s S o i u a t l s i a b n i t o t d i d e c n i s a - s l c C c h o a f e e e i f e n t e r f r c c s d i d t . - k i * - s, p a v n s a p i I t d h i d r n o o t u i d r n p c n a a i e o s s - l - , r s r - - , I b n a t n e k r- G P U S i a o n o a n . g s S v v d t s - . a t l S s p a u i t o c a n b l a t i d d e l t- i s - p a v n s a p I t i h i d d r n o o t i u d r n p c n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p n l - i t - s Total:* 1947—Dec 31... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1958—Dec 31... 18,427 3,249 12,609115,518 14,142 1,657 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 1,547 2,774 10,485 3,407 109,681 2,135 322 3,747 61,562 2,77019,100 Dec. 31... 17,931 3,012 12,237115,420 13,944 1,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62,718 61519,556 1960—June 15... 17,917 3,252 10,999110,025 12,484 1,436 6,414 10,753 3,701 110,429 1,446 259 3,616 63,290 2,590 20^331 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 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 11,236 379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1958—Dec. 31... 18,427 3,227 12,353114,645 14,025 629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 6718,154 1959—June 10... 18,084 3,096 10,140111,537 11,821 517 2,766 10,390 3,376 108,979 2,013 322 3,674 61,292 2,762 1188,762 Dec. 31... 17,931 2,990 11,969114,563 13,825 675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 6"0"219,206 1960—June 15... 17,917 3,232 10,737109,249 12,356 400 6,396 10,648 3,655 109,788 1,324 259 3,555 63,0612,57319,978 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 1,243 222,179 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 41,004 541_5_,,.4_6.0 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 49,565 2,686 15,919 Dec. 31... 17,932 2,222 7,532 95,274 13,389 1,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 58116,264 1960—June 15... 17,918 2,427 6,913 91,042 11,980 1,387 5,745 8,304 3,366 93,896 1,305 234 2,768 50,534 2,50316,829 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 20 1,206 195 2,120 1947—Dec. 31... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 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 1,739 100 3,345 3,282 1959—June 10... 4,090 148 66 16,010 2,888 1,148 479 295 1,259 17,657 1,564 140 3,423 '809 3,300 Dec. 31... 3,908 151 138 15,494 3,462 1,303 1,027 310 1,536 18,573 988 65 3,359 232 3,361 1960—June 15... 4,054 144 87 15,332 3,149 1,060 1,140 294 1,849 17,754 992 95 3,360 980 3,430 Chicago:* 1941—Dec 31... 1,021 298 2,215 027 127 233 34 2,152 476 288 1945—Dec 31... 942 200 3,153 ,292 1,55: 237 66 3,160 719 377 1947—Dec 31... 1,070 175 3,737 ,196 7: 285 63 3,853 902 426 1958—Dec 31... 1,058 185 4,271 ,314 249 302 88 4,746 1,423 3 733 1959—June 10... 998 105 3,947 ,119 120 235 77 4,345 1,387 272 743 Dec 31... 920 142 4,171 ,187 272 329 105 4,636 1,449 40 762 1960—June 15... 995 109 3,678 ,193 335 283 4,301 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 1,05: 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—Jun 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 6,181 Country : 1941—Dec. 31... 2,210 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,082 1,982 1945—Dec 31... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 52 219 12,224 11 2,525 1947—Dec. 31... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 45 337 14,177 23 2,934 1958—Dec. 31... 5,444 1,476 5,030 40,272 1,565 1,175 4,819 1,032 36,498 132 1,250 23,755 37 5,685 1959—June 10... 5,647 1,423 4,093 39,140 1,281 950 4,718 944 35,150 140 1,320 24,620 463 5,946 Dec. 31... 5,573 1,357 4,870 40,514 1,578 1,508 4,972 857 37,003 13: 1,077 25,146 71 6,035 I960—June 15... 5,388 1,515 4,488 39,159 1,285 1,951 4,923 631 35,686 127 1,290 26,289 320 6,453 Nonmember:3 1947—Dec 31. 544 3,947 13,595 385 167 1,295 180 12,284 190 172 6,858 1,596 1958—Dec. 31. 808 4,633 19,300 528 428 2,325 331 16,999 185 747 11,613 3,027 1959—June 10. 767 3,996 18,632 487 368 2,279 297 16,328 144 810 12,024 3,183 Dec. 31., 790 4,706 20,146 555 545 2,544 369 17,692 103 783 12,560 3,294 1960—June 15., 826 4,087 18,983 504 669 2,449 335 16,533 141 848 12,775 3,504 2 Beginning with June 30, 1948, figures for various loan items are * 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

1144 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Financial institutions T lo o a t n a s l L a o n a d ns Com- a T n o d b d r e o a k l e e r r s s To others Banks in N s o ti n tu b t a i n o k ns Wednesday i m n a v e n e n d s t t s - j i m u n a s v e t d e n e - s t d t s - 1 j L u a o st d a e - n d s 1 i m n t a c r d i n e i a u a d r l l - s- A t c u g u r r l a - i l - G U t l i o i o o g . b n v a S - - s t. . O c t s u t i e h e r - s i e - r G U t l i o i o o g . b n S 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 o t e i e o m c s r - - - - n s c s P a a o o a f n e n n l m i 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 e t r a r i v o e lu e - n a s cial panies etc. Total— Leading Cities 1959 Sept 2 9 1 10 0 5 4, 0 8 1 6 0 ? 1 10 0 3 3 , .7 5 5 54 7 6 64 4, 4 6 8 7 3 4 7 7 8 9 0 9 0 9 7 ? 9 91 1 8 3 3 3 3 3 9 4 1 1 , , 6 6 8 0 6 4 1 1 6 5 5 8 1 1, , 2 2 5 7 1 3 6 65 3 1 9 1 1 ,4 1 5 0 6 5 / T \ , 0 9 3 ?0 4 5 5 5 4 6 3 P p 3 3 - 8 1 5 5 1 1 4 4 0 0 5 60 6 1 1 3 3 6 6 1 1 16 105 594 104,149 65 099 29 348 924 333 1,609 161 1,240 647 1,445 4 080 I 569 P 438 14 110 1 360 23 104,60? 103,399 64 909 79 376 929 296 1,586 162 1,222 644 1 203 3 903 I 572 P 465 14 113 1 359 30 104,311 103,583 65,354 29,481 944 401 1,660 162 1,193 677 728 3,947 1,603 12 456 14,190 1,360 1960 Aug 3 106,765 105,148 68,469 31 104 1,004 499 1,483 146 1,133 704 1.617 4 566 [ 617 P M0 15 161 1 458 10 106 230 104 770 68 7,31 069 1,005 476 1,471 140 1,125 689 ,510 4 418 I 627 1? 516 155153 1 458 17 106,397 105,003 68,779 ^ 114 1,011 534 1,466 138 1,127 663 1,394 4 313 I 629 P 518 15 170 1 454 24 105 749 104 478 67 779 30 897 1,011 466 1,388 143 1,133 672 ,371 4J171 I 634 P 560 15 156 1 452 31 106 198 '104' 850 '67 948 30,970 1,023 '473 1,392 140 1,134 674 ,348 4,183 1,645 1? 566 15 70? 1,454 Sept 7 106 683 105 091 68 016 30 933 1,019 528 1,499 146 1,144 676 ( 59? 4 171 I 626 P ^51 15 177 1 454 14 107,186 r105,55? '68 406 31 307 1,032 1,476 153 1,145 684 r1 6343 99S [ 665 P 555 15 ?00 1 452 21 108 793 r106.875 '69 776 31 568 1,042 '844 1,499 171 1,147 693 r ,468 4 307 [ 658 P 559 15 165 1 427 28 107 235 106 717 '68 777 31 541 1,055 '615 1,451 147 1,145 676 r1.018 4 116 1,662 P 556 15 206 1 443 New York City 1959 Sept 2 25 555 25,104 16824 9 883 1 197 1,201 42 419 430 451 1,396 304 805 2 542 396 9 25 718 25,049 167^7 9 910 1 189 1,142 40 417 439 669 1 34? 305 833 ? 535 396 16 ?6 049 25 407 17078 10 035 1 171 1,132 41 409 438 642 1505 303 848 ? 540 395 23 25 388 24 956 \f>917 10 086 1 183 1,115 39 405 435 432 1347 293 8^7 551 395 30 75 ?48 24 999 17 105 10 171 1 186 1,138 41 386 464 249 1394 302 85? ? 565 395 1960 AUK 3 26 094 25 46? 17505 10 385 5 320 916 34 337 438 632 t 597 315 854 ? 715 411 10 7,5661 25 181 17763 10 335 5 265 871 28 335 425 480 53? 315 849 ? 714 411 17 75 6?9 25 773 1774? 10 336 5 307 889 29 338 413 406 480 307 84'> ? 707 411 24 7,5408 ?4 91? 16977 10 7,37 5 205 852 29 341 422 496 396 305 838 ? 706 404 31 75 575 25 731 17070 10 371 5 221 861 28 341 420 294 4? 3 315 835 ? 705 405 ?6 03? 25 545 17745 10 799 c 276 949 28 341 431 487 493 296 83? ? 700 405 14 26 114 25 619 17?03 10 459 c 279 920 29 343 428 495 330 297 831 687 405 21 26 657 26 247 !?709 10 575 392 936 28 340 426 410 571 297 828 2 688 377 28 26 358 25 995 470 10 585 332 923 28 342 422 363 4?9 298 8^6 674 394 Outside New York City 1959 Sept 2 79 307 78 653 47 800 19 109 912 142 485 123 854 209 654 ? 638 1 239 11540 115H 965 9 79 ?9? 78 505 47 776 19 097 917 145 462 118 834 212 787 ? 578 1 251 1155? 115?5 965 16 79,545 78 742 48 071 19,313 923 162 477 120 831 209 803 575 1,266 11,590 11570 965 23 79 ?14 78 443 47 99? 19790 928 113 471 123 817 209 111 ? 556 1 279 11 608 11562 964 30 79 061 78 584 48 749 19310 943 215 522 121 807 213 479 ? 553 1 301 11604 116^5 965 1960 A.ug 3 80,671 79,686 50 964 ?0,719 999 179 567 112 796 266 985 7969 1 302 11656 1? 446 1 047 10 80,569 79 539 50 968 70734 1,000 211 600 112 790 264 1,030 ? 886 1,312 11667 P 439 1*047 17 80,768 79,780 50,987 70.778 1,006 227 577 109 789 250 988 ? 833 1 322 11676 12463 1 043 24 80,341 79jS16 50 85? 70,665 1,006 261 536 114 792 250 825 ? 775 1 329 117?7 12*45O 1*048 31 80,673 r79,619 '50,878 70,649 1,018 r252 531 112 793 254rl,054 760 1 330 11731 P *497 1*049 Sept. 7 80 65 79 546 50 771 70 634 1,014 252 550 118 803 245 1,105 ? 678 1 330 11719 P 477 1 049 14 81,07? r79 933 '51 703 70,848 1,027 '364 556 124 802 256'1 139 ? 668 1 368 \] 7?4 12513 1 047 21 81,636 r80 578 '51 517 70993 1,037 '452 563 143 807 267rl,O58 ? 736 1*361 11731 P 477 1050 28 80,877 '80,222 20,956 1,050 '283 528 119 803 254 '655 2,687 1,364 11,730 12,532 1,049 r Revised. 1 Exclusive of loans to domestic commercial banks and deduction of valuation reserves; individual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 1145 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— All total Wednesday Bal- Bal- Re- other liabili- Notes and bonds Other ances ances Currency serves assets ties maturing: secu- Total with with and with and Cer- rities domes- for- coin F. R. capital Total Bills tifi- tic eign Banks accounts cates With- banks banks in 1 to After 1 year 5 years 5 years Total- Leading Cities 1959 Sept. 2 29,057 2,297 1,093 1,703 17,344 6,620 10,076 17,047 2,721 81 ,123 13,122 3,046 134,705 9 28,947 2,239 1,097 1,686 17,309 6,616 10,124 16,954 2,844 84 ,203 12,823 3,064 134,955 16 28,894 2,312 1,087 1,637 17,229 6,629 10,156 17,652 3,080 108 ,195 13,269 3,025 138,218 23 28,361 2,042 1,040 1,586 17,074 6,619 10,129 17,275 2,761 94 ,229 13,191 3,035 134,936 30 28,121 1,990 1,033 1,568 16,916 6,614 10,108 17,181 2,943 92 ,155 12,991 3,143 135,803 1960 Aug. 3 27,062 2,782 848 936 I8,048 4,448 9,617 17,373 2,706 101 ,145 13,421 3,752 138,289 10 26,903 2,627 855 945 18,022 '4,454 9,586 17,101 2,655 102 ,201 13,143 3,774 137,362 17 27,169 2,390 ,311 684 18,014 •4,770 9,605 17,579 2,763 104 ,192 13,520 3,707 138,915 24 27,150 2,395 ,315 70117,962 •A,111 9,499 16,933 2,624 100 ,232 12,977 3,689 135,845 31 27,381 2,612 ,309 724'17,972 '4,764 9,521 17,115 2,648 97 ,189 13,181 3,837 137,586 Sept. 7 27,408 2,591 ,341 726 17,972 4,778 9,667 17,013 2,966 106 ,221 12,720 3,780 138,159 14 27,491 2,669 ,341 729 17,974 4,778 9,655 17,333 2,976 100 ,287 12,970 3,748 140,899 21 27,992 3,056 ,358 1,125 17,642 4,811 9,607 17,217 3,031 119 ,243 12,824 3,824 140,849 27,816 2,825 ,364 1,181 17,614 4,832 9,674 17,744 2,765 114 ,293 13,572 3,852 139,436 28 New York City 1959 5,892 791 119 318 3,315 1,349 2,388 3,7P6 143 3,563 1,161 33,555 Sept. 2 5,845 770 119 312 3,301 1,343 2,447 3,732 156 3,470 1,174 33,747 9 5,931 127 286 3,297 1,341 2,448 3,570 147 3,298 1,162 34,259 16 5,631 746 111 249 3,184 1,341 2,408 4,009 149 3,737 1,170 33,639 23 5,507 680 121 233 3,133 1,340 2,387 3,860 142 3,590 1,207 34,151 30 1960 Aug. 3 5,819 1,122 339 3,397 900 2,138 4,09: 148 3,842 ,546 34,972 10 5,758 1,051 344 3,406 894 2,160 3,990 150 3,730 ,601 34,676 17 5,831 916 478 3,389 1,033 2,150 4,172 148 3,910 ,591 34,833 24 5,852 957 482 3,375 1,022 2,133 3,944 147 3,695 ,597 34,029 31 5,978 1,086 472 3,382 1,020 2,183 4,280 148 4,028 ,656 35,023 Sept. 7 6,016 1,105 480 3,390 1,028 2,284 3,982 156 3,721 35,201 14 6,145 1,239 481 3,365 1,048 2,271 4,078 164 3,807 ,578 35,624 21 6,282 1,363 478 3,343 1,060 2,256 4,199 146 3,926 ,616 36,358 28 6,231 1,282 484 3,336 1,078 2,294 4,489 166 4,203 ,628 36,167 Outside New York City 1959 Sept. 2 23,165 1,506 974 1,385 14,029 5,271 7,688 13,251 2,671 980 9,559 101,150 9 23,102 1,469 978 1,374 14,008 5,273 7,677 13,222 2,779 1,047 9,353 1,890 101,208 16 22,963 1,432 960 1,351 13,932 5,288 7,708 14,082 3,017 1,048 9,971 1,863 103,959 23 22,730 1,296 929 1,337 13,890 5,278 7,721 13,266 2,689 1,080 9,454 1,865 101,297 30 22,614 1,310 912 1,335 13,783 5,274 7,721 13,321 2,861 1,013 9,401 1,936 101,652 1960 Aug. 3 21,243 1,660 509 875 r14,651 '3,548 7,479 13,281 2,650 997 9,579 2,206 103,317 10 21,145 1,576 511 882'14,616 '3,560 7,426 13,111 2,593 ,051 9,413 2,173 102,686 17 21,338 1,474 833 669'14,625 r3,737 7,455 13,407 2,697 ,044 9,610 2,116 104,082 24 21,298 1,438 833 685'14,587 '3,755 7,366 12,989 2,572 ,085 9,282 2,092 101,819 31 21,403 1,526 837 706'14,590 3,744 7,338 12,835 2,591 ,041 9,153 2,181 102,563 Sept. 7 21,39: 1,486 861 713 14,582 3,750 7,383 13,031 2,914 ,065 8,999 2,15' 102,958 14 21,346 1,430 860 717 14,609 3,730 7,384 13,255 2,918 ,123 9,163 2,170 105,275 21 21,710 1,693 880 1,087 14,299 3,751 7,351 13,018 2,969 ,097 8,898 2,208 104,491 28 21,585 1,543 880 1,130 14,278 3,754 7,380 13,255 2,705 ,127 9,369 2,224 103,269 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1146 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Other Capita Wednesday De- Interbank States Certi- Indi- U. S. States Indi- From liabil- acmand and fied viduals, Govt. and viduals, F.R. From ities counts deposits U.S. polit- and partner- Inter- and polit- partner- Banks others ad- Govt. ical offi- ships, bank Postal ical ships, justed 1 Domes- For- sub- cers' and sav- sub- and tic eign divi- checks, corpo- ings divi- corposions etc. rations sions rations Total- Leading Cities 1959 Sept. 2 60,216 10,842 1,506 3,672 4,606 2,346 63,014 1,616 173 1,569 28,965 434 1,663 3,129 11,170 9 60,634 11,324 1,463 2,560 4,456 2,254 63,851 1,615 174 1,553 29,006 298 2,080 3,157 11,164 16 61,143 11,841 1,454 3,141 4,365 2,315 66,410 1,594 175 1,520 28,988 313 1,884 3,089 11,129 23 60,242 10,527 1,427 3,819 4,450 2,238 63,578 1,578 172 1,516 29,040 606 1,733 3,123 11,129 30 60,180 10,998 1,450 4,279 4,631 2,533 64,184 1,567 169 1,508 29,063 173 936 3,112 11,200 1960 Aug. 3 59,392 10,988 1,372 4,549 4,947 2,375 62,469 1,376 129 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 1,387 127 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 1,422 127 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 1,437 130 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 1,431 133 1,987 29,738 309 2,136 4,843 11,802 Sept. 7 59,009 11,964 1,376 2,530 4,683 2,490 62,519 1,474 129 1,976 29,814 72 2,486 4,844 11,802 14 60,017 12,008 1,349 2,168 4,496 2,319 65,834 1,488 130 1,978 29,960 71 2,405 4,906 11,787 21 59,163 11,792 1,392 4,752 4,521 2,574 63,583 1,486 129 1,986 29,995 11 1,902 4,951 11,775 58,813 10,951 1,344 5,524 4,630 2,482 62,306 1,489 129 1,945 30,112 530 1,313 4,857 11,824 28 New York City 1959 15,191 2,895 176 1,065 312 1,175 16,747 ,260 140 3,337 10 716 1,384 3,312 Sept. 2 15,404 2,978 129 692 293 1,153 17,081 ,261 139 3,357 15 941 1,372 3,310 9 15,591 3,082 147 734 289 997 17,783 ,244 124 3,361 104 698 1,369 3,301 16 15,213 2,778 117 1,028 334 1,067 16,884 ,230 124 3,394 186 792 1,380 3,299 23 15,065 3,167 148 1,218 342 1,328 17,231 ,221 125 3,411 9 235 1,369 3,321 30 1960 Aug. 3 15,057 2,933 ,038 1,348 296 ,377 16,624 ,052 171 3,365 1,071 2,219 3,453 10 14,580 3,023 ,149 1,063 272 ,611 16,121 ,056 176 3,364 7 1,052 2,298 3,459 17 14,439 2,958 ,092 1,238 270 ,356 16,254 ,077 179 3,393 117 1,077 2,335 3,462 24 14,564 2,874 ,081 1,039 273 ,274 16,097 ,090 180 3,400 890 2,355 3,451 31 14,716 2,993 ,058 1,011 289 ,361 16,628 ,084 182 3,427 51 1,033 2,409 3,469 Sept-.J::::::: 14,847 3,293 ,055 683 277 ,523 16,611 ,095 185 3,437 1,160 2,396 3,461 15,310 3,068 ,027 531 251 ,303 17,610 ,106 185 3,536 1,146 2,373 3,463 21 14,947 3,146 ,065 1,684 264 ,592 16,977 ,104 187 3,513 942 2,410 3,449 28 14,838 3,008 ,041 2,006 313 ,573 16,644 ,104 187 3,565 80 785 2,381 3,456 Outside New York City 1959 Sept. 2 45,025 7,947 330 2,607 4,294 1,171 46,267 356 147 ,429 25,628 424 947 1,745 7,858 9 45,230 8,346 334 1,868 4,163 1,101 46,770 354 148 ,414 25,649 283 1,139 1,785 7,854 16 45,552 8,759 307 2,407 4,076 1,318 48,627 350 149 ,396 25,627 209 1,186 1,720 7,828 23 45,029 7,749 310 2,791 4,116 1,171 46,694 348 146 ,392 25,646 420 941 1,743 7,830 30 45,115 7,831 302 3,061 4,289 1,205 46,953 346 143 ,383 25,652 164 701 1,743 7,879 1960 Aug. 3 44,335 8,055 334 3,201 4,651 998 45,845 324 104 ,711 26,052 189 ,283 2,300 8,270 10.... 44,387 8,268 325 2,657 4,419 961 45,840 331 102 ,706 26,125 100 ,197 2,381 8,274 17.... 43,724 8,228 341 3,375 4,355 998 46,162 345 102 ,743 26,238 272 ,231 2,414 8,278 24 44,039 7,698 335 2,832 4,308 941 45,187 347 105 ,805 26,287 98 ,211 2,380 8,285 31.... 44,218 7,778 332 2,665 4,505 979 45,608 347 105 ,805 26,311 258 ,103 2,434 8,333 SepSI:::: 44,162 8,671 321 1,847 4,406 967 45,908 379 104 ,791 26,377 72 ,326 2,448 8,341 44,707 8,940 322 1,637 4,245 1,016 48,224 382 105 ,793 26,424 71 ,259 2,533 8,324 21 44,216 8,646 327 3,068 4,257 982 46,606 382 104 ,799 26,482 11 960 2,541 8,326 28.... 43,975 7,943 303 3,518 4,317 909 45,662 385 105 ,758 26,547 450 528 2,476 8,368 1 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 1147 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY» [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'i and Period* t l o F iq b a o u n a o o c d d c r , o , T a l p e e a a p x n t t a h i d r l e e e r s l, , M m p u a r c e e n o t t t s d a d a 3 l - l s ch r P l c u e e a e o m b u n t a b r m d i l o c e , a , - r l, Other ( r T w e s a r h a t n a a o l d d e i l l e e ) - m d C e o a o d l m e i r t - y s u P p t ( t t r o u i i i a n o l r b i n c n t t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o h p in f l e e l e r s ss c c h l f N a a i n e s e s d g t i e - s ch r w b e a i e a i n p n a n e n d o l g k g l k r ' e l l t s y — - 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—July.. -104 25 -308 -79 7 -45 -9 -20 5 -524 -664 Aug.. 102 89 -112 -11 24 -32 83 -105 20 55 113 -11 Sept.. 143 -26 65 15 42 82 46 191 9 41 606 571 Weekending: I960—July 6. -7 -6 -159 -60 16 -2 2 43 -13 -5 -189 -196 -64 14 5 -1 23 -32 -4 -44 13 32 -57 -76 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 Sept. 7 15 22 -20 -5 1 5 -2 -11 -9 -43 -47 -37 14 50 -2 50 20 39 46 13 78 11 49 354 374 21 56 -30 70 12 6 24 18 102 10 38 306 265 28 23 -17 -36 -11 -4 7 17 22 -3 -3 -6 -27 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 [Weighted averages. Per cent per annum] Size of loan Size of loan p A e a r r n i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r r n i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Quarterly (cont.): 2 Annual averages, New York City: 19 large cities: 1959—Sept 5.15 5.79 5.60 5.36 5.07 Sept.3 5.14 5.79 5.61 5.36 5.06 1951 3.1 4.7 4.0 3.4 2.9 Dec.3 5.19 5.82 5.61 5.41 5.12 1952 . 3.5 4.9 4.2 3.7 3.3 1960—Mar 5.18 5.81 5.63 5.41 5.10 1953 3.7 5.0 4.4 3.9 3.5 June 5.19 5.81 5.64 5.42 5.10 1954 3.6 5.0 4.3 3.9 3.4 Sept 4.74 5.73 5.45 5.00 4.62 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—Sept 5.27 5.88 5.69 5.42 5.17 1958 4.3 5.5 5.0 4.6 4.1 Sept.3 5.28 5.89 5.70 5.42 5.17 1959.. 5.0 5.8 5.5 5.2 4.9 Dec.3 5.39 5.95 5.77 5.50 5.30 1960—Mar 5.34 5.95 5.73 5.47 5.24 Quarterly: 2 June 5.34 5.94 5.72 5.52 5.24 19 large cities: Sept 4.96 5.90 5.54 5.21 4.81 1959—Sept 5.27 5.91 5.65 5.43 5.15 11 Southern and Sept.* 5.27 5.92 5.66 5.44 5.15 Western cities: Dec.3 5.36 5.99 5.74 5.54 5.24 1959—Sept 5.44 5.97 5.65 5.50 5.29 1960—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 Sept. 4.97 5.94 5.58 5.21 4.78 1960—Mar 5.57 6.12 5.83 5.57 5.40 5.58 6.10 5.84 5.61 5.41 Sept 5.32 6.04 5.68 5.34 5.10 1 For description see the BULLETIN for March 1949, pp. 228-37. NOTE.—Bank prime rate was 2lA per cent Jan. 1-Jan. 7,1951. Changes 2 Based on new loans and renewals for first 15 days of month. thereafter occurred on the following dates (new levels shown, in per cent): 3 Coverage of Survey revised in accordance with changes in the loan 1951—Jan. 8, 2Vi\ Oct. 17, 2%; Dec. 19, 3; 1953—Apr. 27, 31,4; 1954— schedule of the call report of condition to exclude loans to nonbank Mar. 17,3; 1955—Aug. 4, 3#; Oct. 14,3%; 1956—Apr. 13,3%; Aug. 21, financial institutions. 4; 1957—Aug. 6, 4%; 1958—Jan. 22,4; Apr. 21, 3%; Sept. 11, 4; 1959— May 18, 4V£: Sept. 1, 5; and 1960—Aug. 23, 4Vi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1148 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)* Prime Finance com- company Prime Year, month, or week m 4 m p o - a e t n p r o c t e h i e r a s - , l l m d 3 p i p - o r l a a e t n p o c c t e e t h l 6 r d y s - 2 , 9 b a 0 a a c n n c d c k e a e e p y s r t s , - s 3 ' on R a 3 n t - e e m w onth M b y il a i l e s r l k d et on R a 6 n t - e e m w onth M b y il a i l e s r l k d et 9 ( - m B to a i r ll k 1 s e 2 t -mont O h th is e s r u s es 3 i - s y s t u e o a e r s 5 « issue issue yield) 1957 average., 3.81 3.55 3.45 3.267 3.23 3.53 3.62 1958 average. 2.46 2.12 2.04 1.839 1.78 2.09 2.90 1959 average. 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 1959_Sept.. 4.63 4.52 4.07 3.998 4.04 4.626 4.70 4.83 4.80 4.78 Oct... 4.73 4.70 4.25 4.117 4.05 4.646 4.53 4.69 4.65 4.69 Nov.. 4.67 4.38 4.25 4.209 4.15 4.585 4.54 4.54 4.70 4.74 Dec. 4.88 4.82 4.47 4.572 4.49 4.915 4.85 4.99 4.98 4.95 I960—Jan.., 4.91 5.02 4.78 4.436 4.35 4.840 4.74 4.95 4.93 4.87 Feb.. 4.66 4.50 4.44 3.954 3.96 4.321 4.30 4.45 4.58 4.66 Mar.. 4.49 4.16 3.96 3.439 3.31 3.693 3.61 3.68 3.93 4.24 Apr.. 4.16 3.74 3.88 3.244 3.23 3.548 3.55 3.83 3.99 4.23 May. 4.25 3.88 3.78 3.392 3.29 3.684 3.58 4.01 4.19 4.42 June. 3.81 3.24 3.28 2.641 2.46 2.909 2.74 3.10 3.35 4.06 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 Sept.. 3.39 3.13 3.00 2.489 2.48 2.803 2.83 2.86 2.99 3.50 Week ending: 1960—Sept. 3. 3.25 3.01 3.00 2.550 2.53 2.825 2.82 2.87 2.93 3.51 10. 3.25 3.06 3.00 2.520 2.56 2.802 2.83 2.87 2.98 3.51 17. 3.40 3.11 3.00 2.654 2.58 2.916 2.87 2.89 3.03 3.53 24. 3.50 3.19 3.00 2.434 2.43 2.743 2.80 2.82 2.98 3.47 Oct. 1. 3.45 3.19 3.00 2.286 2.35 2.729 2.82 2.87 2.99 3.50 1 Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Average of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Consists of certificates of indebtedness and selected note and bond 3 Average of daily prevailing rates. issues. 6 Consists of selected note and bond issues. BOND AND STOCK YIELDS» [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 States (long- Total * term) 2 Total* Aaa 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 Com- 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_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 5.28 4.70 5.05 4.86 4.85 3.18 5.47 I960—Jan 4.37 3.92 3.49 4.43 4.91 4.61 5.34 4.74 5.08 4.92 4.87 3.27 Feb 4.22 3.84 3.40 4.35 4.88 4.56 5.34 4.71 5.05 4.89 4.82 3.40 Mar 4.08 3.77 3.34 4.29 4.81 4.49 5.25 4.64 4.99 4.79 4.76 3.43 6.14 Apr 4.17 3.72 3.30 4.24 4.76 4.45 5.20 4.61 4.97 4.70 4.71 3.40 May 4.16 3.75 3.34 4.31 4.80 4.46 5.28 4.65 4.98 4.76 4.75 3.43 June 3.99 3.74 3.33 4.27 4.78 4.45 5.26 4.64 4.94 4.76 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 C3.57 3.10 4.15 4.61 4.28 5.08 4.49 4.82 4.53 4.61 3.43 Sept 3.82 3.55 3.09 4.09 4.58 4.25 5.01 4.46 4.78 4.48 4.69 3.55 Week ending: 1960—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 10.. 3.84 3.50 3.03 4.07 4.56 4.23 4.98 4.45 4.77 4.46 4.64 3.47 17.. 3.84 3.57 3.13 4.09 4.57 4.26 4.99 4.46 4.79 4.47 4.68 3.49 24.. 3.79 3.57 3.13 4.09 4.58 4.26 5.02 4.46 4.78 4.50 4.67 3.54 Oct. 1 . . 3.81 3.61 3.18 4.13 4.59 4.27 5.05 4.48 4.78 4.52 4.78 3.69 c Corrected. 4 Includes bonds rated Aa and A, data for which are not shown sepa- 1 Monthly and weekly yields are averages of daily figures for U. S. rately. Because of a limited number of suitable issues, the number of Govt. and corporate bonds. Yields of State and local govt. bonds are corporate bonds in some groups has varied somewhat. based on Thursday figures; dividend/price ratios for preferred and 5 Standard and Poor's Corporation. Preferred stock ratio is based on common stocks, on Wednesday figures. Earnings/price ratios for common 8 median yields in a sample of noncallable issues—12 industrial and 2 stocks are as of end of period. public utility. For common stocks, the ratios beginning with July 1957 2 Series is based on bonds maturing or callable in 10 years or more. are based on the 500 stocks in the price index; prior to mid-1957 on the 3 Moody's Investors Service. State and local govt. bonds include gen- 90 stocks formerly included in the daily price index. eral obligations only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1149 SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's series Securities and Exchange Commission series of (index, 1941-43= 10) (index, 1939= 100) trad- Ye o a r r , w m e o ek nth, t G G U er o o . m n v S g ) t . . - 2 n g ( i r h M c a i i g d u p h e - a ) - l - 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 ia s - - l R ro a a i d l- P u i l u t t i i y c b l- - Total Tot M al anu r D f a a b u c l - t e urin N 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 n a c n r i e d - v d c - e e , , M in i g n- s s t h i h a n ( a o n o i r g f n d u e * s s - ) Number of issues. 15 17 500 425 25 50 265 170 98 72 21 29 31 14 1957 average. 93.24 105.8 101.3 44.38 47.63 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—Sept.. 83.15 98.3 93.0 57.05 61.21 33.78 43.59 417 520 500 529 333 211 424 305 2,739 Oct... 84.95 100.2 92.8 57.00 61.04 34.32 44.11 416 517 498 524 339 213 428 292 2,788 Nov.. 84.82 100.9 92.9 57.23 61.46 32.80 43.71 417 519 496 530 322 211 434 285 3,398 Dec... 83.00 99.3 92.4 59.06 63.56 33.57 44.31 429 538 518 547 328 213 440 297 3,284 1960—Jan.. 81.81 98.3 92.0 58.03 62.27 33.68 44.50 419 518 499 526 323 219 434 292 3,197 Feb.., 83.60 100.4 92.8 55.78 59.60 32.54 44.38 405 494 474 502 312 224 420 279 3,027 Mar.. 85.32 101.9 93.9 55.02 58.71 31.01 44.60 396 478 458 487 295 226 425 268 2,857 Apr.. 84.24 102.3 94.2 55.73 59.46 30.59 45.53 398 478 460 486 292 233 433 261 2,865 May. 84.39 102.2 94.1 55.22 58.84 30.18 45.75 394 472 456 477 290 232 437 250 3,277 June. 86.50 103.1 94.2 57.26 61.06 30.81 47.35 406 485 470 489 293 240 462 250 3,479 July., 88.12 103.9 94.8 55.84 59.25 30.19 48.02 399 472 454 480 288 240 458 246 2,694 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 Sept.. 88.57 106.7 96.8 54.81 57.96 28.76 48.64 392 459 432 474 278 246 443 256 2,898 Week ending: I960—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 10 88.28 107.3 96.9 56.03 59.29 29.40 49.55 398 466 443 477 284 251 452 258 2,713 17 88.35 106.9 96.7 55.47 58.65 29.18 49.33 392 458 430 475 279 248 443 251 2,414 24 88.99 106.6 96.8 54.14 57.18 28.61 48.44 383 448 418 466 272 242 436 250 2,986 Oct. 1 88.74 106.0 96.6 52.92 55.99 27.54 46.94 381 448 417 467 268 237 422 258 3,571 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Total— Net debit balances with Bank loans to others (than End of month * o s t e h c e u r r i t t h ie a s n New York f S ir t m oc s k 2 Exchange ch b a 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 s - 3 Money borrowed Cust n o e m t ers' U. S. Govt. free ob (c c li o o g l l . a . t 3 5 io - ) f n - s U S ob e . c l S i u g . r a e G t d io o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o on v s t. se O cu th ri e ti r es U ob . l S ig O . a n G ti o on v s t. se o cu O th r n i e t r ies ba c l r a e n d c it es 1956—Dec. 3,984 33 2,823 41 1,161 46 2,132 880 1957—Dec. 3,576 68 2,482 60 1,094 125 1,706 896 1958—Dec. 4,537 146 3,285 63 1,252 234 2,071 1,159 1959—Sept. 4,443 156 3,250 162 1,193 231 2,149 1,039 Oct.. 4,401 168 3,210 158 1,191 227 2,178 967 Nov. 4,460 165 3,273 158 1,187 236 2,256 974 Dec. 4,454 150 3,280 164 1,174 221 2,362 996 I960—Jan.. 4,365 134 3,198 154 1,167 190 2,233 1,001 Feb., 4,274 138 3,129 146 1,145 202 2,194 981 Mar. 4,158 117 3,028 136 1,130 161 2,059 988 Apr. 4,153 113 3,037 135 1,116 185 2,155 940 May 4,132 130 3,021 139 1,111 208 2,115 970 June 4,214 106 3,082 135 1,132 162 2,110 1,016 July. 4.133 110 3,004 135 1,129 187 2,042 1,018 Aug. 4,243 111 3,109 '140 1,134 173 2,063 1,021 Sept. 4,282 122 3,137 147 1,145 177 2,143 1,059 r Revised. from other lenders except member firms of national securities exchanges. 1 Data for cols. 4-7 are for last Wednesday of month. 3 Figures are for weekly reporting member banks. Prior to July 1959, 2 Ixdger balances of member firms of the New York Stock Exchange loans for purchasing or carrying U. S. Government securities were recarrying margin accounts, as reported to the Exchange. Customers' debit ported separately only by New York and Chicago banks. Accordingly, and free credit balances exclude balances maintained with the reporting for that period col. 5 includes any loans for purchasing or carrying such firm by other member firms of national securities exchanges and balances securities at other reporting banks. Composition of series also changed of the reporting firm and of general partners of the reporting firm. Bal- beginning with July 1959; revised data for the new reporting series (but ances are net for each customer—i.e., all accounts of one customer are not for the breakdown of loans by purpose) are available back through consolidated. Money borrowed includes borrowings from banks and July 1958 and have been incorporated. 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1150 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 r - ts p E o x r - ts Dollar ship p p o e i d n t b s e t i ™ n: Total through ly Others into from exdealers i ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w c n t c F e o i o g r r n r - . U S n ta it te e s d U S n ta i t t e e s d change U S n ta it t e e d s c F o o u r n e t i r g i n es 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 227 148 1957 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 J2,744 840 M.904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959—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 4,459 1,021 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 Aug 4,920 1,266 3,654 ,656 424 316 108 33 204 996 407 594 179 83 393 1 As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series revised to include all paper other commercial paper sola in the open market. with maturity of 270 days and over. Figures on old basis for December 2 As reported by finance companies that place their paper directly with were (in millions of dollars): Total, 2,731; placed directly, 1,891. Investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars] Loans Securities Total assets— Mortgage loan E o n r d m o o f n y t e h ar M ga o g r e t- Other G U o .S v . t. S g l a o o t n c a v a d t t e l . C ot r o a h a r n e t p d r e o * - a C s a se s t h s O as t s h e e t r s s l a u T ia a t c r o i b n c p e t t i d s l a l s u i l . - s Deposits l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s Nu co m m b m er itm Am en o t u s' nt 1941 4,787 89 3,592 1>*86 829 689 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—Aug 24,214 339 7,276 750 4,931 727 547 38 784 34,650 798 3,336 79,862 11,460 Sent. 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 25,653 396 6,562 695 4,927 840 569 39,642 35,463 720 3,459 52,638 1,028 July 25,812 435 6,514 691 4,965 771 572 39,760 35,484 r795 r3,481 53,276 1,031 Aug 26,018 449 6,544 686 4,944 764 578 39,983 35,589 878 3,516 56,013 1 090 r Revised. 3 Data reflect consolidation of a large mutual savings bank with a comn.a. Not available. mercial bank. * 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

SAYINGS INSTITUTIONS 1151 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 ts l 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 J 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 2 038 215 39 545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101 309 10 690 7 029 2 376 285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107 580 11 234 7,183 2 681 ,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 .... 113,650 11,581 6,868 3,200 ,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__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 Aua 111 646 11 938 7 354 3 115 I 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 ,485 48,444 44,853 3,591 38,744 3,631 4,511 5,305 Nov 112 904 11 668 7,016 3 154 [,498 48,662 45,032 3,630 38,984 3,673 4,555 5,362 Dec 113,626 11,536 6,848 3,177 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 ,582 49,450 45,708 3,742 40,236 3,721 4,838 5,566 May 115,908 11,554 6,661 3,304 [,589 49,725 45,940 3,785 40,439 3,766 4,897 5,527 June 116,377 11,468 6,559 3,317 ,592 49,880 46,942 3,788 40,631 3,786 4,957 5,658 July 117,005 11,654 6,632 3,421 601 50,051 46,223 3,828 40,694 3,809 5,029 5,768 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." 9 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 Others a li s a T T s b e o o i t l t t s i a a — ti l l e 2 s S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 4 d L p o r a o n c s e s i s n Other M c m o o l m e o r n t a m g n t a s it g 5 - e tions profits 1941 4,578 107 344 775 6,049 4,682 475 256 636 n.a. 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 n.a. 1952 18,396 1,787 1.289 1,108 22,660 19,195 1,658 944 863 n.a. 1953 21,962 1,920 1,479 1,297 26,733 22,846 1,901 1,027 959 n.a. 1954 26,108 2,013 1,971 1,469 31,633 27,252 2,187 950 1,244 n.a. 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958 45.627 3,819 2,585 3,108 55,139 47,976 3,845 1.444 ,161 713 1,475 1959 53,093 4,474 2,201 3,707 63,475 54,556 4,392 2,388 ,282 857 1,285 1959—July. 50,131 4,517 ,916 3,462 60,026 51,651 4,099 1,706 ,597 973 1,951 Aug. 50,858 4,534 ,873 3,484 60,749 52,045 4,111 1,824 ,585 ,184 1,862 Sept. 51,528 4,527 ,820 3,549 61,424 52,489 4,116 1,972 ,539 ,308 1,779 Oct.. 52,149 4,534 ,752 3,637 62,072 52,888 4,121 2,108 ,476 ,479 1,626 Nov. 52,608 4,500 ,817 3,777 62,702 53,371 4,133 2,165 ,374 ,659 1,470 Dec. 53,093 4,474 >,201 3,707 63,475 54,556 4,392 2,388 1,282 857 1,285 I960—Jan.. 53,413 4,675 ,887 3,594 63,569 55,024 4,400 1,935 1,184 ,026 1,316 Feb.. 53,811 4,742 ,854 3,656 64,063 55,433 4,410 1,810 1,172 ,238 1,378 Mar. 54,356 4,715 ,903 3,756 64,730 56,056 4,419 1,683 1,219 ,353 1,482 Apr.. 54,922 4,716 ,873 3,860 65,371 56,428 4,424 1,721 1,265 ,533 1,560 May! 55,556 4,731 ,954 4,069 66,310 57,058 4,431 1,724 1,319 ,778 1,642 June1 56,335 4,583 2,283 4,017 67,218 58,274 4,646 1,935 1,365 998 1,614 July. 56,975 4,549 > 047 3,866 67,437 58,423 4,640 1,809 1,360 1,205 1,647 n.a. Not available. r Revised. declined consistently in recent years and amounted to $42 million at the 1 Figures are for all savings and loan associations in the United States. end of 1957. Data beginning with 1951 are based on monthly reports of insured 3 Includes other loans, stock in the Federal home loan banks and other associations and annual reports of noninsured associations. Data prior investments, real estate owned and sold on contract, and office buildings to 1951 are based entirely on annual reports. and fixtures. 2 Prior to 1958 mortgages are net of mortgage pledged shares. Asset 4 Consists of FHLB advances and other borrowing. items will not add to total assets which include gross mortgages with 5 Not a balance-sheet item. no duductions for mortgage pledged shares. Beginning with January 1958, no deduction is made for mortgage pledged shares. These have NOTE.—Data for 1959 and 1960 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1152 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1 [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Year or Profits In- Profits Cash Undis- Year or quarter b t e a f x o e r s e c ta o x m e e s t a a f x te e r s d d e i n v d i- s tr p i r b o u fi t t e s d quarter New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 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—2 34.4 17.0 17.4 12.6 4.8 3 38.8 19.1 19.6 12.6 7.0 1959—2 3,410 1,266 2,144 1,818 834 983 1,593 432 1,161 4 44.9 22.1 22.7 12.0 10.8 3 2,788 1,126 1,663 1,647 681 967 1,141 445 696 4 3,499 1,051 2,448 2,093 687 1,406 1,405 363 1,042 1959—1 46.4 22.9 23.5 13.0 10.5 2 51.7 25.5 26.2 13.2 12.9 1960—1 2,950 1,211 1,739 1,608 728 880 1,341 482 859 3 45.3 22.3 22.9 13.6 9.3 2 3,101 1,163 1,937 1,808 717 1,090 1,293 446 847 4 44.8 22.1 22.7 13.8 1960—1 48.8 23.8 25.0 13.9 11.0 i Reflects cash transactions only. As contrasted with data shown on K 1154 new issues 2 45.7 22.3 23.4 13.9 9.5 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. 1154. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U ec o . u v S r t i . . - Not r e e s c e a i n v d a b a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c l t d i a o a e x m - ra e l Other ties G U o . v S t. . 2 Other G U o . v S t. . 2 Other bilities 1952... 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954.. 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957... 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 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 1960 1 130.7 270.2 33.8 23.4 2.9 113.6 87.2 9.4 139.6 1.8 89.8 14.0 34.0 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] Transportation Manu- Total Year Total M fa i c a n t n g u u r- - M in i g n- R ro a a i d l- Other P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 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 r3 ( a a s j l r u n l e a y s n a t t s u e e a o ) a d d n l - - 1952 26.5 11.6 1.0 1.4 1.5 3.9 1.5 5.6 1959—1 6.9 2.7 .6 1.2 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 1.5 2.8 32.5 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 3 8.3 3.3 .8 1.5 2.7 33.4 1955 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 4 9.0 3.8 .8 1.5 2.9 33.6 1956 35.1 15.0 1.2 1.2 1.7 4.9 2.7 8.4 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 1960—1 7.9 3.3 .7 1.2 2.7 35.2 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 2 9.3 4.0 .8 1.4 3.0 36.3 1959 32.5 12.1 1.0 .9 2.0 5.7 2.7 8.2 34.... 9.3 3.9 .8 1.6 3.0 36.9 19604 36.4 14.6 1.1 1.1 2.1 5.9 11.7 44.... 9.9 4.4 .8 1.7 3.0 36.9 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 1153 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 31,573 31,010 14,803 13,418 13,349 10,466 14,013 3,508 3,899 4,643 2,440 3,032 4,002 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 2,063 1,809 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.):l Sales . ... 36,858 39,463 41,740 41,541 45,718 11,007 11,085 11,450 11,414 11,769 11,599 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 1,407 1,424 Profits after taxes 2,814 2,943 2,944 2,574 3,131 785 769 808 780 775 785 791 Dividends 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 19,974 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 637 607 729 734 933 208 212 254 231 237 197 202 368 403 416 422 461 104 113 106 123 119 121 119 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 AH 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 M39 Dividends 448 462 438 419 403 160 116 82 78 127 91 «93 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 1,669 391 469 385 392 422 502 422 942 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 • 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

1154 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Prop a o l s l e c d o r u p s o e r o a f te n i e s t s u p e ro rs c 6 eeds, Noncorporate Corporate New capital Year or Remonth Bonds tire- State ment Total G U o . v S t . .3 a F e c g e r y e a d n 4 l - - n m a p i n c a u d i l - - Others Total Total P li u cl b y - v P at r e i l - y f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey7 O p p o t u h s r e e - s r s ri e o t c i f e u s offered placed 1952 27,209 12,577 459 4,401 237 9,534 7,601 3,645 3,957 564 1,369 9,380 S,716 8 180 537 664 1953 28 824 13,957 106 5,558 306 8,898 7,083 R56 3,228 489 1,326 8,755 ,495 7 960 535 260 1954 29,765 12,532 458 6,969 289 9 516 7.488 4,f)03 3,484 816 1,213 9,365 7.490 6 780 709 1,875 1 1 9 9 5 5 5 6 2 2 6 2 ,4 7 0 7 5 2 9 5 , ,5 6 1 2 7 8 7 1 4 6 6 9 5 5 , , 9 4 7 4 7 6 3 1 3 8 4 2 1 1 0 0 ' , , 9 2 3 4 9 0 7 8 , . 4 0 ? 0 0 ? 4 4 > , 119 3 3 , , 3 7 0 7 1 7 6 6 3 3 5 6 2 2, , 3 1 0 8 1 5 1 1 0 0 ,7 0 4 4 9 9 1(1 j . 8 3 ? 8 1 4 7 9 9 6 5 6 7 3 7 8 2 6 1 4 1,2 3 2 6 7 4 1957 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11.558 9,653 6,33? 3,320 571 1,334 11,372 1C.873 9 907 915 549 1959 31 074 12 32? 707 7,681 616 9,748 7 190 3 557 3,632 531 2 027 9 527 q 39? 8 578 814 135 1959—July 1,452 350 457 93 552 433 173 260 26 93 538 535 463 73 3 Aug 1,710 309 98 523 5 774 642 414 228 13 119 758 740 699 41 18 Sept 1,748 300 150 520 43 735 590 370 24 121 720 703 656 48 16 Oct 4,121 2,574 587 39 922 644 331 313 47 230 898 879 801 78 19 Nov. ... 1,722 332 458 41 891 657 396 261 61 173 871 864 803 61 7 Dec 1,942 380 86 476 75 926 747 277 470 45 134 907 900 844 56 7 I960—Jan 1,958 420 182 696 11 649 5?4 373 201 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 Apr 4 579 2,860 148 717 43 811 584 347 237 31 196 789 766 681 86 23 May 1,951 368 354 556 78 595 404 185 219 38 153 577 567 519 48 11 June 2,493 350 978 49 1,115 859 540 319 26 229 1,085 1,034 985 50 51 July. 1,624 353 475 1 795 668 415 253 24 103 778 747 667 81 31 Proposed uses of net proceeds, major grouj)s of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al Year or month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1952 3,713 261 512 24 758 225 ?,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 ,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 ,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 ,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 •?,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 707 (9) 1,801 6 1959 July 135 1 61 32 1 170 7 129 1 Aufi 127 15 44 2 98 1 191 36 245 1 Sent 206 4 35 10 138 1 109 1 56 161 (9) Oct . 86 14 83 4 104 1 341 126 140 1 Nov 114 50 2 17 241 5 262 180 (9) Dec. 164 3 61 60 346 72 198 I960—Jan 68 5 64 1 57 1 155 (9) 36 196 51 Feb 64 4 101 2 21 245 81 203 Mar. 185 1 122 5 71 198 69 1 215 Apr 171 2 46 1 56 302 18 52 139 May 93 3 69 6 80 144 e> 37 143 1 June 252 2 49 1 33 35 362 64 275 9 July 197 3 41 10 35 123 15 61 290 3 1 Estimates of new issues maturing in more than one year sold for cash tion and Development, and domestic eleemosynary and other nonprofit in the United States. organizations. 2 Gross proceeds are derived by multiplying principal amounts or num- 6 Estimated net proceeds are equal to estimated gross proceeds less cost ber of units by offering price. of notation, 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. 5 Represents foreign governments, International Bank for Reconstruc- 9 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY ISSUES; FEDERAL FINANCE 1155 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 1Use of proceeds 2 Total Period Special amount Total G g o a e b a t n i l l o e i- n r- R n e u v e e* A P H u i u i o t t n b y h u g l o 3 s ic - r- F l G o e a o a d n v l e t s r . 4 - State d a s u i t t a s o a t t n r h t r d u y i o c - r t - Others d er e e li d v « - Total c E at d i u on - R br a o i n d a d d ge s s W s o u e a t t a t w i h n e i t l e d e e s i r - r r h R d i t n o e i e u a g n s l s i 7 - - - V a a e n i t d e s' r- O p p o t u h s r e e - s r 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 1,657 1959 7,880 4,766 2,397 333 384 1,609 2,094 4,177 7,415 7,773 2,238 834 1,961 701 355 1,683 1959__ July 567 224 192 150 150 62 355 985 567 155 159 50 145 58 A Se u p g t . . . .•• 5 5 1 1 5 5 3 39 9 8 2 1 1 1 1 7 2 P) 6 5 1 1 7 3 7 3 9 8 3 0 2 2 5 9 8 0 4 5 0 3 1 8 4 5 6 1 8 4 1 1 5 6 1 8 4 5 3 9 8 8 6 2 4 1 1 3 2 2 0 1 9 4 4 1 Oct... 594 357 128 102 7 30 125 439 502 593 168 28 135 102 160 Nov 517 371 73 73 106 59 351 603 513 153 37 106 126 91 Dec... 455 380 59 15 125 75 255 431 453 252 16 57 4 126 I960—Jan... 741 449 245 47 176 157 409 480 736 219 31 107 39 50 290 Feb... 631 364 152 io3 12 7 272 352 632 623 181 77 105 108 151 Mar.. 578 467 84 27 154 89 335 639 575 217 79 56 18 50 155 Apr... 734 448 248 20 18 57 247 430 545 729 312 136 113 27 141 May.. 555 293 111 133 17 65 52 437 729 551 140 15 120 144 131 June.. ^1,031 '547 '421 63 '232 '342 '457 '544 '1,030 '297 '58 '184 '54 51 386 July.. 555 331 124 1 99 18 120 418 931 555 137 68 119 95 135 n.a. Not available. ' 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, SEPTEMBER 30, I960* [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 Tr O ea c s t u . ry 6 b i ll I s 9 2 60 1,501 Tr M eas a u r r . y 9 b . i l 1 ls 9 — 61 Cont. 506 Tre O a c s t u . ry 1 n . o 1 t 9 es 6 — 2 Cont 590 Tr D ea e s c u . r y 1 5 b , o n 1 d 9 s 6 — 3- C 6 o 8 n .. t . .2H 2,815 Oct 13 1960 1,501 Mar 16, 1961... 500 Nov. 15,1962 33/4 1,143 Feb. 15, 1964 3,854 Oct. 17 i960 2,007 Mar 22, 1961* 3,512 Feb. 15 1963 3,971 June 15, 1964-69... 3,737 Oct 20 1960 1 400 Mar 23 1961 500 Apr 1 1963 1V> 533 Dec 15 1964-69 . 3 811 Oct 27 1960 1 400 Mar 30, 1961... 500 May 15, 1963 4 1 743 Feb. 15,1965 2«2 6 896 N N o o v v . . 1 3 0 , 1 i9 9 6 6 0 0 1 1 , , 5 4 0 0 5 0 J A u p ly r. 1 1 5 5 , 1 1 9 9 6 6 1 1... 2 1 , , 0 50 0 1 1 N O o ct v . . 15 1 , 1 1 9 9 6 6 3 3 4% 3,0 5 1 0 1 6 A M u a g r . . 1 1 5 5 , , 1 1 9 9 6 6 6 5-70...iy\ 4 1 , ,4 6 8 9 4 0 Nov. 17, 1960 1 600 Apr. 1 1964 \\iy 457 Mar. 15, 1966-71... 2 936 Nov.25 I960 1,600 Certificates May 15 1964 . . 434 4,933 June 15, 1967-72... 1,801 Dec. 1, I960 1,501 Nov 15, 1960......4* 7,037 May 15,1964 .3% 3,893 Sept. 15, 1967-72... 2,716 Dec. 8 I960 1,609 Feb. 15, 1961... 6,938 Aug. 15 1964 2,316 Dec. 15,1967-72... 3,619 D De e c c . . 2 1 2 5 1 1 9 9 6 6 0 0 1 1 ,6 6 0 0 0 2 A M u a g y . 15 1 , 1 1 9 9 6 6 1 1 . . . . . ."m 7 3 , , 8 6 2 74 9 O No ct v . . 1 1 5 ,1 1 9 9 6 6 4 4 It 4,1 4 9 9 5 0 M Oc a t y . 1 1 5 ,1 1 9 9 6 6 9 8 1 1 ,3 2 9 7 0 6 Dec. 29 1960 1,502 Apr. 1, 1965 236 Nov 15 1974 654 Jan. 5, 1961 500 Treasury notes May 15, 1965 2,113 May 15, 1975-85...4V 470 Jan. 12, 1961 500 Oct. 1, 1960... 278 Feb. 15, 1980 4 884 Jan. 15 1961 1,504 Apr. 1 1961 J1/ 144 Treasury bonds June 15, 1978-83... 1,600 Jan 19 1961 400 May 15, 1961... 3% 4 078 June 15. 1959-62.. 5,263 May 15, 1985 W 1,134 Jan 26 1961 400 AUR 1 1961 4 2 136 Dec 15 1959-62 . 21/ 3 451 Feb 15 1990 3V£ 1 727 Feb. 2 1961 400 Oct. 1, 1961... 332 Nov. 15 I960 3,806 Feb 15 1995 3 2,722 F F e e b b . . 1 9 6 , 1 1 9 9 6 6 1 1 5 5 0 0 0 0 F F e e b b . . 1 1 5 5 , 1 19 9 6 6 2 2 ... . 3% 4 1,4 6 3 4 5 7 D Se e p c t . .1 1 5 5 , 1 19 9 6 6 1 0-653. 234 2 1 . , 2 48 3 5 9 Panama Canal Loan....3 50 Feb 23 1961 501 Apr. 1, 1962... ji/ 551 Nov. 15 1961 6,963 Convertible bonds Mar. 2 1961 506 May 15, 1962... 4 2,211 June 15, 1962-67.. 2^4 2,109 Investment Series B Aug. 15 1962...... .4 158 Aug. 15 1963 6,755 Apr. 1, 1975-80....2VA 6,162 -n • Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 1148. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1156 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s i l d d T g i e r o r o b e t s a t c s 2 l t Total Total Bills C c e a r t t e if 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 d e 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 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 Sept 288.6 288.4 240.4 186.4 36.5 25.5 42.1 82.3 6.1 47.9 47.3 45.0 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 Sept. 30, 1960) and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, adjusted service bonds, and R.E.A. bonds, not shown sep- 3 Includes amounts held by Govt. agencies and trust funds, which arately. aggregated $10,721 million on Aug. 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 End of (includ- trust funds * Insur- State Individuals month ing guar- Federal Com- Mutual Other and Misc. s a e n ti c t e e u s e r ) i d - S i p ss e u c e ia s l P is u s b u l e i s c Total R B e a s n er k v s e m ba e n r k ci s a 2 l s b a a v n in k g s s p c a o n m ie - s r c a o t r io p n o s - g l o o v ca ts l . S b a o v n in d g s s se O cu th ri e ti r es i t n o v r e s 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 1953 Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.9 21.5 12.7 49.4 15 4 13.2 1954 Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.3 19.2 14.4 50.0 13.5 13.9 1955—Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.6 23.5 15.1 50.2 14.8 15.6 1956 Dec .. 276.7 45.6 8.4 222.7 24.9 59.5 8.0 13.2 19.1 16.1 50.1 15.6 16.1 1957—Dec 275.0 45.8 9.4 219.8 24.2 59.5 7.6 12.5 18.6 17.0 48.2 15.5 16.5 1958 Dec 283.0 44.8 9.6 228.6 26.3 67.5 7.3 12.7 19.6 16.7 47.7 14.4 16.5 1959 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 1959 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 Aug 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 r24.1 17.7 45.7 24.1 22.8 May 2 2 8 8 6 9 . . 5 5 4 4 4 3 . . 9 9 1 1 0 0 . . 4 5 2 2 3 3 1 5 . . 1 1 2 2 6 6 .5 0 5 5 5 6 . . 6 2 6 6 . .6 7 1 1 1 2 . . 8 0 r r 2 2 4 1 . . 7 7 1 1 7 7 . . 7 6 4 4 5 5 . . 6 6 r r 2 2 3 3 .5 8 2 2 2 2 .0 4 July 288.5 44.2 10.6 233.6 26.9 57.7 6.5 11.9 22.0 17.5 45.6 23.3 22.3 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $85 million on Dec. 31, 1959. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1157 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 l d e 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 ea in r 1-5 y 5 e - a 1 r 0 s Over 10 All holders: 1955—June 30. 166,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38.188 33.687 33,628 1956—June 30. 166,050 20,808 16,303 35,952 81,890 11,098 154,953 58,714 31,997 31,312 32,930 1957—June 30. 165,985 23,420 20,473 30,973 80,839 10,280 155,705 71,033 39.184 14,732 30,756 1958—June 30. 175,573 22,406 32,920 20,416 90,932 8,898 166,675 67,782 41,071 22,961 34,860 1959—June 30. 185,709 32,017 33,843 27,314 84,853 7,681 178,027 72,958 56,819 18,538 29,713 Dec. 31. 195,346 39,643 19,669 44,152 84,804 7,077 188,269 78,456 61,609 23,625 24,579 1960—June 30. 190,151 33,415 17,650 51,483 81,297 6,306 183,845 68,982 72,844 21,731 20,288 July 31. 193,121 36,427 17,650 51,550 81,288 6,206 186,915 71,993 72,911 21,730 20,280 U. S. Govt. agencies and trust funds: 1955—June 30 7.162 40 119 3,556 3,439 3,723 74 199 506 2.944 1956—June 30 8,236 273 355 688 3,575 3,345 4,891 927 500 434 3,030 1957—June 30 8,554 130 416 1,282 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—June 30 10,246 371 459 ,810 5,136 2,470 7,776 1,070 2.683 2,062 ,961 July 31 10,446 574 463 ,805 5,143 2,461 7,984 1,267 2,687 2,066 .964 Federal Reserve Banks: 1955—June 30 23,607 8,274 11,646 2,802 23,607 17,405 3.773 1.014 .415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1.014 .415 1957—June 30 23,035 287 11,367 8,579 2,802 23,035 20,246 681 750 .358 1958—June 30 25,438 2,703 19,946 2,789 25,438 23.010 1,014 57 ,358 1959_ D ju e n c e . 3 3 0 1 2 26 6 , , 6 0 4 4 8 4 2 2, , 6 0 2 3 6 2 1 10 8 , , 5 6 0 5 8 0 1 ' 1 2 , ^ 0 8 1 7 6 9 2 2, , 4 4 9 8 8 4 2 2 6 6 , , 6 0 4 4 8 4 2 1 0 8 , , 6 6 8 5 7 4 6 3 . , 5 8 2 8 4 7 4 6 1 7 0 7 , 7 0 9 6 3 0 1960—June 30.. 26,523 2,513 8,508 13,011 2,491 26,523 19,385 5,689 1,179 271 July 31 . . 26,885 2,879 8,512 13,010 2,484 26,885 19;748 5.687 1,179 271 Commercial banks: 1955—June 30. . 55,667 2,721 1,455 15,385 35,942 164 55.503 7,187 21,712 21.110 5,494 1956—June 30. . 49.673 2,181 1,004 11,620 34,712 155 49,517 7,433 18.234 19,132 4.719 1 19 9 5 5 8 7 — __ J j u u n ne e 3 3 0 0 . . . . 4 5 8 7 , , 7 50 3 9 4 2 3 , , 8 7 5 9 3 6 2 3 , , 9 33 1 1 3 1 8 1 , , 9 5 8 3 4 2 3 3 3 8 , , 8 7 3 2 9 0 1 1 3 4 0 4 4 5 8 7 , ,3 5 7 9 9 0 1 13 2 , . 4 2 3 6 1 8 2 2 3 4 . . 5 4 0 9 0 4 1 8 4 . . 6 25 0 9 0 4 5 . ,1 2 9 2 5 2 1959—June 30.. 53,513 3,563 3,883 12,417 33,531 120 53,394 10,045 31,304 8,233 3,812 Dec. 31. . 51,945 5,011 2,094 13,172 31,565 104 51,841 11,198 28.778 9,235 2,629 1960—June 30. 48,099 2,376 1,832 15,598 28.199 95 48,004 6,546 33,342 5.966 2,151 July 31. 50,119 4,554 1,804 15,704 27,963 94 50,025 8:666 33.256 5,967 2,136 Mutual savings banks: 1955—June 30 8,069 84 53 289 6,422 1,222 6,848 164 533 1.405 4,746 1956—June 30 7,735 107 37 356 6,074 1,161 6,574 247 540 1.319 4.468 1957—June 30 7,397 163 114 367 5,655 1,098 6,299 576 1.082 601 4,040 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 1.106 675 4.094 1959—June 30 7,079 175 209 684 5,228 783 6,296 480 1.360 1,700 2,756 Dec. 31 6,773 191 158 4,892 644 6,129 486 1,401 2,254 1,987 1960—June 30. 6,489 209 166 1,199 4,607 309 6,181 463 1,720 2,662 1,336 July 31. 6,443 218 170 1,197 4,561 297 6,145 485 1,703 2,655 1 .303 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 i. . 022 4.634 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1.650 1,004 5,074 1959—June 30 10,947 503 347 798 7,371 1,928 9,019 1,092 2.085 1.678 4,164 Dec. 31. . . . 10,933 416 231 1,074 7,454 1,758 9,175 1,023 2,279 2.422 3,450 1960—June 30 10,521 232 165 1,225 7,304 1,595 8,926 595 2,794 3,063 2,475 July 31 10,549 260 167 1,254 7,309 1,558 8,991 639 2,799 3,055 2,497 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 1 1 9 9 5 5 8 7 — _ J _ u ju n n e e 3 3 0 0 6 6 7 5 , , 3 4 2 5 9 9 1 1 9 5 , , 6 3 6 9 1 2 5 8, , 7 5 9 27 9 1 6 1 , , 6 1 3 13 6 2 3 7 1, , 8 6 2 0 9 2 2 3 , , 8 4 0 2 2 6 6 62 3 , , 6 9 5 0 7 4 2 3 9 5 , , 4 8 8 5 9 0 1 11 0 , , 2 9 4 3 3 6 6 3 , , 0 4 5 6 4 4 1 1 3 5 , , 6 8 5 7 4 2 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—June 30... 88,272 27,714 6,521 18,640 33,560 1,837 86,436 40,924 26,618 6,800 12.094 July 31. .. 88,679 27,942 6,535 18,579 33,829 1,795 86,885 41,188 26.780 6,809 12,109 * 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

1158 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 ts t r re T P f c u r l e n u u i d s p s : t ts ac t I G L t r n i a e o o t n s r n v s a s s t : - - . * ' p E T r u f q e r t b o u o h c l t a m e t i a s c l . l s 2 : B p tu e u e r n d 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 s - d s s i : t - A m L d e e j n s u t s s s : t 3 - ' E p t p T o q u a o u b y t t a l h t a i s l e c s l . • t p o p f u a r t o ( h o b y r e - m l t i s ) c . , ( c ( c o d - r d r r I e ) i e e r n a , a d b e - i s s e c n t e e - t , a in G g N e v o n . e v . b t t . L y & ess: O n ca t o h s n e h - r b E T i o n q c N r a g u r e s a o f o h t l w s r : - & agen.) tr. funds debt* Cal. year—1957 72,284 15,368 3,079 84,521 71,692 14,794 3,155 83,328 1,191 467 1,573 64 -1,168 1958 68,694 16,797 3,710 81,728 75,782 17,856 4,622 89,014 -7,287 7,533 -717 487 7,762 1959 72,738 18,830 3,966 87,552 79,777 20,244 4,466 95,560 -8,006 10,112 -543 2,081 8,580 Fiscal year—1957 70,562 14,369 2,777 '82,105 68,966 12,961 1,921 '80,006 2,099 -1,053 2,339 -292 -3,100 1958 , 68,550 16,329 2,927 '81,892 71,369 16,069 4,026 '83,412 -1,520 6,216 657 -200 5,760 1959 67,915 17,084 3,295 81,660 80,342 18,597 4,136 94,804 -13,144 9,656 -1,181 2,160 8,678 I960*.... 77,677 21,795 4,435 94,984 76,609 22,075 4,401 94,283 701 3,371 952 597 1,822 Semiannually: 1958—July-Dec 28,752 7,635 1,477 34,892 39,756 8,921 1,135 47,539 -12,649 6,873 -1,494 653 7,713 1959—Jan.-June 39,163 9,449 1,819 46,768 40,586 9,676 3,001 47,265 -495 2,783 313 1,507 965 July-Dec 33,575 9,381 2,147 40,784 39,191 10,568 1,465 48,295 -7,511 7,329 -856 574 7,615 1960—Jan.-June?... 44,102 12,414 2,289 54,200 37,418 11,507 2,937 45,988 8,212 -3,958 1,808 23 -5,793 Monthly: 1959—Aug 5,654 2,444 192 7,903 6,280 1,528 -689 8,498 -594 1,943 573 31 1,339 Sept 8,463 1,236 207 9,488 6,334 1,735 360 7,709 1,779 -1,866 -399 g -1,457 Oct 3,018 1,009 343 3,678 6,863 1,886 856 7,894 -4,216 3,077 -683 105 3,656 Nov 5,889 2,004 308 7,579 6,590 1,496 -142 8,228 -649 -423 242 97 -763 Dec 7,339 1,474 646 8,163 6,601 1,748 554 7,795 368 259 -84 111 233 1960—Jan 4,867 828 229 '5,462 6,157 1,974 1,363 '6,768 -1,306 229 -472 147 554 Feb 7,237 2,329 331 '9,230 6,142 1,613 -319 '8,074 1,156 -686 32 26 -744 Mar 9,580 1,708 198 11,084 6,423 1,868 1,192 '7,100 3,984 -3,632 507 -100 -4,039 Apr 5,064 1,490 180 6,369 6,032 2,067 280 7,819 -1,450 1,949 -498 12 2,435 May 6,550 3,301 161 9,685 6,073 1,780 -161 8,014 1,671 898 1,220 53 -375 June? 10,804 2,757 1,188 12,371 6,590 2,205 582 8,214 4,157 -2,714 1,022 -114 -3,622 July 3,128 1,057 213 3,970 6,172 1,790 486 7,476 -3,506 2,094 -517 84 2,525 Aug.*3 6,454 2,984 209 9,247 6,803 1,775 -359 8,937 310 -338 1,130 -35 -1,433 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period Trust Net Net Increase, Deposits in: Net fund market inv. (-) or s B u d u r e o d f p i r g c lu i e t s t , a l c d a c e t o u f i i r o m c n it u , - t c o R i l c e T i a a c r s t o e i h o n a n - s. is a ( G s + g u e o ) a n v o n c t c f y . e i s a n G e g c e o F . n v e b c t d y . y . d ( e d g - c i r ) r r o . e e i s c a n s t se T o r u H e t a e s s l i u d d r e y a T u cc r r o e er a u ' s n s - t Balance ( B F a a v . n a R k il . s - T T a u r x e r a a y s n - d O as n t s h e e t e t r s (-) (-) obliga- & trust public able Loan tions 5 funds 5 debt funds) Accts. Fiscal year—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 I960—Jan.-JuneP 6,685 907 291 657 -1,624 -4,467 27 2,421 8,005 504 6,458 1,043 Monthly; 1959—Aug -626 916 -641 51 -666 1,714 -33 781 6,617 537 5,227 853 Sept 2,129 -499 323 155 317 -2,100 -73 399 7,017 704 5,353 960 Oct -3,846 -877 541 3 667 2,957 86 -641 6,376 488 4,990 898 Nov -701 507 -537 56 -67 -664 1 -1,408 4,968 582 3,559 827 Dec 738 -274 -158 102 -12 209 -10 615 5,583 504 4,216 863 I960—Jan -1,290 -1,146 634 3 764 287 -26 -722 4,862 567 3,246 1,049 Feb 1,095 716 -838 105 -160 -501 -33 450 5,311 453 3,843 1,015 Mar 3,157 -160 994 104 -386 -3,757 75 -122 5,189 549 3,738 902 Apr -968 -577 134 143 296 1,961 -115 1,105 6,294 619 4,490 1,185 May 476 1,521 -332 153 -1,097 579 83 1,217 7,511 462 6,180 869 June* 4,214 552 -301 150 -1,042 -3,036 44 494 8,005 504 6,458 1,043 July -3,044 -734 186 23 616 2,008 27 -1,006 6,998 477 5,676 845 Aug -349 1,209 -533 -694 -1,083 334 -12 -1,104 5,894 481 4,628 785 n.a. Not available. * Preliminary. * Consists primarily of interest payments by Treasury to trust accounts r Revised to exclude certain interfund transactions from both net and to Treasury by Govt. agencies, transfers to trust accounts representing budget receipts and budget expenditures. Figures for calendar years Budget expenditures, and payroll deductions for Federal employees re- 1957 and 1958 are not yet revised. For more details see Treasury Bulletin tirement funds. for Sept. 1960, pp. II and 1. 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 1159 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 c B e u N i r p d e e t g - t s e 2 t r Old T - ran H sf i e g r h s - to R : . R. fu R o n e f d - s B c T u e r o i d e p t g - a t e l s t Individual Corpo- t c a E i x x s e e - s t p m a E x lo e m e n y s - t - 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 s r e . s - ' f t u a r n u g d s e t « t f w r u u n a s y d t m ti r r e e e n - - t ce r i e p - ts W he i l t d h- Other ration acct. Fiscal year—1957.. 70,562 6,634 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958.. 68,550 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.. 67,915 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*. 77,677 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. 28,752 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_j J a u n. l - y J - u D n e e c . . 3 3 9 3 , , 1 5 6 7 3 5 4 3 , , 6 8 2 1 1 5 1 1 , ,2 0 8 5 1 9 2 3 6 0 0 7 4, 7 2 1 9 8 9 4 4 0 9 , , 0 6 3 0 5 8 1 15 5 , , 6 2 5 3 2 2 8 3, , 0 9 4 0 1 6 1 8 1 , , 3 9 2 18 3 5 5 , , 9 3 4 9 8 6 4 5 , ,2 1 0 2 1 7 2 2 , , 9 94 5 4 6 1 1 , , 4 7 0 0 2 3 9 8 8 7 4 6 2 2 , , 3 40 5 8 2 I960—Jan.-June* 44,102 6,396 ,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_Aug 5,654 1,235 237 85 181 7,418 4,223 123 368 1,027 1,321 356 288 172 Sept 8,463 652 201 52 161 9,552 2,264 1,837 3,311 1,007 704 430 300 169 Oct 3,018 259 198 16 129 3,626 1,211 257 491 977 278 413 319 179 Nov 5,889 882 219 82 72 7,152 4,345 99 405 936 965 402 296 162 1,137 Dec 7,339 476 233 51 7 8,350 2,371 362 3,180 1,031 527 879 258 152 I960—Jan 4,867 298 218 16 -16 5,425 860 2,144 564 794 341 722 186 138 Feb 7,237 1,243 264 84 432 9,289 4,835 884 483 954 1,611 522 214 151 1,320 Mar 9,580 1,078 191 50 1,317 12,217 2,541 791 6,192 1,044 1,149 500 258 152 Apr 5,064 839 202 17 1,336 7,468 770 3,520 619 945 858 755 248 157 May 6,550 1,834 249 82 1,005 9,725 4,744 1,039 467 1,061 1,918 496 282 166 1,386 Junep.... 10,804 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 1,055 346 670 995 383 527 238 151 n.a. Aug 6,454 1,524 296 83 203 8,590 4,849 147 409 1,121 1,608 456 n.a. n.a. I Budget expenditures * Major national security Agri- Vet- culture Period Total 2 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 Inter- ic e b s e r e e f s a i " r n t n v a s e s n - - ' d w L a a e n l b f d o ar r e t a c a u r g u n e r r l a d - i - - l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d 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 68,966 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 71,369 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 80,342 46,426 41,233 2,340 2,541 3,780 7,671 5,174 4,421 6,529 1,669 3,421 1,606 I960* 76,609 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 39,756 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 40,586 23,180 20,614 1,195 1,272 2,574 3,985 2,594 2,263 2,607 773 1,983 841 July-Dec 39,191 23.119 20,975 715 1,290 650 4,494 2,493 2,086 2,961 941 1,950 833 1960—Jan.-JuneP 37,418 22,492 20,225 892 1,334 1,086 4,774 2,563 2,252 2,105 772 872 859 Monthly: 1959—July 6,523 3,772 3,435 95 224 159 735 406 330 506 143 388 131 Aug 6,280 3,710 3,375 90 208 144 734 400 352 346 150 346 114 Sept 6,334 3,783 3,412 122 205 136 725 428 364 403 176 178 143 Oct 6,863 3,980 3,622 135 204 -85 740 405 405 675 173 446 166 Nov 6,590 643 3,275 148 212 173 747 424 317 495 165 467 130 Dec 6,601 231 3,856 125 237 123 813 430 318 536 134 125 149 I960—Jan 6,157 3,523 3,160 136 210 157 831 419 393 470 105 195 127 Feb 6,142 3,684 3,371 103 210 169 788 420 362 322 119 161 127 Mar 6,423 3,976 3,570 171 223 140 792 457 340 289 120 148 156 Apr 6,032 3,669 3,306 136 222 163 777 421 412 304 104 37 158 May 6,073 3,669 3,331 110 224 196 777 422 390 229 131 149 108 Junep 6,590 3,971 3,487 236 245 261 809 424 355 491 193 182 183 July 6,172 3,471 3,096 146 219 133 815 404 342 369 125 379 165 I 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 * 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 3 Excludes net transactions of Govt. sponsored enterprises, which are separately. included in the corresponding columns above. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1160 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 Loans, by purpose and agency: 6,811 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 banks 2 590 638 689 734 935 1,169 1,313 1,547 1,562 1,396 1,499 Farmers Home Administration 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) 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 To industry total 588 431 678 619 674 680 695 717 726 733 739 Treasury Department 174 353 306 209 251 216 212 201 197 185 184 Commerce Department / 261 219 217 187 182 174 170 166 158 Other agencies 79 \ 112 191 206 278 301 342 358 382 397 To financing institutions 952 870 1 419 1 233 / 270 1 298 1 087 1 539 1,797 2,136 1,522 To aid States territories etc total 645 272 245 246 264 293 291 293 308 319 316 Public Housing Administration 500 112 90 106 105 106 91 89 91 87 91 Other agencies 145 160 155 140 159 187 200 204 217 231 225 Foreign, total 8,043 8,001 7,988 8,223 8,754 9,510 9,712 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 All other purposes, total 119 166 256 213 344 548 562 627 686 752 782 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 0-418 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 2,270 152 147 149 181 226 300 310 324 329 419 435 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 8^9 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 Defense Department 11 004 11 136 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 Other agencies • , 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).... 48,,803642 48,,709486 47,,882222 4 9 , , 5 9 0 8 2 5 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 8 2, , 8 8 5 6 6 9 2 8 , , 8 9 9 3 9 8 9 2 , , 1 8 2 8 4 0 9 2 , , 1 9 5 2 6 8 Panama Canal Company 363 421 421 398 398 396 402 409 408 411 411 Tennessee Valley Authority 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 2R5 289 304 305 310 313 Bonneville Power Administration 311 342 372 37"* 357 354 352 349 General Services Administration 1,298 1,308 1,322 1,237 1,241 1,234 1,221 1,261 Post Office Department 599 637 6^7 640 640 640 640 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.?12 4,882 5.582 5,974 5,767 Banks for cooperatives 150 156 257 247 303 310 314 360 404 396 Federal intermediate credit banks 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 c Corrected. 5 Includes investment of the Agricultural Marketing revolving fund in 1 Figures exclude interagency items. Prior to 1956, data for trust the banks for cooperatives; Treasury compilations prior to 1956 classified revolving funds included such items. this item as an interagency asset. 2 Effective Jan. 1, 1957, the production credit corporations were merged NOTE.—Coverage has changed in some of the periods shown. Bein the Federal intermediate credit banks, pursuant to the Farm Credit ginning with 1956, changes reflect the expanded coverage and the new Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations classification of activities by type of fund now reported in the Treasury of the banks are classified as trust revolving transactions. Bulletin. Classifications by supervisory authorities are those in existence 4 3 F L i e g s u s r t e h s a n re p $ r 5 e 0 s 0 e , n 0 t 0 0 la . rgely the Treasury loan to the United Kingdom, c ta u i r le re d n t b ly re . ak W do h w e n re o c f u r lo re a n n t s , T t r h e e a s s e u r i y te m co s m h p a i v la e t i b o e n e s n d c o l a n ss o i t f ie p d r o b v y id e F e a d e d r e a - l and through 1952 are based in part on information not shown in Treasury Reserve on basis of information about the type of lending activity involved. compilation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1161 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multifamily and holders 1- to 4-family houses commercial properties1 E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s o a a t l i n n - s - S F e a e c l g e d i e e c e n s t r e - a d l v o I i t a d n h n u d e d a i r - l s s h A e o r l l s d l - Total t F u i i n c t n i i s o a a ti l n n - s - O h e o t r h l s d e - r Total t F u i i n c t n i i s o a a ti l n n - s - O ho e t r h l s d e - r h A o er l l s d l - t F u i i n c t n i i s a o a t l i n n - - s h O ol t d h e e r r s2 1941 37.6 20.7 4.7 12.2 31.2 18.4 11 ^ 7.2 12.9 8.1 4.8 6 4 i < 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 * 0 4 8 1954 113.7 85.7 4.6 '23.4 105.4 75.7 62.5 13.2 29.7 19.9 9.8 8.3 3.3 5.0 1955 129.9 99.3 r5 2 r25.4 120.9 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 r27.3 134.6 99.0 83.4 15.6 35.6 23.9 11 .7 9.9 3.9 6.0 1957 156.6 119.7 '7.5 r29.4 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958 171.9 131.5 -7.8 32.7 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.3 4 2 7.1 1959^ 191.1 145.4 10.0 35.6 178.8 130.8 109. I 21.7 47.9 31.8 16.1 12.3 4.5 7.8 1958—Dec 171.9 131.5 r7.8 32.7 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.3 4.2 7.1 1959—Mar.*3 175.9 134.2 8.4 33.4 164.4 120.5 100.6 19.9 43.9 29.3 14.6 11.5 4.3 7.3 Junep 181 s 138 3 9 0 34.2 169.5 124 3 103 8 20.5 45.2 30.1 15 1 1 1 Q 4 4 7 5 Sept p 186.7 142.2 9.5 34.9 174.5 128.0 106.8 21.2 46.6 31 .0 15.6 12 2 4 4 7 7 Dec.*? 191.1 145.4 10.0 35.6 178.8 130.8 109. 1 21.7 47.9 31.8 16. 1 4 ^ 7.8 I960—Mar.?3 194.4 147.9 10.3 36.2 181.9 133.2 Ml! 22.1 48.7 32.3 16.3 12.5 A > 8.0 Junes' 198.6 151.2 10.6 36.8 185.8 136.1 113.6 22.5 49.7 33.0 16.7 i 2. c; 8.2 P Preliminary. r Revised. Administration, and Federal land banks, and in earlier years RFC, 1 Derived figures, which include negligible amount of farm loans held HOLC, and Federal Farm Mortgage Corporation. Other Federal by savings and loan associations. agencies (amounts small or separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home NOTE.—Figures for first three quarters of each year are Federal Reserve Loan Bank Board, Institute of Life Insurance, Departments of Agriestimates. Financial institutions represent commercial banks (including culture and Commerce, Federal National Mortgage Association, Federal nondeposit trust companies but not trust departments), mutual savings Housing Administration, Public Housing Administration, Veterans. banks, life insurance companies, and savings and loan associations. Administration, Comptroller of the Currency, and Federal Reserve. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4 906 3 292 1 048 566 4 812 3 884 900 28 1945 4,772 3 395 856 521 4,208 3 387 797 24 1951 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1.726 4 ^03 1 274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1.444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4 792 1 556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5 149 1 740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5.773 5,645 1 ,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,746 17,703 4,409 7,139 6 155 1 984 59 1957 23,337 17,147 4 823 3,589 8,735 4 823 1,367 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—Dec 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,361 7.073 2 275 53 1959—Mar 4 26,130 19,020 5,660 3,305 10,055 5,605 1,505 4 23,638 21,257 5,684 8,435 7-138 2 328 53 June 27,060 19,615 5,885 3,230 10,500 '5,875 1,570 24,110 21,676 5,915 8,510 7,251 2,380 54 Sept 27,635 20,040 6,045 3,175 10,820 6,010 1,585 r24,600 r22,126 r6.095 r8,580 r7 451 r2 420 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 Marv 28,235 20,300 6,045 3,120 11,135 6,345 1,590 25,410 22,879 6,420 8,731 7 728 2 477 54 June** 28,470 20,340 5,980 3,030 11,330 6,485 1,645 25,865 23,308 6,573 8,885 7,850 2,504 53 P Preliminary. r Revised. 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

1162 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 *>201 *>3,691 P498 39,197 36,370 8,523 7,086 20,761 2,827 1959 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 Aug 536 504 133 19 352 32 40,920 37,982 8,801 7,028 22,153 2,938 » Preliminary. end-of-year figures, because monthly figures represent book value of NOTE.—Certain mortgage loans secured by land on which oil drilling ledger assets whereas year-end figures represent annual statement asset or extracting operations are in process are classified with farm through values, and because data for year-end adjustments are more complete. June 1959 and with "other" nonfarm thereafter. These loans totaled Source.—Institute of Life Insurance; end-of-year figures are from $38 million on July 31, 1959. Life Insurance Fact Book, and end-of-month figures from the Tally of For loans acquired, the monthly figures may not add to annual totals, Life Insurance Statistics. and for loans outstanding, the end-of-December figures may differ from MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) By type of lender Total (without seasonal adjustment) Y m e o a n r t o h r 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 Total2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r t o h r Se a a a l d s ly o - n- W se a a d it s j h o u o n s u t a - t l in l S o g a s a v n - & I c a n o n s c m ur - e - 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 ,379 437 581 4,578 1945 913 1H1 1358 376 1941. 4,732 1,490 404 1,165 218 1945. 5,650 2,017 250 1,097 217 1953 7,161 2 475 3,488 21,962 1,048 3,979 16,935 1954 J3,969 7,076 3,846 ?6,108 1,170 4,709 20,229 1953. 19,747 7,365 1,480 3,680 ,327 1955. 1 .432 4 041 5,?41 31,408 1,404 5,883 24,121 1954. 22,974 8,312 1,768 4,239 ,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 ,858 1957 10,402 56? 4,708 40,007 1,643 7,011 31,353 1956. 27,088 9,532 1,799 5,458 ,824 1958 12 346 096 ?S1 45 6?7 2 206 7,077 36,344 1957. 24,244 9,217 1,472 4,264 ,429 1959 I15,463 ?% 6,766 <n093 2,989 7,187 42,917 1958. 27,388 10,516 1,460 5,204 ,640 1959. 32,235 13,094 1,523 5,832 ,780 1959 1959 Aug 1,421 472 662 50,858 2,760 7,136 40,962 Sept 1,374 450 645 51,5?8 2,818 7,138 41,572 July. 2,787 3,100 1,286 138 561 187 Oct [,329 465 590 52,149 2,883 7,159 42,107 Aug.. 2,769 2,871 1,203 137 505 167 Nov [ 086 *m 486 5? 608 2,939 7,172 42,497 Sept.. 2,650 2,834 1,184 136 481 173 Dec [,094 377 465 53,093 2,989 7,187 42,917 Oct.. 2,639 2,799 1,152 146 463 168 Nov.. 2,589 2,442 953 137 409 152 1960 Dec.. 2,485 2,487 963 138 410 152 Jan 884 296 385 53,413 3,035 7,192 C43,186 1960 Feb 992 344 413 53,811 3,078 7,197 43,536 Mar 1,165 411 468 54,356 3,120 7,209 44,027 Jan 2,487 2,079 777 107 343 115 Apr 1,173 411 471 54jQT? 3,159 7,209 44,554 Feb 2,430 2,149 859 103 342 104 May 1,256 443 520 55,556 3,204 7,222 45,130 Mar 2,441 2,406 983 119 377 104 June . .. I 425 479 61? 56 3,249 7,224 45,862 Apr 2,400 2,366 983 108 382 106 July [,294 416 58? 56 97S 3,299 7,233 46,443 May 2,446 2,500 1,051 114 402 120 Aug ^ 1,428 419 666 57,670 3,340 7,230 47,100 June 2,427 2,690 1,167 119 415 138 July 2,528 1,048 116 378 145 e Corrected. p Preliminary. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Beginning 1958 includes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1163 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 Total p e N r r m t o e i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - g m P t a e y r g o c o p e t r j e - s t - - i p l P m o r e i r o a m r e o t n v n y p - e s t - 2 - Total 3 p e N r r t m o e i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - q y E u e n a a d r r t o o e f r r Total und F er H w A ri - tten VA- t C i v o e o n n n a - - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1951 3,220 1,216 713 582 708 3,614 2,667 942 1945 18 6 4 3 4 1 2 14 3 1952 3,113 969 974 322 848 2,719 1,823 890 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1951 51.7 22.9 9.7 13.2 28.8 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1952 58.5 25.4 10.8 14.6 33.1 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1953 66.1 28.1 12.0 16.1 38.0 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1954 75.7 32.1 12.8 19.3 43.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 . 88.2 38.9 14.3 24.6 49.3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 99.0 43.9 15.5 28.4 55.1 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 107.6 47.2 16.5 30.7 60.4 1958 117.7 50.1 19.7 30.4 67.6 1959_Aug. 660 215 288 67 202 150 52 1959*> 130.8 53.8 23.8 30.0 77.0 Sept. 656 226 284 52 94 221 157 63 Oct.. 649 237 286 35 90 238 167 70 1958—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. *\... 120.5 51.3 20.9 30.4 69.2 June*3 124.3 52.1 21.8 30.3 72.2 1960—Jan.. 514 221 196 19 78 195 148 47 Sept.*5 128.0 53.1 22.9 30.2 74.9 Feb.. 464 198 170 28 68 170 133 36 Dec.?' 130.8 53.8 23.8 30.0 77.0 Mar. 463 193 168 35 67 173 137 36 Apr., 433 172 163 22 76 153 123 29 I960—Mar.P. .. . 133.2 54.5 24.6 29.9 78.7 J M un ay e , 4 5 5 3 6 9 1 1 5 7 5 0 1 1 6 9 7 5 4 7 5 1 10 8 3 8 1 1 5 7 5 5 1 14 2 3 4 3 3 1 2 June**.... 136.1 55.0 25.2 29.8 81.1 July. 509 162 200 59 88 160 126 34 Aug. 615 189 228 97 100 181 139 41 p Preliminary. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Sources.—Federal Home Loan Bank Board, Federal loans in amounts of more than $1,000 need be secured. Housing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' (during mit- Year or month Ad- Repay- demand End 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 - - ed Total S te h r o m r t i - L te o r n m g 2 - deposits 1945 278 213 195 176 19 46 1951 1,850 204 1,646 677 111 239 1952 ... 586 528 864 565 299 420 1952 2,242 320 1,922 538 56 323 1953 728 640 952 634 317 558 1953 2,462 621 1,841 542 638 1954 734 818 867 612 255 802 1954 2,434 802 1,632 614 525 476 1955 1,251 702 1,417 991 426 698 1955 2 615 901 1,714 411 76 1956 745 934 1,228 798 430 683 1956 3,047 978 2,069 609 5 360 1957 1 116 1 079 I 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 2,418 623 482 1,541 1959 2,067 1,231 >,134 1,192 942 589 1959 5,531 2,546 2,985 1,907 5 568 1959—Sept 200 70 1,795 1,042 753 570 1959—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 >,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 I 740 1 042 697 499 Feb 58 169 ,'628 '963 665 488 I960—Jan 5,508 2,621 2,887 110 115 600 Mar 88 196 ,520 858 662 534 Feb 5,577 2,713 2,864 138 49 601 Apr 155 117 1,558 828 731 571 Mar 5 693 2 821 2,873 162 580 May 112 96 1,574 827 747 590 Apr 5,785 2,905 2,880 126 12 588 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 [,696 967 729 730 July 5,918 3,121 2,797 113 569 Sept 160 121 1,736 1,002 734 737 Aug 5,991 2,806 3,185 96 584 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. Data ex- Source.—Federal Home Loan Bank Board. clude conventional mortgage loans acquired by FNMA from the RFC Mortgage Company, the Defense Homes Corporation, and the Public Housing Administration. Source.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1164 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 paper 1 loans2 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 ... 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 ... 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1953 .. 31,393 23,005 9,835 6,779 1,610 4,781 8,388 2,187 4,274 1,927 1954 .. 32,464 23,568 9,809 6,751 1,616 5,392 8,896 2,408 4,485 2,003 1955.... 38,882 28,958 13,472 7,634 1,689 6,163 9,924 3,002 4,795 2,127 1956... 42,511 31,897 14,459 8,580 1,895 6,963 10,614 3,253 4,995 2,366 1957... 45,286 34,183 15,409 8,782 2,089 7,903 11,103 3,364 5,146 2,593 1958.... 45,586 34,080 14,237 8,923 2,350 8,570 11,506 3,646 5,060 2,800 19593... 52,046 39,482 16,590 10,243 2,704 9,945 12,564 4.176 5,351 3.037 1959—Aug. 3 48,841 37,510 16,288 9,289 2,569 9,364 11,331 4,034 4,365 2,932 Sept 49,350 37,962 16,470 9,390 2,613 9,489 11,388 4,084 4,390 2,914 Oct 49,872 38,421 16,659 9,534 2,653 9,575 11,451 4,050 4,525 2,876 Nov 50,379 38,723 16,669 9,687 2,683 9,684 11,656 4,117 4,614 2,925 Dec 52,046 39,482 16,590 10,243 2,704 9,945 12,564 4,176 5,351 3,037 1960—Jan.. , 51,356 39,358 16,568 10,129 2,691 9,970 11,998 4,092 4,816 3,090 Feb.. 51,021 39,408 16,677 9,997 2,695 10,039 11,613 4,151 4,305 3,157 Mar.. 51,162 39,648 16,876 9,940 2,706 10,126 11,514 4,222 4,118 3,174 Apr.. 52,169 40,265 17,218 10,022 2,736 10,289 11,904 4,247 4,451 3,206 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 53,653 41,687 17,946 10,202 2,852 10,687 11,966 4,290 4,506 3,170 Aug.. 53,928 41,995 18.078 10,202 2,891 10,824 11,933 4,299 4,473 3,161 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- stores 2 stores ance dealers 3 panies * stores 1939 .. . 4 503 3 065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6 085 4 480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2'462 1,776 745 300 102 629 686 131 240 17 28 270 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 ,242 984 377 463 1,052 1955 28 958 24 450 10,601 8,443 1,678 2,656 1,072 4,508 ,511 1,044 365 487 I 101 1956 31 897 27,154 11,777 9,100 2,014 3,056 1,207 4,743 ,408 1,187 377 502 I 269 1957 34 183 29,515 12,843 9,573 2,429 3,333 1,337 4,668 ,393 1,210 361 478 1,226 1958 34 080 29 097 12,780 8,740 2,668 3,384 1,525 4,983 ,882 1,128 292 506 I 175 19594 .. .... 39 482 33,838 14,922 10.145 3,232 3.764 1.775 5,644 *>,298 1.167 295 588 1,296 1959 Aug 4 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 ,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 1,168 Nov 38,723 33,519 14,853 10,117 3,183 3,622 ,744 5,204 \>,045 1,107 290 592 1,170 Dec 39,482 33,838 14,922 10,145 3,232 3,764 1,775 5,644 > 298 1,167 295 588 1,296 I960—Jan 39,358 34,003 15,066 10,168 3,225 3,777 1,767 5,355 2,109 1,132 289 587 1,238 Feb 39,408 34,246 15,134 10,276 3,259 3,795 1,782 5,162 2,002 1,111 285 590 1,174 Mar 19 648 34,432 15,139 10,357 3,331 3,811 1,794 5,216 2,103 1,089 281 595 1,148 40,265 35,085 15,402 10,604 3,418 3,858 1,803 5,180 2,055 1,080 277 606 1,162 May . . 40 740 35,554 15,597 10,744 3,484 3,888 1,841 5,186 2,059 1,071 276 615 I 165 June .. 41 362 36,127 15,834 10,945 3,570 3,938 1,840 5,235 2,078 1,078 277 626 I 176 July 41 687 36 506 15,927 11,062 3,622 4,035 1,860 5,181 2,044 1,071 276 632 I 158 Aug 41,995 36,849 16,051 11,142 3,696 4,085 1,875 5,146 2,017 1,078 277 636 1 138 1 Consumer finance companies included with "other" financial institu- 3 Represents automobile paper only; other instalment credit held by tions until September 1950. automobile dealers is included with "other" retail outlets. 2 Includes mail-order houses. * See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1165 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d 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 t o m o p h n d e e e - r r s r e R m l r t o a e n i o n a p o iz n d d a n a s - ir - l s P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p O c u o a o t m p o h n d e e e - r r s r m R i l z o o a e a d n a p ti e n d a o r s i n n r - l s P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1.363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 ,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2.269 1,668 1,880 ,303 1,676 1955 8,443 6,919 1.034 25 465 1955 10,601 3,243 2,062 2,042 ,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,777 3.651 2,075 2,464 ,469 2,118 1957 9,573 7,470 ,413 20 670 1957 12,843 4,130 2,225 2.557 ,580 2,351 1958 8,740 6,404 ,567 19 750 1958 12,780 4,014 2,170 2,269 :,715 2,612 19591 10,145 7,328 ,883 35 I9591 14,922 4,798 2,511 2,553 .941 3,119 1959—Aug. 1 9,806 7,240 ,723 26 817 1959_Aug.i 14,497 4,682 2,495 2,472 .855 2,993 Sept 9,949 7,328 ,761 30 830 Sept 14,664 4,746 2,500 2,494 ,882 3,042 Oct 10,071 7.406 ,788 33 844 Oct 14,817 4.816 2,517 2,512 1,912 3,060 Nov 10,117 7,388 ,830 34 865 Nov 14,853 4.825 2.519 2,513 .928 3,068 Dec 10,145 7,328 ,883 35 899 Dec 14,922 4,798 2,511 2,553 .941 3,119 I960—Jan. . 10,168 7,305 1,922 36 905 I960—Jan 15,066 4,793 2,522 2,689 .932 3,130 Feb.. 10,276 7,342 1,982 37 915 Feb 15,134 4,822 2,549 2,684 ,928 3,151 Mar.. 10,357 7,407 1,988 39 923 Mar 15,139 4,876 2.597 2,562 1,927 3,177 Apr.. 10,604 7,538 2,096 42 928 Apr 15,402 4,977 2,664 2.567 ,948 3,246 May. 10,744 7,631 2,132 45 936 May 15,597 5,060 2,714 2,571 ,976 3,276 June. 10,945 7,767 2,175 49 954 June 15,834 5,170 2,754 2,588 2,004 3,318 July.. 11,062 7,822 2,225 52 963 July 15,927 5,216 2.766 2.594 2,018 3,333 Aug.. 11,142 7,855 2,260 57 970 Aug 16,051 5,271 2,777 2.588 2.040 3,375 1 Includes data for Hawaii, beginning with August 1959. 1 Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Singlepayment Charge accounts 1939 E o n r d m of o n y t e h ar i c T m n r o s 7 e e t 8 t d n a a 9 i l t l t - m A pa o u p b t 8 e o i 1 l r - e s g p O c u o a t o m o p h 2 n d e e e 4 - r s r r j | | 1 j m i R l z o o a a e a d n t p 1 n i d e a o 5 s r i n n r - s l P o o 6 e a n 6 n r a 9 - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - b C m c a o i n e a m r k l - l s - oa t n f O u i s i n c t n t i i s h a o a t n e l i n - r - s s m p t D o a e r e r e n - t- s t 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1941 . 957 122 36 14 785 1945 731 20 14 643 1939 2,719 625 162 236 1 178 518 1953 4 038 538 370 247 2 883 1941 3.087 693 152 275 1,370 597 1954. 4.510 539 375 282 3,314 1945 3,203 674 72 290 1,322 845 1955. 5,406 761 537 326 3,782 1956 6.277 948 648 403 4,278 1953 8 388 1,899 288 772 3.352 150 1,927 1957. 7.099 .106 622 489 4.882 1954 8,896 2,096 312 793 3.515 177 2,003 1958 7,577 ,143 610 616 5,208 1955 9,924 2,635 367 862 3,717 216 2,127 19591 8 771 36^ 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—Aug. i 8,237 1.293 702 688 5,554 1958 11 506 3 156 490 907 3 808 345 2 800 8 341 1 310 713 701 5 617 19593 12,564 3,542 634 960 3,985 406 3,037 Oct 8,430 1,327 724 708 5,671 Nov. . . 8,549 1.345 732 721 5,751 1959__Aug.3... 11,331 3,431 603 562 3.408 395 2,932 Dec 8,771 1,365 751 728 5,927 Sept 11,388 3,455 629 606 3.383 401 2,914 Oct 11,451 3,466 584 647 3,491 387 2,876 I960 Tan 8 769 1 361 750 723 5,935 Nov 11,656 3,472 645 717 3.506 391 2,925 Feb 8,836 1.374 759 730 5,973 Dec 12,564 3,542 634 960 3,985 406 3,037 Mar 8,936 1.401 769 740 6,026 Apr 9 079 1 433 785 746 6 115 1960—Jan 11,998 3,499 593 825 3,577 414 3,090 May 9.213 1,461 806 765 6,181 Feb 11,613 3,466 655 686 3.204 415 3,157 June 9,348 1.490 822 771 6,265 Mar 11,514 3,503 719 622 3,070 426 3,174 July 9 517 1 510 834 782 6 391 Apr 11,904 3,569 678 657 3,380 414 3,206 Aug 9,656 1 539 844 794 6,479 May. . . .12,091 3,573 772 647 3.483 417 3,199 June.... 12,135 3,623 698 634 3,565 429 3,186 July 11,966 3,605 685 585 3,475 446 3,170 1 Includes data for Alaska and Hawaii, beginning with January and Aug 11,933 3,594 705 585 3,415 473 3,161 August 1959, respectively. NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and 1 Includes mail-order houses. loan associations, and other lending institutions holding consumer 2 Service station and miscellaneous credit-card accounts and homeinstalment loans. heating-oil accounts. 3 Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1166 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a i t r i o a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1953 31,558 12,981 c>.227 1,344 • • •.... 8,006 1954 31 051 11 807 9' 117 1 261 8,866 1955 39,039 16,745 !!!!!!!!!! 10,634 .!!!!!!!!. 1,388 10,272 1956 40,175 15,563 11,702 1,568 11,342 1957 42,545 16,545 11,747 1,660 12,593 1958 40,818 14,316 11,638 1,890 12,974 19591 48,476 18.001 13,512 2,087 14,876 1959—Aug i 4,132 4,193 1,538 1,627 [,138 ,123 185 199 1,271 1,244 Sept 4,172 4,061 1,521 1,515 1,138 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 1,233 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 1960—Jan 4,217 3,534 1,535 1,278 [,208 976 165 124 1,309 1,156 Feb 4,115 3,723 1,560 1,427 1,094 934 175 146 1,286 1,216 Mar 4,119 4,201 1,555 1,633 1,118 1,062 172 163 1,274 1,343 Apr 4,437 4,457 1,652 1,697 [,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 1,501 1,738 1,191 1,226 176 191 [,334 1,406 July 4,227 4,141 1,418 1,477 1,163 1,072 172 177 1,474 1,415 Aug 4,029 4,301 1,411 1,576 1,073 1,111 176 196 1,369 1.418 Repayments 1953 27,956 10,879 }?,622 1,119 7.336 1954 30,488 11,833 9; 145 1,255 8,255 1955 33,649 13,082 9,751 1,315 9,501 1956 37,236 14,576 10,756 1,362 10,542 1957 40,259 15,595 11,545 1,466 11,653 1958 40,921 15,488 11 497 ,629 12,307 19591 43.239 15,715 12,225 .738 13,561 1959—Aug.i 3,635 3,578 ,325 ,318 1,012 993 152 151 1,146 1.116 Sept 3,660 3,609 ,315 ,333 1,045 1,022 147 147 1,153 1,107 Oct 3,697 3,726 ,341 ,375 1,048 1,054 147 150 1,161 1,147 Nov 3,700 3,626 1,311 ,303 1,069 1,019 142 145 1,178 1,159 Dec 3,776 3,927 1,361 ,372 1,066 1,060 144 145 1,205 1,350 I960—Jan 3,824 3,658 1,386 ,300 1,089 1,090 141 137 1,208 1,131 Feb 3,707 3,673 [,338 ,318 1,046 1,066 143 142 [,180 1,147 Mar 3.711 3,961 1,345 ,434 1,042 1,119 144 152 1,180 1,256 3,904 3,840 1,397 .355 1,084 1,086 147 143 1.276 1,256 May!!!!!!.'.'!!!!! 3,886 3,860 1,411 ,401 1,099 1,095 150 148 1.226 1,216 June 3,860 3,939 1,384 ,412 1,094 1,112 153 153 1)229 1,262 July 3,978 3,816 1,390 1,338 1,115 1,064 155 149 1,318 1,265 Aug 3,861 3,993 ,377 1,444 1,085 1,111 152 157 1,247 1,281 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—Aug.i. +635 +753 +269 +365 + 151 + 155 +37 +52 + 178 + 181 Sept... +512 +452 +206 + 182 +93 + 101 +28 +44 + 185 + 125 Oct... +522 +459 +281 + 189 +76 + 144 +27 +40 + 138 +86 Nov... +383 +302 +155 + 10 +64 + 153 +29 +30 + 135 + 109 Dec... +270 +759 + 16 -79 +80 +556 +29 +21 + 145 +261 I960—Jan.. +393 -124 + 149 -22 + 119 -114 +24 -13 + 101 +25 Feb.. +408 +50 +222 + 109 +48 -132 +32 +4 + 106 +69 Mar.. +408 +240 +210 + 199 +76 -57 +28 + 11 +94 +87 Apr.. +533 +617 +255 +342 + 156 +82 +31 +30 +91 + 163 May. +323 +475 + 132 +263 +65 +58 +36 +50 +90 + 104 June. + 342 +622 + 117 +326 +97 + 114 +23 +38 c+105 + 144 July. +249 + 325 +28 + 139 +48 + 8 + 17 +28 + 156 + 150 Aug.. + 168 + 308 + 34 + 132 -12 0 +24 + 39 + 122 + 137 c Corrected. the BULLETIN for October 1956; for 1955-58, in the BULLETINS for 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 transactions may increase the amount of both credit extended and credit NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1167 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Sales finance Other financial Total Commercial banks companies institutions Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1953... 31,558 12,099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 1956 i 40,175 14,463 9,600 9,474 6,638 1957 i 42,545 15,355 10,200 10,495 6,495 1958 i 40,818 14,860 8,907 10,488 6,563 1959 V 48,476 17,522 11,007 12,035 7,912 1959—Aug.2. 4,132 4,193 ,521 ,530 917 988 ,031 1,021 663 654 Sept... 4,172 4,061 ,510 ,473 941 950 ,069 996 652 642 Oct... 4,219 4,185 ,521 ,482 992 973 ,053 1,014 653 716 Nov... 4,083 3,928 ,440 ,322 900 843 ,068 1,052 675 711 Dec... 4,046 4,686 ,424 ,425 860 886 ,096 1,314 666 1,061 I960—Jan. i., 4,217 3,534 ,519 ,346 985 802 ,063 912 650 474 Feb.i. 4,115 3,723 ,495 ,393 973 860 ,058 996 589 474 Mar.i. 4,119 4,201 ,441 ,511 951 967 ,068 1,112 659 611 Apr.i. 4,437 4,457 .512 ,600 1,039 1,008 ,144 1,155 742 694 May.. 4,209 4,335 ,489 ,584 949 983 ,114 1,120 657 648 June.. 4,202 4,561 ,460 ,627 917 1,050 ,114 1,171 711 713 July. . 4,227 4,141 ,447 ,430 905 955 ,240 1,200 635 556 Aug.. . 4.029 4,301 ,439 ,530 870 ,137 1,185 583 597 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—Aug.2. 3,635 3,578 1,310 ,299 793 795 920 892 612 592 Sept... 3,660 3,609 1,312 ,306 804 807 930 892 614 604 Oct... 3,697 3,726 1,326 ,329 816 851 935 925 620 621 Nov... 3,700 3,626 1,312 ,286 794 797 943 933 651 610 Dec... 3,776 3,927 1,331 ,356 832 858 970 1,092 643 621 1960—Jan. 1., 3,824 3,658 1,389 ,323 844 779 970 914 621 642 Feb.i. 3,707 3,673 1,340 ,325 808 792 953 929 606 627 Mar.i. 3,711 3,961 1,321 ,394 821 886 956 1,012 613 669 Apr.i. 3,904 840 1,349 ,337 878 841 1,035 1,012 642 650 May.. 3,886 860 1,379 ,389 862 843 990 986 655 642 June.. 3,860 939 1,359 1,390 841 849 1,009 1,036 651 664 July. . 3,978 816 1,386 1,337 876 838 1,078 1,031 638 610 Aug... 3,861 3,993 1,343 1,406 859 909 1,028 1,046 631 632 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 1956 i +2,939 + 1,176 +657 +871 +235 1957 i +2,286 + 1,066 +473 + 822 -75 1958 i -103 -63 -833 +478 +315 1959 1,2 +5.402 +2,142 + 1,405 1.194 +661 1959—Aug.2. +635 +753 +247 +267 + 145 +214 + 180 + 198 +63 + 74 Sept... +512 +452 + 198 + 167 + 137 + 143 + 139 + 104 +38 + 38 Oct.. . +522 +459 + 195 + 153 + 176 + 122 + 118 +89 +33 +95 Nov... +383 +302 + 128 + 36 + 106 +46 + 125 + 119 +24 + 101 Dec... +270 +759 +93 +69 +28 +28 + 126 +222 +23 +440 I960—Jan. *.. +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 +2 +6 June.. +342 +622 + 101 +237 +76 +201 + 105 + 135 +60 +49 July.. +249 + 325 +61 +93 +29 + 117 + 162 + 169 -54 Aug... + 168 + 308 +96 + 124 + 11 + 80 + 109 + 139 -48 -35 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

1168 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49=100 [Seasonally adjusted] Annual average 1959 1960 Grouping 1958 1959 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May I June July Aug. INDUSTRY GROUPINGS Total index. 141 159 157 157 155 156 165 168 166 166 165 167 166 166 165 Manufacturing, total. 139 755 757 755 754 154 164 755 755 755 754 755 755 165 163 Durable 141 165 159 158 155 156 174 180 178 175 172 174 171 172 169 Nondurable 141 155 159 159 157 157 158 159 157 158 159 161 163 163 162 Mining 120 126 120 119 120 126 130 128 126 125 129 128 128 128 128 Utilities 244 268 269 272 272 274 278 280 282 288 288 285 289 291 29! Durable Manufactures Primary and fabricated metals. 110 125 94 92 87 775 145 745 143 139 133 757 126 125 122 Primary metals 99 113 60 58 56 101 145 147 140 135 126 119 112 '109 105 Iron and steel 94 107 39 38 38 95 148 149 142 136 125 115 105 100 94 Fabricated metal products 125 142 145 144 135 130 143 148 148 145 142 147 148 148 147 Structural metal parts 138 150 150 149 138 136 149 156 155 153 151 156 158 160 160 Machinery and related products... 166 797 205 204 202 186 200 272 277 20P 206 2/7 207 r209 206 Machinery 140 169 175 177 175 171 177 180 177 178 175 178 178 180 176 Nonelectrical machinery 117 141 146 148 147 145 147 148 147 147 145 147 148 152 146 Electrical machinery 175 212 222 224 221 213 227 232 227 227 225 228 -226 r226 224 Transportation equipment 197 229 237 230 229 184 217 251 250 243 239 249 237 '237 235 Motor vehicles and parts 112 148 155 151 152 92 137 186 184 173 169 176 176 166 169 Aircraft and other equipment. . 376 390 400 386 378 378 375 365 366 371 368 383 347 r372 370 Instruments and related products. 175 209 215 218 220 220 223 220 218 220 218 222 224 r226 226 Ordnance and accessories Clay, glass, and lumber 124 143 147 144 745 142 144 745 745 755 745 142 744 H45 140 Clay, glass, and stone products. 137 159 165 162 161 159 160 158 159 153 159 160 164 165 162 Lumber and products 110 125 125 124 123 123 127 127 126 122 126 122 120 122 114 Furniture and miscellaneous. 126 147 750 149 750 750 752 755 752 752 754 757 158 r158 755 Furniture and fixtures 137 164 167 165 166 168 172 173 171 166 174 177 111 mi 173 Misc. manufactures 116 133 136 136 136 135 136 136 136 139 138 140 143 143 141 Nondurable Manufactures Textile, apparel, and leather products. 777 136 139 757 755 757 75P 755 755 755 757 740 747 740 140 Textile mill products 109 126 130 127 123 124 124 124 124 123 122 126 128 126 125 Apparel products 129 153 154 154 156 159 160 157 155 158 161 162 162 163 163 Leather and products 109 119 120 117 117 116 118 119 110 111 111 116 116 Paper and printing 142 154 757 755 757 755 755 75P 755 757 755 750 160 757 757 Paper and products 155 170 174 175 175 167 173 176 173 171 173 174 172 173 171 Printing and publishing. 133 143 146 148 146 147 148 148 148 147 148 152 152 153 153 Newspapers 126 135 140 138 137 137 140 139 137 136 139 142 143 142 141 Chemical, petroleum, and rubber products. 188 215 221 223 218 277 27P 222 27P 220 225 227 233 r232 230 Chemicals and products 210 240 246 250 245 245 249 250 248 251 256 258 263 r263 261 Industrial chemicals 247 298 310 315 307 309 313 314 311 317 318 322 331 331 Petroleum products 148 158 161 159 159 158 153 157 153 154 161 161 167 172 166' Rubber and plastics products 166 200 210 209 201 198 203 206 204 201 201 205 214 204 Foods, beverages, and tobacco. 123 128 130 750 128 72P 72P 757 72P 750 750 752 Tl32 r132 737 Foods and beverages 123 128 131 130 128 129 130 131 130 130 131 132 132 132 132 Food manufactures 125 131 131 131 129 132 133 134 132 133 133 134 134 134 134 Beverages 112 117 126 125 119 116 114 120 117 117 117 122 122 122 Tobacco products 121 127 130 126 130 127 131 130 123 129 133 131 131 126 Mining Coal, oil, and gas 777 122 77P 120 727 124 126 724 727 720 722 727 722 r122 122 Coal 68 68 59 61 63 71 78 75 69 71 72 71 64 64 65 Crude oil and natural gas. 140 147 146 146 147 149 149 147 145 143 145 144 148 148 147 Oil and gas extraction.. 138 145 143 144 145 146 146 145 144 143 145 143 147 148 147 Crude oil 129 135 133 134 135 136 135 135 134 133 133 132 137 137 136 Gas and gas liquids.. 196 211 214 212 215 215 219 Oil and gas drilling.... 152 159 163 162 160 164 164 159 146 136 138 144 145 143 144 Metal, stone, and earth minerals. 142 747 128 775 720 142 752 755 757 75P 772 770 757 757 757 Metal mining 114 109 66 53 57 94 111 119 131 143 146 142 133 131 133 Stone and earth minerals 171 187 193 189 188 192 196 188 183 175 199 198 201 '205 202 Utilities Electric. 244 270 274 278 275 275 279 279 280 288 286 284 r289 291 Gas 244 265 259 259 263 272 283 SUMMARY MARKET GROUPINGS Final products, total 14S 162 166 165 165 162 166 170 167 167 168 171 171 170 169 Consumer goods 140 155 158 158 157 154 159 164 160 160 162 164 165 164 163 Equipment, including defense. 165 188 194 194 194 192 194 195 194 196 194 197 196 197 196 Materials 138 157 148 149 146 152 1 167 166 164 163 162 161 161 159 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1169 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 Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. INDUSTRY GROUPINGS Total index 141 159 156 159 160 157 162 168 169 168 167 166 166 157 162 139 158 154 158 159 156 161 167 168 167 166 166 165 155 160 141 165 152 157 159 158 174 181 181 179 175 174 172 160 160 Nondurable 141 155 162 163 164 159 151 156 158 158 161 161 162 165 120 125 120 120 122 126 129 128 126 125 128 128 129 rJ24 128 Utilities 244 268 Durable Manufactures 110 125 91 94 90 114 142 149 147 144 136 131 127 113 117 Primary metals ........ .... 99 114 55 56 57 102 141 150 148 143 132 121 114 r93 97 94 107 37 38 40 96 145 152 148 143 129 116 106 87 89 Fabricated metal products . 125 142 146 151 139 133 143 146 146 144 142 145 146 '14^ 148 138 150 148 150 141 140 154 156 154 153 150 154 157 154 157 Machinery and related products <.......... 166 197 189 198 205 189 204 216 217 215 209 210 206 195 188 140 169 168 178 179 173 178 181 182 183 178 111 r178 167 168 117 141 139 145 145 143 148 150 152 153 149 149 149 rf45 119 175 212 213 233 234 222 226 229 232 231 222 222 r223 r2C* 216 Transportation eouipment ... . 197 228 203 210 231 192 230 262 261 253 245 247 2^7 '220 198 112 147 113 125 155 103 154 199 196 183 174 176 '174 149 118 376 390 391 382 376 376 377 373 374 379 372 378 346 '359 361 175 209 212 218 221 222 225 220 220 223 220 221 223 '219 221 Clav slass and lumber . ....124 143 156 153 152 142 135 131 136 133 142 146 152 r]4J 149 137 159 171 169 168 160 155 149 151 149 158 164 168 rl62 168 Lumber and products 110 125 139 136 135 122 111 111 119 115 124 125 133 '117 127 126 147 153 157 158 155 154 149 151 151 150 151 155 150 159 137 164 170 171 174 171 175 170 170 166 170 170 173 r169 177 116 133 139 144 145 142 137 HI 134 138 in 136 140 133 144 Nondurable Manufactures 117 136 143 136 142 138 125 140 145 142 144 142 136 124 144 109 126 132 127 131 127 117 127 127 114 127 128 127 112 125 129 153 161 152 162 159 140 160 170 165 171 167 154 143 170 109 119 126 119 118 113 108 121 122 121 112 110 113 103 142 154 155 160 165 159 152 155 158 161 162 162 161 T149 158 155 170 176 176 186 170 156 111 177 111 178 174 176 156 173 133 143 141 150 152 152 149 144 146 150 151 153 151 145 148 126 135 125 139 148 149 138 128 133 141 148 151 143 124 126 188 215 218 224 222 218 216 223 224 226 228 227 231 r218 226 210 240 242 251 249 246 244 250 252 257 262 260 262 r248 257 247 298 299 312 310 310 313 314 322 326 325 325 326 31"* 148 158 165 163 158 156 157 157 155 153 157 158 167 r\l\ 171 166 199 203 212 211 203 194 216 215 211 207 201 '207 177 123 128 141 142 139 131 123 123 121 122 125 129 135 r132 14~> 123 128 141 143 138 131 124 123 111 111 125 129 r134 134 143 125 131 143 147 143 137 130 128 125 124 125 128 '133 r135 145 112 117 134 126 120 106 101 98 102 114 124 134 r144 131 121 127 139 131 139 127 106 130 124 129 127 135 143 116 Mining 117 122 118 119 121 124 128 128 125 123 122 119 119 r115 119 Coal . 68 68 62 64 68 74 76 74 70 71 70 69 66 51 68 140 147 143 144 145 147 152 152 150 146 145 142 144 '143 143 Oil and gas extraction 138 145 139 141 143 145 150 150 151 148 147 142 143 r142 142 129 135 130 132 133 134 138 139 139 137 135 131 133 r132 131 196 210 202 203 209 221 230 152 159 168 166 161 162 166 163 145 129 131 141 146 147 149 142 146 139 129 128 138 137 131 137 141 166 183 187 181 183 114 107 76 62 63 86 89 94 108 117 138 163 164 '150 152 171 188 205 201 198 193 189 171 167 164 195 202 210 ^15 Utilities Electric 244 270 280 284 267 265 283 297 290 293 281 269 '279 288 244 265 Gas SUMMARY MARKET GROUPINGS 145 162 165 168 170 162 162 169 170 170 169 169 171 16^ 168 140 155 159 161 165 154 153 162 16? 161 162 162 164 155 163 165 188 190 193 192 189 194 197 198 200 197 198 197 193 191 138 157 147 151 150 154 163 167 168 166 164 163 162 '151 156 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1170 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Seasonally adjusted] 1957 Annual 1959 1960 pro- average Grouping portion 1958 1959 Aug. Sept.Oct. Nov.Dec. Jan. Feb. Mar. Apr. May June July Aug. 100.00 93 105 104 103 102 103 109 Ill 110 109 109 110 109 110 108 86.49 92 705 704 104 702 10? 709 772 770 770 709 770 770 770 709 Durable 49.66 87 102 98 97 96 96 107 111 109 108 106 107 105 '106 104 36.83 100 110 113 113 111 111 112 113 112 112 113 115 116 116 115 Mining 8.55 91 95 91 91 91 96 98 98 96 95 98 97 97 '97 97 Utilities 4.96 105 115 116 117 117 118 120 120 121 124 124 122 124 125 125 Durable Manufactures 73.75 84 95 77 70 67 55 770 773 709 705 707 700 96 95 93 7.73 78 90 47 45 44 79 114 115 110 106 99 94 88 '85 82 6.21 75 86 31 30 31 76 119 119 114 109 100 92 84 '80 76 5.42 92 104 106 106 99 95 105 109 108 107 104 108 108 109 108 2.91 93 101 100 99 92 91 100 104 104 102 101 104 106 107 107 Machinery and related products 28.98 55 702 705 705 104 96 703 709 709 108 705 709 707 '705 705 Machinery .... ... 15.31 85 103 107 108 107 104 108 110 108 108 107 109 '109 110 107 Nonelectrical machinery 8.92 83 99 103 104 103 102 103 104 103 104 102 104 105 107 103 6.39 89 108 113 113 112 108 115 118 115 115 114 115 114 114 114 Transportation equipment 10.76 84 98 102 98 98 79 93 108 107 104 102 106 102 '102 101 5.04 77 100 106 103 104 63 94 127 126 118 115 120 120 '113 115 Aircraft and other equipment 5.50 91 94 96 93 91 91 90 88 88 89 89 92 84 '90 89 1.66 94 112 116 117 118 119 120 118 117 119 117 120 121 '121 121 1.25 4.57 97 777 114 772 777 Jn 773 772 772 108 772 777 772 '773 709 Clay glass and stone products .... 2.92 95 110 115 112 111 110 111 110 110 106 110 111 114 '114 112 1.65 100 113 114 113 111 112 115 115 115 110 114 110 109 '111 103 2.96 96 772 114 773 114 114 775 775 115 115 117 779 720 '720 775 Furniture and fixtures 1.48 96 115 116 115 116 118 120 121 119 116 122 124 123 124 121 1.48 95 109 111 111 111 111 111 112 111 114 113 115 117 117 116 Nondurable Manufactures T T e e x x t t i i l l e e m i a l p l p p a r r o e d l utc a t n s d leather products.. .... 2 7 . . 7 3 8 2 9 9 9 8 7 1 7 1 5 3 1 1 1 1 7 7 7 1 7 1 5 4 7 11 7 1 5 7 11 7 1 5 7 11 7 1 7 7 1 7 1 5 2 1 11 1 1 4 7 11 7 1 5 7 1 7 1 5 0 7 11 7 3 5 7 1 7 1 9 5 7 1 7 1 9 3 7 1 7 1 5 2 Apparel products . . 3.44 101 120 121 121 122 125 126 124 122 124 127 127 127 128 128 Leather and products 1.10 97 106 107 105 104 104 105 106 98 99 99 104 104 103 7.93 99 705 770 777 770 709 777 777 770 110 770 772 772 '772 772 Paper and products ... 3.27 101 111 113 114 114 109 113 115 113 112 113 113 112 112 112 Printing and publishing 4.66 98 105 107 108 107 108 109 109 109 108 109 111 112 '112 113 1.53 96 104 107 106 105 104 107 106 105 104 106 108 109 108 108 Chemical petroleum and rubber products 10.95 99 773 775 777 775 114 775 775 775 775 775 779 722 '722 727 Chemicals and products 7.10 100 114 117 119 117 117 118 119 118 119 122 123 125 '125 124 Industrial chemicals . .... 3.61 98 118 123 125 122 123 124 125 124 126 126 128 132 131 Petroleum products . . 1.93 99 105 107 106 106 105 102 104 102 103 107 107 111 '115 111 Rubber and plastics products 1.91 95 114 120 120 115 113 116 118 117 115 115 117 122 117 Foods beverages and tobacco 10.64 702 707 705 705 705 707 705 709 707 705 709 770 '770 '770 709 9.87 102 106 108 108 106 107 107 109 107 108 108 109 109 109 109 Food manufactures 8.31 102 106 107 107 105 107 108 109 107 108 108 109 109 109 109 1.56 102 106 114 113 108 105 104 109 106 106 106 111 '110 111 Tobacco products .77 106 112 114 111 114 111 115 114 108 113 116 115 115 111 Mining Coal oil and gas 7.05 92 96 93 94 95 97 99 97 95 94 95 94 95 r95 95 Coal 1.30 83 82 72 74 76 87 94 91 84 86 87 86 78 78 79 5.75 94 99 98 98 99 100 100 99 97 96 97 96 99 '99 99 Oil and gas extraction 4.98 94 99 98 99 99 100 100 100 99 98 100 98 101 '102 101 4.33 93 98 97 97 98 99 98 98 97 96 97 96 99 '100 99 .65 100 106 109 107 109 109 111 Oil and gas drilling .... .77 89 93 95 95 94 96 96 93 85 80 81 84 85 84 85 Metal stone and earth minerals.... ... 7.50 97 94 52 76 77 97 98 95 707 702 777 709 707 707 707 .70 83 11 48 39 42 68 80 87 95 104 106 103 97 '95 96 Stone and earth minerals . ... .80 98 108 111 109 108 110 113 108 106 101 115 114 116 '118 117 Utilities Electric 3.76 104 115 117 119 118 118 119 119 120 123 122 121 123 124 Gas 1.20 105 114 111 111 113 117 122 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1171 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping p 19 r 5 o 7 - A av n e n r u ag al e 1959 1960 portion 1958 1959 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total index 100.00 93 105 104 103 102 103 109 Ill 110 109 109 110 109 110 108 Final products, total 46.75 95 107 109 70P 709 705 709 772 770 770 111 772 772 772 111 Consumer goods 31.13 99 110 112 112 112 109 113 116 113 113 115 117 '117 116 115 Equipment including defense 15.62 87 100 103 103 103 101 102 103 102 104 102 104 103 104 103 Materials 53.25 91 104 98 99 97 100 109 110 109 108 108 107 106 r106 105 Consumer Goods Automotive products 3.35 83 103 705 98 705 73 99 727 722 774 777 727 727 114 775 Autos 2.03 71 96 97 89 98 48 87 134 125 113 116 122 123 108 114 Auto parts and allied products 1.32 100 113 118 114 117 111 117 117 117 116 119 119 118 122 118 Home goods and apparel 9.60 98 116 775 779 779 720 722 727 775 775 779 727 '727 '779 775 4.40 96 115 120 121 121 1?1 124 123 117 114 117 121 r120 r117 115 Appliances TV and radios .. 1.75 94 114 121 125 124 126 133 130 117 112 115 120 118 '112 109 Appliances 1.26 99 119 130 130 129 138 143 139 121 114 116 120 r121 r118 117 TV and home radios .49 83 102 97 111 113 98 108 106 105 107 114 118 109 97 87 Furniture and rugs . 1.18 98 119 121 121 120 120 122 122 118 114 121 123 122 '118 119 Misc. home goods 1 47 97 113 118 118 118 114 116 117 116 116 116 120 122 r121 118 Apparel incl knit goods and shoes 5.20 100 116 117 117 118 119 120 118 116 118 120 122 121 121 120 Consumer staples 18.18 702 108 770 770 709 770 770 772 770 772 773 773 114 775 114 Processed foods 8 11 102 106 107 107 104 107 107 109 107 108 108 109 110 r110 110 Beverages and tobacco 2.32 103 108 114 112 110 107 107 111 106 108 110 112 '112 111 Drugs soap and toiletries 2.73 102 111 112 115 114 114 114 115 114 115 118 120 122 '122 120 Newspapers, magazines, and books 1.44 99 106 108 110 108 109 109 110 109 110 112 113 113 116 115 Consumer fuel and lighting 3.45 105 113 113 113 114 116 116 117 117 120 121 118 120 122 Fuel oil and gasoline 1.19 98 104 105 101 100 105 103 104 105 105 108 105 107 109 106 Residential utilities 2.26 108 117 118 120 121 122 123 123 124 128 128 125 127 129 Electricity 1.57 108 118 120 123 123 123 122 122 122 127 126 124 126 129 Gas 1ft7 I ie Equipment Business equipment 12.16 85 100 703 703 104 702 104 705 705 705 104 705 705 705 705 Industrial equipment 7.29 82 97 102 101 101 102 104 104 104 104 102 104 103 r104 103 Commercial equipment 2.46 88 104 108 109 111 112 113 114 113 115 115 117 120 121 121 Freight and passenger equipment 1.83 89 98 100 97 97 93 96 106 103 102 101 105 r99 101 97 Farm equipment .58 100 115 109 129 112 106 105 109 97 93 89 89 89 88 75 3.46 Materials Durable goods materials 27.81 86 100 90 91 88 93 707 770 709 707 705 705 702 noi 700 Consumer durable 3.67 77 101 103 105 95 76 107 121 120 117 110 115 115 110 107 Equipment 8.10 86 103 102 101 103 102 106 107 107 106 104 104 98 102 101 Construction 9.05 95 107 107 105 102 101 107 109 108 105 109 110 110 110 109 6 99 Nondurable materials 25.44 97 707 107 707 707 705 777 770 770 770 770 770 777 r112 772 Business supplies 8.87 98 108 110 110 107 109 112 111 110 109 109 110 111 113 112 2.91 101 109 111 110 106 107 113 111 111 109 108 107 108 r113 110 5.96 97 107 109 110 107 110 111 111 109 109 110 112 113 113 112 Nondurable materials n e.c 7.05 98 115 118 117 117 117 119 119 120 120 120 121 123 '123 124 Business fuel and power 9.52 94 100 97 98 98 101 104 103 102 103 103 102 103 103 102 Mineral fuels 6.29 92 96 93 94 95 97 99 98 96 96 97 96 96 r97 96 Nonresidential utilities 2.70 102 113 113 114 113 114 117 117 118 120 120 120 121 121 Electricity 2.19 102 113 115 116 114 114 117 117 118 120 120 119 121 121 General industrial .99 98 110 109 109 106 106 114 114 116 118 115 114 117 117 Atomic energy .08 97 97 97 97 97 97 97 95 95 95 96 96 '95 96 Commercial and other 1.12 105 118 120 123 122 1?? 121 121 121 124 126 125 126 127 Gas .51 102 113 109 109 109 113 118 33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 90 110 114 111 114 100 114 125 119 114 117 121 '121 '115 115 Apparel and staples 23.38 102 110 112 112 111 112 112 113 112 113 114 115 115 116 116 ' Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—7959 Revision (for announcement of that 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

1172 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 = 100 [Without seasonal adjustment] 1 p 9 ro 5 - 7 a A v n e n ra u g a e l 1959 1960 Grouping portion 1958 1959 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total index. 100.00 93 105 103 105 105 104 107 111 111 111 110 109 109 r103 107 Manufacturing, total. 86.49 92 105 103 105 106 104 707 HI 112 111 110 110 110 103 707 Durable 49.66 87 102 93 97 98 97 107 111 112 110 108 107 106 '98 98 Nondurable 36.83 100 110 115 116 117 113 107 111 112 113 114 115 116 r109 117 Mining 8.55 91 95 92 91 92 96 98 97 96 95 97 97 98 r94 Utilities 4.96 105 115 Durable Manufactures Primary and fabricated metals. 13.15 95 70 71 68 87 109 113 112 770 104 700 97 86 90 Primary metals 7.73 90 43 44 45 80 111 118 116 112 104 95 89 H3 76 Iron and steel 6.21 86 29 30 32 77 116 122 118 114 103 93 85 '69 72 Fabricated metal products. 5.42 104 107 110 102 97 105 107 107 106 104 106 107 r105 109 Structural metal parts 2.91 101 99 100 94 93 103 104 103 102 100 103 105 103 105 Machinery and related products.. 28.98 102 98 102 106 98 106 112 112 777 705 705 707 707 97 Machinery 15.31 103 102 109 109 105 109 110 111 112 108 108 108 102 103 Nonelectrical machinery , 8.92 99 98 102 102 100 104 106 107 108 105 105 105 102 98 Electrical machinery 6.39 108 108 118 119 113 115 116 117 117 113 112 113 109 Transportation equipment 10.76 98 87 90 99 82 98 112 112 108 105 106 101 85 Motor vehicles and parts 5.04 100 77 85 106 70 105 136 134 125 119 120 119 102 80 Aircraft and other equipment... 5.50 94 94 92 91 91 91 90 90 91 90 91 83 87 87 Instruments and related products. 1.66 112 114 117 119 119 121 119 118 120 118 119 120 118 119 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 97 777 727 779 779 777 705 702 106 704 777 775 775 r110 116 Clay, glass, and stone products. 2.92 95 110 119 117 116 111 108 103 105 104 110 113 117 113 116 Lumber and products 1.65 100 113 126 123 122 111 100 101 108 104 112 114 120 r106 115 Furniture and miscellaneous. 2.96 96 772 775 779 720 775 777 775 775 114 114 775 775 114 727 Furniture and fixtures 1.48 96 115 119 120 122 119 122 119 119 116 119 119 121 119 124 Misc. manufactures 1.48 95 109 114 118 119 116 112 107 110 113 109 111 115 109 118 Nondurable Manufactures Textile, apparel, and leather products. 7.32 99 775 727 775 720 777 706 775 725 720 722 720 775 705 722 Textile mill products 2.78 98 113 118 114 117 114 105 114 114 112 114 115 114 r100 112 Apparel products 3.44 101 120 127 119 127 125 110 126 134 130 135 131 121 113 134 Leather and products 1.10 97 106 112 106 105 101 96 107 109 108 100 98 101 92 Paper and printing 7.93 99 705 705 772 775 777 106 705 770 772 113 775 772 r104 770 Paper and products 3.27 101 111 115 115 121 111 102 112 115 115 116 113 114 101 113 Printing and publishing. 4.66 98 105 104 110 111 112 110 106 107 110 111 113 111 107 109 Newspapers 1.53 96 104 96 107 113 114 106 98 102 108 113 116 110 95 97 Chemical, petroleum, and rubber products. 10.94 99 775 775 775 777 775 775 777 775 775 720 779 727 r114 779 Chemicals and products 7.10 100 114 115 119 119 117 116 119 120 122 125 124 125 118 122 Industrial chemicals 3.61 98 118 119 124 123 123 124 125 128 129 129 129 130 124 Petroleum products 1.93 99 105 110 109 105 104 104 104 103 102 104 105 111 114 Rubber and plastics products 1.91 95 114 117 121 121 116 111 124 123 121 118 115 119 101 Foods, beverages, and tobacco. 10.64 702 707 775 709 702 702 707 702 104 707 772 r77O 118 Foods and beverages 9.87 102 106 117 119 115 109 103 101 100 101 104 107 111 111 118 Food manufactures 8.31 102 106 116 119 116 111 105 104 101 101 102 104 108 109 118 Beverages 1.56 102 106 121 115 109 96 91 89 93 103 113 122 130 118 Tobacco products .77 106 112 122 115 122 111 93 114 109 113 112 119 125 102 Mining Coal, oil, and gas 7.05 92 96 92 93 95 97 700 700 95 96 95 93 Coal 1.30 83 82 75 78 83 90 92 89 85 87 85 82 Crude oil and natural gas. 5.75 94 99 96 97 97 99 102 102 101 98 97 96 Oil and gas extraction. . 4.98 94 99 95 97 98 99 102 103 103 102 101 97 Crude oil 4.33 93 98 94 96 96 97 100 101 101 99 98 95 Gas and gas liquids. . .65 100 106 102 103 106 112 117 Oil and gas drilling .77 89 93 99 97 94 95 97 85 77 83 86 86 Metal, stone, and earth minerals. 7.50 91 94 89 55 52 706 777 720 116 775 Metal mining .70 83 11 55 45 46 62 64 100 118 119 "109 110 Stone and earth minerals 98 108 118 116 114 111 109 112 116 121 "123 124 Utilities Electric. 3.76 104 115 120 121 114 113 121 127 124 125 120 115 119 123 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 1173 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] Grouping p p 1 r 9 o o 5 r - - 7 a A v n e n ra u g a e l 1959 1960 tion 1958 1959 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Total index. 100.00 105 103 105 105 104 107 111 111 111 110 109 109 103 107 Final products, total 46.75 707 109 110 112 106 106 111 112 112 111 777 772 707 777 Consumer goods 31.13 110 113 114 117 109 108 115 115 114 115 115 116 no 116 Equipment, including defense. 15.62 100 100 102 101 100 103 104 104 106 104 105 104 101 Materials 53.25 104 97 100 99 102 108 110 111 110 109 108 107 102 103 100 Consumer Goods Automotive products 3.35 83 103 77 80 111 76 103 136 133 124 123 124 125 103 83 Autos 2.03 71 96 51 53 105 55 98 149 143 129 126 126 127 94 60 Auto parts and allied products. 1.32 100 113 118 121 120 107 111 116 118 116 118 120 121 116 117 Home goods and apparel 9.60 98 116 120 122 125 119 112 118 123 122 121 77P 777 707 779 Home goods 4.40 96 115 116 127 129 120 117 115 121 120 118 117 118 105 110 Ap A p p li p a l n ia c n es c , e s TV, and radios 1 1 . . 7 2 5 6 9 9 4 9 1 1 1 1 9 4 1 1 0 0 8 8 1 1 2 3 7 0 1 1 3 2 1 1 1 1 1 1 6 9 1 11 1 8 4 1 11 2 6 0 1 13 2 6 7 1 1 2 3 7 9 1 13 2 1 0 1 1 1 2 7 6 1 1 1 2 6 6 r1 r9 0 4 7 9 9 6 5 TV and home radios .49 83 102 110 139 157 125 102 106 106 96 93 95 92 63 98 Furniture and rugs 1.18 98 119 122 123 126 123 125 120 121 116 120 117 117 120 Misc. home goods 1.47 97 113 120 126 129 121 113 110 114 116 115 118 120 112 119 Apparel, incl. knit goods and shoes... 5.20 100 116 124 117 122 118 107 120 125 123 124 122 117 109 127 Consumer staples 18.18 102 108 115 117 114 110 108 109 108 109 770 777 774 113 720 Processed foods 8.11 102 106 116 120 115 111 105 103 101 100 102 104 108 r110 119 Beverages and tobacco 2.32 103 108 122 115 113 101 92 97 98 107 112 121 129 113 Drugs, soap, and toiletries 2.73 102 111 114 118 117 116 113 115 114 117 118 118 120 114 122" Newspapers, magazines, and books. 1.44 99 106 109 113 110 109 109 109 109 112 112 112 111 113 116 Consumer fuel and lighting 3.45 105 113 113 114 109 112 120 127 124 123 119 113 115 119 Fuel oil and gasoline 1.19 98 104 106 103 99 104 107 108 105 103 103 103 106 108 ios Residential utilities 2.26 108 117 Electricity 1.57 108 118 117 121 113 115 129 141 136 136 126 114 116 122 Gas .69 107 115 Equipment Business equipment 12.16 85 100 707 705 703 707 705 707 706 707 7O<5 707 707 104 103 Industrial equipment 7.29 82 97 101 102 102 100 105 104 103 104 103 104 104 102 102 Commercial equipment 2.46 88 104 106 110 112 113 115 115 115 116 115 117 119 117 120 Freight and passenger equipment. 1.83 89 98 97 92 93 89 93 104 106 107 107 108 105 101 93 Farm equipment .58 100 115 95 112 111 94 101 112 107 105 100 94 91 79 69 Defense equipment. 3.46 Materials Durable goods materials. 27.57 700 88 91 90 94 707 770 770 705 106 705 104 96 97 Consumer durable 3.67 101 101 101 85 115 128 128 121 109 110 109 96 91 Equipment 8.10 103 98 101 102 102 108 109 109 108 104 103 97 97 Construction 9.05 107 110 110 107 102 103 103 103 102 108 111 114 109 112 Metal materials n.e.c.... 6-99 Nondurable materials 25.44 97 107 707 709 70P 709 705 777 777 772 772 777 777 "104 770 Business supplies 8.87 98 108 110 113 113 110 106 108 109 111 113 112 112 104 112 Containers 2.91 101 109 119 118 114 103 97 105 108 109 111 110 114 106 118 General business supplies 5.96 97 107 105 111 112 113 110 109 109 112 113 113 112 103 109 Nondurable materials n.e.c 7.05 98 115 116 117 120 120 116 121 123 123 123 122 121 119 Business fuel and power 9.52 94 100 98 99 98 101 105 105 104 104 102 101 99 102 Mineral fuels 6.29 92 96 91 93 95 97 100 100 99 98 97 94 94 r90 94 Nonresidential utilities 2.70 102 113 Electricity 2.19 102 113 121 121 115 112 115 117 115 118 116 116 121 General industrial .99 98 110 110 110 109 108 114 115 113 118 115 115 "117 112 Atomic energy .08 97 97 97 97 97 97 97 96 95 95 96 96 '95 96 Commercial and other.. 1.12 105 118 133 133 122 116 118 120 117 119 118 118 128 136 Gas .51 102 113 Industrial • 33 Commercial and other.. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 90 110 99 107 121 101 111 124 126 122 120 120 104 98 Apparel and staples 23.38 102 110 117 117 116 112 108 112 112 112 113 113 115 112 121 r Revised. series and subtotals without seasonal adjustment are published in the Nora—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—7959 Revision (for announcement of that 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

1174 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 =100, unless otherwise indicated] Industrial production Construction Manucontracts * facturing3 Prices Major market groupings N ri o c n u a l- g- Depart- Y m e o a n r t o h r Total Ma g j r o o r u i p n i d n u g s s try Final products Mate- R d ti e e a n s l i - - o A th l e l r m t p + o e e l , t m , o n _ a y Q t l - i — - 2 p m E lo e m n y - t - P ro a l y ls - F l i c r o n e a a g i r d g - s - ht v ( m s s r a t a e l o e l t u e a n r e e s i t l ) s C um on e - r W c s o a h m l o e l - e- M f t i a u a n c n r g - - u- M in i g n- U iti t e il s - Total g s C o u o o m n d e - s r E m q e u n ip t - rials modity Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj. Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Untdj. 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—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 I960—Jan .. 168 168 129 280 170 164 195 167 85 79 120.9 101.4 175.5 90 146 125.4 119.3 Feb 166 166 126 282 167 160 194 166 91 79 121.1 101.4 173.9 86 142 125.6 119.3 Mar 166 165 125 288 167 160 196 164 119 110 120.8 100.8 172.6 83 138 125.7 120.0 Apr 165 164 129 288 168 162 194 163 136 118 121 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 166 165 128 289 '171 '165 196 161 137 125 121.5 100.3 172.5 77 145 126.5 119.5 July 166 165 '128 291 170 164 197 '161 122 142 121.5 '99.6 '169.0 73 149 126.6 119.7 Aug 165 163 128 291 169 163 196 159 132 117 121.2 98.4 170.2 75 126.6 119.2 Sept *>162 ^161 ?126 P294 *>169 ^162 *>193 ^157 nix.i P98.1 nix.x 73 e142 119.2 • Estimated. » Preliminary. r Revised. were: residential, 271; all other, 266. A description of the old index, Adj. = adjusted for seasonal variation. Unadj. = without seasonal including seasonal adjustments, may be obtained from the Division of adjustment. Research and Statistics. • See note 1. 2 Employees only, excluding personnel in the armed forces. i Indexes beginning with 1956 are based on data for 48 States from 3 Production workers only. F. W. Dodge Corporation, 1957=100. Figures for earlier years are NOTE.—Indexes for employment (excluding Alaska and Hawaii), three-month moving averages, based on value data for 37 States east of payrolls, and prices are compiled by the Bureau of Labor Statistics. the Rocky Mountains, 1947-49=100; the data for 1956 on this basis CONSTRUCTION CONTRACTS [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Annual totals 1959 1960 Type of ownership and type of construction 1958 1959 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. 35,090 36,269 3,084 3.058 3,135 2,373 2,224 2,193 2,240 3,046 3 360 3 337 3,472 3 597 3,295 By type of ownership: Public 13 427 11,068 850 840 914 701 711 727 702 1,075 1 067 1 237 1 413 1 018 Private 21,663 25,201 2,218 2,220 1,672 1,513 1,466 1,537 1,971 2312 2 236 2,184 2 277 By type of construction: Residential 14,696 17,150 1,551 1,466 1,515 1,092 993 927 988 1,294 1,480 1,453 1,483 Nonresidential 10,948 11,387 961 1,006 1,003 801 790 801 698 1,067 1,048 1 110 1 110 1 152 Public works and utilities 9,446 7,732 571 586 616 480 441 465 554 685 833 774 879 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 1175 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 d r t e t o 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 1,387 2,679 790 5,925 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 1,290 3,015 883 6,048 1954 39,362 27,684 15,379 8,531 2,030 2,212 4,289 3,774 11,678 1,003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1,085 5,491 1956 45,779 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,712 1,360 4,395 1,275 5,682 1957 47,795 33,778 17,019 12,535 3,557 3,564 5,414 4,224 14,017 1,287 4,892 1,344 6,494 1958 48,903 33,491 18,047 11,076 2,382 3,589 5,105 4,368 15,412 1,402 5,500 1,387 7,123 19592 56,105 39,848 24,469 11,088 2,106 3,930 5,052 4,291 16,257 1,488 5,916 1,467 7,386 19592—Sept. 55,645 40,474 24,983 11,172 2,184 3,948 5,040 4,319 15,171 1,289 5,532 1,512 6,838 Oct... 54,723 39,804 24,507 10,956 2,208 3,876 4,872 4,341 14,919 1,212 5,580 1,452 6,675 Nov.. 54,266 39,622 24,016 11,184 2,316 3,888 4,980 4,422 14,644 1,327 5,328 1,476 6,513 Dec.. . 55,367 40,058 23,901 11,652 2,448 4,020 5,184 4,505 15,309 1,433 5,520 1,524 6,832 1960—Jan... 54,696 39,864 23,244 11,928 2,556 4,140 5,232 4,692 14,832 1,272 5,004 1,536 7,020 Feb.. . 54,900 39,720 22,536 12,396 2,748 4,356 5,292 4,788 15,180 996 5,448 1,536 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 1,536 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 1,536 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 1,512 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 1,475 689 July ^ 55,515 39,160 22,308 12,101 2,868 3,870 5,364 4,750 16,355 1,265 5,768 1,455 867 Aug.23 55,014 38,756 21,779 12,184 2,934 3,922 5,328 4,793 16,258 1,204 6,059 1,447 548 Sept.*3 55,434 38,895 21,680 12,378 3,041 4,036 5,301 4,837 16,539 1,132 6,272 1,481 7,654 v Preliminary. 2 Series beginning 1959 includes Alaska and Hawaii for the first time. i 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] S a e d a j s u o s n t a e l d ly Private Government-underwritten 2 annual rate Metro- Non- Year or month (Private only) Total politan politan Public Total Nonfarm areas * areas* Total fam 1- ily fam 2- ily f M am ul i t l i y - Total FHA VA 1951 1,091 111 315 1,020 892 40 88 71 412 264 149 1952 1.127 795 332 1,069 939 46 84 59 421 280 141 1953 104 804 300 1,068 933 42 94 36 409 252 157 1954 ,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 I 042 700 342 993 840 33 120 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 379 946 432 1,343 1,079 49 215 36 458 349 109 19593 1,554 1,077 477 1,517 1,234 56 227 r37 458 349 109 1959 Aug 1,450 1,446 142 98 44 138 115 5 19 4 45 35 10 Sept 1,509 1,468 140 94 46 136 113 4 19 4 42 32 10 Oct 1,378 I 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 26 20 6 I960—Jan 1,366 1,291 88 65 24 87 69 3 15 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 1,329 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 [,302 1,285 127 84 44 122 100 4 18 5 34 26 8 July V1,184 V1 166 *>115 80 35 Pill 91 4 17 H 31 r24 7 Aug V1,275 V1,256 2427 86 42 ?123 n.a. n.a. n.a. P5 35 26 8 n.a. Not available. » Preliminary. r Revised. 3 New series, including both farm and nonfarm unless otherwise * 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

1176 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employed i Unemploy- Year or month institutional labor Not in the ment population force Total Total In c u n l o t n u a ra g l ri- In U pl n o e y m ed - labor force (per r a c t e e nt)2 industries agriculture 1953 115,095 67,362 63,815 61,945 55,390 6,555 1 870 47 732 2 9 1954 116,220 67,818 64,468 60,890 54,395 6,495 3 578 48,401 5.6 1955 117,388 68,896 65,848 62,944 56,225 6,718 2,904 48,492 4.4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2 822 48,348 4.2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4 681 50,666 6 8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 1959—Sept 123,659 72,109 69,577 66,347 60,105 6,242 3,230 51,550 5,6 Oct 123,785 72,629 70,103 66,831 60 707 6,124 3 272 51 155 6 0 Nov 123,908 71,839 69,310 65,640 60,040 5,601 3 670 52,068 5.9 Dec 124,034 71,808 69,276 65,699 60,888 4,811 3,577 52,225 5.5 I960 Jan 3 124,606 70,689 68,168 64,020 59,409 4,611 4,149 53,917 5.2 Feb 124,716 70,970 68,449 64,520 59,901 4,619 3 931 53,746 4 8 Mar 124,839 70,993 68,473 64,267 59,702 4,565 4,206 53,845 5.4 Apr 124 917 72,331 69,819 66,159 60 765 5,393 3 660 52 587 5.0 May 125,033 73,171 70,667 67,208 61,371 5,837 3 459 51,862 4.9 June • 125,162 75,499 73,002 68,579 61,722 6,856 4,423 49,663 5.5 July 125,288 75,215 72,706 68 689 61 805 6,885 4 017 50 074 5 4 125,499 74,551 72,070 68,282 61,828 6,454 3,788 50,948 5.9 Sept 125,717 73,672 71,155 67,767 61,179 6,588 3,388 52,045 5.7 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. Monthly data are seasonally obtained through interviews of households on a sample basis. Monthly adjusted. data relate to the calendar week that contains the 12th day; annual data 3 Beginning with January 1960, data include Alaska and Hawaii. are averages of monthly figures. Figures for population increased by about 500,000 and total labor force by nearly 300,000, most of which was in nonagricultural employment. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total i M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta lo te c a a l nd utilities government 1953 49,681 17,238 852 2,622 4 221 10,527 2,038 5,538 6 645 1954 48,431 15,995 111 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 111 2,759 4 062 10,846 2,219 5,916 6 914 1956 51,766 16,903 807 2,929 4,161 11,221 2,308 6,160 7,277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 1958 50,543 15,468 721 2,648 3,903 11,141 2,374 6,395 7,893 1959 51,975 16,168 676 2,767 3 902 11,385 2,425 6,525 8 127 SEASONALLY ADJUSTED 1959 Sept 52,154 16,141 617 2,776 3,899 11,464 2,452 6,584 8,221 Oct 52,002 16,022 621 2,762 3,900 11,478 2,453 6,549 8,217 Nov 52,253 16,174 657 2,792 3 902 11,452 2,450 6,593 8,233 Dec 52,674 16,436 665 2,800 3,917 11,486 2,450 6,613 8,307 I960 Jan 52,880 16,562 658 2 775 3 941 11,594 2.454 6,606 8 290 Feb 52,972 16,567 669 2,781 3,933 11,627 2,464 6,616 8.315 Mar 52,823 16,509 666 2,601 3 920 11,595 2,456 6,577 8 499 Apr 53 128 16 527 684 2 752 3 924 11 652 2 463 6 611 8 515 May 53,105 16,540 684 2 783 3 9?7 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 53,145 16,417 658 2,858 3,910 11,736 2,480 6,682 8.404 Aug.p 53,036 16,274 667 2,822 3,890 11,755 2,498 6,653 8,477 Sept.P 52,994 16,238 668 2,789 3,885 11,678 2,513 6.680 8.543 WITHOUT SEASONAL ADJUSTMENT 1959—Sept 52,648 16,367 620 3,043 3,927 11,464 2,452 6,617 8,158 Oct 52,569 16,197 621 2,961 3,910 11,551 2,441 6,614 8,274 Nov 52,793 16,280 660 2,856 3 912 11,723 2,438 6 593 8 331 Dec 53,756 16,484 668 2,699 3,940 12,345 2,438 6,547 8,635 I960 Jan 52,078 16,470 658 2,453 3,882 11,424 2,429 6,474 8,288 Feb 52.060 16,520 669 2.389 3,887 11,329 2,439 6,484 8,343 Mar 52,172 16,478 666 2,312 3 900 11,325 2 444 6 511 8 536 Apr 52,844 16,380 611 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 Julv 52,923 16,250 655 3,098 3,939 11,591 2,530 6,715 8,145 Aug v 53,052 16,396 674 3,116 3.919 11,583 2.535 6,686 8,143 Sept.p 53,488 16,465 671 3,057 3;913 11,678 2.513 6,713 8,478 * 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 NOTE.—Data include all full- and part-time employees who worked data may be obtained from the Bureau of Labor Statistics. during, or received pay for, the pay period ending nearest the 15th of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 1177 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 Sept. July Aug. 2 Sept. July Aug.*3 Sept.*7 Total 12,154 12,321 12,172 12,136 12,373 12,145 12,283 12,357 Durable goods 6,837 7,000 6,881 6,894 6,847 6,888 6,839 6,905 Ordnance and accessories 74 72 72 71 74 72 72 71 Lumber and wood products 599 594 585 569 620 606 608 589 Furniture and fixtures 327 334 333 324 329 321 328 326 Stone, clay, and glass products 462 455 448 445 469 450 452 452 Primary metal industries 611 933 915 904 611 924 910 904 Fabricated metal products 841 842 830 830 841 817 822 830 Machinery except electrical 1,197 1,147 1,139 1,126 1,167 1.130 1,111 1,098 Electrical machinery 888 881 878 873 888 850 860 873 Transportation equipment 1,200 1,105 1,040 1,118 1,200 1.105 1.040 1,118 Instruments and related products 231 228 229 225 231 223 '226 225 Miscellaneous manufacturing industries. 407 409 412 409 417 389 410 419 Nondurable goods 5,317 5,321 5,291 5,242 5,526 5,257 5,444 5,452 Food and kindred products 1,001 1,014 1,014 999 1,162 1.064 1,151 1,161 Tobacco manufactures 81 79 72 81 98 69 80 98 Textile-mill products 894 874 868 856 890 848 859 852 Apparel and other finished textiles 1,084 1,110 1,084 1,075 1,106 1.060 1,106 1,097 Paper and allied products 453 449 451 448 460 445 453 455 Printing, publishing and allied industries 570 574 579 576 570 568 573 576 Chemicals and allied products 537 548 548 536 540 537 540 539 Products of petroleum and coal 151 150 151 151 153 153 154 153 Rubber products 211 198 199 197 212 192 197 198 Leather and leather products 335 325 325 323 335 322 331 323 *> Preliminary. nearest the 15th of the month. Back data may be obtained from the NOTE.—Data covering production and related workers only (full- and Bureau of Labor Statistics. part-time) who worked during, or received pay for, the pay period ending HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1959 1960 1959 1960 1959 1960 Sept. July Sept. July Sept. July Aug. ^ Sept.* Total 89.47 91.14 90.74 90.68 40.3 39.8 39.8 39.6 2.22 2.29 2.28 2.29 Durable goods 96.70 97.76 97.60 98.00 40.8 39.9 40.0 40.0 2.37 2.45 2.44 2.45 Ordnance and accessories 105.22 105.20 105.60 108.12 41.1 40.0 40.0 40.8 2.56 2.63 2.64 2.65 Lumber and wood products 86.62 81.35 83.41 82.37 40.7 39.3 40.1 39.6 2.03 2.07 2.08 2.08 Furniture and fixtures 75.58 74.40 75.89 76.48 41.3 40.0 40.8 40.9 1.83 1.86 1.86 1.87 Stone, clay, and glass products 91.43 93.02 93.48 92.52 41.0 40.8 41.0 40.4 2.23 2.28 2.28 2.29 Primary metal industries 106.40 108.75 106.68 106.12 40.0 38.7 38.1 37.9 2.66 2.81 2.80 2.80 Fabricated metal products 99.66 99.63 100.86 99.47 41.7 40.5 41.0 40.6 2.39 2.46 2.46 2.45 Machinery except electrical 103.16 105.11 103.42 103.68 41.1 40.9 40.4 40.5 2.51 2.57 2.56 2.56 Electrical machinery 90.76 90.39 91.54 91.94 40.7 39.3 39.8 39.8 2.23 2.30 2.30 2.31 Transportation equipment 108.40 110.15 108.90 113.68 40.0 40.2 39.6 40.6 2.71 2.74 2.75 2.80 Instruments and related products 93.89 95.75 95.51 95.27 41.0 40.4 40.3 40.2 2.29 2.37 2.37 2.37 Miscellaneous manufacturing industries... 76.95 76.44 77.60 76.81 40.5 39.4 40.0 39.8 1.90 1.94 1.94 1.93 Nondurable goods 80.79 82.37 81.77 81.51 39.8 39.6 39.5 39.0 2.03 2.08 2.07 2.09 Food and kindred products 86.11 89.60 88.37 88.56 41.4 41.1 41.1 41.0 2.08 2.18 2.15 2.16 Tobacco manufactures 63.40 68.43 65.02 63.99 40.9 37.6 37.8 39 1.55 1.82 1.72 1.62 Textile-mill products 63.28 64.31 64.31 62.21 39.8 39.7 39.7 38 1.59 1.62 1.62 1.62 Apparel and other finished textiles 55.69 56.42 57.62 56.09 36.4 36.4 36.7 35 1.53 1.55 1.57 1.58 Paper and allied products 96.77 97.33 97.98 97.94 43.2 42.5 42.6 42.4 2.24 2.29 2.30 2.31 Printing, publishing and allied industries.. 106.70 106.20 106.09 106.58 38.8 38.2 38.3 38.2 2.75 2.78 2.77 2.79 Chemicals and allied products 104.48 106.08 104.90 105.73 42.3 41.6 41.3 41.3 2.47 2.55 2.54 2.56 Products of petroleum and coal 120.77 121.18 118.03 122.54 41.5 41.5 40.7 41.4 2.91 2.92 2.90 2.96 Rubber products 102.01 103.53 100.15 101.20 41.3 40.6 39.9 40.0 2.47 2.55 2.51 2.53 Leather and leather products 59.09 62.98 62.48 59.90 36.7 38.4 38.1 36.3 1.16 1.64 1.64 1.65 'Preliminary. NOTE.—Data are for production and related workers, Back data are available from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1178 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-^*9 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 1952 114 110 104 113 115 122 127 109 116 109 121 129 120 1953... 114 105 117 119 127 131 114 120 110 123 132 122 1954 117 108 116 112 129 135 112 121 113 129 136 122 1955 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 Aug . 144 121 128 136 137 152 184 134 144 132 153 179 157 Sept 144 127 131 138 135 154 186 134 140 136 151 167 157 Oct 147 129 134 140 138 158 188 139 148 137 162 173 158 Nov 146 129 134 140 138 156 189 135 149 131 156 179 155 Dec 146 129 135 140 141 156 185 134 143 133 155 170 158 I960—Jan 146 131 135 146 139 156 180 134 150 137 156 171 156 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 Julv 149 125 135 142 143 156 194 141 144 136 159 175 159 Aug 124 137 136 139 149 *>178 134 132 169 155 WITHOUT SEASONAL ADJUSTMENT 1959 Aug 133 103 102 114 126 138 177 124 138 132 156 176 157 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 138 124 127 134 135 143 173 130 144 127 150 159 145 137 123 130 134 131 139 165 129 134 133 146 156 147 July. 122 95 101 108 116 129 165 113 119 109 140 156 142 Aug 106 109 114 128 135 ^170 123 ^134 132 165 154 STOCKS i 1952 121 117 115 120 115 127 143 112 120 113 130 129 131 1953 131 124 120 129 125 141 155 122 131 123 146 143 140 1954 128 126 117 127 122 138 152 120 125 124 141 140 135 1955 136 132 119 135 124 159 170 127 135 130 152 153 142 1956 148 141 130 148 133 175 195 138 148 142 164 168 156 1957... 152 138 138 154 136 178 203 143 150 146 160 174 158 1958 148 136 136 152 129 172 197 139 143 137 153 165 155 1959 156 142 142 159 134 179 210 148 144 143 157 178 167 SEASONALLY ADJUSTED 1959—Aug 160 147 147 164 136 184 217 155 147 148 157 182 167 Sept 160 147 144 161 139 183 222 157 145 146 159 182 167 Oct 158 145 143 159 139 179 225 151 143 147 161 185 163 Nov 160 145 144 160 142 179 223 152 142 149 161 188 171 Dec 161 145 144 166 138 180 227 154 146 146 162 183 174 I960—Jan 161 144 146 164 142 178 227 150 149 147 162 186 178 Feb 160 143 146 160 142 179 225 147 145 145 162 180 179 Mar 162 144 147 159 145 177 225 151 148 146 160 182 183 Apr 159 141 144 157 139 181 224 146 147 146 157 181 176 May 161 146 149 164 144 187 223 152 151 150 160 185 167 165 148 149 168 150 185 227 152 152. 152 161 192 180 July 167 149 151 166 160 187 227 155 154 157 165 190 180 Aug ^169 153 154 166 157 189 158 ^162 Pi 64 ^182 WITHOUT SEASONAL ADJUSTMENT 1959—Aug 157 143 144 157 130 181 212 152 145 145 155 182 166 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 163 149 151 167 148 186 225 155 149 150 161 183 166 157 139 140 156 142 174 213 149 143 143 158 179 176 July 158 135 137 149 147 172 211 152 146 148 158 180 177 Aug ^165 149 150 159 150 186 ^225 155 ^153 P191 * Preliminary. r Revised. For description of the series see the BULLETIN for December 1957, 1 Figures for sales are the average per trading day, while those for stocks pp. 1323-36. Back data may be obtained from the Division of Adminare as of the end of the month or averages of monthly data. istrative Services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 1179 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 i for for ing stand- ceipts month) month) (end of month) month) orders ing month) orders Annual average: 1951 391 1.202 460 390 379 3.2 1.3 4.4 1.0 1952 397 1,097 435 397 401 2.9 1.2 4.1 0 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4.0 o 1955 437 1,195 446 444 449 2.9 1.1 4.0 0 1956 454 1,286 470 459 458 3.0 1.1 4.1 1.0 1957 459 1,338 461 461 458 3.1 1.1 4.1 0 1958 462 [,323 437 462 464 3.0 1.0 4.1 .0 1959 485 1,385 510 492 496 3.0 1.1 4.1 .1 Month: 1959—Aug r429 1,387 631 r501 r471 3.2 1.5 4.7 SeDt 472 1,483 627 575 571 3.1 1.3 4.5 .2 Oct 531 1,578 604 626 603 3.0 1.1 4.1 Nov 578 1,639 521 639 556 2.8 0.9 3.7 .1 Dec 940 1,310 372 611 462 1.4 0.4 1.8 ( I960—Jan 384 1,299 459 373 460 3.4 1.2 4.6 0 Feb 362 1,362 514 425 480 3.8 1.4 5.2 Mar 418 1,468 456 524 466 3.5 1.1 4.6 1.3 507 1,473 417 512 473 2.9 0.8 3.7 0 May 448 1,461 420 436 439 3.3 0.9 4.2 [.0 June 451 [,381 616 371 567 3.1 1.4 4.4 () 8 July 373 1,371 678 363 425 3.7 1.8 5.5 .0 Augp . . . . . 454 411 646 560 528 3.3 1.4 4.7 1f "> v 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 l military-aid shipments 2 Merchandise imports 3 Period 1958 1959 1960 1958 1959 1960 1958 1959 1960 Jan 1,505 1,400 1.562 1,397 1.286 1,484 1,096 1.154 1.137 Feb 1,346 1,280 ,576 1,246 1,183 1,497 956 [,118 [,288 Mar 1,555 1,456 ,751 1,440 1,375 1,634 1,071 1,295 1,375 Apr 1,530 1,479 ,823 1,408 1,343 1,708 1,057 1,221 ,257 May 1,638 1,551 ,810 1,507 1,411 1,716 1,061 [,264 ,260 1,408 1,423 ,738 1,309 1,347 1,638 1,031 1,369 ,313 July 1,418 1,468 ,699 1,289 1,353 1,629 1,049 [,248 ,155 AUK 1,401 1,397 (SI I 1,287 ,300 1,548 950 1,189 978 Sept 1 363 1 479 1 242 I 399 1 073 I 392 Oct 1,607 1,482 1,426 .398 1,150 [,202 Nov . 1,599 1,479 1,410 1,376 1,086 1,282 Dec 1 524 1 675 1 389 1 569 1 254 478 Jan -Aug 11,801 11,454 13,570 10,883 10,598 12,854 8,271 9,858 10,013 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. and supplies under Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1180 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 r g e 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 1959—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 ni i Sept 125.2 118.7 129.7 140.0 121.6 135.0 104.0 135.2 109.0 146.4 152.2 132.1 119.6 131.5 Oct 125.5 118.4 130.1 140.4 121.7 135.5 104.1 135.3 109.4 148.5 152.5 132.5 119.7 131.6 Nov 125.6 117.9 130.4 140.5 121.7 135.9 104.4 135.4 109.4 149.0 153.0 132.7 120.0 131.6 Dec 125.5 117.8 130.4 140.8 122.7 137.3 104.2 135.5 109.2 148.7 153.2 132.9 120.4 131.7 I960 Jan 125.4 117.6 130.7 140.9 123.2 139.0 104.0 135.9 107.9 147.6 153.5 132.7 120.3 131.8 Feb 125.6 117.4 131.2 141.0 124.0 139.0 104.3 136.3 108.4 147.5 154.7 132.6 120.6 131.8 Mar 125.7 117.7 131.3 141.2 124.1 137.2 104.7 136.9 108.8 146.5 155.0 132.7 120.9 131.7 Apr 126.2 119.5 131.4 141.4 124.4 136.3 104.7 137.0 108.9 146.1 155.5 132.9 121.1 131.9 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 4 131.9 126.5 120.3 131.3 141.6 124.7 132.3 104.3 137.3 108.9 145.8 156.1 133.2 121.1 132.0 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 Aug 126.6 120.1 131.5 141.9 124.9 133.4 103.5 137.6 109.3 146.2 156.7 133.8 121.9 132.4 NOTE.—Revised index, reflecting, beginning with January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49=*100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49=100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e n c o p l r x t e d - d e s - l - l H s p e u k a a r i c n o i t d n h t d d e s s e - s , r ,p t l F e o i m a i g r u w n n i h a e 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 r b u c n o e b t d d r s - - p w L u a r b 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 i t e l d d e s p 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 u M a t e r h i c n o r v o i a y t d n d e - s - - - h F d o h t b o a u u t u o l n u h r r e r l d s e a n 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 s l n a n i — - c c - l - - b b e m o b a T r a 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 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 89.6 1958 119.2 94.9 110.9 126.0 93.5 100.6 112.7 110.4 145.0 117.7 131.0 150.4 149 8 123.2 136 0 128.2 94.2 1959 119.5 89.1 107.0 128.2 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 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 C131.9 92 0 Sept 119.7 88.9 107.8 128.4 95.9 119.1 111.9 109.9 142.0 127.2 132.4 153.8 153.9 123.4 137.5 131.8 88.6 Oct. 119.1 86.5 106.4 128.4 95.9 116.2 111.4 110.0 142.3 126.2 132.5 154.5 153.7 123.3 137.5 131.7 91.8 Nov 118.9 85.4 104.9 128.5 96.3 111.7 111.2 110.0 144.9 124.3 132.3 155.8 153.6 123.3 137.7 131.7 93.7 Dec 118.9 85.9 104.7 128.6 96.7 112.3 111.7 110.0 142.5 124.8 132.4 155.2 153.7 123.2 137.8 131.7 94.2 1960 Jan 119.3 86.5 105.6 128.8 96.6 112.7 111.9 109.9 143.5 125.1 133.7 155.5 153.8 123.4 138.4 131.7 95.3 Feb 119.3 87.0 105.7 128.7 96.5 112.0 112.0 110.0 145.1 124.9 133.2 155.3 153.9 123 5 138 2 131 7 93 4 Mar 120.0 90.4 107.3 128.6 96.3 111.8 112.3 110.1 145.2 124.5 133.1 154.5 153.9 123.7 138.2 131.7 94.0 Apr 120.0 91.1 106.8 128.7 96.3 112.1 112.2 110.2 145.1 124.3 133.1 154.5 154.0 123.5 138.3 131.7 95.4 May 119.7 90.4 107.3 128.2 96.3 111.2 110.8 110.2 146.7 123.7 133.4 154.2 153.5 123.2 137.9 131 7 91 1 119.5 89.0 107.6 128.2 96.3 110.3 112.3 110.2 147.2 122.4 133.5 153.8 153.4 123.0 137.8 131.7 90.9 July 119.7 88.9 r108.9 128.2 96.3 r110.1 113.8 110.4 r146.9 r121.5 133.5 153.4 r153.2 r123.1 137 8r131 8 90 8 Aug 119.2 86.5 107.9 128.2 96.1 108.7 115.3 110.5 145.3 119.7 133.3 153.6 153.2 122.9 137.9 132.0 89.9 • Corrected. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1181 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49=100] 1959 1960 1959 1960 Subgroup Subgroup Aug. June July Aug. Aug. June July Aug. Farm Products: Pulp, Paper, and Allied Products iCont.): Fresh and dried produce 92.8 109.7 112.9 98.7 Grains 77.7 77.5 75.5 74.3 Paperboard 135.9 135.9 135.9 135.9 Livestock and poultry , 83.1 85.1 84.1 80.7 Converted paper and paperboard 127.4 130.9 r131.0 130.7 Plant and animal fibers 95.7 96.7 96.4 92.2 Building paper and board 147.6 145.1 144.2 145.5 Fluid milk 94.4 93.3 95.5 96.8 Eggs 66.8 64.2 65.4 76.4 Metals and Metal Products: Hay and seeds 73.1 74.4 73.5 73.7 Other farm products 132.1 128.0 127.7 125.6 Iron and steel 171.9 169.9 169.5 169.9 Nonferrous metals 133.9 138.9 138.6 138.7 Processed Foods: Metal containers 152.9 153.9 153.6 153.6 Hardware 172.9 174.5 174.5 174.6 Cereal and bakery products 119.5 121.2 122.5 122.0 Plumbing equipment 131.0 131.3 131.3 131.5 Meats, poultry, and fish 94.8 98.1 99.5 96.8 Heating equipment 121.6 120.0 r118.7 118.8 Dairy products and ice cream 114.7 116.0 117.3 118.0 Fabricated structural metal products, 132.3 134.9 134.6 134.7 Canned, frozen fruits, and vegetables 107.9 106.9 107.5 106.8 Fabricated nonstructural metal Sugar and confectionery 115.5 114.3 117.2 117.4 products 145.1 146.0 146.0 146.2 Packaged beverage materials 145.2 145.2 143.5 141.0 Other processed foods 96.6 103.9 103.3 101.7 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 143.4 145.7 145.7 Cotton products 92.1 94.8 94.7 94.3 Construction machinery and equip- Wool products 104.3 102.1 '101.8 101.5 ment 172.0 175.3 175.5 176.8 Synthetic textiles 82.3 79.6 79.6 78.9 Metal working machinery , 176.0 180.0 r180.2 180.2 Silk products 113.7 121.6 123.3 126.8 General purpose machinery and Apparel 100.4 100.8 101.0 101.0 equipment 166.5 166.4 166.6 166.4 Other textile products 75.2 85.1 81.9 84.6 Miscellaneous machinery 149.6 150.2 150.1 150.2 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 155.5 153.9 153.3 153.1 Motor vehicles 143.2 141.6 141.6 141.6 Hides and skins 106.9 67.1 68.0 63.6 Leather 117.3 103.0 102.2 98 9 Furniture and Other Household Dura- Footwear 132.3 132.5 132.5 132.5 bles: Other leather products 114.0 106.4 105.6 104.8 Household furniture 124.2 124.9 125.0 125.0 Fuel, Power, and Lighting Materials: Commercial furniture , 155.3 156.7 157.1 157.1 Floor covering 128.6 130.6 130.6 130.6 Coal 122.0 119.5 120.3 121.3 Household appliances 104.4 101.7 101.7 101.1 Coke 170.4 170.4 170.4 170.4 Television, radios, phonographs 93.3 91.4 91.4 91.0 Gas fuels (Jan. 1958= 100) 109.2 112.2 114.4 117.2 Other household durable goods , 156.4 157.4 157.6 157.6 Electric power (Jan. 1958= 100) 100.6 101.8 102.0 102.1 Petroleum and products 116.2 116.0 117.9 120.0 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.3 130.2 130.2 130.2 Concrete ingredients 140.4 142.1 142.1 142.4 Industrial chemicals 123.7 124.6 124.7 124.6 Concrete products 129.7 131.3 131.3 131.1 Prepared paint 128.3 128.3 128.4 128.4 Structural clay products , 160.5 161.7 161.8 162.0 Paint materials 101.5 103.2 103.8 105.0 Gypsum products , 133.1 133.2 133.2 133.2 Drugs, Pharmaceuticals, cosmetics.. 93.6 95.1 95.1 95.4 Prepared asphalt roofing 111.9 106.6 106.6 106.6 Fats and oils, inedible 53.8 47.9 r47.8 48.9 Other nonmetallic minerals 132.5 134.6 134.6 134.6 Mixed fertilizers , 109.2 110.2 110.3 111.5 Fertilizer materials 104.8 108.8 110.6 108.4 Tobacco Manufactures and Bottled Other chemicals and products , 106.7 106.4 106.4 106.7 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.5 106.5 106.5 Crude rubber , 153.8 169.6 r161.2 152.1 Other tobacco products , 153.7 155.7 155.7 155.7 Tires and tubes 134.3 138.1 141.3 141.3 Alcoholic beverages 121.0 120.6 120.6 121.1 Other rubber products 141.4 145.6 145.6 146.0 Nonalcoholic beverages , 171.1 171.1 171.4 171.4 Lumber and Wood Products: Miscellaneous: Lumber 130.3 123.1 121.6 119.3 Toys, sporting goods, small arms 117.7 118.3 118.6 118.5 Millwork 138.6 136.9 137.2 137.0 Manufactured animal feeds , 70.6 67.6 67.3 65.6 Plywood 100.9 95.5 95.5 94.7 Notions and accessories 96.3 96.4 97.3 97.3 Jewelry, watches, photo equipment.., 108.3 110.2 110.7 110.6 Pulp, Paper, and Allied Products: Other miscellaneous 132.0 I 132.6 132.5 132.3 Woodpulp 121.2 121.2 121.2 121.2 Wastepaper 115.9 82.3 82.3 77.4 Paper 143.7 145.9 145.9 145.9 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1182 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally b a y d j q u u st a e r d te r a s nnual rates Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 2 3 4 1 2 104.4 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 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 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 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 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 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 5.1 i!o 3.1 10.1 16.2 17.8 19.0 17.4 18.0 17.8 18.5 18.1 19.3 19.4 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 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 1.1 .6 1.1 2.9 4.9 1.2 -1.0 -2.2 — .2 -.4 1.2 2 0 7!o 2^4 6.0 13.1 19.4 23.1 26.2 22.7 22.9 22.2 24.0 23.5 25.2 26.4 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 1.3 2.0 16.9 19.3 45.3 45.7 49.7 52.6 53.3 55 7 53.6 52 5 51.8 51.7 Other \ / 1 i .3I 2.0 1 i 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 . .8 3 4 7 6 . . 8 0 4 7 6 . . 8 4 4 8 6 . . 0 1 4 7 5 . . 5 5 4 7 4 . . 5 9 A 1 A .l 6 J .0 .0 1 o .1 .4 .4 .5 .5 .5 .5 .5 .5 .6 State and local 7.2 6.0 7.8 19.7 30.3 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] Annual totals Seasonally b a y d j q u u s a te r d te r a s nnual rates Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 National income 87.8 40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 405.4 399.4 402.8 414.4 419.4 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 51.9 124.1 174.9 189.6 198.4 196.4 212.9 214.9 214.2 215.6 222.1 225.5 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 77.0 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. 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 Ik 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 45.3 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 45.7 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 22.3 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 23.4 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 9.5 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.7 -2.7 -1.5 -.2 -.5 -1.3 -.4 .7 -.8 -.4 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 1183 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 Less: 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 s s c f r e e r p a p n a c y y ments . . 3 6 . . 7 9 . . 5 4 .8 1 1 . . 0 5 1.6 - 1 .6 .8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 -.7 -2.4 -1.7 -1.8 -1.0 -3.0 -2.6 -1.1 -3.9 Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 .0 .9 1.0 1.1 .6 .7 .5 .5 .5 .6 Equals: National income 87.8 40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 405.4 399.4 402.8 414.4 419.4 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 45.3 Contributions for social insurance .2 .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 1.5 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 .7 .5 1.5 1.6 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 .8 Equals: Personal income 85.8 47.2 96.3 310.2 332.9 351.4 360.3 383.3 384.5 384.8 389.0 396.2 404.2 228.5 Less: Personal tax and nontax payments 2.6 7.5 3.3 35.7 40.0 42.6 42.4 46.0 46.2 46.3 46.5 49.2 50.0 20.8 Federal 1.3 .5 2.0 18.2 31.5 35.2 37.3 36.7 39.8 40.1 40.0 40.2 42.6 43.4 1.4 1.0 1.3 2.6 4.2 4.8 5.3 5.7 6.2 6.1 6.2 6.3 6.6 6.6 State and local 83.1 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 Equals: Disposable personal income 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 Less: Personal consumption expenditures.... 4.2 -.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 Equals: Personal saving 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 Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept.i5 Total personal income. 360.3 383.3 384.3 384.3 388.7 393.9 395.7 395.7 397.0 401.9 404.7 406.1 407.3 408.2 408.4 Wage and salary disbursements.... 239.7 258.2 259.0 258.6 260.8 265.0 268.2 268.6 269.3 277.7 273.6 274.0 275.7 275.1 274.7 Commodity-producing industries... 97.9 107.2 106.1 105.6 107.0 110.4 112.6 111.9 111.6 112.1 113.3 112.9 112.8 111.5 111.0 Manufacturing only 76.7 84.7 84.3 83.5 84.5 87.6 89.4 89.0 88.8 88.6 89.5 89.2 88.7 87.7 87.2 Distributive industries 63.8 68.2 69.1 68.8 69. 69.4 69.9 70.3 70.8 71.8 72.0 72.2 72.4 72.9 72.7 Service industries 34.7 37.5 38.1 38.5 38.8 39.1 39.4 39.8 40.0 40.5 40.7 41.1 41.3 41.6 41.8 Government 43.2 45.3 45.6 45.7 46.0 46.1 46.3 46.5 46.9 47.3 47.6 47.8 48.5 49.0 49.2 Other labor income. 9.4 10.1 10.3 10.4 10.5 10.5 10.6 10.7 10.8 10.8 10.9 11.0 11.1 11.2 11.2 Proprietors' income: Business and professional i.. 32.3 34.7 34.9 35.0 35.1 35.2 35.5 35.5 35.4 35.7 36.0 36.2 36.2 36. 36.1 Farm 14.0 11.8 10.4 10.1 11.2 12.3 11.3 10.4 10.1 11.7 12.1 12.5 12.0 12.2 12.2 Rental income 12.2 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 12.5 Dividends 12.4 13.4 13.8 13.8 13.8 13.6 13.9 13.9 13.9 13.9 13.9 13.9 13.9 14.0 14.0 Personal interest income 20.8 23.5 24.0 24.2 24.5 24.8 25.2 25.5 25.9 26.2 26.5 26.8 27.1 27.5 27.4 Transfer payments 26.4 27.0 27.2 27.4 28.2 27.9 27.7 27.7 28.3 28.6 28.4 28.5 28.7 29.5 29.1 Less: Personal contributions for social insurance 6.8 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 9.3 Nonagricultural income. 342.6 367.6 370.1 370.3 373.5 377.4 380.2 381.2 382.7 385.9 388.2 389.3 391.1 391.8 392.0 Agricultural income 17.8 15.7 14.2 14.0 15.2 16.5 15.5 14.5 14.3 16.1 16.4 16.8 16.2 16.4 16.4 J» Preliminary. ment to the Survey of Current Business for 1959) and the Survey of Current i Monthly data are seasonally adjusted totals at annual rates. Business, July 1960. NOTE.—For explanation of series see U. S. Income and Output (a supple- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 1. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR SECOND QUARTER, 1960? 00 [In billions of dollars] Consumer Nonfinancial business sectors Government sectors2 Financial sectors Sector an s p d e r c o n t f o i o t r n- Farm* cor N po o r n a - te l Corporate Federal an S d t a Io te 3al C b o a m n m ki e n r g ci 3 al ins S ti a t v u i t n i g o s ns4 Insurance5 F n i . n e a . n c. c 6 e R s w e e s o c t r t - o l o d r f- se A ct l o l rs a c D n re c is p y - - 7 s i N n a a v v n a e i t d n l s . g tment Transaction n category U S U S U S U S U S U S U S U S U S U S U S U S U 17.2 .5 2.0 7.6 4.5 —1 4 4 _ 1 .5 _ 1 — 3 30.8 1.8 31.1 A B Capital consumption*2 11.2 1.1 2.1 6.2 ....... 20.6 20.6 B C Net saving (A-B) 6.0 -.6 0 1.3 4^5 "-1A -A ""'5 -A "'-!3 10.2 10.5 C D Gross investment (E+J)2 14.9 .5 2.0 6.0 4.5 -.6 .7 -.1 .5 .3 -.2 28.5 .4 29.1 D E Private capital expenditures E (net of sales) *3. 16.0 1.3 3.2 8.3 .1 28.9 28.9 F Consumer durable goods... 11 2 11.2 11.2 F G H P N l o a n n f t a a rm nd r e e q si u d i e p n m t, e n c t onstr.14. 3. . 8 9 "\".2 2. . 4 9 6. . 9 9 ... ' !i 1 5 1 . . 7 7 1 5 1 . . 7 7 H G I Change in inventories15.... .1 -.1 .4 .4 .4 I J Net financial invest. (K- L)... -1.1 — .8 -1.2 -2.4 4.5 -.6 -.1 .4 .3 -.2 -.4 .4 .2 J K Net acquis. of finan. assets 3.6 .3 .7 4 0 .8 4 9 2.7 2.5 2.2 .9 22.7 1.1 K L Net increase in liab.17 4.7 .8 1.5 3.1 ^ 1.4 4.4 "'2.8 2^0 1.9 1.1 23.1 .9 L N M D Go em ld a d n e d p T a re n a d s . c c u u r r r r e e n n c c y y 1 * 9 8 .. . —i 7 ' 6 2.8 * * -.1 2.5 '"".2 " '!i ".2 .1 * 2.3 * 2.5 * .2 -.1 * M N O Fixed-value redeem, claims.. 3.3 -.2 .4 1.5 * 2.6 .2 3.9 3.9 -.2 O P Time deposits 2o 1.0 * -.1 .4 1.5 .2 2 1.7 1.7 -.2 P Q Savings shares 2 * 2 4 2.4 2.4 2.4 Q R U. S. savings bonds22 j — l -.1 -.1 R S Saving through life insur.2 3. .9 .9 .9 .9 S T Saving through pen. funds 2 4. 2.3 7 5 1.1 2.3 2.3 T U Credit and equity mkt. instr.. -.5 4.7 .9 .3 1.3 -1.3 3.0 1.0 -1.5 .4 .8 5.0 2.3 .2 2.4 2.0 1.5 .7 11.6 11.6 .7 U V Federal obligations2 ^. ... 1 3 1 5 -1.4 1 8 — 4 — 3 4 — 1 -1.4 -1.4 .1 V W State and local obligations. .3 .1 8 — 2 * .4 .2 .8 .8 w X Corp. and foreign bonds.. -.1 '"".9 .3 -.1 * .8 .2 '"".2 * A 1.2 1.2 .1 X Y Corporate stock -.2 5 * .6 .4 .3 .1 .9 .9 * Y Z a O 1 - t h t e o r 4 m -fa o m rtg il a y g e m s ortgages.. -.1 .8 2-\ ""!3 .4 . . 3 9 . . 2 1 * .2 * 2 .3 1 .2 5 — 1 * 2 1 . . 7 8 2 1 . . 7 8 z b Consumer credit .... 2.3 '".3 "".3 .8 .2 7 2 3 2 3 a c d B Se a c n u k r i l t o y a c n r s e n d . i e t2 . 6 c.27 * * .3 .9 .3 ...... 2. . 0 4 .1 . . 5 5 * 2. . 0 5 2. . 0 5 * b d c e Other loans28 .2 .2 -.3 .1'"".7 .1 *'"".2 '"".2 * .5 1.0 1.0 * .5 e f Trade credit 2 .7 1.0 * * 1.1 1.0 -.1 f g Proprietors' net invest, in g noncorporate business1... -.8 -.3 -.5 -.8 -.8 h Misc. financial trans.3 0 "".3 '"".2 .5 3 "'"!5 ""!6 '""A 1.3 1.7 '""A '"-'.2 h Sector discrepancies (A—D)31. 2.4 1.6 -.9 -.3 -.3 -.2 2.3 2.3 2.0 * Less than $50 million. *» Preliminary. In Tables 3-4, figures for 1959 have been adjusted to eliminate the effect of certain structural changes, NOTE.—U= uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions in order to reflect only transaction flows. Structural changes are (1) the shift of banks in Alaska and of assets; financial sources of funds, net changes in liabilities. Hawaii from the finance n.e.c. sector to the commercial banking sector (2) and the shift of a large mutual For discussion of saving and investment concepts see pp. 831-43 of the BULLETIN for August 1959. savings bank to the commercial banking sector resulting from a bank merger early in 1959. The adjust- Descriptions of sectors and of transaction categories are given in notes to tables and in "Technical Notes," ments apply to the first three quarters and to the annual totals for 1959. pp. 846-59 of the BULLETIN for August 1959. Details may not add to totals because of rounding. For other notes see pp. 1185 and 1187. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVTNG 1185 TABLE 2. SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transaction category, or sector 1958 1959 1960 1955 1956 1957 1958 A Net national saving2 39.5 41.5 37.9 19.5 36.1 3.4 5.7 3.8 9.9 10.1 8.4 7.7 12.4 10.5 A B C 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 ness 3 2. . 26.6 * 29.5 * 28.5 * 26.1 * 30.6 - 4 .9 .8 - 8 .3 .5 2 5 . . 4 8 8.2 -1 7 . . 8 9 -1 8 . . 6 4 6 3 . . 1 9 -1 8 . . 3 - 6 .7 .0 C B D Corporate nonfinancial business. 12.4 5.9 5.3 3.5 11.4 -1.0 3.3 4.2 i!i 3.8 3.3 3.3 1.3 D E Federal Government2 .5 5.9 3.6 -8.2 -4.5 1.3 -5.4 -7.6 .7 1.4 -2.1 -4.5 4.0 4.5 E F State and local governments2... -3.2 -2.7 -3.2 -5.0 -4.4 -1.2 -1.7 -1.6 -.6 -1.8 -1. -.9 -1.4 F G Financial sectors 3.3 2.9 3.7 3.1 3.1 .4 1.5 .5 .9 .6 1.6 -.1 U. G H Capital consumption * 2 62.3 67.5 73.3 75.2 79.0 18.7 18.8 19.2 19.3 19.7 19.9 20.2 20.3 20.6 H I Consumer and nonprofit 33.9 36.9 40.1 41.6 43.4 10.3 10.5 10.6 10.7 10.8 10.9 11.0 11.1 11.2 I J Consumer durable goods 30.4 33.0 35.8 37.0 38.5 9.2 9.3 9.4 9.5 9.6 9.7 9.7 9.8 9.9 J K Owner-occupied homes 3.1 3.4 3.7 4.0 4.3 1.0 1.0 1.0 1.0 1. 1.1 1.1 1.1 1.2 K L Plant and equip, (nonprofit)... .5 .5 .6 .6 .6 .1 .1 .1 .2 .2 .2 2 L M Farm business 3.7 3.7 3.9 4.0 4.1 1.0 1.0 1.0 1.0 1.0 1.0 i!o hi M N Noncorp. nonfinan. business.... 7.0 7.5 8.1 7.7 8.2 1.9 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2 1 N 0 Corporate nonfinancial business. 17.6 19.3 21.2 21.9 23.3 5.4 5.5 5.6 5.6 5.8 5.8 6.0 6.1 6^2 O P Gross national saving2 101.9 108.9 111.2 94.6 115.2 22.1 24.6 22.9 29.2 29.7 28.3 27.9 32.7 31.1 P Q Consumer and nonprofit 60.5 66.4 68.6 67.7 74.0 15. 18.9 16.4 18.9 18.7 19.4 17.1 19.8 17.2 O R Farm and noncorp. business.... 10.7 11.3 12.0 11.7 12.3 2.0 2.6 5.3 2.5 1.2 1.5 7.0 1.9 2.5 R S Corporate nonfinancial business. 30.1 25.2 26.5 25.4 34.8 4.4 8.7 9.8 6.7 9.6 9.1 9.3 6.1 7.6 S T U F St e a d t e e r a a l n d G o lo v c e a r l n m go e v n e t r 2 nments2... -3.2 .5 -2 5 . . 7 9 -3 3 . . 2 6 - -5 8 . . 0 2 - - 4 4 . . 5 4 -1 1 . . 2 3 - -1 5 . . 7 4 - - 1 7 . . 6 6 -.6 .7 -1 1 . . 8 4 - -2 1 . . 1 2 - - 4 . . 9 5 4.0 3 -1 4 . . 4 5 U T V Financial sectors 3.3 2.9 3.7 3.1 3.1 .4 1.5 .5 .9 .6 1.6 -.1 ! V W Gross national investment2 103.6 108.0 110.7 93.6 113.7 21.8 23.2 26.9 26.4 30.1 27.1 30.1 28.9 29.1 W X Consumer durable goods 39.6 38.5 40.4 37.3 43.4 9.0 8.7 11.4 9.4 11.2 10.4 12.4 10.0 11.2 X Y Other gross private domestic fixed investment 58.2 62.7 64.6 58.5 66.1 14.7 15.1 15.7 13.9 17.3 17.7 17.3 14.3 17.4 Z Consumer and nonprofit 19.3 18.9 18.2 18.3 22.2 4.0 4.6 5.3 5.2 4.9 5.9 6.2 5.4 4.8 a Nonfarm residen. constr.1*.. 16.6 16.1 14.9 14.7 18.5 3.1 3.6 4.3 4.3 4.1 4.9 5.5 4.5 3.8 b Plant and equip, (nonprofit).. 2.7 2.8 3.3 3.6 3.7 .9 1.0 1.0 1.0 1.0 .9 .9 c Farm business 4.2 3.8 4.0 4.4 4.9 1.3 1.2 1.0 \A l.*4 1.3 1.0 1.0 1.2 d Noncorp. nonfinan. business! 4 10.1 10.2 9.7 9.1 10.8 2.5 2.5 2.4 2.1 3.3 3.0 2.5 2.1 3.3 e Corp. nonfinan. business! 4. . . 24.0 29.1 32.0 25.9 27.4 6.7 6.5 7.0 5.3 7.4 7.3 7.4 5.6 7.9 f Financial sectors .7 .7 .8 .7 .2 .2 .2 .2 .2 .2 .2 .2 g Change in inventories *5 5.8 4.7 1.6 -2.5 5.9 -2.0 -.4 -.1 3.6 2.1 -.2 .4 4.5 .4 g h Farm business .3 -.4 .8 1.0 .5 .3 .2 .2 .2 .1 .1 .1 .1 .1 h 1 Noncorp. nonfinan. business.. .6 .2 .2 * .6 -.2 .1 -.5 1.1 .2 -.1 -.6 1.2 -.1 i j Corp. nonfinan. business 4.9 4.9 .6 -3.5 4.8 -2. .1 2.4 1.7 -.1 .9 3.2 • 4 j 1 k Ne C t f o i n n s a u n m c e ia r l a in n v d e s n t o m np en ro t^ fit 4.7 * 1 2 2 . . 1 1 C1 4 4 . . 2 8 C15 . . 3 3 lo! . . 2 2 - 6 .2 . 3.3 - 4 .5 .2 - 1 .4 .8 2.8 2.0 3.7 -1. . 1 2 m Net acquis. offinan. assets. . 25.1 27.4 e26.8 C27.3 31.3 3.7 8.6 9.0 7.3 7.9 7.8 8.4 5.8 3.6 n Net increase in liabilities.... 20.4 15.2 12.0 12.1 20.7 3.6 2.4 5.7 3.1 6.2 5.0 6.4 2.1 4.7 o Farm and noncorp. business.. -4.4 -2.5 -2.7 -2.9 -4.5 -1. -1.5 2.2 -1.9 -3. -2.8 4.0 -2.5 -2.0 p Net acquis. offinan. assets.. .5 .5 .8 1.3 — .4 .5 .3 .8 -.5 . -.2 .3 - .4 .3 q Net increase in liabilities.... 4.9 3.0 3.5 4.2 4.1 2.3 1.7 -1.4 1.4 3.9 2.5 -3.7 2.0 2 2 r Corp. nonfinan. business -2.2 -13.4 *-8.7 c-.9 -1.6 -A 2.2 1.5 -1.5 .8 .5 -1.4 -4.5 -2.4 s Net acquis. offinan. assets. . 16.8 4.3 e4.4 «7.2 13.4 1.2 6.9 5.2 .2 5.6 3.6 4.1 -2.6 .7 t Net increase in liabilities 19.0 17.7 13.1 8.0 15.0 1.3 4.8 3.7 1.7 4.8 3.1 5.4 1.9 3.1 u Federal Government .5 5.9 3.6 -8.2 -4.5 1.3 -5.4 -7.6 .7 1.4 -2.1 -4.5 4.0 4.5 u v Net acquis. offinan. assets.. 1.0 1.6 3.2 1.6 6.3 3.9 -4.4 .2 4.3 2.6 -.8 -.3 4.0 v w Net increase in liabilities. .5 -4.3 -.4 9.7 10.8 2.6 1.0 8.3 -.5 2.9 4.7 3.7 -4.3 -.4 w x State and local governments.., -2.6 -2.2 -3.2 -5.2 -3.9 -.9 -2.7 -.3 -1.6 -1.2 -1.3 .3 -1.4 -.6 x y Net acquis. offinan. assets.. 2.2 2.6 3.3 2.5 3.1 1.3 -.9 1.0 .2 .7 .9 1.2 .1 .* y z a a Fin N a e n t c i i n a c l r s e e a ct s o e r i s n liabilities 4 3 . . 8 5 4 2 . . 8 7 6 3 . . 5 0 4 7 . . 5 7 6 3 . . 9 7 2 1 . . 1 3 2 1 . . 5 9 1. . 3 1 1 1 . . 8 4 1. . 9 6 2 2. . 3 2 -.5 .9 1 1 . . 5 7 1 1 . . 4 2 aa z bb Net acquis. offinan. assets.., 27.0 22.5 23.9 36.2 29.2 16.1 1.9 15.4 .2 10.1 8.5 10.3 -2.9 12.3 bb cc Net increase in liabilities.... 23.4 19.8 20.9 31.7 25.5 14.9 -.7 15.3 -1.1 9.5 6.3 10.9 -4.6 //./ cc dd Financial trans, discrep .5 -.5 -2.6 -2.2 -1.6 .2 -1.3 .7 -1.8 A A -1.1 .4 dd ee Discrepancy (P — W)3i -1.8 .9 .5 1.0 1.5 .2 1.4 -4.0 2.8 -.3 1.2 -2.2 3.9 2.0 ee * Less than $50 million. c Corrected. *> Preliminary. for August 1959. For other notes see below and second page following. NOTE.—Descriptions of sectors and of transaction categories are given Back data available in Flow-of-Funds Supplements. in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN Notes to Tables i, 2, and 3. 9 For content of sector saving, see Tables 1 and 4 and pp. 833 and 849 1 Net saving of, and consumer investment in, unincorporated business of the BULLETIN for August 1959. discussed on p. 838 of the BULLETIN for August 1959. See note 32, p. 1187. I o Rest-of-world surplus on current transactions with United States. 2 For govt. sectors, saving is excess of all nonfinancial receipts over all I1 Discrepancy between total nonfinancial sources and uses of funds nonfinancial outlays; investment, changes in financial assets and liabilities (Line A minus line E in "all sectors" column). only. Govt. current outlays include, and govt. (and national) invest- 12 Depreciation, accidental damage to fixed capital, and capital outlays ment excludes, govt. purchases of tangible assets. charged to current account. Annual data in Table 2 are from Dept. of 3 Consolidated account for monetary authorities (Federal Reserve Commerce national income accounts except for F. R. estimates of de- System, ESF, and Treasury currency accounts) and commercial banks preciation on consumer durable goods. Depreciation on latter item in United States (excluding territories and possessions). and on farm assets at current cost; other depreciation, in general, at 4 Mutual savings banks, savings and loan assns., and credit unions. original cost. Line H in Table 2 includes amounts for financial sectors 5 Life and nonlife insurance companies and private pension plans. not shown separately. 6 Finance companies, open-end investment companies, security brokers 13 Transactions in land excluded from sector investment for statistical and dealers, banks in U. S. territories and possessions, and U. S. agencies reasons. Such transactions, when recorded as capital flows, affect of foreign banks. sector allocation of investment but not the national total. 7 For discussion, see p. 857 of the BULLETIN for August 1959. 14 For consumers, 1- to 4-family dwellings completed and purchases of 8 Totals for domestic sectors; financial entries are net uses plus items additions and alterations. Investment of nonfarm business sectors in discrepancy column. For comparison with national saving and in- includes work in process on 1- to 4-family dwellings and other private vestment in national income accounts of Dept. of Commerce, see p. 842 residential construction. of the BULLETIN for August 1959. For other notes to Tables 1-3 see second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1186 FLOW OF FUNDS/SAVING TABLE 3. SUMMARY OF PRINCIPAL FINANCIAL FLOWS 3 3 [In billions of dollars] Quarterly totals Annual totals Transaction category, 1958 1959 1960 or sector 1955 1956 1957 1958 1959 2 3 4 1 2 3 4 1 2» I. Demand deposits and currency A Net increase in commercial bkg. system liability *9 2.3 1.7 -.8 5.8 1.1 6.4 -3.4 8.0 -7.0 2.1 2.1 3.8 -8.8 2.5 A B Net increase in assets, by sector .8 1.7 .7 6.5 1.7 5.7 -2.5 6.6 -5.3 1.9 2.0 3.1 -7.7 2.3 B C Federal Government -.6 -.2 .2 .1 .7 3.6 -5.0 -.5 1.0 1.5 -1.2 -.4 2.8 C D Other domestic sectors 1.5 1.7 .3 6.4 .9 1.9 2.7 6.3 -4.9 1.0 .4 4.4 -6.9 -.6 D E Consumer and nonprofit -.8 1.0 -.9 2.5 .9 -.7 2.3 2.3 -.9 -.7 .8 1.6 -2.1 -1.7 E F Farm and noncorporate bus. . . .3 .6 1.3 -.7 .3 .3 .3 -.2 -.2 -.2 -.2 F G Corporate nonfinancial bus 1 0 1 1.7 .2 1.3 1.0 2.5 -2.9 1.5 -.2 1.8 -3.4 .6 G H State and local government. .4 .2 .2 .2 .5 .6 -.7 .6 -.4 .1 .2 .6 g * H I Financial sectors .6 .2 .3 .7 .4 -.2 .5 -.3 -.3 .6 -.4 .5 I J Rest of the world * 2 .2 * .1 .2 -.1 .3 -.1 .2 -.1 -.4 * J K Discrepancy (A-B) 1.4 .1 -1.4 -.7 -.6 .7 -.9 1.4 -1.7 .2 .2 .7 .2 K II. Fixed-value redeemable claims A Net increase, by type • 8.4 8 9 10.1 16.1 7.6 5.0 2.5 3.1 2.3 3.0 .8 1.6 1.6 3.9 A B Time deposits 2.9 3.6 6.8 10.1 2.2 3.3 1.6 .9 1.1 1.2 -.1 2 1.7 B 5 3 5 4 5 2 6.5 7.2 1.8 1.0 2.3 1.4 2.3 1.2 2.3 1.5 2.4 C D US savings bonds22. .3 -.1 -1.9 -.5 -1.8 2 -.2 .2 c -.5 -.6 -.1 D E Net increase in liab., by sector34.... 8.4 9.0 10.1 16.2 7.6 5.0 2.5 3.1 2.3 3.0 .8 1.6 1.6 3.9 E F Federal Government * -.3 -2.2 -.7 -2.0 -.2 -.2 -.2 -.2 -.6 -.6 -.6 -.3 -.2 F G Commercial banking 1 3 2 1 5 5 8 0 1.2 2.8 1.1 .5 .6 .9 -.1 -.2 1.5 G H Savings institutions 7.1 7.3 6.9 8.9 8.4 2.4 1.5 2.9 2.0 2.6 1.4 2.4 1.8 2.6 H [ Net increase in assets, by sector34... 8.4 8.9 10.1 16.1 7.6 5.0 2.5 3.1 2.3 3.0 .8 1.6 1.6 3.9 I J Consumer and nonprofit 8.7 9.0 9.8 13.5 9.6 3.7 3.0 3.5 2.2 3.5 1.7 2.1 1.6 3.3 J K Other domestic sectors 35 * .4 1.7 -1.0 1.3 -.4 A * -.2 -.7 -.2 .4 K L Rest of the world (time deposits). -.1 -.1 * .9 -1.0 * • .1 A -.3 -.3 -.2 .2 L m. Saving through life insurance and pension funds A Net increase, by type .... 8.4 9.3 9.0 10.3 11.6 2.3 2.6 2.8 2.9 3.2 2.5 3.1 2.9 3.2 A 3.2 3.8 2.8 3.4 3.7 .8 1.0 1.0 .9 1.2 .8 .9 .7 .9 B C Pension funds. 5 1 5 6 6.1 6 9 7.9 1.5 1.7 1.8 2.0 2.0 1.7 2.1 2.1 2.3 C D Net increase in liab., by sector3 4,3 6. 8.4 9.3 9.0 10.3 11.6 2.3 2.6 2.8 2.9 3.2 2.5 3.1 2.9 3.2 D E Federal Government .6 1.0 .6 1.0 1.0 .4 .3 .2 .4 .3 .1 .1 .7 E F State and local government 1 2 1 4 1.6 1 7 1.8 .4 .4 .4 .5 .5 .5 .5 5 .5 F G Life insurance companies.. 4.6 4 8 4.3 4.7 5.6 1.1 1.3 1.5 1.3 1.6 1.2 1.6 1.2 1.2 G H Private noninsured pension plans. 2.0 2.1 2.6 2.8 3.2 .4 .6 .8 1.0 .8 .5 .9 1.1 .8 H IV. Credit and equity market instruments A Net increase, by type 44.0 30 7 36.7 46.2 61.5 13.4 7.0 22.7 7.3 18.7 18.3 17.2 2.3 11.6 A B Federal obligations .8 -5.6 1.1 9.0 11.3 2.5 1.1 7.6 * 2.0 5.3 4.0 -4.1 -1.4 B C Short-term direct37. — 7 1 7 4 5.5 -1.2 5.5 -4.3 1.2 3.8 -4.6 4.7 .7 4.7 -7.4 -2.1 C D Other 7.9 -13.0 -4.4 10.2 5.8 6.8 -.1 3.8 4.6 -2.7 4.6 -.7 3.4 .6 D E State and local oblisations 3 5 3 2 4 7 5 7 4 9 1.6 1.3 .8 1.3 1.4 1.8 .4 1.0 .8 E F Corporate and foreign bonds 4 0 5 0 7.5 6 8 4.7 1.4 1.3 1.6 1.0 1.1 1.5 1.1 1.2 F G Corporate stock 3.0 3.8 4.0 4.2 4.4 1.4 .9 1.2 1.2 .7 1.2 .9 .9 G H 1- to 4-family mortgages 12 6 10 8 8.6 10.1 13.3 2.4 3.0 3.2 2.9 3.8 3.7 3.0 2.3 2.7 H I Other mortgages 3.6 3.8 3.5 5.2 5.8 1.3 1.3 1.6 1.2 1.7 1.5 1.4 1.1 1.8 I J Consumer credit . ... 6.4 3.6 2.8 .3 6.3 .6 .1 1.9 -.7 2.6 1.7 2.7 Q 2.3 J K Security credit 1.0 -.6 -.3 1.7 .1 1.8 -1.4 -.2 -.3 .6 -1.6 .5 K L Bank loans nee 8 0 5 9 2 3 1 3 7 9 .6 -.2 2.7 A 3.6 2.8 1.9 .3 2.0 L M Other loans. 1 1 9 2.6 2.0 2.8 -.2 -.3 1.0 .9 1.3 .1 .5 2.1 1.0 M N Funds raised, by sector34 .... 44.1 31.2 36.9 46.2 61.4 13.4 7.0 22.7 7.3 18.7 18.3 17.1 2.3 11.6 N O Consumer and nonprofit 20.3 15.1 11.8 12.0 20.6 3.6 2.4 5.6 3.0 6.2 5.0 6.4 2.1 4.7 O P Farm business 1 2 .9 1.1 1.5 2.0 .9 .2 * .7 1.1 .3 -.2 .5 .9 P Q Noncorporate nonfinancial bus... 2.9 2 0 1 1 2 3 4 8 .5 * 2.8 -.4 2.5 1.6 1.1 .2 1.3 Q R Corporate nonfinancial business.. 10.1 13.0 13.1 11.8 11.6 2.6 3.1 3.1 1.9 3.8 2.9 2.9 2.7 3.0 R S Federal Government -5.4 1.0 9.3 10.7 2.2 1.1 7.9 -.2 1.7 5.2 4.1 -4.1 -1.5 S T State and local government 3 5 3 3 4 9 5 9 5.1 1.7 1.4 .8 1.3 1.5 1.8 .5 1.0 .8 T TJ Financial sectors 5 9 1 2 2 4 1 2 5 7 1 4 -1 7 1.8 .7 1.5 1.2 2.3 -.3 1.8 U V Rest of the world .3 1.0 1.4 2.3 .8 .6 .5 .6 .2 .4 .3 * .3 .7 V ^A^ Funds advanced, by sector34 44.0 30.7 36.7 46.2 61.5 13.4 7.0 22.7 7.3 18.7 18.3 17.2 2.3 11.6 W X Consumer and nonprofit 8.0 7.7 C8.1 e4.7 15.3 -.6 1.5 1.4 4.5 3.4 4.3 3.2 4.3 -.5 X Z Y a C F F a e o r d r m p er o a a r l a n t G d e o n n v o o e n n r c f n i o m n r a p e n n . c t b ia u l s i b n u es s s iness.. \.5 -3 1 . . 8 . 1 3 2 c. . . 4 4 2 C 1 1 . . 7 2 * 5 3 . . . 5 8 4 -2.5 . . 2 3 - 1 .1 . . 3 5 4. . . 2 5 9 '. 2 1 1 1 . . . 2 7 3 llo 1. . . 9 5 5 - - . . 4 2 -1 1 . . 3 . 0 3 Y Z a b State and local government 1 9 2 3 2.6 1.4 2.9 * .2 .5 .6 .5 1.2 .7 .9 .4 b c Commercial banking system 4.8 4.8 4.3 17.0 5.6 10.8 -.6 8.0 -5.4 4.2 3.3 3.5 -7.9 5.0 c d e C ^^ o o m n m et e a r ry ci a A l u b t a h n o k ri s t ie . s ... — 5. 0 3 4.5 3 - 5 .8 .1 1 2 4 . . 2 9 5.3 9 1 . . 0 8 - - . . 4 2 6 1 . . 6 4 - - 4 . . 9 5 3. . 6 6 2. . 8 5 3^4 - -6 1 . . 5 4 3 1. . 2 8 d e f Securities -7.0 -3.5 1.3 10.4 -7.2 6.5 1.0 1.7 -4.2 -1.7 -.8 -.4 -5.6 .3 f g Loans3* 12.1 8.0 3.8 4.5 12.5 2.5 -1.2 4.9 -.3 5.3 3.6 3.8 -.8 3.6 g h Savings institutions 8.1 7.3 7.2 9.4 10.6 2.4 2.9 2.4 2.7 3.2 3.0 1.6 2.3 2.3 h i Insurance sector 8.1 8.0 8.3 8.9 9.8 1.7 2.3 2.5 2.5 2.6 2.1 2.6 2.9 2.4 i j Finance n.e.c 5.3 1.6 2.5 2.0 4.5 1.6 -1.9 2.1 .9 .9 .8 2.0 .2 2.0 j k Rest of the world 1.0 1.3 .6 -.1 3.1 -.6 .8 .3 .2 1.0 1.3 .7 .5 * k Less than $50 million. c Corrected. Preliminary. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1187 Notes to Tables 1, 2, ani 3 (cont.). 2 6 Loans from banks for purchasing or carrying securities and cus- 15 After inventory valuation adjustment. tomer debit and net free credit balances on books of security brokers 16 Financial component of national investment equals net lending to and dealers. rest of world; financial flows among domestic sectors cancel out in national 27 Mainly commercial, industrial, and agricultural loans (other than total. (Discrepancies in financial transactions attributed entirely to open market paper and CCC-guaranteed loans); includes loans to foreign domestic transactions.) Differs from U. S. "net foreign investment" banks, loans to individuals (other than consumer credit), and other loans. (net exports minus net unilateral transfers in national income accounts) Gross of valuation reserves. Loans to domestic commercial banks by discrepancy in rest-of-world account, which equals "errors and excluded in consolidated banking statement. omissions" in Dept. of Commerce balance-of-payments statement for 2 8 Mainly Federal Government loans (other than mortgages), CCCthe United States. guaranteed loans, open market paper, finance company loans to business, 17 "Liabilities" cover equity as well as debt claims. and policy loans on life insurance. !8 For description, see p. 852 of the BULLETIN for August 1959. 2 9 Trade debt net of trade credit. 19 Demand deposit liabilities of banking system are net of F. R. float 3 0 For coverage, see p. 856 of the BULLETIN for August 1959. See also and cash items in process of collection as reported by commercial banks. notes for this category in individual sector statements in Table 4. Sum of sector holdings (partly on holder-record basis) differs from 31 Saving and investment are equal in concept but may differ statistically liability total mainly because of mail float (checks in transit from drawers because of discrepancies. See p. 857 of the BULLETIN for August 1959. to drawees). See Table 4 (G), lines Y-a, for sector allocation of demand 3 2 Annual figures for farm sector are retained earnings of corporate deposit and currency liability on a net bank-record basis. For further farms; farm and nonfarm unincorporated businesses shown as having discussion, see p. 853 of the BULLETIN for August 1959. zero annual net saving. Quarterly figures for both sectors include 2 o At commercial and mutual savings banks and Postal Savings System. seasonal net saving. See p. 838 of the BULLETIN for August 1959. 2! Shares in savings and loan associations and credit unions. 3 3 Data for excluded categories—trade credit, proprietors' net invest- 22 Consumer-held only; includes net interest accruals. Savings bonds ment, gold, Treasury currency, and misc.—appear in Tables 1 and 4 and held by other sectors included in Federal obligations category. Supplement No. 2. 23 Private and Federal Government life insurance. Estimated as equal 3 4 For sector transactions in specific instruments, see Tables 1 and 4. to changes in reserves against life insurance policies and supplementary 3 5 Mainly time deposits of State and local governments, corporate contracts and in policy dividend accumulations. businesses, and savings institutions. 2 4 Private pension plans and railroad and govt. employee retirement 3 <5 Includes life insurance issued by fraternal orders not shown sepafunds. Estimated as equal to changes in reserves of pension plans ad- rately. All assets in these categories are treated as consumer holdings. ministered by life insurance companies and in assets of other private 3 7 Marketable issues maturing within one year and, prior to 1956, plans and of railroad and govt. employee retirement funds. savings notes. 2 5 Excludes Federal debt held by Federal agencies, consumer-held 3 8 Excludes loans to domestic commercial banks. Consists of mortsavings bonds, special notes issued to IMF, and currency items in public gages, consumer credit, security credit, other loans, and bank loans, n.e.c. debt; includes Federal agency debt and accrued interest on Treasury bills Gross of valuation reserves. and on savings bonds (other than consumer-held). NOTE.—Back data available in Flow-of-Funds Supplements. TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1955 1956 1957 1958 1959 (A) Consumer and nonprofit organization sector A Current receipts. . , 291.9 314.2 331.4 338.8 361.5 83.1 86.1 87.8 87.0 90.2 91.1 93.3 92.3 94.9 A B Income receipts i 273.4 293.5 307.3 310.2 331.8 75.8 78.8 80.8 79.6 82.8 83.8 85.7 84.2 87.0 B C Transfer receipts2 18.6 20.7 24.0 28.7 29.7 7.3 7.3 7.0 7.4 7.4 7.3 7.6 8.0 7.9 C D Income taxes and other deductions.. 38.3 42.9 46.2 45.9 50.1 12.5 11.5 9.8 12.6 14.0 12.7 10.9 13.9 16.1 D E Taxes less tax refunds3 33.1 37.0 39.4 38.9 42.1 10.5 9.9 8.4 10.3 11.7 10.8 9.3 11.2 13.4 E F Pension and OASI deductions4... 5.2 5.9 6.8 7.0 8.0 2.0 1.6 1.4 2.3 2.3 1.9 1.5 2.7 2.7 F G Cur. receipts after deduct. (A—D).. 253.6 271.2 285.2 293.0 311.4 70.6 74.5 78.0 74.4 76.2 78.3 82.4 78.3 78.8 G H Cur. expend, for goods and serv.3.. 198.3 211.2 222.9 232.9 246.4 57.1 57.5 63.7 57.9 60.1 60.8 67.6 60.9 64.1 H I Net life insurance premiums6 2.8 2.7 2.8 2.5 2.6 .5 .7 .7 .6 .6 .7 .7 .5 .6 I J Current surplus (G —H —I) 52.5 57.3 59.5 57.6 62.4 13.0 16.3 13.7 16.0 15.5 16.9 14.1 17.0 14.1 J K Insurance and retirement credits7... 8.0 9.1 9.1 10.1 11.6 2.2 2.6 2.7 2.9 3.2 2.5 3.0 2.9 3.2 K L Capital consumption* 33.9 36.9 40.1 41.6 43.4 10.3 10.5 10.6 10.7 10.8 10.9 11.0 11.1 11.2 L M Net saving (J+K-L) 26.6 29.5 28.5 26.1 30.6 4.8 8.5 5.8 8.2 7.9 8.4 6.1 8.7 6.0 M N Gross saving (L+M) 60.5 66.4 68.6 67.7 74.0 15.2 18.9 16.4 18.9 18.7 19.4 17.1 19.8 17.2 N 0 Gross investment (P+T) 63.6 69.6 C73.3 c70.9 76.2 13.2 19.4 20.0 18.8 17.9 19.1 20.6 19.2 14.9 O P Capital expend, (net of sales)... 58.9 57.4 58.5 55.6 65.6 13.0 13.3 16.6 14.6 16.1 16.3 18.7 15.5 16.0 P Q Residential construction 16.6 16.1 14.9 14.7 18.5 3.1 3.6 4.3 4.3 4.1 4.9 5.3 4.5 3.8 Q R Consumer durable goods 39.6 38.5 40.4 37.3 43.4 9.0 8.7 11.4 9.4 11.2 10.4 12.4 10.0 11.2 R S Plant and equip, (nonprofit) 2.7 2.8 3.3 3.6 3.7 .9 1.0 1.0 .9 .9 1.0 1.0 .9 .9 S T Net financial investment (U—j). 4.7 12.1 C14.8 C15.3 10.6 .2 6.1 3.3 4.2 1.8 2.8 2.0 3.7 -2.1 T U Net acquis. offinan. assets* 25.1 27.4 C26.8 C27.3 31.3 3.7 8.6 9.0 7.3 7.9 7.8 8.4 5.8 3.6 U V Demand deposits and currency. -.8 1.0 g 2.5 .9 -.7 2.3 2.3 -.9 -.7 .8 1.6 -2.1 -1.7 V W Fixed-value redeem, claims.... 8.7 9.0 9.'8 13.6 9.6 3.7 3.0 3.5 2.2 3.5 1.7 2.1 1.6 3.3 W X Time deposits 3.2 3.7 6.5 7.7 4.1 2.0 2.1 1.5 1.0 1.6 1.0 .4 .2 1.0 X Y Savings shares 5.2 5.3 5.2 6.3 7.3 1.8 1.0 2.1 1.4 2.4 1.2 2.3 1.5 2.4 Y Z U.S. savings bonds i o .3 -.1 -1.9 -.5 -1.8 -.1 -.2 -.2 -.2 -.5 -.5 -.6 2 -.1 Z a Saving through life insurance... 3.2 3.8 2.8 3.4 3.7 .8 1.0 1.0 .9 1.2 .8 .9 .7 .9 a b Saving through pension funds.. 5.1 5.6 6.1 6.9 7.9 1.5 1.7 1.8 2.0 2.0 1.7 2.1 2.1 2.3 b c Cr. and equity mkt. instr.li.... 8.0 7.7 C8.1 '4.7 15.3 -.6 1.5 1.4 4.5 3.4 4.3 3.2 4.3 -.5 c d Federal obligations 2.2 1.0 cl8 c-2.2 9.4 -1.4 -.8 .1 3.1 1.6 1.8 2.9 2.5 -1.3 d e State and local obligations... 2.1 1.7 2.3 1.5 2.5 -.2 .6 .4 .5 .7 1.2 .5 .3 e f Corporate and foreign bonds. 1.2 1.2 1.3 1.0 -.4 .4 * -.1 -.1 .4 — t \ .6 -.1 f g Corporate stock 1.4 2.2 1.7 1.9 1 i .6 .8 .2 .4 .6 .2 ' * .4 -.2 g h Mortgages 1.2 1.7 1.9 2.2 2^3 .7 .5 .7 .5 .8 .7 .3 .3 .8 h 1 Net invest, in noncorp. bus .8 .4 .8 -3.7 -6.1 -.9 -.9 -.9 -1.5 -1.5 -1.5 -1.5 -.8 -.8 i j Net increase in liabilities 20.4 15.2 12.0 12.1 20.7 3.6 2.4 5.7 3.1 6.2 5.0 6.4 2.1 4.7 j k Consumer 19.7 14.9 11.5 11.5 20.1 3.4 2.3 5.5 2.9 6.0 4.9 6.2 2.0 4.7 k 1 1-4 family mortgages 12.3 11.0 8.7 9.6 13.2 2.1 2.4 3.0 3.3 3.3 3.3 3.3 3.1 2.1 1 m Consumer credit 6.4 3.6 2.8 .3 6.3 .6 > i 1.9 -.7 2.6 1.7 2.7 g 2.3 m o n O Se t c h u e r r i t l y o a c n re s d 12 it . . 7 2, .3 * -.4 .4 1. .4 1 .5 * . .6 1 #3 \ .4 | . . 2 1 .1 * -.2 .1 . . 1 2 -'A .2 .2 * o n p Nonprofit organizations13 .7 .4 .4 .6 .6 .1 '.2 '.2 .1 .2 .1 .2 .1 * P q Discrepancy (N-O) -3.1 -3.2 c-4.7 «-3.2 -2.2 2.0 -.5 -3.6 .1 .8 .3 -3.5 .6 2.4 q • Less than $50 million. c Corrected. * Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1188 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1955 1956 1957 1958 1959 (B) Farm business sector A Net income 8.6 8.5 8.6 11.0 8.6 2.2 3.0 3.1 1.9 1.6 2.3 2.7 1.5 1.7 B Proprietors' income withdrawals i4.. 8.6 8.5 8.6 11.0 8.6 2.7 2.7 2.6 2.4 2.2 2.0 2.0 1.8 2.2 C Net saving (A-B)is * * * * -.5 .3 .5 —.5 —.6 .3 .7 —.4 -.6 D Capital consumption 3.7 3.7 3.9 4.0 4.1 1.0 1.0 1.0 1.0 .0 1.0 I.0 1.1 1.1 E Current surplus = gross saving (C+D) 3.7 3.7 3.9 4.0 4.1 .5 1.3 1.5 .6 .4 1.4 1.8 .7 .5 F Gross investment (G+J) 3.7 3.7 3.9 4.0 4.1 .5 1.3 1.5 .6 .4 1.4 1.8 .7 .5 F G Capital expenditures 4.5 3.4 4.7 5.5 5.4 1.6 1.4 1.2 1.3 I.6 1.4 1.1 1.1 1.3 G H Construction and equipment16... 4.2 3.8 4.0 4.4 4.9 1.3 1.2 .0 .1 1.4 1.3 1.0 1.0 1.2 H I Change in inventories .3 -.4 .8 1.0 .5 .3 .2 .2 .2 .1 .1 .1 A .1 I Net financial investmentiK—L) -.8 .3 -.9 -1.5 -1.3 -1.1 -il .3 _.7 ».2 _ j .8 _.4 -.8 J Net acquis. of financial assets11... -.2 -.2 .4 -.4 .1 .1 _ / _.7 ' j _.1 K Net increase in liabilities -.5 .7 1.9 .9 1.2 •l\ _.2 !tf 7.7 * _.8 .4 .8 L Credit market instruments 1.2 .9 1.1 1.5 2.0 .9 2{ * .7 1.1 .3 .2 .5 .9 M Mortgages .8 .8 .6 .7 1.1 .2 '.2 .3 .4 .2 A .2 .4 N Bank loans n.e.c. 18 .4 * .3 .6 .7 .4 .2 * .1 .5 .1 —A .1 .3 O Other loans19 .1 .2 .2 .2 .2 _m \ .2 .2 • .2 .2 .2 P Trade debt .2 -A _.3 .2 .2! _ i _.3 .2 .2 Q Proprietors' net investment.... _ 4 -1.4 -.5 .5 -1.1 .1 . 1 —.3 —.3 -13 —.3 —.3 -3 R (C) Noncorporate nonfinancial business sector A Net income20 36.1 37.8 38.6 37.8 40.6 9.0 8.9 11.6 9.9 11.4 8.3 13.4 9.5 10.3 B Proprietors' income withdrawals21.. 36.1 37.8 38.6 37.8 40.6 9.4 9.5 9.7 9.9 10.2 10.2 10.2 10.4 10.5 C Net saving (A-B)is -.4 -.6 1.9 * -1.2 -1.9 3.2 -.9 -.2 D Capital consumption 7.0 7.5 8.1 7.7 8.2 1.9 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2.1 E Current surplus = gross saving(C+D; 7.0 7.5 8.1 7.7 8.2 1.5 1.3 3.8 2.0 .8 .1 5.3 1.2 2.0 F Gross investment (G+J)... 7.0 7.5 8.1 7.7 8.2 1.5 1.3 3.8 2.0 .8 .1 5.3 1.2 2.0 F G Capital expenditures... 10.6 10.3 9.9 9.1 11.4 2.2 2.7 1.9 3.2 3.4 2.8 1.9 3.3 3.2 G H Plant and equipment22. . 10.1 10.1 9.7 9.1 10.8 2.5 2.5 2.4 2.1 3.3 2.9 2.5 2 1 3.3 H I Change in inventories 2 °. .6 .2 .2 * .6 -.2 .1 -.5 1.1 .2 -.1 -.6 l.*2 -.1 I J Net financial investment (K—N -3.6 -2.8 -1.8 -1.3 -3.2 -.7 -1.4 1.9 -1.2 -2.7 -2.7 3.4 -2.1 -1.2 J K Net acquis. of financial assets .5 .7 1.0 .9 * .4 .2 .7 -.4 .2 / .4 j .3 K L Demand deposits and currency. .3 .3 .8 .9 -.3 .2 .2 .2 j -A # 1 _ # i L M Consumer credit .2 .3 .2 * .4 .2 i .5 -!3 .3 1 !5 - A .3 M N Net increase in liabilities 4.2 3.5 2.8 2.3 3.2 1.1 7^5 -1.3 2.8 2.6 -3.0 1.6 7.5 N O Credit market instruments 2.9 2.0 1.1 2.3 4.8 .5 * 2.8 A 2.5 1.6 1.1 .2 1.3 O P Mortgages 1.0 .6 .9 1.6 1.5 .5 .6 .5 • .7 .6 .2 — . j .7 P Q R O Ba th n e k r l l o o a a n n s s 2 n * .e.c 1. . 0 8 . . 8 4 -. . 3 5 . . 5 2 2. . 7 6 -. . 2 2 -.4 2 1 . 3 9 -.6 2 1. . 5 3 — 1 . 1 1 . . 7 3 ! 2 5 -.3 .9 8 S Trade debt24 .1 -.2 .5 4.1 3.4 1.7 2^6 -3.0 2.4 1.6 2.2 -2.9 2.0 .7 T Proprietors' net investment. . .. 1.2 1.7 1.2 -4.2 -5.0 -1.0 -1.0 -1.0 — 1.2 -1.2 -1.2 -1.2 — .5 -.5 (D) Corporate nonfinancial business sector A Profits20 38.3 36.9 36.0 31.7 39.9 7.5 8.4 9.6 9.0 11.2 9.8 9.9 9.5 10.0 B Profits tax payments (net)25. . . . 17.1 21.6 21.1 18.8 18.2 6.2 2.8 2.9 5.4 4.9 4.0 3.9 6.7 6.1 C Net dividend payments26 8.8 9.4 9.6 9.4 10.3 2.3 2.3 2.4 2.5 2.5 2.5 2.8 2.8 2.5 D Net saving (A-B-C) 12.4 5.9 5.3 3.5 11.4 — 1.0 3.3 4.2 1.1 3.8 3.3 3.3 • 1.3 E Capital consumption 17.6 193 21.2 21.9 23.3 5A 5.5 5.6 5.6 5.8 5.8 6.1 6A 6.2 F Current surplus = gross saving(D -f E] 30.1 252 26.5 25.4 34.8 4A 8.7 9.8 6.7 9.6 9.1 9.3 6A 7.6 G Gross investment (H+M). . . 267 206 C23.8 C21.5 30.7 4.5 7.9 8.6 6.1 9.9 7.6 6.9 4.3 6.0 H Capital expenditures 289 340 32.5 22.4 32.3 .7 5.7 7.1 7.7 9.1 7.2 .3 8.9 8.3 I Fixed investment 240 29 A 32.0 25.9 27.5 6.7 6.5 7.0 5.3 7.4 7.3 7.4 5.6 7.9 Plant and equipment... 229 284 30.9 24.3 25.5 6.2 5.8 6.5 5.3 6.5 6.6 7.2 5.7 6.9 K Other 10 8 1.1 1.7 1.9 .6 .7 .5 .1 9 .7 .2 .1 .9 L Change in inventories20.. 49 49 1.6 -3.5 4.8 -2 -.8 .1 2.4 l!7 -.1 .9 32 .4 M Net financial investment (N-V) -2 2-13 4c o7 c_ 9 -1.6 _.1 2.2 1.5 -1.5 8 .4 -1.4 -4.5 -2.4 M N Net acquis. of financial assets. 168 43 c4 ci2. 13. 7.2 6.9 5.2 .2 5.6 3.6 .7 -2.6 .7 N O Demand deposits and currency 10 1 i7 2 1.3 1 0 2.5 -2.9 1.5 .2 1.8 2.4 .6 O P Credit market instruments27.. 50 2 8 c ci.2 5'5. 2.5 1.3 4.2 1.0 2 1.5 1.9 _.2 1.3 P Q Federal obligations 44 4 3c. . . c7 4.4 2.5 1.2 3.3 1.4 7 1.5 .8 .2 -1.5 Q R Consumer credit 6 3 i 4 8 .2 1.1 _.8 3 .1 1.2 -1.1 .3 R S Other loans (finance paper). * 1 3 1 3 'A -.2 .2 .4 1 .1 .2 1.1 * S T Trade credit 102 6 1 19 2i6 6.8 1A 4.5 -1.4 1.8 2!6 2.2 .8 1.0 U Other financial assets28 6 18 2 1 1.7 9 .9 .2 -.2 .3 3 * .3 .2 .3 V Net increase in liabilities29 190 777 137 8. 15. 7.3 ¥.5 3.7 7.7 3.7 5.4 1.P 3.7 V W Credit and equity market instr. 101 130 13j 11.8 11.6 2.6 3.1 3.1 .9 3.8 2.9 2.9 2.7 3.0 W X Corporate bonds 28 37 63 57 33 1A 1.4 .3 .6 9 .6 11 .4 .9 X Y Corporate stock 20 23 24 23 23 .9 .6 .5 .5 8 .3 '.6 .5 .5 Y Z Mortgages 20 1.8 18 33 3.2 .9 1.0 1.1 .4 12 1.1 .6 .2 1.2 Z a Bank loans n.e.c 3.0 5.2 20 5 25 1 .3 .1 .1 9 1.1 .4 .0 .3 a b Other loans^0 3 .1 5 1 4 —'A -.3 .2 .3 1 —.1 .1 .6 .1 b c Trade debt 87 4.5 - 1 -3 8 3'.3 -1.3 1.7 .6 -.2 9 .1 2.5 -.8 d Discrepancy (F — G) 3.4 4.6 C27 C38 4 1 .1 .8 1.3 5 _ 3 1.5 2.4 1.8 1.6 e Memo: Profits tax accruals25 20.2 19c 188 162 209 3.7 4.2 4.9 .8 60 5.1 5.0 5.1 5.2 • Less than S50 million. c Corrected. p Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1189 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1955 1956 1957 1958 1959 (E) Federal Government sector A Tax receipts (net of refunds) 59.7 69.1 71.5 67.7 72.3 18.9 14.9 13.8 19.0 19.6 17.5 16.2 21.5 22.4 B Individual income 30.0 34.1 36.1 34.6 38.6 8.9 8.7 7.6 9.7 10.7 9.7 8.6 10.5 11.8 C Corporate profits 18.1 22.4 21.8 19.9 19.4 6.7 2.9 3.0 6.0 5.4 4.1 3.9 7.1 6.4 D Other 3i 11.6 12.6 13.6 13.2 14.3 3.3 3.4 3.2 3.3 3.5 3.7 3.7 3.9 4.1 Social insurance programs32 E Premiums received 7.5 8.0 9.5 10.4 11.3 3.4 2.5 2.0 2.6 3.5 3.0 2.2 3.4 4.9 F Benefits paid 6.5 7.2 9.3 12.4 12.9 3.3 3.1 2.9 3.3 3.1 3.1 3.3 3.5 3.5 Life insurance and retirement programs 3 3 G Premiums received 1.5 1.7 1.8 1.7 1.8 .4 .4 .4 4 .4 .5 .5 .5 .5 G H Benefits paid 1.6 1.8 2.0 2.1 2.3 .6 .5 .5 .6 .6 .6 .6 .6 .6 H I Net grants and donations paid34.. 9.6 10.0 11.4 13.3 14.2 3.2 3.5 3.7 3.2 3.2 3.8 4.0 3.2 3.4 I J Net interest paid 3 5 4.8 5.3 5.7 5.5 6.4 1 4 1 3 1 3 1 5 1 5 1 6 1 8 1.9 1.8 J K Other net purchases of goods and services36 45.2 47.6 50.2 53.8 53.3 12.6 14.5 15.2 12.6 13.3 13.7 13.7 12.0 13.2 K L Construction expenditures 2.8 2.7 3.0 3.4 3.7 .8 1.0 1.0 .8 1.1 1.0 .8 .7 .9 L M Other 42.4 44.9 47.2 50.3 49.6 11.8 13.5 14.2 11.8 12.2 12.7 12.9 11.3 12.3 M N Current surplus (A, E, and G, less F and H through K) 1.1 6.9 4.1 -7.2 -3.7 1.7 -5.1 -7.5 .8 1.8 -1.8 -4.5 4.1 5.2 N O Credits imputed to consumers3 7... .6 1.0 .6 1.0 .9 .4 .3 .1 .1 .4 .3 * .1 .7 O P Gross and net saving (N-O) .5 5.9 3.6 -8.2 -4.5 1.3 -5.4 -7.6 .7 1.4 -2.1 4.0 4.5 P -4.5 Q Net finan. investment (R-X). .5 5.9 3.6 -8.2 -4.5 1.3 -5.4 -7.6 .7 1.4 -2.1 -4.5 4.0 4.5 R Net acquis. of finan. assets 1.0 1.6 3.2 1.6 6.3 3.9 -4.4 .7 .2 4.3 2.6 -.8 o 4.0 S T U W V D C O r t e M O e h m d e t o h i r a t r n e t f m r d g i n a l a a d g o r n e e a k c p s n e i o 3 a t s 8 s 3 l i * i n t a s s s t s a r e u n ts m d 4 e » c n u t r s rency - 1 .6 . . . 5 6 9 - 1 .2 . . . . 1 8 3 7 2 1 . . . . . 4 4 9 6 2 - 1 1 .2 . . A . 7 4 3 2 3 1 1. . . . . 8 6 8 2 7 - 3 .2 . . . 6 5 3 i -5.0 . . 5 5 * -.1 . . . 6 9 3 * -.5 . . . . 7 6 1 1 1 1 1 1 . . . . . 0 7 7 0 6 1 1 . . . . . 5 0 6 4 1 -1.2 . . 5 4 # • - - ' . A 3 .3 2 * 2 1 . . . . . 8 0 3 7 2 W X Net increase in liabilities .5 -4.3 -A 9.7 10.8 2.6 1.0 8.3 -.5 2.9 4.7 3.7 -4.3 -.4 Z Y a b C Fi o x P C n e o o s d s u n - t m v s a u a l e l m r s u a e e s v r a i r - v n e h i g d e n e l g d d e e m t s p h v a o r g b o s s l i u e t . s g b c h o l a n l i i d m fe s s i . -.3 .3 * -.3 ' 2 j - - - 1 2 . . . 3 9 2 - -! .7 5 2 - - - 2 1 . . . 2 0 8 -.2 -.2 2 * - -. ! 2 i 2 - -. . 2 2 - - ! .6 5 - -! .6 5 - - . . 6 6 * - -' . . 3 2 insurance and retir. funds... .6 1.0 .6 1.0 1.0 .4 .3 .1 .2 .4 .3 .1 .1 .7 c Federal obligations 41 1.0 -5.1 1.4 9.0 11.3 2.5 1.1 7.6 * 2.0 5.3 4.0 -4.1 -1.4 d Short-term direct42 -7.1 7.4 5.5 -1.2 5.5 -4.3 1.2 3.8 -4.6 4.7 .7 4.7 -7.4 -2.1 e Other direct and guaranteed. 6.6 -13.0 -6.2 10.7 3.6 7.7 -.4 3.7 4.4 -3.5 3.7 -1.1 3.6 f Nonguaranteed43 1.5 .6 2.1 -.5 2.2 -.9 .2 .1 .2 .8 .8 .4 -.2 \l g h O O t t h h e e r r l l i o a a b n il s i 4 t 4 ies4^ !3 o -.4 .3 . . 4 1 • - . L 6 I -.3 .2 2 . . 5 3 - -. . 2 2 - 1 .3 .3 - - . . 1 3 . . 1 2 -.1 -.1 .5 Memo: Assets of OASI fund .9 -.1 -.5 -1.7 .7 -.5 -.5 -.5 .2 -.7 -.7 -.1 (F) State and local government sector A Tax receipts4** 24.5 27.3 29.4 31.0 33.2 7.9 7.7 7.9 8.1 8.2 8.4 8.5 8.7 B Net insurance and grants receipts47 .2 .4 1.0 1.4 2.6 .2 .2 .5 .8 .3 .8 .7 .7 .3 B C Net interest paid .5 .5 .5 .6 .7 .2 .2 .2 .2 .2 .2 .2 2 .2 C D Other net purchases of goods and services 3 6 26.2 28.5 31.5 35.1 37.7 8.8 9.1 9.4 8.8 9.7 9.7 9.5 9.1 10.1 E Construction and land 10.0 11.1 12.1 13.3 13.7 3.3 4.0 3.5 2.8 3.7 4.1 3.1 2.5 3.4 F Other by govt. enterprises -1.6 -1.7 -1.8 -1.9 -2.0 -.5 -.5 -.5 -.5 -.5 -.5 c -.5 -.5 G Other by general government. . . 17.8 19.1 21.2 23.7 26.0 5.9 5.6 6.3 6.4 6.5 6.1 7!o 7.1 7.2 H Current surplus (A+B - C - D)... -2.0 -1.4 -1.6 -3.3 -2.6 -.8 -1.3 -1.1 -.1 -1.3 n -.4 .1 -1.0 H I Credits imputed to consumers4 »... 1.2 1.4 1.6 1.7 1.8 .4 .4 .4 .5 .5 .5 .5 .5 .5 I J Gross and net saving (H—I) -3.2 -2.7 -3.2 -5.0 -4.4 -1.2 -1.7 -1.6 -.6 -1.8 -1.2 -.9 -.3 -1.4 J K Net finan. investment (L — S).. -2.6 -2.2 -3.2 -5.2 -3.9 -.9 -2.7 -.3 -1.6 -1.2 -2.3 .3 -1.4 -.6 K L Net acquis. of finan. assets 2.2 2.6 3.3 2.5 3.1 1.3 -.9 1.0 .2 .7 .9 1.2 .1 .8 L M Demand deposits and currency A .2 .2 .2 .5 .6 -.7 .6 -A .1 .2 .6 Q * M N Time deposits -.1 * .4 .8 -.4 .7 A -.1 .1 -.5 * '.2 .4 N O Credit market instruments 1.9 2.3 2.6 1.4 2.9 * '.2 .5 ""Ye .5 1.2 .7 .9 .4 O P Federal obligations .8 1.1 1.0 -.4 1.0 -.5 2 * A * .7 .2 .3 * P Q State and local obligations.. .4 .5 .5 .5 .5 .2 j .1 A .1 .2 .1 .1 .1 Q R Other4* .7 .7 1.1 1.4 1.4 .3 '.4 .4 A .4 .4 A .4 .3 R S Net increase in liabilities 4.8 4.8 6.5 7.7 6.9 2.1 1.9 1.3 1.8 1.9 2.3 .9 7.5 1.4 T State and local obligations 3.5 3.2 4.7 5.7 4.9 1.6 1.3 .8 1.3 1.4 1.8 A 1.0 .8 U Short-term -.2 -.1 .4 .4 .3 .1 .3 2 .2 * .6 -A * -.3 U V Other 3.7 3.3 4.3 5.2 4.5 1.5 1.1 i!o 1.1 1.4 1.2 .8 1.0 1.0 V W Consumer saving through retirement funds 1.2 1.4 1.6 1.7 1.8 .4 .4 .4 .5 .5 .5 .5 .5 .5 W X Other liabilities so .1 .2 .3 .4 .2 .1 • 1 .1 • .1 .1 .1 * .1 X Y Discrepancy (J — K) -.6 c * .2 -.6 -.4 1.2 -1.2 1.0 -.5 .2 -1.2 1.0 -.9 Y • Less than $50 million. P Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1190 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1955 1956 1957 1958 1959 2 3 4 1 2 3 4 1 2, (G) Commercial banking and monetary authorities sector A Net operating surplus 2.5 3.0 3.5 3.5 4 1 8 .9 .9 1.0 1.0 1.0 1.1 1.0 1.1 A B Profits tax & net div. pymts. 51 1.7 1.8 2.2 2.4 2.6 .7 .5 .5 .7 .8 .5 .6 1.0 .7 B C Current surplus = gross saving (A-B)52 .8 1.2 1.3 1.0 1.5 .1 .4 .4 .2 .2 .5 .5 .4 C D Gross investment (E+F) 1.4 1.3 1.1 1.3 2.4 .7 1.3 -.5 .8 .6 1.3 -.2 .9 .7 D 3 3 4 4 4 j I 1 1 1 1 1 1 1 E F Net financial invest, (jG — W)... 1.1 1.0 .7 .9 2.0 .6 1.2 -.6 .7 .5 1.2 -.3 .8 .6 F G Net acquis. offinan. assets53 4.7 5.1 5.4 14.7 4.6 9.9 -1.1 7.7 -5.5 3.5 3.2 3.5 -7.9 4.9 G .3 .8 -2.3 -1.1 -1.1 -.5 -.3 -A -.7 -.2 -A H [ Credit market instruments * 4.8 4.3 17.0 5.6 10.8 -.6 8.0 -5.4 4.2 3.3 * 5.0 I J K L Fe M C de o o r m n a e l m t o a e r b r y c l i ia g a l a u t b t i h o a o n n r s k i s ties - -6 — 7 4 .9 . . 1 8 .1 - - 3 3 .3 .1 .2 -.6 .2 1 2 7 0 . . 9 0 2 - — 7 7 .1 . 3 4 7 5 7 . 0 5 2 .2 2 1 1. . 6 9 4 - -4 — 5 .4 .3 9 - -1 1 .9 .3 - - .4 .9 5 - - '. . 2 5 1 - - —-5 7 7 . 6 . . 7 9 0 4 7 1. . . 8 2 5 K L J M Short-term direct42 -8.5 4.8 1.9 .9 -3.1 -.4 .3 .9 -6.0 1.0 -.4 2.3 -4.6 -.9 M O N O N t o h n e g r u d a i r r a e n c t t e a e n d d 4 3 guar ... 1. . 1 5 -7 -. . 2 8 -2.2 .5 5 .1 9 — - . 3 5 9 - 5 .3 9 .2 1 -.1 .7 - 1 .2 .8 - - 2 . . 2 7 • c - - 2 . . 1 5 — -.3 .7 1.5 * N O P State and local obligations .1 .2 1 0 2 6 4 1 3 5 2 2 2 1 • * -.2 P Q Corp. and foreign bonds.... -.2 -.4 -.1 -.2 -.1 -.1 # * -.1 -.1 -.1 Q R Mortgages 2 4 1 7 *6 2 1 2 5 7 8 4 1 0 5 5 .2 R S Consumer credit 2.3 1.4 1.2 .2 2.4 4 .3 .3 1.1 .7 .3 .2 .8 S T Security loans .6 -.8 .4 .2 1.2 -1.7 1.0 -.4 * -.2 .8 -1.5 .4 T U Bank loans nee 8.0 5.9 2.3 1.3 7.9 .6 -.2 2.7 -.4 3.6 2.8 1.9 .3 2.0 U V Other loans54 -1.3 -.2 -.3 .4 -.6 -.2 .2 -.2 -.4 .2 * .1 V W Net increase in liabilities 3.6 4.1 4.7 13.8 2.6 9 3 -2.3 -5.2 5.0 2.0 5.5 -8.7 4.4 W X Dem. dep. net & currency55... 2.3 1.7 -.8 5.8 6.4 -3.4 8.0 -7.0 2.1 2.1 3.8 -8.8 2.5 X Y Due to U.S. Govt.56 — 7 2 2 •J 3 8 — 5 0 1 - 9 1 0 1.9 -1 3 -.7 2.7 Y Z Due to rest of world • .2 .2 .2 -.1 .3 .2 -.1 -.4 • Z a Due to others 5 6 3.0 1.4 -1.1 5.6 '.3 2.4 1.7 7.6 -5!9 .9 'A 5.2 -7.7 -.3 a b Demand deposits, net55.... 2.6 1.4 -7.7 5.2 - .3 2.0 1.7 5.5 -5.7 .2 4.2 -5.4 -.5 b c Currency 4 * 4 6 4 .5 -.5 .5 1.0 -1.3 .5 c d Time deposits 1.3 2.1 5.5 8.0 1.2 2.8 1.1 .5 .6 .9 -A -.2 * 1.5 d e f D D u u e e t t o o c o o th n e s r u s mers — 1. 7 3 — 2. 1 1 5.1 3 5 2 .5 5 — 3 1 .0 9 1 1. 5 3 _ 1 .6 5 — 1. 0 5 .5 1 — 1. 4 5 — 1 . 9 0 — . 3 5 * . . 9 6 e f g Other liabilities57 .3 * * .4 .1 -.1 .2 • .2 .1 • 3 g 9 1 0 4 7 9 3 h (H) Nonbank financial sectors73 A Current surplus 5 & 8.7 8.4 9.4 9.4 10.3 1.7 2 9 2.3 3.0 2.7 2.7 2.0 3.5 2.4 A B Credits imputed to consumers 5 ^ 6 2 6 7 7 0 7 4 8 8 1 4 1 8 2 2 2 3 2 3 1 7 2 5 2.3 2.0 B C Gross saving (A —B)52 2.5 1.7 2.4 2.0 1.6 .3 1.1 .1 .7 .3 -.5 1.3 .4 C D Gross investment (E+F) 2.7 2.1 2.7 3.9 2.2 .8 1.4 .8 .8 .2 1.1 -.1 1.0 .8 D .1 E F Net financial invest. (G — Z) . .. . 2.4 1.8 2.4 3.6 1.8 .7 1.3 .7 .7 .1 1.0 2 .9 .7 F G Net acquis. offinan. assets 22.2 17.4 18.5 21.5 24.6 6.3 2.9 7.5 5.7 5.5 5.4 6.9 5.0 7.4 G By subsector: H Mutual savings banks 2 0 2 0 1 8 2 6 1 5 6 7 5 6 4 4 * .5 .2 H I S & L assns. & cr. unions 6.3 5.6 5.6 7.5 8.6 2.1 1.8 2.5 1.7 2.7 2.1 2.1 1.5 2.5 I ) Life insurance companies 5.2 5.2 4 9 5.2 5 1 1 3 1.5 1.2 1.4 1.1 1 4 1.2 1.2 J K Other insurance companies 1 2 7 1 0 1 2 1 6 2 4 4 3 4 5 5 .4 .4 K L Noninsured pension funds 2.0 2.3 2.7 2.8 3.2 .4 .6 .8 1.0 .8 .5 .9 1.1 .8 L M Finance n.e.c 5.7 1.8 2.7 2.2 4.6 1.8 -1.9 2.1 1.0 .9 .9 1.9 .3 2.2 M By type: N Demand dep and currency 6 2 3 7 4 _ 2 5 — 3 * — 3 6 — .4 .5 N O Cr. and equity mkt. instr 21.5 17.0 18.0 20.2 24.9 5.7 3.4 7.0 6.1 6.6 5.9 6.3 5.3 6.7 O P Federal obligations -.6 -.3 .9 .8 .3 -.2 1.0 .5 .1 .5 -.3 .3 -.3 P Q State and local oblig 9 8 9 1 1 1 4 3 1 2 5 4 3 3 .4 .6 Q R Corp and foreign bonds 2.4 3.6 5 1 4.8 3.6 1.5 8 1.4 .9 .8 .4 1.4 2 1.1 R S Corporate stock 1.5 1.3 2.1 2.3 2.9 .8 .2 .9 .8 .6 .5 1.1 .5 1.0 S T 1- to 4-family mortgages... 10.2 8.4 6.3 8.0 9.8 2.1 2.3 2.3 2.1 2.5 2.8 2.3 2.0 2.5 T U Other mortgages 1.7 1.8 1.5 2.2 2 2 .5 6 .6 .4 .6 .6 6 .5 .5 U V Consumer credit 3.3 1.6 1.3 -.3 2.7 * * .2 .9 1.0 .6 .5 1.0 V W Security credit .5 .1 -.2 1.0 .5 .2 * .1 .1 -.1 -.1 -.1 .1 W X Other loans60 1.7 .4 1.4 .2 1.5 -.2 -.6 .5 .7 .6 -.2 .3 1.1 .2 X Y Other financial assets 61 .1 .2 .2 .6 -.2 .2 -.2 .2 -.1 * -.2 * .3 Y Z Net increase in liabilities 19.8 75.7 75.7 75.0 22.9 5.6 7.0 5.0 6.5 7.7 4.1 5.5 Z a Dep. in mutual savings bks .. 1.8 1.8 1.7 2.3 1.2 .6 !5 .5 .5 .3 12 .1 .3 .2 a b Savings shares 5.3 5.4 5.2 6.5 7.2 1.8 1.0 2.3 1.4 2.3 1.2 2.3 1.5 2.2 b c Saving through life insurance... 3.3 3.6 2.7 3.4 3.6 .7 .9 1.0 .8 1.2 .7 .9 .7 .9 c d Saving through pension funds.. 3.2 3.3 4.1 4.3 5.2 .7 1.0 1.3 1.5 1.1 1.0 1.6 1.6 1.1 d e Cr. and equity mkt. instr.62.... 6.0 1.0 2.2 1.1 5.6 1.4 -1.7 1.8 .7 1.5 1.1 2.3 -.4 1.7 e j 1 f h g i k M O C S C F i B s e H p o o a c c e n e r r L u p p n l k l r B o o a i m l t r r n o y l a a e a o a t t o r e e a n c k u n s r b s s e s e t n 6 t o o d t 4 . n o p e c i d k . a t S c s . p . & e .. r 6 L 3 assns.6 3 2 1 . . . . . . 1 3 9 2 5 2 - - - 1 . . . 6 6 2 . . . 1 2 5 - 1 .4 . . . . . 2 7 1 5 3 -1 - 1 . . 1 . 1 . . . 6 2 6 3 * 1 1 1 . . . . . 8 0 4 5 8 * 1 - - 1 . . 2 2 . . . . 1 5 2 3 * - - - - 1 . . . . 2 5 2 1 . . 3 1 -.3 . . . . . . 2 5 6 6 3 1 - - . . 4 2 . . . 3 5 5 * -.1 . . . . . 1 3 5 2 4 * - - . . 1 1 . . . . 3 4 3 3 - - . . 1 1 . . . . . 3 5 6 7 3 - - - 1 1 . . . 6 6 . 2 . . . 1 5 5 3 . . . . . . 3 5 2 5 2 5 id k h g 1 f i j m Discrep. & unident. assets (C—D).. -.3 -.4 — 4 -1.9 -.5 -.5 -.3 -.7 -.1 .2 * -.4 .2 -.3 m • Less than $50 million. v Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1191 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (Continued) [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1955 1956 1957 1958 1959 (I) Rest-of-world sector « 5 A Net purch. of goods and serv. (B — C) 1 6 3.4 5.3 1.8 -.5 .6 .1 .6 -.2 -.3 -.4 .3 .5 .8 B Purch. of goods and services66... 19.5 23.2 26.3 22.9 23.0 5.8 5.5 6.0 5.3 5.7 5.8 6.3 6.2 6.8 C Sales of goods and services 17 9 19.8 20.9 21.1 23.5 5.3 5 4 5.4 5 4 6.0 6.2 5.9 5.7 6.0 C D Net unilateral receipts66 2.1 1.9 1.9 1.9 2.0 .5 .5 .5 .5 .5 .4 .6 .5 .5 D E Current surplus (D —A) 4 -1 5 -3.5 .1 2 5 - 1 3 i .7 .8 .8 .2 * -.3 E F Net financial investment (G—TV) • -2.1 -4.2 -.3 1.8 2 .2 * .5 .4 4t * -.2 F H G Ne G t o a l c d quis. offinan. assets..... 1.5o j o 3 2 . 5 3 5 1 . 8 l 1 1 . 1 1 .9 5 .9 3 1.0 1 2.8 8 1.4 2 .6 1 .8 * . . 9 1 H G I J T U i . m S. e d d e e m p . o s d i e ts p. and currency. -.1 .2 i .2 • .9 * -1.0 .1 .2 * - - . . 1 1 .3 * !i -.4 .2 A 2 ~!3 J - - A .2 .2 * J I L M K O F M e t i h d s e e c r r . a f c l i r n e o a d b n i l c t i i g a m a l t a i a r o k s n s e s e t t i s n 68 str.6 7.. , _ 1. ' 1 .1 | ] . . 5 4 8 . . 2 5 _ '. * 3 | 2 2 . . . 8 4 3 -.4 'A 2 - - J .1 .8 .3 * . \ 2 l \'. . 3 9 \. . 2 . 2 1 . . . 2 2 5 . A 9 * -.1 . . 1 6 M K L O N Ne S t e i c n u c r r i e ti a e s s e in liabilities f 5 • 3.6 4 4.1 5 3 1 . 8 2 4.0 7 1.3 4 .8 2 .9 3 .53 2.4 .6 1 .5 . . 2 8 1. . 1 2 N O P Loans69 4 .6 .9 1.1 .2 .2 A .3 -.1 .2 j A .5 P Q Miscellaneous 7<> 1.2 2.6 2.7 1.4 3.2 .6 .2 .3 .3 2.0 .4 .5 5 A Q R Discrepancy (E—F)71 .4 .6 .8 .4 .8 .1 .2 -.1 .2 .4 4c .2 * -.2 R S Memo: Unilateral transfers in kind 7 2 2.8 3.0 2.9 2.7 2.3 .8 .5 .6 .6 .7 .5 .5 .5 • Less than $50 million. P Preliminary. governments, and to savings and loan associations (by FHLB). Excludes 1 Payrolls, interest, dividends, and income withdrawals from unincor- CCC-guaranteed loans other than those on tobacco. porated business. 40 Treasury currency assets, time deposits, trade credit, and mis- 2 Grant and donation receipts of consumers and nonprofit organiza- cellaneous (mainly foreign cash and subscription to IMF). tions (net of transfers within the sector), social insurance benefits, and 4' See Table 1, note 25. 42 See Table 3, note 37. benefits from private pension and government retirement funds. 43 Securities and notes issued by FNMA, Federal land banks, home 3 Federal, State, and local income and estate and gift taxes. loans banks, intermediate credit banks, and banks for cooperatives. 4 Mainly employee contributions to OASI and to private pension and 44 CCC-guaranteed bank loans and CCC certificates of interest. government retirement funds. 45 Treasury currency liabilities, trade debt, and misc. liabilities (special 5 Figures include net operating outlays of nonprofit organizations and IMF notes, misc. deposits, and private equity in Govt. enterprises). net transfer payments abroad. 46 Excludes employment taxes. 6 Net of dividends on and benefits from private life insurance and 47 Receipts of Federal Government grants; payments of direct relief individual annuity policies and Government life insurance. and other transfers; and receipts and payments in connection with 7 In connection with consumer saving through life insurance, private government employee retirement, unemployment insurance, workmen's pension funds, railroad retirement, and government employee retirement. compensation, and cash sickness compensation programs. 8 For details, see Table 2, lines J-L. 48 In connection with saving through govt. employee retirement funds. 9 Breakdown by consumer and nonprofit not available. 49 Corporate bonds and mortgages. 1 ° Includes net accruals of interest. 50 Trade debt and loans from Federal Government. 11 Includes net free credit balances with brokers not shown separately. 5 * Includes payment to Treasury on F. R. notes outstanding. 12 Policy loans. 5 2 Net saving is less than line C by the amount of capital consumption, 13 Consists of commercial mortgages, bank loans, loans from Govern- about $0.1 billion a year. ment, and trade debt. 5 3 Includes misc. and Treasury currency assets not shown separately. 14 Estimated as equal to seasonally adjusted net income of unincor- 54 Open market paper, CCC-guaranteed loans, and CCC certificates of porated farms. Figures include small amounts of dividends and profits interest. taxes paid by corporate farms. 5 5 Net of Federal Reserve float and cash items in process of collection 15 See Table 2, note 32. as reported by commercial banks. 16 Includes farm residential construction. 56 Bank-record basis, net of bank float; differs from sector demand 17 Mainly demand deposits and currency. deposits and currency assets (shown in Table 3 and in nonbank sector 1* Excludes CCC-guaranteed loans. See p. 840 of the BULLETIN for accounts in Table 4) principally because of mail float. August 1959. 57 Mainly stock issues and balances due to foreign branches. 19 Government loans; excludes CCC loans. 5 8 Includes premiums on life insurance and private pension plans, less 2 ° After inventory valuation adjustment. benefit payments and policy dividends. 21 Estimated as equal to seasonally adjusted business net income. 59 In connection with consumer saving through life insurance and 22 Includes business residential construction. pension funds. 23 Mainly REA and other loans from Federal Government and loans 60 Mainly finance company loans to business and insurance policy loans. from finance companies. 61 Trade credit, time deposits, sayings shares, and miscellaneous assets. 24 Net of trade receivables. 62 Lines /, j, and most of i are liabilities of finance companies; line g, 25 Federal, State, and local taxes on profits. shares of open-end investment companies; and line h, liabilities of security 26 Includes profits paid by U. S. branches to foreign parent coporations brokers and dealers. ess profits paid by foreign branches to U. S. parent corporations. 63 Part of "other loans" category. 27 Includes State and local obligations not shown separately. 64 Deposits at banks in U. S. possessions and agencies of foreign banks. 2 8 Miscellaneous financial assets (direct investments in foreign branches 65 Consolidated; records only transactions with U. S. and holdings of foreign cash), and time deposits. 66 Excludes unilateral transfers in kind, shown in line S. 29 Includes direct investments from abroad not shown separately. 67 Corporate securities, security credit, and commercial paper. 30 Mainly commercial paper and loans from finance companies. 68 Direct investments, unidentified assets, IMF holdings of special 31 Mainly excise taxes and customs receipts; also includes estate and U. S. notes, and miscellaneous deposits. gift taxes and payment to Treasury on F. R. notes outstanding. 69 Security credit, bank loans n.e.c, and other loans (mainly from 32 OASI, disability insurance, and unemployment programs. Line E U. S. Government). includes Federal employment taxes and States deposits in unemployment 7 o Direct investments, foreign currency and deposits held by U. S. compensation trust funds; line F, Federal benefit payments to consumers domestic sectors, and other liabilities. and State withdrawals from these trust funds. 7* "Errors and omissions" in U. S. balance-of-payments statement. 3 3 Veterans' life insurance and Government employee and railroad re- 72 Grants in the form of goods and services by U. S. Government and tirement funds. Line G excludes Government contributions to these funds. private individuals and institutions. 3 4 Transfer payments (other than insurance benefits) to individuals, 73 For detail by subsector, see Supplement 3. plus net cash unilateral transfers to foreign countries, grants-in-aid to NOTE.—"Liabilities" covers equity as well as debt claims. State and local governments, and subsidies to business. 3 5 Includes net accruals on savings bonds and Treasury bills. For descriptions of sectors, of capital expenditures, and of financial 3 6 Purchases less sales for general govt. and govt. enterprises, including transaction categories, see notes to corresponding items in Tables 1, 2, outlays for tangible capital and (for Federal Govt.) net disbursements to and 3, pp. 930, 931, 938, and "Technical Notes," pp. 846-59 of the farmers in form of CCC-direct and guaranteed-loans. BULLETIN for August 1959. For discussion of saving and investment 37 In connection with saving through Government life insurance and concents, see p. 833 of the BULLETIN for August 1959. Government employee and railroad retirement funds. Back data available in Flow-of-Funds Supplements. 3* Mainly on 1- to 4-family and farm properties. Details may not add to totals because of rounding. 39 Mainly loans to business sectors, to foreign and State and local Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 1194 Net gold purchases and gold stock of the United States 1202 Estimated foreign gold reserves and dollar holdings 1203 Reported gold reserves of central banks and governments 1204 Gold production 1205 International Bank and Monetary Fund 1206 United States balance of payments. 1207 Money rates in foreign countries. 1207 Foreign exchange rates 1209 Index to statistical tables. 1215 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. 1193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1194 EVTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES» [Amounts outstanding, in millions of dollars] In- Ger- End of month G to ra ta n l d t t i e i n o r s n n t a a i- l - Foreign countries m R F a e e n d p y . . , Italy U K d n i o i n m t g ed - E O u t r h o e p r e E T u o r t o a p l e Canada Am La er ti i n ca Asia ot A h l e l r tutions 2 Total Official 3 of 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 1,557 1,079 1,275 3,231 7,142 1,623 2,575 1,946 355 1958—Dec 16,159 1,544 14,615 8,665 1,755 1,121 873 3,960 7,708 2,019 2,403 2,205 279 1959—Aug 18,812 42,720 16,092 9,175 1,409 1,570 1,093 4,503 8,575 2,135 2,515 2,526 340 Sent 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 1,544 1,543 874 4,454 8,415 2,256 2,300 2,627 369 Nov 19 303 3,160 16,144 9,082 1,706 1,523 955 4,300 8,484 2,330 2,302 2 658 369 Dec '19,388 3,158 16,229 9,145 1,987 1,369 990 4,132 8,479 2,199 2,406 '2,774 '373 I960—Jan r19,390 3,138 '16,253 r8,896 1,899 1,358 1,008 4,056 8,322 2,321 2,393 '2,829 '388 Feb '19,485 3,285 '16,200 8,871 1,908 1,245 1,157 4,039 8,349 2,273 2,378 '2,806 '394 Mar r19,674 3,300 r16,375 8,999 2,012 1,159 1,258 3,963 8,391 2,358 2,383 '2,860 '382 Apr . ... '19,853 3,233 '16,619 '9,198 2,199 1,142 1,332 3,821 8,494 2,387 2,478 '2,843 All May '20,179 3,358 '16,821 9,247 2,220 1,050 rl,492 3,890 '8,652 2,424 2,526 '2 817 403 June 20,434 3,315 17,119 9,572 2,473 1,060 1,591 3,809 8,934 2,532 2,432 2,824 397 J A U u ly g P .p 2 2 0 1 ,2 7 3 3 6 7 3 3, , 4 3 6 3 4 2 1 1 7 7 , , 4 7 0 7 5 1 1 9 0 , , 7 1 2 3 3 8 2 2, , 8 7 6 0 8 4 1 1 , , 0 1 9 2 5 7 1 1 , , 7 7 2 9 7 2 3 3 , , 3 4 9 7 6 5 9 9 , , 0 1 0 8 1 2 2 2 , , 6 7 8 0 6 7 2 2 , , 4 54 9 3 6 2 2 ,9 8 5 5 3 3 3 3 6 8 9 6 Table la. Other Europe End of month E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - France Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l w a e n r it - d z- T k u e r y - Y sl u av g i o a - ot A he ll r5 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 in 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 Aug 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 5 578 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 June 3,809 198 149 80 61 759 112 412 101 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 Aug.P 3,396 203 166 53 49 726 75 355 85 87 132 250 820 14 10 370 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 ia - Brazil Chile l C o b m i o a - - Cuba p m i R c l u i a i e c b n n - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t a A a i u n l 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 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—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 I960—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. 2,432 388 21 162 144 189 130 35 31 46 355 93 116 77 60 301 6285 2,496 394 20 162 132 185 120 35 27 40 390 98 123 82 55 355 276 2,543 393 20 176 132 175 111 36 23 37 399 90 133 77 54 407 280 * Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1195 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other End of month Ko- Con- Egyp- Union Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p •p u b ~ - P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total t A ra u l s i - a R g o e o f p . . gi t R o ia e n n - —A S f o o r u i f c th a Other of the U.A.R. 1955—Dec 2,181 55 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956—Dec 2,415 66 76 186 20 45 1,017 99 272 61 148 425 346 84 44 50 53 114 1957—Dec 1,946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 40 38 153 1958 Dec . . 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 16 30 125 1959_Aug 2,526 57 103 92 28 94 1,106 148 182 90 126 501 340 85 31 16 53 155 Sept 2,560 58 119 108 27 78 1.141 150 180 87 127 484 355 109 29 16 43 159 Oct 2 627 59 122 116 21 80 1,169 152 176 91 129 511 369 112 29 17 48 163 Nov 2,658 61 115 126 24 81 1,215 148 179 92 133 483 369 114 26 18 51 161 Dec r2,774 r60 114 139 47 87 r1,285 148 172 94 136 494 r373 r110 31 20 49 162 I960—Jan '2,829 r61 113 146 46 93 '1,319 149 174 94 142 493 r388 r107 33 25 62 162 Feb r2 806 r61 90 153 43 87 rl,318 145 177 95 142 494 r394 r112 34 38 57 152 Mar r2,860 r65 104 150 45 87 '1,365 141 178 95 144 486 r382 r109 42 33 43 157 Apr r2 843 r61 68 152 39 93 rl 413 140 184 91 142 459 417 135 37 39 39 166 May r2 817 r58 67 138 47 91 r1,445 136 194 90 152 399 403 113 46 41 30 174 June 2,824 58 59 155 37 80 1,476 139 198 90 154 379 397 114 37 42 40 164 J AUu ly g P .p 2 2 ,9 8 5 5 3 3 5 5 8 8 5 5 5 1 1 1 5 6 8 4 2 3 7 5 7 6 2 8 1 1 , , 5 6 3 2 6 7 1 1 4 4 4 3 2 21 1 9 6 8 8 7 9 1 1 6 5 3 8 3 33 3 8 9 3 3 6 8 9 6 1 9 0 5 7 2 2 5 7 4 4 6 0 3 3 6 2 1 19 5 1 5 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1956 1957 1958 1959 1956 1957 1958 1959 Other Europe: Other Asia (Cont.): Albania .3 .3 .3 Burma 7.0 6.7 5.9 n.a. British dependencies. .4 .3 .4 .8 Cambodia 17.2 20.0 24.9 19.7 Bulgaria .2 .6 .3 1.2 Ceylon 41.2 34.2 44.1 n.a. Czechoslovakia8 .5 .7 .6 .7 China Mainland8. 35.5 36.3 36.0 35.8 Eastern Germany 1.2 3.1 1.4 1.5 Iraq 16.9 19.6 18.0 n.a. ! Estonia 1.9 1.7 1.7 n.a. Jordan. 2.0 1.6 2.8 2.51 Hungary .7 .9 1.3 Kuwait 5.3 5.9 10.3 9.4 Iceland 3.1 2.9 3.5 2.7 Laos 37.3 33.1 20.9 n.a. Ireland, Republic of.. 9.1 9.0 10.0 5.4 Lebanon , 22.3 28.2 37.9 38.0 Latvia .6 .5 .6 .6 Malaya, Fed. of , 1.4 1.6 1.2 1.4 Lithuania .4 .5 .7 .6 Pakistan 20.2 12.8 5.6 23.5 Luxembourg 13.2 16.4 16.1 8.2 Portuguese dependencies. 2.7 3.1 3.1 2.4 Monaco 4.3 5.4 5.9 5.3 Ryukyu Islands 30.6 32.7 15.2 14.8 Poland8 3.3 3.2 4.9 4.0 Saudi Arabia 97.4 94.8 60.2 111.6 Rumania 8 .9 .9 .9 Syrian Region—U.A.R.. . 17.1 3.5 4.7 5.0 Trieste 1.4 .5 n.a. Viet-Nam 50.1 58.5 48.8 68.3 U. S. S. R.8 .8 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 .3 8.4 n.a. Not available. * Preliminary. r Revised. the Second (New York) Federal Reserve District. They represent a 1 Does not include banking liabilities to foreigners maturing in more partial breakdown of the amounts shown in the "other" categories in than one year; such liabilities amounted to $4 million on August 31, 1960. Tables la-lc. 2 Includes International Bank for Reconstruction and Development, 8 Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other inter- NOTE.—Statistics on international capital transactions of the United national organizations. States are based on reports by U. S. banks, bankers, brokers, and dealers, 3 Represents liabilities to foreign central banks and foreign central by branches or agencies of foreign banks, by certain domestic institutions governments and their agencies (including official purchasing missions, not classified as banks that maintain deposit or custody accounts for trade and shipping missions, diplomatic and consular establishments, etc.). foreigners, and by the U. S. Treasury. The term "foreigner" is used to *> Includes $1,031 million representing increase in United States dollar designate foreign governments, central banks, and other official institusubscription to the International Monetary Fund paid in June 1959. tions, as well as banks, organizations, and individuals domiciled abroad 5 Includes Bank for International Settlements. and the foreign subsidiaries and offices of U. S. banks and commercial 6 Includes Inter-American Development Bank. firms. 7 Except where noted, these data are based on reports by banks in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1196 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars 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 r d y Other* Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates1 certificates Total amounts outstanding 1955 Dec 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 1,132 2 252 1 766 278 209 59 1958 Dec 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959 Aug 18,812 16,131 6,374 8,546 1,211 2,615 2,045 303 267 66 Sept 19,197 16,549 6,560 8,768 1,220 2,578 1,963 331 283 71 Oct 19,016 16,450 6,132 9,046 1,271 2,498 1 913 310 276 68 19,303 16,805 6,331 9,181 1,292 2,433 1,857 290 286 65 Dec 19,388 16,912 6,341 9,243 1,328 2,398 1,833 295 270 77 1960 Jan 19,390 16,982 6,149 9,258 1,573 2,354 1,765 295 293 56 Feb 19,485 17,154 6,065 9,430 1,660 2,275 1,749 225 301 56 Mar 19,674 17,369 6,272 9,357 1,740 2,243 1,738 204 301 62 19,853 17,555 6,690 9,227 1,632 r2 234 1 745 199 290 65 May r20,179 17,843 6,918 9,342 1,583 2,268 1,770 211 287 68 June 20,434 18,106 7,183 9,304 1,620 2,251 1,795 167 289 76 20,737 18,405 7,358 9,513 1,534 2,256 1,788 165 304 76 Aug-P 21,236 18,895 7,627 9,728 1,540 2,257 1,772 180 305 83 Area and country detail, June 30, 1960 Europe: Austria 198 196 146 32 18 2 2 Belgium 149 106 81 4 21 42 36 Denmark 80 72 25 45 2 8 7 1 (3) (3) Finland 61 60 8 46 6 1 1 759 700 347 316 38 58 50 3 5 1 Germany, Fed. Rep. of 2,473 2,442 207 1,895 340 30 24 2 4 1 Greece 112 97 17 81 15 15 (3) Italy 1,060 1,025 155 755 1(15 35 27 6 2 (3) Netherlands 412 371 117 191 62 38 23 11 3 3 Norway 101 61 49 8 4 39 37 1 Portugal 88 49 45 3 39 38 2 Spain 149 131 130 1 18 17 (3) (3) 261 254 56 149 49 7 6 (3) (3) (3) Swit7erland 939 787 322 118 346 147 80 23 45 Turkey 19 17 17 2 2 United Kingdom 1,591 1,245 781 360 104 296 147 61 88 50 9 g g Other Europe 474 459 83 199 177 15 10 1 5 (3) Total 8,934 8,080 2,595 4,199 1,285 793 523 109 160 61 Canada ... 2,532 2,254 1,738 477 39 269 207 34 28 9 Latin America: Argentina 388 316 125 168 23 72 70 1 Bolivia 21 5 5 (3) 15 15 (3) Brazil 162 51 43 (3) 8 111 100 3 8 (3) 144 103 102 41 41 (3) (3) Colombia 189 132 112 (3) 20 57 56 (3) Cuba . 130 47 37 8 3 83 76 7 (3) Dominican Republic 35 12 12 23 20 3 El Salvador .... 31 14 7 4 17 16 Guatemala 46 30 10 9 11 16 16 (3) (3) Mexico 355 225 224 (3) 1 130 128 (3) (3) Neth. Antilles and Surinam ... 93 41 19 11 12 52 18 8 26 Panama Rep of 116 22 20 2 94 62 4 27 Peru 77 37 36 (3) 40 37 1 2 Uruguay .... 60 26 25 1 34 25 2 7 (3) Venezuela 301 143 141 2 158 151 1 6 (3) Other Latin America 285 200 90 100 10 83 76 2 5 2 Total 2,432 1,405 1,009 298 99 1,024 908 21 95 2 v Preliminary. r Revised. 2 Represents principally bankers' acceptances and commercial paper. i Includes International Monetary Fund's holdings of nonnegotiable, 3 Less than $500,000. non-interest-bearing demand notes of the United States which amounted to $2,260 million on Aug. 31, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U, S. 1197 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—CoDtimied [In millions of dollars] Payable in dollars Area and Total To banks and official institutions To all other foreigners in P a f y o a re b i l g e n country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other i Total Deposits T bi r l e ls a s a u n r d y Other 1 certificates certificates Area and country detail, June 30, 1960—Continued Asia: Hong Kong .. 58 32 24 8 26 25 o i India 59 48 34 12 2 11 11 (2) Indonesia 155 152 74 71 7 2 2 (2) Iran . 37 33 32 1 4 4 (2) Israel 80 74 26 33 15 5 5 1 Japan 1,476 1,460 734 642 85 15 15 (2) (2) (2) Korea Rep of 139 138 98 40 2 2 T Ph ai il w ip a p n ines 1 9 9 0 8 1 8 8 2 0 1 7 2 9 9 40 1 3 1 1 7 8 1 7 8 (2) (2) (2) Thailand 154 151 16 6 3 3 (2) Other Asia 379 346 157 153 36 32 31 (2) 1 1 Total 2,824 2,696 1,403 1,118 174 126 122 1 3 All other: Australia 114 111 35 72 3 3 3 (2) Congo Rep of the 37 35 19 1 16 (2) Egyptian Region—U.A.R.. 42 41 14 26 (2) 1 1 Union of South Africa.... 40 34 34 5 5 (2) \2x Other 164 136 124 8 4 27 24 (2) j Total 397 357 226 107 24 38 34 1 3 2 Total foreign countries. 17,119 14,792 6,972 6,200 1,620 2,251 1,795 167 289 76 International institutions.... 3,315 3,315 210 3,104 (2) (2) Grand total 20.434 18,107 7,183 9,304 1,620 2,251 1,795 167 289 76 1 Represents principally bankers' acceptances and commercial paper. 2 Less than $500,000. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES» [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 m t g e - d E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1955—Dec 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 Aug ''2,353 89 45 34 34 '128 222 '554 241 975 518 66 Sept '"2,382 81 44 33 39 '132 239 '566 272 978 511 54 Oct '2,387 65 41 29 36 '131 230 '532 311 988 503 52 Nov '2,473 60 48 28 37 '155 225 '554 282 1,055 528 54 Dec '2,623 57 54 30 38 '121 234 534 272 '1,175 586 56 I960 Jan r2 700 46 51 39 51 '111 229 '526 255 '1,241 624 55 Feb '2,680 38 51 38 39 '124 229 '519 234 '1,248 626 53 Mar '2,728 25 53 30 37 '112 231 '488 246 '1,257 682 54 Apr '2 707 25 55 33 41 '129 228 '512 254 1,172 '715 55 May '2,690 26 55 32 36 '135 '226 '509 258 '1,124 '743 56 June 2,764 28 62 32 42 181 230 575 272 1,111 746 60 J A U u ly g P v 3 3 ,1 0 2 2 1 5 2 3 6 3 6 6 3 8 3 3 5 0 4 3 1 6 2 2 0 3 1 9 2 2 2 1 7 5 5 63 8 1 3 3 3 3 4 6 1 1 1 , , 2 2 0 0 0 2 8 88 4 5 4 6 6 1 2 v Preliminary. r Revised. foreigners; drafts drawn against foreigners that are being collected by i Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year: loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1198 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 th ro e p r e A tr u ia s- g B iu e m l- m D a e r n k - 1955 Dec 158 2 16 13 1956 Dec 216 7 28 12 1957 Dec 211 6 25 11 1958 Dec . . . 315 7 65 14 1959 Aug . . 222 5 48 9 Sent 239 6 50 10 Oct 230 5 50 11 Nov 225 5 51 14 Dec 234 4 56 1960 Jan 229 4 56 Feb 229 3 53 Mar 231 3 49 Apr 228 2 51 May,. '226 2 June.. 230 2 50 July*. . . 227 3 49 Aug.? 215 2 44 00 001/1 Fin- land 3 4 4 6 5 7 8 8 12 9 7 7 6 7 00 009 Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - o A th l e l r 4 11 9 2 5 7 78 2 7 4 21 23 2 8 13 88 (2) 7 6 29 23 2 8 10 76 (2) 10 7 56 22 2 30 24 72 9 7 24 10 2 11 13 70 4 15 7 22 10 2 11 19 75 3 17 7 23 9 1 9 15 72 3 17 7 25 9 2 8 16 62 2 17 5 38 7 2 8 19 47 3 18 3 33 8 2 7 17 50 7 16 3 26 7 2 6 17 66 8 16 9 3 30 8 2 6 18 69 9 14 9 4 26 6 2 6 19 67 11 15 8 4 36 7 2 5 23 60 12 13 8 4 34 7 2 5 22 62 12 14 9 5 36 8 2 7 22 55 12 13 7 6 30 9 2 7 18 59 11 12 Table 3b. Latin America Neth- End of month A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t A a a i e u l n n l r n r e d d - i - s - s l a p P i R c m u a e b n a o - - - , 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 1955 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 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 rI 175 r60 3 r117 59 68 r115 29 15 10 291 4 18 36 47 247 '57 1960 F Ja e n b . .. '1 1 , , 2 2 4 4 1 8 ' '6 6 1 0 3 3 ' r 1 1 3 5 8 0 5 5 7 8 7 7 1 0 1 r 0 9 3 6 2 2 7 9 1 5 0 1 1 2 3 2 2 5 8 7 8 5 3 1 1 9 8 3 3 5 8 4 4 7 6 3 3 4 1 6 4 ' ' 5 5 2 5 Mar r ,757 65 3 151 51 71 '95 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 1,124 68 4 161 50 77 77 19 6 13 325 5 22 41 49 '157 50 June 1,111 76 4 156 50 77 67 17 7 11 321 5 17 43 42 169 50 July? [,200 80 4 173 57 80 59 16 7 11 335 5 17 43 38 224 51 Au° p I 202 87 4 176 54 78 55 18 9 11 333 6 16 46 39 219 51 Table 3c. Asia and All Other Asia All other Egyp- End of month Total K H o o n n g g India Iran Israel Japan ip P p h in il e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - C o R o f n e t p g h . o e , gi t R o io n e n — - U S n o o i u f o t n h Other U.A.R.Africa 1955 Dec 233 3 5 18 10 103 19 6 8 60 43 11 5 1 8 17 1956 Dec 337 4 6 20 16 170 16 6 9 91 43 11 6 2 8 17 1957 Dec 386 7 6 22 24 146 53 6 14 110 50 13 5 1 12 19 1958 Dec 435 6 4 27 23 179 67 6 13 111 69 13 4 3 21 29 1959 Aug 518 9 5 29 15 269 18 8 13 151 66 16 3 1 19 27 Sent 511 9 6 30 13 262 17 8 12 155 54 IS 3 2 12 20 Oct 503 9 7 29 12 262 11 8 12 154 52 19 3 2 10 19 528 10 6 29 9 275 20 8 14 157 54 18 3 2 11 20 Dec 586 10 6 29 14 324 24 9 15 155 56 18 3 2 12 21 1960 Jan 624 11 6 30 14 362 24 9 14 154 55 18 3 2 10 22 Feb 626 12 6 30 17 372 18 9 12 151 53 16 3 2 11 21 Mar 682 12 6 31 13 420 22 9 13 154 54 18 3 10 23 Apr '715 11 8 35 15 r456 22 10 10 148 55 19 3 2 11 19 '743 12 8 33 16 '488 21 10 12 145 56 21 3 1 11 20 June 746 11 7 35 17 497 14 11 11 143 60 23 3 2 11 21 JUlyP . ... 844 10 9 35 16 585 22 10 15 142 61 25 3 2 12 21 Aug ^ 885 10 7 36 15 627 26 10 14 141 62 25 2 1 10 22 P Preliminary. ' Revised, 2 Less than $500,000. i See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1199 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- 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 Aug 1 505 r2,353 2,188 718 421 442 607 r165 152 r12 Sept 1,516 r2,382 2,203 753 424 453 573 '179 163 r16 Oct 1 525 r2,387 2,180 738 441 458 543 r207 192 r15 Nov 1,506 r2,473 2,280 815 456 475 533 r194 182 r12 Dec 1,544 '2,623 '2,406 r848 r460 516 582 '217 203 '15 1960 Jan 1 526 r2,700 r2,491 r873 r425 517 676 r209 195 r14 Feb 1,516 r2,680 r2,487 r845 r411 526 705 r194 175 Mar 1 532 r2 728 r2,520 r806 397 538 779 r208 179 r29 Apr 1,586 r2,707 r2,490 r774 408 562 746 r218 186 r31 M^ay 1 627 r2 691 r2 466 r768 H92 569 737 r224 191 r34 June 1.598 2,764 2,485 726 387 579 793 280 198 82 July? 1,665 3,025 2,661 729 389 562 981 364 223 140 Aug.29 1,632 3,121 2,712 717 386 555 1,054 409 221 188 Area and country detail, June 30, 1960 Europe: Austria 2 2 2 (2) (2) 1 (2) (2) (2) Belgium 25 50 49 35 7 7 (2) Denmark 3 7 6 1 1 2 3 (2) Finland 4 8 8 2 6 (2) (2) France 20 28 25 2 12 8 3 3 *2\ Germany, Fed. Rep. of.... 13 62 50 19 3 20 8 13 11 2 Greece 5 4 4 (2) (2) 4 (2) (2) Italy 28 32 31 4 15 8 1 (2) Netherlands 15 34 30 6 8 12 4 4 4 Norway 115 7 7 1 3 2 1 (2) Portusal 2 2 2 1 Spain 6 5 4 •2\ Sweden 33 22 20 2 8 7 3 2 2 Switzerland 42 36 14 11 5 6 7 7 (2) Turkey 62 62 58 4 (2) (2) United Kingdom 28 181 35 14 3 16 2 146 84 62 Yugoslavia 12 12 6 3 3 Other Europe 14 14 4 4 3 (?) (2) (2) Total 309 575 397 170 49 120 57 178 114 64 Canada 88 272 207 26 157 8 16 65 53 12 Latin America: Argentina ... 97 76 50 8 4 18 21 25 25 Bolivia (2) 4 4 (2) 4 Brazil . ... 199 156 156 60 15 20 61 (2) (2) Chile 42 50 50 7 14 13 16 (2) (2) Colombia 25 77 77 7 8 28 33 (2\ C2) Cuba 41 67 66 31 5 25 6 (2) 2 17 17 5 3 9 ! El Salvador 7 7 1 4 2 Guatemala 2 11 11 1 2 7 2 (2) (2) Mexico 207 321 318 133 62 32 91 3 3 Netherlands Antilles and Surinam 2 5 5 1 2 2 (2) (2) (2) Panama Reo of 31 17 17 10 4 3 Peru 9 43 43 1 5 18 20 (2) (2) •2\ Uruguay . ... 1 42 42 11 3 2 26 Venezuela 160 169 167 19 31 49 69 2 I 1 Other Latin America 58 50 50 3 10 29 8 (2) (2) Total 876 1,111 1,080 287 171 255 367 31 29 2 Preliminary. r Revised, 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

1200 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- A c r o e u a n t a r n y d term- Loans to: total 1 Total Collec- Total Ba i o n n f s f k i t c s it i a u a l - nd Others sta t o i n o u d n t i - s ng Other Total f D or e e w p ig i o t n h s e it r s s Other tions Area and country detail, June 30, 1960—Continued Asia: Hong Kong 2 11 11 7 India 19 7 1 (2) \ l h\ Indonesia 55 (2) (2) Iran 12 35 4 (2) Israel 2 17 17 2 11 Japan 14 497 497 85 2 93 317 (2) (2) Korea Rep of 2 2 1 Philippines 6 14 14 10 1 2 2 (2) (2) Taiwan 11 11 6 5 Thailand 7 11 11 6 3 Other Asia 3 140 140 119 1 18 1 (2) (2) Total 120 746 745 241 5 159 340 1 1 (2) All other: Australia . ... 25 23 20 1 10 9 3 1 2 Congo Rep. of the 40 3 3 3 Egyptian Region—U.A.R.. 3 2 2 1 1 Union of South Africa 59 11 10 10 1 1 Other 79 21 20 1 3 15 1 1 1 Total 205 60 55 3 4 38 11 4 1 3 International institutions.... Grand total 1,598 2,764 2,485 726 387 579 793 280 198 82 i 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 or sales (—) c P ha u s r e - s Sales Foreign c P h u as 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 s c 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—Aug 259 25 234 185 190 145 45 27 27 (3) 44 50 -6 Sept 106 40 66 36 177 134 44 157 208 -52 44 44 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 53 63 -10 I960 Jan 104 53 50 49 229 152 77 57 59 56 45 11 Feb 119 88 32 17 194 149 46 77 238 -161 41 36 5 M^ar 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 12 198 170 29 c 272 220 52 84 142 — 58 50 70 -19 July*5 48 58 -10 -9 188 195 -7 45 76 -31 35 46 -11 Aug.p 61 184 -123 -48 183 187 -4 37 48 -11 35 48 -13 9 Preliminary. 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1201 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 a i e t c i a r n - ot A h l e l r 2 1956 291 256 35 23 23 -7 147 87 7 280 -53 38 27 1957 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958 , -39 -56 17 -3 2 -8 19 -1 1 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 1959—Aug.., 45 35 10 1 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 1 5 26 4 34 -4 5 4 Nov.. 59 48 11 11 23 11 5 58 -2 3 1 Dec... 54 58 -4 6 20 13 4 46 -6 5 9 I960—Jan... 77 72 5 9 3 28 13 17 71 -2 7 Feb... 46 34 11 7 -6 34 -6 7 37 2 7 Mar.. 43 29 14 4 5 23 6 2 41 -1 1 Apr... 45 34 12 3 2 21 8 4 37 2 2 May.. 23 6 17 3 3 4 -3 4 13 4 3 June., 52 46 6 3 2 30 11 3 50 -4 3 July.*3 -7 -1 -6 1 -3 4 -2 P) -12 2 Aug.** -4 4 2 10 -5 1 -22 3 13 » Preliminary. 2 Includes transactions of international institutions. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A L m at e in r- Asia o A th l e l r End of month 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.. . 272 3,695 480 1958 — 558 — 805 — 72 — 543 5 -45 — 150 1959 -157 -593 -50 -443 11 -97 -15 1959—Sept.... 312 4,346 548 Oct 284 4,409 547 1959—Aug.... 0) -6 4 0) -2 1 Nov.. . . 332 4,396 556 Sept.... -34 -17 42 -42 1 3 -21 Dec.. . . 345 4,477 570 Oct.... -7 7 24 -21 3 1 0) Nov.... -6 -44 -13 -29 4 -6 0) I960—Jan 249 4,444 593 Dec.... C1) -59 -16 -39 5 -11 Feb.. . . 191 4,707 466 Mar.. . . 184 4,728 615 I960—Jan 29 -20 -17 2 -2 -6 1 Apr.. . . 194 4,818 639 Feb.... -101 -56 9 -43 -3 1 May. . . 215 4,841 643 Mar... 7 -126 -3 -89 -32 4 2 June... 254 4,977 672 Apr.... -2 -50 4 -24 2 -2 -22 July 215 5,272 671 May... -39 22 22 0) 2 3 1 Aug.. . . 204 5,423 701 June... 5 -83 -28 -53 3 -4 -2 Sept.. . . 223 5,479 713 July" .. -9 -33 -9 -8 -15 -4 2 Aug.*.. -10 -15 — 22 5 3 -1 1 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of next page for total gold under earmark P Preliminary. at Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1202 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 Area and country 1959 1960 1952 1953 1954 1955 1956 1957 1958 1959 A Ju p n r. e - J S u e l p y t - . O De c c t. . - J M an ar .- . A Ju p n r. e - Continental Western Europe: Austria -6 -84 -83 — 39 —43 Belgium —4 — 85 3 3 — 329 — 39 39 26 25 France -68 -34 -266 — 66 — 200 Germany (Fed. Rep. of) -10 -130 -226 -10 Italy I — 349 Netherlands -100 -65 25 -261 -30 — 10 — 25 Portugal — 5 -60 — 55 — 5 -20 — 10 — 10 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 -3 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 -1 -1 0) Total 451 -481 -51 (i) 100 -900 -350 -200 — 150 Canada 7 15 5 Latin America: Argentina — 20 — 85 115 75 67 Mexico 88 -28 80 -30 -20 -10 Venezuela -30 -200 65 65 Other -10 -19 12 14 56 6 2 -4 0) -2 0) -1 Total 58 -132 62 14 -28 81 69 31 -20 -12 64 0) Asia: Japan -30 -157 -45 -62 Other -7 -6 -10 -5 0) 18 3 r-15 -5 -1 '-15 Total -6 -10 -5 0) 18 -27 r-172 -50 -62 '•-15 All other _2 -10 0) 1 14 0) 0) 0) 0) 0) 0) -8 Total foreign countries... 394 -1,164 -327 -68 80 172 -2,287 -969 -389 -348 -148 -41 -57 International institutions2 200 600 7 3-73 3-344 189 91 -1 -26 Grand total 394 -1,164 327 -68 280 111 -2,294 3 i 041 3-732 -159 -57 -42 -84 r Revised. 3 Includes payment of $344 million in June 1959 as increase in United 1 Less than $500,000. States gold subscription to the International Monetary Fund. 2 Figures represent purchase of gold from, or sale to (—) International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( u r e G e r n a y o d s l - d o f s T t y o e o c a t k a r) l 1 in s o c T c g t r ( r o r o e - o e ) d c a t l a a d s e k s l e - : e, i e m x g N ( p o - o p > ) e r l o d o t r r t t , g m c o c o r E r l a ( r e d e - r a a ) a : k i r s n s - e d e e - d , e- D p ti r c o t o i m o g d n o u e l c s d - - Month T (e r u n G e r d a y o s o l - d f m s T to o o c n t k a th l ) 1 in s o c T c g t r ( r o r o e o - e d a c t ) l a a d s k e s l e - : e, i e m g x N ( o o - p p e ) r l o o d t r r t t, g m c o c o r E r l ( a r e d e - r a a a : i k ) r s n s - e d e - e d , e- p D ti r c o t o i m o g d n o u e l c s d - - 1948 24,244 24,399 1,530 1,680 -159 71 1959_Sept 19,491 19,579 10 55 -35 4 1949 .. . 24,427 24,563 165 686 -496 67 Oct 19,585 19,647 68 24 52 4 1950 22,706 22,820 -1,743 -371 -1,352 80 Nov 19,566 19,617 -30 48 -71 3 1951 22,695 22,873 53 -549 618 66 Dec 19,456 19,507 -110 9 -112 4 1952 23,187 23,252 380 684 -305 67 I960—Jan 19,444 19,494 -13 2 -12 3 1953 22 030 22,091 -1,162 2 -1 171 69 Feb 19,421 19,471 -23 4 — 21 3 1954 21,713 21,793 -297 16 -325 65 Mar 19,408 19,457 -14 17 -13 4 1955 21,690 21,753 -41 97 -132 66 Apr 19,360 19,403 -54 8 -71 4 1956 . . . 21,949 22,058 306 106 319 65 May 19,352 19,395 -8 10 — 14 4 1957 22,781 22,857 799 104 600 63 June 19,322 19,363 -32 77 -102 4 July 19,144 19,188 -174 49 -222 1958 20,534 20,582 -2,275 260 -2,515 62 Aug 19,005 19,045 -144 12 — 151 8 1959 19,456 19,507 2-1,076 302 -1,324 57 Sept ^18,685*>18,726 P-319 (3) 4 — 319 P Preliminary. 2 Includes payment of $344 million as increase in United States gold 1 Includes gold in Exchange Stabilization Fund. Gold in active portion subscription to the International Monetary Fund. of this Fund is not included in regular statistics on gold stock (Treasury 3 Not yet available. gold) used in the Federal Reserve statement "Member Bank Reserves, * 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 $10,788 million on Sept. 30, 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 1203 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1958 June 30, 1959 Sept. 30, 1959 Dec. 31, 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 1 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) 179 187 212 (0 186 0) 138 0) Italy 2,207 2,720 3,054 0) 3,118 3,061 C1) 3,043 0) Netherlands (and Netherlands Antilles and 0) No S r u w r a in y am) 1,4 1 9 73 7 1 1 2 5 0 1, 1 6 5 27 6 1 2 3 2 3 1,7 1 1 3 1 3 1 2 3 6 6 1,7 1 3 2 2 5 1 2 4 9 1 1,7 1 6 2 0 9 14 3 1 0 1,7 1 6 3 5 1 1 3 5 0 8 Portugal (and dependencies) 707 (*) 712 725 1 733 722 1 685 1 Spain (and dependecies) 94 3 92 125 3 154 3 190 3 227 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 (l) 165 0) 176 0) 164 0) 163 152 Other2 1,210 3 1,111 16 r1,068 15 rl,079 1,080 1,085 17 Total. 17,486 274 18,476 396 18,998 456 19,398 510 19,302 477 19,993 461 Sterling Area: United Kingdom 3,723 194 3,909 201 3,956 264 3,490 323 3.708 368 4,116 403 United Kingdom dependencies. 109 4 105 4 106 4 116 4 M21 5 114 5 Australia 241 0) 226 0) 252 0) '264 (J) r272 0) 263 I O U n t n d h i i e o a r n of South Africa 2 2 3 5 4 2 1 1 4 43 2 3 1 3 4 9 7 6 9 0 55 ) 2 3 1 6 6 9 8 6 9 57 3 2 2 6 1 8 1 1 7 76 ' 3 2 2 5 9 1 1 9 4 8 1 9 1 0 2 2 3 1 8 0 5 0 6 89 Total. 4,889 242 5,022 261 5,147 326 '4,729 404 r4,965 473 5,294 538 Canada 3,097 341 3,195 342 3,284 450 3,159 452 3,308 485 3,441 429 Latin America: Argentina 210 263 0) 325 0) 393 0) 444 443 Brazil 463 480 495 478 450 448 Chile 140 170 0) 212 0) 228 193 8 186 0) C C o u l b o a mbia 2 3 4 6 1 6 2 3 7 1 8 7 0) 2 2 6 7 6 7 2 2 1 8 4 8 1 2 1 7 6 7 8 2 1 6 4 2 9 0 8 ) 2 Guatemala 69 67 82 59 0) 61 77 82 70 1 Mexico 561 566 565 584 574 0) 497 4 P V P U a e e r r n u n u a g e m z u u a a e y , l a Republic of.. 1, 2 2 1 9 6 1 4 6 2 3 6 1, 2 1 2 9 6 1 4 6 9 7 9 2 9 1 1 5 9 5 0 1 7 7 7 0 2 ) 9 2 1 1 4 3 2 1 : 1 9 0 0) 1 2 8 1 1 9 4 2 0 9 2 8 0 4 3 1 2 8 1 1 1 4 1 0 5 0 6 5 2 1 Other 250 30: 268 13 253 12 273 12 388 Total. 4,017 106 4,174 104 3,979 105 3,911 105 3,825 106 3,719 105 Asia: Indonesia... 145 118 149 172 183 11 188 10) Iran 18. 179 167 187 176 168 Japan 1,094 1,380 1,420 1,564 1,644 1,755 Philippines. 186 178 181 190 214 Thailand. .. 245 246 239 240 248 1 258 1 Other 778 931 1,013 1,02' 1,029 21 912 32 Total. 2,632 12 3,032 14 3,175 21 r3,371 23 r3,470 28 3,495 37 All other: Egyptian Region—U.A.R.. 190 0) 190 190 19- 207 216 0) Other 252 269 252 243 246 259 14 Total 442 459 10 442 11 437 10 453 10 475 14 Total foreign countries3 32,563 983 34,358 1,127 35,025 1,369 r35,OO5 1,504 r35,323 1,579 36,41 1,584 International institutions 2,876 495 4,665 523 5,043 605 r5,566 660 r5,753 709 5,830 755 Grand total3 35.439 1,478 39,023 1,650 40,068 1,974 r40,57 2,164 r41,076 2,288 42,247 2,339 v Preliminary. r Revised. NOTE.—Gold and short-term dollars include reported and estimated 1 Less than $500,000. official gold reserves, and total dollar holdings as shown in "Short-term 2 Includes Yugoslavia, Bank for International Settlements (including Liabilities to Foreigners Reported by Banks in the United States by European Payments Union account through December 1958 and Euro- Countries" (Tables 1 and la-Id of the preceding section). U. S. Govt. pean Fund account thereafter), gold to be distributed by the Tripartite bonds and notes represent estimated holdings with original maturities Commission for Restitution of Monetary Gold, and unpublished gold of more than one year; these estimates are based on a survey of selected reserves of certain Western European countries. U. S. banks and on monthly reports of security transactions. 3 Excludes gold reserves of the U. S. S. R., other Eastern European countries, and China Mainland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1204 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- E m n o d n t o h f w m t o o a r t t l a e d l d i M F 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 ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p g h . o e , 1953 Dec . 36,425 1,702 22,091 12,630 372 117 52 776 321 986 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 1,100 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 Aug 2,025 19,568 57 141 291 1,276 326 1,053 41 75 53 Sept 40,450 2,052 19,579 18,820 57 143 291 1,254 326 1,039 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 56 157 292 1,143 326 952 42 71 42 Feb 2 421 19 471 56 160 292 1 175 326 952 41 72 38 Mar .. . 2,454 19,457 56 163 292 1,183 294 950 41 73 38 Apr 2 495 19 403 56 166 292 1 197 294 945 42 71 38 May 2,489 19,395 56 170 292 1,182 286 922 42 72 38 June........ 2 515 19,363 55 149 292 1,191 286 909 42 73 38 July 2,527 19,188 293 .175 287 906 42 74 Aug 2,562 19,045 293 1,094 904 E m n o d n t o h f Cuba m De a n rk - D R o i e c l p m i a c u n i b n - - E d c o u r a- U g E i t . R o g i A a n y e n . — - p R - . E v l a d S o a r l- l F a i n n d - France2 R F m e e G p d a o e u n e f r b r y - a l , i l c Greece G m u a a l t a e- India I n n e d s o ia - 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 Aug 75 31 12 20 174 31 38 930 2,721 26 24 247 41 Sept 75 31 12 20 174 30 38 Q?1 2,621 26 24 247 41 Oct . ... 75 31 12 20 174 30 38 ,055 2,626 26 24 247 33 Nov 60 31 12 20 174 30 38 122 2 626 26 24 247 33 Dec 50 31 10 20 174 30 38 ,290 2,637 26 24 247 33 I960 Jan 50 31 10 20 174 30 38 ,285 2,638 26 24 247 33 Feb 21 31 10 20 174 30 38 I 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 38 399 2 704 26 24 247 33 May 19 31 10 20 174 30 38 ,513 2,741 26 24 247 33 June 19 31 10 20 174 30 38 SSI 2,772 26 247 33 July 10 20 174 30 38 1,560 2,818 26 247 33 Aug 31 10 20 174 30 38 1,568 2,879 247 33 Ire- E m n o d n t o h f Iran Iraq R l e a p n u d b , - Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l ulic of 1953 Dec 137 18 346 35 158 737 33 52 38 36 9 361 1954 Dec 138 18 346 63 62 796 33 45 38 35 9 429 1955—Dec 138 8 18 352 74 142 865 33 45 48 35 16 428 1956 Dec 138 14 18 338 77 167 844 33 50 49 35 22 448 1957 Dec 138 20 18 452 91 180 744 33 45 49 28 6 461 1958 Dec 141 34 18 1,086 91 143 1 050 33 43 49 19 10 493 1959 Aug . ...... 140 84 18 1,433 102 156 1.162 34 30 50 19 6 525 Sept 140 84 18 1,476 102 165 ,162 34 30 50 19 7 525 Oct 140 84 18 1,583 102 165 1,126 34 30 50 19 8 530 Nov 140 84 18 1,635 102 143 ,132 34 30 50 29 8 546 Dec 140 84 18 1,749 102 142 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 1,870 102 142 1,141 34 30 52 28 11 548 Mar 131 84 18 1,902 102 142 I 164 34 30 52 28 12 549 Apr 131 84 18 1,902 102 142 1,164 34 30 52 28 13 549 May 131 84 18 1,983 102 142 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 Aug 131 18 102 1,246 34 30 52 28 12 550 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 1205 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Syrian Bank Euro- E m n o d n t o h f A So fr u ic th a Spain Sweden Sw la i n tz d er- U gi . R o A e n - . — R. T la h n a d i- Turkey U K d n o i i n m t g e 3 d - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l 'l e- m p P e e a a n y n t - s ments Union 1953—Dec 176 130 218 ,459 14 113 143 2,518 227 373 13 193 153 1954_Dec 199 132 265 ,513 17 113 144 2,762 227 403 14 196 153 1955—Dec 212 132 276 ,597 19 112 144 2,120 216 403 16 217 244 1956—Dec 224 132 266 ,676 19 112 144 2,133 186 603 17 179 268 1957—Dec 217 101 219 ,718 24 112 144 2,273 180 719 13 165 254 1958—Dec 211 57 204 ,925 24 112 144 3,069 180 719 17 339 126 1959_Aug 204 57 191 1,919 19 112 144 3,248 180 719 10 434 Sept 225 57 191 1,900 19 112 144 3,284 180 719 10 427 Oct 231 57 191 ,868 19 104 133 3,024 180 719 10 367 Nov 230 57 191 1,816 19 104 133 2,974 180 654 10 383 Dec 238 68 191 1,934 104 133 2,736 180 654 16 381 I960—Jan 248 78 191 .826 104 133 2,685 180 654 10 445 Feb 244 78 171 .807 104 133 2,722 180 654 10 513 Mar 256 78 171 ,777 104 133 2,780 180 654 10 510 Apr 258 78 171 .767 104 133 2,831 180 514 9 494 May 255 78 171 1,767 104 133 2,859 180 514 7 473 June 240 78 171 1,774 104 133 2,892 180 514 7 491 July 233 171 1.896 133 2,996 180 514 7 504 Aug 219 171 1 960 133 3,072 7 508 1 Excludes U.S.S.R., other Eastern European countries, and China 2 Represents holdings of Bank of France and French Exchange Stabili- Mainland. zation Fund. Represents reported gold holdings of central banks and governments 3 Beginning with December 1958, represents Exchange Equalization and international institutions, unpublished holdings of various central Account gold and convertible currency reserves, as reported by British banks and governments, estimated holdings of British Exchange Equaliza- Government; prior to that time represents reserves of gold and United tion Account based on figures shown for United Kingdom, and esti- States and Canadian dollars. mated official holdings of countries from which no reports are received. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa Morth and South America Other nonth (excl. U.S.S.R.) Tot«il A So fr u ic th a R de h s o i - a 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 n 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 P 8 65.1 152.8 13.5 8 4 4 4 13.2 39.1 8 4 1955. 955.5 877 7 510.7 18.4 23.8 n 0 65.7 159.1 13.4 8 1 9 4 13.3 36.7 7.4 1956 994 0 914 8 556.2 18.8 21 9 n 1 65.3 153.4 12.3 7 6 4 3 15.3 36.1 7.3 1957 1 036.0 956 596.2 18.8 27.7 n 1 63.0 155.2 12.1 6 9 4 2 1 6 11.4 37.9 6.3 1958. 1,071.0 984.0 618.0 19.4 29.2 12.8 61.6 158.8 11.6 7.2 3.9 3.9 13.0 38.6 6.0 1959 1 148 0 1,062 6 702.2 19.8 31.8 p 0 57.2 156.9 11.0 7 9 7 13.9 38.1 5.8 1959__july 91.6 60.8 .6 2.7 .8 5.3 13.2 .9 .6 .4 .2 1.4 3.2 .5 Ane 890 60.7 4 2.7 i 4 4.2 12.2 .6 6 1.2 3.0 .5 Sept . 89 7 60.9 > 0 2 8 7 3.8 12.7 .8 2 3.3 .5 Oct 91 6 61.3 7 2.8 i 1 3.5 13.9 1.1 6 4 2 1.2 3.3 .5 Nov ... 90 0 60.3 7 2.7 Q 3.4 13.6 1.0 6 4 2 1.3 3.4 .5 Dec 88.5 59.3 1.6 2.7 .8 3.7 13.2 .8 .6 .4 .1 1.2 3.6 .5 I960 Tan 2 89 60.8 6 2.6 i 3.4 13.2 .7 4 1.5 2.8 .5 Feb 60.0 .6 2.6 I.4 3.1 13.0 .6 .4 1.4 2.8 .5 Mar 59 6 2 7 9 3 5 13 6 6 3 2 5 Apr 61.8 7 2.7 .8 3.5 12.8 .7 .4 1 2 .4 May 63 1 2 6 4 4.1 13 2 5 June 63.4 2 6 3.9 13.5 Julv .. 63.6 4.5 5 1 Gold exports, representing about 90 per cent of total production. Ghana, Republic of the Congo and Brazil, data for which are from 2 Excluding Chile. American Bureau of Metal Statistics. For the United States, annual Sources.—World production: estimates of the U. S. Bureau of Mines. figures are from the U. S. Bureau of the Mint and monthly figures are Production reported monthly: reports from individual countries except from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1206 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 July Oct. Jan. Apr. July June Sept. Dec. Mar. June Gold 1,371 2,210 2,416 2,495 2,527 Dollar deposits and U. S. securities. 952 1,033 1,023 1,109 1,110 Investments9 200 500 500 500 500 Other currencies and securities 1... 671 630 666 648 632 Currencies:i Effective loans2 3,387 3,548 3,531 3,642 3,664 United States 998 2,028 2,141 2,250 2,314 Other assets3 93 104 138 137 133 Other 5,839 8,283 8,349 8,455 8,516 Gold and currency separate IBRD bonds outstanding 1,905 1,963 1,990 2,067 2,073 accounts:i o 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.... 854 680 640 632 633 Capital3 1,911 1,920 1,985 2,005 2,026 Other assets ii 105 1159 H60 ii 59 Member subscriptions 9,228 13,644 13,999 14,277 14,429 Loans by country, Aug. 31, 1960 Member subscriptions in separate account1 ° 2,093 Reserves and liabilities 42 162 106 115 120 Outstanding Area and member country4 Prin- Dis- Re- Quota Cumulative net drawings cipal bursed paid Sold on the Fund Total to others* Country Paid 1959 1960 Total in Continental Western Europe, gold total 1,643 1,358 284 1,075 299 Aug. July Aug. Austria 100 73 2 71 5 Belgium and Luxembourg... 213 171 25 146 55 Denmark 60 48 6 41 4 Argentina 280 70 106 180 187 Finland 102 80 19 62 13 Bolivia 23 6 9 10 10 France 418 329 31 298 63 Brazil 280 70 92 140 140 Italy 298 229 10 219 70 Burma 15 1 12 8 8 Netherlands 236 236 168 68 68 Chile 75 15 42 42 36 Norway 95 72 3 69 Turkey 61 60 9 51 Colombia , 100 25 25 2 2 Yugoslavia 61 61 11 49 Cuba 50 13 25 25 25 Dominican Rep.... 15 4 9 9 Sterling area, total 1,581 1,340 189 1,151 157 France 788 174 381 126 126 Australia 318 318 50 268 41 Haiti 11 3 4 5 5 Ceylon 24 15 1 14 1 India 662 509 46 462 30 Honduras 11 3 3 4 Pakistan 151 101 21 80 2 Iceland 11 3 5 7 Union of S. Africa 197 197 57 140 29 India 600 78 200 128 128 United Kingdom 204 179 11 167 54 Indonesia 165 29 46 37 37 Other 25 21 20 Iran 70 18 35 35 Latin America, total 1,064 754 156 597 14 Pakistan 150 16 13 13 Brazil 267 199 37 162 Paraguay 9 2 5 4 4 Chile 106 55 10 45 Philippines 75 19 9 12 12 Colombia 173 113 38 75 Spain 150 23 50 50 50 Ecuador 45 26 2 24 Sudan 15 2 5 6 6 El Salvador , 35 25 4 21 Turkey 86 22 39 36 36 Mexico , 186 166 23 143 Nicaragua 35 22 8 14 United Arab Re- Peru 76 43 10 32 public: Egypt. . 90 17 30 28 28 Uruguay 71 61 10 50 Syria... 15 2 10 10 Other 68 45 14 31 United Kingdom. 1,950 399 333 199 129 United States 4,125 1,031 12-1,744 12-1,434 12-1,381 Asia (excluding Sterling area), Yugoslavia 66 9 23 23 23 total 726 457 411 29 Iran 194 98 78 12 Japan 337 263 252 14 1 Currencies include demand obligations held in lieu of deposits. Lebanon 27 9 9 2 Represents principal of authorized loans, less loans not yet effective, Malaya 36 3 3 repayments, the net amount outstanding on loans sold or agreed to be Philippines 19 16 16 sold to others, and exchange adjustment. Thailand 107 61 51 3 Excludes uncalled portions of capital subscriptions. Other 6 6 4 Loans to dependencies are included with member. 5 Includes also effective loans agreed to be sold but not yet disbursed. Africa (excluding Sterling 6 Less than $500,000. area), total 135 7 Includes $285 million in loans not yet effective. Ethiopia 24 «Includes $489 million not guaranteed by the Bank. Sudan 55 9 U. S. Treasury bills purchased with proceeds from sale of gold. United Arab Republic 57 10 Paid by members pending increases in quotas becoming effective. 11 Includes subscriptions due from members on increases in quotas Total 75,149 3,979 678 3,302 8508 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 1207 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1957 1958 1959 1960 Item Exports of goods and services, total1. 7,010 6,326 6,654 5,611 5,965 5,607 6,142 5,421 5,797 5,878 6,368 6,309 6,867 Merchandise 5,158 4,462 4,662 4,058 4,193 3,816 4,196 3,802 4,060 4,035 4,328 4,604 5,002 Services2 1,852 1,864 1,992 1,553 1,772 1,791 1,946 1,619 1,737 1,843 2,040 1,705 1,865 Imports of goods and services, total... 5,318 5,361 5,152 4,941 5,278 5,388 5,446 5,431 5,967 6,200 5,962 5,761 5,993 Merchandise 3,344 3,265 3,385 3,139 3,166 3,124 3,522 3,597 3,884 3,848 3,986 3,820 3,854 Services 1,124 1,381 1,047 970 1,200 1,425 1,095 1,059 1,293 1,579 1,224 1,177 1,401 Military expenditures 850 715 720 832 912 839 829 775 790 773 752 764 738 Balance on goods and services1 1,692 965 1,502 670 687 219 696 -10 -170 -322 406 548 874 Unilateral transfers (net) 3 -662 -499 -581 -563 -598 -544 -633 -627 -578 -534 -663 -575 -593 Private remittances and pensions... -174 -164 -180 -178 -174 -174 -196 -190 -185 -201 -203 -195 -193 Government nonmilitary grants -488 -335 -401 -385 -424 -370 -437 -437 -393 -333 -460 -380 -400 U.S. long- and short-term capital (net) 3 1,563 -544 -956 -887 -1,251 -784 -893 -470 4-1,033 -620 -536 -768 -1,091 Private, total -1,364 -410 -588 -642 -1,025 -451 -726 -391 -745 -392 -773 -546 -626 Direct investment -993 -339 -324 -155 -411 -156 -372 -267 -449 -229 -365 -269 -269 Portfolio and short-term investment -371 -71 -264 -487 -614 -295 -354 -124 -296 -163 -408 -277 -357 Government -199 -134 -368 -245 -226 -333 -167 -79 4-288 -228 237 -222 -465 Foreign capital and gold (net) 316 -269 227 580 1,086 934 901 947 41,416 1,444 567 801 950 Increase in foreign short-term assets and Government securities 514 -260 275 197 26 477 502 780 4 829 1,119 367 566 705 Increase in other foreign assets.... 127 18 50 13 -15 -26 52 72 190 158 128 185 151 Gold sales by United States -325 -27 -98 370 1,075 483 347 95 4 397 167 72 50 94 Errors and omissions 217 347 -192 200 76 175 -71 160 365 32 226 -140 v Preliminary. r Revised. 3 Minus sign indicates net outflow. 1 Excluding military transfers under grants. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 2 Including military transactions. of which $344 million was transferred in gold and $1,031 million in noninterest bearing U.S. Government securities. OPEN MARKET RATES [Per cent per annum] 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 - e y t y o - 3 Tr 6 e b d 0 a i a - l s y 9 l u s 0 s r 4 y D m a o d y n a - y e t y o 5 - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1957—Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 3.75 3.25 4.64 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—Aug 5.82 5.72 3.60 3.48 2.76 2.00 3.93 2.00 2.44 1.63 1.15 2.00 Sept 5.68 5.01 3.59 3.48 2.78 2.00 4.05 2.75 2.75 1.66 1.31 2.00 Oct 5.05 4.28 3.58 3.43 2.82 2.00 3.87 3.63 2.38 2.03 1.50 2,00 Nov 4.87 4.16 3.55 3.39 2.77 2.00 4.02 3.63 3.94 2.01 1.50 2.00 Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 1.50 2.00 1960—Jan 4.81 3.60 4.14 4.07 3.07 2.35 3.91 3.75 3.69 2.53 [.50 2.00 Feb 4.69 4.14 4.69 4.55 3.78 3.00 4.11 3.88 3.94 2.48 [.54 2.00 Mar 3.87 3.83 4.74 4.59 3.91 3.00 4.17 4.00 4.06 2.33 1.65 2.00 3.40 3.33 4.80 4.65 3.67 3.00 4.22 4.00 3.94 2.25 [.75 2.00 May 2.87 2.77 4.76 4.58 3.87 3.00 4.25 4.00 3.88 2.30 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 4.53 4.88 4.69 2.19 1.64 2.00 Aug 2.53 2.70 5.75 5.58 4.79 4.00 4.05 4.88 4.75 2.05 1.56 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

1208 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Rate as of Changes during the last 12 months Sept. 30, 1959 Rate as of Country 1959 1960 Sept. 30, 1960 Per Month cent effective Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Argentina ^ 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 5.85 Sept. 1959 5.27 5.11 5.37 4.85 4.86 3.26 3.51 3.26 3.32 3.17 2.50 1.95 1.95 Ceylon2 2.5 June 1954 *2 5 24 0 4.0 Chiles 16.25 July 1959 16.4 16.55 16.55 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 5.0 Sept. 1959 5.5 5.5 Ecuador2 5.0 Nov. 1956 5.0 3.0 Nov. 1952 3.0 El Salvador2 , 4.0 Apr. 1957 5 5 5.5 Finland2 6.0 Mar. 1959 6.0 France 4.0 Apr. 1959 4.0 Germanv 3.0 Sept. 1959 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 If an 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 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 5.75 5.75 Portusal 2.0 Jan. 1944 2.0 South Africa 4.0 Jan. 1959 C4 5 4.5 6.25 Aug. 1959 5 75 5.75 Sweden 4.5 May 1958 5.0 5.0 S witzerland 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 2.0 May 1947 4 5 4.5 c Corrected. Finland—rates ranging up to 7.25 per cent for longer term paper (rate 1 Rates shown represent mainly those at which the central bank either shown is for 3 months commercial paper); discounts or makes advances against eligible commercial paper and/or Indonesia—various rates depending on type of paper, collateral, comgovernment securities for commercial banks or brokers. For countries modity involved, etc.; with more than one rate applicable to such discounts or advances, the Japan—penalty rates (exceeding the basic rate shown) for borrowings rate shown is the one at which the largest proportion of central bank from the Central bank in excess of an individual bank's quota; credit operations is understood to be transacted. In certain cases other Peru—8 per cent for agricultural, industrial and mining paper; rates for these countries are given in note 2. Philippine Republic—^-4.5 per cent for crop loan paper and 5 per cent for 2 Discounts or advances at other rates include: export packing credit paper; and Argentina—3 and 5 per cent for certain rural and industrial paper, de- Venezuela—4 per cent for rediscounts of certain agricultural paper and pending on type of transaction; for advances against government bonds or gold and 5 per cent on ad- Brazil—8 per cent for secured paper and 4 per cent for certain agricultural vances against securities of Venezuelan companies. paper; 3 Since Nov. 1, 1956, the discount rate has been set each week at Ceylon—2.5 per cent for advances against certain types of commercial 14 of one per cent above the latest average tender rate for Treasury bills; and production paper; end-of-month rate shown. Colombia—3.5 per cent for agricultural and industrial development 4 The discount rate was advanced from 2.5 to 3 per cent on Dec. 16, paper of up to 150 days, 3 per cent for economic development paper and lowered again to 2.5 per cent on Dec. 24, 1959. of up to 5 years, and 2 per cent for specific small business, cooperative 5 Since April 1, 1959, new rediscounts are granted at the average rate and employee paper; 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. national public securities; 6 Rate shown is for advances only. Ecuador—6 per cent for bank acceptances for commercial purposes; 7 Since May 16, 1957, this rate applies to advances against commercial El Salvador—4.5 per cent for agricultural and industrial paper and 3.5 paper as well as against government securities and other eligible paper. per cent for special cases; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 1209 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 i - a d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) ( C 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 2.835 222.76 3.8580 2.0030 101.60 20.946 .4354 1957. 5.556 2.506 222.57 3.8539 1.9906 104.29 20.913 .3995 1958. 5.556 2.207 223.88 3.8536 2.0044 103.03 21.049 .3118 1959. U.2730 223.81 3.8619 2.0012 104.27 21.055 .3115 1959—Sept.. 1.2037 223.40 3.8525 1.9989 105.08 21.037 .3113 Oct... 1.2213 223.61 3.8526 1.9993 105.51 21.048 .3113 Nov.. 1.2084 223.32 3.8526 1.9990 105.22 21.031 .3113 Dec.. 1.2003 222.98 3.8523 1.9996 105.12 20.995 .3113 I960—Jan... 1.2035 223.09 3.8449 2.0037 104.91 21.014 .3113 Feb.. 1.2032 223.37 3.8419 2.0048 105.07 21.031 .3113 Mar.. 1.2030 223.57 3.8418 2.0051 105.15 21.044 .3113 Apr.. 1.2004 223.86 3.8407 2.0061 103.84 21.062 .3112 May. 1.2005 223.59 3.8406 2.0055 102.24 21.047 .3112 June. 1.1989 223.32 3.8426 2.0053 101.79 21.020 .3112 July.. 1.2010 223.78 3.8468 2.0041 102.19 21.048 .3111 Aug.. 1.2022 223.92 3.8573 •1.9955 103.10 21.061 .3111 Sept.. 1.2037 224.12 3.8609 2.0024 102.82 21.072 .3111 Year or month F (f r r a a n n c c e ) G (d m e e r u a m t r s a k c n ) h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e 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—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 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 Sept.. 20.404 23.978 20.990 281.27 .1611 .2787 32.851 8.0056 26.518 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 b i o e p l ) - ic (e P s o g c r u a t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U K p d n o i o i n u m t g n ed - d) 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 276.80 14.008 49.676 3.4900 278.52 19,333 23.334 279.57 1957 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958 278.19 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959 278.10 14.028 49.721 3.4967 279.83 3 2.0579 19.324 23.142 280.88 1959—Sept. 277.59 14.011 49.770 3.4947 279.32 .6607 19.325 23.121 280.37 Oct.. 277.85 14.023 49.770 3.4958 279.58 .6607 19.325 23.048 280.63 Nov. 277.49 14.008 49.770 3.4915 279.22 .6607- 19.308 23.040 280.27 Dec.. 277.07 13.994 49.770 3.4861 278.80 .6607 19.303 23.127 279.84 1960—Jan.. 277.20 13.985 49.770 3.4844 278.93 .6607 19.302 23.112 279.98 Feb.. 277.55 13.990 49.770 3.4898 279.28 .6625 19.311 23.054 280.33 Mar. 277.81 14.006 49.770 3.4923 279.54 .6637 19.314 23.058 280.59 Apr.. 278.17 14.035 «49.770 3.4957 279.90 .6637 19.359 23.048 280.95 May. 277.82 14.018 3.4935 279.55 .6633 19.339 23.124 280.60 June. 277.49 14.007 3.4905 279.22 .6636 19.365 23.175 280.27 July. 278.06 14.018 3.4936 279.79 .6640 19.366 23.183 280.84 Aug. 278.24 14.026 3.4956 279.97 .6640 19.392 23.198 281.02 Sept. 278.49 14.040 3.4979 280.22 .6640 19.379 23.219 281.27 c Corrected. was further devalued to 493.706 francs per U. S. dollar. i Effective Jan. 12, 1959, the Argentine Government established a 3 Based on quotations beginning with Mar. 2, 1959. single exchange rate for the peso in place of the former official and free * A new franc equal to 100 old francs was introduced on Jan. 1, 1960. rates. 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 ROLAND I. ROBINSON, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director DANIEL H. BRILL, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Associate Adviser JOSEPH E. KELLEHER, Director DIVISION OF INTERNATIONAL FINANCE HARRY E. KERN, Assistant Director ARTHUR W. MARGET, Director J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser OFFICE OF THE CONTROLLER ROBERT L. SAMMONS, Associate Adviser J. J. CONNELL, Controller DIVISION OF BANK OPERATIONS SAMPSON H. BASS, Assistant Controller JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director M. B. DANIELS, Assistant Director OFFICE OF DEFENSE PLANNING JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 1210 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1211 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON W. D. FULTON J. L. ROBERTSON KARL R. BOPP G. H. KING, JR. CHAS. N. SHEPARDSON MALCOLM BRYAN H. G. LEEDY M. S. SZYMCZAK A. L. MILLS, JR. RALPH A. YOUNG, Secretary DAVID P. EASTBURN, Associate Economist MERRITT SHERMAN, Assistant Secretary L# MERLE HOSTETLER, Associate Economist KENNETH A. KENYON, Assistant Secretary ^ w M ^ Economist HOWARD H. HACKLEY, General Counsel DAVID B. HEXTER, Assistant General Counsel G uY E- NoYES> Associate Economist WOODLIEF THOMAS, Economist ROBERT V. ROOSA, Associate Economist HARRY BRANDT, Associate Economist CLARENCE W. TOW, Associate Economist ROBERT G. ROUSE, Manager, System Open Market Account Federal Advisory Council OSTROM ENDERS, BOSTON HOMER J. LIVINGSTON, CHICAGO, President JOHN J. MCCLOY, NEW YORK NORFLEET TURNER, ST. LOUIS CASIMIR A. SIENKIEWICZ, PHILADELPHIA, IS GQRDQN MuRRAY) MINNEAPOL Vice President „ ~» R. OTIS MCCLINTOCK, KANSAS CITY TT 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 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

1212 FEDERAL RESERVE BULLETIN • OCTOBER 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 Roger R. Clouse W. Braddock Hickman Martin Morrison Donald S. Thompson E. A. Fink L. Merle Hostetler Paul C. Stetzelberger Clyde Harrell 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 Robert C. Holland George W. Mitchell C. J. Scanlon A. M. Gustavson L. H. Jones H. J. Newman Hugh J. Helmer C. T. Laibly Harry S. Schultz Paul C. Hodge 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 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 E. H. Galvin R. H. Morrill Eliot J. Swan R. S. Einzig H. E. Hemmings John A. O'Kane 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 H. W. Pritz Richmond Baltimore D. F. Hagner Omaha P. A. Debus Charlotte E. F. MacDonald Atlanta Birmingham H. C. Frazer Jacksonville T. A. Lanford Dallas El Paso Howard Carrithers Nashville R. E. Moody, Jr. Houston J. L. Cook New Orleans M. L. Shaw San Antonio Carl H. Moore Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City E. R. Barglebaugh Memphis E. Francis DeVos Seattle A. B. Merritt Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 720-23 of the June 1960 Bulletin. (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. $7.00 per annum or 70 cents per copy. Group DEBITS AND CLEARINGS STATISTICS AND THEIR subscriptions in the United States for 10 or USE (rev. ed.). May 1959. 144 pages. $1.00 more copies to one address, 50 cents per copy per copy; in quantities of 10 or more for single per month, or $5.00 for 12 months. shipment, 85 cents each. FEDERAL RESERVE CHART BOOK ON FINANCIAL ALL-BANK STATISTICS, 1896-1955. Part I, U. S. AND BUSINESS STATISTICS. Monthly. Annual Summary. Part II, Summaries by States and subscription includes one issue of Historical other areas. April 1959. 1,229 pages. $4.00. Supplement. Subscription price in the United THE FEDERAL RESERVE ACT, as amended through States and the countries listed above is $6.00 December 31, 1956, with an Appendix conper annum: 60 cents per copy, or 50 cents each taining provisions of certain other statutes affor 10 or more of same issue for single shipfecting the Reserve System. 385 pages. $1.00. ment; elsewhere $7.00 per annum or 70 cents each. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. 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. 1213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1214 FEDERAL RESERVE BULLETIN • OCTOBER 1960 REPRINTS •PART I, ALL-BANK STATISTICS, 1896-1955. April (From Federal Reserve Bulletin unless preceded 1959. 94 pages. by an asterisk) 1959 SURVEY OF CONSUMER FINANCES. March, July, and September 1959. 48 pages. (Simi- THE MONETARY SYSTEM OF THE UNITED STATES. lar Surveys available for some earlier years in February 1953. 16 pages. the period 1952-58.) INFLUENCE OF CREDIT AND MONETARY MEASURES A QUARTERLY PRESENTATION OF FLOW OF FUNDS, ON ECONOMIC STABILITY. March 1953. 16 SAVING, AND INVESTMENT. August 1959. 49 pages. pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC THE GOVERNMENT SECURITIES MARKET. August STABILITY. May 1953. 7 pages. 1959. 22 pages. * DETAILED DESCRIPTION OF SOURCES AND METH- REVISED INDUSTRIAL PRODUCTION INDEX. De- ODS USED IN REVISION OF SHORT- AND INTER- cember 1959. 24 pages. MEDIATE-TERM CONSUMER CREDIT STATISTICS. April 1953. 25 pages. CAPITAL MARKETS AND MONEY AND BANK CREDIT IN 1959. Combined reprint. January and Feb- DEPARTMENT STORE SALES AND STOCKS, BY ruary 1960. 14 pages. MAJOR DEPARTMENTS (Revised Indexes). November 1953. 65 pages. MONETARY POLICY AND ECONOMIC GROWTH. February 1960. 7 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- REVISED SERIES FOR SEASONALLY ADJUSTED ber 1955. 40 pages. MONEY SUPPLY. February 1960. 4 pages. GOLD AND DOLLAR TRANSFERS IN 1959. March SURVEYS OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of 1960. 6 pages. Member Banks. April 1956. 14 pages. Credit BANKING AND MONETARY STATISTICS, 1959. Se- Lines and Minimum Balance Requirements. lected series of banking and monetary statistics June 1956. 7 pages. Member Bank Lending for 1959 only. February and May 1960. 13 to Small Business, 1955-57. April 1958. 19 pages. (Similar reprint of 1958 data, February pages. Member Bank Term Lending to Busiand May 1959 BULLETINS.) ness, 1955-57, April 1959. 16 pages. Security Pledged on Business Loans at Member Banks. SURVEY OF COMMON TRUST FUNDS, 1959. May September 1959. 16 pages. 1960. 7 pages. (Also, similar reprints from August 1956, June 1957, May 1958, and May FINANCING OF LARGE CORPORATIONS, 1951-55. 1959 BULLETINS.) June 1956. 9 pages. INTEREST RATES IN LEADING COUNTRIES. JUNE REVISION OF CONSUMER CREDIT STATISTICS. Oc- 1960. 6 pages. tober 1956. 24 pages. (Also, similar reprint from April 1953 BULLETIN.) RECENT MONEY AND CREDIT DEVELOPMENTS. July 1960. 8 pages. AGRICULTURAL LOAN SURVEY. November 1956 THE BALANCE SHEET OF AGRICULTURE, 1960. and January, February, and March 1957 BUL- August 1960. 9 pages. LETINS. 52 pages. CONSUMER BUYING INTENTIONS AND QUARTERLY SURVEY OF FINANCE COMPANIES, MID-1955. SURVEY OF CONSUMER BUYING INTENTIONS. April 1957. 17 pages. Combined reprint. September 1960. 31 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- THE U. S. BALANCE OF PAYMENTS, 1959-60. Oc- DEXES. December 1957. 30 pages. tober 1960. 7 pages. OPEN MARKET OPERATIONS IN LONG-TERM SE- A NEW MEASURE OF THE MONEY SUPPLY. Octo- CURITIES. November 1958. 15 pages. ber 1960. 22 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1148, 1150 Department stores: Agricultural loans of commercial banks, 1142, 1144 Merchandising data, 1179 Agriculture, Govt. agency loans, 1160 Sales and stocks, 1174, 1178 Assets and liabilities {See also Foreign liabilities and Deposits {See also specific types of deposits): claims reported by banks): Adjusted, and currency, 1138 Banks and the monetary system, consoli- Banks, by classes, 1133, 1139, 1143, 1146, 1150 dated, 1138 Federal Reserve Banks, 1134, 1201 Corporate, current, 1152 Postal savings, 1136, 1138 Domestic banks, by Discount rates, 1132, 1208 classes, 1139, 1142, 1144, 1150 Discounts and advances by Federal Reserve Federal business-type activities, Banks, 1128, 1133, 1134 by fund or activity, 1160 Dividends, corporate, 1152, 1153 Federal Reserve Banks, 1134 Dollar assets, foreign, 1201, 1203 Automobiles: Dwelling units started, 1175 Consumer instalment credit, 1164, 1165, 1166 Production index, 1168, 1171 Earnings and hours, manufacturing industries, 1174, 1177 Bankers' balances, 1143, 1145 Employment, 1174, 1176, 1177 {See also Foreign liabilities and claims reported Export-Import Bank, loans, etc., 1160 by banks) Banks and the monetary system, consolidated state- Farm mortgage loans, 1160, 1161, 1162 ment, 1138 Federal business-type activities, assets and liabilities, Bonds {See also U. S. Govt. securities): by fund or activity, 1160 New issues, 1152, 1154, 1155 Federal Deposit Insurance Corporation, Prices and yields, 1148, 1149 assets, etc., 1160 Brokers and dealers in securities, bank Federal finance: loans to, 1142, 1144 Cash transactions, 1158 Business expenditures on new plant and equip- Receipts and expenditures, 1159 ment, 1152 Treasurer's balance, 1158 Business indexes, 1174 Federal home loan banks, loans, etc., 1160, 1163 Business loans {See Commercial and industrial loans) Federal Housing Administration, Capital accounts: loans, etc., 1160, 1161, 1162, 1163 Banks, by classes, 1139, 1143, 1146 Federal National Mortgage Association, Federal Reserve Banks, 1134 loans, etc., 1160, 1163 Carloadings, 1174 Federal Reserve Banks: Central banks, foreign, 1204, 1208 Condition statement, 1134 Coins, circulation of, 1137 U. S. Govt. securities Commercial banks: held by, 1128, 1133, 1134, 1156, 1157 Assets and liabilities, 1139, 1142 Federal Reserve credit, 1128, 1133, 1134 Consumer loans held, by type, 1165 Federal Reserve notes, 1134, 1137 Number, by classes, 1139 Finance company paper, 1148, 1150 Real estate mortgages held, by type, 1161 Financial institutions, loans to, 1144 Commercial and industrial loans: Flow of funds, saving and financial flows, 1184 Commercial banks, 1142 Foreign central banks, 1204, 1208 Weekly reporting member banks, 1144, 1147 Foreign deposits in U. S. banks, 1128, 1134, Commercial paper, 1148, 1150 1138, 1143, 1146 Commodity Credit Corporation, loans, etc., 1160 Foreign exchange rates, 1209 Condition statements {See Assets and liabilities) Foreign liabilities and claims reported by Construction, 1174, 1175 banks, 1194, 1196, 1199, 1201 Consumer credit: Foreign trade, 1179 Instalment credit, 1164, 1165, 1166, 1167 Major parts, 1164, 1166 Gold: Noninstalment credit, by holder, 1165 Earmarked, 1202 Consumer price indexes, 1174, 1180 Net purchases by U. S. 1202 Consumption expenditures, 1182, 1183 Production, 1202, 1205 Corporate sales, profits, taxes, and divi- Reserves of central banks and governments, 1204 dends, 1152, 1153 Reserves of foreign countries and international Corporate security issues, 1152, 1154 institutions, 1203 Corporate security prices and yields, 1148, 1149 Stock, 1128, 1138, 1202 Cost of living {See Consumer prices indexes) Gold certificates, 1134, 1137 Currency in circulation, 1129, 1137 Govt. debt {See U. S. Govt. securities) Customer credit, stock market, 1149 Gross national product, 1182, 1183 Debits to deposit accounts, 1136 Demand deposits: Home owners, Govt. agency loans, 1160 Adjusted, banks and the monetary system, 1138 Hours and earnings, manufacturing indus- Adjusted, commercial banks, by classes, 1143 tries, 1174, 1177 Banks, by classes, 1139, 1146 Turnover of, 1136 Industrial production index, 1168, 1174 Type of holder, at commercial banks, 1143 Instalment loans, 1164, 1165, 1166, 1167 1215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1216 FEDERAL RESERVE BULLETIN • OCTOBER 1960 Insurance companies, 1151, 1156, 1157, 1162 Reserves: Insured commercial banks, 1141, 1142 Commercial banks, 1143 Interbank deposits, 1132, 1139, 1143, 1146 Federal Reserve Banks, 1134 Interest rates: Foreign central banks and governments, 1204 Bond yields, 1148 Foreign countries and international institu- Business loans by banks, 1147 tions, 1203 Federal Reserve Bank discount rates, 1132 Member banks, 1128, 1134, 1143, 1145 Foreign countries, 1207, 1208 Residential mortgage loans, 1161, 1162, 1163 Open market, 1148, 1207 Regulation V loans, 1136 Sales finance companies, consumer Stock yields, 1148 loans of, 1164, 1165, 1167 Time deposits, maximum rates, 1132 Saving: International capital transactions of the U. S., 1194 Flow-of-funds series, 1184 International financial institutions, 1202, 1203, National income series, 1183 1204, 1206 Savings deposits {See Time deposits) Inventories, 1182 Savings institutions, principal assets, 1150, 1151 Investments {See also specific types of investments): Savings and loan associations, 1151, 1162 Banks, by classes, 1139, 1142, 1145, 1150 Securities, international transactions, 1200, 1201 Federal Reserve Banks, 1133, 1134 Security issues, 1152, 1154, 1155 Govt. agencies, etc., 1160 Silver coin and silver certificates, 1137 Life insurance companies, 1151 State member banks, 1141 Savings and loan associations, 1151 State and municipal securities: New issues, 1154, 1155 Labor force, 1176 Prices and yields, 1148, 1149 Loans {See also specific types of loans): States and political subdivisions: Banks, by classes, 1139, 1142, 1144, 1150 Deposits of, 1143, 1146 Federal Reserve Banks, 1128, 1133, 1134 Holdings of U. S. Govt. securities, 1156 Govt. agencies, etc., 1160 Ownership of obligations of, 1142, 1150, 1151 Insurance companies, 1151, 1162 Stock market credit, 1149 Savings and loan associations, 1151, 1162 Stocks: Loans insured or guaranteed, 1136, 1161, 1162, 1163 New issues, 1154 Prices and yields, 1148, 1149 Manufacturers, production index, 1168, 1174 Margin requirements, 1132 Tax receipts, Federal, 1159 Member banks: Time deposits, 1132, 1133, 1138, 1139, 1143, 1146 Assets and liabilities, by classes, 1139, 1142 Treasurer's account balance, 1158 Borrowings at Federal Reserve Treasury cash, 1128, 1137, 1138 Banks, 1128, 1134, 1146 Treasury currency, 1128, 1137, 1138 Deposits, by classes, 1133 Treasury deposits, 1128, 1134, 1158 Number, by classes, 1140 Reserve requirements, by classes, 1133 Unemployment, 1176 Reserves and related items, 1128 U. S. balance of payments, 1207 Weekly reporting series, 1144 U. S. Govt. balances: Mining, production index, 1168, 1174 Commercial bank holdings, by classes, 1143, 1146 Money rates {See Interest rates) Consolidated monetary statement, 1138 Mortgages {See Real estate loans) Treasury deposits at Federal Reserve Mutual savings banks, 1138, 1139, 1141, 1150, Banks, 1128, 1134, 1158 1156, 1157, 1161 U. S. Govt. securities: Bank holdings, 1138, 1139, 1142, 1145, National banks, 1141 1150, 1156, 1157 National income, 1182. 1183 Federal Reserve Bank holdings, 1128, 1133, National security expenditures, 1159, 1182 1134, 1156, 1157 Nonmember banks, 1134, 1141, 1142, 1143 Foreign and international holdings, 1134, 1203 International transactions, 1200, 1201 Payrolls, manufacturing, index, 1174 New issues, gross proceeds, 1154 Personal income, 1183 Outstanding, by type of security, 1155, Postal Savings System, 1132, 1138 1156, 1157 Prices: Ownership of, 1156, 1157 Consumer, 1174. 1180 Prices and yields, 1148, 1149 Security, 1149 United States notes, outstanding and in circula- Wholesale commodity, 1174, 1180 tion, 1137 Production, 1168, 1174 Utilities, production index, 1168, 1174 Profits, corporate, 1152. 1153 Vault cash, 1128, 1143 Real estate loans: Veterans Administration, loans, etc., 1160, 1161, Banks, by classes, 1142, 1144, 1150, 1161 1162, 1163 Type of mortgage holder, 1161, 1162, 1163 Type of property mortgaged, 1161, 1162, 1163 Weekly reporting member banks, 1144 Regulation V, loan guarantees, 1136 Reserve requirements, member banks, 1133 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES g THE FEDERAL RESERVE SYSTEM g) Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis