Federal Reserve Bulletin, 1960-11

FEDERAL RESERVE BULLETIN November i960 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM a n »\ 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 Charles Molony Ralph A. Young Woodlief Thomas Guy E. Noyes The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents j Consumer Goods Developments 1217 Member Bank Earnings, First Half of 1960 1224 Law Department 1226 ;| Current Events and Announcements 1232 1 National Summary of Business Conditions 1233 Financial and Business Statistics, U. S. (Contents on p. 1235) 1236 International Financial Statistics (Contents on p. 1295) 1296 Board of Governors and Staff 1312 Open Market Committee and Staff; Federal Advisory Council 1313 j Federal Reserve Banks and Branches 1313 j Federal Reserve Board Publications 1315 | Index to Statistical Tables 1317 Map of Federal Reserve System Inside back cover \ Volume 46 • Number n ;i Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Consumer Goods Developments OUTPUT OF CONSUMER GOODS this year while there has been a reduction in stocks has been maintained at a record level ap- of steel and other basic materials. preciably higher than last year and 115 per After having been interrupted by the excent of the 1957 average. Production of tended steel strike in the latter half of 1959, business equipment also has been at a rec- iron and steel output rose sharply to 119 per ord though less advanced level, and total cent of the 1957 average in January; by output of final industrial products has aver- September output had declined to 72 per aged about 110 per cent of the 1957 level. cent of that average. Output of nonferrous Reflecting mainly curtailment in output of metals, lumber, bricks, and some other mamaterials, the total index of industrial pro- terials also had been curtailed, reflecting in duction was down to 107 in September and part the decline in residential building. October, as compared with 109-110 per cent Activity in residential building in recent for the period February through July. months has been about 112 per cent of the Retail sales and other final purchases, in- 1957 average, down a fifth from last year's cluding exports, have been higher than a sharply advanced level. Total nonresidential year earlier, but not so much as over-all construction activity has expanded steadily production. As a result, manufacturers' and from the strike-affected low a year ago and distributors' inventories expanded substan- currently is about as high—105 per cent— tially further until summer, with much of in relation to its 1957 level as output of the increase in stocks of autos and other business equipment. consumer goods. Since summer, total busi- Food harvests have been substantially ness inventories have shown little change larger this year than last, but output of eggs PRODUCTION INDUSTRIAL OUTPUT CONSTRUCTION OTHER OUTPUT 1957^100, rolio icole 1957-100 ratio seal* 140 140 i \ i i 130 - - i i 130 i- \ HOME ; \ 120 BUILDING; \ - 120 CONSUMER t/\ 110 FINAL iwA^ GOODS V*J^ I *- FARM^^,^ 110 P -s RO *« D » U N C \ T S J A ' T • f ' v "-( v J % \ f 1 m /*^ #' * 100 y^v v 100 ..' SERVICES 90 ', 'MATERIALS 1 . / **'^ N C O O N N R S E T S R I U D C E T N I T O IA N L 90 \l 1 EQUIPMENT1, i 80 • ; | , | i ; ! * I i 1 ! I i ! i ; ! i ! SO 1956 1959 1960 1956 1958 1960 1956 1958 1960 1956 1958 1960 NOTE.—Seasonally adjusted series except annual farm output, struction series and quarterly series for services derived from which is compiled from Department of Agriculture data. Con- Department of Commerce data. Latest monthly figures, October. 1217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1218 FEDERAL RESERVE BULLETIN • NOVEMBER 1960 and hogs is running below earlier advanced sions reflected, in part, a decline in auto levels. Consumer food prices have been sales in the third quarter. somewhat higher this year than last. On In October, sales of new domestic and the other hand, industrial capacity has been imported autos recovered sharply to an large and prices of manufactured consumer annual rate of 6.8 million units, and total products have been under more downward retail sales returned to the advanced Maypressure this year than for many years. June level. Department store sales also rose, to 111 per cent of the 1957 average. DEMAND FOR CONSUMER GOODS OUTPUT OF CONSUMER GOODS Retail sales have increased less this year than incomes after taxes, as shown in the During the second quarter of 1960 output chart. Aggregate consumer and related of consumer goods rose 2 per cent above demands for final products increased only the first quarter level. Output declined moderately after the beginning of the year. slightly in the third quarter but was main- In the third quarter, growth in personal tained in October at about the September incomes slowed, and retail sales declined rate, according to preliminary figures. Prosomewhat from the peak reached in the sec- duction of consumer staples, including foods, ond quarter. drugs, and fuels, continued its generally Credit buying declined in the summer steady expansion and in October was about and, with repayments continuing to rise, the 3 per cent higher than at the beginning of the increase in consumer credit outstanding year. This group accounts for about 60 per slowed down. The decrease in credit exten- cent of total consumer goods. Output of home goods and apparel, which accounts for 30 per cent, was down further in October, INCOME, SALES, AND OUTPUT following some recovery in the spring. Automotive products account for 10 per cent of total output of consumer goods and are the most volatile component. Output of RETAIL SALES these products hi October was about 9 per cent above the summer low point, and this year has been at a record 119 per cent of HOME GOODS ,,, ,. ,_, 120 the 1957 average. This has reflected a AND APPAREl/^"™/ !V A further expansion in output of auto replacement parts and related products. Also, the -/ V I i number of autos assembled this year has been larger than in 1957 although below the "A iCONSUMER \ I S ./'l » STAPLES ', f* I1 | SO record for 1955. V i; I Fluctuations in auto production have AUTOMOTIVE',.' PRODUCTS $ often been large, but their influence on I I I I I I general economic activity has varied from 1954 1956 1958 1960 one time to another in relation to other developments. For example, after the sharp NOTE.—Seasonally adjusted series. Retail sales and personal income after taxes compiled from Department of Commerce expansion in auto output in 1955, assemblies data. Latest figures, October. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER GOODS DEVELOPMENTS 1219 dropped a third and total automotive prod- types. In January, assemblies approached a ucts a fourth by the spring of 1956, as shown seasonally adjusted annual rate of 8 million in the chart. A sharp drop also occurred in units. Output has fluctuated since then, but residential construction in 1956, and, as over the first ten months assemblies were at this year, it reduced demands for home a seasonally adjusted annual rate of 6.9 milgoods and materials. From the autumn of lion. This rate has been exceeded only in 1955 to the spring of 1956, total output of 1955, when 7.9 million units were produced. consumer goods declined only about 1 per As 1960 has progressed, output of compact cent, however, and the change in total in- cars in relation to total auto production has dustrial production was also quite limited. increased substantially. During that period output of business equip- The rising proportion of output accounted ment was continuing upward, in contrast for by compact autos, along with related with its recent stability, and inventories of changes in automotive design, has had sigmaterials were not being liquidated as at the nificant, though differing, impacts on induspresent time. These differences in business tries supplying materials. Automotive reinvestment reflect in part the present outlook quirements for steel have declined, while for more stable prices than in 1955-56 when use of aluminum, plastics, and glass has inunused plant capacity margins were narcreased. With supplies readily obtainable at rower and prices of industrial commodities stable or declining prices, and with consumer were generally rising. reaction to the new mix of models still uncertain, auto manufacturers have had little AUTO MARKETS incentive to build up stocks of materials. Pressure on costs and profit rates has con- Sharp expansion in sales and output of autotinued and has encouraged manufacturers motive products from the reduced rate of to keep their inventories of materials near 1958 to levels above their 1955 highs by minimal levels. 1960 has been a conspicuous feature of markets for consumer goods. Since the latter Sales and stocks. In the first ten months of part of 1959, the structure of the market for 1960, dealer sales of new domestic autos autos has been undergoing major change, re- were at a seasonally adjusted annual rate of flecting increased supply and acceptance of 6.1 million units, 7 per cent above a year compact makes of domestic origin and de- earlier. Total auto sales, including sales of creased demands for standard-size cars as imported makes, were at a 6.6 million rate. well as for imported and used autos. At the This rate was second only to the 7.4 milsame time, as the number of vehicles in use lion domestic and imported units sold in has continued to grow, output of tires and 1955, when maturities on auto loans were other replacement parts and related equip- being greatly lengthened and average auto ment has expanded further, to a level one- prices for comparable makes were lower. fourth higher than in 1955, the record year Early in 1960, deliveries of compact autos for automobile assemblies. were limited by small supplies. As supplies Output. Production of autos this year has increased, sales of the compact types rose reflected rebuilding of dealers' stocks after from 22 per cent of the total for domestic the steel strike and a marked shift toward autos in January to nearly 30 per cent in compact models and away from most other recent months. The average share was about Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1220 FEDERAL RESERVE BULLETIN • NOVEMBER 1960 9 per cent in 1958 and 1959; during most Although autos have been selling at an of that period only two makes were being advanced rate this year, sales have been produced in this country. The gain for com- below output and there has been a large pacts this year has been accompanied by a addition to dealer stocks of domestic autos. decline of more than 10 per cent in the In its initial phase, the increase reflected the number of standard-size cars sold. need to rebuild stocks which, as a result of Sales of imported cars also have declined the steel strike, had been drawn down to a this year, after a very rapid rise beginning in seasonally adjusted level of 500,000 at the 1956. In the third quarter of 1960, sales of end of November 1959. In addition, overimports were at a seasonally adjusted annual all stocks requirements for dealers rose as rate of about 475,000, compared with a high the number of makes expanded during the of nearly 650,000 in the fourth quarter last period. year when domestic autos were in short The expansion in new auto stocks was supply. Demand for some imported cars not most marked in the first quarter of 1960, but directly competitive with domestic compacts the total continued to rise, and by midyear has continued high. Exports of American reached a record of almost one million units. cars turned up early in 1960, but by the There was a less than usual decline during second quarter were back to the reduced the model-changeover period in the third level of 1959. quarter and seasonally adjusted stocks rose further. Stocks of imported autos also expanded. With sales down, shipments from AUTOS Millions of cars abroad were being reduced by midyear to bring supplies into closer balance with sales. Prices. List prices of new autos have been virtually unchanged for the second successive year. Until introduction of the 1960 models, list prices of autos had advanced at a faster rate during the postwar period than prices of most other consumer goods. Retailers, aided by special bonuses and other factory arrangements for dealers and salesmen, granted discounts from list prices earlier this year than in 1959. As a result, by March, effective prices of new, low priced, standard makes had fallen below year-earlier levels. List prices of some imported autos were also reduced and, in contrast with earlier years, discounts were com- 1954 1956 195« 1960 mon. NOTE.—Seasonally adjusted series, except used car prices, These price changes have been one of based on data from Ward's Automotive Reports and R. L. Polk & Company. Output (domestic only) and sales (domestic several factors tending to reduce the average and imported cars) at annual rates. Stocks end of quarter. BLS data for consumer prices of used cars. Latest figures: amount consumers have paid for their cars. output and sales, October; stocks and prices, September. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER GOODS DEVELOPMENTS 1221 Of particular significance has been the grow- The ratio of new and used auto credit reing proportion of lighter, smaller, and gener- payments to disposable income has changed ally less expensive types of vehicles pur- little since mid-195 8, at a level somewhat chased. In addition, demand for special under 5 per cent. equipment has declined. Developments this autumn. A slowing Prices of used cars have been affected by down in auto sales in the third quarter of competition from the new compacts. Unlike 1960 was associated with an earlier and sales of new cars, sales of used cars have not more rapid model changeover than usual. At advanced beyond the improved levels of the end of September seasonally adjusted 1959. Used car prices began to decline in stocks of 1960 and 1961 domestic models late 1959 after a long period of recovery held by dealers totaled 1.1 million units. beginning in early 1956. By September of In October, the first month of the new this year, prices of two-year-old, standard, model year, sales of domestically produced low priced models were more than a tenth autos rose to a seasonally adjusted annual below a year earlier and down to their 1957 rate of 6.4 million. This about matched the relationship to new car prices. Since about second quarter rate as well as the rate in 85 per cent of all new cars are bought with October of last year when the prospect of trade-ins as partial payment, the reduction shortages from the steel strike was a special in used car prices has been a factor tending inducement to buy. Inventories increased to increase the average amount needed by somewhat less than seasonally in October consumers to purchase new cars. and their composition improved as the large Instalment credit. The growth in auto credit carryover of 1960 models was reduced. outstanding has been more moderate than At this early point in the new model year last year, as extensions of credit have about the pattern of consumer buying in relation to equalled those a year earlier while repay- the broader selection of models available is ments have increased. The average amount still being tested. While auto assembly of note and the average monthly payment de- schedules for November have been adjusted clined further through September as a result downward, trade expectations generally are of lower net outlays required for most types for a continued high volume of sales of of autos. domestic cars, based on continued high While the proportion of new car buyers consumer incomes, wide interest in the new obtaining instalment loans with maturities models, and some further gains at the at or near 36 months continued to rise, there expense of imported autos. was little evidence of any significant exten- In addition, the potential replacement sion of maturities beyond this limit to reduce demand has risen as the proportion of older monthly payments further. The proportion cars in use has increased. Also, the number of used car credit buyers securing contracts of households owning more than one car has with maturities of more than 24 months on continued to grow. Current estimates are late model cars rose to new highs in the first that 7 million, or 14 per cent of all housequarter of this year, but it declined ap- holds, now have more than one car, compreciably thereafter and, in recent months, pared with 5 million five years ago. Mulwas only slightly larger than a year earlier. tiple ownership has been an important factor Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1222 FEDERAL RESERVE BULLETIN • NOVEMBER 1960 in demand for compact cars as well as used In dollar amount, retail sales of apparel cars. have expanded further this year, but sales of home goods by the third quarter had fallen HOME GOODS AND APPAREL about 5 per cent from the latter part of 1959. This difference may have reflected in part Output of home goods and apparel, like the large price concessions reported in varproduction of autos, declined briefly after ious markets for appliances and other major January, then recovered somewhat in the household goods. It also reflected some spring. During the third quarter, however, further increases in retail prices of apparel, output of home goods declined again and according to the consumer price index. was reduced further in October, according Allowing for price-cutting in home goods to preliminary figures shown in the chart. and related factors, it would appear that the These goods include appliances, television physical volume of retail sales of home goods and radio sets, furniture, floor coverings, texwas also generally sustained. Nevertheless, tile housefurnishings, and various related until recently, sales of both home goods and products. Apparel production was main- apparel were apparently below the advanced tained through July, but it declined in levels of output reached earlier, and stocks August and September. In October, output were higher, as indicated by figures for deof both apparel and home goods was back partment stores shown in the chart. to the levels reached in the first quarter of Output of home goods rose two-fifths 1959. from early 1958 to late 1959 in response to expansion in retail sales and to demands for HOME GOODS AND APPAREL building up distributors' and manufacturers' 1957-100 inventories from reduced levels. Toward 140 OUTPUT the end of 1959, output of appliances rose sharply, following the steel strike. Since - HOME GOODS then, except for a short-lived recovery in the V 100 second quarter, the over-all level of output APPAREL has declined. In September, production of 1 1 1 I i - - 80 furniture and floor coverings leveled out, but 120 output of appliances and television was cur- HOME GOODS tailed further; during the first three weeks of SALES . - 100 October a strike reduced the output of a ^ STOCKS major producer. 1 1 1 1 1 80 Retail sales of home goods at department APPAREL 120 SALES^ store and other retail outlets reached a high - 100 in the second half of 1959. Early this year - consumer plans to buy household goods as STOCKS I 1 1 1 1 \ I Z- 80 well as other durable goods continued high. 1954 1956 1958 1960 As was the case for apparel and some other goods, unusually bad weather cut into sales NOTE.—Seasonally adjusted series. Sales are three-month at that time. And during the summer, mild moving averages for large and major chain department stores plotted on third month; stocks, end of quarter. Latest figures: weather affected sales of such items as air output and sales, October; stocks, end of September. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER GOODS DEVELOPMENTS 1223 conditioners. During September and October retail sales of home goods showed some APPLIANCES, TV, AND FURNITURE recovery. During this year sales of home goods to be placed in new housing units have declined, and this, too, has been a limiting factor on output. New housing starts fell from a seasonally adjusted annual rate of 1.6 million units in the spring of 1959 to about 1.2 million in the third quarter of this year. The latter rate was around the average for the postwar period as a whole. In some recent years, new housing has accounted for as much as a tenth of all refrigerators, ranges, and water heaters sold and for considerably NOTE.—Seasonally adjusted series. Stocks based on trade larger proportions of waste disposals and association and Department of Commerce data for manufacturers and wholesalers. Latest figures: output, October; nonportable dishwashers. stocks, end of September. Production of such major home goods as A factor operating to raise stocks of appliances, television, and furniture adfinished goods at all levels has been the vanced faster than retail sales and related increased diversity of products offered. As demands through most of 1959. During the in the case of autos and most other conautumn, however, output of some applisumer goods, competition among manuances was reduced by steel strike influfacturers and retail outlets for a larger share ences, and manufacturers' stocks dropped of the household durable goods market has back to only a tenth above the low level been extreme. Operating to some extent to reached in 1958. In some lines, such as offset these factors in recent years have been television, stocks held by manufacturers mechanical and other improvements in the and their wholesale distributors account control of inventories and the speeding of for about half of total inventories of deliveries from suppliers. these products in retail and wholesale channels. By February of this year manufac- Price reductions have become increasingly turers' stocks of major home goods had important this year, although often not fully reached the advanced levels prevailing in reflected in the price indexes. Also, selling 1956 and 1957. Retailers' stocks also rose emphasis on the more expensive lines of further and by summer were higher in rela- merchandise has diminished. These develoption to sales than in 1957. By autumn, how- ments, and the recent decline in production, ever, the expansion in total stocks of major have contributed to the improved relationhome goods had been checked. ship between output and sales this autumn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, FirstHalfofl 960 GROSS OPERATING EARNINGS of all mem- an increase in operating expenses, and net ber banks advanced to $4,388 million in the current earnings before income taxes rose first half of I960, which was $539 million or 19 per cent to $1,650 million.1 Losses from 14 per cent higher than in the first half of nonoperating transactions were smaller in 1959. This growth was offset only in part by the recent period than a year earlier. Although larger taxes on net income offset some of this decline, net profits rose $223 NOTE.—This article was prepared by Theodore A. Veenstra, Jr., of the Board's Division of Bank Opera- million to $821 million. tions. On an annual basis the ratio of net profits aNet current earnings are gross current operating earnings less gross current operating expenses, before to average total capital accounts rose from adjustments for losses, profits on sales of securities, 7.6 per cent in the first half of 1959 to 9.9 recoveries, and transfers to and from valuation reper cent in the first half of this year. Cash serves, and before taxes on net income. MEMBER BANK EARNINGS [Amounts in millions of dollars] 1956 1957 1958 1959 1960 First Second First Second First Second First Second First half half half half half half half half half Earnings 2,930 3,148 3,262 3,509 3,515 3,612 3,850 4,225 4,388 On U. S. Government securities 553 547 571 596 633 633 702 697 695 On other securities 151 156 160 179 200 212 217 228 230 On loans 1,773 1.952 2,023 2,185 2,130 2,197 2,346 2,675 2,823 Service charges on deposit accounts 151 159 172 182 191 197 207 214 228 Other earnings 301 333 335 366 361 373 377 411 412 Expenses 1,754 1,926 2,022 2,200 2,240 2,377 2,463 2,676 2,738 Salaries and wages 820 915 892 986 951 1,030 1,010 1,109 1,091 Interest on time deposits.. 304 346 440 487 549 574 616 664 694 Taxes other than income., 79 78 86 87 93 93 104 107 119 Other expenses 551 587 605 641 646 681 734 797 834 Net current earnings before income taxes 1,176 1,223 1,240 1,308 1,275 1,235 1,386 1,549 1,650 Net of profits and recoveries (+), losses and charge-offs, and changes in valuation reserves 170 484 181 304 +245 149 379 525 168 Profits and recoveries (-f), losses and charge-offs: On securities* 74 252 60 151 +503 +31 395 397 73 On loans * 33 48 18 40 14 34 9 28 43 Other 11 20 19 24 26 15 16 Net increase (or decrease, -+) in valuation reserves: On securities + 15 + 17 2 + 13 146 43 +46 3 On loans 70 191 81 106 74 79 130 42 Profits before income taxes 1,006 738 1,059 1,004 1,520 1,085 1,008 1,024 1,482 Taxes on net income 462 255 491 404 692 456 411 364 661 Net profits 544 483 568 600 828 629 597 660 821 Cash dividends declared2 253 294 281 323 307 339 325 364 349 Number of banks (end of period). 6,499 6.462 6,438 6,393 6,354 6,312 6,279 6,233 6,212 1 Includes recoveries credited and losses charged either to un- from valuation reserves. divided profits or to valuation reserves and excludes transfers to and 2 Includes interest on capital notes and debentures. 1224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, FIRST HALF OF 1960 1225 dividends amounted to $349 million, $24 PROFITS, RECOVERIES, LOSSES, AND million more than the total in the first half TRANSFERS TO VALUATION RESERVES of 1959. Nonoperating transactions reduced net profits in the first half of 1960 by $168 million. Transactions in securities accounted for $76 EARNINGS million of the reduction, loans for $85 mil- Earnings on loans and on securities other lion, and all other assets for $8 million. The than U. S. Government securities were $477 total and the securities portion were both million and $13 million larger, respectively, much less than in the first half of 1959. In than in the first half of 1959. Earnings on that period transactions in securities ac- U. S. Government securities, on the other counted for $301 million of the reduction hand, were slightly lower. in net profits, loans for $63 million, and Average rates of return on both loans and other assets for $15 million. In the first six investments increased from the first half of months of 1960, member banks increased 1959 to the first half of this year. The avtheir valuation reserves on loans and securierage rate on loans rose from 5.48 to 5.91 ties by $45 million. per cent, on U. S. Government securities from 2.69 to 3.13 per cent, and on other INCOME TAXES securities from 2.62 to 2.88 per cent. Average holdings of loans in the first half of Reflecting the rise in profits before income 1960 were $9.8 billion larger than in the taxes, member banks increased their profirst half of 1959, but average holdings of visions for taxes on net income by $251 mil- U. S. Government securities were $7.9 bil- lion in the first half of 1960 as compared lion less. with the first half of 1959. In the recent period they set aside $661 million, or about 45 per cent of profits, as provision for in- EXPENSES come taxes. All items of member bank expenses rose in the first half of 1960, and gross operating CASH DIVIDENDS expenses before taxes on net income totaled $2,738 million, 11 per cent more than in Member banks distributed 43 per cent of the first half of 1959. Salaries and wages their net profits after taxes in dividends durcontinued to be the major expense item, ac- ing the first half of 1960. This was a smaller counting for about 40 per cent of total ex- percentage than they had distributed a year penses. Interest paid on time deposits ac- earlier. Dividends declared represented an counted for 25 per cent of total expenses. annual yield of 4.2 per cent on average total The average level of these deposits was only capital accounts, unchanged from the first slightly higher than a year earlier, but the half of 1959. average rate of interest paid continued to Details of earnings and expenses in the increase, to 2.56 per cent, as compared first half of 1960 and for each half of 1959 to 2.28. are shown on page 1294 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Reserves of Member Banks Absorption of Small Amounts of The Board of Governors amended the Supple- Exchange Charges ment to Regulation D, pertaining to reserves re- In an interpretation of August 4, 1960, published quired to be maintained with the Federal Reserve at page 858 of the August 1960 Federal Reserve Banks by member banks, so as to reduce the ef- BULLETIN, the Board expressed the opinion that fective reserve requirements against net demand any absorption by member banks of exchange deposits. The amendment also permits all memcharges would constitute the payment of interest ber banks to count all of their currency and coin on demand deposits, including an arrangement in partial compliance with their reserve requirewhereby a member bank maintained a balance ments. There is set forth below the text of the with another bank in return for which such other amended Supplement: bank directly or indirectly absorbed for it exchange charges made by drawee banks. SUPPLEMENT TO REGULATION D The Board has been asked to reconsider the § 204.5 SUPPLEMENT application of the interpretation in certain situa- Effective as to all member banks at the opening of business on November 24, 1960, except as otherwise tions said to involve relatively small amounts of indicated. exchange charges and those where the cost of collection is said to exceed the amount of the (a) Reserve percentages. Pursuant to the provisions of Section 19 of the Federal Reserve Act and charges. The Board of Governors, the Comp- § 204.2(a), but subject to paragraph (b) of this sec- troller of the Currency, and the Federal Deposit tion, the Board of Governors of the Federal Reserve Insurance Corporation have decided to undertake System hereby prescribes the following reserve balances which each member bank of the Federal Reserve a study to obtain additional information. In con- System is required to maintain on deposit with the nection therewith, a survey will be made of a Federal Reserve Bank of its district: number of institutions in each Federal Reserve (1) If not in a reserve or central reserve city— District on a spot-check basis. (i) 5 per cent of its time deposits, plus (ii) 12 per cent of its net demand deposits. Further consideration will be given the subject (2) If in a reserve city (except as to any bank in the light of the findings of the survey. In the located in such a city which is permitted by the meantime, and as a tentative authorization, to be Board of Governors of the Federal Reserve System, pursuant to § 204.2(a) (2), to maintain the applicable only during the pendency of the study reserves specified in subparagraph (1) of this and the reaching of a final determination, member paragraph)— banks are authorized to absorb exchange charges (i) 5 per cent of its time deposits, plus in amounts aggregating not more than $2 for any (ii) 16Vi per cent of its net demand deone depositor in any calendar month or any reguposits. larly established period of 30 days. (3) If in a central reserve city (except as to any bank located in such a city which is per- Member banks, both State and national, will be mitted by the Board of Governors of the Federal expected to conform to the August 4, 1960, inter- Reserve System, pursuant to § 204.2(a) (2), to pretation as herein modified. maintain the reserves specified in subparagraph (1) or (2) of this paragraph)— (i) 5 per cent of its time deposits, plus (ii) 17Vi per cent of its net demand de- Orders Under Section 3 of the Bank posits until the opening of business on Holding Company Act December 1, 1960, and 16Vi per cent of its net demand deposits thereafter. The Board of Governors of the Federal Reserve (b) Counting of currency and coin. The amount of System, on September 27, November 4, and Noa member bank's currency and coin shall be counted vember 10, 1960, issued the following Orders and in partial compliance with the reserve requirements of paragraph (a) of this section. Statements with respect to applications by three 1226 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1227 holding companies for approval of the acquisition The First National Bank of Perry, Perry, of voting shares of certain banks: Iowa Poweshiek County National Bank of BRENTON COMPANIES, INC. Grinnell, Grinnell, Iowa In the Matter of the Applications of Brenton Com- is hereby approved, provided that such acquisition panies, Inc. for prior approval of acquisition of is completed within three months from the date voting shares of Brenton State Bank, Dallas Cen- hereof. ter, Iowa; Jefferson State Bank, Jefferson, Iowa; Dated at Washington, D. C, this 27th day of The First National Bank of Perry, Perry, Iowa; September 1960. Poweshiek County National Bank of Grinnell, By order of the Board of Governors. Grinnell, Iowa. Voting for this action: Chairman Martin and Governors Balderston, Szymczak, Mills, Robertson, and Shepardson. Absent and not voting: Governor King. ORDER APPROVING APPLICATIONS UNDER (Signed) MERRITT SHERMAN, BANK HOLDING COMPANY ACT [SEAL] Secretary. There having come before the Board of Governors pursuant to Section 3(a) (2) of the Bank STATEMENT Holding Company Act of 1956 (12 USC 1843) Brenton Companies, Inc., Des Moines, Iowa and Section 4(a)(2) of the Board's Regulation ("Applicant"), a bank holding company, has ap- Y (12 CFR 222.4(a)(2)), applications on beplied, pursuant to Section 3 (a) (2) of the Bank half of Brenton Companies, Inc., Des Moines, Holding Company Act of 1956 ("the Act"), for Iowa, for the Board's prior approval of the acthe Board's prior approval of the acquisition of quisition of 25 per cent of the outstanding voting 25 per cent of the outstanding voting shares of shares of the following four banks: the following four banks: Brenton State Bank, Dallas Center, Iowa Brenton State Bank, Dallas Center, Iowa Jefferson State Bank, Jefferson, Iowa Jefferson State Bank, Jefferson, Iowa The First National Bank of Perry, Perry, The First National Bank of Perry, Perry, Iowa Iowa Poweshiek County National Bank of Poweshiek County National Bank of Grinnell, Grinnell, Iowa Grinnell, Grinnell, Iowa a Notice of Tentative Decision referring to a Views and recommendations of the Comptroller Tentative Statement on said applications having of the Currency and Superintendent of Banking. been published in the Federal Register on Sep- As required by Section 3(b) of the Act, the Board tember 7, 1960 (25 Federal Register 8626); the forwarded notice of the applications concerning said Notice having provided interested persons the two national banks to the Comptroller of the an opportunity, before issuance of the Board's Currency and notice of the applications concernfinal order, to file objections or comments upon ing the two State banks to the Superintendent of the facts stated and the reasons indicated in the Banking for the State of Iowa. The Comptroller Tentative Statement; and the time for filing such responded by recommending approval of each of objections and comments having expired and no the national bank applications. The Superinsuch objections or comments having been filed; tendent of Banking responded by recommending IT IS HEREBY ORDERED, for the reasons set forth favorable action concerning each of the State in the Board's Statement of this date, that the said bank applications. applications be and hereby are granted, and the Statutory factors. Section 3(c) of the Act reacquisition by Brenton Companies, Inc. of 25 per quires the Board in each instance to take into cent of the outstanding voting shares of the folconsideration the following five factors: (1) the lowing four banks: financial history and condition of the holding Brenton State Bank, Dallas Center, Iowa company and bank concerned; (2) their pros- Jefferson State Bank, Jefferson, Iowa pects; (3) the character of their management; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1228 FEDERAL RESERVE BULLETIN • NOVEMBER 1960 (4) the convenience, needs, and welfare of the which, while not having offices in that area, and communities and area concerned; and (5) whether presently not serving the area to any material exor not the effect of the acquisition would be to tent, are, however, so located geographically that expand the size or extent of the bank holding they are potential competitors. company system involved beyond limits consistent Since the proposed acquisition would not seem with adequate and sound banking, the public in- to result in any substantial change in the operaterest, and the preservation of competition in the tion of the banks involved, it does not appear field of banking. that the proposed acquisition would have any Discussion. The proposal to acquire the voting material effect on the convenience, needs, and control of 25 per cent of the voting shares of each welfare of the communities and areas concerned. of the four banks here involved was prompted by Similarly, it does not appear that the acquisition an interpretation of the Board in December 1959 proposed would have any significant effect upon (Federal Reserve BULLETIN, December 1959, p. banking competition or that they would expand 1475) to the effect that Brenton Companies was the size or extent of banking resources under in violation of Section 4(a)(2) of the Act in that Applicant's control beyond limits consistent with it was "furnishing services to or performing serv- adequate and sound banking, the public interest, ices for" the four banks named, such activity not and the preservation of competition in the field being permissible since the holding company of banking. owned or controlled less than 25 per cent of the Conclusion. The above views were incorpovoting shares of each bank receiving the services. rated in the Tentative Statement issued in connec- It appears that, while the Applicant itself now tion with the Notice of Tentative Decision pubowns or controls less than 25 per cent of the stock lished in the Federal Register on September 7. of each of the four banks, a majority of the stock 1960 (25 Federal Register 8626), affording inof each of the banks has been owned since before terested persons an opportunity to submit comthe passage of the Bank Holding Company Act by ments on, or objections to, the Board's proposed the Applicant and individual stockholders who are action. No comments or objections were received. members of the Brenton family and who also own Viewing the relevant facts in the light of the a majority of the stock of the Applicant. It is general purposes of the Act and the factors enucontemplated that the proposed acquisition by Ap- merated in Section 3(c), it is the judgment of the plicant of additional stock of the banks will be Board that the proposed acquisition would be conaccomplished by means of a voting trust agree- sistent with the statutory objectives and the public ment to be executed by the Applicant and one interest and that the applications should be apof the major individual stockholders. A Memo- proved. randum of Agreement as to each of the banks provides that the Applicant shall continue to pro- MARINE MIDLAND CORPORATION vide management services in the same manner and In the Matter of the Application of Marine Midupon the same terms as heretofore. land Corporation, Buffalo, New York for prior The financial history and condition, prospects, approval of acquisition of voting shares of The and management of both Applicant and each of First National Bank of Poughkeepsie, Poughthe four banks are satisfactory. keepsie, New York. Each of the four banks is located in a small farming community with the business of the bank ORDER APPROVING APPLICATION UNDER originating in the rural area of the town of its BANK HOLDING COMPANY ACT domicile and the surrounding agricultural area There having come before the Board of Govwithin a radius varying from 5 to 20 miles. There ernors pursuant to Section 3 (a) (2) of the Bank is a nonsubsidiary bank in the primary service Holding Company Act of 1956 (12 USC 1843) area of each of the four banks, except that of the and Section 4(a)(2) of the Board's Regulation Brenton State Bank, Dallas Center, Iowa. In Y (12 CFR 222.4(a)(2)), an application on beaddition, the primary service area of each of the half of Marine Midland Corporation, Buffalo, four banks is surrounded by a number of banks New York, for the Board's prior approval of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1229 acquisition of all the voting shares of The First cerned; and (5) whether or not the effect of the National Bank of Poughkeepsie, Poughkeepsie, acquisition would be to expand the size or extent New York; a Notice of Receipt of Application of the bank holding company system involved having been published in the Federal Register beyond limits consistent with adequate and sound on August 11, 1960 (25 Federal Register 7662); banking, the public interest, and the preservation the said Notice having provided interested per- of competition in the field of banking. sons an opportunity, before issuance of the Board's Discussion. Marine presently controls ten final order, to file comments and views regarding banks, all in New York State, with 173 offices the proposed acquisition; and no such comments and total deposits of about $2 billion. Bank is or views having been filed; located in Poughkeepsie, the county seat of IT IS HEREBY ORDERED, for the reasons set Dutchess County, about 72 miles north of New forth in the Board's Statement of this date, that York City on the east bank of the Hudson River. the said application be and hereby is granted, and With total deposits of about $49.7 million, Bank the acquisition by Marine Midland Corporation is the largest commercial bank in the County. of all the voting shares of The First National Bank The financial history and condition, prospects, of Poughkeepsie, Poughkeepsie, New York, is and management of both Marine and Bank are hereby approved, provided that such acquisition satisfactory. is completed within three months from the date Considerations relating to the "convenience, hereof. needs, and welfare of the communities and area Dated at Washington, D. C, this 4th day of concerned" lend little support for, but would not November, 1960 be inconsistent with, approval of the application. There is some suggestion that the acquisi- By order of the Board of Governors. tion of Bank by Marine would provide Bank's Voting for this action: Chairman Martin, and Govcommunity with additional banking services. Howernors Balderston, Szymczak, Mills, Robertson, Shepardson, and King. ever, there is no evidence that Bank is not now providing adequate banking services. (Signed) MERRITT SHERMAN, [SEAL] Secretary. An additional judgment required of the Board by Section 3(c) of the Act is whether the effect STATEMENT of the proposed acquisition would be to expand The Marine Midland Corporation, Buffalo, New the size or extent of Marine's holding company York ("Marine"), a bank holding company, has system beyond limits consistent with adequate and applied, pursuant to Section 3(a) (2) of the Bank sound banking, the public interest, and the pres- Holding Company Act of 1956 ("the Act"), for ervation of competition in the field of banking. the Board's prior approval of the acquisition of The proposed acquisition would not appear to all the voting shares of The First National Bank result in any significant lessening of existing comof Poughkeepsie, Poughkeepsie, New York petition between Bank and Marine's present sub- ("Bank"). sidiaries, the nearest office of which is located Views and recommendations of the Comptroller about 40 miles from Bank. of the Currency. As required by Section 3(b) of Bank's primary service area is regarded as a the Act, the Board forwarded notice of the appli- semicircle with a radius of about 10 miles from cation to the office of the Comptroller of the Cur- Bank's main office and with its western boundary rency. The Comptroller responded by recombeing the Hudson River. Bank is by far the mending approval of the transaction. largest of four commercial banks in the primary Statutory factors. Section 3(c) of the Act re- service area. However, a mutual savings bank quires the Board to take into consideration the in Poughkeepsie, one of two such banks in the following five factors: (1) the financial history area, is much larger than Bank and it appears and condition of the holding company and bank appropriate to consider competition afforded by concerned; (2) their prospects; (3) the character mutual savings banks as well as by commercial of their management; (4) the convenience, needs, banks. The following tabulation shows Marine's and welfare of the communities and area con- percentages of offices and deposits (both total de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1230 FEDERAL RESERVE BULLETIN • NOVEMBER 1960 posits and deposits of individuals, partnerships ORDER APPROVING APPLICATION UNDER and corporations, "IPC" deposits) in various areas BANK HOLDING COMPANY ACT before and after the proposed acquisition, both There having come before the Board of Govas to commercial banks and all banks: ernors pursuant to Section 3 (a) (2) of the Bank Holding Company Act of 1956 (12 USC 1843) Per cent of and Section 4(a)(2) of the Board's Regulation Y (12 CFR 222.4(a)(2)), an application on behalf Deposits of Baystate Corporation, Boston, Massachusetts, Banking Offices for the Board's prior approval of the acquisition Total IPC of up to 100 per cent of the voting shares of P a r t c i o q o . r A ac ft q e . r P a r t c i o q o . r A ac ft q e . r P a r t c i o q o . r A ac ft q e . r b M o a ro n u u g fa h c , tu N r o e r rs th A N t a t t l i e o b n o a r l o , B M a a n s k s ac o h f u s N et o ts r ; t h a N A o t t t i l c e e of Receipt of Application having been published Pri C m o a m ry m s e e r r c v ia ic l e b a a n re k a s : 33.3 55.2 58.3 in the Federal Register on August 3, 1960 (25 All banks 27.3 25.8 25.3 Federal Register 7289), which provided inter- Dutchess County: Commercial banks... 14.3 36.3 38.6 ested persons an opportunity to file comments All banks 11.1 17.5 17.3 Third Banking District: and views regarding the proposed acquisition; Commercial banks... 2.1 3.6 1.7 5.0 1.8 5.3 All banks 1.8 3.1 1.1 3.2 1.1 3.2 and the time for filing such comments and views State of New York: Commercial banks... 10.0 10.1 5.0 5.1 5.6 5.7 having expired and no such comments or views All banks 8.6 8.8 3.3 3.4 3.3 3.4 having been filed; IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that In the light of all relevant considerations, it is the said application be and hereby is granted, the Board's judgment that the proposed acquisiand the acquisition by Baystate Corporation of tion would not expand the size or extent of Maup to 100 per cent of the voting shares of Manurine's holding company system beyond limits confacturers National Bank of North Attleborough, sistent with adequate and sound banking, the North Attleboro, Massachusetts, is hereby appublic interest, and the preservation of competiproved, provided (1) that such acquisition is tion in the field of banking. completed within three months from the date Conclusion. Notice of Receipt of the Applihereof, and (2) that no action be taken by Baycation was published in the Federal Register on state Corporation, Boston, Massachusetts, the First August 11, 1960 (25 Federal Register 7662) af- National Bank of Mansfield, Mansfield, Massachufording interested persons an opportunity to sub- setts, or Manufacturers National Bank of North mit comments and views regarding the proposed Attleborough, North Attleboro, Massachusetts, acquisition. No comments or views were received. that will result in the termination of the corporate Viewing the relevant facts in the light of the existence of either Manufacturers National Bank general purposes of the Act and the factors enu- of North Attleborough or the First National merated in Section 3(c), it is the judgment of the Bank of Mansfield as a separate, functioning Board that the proposed acquisition would be con- banking institution within 60 days following the sistent with the statutory objectives and the pub- date of this order. lic interest and that the application should be ap- Dated at Washington, D. C, this 10th day of proved. November, 1960. BAYSTATE CORPORATION By order of the Board of Governors. In the Matter of the Application of Bay state Cor- Voting for this action: Governors Balderston, Szymporation, Boston, Massachusetts for prior approval czak, Mills, Robertson, and Shepardson. Absent and not voting: Chairman Martin and Governor King. of acquisition of voting shares of Manufacturers National Bank of North Attleborough, North At- (SIGNED) MERRITT SHERMAN, tleboro, Massachusetts [SEAL] Secretary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1231 LAW DEPARTMENT STATEMENT concerned" lends little support for, but would not be inconsistent with, approval of the application. Baystate Corporation, Boston, Massachusetts There is some suggestion that the acquisition by ("Baystate"), a bank holding company, has ap- Baystate would provide Bank's community with plied, pursuant to Section 3(a)(2) of the Bank expanded services in the field of consumer and Holding Company Act of 1956 ("the Act"), for instalment credit. However, Bank apparently has the Board's prior approval of the acquisition of been serving the convenience and needs of its up to 100 per cent of the voting shares of Manucommunity and area fairly adequately. facturers National Bank of North Attleborough, An additional judgment required of the Board North Attleboro, Massachusetts ("Bank"). by Section 3(c) of the Act is whether the effect Views and recommendations of the Comptroller of the proposed acquisition would be to expand of the Currency. As required by Section 3(b) the size or extent of Baystate's holding company of the Act, the Board forwarded notice of the system beyond limits consistent with adequate and application to the office of the Comptroller of the sound banking, the public interest, and the pres- Currency. The Comptroller responded by rec- ervation of competition in the field of banking. ommending approval of the transaction. Bank's primary service area encompasses an Statutory factors. Section 3(c) of the Act re- area surrounding North Attleboro within a radius quires the Board to take into consideration the of approximately eight miles and includes portions following five factors: (1) the financial history of the northwestern corner of Bristol County, the and condition of the holding company and bank southwestern corner of Norfolk County, and the concerned; (2) their prospects; (3) the character northeastern corner of Providence County, Rhode of their management; (4) the convenience, needs, Island. and welfare of the communities and area con- In the designated primary service area there are cerned; and (5) whether or not the effect of the nine commercial banking offices and three mutual acquisition would be to expand the size or extent savings bank offices. Three banks in the primary of the bank holding company system involved service area are larger than Bank (two commercial beyond limits consistent with adequate and sound and one savings bank). Baystate presently has banking, the public interest, and the preservation one subsidiary in the primary service area, First of competition in the field of banking. National Bank of Mansfield ("National"). A Discussion. Baystate presently controls nine relatively large subsidiary of Baystate, Norfolk banks in Massachusetts with 97 banking offices County Trust Company, Brookline, with 22 bankand total deposits of $500 million. ing offices and $82,384,000 of deposits of indi- Bank (total deposits $8,490,000) is located in viduals, partnerships and corporations (IPC de- North Attleboro, Massachusetts, a town with a posits), is located in Norfolk County; however, population of about 13,000 in Bristol County in no offices of that bank are located in the designated the southern part of the State, some 12 miles primary service area. It appears that only about from Providence, Rhode Island, and 32 miles from 2.5 per cent of Bank's demand IPC deposits and Boston. North Attleboro is a highly industrialized a negligible percentage of its time IPC deposits community with emphasis on the manufacturing originate in Mansfield, and that, similarly, only of jewelry and related products. The area served a negligible amount of National's IPC deposits by the Bank is well diversified in manufacturing, originate in North Attleboro. servicing, distributing, and other economic ac- It is appropriate to consider competition aftivities. forded by mutual savings banks as well as by The financial history and condition, prospects, commercial banks in connection with the fifth and management of both Baystate and Bank are factor. The following tabulation shows the persatisfactory. centages of bank offices and bank deposits con- A consideration of the factor "convenience, trolled by Baystate in various areas both before needs, and welfare of the communities and area and after the proposed acquisition. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1232 FEDERAL RESERVE BULLETIN • NOVEMBER 1960 banking offices and 5.6 per cent of the total de- Per cent of1 posits in Massachusetts but has no banking offices in the designated primary service area or in Bristol Deposits Banking County. It has one bank (with no branches) in offices Norfolk County holding 1.2 per cent of the offices Total IPC and 1.4 per cent of the deposits of all banks in the Before After Before After Before After county. The two bank holding company groups combined control 19.4 per cent of the offices and Primary service area: 10.3 per cent of the deposits of all banks in the Commercial State. banks 11.1 22.2 8.8 25.2 8.7 25.2 All banks 8.3 16.7 5.2 15.0 4.9 14.1 In the light of all relevant considerations, it is Bristol County: Commercial the Board's judgment that the proposed acquisibanks 3.8 7.7 2.1 5.9 2.0 5.8 tion would not expand the size or extent of Bay- All banks 2.4 4.8 .8 2.3 .7 2.1 state's holding company system beyond limits Bristol and Norfolk Counties: consistent with adequate and sound banking, the Commercial banks 27.7 28.9 21.7 23.5 21.1 22.9 public interest, and the preservation of competi- All banks 18.5 19.4 9.4 10.2 8.5 9.2 tion in the field of banking. State of Massachusetts: Conclusion. Notice of Receipt of the Applica- Commercial banks 18.9 19.1 9.7 9.9 8 tion was published in the Federal Register on All banks 12.0 12.1 4.7 4.8 August 3, 1960 (25 Federal Register 7289), 1 Percentages for the State of Massachusetts are as of the end affording interested persons an opportunity to of 1959. Percentages for other relevant areas are as of June, 1960. submit views and comments regarding the pro- Percentages of deposits for primary service area and for Bristol and Norfolk Counties are overstated because deposits of some offices are posed acquisition. No views or comments were not available from published sources, and therefore are not included in the totals on which Baystate's percentages are computed. received. 2 Not readily available. Viewing the relevant facts in the light of the The Board finds that the proposed acquisition general purposes of the Act and the factors enuwould not give Baystate a dominant position in merated in Section 3(c), it is the judgment of the the area involved and that there would not be any Board that the proposed acquisition would be significant amount of competition eliminated. consistent with the statutory objectives and the Another bank holding company group operat- public interest and that the application should be ing in Massachusetts controls 7.4 per cent of the approved. Current Events and Announcements AMENDMENT TO REGULATION D MONEY SUPPLY FIGURES On October 26, 1960, the Board of Governors of A new table showing money supply and related the Federal Reserve System amended its Regula- data is introduced on page 1245 of this BULLETIN. tion D, relating to bank reserves and reserve re- Money supply figures are also available in a semiquirements. Details concerning the changes are monthly release (J.3) from the Division of Adgiven in the "Law Department" section of this ministrative Services, Board of Governors of the BULLETIN. Federal Reserve System, Washington 25, D. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication November 16 Industrial production showed little change in set by increases in freight and passenger equip- October and new construction activity declined ment and farm machinery. slightly while retail sales increased. Total em- Iron and steel production was unchanged in ployment declined and unemployment rose. October at 72 per cent of the 1957 average. Commercial bank credit increased, and the Curtailments occurred in output of some other money supply rose slightly. In mid-November, metals and fabricated products, however, and common stock prices were higher than a month output of construction materials, textiles, and earlier. chemicals declined further. In early November, steel mill operations declined more than sea- INDUSTRIAL PRODUCTION sonally. Industrial production in October was 107 per cent of the 1957 average—the same as in Sep- CONSTRUCTION tember and 3 per cent below the average of The total value of new construction put in the first half of 1960. Output of consumer goods place declined slightly further in October. A and business equipment was maintained in Oc- continued decline in private residential buildtober and the further decline that occurred in ing outlays was not quite offset by additional production of materials was small. increases in expenditures for industrial and com- Among consumer goods, reductions in out- mercial building and an advance in highway conput of television sets, radios, and appliances— struction activity. owing in part to strikes—were about offset by a further rise in auto production. Current sched- EMPLOYMENT ules indicate a decline in auto assemblies in Seasonally adjusted nonfarm employment de- November. Output of apparel was maintained clined somewhat in October. Decreases were in October at the reduced September level, and concentrated in manufacturing industries, and production of consumer staples increased slightly. were particularly sharp in the machinery indus- Activity in business equipment lines remained tries owing in part to strikes. Employment conat a near record rate as moderate decreases in tinued to increase in State and local government, industrial and commercial equipment were offbut changed little in most manufacturing industries. Unemployment, which usually declines in INDUSTRIAL PRODUCTION October, rose 200,000 to 3.6 million; the sea- 1957 = 100 sonally adjusted rate was 6.4 per cent, compared with 5.7 per cent in September. DISTRIBUTION Retail sales rose 2 per cent in October to about the advanced May-June rate. The increase for auto dealers was particularly marked following introduction of the 1961 models but sales also expanded at most other categories of stores. Sales of new domestic autos, including a large number of 1960 models at reduced prices, reached a seasonally adjusted annual rate of 6.4 million, about » / DURABLE \ V / MANUFACTURE — S ! \ j r " the same as the second quarter average. Dealer stocks of new autos increased somewhat less than 1956 1958 seasonally, but were at a record high for this Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for October. time of year. 1233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1234 FEDERAL RESERVE BULLETIN • NOVEMBER 1960 COMMODITY PRICES reserves were somewhat higher. During the four weeks ending November 9, reserves were The wholesale commodity price index showed supplied principally by an increase of $750 millittle change in late October and early Novemlion in Federal Reserve holdings of U. S. Govber, and remained close to the year-earlier level. ernment securities. Reserves were absorbed Prices of such basic industrial materials as steel mainly by a gold outflow of $490 million. Rescrap, rubber, hides, and textiles declined furquired reserves increased substantially. ther in the recent period. Average prices of farm products and foods changed little, in con- SECURITY MARKETS trast to the customary seasonal decline. Yields on corporate and State and local government bonds declined slightly between mid- BANK CREDIT AND RESERVES October and mid-November. The yield on 91- Total commercial bank credit increased $2.5 day Treasury bills fell in late October to 2.07 billion further in October reflecting mainly addi- per cent, a new low for the year, but then rose tions to bank holdings of U. S. Government secu- in the first half of November to 2.52 per cent. rities at the time of the Treasury's financing After declining slightly in late October, yields operations. Total loans declined. The seasonally on intermediate- and long-term Government seadjusted money supply, on a daily average basis, curities increased again in the first half of Noincreased slightly further from September to Oc- vember. tober. Seasonally adjusted turnover of demand In early November the Treasury conducted an deposits declined. exchange refunding of two issues maturing at Member bank borrowings from the Federal midmonth. Investors accepted $9,100 million of Reserve averaged about $160 million and ex- 3*/4 per cent 15-month notes and $1,213 milcess reserves $630 million over the four weeks lion of 33A per cent 5Vi year bonds. About $531 ending November 9. Borrowings were about the million of the two maturing issues will be resame as in the previous four weeks while excess deemed in cash. RETAIL TRADE INTEREST RATES 1947 - 49 = 100 RETAIL SALES DEPARTMENT STORES LONG-TERM GOVERNMENT SECURITIES STOCKS »V«V J L_ 1956 1958 1960 1958 1960 Discount rate, range or level for all F. R. Banks. Weekly Federal Reserve indexes, seasonally adjusted; retail sales average market yields for U. S. Government bonds maturing based on Department of Commerce data. Monthly figures; in 10 years or more and for 90-day Treasury bills. Latest latest for stocks is September, for other series, October. figures shown are for week ending November 11. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 1236 Reserve Bank discount rates; margin requirements; reserve requirements. 1240 Federal Reserve Banks 1242 Currency in circulation, money supply; bank debits . . 1244 All banks: consolidated statement of monetary system; deposits and currency. 1246 All banks, by classes . . 1247 Commercial banks, by classes. . . . 1250 Weekly reporting member banks. 1252 Business loans 1255 Interest rates . . ... 1256 Security prices; stock market credit; open market paper. 1257 Savings institutions . . 1258 Business finance 1260 Security issues 1262 Federal finance 1263 Federal business-type activities. 1268 Real estate credit 1269 Short- and intermediate-term consumer credit. 1272 Industrial production. 1276 Selected indexes on business activity. 1282 Construction 1282 Employment and earnings. 1284 Department stores 1286 Foreign trade .... 1287 Wholesale and consumer prices 1288 National product and income series. 1290 Flow of funds, saving, and investment 1292 Earnings of member banks, by classes, 1959 and first half of 1960 1294 Index to statistical tables 1317 Tables on the following pages include the prin- the basis of material collected by other agencies; cipal statistics of current significance relating figures for gold stock, currency in circulation, to financial and business developments in the Federal finance, and Federal credit agencies are United States. The data relating to Federal obtained from Treasury statements; the remain- Reserve Banks, member banks of the Federal ing data are obtained largely from other sources. Reserve System, and department store trade, Back figures for 1941 and prior years for bankand the consumer credit estimates are derived ing and monetary tables, together with descripfrom regular reports made to the Board; pro- tive text, may be obtained from the Board's duction indexes are compiled by the Board on publication, Banking and Monetary Statistics. 1235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1236 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 r r i t o e d T U o . t S a . l G B o r o o v i u g u t h t g - s t h e t cu u r c a H r e h n i g t p e d a r i l u e e s e d s e e r r - - c v D o a a a u n i n d s n - c - d e ts s Float Total i s G to o c ld k T r s c o t e u i r a u n u n r e n r g t c y a - - d y s - - r c C t e c u i i n i u o n l r c a n r - y - - T h c i u n o r a r e l g s d y a h s - s- T u w r r e i y a th s- r F es F . e e i o R g r r v n . - es B , a O n t k h s er c O F o a . t u c h - R n e t r . s Total* re B F s W e a . r n i v R t k h e . s s A c a a l i l b s n o h l w e 3 ment Areraget of daily figures 1929—June... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June... 1,933 1,933 250 12 2,208 4,030 2>5 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 2,219 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec.... 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 I947_Dec.. 21,905 21,905 268 68122,858 22,712 4,556 28,937 1,330 967 1,016 614 17,261 17,261 1950—Dec.. 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec.. 23,409 23.310 99 657 1,37525,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec.. 24,400 23,876 524 1,633 1,26227,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec.. 25,639 25,218 421 448 1,01827,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec.. 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec.. 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec.. 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19.535 19,535 1957—Dec.. 23,982 23,615 367 716 1.44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec.... 26,312 26,216 96 564 1,49628,412 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 Sept 26,674 26,628 46 904 1,088 28,687 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 1,09428,741 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 ,34328,236 19,454 5,315 32,008 419 534 270 368 838 18,878 18,568 310 Feb 25,322 25,289 33 818 ,09827,276 19,429 5,323 31,580 445 515 214 406 921 18,213 17,947 266 Mar 25,310 25,261 49 637 ,06627,048 19,410 5,336 31,628 442 481 197 307 970 18,027 17,770 257 25,488 25,373 115 623 ,08227,227 19,386 5,344 31,713 419 554 185 353 890 18,104 17,843 261 May!'.'.'.'.'.'.'.'. 25,818 25,697 121 502 ,04327,393 19,356 5,349 31,726 415 534 194 331 937 18,239 17.962 277 June 26,124 26,118 6 425 ,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 ,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 Sept 26,653 26,546 107 233 ,17128,091 18,870 5,374 32,151 r400 516 216 393 962 18,570 17,697 873 27,056 26,929 127 170 ,23728,502 18,571 5,382 32,183 407 488 226 417 891 >18723 17,843 Oct Week ending: 1959 26,691 26,650 966 83628,515 19,525 5,276 31,935 400 561 260 333 ,260 18,566 18,566 Sept. 2 26,754 26,663 1,059 81928,656 19,523 5,274 32,107 401 430 275 341 ,259 18,640 18,640 9 26,737 26,643 1,060 1,01728,834 19,522 5,274 32,197 395 421 331 373 ,260 18,653 18,653 16 26,637 26,637 860 1,49929,016 19,513 5,278 31,984 390 632 298 420 ,264 18,819 18,819 23 26,563 26.563 722 1,09828,403 19,493 5,287 31,811 388 681 310 403 ,196 18,394 18,394 30 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 95628,667 19,489 5,290 32,096 387 474 326 464 ,197 18,501 18,501 21 26,402 26,402 824 1,41728,664 19,488 5,293 32,026 391 518 294 344 ,193 18,679 18,679 28 26,385 26,364 796 1,14928,353 19,486 5,297 31,873 396 530 297 335 ,136 18,568 18,568 Nov. 4 26,686 26,544 142 834 89728,443 19,585 5,299 31,924 404 471 293 397 ,127 18,711 18,711 11 26,763 26,574 189 916 94728,651 19,585 5,301 32,105 414 458 313 396 ,128 18,724 18,724 18 26,702 26,593 109 864 1,16528,758 19,583 5,303 32,235 414 478 304 362 ,204 18,647 18,647 25 26,682 26,652 30 829 1,31128,857 19,582 5,304 32,269 415 515 315 369 ,297 18,563 18,563 Dec. 2 26,871 26,843 28 875 1,08628,867 19,568 5,306 32,446 410 547 347 35 ,241 18,451 18,396 55 9 27,194 27,130 64 916 1,00329,153 19,505 5,310 32,601 405 487 362 338 ,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 1,818 29,883 19,467 5,312 32,924 387 523 365 331 ,195 19,274 18,937 337 30 26,829 26,787 4! 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 1,58629,318 19,456 5,313 32,524 407 582 348 553 843 19,141 18,831 310 13 26,395 26,339 915 1,26928,633 19,455 5,315 32,282 410 519 308 33: 840 19,029 18,713 316 20 25,622 25,620 918 1,51328,098 19,455 5,316 31,910 424 494 231 326 836 18,963 18,648 315 27 25,450 25,450 776 1,103 27,370 19,454 5,315 31,650 424 519 217 332 836 18,476 18,161 315 Feb. 3 25,447 25,442 811 1,10827,406 19,445 5,319 31,565 436 510 239 333 834 18,537 18,25: 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 1,16 27,535 19,432 5,323 31,631 451 591 224 522 896 18,250 17,974 276 24 25,253 25,253 620 1,32427,235 19,423 5,325 31,56f 445 529 206 439 1,008 18,061 17,793 268 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1237 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d 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 i g t p e a d r i l e u e s e d s e e r r - - c v D o a a a n u n i d s c d n - - e ts s j j | Float Total i s G to o c ld k T r s c o e t u i r a u n n u e r n r g 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- Tr u w e r a i y t s h - r F es . F e o e i r R - r g v . n es B , a O n t k h s er c O F o . a t u c h - R n e t r . s TotaP re B F s W e . a r n i v R t k h e . s s A c a l a i b l s n o l h w e ) ment Average* of daily figures Week ending: 1960 Mar. 2 25,212 25,154 58 794 1,06127,102 19,421 5,328 31,518 442 542 219 323 1,008 18,105 17,800 305 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-.S::::::: 25,284 25,264 20 735 89826,950 19,406 5,341 31,654 423 509 163 356 942 17,868 17,650 218 25,396 25,285 111 734 91027,073 19,394 5,342 31,826 417 465 200 349 917 17,870 17,634 236 20 25,701 25,417 284 561 1,39127,690 19,386 5,344 31,828 420 660 188 448 864 18,280 18,012 268 27 25,521 25,444 77 524 1,15927,234 19,373 5,346 31,581 417 553 186 275 857 18,392 18,083 309 25,660 25,557 103 552 95827,199 19,360 5,347 31,606 414 567 184 311 855 18,243 17,968 275 25,868 25,616 252 549 92427,371 19,359 5,348 31,723 419 504 184 314 854 18,306 18,081 225 18 25,761 25,627 134 555 1,13327,480 19,359 5,349 31,774 413 608 195 349 887 18,235 17,961 274 25 25,745 25,718 27 403 1,16127,338 19,353 5,350 31,684 415 547 202 290 1,034 18,168 17,868 300 June 1 25,968 25,941 27 436 99327,427 19,352 5,349 31,812 414 468 206 390 1,033 18,121 17,806 315 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 1,54428,135 19,346 5,354 31,927 412 550 225 437 970 18,602 18,315 287 29 26,129 26,129 412 1,16827,739 19,325 5,356 31,867 406 505 249 415 971 18,342 18,007 335 26,553 26,491 62 440 1,040 28,063 19,322 5,356 32,155 406 517 226 399 958 18,320 18,079 241 July ,!::::::: 26,613 26,517 96 341 1,138 28,120 19,282 5,356 32,361 406 422 214 380 935 18,349 18,041 308 20 26,556 26,416 140 429 1,423 28,437 19,251 5,357 32,199 409 548 209 374 884 18,762 18,422 340 27 26,599 26,522 77 351 1,087 28,065 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 18,272 319 10 27,099 26,806 293 293 82228,246 19,098 5,359 32,129 404 452 192 363 884 18,525 18,279 246 17 27,041 26,812 229 416 97628,469 19,039 5,363 32,184 409 555 190 386 904 18,564 18,243 321 24 26,992 26,772 220 193 1,01428,245 19,026 5,366 32,087 400 485 195 380 1,016 18,404 18,075 329 31 26,788 26,682 106 273 78827,882 19,006 5,370 31,980 395 487 225 384 1,014 18,466 17,772 694 Sept. 7 26,784 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 1,52728,189 18,828 5,376 32,171 403 551 224 379 936 18,635 17,729 906 28 26,539 26,456 83 244 1,24228,059 18,731 5,375 32,004 399 579 200 378 934 18,609 17,671 938 Oct. 5 27,028 26,836 192 219 1,096 28,385 18,671 5,377 32,049 403 467 213 443 936 18,759 17,922 837 12 27,268 27,136 132 168 1,090 28,568 18,615 5,380 32,276 408 474 202 430 932 18,640 17,840 800 19 27,036 27,036 95 1,453 28,621 18,586 5,382 32,304 413 489 215 393 864 18,839 17,909 930 26 26,760 26,681 "79 262 1,357 28,417 18,552 5,383 32,120 403 546 257 375 862^18,726 17,789 End of month 1960 Aug 26,76: 26,640 122 405 70727,907 19,005 5,368 32,027 388 481 204 432 1,013 18,430 17,735 695 Sept 2 27 7 , , 4 0 0 2 2 4 2 2 6 7 , , 8 02 0 5 8 2 3 1 7 6 7 1 1 8 9 1 3 1 1 , , 1 0 5 9 5 6 2 28 8 , , 7 4 2 0 9 2 *> 1 1 8 8 , , 6 4 8 0 5 2*> 5 5 ,3 ,3 7 8 8 8*> 3 3 2 2 , , 0 1 2 3 2 0 *> 3 4 9 0 6 3 4 4 8 3 9 7 2 25 2 1 3 4 47 5 7 6 9 8 3 6 6 5^1 1 8 8 , , 9 77 0 9 0 1 17 7 , , 9 9 5 4 6 2 P9 8 4 37 4 Oct Wednesday 1960 Sept. 7 26,723 26,640 83 177 83627,768 18,990 5,374 32,310 402 518 195 376 1,009 18,073 17,322 751 14 26,577 26,577 137 1,22727,972 18,939 5,375 32,220 401 431 224 371 929 18,615 17,709 906 21 26,382 26,382 90 1,25327,757 18,758 5,376 32,061 404 575 198 378 935 18,245 17,341 904 28 26,780 26,673 107 617 98728,417 18,697 5,375 31,972 404 554 184 382 936 18,996 18,058 938 Oct. 5 27,050 26,900 150 137 1,013 28,241 18,632 5,377 32,131 411 376 194 387 934 18,654 17,817 837 12 27,270 27,248 22 143 1,239 28,693 18,614 5,381 32,334 411 454 190 750 909 18,439 17,639 800 19 26,775 26,775 87 1,391 28,290 18,581 5,382 32,196 413 499 239 377 862 18,598 17,668 930 26 26,952 26,657 295 950 1,026 28,966 18,473 5,387 32,037 408 519 269 375 864^19,291 18,354 ^937 * Preliminary. tables on Federal Reserve Banks. (Industrial loan program discontinued 1 Includes industrial loans and acceptances, when held. For holdings Aug. 21, 1959.) of such items on Wednesday and end-of-month dates, see subsequent 2 See note 3. 3 Beginning with December 1959, monthly averages are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1238 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. In millions of dollars] All member banks Central reserve city banks—New York Central reserve city banks—Chicago Period Bor- Bor- 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- serves3 at serves 3 serves re- serves3 at serves3 serves re- serves3 at serves3 heldi serves2 F. R. held* serves2 F. R. held* serves2 F. R. Banks * Banks Banks'* 1929—June 314 2,275 39 974 -935 762 755 7 174 -167 161 161 1 63 -62 1933—June 160 1,797 363 184 179 861 792 69 69 211 133 78 n.a. n.a. 1939—Dec 473 6,462 5,011 3 5,008 5,623 3,012 2,611 n.a. n.a. ,141 601 540 n.a. n.a. 1941—Dec 812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a. ,143 848 295 n.a. n.a. 1945—Dec 027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947_Dec 261 16,275 986 224 762 4,404 4,299 105 38 67 ,024 ,011 13 6 7 1950—Dec 391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 ,191 8 5 3 1951—Dec 310 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 ,353 3 64 -61 1952—Dec 180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 ,406 ,409 -4 232 -236 1953—Dec 920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 ,295 1 37 -36 1954_Dec 279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 ,210 -1 15 -16 1955—Dec 240 18,646 594 839 -245 4,432 4,397 35 196 -162 ,166 ,164 2 85 -83 1956—Dec 535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 ,138 12 97 -86 1957—Dec 420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,136 ,127 8 85 -77 1958—Dec 899 18,383 516 557 -41 4,033 4,010 23 103 -80 ,077 ,070 7 39 -31 1959—June 451 18,043 408 921 -513 3,933 3,926 7 22 -15 ,009 ,006 3 66 -63 1959—Sept 18,593 18,183 410 903 -493 3,848 3,866 -18 209 -227 ,025 ,022 3 46 Oct 18,610 18,164 446 905 -459 3,867 3,851 15 225 -209 ,020 ,018 84 -82 Nov 18,621 18,176 445 878 -433 3,808 3,785 23 207 -184 ,029 ,026 3 64 -61 Dec 6 18,932 18,450 482 906 -424 «3,920 3,930 -10 99 -109 «1,038 ,038 104 -104 I960—Jan 18,878 18,334 544 905 -361 3,907 3,884 23 111 1,046 1,041 4 94 -90 Feb 18,213 17,758 455 816 -361 3,753 3,744 9 59 -50 996 993 3 129 -126 Mar 18,027 17,611 416 635 -219 3,766 3,755 10 9 1 975 970 6 157 -151 18,104 17,696 408 602 -194 3,765 3,784 -19 12 -31 954 955 99 -100 May!'.'.'.'.'. 18,239 17,770 469 502 -33 3,853 3,808 45 45 988 981 7 56 -49 June 18,294 17,828 466 425 41 3,852 3,819 33 16 987 988 -1 58 -59 July 18,518 18,010 508 388 120 3,864 3,853 11 -3 1,020 1,010 10 49 -39 Aug 18,501 17,961 540 293 247 3,780 3,780 -27 1,027 1,024 41 -38 Sept 18,570 17,931 639 225 414 3,773 3,755 18 -2 1,014 1,011 8 -5 Oct ^18,723»18,087 149 P3,788 *3,765 P22 P9 ^1,011 *l007 6 P-2 Week ending: 1959—Oct. 7... 18,636 18,153 483 1,006 -523 3,882 3,866 16 305 -289 1,029 1,026 103 -100 14. .. 18,501 18,012 489 1,048 -559 3,812 3,783 29 300 -271 1,005 1,004 96 -94 21... 18,679 18,173 506 819 -313 3,850 3,853 -4 223 -227 1,014 1,015 -1 61 -62 28... 18,568 18,266 30: 790 -488 3,891 3,881 10 125 -115 1,026 1,020 -82 1960—May 4... 18,243 17,918 325 55 -227 3,911 3,914 -4 -4 1,000 996 53 -49 18,306 17,808 498 549 -51 3,835 3,824 10 10 985 984 101 -100 is*.;; 18,235 17,777 458 555 -97 3,838 3,792 46 46 977 979 -1 93 -94 25... 18,168 17,716 45: 402 50 3,779 3,776 3 3 984 975 9 -3 June 1... 18,121 17,684 43' 436 1 3,825 3,772 52 988 977 11 8 8... 18,152 17,690 462 400 62 3,755 3,752 4 974 974 14 -13 15... 18,157 17,729 428 374 54 3,795 3,788 982 979 50 -47 22... 18,602 18,042 560 550 10 3,894 3,880 13 73 1,003 1,003 152 -152 29... 18,342 17,856 486 412 74 3,915 3,842 73 1,008 995 31 -19 July if::: 1 1 8 8 , , 3 3 4 2 9 0 1 1 7 7, , 8 7 8 7 5 4 4 5 3 7 5 5 4 3 4 4 0 1 234 3 3 , ,7 8 6 8 9 4 3 3 , , 8 7 8 5 0 7 1 4 3 i,o 9 o 9 : 7 1,0 9 0 8 1 9 4 1 3 - - 4 4 2 2 27 0 . . . . . . 1 1 8 8 , , 7 5 6 5 2 2 1 1 8 8 , , 2 0 4 7 5 8 4 5 7 1 4 7 4 3 2 5 9 1 1 8 2 8 3 3 3 , , 8 9 7 2 5 9 3 3 , , 9 8 1 5 9 8 1 1 0 1 1 , , 0 0 3 2 5 0 1 i , , 0 o 3 r 4 7 2 7 9 - -2 7 1 6 Aug. 3... 18,591 18,103 488 315 173 3,879 3,880 -1 1,021 1,021 100 -101 10... 18,525 18,018 507 293 214 3,811 3,807 4 1,029 1,023 109 -102 17... 18,564 17,983 581 416 165 3,794 3,778 16 1,029 1,031 30 -33 24... 18,404 17,938 466 193 273 3,761 3,750 1,034 1,023 11 31... 18,466 17,827 639 273 366 3,73^ 3,734 1,023 1,018 4 18,358 17,702 656 261 395 3,681 3,651 13 1,002 997 5 18,581 17,762 819 299 520 3,681 3,660 -22 1,001 996 -14 21. 18,635 18,116 519 79 440 3,835 3,835 1,029 1,025 4 28. 18,609 18,091 518 225 293 3,83. 3,836 -16 1,019 1,023 -16 Oct. 5. 18,759 18,148 61 200 411 3,910 3,877 33 1,033 1,021 6 12. 18,64C 17,951 689 148 541 3,697 3,701 1,00 1,002 -2 1*9. 18,839 17,963 876 7- 802 3,830 3,706 123 123 1,015 998 16 26. *18,726 18,20' 240 3,795 3,798 58 -61 1,004 1,009 -26 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1239 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period re h T s e o e l r t d v a * e l s R re e s q e u rv ir e e s d 2 re E s x e c rv e e ss s3 B B in F o a g . r n r s R k o a s w . t 4 - res F e r r e v e es 3 re h T s e o e l r t d v a i l es R re e s q e u rv ir e e s d 2 re E s x e c rv e e ss s 3 B B in F o a g r . n r s R o k . a w s t 4 - res F e r r e v e es3 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941_Dec 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945—Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 89 507 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954_Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 299 -203 5,859 5,371 488 144 344 1957_Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—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_Sept 7,825 783 42 433 -391 5,895 5,511 384 215 169 Oct 7,820 766 55 393 -339 5,903 5,529 374 203 171 Nov 7,848 802 46 415 -369 5,936 5,564 372 192 180 Dec 6 7,954 912 41 490 -449 6 6,020 5,569 450 213 237 1960—Jan 7,909 7,840 69 508 -439 6,014 5,568 449 192 257 Feb 7,544 7,503 42 423 -381 5,920 5,518 402 205 197 Mar 7,429 7,391 37 289 -252 5,857 5,494 363 180 183 Apr 7,498 7,453 45 298 -253 5,887 5,504 383 193 190 May 7,515 7,465 51 224 -173 5,882 5,517 366 222 144 June 7,540 7,496 44 164 -120 5,915 5,525 390 186 204 July 7,647 7,599 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 6,120 5,569 551 85 466 Oct *>7,752 *7693 67 ^6,172 ^5,622 P549 63 ^486 Week ending: 1959—Oct. 7 7,796 7,748 48 417 -369 5,929 5,513 416 181 235 14 7,782 7,715 68 418 -350 5,902 5,510 392 234 158 21 7,786 7,755 31 370 -339 6,029 5,550 479 165 314 28 7,844 7,820 24 364 -340 5,807 5,545 262 214 48 I960—May 4 7,527 7,501 26 277 -251 5,805 5,507 298 222 76 7,514 7,468 46 263 -217 5,972 5,532 440 185 255 is'.'/.'.'.'.'.'.'.'.'.'.'. 7,541 7,478 63 248 -186 879 5,528 350 214 136 25 7,479 7,447 32 190 -158 925 5,517 408 200 208 June 1 7,531 7,442 89 142 -53 5,779 5,493 286 291 e 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 Iuly ,1:::::::::::7:,:536 7,502 34 228 -194 5,897 5,500 397 168 229 7,594 7,507 88 127 -40 5,989 5,522 466 176 291 20 7,738 7,701 37 198 -160 6,058 5,592 467 120 347 27 7,695 7,649 45 171 -125 5,964 5,559 403 151 251 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 5,953 5,558 394 127 267 31 7,584 7,550 34 133 -99 6,122 5,526 597 119 478 Sept. 7 7,602 7,527 75 118 -44 6,073 5,526 547 126 420 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 5,587 491 55 436 Oct. 5 7,727 7,666 61 83 -22 6,089 5,585 504 97 408 12 7,711 7,642 69 97 -29 6,231 5,606 626 50 576 19 7,827 7,654 173 18 155 6,166 5,604 562 55 507 26 7,768 7,738 30 110 P6,160 *>5,655 P505 51 M54 n.a. Not available. P Preliminary. 6, 1960, and monthly averages for all classes of banks beginning with 1 Based on figures at close of business through November 1959; there- January 1960 are estimated. after on closing figures for balances with Reserve Banks and opening 4 Based on closing figures. figures for allowable cash. Monthly averages for allowable cash are 5 This total excludes, and that in the preceding table includes, $51 estimated. million in balances of unlicensed banks. 2 Based on deposits as of opening of business each day. Weekly 6 Beginning with December 1959, total reserves held include allowable averages for country banks prior to Jan. 6, 1960, and monthly averages cash (for definition see the BULLETIN for December 1959, p. 1482). See for all classes of banks beginning with January 1960 are estimated. also note 1. 3 Weekly averages for all member and for country banks prior to Jan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1240 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 Oct. 31 beginning: rate Oct. 31 beginning: rate Oct. 31 beginning: rate Boston Aug. 23,1960 Aug. 23,1960 Aug.23, 1960 New York... Aug. 12,1960 Aug. 12,1960 June 10, 1960 Philadelphia.. Aug. 19,1960 Aug. 19,1960 Aug. 19, 1960 Cleveland Aug. 12,1960 Aug. 12,1960 Aug. 12, 1960 Richmond... Aug. 12,1960 Aug. 12,1960 Aug.12, 1960 Atlanta Aug. 16,1960 Aug. 16,1960 Aug. 16, 1960 Chicago Aug. 19,1960 Aug. 19,1960 June 10, 1960 St. Louis Aug. 19,1960 Aug. 19,1960 Aug. 19, 1960 Minneapolis.. Aug. 15,1960 Aug. 15,1960 Aug. 15, 1960 Kansas City.. Aug. 12,1960 Aug. 12,1960 Aug. 12, 1960 Dallas Sept. 9,1960 Sept. 9,1960 Sept. 9,1960 San Francisco Sept. 2,1960 Sept. 2,1960 June 3,1960 * 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 i MARGIN REQUIREMENTS i [Per cent per annum] [Per cent of market value] Range F. R. Range F. R. Aug. 5, Oct. 16, Effec- Date or level)— Bank Date or level)— Bank Prescribed in accordance with 1958- 1958- tive effective all F. R. of effective all F. R. of Securities Exchange Act of 1934 Oct. 15, July 27, July 28, Banks N.Y. Banks N.Y. 1958 1960 1960 1948 1957 Regulation T: Jan. 1 19 2 . . . . 1 " 8 -WA * Aug.29. 3 -3 f Fo d r e e a x le t r e s n s o i n o n l s is t o e f d c s r e e c d u i r t it b ie y s brokers and 70 90 70 Aug. .3.. Nov. 15. 70 90 70 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. 2 ments are the difference between the market value (100%) and the maxi- 23. Apr. 18. 1*4- mum loan value. May 9. 1* 1954 Aug. 15. Feb. 5. Sept. 12. 15. MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS Apr. 14. Oct. 24! 16. Nov. 7. [Per cent per annum] May 21. 1955 Mar. 6... Nov. U Feb. 1, Jan. 1, Effec- Ap, M. May 2 16 9 . . . . . . Type of deposit Ja 1 n 9 . 3 3 3 - 1, D 1 e 9 c. 3 5 3 - 1, D 1 e 9 c. 3 6 3 - 1, Ja t n iv . e 1, May 2. June 12... 1935 1935 1956 1957 Aug. 4. Sept. 11... 18... Sep.^ 1 9 2 . ! 1960 3 2V4 2% 3 Nov. 18. June 1 3 0 . .. . . . f Postal savings deposits 3 2% 2% 3 23. Aug. 1 1 4 2 . . . . . . Ot I h n e r 6 t i m m o e n d th e s p o o s r i t m s p o a re yable: 3 t 3 Ap, 19 , 5 3 6 . Sept. 9 I I n n l 9 e 0 s s d t a h y a s n t o 9 0 6 d m ay o s nths... 3 3 2% In effect AU..24. Oct. 31... NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any 1 Under Sees. 13 and 13a (as described in table above). For data for event exceed the maximum rate payable by State banks or trust companies 1941-47, see the BULLETIN for January 1959, p. 76. on like deposits under the laws of the State in which the member bank is Nom—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 1241 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures. * In millions of dollars] Net demand deposits * Time deposits Central reserve Ef o fe f c c ti h v a e n g d e ate C re e s n e t r r v a e l 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 Sept. 7, 1960 In effect Dec. 31, 1945.. 20 20 14 6 6 Gross demand : Total 119,621 23,080 6,072 46,909 43,560 1948_Feb. 27 22 Interbank 13,089 4,122 1,222 6,413 1,332 June 11 24 U. S. Government. 5,192 1,068 299 2,117 1,708 Sept. 16,24*.... 26 22 16 7% Other 101,339 17,889 4,552 38,380 40,519 1949_May 1,5*, , 24 21 15 Net demand2 101,568 19,538 5,268 39,299 37,464 June 30, July 1*. 20 14 6 6 Time 56,465 4,716 1,509 21,851 28,388 Aug. 1,11*.... 8* 13 5 Demand balances due Aug. 16,18*.... 12 5 from domestic banks. 6.497 80 107 1,955 4,356 Aug. 25 15* Currency and coin: Sept. 1 Total 2,274 131 28 694 1,421 1951—Jan. 11, 16*.... 23 19 13 6 6 Allowable as reserves. 524 2 1 140 381 1953— J J a u n ly . 25 1 , , 9 F * eb. 1*. 2 2 4 2 2 1 0 9 1 1 4 3 Ba B la a n n c k e s s with F. R. 17,924 3,741 1,021 7,485 5,677 1954__june 16,24*.... 21 5 5 Total reserve held 18,448 3,743 1,022 7,625 6,058 July 29, Aug. 1* 20 18 12 Required 17,862 3,728 ;,017 7,577 5,540 Excess 586 15 5 48 518 1958—Feb. 27> Mar. 1* 8* 17H Mar. 20, Apr. 1* Apr. 17 Four weeks ending Oct. 5, 1960 Apr. 24 18 161/i I960—Sept. 1 17& Gross demand: Total 122,838 24,362 6,233 47,902 44,341 In effect Nov. 1, I960.. 17& 16^ 11 5 5 Interbank 13,775 4,247 1,247 6,876 1,406 U. S. Government. 5,257 1,327 380 1,983 1,567 Present legal require- Other 103,806 18,787 4,607 39,043 41,368 ments : Net demand2 103,017 20,339 5,373 39,555 37,751 Minimum 210 10 7 3 3 Time 57,015 4,854 1,523 22,021 28,617 Maximum 222 222 14 6 6 Demand balances due from domestic banks. 7,018 87 110 2,124 4,697 Currency and coin: • First-of-month or midmonth dates record changes at country banks, Total 2,334 135 28 722 1,449 and other dates (usually Thurs.) record changes at central reserve or Allowable as reserves. 897 9 2 334 551 reserve city banks. Balances with F. R. 1 Demand deposits subject to reserve requirements which, beginning Banks 17,749 3,806 1,019 7,347 5,578 Aug. 23, 1935, have been total demand deposits minus cash items in Total reserves held 18,646 3,815 1,021 7,681 6,129 process of collection and demand balances due from domestic banks (also Required 18,029 3,802 1,016 7,628 5,583 minus war loan and Series E bond accounts during the period Apr. 13, Excess 617 13 4 53 546 1943-June 30, 1947). 2 Prior to July 28. 1959, the minimum and maximum legal requirements against net demand deposits of central reserve city banks were 13 and 1 Balances with Reserve Banks are as of close of business; figures for all 26 per cent, respectively, and the maximum for reserve city banks was other reported items (that is, excluding total reserves held and excess re- 20 per cent. serves) are as of opening of business. 2 Demand deposits subject to reserve requirements, i.e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS i fin thousands of dollars] Wednesday End of month Item 1960 1960 1959 (Oct. 26 Oct. 19 Oct. 12 Oct. 5 Sept. 28 October September October Discounts and advances—total 950,012 86,604 143,198 136,817 617,409 192,861 181,331 877,362 Within 15 days 923,475 61,304 121,054 112,844 592,983 166,498 153,476 852,145 16 days to 90 days 26,477 25,182 22,016 22,834 23,284 26,304 27,716 24,962 91 days to 1 year 60 118 128 1,139 1,142 59 139 255 Acceptances—total 38,110 37,111 39,874 40,948 33,109 38,565 41,807 27,799 Within 15 days 11,363 7,491 12,027 15,496 6,312 10,117 13,716 7,973 16 days to 90 days 26,747 29,620 27,847 25,452 26,797 28,448 28,091 19,826 U. S. Government securities—total 26,952,31226,774,61227 270,26227,050,20926,779,60927,401,77527 023,90926,631,112 Within 15 days 815,090 344,100 660,840 736,240 507,276 5,734,590 471,740 5,505,640 16 days to 90 days 6,271,150 6,479,987 6 482,747 6,316,447 6,376,311 1,568,100 6 583,647 1,735,210 91 days to 1 year 12,729,568 12,814,021 12 990,171 12,861,018 12,759,51812,933,581 12 832,01811,396,193 Over 1 year to 5 years 5,686,647 5,686,647 5 686,647 5,686,647 5,686,647 5,715,647 5,686,647 6,523,912 Over 5 years to 10 years 1,178,574 1,178,574 1 178,574 |,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 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1242 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1960 1960 1959 Oct. 26 Oct. 19 Oct. 12 Oct. 5 Sept. 28 October September October Assets Gold certificate account 17,195,64217,305,64417,339,64317,366,64117,426,64317,125,64117,416,64218,341,644 Redemption fund for F. R. notes. 980,991 980,407 980,381 972,723 977,129 980,991 977,129 948,161 Total gold certificate reserves 18,176,633 18,286,05118,320,02418,339,36418,403,77218,106,63218,393,77119,289,805 F. R. notes of other Banks 456,131 415,256 357,117 430,932 487,132 424,190 489,216 460,840 Other cash 404,277 388,716 378,326 394,825 404,237 406,116 412,400 394,080 Discounts and advances: For member banks 928,012 64,604 123,198 116,817 593,409 170,861 162,331 869,662 For nonmember banks, etc 22,000 22,000 20,000 20,000 24,000 22,000 19,000 7,700 Acceptances—Bought outright 38,110 37,111 37,110 35,109 33,109 38,565 34,803 25,884 Held under repurchase agreement. 2,764 5,839 7,004 1,915 U. S. Government securities: Bought outright: Bills 2,655,650 2,773,550 3,246,700 2,898,947 2,672,047 2,970,913 2,807,247 2,535,650 Certificates—Special Other 14,006, 14,006,993 14,006,993 14,006,993 14,006,993 14,018,993 14,006,993 10.506,993 Notes 7,510 7,510,298 7,510,298 7,510,298 ",510,298 7,515,298 7,510,298 010,298 Bonds 2,483 2,483,771 2,483,771 2,483,771 ,483,771 2,519,771 2,483,771 483,771 Total bought outright 26,656712 26,774,612 27,247,762 26.900,009 26,673,109 27,024,97526 808,309 26536,712 Held under repurchase agreement. 295 600 22,500 150,200 106,500 376,800 215,600 94,400 Total U. S. Government securities. 26,952,312 26,774,612 27,270,262 27,050,209 26,779,609 27,401,775 27,023,909 26,631,112 Total loans and securities 27,940,434 26,898,327 27;453,334 27,227,97427,430,127 27,633,20127,247,04727,536,273 Due from foreign banks 15 15 15 15 15 15 15 15 C Ba a n sh k i p te re m m s is in e s process of collection. 5,6 1 1 0 0 6 ,5 1 9 0 9 6 , , 6 8 3 4 7 9 5:7 1 6 0 2 6 , , 3 5 0 6 2 6 5,4 1 7 0 5 6 , , 2 3 1 1 1 6 , 1 6 0 1 6 9 , , 4 7 5 5 3 3 , 1 1 0 4 6 5 , , 5 9 8 4 8 3 5,2 1 0 0 6 6, , 3 4 0 5 3 7 ,8 9 6 8 4 , , 3 8 9 1 7 2 Other assets 346 329,863 310,793 293,067 272,630 360,181 278,896 298,134 Total assets. 53,041,126 53,024,714 52,688,477 52,267,704 52,724,119 52,182,866 52,134,10552,942,356 Liabilities Federal Reserve notes 27,621,884 27,735,122 27,805,436 27,698,125 27,598,285 27,680,398 27,651,092 27,562,380 Deposits: Member bank reserves 18,353,843 17,667, 17,639,343 17,817,213 18,058,191 17,955, 17,942,303 18817,846 U. S. Treasurer—general account. 519,199 499, 454; 375 554; 437; 489,071 487,562 Foreign 268,824 238. 189; 194 183 250; 222,673 283,731 Other 375,108 376! 749; 387 381 476; 456,182 334,882 Total deposits. 19,516,974 18,782,255 19,033,170 18,774,486 19,178,136 19,120,145 19,110,229 19,924,021 Deferred availability cash items 4,584,567 5,208. 4,523,034 4,461,817 4,632,855 4,050.375 4,051,473 3,932,021 Other liabilities and accrued dividends. 44,502 42; 43,681 42,402 41,245 46,699 42,858 38,968 Total liabilities 51,767,927 51,768,854 51,405,32150,976,830 51,450,52150,897,617 50,855,652 51,457,390 Capital Accounts Capital paid in. 404,394 403,949 403,450 403,098 402,736 404,450 402,858 384,018 Surplus 774,808 774,808 774,808 774,808 774,808 774,808 774,808 868,410 Other capital accounts. 93,997 77,103 104,898 112,968 96,054 105,991 100,787 232,538 Total liabilities and capital accounts. 53,041,126 53,024,714 52,688,477 52,267,704 52,724,119 52,182,866 52,134,105 52,942,356 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 38.6 39.3 39.1 39.5 38.7 39.3 40.6 Contingent liability on acceptances purchased for foreign correspondents 196,991 200,921 201,688 202,104 196,189 203,943 62,421 U. S. Government securities held in custody for foreign account 5,708,391 5,551,256 5,577,806 5,527,006 5,634,372 5,479,006 4,409,037 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank). . 28,852,976 28,898,844 28,802,90328,753,319 28,791,82328,838,688 28,743,68128,556,692 Collateral held against notes outstanding: Gold certificate account 10,300,000 10,300,000 10,300,000 10,300,000 10,300,00010,300,000 10,300,000 10,510,000 Eligible paper 44,659 9,944 7,854 14,825 65,670 35,559 39,995 182,789 U. S. Government securities 19,670,000 19,590,000 19,565,000 19,565,000!19,565,~0~0~0 19,670,00019,565,000 19,160,000 Total collateral. 30,014,659 29,899,944 29,872,854 29,879,825 29,930,670 30,005,559 29,904,995 29,852,789 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1243 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1960 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificate account 846,355 4,425,265 966,7921,546,113 ,019,279 883,819 2,974,078 668,384 391,582 691,831 660,332 2,051,811 Redemption fund for F. R. notes 58,426 210,032 58,859 87,806 85,535 60,010 180,861 43,151 26,296 44,674 32,051 93,290 Total gold certificate reserves, 904,781 4,635,297 1,025,6511,633,919 ,104,814 943,829 3,154,939 711,535 417,878 736,505 692,3832,145,101 F. R. notes of other Banks.., 60,298 90,576 40,037 25,432 20,231 56,156 25,680 13,711 20,839 15,398 16,697 39,135 Other cash 29,655 74,672 19,294 35,445 23,530 31,721 64,383 19,000 10,401 14,110 16,404 67,501 Discounts and advances: Secured by U. S. Govt. securities 4,250 6,030 24,085 23,730 5,250 30,900 30,305 8,150 1,900 23,324 6,060 5,930 Other 1,078 6,270 1,298 2,068 1,190 1,644 3,208 726 506 902 1,351 2,706 Acceptances: Bought outright 38,565 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,452,322 6,740,894 1,547,342 2,321,9051,710,5461,481,806 4,625,5411,092,268 627,1151,159,9391,089,106 3,176,191 Held under repurchase agreement 376,800 Total loans and securities 1,457,650 7,168,5591,572,7252,347,703 1,716,9861,514,350 4,659,0541,101,144 629,521 1,184,1651,096,5173,184,827 Due from foreign banks i 4 1 1 1 1 1 1 Cash items in process of collection 387,305 960,837 312,394 421,462 367,758 375,887 861,746 206,823 164,937 247,453 228,841 610,500 O Ba th n e k r p a r s e s m et i s ses 1 3 9 , ,2 9 6 8 2 2 89 9 , , 2 4 8 6 3 5 20 3 , ,8 3 1 8 6 4 31 8 , ,7 6 1 6 2 6 22 6 , , 7 2 1 0 0 4 2 1 0 0 , , 5 9 3 8 1 3 2 60 1 , , 7 4 9 0 8 4 1 6 4 , , 6 5 7 16 3 4 8 , ,3 9 1 1 8 9 5,110 1 14 3 , , 6 7 4 0 7 0 4 1 2 1 , , 3 6 2 2 9 0 15,737 Total assets. 2,862,93413,028,693 2,994,302 4,504,340 3,262,2342,953,458 8,848,006 2,073,4021,256,8132,218,4792,079,190 6,101,015 Liabilities F. R. notes 1,580,663 6,423,384 ,782,5032,507,039 2,135,5401,567,509 5,220,5971,196,083 589,2361,126,657 814,1842,737,003 Deposits: Member bank reserves 792,557 4,944,043 809,9721,377,406 743,504 937,298 2,798,899 652,640 435,695 840,1831,005,2042,618,154 U. S. Treasurer—general account 32,539 31,465 28,527 29,191 36,184 30,527 69,410 34,631 29,187 35,001 23,591 56,849 Foreign 11,368 3 84,775 13,688 21,808 10,440 12,064 32,016 7,656 5,336 9,512 13,456 28,536 Other 407,691 1,256 2,924 5,209 889 1,427 54,188 757 1,215 307 269 701 Total deposits 837,221 5,467,974 853,402 1,429,661 793,052 985,098 2,901,214 695,234 470,487 886,1231,042,952 2,757,727 Deferred availability cash items 379,162 761,475 281,170 444,936 271,186 329,966 537,259 137,182 166,331 149,397 147,933 444,378 Other liabilities and accrued dividends 2,125 14,182 2,389 4,251 2,422 2,259 7,108 1,690 1,367 1,780 1,682 5,444 Total liabilities 2,799,171 12,667,0152,919,464 4,385,8873,202,200 2,884,8328,666,178 2,030,1891,227,4212,163,957 2,006,7515,944,552 Capital Accounts Capital paid in 20,036 114,068 23,563 37,396 18,592 21,624 56,671 13,519 9,278 17,172 23,249 49,282 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. 5,395 26,705 5,637 8,527 6,876 6,696 17,823 3,832 2,534 5,630 4,545 11,791 Total liabilities and capital accounts 2,862,934 13,028,693 2,994,302 4,504,340 3,262,234 2,953,458 8,848,0062,073,402 1,256,8132,218,479 2,079,190 6,101,015 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 37.4 39.0 38.9 41.5 37.7 37.0 38.8 37.6 39.4 36.6 37.3 39.0 Contingent liability on acceptances purchased for foreign correspondents 9,653 455,334 11,623 18,518 8,865 10,244 27,186 6,501 4,531 8,077 11,426 24,231 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 1,676,588 6,703,549 1,838,126 2,644,076 2,213,1361,631,315 5,338,8911,246,276 666,613 1,154,629 858,920 2,866,569 Collateral held against notes outstanding: Gold certificate account 530,000 2,800,000 700,000 920,000 700,000 500,000 1,900,000 410,000 180,000 300,000 260,000 1,100,000 Eligible paper 4,085 8,150 23,324 U. S. Govt. securities 1,250,000 4,000,666 1,200,000i ,830,666i,'556,666 i ,'206,666 3,700,666 935,000 '5'lO,666 870,000 625'666 2,006,666 Total collateral 1,780,000 6,800,0001,904,0852,750,000 2,250,0001,700,000 5,600,0001,353,150 690,0001,193,324 885,000 3,100,000 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $140,855,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $165,880,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1244 CURRENCY DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941.... 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 262 556 24 46 1945 28,515 20,683 1,274 ,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 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1954 30,509 21,374 1,834 1^256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 . 31 158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31,834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959—Sept.. 31 848 22,672 2,259 1,464 82 2,112 6,521 10,233 9,176 2,733 5,823 263 347 3 7 Oct 31,905 22,752 2,269 1,474 83 2,122 6,544 10,261 9,154 2,725 5,815 261 344 3 5 Nov 32,489 23,277 2,294 1,488 84 2,185 6,734 10,491 9,213 2,753 5,850 260 342 3 5 Dec 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960—Jan 31,569 22,409 2,268 1,419 82 2,102 6,415 10,123 9,160 2,739 5,825 254 334 3 5 Feb 31,552 22,440 2,275 1,409 83 2,098 6,456 10,120 9,112 2,719 5,795 256 334 3 5 Mar 31,633 22,539 2,294 1,410 82 2,105 6,494 10,154 9,094 2,715 5,787 255 330 3 5 Apr 31,600 22,529 2,311 1,417 82 2,104 6,474 10,141 9,070 2,712 5,769 254 327 3 5 May 31,879 22,809 2,324 1,440 83 2,138 6,561 10,263 9,070 2,718 5,767 252 324 3 5 June 32,065 22,970 2.338 1,440 84 2,141 6,604 10,363 9,095 2 737 5,774 252 323 3 5 July 32,039 22,946 2,345 [,428 84 2,124 6,567 10,398 9,094 2,739 5,776 250 320 3 5 Aug 32 027 22,912 2,364 [,426 85 2,113 6,525 10,399 9,115 2,738 5,800 250 319 3 5 Sept 32,022 22,900 2,375 444 85 2,133 6,542 10,320 9,122 2,728 5,818 249 319 3 5 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation1 Kind of currency T S s o t e a t 1 p a n 9 t l d . 6 o i 3 0 n u 0 g t , - A g s a o s g l s i d a l e v i c a n e u n r s r t d ity Tr c e a a s s h ury B F a F a . n o n R d r k . s H a B F e g a a . l e n d n R n d k b t . s s y Se 1 p 9 t. 6 3 0 0, Au 1 g 9 . 6 3 0 1, Se 1 p 9 t. 5 3 9 0, certificates agents Gold 18,685 18,424 2261 Gold certificates 18,424 15,578 2,816 30 30 31 Federal Reserve notes.. .. 28,744 97 1,582 27,065 27,095 26,952 Treasury currency—total. 5,378 39 412 4,927 4,902 4,866 Standard silver dollars 488 139 25 314 312 292 Silver bullion 2,252 2,252 Silver certificates and Treasury notes of 1890. 12,391 310 2,081 2,068 2,128 Subsidiary silver coin ,566 60 1,500 1,495 1,441 Minor coin 570 7 562 558 526 United States notes 347 25 317 316 315 Federal Reserve Bank notes 99 98 98 108 National Bank notes 56 55 55 57 Total—Sept. 30, 1960. 20,815 396 15,578 4,810 32,022 Aug. 31, 1960. 21,133 388 15,893 4,729 32,027 Sept. 30, 1959. 21,648 377 16,387 4,738 31,848 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. 1237. 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

MONEY SUPPLY; BANK DEBITS 1245 MONEY SUPPLY AND RELATED DATA [Averages of daily figures. In billions of dollars] Money supply Memoranda: Sem p i e m ri o o n d thly S a e d a j s u o s n te a d lly season W al i th ad o j u u t stment s D e e a b p s a o o n n s k i a t s l s ( a a w d t j i m u th s e o tm m ut e b n e t r ) Week (W M i a t o d h n j o u e u s y t t m s s u e e p a n s p t) o ly nal m D e s m ( e e w p a b o s i e t < . i l > r l a O i d b t U s j a . t a ) n t ks Total r C en u c r- y D p e o m d s e i a - t n s d 1 Total r C en u c r- y D p e o m d s e i a - ts n d 1 m D a e n - d Time U G . o v S t. . Total r C en u c r y - D p e o m d s e i a - t n s d * Time U G . o v S t. . 1959_Oct. 1.. 142.6 29.0 113.6 142.2 29.1 113.0 93.8 54.4 4.0 1960 2.. 142.2 29.0 113.3 142.4 28.9 113.5 94.0 54.3 4.6 Nov. 1. . 142.2 29.0 113.2 143.3 29.2 114.1 94.6 54.1 4.3 June 1. 136.9 28.7 108.2 54.6 6.3 2.. 142.1 28.9 113.2 143.4 29.2 114.1 94.3 53.6 4.0 8. 137.5 29.0 108.5 54.7 5.8 Dec. 1. . 2141.5 28.9 2112.6 2144.4 29.5 2115.0 95.4 53.6 4.1 15. 139.1 28.9 110.2 54.7 4.6 2.. 141.5 28.9 112.6 145.4 29.5 116.0 95.9 53.8 4.6 22. 138.3 28.9 109.4 54.9 6.3 29. 137.6 28.7 108.9 55.1 5.9 1960—Jan. 1.. 141.3 28.9 112.4 145.2 29.1 116.1 95.9 53.9 4.0 2.. 141.2 29.0 112.3 143.6 28.5 115.1 95.3 53.5 3.2 July 6. 137.5 29.3 108.2 55.4 6.5 Feb. 1.. 141.1 28.9 112.1 141.8 28.7 113.2 93.6 53.5 3.4 13. 138.4 29.3 109.1 55.4 5.1 2.. 141.0 29.0 112.0 139.6 28.5 111.1 91.8 53.5 4.0 20. 139.1 29.1 110.0 55.5 6.9 Mar. 1. . 140.9 29.0 111.8 140.0 28.7 111.3 92.1 53.7 3.3 27. 139.1 28.9 110.2 55.6 5.9 2. . 140.3 29.0 111.3 138.6 28.6 110.0 91.1 53.9 4.3 Aug. 3. 139.7 29.0 110.8 55.9 5.8 Apr. 1.. 140.5 29.1 111.5 139.6 28.9 110.7 91.6 54.1 2.9 10. 139.9 29.3 110.6 55.8 5.4 2.. 140.6 29.0 111.6 140.9 28.6 112.3 93.1 54.2 3.8 17. 138.9 29.1 109.8 56.1 5.5 May 1. . 140.2 29.0 111.2 139.0 28.8 110.2 91.2 54.4 5.4 24. 138.0 29.0 109.0 56.5 5.8 2.. 139.6 29.0 110.6 137.0 28.7 108.3 89.6 54.5 6.2 31. 138.3 28.8 109.5 56.6 4.9 June 1 . . 139.5 28.9 110.6 138.2 29.0 109.2 90.4 54.7 5.3 2.. 139.4 28.9 110.5 137.9 28.8 109.1 90.4 55.0 6.2 Sept. 7. 139.0 29.3 109.7 56.7 4.5 14. 140.6 29.2 111.4 56.9 3.2 July I.. 139.6 28.9 110.7 138.2 29.3 108.9 90.0 55.4 5.9 21. 141.1 29.0 112.1 56.9 4.3 2.. 139.7 29.0 110.7 139.3 29.0 110.3 91.4 55.7 6.2 28. 138.5 28.8 109.7 57.0 6.7 Aug. 1. . 139.7 29.0 110.7 139.6 29.2 110.4 91.4 55.9 5.5 2.. 139.7 28.8 110.9 138.2 28.9 109.3 90.6 56.5 5.4 Oct. 5. 138.8 29.0 109.9 57.2 6.9 Sept. 1.. 140.3 29.0 111.3 139.9 29.2 110.7 91.7 56.8 3.9 12. 139.8 29.3 110.5 57.4 5.0 2.. 140.5 28.9 111.6 139.6 28.9 110.7 91.5 57.0 5.8 19. 141.1 29.1 111.9 57.4 3.8 26. 141.2 28.9 112.3 57.6 4.9 Oct. 1 .. 140.0 29.0 110.9 139.7 29.2 110.5 91.3 57.3 5.4 141.2 29.0 112.2 141.4 29.0 112.4 92.6 57.5 4.8 Nov. 2 P 141.8 28.9 112.9 57.6 5.5 P Preliminary. * At all commercial banks. tion D effective Dec. 1, 1959. This change reduced such deposits in 2 Change in series beginning with first half of December 1959 reflects early December by an estimated $400 million. redefinition of gross demand deposits in line with the revision of Regula- BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts, except interbank anc Annual rate of turnover U. S. Government accounts of demand deposits except interbank (In millions of dollars) and U. S. Government deposits Year or month All Leading centers 337 other Leading centers 337 other reporting reporting reporting centers New York 6 others1 centers2 New York 6 others1 centers2 Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 *.::::: 25.6 18.9 1954 1,887,366 ••••••• 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1958 2,439,754 958,721 487,432 993,600 53.6 30.0 22.9 1959 2,679,167 1,023,605 545,258 1,110,304 56.4 32.5 24.5 1959—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 '230,115 84,646 88,529 46,218 46,305 r94,349 '95,281 55.7 57.8 33.0 32.9 25.1 25.3 Feb r221,980 90,786 85 058 49,752 45 626 r98,882 r9l,296 58.5 56.3 35.7 33.4 26.4 25.0 Mar '245,721 88,721 96,593 46,730 50,410 '95,625 '98,719 57.9 60.3 34.0 36.6 25.8 25.8 r226,002 86 042 86 174 48,414 46 862 '96 771 r92,966 56.4 56.3 35.3 35.5 26.1 25.4 May '•232,839 92,176 88,551 48,453 47,895 '98,001 '96,393 61.1 58.9 35.5 35.2 26.3 26.2 June r2S0,849 91 604 99 809 48 583 50 415 '97 948 '100,625 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 241,799 99,947 92,435 50,127 49,474 99,063 99,890 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 35.8 35.5 26.0 26.2 Oct 233,110 91,870 89,905 48,084 47,567 95,397 95,638 60.0 59.2 P34.9 *34.7 ^25.5 *>25.6 * 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. 2 Prior to April 1955, 338 centers. were published in the BULLETIN for May 1959, p. 554. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1246 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net- Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n 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 n si c t y s c m o n a u i c e s n - t c t . s, 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—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. 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. 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 29. 19,300 5,400 252,500 139,100 87,900 60,800 26,200 900 25,500 277,200 251,000 26,200 July 27. 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. 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 Oct. 26*>, 18,500 5,400 261,000 140,200 94,700 66,900 27,000 900 26,000 284,800 257,500 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 n d a i s e g e n i - t n t k s, T h c i u r o n a e r g l s a y d h s s - - m sa b c e v a a o A r i n n c m n t d k i g a - s s l B F a . A n R t ks . Total Total m T b C e i a o r m n c m k i e a s - l de M p b s o a a u s v n t i i k u t n s s a g 2 l 3 s S S P y a o v s s t i t e n a m g l s p m o D d s a e e i n - - t d s* b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m u r o n o e s t a d s n a t n e i l c t d d y s j p m u D o a d s a e d s e t n - - e i - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29., 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30., 50 264 852 35 40;,828 21,656 10,849 9,621 1,186 14,411 4,761 1 1 1 1 9 9 9 9 4 4 4 3 1 5 7 9 — — _ — D D D D e e e e c c c c . . . . 3 3 3 3 1 0 1 1 . . . . , , , . 2 1 1 1 , , , , 1 4 2 6 4 1 9 8 1 7 8 2 2 2 2 1 , , , , 2 3 4 2 1 3 0 8 5 6 9 7 24 1 1 , , , 8 4 6 8 9 5 4 0 5 2 6 8 9 6 8 8 7 6 3 7 7 7 4 0 11 6 7 57 3 6 00 ; ! , , , , 0 7 2 3 0 9 5 3 8 3 3 6 4 2 2 56 8 7 7 , , , , 4 0 7 4 1 5 2 5 1 9 9 2 3 3 1 1 5 0 5 5 , , , , 2 1 2 8 4 3 5 8 9 5 8 4 1 1 1 1 0 7 0 5 , , , , 5 7 3 5 2 8 4 3 3 5 6 2 2 3 1 1 , , , , 4 3 2 9 1 1 7 3 6 3 8 2 7 2 3 8 5 7 9 8 , , , , 1 8 7 9 2 5 9 9 1 1 3 2 2 2 6 9 6 6 , , , , 4 6 4 4 0 1 7 9 1 5 6 0 110,500 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 22T\ 89,126 56,139 31,662 1,325 110,254 28,301 133,600 105,800 27,800 1958—Dec. 31.. 3,870 683 4,558 358 242,553 98,306 63,166 34,006 1,134115,507 28,740 138,800 110,700 28,100 1959—June 24.. 3,600 400 4,700 500 240,100101,000 65,400 34,600 1,100110,700 28,300 140,900 112,600 28,300 1959—Oct. 28.. 3,100 400 5,500 500 242,200101,100 65,500 34,600 1,000 112,700 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 5,319 504 246,603 1'0"1,779 65,884 34,947 948115,402 29,422 140,200 112,000 28,200 I960—Jan. 27.. 2,800 400 3,800 600 242,900101,000 65,200 34,900 900114,000 27,900 140,000 111,700 28,300 Feb. 24.. 2,600 500 4,800 500 239,600101,200 65,400 34,900 900110,500 28,000 139,100 110,800 28,300 Mar. 30. 2,700 400 4,700 500 239,000102,200 66,000 35,300 900108,800 28,100 139,500 111,100 28,400 Apr. 27. 2,800 400 4,700 600 241,700102,300 66,200 35,200 900111,500 27,900 139,400 111,200 28,200 May 25. 2,800 400 7,200 500 238,400102,600 66,500 35,200 900107,700 28,100 137,500 109,300 28,200 June 15.. 2,744 421 6,657 535 241,624103,056 66,906 35,301 849110,024 28,544 (5) June 29. 2,900 400 7,300 500 239,800103,700 67,400 35,400 800107,800 28,300 138,000 109,900 28%% July 27. 2,800 400 6,500 500 242,600104,200 67,900 35,500 800110,100 28,400 138,600 110,300 28,300 Aug. 31. 3,000 400 5,700 500 242,700105,200 68,900 35,600 800108,900 28,500 138,600 110,300 28,300 Sept. 28P. 2,900 400 7,700 600 243,600106,000 69,400 35,800 109,300 28,300 138,500 110,300 28,200 Oct. 26^ 3,100 400 6,200 500 247,200106,700 70,000 35,900 800 112,200 28,300 139,900 111,500 28,400 * Preliminary. shown on page 135, footnote 3, of that BULLETIN has been revised from 1 Represents all commercial and savings banks, Federal Reserve Banks, - 0.9 to -0.5. The new factor is 97.9. Postal Savings System, and Treasury currency funds (the gold account, NOTE.—For description of statement and back figures, see the BULLETIN Treasury currency account, and Exchange Stabilization Fund). for January 1948, pp. 24-32. The composition of a few items differs 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, slightly from the description in the BULLETIN article; stock of Federal open account; and deposits of Postal Savings System in banks. Reserve Banks held by member banks is included in other securities and 3 Prior to June 30, 1947, includes a small amount of demand deposits. in capital and miscellaneous accounts, net, and balances of the Postal 4 Demand deposits other than interbank and U. S. Govt., less cash Savings System and the Exchange Stabilization Fund with the U. S. tems reported as in process of collection. Treasury are netted against capital and miscellaneous accounts, net, 5 Seasonally adjusted series begin in 1946 and are available only for last instead of against U. S. Govt. deposits and Treasury cash. Total deposits Wednesday of the month. For description of series and for back data and currency shown in the monthly Chart Book excludes foreign bank desec the BULLETIN for February 1960, pp. 133-36. Special adjustment posits, net, and Treasury cash. Except on call dates, figures are rounded in seasonal factor for demand deposits adjusted for March 30, 1960, to nearest $100 million and may not add to the totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1247 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. assets2 bilities of and date Govt. Other and Total 2 Demand banks Total Loans obliga- secu- capital rities j ac- mand Time Time counts3 U.S. Govt. Other All banks: 1941— Dec. 31 61,126 26,615 25,511 8s;,999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 140,227 30,362 101,288 577 35,415177,332165,612 14,065 105,935 45,613 227 10;54214,553 1947—Dec. 3H 134,924 43,002 81,199 10,72338,388175,091161,865 ,793 240 1,346 94,38153,105 6611,94814,714 1957—Dec. 31 203,849 115,115 65,792 943 49318 257864 233 020 ,636 1,386 3,903 993 88,102 8020,42814,090 1958—Dec. 31 221,485 121,571 73,641 273 49 911276430 250,057 799 2,374 4,253 132 97,498 81 2i:705 14,020 1959—June 24 223,200 128,690 68;170 26 340 42;730 270990 241.23012,870 2,030 4,420 600 100,310 2,71022;36013,997 Oct. 28 225,870 133,050 66 580 26 240 44030 275 160 244850 150 1,710 5,190 124,350100,450 2,480 22;87013,995 Dec. 31 227.831 135.958 65;80126.07150 296 283 629 254885 ,650 1,443 5,054 131,62:101,116 624 22;915 13,991 i960—Apr. 27 226,820 138,660 62,57025,590 43 300 275760 243 260 ,520 1,470 4,480 123,120101,670 3,00023.35013,996 May 25 226,710 139,550 61,810 25,350 42 030 274 360 241 320 210 1,490 6,880 118,720102,020 3,18023;52014,002 June 15 228,436 141,376 61,541 25,519 47 888 282 142 249 163 920 1,448 6,417 124,912102,467 2,59423;79614,006 June 29 227,200 140,990 60,760 25,450 43J771100 227766J10 244;470 300 1,440 7,060 119,570103,100 2,17023;77014,000 July 27 229,370 140,520 63,200 25,650 43,777700 227799,050 245 900 070 1,480 6,230 121,460103,660 2,590 23;89013,999 Aug. 31 229,940141,230 63,110 25,600 43,830 280,000 245,830 ;500 1,610 5.440 120,600104,680 2,92024;12013,998 Sept. 28" 232,100 142,180 64,190 25,730 44,500 282:,710249,330 ,670 1,670 7,390 121,130105,470 2,05024;23014,000 Oct. 26" 234,620 141,720 66,890 26.010 45,750 286,550 252,510 180 1,690 5.970 124,450106,220 2,48024;37013,989 All commercial banks: 1941—Dec. 31 21,714 21,808 26,551 79,104 71 10,982 44,349 15,952 231 7,173114.278 1945—Dec. 31 26,083 90,606 34,806160,312150 14,065 105,921 30,241 219| 8.950114,011 1947—Dec. 31 4 38,057 69,221 006 37502155,377144;103 ,792 240 1,343 94,36735,360 65il0.05914,181 1957—Dec. 31 93,899 58,239 930 48;428222,696 201,326 636 1,385 3,898 123.96756,440 77J17 36813,568 1958—Dec. 31 98,214 66,376 575 48;990 238 651216,017 ,799 2,372 4,250 130 104 63,493 7311848613,501 1959—june 24 104,450 60.860 610 41 930 232 380 206 630 870 2,030 4,420 121,570 65,740 2,71019 030113,479 Oct. 28 108,160 59,620 20,600 43330 236440 210200 150 1,710 5,190 124320 65,830 2,48019 500J13,478 Dec. 31 110,832 58,93720.50149467 244686 219903 649 1,441 5,050131593 66,169 61519 55613,474 i960—Apr. 27 112,950 55,830 20,030 42610 236480208;080 520 1,470 4,480 123090 66,520 3,00019 96013,480 May 25. 113,630 55,140 810 41 360 234980 206090 210 1,490 6,880 118690 66,820 3,18020 11013,486 June 15 115,307 54,913 917 47 124 242544 213829 919 1,446 6,414 124884 67,165 2,59020 331|13,491 June 29 114,840 54.210 ;850 42880 237040 209 010 300 1,440 7,060119540 67,670 2,17020 280|l3,485 July 27 114,170 56,70020.0020 43 010 239 270 210420 070 1,480 6,230 121.430 68,210 2,59020 380113,484 Aug. 31 114,660 56,580 20,000 43080 240000 210;240 500 1,610 5,440120570 69,120 2,92020 58013,483 Sept. 28? 115.430 57,690 150 43710 242 530 213 520 670 1,670 7,390 121 100 69,690 2,05020 66013,485 Oct. 26v 114,790 60,490 ,400 45000 246 290 216 ,,580 180 1,690 5,970 124,420 70,320 2,48020 810il3,474 AH member banks: 1941—Dec. 31 43.521 18,021 19,539 5,96123,123 68,121 61,717 .385 140 ,709 136 12,347 4 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845138,304129,670 ,576 64 22,179 640 24,210 208 589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,30432,845132,060122,528 ,353 50 ,176 609 28,340 54 464 6,923 1957—Dec. 31 142,353 80,950 47,07914,324 42746188,828170,637 ,082 ,246 472 547 45,290 5714 554 6,393 1958—Dec. 31 154,865 84,061 54,29916,504 43,188202,017182,816 ,227 ,187 822110,44851,132 5415 460 6,312 1959—June 24 155,007 89.301 49,16416,54237.171196,182174,073 ,357 943102,992 52,892 2,61915 875i6.279 Oct. 28 156,328 92,328 47,57116,42938,314198,793176,368 ,590 628104,90152,685 2,38716,209i 6,248 Dec. 31 157,879 94,779 46,81316,287 43,509 205,726184,706 .048 ,338 4,504 110,989 52,827 58116,264 6,233 1960—Apr. 27 156,570 96,387 44,28915,89437,562198,618174,12312047 ,362 4•,074103,68852.952 94216,581 6,218 May 25 156,317 96.880 43,74215,69536,522197,304172,400 ,752 ,388 6,232 99,84153,187 08816,697 6,213 June 15 157,657 98,344 43,52615,788 41,875204,167179,519 367 ,305 5,745105,56653,536 50316 "29 6,217 June 29 156,593 97,898 42,98015,71537,977199,243175,20012775 ,298 6;360 100790 53,977 06916,822 6,212 July 27 158,313 97,183 45,23815,89237,981201,057176,214 ,524 .336 5,622102 366 54,366 50516,892! 6,204 Aug. 31 158,587 97,523 45,19815,866 38,033201,632175,999 ,943 ;467 4,887101,59455,108 783 17,056; 6,205 Sept. 28*\ 160,282 98,196 46,07316,01338;686 203,891178.952 ,105 ,525 6,827 101,905 55,590 99617.114! 6,200 Oct. 26^ 162,042 97,469 48.37916,19439,628206,669181,064 ,601 .552 104,49856.028 42917>239|6,187 i AH mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1.774 11,804 ,533 6 10,527 548 1945—Dec. 31 16,208 4,279 10,682 i;246 609 17,020 ,385 14 15,371 7 1,592 542 1947—Dec. 31 4 18,641 4,944 11,978 1,718 886 19,714 ,763 1417,745 . 1,889 533 1957—Dec. 31 33,782 21,216 7,552 5,013 890 35,168 695 26 31.662 3| 3.059 522 1958—Dec. 31 36,320 23,357 7,265 5,698 921 37,779 ;040 29 34,006 8! 3,219 519 1959—June 24 37,280 24,240 7,310 5,730 800 38,610 ,600 30 34,570 3.330 518 Oct. 28 37,490 24,890 6,960 5,640 700 38,720 650 30 34,620 i 3,370 517 I960— D A e p c r . . 2 3 7 1 3 3 7 8 , , 5 0 6 1 1 0 2 25 5 , , 7 1 1 2 0 6 6 6, , 7 8 4 6 0 4 5 5, , 5 5 6 7 0 0 3 3 8 9 , , 9 2 4 8 3 0 9 1 8 8 3 0 :4! i 2 3 9 0 3 3 4 5 , , 9 1 4 5 8 0 0! 3 3 . , 3 3 9 5 0 9 5 5 1 1 7 6 May 25 38,130 25,920 6.670 5,540 670 39,380 ,230 30 35,200 3,410j 516 J J u u n n e e 2 1 9 5 3 3 8 8 , , 3 3 0 0 0 0 2 2 6 6 , , 0 1 6 5 9 0 6 6 , ,6 5 2 5 8 0 5 5 , ,6 6 0 0 3 0 7 8 6 3 4 0 3 3 9 9 , , 5 6 9 7 8 0 , , 3 4 3 6 5 0 Y5) 3| 2 3 8 0 3 3 5 5 , , 3 4 0 3 1 0 3 3 . . 4 4 6 9 5 0 5 51 1 5 5 July 27 38,480 26,350 6,500 5,630 760 39,780 480 30 35,450 3.5101 515 S A e u p g t . . 2 3 8 1 ^ ! 3 3 8 8 , ,8 7 3 0 0 0 2 2 6 6 , , 5 7 7 5 0 0 6 6 , , 5 5 0 3 0 0 5 5 , , 6 5 0 8 0 0 7 7 5 9 0 0 4 4 0 0 , , 0 1 0 8 0 0 ,810 (5) 3 3 0 0 3 3 5 5 , , 5 7 6 8 0 0 3 3, , 5 5 7 4 0 0 ! 5 5 1 1 5 5 Oct. 26^ j 38,940 26,930 6.400 5,610 750 40,260 ,930 30 35,900 3,560i 515 (5) (5) p Preliminary. 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 SI72 million were included Stock savings banks and nondeposit trust companies are included with in the series (a national member bank has been included since April commercial banks. Number of banks includes a few noninsured banks, 1954); beginning with August 1959, all banks in Hawaii with total deposits for which asset and liability data are not available. Comparability of of $365 million were included in the series (a national member bank figures for classes of banks is affected somewhat by changes in Federal with total deposits of $220 million has been included in the series since Reserve membership, insurance status, and the reserve classifications of April 1959). cities and individual banks, and by mergers, etc. All banks comprise all commercial banks and all mutual savings banks. 2 Beginning with June 30, 1942, excludes reciprocal balances, which on All commercial banks comprise (1) all nonmember commercial and Dec. 31, 1942, aggregated $513 million at all member banks and $525 (2) all member commercial banks. Member banks include (1) a national million at all insured commercial banks. bank in the Virgin Islands that became a member on May 31, 1957, (2) 3 Includes other assets and liabilities not shown separately. a noninsured nondeposit trust company, and (3) two (three prior to 1960) For other notes see following two pages Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1248 AJLL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i— Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i S n v g s . t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l u o p i i n c a t n t i d i - a t - e t a l s s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S. 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 N ba b u o n e m f k r s - Govt. Other Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1957—Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 2 3,136 18 1958—Dec. 31 25,966 16,165 7,486 2.315 9,298 36,398 31,679 4,786 1,739 968 20,704 3,482 3,282 18 1959—June 24 25,488 16,681 6,426 2,381 7,204 33,869 28,415 4,008 1,480 775 18,570 3,582 805 3,292 17 Oct. 28 25,061 17,404 5,395 2,262 7,800 34,024 28,545 3,848 1,205 1,114 18,930 3,448 770 3,340 16 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—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 25,774 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. 28*> 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 Oct. 26* 25,927 n;o82 6,625 2,220 8,541 36,136 29,071 4,137 1,179 1,234 18,782 3,739 1,201 3,500 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 1,345 4 689 14 1958—Dec. 31 6,830 3,637 2,562 631 2,158 9,071 8,214 1,357 249 5,136 1,438 3 733 14 1959__june 24 6,516 3,687 2,137 692 ,842 8,440 7,423 1,123 259 4,586 1,424 164 740 14 Oct. 28 6,701 3,944 2,092 665 ,877 8,662 7,556 1,126 228 4,749 1,427 235 751 14 Dec. 31 6,885 4,206 1,985 694 2,003 8,967 8,062 1,231 272 5,070 1,468 40 762 14 I960—Apr. 27 6,531 4,156 1,745 630 ',783 8,410 7,281 1,087 235 4,520 1,402 241 755 11 May 25 6,562 4,259 1,647 656 ,723 8,378 7,254 1,053 381 4,371 1,405 225 760 11 June 15 6,707 4,386 1,664 656 2,132 8,928 7,692 1,233 335 4,669 1,412 333 765 11 June 29 6,598 4,342 1,620 636 ,854 8,546 7,474 1,151 407 4,442 1,426 161 769 11 July 27 6,811 4,284 1,845 682 ,745 8,662 7,551 1,163 342 4,552 1,444 195 770 11 Aug. 31 6,661 4,317 1,727 617 ,927 8,698 7,647 1,236 275 4,629 1,452 117 783 11 Sept. 28* 6,740 4,361 1,792 587 ,980 8,833 7,766 1,191 552 4,497 1,465 125 781 11 Oct. 26* 6,847 4,328 1,903 616 ,954 8,923 7,725 1,231 301 4,662 1,470 219 804 11 Reserve city member banks:6 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,999900 111,423 1 2,844 353 1957—Dec. 31 55,259 32,805 17,352 5,10217,540 74,196 67,483 7,241 301 1,358 39,96018,623 21 5,370 278 1958—Dec. 31 60,558 34,003 20,645 5,91017,701 79,781 72,647 7,506 377 1,429 42,225599 2211,075 14 5,760 274 1959__june 24 60,617 36,616 18,224 5,77715,762 77,887 69,448 5,994 341 1,600 39,72121,792 1,140 5,945 273 Oct. 28 60,879 37,757 17,416 5,70615,930 78,391 69,942 6,295 299 1,746 40,07321,529 901 6,053 270 Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 1,698 42,666688 2211,555 238 6,106 265 1960—Apr. 27 59,649 38,990 15,305 5,35415,412 76,723 67,699 5,803 278 1,577 39,33320,708 1,192 6,147 225 May 25 59,491 39,126 15,046 5,319 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 39,7"5~9 "2"0,938 870 6,181 224 June 29 59,563 39,421 14,846 5,29615,786 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 5,31215,743 77,938 68,796 6,074 250 2,247 38,92521,300 1,063 6,256 222 Aug. 31 60,683 39,497 15,920 5,26615,353 77,796 68,484 6,342 285 1,984 38,228844 2211,589 1,093 6,306 217 Sept. 28* 60,790 39,430 16,029 5,33115,801 78,381 69,317 6,509 317 2,500 38,25721,734 803 6,332 217 Oct. 26* 61,805 39,354 17,040 5,411 15,998 79,643 70,421 6,774 286 2,062 39,4 "1~0 "2'1,889 822 6,366 217 Country member banks:6 1941—Dec. 31 518 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. 31 002 5,596 26,999 2,40810,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 324 10,199 22,857 3,26810,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1957—Dec. 31 820 28,191 21,815 6,81414,139 72,062 65,991 1,640 1,181 40,7"2-4 ~22429 30 5,359 6,083 1958—Dec. 31 511 30,257 23,606 7,64814,031 76,767 70,277 1,578 1,175 42,349 25, 37 5,685 6,006 1959—June 24 386 32,317 22,377 7,692 1"2,363 75,986 68,787 1,232 1,309 40,115 ,137 510 5,898 5,975 I960— D J J J O A M S O A u u u e e u c c p l n n a p c y t t g r y e e . . t . . . . 2 2 2 2 2 3 2 2 3 1 9 6 5 7 1 7 8 1 8 5 * * , , , , , , , , 0 6 0 4 8 3 4 1 4 1 8 8 3 6 0 7 2 7 8 1 2 7 5 3 5 7 7 4 2 2 3 3 3 3 3 3 3 3 3 3 3 3 5 6 5 5 6 6 6 6 , , , , , , , , , , 2 7 6 0 2 6 9 0 7 4 2 6 6 9 7 5 9 7 0 7 3 8 6 1 4 0 9 5 5 3 2 2 2 2 2 2 2 2 2 2 2 1 2 1 1 1 1 1 1 2 , , , , , , , , , , 6 7 5 2 9 5 5 9 5 8 6 4 4 3 9 7 9 5 2 1 8 9 1 5 0 5 3 6 0 1 7 7 7 7 7 7 7 7 7 7 , , , , , , , , , , 7 7 7 8 7 7 7 8 7 9 8 1 9 9 5 9 1 9 8 4 1 6 6 5 7 2 7 6 5 7 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 4 2 3 2 3 2 2 , , , , , , , , , , 5 3 4 7 5 1 1 9 7 8 9 2 7 0 6 3 2 2 4 5 5 3 7 5 4 5 2 4 0 4 7 7 7 7 7 7 8 8 8 8 7 8 8 9 9 9 0 0 0 1 , , , , , , , , , , 7 5 9 7 5 6 3 0 2 9 7 1 1 9 6 0 5 0 6 1 1 6 6 8 7 9 7 7 7 0 7 7 7 7 7 7 7 7 7 7 0 2 0 0 2 1 1 1 3 2 . , , , , , , , , , 3 3 9 5 9 2 0 6 8 5 2 2 5 7 2 2 4 4 2 2 5 3 9 6 ^ 3 2 4 4 2 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 3 1 6 2 2 2 3 2 4 3 9 2 4 0 9 7 0 2 5 4 1 1 8 2 9 4 8 3 9 9 1, , , , , , , , , , 5 5 8 9 1 6 9 7 7 7 4 5 0 0 3 2 4 8 5 8 1 8 3 8 0 3 7 8 7 0 4 4 4 4 4 4 4 4 4 4 2 0 1 0 0 0 1 0 1 1 , , , , , , , , , , 0 8 2 0 7 5 6 1 5 1 " " 3 0 3 4 4 3 5 2 3 4 " " 1 3 2 0 9 3 0 3 9 4 2 2 " "2 2 2 2 2 2 2 2 2 " 6 7 ' 7 6 8 7 8 7 6 8 8 , , , , , , 2 , , , , , 7 0 5 4 3 8 0 4 9 6 8 0 9 2 1 5 4 4 3 3 1 1 6 4 7 0 6 7 6 3 0 7 4 4 6 4 3 2 3 3 1 8 7 5 1 7 0 9 0 2 8 1 1 3 5 1 1 0 3 0 7 6 6 6 6 6 6 6 6 6 6 , , , , , , , , , , 0 0 4 2 5 3 3 4 5 4 3 1 3 6 8 6 8 4 6 5 1 6 5 5 0 9 4 0 9 3 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , 9 9 9 9 9 9 9 9 9 9 4 3 6 6 5 6 6 6 5 4 8 8 6 6 5 2 2 2 7 4 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 [249 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES*— Continued (Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i S n v g . s t a . - O s r e i t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l o u p i i n c a t t i n d - i t a - e t a l s s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U.S D . ema O O n t t d h h e e r r Time r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e m f k r s - Govt. All insured commercial basks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69 10,654 1,762 41,29815,699 10 6,84413,,426 1945—Dec. 31 121,809 25,765 88,912 7,13134,292 157,544147 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 17,585 48,127 220,865199; 876 15,489 1,264 3,859123 127 56,137 6617,05113,142 1958—Dec. 31 183,596 97,730 65,669 20198 48.689 236,724 214,48515,653 2,209 4,241129214 63,168 6718,15413,101 1959—June 10 184,632 102,902 61,396 20334 42;623 231,876 206149 13, 2,013 2,766122744 65,288 76218,76213,086 Dec. 31 188,790110,299 58,348 20143 49,158 242,828 218,474 15 1,358 5,037130720 65,858 60219,20613,107 1960—June 15 188,691114,785 54,36619540 46,825240728 21244213,756 1,324 6,396124,0"9'1 66,875 57319,97813,140 National member banks: 1941—Dec. 31. 27,571 11,725 12,039 806 ,977 433 39,458 6,786 ,088 23,262 8,322 3,640 5,117 1945—Dec. 31., 69,312 13,925 51,250 137 20,114 220 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947—Dec. 31, 65,280 21,428 38,674 178 22i,024 182 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1957—Dec. 31 91,201 50,350 31,234 617 26^86 120 153109,091 8,958 517 2,166 66,546 "3 0,904 38 9,070 4,620 1958—Dec. 31 99,277 52,627 35,71410,936 26:,781 397116,714 9,035 767 2,292 69,808 34,812 43 9,643 4,578 1959_june 10.. .. 99,982 55,816 3333,115522 11,014 23,835 255112,659 7,818 705 1,526 66,43336,177 1,42010,041 4,559 Dec. 31 102,615 59,962 3"'1 ,—76 110,892 27,464 636119,638 8,947 514 2,742 71,01536,421 34010,302 4,542 i960—June 15 102,309 62,398 29,29810,614 26,380131433116,178 7,937 472 3,594 67,270 36,905 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 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 5,39616,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 1,69! I960—June 15 55,348 35,946 14,228 5,174 15,495 72,734 63,341 5,429 833 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 6 959 6,810 1945—Dec. 31.......... 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 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 7 1,271 6,478 1957—Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,58010,873 9 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 13 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 76 2,846 6,810 Dec. 31. 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451| 533 19,73213,059 21 2,944 6,878 1960—June 15 31,052 16,450 10,848 3,755 4,952 36,582 32,942 389 651 18,52513,357 69 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 83 873 311 350 366 I960—June 15 1,446 522 547 377 299 1,815 1,386 163 122 792 290 353 350 411 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 18 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 11 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 12 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 21 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 20 3,028 7,192 1959—June 10. 30,889 14,988 11,821 4,079 5,041 36,491 32,810 536 144 368 18,90312,858 84 3,183 7,193 Dec. 31 32,419- 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 34 3,294 7,244 I960—June 15 32,498 16,972 11,395 4,131 5,251 38,397 34,328 553 141 669 19,31813,648 87 3,503 7,276 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 1212,192 1,252 194 1957—Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 1 3 2624,991 2,308 239 1958—Dec. 31 28,980 19,180 5,215 4,585 752 30,189 27,277 2 3 2827,243 2,473 241 1959—June 10. 30,150 20,106 5,324 4,721 630 31,228 28,041 2 2 27 2288,011 2,608 251 Dec. 31 30,580 20,942 5,016 4,622 686 31,743 28,577 2 3 2828,544 2,654 268 I960—June 15 31,133 21,721 4,743 4,669 624 32,2\\ 28,824 2 2' 28 "2"8 791 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. 31*.. 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 6,404 705 249 June 15 7,167 4,348 1,885 934 141 7,387 6,511 6,510 730 247 For other notes s«e 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

1250 COiMMERCIAL BAiNKS LOANS AND INVESTMENTS OF COMMERCIAL RANKS, BY CLASSES' [In millions of dollars] Loans 2 Investments Com- Loans for Loans Oblimer- purchasing to gac b o c C a m a l n l a m l k s d s e a a r o n c t f e d ial i m T n lo a v o e n a e n t n d s a t s t s l - TotaP c o m c p i k l i p n u i n a a e a e g d - r - t l n - - A c tu u a g l r l - r - i- o b k a T s r r e n o e o r - d c c s a u r r r o it y t i T h i e n o e s g rs b i a T n n f o s i k t n i s a tu n t c o i i o T t a h n l o e s rs l R o ta a e t n a e l s O lo u v i d t t a a i n h i o 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 t m e if r e i - - nt o N b o li t g es atio B n o s nds S p t d s a i i t o u c i o o a n b v l a f t n - i d i e l t s - - s O s ri e t t h c ie e u s r per deal- sions ers Total:* 1947—Dec. 31.. 116,28438,057 18,,1671,660 830 1,220 115 9,393 5,723 94769,2212,193 7,789 6,034 53,205 5,276 3,729 1958—Dec. 31.. 185,16598,214 40,425 4,973 2,832 1,829 719 25,"2"55 20,698 3,437 6"6,376 6,294 7,399 13,,396 39,28716,505 4,070 1959_June 10*. 186,151103,406 41,613 5,098 2,3331,903 1,852 26, 669 22,382 3,567 62,0355,149 4,722 14,037 38,12716,984 3,725 Dec. 31.. 190,270110,832 40,174 5,018 3,0181,850 819 7, 118 28^060 24,166 2,784 58,9376,300 2,420 14,856 35,36016,958 3,543 |%0—June 15.. 190,137115,307 41,775 5,363 2,6021,739 2,365 7,063 28,353 25,523 2,747 5"4 ,9133,593 2,210 15,224 33,887 16,789 3,127 All insured: 1941—Dec. 31.. 49,29021,259 9,2141,450 614 662 40 4,773 4, 505 21,046 988 3,159 116,899 3,6513,333 1945—Dec. 31.. 121,80925,765 9,4611J314 3,164 3,606 49 4,677 2,361 1,132 88,9122,45519,071 16,045 i51,342 3,873 ",258 1947_Dec. 31... 114,27437,583 18,,0121' ,6"1~0 8—23 ,190 114 9,266 5,654 914 67,9412,124 7,552 5,918 5522;,347 5,129 3,621 1958—Dec. 31.. 183,59697,730 40,289 4,913 2,797 ,810 713 25,'1"48 20,589 420 65,6696,159 7,336622 13J240 38,908 16, ,932 1959—June 10*. 184,632102,90241J45? 5,046 2,312 ,884 1,847 26, 550 22,264 549 61,3965,025 4,690 13,92837,754 16,7433,591 Dec. 31.. 188,790 110,299 40,022 4,9732,982 ,827 813 7,10527, 948 24,032 767 58,3486,189 2,404 14,772299 3355,027 16,7213,422 I960—June 15.. 188,691114,785 41,625 5,318(2,584 ,719 2,360 7,04328,24025,387 54,3663,527 2,184 15,09033,566 16,5452,994 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 8,949 855 3,1333,378 47 3,455 1,900 1,057 78,3382,27516,985 14,27144,807 3,,254 2,815 1947_Dec. 31.. 97,84632,62816,9621,046 8111,065 113 7,130 4,662 ~~~ 57,9141,987 5,816 4,815 4"5,295 4,,199 3,105 1958—Dec. 31.. 154,86584,06137,444 3,052 2,7301,599 710 20,013 17,028 54,2994,644 6,143 11,117 32,39613,,405 3,100 1959—June 10*. 155,28988,43138,469 3,132 2,260 1,669 1,821 21,180 18,397 276 50,2253,854 3,688 11,410 31,27313,,820 2,813 Dec. 31... 157,87994,77936,826 3,116 2,885 1,587 811 6,801 22,,1 8.5. 19,877 46,8134,612 1,812 11,604 28,78513,677 2,610 I960—June 15.. 157,65798,34438,2043,297 2,4691, "" 2,309 6,"736 22,309 20,932 550 43,5262,521 1,583 11,959 27,46313,4732,315 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—Doc. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 I947_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... 25,966 16,16510,928 1,652 382 503 641 1,502 921 7,486 643 1,106 1,602 4,135 1,869 446 1959—June 10*. 25,648 16,51410,731 1,556 409 967 746 1,625 852 6,7451,165 350 1,717 3,513 1,978 411 Dec. 31... 25,291 18,12110,549 1,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 I960—June 15.. 25,774 18,35010,499 1,463 366 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 29,5521,034 6,982 5,65315,883 1,126 916 1947_Dec. 31...36,04013,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,"34 "2 1,053 1958—Dec. 31...60,55834,00315,808 669 518 851 191 8,405 6,930 1,30120,6451,293 2,370 4,497 1122,484 4,864 1,047 1959—june 10*. 60,81236,31516,410 753 404 860 715 8,986 7,513 1,35818,663 870 1,512 4,23012,051 4,885 949 Dec. 31... 61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 98017,2921,484 645 4,10911,054 4,830 813 1960—June 15...59,75039,53415,778 805 511 713 924 3,184 9,036 8,430 89214,921 464 365 4,006 1"0,086 4,623 672 Country: 1941—Dec. 31...12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,2221,028 1945—Dec. 31...35,002 5,596 1,484 648 42 471 4 1,881 707 35926,999 630 5,102 4,54416,722 1,"34 2' 1,067 1947—Dec. 31...36,32410,199 3,096 818 23 227 5 3,827 1,979 224 2222,857 480 2,583 2,10817,687 2,006 1,262 1958—Dec. 31...61,51130,257 8,080 2,368 294 268 6 10,806 8,239 777799 23,6062,475 2,306 4,449955 14,330 6,1811,467 1959—June 10*. 62,24831,960 ,362 154 293 102 11,267 8,872 86422,5811,642 1,622 5,02314,295 6,3921,315 Dec. 31.. 64,08233,766 498 2,321 298 284 11 1,056 11,816 9,491 643 2222,5352,381 863 5,75113,540 6,4521,330 I960—June 15...65,42736,074 212 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 1,921 102 230 5,256 3,671 22612,0881,651 1,255 2,280 6,901 3,102 971 1959_june 10... 30,88914,988 3,144 1,967 73 234 5,502 3,985 29111,8211,295 1,034 2,629 6,864 3,166 913 Dec. 31... 32,41916,068 3,348 1,902 133 263 5,888 4,289 18112,1341,689 608 3,254 6,584 3,283 934 I960—June 15... 32,498 16,972 3,5712,066 134 327 6,053 4,591 19711,3951,073 627 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 1251 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES» (In millions of dollars] Demand deposits Time deposits Reserves Bal- Dec b o c C a m a n l l a m k l s d s e s a r a o c t n f e i d al F B s w e R e a d r i n e t e v k h - r e a s l C va i a n u s l h t b m a a w d n e n i o c s t k e t - h i s s c 5ju p m s d a o a t d s e e n i - - d t d s < m D e I s d n o t t e - i e c p r o 5 b s a i F n t e s i k o g r n - G U o . v S t . . p v s S o u i a t s l a b i n i t o t d i d e c n i s a - s l c C c h o f a e e e i f e n t e r r f c c i d t d s . - k i ' - s, v a p i n s a p d t I h i r d n o u o t i r d p n a n c a i l e s o s - s - , r r , - - I b n a t n er k - G P U S i a n o o a n . s g v S v d t s a - t . . l v S s p i u a i s t o c a i n b l o a t i d d e n t l - i s s -a p v n s p a t i I h d i r d n o o i t u r d p n n c a a i o e s s - l - , r r s - , - r B in o o w g r s - - c C o a t a u a c p n l - i t - s Total: 3 1947—Dec 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1958—Dec 31.... 18,427 3,249 12,609115,518 14,142 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 61,5622,77019,100 Dec. 31.... 17,931 3,012 12,237115,420 13,944 ,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62,718 61519,556 I960—June 15,... 17,917 3,252 10,999110,025 12,484 ,436 6,414 10,753 3,701 110,429 1,446 259 3,616 63,2902,59020,331 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 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 ,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 61,2922,76218,762 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 60219,206 1960—June 15..,. 17,917 3,232 10,737109,249 12,356 ,400 6,396 10,648 3,655 109,788 f ,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 ,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 ,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 ,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 5415,460 1959—Juno 10.... 18,086 2,351 6,375 93,722 11,446 ,499 2,406 8,207 3,110 93,353 1,990 297 2,937 49,5652,68615,919 Dec. 31.... 17,932 2,222 7,532 95,274 13,389 ,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 ,387 5,745 8,304 3,366 93,896 1,305 234 2,768 50,5342,50316,829 New York City:* 1941—Dec. 31 5,105 93 141 10 761 3,595 607 866 319 450 11 282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 ,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2^120 1947—Dec 31.... 4,639 151 70 16,653 3,236 ,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1958—Dec 31.... 4,454 161 92 16 170 3,519 267 968 329 1 540 18 835 1 739 36 100 3 345 3 282 1959—June 10.... 4,090 148 66 16,010 2,888 ,148 479 295 l[259 17,657 1,564 27 140 3,423 809 3J3OO Dec. 31.... 3,908 151 138 15,494 3,462 ,303 1,027 310 1,536 18,573 988 24 65 3,359 232 3,361 1960—June 15.... 4,054 144 87 15,332 3,149 ,060 1,140 294 1,849 17,754 992 24 95 3,360 980 3,430 Chicago:4 1941—Dec 31 1,021 43 298 2,215 1.027 8 127 233 34 2,152 476 288 1945—Dec 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec 31.... 1,070 30 175 3 737 I 196 21 72 285 63 3 853 2 9 902 426 1958—Dec 31.... 1,058 36 185 4,271 1,314 43 249 302 88 4,746 34 7 7 1,423 3 733 1959—June 10.... 998 29 105 3,947 1,119 41 120 235 77 4,345 31 8 12 1,387 272 743 Dec. 31.... 920 33 142 4,171 1.187 43 272 329 105 4,636 23 8 12 1,449 40 762 I960—June 15.... 995 28 109 3,678 1,193 40 335 283 85 4,301 43 4 8 1,401 333 765 Reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1958—Dec. 31.... 7,472 768 2,670 35,505 7,217 289 1,429 3,153 1,052 38,054 377 124 1,471 19,480 14 5 760 1959—June io.... 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 I960—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 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1958—Dec. 31.... 5,444 1,476 5,030 40,272 1,565 13 1,175 4,819 1,032 36,498 36 132 1,250 23,755 37 5,685 1959—June 10.... 5,647 1,423 4,093 39,140 1,281 19 950 4,718 944 35,150 34 140 1,320 24,620 463 5,946 Dec. 31..., 5,573 1,357 4,870 40,514 [,578 24 1,508 4,972 857 37,003 24 132 1,077 25,146 71 6,035 1960—June 15.... 5,388 1,515 4,488 39,159 1,285 14 1,951 4,923 631 35,686 26 127 1,290 26,289 320 6,453 Nonmember:3 1947—Dec 31.... 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1958 Dec 31 808 4,633 19 300 528 43 428 2 325 331 16 999 185 27 747 11,613 20 3,027 1959—June 10 767 3,996 18,632 487 48 368 2,279 297 16,328 144 25 810 12024 84 3*183 Dec 31 790 4,706 20,146 555 46 545 2,544 369 17,692 103 26 783 12,560 34 3,294 I960—June 15.... 826 4.087 18,983 504 49 669 2,449 335 16,533 141 25 848 12,775 87 3,504 2 Beginning with June 30, 1948, figures for various loan items are 4 Central reserve city banks. shown gross (i.e., before deduction of valuation reserves); they do not 5 Beginning with June 30, 1942, excludes reciprocal bank balances, add to the total and are not entirely comparable with prior figures. Total which on Dec. 31,1942, aggregated $513 million at all member banks and loans continue to be shown net. $525 million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not * Demand deposits other than interbank and U. S. Govt., less cash 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

1252 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 i L n a o v n a e d n st s - 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 m us a e t d e n - d ts i j L us a o t d a e - n d s i i m n t a c r d n i e i a u a d r l l s - - A t c u u g l r - r a i l - G U t l i o i . o o S b g - . v n a 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 S b g - . v n a s - t. O c t s u t i e h e - r s i e - r F ei o g r n - c m m D c o t e o i s i e - m - a c r l - - n s c s P a a o o a f n e n n l i m e - r d c a - s - e l Other e R st e a a t l e l o o A t a h l n e l s r s V e t r r a i e o v l - u n e a s panies etc. Total— Lsading CltU* 1959 Oct. 7.... 104,199 103,038 65,219 29,511 936 311 1,740 160 1,195 677 1,161 3,820 1,591 12,462 14,176 1,360 14 104,08r 102,802 65,269 29,706 941 284 1,627 159 1,180 671 1,280 3,743 1,609 12,494 14,216 1,361 21 104,65: 103,928 65,434 29,550 928 512 1,712 173 1,190 686 724 3,705 1,624 12,513 14,201 1,360 28 104,333 103,388 65,244 29,516 936 433 1,682 158 1,191 673 945 3,620 1,651 12,527 14,215 1,358 1960 SepM::::::::::: 106,683 105,091 68,016 30,933 1,019 528 ,499 146 1,144 676 ,592 4,171 1,626 12,551 15,177 1,454 107,186 105,552 68,406 31,307 1,032 643 ,476 153 1,145 684 ,634 3,998 1,665 12,555 15,200 1,452 21 108,293 106,825 69,226 31,568 1,042 844 ,499 171 1,147 693 ,468 4,307 1,658 12,559 15,165 1,427 28 107,235 106,217 68,727 31,541 1,055 615 ,451 147 1,145 676 ,018 4,116 1,662 12,556 15,206 1,443 Oct. 5 107,520 105,944 68,528 31,395 1,062 527 ,517 139 1,160 693 ,576 4,029 1,695 12,527 15,239 1,455 12 107,070 105,571 68,385 31,521 1,069 389 ,498 139 1,151 668 ,499 4,003 1,665 12,543 15,196 1,457 19 106,414 105,647 68,096 31,549 1,068 274 ,491 135 1,145 681 767 3,748 1,681 12,541 15,236 1,453 108,348 107,436 68,111 31,435 1,068 445 ,512 136 1,161 690 912 3,688 1,655 12,529 15,243 1,451 26 New York City 1959 25,329 24,829 17,146 10,192 170 1,249 389 460 500 ,316 308 870 2,547 395 Oct. 7 25,237 24,632 17,161 10,290 187 1,140 385 459 605 ,275 312 890 2,578 395 14 25,106 24,930 17,291 10,182 371 1,211 388 461 176 ,268 310 893 2,564 394 21 25,110 24,808 17,207 10,183 330 1,197 387 455 302 ,238 317 896 2,563 394 28 I960 26,03: 25,545 17,245 10,299 276 949 341 431 487 ,493 296 83: 2,700 405 26,114 25,619 17,203 10,459 279 920 343 428 495 ,330 297 831 2,687 405 21 26,657 26,247 17,709 10,575 392 936 340 426 410 ,571 297 828 2,688 377 28 26,358 25,995 17,470 10,585 332 923 342 422 363 ,429 298 826 2,674 394 Oct. 5 26,282 25,709 17,213 10,411 281 947 347 439 573 ,331 314 821 2,69: 405 12 25,872 25,372 17,032 10,419 170 896 346 432 500 ,330 298 824 2,687 405 19 25,820 25,340 16,954 10,441 96 916 346 446 480 ,214 305 815 2,743 403 26 26,013 25,894 17,095 10,429 210 940 345 455 119 ,218 302 808 2,755) 403 Outside Nw York City 1959 Oct. 7 78,870 78,209 48,073 19,319 935 141 491 121 806 217 661 2,504 1,283 11,592 11,629 965 14 78,845 78,170 48,108 19,416 940 97 487 120 795 212 675 2,468 1,297 11,604 11,638 966 21 79,546 78,998 48,143 19,368 927 141 501 137 802 225 548 2,437 1,314 11,620 11,637 966 28 79,223 78,580 48,037 19.333 935 103 485 124 804 218 643 2,38f 1,334 11,631 11,652 964 1960 80,651 79,546 50,771 20,634 ,014 252 550 118 803 245 1,105 2,678 ,330 11,719 12,477 1,049 81,072 79,933 51,203 20,848 ,027 364 556 124 802 256 1,139 2,668 ,368 11,724 12,513 1,047 21 81,636 80,578 51,517 20,993 ,037 452 563 143 807 267 1,058 2,736 ,361 11,731 12,477 1,050 28 80,877 80,222 51,257 20,956 ,050 283 528 119 803 254 655 2,68^ ,364 11,730 12,532 1,049 Oct. 5 81,238 80,235 51,315 20,984 ,055 246 570 111 813 254 1,003 2,698 ,381 11,706 12,547 1,050 12 81,198 80,199 51,353 21,102 ,062 219 60: 111 805 236 999 2,673 ,367 11,719 12,509 1,052 19 80,594 80,30' 51,142 21,108 ,061 178 575 107 799 235 287 2,534 ,376 11,726 12,493 1,050 26 82,335 81,542 51,016| 21,006 ,060 235 57: 108 816 235 793 2,470 ,353 11,721 12,488 1,048 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 1253 ASSETS AND LIABILITIES OF BANKS EX LEADING CITIES—Continued [In millions of dollars] | Cash assets, excluding cash items in process Investments I of collection Total U. S. Government obligations assets— All total Wednesday Bal- Bal- Re- other liabili- Notes and bonds Other ances ances Currency serves assets ties maturing: secu- Total with with and with and Cer- rities domes- for- F.R. capital Total Bills tifi- tic eign Banks accounts cates With- banks banks in 1 to After 1 year 5 years 5 years Total— Leading Cities 1959 Oct. 7 27,668 1,652' 1,072 1,575 16,764 6,605 10,151 16,988 2,651 85 1,134 13,118 3,138 134,219 14 27,446 1,478 1,075 1,537 16,726 6,630 10,087 17,322 3,011 90 1,253 12,968 3,165 136,853 21 28,486 2,309 1,084 1,492 16,950 6,651 10,008 17,675 2,791 95 1,206 13,583 3,077 136,244 28 28,194 2,096! 1,116 1,481 16,870 6,631 9,950 17,582 2,661 105 1,250 13,566 3,108 135,341 I960 Sept. 7 27,408 2,591 1,341 726 17,972 4,778 9,667 17,013 2,966 106 1,221 12,720 3,780 138,159 14 27,491 2,669 1,341 729 17,974 4,778 9,655 17,333 2,976 100 1,287 12,970 3,748 140,899 21 27,992 3,056 1,358 1,125 17,642 4,811 9,607 17,217 3,031 119 1,243 12,824 3,824 140,849 28 27,816 2,825 1,364 1,181 17,614 4,832 9,674 17,744 2,765 114 1,293 13,572 3,852 139,436 Oct. 5 27,694 2,705 1,398 1,172 17,593 4,826 9,722 17,369 2,899 128 1,152 13,190 3,909 140,007 12 27,473 2,468 1,395 1,177 17,615 4,818 9,713 17,283 3,036 121 1,290 12,836 3,918 140,297 19 27,776 2,769 1,406 1,242 17,569 4,790 9,775 17,894 3,432 126 1,262 13,074 3,897 139,510 26.. 29.566 4,406 1.443 1 ,38917,552 4,776 9,759 17,925 2,689 134 1,283 13,819 3,944 141,174 /Ve-vv York City 1959 Oct. 7 5,286 529 128 180 3,114 1,335 2,397 3,757 153 3,507 ,229 33,403 14 5,120 405 125 161 3,089 1,340 2,351 3,624 167 3,353 ,238 34,003 21 5,348 620 114 121 3,152 1,341 2,291 4,252 151 3,987 ,147 34,035 28 5,329 620 113 127 3,130 1,339 2,272 4,255 161 3,971 ,152 34,083 1960 6,016 ,105 480 13 3,390 1,028 2,284 3,982 156 3,721 ,623 35,201 6,145 ,239 481 12 3,365 ',048 2,271 4,078 164 3,807 ,578 35,624 21 6,282 ,363 478 38 3,343 ,060 2,256 4,199 146 3,926 ,616 36,358 28 6,231 ,282 484 51 3,336 ,078 2,294 4,489 166 4,203 ,628 36,167 Oct. 5... 6,189 ,216 500 60 3,338 ,075 2,307 4,053 153 3,779 ,672 35,734 12 6,061 ,065 498 59 3,364 ,075 2,279 4,056 169 3,759 ,667 35,251 19 6,085 ,078 498 72 3,362 ,075 2,301 4,177 153 3,887 ,650 35,148 26 6,564 ,436 531 181 3,347 ,069 2,235 4,692 163 4,393 ,661 36,236 Outside New York City 1959 Oct. 7. 22,38: ,123 944 1,395 13,650 5,270 7,754 13,231 2,594 981 9,611 1,909 100,816 14 22,326 ,073 950 1,376 13,637 5,290 7,736 13,698 2,955 1,086 9,615 1,927 102,850 21 23,138 ,689 970 1,371 13,798 5,310 7,717 13,423 2,729 1,055 9,596 1,930 102,209 28. 22,865 ,476 1,003 1,354 13,740 5,292 7,678 13,327 2,596 1,089 9,595 1,956 101,258 1960 Sept. 7 21,392 ,486 861 713 14,582 3,750 7,383 13,031 2,914 1,065 8,999 2,157 102,958 14 21,346 ,430 860 717 14,609 3,730 7,384 13,255 2,918 1,123 9,163 2,170 105,275 21 21,710 ,693 880 ,087 14,299 3,751 7,351 13,018 2,969 1,097 8,898 2,208 104,491 28 21,585 ,543 880 ,130 14,278 3,754 7,380 13,255 2,705 1,127 9,369 2,224 103,269 Oct. 5 21,505 ,489 ,112 14,255 3,751 7,415 13,316 2,845 999 9,411 2,237 104,273 12 21,412 ,403 897 ,118 14,251 3,743 7,434 13,22- 2,976 1,121 9,077 2,251 105,046 19 21,691 ,691 908 ,170 14,207 3,715 7,474 13,71' 3,365 1,109 9,187 2,247 104,362 26 23,oo: 2,970 912 ,208 14,205 3,707 7,524 13,233 2,627 1,120 9,426 2,283 104,938 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1254 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Other Capital 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 i Domes- For- sub- cers' and sav- sub- and tic eign divi- checks, corpo- ings divi- corposions etc. rations sions rations Total- Leading Cities 1959 Oct. 7 60,061 11,256 1,409 2,793 4,364 2,247 63,344 ,547 149 1,475 29,006 466 1,752 3,200 11,211 14 60 837 11 839 1 422 1,719 4 217 2,433 66 471 520 148 1 467 28,980 277 1 897 3,274 11,189 21 60,815 10,906 1,437 3,885 4,220 2,485 64,950 ,519 145 1,436 28,991 715 1,196 3,178 11,181 28 61,239 10.462 1,370 3,477 4,346 2,471 64,740 ,498 144 1,425 28,963 699 1,344 3,190 11,212 1960 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 28 58,813 10,951 1,344 5,524 4,630 2,482 62,306 [,489 129 1,945 30,112 530 1,313 4,857 11,824 Oct. 5 58,130 12,188 1,322 4,652 4,622 2,471 62,246 1,510 132 1,942 30,187 44 1,932 4,897 11,862 12 58,553 12,435 1:, 378 3,190 4,191 2,236 64,152 1,517 131 1,938 30,246 68 1,958 4,971 11,886 19 59 705 13,040 I 493 2 119 4 324 2 165 64,521 I 523 130 1 924 30,337 13 1 060 4,993 11 868 26. . 60,332 11,246 1.470 4 077 4,534 2.575 64,180 .516 130 1,933 30,358 863 1,435 4,946 11 911 New York City 1959 Oct 7 15 178 2,924 ] ,109 791 302 1,063 16,901 1.204 26 125 3,363 65 803 1,409 3,318 14 15,172 3,149 1,114 454 323 1,189 17,564 ,181 26 122 3,328 1 799 1,433 3,320 21 15,269 2,864 1,126 1,248 329 1,320 17,150 1,179 25 117 3,320 140 539 1,358 3,320 28 15,497 2,806 1,041 1,104 387 1.386 17,290 [ 170 24 120 3,302 120 651 1,363 3 319 1960 Seot 7 . 14,847 3,293 1,055 683 111 1,523 16,611 1,095 25 185 3,437 1,160 2,396 3,461 u!:::::: 15,310 3,068 1,027 531 251 1,303 17,610 1,106 25 185 3,536 1,146 2,373 3,463 21 14,947 3,146 1,065 1,684 264 1,592 16,977 ,104 25 187 3,513 942 2,410 3,449 28 14,838 3,008 1,041 2,006 313 1,573 16,644 1,104 24 187 3,565 80 785 2,381 3,456 Oct. 5 14,369 3,276 1,011 1,611 286 1,503 16,307 1,124 25 187 3,548 963 2,416 3,477 12 14,539 3,128 1,064 1,081 301 1,331 16,563 1,148 25 190 3,526 976 2,438 3,480 19 15 008 3 689 1 157 631 296 1.243 16,970 1,151 25 182 3,556 416 2,352 3,480 26 15 063 2.991 1,141 1,218 357 \,616 16.900 .162 25 180 3,539 360 841 2,361 3,485 Outside New York City 1959 Oct. 7 44,883 8,332 300 2,002 4,062 1,184 46,443 343 123 ,350 25,643 401 949 1,791 7,893 14 .... 45,665 8,690 308 1,265 3,894 1,244 48,907 339 122 ,345 25,652 276 1,098 1,841 7,869 21 45,546 8,042 311 2,637 3,891 1,165 47,800 340 120 ,319 25,671 575 657 1,820 7,861 28 45,742 7,656 329 2.373 3,959 1,085 47,450 328 120 ,305 25,661 579 693 1,827 7,893 1960 Ser>t 7 44 162 8,671 '•521 1,847 4,406 967 45,908 379 104 1,791 26,377 72 1,326 2,448 8,341 14::::::: 44,707 8,940 322 1,637 4,245 1,016 48,224 382 105 [,793 26,424 71 1,259 2,533 8,324 21 44 216 8,646 327 3,068 4,257 982 46 606 382 104 L 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 Oct 5 43,761 8,912 311 3,041 4,336 968 45,939 386 107 1,755 26,639 44 969 2,481 8 385 12 44,014 9,307 314 2,109 3,890 905 47,589 369 106 1,748 26,720 68 982 2,533 8,406 19 44,697 9,351 336 1,488 4,028 922 47,551 372 105 1,742 26,781 13 644 2,641 8,388 26 ... 45,269 8,255 329 2,859 4,177 899 47,280 354 105 1,753 26,819 503 594 2,585 8,426 i Demand deposits other than interbank and U. S. Govt., less cash items reported as in process of collection, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 1255 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (-). In millions of dollars] Manufacturing and mining Comm'i Public and Period* t l o F i b q a o a n u o c d o d c r , o , T a l p e e a x p a n t t a i h d r l e e e r s l, , M p m u a r c e e n o t t t s d a d a 3 l - l s ch P l e c e a e m o u n t a r m d i o l c , , - al, Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s u p t ( t t r o i i i a l n o r i n c t t n i a s l ) e . - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n f l e e l e s r ss c c h l N f a a i n e s e d g s t i e - s ch r w e a i e n i p n a n e d o l g g k l U r e l t y — rubber banks 1959—Jan.-July 1 -519 218 864 -162 188 284 -364 -141 106 145 620 762 July 8-Dec 698 -58 -148 248 26 151 738 480 11 -31 2,114 1,983 I960—Jan.-June -558 273 1,062 -52 354 372 -677 -48 96 155 977 1,180 I960—-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 Oct 212 — 160 — 261 26 —41 125 175 — 199 60 — 62 — 106 Week ending: I960—Aug. 3 30 24 10 —4 17 9 25 -17 7 44 145 123 -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 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 Oct. 5 65 -30 -91 3 43 21 -123 — 10 14 -110 -146 12 28 -17 -38 19 7 61 58 -45 5 -4 74 126 19 109 -75 -58 4 -29 20 47 1 13 27 59 28 26 11 -38 -74 3 -22 2 50 -32 -8 24 -85 -114 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 * [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- llars) 200 p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0- llars) 200 10 100 200 and over 10 100 200 and over Quarterly (cont.):* 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:* 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.3 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 I960—Mar 5.34 6.01 5.75 5.50 5.21 Sept.3 5.46 5.99 5.68 5.51 5.30 June 5.35 6.00 5.76 5.53 5.22 Dec.3 5.56 6.08 5.81 5.64 5.38 Sept 4.97 5.94 5.58 5.21 4.78 1960—Mar 5.57 6.12 5.83 5.57 5.40 June 5.58 6.10 5.84 5.61 5.41 Sept 5.32 6.04 5.68 5.34 5.10 - For description see the BULLETIN for March 1949, pp. 228-37. NOTE.—Bank prime rate was 2 V4 per cent Jan.l-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, 2\k; Oct. 17, 2%; Dec. 19, 3; 1953—Apr. 27, 3*/; 1954— schedule of the call report of condition to exclude loans to nonbank Mar. 17, 3; 1955—Aug. 4, 3V4; Oct. 14,3Vi; 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, 4Vi; Sept. 1, 5; and 1960—Aug. 23, 4%. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1256 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Prime Finance com- company Prime mercial paper bankers' 3-month bills 6-month bills 9- to 12-month issues Year, month, or week m 4 p o - a t n p o t e h e r s - , i m d 3 p i - o r l e a t n o c c t e t h l 6 d y s - 2 , 9 a 0 a c n c d c e a e p y s t s , - 3 on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l k d s ) et Others 3 i - s y s t e u o a e r s 5 * - 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—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 Oct.. . . 3.30 3.11 3.00 2.426 2.30 2.845 2.73 2.92 3.01 3.61 Week ending: I960—Oct. 1 3.45 3.19 3.00 2.286 2.35 2.729 2.82 2.87 2.99 3.50 8 3.38 3.19 3.00 2.473 2.40 2.925 2.88 2.92 3.05 3.60 15 3.38 3.19 3.00 2.698 2.54 3.079 2.88 2.95 3.07 3.65 22 3.30 3.15 3.00 2.406 2.23 2.806 2.71 2.99 3.02 3.62 29 3.18 2.98 3.00 2.129 2.11 2.569 2.53 2.85 2.93 3.57 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. « Consists of selected note and bond issues. BOND AND STOCK YIELDS i [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- TotaH term)2 Total4 Aaa Baa Aaa Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d Corn- C m o o m n - Number of issues 4-7 20 120 30 30 40 40 40 14 500 500 1957 average 3.47 3.56 3.10 4.20 4.21 3.89 4.71 4.12 4.32 4.18 4.63 4.35 8.43 1958 average 3.43 3.36 2.92 3.95 4.16 3.79 4.73 3.98 4.39 4.10 4.45 3.97 5.23 1959 average 4.07 3.74 3.35 4.24 4.65 4.38 5.05 4.51 4.75 4.70 4.69 3.23 1959— Oct 4.11 3.57 4.38 4.87 4.57 5.28 4.70 4.96 4.95 4.81 3.26 Nov 4.12 3.44 4.30 4.85 4.56 5.26 4.69 4.99 4.86 4.81 3.24 Dec 4.27 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 3.49 4.43 4.91 4.61 5.34 4.74 5.08 4.92 4.87 3.27 Feb 4.22 3.40 4.35 4.88 4.56 5.34 4.71 5.05 4.89 4.82 3.40 Mar 4.03 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 5.80 July 3.86 3.73 3.31 4.26 4.74 4.41 5.22 4.61 4.90 4.71 4.70 3.47 Aug 3.79 3.57 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 Oct 3.91 3.64 3.20 4.16 4.63 4.30 5.11 4.50 4.84 4.56 4.75 3.60 Week ending: I960—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 8. . 3.88 3.64 3.21 4.15 4.61 4.28 5.09 4.49 4.81 4.53 4.74 3.62 15. . 3.92 3.65 3.21 4.17 4.63 4.29 5.12 4.50 4.84 4.56 4.73 3.57 22. . 3.93 3.65 3.21 4.17 4.64 4.31 5.12 4.50 4.86 4.57 4.75 3.56 29. . 3.90 3.61 3.17 4.13 4.65 4.30 5.13 4.50 4.86 4.57 4.76 3.65 1 Monthly and weekly yields are averages of daily figures for U. S. 4 Includes bonds rated Aa and A, data for which are not shown sepa- Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividend/price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks, on Wednesday figures. E,arnings/price ratios for common 5 Standard and Poor's Corporation. Preferred stock ratio is based on stocks are as of end of period. 8 median yields in a sample of noncallable issues—12 industrial and 2 2 Series is based on bonds maturing or callable in 10 years or more. public utility. For common stocks, the ratios beginning with July 1957 3 Moody's Investors Service. State and local govt. bonds include gen- are based on the 500 stocks in the price index; prior to mid-1957 on the eral obligations only. 90 stocks formerly included in the daily price index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1257 SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's index Securities and Exchange Commission index of Year, month, Cor- (1941_43= 10) (1957-59= 100) t i r n a g d 4 or week U.S. Mu- po- (in Govt. nicipal rate Manufacturing Trade, thou- (long- (high- (high- In- Pub- Trans- Pub- fi- sands term) 2 grade) 2grade) 3 Total dus- Rail- lic Total porta- lic- nance, Min- of trial road util- Du- Non- tion util- and ing shares) ity Total rable du- ity servrable ice Number of issues. 15 500 425 25 50 300 193 108 85 18 34 45 10 1957 average. 93.24 105.8 101.3 44.38 47.63 28.11 32.19 89.8 90.7 88.5 92.8 93.2 86.3 82.2 107.2 2,222 1958 average. 94.02 106.4 102.9 46.24 49.36 27.05 37.22 93.2 92.5 90.4 94.4 91.0 95.8 95.1 97.9 2,965 1959 average. 85.49 100.7 95.0 57.38 61.45 35.09 44.15 116.7 116.5 120.8 112.6 115.6 117.6 122.3 95.0 3,242 1959—Oct.. 84.95 100.2 92.8 57.00 61.04 34.32 44.11 116.3 116.5 122.7 110. 112.0 115.8 124.0 84.1 2,788 Nov.. 84.82 100.9 92.9 57.23 61.46 32.80 43.71 116.5 117.2 122.8 112.2 106.6 114.4 125.2 82.1 3,398 Dec. 83.00 99.3 92.4 59.06 63.56 33.57 44.31 120.5 122.1 128.8 115.9 107.6 115.1 127.0 85.8 3,284 1960—Jan 81.81 98.3 92.0 58.03 62.27 33. 44.50 117.6 117.5 124.3 111.2 106.4 120.0 125.6 83.3 3,197 Feb 83.60 100.4 92.8 55.78 59.60 32.54 44.38 114.1 112.8 119.1 107.0 103.0 122.3 121.9 78.5 3,027 Mar 85.32 101.9 93.9 55.02 58.71 31.01 44.60 112.1 109.9 115.8 104.5 97.4 124.0 122.2 75.7 2,857 Apr 84.24 102.3 94.2 55.73 59.46 30.59 45.53 113.5 111.0 118.3 104.3 96.5 127.1 125.3 73.4 2,865 May 84.39 102.2 94.1 55.22 58.84 30.18 45.75 113.2 110.7 118.7 103.3 95.8 126.4 125.8 70.9 3,277 June 86.50 103.1 94.2 57.26 61.06 30.81 47.35 117.0 114.6 123.4 106.6 97.1 129.8 132.1 70.3 3,479 July 88.12 103.9 94.8 55.84 59.25 30.19 48.02 114.5 111.2 119.0 104.0 95.7 131.0 131.0 68.6 2,694 Aug 88.93 106.7 96.4 56.51 59.96 30.19 48.65 115.6 112.2 119.8 105.1 96.1 132.6 131.8 71.6 2,841 Sept 88.57 106.7 96.8 54.81 57.96 28.76 48.64 112.1 107.6 114.1 101.7 91.5 134.2 127.2 70.1 2,898 Oct 87.50 105.9 96.0 53.73 56.90 27.77 47.34 109.1 104.9 109.4 100. 88.0 130.5 122. 71.8 2,592 Week ending: I960—Oct. 1. 88.74 106.0 96.6 52.92 55.99 27.54 46.94 108.7 104.7 110.3 99.5 129.4 121. 69.7 3,571 8. 87.84 105.4 96.2 53.50 56.63 27.68 47.27 109.6 105.5 110.3 101.0 88.3 130.7 122.7 72.8 2,442 15. 87.29 105.4 96.1 54.39 57.61 27. 47.89 111.3 107.0 111.8 102.5 89.3 134.0 124.5 73.0 2,195 22. 87.15 105.7 95.8 54.08 57.28 27. 47.65 107.7 103.6 107.7 99.8 87.4 128.5 122.1 70.7 2,586 29. 87.58 106.9 95.8 53.02 56.14 27.63 46.68 107.8 103.6 107.7 100.0 87.1 128.9 122.1 70.9 3,173 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Total— Net debit balances with Bank loans to others (than securities New York Stock Exchange brokers and dealers) for pur- Money borrowed Customers' End of monthl other than firms2 chasing and carrying securities3 net U. S. Govt. free obligations credit (col. 3 + Secured by Secured by U. S. Govt. Other On On balances col. 5) U. S. Govt. other obligations securities U. S. Govt. other obligations securities obligations securities 1956—Dec 3,984 33 2,823 41 1,161 46 2,132 1957_Dec 3,576 68 2,482 60 ,094 125 1,706 896 1958—Dec 4,537 146 3,285 63 ,252 234 2,071 1,159 1959—Oct 4,401 168 3,210 158 ,191 227 2,178 967 Nov 4,460 165 3,273 158 ,187 236 2,256 974 Dec 4,454 150 3,280 164 ,174 221 2,362 996 I960—Jan 4,365 134 3,198 154 ,167 190 2,233 1,001 Feb 4,274 138 3,129 146 ,145 202 2,194 981 Mar 4,158 117 3,028 136 ,130 161 2,059 988 Apr 4,153 113 3,037 135 ,116 185 2,155 940 May 4,132 130 3,021 139 ,111 208 2,115 970 June 4,214 106 3,082 135 ,132 162 2,110 1,016 July 4,133 110 3,004 135 ,129 187 2,042 1,018 Aug 4,243 111 3,109 140 ,134 173 2,063 1,021 Sept 4.282 122 3,137 147 ,145 177 2,143 1,059 Oct 4,294 111 3,133 136 ,161 161 2,139 1,063 1 Data for cols. 4-7 are for last Wednesday of month. 3 Figures are for weekly reporting member banks. Prior to July 1959, 2 Ledger balances of member firms of the New York Stock Exchange loans for purchasing or carrying U. S. Government securities were recarrying margin accounts, as reported to the Exchange. Customers' debit ported separately only by New York and Chicago banks. Accordingly, and free credit balances exclude balances maintained with the reporting for that period col. 5 includes any loans for purchasing or carrying such firm by other member firms of national securities exchanges and balances securities at other reporting banks. Composition of series also changed of the reporting firm and of general partners of the reporting firm. Bal- beginning with July 1959; revised data for the new reporting series (but ances are net for each customer—i.e., all accounts of one customer are not for the breakdown of loans by purpose) are available back through consolidated. Money borrowed includes borrowings from banks and July 1958 and have been incorporated. from other lenders except member firms of national securities exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1258 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 orI: E o n r d m of o n y t e h ar Accepting banks F. R. Goods stored in or Placed Total Banks Im- Ex- shippecI between Placed direct- i oiai ports ports Dollar points in: Total through ly Others into from exdealers i (finance To- Own Bills For- United United change paper) 2 tal bills bought Own eign States States United Foreign corr. States countries 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 ,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,744 840 3 1,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959—Sept. 3,334 763 2,571 954 205 158 47 20 67 662 316 301 45 46 246 Oct.. 3,784 755 3,029 945 182 145 36 28 62 673 304 290 36 81 234 Nov. 3,664 784 2,880 1,029 232 187 44 34 71 693 355 283 46 119 226 Dec. 3,118 627 2,491 1,151 319 282 36 75 82 675 357 309 74 162 249 I960—Jan.. 3,889 664 3,225 1,229 230 193 36 42 124 833 341 337 149 158 245 Feb.. 4,085 718 3,367 1,240 218 170 48 35 119 868 350 336 193 131 229 Mar. 4,320 805 3,515 1,366 250 178 72 33 153 929 364 413 201 144 244 Apr. 4,269 888 3,381 [,336 320 247 73 30 167 819 373 461 128 109 266 May 4,492 920 3,572 1,263 310 237 74 29 161 763 352 474 87 65 286 June 4,459 ,021 3,438 [,382 311 229 82 30 182 859 375 501 94 91 321 July. 4,652 ,116 3,536 1,561 404 299 104 29 180 948 400 545 166 76 373 Aug. 4,920 ,266 3,654 [,656 424 316 108 33 204 996 407 594 179 83 393 Sept. 4,558 ,263 3,295 1,668 392 284 108 42 204 1,031 409 632 123 107 398 1 As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series revised to include all paper other commercial paper sold in the open market. with maturity of 270 days and over. Figures on old basis for December 2 As reported by finance companies that place their paper directly with were (in millions of dollars): Total 2,731; place directly, 1891. investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars] Loans Securities Total assets— Mortgage loan E o n r d m of o n y t e h ar M ga o g r e t- Other G U o .S v . t. g S l a o o t n c a v d a t t e l . C o r o t a h a n r t e p d e r o 1 - a C s a se sh ts O as t s h e e ts r s l a T u ia a t c r o i b n p c e t i d t l s a l s u i l . - s Deposits l O ia t t i b h e i s e li r - S c u o a r u c p n - lu ts s N c u o m m b m er i tm A e m nt o s u 2 nt 1941 4,787 3,592 1,786 829 689 11,772 10,503 38 1,231 n.a. n.a. 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1952 11,231 144 9,443 336 2,925 917 304 25,300 22,610 163 2,527 n.a. n.a. 1953 12,792 165 9,191 428 3,311 982 330 27,199 24,388 203 2,608 n.a. n.a. 1954 14,845 188 8,755 608 3,548 1,026 380 29,350 26,351 261 2,738 n.a. n.a. 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 n.a. n.a. 1956 19,559 248 ,982 675 3,549 920 448 33,381 30,026 369 2,986 n.a. n.a. 1957 20,971 253 ,583 685 4,344 889 490 35,215 31,683 427 3,105 n.a. n.a. 1958 23,038 320 ,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 ,664 19593 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 ,170 1959_Sept 24,374 356 7,244 758 4,929 725 561 38,947 34,847 730 3,370 77,316 ,439 Oct 24,511 327 6,963 738 4,874 698 553 38,664 34,660 665 3,339 73,699 ,294 Nov 24,635 366 6,878 730 4,846 718 556 38,729 34,633 724 3,372 76,612 ,245 Dec 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 ,170 I960—Jan 24,928 333 6,862 715 4,833 698 565 38,934 34,909 660 3,365 62,285 ,099 Feb 25,044 372 6,851 706 4,824 735 569 39,101 34,959 742 3,400 55,775 ,029 Mar.... 25,194 412 6,883 709 4,876 776 570 39,420 35,279 722 3,419 55,028 ,008 Apr.. . . 25,323 386 6,735 722 4,857 690 575 39,288 35,184 713 3,391 57,916 ,059 May. . . 25,484 446. 6,655 699 4,870 732 578 39,464 35,242 799 3,423 54,364 ,042 June... 25,653 396 6,562 695 4,927 840 569 39,642 35,463 720 3,459 52,638 ,028 July.... 25,812 435 6,514 691 4,965 771 572 39,760 35,484 795 3,481 53,276 ,031 Aug.... 26,018 449 6,544 686 r4,957 '765 '564 39,983 35,589 878 3,516 56,013 ,090 Sept 26,214 435 6,512 687 4,989 787 592 40,216 35,867 806 3,543 58,782 ,164 r Revised. 3 Data reflect consolidation of a large mutual savings bank with a comn.a. Not available. mercial bank. 1 Includes securities of foreign governments and international organiza- NOTE.—These data differ somewhat from those shown elsewhere in tions and obligations of Federal agencies not guaranteed by the U. S. the BULLETIN; the latter are for call dates and are based on reports filed Government, as well as corporate securities. with Federal and State bank supervisory agencies. Loans are shown 2 Not a balance-sheet item. Data represent commitments outstanding net of valuation reserves. of banks in New York State as reported to the Savings Banks Association of the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 1259 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other assets Total U S n ta i t t e e s d St ( a l U o te c .S a a . l n ) d Foreign2 Total Bonds Stocks gages estate loans assets End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 End of month:4 1957—Dec... 101,309 10,691 7,028 2,377 ,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958—Dec... 107,580 11,242 7,182 2,691 ,369 46,420 43,044 3,376 37,092 3,387 4,186 5,253 1959—Aug... 111,646 11,938 7,354 3,115 ,469 48,096 44,539 3,557 38,282 3,603 4,423 5,304 Sept... 111,846 11,772 7,169 3,130 ,473 48,224 44,658 3,566 38,493 3,624 4,464 5,269 Oct.. . 112,405 11,770 7,147 3,138 ,485 48,444 44,853 3,591 38,744 3,631 4,511 5,305 Nov... 112,904 11,668 7,016 3,154 ,498 48,662 45,032 3,630 38,984 3,673 4,555 5,362 Dec... 113,626 11,536 6,848 3,177 1,511 48,908 45,206 3,702 39,299 3,670 4,605 5,608 I960—Jan... 114,202 11,731 7,011 3,197 1,523 49,047 45,330 3,717 39,573 3,688 4,651 5,512 Feb... 114,666 11,755 6,975 3,222 1,558 49,170 45,435 3,735 39,769 3,698 4,709 5,565 Mar... 114,965 11,638 6,808 3,257 1,573 49,298 45,576 3,722 40,011 3,712 4,774 5,532 Apr... 115,394 11,583 6,723 3,278 1,582 49,450 45,708 3,742 40,236 3,721 4,838 5,566 May.. 115,908 11,554 6,661 3,304 1,589 49,725 45,940 3,785 40,439 3,766 4,897 5,527 June.. 116,377 11,468 6,559 3,317 1,592 49,880 46,942 3,788 40,631 3,786 4,957 5,658 July. . , 117,005 11,654 6,632 3,421 1,601 50,051 46,223 3,828 40,694 3,809 5,029 5,768 Aug... 117,581 11,650 6,592 3,464 1,595 50,261 46,380 3,881 40,920 3,822 5,085 5,842 1 Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Total Mortgage E o n r d m of o n y t e h ar g M ag o e r s t- 2 o G U b o l . i S v g . t a . - Cash Other3 a li s a T s b e o i t l t s i a t — i l es 2 S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n o e w y e 4 d L p o r a o n ce s s i s n Other c m o l m e o n a m t n s i t 5 tions profits 1941 . 4,578 107 344 775 6,049 4,682 475 256 636 n.a. 1945. 5,376 2,420 450 356 8,747 7,365 644 336 402 n.a. 1952. 18,396 1,787 1,289 1,108 22,660 19,195 1,658 944 863 n.a. 1953. 21,962 1,920 1,479 1,297 26,733 22,846 1,901 1,027 959 n.a. 1954. 26,108 2,013 1,971 1,469 31,633 27,252 2,187 950 1,244 n.a. 1955. 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956. 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957. 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958. 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 ,161 713 1,475 1959. 53,093 4,474 2,201 3,707 63,475 54,556 4,392 2,388 ,282 857 1,285 1959_ Aug.. 50,858 4,534 1,873 3,484 60,749 52,045 4,111 1,824 ,585 1,184 1,862 Sept.. 51,528 4,527 1,820 3,549 61,424 52,489 4,116 1,972 ,539 1,308 1,779 Oct... 52,149 4,534 1,752 3,637 62,072 52,888 4,121 2,108 ,476 1,479 1,626 Nov.. 52,608 4,500 1,817 3,777 62,702 53,371 4,133 2,165 ,374 1,659 1,470 Dec. 53,093 4,474 2,201 3,707 63,475 54,556 4,392 2,388 ,282 857 1,285 1960—Jan... 53,413 4,675 1,887 3,594 63,569 55,024 4,400 1,935 ,184 1,026 1,316 Feb... 53,811 4,742 1,854 3,656 64,063 55,433 4,410 1,810 ,172 1,238 1,378 Mar.. 54,356 4,715 1,903 3,756 64,730 56,056 4,419 1,683 ,219 1,353 1,482 Apr.. 54,922 4,716 1,873 3,860 65,371 56,428 4,424 1,721 ,265 1,533 1,560 May. 55,556 4,731 1,954 4,069 66,310 57,058 4,431 1,724 ,319 1,778 1,642 June. 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 2,047 3,866 67,437 58,423 4,640 1,809 1,360 1,205 1,647 Aug.. 57,687 4,522 2,078 3,868 68,155 58,912 4,640 1,830 1,344 1,429 1,637 n.a. Not available. declined consistently in recent years and amounted to $42 million at the 1 Figures are for all savings and loan associations in the United States. end of 1957. Data beginning with 1951 are based on monthly reports of insured 3 Includes other loans, stock in the Federal home loan banks and other associations and annual reports of noninsured associations. Data prior investments, real estate owned and sold on contract, and office buildings to 1951 are based entirely on annual reports. and fixtures. 2 Prior to 1958 mortgages are net of mortgage pledged shares. Asset 4 Consists of FHLB advances and other borrowing. items will not add to total assets which include gross mortgages with 5 Not a balance-sheet item. no deductions for mortgage pledged shares. Beginning with January NOTE.—Data for 1959 and 1960 are preliminary. 1958, no deduction is made for mortgage pledged shares. These have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1260 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1 [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t e a ro f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - Y qu e a a r r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1952... 36.7 19.5 17.2 9.0 8.3 1953... 38.3 20.2 18.1 9.2 8.9 1952 . . 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954... 34.1 17.2 16.8 9.8 7.0 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955... 44.9 21.8 23.0 11.2 11.8 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956... 44.7 21.2 23.5 12.1 11.3 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957... 43.2 20.9 22.3 12.6 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1958... 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 8.9 1960—1 48.8 23.8 25.0 13.9 11.0 i Reflects cash transactions only. As contrasted with data shown on p. 1262 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. 1262. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities End of year Net Notes and accts. Notes and accts. Federal or quarter working U. S. receivable payable income capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total l t i a a x - Other ties G U o . v S t . . 2 Other G U o . v S. t2 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 I960 1 130.7 270.2 33.8 23.4 2.9 113.6 87.2 9.4 139.6 1.8 89.8 14.0 34.0 2 131.2 271.5 34.5 21.7 2.9 115.6 87.4 9.5 140.3 1.8 91.0 13.0 34.6 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations* books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENTi [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- Rail- Other P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 Quarter Total fa m a i c n n i t n u g d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 ( a a j s l u n l e y s n a t s u e a o a d d n l - road ing rate) 1952 26.5 11.6 t.O 1.4 .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 .0 1.3 .6 4.6 1.7 6.3 2 8.3 3.3 .8 :.5 2.8 32.5 1954 26.8 11.0 0 .9 .5 4.2 1.7 6.5 3 8.3 3.3 .8 .5 2.7 33.4 1955 28.7 11.4 1.0 .9 .6 4.3 2.0 7.5 4 9.0 3.8 .8 .5 2.9 33.6 1956 35.1 15.0 .2 1.2 1.7 4.9 2.7 8.4 1957 37.0 16.0 L2 1.4 1.8 6.2 3.0 7.4 1960 1 7.9 3.3 .7 .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 .4 3.0 36.3 1959 32.5 12.1 1.0 .9 2.0 5.7 2.7 8.2 3*.... 9.3 3.9 .8 .6 3 0 36.9 1960^ 36.4 14.6 1.1 1.1 2.1 5.9 11.7 4*.... 9.9 4.4 .8 .7 3.0 36.9 * 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 1261 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 Profits before taxes 14,803 13,418 13,349 10,466 14,013 3,508 3,899 4,643 2,440 3,032 4,002 3,559 7,564 7,094 7,177 5,714 7,259 2,003 2,016 2,499 1,099 1,645 2,063 1,809 Dividends 3,847 4,068 4,192 4,078 4,361 1,042 1,033 1,029 1,051 1,247 1,092 1,099 Nondurable goods industries (79 corps.): i 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 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 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 Dividends 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 1,854 425 422 504 462 466 389 395 637 607 729 734 933 208 212 254 231 237 197 202 Dividends 368 403 416 422 461 104 113 106 123 119 121 119 Automobiles and equipment (14 corps.): Sales 24,624 21,217 23,453 18,469 20,593 5,677 6,259 6,585 4,624 3,124 7,022 6,520 Profits before taxes 4,011 2,473 2,701 1,332 2,987 718 1,012 1,117 356 503 1,076 940 Profits after taxes 1,841 1,186 1,354 706 1,470 447 491 570 155 254 521 460 Dividends . . 872 791 805 758 810 183 184 196 197 233 199 199 Public Utility Railroad: Operating revenue 10,106 10,551 10,491 9,565 9,826 2,555 2,388 2,633 2,368 2,437 2,411 2,477 Profits before taxes 1,341 1,268 1.058 843 848 365 167 310 127 243 165 212 Profits after taxes 927 876 737 602 578 271 99 207 86 186 99 139 Dividends. 448 462 438 419 403 160 116 82 78 127 91 94 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 1 Includes 17 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and 2 Includes 27 companies in groups not shown separately. the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Data are obtained primarily Telegraph Company) and for two affiliated telephone companies, which from published company reports. together represent about 85 per cent of all telephone operations. Divi- Railroads. Figures are for Class I line-haul railroads (which account dends are for the 20 operating subsidiaries and the two affiliates. Data for 95 per cent of all railroad operations) and are obtained from reports are obtained from the Federal Communications Commission. of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and Electric Power. Figures are for Class A and B electric utilies (which before Federal income taxes and dividends. For detailed description of account for about 95 per cent of all electric power operations) and are series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 obtained from reports of the Federal Power Commission, except that (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public quarterly figures on operating revenue and profits before taxes are partly utilities); and p. 908 of the BULLETIN for September 1944 (electric power). estimated by the Federal Reserve to include affiliated nonelectric opera- For back data for manufacturing, see pp. 792-93 of the BULLETIN for tions. July 1959; back data for other series are available from the Division of Telephone. Revenues and profits are for telephone operations of the Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1262 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Prop a o l s l e c d o r u p s o e r o at f e n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate Naw capital Year or Remonth State Bonds m tir e e n - t Total Fed- and Pre- Com- Total Other of G U o . v S t . .3 a e g r e a n l - n m p ic a u i l - - Others Total Total P li u cl b y - v P at r e i- ly f s e t r o r c e k d s m to o c n k Total m N on ew ey7 p p o u s r e - s s ri e t c ie u s offered placed 1952 27,209 12,577 459 4,401 237 9 534 7.601 3,(S45 3,957 564 1,369 9,380 8.716 8 180 537 664 1953 28,824 13,957 106 5,558 306 8] 898 7,083 3, 356 3,228 489 1,326 8,755 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 W3 3,484 816 1,213 9.365 7,490 6j780 709 1,875 1955 26,772 9,628 746 5,977 182 7,4?0 4,119 3,301 635 2,185 10,049 8.8?1 7.957 864 1,227 1956 22,405 5,517 169 5,446 334 10*939 8,00? 4,??5 3,777 636 2,301 10 749 in,384 9 663 721 364 1 1 9 9 5 5 8 7 3 3 0 4 , , 5 4 7 4 1 3 1 9 2 , , 6 0 0 6 1 3 2,3 5 2 7 1 2 7 6 , , 4 9 4 5 9 8 1,0 5 5 5 2 7 1 11 2 , , 5 8 5 8 8 4 9 9 , , 9 6 5 5 7 3 6 6 , , 1 3 1 3 8 ? 3 3 , , 8 3 3 2 9 0 4 5 1 7 1 1 2 1 , ,3 5 3 1 4 6 1 1 2 1 , . 6 3 6 7 1 2 1 1 7 0, . 8 4 7 4 3 7 1 9 tj . 7 90 8 7 4 9 6 1 6 5 3 2 5 1 4 4 9 1959 31,074 12,322 707 7,681 616 9,748 7,190 3,.557 3,632 531 2,027 9,527 9,392 8,578 814 135 1959—Aug 1,710 309 98 523 5 774 642 114 228 13 119 758 740 699 41 18 Sept 1,748 300 150 520 43 735 590 220 370 24 121 720 703 656 48 16 Oct 4,121 2,574 587 39 922 644 331 313 47 230 898 879 801 78 19 Nov. ... 1,722 332 458 41 891 657 3% 261 61 173 871 864 803 61 7 Dec 1,942 380 86 476 75 747 ?77 470 45 134 907 900 844 56 7 I960—Jan 1,958 420 182 696 11 649 5?4 3?3 201 26 100 635 577 550 27 58 Feb 2,127 435 150 622 181 740 554 ?53 302 29 156 724 715 667 48 9 Mar 2,077 391 150 568 74 894 675 361 314 46 173 875 860 803 57 15 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 (85 219 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 1,624 353 475 795 668 415 253 24 103 778 747 667 81 31 Aug 3,212 1,371 199 577 13 1,051 888 500 288 30 134 1,032 ,024 980 44 8 Proposed uses of net proceeds, major groups of corporate issuers M an ufacturing Commercial and Transportation Public utility Communication Real estate miscellaneous and financial 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- caipital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1952 3,713 261 512 24 758 225 7,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 7,905 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 1,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 1,605 138 1,294 118 1,014 47 1959 1,941 70 812 28 942 15 1,189 15 707 (9) 1,801 6 1959 Aug 127 15 44 2 98 191 36 245 Sept 206 4 35 10 138 j 109 1 56 161 (9) Oct . 86 14 83 4 104 1 341 126 140 Nov 114 5C 2 17 (9) 241 5 262 180 (9) Dec 164 3 61 1 60 1 346 72 198 2 I960 Jan 68 5 64 1 57 1 155 (9) 36 196 51 Feb 64 4 101 2 21 (9) 245 2 81 203 Mar 185 1 122 5 71 1 198 69 1 215 L Apr 171 2 46 1 56 (9) 302 52 139 2 May 93 3 65 6 80 8 144 37 143 1 June 252 2 49 1 33 362 3 64 275 9 July 197 3 41 10 35 123 15 61 290 3 Aug 228 2 4* 1 97 (9) 221 157 274 4 1 Estimates of new issues maturing in more than one year sold for cash tion and Development, and domestic eleemosynary and other nonprofit in the United States. organizations. 2 Gross proceeds are derived by multiplying principal amounts or num- 6 Estimated net proceeds are equal to estimated gross proceeds less cost ber of units by offering price. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. J Includes guaranteed issues. 7 Represents proceeds for plant and equipment and working capital. • Issues not guaranteed. 8 Represents all issues other than those for retirement of securities. * Represents foreign governments, International Bank for Reconstruc- 9 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY ISSUES; FEDERAL FINANCE 1263 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 issuer2 1Use of proceeds 2 Total amount Period Total G g o a e b a t n i l l o e i- n r- R n e u v© e - A P H u i u i o t t n b y h u g l o 3 s ic - r- F l G o e a o a d n l v e s t r . 4 - State S d a s p u i t t a s o i a e t t n t h r t r c y d u y i i o c a - r t l - Others d er e e li d v 6 - Total c E a d ti u o - n R br a o i n d a d g d e s s W s o u e a t t t a i w n h i e t l d e e s e i- r r r h R d i t o n e e i u a g n s l s i 7 - - - V a a e n i t d s e ' r- O p p o t u h s r e e - s r 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 ,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 1955 5,976 3,770 1 730 474 2 1,408 1,097 3,472 n.a. 5 911 1,516 1,362 881 570 169 414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 ,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 .W 1958 7,832 5,446 1,778 187 420 2,016 1,368 4,448 7,708 7,746 2,644 1,172 1,403 530 339 ,657 1959 7,880 4,766 2,397 333 384 1,609 2,094 4,177 7,415 7,773 2,238 834 1,961 701 355 683 1959— S A e u p g t . . . . • 5 5 1 1 5 5 3 39 9 8 2 1 1 1 1 7 2 C) 6 5 1 17 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... 631 364 152 103 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.. '572 '338 '134 1 99 18 '128 '426 '932 '571 '148 68 '123 95 '137 Aug 601 347 243 11 73 307 221 495 599 163 231 106 7 92 n.a. Not available. ' Revised. 5 Consists of municipalities, counties, townships, school districts and, 1 Data prior to 1957 arc 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 occur* 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. * 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, OCTOBER 31, 1960» [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Coat. Nov 3, 1960. ,400 Apr. 15, 1961 2.001 Apr. 1, 1963 \^h 533 Dec. 15, 1964-69... 2W 2,680 Nov 10, 1960. ,505 Apr. 20, 1961 401 May 15, 1963 4 1,743 Feb. 15, 1965 2% 6.896 Nov 17, 1960. ,600 Apr. 27, 1961 400 Oct. 1,1963 1W 506 Mar. 15, 1965-70.. .2% 4,689 Nov 25, 1960. ,600 June 22, 1961 3,504 Nov. 15, 1963 4% 3,011 Aug. 15, 1966 3 1,484 Dec. 1, 1960. ,501 July 15, 1961 1,501 Apr. 1, 1964 . , , .1% 457 Mar. 15, 1966-71.. .2% 2,936 Dec. 8, 1960. ,609 Oct. 16, 1961 1,502 May 15, 1964 4*4 4,933 June 15, 1967-72... 2% 1,797 Dec. 15,1960. ,600 May 15,1964 3% 3,893 Sept. 15, 1967-72...2V* 2,716 Dec. 22, 1960. ,602 Certificates Aug. 15, 1964 5 2,316 Dec. 15, 1967-72... 2 % 3,614 D Ja e n c . . 29 5 , , 1 1 9 9 6 6 1 0 . . , ,5 5 0 0 0 2 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 6 6 0 1 4 4 * % /4 7 6, , 9 0 3 3 8 7 N O o ct v . . 15 1 , , 1 1 9 9 6 6 4 4 4 \ % Vi 4,1 4 9 9 5 0 O M c a t y . 1 1 5, , 1 1 9 9 6 6 8 9 3% 4 1 1 ,3 2 9 7 0 6 Jan. 12, 1961. ,500 May 15, 1961 4% 3,674 Apr. 1,1965 IV* 466 Nov. 15, 1974 3% 654 Jan. 15, 1961. L,504 Aug. 1,1961 3% 7,829 May 15, 1965 4% 2,113 May 15, 1975-85.. AV4 470 J J a a n n . . 2 1 6 9 , , 1 1 9 9 6 6 1 1 . . , ,4 4 0 0 1 1 Treasury notes Oct. 1,1965 iy2 51 J F u e n b e . 1 1 5 5 , , 1 1 9 9 8 7 0 8 -83... 3V A 4 1.6 8 0 8 0 4 Feb. 2,1961. 400 Apr. 1,1961 \Vi 144 Treasury bonds Nov. 15, 1980 31/2 643 Feb. 9, 1961. 500 May 15, 1961 3% 4,078 June 15, 1959-62... 2% 5,263 May 15, 1985 3fc 1,134 Feb. 16, 1961. 500 Aug. 1,1961 4 2,136 Dec. 15, 1959-62... 2% 3,451 Feb. 15, 1990 3% 2,719 Feb. 23,1961. 501 Oct. 1,1961 \Vi 332 Nov. 15, 1960 2V6 3,806 Feb. 15, 1995 3 2,718 Mar 2,1961. 506 Feb. 15, 1962 3% 647 Dec. 15, 1960-653.. 2% 1,485 Nov. 15, 1998 314 2,343 M M a a r r 1 9 6 , , 1 1 9 9 6 6 1 1. 5 50 0 1 0 A Fe p b r . . 15 1 , , 1 1 9 9 6 6 2 2 \V 4 i 1,4 5 3 5 5 1 S N e o p v t . . 1 1 5 5 , . 1 1 9 9 6 6 1 1 2 2 V *4 i 2 6 . , 2 9 3 6 9 3 Panama Canal Loan... .3 50 Mar 22, 1961* 3,512 May 15, 1962 4 2,211 June 15, 1962-67...2% 1,465 Convertible bonds Mar 23, 1961. 500 Aug. 15, 1962 4 158 Aug. 15, 1963 2Vi 6,755 Investment Series B Mar 30, 1961. 500 Oct. 1.1962 \yi 590 Dec. 15. 1963-68... 2V4 1,822 Apr. 1, 1975-80.... 2*A 5,779 Apr. 6, 1961. 500 Nov. 15, 1962 3% 1,143 Feb. 15,1964 3 3,854 Apr. 13, 1961 500 Feb. 15, 1963 . 2% 3,971 June 15, 1964-69... 2V6 2,524 • Tax anticipation scriev 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 1256. 3 Partially tax-exempt Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1264 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 Total 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 g i e r r o b e s t c s 2 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 e d t- - s Totals b S i o n a n g v d s - s n s i T a o n a n a t g v d e x s - s S i p ss e u c e ia s l 1941 Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945 Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947_Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1952 Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 ii.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 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 1121..80 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 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 Oct 290.6 290,5 243.1 189.4 39.5 25.5 42.1 82.3 5.8 48.0 47.4 44.3 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $402 million on Oct. 31, 1960) and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, adjusted service bonds, and R.E.A. bonds, not shown sep- 3 Includes amounts held by Govt. agencies and trust funds, which arately. aggregated $10,569 million on Sept. 30, 1960. « Less than $50 million. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Held by Held by the public Total gross debt U. S. Govt. E m n o d n t o h f in ( a i g n n c t g e lu u e d a d r - - a tr g u e s n t c i f e u s n d a s n d i R Fe e d se e r r v a e l Total m C e o r m cia - l M sav u i t n u g a s l I a n n su ce r- c O o t r h p e o r - S a t n a d te Individuals i M nv is e c s . se ti c e u s r ) i- Special Public Banks banks 2 banks panies rations govts. Savings Other tors3 issues issues bonds securities 1941 Dec 64.3 7.0 2.6 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945 Dec 278 7 20.0 7.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947 Dec 257.0 29.0 5.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1952 Dec 267.4 39.2 6.7 24.7 196.9 63.4 9.5 16.0 19.9 11.1 49.2 16.0 11.7 1953 Dec 275.2 41.2 7.1 25.9 201.0 63.7 9.2 15.9 21.5 12.7 49.4 15.4 13.2 1954 Dec 278 8 42 6 7.0 24.9 204.2 69.2 8.8 15.3 19.2 14.4 50.0 13.5 13 9 1955 Dec 280.8 43.9 7.8 24.8 204.3 62.0 8.5 14.6 23.5 15.1 50.2 14.8 15.6 1956—Dec 276.7 45.6 8.4 24.9 197.8 59.5 8.0 13.2 19.1 16.1 50.1 15.6 16.1 1957 Dec 275.0 45.8 9.4 24.2 195.5 59.5 7.6 12.5 18.6 17.0 48.2 15.5 16.5 1958 Dec 283.0 44.8 9.6 26.3 202.3 67.5 7.3 12.7 19.6 16.7 47.7 14.4 16 5 1959 June 284.8 44.8 9.9 26.0 204.2 61.5 7.3 12.5 21.5 16.7 47.0 18.1 19.4 1959 Aug 290.5 44.7 9.9 26.7 209.2 61.1 7.3 12.7 24.4 17.2 46.7 19.1 20 6 Sept 288.4 44.4 9.8 26.6 207.6 60.3 7.3 12.6 22.9 17.3 46.5 19.8 21.0 Oct 291 4 43.6 10.0 26.6 211.2 60.8 7.0 12.6 24.1 17.4 46.3 21 2 21 7 Nov 290.7 43.6 10.2 26.9 210.0 59.5 6.9 12.5 24.2 17.4 46.2 21.4 21.9 Dec 290.9 43.5 10.2 26.6 210.6 60.3 6.9 12.3 23.5 17.5 45.9 22.4 21.8 I960—Jan 291.2 42.6 10.6 25.5 212.6 59.1 6.9 12.5 25.4 17.6 45.8 23.3 22.0 Feb 290 7 42.8 10.4 25.2 212.3 57.1 6.9 12.4 26.2 17.7 45.8 23.8 22 4 Mar 287.0 43.3 10.4 25.3 208.0 54.9 6.9 12.2 23.4 17.8 45.7 24.7 22.4 Apr 288 9 42.8 10.4 25.6 210.2 57.0 6.8 12.1 24.1 17.7 45.7 24 1 22 8 May 289 5 43.9 10.5 26.0 209.1 56.2 6.7 12.0 24.7 17.6 45.6 23.8 22 4 June........ 286.5 44.9 10.4 26.5 204.6 55.6 6.6 11.8 21.7 17.7 45.6 23.5 22.0 July 288 5 44.2 10.6 26.9 206.8 57.7 6.5 11.9 22.0 17.5 45.6 23.3 22 3 Aug 288.8 45.2 10.7 26.8 206.1 57.9 6.6 11.8 21.2 17.3 45.6 23.1 22.6 l Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $85 million on Dec. 31, 1959. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1265 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 e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1 19 9 5 5 8 7 — _ J ju u n n e e 3 3 0 0 1 1 7 6 5 5 , ,9 5 8 7 5 3 2 22 3 , , 4 4 0 2 6 0 2 3 0 2 , , 4 9 7 2 3 0 2 3 0 0 , ,9 4 7 1 3 6 9 8 0 0, , 8 9 3 3 9 2 1 8 0 , , 8 2 9 8 8 0 1 1 6 5 6 5 , , 6 7 7 0 5 5 7 6 1 7 , , 0 7 3 8 3 2 4 3 1 9 , . 0 1 7 8 1 4 2 1 2 4 , , 9 7 6 3 1 2 3 3 4 0 , , 8 7 6 5 0 6 1959—June 30 185,709 32.017 33,843 27,314 84,853 7,681 178,027 72,958 56,819 I 18,538 29,713 Dec. 31 195,346 39,643 19,669 44,152 84,804 7,077 188,269 78,456 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 I 72,911 21,730 20,280 Aug. 31 192,456 36,436 25,479 42,032 82,347 6,162 186,294 72,407 I 70,819 | 22,799 20,269 U. S. Govt. agencies and trust funds: I 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 1,169 4,703 2,833 6,644 899 1,565 913 3,267 1959—June 30 9,681 86 537 1,389 4,988 2,680 7,001 930 1.679 1,448 2,944 Dec. 31 9,982 260 363 1,700 5,071 2,587 7,394 1,037 1,909 1,882 2,567 1960—June 30 10,246 371 459 1,810 5,136 2,470 7,776 1,070 2,683 2,062 1,961 July 31 10,446 574 463 1,805 5,143 2,461 7,984 1,267 2,687 2,066 1,964 Aug. 31 10,528 636 539 1,704 5,187 2,461 8,066 1.544 2,453 2,103 1,965 Federal Reserve Banks: 1 1 9 9 5 58 7 — __ J jU u n n e e 3 3 0 0 2 2 3 5 , , 0 4 3 3 5 8 2,7 2 0 87 3 1 19 1 , , 9 3 4 6 6 7 8,579 2 2 , , 7 8 8 0 9 2 2 2 5 3 , ,0 4 3 3 5 8 2 2 0 3 , , 2 0 4 1 6 0 1 , 6 0 8 1 1 4 75 5 0 7 1 1 , , 3 3 5 5 8 8 1959—June 30 26,044 2,032 18,650 * 2 ^ 879 2.484 26,044 20,687 3.887 410 1,060 Dec. 31 26,648 2,626 10,508 11,016 2,498 26,648 18,654 6.524 677 793 I960—June 30 26,523 2,513 8,508 13,011 2,491 26,523 19,38^ 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 Aug. 31 26,762 2,753 14,014 7,510 2,484 26.762 19.625 5.687 1,179 271 Commercial banks: 1 19 9 5 5 8 7 — _ J ju u n n e e 3 3 0 0 4 5 8 7, , 5 7 0 3 9 4 2 3 , , 8 7 5 9 3 6 2 3 , ,3 9 3 1 1 3 1 8 1 , , 9 5 8 32 4 3 3 3 8 , , 8 7 3 2 9 0 1 13 4 0 4 4 5 8 7 , ,3 5 7 9 9 0 1 13 2 , , 4 2 3 6 1 8 2 24 3 , , 4 5 9 0 4 0 1 8 4 , , 6 2 0 5 0 9 2 1 2 9 2 5 1959__ D j e u c ne . 3 3 0 1 5 5 3 1 , , 5 9 1 4 3 5 3 5, , 0 5 1 6 1 3 2 3 , , 0 8 9 8 4 3 1 1 2 3 , , 4 1 1 7 7 2 3 3 3 1 , , 5 5 3 6 1 5 1 10 2 4 0 5 51 3 , , 8 3 4 9 1 4 1 1 0 1 , , 0 1 4 9 5 8 3 28 1 , , 7 3 7 0 8 4 9 8 . , 2 2 3 3 5 3 8 6 1 2 2 9 I960—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 Aug. 31 50,240 4,344 2,453 15,091 28,259 93 50,147 8.941 32,641 6.322 2,243 Mutual savings banks: 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 6,181 461 1,720 | 2,662 336 J A u u l g y . 3 3 1 1 6 6 , , 4 4 4 7 3 5 2 2 1 4 8 6 2 1 1 7 0 0 1 1, , 1 1 1 9 9 7 4 4 , , 5 6 6 1 1 2 2 2 9 8 7 7 6 6. , 1 1 8 4 8 5 4 5 F 1 5 5 1 1 . ,7 6 0 5 3 6 2 2 , . 6 7 5 2 5 4 1, 3 29 0 2 2 Insurance companies : 1957__june 30 10,936 326 136 648 7,277 2,549 8,387 955 1.775 1,022 4,634 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1,650 1,004 5,074 1959—June 30 10,947 503 347 798 7,371 ,928 9,019 1,092 2,085 1 ,678 4,164 Dec. 31 10,933 416 231 1,074 7,454 ,758 9,175 1,023 2,279 2,422 3,450 1960—June 30 10,521 232 165 1,225 7,304 ,595 8,926 595 2,794 3,063 2,475 July 31 10,549 260 167 1,254 7,309 ,558 8,991 639 2,799 3,055 2,497 Aug. 31 10,513 263 176 1,196 7,338 ,541 8,973 617 2.757 3,098 2,501 Other investors: Nonfinancial corporations 3 I960—June 30 11,494 4,579 1,740 1,882 3,284 11,485 8.442 2.871 98 75 July 31 11,918 4,802 1,730 1,997 3,384 11,913 8,605 3,141 94 73 Aug. 31 11,690 4,983 2,038 1,206 3,458 11,685 8,344 3.138 128 75 Savings and loan associations3 I960—June 30 2,480 178 495 1,675 2,418 297 947 472 703 July 31 2,476 163 514 1,665 2,414 284 957 473 700 Aug. 31 2,475 156 490 1,692 2.412 278 923 513 698 All others 4 1957—June 30 67,329 19.661 5,527 11,113 27,602 3,426 63,904 35,850 10,936 3,464 13,654 1958—June 30 65,459 15,392 8,799 6,636 31,829 2,802 62,657 29,489 11,243 6,054 15,872 1959—June 30 78,444 25,659 10,216 9,147 31,252 2,171 76,273 39,724 16,503 5,069 14,977 Dec. 31 89,066 31,140 6,315 16,302 33,325 1,985 87,082 46,057 20,717 7,154 13,153 I960—June 30 74,299 22,957 4,711 16,263 28,602 1,766 72,533 32,184 22,800 6,229 11,317 July 31 74,285 22,976 4,732 16,068 28,779 1,728 72,557 32,299 22,681 6,242 11,335 Aug. 31 73,775 23,057 5,972 13,715 29,316 1,714 72,061 32,543 21,563 6,731 11,224 c Corrected Holdings of "all others," a residual throughout, include holdings of all those not reporting in the Treasury Survey, including investor groups not listed separately. ionsA JLVi./XnVLcX11l jcu.,O dKeJ \ d1 1 Vi/nll il l 1t14h-11iVs1U 1 c\saKJ tk. e|~/ gW Lo C*r IJy.\_/ 11Ou nCt-tliiV*l JdF Ve Jbruary 1960 corporations and savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1266 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts From the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period from In- Less: r B ec N u e d e i g p t e t t s1 re T P f c u r l e u n u i d p s s : t ts ac t I G L t r n i a e o o t n s r v n s a s t s : - - . 2 E p T r u f q e r t b o o u h c l t m e t a i a s c l l . s 3 : B p tu u e e r n d x e d g - s i e i - t p T P t f e u u e r l n r x u n u e d - d s s s i t : - m A L e d e n j s u t s s s : t 4 - E p p t T o q u a o u b y t t a h l t a i s l e l c s . : t p p o u a t o h ( b y r e - l t i s ) c . , ( c ( d o c d r r 2 r e i e b r a a d e s « s e c e t e a t - , a i G n g N v e o n . e v . b t t & . y O d n c e a t o h b s n e h t - s r b E r i o e n c q N p r g a u r a s e o a y o h t w l t r s . - : & agen.) tr. funds 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 21,7.95 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.-JuneP... 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—Sept 8,463 1,236 207 9,488 6,334 1,735 360 7,709 1,779 -1,866 -399 -9 -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 I960—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 Junep 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 6,454 2,984 195 9,236 6,803 1,775 -349 8,926 311 -338 1,130 -35 -1,433 Sept.?' 8,981 1,406 224 10,157 6,793 1,798 831 7,760 2,398 -320 -368 77 -29 Effects of operations on Treasurer's account Operating transactions Financing transactions i C nc a . s , h o r b a d l e a c n . c ( e — s: ) Accou S n ta t t e o s f ( T e r n e d a s o u f r e p r e r o i f o d U ) nited Period Trust Net Net Increase, Deposits in: Net fund market inv. (-) or s B d u u e r o p f d i r l g c u i e t s t , a l c d a c e t o u f i i o r m c n 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 f c y e i s a n G e g c e o F . n v e b c t d y y . . d ( e d g - c i r ) r r o e . e s i c a n s t se T o r H u e t a e s s l i u d d r e y a T u c r c r e e o a r u s 's n - t Balance ( B F a a . v n a R k il . s - T T a r u x e r a y a s n - d O as n t s h e e t e t r s (-) (-) obliga- & trust public able Loan tions 6 funds 6 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 19602* 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.-June*.... 6,685 907 291 657 -1,624 -4,467 27 2,421 8,005 504 6,458 1,043 Monthly: 1959—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 1960—Jan -1,290 -1,146 634 3 764 287 -26 -722 4,862 567 3,246 1,049 Feb 1,095 716 -838 105 -160 -501 -33 450 5,311 453 3,843 1,015 Mar 3,157 -160 994 104 -386 -3,757 75 -122 5,189 549 3,738 902 Apr -968 -577 134 143 296 1,961 -115 1,105 6,294 619 4,490 1,185 May 476 1,521 -332 153 -1,097 579 83 1,217 7,511 462 6,180 869 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 Sept 2,188 -392 559 24 245 -249 -48 2,423 8,317 489 6.987 841 n.a. Not available. " Preliminary. 2 Consists primarily of interest payments by Treasury to trust accounts 1 Beginning with the October 1960 F. R. Bulletin figures are revised and to Treasury by Govt. agencies, transfers to trust accounts representing to exclude certain interfund transactions from both net budget receipts Budget expenditures, and payroll deductions for Federal employees reand budget expenditures. Figures for calendar years 1957 and 1958 are tirement funds. not yet revised. For more details see Treasury Bulletin for Sept. 1960, 3 Small adjustments to arrive at this total are not shown separately pp. II and 1. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1267 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 i N r p d e e t g - s t 1 e t >3 O ag ld e T - ran H s w f i e g a r y h s - to R : r . e R - . fu R r o n e e f d - - s B c T u e r o i d e p t g - a t e l s t W I it n h d - ividual C ra o t r i p o o n - t c a E i x x s e e - s t p m a E l x e o m e n y s - t - s O ce r t i h e p - e t r s Liquor b T ac o c - o a t M a n i d l f e r r r s e s . - ' trust trust tire- ceipts held Other fund 7 fund ment 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 1960* 71,617 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 1,112 265 634 34,296 13,769 2,827 6,174 5,364 3,653 2,509 1,600 931 1,963 1959—Jan.-June 39,163 4,621 1,059 260 4,299 49,608 15,232 8,906 11,918 5,396 5,201 2,956 1,402 876 2,352 July-Dec 33,575 3,815 1,281 307 718 40,035 15,652 3,041 8,323 5,948 4,127 2,944 1,703 984 2,408 1960—Jan.-June* 44,102 6,396 1,361 302 4,327 56,839 16,025 10,230 13,856 5,913 7,034 3,781 1,491 948 2,706 Monthly: 1959—Sept 8,463 652 201 52 161 9,552 2,264 1,837 3,311 1,007 704 430 300 169 n.a. 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 June* 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 1,608 456 272 179 n.a. Sept 8,981 739 262 52 161 10,211 2,527 1,959 3,492 1,024 792 417 n.a. n.a. n.a. I Budget expenditures0 Major national security Agri- Vet- culture Period Totali-3 Total io M de i f l e it n a s r e y M a a i s l n s i i t c s a e t r - y A en t e o r m gy ic f a i I n f a f n a n a t n i d l r . c s e In e t s e t r- ic e b e s r e f e s a i r n t n a v s e n s - - ' d 1 w L a e a _ n l j u f d a a o W r 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 a e 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 G m o e v r e e e a n n r l - 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 I960—Jan.-June* 37,418 22,492 20,225 892 1,334 1,086 4,774 2,563 2,252 2,105 772 872 859 Monthly: 1959—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 3,643 3,275 148 212 173 747 424 317 495 165 467 130 Dec 6,601 4,231 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 Aug 6,803 3,976 3,638 105 230 166 758 461 375 420 197 326 159 4 Consists primarily of (1) intra-Governmental transactions as de- 7 Includes transfers to Federal disability insurance trust fund. scribed in note 2, (2) net accruals over payments of interest on savings s 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 9 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. s Primarily adjustments 2, 3, and 4, described in note 4. 1 ° Includes stockpiling and defense production expansion not shown 6 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

1268 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 Endof quarter Asset or liability, and activity1 1959 1960 1953 1954 1955 1956 1957 1958 2 3 4 • Loans, by purpose and agency: To aid agriculture, total 6,811 6,929 6,715 6,752 6,681 8,672 9,630 8,490 7,636 7,762 8,178 Banks for cooperatives 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 5,35? 5,873 6,352 6,735 6,998 Federal National Mortgage Association 2,462 2,461 2,641 3,072 3,998 3,924 4,362 4,815 5,238 5,568 5,759 Veterans Administration , 300 383 480 464 770 936 989 1,056 1,113 1 167 1,238 Other agencies 168 63 84 145 1 1 1 1 1 1 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 1 413 \ 112 191 206 278 301 342 358 382 397 To financing institutions 952 870 1,419 1,233 1,270 1,298 1,087 / 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 Export-Import Bank 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 Other agencies 90 39 47 57 62 89 66 64 63 62 60 Less: Reserves for losses -203 -228 —268 -309 -367 -368 -353 — 654 -451 -413 -418 Total loans receivable (net) 19,883 19,348 20,238 20,657 22,395 25,493 26,977 26,788 27,138 27,865 28,090 Investments: U. S. Government securities, total 2,602 2,967 3,236 3,739 3,804 4,198 4,533 4,442 4,478 4,670 4,998 Federal home loan banks 387 641 745 1 018 896 995 1 202 1,064 1,046 1,092 1,282 Federal Savings and Loan Insurance Corp 217 228 241 256 274 288 296 310 320 332 345 Federal Housing Administration 319 327 381 458 471 567 586 590 622 649 667 Federal Deposit Insurance Corporation 1,526 1,624 1,720 1,825 1,937 2,049 2,139 2,154 2,162 2,178 2,270 Other agencies 152 147 149 181 226 300 310 324 329 419 435 Investment in international institutions 3,385 3,385 3,385 3,420 3,420 3,420 3,420 4,795 4,795 4,795 4,796 Other securities* 219 197 179 249 298 283 282 331 335 323 337 Inventories, total 2,515 3,852 4,356 21,375 21,628 20,R10 20,504 20,821 21,879 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 J6.517 7,282 7,919 7,9*7 8,278 8.347 8,370 8,420 Other agencies r 428 550 609 \ 201 185 174 191 178 183 194 193 Land structures and equipment total 8.062 8,046 7,822 9,985 9,962 10.670 10.75^ 8,869 8,938 9,124 9,156 Commerce Dept. (primarily maritime activities). . . 4.834 4,798 4,822 4,502 4,535 4,721 4,736 2.856 2,899 2,880 2,928 Panama Canal Company . . .. 363 421 421 398 398 396 402 409 408 411 411 Tennessee Vallev Authority 1,475 1,739 1,829 1,762 1,801 1,777 1,80? 1,878 1,907 1,924 1,911 Housing and Home Finance Aeency . 1,040 728 450 236 88 25 20 9 9 9 9 Nat. Aeronautics and Space Administration 276 283 285 289 304 305 310 313 Bonneville Power Administration 311 342 372 373 357 354 352 349 General Services Administration ., 1,298 1,308 1,32? 1,237 1,241 1,234 1,221 1,261 Post Office Department 590 599 637 637 640 640 640 640 Other agencies 350 360 300 613 608 1,134 1,257 1,175 1,181 1,376 1,333 Bonds, notes, & debentures payable (not guar.), total. 1,182 1,068 2,379 2,711 4,662 4.03K 4,882 5 582 5,974 5,767 Banks for cooperatives ... 150 156 185 257 247 303 '310 314 360 404 396 619 640 665 721 902 1,124 1,256 1,488 1,532 1,359 1,440 Federal home loan banks . . . 414 272 958 963 825 714 699 992 1,402 1,774 1,293 Federal National Mortgage Association 570 770 2,688 1,898 1,947 2,087 2,287 2,437 2,638 1 Figures exclude interaeency items. Prior to 1956, data for trust 5 Includes investment of the Agricultural Marketing revolving fund in revolving funds included such items. the banks for cooperatives; Treasury compilations prior to 1956 classified 2 Effective Jan. 1, 1957, the production credit corporations were merged this item as an interagency asset. in the Federal intermediate credit banks, pursuant to the Farm Credit NOTE.—Coverage has changed in some of the periods shown. Be- Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations ginning with 1956, changes reflect the expanded coverage and the new of the banks are classified as trust revolving transactions. classification of activities by type of fund now reported in the Treasury 3 Less than $500,000. Bulletin. Classifications by supervisory authorities are those in existence 4 Figures represent largely the Treasury loan to the United Kingdom, currently. Where current Treasury compilations do not provide a deand through 1952 are based in part on information not shown in Treasury tailed breakdown of loans, these items have been classified by Federal compilation. Reserve on basis of information about the type of lending activity involved Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1269 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties ^onfarm Farm Other Multifamily and holders 1- to 4-family houses commercial properties i 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 l c g e d i e c e e n t s 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 o er l l s d l - Total t F u i i n c t n i i s o a a t l i n n - - s O ho e th r ld s 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 th r ld s e - 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 ti l n n - s - ho O l t d h e e r r s* 1941 37.6 20.7 4.7 12.2 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 2.4 12.1 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1951 82.3 59.5 3.4 19.4 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.7 2.6 4.1 1952 91.4 66.9 4.0 20.6 84.2 58.5 46.8 11.7 25.7 17.2 8 4 7.3 2.8 4 4 1953 101.3 75.1 4.4 21.8 93.6 66.1 53.6 12.5 27.5 18.5 9.0 7.8 3.0 4.8 1954 113.7 85.7 4.6 23.4 105.4 75.7 62.5 13.2 29.7 19.9 9.8 8.3 3.3 5.0 1955 129.9 99.3 5.2 25.4 120.9 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 27.3 134.6 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 29.4 146.1 107.6 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 1959P 191.1 145.4 10.0 35.6 178.8 130.8 109.1 21.7 47.9 31.8 16.1 12.3 4.5 7.8 1959 Mar P . 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 June*' 181.5 138.3 9.0 34.2 169.5 124.3 103.8 20.5 45.2 30.1 15.1 11.9 4.4 7.5 Septp 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.p 191.1 145.4 10.0 35.6 178.8 130.8 109.1 21.7 47.9 31.8 16.1 12.3 4.5 7.8 1960 Mar P 194.4 147.9 10.3 36.2 181.9 133.2 111.1 22.1 48.7 32.3 16.3 12.5 4.5 8.0 Junep 198.5 151.2 10.6 36.7 185.7 136.1 113.6 22.5 49.7 33.0 16.7 12.8 4.6 8.2 Septp 202.8 154.6 11.0 37.3 189.8 139.1 116.2 22.9 50.7 33.7 17.0 13.0 4.7 8.3 p Preliminary. Administration, and Federal land banks, and in earlier years RFC, 1 Derived figures, which include negligible amount of farm loans held HOLC, and Federal Farm Mortgage Corporation. Other Federal by savings and loan associations. agencies (amounts small or separate data 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 - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4 906 3 292 1 048 566 4 812 3 884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1951 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 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 ,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 I 367 21 169 19 010 4 669 7 790 6 551 2 102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 ,471 23,263 20,935 5,501 8'361 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6 275 8 589 7 622 2 451 55 1959 Mar 426,130 19,020 5,660 3,305 10,055 5,605 (,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 6,010 585 24,600 22,126 6,095 8'580 7,451 2,420 54 Dec 28,145 20,320 6,122 3,161 11,037 6,237 588 24,992 22,486 6,275 8 589 7,622 2,451 55 (960 Mar.33 28,235 20,300 6,045 3,120 11,135 6,345 (,590 25,410 22,879 6,420 8,731 7,728 2, All 54 June?1 ... 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 Sept." 528,740 20,430 5,960 2,980 11.490 6,655 ,655 26,425 23,827 6,750 9,060 8,017 2,545 53 P Preliminary. 4 On Jan. 1, 1959, holdings of commercial banks increased by $143 1 Represents all banks in the United States and possessions. million, and those of mutual savings banks declined by that amount, 2 Includes loans held by nondeposit trust companies, but excludes as a result of the absorption of a mutual savings bank by a commercial holdings of trust departments of commercial banks. March and Septem- bank. ber figures are Federal Reserve estimates based on data from Member 5 Data reflect a $40 million reclassification by one bank from commer- Bank Call Report and from weekly reporting member banks. cial and industrial to real estate loans, reported August 24, 1960. 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. estimates based in part on data from National Association of Mutual Savings Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1270 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 Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 .. <>76 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 5,2144 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4 643 13 169 2 048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18 180 2 584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 *5,970 »5,472 PI,580 *201 *3,691 P498 39,197 36,370 8,523 7,086 20,761 2,827 1959 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 4-45 405 117 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 4S3 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 Sept 472 446 118 18 310 26 41,099 38,153 8,867 7,006 22,280 2,946' » 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 [Tn millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) By type of lender Total (without seasonal adjustment) Y m e o a n r th or Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e 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 i d t s j h o u o n s u t a - t l in S lo g a a s v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M i s u n a t g v u s - al justed1 ment2 assns. panies banks banks 1941 1 379 437 581 4 578 1945 1 913 181 1 358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1954 8,969 3,076 3,846 26,108 1,170 4,709 20,229 1953 19,747 7,365 1,480 3,680 1,327 1955 11,432 4 041 5,241 31,408 1,404 5,883 24,121 1954 . 22,974 8,312 1,768 4,239 1,501 1956 10,545 3,771 A,121 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10,402 3,562 4,708 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958 12 346 4 096 5 251 45,627 2,206 7,077 36,344 1957 24,244 9,217 1,472 4,264 1,429 1959 15,463 5,296 6,766 53,093 2,989 7,187 42,917 1958 . . 27,388 10,516 1,460 5,204 1,640 1959 32,235 13,094 1,523 5,832 1,780 1959 1959 Sept 1,374 450 645 51,528 2,818 7,138 41,572 Oct 1,329 465 590 52,149 2,883 7,159 42,107 Aug 2,769 2,871 1,203 137 505 167 Nov 1,086 373 486 52,608 2,939 7,172 42,497 Sept 2,650 2,834 1,184 136 481 173 Dec 1,094 377 465 53,093 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 884 385 53,413 3,035 7,192 43,186 1960 Feb 992 344 413 53,811 3,078 7,197 43,536 Mar 165 411 468 54,356 3,120 7,209 44,027 Jan 2,487 2,079 777 107 343 115 Apr ,173 411 471 54,922 3,159 7,209 44,554 Feb 2,430 2,149 859 103 342 104 May 443 520 55,556 3,204 7,222 45,130 Mar 2,441 2,406 983 119 377 104 June 1*425 479 612 56,335 3,249 7,224 45,862 2,400 2,366 983 108 382 106 July 1,294 416 582 56,975 3,299 7,233 46,443 May 2,446 2,500 1,051 114 402 120 Aug 1,441 437 666 57,687 3,351 7,228 47,108 June 2,427 2,690 1,167 119 415 138 Sept.*3 ,367 426 608 58,342 3,386 7,215 47,741 July 2,493 2,528 1,048 116 378 145 Aug . . 2,784 1,201 123 406 158 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 1271 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Government- Year or month mortgages Proj- P e r r o t p y - mortgages underwritten Total p e N r r t e o i w p es - p i e s E r r t t i o x i n e p - g s - g m t a y o g p r e e t s - 1 p l m o r i a m o e n v n - s e t 2 - Total 3 p e N r r t e o i w p es - p i e s E r r t t i o x i n p e - g s - q y E e u n a a d r r t o o er r f Total FHA- VA- t C i v o e o n n n a - - l Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1951 3,220 1,216 713 582 708 3,614 2,667 942 1945 . . 18 6 4 4 1 14,1 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 9 9 7 n ? tfl ft 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1952 58 5 ?5 4 10 8 14 33 1 1955 3,807 1,269 1,816 76 646 7,156 4,582 2 564 1953 66.1 ^8 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 y> 1 12 8 19 43 6 1957 3 715 880 1 371 595 869 3 761 2 890 863 1955 88 2 38 9 14 3 74 6 49 3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 99.0 43 9 15.5 78 4 55 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 . 107 6 47 *> 16 5 30 7 60 A 1958 117.7 50 1 19.7 30 4 67-6 1959 Sept .. . 656 226 284 52 94 221 157 63 1959? 130 8 53 ft 23 8 30 0 77 0 Oct 649 237 286 35 90 238 167 70 Nov 583 223 225 50 85 220 158 61 1959—Mar.?.... 120.5 51.3 20.9 30.4 69.2 Dec 540 233 218 11 78 241 177 64 June*>.... 124.3 52.1 21.8 30.3 72.2 Sept.P 128.0 53.1 22.9 30.2 74.9 I960 Jan . . . . 514 221 196 19 78 195 148 47 Dec.p 130.8 53.8 23.8 30.0 77.0 Feb 464 198 170 28 68 170 133 36 Mar 463 193 168 35 67 173 137 36 1960—Mar.p.... 133.2 54.5 24.6 29.9 78.7 Apr 433 172 163 22 76 153 123 29 June*>.... 136.1 55.0 25.2 29.8 81.1 May 456 155 167 45 88 155 124 31 Sept.? 139.1 55.8 26.0 29.8 83.3 June . . 539 170 195 71 103 175 143 32 July 509 162 200 59 oo 160 126 34 Aug 615 189 228 97 100 181 139 41 » Preliminary. Sept 613 192 233 119 68 169 132 37 NOTE.—For total debt outstanding, figures for^first three quarters of year are Federal Reserve estimates 1 Monthly figures do not reflect mortgage amendments included in annual totals. For conventional, figures are derived. 2 These loans are not ordinarily secured by mortgages. Sources.—Federal Home Loan Bank Board, Federal 3 Includes a small amount of alteration and repair loans, not shown separately; only such Housing Administration, Veterans Administration, and loans in amounts of more than $1,000 need be secured. Federal Reserve. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANKS [Tn 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 V n u t A a ee r - d - c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt 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 1,841 542 221 638 1954 734 818 867 612 255 802 1954 2,434 802 1,632 614 5?5 476 1955 1,251 702 1,417 991 426 698 1955 2 615 901 1 714 411 (P 76 1956 745 934 1,228 798 430 683 1956 3,047 978 2,069 609 5 360 1957 1,116 1,079 1,265 731 534 653 1957 3,974 1,237 2,737 1 096 3 764 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 2 134 1,192 942 589 1959 5,531 2,546 2,985 1,907 5 568 1959_Oct 199 78 1,916 1,080 835 524 1959 3*"t 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 U34 1,192 942 589 Nov 5,441 2,471 2,970 127 573 Dec 5,531 2,546 2,985 115 568 I960 Jan 136 531 I 740 1 042 697 499 Feb 58 169 1,628 963 665 488 I960 Jan 5,508 2,621 2 887 110 115 600 Mar 88 196 1,520 858 662 534 Feb 5,577 2,713 2,864 138 49 601 Apr 155 117 1,558 828 731 571 Mar 5 693 2,821 2 873 162 ?3 580 May 112 96 1,574 827 747 590 Apr 5,785 2,905 2,880 126 1? 588 June 290 94 1,770 932 838 736 May 5,827 2,997 2,830 129 67 561 July 173 269 [,674 922 751 682 June . . .. 5 827 3,042 2 784 74 50 592 Aug 168 146 1,696 967 729 730 July 5,918 3,121 2,797 113 3 569 Sept 160 121 1,736 1,002 734 737 Aug 5,991 2,806 3,185 96 584 Oct 133 134 [,735 986 749 762 Sept 6,050 2,810 3,240 84 1 584 1 Secured or unsecured loans maturing in one year or less. i 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

1272 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Auto- Other Repair Single- Total mobile consumer and mod- Personal Total payment Charge Service paper i goods ernization loans loans accounts credit paper i loans2 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941.... 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1953 31,393 23,005 9,835 6,779 1,610 4,781 8,388 2,187 4,274 1,927 1954 32,464 23,568 9,809 6,751 1,616 5,392 8 896 2,408 4,485 2,003 1955 38,882 28,958 13,472 7,634 1,689 6,163 9,924 3,002 4,795 2,127 1956 42,511 31,897 14,459 8,580 1,895 6,963 10,614 3,253 4,995 2,366 1957 45,286 34,183 15,409 8,782 2,089 7,903 11,103 3,364 5 146 2,593 1958 45,586 34,080 14,237 8,923 2,350 8,570 11,506 3,646 5,060 2,800 19593 52,046 39.482 16.590 10,243 2,704 9,945 12,564 4.176 5,351 3.037 1959—Sept 49,350 37,962 16,470 9,390 2,613 9,489 11,388 4,084 4,390 2,914 Oct 49,872 38,421 16,659 9,534 2,653 9,575 11,451 4,050 4,525 2,876 Nov 50,379 38,723 16,669 9,687 2,683 9,684 11,656 4,117 4,614 2,925 Dec 52,046 39,482 16,590 10,243 2,704 9,945 12,564 4,176 5,351 3,037 I960—Jan 51,356 39,358 16,568 10,129 2,691 9,970 11,998 4,092 4,816 3,090 Feb. 51,021 39,408 16,677 9,997 2,695 10,039 11,613 4,151 4,305 3,157 Mar 51,162 39,648 16,876 9,940 2,706 10,126 11,514 4,222 4,118 3,174 Apr 52,169 40,265 17,218 10,022 2,736 10 289 11,904 4 247 4 451 3,206 May. 52,831 40,740 17,481 10,080 2,786 10,393 12,091 4,345 4,547 3,199 53,497 41,362 17,807 10,194 2,824 10 537 12 135 4 321 4 628 3 186 July. . . 53,653 41,687 17,946 10,202 2,852 10,687 11,966 4,290 4,506 3,170 Aug 53,928 41,995 18,078 10,202 2,891 10,824 11,933 4,299 4,473 3,161 Sept 54,128 42,136 18,086 10,255 2,916 10,879 11,992 4,376 4,480 3,136 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 institution 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 l Total ment ture appli- mobile Other banks panies com- stores2 stores ance dealers 3 panies i stores 1939 4 503 3 065 1 079 1 197 132 657 1 438 354 439 183 123 339 1941 6 085 4 480 1,726 1,797 198 759 1 605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1953 23 005 18 963 8,998 5,927 1,124 2,137 111 4,042 1.064 1,004 377 527 J .070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 . . .. 28 958 24 450 10,601 8,443 1,678 2,656 ,072 4,508 1,511 1,044 365 487 I 101 1956 31,897 27,154 11,777 9,100 2,014 3,056 ,207 4,743 1,408 1,187 377 502 1,269 1957 34,183 29,515 12,843 9,573 2,429 3,333 ,337 4,668 1,393 [,210 361 478 1,226 1958 34,080 29,097 12,780 8,740 2,668 3,384 ,525 4,983 1,882 1,128 292 506 I 175 1959* 39,482 33,838 14,922 10.145 3,232 3.764 .775 5,644 1,298 1.167 295 588 I 296 1959—Sept 37,962 32,954 14,664 9,949 3,093 3,542 ,706 5,008 1,907 1,078 288 586 1,149 Oct 38,421 33,318 14,817 10,071 3,143 3,570 ,717 5,103 [.967 1,089 286 593 1,168 Nov 38,723 33,519 14,853 10,117 3,183 3,622 ,744 5,204 2; 045 1,107 290 592 ,170 Dec 39 482 33,838 14,922 10,145 3,232 3,764 ,775 5,644 2,298 ,167 295 588 296 I960—Jan.. . ... 39 358 34,003 15,066 10,168 3,225 3,777 ,767 5,355 2,109 1,132 289 587 I 238 Feb 39,408 34,246 15,134 10,276 3,259 3,795 ,782 5,162 2,002 ,111 285 590 I 174 Mar 39,648 34,432 15,139 10,357 3,331 3,811 ,794 5,216 2,103 1,089 281 595 1,148 Apr 40 265 35,O8f> 15,402 10,604 3,418 3,858 ,803 5,180 2,055 1,080 277 606 I 162 May 40,740 35,554 15,597 10,744 3,484 3,888 ,841 5,186 2,059 1,071 276 615 1,165 June 41,362 36,127 15,834 10,945 3,570 3,938 ,840 5,235 2,078 1,078 277 626 1,176 July 41,687 36,506 15,927 11,062 3,622 4,035 ,860 5,181 2,044 1,071 276 632 1,158 Aug 41,995 36,849 16,051 11,142 3,696 4,085 ,875 5,146 2,017 1,078 111 636 1,138 Sept 42,136 36,977 16,115 11,154 3,736 4,097 ,875 5,159 2,051 1,075 278 636 I 119 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, * Includes mail-order houses. 4 See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1273 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 a n a i l t l t - P A u u r- t p o a m pe o D r b i i r l e e ct s g p O c u o a t o m p o h n e d e e - r r s r e R m r t a e n i n o p o iz d d n a a - ir - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r s o e e t t d a n a i l t l t - m A pa o u p b t e o il r - e s g p O c u o a o t m p o h n d e e e - r s r r m i R z l o o a e a d n a p ti n e d a o r s i n n r - s l P o o a e n n r a - s l chased loans 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1953 5,927 4,688 816 46 377 1953 8,998 2.215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2; 269 1,668 1,880 1,303 1,676 1955 8,443 6,919 ,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 ,227 23 567 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,573 7,470 ,413 20 670 1957 12.843 4,130 2,225 2,557 1,580 2,351 1958 8,740 6,404 ,567 19 750 1958 12.780 4,014 2,170 2.269 [,715 2,612 19591 10,145 7,328 ,883 35 899 19591 14,922 4,798 2,511 2,553 1,941 3,119 1959_Sept 9,949 7,328 ,761 30 830 1959—Sept 14,664 4,746 2,500 2,494 1,882 3,042 Oct 10.071 7,406 ,788 33 844 Oct 14,817 4,816 2,517 2,512 1,912 3,060 Nov 10,117 7,388 ,830 34 865 Nov 14,853 4,825 2,519 2,513 1,928 3,068 Dec 10,145 7,328 35 899 Dec 14,922 4,798 2,511 2,553 1,941 3,119 I960—Jan 10,168 7,305 ,922 36 905 1960—Jan 15,066 4,793 2,522 2,689 1,932 3,130 Feb 10,276 7,342 ,982 37 915 Feb 15,134 4,822 2,549 2,684 1,928 3,151 Mar 10,357 7,407 ,988 39 923 Mar 15,139 4,876 2,597 2,562 1,927 3,177 Apr 10,604 7,538 2,096 42 928 Apr 15,402 4,977 2,664 2,567 1,948 3,246 May 10,744 7,631 2,132 45 936 May 15,597 5,060 2,714 2,571 1,976 3,276 June 10,945 7,767 2,175 49 954 June 15,834 5,170 2,754 2,588 2,004 3,318 July 11,062 7.822 2.225 52 963 July 15,927 5,216 2,766 2,594 2,018 3,333 Aug 11,142 7.855 2,260 57 970 Aug 16.051 5,271 2,777 2,588 2,040 3,375 Sept 11,154 7,832 2 292 970 Sept 16,115 5,300 2,767 2,591 2,057 3,400 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 s o 7 e e t 8 t d a n 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 O p c u o a o t m p o h 2 n d e e e 4 - r s r r m i R z l o o a e a n d a p ti 1 n d e a o 5 s r i n r n- s l P o o 6 e a n 6 r n a - 9 s l E o n r d m of o n y t e h ar i c T m n r s o e e t t d a n a i l t l t - 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 t p D o a e r e r e n - t- s t i o O r u e t t t h l a e e i t l r s c 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 54 20 14 643 1939 2,719 625 162 236 1.178 518 953 4,038 538 370 247 2,883 1941 3,087 693 152 275 597 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 I 106 622 489 4 882 1954 8,896 2,096 312 793 3,515 177 2,003 1958 7.577 1,143 610 616 5,208 1955 9,924 2,635 367 862 3,717 216 2,127 19591 8,771 1,365 751 728 5,927 1956 10,614 2,843 410 893 3,842 260 2,366 1957 11,103 2,937 427 876 3,953 317 2,593 1959—Sept 8.341 1,310 713 701 5.617 1958 11,506 3,156 490 907 3,808 345 2,800 Oct 8,430 ,327 724 708 5,671 19593 12,564 3,542 634 960 3,985 406 3,037 Nov 8,549 1,345 732 721 5,751 Dec 8,771 1,365 751 728 5,927 1959—Sept 11,388 3,455 629 606 3,383 401 2,914 Oct 11,451 3,466 584 647 3,491 387 2,876 I960—Jan 8,769 ,361 750 723 5,935 Nov 11,656 3,472 645 717 3,506 391 2,925 Feb . 8 836 I 374 759 730 5,973 Dec 12,564 3,542 634 960 3,985 406 3,037 Mar 8,936 ,401 769 740 6,026 Apr 9 079 433 785 746 6 115 1960—Jan 11,998 3,499 593 825 3,577 414 3,090 Mav 9 213 461 806 765 6,181 Feb 11,613 C3,496 655 686 3,204 415 3,157 J une 9,348 ,490 822 771 6,265 Mar 11,514 3,503 719 622 3,070 426 3,174 July 9,517 .510 834 782 6,391 Apr 11,904 3,569 678 657 3,380 414 3,206 Aug 9,656 .539 844 794 6,479 May. . . .12,091 3,573 772 647 3,483 417 3,199 Sept . . . 9,708 ,551 849 799 6,509 June... . 12,135 3,623 698 634 3,565 429 3.186 July 11,966 3,605 685 585 3,475 446 3J70 Aug 11.933 3,594 705 585 3,415 473 3,161 1 Includes data for Alaska and Hawaii, beginning with January and Sept 11,992 3,637 739 626 3,377 477 3,136 August 1959, respectively. NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and c Corrected. loan associations, and other lending institutions holding consumer 1 Includes mail-order houses. instalment loans. 2 Service station and miscellaneous credit-card accounts and homeheating-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

1274 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a i t r i o a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1953 31,558 12,981 9,227 1,344 8,006 1954 31,051 11,807 9,117 1,261 8,866 1955 39,039 16,745 10,634 1,388 10,272 1956 40,175 15,563 11,702 [,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 1,087 14,876 1959 Sept 4,172 4,061 1.521 1.515 1.138 i \r\ 175 101 J 11R 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 I 172 171 175 1 313 I 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 1,208 976 165 124 I 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 ,633 1,118 I 062 172 163 1 274 1,343 Apr 4,437 4,457 1,652 ,697 1,240 1,168 178 173 1,367 1,419 May 4,209 4,335 1,543 ,664 1,164 1,153 186 198 1,316 1,320 June 4,202 4,561 1,501 ,738 1,191 I 226 176 191 1 334 1,406 July 4,227 4,141 1,418 ,477 1,163 1,072 172 177 1,474 1,415 4,029 4,301 1,411 ,576 1,073 1 111 176 196 1 36Q 418 Sept 4,082 3,965 1,389 ,383 1,141 1,126 156 171 1,396 1,285 Repayments 1953 27,956 10 879 8 622 1 tlQ 7 336 1954 30,488 11,833 9,145 [,255 8,255 1955 33,649 13,082 9,751 1,315 9,501 1956 37,236 14,576 10,756 1,362 10,542 1957 40,259 15,595 11,545 1,466 11,653 1958 40,921 15,488 11,497 1,629 12,307 19591 43.239 15,715 12,225 73R 13,561 1959 Sept 3,660 3,609 1.315 1.333 1.045 1 022 147 147 1.1 «tt 1.107 Oct 3,697 3,726 1,341 ,375 [,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 [,386 ,300 1,089 1,090 141 137 1,208 1,131 Fcb 3,707 3,673 1,338 ,318 [,046 1,066 143 142 I 180 I 147 Mar 3.711 3,961 1,345 ,434 1,042 1,119 144 152 1,180 1,256 Apr 3,904 3,840 1,397 ,355 ,084 1,086 147 143 1,276 1,256 May. 3,886 3,860 1,411 ,401 1,099 OQ5 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 .338 1,115 1,064 155 149 [,318 1,265 Aug .. 3,861 3,993 1,377 1^444 ,085 1,111 152 157 [,247 ,281 Sept 3,890 3,824 1.360 1,375 [.101 1,073 146 146 .28.3 .2.30 Change in outstanding credit 2 1953 +3,602 +2,102 +605 +225 +670 1954 +563 -26 -28 +6 +611 1955 +5 390 +3 663 +883 +73 +771 1956 . . +2,939 +987 +946 +206 +800 1957 +2,286 +950 +202 + 194 +940 1958 -103 -1,172 + 141 +261 +667 19591 +5,402 +2,353 + 1,320 +354 + 1,375 1959—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 + 105 + 144 July +249 + 325 +28 + 139 +48 + 8 + 17 +28 + 156 + 150 Aug + 168 +308 +34 + 132 -12 0 +24 +39 + 122 + 137 Sept + 192 + 141 +29 + 8 +40 +53 + 10 +25 + 113 +55 1 Extensions and repayments include current data for Alaska and December 1957, pp. 1420-22, and November 1959, p. 1418. Hawaii beginning with January and August 1959, respectively. The A discussion of the composition and characteristics of the data and differences between extensions and repayments do not equal the changes a description of the methods used to derive the estimates are shown in outstanding credit for these two months or for the year 1959 because in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment the differences do not reflect the effect of the introduction of outstanding credit extended and repaid are based on information from accounting balances for these two States. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except as indicated in note 1. loans, repurchases and resales of instalment paper, and certain other NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of transactions may increase the amount of both credit extended and credit the BULLETIN for October 1956; for 1955-58, in the BULLETINS for repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1275 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p fi a n n a i n e c s e Ot i h n e s r ti f tu in ti a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1953 31,558 12,099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 1956 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 1,2 48,476 17,522 11,007 12,035 7,912 1959 Sept 4,172 4,061 1.510 1,473 941 950 1 069 996 652 642 Oct 4,219 4,185 ,521 1,482 992 973 ,053 1,014 653 716 Nov 4,083 3,928 ,440 1,322 900 843 ,068 1,052 675 711 Dec 4,046 4,686 ,424 1,425 860 886 ,096 1,314 666 1,061 I960 Jan i 4,217 3,534 ,519 1,346 985 802 ,063 912 650 474 Feb.1 4,115 3,723 ,495 1,393 973 860 ,058 996 589 474 Mar.! 4,119 4,201 ,441 1,511 951 967 ,068 1,112 659 611 Apr.! 4,437 4,457 ,512 1,600 1,039 1,008 .144 ,155 742 694 May 4,209 4,335 ,489 1,584 949 983 f,114 1,120 657 648 4,202 4 561 ,460 1,627 917 1,050 1,114 1,171 711 713 July 4,227 4,141 ,447 1,430 905 955 1,240 ,200 635 556 4.029 4,301 .439 1,530 870 989 1,137 1,185 583 597 Sept 4,082 3,965 1,447 1,407 870 879 1,122 1,045 643 634 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 Sent 3,660 3,609 1 %\1 1,306 804 807 930 892 614 604 Oct 3,697 3,726 1,326 1,329 816 851 935 925 620 621 Nov 3,700 3,626 1,312 1,286 794 797 943 933 651 610 Dec 3,776 3,927 1,331 1 356 832 858 970 1,092 643 621 I960—Jan. 1 3,824 3,658 1,389 1,323 844 779 970 914 621 642 Feb l 3,707 3,673 1,340 1,325 808 792 953 929 606 627 Mar.i 3,711 3,961 1,321 1,394 821 886 956 1,012 613 669 Apr i 3,904 3,840 1 349 1,337 878 841 1,035 1,012 642 650 May 3 886 3 860 1 379 1 389 862 843 990 986 655 642 June 3,860 3,939 1*359 1,390 841 849 1,009 1,036 651 664 July 3,978 3,816 1,386 1,337 876 838 1,078 1,031 638 610 Aug 3,861 3,993 1,343 1,406 859 909 1,028 1,046 631 632 Sept 3,890 3,824 1,352 1,343 866 867 1,038 993 634 621 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 1957 i +2,286 + 1,066 +473 +822 jr 1958 i — 103 — 63 — 833 +478 +315 1959 1,2 +5,402 +2,142 + 1,405 + 1,194 +661 1959 Sept +512 +452 + 198 + 167 + 137 + 143 + 139 + 104 +38 +38 Oct . +522 +459 + 195 + 153 + 176 + 122 + 118 +89 +33 +95 Nov +383 +302 + 128 +36 + 106 +46 + 125 + 119 +24 + 101 Dec +270 +759 +93 +69 +28 +28 + 126 +222 +23 +440 1960 Jan.* +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 -3 -54 Aug + 168 + 308 +96 + 124 + 11 + 80 + 109 + 139 -48 -35 Sept . . 4 192 -f 141 +95 +64 +4 + 12 + 84 + 52 +9 + 13 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

1276 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 =100 [Seasonally adjusted) Annual average 1959 1960 Grouping 1958 1959 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. INDUSTRY GROUPINGS Total index, 141 159 157 155 156 165 168 166 166 165 167 166 166 165 162 Manufacturing, total., 139 158 156 154 154 164 168 166 165 164 166 165 165 163 161 Durable 141 165 158 155 156 174 180 178 175 172 174 171 172 169 166 Nondurable 141 155 159 157 157 158 159 157 158 159 161 163 163 162 160 Mining 120 126 119 120 126 130 128 126 125 129 128 128 128 M29 126 Utilities 244 268 272 272 274 278 280 282 288 288 285 289 290 '29 3 294 Durable Manufactures; Primary and fabricated metals. 110 125 92 87 113 145 148 143 139 133 131 126 124 122 119 Primary metals 99 113 58 56 101 145 147 140 135 126 119 112 108 '•106 102 Iron and steel 94 107 38 38 95 148 149 142 136 125 115 105 100 94 90 Fabricated metal products 125 142 144 135 130 143 148 148 145 142 147 148 148 147 144 Structural metal parts 138 150 149 138 136 149 156 155 153 151 156 158 160 160 157 Machinery and related products. .. 166 197 204 202 196 200 212 211 209 206 211 207 209 206 205 Machinery 140 169 ill 175 171 177 180 177 178 175 178 178 180 176 173 Nonelectrical machinery 117 141 148 147 145 147 148 147 147 145 147 148 152 146 143 Electrical machinery 175 212 224 221 213 227 232 227 227 225 228 226 226 '223 222 Transportation equipment 197 229 230 229 184 217 251 250 243 239 249 237 237 '237 239 Motor vehicles and parts 112 148 151 152 92 137 186 184 173 169 176 176 166 r168 171 Aircraft and other equipment.. 376 390 386 378 378 375 365 366 371 368 383 347 372 '367 368 Instruments and related products. 175 209 218 220 220 223 220 218 ! 220218 222 224 226 '227 Ordnance and accessories Clay, glass, and lumber 124 143 144 143 142 144 143 143 138 143 142 144 145 r139 136 Clay, glass, and stone products. 137 159 162 161 159 160 158 159 153 159 160 164 165 162 156 Lumber and products 110 125 124 123 123 127 127 126 122 126 122 120 122 ^113 112 Furniture and miscellaneous. 126 147 149 150 150 152 153 152 152 154 157 158 755 r155 150 Furniture and fixtures 137 164 165 166 168 172 173 171 166 174 111 ill 177 173 169 Misc. manufactures 116 133 136 136 135 136 136 136 139 138 140 143 143 141 133 Nondurable Manufactures Textile, apparel, and leather products. 117 136 137 136 137 139 138 135 136 137 140 141 140 r139 133 Textile mill products 109 126 127 123 124 124 124 124 123 122 126 128 126 125 120 Apparel products 129 153 154 156 159 160 157 155 158 161 162 162 163 161 155 Leather and products 109 119 117 117 116 118 119 110 111 111 116 116 115 116 Paper and printing 142 154 158 157 155 158 159 158 157 158 160 160 161 161 161 Paper and products 155 170 175 175 167 173 176 173 171 173 174 172 173 mi 173 Printing and publishing. 133 143 148 146 147 148 148 148 147 148 152 152 153 153 Newspapers 126 135 138 137 137 140 139 137 136 139 142 143 142 153 140 141 Chemical, petroleum, and rubber products. 188 215 223 218 217 219 222 219 220 225 227 233 232 230 226 Chemicals and products , 210 240 250 245 245 249 250 248 251 256 258 263 263 261 257 Industrial chemicals 247 298 315 307 309 313 314 311 317 318 322 331 331 333 Petroleum products 148 158 159 159 158 153 157 153 154 161 161 167 172 rl68 i<38' Rubber and plastics products 166 200 209 201 198 203 206 204 201 201 205 214 204 201 Foods, beverages, and tobacco 123 128 130 128 129 129 131 129 130 130 132 132 132 131 132 Foods and beverages 123 128 130 128 129 130 131 130 130 131 132 132 132 132 132 Food manufactures 125 131 131 129 132 133 134 132 133 133 134 134 134 134 134 Beverages 112 117 125 119 116 114 120 117 117 117 122 122 122 120 Tobacco products 121 127 126 130 127 131 130 123 129 133 131 131 126 130 Mining Coal, oil, and gas 117 122 120 121 124 126 124 121 120 122 121 122 122 "123 120 Coal 68 68 61 63 71 78 75 69 71 72 71 64 64 65 63 Crude oil and natural gas. 140 147 146 147 149 149 147 145 143 145 144 148 '149 '149 146 Oil and gas extraction.. 138 145 144 145 146 146 145 144 143 145 143 147 148 '149 146 Crude oil 129 135 134 135 136 135 135 134 133 133 132 137 137 •138 134 Gas and gas liquids.. 196 211 212 215 215 219 Oil and gas drilling.... 152 159 162 160 164 164 159 146 136 138 144 145 143 144 144 Metal, stone, and earth minerals. 142 147 118 120 142 152 153 157 159 172 770 167 167 167 162 Metal mining 114 109 53 57 94 111 119 131 143 146 142 133 r130 133 128 Stone and earth minerals 171 187 189 188 192 196 188 183 175 199 198 201 205 202 198 Utilities Electric. 244 270 278 275 275 279 279 280 288 286 284 289 291 296 Gas 244 265 259 263 272 283 SUMMARY MARKET GROUPINGS Final products, total 145 162 165 ' 165162 166 170 167 167 168 171 171 170 169 i 168 Consumer goods 140 155 158 157 154 159 164 160 160 162 164 165 164 r162 j 161 Equipment, including defense. 165 188 194 194 192 194 195 194 196 194 197 196 r198 196 | 195 Materials 138 157 149 i 146 152 165 167 166 164 163 162 161 161 ! 159 ; 157 rRevised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1277 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Without seasonal adjustment] Annual average 1959 1960 Grouping 1958 1959 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr May June July Aug. Sept. INDUSTRY GROUPINGS Total index. . 141 159 159 160 157 162 168 169 168 167 166 166 157 162 164 Manufacturing, total 139 755 158 159 156 161 167 168 167 166 166 165 755 160 755 Durable 141 165 157 159 158 \1A 181 181 179 175 174 172 160 160 165 Nondurable 141 155 163 164 159 151 156 158 158 161 161 162 153 165 164 Mining 120 125 120 122 126 129 128 126 125 128 128 129 124 128 Utilities 244 268 Durable Manufactures Primary and fabricated metals 110 125 142 149 147 144 136 131 127 113 '775 720 Primary metals 99 114 56 57 102 141 150 148 143 132 121 114 93 99 Iron and steel 94 107 38 40 96 145 152 148 143 129 116 106 87 90 Fabricated metal products 125 142 151 139 133 143 146 146 144 142 145 146 143 148 151 Structural metal parts 138 150 150 141 140 154 156 154 153 150 154 157 154 M58 159 Machinery and related products 166 197 198 205 189 204 216 217 275 209 210 206 795 755 799 Machinery 140 169 178 179 173 178 181 182 183 178 177 178 '168 '169 174 Nonelectrical machinery 117 141 145 145 143 148 150 152 153 149 149 149 145 139 141 Electrical machinery 175 212 233 234 222 226 229 232 231 222 222 223 203 216 229 Transportation equipment 197 228 210 231 192 230 262 261 253 245 247 237 220 r197 220 Motor vehicles and parts 112 147 125 155 103 154 199 196 183 174 176 174 149 lrll7 146 Aircraft and other equipment 376 390 382 376 376 377 373 374 379 372 378 346 359 |'359 363 Instruments and related products 175 209 218 221 222 225 220 220 223 220 221 223 219 i'•223 223 Ordnance and accessories Clay, glass, and lumber 124 143 755 752 742 755 757 755 755 742 745 752 '142 r148 744 Clay, glass, and stone products 137 159 169 168 160 155 149 151 149 158 164 168 162 168 163 Lumber and products 110 125 136 135 122 111 111 119 115 124 125 133 117 '125 122 Furniture and miscellaneous. 126 747 757 755 755 754 749 757 757 150 757 755 750 759 755 Furniture and fixtures 137 164 171 174 171 175 170 170 166 170 170 173 169 177 176 Misc. manufactures........ 116 133 144 145 142 137 131 134 138 133 136 140 133 144 142 Nondurable Manufactures Textile, apparel, and leather products. 777 136 136 142 755 725 740 745 742 744 742 755 724 744 750 Textile mill products 109 126 127 131 127 117 127 127 124 127 128 127 112 125 118 Apparel products 129 153 152 162 159 140 160 170 165 171 167 154 143 '•171 149 Leather and products 109 119 119 118 113 108 121 122 121 112 110 113 103 122 Paper and printing 142 154 160 755 759 752 755 755 757 752 752 757 749 755 755 Paper and products.... 155 170 176 186 170 156 172 177 177 178 174 176 156 r174 174 Printing and publishing. 133 143 150 152 152 149 144 146 150 151 153 151 145 148 156 Newspapers 126 135 139 148 149 138 128 133 141 148 151 143 124 126 Chemical, petroleum, and rubber products 188 275 224 222 275 275 223 224 226 227 231 275 226 228 Chemicals and products 210 240 251 249 246 244 250 252 257 262 260 262 248 257 257 Industrial chemicals 247 298 312 310 310 313 314 322 326 325 325 326 312 320 Petroleum products 148 158 163 158 156 157 157 155 153 157 158 167 171 r173 172 Rubber and plastics products 166 199 212 211 203 194 216 215 211 207 201 207 177 191 Foods, beverages, and tobacco 123 725 742 759 757 725 725 727 729 135 r133 Foods and beverages 123 128 143 138 131 124 123 121 122 125 129 134 134 142 146 Food manufactures 125 131 147 143 137 130 128 125 124 125 128 133 135 "144 151 Beverages 112 117 126 120 106 101 98 102 124 134 144 131 132 Tobacco products 121 127 131 139 127 106 130 124 129 127 135 143 116 139 Mining Coal, oil, and gas 777 722 779 727 724 725 725 725 725 722 779 779 775 r727 779 Coal 68 68 64 68 74 76 74 70 71 70 69 66 51 68 67 Crude oil and natural gas. 140 147 144 145 147 152 152 150 146 145 142 144 143 -•145 144 Oil and gas extraction.. 138 145 141 143 145 150 150 151 148 147 142 143 142 144 143 Crude oil 129 135 132 133 134 138 139 139 137 135 131 133 132 r133 132 Gas and gas liquids. . 196 210 203 209 221 230 Oil and gas drilling.... 152 159 166 161 162 166 163 129 131 141 147 149 147 Metal, stone, and earth minerals. 142 146 729 128 755 757 757 757 747 755 755 757 181 755 779 Metal mining 114 107 62 63 86 89 94 108 117 138 163 164 ri49 148 Stone and earth minerals 171 188 201 198 193 189 167 164 195 202 210 213 "214 211 Utilities Electric.. 244 270 284 267 265 283 297 290 293 281 269 279 288 303 Gas 244 265 SUMMARY MARKET GROUPINGS Final products, total 145 162 168 170 162 162 169 170 170 169 169 171 163 168 171 Consumer goods 140 155 161 165 154 153 162 162 161 162 162 164 155 163 165 Equipment, including defense. 165 188 193 192 189 194 197 198 200 197 198 197 193 191 194 Materials 138 157 151 150 154 163 167 168 166 164 163 162 151 157 158 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1278 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957=100 [Seasonally adjusted] p 1 r 9 o 5 - 7 a A v n e n ra u g a e l 1959 1960 Grouping portion 1958 1959 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total index 00.00 93 105 103 102 103 109 111 110 109 109 110 109 110 108 107 Manufacturing, total 86.49 92 105 104 102 102 109 112 110 110 109 110 110 110 109 107 Durable 49.66 87 102 97 96 96 107 111 109 108 106 107 105 106 104 102 Nondurable 36.83 100 110 113 111 111 112 113 112 112 113 115 116 116 115 114 Mining 8.55 91 95 91 91 96 98 98 96 95 98 97 97 r98 '98 96 Utilities 4.96 105 115 117 117 118 120 120 121 124 124 122 124 125 r126 126 Durable Manufactures Primary and fabricated metals 13.15 95 70 67 86 110 113 109 106 101 100 96 95 93 91 Primary metals 7.73 90 45 44 79 114 115 110 106 99 94 88 85 r83 80 Iron and steel 6.21 86 30 31 76 119 119 114 109 100 92 84 80 76 72 Fabricated metal products 5.42 104 106 99 95 105 109 108 107 104 108 108 109 108 106 Structural metal parts 2.91 101 99 92 91 100 104 104 102 101 104 106 107 107 105 Machinery and related products... 28.98 102 105 104 96 103 108 106 109 107 108 106 106 Machinery 15.31 103 108 107 104 108 110 108 108 107 109 109 110 107 106 Nonelectrical machinery 8.92 99 104 103 102 103 104 103 104 102 104 105 107 103 101 Electrical machinery 6.39 108 113 112 108 115 118 115 115 114 115 114 114 rl 13 112 Transportation equipment 10.76 98 98 98 79 93 108 107 104 102 106 102 102 r102 102 Motor vehicles and parts 5.04 100 103 104 63 94 127 126 118 115 120 120 113 115 117 Aircraft and other equipment.. 5.50 94 93 91 91 90 88 88 89 89 92 84 90 89 Instruments and related products. 1.66 112 117 118 119 120 118 117 119 117 120 121 121 119 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 97 111 112 111 111 113 112 112 108 112 111 112 113 109 106 Clay, glass, and stone products. 2.92 95 110 112 111 110 111 110 110 106 110 111 114 114 112 108 Lumber and products 1.65 100 113 113 111 112 115 115 115 110 114 110 109 '102 102 Furniture and miscellaneous. 2.96 96 112 113 114 114 116 116 115 115 117 119 120 120 118 114 Furniture and fixtures 1.48 96 115 115 116 118 120 121 119 116 122 124 123 124 121 118 Misc. manufactures 1.48 95 109 111 111 111 111 112 111 114 113 115 117 117 109 Nondurable Manufactures Textile, apparel, and leather products 7.32 99 115 116 115 116 117 116 114 115 116 118 119 119 118 113 Textile mill products 2.78 98 113 114 111 111 111 112 111 111 110 113 115 113 112 108 Apparel products 3.44 101 120 121 122 125 126 124 122 124 127 127 127 128 '127 122 Leather and products 1.10 97 106 105 104 104 105 106 98 99 99 104 104 103 103 Paper and printing 7.93 99 108 HI 110 109 111 111 110 110 110 112 112 112 113 Paper and products 3.27 101 111 114 114 109 113 115 113 111 113 113 112 112 112 112 Printing and publishing 4.66 98 105 108 107 108 109 109 109 108 109 111 112 112 113 113 Newspapers 1.53 96 104 106 105 104 107 106 105 104 106 108 109 108 108 107 Chemical, petroleum, and rubber products 10.95 99 113 117 115 114 115 116 115 116 118 122 122 121 119 Chemicals and products 7.10 100 114 119 117 117 118 119 118 119 122 123 125 125 124 122 Industrial chemicals 3.61 98 118 125 122 123 124 125 124 126 126 128 132 131 132 Petroleum products 1.93 99 105 106 106 105 102 104 102 103 107 107 111 115 Rubber and plastics products 1.91 95 114 120 115 113 116 118 117 115 115 122 117 Foods, beverages, and tobacco 10.64 102 107 108 106 107 108 109 107 108 109 110 110 110 109 no Foods and beverages 9.87 102 106 108 106 107 107 109 107 108 108 109 109 110 109 Food manufactures 8.31 102 106 107 105 107 108 109 107 108 108 109 109 109 109 109 Beverages 1.56 102 106 113 108 105 104 109 106 106 106 111 110 111 109 109 Tobacco products .77 106 112 til 114 111 115 114 108 113 116 115 115 111 114 Mining Coal, oil, and gas 7.05 92 96 94 95 97 99 97 95 95 96 r96 94 Coal 1.30 83 82 74 16 87 94 91 87 78 78 '80 11 Crude oil and natural gas 5.75 94 99 98 99 100 100 99 97 99 100 100 98 Oil and gas extraction 4.98 94 99 99 99 100 100 100 100 101 102 102 100 Crude oil 4.33 93 98 97 98 99 98 98 97 99 100 100 97 Gas and gas liquids .65 100 106 107 109 109 111 Oil and gas drilling .77 89 93 95 94 96 96 93 85 80 84 85 84 85 84 Metal, stone, and earth minerals 1.50 91 94 76 77 91 98 101 102 111 109 107 707 107 104 Metal mining .70 83 11 39 42 68 87 95 104 106 103 97 r94 96 93 Stone and earth minerals .80 98 108 109 108 110 113 108 106 101 115 114 116 118 -•116 114 Utilities Electric 3.76 104 115 119 118 118 119 119 120 123 122 121 123 124 126 Gas 1.20 105 114 113 117 122 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1279 MARKET GROUPINGS 1957-100 [Seasonally adjusted] Grouping 1 p 9 ro 5 - 7 A av n e n ra u g a e l 1959 1960 portion 1958 1959 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total index 100.00 93 105 103 102 103 109 Ill 110 109 109 110 109 110 108 107 46.75 95 107 109 109 106 109 112 110 110 HI 112 112 772 777 777 31.13 99 110 112 112 109 113 116 113 113 115 117 117 116 115 114 Equipment, including defense 15.62 87 100 103 103 101 102 103 102 104 102 104 103 104 103 '103 53.25 91 104 99 97 100 109 110 109 108 108 107 106 106 105 104 Consumer Goods Automotive products 3.35 83 103 98 105 73 99 127 122 114 117 121 121 774 775 779 Autos 2.03 71 96 89 98 48 87 134 125 113 116 122 123 108 114 119 Auto parts and allied products 1.32 100 113 114 117 111 117 117 117 116 119 119 118 122 118 118 Home goods and apparel . . .. 9.60 98 116 119 119 120 122 121 116 116 119 121 121 779 '777 775 Home goods 4 40 96 115 121 121 121 Y2A 123 117 114 117 121 120 117 '114 112 Appliances, TV, and radios 1.75 94 114 125 124 \?6 133 130 117 112 115 120 118 113 '108 107 Appliances . . . 1.26 99 119 130 129 138 143 139 121 114 116 120 121 119 '116 112 TV and home radios 49 83 102 111 113 98 108 106 105 107 114 118 109 97 87 93 Furniture and rugs 1.18 98 119 121 120 120 122 122 118 114 121 123 122 118 119 119 Misc home goods 1.47 97 113 118 118 114 116 117 116 116 116 120 122 121 118 114 Apparel incl. knit goods and shoes 5.20 100 116 117 118 119 120 118 116 118 120 122 121 121 '119 113 Consumer staples 18.18 102 108 110 109 110 110 112 110 112 113 775 114 775 114 114 Processed foods 8.11 102 106 107 104 107 107 109 107 108 108 109 110 110 '109 109 Beverages and tobacco 2.32 103 108 112 110 107 107 111 106 108 110 112 112 111 111 Drugs soap, and toiletries 2 73 102 111 115 114 114 114 115 114 115 118 120 122 122 120 119 Newspapers, magazines, and books 1.44 99 106 110 108 109 109 110 109 110 112 113 113 116 115 117 Consumer fuel and lighting 3.45 105 113 113 114 116 116 117 117 120 121 118 120 122 123 1 19 98 104 101 100 105 103 104 105 105 108 105 107 109 108 106 Residential utilities . . .. 2.26 108 117 120 121 122 123 123 124 128 128 125 127 129 130 Electricity 1.57 108 118 123 123 123 122 122 122 127 126 124 126 129 131 1/V7 Equipment Business equipment 12.16 85 100 103 104 102 104 106 105 105 104 106 705 106 705 705 Industrial equipment 7.29 82 97 101 101 102 104 104 104 104 102 104 103 104 103 101 Commercial equipment 2.46 88 104 109 111 112 113 114 113 115 115 117 120 121 121 120 Freight and passenger equipment 1.83 89 98 97 97 93 96 106 103 102 101 105 99 101 '95 101 Farm equipment .58 100 115 129 112 106 105 109 97 93 89 89 89 88 '83 87 3.46 Materials Durable goods materials 27.81 86 100 91 88 93 107 110 109 107 105 105 702 707 700 99 Consumer durable 3 67 77 101 105 95 76 107 121 120 117 110 115 115 110 '106 111 8.10 86 103 101 103 102 106 107 107 106 104 104 98 102 101 98 Construction 9.05 95 107 105 102 101 107 109 108 105 109 110 110 110 109 106 6.99 Nondurable materials 25.44 97 107 107 707 108 111 110 110 110 110 110 111 772 '777 109 Business supplies 8.87 98 108 110 107 109 112 111 110 109 109 110 111 113 '111 110 Containers 2.91 101 109 110 106 107 113 111 111 109 108 107 108 113 '111 108 5.96 97 107 110 107 110 111 111 109 109 110 112 113 113 112 111 Nondurable materials n.e c 7.05 98 115 117 117 117 119 119 120 120 120 121 123 123 '122 119 Business fuel and power 9.52 94 100 98 98 101 104 103 102 103 103 102 103 103 '104 10? Mineral fuels 6 29 92 96 94 95 97 99 98 96 96 97 96 96 97 '98 95 Nonresidential utilities . . . 2.70 102 113 114 113 114 117 117 118 120 120 120 121 '120 122 Electricity 2.19 102 113 116 114 114 117 117 118 120 120 119 121 121 123 General industrial .99 98 110 109 106 106 114 114 116 118 115 114 117 117 118 Atomic energy .08 97 97 97 97 97 97 95 95 95 96 96 95 96 96 Commercial and other 1.12 105 118 123 122 122 121 121 121 124 126 125 126 127 130 Gas . . 51 102 113 109 109 113 118 .33 .18 Supplementary groups of consumer goods Automotive and home goods 7.75 90 110 111 114 100 114 125 119 114 117 121 121 116 115 115 Apparel and staples 23.38 102 110 112 111 112 112 113 112 113 114 115 115 116 '115 114 ' Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—1959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see the BULLETIN for June 1960 ,p. 632). Figures for industrial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1280 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 = 100 [Without seasonal adjustment] Annual 1957 average 1959 1960 Grouping p p o ro r- tion 1958 1959 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Total index. 100.00 93 105 105 105 104 107 111 111 111 110 109 109 103 107 108 Manufacturing, total 86.49 92 105 105 106 104 107 111 112 111 110 110 110 103 107 108 Durable 49.66 87 102 97 98 97 107 111 112 110 108 107 106 r99 98 102 Nondurable 36.83 100 110 116 117 113 107 111 112 113 114 115 116 109 117 117 Mining 8.55 91 95 91 92 96 98 97 96 95 97 97 98 94 98 97 Utilities 4.96 105 115 Durable Manufactures Primary and fabricated metals. 13.15 95 71 68 87 109 113 112 110 104 100 97 86 90 91 Primary metals 7.73 90 44 45 80 111 118 116 112 104 95 89 13 HI 78 Iron and steel 6.21 86 30 32 77 116 122 118 114 103 93 85 69 72 72 Fabricated metal products. 5.42 104 110 102 97 105 107 107 106 104 106 107 105 109 110 Structural metal parts 2.91 101 100 94 93 103 104 103 102 100 103 105 103 105 106 Machinery and related products... 28.98 102 102 106 98 106 112 112 HI 108 108 107 101 97 103 Machinery 15.31 103 109 109 105 109 110 111 112 108 108 108 102 103 106 Nonelectrical machinery , 8.92 99 102 102 100 104 106 107 108 105 105 105 102 98 99 Electrical machinery 6.39 108 118 119 113 115 116 117 117 113 112 113 103 109 116 Transportation equipment 10.76 98 90 99 82 98 112 112 108 105 106 101 94 '84 94 Motor vehicles and parts , 5.04 100 85 106 70 105 136 134 125 119 120 119 102 80 100 Aircraft and other equipment... 5.50 94 92 91 91 91 90 90 91 90 91 83 87 '86 88 Instruments and related products. 1.66 112 117 119 119 121 119 118 120 118 119 120 118 '120 120 Ordnance and accessories , 1.25 Clay, glass, and lumber 4.57 97 HI 119 119 111 105 102 106 104 111 113 118 110 112 Clay, glass, and stone products. 2.92 95 110 117 116 111 108 103 105 104 110 113 117 113 116 113 Lumber and products 1.65 100 113 123 122 111 100 101 108 104 112 114 120 106 ••114 111 F Fu ur rn ni i t t u u r r e e a a n n d d m fi i x s t c u e r l e l s aneous. 2 1 . .4 9 8 6 9 9 6 6 1 11 1 5 2 1 1 1 2 9 0 1 1 2 2 0 2 1 11 1 9 8 1m17 1 11 1 9 3 1 11 1 9 5 1 11 1 6 4 1 11 1 9 4 1 11 1 9 5 1 12 1 1 8 1 11 1 9 4 1 1 2 2 1 4 1 12 2 3 0 Misc. manufactures 1.48 95 109 118 119 116 112 107 110 113 109 111 115 109 118 116 Nondurable Manufactures Textile, apparel, and leather products. 7.32 99 115 115 120 117 106 118 123 120 122 120 115 105 122 110 Textile mill products 2.78 98 113 114 117 114 105 114 114 112 114 115 114 100 \n 106 Apparel products 3.44 101 120 119 127 125 110 126 134 130 135 131 121 113 117 Leather and products 1.10 97 106 106 105 101 96 107 109 108 100 98 101 92 134 108 Paper and printing 7.93 99 108 112 115 111 106 108 110 112 113 113 112 104 mi 114 Paper and products 3.27 101 111 115 121 111 102 112 115 115 116 113 114 101 113 Printing and publishing. 4.66 98 105 110 111 112 110 106 107 110 111 113 111 107 113 114 Newspapers 1.53 96 104 107 113 114 106 98 102 108 113 116 110 95 109 108 97 Chemical, petroleum, and rubber products. 10.94 99 113 118 117 115 117 118 118 120 119 121 120 Chemicals and products 7.10 100 114 119 119 117 116 119 120 122 125 124 125 118 122 122 Industrial chemicals 3.61 98 118 124 123 123 124 125 128 129 129 129 130 124 127 Petroleum products 1.93 99 105 109 105 104 104 104 103 102 104 105 111 114 '115 " i is" Rubber and plastics products 1.91 95 114 121 121 116 111 124 123 121 118 115 119 101 109 Foods, beverages, and tobacco. 10.64 102 107 118 115 109 102 102 101 102 104 107 112 110 118 121 Foods and beverages 9.87 102 106 119 115 109 103 101 100 101 104 107 111 111 118 121 Food manufactures 8.31 102 106 119 116 111 105 104 101 101 102 104 108 109 117 123 Beverages 1.56 102 106 115 109 96 91 89 93 103 113 122 130 '119 120 Tobacco products .77 106 112 115 122 111 93 114 109 113 112 119 125 102 122 Mining Coal, oil, and gas 7.05 92 96 93 95 97 100 100 98 96 95 r94 93 Coal 1.30 83 82 78 83 90 92 89 85 87 85 '83 81 Crude oil and natural gas. 5.75 94 99 97 97 99 102 102 101 98 97 '97 96 Oil and gas extraction. . 4.98 94 99 97 98 99 102 103 103 102 101 r99 98 Crude oil 4.33 93 98 96 96 97 100 101 101 99 98 '97 96 Gas and gas liquids. . .65 100 106 103 106 112 117 Oil and gas drilling .77 89 93 97 94 95 97 77 83 86 86 Metal, stone, and earth minerals. 1.50 91 94 83 82 88 106 117 120 116 115 Metal mining .70 83 11 45 46 62 64 100 118 119 r108 '•111 107 Stone and earth minerals .80 108 116 114 111 109 112 116 121 123 r123 122 Utilities Electric. 3.76 104 115 121 114 113 121 127 124 125 120 115 119 123 129 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 1281 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] p 19 ro 5 - 7 A av n e n ra u g a e l 1959 1960 Grouping portion 1958 1959 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Total index. 100.00 105 105 105 104 107 111 111 111 110 109 109 103 107 108 Final products, total 46.75 107 110 112 106 106 111 112 112 111 111 112 107 111 112 Consumer goods 31.13 110 114 117 109 108 115 115 114 115 115 116 110 115 117 Equipment, including defense. 15.62 100 102 101 100 103 104 104 106 104 105 104 102 101 102 Materials 53.25 104 100 99 102 108 110 111 110 109 108 107 100 104 105 Consumer Goods Automotive products 3.35 83 103 80 111 76 103 136 133 124 123 124 125 103 83 Autos 2.03 71 96 53 105 55 98 149 143 129 126 126 127 94 60 84 Auto parts and allied products... 1.32 100 113 121 120 107 111 116 118 116 118 120 121 116 117 126 Home goods and apparel 9.60 98 116 122 125 119 112 118 123 122 121 119 117 707 720 7/5 Home goods 4.40 96 115 127 129 120 117 115 121 120 118 117 118 105 118 Appliances, TV, and radios 1.75 94 114 130 131 119 114 116 127 127 120 117 116 '95 112 Appliances 1.26 99 119 127 121 116 118 120 136 139 131 126 126 107 TV and home radios .49 83 102 139 157 125 102 106 106 96 93 95 92 63 98 117 Furniture and rugs 1.18 98 119 123 126 123 125 120 121 116 120 117 117 112 121 122 Misc. home goods 1.47 97 113 126 129 121 113 110 114 116 115 118 120 112 120 122 Apparel, incl. knit goods and shoes. 5.20 100 116 117 122 118 107 120 125 123 124 122 117 109 127 112 Consumer staples 18.18 102 108 117 114 110 108 109 108 109 110 111 114 113 •119 121 Processed foods 8.11 102 106 120 115 111 105 103 101 100 102 104 108 110 118 123 Beverages and tobacco 2.32 103 108 115 113 101 92 97 98 107 112 121 129 113 121 Drugs, soap, and toiletries 2.73 102 111 118 117 116 113 115 114 117 118 118 120 114 122 121 ' Newspapers, magazines, and books. 1.44 99 106 113 110 109 109 109 109 112 112 112 111 113 116 120 Consumer fuel and lighting 3.45 105 113 114 109 112 120 127 124 123 119 113 115 119 122 Fuel oil and gasoline 1.19 98 104 103 99 104 107 108 105 103 103 103 106 108 110 io9 Residential utilities 2.26 108 117 Electricity 1.57 108 118 121 113 115 129 141 136 136 126 114 116 122 128 Gas .69 107 115 Equipment Business equipment 12.16 100 103 103 101 105 107 106 107 106 107 107 104 103 104 Industrial equipment 7.29 97 102 102 100 105 104 103 104 103 104 104 102 102 102 Commercial equipment 2.46 104 110 112 113 115 115 115 116 115 117 119 117 119 121 Freight and passenger equipment. 1.83 89 98 92 93 89 93 104 106 107 107 108 105 101 r92 96 Farm equipment .58 100 115 112 111 94 101 112 107 105 100 94 91 79 '75 78 Defense equipment. 3.46 Materials Durable goods materials. 27.81 100 91 90 94 107 110 110 108 106 105 104 96 97 700 Consumer durable 3.67 101 101 101 85 115 128 128 121 109 110 109 96 91 107 Equipment 8.10 103 101 102 102 108 109 109 108 104 103 98 97 97 Construction 9.05 107 110 107 102 103 103 103 102 108 111 114 109 112 Metal materials n.e.c 6.99 Nondurable materials 25.44 97 107 109 109 109 108 111 111 112 112 111 HI 104 111 110 Business supplies 8.87 98 108 113 113 110 106 108 109 111 113 112 112 104 111 114 Containers 2.91 101 109 118 114 103 97 105 108 109 111 110 114 106 118 115 General business supplies. 5.96 97 107 111 112 113 110 109 109 112 113 113 112 103 108 113 Nondurable materials n.e.c.. 7.05 98 115 117 120 120 116 121 123 123 123 122 121 112 119 117 Business fuel and power 9.52 94 100 99 98 101 105 105 104 104 102 101 101 99 104 102 Mineral fuels 6.29 92 96 93 95 97 100 100 99 98 97 94 94 90 94 Nonresidential utilities 2.70 102 113 Electricity 2.19 102 113 121 115 112 115 117 115 118 116 116 121 124 131 General industrial .99 98 110 110 109 108 114 115 113 118 115 115 117 112 119 Atomic energy .08 97 97 97 97 97 97 96 95 95 96 96 95 96 96 Commercial and other. 1.12 105 118 133 122 116 118 120 117 119 118 118 128 136 143 Gas .51 102 113 Industrial .33 Commercial and other. • 18 Supplementary groups of consumer goods Automotive and home goods. 7.75 90 110 107 121 101 124 126 122 120 120 121 104 r99 Apparel and staples 23.38 102 110 117 116 112 108 112 112 112 113 113 115 112 121 119 r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—1959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see the BULLETIN for June 1960, p. 632). Figures for individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1282 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 =100, unless otherwise indicated] Industrial production C c o o n n st t r r u ac ct t i s o 1 n fa M ctu a r n i u n - g3 Prices Major market groupings Nonag- Depart- Major industry ricul- Freight ment groupings car- store Y m e o a n r t o h r Total Manu- Final products Mate- R d t e e ia s n l i - - o A th l e l r m t p o e l t o n a y t l — - * p m E l m o en y - t - P ro a l y ls - l i o n a g d s - v ( s r a a e l t l u e a e s il ) s C u o m n e - r m W c s o o a h m d l o e i - t le y f t i a u n c r g - - M in i g n- U it t i i e l s - Total g s C o u o o m n d e - s r E m q e u n ip t - rials Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj. Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. 1947 99 99 101 91 99 98 100 100 86 83 99.4 103.4 97.7 108 98 95 5 96.4 1948 103 103 106 101 102 101 105 104 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949 98 97 94 108 99 101 94 96 116 111 99.0 93.8 97.2 88 99 101.8 99.2 1950 113 113 105 123 112 115 102 114 185 142 102.3 99.6 111.7 97 107 102 8 103.1 1951 123 123 115 140 121 114 142 124 170 172 108.2 106.4 129.8 101 112 111.0 114.8 1952 127 127 114 152 130 116 170 125 183 183 110.4 106.3 136.6 95 114 113.5 111.6 1953 138 139 117 166 138 124 182 137 178 201 113.6 111.8 151.4 96 118 114.4 110.1 1954 130 129 113 178 132 123 161 128 232 204 110.7 101.8 137 7 86 118 114 8 110.3 1955 146 145 125 199 144 136 172 147 280 248 114.4 105.6 152.9 95 128 114.5 110.7 1956 151 150 132 218 150 139 188 151 •99 •98 118.3 106.7 161.4 97 135 116.2 114.3 1957 152 150 132 233 152 141 189 151 100 100 119.2 104.4 162 7 90 135 120 2 117.6 1958 141 139 120 244 145 140 165 138 113 107 115.5 94.3 148.7 78 136 123.5 119.2 1959 159 158 126 268 162 156 188 157 132 101 118.8 98.9 167.3 81 144 124.6 119.5 1959 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 '290 170 164 r198 161 122 142 121.5 99.6 169.0 73 149 126.6 119.7 Aug 165 163 129 293 169 162 196 159 132 117 '121.3 r98.3 r169.2 75 143 126.6 119.2 Sept 162 161 126 294 168 161 195 157 118 116 121.1 98.5 172.0 73 P144 126.8 119.2 Oct ^162 neo *>126 ?294 *>168 P162 ^195 *>156 P120.8 *97.72*171.2 78 «150 119.7 e 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. * 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 Stales, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Annua1 totals 1959 1960 Type of ownership and type of construction 1958 1959 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total construction 35,090 36,269 3.058 3,135 2,373 2,224 2,193 2,240 3,046 3,360 3,337 3,472 3,597 3,295 3,119 By type of ownership: Public 13,427 11,068 840 914 701 711 727 702 1,075 1,067 1,025 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 2,293 2,312 2,236 2,184 2,277 By type of construction: Residential 14,696 17,150 1,466 1,515 1,092 993 927 988 1,294 1,480 1,453 1,483 1,329 1,433 1,277 Nonresidential 10,948 11,387 1,006 1,003 801 790 801 698 1,067 1,048 1,110 1 110 1 152 1 177 1 124 Public works and utilities 9,446 7,732 586 616 480 441 465 554 685 833 774 879 1,116 685 717 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 1283 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 ,387 2,679 790 5,925 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 ,290 3,015 883 6,048 1954 39,362 27,684 15,379 8,531 2,030 2,212 4,289 3,774 11,678 ,003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 ,287 3,861 ,085 5,491 1956 45,779 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,712 ,360 4,395 ,275 5,682 1957 47,795 33,778 17,019 12,535 3,557 3,564 5,414 4,224 14,017 ,287 4,892 ,344 6,494 1958 48,903 33,491 18,047 11,076 2,382 3,589 5,105 4,368 15,412 ,402 5,500 ,387 7,123 19592 56,105 39,848 24,469 11,088 2,106 3,930 5,052 4,291 16,257 ,488 5,916 ,467 7,386 1959 *•—Oct.. 54,723 39,804 24,507 10,956 2,208 3,876 4,872 4,341 14,919 ,212 5,580 ,452 6,675 Nov.. 54,266 39,622 24,016 11,184 2,316 3,888 4,980 4,422 14,644 ,327 5,328 ,476 6,513 Dec.. 55,367 40,058 23,901 11,652 2,448 4,020 5,184 4,505 15,309 ,433 5,520 ,524 6,832 I960—Jan... 54,696 39,864 23,244 11,928 2,556 4,140 5,232 4,692 14,832 ,272 5,004 ,536 7,020 Feb.. 54,900 39,720 22,536 12,396 2,748 4,356 5,292 4,788 15,180 996 5,448 ,536 7,200 Mar.. 54,444 39,288 22,392 12,120 2,772 4,116 5,232 4,776 15,156 ,512 5,112 ,536 6,996 Apr.. 54,212 38,768 21,930 12,084 2,772 4,056 5,256 4,754 15,444 ,236 5,304 ,536 7,368 May. 55,337 38,993 22,180 12,036 2,760 3,960 5,316 4,777 16,344 ,200 6,168 ,512 7,464 June. 55,293 39,207 22,362 12,074 2,788 3,881 5,405 4,771 16,086 ,283 5,639 ,475 7,689 July.. 55,515 39,160 22,308 12,101 2,868 3,870 5,364 4,750 16,355 ,265 5,768 ,455 7,867 Aug.*7 55,451 38,813 21,783 12,262 2,934 3,922 5,406 4,768 16,638 ,430 6,121 ,447 7,640 Sept.? 55,237 38,812 21,717 12,281 3,041 4,036 5,204 4,814 16,425 ,278 5,898 ,454 7,795 Oct. P. 54,982 38,284 20,918 12,590 3,084 4,133 5,373 4,776 16,698 ,264 6,218 ,475 7,741 P Preliminary. 2 Series beginning 1959 includes Alaska and Hawaii for the first time. 1 Data for 1951-58 are joint estimates of the Departments of Commerce and Labor. NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, and Veterans Administration. In thousands of units] S a e d a j s u o s n t a e l d ly Private Government-underwritten 2 annual rate Metro- Non- Year or month T ( o P t r a iv l ate N o o n n l f y a ) rm Total p a o r l e i a ta s1 n p a o re li a t s a n * Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1951 1 091 777 315 1,020 892 40 88 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 111 393 1956 1,118 780 338 1 094 981 31 82 24 465 195 271 1957 1,042 700 342 '993 840 33 120 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 1 379 946 432 1 343 1,079 49 215 36 458 349 109 19593 1,554 1 077 Ml 1 517 1,234 56 227 37 458 349 109 1959 Seot 1,509 1,468 140 94 46 136 113 4 19 4 42 32 10 Oct 1,378 1,354 123 89 35 120 97 5 19 3 37 28 9 Nov 1,356 1,328 107 74 32 105 85 4 15 2 31 23 8 Dec 1,451 ,401 96 67 29 96 77 4 15 1 26 20 6 I960 Jan 1,366 1,291 88 65 24 87 69 3 15 1 20 16 4 Feb 1,367 1,347 90 66 25 88 71 3 14 2 22 18 5 Mar 1,112 1,098 93 67 27 90 73 3 14 3 27 22 5 Apr ,327 1,307 125 83 124 102 4 18 2 33 25 7 May ,,330323 , , 2 3 8 1 5 5 r1 1 3 2 0 7 9 8 1 4 r3 4 9 4 r1 1 2 2 7 2 r1 1 0 0 1 0 4 4 2 1 2 8 3 5 3 3 2 4 2 2 5 6 7 8 July . . .. ,182 ,164 115 80 35 111 90 4 18 4 31 24 7 Aug ,295 V ,276 86 44 *>125 103 4 19 35 26 8 Sept P 077 V 054 69 35 P98 n.a. n.a. n.a. 29 22 7 n.a. Not available. »Preliminary. r Revised. 3 New series, including both farm and nonfarm unless otherwise 1 For new series, based on revised definition of metropolitan areas. indicated. Not strictly comparable with nonfarm series developed by 2 Data from Federal Housing Administration and Veterans' Ad- the Bureau of Labor Statistics, for which annual totals are given through ministration represent units started, based on field office reports of first 1959. compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1284 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 EmployedJ 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) * 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 4681 50 666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,83$ 3 813 51,420 5.5 1959 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 9 125,162 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 Oct 125,936 73,592 71,069 67,490 61,244 6,247 3,579 52,344 6.4 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 io t n ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 43,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 777 2,759 4,062 10,846 2,219 5,916 6,914 1956 51,766 16,903 807 2,929 4,161 11,221 2,308 6,160 7,277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 1958 50,543 15,468 721 2,648 3,903 11,141 2,374 6,395 7,893 1959 51,975 16,168 676 2,767 3,902 11,385 2,425 6,525 8,127 SEASONALLY ADJUSTED 1959—Oct 52,002 16,022 621 2,762 3,900 11,478 2,453 6,549 8,217 Nov 52,253 16,174 657 2,792 3,902 11,452 2,450 6,593 8,233 Dec 52,674 16,436 665 2,800 3,917 11,486 2,450 6,613 8,307 I960—Jan 52,880 16,562 658 2,775 3,941 11,594 2.454 6,606 8,290 Feb 52,972 16,567 669 2,781 3,933 11,627 2,464 6,616 8.315 Mar 52,823 16,509 666 2,601 3,920 11,595 2,456 6,577 8,499 Apr 53,128 16,527 684 2,752 3,924 11,652 2,463 6,611 8,515 May 53,105 16,540 684 2,783 3,927 11,675 2,469 6,618 8,409 June 53.140 16,498 678 790 3,926 11.712 2.471 6,645 8,420 July 53,145 16,417 658 858 3,910 11,736 2,480 6,682 8,404 Aug 53,046 16,265 665 835 3,892 11,764 2,499 6,652 8,474 SeptJ' 52,952 16,266 660 799 3,879 11,654 2,516 6,669 8,509 Oct.P 52,854 16,150 657 2,810 3,878 11,659 2,514 6,638 8,548 WITHOUT SEASONAL ADJUSTMENT 1959_Oct 52,569 16,197 621 2,961 3,910 11,551 2,441 6,614 8,274 Nov 52,793 16,280 660 2,856 3,912 11,723 2,438 6,593 8,331 Dec 53,756 16,484 668 2,699 3,940 12,345 2,438 6,547 8,635 1960—Jan 52,078 16,470 658 2,453 3,882 11,424 2,429 6,474 8,288 Feb 52.060 16,520 669 2,389 3,887 11,329 2,439 6,484 8,343 Mar 52,172 16,478 666 2,312 3,900 11,325 2,444 6,511 8,536 Apr 52,844 16,380 677 2,590 3,917 11,620 2,463 6,644 8,553 May 52,957 16,348 677 2,830 3,924 11,543 2,469 6,717 8,449 June 53,309 16,422 681 2,977 3,942 11,637 2,496 6,745 8,409 July 52,923 16,250 655 3,098 3,939 11,591 2,530 6,715 8,145 Aug 53,062 16,386 672 3,130 3,921 11,592 2,536 6,685 8,140 Sept.* 53,446 16,491 663 3,068 3,907 11,654 2,516 6,702 8,445 Oct.*7 53,435 16,330 657 3,012 3,888 11,733 2,501 6,704 8,610 p Preliminary. month. Proprietors, self-employed persons, domestic servants, unpaid 1 Excludes data for Alaska and Hawaii. family workers, and members of the armed forces are excluded. Back 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 1285 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 Oct. Aug. Sept.*3 Oct.** Oct. Aug. Sept.** Total 12,030 12,158 12,178 12,082 12,201 12,265 12,395 12,254 Durable goods 6,746 6,875 6,936 6,871 6,786 6,833 6,947 6,909 Ordnance and accessories 73 72 74 72 73 72 74 72 Lumber and wood products 594 584 574 566 612 607 594 583 Furniture and fixtures 323 332 326 322 329 327 328 328 Stone, clay, and glass products 451 448 442 437 458 452 449 444 Primary metal industries 602 915 907 899 602 910 907 899 Fabricated metal products 808 827 833 830 812 819 833 834 Machinery except electrical 1,170 1,141 1,133 1,111 1,147 1,112 1,105 1.089 Electrical machinery 884 879 876 852 893 861 876 861 Transportation equipment 1,208 1,036 1,136 1,158 1.208 1,036 1.136 1,158 Instruments and related products 231 229 228 225 232 226 228 226 Miscellaneous manufacturing industries.... 402 412 407 399 420 410 All 417 Nondurable goods 5,284 5,283 5,242 5,211 5,415 5,432 5,448 5,345 Food and kindred products 994 1,009 1,001 1.006 1,080 1.142 1.163 1,095 Tobacco manufactures 78 73 80 75 93 81 97 90 Textile-mill products 885 868 854 841 885 859 850 841 Apparel and other finished textiles 1,084 1,085 1,075 1.065 1,100 1,107 1,096 1.081 Paper and allied products 450 449 445 446 454 451 452 450 Printing, publishing and allied industries... 564 579 580 576 570 573 580 582 Chemicals and allied products 535 546 537 537 540 538 540 542 Products of petroleum and coal 151 151 150 149 151 154 151 149 Rubber products 210 198 198 196 212 196 199 198 Leather and leather products 333 325 322 320 331 331 322 318 ** 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 Oct. Aug. Sept.*7 Oct." Oct. Aug. Oct. Aug. Sept.* Total. 89.06 90.35 90.85 91.48 40.3 39.8 39.5 39.6 2.21 2.27 2.30 2.31 Durable goods 96.52 97.20 98.15 98.89 40.9 40.0 39.9 40.2 2.36 2.43 2.46 2.46 Ordnance and accessories 106.55 105.60 108.14 108.54 41.3 40.0 40.5 40.5 2.58 2.64 2.67 2.68 Lumber and wood products 82.42 81.97 82.76 82.76 40.8 39.6 39.6 39.6 2.02 2.07 2.09 2.09 Furniture and fixtures 76.49 75.89 75.74 75.36 41.8 40.8 40.5 40.3 1.83 1.86 1.87 1.87 Stone, clay, and glass products 91.88 93.89 92.52 93.89 41.2 41 .0 40.4 41.0 2.23 2.29 Primary metal industries 105.74 106.68 106.78 105.94 39.9 38.1 38.0 37.7 2.65 2.80 2.81 2.81 Fabricated metal products 96.76 100.45 101.18 100.69 41.0 41 .0 40.8 40.6 2.36 2.45 2.48 2.48 Machinery except electrical 103.82 103.68 103.97 104.23 41.2 40.5 40.3 40.4 2.52 2.56 2.58 2.58 Electrical machinery 91 .39 91.77 93.03 93.03 40.8 39.9 40.1 40.1 2.24 2.30 2.32 2.32 Transportation equipment 109.62 108.90 113.24 116.62 40.6 39.6 40.3 41.5 2.70 2.75 2.81 2.81 Instruments and related products 94.53 95.99 94.56 95.75 41.1 40.5 39.9 40.4 2.30 2.37 2.37 2.37 Miscellaneous manufacturing industries... 77.33 77.60 77.62 78.79 40.7 40.0 39.6 40.2 1.90 1.94 1 .96 1.96 Nondurable goods 81.77 81.51 81.30 39.5 39.5 39.0 38.9 2.02 2.07 2.09 2.09 Food and kindred products 88.58 88.80 88.54 40.8 41 .2 41.3 40.8 2.10 2.15 2.15 2.17 Tobacco manufactures 64.81 62.96 62.43 40.2 37.9 40.1 38.3 1.59 1.71 1.57 1.63 Textile-mill products 64.31 62.05 63.4! 40.5 39.7 38.3 38.9 1.59 1.62 1.62 1.63 Apparel and other finished textiles 57.62 55.77 55.77 36.2 36. 35.3 35.3 1 .52 1.57 1.58 1.58 Paper and allied products 97.75 97.94 97.29 42.9 42.5 42.4 42.3 2.23 2.30 2.31 2.30 Printing, publishing and allied industries.. 106.09 107.42 107.52 38.4 38 38.5 38.4 2.73 2.77 2.79 2.80 Chemicals and allied products 104.90 104.90 104.49 41.6 41.3 41.3 41.3 2.43 2.54 2.54 2.53 Products of petroleum and coal 117.62 121.01 118.32 40.8 40.7 41.3 40.8 2.88 2.89 2.93 2.90 Rubber products 100.15 98.67 101.49 40.8 39.9 39.0 39.8 2.48 2.51 2.53 2.55 Leather and leather products 62.48 58.88 59.07 36.2 38.1 35.9 35.8 1.61 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

1286 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-^49 average = 100] Federal Reserve district Year or month U S n t i a t te e s d 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 - SALES i 1952 114 110 104 113 115 122 127 109 116 109 121 129 120 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 128 148 169 125 137 128 146 159 143 1959 144 126 131 139 136 156 181 133 144 134 155 172 156 SEASONALLY ADJUSTED 1959 Sept 144 127 131 '139 '139 154 186 134 140 136 151 167 '158 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 141 125 131 136 139 144 176 132 143 133 150 159 153 145 129 135 144 139 149 183 134 144 137 154 170 153 July 149 125 135 142 143 156 194 141 144 136 159 175 159 Aug 143 124 137 136 139 149 178 134 140 132 151 169 155 Sept 126 136 139 140 132 134 154 166 155 WITHOUT SEASONAL ADJUSTMENT 1959—Sept 145 132 132 '141 '139 155 173 138 144 146 '156 160 154 Oct 150 131 141 144 139 165 186 142 151 150 162 177 154 Nov 176 154 170 183 170 190 in 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 J une 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 132 106 109 114 128 135 170 123 134 132 154 165 154 Sept 131 138 141 140 ni2 136 P142 143 159 159 151 STOCKS* 1952 121 117 115 120 115 127 143 112 120 113 130 129 131 1953 131 124 120 129 125 141 155 122 131 123 146 143 140 1954 128 126 117 127 122 138 152 120 125 124 141 140 135 1955 . . 136 132 119 135 124 159 170 127 135 130 152 153 142 1956 148 141 130 148 133 175 195 138 148 142 164 168 156 1957 152 138 138 154 136 178 203 143 150 146 160 174 158 1958 148 136 136 152 129 172 197 139 143 137 153 165 155 1959 156 142 142 159 134 179 210 148 144 '144 157 178 167 SEASONALLY ADJUSTED 1959—Sept 160 147 '146 '163 139 183 222 157 145 '147 159 '181 '166 Oct 158 145 143 159 139 179 225 151 143 '148 161 185 163 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 2960—Jan 161 144 146 164 142 178 227 150 149 147 162 186 178 Feb 160 143 146 160 142 179 225 147 145 145 162 180 179 Mar 162 144 147 159 145 177 225 151 148 146 160 182 183 Apr 159 141 144 157 139 181 224 146 147 146 157 181 176 May 161 146 149 164 144 187 223 152 151 150 160 185 167 June... .... . . 165 148 149 168 150 185 227 152 152. 152 161 192 180 July 167 149 151 166 160 187 227 155 154 157 165 190 180 Aug 169 153 154 166 157 189 232 158 154 162 165 192 182 Sept v 168 152 153 166 154 2*230 160 152 159 P171 Pill WITHOUT SEASONAL ADJUSTMENT 1959—Sept 168 154 '153 '171 145 193 230 163 154 '153 164 192 176 Oct 177 164 162 183 156 205 245 167 163 163 174 203 182 Nov 182 170 167 185 160 207 252 171 162 '169 182 207 196 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 '148 150 159 150 186 225 155 153 158 163 192 181 Sept 159 161 174 160 ^199 166 161 165 P\16 » 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 Adminaro 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 1287 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales 4 Out- Re- New Stocks Period Sales i Stocks i stand- ceipts 2 orders3 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 j.n 1952 397 1,097 435 397 401 2.9 4.1 1 0 1953 406 1,163 421 408 401 3.0 LI 4.1 1.0 1954 409 1,140 388 410 412 3.0 L0 4.0 o 1955 437 1,195 446 444 449 2.9 LI 4.0 1.0 1956 454 1,286 470 459 458 3.0 LI 4.1 1.0 1957 459 1,338 461 461 458 3.1 1 1 4.1 1 0 1958 462 1,323 437 462 464 3.0 1.0 4.1 1.0 1959 485 1,385 510 492 496 3.0 LI 4.1 1.1 Month: 1959 Sept '474 r1,489 r630 r511 •"575 3.1 1.3 4.5 .2 Oct 531 1,578 604 626 603 3.0 LI 4.1 Nov. 578 1,639 521 639 556 2.8 ().9 3.7 [ * Dec 940 1,310 372 611 462 1.4 ().4 1.8 ) 7 I960—Jan 384 1,299 459 373 460 3.4 1.2 4.6 .0 Feb 362 1,362 514 425 480 3.8 1.4 5.2 Mar 418 1,468 456 524 466 3.5 .1 4.6 .3 Apr 507 ,473 417 512 473 2.9 ( 3.7 0 May 448 .461 420 436 439 3.3 () 9 4.2 0 June 451 L381 616 371 567 3.1 1.4 4.4 July 373 1,371 678 363 425 3.7 [.8 5.5 .0 S A e u p g t v 4 47 5 1 2 1 1 , , 5 4 6 6 1 3 6 61 2 7 9 5 56 4 9 4 4 5 9 5 5 7 3 3 . . 3 2 1 I .4 3 4 4 . . 6 6 ].2 2 » Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. * These figures are not estimates for all department stores in the United * The first three ratios are of stocks and/or orders at the end of th« States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1959, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see the dep 2 a D rt e m ri e v n e t d s f t r o o r m e s t a h le e s . reported figures on sales and stocks. BULLETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports excluding Merchandise exports i military-aid shipments2 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 J.1 ^7 Feb 1,346 1,280 1,576 1.246 1,183 1,497 956 1,118 [,288 Mar. 1,555 1,456 1,751 1,440 1,375 1,634 1,071 1,295 1,375 Apr 1,530 1,479 1,823 1,408 1,343 1,708 1,057 1,221 ,257 Mav 1,638 1,551 1,810 1,507 1,411 [,716 1,061 1,264 ,260 1,408 1,423 1,738 1,309 1,347 1,638 1,031 1,369 ,313 July 1,418 1,468 1,699 1,289 1,353 1,629 1,049 1,248 ,155 A.ug 1,401 1,397 r1,613 1,287 1,300 1,550 950 1,189 ,228 Sept. 1,363 1,479 610 1,242 1,399 556 1,073 1,392 tfiO Oct. 1,607 1,482 1,426 1,398 1,150 [,202 Nov I 599 I 479 [ 410 I 376 1 086 I 282 Dec 1,524 .675 .389 1,569 1,254 1,478 Jan -Sept 1.3,164 12,933 15,182 12,125 11,997 14,412 9,344 11,250 11,173 r Revised. and supplies under Mutual Security Program. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1288 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 li d l d s 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 r o n t n a s - - M c ic a e a r d l e - 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 o i e c n o r e d v d s - a 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_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 June . 126.5 120.3 131.3 141.6 124 7 132.3 104 3 137 3 108.9 145.8 156 1 133 2 121 1 132 0 July 126.6 120.6 131.3 141.8 124.8 132.9 104.1 137.4 109.1 145.9 156.4 133.4 121.6 132.2 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 Sept 126.8 120.2 132.0 142.1 125.7 134.8 104.1 138.0 110.6 144.7 156.9 133.9 122.1 132.7 NOTB.—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 l s i - - F p 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 p o l r x t e d d - e s - l - l H s e p u k a a r i n c t i d o n h t d d e s e s s - , r ,p t l F e o i m a i g r n u w n h i a g e a d e t - l l r - , s ,C a p i u a l c h r l n c a o i e e t d l d m s s d - - p R u a b r u n c o e t b d r d s - - L w p u a b r u o n c o e m o t d r d s d - - p p a P u a a r ll u n c o p ie t l d d e p s d r - ,M p m u a r e e n c o t t t d d a a s l - l s p c M m u a t e r h i n c r o v i o a t y n d d e - s - - - h F d o h t b a o u u t u o n h l u r r e r l d e s a n d s e e r - i - - e s N r t t m t m u a a r o l l r i u s e n l n a i — c - - c - l - b b e m b o T a r a t e n a f c o t v r g l d c - s e - e o . d s n c M e e l o i l s a u - - s 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112 0 113.6 110.6 108.3 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 A 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 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 June 119.5 89.0 1107.6 128.2 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 88.9 108.9 128.2 96.3 110.1 113.8 110.4 146.9 121.5 133.5 153 4 153.2 123 1 137 8 131 8 90.8 Aug 119.2 r86.6 107.8 128.2 96.1 108.7 115.3 110.5 145.3 r119.6 r133.O 153.6 153.2 122.9 r137.8 132.0 89.9 Sept 119.2 87.5 108.1 128.0 95.9 108.1 116.0 110.5 144.8 119.2 133.1 153.5 151.9 122.9 138.0 132.0 91.1 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1289 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1959 1960 1959 1960 Subgroup Subgroup Sept. July Aug. Sept. Sept. July Aug. Sept Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce 103.1 112.9 98.7 104.7 Grains 76.2 75.5 74.3 74.9 Paperboard 135.9 135.9 135.9 135.9 Livestock and poultry 82.1 84.1 80.7 79.0 Converted paper and paperboard 127.3 131.0 r130.5 130.6 Plant and animal fibers 95.6 96.4 92.2 92.1 Building paper and board 147.6 144.2 145.5 145.7 Fluid milk 96.0 95.5 '97.0 99.5 Eggs 85.4 65.4 76.4 85.5 Metals and Metal Products: Hay and seeds 73.0 73.5 73.7 72.3 Other farm products 133.4 127.7 125.6 126.4 Iron and steel 172.4 169.5 169.9 169.7 Nonferrous metals 136.1 138.6 138.7 138.4 Processed Foods: Metal containers 152.9 153.6 153.6 153.6 Hardware 173.0 174.5 r174.5 174.5 Cereal and bakery products 119.5 122.5 122.0 122.2 Plumbing equipment 131.0 131.3 131.5 131.5 Meats, poultry, and fish 99.7 99.5 96.8 96.0 Heating equipment 121.4 118.7 118.8 119.3 Dairy products and ice cream 116.2 117.3 118.0 120.5 Fabricated structural metal products 134.2 134.6 134.7 134.4 Canned, frozen fruits, and vegetables 106.9 107.5 106.8 107.9 Fabricated nonstructural metal Sugar and confectionery 116.4 117.2 116.9 117.9 products 146.1 146.0 146.2 146.2 Packaged beverage materials 145.2 143.5 140.9 140.9 Other processed foods 96.9 103.3 101.7 101.4 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 143.5 146.0 '146.1 146.2 Cotton products 92.6 94.7 94.3 93.4 Construction machinery and equip- Wool products 104.7 101.8 101.5 101.2 ment 172.4 175.5 "176.7 176.7 Synthetic textiles 82.1 79.6 78.9 78.6 Metal working machinery , 176.6 180.2 180.2 180.2 Silk products 113.2 123.3 126.8 128.4 General purpose machinery and Apparel 100.6 101.0 101.0 101.1 equipment 166.8 166.6 166.4 166.9 Other textile products 77.3 81.9 84.6 85.7 Miscellaneous machinery 149.5 150.1 150.2 150.2 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 155.8 153.3 153.1 153.0 Motor vehicles 143.2 141.6 141.6 137.2 Hides and skins 102.4 68.0 63.6 62.3 Leather 117.1 102.2 98.9 97.5 Furniture and Other Household Dura- Footwear 132.3 132.5 132.5 132.5 bles: Other leather products 113.9 105.6 iO4.7 103.8 Household furniture 124.1 125.0 125.0 125.0 Fuel, Power, and Lighting Materials: Commercial furniture 155.5 157.1 157.1 157.1 Floor covering 128.9 130.6 130.6 130.6 Coal 123.0 120.3 121.3 122.4 Household appliances 104.3 101.7 101.1 101.1 Coke 170.4 170.4 170.4 170.4 Television, radios, phonographs.... 92.7 91.4 '91.1 91.1 Gas fuels (Jan. 1958= 100) 112.8 114.4 116.6 120.0 Other household durable goods 156.6 157.6 157.6 157.6 Electric power (Jan. 1958= 100) 100.8 102.0 102.1 102.1 Petroleum and products 115.1 117.9 120.0 120.7 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.3 130.2 130.2 132.4 Concrete ingredients 140.4 142.1 142.2 142.2 Industrial chemicals 123.8 124.7 124.6 124.6 Concrete products 130.2 131.3 131.1 131.0 Prepared paint 128.3 128.4 128.4 128.4 Structural clay products 160.5 161.8 162.0 162.1 Paint materials 102.1 103.8 105.0 104.6 Gypsum products 133.1 133.2 133.2 133.2 Drugs, Pharmaceuticals, cosmetics. ., 93.7 95.1 95.4 95.2 Prepared asphalt roofing 110.8 106.6 106.6 106.6 Fats and oils, inedible 55.0 47.8 48.9 47.7 Other nonmetallic minerals 132.5 134.6 134.6 134.5 Mixed fertilizers 109.4 110.3 r112.1 112.7 Fertilizer materials 105.2 110.6 108.4 108.4 Tobacco Manufactures and Bottled Other chemicals and products 106.8 106.4 106.7 106.7 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.5 106.5 106.5 Crude rubber 157.9 161.2 152.1 148.3 Other tobacco products 153.7 155.7 155.7 155.7 Tires and tubes 134.3 141.3 141.3 141.3 Alcoholic beverages 120.9 120.6 121.1 121.1 Other rubber products 142.2 145.6 i45.9 146.3 Nonalcoholic beverages 171.1 171.4 171.4 171.4 Lumber and Wood Products: Miscellaneous : Lumber 129.3 121.6 119.2 118.4 Toys, sporting goods, small arms 117.7 118.6 118.5 118.6 Millwork 138.7 137.2 -136.7 136.1 Manufactured animal feeds 64.5 67.3 65.6 67.7 Plywood 96.6 95.5 94.7 95.9 Notions and accessories 96.3 97.3 97.3 96.4 Jewelry, watches, photo equipment.. 108.3 110.7 110.9 111.1 Pulp, Paper, and Allied Products: Other miscellaneous 132.0 132.5 132.3 132.5 Woodpulp 121.2 121.2 121.2 121.2 Wastepaper 118.0 82.3 77.4 77.4 Paper 143.8 145.9 "145.2 145.4 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1290 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1959 I960 1929 1933 1941 1950 1955 1956 1957 1958 1959 3 4 1 2 3 104.4 56.0 125.8 284.6 397.5 419.2 442.8 444.2 482.1 481.4 486.4 501.3 505.0 503.5 79.0 46.4 81.9 195.0 256.9 269.9 285.2 293.5 313.8 316.0 319.6 323.3 329.0 328.3 9.2 3.5 9.7 30.4 39.6 38.5 40.4 37.3 43.4 44.0 43.5 44.2 44.5 42.7 Nondurable goods 37.7 22.3 43.2 99.8 124.8 131.4 137.7 142.0 147.6 148.0 149.6 150.5 153.5 152.7 Services 32.1 20.7 29.0 64.9 92.5 100.0 107.1 114.2 122.8 124.1 126.6 128.6 130.9 132.9 16.2 1.4 18.1 50.0 63.8 67.4 66.1 56.0 72.0 67.5 70.8 79.3 75.5 70.8 8.7 1,4 6.6 24.2 34.9 35.5 36.1 35.4 40.3 41.1 39.4 40.8 40.7 40.5 3.6 3.5 14.1 18.7 17.7 17.0 18.0 22.3 22.6 21.3 21.4 21.3 21.1 Other 5.1 l'.O 3.1 10.1 16.2 17.8 19.0 17.4 18.0 18.5 18.1 19.3 19.4 19.5 5.9 1.6 6.9 18.9 23.1 27.2 28.5 23.1 25.8 26.5 26.8 27.1 29.5 29.7 Chance in business inventories. • • .... 1.7 -1.6 4.5 6.8 5.8 4.7 1.6 -2.5 5.9 -.1 4.7 11.4 5.3 .6 1.8 -1.4 4.0 6.0 5.5 5.1 .8 -3.6 5.4 -.5 4.3 11.0 5.0 .3 .8 2.0 3.7 7.0 2.4 6.0 13.1 19.4 23.1 26.2 22.7 22.9 24.0 23.5 25.2 26.4 27.3 6.3 2.3 4.8 12.5 18.3 20.2 21.3 21.5 23.8 24.2 23.9 23.9 24.4 23.5 Government purchases of goods and services... 8.5 8.0 24.8 39.0 75.6 79.0 86.5 93.5 97.1 98.1 96.4 97.5 98.6 100.7 Federal 1.3 2.0 16.9 19.3 45.3 45.7 49.7 52.6 53.3 53.6 52.5 51.8 51.7 52.7 O N t a h t e io r nal defense 2.0 I \ 13 3 . . 8 2 1 5 4 . . 2 3 3 6 9 . . 6 1 4 5 0 . . 7 4 4 5 4 . . 7 4 4 8 4 . . 3 8 4 7 6 . . 8 0 4 8 6 . . 0 1 4 7 5 . . 5 5 4 7 4 . . 5 9 4 7 4 . . 6 7 4 8 5. . 1 2 .0 .0 .0 .1 .4 .3 .4 .5 .5 5 5 .5 6 6 State and local 7.2 6.0 7.8 19.7 30.3 33.2 36.8 40.8 43.9 44.5 43.9 45.7 46.9 48.0 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 392.7 400.9 408.6 401.0 428.0 426.3 429.1 440.5 442.2 438.0 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars) Annual totals Seasonally adjusted annual rates by quarters Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 National income 87.8 40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 399.4 402.8 414.4 419.4 Compensation of employees 51.1 29.5 64.8 154.2 223.9 242.5 255.5 257.0 277.8 279.5 281.6 290.2 295.0 297.2 Wages and salaries 50.4 29.0 62.1 146.4 210.9 227.6 238.5 239.7 258. 259.7 261.5 268.7 273.1 274.9 Private 45.5 23.9 51.9 124.1 174.9 189.6 198.4 196.4 212.9 214.2 215.6 222.1 225.5 226.0 Military .3 .3 1.9 5.0 9.8 9.7 9.6 9.8 9.9 9.9 9.8 9.9 10.0 10.1 Government civilian 4.6 4.9 8.3 17.3 26.2 28.4 30.5 33.5 35.4 35.7 36.1 36.7 37.6 38.8 Supplements to wages and salaries .7 .5 2.7 7.8 13.0 14.9 17.0 17.4 19.6 19.8 20.1 21.5 21.9 22.3 Employer contributions for social insurance .1 2.0 4.0 5.8 6.8 7.8 8.0 9.5 9.5 9.6 10.8 10.9 11.1 Other labor income .6 A .7 3.8 7.1 8. 9.1 9.4 10.1 10.3 10.5 10.7 10.9 11.2 Proprietors' income 14.8 5.6 17.4 37.5 42.1 43.7 44.5 46.4 46.5 46.1 46.3 46.0 48.1 48.3 Business and professional 8.8 3.2 10.9 23.5 30.4 32.1 32.7 32.3 34.7 35.0 35.1 35.4 36.0 36.1 Farm 6.0 2.4 6.5 14.0 11.8 11.6 11.8 14.0 11.8 11.1 11.2 10.6 12.1 12.2 Rental income of persons 5.4 2.0 3.5 9.0 10.7 10.9 11.9 12.2 12.4 12.4 12.5 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 44.9 45.5 48.0 45.3 Profits before tax 9.6 .2 77.0 40.6 44.9 44.7 43.2 37.7 47.0 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 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 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 13.6 13.8 13.9 13.9 14.0 Undistributed profits 2.4 -2.4 4.9 13.6 11.8 11.3 9.7 6.7 10.5 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 -.4 .7 -.8 -.4 Net interest 6.4 5.0 4.5 5.5 10.4 11.7 13.4 14.7 16.4 16.5 16.9 17.8 18.5 19.1 NOTB.—For explanation of series see U. S. Income and Output (a supplement to the Survey of Current Business for 1959) and the Survey of Current Business, July 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 1291 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 3 4 1 2 3 104.4 56.0 125.8 284.6 397.5 419.2 442.8 444.2 482.1 481.4 486.4 501.3 505.0 503.5 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 32.0 34.4 37.4 38.1 40.5 40.7 41.4 42.2 43.0 43.6 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 32.9 35.7 38.2 39.4 42.6 43.0 43.5 44.4 45.3 45.1 Business transfer payments .6 .7 .5 .8 1.5 1.6 1.8 1.8 1.8 1.8 i 8 1 8 1.8 1 8 Statistical discrepancy .3 .9 .4 -.7 1.0 -2.4 -.6 -1.7 -1.8 -3.0 -2.6 -1.1 -3.9 Plus: Subsidies less current surplus of gov- -.1 .0 .1 .2 .0 .9 1.0 1.1 .6 .5 .5 .5 .6 .5 Equals: National income 87.8 40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 399.4 402.8 414.4 419.4 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 44.9 45.5 48.0 45.3 Contributions for social insurance .3 2.8 6.9 11.0 12.6 14.5 14.8 17.3 17.4 17.5 19.9 20.2 "lOA 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 26.0 26.1 26.7 27.3 Net interest paid by government 1.0 1.2 1.3 4.8 5.4 5.7 6.2 6.2 7.1 7.3 7.6 7.8 8.0 8.2 Dividends 5.8 2.1 4.5 9.2 11.2 12.1 12.6 12.4 13.4 13.6 13.8 13.9 13.9 14.0 Business transfer payments .6 .7 .5 .8 1.5 1.6 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 85.8 47.2 96.3 228.5 310.2 332.9 351.4 360.3 383.3 384.8 389.0 396.2 404.2 408.0 Less: Personal tax and nontax payments 2.6 7.5 3.3 20.8 35.7 40.0 42.6 42.4 46.0 46.3 46.5 49.2 50.0 50.5 Federal 1.3 .5 2.0 18.2 31.5 35.2 37.3 36.7 39.8 40.0 40.2 42.6 43.4 43.8 State and local 1.4 1.0 1.3 2.6 4.2 4.8 5.3 5.7 6.2 6.2 6.3 6.6 6.6 6.7 Eouals* DisDosable oersonal income 83.1 45.7 93.0 207.7 274.4 292.9 308 8 317.9 337.3 338.5 342.4 347.0 354.1 357.5 Less: Personal consumption expenditures.... 79.0 46.4 81.9 195.0 256.9 269.9 285.2 293.5 313.8 316.0 319.6 323.3 329.0 328.3 4.2 -.6 11.1 12.6 17.5 23.0 23.6 24.4 23.4 22.5 22.8 23.7 25.2 29.2 Addendum: Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 273.4 286.9 293.8 296.2 311.1 311.4 313.6 316.3 321.1 323.2 PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] 1959 1960 Itemi 1958 1959 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.p 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 239.7 258.2 259.0 258.6 260.8 265.0 268.2 268.6 269.3 271.7 273.6 274.0 275.1 275.1 274.7 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 69.1 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. 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 36.1 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 27.4 27.5 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 29.1 29.5 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 » Preliminary. ment to the Survey of Current Business for 1959) and the Survey of Current * 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

1292 FLOW OF FUNDS/SAVING SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transaction category, 1958 1959 1960 or sector 1955 1956 1957 1958 A Net national saving * 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 B Consumer and nonprofit 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 C Farm and noncorp. business2. .. -.9 -.3 2.4 -.5 -1.8 -1.6 3.9 -1.3 -.7 D Corporate nonfinancial business. 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 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 F State and local governments *... -3.2 -2.7 -3.2 -5.0 -4.4 -1.2 -1.7 -1.6 -.6 -1. -1.2 -.9 -.3 -1.4 G Financial sectors 3.3 2.9 3.7 3.1 3.1 .4 1.5 .5 .9 .6 1.6 -.1 1.2 H Capital consumption3 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 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 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 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 1.2 L Plant and equip, (nonprofit)... .5 .5 .6 .6 .6 .1 .1 .1 .2 .2 .2 .2 .2 .2 M Farm business 3.7 3.7 3.9 4.0 4.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1 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 2A 2.1 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 P Gross national saving * 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 Q Consumer and nonprofit 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 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 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. 7.6 T Federal Government i .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 State and local governments 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 V Financial sectors 3.3 2.9 3.7 3.1 3.1 .4 1.5 .5 .9 .6 1.6 -.1 1.2 W Gross national investment i 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 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 Y Other gross private domestic fixed investment 58.2 62.7 64.6 58.5 66. 14.7 15.1 15.7 13.9 17.3 17.7 17.3 14.3 17.4 Y 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 Z a Nonfarm residen. constr.4... 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 b 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 c Farm business 4.2 3.8 4.0 4.4 4.9 1.3 1.2 1.0 1.1 1.4 1.3 1.0 1.0 1.2 d Noncorp. nonfinan. business4, 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. business4. . . . f24.0 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 .8 .7 .2 .2 .2 .2 .2 .2 .2 .2 g Change in inventories5 5.8 4.7 1.6 -2.5 5.9 -2.0 -.4 -.1 3.6 2.1 -.2 .4 4.5 :i I h Farm business .3 -.4 .8 1.0 .5 .3 .2 .2 .2 .1 .1 .1 .1 1 Noncorp. nonfinan. business.. .6 .2 .2 • .6 -.2 .1 -.5 1.1 .2 -.1 -.6 1.2 j Corp. nonfinan. business 4.9 4.9 .6 -3.5 4.8 -2.1 -.8 .1 2.4 1.7 -.1 .9 3.2 .4 k Net financial investment 6 * 2.1 4.2 .3 -1. .2 -.2 -.5 -.4 -.8 .2 1 Consumer and nonprofit 4.7 12.1 14.8 15.3 10.6 .2 6.1 3.3 4.2 1.8 2.8 2.0 3.7 -1.1 m Net acquis. offinan. assets. . 25.1 27.4 26.8 27.3 31.3 3.7 8.6 9.0 7.3 7.9 7.8 8.4 5.5 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 -1.8 -1.5 2.2 -1.9 -3.8 -2.8 4.0 -2.5 -2.0 p Net acquis. offinan. assets. . .5 .5 .8 1.3 — .4 .5 .3 .8 c .1 2 -.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 -.9 -1.6 -.1 2.2 1.5 -1.5 .8 -1.4 -4.5 -2.4 s Net acquis. offinan. assets. . 16.8 4.3 4.4 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 v Net acquis. offinan. assets. . 1.0 1.6 3.2 1.6 6.3 3.9 -4.4 .7 .2 4.3 2.6 -.8 -.3 4.0 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 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 y Net acquis. offinan. assets. . 2.2 2.6 3.3 2.5 3.1 1.3 n 1.0 .2 .7 .9 1.2 ./ .8 z 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 aa Financial sectors 3.5 2.7 3.0 4.5 3.7 1.3 2.5 A 1.4 .6 2.2 -.5 1.7 1.2 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 11.1 cc dd Financial trans, discrep .5 -.5 -2.6 -2.2 -1.6 .2 -1 .3 .7 -1.8 A -1.1 A dd ee Discrepancy (P—W)7 -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. v Preliminary. includes work in process on 1- to 4-family dwellings and other private f Includes $0.3 billion of existing facilities purchased from Federal residential construction. Government. 5 After inventory valuation adjustment. 1 For govt. sectors, saving is excess of all nonfinancial receipts over all 6 Financial component of national investment equals net lending to nonfinancial outlays; investment, changes in financial assets and liabilities rest of world; financial flows among domestic sectors cancel out in only. Govt. current outlays include, and govt. (and national) investment national total. (Discrepancies in financial transactions attributed entirely excludes, govt. purchases of tangible assets. to domestic transactions.) Differs from U. S. "net foreign investment" 2 Annual figures for farm sector are retained earnings of corporate (net exports minus net unilateral transfers in national income accounts) farms; farm and nonfarm unincorporated businesses shown as having by discrepancy in rest-of-world account, which equals "errors and zero annual net saving. Quarterly figures for both sectors include seasonal omissions" in Dept. of Commerce balance-of-payments statement for net saving. See p. 838 of the BULLETIN for August 1959. the United States. 3 Depreciation, accidental damage to fixed capital, and caoital outlays 7 Saving and investment are equal in concept but may differ statistically charged to current account. Line H includes amounts for financial because of discrepancies. See p. 857 of the BULLETIN for August 1959. sectors not shown separately. See discussion on p. 836 of the BULLETIN NOTE.—Descriptions of sectors and of transaction categories are given for August 1959. in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN 4 For consumers, 1- to 4-family dwellings completed and purchases of for August 1959. For latest detailed flow of funds/saving tables, see additions and alterations. Investment of nonfarm business sectors the BULLETIN for October 1960. Notes to table on opposite page. held by other sectors included in Federal obligations category. 1 Demand deposit liabilities of banking system are net of F. R. float 3 Mainly time deposits of State and local governments, corporate and cash items in process of collection as reported by commercial banks. businesses, and savings institutions. Sum of sector holdings (partly on holder-record basis) differs from liability 4 Assets in these categories are treated as consumer holdings. total mainly because of mail float (checks in transit from drawers to 5 Marketable issues maturing within one year and, prior to 1956, drawees). For further discussion, see p. 853 of the BULLETIN for August savings notes. 1959. 6 Excludes loans to domestic commercial banks. Gross of valuation 2 Consumer-held only; includes net interest accruals. Savings bonds Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1293 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Annual totals Transaction category, 1958 1959 1960 or sector 1955 1956 1957 1958 195S> 2 3 4 1 2 3 4 1 2- I. Demand deposits and currency A Net increase in commercial bkg. system liability l 2.3 1.7 -.8 8 1 1 6 4 ,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 7 5 7 -2 6.6 -5.3 1.9 2.0 3.1 -7 7 2.3 B c Federal Government — .6 — .2 1 7 3 6 -5 0 * _ _ e 1.0 1.5 -1.2 4 2.8 c o 1.5 1.7 .3 6 4 9 19 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 .1 .6 1.3 - 7 .3 .3 .3 — .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 US -3 4 .6 G H State and local government.... .4 .2 '.2 .2 5 .6 .7 .6 -.4 .1 .2 .6 9 * H T T Rest of the world .6 * . . 2 2 . . 3 2 7 * 1 4 1 . . 5 3 - -. . 1 3 .2 -.3 .1 -.1 .6 4 4 .54c T T K Discrepancy (A—B) 1.4 .1 -1.4 —7 —6 7 —9 1.4 -1.7 .2 .2 .7 i 1 .2 K II. Fixed-value redeemable claims A 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 R Time deposits 2.9 3.6 6.8 10 1 7 3 3 16 .9 1.1 1.2 -.1 1.7 R c 5.3 5.4 5.2 6 5 7 18 10 2.3 1.4 2.3 1.2 2.3 1 5 2.4 C D U.S. savings bonds* .3 — .1 — 1.9 — 1.X . 1 — .2 — .2 — .5 — .6 2 D E 8.4 9.0 10.1 16 7 6 5 0 .5 3.1 2.3 3.0 .8 1.6 1 6 3.9 E F Ne F t e i d n e c r r a e l a s G e o i v n e l r i n a m b. e , n b t y sector * -.3 -2.2 *7 0 ? 7 -.2 -.2 -.6 -.6 -.6 3 2 F G 1.3 2.1 U 80 1 2 8 1 f .5 .6 .9 -.2 * 1.5 G H Savings institutions 7.1 7.3 8 9 8 4 2 4 1.5 2.9 2.0 2.6 1.4 2.4 1 8 2.6 H I Net increase in assets, by sector 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 T Consumer and nonprofit 8.7 9.0 9.8 13 9.6 7 0 3.5 2.2 3.5 1.7 2.1 16 3.3 T K -.1 .4 17 -1 0 1 4 -.4 * -.2 -.7 -.2 .4 K L Rest of the world (time deposits). -.1 -.1 * 9 -1 0 * - .1 * .1 -.4 -.3 - 2 .2 L III. Saving through life insurance and pension funds A Net increase, by type 8.4 9.3 9.0 10 11 6 2 6 2.8 2.9 3.2 2.5 3.1 9 3.2 A R 3.2 3.8 2.8 3 4 3 7 8 10 1.0 .9 1.2 .8 .9 7 .9 B c Pension funds 5.1 5.6 6.1 6 Q 7.9 1 5 17 1.8 2.0 2.0 1.7 2.1 2 1 2.3 c D Net increase in liab., by sector4 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 F Federal Government .6 1.0 .6 1,0 10 4 3 .1 .2 .4 .3 .1 1 .7 F, F State and local government. 1.2 1.4 1.6 17 1.R 4 4 .4 .5 .5 .5 .5 .5 F G Life insurance companies 4 6 4 8 4 3 4 7 5. 1 1 1 1.5 1.3 1.6 1.2 1.6 1 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 61. 134 7 0 22.7 7.3 18.7 18.3 17.2 11.6 A R Federal obligations .8 -5.6 1.1 9 0 11. 5 I 7.6 * 2.0 5.3 4.0 -4 1 -1.4 B c Short-term direct 5 -7.1 7 4 5.5 — 1 5. -4 3 11> 3.8 -4.6 4.7 .7 4.7 -7 4 -2.1 r, r> Other 7.9 -13.0 -4.4 10«7 5.8 6 8 1 3.8 4.6 -2.7 4.6 -.7 3 4 .6 D F State and local obligations 3 5 3 2 4 7 5 7 4.9 16 1 3 .8 1.3 1.4 1.8 .4 10 .8 F F Corporate and foreign bonds 4 0 5 0 7 5 6 s 4 7 14 1 3 1.6 1.1 1 0 1.1 1 5 1 1 1.2 F G Corporate stock 3.0 3.8 4.0 4 4.4 14 9 1.1 1.2 1.2 .7 1.2 9 .9 G H 1- to 4-family mortgages .. 12.6 10.8 8.6 10\ 13.3 2 4 30 3.2 2.9 3.8 3.7 3.0 2.3 2.7 H T Other mortgages 3 6 3 8 3 5 5 5 1 1 3 1.6 1.2 1 7 1.5 1.4 1.1 1.8 T T Consumer credit 6.4 3.6 2.8 3 6.3 6 \ 1.9 -.7 2.6 1.7 2.7 9 2.3 T Security credit 1 0 — 6 17 1 1 8 -1 4 1.1 -.2 -.1 -.3 .6 -1. 6 .5 K T Bank loans n.e.c 8.0 5.9 2.3 1 3 7.9 6 2.7 -.4 3.6 2.8 1.9 3 2.0 T, M Other loans 1.1 .9 2.6 2.0 2.8 2 3 1.0 .9 1.3 .5 2.1 1.0 M N Funds raised, by sector 44.1 31.2 36.9 46.2 61.4 4 7 0 22.7 7.3 18.7 18.3 17.1 2 11.6 N O Consumer and nonprofit... 20.3 15.1 11.8 120 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 2.0 9 .2 * .7 1.1 .3 -.2 .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 13.1 118 11.6 2.6 3 3.1 1.9 3.8 2.9 2.9 2.7 3.0 R s Federal Government -.1 -5.4 1.0 9 3 10.7 1 1 7.9 -.2 1.7 5.2 4.1 -A. 1 -1.5 S T State and local government 3.5 3.3 4.9 5 9 5.1 1.7 4 .8 1.3 1.5 1.8 .5 1.0 .8 T TT Financial sectors 5 9 1.2 2.4 1 5.7 14 7 1.8 .7 1.5 1.2 2.3 T 1.8 U V Rest of the world .3 1.0 1.4 3 8 6 5 .6 .2 .4 .3 * 3 .7 V W Funds advanced by sector 44 0 30 7 36 7 46 61.s 13 4 7.0 22.7 7.3 18.7 18.3 17.2 2.3 11.6 w X Consumer and nonorofit 8 0 7 7 8 1 4 7 15 1 ^ 1.4 4 5 3 4 4.3 3.2 4.3 -.5 X Y Farm and noncorp. business .2 .3 .2 .4 2 1 .5 -.3 .3 -.1 .5 4 .3 Y Z C Fe o d r e p r o a r l a t G e o n v o e n r f n i m na e n n c t ial business.. 5 1 . 0 5 -3 1 . 8 1 2 .4 4 1 1 7 2 5 3. . 8 5 -2. 5 3 1 3 5 4. . 2 9 1. . 0 7 1 1 . . 7 2 1 1 . . 0 5 1. . 9 5 2 * -1 1 . . 3 0 Z a h State and local government . .. 1 9 2.3 2.6 f 4 2.9 * .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 Monetary authorities — 3 3 — 8 3 18 4 1.4 -.9 .6 .5 .1 -1.4 1.2 d Commercial banks 5.0 4.5 5.1 149 5.3 9 0 6.6 -4.5 3.6 2.8 3.4 -6. 5 3.8 e f Securities — 7 0 —3 5 1 3 10 4 — 7. 6.5 j (7 1.7 -4.2 — 1.7 -.8 -.4 -5 6 .3 f Loons^ 12 1 8.0 3.8 4 1 12.^ 2. j 4.9 -.3 5.3 3.6 3.8 8 3.6 h Savings institutions 8.1 7.3 7.2 9 4 106 4 2.9 2.4 2.7 3.2 3.0 1.6 3 2.3 h Insurance sector 8 1 8 0 8 3 8 Q 9 1.7 3 2.5 2.5 2.6 2.1 2.6 2 9 2.4 j j Finance n.e c 5.3 1.6 2.5 0 4. 1.6 -1 9 2.1 .9 .9 .8 2.0 2 2.0 i 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. ^ Preliminary. sector transactions appear in other flow of funds/saving tables in the NOTE.—Data for excluded categories—trade credit, proprietors' net BULLETIN for October 1960. investment, gold, Treasury currency, and misc.—and more detail on For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1294 MEMBER BANK EARNINGS ALL MEMBER BANKS, BY CLASSES, 1959 AND FIRST HALF OF 1960 [Amounts in thousands of dollars] All member Classes of member banks, first half 1960 1959 Central reserve city 1960 first Reserve Country First Second half New Chicago city half half York Earnings 3,849,556 4,225,312 4,388,096 721,065 172,478 1,704,235 1,790,318 Interest on U. S. Government securities.. 702,211 696,624 694,742 84,072 27,332 229,995 353,343 Interest and dividends on other securities. 216,620 228,032 230,002 34,208 9,732 74,853 111,209 Interest and discount on loans 2,299,091 2,626,757 2,778,478 461,499 109,494 1,130,542 1,076,943 Other charges on loans 46,901 48,496 44,604 6,381 1,196 20,945 16,082 Service charges on deposit accounts 207,394 214,295 228,487 13,868 1,123 92,576 120,920 Other charges, commissions, fees, etc 73,607 75,792 78,286 13,782 3,743 28,789 31,972 Trust department 190,058 218,445 212,012 75,313 16,299 81,451 38,949 Other current earnings 113,674 116,871 121,485 31,942 3,559 45,084 40,900 Expenses 2,463,127 2,676,487 2,738,248 370,838 90,400 1,065,942 1,211,068 Salaries—officers 321,298 358,792 347,342 38,762 9,781 119,755 179,048 Salaries and wages—others 688,509 749,752 743,842 127,294 26,613 309,377 280,554 Directors' and committee members' fees. 15,889 18,697 16,953 837 160 2,944 13,012 Interest on time deposits 615,780 663,939 693,902 58,033 18,934 271,990 344,945 Interest on borrowed money 27,421 48,477 52,610 15,826 6,088 22,600 8,096 Taxes other than one net income 104,026 106,977 118,913 10,832 3,960 53,544 50,577 Recurring depreciation 69,226 84,185 76,184 7,715 773 27,179 40,517 Other current expenses 620,978 645,668 688,502 258,553 294,319 111,539 24,091 Net current earnings before income taxes. .. 1,386,429 1,548,825 1,649,848 638,293 579,250 350,227 82,078 Recoveries, profits, etc 140,173 156,006 130,133 53,272 44,383 On securities: 25,074 7,404 Recoveries 14,311 11,137 4,923 1,286 1,765 1,854 Transfers from valuation reserves.... 63,624 42,611 17,004 18 1,999 8,243 5,857 Profits on securities sold or redeemed. 17,744 23,949 52,508 905 3,972 18,051 On R l e o c a o n v s e : ries 8,675 5,217 8,747 9,928 56 2 2 0 , ,5 7 5 3 7 4 5,322 Transfers from valuation reserves.... 13,956 39,217 17,948 635 3 10,763 3,965 All other 21,863 33,875 29,003 3,217 88 9,210 9,334 10,371 Losses, charge-offs, etc 518,696 681,230 297,912 41,267 24,113 122,246 110,286 On securities: Losses and charge-offs 322,566 343,948 100,711 20,043 15,828 30,843 33,997 Transfers to valuation reserves 73,699 84,298 49,375 5,599 3,253 29,873 10,650 On loans: Losses and charge-offs 6,970 8,412 9,181 48 2,901 6,231 Transfers to valuation reserves 78,613 194,455 102,077 12,699 4,358 42,046 42,974 All other 36,848 50,117 36,568 2,925 626 16,583 16,434 Profits before income taxes. . 1,007,906 1,023,601 1,482,069 334,034 65,369 569,319 513,347 Taxes on net income. 410,578 364,044 661,308 162,918 30,753 264,644 202,993 Federal 389,746 338,672 623,608 148,949 30,753 249,150 194,756 State 20,832 25,372 37,700 13,969 15,494 8,237 Net profits 597,328 659,557 820,761 171,116 34,616 304,675 310,354 Cash dividends declared. 325,252 364,469 349,061 83,925 17,238 143,018 104,880 On preferred stock *.. 769 692 586 12 127 447 On common stock 324,483 363,777 348,475 83,913 17,238 142,891 104,433 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 1,595 1,253 1,664 878 778 On loans 29,628 36,422 32,953 1,683 2,009 15,411 13,850 Losses charged to reserves (not included in losses above): On securities 105,774 89,270 31,520 23 829 24,848 5,820 On loans 40,335 61,654 75,199 10,881 940 35,783 27,595 Number of officers at end of period 67,789 68,702 70,606 4,786 1,12: 21,612 43,086 Number of employees at end of period 395,788 399,285 416,992 55,163 12,61: 166,703 182,514 Number of banks at end of period 6,279 6,233 6,212 16 11 223 5,962 Ratios: Percentage of total capital accounts:2 Net current earnings before income taxes 17.7 19.2 20.0 20.7 21.7 20.8 18.6 Net profits 7.6 8.2 9.9 10.1 9.1 9.9 10.0 Cash dividends declaredl 4.2 4.5 4.2 4.9 4.6 4.7 3.4 Percentage of total assets:2 Total earnings 3.92 4.24 4.42 4.22 4.03 4.4: 4.56 Net current earnings before income taxes 1.41 1.56 1.66 2.05 1.92 1.65 1.47 Net profits 0.61 0.66 0.83 1.00 0.81 0.79 0.79 Percentage of earnings to related assets:2 Earnings on loans 5.48 5.81 5.91 5.2 5.28 5.95 6.29 Interest on U. S. Government securities 2.69 2.91 3.13 3.38 3.04 2.95 3.21 Interest and dividends on other securities 2.62 2.78 2.88 3.26 2.98 2.76 2.86 Percentage of total capital accounts to: Total assets 8.0 8.3 9.9 8.9 8.0 7.9 Total assets less U. S. Govt. securities and cash assets 14.8 14.3 14.2 15.9 15.3 13.4 14.2 Total deposits 8.9 9.1 9.4 12.0 10.2 9.0 8.8 Time deposits of total deposits 30.8 30.7 31.0 15.5 19.6 31.0 38.3 Interest on time deposits (per cent)2 2.28 2.44 2.56 2.65 2.60 2.56 2.55 1 Includes interest on capital notes and debentures. 2 Annual basis. part of the period but not at the end. The figures for assets, deposits, NOTE.—Includes figures for all banks that were members of the Federal and capital accounts used in computing ratios are averages of the amounts Reserve System at the end of the report period (including those whose reported for the call dates at the beginning and end of each period plus returns may cover operations for only part of the period); in addition, last-Wednesday-of-the-month figures for intervening months. includes appropriate adjustments for member banks in operation during Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 1296 Net gold purchases and gold stock of the United States 1304 Estimated foreign gold reserves and dollar holdings 1305 Reported gold reserves of central banks and governments 1306 Gold production 1307 International Bank and Monetary Fund 1308 United States balance of payments 1309 Money rates in foreign countries 1309 Foreign exchange rates 1311 Index to statistical tables 1317 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. 1295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1296 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LLABDJITES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES» [Amounts outstanding, in millions of dollars] End of month G to ra ta n l d t t i e i n I o r n s n n t - a a i- l - Foreign countries m R G F a e e e n d p r y . . - , Italy U K d n i o i n m t g ed - E O u t r h o e p r e E T u o r t o a p l e Canada Am La e t r i i n ca Asia ot A h l e l r tutions 2 Total Officials 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 Sept 19,197 42,991 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 8,413 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 1960 Jan 19,390 3,138 16,253 8,896 ,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 19,674 3,300 16,375 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 2 843 417 May 20,179 3,358 16,821 9,247 2,220 1,050 1,492 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 July 20,748 3,334 17,414 9,728 2,704 1,095 1,728 3,478 9,005 2,691 2,494 2,854 369 Aug ^ . .. 21,220 3,464 17,755 10,138 2,868 [,127 1,792 3,396 9,182 2,707 2,543 2,937 386 Sept p 21,216 3,565 17,651 10,068 3,109 1,017 1,809 3,247 9,183 2,666 2,432 2,997 374 Table la. Other Europe End of month E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - France Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w e e n - S l w a er n i - t d z- T k u e r y - Y sl u av g i o a - ot A h l e l rs 1955 Dec 3,357 261 108 60 49 1,081 176 164 82 132 104 153 757 9 13 209 1956—Dec 3,089 296 117 65 53 626 177 134 67 137 43 217 836 20 17 282 1957 Dec 3,231 349 130 112 64 354 154 203 93 142 24 260 967 18 11 349 1958 Dec 3,960 411 115 169 69 532 126 339 130 163 36 303 852 20 9 685 1959 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 3,809 198 149 80 61 759 112 412 101 88 149 261 939 19 9 474 July 3 3 , , 3 4 9 7 6 8 2 1 0 9 3 7 1 1 7 6 2 6 7 5 2 3 4 6 9 4 6 7 5 2 0 6 9 7 7 5 3 35 8 5 6 8 8 5 8 8 8 7 8 1 13 3 2 3 2 2 5 5 0 0 8 8 2 7 0 8 1 1 8 4 1 8 0 3 37 7 0 8 Sept v 3,247 223 146 47 47 646 78 300 85 88 137 224 806 16 8 394 Table lb. Latin America Neth- Do- er- End of month A L m i a c t a e in r- Ar t g in e a n- l B iv o i - a Brazil Chile l C b o o i m - a - Cuba p m i R c l u i i a e b n c n - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t a A a i u l n n l n r e d d i - s - s l a p P i R c m u a e b n o a - - - f , Peru Uni- V z e ue n l e a - A O L i m c a th a t e i 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—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 62 277 148 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 60 301 285 July. . 2,494 394 20 162 132 185 120 35 27 40 390 98 123 82 55 355 275 Aug.2*, 2,543 393 20 176 132 175 111 36 23 37 399 90 133 77 54 407 280 Sept.*3 2,432 370 23 173 137 167 105 33 22 41 374 127 70 64 333 305 * Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1297 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 Ko- End of month rea, Con- Egyp- Union Total H K o o n n g g India I n n e d si o a - Iran Israel Japan p R u e b - - P i h p i - l- T w a a i n - T la h n a d i- Other Total t A r u a s li - a R g e o p , . t R ia e n - So o u f th Other lic pines of gion—Africa 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—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 2,774 60 114 139 47 87 1,285 148 172 94 136 494 373 110 31 20 49 162 I960—Jan 2,829 61 113 146 46 93 1,319 149 174 94 142 493 388 107 33 25 62 162 Feb 2,806 61 90 153 43 87 1,318 145 177 95 142 494 394 112 34 38 57 152 Mar 2,860 65 104 150 45 87 1,365 141 178 95 144 486 382 109 42 33 43 157 Apr 2,843 61 68 152 39 93 1,413 140 184 91 142 459 417 135 37 39 39 166 May 2,817 58 67 138 47 91 1,445 136 194 90 152 399 403 113 46 41 30 174 June 2,824 58 59 155 37 80 (,476 139 198 90 154 379 397 114 37 42 40 164 July 2 854 59 55 158 35 68 1,536 143 216 87 158 339 369 107 25 46 36 155 Aug.** 2,937 58 51 164 27 72 1,627 144 219 89 163 322 386 95 27 40 32 191 Sept.** 2,997 59 50 162 25 59 148 224 89 166 311 374 100 29 22 31 192 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1956 1957 1958 1959 1956 1957 1958 1959 Other Europe: Other Asia (Cont.): Albania .3 .1 .3 Burma 7.0 6.7 5.9 n.a. British dependencies .4 .3 .4 Cambodia 17.2 20.0 24.9 19.7 C Bu ze lg c a h r o ia slovakia8 . . 2 5 . . 6 7 . . 3 6 1. . 2 7 C C e h y in lo a n Mainland8. 4 3 1 5 . . 2 5 3 36 4 . . 3 2 4 3 4 6 . . 1 0 3 n 5 . . a 8 . Eastern Germany 1.2 3.1 1.4 1.5 Iraq. 16.9 19.6 18.0 n.a. Estonia 1.9 1.7 1.7 n.a. Jordan 2.0 1.6 2.8 2.5 Hungary .8 .7 .9 1.3 Kuwait 5.3 5.9 10.3 9.4 Iceland 3.1 2.9 3.5 2.7 Laos 37.3 33.1 20.9 n.a. Ireland, Republic of 9.1 9.0 10.0 5.4 Lebanon 22.3 28.2 37.9 38.0 Latvia .6 .5 .6 .6 Malaya, Fed. of 1.4 1.6 1.2 1.4 Lithuania .4 .5 .6 Pakistan , 20.2 12.8 5.6 23.5 Luxembourg 13.2 16.4 16il 8.2 Portuguese dependencies. 2.7 3.1 3.1 2.4 Monaco 4.3 5.4 5.9 5.3 Ryukyu Islands 30.6 32.7 15.2 14.8 Poland* 3.3 3.2 4.9 4.0 Saudi Arabia. 97.4 94.8 60.2 111.6 Rumania 8 .9 .8 .9 .9 Syrian Region—U.A.R.. . 17.1 3.5 4.7 5.0 Trieste 1.4 1.2 .5 n.a. Viet-Nam 50.1 58.5 48.8 68.3 U. S. S. R.8 .8 .7 2.2 2.6 Allother: Other Latin America: British dependencies 3.8 2.3 1.8 2.4 British dependencies 24.1 24.0 40.9 46.9 Ethiopia and Eritrea 24.2 35.1 27.8 18.7 Costa Rica 14.6 16.4 24.5 18.9 French dependencies 10.5 10.7 6.5 5.8 Ecuador 18.0 22.7 17.4 21.7 Liberia 23.7 23.0 13.0 20.3 French West Indies and French Guiana. 1.0 .8 .5 .5 Libya 3.7 10.7 6.4 17.6 Haiti 8.9 11.2 7.7 10.5 Morocco: Honduras 10.2 12.6 6.3 12.8 Morocco (excl. Tangier) 13.6 32.2 25.4 41.9 Nicaragua 11.8 12.7 11.3 12.5 Tangier 22.4 19.2 18.1 16.0 Paraguay 4.0 5.1 3.4 6.7 New Zealand 2.2 1.9 6.9 6.8 Portuguese dependencies 2.8 4.4 4.0 2.9 Other Asia: Somalia .9 1.3 1.3 n.a. Afghanistan 5.3 4.7 4.5 n.a. Spanish dependencies .3 .7 .4 .2 Bahrein Islands 1.7 .9 .9 .9 Sudan .4 1.7 5.2 n.a. British dependencies 7.4 8.0 4.3 5.7 Tunisia .5 .8 .3 8.4 n.a. Not available. *> Preliminary. 7 Except where noted, these data are based on reports by banks in 1 Does not include banking liabilities to foreigners maturing in more the Second (New York) Federal Reserve District. They represent a than one year; such liabilities amounted to $4 million on September 30, partial breakdown of the amounts shown in the "other" categories in 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 Beginning June 1960 includes Inter-American Development Bank. firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1298 INFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM UTILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars End of month, or area Total To banks and official institutions To all other foreigners in P a f y o a re b i l g e n and country currencies U.S. U.S. Total Deposits T bi r l e ls a s a u n ry d Other2 Total Deposits T bi r l e ls a s a u n r d y Other2 certificates i certificates Total amounts outstanding 1955 Dec 13,601 11,777 5,451 5,670 656 1,783 ,543 184 56 40 1956 Dec . 14,939 12,860 5,979 5,990 891 2,030 ,653 243 134 49 1957 Dec 15,158 12,847 5,875 5,840 ,132 2,252 ,766 278 209 59 1958 Dec 16,159 13,669 6,772 5,823 [,075 2,430 ,951 306 174 59 1959 Sect 19,197 16,549 6 560 8 768 [ 220 2 578 963 331 283 71 Oct 19,016 16,450 6,132 9,046 1,271 2,498 ,913 310 276 68 Nov 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 Apr 19,853 17,555 6,690 9,227 1,632 2,234 I 745 199 290 65 May 20,179 17,843 6,918 9,342 1,583 2,268 1,770 211 287 68 20,434 18,106 7,183 9,304 [,620 2,251 1,795 167 289 76 J A u u ly g P 2 2 0 1 , , 7 2 4 2 8 0 1 1 8 8 , , 4 8 1 7 6 8 7 7 , , 3 6 6 2 5 7 9 9 , , 5 7 1 2 3 8 1.538 22,,225557 1 1 , , 7 7 8 7 6 2 1 1 6 8 5 0 3 3 0 0 5 5 7 8 7 3 Sept.P 21,216 18,876 7,646 9,713 1^516 2,230 1,783 173 274 110 Area and country detail, July 31, 1960 Europe: Austria 197 195 158 18 19 1 1 (3) k(3) 172 102 77 6 19 70 39 30 72 64 27 35 2 8 7 (3) (3) Finland 64 62 11 43 8 2 2 650 592 268 287 37 56 48 3 5 3 Germany, Fed. Rep. of.... 2,704 2,676 177 2,191 308 27 19 2 6 () 97 82 16 66 16 16 Italy 1,095 1,061 138 773 150 33 26 5 2 386 356 111 189 56 28 19 5 4 2 88 52 46 3 3 36 34 1 (3) Portusal 88 47 42 5 41 39 2 133 115 114 1 17 17 (3) (3) (•3-v Switzerland 2 8 5 7 0 8 7 2 2 4 7 1 29 4 8 8 1 1 0 4 7 2 32 5 2 1 14 9 6 77 9 25 ( 4 3 5 ) (3)4 Turkey • 18 16 16 2 2 United Kingdom 1,728 1,377 954 357 65 300 150 61 89 51 Yusoslavia 8 7 7 1 1 Other Europe 378 362 62 151 149 15 10 1 4 (3) Total 9,005 8,136 2,570 4,369 1,196 809 517 105 187 60 Canada 2,691 2,419 1,860 522 37 260 199 38 23 12 Latin America: Arsentina ....... 394 321 123 172 26 73 71 2 20 5 5 15 15 (3) B C r h a i z le il 1 13 6 2 2 4 9 7 0 8 3 8 9 (3) 2 8 1 4 1 2 5 1 4 0 1 3 (3 3 ) (3 8 ) ( ( 3 3 ) ) Colombia . 185 128 108 (3) 20 56 56 (3) 1 Cuba 120 42 36 3 3 79 72 (3) 6 (3) Dominican Reoublic 35 12 12 23 22 8 1 El Salvador 27 10 8 17 17 Guatemala • 40 23 7 6 10 16 16 390 256 255 (3) 2 133 132 ((33)) 1 (3) Neth. Antilles and Surinam 98 47 23 11 13 51 25 6 21 Panama Rep of. . 123 23 20 3 101 67 4 29 Peru 82 40 40 (3) 43 40 1 2 (3) Urusuav 55 20 19 1 34 26 2 6 Venezuela 355 197 195 2 158 151 1 5 Other Latin America 275 201 84 109 9 73 66 2 6 Total 2,494 1,464 1,062 301 101 1,029 919 21 90 1 * Preliminary. 2 Represents principally bankers' acceptances and commercial paper. i Includes International Monetary Fund's holdings of nonnegotiable, 3 Less than $500,000. non-interest-bearing demand notes of the United States which amounted to $2,314 million on September 30, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EVTL CAPITAL TRANSACTIONS OF THE U. S. 1299 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars Area and Total To banks and official institutions To all other foreigners in P a f y o a re b i l g e n country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other* Total Deposits T bi r l e ls a s a u n r d y Other 1 certificates certificates Area and country detail, July 31, 1960—Continued Asia: Hone Kon.2 59 32 24 8 27 25 CO 1 India 55 41 21 9 12 12 12 Indonesia 158 156 73 71 12 2 2 (2) Iran 35 31 30 4 4 (2) Israel • 68 63 22 26 15 4 4 Japan 1,536 1,521 791 642 87 15 14 e> 1 Korea Rep of 143 141 109 33 2 2 Philippines 216 197 147 40 10 19 19 (2) Taiwan . 87 81 78 3 7 6 (2) Thailand 158 155 18 131 6 3 3 Other Asia 339 307 152 120 35 32 30 (2) 1 (2) Total 2,854 2,726 1,465 1,072 190 125 122 2 3 All other: Australia 107 104 36 64 3 3 3 (2) Congo Rep of the 25 24 19 5 1 1 Egyptian Region—U.A.R.. 46 45 16 28 1 1 £) Union of South Africa 36 32 32 3 3 . Other 155 132 122 7 3 23 20 (2)" Total 369 336 225 99 12 32 29 (2) 3 1 Total foreign countries. 17,414 15,082 7,182 6,364 1,536 2,255 1,786 165 305 77 International institutions.... 3,334 3,334 182 3,149 2 Grand total 20,748 18,416 7,365 9,513 1,538 2,255 1,786 165 305 77 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 n i 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 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 1960 Jan . 2,700 46 51 39 51 111 229 526 255 J 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 ,257 682 54 Apr 2,707 25 55 33 41 129 228 512 254 ,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 July 3,062 27 63 30 36 234 227 617 336 1,204 844 61 Aug 3,121 33 68 35 41 239 215 631 341 1,202 885 62 Septv 3,133 29 77 33 45 240 229 652 356 1,151 906 68 P Preliminary. 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

1300 ENTTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe End of month E O u t r h o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - o A th l e l r 1955 Dec 158 2 16 13 3 4 11 9 2 5 7 78 2 7 1 19 9 5 5 7 6 D D e e c c . . 2 21 1 1 6 7 6 2 2 8 5 1 1 2 1 4 4 4 6 2 2 1 9 2 2 3 3 2 2 8 8 1 1 0 3 7 8 6 8 (H2) 1 7 0 1958 Dec 315 7 65 14 6 7 56 22 2 30 24 72 9 1959 Sept 239 6 50 10 7 7 22 10 2 11 19 75 17 Oct 230 5 50 11 8 7 23 9 1 9 15 72 3 17 Nov 225 5 51 14 8 7 25 9 2 8 16 62 23 17 Dec 234 4 56 18 8 5 38 7 2 8 19 47 3 18 1960 Jan 229 4 56 18 8 3 33 8 2 7 17 50 7 16 Feb 229 3 53 15 9 3 26 7 2 6 17 66 8 16 Mar 231 3 49 12 9 3 30 8 2 6 18 69 9 14 Apr 228 2 51 9 9 4 26 6 2 6 19 67 11 15 May 226 2 46 7 8 4 36 7 2 5 23 60 12 13 June 230 2 50 7 8 4 34 7 2 5 22 62 12 14 July 227 3 49 6 9 5 36 8 2 7 22 55 12 12 Aug p 215 2 44 7 7 6 30 9 2 7 18 59 11 12 Septv 229 3 44 9 8 5 29 11 3 10 23 61 9 15 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 i - a Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i i a o e n b c n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t a A a i e u l n n r l n r e d d - - i s - s l a p P i R c m u a e b n o a - - - f , Peru U gu r a u y - V zu e e n l e a - A O L m i t a c h t e a i e n r r nam 1955 Dec 706 7 4 69 14 143 92 5 8 5 154 3 17 29 18 105 34 1956 Dec 840 15 4 72 16 145 90 7 11 7 213 5 12 35 15 144 49 1957 Dec 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958 Dec 1 099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959 Sept .... 978 48 3 125 42 55 101 30 9 10 267 3 22 32 40 142 49 Oct 988 51 3 112 46 60 101 29 14 13 265 3 23 34 39 146 49 Nov 1,055 63 3 113 47 61 111 31 16 10 275 4 17 34 45 174 52 Dec 1,175 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 1960 Jan 1,241 60 3 138 58 71 103 29 10 12 288 3 18 35 47 314 52 Feb 1,248 61 3 150 57 70 96 27 5 13 257 5 19 38 46 346 55 Mar .... 1,257 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 1,204 81 4 173 57 80 62 16 7 11 335 5 17 43 38 224 51 Aug p 1,202 87 4 176 54 78 55 18 9 11 333 6 16 46 39 219 51 Sept p 1,151 96 4 189 57 79 31 17 14 11 316 4 20 43 52 164 54 Table 3c. Asia and All Other Asia All other Egyp- End of month Total H K o o n n g g India Iran Israel Japan ip P p h in il e - s T w a a i n - T la h n a d i- Other Total t A ra u l s i - a C o R o f e n th p g . e o, gi t R o io e n n - — U S n o o u i 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 g 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 12 19 1958 Dec 435 6 4 27 23 179 67 6 13 111 69 13 4 3 21 29 1959 Sent 511 9 6 30 13 262 17 8 12 155 54 18 3 2 12 20 Oct 503 9 7 29 12 262 11 8 12 154 52 19 3 2 10 19 Nov 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 1 10 23 Apr 715 11 8 35 15 456 22 10 10 148 55 19 3 2 11 19 May 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 July 844 10 9 36 16 585 22 10 15 141 61 25 3 2 12 21 Aug.p 885 10 7 36 15 627 26 10 14 141 62 25 2 1 10 22 Sept p 906 9 9 36 14 645 23 6 15 149 68 27 5 2 11 23 P Preliminary. 2 Less than $500,000. i See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT>L CAPITAL TRANSACTIONS OF THE U. S. 1301 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 total1 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 Sept 1,516 2,382 2,203 753 424 453 573 179 163 16 Oct 1,525 2,387 2,180 738 441 458 543 207 192 15 Nov 1,506 2,473 2,280 815 456 475 533 194 182 12 Dec 1,544 2,623 2,406 848 460 516 582 217 203 15 1960 Jan 1,526 2,700 2,491 873 425 517 676 209 195 14 Feb 1,516 2,680 2,487 845 411 526 705 194 175 19 Mar 1,532 2,728 2,520 806 397 538 779 208 179 29 Apr 1,586 2,707 2,490 774 408 562 746 218 186 31 1,627 2,691 2,466 768 392 569 737 224 191 34 June 1,598 2,764 2,485 726 387 579 793 280 198 82 July 1,665 3,062 2,665 731 387 562 986 397 223 173 Augv 1,632 3,121 2,712 717 386 555 1,054 409 221 188 Sept.** 1,624 3,133 2,719 722 386 565 1,045 415 270 145 Area and country detail, July 31, 1960 Europe: Austria 2 3 3 1 (2) 2 (2) (2) (2) Belgium 20 49 48 39 3 6 (2) j (2) Denmark 3 6 6 1 2 3 Finland 4 9 9 2 6 (2) (2) 20 27 25 2 3 10 10 2 2 (2) Germany, Fed. Rep. of.... 19 63 53 17 7 18 12 11 9 2 Greece 5 5 5 1 4 (2) Italy 31 30 29 2 16 7 1 (2) Netherlands 13 36 32 9 7 12 5 4 4 (2) Norway 133 8 7 1 1 3 2 (2) (2) Portugal 3 2 2 1 5 7 6 i 1 2 (2\ 33 22 21 2 7 8 4 1 1 (2) 2 36 29 10 9 5 6 7 7 Turkey 55 55 52 (2) 4 (2) United Kingdom 29 234 48 25 3 16 4 186 94 92 O Y t u h g e o r s l E a u vi r a ope 1 1 2 2 1 1 2 2 2 5 (2) 4 3 4 4 (2) 8 (2) Total 330 617 401 167 48 117 69 215 121 94 70 336 205 20 160 7 17 132 57 74 Latin America: 100 81 56 6 ^5 19 26 25 25 Bolivia 4 4 4 212 173 172 52 13 23 84 n\ 42 57 56 7 16 15 18 (2) Colombia 27 80 80 7 10 27 37 Cuba 37 62 62 28 4 23 7 n\ ? Dominican Republic 2 16 16 5 3 8 El Salvador 7 7 4 3 Guatemala 11 11 (2) 1 7 2 (2) f2) 203 335 332 133 65 32 103 3 Netherlands Antilles and Surinam 2 5 5 2 2 <*> (2) Panama ReD of 31 17 17 9 4 4 Peru 9 4 3 3 8 4 3 3 8 (1 9 5 2 1 2 8 2 1 6 9 ( ( 2 2 ) ) 1 ( (2 2 ) ) Venezuela 214 224 223 20 27 48 128 \ Other Latin America 62 51 51 3 10 30 8 (2) Total 945 1,204 1,174 271 170 261 472 31 28 2 p Preliminary. 2 Less than $500,000. 1 Represents mainly loans with an original maturity of more than one year Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1302 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 t t e o r t m al — i Loans to: Total C t o io ll n e s c- Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, July 31, 1960—Continued Asia: Hong Kong. 2 10 10 3 India 21 9 9 5 Indonesia.... 43 1 1 1 Iran 14 36 36 3 33 Israel 1 16 16 2 2 Japan 18 585 570 104 72 393 15 15 Korea, Rep. of., 2 2 (2) 1 Philippines 22 22 19 2 *(2)' Taiwan , 10 10 5 Thailand 15 15 8 Other Asia 138 138 117 18 Total. 115 844 829 269 139 416 15 All other: Australia 24 25 22 11 1 Congo, Rep. of the 40 3 3 2 () Egyptian Region—U.A.R.. 3 2 2 1 1 Union of South Africa 58 12 11 10 Other 80 20 20 14 Total 206 61 57 38 12 International institutions. Grand total 1,665 3,062 2,665 731 387 562 986 397 223 173 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. 5. Govt. bonds & notes U. S. corporate securities 2 Foreign bonds Foreign stocks Net purchases, Year or month c P h u as r e - s Sales or sales F ( o — re ) ign c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u .o - r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u ,o - r ) r - 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 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 1960 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 Mar 113 70 42 9 199 156 43 57 174 -117 42 44 -2 183 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 -5 272 220 52 84 142 -58 50 70 -19 July 48 58 -10 -9 189 192 -3 53 83 -30 35 46 -11 Aug* 61 184 -123 -48 183 187 -4 37 48 -11 35 48 — 13 Sept p 44 93 -49 -42 181 199 -18 73 88 -15 36 44 -8 » Preliminary. 2 Includes small amounts of U. S. municipal securities. i Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1303 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 Total2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r it - d z- U K d n i o i n 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 A L m i a c t a e in r- ot A h l e l r2 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 SeDt . 44 26 18 1 2 5 35 -4 2 40 -5 6 3 Oct 40 30 10 1 5 26 -1 4 34 -4 5 4 Nov 59 48 11 11 8 23 11 5 58 -2 3 1 Dec 54 58 -4 6 5 20 13 4 46 -6 5 9 I960—Jan 77 72 5 3^ 9 3 28 13 17 71 -2 7 2 Feb 46 34 11 7 -6 34 -6 7 37 2 7 1 Mar 43 29 14 3) 4 5 23 6 2 41 -1 1 3 Apr 45 34 12 31 3 2 21 8 4 37 2 2 5 May 23 6 17 1 3 3 4 -3 4 13 4 3 3 June 52 46 6 2 3 2 30 11 3 50 —A 3 4 July -3 -1 2 2 -1 4 -1 4 -12 2 3 Aug.P -4 4 -8 4 2 10 -5 1 13 -22 3 2 Sept.p -18 -18 1 -1 -12 -7 7 -13 -4 I -2 » Preliminary. 2 Includes transactions of international institutions. i Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS» [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A L m at e in r- Asia o A th l e l r End of month Deposits tutions tries ica U. S. Govt. Miscelsecurities2 laneous 3 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—Oct.... 284 4,409 547 Nov... 332 4,396 556 1959—Sept... -34 -17 42 -42 1 3 -21 Dec.. . 345 4,477 570 Oct... -7 7 24 -21 3 1 C1) Nov... -6 -44 -13 -29 4 -6 0) I960—Jan.... 249 4,444 593 Dec... 0) -59 -16 -39 5 -11 Feb.. . 191 4,707 466 Mar... 184 4,728 615 I960—Jan.... 29 -20 -17 2 0) -6 1 Apr... 194 4,818 639 Feb... -101 -56 9 -43 -20 -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 -8 2 -3 Aug... 204 5,423 701 J Ju u l n y e . .. . -9 5 - - 8 3 3 3 -2 -6 8 -10 -15 3 - - 4 4 -2 2 S O e c p t t .. .. . . . 2 25 2 1 3 5 5 , , 4 6 7 3 9 4 7 7 1 1 3 8 Aug.p. -10 -15 -22 5 3 -1 1 Sept.p. -21 -3 -3 12 n -6 1 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of next page for total gold under earmark * Preliminary. at Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign an international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1304 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals 1959 1960 Area and country 1952 1953 1954 1955 1956 1957 1958 1959 Apr.- July- Oct.- Jan.- Apr.- June Sept. Dec. Mar. June Continental Western Europe: Austria -6 -84 -83 -39 —43 Belgium -4 -85 3 3 -329 -39 -39 -26 -25 -68 -34 -266 —66 — 200 Germany (Fed. Rep. of) -10 -130 -226 -10 Italy Netherlands -100 -65 25 -261 -30 — 10 — 25 -5 -60 -55 -5 -20 -10 -10 31 32 Switzerland 23 -65 -16 g -215 20 20 Bank for Int'l Settlements .. (l) -94 -20 -178 -32 -25 Other -17 -37 -6 4 18 8 -23 -38 -5 -15 -H -3 1 Total -114 -536 -328 -79 -20 68 -1,428 -477 -118 -124 -197 -40 -49 Sterling Area: 440 -480 -50 100 -900 -350 -200 -150 Other 11 -1 -1 P) Total 451 -481 -51 (l) 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 P) -1 Total 58 -132 62 14 -28 81 69 31 -20 -12 64 (l) j Asia: -30 -157 —45 — 62 Other -7 -6 -10 -5 P) 18 3 -15 -1 -15 Total -7 -6 -10 -5 (1) 18 -27 -172 -50 -62 — 15 All other -2 -10 0) 14 P) P) P) P) P) 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 -68 280 772 -2,294 3-1,041 3-732 -159 -57 -42 -84 1 Less than $500,000. 3 Includes payment of $344 million in June 1959 as increase in United 2 Figures represent purchase of gold from, or sale to (—) International States gold subscription to the International Monetary Fund. Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( r u e G e r n a y o d s l - d o f s T t y o o e c t a k a r l ) i in s o c T c g t r r ( o r o e o - e c a t ) d l a a d s k e s l e : - e, i e m g x ( N o o - p p e ) r l o o d t r r t t, g m c o c o r E l r a ( r e d e r a - a : a k i r ) s s n d e - e e - d e , - D p ti r c o t o i m d o g n u o e c s ld - - Month T (e u r n G e r d a y o s l o - d f s m T to o o c n t k a th l ) i in s o c T c g t r ( r o r e o o - e a c d t l ) a a d s k e s l e : - e, i e m g x N ( o o p p - e r l ) o o d t r r t t, g m c o c o r E l r a ( r e d e r - a a : a k ) i s r s n d e e - e - d e , - D p ti r c o t o i m o g d o n u e l c s d - - 1948 24,244 24,399 1,530 1,680 -159 71 1959_Oct 19,585 19,647 68 24 52 4 1949 24,427 24,563 165 686 -496 67 Nov 19,566 19,617 -30 48 -71 3 1950 22,706 22,820 -1.743 -371 -1,352 80 Dec 19,456 19,507 -110 9 -112 4 1951 22,695 22,873 53 -549 618 66 1952 23 187 23 252 380 684 -305 67 I960—Jan 19,444 19,494 -13 2 — 12 3 Feb 19,421 19,471 -23 4 -21 3 1953 22,030 22,091 -1,162 2 -1,171 69 Mar 19,408 19,457 -14 17 -13 4 1954 21,713 21,793 -297 16 -325 65 Apr 19,360 19,403 — 54 g — 71 4 1955 21,690 21,753 -41 97 -132 66 May 19,352 19,395 -8 10 — 14 4 1956 21,949 22,058 306 106 319 65 June 19,322 19,363 -32 77 -102 4 1957 22,781 22,857 799 104 600 63 July 19,144 19,188 — 174 49 — 222 5 Aug 19,005 19,045 -144 12 -151 5 1958 20,534 20,582 -2,275 260 -2,515 62 Sept 18,685 18,725 -319 5 -319 (3) 1959 19,456 19,507 2-1,076 302 -1,324 57 Oct P18,402 »18,443 P-284 (3) 4-397 (3) P Preliminary. 2 Includes payment of $344 million as increase in United States gold * Includes gold in Exchange Stabilization Fund. Gold in active portion subscription to the International Monetary Fund. of this Fund is not included in regular statistics on gold stock (Treasury 3 Not yet available. gold) used in the Federal Reserve statement "Member Bank Reserves, 4 Gold held under earmark at the Federal Reserve Banks for foreign Reserve Bank Credit, and Related Items" or in the Treasury statement, and international accounts amounted to $11,186 million on Oct. 31, 1960. "Circulation Statement of United States Money." Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 1305 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. 3I, 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: 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 7 200 6 141 44 144 54 168 64 145 64 111 53 Finland 104 1 109 109 1 115 1 125 99 France fand 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 143 179 0) 187 212 8 186 0) 138 0) Italy 2,207 2,720 3,054 (i) 3,118 3,061 3 057 (l) Netherlands (and Netherlands Antilles and (i) 1,497 15 1,627 22 1,711 26 1 732 29 1,760 30 1 765 30 173 120 156 133 133 136 125 141 129 141 131 158 Portugal (and dependencies) 707 0) 712 0) 725 1 733 1 722 1 685 1 Soain fand deoendecies} 94 92 125 3 154 3 190 3 227 3 Sweden 507 10 555 31 521 68 404 101 388 79 432 79 2,111 76 2,787 82 2 805 90 2 903 88 2,708 87 2 713 84 Turkey 164 165 ?6 176 (l) 164 (i) 163 (i) 152 (l) Other2 1,210 3 1,111 1,068 15 1,079 17 1,080 1,071 4 Total 17,486 274 18,476 396 18,998 456 19,398 510 19,302 All 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 Kinsdom dependencies. . • 109 4 105 4 106 4 116 121 5 114 Australia • 241 0) 226 C1) 252 264 272 0) 263 324 (l) 346 (l) 366 361 351 10 306 40 Union of South Africa 241 1 237 1 268 287 1 299 1 280 l Other 251 43 199 55 199 57 211 76 214 89 215 89 Total 4,889 242 5,022 261 5,147 326 4,729 404 4,965 473 5,294 538 Canada 3,097 341 3,195 342 3,284 450 3,159 452 3,308 485 3,441 429 Latin America: 210 263 0) 325 393 444 443 Brazil 463 1 480 495 478 450 448 Chile 140 170 0) 212 0) 228 0) 193 0) 186 0) C C o u l b o a mbia 2 3 4 66 1 86 2 3 7 17 8 2 27 6 7 6 82 2 21 8 4 8 C 8 1 2 ) 2 1 7 68 7 ( 8 l 2 ) 2 1 6 49 2 ( 8 1 2 ) 69 67 (i) 59 (l) 61 (i) 77 70 1 Mexico 561 566 4 565 4 584 574 497 4 Panama Reoublic of 146 2 147 2 157 129 3 128 3 116 Peru 96 0) 96 (*) 107 110 1 100 105 1 262 269 251 242 (l) 242 240 Venezuela 1,213 1,219 997 931 899 815 3 250 11 302 13 268 13 253 12 273 12 388 II Total 4,017 106 4,174 104 3,979 105 3,911 105 3,825 106 3,719 105 Asia: I I n ra d n onesia 1 1 8 4 4 5 (i) 1 1 7 1 9 8 1 1 6 4 7 9 0 1 ) 1 1 8 7 7 2 1 1 1 1 7 8 6 3 1 1 1 1 6 8 8 8 1 (l) 1,094 1,380 1,420 1,564 1,644 1,755 PhiliDoines 186 3 178 3 187 5 181 190 214 T O h th a e il r and 2 77 4 8 5 7 1 9 2 3 4 1 6 7 1,0 2 1 3 3 9 12 1 1,0 2 2 4 7 0 161 1,0 2 2 4 9 8 211 2 91 5 2 8 32 Total - 2,632 12 3,032 14 3,175 21 3,371 23 3,470 28 3,495 37 All other: Egyptian Region—U.A R 190 190 0) 190 (!) 194 (!) 207 0) 216 Other 252 8 269 10 252 11 243 10 246 10 259 Total 442 8 459 10 442 11 437 10 453 10 475 14 Total foreign countries3 32,563 983 34,358 1,127 35,025 1,369 35,005 1,504 35,323 1,579 36,417 1,584 International institutions 2,876 495 4,665 523 5,043 605 5,566 660 5,753 709 5,830 755 Grand total ^ 35,439 1,478 39,023 1,650 40,068 1,974 40,571 2,164 41,076 2,288 42,247 2,339 P Preliminary. NOTE.—Gold and short-term dollars include reported and estimated 1 Less than $500,000. official gold reserves, and total dollar holdings as shown in "Short-term 2 Includes Yugoslavia, Bank for International Settlements (including Liabilities to Foreigners Reported by Banks in the United States by European Payments Union account through December 1958 and Euro- Countries" (Tables 1 and la-Id of the preceding section). U. S. Goyt. 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

1306 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 a l e d l d 1 M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s 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 Sept 40,450 2,052 19,579 18,820 57 143 291 1 954 326 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 I 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 I 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 55 293 1,175 287 906 42 74 Aug 2 '562 19 045 293 1 094 287 904 42 74 Sept 2,564 18,725 293 1,094 894 Egyp- Ger- Domin- tian many, E m n o d n t o h f Cuba m De a n rk - R i e c p a u n b- E d c o u r a- gi R on e — - E v l a d S o a r l- l F a i n n d - France 2 R F e e p d u e b ra li l c Greece G m u a a l t a e- India I n n e d si o a lic U.A.R. of 1953—Dec 186 31 12 23 174 29 26 617 328 11 27 247 145 1954 Dec 186 31 12 23 174 29 31 708 626 11 27 247 81 1955—Dec 136 31 12 23 174 28 35 942 920 11 27 247 81 1956—Dec 136 31 11 22 188 28 35 924 1,494 10 27 247 45 1957—Dec 136 31 11 22 188 31 35 581 2,542 13 27 247 39 1958—Dec 80 31 11 22 174 31 35 750 2,639 17 27 247 37 1959—Sept 75 31 12 20 174 30 38 921 2,621 26 24 247 41 Oct 75 31 12 20 174 30 38 1,055 2,626 26 24 247 33 Nov 60 31 12 20 174 30 38 1,122 2,626 26 24 247 33 Dec 50 31 10 20 174 30 38 1,290 2,637 26 24 247 33 I960 Jan . 50 31 10 20 174 30 38 1,285 2,638 26 24 247 33 Feb 21 31 10 20 174 30 38 1,298 2,652 26 24 247 33 Mar 19 31 10 20 174 30 38 1,322 2,670 26 24 247 33 19 31 10 20 174 30 38 1,399 2,704 26 24 247 33 May!!!!!!!! 19 31 10 20 174 30 38 1,513 2,741 26 24 247 33 June .. 19 31 10 20 174 30 38 551 2,772 26 247 33 July 19 31 10 20 174 30 38 l,'560 2,818 26 247 33 Aus 3 M 10 20 174 30 38 1,568 2,879 26 247 33 Sept 31 10 20 174 30 38 1,627 2,889 247 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 Sept 140 84 18 1.476 102 165 J 162 34 30 50 19 7 525 Oct 140 84 18 1,583 102 165 ,126 34 30 50 19 8 530 Nov 140 84 18 ,635 102 143 ,132 34 30 50 29 8 546 Dec 140 84 18 ,749 102 142 ,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 1,164 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 15 549 131 84 18 1.997 102 142 1,231 34 30 52 28 16 549 July 131 84 18 102 1A6 34 30 52 28 16 550 Aug 131 18 102 1 .246 '35 30 52 28 12 550 Sept 131 18 102 1,346 35 30 52 27 550 r Revised. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 1307 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 n e . — - R. T la h n a d i- Turkey U K d n o i i n m t g e 3 d - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - 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 1,459 14 113 143 2,518 227 373 13 193 153 1954 Dec 199 132 265 1,513 17 113 144 2,762 227 403 14 196 153 1955—Dec. 212 132 276 1,597 19 112 144 2,120 216 403 16 217 244 1956—Dec 224 132 266 1,676 19 112 144 2,133 186 603 17 179 268 1957 Dec 217 101 219 1,718 24 112 144 2,273 180 719 13 165 254 1958—Dec 211 57 204 1,925 24 112 144 3,069 180 719 17 339 126 1959—Sept 225 57 191 1,900 19 112 144 3,284 180 719 10 427 Oct 231 57 191 1,868 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 1,826 104 133 2,685 180 654 10 445 Feb 244 78 171 1,807 104 133 2,722 180 654 10 513 Mar 256 78 171 1 777 104 133 2 780 180 654 10 510 Apr 258 78 171 1,767 104 133 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 78 171 1,896 104 133 2,996 180 514 7 504 Aus 219 88 171 1 960 133 3 072 180 514 7 508 Sept 204 171 1,980 133 3,108 464 502 i Excludes U.S.S.R., other Eastern European countries, and China 2 Represents holdings of Bank of France and French Exchange Stabili- Mainland. zation Fund. Represents reported gold holdings of central banks and governments 3 Beginning with December 1958, represents Exchange Equalization and international institutions, unpublished holdings of various central Account gold and convertible currency reserves, as reported by British banks and governments, estimated holdings of British Exchange Equaliza- Government; prior to that time represents reserves of gold and United tion Account based on figures shown for United Kingdom, and esti- States and Canadian dollars. mated official holdings of countries from which no reports are received. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated Year or pro w d o u r c ld tion Africa North and South America Other month (excl. U.S.S.R.) Total A So fr u ic th a R de h s o ia - Ghana C o R o f 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 ia - India 1953 864.5 780.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 9.1 4.0 4.6 1«> 3 37.7 7.8 1954 910.0 830.4 462.4 18.8 27.5 12.8 65.1 152.8 13.5 8.2 4.2 4.4 r\ ? 39.1 8.4 1955 955.5 877.7 510.7 18.4 23.8 13.0 65.7 159.1 13.4 8.1 3.9 4.3 r\ i 36.7 7.4 1956 994.0 914.8 556.2 18.8 21.9 13.1 65.3 153.4 12.3 7.6 4.3 3.3 v> 3 36.1 7.3 1957 1,036.0 956.3 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 3.6 n 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 r< 0 38.6 6.0 1959 1,148.0 1,062.6 702.2 19.8 31.8 12.0 57.2 156.9 11.0 7.3 3.9 2.7 I:J.9 38.1 5.8 1959—Aug 89.0 60.7 1.4 2.7 1.4 4.2 12.2 .6 .6 .3 .2 ? 3.0 .5 Seot 89.7 60.9 2.0 2.8 .7 3.8 12.7 .8 .5 .3 .2 ? 3.3 5 Oct 91.6 61.3 1.7 2.8 1.1 3.5 13.9 1.1 .6 .4 .2 ? 3.3 .5 Nov 90.0 60.3 1.7 2.7 .9 3.4 13.6 1.0 .6 .4 .2 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 Jan 289.3 60.8 1.6 2.6 1.3 3.4 13.2 .7 .5 .4 2.8 5 Feb 60.0 1.6 2.6 1.4 3.1 13.0 .6 .4 1.4 2.8 .5 Mar 59.6 1.6 2.7 .9 3.5 13.6 .6 .3 5 3.2 .5 Apr . . 61.8 1.7 2.7 .8 3.5 12.8 .7 .4 0 3.3 4 May 63 1 1 6 2 6 1 4 4.1 13.2 .5 3 | 1 2 8 June.... 63.4 1.6 2.6 3.9 13.5 .6 3.4 July 63.6 1.6 2.6 4.5 13.8 .5 Aug 63.5 2.6 4.9 13.3 .6 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

1308 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 Sept. Dec. Mar. June Sept. Gold 1,371 2,210 2,416 2,495 2,527 Dollar deposits and U. S. securities. 1,033 1,023 1,109 1,110 1,186 Investments 9 200 500 500 500 500 Other currencies and securities 1.. . 630 666 648 632 571 Currencies: i Effective loans2 3,548 3,531 3,642 3,664 3,678 United States , 998 2,028 2,141 2,250 2,314 Other assets3 104 138 131 133 130 Other , 5,839 8,283 8,349 8,455 8,516 Gold and currency in separate IBRD bonds outstanding 1,963 1,99C 2,067 2,073 2,086 accounts:i ° Undisbursed loans 960 893 952 904 913 Gold 551 Other liabilities 31 28 27 30 37 Currency 1,542 440 462 485 506 532 Unpaid member subscriptions. 854 680 640 632 633 Capital3 1,920 1,985 2,005 2,026 1,997 Other assets 8 ii 105 1159 H60 ii 59 Member subscriptions 13,644 13,999 14,277 14,429 Loans by country, Sept. 30, 1960 Mem a b c e c r o u su n b t1 s ° criptions in separate 9,228 Reserves and liabilities 2,09432 162 106 11 115 120 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 1,365 288 1,077 316 Sept. Aug. Sept. Austria. ICO 73 2 71 5 Belgium and Luxembourg... 213 171 27 144 53 60 48 6 41 4 Argentina 280 70 109 187 194 102 82 19 64 16 Bolivia 23 6 9 10 10 418 329 31 298 64 Brazil 280 70 92 140 140 Italy 298 230 11 219 84 Burma 15 1 12 8 8 Netherlands 236 236 168 68 68 Chile 75 15 42 36 36 95 75 3 72 22 Turkey 61 60 9 51 Colombia 100 25 15 2 61 61 11 49 Cuba 50 13 25 25 25 Dominican Rep... 15 4 9 9 Sterlins area, total 1,671 1,347 197 1,150 152 France 788 174 381 126 126 318 318 56 262 36 Haiti 11 3 5 5 4 24 15 1 14 1 India 662 512 46 466 30 Honduras 11 3 4 4 Pakistan 241 102 21 81 2 Iceland 11 3 7 7 Union of S. Africa 197 197 59 137 29 India 600 78 200 128 128 2a* 181 11 169 54 Indonesia 165 29 46 37 37 Other 25 21 2 20 Iran 70 18 2 35 35 Latin America total 1,069 760 159 602 16 Pakistan 150 16 13 13 Brazil 267 200 37 163 (6) Paraguay 9 2 4 4 Chile 106 55 10 45 1 Philippines 75 19 12 12 179 114 38 76 1 Spain 150 23 50 50 45 27 3 24 (6) Sudan 15 2 6 6 El Salvador 35 25 4 21 Turkey 86 22 36 36 186 167 23 144 Nicaragua 35 22 8 14 United Arab Re- 76 43 11 33 2 public: Egypt.. 90 17 27 28 25 71 61 10 51 Syria... 15 2 10 10 Other 68 45 14 31 3 United Kingdom. 1,950 399 333 129 73 United States 4,125 1,031 12-1,706 2-1,381 12-1,328 Asia (excluding Sterling area), Yugoslavia 66 9 23 23 23 total 753 469 57 412 41 194 103 31 73 13 Israel 28 1 Currencies include demand obligations held in lieu of deposits. Japan 337 268 11 257 25 2 Represents principal of authorized loans, less loans not yet effective, Lebanon 27 9 9 repayments, the net amount outstanding on loans sold or agreed to be Malaya 36 4 4 1 sold to others, and exchange adjustment. Philippines 19 17 17 1 3 Excludes uncalled portions of capital subscriptions. 107 62 10 52 1 4 Loans to dependencies are included with member. Other 6 6 6 5 Includes also effective loans agreed to be sold but not yet disbursed. 6 Less than $500,000. Africa (excluding Sterling 7 Includes $347 million in loans not yet effective. area), total 135 71 2 69 9 « Includes $516 million not guaranteed by the Bank. Ethiopia 24 17 15 1 >U.S. Treasury bills purchased with proceeds from sale of gold. Sudan 55 26 26 10 Paid by members pending increases in quotas becoming effective. United Arab Republic 57 28 28 6 11 Includes subscriptions due from members on increases in quotas consented to but not yet effective. Total 75 272 4,012 703 3,309 8 534 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 1309 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1957 1958 1959 1960 Item 2 3 4 1 2 3 4 2 3 4 1 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 Services2 5 1 , , 1 85 5 2 8 4 1 , , 4 86 6 4 2 4 1 , , 6 99 6 2 2 4 1 , , 0 55 5 3 8 4 1 , , 1 77 9 2 3 3 1 , ,7 8 9 1 1 6 4 1 , , 1 94 9 6 6 3 1 , ,6 8 1 0 9 2 4 1 , , 0 73 6 7 0 4 1 , , 0 84 3 3 5 4 2 , , 3 0 2 4 8 0 4 1 , ,7 6 0 0 5 4 5 1 ,8 0 6 0 5 2 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 1,401 850 715 720 832 912 839 829 775 790 773 752 764 738 Balance on goods and services^ .. 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 -199 -134 -368 -245 -226 -333 -167 -79 4-288 -228 237 -222 -465 316 -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 94 217 347 -192 200 76 175 -71 160 365 32 226 -6 -140 » Preliminary. 3 Minus sign indicates net outflow. 1 Excluding military transfers under grants. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 2 Including military transactions. of which $344 million was transferred in gold and $1,031 million in noninterest bearing U.S. Government securities. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m r b e o i a l n s ls u t , h r s y * D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e e n p e s t t r , h - s s ' 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - y e t y o 3 - Tr 6 e b d 0 a i a - l s l 9 y 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 i c a v o t a e u t n e t 1957—Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 3.75 3.25 4.64 $.33 2.50 1958—Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 ].50 2.50 1959—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 :.50 2.00 Nov 4.87 4.16 3.55 3.39 2.77 2.00 4.02 3.63 3.94 2.01 .50 2.00 Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 .50 2.00 I960—Jan 4.81 3.60 4.14 4.07 3.07 2.35 3.91 3.75 3.69 2.53 L.50 2.00 Feb 4.69 4.14 4.69 4.55 3.78 3.00 4.11 3.88 3.94 2.48 .54 2.00 Mar 3.87 3.83 4.74 4.59 3.91 3.00 4.17 4.00 4.06 2.33 .65 2.00 Apr 3.40 3.33 4.80 4.65 3.67 3.00 4.22 4.00 3.94 2.25 1.75 2.00 May 2.87 2.77 4.76 4.58 3.87 3.00 4.25 4.00 3.88 2.30 1.54 2.00 June 2.87 2.84 5.04 4.88 3.98 3.25 4.15 4.88 4.75 2.49 (.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 Sept 1.89 1.58 5.71 5.53 4.85 4.00 4.88 5.25 2.00 1.50 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

1310 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 Oct. 31, 1959 Rate as of Country 1959 1960 Oct. 31 1960 Per Month cent effective Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Argentina2 . 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 3.0 Feb. 1948 3.0 Canada3 5.27 Oct. 1959 5.11 5.37 4.85 4.86 3.26 3.51 3.26 3.32 3.17 2.50 1.95 3.28 3.28 Ceylon2 2.5 June 1954 •2.5 24.0 4.0 Chile* 16.25 July 1959 16.4 16.55 16.55 Colombia2 5.0 Aug. 1959 5.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 6.0 6.0 5.0 Sept. 1959 5.5 5.5 Ecuador 2 5.0 Nov. 1956 5.0 Egypt 3.0 Nov. 1952 3.0 El Salvador2 . 4.0 Apr. 1957 5 5 5.5 Finland 6 6.75 Mar. 1959 6.75 France 4.0 Apr. 1959 3.5 3.5 4.0 Oct. 1959 5.0 5.0 Greece 10.0 May 1956 10.0 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 11.0 11.0 India 8 4.0 May 1957 4.0 Indonesia2 3.0 Apr. 1946 3.0 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 Japan2 . . 6.94 Feb. 1959 7.3 6 94 6.94 4.5 June 1942 4.5 Netherlands . 2.75 Jan. 1959 3.5 3.5 New Zealand . 6.0 Oct. 1959 6.0 Nicaragua 6.0 Apr. 1954 6.0 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 Portugal 2.0 Jan. 1944 2.0 South Africa 4.0 Jan. 1959 4.5 4.5 Spain ^ . . .. 5.0 Aug. 1959 4 6 4.6 Sweden 4.5 May 1958 5.0 5.0 Switzerland 2.0 Feb. 1959 2.0 7.0 Feb. 1945 7.0 Turkey 6.0 June 1956 6.0 United Kingdom 4.0 Nov. 1958 5.0 6.0 5.5 5.5 Venezuela 2 2.0 May 1947 #4!5" 6.5 6.5 1 Rates shown represent mainly those at which the central bank either Indonesia—various rates depending on type of paper, collateral, comdiscounts or makes advances against eligible commercial paper and/or modity involved, etc.; government securities for commercial banks or brokers. For countries Japan—penalty rates (exceeding the basic rate shown) for borrowings with more than one rate applicable to such discounts or advances, the from the Central bank in excess of an individual bank's quota; rate shown is the one at which the largest proportion of central bank Peru—8 per cent for agricultural, industrial and mining paper; credit operations is understood to be transacted. In certain cases other Philippine Republic-^4.5 per cent for crop loan paper and 5 per cent for rates for these countries are given in note 2. export packing credit paper; and 2 Discounts or advances at other rates include: Venezuela—6 per cent for rediscounts of certain agricultural paper and Argentina—3 and 5 per cent for certain rural and industrial paper, de- for advances against government bonds or gold and 7 per cent on adpending on type of transaction; vances against securities of Venezuelan companies. Brazil—8 per cent for secured paper and 4 per cent for certain agricultural 3 Since Nov. 1, 1956, the discount rate has been set each week at paper; VA of one per cent above the latest average tender rate for Treasury bills; Ceylon—2.5 per cent for advances against certain types of commercial end-of-month rate shown. and production paper; 4 The discount rate was advanced from 2.5 to 3 per cent on Dec. 16, Colombia—3.5 per cent for agricultural and industrial development and lowered again to 2.5 per cent on Dec. 24, 1959. paper of up to 150 days, 3 per cent for economic development paper 5 Since April 1, 1959, new rediscounts are granted at the average rate of up to 5 years, and 2 per cent for specific small business, cooperative charged by banks in the previous half year. Old rediscounts remain subject and employee paper; to old rates provided their amount is reduced by one-eighth each month Costa Rica—5 per cent for paper related to commercial transactions beginning May 1, 1959, but the rates are raised by 1.5 per cent for each (rate shown is for agricultural and industrial paper); month in which the reduction does not occur. Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by * Rates shown previously were for nonbank customers. national public securities; f Rate shown is for advances only. Ecuador—6 per cent for bank acceptances for commercial purposes; 8 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 1311 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 (r e u y p l e o e n ) ( F m i a n r l k an k d a) Official Free 1954. 7.198 223.80 3.8580 1.9975 102.72 21.017 .4354 1955. 7.183 222.41 3.8580 1.9905 101.40 20.894 .4354 1956. 5.556 2.835 222.76 3.8580 2.0030 101.60 20.946 .4354 1957. 5.556 2.506 222.57 3.8539 1.9906 104.29 20.913 .3995 1958. 5.556 2.207 223.88 3.8536 2.0044 103.03 21.049 .3118 1959. U.2730 223.81 3.8619 2.0012 104.27 21.055 .3115 1959—Oct... .2213 223.61 3.8526 1.9993 105.51 21.048 .3113 Nov.. .2084 223.32 3.8526 1.9990 105.22 21.031 .3113 Dec.. .2003 222.98 3.8523 1.9996 105.12 20.995 .3113 I960—Jan .2035 223.09 3.8449 2.0037 104.91 21.014 .3113 Feb .2032 223.37 3.8419 2.0048 105.07 21.031 .3113 Mar .2030 223.57 3.8418 2.0051 105.15 21.044 .3113 Apr .2004 223.86 8407 2.0061 103.84 21.062 .3112 May .2005 223.59 8406 2.0055 102.24 21.047 .3112 June .1989 223.32 8426 2.0053 101.79 21.020 .3112 July .2010 223.78 8468 2.0041 102.19 21.048 .3111 Aug .2022 223.92 3.8573 1.9955 103.10 21.061 .3111 Sept .2037 224.12 3.8609 2.0024 102.82 21.072 .3111 Oct .2042 224.03 3.8509 2.0061 102.18 21.063 .3111 Year or month F (f r r a a n n c c e ) G (d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - 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—Oct.. .2037 23.931 21.010 280.63 .1610 .2776 32.794 8.0056 26.493 Nov., .2038 23.971 20.954 280.27 .1611 .2776 32.798 8.0056 26.471 Dec.. .2038 23.974 20.928 279.84 .1610 .2776 32.766 8.0056 26.506 1960—Jan... 4 20.366 23.975 20.935 279.98 .1610 .2775 32.776 8.0056 26.502 Feb... 20.369 23.977 20.951 280.33 .1610 .2773 32.771 8.0056 26.512 Mar.. 20.376 23.978 20.963 280.59 .1610 .2773 32.767 8.0056 26.511 Apr... 20.384 23.978 20.978 280.95 .1611 .2776 32.833 8.0056 26.516 May.. 20.396 23.978 20.958 280.60 .1611 .2774 32.810 8.0056 26.519 June.. 20.401 23.980 20.935 280.27 .1611 .2768 32.785 8.0056 26.519 July.. 20.404 23.979 20.966 280.84 .1611 .2783 32.839 8.0056 26.511 Aug.. 20.404 23.978 20.978 281.02 .1611 .2787 32.846 8.0056 26.512 Sept.. 20.404 23.978 20.990 281.27 .1611 .2787 32.851 8.0056 26.518 Oct... 20.375 23.968 20.983 281.16 .1611 .2787 32.838 8.0056 26.518 Year or month Z (p e N o a e u la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r 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 r e o d n e a n ) z ( S e fr r w a la n i n t c - d ) ( U p K d o n i o u i n m t n g e d d - ) 1954 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 276.80 14.008 49.676 3.4900 278.52 19,333 23.334 279.57 1957 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958., 278.19 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959 278.10 14.028 49.721 3.4967 279.83 5 2.0579 19.324 23.142 280.88 1959_Oct.. 277.85 14.023 49.770 3.4958 279.58 .6607 19.325 23.048 280.63 Nov. 277.49 14.008 49.770 3.4915 279.22 .6607 19.308 23.040 280.27 Dec.. 277.07 13.994 49.770 3.4861 278.80 .6607 19.303 23.127 279.84 I960—Jan.. 277.20 13.985 49.770 3.4844 278.93 .6607 19.302 23.112 279.98 Feb.. 277.55 13.990 49.770 3.4898 279.28 .6625 19.311 23.054 280.33 Mar. 277.81 14.006 49.770 3.4923 279.54 .6637 19.314 23.058 280.59 Apr.. 278.17 14.035 «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 Oct.. 278.37 14.032 3.4973 280.11 .6640 19.365 23.211 281.16 1 Effective Jan. 12, 1959, the Argentine Government established a was further devalued to 493.706 francs per U. S. dollar. single exchange rate for the peso in place of the former official and free 3 Based on quotations beginning with Mar. 2, 1959. rates. 4 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12,1957, 5 Effective July 20, 1959, the par value for the Spanish peseta was set was extended to all foreign exchange transactions on Oct. 28, 1957, and at 60 pesetas per U. S. dollar. on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc « 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. WOODUEF THOMAS, Adviser to the Board RALPH A. YOUNG, Adviser to the Board JEROME W. SHAY, Legislative Counsel CHARLES MOLONY, Assistant to the Board CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN,, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary ROBERT C. MASTERS, Associate Director ELIZABETH L. CARMICHAEL, Assistant Secretary C. C. HOSTRUP, Assistant Director LEGAL DIVISION FRED A. NELSON, Assistant Director HOWARD H. HACKLEY, General Counsel GLENN M. GOODMAN, Assistant Director DAVID B. HEXTER, Assistant General Counsel HENRY BENNER, Assistant Director G. HOWLAND CHASE, Assistant General Counsel JAMES C. SMITH, Assistant Director THOMAS J. O'CONNELL, Assistant General LLOYD M. SCHAEFFER, Chief Federal Reserve Counsel Examiner WILSON L. HOOFF, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS GUY E. NOYES, Director DIVISION OF PERSONNEL ADMINISTRATION FRANK R. GARFIELD, Adviser EDWIN J. JOHNSON, Director ALBERT R. KOCH, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director ROLAND I. ROBINSON, Adviser DANIEL H. BRILL, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Associate Adviser JOSEPH E. KELLEHER, Director DIVISION OF INTERNATIONAL FINANCE HARRY E. KERN, Assistant Director ARTHUR W. MARGET, Director J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser OFFICE OF THE CONTROLLER ROBERT L. SAMMONS, Associate Adviser J. J. CONNELL, Controller DIVISION OF BANK OPERATIONS SAMPSON H. BASS, Assistant Controller JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director M. B. DANIELS, Assistant Director OFFICE OF DEFENSE PLANNING JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 1312 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1313 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON W. D. FULTON J. L. ROBERTSON KARL R. BOPP G. H. KING, JR. CHAS. N. SHEPARDSON MALCOLM BRYAN H. G. LEEDY M. S. SZYMCZAK A. L. MILLS, JR. RALPH A. YOUNG, Secretary DAVID P. EASTBURN, Associate Economist MERRITT SHERMAN, Assistant Secretary . MERLE HOSTETLER, Associate Economist L KENNETH A. KENYON, Assistant Secretary ^ Economist w M A HOWARD H. HACKLEY, General Counsel DAVID B. HEXTER, Assistant General Counsel GuY 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, GoRDQN Mu MINNEAPOLIS Vice President _ ^ ^ _ m „ „ 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

1314 FEDERAL RESERVE BULLETIN • NOVEMBER 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 C. A. Cravens E. U. Sherman Henry O. Koppang George H. Clay L. F. Mills Clarence W. Tow Dallas Watrous H, Irons James L. Cauthen G. R.Murff L. G. Pondrom Harry A. Shuford P. E. Coldwell James A. Parker Thomas A. Hardin Thomas W. Plant 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, published in 1957), giving the results of an intensive study 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. 1315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1316 FEDERAL RESERVE BULLETIN • NOVEMBER 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 INTERcember 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', 1256, 1258 Department stores: Agricultural loans of commercial banks, 1250, 1252 Merchandising data, 1287 Agriculture, Govt. agency loans, 1268 Sales and stocks, 1282, 1286 Assets and liabilities (See also Foreign liabilities and Deposits (See also specific types of deposits): claims reported by banks): Adjusted, and currency, 1246 Banks and the monetary system, consoli- Banks, by classes, 1241, 1247, 1251, 1254, 1258 dated, 1246 Federal Reserve Banks, 1242, 1303 Corporate, current, 1260 Postal savings, 1240, 1246 Domestic banks, by classes, 1247, 1250, Discount rates, 1240, 1310 1252, 1258 Discounts and advances by Federal Reserve Federal business-type activities, by fund or ac- Banks, 1236, 1241, 1242 tivity, 1268 Dividends, corporate, 1260, 1261 Federal Reserve Banks, 1242 Dollar assets, foreign, 1303, 1305 Automobiles: Dwelling units started, 1283 Consumer instalment credit, 1272, 1273, 1274 Production index, 1276, 1279 Earnings and expenses, member banks, 1294 Earnings and hours, manufacturing indus- Bankers' balances, 1251, 1253 tries, 1282, 1285 (See also Foreign liabilities and claims reported by Employment, 1282, 1284, 1285 banks) Export-Import Bank, loans, etc., 1268 Banks and the monetary system, consolidated statement, 1246 Farm mortgage loans, 1268, 1269, 1270 Bonds (See also U. S. Govt. securities): Federal business-type activities, assets and liabilities, New issues, 1260, 1262, 1263 by fund or activity, 1268 Prices and yields, 1256, 1257 Federal Deposit Insurance Corporation, Brokers and dealers in securities, bank assets, etc., 1268 loans to, 1250, 1252 Federal finance: Business expenditures on new plant and equip- Cash transactions, 1266 ment, 1260 Receipts and expenditures, 1267 Business indexes, 1282 Treasurer's balance, 1266 Business loans (See Commercial and industrial loans) Federal home loan banks, loans, etc., 1268, 1271 Capital accounts: Federal Housing Administration, loans, etc., 1268, Banks, by classes, 1247, 1251, 1254 1269, 1270, 1271 Federal Reserve Banks, 1242 Federal National Mortgage Association, Carloadings, 1282 loans, etc., 1268, 1271 Central banks, foreign, 1306, 1310 Federal Reserve Banks: Coins, circulation of, 1244 Condition statement, 1242 Commercial banks: U. S. Govt. securities held by, 1236, 1241, Assets and liabilities, 1247, 1250 1242, 1264, 1265 Consumer loans held, by type, 1273 Federal Reserve credit, 1236, 1241, 1242 Number, by classes, 1247 Federal Reserve notes, 1242, 1244 Real estate mortgages held, by type, 1269 Finance company paper, 1256, 1258 Commercial and industrial loans: Financial institutions, loans to, 1252 Commercial banks, 1250 Flow of funds, saving and financial flows, 1292 Foreign central banks, 1306, 1310 Weekly reporting member banks, 1252, 1255 Foreign deposits in U. S. banks, 1236, 1242, Commercial paper, 1256, 1258 Commodity Credit Corporation, loans, etc., 1268 1246, 1251, 1254 Condition statements (See Assets and liabilities) Foreign exchange rates, 1311 Construction, 1282, 1283 Foreign liabilities and claims reported by Consumer credit: banks, 1296, 1298, 1301, 1303 Instalment credit, 1272, 1273, 1274, 1275 Foreign trade, 1287 Major parts, 1272, 1274 Noninstalment credit, by holder, 1273 Gold: Consumer price indexes, 1282, 1288 Earmarked, 1304 Consumption expenditures, 1290, 1291 Net purchases by U. S., 1304 Corporate sales, profits, taxes, and divi- Production, 1304, 1307 dends, 1260, 1261 Reserves of central banks and governments, 1306 Corporate security issues, 1260, 1262 Reserves of foreign countries and international Corporate security prices and yields, 1256, 1257 institutions, 1305 Cost of living (See Consumer price indexes) Stock, 1236, 1246, 1304 Currency in circulation, 1237, 1244, 1245 Gold certificates, 1242, 1244 Customer credit, stock market, 1257 Govt. debt (See U. S. Govt. securities) Gross national product, 1290, 1291 Debits to deposit accounts, 1245 Demand deposits: Home owners, Govt. agency loans, 1268 Adjusted, banks and the monetary system, 1246 Hours and earnings, manufacturing indus- Adjusted, commercial banks, 1245, 1251 tries, 1282, 1285 Banks, by classes, 1247, 1254 Turnover of, 1245 Industrial production index, 1276, 1282 Type of holder, at commercial banks, 1251 Instalment loans, 1272, 1273, 1274, 1275 1317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1318 FEDERAL RESERVE BULLETIN • NOVEMBER 1960 Insurance companies, 1259, 1264, 1265, 1270 Reserves: Insured commercial banks, 1249, 1250 Commercial banks, 1251 Interbank deposits, 1240, 1247, 1251, 1254 Federal Reserve Banks, 1242 Interest rates: Foreign central banks and governments, 1306 Bond yields, 1256 Foreign countries and international institu- Business loans by banks, 1255 tions, 1305 Federal Reserve Bank discount rates, 1240 Member banks, 1236, 1242, 1251, 1253 Foreign countries, 1309, 1310 Residential mortgage loans, 1269, 1270, 1271 Open market, 1256, 1309 Stock yields, 1256 Sales finance companies, consumer loans of, 1272, Time deposits, maximum rates, 1240 1273, 1275 International capital transactions of the U. S., 1296 Saving: International financial institutions, 1304, Flow-of-funds series, 1292 1305, 1306, 1308 National income series, 1291 Inventories, 1290 Savings deposits {See Time deposits) Investments {See also specific types of investments): Savings institutions, principal assets, 1258, 1259 Banks, by classes, 1247, 1250, 1253, 1258 Savings and loan associations, 1259, 1270 Federal Reserve Banks, 1241, 1242 Securities, international transactions, 1302, 1303 Govt. agencies, etc., 1268 Security issues, 1260, 1262, 1263 Life insurance companies, 1259 Silver coin and silver certificates, 1244 Savings and loan associations, 1259 State member banks, 1249 State and municipal securities: Labor force, 1284 New issues, 1262, 1263 Loans {See also specific t}'pes of loans): Prices and yields, 1256, 1257 Banks, by classes, 1247, 1250, 1252, 1258 States and political subdivisions: Federal Reserve Banks, 1236, 1241, 1242 Deposits of, 1251, 1254 Govt. agencies, etc., 1268 Holdings of U. S. Govt. securities, 1264 Insurance companies, 1259, 1270 Ownership of obligations of, 1250, 1258, 1259 Savings and loan associations, 1259, 1270 Stock market credit, 1257 Loans insured or guaranteed, 1269, 1270, 1271 Stocks: New issues, 1262 Manufacturers, production index, 1276, 1282 Prices and yields, 1256, 1257 Margin requirements, 1240 Member banks: Tax receipts, Federal, 1267 Assets and liabilities, by classes, 1247, 1250 Time deposits, 1240, 1241, 1246, 1247, 1251, 1254 Borrowings at Federal Reserve Banks, 1236, Treasurer's account balance, 1266 1242, 1254 Treasury cash, 1236, 1244, 1246 Deposits, by classes, 1241 Treasury currency, 1236, 1244, 1246 Earnings and expenses, 1294 Treasury deposits, 1236, 1242, 1266 Number, by classes, 1248 Unemployment, 1284 Reserve requirements, by classes, 1241 U. S. balance of payments, 1309 Reserves and related items, 1236 Weekly reporting series, 1252 U. S. Govt. balances: Mining, production index, 1276, 1282 Commercial bank holdings, by classes, Money rates {See Interest rates) 1251, 1254 Money supply and related data, 1245 Consolidated monetary statement, 1246 Mortgages {See Real estate loans) Treasury deposits at Federal Reserve Mutual savings banks, 1246, 1247, 1249, 1258, Banks, 1236, 1242, 1266 1264, 1265, 1269 U. S. Govt. securities: Bank holdings, 1246, 1247, 1250, 1253, National banks, 1249 1258, 1264, 1265 National income, 1290, 1291 Federal Reserve Bank holdings, 1236, 1241, National security expenditures, 1267, 1290 1242, 1264, 1265 Nonmember banks, 1242, 1249, 1250, 1251 Foreign and international holdings, 1242, 1305 International transactions, 1302, 1303 Payrolls, manufacturing, index, 1282 New issues, gross proceeds, 1262 Outstanding, by type of security, 1263, Personal income, 1291 Postal Savings System, 1240, 1246 1264, 1265 Prices: Ownership of, 1264, 1265 Consumer, 1282, 1288 Prices and yields, 1256, 1257 Security, 1257 United States notes, outstanding and in circulation, 1244 Wholesale commodity, 1282, 1288 Utilities, production index, 1276, 1282 Production, 1276, 1282 Profits, corporate, 1260, 1261 Vault cash, 1236, 1251 Veterans Administration, loans, etc., 1268, 1269, Real estate loans: 1270, 1271 Banks, by classes, 1250, 1252, 1258, 1269 Type of mortgage holder, 1269, 1270, 1271 Weekly reporting member banks, 1252 Type of property mortgaged, 1269, 1270, 1271 Reserve requirements, member banks, 1241 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES (o THE FEDERAL RESERVE SYSTEM o) 1 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