Federal Reserve Bulletin, 1960-12

FEDERAL RESERVE BULLETIN December i960 p .• '••Al R L ^ " .' * * » # * BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE 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 Capital Markets in 1960 1319 j Implementation of the 1959 Act on Reserve Requirements 1326 ; j Quarterly Survey of Consumer Buying Intentions 1332 | Law Department 1338 Current Events and Announcements 1341 : National Summary of Business Conditions 1344 || Financial and Business Statistics, U. S. (Contents on p. 1347) 1348 j International Financial Statistics (Contents on p. 1411) 1412 : i Board of Governors and Staff 1428 | Open Market Committee and Staff; Federal Advisory Council 1429 Federal Reserve Banks and Branches 1429 Federal Reserve Board Publications 1431 Index to Statistical Tables 1435 Map of Federal Reserve System Inside back cover 1 j Volume 46 * Number 12 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

FINANCING through capital markets re- types of securities reached lows for 1960 ceded in 1960 from the unusually large vol- in the late summer, and then increased. ume in 1959, and interest rates declined The rise in market yields in the autumn until autumn. A shift in the Federal Gov- accompanied a heavy volume of corporate ernment's budget position from substantial borrowing and an enlarged outflow of prideficit to moderate surplus was a major vate funds to other countries. Expectations factor in the changed climate in capital mar- in this period about future interest rate kets, but other demands for funds also fell movements were subject to divergent influoff significantly. ences. Although market participants be- The net increase in both mortgage debt came increasingly doubtful about prospects and State and local government obliga- for early resumption of economic expansion, tions outstanding has been smaller than in the balance-of-payments problem and gold 1959. Corporate security offerings have been movements made them uncertain regarda little larger than last year, primarily be- ing the extent to which monetary conditions cause sales and consumer finance companies have engaged in heavier long-term borrow- NET CREDIT AND CAPITAL EXPANSION ing while relying less on short-term debt. JANUARY • SEPTIM1IR Savings institutions have supplied about Billions oF dollars 40 the same volume of funds to the capital and credit markets in 1960 as in 1959. Con- BANK LOANS NEC. 30 sumers, however, have made fewer direct CONSUMER CREDIT purchases of securities than the record volume last year, and corporations have re- CORPORATE duced their holdings of Treasury securities SECURITIES in contrast with net purchases in 1959. The MORTGAGES larger outflow of private capital from the United States in recent months has also tended to reduce the net supply of funds available in capital markets. FEDERAL The decline in market interest rates that OBLIGATIONS began early in 1960 was neither steady in time nor uniform among types of obligations. Market yields on long-term U. S. Government securities, which had risen 1956 1957 1959 sharply in late 1959, fell more from Janu- NOTE.—Flow-of-funds data; estimates for third quarter 1960 ary through August than yields on corporate preliminary. Bank loans n.e.c. are mainly loans to business. Corporate securities include equity as well as debt issues of and municipal obligations. Yields on most domestic corporations, foreign corporations, international institutions, and foreign governments sold in the United States. 1319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1320 FEDERAL RESERVE BULLETIN • DECEMBER 1960 might ease further in response to the domes- about the same high rate as in 1959. Lower tic economic situation. In December, how- corporate profits and larger dividend payever, some of the market uncertainties ap- ments both contributed to a decline in repeared to be dissipating, and yields began tained earnings, but depreciation allowto decline again. ances continued to grow. With lower requirements for funds, and with internal USES OF FUNDS funds about the same as last year, total ex- Corporate security issues have increased ternal financing by corporations has deslightly this year, but new offerings of State clined. Expansion of short-term debt—inand local government securities and new cluding both bank loans and trade debt— mortgage financing have been smaller than was less than in the first nine months of in 1959. 1959. Corporate security issues for new Corporate securities. Total requirements capital, though slightly larger than in Janfor funds by corporations have declined this uary-September 1959, were smaller than in year. As the volume of sales slackened over the first nine months of any other year since the year, both inventories and accounts re- 1955. ceivable grew less than in 1959, and this Corporate spending for plant and equipmore than offset the increase in plant and ment turned down after mid-1960, as it had equipment expenditures. Total expansion in also in the autumn of 1957. The change in corporate assets in the January-September corporate spending and financing from 1959 period was one-fifth less than in the corre- to 1960 has been similar in a number of sponding period of last year, but about the respects to the change from 1956 to 1957, same as in 1956 and 1957. but long-term financing has increased much Corporate internal funds in the first less than in the earlier period. In both perithree quarters of 1960 were generated at ods, plant and equipment outlays expanded, whereas accumulation of inventories and accounts receivable slowed. Similarly, the COUOIATE SECUIITY ISSUES flow of internal funds changed little, while Billions of dollars 12 JANUARY expansion of short-term bank and trade debt slackened. From 1956 to 1957, however, the volume of corporate security issues increased substantially, while financing through reduction of cash and Government security holdings declined. Corporations reduced their liquid assets sharply in January-September 1956 but much less in the same period of 1957. In 1959, in contrast, they increased - 2 their liquid assets somewhat, but holdings of these assets were reduced substantially 1956 1958 1960 in the first nine months of this year. By the end of September 1960, the liquidity NOTE.—Net proceeds for new capital as published by Securities and Exchange Commission except that estimates for ratio of corporations—liquid assets divided sales and consumer finance companies are by Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1960 1321 by current liabilities—had declined to a uted to the heavy volume of flotations in level that was a little higher than in the the third quarter. Offerings of corporate summer of 1957 but lower than at any securities continued to be substantial in other time in the postwar period. October and November. This led to market Although manufacturing companies had congestion at times and exerted upward planned to expand their plant and equip- pressure on interest rates. ment expenditures by about one-fifth from Mortgages. New private construction ac- 1959 levels, they have financed the increase tivity in the first nine months of 1960 was to a greater extent by drawing down liquid slightly below the all-time record in the assets than by borrowing in security markets. same period of last year. Housing starts Through September, new security issues were were a fifth less than last year's advanced one-tenth below the volume a year earlier rate. Lower outlays for new residential and the lowest for the first nine months of building were not quite offset by larger nonany year since 1950. The capital spending residential construction expenditures. In programs of electric, gas, and water utilities contrast, during the previous cyclical upshowed little change from 1959 to 1960. swing, the dollar volume of total private With the flow of internal funds higher, these construction activity had increased in 1956 companies borrowed less in the capital mar- and 1957 as rising spending for business ket in the first nine months of this year and other construction more than offset the than in the same period of 1959. decline in residential building outlays. In most other industries, issues for new Along with the decline in activity, new capital were larger in the first nine months mortgage borrowing has been reduced this of 1960 than in the corresponding period year. The amount of nonfarm mortgage of last year. Issues of sales and consumer recordings of $20,000 or less, chiefly on new finance companies were 70 per cent greater. and existing houses, was about a tenth lower An unusually large proportion of new issues than the record amount in the January-Sepby sales finance companies in recent months tember period of last year. As a result of have been in the form of public offerings the smaller rise in new mortgage loans and rather than private placements. While the continued increase in repayments and growth in their customer receivables in the retirements, the growth in outstanding mort- January-September period was at about the gage debt has been about one-fifth less than same high rate as in 1959, these companies in 1959, a year of record increase. reduced bank debt this year. State and local obligations. New construc- Finance companies and other corpora- tion put in place by State and local governtions issued a relatively heavy volume of ments in the January-September period this new securities in the third quarter, at a year was slightly less than in the same petime when spending plans for plant and riod of 1959. Part of this decline resulted equipment were being curtailed and uncer- from a decrease in highway construction tainties about the business outlook had in- financed by Federal grants-in-aid. Concreased. The sharp drop in corporate bond struction outlays for sewer and water and yields in the summer months, and fears of power systems and for educational facilisome corporate borrowers that this tend- ties increased. ency might be reversed, may have contrib- New bond sales by State and local govern- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1322 FEDERAL RESERVE BULLETIN • DECEMBER 1960 ments were slightly less this year than in the Consumers. In the first three quarters of first three quarters of 1959, which in turn 1960, consumers acquired fewer financial were less than the record amount in the same assets but also incurred a smaller volume of period of 195 8. These governments sharply debt than a year earlier. The net increase in reduced their short-term financing from the consumer credit was little more than half the large volume last year and retired a larger previous year's expansion, and the net inamount of outstanding debt. The growth in crease in residential mortgage debt was altotal State and local debt outstanding there- most one-fifth less. fore has been only about three-fourths as The composition of financial assets acgreat as in 1959. quired by consumers has shifted markedly in Bond sales for the purpose of financing recent years. In the 1955-57 period, marboth school construction and highways have ketable securities comprised about one-third been larger in 1960 than in 1959, although of the net increase in consumer financial below the record 1958 total. Borrowing to assets. After falling off in 1958, this ratio finance public power systems has been the rose sharply in 1959, as interest rates adprincipal type of financing to decline this year. Expenditures for construction of elec- CONSUMER SAVING IN FINANCIAL FORM tric power facilities have increased, but they Billions of dollars have been partly financed with the proceeds JANUARY - SEPTEMBER from several very large revenue bond issues sold in 1959. Sales of bonds by State and local governments were quite small in October and No- CREDIT AND EQUITY MARKET INSTRUMENTS vember, when interest rates were higher than in the late summer. Some State and local SAV A IN N G D S S D H E A P R O E S S ITS - 10 officials postponed financing in anticipation that interest costs would soon decline again. The backlog of State and local bonds au- 1958 1960 thorized but unsold rose to a record level, as voters approved nearly all of the large dollar NOTE.—Flow-of-funds data; included are all categories under volume of bond proposals submitted in the net acquisition of financial assets except demand deposits and currency, U. S. savings bonds, and net investment in unincorporated business. Estimates for third quarter 1960 pre- November general election. Some of the liminary. large issues are expected to be sold gradually over a long period of years. vanced to new high levels for the postwar period and consumers purchased substantial amounts of U. S. Government obligations. MAJOR SOURCES OF FUNDS In the first nine months of 1960, when Funds supplied to the capital markets di- interest rates on capital market instruments rectly by consumers declined in 1960, as were generally declining, consumer net indid those provided by major savings insti- vestment in marketable obligations again tutions, but this was partly offset by an in- decreased—to about the same proportion crease in the net flow of credit supplied by as in 1958, as the chart shows. The largest commercial banks. decline was in net purchases of Government Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1960 1323 securities, but consumers also reduced their Life insurance companies and pension funds. acquisitions of other securities. The net increase in assets of life insurance In recent months, flows of funds into companies this year has been about the same savings institutions apparently have acceler- as in 1959. The increase in policy loans, ated. After having risen less in the first however, has been heavier than in 1959, half of 1960 than in the same period of 1959, thereby reducing the amount of funds availthe total of time and savings deposits at com- able for purchase of capital market inmercial and mutual savings banks and shares struments. At the same time, these comat savings and loan associations increased panies have reduced their Government more than twice as much in the third quarter security portfolios by more than they did last as during the corresponding period a year year. earlier. The net increase in mortgage holdings by Sayings deposits and shares. Deposit life insurance companies in the first nine growth at mutual savings banks slackened months of 1960 was about one-fourth larger in the first half of 1960, then picked up than in the corresponding period of 1959, sharply in the third quarter. For the first though it remained considerably below the nine months, however, deposit expansion amounts of 1955 and 1956. On the other was the smallest for any corresponding pe- hand, the net volume of corporate securities riod since 1950. acquired was about one-third less than in the The pattern of asset growth has changed same period of 1959, and less than in the little in 1960, with mortgage acquisitions corresponding period of any recent year. predominating. Although corporate security The flow of saving to pension funds has holdings have risen somewhat this year, in continued its steady increase in 1960. These contrast with 1959, the increase has been institutions have enlarged their holdings of much less than in earlier years. Mutual sav- corporate securities substantially more than ings banks also have reverted to net sales in 1959. of Government securities after having made Commercial bank credit. Commercial little change in such holdings in 1959. banks have contributed more to the flow Savings and loan associations experienced of credit this year than in 1959, and this a record inflow of savings capital in the first was accompanied by a much larger growth nine months of 1960, 10 per cent more than of time and savings deposits. Bank credit in the same period of 1959. With demands declined more than seasonally in the first for conventional residential mortgages less half of 1960. In the third quarter, however, intense, associations have repaid $500 mil- credit expansion was exceptionally large and lion to the Federal home loan banks and took the form primarily of investment in other lenders—about the same amount they U. S. Government securities. The shift by had borrowed in the first nine months of commercial banks from net sales of Govern- 1959. Their mortgage holdings increased ment securities early in the year to large- $5.3 billion in the first nine months of I960, scale purchases in the third quarter con- $600 million less than in the same period a tributed to the accelerated decline in market year earlier. These associations also have interest rates in the summer months. invested considerably less in Government Bank holdings of other securities, mainly securities this year than in 1959. obligations of State and local governments, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1324 FEDERAL RESERVE BULLETIN • DECEMBER 1960 also increased in the third quarter, offsetting irregularly throughout the year, but have a decline in the first half of the year. For declined on balance. the nine-month period, mortgage loans in- At a time of increasing uncertainty as to creased only about one-third as much as in the market reception of stocks, corporations the same period of 1959. have relied less upon such issues as a method of raising new capital than in 1959. Sharp price declines have been recorded for stocks INTEREST RATES AND MARKET DEVELOPMENTS of companies in industries where profits usually respond to changes in levels of business Yields on debt securities of all types deactivity; stocks of companies that have been clined in 1960 from the high levels prevaillittle affected by postwar recessions have ing early in the year, as shown in the chart. generally increased in price over the year. The reduction was most pronounced during the late spring and early summer. After As a result of irregular declines in com- August, market yields turned up and then mon stock prices and a moderate increase fluctuated irregularly at levels above their in dividends, yields on equities have risen late summer lows. During the autumn, ex- from little more than 3 per cent early in pectations for a continuing reduction in long-term interest rates, based on growing SELECTED YIELDS indications of a slackening in economic ac- Per cent per annum tivity, were counterbalanced by concern over the balance of payments and associated gold movements. FHA MORTGAGES Between January and August, yields on long-term U. S. Government securities fell two-thirds of a percentage point—about the same as the reduction from the autumn of 1957 to mid-195 8. On the other hand, yields on highest grade State and local government issues fell only half a point, and rates on outstanding corporate issues declined even less. This disparity of rate U. S. GOVT. movements reflects in part the relatively high BONDS yields on U. S. Government bonds in late STATE AND LOCAL Aaa BONDS 1959 and the net reduction in outstanding Federal obligations in 1960. Since August, increases in yields on these securities have 1954 1956 1958 1960 been larger than for most other securities. The smaller flow of consumer saving di- NOTE.—Monthly averages for (1) 500 common stocks (90 rectly into debt and equity securities this before mid-1957) from Standard and Poor's Corporation; (2) 30 corporate bonds rated Aaa from Moody's Investors Service; year represents for the most part smaller (3) 5 State and local government bonds rated Aaa from Moody's Investors Service; and (4) U. S. Government bonds purchases of Federal obligations, but it may maturing or callable in 10 years or more. For FHA mortgages, data are for last month of quarter through mid-1953 and also be related to lessened enthusiasm for monthly thereafter; data are Federal Reserve computations based on average prices reported by FHA (dashed lines indicate common stocks. Stock prices have moved periods when averages were adjusting to changes in contractual interest rates and no data were available). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1960 1325 1960 to about 3Vz per cent in recent ity. The timing of their movement, howmonths. The excess of yields on highest ever, has differed. Rates for State and local grade corporate bonds over those available issues reached a peak in September 1959, on common stock narrowed to less than one after rising less from mid-195 8 than yields percentage point beginning in July, as com- on corporate or Federal securities. As in pared with a peak of almost 1 Vi percentage the case of corporate bonds, the decline in points in late 1959. yields was particularly marked in the sum- The spread between interest rates on new mer of this year, but there was a subsequent corporate issues and yields available to buy- reversal. More recently, with an unusually ers of outstanding long-term obligations of low volume of new State and local issues, comparable quality also decreased through market yields have again turned down, in most of the year. Yields available on new contrast with corporate security yields. issues, which had turned down late in 1959, Mortgage yields rose less between midcontinued to fall more rapidly than those on 1958 and late 1959 than did returns on existing bonds, as is usual in a period of de- most other obligations. Throughout 1960, clining interest rates. By August, yields on these yields have shown a declining tendnew issues had fallen one-sixth—about twice ency. According to past experience, a as much as the decline in the return on tightening or easing in capital and credit highest grade outstanding bonds. markets is likely to be reflected in the mort- Yields on State and local obligations gage market more in changed availability have declined more than those on out- of funds than in a sharp rise or fall in interstanding corporate issues of similar qual- est costs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Implementation of the 1959 Act on Reserve Requirements In 1959 Congress made several changes Reserve Bank could be counted by member in the provisions of the Federal Reserve Act banks in meeting their reserve requirements concerning the reserve requirements to be under the Act. maintained by member banks against de- As a result of actions of the Board since posits. The main purpose was to remedy the amendment was passed, member banks inequities in the system of reserve requireare now permitted to count all their vault ments. Subsequently the Board of Govcash, along with balances at a Reserve Bank, ernors has taken several actions to implein meeting their reserve requirements. The ment these changes. This article deals Board's actions to permit the counting of mainly with these actions of the Board. this cash as reserves were taken in three The amendments to the Act were included stages. Each took effect at a time when seain Public Law 86-114, approved July 28, sonal needs called for action to increase 1959.1 They related to the counting of the bank reserves. member banks' vault cash in meeting their The Board pointed out to Congress in reserve requirements, to the ending of the 1959 that the counting of vault cash as reseparate classification of "central reserve serves would correct inequities that existed city" banks, to the range of percentages as between different banks in the same rewithin which the Board can fix reserve reserve class. These inequities arose because quirements, and to the Board's power to some banks need to hold relatively larger permit individual banks in reserve or central reserve cities to carry lower reserves than amounts of currency and coin for operating the full requirements for those cities. purposes than are needed by other banks. Reserve requirements calling either for the RELEASE OF VAULT CASH holding of vault cash or for balances at the Reserve Banks would have similar effects in The amendment of the Federal Reserve Act limiting the volume of credit that banks authorizing the Board of Governors to permay extend. Hence, it seemed logical and mit member banks to count all or part of desirable that both be counted as reserves. their currency and coin in meeting their re- There would also be collateral advanserve requirements was recommended by the tages: The change would reduce the costs Board of Governors in appearances before of transporting and handling currency, and the Banking and Currency Committees of it would facilitate the holding by member the Senate and of the House of Representatives in the spring of 1959. At that banks of larger stocks of currency that time, only balances on deposit at a Federal would be available in case of a national emergency. 1 For the text of this Act, see BULLETIN for August The total amount of vault cash held by 1959, pp. 888-889. 1326 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IMPLEMENTATION OF RESERVE REQUIREMENT ACT 1327 member banks in the autumn of 1959 was city banks were about 0.6 of 1 per cent of around $2.2 billion. When such cash be- net demand deposits. came allowable as reserves, some banks By the first action, less than one-eighth of may have shifted part of their reserve bal- the total currency and coin held by member ances into additional holdings of currency banks was released for use as reserves. and coin. In the autumn of 1960 total vault Nevertheless, almost half of the total numcash of member banks was in the range of ber of banks were able to count some cash $2.3-2.4 billion. There has also been a in meeting their requirements. Of the vault tendency for member banks' holdings of cash added to reserves, about two-thirds was cash to increase seasonally in December; at country banks and one-third at reserve in the first half of December 1960 their hold- city banks. ings amounted to $2.5 billion. Second action. The second action in this First action. The first vault cash action field took effect on August 25, 1960, for taken by the Board of Governors, effective in country banks and on September 1, 1960, December 1959, applied only to banks that for central reserve city and reserve city held large amounts of vault cash in relation banks. Again the permission to count part to other banks in the same classification; of their vault cash was applied to banks these banks had a larger proportion of their whose holdings of cash were relatively higher total funds in the non-interest-earning forms than those of other banks in the same classiof required reserves and vault cash. At that fication: country banks were permitted to time, expansion of bank credit and money count currency and coin in excess of 2Vi was subject to moderate restraint, and per cent of their net demand deposits, cenmember banks were borrowing substantial tral reserve and reserve city banks to count amounts of reserve funds from Reserve the amount in excess of 1 per cent. This Banks. While it appeared desirable as a action expanded the number of banks that matter of equity to make some adjustment were permitted to count a part of their cash for banks that had holdings of currency and to about four-fifths of all member banks in coin considerably above the average ratios both the reserve city and the country bank for their respective classes, it was necessary classifications. However, the amount of to limit the amount added to bank reserves. cash that could be counted as reserves was As of December 1, 1959, country banks still only about two-fifths of the total cash were permitted to count any vault cash that of all member banks. they held in excess of 4 per cent of their Most of the central reserve city banks net demand deposits toward meeting their were unaffected by these first two vault cash reserve requirements. Reserve city and actions because their cash holdings were less central reserve city banks were permitted than 1 per cent of deposits. On Septemsimilarly, as of December 3, to count any ber 1, however, the reserve requirement of vault cash in excess of 2 per cent of such these banks was reduced from 18 to YlVi deposits. At that time aggregate vault cash per cent. This was a first step to implement holdings at all country banks were about 3.5 another provision of the 1959 Act, discussed per cent of their net demand deposits; ag- below, relating to termination of the differgregate holdings at reserve city banks were ential between the requirements of central about 1.7 per cent and at central reserve reserve city and reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1328 FEDERAL RESERVE BULLETIN • DECEMBER 1960 The result of these actions taken in the million or 1 per cent of their net demand late summer of 1960 was to make available deposits. This amount was added, as of somewhat more than $600 million of re- November 24, to their reserves. serves and to spread through the banking For central reserve city banks, which held system the effects of the additional reserves. less currency and coin in relation to their Third action. Member banks were au- deposits, the permission to count all vault thorized as of November 24, 1960, to count cash as reserves released only about $150 the remainder of their currency and coin as million of reserves. Along with this action, reserves. Certain changes in the percentages the Board announced a change in the reserve of required reserves were also made at that requirement of central reserve city banks time. from 11V2 to 16V^ per cent of net demand This action permitted country banks to deposits, effective December 1, 1960. Alcount as reserves an additional $900 million together, therefore, about $400 million of of cash, equal to 2.4 per cent of their aggre- reserves, equal to 1.6 per cent of their net gate net demand deposits. The position of demand deposits, were made available to the banking system at that time, as indicated these banks. by current banking data, did not call for a net release of reserve funds as large as this, CENTRAL RESERVE CITY CLASSIFICATION concentrated at country banks. Consequently, this action on vault cash was The reductions in the reserve percentage coupled with an increase from 11 to 12 per required of central reserve city banks that cent in the required reserves of country were effective on September 1 and Decembanks against their net demand deposits. ber 1, 1960, were related to an amendment The net effect of the two actions was to of the Federal Reserve Act under which the reduce the total reserves that country banks classification "central reserve city" banks had to hold against these deposits, in the was to be terminated in 1962. This proviform of vault cash plus required balances sion, of course, looked toward equalization at the Reserve Banks, from about 13.4 per of the reserve requirements of these banks cent (consisting of 11 per cent required re- and of reserve city banks. serves plus 2.4 per cent in vault cash that had In its recommendations to Congress in not been counted as reserves) to 12 per cent. the spring of 1959, the Board of Governors The combined actions released about $500 had suggested that the statutory range within million of country bank reserves. Of the which it could set reserve requirements for 5,900 individual country member banks, central reserve city banks be changed from all except a few dozen held currency and 13-26 per cent to 10-20 per cent. The latter coin equal to more than 1 per cent of their was the existing range for reserve city banks. net demand deposits. This was more than The Board pointed out that the recomsufficient to cover the 1 per cent increase in mended maximum—20 per cent—would their reserve requirement. provide sufficient leeway for any increases For reserve city banks, aggregate holdings in requirements that might be needed in the of vault cash (excluding about $325 million foreseeable future, and that it did not seem that could be counted as reserves under the necessary for the banks to remain legally Board's previous actions) were about $400 subject to the possibility of a higher figure. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IMPLEMENTATION OF RESERVE REQUIREMENT ACT 1329 Under the Board's recommendation, central Board pointed out in its recommendations to reserve city banks would have continued as Congress that it would be fairer to the banks a separate class, with a separate requirement if the Board had power to grant an excepwithin the 10-20 per cent range. tion wherever the character of a bank's busi- The Congress decided, however, that the ness justified it, regardless of the location of factors that had, in the past, distinguished the bank. The Congress adopted this recthe banks of New York and Chicago from ommendation. those in the reserve cities no longer pre- The Board has not, as yet, made any vailed, and it set a date, three years after the general change in its rules or standards for approval of the Act, for discontinuance of the designation of reserve cities or for the central reserve city banks as a separate class. granting of exceptions from reserve city re- Congress also decided upon a range of quirements to individual banks. However, 10-22 per cent (rather than 10-20) for the on consideration of individual applications requirements of reserve city banks; this under the amended law, 55 banks that were would be applicable also for central reserve previously subject to the requirements of city banks during the three-year period. The reserve city or central reserve city banks range for country banks was kept at 7-14 have now been permitted to meet the reper cent, and that for time deposits for all quirements applicable to country banks. member banks was kept at 3-6 per cent. On some additional applications for such In its actions during the past year the permission, the Board has deferred decision Board has eliminated the differential be- pending consideration of possible revision of tween reserve requirements of central re- its rules and standards in this field. The serve city banks and of reserve city banks. Board similarly suspended the triennial re- Both classes now have a requirement of view of reserve city classifications, which 16Vi per cent on net demand deposits and would have occurred in I960.2 5 per cent on time deposits. These actions have in effect implemented the provisions of EFFECTS ON RESERVE POSITIONS the amendment eliminating the central re- The Board's actions, taken under the 1959 serve city bank classification. legislation, have released approximately $2.5 billion of reserves for the member LOWER REQUIREMENTS FOR banks. The distribution of the gross amount INDIVIDUAL BANKS of reserves released and the related changes The Board's power to permit individual in other items that affected the reserve posibanks in reserve or central reserve cities to tion of member banks are summarized in carry lower reserves than the full require- the accompanying table. This table covers ments for those cities was previously limited the period from November 1959, just prior to banks situated in outlying districts of to the first of the Board's actions in this those cities. There were a number of cases field, to the middle of December 1960. in which the character of a bank's business In addition to reserve funds made availwas similar to that of country banks, but in able by these actions, System net purchases which the bank was located in the central of Government securities in the open mararea of a reserve city and the Board there- 2 See Federal Reserve BULLETIN for February 1960, fore could not grant an exception. The p. 151. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1330 FEDERAL RESERVE BULLETIN • DECEMBER 1960 FACTORS AFFECTING RESERVE POSITION OF MEMBER BANKS, NOVEMBER 25, 1959-DECEMBER 14, 1960 1 [Signs indicate effect on net free reserves] Billions of Factor and type of bank dollars Federal Reserve actions related to vault cash and reserve requirements: Country banks: Permission to count vault cash + 1.5 Increase in reserve requirement percentage (from 11 to 12 per cent) -0.4 + 1.1 Reserve city banks: Permission to count vault cash +0.7 Central reserve city banks: Permission to count vault cash +0.2 Decrease in reserve requirement percentage (from 18 to 16Vi per cent) +0.4 +0.6 Banks in central reserve and reserve cities given permission to carry reduced reserves: Amount of reduction in requirements (2) Total reserve funds released by above actions +2.5 System open market purchases of Government securities (net) +0.7 Total reserves supplied by Federal Reserve actions +3.2 Reduction in gold stock -1.6 -0.6 Increase in currency in circulation (2) Changes in other accounts—net effect on reserves3 + 1.0 Change in net free reserves (excess reserves less borrowings) 0.3 Excess reserves (increase) 0,8 Borrowings (decrease) 1 Changes based on averages of daily figures for 2-week periods 3 Represents changes in: Federal Reserve float, Treasury currency ending on these dates. Data on member banks' vault cash and outstanding, Treasury cash holdings, deposits (other than member required reserves for the two weeks ending Dec. 14, 1960, used in bank reserves) with Federal Reserve Banks, and other Federal this table, are preliminary estimates. Reserve accounts. Also includes $100 million increase in required 2 Less than $50 million. reserves resulting from change in deposits (as if deposits in December 1960 had been subject to 1959 reserve requirements). ket supplied $700 million of reserves. These circulation. Part of this was due to seaactions of the Board, if they stood alone, sonal factors, since the amount of currency would have added a total of $3.2 billion in circulation in December is normally to the excess reserves of member banks. In higher than in November. determining the effect upon the banks' re- The reserve effects of the gold outflow serve position, however, these actions must and of the increase in currency in circulabe considered in relation to other develop- tion were more than offset, however, by the ments that took place during the period. increases of about $3.2 billion in available A gold outflow of $1.6 billion operated reserve funds resulting from the Federal to reduce bank reserves and necessitated Reserve actions. These actions thus enabled Federal Reserve action in the opposite di- banks to meet the gold and currency drains rection if it was not to bring about a decrease and at the same time improve their net rein available reserve funds. In addition, serve positions. there was a drain on reserves resulting from The 1960 actions were taken during a an increase of $600 million in currency in period when the volume and pressure of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IMPLEMENTATION OF RESERVE REQUIREMENT ACT 1331 credit demands that had existed in 1959 tional reserves that the release of vault cash had declined and the restraint on bank on November 24 had made available to credit expansion that had been in effect in them, and it may therefore be temporary. 1959 had ceased to be necessary. Conse- As a result of the 1959-60 actions, the quently it was desirable that reserve funds total amounts of reserve balances and vault be made more readily available to mem- cash that all country banks were required ber banks, to assist them in meeting credit to hold in early December 1960 were about demands while also reducing their borrow- $ 1 billion less than they would have needed ings from the Reserve Banks. Net borto hold under the regulation that was prerowed reserves (representing the amount viously in force. This is a reduction of by which these borrowings exceeded the exnot quite one-fifth from the total of vault cess reserves of member banks) amounted cash and required reserves against demand to $400 million in November 1959, when deposits that they would have had to hold expansion of bank credit and money was under the previous regulation. The corresubject to restraint. By the early part of sponding reduction for reserve city banks December 1960, the banks' reserve position was about $700 million, or one-tenth, and had eased to the point where they held net that for central reserve city banks was $600 free reserves of $600 million, making a shift million, or about one-eighth. Since these of $1 billion, as shown in the table. figures relate to the month of December, Thus, the net effect of Federal Reserve they are somewhat larger than would probactions during the period, combined with ably be shown for other months of the year, other factors, was to supply $1 billion of when banks' holdings of vault cash tend to reserves, which were used by member banks be lower; but they indicate the relative effects to repay borrowings and also to expand of this group of Federal Reserve actions their excess reserves. Part of the increase in excess reserves resulted from the fact that upon the reserve requirements of these three many banks had not yet put to use the addi- classes of member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Quarterly Survey of Consumer Buying Intentions In October 1960 consumers reported 1960 plans to those for the corresponding fewer plans to buy automobiles and selected period in 1959 can be seen in the chart. household durable goods than a year earlier. The reduction in plans compared with Reports of past income changes and expec- October 1959 occurred among all planning tations of future changes were about the groups, including those who said that they same as earlier. These findings are from would definitely buy as well as those saying the eighth Quarterly Survey of Consumer that they would probably buy or that they Buying Intentions, conducted for the Board might buy. The decline was general for the of Governors by the Bureau of the Census.1 various income and age groups and for each of the four major geographical regions. BUYING PLANS Twelve-month plans, obtained only for new and used automobiles, showed similar move- According to the Survey data, the proporments and relationships to 6-month plans. tions of consumers reporting 6-month plans An analysis of 6-month plans as to the to buy new and used automobiles, washing timing of projected purchases shows a machines, refrigerators, and television sets smaller relative decline from October 1959 were smaller in October than a year earlier. in plans to buy in the 3 months immediately In July the proportions of families planning following the Survey than in plans to buy to purchase new automobiles and each of in the second 3 months or at an indefinite the three major household appliances intime during the period. Plans to buy new cluded in this experimental Survey were and used automobiles in the 3 months covabout the same as in July 1959, after having ering the current quarter were not much difbeen moderately above year-earlier levels in ferent from those a year ago. While a both January and April. Reports of plans smaller number of families planned to buy to purchase used automobiles were slightly major household durable goods in this quarlower in July this year than in July 1959, ter, the decline from last year was less proafter having been close to year-earlier levels nounced than for the 6-month plans.2 It in the two preceding Surveys. The general decline since January in the relationship of 2 Data from the Quarterly Surveys are based on about 17,000 interviews and, as is true of all surveys, 1 This is the third article presenting the findings of are subject to sampling errors. For proportions around the Quarterly Survey of Consumer Buying Intentions. 5 per cent based on the total sample, chances are 2 The first two articles, covering the first seven Surveys out of 3 that the estimates will not differ from a and giving a detailed description of the Quarterly complete census figure by more than plus or minus Survey, appeared in the Federal Reserve BULLETIN 0.2 of 1 percentage point, and 95 out of 100 that for September 1960, pp. 973-1003. The present arti- the difference will be no larger than 0.4 of 1 percentcle was prepared by Theodore G. Flechsig of the age point. Sampling errors will be larger for propor- Board's Division of Research and Statistics. The tions of more than 5 per cent and for differences Quarterly Survey is conducted under the supervision between two estimated proportions. For discussion of Mona E. Dingle of the Board's staff and Selma F. and table on sampling errors, see Federal Reserve Goldsmith of the Bureau of the Census. BULLETIN for September 1960, pp. 984-89. 1332 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 1333 should be noted, however, that despite rela- over, buying plans may be subject to seatively high purchase rates, 3-month planners sonal and other short-run developments, the in the past have accounted for only a small effect of which is difficult to interpret in view part of total purchases by consumers. of the short experience with the Survey data The proportion of families that reported and the diverse changes affecting sales of shopping for an automobile in the weeks durable goods over the period covered. immediately preceding the October Survey Comparisons of October buying plans was about the same as in October 1959, with those a year earlier should take into when new model automobiles were intro- account the fact that the 1959 data showed duced slightly later. The proportion report- a sharp increase from July to October in ing dissatisfaction with the automobile cur- the number of families planning to buy all rently owned was a little higher than a year items, and that October 1959 plans to buy earlier. all items were the highest reported during the two-year history of the Survey. Although INTERPRETATION OF BUYING PLANS plans to buy new and used cars and tele- Reported buying plans are only one factor vision sets increased from July to October affecting sales of durable goods. Realized this year, the amount of the increase was sales are influenced by supply conditions as less than in 1959. Plans to buy washing well as by unforeseen factors affecting the machines and refrigerators declined. ability of consumers to purchase. More- The high level of plans in October 1959, PLANS TO BUY DURABLE GOODS WITHIN 6 MONTHS Per cent of all families Per cent of all families 12 8 NEW AND USED AUTOMOBILES NEW AUTOMOBILES J L TELEVISION SETS USED AUTOMOBILES JAN. APR. JULY OCT. JAN. NOTE.—Plans for new and used automobiles combined include plans of families undecided between new and used. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1334 FEDERAL RESERVE BULLETIN • DECEMBER 1960 while reflecting strong underlying demand, on expected changes over the next year, have was in part seasonal but may also have re- not varied much during the past 12 months. flected factors of a special nature. The high In October, as compared with a year earlier, level of plans to buy television sets was fol- a slightly larger proportion of consumers lowed by a high level of sales in the fourth reported their incomes had not changed and quarter. Plans to buy new automobiles, slightly smaller proportions reported either on the other hand, seem to have been af- increases or decreases. As in the other Surfected in part by the unusual interest among veys this year, only 6 per cent of all conconsumers engendered by the introduction sumers said that they expected income reof compact automobiles early in the month. ductions over the next year; 24 per cent ex- The strong demand as expressed in plans pected increases, and 13 per cent expressed to buy all items in October 1959 could not uncertainty as to future income changes. take full account of the broad economic effects of the steel strike then in process. It is PURCHASES consequently not surprising that purchases According to Survey data, 2.8 per cent of of some items in the fourth quarter of 1959 all families reported that they bought new were less than might have been suggested automobiles in the third quarter of 1960, by the advanced level of buying plans. and 5.2 per cent reported they bought used As a result in large part of the shortage automobiles. About the same proportions of new models, sales of new automobiles de- reported such purchases in the third quarter clined to a seasonally adjusted annual rate of 1959. In the first half of 1960, 5.9 per of 5.7 million units in the fourth quarter cent of consumers reported purchases of new of 1959 from 6.2 million in the preceding cars, compared with 5.2 per cent in the quarter. In the first quarter of 1960, the first half of 1959, and 10.7 per cent reported rate of sales rose to 6.6 million as supplies purchases of used cars, about the same proincreased. portion as a year earlier. Automobile pur- Allowing for seasonal influences, sales of chases have been distributed among the used automobiles to consumers in the fourth various income and age groups in much the quarter of 1959 showed little change from same manner as earlier. Survey data on the preceding quarter and continued at this automobile purchases are in general agreelevel in the first 9 months of 1960. Comment with sales data, after allowance for pared with a year earlier, the level of sales differences in concept and coverage and for in 1960 has been somewhat higher than sampling errors affecting Survey data. suggested by buying plans data. In main- Reported purchases of the household aptaining sales, however, dealers have granted pliances covered in the Survey, which were price concessions that have reduced the avslightly above year-earlier levels in the first erage price of used automobiles by more half of 1960, were somewhat lower in the than 10 per cent since the beginning of the third quarter than in the same quarter of year. 1959. Purchases of television sets have INCOME CHANGE been maintained, while those of refrigerators Consumers' reports on changes in their in- and washing machines declined substancome over the past year, as well as reports tially. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 1335 TABLE 1 PLANS TO BUY DURABLE GOODS, 1959-60 * [Percentage of all families] 1959 1960 Buying plan Jan. Apr. July Oct. Jan. Apr. July Oct. New or used automobile:2 Planning to buy within 12 months... 16.9 15.6 16.8 20.9 18.4 16.8 16.5 18.3 Doesn't know about 12-month plan. 8.3 7.7 8.3 7.5 8.9 9.4 9.3 9.0 Planning to buy within 6 months.... 8.4 7.5 8.2 10.1 9.3 8.6 7.9 8.9 Timing of planned purchase: First 3 months 2.1 2.4 2.5 3.0 2.5 3.0 2.6 2.9 Second 3 months 3.8 3.0 3.2 4.3 4.4 3.2 3.0 3.6 Doesn't know when in 6 months 2.5 2.1 2.5 2.8 2.4 2.4 2.3 2.4 Doesn't know about 6-month plan. . 4.8 4.3 4.9 4.7 4.7 4.9 5.0 4.7 Has shopped for automobile 3 5.1 4.8 5.2 6.5 4.5 5.5 4.9 6.3 Dissatisfied with automobile owned.. 8.9 8.1 8.1 9.1 9.8 8.7 8.0 9.6 New automobile: Planning to buy within 12 months... 6.6 6.5 6.9 9.5 7.3 6.9 6.8 7.8 Planning to buy within 6 months.... 3.0 2.7 3.1 4.6 3.4 3.2 3.0 3.6 Degree of certainty: Definitely 1.2 0.9 1.2 1.8 1.3 1.5 1.2 1.5 Probably 1.1 0.9 1.6 1.0 0.9 1.0 1.2 Maybe 0.8 0.8 1.2 1.1 0.8 0.8 0.9 Timing of planned purchase: First 3 months 0.9 0.7 0.9 1.4 0.9 1.2 0.9 1.3 Second 3 months 1.4 1.4 1.4 2.1 1.7 1.3 1.4 1.4 Doesn't know when in 6 months 0.7 0.6 0.8 l.l 0.8 0.7 0.7 0.9 Used automobile: Planning to buy within 12 months... 8.4 7.1 7.7 9.2 8.3 7.1 7.1 7.9 Planning to buy within 6 months 4.6 4.0 4.1 4.6 4.5 3.8 3.7 3.9 Degree of certainty: Definitely 1.3 1.4 .4 1.6 1.6 1.3 1.3 1.2 Probably 1.6 1.5 .5 1.4 1.5 1.2 1.2 1.3 Maybe 1.7 1.1 .2 1.6 1.5 1.3 1.2 1.4 Timing of planned purchase: First 3 months 1.2 1.5 .5 1.4 1.3 1.4 1.4 1.3 Second 3 months 1.9 1.4 .3 2.0 2.0 1.3 1.2 1.7 Doesn't know when in 6 months 1.5 1.1 .3 1.2 1.2 1.1 1.1 0.9 Washing machine: Planning to buy within 6 months.... 5.8 5.0 6.0 6.9 6.4 5.9 5.8 5.4 Degree of certainty: D Pr e o f b in a i b te ly ly 3.2 2.9 3.1 3.5 2 1 . . 0 2 2 1 . . 1 2 1 1 . . 3 9 1 1. . 3 9 Maybe 2.6 2.1 2.9 3.4 3.2 2.6 2.7 2.2 Timing of planned purchase: First 3 months 1.3 1.3 1.5 1.7 1.4 1.5 1.6 1.4 Second 3 months 2.1 1.6 1.9 2.4 2.4 2.1 2.0 2.2 Doesn't know when in 6 months 2.4 2.1 2.6 2.8 2.6 2.3 2.2 1.8 Doesn't know about 6-month plan. . 3.2 2.9 3.5 3.0 3.3 3.0 3.5 3.2 Refrigerator: Planning to buy within 6 months.. . . 3.6 3.4 4.0 4.6 4.4 3.7 3.9 3.3 Degree of certainty: D Pr e o f b in a i b te l l y y 1.8 1.8 2.0 2.0 0 1 . . 9 2 0 1 . . 8 2 0 1 . . 7 2 0 1 . . 6 1 Maybe 1.6 2.1 2.5 2.2 1.7 2.0 1.6 Timing of planned purchase: First 3 months 0.7 1.0 1.0 0.9 0.9 1.0 1.0 0.8 Second 3 months 1.3 1.0 1.2 1.8 1.8 1.2 1.2 1.2 Doesn't know when in 6 months 1.6 1.4 1.8 1.9 1.7 1.5 1.7 1.3 Doesn't know about 6-month plan. . 2.6 2.2 3.0 2.7 3.3 3.0 3.3 2.9 Television set: Planning to buy within 6 months 4.2 3.8 3.9 5.6 4.5 4.0 3.9 4,8 Degree of certainty: D Pr e o f b in a i b te l l y y 2.5 2.3 2.3 3.3 1 1. . 1 4 1 1. . 1 4 1 1. . 0 3 1 1 . . 7 2 Maybe 1.7 1.5 1.5 2.3 2.0 1.6 1.7 Timing of planned purchase: First 3 months 1.1 1.0 1.2 2.0 1.2 1.2 1.2 1.9 Second 3 months 1.4 1.4 1.3 1.7 1.6 1.5 1.3 1.5 Doesn't know when in 6 months 1.7 1.4 1.4 1.9 1.7 1.3 1.4 1.4 Doesn't know about 6-month plan. . 3.0 2.7 3.3 3.1 3.5 3.3 3.5 3.2 i As reported in interviews in January 1959 and in the first month 2 Includes those undecided between new and used. of succeeding quarters. Interviews are taken in the week that includes 3 In the weeks immediately preceding interview. the 19th of the month. Planning period begins on date of interview. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1336 FEDERAL RESERVE BULLETIN • DECEMBER 1960 TABLE 2 PLANS TO BUY DURABLE GOODS WITHIN 6 MONTHS, 1959-60 1959 1960 Income or age group Jan. Apr. July Oct. Jan. Apr. July Oct. Prospective purchasers as a percentage of all families in group New or used automobile:1 All families 8.4 7.5 8.2 10.1 9.3 8.6 7.9 8.9 Income:2 Under $3,000 4.1 A 1 4.3 $3,000-54,999 8.6 7.1 7.4 9.8 8.3 4 7 . .2 j * 6 \. . 8 1 7.9 $5,000-57,499 10.4 9.2 10.4 13.1 11.7 11.3 9.3 10.8 $7,500-$9,999 13.3 12.9 13.1 16.1 15.1 12.4 13.8 14.0 $10,000 and over 17.0 13.9 16.1 19.6 19.3 15.7 16.1 18.0 Age of head: Under 35 11.6 10.6 11.1 12.8 11.2 11.6 11.1 11.8 35-54 9.4 8.5 9.3 11.8 11.4 10.1 9.0 10.3 55 and over 4.9 3.9 4.7 6.2 5.4 4.7 4.4 5.2 New automobile: All families 3.0 2.7 3.1 4.6 3.4 3.2 3.0 3.6 Income: 2 Under $3,000 0.2 0.5 0.9 0.7 0.7 0.9 0.8 0.6 $3,000-54,999 1.9 1.8 1.8 3.1 2.2 1.7 1.5 2.3 $5,000-57,499 3.9 3.1 4.0 5.5 3.9 4.4 3.5 4.4 57,500-59,999 7.3 6.3 6.8 10.0 6.6 5.4 6.4 6.7 510,000 and over 10.8 8.5 10.4 15.3 11.7 9.4 9.6 11.4 Age of head: Under 35 3.2 3.2 3.4 4.3 3.1 3.2 3.3 3.6 35-54 3.5 3.0 3.7 5.8 4.4 4.0 3.6 4.3 55 and over 2.1 1.8 2.3 3.3 2.4 2.2 2.0 2.8 Used automobile: All families 4.6 4.0 4.1 4.6 4.5 3.8 3.7 3.9 Income: 2 Under 53,000 3.6 2.6 3.2 3.4 3.0 2.6 2.8 2.9 53,000-$4,999 5.9 4.6 4.7 5.8 4.7 4.2 4.0 4.3 $5,000-57,499 5.5 5.1 5.2 6.2 5.9 4.8 4.5 4.8 57,500-59,999 5.1 5.4 5.2 4.6 6.2 4.7 5.3 5.5 510,000 and over 4.2 3.8 3.8 3.3 5.4 3.2 4.0 3.8 Age of head: Under 35 7.3 6.2 6.8 7.6 6.4 6.7 6.5 6.6 35-54 4.9 4.5 4.5 4.8 5.4 4.2 3.9 4.2 55 and over 2.3 1.8 1.7 2.3 2.1 1.4 1.5 1.6 Prospective purchases per 100 families in group Household durable goods: 3 All families 13.6 12.2 13.9 17.0 15.3 13.6 13.6 13.5 Income:2 Under 53,000 10.7 8.5 10.4 12.7 11.3 9.7 9.5 9.0 53,000-54,999 14.3 12.8 14.2 18.4 14.5 13.0 13.6 14.1 55,000-57,499 14.9 13.8 16.2 19.2 17.3 14.2 15.9 15.5 $7,500-$9,999 18.0 16.1 17.5 20.5 22.8 16.6 17.5 18.5 $10,000 and over 21.5 17.7 21.5 25.8 23.3 20.9 21.8 20.9 Age of head: Under 35 18.5 16.1 17.0 21.1 18.3 19.3 19.0 19.2 35-54 14.5 13.1 15.7 18.6 17.4 14.6 14.9 14.9 55 and over 9.1 8.0 9.5 12.1 10.6 8.4 8.5 8.0 1 Includes those undecided between new and used. 3 Refers to sum of all prospective purchases of the following 2 Total money income of family in 12 months immediately pre- durable goods: washing machines, refrigerators, television sets. ceding interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 1337 TABLE 3 PURCHASERS OF AUTOMOBILES AND OTHER SPECIFIED DURABLE GOODS, 7 QUARTERS, 1959-60* [Percentage of all families] 1959 1960 Type of durable good Jan.- Apr.- July- Oct.- Jan.- Apr.- July- Mar. June Sept. Dec. Mar. June Sept. Automobile: New 2 4 2.8 2.6 2.4 2.7 3 2 2 8 Used 5.2 5.7 5.2 4.7 5.0 5.7 5.2 Washing machine 2.5 2.5 3.3 3.2 2.4 2.7 2.8 Refrigerator 1.7 2.2 3.1 2.3 1.6 2.4 2.7 Television set. . . 3.4 2.6 3.3 4.8 3.3 2.9 3.4 1 As reported in month immediately following purchase period. TABLE 4 PAST AND EXPECTED CHANGES IN INCOME, 1959-60 [Percentage distribution of families] 1959 1960 Direction of change Jan. Apr. July Oct. Jan. Apr. July Oct. Current income compared with a year earlier: Higher 22 7 22.3 23.3 23.4 24 3 21.6 20 8 22 6 Same 54.3 58.3 57.8 55.6 55.4 59.7 60.0 57.1 Lower 19.9 16.4 15.7 17.5 16.6 15.1 15.2 16.5 Doesn't know 3.2 3.0 3.2 3.5 3.7 3.6 3.9 3.8 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Expected income compared with current:l Higher 24.3 21.0 23.0 24.4 23.7 23.6 23.8 23.8 Same 55.8 59.8 58.6 57.0 57.9 58.6 57.8 57.6 Lower 6.9 6.0 6.3 6.2 5.6 5.5 5.8 5.7 Doesn't know 13.0 13.2 12.1 12.5 12.7 12.3 12.5 12.9 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Expected a year hence. NOTE.—Details may not add to totals because of rounding. TABLE 5 INCOME AND AGE OF PURCHASERS OF SPECIFIED DURABLE GOODS, THIRD QUARTER, 1960 1 [Percentage distribution] All families Automobile Income or age group p (p a u u n rc r d c h h a n a s o s e n e r - r s s ) N u e s w e d or New Used W ma a c s h h i i n n e g R er e a fr t i o g r - Tele s v e i t sion [ncome:2 Under $3,000 27.4 15.8 6.6 20.8 19.1 24.1 21.2 $3 000-$4 999 22.6 24.7 17.1 28.7 25.5 26.1 24.4 $5,000-$7,499 24.2 29.5 32.8 27.7 26.2 22.8 27.0 $7 500-$9 999 10.2 12.7 16.3 10.7 12.4 11.3 11.4 $10 000 and over 8.9 11.4 20.5 6.4 8.8 8.4 10.3 Not ascertained 6.6 6.0 6.7 5.6 7.9 7.3 5.6 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Age of head: Under 35 23.7 32.3 26.7 35.3 31.5 37.5 38.0 35 54 41.7 47.7 48.7 47.2 48.9 42.5 40.8 55 and over 34.5 20.0 24.6 17.5 19.6 20.0 21.1 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 As reported in month immediately following purchase period. NOTE.—Details may not add to totals because of rounding. 2 Total money income of family in 12 months immediately preceding interview in October 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Reprint of Regulations of The Marine Corporation, Milwaukee, Wisconsin, for the Board's prior approval of the acqui- The regulations of the Board of Governors are sition of 60 per cent or more of the 20,000 votbeing reprinted to conform to the style of the ing shares of Oak Creek Marine National Bank, Code of Federal Regulations. These regulations Oak Creek, Wisconsin; a Notice of Tentative have appeared in the Code since its first publi- Decision referring to a Tentative Statement on cation in 1938, but the Board heretofore has not said application having been published in the followed the Code style. Federal Register on October 26, 1960 (25 Fed- The Federal Reserve System has been assigned eral Register 10282); the said Notice having Parts 200 to 299 of Title 12 of the Code of Fedprovided interested persons an opportunity, before eral Regulations and the Board's regulations folissuance of the Board's final order, to file oblow in numerical order, i.e., Regulation A is Part jections or comments upon the facts stated and 201, Regulation B is Part 202, etc. Under each the reasons indicated in the Tentative Statement; Part the sections bear the same numbers as secand the time for filing such objections and comtions of the Board's lettered regulation except that ments having expired and no such objections or a decimal system is used so that section 1 of comments having been filed; Regulation A is § 201.1, section 2 is § 201.2, etc. IT IS HEREBY ORDERED, for the reasons set forth In addition to the regulations, all interpretations in the Board's Statement of this date, that the in the Federal Reserve BULLETINS since 1946 are said application be and hereby is granted, and also published in the Code following the regulathe acquisition by The Marine Corporation of tion (Part) to which they refer. These are num- 60 per cent or more of the 20,000 voting shares bered in the hundreds and interpretations of of Oak Creek Marine National Bank, Oak Creek, Regulation A (Part 201) follow as § 201.101, Wisconsin, is hereby approved, provided that such § 201.102, etc. acquisition is completed within three months from the date hereof. Order Under Section 3 of the Bank Holding Company Act Dated at Washington, D. C, this 17th day of November, 1960. The Board of Governors of the Federal Re- By order of the Board of Governors. serve System, on November 17, 1960, issued the following Order and Statement with respect to ap- Voting for this action: Governors Balderston, Szymplication by a holding company for approval of czak, Mills, Shepardson, and King. Absent and not voting: Chairman Martin and Governor Robertson. the acquisition of voting shares of a bank: (Signed) MERRITT SHERMAN, THE MARINE CORPORATION Secretary. [SEAL] In the Matter of the Application of The Marine Corporation for prior approval of acquisition of STATEMENT voting shares of Oak Creek Marine National Bank, The Marine Corporation, Milwaukee, Wiscon- Oak Creek, Wisconsin. sin ("Marine"), a bank holding company, has applied, pursuant to section 3(a) (2) of the Bank ORDER APPROVING APPLICATION UNDER Holding Company Act of 1956 ("the Act"), BANK HOLDING COMPANY ACT for the Board's prior approval of the acquisition There having come before the Board of Gov- of 60 per cent or more of the 20,000 voting ernors pursuant to section 3(a) (2) of the Bank shares of a proposed new bank, to be called the Holding Company Act of 1956 (12 USC 1843) Oak Creek Marine National Bank, Oak Creek, and section 4(a) (2) of the Board's Regulation Wisconsin ("Bank"). Y (12 CFR 222.4(a)(2)), application on behalf Views and recommendations of the Comptroller 1338 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1339 LAW DEPARTMENT of the Currency. As required by section 3(b) school (on both of which construction is exof the Act, the Board forwarded notice of the ap- pected to be started in 1960), and an apartplication to the office of the Comptroller of the ment project now under construction or planned Currency. The Comptroller responded by rec- for the near future which will consist of a total ommending approval of the transaction. of 1,600 apartments. The plant of the largest Statutory factors. Section 3(c) of the Act re- employer in the city is within one-half mile of quires the Board to take into consideration the the proposed bank site. following five factors: (1) the financial history The financial history and condition, prospects, and condition of the holding company and bank and management of both Marine and Bank are concerned; (2) their prospects; (3) the char- satisfactory. acter of their management; (4) the convenience, A consideration of the factor "convenience, needs, and welfare of the communities and area needs, and welfare of the communities and area concerned; and (5) whether or not the effect of concerned" lends rather strong support for apthe acquisition would be to expand the size or proval of the application. This conclusion is extent of the bank holding company system in- based upon (1) the fact that there is now no volved beyond limits consistent with adequate and bank in the city and that the two banks nearest sound banking, the public interest, and the pres- the proposed bank site are V/i miles distant in ervation of competition in the field of banking. South Milwaukee; (2) the existing population of the city and the anticipated growth thereof; (3) Discussion. Marine now has four subsidiary the potential for increased industry; and (4) the banks in Milwaukee County, one in adjacent rather extensive municipal and private construc- Waukesha County, and one in the city of Green tion under way and in the planning stage in the Bay. Its principal subsidiary is Marine National immediate vicinity of the proposed bank site. Exchange Bank, the third largest bank in Milwaukee County. An additional judgment required of the Board by section 3(c) of the Act is whether the effects The city of Oak Creek has a population of of the proposed acquisition would be to expand about 9,300. Its area of about 29.5 square miles the size or extent of Marine's holding company occupies the southeastern portion of Milwaukee system beyond limits consistent with adequate County, and is bounded on the north by the cities and sound banking, the public interest, and the of Milwaukee, Cudahy, and South Milwaukee, preservation of banking competition. and on the south by the Milwaukee County line. The application includes a "Comprehensive City Marine now controls four of the 46 offices of Plan" report dated February 5, 1959, which con- commercial banks in Milwaukee County. The tains a statement that retail trade and service total deposits of such banks amount to $1,661 establishments are widely scattered, and a greater million, of which Marine's banking offices hold central focus, functional arrangement, and shopper $215 million or about 13 per cent. Marine's acconveniences need to be developed. Marine quisition of Bank would not appear to involve points out that the urban development of the area an undue concentration of banking resources. has been comparatively slow, due primarily to Marine and two other bank holding companies financial and other hindrances which have been control a large proportion of the deposits held by cleared away in the last two years. The "Com- all commercial banks in Milwaukee County. Howprehensive City Plan" report estimates that the ever, this is not regarded as a controlling factor population of Oak Creek will be about 19,000 in this case in view of the situation in the priin 1965. mary service area of Bank and the considerations The site of the Bank would be approximately with respect to "convenience, needs, and welfare" \0Vi miles from downtown Milwaukee, and mentioned above. would be located at the approximate geographic It is probable that Bank's business would be center of the city of Oak Creek in a shopping derived principally from Oak Creek. The two center which is to be constructed on a 60-acre existing banks most likely to be affected by the tract. Other developments in this newly desig- establishment and operation of Bank would be nated downtown area of Oak Creek include a the two banks in South Milwaukee. One of these, City Hall and Administration Building, a high South Milwaukee Marine Bank, is a subsidiary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1340 FEDERAL RESERVE BULLETIN • DECEMBER 1960 of Marine and, according to Marine, holds less consistent with adequate and sound banking, the than $500,000 of deposits of individuals, part- public interest, and the preservation of compenerships, and corporations (IPC) derived from tition in the field of banking. the anticipated primary service area of Bank. The Conclusion. The above views were incorpoother bank in South Milwaukee, the Home State rated in the Tentative Statement issued in con- Bank, is not a subsidiary of any bank holding nection with the Notice of Tentative Decision company, and having no time deposits would not published in the Federal Register on October 26, be competing with Bank for such deposits. The 1960 (25 Federal Register 10282), affording inmain competitor of Home State for demand IPC terested persons an opportunity to submit comdeposits would continue to be South Milwaukee ments on, or objections to, the Board's proposed Marine Bank, and as between those two banks action. No comments or objections were rethe competitive situation would not be changed ceived. by the proposed acquisition. Accordingly, Bank's Viewing the relevant facts in the light of the acquisition by Marine would not, in the Board's general purposes of the Act and the factors enujudgment, have any material adverse effect upon merated in section 3(c), it is the judgment of Home State Bank or other banks. the Board that the proposed acquisition would be The Board concludes that the proposed acqui- consistent with the statutory objectives and the sition would not expand the size or extent of public interest and that the application should be Marine's holding company system beyond limits approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years beginning January 1, 1961. Boston Class A ARTHUR F. MAXWELL, President, The First National Bank of Biddeford, Biddeford, Maine. (Re-elected) Class B WILLIAM R. ROBBINS, Vice President and Controller, United Aircraft Corporation, East Hartford, Connecticut. (Re-elected) New York Class A A. LEONARD MOTT, President, The First National Bank of Moravia, Moravia, New York. Mr. Mott succeeds Cyrus M. Higley, President and Trust Officer, The Chenango County National Bank and Trust Company of Norwich, Norwich, New York. Class B AUGUSTUS C. LONG, Chairman of the Board, Texaco, Inc., New York, New York. (Re-elected) Philadelphia Class A J. MILTON FEATHERER, Executive Vice President and Trust Officer, The Penn's Grove National Bank and Trust Company, Penn's Grove, New Jersey. Mr. Featherer succeeds William B. Brosius, President, National Bank of Chester County and Trust Company, West Chester, Pennsylvania. Class B LEONARD P. POOL, President, Air Products, Incorporated, Allentown, Pennsylvania. Mr. Pool succeeds Bayard L. England, Chairman, Atlantic City Electric Company, Atlantic City, New Jersey. Cleveland Class A PAUL A. WARNER, President, The Oberlin Savings Bank Company, Oberlin, Ohio. (Re-elected) Class B EDWIN J. THOMAS, Chairman of Board and Chief Executive Officer, The Goodyear Tire & Rubber Company, Akron, Ohio. Mr. Thomas succeds Joseph B. Hall, President, The Kroger Co., Cincinnati, Ohio, 1341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1342 FEDERAL RESERVE BULLETIN • DECEMBER 1960 Richmond Class A ADDISON H. REESE, President, North Carolina National Bank, Charlotte, North Carolina. Mr. Reese succeeds Denver L. Morgan, Executive Vice President, The Charleston National Bank, Charleston, West Virginia. Class B ROBERT E. L. JOHNSON, Chairman of the Board, Woodward & Lothrop, Inc., Washington, D. C. Mr. Johnson succeeds Robert O. Huffman, President, Drexel Furniture Company, Drexel, North Carolina. Atlanta Class A GEORGE S. CRAFT, President, Trust Company of Georgia, Atlanta, Georgia. Mr. Craft succeeds W. C. Bowman, Chairman of the Board, The First National Bank of Montgomery, Montgomery, Alabama. Class B W. MAXEY JARMAN, Chairman, GENESCO, Inc., Nashville, Tennessee. Mr. Jarman succeeds Pollard Turman, President, J. M. Tull Metal & Supply Company, Inc., Atlanta, Georgia. Chicago Class A DAVID M. KENNEDY, Chairman of the Board, Continental Illinois National Bank and Trust Company of Chicago, Chicago, Illinois. Mr. Kennedy succeeds Walter J. Cummings, Chairman of the Executive Committee, Continental Illinois National Bank and Trust Company of Chicago, Chicago, Illinois. Class B GERALD F. LANGENOHL, Treasurer and Assistant Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wisconsin. (Re-elected) St. Louis Class A H. LEE COOPER, President, Ohio Valley National Bank of Henderson, Henderson, Kentucky. (Reelected) Class B EDGAR M. QUEENY, Chairman of the Finance Committee and member of the Board of Directors, Monsanto Chemical Company, St. Louis, Missouri. Mr. Queeny succeeds Leo J. Wieck of Leo J. Wieck & Co., St. Louis, Missouri. Minneapolis Class A HAROLD C. REFLING, Cashier, First National Bank in Bottineau, Bottineau, North Dakota. (Re-elected) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 1343 Minneapolis Class B RAY C. LANGE, President, Chippewa Canning Company, Inc., Chippewa Falls, Wisconsin. (Re-elected) Kansas City Class A HAROLD KOUNTZE, Chairman of the Board, The Colorado National Bank of Denver, Denver, Colorado. (Re-elected) Class B MAX A. MILLER, livestock rancher, Omaha, Nebraska. (Re-elected) Dallas Class A ROY RIDDEL, President, First National Bank at Lubbock, Lubbock, Texas. Mr. Riddel succeeds Sam D. Young, President, El Paso National Bank, El Paso, Texas. Class B D. A. HULCY, Chairman of the Board, Lone Star Gas Company, Dallas, Texas. (Re-elected) San Francisco Class A CARROLL F. BYRD, Chairman of the Board and President, The First National Bank of Willows, Willows, California. (Re-elected) Class B JOSEPH ROSENBLATT, President, The Eimco Corporation, Salt Lake City, Utah. (Re-elected) REVISIONS IN CONSUMER CREDIT STATISTICS credit also reflects an adjustment of seasonal facrr ... . , , . , r _ tors to current seasonal patterns. U xl The consumer credit series has been revised for the ^ period 1958 to date to adjust to comprehensive in- Monthly data for the period covered by each of formation available from 1959 and other recent the revised series, together with a further descripbenchmarks. The revised series on seasonally ad- tion of the revision, are shown on pages 1406 and justed extensions and repayments of instalment 1409 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication December 16 Industrial production and total employment de- to 71 per cent of the 1957 average and there were clined in November while personal income and further decreases in output of other metal and retail sales were maintained and the value of new construction materials. Production of textiles and construction activity edged up. Commercial bank some other nondurable materials also continued credit changed little and the seasonally adjusted to decline. In early December, steel mill operamoney supply declined. tions were reduced about seasonally. INDUSTRIAL PRODUCTION CONSTRUCTION Industrial production in November was 105 per The value of new construction activity, which cent of the 1957 average, compared with 107 in had declined in October, edged up in November October and an average of 110 for the first seven to about the July-September rate. Private conmonths of the year. Output of consumer goods struction outlays remained at the reduced October and materials declined in November while producrate, but public expenditures, mainly for hightion of business equipment remained at the adways, increased. vanced level prevailing since mid-1959. Auto assemblies were curtailed in November EMPLOYMENT and current schedules indicate some further decline in December. Output of apparel, appliances, and Seasonally adjusted employment in nonfarm establishments declined further in November. television sets was also reduced in November, while Employment was reduced in most durable goods production of other home goods and consumer and some nondurable goods manufacturing instaples was maintained. Commercial equipment dustries. There also were decreases in mining, rose slightly further to a new high and electrical transportation and trade while gains were reported and other industrial equipment recovered from the in service activities and State and local governstrike-curtailed level of October. Farm machinery ment. The average factory workweek declined was about unchanged at the sharply reduced midagain, following a rise in October, but average year rate. weekly earnings changed little as hourly earnings Iron and steel production declined in November rose slightly further. Unemployment increased 450,000 in November to 4.0 million. The rise INDUSTRIAL PRODUCTION was of about seasonal proportions, however, and 1957 = 100 the seasonally adjusted rate of unemployment, at 6.3 per cent of the civilian labor force, changed little from October. DISTRIBUTION Sales at retail stores in November remained at the advanced October rate and were 4 per cent above a year earlier. Sales at nondurable goods outlets rose slightly further, despite a 4 per cent decrease at department stores, while dollar volume at durable goods stores declined somewhat. Seasonally adjusted unit sales of autos, including a number of 1960-model cars at reduced prices, equaled the high rate in October. New car stocks Federal Reserve indexes, seasonally adjusted. Monthly fig- rose further and were high for this time of year. ures, latest shown are for November. 1344 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1345 COMMODITY PRICES serve averaged about $85 million and excess reserves $805 million over the four weeks ending The wholesale commodity price index continued December 14. Borrowings were lower and excess to show little change in November and early Dereserves were considerably higher than in the precember. Average prices of industrial commodivious four weeks. About $1.3 billion of reserves ties edged down, partly because of decreases in were made available to banks in late November such basic materials as textiles, rubber, lead, and and early December through changes in reserve zinc. Prices of farm products and foods have requirements and in regulations on vault cash alnot shown the usual seasonal decline this autumn lowable as reserves. Reserves were absorbed and currently are 5 per cent higher than a year principally through currency outflow and a reducago, mainly because of reduced supplies of hogs, tion in Federal Reserve System holdings of U. S. eggs, and some fruits and vegetables. Government securities. BANK CREDIT AND RESERVES SECURITY MARKETS Total commercial bank credit changed little in Yields on Treasury securities declined on bal- November, following a rise of $2.5 billion in Ocance between mid-November and mid-December, tober. Total loans increased somewhat, but bank with the rate on 91-day Treasury bills falling to holdings of U. S. Government securities declined around 2VA per cent from 2!/2 per cent in midslightly following substantial purchases at the time November. Yields on State and local government of the Treasury's financing operations in October. bonds changed little, and those on corporate The seasonally adjusted money supply, on a daily bonds increased somewhat. Common stock prices average basis, declined $400 million in November. in mid-December were somewhat higher than a Seasonally adjusted turnover of demand deposits month earlier. increased. Member bank borrowings from the Federal Re- INTEREST RATES RETAIL TRADE 1947 - 49 = 100 RETAIL SALES DEPARTMENT STORES 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 October, for other series, November. figures shown are for week ending December 9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

* United States * Member bank reserves, Reserve Bank credit, and related items 1348 Reserve Bank discount rates; margin requirements; reserve requirements 1352 Federal Reserve Banks 1354 Currency in circulation, money supply; bank debits. 1356 All banks: consolidated statement of monetary system; deposits and currency 1358 All banks, by classes. . . 1359 Commercial banks, by classes 1362 Weekly reporting member banks 1364 Business loans 1367 Interest rates 1368 Security prices; stock market credit; open market paper 1369 Savings institutions 1370 Business finance 1372 Security issues 1374 Federal finance 1375 Federal business-type activities 1380 Real estate credit . . 1381 Short- and intermediate-term consumer credit 1384 Industrial production. 1388 Selected indexes on business activity 1394 Construction . . 1394 Employment and earnings 1396 Department stores 1398 Foreign trade . 1399 Wholesale and consumer prices 1400 National product and income series 1402 Flow of funds, saving, and investment 1404 Revised estimates of short- and intermediate-term Consumer Credit 1406 Index to statistical tables 1435 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. 1347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1348 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . t S al . G B o r o o v ig u t u h t g - s t h e t cu u r c a H r e n h i g t p e a d i r u l e e s e d s e r e r - - c v D o a a a n u n i d s c d n - - e ts s Float Total i s G to o c ld k T r s c o e t u i r a u n n u e r n g r y c t a - - d y s - - r c C t e c u i i n u o i n l r c a n r - - y - T h c i u o n r a e r l g s y d a h s s - - T w re i a th s- r F e . s F e e i o R g rv r n . - es B , a O n t k h s er c O F o . a t u c h R - n e t r . s Total 2 re B s F W e . a r n i v R t k h e . s s A c a l a i l b n s o l h w e ' ment Averages of daily figures 1929—June 179 179 978 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 I941_Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947—Dec 21,905 21,905 268 68122,858 22,712 4,556 28,937 1,330 967 1,016 614 17,261 17,261 1950—Dec... 20,345 20,336 9 142 117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec... 23,409 23,310 99 657 ,37525,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec... 24,400 23,876 524 1,633 ,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953_Dec... 25,639 25,218 421 448 ,018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954_Dec... 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec... 24,602 24,318 284 840 389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec... 24,765 24,498 267 706 ,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec... 23,982 23,615 367 716 ,44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec.... 26,312 26,216 96 564 496 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—June... 25,963 25,949 14 938 ,00927,937 20,030 5,278 31,813 632 495 277 359 1,219 18,451 18,451 1959 Oct 26,517 26,479 38 909 ,115 28,563 19,498 5,293 31,974 391 512 302 388 1,175 18,610 18,610 Nov 26,732 26,628 104 886 ,094 28,741 19,581 5,303 32,207 413 485 317 379 1,204 18,621 18,621 Dec 27,036 26,993 43 911 ,426 29,435 19,482 5,311 32,775 396 524 361 348 1,195 18,932 18,628 304 1960 Jan 25,934 25,914 20 909 1,343 28,236 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 ,066 27,048 19,410 5,336 31,628 442 481 197 307 970 18,027 17,770 257 Apr 25,488 25,373 115 623 ,082 27,227 19,386 5,344 31,713 419 554 185 353 890 18,104 17,843 261 May 25,818 25,697 121 502 ,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 ,141 28,178 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 32,151 400 516 216 393 962 18,570 17,697 873 Oct 27,056 26,929 127 170 ,23728,502 18,571 5,382 32,183 '406 488 226 417 891 18,733 17,843 890 27,871 27,542 329 160 ,24829,333 18,058 5,391 32,473 406 46: 243 488 973 18.973 17,737PI.236 Nov Week ending: 1959 26,591 26,563 1,007 1,00528,623 19,491 5,289 31,933 387 533 300 420 ,194 18,636 18,636 Oct. 7 26,637 26,563 1,051 956 2288,667 19,489 5,290 32,096 387 474 326 464 ,197 18,501 18,501 14 26,402 26,402 824 1,41728,664 19,488 5,293 32,026 391 518 294 344 ,193 18,679 18,679 21 26,385 26,364 21 796 1,'14 "9 28,353 19,486 5,297 31,873 396 530 297 335 ,136 18,568 18,568 28 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 26,574 189 916 947 28,651 19,585 5,301 32,105 414 458 313 396 ,128 18,724 18,724 18 26,702 26,593 109 864 1,16528,758 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 54' 347 355 ,241 18,451 18,396 55 9 27,194 27,130 64 916 1,003 2299,153 19,505 5,310 32,601 405 487 362 338 ,244 18,797 18,529 268 16 27,176 27,142 34 961 1,16929,365 19,478 5,311 32,798 396 528 341 342 ,181 18,87f 18,567 305 23 27,007 26,970 37 985 1,81829,883 19,467 5,312 32,924 387 523 365 331 ,195 19,27- 18,937 337 30 26,829 26,787 4! 933 1,78829,629 19,456 5,313 32,893 393 537 387 333 ,195 18,997 18,660 337 1960 Jan. 6 26,64: 26,607 1,018 1,586 29,318 19,456 5,313 32,524 407 582 348 553 843 19,141 18,831 310 13 26,395 26,339 915 1,269 28,633 19,455 5,315 32,282 410 519 308 332 840 19,029 18,713 316 20 25,622 25,620 918 1,51 28,098 19,455 5,316 31,910 424 494 231 326 836 18,963 18,648 315 27 25,450 25,450 776 1,10:27,370 19,454 5,315 31,650 424 519 217 332 836 18,476 18,16 315 Feb. 3 25,447 25,44: 811 1,108 27,406 19,44! 5,319 31,565 436 510 239 333 834 18,537 18,252 285 10 25,389 25,355 853 85: 27,135 19,43: 5,321 31,599 443 41' 203 344 834 18,268 18,049 219 17 25,355 25,300 974 1,16'27,535 19,43: 5,323 31,631 45 59 224 522 896 18,250 17,974 276 24 25,253 25,253 620 1", 324- 2,7235 19,42! 5,325 31,562 445 529 206 439 1,008 18,061 17,793 268 Mar. 2 25,212 25,154 58 79- 1,06 27,102 19,421 5,328 31,518 442 542 219 323 1,008 18,105 17,80C 305 9 25,270 25,235 35 595 1,17- 27,075 19.412 5,333 31,613 435 542 200 293 1,00^" 17,941 17,731 210 16 25.444 25,313 131 726 99- 27,197 19,409 5,335 31,726 448 446 200 293 980 18,108 17,849 259 23 25,323 25,290 33 587 1,24527,189 19,409 5,337 31,67 450 45 180 305 944 18,189 17,934 255 30 25,239 25,234 608 89826.778 19,408 5,340 31,534 439 47S 203 327 945 17,894 17,600 294 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1349 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 r r i t o e d T U o . ta S J . G B o r o v o i u g u t. h t g - t s h e t cu u r c a H r e h n g i p t e a d r i l u e e s e d s e e r r - - c v D o a a a u n n i 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 a c r n - y - - T h c i u n o r a r e l g s d y a h s - s- Tr u w e r i a y t s h - r F e F s . e e o i R r g r v n - . es B , a O n t k h s er c O F o a . t u c h R - n e t r . s Total 2 re B F W se a . r n i R v t k h e . s s A c a a l i l b s n o h l w e 3 ment Average! of daily figures Week ending: 1960 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 25,285 111 734 910 27,073 19,394 5,342 31,826 417 465 200 349 917 17,870 17,634 236 20. 25,701 25,417 284 561 ,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 ,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 25,616 252 549 924 27,371 19,359 5,348 31,723 419 504 184 314 854 18,306 18,081 225 18. 25,761 25,627 134 555 ,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 ,16127,338 19,353 5,350 31,684 415 547 202 290 1,034 18,168 17,868 300 June 1 25,968 25,941 27 436 99327,427 19,352 5,349 31,812 414 468 206 390 1,033 18,121 17,806 315 8 26,134 26,118 16 400 ,01127,575 19,352 5,350 31,917 424 445 199 361 1,034 18,152 17,897 255 15 26,176 26,176 375 ,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 ,544 28,135 19,346 5,354 31,927 412 550 225 437 970 18,602 18,315 287 29 26,129 26,129 412 ,16827,739 19,325 5,356 31,867 406 505 249 415 971 18,342 18,007 335 July 2 2 6 6 , , 6 5 1 5 3 3 2 2 6 6 , , 4 5 9 1 1 7 9 6 6 2 4 34 4 1 0 , 0 1 4 3 0 8 2 2 8 8, , 0 1 6 2 3 0 1 1 9 9 , , 2 3 8 2 2 2 5 5 , , 3 3 5 5 6 6 3 32 2 , , 3 1 6 5 1 5 4 4 0 0 6 6 4 5 2 1 2 7 2 2 2 1 6 4 3 3 9 8 9 0 9 93 5 5 8 1 1 8 8, , 3 3 4 2 9 0 1 18 8 , , 0 0 4 7 1 9 2 3 4 0 1 8 20. 26,556 26,416 140 429 ,42328,437 19,251 5,357 32,199 409 548 209 374 884 18,762 18,422 340 27. 26,599 26,522 77 351 ,08728,065 19,191 5,357 32,041 405 488 202 373 884 18,552 18,219 333 Aug. 3. 26,930 26,760 170 315 890 28,165 19,147 5,358 32,046 408 466 221 371 884 18,591 18,272 319 10. 27,099 26,806 293 293 28,246 19,098 5,359 32,129 404 452 192 363 884 18,525 18,279 246 17. 27,041 26,812 229 416 976 28,469 19,039 5,363 32,184 409 555 190 386 904 18,564 18,243 321 24. 26,992 26,772 220 193 1,014 28,245 19,026 5,366 32,087 400 485 195 380 1,016 18,404 18,075 329 31. 26,788 26,682 106 273 78827,882 19,006 5,370 31,980 395 487 225 384 1,014 18,466 17,772 694 26,784 26,640 144 262 86127,941 18,999 32,174 399 477 233 412 1,011 18,358 17,607 751 Sept- 26,649 26,524 125 301 ,06428,048 18,975 32,291 401 465 204 386 974 18,581 17,676 905 21 26,541 26,495 46 86 ,52728,189 18,828 32,171 403 551 224 379 936 18,635 17,729 906 28 26,539 26,456 83 244 ,24228,059 18,731 5,375 32,004 399 579 200 378 934 18,609 17,671 938 Oct. 5 27,028 26,836 192 219 096 28,385 18,671 5,377 32,049 403 467 213 443 936 18,759 17,922 837 12 27,268 27,136 132 168 090 28,568 18,615 32,276 408 474 202 430 932 18,640 17,840 800 19 27,036 27,036 95 ,45328,621 18,586 32,304 413 489 215 393 864 18,839 17,909 930 26... 26,760 26,681 79 262 ,35728,417 18.552 5,383 32,120 403 546 257 375 862 18,728 17,789 939 Nov. 2 27,313 26,946 367 211 1,09828,662 18,405 5,387 32,104 403 442 254 456 865 18,873 17,931 942 9 28,015 27,439 576 158 98529,211 18,124 5,389 32,298 398 418 250 452 864 18,797 18.045 752 16 28,105 27,588 517 190 1,30829,658 18,068 5,391 32,527 402 519 230 740 914 18,734 17,784 950 23 27,831 27,678 153 121 i;532 29,542 17,999 5,392 32,532 407 469 224 388 1,073^18,755 17,839 30 27,623 27,607 16 1,232 29,026 17,957 5,392 32,638 416 460 258 391 1,071^19,551 17,141 End of month 1960 Sept 27,024 26,808 216 181 1,15528,402 18,685 5,378 32,022 396 489 223 456 936 18,779 17,942 837 Oct 2 2 7 7 , , 4 4 8 0 8 2 2 2 7 7 , , 0 4 2 8 5 6 37 2 7 1 1 9 0 3 1 1 1 , , 0 0 9 9 6 52 2 8 8 , , 7 7 3 2 1 9 ^1 1 7 8 , , 9 40 1 2 0"5 5 , , 3 3 9 8 1 7 ^ 3 3 2 2, , 6 1 1 4 8 4 389 4 5 3 1 7 2 2 2 5 5 1 2 4 3 7 9 7 0 1,0 8 6 6 9 5 ^1 1 9 8 , , 3 8 1 9 3 8 1 1 7 6 , , 9 7 5 7 6 0 2,5 9 4 4 3 2 Nov Wednesday 1960 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 Oct. 5 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 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 1 1 2 9 26,952 26,657 295 950 1,026 28,966 18,473 5,387 32,037 408 519 269 375 864 19,293 18,354 939 Nov. 2 3 2 1 2 3 9 0 6 6 2 2 2 2 2 7 7 7 8 7 , . , , , 6 9 4 7 0 4 1 8 8 1 1 1 8 9 7 2 2 2 2 2 7 7 7 7 7 , , , , , 6 4 6 0 5 8 0 8 4 7 3 5 6 6 6 5 5 3 9 3 1 0 2 5 4 3 6 4 3 1 1 1 2 2 0 8 7 3 3 1 7 6 \ 1 1 1 , , , , 0 0 2 5 — 1 0 9 8 0 1 5 5 8 3 4 2 2 2 2 2 8 8 9 9 9 , , , , , 7 8 4 1 2 3 3 3 1 0 1 0 2 2 5 ^1 1 1 1 1 7 8 7 8 8 , , , , , 9 1 9 3 0 1 1 8 3 0 0 6 6 4 6 ^ 5 5 5 5 5 , , , , , 3 3 3 3 3 9 9 8 9 9 1 1 8 2 1^3 3 3 3 3 2 2 2 2 2 , , , , , 6 6 4 1 5 1 5 5 2 0 8 8 5 4 2 P 4 4 4 4 4 0 1 0 1 2 7 2 0 4 2 . 4 4 6 3 5 0 9 3 8 1 8 1 5 0 2 2 2 2 2 2 2 1 6 5 5 1 1 3 8 2 4 3 3 3 3 2 8 7 9 8 9 5 9 0 7 1 1 1, , , 0 0 8 0 8 7 6 7 6 6 1 9 5 3 4 ^ P 1 1 1 1 1 8 9 8 9 8 , , , , , 3 2 2 3 5 2 8 7 1 6 5 9 7 3 2 1 1 1 1 1 7 8 7 7 6 , , , , , 3 3 5 6 7 6 8 3 1 7 1 3 7 2 0^2, ^ 5 9 7 9 9 4 4 5 5 1 3 2 2 0 6 v Preliminary. r Revised. tables on Federal Reserve Banks. (Industrial loan program discontinued * 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

1350 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- row- Free re- quired re- ings re- re- quired re- ings re- re- quired re- ings reserves re- serves 3 at serves 3 serves re- serves3 at serves3 serves re- serves3 at serves 3 held* serves2 F. R. heldi serves ^ F. R. heldi serves 2 F. R. Banks Banks4 Banks4 1929—June 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 1 63 -62 1933—June 5 2,160 1,797 363 184 179 861 792 69 69 211 133 78 n.a. n.a. 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 n.a. n.a. ,141 601 540 n.a. n.a. 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a. ,143 848 295 n.a. n.a. 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 ,024 ,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 ,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 ,353 3 64 -61 1952—Dec 21,180 20,457 723 ,593 -870 5,357 5,328 30 486 -456 ,406 ,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 ,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 ,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 ,166 ,164 2 85 -83 1956-Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 ,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,136 ,127 8 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 -80 ,077 ,070 7 39 -31 1959—June.... 18,451 18,043 408 921 -513 3,933 3,926 7 22 -15 ,009 ,006 3 66 -63 1959—Oct 18,610 18,164 446 905 -459 3,867 3,851 15 225 -209 ,020 ,018 2 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 -88 1,046 1,041 4 94 -90 Feb 18,213 17,758 455 816 -361 3,753 3,744 9 59 -50 996 993 3 129 -126 Mar 18,027 17,611 416 635 -219 3,766 3,755 10 9 1 975 970 6 157 -151 Apr 18,104 17,696 408 602 -194 3,765 3,784 -19 12 -31 954 955 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 3 41 -38 Sept 18,570 17,931 639 225 414 3,773 3,755 18 — 2 1,014 1,011 3 8 -5 Oct 18,733 18,095 638 149 489 3,788 3,765 22 9 1,011 1,007 4 6 -2 Nov 2*18,973^18,238 142 P593 »3,770 ^3,718 ^52 ^1,006 P998 12 P_4 Week ending: 1959—Nov. 4.. 18,711 18,311 400 826 426 3,911 3,902 177 -169 1,038 1,037 56 -55 11. 18,724 18,202 522 908 386 3,765 3,783 286 -304 1,030 1,026 70 -66 18. 18,647 18,190 457 856 399 3,794 3,768 281 -255 1,032 1,026 86 -81 25. 18,563 18,130 433 822 389 3,786 3,758 116 -87 1,028 1,024 34 -30 1960—June 1. 18,121 J7.684 437 436 1 3,825 3,772 52 988 977 3 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 6 982 979 50 -47 22. 18,602 18,042 560 550 10 3,894 3,880 -60 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 6. 18,320 17,885 435 440 -5 3,884 3,880 4 1,002 1,001 43 -42 13. 18,349 17,774 575 341 234 3,769 3,757 -13 997 989 12 —4 20. 18,762 18,245 517 429 88 3,929 3,919 -24 1,035 ,034 77 -76 27. 18,552 18,078 474 351 123 3,875 3,858 17 1,020 ,012 29 -21 Aug. 3. 18,591 18,103 488 315 173 3,879 3,880 -1 1,021 ,021 100 -101 10. 18,525 18,018 507 293 214 3,811 3,807 3 1,029 ,023 6 109 -102 17. 18,564 17,983 581 416 165 3,794 3,778 16 -82 1,029 ,031 -2 30 -33 24. 18,404 17,938 466 193 273 3,761 3,750 12 12 1,034 ,023 11 11 31. 18,466 17,827 639 273 366 3,737 3,734 3 20 -17 1,023 ,018 5 4 Sept. 7. 18,358 17,702 656 261 395 3,681 3,651 30 13 1,002 997 5 5 14. 18,581 17,762 819 299 520 3,681 3,660 21 -22 1,001 996 4 18 -14 21. 18,635 18,116 519 79 440 3,835 3,835 1 1,029 ,025 4 4 28. 18,609 18,091 518 225 293 3,834 3,836 2 -16 1,019 ,023 -4 12 -16 Oct. 5. 18,759 18,148 611 200 411 3,910 3,877 33 19 1,033 ,021 13 6 12. 18,640 17,951 689 148 541 3,697 3,701 -4 4 1,001 ,002 — 2 -2 19. 18,839 17,963 876 74 802 3,830 3,706 123 123 1,015 998 17 16 26. 18,729 18,200 529 240 289 3,795 3,798 -3 58 -61 1,004 ,009 -5 -26 Nov. 2. 18,873 18,309 564 189 375 3,815 3,807 1,020 ,013 7 -23 9. 18,797 18,191 606 136 470 3,738 3,715 23 -4 1,006 ,004 2 1 16. 18,733 18,121 612 168 444 3,699 3,688 11 -29 999 995 4 -9 23. *>18,755^18,153 P602 99 3,707 3,709 -3 998 997 1 -4 30. *>19,683^18,482 3*1,201 113 3,875 3,717 158 157 1,008 990 18 12 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1351 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period re T h s e e o l r t d v a i e l s R re e s q e u rv ir e e s d 2 re E s x e c rv es e s s3 B B in 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 re T h s e e o l r t d v a i e l s R re e s q e u rv ir e e s d 2 re E s x e c rv es e s s3 B B in F o a g r . n r s R k o . s w a * t - res F e r r e v e es3 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—jUne 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941—Dec 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945—Dec. 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 89 507 1952—Dec. 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954—Dec . 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956 Dec 8,078 7,983 96 299 -203 5,859 5,371 488 144 344 1957—Dec 8 042 7,956 86 314 -228 5,906 5 457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959 June 7,744 7,705 39 574 -536 5,765 5,406 359 259 101 1959 Oct 7,820 7,766 55 393 -339 5,903 5,529 374 203 171 Nov 7 848 7,802 46 415 -369 5,936 5 564 372 192 180 Dec 6 7,954 7,912 41 490 -449 «6,020 5,569 450 213 237 I960—Jan 7,909 7,840 69 508 -439 6,014 5,568 449 192 257 Feb 7,544 7,503 42 423 -381 5,920 5,518 402 205 197 Mar 7,429 7,391 37 289 -252 5,857 5,494 363 180 183 Apr 7,498 7,453 45 298 -253 5,887 5,504 383 193 190 May 7,515 7,465 51 224 -173 5,882 5,517 366 222 144 June 7,540 7,496 44 164 -120 5,915 5,525 390 186 204 July 7,647 7,599 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 . . .. 7,761 7,696 65 67 6,173 5,626 546 { 63 483 Nov *>7,760 P93 56 ^6,345 ^5,762 *>582 1 56 P526 Week ending: 1959—Nov. 4 . 7 866 7 828 38 379 -341 5 896 5,544 352 214 138 11 7,900 7,821 80 377 -297 6,028 5,572 456 175 281 18 7,864 7,830 34 347 -313 5,957 5,566 391 142 249 25 7,826 7,775 51 461 -410 5,924 5,573 351 211 140 I960 June 1 7 531 7,442 89 142 — 53 5 779 5 493 286 291 — 5 8 7,470 7,443 27 198 -171 5,952 5,522 431 188 242 15 7,481 7,440 41 129 -88 5,898 5,522 373 194 181 22 7,645 7,606 38 197 -158 6.060 5,554 505 128 376 29 7,612 7,506 106 155 -49 5,808 5,514 295 226 68 July 6 7,536 7,502 34 228 -194 5,897 5,500 397 168 229 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 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 -80 6,162 5,655 506 51 455 Nov. 2 7,853 7,806 47 78 -31 6,184 5,683 501 81 420 9 7 822 7,769 52 58 -5 6 231 5,702 528 i 51 478 16 7,827 7,761 66 51 15 6,208 5,677 532 | 64 468 2 3 3 0 7 7 ,9 8 3 0 8 1 7 7 ,7 7 2 6 9 3 20 3 9 8 4 4 5 9 1 -7 61 ^ ^ 6 6 , 8 2 6 4 2 6 ^ *> 6 5 ,0 ,6 4 8 6 4 P562 i 5 4 6 2 : p520 I 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

1352 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 Nov. 30 beginning: rate Nov. 30 beginning: rate Nov. 30 beginning: rate Boston Aug.23, 1960 Aug. 23, 1960 4 Aug. 23,1960 41/2 New York. . . Aug. 12, 1960 Aug. 12,1960 41/2 June 10,1960 Philadelphia.. Aug. 19, 1960 3j/2 Aug. 19,1960 Aug. 19,1960 5 Cleveland Aug. 12, 1960 Aug. 12,1960 Aug. 12,1960 5 Richmond. . . Aug. 12, 1960 i Aug. 12,1960 Aug. 12,1960 4V4 Atlanta Aug. 16, 1960 Aug. 16,1960 Aug. 16,1960 Chicago Aug. 19, 1960 Aug. 19,1960 June 10,1960 5 St. Louis Aug. 19, 1960 Aug. 19,1960 Aug. 19,1960 SB Minneapolis.. Aug. 15, 1960 3% Aug. 15,1960 Aug. 15,1960 Kansas City. . Aug. 12, 1960 Aug. 12,1960 Aug. 12,1960 Dallas Sept. 9, 1960 31/2 Sept. 9,1960 Sept. 9,1960 4% San Francisco Sept. 2, 1960 31/2 Sept. 2,1960 June 3,1960 5 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intteerrmmeeddiiaattee ccrreeddiitt bbaannkkss mmaattuurriinngg wwiitthhiinn 66 mmoonntthhss.. of Federal intermediate credit banks maturing within 6 months are NOTEMaximum maturities Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under NOTE.—Maximum maturities. Discounts for and advances to member Section 10(b). Advances to individuals, partnerships, or corporations under the last paragraph of Section 13: 90 days. 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. 12... 1 -114 1 VA Aug. 9... 3 -3*i 3 For extensions of credit by brokers and 19... 1 *4 23... 31/2 3*4 dealers on listed securities 70 90 70 Aug. 2 1 3 3 . . . . . . 1*4 2 1 1 1 1 / / 2 2 N De o c v . . 1 2 5 . . . . . . 3 -3i/2 3 3 Re F g o u r l a s ti h o o n r t U sa : les 70 90 70 For loans by banks on stocks 70 90 70 1950 1958 Aug. 21 ... 11/2-1*4 1*4 Jan. 22... 234-3 3 25... 24... 234-3 2*4 1 Regulations T and U limit the amount of credit that may be extended Mar. 7... 214-3 on a security by prescribing a maximum loan value, which is a specified 1953 13... 214-234 2*4 percentage of its market value at the time of extension: margin require- Jan. 16... 134-2 2 21. .. 214 2*4 ments are the difference between the market value (100%) and the maxi- 23... 2 2 Apr. 18... 1*4-214 1*4 mum loan value. May 9... 1*4 1954 Aug. 15... 1*4 Feb. 5... 1*4-2 1*4 Sept. 12... 1*4-2 2 15... 1*4 ' 23... 2 2 Apr. 14. .. 11/2-1*4 1*4 Oct. 24... 2 -2*4 2 MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS 16. .. . ^* IB Nov. 7... 21/2 2*4 May 21... [Per cent per annum] 1959 1955 Mar. 6.. . 2*4-3 3 Apr. 14. .. 1*4—1 *4 11/2 16... 3 3 Nov. 1, Feb. 1, Jan 1, Effec- 15... "ft* 1*4 May 29... 3 -3*4 3i/2 Type of deposit 1933- 1935- 1936- tive May 2... 1*4 June 12... 31/2 Jan. 31, Dec. 31, Dec. 31, Jan. 1, Aug. 4... Sept. 11... 3*4^4 4 1935 1935 1956 1957 5... 113*44——221*44 2 4 18... 4 4 12... 2 -214 2 Sept. 9... 2 -214 214 I960 Savings deposits 3 21/2 21/2 3 13... 214 June 3... 3*4-4 4 Nov. 18. .. 12V\ 2*i 10... 31/2-4 3*4 Postal savings deposits 3 21/2 21/2 3 23... 2*4 h 21/2 14.. . 3*i 31/2 Aug. 12... 3 -31/2 3 Other time deposits payable: 1956 Sept. 9... 3 3 In 6 months or more 3 IB k Apr. 13... 2*4-3 234 In 90 days to 6 months. . . 3 20... 2*4-3 2*4 In effect In less than 90 days 3 1 Aug. 24... 234-3 Nov. 30... 3 21/2 31... 3 3 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. 1 Under Sees. 13 and 13a (as described in table above). For data for Under this Regulation the rate payable by a member bank may not in any 1941-47, see the BULLETIN for January 1959, p. 76. event exceed the maximum rate payable by State banks or trust companies NOTE.—The rate charged by the Federal Reserve Bank of New York on like deposits under the laws of the State in which the member bank is on repurchase contracts against U. S. Govt. securities was the same as located. Effective Feb. 1, 1936, maximum rates that may be paid by its discount rate except in the following periods (rates in percentages): insured nonmember commercial banks, as established by the F.D.I.C., 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, have been the same as those in effect for member banks. 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; and 1960—Oct. 31 to Nov. 30, 2.75. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 1353 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 deposits1 Time deposits Central reserve Ef o fe f c c ti h v a e n g d e ate C re e s n e t r r v a e l Reserve Coun- C re e a s n n e 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 Oct. 5, 1960 In effect Dec. 31, 1945.. 20 20 14 6 6 Gross demand: Total 122,838 24,362 6,233 47,902 44,341 1948—Feb. 27 22 Interbank 13,775 4 247 1 247 6 876 1,406 June 11 24 U. S. Government. 5,257 1,327 380 1,983 1,567 Sept. 16,24*.... 26 22 16 7% Other 103,806 18,787 4,607 39,043 41,368 1949__May 1,5* 24 21 15 Net demand2 103,017 20,339 5,373 39,555 37,751 June 30, July 1*. 20 14 6 6 Time .... 57,015 4,854 1,523 22,021 28,617 Aug. 1,11*.... §» 13 5 Demand balances due Aug. 16,18*.... 12 5 from domestic banks. 7,018 87 110 2,124 4,697 Aug. 25 S* it* Currency and coin: Sept. 1 Total . 2,334 135 28 722 1,449 1951—Jan. 11, 16*.... 23 19 13 6 6 Allowable as reserves. 897 9 2 334 551 Jan. 25, Feb. 1*. 24 20 14 Balances with F. R. 1 19 9 5 5 4 3 — — J J j u u u i l n y y e 2 1 9 j 6 t , 9 , A * 2 u 4 g * . .. 1 . * . 2 2 2 2 1 0 1 1 9 8 1 1 3 2 5 5 To B R E ta e x a l q c n e u r k e s i s r s s e e d rve held 1 1 1 8 7 8 , , . 0 7 6 6 2 4 4 1 9 9 6 7 3 3 3 , , 8 8 8 0 1 1 0 2 5 3 6 1 1 1 , , 0 0 0 1 2 1 6 1 4 9 7 7 7 , , \ 6 3 6 8 4 2 5 1 7 8 3 6 5 5 , , J 1 5 5 8 2 7 4 3 9 8 6 1958_Feb. 27, Mar. 1* 8* !?* ii* Mar. 20, Apr. 1* Apr. 17 Four weeks ending Nov. 2, 1960 Apr. 24 it* 16% 1960—Sept 1 Gross demand: Nov 24 . 12 Total 123,367 24,027 6,204 48,227 44,909 Dec, 1 1176%% Interbank 14,228 4,343 1,303 7,085 1,497 U. S. Government. 4,799 1,154 296 1,797 1,551 In effect Dec;. 1, 1960. . 16% 161/2 12 5 5 Net d O e t m he a r nd2 1 10 0 3 4 , , 4 3 7 4 9 0 2 1 0 8 ,5 0 3 4 0 0 4 5 ,6 3 0 0 5 9 4 3 0 9 , , 0 3 1 4 5 5 4 3 1 8 i8 1 6 1 1 5 Present legal require- Time 57,493 4.923 1,534 22.147 28,889 ments : Demand balances due Minimum. 210 10 7 3 3 from domestic banks. 7,133 86 112 2,062 4,873 Maximum 222 222 14 6 6 Currency and coin: Total 2,352 141 29 722 1,461 Allowable as reserves. 903 10 2 335 556 • First-of-month or midmonth dates record changes at country banks, Balances with F. R. and other dates (usually Thurs.) record changes at central reserve or Banks 17,867 3,774 1,008 7,455 5,630 reserve city banks. Total reserves held 18,770 3,784 1,010 7,790 6,186 1 Demand deposits subject to reserve requirements which, beginning Required 18,106 3,753 1,006 7,710 5,637 Aug. 23, 1935, have been total demand deposits minus cash items in Excess 664 31 4 80 549 process of collection and demand balances due from domestic banks (also minus war loan and Series E bond accounts during the period Apr. 13, 1943-June 30, 1947). 1 Balances with Reserve Banks are as of close of business; figures for all 2 Prior to July 28.1959, the minimum and maximum legal requirements other reported items (that is, excluding total reserves held and excess reagainst net demand deposits of central reserve city banks were 13 and serves) are as of opening of business. 26 per cent, respectively, and the maximum for reserve city banks was 2 Demand deposits subject to reserve requirements, i.e., gross demand 20 per cent 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 * fin thousands of dollars] Wednesday End of month 1960 1960 1959 Nov. 30 Nov. 23 Nov. 16 Nov. 9 Nov. 2 November October November Discounts and advances—total 100,589 323,214 176,055 186,812 422,798 100,589 192,861 833,067 Within 15 days 93,769 299,433 150,345 159,630 397,054 93,769 166,498 816,177 16 days to 90 days 6,806 23,767 25,694 27,164 25,723 6,806 26,304 16,835 91 days to 1 year 14 14 16 18 21 14 59; 55 Acceptances—total 48,106 50,597 56,767 51,778 43,110| 48,106 38,565! 33,825 Within 15 days 8.067 11,562 17.679 14,826 12,547 8,067 10,117! 7,676 16 days to 90 days 40', 039 39,035 39,088 36,952 30,563! 40,039 28,448 26,149 U. S. Government securities—total 27,487.925 27,717,32527,911,32528,088,92527,641,17527,487,92527,401,77526,921,717 Within 15 days 220,050 422,861 771,661 5,918,690 6,146,590| 220,050 5,734,590 214,010 16 days to 90 days 5,383,633 5,360,322 1,674,029 1,683,100 1,375,000 5,383,633 1,568,100 7.711,173 91 days to 1 year 9.740,738 9,790,638 13,329,131 13,244,83112.933,581 9,740,73812,933,581 11,002,465 Over 1 year to 5 years 10,693,647 10,693,647 10,686,647 5,792,447 5,736,14710,693,647 5J15;647 6.523,912 Over 5 years to 10 years 1;178,574 1,178,574 1,178,574 1,178,574 1,178,574 1,178,574 1,178,574! 410,385 Over 10 year? 271,283 271,283 271,283 271,283 271,283^ 271.283; 271.2831 3 0^9,772 1 Holdings under repurchase agreements are classified as maturing withia 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1354 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1960 1960 1959 Nov. 30 Nov. 23 Nov. 16 Nov. 9 Nov. 2 November October November Assets Gold certificate account 16,593,645 16,675,642 16,699,644 16,824,643 17,055,645 16,593,64517,125,64118,309,641 Redemption fund for F. R. notes.. 1,016,467 1,016,045 1,010,045 994,045 982,990 1,016,467 980,991 967,706 Total gold certificate reserves. 17,610,112 17,691,68717,709,68917,818,68818,038,63517,610,11218,106,63219,277,347 F. R. notes of other Banks 362,411 322,720 371,098 312,281 433,450 362,411 424,190 311,321 Other cash 355,388 357,841 371,711 366,483 396,205 355,388 406,116 346,950 Discounts and advances: For member banks 94,589 301,214 154,055 164,812 400,798 94,589 170,861 828,067 For nonmember banks, etc 6,000 22,000 22,000 22,000 22,000 6,000 22,000 5,000 Acceptances—Bought outright 48,106 48,108 45,107 42,109 40,110 48,106 38,565 33,030 Held under repurchase agreement. 2,489 11,660 9,669 3,000 795 U. S. Government securities: Bought outright: Bills 3,170,313 3,367,213 3,327,713 3,297,713 2,970,913 3,170,313 2,970,913 2,893,105 Certificates—Special Other 9,172. 9,172,743 142,24314,142,243 ,018,993 9,172 14,018,993 10,506,993 Notes 12,537: 12,537,298 530,298 530,298 515,298 12,537; 7,515,298 ,010,298 Bonds 2,606i 2,606,071 605,071 605,071 ,540,271 2,606! 2,519,771 483,771 Total bought outright 27,486 425 277,683,32527,605,325 27.575,32527,045,475 27,486,425 27,024,97526,894,167 Held under repurchase agreement. 1500 34,000 306,000 513,600 595,700 ', 5—00 376,800 27,550 Total U. S. Government securities. 27,487,925 27,717,32527,911,325 28,088,925 27,641,175 27,487,925 27,401,775 26,921,717 Total loans and securities 27,636,620 28,091,136 28,144,147 28,327,515 28,107,08327,636,620 27,633,20127,788,609 Due from foreign banks 15 15 15 15 15 15 15 Cash items in process of collection. 5,733,712 5,861,051 ,404,488 5 184,952 ,837,202 5,733,712 5,145 ,531,969 Bank premises 107,033 107,117 107,192 106,625 106,591 107; 106 99,148 Other assets , 156,470 139,609 122,121 387,406 366,005 156; 360 199,619 Total assets. 51,961,76152,571,17654,230,46152,503,965 53,285,186 51,961,76152,182,866 53,554,978 Liabilities Federal Reserve notes 28,066,302 28,064,415 27,924,064 27,892,822 27,677,104 28,066,302 27,680,398 27,953,849 Deposits: Member bank reserves 16,769,659 17,360,986 17,611,715 17,536,526 18,382,88316,769 17,955,55518414,788 U. S. Treasurer—general account. 512,370 480,206 634,797 390,533 407,914 512; 437,102 582,180 Foreign 251,752 220,522 210,789 257,998 262,943 251; 250,655 331,530 Other 389,737 379,437 428,532 386,912 385,187 389; 476,833 357,967 Total deposits. 17,923,518 18,441,151 18,885,833 18,571,969 19,438,927 17,923,518 19,120,145 19,686,465 Deferred availability cash items 4,639,103 4,747,529 6,116,370 4,682,005 ,832,286 4,639, 4,050,375 4,374,321 Other liabilities and accrued dividends. 46,810 48,177 50,302 49,687 46,925 46; 46,699 45,224 Total liabilities 50,675,733 51,301,272 52,976,569 51,196,483 51,995,242 50,675,733 50,897,517 52,059,859 Capital Accounts Capital paid in. 406,703 406,488 406,204 404,774 404,479 406,703 404,450 384,762 Surplus 774,808 774, f" 774,808 774,808 774,808 774,808 774,808 868,410 Other capital accounts. 104,517 88,608 72,880 127,900 110,657 104,517 105,991 241,947 Total liabilities and capital accounts. 51,961,761 52,571,176 54,230,46152,503,965 53,285,186 51,961,761 52,182,866 53,554,978 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 38.3 38.0 37.8 38.3 38.3 38.3 38.7 40.5 Contingent liability on acceptances purchased for foreign correspondents 226,566 226,562 220,698 215,827 208,812 226,566 196,189 70,574 U. S. Government securities held in custody for foreign account 5,429,645 5,486,575 5,467,144 5,569,872 5,627,572 5,429,645 5,634,372 4,396,071 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank).. 29,319,889 29,222,363 29,095,66528,900,89128,834,010 29,319,889 28,838,688 28,950,658 Collateral held against notes outstanding: Gold certificate account 9,830,000 9,860,000 9,800,000 9,800,00010,300,000 9,830,00010,300,00010,590,000 Eligible paper 25,411 75,347 20,931 30,249 45,798 25,411 35,559 131,385 U. S. Government securities 20,420,000 20,400,000 20,300,000 20,170,00019,670,000 20,420,00019,670,00019,260,000 Total collateral. 30,275,41130,335,347 30,120,93130,000,249 30,015,798 30,275,41130,005,559 29,981,385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1355 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1960 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Gold certificate account , 685,187 4,431,640 919,5561,412,0891,001,237 811,0632,972,811 618,789 299,912 768,372 604,684 2,068,305 Redemption fund for F. R. notes 62,752 231,707 63,815 90,774 82,872 64,116 179,586 44,835 26,127 44,414 32,831 92,638 Total gold certificate reserves 747,939 4,663,347 983,3711,502,8631,084,109 875,1793,152,397 663,624 326,039 812,786 637,5152,160,943 F. R. notes of other Banks.., 32,335 83,761 25,620 12,115 17,187 55,370 27,623 13,472 16,263 15,688 16,532 46,445 Other cash 24,378 70,874 18,980 27,108 18,027 26,449 56,390 16,981 8,742 12,077 14,779 60,603 Discounts and advances: Secured by U. S. Govt. securities 10,150 6,710 2,775 1,830 12,600 10,450 12,450 5,400 1,845 17,236 2,591 200 Other 294 1,710 354 564 570 312 880 198 138 246 348 738 Acceptances: Bought outright 48,106 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,477,120 6,855,994 1,573,7632,361,551 1,739,7531,507,108 4,704,5221,110,919 637,8221,179,7451,107,703 3,230,425 Held under repurchase agreement 1,500 Total loans and securities.... 1,487,564 6,914,020 1,576,892 2,373,9451,752,9231,517,870 4,717,8521,116,517 639,8051,197,2271,110,6423,231,363 Due from foreign banks 1 14 1 1 1 2 Cash items in process of collection 397,177 1,131,404 353,809 477,038 413,023 437,935 947,520 288,130 163,529 291,679 260,141 572,327 Bank premises 3,947 9,425 3,811 8,658 6,159 11,263 21,580 6,646 4,956 5,112 13,906 11,570 Other assets 8,354 38,494 8,855 13,915 9,947 9,345 25,899 6,235 3,597 7,000 6,447 18,382 Total assets. 2,701,695 12,911,329 2,971,339 4,415,643 3,301,3762,933,412 8,949,263 2,111,6051,162,9312,341,570 2,059,9636,101,635 Liabilities F. R. notes 1,615,535 6,511,319 1,832,826 2,555,168 2,158,8671,601,522 5,273,4731,215,278 590,7371,143,127 826,724 2,741,726 Deposits: Member bank reserves 629,053 4,773,617 723,2441,275,554 671,051 814,909 2,611,282 582,717 376,328 869,091 881,9412,560,872 U. S. Treasurer—general account 24,637 40,555 33,670 46,161 49,920 50,566 71,303 27,681 26,569 42,450 38,313 60,545 Foreign 12,054 3 75,862 14,514 23,124 11,070 12,792 33,948 8,118 5,658 10,086 14,268 30,258 Other 308 327,346 1,772 851 2,804 3,135 868 892 408 978 934 49,441 Total deposits 666,052 5,217,380 773,200 1,345,690 734,845 881,402 2,717,401 619,408 408,963 922,605 935,456 2,701,116 Deferred availability cash items 354,155 809,659 287,939 391,849 344,811 379,409 231,961 132,662 219,396 223,438 496,397 Other liabilities and accrued dividends 2,248 11,936 2,637 4,581 2,681 2,481 7,727 1,683 1,276 1,924 1,850 5,786 Total liabilities 2,637,990 12,550,294 2,896,602 4,297,288 3,241,204 2,864,814 8,766,028 2,068,3301,133,638 2,287,0521,987,4685,945,025 Capital Accounts Capital paid in 20,069 114,171 23,652 37,620 18,648 21,686 57,495 13,600 9,350 17,226 23,448 49,738 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 5,304 25,959 5,447 8,205 6,958 6,606 18,406 3,813 2,363 5,572 4,402 11,482 Total liabilities and capital accounts 2,701,695 12,911,329 2,971,339 4,415,6433,301,376 2,933,412 8,949,263 2,111,6051,162,9312,341,570 2,059,9636,101,635 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 32.7 39.8 37.7 38.5 37.5 35.2 39.4 36.2 32.6 39.3 36.2 39.7 Contingent liability on acceptances purchased for foreian correspondents 11,103 • 64,547 13,369 21,300 10,197 11,783 31,271 7,478 5,212 9,291 13,143 27,872 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 1,672,616 6,854,6321,900,995 2,701,8212,235,9981,677,776 5,404,2251,262,058 667,5001,166,778 872,850 2,902,640 Collateral held against notes outstanding: Gold certificate account 500,000, 2,400,000 650,000 920,000 700,000 500,000 1,900,000 410,000 180,000 300,000 270,000 1,100,000 Eligible paper 2,775 5,400 17,236 U. S. Govt. securities 1,250,000 4,600,0001,300,0001,830,0001,570,0001,200,0003,700,000 935,000 510,000 900,000 625,000 2,000,000 Total collateral ,750,000 7,000,0001,952,775 2,750,000 2,270,0001,700,000 5,600,0001,350,400 690,0001,217,236 895,000 3,100,000 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $162,019,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $175,890,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1356 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 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1954 30,509 21,374 1,834 ,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955. 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 ,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31,834 22,626 2,110 ,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958 32,193 22,856 2,182 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959—Oct 31,905 22,752 2,269 ,474 83 2,122 6,544 10,261 9,154 2,725 5,815 261 344 3 5 Nov 32,489 23,277 2,294 ,488 84 2,185 6,734 10,491 9,213 2,753 5,850 260 342 3 5 Dec 32,591 23,264 2,304 ,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 ,419 82 2,102 6,415 10,123 9,160 2,739 5,825 254 334 3 5 Feb 31,552 22,440 2,275 ,409 83 2,098 6,456 10,120 9,112 2,719 5,795 256 334 3 5 Mar 31,633 22,539 2,294 ,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 ,417 82 2,104 6,474 10,141 9,070 2,712 5,769 254 327 3 5 May 31,879 22,809 2,324 ,440 83 2,138 6,561 10,263 9,070 2,718 5,767 252 324 3 5 June 32,065 22,970 2,338 ,440 84 2,141 6,604 10,363 9,095 2,737 5,774 252 323 3 5 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 Oct 32,144 22,996 2,390 ,457 84 2,147 6,557 10,362 9,148 2.731 5,844 248 317 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 circulationl Total out- Held by Kind of currency s O ta c 1 n t 9 d . 6 i 3 0 n 1 g , A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n o n R d r k . s a B F g a a . e n n n R d k t . s s Oc 1 t 9 . 6 3 0 1, Sep 19 t. 6 3 0 0, Oc 1 t 9 . 5 9 31, certificates agents Gold 18,402 18,137 2265 Gold certificates 18 137 15,291 2,816 30 30 31 Federal Reserve notes 28,839 84 1,582 27,172 27,065 27,013 Treasury currency—total 5,387 39 406 4,941 4,927 4,861 Standard silver dollars 488 135 28 10 315 314 293 Silver bullion 2,252 2,252 Silver certificates and Treasury notes of 1890 2 387 305 2,082 2,081 2,113 Subsidiary silver coin 1,573 5 59 1,509 1,500 1,447 Minor coin 574 2 7 566 562 529 United States notes 347 4 25 317 317 316 Federal Reserve Bank notes 98 (4) I 97 98 106 National Bank notes 55 (4) (4) 55 55 57 Jotal—Oct. 31 1960 (5) 20 523 389 15 291 4 805 32 144 Sept 30 1960 (5) 20,815 396 15,578 4,810 32,022 Oct 31 1959 (5) 21,732 396 16,474 4,665 31,905 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. 1349. 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 1357 MONEY SUPPLY AND RELATED DATA [Averages of daily figures. In billions of dollars] Sem p i e m ri o o n d thly S a e d a j s u o s n te a c lly Money supp se ly ason W al i th a o d u ju t stment s D e e a b p s M a o o n n s e k i a t m s l s o ( a a w r d t a j i m n u th d s e o t a m m u : t b en er t) Week (W M i a t o d h n j o u e u y s t t m s s u e e a p n s p t o ) l y n al j ; j | j m M D e s m e ( e e w a p m b s o i e o t . r s r t a i i a o t d b n s u j a d . t a ) n a t k : s Cur- Demand Cur- Demand De- U. S. Cur- Demand j U. S. Total rency po d s e it - s i Total rency po d s e it - s l mand Time Govt. Total rency po d s e i - t s1 j Time Govt. 1959—Nov. 1.. 142.2 29.0 113.2 143.3 29.2 114.1 94.6 54.1 4.3 1960 2.. 142.1 28.9 113.2 143.4 29.2 114.1 94.3 53.6 4.0 Dec. 1.. 2141.5 28.9 2112.6 2144.4 29.5 2115.0 95.4 53.6 4.1 July 6. 137.5 29.3 108.2 55.4 6.5 2 141.5 28.9 112.6 145.4 29.5 116.0 95.9 53.8 4.6 13. 138.4 29.3 109.1 55.4 5.1 20. 139.1 29.1 110.0 55.5 6.9 I960—Jan 1. . 141.3 28.9 112.4 145.2 29.1 116.1 95.9 53.9 4.0 27. 139.1 28.9 110.2 55.6 5.9 2.. '141.3 29.0 112.3 143.7 '28.6 115.1 95.3 53.5 3.2 Feb. 1.. 141.1 28.9 112.2 141.9 28.7 113.2 r93.7 53.5 3.4 Aug. 3. 139.7 29.0 110.8 55.9 5.8 2 140.9 29.0 111.9 139.6 r28.6 111.0 91.8 53.5 4.0 10. 139.9 29.3 110.6 ; 55.8 5.4 Mar. l!! 140.8 29.0 111.8 140.0 28.7 111.2 92.1 53.7 3.3 17. 138.9 29.1 109.8 56.1 5.5 2. . 140.3 29.0 111.3 138.6 28.6 110.0 91.1 53.9 4.3 138.0 29.0 109.0 \ 56.5 5.8 3i: 138.3 28.8 109.5 56.6 4.9 Apr. 1.. '140.3 29 A 111.3 139.4 28.9 110.5 '91.4 54.1 2 9 2.. 140.7 29.0 111.6 140.9 28.6 112.3 93.1 54.2 3". 8 Sept. 7. 139.0 29.3 109.7 ; 56.7 4.5 May 1.. 140.2 29.0 111.2 139.0 28.8 110.2 91.2 54.4 5.4 14. 140.5 29.2 111.4 f 56.9 3.2 2.. 139.6 29.0 110.6 137.0 28.7 108.3 r89.7 54.5 6.2 21 . 141 .1 29.0 112.1 56.9 4.3 June 1.. '139.4 28.9 110.5 138.2 ••28.9 109.2 90.4 54.7 5.3 28. 138.5 28.8 109.7 57.0 6.7 2. . 139.4 28.9 110.5 137.9 28.8 109.0 90.4 55.0 6.2 Oct. 5. 138.9 29.0 109.9 57.2 6.9 July 1.. 139.6 28.9 110.6 138.1 '29.2 108.9 90.0 55.4 5.9 12. 139.8 29.3 110.5 57.4 5.0 2.. 139.7 29.0 110.7 139.3 29.0 110.3 91.4 55.7 6.2 19. 141.1 29.1 111.9 57.4 3.8 Aug. 1.. 139.7 29.0 110.7 139.6 29.2 110.4 91.4 55.9 5.5 26. 141.2 28.9 112.3 57.6 4.9 2.. 139.8 28.8 111.0 138.2 28.9 109.3 90.6 56.5 5.4 Sept. 1.. 140.3 29.0 111.3 139.8 29.2 110.7 '91 .6 56.8 3.9 Nov. 2. 141.8 28.9 112.9 57.6 5.5 2. . 140.5 28.9 111.6 139.6 28.9 110.7 91.5 57.0 5.8 9. 141.5 29.3 112.2 57.S 5.4 16. 141.9 29.3 112.6 57.5 4.8 Oct. 1.. 140.0 29.0 111.0 139.7 29.2 110.6 91.3 57.3 5.4 23 P 140.9 29.3 111.6 57.5 5.4 2.. 141.2 29.0 112.2 141.4 29.0 112.4 92.6 57.5 4.8 30" 141.4 29.2 112.2 57.5 4.9 Nov. I.. 140.6 29.0 111 .6 141 .7 29.2 112.4 92.5 57.6 5.2 2p. 139.9 29.0 110.9 141.2 29.3 111.9 92.0 57.5 5.2 Dec. 7" 142.3 29.5 112.8 i; 57.7 4.4 P Preliminary. 'Revised. 1 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 and 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 re c p e o n r te ti r n s g r c e e p n o t r e t r in s2 g -j reporting New York 6 others * New York 6 others centers 2 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 ,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—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 '230,119 84,646 88,529 46,218 46,305 '94,354 '95,285 55.7 57.8 33.0 32.9 25.1 25.3 Feb '221,982 90,786 85,058 49,752 45,626 '98,885 '91,299 58.5 56.3 35.7 33.4 26.4 25.0 Mar. '245,726 88,721 96,593 46,730 50,410 '95,630 ^98,724 57.9 60.3 34.0 36.6 25.8 25.8 Apr '226,005 86,042 86,174 48,414 46,862 '96,775 •'92,969 56.4 56.3 35.3 35.5 26.1 25.4 May '232,842 92,176 88,551 48,453 47,895 '98.004 >-96,396 61.1 58.9 35.5 35.2 26.3 26.2 June '250,850 91,604 99,809 48,583 50,415 '97,949 100.626 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 Aug 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 '233,154 91,870 89,905 48,084 47,567 '95,440 '"95,682 60.0 *9 2 34.9 34.7 25.5 25.6 Nov 235,183 98',791 91.020 49,017 47,577 98,391 96^587 63.5 61.'3 *>35.9 •'34.9 ^26.2 P26.3 p Preliminary. r Revised. NOTE.—Series revised by Federal Reserve beginning with 1950; for Adj. = adjusted for seasonal variation. Unadj. => without seasonal description and revised monthly figures, see the BULLETIN for Jan. I960, adjustment. pp. 8-11. Seasonally adjusted figures for earlier years, prepared by i 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

1358 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 ury U. S. Government obligations liabil- Capital Date cur- ities Total and Gold rency Other and deposits misc. out- Loans, Com- secu- capital, and acstand- Total net mercial Federal rities net currency counts, ing Total and Reserve Other net 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_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 I960—Jan. 27 19,500 ,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 ,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 ,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 ,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 ,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 ,354 253,320 139,164 88,637 61,541 26,155 941 25,519 278,025 251,981 26,044 June 29 19,300 ,400 252,500 139,100 87,900 60,800 26,200 900 25,500 277,200 251,000 26,200 July 27 19,200 ,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 Nov. 30^ 17,900 5,400 261,900 140,900 95,000 66,700 27,500 800 25,900 285,200 257,000 28,200 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 g e e n i - t n t k s, T h c i u r o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c m n t d k i g a - s s l B F a . A n t k R s . Total Total m T b C e i a o m r n c m k e ia s - l de M p b s o a a u v s n t i i u k n ts a s g 2 3 l 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 a s e e i n - - t d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e T e r j a p m o u r n o e s t a d n s a t n e i l c t d d y s b r C o e s a i n u u n d c t r k e - - y s 1929—June 29 365 204 381 36 790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30 50 264 852 35 828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30 1,217 2,409 846 634 253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31 1,498 2,215 1,895 867 336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31 2,141 287 24,608 977 793 48,452 30,135 15,385 2,932 75,851 26,490 1947_Dec. 31 1,682 ;336 1,452 870 008 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,400 26,100 1950—Dec. 30 2,518 ,293 2,989 668 916 59,247 36,314 20,009 2,923 92,272 25,398 114,600 90,000 24,600 1957—Dec. 31 3,270 761 4,179 481 681 89,126 56,139 31,662 1,325 110,254 28,301 133,600 105,800 27,800 1958—Dec. 31 3,870 683 4,558 358 553 98,306 63,166 34,006 1,134 115,507 28,740 138,800 110,700 28,100 1959—June 24 3,600 400 4,700 500 240,100 101,000 65,400 34,600 1,100 110,700 28,300 140,900 112,600 28,300 1959—Nov. 25 3,000 400 4,700 400 242,600 100,300 64,800 34,600 1,000 113,100 29,100 140,100 l,8C0!8,3OO Dec. 31 3,203 391 5,319 504 246,603101,779 65,884 34,947 948115,402 29,422 140,200 112,000 28,200 I960—Jan. 27 2,800 400 3,800 600 242,900101,000 65,200 34,900 900114,000 27,900 140,000 700 28,300 Feb. 24 2,600 500 4,800 500 239,600101,200 65,400 34,900 900110,500 28,000 139,100 110,80028,300 Mar. 30 2,700 400 4,700 500 239,000102,200 66,000 35,300 900108,800 28,100 139,500 111,110000 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 35,400 800 107,800 28,300 138,000 109,900 28,100 July 27 2,800 400 6,500 500 242.600104,200 67,900 35,500 110,100 28,400 138,600 110,300 28,300 Aug. 31 3,000 400 5,700 500 242,700105,200 68,900 35,600 800 108,900 28,500 138,600 110.300 28,300 Sept. 28? 2,900 400 7,700 600 243,600106,000 69,400 35.800 800 109,300 28,300 138,500 110,300 28.200 Oct. 26P 3,100 400 6,200 500 247,200106,700 70,000 35,900 800112,200 28,300 139,900 ;500 28 """ Nov. 30? 3,100 400 5,600 500 247,400106,700 70,000 36,000 800111,900 28,700 138,800 110,600 28,200 p 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. items reported as in process of collection. Treasury are netted against capital and miscellaneous accounts, net, 5 Seasonally adjusted series begin in 1946 and are available only for last instead of against U. S. Govt. deposits and Treasury cash. Total deposits Wednesday of the month. For description of series and for back data and currency shown in the monthly Chart Book excludes foreign bank desee the BULLETIN for February 1960, pp. 133-36. Special adjustment posits, net, and Treasury cash. Except on call dates, figures are rounded in seasonal factor for demand deposits adjusted for March 30, 1960, to nearest $100 million and may not add to the totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1359 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- capitai ber Class of bank U. S. assets2 bilities row- ac- of and date Govt. Other and TotaP Demand ings counts banks Total Loans obliga- secu- capital Detions rities ac- mand Time Time counts 3 U. S. Govt. Other All banks: 1941—Dec. 31 61,126 26,615 25,511 999 27,344 90,908 816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31 140,227 30,362101,288 57735,415177,332 612 14,065 105,935 45,613 22710 54214,553 1947—Dec. 3H 134,924 43,002 81,19910,72338,388175,091161,86512,793 240 1,346 94,38153,105 6611 94814,714 1957—Dec. 31 203,849115,115 65,792 22,943 49,318 257864 23302015,636 1,386 3,903123,99388,102 80 20; 42814,090 1958—Dec. 31 221,485121,571 73,641 26,273 49,911 276430 25005715,799 2,374 4,253 130^132 97,498 8121,705 14,020 1959—June 24 223,200 128690 68,170 26,340 42730 270990 24123012,870 2,030 4,420 121,600 100,310 2,71022 13,997 Nov. 25 225,810 134520 65,360 25,930 44870 275990 244,83013,200 ',610 4,400 125,960 99,660 2,860122 13,993 Dec. 31 227,831135,958 65,80126,07150296 283629254,885 650 ,443 5,054131,622 101,116 62422 13,991 1960—May 25 226,710139,550 61,810 25,350 42030 274360 241320 210 ,490 6,880118,720 102,020 3,18023 520 14,002 June 15 228,436141,376 61,54125,519 47888 282142 249163 920 ,448 6,417 124,912 102,467 2,59423,79614,006 June 29 227,200140,990 760 25,450 43710 276710 24447013,300 ,440 7,060119,570 103,100 2,17023,770 14,000 July 27 229,370140,520 200 25,650 43770 279050 245900"",070 ,480 6,230121,460 103 2,59023 89013,999 Aug. 31 229,940141,230 11025,600 43830 280000 245830 ,500 ,610 5,440120,600 104,68012,92024 120 13,998 Sept. 28P 232,100142,180 190 25,730 44500 282710 24933013,670 ,670 7,390121,130105,4; 2,05024;230 14,000 Oct. 26P 234,620141,720 890 26,0i10 45750 286550 252510 14180 ,690 5,970124,450106,22012,48024,370 13,989 Nov. 30^ 234,710142,090 690 25,i' 930 46640 287630 254,210 15,600 1,740 5,360125,290106,220 1,33024,580 13,986 All commercial banks: 1941—Dec. 31 21,714 21,808 7,225 26,551 79,104 283 10,982 44,349 15,952 23 7,17314,278 1945_Dec. 31 26.083 90,606 7,33134,806160,312 ,227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 3H 38,057 69,221 9,00637,502155,377144,10312,792 240 1,343 367 35,360 6510 14,181 1957—Dec. 31 93,899 58,23917,930 48,428 222,696 201,32615,636 1,385 3,898 |967 56,440 7717 13,568 1958—Dec. 31 98,214 66,376 20575 48,990 238, 65"1'216,01715,799 2,372 4,250 104 63,493 7318 13,501 1959—June 24 104,450 60,860 20610 41,930 232380 20663012,870 2,030 4,420 ,570 65,740 2,71019 13,479 Nov. 25 109,470 58,480 20330 44150 237210 210 13. ,610 4,400 ,930 65,070 2,86019 13,476 Dec. 31 110,832 58,93720,50149,467244,686 219 is; ,441 5,050 593 66,169 61519 13,474 1960—May 25 113,630 55,140 810 41360 234,980 206 12, ,490 6,880 690 66,820 3,18020 110 13,486 June 15 115,307 54,913 917 47124 242,544 213 13, ,446 6,414 884 67,165 2,59020 33113,491 June 29 114,840 54,210 850 42880 237,040 209 13,300 ,440 7,060 119540 67,670 2,17020 28013,485 July 27 114,170 56,700 20020 43010 239,270 210 070 ,480 6,230 121430 68,210 2,59020 38013,484 Aug. 31 114,660 56,580 20000 43080 240,000 210 500 ,610 5,440 570 69,120 2,92020 58013,483 Sept. 28? 115,430 57,690 20 150 43710 242,530 213 670 ,670 7,390 100 69,690 2,05020 66013,485 Oct. 26P 114,790 60,490 20400 45000246,, 290 _2.1.6.,,._. 180 ,690 5,970 1420 70,320 2,48020 81013,474 Nov. 30^ 115,010 60,380 20;300 45910 247,290 218,230 600 ,740 5,360 260 70,270 1,33021;ooo13,471 All member banks: 1941—Dec. 31 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 13612,347 4 5,886 6,619 1945_Dec. 31 107,183 22,775 78,338 ,070 29 138,304129,67013,576 64 22 640 24,210 208 7,589 6,884 1947_Dec. 31 97,846 32,628 57,914 304 32; 132,060122,52812,353 50 609 28,340 54 8,464 6.923 1957_Dec. 31 142,353 80,950 47,079 324 42 188,828170,63715,082 1,246 3,472 547 45,290 5714,554 6,393 1958_Dec. 31 154,865 84,061 54,299 504 43188 202,017182,81615.227 2,187 3,822 448 51,132 5415,460 6,312 1959—June 24 155,007 89,301 49,16416,542 37,171196,182174,07312,357 1,889 3,943 992 52,892 2,61915,875 6,279 Nov. 25 156,142 93,525 46,43616,18139,026199,373176,19512,638 ',462 3,870 183 52,042 2,78016,280 6,240 Dec. 31 157,879 94,779 46,81316,:287 43509 205,726 184,70615,048 ,338 4.504 989 52,827 58116,264 6.233 1960—May 25 156,317 96,880 43,742 695 36522197,304172,40011,752 ,388 6,232 99,84153,187 0881"6,697 6.213 June 15 157,657 98,344 43,526 ,788 41875 204,167179.51913,367 ,305 5.745 566 53,536 50316,829 6,217 June 29 156,593 97,898 42,980 15,715 37 199,243175,20012,775 ,298 6,360 790 53,977 06916,822 6,212 July 27 158,313 97,183 45,23815,892 37 201,057176,21412,524 ,336 5,622 366 54,366 50516,892 6.204 Aug. 31 158,587 97,523 45,19815,866 38 201,632175,99912,943 ,467 4.887 594 55,108 78317,056 6,205 Sept. 28^ 160,282 98,196 46,07316,01338686 203 178,95213,105 ,525 6,827 905 55,590 99617,114 6.200 Oct. 26P 162,042 97,469 48,37916,19439628 206! 181,06413,601 ,552 5,385 498 56,028 42917,239 6.187 Nov. 30P 161,997 97,708 48,22416,065 40,384 207,455182,55015,014 ,594 4,781 128 56,033 26917,390 6,178 All mutual savings banks: 1941_Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945_Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 H 15,371 1,592 542 1947—Dec. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1957_Dec. 31 33,782 21,216 7.552 5,013 890 35,168 31,695 26 31,662 3,059 522 1958—Dec. 31 36,320 23,357 7,265 5,698 921 37,779 34,040 29 34,006 3,219 519 1959_june 24 37,280 24,240 7,310 5,730 800 38,610 34,600 ,570 3,330 518 Nov. 25 37,530 25,050 6,880 5,600 720 38,780 34,620 30 34,590 3,400 517 Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 34,948 10 3,359 517 I960—May 25 38,130 25,920 6,670 5,540 670 39,380 35,230 30 35,200 3,410 516 June 15 38,300 26,069 6.628 764 39,598 35,335 35,301 3,465 515 June 29 38,300 26,150 6,550 830 39,670 35,460 35,430 3,490 515 July 27 38,480 26,350 6,500 760 39,780 35,480 ) 35,450 3,510 515 Aug. 31 38,700 26,570 6.530 750 40,000 35,590 (5) 35,560 3,540 515 Sept. 28^ 38,830 26,750 6,500 790 40,180 35,810 30 35.780 3,570 515 Oct. 26^ 38,940 26,930 6,400 750 40,260 35,930 30 35,900 3,560 515 Nov. 30? 39,020 27,080 6,310 5,630 730 40,340 35,980 3035,950 3,580 515 * 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 $172 million were included Stock savings banks and nondeposit trust companies are included with in the series (a national member bank has been included since April commercial banks. Number of banks includes a few noninsured banks, 1954); beginning with August 1959, all banks in Hawaii with total deposits for which asset and liability data are not available. Comparability of of $365 million were included in the series (a national member bank figures for classes of banks is affected somewhat by changes in Federal with total deposits of $220 million has been included in the series since Reserve membership, insurance status, and the reserve classifications of April 1959). cities and individual banks, and by mergers, etc. All banks comprise all commercial banks and all mutual savings banks. 2 Beginning with June 30, 1942, excludes reciprocal balances, which on All commercial banks comprise (1) all nonmember commercial and Dec. 31, 1942, aggregated $513 million at all member banks and $525 (2) all member commercial banks. Member banks include (1) a national million at all insured commercial banks. bank in the Virgin Islands that became a member on May 31, 1957, (2) 3 Includes other assets and liabilities not shown separately. a noninsured nondeposit trust company, and (3) two (three prior to 1960) For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1360 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i— Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] l Loans and investments Deposits Total assets— Total Interbank 2 Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b i o l o . i S v n g s t . a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b c o a i a l l a u p i i n c a t n i d i - - t t e a s s l 3 Total 2 m D a e n - d Time U. D S e . mand Time r B i o n o w g r s - - c c a o a p u c i n - ta ts l ba b o n e f r ks Govt. Other Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947_Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1957—Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 2 3,136 18 1958—Dec. 31 25,966 16,165 7,486 2.315 9,298 36,398 31,679 4,786 1,739 968 20,704 3,482 3,282 18 1959—June 24 25,488 16,681 6,426 2,381 7,204 33,869 28,415 4,008 1,480 775 18,570 3,582 805 3,292 17 Nov. 25 25,020 17,990 4,958 2,072 7,834 34,054 28,252 3,892 1,100 692 19,183 3,385 968 3,337 16 Dec. 31 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20,419 3,448 232 3,361 16 I960—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. 26P 25,927 17,082 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 Nov. 30? 26,402 17,742 6,619 2.041 8,380 36,512 29,922 4,737 1,214 955 18,948 4,068 535 3,557 15 Chicago: 1941—Dec. 31 2,760 954! 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945_Dec. 31 5,931 1,333 4.213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2; 890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1 1 9 9 5 5 8 7 — _D D e e c c . . 3 3 1 1 6 6, , 8 4 3 4 0 6 3 3. , 6 8 3 5 7 2 2 2, , 5 0 6 3 2 2( 5 63 6 1 2 2 2, , 1 0 5 8 8 3 9 8 , , 0 5 7 9 1 5 7 8, , 2 7 1 9 4 2 1 1, , 3 3 5 3 7 3 2 1 4 9 9 5 4 5 , , 9 1 0 3 4 6 1 1 , , 3 4 4 3 5 8 4 3 7 6 3 8 3 9 1 1 4 4 1959__ N ju o n v e . 2 2 4 5 6 6, , 5 6 1 0 6 6 3 3 , , 9 68 0 7 8 2 2 , , 1 0 3 1 7 5 6 68 9 3 2 1 1 , , 8 8 4 7 2 9 8 8 , , 4 5 4 6 0 4 7 7 , , 5 4 7 2 8 3 1 1 , , 1 12 1 3 5 2 2 5 1 9 3 4 4 , , 7 5 8 8 5 6 1 1 , , 4 4 4 2 0 4 1 1 0 6 8 4 7 7 5 4 4 0 1 1 4 4 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—May 25 6,562 4,259 1,647 656 1,723 8,378 7,254 1,053 381 4,371 1,405 225 760 11 June 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 1,854 8,546 7,474 1,151 407 4,442 1,426 161 769 11 July 27 6,811 ,284 1,845 682 1,745 8,662 7,551 1,163 342 4,552 1,444 195 770 11 Aug. 31 6,661 4,317 1,727 617 1,927 8,698 7,647 1,236 275 4,629 1,452 117 783 11 Sept. 28? 6,740 4,361 1,792 587 1,980 8,833 7,766 1,191 552 4,497 1,465 125 781 11 Oct. 26P 6,847 4,328 1,903 616 1,954 8.923 7,725 1,231 301 4,662 1,470 219 804 11 Nov. 30» 6,729 4,260 1,841 628 2,040 8,892 7,800 1,359 261 4,629 1,490 93 813 11 Reserve city member banks:6 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1957—Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67,483 7,241 301 1,358 39,96018,623 21 5,370 278 1958—Dec. 31 60,558 34,003 20,645 5,910 17,701 79,781 72,647 7,506 377 1,429 42,,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 Nov. 25 60,790 38,171 16,954 5,665 16,463 78,852 69,951 6,273 303 1,528 40,590 2211,257 1,175 6,083 270 Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 1,698 42,66821,555 238 6,106 265 I960—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 39,75920,938 870 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 2211,168 1,064 6,257 223 July 27 60,427 39,290 15,825 5,312 15,743 77,938 68,796 6,074 250 2,247 38,92521,300 1,063 6,256 222 Aug. 31 60,683 39,497 15,920 5,26615,353 77,796 68,484 6,342 285 1,984 38,284 2-1,589 1,093 6,306 217 Sept. 28* 60,790 39,430 16,029 5,331 15,801 78,381 69,317 6,509 317 2,500 38,257 21,734 803 6,332 217 Oct. 26P 61.805 39,354 17,040 5,411 15,998 79,643 70,421 6,774 286 2,062 39,410 21,889 822 6,366 217 Nov. 30? 61,625 39,273 16,943 5,40916,649 80,141 71,126 7,433 293 1,867 39,654 21,879 434 6,406 217 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,26810,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1957—Dec. 31 56,820 28,191 21,815 6,814 14,139 72,062 65,991 1,640 1,181 40',,"724 "2,2429 30 5,359 6,083 1958—Dec. 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 1,175 42,,349 25,137 37 5,685 6,006 1959_june 24 62,386 32,317 22,377 7,69212,363 75,986 68,787 1,232 1,309 40,11526,094 510 5,898 5,975 Nov. 25 63,726 33,456 22,509 7,761 12,850 77,903 70,414 1,358 1,437 41,, 6"2-5 "2,5960 529 6,106 5,940 Dec. 31 64,082 33,766 22,535 7,781 14,122 79,567 72,323 1,602 ',508 42,832 26,356 71 6,035 5,938 I960—May 25 65,174 35,668 21,749 7,757 12,323 78,798 70,576 1,191 ,803 40,03127,527 615 6,340 5,962 June 15 65,427 36,074 21,556 13,475 80,357 72,222 1,299 ,951 ',240 -2,7706 320 6,453 5,966 June 29 65,112 36,075 21,241 12,564 79,007 71,044 1,223 .947 40,003 27,847 371 6,369 5,962 July 27 65,377 35,999 21,593 12,854 79,571 71,624 1,274 ,757 40, ,046 301 6,416 5,955 Aug. 31 65,805 36,473 21,520 12,924 80,210 71,923 1,308 ,623 40,533 28,433 490 6,484 5,962 Sept. 28* 66.482 36,691 21,975 12,740 80,609 72,522 1,349 ,780 40,750 28,617 203 6,531 5,957 Oct. 26* 67 463 36.705 22.811 13,135 81,967 73.847 1.459 788 41 £4428 930 187 6,569 5,944 Nov. 30r 67,241 36.433|22,821 7,987 13,315 81,910 73,702 1,485 ,698 41!897 28,596 207 6,614 5,835 I 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 reclassifled 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 1361 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 l o . i v S n 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 s 2 c c b T o a i a l l a o p u 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. D S e . ma O n t d her Time r B i o n o w g r s - - i c c T a o a o p u c t i n - a ta t l s l b N a b o u n e f m k r s - Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76, 69,411 10,654 762 ,29815,699 10 6,84413,426 1 1 9 9 4 4 5 7 — — D D e e c c . . 3 3 1 1 1 1 2 1 1 4 , , 8 2 0 7 9 4 2 3 5 7 , , 7 5 6 8 5 3 6 8 7 8 , , 9 9 4 1 1 2 7,1 7 3 50 1 3 3 6 4,2 9 9 2 2 6 1 1 4 4 7 1 , , 7 8 7 5 5 112,6 1 1 3 5 ,883 54 7 32 4 5 0 9 8 2 0 ; , 9 2 7 7 5 6 3 2 4 9 , ; 8 8 8 —7 2 6 21 6 5 1 9 8 , , 7 6 3 71 4 1 1 3 3 , , 2 3 9 9 7 8 1957—Dec. 31 168,595 93,430 57,580 17585 48 127 220 199,87615,489 1,264 3,859 123,127 56,137 66 n~ ;05113,142 1958—Dec. 31 183,596 97,730 65,669 20 198 48689 236724 214,48515,653 2,209 ,214 63,168 6718,15413,101 1959_June 10 184,632 102,902 61,396 20334 42623 231876 206,14913,338 2,013 2,766 122,744 65,288 2,76218,76213,086 Dec. 31 188,790 110,299 58,34820,J43 49 158 242828 218,47415,500 1,358 5,037130,720 65,858 60219,20613,107 1960—June 15 188,691 114,785 54,366 19,540 46,825 240;728 212,44213,756 1,324 6,396124,09166,875 2,573 19,97813,140 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,80614,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945_Dec. 31 69,312 13,925 51,250 4,137 20,114 220 84,939 9,229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 221,,024 182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1957—Dec. 31 91,201 50,350 31,234 9,617 26,786 120,153109,091 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 26,781128;397116,714 9,035 767 2,292 69,808 34,812 43 9,643 4,578 1959—June 10 99,982 55,816 33,15211,014 23,835126,255112,659 7,818 705 1,526 66,433 36,177 1,42010,041 4,559 Dec. 31 102,615 59,962 31,76110,89227; 464 132,636119,638 8,947 514 2,742 71,01536,421 34010,302 4,542 1960—June 15 102,309 62,398 29,29810,614 26,380131,433116,178 7,937 472 3,594 67,270 3-6,905 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 1,691 1960—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 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947_Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1957—Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,58010,873 2,500 6,753 1958—Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,776666 12,063 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. 3H 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 31? 425 1958—Dec. 31 1,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 1959—June 10 1,518 504 639 375 271 1,850 1,444 143 122 830 342 338 383 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 35? 350 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31* 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167| 13,758 7,036 1,596 7,261 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,420 11,176 2l! 2,817 7,178 1958—Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 185 428 19,655 12,387 2C 3,028 7,192 1959_june 10 30,889 14,988 11,821 4,079 5,041 36,491 32,810 536 144 368 18,903 12,858 843,183 7,193 Dec. 31 32,419- 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,605 13,370 3,294 7,244 1960—June 15 32,498 16,972 11,395 4,131 5,251 38,397 34,328 553 141 669 19,318 13,648 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 12,192 1,252 194 1957—Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 1 3 26 24,,991 2,308 239 1958—Dec. 31 28,980 19,180 5,215 4,585 752 30,189 27,277 2 3 28 27,,:243 2,473 241 1959—June 10 30,150 20,106 5,324 4,721 630 31,228 28,041 2 2 27 28,,011 2,608 251 Dec. 31 30,580 20,942 5,016 4,622 686 31,743 28,577 2 3 28 28,544 2,654 268 I960—June 15 31,133 21,721 4,743 4,669 624 32,211 28,824 2 2 28 28,791 2,735 268 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947_Dec. 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 t959_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 I960—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

1362 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES« [In millions of dollars] Loans2 Investments co b c C m a a l n l a m l k s d e s a r a o n c te f i d al i m T n lo a v o e n a e n t n d a s t s t l s - Total 2 C c o m m c p p k i l i p o n u i n a e e e a e a m g d - r r r t - n l - - - - A c tu a u g r l l r - - i- o p d b k a L T e s r u e e n r e r o o o r a r d s c c s a c - l a u - n h r r s a o r i t y s t i T f h i i e o n n o e s r g g rs b i a T n n f o s i k L n ti s a o t t u n o a t c n o i i s o t T a h n l o e s rs l R o t e a a e s t n a - e s l O l v u o d i t t i a a n h o i d n l - - e - s s r O lo th a e n r s To U ta . l S. B G i o ll v s ern c C t a m i e f t i e r e - s - nt o N b o l t i e g s atio B n o s nds S p s O d t s a i i i t o g u i c o o o a n b v l a a b n t f n i d l i - e l t - i s - s - - s O s r e i t t h c i u e e s r - Total: 3 1947 —Dec. 31.. 116,28438,057 18,167 ,660 830 ,220 115 9,393 5,723 947 69,2212,193 7,789 6,034 53,205 5,276 3,729 1958—Dec. 31.. 185,116655 98,21440,425 4,9732,832 ,829 719 25,255 20,698 3,437 66,3766,294 77,,33 9999 1333,3,33999666 33999,,22288877716,505 4,070 1959—Dec. 31*, 190,270 110 S3240.174 5,018 3,018 ,850 819 7,118 28,060 24,166 2,784 58,9376,300 22,442200 1144,885566 3355,336600 16,958 3,543 I960—June 15.. 90,137 115.30741 ,3632,602 ,739 2,365 7,063 28,353125.523 2.747 54,9133.593 2,21015,224 33,, 887 16.7893,127 Oct. 3«. 193,990116,18041,900 5,570 2,730; ,780 2,260 6,770 28,640 26,040 2,720 57,5705,720 2,860 16,730 32,260 17,240 3,000 All insured: 1941 -Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31. i21,80925,765 9,461 1,3143,164 3,606 49 4,677 2,361| 1 132 88,9122,45519,071 16,0"4'"5 51,342 3,873 ",258 1947_Dec. 31.. '14,274 37,583 18,012 1,610 8231,190 114 9,266 5,654 914 67,9412,124 7,552 5,918 52,347 5,129 3,621 1958—Dec. 31. 183,596 97,73040,289 41913 2,7971,810 713 25,14820,589 3,420 65,6696,159 7,362 13,240 38,90816, ,932 1959—Dec. 31*. 88,790 110,29940,022 4,973 2,982 1,827 813 7,105 27,94824.032 2,767 58,3486,189 2,440044 14,72935.02716,7213,422 1960—June 15.. 88,691 114,78541,6255,3182,5841,719 2,360 7,043 28,240 25,387 2,728 54,3663,527 2,184 15,090 33,56616,, 545" 2,994 Member, total: 1941—Dec. 31.. 43,52118,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1 1 1 1 1 9 9 9 9 9 5 4 4 5 6 9 7 5 8 0 — - — — — D D D D J O e e e e u c c c c c n t . . . . . e 3 3 3 3 1 1 1 1 1 5 3 . . * . . . . . . . . . . . , . 1 1 1 1 9 5 6 5 5 0 7 4 0 7 7 7 , , , , , , 8 8 8 8 8 8 6 1 4 7 6 4 6 8 7 5 6 9 5 6 5 3 9 7 9 9 9 8 3 2 8 8 4 4 2 2 , , , , , , 0 8 3 7 6 7 6 1 4 7 7 2 1 5 4 9 5 8 3 3 3 3 1 8 8 8 6 7 6 , , , , , , , 9 3 2 4 2 9 4 4 2 0 4 6 6 9 6 4 4 2 3 3 3 1 3 , , , , , 8 2 4 0 0 1 5 5 9 4 5 1 1 5 6 7 6 2 2 2 3 2 , , 5 1 9 3 3 3 3, , , , , , 5 5 5 4 0 3 2 8 9 8 6 7 1 8 9 7 5 8 2 2 , . 2 3 7 8 1 0 1 1 1 4 1 9 2 1 0 7 3 6 6 6 , . , 8 4 7 0 3 3 4 1 6 2 2 2 2 2 2 0 2 7 3 , , , , , , 4 3 0 1 1 4 4 0 1 8 5 3 6 9 3 5 0 5 2 2 1 1 1 4 0 1 7 9 , , , , , , 3 6 9 9 0 8 3 3 6 0 2 7 3 2 8 7 2 0 2 3 2 2 , , , . 0 2 5 6 8 5 1 5 3 0 2 5 7 9 1 3 9 0 4 4 7 5 4 5 1 5 8 7 6 4 . , , , . 5 9 3 2 9 2 6 3 9 1 6 9 8 9 4 4 4 2 2 4 1 , , , , , , 5 6 6 2 6 9 2 2 7 4 1 8 1 5 5 2 4 7 1 2 6 5 6 1 1 , , , , , , 1 2 8 5 9 8 4 2 8 1 8 1 3 3 3 6 5 2 1 1 1 1 1 4 1 3 4 1 1 , , , , , , 8 9 2 3 6 1 1 7 5 9 0 1 5 1 9 8 7 4 : 2 2 4 2 3 " 5 2 8 5 7 , ' , , . , 7 , 3 4 7 2 8 8 6 2 9 9 0 5 3 4 5 7 6 1 1 1 1 4 3 3 3 3 3 , , , , , , 1 4 8 6 4 7 9 9 0 7 3 9 7 5 7 2 2 2 3 3 , , , , , , 3 6 1 1 1 8 1 1 0 8 0 1 5 0 5 3 0 5 New York City:* 1941—Dec. 31..12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945_Dec. 31...26,143 7,334 3,044 2,453 ,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,9721,002 640 558 9,772 638 604 1958—Dec. 31 25,96616,16510,928 1,652 382 503 641 1,502 921 7,486 643 1,106 1,602 4,135 1,869 446 1959—Dec. 31*. 25,29118,12110,549 1,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 I960—June 15...25,77418,35010,499 1,463 366 1,050 1,886 870 1,821 795 5,384 681 369 1,546 2,788 1,722 319 Oct. 3... 26,38617,76010,367 1,353 367 849 1,744 815 1,827 830 6,3541,380 508 1,574 2,892 1,996 276 Chicago:* 1941_Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947_Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1958—Dec. 31. 6,830 3,637 2,628 266 97 161 357 210 2,562 232 361 522 1,446 491 140 1959—Dec. 31*. 6,885 4.206 2,527 268 124 588 183 435 148 1,985 108 78 467 1,332 562 133 I960—June 15.. 6,707 4,386 2,716 187 123 581 183 396 211 1,664 46 42 480 1,096 564 95 Oct. 3.. 6,802 4,422 2,797 203 123 576 188 401 179 1,778 129 49 551 1,048 526 73 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 3,661 205 427 ,503 17 1,459 855 38729,5521,034 6,982 5,65315,883 1,126 916 1947—Dec. 31... 36,04013,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,342 ,053 1958—Dec. 31.. 60,555588 34,00315,808 669 518 851 191 8,405 6.930 1.301 20,6451,293 2,370 4,49712,484 4,864 ,047 1959—Dec. 31*. 61,62138,68615,252 765 580 776 235 3,369 9,251 3,211 98017,292i,484 645 4,10911,054 4,830 813 I960—June 15.. 59,75039,53415,778 805 511 713 924 3,184 9,036 8,430 89214,921 464 365 4,00610,086 4,623 672 Oct. 3... 61,144 39,82015,864 860 597 738 935 3,083 9,042 8,570 86415,9931,203 670 43683 9,437 4,663 668 Country: 1941—Dec. 31.. 12,518 5,890 1,676 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 ,028 1945—Dec. 31.. 35,002 5,596 1,484 42 471 4 1,881 707 359 26,999 630 5,102 4,54416,722 1,342 ,067 1947—Dec. 31.. 36,32410,199 3,096 23 227 5 3,827 1,979 224 22,857 480 2,583 2,10817,687 2,006 ,262 1958—Dec. 31.. 61,51130,257 8,080 2,368 294 268 6 10,806 8,239 779 23,6062,475 2,306 4,49514,330 6,181 ,467 1959-Dec. 31*. 64,08233,766 8,498 2,321 298 284 11 1,056 11,816 9,491 643:22,5352,381 863 5,75113,540 6,452 ,330 I960—June 15.. 65,42736,074 9,212 2,465 308 286 242 1,085 12,22010,286 665522 21,5561,329 807 5,92813,493 6,565 ,232 Oct. 3.. 66,53336,813 9,218 2,567 440 293 361 1,031 12,40210,535 65621,845 ,913 995 6,59112,347 6,712 ,164 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—Dec. 31*. 32,41916,068 3,348 1,902 133 263 317 5,888 4,289 18112,1341,689 608 3,254 6,584 3,283 934 I960—June 15.. 32,49816,972 3,571 2,066 134 251 327 6,053 4,591 19711,395 1,073 627 3,265 6,429 3,317 814 t Estimated. the Federal Reserve System: these banks (two beginning June 1960) are * 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 I960, p. 12. banks. Comparability of figures for classes of banks is affected somewhat 1 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1363 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES» [In millions of dollars] Demand deposits Time deposits D serves Bal- Dec b o c C a m a n l l a m k l s s d s e r a a o c t n i f e a i l F B s w e R e a d r i n e t e v - h k r e a s l C va a in u s l h t b m a w a d n e n o i c s k t - e t h s i s c 5 ju m p s o d a a t e d s e n - i - d t d s 6 m D e In s o d t - t e i e c p r 5 o b s a i n F t e s k i o g r n - G U o . v S t . . p v s S o u i a t l s a i b n i t 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 t n e r f c r c d i t d s . - k i ' - s, v p a i n a s p d I t h d i r n o u o t i d r n a p 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 o n o a . n g s S v v d t s . - t a . l v S s p i a u i s t o c a n i b l a o t d i d e l t n - i s s - p a v n s a p I i t h d i d r n o o t i u d r n p c n a a i e o s s - - l r , r s - - , r B i o n o w g r s - - c C o a t a u a c p - n l i t - s Totals 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 65 10,059 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 73 18 486 1959—Dec. 31.... 17,931 3,012 12,237115,420 13,944 1,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62,718 615 19,556 I960—June 15.... 17,917 3,252 10,999110,025 12,484 1,436 6,414 10,753 3,701 110,429 1,446 259 3,616 63,2902,59020,331 Oct. 3«... 17,550 3,010 11,530109,190 13,200 1,490 7,310 11,040 3,880 108,850 1,690 260 4,000 65,610 1,91020,870 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947_Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1958—Dec. 31.... 18,427 3,227 12,353114,645 14,025 1,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 6718,154 1959—Dec. 31.... 17,931 2,990 11,969114,563 13,825 1,675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 60219,206 I960—June 15.... 17,917 3,232 10,737109,249 12,356 1,400 6,396 10,648 3,655 109,788 1,324 259 3,555 63,0612,573 Member, total 1941—Dec.31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 20? 7,589 1947—Dec. 31..., 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1958—Dec. 31.... 18,428 2,441 7,977 96,218 13,614 1,613 3,822 S,603 3,712 98,133 2, 187 300 2,829 48,004 5415,460 1959—Dec. 31... 17,932 2,222 7,532 95,274 13,389 1,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 58116,264 1960—June 15.... 17,918 2,427 6,913 91,042 11,980 1,387 5,745 8,304 3,366 93,896 1,305 234 2,768 50,5342,50316,829 Oct. 3.... 17,552 2,249 7,275 90,046 12,648 1,434 6,715 8,563 3,544 92,147 1,547 237 3,117 52,328 1,82917,268- New York City:4 1941—Dec. 31 5,105 93 141 10 761 3,595 607 866 319 450 11,282 C 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 2',120> 1947_Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 3( 2,259 1958—Dec. 31.... 4,454 161 92 16,170 3,519 1,267 968 329 1,540 18,835 1,739 36 100 3,345 3,2S2 \ 959—Dec.31.... 3,908 151 138 15,494 3,462 1,303 1,027 310 1,536 18,573 988 24 65 3,359"232 3,361 I960—June 15.... 4,054 144 87 15,332 3,149 1,060 1,140 294 1,849 17,754 992 24 95 3,360 980 3,430 Oct. 3.... 4,031 144 78 14,332 3,509 1,108 1,947 307 2,052 16,867 1,140 25 157 3,536 749 3,493 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 1,196 21 72 285 63 3,853 2 9 902 426 1958—Dec. 31.... 1,058 36 185 4,271 1,314 43 249 302 88 4,746 34 7 7 1,423 733 1959—Dec. 31.... 920 33 142 4,171 1,187 43 272 329 105 4,636 23 8 12 1,449 4C 762 I960—June 15.... 995 28 109 3,678 1,193 40 335 283 85 4,301 43 4 8 1,401 333 765 Oct. 3.... 1,074 30 117 3,834 1,200 39 530 366 104 4,026 59 4 7 1,458 81 786 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—Dec. 31.... 7,532 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 1,229 20,231 238 6,106 1960—June 15... 7,482 740 2,229 32,873 6,354 272 2.319 2,803 801 36,156 245 80 1,375 19,484 870 6,181 Oct. 3... 7,148 684 2,130 32,519 6,540 268 2,512 2,904 796 35,240 314 81 1,485 20,209 697 6,343 Country: 1941—Dec. 31.... 2,2J0 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 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—Dec. 31... 5,573 1,357 4,870 40,514 1,578 24 1,508 4,972 857 37,003 24 132 1,077 25,146 71 6,035 I960—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 Oct. 3... 5,300 1,391 4,950 39,361 1,399 18 1,725 4,986 593 36,014 34 127 1,467 27,125 302 6,645 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 Dec 31 790 4 706 20'146 555 46 545 2,544 369 17,692 103 26 783 12j560 3<4 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 * 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

1364 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Financial institutions T lo o a t n a s l L a o n a d ns Com- a T n o d b d r e o a k l e e r r s s To others Banks in N s o ti n tu b t a i n o k ns Wednesday i m n a v e n e n d s t t s - j i m u n s a v e t d e e n - s d t t s - 1 j L us a o t d a e - n d s * in m t a c r d n i i e a u a d r l s l - - A t c u g u r r l a - i l - G U t l i o i o o g . b S n v a - - s . t. O c t s u t i e h e r - s e i- r G U t l i o i o o . g b v n a S - - s t . . O c t s u t i e h e r - s e i- r F ei o g r n - c m m D c o t i i e e m o a c s r l - - - - n p s c s P a a o a o a f n e n n n l i m e r d - c i a - e s - e l s Other e R st e a a t l e l o o A t a h l n e l s r V se t a r i r l e o v u - n e a s etc. Total— Leading Cities 1959 Nov. 4 105,230 103.879 65,890 29,687 937 573 1,702 160 1,195 717 1,351 3,782 1,671 12,506 14,321 ,361 11 104.343 103,146 65,703 29,727 942 397 1,701 152 1,193 743 1,197 3,687 1,669 12,540 14,312 ,360 18 104;345 103,251 65,961 29,912 937 383 1,776 154 1,188 734 1,094 3,722 1,679 12,562 14,274 ,360 25 104,202 102,841 65,884 29,901 919 313 1,774 158 1,187 750 1,361 3,708 1,678 12,578 14,279 .361 1960 Oct. 5.... 107,520 105,944 68,528 31,395 ,062 527 1,517 139 1,160 693 1,576 4,029 1,695 12,527 15,239 ,455 12 107,070 105,571 68,385 31,521 ,069 389 1,498 139 1,151 668 1,499 4,003 1,665 12,543 15,196 ,457 19 106,414 105,647 68,096 31,549 ,068 274 1,491 135 1,145 681 767 3,748 1,681 12,541 15,236 ,453 26.... 108,348 107,436 68,111 31,435 ,068 445 1,512 136 1,161 690 912 3,688 1,655 12,529 15,243 ,451 Nov. 2 109,127 107,806 68,812 31,656 ,073 629 1,631 138 1,156 690 1,321 3,776 1,684 12,522 15,309 ,452 9 108.354 106,709 68,325 31,576 ,077 309 1,598 140 [,152 701 1,645 3,697 1,681 12,517 15,330 ,453 16 108;869 107,295 68,713 31,837 ,082 420 1,578 137 1,150 700 1,574 3,684 1,679 12,545 15,346 ,445 23 108.152 106,925 68.388 31,702 .076 312 1,580 143 [,155 688 1,227 3,617 1,672 12,530 15,356 ,443 30 108.060 107,328 68,445 31,749 K069 280 1,571 128 1,153 683 732 3,651 1,672 12,524 15,411 ,446 New York City 1959 Nov. 4 25,493 25,134 17.516 10,290 2 367 1,197 36 386 472 359 1,359 325 879 2,597 394 25,010 24,528 17,285 10,272 222 1,195 35 385 472 482 1,295 325 892 2,584 394 18.... ........ 24.961 24,600 17,482 10,346 276 1,273 37 383 462 361 1,317 332 902 2,545 394 25 25,087 24,405 17,421 10.354 3 209 1,267 35 380 479 682 1,280 335 915 2,558 394 1960 Oct. 5 26,282 25.709 17,213 10,411 7 281 947 28 347 439 573 1,331 314 821 2,692 405 12 25,872 25,372 17,032 10,419 7 170 896 28 346 432 500 1,330 298 824 2,687 405 19 25,820 25,340 16,954 10,441 7 96 916 28 346 446 480 1,214 305 815 2,743 403 26 26,013 25,894 17,095 10,429 8 210 940 28 345 455 119 1,218 302 808 2,755 403 Nov. 2 26,615 26,281 17,564 10,581 8 333 1,022 28 346 455 334 1,298 310 810 2,776 403 9 26,105 25,645 17,276 10,493 8 172 978 28 346 464 460 1,298 307 816 2,769 403 16 26,290 25,746 17,360 10,596 8 197 969 28 344 457 544 1,275 311 820 2,758 403 23 26,021 25,589 17,229 10,534 8 140 991 28 347 446 432 1,238 318 804 2,778 403 30 26,116 25,777 17,271 10,628 8 75 978 28 347 444 339 1,254 315 804 2,793 403 Outside New York City 1959 Nov 4 79.737 78,745 48,374 19.397 935 206 505 124 809 245 992 2,423 1,346 11,627 11,724 967 79;333 78,618 48,418 19,455 940 175 506 117 808 271 715 2,392 1,344 11,648 11,728 966 18 79,384 78,651 48,479 19,566 934 107 503 117 805 272 733 2,405 1,347 11,660 11,729 966 79.115 78,436 48,463 19,547 916 104 507 123 807 271 679 2,428 1,343 11,663 11,721 967 1960 Oct. 5 81.238 80,235 51,315 20,984 1,055 246 570 111 813 254 1,003 2,698 1,381 11,706 12,547 1,050 12 81 J98 80.199 51,353 21.102 .062 219 602 111 805 236 999 2,673 1,367 11,719 12,509 1,052 19 80.594 80.307 51,142 21.108 .061 178 575 107 799 235 287 2,534 1,376 11,726 12,493 ,050 26 82,335 81,542 51,016 21,006 ,060 235 572 108 816 235 793 2,470 1,353 11,721 12,488 ,048 Nov. 2.... 82,512 81.525 51,248 21.075 1.065 296 609 110 810 235 987 2,478 1,374 11,712 12,533 1,049 9 82.249 81,064 51,049 21.083 1,069 137 620 112 806 237 1,185 2,399 1,374 11,701 12,561 1.050 16 82.579 81.549 51,353 21.241 1.074 223 609 109 806 243 1,030 2,409 1,368 11,725 12,588 1,042 23 82.131 81.336 51,159 21,168 1,068 172 589 115 808 242 795 2,379 1,354 11,726 12,578 1,040 30 81.944 81.551 51,174 21.121 1.061 205 593 100 806 239 393 2,397 1,357 11,720 12,618 1.043 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 1365 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations All total Wednesday Bal- Bal- Re- other liabili- Notes and bonds Other ances ances Currency serves assets ties maturing: secu- Total with with and with and Cer- rities domes- for- coin F. R. capital Total ills tifi- tic eign Banks accounts cates With- banks banks in 1 to After lyear 5 years 5 years Total— Leading Cities 1959 Nov. 4.. 28,056 1,894 ,253 1,535 16,782 6,592 9,933 17,376 2,825 86 1,147 13,318 3,126 137,500 II. .. 27,693 1,612 ,276 1,504 16,696 6; 605 9,750 17,113 2,882 94 1,228 12,909 3,152 134,846 18 27,542 1,582 1,140 1,720 16,498 6,602 9,748 17,579 2,877 102 1,214 13,386 3,078 136,399 25... 27,232 1,482 1,109 1,670 16,352 6,619 9,725 17,192 2,672 96 1,202 13,222 3,163 135,908 I960 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 ,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 ,443 I ,389 17,552 4,776 9,759 17,925 2,689 134 1,283 13,819 3,944 141,174 Nov. 2.. 29,305 4,037 .458 1,550 17,485 4,775 9,689 17,727 2,767 118 1,198 13,644 4,054 143,065 9. . . 28,873 3,632 ,455 1,533 17,487 4,766 9,511 16,998 2,763 115 1,305 12,815 4,097 140,860 16 29,102 3,469 ,280'2,347 16,952 5,054 9,480 17,275 3,061 107 1,259 12,848 3,960 143,692 23 29,011 3,322 .278: r2,368 16,965 5,078 9,526 16,926 2,742 100 1,246 12,838 3,961 140,816 29,31 3,500 ,3271 r2,437 16,997 5,051 9,571 17,698 3,704 108 1,336 12,550 4,025 141,766 30.. ".. New York City 1959 5,386 571 229 173 3,080 ,333 2,232 3,944 163 3,648 132 35,056 (I 5,156 395 247 156 3,032 ,326 2,087 3,690 167 3,424 149 32,995 18 5,026 389 221 139 2,953 ,324 2,092 3,881 154 3,594 133 33,517 4,900 386 219 126 2,833 ,336 2,084 3,799 165 3,528 198 34,128 1960 Oct. 6,189 216 500 60 3,338 ,075 2,307 4,053 54 153 3,779 ,672 35,734 12... 6,061 065 498 3,364 ,075 2,279 4,056 60 169 3,759 ,667 35,251 19.. 6,085 078 498 3,362 ,075 2,301 4,177 67 153 3,887 ,650 35,148 26.. 6,564 436 531 181 3,347 ,069 2,235 4,692 62 163 4,393 ,661 36,236 Nov. 2... 6,583 380 539 291 3,300 ,073 2,134 4,257 64 157 3,972 ,708 37,059 9 6,341 156 534 288 3,291 ,072 2,028 3,844 56 201 3,525 ,760 35,714 16 6,357 180 451 334 3,273 ,119 2,029 3,854 65 159 3,580 ,711 36,298 21 6,325 157 444 320 3,287 ,117 2,035 3,971 60 165 3,697 ,724 35,634 3®'.'.'.'. " " '. 6,469 281 447 334 3,305 ,102 2,037 4,112 171 168 3,719 ,711 30.153 Outside New York City 1959 Nov. 4 22,670 1,323 1,024 1,362 13,702 5,259 7,701 13,432 2,732 984 9,670 1,994 102.444 U 22,537 1,217 1,029 1,348 13,664 5,279 7,663 13,423 2,833 1,061 9,485 2,003 101.851 18 22,516 1,193 919 1.581 13,545 5,278 7,656 13,698 2,800 1,060 9,792 1,945 102,882 22,33: 1,096 890 1.544 13,519 5,283 7,641 13,393 2,611 1,037 9,694 1,965 101.780 Oct. 5 21,505 1,489 898 1,112 14,255 3,751 7,415 13,316 2,845 999 9,411 2,237 104,273 12 21,412 1,403 897 1,118 14,251 3,743 7,434 13,227 2,976 1,121 9,077 2,251 105,046 19 21,691 1,691 908 1,170 14,207 3,715 7,474 13,717 3,365 ,109 9,187 2,247 104,362 26 23,oo: 2,970 912 1,208 14,205 3,707 7,524 13,233 2,627 ,120 9,426 2,283 104,938 Nov. 2 22,72: 2,657 919 1,259 14,185 3,702 7,555 13,470 2,703 ,041 9,672 2,346 106,006 9 22,53! 2,476 921 1,245 14,196 3,694 7,483 13,154 2,707 ,104 9,290 2,337 105,146 16 22,745 2,289 829^,013 13,679 3,935 7,451 13,421 2,996 ,100 9,268 2,249 107,394 23 22,686 2,165 834r2,048 13,678 3,961 7,491 12,955 2,682 ,081 9,141 2,237 105,182 30 22,843 2,219 880'2,103 13,692 3,949 7,534 13,586 3,533 ,168 8,831 2,314 105,613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1366 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju e m p D s a a t o d e e n s - d - d i t i s Do t m I ic n e t s e - rban F e k i o g r n - G U o .S vt . . S p s d s a i t i o u c i a o n v l a b t n i d e i l t - - s - s c C h c o a f e e e e i f n t e c r f r c d d i t s k . - i ' - s, p v r c a s a i I o d a h r n t r i t n u i d o n p p d a i n e o s - l , s r s - - , I b n a t n e k r- P G U s i o a n a o . n s g v v t d S a s - t l . . S p s d s a i t i o u c i a o n v l a b t n d i e i l t - - s - s p v r c s a i a I o d h a r n t r t i n u i d n p o p d a i e s o n - l , r s - s - , B F F. a r o n R m k . s o F t r h o e m rs O li i a t t i b h e i e s l r - c C o a a u p c n - it t a s l Total- Leading Cities 1959 Nov 4 60,615 11,672 1,356 3,422 4,834 2,989 64,560 1.483 144 1 398 28,947 487 1 768 3 177 11 263 11 60,837 11,442 1,378 2,545 4,502 2,472 64,101 ,475 144 1,373 28,782 352 1,723 3,282 11,275 18 60 790 11 401 1,346 3,019 4,667 2,585 64,935 ,425 142 [ 300 28 666 583 1 749 3 318 11 263 25 . 61,260 10,520 1,327 2,754 4,755 2,869 64,987 ,396 144 1,313 28,690 428 2 002 3'475 11 248 1960 Oct 5 58,130 12,188 1,322 4,652 4,622 2,471 62,246 ,510 132 [ 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 ,517 131 [,938 30,246 68 1 958 4 971 11 886 19 59,705 13,040 1 493 2,119 4,324 2,165 64,521 ,523 130 I 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 I 933 30,358 863 1 435 4 946 11 911 Nov. 2 59,794 12,104 1,346 4,413 4,945 3,088 63,918 1,543 130 1.940 30,432 307 1,925 5,032 11,942 9 58,800 12,099 1,365 3,636 4,558 2,512 63,141 1,547 130 1,931 30,364 114 2,402 5,100 11,961 16 58,561 12,718 1,393 4,048 4,574 2,669 64,906 ,568 131 I 920 30,251 78 2 279 5 197 11 960 23 59,224 11,339 1,357 3,805 4,768 2,613 63,620 ,566 134 .922 30,321 250 1 964 5 212 11 945 30 59,762 12,771 1,335 3,511 4,862 2,581 64,302 ,554 132 2,017 30,334 25 1,081 5,241 12,020 New York City 1959 Nov. 4 15,058 3,159 1,031 1,057 465 1,822 17,258 ,155 25 111 3,287 107 927 1,312 3,340 11 15,156 2,862 1,055 731 314 1,157 16,831 ,151 24 104 3,239 29 787 1,370 3 341 18 15,053 3,038 1,033 773 298 1,248 17,049 ,099 24 76 3,245 68 859 1 371 3 336 25 15,275 2,864 1,028 698 304 1,651 17,364 ,065 24 76 3,276 6 970 1,486 3,316 I960 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 1,676 16,900 1,162 25 180 3,539 360 841 2 361 3 485 Nov ? 15 058 3,193 1,021 1,319 533 2.080 16,924 1,182 25 177 3 552 1 151 2 398 3 504 9 14,211 3,248 1,032 1,058 292 .512 16,412 1,182 25 185 3,520 38 1,257 2,446 3,507 16 14,169 3,391 1,065 1,085 279 1.466 16,867 1,203 24 187 3,515 23 1,253 2,431 3,509 23 14 528 3 090 1,017 995 268 ,531 16,647 ,204 25 189 3,559 1 121 2 497 3 491 30 14,677 3,726 1,003 955 277 .517 17,097 1.197 25 221 3,602 535 2,480 3,518 Outside New York City 1959 Nov. 4 45,557 8,513 325 2,365 4,369 1,167 47,302 328 119 1,287 25,660 380 841 1,865 7.923 11 45,681 8,580 323 1,814 4,188 1,315 47,270 324 120 1,269 25,543 323 936 1,912 7 934 18 45,737 8,363 313 2,246 4,369 1,337 47,886 326 118 1,224 25,421 515 890 1,947 7,927 25 45 985 7,656 299 2,056 4,451 1,218 47,623 331 120 1,237 25,414 422 1 032 1 989 7 932 1960 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 Nov. 2 44,736 8,911 325 3,094 4,412 1,008 46,994 361 105 1,763 26,880 307 774 2,634 8,438 9 44,589 8,851 333 2,578 4,266 1,000 46,729 365 105 1,746 26,844 76 1 145 2 654 8 454 16.. . . 44,392 9,327 328 2,963 4,295 1,203 48,039 365 107 1,733 26,736 55 1 026 2 766 8 451 23 44,696 8,249 340 2,810 4,500 1,082 46,973 362 109 1,733 26,762 250 843 2,715 8,454 30 45,085 9,045 332 2,556 4,585 1,064 47,205 357 107 1,796 26,732 25 546 2,761 8,502 1 Demand deposits other than interbank and U. S. Govt., less cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 1367 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY* [Net decline, (-). In millions of dollars] Manufacturing and mining Comm'l Period 2 l F iq a o u n o d o d r , , T ap e a x p n t a i d r le e s l, , M p m a r e e n o t t d a d a l - l s ch P l c e e e m o u t a r m i l o c , , - al, Other ( T r w e s a r h a t n a a o l d d e i l l e e ) - m d C e o a o d l m e it r - y s u P p t ( t t r o u i i i a n l o r b i n c n t t l i a l s i ) . e c - - s s C t t i r o o u n n c - - bu o ty s A t o h i p f n l e e l e r s ss c c h l N f a a i n e s e d s g t i e - s c r w h e i a a e n p a e n n d o l k d l ' r g l l t y e - tobacco leather ucts 3 and ing rubber banks 1959_jan.-July 1 -519 218 864 -162 188 284 —364 -141 106 145 620 762 July 8-Dec 698 -58 -148 248 26 151 738 480 11 —31 2,114 1,983 I960 Jan -June -558 273 1,062 -52 354 372 -677 -48 96 1155 977 1,180 I960—-Sent 143 -26 65 15 42 82 46 191 9 41 606 571 Oct 212 -160 -261 26 -41 125 175 -199 60 -62 -106 Nov 169 -101 -58 11 -76 112 163 76 -i3 79 361 -314 Week ending: I960 Sent. 7 15 22 -20 -5 1 5 -2 -11 -9 -43 -47 -37 p 14:::.:.:::.:.:..: 50 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 Nov 2 ... 63 -10 12 -5 -26 69 40 74 -25 36 227 221 9 -23 -16 -43 2 -13 8 42 -39 — 4 — 9 -92 — 80 16 86 -17 53 39 -6 63 26 -2 18 18 111 261 23 ~i -31 -43 -18 -16 -20 23 -6 — 2 -12 -133 -135 30 51 -27 -37 -9 -15 -8 32 49 46 82 47 1 Data for a sample of about 200 banks reporting changes in their NOTE.—Beginning with the week ended July 8, 1959, changes in comlarger loans; these banks hold about 95 per cent of total commercial mercial and industrial loans exclude loans to sales finance companies and industrial loans of all weekly reporting member banks and about and certain other nonbank financial concerns (for description of revisions, 70 per cent of those of all commercial banks. see the BULLETIN for August 1959, p. 885). Figures for earlier periods in the 2 Figures for periods other than weekly are based on weekly changes. last two columns have been adjusted only to exclude loans to sales finance 3 Includes machinery and transportation equipment. companies. Thus, these data are not strictly comparable with current figures. BANK RATES ON SHORT-TERM BUSINESS LOANS i [Weighted averages. Per cent per annum] Size of loan Size of loan Area All (thousands of dollars) Area All (thousands of dollars) pe a r n i d od loans 1- 10- 100- 200 pe a r n i d od loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Quarterly (cont.):2 Annual averages, New York City: 19 large cities: 1959_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 I960—Mar 5.18 5.81 5.63 5.41 5.10 1953 3.7 5.0 4.4 3.9 3.5 5.19 5.81 5.64 5.42 5.10 1954 3.6 5.0 4.3 3.9 3.4 Sept 4.74 5.73 5.45 5.00 4.62 1955 3.7 5.0 4.4 4.0 3.5 7 Northern and Eastern 1956 4.2 5.2 4.8 4.4 4.0 cities: 1957 4.6 5.5 5.1 4.8 4.5 1959—Sept 5.27 5.88 5.69 5.42 5.17 1958 4.3 5.5 5.0 4.6 4.1 Sept.3 5.28 5.89 5.70 5.42 5.17 1959 5.0 5.8 5.5 5.2 4.9 Dec.3 5.39 5.95 5.77 5.50 5.30 1960—Mar 5.34 5.95 5.73 5.47 5.24 Quarterly: 2 June 5.34 5.94 5.72 5.52 5.24 19 large cities: Sept 4.96 5.90 5.54 5.21 4.81 1959—Sept 5.27 5.91 5.65 5.43 5.15 11 Southern and Sept.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 1960—Mar 5.34 6.01 5.75 5.50 5.21 Sept.3 5.46 5.99 5.68 5.51 5.30 June 5.35 6.00 5.76 5.53 5.22 Dec.3 5.56 6.08 5.81 5.64 5.38 Sept 4.97 5.94 5.58 5.21 4.78 1960—Mar 5.57 6.12 5.83 5.57 5.40 5.58 6.10 5.84 5.61 5.41 Sept 5.32 6.04 5.68 5.34 5.10 1 For description see the BULLETIN for March 1949, pp. 228-37. NOTE.—Bank prime rate was 2 V$ per cent Jan. 1 -Jan. 7,1951. Changes 2 Based on new loans and renewals for first 15 days of month. thereafter occurred on the following dates (new levels shown, in per cent): 3 Coverage of Survey revised in accordance with changes in the loan 1951—Jan. 8, 2%; 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. 4,3 V*; Oct. 14,3Vi; 1956—Apr. 13,3%; Aug. 21, financial institutions. 4; 1957—Aug. 6, 4%; 1958—Jan. 22,4; Apr. 21, 3ft; Sept. 11,4; 1959— May 18, 4ft; Sept. 1, 5; and I960—Aug. 23, 4ft. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1368 INTEREST RATES MONEY MARKET RATES [Per cent per annum] r. 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 a e 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 d k s ) et Other 5 3 is - 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—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 Nov 3.28 2.91 3.00 2.384 2.37 2.650 2.66 2.87 2.99 3.68 Week ending: 1960 Nov 5 3 13 2.88 3.00 2.127 2.20 2.453 2.50 2.82 2.84 3.59 12 3.17 2.88 3.00 2.390 2.40 2.572 2.59 2.85 2.86 3.63 19 3.33 2.93 3.00 2.624 2.46 2.825 2.75 2.91 3.08 3.69 26 3 38 2.94 3.00 2.396 2.38 2.749 2.71 2.87 3.08 3.72 Dec 3 3.38 2.94 3.00 2.326 2.35 2.640 2.70 2.86 3.05 3.75 * Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Average of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Consists of certificates of indebtedness and selected note and bond 3 Average of daily prevailing rates. issues. 6 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Government bonds Corporate bonds3 Stocks3 State By selected By Dividend/ ( Earnings/ Year, month, or week United and local3 ratings groups price ratio iprice ratio6 S (l t o a n te g s - Total4 i term)2 Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - ! j C m o o m n i Number of issues 4-9 20 5 5 120 30 30 40 40 40 14 500 ! >00 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 7 7S 3.43 3.36 2.92 3.95 4.16 3.79 4.73 3.98 4.39 4.10 4 45 3.97 f> 0? 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 I 5.92 1959 Nov 4.12 3.81 3.44 4.30 4.85 4.56 5.26 4.69 4.99 4.86 4 81 3 24 Dec 4.27 3.84 3.43 4.37 4.87 4.58 5.28 4.70 5.05 4.86 4.85 3 18 i ^ ?R 1950 Jan 4.37 3.92 3.49 4.43 4.91 4.61 5.34 4.74 5.08 4 92 4 87 1 27 Feb 4.22 3.84 3.40 4.35 4.88 4.56 5.34 4 71 5.05 4 89 4 82 3 40 Mar 4.08 3.77 3.34 4.29 4.81 4.49 5.25 4.64 4.99 4 79 4 76 3 43 6 M 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 3.99 3.74 3.33 4.27 4.78 4.45 5.26 4.64 4.94 4 76 4 74 3 37 * 83 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 AU2 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 Nov 3.93 3.57 3.14 4.09 4.64 4.31 5.08 4 51 4 85 4 56 4 78 Week ending: 1960 Nov 5 3.90 3.59 3.16 4.11 4.64 4.30 5.10 4.50 4.87 4.55 4.74 3.58 12 .... 3.91 3.59 3.16 4.11 4.63 4.29 5.08 4 50 4 84 4 55 4 77 3 51 19 3.92 3.54 3.12 4.07 4.63 4.30 5.07 4 50 4 83 4 56 4 79 3 49 26 3.94 3.55 3.12 4.07 4.65 4.32 5.08 4.52 4.85 4 57 4 80 3 49 Dec 3 3.97 3.56 3.14 4.07 4.66 4.33 5.10 4.55 4.86 4.57 4.81 3.50 1 Monthly and weekly yields are averages of daily figures for U. S. rately. Because of a limited number of suitable issues, the number of Govt. and corporate bonds. Yields of State and local govt. bonds are corporate bonds in some groups has varied somewhat. based on Thursday figures; dividend/price ratios for preferred and 5 Standard and Poor's Corporation. Preferred stock ratio is based common stocks, on Wednesday figures. Earnings/price ratios for common on 8 median yields for a sample of noncallable issues—12 industrial and stocks are as of end of period. 2 public utility. For common stocks, the ratios are based on the 500 2 Series is based on bonds maturing or callable in 10 years or more. stocks in the price index. 3 Moody's Investors Service. State and local govt. bonds include gen- 6 Quarterly earnings are seasonally adjusted at annual rates. Prior eral obligations only. to this issue, annual earnings were those reported for the preceding four 4 Includes bonds rated Aa and A, data for which are not shown sepa- quarters. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1369 SECURITY PRICES^ Bond prices Common stock prices Volume Standard and Poor's index Securities and Exchange Commission index of (1941-^3= 10) (1957-59= 100) trad- Year, month, Cor- ing* 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) 3 grade) 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 17 500 425 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—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 I960—Jan 81.81 98.3 92.0 58.03 62.27 33.68 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. 2,898 Oct 87.50 105.9 96.0 53.73 56.90 27.77 47.34 109.1 104.9 109.4 100.8 88.0 130.5 122.8 71.8 2,592 Nov 87.23 107.7 95.5 55.47 58.89 28.93 47.83 112.6 108.5 113.0 104.5 91.7 132.0 129.3 74.1 3,100 Week ending: 1960—Nov. 5 87.63 107.4 95.8 54.18 57.46 28.25 47.09 111.0 107.2 111.5 103.3 90.4 130.0 125.3 73.8 ,692 12 87.45 107.9 95.8 55.62 59.12 28.99 47.49 113.0 109.1 114.1 104.6 92.3 132.0 129.1 73.8 ,436 19 87.38 108.2 95.6 55.69 59.16 28.94| 47.81 112. 108.6 112.9 104.7 92.1 132.5 130.8 73.3 2,794 26 87.04 107.7 95.2 55.90 59.31 29.22! 48.36 113.5 109.2 113.3 105.4 92.0 133.5 131.9 75.4 3,177 Dec. 3 86.65 107.1 95.2 55.73 58.97 29.10| 48.43 111. 107.2 111.2 103.5 92.1 133.4 129. 74.3 3,362 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5^-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 month1 other than firms 2 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 f£1 46 2,132 880 1957 Dec . 3,576 68 2.482 60 ,094 125 1,706 896 1958 Dec 4,537 146 3,285 63 ,252 234 2,071 1,159 1959 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 H2 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 H6 161 161 2 139 1 063 Nov 4.294 99 3.141 128 ,153 139 2,129 1,062 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

1370 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: E o n r d m of o n y t e h ar Placed P di l r a e c c e t d - Total Accepting banks B F a . n R ks . p I o m rt - s p E o x rt - s Dollar G sh o i o p p d p o s e i d n s t t o s b r e e i t d n w : i e n e n or Total through ly Others into from exdealers* ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d Foreign 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 ,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,744 840 3 1,904 ,194 302 238 64 49 68 775 254 349 83 244 263 1959—Oct.. 3,784 755 3,029 945 182 145 36 28 62 673 304 290 36 81 234 Nov. 3,664 784 2,880 ,029 232 187 44 34 71 693 355 283 46 119 226 Dec. 3,118 627 2,491 ,151 319 282 36 75 82 675 357 309 74 162 249 I960—Jan.. 3,889 664 3,225 ,229 230 193 36 42 124 833 341 337 149 158 245 Feb. 4,085 718 3,367 ,240 218 170 48 35 119 868 350 336 193 131 229 Mar. 4,320 805 3,515 ,366 250 178 72 33 153 929 364 413 201 144 244 Apr. 4,269 888 3,381 ,336 320 247 73 30 167 819 373 461 128 109 266 May 4,492 920 3,572 ,263 310 237 74 29 161 763 352 474 87 65 286 June 4,459 1,021 3,438 ,382 311 229 82 30 182 859 375 501 94 91 321 July. 4,652 1,116 3,536 ,561 404 299 104 29 180 948 400 545 166 76 373 Aug. 4,920 1,266 3,654 ,656 424 316 108 33 204 996 407 594 179 83 393 Sept. 4,558 1,263 3,295 ,668 392 284 108 42 204 1,031 409 632 123 107 398 Oct.. 5,056 1,365 3,691 ,753 501 356 145 39 196 1,017 405 633 139 157 419 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 . v S t . . S g l a o o t n c a v d a t t e l . C o o r t a h a n r t e p d e r o 1 - a C s a se sh ts O as t s h e e ts r s l a T u ia a t c r o i b n c p e t i d t l s a l s u i l . - s Deposits l O ia t t i b h e i s e li r - S c u o a r u c p n - lu ts s N c u o m m b m er itm A e m nt o s u 2 nt 1941 4 787 89 3,592 1/ 86 829 689 11,772 10 503 38 1,231 n.a. n.a. 1945 4,202 62 10,650 1 2^7 606 185 16,962 15,332 48 1,582 n.a. n.a. 1952 . . .. 11 231 144 9,443 336 2 925 917 304 25 300 22,610 163 2,527 n.a. n a. 1953 12,792 165 9,191 428 3,311 982 330 27,199 24,388 203 2,608 n.a. n.a. 1954 14 845 188 8,755 608 3 548 1,026 380 29,350 26,351 261 2,738 n.a. n.a. 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 n.a. n.a. 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 n.a. n.a. 1957 20 971 253 7,583 685 4 344 889 490 35,215 31,683 427 3,105 n.a. n.a. 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 [,664 19593 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 1959—Oct 24,511 327 6,963 738 4,874 698 553 38,664 34,660 665 3,339 73,699 1,294 Nov 24 635 366 6,878 730 4,846 718 556 38,729 34,633 724 3,372 76,612 ,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 1,099 Feb 25,044 372 6,851 706 4,824 735 569 39,101 34,959 742 3,400 55,775 1,029 Mar 25,194 412 6,883 709 4,876 776 570 39,420 35,279 722 3,419 55,028 1,008 Apr 25,323 386 6,735 722 4,857 690 575 39,288 35,184 713 3,391 57,916 1,059 May 25,484 446 6,655 699 4,870 732 578 39,464 35,242 799 3,423 54,364 1,042 June 25,653 396 6,562 695 4,927 840 569 39,642 35,463 720 3,459 52,638 1,028 July 25,812 435 6,514 691 4,965 771 572 39,760 35,484 795 3,481 53,276 ,031 Aug 26,018 449 6,544 686 4,957 765 564 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 Oct 26,382 417 6,356 681 4,985 779 585 40,185 35,923 740 3,522 60,396 1,205 n.a. Not available. 3 Data reflect consolidation of a large mutual savings bank with a com- 1 Includes securities of foreign governments and international organiza- mercial bank. tions and obligations of Federal agencies not guaranteed by the U. S. NOTE.—These data differ somewhat from those shown elsewhere in Government, as well as corporate securities. the BULLETIN; the latter are for call dates and are based on reports filed 2 Not a balance-sheet item. Data represent commitments outstanding with Federal and State bank supervisory agencies. Loans are shown of banks in New York State as reported to the Savings Banks Association net of valuation reserves. of the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 1371 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a ts l United State and M gsi o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Total States ( l U oc .S a . l ) Foreign 2 Total Bonds Stocks 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 :,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 ,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 ,285 44,057 40, 666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 ,370 47,108 42, 999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 ,513 49,666 45, 105 4,561 39,197 3,651 4,618 4,937 End of month:4 1957—Dec... 101,309 10,691 7,028 2,377 ,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—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 1960—Jan 114,202 11,731 7,011 3,197 [,523 49,047 45, 330 3,717 39,573 3,688 4,651 5,512 Feb.... 114,666 11,755 6,975 3,222 1,558 49,170 45, 435 3,735 39,769 3,698 4,709 5,565 Mar.... 114,965 11,638 6,808 3,257 1,573 49,298 45, 576 3,722 40,011 3,712 4,774 5,532 Apr.... 115,394 11,583 6,723 3,278 ,582 49,450 45, 708 3,742 40,236 3,721 4,838 5,566 May... 115,908 11,554 6,661 3,304 [,589 49,725 45, 940 3,785 40,439 3,766 4,897 5,527 June... 116,377 11,468 6,559 3,317 [,592 49,880 C46,092 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 [,595 50,261 46, 380 3,881 40,920 3,822 5,085 5,842 Sept.... 117,947 11,750 6,586 3,546 ,618 50,299 46, 414 3,885 41,099 3,828 5,138 5,833 c Corrected. 4 These represent book value of ledger assets. Adjustments for interest 1 Figures are for all life insurance companies in the United States. due and accrued and for differences between market and book values 2 Represents issues of foreign governments and their subdivisions are not made on each item separately, but are included in total, in "Other and bonds of the International Bank for Reconstruction and Develop- assets." ment. 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 End of year U.S. assets—2 Reserves loan or month g M ag o e r s t- 2 o G b o li v g t a . - Cash Other3 lia T b o il t i a ti l es S c a a v p i i n ta g l s und a i n v d ided 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 om en m ts i 5 ttions profits 1941 4,578 107 344 775 6,049 4,682 475 256 636 n.a. 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 n.a. 1952 18,396 1,787 1,289 1,108 22,660 19,195 1,658 944 863 n.a. 1953 21,962 1,920 1,479 1,297 26,733 22,846 1,901 1,027 959 n.a. 1954 26,108 2,013 1,971 1,469 31,633 27,252 2,187 950 1,244 n.a. 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,093 4,474 2,201 3,707 63,475 54,556 4,392 2,388 1,282 857 1,285 1959_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 ,470 Dec 53,093 4,474 2,201 3,707 63,475 54,556 4,392 2,388 ,282 857 ,285 I960—Jan 53,413 4,675 1,887 3,594 63,569 55,024 4,400 1,935 ,184 1,026 ,316 Feb 53,811 4,742 1,854 3,656 64,063 55,433 4,410 1,810 ,172 1,238 ,378 Mar 54,356 4,715 1,903 3,756 64,730 56,056 4,419 1,683 ,219 1,353 ,482 Apr 54,922 4,716 1,873 3,860 65,371 56,428 4,424 1,721 ,265 1,533 ,560 May 55,556 4,731 1,954 4,069 66,310 57,058 4,431 1,724 ,319 1,778 ,642 June 56,335 4,583 2,283 4,017 67,218 58,274 4,646 1,935 ,365 998 ,614 July 56,975 4,549 2,047 3,866 67,437 58,423 4,640 1,809 1,360 1,205 ,647 Aug 57,687 4,522 2,078 3,868 68,155 58,912 4,640 1,830 1,344 1,429 ,637 Sept 58,336 4,525 2,101 3,925 68,887 59,514 4,642 1,878 1,306 1,547 ,559 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

1372 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r te o r r P b t r e a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s - d Y qu e a a r r te o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1952 36 7 19.5 17 2 9.0 8.3 1953 38.3 20.2 18.1 9.2 8.9 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954. . 34.1 17.2 16.8 9.8 7.0 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 44 9 21.8 23.0 11.2 11.8 1954... . 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956 . 44.7 21.2 23.5 12.1 11.3 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957 43 2 20.9 22 3 12.6 9.7 1956.. . 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1958 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—3 38.8 19.1 19.6 12.6 7.0 4 44.9 22.1 22.7 12.0 10.8 1959—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 1.1*3 1,937 1.808 717 1,090 1,293 446 847 4 44.8 22.1 22 7 13.8 8.9 3 3.293 1,215 2,077 2,055 849 1,206 1,238 366 872 I960—1 48.8 23.8 25.0 13.9 11.0 2 45.7 22.3 23.4 13.9 9.5 1 Reflects cash transactions only. As contrasted with data shown on p. 1374 new issues 3 41.5 20.3 21.3 14.0 7.3 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. 1374. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w ca o N p rk e it t i a n l g Total Cash s G U e t c i o . e u S v s r t . i . - N U o . t r S e e s . c e a i n v d ab a le ccts. I t n o v r e ie n s - Other Total N U o . t S e p s . a a y n a d b le accts. F in e c t l d i a o a e x m r - a e l Other Govt. 2 Other Govt.2 Other bilities 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2 2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103 0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2 3 73 8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111 6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133 1 2 3 84 3 15 4 31 1 1958 119.7 246.4 37.3 19.6 2.8 102.1 77.5 7.0 126.7 1.7 81.0 13.0 31.0 1959__3 126 9 262.1 35.5 22.9 2.7 110.6 82.1 8.4 135.2 1.7 85.8 14.4 33.3 4 128.8 268.3 37.2 23.5 2.9 112.7 83.6 8.3 139.5 1.7 89.4 15.4 32.9 1960—1 130.7 270.2 33.8 23.4 2.9 113.6 87.2 9.4 139.6 1.8 89.8 14.0 34.0 2 131.2 271.5 34 5 21.7 2 9 115.6 87.4 9.5 140.3 1 8 91 0 13 0 34 6 3 132.5 273.9 35.0 20.3 2.9 118.2 87.8 9.6 141.4 1.8 91.3 13.4 34.9 i Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENTi [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Year Total M fa i c a n t n u g u r- - M in i g n- T R r r o a a a i n d l- spor O ta t t h io e n r P u u t t b i i e l l i s i - c c m C at o u io m n n i - - s Other2 Quarter Total M fa m a i i c a n n n t i n u n g g d u r - - - T p t o r i a r o t n n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 ( a a j s l T r u n e l a y a s n o t t s t u a e e a o a ) d d l n l - - 1952 26.5 11.6 1.0 1.4 .5 3.9 1.5 5.6 1959—3 8.3 3.3 .8 1.5 2.7 33.4 1 1 9 9 5 5 3 4 2 26 8 . . 8 3 1 1 1 1 . . 9 0 1 1 . . 0 0 1. . 3 9 . . 6 5 4 4 . . 6 2 1 1 . . 7 7 6 6 . . 3 5 4 9.0 3.8 .8 1.5 2.9 33.6 1955 28.7 11.4 1.0 .9 .6 4.3 2.0 7.5 1960—1 7.9 3.3 .7 1.2 2.7 35.2 1956 35.1 15.0 1.2 1.2 .7 4.9 2.7 8.4 2 9.3 4.0 .8 1.4 3.0 36.3 1 1 1 9 9 9 5 5 5 8 9 7 3 3 3 7 0 2 . . . 0 5 5 1 1 1 6 2 1 . . . 1 0 4 1 1. . . 0 2 9 1. . . 4 8 9 1 > . . . 5 O 8 6 6 5 . . . 1 2 7 2 3 2 . . . 7 6 0 7 7 8 . . . 4 2 2 4 3 *r. . . 9 9 . . 0 6 4 3 . . 2 9 . . 7 7 1 1 . . 5 6 2 3 . . 9 0 3 3 5 5 . . 9 6 19604" 35.7 14.5 1.0 1.0 .9 5.7 .6 1961 —H... . 7.8 3.4 .5 1.2 2.8 34.9 r Revised. 3 Includes communications and other. * Corporate and noncorporate business, excluding agriculture. 4 Anticipated by business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 1373 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars) Annual totals Quarterly totals Industry 1959 1960 1955 1956 1957 1958 1959 1 2 3 4 1 2 3 Manufacturing Total (180 corps.): Sales . 104,402 107,717 114,229 105,134 115,874 29,555 32,452 26,872 76995 31,573 '30,924 28,110 Profits before taxes . .. 14,803 13,418 13,349 10,466 14,013 3,899 4,643 7 440 3,037 4,002 '3,544 2,709 Profits after taxes 7,564 7,094 7,177 5,714 7,259 2,016 2,499 1,099 1645 2,063 '1,813 1,479 Dividends 3,847 4,068 4,192 4,078 4,361 1,033 1,029 1,051 1,247 1,092 1,099 1,102 Nondurable goods industries (79 corps.):1 Sales 36, 858 39,463 41,740 41,541 45,718 11,085 11,450 11,414 11,769 11,599 '11,663 11,624 Profits before taxes 5,013 5,146 5,010 4,402 5,606 1,376 1,482 1,391 1 356 1,407 '1,421 1,401 Profits after taxes 2,814 2,943 2,944 2,574 3,131 769 808 780 775 785 '797 793 Dividends . 1,588 1,683 1,776 1785 1,916 459 445 448 564 482 486 480 Durable goods industries (101 corps.):2 Sales 67, 544 68,254 72,525 63,593 70,156 18,470 21,001 15,458 15,226 19,974 '19,260 16,487 Profits before taxes. 9,790 8,272 8,339 6,065 8,407 2,523 3,161 1,049 1,675 2,595 '2,123 1,309 Profits after taxes. 4,750 4,151 4,233 3,140 4,128 1,247 1,692 319 870 1,277 '1,016 686 Dividends 2,259 2,385 2,416 2 294 2,445 575 585 603 683 610 612 622 Selected industries: Foods and kindred products (25 corps.): Sales 8,632 9,394 9,987 10,707 11,937 2,786 2,947 2,986 3,218 2,821 '2,928 2,925 Profits before taxes 868 955 1,024 1 152 1,275 287 322 340 326 303 '338 34C 414 460 497 555 604 136 153 162 154 142 '159 160 Dividends 260 277 289 312 343 85 78 79 100 92 88 100 Chemicals and allied products (21 corps.): Sales 9,584 10,199 10,669 10390 11,593 2,770 3,054 2,964 2,804 3,057 3,146 3,096 Profits before taxes 1,866 1,804 1,823 1,538 2,133 493 595 550 495 537 534 492 955 942 948 829 1,107 254 302 282 269 276 281 258 Dividends 690 698 737 717 799 180 177 179 264 191 186 186 Petroleum refining (16 corps.): Sales 515 12,454 13,463 12838 13,413 3,447 3,228 3,281 3,458 3,427 '3,282 3,387 Profits before taxes 344 1,444 1,325 919 1,194 360 300 259 274 307 292 352 979 1,068 1,075 791 913 263 220 215 215 238 '226 265 Dividends 438 481 512 516 523 133 128 128 134 130 130 128 Primary metals and products (35 corps.): Sales 20,744 22,365 22,468 19226 20,978 5,621 7,110 3,644 4,603 6,003 5,442 4,939 Profits before taxes 3,267 3,331 2,977 2 182 2,329 821 1,183 -88 413 854 -•611 413 Profits after taxes 1,652 1,727 1,54C 1 154 1,127 416 695 -215 231 426 322 225 Dividends . 730 880 873 802 831 201 204 204 221 206 208 210 Machinery (25 corps.): Sales 12,480 13,908 15,115 14685 16,472 3,853 4,189 4,100 4,331 4,000 4,171 4,015 1,253 1,209 1,457 1463 1,854 422 504 462 466 389 395 366 Profits after taxes 637 607 729 734 933 212 254 231 237 197 202 186 368 403 416 422 461 113 106 123 119 121 119 120 Automobiles and equipment (14 corps.): Sales 24, 624 21,217 23,453 18469 20,593 6,259 6,585 4,624 3,124 7,022 r6,516 4,502 Profits before taxes. 4,011 2,473 2,701 1332 2,987 1,012 1,117 356 503 1,076 r936 273 1,841 1,186 1,354 706 1,470 491 570 155 254 521 r457 152 Dividends 872 791 805 758 810 184 196 197 233 199 199 207 Public Utility Railroad: Operating revenue 10, 106 10,551 10,491 9 565 9,826 2,388 2,633 2.368 2,437 2,411 2,477 2,322 1,341 ,268 1,058 843 848 167 310 127 243 165 212 «104 Profits after taxes . ... 927 876 737 602 578 99 207 86 186 99 139 Dividends 448 462 438 419 403 116 82 78 127 91 94 e73 Electric Power: Operating revenue 8,360 9,049 9,670 10 195 11,102 2,928 2,644 2,685 2,845 r3,172 r2,841 2,856 Profits before taxes 2 304 2,462 2,579 ,704 2,988 853 682 713 739 '901 '739 757 1244 1,326 1,413 1,519 1,669 469 385 392 422 502 422 418 Dividends 942 1,022 1,069 ,134 1,213 303 302 301 306 325 321 322 Telephone: Operating revenue 5 425 5,966 6,467 6,939 7,572 1,825 1,891 1,909 1,947 1,967 2,025 2,042 Profits before taxes . . 1282 1,430 1,562 1,860 2,153 522 551 537 543 558 585 589 638 715 788 921 1,073 258 272 268 275 277 290 294 Dividends ............... 496 552 613 674 743 178 183 190 192 196 200 203 e Estimated. ' Revised. Bell System Consolidated (including the 20 operating subsidiaries and * Includes 17 companies in groups not shown separately. the Long Lines and General departments of American Telephone and 2 Includes 27 companies in groups not shown separately. Telegraph Company) and for two affiliated telephone companies, which NOTE.—Manufacturing corporations. Data are obtained primarily together represent about 85 per cent of all telephone operations. Divifrom published company reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric Power. Figures are for Class A and B electric utilies (which series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 account for about 95 per cent of all electric power operations) and are (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public obtained from reports of the Federal Power Commission, except that utilities); and p. 908 of the BULLETIN for September 1944 (electric power). quarterly figures on operating revenue and profits before taxes are partly For back data for manufacturing, see pp. 792-93 of the BULLETIN for estimated by the Federal Reserve to include affiliated nonelectric opera- July 1959; back data for other series are available from the Division of tions. Research and Statistics. Telephone. Revenues and profits are for telephone operations of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1374 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Prop a o l s l e c d o r u p s o e r o a f te n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth State Bonds m tir e e n - t Total G U o . v S t . .3 a F e c g r e y e a d * n l - - n m a p i n c a u d i l - - Others Total Total o P f l f i u e c r l b e y - d p v l P a a t r c e i e l - y d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey7 O p p o t u h s r e e - s r s ri e o t c i f e u s - 1952 27,209 12,577 459 4,401 237 9,534 7,601 3,645 3,957 564 1,369 9,380 i*.716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,755 Ii,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 r.4°o 6,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 0,049 I$,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,00? 4,225 3,777 636 2,301 0,749 U),384 9,663 721 364 1957 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 V>,447 11,784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9 6,332 3,320 571 1,334 11,372 K>,8?3 9,907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7,'l90 3,557 3,632 531 2,027 9,527 <>;,3Q? 8,578 814 135 1959—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 41 891 657 396 261 61 173 871 864 803 61 7 Dec... 1,942 380 86 476 75 926 747 277 470 45 134 907 900 844 56 7 I960—Jan... 1,958 420 182 696 11 649 574 323 201 26 100 635 ^77 550 27 58 Feb... 2,127 435 150 622 181 740 554 253 302 29 156 724 715 667 48 9 Mar.. 2,077 391 150 568 74 894 675 361 314 46 173 875 860 803 57 15 Apr... 4,579 2,860 148 717 43 811 584 347 237 31 196 789 766 681 86 23 May.. 1,951 368 354 556 78 595 404 185 219 38 153 577 567 519 48 11 June 2 493 350 978 49 1,115 859 540 319 26 229 1 085 1034 985 50 51 July.. '1,626 353 475 '28 '770 '648 415 '234 '21 '101 '753 '727 '652 r75 '26 Aug.. '3,147 1,371 199 577 13 '987 '816 600 '216 '34 '137 '968 '962 '919 '43 Sept.. 1,784 338 645 40 761 612 329 283 57 92 746 738 692 46 8 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd ea f l i n e a st n a c t i e al ifear or month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1952 3,713 261 512 24 758 225 ,539 88 74-t 6 448 60 1953 2,128 90 502 40 553 36 ,905 67 871 3 1 536 24 1954 2,044 190 831 93 501 270 ,675 990 651 60 788 273 1955 . . . 2,397 533 769 51 544 338 ,254 174 > 77 1,812 56 1956 ... . 3,336 243 682 51 694 20 ,474 14 1,38-*\ 21 1,815 17 1957 4,104 49 579 29 802 14 ,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 ,605 138 1,29^\ 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 70' 1,801 6 1959 Sept . 206 4 35 10 138 1 109 1 5( 161 c) Oct 86 14 83 4 104 341 12(> 140 Nov.. 114 (9) 50 2 17 (9) 241 5 26:> 180 (?) Dec 164 61 60 j 346 71> 198 1960 Jan 68 5 64 1 57 1 155 (9) 36 196 51 Feb.. 64 4 101 2 21 (9) 245 2 8 203 Mar.. 185 1 122 5 71 198 6< 1 215 Apr 171 2 46 1 56 (9) 302 18 5*> 139 2 May 93 3 69 6 80 144 (9) y 143 June. 252 2 49 1 33 362 6*^ 275 9 A Ju u ly g ' ' 1 2 8 2 3 4 ' n 1 ' ' 5 3 0 9 1 ' ' 4 9 8 2 (3») ' ' 1 2 2 2 7 2 ( 1 9 5 ) '1 ' 6 5'7 ' r 2 2 7 1 4 2 '2 4 Sept . 163 3 47 1 52 1 302 8<) 84 3 ' Revised. tion and Development, and domestic eleemosynary and other nonprofit 1 Estimates of new issues maturing in more than one year sold for cash organizations. in the United States. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 2 Gross proceeds are derived by multiplying principal amounts or num- of flotation, i.e., compensation to underwriters, agents, etc., and expenses. ber of units by offering price. 7 Represents proceeds for plant and equipment and working capital. 3 Includes guaranteed issues. ' Represents all issues other than those for retirement of securities. 4 Issues not guaranteed. 9 Less than $500,000. * Represents foreign governments, International Bank for Reconstruc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY ISSUES; FEDERAL FINANCE 1375 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 Use of proceeds2 Total Period Total G g o a e b a t n i l l o e i- n r- R n e u v e e- A P H u i u i o t t n b y h u g l 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 u i p t t a s o a t e n t h r t c r d y u i o i c a - r t l - Others a d e m e r o e li d u v 6 n - t Total c E a d ti u o - n R br a o i n d a d g d e s s W s o u e a t t t i a w n h i e t l d e s e e i- r r r , h R d i o t n e e i u g a n s l s i 7 - - - V a a e n i t s d e ' r- p O p o u t s h r e e - s r ity 1952 4,410 2,633 1,463 305 9 718 1,305 2,387 n.a. 4,096 969 938 642 424 100 1,024 1953 ... . 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1,119 1954 6,969 3,380 3,205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 1,333 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 1,414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 1,464 1957 8 7,150 4,795 1,964 66 324 1,508 1,279 4,362 6,568 7,099 2,551 1,041 1,524 299 333 1,352 1958 7,832 5,446 1,778 187 420 2,016 1,368 4,448 7,708 7,746 2,644 1,172 1,403 530 339 1,657 1959 7,880 4,766 I 397 333 384 1,609 2,094 4,177 7,415 7,773 2,238 834 1,961 701 355 1,683 1959—Sept 515 398 112 1 5 133 93 290 401 468 168 43 82 1 32 141 Oct 594 357 128 102 7 30 125 439 502 593 168 28 135 102 160 Nov 517 371 73 73 106 59 351 603 513 153 37 106 126 91 Dec 455 380 59 15 125 75 255 431 453 252 16 57 4 126 I960—Jan 741 449 245 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 Sept 670 481 115 49 25 167 132 370 606 670 191 175 91 65 50 97 n.a. Not available. 5 Consists of municipalities, counties, townships, school districts and, 1 Data prior to 1957 are from the Bond Buyer as classified by Federal prior to 1957, small unclassified issues. Reserve. 6 Excludes Federal Government loans. These data are based on date 2 Classifications prior to 1957 as to use of proceeds and type of issuer of delivery of bonds to purchaser (and of payment to issuer) which occurs are based principally on issues of $500,000 or more; smaller issues not after date of sale. Other data in table are based on date of sale. classified. As a result some categories, particularly education, are under- 7 Includes urban redevelopment loans. stated relative to later data. 8 Beginning in 1957 this figure differs from that shown on the opposite 3 Includes only bonds sold pursuant to the Housing Act of 1949. page, which is based on Bond Buyer data. The principal difference is in These are secured by 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, NOVEMBER 30, 19601 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury billsl Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Dec. 1, 1960. 1,501 May 4,1961 400 Feb. 15, 1963 2% 3,971 Dec. 15, 1964-69... 21/2 2,563 Dec. 8, 1960. 1,609 May 11, 1961 400 Apr. 1, 1963 iy2 533 Feb. 15, 1965 2% 6,896 Dec. 15, 1960. 1,600 May 18, 1961 500 May 15, 1963 4 1,743 Mar. 15, 1965-70.. .2Y2 4,689 D D e e c c . . 2 2 9 2 , , 1 1 9 9 6 6 0 0 . . 1 1 , , 5 60 0 2 2 J M un ay e 2 2 2 5 , , 1 1 9 9 6 6 1 1* ,5 5 0 0 4 2 N O o ct v . . 15 1 , , 1 1 9 9 6 6 3 3 4 i J y 4 2 3,0 5 1 0 1 6 A M u a g y . 1 1 5 5 , , 1 1 9 9 6 6 6 6 3y 3 4 1 1 , , 2 4 1 8 3 4 Jan. 5,1961. 1,500 July 15, 1961 ,501 Apr. 1,1964 iy2 457 Mar. 15, 1966-71.. .21/2 2,935 Jan. 12, 1961. 1,500 Oct. 16, 1961 ,502 May 15, 1964 4% 4,933 June 15, 1967-72... 21/2 1,795 Jan. 15, 1961. 1,504 May 15, 1964 3% 3,893 Sept. 15, 1967-72... 21/2 2,716 J J a a n n . . 2 1 6 9 , , 1 1 9 9 6 6 1 1 . . , 1 1 , ,4 4 0 0 1 1 Ce F rt e i b fi . ca 1 te 5 s , 1961 4% 6,938 A O u ct g . . 15 1 , , 1 1 9 9 6 6 4 4 11/ 5 2 2, 4 3 9 1 0 6 D M e a c y . 1 1 5 5 , , 1 19 9 6 6 8 7 -72... 2 3 V % 2 3 1 , , 6 3 0 9 8 0 Feb. 2,1961., 1,401 May 15, 1961 4% 3,674 Nov. 15, 1964 4% 4,195 Oct. 1, 1969 4 1,276 F F F e e e b b b . . . 2 1 9 3 6 , , , 1 1 1 9 9 9 6 6 6 1 1 1 . . . , , , 1 1 1 , , , 6 6 6 0 0 0 3 2 0 Tre A a u s g u . r y 1 n , o 1 te 9 s 61 3H 7,829 A O M c p a t r y . . 1 1 1 5 , , , 1 1 1 9 9 9 6 6 6 5 5 5 1 4 1 \ % y /2 2 2, 4 1 6 7 1 6 6 3 J N M u o n a v y e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 7 7 7 4 5 8 - - 8 8 5 3 . . . . . A 3 3 Y 1 l/4 s 4 1, 4 6 5 7 5 9 0 4 9 Mar. 2, 1961., 506 Apr. 1, 1961 IVi 144 Feb. 15, 1980 4 884 Mar. 9, 1961., 501 May 15, 1961 3% 4,078 Treasury bonds Nov. 15, 1980 31/2 643 M M M M a a a a r r r r . . . . 2 2 3 1 2 0 3 6 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 1 1 1 1 . . . * , , , 3, 5 5 5 5 0 0 0 1 0 0 0 2 A O F Fe e u c b b t g . . . . 1 1 5 1 1 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 1 1 2 2 3 3 l % V i/ 4 4 i 2 9 , , 1 0 6 3 4 3 3 9 7 2 6 8 J D D S u e e e n p c c e . . t . 1 1 1 1 5 5 5 5 , , , , 1 1 1 19 9 9 9 6 6 5 5 1 0 9 9 - - - 6 6 6 5 2 2 3 . . . . . . . . 2 2 2 2 1 V 3 % 4 4 4 2 3 5 1 , , , , 2 4 4 2 8 3 5 6 5 9 1 2 N F M F e e o a b b v y . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 9 9 9 8 8 5 0 5 3 3 3 * 1 i / / / 3 2 4 2 2 2 2 1 , , , , 3 7 7 1 4 1 1 3 3 9 7 4 Apr. 6,1961., 500 Feb. 15, 1962 4 1,435 Nov. 15, 1961 2V2 6,963 A A p p r r . . 1 1 3 5 , , 1 1 9 9 6 6 1 1 . . , , 2,0 5 0 00 1 A M p a r y . 1 1 5 , , 1 1 9 9 6 6 2 2 n/2 4 2,2 55 1 1 1 J A u u n g e . 1 1 5 5 , , 1 19 9 6 6 3 2 -67... 2 2 1 1/ / 2 2 6 1 , ,4 7 6 5 5 5 Panama Canal Loan.... 3 50 Apr. 20, 1961., 401 Aug. 15, 1962 4 158 Dec. 15, 1963-68... 21/2 1,822 Convertible bonds Apr. 27, 1961., 400 Oct. 1,1962 11/2 590 Feb. 15, 1964 3 3,854 Investment Series B Nov. 15, 1962 3% 1,143 June 15, 1964-69... 21/2 2,642 Apr. 1, 1975-80...234 5,744 * Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 1368. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1376 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s t a * s l d T d g i e r o r o b e t s a t c s 2 l t Total Total Bills C c e a r t ti e f s i- Notes B e b l a l i e g n < i k - Bon s d t B s r r i a e c n - te k d b C v o ib e o n r l n d e t- - s Totals b S i o n a n g v d s - s n s i T a o n a n a t g v d e x s - s S i p ss e u c e ia s l 1941_Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945 Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947_Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1952 Dec. 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.1 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13 4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (*) 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 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 44.2 288 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 Nov 290.6 290.4 242.6 188.8 39.5 18.4 51.2 79.7 5.7 48.0 47.4 44.6 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 Nov. 30, 1960) and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, adjusted service bonds, and R.E.A. bonds, not shown sep- 3 Includes amounts held by Govt. agencies and trust funds, which arately. aggregated $10,753 million on Oct. 31, 1960. 6 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 t g ru e s n t c i f e u s n a d n s d 1 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 ) 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 tors 3 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 r15 4 r16 6 1958 Dec 283.0 44.8 9.6 26.3 202.3 67.5 7.3 12.7 19.6 16.7 47.7 '14.3 '16.6 1959—June 284.8 44.8 9.9 26.0 204.2 61.5 7.3 12.5 21.5 16.7 47.0 '17.8 '19.7 1959—Sept. 288.4 44.4 9.8 26.6 207.6 60.3 7.3 12.6 22.9 r17.4 46.5 '19.5 21.2 Oct 291.4 43.6 10.0 26.6 211.2 60.8 7.0 12.6 24.1 17.5 46.3 '20 8 '21 9 Nov 290.7 43.6 10.2 26.9 210.0 59.5 6.9 12.5 24.2 '17.6 46.2 '21.0 22.1 Dec 290.9 43.5 10.2 26.6 210.6 60.3 6.9 12.3 23.5 '17.7 45.9 -21.9 '22.1 I960—Jan.. 291.2 42.6 10.6 25.5 212.6 59.1 6.9 12.5 25.4 rl7.8 45.8 '22.7 '22.3 Feb 290.7 42.8 10.4 25.2 212.3 57.1 6.9 12.4 26.2 '18.0 45.8 r23.0 r22.9 Mar 287.0 43.3 10.4 25.3 208.0 54.9 6.9 12.2 23.4 18.2 45.7 '23.7 '22.9 Apr 288 9 42 8 10 4 25 6 210.2 57.0 6.8 12.1 24.1 r18 0 45 7 '^3 3 May 289.5 43.9 10.5 26.0 209.1 56.2 6.7 12.0 24.7 r18.0 45.6 '22 9 '22 9 June. 286.5 44.9 10.4 26.5 204.6 55.6 6.6 11.8 21.7 r18.1 45.6 '22.6 '22.5 July 288.5 44.2 10.6 26.9 206.8 57.7 6.5 11.9 22.0 '17.9 45.6 '22.4 '22.8 Aug 288.8 45.2 10.7 26.8 206.1 57.9 6.6 11.8 21.2 m.i 45.6 '22.3 '23.1 Sept 288.6 45.0 10.6 27.0 206.0 59.1 6.5 11.8 20.0 17.4 45.6 22.6 22.9 ' Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. * Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $85 million on Dec. 31, 1959. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1377 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 5-10 O y v e e a r r s 10 All holders: 1957—-June 30 165,985 23,420 20,473 30,973 80,839 10,280 155,705 71,033 39,184 14,732 30,756 1958—June 30 175,573 22,406 32,920 20,416 90,932 8,898 166,675 67,782 41,071 22,961 34,860 1959—June 30 185,709 32,017 33,843 27,314 84,853 7,681 178,027 72,958 56,819 18,538 29,713 Dec. 31 195,346 39,643 19,669 44,152 84,804 7,077 188,269 78,456 61,609 23,625 24,579 I960—June 30 190,151 33,415 17,650 51,483 81,297 6,306 183,845 68,982 72,844 21,731 20,288 Aug. 31 192,456 36,436 25,479 42,032 82,347 6,162 186,294 72,407 70,819 22,799 20,269 Sept. 30 , 192,434 36,453 25,479 42,100 82,335 6,068 186,366 74,663 68,646 22,798 20,260 U. S. Govt. agencies and trust funds: 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 1,389 988 2,680 7,001 930 1,679 1,448 2,944 Dec. 31 9,982 260 363 1,700 071 2,587 7,394 1,037 1,909 1,882 2,567 I960—June 30 10,246 371 459 1,810 136 2,470 7,776 1,070 2,683 2,062 1,961 Aug. 31 10,528 636 539 1,704 187 2,461 8,066 1,544 2,453 2,103 1,965 Sept. 30 10.374 517 542 1,699 5,182 2,434 7,940 1,481 2,391 2,102 1,965 Federal Reserve Banks: 1957—June 30 23,035 287 11,367 8,579 2,802 23,035 20,246 681 750 1,358 1958—June 30 25,438 2,703 19,946 2,789 25,438 23,010 1,014 57 1,358 1959—June 30 26,044 2,032 18,650 'l,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 19,385 5,689 1,179 271 Aug. 31 26,762 2,753 14,014 7,510 2,484 26,762 19,625 5,687 1,179 271 Sept. 30 27,024 2,978 14,046 7,511 2,489 27,024 19,885 5,689 1,179 271 Commercial banks: 1957—June 30 48,734 2,853 2,913 8,984 33,839 144 48,590 12,268 23,500 8,600 4,222 1958—June 30 57,509 3,796 3,331 11,532 38,720 130 57,379 13,431 24,494 14,259 5,195 1959—June 30 53,513 3,563 3,883 12,417 33,531 120 53,394 10,045 31,304 8,233 3,812 Dec. 31 51,945 5,011 2,094 13,172 31,565 104 51,841 11,198 28,778 9,235 2,629 1960—June 30 48,099 2,376 1,832 15,598 28,199 95 48,004 6,546 33,342 5,966 2,151 Aug. 31 50,240 4,344 2,453 15,091 28,259 93 50,147 8,941 32,641 6,322 2,243 Sept. 30 51,213 5,127 2,547 15,137 28,309 93 51,120 10,838 31,672 6,461 2,151 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 I960—June 30 6,489 209 166 1,199 4,607 309 6,181 463 1,720 2,662 1,336 Aug. 31 6,475 246 210 1,119 4,612 287 6,188 515 1,656 2,724 1,292 Sept. 30 6,439 262 211 1,134 4,558 274 6,165 604 1,623 2,664 1,274 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 1,928 9,019 1,092 2,085 1,678 4,164 Dec. 31 10.933 416 231 1,074 7,454 1,758 9,175 1,023 2,279 2,422 3.450 I960—June 30 10,521 232 165 1,225 7,304 1,595 8,926 595 2,794 3,063 2,475 Aug. 31 10,513 263 176 1,196 7,338 1,541 8,973 617 2,757 3,098 2,501 Sept. 30 10,517 269 178 1,204 7,342 1,523 8,994 790 2,627 3,074 2,502 Other investors: Nonfinancial corporations3 I960—June 30 11,494 4,579 1,740 1,882 3,284 11,485 8,442 2,871 98 75 Aug. 31 11,690 4,983 2,038 1,206 3,458 11,685 8,344 3,138 128 75 Sept. 30 10,204 4,256 1,830 1,064 3,049 10,199 7,453 2,554 116 76 Savings and loan associations3 i960—June 30. 2,480 178 495 1,675 62 2,418 297 947 472 703 Aug. 31 2,475 156 490 1,692 62 2,412 278 923 513 698 Sept. 30 2,472 163 487 1,688 62 2,410 311 892 511 697 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 Aug. 31 73,775 23,057 5,972 13,715 29,316 1,714 72,061 32,543 21,563 6,731 11,224 Sept. 30 74,191 22,881 6,051 13,864 29,718 1.678 72.513 33.300 21.199 6.690 11,322 i Direct public issues. Holdings of "all others," a residual throughout, include holdings of Data complete for U. S. Govt. agencies and trust funds and Federal all those not reporting in the Treasury Survey, including investor groups Reserve Banks, but for other groups are based on Survey data. Latest not listed separately. data shown are for 6,344 commercial banks, 513 mutual savings banks, 2 Includes minor amounts of Panama Canal and postal savings bonds. and 837 insurance companies, which together accounted for more than 3 Holdings first reported separately in the Treasury Survey for Feb- 90 per cent of all holdings of banks and insurance companies, and 499 ruary 1960. Monthly figures for February-May 1960 shown in the nonfinancial corporations and 489 savings and loan associations, which Treasury Bulletin for September 1960, pp. 55-56. See also note 4. together accounted for about half of the total holdings of all nonfinancial 4 Holdings of nonfinancial corporations and savings and loan associacorporations and savings and loan associations. tions included in this category until February 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1378 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 • B ec u N e d i e p g t t e s t re T P f c u r l e n u u i s d p s : t ts ac I G t L r n t e i a o t o s n r v n s a s t : s - - . 2 E p T r f u q e r t o b u o h c t l a m t e a i s l c l . s 3 : B p tu u e e r n d x e d g - s i e 1 - t p T P t f e u u e r l n r x u n u e d - s d s s i : t - A m L d e e j n s u s t s s : t 4 - E p p t T o q u a o u y b t t a h t l a i s l e c l s . : t p o p f u a r t o o h ( b y r m e - t li s ) c . , & ( c ( c o - d r d r r I e a ) i e e n r , a g d a b e - s e s e i c t e n e n - t , .) a t i r G g n . N e v o f n . e u v . t n b t & . L d y s ess: O d n c e a t o h b s n e h t - s r b E r i o e n q c N ( r p a g u ) r a s e o a y h o t w l t s r . : - Cal. year—1957 72,284 15,368 3,079 84,521 71,692 14,794 3,155 83,328 1,191 467 1,573 64 -1,168 1958 68,694 16,797 3,710 81,728 75,782 17,856 4,622 89,014 -7,287 7,533 -717 487 7,762 1959 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 1960*\ . 77,677 21,795 4,435 94,984 76,609 22,075 4,401 94,283 701 3,371 952 597 1,822 Semiannually: 1958—July-Dec... 28,752 7,635 1,477 34,892 39,756 8,921 1,135 47,539 -12,649 6,873 1,494 653 7,713 1959—Jan.-June.. 39,163 9,449 1,819 46,768 40,586 9,676 3,001 47,265 -495 2,783 313 1,507 965 July-Dec... 33,575 9,381 2,147 40,784 39,191 10,568 1,465 48,295 -7.511 7,329 —856 574 7,615 1960—Jan.-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__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 J M u a n y ep 1 6 0 , , 5 8 5 0 0 4 3 2 , , 3 7 0 5 1 7 , 1 1 6 8 1 8 1 9 2 , , 6 3 8 7 5 1 6 6 , , 0 5 7 9 3 0 2 1 , , 2 7 0 8 5 0 -1 5 6 8 1 2 8 8 , , 0 2 1 1 4 4 4 1 , , 1 6 5 7 7 1 -2,7 8 1 9 4 8 1 1 , . 2 0 2 2 0 2 -11 5 4 3 -3 - , 3 6 7 2 5 2 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 1.406 235 10,146 6,793 1,798 842 7.748 2,398 -320 -368 76 -29 O 2,823 1,103 285 3.639 6.829 1,703 665 7,867 -4,228 2,197 -514 111 2,600 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a . s , h o r b a d l e a c n . c ( e — s: ) Accou S n ta t te o s f ( T e r n e d a s o u f r e p r e r o io f 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 i u t , - 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 c b t d . y y . d ( e d g - c i \ r r r o e e s c i a s n s t e T o r H u e t a e s s l i u d d r e y a T u cc r re 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 a y s n - d O as n t s e h e t e ts r obliga- & trust public able Loan tions6 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 I960?. 1,068 -280 -146 1,023 -713 1,625 -78 2.654 8,005 504 6,458 1,043 Semiannually: 1958—July-Dec, -11,004 -1,286 -232 -121 1,144 6,579 -131 -4,788 4,961 358 3,468 1,135 1959—Jan.-June.. -1,423 -225 203 192 -32 1,784 108 389 5,350 535 3,744 1,071 July-Dec... -5,617 -1,187 -437 366 911 6,092 -105 233 5,583 504 4,216 863 1960—Jan.-JuneP, 6,685 907 291 657 -1,624 -4,467 27 2,421 8,005 504 6,458 1,043] Monthly: 1959_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,i80 869 JuneP 4,214 552 -301 150 -1,042 -3,036 44 494 8,005 504 6,458 1,043 July -3,044 -734 186 23 616 2,008 27 -1,006 6,998 477 5,676 845 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 Oct -4,006 -600 241 21 659 2,063 23 -1,645 6,672 437 5,447 788 n.a. Not available. v Preliminary. 2 Consists primarily of interest payments by Treasury to trust accounts i 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 reandfbudget 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 1379 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period c B e u i N r p d e t e - g s t * e t .3 Old T - ran H sf i e g rs h - to: R. R. fu R o n e f d - s B c T u e r o d i e p t - g a t e s l t Individual Corpo- ta c E i x x s e e - s t p m a E l x o e m e n y s - t - 8 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r r s e s . - ' ' f t u a r n u g d s e t ? f t w r u u n a s y d t m t r ir e e e - n - t ce r i e p - ts W he it ld h- Other ration acct. Fiscal year—1957... 70,562 6,634 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958 68,550 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 1959 67.915 8.004 2,171 525 4,933 83,904 29,001 11,733 18,092 10,760 8,854 5,464 3,002 1,807 4,315 1960^ 77,677 10,211 2,642 609 5,045 96,874 31,677 13,271 22,179 11,861 11,161 6,725 3,194 1,932 5,114 Semiannually: 1958—July-Dec 28,752 3,383 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.-JuneP 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—Oct 3,018 259 198 129 3,626 1,211 257 491 977 278 413 319 179 Nov 5,889 882 219 72 7,152 4,345 99 405 936 965 402 296 162 1,137 Dec 7,339 476 233 7 8,350 2,371 362 3,180 1,031 527 879 258 152 I960—Jan 4,867 298 218 -16 5,425 860 2,144 564 794 341 722 186 138 Feb 7,237 1,243 264 432 9,289 4,835 884 483 954 1,611 522 214 151 1,320 Mar 9,580 1,078 191 1,317 12,217 2,541 791 6,192 1,044 1,149 500 258 152 Apr 5,064 839 202 1,336 7,468 770 3,520 619 945 858 755 248 157 May 6,550 1,834 249 1.005 9,725 4,744 1,039 467 1,061 1,918 496 282 166 1,386 June*> 10,804 1,104 238 '252 12,716 2,275 1,852 5,530 1,114 1,157 788 303 183 July 3,128 365 257 167 3,976 1,055 346 670 995 383 527 238 151 Aug 6,454 1.524 296 203 8,590 4,849 147 409 1,121 1,608 456 272 179 1,448 Sent 8,981 739 262 161 10,211 2,527 1,959 3,492 1,024 792 417 277 177 Oct 2,823 373 253 173 3,641 1,066 230 481 1,021 389 454 n.a. n.a. n.a. Budget expenditures9 Major national security Agri- Vet- culture Period Intl. erans' Labor and Nat- Com- Gen- Total! «3 affairs Inter- serv- agri- ural merce eral Total io M de i f l e it n a s r e y M a a s il n s i i c t s a e t r - y A en t e o r m gy ic fin a a n n d ce est ic b e e f s i n t a s e n - d welfare t c u r u e r l - a - l so r u e r - ces ho a u n s d ing g m ov e e n r t nsources Fiscal year—1957 68,966 43,270 38,439 2,352 1,990 1,973 7,308 4,793 3,022 4,525 1,297 1,455 1,790 1958 71,369 44,142 39,062 2,187 2,268 2,231 7,689 5,026 3,447 4,389 1,544 2,109 1,359 1959 80,342 46,426 41,233 2,340 2,541 3,780 7,671 5,174 4,421 6,529 1,669 3,421 1,606 1960^ 76,609 45,611 41,200 1,607 2,624 1,736 9,268 5,056 4,338 5,066 1,713 2,822 1,692 Semiannually: 1958—July-Dec 39,756 23,246 20,619 1,145 1,269 1,206 3,686 2,580 2,158 3,922 896 1,438 765 1959—Jan.-June 40,586 23,180 20,614 1,195 1,272 2,574 3,985 2,594 2,263 2,607 773 1,983 841 July-Dec 39,191 23,119 20,975 715 1,290 650 4,494 2,493 2,086 2,961 941 1,950 833 1960—Jan.-JuneP 37,418 22,492 20,225 892 1,334 1,086 4,774 2,563 2,252 2,105 772 872 859 Monthly: 1959—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 1960—Jan 6,157 3,523 3,160 136 210 157 831 419 393 470 105 195 127 Feb b,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 3,306 136 222 163 111 421 412 304 104 37 158 May 6.073 3,669 3,331 110 224 196 111 422 390 229 131 149 108 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 Sept 6,793 3,910 3,600 79 226 161 746 416 388 412 213 380 182 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 8 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. 5 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

1380 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity * 1959 1960 1953 1954 1955 1956 1957 1958 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 7t636 7,762 8,178 Banks for cooperatives 377 367 375 457 454 511 518 526 576 623 609 Federal intermediate credit banks2.. 590 638 689 734 935 1,169 1,313 1,547 1,562 1,396 1,499 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) (*) (3) (*) P) (?) (3) To F a e i d d e r h a o l m N e a o ti w on n a e l r s M , t o ot r a tg l age Association. , 2 2, , 4 9 6 3 2 0 2 2, , 4 9 6 0 1 7 3 2, , 6 2 4 0 1 5 3 3, , 0 6 7 8 2 0 4 3, , 9 7 9 6 8 9 4 3, , 9 8 2 6 4 0 5 4, 33 3 5 6 2 2 5 4 , , 8 8 7 1 3 5 6 5 , , 3 2 5 3 2 8 6 5, , 5 7 6 3 8 5 6 5 , , 9 7 9 5 8 9 Veterans Administration 300 383 480 464 770 936 989 1,056 1,113 1,167 1,238 Other agencies 168 63 84 145 1 1 1 1 1 To industry, total 588 431 678 619 674 680 695 717 726 733 739 Treasury Department... 174 353 306 209 251 216 212 201 197 185 184 C O o th m e m r a e g rc e e n c D ie e s partment. » 413 79 2 1 6 1 1 2 2 1 1 9 9 1 2 2 0 1 6 7 2 1 7 8 8 7 3 1 0 8 1 2 3 1 4 7 2 4 3 1 5 7 8 0 3 1 8 6 2 6 3 1 9 5 7 8 To financing institutions 952 870 1,419 1,233 1,270 1,298 1,087 1,539 1,797 2,136 1,522 To aid States, territories, etc., total. 645 272 245 246 264 293 291 293 308 319 316 Public Housing Administration.. 500 112 90 106 105 106 91 89 91 87 91 Other agencies 145 160 155 140 159 187 200 204 217 231 225 Foreign, total 8,043 8%001 7,988 8,223 8,754 9,510 9,712 9,904 10,084 9,840 9,972 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 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 27,13« 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 20,810 20,504 20,821 21,879 21,476 21,294 Commodity Credit Corporation.. 2,087 3,302 3,747 3,651 3,025 3,036 2,906 3,614 4,527 4,493 4,257 Defense Department 11,004 11,136 9,681 9,421 8,751 8,823 8,422 8,425 O G t e h n e e r r a a l g S en e c rv ie ic s es Administration. - 428 550 609 f I 6 ,5 2 1 0 7 1 7,2 18 8 5 2 7,9 17 1 4 9 7,9 19 8 1 7 8,2 1 7 7 8 8 8,3 18 4 3 7 8,3 19 7 4 0 8,4 19 2 3 0 Land, structures, and equipment, total 8,062 8,046 7,822 9,985 9,962 10,670 10,753 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 Valley Authority 1,475 1,739 1,829 1,762 1,801 1,777 1,802 1,878 1,907 1,924 1,911 Housing and Home Finance Agency. 1,040 728 450 236 88 25 20 9 9 9 9 Nat. Aeronautics and Space Administration 276 283 285 289 304 305 310 313 Bonneville Power Administration 311 342 372 373 357 354 352 349 General Services Administration 1,298 1,308 1,322 1,237 1,241 1,234 1,221 1,261 Post Office Department 590 599 637 637 640 640 640 640 Other agencies 350 360 300 613 608 1,134 1,257 1,175 1,181 1,376 1,333 Bonds, notes, & debentures payable (not guar.), total. 1,182 1,068 2,379 2,711 4,662 4,038 4,212 4,882 5,582 5,974 5,767 Banks for cooperatives 150 156 185 257 247 303 310 314 360 404 396 Federal intermediate credit banks 619 640 665 721 902 1,124 1,256 1,488 1,532 1,359 1,440 Federal home loan banks 414 272 958 963 825 714 699 992 1,402 1,774 1,293 Federal National Mortgage Association 570 770 2,688 1,898 1,947 2,087 2,287 2,437 2,638 1 Figures exclude interagency items. Prior to 1956, data for trust 5 Includes investment of the Agricultural Marketing revolving fund in revolving funds included such items. the banks for cooperatives; Treasury compilations prior to 1956 classified 2 Effective Jan. 1,1957^ the production credit corporations were merged this item as an interagency asset. in the Federal intermediate credit banks,, pursuant to the Farm Credit NOTE.—Coverage has changed in some of the periods shown. Be- Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations ginning with 1956, changes reflect the expanded coverage and the new of the banks are classified as trust revolving transactions. classification of activities by type of fund now reported in the Treasury 3 Less than $500,000. Bulletin. Classifications by supervisory authorities are those in existence * 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 1381 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars} All properties Nonfarm Farm Other Multifamily and E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s o a a t l i n n - - s S F e a e c l g e d i e e c e n h s t r e - o a d l l de v o r I i s t a d n h n u d e d a i r - l s s h A o er l l s d l - T 1 o - t a to l 4- t F f u i a i n c t m n i i s o a a t il l i n n y - - s ho O h u o e t s h r l e s d e s - r c T o o m ta m l erc t F i u i a i n c t n l i i s o a a t p l i n n - r s - ope O h r e o t t i h r l e s d e s - r 1 h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - s - ho O l t d h e e r r 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 1959* 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.^ 175.9 134.2 8.4 33.4 164.4 120.5 100.6 19.9 43.9 29.3 14.6 11.5 4.3 7.3 Junep. 181.5 138.3 9.0 34.2 169.5 124.3 103.8 20.5 45.2 30.1 15.1 11.9 4.4 7.5 Sept.P 186.7 142.2 9.5 34.9 174.5 128.0 106.8 21.2 46.6 31.0 15.6 12.2 4.4 7.7 Dec. 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.? 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 June*\ 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 Sept.*3 202.8 154.6 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 *52! 4,208 3,387 797 24 1951 14,732 11,270 3,421 2,921 4,929 2,458 ,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 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 . . 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,361 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 ,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 ,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 1960 Mar P . .. 28,235 20,300 6,045 3,120 11,135 6,345 1,590 25,410 22,879 6,420 8,731 7,728 2,477 54 Junep 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 53 528,650 20,375 5,905 2,915 11,555 6,625 650 26,425 23,827 6,750 9,060 8,017 2,545 53 » 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

1382 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 . .. 976 6 636 5 860 1,394 4 466 776 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959 *5,970 »5,472 *l,58O »201 *3,691 *498 39,197 36,370 8,523 7,086 20,761 2,827 I959_Oct 539 506 146 22 338 33 38,744 35,936 8,176 7,132 20,628 2,808 Nov 507 477 123 24 330 30 38,984 36,169 8,257 7,116 20,796 2,815 Dec 667 619 153 36 430 48 39,299 36,475 8,318 7,115 21,042 2,824 I960—Jan 582 530 139 86 305 52 39,573 36,753 8,411 7,162 21,180 2,820 Feb 445 405 117 28 260 40 39,769 36,933 8,484 7,150 21,299 2,836 Mar 54-* 483 122 28 333 61 40,011 37,155 8,559 7,135 21,461 2,856 Apr 483 443 110 17 316 40 40,236 37,358 8,623 7,117 21,618 2,878 M^ay 476 438 101 23 314 38 40,439 37,545 8,677 7,098 21,770 2,894 490 456 108 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 2,925 536 504 133 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 Oct 507 477 117 16 344 30 41,313 38,356 8,930 6,978 22,448 2,957 v Preliminary. end-of-year figures, because monthly figures represent book value of NOTE.—Certain mortgage loans secured by land on which oil drilling ledger assets whereas year-end figures represent annual statement asset or extracting operations are in process are classified with farm through values, and because data for year-end adjustments are more complete. June 1959 and with "other" nonfarm thereafter. These loans totaled Source.—Institute of Life Insurance; end-of-year figures are from $38 million on July 31, 1959. Life Insurance Fact Book, and end-of-month figures from the Tally of For loans acquired, the monthly figures may not add to annual totals, Life Insurance Statistics. and for loans outstanding, the end-of-December figures may differ from MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) By type of lender Total (without seasonal adjustment) Y m e o a n r th or Total i s N c t t i o r e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in r A e - 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 l o y - n- W se a a i d t s j h o u o n s u a t- t l in S lo g a s a v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - Mu s i t n a u g v s a - l justed^ ment2 assns. panies banks banks 1941 1 379 437 581 4,578 1945 1,913 181 1,358 5,376 1941., 4,732 1,490 404 1,165 218 1945., 5,650 2,017 250 1,097 217 1953 7 767 2,475 3,488 21,962 1,048 3,979 16,935 1954 8,969 3,076 3,846 26,108 1,170 4,709 20,229 1953., 19,747 7,365 ,480 3,680 ,327 1955 11,432 4,041 5,241 31,408 1,404 5,883 24,121 1954. 22,974 8,312 ,768 4,239 ,501 1956 10,545 3,771 4,727 35,729 1,486 6,643 27,600 1955., 28,484 10,452 ,932 5,617 ,858 1957 10,402 3,562 4,708 40,007 1,643 7,011 31,353 1956. 27,088 9,532 ,799 5,458 ,824 1958 12,346 4 096 5,251 45,627 2,206 7,077 36,344 1957., 24,244 9,217 ,472 4,264 ,429 1959 15,463 5,296 6,766 53,093 2,989 7,187 42,917 1958. 27,388 10,516 ,460 5,204 ,640 1959., 32,235 13,094 ,523 5,832 ,780 1959 1959 Oct 1,329 465 590 52,149 2,883 7,159 42,107 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 2,487 963 138 410 152 884 296 385 53,413 3,035 7,192 43,186 1960 Feb 992 344 413 53,811 3,078 7,197 43,536 Mar 1 1fi«5 411 468 54,356 3,120 7,209 44,027 Jan 2,487 2,079 777 107 343 115 Apr 1,173 411 471 54,922 3,159 7,209 44,554 Feb 2,430 2,149 859 103 342 104 May 1,256 443 520 55,556 3,204 7,222 45,130 Mar 2,441 2,406 983 119 377 104 June [,425 479 612 56,335 3,249 7,224 45,862 Apr 2,400 2,366 983 108 382 106 Julv 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 [,342 409 604 58,336 3,392 7,223 47,721 July 2,493 2,528 1,048 116 378 145 Oct p [ 276 403 561 58,922 3,435 7,222 48,265 Aug 2,488 2,784 1,201 123 406 158 Sept 2,598 1,097 111 381 145 *» 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 1383 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Government- Year or month mortgages Proj- P e r r o ty p- mortgages underwritten im- End of Con- Total p e N r r t o e i w e p s - p i e s E r r t t i o x i n e p - g s - g m t a y g o p e r e s t- i p l m o r a o e n v n s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y u ea a r r t o er r Total FHA- VA- ti v o e n n a - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1951 3 220 1 216 713 582 708 3,614 2 667 942 1945 18.6 4.3 4.1 .2 14.3 1952 3,113 969 974 322 848 2,719 1,823 890 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1951 51.7 22.9 9.7 13.2 28.8 1954 3 066 1,035 907 232 891 4,257 2 686 1 566 1952 58.5 25.4 10.8 14.6 33.1 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1953 66.1 28.1 12.0 16.1 38.0 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1954 75.7 32.1 12.8 19.3 43.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88 1 38.9 14.3 24.6 49.3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 99.0 43.9 15.5 28.4 55.1 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 107.6 47.2 16.5 30.7 60.4 1958 117.7 50.1 19.7 30.4 67.6 1959_Oct 649 237 286 35 90 238 167 70 1959* 130.8 53.8 23.8 30.0 77.0 Nov 583 223 225 50 85 220 158 61 Dec 540 233 218 11 78 241 177 64 1959—Mar.P. ... 120.5 51.3 20.9 30.4 69.2 Junep.... 124.3 52.1 21.8 30.3 72.2 I960—Jan 514 221 196 19 78 195 148 47 Sept.? 128.0 53.1 22.9 30.2 74.9 Feb 464 198 170 28 68 170 133 36 Dec.p 130.8 53.8 23.8 30.0 77.0 Mar 463 193 168 35 67 173 137 36 Apr 433 172 163 22 76 153 123 29 1960—Mar.P.... 133.2 54.5 24.6 29.9 78.7 May 456 155 167 45 88 155 124 31 JuneP.... 136.1 55.0 25.2 29.8 81.1 June 539 170 195 71 103 175 143 32 Sept.p 139.1 55.8 26.0 29.8 83.3 July 509 162 200 59 88 160 126 34 Aug .. . 615 189 228 97 100 181 139 41 Sept 613 192 233 119 68 169 132 37 * Preliminary. Oct 575 196 237 47 94 162 125 36 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 [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a t y s - a d n e d m t a i n m d e or month Total F su H in r A e - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt 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 1,632 614 525 476 1955 1 251 702 1,417 991 426 698 1955 2,615 901 1,714 411 62 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 ,298 685 613 819 1958 3,901 1,483 2,418 623 482 1,541 1959 2,067 1,231 J,134 1,192 942 589 1959 5,531 2,546 2,985 1,907 5 568 1959—Nov 129 82 1,963 1,109 854 506 1959 Oct 5 335 2 383 2 953 143 611 Dec 281 109 1,134 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 1,740 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 23 580 May 112 96 1,574 827 747 590 Apr 5,785 2 905 2 880 126 12 588 June 290 94 1,770 932 838 736 May 5,827 2,997 2,830 129 67 561 July 173 269 1,674 922 751 682 June 5,827 3,042 2,784 74 50 592 Aug 168 146 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 1,735 986 749 762 Sept 6,050 2,810 3,240 84 1 584 Nov 125 119 [,741 976 765 788 Oct 6,106 3,293 2,812 79 1 571 1 Secured or unsecured loans maturing in one year or less. 1 Operations beginning with Nov. 1, 1954, are on the basis of FNMA's 2 Secured loans, amortized quarterly, having maturities of more than n«w 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

1384 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 Total p m A a o u p b t e i o l r - e l co p g O n a o s t p o h u e d e m r r s 1 er e a r n R l n d o i e a z p m n a a t s i o i 2 o r d n - Pe l r o s a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 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' 45,544 34,057 14,237 8.923 2,327 8,570 11,487 3,627 5,060 2,800 19593r 52,119 39,852 16,549 10,476 2,784 10,043 12,267 4,144 5,104 3,019 1959—Oct.' 49,944 38,659 16,626 9,667 2,713 9.653 11,285 4,024 4,378 2,883 Nov. 50,503 39,024 16,633 9,864 2,754 9,773 11,479 4,089 4,459 2,931 Dec. 52,119 39,852 16,549 10,476 2,784 10,043 12,267 4,144 5,104 3,019 I960—Jan.r 51,468 39,738 16,519 10,386 2,769 10,064 11,730 4,056 4,595 3,079 Feb.5 51,182 39,785 16,626 10,254 2,772 10,133 11,397 4,129 4,104 3,164 Mar. 51,298 40,020 16,826 10,192 2,783 10,219 11,278 4,191 3,927 3,160 Apr. 52,353 40,651 17,170 10,281 2,814 10,386 11,702 4,226 4,245 3,231 May 52,991 41,125 17,431 10,339 2,865 10,490 11,866 4,313 4,342 3,211 June 53,662 41,752 17,755 10,462 2,905 10,630 11,910 4,294 4,423 3,193 July' 53,809 42,050 17,893 10,452 2,934 10,771 11,759 4,265 4,311 3,183 Aug. 54,092 42,378 18,020 10,477 2,975 10,906 11,714 4,276 A,211 3,161 Sept. 54,265 42.517 18,021 10,543 3,001 10,952 11,748 4,317 4,283 3,148 Oct.T 54,344 42,591 17,992 10.625 3,013 10,961 11,753 4,272 4,370 3 111 r Figures beginning with January 1958 have been revised. See also NOTE.—Monthly figures for the period December 1939 through 1946, "Note" to this table. and a general description of the series, are shown on pp. 336-54 of the 1 Represents all consumer instalment credit extended for the purpose BULLETIN for April 1953; monthly figures for 1947-57, in the BULLETIN of purchasing automobiles and other consumer goods, whether held by for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957, retail outlets or financial institutions. Includes credit on purchases by pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17. individuals of automobiles or other consumer goods that may be used Revised monthly data for 1958 and 1959 (with notes describing the in part for business. changes) are shown on pp. 1406-09 of this BULLETIN. A detailed 2 Represents repair and modernization loans held by financial institu- description of the methods used to derive the estimates may be obtained tions; holdings of retail outlets are included in other consumer goods from Division of Research and Statistics. paper. 3 Includes data for Alaska and Hawaii beginning with January and August 1959, respectively. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i C a c n u n o a o m i m n n e e c s - - r e i Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u u o r r r n e e i s - H s a h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b t e o i r l - s e 3 Other 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 5,927 1,124 2,137 777 4,042 1,064 1,004 377 527 1,070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 28,958 24,450 10.601 8,443 1.678 2,656 1,072 4,508 1,511 ,044 365 487 ',101 1956 31,897 27,154 11,777 9,100 2,014 3,056 1,207 4,743 1,408 ,187 377 502 .269 1957 34,183 29,51:5 12,843 9,573 2.429 3,333 1,337 4,668 1,393 ,210 361 478 .226 1958' 34,057 29,074 12,780 8,740 2,668 3,384 1,502 4,983 1,882 .128 292 506 ,175 19594' 39,852 34,176 15,227 10,145 3,280 3,774 1,750 5,676 2,292 ; 310 481 ,368 1959—Oct.r 38,659 33,580 15,063 10,071 3,183 3,573 1,690 5,079 1,962 ,135 298 503 ,181 Nov.r 39,024 33,821 15,131 10,117 3,230 3,626 1,717 5,203 2,040 ,158 303 494 ,208 Dec. *• 39,852 34,176 15,227 10,145 3,280 3,774 1,750 5,676 2,292 ,225 310 481 ,368 1960—Jan.'" 39,738 34,332 15,366 10,168 3,272 3.787 1,739 5,406 2,103 ,189 304 480 ,330 Feb.'" 39,785 34,576 15,433 10,276 3,308 3,807 1,752 5.209 1,997 ,167 299 482 ,264 Mar.'" 40,020 34,764 15,440 10,357 3,381 3,821 1,765 5; 256 2,098 ,144 294 487 ,233 Apr.'" 40,651 35,431 15.711 10,604 3.471 3,872 1,773 5,220 2,050 ,135 290 496 ,249 May r 41,125 35,902 15,911 10,744 3,537 3,902 1,808 5,223 2,054 ,125 290 503 ,251 Juner 41,752 36,481 16.145 10,945 3,626 3,957 1,808 5,271 2,073 ,132 291 512 ,263 July 42,050 36,857 16,239 11,062 3.679 4,049 1,828 5,193 2,020 ,124 290 516 ,243 Aug.r 42,378 37,199 16,362 11,142 3,754 4.099 1,842 5,179 2.012 ,132 290 520 ,225 Sept.'" 42,517 37,318 16,416 11,154 3.795 4'. til 1,842 5,199 2,049 ,129 291 519 ,211 Oct.r 42,591 37,330 16.408 11,147 3.833 4i 097 1.845 5,261 2,103 ,130 290 518 ,220 r Revised beginning with January 1958. See "Note" to table above. 3 Represents automobile paper only; other instalment credit held by 1 Consumer finance companies included with "other" financial institu- automobile dealers is included with "other" retail outlets. tions until September 1950. 4 See note 3 to table above. 2 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1385 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r s o e e t t d a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t m p o h n e d e e - r r s r R e m l r t o a e n i o n a p o iz n d d a n a s - ir - s l P o o a e n r n a - s l E o n r d m o o f n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p O c u o a o t m p o h n d e e - e r s r r m i R z l o o a e a d n a p ti d e n a o r s i n n r - l s P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 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 1,715 2,612 19591 10,145 7,328 ,883 35 899 19591r 15,227 4,827 2,525 2,640 2,039 3,196 1959_Oct.. 10,071 7,406 ,788 33 844 1959_Oct.r 15,063 4,841 2,528 2,582 1,991 3,121 Nov. 10,117 7,388 ,830 34 865 Nov.r 15,131 4,854 2,531 2,592 2,017 3,137 Dec. 10,145 7,328 ,883 35 899 Dec' 15,227 4,827 2,525 2,640 2,039 3,196 1960—Jan.. 10,168 7,305 ,922 36 905 I960—Jan.' 15,366 4,817 2,535 2,781 2,028 3,205 Feb.. 10,276 7,342 ,982 37 915 Feb.' 15,433 4,845 2,561 2,777 2,024 3,226 Mar. 10,357 7,407 ,988 39 923 Mar.' 15,440 4,900 2,609 2,655 2,023 3,253 Apr. 10,604 7,538 2,096 42 928 Apr.r 15,711 5,004 2,675 2,662 2,045 3,325 May. 10,744 7,631 2,132 45 936 Mayr 15,911 5,088 2,726 2,667 2,075 3,355 June 10,945 7,767 2,175 49 954 Juner 16,145 5,195 2,765 2,684 2,105 3,396 July. 11,062 7,822 2,225 52 963 July' 16,239 5,242 2,777 2,690 2,119 3,411 Aug. 11,142 7,855 2,260 57 970 Aug.' 16,362 5,290 2,790 2,684 2,144 3,454 Sept. 11,154 7,832 2,292 60 970 Sept.r 16,416 5,313 2,778 2,686 2,162 3,477 Oct.. 11,147 7,796 2,319 63 969 Oct.*- 16,408 5,311 2,776 2,681 2,170 3,470 1 Includes data for Hawaii, beginning with August 1959. ' Revised beginning with January 1959. See "Note" to table at top of opposite page. i Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Singlepayment Charge accounts E o n r d m o o f n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m i R z lo o a e a n a d p ti n d e a o s r i n r n- l s P o o a e n r n a - s l E o n r d m of o n y t e h ar i c T m n n r s o o e e t n t d a n a - i l t l t - b C m c a o i e n m a r k l - - l s oan f O i s i n c n t i s h a a t n e i l - r - s m t p D o a e r e r e n - t s - t 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1939 789 81 24 15 669 tutions 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1953 4,038 538 370 247 2,883 1941 3,087 693 152 275 1,370 597 1954 4,510 539 375 282 3,314 1945 3,203 674 72 290 1 ^322 845 1955 5,406 761 537 326 3,782 1956 6,277 948 648 403 4,278 1953 8,388 1,899 288 772 3,352 150 1,927 1957 7,099 1,106 622 489 4,882 1954 8,896 2 096 312 793 3,515 177 2 003 1958' 7,554 1,143 610 593 5,208 1955 9,924 2,635 367 862 3,717 216 2,127 1959lr 8,804 1,388 758 710 5,948 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—Oct.' 8,446 1,348 721 689 5,688 1958 ' 11,487 3,156 471 907 3^808 345 2,800 Nov.' 8,573 1,366 733 703 5,771 19593r , _ 12,267 3,582 562 958 3,753 393 3,019 Dec. ' 8,804 1,388 758 710 5,948 1959—Oct.'.... 11,285 3,500 524 646 3,358 374 2,883 I960—Jan.' 8,798 1,382 757 705 5,954 Nov.r... 11,479 3,514 575 716 3,363 380 2,931 Feb.' 8,867 1,396 768 711 5,992 Dec.'... 12,267 3,582 562 958 3,753 393 3,019 Mar/ 8,967 1,423 780 721 6,043 Apr.' 9,116 1,457 799 727 6,133 I960—Jan.'.... 11,730 3,531 525 824 3,378 393 3,079 Mayr 9,247 1,483 820 745 6,199 Feb.'... 11,397 3,549 580 685 3,034 385 3,164 June ' 9,391 1,516 844 751 6,280 Mar.'... 11,278 3,556 635 622 2 917 388 3,160 July*" 9,556 1,536 860 763 6,397 Apr.'... 11,702 3,627 599 656 3^206 383 3,231 Aug.r 9,695 1,565 874 774 6,482 May'... 11,866 3,631 682 646 3,305 391 3,211 Sept.*" 9,748 1,579 885 779 6,505 June'.. . 11,910 3,682 612 633 3,382 408 3,193 Oct.' 9,775 1,591 882 780 6,522 July'.... 11,759 3,663 602 584 3,295 432 3,183 Aug.'.. . 11,714 3,656 620 584 3,236 457 3,161 Sept.'... 11,748 3,715 602 625 3,199 459 3,148 r Revised beginning with January 1958. See "Note" to table at top Oct.'.... 11,753 3,692 580 661 3,266 443 3,111 of opposite page. 1 Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. r Revised beginning with January 1958. See "Note" to table at top NOTE.—Institutions represented are consumer finance companies, credit of opposite page. unions, industrial loan companies, mutual savings banks, savings and 1 Includes mail-order houses. loan associations, and other lending institutions holding consumer 2 Service station and miscellaneous credit-card accounts and homeinstalment loans. heating-oil accounts. 3 Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1386 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir t io a n n d loans Persona1 loans Year or month Unad- Unad- Unad- Unad- Unad- Adjusted justed Adjusted justed Adjusted justed Adjusted justed Adjusted justed Extensions 1953 31,558 12,981 9 227 1 344 8,006 1954 31,051 11,807 9,117 1 261 8,866 1955 39,039 16 745 10 634 1 388 10,272 1956 40 175 15,563 11,702 1 568 11,342 1957 42,545 16,545 11,747 1 660 12,593 1958r 40 789 14 316 11 638 1 861 12 974 19591 r 49 045 17^941 13,837 2,201 15,066 1959_Oct r 4,262 4,249 1,595 J 557 1,155 1,235 185 202 1,327 1 255 Nov.r 4,185 4,029 1,465 312 1 198 1 233 193 193 1 329 ,291 Dec r 4,119 4,782 1,355 ,283 1,230 1,693 187 176 1,347 1,630 I960 Jan r 4,159 3,592 1,453 ,269 1,227 1,023 158 127 1,321 1,173 Feb r 4,196 3,763 1,533 ,424 1,171 961 178 149 1,314 ,229 Mar.r 4,259 4,238 1,590 ,629 1,178 1 0R9 178 167 1,313 1,353 Apr r. 4,498 4,509 1,635 ,692 1,266 1,202 182 179 1,415 1,436 Mayr 4,254 4 375 1 557 658 1 170 I 183 190 203 1 337 1,331 Juner . 4,325 4,615 1,537 ,733 1,248 1,267 186 198 1,354 ,417 Julyr 4,209 4,156 1,416 ,473 1,167 1,085 176 183 1,450 1,415 Aug 4,071 4,365 1,421 ,570 1,112 1,165 180 202 1,358 1,428 Sept r 4,124 4,010 1,421 ,372 1,161 1,173 165 177 1,377 1,288 Oct.r 4,095 4,012 1,454 ,407 1,158 1,207 160 172 1,323 1,226 Repayments 1953 27,956 10 879 8 622 1 119 7,336 1954 30,488 11,833 9,145 1 255 8,255 1955 33 649 13 082 9 751 1 315 9,501 1956 37,236 14,576 10,756 1 362 10,542 1957 40,259 15,595 11,545 1 466 11,653 1958r 40,915 15 488 11 497 1 623 12,307 19591 r 43,407 15,698 12,307 1,751 13,651 1959 Oct r 3,722 3,755 1 174 1 oss 1,068 151 153 1 180 1 160 Nov r 3,727 3,664 1,327 1,305 ,057 1,036 156 152 1,187 1,171 Dec r 3,773 3,954 1,352 1,367 ,071 1,081 146 146 1,204 1,360 I960 Jan r 3,849 3,706 1,359 1,299 ,117 1,113 148 142 1,225 1,152 Feb r 3,765 3,716 1,330 1,317 ,084 1,093 146 146 1,205 1,160 Mar.r 3 780 4,003 1,342 1 429 ,083 1,151 152 156 1,203 1,267 Apr r 3,935 3,878 1,379 1,348 ,111 1,113 150 148 1,295 1,269 Mayr 3 912 3 901 1,402 1 397 ,127 1 125 153 152 1,230 1,227 Juner 3,934 3,988 1,392 1,409 ,135 1,144 155 158 1,252 1,277 July*" 4,017 3,858 1,385 1,335 ,149 1,095 155 154 1,328 1,274 Aug.r 3 918 4 037 1 ^88 1 443 ,123 1,140 156 161 .251 1,293 Sept r. 3,961 3,871 1,375 1,371 ,143 1,107 150 151 1,293 1,242 Oct.' 4,000 3,938 1,421 1,436 ,149 1,125 160 160 1,270 1,217 Net increase, or decrease (—), in credit outstanding2 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 r — 126 — 1 172 141 238 667 19591 r 5,795 2 312 1,553 457 1,473 1959—Oct r. 540 494 262 183 97 167 34 49 147 95 Nov.r 458 365 138 7 141 197 37 41 142 120 Dec r 346 828 3 -84 159 612 41 30 143 270 I960—Jan.r 310 -114 94 -30 110 -90 10 -15 96 21 Feb r. 431 47 203 107 87 -132 32 3 109 69 Mar.r 479 235 248 200 95 -62 26 11 110 86 Apr r 563 631 256 344 155 89 32 31 120 167 Mayr.. 342 474 155 261 43 58 37 51 107 104 Juner 391 627 145 324 113 123 31 40 102 140 July r 192 298 31 138 18 -10 21 29 122 141 Aug r.. 153 328 33 127 — 11 25 24 41 107 135 Sept.r 163 139 46 1 18 66 15 26 84 46 Oct.r 95 74 33 -29 9 82 0 12 53 9 r Revised. See "Note" to table at top of p. 1384. A discussion of the composition and characteristics of the data and 1 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 1959 because the differences do not reflect the records of retail outlets and financial institutions and often include charges effect of the introduction of outstanding balances for these two States. incurred under the instalment contract. Renewals and refinancing of 2 Obtained by subtracting instalment credit repaid from instalment loans, repurchases and resales of instalment paper, and certain other credit extended, except as indicated in note 1. transactions may increase the amount of both credit extended and credit NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of repaid without adding to the amount of credit outstanding. the BULLETIN for October 1956; for 1955-59, in the BULLETIN for December 1957, pp. 1420-22, November 1959, p. 1418, and in this BULLETIN, pp. 1406-09. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1387 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Sales finance Other financial Total Commercial banks companies institutions Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1953 31,558 12,099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 19561 40,175 14,463 9,600 9,474 6,638 19571 42,545 15,355 10,200 10,495 6,495 19581 ' 40,789 14,860 8,907 10,459 6,563 19591 2 r 49,045 17,976 11,007 12,122 7,940 1959_Oct.' 4,262 4,249 1,562 ,529 977 973 ,067 1,025 656 722 Nov.' 4,185 4,029 1,521 ,385 906 843 ,074 1,065 684 736 Dec' 4,119 4,782 1,483 ,475 867 886 ,090 1,324 679 1,097 1960—Jan.' 4,159 3,592 1,488 ,368 915 802 ,064 920 692 502 Feb.' 4,196 3,763 1,537 ,419 971 860 ,075 1,004 613 480 Mar.' 4,259 4,238 1,513 ,539 972 967 ,091 1,116 683 616 Apr.' 4,498 4,509 1,545 ,632 1,028 1,008 ,175 1,167 750 702 May' 4,254 4,375 1,520 ,616 944 983 ,125 1,121 665 655 June' 4,325 4,615 1,536 ,658 945 1,050 ,137 1,185 707 722 July' 4,209 4,156 1,436 ,458 894 955 ,230 1,201 649 542 Aug.' 4,071 4,365 1,442 ,560 894 989 ,129 1,192 606 624 Sept.' 4,124 4,010 1,470 ,430 888 879 ,118 1,051 648 650 Oct.' 4,095 4,012 1,471 ,419 892 ,070 1,011 662 702 Repayments 1953 27,956 10,625 6,344 5,683 5,304 1954 30,488 11,469 7,043 6,511 5,465 1955 33,649 12,304 7,901 7,553 5,891 19561 37,236 13,362 8,943 8,603 6,328 19571 40,259 14,360 9,727 9,673 6,499 19581 ' 40,915 14,647 9,774 10,004 6,490 19591 2 r 43,407 15,560 9,623 10,943 7,281 1959_Oct.' 3,722 3,755 ,346 1,352 816 851 944 930 616 622 Nov.' 3,727 3,664 ,356 1,317 804 797 942 938 625 612 Dec' 3,773 3,954 ,353 1,379 827 858 963 1,093 630 624 I960—Jan.'. 3,849 3,706 ,412 1,350 829 779 973 926 635 651 Feb.'. 3,765 3,716 ,355 1,352 810 792 974 935 626 637 Mar.'. 3,780 4,003 ,348 1,420 831 886 966 1,016 635 681 Apr.'. 3,935 3,878 ,376 1,361 862 841 1,047 1,018 650 658 Mayr. 3,912 3,901 ,411 1,416 850 843 985 990 666 652 June'. 3,934 3,988 ,400 1,424 849 849 1,024 1,041 661 674 July'. 4,017 3,858 1,402 1,364 870 838 1,084 1,036 661 620 Aug.r. 3,918 4,037 1,376 1,437 870 909 1,027 1,053 645 638 Sept.r. 3,961 3,871 1,389 1,376 878 867 1,044 998 650 630 Oct.'. 4,000 3,938 1,449 1,427 868 887 1,023 984 660 640 Net increase or decrease ( — ) in credit outstanding 3 1953.... 3,602 1,474 1,216 692 220 1954.... 563 -202 217 472 76 1955.... 5,390 ,805 2,299 896 390 19561... 2,939 ,176 657 871 235 19571... 2,286 1,066 473 822 -75 19581 '. -126 -63 -833 455 315 19591 2 5,795 2,447 1,405 1,250 693 1959—Oct.'. 540 494 216 177 161 122 123 95 40 100 Nov.'. 458 365 165 68 102 46 132 127 59 124 Dec.'. 346 828 130 96 40 28 127 231 49 473 I960—Jan.'. 310 -114 197 139 86 23 91 -6 -64 -270 Feb.'. 431 47 182 67 201 108 101 69 -53 -197 Mar.'. 479 235 53 7 141 81 125 100 160 47 Apr.'. 563 631 169 271 246 247 128 149 20 -36 May'. 342 474 109 200 94 140 140 131 -1 3 Juner. 391 627 136 234 96 201 113 144 46 48 July'., 192 298 34 94 24 117 146 165 -12 -78 Aug.r. 153 328 66 123 24 80 102 139 -39 -14 Sept.'. 163 139 81 54 10 12 74 53 -2 20 Oct.'. 95 74 22 24 -7 47 27 2 62 ' Revised. See "Note" to table at top of p. 1384. the BULLETIN for October 1956; for 1955-59, in the BULLETINS for 1 Data on extensions and repayments have been adjusted to avoid December 1957, pp. 1421-22, November 1959, p. 1419, and in this BULLEduplications resulting from large transfers of other consumer goods paper. TIN, pp. 1406-09. As a result, the differences between extensions and repayments for some A discussion of the composition and characteristics of the data and types of holders do not equal the changes in outstanding credit. a description of the methods used to derive the estimates are shown 2 Extensions and repayments include current data for Alaska and in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment Hawaii beginning with January and August 1959, respectively. The credit extended and repaid are based on information from accounting differences between extensions and repayments do not equal the changes records of retail outlets and financial institutions and often include charges in outstanding credit for 1959 because the differences do not reflect the incurred under the instalment contract. Renewals and refinancing of effect of the introduction of outstanding 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. NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1388 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49= 100 [Seasonally adjusted] Annual average 1959 1960 Grouping 1958 1959 Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. INDUSTRY GROUPINGS Total index. 141 159 155 156 165 168 166 166 165 167 166 166 165 162 162 Manufacturing, total. 139 158 154 154 164 168 166 165 164 166 165 165 163 161 760 Durable 141 165 155 156 174 180 178 175 172 174 173 173 169 166 165 Nondurable 141 155 157 157 158 159 157 158 159 161 163 163 162 159 159 Mining 120 126 120 126 130 129 126 126 129 127 128 128 129 127 126 Utilities 244 268 272 274 278 280 '281 288 287 284 288 290 293 •"295 295 Durable Manufactures Primary and fabricated metals. 770 125 87 773 145 148 143 139 133 737 126 724 722 779 777 Primary metals 99 113 56 101 145 147 140 135 126 119 112 108 106 102 100 Iron and steel 94 107 38 95 148 149 142 136 125 115 105 100 94 90 91 Fabricated metal products 125 142 135 130 143 148 148 145 142 147 148 148 147 144 144 Structural metal parts 138 150 138 136 149 156 155 153 151 156 158 160 160 157 156 Machinery and related products. .. 166 797 202 186 200 272 277 209 206 277 207 209 206 204 203 Machinery 140 169 175 171 177 180 177 178 175 178 178 180 176 173 168 Nonelectrical machinery 117 141 147 145 147 148 147 147 145 147 148 152 146 143 142 Electrical machinery 175 212 221 213 227 232 227 227 225 228 226 226 223 221 211 Transportation equipment 197 229 229 184 217 251 250 243 239 249 237 237 237 237 243 Motor vehicles and parts 112 148 152 92 137 186 184 173 169 176 176 166 167 168 174 Aircraft and other equipment.. 376 390 378 378 375 365 366 371 368 383 347 372 367 368 373 Instruments and related products. 175 209 220 220 223 220 218 220 218 222 224 226 227 "220 220 Ordnance and accessories Clay, glass, and lumber 143 143 742 144 743 743 735 743 742 744 745 739 737 736 Clay, glass, and stone products. 159 161 159 160 158 159 153 159 160 164 165 162 157 157 Lumber and products 125 123 123 127 127 126 122 126 122 120 122 113 114 111 Furniture and miscellaneous. 147 150 150 752 753 752 752 754 757 755 755 755 750 757 Furniture and fixtures 164 166 168 172 173 171 166 174 177 177 177 173 169 167 Misc. manufactures 133 136 135 136 136 136 139 138 140 143 143 141 134 137 Nondurable Manufactures Textile, apparel, and leather products. 777 136 735 737 739 735 735 736 737 740 747 740 735 733 732 Textile mill products 109 126 123 124 124 124 124 123 122 126 128 126 124 119 116 Apparel products 129 153 156 159 160 157 155 158 161 162 162 163 161 155 156 Leather and products 109 119 117 116 118 119 110 111 111 116 116 115 116 109 Paper and printing 142 154 757 755 158 759 755 757 755 760 760 767 767 767 762 Paper and products 155 170 175 167 173 176 173 171 173 174 172 173 172 173 172 Printing and publishing. 133 143 146 147 148 148 148 147 148 152 152 153 153 153 154 Newspapers , 126 135 137 137 140 139 137 136 139 142 143 142 141 140 142 Chemical, petroleum, and rubber products. 188 275 218 279 222 279 220 225 227 233 232 '229 r224 223 Chemicals and products 210 240 245 245 249 250 248 251 256 258 263 263 '260 '254 254 Industrial chemicals 247 298 307 309 313 314 311 317 318 322 331 331 '330 319 Petroleum products 148 158 159 158 153 157 153 154 161 161 167 172 168 r167 Rubber and plastics products 166 200 201 198 203 206 204 201 201 205 214 204 201 194 Foods, beverages, and tobacco. 723 725 725 729 729 737 729 130 730 732 732 '732 732 732 Foods and beverages 123 128 128 129 130 131 130 130 131 132 132 132 132 132 133 Food manufactures 125 131 129 132 133 134 132 133 133 134 134 134 135 '135 135 Beverages 112 117 119 116 114 120 117 117 117 122 122 122 120 122 Tobacco products 121 127 130 127 131 130 123 129 133 131 131 126 130 130 Mining Coal, oil, and qas 727 124 726 '725 '722 727 722 727 722 722 723 727 727 Coal * 68 63 71 78 75 69 71 72 71 64 64 65 '64 66 Crude oil and natural gas. 147 147 149 149 i48 '146 144 145 '143 148 149 149 148 146 Oil and gas extraction.. 145 145 146 146 '146 rH5 144 145 143 148 148 149 147 145 Crude oil 135 135 136 135 135 134 133 133 132 137 137 138 136 133 Gas and gas liquids.. 211 215 215 219 227 223 229 226 222 226 Oil and gas drilling.... 159 160 164 164 159 146 136 138 144 145 143' 144 144 147 Metal, stone, and earth minerals.. 147 120 142 752 753 757 759 772 770 767 767 767 762 759 Metal mining 109 57 94 111 119 131 143 146 142 133 130 133 '127 119 Stone and earth minerals 187 188 192 196 188 183 175 199 198 201 205 202 '197 201 Utilities Electric. 275 275 279 279 280 288 286 284 289 291 296 297 Gas 263 272 283 287 289 292 291 290 289 SUMMARY MARKET GROUPINGS Final products, total 145 162 165 162 166 170 167 167 168 171 171 170 169 168 168 Consumer goods 140 155 157 154 159 164 160 160 162 164 165 164 162 161 161 Equipment, including defense. 165 188 194 192 194 195 194 196 194 197 196 198 -•195 195 195 Materials 138 157 146 152 165 167 166 164 163 162 161 161 159 157 155 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1389 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Without seasonal adjustment] A av n e n ra u g a e l 1959 1960 Grouping 1958 1959 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. INDUSTRY GROUPINGS Total index 141 159 160 157 162 168 169 168 167 166 166 157 162 164 166 Manufacturing total 139 755 75P 755 757 757 755 757 755 755 755 755 160 '752 755 Durable 141 165 159 158 174 181 181 179 175 174 172 160 160 165 168 Nondurable 141 155 164 159 151 156 158 158 161 161 162 153 165 164 166 120 125 122 126 129 128 '127 126 128 128 129 124 130 '129 128 Utilities 244 268 Durable Manufactures Primary and fabricated metals . ... 110 725 90 114 142 149 147 144 735 757 727 775 775 720 720 Primary metals .. 99 114 57 102 141 150 148 143 132 121 114 93 98 99 102 94 107 40 96 145 152 148 143 129 116 106 87 89 90 93 fabricated metal products 125 142 139 133 143 146 146 144 142 145 146 143 148 151 148 Structural metal parts 138 150 141 140 154 156 154 153 150 154 157 154 158 159 159 755 197 205 759 204 275 277 275 209 270 206 795 188 799 204 140 169 179 173 178 181 182 183 178 177 178 168 169 174 171 Nonelectrical machinery. 117 141 145 143 148 150 152 153 149 149 149 145 139 141 140 Electrical machinery 175 212 234 222 226 229 232 231 222 222 223 203 216 229 223 Transportation equipment . 197 228 231 192 230 262 261 253 245 247 237 220 197 '219 244 Motor vehicles and parts 112 147 155 103 154 199 196 183 174 176 174 149 117 '145 175 Aircraft and other equipment 376 390 376 376 377 373 374 379 372 378 346 359 359 363 371 Instruments and related products 175 209 221 222 225 220 220 223 220 221 223 219 223 '220 221 124 143 152 142 735 737 735 733 142 146 752 142 148 '745 144 Clay glass and stone products .. 137 159 168 160 155 149 151 149 158 164 168 162 168 163 163 Lumber and products 110 125 135 122 111 111 119 115 124 125 133 117 125 '124 122 Furniture and miscellaneous 725 147 755 755 154 149 757 757 750 757 755 750 159 755 750 Furniture and fixtures 137 164 174 171 175 170 170 166 170 170 173 169 177 176 175 Misc manufactures 116 133 145 142 137 131 134 138 133 136 140 133 144 142 147 Nondurable Manufactures Textile apparel and leather products 117 755 142 735 725 140 145 142 144 142 755 124 144 750 757 109 126 131 127 117 127 127 124 127 128 127 112 '124 '117 121 Apparel products ... . . 129 153 162 159 140 160 170 165 171 167 154 143 171 149 162 Leather and products 109 119 118 113 108 121 122 121 112 110 113 103 122 111 Paper and printing 142 754 755 759 752 755 755 757 752 752 757 149 755 755 759 155 170 186 170 156 172 177 177 178 174 176 156 174 174 183 Printing and publishing 133 143 152 152 149 144 146 150 151 153 151 145 148 '155 160 Newspapers 126 135 148 149 138 128 133 141 148 151 143 124 126 141 153 Chemical petroleum and rubber products ... 188 275 222 275 275 223 224 226 225 227 257 275 '225 r225 227 Chemicals and products 210 240 249 246 244 250 252 257 262 260 262 248 '255 '255 258 Industrial chemicals 247 298 310 310 313 314 322 326 325 325 326 312 '317 315 Petroleum products .. 148 158 158 156 157 157 155 153 157 158 167 171 173 '171 163 Rubber and plastics products 166 199 211 203 194 216 215 211 207 201 207 177 191 196 Foods beverages and tobacco 123 725 139 131 723 725 727 722 725 729 755 753 142 r146 143 Foods and beverases 123 128 138 131 124 123 121 122 125 129 134 134 142 '147 144 Food manufactures 125 131 143 137 130 128 125 124 125 128 133 135 144 '152 149 Beverages . 112 117 120 106 101 98 102 114 124 134 144 131 132 123 Tobacco products 121 127 139 127 106 130 124 129 127 135 143 116 139 135 Mining Coal oil and gas 117 722 727 124 725 725 r126 723 722 779 '720 775 727 '727 727 Coal 68 68 68 74 76 74 70 71 70 69 66 51 68 67 72 Crude oil and natural gas 140 147 145 147 152 '153 '151 '148 145 142 144 143 145 '145 144 Oil and gas extraction . 138 145 143 145 150 '151 '152 '149 '146 142 143 142 144 '145 143 Crude oil 129 135 133 134 138 139 139 137 135 131 133 132 133 '134 131 Gas and gas liquids 196 210 209 221 230 240 242 240 226 214 212 Oil and gas drilling 152 159 161 162 166 163 145 129 131 141 146 147 149 147 148 Metal stone and earth minerals • 142 146 725 755 757 757 737 141 755 755 757 757 755 '775 777 Metal mining 114 107 63 86 89 94 108 117 138 163 164 149 153 '147 131 Stone and earth minerals 171 188 198 193 189 171 167 164 195 202 210 213 214 '210 212 Utilities Electric 244 270 267 265 283 297 290 293 281 269 279 288 303 304 Gas 244 265 SUMMARY MARKET GROUPINGS Final products, total 145 162 170 162 162 169 170 170 169 169 171 163 168 171 173 Consumer soods 140 155 165 154 153 162 162 161 162 162 164 155 163 165 170 Equipment including defense .. 165 188 192 189 194 197 198 200 197 198 197 193 191 194 192 Materials 138 157 150 154 163 167 168 166 164 163 162 151 157 158 159 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1390 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957=100 [Seasonally adjusted] Grouping p p 19 r o o 5 r - - 7 a A v n e n ra u g a e l 1959 1960 tion 1958 1959 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total index 100.00 93 105 102 103 109 111 110 109 109 110 109 110 108 107 107 Manufacturing, total 86.49 92 105 102 102 109 112 110 110 109 110 110 110 '108 707 705 Durable 49.66 87 102 96 96 107 111 109 108 106 107 105 106 104 102 101 Nondurable 36.83 100 110 111 111 112 113 112 112 113 115 116 116 115 113 113 Mining 8.55 91 95 91 96 98 98 96 '96 98 97 97 98 98 96 96 Utilities 4.96 105 115 117 118 120 120 121 124 '123 122 124 125 126 127 126 Durable Manufactures Primary and fabricated metals 13.15 95 67 86 110 113 109 106 101 100 96 95 93 91 89 Primary metals 7.73 90 44 79 114 115 110 106 99 94 88 85 83 80 78 Iron and steel 6.21 86 31 76 119 119 114 109 100 92 84 80 76 72 73 Fabricated metal products 5.42 104 99 95 105 109 108 107 104 108 108 109 108 106 106 Structural metal parts 2.91 101 92 91 100 104 104 102 101 104 106 107 107 105 104 Machinery and related products 28.98 102 104 96 103 109 109 108 106 109 707 108 106 r105 705 Machinery 15.31 103 107 104 108 110 108 108 107 109 109 110 107 105 103 Nonelectrical machinery 8.92 99 103 102 103 104 103 104 102 104 105 107 103 101 100 Electrical machinery 6.39 108 112 108 115 118 115 115 114 115 114 114 113 112 107 Transportation equipment 10.76 98 98 79 93 108 107 104 102 106 102 102 101 102 104 Motor vehicles and parts 5.04 100 104 63 94 127 126 118 115 120 120 113 '114 115 119 Aircraft and other equipment.. 5.50 94 91 91 90 88 88 89 89 92 84 90 88 89 90 Instruments and related products. 1.66 112 118 119 120 118 117 119 117 120 121 121 122 118 118 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 97 777 777 777 113 772 772 108 772 777 772 775 70P '707 705 Clay, glass, and stone products. 2.92 95 110 111 110 111 110 110 106 110 111 114 114 112 109 109 Lumber and products 1.65 100 113 111 112 115 115 115 110 114 110 109 111 102 103 100 Furniture and miscellaneous. 2.96 96 772 114 114 775 775 775 775 777 77P 720 720 118 114 775 Furniture and fixtures 1.48 96 115 116 118 120 121 119 116 122 124 123 124 121 118 117 Misc. manufactures 1.48 95 109 111 111 111 112 111 114 113 115 117 117 115 109 112 Nondurable Manufactures Textile, apparel, and leather products. 7.32 99 775 775 775 777 775 114 775 775 118 77P 77P r117 '772 772 Textile mill products 2.78 98 113 111 111 111 112 111 111 110 113 115 113 111 107 104 Apparel products 3.44 101 120 122 125 126 124 122 124 127 127 127 128 127 122 122 Leather and products 1.10 97 106 104 104 105 106 98 99 99 104 104 103 103 97 Paper and printing 7.93 99 108 770 709 777 777 770 770 770 772 772 772 772 '772 773 Paper and products 3.27 101 111 114 109 113 115 113 112 113 113 112 112 112 112 112 Printing and publishing. 4.66 98 105 107 108 109 109 109 108 109 111 112 112 113 112 Newspapers 1.53 96 104 105 104 107 106 105 104 106 108 109 108 108 107 108 Chemical, petroleum, and rubber products. 10.95 99 113 775 114 775 775 775 775 118 77P 722 722 '720 '777 777 Chemicals and products 7.10 100 114 117 117 118 119 118 119 122 123 125 125 124 121 Industrial chemicals 3.61 98 118 122 123 124 125 124 126 126 128 132 131 131 127 Petroleum products 1.93 99 105 106 105 102 104 102 103 107 107 111 115 112 111 109 Rubber and plastics products 1.91 95 114 115 113 116 118 117 115 115 117 122 117 115 111 Foods, beverages, and tobacco. 10.64 102 707 705 707 705 70P 707 108 70P 770 770 770 '770 770 770 Foods and beverages 9.87 102 106 106 107 107 109 107 108 108 109 109 110 109 '110 110 Food manufactures 8.31 102 106 105 107 108 109 107 108 108 109 109 109 109 109 110 Beverages 1.56 102 106 108 105 104 109 106 106 106 111 110 111 109 110 Tobacco products .77 106 112 114 111 115 114 108 113 116 115 115 111 114 114 Mining Coal, oil, and gas 7.05 92 96 95 97 99 95 94 95 94 95 P5 96 r95 94 Coal 1.30 83 82 76 87 94 91 84 86 87 86 78 78 80 11 80 Crude oil and natural gas. 5.75 94 99 99 100 100 99 '98 96 97 96 99 100 100 '99 98 Oil and gas extraction. . 4.98 94 99 99 100 100 100 99 r99 r99 98 101 102 102 101 99 Crude oil 4.33 93 98 98 99 98 98 97 96 97 96 99 100 100 '99 97 Gas and gas liquids .65 100 106 109 109 111 115 113 116 115 112 115 Oil and gas drilling .77 89 93 94 96 96 93 85 84 85 84 85 84 86 Metal, stone, and earth minerals. 1.50 91 94 77 91 98 98 707 702 777 70P 707 707 707 104 702 Metal mining .70 83 11 42 68 80 87 95 104 106 103 97 94 96 '92 86 Stone and earth minerals 98 108 108 110 113 108 106 101 115 114 116 118 116 114 116 Utilities Electric. 3.76 104 115 118 118 119 119 120 123 122 121 123 124 126 127 Gas.... 1.20 105 114 113 117 122 124 125 126 125 125 124 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1391 INDUSTRIAL PRODUCTION MARKET GROUPINGS 1957-100 [Seasonally adjusted] 1957 Annual 1959 1960 Grouping pro- average portion 1958 1959 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total index 100.00 93 105 102 103 109 in no 109 109 110 109 110 108 107 107 46.75 95 107 109 106 109 112 no no HI 112 112 112 111 mo 770 Consumer goods. ... 31.13 99 no 112 109 113 116 113 113 115 117 117 116 115 114 114 Equipment, including defense 15.62 87 100 103 101 102 103 102 104 102 104 103 104 103 103 103 53.25 91 104 97 100 109 110 109 108 108 107 106 106 105 104 103 Consumer Goods Automotive products 3.35 83 103 105 73 99 127 122 114 117 121 121 114 115 r116 727 Autos 2.03 71 96 98 48 87 134 125 113 116 122 123 108 114 119 123 Auto parts and allied products 1.32 100 113 117 111 117 117 117 116 119 119 118 122 118 '113 118 Home goods and apparel 9.60 98 116 119 120 122 121 116 116 119 121 121 119 117 113 772 4.40 96 115 121 121 124 123 117 114 117 121 120 117 114 112 110 Appliances TV and radios 1.75 94 114 124 126 133 130 117 112 115 120 118 113 108 '105 102 Appliances 1 26 99 119 129 138 143 139 121 114 116 120 121 119 116 '110 110 .49 83 102 113 98 108 106 105 107 114 118 109 97 87 93 82 Furniture and rugs.... 1 18 98 119 120 120 122 122 118 114 121 123 122 118 119 119 115 Misc. home goods 1 47 97 113 118 114 116 117 116 116 116 120 122 121 118 114 115 Apparel incl knit goods and shoes.. 5.20 100 116 118 119 120 118 116 118 120 122 121 121 119 113 114 Consumer staples 18.18 102 108 109 no 110 112 no 112 113 113 114 115 114 114 114 8 11 102 106 104 107 107 109 107 108 108 109 110 110 '110 '110 109 Beverages and tobacco . . 2.32 103 108 no 107 107 111 106 108 110 112 112 111 111 112 D Ne ru w g s s p , a s p o e a r p s , , a m n a d g a to z i i l n e e tr s i , e a s nd books 2 1 .4 7 4 3 1 9 0 9 2 1 10 1 6 1 111048 1 1 1 0 4 9 1 1 1 0 4 9 1 n 1 o 5 1 1 1 0 4 9 1 1 1 1 5 0 1 1 1 1 8 2 1 1 2 1 0 3 1 1 2 1 2 3 1 11 2 6 2 1 11 2 5 0 '1 1 1 1 6 9 1 1 2 1 0 6 Consumer fuel and lighting 3.45 105 113 114 116 116 117 117 '119 '120 118 120 122 123 123 1 19 98 104 100 105 103 104 105 105 108 105 107 109 108 106 105 Residential utilities ... 2.26 108 117 121 122 123 123 '123 127 '126 125 127 129 130 131 Electricity 1.57 108 118 123 123 122 122 122 127 126 124 126 129 131 132 Gas .69 107 115 Equipment Business equipment . 12.16 85 100 104 102 104 106 105 105 104 106 105 106 105 705 104 Industrial equipment 7.29 82 97 101 102 104 104 104 104 102 104 103 104 103 101 99 2 46 88 104 111 112 113 114 113 115 115 117 120 121 121 120 121 Freight and passenger equipment 1.83 89 98 97 93 96 106 103 102 101 105 99 101 95 101 103 Farm equipment .58 100 115 112 106 105 109 97 93 89 89 89 88 83 87 86 3 46 Materials Durable goods materials 27.81 86 100 88 93 707 110 109 107 105 105 102 101 100 99 97 Equipment . . . .... 3 8 .1 6 0 7 7 8 7 6 1 1 0 0 1 3 1 9 0 5 3 1 7 0 6 2 1 1 0 0 6 7 1 1 2 0 1 7 1 10 2 7 0 1 1 1 0 7 6 1 n 0 o 4 1 1 0 1 4 5 1 9 1 8 5 1 1 1 0 0 2 1 10 0 1 6 '1 '9 1 7 2 1 9 0 8 2 Construction 9 6 .9 0 9 5 9 7 5 9 1 8 0 9 7 1 4 0 8 2 1 7 0 9 1 1 1 0 1 7 1 1 1 0 1 9 5 1 1 0 1 8 1 1 1 0 0 5 7 1 1 0 0 9 2 n 9 o 8 1 8 1 6 0 1 8 1 6 0 1 8 0 4 9 1 8 0 1 6 1 7 0 9 6 25.44 97 107 107 108 777 no 110 110 no 110 HI 112 111 709 709 Business supplies 8.87 98 108 107 109 112 111 110 109 109 no 111 113 111 110 110 2 5 . .9 9 6 1 1 9 0 7 1 1 1 0 0 7 9 1 1 0 0 7 6 1 1 1 0 0 7 1 11 1 1 3 1 11 1 1 1 1 10 1 9 1 1 1 0 0 9 9 1 n 0 o 8 111027 1 1 1 0 3 8 1 1 1 1 3 3 1 1 1 1 2 1 1 11 0 1 8 1 1 1 0 1 7 Nondurable materials n.e.c 7.05 98 115 117 117 119 119 120 120 120 121 123 123 '121 '117 116 9.52 94 100 98 101 104 '104 '103 103 103 102 103 103 104 '103 101 Mineral fuels 6 29 92 96 95 97 99 98 96 96 97 96 '97 97 98 '96 95 2.70 102 113 113 114 117 r118 '119 '121 120 120 121 120 122 123 Electricity 2.19 102 113 114 114 117 117 118 120 120 119 121 121 123 124 General industrial .99 98 110 106 106 114 114 116 118 115 114 117 117 118 117 1.12 105 118 122 122 121 121 121 124 12f> 12S 126 127 130 132 Gas .51 102 113 109 113 118 121 123 124 122 121 119 .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 90 no 114 100 114 125 119 114 117 121 121 116 115 '114 115 Apparel and staples 23.38 102 no 111 112 112 113 112 113 114 115 115 116 115 114 114 r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—7959 Revision (for announcement of that 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

1392 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 -100 [Without seasonal adjustment] 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept>.t. Oct. Total index. 100.00 93 105 105 104 107 111 111 111 110 109 109 103 107 108 109 Manufacturing, total. 86.49 92 105 106 104 107 HI 112 HI 110 110 110 103 '106 108 110 Durable 49.66 87 102 98 97 107 111 112 110 108 107 106 99 98 102 104 Nondurable 36.83 100 110 117 113 107 111 112 113 114 115 116 109 117 117 118 Mining 8.55 91 95 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 68 87 109 113 112 110 104 100 97 86 90 91 92 Primary metals 7.73 90 45 80 111 118 116 112 104 95 89 73 77 78 80 Iron and steel 6.21 86 32 77 116 122 118 114 103 93 85 69 72 72 75 Fabricated metal products. 5.42 104 102 97 105 107 107 106 104 106 107 105 109 110 109 Structural metal parts 2.91 101 94 93 103 104 103 102 100 103 105 103 105 106 107 Machinery and related products.. 28.98 102 106 98 106 112 112 111 108 108 107 101 97 103 106 Machinery , 15.31 103 109 105 109 110 111 112 108 108 108 102 103 106 104 Nonelectrical machinery 8.92 99 102 100 104 106 107 108 105 105 105 102 98 99 98 Electrical machinery 6.39 108 119 113 115 116 117 117 113 112 113 103 109 116 113 Transportation equipment 10.76 98 99 82 98 112 112 108 105 106 101 94 84 94 105 Motor vehicles and parts 5.04 100 106 70 105 136 134 125 119 120 119 102 80 r99 120 Aircraft and other equipment... 5.50 94 91 91 91 90 90 91 90 91 83 87 86 88 89 Instruments and related products. 1.66 112 119 119 121 119 118 120 118 119 120 118 120 119 119 Ordnance and accessories 1.25 Clay* glass, and lumber 4.57 97 111 119 111 105 102 106 104 //I 113 118 110 115 '113 112 Clay, glass, and stone products. 2.92 95 110 116 111 108 103 105 104 110 113 117 113 116 113 113 Lumber and products 1.65 100 113 122 111 100 101 108 104 112 114 120 106 114 113 110 Furniture and miscellaneous. 2.96 96 112 120 118 117 113 115 114 114 115 118 114 121 120 121 Furniture and fixtures 1.48 96 115 122 119 122 119 119 116 119 119 121 119 124 123 123 Misc. manufactures 1.48 95 109 119 116 112 107 110 113 109 111 115 109 118 116 120 Nondurable Manufactures Textile, apparel, and leather products. 7.32 99 115 120 117 106 118 123 120 122 120 115 105 122 110 116 Textile mill products 2.78 98 113 117 114 105 114 114 112 114 115 114 100 111 105 108 Apparel products , 3.44 101 120 127 125 110 126 134 130 135 131 121 113 134 117 127 Leather and products 1.10 97 106 105 101 96 107 109 108 100 98 101 92 108 Paper and printing 7.93 99 108 115 111 106 108 110 112 113 113 112 104 111 114 118 Paper and products 3.27 101 111 121 111 102 112 115 115 116 113 114 101 113 113 119 Printing and publishing. 4.66 98 105 111 112 110 106 107 110 111 113 111 107 109 114 118 Newspapers 1.53 96 104 113 114 106 98 102 108 113 116 110 95 97 108 117 Chemical, petroleum, and rubber products. 10.94 99 113 117 115 113 117 118 118 120 119 121 114 '118 '118 119 Chemicals and products 7.10 100 114 119 117 116 119 120 122 125 124 125 118 122 121 Industrial chemicals 3.61 98 118 123 123 124 125 128 129 129 129 130 124 i26 125 Petroleum products 1.93 99 105 105 104 104 104 103 102 104 105 111 114 115 '114 109 Rubber and plastics products 1.91 95 114 121 116 111 124 123 121 118 115 119 101 109 112 Foods, beverages, and tobacco. 10.64 102 707 115 109 102 102 101 102 104 107 112 110 118 121 119 Foods and beverages 9.87 102 106 115 109 103 101 100 101 104 107 111 111 118 r122 119 Food manufactures 8.31 102 106 116 111 105 104 101 101 102 104 108 109 117 r124 121 Beverages 1.56 102 106 109 96 91 89 93 103 113 122 130 119 120 112 Tobacco products .77 106 112 122 111 93 114 109 113 112 119 125 102 122 118 Mining Coal, oil, and gas 7.05 92 96 95 97 100 100 98 r97 95 93 rg4 95 Coal 1.30 83 82 83 90 92 89 85 87 85 84 80 87 Crude oil and natural gas. 5.75 94 99 97 99 102 '103 101 97 95 '97 96 Oil and gas extraction.. 4.98 94 99 98 99 102 r104 104 102 100 97 98 Crude oil 4.33 93 98 96 97 100 tot 101 9<) 9H 96 97 95 Gas and gas liquids.. .65 100 106 106 112 117 122 123 122 115 109 108 Oil and gas drilling .77 89 93 94 95 97 96 85 76 77 83 86 86 88 86 87 Metal, stone, and earth minerals. 7.50 91 94 82 88 88 84 88 90 106 117 120 116 117 '114 109 Metal mining .70 83 11 46 62 64 68 78 85 100 118 119 108 111 107 95 Stone and earth minerals .80 98 108 114 111 109 98 96 95 112 116 121 123 123 121 122 Utilities Electric. 3.76 104 115 114 113 121 127 124 125 120 115 119 123 129 130 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 1393 MARKET GROUPINGS 1957= 100 (Without seasonal adjustment] p 19 ro 5 - 7 a A v n e n ra u g a e l 1959 1960 Grouping portion 1958 1959 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total index. 100,00 105 105 104 107 111 111 111 110 109 109 103 107 108 109 Final products, total 46.75 107 112 106 106 111 112 112 111 111 112 107 111 112 114 Consumer goods 31.13 HO 117 109 108 115 115 114 115 115 116 110 115 117 120 Equipment, including defense. 15.62 100 101 100 103 104 104 106 104 105 104 102 101 102 101 Materials 53.25 104 99 102 108 110 111 110 109 108 107 100 104 105 105 Consumer Goods Automotive products 3.35 83 103 111 76 103 136 133 124 123 124 125 103 83 129 Autos 2.03 71 96 105 55 98 149 143 129 126 126 127 94 60 84 134 Auto parts and allied products. 1.32 100 113 120 107 111 116 118 116 118 120 121 116 117 120 121 Home goods and apparel 9.60 98 116 725 119 112 118 123 122 121 119 117 107 120 115 779 Home goods 4.40 96 115 129 120 117 115 121 120 118 117 118 105 in 118 117 Appliances, TV, and radios 1.75 94 114 131 119 114 116 127 127 120 117 116 95 112 108- Appliances , 1.26 99 119 121 116 118 120 136 139 131 126 126 107 97 110 106 TV and home radios .49 83 102 157 125 102 106 106 96 93 95 92 63 96 117 114 Furniture and rugs 1.18 98 119 126 123 125 120 121 116 120 117 117 112 98 122 121 Misc. home goods 1.47 97 113 129 121 113 110 114 116 115 118 120 112 121 123 125 Apparel, incl. knit goods and shoes. 5.20 100 116 122 118 107 120 125 123 124 122 117 109 120 112 120 127 Consumer staples 18.18 102 108 114 110 108 109 108 109 110 HI 114 113 119 '122 120 Processed foods 8.11 102 106 115 111 105 103 101 100 102 104 108 110 118 '124 120 Beverages and tobacco 2.32 103 108 113 101 92 97 98 107 112 121 129 113 121 114 Drugs, soap, and toiletries 2.73 102 111 117 116 113 115 114 117 118 118 120 114 122 121 Newspapers, magazines, and books. 1.44 99 106 110 109 109 109 109 112 112 112 111 113 116 118 118 Co F n u s e u l m o e i r l a fu n e d l g a a n s d o l l i i n g e hting 3 1 . . 4 1 5 9 1 9 0 8 5 1 1 1 0 3 4 1 9 0 9 9 1 10 1 4 2 1 1 2 0 0 7 1 1 2 0 6 8 1 1 2 0 3 5 1 1 2 0 3 3 ' 1 1 0 1 3 8 1 1 1 0 3 3 1 1 1 0 5 6 1 1 1 0 9 8 1 n 2 o 2 1 1 2 0 3 8 ioi' Residential utilities 2.26 108 117 Electricity 1.57 108 118 113 115 129 141 136 136 126 114 116 122 128 130 Gas .69 107 115 Equipment Business equipment 12.16 85 100 103 101 105 707 106 707 106 707 707 704 705 104 103 Industrial equipment 7.29 82 97 102 100 105 104 103 104 103 104 104 102 102 102 99 Commercial equipment 2.46 88 104 112 113 115 115 115 116 115 117 119 117 119 121 122 Freight and passenger equipment. 1.83 89 98 93 89 93 104 106 107 107 108 105 101 92 96 99 Farm equipment .58 100 115 111 94 101 112 107 105 100 94 91 79 75 78 84 Defense equipment. 3.46 Materials Durable goods materials. 27.81 86 700 90 94 707 770 770 705 106 705 104 96 97 100 99 Consumer durable 3.67 77 101 101 85 115 128 128 121 109 110 109 96 91 108 108 E C q o u n i s p tr m u e c n ti t on 9 8 . . 0 1 5 0 9 8 5 6 1 1 0 0 3 7 1 10 0 7 2 1 1 0 0 2 2 1 1 0 0 8 3 1 10 0 3 9 1 10 0 3 9 1 1 0 0 8 2 1 10 0 8 4 1 11 0 1 3 1 9 1 8 4 1 9 0 7 9 1 9 1 7 2 P1 r 1 97 2 1 9 1 7 1 Metal materials n.e.c 6-99 79 89 50 80 106 112 112 no 104 98 93 77 81 82 83 Nondurable materials 25.44 97 107 70P 709 705 777 777 772 772 777 777 104 r77O 770 772 Business supplies 8.87 98 108 113 110 106 108 109 111 113 112 112 104 111 113 116 Containers 2.91 101 109 114 103 97 105 108 109 111 110 114 106 118 115 115 General business supplies. 5.96 97 107 112 113 110 109 109 112 113 113 112 103 108 112 116 Nondurable materials n.e.c.. 7.05 98 115 120 120 116 121 123 123 123 122 121 112 '118 116 119 Business fuel and power 9.52 94 100 98 101 105 106 105 105 102 100 101 99 104 103 102 N M o in n e re ra si l d f e u n e t l i s al utilities 6 2 . . 2 7 9 0 1 9 0 2 2 1 9 1 6 3 95 97 100 101 100 97 94 94 90 95 '95 95 Electricity 2.19 102 113 115 112 115 117 115 118 116 116 121 124 131 129 General industrial .99 98 110 109 108 114 115 113 118 115 115 117 112 119 118 Commercial and other. 1.12 105 118 122 116 118 120 117 119 118 118 128 136 143 142 Gas .51 102 113 Industrial .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 90 110 121 101 111 124 126 122 120 120 121 104 99 110 122 Apparel and staples 23.38 102 110 116 112 108 112 112 112 113 113 115 112 121 119 120 r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal, in Industrial Production—7959 Revision (for announcement of that 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

1394 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 = 100, unless otherwise indicated] Industrial production C c o o n n st t r r u a c c t t i s o l n fa M ctu a r n i u n - g 3 Prices Major industry Major market groupings N r t i u o c r n u a a l l - g- Freight D m ep e a n r t tgroupings em- car- store Y m e o a n r th or Total M f t i a u a n c n r g - - u- M in i g n- U iti t e il s - Tot F a i l na g l s C o u p o o m r n d o e - s d r u E c m t q s e u n ip t - M ria a l t s e- R d t e e ia s n l i - - o A th l e l r t p o l t o a y l - 2 p m E lo e m n y - t - P ro a l y ls - l i o n a g d s - v ( s r a a e l l t u e a e s i ) l s C um on e - r W m c s o o h a m d l o e i l - t e y - Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj. Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. 1947 99 99 101 91 99 98 100 100 86 83 99.4 103.4 97.7 108 98 95 5 96 4 1948 103 103 106 101 102 101 105 104 98 105 101.6 102.8 105.1 104 104 102.8 104 4 1949 98 97 94 108 99 101 94 96 116 111 99.0 93.8 97 2 88 99 101 8 99 2 1950 113 113 105 123 112 115 102 114 185 142 102.3 99.6 111.7 97 107 102 8 103 1 1951 123 123 115 140 121 114 142 124 170 172 108.2 106.4 129.8 101 112 111.0 114 8 1952 127 127 114 152 130 116 170 125 183 183 110.4 106.3 136.6 95 114 113.5 111.6 1953 138 139 117 166 138 124 182 137 178 201 113.6 111.8 151 4 96 118 114 4 110 1 1954 130 129 113 178 132 123 161 128 232 204 110.7 101.8 137.7 86 118 114.8 110 3 1955 146 145 125 199 144 136 172 147 280 248 114.4 105.6 152.9 95 128 114.5 110.7 1956 151 150 132 218 150 139 188 151 *99 *98 118.3 106.7 161.4 97 135 116.2 114 3 1957 152 150 132 233 152 141 189 151 100 100 119.2 104.4 162.7 90 135 120.2 117 6 1958 141 139 120 244 145 140 165 138 113 107 115.5 94.3 148.7 78 136 123.5 119.2 1959 159 158 126 268 162 156 188 157 132 101 118.8 98.9 167.3 81 144 124.6 119.5 1959 Oct . .. 155 154 120 272 165 157 194 146 139 102 118.9 97.3 165 9 74 r148 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 166 165 128 290 170 164 198 161 122 142 121.5 99.6 169 0 73 149 126.6 119 7 Aug 165 163 129 293 169 162 '195 159 132 117 121.3 98.3 169.2 75 143 126.6 119.2 Sept 162 161 r127 r295 168 161 195 157 118 116 r121.2 r98.4 172 5 73 144 126 8 119 2 Oct 162 160 126 295 168 161 195 155 128 121 120.7 97.4 170.0 78 ?150 127.3 119.7 Nov ^159 *>157 P126 ^295 »166 ^159 P!95 ^154 ?120.5 ^96.8 ^167.3 75 *144 e Estimated. P 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. l 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 three-month moving averages, based on value data for 37 States east of NOTE.—Indexes for employment (excluding Alaska and Hawaii), the Rocky Mountains, 1947-49= 100; the data for 1956 on this basis payrolls, and prices are compiled by the Bureau of Labor Statistics. CONSTRUCTION CONTRACTS [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Annual totals 1959 1960 Type of ownership and type of construction 1958 1959 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total construction 35,090 36,269 3,135 2,373 2,224 2,240 ,472 3 3 By type of ownership: Public 13,427 11,068 914 701 711 727 702 1 075 067 1,025 1 737 1,413 1 018 995 1,125 Private 21,663 25,201 1,672 1,513 1,466 1,537 971 9 2,312 936 9 184 977 9 194 2 194 By type of construction: 14,696 17,150 1,515 1,092 993 927 988 1 794 1,480 1,453 1,483 1,399 1 433 1 777 Non residential 10.948 11,387 1,003 801 790 801 698 1 067 1 048 1 110 1 110 1 152 1 177 1 19-1 Public works and utilities 9,446 7,732 616 480 441 465 554 685 833 774 879 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 1395 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates.* Monthly data at seasonally adjusted annual rates. In millions of dollars] Private Public Year or month Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u B al s u - sin m e C e ss o rc m ia - l P u u ti b li l t i y c O n d r t e o t e i h s a n n i l e - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r o A th l e l r 1951 32,700 23,447 12,529 7,344 2,117 1,498 3,729 574 9,253 887 2,353 775 5,238 1952 34,670 23,889 12,842 7,500 2,320 1,137 4,043 547 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 2,399 218 4,363 3.755 11,724 ,287 3,861 1,085 5,491 1956 45,779 33,067 17,677 11,608 3,084 631 4,893 3,782 12,712 ,360 4,395 1,275 5,682 1957 47,795 33,778 17,019 12,535 3,557 564 5,414 4,224 14,017 ,287 4,892 1,344 6,494 1958 48,903 33,491 18,047 11,076 2,382 589 5,105 4,368 15,412 ,402 5,500 1,387 7,123 19592 r56,206 '39,949 24,469 11,088 2,106 3,930 5,052 '4,392 16,257 ,488 5,916 1,467 7,386 19592—Nov r54,346 '39,702 24,016 11,184 2,316 3,888 4,980 '4,502 14,644 ,327 5,328 1,476 6,513 Dec '55,436 '40,127 23,901 11,652 2,448 4,020 5,184 '4,574 15,309 ,433 5,520 1,524 6,832 I960—Jan •-54,726 '39,894 23,244 11,928 2,556 4,140 5,232 '4,722 14,832 ,272 5,004 1,536 7,020 Feb '54,889 '39,709 22,536 12,396 2,748 4,356 5,292 '4,777 15,180 996 5,448 1,536 7,200 Mar '54,419 '39,263 22,392 12,120 2,772 4,116 5,232 '4,751 15,156 ,512 5,112 1,536 6,996 Apr '54,166 '38,722 21,930 12,084 2,772 4,056 256 '4,708 15,444 ,236 5,304 1,536 7,368 May '55,260 '38,916 22,180 12,036 2,760 3,960 5,316 '4,700 16,344 ,200 6,168 1,512 7,464 June '55,189 '39,103 22,362 12,074 2,788 3,881 5,405 '4,667 16,086 ,283 5,639 1,475 7,689 July '55,389 '39,034 22,308 12,101 2,868 3,870 5,364 '4,625 16,355 ,265 5,768 1,455 7,867 Aug 55,298 38,660 21,783 12,262 2,934 3,922 5,406 4,615 16,638 ,430 6,121 1,447 7,640 Sept.P 55,325 38,697 21,716 12,362 3,041 4,036 5,285 4,619 16,628 ,392 5,987 1,454 7,795 Oct.P 54,781 38,360 21,134 12,590 3,084 4,133 5,373 4,636 16,421 ,379 5,791 1,465 7,786 NOV.P 55,327 38,392 21,169 12,516 3,036 4,198 5,282 4,707 16,935 ,442 6.162 1,458 7.873 v Preliminary. ' Revised. 2 Series beginning 1959 includes Alaska and Hawaii for the first time.. 1 Data for 1951-58 are joint estimates of the Departments of Commerce and Labor. NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, and Veterans Administration. In thousands of units] a S n a e n d a u j s u o a s l n t a e r d l a l t y e Metro- Non- Private Government-underwritten 2 Year or month T ( o P t r a iv l ate N o o n n l f y a ) rm Total p a o r l e i a ta s n l p a o re li a t s a n * Total fam 1 i - ly fam 2_ ily M fam ul i t l i y - Public Total FHA VA 1951 1.091 111 315 1,020 892 40 88 71 412 264 149 1952 ,127 795 332 1,069 939 46 84 59 421 280 141 1953 ,104 804 300 1,068 933 42 94 36 409 252 157 1954 :,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 ,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 ,118 780 338 1,094 981 31 82 24 465 195 271 1957 ,042 700 342 993 840 33 120 49 322 193 128 1958 209 827 382 1,142 933 39 170 68 439 337 102 1959 .379 946 432 1,343 1,079 49 215 36 458 349 109 I9593 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 1959 Oct 1.378 1,354 123 89 35 120 97 5 19 3 37 28 9 Nov ,356 1,328 107 74 32 105 85 4 15 2 31 23 g Dec 1,451 1,401 96 67 29 96 77 4 15 1 26 20 6 1960 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 1,327 1,307 125 83 42 124 102 4 18 "> 33 25 7 May 1,333 1.315 130 91 39 127 101 4 22 3 32 25 7 June 1,302 1,285 127 84 44 122 100 4 18 5 34 26 8 July 182 1,164 115 80 35 111 90 4 18 4 31 24 7 AUK ,292 1,273 130 85 44 125 102 4 20 5 35 26 8 Sent 1,066 Pi,044 noi 68 34 ^97 77 3 17 P6 29 22 7 Oct V1,231 Pi,192 n\o 75 35 HQ1 n.a. n.a. n.a. P3 28 23 6 n.a. Not available. p Preliminary. 3 New series, including both farm and nonfarm unless otherwise 1 For new series, based on revised definition of metropolitan areas. indicated. Not strictly comparable with nonfarm series developed by 2 Data from Federal Housing Administration and Veterans' Ad- the Bureau of Labor Statistics, for which annual totals are given through ministration represent units started, based on field office reports of first 1959. compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1396 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employed 1 Unemploy- Year or month institutional labor Not in the ment population force Total Total In c u n l o t n ur a a g l ri- In U pl n o e y m ed - labor force (per r a c t e e nt) 2 industries agriculture 1953 115,095 67,362 63,815 61,945 55,390 6,555 1,870 47 732 2.9 1954 116,220 67,818 64,468 60,890 54,395 6,495 3,578 48,401 5.6 1955 117,388 68,896 65,848 62,944 56,225 6,718 2 904 48 492 4.4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4.2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2 936 49 699 4 3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50 666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,83$ 3,813 51,420 5.5 1959 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 5,817 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 125.9^6 73,592 71,069 67 490 61 244 6 247 3 579 52 344 6 4 Nov 126,222 73,746 71,213 67,182 61,516 5,666 4,031 52,476 6.3 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. Monthly data are seasonally obtained through interviews of households on a sample basis. Monthly adjusted. data relate to the calendar week that contains the 12th day; annual data 3 Beginning with January 1960, data include Alaska and Hawaii. are averages of monthly figures. Figures for population increased by about 500,000 and total labor force by nearly 300,000, most of which was in nonagricultural employment. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total i M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6 645 1954 48,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16 563 777 2 759 4 062 10 846 2 219 5,916 6 914 1956 51,766 16,903 807 2,929 4,161 11,221 2,308 6,160 7,277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 1958 50,543 15 468 721 2,648 3,903 11 141 2 374 6,395 7 893 1959 51,975 16,168 676 2,767 3,902 11,385 2,425 6,525 8,127 SEASONALLY ADJUSTED 1959 Nov 52,253 16,174 657 2,792 3,902 11,452 2,450 6,593 8,233 Dec 52,674 16,436 665 2,800 3,917 11,486 2,450 6,613 8,307 1960 Jan 52,880 16,562 658 2,775 3,941 11,594 2,454 6,606 8 290 Feb 52,972 16,567 669 2,781 3,933 11,627 2,464 6,616 8.315 Mar 52,823 16,509 666 2,601 3,920 11,595 2,456 6,577 8 499 Apr 53,128 16,527 684 2,752 3,924 11,652 2,463 6,611 8,515 May 53,105 16,540 684 2,783 3,927 11,675 2,469 6 618 8 409 53.140 16,498 678 2,790 3,926 11.712 2.471 6,645 8,420 JUly 5 5 3 3 , , 1 0 4 4 5 6 1 1 6 6 , , 2 4 6 1 5 7 6 66 5 5 8 2 2 , , 8 8 5 3 8 5 3 3 , , 9 8 1 9 0 2 1 1 1 1 , , 7 7 3 6 6 4 2 2 ,4 4 8 9 0 9 6 6 ,6 6 8 5 2 2 8 8 ,4 4 0 7 4 4 Sept 52,998 16,275 660 2,800 3,879 11,665 2,515 6,665 8,539 Octp 52,806 16,131 657 2,806 3,878 11 659 2 513 6 640 8 522 Novp 52,704 16,069 651 2,787 3,858 11,604 2,510 6,672 8 553 WITHOUT SEASONAL ADJUSTMENT 1959 Nov 52,793 16,280 660 2,856 3,912 11,723 2 438 6 593 8 331 Dec 53,756 16,484 668 2,699 3,940 12,345 2,438 6,547 8,635 I960 Jan 52,078 16,470 658 2,453 3,882 11,424 2,429 6,474 8 288 Feb 52,060 16,520 669 2,389 3,887 11,329 2,439 6,484 8,343 Mar 52,172 16,478 666 2,312 3,900 11,325 2,444 6,511 8,536 Apr 52,844 16,380 677 2,590 3,917 11,620 2,463 6,644 8 553 May 52,957 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 53,062 16.386 672 3,130 3,921 11,592 2,536 6,685 8,140 Sept 53,496 16,505 663 3,069 3,907 11,665 2,515 6,698 8 474 Oct.p 53,386 16,310 657 3,008 3,888 11,733 2,500 6,706 8,584 Novp 53,243 16,165 654 2,851 3,868 11,878 2,497 6,672 8,658 » Preliminary. month. Proprietors, self-employed persons, domestic servants, unpaid i Excludes data for Alaska and Hawaii. family workers, and members of the armed forces are excluded. Back NOTE.—Data include all full- and part-time employees who worked data may be obtained from the Bureau of Labor Statistics. during, or received pay for, the pay period ending nearest the 15th of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 1397 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 Nov. Sept. Oct.P NOV.P Nov. Sept. Oct.P Nov.*3 Total 12,169 12,176 12,048 11,974 12,274 12,399 12,225 12,071 Durable goods , 6,873 6,937 6,829 6,775 6,922 6,949 6,868 6,822 Ordnance and accessories 73 74 72 74 73 74 72 74 Lumber and wood products 590 578 563 556 599 598 580 564 Furniture and fixtures 319 326 320 311 327 328 326 319 Stone, clay, and glass products 452 442 435 428 457 449 442 432 Primary metal industries 975 905 894 882 975 905 894 882 Fabricated metal products 792 835 829 811 800 835 833 819 Machinery except electrical , 1,147 1,132 1,108 1,095 1,136 1,104 1 ,086 1,084 Electrical machinery 869 877 838 850 877 846 863 Transportation equipment 1,026 1,135 1,149 1.154 026 1,135 1,149 1,154 Instruments and related products 231 225 222 221 232 225 223 222 Miscellaneous manufacturing industries. 399 408 399 393 415 418 417 409 Nondurable goods 5,296 5,239 5,219 5,199 5,352 5,450 5,357 5,249 Food and kindred products 1,011 1,006 1,013 1,012 1,032 1,171 1,105 1,033 Tobacco manufactures 75 80 78 74 82 97 94 81 Textile-mill products , 867 854 839 824 876 850 839 832 Apparel and other finished textiles , 1,101 1,074 1.0b4 1,069 1,107 1,095 1.080 1,074 Paper and allied products 448 445 444 442 452 452 448 446 Printing, publishing and allied industries 564 578 579 579 570 578 585 585 Chemicals and allied products 536 534 536 534 539 537 541 537 Products of petroleum and coal 155 150 150 151 154 151 150 148 Rubber products , 206 197 196 193 209 198 198 196 Leather and leather products , 333 321 320 321 331 321 318 319 * 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 Nov. Sept. Oct.*3 Nov. Sept. Nov. >ept. Oct^ NOV.P Total 88.98 91.08 91.08 90.78 39.9 39.6 39.6 39.3 2.23 2.30 2.30 2.31 Durable goods 95.44 98.15 98.65 97.91 40.1 39.9 40.1 39.8 2.38 2.46 2.46 2.46 Ordnance and accessories 106.97 108.14 107.87 107.87 41.3 40.5 40.4 40.4 2.59 2.67 2.67 2.67 Lumber and wood products 80.60 84.19 82.37 80.34 40.1 39.9 39.6 39.0 2.01 2.11 2.08 2.06 Furniture and fixtures 75.21 75.74 75.74 74.61 41.1 40.5 40.5 39.9 1.83 1.87 1.87 1.87 Stone, clay, and glass products 91.39 92.75 94.07 93.38 40.8 40.5 40.9 40.6 2.24 2.29 2.30 2.30 Primary metal industries 107.86 106.78 106.50 106.12 38.8 38.0 37.9 37.9 2.78 2.81 2.81 2.80 Fabricated metal products 94.64 100.94 100.28 98.89 40.1 40.7 40.6 40.2 2.36 2.48 2.47 2.46 Machinery except electrical 102.82 103.57 104.23 103.20 40.8 40.3 40.4 40.0 2.52 2.57 2.58 2.58 Electrical machinery 90.72 93.03 93.26 93.03 40.5 40.1 40.2 40.1 2.24 2.32 2.32 2.32 T I M n r s i a s t n r c u s e p m ll o a e r n n t e a t o s ti u o a s n n m d e a q r n e u l u i a p f t a m e c d e t u n p r t r i o n d g u i c n ts dustries... 1 9 7 0 4 7 4 . . . 7 1 6 1 6 6 1 9 7 1 5 7 2 . . . 4 0 9 4 3 6 1 9 7 1 6 8 5 . . . 1 2 2 5 1 0 1 9 7 1 6 8 3 . . . 1 2 0 5 0 0 4 4 3 0 1 9 . . . 4 0 2 4 4 3 0 0 9 . . . 2 1 5 4 4 40 0 1 . . . 1 4 0 4 4 3 0 0 9 . . . 4 5 9 2 2 1 . . . 6 3 9 7 1 1 2 2 1 . . . 8 9 3 1 5 8 2 2 1 . . .9 8 3 5 1 8 2 2 1 . . . 7 3 9 9 8 6 Nondurable goods 80.39 81.72 81.51 81.06 39.6 39.1 39.0 38.6 2.03 2.09 2.09 2.10 Food and kindred products 87.74 89.02 88.94 88.44 41.0 41.6 40.8 40.2 2.14 2.14 2.18 2.20 Tobacco manufactures 64.56 63.27 65.12 65.60 38.2 40.3 40.2 37.7 1.69 1.57 1.62 1.74 Textile-mill products 64.40 62.05 62.86 62.69 40.5 38.3 38.8 38.7 1.59 1.62 1.62 1.62 Apparel and other finished textiles 56.15 55.93 56.60 55.14 36.7 35.4 35.6 34.9 1.53 1.58 1.59 1.58 Paper and allied products 95.22 98.14 96.83 95.45 42.7 42.3 42.1 41.5 2.23 2.32 2.30 2.30 Printing, publishing and allied industries.. 103.79 108.08 107.14 106.58 38.3 38.6 38.4 38.2 2.71 2.80 2.79 2.79 Chemicals and allied products 101.75 104.90 104.24 104.90 41.7 41.3 41.2 41.3 2.44 2.54 2.53 2.54 Products of petroleum and coal 118.90 120.60 Ml.62 119.43 41.0 41.3 40.7 40.9 2.90 2.92 2.89 2.92 Rubber products 97.66 98.28 100.69 100.22 39.7 39.0 39.8 39.3 2.46 2.52 2.53 2.55 Leather and leather products 60.43 59.24 59.76 60.42 37.3 35.9 36.0 36.4 1.62 1.65 1.66 1.66 * 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

1398 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M ap i o n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 1952 114 110 104 113 115 122 127 109 116 109 121 129 120 1953 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_Oct '148 129 134 '142 '142 158 188 139 148 137 162 173 158 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 M^ay 141 125 131 136 139 144 176 132 143 133 150 159 153 June 145 129 135 144 139 149 183 134 144 137 154 170 153 July 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 144 126 136 139 140 153 185 132 138 134 154 166 155 Oct ^150 129 140 145 144 189 140 149 138 PI 64 172 160 WITHOUT SEASONAL ADJUSTMENT 1959—Oct '151 131 141 '146 '143 165 186 142 151 150 162 177 154 Nov 176 154 170 183 170 190 217 164 177 148 179 208 181 Dec 260 251 245 257 252 289 325 233 250 230 266 291 281 I960—Jan 111 99 108 108 105 112 139 101 111 98 115 135 121 Feb 106 93 102 102 105 105 137 95 102 99 105 122 121 Mar 115 95 107 113 113 114 149 108 110 105 119 143 126 Apr 150 133 137 153 144 165 194 139 150 139 154 172 153 May 138 124 127 134 135 143 173 130 144 127 150 159 145 June .. 137 123 130 134 131 139 165 129 134 133 146 156 147 July 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 145 131 138 141 140 154 172 136 142 '144 159 159 '152 Oct P153 132 147 149 145 187 143 152 152 176 156 STOCKS i 1952 121 117 115 120 115 127 143 112 120 113 130 129 131 1953 131 124 120 129 125 141 155 122 131 123 146 143 140 1954 128 126 117 127 122 138 152 120 125 124 141 140 135 1955 136 132 119 135 124 159 170 127 135 130 152 153 142 1956 148 141 130 148 133 175 195 138 148 142 164 168 156 1957 152 138 138 154 136 178 203 143 150 146 160 174 158 1958 148 136 136 152 129 172 197 139 143 137 153 165 155 1959 156 142 142 159 134 179 210 148 144 144 157 178 167 SEASONALLY ADJUSTED 1959 Oct 158 145 143 '160 139 '180 225 151 143 148 161 185 '162 Nov 160 145 144 160 142 179 223 152 142 149 161 188 171 Dec 161 145 144 166 138 180 227 154 146 146 162 183 174 I960—Jan 161 144 146 164 142 178 227 150 149 147 162 186 178 Feb 160 143 146 160 142 179 225 147 145 145 162 180 179 Mar 162 144 14? 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 168 152 153 166 154 188 230 160 152 159 171 189 178 Oct 152 151 166 151 184 231 159 150 ^158 PJ 74 P179 WITHOUT SEASONAL ADJUSTMENT 1959—Oct '176 164 '161 '184 156 205 245 167 163 163 174 203 '181 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 June 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 176 159 161 174 160 199 239 166 161 '166 176 201 188 Oct 172 171 191 169 209 251 175 171 P212 v Preliminary. ' Revised. For description of the series see the BULLETIN for December 1957, 1 Figures for sales are the average per trading day, while those for stocks pp. 1323—36. Back data may be obtained from the Division of Adminare as of the end of the month or averages of monthly data. istrative Services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 1399 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales * Out- Re- New Stocks Period Sales i Stocks i stand- ceipts 2 orders 3 Out- plus (total (end ing (total (total Stocks stand- out- Refor of orders1 for for ing stand- ceipts month) month) (end of month) month) orders ing month) orders Annual average: 1951 391 1.202 460 390 379 3 2 1-3 4 4 1 n 1952 397 ,097 435 397 401 2.9 L.2 4.1 0 1953 406 1,163 421 408 401 3.0 [.1 4.1 .0 1954 409 1,140 388 410 412 3 0 1.0 4 0 o 1955 437 1,195 446 444 449 2 9 l.l 4 0 I 0 1956 454 1,286 470 459 458 3 0 l.l 4 1 I 0 1957 459 [,338 461 461 458 3.1 4.1 o 1958 462 1,323 437 462 464 3 0 1.0 4 1 [ 0 1959 485 ,385 510 492 496 3.0 l.l 4.1 t Month: 1959__Oct r533 L590 604 r634 r608 3 0 [ 1 4 1 Nov 578 ,639 521 639 556 2 8 ) 9 3.7 .1 Dec 940 ,310 372 611 462 1.4 1.8 ( I960 Jan 384 1,299 459 373 460 3 4 I 2 4 6 10 Feb 362 1,362 514 425 480 3.8 1.4 5.2 I 2 Mar 418 ,468 456 524 466 3.5 l.l 4.6 [ 3 Apr 507 ,473 417 512 473 2 9 ) 8 3 7 I 0 May 448 ,461 420 436 439 3.3 4.2 I 0 451 ,381 616 371 567 3.1 (.4 4.4 ( July 373 ,371 678 363 425 3.7 1.8 5 5 o Aug 452 ,463 629 544 495 3.2 (.4 4.6 •7 Sept 471 r ,564 ••573 r564 3.3 .3 4.6 .2 Oct 521 672 581 629 588 3.2 4.3 I 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 the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1959, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see the department store sales. BULLETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports excluding Merchandise exports1 military-aid shipments 2 Merchandise imports 3 Period 1958 1959 1960 1958 1959 1960 1958 1959 1960 Jan 1.505 1,400 1,562 1.397 1.286 1.484 1,096 1,154 1,137 Feb 1,346 1,280 1,576 1,246 1,183 1,497 956 1,118 t 2flft Mar 1,555 1,456 1,751 1,440 I 375 I 634 I 071 1 295 I 375 Apr 1,530 1.479 1,823 1,408 1,343 1,708 [,057 f.221 1,257 May 1,638 1,551 1,810 1,507 1.411 ,716 061 [ 264 260 1,408 1,423 1,738 ,309 I 347 638 031 1 369 I 313 July 1,418 1,468 1,699 1,289 1,353 .629 1,049 1,248 155 1,401 1,397 1,613 1,287 1,300 1,550 950 ,189 ,228 Sept 1,363 1,479 1,610 1,242 1,399 rl,557 ,073 1,392 160 Oct 1,607 1,482 1,744 ,426 1,398 1,690 ,150 [ 202 157 Nov ,599 .479 ,410 1,376 OR* .282 Dec .524 1,675 1.389 .569 1,254 478 Jan -Oct . . 14,771 14,415 16,926 13,551 13,395 16,103 10,494 12,452 12,330 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

1400 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-^9= 100] Housing Read- Other All Ap- Trans- Med- Per- ing goods Year or month items Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - parel p t o io rt n a- c ic a a re l s c o a n r a e l re t a c i n o re d n a- s a i e c n r e v d s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55.6 1945 76.9 68.9 90.9 76.3 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.2 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.0 120.1 1955 114.5 U0.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 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 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 1.17.6 130.7 140.9 123.2 139.0 104.0 135.9 107.9 147.6 153.5 132.7 120.3 131.8 Feb. 125.6 117.4 131.2 141.0 124.0 139.0 104.3 136.3 108.4 147.5 154.7 132.6 120.6 131.8 Mar 125.7 117.7 131.3 141.2 124.1 137.2 104.7 136.9 108.8 146.5 155.0 132.7 120.9 131.7 Apr 126.2 119.5 131.4 141.4 124.4 136.3 104.7 137.0 108.9 146.1 155.5 132.9 121.1 131.9 May 126.3 119.7 131.2 141.4 124.7 132.9 104.3 137.2 108.9 145.6 155.9 133.2 121.4 131.9 126.5 120.3 131.3 141.6 124.7 132.3 104.3 137.3 108.9 145.8 156.1 133.2 121.1 132.0 July 126.6 120.6 131.3 141.8 124.8 132.9 104.1 137.4 109.1 145.9 156.4 133.4 121.6 132.2 126.6 120.1 131.5 141.9 124.9 133.4 103.5 137.6 109.3 146.2 156.7 133.8 121.9 132.4 Sect 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 Oct 127.3 120.9 132.2 142.5 125.7 136.1 104.0 138.1 111.0 146.1 157.3 134.0 121.9 132.7 Nora.—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 i o e m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e n c o p l r x t e d - d e s - l - l H s e p u k a a r i c n i o t d n h t d d e s s e s - , r ,p t l F e o i m a i g r u n w n i h a e g a d e - t l l - r s , ,C a p i u a l h r c l c n o a i e e t d d l m s s d - - p R u a b r u c n o e b t d d r s - - p L w u a b r u o c n o e m o t d d r s d - - p p a P u a l a r l u c n o p ie t l d d e s p d - r,M p m u a r e e c n o t t t d d a a s l - l s p c m u M a t e r h i c n o r v i o a y t n d d e - s - - - h F d o h b t o a u u t u o l n h u r r e r l d s e a n d e s e r - i - - e s N r t t t m a a u r l o l r u s e l a n i — c - c l - - b b e m o b a T r a t e a n f c t o r v g l d c s - e e - o . d s n c M e e o l i l s u a - - s 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 89.6 1958 119.2 94.9 110.9 126.0 93.5 100.6 112.7 110.4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1959 119.5 89.1 107.0 128.2 95.0 114.3 112.7 109.9144.5 125.8 132.2 153.6 153.0 123.4 137.7 131.4 94.5 1959 Oct. 119.1 86.5 106.4 128.4 95.9 116.2 111.4 110.0r141.9 126.2 132.5 154.5 153.7 123.3 137.5 131.7 91.8 Nov 118.9 85.4 104.9 128.5 96.3 111.7 111.2 110.0144.4 124.3 132.3 155.8 153.6 123.3 137.7 131.7 93.7 Dec 118.9 85.9 104.7 128.6 96.7 112.3 111.7 110.0''142.0 124.8 132.4 155.2 153.7 123.2 137.8 131.7 94.2 1960 Jan 119.3 86.5 105.6 128.8 96.6 112.7 111.9 109.9 143.1 125.1 133.7 155.5 153.8 123.4 138.4 131.7 95.3 Fob 119.3 87.0 105.7 128.7 96.5 112.0 112.0 110.0144.6 124.9 133.2 155.3 153.9 123.5 138.2 131.7 93.4 Mar 120.0 90.4 107.3 128.6 96.3 111.8 112.3 110.1 144 7 124.5 133.1 154.5 153 9 123 7 138 2 131 7 94 0 Apr 120.0 91.1 106.8 128.7 96.3 112.1 112.2 110.2144.7 124.3 133.1 154.5 154.0 123.5 138.3 131.7 95.4 May 119.7 90.4 107.3 128.2 96.3 111.2 110.8 110.2146.3 123.7 133.4 154.2 153.5 123.2 137.9 131.7 91.1 119.5 89.0 107.6 128.2 96.3 110.3 112.3 110.2146.7 122.4 133.5 153.8 153.4 123.0 137.8 131.7 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 A S U en K t 1 1 1 1 9 9 . . 2 2 r8 8 7 6 . . 7 6 1 1 0 0 7 8. . 1 8 1 1 2 2 7 8 . . 9 2 9 95 6 . . 9 1 1 10 0 8 8 . . 1 7 r1 1 1 1 6 5 . . 1 3 1 1 1 1 0 0 . . 4 5 1 1 4 4 4 5 . . 9 3 1 1 1 1 8 9 . . 7 6 1 1 3 3 3 3 . . 0 0 1 1 5 5 3 3 . . 6 5 1 1 5 5 1 3 . . 8 2 1 1 2 2 2 2 . . 8 9 1 13 3 8 7 . . 0 8 1 1 3 3 2 2 . . 0 0 9 8 1 9 . . 1 9 Oct 119.7 89.4 109.0 128.1 95.8 108.4 116.3 110.2 144.7 118.0 133,3 152.8 153.2 122.8 138.0 132.0 90.3 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1401 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1959 1960 1959 1960 Subgroup Subgroup Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm Products: Pulp, Paper, and Allied Products iCont.): Fresh and dried produce 102.2 98.7 104.7 109.0 Grains 75.7 74.3 74.9 73.5 Paperboard 135.9 135.9 135.9 135.9 Livestock and poultry 78.5 80.7 79.0 80.7 Converted paper and paperboard 127.4 130.5 130.6 131.1 Plant and animal fibers 94.7 92.2 92.1 90.8 Building paper and board 147.6 145.5 145.3 145.7 Fluid milk 97.3 97.0 r99.8 101.2 Eggs 69.0 76.4 85.5 98.9 Metals and Metal Products: Hay and seeds 75.4 73.7 72.3 72.2 Other farm products 131.5 125.6 129.5 130.4 Iron and steel , 173.1 169.9 169.7 168.9 Nonferrous metals 137.2 138.7 138.4 137.1 Processed Foods : Metal containers , 152.9 153.6 153.6 153.6 Hardware , 173.1 174.5 174.5 174.6 Cereal and bakery products 120.4 122.0 122.4 123.1 Plumbing equipment 131.0 131.5 131.5 130.7 Meats, poultry, and fish 95.1 96.8 96.0 97.8 Heating equipment 121.5 118.8 119.3 119.3 Dairy products and ice cream 116.7 118.0 120.5 121.3 Fabricated structural metal products, 134.5 134.7 134.2 133.9 Canned, frozen fruits, and vegetables 107.4 106.8 107.9 108.3 Fabricated nonstructural metal Sugar and confectionery 117.4 116.9 117.9 117.1 products 146.7 146.2 146.2 146.2 Packaged beverage materials 145.2 140.9 140.9 140.9 Other processed foods 96.8 101.7 101.4 100.5 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 143.4 146.1 146.2 146.6 Cotton products 93.0 94.3 93.4 92.8 Construction machinery and equip- Wool products 104.1 101.5 101.2 101.1 ment 172.5 176.7 176.7 177.0 Synthetic textiles 81.0 78.9 78.6 78.6 Metal working machinery , 177.4 180.2 181.0 181.0 Silk products 114.2 126.8 128.4 128.5 General purpose machinery and Apparel 100.6 101.0 101.1 101.1 equipment 167.0 166.4 166.9 166.6 Other textile products 78.5 84.6 85.7 91.3 Miscellaneous machinery , 149.7 150.2 150.2 150.4 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 155.9 153.1 152.5 152.5 Motor vehicles , 141.9 141.6 137.2 141.5 Hides and skins 87.5 63.6 62.3 64.1 Leather 112.2 98.9 97.5 98.1 Furniture and Other Household Dura- Footwear 133.5 132.5 132.5 132.5 bles: Other leather products 111.3 104.7 103.9 103.6 Household furniture 124.4 125.0 125.0 125.5 Fuel, Power, and Lighting Materials: Commercial furniture 155.5 157.1 157.1 157.1 Floor covering 129.3 130.6 130.5 130.5 Coal 123.6 121.3 122.4 122.5 Household appliances 103.9 101.1 100.9 100.9 Coke 170.4 170.4 170.4 170.4 Television, radios, phonographs 92.1 91.1 91.1 91.1 Gas fuels (Jan. 1958= 100) 111.1 116.6 121.3 121.6 Other household durable goods 156.6 157.6 157.6 156.8 Electric power (Jan. 1958= 100) 100.7 102.1 102.1 102.1 Petroleum and products 114.5 120.0 120.7 121.0 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.3 130.2 132.4 132.4 Concrete ingredients 140.4 142.2 142.2 142.1 Industrial chemicals 123.9 124.6 124.5 123.6 Concrete products 130.3 131.1 131.0 131.0 Prepared paint 128.3 128.4 128.4 128.4 Structural clay products 160.4 162.0 162.1 162.2 Paint materials 102.6 105.0 104.6 104.5 Gypsum products 133.1 133.2 133.2 133.2 Drugs, Pharmaceuticals, cosmetics. . 93.8 95.4 r95.0 94.2 Prepared asphalt roofing 110.8 106.6 106.6 106.6 Fats and oils, inedible 54.5 48.9 47.7 47.7 Other nonmetallic minerals 132.5 134.6 134.5 134.9 Mixed fertilizers 109.4 112.1 '112.8 112.8 Fertilizer materials 106.3 108.4 108.4 111.1 Tobacco Manufactures and Bottled Other chemicals and products 106.8 106.7 106.7 107.2 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.5 106.5 106.5 Crude rubber 159.6 152.1 148.3 146.8 Other tobacco products 153.7 155.7 155.7 155.7 Tires and tubes 132.2 141.3 141.3 141.3 Alcoholic beverages 120.7 121.1 121.1 121.1 Other rubber products 143.0 145.9 "146.6 146.8 Nonalcoholic beverages , 171.1 171.4 171.4 171.4 Lumber and Wood Products: Miscellaneous: Lumber 127.9 119.2 117.9 116.6 Toys, sporting goods, small arms. .. 117.7 118.5 118.6 118.6 Millwork 138.7 136.7 135.5 135.5 Manufactured animal feeds 70.3 65.6 67.7 66.2 Plywood 96.5 94.7 r96A 97.1 Notions and accessories 97.5 97.3 96.4 96.4 Jewelry, watches, photo equipment.. 108.3 110.9 mo.9 110.9 Pulp, Paper, and Allied Products: Other miscellaneous 132.0 132.3 132.6 132.5 Woodpulp 121.2 121.2 121.2 121.2 Wastepaper 115.0 77.4 77.4 77.4 Paper 144.3 145.2 145.4 145.4 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1402 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 3 4 1 2 3 Gross national product 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 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 Durable goods 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 HI .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 Gross private domestic investment 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 New Construction 8.7 1.4 6.6 24.2 34.9 55.5 36.1 35.4 40.3 41.1 39.4 40.8 40.7 40.5 Residential nonfarm 3.6 .5 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 1.0 3.1 10.1 16.2 17.8 19.0 17.4 18.0 18.5 18.1 19.3 19.4 19.5 Producers' durable equipment 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 Change in business inventories 1.7 -1.6 4.5 6.8 5 8 4.7 1.6 -2.5 5.9 4 7 11 4 5 3 .6 Nonfarm only 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 Net exDorts of eoods and services .8 .2 1.1 .6 1.1 2.9 4.9 1.2 -1.0 2 -.4 1.2 2.0 3.7 Exports 7.0 2.4 6.0 13.1 19.4 23.1 26.2 22.7 22.9 24 .'o 23.5 25.2 26.4 27.3 Imports 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 57.5 .51.7 52.7 N Ot a h ti e o r nal defense } '-3} 2.0 / \ 1 3 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 . . 2 1 Less • Government sales . .... .0 .0 o 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 products 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] Seasonally adjusted annual rates Annual totals by quarters Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 National income 87.8 40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 399.4 402.8 414.4 419.4 419.3 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 62.1 146.4 210.9 227.6 238.5 239.7 258.2 259.7 261.5 268.7 273.1 274.9 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 .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 .4 .7 3.8 7.1 8.1 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 42.2 Profits before tax 9.6 .2 17.0 40.6 44.9 44.7 43.2\ 37.7 47.0 45.3 44.8 45.7 41.5 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 20.3 Profits after tax 8.3 - .4 9.4 22.8 23.0 23.5 22.31 19.1 23.8 22.9 22.7 25.0 23.4 21.3 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 11.0 9.5 7.3 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.7 -2.7 -1.5 _ 2 -.5 -.4 .7 -.4 .7 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 NOTE.—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 1403 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [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 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 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 1 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 — 5 8 Pins: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 .0 .9 1.0 1.1 .6 .5 .5 .5 .6 .5 Eanals: National income 87.8 40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 399.4 402.8 414.4 419.4 419.3 Leaf: Corporate profits and inventory valua- 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 42 2 Contributions for social insurance .2 .3 2.8 6.9 11.0 12.6 14.5 14.8 17.3 17.4 17.5 19.9 20.2 20.4 Excess of wage accruals over disburse- .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .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 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 Equals: Personal income 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 1.5 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 Efln&ffl! 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 Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.** Total personal income. 360.3 383.3 388.7 393.9 395.7 395.7 397.0 401.9 404.7 406.1 407.3 408.2 408.8 409.5 409.5 Wage and salary disbursements.... 239.7 258.2 260.8 265.0 268.2 268.6 269.3 271.7 273.6 274.0 275.1 275.1 275.0 274.8 274.4 Commodity-producing industries... 97.9 107.2 107.0 110.4 112.6 111.9 111.6 112.1 113.3 112.9 112.8 111.5 111.2 110.9 110.1 Manufacturing only 76.7 84.7 84.5 57.6 89.4 89.0 88.8 88.6 89.5 89.2 88.7 87.7 87.5 87.2 86.5 Distributive industries 63.8 68.2 69. 69.4 69.9 70.3 70.8 71.8 72.0 72.2 72.4 72.9 72.7 72.5 72.6 Service industries 34.7 37.5 38.8 39.1 39.4 39.8 40.0 40.5 40.7 41.1 41.3 41.6 41.9 42.0 42.2 Government 43.2 45.3 46.0 46.1 46.3 46.5 46.9 47.3 47.6 47.8 48.5 49.0 49.2 49.4 49.5 Other labor income 9.4 10.1 10.5 10.5 10.6 10.7 10.8 10.8 10.9 11.0 11.1 11.2 11.2 11.3 11.3 Proprietors' income: Business and professional. 32.3 34.7 35.1 35.2 35.5 35.5 35.4 35.7 36.0 36.2 36.2 36. 36.1 36.1 36.0 Farm 14.0 11.8 11.2 12.3 11.3 10.4 10.1 11.7 12.1 12.5 12.0 12.2 12.2 12.4 12.4 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 13.6 13.9 13.9 13.9 13.9 13.9 13.9 13.9 14.0 14.0 14.1 14.1 Personal interest income. 20.8 23.5 24.5 24.8 25.2 25.5 25.9 26.2 26.5 26.8 27.1 27.4 27.5 27.6 27.6 Transfer payments 26.4 27.0 28.2 27.9 27.7 27.7 28.3 28.6 28.4 28.5 28.7 29.1 29.7 30.0 30.4 Less: Personal contributions for social insurance 6.8 7.8 7.9 8.0 9.2 9.2 9.2 9.3 9.3 9.3 9.4 9.3 9.3 9.2 Nonagricultural income. 342.6 367.6 373.5 377.4 380.2 381.2 382.7 385.9 388.2 389.3 391.1 391.8 392.4 393.0 393.0 Agricultural income 17.8 15.7 15.2 16.5 15.5 14.5 14.3 16.1 16.4 16.8 16.2 16.4 16.4 16.5 16.5 P Preliminary. ment to the Survey of Current Business for 1959) and the Survey of Current i Monthly data are seasonally adjusted totals at annual rates. Business, July 1960. NOTE.—For explanation of series see U. S. Income and Output (a supple- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1404 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 1959 2 3 4 1 2 3 4 1 2, 39.5 41.5 37.9 19.5 36.1 3.4 5.7 3.8 9.9 10.1 8.4 7.7 12.4 10.5 A B C D C C Fa o o r n r m p s o u a r m a n e t d e r n n a o n o n d n c fi o n n r o a p n n . p c b r i o u a f l s i i t n b e u s s s i n 2. e s . s . . . . 26.6 * 29.5 * 28.5 * 2 3 6. . 1 5 30.6 * - - 1 4 . . 9 . 0 8 8 3 . . 5 3 3 2 4 5 . . . 4 8 2 - 8 1 .5 . . 2 1 — 7 3 1 . . . 9 8 8 — 8 3 1 . . 4 3 6 6 3 3 . . 1 3 9 — 8 1 .7 3 6 1 . . 0 3 7 D B C E F S F t e a d t e e r a a l n d G o lo v c e a r l n g m o e v n e t r l nments 1 12 . . 5 4 5 5. . 9 9 5 3 . . 3 6 - -5 8 . . 0 2 - 1 4 1 .5 .4 -1 1 . . 2 3 - - 1 5 . . 7 4 - - 1 7 . . 6 6 -.6 .7 -1 1 . . 8 4 - - 2 1 . . 1 2 -4.5 c. 4.C -1 4 . . 4 5 F E G Financial sectors -3.2 -2.7 -3.2 3.1 -4.4 .4 1.5 .9 .6 1.6 -.1 \.2 .8 G 3.3 2.9 3.7 3.1 H Capital consumption 3 62.3 67.5 73.3 75.2 79.0 18.7 18.8 19.2 19.3 19.7 19.9 20.2 20.3 20.6 H I Consumer and nonprofit 33.9 36.9 40.1 41.6 43.4 10.3 10.5 10.6 10.7 10.8 10.9 11.0 11.1 11.2 I J Consumer durable goods 30.4 33.0 35.8 37.0 38.5 9.2 9.3 9.4 9.5 9.6 9.7 9,7 9.8 9.9 J K Owner-occupied homes 3.1 3.4 3.7 4.0 4.3 1.0 1.0 1.0 1.0 1.1 1.1 1.1 1.2 K L Plant and equip, (nonprofit).... .5 .5 .6 .6 .6 .1 .1 .1 .2 .2 *2 2 L M Farm business 3 7 3 7 3 9 4 0 4.1 1.0 1.0 1.0 1 0 1 0 1 0 1 0 1 1 1 1 M N Noncorp. nonfinan. business 7.0 7.5 8.1 7.7 8.2 1.9 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2.1 N O Corporate nonfinancial business.. 17.6 19.3 21.2 21.9 23.3 5.4 5.5 5.6 5.6 5.8 5.8 6.0 6.1 6.2 O 101.9 108.9 111.2 94.6 115.2 22.1 24.6 22.9 29.2 29.7 28.3 27.9 32.7 31.1 P Q Consumer and nonprofit j 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 Q R Farm and noncorp. business 10.7 11.3 12.0 11.7 12.3 2.0 2.6 5.3 2.5 1.2 1.5 7.0 1.9 2.5 R S Corporate nonfinancial business.. 30.1 25.2 26.5 25.4 34.8 4.4 8.7 9.8 6.7 9.6 9.1 9.3 6.1 7.6 S T Federal Government1 .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 T U State and local governments1.... -3.2 -2.7 -3.2 -5.0 -4.4 -1.2 -1.7 -1.6 -.6 -1.8 -1.2 -.9 -1.4 U V Financial sectors 3.3 2.9 3.7 3.1 3.1 .4 1.5 .5 .9 .6 1.6 8 V W Gross national investment1 103.6 108.0 110.7 93.6 113.7 21.8 23.2 26.9 26.4 30.1 27.1 30.1 28.9 29.1 W X Consumer durable goods 39.6 38.5 40.4 37.3 43.4 9.0 8.7 11.4 9.4 11.2 10.4 12.4 10.0 11.2 X Y Other gross private domestic fixed investment 58.2 62.7 64.6 58.5 66.1 14.7 15.1 15.7 13.9 17.3 17.7 17.3 14.3 17.4 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 75.7 14.9 14.7 75.5 5.7 3.6 4.3 4.3 4.1 4.9 5.3 4.5 5.5 a 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 b 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 c 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 d 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 e f Financial sectors .7 .7 .8 .7 .8 .2 .2 .2 .2 .2 .2 .2 .2 .2 f g Change in inventories 5 5.8 4.7 1.6 -2.5 5.9 -2.0 -.4 -.1 3.6 2.1 -.2 .4 4.5 .4 g h i F N a o r n m c o b r u p s . i n n e o s n s finan. business... . . 3 6 -.4 .2 . . 8 2 1.0 * . . 5 6 -.2 .3 . . 2 1 -.5 .2 1. . 1 2 . . 1 2 .1 -.6 1 1.2 1 -.1 1 i h j Corp. nonfinan. business 4.9 4.9 .6 -3.5 4.8 -2.1 -.8 .1 2.4 .9 3.2 .4 j k Net financial investment « * 2.1 4.2 .3 -1.8 .2 2 * -.4 -.8 .2 k 1 Consumer and nonprofit 4.7 12.1 14.8 15.3 10.6 .2 6A 3.3 4^2 1.8 2.8 2.0 3.7 1 1 1 m Net acquis. offinan. assets. .. 25.7 27.4 26.8 27.3 57.5 3.7 8.6 9.0 7.3 7.9 7.5 8.4 5.8 3.6 m 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 n 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 0 .5 .5 .5 1.3 — .4 .5 .5 .5 -.5 .7 — .2 3 — 4 5 p q Net increase in liabilities 4.9 3.0 3.5 4.2 4.1 2.3 7.7 -1.4 1.4 3.9 2.5 -3.7 2.0 2.2 q s r Co N rp e . t n a o c n q f u i i n s a . n o . f f b in u a s n in . es a s ssets. .. - 1 2 6 .2 .8 -13 4 . . 4 3 -8 4 .7 .4 7.2Q - 1 1 3 .6 .4 - 1 .1 .2 6 2 . . 9 2 5 1 . . 2 5 -1.5 .2 5. . 6 8 3. . 6 5 -1 4 . . 4 1 - -2 4 . . 6 5 -2.4 .7 r s t Net increase in liabilities 19.0 17.7 13.1 8.0 15.0 3.1 5.4 1.9 5.7 t u Federal Gov©rnment . .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 w v N N e e t t a in c c q r u e i a s s . e o i f n fi n li a a n b . iliti a e s s sets... 1.0 -4 1 .3 .6 - 3 .4 .2 9 1 . . 7 6 1 6 0 . . 3 8 2 3 . . 6 9 -4 1 .4 .0 5. . 5 7 - . . 2 5 2 4 . . 9 3 2 4 . . 6 7 - 3 .5 .7 -4.3 D - 4 .4 . 0 w v x State and local governments... -2.6 -2.2 -3.2 -5.2 -3.9 -.9 -2.7 -.3 -1.6 -1.2 -1.3 .3 -1.4 -.6 x y Net acquis. offinan. assets... 2.2 2.6 3.3 2.5 5.7 1.3 -.9 1.0 .2 .7 .9 1.2 .5 y 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 z 3.5 2.7 3.0 4.5 3.7 1.3 2.5 .1 1.4 .6 2.2 -.5 1.7 1.2 aa bb Net acquis. offinan. assets... 27.0 22.5 23.9 36.2 29.2 16.1 1.9 15.4 .2 70.7 5.5 70.5 -2.9 72.5 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 70.P -4.6 77.7 cc dd Financial trans, discrep .5 -.5 -2.6 -2.2 -1.6 .2 -1.3 .7 -1.8 .1 * .1 -1.1 .4 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. P 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 capital outlays 7 Saving and investment are equal in concept but may differ statistically charged to current account. Line H includes amounts for financial because of discrepancies. See p. 857 of the BULLETIN for August 1959. sectors not shown separately. See discussion on p. 836 of the BULLETIN NOTE.—Descriptions of sectors and of transaction categories are given for August 1959. in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN 4 For consumers, 1- to 4-family dwellings completed and purchases of for August 1959. For latest detailed flow of funds/saving tables, see additions and alterations. Investment of nonfarm business sectors the BULLETIN for 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 reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1405 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Annual totals Transa o c r t io se n c t c o a r tegory, 1958 1959 1960 1955 1956 1957 1958 1959 2 3 4 1 2 3 4 1 2, I. Demand deposits and currency A Net increase in commercial bkg. system liability* 2.3 1.7 -.8 5.8 1.1 6.4 -3.4 8.0 -7.0 2.1 2.1 3.8 -8.8 2.5 A B Net increase in assets, by sector .8 1.7 .7 6.5 1.7 5.7 -2.5 6.6 -5.3 1.9 2.0 3.1 -7.7 2.3 B C Federal Government -.6 -.2 .2 .7 3.6 -5.0 * c 1 0 1 5 -1 2 — 4 2 8 C D Other domestic sectors 1.5 1.7 .3 6.4 .9 1.9 2.7 6.3 -4.9 1.0 .4 4.4 -6.9 -.6 D -.8 1.0 Q 2.5 .9 -.7 2.3 2.3 -.9 -.7 .8 1.6 -2.1 — 17 E F Farm and noncorporate bus.. . .3 .1 .6 1.3 -.7 .3 .3 .3 -.2 -.2 -.2 -.2 F G Corporate nonfinancial bus.... 1.0 .1 1.7 .2 1.3 1.0 2.5 -2.9 1.5 -.2 1.8 -3.4 .6 G H State and local government.... .4 .2 '"".2 .2 .5 .6 <7 .6 A .1 .2 .6 -.9 * H j Financial sectors .6 .2 .3 .7 * .4 — .2 .5 -.3 6 — .4 5 I J Rest of the world * .2 .2 * j .2 -.1 .3 -.1 .2 .1 -.1 A * J K Discrepancy (A — B) 1.4 .1 -1.4 -.7 -.6 .7 -.9 1.4 -1.7 .2 .2 .7 -1.1 .2 K II. Fixed-value redeemable claims A Net increase, by type 8.4 8.9 10.1 16.1 7.6 5.0 2.5 3.1 2.3 3.0 .8 1.6 1.6 3.9 A B Time deoosits 2 9 3 6 6 8 10 1 2.2 3 3 1 6 9 1 1 1 2 * — 1 2 1 7 B C Savings shares -. ... 5.3 5.4 5.2 6.5 7.2 1.8 1.0 2.3 1.4 2 3 1 2 2 3 1 5 7 4 C .3 i -1.9 -.5 -1.8 -.1 -.2 2 -.5 -.5 -.6 — 2 -.1 D E Net increase in liab., by sector 8.4 9.0 10.1 16.2 7.6 5.0 2.5 3.1 2.3 3.0 .8 1.6 1.6 3 9 E F Federal Government * -.3 -2.2 -.7 -2.0 -.2 _ 2 -.2 -.2 -.6 -.6 -.6 -.3 -.2 F G Commercial banking 1.3 2.1 5.5 8.0 1.2 2.8 .5 .6 .9 i -.2 1.5 G 7.1 7.3 6.9 8.9 8.4 2.4 1.5 2.9 2.0 2.6 1.4 2.4 1.8 2.6 H 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 T J K L . C R O o e th s n t e s r u o m f d o t e h m r e e a w s n t d i o c r l n s d o e n c ( t p t o i r m r o s e f 3 i t deposits). - 8 .1 .7 i 9.0 * 9. . 8 4 1 1 3 . . . 7 9 5 - - 1 1 9 . . . 0 0 6 3 1. . 3 7 - - 3 . . 1 4 .0 - 3 .4 .5 2.2 * - - 3 . . 2 4 .5 - - 1 . . 3 7 .7 2.1 2 -' 1 .2 . . 6 2 3. . . 3 4 2 K L J -.1 .1 -'.3 III. Saving through life insurance and pension funds A Net increase bv tvue 8.4 9.3 9.0 10.3 11.6 2.3 2.6 2.8 2.9 3.2 2.5 3.1 2.9 3.2 A B Life insurance . .. . .. 3.2 3.8 2.8 3.4 3.7 .8 1.0 1.0 .9 1 2 .8 .9 .7 .9 B C Pension funds 5.1 5.6 6.1 6.9 7.9 1.5 1.7 1.8 2.0 2.0 1.7 2.1 2.1 2.3 C D Net increase in liab., by 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 E Federal Government .6 1 0 6 1 0 1.0 .4 .3 .1 .2 4 3 .1 .1 7 E F State and local government 1.2 1.4 1.6 1.7 1.8 .4 .4 .4 .5 5 .5 .5 .5 .5 F G Life insurance companies. 4.6 4.8 4.3 4.7 5.6 1.1 1.3 1.5 1.3 1.6 1.2 1.6 1.2 1.2 G H Private noninsured pension plans. 2.0 2.1 2.6 2.8 3.2 .4 .6 .8 1.0 .8 .5 .9 1.1 .8 H IV. Credit and equity market instruments A Net increase, by type 44.0 30.7 36.7 46.2 61.5 13.4 7.0 22.7 7.3 18.7 18.3 17.2 2.3 11.6 A B Federal obliaations .8 -5.6 9.0 11.3 2.5 1.1 7.6 * 2.0 5.3 4.0 -4.1 -1.4 B C Short-term direct5 —7.1 7.4 -1.2 5.5 -4.3 1.2 3.8 -4.6 4 7 .7 4.7 -7.4 -2.1 C D Other 7.9 -13.0 -4.4 10.2 5.8 6.8 -.1 3.8 4.6 -2.7 4.6 -.7 3.4 .6 D E State and local obligations . 3.5 3.2 4 7 5.7 4.9 1.6 1.3 .8 1.3 1 4 1 8 .4 1.0 .8 E F Corporate and foreign bonds 4.0 5.0 7.5 6.8 4.7 1.4 1.3 1.6 1.1 1.0 1.1 1.5 1.1 1.2 F G Coroorate stock 3.0 3.8 4.0 4.2 4.4 1.4 .9 1.2 1.2 .7 1.2 .9 .9 G H 1- to 4-family mortgages 12.6 10.8 8.6 10.1 13.3 2.4 3.0 3!2 2.9 3.8 3.7 3.0 2.3 2.7 H I Other mortgages 3.6 3.8 3.5 5.2 5.8 1.3 1.3 1.6 1.2 1.7 1.5 1.4 1.1 1.8 I J Consumer credit 6.4 3.6 2.8 .3 6.3 .6 .1 1.9 -.7 2.6 1.7 2.7 Q 2.3 J K Security credit 1.0 -.6 2 1.7 1.8 -1.4 1.1 -.2 — 3 .6 -1.6 .5 K L Bank loans n e.c 8.0 5.9 2.3 1.3 7.9 .6 2 2.7 -.4 3.6 2.8 1.9 .3 2.0 L Ivl Other loans 1.1 .9 2.6 2.0 2.8 -.2 -.3 1.0 .9 1 3 .1 .5 2.1 1.0 M N Funds raised bv sector 44.1 31.2 36.9 46.2 61.4 13.4 7.0 22.7 7.3 18.7 18.3 17.1 2.3 11.6 N O Consumer and nonprofit 20.3 15.1 11.8 12.0 20.6 3.6 2.4 5.6 3.0 6.2 5.0 6.4 2.1 4.7 O p Farm business 1.2 .9 1.1 1.5 2.0 .9 .2 * .7 1 1 3 -.2 .5 .9 P O Noncorporate nonfinancial bus 2 9 2 0 1 1 2 3 4 8 .5 * 2.8 — 4 2 5 1 6 1 1 .2 1.3 Q R Corporate nonfinancial business.. 10.1 13.0 13.1 11.8 11.6 2.6 3.1 3.1 1.9 3.8 2.9 2.9 2.7 3.0 R S Federal Government -.1 -5.4 1.0 9.3 10.7 2.2 1.1 7.9 -.2 1.7 5.2 4.1 -4.1 -1.5 S T State and local Government 3 5 3 3 4 9 5 9 5 1 1 7 1 4 8 1 3 1 5 1 8 5 1.0 .8 T 5.9 1.2 2.4 1.2 5.7 1.4 -1.7 1.8 .7 1.5 1.2 2.3 -.3 1.8 U V Rest of the world .3 1.0 1.4 2.3 .8 .6 .5 .6 .2 .4 .3 .3 .7 V ^V Funds advanced bv sector 44.0 30.7 36.7 46.2 61.5 13.4 7.0 22.7 7.3 18.7 18.3 17.2 2.3 11.6 W 8.0 7.7 8.1 4.7 15.3 -.6 1.5 1.4 4.5 3.4 4.3 3.2 4.3 -.5 X Y Farm and noncorp. business .2 .3 .2 * .4 .2 .5 -.3 .3 -.1 .5 -.4 .3 Y Z Corporate nonfinancial business.. 5.0 -3.8 .4 1.2 5.5 -2.5 4.2 1.0 1.2 1.5 1.9 -.2 -1.3 Z a Federal Government 1.5 1.1 2.4 1.7 3.8 .3 !5 .9 .7 1.7 1.0 .5 1.0 a b State and local government 1.9 2.3 2.6 1.4 2.9 * .2 .5 .6 .5 1.2 .7 .9 .4 b c Commercial banking system 4.8 4.8 4.3 17.0 5.6 10.8 -.6 8.0 -5.4 4.2 3.3 3.5 -7.9 5.0 c d Monetary authorities -.3 .3 -.8 2.2 .3 1.8 -.4 1.4 g .6 .5 .1 -1.4 1.2 d e Commercial banks . 5.0 4.5 5.1 14.9 5.3 9.0 -.2 6.6 -4^5 3.6 2.8 3.4 -6.5 3.8 e f Securities -7.0 —5.5 1.3 10.4 -7.2 6.5 1.0 1.7 -4.2 — 1.7 -.8 — 4 -5.6 .3 f « Loons ^ 12.1 8.0 3.8 4.5 12.5 2.5 -1.2 4.9 -.3 5.3 3.6 3.8 -.8 3.6 g h Savings institutions ... . 8.1 7.3 7.2 9.4 10.6 2.4 2.9 2.4 2.7 3.2 3.0 1.6 2.3 2.3 h i Insurance sector 8.1 8.0 8.3 8.9 9.8 1.7 2.3 2.5 2.5 2.6 2.1 2.6 2.9 2.4 i 5.3 1.6 2.5 2.0 4.5 1.6 -1.9 2.1 .9 .9 .8 2.0 .2 2.0 j k Rest of the world 1.0 1.3 .6 -.1 3.1 -.6 .8 .3 .2 1.0 1.3 .7 .5 • k • Less than $50 million. » 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

1406 CONSUMER CREDIT, 1958 REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT [In millions of dollars] Component Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Credit outstanding at end of month Consumer credit, by major parts: Total 44,399 43,478 42,960 43,108 43,416 43,558 43,473 43,652 43,625 43,663 43,931 45,544 Instalment credit, total 33,811 33,381 33,057 33,012 33,042 33,148 33,225 33,320 33,230 33,214 33,301 34,057 Automobile paper 15,246 15,052 14,826 14,733 14,663 14,650 14,636 14,592 14,415 14,254 14,164 14,237 Other consumer goods paper 8,570 8,332 8,224 8,153 8,175 8,191 8,188 8,226 8,258 8,345 8,452 8,923 Repair and modernization loans 2,083 2,068 2,061 2,072 2,110 2,135 2,161 2,206 2,243 2,280 2,313 2,327 Personal loans 7,912 7,929 7,946 8,054 8,094 8,172 8,240 8,296 8,314 8,335 8,372 8,570 Noninstalment credit, total 10,588 10,097 9,903 10,096 10,374 10,410 10,248 10,332 10,395 10,449 10,630 11,487 Single-payment loans 3,362 3,372 3,369 3,364 3,452 3,499 3,442 3,498 3,519 3,497 3,564 3,627 Charge accounts 4,597 4,024 3,827 3,999 4,204 4,202 4,114 4,136 4,190 4,299 4,370 5,060 Service credit 2,629 2,701 2,707 2,733 2,718 2,709 2,692 2,698 2,686 2,653 2,696 2,800 Instalment credit, by holder: Total 33,811 33,381 33,057 33,012 33,042 33,148 33,225 33,320 33,230 33,214 33,301 34,057 Financial institutions, total 29,276 29,027 28,785 28,880 28,875 28,964 29,125 29,208 28,839 28,761 28,759 29,01A Commercial banks 12,749 12,562 12,456 12,579 12,612 12,676 12,776 12,834 12,633 12,645 12,660 12,780 Sales finance companies 9,464 9,405 9,284 9,200 9,129 9,105 9,121 9,083 8,891 8,777 8,708 8,740 Credit unions 2,401 2,403 2,410 2,452 2,477 2,509 2,544 2,578 2,591 2,615 2,630 2,668 Consumer finance companies 3,321 3,307 3,287 3,292 3,277 3,283 3,292 3,294 3,280 3,273 3,280 3,384 Other 1,341 1,350 1,348 1,357 1,380 1,391 1,392 1,419 1,444 1,451 1,481 1,502 Retail outlets, total 4,535 4,354 4,272 4,132 4,167 4,184 4,100 4,112 4,391 4,453 4,542 4,983 Department stores 1 1,381 1,326 1,343 1,241 1,278 1,310 1,241 1,251 1,543 1,586 1,644 1,882 Furniture stores 1,163 1,125 1,082 1,064 1,058 1,052 1,045 1,054 1,047 1,056 1,070 1,128 Household appliance stores 349 340 331 320 314 307 301 297 295 291 290 292 Automobile dealers 479 479 477 479 482 487 493 497 496 495 498 506 Other 1,163 1,084 1,039 1,028 1,035 1,028 1,020 1,013 1,010 1,025 1,040 1,175 Noninstalment credit: Total 10,588 10,097 9,903 10,096 10,374 10,410 10,248 10,332 10,395 10,449 10,630 11,487 Single-payment loans: Commercial banks 2,909 2,908 2,904 2,926 2,972 3,045 3,022 3,042 3,034 3,054 3,087 3,156 Other financial institutions 453 464 465 438 480 454 420 456 485 443 477 471 Charge accounts : Department stores 1 725 601 573 580 584 575 533| 546 600 623 669 907 Other retail outlets 3,544 3,111 2,945 3,108 3,313 3,304 3,242 3,230 3,228 3,329 3,364 3,808 Credit cards 328 312 309 311 307 323 339 360 362 347 337 345 Service credit 2,629 2,701 2,707 2,733 2,718 2,709 2.692 2,698 2,686 2,653 2,696 2,800 Instalment credit held by commercial banks, by type of credit: Total 12,749 12,562 12,456 12,579 12,612 12,676 12,776 12,834 12,633 12,645 12,660 12,780 Automobile paper: Purchased 4,097 4,053 3,997 3,991 3,990 4,000 4,017 4,033 4,008 3,990 3,988 4,014 Direct 2,218 2,199 2,191 2,203 2,205 2,213 2,216 2,207 2,182 2,161 2,151 2,170 Other consumer goods paper 2,502 2,394 2,350 2,401 2,387 2,380 2,404 2,410 2,221 2,232 2,240 2,269 Repair and modernization loans 1,569 1,553 1,544 1,550 1,571 1,589 1,608 1,635 1,659 1,688 1,708 1,715 Personal loans 2,363 2,363 2,374 2,434 2,459 2,494 2,531 2,549 2,563 2,574 2,573 2,612 Instalment credit held by sales finance companies, by type of credit: Total 9,464 9,405 9,284 9,200 9,129 9,105 9,121 9,083 8,891 8,777 8,708 8,740 Automobile paper 7,363 7,237 7,080 6,968 6,888 6,844 6,795 6,730 6,601 6,477 6,395 6,404 Other consumer goods paper 1,404 1,464 1,492 1,515 1,520 1,532 1,592 1,612 1,551 1,560 1,571 1,567 Repair and modernization loans 20 20 19 20 20 20 21 23 20 19 19 19 Personal loans 677 684 693 697 701 709 713 718 719 721 723 750 Instalment credit held by financial institutions other than commercial banks and sales finance companies, by type of credit: Total 7,063 7,060 7,045 7,101 7,134 7,183 7,228 7,291 7,315 7,339 7,391 7,554 Automobile paper 1,089 1,084 1,081 1,092 1,098 1,106 1,115 1,125 1,128 1,131 1,132 1,143 Other consumer goods paper 608 599 587 584 583 582 585 589 591 595 597 610 Repair and modernization loans 494 495 498 502 519 526 532 548 564 573 586 593 Personal loans 4,872 4,882 4,879 4,923 4,934 4,969 4,996 5,029 5,032 5,040 5,076 5,208 Instalment credit extended and repaid, by type of credit SEASONALLY ADJUSTED* Extensions: Total 3,466 3,243 3,261 3,283 3,276 3,316 3,349 3,406 3,339 3,484 3,618 3,748 Automobile paper 1,316 1,176 1,088 1,154 1,116 1,132 1,152 1,163 1,106 ,204 1,283 1,426 Other consumer goods paper 924 890 1,001 910 983 963 972 976 972 1,005 1,036 1,006 Repair and modernization loans 147 136 141 146 152 156 152 163 169 168 169 162 Personal loans 1,079 1,041 1,031 1,073 1,025 1,065 1,073 1,104 1,092 1,107 1,130 1,154 Repayments: Total 3,439 3,404 3,414 3,400 3,353 3,413 3,357 3,424 3,402 3,443 3,449 3,417 Automobile paper 1,349 1,307 ,294 1,327 \,288 1,284 1,282 1,286 1,260 1,286 1,256 1,269 Other consumer goods paper 956 977 982 927 948 960 944 951 957 970 980 945 Repair and modernization loans 128 129 134 135 126 139 134 132 144 143 139 140 Personal loans 1,006 991 1,004 1,011 991 1,030 997 1,055 1,041 1,044 1,074 1,063 Net increase or decrease (—) in credit outstanding:2 Total 27 -161 -153 -117 -77 -97 -8 -18 -63 41 169 331 Automobile paper -33 -131 -206 -173 -172 -152 -130 -123 -154 -82 27 157 Other consumer goods paper -32 -87 19 -17 35 3 28 25 15 35 56 61 Repair and modernization loans 19 7 7 11 26 17 18 31 25 25 30 22 Personal loans 73 50 27 62 34 35 76 49 51 63 56 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT, 1958 1407 REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued [In millions of dollars] Component Jan. 3 Feb.3 Mar. 3 Apr.3 May June July Aug. Sept.3 Oct. Nov. Dec. Instalment credit extended and repaid, by type of credit—Cont. WITHOUT SEASONAL ADJUSTMENT Extensions: Total 3,110 2,758 3,180 3,356 3,395 3,496 3,502 3,405 3,311 3,517 3,370 4,389 Automobile paper 187 1,025 1,105 1,224 1,213 1,271 1,294 1,209 1,118 1,189 1,103 1,378 Other consumer goods paper 788 703 899 867 993 959 944 957 970 1,075 1,050 1,433 Repair and modernization loans 123 109 127 146 164 165 165 174 184 184 165 155 Personal loans 1,012 921 1,049 1,119 1,025 1,101 1,099 1,065 1,039 1,069 1,052 1,423 Repayments: Total 3,482 3,188 3,504 3,401 3,365 3,390 3,425 3,310 3,401 3,533 3,283 3,633 Automobile paper 1,350 1,219 1,331 I,317 1,283 1,284 1,308 1,253 1,295 1,350 1,193 1,305 Other consumer goods paper 1,000 941 1,007 938 971 943 947 919 938 988 943 962 Repair and modernization loans 129 124 134 135 126 140 139 129 147 147 132 141 Personal loans 1,003 904 1,032 1,011 985 1,023 1,031 1,009 1,021 1,048 1,015 1,225 Net increase or decrease ( —) in credit out standing^ Total 372 -430 -324 -45 30 106 77 95 -90 -16 87 756 Automobile paper —163 -194 -226 -93 -70 -13 -14 -44 -177 -161 -90 73 Other consumer goods paper 212 -238 -108 -71 22 16 -3 38 32 87 107 471 Repair and modernization loans -6 -15 -7 11 38 25 26 45 37 37 33 14 Personal loans 9 17 17 108 40 78 68 56 18 21 37 198 Instalment credit extended and repaid, by holder SEASONALLY ADJUSTED* Extensions: Total 3,466 3,243 3,261 3,283 3,276 3,316 3,349 3,406 3,339 3,484 3,618 3,748 Commercial banks 1,246 1,176 1,149 1,221 1,173 1,217 1,247 1,265 1,220 1,273 1,328 1,345 Sales finance companies 812 765 744 762 712 695 750 719 638 729 761 820 Other financial institutions 872 826 823 854 834 853 863 896 888 898 913 939 Retail outlets 536 476 545 446 557 551 489 526 593 584 616 644 Repayments: Total 3,439 3,404 3,414 3,400 3,353 3,413 3,357 3,424 3,402 3,443 3,449 3,417 Commercial banks 1,228 1,237 1,224 1,215 1,206 1,240 1,201 1,239 1,204 1,227 1,234 1,192 Sales finance companies 838 820 817 856 825 811 817 811 809 800 789 781 Other financial institutions 834 802 825 823 804 834 821 849 844 851 853 864 Retail outlets 539 545 548 506 518 528 518 525 545 565 573 580 Net increase or decrease ( —) in credit outstanding :2 Total 27 -161 -153 -117 -77 -97 -8 -18 -63 41 169 331 Commercial banks -22 -118 -93 46 -33 -23 46 26 -185 46 94 153 Sales finance companies -26 2 -73 -94 -113 -116 -67 -92 -194 -71 -28 39 Other financial institutions 38 24 -2 31 30 19 42 47 44 47 60 75 Retail outlets 37 -69 15 -100 39 23 -29 1 272 19 43 64 WITHOUT SEASONAL ADJUSTMENT Extensions: Total 3,110 2,758 3,180 3,356 3,395 3,496 3,502 3,405 3,311 3,517 3,370 4,389 Commercial banks 1,194 ,030 1,154 1,308 1,252 1,302 1,345 1,261 1,221 1,267 1,166 1,360 Sales finance companies 720 642 724 759 743 776 851 756 656 738 687 855 Other financial institutions 794 732 834 875 836 882 883 873 847 878 866 1,159 Retail outlets 402 354 468 414 564 536 423 515 587 634 651 1,015 Repayments: Total 3,482 3,188 3,504 3,401 3,365 3,390 3,425 3,310 3,401 3,533 3,283 3,633 Commercial banks 1,248 1,160 1,242 1,225 1,219 1,238 1,245 1,203 1,221 1,255 1,151 1,240 Sales finance companies 829 758 845 843 814 800 835 794 825 852 756 823 Other financial institutions 830 735 849 819 803 833 838 810 823 854 814 996 Retail outlets 575 535 568 514 529 519 507 503 532 572 562 574 Net increase or decrease ( —) in credit outstanding: 2 Total -372 -430 -324 -45 30 106 77 95 -90 -16 87 756 Commercial banks -94 -187 -106 123 33 64 100 58 -201 12 15 120 Sales finance companies -109 -59 -121 -84 -71 -24 16 -38 -192 -114 -69 32 Other financial institutions -36 -3 -15 56 33 49 45 63 24 24 52 163 Retail outlets -133 -181 -82 -140 35 17 -84 12 279 62 89 441 * Includes adjustment for differences in trading days. paper. As a result, the differences between extensions and repayments 1 Includes mail-order houses. for some types of holders do not equal the changes in outstanding credit. 2 Obtained by subtracting instalment credit repaid from instalment NOTE.—Revisions for 1958 reflect the adjustment of estimates of repair credit extended, except as indicated in note 3. and modernization loans and single payment loans on the basis of more 3 Data on extensions and repayments have been adjusted to avoid comprehensive data recently available for "other financial institutions." duplications resulting from large transfers of other consumer goods Seasonally adjusted data also reflect revised seasonal factors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1408 CONSUMER CREDIT, 1959 REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT 1 [In millions of dollars] Component Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov Dec. Credit outstanding at end of month Consumer credit, by major parts: Total 45,098 44,798 44,980 45,726 46,635 47,528 48,054 48,870 49,425 49.944 50,503 52,119 Instalment credit, total 34,021 34,044 34,274 34,814 35,429 36,222 36,869 37,648 38,165 38,659 39,024 39,852 Automobile paper 14,268 14,332 14,485 14,795 15,112 15,545 15,897 16,256 16,443 16,626 16,633 16,549 Other consumer goods paper 8,837 8,747 8,720 8,787 8,925 9,083 9,192 9,364 9,500 9,667 9,864 10,476 Repair and modernization loans 2,314 2,316 2,337 2,371 2,434 2,489 2,547 2,609 2,664 2,713j 2,754 2,784 Personal loans 8,602 8,649 8,732 8,861 8,958 9,105 9,233 9,419 9,558 9,653 9,773 10,043 Noninstalment credit, total 11,077 10,754 10,706 10,912 11,206 11,306 11,185 11,222 11,260 11,285 11,479 12,267 Single-payment loans 3,582 3,677 3,733 3,793 3,903 3,969 3,935 4,008 4,057 4,024 4,089 4,144 Charge accounts 4,648 4,149 4,040 4,145 4,341 4,386 4,320 4,281 4,288 4,378 4,459 5,104 Service credit 2,847 2,928 2,933 2,974 2,962 2,951 2,930 2,933 2,915 2,883 2,931 3,019 Instalment credit, by holder: Total 34,021 34,044 34,274 34,814 35,429 36,222 36,869 37,648 38,165 38,659 39,024 39,852 Financial institutions, total 29,182 29,265 29,554 30,089 30,647 31,379 32,023 32,728 33,186 33,580 33,821 34,176 Commercial banks 12,931 12,981 13,150 13,462 13,758 14,098 14,390 14,688 14,886 15,063 15,131 15,227 Sales finance companies 8,733 8,724 8,780 8,921 9,089 9,350 9,592 9,806 9,949 10,071 10,117 10,145 Credit unions 2,651 2,678 2,723 2,781 2,833 2,917 2,972 3,069 3,130 3,183 3,230 3,280 Consumer finance companies 3,380 3,377 3,378 3,386 3,393 3,424 3,462 3,516 3,543 3,573 3,626 3,774 Other 1,487 1,505 1,523 1,539 1,574 1,590 1,607 1,649 1,678 1,690 1,717 1,750 Retail outlets, total 4,839 4,779 4,720 4,725 4,782 4,843 4,846 4,920 4,979 5,079 5,203 5,676 Department stores2 1,805 1,807 1,781 1,781 1,807 1,839 1,826 1,863 1,903 1,962 2,040 2,292 Furniture stores 1,100 1,088 1,059 1,061 1,067 1,079 1,087 1,108 1,118 1,135 1,158 1,225 Household appliance stores ... 290 286 286 286 288 290 291 298 2991 298 i 303 310 Automobile dealers 500 494 490 492 494 501 505 508 506 5031 494 481 Other 1,144 1,104 1,104 1,105 1,126 1,134 1,137 1,143 1,153 1,1811 1,208 1,368 Noninstalment credit: Total 11,077 10,754 10,706 10,912 11,206 11,306 11,185 11,222 11,260 11,285 11,479 12,267 Single-payment loans: Commercial banks 3,139 3,189 3,218 3,306 3,356 3,440 3,434 3,461 3,489 3,500 3,514 3,582 Other financial institutions 443 488 515 487 547 529 501 547 568 524 575 562 Charge accounts: Department stores2 757 637 608 601 609 599 558 561 605 646 716 958 Other retail outlets 3,533 3,163 3,083 3,193 3,387 3,434 3,380 3,325 3,287 3,358 3,363 3,753 Credit cards 358 349 349 351 345 353 382 395 396 374 380 393 Service credit 2,847 2,928 2,933 2,974 2,962 2,951 2,930 2,933 2,915 2,883 2,931 3,019 Instalment credit held by commercial banks, by type of credit: Total 12,931 12,981 13,150 13,462 13,758 14,098 14,390 14,688 14,886 15,063 15,131 15,227 Automobile paper: Purchased 4,046 4,079 4,140 4,250 4,352 4,489 4,596 4,703 4,769 4,841 4,854 4,827 Direct 2,196 2,220 2,264 2,327 2,379 2,429 2,470 2,501 2,510 2,528 2,531 2,525 Other consumer goods paper 2,326 2,303 2,308 2,337 2,382 2,425 2,474 2,528 2,557 2,582 2,592 2,640 Repair and modernization loans 1,713 1,709 1,720 1,748 1,790 1,831 1,876 1,916 1,953 1,991 2,017 2,039 Personal loans 2,650 2,670 2,718 2,800 2,855 2,924 2,974 3,040 3,097 3,121 3,137 3,196 Instalment credit held by sales finance companies, by type of credit: Total 8,733 8,724 8,780 8,921 9,089 9,350 9,592 9,806 9,949 10,071 10,117 10,145 Automobile paper 6,391 6,394 6,429 6,543 6,679 6,884 7,063 7,240 7,328 7,406 7,388 7,328 Other consumer goods paper 1,566 1,548 1,561 1,582 1,605 1,647 1,695 1,723 1,761 1,788 1,830 1,883 Repair and modernization loans 19 19 21 20 22 23 25 26 30 33 34 35 Personal loans 757 763 769 776 783 796 809 817 830 844 865 899 Instalment credit held by financial institutions other than commercial banks and sales finance companies, by type of credit: Total 7,518 7,560 7,624 7,706 7,800 7,931 8,041 8,234 8,351 8,446 8,573 8,804 Automobile paper 1,135 1,145 1,162 1,183 1,208 1,242 1,263 1,304 1,330 1,348 1,366 1,388 Other consumer goods paper 606 611 621 635 650 669 682 701 709 721 733 758 Repair and modernization loans 582 588 596 603 622 635 646 667 681 689 703 710 Personal loans 5,195 5,216 5,245 5,285 5,320 5,385 5,450 5,562 5,631 5,688 5,771 5,948 Instalment credit extended and repaid, by type of credit SEASONALLY ADJUSTED* Extensions: Total 3,793 3,921 3,926 4,011 4,122 4,119 4,171 4,172 4,244 4,262 4,185 4,119 Automobile paper 1,396 1,449 1,464 1,510 1,529 1,544 1,538 1,542 1,554 1,595 ,465 1,355 Other consumer goods paper 1,075 1,121 1,115 1,145 1,147 1,154 1,177 1,159 1,161 1,155 ,198 1,230 Repair and modernization loans 154 164 178 181 197 188 190 194 190 185 193 187 Personal loans ,168 1,187 1,169 1,175 1,249 1,233 1,266 1,277 1,339 1,327 1,329 1,347 Repayments: Total 3,442 3,523 3,487 3,545 3,623 3,588 3,632 3,659 3,686 3,722 3,727 3,773 Automobile paper ,242 1,284 1,276 1,288 1,312 1,296 1,332 1,332 1,324 1,333 I,327 1,352 Other consumer goods paper 984 1,002 997 1,015 1,015 1,005 1,020 1,024 1,059 1,058 1,057 1,071 Repair and modernization loans 141 135 140 146 147 144 144 154 147 151 156 146 Personal loans ,075 1,102 1,074 1,096 1,149 1,143 1,136 1,149 1,156 1,180 1,187 1,204 Net increase or decrease (—) in credit outstanding : 3 Total 376 398 439 466 499 531 539 645 558 540 458 346 Automobile paper 165 165 188 222 217 248 206 268 230 262 138 3 Other consumer goods paper 97 119 118 130 132 149 157 152 102 97 141 159 Repair and modernization loans 14 29 38 35 50 44 46 46 43 34 37 41 Personal loans 100 85 95 79 100 90 130 179 183 147 142 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT, 1959 1409 REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT—Continued 1 [In millions of dollars] Component Jan. Feb.4 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Instalment credit extended and repaid, by type of credit—Cont. WITHOUT SEASONAL ADJUSTMENT Extensions: Total 3,385 3,319 3,855 4,093 4,118 4,483 4,355 4,240 4,137 4,249 4,029 4,782 Automobile paper 1,250 1,262 1,488 1,591 1,577 1,774 1,713 1,618 1,516 1,557 1,312 1,283 Other consumer goods paper 930 877 1,006 1,095 1,137 1,183 1,130 1,152 1,166 1,235 1,233 1,693 Repair and modernization loans 126 132 163 181 205 204 207 209 203 202 193 176 Personal loans 1,079 1,048 1,198 1,226 1,199 1,322 1,305 1,261 1,252 1,255 1,291 1,630 Repayments: Total 3,446 3,296 3,625 3,553 3,503 3,690 3,708 3,593 3,620 3,755 3,664 3,954 Automobile paper 1,230 1,198 1,335 1,281 1,260 1,341 1,361 1,317 1,329 1,374 1,305 1,367 Other consumer goods paper 1,022 967 1,033 1,028 999 1,025 1,021 997 1,030 1,068 1,036 1,081 Repair and modernization loans 140 130 142 147 142 149 149 153 148 153 152 146 Personal loans 1,054 1,001 1,115 1,097 1,102 1,175 1,177 1,126 1,113 1,160 1,171 1,360 Net increase or decrease ( —) in credit outstanding :3 Total -36 23 230 540 615 793 647 779 517 494 365 828 Automobile paper 31 64 153 310 317 433 352 359 187 183 7 -84 Other consumer goods paper -86 -90 -27 67 138 158 109 172 136 167 197 612 Repair and modernization loans -13 2 21 34 63 55 58 62 55 49 41 30 Personal loans 32 47 83 129 97 147 128 186 139 95 120 270 Instalment credit extended and repaid, by holder SEASONALLY ADJUSTED* Extensions: Total 3,793 3,921 3,926 4,011 4,122 4,119 4,171 4,172 4,244 4,262 4,185 4,119 Commercial banks 1,419 1,430 1,442 1,480 1,507 1,503 1,533 1,540 1,556 1,562 1,521 1,483 Sales finance companies 838 867 901 938 941 945 932 938 957 977 906 867 Other financial institutions 908 944 940 941 1,021 1,012 1,021 1,032 1,072 1,067 1,074 1,090 Retail outlets 628 680 643 652 653 659 685 662 659 656 684 679 Repayments: Total 3,442 3,523 3,487 3,545 3,623 3,588 3,632 3,659 3,686 3,722 3,727 3,773 Commercial banks 1,210 1,250 1,243 1,266 1,295 1,276 1,308 1,328 1.329 1,346 1,356 1,353 Sales finance companies 778 795 787 799 811 794 801 800 '811 816 804 827 Other financial institutions 871 871 862 883 921 921 919 917 929 944 942 963 Retail outlets 583 607 595 597 596 597 604 614 617 616 625 630 Net increase or decrease ( —) in credit outstanding :3 Total 376 398 439 466 499 531 539 645 558 540 458 346 Commercial banks 223 156 199 214 212 227 225 253 227 216 165 130 Sales finance companies 60 72 114 139 130 151 131 159 146 161 102 40 Other financial institutions 44 73 78 58 100 91 102 179 143 123 132 127 Retail outlets 49 97 48 55 57 62 81 54 42 40 59 49 WITHOUT SEASONAL ADJUSTMENT Extensions: Total 3,385 3,319 3,855 4,093 4,118 4,483 4,355 4,240 4,137 4,249 4,029 4,782 Commercial banks 1,345 1,249 1,456 1,590 1,549 1,658 1,650 1,571 1,519 1,529 1,385 1,475 Sales finance companies 753 723 883 933 940 1,074 1,061 988 950 973 843 886 Other financial institutions 813 836 957 958 986 1,078 1,048 1,024 1,008 1,025 1,065 1,324 Retail outlets 474 511 559 612 643 673 596 657 660 722 736 1,097 Repayments: Total 3,446 3,296 3,625 3,553 3,503 3,690 3,708 3,593 3,620 3,755 3,664 3,954 Commercial banks 1,208 1,175 1,287 1,278 1,253 1,318 1,358 1,314 1,321 1,352 1,317 1,379 Sales finance companies 760 732 827 792 772 813 819 795 807 851 797 858 Other financial institutions 856 794 893 876 892 947 938 895 891 930 938 1,093 Retail outlets 622 595 618 607 586 612 593 589 601 622 612 624 Net increase or decrease ( —) in credit outstanding : 3 Total -36 23 230 540 615 793 647 779 517 494 365 828 Commercial banks 151 50 169 312 296 340 292 298 198 177 68 96 Sales finance companies n -9 56 141 168 261 242 214 143 122 46 28 Other financial institutions -36 42 64 82 94 131 110 193 117 95 127 231 Retail outlets -144 -60 -59 5 57 61 3 74 59 100 124 473 * Includes adjustment for differences in trading days. As a result, the differences between extensions and repayments for some 1 Includes data for Alaska and Hawaii beginning with January and types of holders do not equal the changes in outstanding credit. August 1959, respectively. NOTE.—Revisions for the period January 1959 to date incorporate 2 Includes mail-order houses. more comprehensive information available recently from the following: 3 Obtained by subtracting instalment credit repaid from instalment commercial bank reports of condition for December 1959, Bureau of the credit extended, except in January and August. In these two months Census data on retail trade receivables outstanding at the end of 1959, the figures also reflect the introduction of data on outstanding instalment and annual reports for 1959 from Bureau of Federal Credit Unions, creedaiitt ifoorr AAilaassxkaa aannad nHaawwaanii.. sSeeee aailssoo nnoottee *4K. State supervisory authorities, and other sources. Seasonally adjusted 4 Data on extensions and repayments have been adjusted to avoid data also reflect revised seasonal factors. Revised data for 1960 appear duiplications resulting from large transfers of other consumer goods paper. in the regular tables (pp. 1384-1387). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 1412 Net gold purchases and gold stock of the United States 1420 Estimated foreign gold reserves and dollar holdings. 1421 Reported gold reserves of central banks and governments. 1422 Gold production 1423 International Bank and Monetary Fund. 1424 United States balance of payments. 1425 Money rates in foreign countries. 1425 Foreign exchange rates 1427 Index to statistical tables 1435 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. 1411 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1412 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] In- Ger- End of month G to ra ta n l d t t i e i n o r s n n ti a a - - l Foreign countries m R F a e e n p d y . . , Italy U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia o A th l e l r tutions 2 Total Official 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 ,835 930 1,012 3,089 6,865 1,516 2,346 2,415 346 1957 Dec 15,158 1,517 13,641 7,917 ,557 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 ,755 1,121 873 3,960 7,708 2,019 2,403 2,205 279 1959 Oct 19,016 4 3,049 15,967 9,096 ,544 1,543 874 4,454 8,415 2,256 2,300 2,627 369 Nov 19,^03 3,160 16,144 9,082 ,706 1,523 955 4,300 8,484 2,330 2,302 2,658 369 Dec 19,388 3,158 16,229 9,145 .987 1,369 990 4,132 8,479 2,199 2,406 2,774 373 I960 Jan 19,390 3,138 16,253 8,896 1,899 1.358 1,008 4,056 8,322 2,321 2,393 2,829 388 Feb 19,485 3,285 16,200 8,871 1,908 ,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 M^ay 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 21,223 3,466 17,757 10,124 2,868 1.127 1,792 3,396 9,182 2,707 2,545 2,937 386 Sept.^ 21,216 3,565 17,651 10,068 3,109 l|6l7 1,809 3,247 9,183 2,666 2,432 2,997 374 Oct p . 21,431 3,681 17,749 10,291 3,292 981 1,771 3,236 9,280 2,722 2,363 2,997 387 Table la. Other Europe End of month E O u t r h o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - France Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l w a e n r i - t d z- T k u e r y - Y sl u a g vi o a - ot A he ll 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 Oct . ... 4,454 386 125 113 79 1,095 172 426 101 142 71 241 889 28 6 582 Nov 4,300 364 132 122 81 903 192 429 97 138 79 243 902 34 5 578 Dec 4,132 331 138 137 77 655 186 485 95 138 86 213 969 31 6 584 I960 Jan 4,056 308 152 120 83 664 188 496 95 128 93 151 977 30 10 561 Feb 4,039 300 137 112 90 675 197 496 94 130 99 196 950 31 10 523 Mar 3,963 264 156 114 87 719 160 482 99 125 111 217 931 30 12 456 Apr 3,821 234 134 92 75 711 146 442 96 113 108 265 930 23 9 442 May 3,890 221 141 82 71 726 128 430 97 104 120 267 928 24 7 545 June 3,809 198 149 80 61 759 112 412 101 88 149 261 939 19 9 474 July 3,478 197 172 72 64 650 97 386 88 88 133 250 878 18 8 378 Aug 3,396 203 166 53 49 726 75 355 85 87 132 250 820 14 10 370 Sept p 3,247 223 146 47 47 646 78 300 85 88 137 224 806 16 8 394 Oct p 3,236 229 140 53 48 658 54 289 83 84 187 219 756 18 9 409 Table lb. Latin America Neth- Do- er- Pan- End of month A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a e c b n n - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t A a a i u l n n l n r e d d i - s s - l a p i R m c u e b o a - - , f Peru U gu r a u y - V zu e e n l e a - A O L ic m a th a ti e e 6 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 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 2,545 393 20 176 132 175 111 36 23 37 399 90 133 77 54 407 282 Sept p 2,432 370 23 173 137 167 105 33 22 41 374 88 127 70 64 333 305 Oct.? 2,363 324 22 185 116 181 90 34 22 41 357 78 126 64 61 350 312 v 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. 1413 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i Continue d [Amounts outstanding, in millions of dollars] Table lc. Asia and AH Other Asia All other End of month Total H K o o n n g g India I n n e d si o a - Iran Israel Japan p K r R u l o e i o e b a c f - - - , P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total t A ra u l s i - a C R t g o e h o o f p e n , . - U g E i t R . g o i A a n e y n . - — p R - .A U S f n o r o i u i f o c t a n h Other 1955—Dec.. 2,181 55 73 174 53 893 252 39 138 380 360 75 42 72 53 119 1956—Dec.. 2,415 66 76 186 45 1,017 99 272 61 148 425 346 84 44 50 53 114 1957—Dec.. 1,946 70 82 151 52 586 117 175 86 157 417 355 85 39 40 38 153 1958—Dec.. 2,205 62 77 108 56 935 145 176 99 133 371 279 79 30 16 30 125 1959—Oct.. 2,627 59 122 116 80 ,169 152 176 91 129 511 369 112 29 17 48 163 Nov.. 2,658 61 115 126 81 ,215 148 179 92 133 483 369 114 26 18 51 161 Dec.. 2,774 60 114 139 87 ,285 148 172 94 136 494 373 110 31 20 49 162 1960—Jan... 2,829 61 113 146 93 ,319 149 174 94 142 493 388 107 33 25 62 162 Feb.. 2,806 61 90 153 87 ,318 145 177 95 142 494 394 112 34 38 57 152 Mar.. 2,860 65 104 150 87 1,365 141 178 95 144 486 382 109 42 33 43 157 Apr.. 2,843 61 68 152 93 1,413 140 184 91 142 459 417 135 37 39 39 166 May. 2,817 58 67 138 91 1,445 136 194 90 152 399 403 113 46 41 30 174 June. 2,824 58 59 155 80 1,476 139 198 90 154 379 397 114 37 42 40 164 July.. 2,854 59 55 158 68 1,536 143 216 87 158 339 369 107 25 46 36 155 Aug.. 2,937 58 51 164 72 1,627 144 219 89 163 322 386 95 27 40 32 191 Sept. 2,997 59 50 162 59 1,705 148 224 89 166 311 374 100 29 22 31 192 Oct.P 2,997 58 36 170 62 1,758 153 217 86 169 262 387 87 34 24 30 213 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 Burma 7.0 6.7 5.9 n.a. British dependencies .4 Cambodia 17.2 20.0 24.9 19.7 Bulgaria 2 1.2 Ceylon 41.2 34.2 44.1 n.a. Czechoslovakia 8 '.5 .7 China Mainland8. 35.5 36.3 36.0 35.8 Eastern Germany 1.2 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 .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 Malaya, Fed. of 1.4 1.6 1.2 1.4 Lithuania .4 .5 .7 .6 Pakistan. 20.2 12.8 5.6 23.5 Luxembourg 13.2 16.4 16.1 8.2 Portuguese dependencies. 2.7 3.1 3.1 2.4 Monaco 4.3 5.4 5.9 5.3 Ryukyu Islands 30.6 32.7 15.2 14.8 Poland8 3.3 3.2 4.9 4.0 Saudi Arabia 97.4 94.8 60.2 111.6 Rumania 8 .9 .9 .9 Syrian Region—U.A.R.. . 17.1 3.5 4.7 5.0 Trieste 1.4 .5 n.a. Viet-Nam 50.1 58.5 48.8 68.3 U. S. S. R.8 2.2 2.6 All other: Other Latin America: British dependencies 3.8 2.3 2.4 British dependencies 24.1 24.0 40.9 46.9 Ethiopia and Eritrea 24.2 35.1 27.8 18.7 Costa Rica 14.6 16.4 24.5 18.9 French dependencies 10.5 10.7 6.5 5.8 Ecuador 18.0 22.7 17.4 21.7 Liberia 23.7 23.0 13.0 20.3 French West Indies and French Guiana. 1.0 .8 .5 .5 Libya 3.7 10.7 6.4 17.6 Haiti 8.9 11.2 7.7 10.5 Morocco: Honduras 10.2 12.6 6.3 12.8 Morocco (excl. Tangier). 13.6 32.2 25.4 41.9 Nicaragua 11.8 12.7 11.3 12.5 Tangier 22.4 19.2 18.1 16.0 Paraguay 4.0 5.1 3.4 6.7 New Zealand 2.2 1.9 6.9 6.8 Portuguese dependencies... 2.8 4.4 4.0 2.9 Other Asia: Somalia .9 1.3 1.3 n.a. Afghanistan 5.3 4.7 4.5 n.a. Spanish dependencies .3 .7 .4 .2 Bahrein Islands 1.7 .9 .9 .9 Sudan .4 1.7 5.2 n.a. British dependencies. 7.4 8.0 4.3 5.7 Tunisia .5 .3 8.4 n.a. Not available. v 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 $7 million on October 31, 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, trade and shipping missions, diplomatic and consular establishments, etc.). 4 Includes $1,031 million representing increase in United States dollar subscription to the International Monetary Fund paid in June 1959. 5 Includes Bank for International Settlements. 6 Beginning June 1960 includes Inter-American Development Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1414 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Payable End of month, or area Total in foreign and country U.S. U.S. currencies Total Deposits T bi r l e l a s s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other* certificates1 certificates Total amounts outstanding 1955—Dec 13,601 11,777 5,451 5,670 656 1,783 1.543 184 56 40 1956 Dec 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957 Dec 15,158 12,847 5,875 5,840 1.132 2,252 1,766 278 209 59 1958 Dec 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959_Oct 19,016 16,450 6,132 9,046 1.271 2,498 1,913 310 276 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 I960—Jan 19,390 16,982 6,149 9,258 [,573 2,354 1,765 295 293 56 Feb 19,485 17,154 6,065 9,430 [,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 6,696 9,227 1,632 2,234 1,745 199 290 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 1,620 2,251 1,795 167 289 76 July 20,748 18,416 7,365 9,513 1,538 2,255 1,786 165 305 77 Aug..., 21,223 18,883 7,631 9,728 1.524 2,257 1,770 182 305 83 Sept.? 21,216 18,876 7,646 9,713 1,516 2,230 1,783 173 274 110 Oct p 21,431 19,033 7,638 9,922 1,473 2,263 1.827 171 264 135 Area and country detail, August 31, 1960 Europe- Austria 203 202 177 6 19 1 1 (3) (3) 166 97 75 6 16 68 40 (? 27 (3) 53 44 27 16 1 9 8 (3) Finland 49 48 11 29 8 2 2 726 666 260 375 32 58 50 4 4 2 Germany, Fed. Rep. of.... 2,868 2,843 191 2,313 340 24 19 2 2 1 Greece .......... 75 61 21 41 (3) 14 14 (3) Italy 1,127 1,093 136 811 146 33 26 5 2 (3) Netherlands 355 330 106 172 51 25 18 5 2 1 Norway 85 50 45 2 3 35 33 1 Portugal 87 47 45 2 40 38 (3) 2 (3) 132 114 113 1 18 17 (3) (3) (3) Sweden 250 242 52 i27 63 7 7 (3 (3) (3) 820 675 272 110 293 139 73 24 42 6 Turkey 14 11 11 3 3 1,792 1,429 974 390 65 307 146 77 85 56 10 10 10 (3) 1 1 Other Europe 370 355 63 146 146 15 9 1 5 (3) Total 9,182 8,318 2,588 4,543 1,187 797 506 120 172 67 2,707 2,439 1,863 550 26 259 196 41 22 9 Latin America: 393 322 131 156 35 70 68 2 1 Bolivia 20 5 5 (3) 15 15 176 45 42 (V) 3 132 120 2 132 92 89 3 39 39 (3) (3) $ Colombia . . 175 116 94 22 59 58 (3) 111 34 30 3 1 77 71 6 p) Dominican Republic 36 14 14 21 20 1 El Salvador 23 6 6 16 16 Guatemala 37 20 13 1 6 17 16 (3) / M^exico 399 265 263 2 134 130 4 (3) Neth. Antilles and Surinam ... . .... 90 49 27 9 13 41 14 6 21 Panama Rep of 133 19 17 3 113 74 4 36 Peru 77 38 38 (3) 39 36 1 3 (3) 54 21 20 1 33 24 2 7 (3) Venezuela . 407 251 249 2 156 150 1 5 Other Latin America 282 204 83 110 11 77 64 2 11 Total 2,545 1,502 1,121 279 102 1,040 914 20 106 3 P Preliminary. 2 Represents principally bankers* acceptances and commercial paper. i Includes International Monetary Fund's holdings of nonnegotiable, 3 Less than $500,000. non-interest-bearing demand notes of the United States which amounted to $2,369 million on October 31, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1415 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Area and Total in P a f y o a re b i l g e n country U. S. U. S. currencies Total Deposits T bi r l e ls a s a u n r d y Other i Total Deposits T bi r l e ls a s a u n r d y Other i certificates certificates Area and country detail, August 31, 1960—Continued Asia: Hong Kong 58 32 23 9 27 26 (2) 1 (2) India 51 39 21 5 12 12 12 1 Indonesia 164 162 71 68 22 2 2 Iran . 27 23 22 1 4 4 Israel 72 68 29 ii 18 4 4 i Japan 1,627 1,611 867 659 85 16 15 (2) l Korea Rep of 144 142 109 33 2 2 Philippines 219 200 152 40 8 20 19 (2) (2) Taiwan 89 82 79 3 7 7 (2) Thailand 163 160 21 130 9 3 3 Other Asia 322 288 155 96 37 33 31 (2) 1 1 Total 2,937 2,805 1,551 1,052 202 128 124 1 3 3 All other: Australia 95 92 32 57 3 3 3 Congo, Rep. of the 27 26 26 1 1 1 (2) Egyptian Region—U.A.R.. 40 39 18 21 1 1 (2) Union of South Africa 32 28 28 4 4 1 Other 191 167 129 35 3 24 21 (2) 2 1 Total 386 352 232 113 7 32 29 3 2 Total foreign countries. 17,757 15,417 7,355 6,537 1,524 2,257 1,770 182 305 83 International institutions.... 3,466 3,466 276 3,190 (2) (2) Grand total 21,223 18,883 7,631 9,728 1,524 2,257 1,770 182 305 83 1 Represents principally bankers' acceptances and commercial paper. 2 Less than $500,000. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding, in millions of dollars] Ger- End of month Total France R m F e a p e n . d y . o , f Italy S l z a w e n r i d - t- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1955—Dec... 1,549 12 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—Oct.. . 2,387 65 41 29 36 131 230 532 311 988 503 52 Nov... 2,473 60 48 28 37 155 225 554 282 1,055 528 54 Dec... 2,623 57 54 30 38 121 234 534 272 1,175 586 56 I960—Jan.. . 2,700 46 51 39 51 111 229 526 255 1,241 624 55 Feb... 2,680 38 51 38 39 124 229 519 234 1,248 626 53 Mar... 2,728 25 53 30 37 112 231 488 246 1,257 682 54 Apr... 2,707 25 55 33 41 129 228 512 254 1,172 715 55 May.. 2,690 26 55 32 36 135 226 509 258 1,124 743 56 June.. 2,764 28 62 32 42 181 230 575 272 1,111 746 60 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 Sept.**. 3,133 29 77 33 45 240 229 652 356 1,151 906 68 Oct.?'. 3,319 32 84 42 54 219 239 670 392 1,246 942 69 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

1416 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe End of month E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u ey r- Y sl u av g i o a - o A th l e l r 1955—Dec 158 2 16 13 3 4 11 9 2 5 7 78 2 7 1956—Dec 216 7 28 12 4 4 21 23 2 8 13 88 8 7 1957 Dec 211 6 25 11 4 6 29 23 2 8 10 76 10 1958—Dec 315 7 65 14 6 7 56 22 2 30 24 72 i 9 1959—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 2 17 Dec 234 4 56 18 8 5 38 7 2 8 19 47 3 18 I960—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 215 2 44 7 7 6 30 9 2 7 18 59 11 13 Septp 229 3 44 9 8 5 29 11 3 10 23 61 9 15 Oct v 239 2 48 10 9 5 32 16 3 8 25 58 7 16 Table 3b. Latin America Neth- Do- er- Pan- End of month A L m i a c t e a in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i R c u i a e b n n - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l t A a a il n n l n e d d - s s l a p i R m c u e b o a - - , f Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e n r r lic Surinam 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_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 I960—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 Julv 1,204 81 4 173 57 80 62 16 7 U 335 5 17 43 38 224 51 Aus 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 Oct v 1,246 108 4 212 55 77 29 17 19 12 303 4 19 42 55 233 57 Table 3c. Asia and All Other All other End of month Total H Ko o n n g g India Iran Israel Japan ip P p h i i n l e - s Tai- T la h n a d i- Other Total t A ra u l s ia - C o R o f n e t g p h o . e , g E i t R g o io y e n n p - — . U S A o n f o r u i f i o t c h n a Other U.A.R. 1955—Dec. 233 3 18 10 103 19 60 43 11 17 1956—Dec.. 337 4 20 16 170 16 9 91 43 11 17 1957—Dec. 386 7 22 24 146 53 14 110 50 13 12 19 1958—Dec. 435 6 27 23 179 67 13 111 69 13 21 29 1959_Oct.. 503 9 29 12 262 11 12 154 52 19 10 19 Nov.. 528 10 29 9 275 20 14 157 54 18 11 20 Dec. 586 10 29 14 324 24 15 155 56 18 12 21 1960—Jan.. 624 11 30 14 362 24 9 14 154 55 18 10 22 Feb.. 626 12 30 17 372 18 9 12 151 53 16 11 21 Mar.. 682 12 31 13 420 22 9 13 154 54 18 10 23 Apr.. 715 11 35 15 456 22 10 10 148 55 19 11 19 May. 743 12 33 16 488 21 10 12 145 56 21 11 20 June. 746 11 7 35 17 497 14 11 11 143 60 23 11 21 July. 844 10 9 36 16 585 22 10 15 141 61 25 12 21 Aug.. 885 10 7 38 15 627 26 10 14 140 62 25 10 22 Sept*. 906 9 9 36 14 645 23 6 15 149 68 27 11 23 Oct.? 942 11 35 15 679 25 15 147 69 29 10 25 v Preliminary. 2 Less than $500,000. 1 See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1417 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- End of month, or area term— Loans to: and country total i Collec- Total tions Deposits Total Banks and out- Other Total with Other official Others standing foreigners institutions Total amounts outstanding 1955—Dec 671 1,549 1,385 489 236 353 307 164 144 20 1956 Dec 839 1,946 1,796 582 330 440 444 150 131 19 1957 Dec 1,174 2,199 2,052 627 303 423 699 147 132 15 1958—Dec 1,362 2,542 2,344 840 428 421 656 198 181 16 1959 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 I960 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 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 May 1,627 2,691 2,466 768 392 569 737 224 191 34 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 Aug., 1,632 3,121 2,712 718 385 555 1,054 409 221 188 Sept v 1,624 3,133 2,719 722 386 565 1,045 415 270 145 Oct v 1,623 3,319 2,864 835 403 577 1,049 456 288 167 Area and country detail, August 31, 1960 Eu A ro u p st e r : ia ••• 2 2 2 1 (2) (2) 27 44 43 $. (23 8 1 1 (2) Denmark 3 7 7 (2) I 2 4 (2) Pin land 3 7 7 (2) 2 6 (2) 20 33 29 3 10 11 4 4 (2) Germany, Fed. Rep. of.... 20 68 58 20 6 17 15 10 8 2 Greece 4 6 6 (2) 5 (2) (2) Italy 31 35 35 9 3 16 7 1 (2) 6 30 26 6 3 13 5 4 4 124 9 8 4 4 1 (2) Portugal 3 2 2 1 5 7 7 2 1 3 (2) 32 18 17 2 6 6 4 1 1 (2) 3 41 33 13 9 5 6 8 8 (2) TUTkey 59 59 55 4 United Kingdom 29 239 44 13 3 14 14 195 82 113 1 11 11 5 2 4 Other Europe 8 13 13 2 2 4 4 (2) (2) (2) Total 322 631 406 163 43 112 88 225 110 115 65 341 223 26 169 7 20 118 51 67 Latin America: 104 87 62 6 5 21 31 24 24 (2) Bolivia 4 4 (2) 4 Brazil 204 176 176 50 13 24 89 (2) (2) 42 54 54 7 16 14 18 (2) (2) Colombia 28 78 78 6 10 27 35 (2) Cuba 30 55 55 23 4 20 7 (2) 2 18 17 5 4 8 1 1 pi Salvador 9 9 2 (2) 4 2 11 11 7 2 (2) (2) Mexico 198 333 329 123 59 32 114 3 3 1 Netherlands Antilles and Surinam 2 6 6 1 3 2 (2) c? 33 16 16 9 4 3 9 46 46 5 18 21 (2) (2) 39 39 2 2 2 34 (2) (2) 205 219 218 18 29 46 124 1 1 1 Other Latin America 64 51 51 3 9 32 8 (2) Total 924 1,202 1,171 248 166 261 497 31 28 3 P Preliminary. 2 Less than $500,000. * 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

1418 EVFL 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 a tr n y d term— Loans to: totali Total Collections Deposits Total Banks and out- Other Total with Other i o n f s fi t c it i u al - Others standing foreigners tions Area and country detail, August 31, 1960—Continued Asia: Hong Kong 2 10 10 6 1 2 C2) 1 India 23 7 1 C2) 5 (2) 8 Indonesia 38 I Is ra ra n el 1 1 4 15 3 1 8 5 3 1 (2) 3 2 4 (2) ( 2 ) Japan 18 627 597 114 2 61 413 30 30 Korea Rep of 3 3 3 ft' Philippines 7 26 26 2 1 (2) Taiwan 10 10 6 4 Thailand 7 14 14 7 4 Other Asia 3 136 136 117 17 2 (2) (2) (2) Total 112 885 854 278 4 136 436 31 31 All other: Australia 26 25 23 1 11 11 3 1 2 Congo, Rep. of the 41 2 2 1 2 Egyptian Region—U.A.R.. 3 1 1 Union of South Africa.... 58 10 10 (2) 9 l (2) Other 81 22 21 3 15 l 1 (2) Total 209 62 58 4 3 38 13 4 1 3 International institutions Grand total 1,632 3,121 2,712 718 385 555 1,054 409 221 188 1 Represents mainly loans with an original maturity of more than z Less than $500,000. one year. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES * [In millions of dollars] U. <3. Govt. bonds & notes U. S. corporate securities 2 Foreign bonds Foreign stocks Net purchases, Year or month c P ha u s 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 rl,217 528 r527 2,593 2,158 435 946 1,458 -512 566 804 -238 1959_Oct r165 77 '88 191 151 40 52 75 -23 58 35 23 Nov . .. 166 99 68 51 234 175 59 53 93 -40 41 51 -10 Dec 92 55 37 24 254 200 54 95 145 -49 53 63 -10 I960—Jan 104 53 50 49 229 152 77 57 59 -1 56 45 11 Feb 119 88 32 17 194 149 46 77 238 -161 41 36 5 Mar . . 113 70 42 9 199 156 43 57 174 -117 42 44 2 Apr rl88 86 r102 r44 191 145 45 76 109 -33 41 59 -19 May 166 241 -75 -29 205 183 23 59 87 -28 58 46 12 June.. ... 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 61 184 -123 -48 184 187 -4 36 48 -12 35 48 — 13 Sept.? 44 93 -49 -42 181 199 -18 73 88 -15 36 44 — 8 Oct» 148 198 -49 -49 165 187 -21 244 264 20 35 35 p Preliminary. r Revised. 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. 1419 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, (-). In millions of dollars] Type of security Country Year or month Total 2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- ot A he ll r* 1956 291 256 35 23 147 87 7 280 -53 38 27 1957 194 143 51 8 35 101 77 20 255 -99 23 15 1958 -39 -56 17 2 -8 19 j 1 10 -86 23 14 1959 435 363 73 40 31 254 15 35 379 -30 40 46 1959__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 9 3 28 13 17 71 -2 7 2 Feb.. 46 34 11 7 -6 34 -6 7 37 2 7 1 Mar. 43 29 14 4 5 23 6 2 41 -1 1 3 45 34 12 3 21 8 4 37 2 2 5 J J N u u U l n y e y . ! 2 5 3 2 g 46 6 -2 1 6 7 2 3 3 3 2 1 -1 3 4 0 -3 1 4 1 -1 4 3 5 1 0 4 3 - - 1 4 2 4 3 3 2 4 3 3 Aug. -4 4 -8 2 (3) 10 -4 1 13 -22 3 2 Sept. -18 -18 1 -1 -12 -7 7 -13 -4 -2 OtP -21 -21 2 -4 6 -29 -21 -6 3 p Preliminary. 2 Includes transactions of international institutions. i Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Year or national foreign Can- Latin A cJa All month insti- coun- liurope ada Amer- Asia other End of month Deposits tutions tries ica U. S. Govt. Miscelsecurities2 laneous3 1956 — 33 —478 8 —447 17 -40 -16 1957 -384 -338 231 -552 15 -45 13 1958—Dec.. 272 3,695 480 1958 -558 -805 -72 -543 5 -45 -150 1959 -157 — 593 -50 -443 11 -97 — 15 1959—Nov.. 332 4,396 556 Dec. 345 4,477 570 1959—Oct... -7 7 24 -21 3 1 0) Nov... -6 -44 -13 -29 4 -6 I960—Jan... 249 4,444 593 Dec... 0) -59 -16 -39 5 -11 2 Feb.. 191 4,707 466 Mar.. 184 4,728 615 1960—Jan.... 29 -20 -17 2 -8 -6 1 Apr.. 194 4,818 639 Feb.. . -101 -56 9 -43 -3 1 May. 215 4,841 643 Mar.. 7 -126 -3 -89 -32 —4 2 June. 254 4,977 672 -2 -50 -4 -24 2 -2 -22 July.. 215 5,272 671 M^y!.'. -39 22 22 0) 2 -3 1 Aug.. 204 5,423 701 June.. 5 -83 -28 -53 3 -4 -2 Sept.. 223 5,479 713 July. . -9 -33 -6 -10 -15 -4 2 Oct... 251 5,634 718 Aug... -10 -16 -23 5 3 — 1 1 Nov.. 252 5,430 752 Sept.*. -21 -3 -3 12 -7 -6 1 Oct.*7.. -16 -3 3 8 9 7 -24 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of next page for total gold under earmark PPrreelliimmiirniiary. at 2 F e U d . e S ra . l T R re e a s s e u rv ry e B bi a ll n s k , s c e f r o t r i fi f c o a r t e e i s g n o f a n in d d e in b t t e e r d n n a e t s io s, n n al o t a e c s c , o a u n n d t s b . onds. Less than $500,000. 3 Consists of bankers' acceptances, commercial paper* and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1420 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 J S u e l p y t - . O D c e t c . . - J M an ar .- . A Ju p n r. e J S u e l p y t - . Western Europe: Austria — 6 -84 -83 —43 Belgium -4 -85 3 3 -329 -39 -26 -2.' -7 -68 -34 -266 -66 -200 -56 Germany (Fed. Rep. of) -10 -130 -226 -10 I N ta e l t y herlands — 100 — 65 25 -261 -30 — io — 2* — 110 Portugal -60 -55 -5 -20 -10 S S U p w n a i i i t t n z ed er l K an in d gdom 44 2 0 3 -4 -6 8 5 0 - -5 1 0 6 1 -8 00 31 - - 2 9 1 0 5 0 -35 2 0 0 " -lib 20 - - 1 2 — 6 0 0 0 33 Bank for Int'l Settlements 0) -94 -20 -178 -32 Other -17 -37 -6 4 is 8 -21 -38 -15 -17 -2 1 -11 Total 326 -1,016 -378 -78 80 68 -2,326 -827 -274 -197 -40 -49 -576 Canada 7 15 5 Latin America: Argentina . — 20 — 85 115 75 67 -30 Mexico 88 -28 80 -30 -10 Venezuela — 30 — 200 65 65 Other -10 -19 12 14 56 6 2 -16 13 1 -1 -6 Total 57 -132 62 14 -28 81 69 19 -23 64 i i -36 Asia: Japan -30 -157 -62 -15 Other -7 -6 -10 -5 0) 18 -4 -28 -20 .... c1) -26 -4 Total -7 -6 -10 e 0) 18 -34 -186 -62 -20 ... 0) -26 -19 All other 9 -10 -1 1 14 0) -3 — 5 0) 4 0) 0) Total foreign countries... 394 -1,164 -327 -68 80 172-2,294 -998 -359 -157 -42 -84 -632 International institutions2 200 600 3-44 200 100 Grand total 394 -1,164 -327 -68 280 772 -2,294 3-1,041 -159 -57 -42 -84 -632 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 ( u r e G e r n a y o d s l - d o f s T t y o o e c a t k a r l ) i in s 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 r s n s - e d e e - d e , - D p ti r c o t o i m d o g n o u e l c s d - - Month T (e u r n G e r d a y o s l o - d f s m T to o o c n t k a th l ) i in s c o T c g t r r o r o e o e d a c t l a a d s k e s l e - : e, i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E r l a r e d e r a a i : a k r n s s d - e e - e d e , - p D ti r c o t o i m d g on o u e l c s d - - 1948 24,244 24,399 1,530 1,680 -159 71 1959_Nov 19,566 19,617 -30 48 -71 3 1949 24,427 24,563 165 686 -496 67 Dec 19,456 19,507 -110 9 -112 4 1950 22,706 22,820 -1,743 -371 -1,352 80 1951 22 695 22 873 53 -549 618 66 1960—Jan 19,444 19,494 -13 2 -12 3 1952 23,187 23,252 380 684 -305 67 Feb 19,421 19,471 -23 4 -21 3 Mar 19,408 19,457 -14 17 -13 4 1953 22 030 22 091 -1 162 2 -1,171 69 Apr 19,360 19,403 -54 8 -71 4 1954 21,713 21,793 -297 16 -325 65 May 19,352 19,395 -8 10 -14 4 1955 .. 21,690 21,753 -41 97 -132 66 June 19,322 19,363 -32 77 -102 4 1956 21,949 22,058 306 106 319 65 July 19,144 19,188 -174 49 -222 5 1957 22,781 22,857 799 104 600 63 Aug 19,005 19,045 -144 12 -151 5 Sept 18,685 18,725 -319 5 -319 5 1958 20 534 20 582 —2 275 260 — 2 515 62 Oct 18 402 18 443 — 282 125 — 397 1959 19,456 19,507 2-l|076 302 -1,324 57 Nov ^17,910^17^948 4 — 512 (3) P Preliminary. 2 Includes payment of $344 million as increase in United States gold i Includes gold in Exchange Stabilization Fund, which is not included subscription to the International Monetary Fund. in statistics on gold stock (Treasury gold) used in the Federal Reserve 3 Not yet available. statement "Member Bank Reserves, Reserve Bank Credit, and Related 4 Gold held under earmark at the Federal Reserve Banks for foreign Items" or in the Treasury statement, "Circulation Statement of United and international accounts amounted to $11,698 million on Nov. 30, 1960. 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 1421 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1957 Dec. 31, 1958 Sept. 30, 1959 Dec. 31, 1959 Mar. 31, 1960 June 30, 1960 Sept. 30, I960" Area and country Gold& U.S. 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. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Western Europe: Austria 452 605 685 7 623 556 7 490 7 516 7 Belgium 1,045 1,385 1,383 7 1,272 1,339 6 1,340 7 1,240 7 Denmark 143 6 200 144 54 168 145 64 111 53 78 53 Finland 99 5 104 109 1 115 125 1 99 1 85 France 935 9 1,282 2,078 32 1,945 2,041 37 2,310 18 2,273 17 Germany (Fed. Rep. of).. 4,099 14 4,394 4,057 16 4,624 4,682 16 5,245 16 5,997 16 I N G ta r e e l t y h ec e e rlands 1, 9 5 1 3 4 6 7 1 7 0 1 ) 0 2,2 3 1 8 0 4 9 7 3 10 3,0 1 5 87 4 0 0 ) ) 3 1 , , 2 1 6 1 1 1 2 8 7 3,0 1 6 8 1 6 0 C 1 ) 1 8 ) 3 1 , ,6 0 1 4 5 3 3 8 7 0 C 1 ) 1 7 ) 2 1 3, , 0 6 1 1 4 0 5 9 6 0 0 1 ) ) 4 Norway 138 105 173 120 15 125 141 131 158 115 158 Portugal 603 0) 656 0) 136 686 637 638 1 Spain 125 93 1 154 3 227 3 235 3 Sweden 479 5 507 10 3 404 79 432 79 395 78 Switzerland 2,685 128 2,777 76 68 2,903 87 2,713 84 2,786 77 Turkey 162 0) 164 (0 90 164 G) 152 0) 149 C1) United Kingdom 2,875 205 3,723 194 0) 3,490 368 4,116 403 4,484 381 Other3 739 31 870 29 264 593 38 507 38 661 38 48 Total 17,224 539 20,672 489 742 22,213 22,357 866 23,348 885 24,422 851 Canada 2,723 457 3,097 341 450 3,159 3,308 485 3,441 429 3,560 424 Latin America: Argentina 263 C1) 210 325 393 444 0) 443 0) 455 0) Brazil 456 1 463 495 478 450 448 460 Chile 115 1 140 0) 212 C1) 228 193 G) 186 0) 179 0) Colombia 215 0) 241 0) 266 0) 288 277 0) 262 0) 242 Cuba 371 154 366 277 82 214 168 149 108 M Gu e a x t i e c m o ala 5 9 6 2 6 0) 56 6 1 9 C 8 1 6 ) 56 5 5 9 0) 5 6 8 1 4 5 7 7 7 4 82 4 7 9 0 7 82 1 24 6 9 5 6 4 P P U e a r r n u u a g m ua a y , Republic of 2 1 3 8 3 5 8 6 1 2 1 9 6 4 6 2 6 4 2 2 1 1 5 0 5 1 7 7 0 2 ) 2 1 1 4 2 1 2 9 0 2 1 1 4 2 0 2 8 0 0 3 ) 1 2 1 1 4 1 0 0 6 5 4 2 1 2 1 9 4 2 7 4 7 0 2 ) V O e th n e e r z * uela 1, 2 5 7 5 7 4 1, 2 2 5 1 0 3 C1) 9 26 9 8 7 13 9 2 3 5 1 3 8 2 9 7 9 3 12 8 3 1 8 5 8 7 3 9 9 7 8 1 3 1 0) Total... 4,368 176 4,017 106 3,979 105 3,911 3.825 106 3,719 105 3,668 11 Asia: India 329 324 0) 366 C1 i) 361 0) 351 10 306 40 297 40 Indonesia. . 190 0) 145 C1) 149 172 183 1 188 0) 195 0) J Ir a a p n an 7 1 1 9 4 3 0) 1,0 1 9 8 4 4 1,4 1 2 6 0 7 1,5 1 6 87 4 ('\ 1,6 1 4 76 4 0) 1,7 1 5 6 5 8 1,9 1 8 56 4 0) Philippines. 181 5 186 187 181 190 3 214 2 237 2 Thailand.. . 269 1 245 239 240 3 248 1 258 1 270 0) Other 1,027 25 1.041 1,221 1,244 1,236 53 1,107 70 1,026 59 46 Total... 2,903 34 3,219 32 3,749 48 3,949 53 4,028 70 3,996 115 4,165 103 All other: (j) Australia 211 241 0) 252 0) 264 0) 272 0) 263 () 249 0) E U g n y io p n ti a o n f S R o e u g t i h o n A — fr U ic . a A .. . R . . 2 2 5 2 5 8 2 1 4 9 1 0 0) 2 1 6 9 8 0 0) 2 1 8 9 7 4 0) 2 2 0 9 7 9 C1) 2 2 1 8 6 0 0) 2 1 3 9 5 6 0) Others 514 13 512 1 514 23 522 41 526 54 547 57 554 29 14 Total 1,208 14 1,184 15 1,224 1,267 42 1,304 55 1,306 1,234 Total foreign countries. 28,426 1,220 32,189 983 34,598 34,499 1,507 34,822 1,582 35,810 1,592 37,049 International institutions.. . 2,697 222 2,876 495 5,043 5,566 660 5,753 709 5,830 755 6,129 Grand totals 31,123 1,442 35,065 1,478 39,641 40,065 2,167 40,575 2,291 41,640 2,347 43,178 Memorandum item: Sterling area 3,963 245 4,837 242 5,147 4,729 407 4,965 476 5,294 550 5,599 489 p Preliminary. Europe, and all Western European dependencies located outside Europe 1 Less than $500,000. and Asia. 2 Includes latest available figure (July 31) for gold reserves. 6 Excludes gold reserves of the U. S. S. R., other Eastern European 3 Includes other Western European countries, unpublished gold countries, and China Mainland. reserves of certain Western European countries, gold to be distributed NOTE.—Gold and short-term dollars include reported and estimated by the Tripartite Commission for Restitution of Monetary Gold, European official gold reserves, and total dollar holdings as shown in "Short-term Payments Union/European Fund, and the Bank for International Settle- Liabilities to Foreigners Reported by Banks in the United States by ments; the figures for the gold reserves of the B.I.S. represent the Bank's Countries" (Tables 1 and la-Id of the preceding section). U. S. Govt. net gold assets, (see note 1 to following table). bonds and notes represent estimated holdings with original maturities 4 Includes other Latin American republics and the Inter-American of more than one year; these estimates are based on a survey of selected De 5 v e In lo c p lu m d e e n s t B un a s n p k e . cified countries in Africa, Oceania, and Eastern U. S. banks and on monthly reports of security transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1422 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- E m n o d n t o h f w m t o o a r t t l a e d l d i M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p g h . o e , 1953—Dec r36,290 1,702 22,091 '12,495 372 117 52 776 321 986 42 86 101 1954—Dec r36,940 1,740 21,793 r13,405 372 138 62 778 322 1,073 42 86 115 1955—Dec r37.620 1,808 21,753 14,060 372 144 71 929 323 1,134 44 86 116 1956—Dec '38,115 1,692 22,058 14,365 224 107 71 925 324 1,103 46 57 122 1957—Dec r38,820 1,180 22,857 14 785 126 126 103 915 324 1,100 40 62 81 1958 Dec. . . '39,490 1,332 20,582 17,575 60 162 194 1,270 325 1,078 40 72 83 1959__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 r40,185 2,407 19 507 18 270 56 154 292 1 134 327 960 43 71 42 I960—Jan 2,416 19 494 56 157 292 1 143 326 952 42 71 42 Feb 2,421 19 471 56 160 292 1,175 326 952 41 72 38 Mar 40,355 2 454 19 457 18 445 56 163 292 1 183 294 950 41 73 38 Apr 2,495 19 403 56 166 292 1,197 294 945 42 71 38 May 2,489 19,395 56 170 292 1,182 286 922 42 72 38 June 40,570 2,515 19 363 18 690 55 149 292 1 191 286 909 42 73 38 July 2,527 19,188 55 293 1,175 287 906 42 74 Aue 2,562 19,045 80 293 1,094 287 904 42 74 Sept ^40,690 2,564 18,725 ^9^400' 293 1,094 287 894 42 75 Oct 2,603 18,443 293 1,112 891 45 Domin- E t g ia y n p- m G a e n r y - , 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 - France2 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 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 1960 Jan 50 31 10 20 174 30 38 1,285 2,638 26 24 247 33 Feb 21 31 10 20 174 30 38 1 298 2 652 26 24 247 33 Mar 19 31 10 20 174 30 38 1,322 2,670 26 24 247 33 Apr 19 31 10 20 174 30 38 1 399 2 704 26 24 247 33 May . . 19 31 10 20 174 30 38 1,513 2,741 26 24 247 33 19 31 10 20 174 30 38 1,551 2,772 26 24 247 33 July 19 31 10 20 174 30 38 1,560 2,818 26 24 247 33 Aug 3 31 10 20 174 30 38 1,568 2,879 26 247 33 Sept 31 10 20 174 30 38 1,627 '2,888 31 247 33 Oct 31 10 20 174 30 41 1,622 2,915 247 37 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 J 086 91 143 1,050 33 43 49 19 10 493 1959 Oct 140 84 18 1,583 102 165 1,126 34 30 50 19 8 530 Nov 140 84 18 1.635 102 143 1 132 34 30 50 29 8 546 Dec .... 140 84 18 1,749 102 142 1,132 34 30 50 28 9 548 I960—Jan 140 84 18 ,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 1.998 102 122 1,246 34 30 52 28 16 550 Aug 131 84 18 102 1,246 35 30 52 28 12 550 Sept 131 84 18 102 1 346 35 30 52 27 13 550 Oct 131 18 102 1,376 35 30 52 42 550 * Preliminary. r Revised. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 1423 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Bank E m n o d n t o h f A So fr u i t c h a Spain Sweden Sw la it n z d er- U g S i y . R o A r n e i . - a — R n . T la h n a d i- Turkey U K d n o in i 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 - m S I e e f n t o n t t r l ' t e l s - 4 E E P F U 5 - 1953 Dec 176 130 218 14 113 143 2,518 227 373 13 '75 153 1 1 9 9 5 5 5 4— — D D e e c c 2 1 1 9 2 9 1 1 3 3 2 2 2 2 6 7 5 6 U 1,5 5 9 1 7 3 1 1 7 9 1 1 1 1 2 3 1 1 4 4 4 4 2 2, , 1 7 2 6 0 2 2 22 1 7 6 4 40 0 3 3 1 1 6 4 m n \ e 2 1 4 5 4 3 1956—Dec 224 132 266 1,676 19 112 144 2,133 186 603 17 '59 263 1957—Dec 217 101 219 1,718 24 112 144 2 273 180 719 13 r24 254 1958—Dec 211 57 204 .925 24 112 144 3,069 180 719 17 r_42 126 1959—Oct 231 57 191 1,868 19 104 133 3 024 180 719 10 '-64 Nov 230 57 191 1,816 19 104 133 2,974 180 654 10 '-120 Dec 238 68 191 1,934 104 133 2,736 180 654 16 r-134 40 I960—Jan 248 78 191 1 826 104 133 2 685 180 654 10 Feb 244 78 171 1 R07 104 133 2,122 180 654 10 r9 Mar 256 78 171 1,777 104 133 2,780 180 654 10 m 39 Apr 258 78 171 1 767 104 133 2 831 180 514 9 M!ay . ... 255 78 171 1,767 104 133 2,859 180 514 7 r-1r2(62) June 240 78 171 1 774 104 133 2 892 180 514 7 r-103 48 July 233 78 171 1 896 104 133 2 996 180 514 7 r— 107 Aug . 219 88 171 1^960 104 133 3,072 180 514 7 r-103 S O e c p t t 2 1 0 8 4 7 1 9 0 8 8 1 1 7 7 1 1 1 2 , 9 02 8 0 0 1 1 3 3 3 3 3 3 , , 1 1 3 0 9 8 180 464 r — _7 9 54 53 r Revised. 2 Represents holdings of Bank of France and French Exchange Stabili- 1 Excludes U.S.S.R., other Eastern European countries, and China zation Fund. Mainland. 3 Beginning with December 1958, represents Exchange Equalization Represents reported gold holdings of central banks and governments Account gold and convertible currency reserves, as reported by British and international institutions, unpublished holdings of various central Government; prior to that time represents reserves of gold and United banks and governments, estimated holdings of British Exchange Equaliza- States and Canadian dollars. tion Account based on figures shown for United Kingdom, and esti- 4 Represents net gold assets of B.I.S., i.e., gold in bars and coins and mated official holdings of countries from which no reports are received. other gold assets minus gold deposit liabilities. The figures included for the Bank for International Settlements repre- 5 European Payments Union through December 1958 and European sent the Bank's gold assets net of gold deposit liabilities. This procedure Fund thereafter. avoids the overstatement of total world gold reserves since most of the 6 Less than $500,000. gold deposited with the B.I.S. is included in the gold reserves of individual countries. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated Year or world Africa North and South America Other month production (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 15.3 37.7 7.8 1954 910.0 830.4 462.4 18.8 27.5 12.8 65.1 152.8 13.5 8.2 4.2 4.4 13.2 39.1 8.4 1955 955.5 877.7 510.7 18.4 23.8 13.0 65.7 159.1 13.4 8.1 3.9 4.3 13.3 36.7 7.4 1956 . 994.0 914.8 556.2 18.8 21.9 13.1 65.3 153.4 12.3 7.6 4.3 3.3 15.3 36.1 7.3 1957 1,036.0 956.3 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 3.6 11.4 37.9 6 3 1958 1,071.0 984.0 618.0 19.4 29.2 12.8 61.6 158.8 11.6 7.2 3.9 3.9 13.0 38.6 6.0 1959 1,148.0 1,062.6 702.2 19.8 31.8 12.0 57.2 156.9 11.0 7.3 3.9 2.7 13.9 38.1 5.8 1959—Sept 89.7 60.9 2.0 2.8 .7 3.8 12.7 .8 .5 .3 .2 1.2 3.3 .5 Oct 91.6 61.3 7 2.8 1.1 3.5 13.9 1.1 .6 .4 .2 ? 3.3 5 Nov 90.0 60.3 1.7 2.7 .9 3.4 13.6 1.0 .6 .4 .2 1.3 3.4 .5 Dec 88.5 59.3 1.6 2.7 .8 3.7 13.2 .8 .6 .4 .1 1.2 3.6 .5 1960—Jan 289.3 60.8 1.6 2.6 1.3 3.4 13.2 .7 .5 .4 1.5 2.8 .5 Feb 60 0 2 6 1 4 3 1 13 0 6 4 4 2 8 5 Mar 59.6 .6 2.7 .9 3.5 13.6 .6 .3 1.5 3.2 .5 Apr . 61 8 7 2 7 g 3.5 12.8 .7 4 ? 3 3 4 May 63.1 .6 2.6 1.4 4.1 13.2 .5 .3 l.l 2.8 .5 June 63 4 6 2 6 3 9 13 5 6 t 3 4 July. .. 63.6 2.6 4.5 13.8 .5 3 2 Aug 63.5 2.6 4.9 13.3 .6 Sept 63.4 5.0 12.9 .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

1424 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 Oct. Jan. Apr. July Oct. Item Sept. Dec. Mar. June Sept. Gold 2,210 2,416 2,495 2,527 2,603 Investments9 500 500 500 500 500 Dollar deposits and U. S. securities 1,033 1,023 1,109 1,110 1,186 Currencies:l Other currencies and securities 1. . . 630 666 648 632 571 United States 2,028 2,141 2,250 2,314 2,500 Effective loans2 3,548 3,531 3,642 3,664 3,678 Other 8,283 8,349 8,455 8,516 8,495 Other assets3 104 138 137 133 130 Unpaid member subscriptions 680 640 632 633 633 Other assets 10 105 1059 10 60 10 59 10 59 IBRD bonds outstanding 1,963 1,990 2,067 2,073 2,086 Undisbursed loans 960 893 952 904 913 Member subscriptions 13,644 13,999 14,277 14,429 14,664 Other liabilities 31 28 27 30 37 Reserves and liabilities 10 162 10 106 10115 10 120 10 126 Reserves 440 462 485 506 532 Capital 1,920 1,985 2,005 2,026 1,997 Quota Cumulative net drawings on the Fund Loans by country, Oct. 31, 1960 Country Paid 1959 1960 Outstanding Total in Area and member country 4 gold Prin- Dis- Recipal bursed paid Sold Total to others5 Argentina. 280 70 Bolivia 23 6 Brazil 280 70 Continental Western Europe, Burma 30 4 total 1,643 1,370 294 1,076 322 Chile 75 15 Austria 100 74 2 72 5 Belgium and Luxembourg.. 213 171 27 144 53 Colombia 100 25 Denmark 60 49 6 43 4 Cuba 50 13 Finland 102 83 19 64 16 Dominican Rep.. 15 4 France 418 329 31 298 66 El Salvador 11 3 Italy 298 232 11 221 92 France 788 174 Netherlands 236 236 172 65 65 Haiti 11 3 Norway 95 75 4 71 21 Turkey 61 60 10 50 Honduras.. 11 3 Yugoslavia 61 61 12 49 Iceland.. . . 11 3 India 600 78 Sterling area, total... 1,691 1,355 205 1,151 151 Indonesia.. 165 29 Australia 318 318 56 262 36 Iran 70 18 Ceylon 24 15 1 14 India 682 518 53 465 29 Pakistan 150 16 Pakistan 241 104 21 83 2 Paraguay 9 2 Union of S. Africa. 197 197 60 136 29 Philippines 75 19 United Kingdom. . 204 182 11 171 54 Spain 150 23 Other 25 22 2 19 Sudan 15 2 Turkey 86 22 Latin America, total. 1,094 767 160 606 16 Brazil 267 203 37 166 United Arab Re- Chile 106 56 10 46 public: Egypt... .90 17 Colombia 179 115 38 78 Syria 15 2 Ecuador 45 27 3 24 United Kingdom... 1,950 399 El Salvador 35 25 5 21 United States 4,125 1,031 Mexico 211 168 23 145 Yugoslavia 72 11 Nicaragua 35 22 9 14 Peru 76 43 11 33 Uruguay 71 61 10 51 1 Currencies include demand obligations held in lieu of deposits. Other 68 45 15 30 2 Represents principal of authorized loans, less loans not yet effective, repayments, the net amount outstanding on loans sold or agreed to be Asia (excluding Sterling area), sold to others, and exchange adjustment. total 748 477 419 41 3 Excludes uncalled portions of capital subscriptions. Iran 194 106 75 13 4 Loans to dependencies are included with member. Israel 28 5 Includes also effective loans agreed to be sold but not yet disbursed. Japan 337 272 261 25 6 Less than $500,000. Lebanon 27 10 10 7 Includes $231 million in loans not yet effective. Malaya 31 4 4 1 8 Includes $521 million not guaranteed by the Bank. Philippines 19 17 17 1 9 U. S. Treasury bills purchased with proceeds from sale of gold. Thailand 107 64 53 1 1 ° Includes subscriptions due from members on increases in quotas Other 6 6 consented to but not yet effective. 11 Net Fund use of dollars. Africa (excluding Sterling area), total 135 72 70 9 Ethiopia 24 18 16 1 Sudan 55 26 26 2 United Arab Republic 57 29 29 6 Total 75,312 4,042 720 3,322 8540 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 1425 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 1 2 3 4 1 2* Exports of goods and sendees, 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 M Se e r r v c i h ce a s n 2 dise 5 1 , , 1 8 5 5 8 2 4 1 , , 4 8 6 6 2 4 4 1 , , 6 99 6 2 2 4 1 , , 0 5 5 5 8 3 4 1 , , 1 7 9 7 3 2 3 1 , ,7 8 9 1 1 6 4 1 , , 1 9 9 4 6 6 3 1 , ,6 8 1 0 9 2 4 1 , , 0 73 6 7 0 4 1 , , 0 8 3 4 5 3 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 3,344 3,265 3,385 3,139 3,166 3,124 3,522 3,597 3,884 3,848 3,986 3,820 3,854 Services 1,124 1,381 1,047 970 1,200 1,425 1,095 1,059 1,293 1,579 1 224 1 177 1 401 Military expenditures 850 715 720 832 912 839 829 775 790 773 752 764 738 Balance on goods and 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 -993 -339 -324 -155 -411 -156 -372 -267 -449 -229 —365 -269 -269 Portfolio and short-term investment -371 -71 -264 -487 -614 -295 -354 -124 -296 -163 -408 -277 -357 Government -199 -134 -368 -245 -226 -333 -167 -79 4-288 -228 237 -222 -465 Foreign capital and gold (net) 316 -269 227 580 1,086 934 901 947 41,416 1,444 567 801 950 Increase in foreign short-term assets 514 -260 275 197 26 477 502 780 4829 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 t u h , r s y ^ m Da o d y n a - y e t y o 2 - 3 B a a m a c n n c o c k e n e p e s t r t h , - s s ' 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - a B d ll a e o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - e y t y o - 3 Tr 6 b d e 0 a i a - l s y 9 l u s s 0 r 4 y D m a o d y n a - e y t y o " - 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 t e o y - d P is r r c i a v o t a u e 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 J.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—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 1.50 2.00 I960—Jan 4.81 3.60 4.14 4.07 3.07 2.35 3.91 3.75 3.69 2.53 1.50 2.00 Feb 4.69 4.14 4.69 4.55 3.78 3.00 4.11 3.88 3.94 2.48 [.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 .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 f .89 t.58 5.71 5.53 4.85 4.00 4.15 4.88 5.25 2.00 .50 2.00 Oct 2.65 2.36 5.62 5.36 4.79 3.92 4.88 5.31 1.96 .64 2.00 1 Based on average yield of weekly tenders during month. 4 Rate in effect at end of month. 2 Based on weekly averages of daily closing rates. 5 Based on average of lowest and highest quotation during month. 3 Rate shown is on private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1426 MONEY RATES CENTRAL BANE: RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Rate as of Changes during the last 12 months Nov. 30, 1959 Rate Country 1959 1960 N a o s v . o f 30, Per Month 1960 cent effective Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Argentina ^ . . 6.0 Dec. 1957 6.0 Austria 4.5 Apr. 1959 5 0 5.0 Belgium 3.25 Jan. 1959 4.0 5 0 5.0 Brazil* 10.0 Apr. 1958 10.0 Burma 3.0 Feb. 1948 3.0 Canada 3 5.11 Nov. 1959 5.37 4.85 4.86 3.26 3.51 3.26 3.32 3.17 2.50 1.95 3.28 4.02 4.02 Ceylon2 2.5 June 1954 *2.5 24.0 4.0 Chiles 16.25 July 1959 16 4 16 55 16.55 Colombia2 5.0 Aug. 1959 5.0 Costa Rica2 .... . . 3.0 Apr. 1939 3.0 Cuba2 5.5 Dec. 1957 6 0 6.0 Denmark 5.0 Sept. 1959 5.5 5.5 5.0 Nov. 1956 5.0 Egypt 3.0 Nov. 1952 3.0 El Salvador2 4.0 Apr. 1957 5.5 5.5 Finland 6.75 Mar. 1959 6.75 France 4.0 Apr. 1959 3.5 3.5 Germany 4.0 Oct. 1959 5.0 4.0 4.0 10.0 May 1956 9.0 7.0 6.0 6.0 Honduras ^ 2.0 Jan. 1953 2.0 7.0 Apr. 1952 11.0 11.0 India? 4.0 May 1957 4.0 Indonesia2 3.0 Apr. 1946 3.0 Iran 4.0 Aug. 1948 4.0 4.25 Nov. 1958 4.75 5 5 5.3i 5.31 Israel 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Japan 2 6.94 Feb. 1959 7.3 6 94 6.94 Mexico 4.5 June 1942 4.5 3.5 Nov. 1959 3.5 New Zealand 6.0 Oct. 1959 6.0 Nicaragua . 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru2 9.5 Nov.. 1959 9.5 Philippine Republic2 6.5 Feb. 1959 6.0 5.75 5.0 5.0 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 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 Venezuela2 4 5 Nov 1959 6.5 6.5 * 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—AS) per cent for crop loan paper and 4.0 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; lA 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 die reduction does not occur. Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by 6 Rate shown is for advances only. national public securities; f Since May 16, 1957, this rate applies to advances against commercial Ecuador—6 per cent for bank acceptances for commercial purposes; paper as well as against government securities and other eligible paper. El Salvador—4.5 per cent for agricultural and industrial paper and 3.5 per cent for special cases; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 1427 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month (peso) (p t A r o a u u l s n ia - d) (s A ch u i s l t l r in ia g) B (f e r lg a i n u c m ) C (d a o n ll a a d r a ) C (r e u y p l e o e n ) (m Fi a n r la k n k d a) Official Free 1954 7.198 223.80 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 Nov 1 ?084 223.32 3.8526 1.9990 105.22 21.031 .3113 Dec .... 1.2003 222.98 3.8523 1.9996 105.12 20.995 .3113 I960 Jan ..2035 223.09 3.8449 2.0037 104.91 21.014 .3113 Feb 012 223.37 3.8419 2.0048 105.07 21.031 .3113 Mar 1.2030 223.57 3.8418 2.0051 105.15 21.044 .3113 Apr 1.2004 223 86 3.8407 2.0061 103.84 21.062 .3112 May 1.2005 223.59 3.8406 2.0055 102.24 21.047 .3112 June 1.1989 223.32 3.8426 2.0053 101.79 21.020 .3112 July 1.2010 223.78 3.8468 2.0041 102.19 21.048 .3111 Aug . . . . .2022 223.92 3.8573 1.9955 103.10 21.061 .3111 Sept 1.2037 224.12 3.8609 2.0024 102.82 21.072 .3111 Oct 2042 224 03 3.8509 2.0061 102.18 21.063 .3111 Nov .2054 224.18 3.8432 2.0130 102.37 21.065 .3112 Year or month F (f r r a a n n c c e ) G (d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p r o e u la n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - r s ) 1954 23.838 21.020 280.87 32.641 9.0515 26.381 1955 23.765 20.894 279.13 32.624 8.0056 26.230 1956 23 786 20 934 279 57 2779 32 582 8 0056 26 113 1957 .2376 23 798 20.910 279.32 .2779 32.527 8.0056 26.170 1958 2.2374 23.848 21.048 280.98 .2779 32.767 8.0056 26.418 1959 .2038 23.926 21.031 280.88 .2778 32.857 8.0056 26.492 1959 Nov . .2038 23.971 20.954 280.27 .1611 .2776 32.798 8.0056 26.471 Dec .2038 23.974 20.928 279.84 .1610 .2776 32.766 8.0056 26.506 I960 Jan 4 20.366 23 975 20.935 279.98 .1610 .2775 32.776 8.0056 26 502 Feb 20.369 23.977 20.951 280.33 .1610 .2773 32.771 8.0056 26.512 Mar 20.376 23.978 20.963 280.59 .1610 .2773 32.767 8.0056 26.511 Apr 20.384 23.978 20.978 280.95 .1611 .2776 32.833 8.0056 26.516 May . . .. 20.396 23.978 20.958 280.60 .1611 .211A 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 12 838 8 0056 26 518 Nov 20.402 23.974 21.000 281.35 .1610 .2778 32.858 8.0056 26.492 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o c g r u a t d l u o - ) (p A S o o fr u u i n c th d a ) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u i n t m 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 Nov 277.49 14.008 49.770 3.4915 279.22 19.308 23.040 280.27 Dec 277.07 13.994 49.770 3.4861 278.80 1.6607 19.303 23.127 279.84 I960 Jan 277.20 13.985 49.770 3.4844 278.93 L.6607 19.302 23.112 279.98 Feb 277.55 13.990 49.770 3.4898 279.28 1.6625 19.311 23.054 280.33 Mar 277.81 14.006 49.770 3.4923 279.54 .6637 19.314 23.058 280.59 Apr 278.17 14.035 6 49.770 3.4957 279.90 1.6637 19.359 23.048 280.95 May 277.82 14.018 3.4935 279.55 t.6633 19 339 23.124 280.60 June 277.49 14.007 3.4905 279.22 1.6636 19.365 23.175 280.27 July 278.06 14.018 3.4936 279.79 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 Nov 278.57 14.038 3.4992 280.30 .6641 19.355 23.216 281.36 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. * 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. WOODLIEF THOMAS, Adviser to the Board RALPH A. YOUNG, Adviser to the Board JEROME W. SHAY, Legislative Counsel CHARLES MOLONY, Assistant to the Board CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary ROBERT C. MASTERS, Associate Director ELIZABETH L. CARMICHAEL, Assistant Secretary C. C. HOSTRUP, Assistant Director LEGAL DIVISION FRED A. NELSON, Assistant Director HOWARD H. HACKLEY, General Counsel GLENN M. GOODMAN, Assistant Director DAVID B. HEXTER, Assistant General Counsel HENRY BENNER, Assistant Director G. HOWLAND CHASE, Assistant General Counsel JAMES C. SMITH, Assistant Director THOMAS J. O'CONNELL, Assistant General LLOYD M. SCHAEFFER, Chief Federal Reserve Counsel Examiner WILSON L. HOOFF, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS GUY E. NOYES, Director DIVISION OF PERSONNEL ADMINISTRATION FRANK R. GARFIELD, Adviser EDWIN J. JOHNSON, Director ALBERT R. KOCH, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director ROLAND I. ROBINSON, Adviser DANIEL H. BRILL, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Associate Adviser JOSEPH E. KELLEHER, Director DIVISION OF INTERNATIONAL FINANCE HARRY E. KERN, Assistant Director ARTHUR W. MARGET, Director J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser OFFICE OF THE CONTROLLER ROBERT L. SAMMONS, Associate Adviser J. J. CONNELL, Controller DIVISION OF BANK OPERATIONS SAMPSON H. BASS, Assistant Controller JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director OFFICE OF DEFENSE PLANNING M. B. DANIELS, Assistant Director JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 1428 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1429 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 „ , . , TT TT \ry 1 ^ 1 AARTH UR nW7 .A M ARGET, AAssocia te r Economist THTOWARD 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, LIS GoRDQN MuRRAY> MINNEAPO Vice President ^ ^ ,, ^ _ „ R. OTIS MCCLINTOCK, KANSAS CITY n 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. MCBREDE 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

1430 FEDERAL RESERVE BULLETIN • DECEMBER 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 Chicago. Carl E. Allen Ernest T. Baughman Robert C. Holland George W. MitcheD 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. (Stamps and coupons not accepted.) ANNUAL REPORT OF THE BOARD OF GOVERNORS 159 pages. Part III. February 1960. 112 OF THE FEDERAL RESERVE SYSTEM. pages. Individual books $1.00 each; set of 3 books $2.50. FEDERAL RESERVE BULLETIN. Monthly. Sub- INDUSTRIAL PRODUCTION—1959 REVISION. July scription price in the United States and its pos- 1960. 229 pages. $1.00 per copy; in quantisessions, Bolivia, Canada, Chile, Colombia, ties of 10 or more for single shipment, 85 cents Costa Rica, Cuba, Dominican Republic, Ecuaeach. dor, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, THE FEDERAL FUNDS MARKET—A Study by a Federal Reserve System Committee. May El Salvador, Uruguay, and Venezuela is $6.00 1959. Ill pages. $1.00 per copy; in quantiper annum or 60 cents per copy; elsewhere $7.00 per annum or 70 cents per copy. (Group ties of 10 or more for single shipment, 85 subscriptions in the United States for 10 or cents each. more copies to one address, 50 cents per copy DEBITS AND CLEARINGS STATISTICS AND THEIR per month, or $5.00 for 12 months.) USE (rev. ed.). May 1959. 144 pages. $1.00 per copy; in quantities of 10 or more for single FEDERAL RESERVE CHART BOOK ON FINANCIAL shipment, 85 cents each. AND BUSINESS STATISTICS. Monthly. Annual ALL-BANK STATISTICS, 1896-1955. Part I, U. S. subscription includes one issue of Historical Summary. Part II, Summaries by States and Supplement. Subscription price in the United other areas. April 1959. 1,229 pages. $4.00. States and the countries listed above is $6.00 per annum or 60 cents per copy; elsewhere THE FEDERAL RESERVE ACT, as amended through December 31, 1956, with an Appendix con- $7.00 per annum or 70 cents each. (Group taining provisions of certain other statutes afrate of 50 cents each for 10 or more of same fecting the Reserve System. 385 pages. $1.00. issue for single shipment.) FLOW OF FUNDS IN THE UNITED STATES, 1939-53. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE December 1955. 390 pages. $2.75. CHART BOOK. Issued annually in September. Annual subscription to monthly chart book in- BANKING AND MONETARY STATISTICS. November 1943. 979 pages. $1.50. cludes one issue of Supplement. In the United States and countries listed above under Federal RULES OF ORGANIZATION AND RULES OF PROCE- Reserve Bulletin, single copies 60 cents each, DURE—Board of Governors of the Federal Reelsewhere 70 cents each. (Group rate in quan- serve System. 1946. 31 pages. tities of 10 or more for single shipment 50 cents REGULATIONS OF THE BOARD OF GOVERNORS OF 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. 1431 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1432 FEDERAL RESERVE BULLETIN • DECEMBER 1960 PERIODIC RELEASES DEPARTMENT STORE CREDIT WEEKLY DEPARTMENT STORE MERCHANDISING DATA CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS FEDERAL RESERVE PAR LIST (Also annual list. BY INDUSTRY Both available at Federal Reserve Banks only.) CHANGES IN STATE BANK MEMBERSHIP INTERDISTRICT SETTLEMENT FUND CONDITION OF WEEKLY REPORTING MEMBER INDEX NUMBERS OF WHOLESALE PRICES BANKS IN CENTRAL RESERVE CITIES CONDITION OF WEEKLY REPORTING MEMBER MONTHLY DEPARTMENT STORE SALES BANKS IN LEADING CITIES MONTHLY DEPARTMENT STORE SALES AND WEEKLY AVERAGES OF MEMBER BANK RESERVES, STOCKS, BY DEPARTMENTS RESERVE BANK CREDIT, AND RELATED ITEMS AND STATEMENT OF CONDITION OF THE FED- MONTHLY DEPARTMENT STORE STOCKS ERAL RESERVE BANKS MONTHLY FOREIGN EXCHANGE RATES WEEKLY DEPARTMENT STORE SALES NATIONAL SUMMARY OF BUSINESS CONDITIONS WEEKLY DEPARTMENT STORE SALES—SELECTED CITIES AND AREAS OPEN MARKET MONEY RATES AND BOND PRICES WEEKLY FOREIGN EXCHANGE RATES RETAIL FURNITURE REPORT WEEKLY U. S. GOVERNMENT SECURITY YIELDS AND PRICES SALES FINANCE COMPANIES STATE MEMBER BANKS OF THE FEDERAL RESERVE SEMIMONTHLY SYSTEM AND NONMEMBER BANKS THAT MAIN- TAIN CLEARING ACCOUNTS WITH FEDERAL RE- DEMAND DEPOSITS, CURRENCY, AND RELATED SERVE BANKS (Also annual list) ITEMS DEPOSITS, RESERVES, AND BORROWINGS OF MEM- U. S. GOVERNMENT SECURITY YIELDS AND PRICES BER BANKS SEMIANNUAL-QUARTERLY SELECTED LIST OF ADDITIONS TO THE RESEARCH LIBRARY ALL BANKS IN THE UNITED STATES AND OTHER AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY MONTHLY STATES ASSETS AND LIABILITIES OF ALL BANKS IN THE BANK RATES ON SHORT-TERM BUSINESS LOANS UNITED STATES (Including Consolidated State- MEMBER BANK CALL REPORT ment for Banks and the Monetary System) ASSETS AND LIABILITIES OF ALL MEMBER BANKS, MEMBER BANK EARNINGS BY DISTRICTS MEMBER BANK LOANS BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS SALES, PROFITS, AND DIVIDENDS OF LARGE COR- BUSINESS INDEXES PORATIONS CONSUMER CREDIT (Short- and Intermediate- Term and Consumer Instalment Credit Ex- ANNUAL tended and Repaid) BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS CONSUMER CREDIT AT CONSUMER FINANCE COM- DEPARTMENT STORE TRADE PANIES CONSUMER INSTALMENT CREDIT AT COMMERCIAL BIENNIAL BANKS CONSUMER LOANS MADE UNDER EFFECTIVE STATE DISTRIBUTION OF BANK DEPOSITS BY COUNTIES SMALL LOAN LAWS AND STANDARD METROPOLITAN AREAS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1433 REPRINTS FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) DEPARTMENT STORE SALES AND STOCKS, BY THE HISTORY OF RESERVE REQUIREMENTS FOR MAJOR DEPARTMENTS (Revised Indexes). November 1953. 65 pages. BANKS IN THE UNITED STATES. November 1938. 20 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL STALMENT CREDIT. January 1954. 14 pages. RESERVE POLICY. April 1940. 11 pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. September 1954. 10 pages. ADJUSTMENT FOR SEASONAL VARIATION. Description of method used by Board in adjusting economic data for seasonal variation. June USE OF MONETARY INSTRUMENTS SINCE MID- 1941. 11 pages. 1952. December 1954. 8 pages. METHODS OF THE SURVEY OF CONSUMER FI- DIRECTLY PLACED FINANCE COMPANY PAPER. NANCES. July 1950. 15 pages. December 1954. 8 pages. *THE TREASURY-CENTRAL BANK RELATIONSHIP UNITED STATES BANKS AND FOREIGN TRADE FI- IN FOREIGN COUNTRIES—PROCEDURES AND NANCING. April 1955. 11 pages. TECHNIQUES. November 1950. April 1951. 19 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pages. REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS. October 1952. 5 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- THE MONETARY SYSTEM OF THE UNITED STATES. ber 1955. 40 pages. February 1953. 16 pages. SURVEYS OF BANK LOANS FOR COMMERCIAL AND INFLUENCE OF CREDIT AND MONETARY MEASURES INDUSTRIAL PURPOSES. Business Loans of ON ECONOMIC STABILITY. March 1953. 16 Member Banks. April 1956. 14 pages. Credit pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. Member Bank Lending to Small Business, 1955-57. April 1958. 19 FEDERAL FINANCIAL MEASURES FOR ECONOMIC pages. Member Bank Term Lending to Busi- STABILITY. May 1953. 7 pages. ness, 1955-57, April 1959. 16 pages. Security Pledged on Business Loans at Member Banks. September 1959. 16 pages. * DETAILED DESCRIPTION OF SOURCES AND METH- ODS USED IN REVISION OF SHORT- AND INTER- MEDIATE-TERM CONSUMER CREDIT STATISTICS. FINANCING OF LARGE CORPORATIONS, 1951-55. April 1953. 25 pages. June 1956. 9 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1434 FEDERAL RESERVE BULLETIN • DECEMBER 1960 REVISION OF CONSUMER CREDIT STATISTICS. Oc- CAPITAL MARKETS and MONEY AND BANK CREDIT tober 1956. 24 pages. (Also, similar reprint IN 1959. Combined reprint. January and Febfrom April 1953 BULLETIN.) ruary 1960. 14 pages. AGRICULTURAL LOAN SURVEY. November 1956 MONETARY POLICY AND ECONOMIC GROWTH. and January, February, and March 1957 BUL- February 1960. 7 pages. LETINS. 52 pages. REVISED SERIES FOR SEASONALLY ADJUSTED UNITED STATES BANKING ORGANIZATION ABROAD. MONEY SUPPLY. February 1960. 4 pages. December 1956. 16 pages. GOLD AND DOLLAR TRANSFERS IN 1959. March SURVEY OF FINANCE COMPANIES, MID-1955. 1960. 6 pages. April 1957. 17 pages. OWNERSHIP OF DEMAND DEPOSITS. April 1960. REVISION OF MONTHLY DEPARTMENT STORE IN- 4 pages. DEXES. December 1957. 30 pages. BANKING AND MONETARY STATISTICS, 1959. Se- SEASONAL FACTORS AFFECTING BANK RESERVES. lected series of banking and monetary statistics February 1958. 12 pages. for 1959 only. February and May 1960. 13 pages. (Similar reprint of 1958 data, February REVISED WEEKLY INDEX OF DEPARTMENT STORE and May 1959 BULLETINS.) SALES. April 1958. 10 pages. SURVEY OF COMMON TRUST FUNDS, 1959. May THE 1957-58 RECESSION IN WORLD TRADE. Oc- 1960. 7 pages. (Also, similar reprints from tober 1958. 8 pages. August 1956, June 1957, May 1958, and May 1959 BULLETINS.) OPEN MARKET OPERATIONS IN LONG-TERM SE- CURITIES. November 1958. 15 pages. INTEREST RATES IN LEADING COUNTRIES. June 1960. 6 pages. *PART I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U. S. Summary containing a de- RECENT MONEY AND CREDIT DEVELOPMENTS. scription of revised statistics for all banks in July 1960. 8 pages. the United States, by class of bank, together with revised statistics. April 1959. 94 pages. THE BALANCE SHEET OF AGRICULTURE, 1960. August 1960. 9 pages. PUBLIC DEBT MANAGEMENT. June 1959. 5 pages. CONSUMER BUYING INTENTIONS AND QUARTERLY 1959 SURVEY OF CONSUMER FINANCES. March, SURVEY OF CONSUMER BUYING INTENTIONS. July, and September 1959. 48 pages. (Simi- Combined reprint. September 1960. 31 pages. lar Surveys available for some earlier years in the period 1952-58.) THE U. S. BALANCE OF PAYMENTS, 1959-60. October 1960. 7 pages. MONEY AND CREDIT IN ECONOMIC EXPANSION. July 1959. 7 pages. A NEW MEASURE OF THE MONEY SUPPLY. October 1960. 22 pages. A QUARTERLY PRESENTATION OF FLOW OF FUNDS, SAVING, AND INVESTMENT. August 1959. 49 CAPITAL MARKETS IN 1960. December 1960. pages. 7 pages. THE GOVERNMENT SECURITIES MARKET. August IMPLEMENTATION OF THE 1959 ACT ON RESERVE 1959. 22 pages. REQUIREMENTS. December 1960. 6 pages. REVISED INDUSTRIAL PRODUCTION INDEX. De- QUARTERLY SURVEY OF CONSUMER BUYING INcember 1959. 24 pages. TENTIONS. December 1960. 6 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 46 GUIDE TO PAGE NUMBERS Month of issue Pages Month of issue Pages Month of issue Pages January 1-118 May 467-604 September 973-1094 February 119-256 June 605-726 October 1095-1216 March 257-358 July . . . 727-840 November 1217-1318 April 359-466 August 841-972 December 1319-1448 Pages Pages Abbott, William J., article on "A New Measure Articles—Continued of the Money Supply". . . ... 1102 Monetary policy and economic growth, Absorption of exchange charges as payment of statement of Chairman Martin on. .126 interest on demand deposits .858, 1226 Money and bank credit in 1959. .119 Acceptances, bankers': Money and credit developments. .727 Open market rates 50, 182, 294, 396, 526, Money supply: 658, 772, 894, 1030, 1148, 1256, 1368 New measure (semimonthly) . . .1102 Volume outstanding 52, 184, 296, 398, 528, Revised series (consolidated statement) .133 660, 774, 896, 1032, 1150, 1258, 1370 Ownership of demand deposits .367 Adams, H. C, appointed director at Little Rock Reserve requirements, implementation of Branch .... .22 1959 Act 1326 Agricultural loans: Survey of common trust funds, 1959. .478 Commercial banks, by classes. . . .44, 176, 288, Survey of foreign investments . .485 390, 520, 652, 766, 888, 1024, 1142, 1250, 1362 U. S. balance of payments, 1959-60 ... 1095 Weekly reporting member banks . . . .46, 178, Assets and liabilities (See also foreign liabilities 290, 392, 522, 654, 768, 890, 1026, 1144, and claims reported by banks): 1252, 1364 Agriculture, balance sheet of, 1960 848 Agriculture: Banks, by classes . . .41, 173, 285, 387, 517, 649, Balance sheet of, 1960 848 763, 885, 1021, 1139, 1247, 1359 Govt. agency loans ...62, 194, 306, 408, 538, Commercial banks, by classes . . .44, 176, 288, 670, 784, 906, 1042, 1160, 1268, 1380 390, 520, 652, 766, 888, 1024, Alexander, Robert H., resignation as director at 1142, 1250, 1362 Little Rock Branch 24 Consolidated monetary statement 40, 172, Allison, James E., appointed director at Okla- 284, 386, 516, 648, 762, 884, 1020, homa City Branch 19, 20 1138, 1246, 1358 Anderson, Henry N., reappointed director at Corporate, current 54, 186, 298, 400, 530, Seattle Branch 19 662, 776, 898, 1034, 1152, 1260, 1372 Anderson, Robert O., appointed Class C director Federal business-type activities, by fund or at Dallas 18, 21 activity. 62, 194, 306, 332, 408, 538, 578, 670, 696, 784, 906, 1042, 1068, 1160, Annual Report, Board of Governors, 1959. . .269 1268, 1380 Articles: Federal Reserve Banks 36, 168, 280, 382, Balance sheet of agriculture, 1960 848 512, 644, 758, 880, 1016, 1134, 1242, 1354 Bank merger legislation, statement of Chair- Mutual savings banks . . . 52, 184, 296, 398, 528, man Martin on S. 1062. .263 660, 774, 896, 1032, 1150, 1258, 1370 Capital markets in 1959. .. .1 Weekly reporting member banks . . .46, 178, 290, Capital markets in 1960 1319 392, 522, 654, 768, 890, 1026, 1144, Classification and coding system for demand 1252, 1364 deposits . . ... .735 Automobiles: Construction and mortgage credit . . .841 Consumer buying intentions . . 981, 984, 1335 Consumer buying intentions, quarterly Consumer goods developments 1219 survey . 973, 977, 1332 Consumer instalment credit 66-68, 198-200, Consumer goods developments . . .1217 310-12, 412-14, 542-44, 674-76, 788-90, Consumer instalment credit expansion. . . 359 910-12, 1046-48, 1164-66, 1272-74, 1384-86 Deposit turnover, seasonally adjusted series, Instalment credit, discussion 361, 1221 revision in ... .8 Production index 70, 202, 314, 416, 546, 678, Federal Reserve Bank stock, retirement of, 792, 914, 1050, 1168, 1276, 1388 statement of Chairman Martin on H. R. 8516 and H. R. 8627 739 Balance sheets (See Assets and liabilities) Finance charges, statement of Chairman Bank credit and money in 1959, article on .119 Martin on proposed legislation on. . .365 Bank debits (See Debits to deposit accounts) Gold and dollar transfers in 1959. .257 Bank Holding Company Act of 1956: Interest rates in leading countries. .605 Applications under Section 3(a), advice to Labor market 467 Justice Department 151 Loan schedule for call report, revision of. 12, 158 Banking offices and deposits of group banks, Member bank earnings .474, 1224 Dec. 31, 1959 813 1435 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1436 FEDERAL RESERVE BULLETIN • DECEMBER 1960 Pages Pages Bank Holding Company Act of 1956—Continued Board of Governors—Continued Interpretations: Members—Continued Percentage limitation on acquisition by Martin, Wm. McC, Jr.—Continued bank holding company of stock of Federal Reserve Bank stock, statesmall business investment company. 1004 ment on proposed legislation List of companies registered pursuant to with respect to retirement of. 739 Section 5, Dec. 31, 1959. .697 Finance charges, statement on Orders issued under: bill S. 2755. . . . . .. 365 Baystate Corporation . . 1230 Monetary policy and economic Brenton Companies, Inc . . 1227 growth, statement on. .126 Eastern Trust and Banking Company. 744 Members and officers, list. . . 1428 Farmers and Mechanics Trust Company 14 Publications (See Publications) First Bank Stock Corporation. .486 Regulations (See Regulations) First Virginia Corporation . ... .617 Staff: First Wisconsin Bankshares Corporation 266 Brill, Daniel H., appointed Associate Marine Corporation 619, 1338 Adviser, Division of Research and Marine Midland Corporation. .1228 Statistics 26 New Hampshire Bankshares, Inc.. . 742 Burr, Susan S., retirement as Associate Otto Bremer Company . . .621 Adviser, Division of Research and Union Bond and Mortgage Company. .152 Statistics 869 Regulation Y, amendments to Section 4. . . .611 Dembitz, Lewis N., title changed to Small business investment companies, acqui- Associate Adviser, Division of Resition by bank holding company of search and Statistics 25 stock of .... .742, 1004 Hooff, Wilson L., appointed Assistant Bank merger legislation: General Counsel 1005 Public Law 86-463, amending Section 18(c) Koch, Albert R., appointed Adviser, of Federal Deposit Insurance Act 611 Division of Research and Statistics. .25 Statement of Chairman Martin on S. 1062. .263 Noyes, Guy E., appointed Director, Bank reserves (See Reserves) Division of Research and Statistics. . .25 Bankers' balances (See also Foreign liabilities and Riefler, Winfield W., retirement as Asclaims reported by banks): sistant to the Chairman. . . 25 Commercial banks, by classes. . . 45, 177, 289, Thomas, Woodlief, title changed to Ad- 391, 521,*653, 767, 889, 1025, 1143, viser to the Board 25 1251, 1363 Young, Ralph A., appointed Adviser to Weekly reporting member banks. . . .47, 179, 291, the Board . . . . .25 393, 523, 655, 769, 891, 1027, 1145, 1253, 1365 Bonds (See also U. S. Govt. securities): Banking and monetary statistics for 1959, Corporate, outstanding, net change in 54, 186, •special tables. .224-31, 574-77 298, 400, 530, 662, 776, 898, 1034, 1152, 1260, 1372 Banking offices: Merchant Marine Bonds, eligibility as secu- Changes in number . 222, 947 rity for loans by Federal Reserve Banks . 151 On, and not on, Par List, number 223, 948 New issues. .56, 188, 300, 402, 532, 664, 778, Banks and branches, number, by class and State. . 440 900, 1036, 1154, 1262, 1374 Banks and the monetary system, consolidated Prices .51, 183, 295, 397, 527, 659, 773, 895, statement. .40, 172, 284, 386, 516, 648, 762, 1031, 1149, 1257, 1369 884, 1020, 1138, 1246, 1358 State and municipal securities. . . .57, 189, 301, Barton, R. E., appointed director at Omaha 403, 533, 665, 779, 901, 1037, 1155, 1263, 1375 Branch .23 Yields. 50, 182, 231, 294, 396, 526, 658, Battey, C. Wheaton, reappointed director at 772, 894, 1030, 1148, 1256, 1368 Omaha Branch 23 Braley, Warren W., reappointment as director at Baystate Corporation, Order under Bank Holding Portland Branch, and resignation 19, 158 Company Act 1230 Branch banks, domestic: Bean, Atherton, appointed Class C director and Board's branch authority, litigation involving 612 Number, by class and State. . . .441 Deputy Chairman at Minneapolis 158, 269 Branch banks, Federal Reserve System: Bell, T. Winfred, reappointed director at Little Managing officers 1430 Rock Branch 18 Directors (See Directors, Federal Reserve Bevan, David C, appointed Class C director at branch banks) Philadelphia . . .158 Bremer, Otto, Company, Order under Bank Blanks, Frederick P., appointed director at Little Holding Company Act 621 Rock Branch . 497 Brenton Companies, Inc., Order under Bank Board of Governors: Holding Company Act 1227 Annual Report, 1959 .269 Briggs, Robert P., appointed Deputy Chairman Branch authority, litigation involving. .612 at Chicago . . . .. . . . . 17, 20 Members: King, G. H., Jr., reappointment of. .24, 158 Brill, Daniel H., appointed Associate Adviser, List covering period 1913-60. .747 Division of Research and Statistics. .26 Martin, Wm. McC, Jr.: Brokers and dealers in securities, bank loans to: Bank merger legislation, state- Commercial banks, by classes . . .44, 176, 288, ment on .263 390, 520, 652, 766, 888, 1024, 1142, 1250, 1362 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 46 1437 Pages Pages Brokers and dealers in securities, bank loans Charts—Continued to—Continued Industrial production. . . .27, 159, 270, 373, 502, Weekly reporting member banks. . . .46, 178, 290, 606, 634, 749, 870, 1006, 1096, 1125, 392, 522, 654, 768, 890, 1026, 1144, 1217, 1233, 1344 1252, 1364 Interest rates. .125, 374, 607, 609, 635, 871, Burr, Susan S., retirement as Associate Adviser, 1007, 1234, 1345 Division of Research and Statistics 869 Liquid assets, other than money 733 Business conditions, national summary 27, 159, 270, Money supply and turnover 123, 732, 1106 373, 502, 634, 749, 870, 1006, 1125, 1233, 1344 Prices. .28, 271, 503, 635, 750, 844, 1007, 1126 Business expenditures on new plant and equip- Reserves and borrowings, member banks. . . .734 ment .54, 186, 298, 400, 530, 662, 776, 898, Retail trade. .28, 271, 374, 503, 750, 871, 1034, 1152, 1260, 1372 1126, 1234, 1345 Business indexes. . .76, 208, 320, 422, 552, 684, 798, U. S. balance of payments. 1095, 1097, 1099 920, 1056, 1174, 1282, 1394 Wage and salary payments. . 471 Business loans (See Commercial and industrial loans) Yields, selected 4 Byrd, Carroll F., reelected Class A director at Cheatham, J. M., appointed Class C director San Francisco. 1343 at Atlanta 18, 19 Check clearing and collection: Cairns, Gordon M., reappointed director at Regulation J, amendment to Section 6. . .858 Baltimore Branch 18 Clark, Lewis M., retirement as First Vice Call report loan schedule, revision of 12, 158 President of Federal Reserve Bank of Atlanta . 24 Cannon, Robert J., reappointed director at Los Classification and coding system for demand Angeles Branch . 19 deposits . . .. . . . .735 Capital accounts: Closed-end investment company in process of Banks, by classes. .. .41, 173, 285, 387, 517, organization, interlocking directorates with 649, 763, 885, 1021, 1139, 1247, 1359 member banks 371 Commercial banks, by classes. . . .45, 177, 289, Coins, circulation of 39, 171, 283, 385, 515, 647, 391, 521, 653, 767, 889, 1025, 1143, 1251, 1363 761, 883, 1019, 1137, 1244, 1356 Federal Reserve Banks 36, 168, 280, 382, Colvard, D. W., Class C director at Richmond, 512, 644, 758, 880, 1016, 1134, 1242, 1354 reappointment as Deputy Chairman, and res- Weekly reporting member banks. . . .48, 180, 292, ignation .17, 632 394, 524, 656, 770, 892, 1028, 1146, 1254, 1366 Commercial banks: Capital markets in 1959 and 1960, articles on. . 1, 1319 Assets and liabilities, by classes 41-45, 173-77, Carloadings. 76, 208, 320, 422, 552, 684, 798, 920, 285-89, 387-91, 517-21, 649-53, 763-67, 1056, in4, 1282, 1394 885-89, 1021-25, 1139-43, 1247-51, 1359-63 Caviness, Charles R., appointed director at Banking offices, changes in number. .222, 947 Memphis Branch. .23 Branches, number, by State. 441 Central banks, foreign: Consumer loans held, by type. . . .67, 199, 311, Discount rates 110, 248, 348, 458, 594, 714, 413, 543, 675, 789, 911, 1047, 1165, 1273, 1385 830, 964, 1086, 1208, 1310, 1426 Loans and investments, discussion. . . .7, 120, Gold reserves . .106, 244, 344, 454, 590, 710, 729, 1323 826, 960, 1082, 1204, 1306, 1422 Number, by class 41, 173, 285, 387, 517, 649, Central reserve and reserve cities (See Reserve 763, 885, 1021, 1139, 1247, 1359 and central reserve cities) Number, by class and State. . . . 440 Chairmen, Federal Reserve Banks 17, 1429 Real estate mortgages held, by type. . 63, 195, Chairmen and Vice Chairmen, Board of Gov- 307, 409, 539, 671, 785, 907, 1043, 1161, ernors, list covering period 1914-60 748 1269, 1381 Chalkley, Henry G., Jr., appointed Deputy Commercial and industrial loans: Chairman at Atlanta 17, 19 Commercial banks, by classes .44, 176, 288, Chart book on financial and business statistics. 1005 390, 520, 652, 766, 888, 1024, Charts: 1142, 1250, 1362 Automobiles 361, 983, 987, 1220 Weekly reporting member banks: Bank loans and investments. ... 7, 119, 727 Sample. .49, 181, 293, 395, 525, 657, 771, Business loans 730 893, 1029, 1147, 1255, 1367 Capital markets. . 1-5, 7, 728, 1319-20, 1322 Total, leading cities 46, 178, 290, 392, Construction and mortgage credit. . . .2, 4, 841, 522, 654, 768, 890, 1026, 1144, 1252, 1364 842, 844, 846, 847, 1217 Commercial paper: Consumer buying intentions. .974, 976, 979, Rates. .50, 182, 294, 396, 526, 658, 772, 894, 983, 987, 1333 1030, 1148, 1256, 1368 Consumer goods, output, sales and Volume outstanding 52, 184, 296, 398, 528, stocks 1217-18, 1220, 1222-23 Consumer income and savings. .5, 957, 1322 660, 774, 896, 1032, 1150, 1258, 1370 Consumer instalment credit. 359, 362, 363 Commodity Credit Corporation: Corporate finance .3, 1320 Assets and liabilities 62, 194, 306, 408, 538, Credit and capital expansion. ... 1 670, 784, 906, 1042, 1160, 1268, 1380 Demand deposits, turnover of. 8, 9 Condition statements (See Assets and liabilities) Employment . 467, 469, 470 Construction: Farmland and farm loans 851, 855, 856 Article on construction and mortgage credit 841 Foreign gold reserves and dollar Contracts awarded 76, 208, 320, 422, 552, holdings. .257, 259, 262 684, 798, 920, 1056, 1174, 1282, 1394 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1438 FEDERAL RESERVE BULLETIN • DECEMBER 1960 Pages Pages Construction—Continued Currency {See also specific types of currency): New housing starts. .. .77, 209, 321, 423, 553, Consolidated monetary statement. .. .40, 172, 685, 799, 921, 1057, 1175, 1283, 1395 284, 386, 516, 648, 762, 884, 1020, Value of new activity. . .77, 209, 321, 423, 553, 1138, 1246, 1358 685, 799, 921, 1057, 1175, 1283, 1395 Outstanding and in circulation. . . .39, 171, 283, Consumer buying intentions: 385j 515j 647? 761> 883? 101 9 5 Quarterly survey. .973, 977, 1332 2137 1244 1356 Consumer credit: Customer credit, stock market: Instalment credit: Monthly table .51, 183, 295, 397, 527, 659, Article on expansion of. .359 773? 895? 1 (m H 49 1257? 1369 Extensions and repayments 68, 200 312, nge firms, detailed debit and Stock Excha 414, 544, 676, 790, 912, 1048 1166 , e 1953-60. . 1069 credit balances Jun 1274, lioo ^ ^g7 «^ ofn^o^^i'iif!^' A^ Debits to deP°sit accounts. ...38, 170, 282, 384, 542, 674 788 910 1046 1164 1272 1384 514 646 760 882 1018 n 36 1245 1357 Major parts. 66, 198 310 412 542 674, 788 Decker? AlonzQ Q Jr reappointed Class c . , , r 1 \ u ' V loo Vii director at Richmond and designated Chairman XNTonmstalm ent+ credtit, by holder. . .67, 199, 311, J Federal Reserve A^ent 17 1R 411 54a 675 7«Q 911 1047 aana reaeral reserve Agent. . l/, 18 1165 1273 1385 Defense Production Act, extension of 742 Revised series ' 1343' 1406 Defense production loans. . . .38, 170, 282, 384, 514, Consumer goods: " ' 646> 760> 882> 1018> 1136 Article on consumer goods developments. . .1217 De Koning, Paul, appointed director at Portland Production index. . . 73, 205, 317, 419, 549, 681, Branch .269 795, 917, 1053, 1171, 1279, 1391 Demand deposits: Consumer instalment credit expansion, Adjusted, banks and the monetary article on ... 359 system .40, 172, 284, 386, 516, 648, 762, Consumer investment in capital market instru- 1020, 1138, 1246, 135*8 884? ments • -5, 1322 Adjusted, commercial banks, by Consumer price indexes.... 82, 214, 326, 428, 558, classes 45, 177, 289, 391, 521, 653, 767, 690, 804, 926, 1062, 1180, 1288, 1400 ' ' n \ 5\ 1363 889 1025 43 2 Consumption expenditures . .84, 216, 328, 430, 560, i s. . . .41, 173,'285, 387, 517, 649, Banks by casse 692, 806, 928, 1064, 1182, 1290, 1402 ; , 1139, 1247, 1359 763> 885 1021 Continental Bank and Trust Company, Salt Lake Classification and coding system for .735 City, Utah, Order directing increase in capital Member banks, by classes. . .35, 167, 279, 381, funds 859 511,643,757,879,1015,1133,1241,1353 Cooper, H. Lee, reelected Class A director at Ownership of, article on 367 St. Louis 1342 Turnover of. . 38, 170, 282, 384, 514, 646, 760, Cooper, Stanley M., resignation as director at 1018, 1136, 1245, 1357 882j Boston 24 Turnover of, revised series....'. . . ' ... 8, 26 Corbett, Roger B., appointed director at El Type of holder, at commercial banks . 45, 177, Paso Branch . 19, 21 89, 391, 521, 653, 767, 889, 1025, 2 Corporate sales, profits, tcixes, and 1143 1251 1363 dividends 54-55,186-87,298-99,400-01530-31, Weekly reporting member banks 48,180 292 662-63, 776-77, 898-99, 1034-35, 1152-53, 394, 524, 656, 770, 892, 1028, 1146^ 1260-61, 1372-73 54, 1366 12 S af S e ts in 1959 and 1960 3 1320 Dembitz> L^wis N., title changed to Associate i^apitai marKeis in ujy ana l^ou :>, uzu AHvJ«^r rjivi'«irm r»f Ppcpo^h Q^H Qtati'ctiVc OK New issues .56, 188, 300, 402, 532, 664, 778, Adviser, Division ol Research and Statistics. 25 900, 1036, 1154, 1262, 1374 Department stores: Outstanding, net change in. . . . 54, 186, 298, 400, Merchandising data 81 213 325, 427, 557, 530, 662, 776, 898, 1034, 1152, 1260, 1372 689 803, 925, 1061, 1179, 1287, 1399 c t A Prices 51, 183, 295, 397, 527, 659, 773, 895, Sales and stocks 80> 212> 324> 426> 5^6, 688, 1031, 1149, 1257, 1369 . 802> 924, 1060, 1178, 1286, 1398 w J Purchases by foreigners 103, 241, 341, 451, Revised indexes .501 587, 707, 823, 957, 1079, 1201, 1303, 1419 Deposits {See also specific types of deposits): Yields. .50, 182, 231, 294, 396, 526, 658, 772, Absorption of exchange charges as payment 894, 1030, 1148, 1256, 1368 of interest on demand deposits. 858, 1226 Cosgriff, Stewart, reappointed director at Denver Adjusted, and currency 40, 172, 284, 386, Branch 23 516,648,762,884,1020,1138,1246,1358 Cost of living (^Consumer price indexes) Bank b d 41 m 2S$ 38? 51? 649 Court cases {See Litigation) ^ oo<~' \ \ \ ' ^ 7 w? UQ 1A1 n Cowan, L C, Jr., appointed director at Charlotte ^ . ^ 763' 885' 1U21' 1139' 1247' 1359 Branch 18 19 Commercial banks, by classes. . .45, 177, 289, Craft, George's., elected Class A director at ' 391> 521> 6^3, 767, 889, 1025, Atlanta 1342 1143, 1251, 1363 Credit and money developments, atricle on. 727 Federal Reserve Banks: Credit policy {See Federal Reserve policy) Condition statement data ...36, 168, 280, Cudlipp, A. E., reappointed director at Houston 382, 512, 644, 758, 880, 1016, Branch .19 1134, 1242, 1354 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 46 1439 Pages Pages Deposits—Continued Dollar assets, foreign—Continued Federal Reserve Banks—Continued Held at Federal Reserve Banks. . . . 103, 241, 341, Held for foreign correspondents . 103, 241, 451, 587, 707, 823, 957, 1079, 1201, 1303, 1419 341, 451, 587, 707, 823, 957, 1079, Donovan, Howard N., appointed director at 1201, 1303, 1419 Buffalo Branch 21 Maximum rates, time deposits. . .. 34, 166, 278, Dwelling units started 77, 209, 321, 423, 553, 380, 510, 642, 756, 878, 1014, 685, 799, 921, 1057, 1175, 1283, 1395 1132, 1240, 1352 Earnest, D. L., appointed director at Nashville Member banks, by classes 35, 167, 279, 381, Branch .... .22 511, 643, 757, 879, 1015, 1133, 1241, 1353 Earnings and expenses: Mutual savings banks . . . 52, 184, 296, 398, 528, Federal Reserve Banks 24, 220 660, 774, 896, 1032, 1150, 1258, 1370 Member banks. 474, 564, 1224, 1294 Postal savings: Earnings and hours, manufacturing Consolidated monetary statement 40, 172, industries. 79, 211, 323, 425, 555, 687, 801, 284, 386, 516, 648, 762, 884, 1020, 923, 1059, 1177, 1285, 1397 1138, 1246, 1358 Eastern Trust and Banking Company, Order Maximum rates. . . .34, 166, 278, 380, 510, under Bank Holding Company Act . 744 642, 756, 878, 1014, 1132, 1240, 1352 Economic growth and monetary policy, state- Turnover of (See Demand deposits) ment of Chairman Martin on .... 126 Weekly reporting member banks. . . .48, 180, 292, Emmerich, J. O., appointed director at New 394, 524, 656, 770, 892, 1028, Orleans Branch ... 18, 20 1146, 1254, 1366 Employment: Directors, Federal Reserve Banks: Current labor market, article on 467 Chairmen and Federal Reserve Agents. . 17, 1429 Labor force. 78, 210, 322, 424, 554, 686, 800, Class A and Class B, elections of. .370, 497, 922, 1058, 1176, 1284, 1396 869, 1341 Manufacturing production worker. . . .79, 211, Class C, appointments of 18, 158, 632 323, 425, 555, 687, 801, 923, 1059, 1177, Deputy Chairmen. 17, 269, 632, 1429 1285, 1397 List of 137 Nonagricultural. . . 78, 210, 322, 424, 554, 686, Resignations and deaths 24, 497, 632 800, 922, 1058, 1176, 1284, 1396 Directors, Federal Reserve branch banks: Evans, Samuel R., appointed director at Pitts- Appointments of. 18, 21, 269, 497 burgh Branch .... 22 List of . . ... 137 Export-Import Bank, loans, etc.. . 62, 194, 306, 408, Resignations .24, 158 538, 670, 784, 906, 1042, 1160, 1268, 1380 Discount rates: Exports (See Foreign trade) Federal Reserve Banks: Farm mortgage loans: Reductions in 632, 868, 1005 Balance sheet of agriculture 855 Tables of 34, 166, 278, 380, 510, 642, Bank holdings .63, 195, 307, 409, 539, 671, 756, 878, 1014, 1132, 1240, 1352 785, 907, 1043, 1161, 1269, 1381 Foreign central banks ...110, 248, 348, 458, Govt. agency loans. . 62, 194, 306, 408, 538, 594, 714, 830, 964, 1086, 1208, 1310, 1426 670, 784, 906, 1042, 1160, 1268, 1380 Discounts and advances by Federal Reserve Banks: Life insurance company holdings 64, 196, Condition statement data . .36, 168, 280, 382, 308, 410, 540, 672, 786, 908, 1044, 512, 644, 758, 880, 1016, 1134, 1242, 1354 1162, 1270, 1382 Deed of trust notes issued under military Farmers and Mechanics Trust Company, Order housing program, as collateral for adunder Bank Holding Company Act . 14 vances . . 858 Featherer, J. Milton, elected Class A director at Maturity distribution. . . . 35, 167, 279, 381, 511, Philadelphia .1341 643, 757, 879, 1015, 1133, 1241, 1353 Federal Advisory Council. . . . 1429 Merchant Marine Bonds, eligibility as Federal business-type activities, assets and security for 151 liabilities, by fund or activity. . .62, 194, 306, 332, Weekly and monthly data. . . 30, 162, 274, 376, 408, 538, 578, 670, 696, 784, 906, 1042, 506, 638, 752, 874, 1010, 1128, 1068, 1160, 1268, 1380 1236, 1348 Federal Deposit Insurance Act: Dividends: Section 18(c), amendment with respect to Corporate. .55, 187, 299, 401, 531, 663, 777, bank mergers .611 899, 1035, 1153, 1261, 1373 Federal Deposit Insurance Corporation: Federal Reserve Banks 24, 220 Assets and liabilities . 62, 194, 306, 408, 538, Member banks 475, 477, 564, 1224, 1294 670, 784, 906, 1042, 1160, 1268, 1380 State member banks, necessity for Board Federal finance: approval of stock dividend ... .858 Cash transactions 60, 192, 304, 406, 536, 668, Dodds, E. M., Class B director at Kansas City, 782, 904, 1040, 1158, 1266, 1378 death of . .. 497 Receipts and expenditures. . 61, 193, 305, 407, Dollar assets, foreign: 537, 669, 783, 905, 1041, 1159, 1267, 1379 Foreign countries and international institu- Treasurer's balance 60, 192, 304, 406, 536, tions. 105, 243, 343, 453, 589, 709, 825, 668, 782, 904, 1040, 1158, 1266, 1378 959, 1081, 1203, 1305, 1421 Federal home loan banks: Gold and dollar transfers in 1959, Assets and liabilities . 62, 194, 306, 408, 538, article on . 257 670, 784, 906, 1042, 1160, 1268, 1380 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1440 FEDERAL RESERVE BULLETIN • DECEMBER 1960 Pages Pages Federal home loan banks—Continued Federal Reserve credit: Lending activity 65, 197, 309, 411, 541, 673, Condition statement data 36, 168, 280, 382, 787, 909, 1045, 1163, 1271, 1383 512, 644, 758, 880, 1016, 1134, Federal Housing Administration: 1242, 1354 Assets and liabilites 62, 194, 306, 408, 538, Maturity distribution 35, 167, 279, 381, 670, 784, 906, 1042, 1160, 1268, 1380 511, 643, 757, 879, 1015, 1133, Loans insured by 63-65, 195-97, 307-09, 1241, 1353 409-11, 539-41, 671-73, 785-87, 907-09, Weekly and monthly data 30, 162, 274, 1043-45, 1161-63, 1269-71, 1381-83 376, 506, 638, 752, 874, 1010, 1128, Federal National Mortgage Association: 1236, 1348 Assets and liabilities . .62, 194, 306, 408, 538, Federal Reserve notes: 670, 784, 906, 1042, 1160, 1268, 1380 Collateral for. ... 36, 168, 280, 382, 512, 644, Lending activity. . . .65, 197, 309, 411, 541, 673, 758, 880, 1016, 1134, 1242, 1354 787, 909, 1045, 1163, 1271, 1383 Condition statement data 36, 168, 280, Federal Open Market Committee: 382, 512, 644, 758, 880, 1016, 1134, Members and staff. 1429 1242, 1354 Federal Reserve Act: Federal Reserve Agents' accounts 36, 168, Section 14(b), amendment extending au- 280, 382, 512, 644, 758, 880, 1016, thority of Federal Reserve Banks to pur- 1134, 1242, 1354 chase and sell Govt. obligations directly Interest paid to Treasury 24, 220 from or to the U. S.. 742 Outstanding and in circulation. 39, 171, 283, Section 19: 385, 515, 647, 761, 883, 1019, Absorption of exchange charges as 1137, 1244, 1356 payment of interest on demand Federal Reserve policy: deposits 858, 1226 Bank reserves and Federal Reserve Absorption of intangible personal policy, discussion 124 property tax on bank deposits 1124 Monetary policy and economic growth, Federal Reserve Agents .17, 1429 statement of Chairman Martin on. 126 Federal Reserve Bank of Atlanta: Federal Reserve System: Clark, Lewis M., retirement as First Vice Admissions of State banks to President 24 membership. . .26, 269, 370, 501, 746, 1005 Patterson, Harold T., appointment as First Federal Reserve-Treasury study of Government securities market 269 Vice President ... 24 Federal Reserve Banks: Finance charges, proposed legislation, statement Authority to purchase and sell Govt. of Chairman Martin on S. 2755 .365 obligations directly from or to the U. S., Finance company paper: extension of 742 Rates. .50, 182, 294, 396, 526, 658, 772, Branches (See Branch banks, Federal 894, 1030, 1148, 1256, 1368 Reserve System) Volume outstanding 52, 184, 296, 398, Chairmen and Deputy Chairmen 17, 1429 528, 660, 774, 896, 1032, 1150, 1258, 1370 Condition statement 36, 168, 280, 382, 512, Financial institutions, loans to: 644, 758, 880, 1016, 1134, 1242, 1354 Commercial banks, by classes .... 44, 176, 288, Directors (See Directors, Federal Reserve Banks) 390, 520, 652, 766, 888, 1024, Discount rates: 1142, 1250, 1362 Reductions in 632, 868, 1005 Weekly reporting member banks . 46, 178, Tables of. . .34, 166, 278, 380, 510, 642, 290, 392, 522, 654, 768, 890, 1026, 756, 878, 1014, 1132, 1240, 1352 1144, 1252, 1364 Earnings and expenses .24, 220 First Bank Stock Corporation, Order under Fiscal agents for International Bank Holding Company Act 486 Development Association. .742 First Vice Presidents of Federal Reserve Banks: Officers . . . 1430 Clark, Lewis M., retirement at Atlanta. .24 Stock of, proposed legislation with respect List of 1430 to retirement of. 739 Patterson, Harold T., appointment at Atlanta 24 U. S. Govt. security holdings: First Virginia Corporation, Order under Bank Condition statement data 36, 168, 280, Holding Company Act 617 382, 512, 644, 758, 880, 1016, 1134, First Wisconsin Bankshares Corporation, Order 1242, 1354 under Bank Holding Company Act .266 Maturity distribution. . 35, 167, 279, 381 Fleming, Lamar, Jr., appointed Deputy Chairman 511, 643, 757, 879, 1015, 1133, 1241, 1353 at Dallas .17, 21 Flow of funds: Ownership data . .58, 190, 302, 404, 534, Financial assets and liabilities 939 666, 780, 902, 1038, 1156, 1264, 1376 Saving and financial flows 86, 218, 330, Weekly and monthly data 30, 162, 274, 432, 562, 694, 808, 930, 1066, 1184, 376, 506, 638, 752, 874, 1010, 1128, 1292, 1404 1236, 1348 Supplementary tables. .633 Federal Reserve Bulletin: Foreign central banks: Tables, changes in . .26, 1232 Discount rates .110, 248, 348, 458, 594, 714, Federal Reserve Chart Book . 1005 830, 964, 1086, 1208, 1310, 1426 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 46 1441 Pages Pages Foreign central banks—Continued Gold—Continued Gold reserves . . .106, 244, 344, 454, 590, 710, Stock—Continued 826, 960, 1082, 1204, 1306, 1422 Weekly and monthly data .30, 162, 274, Foreign deposits in U. S. banks: 376, 506, 638, 752, 874, 1010, 1128, Banks and the monetary system . .40, 172, 284, 1236, 1348 386, 516, 648, 762, 884, 1020, 1138, 1246, 1358 U. S. balance of payments. .257, 1101 Commercial banks, by classes . .45, 177, 289, Gold certificates : 391, 521, 653, 767, 889, 1025, 1143, Collateral against Federal Reserve 1251, 1363 notes. 36, 168, 280, 382, 512, 644, 758, Federal Reserve Banks: 880, 1016, 1134, 1242, 1354 Condition statement data 36, 168, 280, Federal Reserve Bank condition 382, 512, 644, 758, 880, 1016, 1134, statement data. 36, 168, 280, 382, 512, 644, 1242, 1354 758, 880, 1016, 1134, 1242, 1354 Held for foreign correspondents 103, Outstanding and in circulation 39, 171, 283, 241, 341, 451, 587, 707, 823, 957, 385, 515, 647, 761, 883, 1019, 1137, 1079, 1201, 1303, 1419 1244, 1356 Weekly and monthly data 30, 162, 274, Govt. agencies, assets and liabilities (See Federal 376, 506, 638, 752, 874, 1010, 1128, business-type activities) 1236, 1348 Govt. debt (See U. S. Govt. securities) Weekly reporting member banks 48, 180, 292, Govt. securities (See U. S. Govt. securities) 394, 524, 656, 770, 892, 1028, Government Securities Market Study. . 269 1146, 1254, 1366 Green, Joshua, Jr., reappointed director Foreign exchange rates ..111, 249, 349, 459, 595, at Seattle Branch .23 Grier, William H., appointed Class C director 715, 831, 965, 1087, 1209, 1311, 1427 at Richmond 632 Foreign investments, survey of .485 Gross national product. .84, 216, 328, 430, 560, 692, Foreign liabilities and claims reported 806, 928, 1064, 1182, 1290, 1402 by banks .96, 234, 334, 444, 580, 700, 816, 950, 1072, 1194, 1296, 1412 Hall, Raymond W., designated Chairman and Foreign trade: Federal Reserve Agent at Kansas City. . . 17 Merchandise exports and imports . .81, 213, Harrison, William H., appointed director at 325, 427, 557, 689, 803, 925, 1061, Louisville Branch 18, 20 1179, 1287, 1399 Hill, Forrest F., reappointed Deputy Chairman U. S. balance of payments, 1959-60, at New York 17 article on . 1095 Hiller, Oscar, reappointed director at Salt Freeman, Y. Frank, reappointed Deputy Chairman Lake City Branch 23 at San Francisco . 17 Hilton, James H., appointed Class director at Chicago 18, 20 Gallaugher, Frank A., appointed director at Hoadley, Walter E., Jr., appointed Deputy New Orleans Branch .22 Chairman at Philadelphia 17, 19 Galloway, M. M., appointed director Holt, Andrew D., appointed director at at Houston Branch . 23 Nashville Branch. . . . 18, 20 Gold: Home owners, Govt. agency loans. 62, 194, 306, 408, Article on gold and dollar transfers in 1959. .257 538, 670, 784, 906, 1042, 1160, 1268, 1380 Earmarked. . 104, 242, 342, 452, 588, 708, 824, Hooff, Wilson L., appointed Assistant 958, 1080, 1202, 1304, 1420 General Counsel. 1005 Net purchases by U. S 104, 242, 342, 452, Hours and earnings, manufacturing industries. . 79, 588, 708, 824, 958, 1080, 1202 211, 323, 425, 555, 687, 801, 923, 1304, 1420 1059, 1177,1285, 1397 Outstanding, U. S. money 39, 171, 283, 385, Housing: Construction and mortgage credit, article on 841 515, 647, 761, 883, 1019, 1137, 1244, 1356 New housing starts 77, 209, 321, 423, 553, Production: Domestic . . 104, 242, 342, 452, 588, 708, 685, 799, 921, 1057, 1175, 1283, 1395 824, 958, 1080, 1202, 1304, 1420 Hulcy, D. A., reelected Class B director World . .107, 245, 345, 455, 591, 711, at Dallas. .1343 827, 961, 1083, 1205, 1307, 1423 Hyde, Edwin, appointed Deputy Chairman Reserves of central banks at Richmond .632 and governments 106, 244, 344, 454, 590, Imports (See Foreign trade) 710, 826, 960, 1082, 1204, 1306, 1422 Reserves of foreign countries and Industrial production index . .70, 202, 314, 416, 546, international institutions. . 105, 143, 343, 453, 678, 792, 914, 1050, 1168, 1276, 1388 589, 709, 825, 959, 1081, 1203, 1305, 1421 Industrial Production—1959 Revision. .. .632 Stock: Instalment credit, article on expansion of 259 Changes in. .104, 242, 342, 452, 588, 708, Instalment loans. .66-69, 198-201, 310-13, 412-15, 824, 958, 1080, 1202, 1304, 1420 542-45, 674-77, 788-91, 910-13, Consolidated monetary statement. .40, 172, 1046-49, 1164-67, 1272-75, 1384-87 284, 386, 516, 648, 762, 884, 1020, Insurance companies: 1138, 1246, 1358 Investment in capital markets. 5, 1323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1442 FEDERAL RESERVE BULLETIN • DECEMBER 1960 Pages Pages Insurance companies—Continued International institutions—Continued Mortgage activity of life insurance Gold purchases. . . . 104, 242, 342, 452, 588, 708, companies. 64, 196, 308, 410, 540, 672, 786, 824, 958, 1080, 1202, 1304, 1420 908, 1044, 1162, 1270, 1382 Gold reserves. . .106, 244, 344, 454, 590, 710, Principal assets of life insurance 826, 960, 1082, 1204, 1306, 1422 companies. .53, 185, 297, 399, 529, 661, 775, Gold reserves and dollar holdings . . .105, 243, 897, 1033, 1151, 1259, 1371 343, 453, 589, 709, 825 959, U. S. Govt. security holdings.. 58-59, 190-91, 1081, 1203, 1305, 1421 302-03, 404-05, 534-35, 666-67, 780-81, Interpretations: 902-03, 1038-39, 1156-57, 1264-65, 1376-77 Bank Holding Company Act {See Bank Insured commercial banks: Holding Company Act of 1956) Assets and liabilities.. .43-45, 175-77, 287-89, Regulations, Board of Governors {See 389-91, 519-21, 651-53, 765-67, 887-89, Regulations, Board of Governors) 1023-25, 1141-43, 1249-51, 1361-63 Inventories. 84, 216, 328, 430, 560, 692, 806, Banking offices, changes in number. . .222, 947 928, 1064, 1182, 1290, 1402 Number. .43, 175, 287, 389, 519, 651, 765, Investments {See also specific types of investments): 887, 1023, 1141, 1249, 1361 Banks, by classes. .41, 173, 285, 387, 517, 649, Number, by State. 440 763, 885, 1021, 1139, 1247, 1359 Interbank deposits: Commercial banks, by classes. .44, 176, 288, 390, Banks, by classes. .41, 173, 285, 387, 517, 649, 520, 652, 766, 888, 1024, 1142, 1250, 1362 763, 885, 1021, 1139, 1247, 1359 Commercial banks, discussion. 7, 121, 729, 731 Commercial banks, by classes . . .45, 177, 289, Federal Reserve Banks 36, 168, 280, 382, 391, 521, 653, 767, 889, 1025, 1143, 1251, 1363 512, 644, 758, 880, 1016, 1134, Member banks, by classes . 35, 167, 279, 381, 1242,1354 511, 643, 757, 879, 1015, 1133, 1241, 1353 Govt. agencies, etc 62, 194, 306, 408, 538, Weekly reporting member banks .48, 180, 292, 670, 784, 906, 1042, 1160, 1268, 1380 394, 524, 656, 770, 892, 1028, 1146, 1254, 1366 Life insurance companies 53, 185, 297, 399, Interest on deposits: 529, 661, 775, 897, 1033, 1151, 1259, 1371 Absorption of exchange charges as payment Mutual savings banks 52, 184, 296, 398, of interest on demand deposits 858, 1226 528, 660, 774, 896, 1032, 1150, 1258, 1370 Absorption of intangible personal property Savings and loan associations 53, 185, 297, 399, tax on bank deposits . . . 1124 529, 661, 775, 897, 1033, 1151, 1259, 1371 Grace periods, time of receipt of savings Weekly reporting member banks 47, 179, deposit for purposes of 371 291, 393, 523, 655, 769, 891, Monthly payment by check of interest 1027, 1145, 1253, 1365 on deposits . 630 Time deposits, maximum rates. 34, 166, 278, Jarman, W. Maxey, elected Class B director 380, 510, 642, 756, 878, 1014, 1132, 1240, 1352 at Atlanta 1342 Interest rates: Jesness, O. B., designated Chairman and Federal Article on interest rates in leading countries . 605 Reserve Agent at Minneapolis 17, 20 Bond yields. . . .50, 182, 231, 294, 396, 526, 658, Johnson, Robert E. L., elected Class B director 772, 894, 1030, 1148, 1256, 1368 at Richmond . 1342 Business loans by banks 49, 181, 293, 395, Jorgenson, O. M., reappointed director at Helena 525, 657, 771, 893, 1029, 1147, 1255, 1367 Branch 23 Developments with respect to. . . 125, 729, 1324 Discount rates, Federal Reserve Banks: Kennedy, David M., elected Class A director Reductions in 632, 868, 1005 at Chicago 1342 Table of. . 34, 166, 278, 380, 510, 642, King, G. H., Jr., reappointed member of Board 756, 878, 1014, 1132, 1240, 1352 of Governors 24, 158 Foreign countries: Koch, Albert R., appointed Adviser in Division Discount rates . . .110, 248, 348, 458, 594, of Research and Statistics .25 714, 830, 964, 1086, 1208, 1310, 1426 Kountze, Harold, reelected Class A director at Open market rates . . .109, 247, 347, 457, 593, 713, 829, 963, 1085, 1207, 1309, 1425 Kansas City 1343 Open market rates, domestic. .50, 182, 230, 294, Labor force 78, 210, 322, 424, 554, 686, 396, 526, 658, 772, 894, 1030, 1148, 1256, 1368 800, 922, 1058, 1176, 1284, 1396 Regulation V loans. .38, 170, 282, 384, 514, Labor market, article on 467 646,760,882, 1018, 1136 Stock yields .50, 182, 231, 294, 396, 526, 658, Lange, Ray C, reelected Class B director at Min- 772, 894, 1030, 1148, 1256, 1368 neapolis .1343 Time deposits, maximum rates. . . . 34, 166, 278, Langenohl, Gerald F., reelected Class B director 380, 510, 642, 756, 878, 1014, 1132, 1240, 1352 at Chicago .1342 International capital transactions of the U. S. . .96, Legislation: 234, 334, 444, 580, 700, 816, 950, Authority of Federal Reserve Banks to pur- 1072, 1194, 1296, 1412 chase and sell Govt. obligations directly International Development Association: from or to the U. S., extension of. . 742 Federal Reserve Banks as fiscal agents for .742 Bank mergers: International institutions: Public Law 86-463, amending Section Condition. 108, 246, 346, 456, 592, 712, 828 18(c) of Federal Deposit Insurance 962, 1084, 1206, 1308, 1424 Act .611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 46 1443 Pages Pages Legislation—Continued Loans—Continued Bank mergers—Continued Weekly reporting member banks. . .46, 178, 290, Statement of Chairman Martin on S. 392, 522, 654, 768, 890, 1062 263 1026, 1144, 1252, 1364 Defense Production Act, extension of 742 Loans insured or guaranteed: Federal Reserve Bank stock, retirement of, FHA-insured 63-65, 195-97, 307-09, statement of Chairman Martin on H. R. 409-11, 539-41, 671-73, 785-87, 907-09, 8516 and H. R. 8627 739 1043-45, 1161-63, 1269-71, 1381-83 Federal Reserve Banks as fiscal agents for Regulation V loans 38, 170, 282, 384, International Development Association. .742 514, 646, 760, 882, 1018, 1136 Finance charges, statement of Chairman VA-guaranteed. 63-65, 195-97, 307-09, 409-11, Martin on S. 2755 365 539-41, 671-73, 785-87, 907-09, 1043-45, Small Business Investment Act, amendment 1161-63, 1269-71, 1381-83 to 742 Long, Augustus C, reelected Class B director Life insurance companies (See Insurance com- at New York .1341 panies) Longwell, J. H., reappointed Deputy Chairman at Linderholm, C. Lincoln, appointed director at St. Louis .17 Detroit Branch . . 22 Lyle, Clay, appointed director at Memphis Litigation: Branch . . 18, 20 Old Kent Bank and Trust Company, Grand Rapids, Mich., Court's opinion regarding Manufactures, production index. . . .70, 202, 314, 416, Board's branch authority .612 546, 678, 792, 914, 1050, Loans (See also specific types of loans): 1168, 1276, 1388 Banks, by classes. . . .41, 173, 285, 387, 517, 649, Margin requirements: 763, 885, 1021, 1139, 1247, 1359 Reduction in 857 Call report loan schedule, revision of. . . .12, 158 Table of. .34, 166, 278, 380, 510, 642, 756, Commercial banks, by classes 44, 176, 288, 878, 1014, 1132, 1240, 1352 390, 520, 652, 766, 888, 1024, Marine Corporation, Orders under Bank Holding 1142, 1250, 1362 Commercial banks, discussion. .. .7, 120, Company Act .619, 1338 729, 1323 Marine Midland Corporation, Order under Bank Federal Reserve Banks: Holding Company Act. 1228 Condition statement data... 36, 168, 280, Martin, Wm. McC, Jr.: 382, 512, 644, 758, 880, 1016, Bank merger legislation, statement on. . . 263 1134, 1242, 1354 Federal Reserve Bank stock, statement on Deed of trust notes issued under mili- proposed legislation with respect to retiretary housing program, as collateral ment of 739 for advances ... 858 Finance charges, statement on bill S. 2755. .365 Maturity distribution. . . . 35, 167, 279, 381, Monetary policy and economic growth, state- 511, 643, 757, 879, 1015, 1133, ment on . .126 1241, 1353 Maxwell, Arthur F., reelected Class A director Member bank borrowings. . . .32, 164, 276, at Boston 1341 378, 508, 640, 754, 876, 1012, McBride, Pierre B., reappointed Class C director 1130, 1238, 1350 at St. Louis and designated Chairman and Fed- Merchant Marine Bonds, eligibility as eral Reserve Agent .... 17, 18 security for 151 McElroy, James W., reappointed director at Balti- Weekly and monthly data. . . 30, 162, 274 more Branch 22 376, 506, 638, 752, 874, 1010, Member banks: 1128, 1236, 1348 Assets and liabilities, by classes. . 45, 177, 289, Govt. agencies, etc 62, 194, 306, 408, 538, 391, 521, 653, 767, 889, 1025, 1143, 670, 784, 906, 1042, 1160, 1251, 1363 1268, 1380 Banking offices, changes in number. .222, 947 Life insurance companies: Borrowings at Federal Reserve Banks: Assets. . .53, 185, 297, 399, 529, By class of member bank 32, 164, 276, 661, 775, 897, 1033, 1151, 378, 508, 640, 754, 876, 1012, 1130, 1259, 1371 1238, 1350 Mortgage activity 64, 196, 308, 410, Weekly and monthly data 30, 162, 274, 540, 672, 786, 908, 1044, 1162, 376, 506, 638, 752, 874, 1010, 1270, 1382 1128, 1236, 1348 Mutual savings banks 52, 184, 296, 398, 528, Branches, number, by State 441 660, 774, 896, 1032, 1150, Deposits, by classes 35, 167, 279, 381, 511, 1258, 1370 643, 757, 879, 1015, 1133, Savings and loan associations: 1241, 1353 Assets. .53, 185, 297, 399, 529, 661, Earnings and expenses. . .474, 564, 1224, 1294 775, 897, 1033, 1151, Number, by class 42, 174, 286, 388, 518, 1259, 1371 650, 764, 886, 1022, 1140, 1248, 1360 Mortgage activity 64, 196, 308, 410, Number, by class and State. .440 540, 672, 786, 908, 1044, 1162, Operating ratios 810 1270, 1382 Reserve requirements (See Reserve requirements) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1444 FEDERAL RESERVE BULLETIN • DECEMBER 1960 Pages Pages Member banks—Continued New Hampshire Bankshares, Inc., Order under Reserves {See Reserves) Bank Holding Company Act. . .. 742 Weekly reporting series 46, 178, 290, 392, Nonmember banks: 522, 654, 768, 890, 1026, 1144, 1252, 1364 Assets and liabilities 43-45, 175-77, 287-89, Membership in Federal Reserve System: 389-91, 519-21, 651-53, 765-67, 887-89, Admissions of State banks. .26, 269, 370, 1023-25, 1141-43, 1249-51, 1361-63 501, 746, 1005 Banking offices, changes in number. . . .222, 947 Merchant Marine Bonds, eligibility as security Discounts and advances by Federal Reserve for loans by Federal Reserve Banks 151 Banks. .36, 168, 280, 382, 512, 644, 758, Miles, LeRoy M., appointed director at 880, 1016, 1134, 1242, 1354 Cincinatti Branch 21 Number. .43, 175, 287, 389, 519, 651, 765, Miller, Max A., reelected Class B director at 887, 1023, 1141, 1249, 1361 Kansas City 1343 Number, by State . 440 Mining, production index. . . .70, 202, 314, 416, 546, Noyes, Guy E., appointed Director of 678, 792, 914, 1050, 1168, 1276, 1388 Division of Research and Statistics. 25 Mitchell, Walter M., designated Chairman and Old Kent Bank and Trust Company, Grand Federal Reserve Agent at Atlanta 17 Rapids, Mich., litigation involving Board's Monetary policy and economic growth, statement branch authority. 612 of Chairman Martin on .126 Olson, Raymond E., reappointed director at Money and bank credit in 1959, article on. .119 Buffalo Branch 18 Money and credit developments, article on. 727 Olson, Robert A., elected Class B director at Money supply: Kansas City .869 New measure (semimonthly)... . .1102 Operating ratios, member banks 810 Revised series (consolidated statement). . 133 Otten, John M., reappointed director at Helena Table on, and related data. . .1232, 1245, 1357 Branch 19 Mortgages {See Real estate loans) Otto Bremer Company, Order under Bank Mott, A. Leonard, elected Class A director at Holding Company Act .621 New York 1341 Ownership of demand deposits, article on. .367 Murphy, R. J., reappointed director at Birmingham Branch. ... .22 Par List, banking offices on, and not on, Mutual savings banks: number 223, 948 Assets and liabilities 41, 173, 285, 387, 517, Parker, Charles D., reappointed director at 649, 763, 885, 1021, 1139, 1247, 1359 Charlotte Branch .22 Banking offices, changes in number. 222, 947 Patterson, Harold T., appointed First Vice Branches, number, by State 441 President of Federal Reserve Bank of Atlanta 24 Consolidated monetary statement. .40, 172, 284, Paxton, James L., Jr., reappointed director at 386, 516, 648, 762, 884, Omaha Branch . . 19 1020, 1138, 1246, 1358 Paxton, Joe D,. reappointed director at Los Investment in capital markets 6, 1323 Angeles Branch 23 Monthly table. .. .52, 184, 296, 398, 528, 660, Payrolls, manufacturing index. .76, 208, 320, 422, 552, 774, 896, 1032, 1150, 1258, 1370 684, 798, 920, 1056, 1174, 1282, 1394 Number .41, 173., 285, 387, 517, 649, 763, Perry, Chas. B., appointed director at El Paso 885, 1021, 1139, 1247, 1359 Branch .23 Number, by State 440 Person, Robert T., appointed director at Real estate loans held by .63, 195, 307, 409, Denver Branch 19, 20 539, 671, 785, 907, 1043, 1161, 1269, 1381 Personal income. .85, 217, 329, 431, 561, 693, 807, U. S. Govt. security holdings. . . 58-59, 190-91, 929, 1065, 1183, 1291, 1403 302-03, 404-05, 534-35, 666-67, 780-81, 902-03, Persons, John C, resignation as director at 1038-39, 1156-57, 1264-65, 1376-77 Birmingham Branch . . 24 Plummer, Frank A., appointed director at National banks: Birmingham Branch 22 Assets and liabilities . .43, 175, 287, 389, 519, Pool, Leonard P., elected Class B director at 651, 765, 887, 1023, 1141, 1249, 1361 Philadelphia . 1341 Banking offices, changes in number. .222, 947 Postal Savings System: Branches, number, by State 441 Consolidated monetary statement 40, 172, Number. .43, 175, 287, 389, 519, 651, 765, 284, 386, 516, 648, 762, 884, 1020, 887, 1023, 1141, 1249, 1361 1138, 1246, 1358 Number, by State. .440 Deposits, maximum rates 34, 166, 278, 380, 510, 642, 756, 878, 1014, 1132, National income. .84, 216, 328, 430, 560, 692, 806, 1240, 1352 928, 1064, 1182, 1290, 1402 Prall, Bert R., designated Chairman and National security expenditures: Federal Reserve Agent at Chicago. ... 17 National product series. .84, 216, 328, 430, 560, Presidents of Federal Reserve Banks. . . .1430 692, 806, 928, 1064, 1182, 1290, 1402 Price, Howard W., reappointed director at Treasury statement basis—61, 193, 305, 407, 537, Salt Lake City Branch. .19 669, 783, 905, 1041, 1159, 1267, 1379 Prices: National summary of business conditions. . . 26, 159, Consumer. ... 82, 214, 326, 428, 558, 270, 373, 502, 634, 749, 870, 1006, 1125, 690, 804, 926, 1062, 1180, 1233, 1344 1288, 1400 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 46 1445 Pages Pages Prices—Continued Regulations, Board of Governors—Continued Wholesale commodity 82, 214, 326, D, Reserves of Member Banks—Continued 428, 558, 690, 804, 926, 1062, Reserve requirements: 1180, 1288, 1400 Central reserve city banks, reduc- Production: tions in .... .857, 868, 1226 Industrial 70, 202, 314, 416, 546, 678, Country banks, increase in 1226 792, 914, 1050, 1168, 1276, 1388 Vault cash, authority for use in meeting Industrial Production—1959 Revision. .632 reserve requirements 857, 868, 1226 Profits: J, Check Clearing and Collection: Corporate 55, 187, 299, 401, 531, 663, Section 6, amendment to. . . .858 777, 899, 1035, 1153, 1261, 1373 Q, Payment of Interest on Deposits: Member banks. . . .475, 477, 564, 1224, 1294 Absorption of exchange charges as Public Law 86-114, reserves of member banks, payment of interest on demand article on implementation of 1326 deposits , .858, 1226 Public Law 86-463, amending Section 18(c) of Absorption of intangible personal prop- Federal Deposit Insurance Act with respect to erty tax on bank deposits 1124 bank mergers ... .611 Associated Hospital Service, ineligible Publications, Board of Governors: to maintain savings account 1124 Annual Report, 1959 . .269 Grace periods, time of receipt of savings Federal Reserve Chart Book . 1005 deposit for purposes of 371 Flow-of-funds supplementary tables 633 Monthly payment by check of interest Government Securities Market Study 269 on deposits 630 Industrial Production—1959 Revision. .632 T, Credit by Brokers, Dealers, and Members List of .1431 of National Securities Exchanges: Puckett, B. Earl, elected Class B director at Margin requirements, reduction in. . .857 New York .497 U, Loans by Banks for the Purpose of Purchasing or Carrying Registered Stocks: Quarterly survey of consumer buying intentions, Amendment with respect to "carrying". . 265 articles on 973, 977, 1332 Credit extended by lender other than Queeny, Edgar M., elected Class B director at bank or broker, reporting require- St. Louis .1342 ment 13, 372 Loans by bank in capacity as trustee .631 Real estate loans: Loans to exercise stock options. .631 Commercial banks 63, 195, 307, 409, Margin requirements, reduction in. .857 539, 671,785, 907, 1043, 1161, 1269, 1381 V, Loan Guarantees for Defense Production: Commercial banks, by classes . . 44, 176, 288, Fees and rates. . . .38, 170, 282, 384, 514, 390, 520, 652, 766, 888, 1024, 646,760, 882, 1018, 1136 1142, 1250, 1362 Loans guaranteed 38, 170, 282, 384, Construction and mortgage credit, 514, 646, 760, 882, 1018, 1136 article on 841 Y, Bank Holding Companies: Mutual savings banks 52, 184, 296, 398, Section 4, amendments to. 611 528, 660, 774, 896, 1032, Reserve and central reserve cities: 1150, 1258, 1370 List of member banks, by reserve classifica- Type of mortgage holder. .63-65, 195-97, 307-09, tions . . ... 497 409-11, 539-41, 671-73, 785-87, Reserve requirements for central reserve city 907-09, 1043-45, 1161-63, banks, reductions in . . . .857, 868, 1226 1269-71, 1381-83 Triennial review, suspension of. 151 Type of property mortgaged. . . 63-65, 195-97, Reserve requirements, member banks: 307-09, 409-11, 539-41, 671-73, 785- Central reserve city banks, reduc- 87, 907-09, 1043-45, 1161-63, tions in ... . .857, 868, 1226 1269-71, 1381-83 Country banks, increase in . 1226 Weekly reporting member banks .46, 178, 290, Implementation of 1959 Act, article on 1326 392, 522, 654, 768, 890, 1026, Table of. . . .35, 167, 279, 381, 511, 1144, 1252, 1364 643, 757, 879, 1015, 1133, 1241, 1353 Reed, Philip D., appointed Class C director at New York and designated Chairman and Vault cash, authority for use in meeting Federal Reserve Agent 17, 18, 19 reserve requirements .857, 868, 1226 Reese, Addison H., elected Class A director at Reserves: Commercial banks, by classes . . .45, 177, 289, Richmond . . . 1342 391, 521, 653, 767, 889, Refling, Harold C, reelected class A director 1025, 1143, 1251, 1363 at Minneapolis . 1342 Regulations, Board of Governors: Federal Reserve Banks. .36, 168, 280, 382, Reprint of .1338 512, 644, 758, 880, D, Reserves of Member Banks: 1016, 1134, 1242, 1354 Differential or dealer reserve accounts Foreign central banks and governments. . . .106, as deposits against which reserves are 244, 344, 454, 590, 710, 826, required . 265 960, 1082, 1204, 1306, 1422 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1446 FEDERAL RESERVE BULLETIN • DECEMBER 1960 Pages Pages Reserves—Continued Securities companies—Continued Foreign countries and international Interlocking directorates with member banks— institutions. . .105, 243, 343, 453, 589, 709, Continued 825, 959, 1081, 1203, 1305, 1421 Licensee corporation under Small Busi- Member banks: ness Investment Act 631 Accounts with Federal Reserve Banks . 36, Securities, international transactions 102, 240, 168, 280, 382, 512, 644, 758, 340, 450, 586, 706, 822, 956, 880, 1016, 1134, 1242, 1354 1078, 1200, 1302, 1418 By class of bank. . . . 32, 164, 276, 378, 508, Security issues: 640, 754, 876, 1012, 1130, 1238, 1350 Corporate, outstanding, net change in. 54, 186, Commercial bank statement 45, 177, 298, 400, 530, 662, 776, 898, 1034, 289, 391, 521, 653, 767, 1152, 1260, 1372 889, 1025, 1143, 1251, 1363 New issues 56, 188, 300, 402, 532, Differential or dealer reserve accounts 664, 778, 900, 1036, 1154, 1262, 1374 as deposits against which reserves State and local governments 57, 189, 301, are required, interpretation 265 403, 533, 665, 779, 901, 1037, 1155, Regulation D, amendments to 857, 1263, 1375 868, 1226 Silver coin and silver certificates, outstanding Reserve requirements {See Reserve and in circulation 39, 171, 283, 385, 515, requirements) 647, 761, 883, 1019, 1137, 1244, 1356 Reserves and related items . 30, 162, 274, Smith, J. Thomas, reappointed director at Detroit 376, 506, 638, 752, 874, Branch .... 18 1010, 1128, 1236, 1348 Smith, Robert J., designated Chairman and Weekly reporting banks 47, 179, 291, Federal Reserve Agent at Dallas. .17 393, 523, 655, 769, Small business investment companies: 891, 1027, 1145, 1253, 1365 Licensee corporation under Small Business Residential mortgage loans . . 63-65, 195-97, 307-09, Investment Act, interlocking directorates 409-11, 539-41, 671-73, 785-87, 907-09, with member banks. 631 1043-45, 1161-63, 1269-71, 1381-83 Percentage limitation on acquisition by bank Riddel, Roy, elected Class A director at Dallas 1343 holding company of stock of. 742, 1004 Riefler, Winfield W., retirement as assistant to Sprague, Robert C, designated Chairman and the Chairman of the Board of Governors .25 Federal Reserve Agent at Boston 17 Robbins, William R., elected Class B director Staff of Board of Governors {see Board of at Boston 370 Governors) Robertson, Merle E., reappointed director at State member banks: Louisville Branch .22 Admissions to membership in Federal Reserve Rosenblatt, Joseph, reelected Class B director System 26, 269, 370, 501, 746, 1005 at San Francisco. 1343 Assets and liabilities 43, 175, 287, 389, 519, Ryan, John T., Jr., reappointed director at 651, 765, 887, 1023 1141, 1249, 1361 Pittsburgh Branch. 18 Banking offices, changes in number. . 222, 947 Sales finance companies, consumer Branch authority of Board, litigation loans of 67, 199, 311, 413, 543, 675, involving .612 789, 911, 1047, 1165, 1273, 1385 Branches, number, by State. . . .441 Saving: Continental Bank and Trust Company, Flow-of-funds series. . 86, 218, 330, 432, 562, Salt Lake City, Utah, Order directing 694, 808, 930, 1066, 1184, increase in capital funds 859 1292, 1404 Number. .43, 175, 287, 389, 519, 651, 765, National income series . 85, 217, 329, 431, 561, 887, 1023, 1141, 1249, 1361 693, 807, 929, 1065, 1183, Number, by State . 440 1291, 1403 Stock dividends, necessity for Board Savings deposits {See Time deposits) approval 858 Savings institutions, principal assets . . .52-53, 184-85, State and municipal securities: 296-97, 398-99, 528-29, 660-61, 774-75, Capital markets in 1959 and 1960 4, 1321 896-97, 1032-33, 1150-51, Monthly table 57, 189, 301, 403, 533, 665, 1258-59, 1370-71 779, 901, 1037, 1155, 1263, 1375 Savings and loan associations: New issues 56, 188, 300, 402, 532, 664, 778, Investment in capital markets 6, 1323 900, 1036, 1154, 1262, 1374 Mortgage activity 64, 196, 308, 410, Prices. 51, 183, 295, 397, 527, 659, 773, 895, 540, 672, 786, 908, 1044, 1162, 1031, 1149, 1257, 1369 1270, 1382 Yields. .50, 182, 294, 396, 526, 658, 772, Principal assets 53, 185, 297, 399, 529, 894, 1030, 1148, 1256, 1368 661, 775, 897, 1033, 1151, 1259, 1371 States and political subdivisions: U. S. Govt. security holdings 1265, 1377 Deposits: Seacrest, Joe W., reappointed Deputy Chairman at Commercial banks, by classes 45, 177, Kansas City . . . .17 289, 391, 521, 653, 767, 889, Securities companies: 1025, 1143, 1251, 1363 Interlocking directorates with member banks: Weekly reporting member banks 48, Closed-end investment company in 180, 292, 394, 524, 656, 770, process of organization. .371 892, 1028, 1146, 1254, 1366 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 46 1447 Pages Pages States and political subdivisions—Continued Time deposits—Continued Holdings of U. S. Govt. securities 58, 190, Member banks, by classes 35, 167, 279, 302, 404, 534, 666, 780, 902, 381, 511, 643, 757, 879, 1038, 1156, 1264, 1376 1015, 1133, 1241, 1353 Ownership of obligations of: Weekly reporting member banks 48, 180, Commercial bank holdings 288, 390, 292, 394. 524, 656. 770, 892, 520, 652, 766, 888, 1024, 1028, 1146, 1254, 1366 1142, 1250, 1362 Treasurer's account balance . 60, 192, 304, 406, 536, Life insurance company holdings 53, 668, 782, 904, 1040, 1158, 1266, 1378 185, 297, 399, 529, 661, 775, Treasury cash: 897, 1033, 1151, 1259, 1371 Consolidated monetary statement . 40, 172, Mutual savings bank holdings 52, 184, 284, 386. 516, 648, 762, 884, 296, 398, 528, 660, 774, 896, 1020, 1138, 1246, 1358 1032, 1150, 1258, 1370 Weekly and monthly data. . 30, 162, 274, 376, Stephenson, C. B., reappointed director at 506, 638, 752, 874, Portland Branch .23 1010, 1128, 1236, 1348 Stock market credit: Treasury currency: Monthly table ...51, 183, 295, 397, 527, 659, Consolidated monetary statement 40, 172, 773, 895, 1031, 1149, 1257, 1369 284, 386, 516, 648, 762, 884, Stock exchange firms, detailed debit and 1020, 1138, 1246, 1358 credit balances, June 1953-60 1069 Outstanding and in circulation .39, 171, 283, Stocks: 385, 515, 647, 761, 883, Corporate, outstanding, net change in 54, 186, 1019, 1137, 1244, 1356 298, 400, 530, 662, 776, 898, Weekly and monthly data 30, 162, 274, 376, 1034, 1152, 1260, 1372 506, 638, 752, 874, 1010, 1128, 1236, 1348 New issues. .56, 188, 300, 402, 532, 664, 778, Treasury deposits at Federal Reserve Banks: 900, 1036, 1154, 1262, 1374 Condition statement data . .36, 168, 280, 382, Prices. .51, 183, 295, 397, 527, 659, 773, 895, 512, 644, 758, 880, 1016, 1134, 1242, 1354 1031, 1149, 1257, 1369 Treasury statement basis 60, 192, 304, 406, Yields. .50, 182, 231, 294, 396, 526, 658, 772, 536, 668, 782, 904, 1040, 1158, 1266, 1378 894, 1030, 1148, 1256, 1368 Weekly and monthly data 30, 162, 274, 376, Stockton, John R., appointed director at San 506, 638, 752, 874, 1010, 1128, 1236, 1348 Antonio Branch. . 19, 21 Treasury-Federal Reserve study of Government Stuart, Charles P., reappointed director at securities market . 269 Oklahoma City Branch . . .23 Treasury finance (See Federal finance) Supplee, Henderson, Jr., designated Chairman and Federal Reserve Agent at Philadelphia. .17 Trust funds, common: Surveys: Survey of, 1959. .478 Common trust funds, 1959 478 Consumer buying intentions. 973, 977, 1332 Unemployment. 78, 210, 322, 424, 554, 686, 800, Demand deposit ownership. .367 922, 1058, 1176, 1284, 1396 Foreign investments . 485 Union Bond and Mortgage Company, Order under Bank Holding Company Act. 152 Tables, Federal Reserve Bulletin: U. S. balance of payments: Changes in. .26, 1232 Article on . 1095 Tax receipts, Federal . 61, 193, 305, 407, 537, 669, Gold and dollar transfers 257, 1101 783, 905, 1041, 1159, 1267, 1379 Monthly table 109, 247, 347, 457, 593, 713, Taylor, D wight D., appointed director at San 829, 963, 1085, 1207, 1309, 1425 Antonio Branch . .23 U. S. Govt. balances: Thomas, Edwin J., elected Class B director at Commercial bank holdings, by classes 45, 177, 289, 391, 521, 653, 767, Cleveland . . 1341 889, 1025, 1143, 1251, 1363 Thomas, Woodlief, title changed to Adviser Consolidated monetary statement 40, 172, to the Board of Governors. .25 284, 386, 516, 648, 762, 884, Thompson, Joseph H., reappointed Class C 1020, 1138, 1246, 1358 Treasury deposits at Federal Reserve Banks: director and Deputy Chairman at Cleveland 17, 18 Condition statement data 36, 168, 280, Time deposits: 382, 512, 644, 758, 880, 1016, 1134, Adjusted, banks and the monetary 1242, 1354 system. .40, 172, 284, 386, 516, 648, 762, Treasury statement basis 60, 192, 304, 884, 1020, 1138, 1246, 1358 406, 536, 668, 782, 904, 1040, Banks, by classes 41, 173, 285, 387, 517, 649, 1158, 1266,1378 Weekly and monthly data .30, 162, 274, 763, 885, 1021, 1139, 1247, 1359 376, 506, 638, 752, 874, 1010, Commercial banks, by classes . .45, 177, 289, 1128, 1236, 1348 391, 521, 653, 767, 889, Weekly reporting member banks 48, 180, 1025, 1143, 1251, 1363 292, 394, 524, 656, 770, 892, 1028, Maximum rates 34, 166, 278, 380, 510, 642, 1146, 1254, 1366 756, 878, 1014, 1132, 1240, 1352 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1448 FEDERAL RESERVE BULLETIN - DECEMBER 1960 Pages Pages U. S. Govt. securities: United States notes, outstanding and in Authority of Federal Reserve Banks to circulation. .39, 171, 283, 385, 515, 647, 761, 883, purchase and sell directly from or to 1019, 1137, 1244, 1356 the U. S., extension of . 742 Usina, Leonard A., appointed director at Bank holdings: Jacksonville Branch . .22 By class of bank. . . .41, 173, 285, 387, 517, 649, 763, 885, 1021, 1139, Utilities, production index. . . .70, 202, 314, 416, 546, 1247, 1359 678, 792, 914, 1050, 1168, 1276, 1388 Commercial banks. . .44, 176, 288, 390, 520, 652,766, 888, 1024, 1142, V-loans. . 38, 170, 282, 384, 514, 646, 760, 1250, 1362 882, 1018, 1136 Consolidated monetary statement. . 40, 172, Van Buskirk, Arthur B., designated Chairman and 284, 386, 516, 648, 762, 884, Federal Reserve Agent at Cleveland. . 17 1020, 1138, 1246, 1358 Vault cash: Mutual savings banks 52, 184, 296, Commercial banks, by classes 45, 177, 289, 398, 528, 660, 774, 896, 1032, 391, 521, 653, 767, 889, 1025, 1150, 1258, 1370 1143, 1251, 1363 Ownership data 58, 190, 302, 404, Member banks: 534, 666, 780, 902, 1038, 1156 Authority for use in meeting reserve 1264, 1376 requirements 857, 868, 1226 Weekly reporting member banks. . . .47, 179, By classes 279, 381, 511, 643, 757, 291, 393, 523, 655, 769, 891, 1027, 879, 1015, 1133, 1241, 1353 1145, 1253, 1365 Weekly and monthly data 30, 162, 274, Capital markets in 1959 .4 376, 506, 638, 752, 874, 1010, Federal Reserve Bank holdings: 1128, 1236, 1348 Condition statement data 36, 168, 280, 382, 512, 644, 758, 880, 1016, Veterans Administration: 1134, 1242, 1354 Assets and liabilities 62, 194, 306, 408, 538, Maturity distribution 35, 167, 279, 381, 670, 784, 906, 1042, 1160, 511, 643, 757, 879, 1015, 1268, 1380 1133, 1241, 1353 Loans guaranteed by 63-65, 195-97, 307-09, Ownership data 58, 190, 302, 404, 534, 409-11, 539-41, 671-73, 785-87, 907-09, 666, 780, 902, 1038, 1156, 1043-45, 1161-63, 1269-71, 1381-83 1264, 1376 Weekly and monthly data 30, 162, 274, Warner, Jack W., appointed director at 376, 506, 638, 752, 874, 1010, Birmingham Branch. . . . 18, 20 1128, 1236, 1348 Warner, Paul A., reelected Class A director Foreign and international holdings. . . . 105, 243, 343, 453., 589, 709, 825, 959, 1081, at Cleveland. . . 1341 1203, 1305, 1421 Weekly reporting member banks . 46, 178, 290, 392, International transactions. ... 102, 240, 340, 450, 522, 654, 768, 890, 1026, 1144, 586, 706, 822, 956, 1078, 1252, 1364 1200, 1302, 1418 Wessell, Nils Y., reappointed Class C director New issues, gross proceeds. . . .56, 188, 300, 402, and Deputy Chairman at Boston 17, 18 532, 664, 778, 900, 1036, 1154, Whitaker, H. E., reappointed director at 1262, 1374 Cincinnati Branch . 18 Oustanding, by type of security. . . .57-59, 189-91, Whitman, F. B., appointed Class C director at San 301-03, 403-05, 533-35, 665-67, 779-81, Francisco and designated Chairman and Fed- 901-03, 1037-39, 1155-57, eral Reserve Agent. ... 17, 18, 21 1263-65, 1375-77 Willham, Oliver S., reappointed Class C director Ownership of. .58, 190, 302, 404, 534, at Kansas City 18 666, 780, 902, 1038, 1156, 1264, 1376 Yates, Claude J., reappointed director at Jackson- Prices. . . .51, 183, 295, 397, 527, 659, 773, ville Branch . .18 895, 1031, 1149, 1257, 1369 Study of Govt. securities market 269 Yields (See Interest rates) Yields. . . .50, 182, 230, 294, 396, 526, 658, 772, Young, Ralph A., appointed Adviser to the Board 894, 1030, 1148, 1256, 1368 of Governors .25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Aug. 2U 1959 (e THE FEDERAL RESERVE SYSTEM g) J Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis