Federal Reserve Bulletin, 1961-01

FEDERAL RESERVE JLJ %^A JLJ JLJJLIJ JL A A. i January 1961 * • * * BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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 Economic Activity in 1960 1 Small Business Financing: Corporate Manufacturers 8 Law Department 23 Current Events and Announcements 27 National Summary of Business Conditions 37 Financial and Business Statistics, U. S. (Contents on p. 39) 40 International Financial Statistics (Contents on p. 105) 106 Board of Governors and Staff 122 Open Market Committee and Staff; Federal Advisory Council 123 Federal Reserve Banks and Branches 123 Federal Reserve Board Publications 125 Index to Statistical Tables 127 Map of Federal Reserve System Inside back cover Volume 47 * Number i Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Activity in i960 ECONOMIC ACTIVITY reached a cyclical Consumer expenditures declined somehigh about the middle of 1960 and has de- what during the summer, but increased in clined somewhat since then. Gross national the fourth quarter. Government purchases product was at a record seasonally adjusted of goods and services increased at a someannual rate of $505 billion in the second what faster pace after midyear. Net exports quarter. In the fourth quarter, the total was expanded substantially throughout the year. down about one-half of 1 per cent in current During the cyclical expansion of 1958-60 dollars and 1 per cent in constant dollars. materials, industrial capacity, and man- Rapid inventory accumulation early in power were generally more ample relative 1960 gave way to reduction in the autumn. to demands than in the preceding postwar During the first half of the year final pur- cyclical expansions. After the brief period chases, that is, gross national product ex- of extraordinary demands for steel in late clusive of inventory change, continued to 1959 and early 1960, inflationary pressures rise rapidly; in the second quarter this growth and expectations generally waned. Busimore than offset the reduction in inventory ness inventory demands for basic materials spending. After midyear, final purchases slackened throughout the year. Prices of senrose more slowly. Business reduced its sitive industrial materials declined sharply, spending for plant and equipment a little, while average list prices of other industrial and residential construction activity con- commodities changed little. tinued to drift downward. Despite downward adjustments in output GROSS NATIONAL PRODUCT Annual rates, billions of dollars NET EXPORTS GOVERNMENT INVENTORY CHANGE 1957 1958 1959 1960 1957 1958 1959 1960 1957 1958 1959 1960 NOTE.—Department of Commerce quarterly estimates, ad- ducers' durable equipment and total private construction. justed for seasonal variation. Total in 1959 dollars partly Latest figures shown, fourth quarter estimates of Council of estimated by Federal Reserve. Other investment includes pro- Economic Advisers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1961 of materials, total industrial production was finished goods also slackened as demands virtually stable during the first seven months for a number of industrial products lagged. of 1960. After July, output of both durable Durable goods manufacturers. Total inand nondurable finished goods as well as ventories of durable goods manufacturers, materials declined. In December the total shown in the chart, increased sharply in index of industrial production was 103 per early 1960. The metals and metal-using cent of the 1957 average compared with industries account for the bulk of the output 110 in July, or 6 per cent less. of these manufacturers. Steel production Contraction in industrial production was reached a level around one-fourth higher accompanied by substantial declines in av- than consumption immediately after the erage hours worked and in employment. 1959 strike, and steel users quickly rebuilt Although employment continued to expand in services and State and local government, BUSINESS INVENTORIES total nonfarm employment decreased by Billions of dollars 950,000, or 1.8 per cent, from July to De- 100 cember. With the labor; force rising somewhat further, the number of persons unem- 90 ployed increased from a cyclical low of 4.9 per cent of the labor force in May to 6.8 at the end of the year. Personal income edged up further through October but declined in November and December. 70 40 TRADE BUSINESS INVENTORIES At the beginning of 1960 nonfarm busi- 30 nesses were accumulating inventories at a near-record pace. Net accumulation in the NONDURABLE first quarter was at an annual rate of $11 J ]_ billion. By midyear, expansion had virtually 1954 1956 1960 ended, and in the final quarter businesses reduced their stocks at an annual rate of NOTE.—Department of Commerce monthly figures for book value, adjusted for seasonal variation. Trade includes wholesale and retail. Latest figures shown, end of November. about $4.5 billion. The large reduction in business inventory their stocks. In view of the rapidity of the investment during 1960—from rapid accurestocking, steel users began as early as Janmulation of stocks to sizable net decumulation—reflected a progressive reappraisal of uary to curtail new orders. By spring it was inventory needs, in the light of ample sup- apparent that total steel consumption was plies and a less vigorous rise in some cate- not increasing in line with expectations at gories of final demand than had been antic- the beginning of the year. Sales and output ipated at the beginning of the year. Busi- of appliances had declined from the high rate ness inventory demands weakened first for reached in late 1959, and steel requirements steel, then for other basic materials. After of the auto industry were declining, in part midyear, business inventory demands for because of the shift to compact cars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC ACTIVITY IN 1960 By summer steel production had declined late 1960 and in the first quarter of 1961. about one-third and was below consump- For the year 1960 an expansion of only 10 tion. Inventories in the metals sector de- per cent was indicated. clined throughout the remainder of the year. At their high in the second quarter of From the end of June to the end of Novem- 1960, business outlays for new plant and ber, the book value of inventories held by equipment were about one-fourth larger than durable goods manufacturers as a whole de- they were at their low in the summer of clined by $1.2 billion, or 4 per cent. This 1958. This was a much smaller advance exceeded the net decrease in total business than in, either of the two preceding periods inventories during that period. of cyclical expansion. Furthermore, the Nondurable goods manufacturers and trade. high in 1960 did not attain the peak reached Stocks in nondurable goods manufacturing in the 1955-57 investment boom. expanded about in line with rising sales dur- Manufacturers' outlays for fixed capital ing the first half of 1960. After midyear, in the second quarter of 1960 were 10 per sales of textiles, apparel, and a number of cent below their 1957 peak in current dollar other nondurable goods declined. Manu- terms. In real terms the decline was larger. facturers reduced output moderately, and Pressures on industrial capacity were gentheir stocks of nondurable goods showed erally less in the recent expansion than in only a slight rise to the end of November. earlier comparable cyclical periods. Esti- The book value of inventories held by mates indicate that the average rate of caretailers and wholesalers expanded by a pacity utilization for manufacturing induslarge amount during the first half of 1960. tries as a whole was about 85 per cent at Auto dealers' stocks increased sharply dur- the peak of the 1958-60 expansion as coming that period and reached record levels by pared with about 92 per cent in the precedmidyear. From the end of June to the end ing cyclical expansion. With unused capacof November, total trade inventories in- ity available and with strong incentives for creased moderately, owing mainly to re- more efficient operations, manufacturers newed accumulation of auto stocks in Oc- devoted an increased proportion of their tober and November. In December auto expenditures for fixed capital in 1958-60 to output was considerably curtailed and the modernization and improvement of existseasonally adjusted level of dealer stocks ing plant. declined. Fixed capital outlays by the mining, transportation, and utility industries in the second BUSINESS PLANT AND EQUIPMENT quarter of 1960 were also below their 1957 Early in 1960 nonfarm businesses antici- highs. Outlays by commercial and miscelpated that their outlays for new plant and laneous firms, on the other hand, reached equipment during the year would be 14 per record levels in early 1960 and continued cent larger than in 1959. Beginning in the to expand in the second half. For all nonspring, however, they gradually lowered manufacturing industries, as shown in the their estimates. The latest Commerce-SEC chart on the following page, outlays were quarterly survey indicated that nonfarm at about the same level in the spring of businesses reduced such outlays in the third 1960 as at their earlier peak. quarter and anticipated further declines in Just as the expansion in fixed investment Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1961 in 1958-60 was smaller than its counter- A decline in imports after the spring of part in 1955-57, so the reduction in outlays 1960 absorbed some of the effects of the since midyear has been less pronounced slackening in U. S. demands. Imports of goods and services toward the end of the year were at an annual rate of about $23 PUNT AND EQUIPMENT OUTLAYS B.llio billion, about 5 per cent less than in the second quarter. 40 GOVERNMENT Total government purchases of goods and services rose throughout 1960 and for the year were $2.5 billion, or about 2.5 per cent, higher than in 1959. The increase stemmed from larger purchases by State and local governments; purchases by the Federal government were down moderately. MANUFACTURING 10 Federal purchases declined in the first half of 1960 but have been rising since midyear. The early period was characterized 1958 1960 by declining outlays for defense; the recent period, by rising outlays. Part of the in- NOTE.—Department of Commerce and Securities and Exchange Commission quarterly estimates of nonfarm business crease in Federal spending since midyear is expenditures, adjusted for seasonal variation. Fourth quarter 1960 and first quarter 1961 figures are anticipated spending. attributable to the pay increase granted to Latest figures shown, first quarter 1961. civilian employees last summer. In addition than that from 1957 to 1958. Much of to rising current outlays, there have been the cutback in expenditures has been by the increases in new orders for procurement of railroads, which have been affected by the major national defense items, for research reduction in industrial production, and and development, and for construction. the airline industry, in which large-scale State and local government purchases of purchases of jet planes have been tapering goods and services rose further in 1960. An off. Manufacturers have also been cutting important factor in the expansion in such back their outlays, with the decline mainly purchases in recent years has been the inin durable goods lines. crease in compensation of employees, particularly in public education. Another factor NET EXPORTS Net exports of goods and services increased has been the highway construction program. throughout 1960. Expansion of exports was favored by strong demands abroad, PERSONAL CONSUMPTION EXPENDITURES centering in the business investment sectors In the last half of 1960, as in earlier postof the West European and Japanese econo- war periods of cyclical decline, total conmies. In the fourth quarter of 1960, U. S. sumer spending was well maintained. exports of goods and services were at an Recent changes. Personal consumption annual rate of about $27 billion, or one- expenditures increased substantially in the sixth higher than a year earlier. first half of 1960 and then showed only a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC ACTIVITY IN 1960 small further rise from the second to the durable goods, and services have, however, fourth quarter. For the year as a whole, been different. Durable goods have shown such expenditures exceeded the total for the most rapid increase, but much of the 1959 by 4.6 per cent. After allowance for expansion in sales of these goods was conhigher prices, aggregate consumption ex- centrated in the early postwar period, when penditures rose 2.7 per cent and per capita there was a large deferred demand. Purexpenditures rose 1.1 per cent. Expenditures on services, including hous- CONSUMER SPENDING ing, education, and medical outlays, in- 1953- 100 creased at a steady pace throughout the year. Services accounted for nearly two-thirds of - SERVICES - . • 140 the increase in total expenditures. Purchases of goods declined in the third quarter but recovered in the fourth quarter to about the second quarter level. Fluctua- - - 100 tions were more marked for durable goods, GOODS particularly autos, than for nondurable 'f *N/y goods. - so DOUOROADILSI - Sales of new autos, including imports, totaled 6.6 million units in 1960, 9 per cent 1 1 ! ' ' i 1 1 1 1 1 1 1 60 194S 1950 1952 1954 I9S6 19St I960 more than in 1959. The dollar value of expenditures for automobiles showed a much NOTE.—Indexes based on Department of Commerce quarterly estimates in constant dollars: for fourth quarter 1960, on estismaller increase, mainly because of lower mates of Council of Economic Advisers. Adjusted for seasonal variation. average prices per unit. Sales of household durable goods—espe- chases of nondurable goods have grown at cially appliances—declined during 1960 a more or less constant rate over the entire from the high levels reached in the latter period. Expenditures on services have also part of 1959. The decline reflected, in part, grown at a fairly steady rate, but more price reductions in strongly competitive rapidly than those on nondurable goods. markets; the physical volume of sales de- As a result of these differential rates of clined less than dollar sales. growth, significant shifts have occurred in Postwar shifts. In constant dollar terms, the proportion of disposable income (in conconsumer spending has increased at an av- stant dollars) devoted to major categories. erage annual rate, compounded, of close The share for services has risen persistently to 3.5 per cent since 1947. Purchases from 32.9 per cent in 1948 to 35.5 per cent have expanded each year, but year-to-year in 1960, while that devoted to nondurable increases have ranged from less than 1 per goods has declined from 49.7 per cent in cent in 1951 and in 1958 to 7.6 per cent 1948 to 44.4 per cent in 1960. The proin 1955. Population has increased at an portion for durable goods has fluctuated annual rate of 1.7 per cent, and physical considerably. In 1948 it was 11.6 per cent; purchases per capita have risen an average in 1955, 14.5 per cent. Since 1955, the of 1.7 per cent. proportion has averaged a little less than 13 Rates of increase for durable goods, non- per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1961 PERSONAL INCOME consumer expenditures and to prevent cumulative declines in output. In the 1957-58 Personal income rose substantially to midand 1953-54 contractions, personal income 1960, edged upward further from July declined 1 per cent, while industrial producthrough October, and then declined. The tion declined 14 and 10 per cent, respec- December level was about the same as at tively. midyear. Wage and salary disbursements Several important influences have conwere moderately lower and other income tributed to the maintenance of total personal was up. For the year 1960 personal inincome during postwar contractions. One come reached a record $404 billion, 5.5 per of these has been the increase in unemploycent more than in 1959. After adjustment ment compensation and other social insurfor higher consumer prices, real income was ance benefits. Largely because of higher 4 per cent higher than in 1959. unemployment compensation, total transfer Maintenance of personal income has been payments increased at an annual rate of a major feature of postwar declines in eco- $2.1 billion from July to December 1960. nomic activity. This has helped to maintain In December transfer payments accounted for 7.6 per cent of total personal income, as compared with 6.2 per cent in 1957 and SEIECTED BUSINESS INDEXES 5.0 per cent in 1953. Second, activity in the trade, service, and government sectors has been generally maintained during periods of cyclical decline; these sectors have accounted for an increas- 80 ing share of total employment over the post- 120 NONAGGICUL'L EMPLOYMENT war period. A third influence has been the NONMANUFACTURING continued increase in wage rates in both the cyclically sensitive and the more stable in- MANUFACTURING ] 1 1 1 1 1 . 80 dustries. A fourth influence has been the 120 maintenance of dividend payments by cor- CONSUMER porations despite sharply reduced profits. INDUSTRIAL WHOLIIAlt OVER-ALL CYCLICAL COMPARISONS 1 1 1 1 1 1 80 The decline that began in the summer of 120 PERSONAL INCOME CURRENT DOLLARS 1960 has thus far been of the relatively moderate sort that has typified postwar ex- CONSTANT DOLLARS perience. In fact, gross national product has declined less in terms of both current and constant prices than it did in the com- 1956 1958 parable phase of any of the three preceding NOTE.—Seasonally adjusted, except for prices. Employment contractions. On the other hand, in the and price indexes compiled from Bureau of Labor Statistics data; industrial wholesale prices are for commodities other spring of 1960 resources were being less than farm products and foods. Personal income indexes compiled from Department of Commerce data; constant dollar fully utilized than at the beginning of other series estimated by Federal Reserve on basis of consumer price index. Latest figures shown, December, for which price series declines in the postwar period. were estimated by Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ECONOMIC ACTIVITY IN 1960 Inventory adjustment has been the domi- outlays for fixed investment have declined nant feature of recent developments. In this only a little, and consumer expenditures for respect, the recent decline has been more nondurable goods have been maintained. akin to experience in 1948-49 than in Consumer outlays for services and State and 1953-54 and 1957-58. local government purchases of both goods In the last half of 1960, as in the 1948-49 and services have continued to rise, as they contraction, the physical volume of final did in the three preceding periods of conpurchases increased a little. In the other traction. two postwar declines, there were reductions The contraction now under way followed in the physical volume of final purchases as an expansion that was shorter than any of well as in business inventory investment. In the three preceding periods of cyclical rise 1953-54, after the end of the Korean War, but that was relatively strong during much Federal government purchases decreased of its course. At its high in the second sharply, and in 1957-58 there were large quarter of 1960 physical output of goods reductions in business outlays for plant and equipment, consumer purchases of durable and services was about 7.5 per cent above goods, and net exports. the 1957 peak. The average annual rate Since mid-1960, both purchases by the of increase over this period was 2.7 per cent, Federal government and net exports have moderately larger than the average annual been increasing appreciably. Consumer rise over the longer period from mid-1953 purchases of durable goods and business to mid-1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Small Business Financing: Corporate Manufacturers IN 1957 the Federal Reserve System, methods of collecting data, and questions of with the encouragement of four congres- varying detail with respect to business fisional committees, undertook a comprehen- nancing practice. These pilot surveys sive study of the financing problems of small covered large and medium-size businesses business. The first two parts of this study as well as small businesses, unincorporated included analyses of existing data and ma- as well as incorporated firms, and manufacterials on small business financing and sur- turers as well as wholesalers and retailers. veys of lender practices and standards in this Some test surveys were conducted by mail, field. These were submitted to the congres- others by personal interview. sional committees in the spring of 1958.1 By early 1959 the feasibility of certain The third part was to consist of direct sur- specific approaches had been demonstrated, veys of businessmen to obtain information and the Board of Governors authorized the on their financing experience. staff to proceed with full-scale surveys. The This article summarizes the results of the first, covering corporate manufacturers, was first of two such surveys. It was recog- begun in the summer of 1959, and informanized from the outset that these surveys tion was collected during the remainder of would need to be experimental, for only the year. The Technical Note at the end of limited efforts had been made to collect such this article describes the sampling and coldata theretofore. To develop effective tech- lection techniques used in the first survey. niques for collecting data in this relatively A second survey, covering unincorporated uncharted area, the Federal Reserve System retailers, was conducted in the summer of enlisted the cooperation of the Bureau of 1960, and the results of this survey are now the Census. being tabulated. Jointly, the staffs of these two agencies conducted a number of pilot surveys to test SCOPE OF SURVEY different types of questionnaires, different The survey of manufacturing corporations 1 Financing Small Business, Report by the Federal was designed to obtain information on the Reserve System to the Committees on Banking and Currency and the Select Committees on Small Busi- efforts made by these companies to obtain ness, U. S. Congress, Washington, 1958. external financing during their last fiscal year NOTE.—The Board's surveys of business financing and also on the financial position of each experience have been under the direction of Daniel H. Brill, Associate Adviser in the Board's Division of respondent, i.e., on the relative profitability Research and Statistics. Eleanor J. Stockwell and of the enterprise and on its financial struc- James C. Byrnes of the Board's staff were responsible for a major share of survey planning, data processing, ture as shown by its balance sheet, in order and analysis of the results. The Bureau of the Census to permit evaluation of the influence of these conducted the surveys for the Board, under the direction of Frank A. Cirillo, Chief, Program Research factors on the success of financing efforts. and Coordination Branch, Business Division. Direct Corporations of all sizes and in all lines of supervision of Census activities on the project was provided by Robert W. Schiedel. manufacturing were included in the scope 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SMALL BUSINESS FINANCING of the survey, in order to permit comparison equivalent to those of a company classified of financing experience both by size of com- as medium-size in another industry of genpany and by industry. The sample excluded erally lower capitalization. Thus, a producer companies in business for less than one full of machine tools with assets of almost $5 year at the time of the survey. It also ex- million was classified as small, while a procluded companies that were subsidiaries of ducer of lumber products with the same total other manufacturing corporations. assets was classified as being of medium size. Of the 3,600 corporate names drawn for The specific size groupings within broad inthe sample, approximately 3,000 proved to dustry groups also are given in the Techbe within the scope of survey definitions. nical Note. About 2,540 of these companies provided It is to be emphasized that the survey atall or most of the information requested. tempted to study fund-raising operations The 460 companies that did not respond from the viewpoint of the prospective borrepresented about 18 per cent of all "in rower rather than from that of prospective scope" companies. Most of these nonre- creditors or equity investors. Respondents spondents were smaller companies.2 were asked to give their own opinions as to Because of the limited size of the sample, their needs for external financing and to companies in the survey could be classi- evaluate their efforts to obtain financing in fied into only four broad industry groups terms of their own satisfaction with the within the corporate manufacturing sector. results. No attempt was made to assess the The groupings distinguish producers of dur- merits of reported needs for funds or to obable goods from those producing nondurable tain lenders' perspective on the financing efgoods, and within each of these categories, forts reported. industries generally requiring heavy capital- In tabulating the responses, dissatisfacization per unit of output from those with tion with financing experience was defined lighter capitalization. (Hereafter these very broadly to include: (a) companies groupings are referred to as "heavy" or making efforts to obtain funds but getting "light" durable or nondurable.) A detailed none; (b) those obtaining funds but being list of the industries included in each of the dissatisfied with the amount obtained, or four categories is given in the Technical with the interest rate charged, or with any Note. other of the financing terms; (c) those need- Businesses were classified in three size ing funds but making no efforts to get them groups—small, medium, and large. The size either because they felt that efforts would not of each company was measured by its be successful or for other reasons. total assets as reported on the completed The limited sample did not permit statistiquestionnaire. Size groupings used in the cally valid cross-classifications of all the eleanalysis vary by industry, i.e., a small comments that analysts might wish to examine. pany in one industry group might have assets Moreover, no survey of this type can assess 2 All proportions of companies "within survey the significance of certain factors that are scope" shown in the text and tables represent per- often assumed to bear importantly on the centages of the total number of manufacturing corporations falling within survey specifications, whether success of financing efforts, such as lenders' or not they responded to the questionnaire. Non- evaluations of management capabilities or response is treated in the tables as a separate classificaof product potentials. Despite these limitation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN • JANUARY 1961 tions, the survey does permit the importance ported no need for any external financing of many criteria of financing success to be during the year to which the survey related. quantified and, because of its scope and de- As indicated in Table 1, more than twotail, it provides more insight into the financ- fifths of the companies within the scope of ing process than has been available before. the survey reported no need for short-term credit (other than trade credit) and about FINANCING EXPERIENCE two-thirds reported no need for long-term credit or for additional equity capital.3 Respondents were asked to report their financing needs and financing experience FINANCING NEEDS, BY TYPE OF FUNDS during their last full fiscal year. For most PERCENTAGE OF ALL MANUFACTURING CORPORATIONS respondents this was the calendar year 1958, a year that included first recession and SHORT-TERM LONG-TERM EQUITY then vigorous recovery, with credit supplies CREDIT CREDIT CAPITAL ample earlier in the year, but with credit demands generally rising after midyear. In NO RESPONSE August of that year, Congress adopted a new Government-sponsored program for aiding small businesses in need of long-term financing, but none of the small business investment companies authorized by the new legislation were in operation in the period covered by the survey. Type of financing. Financing needs and success in obtaining funds differed widely 2. Three-eighths of the companies reamong the three major types of financing ported a need for additional short-term covered in the survey—short-term credit, credit, one-sixth for long-term credit, and long-term credit (including intermediateone-seventh for additional equity capital. term loans), and equity capital. 3. Among manufacturing corporations 1. A large number of respondents rethat reported a need for external financing, the extent to which needs were met on a TABLE 1 satisfactory basis varied widely from one FINANCING EXPERIENCE OF MANUFACTURING CORPORATIONS form of financing to another. Of the 38 [Percentage of all companies in survey scope] per cent that needed short-term credit, nearly three-fourths were able to obtain such Financing experience S t h e o rm rt- L te o r n m g- Equity credit credit capital 3 Information available from sources other than the survey, on the profitability and credit rating of non- Total in scope. 100.0 100.0 100.0 respondents, suggests that they were at least as profit- Total response 82.0 81.9 82.0 able as those that responded and that their credit N N o ee n d e e e d d fu fo n r d s funds 4 3 4 7 . . 1 9 6 1 4 7 . . 3 7 6 1 8 3 . . 3 6 ratings were, on the average, higher than those of Needs met satisfactorily 27.3 6.3 1.8 respondents of the same size and industry classifica- Ex N pe o r i f e i n n c a e n c n in o g t s e a f t f i o s r f t a s c t m or a y de 1 4 0 . . 1 6 1 8 1 . . 1 3 1 1 1 0 . . 8 4 tion. The inference might be drawn, therefore, that Financing efforts unsatisfactory. 6.5 3.2 1.4 more nonrespondents probably would fall into the group that had no need for external financing or were Memo: Efforts made to obtain financing.. 33.8 9.6 3.2 able to obtain funds on a satisfactory basis, than NOTE.—Details may not add to totals because of rounding. into the dissatisfied group. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SMALL BUSINESS FINANCING 11 FINANCING SUCCESS, BY TYPE OF FUNDS that were dissatisfied with their long-term credit arrangements included 8 per cent that COMPANIES NEEDING FUNDS AS A PERCENTAGE OF ALL MANUFACTURING CORPORATIONS had made no efforts to get funds; the 12 per cent that were dissatisfied with their equity financing included 10 per cent that had made no effort to obtain such capital. 45 6. A majority of the businesses that both needed credit and tried to get it were able to obtain it in amounts and on terms 30 they regarded as satisfactory. For example, 38 per cent of the manufacturing companies in the survey reported a need for short-term credit, 34 per cent made an effort to get such funds, and 27 per cent were satisfied with the results. In the long-term credit area, 18 per cent financing on terms and in amounts they indicated a need for such funds, but only regarded as satisfactory. In the long-term 10 per cent made a financing effort. Among credit area, however, where 18 per cent of all this 10 per cent, more than 6 per cent were companies reported a need for funds, fewer satisfied with the results. Of those dissatthan three-eighths of these reported that isfied, half were unable to obtain any funds they were able to meet their needs satisfacat all; the remainder raised some funds but torily. Fourteen per cent of all companies were dissatisfied with the amounts obreported a need for additional equity capital; tained or the terms on which the arrangeonly one-eighth of them were able to obtain ments were made. capital on a basis that they considered satisfactory. 7. Efforts to raise equity capital were somewhat less successful than efforts to get 4. Companies encountering difficulty in credit. Fourteen per cent of all manufacone financing area often found it difficult turing corporations reported a need for adto raise other types of funds as well. Thus, ditional equity capital, but only 3 per cent of the 11 per cent of all companies reporting made an effort to get it. Of those that did unsatisfactory experience in obtaining shorttry, about half reported satisfactory results. term financing, two-thirds reported difficulty in obtaining some type of long-term financ- Size of firm. The proportion of companies ing. Only about 5 per cent of all manu- that reported needs for funds increased with facturing corporations reported financing size of company, as did the proportion that problems in all three areas, i.e., short- and reported satisfaction with their financing long-term credit and equity capital. efforts. 5. Most of the companies reporting dis- 1. Smaller companies in the survey resatisfaction with long-term financing, both ported needs for outside funds much less credit and equity, had made no specific often than did medium-size or large comefforts to obtain funds, usually because they panies. Only two-fifths of the small manuassumed that such efforts would be unavail- facturers reported some need for funds— ing. Thus, the 11 per cent of all companies long- or short-term credit or equity capital— Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN • JANUARY 1961 while half of the medium-size and three- companies, particularly in the long-term quarters of the large companies reported a credit and equity capital areas. It should be need for outside funds, as shown in Table 2. noted that funds raised through company plans for selling stock to employees or to TABLE 2 employee benefit and pension funds were included in the survey both as efforts to get FINANCING EXPERIENCE BY SIZE OF COMPANY [Percentage of all manufacturing corporations in each size group] Financing experience Small Medium Large TABLE 3 SIZE OF COMPANY AND TYPE OF FINANCING RELATED All types of financing combined TO FINANCING EXPERIENCE [Percentage of all manufacturing corporations in each size group] Total in scope 100.0 100.0 100.0 T N o o t a n l e e re d s p fo o r n s a e ny external financing.. 4 8 0 1 . . 2 0 8 3 3 2 . . 8 3 9 1 4 8 . . 5 4 Financing experience Small Medium Large Needed some type of external financing 40.8 51.4 76.1 All needs met satisfactorily 22.7 40.3 66.7 Short-term credit Some experience not satisfactory. 18.1 11.1 9.5 Total in scope. 100.0 100.0 100.0 NOTE.—Details may not add to totals because of rounding. Total response 81.8 83.9 94.5 No need for funds 44.5 38.7 45.3 Needed funds 37.3 45.2 49.8 2. Reported needs for short-term credit Needs met satisfactorily 26.3 39.9 48.3 Experience not satisfactory 11.0 5.2 1.5 increased steadily with increasing size of No financing efforts made 4.3 1.2 0.5 business. The proportion of companies re- Long-term credit porting a need for long-term funds, however, was about the same for small and for me- Total in scope. 100.0 100.0 100.0 Total response 81.7 84.0 94.5 dium-size companies—about one-sixth re- No need for funds 64.1 66.0 70.1 Needed funds 17.6 18.0 24.4 ported a need for long-term credit and about Needs met satisfactorily 5.9 11.7 20.9 Experience not satisfactory 11.7 6.4 3.5 one-seventh a need for equity capital. No financing efforts made 8.4 3.6 2.0 Among large companies, reported needs Equity capital were much higher, especially for equity Total in scope. 100.0 100.0 100.0 capital, as Table 3 shows. Total response 81.8 83.9 94.5 3. The extent to which financing needs No need for funds 68.2 69.9 52.7 Needed funds 13.5 14.1 42.3 were met satisfactorily varied substantially Needs met satisfactorily 1.4 6.2 36.3 Experience not satisfactory. .. 12.2 7.9 6.0 by type of financing needed. Almost three- No financing efforts made 10.7 6.7 3.0 fourths of the small companies needing NOTE.—Details may not add to totals because of rounding. short-term credit were able to obtain such funds in amounts and on terms they re- funds and as satisfied needs. As might be garded as satisfactory. In the long-term expected, such methods of raising equity credit area, however, only one-third of the capital were reported most often by larger small companies needing funds obtained companies, and they accounted for the bulk them on a satisfactory basis, and only one- of the equity financing accomplished by the tenth of those needing equity capital were large companies in the sample. satisfied. 4. Among small businesses, reported dis- Reflecting in part their readier access to a satisfaction with long-term financing experirange of fund sources, medium-size and ence, for both equity capital and credit, relarge companies were more often successful flected primarily lack of effort to get funds, in meeting financing needs than were small because respondents assumed their efforts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SMALL BUSINESS FINANCING 13 FINANCING NEEDS, would not meet with success. For example, BY TYPE OF FUNDS AND SIZE OF BUSINESS four-fifths of the small companies needing equity capital made no effort to get it. In PERCENTAGE OF TOTAL IN EACH SIZE CLASS contrast, more than half of the medium-size SHORT-TERM CREDIT and almost all of the large companies needing funds did make a financing effort. NO RESPONSE 100 5. Respondents' needs for short-term NOT NEEDED loans appeared to be related to their net trade credit position, but the relationship differed by size of company. Among medium-size and large companies, the higher LONG-TERM CREDIT the ratio of accounts receivable (net of trade payables) to sales, the greater the proportion needing other types of short-term credit and the greater the likelihood of suc- EQUITY CAPITAL cess in obtaining needed funds. This suggests that larger manufacturing corporations 50 generally were willing and able to employ outside funds in order to provide short-term financing for their business customers. SMALL MEDIUM LARGE TABLE 4 SHORT-TERM FINANCING EXPERIENCE RELATED TO NET TRADE CREDIT POSITION [Percentage of all manufacturing corporations in each size group] Financing experience Needed funds Net trade credit position and size of company Total No sp r o e n - se f n u f e n o e d r d s Total N s m a e t e e is d t - s Experience not satisfacory factorily Total N ef o fo f r i t n m an a c d i e ng F n i o n t a n sa c t i i n s g fa c e t f o fo ry rt Ratio of net receivables to sales:1 Small companies, with ratios: A Be b l o o v w e a a v v e e r r a a g g e e 3 3 5 5 . . 4 6 2 1 0 7 . . 5 7 1 1 5 7. . 7 0 1 1 2 1 . . 0 5 3 6 . . 0 1 0 3 . . 8 1 3.1 Medium-size companies, with ratios: 2.2 Below average 39.4 18.9 20.4 17.0 3.5 0.9 2.5 Larg A e b c o o v m e p a a v n e ie ra s g , w e ith ratios: 39.5 16.3 23.1 21.7 1.4 0.3 1.1 Below average 46.8 26.4 20.4 19.4 1.0 1.0 Above average 48.3 18.9 29.4 28.9 0.5 0.5 Net trade credit position:1 Small companies: Debtor 21.9 10.7 11.2 6.3 4.8 2.5 2.4 Creditor 49.2 27.5 21.5 17.2 4.3 1.3 2.9 Medium-size companies: Debtor 13.9 6.5 7.3 5.7 1.7 0.2 1.5 Larg C e r c e o d m ito pa r nies: 65.0 28.7 36.1 33.0 3.2 1.0 2.2 Debtor 14.9 10.0 5.0 4.5 0.5 0.5 Creditor 80.1 35.3 44.8 43.8 1.0 0.5 0.5 1 In deriving the ratio to sales and the net trade credit position, net was compared with the average ratio for all respondents in the same receivables were measured by the amount of accounts receivable less size and industry group. t c r o a m de p a p n a i y e a s b a le s s a a b t o t v h e e o b r e g b i e n l n o i w ng a v o e f r a th ge e , s t u h r e v e ra y t i p o e r f i o o r d e . ac I h n r c e l s a p s o si n fy d i e n n g t NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN • JANUARY 1961 In contrast with the pattern among me- Industry group. While financing experidium-size and large companies, needs for ence differed somewhat among industries, outside funds by small companies declined these differences were much less than the as their net trade creditor position increased. variations in experience by size of company. As Table 4 shows, the relative need for out- 1. Needs for outside funds were reported side financing was greater among those small more frequently among producers of durable companies that were in a net debtor position goods, but producers of nondurable goods with respect to trade credit, that is, had tended to report success in financing more smaller accounts receivable than trade often. These differences were not very payables. Moreover, the net trade debtors large, however. The proportion of comreported the most satisfactory financing expanies needing some external financing perience. More than two-fifths of those that ranged from 36 per cent of those in heavily needed funds reported an inability to obtain capitalized nondurable goods industries to other short-term funds on a satisfactory 46 per cent in the lightly capitalized durable basis, compared with one-fifth unsuccessful goods industries, as shown in Table 5. The among those in a net creditor position. This proportion reporting successful financing efsuggests that small companies unusually deforts ranged from 22 per cent in the heavy pendent on trade sources for their short-term durable goods group to 26 per cent in the financing may have been so in part involunlight nondurable goods group. tarily because their credit standing or other circumstances did not permit them to obtain 2. Within each of the four broad industry enough short-term funds from other sources. groups, reported needs for funds rose with relative size of company. There was more FINANCING SUCCESS, variation from industry to industry among BY TYPE OF FUNDS AND SIZE OF BUSINESS the large companies, however, than among COMPANIES NEEDING FUNDS AS A PERCENTAGE the medium-size or small. Comparing the OF TOTAL IN EACH SIZE CLASS four industry groups, between 35 and 46 SHORT-TERM CREDIT per cent of the small companies reported a 60 need for funds, while among large com- 40 panies the proportion ranged from 56 to 86 NEEDS MET 1 1 per cent. 20 NO EFFORTS | | 3. Success in financing also increased EFFORTS UNSATISFACTORY ^ ^H •i 0 with size of company within each industry LONG-TERM CREDIT group, except for the light durable goods - 40 group where the proportion of large comr 20 panies reporting success was slightly less H Q than for the medium-size. Also, there was 0 more variation from industry to industry EQUITY CAPITAL among the large companies than among _ 40 the medium-size or small. Comparing the 20 four industry groups, between one-fifth and IxvX-XvXvxJ I I one-fourth of the small companies reported pigxl |=':':'J 0 complete success in obtaining outside funds, SMALL MEDIUM LARGE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SMALL BUSINESS FINANCING 15 TABLE 5 FINANCING EXPERIENCE BY BROAD INDUSTRY GROUP All Types of Financing Combined [Percentage of all manufacturing corporations in each industry-size group] Durable Nondurable Durable Nondurable Financing experience Heavy 1 Light Heavy1 Light Heavy 1 Light Heavy1 Light All size groups combined Small Total in scope . . . 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Total response 81.2 80.8 82.2 81.1 81.0 80.4 81.8 81.0 No need for any external financing 38.5 34.6 45.7 41.6 38.8 34.5 46.4 42.9 Needed some type of external financing 42.7 46.1 36.4 39.5 422 45.9 35.4 38.1 All needs met satisfactorily 21.7 24.4 23.4 26.0 20.7 23.1 22.2 24.4 Some experience not satisfactory 21.0 21.7 13.0 13.5 21.4 22.8 13.2 13.7 Medium Large Total in scope. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Total response 87.7 84.9 89.0 81.5 93.7 88.5 100.0 95.9 No need for any external financing 32.1 36.6 30.1 30.4 12.8 32.6 26.3 9.6 Needed some type of external financing. . . 55.6 48.3 58.9 51.1 80.9 55.9 73.7 86.3 All needs met satisfactorily 45.7 38.0 50.5 38.9 74.6 37.3 65.8 79.4 Some experience not satisfactory 9.9 10.3 8.4 12.1 6.4 18.6 7.9 6.9 1 See Technical Note for detailed list of industries in group. NOTE.—Details may not add to totals because of rounding. while the proportion of large companies RELATION OF OTHER FACTORS TO similarly successful ranged from about two- FINANCING EXPERIENCE fifths in the light durable goods group to The information obtained concerning the four-fifths in the light nondurable goods infinancial position of respondents permitted dustry. analysis of the relation of financing experi- 4. Industry differences were somewhat ence to other factors in addition to size and more marked when success in financing was industry grouping. These factors were related to need for funds rather than to the profitability, balance-sheet structure, age of total of all respondents in each industry. company, and credit rating. Small companies in durable goods industries Profitability. Several measures of profitawere relatively less successful in meeting bility were derived from the results of the financing needs than those in the nondurable survey, including profit-to-sales ratios for goods group; of the small companies rethe current reporting year, profit-to-sales porting a need for funds of some type, about ratios for the two years preceding the curone-half of the durable goods group were rent reporting year, and the ratio of profits successful in all areas, as compared with alto net worth. The relationship of financing most two-thirds of the nondurable goods group. experience to profitability appeared to be much the same regardless of the measure of For medium-size companies, variation among industries was not so large as in profitability used. either the small or large classes. Large 1. As might be expected, the most companies showed the greatest variation in profitable companies—relative to others in the proportion of those successful to those the same industry-size group—were least reporting a need for funds. likely to need external financing, and the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN • JANUARY 1961 least profitable were most likely to report a associated with profitability among small need for funds. companies than it was among medium-size 2. As also might be expected, success in and large companies. Of small businesses obtaining funds was related positively to needing funds, companies with above-averrelative profitability. Table 6 indicates that age profitability were successful in obtaining satisfactory financing half again as often as TABLE 6 those with below-average profitability. FINANCIAL POSITION RELATED TO FINANCING Among medium-size companies, success EXPERIENCE in financing was about one-fifth more fre- All Types of Financing quent for those with above-average profita- [Percentage of all manufacturing companies in each size group] bility; among large companies, relative Needed All Some ex- profitability did not appear to be closely assome needs perience Financial position and size external met not sociated with success or lack of success in financ- satis- satising factorily factory meeting financing needs. Another indication that profitability may not be a primary Profitability: Small companies, with ratios: Below average 20.2 10.0 10.1 criterion of creditworthiness for larger, es- Above average 14.4 9.8 4.6 Medium-size companies, with ratios: tablished companies is that medium-size and Below average 33.6 24.7 8.9 Above average 15.6 14.0 1.5 large companies with below-average profit- Large companies, with ratios: Below average 43.3 38.8 4.5 ability (compared with other companies in Above average 33.3 28.4 5.0 their respective industry-size groups) were Liquidity: Small companies, with ratios: relatively more successful in getting needed Below average 24.8 12.6 12.2 Me A d b iu o m ve - s a iz v e e r c a o g m e panies, with ratios 12.0 8.3 3.7 funds than were small companies with B A e b l o o v w e a a v v e e r r a a g g e e 3 1 3 6 . . 7 7 2 1 4 5 . . 6 2 9 1 . . 0 6 above-average profitability.4 Large companies, with ratios: Below average 43.3 36.3 7.0 4. Although success in financing was Above average 33.3 30.8 2.5 positively associated with relative profita- Owners' equity: Small companies, with ratios: bility for small companies, as many as half Below average 20.9 10.9 10.0 Above average 13.4 9.3 4.1 Medium-size companies, with ratios of those with below-average profitability Below average 30.4 22.5 8.0 Above average 19.7 17.2 2.6 were able to meet all their financing needs Large companies, with ratios: Below average 39.3 33.3 6.0 satisfactorily. Even among small com- Above average 37.3 33.8 3.5 panies reporting a loss over the two-year NOTE.—Profitability is measured here as the ratio of profits before period preceding the survey, almost half taxes to sales, for the two years preceding the reporting year. Liquidity is the ratio of cash and U. S. Government security holdings to total current liabilities at the beginning of the reporting year. Owners' were successful in obtaining the financing equity is the ratio of net worth to total debt at the beginning of the reporting year. In classifying companies as above or below average, they needed. the ratios for each respondent were compared with the average ratios for all respondents in the same size and industry group. Balance-sheet structure. Four ratios were Figures shown exclude those respondents that provided information on financing experience but not on profitability or balance-sheet computed from the balance sheets submitted structure. Details may not add to totals because of rounding. by respondents in the survey: liquid assets among companies needing some type of ex- to current liabilities, total current assets to ternal financing, those with above-average total current liabilities, current liabilities to profitability were more likely to be satisfied total assets, and net worth to total debt. with financing experience than were com- Ratios for each respondent were then claspanies whose profitability was below average 4 It should be noted that the groups with below-averfor their industry-size group. age profitability include companies reporting net losses, and a much larger proportion of these occurred 3. Success in financing was more closely among small companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SMALL BUSINESS FINANCING 17 sified in terms of whether they were above Looking at this from another perspective, of or below the median ratio for the size and the small businesses that reported all financindustry group to which the respondent be- ing needs had been met satisfactorily, more longed. The premise being tested was than half had liquidity or equity ratios bewhether higher liquidity or higher owners' low average for their respective industry-size equity—relative to other companies of group. similar size in the same industry—facilitated Age. Respondents were asked to report external financing. The results were substan- the age of the business without regard to tially the same whichever ratio was studied. previous changes in ownership or legal form 1. Generally, companies reporting higher of organization. The median age of rethan average liquidity or higher than aver- spondents was 13 years. One-fourth had age ratios of equity to debt were less likely to been in business 7 years or less, and about report a need for additional external financ- one-tenth had been operating from 1 to 3 ing. years. Companies that had not been in busi- 2. Companies with greater liquidity or ness for at least one full year were not inequity that needed external financing were cluded in the scope of the survey. more likely to be successful in obtaining This distribution by age reflects princifunds than companies whose liquidity or pally that of the small corporations in the equity ratios were below average. Not all sample. Almost all of the medium-size and of the balance-sheet tests proved equally sig- large companies were at least 14 years old. nificant, however, and the pattern varied For this reason, analysis of the relationship somewhat by type of financing sought. between age and success in financing is restricted to the reported experience of small 3. The influence of balance-sheet structure on relative success in meeting financing companies in the survey. needs (the number satisfied as a percentage 1. Age did not appear to be closely reof the number needing funds) was most lated to needs for short-term credit. Almost marked among small businesses. Differ- half of the youngest small businesses and ences in relative success between above- and more than two-fifths of the oldest companies below-average companies in the medium-size reported a need for short-term funds, as and large groups were not as great. More- shown in Table 7. over, medium-size and large companies with 2. Needs for long-term credit and equity liquidity and equity ratios below the average capital, however, tended to decline more for their respective size groups were success- sharply as age of business increased. The ful in meeting financing needs relatively range in the proportion reporting a need for more often than above-average small com- long-term credit was from about one-fourth panies. of those in the 1- to 3-year group to about 4. Survey results do not suggest, however, one-sixth of the companies that were 14 that balance-sheet ratios rigidly determine years or older. success in obtaining external funds. About 3. Among small companies needing exhalf of the small companies with below- ternal financing, the proportion successful in average liquidity or below-average equity obtaining short- and long-term credit tended ratios were able to meet all of their external to increase with age. The relation between financing needs on a satisfactory basis. age and success in obtaining needed equity Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN • JANUARY 1961 TABLE 7 among age groups, but the data do suggest SMALL MANUFACTURING CORPORATIONS: FINANCING that age of business is related to experience EXPERIENCE BY AGE OF COMPANY with long-term credit in much the same man- [Percentage of all small companies] ner as to experience with short-term financing. Financing experience 1-3 4-7 8-13 14 years years years years and ovei Credit rating. Respondents were classi- Short-term credit fied according to the credit rating assigned them by a nationwide private credit rating Total response. 9.0 13.5 19.3 37.5 agency. Such ratings are intended as a Needed funds. 4.4 6.6 9.1 16.1 Needs met satisfactorily. . . 2.6 4.6 6.4 12.3 Experience not satisfactory. 1.9 2.0 2.7 3.8 guide primarily to trade suppliers rather than to institutional lenders or investors. Never- Long-term credit theless, credit ratings may play a part in de- Total response 8.8 13.5 19.3 37.5 cisions to make loans, especially when pro- Needed funds 2.3 3.6 4.3 6.9 spective borrowers are smaller companies. Needs met satisfactorily. . . 0.6 0.9 1.4 2.8 Experience not satisfactory. 1.7 2.6 2.9 4.1 Almost all of the large companies were Equity capital rated by the agency and had been assigned a rating of "high" at the beginning of the Total response QO . OQ 13.5 19.4 37.7 survey period. Nearly two-thirds of the Needed funds. 2.1 2.6 3.5 5.2 Needs met satisfactorily. . . 0.2 0.2 0.6 0.3 Experience not satisfactory. 1.9 2.4 2.9 4.8 medium-size respondents were rated, and these were almost all in the "high" or "good" NOTE.—Details may not add to totals because of rounding. categories. capital, however, was too irregular to sup- Information on credit rating could be obport any generalization. tained for only half of the small respondents. 4. Many of the younger companies re- Of these, about three-tenths were rated as porting dissatisfaction with financing had "high," four-tenths as "good," one-quarter made no effort to get the funds needed. Of as "fair," and a small number as "limited." those that were dissatisfied with their short- Because almost all of the medium-size and term credit experience, for example, twolarge companies had relatively high credit thirds had made no effort to get funds, while ratings, an analysis of the effect of different less than one-third of those 14 years and credit ratings on financing experience must over had failed to try. necessarily be limited to the small compa- 5. When comparisons are restricted to nies. small companies that both needed funds 1. Rated companies were somewhat more and made efforts to get them, the survey resuccessful in meeting their financing needs sults indicate that even the youngest firms than those that were not rated. About threewere able to obtain short-term credit fifths of the small, rated companies that about as frequently as those in the next needed funds reported complete satisfaction two age brackets (4-7 and 8-13 years) with the results of their financing efforts, and not much less often than small compa- compared with half of those that were not nies in the oldest age group. The number of rated. companies needing and trying to get long- 2. Among small companies that were term credit and equity capital was too small rated, reported needs for external financing to permit intensive analysis of differences were larger the lower the credit rating. Thus, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SMALL BUSINESS FINANCING 19 two-thirds of the small respondents rated as SOURCES OF FINANCING, "fair" reported a need for some type of ex- BY TYPE OF FUNDS AND SIZE OF BUSINESS ternal financing, but only half of those with COMPANIES SEEKING FUNDS AS A PERCENTAGE OF a "good" rating and only one-third of those TOTAL IN EACH SIZE CLASS with a "high" rating reported any financing needs. 3. Success in obtaining funds was also related to credit rating. Only half of those with a "fair" rating reported complete satisfaction in meeting any of their financing needs, compared with two-thirds among LONG-TERM CREDIT those needing funds and rated "good," and three-fourths in the group receiving the BANKS OTHERS "high" rating. SOURCES OF FINANCING EQUITY CAPITAL 60 Respondents that needed funds and made an effort to obtain them were asked to indi- 40 cate the sources of funds approached and STOCK OTHERS PURCHASE 20 the sources from which financing was ob- PLANS 0 tained. They were not, however, asked to SMALL MEDIUM LARGE indicate the order in which sources were aptype of financing, and 4 per cent were able proached or the number of times any parto obtain credit from this source, 3 per cent ticular type of fund-supplier was approached on a satisfactory basis. More than half of the within the reporting year. The results of the small businesses that made an effort to get survey, therefore, may understate the im- longer term credit were seeking intermediateportance of certain financial institutions to term loans with maturities of 1 to 5 years. particular industry groups. The importance of commercial banks in sup- 1. Small businesses turned primarily to plying such credit to small businesses may be commercial banks when seeking either short- explained in part by the relatively short maor long-term credit, and generally they were turity of term loan the small firms were seekable to meet at least a part of their financing ing. In contrast, the bulk of the large needs from this source. One-third of all companies seeking long-term credit reported small corporations in the survey made some that they were seeking loans with maturities effort to obtain external short-term financ- of 10 years or more. ing. Thirty-one per cent approached com- 2. Commercial banks were also by far mercial banks, 29 per cent obtained funds, the most important suppliers of short-term and 24 per cent reported satisfaction with credit to medium-size and large companies the amount obtained and the terms of the and the largest source of longer term funds loan. to the medium-size group. The 14 per cent Ten per cent of the small businesses ac- of medium-size companies seeking longtively sought longer term credit. Six per term credit included 9 per cent that apcent turned to commercial banks for this proached commercial banks, and most of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN • JANUARY 1961 these received funds. Large companies de- the then available financing facilities. Even pended more heavily on security markets among large companies in the survey, almost and nonbank financial institutions for their all of the equity funds sought and obtained long-term credit needs. Nevertheless, a came from employee stock purchase or benthird of those that sought long-term credit efit plans; most of these plans had been in reported seeking bank term loans. existence before the year of the survey, but 3. Small manufacturers seeking short- in a few cases plans were adopted during term funds also approached shareholders that year. and officers of their own companies, trade suppliers, finance companies, factors, and EFFECTS OF FINANCING DIFFICULTIES others, but the extent of dependence on Respondents that reported unsatisfactory fithese sources was very small compared with nancing experience—including those that their dependence on commercial banks. This made no efforts to obtain needed financing was generally the case among medium-size —were also asked to indicate whether this companies also. Among large companies, had affected business operations or plans the only significant type of short-term financand, if so, what the effects were. The quesing other than commercial bank loans tionnaire specified six types of effects, such was the sale of commercial paper, and this as reduction in current operations, reduction was done principally by large companies in in working capital, or cancellation or reducthe food, tobacco, and textile industries. tions in planned spending for plant and 4. In addition to seeking longer term equipment. credit from commercial banks, small com- 1. Eighteen per cent of all small busipanies also sought longer term credit from nesses, 11 per cent of the medium-size, and their own shareholders and officers and, to 9 per cent of the large companies reported a minor extent, from other sources. Mean unsatisfactory financing experience in dium-size companies, which also often relied one or more financing areas. Of these, on commercial banks for longer term financthree-fifths of the small companies and ing, turned to nonbank financial institutions about half of the medium-size companies insuch as insurance companies and pension dicated that failure to meet financing needs funds more often than did small companies. satisfactorily had some adverse effect on The large companies used public security current business operations or expansion markets as well as nonbank institutions to plans. Very few of the large companies remeet their long-term credit needs. porting unsatisfactory experience, however, 5. Very few of either the small or me- reported that this affected either operations dium-size companies sought equity financing or plans. during the year covered by the survey, and 2. Companies that were dissatisfied only those that did relied almost entirely on em- with their short-term financing experience ployee stock purchase plans or on existing reported adverse effects much less often shareholders. The number of instances than did those dissatisfied with long-term where other sources of funds were ap- financing. proached by small or medium-size compa- 3. For both small and medium-size comnies seeking equity capital was too small to panies, the most frequently mentioned effect support any conclusions as to adequacy of of financing difficulties was a reduction in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SMALL BUSINESS FINANCING 21 the current levels of working capital, i.e., a in the replies from small businesses than drawing down of cash, liquidation of inven- from medium-size companies. tories, or tightening up on customer credit. 6. In terms of differences by industry, the 4. The effect that small businesses men- two durable goods industry groups generally tioned next most often was cancellation reported a greater proportion of unsatisfacof plans for expansion or replacement of tory financing experience, and a failure to plant and other fixed assets. Among me- meet financing needs was more likely to redium-size companies, the second most fre- sult in an adjustment in their operations or quent effect of unsatisfied financing needs plans. The pattern of adjustments was genwas a cutback, rather than a cancellation, erally the same among industries—reducin planned expansion of both working capi- tion in working capital, cancellation of tal and fixed assets. Reduction in current plans to expand plant, and reduction in rates of operation was mentioned more often working capital expansion plans, in that orby small companies than by medium-size der. However, in the light durable goods companies. industries, which have smaller fixed asset 5. Many respondents indicated that unsat- requirements, reductions in planned inisfactory financing had resulted in more than creases in working capital were reported one type of effect on their operations or more often than reduction or cancellation plans. Multiple effects were more common of plant expansion plans. TECHNICAL NOTE This note describes the techniques used ther subdivided into three size classes based in the survey of corporate manufacturers. on reported assets: small, medium, and Sample selection. The sample drawn for large. Dollar limits of the size classes were the survey consisted of 3,608 manufactur- not the same for all industry groups; a small ing corporations selected by the Bureau of company in one industry group might be of the Census from a stratified sample of cor- an asset size that would warrant its classifiporate income tax returns for fiscal year cation as medium-size in another industry, 1958 that had been filed with the Internal depending on the general extent of capitali- Revenue Service. The universe of such re- zation in each industry group. A list of the turns for corporate manufacturers in that specific industries in each broad grouping, year amounted to 128,000. and of the asset classes, is given on the fol- Companies filing tax returns were classi- lowing page. fied into four broad groups. First, indus- From the sample of tax returns stratified tries producing durable goods were sepa- by industry and size, probability samples rated from those producing nondurable were selected for each of the "medium" and goods, and, second, within each of these "small" categories. All companies falling product categories, industries in which capi- into the "large" category in each of the four talization per dollar of output is relatively industry groups were included in the survey light were separated from those in which sample. capitalization is relatively heavy. Each of Survey response. About 600 of the corporathese four broad industry groups was fur- tions selected for the sample were not eligi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN • JANUARY 1961 ble or not available for inclusion in the anal- vey sample differ from the true percentages ysis. Most of these "out of scope" companies for the corporate manufacturing universe by were those that had filed income tax returns less than the amounts shown in the table. for fiscal year 1958 but were no longer op- It will be noted that the absolute size of the erating by late 1959. The remainder proved standard error declines as the percentage beto be subsidiaries of other companies, were ing estimated departs from 50 per cent, and no longer in the manufacturing industry, or that the relative size of the standard error inwere ineligible for other reasons. creases as the percentage being estimated de- Of the 3,000 companies falling within the clines. For example, a survey proportion of scope of the survey, about 460 did not re- 50 per cent is likely to be within 1.6 perspond to the questionnaire despite extended centage points of the universe proportion, efforts to obtain information from businesses with a probability of two-thirds. A survey selected for the sample. Each corporation proportion of only 5 per cent for a particular in the sample received the questionnaire in relationship, however, is likely to be within a August 1959; subsequently, in September range of 0.7 percentage points about the uni- 1959, the Bureau of the Census sent a certi- verse value in at least two-thirds of the cases. fied letter to all nonrespondents. Finally, The table also indicates that when data either a Census field representative or a obtained in the survey are classified by only member of the staff of a Federal Reserve size of business with all industries combined, Bank contacted each nonrespondent by reliability is greater than when the results are phone and often in person; most of these classified by both size and industry. latter contacts were made during October Survey categories. The following tabulaand November 1959, but some were made tion shows the industries and the size groupas late as January 1960. ings used in the survey. Survey reliability. Each company selected for the survey sample was assigned a weight INDUSTRY GROUPINGS Industry Size according to the probability of its being se- (total assets, in lected. Percentages shown in the text are millions of dollars) based on weighted figures and represent es- Durable goods manufacturers—heavy capitalization Fabricated metals timates for the corporate manufacturing ') [Small Under 5 Machinery •> \Medium...5-249 universe. Approximate standard errors ap- [Large 250 and over plicable to these percentages are given in Durable goods manufactuers—light capitalization the accompanying table. Furniture and fixtures ] The chances are about 2 in 3 that esti- Instruments | f Small Under 1 Lumber and wood [ | Medium... 1-49 mated percentages obtained from the sur- Miscellaneous | [Large 50 and over Stone, clay, and glass J Nondurable goods manufacturers—heavy capitalization Approximate standard error of a percentage when data are classified by: Chemicals. f Small Under 5 Paper. Percentage <! Medium...5-249 Size, all industries Both size P R e u t b ro b l e e r u m and coal p P r ™ oduuu™ cts - . J \Large 250 and over combined and industry Nondurable goods manufacturers—light capitalization 50 1.6 2.5 40 or 60 1.5 2.4 Apparel ) 20 or 80 1.3 2.0 Food, beverages, and tobacco (Small Under 1 10 or 90 .9 1.5 Leather \ j Medium... 1-99 5 or 95 .7 1.1 1 or 99 ... .3 .5 Printing and publishing. (Large 100 and over Textiles and mill products... Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Order Under Section 4 of the Bank vant aspects of the matter; and all such steps hav- Holding Company Act ing been taken in accordance with the Board's The Board of Governors of the Federal Re- Rules of Practice for Formal Hearings (12 CFR serve System on January 12, 1961, issued an 263), the Board hereby adopts the findings of Order with respect to the request by a bank hold- fact, conclusions of law, and recommendations ing company for a determination under section of the Hearing Examiner as set forth in the at- 4(c)(6) of the Bank Holding Company Act of tached copy of his Report and Recommended De- 1956 for the exemption of a subsidiary corpora- cision, and, further, makes the following Order: tion from the prohibitions of section 4 of the Act. IT IS HEREBY ORDERED, on the basis of the The Board's Order and accompanying Report and findings of fact* and conclusions of law hereinbe- Recommended Decision read as follows: fore adopted, that Western State Credit Co. and its activities are determined to be so closely OTTO BREMER COMPANY related to the business of banking or of manag- In the Matter of the Application of Otto Bremer ing or controlling banks as to be a proper Company, Pursuant to Section 4(c)(6) of the Bank incident thereto and as to make it unnecessary Holding Company Act of 1956, Docket No. BHC~ for the prohibitions of Section 4 of the Bank 58. Holding Company Act of 1956 to apply in order ORDER to carry out the purposes of that Act, and, there- The Otto Bremer Company, St. Paul, Minne- fore, Applicant's request with respect to Western sota, a bank holding company within the mean- State Credit Co. shall be, and hereby is, granted; ing of Section 2(a) of the Bank Holding Company provided that this determination shall be subject Act of 1956 (1.2 USC 1841), has filed a request to revocation by the Board if the facts upon which for a determination by the Board of Governors it is based should change in such a manner as to of the Federal Reserve System that a company make the reasons for such determination no longer proposed to be formed, the Western State Credit applicable. Co., Marshall, Minnesota, and its activities are Dated at Washington, D. C. this 12th day of of the kind described in Section 4(c)(6) of the January, 1961. Act and Section 5(b) of the Board's Regulation By order of the Board of Governors. Y (12 CFR 222.5(b)), so as to make it unneces- Voting for this action: Governors Balderston, Szymcsary for the prohibitions of Section 4 of the Act zak, Mills, Robertson, Shepardson, and King. Absent with respect to acquisition and retention of shares and not voting: Chairman Martin. in nonbanking organizations to apply in order to (Signed) MERRITT SHERMAN, carry out the purposes of the Act. Secretary. [SEAL] A hearing having been held pursuant to Section 4(c)(6) of the Act and in accordance with REPORT AND RECOMMENDED DECISION Sections 5(b) and 7(a) of the Board's Regula- STATEMENT OF THE CASE tion Y; the Hearing Examiner having filed on No- Under date of July 18, 1960, Otto Bremer Comvember 22, 1960, his Report and Recommended pany, St. Paul, Minnesota, a bank holding company, the Applicant herein, filed with the Board of Gover- Decision wherein he recommended that the renors of the Federal Reserve System a request or Apquest with respect to Western State Credit Co. plication for a determination by the Board, pursuant be granted; the time for filing with the Board ex- to Section 4(c)(6) of the Bank Holding Company Act of 1956, herein called the Act, and Section 5(b) ceptions and brief to the recommended decision of the Board's Regulation Y (12 CFR 222.5(b)), reof the Hearing Examiner having expired without lating to a proposed company to be known as Westany exceptions or brief having been filed; the ern State Credit Co. Specifically the Applicant seeks consent of the Board for Applicant to acquire a con- Board having given due consideration to all reletrolling interest in the voting shares of such Company. 23 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN • JANUARY 1961 In accordance with the requirements of Jhe Act the income taxation pursuant to the provisions of Sec- Board provided for a hearing upon the Application. tion 501(c)(3) of the Internal Revenue Code of 1954. Upon due notice the hearing was held in Minneapolis, At present, the Applicant owns a stock interest in Minnesota, on October 12, i960, before the under- 39 banks, located mainly in Minnesota and North signed hearing examiner duly designated and selected. Dakota. It has a majority interest in 21 such banks The Applicant and the Board—the latter in a non- and a minority interest in 18. It owns 25 per cent adversary capacity—were represented at the hearing or more of the total voting stock of each of 30 of by counsel and were afforded full opportunity to be such banks.2 heard, to examine witnesses, to introduce evidence, Among the banking affiliates of the Applicant is and to file proposed findings of fact, conclusions of Western State Bank of Marshall, Minnesota. Applilaw, and briefs. On November 7, 1960 the Applicant cant owns 940 shares of the capital stock of Western filed Proposed Findings of Fact and Proposed Conclu- State Bank, the remaining 60 outstanding shares besions of Law. To the extent consistent with the find- ing equally held by the bank's six directors. As of ings made below, those submitted by the Applicant October 6, 1960, Western State Bank of Marshall are accepted. had assets valued at $5,414,901.90, capital stock in The pertinent section of the Act involved is as the amount of $100,000, surplus of $125,000, undivided profits and reserves of $252,006.37, and defollows: posits of $4,823,751.96. "Sec. 4. (a) Except as otherwise provided in this Applicant proposes to organize an agricultural Act, no bank holding company shall— credit company to be known as Western State Credit "(1) after the date of enactment of this Act ac- Co., a Minnesota corporation, for the purpose of quire direct or indirect ownership or control of making farm loans to be discounted with the Fedany voting shares of any company which is not a eral Intermediate Credit Bank. The Credit Company bank, or will engage in no other business. It is further pro- "(2) after two years from the date of enactment posed to operate such company in connection with of this Act or from the date as of which it be- the Western State Bank of Marshall. comes a bank holding company, whichever is later, The Credit Company will have the same stockretain direct or indirect ownership or control of holders as Western State Bank of Marshall, each any voting shares of any company which is not stockholder owning the same percentage of stock in a bank or a bank holding company or engage in the Credit Company as he or she owns in the Bank. any business other than that of banking or of The officers and directors of the Credit Company managing or controlling banks or of furnishing will be the same persons as the officers and directors services to or performing services for any bank of the Bank. The Credit Company will do business of which it owns or controls 25 percentum or more in the banking quarters of the Bank, without separate of the voting shares. and identifiable space, and using the Bank's personnel. * * * Proposed initial capitalization is $50,000, representing 500 shares of Class A Common stock. Author- "(c) The prohibitions in this section shall not ized capital stock will be 1000 shares of Class A apply— Common and 1000 shares of Class B Common, both • * * with a par value of $100 per share. "(6) to shares of any company all the activities The organization of such a company is permitted of which are of a financial, fiduciary, or insurance by Minnesota law. Minnesota Statutes Annotated, nature and which the Board after due notice and Section 48.61, authorizes any State bank to invest hearing, and on the basis of the record made at not to exceed 10 per cent of its capital in the capisuch hearing, by order has determined to be so tal stock of any agricultural credit corporation organclosely related to the business of banking or of ized under the laws of the State of Minnesota, and managing or controlling banks as to be a proper entitled to discount privileges with a Federal Interincident thereto and as to make it unnecessary for mediate Credit Bank. the prohibitions of this section to apply in order Federal Intermediate Credit Bank of St. Paul to carry out the purposes of this Act." (hereinafter referred to as FICB), a Federal instru- Section 5(b) of the Board's Regulation Y imple- mentality, is one of 12 Intermediate Credit Banks ments the Statute by providing for the filing of appli- chartered by the United States Government under cations with the Board for determinations pursuant the Federal Farm Land Act of 1923. All are ento Section 4(c)(6) of the Act, for hearing thereon, gaged in the business of making agricultural loans and for Board order determining the matter. to, purchasing from, and discounting agricultural paper for, eligible banks, savings institutions, agri- FINDINGS OF FACT x cultural credit corporations, credit unions, production The Applicant, Otto Bremer Company, a Minne- credit associations and livestock loan companies.3 sota corporation with its principal office at St. Paul, FICB makes no loans directly to farmers. The fi- Minnesota, is a bank holding company within the nancing institutions pledge with FICB all collateral meaning of Section 2(a) of the Act, and has duly received by them from the primary borrower—genregistered as such with the Board. All of the Appli- erally in the form of chattel mortgages on crops, livecant's shares of stock are owned by Otto Bremer stock, and machinery. All discounted paper is dis- Foundation, a charitable foundation exempt from counted with recourse and at full face value. In addition to requiring the foregoing collateral, 1 The findings of fact herein are based principally upon the FICB also requires that agricultural credit companies testimony of Arthur E. Persons, President of the Western State Bank of Marshall, Minnesota, and of Robert J. Barry, General Counsel for the Farm Credit Bank of St. Paul, which 2 These findings are from the decision of the Board in the consists of the Federal Land Bank of St. Paul, the St. Paul case of Otto Bremer Company, BHC-29 et seq., 45 Federal Bank for Crops, and the Federal Intermediate Credit Bank of Reserve BULLETIN 892, 905. St. Paul. » 12 U.S.C.A. 1022 et seq. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 25 pledge with it 80 per cent of their capital in the form ing of agricultural loans by the Bank for periods beof cash of government bonds. yond one year. The maximum maturity of any loan made by a The FICB has determined after investigation that financing institution which may be discounted with the proposed Credit Company will be eligible to utilize or assigned to FICB is 5 years, though the usual the services of FICB. maturity is one year. The discount rate of FICB is set by its Board of Directors and is presently AVi CONCLUDING FINDINGS per cent. The obligee on paper discounted with Section 4 of the Act, while in general prohibiting FICB may not charge an interest rate in excess of a bank holding company from retaining control of 4 per cent above the discount rate. The profits of the voting shares of a nonbanking company, is in- FICB, after allocation of a sum to the Federal Govapplicable to a company (1) all of whose activities ernment, is distributed to borrowers in the form of are of a financial, fiduciary, or insurance nature, and patronage refunds. (2) which the Board determines to be so closely re- Federal law and the laws of most States limit the lated to the business of banking or of managing or amount banks may borrow from any source other controlling banks as to be a proper incident thereto than the Federal Reserve Bank to a percentage of and as to make it unnecessary to apply the prohibithe bank's capital and surplus. The Federal Statute tions of Section 4 in order to carry out the purposes governing FICB (12 U.S.C.A. 1032) provides that of the Act. no intermediate credit bank shall purchase from or The activities of the proposed Credit Company will discount paper for any national or State bank, if the be confined exclusively to making agricultural loans amount of such paper added to the aggregate liaand discounting them with the FICB. This is a fibilities of such institution exceeds twice its paid-in nancial activity. The Credit Company therefore fuland unimpaired capital and surplus. However, in fills the first condition of eligibility for exemption. the case of a nonbanking corporation engaged in We turn then to the question of whether the Credit making loans for agricultural purposes, the Statute Company and its activities are so closely related to is less restrictive, the limitation there being ten times the business of banking as to be properly incident the paid-in and unimpaired capital and surplus of thereto. such corporation, or the amount of liabilities per- The making of agricultural loans is classically a mitted under the law of the jurisdiction which created banking function, and one in which the Bank is presthe corporation. The policy of FICB is to maintain ently engaged. Discounting such paper is clearly a a ratio of 7 to 1, rather than the permitted 10 to 1, banking or financial transaction. The Credit Combetween the amount of paper discounted by a nonpany will be owned by the owners of the Bank. It banking institution and the amount of its pledged will be operated, supervised, and directed by the percapital. sonnel and management of the Bank. Its business At the present time 21 agricultural credit comwill be conducted on the premises of the Bank, and panies in the States of Minnesota, Wisconsin, and without separate and identifiable quarters. Such close North Dakota either borrow from or discount with physical and personnel relationships, in connection FICB. Of these 21 companies, 9 are affiliated with with the transaction of financial business, while not banks in the State of Minnesota. For various reaipso facto satisfying the "closely related" requiresons banks in recent years have not made use of the ments in Section 4(c)(6) of the Act, may be regarded facilities of the Intermediate Credit Bank of St. Paul. as giving rise to a presumption that the activity in Suggested explanations by Mr. Barry for this situaquestion is related or incidental to the business of tion included the following: (1) More stringent borthe Bank. First Bank Stock Corporation, 45 Federal rowing and loan limitations on banks; (2) availability Reserve BULLETIN 917 at 930. of the Federal Reserve System as a source of funds Area practice, a further relevant consideration,4 for banks; (3) FICB limitations on interest rates; also tends to suggest that the association of credit and (4) possible technical problems due to reflection companies of this kind with banks is proper. As of the discount transaction as a liability of the bank. we have seen, such association is permitted by Min- FICB does not require the parent companies of nesota law, and 9 of the 21 credit companies doing those of its customers who are affiliated with banks business with the FICB are affiliated with Minnesota to guarantee the paper. FICB looks only to the credit banks. It would consequently seem that prima facie company and the obligor to satisfy the obligation. the proposed Credit Company and its activities would As of October 6, 1960, the total loans and dis- constitute proper incidents of banking. counts of Western State Bank of Marshall were $3,- However, some of the functions which the Credit 055,134.78. Of this amount $1,000,000 represented Company will perform are functions which are presloans made for agricultural purposes, of which $412,- ently being performed by the Bank, and presumably 123.14 were of a kind which would qualify for dis- to the advantage of the public and the Bank. Not count or as collateral with FICB. If these loans all of the Bank's agricultural loan business will be were discounted by the Bank with FICB, the Bank taken over by the Credit Company; only those loans would be required to show them on its books as backed by collateral—representing less than half the liabilities. Bank's volume in that regard (and admittedly in gen- The present demand for loans on Western State eral a better type of risk)—will be handled by the Bank of Marshall is in excess of its capacity to sat- Credit Company. In ascertaining whether the purisfy. This has required the Bank to decline some poses of the Act can be carried out without proloans, or to find outside sources to handle them. hibiting the acquisition, it is pertinent, therefore, to Maximum maturity permitted on agricultural loans made by the Bank is one year, and average maturity 4 First Bank Stock Corporation, 45 Federal Reserve BULLETIN 8 to 9 months, as compared with FICB's maximum 917, 929-931; Otto Bremer Co., 45 Federal Reserve BULLETIN maturity of 5 years and usual maturity of one year. 892, 895; Bank Shares Inc., 45 Federal Reserve BULLETIN 954, 958-959; Northwest Bancorporation, 45 Federal Reserve BUL- Supervisory banking authorities disapprove the grant- LETIN 963, 967, 969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN • JANUARY 1961 inquire why presumably profitable and preferred busi- Western State Credit Co., as proposed, would be so ness will be diverted from the Bank to another and closely related to the business of banking as connonbanking organization. Indeed, in a certain sense ducted by the Applicant in connection with the Westthe Credit Company and the Bank could be consid- ern State Bank of Marshall, Minnesota, as to be a ered competitors for the same type of business. Rea- proper incident thereto and as to make it unnecessons why the Bank does not discount directly with sary for the prohibitions of Section 4 of the Act to FICB have been suggested heretofore. apply in order to carry out the purposes of the Act. The explanation for the proposal is to be found Accordingly it will be recommended that the Appliin the testimony of Arthur E. Persons, President of cant's request for permission to acquire a 94 per cent the Bank. As the findings based on his evidence dis- stock interest in the Western State Credit Co. be close, the Bank is at the present time unable to sat- granted. isfy all acceptable loan demands, and has therefore If there should be substantial change in the factual been required to refer excess demands to outside situation in the future so as to make the present consources. Applications for qualified loans exceed the clusions no longer applicable the recommendation Bank's capacity. Organization of the Credit Com- will, of course, cease to obtain. (Northwest Banpany will assist in satisfying these loans, principally corporation, 45 Federal Reserve BULLETIN, 962, 972) through (1) increase in the available money supply Upon the basis of the foregoing findings of fact, by the addition of the capital of the Credit Company, and upon the entire record in the case, I make the (2) the greater proportion of capital available for following: loan purposes through the Credit Company, and CONCLUSIONS OF LAW (3) longer maturities permissible on loans financed through the Credit Company. 1. All the activities of Western State Credit Co. Addition of an equivalent amount of capital to the are of a financial nature. capital of the Bank will not tend to increase loaning 2. Western State Credit Co., its operations and capacity as effectively. We have seen that, because of activities, as proposed, are so closely related to the differing legal limitations, dollar for dollar the propor- business of managing and controlling banks as to tion or multiple of capital available for loan purposes be a proper incident thereto. will be several times greater in the case of the Credit 3. It is unnecessary to apply the prohibitions of Company than in the case of the Bank. The plan will Section 4 of the Act to Western State Credit Co. in free some of the Bank's funds for other loans. Since order to carry out the purposes of the Act. affiliates of FICB's customers are not required to RECOMMENDATIONS guarantee or underwrite transactions with FICB, no additional or contingent liability will be imposed on It is recommended that the Board of Governors the Bank or the Applicant. Since the allocation of of the Federal Reserve System: loans as between the Bank and the Credit Company 1. Enter an order determining the issue in this will be made by the same individuals, it is conceiv- proceeding in accordance with the findings of fact and able that conflicts of interest as between the two or- conclusions of law made above, and ganizations could arise. There is no apparent rea- 2. Grant the request of Otto Bremer Company. St. son, however, to anticipate difficulty for the Bank Paul, Minnesota, for an order under Section 4(c)(6) in that regard, and if it did occur, could be corrected of the Act permitting Otto Bremer Company to acby supervisory or other authority. President Persons quire a 94 per cent interest in the voting snares of testified that the interests of the Bank would be con- Western State Credit Co. sidered paramount. Dated at Washington, D. C. this 22nd day of No- On the basis of these considerations it would seem vember, 1960. that the establishment of the Credit Company would be appropriate in the circumstances. (Signed) CHARLES W. SCHNEIDER, It is therefore concluded that the activities of the Hearing Examiner. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS, DEPUTY CHAIRMEN, AND DIRECTORS The Board of Governors of the Federal Reserve System announced the following appointments at the Federal Reserve Banks and branches, effective January 1, 1961. Names in CAPITALS indicate new appointments; all others are reappointments. Brief biographical data on newly appointed directors follow the list of appointments. CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1961 Federal Reserve Bank Boston NILS Y. WESSELL, Medford, Massachusetts New York Philip D. Reed, New York, New York Philadelphia Henderson Supplee, Jr., Philadelphia, Pennsylvania Cleveland Arthur B. Van Buskirk, Pittsburgh, Pennsylvania Richmond Alonzo G. Decker, Jr., Towson, Maryland Atlanta Walter M. Mitchell, Atlanta, Georgia Chicago ROBERT P. BRIGGS, Jackson, Michigan St. Louis Pierre B. McBride, Louisville, Kentucky Minneapolis ATHERTON BEAN, Minneapolis, Minnesota Kansas City Raymond W. Hall, Kansas City, Missouri Dallas ROBERT O. ANDERSON, Roswell, New Mexico San Francisco F. B. Whitman, San Francisco, California DEPUTY CHAIRMEN FOR YEAR 1961 Federal Reserve Bank Boston ERWIN D. CANHAM, Boston, Massachusetts New York JAMES DECAMP WISE, New York, New York Philadelphia Walter E. Hoadley, Lancaster, Pennsylvania Cleveland Joseph H. Thompson, Cleveland, Ohio Richmond Edwin Hyde, Richmond, Virginia Atlanta Henry G. Chalkley, Jr., Lake Charles, Louisiana Chicago JAMES H. HILTON, Ames, Iowa St. Louis J. H. Longwell, Columbia, Missouri Kansas City HOMER A. SCOTT, Sheridan, Wyoming Dallas Lamar Fleming, Jr., Houston, Texas San Francisco Y. Frank Freeman, Hollywood, California 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN • JANUARY 1961 FEDERAL RESERVE BANK DIRECTORS (Three-year terms) Federal Reserve Bank Boston WILLIAM WEBSTER, Boston, Massachusetts New York EVERETT NEEDHAM CASE, Hamilton, New York Philadelphia Walter E. Hoadley, Lancaster, Pennsylvania Cleveland Aubrey J. Brown, Lexington, Kentucky Richmond William H. Grier, Rock Hill, South Carolina Atlanta Henry G. Chalkley, Jr., Lake Charles, Louisiana Chicago JOHN WILLIAM SHELDON, Chicago, Illinois St. Louis Jesse D. Wooten, Memphis, Tennessee Kansas City HOMER A. SCOTT, Sheridan, Wyoming Dallas MORGAN J. DAVIS, Houston, Texas San Francisco JOHN D. FREDERICKS, Los Angeles, California FEDERAL RESERVE BANK BRANCH DIRECTORS - (Three-year terms unless otherwise indicated) Federal Reserve Bank and Branch New York Buffalo Thomas E. LaMont, Albion, New York Cleveland Cincinnati WALTER C. LANGSAM, Cincinnati, Ohio Pittsburgh GEORGE LELAND BACH, Pittsburgh, Pennsylvania Richmond Baltimore HARRY B. CUMMINGS, Baltimore, Maryland Charlotte George H. Aull, Clemson, South Carolina Atlanta Birmingham Selden Sheffield, Greensboro, Alabama Nashville W. N. Krauth, Nashville, Tennessee New Orleans Frank A. Godchaux, III, Abbeville, Louisiana Chicago Detroit CARL A. GERSTACKER, Midland, Michigan St. Louis Little Rock Frederick P. Blanks, Parkdale, Arkansas Louisville Philip Davidson, Louisville, Kentucky 1 Each Federal Reserve Bank has a board of direc- 2 Federal Reserve Bank branches have either five or tors consisting of nine members, divided into three seven directors, of whom a majority are appointed by classes, designated as Classes A, B, and C. The six the board of directors of the parent Federal Reserve A and B directors are elected by the member banks, Bank, and the others are appointed by the Board of and the three C directors are appointed by the Board Governors of the Federal Reserve System. One of of Governors. The terms of two of the elected direc- the directors appointed by the Board of Governors at tors and one of the appointed directors expire at the each branch is designated annually as chairman of the end of each year. board in such manner as the Federal Reserve Bank may prescribe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 29 FEDERAL RESERVE BANK BRANCH DIRECTORS (continued) Minneapolis (2-year term) Helena HARRY K. NEWBURN, Missoula, Montana Kansas City (2-year terms) Denver R. A. BURGHART, Colorado Springs, Colorado Oklahoma City OTTO C. BARBY, Beaver, Oklahoma Omaha CLIFFORD MORRIS HARDIN, Lincoln, Nebraska Dallas El Paso William R. Mathews, Tucson, Arizona Houston MAX LEVINE, Houston, Texas San Antonio G. C. HAGELSTEIN, San Antonio, Texas San Francisco (2-year terms) Los Angeles S. ALFRED HALGREN, Los Angeles, California Portland Raymond R. Reter, Medford, Oregon GRAHAM JOHN BARBEY, Astoria, Oregon (for unexpired portion of term ending December 31, 1961) Salt Lake City Thomas B. Rowland, Pocatello, Idaho Seattle Lyman J. Bunting, Yakima, Washington Federal Reserve Bank of Boston Electric Company, North Adams, Massachusetts, whose term as a director expired December 31, NILS Y. WESSELL, Medford, Massachusetts, 1960. was designated Chairman and Federal Reserve Agent at the Federal Reserve Bank of Boston for Federal Reserve Bank of New York the year 1961. Dr. Wessell has served as a Boardappointed director of the Federal Reserve Bank of JAMES DECAMP WISE, New York City, who Boston since December 1957 and as Deputy Chair- has been serving as a Board-appointed director of man since 1959. Dr. Wessell is President of Tufts the Federal Reserve Bank of New York since Jan- University, Medford. As Chairman and Federal uary 1959, was appointed Deputy Chairman of the Reserve Agent, he succeeds Mr. Robert C. Sprague, Bank for the year 1961. Mr. Wise is Chairman of Chairman and Treasurer, Sprague Electric Com- the Board, Bigelow-Sanford Carpet Company, Inc., pany, North Adams, Massachusetts, whose term New York City. As Deputy Chairman, he sucas Chairman expired December 31, 1960. ceeds Mr. Forrest F. Hill, Vice President, The Ford Foundation, New York City, whose term ERWIN D. CANHAM, Boston, who has been expired December 31, 1960. serving as a Board-appointed director of the Federal Reserve Bank of Boston since January 1959, EVERETT NEEDHAM CASE, Hamilton, New was appointed Deputy Chairman of the Bank for York, was appointed a director of the Federal Rethe year 1961. Mr. Canham is Editor of The serve Bank of New York for a three-year term Christian Science Monitor, Boston. As Deputy beginning January 1, 1961. Dr. Case is President Chairman, he succeeds Dr. Nils Y. Wessell, Presi- of Colgate University at Hamilton. He succeeds dent, Tufts University, who was designated Chair- Mr. Forrest F. Hill, Vice President, The Ford man and Federal Reserve Agent. Foundation, New York City, whose term as a director expired December 31, 1960. WILLIAM WEBSTER, Boston, was appointed a director of the Federal Reserve Bank of Boston Federal Reserve Bank of Cleveland for a three-year term beginning January 1, 1961. Mr. Webster is President of the New England WALTER C LANGSAM, Cincinnati, Ohio, Electric System, Boston. He succeeds Mr. Robert was appointed a director of the Cincinnati Branch C. Sprague, Chairman and Treasurer, Sprague of the Federal Reserve Bank of Cleveland for a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN • JANUARY 1961 three-year term beginning January 1, 1961. Dr. Mr. Robert P. Briggs, Executive Vice President, Langsam is President of the University of Cincin- Consumers Power Company, Jackson, Michigan, nati. He succeeds Dr. W. Bay Irvine, President who was designated Chairman and Federal Reof Marietta College, Marietta, Ohio, whose term serve Agent. expired December 31, 1960. JOHN WILLIAM SHELDON, Chicago, Illi- GEORGE LELAND BACH, Pittsburgh, Penn- nois, was appointed a director of the Federal Resylvania, was appointed a director of the Pittsburgh serve Bank of Chicago for a three-year term be- Branch of the Federal Reserve Bank of Cleveland ginning January 1, 1961. Mr. Sheldon is President for a three-year term beginning January 1, 1961. of Chas. A. Stevens & Co., Chicago. He succeeds Dr. Bach is Dean of the Graduate School of Indus- Mr. Bert R. Prall, President and Chairman of the trial Administration, Carnegie Institute of Tech- Board, H. L. Green Company, New York City, nology, Pittsburgh. He succeeds Dr. John C. whose term as a director expired December 31, Warner, President, Carnegie Institute of Tech- 1960. nology, Pittsburgh, whose term expired December CARL A. GERSTACKER, Midland, Michigan, 31, 1960. was appointed a director of the Detroit Branch of the Federal Reserve Bank of Chicago for a Federal Reserve Bank of Richmond three-year term beginning January 1, 1961. Mr. Gerstacker is Chairman of the Board, The Dow HARRY B. CUMMINGS, Baltimore, Mary- Chemical Co., Midland, Michigan. He succeeds land, was appointed a director of the Baltimore Dr. John A. Hannah, President, Michigan State Branch of the Federal Reserve Bank of Richmond University, East Lansing, whose term expired Defor a three-year term beginning January 1, 1961. cember 31, 1960. Mr. Cummings is Vice President and General Manager, Metal Products Division, Koppers Com- Federal Reserve Bank of Minneapolis pany, Inc., Baltimore. He succeeds Mr. Clarence R. Zarfoss, Vice President, Western Maryland ATHERTON BEAN, Minneapolis, Minnesota, Railway Company, Baltimore, whose term expired was designated Chairman and Federal Reserve December 31, 1960. Agent at the Federal Reserve Bank of Minneapolis for the year 1961. Mr. Bean has served as a Federal Reserve Bank of Chicago Board-appointed director of the Federal Reserve Bank of Minneapolis and as Deputy Chairman ROBERT P. BRIGGS, Jackson, Michigan, was since February 1960. Mr. Bean is President, Indesignated Chairman and Federal Reserve Agent ternational Milling Company, Minneapolis. As at the Federal Reserve Bank of Chicago for the Chairman and Federal Reserve Agent, he succeeds year 1961. Mr. Briggs has served as a Board- Dr. O. B. Jesness, Agricultural Economist, St. appointed director of the Federal Reserve Bank Paul, whose term as Chairman expired December of Chicago since October 1956 and as Deputy 31, 1960. Chairman for 1960. He is Executive Vice President, Consumers Power Company, Jackson, Mich- HARRY K. NEWBURN, Missoula, Montana, igan. As Chairman and Federal Reserve Agent, was appointed a director of the Helena Branch of he succeeds Mr. Bert R. Prall, President and Chair- the Federal Reserve Bank of Minneapolis for a man of the Board, H. L. Green Company, New two-year term beginning January 1, 1961. Dr. York City, whose term as Chairman expired De- Newburn is President, Montana State University, cember 31, 1960. Missoula. He succeeds Mr. John D. Stephenson, Partner, Jardine, Stephenson, Blewett & Weaver, JAMES H. HILTON, Ames, Iowa, who has Attorneys, Great Falls, Montana, whose term exbeen serving as a Board-appointed director of the pired December 31,1960. Federal Reserve Bank of Chicago since January 1960, was appointed Deputy Chairman of the Federal Reserve Bank of Kansas City Bank for the year 1961. Dr. Hilton is President, Iowa State University of Science and Technology, HOMER A. SCOTT, Sheridan, Wyoming, who Ames, Iowa. As Deputy Chairman, he succeeds has been serving as a Board-appointed director of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 31 the Omaha Branch of the Federal Reserve Bank Board-appointed director of the Federal Reserve of Kansas City since January 1959, was appointed Bank of Dallas since January 1960. He is Presia director of the Federal Reserve Bank of Kansas dent, Hondo Oil & Gas Company, Roswell, New City for a three-year term beginning January 1, Mexico. As Chairman and Federal Reserve Agent, 1961, and was also appointed Deputy Chairman of he succeeds Mr. Robert J. Smith, President, Piothe Kansas City Bank for the year 1961. Mr. neer Hydrotex Industries, Inc., Dallas, Texas, Scott is Vice President and District Manager, whose term as Chairman expired December 31, Peter Kiewit Sons' Company, Sheridan, Wyoming. 1960. He succeeds Mr. Joe W. Seacrest, President, State Journal Company, Lincoln, Nebraska, whose terms MORGAN J. DAVIS, Houston, Texas, was apas director and as Deputy Chairman expired pointed a director of the Federal Reserve Bank December 31, 1960. of Dallas for a three-year term beginning January 1, 1961. Mr. Davis is President, Humble Oil and R. A. BURGHART, Colorado Springs, Colo- Refining Company, Houston. He succeeds Mr. rado, was appointed a director of the Denver Robert J. Smith, President, Pioneer Hydrotex In- Branch of the Federal Reserve Bank of Kansas dustries, Inc., Houston, whose term as a director City for a two-year term beginning January 1, expired December 31, 1960. 1961. Mr. Burghart is with the Ingle Land and Cattle Company, Colorado Springs. He succeeds MAX LEVINE, Houston, Texas, was appointed Mr. Ray Reynolds, cattle feeder and farmer, a director of the Houston Branch of the Federal Longmont, Colorado, whose term expired Decem- Reserve Bank of Dallas for a three-year term beber 31, 1960. ginning January 1, 1961. Mr. Levine is President, Foley's, Houston, Texas. He succeeds Mr. John OTTO C. BARBY, Beaver, Oklahoma, was ap- C. Flanagan, Vice President and General Manpointed a director of the Oklahoma City Branch of ager, Texas Distribution Division, United Gas the Federal Reserve Bank of Kansas City for a Corporation, Houston, whose term expired Decemtwo-year term beginning January 1, 1961. Mr. ber 31, 1960. Barby is an attorney and rancher of Beaver, Oklahoma. He succeeds Mr. Don H. Dennis, rancher, G. C. HAGELSTEIN, San Antonio, Texas, was Grady, Oklahoma, whose term expired December appointed a director of the San Antonio Branch 31, 1960. of the Federal Reserve Bank of Dallas for a three-year term beginning January 1, 1961. Mr. CLIFFORD MORRIS HARDIN, Lincoln, Ne- Hagelstein is President and General Manager, braska, was appointed a director of the Omaha Union Stock Yards San Antonio, Texas. He suc- Branch of the Federal Reserve Bank of Kansas ceeds Mr. Alex R. Thomas, Vice President, Geo. City for a two-year term beginning January 1, C. Vaughan & Sons, San Antonio, whose term 1961. Mr. Hardin is Chancellor, The University expired December 31, 1960. of Nebraska, Lincoln. He served as a Boardappointed director of the Detroit Branch of the Federal Reserve Bank of San Francisco Federal Reserve Bank of Chicago from April 1952 to June 1954. Mr. Hardin succeeds Mr. Homer JOHN D. FREDERICKS, Los Angeles, Cali- A. Scott, Vice President and District Manager, fornia, was appointed a director of the Federal Peter Kiewit Sons' Company, Sheridan, Wyoming, Reserve Bank of San Francisco for a three-year who was appointed a director and Deputy Chair- term beginning January 1, 1961. Mr. Fredericks man of the Federal Reserve Bank of Kansas City. is President and Chief Executive Officer, Pacific Clay Products, Los Angeles. He has served as Federal Reserve Bank of Dallas a Board-appointed director of the Los Angeles Branch of the Federal Reserve Bank of San ROBERT O. ANDERSON, Roswell, New Mex- Francisco since January 1959. Mr. Fredericks ico, was designated Chairman and Federal Reserve succeeds Mr. Philip I. Welk, wheat grower, Van- Agent at the Federal Reserve Bank of Dallas for couver, Washington, whose term expired Decemthe year 1961. Mr. Anderson has served as a ber 31, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 FEDERAL RESERVE BULLETIN • JANUARY 1961 S. ALFRED HALGREN, Los Angeles, Cali- GRAHAM JOHN BARBEY, Astoria, Oregon, fornia, was appointed a director of the Los was appointed a director of the Portland Branch Angeles Branch of the Federal Reserve Bank of of the Federal Reserve Bank of San Francisco for San Francisco for a two-year term beginning the unexpired portion of a term ending December January 1, 1961. Mr. Halgren is Vice President 31, 1961. Mr. Barbey is President, Barbey Packand Director, Carnation Company, Los Angeles. ing Corporation, Astoria, Oregon. He succeeds He succeeds Mr. John D. Fredericks, President Mr. Paul De Koning, President and General and Chief Executive Officer, Pacific Clay Products, Los Angeles, who was appointed a director Manager, Jantzen, Inc., Portland, Oregon, who of the Federal Reserve Bank of San Francisco. resigned. FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS* The Federal Reserve Banks have announced the following appointments of branch directors. The appointments have been made for terms of three years beginning January 1, 1961, except where otherwise indicated. Federal Reserve Bank and Branch New York Buffalo FRANCIS A. SMITH, President, The Marine Trust Company of Western New York, Buffalo, New York. Mr. Smith succeeds E. Perry Spink, President, Liberty Bank of Buffalo, New York. Cleveland LOGAN T. JOHNSTON, President, Armco Steel Corporation, Cincinnati Middletown, Ohio. Mr. Johnston succeeds Roger Drackett, President, The Drackett Company, Cincinnati, Ohio. H. W. GILLAUGH, President, Third National Bank and Trust Company, Dayton, Ohio. Mr. Gillaugh succeeds Thomas M. Wolfe, President, The Athens National Bank, Athens, Ohio. Pittsburgh CHARLES J. HEIMBERGER, President, The First National Bank of Erie, Pennsylvania. Mr. Heimberger succeeds Lawrence O. Hotchkiss, President, The First National Bank of Mercer, Pennsylvania. STREUBY LLOYD DRUMM, President, West Penn Power Company, Greensburg, Pennsylvania. Mr. Drumm succeeds Irving W. Wilson, Chairman of the Finance Committee, Aluminum Company of America, Pittsburgh, Pennsylvania. Richmond Baltimore J. N. SHUMATE, President, The Farmers National Bank of Annapolis, Maryland. (Reappointed) Charlotte W. W. MCEACHERN, President, The South Carolina National Bank, Greenville, South Carolina. Mr. McEachern succeeds Ernest Patton, Chairman of the Board, The Peoples National Bank of Greenville, South Carolina. 1 For statement concerning appointment of branch directors, see pp. 32-35. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 33 Atlanta Birmingham FRANK A. PLUMMER, President, Birmingham Trust National Bank, Birmingham, Alabama. (Reappointed) Jacksonville GODFREY SMITH, President, Capital City National Bank of Tallahassee, Florida. Mr. Smith succeeds C. B. McLeod, President, Bank of Crestview, Florida. Nashville D. W. JOHNSTON, Executive Vice President, Third National Bank in Nashville, Tennessee. Mr. Johnston succeeds P. D. Houston, Jr., Vice Chairman of the Board, First American National Bank, Nashville, Tennessee. New Orleans GILES W. PATTY, President, First National Bank, Meridian, Mississippi. Mr. Patty succeeds D. U. Maddox, President, The Commercial National Bank and Trust Company of Laurel, Mississippi. Chicago Detroit WILLIAM A. MAYBERRY, Chairman of the Board, Manufacturers National Bank of Detroit, Michigan. (Reappointed) FRANKLIN H. MOORE, President, The Commercial and Savings Bank, St. Clair, Michigan. Mr. Moore succeeds Ernest W. Potter, President, Citizens Commercial & Savings Bank, Flint, Michigan. St. Louis Little Rock J. W. BELLAMY, JR., President, National Bank of Commerce of Pine Bluff, Arkansas. (Reappointed) R. M. LAGRONE, JR., President, The Citizens National Bank of Hope, Arkansas. Mr. LaGrone succeeds E. C. Benton, President, Fordyce Bank and Trust Company, Fordyce, Arkansas. Louisville RAY A. BARRETT, President, The State Bank of Salem, Indiana. Mr. Barrett succeeds W. Scott Mclntosh, President, State Bank of Hardinsburg, Indiana. JOHN G. RUSSELL, President, The Peoples First National Bank & Trust Company of Paducah, Kentucky. (Reappointed) Memphis JOHN E. BROWN, President, Union Planters National Bank of Memphis, Tennessee. (Reappointed) SIMPSON RUSSELL, President, The National Bank of Commerce of Jackson, Tennessee. (Reappointed) Minneapolis (two-year terms) Helena ROY G. MONROE, President, The First State Bank of Malta, Montana. (Reappointed) HARALD E. OLSSON, President, Ronan State Bank, Ronan, Montana. (Reappointed) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDERAL RESERVE BULLETIN • JANUARY 1961 Kansas City (two-year terms) Denver J. H. BLOEDORN, President, The Farmers State Bank of Fort Morgan, Colorado. (Reappointed) CALE W. CARSON, President, First National Bank in Albuquerque, New Mexico. (Reappointed) Oklahoma City R. L. KELSAY, Chairman of the Board and President, The First National Bank in Hobart, Oklahoma. (Reappointed) C. L. PRIDDY, President, The National Bank of McAlester, Oklahoma. (Reappointed) Omaha JOHN F. DAVIS, President, First National Bank, Omaha, Nebraska. (Reappointed) Dallas El Paso DICK ROGERS, President, First National Bank in Alpine, Texas. Mr. Rogers succeeds John P. Butler, President, The First National Bank of Midland, Texas. FLOYD CHILDRESS, Vice President, The First National Bank of Roswell, New Mexico. (Reappointed) Houston JOHN E. GRAY, President, The First National Bank of Beaumont, Texas. Mr. Gray succeeds W. B. Callan, President, The Victoria National Bank, Texas. San Antonio FORREST M. SMITH, President, National Bank of Commerce of San Antonio, Texas. Mr. Smith succeeds J. W. Beretta, Director, First National Bank of San Antonio, Texas. DONALD D. JAMES, Vice President, The Austin National Bank, Austin, Texas. (Reappointed) San Francisco (two-year terms) Los Angeles ROBERT S. BEASLEY, President, The Beverly Hills National Bank & Trust Company, Beverly Hills, California. (Reappointed) ROY A. BRITT, President, Citizens National Bank, Los Angeles, California. (Reappointed) Portland D. S. BAKER, President, The Baker-Boyer National Bank, Walla Walla, Washington. (Reappointed) E. M. FLOHR, President, The First National Bank, Wallace, Idaho. Mr. Flohr succeeds J. H. McNally, President, The First National Bank of Bonners Ferry, Idaho. Salt Lake City J. E. BRINTON, President, The First National Bank of Ely, Nevada. Mr. Brinton succeeds Russell S. Hanson, Executive Vice President, The First National Bank of Logan, Utah. REED E. HOLT, President, Walker Bank & Trust Company, Salt Lake City, Utah. (Reappointed) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 35 San Francisco (two-year terms) Seattle CHAS. H. PARKS, Executive Vice President, Seattle-First National Bank, Spokane and Eastern Branch, Spokane, Washington. Mr. Parks succeeds S. B. Lafromboise, President, The First National Bank of Enumclaw, Washington. M. F. HASTINGS, President, The First National Bank of Ferndale, Washington. Mr. Hastings succeeds James Brennan, President, First National Bank in Spokane, Washington. APPOINTMENTS OF DIRECTORS joined the organization in 1945. Mr. Sammons' On January 12, 1961, the Federal Reserve Bank service began in 1956. of Dallas appointed J. A. Elkins, Jr., Hous- Mr. Katz joined the Board's staff as an Econoton, Texas, a director of its Houston Branch for mist on July 15, 1948. He had served as Chief the unexpired portion of a term ending Decemof the British Commonwealth, Scandanavia, and ber 31, 1963. Mr. Elkins is President of the Near East Section of the Division since May 6, First City National Bank of Houston. As a 1956. As the recipient of a Rockefeller Public director of the Houston Branch he succeeds Mar- Service Award, Mr. Katz spent nine months in vin K. Collie of Houston, Texas, whose term ex- England in 1957-58 making an intensive study of pired December 31, 1960. British economic and financial problems. He is On January 19, 1961, the Board of Governors the author of a number of articles and studies announced the appointment of J. Ollie Edmunds, in the field of international finance. of DeLand, Florida, as a director of the Jacksonville Branch of the Federal Reserve Bank of EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS IN 1960 AND 1959 Atlanta for the unexpired portion of a term end- A condensed comparative statement of earnings ing December 31, 1963. Dr. Edmunds is Presiand expenses of the Federal Reserve Banks in dent of John B. Stetson University, DeLand. As 1960 and 1959 is shown on the accompanying a director of the Jacksonville Branch he succeeds table. A detailed statement of earnings and ex- J. Wayne Reitz, President, University of Florida, penses of each Federal Reserve Bank in 1960 will Gainesville, whose term expired December 31, appear in the February Federal Reserve BULLETIN. 1960. RESIGNATION OF DIRECTOR Item Thousands of dollars Paul De Koning, who has served as a director of the Portland Branch of the Federal Reserve 1960 1959 Bank of San Francisco since March 16, 1960, Current earnings 1,103,385 886,226 resigned effective December 31, 1960. Mr. De Current expenses 153,882 144,703 Koning is President and General Manager, Jant- 949,503 741,523 Current net earnings zen, Inc., Portland, Oregon. 13,875 98,248 Net additions to current net earnings * Net earnings before payments to U. S. CHANGES IN THE BOARD'S STAFF Treasury 963,378 839,771 The following actions in the Division of Interna- Dividends paid 23,949 22,722 tional Finance were taken by the Board effective Paid U. S. Treasury (interest on F. R. notes). 896,816 910,650 January 1, 1961 : Transferred to surplus 42,613 -93,601 Messrs. J. Herbert Furth, A. B. Hersey, and i Includes net profits on sales of U. S. Government securities of Robert L. Sammons, who had served as Associate $2,429,000 in 1960 and $190,000 in 1959; and transfers from reserves for contingencies of $11 million in 1960 (reserves for registered mail Advisers since January 1, 1958, were appointed losses) and $98 million in 1959. Advisers, and Mr. Samuel I. Katz was appointed Associate Adviser. COMMITTEE REPORT ON RETAIL TRADE AND Mr. Furth's service with the Board began in DEPARTMENT STORE STATISTICS 1943. Mr. Hersey joined the Board's staff in 1935 A committee representing the department store and, after a break of two and a half years, re- industry, the Bureau of the Budget, and the Fed- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN • JANUARY 1961 eral Reserve System stressed the need for im- department stores, may undertake to continue proved statistics on retail trade, including depart- temporarily additional series that have been issued ment store data, in a joint statement issued Jan- on a restricted basis in the past, subject to reimuary 11, 1961. The committee, comprising two bursement to cover the costs of these compiladepartment store executives, two officials of the tions for the stores. Federal Reserve System, and one official of the The Committee will continue to meet for the Bureau of the Budget, which has responsibility for purpose of dealing with problems that may arise statistical standards, has been meeting since May during the coming months with the goal of speed- 1960 for the purpose of discussing Federal Reserve ing the development of the present department department store statistics and their relation to an store reports to a more useful statistical reportimproved program for over-all data on retail trade. ing system covering retail distribution. In reporting on its progress, the "Committee of Five" indicated that agreement had been reached ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN that the Federal Reserve would continue for the THE FEDERAL RESERVE SYSTEM present to publish the department store statistics The following banks were admitted to Memberthat have been available through the System's ship in the Federal Reserve System during the regular press releases. Certain supplementary period November 16, 1960, to December 15, 1960: reports of relatively limited interest that have been Pennsylvania available only to reporting stores will, by joint York. . The York Bank and Trust Company agreement, be discontinued as of March 31, 1961, except as some may be prepared for the stores Texas on a cost basis. San Antonio. . Main Bank and Trust The Committee was unanimous in its view of the necessity for better statistical coverage of retail TABLES PUBLISHED ANNUALLY, SEMIANNUALLY OR QUARTERLY distribution, of which the department store statistics are an important element. The Committee Latest BULLETIN Reference stated it endorses and will support a request ex- Annually Issue Page pected to be made by the Bureau of the Census Bank holding companies: for funds to carry out such expansion of trade data. List of, Dec. 31, 1959 June 1960 697 Banking offices and deposits of group Need for revision of department store statistics, banks, Dec. 31, 1959 July 1960 813 Banking and monetary statistics, 1959.. /Feb. 1960 224-31 which have been compiled by the Federal Reserve \May 1960 574-77 Banks and branches, number of, by class since 1919, has been widely recognized for some and State Apr. 1960 440-41 Earnings and expenses: time. This need arises in part from changes that Federal Reserve Banks Feb. 1960 220-21 Member banks: have occurred in the structure of the retail indus- Calendar year May 1960 564-72 try and in its department store segment. It also F O i p rs e t r a h t a in lf g o r f a t y i e o a s r N Ju o ly v . 1 1 9 9 6 6 0 0 810 12 -1 9 2 4 reflects a need for more adequate data on sales Insured commercial banks May 1960 573 Stock Exchange firms, detailed debit and for various commodity groups than are presently credit balances Sept. 1960 1069 available. Semiannually Department stores that now participate in the Banking offices: Analysis of changes in number of Aug. 1960 947 Federal Reserve program are being notified di- On, and not on, Federal Reserve Par List, number of Aug. 1960 948 rectly by the Reserve Bank to which they report Quarterly as to the specific series that will no longer be Flow of funds Jan. 1961 96-103 compiled after March 31 of this year. Each Principal assets and liabilities of Federal Reserve Bank, however, upon request by reporting business-type activities Sept. 1960 1068 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication January 16 Industrial production continued to decline in primary metals. Output of appliances and tele- December and the value of construction activity vision sets has recovered somewhat from earlier changed little. Reductions in employment were reduced levels. Curtailment in auto production widespread and unemployment increased. Retail continued in early January as stocks were at new sales declined slightly. Bank credit, both loans highs for this time of year. and investments, rose substantially. Between mid- Industrial output of nondurable goods has con- December and mid-January, yields on Treasury tinued to show a slow decline. Production readsecurities and other bonds changed little; common justments since midyear to reduce inventories in stock prices increased. a number of industries, such as textile and rubber products, have been partly offset by further expan- INDUSTRIAL PRODUCTION sion in other lines. At the year-end, total produc- Total industrial production in December was tion in the fuel mining, utility, and nondurable 103 per cent of the 1957 average compared with manufactures industries was 2 per cent below the 105 in November and 110 at midyear. Reduc- advanced level in the second quarter, while output tions in business demands in December were ac- of durable manufactures was down 10 per cent. centuated by the influence of midmonth storms. During the holiday period, output was curtailed CONSTRUCTION more than usually as manufacturers sought to The value of new construction put in place in curtail inventories further. Steel mill operations, December, at a seasonally adjusted annual rate of for example, were cut back sharply in the final $54.8 billion, was little changed from November. weeks of the year and in early January operations A small increase in private activity was more than showed a more than seasonal recovery from the offset by a decline in public construction, prin- December rate. cipally highways and conservation projects. For Durable goods manufactures declined 2 per the year 1960, construction activity was 2 per cent further in December reflecting a reduction cent below the record 1959 level. The principal of one-tenth in auto assemblies and decreases in decline was in private residential construction. production of business equipment as well as EMPLOYMENT Seasonally adjusted employment in nonfarm INDUSTRIAL PRODUCTION 1957 = 100 establishments continued to decline in December. Decreases were widespread among both manufacturing and non-manufacturing industries, although employment increased to new highs in State and local government and the service industries. Unusually bad weather in mid-December contributed to a sharp decline in construction employment. Unemployment rose 500,000 to 4.5 million, and NONDURABLE CONSUMER the seasonally adjusted rate increased to 6.8 per MANUFACTURES/ GOODS cent from 6.3 per cent in November. DISTRIBUTION \ / DURABLE \ /MANUFACTURES Retail sales declined slightly further in Decem- V ber to about the third quarter average. Sales at department stores and some other outlets increased Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for December. somewhat from November, but sales at automotive 37 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 FEDERAL RESERVE BULLETIN • JANUARY 1961 stores declined substantially. Deliveries of new a daily average basis, increased $200 million. autos, while down sharply from the advanced Seasonally adjusted turnover of demand deposits October-November rate, were close to the average declined. for the year. Member bank borrowings from the Federal Reserve averaged around $90 million and excess re- COMMODITY PRICES serves $740 million over the four weeks ending The wholesale commodity price index remained January 11. Borrowings were about the same and stable in late December and early January. Prices excess reserves were somewhat lower than in the of industrial commodities changed little at a level previous four weeks. Required reserves increased slightly below a year earlier. Prices of farm in mid-December, when bank credit rose, but deproducts and foods edged up and, reflecting mainly clined somewhat in early January. reduced marketings of hogs and eggs, were 4 per SECURITY MARKETS cent higher than in January 1960. Yields on Treasury securities and those on BANK CREDIT AND RESERVES corporate and State and local government bonds Total commercial bank credit increased sharply changed little on balance between mid-December in December, following little change in November. and mid-January. The yield on 91-day Treasury Substantial loan expansion reflected largely tem- bills fluctuated between 2.15 and 2.30 per cent. porary tax and dividend borrowing by securities Common stock prices and trading activity indealers and finance companies. Holdings of U. S. creased substantially in late December and early Government and other securities rose more than January. Prices in mid-January were 1 per cent usual. The seasonally adjusted money supply, on below the 1960 highs attained last January. INTEREST RATES RETAIL TRAM 1947 - 49 = 106 RETAIL SALES DEPARTMENT STORES LONG-TERM GOVERNMENT SECURITIES . TOTAL LESS AUTOMOTIVE GROUP J L 1956 1957 1958 1959 1960 1961 Federal Reserve indexes, seasonally adjusted; retail sales Discount rate, range or level for all F. R. Banks. Weekly based on Department of Commerce data. Monthly figures; average market yields for U. S. Government bonds maturing lastest for stocks is November, for other series, December. in 10 years or more and for 90-day Treasury bills. Latest figures shown are for week ending January 13. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items. 40 Reserve Bank discount rates; margin requirements; reserve requirements 44 Federal Reserve Banks . . . . .. 46 Currency in circulation, money supply; bank debits. 48 All banks: consolidated statement of monetary system; deposits and currency 50 All banks, by classes. 51 Commercial banks, by classes. . . 54 Weekly reporting member banks. 56 Business loans 59 Interest rates . .. 60 Security prices; stock market credit; open market paper 61 Savings institutions 62 Business finance 64 Security issues 66 Federal finance . . 67 Federal business-type activities. 72 Real estate credit. . ... 73 Short- and intermediate-term consumer credit 76 Industrial production 80 Selected indexes on business activity. 86 Construction 86 Employment and earnings. 88 Department stores 90 Foreign trade . 91 Wholesale and consumer prices. . . 92 National product and income series. ... 94 Flow of funds, saving, and investment. 96 Tables not published each month—list with latest BULLETIN reference 36 Index to statistical tables. 127 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 montetary 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.* 39 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 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 reserves, reserves P d e o a r r i t o e d U To . t S a . l G B o r o o v i u g u t h t g - s t h e t cu u c r a r H e h n i g t p e a d r i l e u e s e d s e e r r - - c v D o a a a u n i d n s n - d - c t e s s Float 'otali s G to o c ld k T r s o c t u e i r u a n u n r e r n g t c y a - - d y s- - r c C t e c u i i i n u o r n la c r - n y - - T h c i u n o r a r e l g s d y a h s s - - T u w r r e i y a th s- F. F e i o R g r n - . Ba O n t k h s er O F ;o a . t u h c R - n e t r . s Total* B F W a . n i R t k h . s A c a a l i l b s n o h l w e 3 ment Averages of daily figures 1929—June... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June... 1.933 1,933 250 12 2,208 4,030 2,295 5 455 272 81 164 350 2,211 2,211 1939—Dec.... 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec.... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec.... 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947_Dec.... 21,905 21,905 268 68122,858 22,712 4,556 28,937 1 330 967 1,016 614 17,261 17,261 1950—Dec. 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 739 17,391 17,391 1951—Dec. 23,409 23,310 99 657 ',37525,446 22,483 4,701 29,139 1,280 271 571 796 20,310 20,310 1952—Dec. 24,400 23,876 524 1,633 ,26227,299 23,276 4,806 30,494 1,271 569 745 832 21,180 21,180 1953—Dec. 25,639 25,218 421 448 ,01827,107 22,028 4,885 30,968 767 602 466 908 19,920 19,920 1954—Dec. 24,917 24,888 29 407 992 16,317 21,711 4,982 30,749 805 443 439 929 19,279 19,279 1955—Dec. 24,602 24,318 284 840 ,389 16,853 21,689 5,008 31,265 111 434 459 983 19,240 19,240 1956—Dec. 24,765 24,498 267 706 ,633 7,156 21,942 5,064 31,775 772 463 372 998 19,535 19,535 1957—Dec. 23,982 23,615 367 716 ,44326,186 22,769 5,144 31,932 768 385 345 1,063 19,420 19,420 1958—Dec. 26,312 26,216 96 564 ,49628,412 20,563 5,230 32,371 691 470 262 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 1,219 18,451 18,451 1959 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 27,036 26,993 43 911 ,426 29,435 19,482 5,311 32,775 396 524 361 348 1,195 18,93? 18,628 304 Dec 1960 25,934 25,914 20 909 ,34328,236 19,454 5,315 32,008 419 534 270 368 838 18,878 18,568 310 Jan 25,322 25,289 33 818 ,09827,276 19,429 5,323 31,580 445 515 214 406 921 18,213 17,947 266 Feb 25,310 25,261 49 637 ,06627,048 19,410 5,336 31,628 442 481 197 307 970 18,027 17,770 257 Mar 25,488 25,373 115 623 ,08227,227 19,386 5,344 31,713 419 554 185 353 890 18,104 17,843 261 Apr 25,818 25,697 121 502 ,04327,393 19,356 5,349 31,726 415 534 194 331 937 18,239 17,962 277 May 26,124 26,118 6 425 ,17327,751 19,343 5,353 31,926 414 496 221 395 994 18,294 18,001 293 June 26,619 26,521 98 388 ,14128,178 19,245 5,357 32,174 406 49: 213 377 910 18,518 18,208 310 July 26,983 26,768 215 293 89728,209 19,052 5,364 32,091 403 490 202 380 948 18,501 18,111 390 Aug 26,653 26,546 107 233 ,17128,091 18,870 5,374 32,151 400 516 216 393 962 18,570 17,697 873 Sept 27,056 26,929 127 170 ,23728,502 18,571 5,382 32,183 406 488 226 417 891 18,733 17,843 890 Oct 27,871 27,542 329 160 ,24829,333 18,058 5,391 r32,474 M05 46: 243 488 973 19,004 17,737 1,267 Nov 27,248 27,170 78 94 1,67029,065 17,954 5,396 33,018 409 52 250 501 1,029 •19,270 16,6882*2,582 Dec Week ending: Oct. 17959 26,591 26,563 28 1,007 1,00528,623 19,491 5,289 31,933 38' 533 300 420 1,194 18,636 18,636 14 26,637 26,563 74 1,051 956 28,667 19,489 5,290 32,096 387 474 326 464 ,197 18,501 18,501 21 26,402 26,402 "ii 824 1,41728,664 19,488 5,293 32,026 391 518 294 344 ,193 18,679 18,679 26,385 26,364 796 1,14928,353 19,486 5,297 31,873 396 530 297 335 ,136 18,568 18,568 Nov. 4 26,686 26,544 14: 834 89728,443 19,585 5,299 31,924 404 471 293 397 ,127 18,711 18,711 11 26,763 26,574 189 916 94728,651 19,585 5,301 32,105 414 458 313 396 ,128 18,724 18,724 18 26,702 26,593 109 864 1,16528,758 19,583 5,303 32,235 414 478 304 362 ,204 18,647 18,647 25 26,682 26.65? 30 829 1,31128,857 19,582 5,304 32,269 415 515 315 369 ,297 18,563 18,563 Dec.''2 26,871 26,843 28 875 1,086 28,867 19,568 5,306 32,446 410 54' 347 355 ,24: 18,45 18,396 55 9 27,194 27,130 64 916 1,00329,153 19,505 5,310 32,601 405 487 36: 338 ,244 18,797 18,529 268 16 27,176 27,142 34 96 1,16929,365 19,478 5,311 32,798 396 528 341 342 ,181 18,872 18,567 305 23 27,007 26,970 37 985 1,81829,883 19,467 5,312 32,924 387 523 365 33 ,195 19,274 18,937 337 30 26,829 26,787 42 933 1,78829,629 19,456 5,313 32,89: 393 53' 387 333 ,195 18,997 18.66C 337 1960 Jan. 6 26,642 26,607 1,018 1,58629,318 19,456 5,313 32,524 407 582 348 55: 843 19,141 18,83 310 13 26,395 26,339 915 1,26928,633 19,455 5,315 32,282 410 51! 308 33: 840 19,025 18,713 316 20 25,622 25,620 918 1,51328,098 19,455 5,316 31,910 424 494 231 326 83i 18,96: 18,648 315 27 25,450 25,450 77( 1,10327,370 19,454 5|315 31,65r 424 519 217 33: 836 18,47i 18,16' 315 Feb. 3 25,44' 25,442 81 1,108 27,406 19,445 5,315 31,565 436 510 239 33: 834 18,53' 18,25: 285 10 25,389 25,355 853 85: 27,135 19,433 5,32' 31,599 44: 417 203 344 834 18,26? 18,049 219 17 25,355 25,300 974 1,16' 27,535 19,432 5,32: 31,631 45 59 224 522 896 18,25C 17,974 276 24 25,253 25,253 620 1,324 27,235 19,42: 5,32: 31,56: 44: 529 206 43! 1,00! 18,061 17,79 268 Mar. 2 25,212 25,154 58 794 1,06 27,10: 19,42 5,32! 31,51 44: 54: 219 32: 1,00! 18,10: 17,80( 305 9 25,270 25,235 35 59: 1,17 27,07: 19,41: 5,33. 31,61 43: 542 200 29: 1,007 17,94: 17,731 210 16 25,444 25,313 13 726 99, 27,197 19,40S 5,33 31,72i 44? 44( 200 29: 980 18,10! 17,849 259 2 3 3 0 2 25 5 , , 2 3 3 2 S 3 2 2 5 5 , , 2 2 9 3 0 4 3 6 5 0 8 , ' 1,24: 2 26 7 , , I 1 T 89 1 1 9 9 , , 4 4 0 0 5 ? 5 5 , , 3 3 4 3' C 3 3 1 1 , , 5 67 3 1 4 4 4 5 3 C 5 4 47 5 ! 2 1 0 8 3 0 3 3 0 2' : 9 94 4 5 4 1 17 8 , , 8 1 9 8 - ! 1 17 7 , , 6 9 0 3 0 4 2 2 5 9 5 4 89 Apr. 6 25,284 25,264 20 73. 89 26,951 19,40( 5,34 31,654 42 50S 16: 35i 94: 17,86? 17,650 218 13 25,39( 25,285 11 734 9H 27,07: 19,394 5,342 31,826 41' 465 20C 34? 91 17,87C 17,634 236 20 25,70 25,417 284 561 1,39 27,690 19,38i 5,344 31,821 42( 66C 44! 864 18,28C 18,012 268 27 25,52 25,444 77 52 1,15! 27,234 19,37 5,346 31,58 41 55 27: 857 18,392 18,08 309 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 41 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 reserves, P d e o a ri r t o e d U To . t S al . G B o r o v o ig u t u . h t g - t s h e t cu u r c a H r e n h i g t p e a d r i l u e e e d s e r r - - c v D o a a a n n u i d s c d n - - e ts s Float Total i s G to o c ld k T r s o c e t u i r a u n n u e r n g y r c t a d - - y s - - r c C t e c u i i n u i o n l r c a n r - - y - T h c u o r a e r l s y d a h s - - Tr u w e r i a y t s h - F. F e o i R r g . - n Ba O n t k h s er c O F o . a t u c h R - n e t r . s Total* B F W . a n i R t k h . s A c a a l i l b n s o l h w e ' ment Averages of daily figures Week ending: 1960 25,660 25,557 103 552 95827,199 19,360 5,347 31,606 414 567 184 311 855 18,243 17,968 275 : 25,868 25,616 252 549 924 27,371 19,359 5,348 31,723 419 504 184 314 854 18,306 18,081 225 18 25,761 25,627 134 555 1,13327,480 19,359 5,349 31,774 413 608 195 349 887 18,235 17.961 274 25 25,745 25,718 27 403 1,161 27,338 19,353 5,350 31,684 415 547 202 290 1,034 18,168 17,868 300 June 1 25,968 25,941 27 436 99327,427 19,352 5,349 31,812 414 468 206 390 1,033 18,121 17,806 315 8 26,134 26,118 16 400 1,011 27,575 19,352 5,350 31,917 424 445 199 361 1,034 18,152? 17,897 255 15 26,176 26,176 375 1,029 27,609 19,351 5,353 31,976 415 490 206 365 1,001 18,157 17,859 298 22 26,011 26,011 550 1,554444 28,135 19,346 5,354 31,927 412 550 225 437 970 18,602 18,315 287 29 26,129 26,129 412 1,168 27,739 19,325 5,356 31,867 406 505 249 415 971 18,342 18,007 335 26,553 26,491 62 440 1,040 281,1,063 19,322 5,356 32,155 406 517 226 399 958 18,320 18,079 241 July ,$:::::::: 26,613 26,517 96 341 1,138 28,120 19,282 5,356 32,361 406 422 214 380 935 18,349 18,041 308 20 26,556 26,416 140 429 1,423 28,437 19,251 5,357 32,199 409 548 209 374 884 18,762 18,422 340 27 26,599 26,522 77 351 i;087 28,065 19,191 5,357 32,041 405 488 202 373 884 18,552 18,219 333 Aug. 3 26,930 26,760 170 315 890 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 26,682 106 273 788 27,882 19,006 5,370 31,980 395 487 225 384 1,014 18,466 17,772 694 Sept. 7 26,784 26,640 144 262 86127,941 18,999 5,372 32,174 399 477 233 412 1,011 18,358 17,607 751 14 26,649 26,524 125 301 064 28,048 18,975 5,374 32,291 401 465 204 386 974 18,581 17,676 905 21 26,541 26,495 46 86 28,189 18,828 5,376 32,171 403 551 224 379 936 18,635 17,729 906 28 26,539 26,456 83 244 242 28,059 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 5,380 32,276 408 474 202 430 932 18,640 17,840 800 19 27,036 27,036 95 ,45328,621 18,586 5,382 32,304 413 489 215 393 864 18,839 17,909 930 26 26,760 26,681 "79 262 1,357 28,417 18.552 5,383 32,120 403 546 257 375 862 18,728 17,789 939 Nov. 2 27,313 26,946 367 211 1,098 28,662 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 1,308 29,658 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 ,073 18,761 17,839 922 30 27,623 27,607 16 121 1,232 29,026 17,957 5,392 r32,640 '414 460 258 391 ,071 19,678 17,141 2,537 Dec. 7 27,421 27,421 67 057 28,594 17,974 5,391 32,722 413 473 253 474 ,066 18,916 16,558 2,358 14 27,381 27,381 76 ;272 28,778 18,083 5,396 33,038 410 522 237 680 ,037 18,932 16,334 2,598 21 27,034 27,010 24 80 2,151 29,316 17,957 5,396 33,174 414 592 246 443 ,018^19,449 16,782*>2,667 27,074 26,946 128 56 2,172 29,358 17,882 5,398 33,195 401 522 260 412 ,019P19,458 16,828P2,630 28 End of month 1960 27,402 27,025 377 193 1,096 28,729 18,402 5,387 32,144 389 437 251 477 865 18,898 17,956 942 Oct 27,488 27,486 2 101 1,09528,731 17,910 5,393 32,632 410 512 252 390 ,069 19,439 16,770 2,669 Nov 27,384 26,984 400 33 1,868 29,359^17,767 5399 *>32,845 P403 485 217 554 941P19,549 17,081 -2,468 Dec Wednesday Nov. 219.60 27,641 27,046 595 423 1,00529,112 18,334 5,388 32,124 407 408 263 385 864 19,325 18,383 942 9. 28,089 27,576 513 187 50328,830 18,116 5,391 32,502 400 391 258 387 863 18,289 17,537 752 16. 27,911 27,605 306 176 1,288 29,432 18,006 5,391 32,455 414 635 211 429 1,075 18,562 17,612 950 23. 27,717 27,683 34 323 ,114 29,205 17,986 5,392 32,658 412 480 221 379 1,071 18,283 17,361 922 30. 27,488 27,486 2 101 ,095 28,731 17,910 5,393 32,632 410 512 252 390 1,069 19,439 16,770 2,669 Dec. 7 27,395 27,395 81 874 28,399 18,177 5,392 32,905 418 383 256 691 1,061 18,850 16,252 2,598 14 27,353 27,353 91 1,802 29,293 17,973 5,396 33,126 421 608 212 672 997 19,453 16,626 2,827 21 27,060 26,925 135 80 2,349 29,543 17,925 5,396 33,219 422 492 275 430 1,018^19,914 17,008*2,906 28 27,225 26,948 277 78 1,616 28,984 17,837 5,398 33,111 403 416 265 421 1,019*>19,568 16,5"8"4' *>2,984 P Preliminary. r Revised. 2 See note 3. 1 Includes industrial loans and acceptances, when held. For holdings 3 Beginning with December 1959, monthly averages are estimated. of such items on Wednesday and end-of-month dates, see subsequent 4 Less than $500,000. tables on Federal Reserve Banks. (Industrial loan program discontinued Aug. 21, 1959.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. In millions of dollars] All member banks CentraI reserve city banks—New York Central reserve city banks—Chicago Bor- Bor- Bor- Period s T h e e r o r e l v t - d a e i l s s q e u R r r i v e e r - e - e s d 2 s E e x r r v c e e - e s s s 3 F r i o . n a w g t R s - . se F r r r v e e - e e s 3 s T h e e r o r e l v t - d a e i l s s q e u R r r v i e e r - e - e s d 2 s E e x r r v c e e - e s s s 3 F r i o . n a w g t R s - . se F r r r v e e - e e s 3 s T h e e r o r e l v t - d a e i l s s q e u R r r i v e e r - e - e s d 2 s E e x r r v c e e - e s s s 3 F r i o . n a w g t R s - . se F r r r v e e - e e s 3 Banks 4 Banks4 Banks 4 1929—June 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 1 63 -62 1933 June 5 2 160 1 797 363 184 179 861 792 69 69 211 133 78 n a n.a. 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 n.a. n.a. ,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 1,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 ,406 1,409 -4 232 -236 1953 Dec .... 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 ,295 37 -36 1954 Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 1,210 15 -16 1955 Dec 19 240 18,646 594 839 -245 4,432 4 397 35 196 -162 ,166 1 164 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 1,006 3 66 -63 1959 Nov 18,621 18,176 445 878 -433 3,808 3,785 23 207 -184 ,029 ,026 3 64 -61 Dec 618 932 18,450 482 906 -424 6 3,920 3,930 -10 99 -109 6 .038 .038 104 -104 I960 Jan 18,878 18,334 544 905 -361 3,907 3,884 23 111 -88 1,046 ,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 17 16 987 988 58 -59 July 18,518 18,010 508 388 120 3,864 3,853 11 14 -3 1,020 1,010 10 49 -39 Aug 18,501 17,961 540 293 247 3,780 3,780 27 -27 1,027 1,024 3 41 -38 Sept 18 570 17 931 639 225 414 3 773 3 755 18 20 -2 1 014 1 011 3 8 — 5 Oct 18,733 18,095 638 149 489 3,788 3,765 22 13 9 1,011 1,007 4 6 -2 Nov 19,004 18,248 756 142 614 3,770 3,718 52 18 34 1,006 998 8 12 -4 Dec ^19,270P18,511 ^759 87 ^672 3,687 3,658 29 19 10 958 953 4 8 -4 Week ending: 1959—Dec. 2 18,451 18,085 366 870 -504 3,773 3,769 4 78 -74 1,017 ,019 -2 60 -62 9. ... 18,797 18,282 515 911 -396 3,876 3,874 2 4 _2 1,032 1,030 2 69 -67 16 18,872 18,429 443 956 -513 3,949 3,938 11 109 -98 1,035 ,031 3 84 -81 23 19,274 18,635 639 980 -341 4,005 3,988 16 202 -186 1,053 1,049 143 -139 30.... 18,997 18,533 464 928 -464 3,953 3,944 9 86 -77 1,054 ,049 5 156 -151 I960—July 6. ... 18,320 17,885 435 440 -5 3,884 3,880 4 4 1,002 .001 43 -42 18,349 17,774 575 341 234 3,769 3,757 13 26 -13 997 989 8 12 -4 18,762 18,245 517 429 88 3,929 3,919 10 34 -24 1,035 1,034 77 -76 21'.'.'.'. 18,552 18,078 474 351 123 3,875 3,858 17 17 1,020 1,012 8 29 -21 Aug. 3.... 18,591 18,103 488 315 173 3,879 3,880 -1 -1 1,021 1,021 100 -101 10 18,525 18,018 507 293 214 3,811 3,807 4 1 3 1,029 1,023 6 109 -102 17. ... 18,564 17,983 581 416 165 3,794 3,778 16 99 -82 1,029 1,031 -2 30 -33 24 18,404 17,938 466 193 273 3,761 3 750 12 12 1,034 1 023 11 11 31 18,466 17,827 639 273 366 3,737 3,734 3 20 -17 1,023 1,018 5 4 1 Sept 7.... 18,358 17,702 656 261 395 3,681 3 651 30 17 13 1,002 997 5 5 14 18,581 17,762 819 299 520 3,681 3,660 21 43 -22 1,001 996 4 18 -14 21 18,635 18,116 519 79 440 3,835 3,835 1 1,029 1,025 4 4 28 18,609 18,091 518 225 293 3,834 3,836 -2 13 -16 1,019 1,023 A 12 -16 Oct. 5 18,759 18,148 611 200 411 3,910 3,877 33 14 19 1,033 1,021 13 6 6 12 18,640 17,951 689 148 541 3,697 3,701 -4 -4 1,001 1,002 -2 -2 19 18,839 17,963 876 74 802 3,830 3,706 123 123 1,015 998 17 1 16 26 18,729 18,200 529 240 289 3,795 3,798 -3 58 -61 1,004 1,009 -5 21 -26 Nov. 2 18,873 18,309 564 189 375 3,815 3,807 8 8 1,020 1,013 7 30 -23 9 18,797 18,191 606 136 470 3,738 3,715 23 27 -4 1,006 1,004 2 1 16 18,733 18,121 612 168 444 3,699 3,688 11 40 -29 999 995 4 13 -9 23 18,761 18,154 607 99 508 3,707 3,709 -3 6 -9 998 997 1 6 -4 30 19,678 18,481 1,197 113 1,084 3,875 3,717 158 2 157 1,008 990 18 6 12 Dec. 7 18,916 18,216 700 60 640 3,559 3,540 20 20 937 934 4 4 14.... 18,932 18,222 710 70 640 3,579 3 556 23 23 934 927 7 7 21 *>19,449^18,702 P747 74 ^673 3,769 3.753 16 14 2 962 966 -3 9 -12 28.... *>19,458^18,757 ^701 49 ^652 3,753 3,725 28 28 981 976 5 5 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 43 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period Total Required Excess B in o g rr s o a w t - Free Total Required Excess B in o g rr s o a w t - Free reserves reserves2 reserves3 F.R. reserves3 reserves reserves2 reserves3 F.R. reserves 3 held* Banks 4 held* Banks4 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_Nov.... 7,848 7,802 46 415 -369 5,936 5,564 372 192 180 Dec 6 7,954 7,912 41 490 -449 6 6,020 5,569 450 213 237 1960—Jan 7,909 7,840 69 508 -439 6,014 5,568 449 192 257 Feb.... 7,544 7,503 42 423 -381 5,920 5,518 402 205 197 Mar.... 7,429 7,391 37 289 -252 5,857 5,494 363 180 183 Apr.... 7,498 7,453 45 298 -253 5,887 5,504 383 193 190^ May... 7,515 7,465 51 224 -173 5,882 5,517 366 222 144 June... 7,540 7,496 44 164 -120 5,915 5,525 390 186 204 July... 7,647 7,599 48 176 -128 5,987 5,548 439 149 290 Aug 7,654 7,607 47 109 -62 6,041 5,550 491 116 375 Sept 7,662 7,595 68 112 -44 6,120 5,569 551 85 466 Oct 7,761 7,696 65 67 -2 6,173 5,626 546 63 483. Nov 7,854 7,761 94 56 38 6,374 5,771 602 56 546 Dec.... P7S949 ^7,849 P100 20 ^80 ^6,677 ^6,052 ^625 40 585 Week ending: 1959—Dec. 2 7,807 7,760 47 490 -443 5.854 5,537 317 242 75 9 7,861 7,813 48 587 -539 6,030 5,565 465 251 214 16 7,957 7,907 50 545 -495 5,932 5,553 379 218 161 23 8,050 7,998 52 422 -370 6,165 5,600 565 213 352 30 8,050 7,962 87 487 -400 5,939 5,578 361 199 162 I960—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 Sep.^7 7,602 7,527 75 118 -44 6,073 5,526 547 126 420 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 51 478 16 7,827 7,761 66 51 15 6,208 5,677 532 64 468 23, 7,801 7,763 38 45 -7 6,253 5,684 569 42 527 30 7,938 7,729 209 49 161 6,857 6,045 811 57 754 Dec. 7 7,781 7,723 58 21 37 6,638 6,020 619 39 580 14 7,851 7,732 119 19 100 6,569 6,008 560 52 509 21 7,972 7,919 52 14 38 ^6,744 ^6,064 *680 37 *>643 28 8,046 7,964 82 9 73 ^6,678 2>6,092 ?586 40 *546 n.a. Not available. » Preliminary. 6, 1960, and monthly averages for all classes of banks beginning with 1 Based on figures at close of business through November 1959; there- January 1960 are estimated. after on closing figures for balances with Reserve Banks and opening 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

44 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advance (S s e s e e s c . u 1 re 3 d a b n y d e l 1 ig 3 ib a l ) e i paper [Sec. 10(b)] ob ( l l i a g s a t t io p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Dec. 31 beginning: rate Dec. 31 beginning: rate Dec. 31 beginning: rate Boston Aug. 23, 1960 Aug.23, 1960 4 Aug. 23,1960 4* New York... Aug. 12, 1960 Aug. 12, 1960 4% June 10,1960 Philadelphia.. Aug. 19, 1960 Aug. 19, 1960 Aug. 19,1960 5 Cleveland Aug. 12, 1960 Aug.12, 1960 Aug. 12,1960 5 Richmond. . . Aug. 12, 1960 Aug. 12, 1960 Aug. 12,1960 4% Atlanta Aug. 16, 1960 Aug. 16, 1960 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 4% Minneapolis.. Aug. 15, 1960 Aug. 15, 1960 4 Aug. 15,1960 f Kansas City.. Aug. 12, 1960 Aug. 12, 1960 4 Aug. 12,1960 Dallas Sept. 9, 1960 Sept, 9, 1960 4V4 Sept. 9,1960 San Francisco Sept. 2, 1960 Sept. 2, 1960 4% June 3,1960 i Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES i MARGIN REQUIREMENTS i [Per cent per annum] [Per cent of market value] Range F. R. Range F. R. Aug. 5, Oct. 16, Effec- Date (or level)— Bank Date (or level)— Bank Prescribed in accordance with 1958- 1958- tive effective all F. R. of effective all F. R. of Securities Exchange Act of 1934 Oct. 15, July 27, July 28, Banks N. Y. Banks N. Y. 1958 1960 1960 1948 1957 Regulation T: Jan. 12... 1 -114 114 Aug. 9... 3 -31/2 3 For extensions of credit by brokers and 19... WA 1 VA 23... 3^2 11A dealers on listed securities 70 90 70 Aug. 13... WA-WI 1V2 Nov. 15... 3 -31/2 3 For short sales 70 90 70 23... I1/2 li/i Dec. 2... 3 3 Regulation U: For loans by banks on stocks 70 90 70 1950 1958 Aug. 21... 11/2—134 1*4 Jan. 22... 2*4-3 3 25... 1*4 WA 24... 2*4-3 2*4 1 Regulations T and U limit the amount of credit that rnay be extended Mar. 7... 214-3 214 on a security by prescribing a maximum loan value, which is a specified 1953 13... 214-2*4 214 percentage of its market value at the time of extension: margin require- Jan. 16... 1*4-2 2 21... 214 214 ments are the difference between the market value (100%) and the maxi- 23... 2 Apr. 18... 1*4-214 1*4 mum loan value. May 9... 1*4 1*4 1954 Aug. 15... 1*4-2 1*4 Feb. 5... 1*4-2 1*4 Sept. 12... 1*4-2 2 15 1*4 2 Apr. 14!!! 11/2-1*4 1*4 Oct. 24... 2 -21/2 2 MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS 16... 18 Nov. 7... 21/2 2% May 21... 1 1 ~lA 4 [Per cent per annum] 1959 1955 Mar. 6... 21/2-3 3 Apr. 14... lJ/2-l*4 1V2 16... 3 3 Nov. 1, 15... 1*4 May 29... 3 -314 31/2 Type of deposit 1933- May 2... 1 1*4 4 1*4 June 12... 31/2 31/2 Jan. 31, Aug. 4... 1*4-2 J4 Sept. 11... 31/2-4 4 1935 18... 4 4 12*.!! 2 4-2ij k Sept. 9... 2 -214 1960 Savings deposits 13... 214 June 3... 31/2-4 4 Nov. 18... 214-21/2 2i/i 10... 31/2-4 31/2 Postal savings deposits 23... 21/2 21/2 14... 31/2 31/2 Aug. 12... 3 -31/2 3 Other time deposits payable: 1956 Sept. 9... 3 3 In 6 months or more Apr. 13... 21/2-3 2*4 In 90 days to 6 months. . . 20... 2*4-3 2*4 In effect In less than 90 days Aug. 24... Dec. 31... 3 31... 3 3 1 Under Sees. 13 and 13a (as described in table above). For data for 1941-47, see the BULLETIN for January 1959, p. 76. NOTE.—The rate charged by the Federal Reserve Bank of New York on repurchase contracts against U. S. Govt. securities was the same as its discount rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; and 1960—Oct. 31-Nov. 17 and Dec. 28-29, 2.75. CO CO CO CO CO Feb. 1, Jan 1, Effec- 1935- 1936- tive Dec. 31, Dec. 31, Jan. 1, 1935 1956 1957 2% 21/2 3 21/2 3 3 21/2 2% 21/2 1 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this Regulation the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the F.D.I.C., have been the same as those in effect for member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 45 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures.l In millions of dollars] Net demand deposits1 Time deposits Central reserve Ef o fe f c t c i h v a e n g d e ate C re e s n e t r r v a e l Reserve Coun- C re e a s n n e t d r 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 a c s i n e t k y rv s e C ba t o r n u y k n s city city try reserve try York cago banks banks banks city banks banks Four weeks ending Nov. 2, 1960 In effect Dec. 31, 1945.. 20 20 14 6 6 Gross demand: Total 123,367 24,027 6,204 48,227 44,909 1948—Feb. 27 22 Interbank 14,228 4,343 1,303 7,085 1,497 June 11 24 U. S. Government. 4,799 1,154 296 1,797 1,551 Sept. 16,24*.... 26 22 16 71/2 Other 104,340 18,530 4,605 39,345 41,861 1949_May 1,5* 24 21 15 Net demand2 103,479 20,040 5,309 40,015 38,115 June 30, July I *. 20 14 6 6 Time 57,493 4,923 1,534 22,147 28,889 Aug. 1,11*.... 8" 13 5 Demand balances due Aug. 16, 18* 12 5 from domestic banks. 7,133 86 112 2,062 4,873 Aug. 25 it* Currency and coin: Sept. 1 Total 2,352 141 29 722 1,461 1951_jan. 11, 16*.... 23 19 13 6 6 Allowable as reserves. 903 10 2 335 556 Jan. 25, Feb. 1 *. 24 20 14 Balances with F. R. 1953—July 1,9* 22 19 13 Banks 17,867 3,774 1,008 7,455 5,630 1954—June 16,24*.... 21 5 5 Total reserves held 18,770 3,784 1,010 7,790 6,186 July 29, Aug. 1 * 20 18 12 Required 18,106 3,753 1,006 7,710 5,637 Excess 664 31 4 80 549 1958—Feb. 27, Mar. 1* 171/2 a* Mar. 20, Apr. 1 * 17 Apr. 17 ii* Four weeks ending Nov. 30, 1960 Apr. 24 I6I/2 I960—Sept. 1 Gross demand: Nov 24 . 171/2 12 Total 124,020 23,835 6,127 48,605 45,453 Dec. 1 I61/2 Interbank 14,251 4,319 1,271 7,123 1,538 U. S. Government. 5,137 1,088 289 2,026 1,733 In effect Jan. 1, 1961... 16i/2 161/2 12 5 5 Net d O e t m he a r nd2 1 1 0 0 4 3 , , 6 8 3 5 3 3 1 1 8 9 , , 4 7 2 2 7 1 4 5 , , 5 2 6 5 7 3 4 3 0 9 , , 2 4 8 5 0 6 4 3 2 8 , ,5 1 9 8 9 2 Time 57,559 5,126 1,546 22,185 28,702 Present legal require- Demand balances due ments : from domestic banks. 7,135 115 104 2,040 4,876 Minimum 210 10 7 3 3 Currency and coin: Maximum 222 222 14 6 6 Total 2,382 158 30 727 1,467 Allowable as reserves. 1,290 58 10 437 785 Balances with F. R. * First-of-month or midmonth dates record changes at country banks, Banks 17,702 3,697 993 7,410 5,602 and other dates (usually Thurs.) record changes at central reserve or Total reserves held 18,992 3,755 1,003 7,847 6,387 reserve city banks. Required 18,237 3,707 997 7,755 5,777 1 Demand deposits subject to reserve requirements which, beginning Excess 755 47 6 92 610 Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and Series E bond accounts during the period Apr. 13, 1 Balances with Reserve Banks are as of close of business; figures for all 1943-June 30, 1947). other reported items (that is, excluding total reserves held and excess re- 2 Prior to July 28, 1959, the minimum and maximum legal requirements serves) are as of opening of business. against net demand deposits of central reserve city banks were 13 and 2 Demand deposits subject to reserve requirements, i.e., gross demand 26 per cent, respectively, and the maximum for reserve city banks was deposits minus cash items reported as in process of collection and demand 20 per cent. balances due from domestic banks. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS 1 [In thousands of dollars] Wednesday End of month Item 1960 1960 1959 Dec. 28 Dec. 21 Dec. 14 Dec. 7 Nov. 30 December November December Discounts and advan< 77,778 80,459 90,999 80,999 100,589 32,939 100,589 457,726 Within 15 days 70,713 75,067 83,535 71,967 93,769 22,624 93,769 449,149 9 1 1 6 d d a a y y s s t t o o 9 1 0 y d e a a y r s .. . 7,065 5,392 7,464 9,032 6,80 1 6 4 10,315 6,80 1 6 4 8,56 1 4 3 Acceptances—total. . 65,069 52,606 48,105 48,105 48,106 73,597 48,106 75,341 Within 15 days.... 33,141 16,616 8,115 7,496 8,067 34,974 8,067 39,335 16 days to 90 days. 31,928 35,990 39,990 40,609 40,039 38,623 40,039 36,006 U. S. Government securities—total. 7,225,385 27,060,485 27,352,575 27,395,: 27,487,925 27,384,28527,487,925 26,648,327 Within 15 days 777,226 686,486 434,736 408,550 220,050 821,490 220,050 675,130 16 days to 90 days 5,106,890 4,961,101 5,219,797 5,264,933 5,383,633 5,247,526 5,383,633 7,053,363 91 days to 1 year 9,211,765 9,276,788 9,559,538 9,583,338 9,740,738 9,185,765 9,740,738 10,925,765 Over 1 year to 5 years 10,679,647 10,679,647 10,688,647 10,688,647 10,693,647 10,679,647 10,693,647 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 1,178,574 677,384 Over 10 years 271,283 271,283 271,283 271,283 271,283 271,283 271,283 792,773 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1960 1960 1959 Dec. 28 Dec. 21 Dec. 14 Dec. 7 Nov. 30 December November December Assets Gold certificate account 16,508.643 16,593,643 16,640,644 16,866,643 16,593,645 16,413,642 16.593,645 18,185,642 Redemption fund for F. R. notes 1,040,793 1,040,794 1,033,793 1,014,541 1,016.467 1,065,793 1,016,467 978,083 Total gold certificate reserves 17,549,43617,634,43717,674,43717,881,18417,610,11217,479,43517,610,11219,163,725 F. R. notes of other Banks 428,372 361,468 327.135 350.607 362,411 525,056 362,411 524,450 Other cash 318,616 304,268 315,602 337,860 355,388 362,726 355,388 359,396 Discounts and advances: For member banks 70,778 74,459 84,999 74.999 94,589 24,939 94,589 452,726 For nonmember banks, etc 7,000 6,000 6,000 6,000 6,000 8,000 6,000 5,000 Acceptances—Bought outright 48,104 48,105 48.105 48,105 48,106 53,335 48,106 44,168 Held under repurchase agreement 16,965 4,501 20,262 31,173 U. S. Government securities: Bought outright: Bills 2.864 2,841,373 3,066,463 3,109,213 3,170,313 2,900,173 3,170,313 2,605,765 Certificates 9,059 9,059,743 9,158,743 9,158,743 9,172,743 9,059,743 9,172,74310,506,993 Notes 12.481 12,481.29812,532,29812,532,29812,537,29812,481,29812,537,29811,010,298 Bonds 2,543 2,543,071 2,595,071 2,595,071 2,606,071 2,543,071 2,606,071 2,483,771 Total bought outright 26,948. 26925,48527,352,57527,395,325 27,486,42526,984,28527,486,42526,606,827 Held under repurchase agreement 211., 135,000 1,500 400,000 1,500 41,500 Total U. S. Government securities... 27,225,38527,060,48527,352,57527,395,32527,487,92527,384,285 27,487,92526,648,327 Total loans and securities... 27,368,23227,193,550 27,491,67927,524,42927,636,620 27,490,82127,636,620 27,181,394 Due from foreign banks 15 15 15 15 15 15 15 15 Cash items in process of collection 6.468,348 ,943,293 6,189,712 5,282,025 5,733,712 6,809,074 5,733,712 6,437,306 Bank premises 107,850 107,239 107,079 107,085 107,033 107.663 107,033 99,575 Other assets 202,252 185.091 192,018 178,258 156,470 209,032 156,470 261,740 Total assets. 52,443,12153,729,36152,297,67751,661,46351,961,76152,983,82251,961,76154,027,601 Liabilities Federal Reserve notes 28,575,18328,619,619 28,494,769 28,324,927 28,066,302 28,449,08128,066,302 28,261,967 Deposits: Member bank reserves 16,584,34717,008,01116,626,48616,251,76416,769,65917,080,61716,769,65918.173,970 U. S. Treasurer—general account 416463 491,641 608.124 383,443 512,370 484,740 512,370 503,778 Foreign 264943 275,433 212,269 255,924 251,752 217,216 251,752 344,788 Other 420 801 430,365 671,566 691,203 389,737 553,662 389,737 693,735 Total deposits. 17,686,55418,205,45018,118,44517,582,33417,923,51818,336,23517,923,51819,716,271 Deferred availability cash items 4,852 5,593,919 4,388,000 4,407,953 4,639,103 4,941,102 4,639,103 4,847,216 Other liabilities and accrued dividendsl.. 44 41,611 44,745 44,326 46,810 31,272 46,810 28,620 Total liabilities 51,158,719 51,045,959 50,359,540 50,675,73351,757,690 50,675,733 52,854,074 Capital Accounts Capital paid in. . 408,516 407,984 407,136 406,867 406,703 408,709 406,703 387,404 Surplus 774,808 774,808 774,1 774,808 774,808 817,423 774,808 774,808 Other capital accounts. 101.078 85,970 69,77r4 120,248 104,517 104,517 11,316 Total liabilities and capital accounts. 52,443,121 53,729,361 52,297,67751,661,46351,961,761 52,983,822 51,961,76154,027,601 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 37.9 37.7 37.9 39.0 38.3 37.4 38.3 39.9 Contingent liability on acceptances purchased for foreign correspondents 232,184 235,494 237,148 238,768 226,566 230,399 226,566 82,006 U. S. Government securities held in custody for foreign account 5,860,985 5,920,385 5,826,825 5,542,625 5,429,645 5,725,840 5,429,645 4,476,770 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank). . 29,762,82129,749,227 29,719,31029,501,604 29,319,889 29,730,339 29,319,889 29,447,692 Collateral held against notes outstanding: Gold certificate account 9,885,00C 9,885,000 9,980,000 9,855,000 9,830,000 9,385,000 9,830,00010,650,000 Eligible paper 21,864 17,954 26,989 20,599 25,411 19,164 25,411 99,778 U. S. Government securities 20,565,000 20565,000 20,440,000 20,440,000 20,420,000 21,065,000 20,420,00019,530,000 Total collateral. 30,471,864 30,467,95430,446,98930,315,599 30,275,41130,469,164 30,275,41130,279,778 1 No accrued dividends at end-of-December dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 47 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, [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 Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a s a n c n o - Assets Gold certificate account 832,461 3,819,405 1,055,7121,357,2181,035,163 918,222 2,790,451 675,065 344,572 775,490 731,3952,078,488 Redemption fund for F. R. notes 62,354 254,584 66,251 92,224 81,220 63,625 188,793 46,646 26,033 49,237 32,693 102,133 Total gold certificate reserves. 894,815 4,073,989 1,121,9631,449,442 1,116,383 981,847 2,979,244 721,711 370,605 824,727 764,0882,180,621 F. R. notes of other Banks... 52,713 118,167 42,519 31,022 42,922 59,546 39,969 21,670 19,713 20,518 24,647 51,650 Other cash 25,464 58,805 10,793 33,051 21,479 27,793 63,751 23,196 7,986 16,547 15,265 58,596 Discounts and advances: Secured by U. S. Govt. securities 200 200 3,720 150 1,900 1,575 7,500 1,400 7,944 350 Other 392 2,2: 472 752 360 416 1,104 264 184 328 464 984 Acceptances: Bought outright 53,335 Held under repurchase agreement 20,262 U. S. Govt. securities: Bought outright 1.450,136 6,730,744 1,545,012 2,318,4091,707,9701,479,575 4,618,5761,090,624 626,1701,158,1931,087,4673,171,409 Held under repurchase agreement 400,000 Total loans and securities.... 1,450,728 7,206,821 1,549,204 2,319,1611,708,4801,481,8914,621,2551,098,388 627,7543,166,4651,088,2813,172,393 Due from foreign banks 1 14 1 1 1 1 2 1 1 Cash items in process of collection 483,292 1,456,311 412,324 555,899 482,196 517,0471,111,469 329,743 181,134 328,640 259,468 691,551 B O a th n e k r p a r s e s m et i s ses 3,913 9,386 1 3 2 , , 7 0 9 4 1 3 1 8 7 , , 6 7 1 6 7 7 1 6 3 , , 1 1 1 7 3 1 1 12 1 , , 2 4 2 2 6 4 2 3 2 4 , ,9 1 6 5 3 9 6 8 , , 6 3 2 5 5 7 4 4, , 8 9 1 7 5 4 9 5 , , 3 1 7 4 1 7 13 8 , , 9 6 0 2 0 0 2 1 4 1 , , 7 6 6 1 7 4 11,072 51,860 Total assets. 2,921,99812,975,3433,152,638 4,414,960 3,390,745 3,091,7758,872,812 2,209,6901,216,9812,371,416 2,174,270 6,191,194 Liabilities F. R. notes 1,624,943 6,662,953 ,867,3232,574,550 2,185,0351,640,8615,302,4181,232,140 595,1871,152,289 835,9732,775,409 Deposits: Member bank reserves.... 778,470 4,581,510 831,7881,253,849 726,682 906,1212,495,252 650,877 418,679 863,606 971,0832,602,700 U. S. Treasurer—general Fo a r c e c ig o n unt 3 1 5 0 , , 8 4 1 8 8 6 3 7 6 2 4 , , 1 2 6 0 0 6 2 1 7 2 , , 0 6 3 2 8 6 2 3 0 7 , 97 1 4 1 9 6 24 9 , , 6 6 2 3 7 0 3 1 1 1 , , 8 1 8 2 6 8 2 6 9 2, , 9 5 7 3 3 2 26 7 , , 5 0 4 6 2 2 23 4 , , 3 9 9 2 3 2 30 8 , , 3 7 5 7 0 4 5 1 3 2 , , 3 4 9 1 0 2 2 5 6 8 , , 3 8 2 1 2 4 Other 4,097 396,898 5,700 6,602 6,138 13,001 1,942 3,594 3,423 61,444 3,884 46,939 Total deposits , 828,871 5,114,774 877,152 ,318,316 767,077 953,0192,600,758 731,420 448,936 906,3241,040,3082,749,280 Deferred availability cash items 406,188 844,369 334,971 406,097 380,482 430,758 791,125 203,701 143,476 259,372 226,450 514,113 Other liabilities 1,501 9,593 1,697 2,597 1,813 1,622 5,032 1,133 1,143 1,171 1,027 2,943 Total liabilities. 2,861,50312,631;6893,081,143 4,301,560 3,334,4073,026,2608,699,3332,168,3941,188,742 2,319,1562,103,758 ,041,745 Capital Accounts Capital paid in. 20,165 114,551 23,832 37,800 18,779 21,838 57,826 13,765 9,413 17,420 23,504 49,816 Surplus 40,330 229,103 47,663 75,600 37,559 43,677 115,653 27,531 18,826 34,840 47,008 99,633 Total liabilities and capital accounts 2,921,998 12,975,3433,152,638 4,414,960 3,390,7453,091,7758,872,812 2.209,6901,216,9812,371,416 2,174,2706,191,194 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) , 36.5 34.6 40.9 37.2 37.8 37.9 37.7 36.8 35.5 40.1 40.7 39.5 Contingent liability on acceptances purchased for foreign correspondents 11,378 4 64,376 13,700 21,827 10,449 12,074 32,043 7,662 5,341 9,520 13,468 28,561 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 1,691,706 6,993,061 1,936,9512,721,4612,269,349 ,717,539 5,452,9531,278,568 674,3181,184,910, 882,2352,927,288 Collateral held against notes outstanding: Gold certificate account 500,000 2,000,000 650,000 920,000 700,000 550,0001,800,000 410,000 180,000 300,000 275,0001,100,000 Eligible paper 3,720 7,500 7,944 U. S. Govt. securities 1,250,000 5,100,000 1,325,0001,830,0001,590,000 ,200,000 3,800,000 935,000 510,000 900,000 625,000 2,000,000 Total collateral 1,750,000 7,100,000 ,978,720 2,750,000 2,290,0001,750,000 5,600,0001,352,500 690,0001,207,944 900,000 3,100,000 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $166,023,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $153,010,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 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 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 IS 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 .169 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31,834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958. 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 Nov 32,489 23,277 2,294 1,488 84 2,185 6,734 10,491 9,213 2,753 5,850 260 342 3 5 Dec 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960—Jan 31,569 22,409 2,268 1,419 82 2,102 6,415 10,123 9,160 2,739 5,825 254 334 3 5 Feb 31,552 22,440 2,275 1,409 83 2,098 6 456 10,120 9,112 2,719 5,795 256 334 3 5 Mar 31,633 22,539 2,294 1 410 82 2,105 6,494 10,154 9,094 2,715 5,787 255 330 3 5 Apr 31,600 22,529 2,311 1,417 82 2,104 6,474 10,141 9,070 2,712 5,769 254 327 3 May 31,879 22,809 2,324 1,440 83 2,138 6,561 10,263 9,070 2,718 5,767 252 324 3 5 June 32,065 22,970 2,338 1,440 84 2,141 6,604 10,363 9,095 2,737 5,774 252 323 3 5 July 32,039 22,946 2,345 1,428 84 2,124 6,567 10,398 9,094 2,739 5,776 250 320 3 5 Aug 32,027 22,912 2,364 1,426 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 1,457 84 2,147 6,557 10,362 9,148 2,731 5,844 248 317 3 5 Nov 32,632 23,410 2,417 1,487 86 2,191 6,683 10,545 9,222 2,762 5,888 248 317 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 circulation * Held by Total out- F.R. Kind of currency standing As security For Banks No 1 v 9 . 6 0 30 g a o s g l i d a lv i n e a s r n t d Tr c e a a s s h ury B F a a . n n R d k . s ag a e n n d ts No 19 v 6 . 0 30, O 1 c 9 t. 6 0 31, No 19 v 5 . 9 30, certificates agents Gold 17 910 17 640 2270 Gold certificates 17,640 14,794 2,816 30 30 31 Federal Reserve notes 29,320 81 1,616 27,623 27,172 27,566 Treasury currency—total 5,393 32,366 58 355 4,979 4,941 4,893 488 114 47 10 317 315 295 Silver bullion 2 252 2 252 Silver certificates and Treasury notes of 1890 $2,366 272 2,093 2,082 2,117 Subsidiary silver coin 1,575 3 43 1,529 1,509 1,465 Minor coin 578 2 6 571 566 535 United States notes 347 6 24 317 317 319 Federal Reserve Bank notes 98 (4) 1 97 97 106 National Bank notes 55 (4) (4) 55 55 57 Total Nov 30 1960 (5) 20,006 410 14,794 4,787 32,632 Oct 31 1960 (5) 20,523 389 15,291 4,805 32,144 Nov 30 1959 (5) 21,688 401 16,462 4,471 32,489 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. 41. 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. * 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 49 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 d lly Money supp se ly ason W al i th a o dj u u t stment s D e e a b p s M a o o n n s e k i a m t 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 e e n r t) Week (W M i a t o d h n j o u e u s y t t m s s u e e a p n s p t) o ly nal m M D e s e m ( e e w m a p b s i o o e t . ! r s r a a i a o t d b n s u j a d . t a ) n a t k : s Total r C en u c r y - D p e o m d s e i a - t n s d i Total r C en u c r- y D p e o m d s e i a - ts n d i m D a e n - d Time U G . o v S t. . Total r C en u c r- y D p e o m d s e i a - t n s d 1 Time U G . o v S t. . 1959—Nov. I.. 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 Aug. 3. 139.7 29.0 110.8 55.9 5.8 2.. 141.5 28.9 112.6 145.4 29.5 116.0 95.9 53.8 4.6 10. 139.9 29.3 110.6 55.8 5.4 17. 138.9 29.1 109.8 56.1 5.5 I960—Jan 1.. 141.3 28.9 112.4 145.2 29.1 116.1 95.9 53.9 4.0 24. 138.0 29.0 109.0 56.5 5.8 2.. 141.3 29.0 112.3 143.7 28.6 115.1 95.3 53.5 3.2 31. 138.3 28.8 109.5 56.6 4.9 Feb. 1.. 141.1 28.9 112.2 141.9 28.7 113.2 93.7 53.5 3.4 2.. 140.9 29.0 111.9 139.6 28.6 111.0 91.8 53.5 4.0 Sept. 7. 139.0 29.3 109.7 56.7 4.5 Mar. 1.. 140.8 29.0 111.8 140.0 28.7 111.2 92.1 53.7 3.3 14. 140.5 29.2 111.4 56.9 3.2 2.. 140.3 29.0 111.3 138.6 28.6 110.0 91.1 53.9 4.3 21. 141.1 29.0 112.1 56.9 4.3 28. 138.5 28.8 109.7 57.0 6.7 Apr. 1.. 140.3 29.1 111.3 139.4 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 Oct. 5. 138.9 29.0 109.9 57.2 6.9 May 1.. 140.2 29.0 111.2 139.0 28.8 110.2 91.2 54.4 5.4 12. 139.8 29.3 110.5 57.4 5.0 2.. 139.6 29.0 110.6 137.0 28.7 108.3 89.7 54.5 6.2 19. 141.1 29 A 111.9 57.4 3.8 June 1.. 139.4 28.9 110.5 138.2 28.9 109.2 90.4 54.7 5.3 26. 141.3 28.9 112.3 57.6 4.9 2.. 139.4 28.9 110.5 137.9 28.8 109.0 90.4 55.0 6.2 Nov. 2. 141.8 28.9 112.9 57.6 5.5 July 1.. 139.6 28.9 110.6 138.1 29.2 108.9 90.0 55.4 5.9 9. 141.5 29.3 112.2 57.8 5.4 2.. 139.7 29.0 110.7 139.3 29.0 110.3 91.4 55.7 6.2 16. 141.9 29.3 112.6 57.5 4.8 Aug. 1.. 139.7 29.0 110.7 139.6 29.2 110.4 91.4 55.9 5.5 23. 140.9 29.3 111.6 57.5 5.4 2.. 139.8 28.8 111.0 138.2 28.9 109.3 90.6 56.5 5.4 30. 141.4 29.2 112.2 57.5 4.9 Sept. 1.. 140.3 29.0 111.3 139.8 29.2 110.7 91.6 56.8 3.9 2.. 140.5 28.9 111.6 139.6 28.9 110.7 91.5 57.0 5.8 Dec. 7. 142.2 29.5 112.7 57.7 4.4 14. 143.9 29.5 114.4 57.8 2.7 Oct. 1.. 140.0 29.0 111.0 '139.8 29.2 110.6 91.3 57.3 5.4 21. 145.2 29.6 115.7 58.1 3.7 2.. 141.2 29.0 112.2 141.4 29.0 112.4 92.6 57.5 4.8 28. 143.8 29.7 114.1 58.4 5.3 Nov. 1.. 140.6 29.0 111.6 141.7 29.2 112.4 92.5 57.6 5.2 2.. 139.9 29.0 110.9 141.2 29.3 111.9 92.0 57.5 5.2 1961 Dec. 1.. 140.3 28.9 111.4 143.2 29.5 113.7 93.8 57.8 3.6 2*\ 140.5 29.0 111.5 144.4 29.6 114.9 94.7 58.3 4.7 Jan. 4P 144.3 29.2 115.1 58.8 5.3 » Preliminary. r Revised. i 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 ]fading centers 337 other reporting reporting reporting centers New York 6 others 1 centers2 New York 6 others 1 centers2 Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2 043 548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2 356 768 888 455 489 311 979,002 49.5 30.4 23 0 1958 2 439'754 958,721 487,432 993,600 53.6 30.0 22.9 1959 2 679 167 1 023 605 545 258 1,110,304 56.4 32.5 24 5 I960 2,839,025 1,102,850 577,606 1,158,568 *>60.0 ^34.8 ^25.7 1959—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 25.8 226,005 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 25.7 241,799 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 59.2 34.9 34.7 25.5 25.6 Nov r235 158 98,791 91,020 49,017 47,577 '98,366 r96,562 63.5 61.3 35.8 34.9 26.2 26.2 Dec 257,022 88,381 101,551 47,871 52,313 94,794 103,158 57.8 64.4 *>34.3 ^36.5 P25.1 ^26.6 9 Preliminary. r Revised. NOTE.—Series revised by Federal Reserve beginning with 1950; for Adj. = adjusted for seasonal variation. Unadj. =• without seasonal description and revised monthly figures, see the BULLETIN for Jan. 1960, adjustment. pp. 8-11. Seasonally adjusted figures for earlier years, prepared by 1 Boston, Philadelphia, Chicago, Detroit, San Francisco and Los Federal Reserve Bank of New York, together with unadjusted data Angeles. 2 Prior to April 1955, 338 centers. were published in the BULLETIN for May 1959, p. 554. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 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 ,340 22,943 257,397 236,372 21,023 1958—Dec. 31. 20,534 5,234 249,082 121,602 101,207 73,641 26,347 ,219 26,273 274,850 252,022 22,829 1959—June 24. 19,800 5,300 248,500 126,900 95,200 68,200 25,900 ,200 26,300 273,600 249,400 24,200 Dec. 31. 19,456 5,311 255,435 135,867 93,497 65,801 26,648 ,048 26,071 280,202 256,020 24,186 I960—Jan. 27. 19,500 5,300 250,200 133,000 91,300 64,800 25,400 ,000 25,800 274,900 250,500 24,400 Feb. 24. 19,400 5,300 248,300 133,400 89,200 63,000 25,200 ,000 25,700 273,000 248,000 25,000 Mar. 30. 19,400 5,300 247,600 134,600 87,300 61,100 25,300 ,000 25,700 272,400 247,300 25,100 Apr. 27. 19,400 5,300 250,800 136,200 89,000 62,600 25,500 ,000 25,600 275,600 250,200 25,300 May 25. 19,400 5,400 250,700 136,800 88,500 61,800 25,700 1,000 25,400 275,400 249,300 26,000 June 15. 19,351 5,354 253,320 139,164 88,637 61,541 26,155 941 25,519 278,025 251,981 26,044 June 29. 19,300 5,400 252,500 139,100 87,900 60,800 26,200 900 25,500 277,200 251,000 26,200 July 27. 19,200 5,400 254,700 138,200 90,800 63,200 26,700 900 25,700 279,200 252,900 26,300 Aug. 31. 19,000 5,400 255,100 138,700 90,800 63,100 26,800 900 25,600 279,500 252,200 27,300 Sept. 28* 18,700 5,400 258,300 140,800 91,800 64,200 26,800 900 25,700 282,400 255,100 27,300 Oct. 26* 18,500 5,400 261,000 140,200 94,700 66,900 27,000 900 26,000 284,800 257,500 27,300 Nov. 30* 17,900 5,400 261,900 140,900 95,100 66,800 27,500 800 25,900 285,200 257,000 28,200 Dec. 28* 17,800 5,400 265,700 143,700 95,700 67,700 27,200 800 26,300 289,000 261,600 27,400 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o n d a i s e g e n i - t n t k s, T h c i u r o n a e r l g s a y d h s s - - s m a b c e v a a o A r i n n c m n t d k i g a - s s l B F a . A n R t ks . Total Total m T b C e i a o r m n c m k e ia s - l de M p b s o a a u v n s t i i k u t n s s a g 2 l 3 s S S P a y o v s s t i t e n a m g l s p m o D d 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 e T r j a p m u r o n o e s t a d n s a t n e i l c t d d y s j p m u D o a d s a s d e e t n - i e - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30., 50 264 852 35 40;828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63;253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1 1 1 1 1 19 9 9 9 9 9 5 4 5 4 5 5 9 7 7 5 0 8 — — — — — — J D D D D D u e e e e e n c c c c c e . . . . . 2 3 3 3 3 3 4 1 1 1 1 0 . . . . . . . . . , . . 2 2 3 3 3 1 , , , , , , 6 1 5 2 6 8 8 4 1 7 0 7 2 1 8 0 0 0 2 1 1 , , , 4 7 2 3 6 2 9 3 6 0 8 8 3 6 1 0 3 7 2 4 4 4 4 2 1 , , , , , , 1 6 4 7 5 9 7 5 0 8 5 0 9 2 8 9 8 0 4 9 8 6 5 3 8 7 6 7 0 5 1 7 8 0 0 8 2 2 i 1 1 2 4 5 7 7 7 2 o 0 6 , , ; ; | 0 7 9 6 5 1 0 8 9 5 1 0 8 1 3 3 6 01 4 9 5 5 8 0 6 8 8 9 9 1 , , , , , , 4 3 4 1 2 0 1 0 2 5 4 0 1 6 6 2 7 0 5 6 3 6 3 3 6 5 5 3 0 6 , , , , , , 1 2 1 1 4 3 3 4 3 6 0 1 9 9 5 6 0 4 2 3 3 3 1 1 0 4 1 4 5 7 , , , , , , 0 0 6 6 3 7 0 8 0 0 4 6 9 5 6 0 6 2 2 2 3 1 I , , , , / 4 3 9 9 1 1" 1 2 2 3 0 3 6 5 3 0 4 2 1 1 1 7 8 9 1 1 1 5 7 2 0 5 0 , , , , , , 8 1 2 2 5 7 5 2 7 5 0 0 1 1 2 4 7 0 2 2 2 2 2 2 8 5 6 6 8 8 , , , , , , 3 3 4 4 7 3 0 9 7 9 4 0 1 8 6 0 0 0 1 1 1 1 1 1 3 4 1 3 0 3 0 4 8 , , , , , 5 6 9 6 8 0 0 0 0 0 0 0 0 0 0 1 1 1 9 8 1 0 1 0 4 2 5 0 , , , , , 0 4 6 8 7 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 8 4 8 6 7 , , , , , 3 1 8 1 6 0 0 0 0 0 0 0 0 0 0 Dec. 31., 3,203 391 5,319 504 240;603101,779 65,884 34,947 '948115,402 29,422 140,200 112,000 28,200 246| 1960—Jan. 27., 2,800 400 3,800 600 242, 101,000 65,200 34,900 900114,000 27,900 140,000 111,700 28,300 Feb. 24., 2,600 500 4,800 500 239.... 101,200 65,400 34,900 900110,500 28,000 139,100 110,800 28,300 Mar. 30., 2,700 400 4,700 500 239,000 102,200 66,000 35,300 900108,800 28,100 139,500 111,100 28,400 Apr. 27., 2,800 400 4,700 600 241 102,300 66,200 35,200 900 111,500 27,900 139,400 111,200 28,200 May 25., 2,800 400 7,200 500 238 102,600 66,500 35,200 900 107,700 28,100 137,500 109,300 28 200 J J u u n n e e 2 1 9 5 . . , . 2 2 , , 7 9 4 0 4 0 4 4 2 0 1 0 7 6 , , 3 6 0 5 0 7 5 5 3 0 5 0 2 24 39 1 , 6 80 2 0 4 1 1 0 0 3 3 , , 7 0 0 5 0 6 6 6 6 7 , , 9 4 0 0 6 0 3 35 5 , , 3 4 0 0 1 0 1 10 1 7 0 , , 8 0 0 2 0 4 2 2 8 8 , , 3 5 0 4 0 4 138,000 IOS? () July 27.. 2,800 400 6,500 500 242; 600 104,200 67,900 35,500 800 110,100 28,400 138,600 900 28,100 Aug. 31.. 3,000 400 5,700 500 242,700 105,200 68,900 35,600 800108,900 28,500 138,600 110,300 28,300 Sept. 28* 2,900 400 7,700 600 243 600 106,000 69,400 35,800 800109,300 28,300 138,500 no,300 28,300 Oct. 26* 3,100 400 6,200 500 247 200 106,700 70,000 35,900 800112,200 28,300 139,900 no,300 28,200 Nov. 30* 3,100 400 5,600 500 247,300106,700 70,000 35,900 800111,900 28,700 138,800 in,500 28,400 Dec. 28* 3,300 400 6,000 400 251,500 108,100 71,000 36,400 800114,500 28,800 139,000 no,600 28,200 no,800 28,200 * Preliminary. * Revised preliminary figures. shown on page 135, footnote 3, of that BULLETIN has been revised from 1 Represents all commercial and savings banks, Federal Reserve Banks, —0.9 to -0.5. The new factor is 97.9. Postal Savings System, and Treasury currency funds (the gold account, NOTE.—For description of statement and back figures, see the BULLETIN Treasury currency account, and Exchange Stabilization Fund). for January 1948, pp. 24^-32. The composition of a few items differs 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, slightly from the description in the BULLETIN article; stock of Federal open account; and deposits of Postal Savings System in banks. Reserve Banks held by member banks is included in other securities and 3 Prior to June 30, 1947, includes a small amount of demand deposits. in capital and miscellaneous accounts, net, and balances of the Postal * 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 ia 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 51 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank 2 Other Total Num- Cash lia- Bor- capital ber Class of bank U.S. assets2 bilities row- ac- of and date Govt. Other and Total2 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. 999 27 344 90,908 816 10,982 44,355 26,479 23 8,41414,826 1945—Dec. 31 140,227 30,362101, 577 35;415177,332 612 14,065 105,935 45,613 22710 542 14,553 1947—Dec. 31 * 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 65J92 22,943 49,318 257 864 23302015,636 1,386 3,903 123,993 8"8",102 8020 42814,090 1 1 9 9 5 5 8 9 — — D Ju e n c. e 2 3 4 1 2 2 2 2 3 1 , ,4 2 8 0 5 0 1 1 2 2 1 8 , , 5 6 7 9 1 0 7 6 3 8 , ; 6 1 4 7 1 0 2 2 6 6 , ; :2 3 7 4 3 0 4 4 9 2 : , ,9 7 1 3 1 0 2 2 7 70 64 9 3 9 0 0 2 2 5 4 0 1 ; ; 0 2 5 3 7 0 1 1 5 2 , , 7 8 9 7 9 0 2 2 , , 3 0 7 3 4 0 4 4; , ; 2 4 5 2 3 0 1 1 3 2 0 1 , , 1 6 3 0 2 0 9 1 7 00 ,4 ,3 9 1 8 0 2,71 8 0 1 2 2 2 1 7 3 0 6 5 0 1 13 4 , , 9 0 9 2 7 0 Dec. 31 227,831135,958 65,801 26,071 50,296 283 629 254;88515, 6"5"0 ',443 55,005544 113311,662222 110011,116 62422 91513,991 1960—May 25 226,710139,550 61,810 25,350 42,030 274 360 241;32012210 ,490 66,888800 111188,772200 110022,020 3,18023 520 14,002 June 15 228,436141,376 61,541 25,519 47,888 282 142 249;16313920 ,448 6',4 1•7 -112244,991122 110022,467 2,59423 796 14,006 June 29 227,200140,990 60,760 25,450 43,710 276 710 244;470 13;300 ,440 7,060 119,570 103,100 2,17023 770 14,000 July 27 229,370140,520 63,200 25,650 43,770 279 050 245.900 070 ,480 6,230 121,460 103,660 2,59023 890 13,999 Aug. 31 229,940141,230 63,110 25,600 43,830 280 000 245;830 500 ,610 5,440 120,600 104,680 2,92024 120 13,998 Sept. 28* 232,100142,180 190 25,730 44,500 282710 249,330 13670 ,670 7,390 121,130 105,470 2,05024 230 14,000 Oct. 26* 234,620141,720 66,890 26,010 45,750 286 550 252;510 14180 ,690 5,970 124,450 106,220 2,48024 37013,989 Nov. 30*.... 234,710142,( 66,760 25,860 46,680 287,665500 225544;;200 600 ,740 5,360 125,290 10"6,210 1,33024 1133,998855 Dec. 28? 239,550145,! 67,670 26,340 48,110 293,780 259,82015;430 ,780 5,770 129,180 10"7,660 2,030 24690 13; All commercial banks: 1941—Dec. 31 21,714 26,551 79,104 71 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31 26,083 606 34,806160,312150 14,065 105,921 30,241 219 8,950 14,011 1947_Dec. 31* 38,057 221 006 37502155,377144,10312,792 240 1,343 367 35.360 6510 05914,181 1957—Dec. 31 93,899 239 930 48428 222696 201,32615,636 1,385 3,898 967 56,440 7717; 36813,568 1958—Dec. 31 98,214 376 20575 48;990 238,651216,01715,799 2,372 4,250 130 104 63.493 7318; 48613,501 1959_June 24 104,450 860 20610 41930 232,380 206,630 12,870 2,030 4,420 121570 65;740 ,71019,03013,479 Dec. 31 110,832 937 2050149,467 244,686 219 1,441 5,050 593 66.169 61519.55613,474 1960—May 25 113,630 140 19810 41,360 234,980 206, ,__. 1,490 6,880 690 66,820 ,180 20;110 13^86 June 15 115,307 91319917 47,124 242,544 213,829 13,919 1,446 6,414 124884 67,165 ,59020.33113,491 June 29 114,840 210 19850 42 880 237,040 209 1,440 7,060 119 540 67,670 , 17020;28013,485 July 27 114,170 700 20020 43,010 239,270 210, , 1,480 6,230 121430 68,210 59020;380 13^84 Aug. 31 114,660 580 20000 43 080 240,000 210,240 13,500 1,610 5,440 120570 69,120 92020; 13,483 Sept. 28* 115,430 690 20150 43710 242 530 213,52013,670 1,670 7,390121100 69,690 ,05020. 13,485 Oct. 26* 114,790 490 20400 45 000 246 290 216,, 58014,,_1.80. 1,690 5,970 124420 70,320 ,48020 13,474 N De o c v . . 3 2 0 8 * *. ... 1 11 1 8 5 , , 1 0 6 1 0 0 3 32 80 0 2 2 0 0 , 3 8 0 3 0 0 4 45 7, 9 2 1 0 0 0 2 2 4 5 7 3, 2 0 9 6 0 0 2 2 1 2 8 3 . , 2 3 3 8 0 0 1 1 5 5 , , 4 6 3 0 0 0 1 1 , , 7 78 4 0 0 5 5, , 7 3 7 6 0 0 1 1 2 2 9 52 1 6 5 0 0 7 7 0 1 . . 2 25 7 0 0 0 3 3 3 0 02 21 1 , , 1 0 1 0 0 0 1 H 3 3 , , 4 4 7 7 2 0 All member banks: 1941—Dec. 31 18,021 19,539 5,96123,123 68,121 61,71710,385 140 1,709 37,13612,347 5,886 6,619 1945_Dec. 31 22,775 78,338 6,070 29,845138,304129,670 13,576 64 22,179 69;640 24,210 208 7,589 6,884 1947—Dec. 31 32,628 57,914 7,304 32,845132,060122,52812,353 50 1,176 so;609 28,340 54 8,464 6,923 1957—Dec. 31 80,950 47,07914,324 42,,746188,828170,63715,082 1,246 3,472105;547 45,290 57144,555544 6,393 1958—Dec. 31 84,061 54,29916,504 43,188 202,017182,816 15,227 2,187 3,822HO;448 51,132 5415,460 6,312 1959—June 24 89,301 49,16416,542 37,171196,182174,07312,357 ',889 3,943102;992 52892 ,61915,875 6,279 Dec. 31 94,779 46,81316,287 43,509 205;726184,70615,048 ,338 4,504110989 52827 58116,264 6,233 1960—May 25 96,880 43,74215,695 36,,522 197;304 172,400 11,752 ,388 232 99;84153 187 3,08816,697 6,213 June 15 98,344 43,52615,788 41,875 204,167179,51913,367 ,305 745105,566 53 536 2,50316,829 6,217 June 29 97,898 42,98015,71537,977199,243175,200 121775 ,298 6^60 100,790 53;977 06916,822 6,212 July 27 97,183 45,23815,89237,981201,057176,21412,524 ,336 5,622102,366 54;,366 50516,892 6,204 Aug. 31 97,523 45,19815,866 38033 201 632175,999 12,943 ,467 4,887101,594 55,108 78317,056 6,205 Sept. 28* 98,196 46,07316,013 38686 203 891178,952 13,105 ,525 6,827101 905 55,590 99617,114 6,200 Oct. 26P 97,469 48,37916,194 39;628 206669181,06413,601 ,552 5,385104498 56,028 ,42917,239 6,187 Nov. 30» 97,708 48,22416,065 40,384 207455182,55015,014 ,594 4,781 ,26917,390 6,178 Dec. 28* 100,539 49,11816,58141,492 212,659187,17414,817 ,635 5,200108,63156,891 ,97317,466 6,174 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 1.4 15,371 1,592 542 1947—Dec. 3H 18,641 4,944 11,978 1,718 886 19,714 17,763 3 1417,745 1,889 533 1957—Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 4 26 31,662 3,059 522 1958—Dec. 31 36,320 23,357 7,265 5,698 921 37,779 34,040 3 29 34,006 3,219 519 1959__ D jU e n c e . 3 2 1 4 3 37 7 , , 5 2 6 8 1 0 2 2 5 4 , , 1 2 2 4 6 0 7 6 , , 3 86 1 4 0 5 5 , , 7 5 3 7 0 0 8 82 0 9 0 3 38 8 , , 9 6 4 1 3 0 3 34 4 , , 9 6 8 0 3 0 22 3 99 0 33 3 44 4 , , 9 5 4 7 8 0 <•> 1 , 0 3 3 , , 3 3 5 3 9 0 5 5 1 1 8 7 1960—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 5,603 764 39,598 35,335 28 3355,301 3,465 515 June 29 38,300 26,150 6,550 5,600 830 39,670 35,460 30 3-5,430 8 3,490 515 July 27 38,480 26,350 6,500 5,630 760 39,780 35,480 30 35,450 3,510 515 Aug. 31 38,700 26,570 6,530 5,600 750 40,000 35,590 30 35,560 3,540 515 Sept. 28* 38,830 26,750 6,500 5,580 790 40,180 35,810 30 35,780 ( 5 ) 3,570 515 Oct. 26*» 38,940 26,930 6,400 5,610 750 40,260 35,930 ,900 3,560 515 Nov. 30*.... 39,020 27,080 6,380 5,560 770 40,360 35,970 30 35,940 3,590 515 Dec. 28* 39,240 27,380 6,350 5,510 910 40,720 36,440 30 36,410 3,580 514 * Preliminary. * Revised preliminary figures. mutual savings banks that became members in 1941 (these banks are 1 All banks in the United States. Beginning with January 1959, excluded from all commercial banks). all banks in Alaska with total deposits of $172 million were included Stock savings banks and nondeposit trust companies are included with in the series (a national member bank has been included since April commercial banks. Number of banks includes a few noninsured banks, 1954); beginning with August 1959, all banks in Hawaii with total deposits for which asset and liability data are not available. Comparability of of $365 million were included in the series (a national member bank figures for classes of banks is affected somewhat by changes in Federal with total deposits of $220 million has been included in the series since Reserve membership, insurance status, and the reserve classifications of April 1959). cities and individual banks, and by mergers, etc. All banks comprise all commercial banks and all mutual savings banks. 2 Beginning with June 30, 1942, excludes reciprocal balances, which on All commercial banks comprise (1) all nonmember commercial and Dec. 31, 1942, aggregated $513 million at all member banks and $525 (2) all member commercial banks. Member banks include (1) a national million at all insured commercial banks. bank in the Virgin Islands that became a member on May 31, 1957, (2) 3 Includes other assets and liabilities not shown separately. a noninsured noadeposit trust company, and (3) two (three prior to I960) For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSESi—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank2 Other Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i v n g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c c b o a i a l a l u p i n i c a t i n d i - t - e t a s s l 3 Total* m D a e n - d Time U. D S. emand Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f k r s - Govt. Other Central reserve city member banks: New York City: 1941 Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945 Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 f>,940 17,287 1,236 195 2,120 37 1947 T)ec 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 4,869 912 717 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 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 Mav 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 1,776 18,366 3,576 946 3,450 16 Aug 31 25,438 17,236 6,031 2,171 7,829 34,928 27 945 4,057 1,101 1 005 18,148 3 634 1 083 3 483 15 Sept. 28* 26,270 17,714 6,277 2,279 8,165 36,068 29,347 4,056 1,121 1,995 18,401 3,774 865 3,470 15 Oct. 26* 25,927 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 Dec. 28? 27,953 18,732 6,899 2,322 8,872 38,407 31,357 4,549 1,220 1,238 20,175 4,175 1 033 3,550 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 ?17 72 4,201 913 426 14 1957 Dec 31 6,446 3,852 2,032 562 2,083 8,595 7,792 1,333 15 195 4,904 1 345 4 689 14 1958 Dec. 31 6,830 3,637 2,562 631 2,158 9,071 8,214 1,357 34 249 5,136 1,438 3 733 14 1959 June 24 6,516 3,687 2,137 692 1,842 8,440 7,423 ,173 31 759 4,586 1,424 164 740 14 Dec 31 6,885 4,206 1,985 694 2,003 8 967 8 062 1,231 23 272 5,070 I 468 40 762 14 I960 May 25 6,562 4,259 1,647 656 1,723 8,378 7,254 ,053 44 381 4,371 1,405 225 760 11 June 15 6,707 4,386 1,664 656 2,132 8,928 7,692 43 335 4,669 41? 333 765 11 June 29 . .. 6,598 4,342 1,620 636 1,854 8 546 7,474 1,151 48 407 4,442 I 426 161 769 11 July 27 6,811 4,284 1,845 682 1,745 8,662 7,551 163 50 342 4,552 1,444 195 770 11 Aug. 31 6,661 4,317 1,727 617 1,927 8,698 7,647 736 55 775 4,629 1,452 117 783 11 Sept 28* 6,740 4,361 1,792 587 1,980 8,833 7,766 1,191 61 552 4,497 1,465 125 781 11 Oct 26* 6,847 4,328 1,903 616 1,954 8,923 7,725 1,231 61 301 4,662 [,470 219 804 •10 Nov. 30? ... 6,729 4,260 1,841 628 2,040 8,892 7,800 1,359 61 261 4,629 .490 93 813 *10 Dec 28* 7,032 4,446 1,904 682 1,981 9,134 8,014 [.311 63 331 4,799 1,510 112 813 10 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 3,221 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 I 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 42,25921'075 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 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 M1Q 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 37,96621,168 1 064 6,257 223 July 27 60,427 39,290 15,825 5,312 15,743 77,938 68,796 6,074 250 ?, 74738,92521,300 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 38,28421,589 1,093 6,306 •218 Sept 28* 60,790 39,430 16,029 5,331 15,801 78,381 69,317 6,509 317 2,500 38,25721,734 803 6 332 *218 Oct 26* 61,805 39,354 17 040 5,411 15,998 79 643 70 421 6,774 286 2 062 39,41021 889 822 6 366 •218 Nov. 30* 61,625 39,273 16,943 5,40916,649 80,141 71,126 7,433 293 1,867 39,65421,879 434 6,406 *217 Dec 28* 63,208 40,244 17,409 5,55516,937 81,990 72,943 7,399 326 1,961 40,89722,360 629 6,427 217 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 775 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 ,207 17 5,465 24,23512 494 11 2 525 6 476 1947_Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 ,056 17 432 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 18 1,181 40,72422,429 30 5,359 6,083 1958 Dec 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 36 1,175 42,34925,137 37 5 685 6,006 1959 June 24 62,386 32,317 22,377 7,692 12,363 75,986 68,787 ,232 37 1,309 40,11526,094 510 5,898 5,975 Dec 31 64,082 33,766 22,535 7,781 14,122 79 567 72 323 ,602 24 1,508 42,83226 356 71 6 035 5 938 1960—May 25 65,174 35,668 21,749 7,757 12,323 78,798 70,576 ,191 24 1,803 40,03127,527 615 6,340 5,962 June 15 65,427 36,074 21,556 7,797 13,475 80,357 72,222 ,799 26 951 41,24027,706 320 6,453 5,966 June 29 65,112 36,075 21,241 7,796 12,564 79,007 71,044 1,223 24 1,947 40 00327 847 371 6 369 5 962 July 27 65,377 35,999 21,593 7,785 12,854 79,571 71,624 ,774 24 1,757 40,52328 046 301 6,416 5,955 Aug 31 65,805 36,473 21,520 7,812 12,924 80,210 71,923 1,308 26 1,623 40,53328,433 490 6,484 •5,961 Sept 28* 66,482 36.691 21,975 7,816 12,740 80,609 72,522 .349 26 1,780 40,75028 617 203 6 531*5 956 Oct. 26* 67,463 36,705 22,811 7,947 13,135 81,967 73.847 1,459 26 1,788 41,64428,930 187 6,569 *5.944 Nov 30* 67,241 36,433 22,821 7,987 13,315 81,910 73,702 1.485 26 1,698 41,89728 596 207 6 614*5 936 Dec 28* 68,045 37,117 22,906 8,02213,702 83,128 74,860 ,558 26 1,670 42,7602i3,846 199 6,676 5,932 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 5 Less than $5 million. Because preliminary data are rounded to the nounced in November 1947 by the Federal bank supervisory agencies. nearest $10 million no amount is shown except on call dates. At that time a net of 115 noninsured nonmember commercial banks 6 Beginning with February 1960 reserve city banks with total loans and with total loans and investments of about $110 million was added, and investments of $950 million and total deposits of $1,070 million were 8 banks with total loans and investments of $34 million were transferred reclassified as country banks. from noninsured mutual savings to nonmember commercial banks. For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 53 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b io l o . i n v g S t a s . . - O s r e i t t c h i u e e s - r a C ss a e s t h s2 c c b T o a i a l u a l p o i i n a c n t t i d i - - t a t e a s l s l 3 Total 2 m D I a n e n t - e d rba T n im k2 e U. D S. ema O n t d her Time r B in o o w g r s - - c c T a o a p o u c t i n - t a a t l s l N b b a u o n e f m r ks - Govt. Other All iniured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69, 10,654 1,762 298 15,699 10 6,844131,,426 1945—Dec. 31 121,809 25,765 88,912 7,13134J292 157,544 147,775 13,883 23,740 276 29,876 215 8,671 131,:,297 1947_Dec. 31 114,274 37,583 67,941 750 36,926152,733141,85112,615^ 54 1,325 92,97534,882 6 9,734131,,398 1957—Dec. 31 168,595 93,430 57,580 17585 48,127 220,865199,87615,489 1,264 3,859 123,127 56,137 6617,05113,142 1958—Dec. 31 183,596 97,730 65,669 20,198 48, 724 214, 15,653 2,209 4', 241 129,214 63,168 6718,15413,101 1959—Juno 10 184,632102,902 61,396 20,334 42, 876 206, 13,338 2,013 2,766122,,'744 65,288 2,76218,76213,086 Dec. 31 188,790110,299 58,348 20;,143 49, 828 218, 15,500 1,358 5,037130,,'720 65,858 60219,20613,107 I960—June 15 188,691114,785 54,36619,540 46, 728 212, 13,756 1,324 6,396124,09166,875 2,573 19,97813,140 National member banks: 1941—Dec. 31 27,571 11,725 12,039 ,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 ,137 20,114 90,220 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1957—Doc. 31 91,201 50,350 31,234 109,091 8,958 517 2,166 66,546 3"0,904 38 9,070 4,620 1958—Dec. 31 99,277 52,627 35,714 ,936 26 128,397116,714 9,035 767 2,292 69,808 34,812 43 9,643 4,578 1959_june 10 99,982 55,816 33,152 ,014 23 126,255112,659 7,818 705 1,526 66,433 36,177 1,42010,041 4,559 Dec. 31 102,615 59,962 31,761 ,892 27, 132,636119,638 8,947 514 2,742 71,015 36,421 34010,302 4,542 I960—June 15 102,309 62,398 29,298 ,614 26 131,433116,178 7,937 472 3,594 67,270 36,905 1,49110,686 4,542 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1957—Dec. 31 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958—Dec. 31 55,588 31,435 18,585 5,56816,407 73,620 66,102 6,192 1,420 1,530 40,64016,320 10 5,817 1,734 1959—Juno 10 55,307 32,616 17,072 5,619 1"4,021 71,010 62,152 5,127 1,285 880 38,23716,622 1,266 5,879 1,721 Dec. 31 55,264 34,817 15,052 5,396 16,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 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_Doc. 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. 31* 2,009 474 1,280 255 576 2,643 2,251 177 185 1,392 478 325 783 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 317 425 1958—Dec. 31 1,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 1959—June 10 1,518 504 639 375 271 1,850 1,444 143 122 830 342 338 383 Dec. 31 1,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 1960—June 15 1,446 522 547 377 299 1,815 1,386 163 122 792 290 353 350 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947__Dec. 31* 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,420 11,176 2,817 7,178 1958—Dec. 31 30,327 14,165 12,088 4,074 5,805 36,664 33,227 572 185 428 19,65512,387 3,028 7,192 1959_june 10 30,889 14,988 11,821 4,079 5,041 36,491 32,810 536 144 368 18,90312,858 3,183 7,193 Dec. 31......... 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 3,294 7,244 I960—June 15 32,498 16,972 11,395 4,131 5,251 38,397 34,328 553 141 669 19,31813,648 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, 1212,192 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 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 2828,791 2,735 268 Noninsured mutual sayings 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—Doc. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 1958—Doc. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 6,762 746 278 1959—Juno 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 1960—June 15 7,167 4,348 1,885 934 141 7,387 6,511 6,510 730 247 For other notes see preceding two pages. NOTE.—For revisions in series prior to Juno 30, 1947, see the BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments C m o e m r- - p L u o rc a h n a s s f in o g r Lo to ans Oblic b o c C a m a l n l a m l k s d s e a r a o c n te f i d al i m T l n o a v o e n a e n t n d a s t s t l s - Total 2 c o m c i k p l i p n u i n a e a a e g d - r t - l n - - A c t g u u a l r r l - i - - o b k d a T s r r e e n e o o r a c - d c s l a u - r r r o i y t t i T h i e n o e s g rs b i a T n f n o s i k n ti s a tu n t c o i i o a T th n l o s ers l R o t e a a e s t - n a e l s O lo v u i d t t a i n a 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 il o l v s ern c C t m a i e f t i e e r - - n s t o N b o li t g e a s tio B n o s nds S p t d s a i i t o u c i o o a n v b l a t n f i d - i e l t s - - s O s ri e t t h c ie e u s r per sions Totals 1947—Dec. 31.. 116, 284 38,057 18,167 1,660 8301,220 115 9,393 5,723 947 69,2212,193 7,789 6,034 53,205 ,276 3,729 1958—Dec. 31.. 185,16598,21440,425 4,973 2,832 i;829 719 25,—255 2500,698 437 661376 6,294 7,399 13,396 39,287161505 4,070 1959—Dec. 31*, 190,270110,83240,174 5,018 3,018 1,850 819 7,118 28^60 24,166 2,784 58,9376,300 2,420 14,856 35,360 16J958 3,543 I960—June 15.. 190,137 115.30741,775 5,363 2,602 1,739 2,365 7,063 28,353 25,523 2,747 54,9133,593 2,210 15,224 33,887 16,789 3,127 Oct. 3«. 193,990116,18041,900 5,570 2,730 1,780 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,,290 211,259 9,214 1,450 614 66: 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945_Dec. 31... 121,,,.8.0. 9 255,765 9,461 49 4,6772,361 1,132 88,9122,45519,07116,045 5"1',342 3,8733,258 1947—Dec. 31... 114,,274 37,583 18,012 1J610 '823i;i90 114 9,266 5,654 914 67,9412,124 7,552 5,918 52,347 5,129 3',621 1958—Dec. 31... 183,,596 977,73040,289 4,913 2.797 1,810 713 25,148 20~,,;589 3,420 65,6696,159 7,36213,240 38,90816, ,932 1959—Dec. 31*. 188,790 110,29940,022 4,973 2,982 1,827 813 7,10527,948 24,,1032 2,767 58,3486,189 2,40414, ,02716,7213,422 I960—June 15.. 188,691114,78541,625 5,318 2,584 '1 ,7"1"9 2,360 7~0"43 28,240 25,387 2,72854,3663,527 2,18415,090 33,56616,,"5 4~5 2',994 Member, total: 1941_Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31.. 107,18322,775 8,949 8553,133 3,378 47 3,455 1,900 1,057 78,3382,27516,98514,27144,807 3,254 2,815 1947_Dec. 31.. 97,84632,62816,962 ,, 046 8.111,065 113 7,130 4,662 839 57,9141,987 5,816 4,815 4"5,,2 9_5. ,,199 3,105 1958—Dec. 31.. 154,86584,061 37,444 3,052 2,7301,599 710 20,01317,028 3,211 54,2994,644 6,143 11,117 32,396 13,405 3,100 1959—Dec. 31*. 157,87994,77936,826 3,116 2,885 1,587 811 6,80122,,1 85 19,877 603 46,8134,612 1,812 li. •-- ,785 13J677 2,610 I960—June 15.. 157,65798,34438,204 3,297 2,469 1,488 2,309 6,"7"3"6 22,309 20,932 550 43,5262,521 1,583 11,959 27,46313,473 2,315 Oct. 3.. 160,86598,81538,246 3,451 2,5931,521 2,212 6,434 22 446 21,333 529 45,9694,625 2,223 25,724 13,897 2,183 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*.25,291 18,121 10,549 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.. 15,34' 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1,459 855 387 2>99,5521,034 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 1,901 15,563 1,342 ,053 1958—Dec. 31.. 60,555588 3344,00315,808 669 518 851 191 8,405 6,930 1.301 20,6451,293 2,370 4,49712,484 4,864 1,047 1959—Dec. 31*. 61,62138,68615,252 765 580 776 235 3,369 9,251 »,2ll 980 17,2921,484 645 4,109 11,054 4,830 813 I960—June 15.. 59,75039,53415,778 805 511 713 924 3,184 9,036 8,430 89214,921 464 365 4,006 1"00,086 4,623 672 Oct. 3.. 61,1'4"4 39,82015,864 860 59' 738 935 3,083 9,042 8,570 86415,9931,203 670 4,683 9,437 4,663 668 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945— Dec. 31.. 35,002 5,596 1,484 648 4: 471 4 1,881 707 359 26,999 630 5,102 4,54416,722 1,342 1,067 1947—Dec. 31.. 36,32410,199 3,096 818 2: 227 5 3,827 1,979 ,857 480 2,583 2,108 17,687 2,006 1,262 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 1,467 1959—Dec. 31*.64,008822 3333,766 8,498 2,321 298 284 11 1,056 11,816 9,491 ,5352,381 863 5,751 13,540 6,452 1,330 I960—June 15.. 65,42736,074 9,212 2,465 308 286 242 1,085 12,22010,286 ,5561,329 807 5,92813,493 6,565 1,232 Oct. 3.. 66,53336,813 9,2182,567 440 293 361 1,031 12,40210,535 656 21,8451,913 995 6,591 12,347 6,712 1,164 Nonmember:3 1947—Dec. 31.. 18,45 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 18112,134 ,689 608 3,254 6,584 3,283 934 1960—June 15.. 32,498 16,972 3,5712,066 134 251 327 6,053 4,591 19711,395 ,073 627 3,265 6,429 3,317 814 • 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 1960, p. 12. banks. Comparability of figures for classes of banks is affected somewhat l 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 55 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES* [In millions of dollars] Demand deposits Time deposits Re Bal- Deco b c C m a a l n l a m l k s d s e a a r o n c t f c i e a I l F s B s w e e R e a r d r i n e v e t v - h k e r e s a s l C va i a n u s l h t b m a a w d n e n o i c s t k - e t h s i s c 5 j p u m s o d a a t d s e e n i - - d t d s « m D e i o d s n t - e t i e p c r 3 o b s a i F n t e s i k o g r n - G U o .S vt . . p v s S o u i a t l s i a b n i t o t d i d e c n i s a - s l c C c h o a f e e e i f e n t e r r f c c i d t d s . - k i ' - s, v p a i n a s p d I t h r i d n o u o t i d r n p a n c a i l e s o s - s - r , r , - - I b n a t n er k - G P U S i a n o o a n . s g S v v d t s t - a . . l v S p s i u a i t s o c a n i b l a o t i d d e t l n - i s s - p a v n s a p i I t h d r i n d o o t i u d r n p n c 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 Total: 3 1947—Dec. 31.... 17796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1958—Dec. 31.... 18 427 3.249 12,609115,518 Ut,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 7318 486 1959—Dec. 31.... 17 931 3,012 12,237115,420 12,944 1,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62,718 61519,556 1960—June 15.... 17 917 3,252 10,999110,025 i:.,484 [,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 I:,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 s>,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 i:>,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 n,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 ut,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 I:5,825 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 i:>,356 1,400 6,396 10,648 3,655 109,788 1,324 259 3,555 63,0612,57319,978 Member, total 1941—Dec. 31.... 12 396 1,087 6,246 33,754 c>,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15 811 11438 7,117 64,184 i:,,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.... 17,797 1 672 6,270 73,528 1C),978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1958—Dec. 31... 18 428 l\ 441 7,977 96,218 I:,614 1,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 5415,460 1959— Dec. 31.. 17 932 2 222 7.532 95,274 I:1,389 1,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 58116,264 I960—June 15 17 918 l\ 427 6 913 91,042 i ,980 ,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 >,648 [,434 6,715 8,563 3,544 92,147 1,547 237 3,117 52,328 1,82917,268 New York City:* 1941—Dec. 31... 5 105 93 141 10 761 *1,595 607 866 319 450 11 282 6 29 778 1,648 1945—Dec. 31... 4 015 111 78 15,065 \*,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 "i95 1947—Dec. 31... 4 639 151 70 16,653 J,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1958—Dec. 31.... 4 454 161 92 16 170 $,519 t 267 968 329 1 540 18,835 1,739 36 100 3 345 3 282 1959—Dec. 31.... 3 908 151 138 15,494 $,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 U49 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 5,509 1^108 1,947 307 2,052 16,867 1,140 25 157 3,536 749 3,493 Chicago:* 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 ,292 20 1,552 237 66 3,160 719 377 1947_Dec. 31.... 1070 30 175 3 737 1 196 21 72 285 63 3 853 2 9 902 426 1958—Dec. 31.... 058 36 185 4,271 1,314 43 249 302 88 4,746 34 7 7 1,423 ' 3 733 1959—Dec. 31.... 920 33 142 4,171 1,187 43 272 329 105 4,636 23 8 12 1,449 40 762 I960—June 15.... 995 28 109 3,678 ,193 40 335 283 85 4,301 43 4 8 1,401 333 765 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 1,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31... 6,326 494 2,174 22,372 5,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1958—Dec. 31... 7,472 768 2,670 35,505 7,217 289 1,429 3,153 1,052 38,054 377 124 1,471 19,480 14 5,760 1959—Dec. 31.... 7,532 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 1,229 20,231 238 6,106 I960—June 15.... 7,482 740 2,229 32,873 5,354 272 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 5,540 268 2,512 2,904 796 35,240 314 81 1,485 20,209 697 6,343 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1958—Dec. 31.... 5,444 1476 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 17692 103 26 783 12560 34 3^294 I960—June 15.,, 826 4,087 18,983 504 49 669 2,449 335 16,533 141 25 848 12,775 87 3,504 2 Beginning with June 30, 1948, figures for various loan items are 4 Central reserve city banks. shown gross (i.e., before deduction of valuation reserves); they do not 5 Beginning with June 30, 1942, excludes reciprocal bank balances, add to the total and are not entirely comparable with prior figures. Total which on Dec. 31, 1942, aggregated $513 million at all member banks and loans continue to be shown net. $525 million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not 6 Demand deposits other than interbank and U. S. Govt., less cash items available prior to 1947; summary figures for earlier dates appear in the reported as in process of collection. preceding table. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Firlancial institutions Wednesday i m T l n o a v o e a n e n t n d a s t s t s l - j i L m u n a s a o v e n t d a e n e d - n s t d t s s 1 - j L us a o t d a e - n d s 1 i C n m t a c r d o n i i e a u m a d r l l s - - - A t c u g u r r l a - i l - G U t l a i T o i o o . g n b o n v a S d - s - t b . . d r e o O a k c t l s u e t i e e e h r r r - s i s e s - r G U t l i o i T o o g . b S n v a o - - s . t . oth O c e t s u t i r e e h r s - s i e - r F ei o g r B n - ank c m m D c o t i i e e m o a c r s - l - - - n s c s P a i a o o a n f N n e n n l m i s e r d - c a o t - s - e i l n tu b t O a io n t k n h s er e R st e a a t l e l o o A t a h l n e l s r V se t a r i r e o l v u - n e a s panies etc. Total— Leading Cities 1959 Dec 2 105,707 104,253 66,335 r30,004 913 424 1,764 151 1,178 111 454 3,819 1,723 1? 574 14 37? 1,364 9 105,475 103,980 66,178 '30,023 917 261 1,713 145 1 187 797 1 495 r3,875 1 70? 17 596 14 375 1,363 2 1 3 6 1 10 0 6 6 , , 5 6 4 4 6 3 1 10 0 4 5 , , 9 3 5 3 4 0 6 67 7 , , 6 6 2 8 7 4 ' r3 3 0 0 , , 4 4 7 1 9 2 9 9 1 1 7 9 4 6 1 0 0 7 1 1, , 9 9 6 7 7 4 1 15 4 3 5 1 1 , ,1 1 8 9 7 ? 7 7 8 8 9 4 1 ,3 5 1 9 3 ? f T t l 1 1, , 2 2 8 3 6 2 1 1 , 6 7 99 051 1 ? ? 6 65 5 1 ? 1 1 4 4,4 4 3 3 9 4 1 , , 3 3 6 6 ? 0 30 106,627 105,363 68,069 r30,454 930 452 2,127 164 1,174 809 1,?64 fi1,452 1,746 1? 65? 14 47? ,363 1960 Nov. 2 109,127 107,806 68,812 '31,637 1 073 629 1.631 138 1,156 690 1 3?1 r3 7951 684 1? 57? 15,309 1,45? 9 108,354 106,709 68,325 r31,557 1,077 309 1,598 140 1,15? 701 ,645 '3.716 1,681 1? S17 15,330 1,453 16 108,869 107,295 68,713 31,837 1,08? 420 1,578 137 1,150 700 1 574 3,684 1,679 1? 545 15,346 ,445 23 108,152 106,925 68,388 31,702 1076 312 580 143 1 155 688 1??7 3 6171 677 1? 530 15 356 1 443 30 108,060 107,328 68,445 31,749 1,069 280 [,571 128 1,153 683 73? 3,651 1,672 1? 5?4 15,411 1,446 Dec 7 108,736 107,384 68,160 31,550 1,067 315 1,565 123 1,154 685 1,35? 3,546 1,683 1? 499 15 409 1,436 14 109,720 108,524 68,953 31,783 1,066 532 1,573 132 1,158 693 1,196 3,753 1,688 1? 570 15,489 1,434 21 112,109 110,424 70,570 32,131 1 073 1,183 '714 138 1 170 712 1 685 i 1 7011? 507 15,437 1 471 ?R 111,841 110,416 70,174 31,931 J084 954 .656 134 1,184 749 ,4?5 t1,243 1,684 1? 508 15,458 1,411 New York City 1959 Dec 2 25,643 24,880 17,691 10,440 4 275 1,250 32 379 509 763 ,793 337 918 7,650 396 9 25,415 24,753 17,503 10,438 4 171 1,200 30 380 503 66? 1,270 339 930 ? 63? 394 16 26,088 25,597 18,265 10,596 4 386 1,406 31 379 492 491 ,416 330 961 ?,658 394 23 25,838 25,087 18,046 10,590 4 243 1,360 36 368 500 751 1,423 335 95? ? 6?8 393 30 25,996 25,453 18,354 10,630 9 257 1,506 44 356 500 543 1,506 374 955 ? 609 39? 1960 Nov 2 26,615 26,281 17,564 10,581 8 333 1,022 28 346 455 334 ,298 310 810 ? 776 403 9 26,105 25,645 17,276 10,493 8 172 978 28 346 464 460 1,298 307 816 ? 769 403 16 26,290 25,746 17,360 10,596 8 197 969 28 344 457 544 ,275 311 870 ?,758 403 23 26,021 25,589 17,229 10,534 8 140 991 28 347 446 43? ,238 318 804 7}778 403 30 26,116 25,777 17,271 10,628 8 75 978 28 347 444 339 ,?54 315 804 7,793 403 Dec 7 26,271 25,733 17,058 10,514 9 126 921 29 348 446 538 ,163 319 790 ?}796 403 14 26,912 26,419 17,517 10,662 9 296 917 29 340 446 493 ,263 3?? 797 ?,835 403 21 27,711 27,329 18,388 10,848 9 670 1,043 29 355 455 38? ,513 321 777 ?,763 395 28 27,665 27,141 18,076 10,775 9 460 1,036 36 360 488 574 1 431 307 783 7,777 386 Outside New York City 1959 Dec ? 80,064 79,373 48,644 r19,564 909 149 514 119 799 268 691 r'>,526 1,386 It 656 11 7_?,? 968 9 80,060 79,227 48,675 r19,585 913 90 513 115 807 294 833 £,555 -1,363 11 666 11,743 969 16 80,555 79,733 49,419 r19,816 915 221 568 114 808 292 8?? r"1,816 369 11 690 11 776 966 23 80,708 79 86749,581 r19,889 913 167 607 117 8?4 289 841 T*',863 1,370 11'700 11 811 969 30 80,631 79,910 49,715 r19,824 9?1 195 621 120 818 309 7?1 -,946 ,37? 11j697 11 j863 971 1960 Nov 2 82,512 81,525 51,248 r21,056 1065 296 609 110 810 235 987 , 497 374 11717 1? 533 1,049 9 82,249 81,064 51,049 r21,064 1,069 137 620 112 806 237 1 185 r".,418 1,374 it;701 17,561 1,050 16 82,579 81,549 51,353 21,241 1,074 223 609 109 806 243 030 -,409 ,368 ii 775 17,588 1,04? 23 82,131 81,336 51,159 21,168 1,068 172 589 115 808 242 795 -,379 1,354 ii. 7?6 p 578 1,040 30 81,944 81,551 51,174 21,121 1,061 205 593 100 806 239 393 -,397 1,357 ii, 7?0 17,618 1,043 Dec 7 82,465 81,651 51,102 21,036 1,058 189 644 94 806 239 814 -,383 1,364 ii, 709 17,613 1,033 14 82,808 82,105 51,436 21,121 1 057 236 656 103 809 247 703 ,490 366 iij 778 17,654 1,031 21 84,398 83,095 52,182 21,283 t,064 513 671 109 815 257 1 303 -,712 1,380 ii _7,30 1?J674 1,076 28 84,176 83,275 52,098 21,156 ,075 494 620 98 824 261 901 .,812 1,377 ii, 725 12,681 1,025 r Revised. 1 Exclusive of loans to domestic commercial banks and deduction of valuation reserves; individual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 57 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— All total Wednesday Bal- Bal- Re- other liabili- Notes and bonds Other ances ances Currency serves assets ties maturing: secu- Total with with and with and Cer- rities domes- for- coin F.R. capital Total Bills tifi- tic eign Banks accounts cates With- banks banks in 1 to After 1 year 5 years 5 years Total— Leading Cities 1959 Dec 2 28,164 2,489 1,123 1,736 16,177 6,639 9,754 17,291 2,766 95 1,234 13,196 3,245 137 110 9 27,995 2,369 ,139 1,764 16,110 6,613 9,807 17,227 2,658 92 1,342 13,135 3,205 135 951 16 27,783 2,300 1,113 1,791 15,969 6,610 9,863 17,967 3,061 93 1,350 13,463 3,158 140,333 23 27,496 2,148 1,107 1,837 15,874 6,530 9,831 17,710 3,037 94 1,314 13,265 3,226 139 350 30 27,468 2,243 1,084 1,867 15,774 6,500 9,826 17,790 3,039 122 1,389 13,240 3,266 139,859 1960 Nov. 2 29,305 4,037 ,4S8 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 1,455 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 1,280r2,363 r16,936 5,054 9,480 17,275 3,061 107 1,259 12,848 3,960 143 692 23 29,011 3,322 1,278'2,384 '16,949 5,078 9,526 16,926 2,742 100 1,246 12,838 3,961 140,816 30 29,312 3,500 [,327 r2,453 r16,981 5,051 9,571 17,698 3,704 108 1,336 12,550 4,025 141 766 Dec 7 29,407 3,474 1,423 2,554 16,935 5,021 9,817 16,206 2,797 101 1,355 11,953 4 005 139 428 14 29,685 3,696 [,454 2,570 16,968 4,997 9,886 17,338 3,277 109 1,531 12,421 3,974 143*084 21 29,798 3,728 1,510 2,556 17,687 4,317 10,056 17,268 3,024 97 1,490 12,657 3,849 145,418 28 30,165 4,028 ,537 2,559 17,861 4,180 10,077 17,292 3,137 127 1,623 12,405 3,872 146 125 New York City 1959 Dec 2 ... 5,083 588 218 156 2,793 1,328 2,106 3,933 84 46 173 3,630 1 237 34 215 9 5,088 615 221 153 2,114 1,325 2,162 4,161 57 48 212 3,844 1 201 34*052 16 5,132 705 197 152 2,749 1,329 2,200 4,035 67 50 210 3,708 1,156 35,650 21 ... 4,868 531 185 165 2,713 1,274 2,173 3,951 69 49 189 3,644 1 247 34 863 30 4,905 596 709 166 2,662 1,272 2,194 4,046 79 72 194 3,701 1 256 35 687 1960 Nov. 2 6,583 1,380 539 291 3,300 1,073 2,134 4,257 64 64 157 3,972 1 708 37 059 9 6 341 1,156 534 288 3,291 1,072 2,028 3,844 56 62 201 3 525 1 760 35 714 16 6,357 1.180 451 334 3,273 1,119 2,029 3,854 65 50 159 3,580 1 711 36 298 23 6,325 1,157 444 320 3,287 1,117 2,035 3,971 60 49 165 3,697 1,724 35,634 30 6,469 1,281 447 334 3,305 1,102 2,037 4,112 171 54 168 3,719 1,711 36,153 Dec. 7 6,494 J81 5?6 409 3,281 1,097 2,181 3,700 58 51 224 3,367 1 721 34 976 14 6,674 1,380 523 438 3,242 1,091 2,228 3,902 78 58 259 3,507 1,678 36,580 21 6,630 1,290 523 423 3,513 881 2,311 4,127 55 46 251 3 775 1 601 37 626 28 6,747 374 546 423 3,535 869 2,318 3,882 73 72 248 3,489 1,583 38,086 Outside New York City 1959 Dec. 2 23,081 1.901 905 1,580 13,384 5,311 7,648 13 358 2 682 49 1 061 9 566 2 008 102 895 9 22,907 1,754 918 1,611 13,336 5,288 7,645 13,066 2,601 44 1,130 9,291 2,004 101\899 16 22,651 [,595 916 1,639 13,220 5,281 7,663 13,932 2,994 43 1 140 9 755 2 002 104 683 23 22,628 1,617 922 1,672 13,161 5,256 7,658 13 759 2 968 45 1 125 9 621 1 979 104 487 30 22,563 1.647 875 1,701 13,112 5,228 7,632 13,744 2,960 50 1,195 9,539 2,010 104^172 1960 Nov 2 22,722 2,657 919 1,259 14,185 3,702 7,555 13,470 2,703 54 1,041 9,672 2,346 106,006 1 9 6 2 2 2 2 , ,7 5 4 3 5 2 2 2 , , 4 2 7 8 6 9 9 8 2 2 1 9 r2 1 , , 0 2 2 4 9 5 '1 1 3 4 , , 6 1 6 9 3 6 3 3, , 9 6 3 9 5 4 7 7, , 4 4 5 8 1 3 1 13 3 , , 4 1 2 5 1 4 2 2 ,9 7 9 0 6 7 5 5 3 7 1 1 ,1 1 0 0 0 4 9 9 ,2 2 6 9 8 0 2 2 ,2 3 4 3 9 7 1 1 0 0 5 7 ', 1 39 4 4 6 23 22,686 2,165 834 r2,064 r13,662 3,961 7,491 12 955 2 682 51 1 081 9 141 2 237 105 182 30 22,843 2,219 880 ••2,119 r13,676 3,949 7,534 13,586 3,533 54 1,168 8,831 2,314 105,613 Dec. 7 22,913 2,293 897 2,145 13,654 3,924 7,636 12,506 2 739 50 1 131 8 586 2 284 104 452 14 23,011 2,316 931 2,132 13,726 3,906 7,658 13,436 3,199 51 1,272 8,914 2,296 106,504 21 . . 23,168 2,438 987 2,133 14,174 3,436 7,745 13,141 2,969 51 1,239 8,882 2,248 107,792 28 23,418 2,654 991 2,136 14,326 3,311 7,759 13,410 3,064 55 1,375 8,916 2,289 108,039 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju e m D p s a a t o d e e 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 v . t. 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 f r r c d i t d s k . - i ' 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 a d i e o n s - l , r s - s - , I b n a t n e k r- P G U s i o a n a o n s . g v S v t d 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 i d i e l t - - s - s p v r c s a i a I o d h a r n t r t i u n i d n o p p a d i e n o s - l , r s s - - , B F F a r . o n R m k . s o F t r h o e m rs O li i a t t i b h e i e s l r - c C o a a u p c n - it t a s l Total- Leading Cities 1959 Dec 2 61,017 11,088 1,429 3,838 4,782 2,476 64,626 1 .377 146 1,309 28,704 438 2,064 3,551 11,282 9. 61,837 11,038 1,495 2,571 4,606 2,353 64,922 1,340 144 1,313 28,736 393 2,226 3,554 11,260 16 63,446 11,550 1,533 3,158 4,673 3,145 68,193 [,304 143 1,336 28,751 391 1,499 3,431 11,226 23 62,482 11,296 1,535 3,581 4,664 2,776 66,910 [,333 144 1,406 28,851 291 1,879 3,442 11,242 30 63,204 11,434 1,603 3,139 4,814 2,925 67 641 [ 309 144 1,420 28,969 246 1,593 3,320 11,302 1960 Nov 2 59,794 12,104 1,346 4,413 4,945 3,088 63 918 I 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 1,568 131 1,920 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 1,922 30,321 250 1,964 5,212 11,945 30 59,762 12,771 1,335 3,511 4,862 2,581 64,302 1,554 132 2,017 30,334 25 1,081 5,241 12,020 Dec. 7 59,977 12,111 1,372 2,099 4,558 2,221 63,679 1,563 135 2,093 30,409 39 1,921 5,214 12,014 14 62,438 12,459 1,423 1,704 4,514 2,828 67 148 [ 570 137 2,108 30,558 22 1,474 5,154 11,985 21 62,071 12,302 1,449 3,688 4,565 2,845 66,853 1,594 136 2,195 30,564 46 2,109 5,081 11,991 28 61,490 12,370 1,524 3 956 4,691 2,893 67 026 SQO 134 2,220 30 760 21 1,839 5,057 12,035 New York City 1959 Dec 2 15,277 2,934 1,123 1 191 313 1.1^9 17 207 1 047 24 78 3 296 68 892 1,566 3,317 9 15,576 2,900 1,192 811 321 1,198 17,332 1,005 24 73 3,303 3 1,030 1,550 3,310 16 . 16,258 3,045 1,226 916 295 1,753 18,581 970 24 73 3,308 673 1,477 3,309 23 15,591 3,022 1,227 1 093 277 1,378 17 763 992 24 71 3.326 814 1,558 3,318 30 15,862 3,188 1,287 961 289 1.476 18,486 974 24 71 3,319 729 1,555 3,328 1960 Nov 2 15,058 3,193 1,021 1,319 533 2,080 16,924 25 177 3,552 1,151 2,398 3,504 9 14,211 3,248 1,032 1,058 292 1,512 16 412 I 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 [,203 24 187 3,515 23 1,253 2,431 3,509 23 14,528 3,090 1,017 995 268 1,531 16 647 I 204 25 189 3,559 1,121 2,497 3,491 30 14,677 3,726 1,003 955 277 1,517 17,097 ,197 25 221 3,602 535 2,480 3,518 Dec 7 14,950 3,144 1,041 578 264 1,206 16 764 205 25 224 3,594 916 2,510 3,505 14 . 15 848 3,384 1,084 424 279 1,650 18 007 207 25 229 3 716 626 2,453 3,496 21 15,654 3,264 1,133 1,143 304 1,725 17 812 '202 26 233 3,658 1,231 2,391 3,504 28 15,183 3,361 1,182 1 245 265 1,825 18 049 ?m 27 231 3 699 1,036 2,453 3,510 Outside New York City 1959 Dec. 2 45,740 8,154 306 2,647 4,469 1.317 47,419 330 122 1,231 25,408 370 1,172 1,985 7,965 9 46,261 8,138 303 1 760 4,285 1,155 47 590 335 120 1 240 25,433 390 1,196 2,004 7,950 16 47,188 8,505 307 2,242 4,378 1,392 49,612 334 119 1,263 25,443 391 826 1,954 7,917 23 46,891 8,274 308 2 488 4,387 1,398 49 147 341 120 1 335 25,525 291 1,065 1,884 7,924 30 47,342 8,246 316 2,178 4,525 1.449 49 155 335 120 1,349 25,650 246 864 1,765 7,974 1960 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 Dec 7 45,027 8,967 331 1,521 4,294 1,015 46 915 358 110 1 869 26,815 39 1,005 2,704 8,509 14 46,590 9,075 339 1,280 4,235 1,178 49,141 363 112 1,879 26,842 22 848 2,701 8,489 21 46,417 9,038 316 2,545 4,261 1,120 49,041 392 110 1,962 26,906 46 878 2,690 8,487 28 46,307 9,009 342 2,711 4,426 1,068 48,977 396 107 1,989 27,061 21 803 2,604 8,525 l 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 59 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY * [Net decline, (-). In millions of dollars] Manufacturing and mining Comm'l and Period 2 t l o F i b q a o n a u o c d o d c r , o , a T l p e e a p a x n t a t h d i r l e e e r l s , , M m p u a r c e e n o t t t d s d a a 3 l - l s ch P l e c e a e m o u n t a r m d i o l c , , - al, Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s u P p t ( t t r o u i i i a l n o r b i n c n t t l i a s l i ) e . - c - s s C t t i r o o u n n c - - bu o ty s A t o i p h n f l e e l e s r ss c c h l N f a a ie n s e d s g t i e - s c r w h e i a e n p e n d o k r ' g l l t y e - rubber banks 1959—July 8-Dec. 698 -58 -148 248 26 151 738 480 -31 2,114 rl,861 1960—Jan.-June.. -558 273 1,062 -52 354 372 -677 -48 96 155 977 1,178 July-Dec... 579 -215 -665 58 -29 -28 507 61 35 310 615 299 1960—Oct.. 212 -160 -261 26 -41 125 175 -199 60 -62 -110 Nov.. 169 -101 -58 -76 112 163 76 -13 79 361 '333 Dec. 57 -42 9 97 15 -267 49 118 14 69 120 182 Week ending: I960—Oct. 5. 65 -30 -91 3 43 21 -123 -10 14 -110 -150 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 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 18 277 '280 23. -7 -31 -43 -18 -16 -20 23 -6 -2 -12 -133 -135 30. 51 -27 -37 -9 -15 32 49 46 82 47 Dec. 7. -55 -30 -13 -19 -71 2 -7 -200 -199 14. 40 c 25 17 8 -22 19 37 21 65 205 233 21. 69 -17 85 52 4 -41 19 118 -11 47 324 348 28. -52 -14 -46 59 15 -184 13 34 2 -36 -209 -200 r Revised. 3 Includes machinery and transportation equipment. 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 2 p F e i r g c u e r n e t s o fo f r t h p o e s r e i o o d f s a o ll t h c e o r m t m ha e n rc i w al e e b k a ly n k a s r . e based on weekly changes. see the BULLETIN for August 1959, p. 885.) BANK RATES ON SHORT-TERM BUSINESS LOANS' [Weighted averages. Per cent per annum] Size of loan Size of loan p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r n r i e d o a d lo A a l n l s (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly (cont.):2 19 large cities: New York City: 1959—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 June 5.19 5.81 5.64 5.42 5.10 1954 3.6 5.0 4.3 3.9 3.4 Sept. 4.74 5.73 5.45 5.00 4.62 Dec 4.77 5.73 5.42 4.99 4.66 1955 3.7 S 0 4.4 4.0 3.5 1956... 4.2 5.2 4.8 4.4 4.0 7 Northern and 1957 4.6 5.5 5.1 4.8 4.5 Eastern cities: 1958 4 3 5 5 5 0 4 6 4 1 1959—Dec. 3. .. 5 39 5 95 5 77 5.50 5.30 1959 5.0 5.8 5.5 5.2 4.9 I960—Mar 5.34 5.95 5.73 5.47 5.24 June 5.34 5.94 5.72 5.52 5.24 1960 5.2 6.0 5.7 5.4 5.0 Sept.. 4.96 5.90 5.54 5.21 4.81 Quarterly:2 Dec 4.97 5.86 5.52 5.19 4.83 19 large cities: 11 Southern and Western cities: 1959—-Dec. 3 5 36 5.99 5.74 5.54 5.24 1959—Dec. 3 5.56 6.08 5.81 5.64 5.38 I960—Mar 5.34 6.01 5.75 5.50 5.21 I960—Mar 5.57 6.12 5.83 5.57 5.40 June 5.35 6.00 5.76 5.53 5.22 June.. . . 5.58 6.10 5.84 5.61 5.41 Sept 4.97 5.94 5.58 5.21 4.78 Sept 5.32 6.04 5.68 5.34 5.10 Dec 4.99 5 90 5 56 5.21 4.82 Dec . 5.33 6.00 5.65 5.36 5.12 1 For description see the BULLETIN for March 1949, pp. 228-37. NOTE.—Bank prime rate was 3 per cent Jan. 1, 1952-Apr. 26, 1953. 2 Based on new loans and renewals for first 15 days of month. Changes thereafter occurred on the following dates (new levels shown, in 3 Coverage of Survey revised in accordance with changes in the loan per cent): 1953—Apr. 27, 3%; 1954—Mar. 17, 3; 1955—Aug. 4, 3%; schedule of the call report of condition to exclude loans to nonbank Oct. 14, 3%; 1956—Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4%; 1958— financial institutions. Jan. 22, 4; Apr. 21, 3%; Sept. 11,4; 1959—May 18, 4V2; Sept. 1, 5; and I960—Aug. 23, 4Vz. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Prime Finance com- company Prime mercial paper bankers* 3-month bills 6-month bills 9- to 12-month issues Year, month, or week m 4 p - o a t n p o t e h r 6 s , - 1 m d 3 p i - o r l a e n t c c o 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 o i n 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 Others 3 is - y s t e u o a e r s 5 6 - 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 1960 average 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 1959 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 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 AUK 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 Dec 3.23 2.97 2.92 2.272 2.25 2.530 2.50 2.64 2.79 3.51 Week ending: I960 Dec. 3 3.38 2.94 3.00 2.326 2.35 2.640 2.70 2.86 3.05 3.75 10 3.30 3.01 3.00 2.328 2.28 2.663 2.62 2.77 2.93 3.59 17 ... 3.25 3.06 2.88 2.334 2.25 2.621 2.50 2.63 2.76 3.49 24 3.15 2.91 2.88 2.222 2.24 2.392 2.42 2.56 2.74 3.46 31 3.13 2.88 2.88 2.148 2.18 2.333 2.38 2.50 2.61 3.40 1 Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Average of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Consists of certificates of indebtedness and selected note and bond 3 Average of daily prevailing rates. issues. 6 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Government bonds Corporate bonds3 Stocks 5 State By selected By Dividend/ Earnings/ Year, month, or week United and local3 ratings groups price ratio price ratio S (l t o a n te g s - Total4 term)2 Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues 4-9 20 5 5 120 30 30 40 40 40 14 500 500 1957 average 3.47 3.56 3.10 4.20 4.21 3.89 4.71 4.12 4.32 4.18 4.63 4.35 7.78 3.43 3.36 2.92 3.95 4.16 3.79 4.73 3.98 4.39 4.10 4.45 3.97 6.02 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 5.92 1960 average 4 01 1959 Dec 4.27 3.84 3.43 4.37 4.87 4.58 5.28 4.70 5.05 4.86 4.85 3.18 5.28 1960 Jan 4.37 3.92 3.49 4.43 4.91 4.61 5.34 4.74 5 08 4 92 4 87 3 27 Feb 4.22 3.84 3.40 4.35 4.88 4.56 5.34 4.71 5.05 4.89 4.82 3.40 Mar . . .. 4.08 3.77 3.34 4.29 4.81 4.49 5.25 4.64 4.99 4.79 4.76 3.43 6.51 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 5.83 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 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 5.70 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 3 51 Dec 3.88 3.53 3.12 4.03 4.66 4.35 5.10 4.55 4.87 4.58 4 84 3 41 Week ending: I960—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 10 3.93 3.52 3.12 4.06 4.67 4.35 5.11 4.56 4 86 4 59 4 83 3 48 17 3.86 3.52 3.12 4.06 4.66 4.34 5.11 4.55 4.87 4.57 4.85 3.42 24 3.86 3.51 3.12 3.98 4.67 4.34 5.09 4.55 4.88 4.57 4.85 3.38 31 3.82 3.51 3.11 3.98 4.67 4.35 5.09 4.55 4.88 4.57 4.81 3.37 1 Monthly and weekly yields are averages of daily figures for U. S. 4 Includes bonds rated Aa and A, data for which are not shown sepa- Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividend/price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks, on Wednesday figures. Earnings/price ratios for common 5 Standard and Poor's Corporation. Preferred stock ratio is based stocks are as of end of period. on 8 median yields for a sample of noncallable issues—12 industrial and 2 Series is based on bonds maturing or callable in 10 years or more. 2 public utility. For common stocks, the ratios are based on the 500 3 Moody's Investors Service. State and local govt. bonds include gen- stocks in the price index. Quarterly earnings are seasonally adjusted eral obligations only. at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 61 SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's index Securities and Exchange Commission index of (1941-43= 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 1960 average. 86.22 103.9 94.7 55.85 59.43 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3 127.4 73.8 3,042 1959—Dec.... 83.00 99.3 92.4 59.06 63.56 33.57 44.31 120.5 122.1 128.8 115.9 107.6 115.1 127.0 85.8 3,284 1960—Jan... 81.81 98.3 92.0 58.03 62.27 33.68 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 48.64 112.1 107.6 114 101.7 91.5 134.2 127.2 70.1 2,898 Oct... 87.50 105.9 96.0 53.73 56.90 27.77 47.34 109.1 104.9 109.4 100.8 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. 3,100 Dec... 87.84 108.0 95.1 56.80 60.22 29.03 49.78 115.2 110.3 114.5 106.4 92.6 138.5 132.4 78.2 3,684 Week ending: 1960—Dec. 3. 86.65 107.1 95.2 •"55.62 58.97 29.10 48.43 111.8 107.2 111.2 103.5 92. 133.4 129.8 74.3 3,362 10. 87.15 107.6 95.0 55.92 59.27 28.78 48.98 114.6 110.3 115.3 105.7 92.2 135.5 131.7 76.7 3,663 17. 88.07 108.1 95.1 56.89 60.36 28.89 49.62 115.8 111.5 116.7 106.8 92.3 136.5 133.0 78.8 3,569 24. 88.12 108.1 95.1 57.32 60.80 29.07 50.16 116.2 111.0 114.6 107.6 92.7 141 133.9 80.8 3,685 31. 88.67 108.1 95.1 57.87 61.27 29.50 51.23 117.4 111.6 114.9 108.6 93.9 146.2 133.4 80.3 4,134 r Revised. 2 Prices derived from average market yields in preceding table on basis i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard of an assumed 3 per cent, 20-year bond." a Lniud. Px ouovir 'so cWoJJmJJUm.J.oVnI± sOtIVo/VcJkV iUnIUdWexAeVsD,J aaniidu vYoVlIuUmUJeV o\JLf tLriacdtuijnllg£ a3. rFeC HaVveCrFaQg-^etas 3 Prices derived from iaverage yields, as computed by Standard and of daily figures; (2) municipal and corporate bond prices are based on Poor's Corporation, on basis of a 4 per cent, 20-year bond. Wednesday closing prices; and (3) the Securities and Exchange Commis- 4 Average daily volume of trading in stocks on the New York Stock sion series on common stock prices are based on weekly closing prices. Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Total- Net debit balances with Bank loans to others (than securities New York Stock Exchange brokers and dealers) for pur- Money borrowed Customers' End of month i 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 1,161 46 2,132 880 1957 Dec 3,576 68 2,482 60 1,094 125 1,706 896 1958 Dec 4,537 146 3,285 63 1,252 234 2,071 1,159 1959—Dec 4,454 150 3,280 164 1,174 221 2,362 996 I960 Jan 4,365 134 3,198 154 190 2,233 1,001 Feb 4,274 138 3,129 146 L ,145 202 2,194 981 Mar 4,158 117 3,028 136 1,130 161 2,059 988 Apr 4,153 113 3,037 135 1,116 185 2,155 940 May 4,132 130 3,021 139 1,111 208 2 115 970 4,214 106 3,082 135 1,132 162 2,110 1,016 July 4,133 110 3,004 135 1,129 187 2,042 1,018 Aue 4,243 111 3,109 140 1,134 173 2,063 1,021 Sept 4,282 122 3,137 147 1,145 177 2,143 1,059 Oct 4,294 111 3,133 136 1,161 161 2,139 1,063 Nov 4,294 99 3,141 128 ,153 139 2,129 1,062 Dec 4,406 95 3,222 134 1,184 142 2,133 1,135 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

62 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed P di l r a e c c e t d - Total Banks p I o m rt - s p E o x rt - s Dollar ship p p o e i d n ts b e i t n w : een Total through ly Others into from 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 c F o o u r n e t i r g ie n s 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 ,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_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 ',017 405 633 139 157 419 Nov. 5,097 1,380 3,717 628 454 175 48 227 965 401 647 146 229 445 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 l a o t n c a d a te l C r o a a n r t p d e o- a C s a se sh ts O as t s h e e ts r s l T u i a a t r o i b n p e t d i l s a l u i l - s Deposits l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s commitments2 govt. other i accts. Number Amount 1941 4 787 89 3 592 i :86 829 689 11,772 10,503 38 1,231 n.a. n.a. 1945 .. 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1952 11 231 144 9 443 336 2 925 917 304 25,300 22,610 163 2,527 n.a. n.a. 1953 12,792 165 9,191 428 3,311 982 330 27,199 24,388 203 2,608 n.a. n.a. 1954 14 845 188 8 755 608 3 548 1 026 380 29,350 26,351 261 2,738 n.a. n.a. 1955 .. 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 n.a. n.a. 1956 19,559 248 7 982 675 3,549 920 448 33,381 30,026 369 2,986 n.a. n.a. 1957 20 971 253 7 583 685 4 344 889 490 35,215 31,683 427 3,105 n.a. n.a. 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 19593 24 769 358 6 871 721 4 845 829 552 38,945 34,977 606 3,362 65,248 1,170 1959—No v 24 635 366 6 878 730 4 846 718 556 38,729 34 633 724 3,372 76,612 1,245 Dec 24 769 358 6 871 721 4 845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960—Jan 24 928 333 6 862 715 4 833 698 565 38,934 34,909 660 3,365 62,285 1.099 Feb 25 044 372 6 851 706 4 824 735 569 39,101 34,959 742 3,400 55,775 1,029 Mar 25,194 412 6,883 709 4,876 776 570 39,420 35,279 722 3,419 55,028 ,008 Apr 25 323 386 6 735 722 4 857 690 575 39,288 35,184 713 3,391 57,916 ,059 May 25,484 446 6,655 699 4,870 732 578 39,464 35,242 799 3,423 54,364 ,042 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 1,031 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 Nov 26,553 425 6,288 676 5,019 788 590 40,339 35,962 810 3,567 60,420 1,242 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 63 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d Sta lo te c a a l n d lForeign; Total Bonds Stocks gages estate loans assets (U.S.) End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 End of month:4 1957—Dec... 101,309 10,691 7,028 2,377 1,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958—Dec... 107,580 11,242 7,182 2,691 1,369 46,420 43,044 3,376 37,092 3,387 4,186 5,253 1959—Oct.. . 112,405 11,770 7,147 3,138 1,485 48,444 44,853 3,591 38,744 3,631 4,511 5,305 Nov... 112,904 11,668 7,016 3,154 1,498 48,662 45,032 3,630 38,984 3,673 4,555 5,362 Dec... 113,626 11,536 6,848 3,177 1,511 48,908 45,206 3,702 39,299 3,670 4,605 5,608 I960—Jan.. . 114,202 11,731 7,011 3,197 1,523 49,047 45,330 3,717 39,573 3,688 4,651 5,512 Feb... 114,666 11,755 6,975 3,222 1,558 49,170 45,435 3,735 39,769 3,698 4,709 5,565 Mar... 114,965 11,638 6,808 3,257 1,573 49,298 45,576 3,722 40,011 3,712 4,774 5,532 Apr... 115,394 11,583 6,723 3,278 1,582 49,450 45,708 3,742 40,236 3,721 4,838 5,566 May.. 115,908 11,554 6,661 3,304 1,589 49,725 45,940 3,785 40,439 3,766 4,897 5,527 June.. 116,377 11,468 6,559 3,317 1,592 49,880 46,092 3,788 40,631 3,786 4,957 5,658 J«lT.. 117,005 11,654 6,632 3,421 1,601 50,051 46,223 3,828 40,694 3,809 5,029 5,768 Aug... 117,581 11,650 6,592 3,464 1,595 50,261 46,380 3,881 40,920 3,822 5,085 5,842 Sept... 117,947 11,750 6,586 3,546 1,618 50,299 46,414 3,885 41,099 3,828 5,138 5,833 Oct.. . 118,544 11,729 6,524 3,579 1,626 50,610 46,669 3,941 41,313 3,834 5,182 5,876 1 Figures a**e for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Total Mortgage End of year assets—2 loan or month g M ag o e rt s - 2 o G U b o l . i S 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 u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 4 d L p o r a o n c s e s i s n Other c m om en m ts i 5 ttions profits 1941 4,578 107 344 775 6,049 4,682 475 256 6"\6 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 ,475 1959 53,093 4,474 2 201 3,707 63,475 54,556 4,392 2,388 1,282 857 ,285 1959—Oct 52,149 4,534 ,752 3,637 62,072 52,888 4,121 2,108 1,476 1,479 1,626 Nov 52,608 4,500 ,817 3,777 62,702 53,371 4,133 2,165 1,374 1,659 ,470 Dec 53,093 4,474 >,201 3,707 63,475 54,556 4,392 2,388 1,282 857 ,285 I960—Jan 53,413 4,675 ,887 3,594 63,569 55,024 4,400 1,935 1,184 1,026 ,316 Feb 53,811 4,742 ,854 3,656 64,063 55,433 4,410 1,810 1,172 1,238 ,378 Mar 54,356 4,715 ,903 3,756 64,730 56,056 4,419 1,683 1,219 1,353 1,482 Apr 54,922 4,716 ,873 3,860 65,371 56,428 4,424 1,721 1,265 1,533 1,560 May 55,556 4,731 ,954 4,069 66,310 57,058 4,431 1,724 1,319 1,778 1,642 June 56,335 4,583 >.,283 4,017 67,218 58,274 4,646 1,935 1,365 998 1,614 July 56,975 4,549 >,047 3,866 67,437 58,423 4,640 1,809 1,360 1,205 1,647 Aug 57,687 4,522 >,078 3,868 68,155 58,912 4,640 1,830 1,344 1,429 1,637 Sept 58,336 4,525 .,101 3,925 68,887 59,514 4,642 1,878 1,306 1,547 1,559 Oct 58,922 4,542 .,205 3,999 69,668 60,165 4,641 1,857 1,273 1,732 1,511 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

64 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 Year or Profits In- Profits Cash Undis- Year or quarter b t e a f x o e r s e c ta o x m e e s t a a f x te e r s d d e i n v d i- s tr p i r b o u fi t t e s d quarter New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1952 36.7 19.5 17.2 9.0 8.3 1953... 38.3 20.2 18.1 9.2 8.9 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954 34.1 17.2 16.8 9.8 7.0 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 44.9 21.8 23.0 11.2 11.8 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956... 44.7 21.2 23.5 12.1 11.3 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957 43.2 20.9 22.3 12.6 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1958 37.7 18.6 19.1 12.4 6.7 1957 . . 14,350 3,609 10,741 9,638 2,584 7,053 4,712 1,024 3,688 1959. . 47.0 23.2 23.8 13.4 10.5 1958 14,761 5,296 9,465 9,673 3,817 5,856 5 OSR 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 1,163 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. 66 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 NOTB.—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. 66. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U e t c i o . e u S v s r . t i . - N G U o o . t v r e S e t s . c . 2 e a i n v d ab O a le c th c e ts r . I t n o v ri e e n s - Other Total N G U o o . t v S e t p . s . a 2 a y n a d b l O e ac th c e ts r . F i b n e i c l t l d i a i o a t e x m i - r e a s e l Other 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2 3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82 2 6 7 133.1 2 3 84.3 15.4 31.1 1958 119.7 246.4 37.3 19.6 2.8 102.1 77.5 7.0 126.7 1.7 81.0 13.0 31.0 1959 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 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Total Year Total M fa i c a n t n u g u r- - M in i g n- R ro a a i d l- Other P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i i c n n n i t n u g g d r - - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 ( a a j s l r u n e l a y s n a t t s u e e a o a ) d d n l - - 1952 26.5 11.6 1.0 1.4 1.5 3.9 1.5 5.6 1959—3 8.3 3.3 .8 1.5 2.7 33.4 1953 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 4 9.0 3.8 .8 1.5 2.9 33.6 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 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 1.7 4.9 2.7 8.4 9.3 4.0 .8 1.4 3.0 36.3 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 Si.'!;'. 9.0 3.9 .7 1.5 2.9 35.9 1 1 9 9 5 5 9 8 3 3 0 2 . . 5 5 1 12 1 . . 1 4 1. . 0 9 . . 8 9 1 2 . . 5 0 6 5. . 7 1 2 2 . . 6 7 7 8 . . 2 2 44 9.6 4.2 .7 1.6 3.0 35.6 1960* 35.7 14.5 1.0 1.0 1.9 5.7 11.6 1961—H.... 7.8 3.4 .5 1.2 2.8 34.9 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

65 BUSINESS FINANCE SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1959 1960 1955 1956 1957 1958 1959 Manufacturing Total (180 corps.): Sales 104,402 107,717114,229105,134115,874 29,555 32,452 26,872 26,995 31,573 30,924 28,110 Profits before taxes 14,8—03 ' 418 13,349 10,466 14,013 3,899 4,643 2,440 3,032 4,002 3,544 2,709 Profits after taxes 7,564 094 7,177 5,714 7,259 2,016 2,499 1,099 1,645 2,063 1,813 1,479 Dividends 3,847 068 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 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 5,010 4,402 5,606 1,376 1,482 1,391 1,356 1,407 1,421 1,401 Profits after taxes 2,814 2,944 2,574 3,131 769 808 780 775 785 797 793 Dividends 1,588 1,776 1,785 1,916 459 445 448 564 482 486 480 Durable goods industries (101 corps.):2 Sales 67,544 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 8,339 6,065 8,407 2,523 3,161 1,049 1,675 2,595 2,123 1,309 Profits after taxes 4,750 4,233 3,140 4,128 1,247 1,692 319 870 1,277 1,016 686 Dividends 2,259 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 1,275 287 322 340 326 303 338 340 Profits after taxes 414 460 497 555 604 136 153 162 154 142 159 160 Dividends 260 277 289 312 343 85 78 79 100 92 100 Chemicals and allied products (21 corps.): Sales 9,584 10,199 10,669 10,390 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 Profits after taxes 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 11,515 12,454 13,463 12,838 13,413 3,447 3,228 3,281 3,458 3,427 3,282 3,387 Profits before taxes 1,344 1,444 1,325 919 1,194 360 300 259 274 307 292 352 Profits after taxes 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 19,226 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 1,540 1,154 1,127 416 695 -215 231 426 322 225 Dividends 730 873 802 831 201 204 204 221 206 208 210 Machinery (25 corps.): Sales 12,480 13,908 15,115 14,685 16,472 3,853 4,189 4,100 4,331 4,000 4,171 4,015 Profits before taxes 1,253 1,209 1,457 1,463 1,854 422 504 462 466 389 395 366 Profits after taxes 637 607 729 734 933 212 254 231 237 197 202 186 Dividends 368 403 416 422 461 113 106 123 119 121 119 120 Automobiles and equipment (14 corps.): Sales 24,624 21,217 23,453 18,469 20,593 6,259 6,585 4,624 3,124 7,022 6,516 4,502 Profits before taxes 4,011 2,473 2,701 1,332 2,987 1,012 1,117 356 503 1,076 936 273 Profits after taxes 1,841 1,186 1,354 706 1,470 491 570 155 254 521 457 152 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 Profits before taxes 1,341 1,268 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 65 Dividends 448 462 438 419 403 116 82 78 127 91 94 73 Electric Power: Operating revenue 8,360 9,049 9,670 10,195 11,102 2,928 2,644 2,685 2,845 3,172 2,841 2,856 Profits before taxes 2,304 2,462 2,579 2,704 2,988 853 682 713 739 901 739 757 Profits after taxes 1,244 1,326 1,413 1,519 1,669 469 385 392 422 502 522 418 Dividends 942 1,022 1,069 1,134 1,213 303 302 301 306 325 321 322 Telephone: Operating revenue 5,425 5,966 6,467 6,939 7,572 ,825 1,891 1,909 1,947 1,967 2,025 2,042 Profits before taxes 1,282 1,430 1,562 1,860 2,153 522 551 537 543 558 585 589 Profits after taxes 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 1 Includes 17 companies in groups not shown separately. Ball System Consolidated (including the 20 operating subsidiaries and 2 Includes 27 companies in groups not shown separately. the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Data are obtained primarily Telegraph Company) and for two affiliated telephone companies, which from published company reports. together represent about 85 psr cent of all telephone operations. Divi- Railroads. Figures are for Class I line-haul railroads (which account dends are for the 20 operating subsidiaries and the two affiliates. Data for 95 per cent of all railroad operations) and are obtained from reports are obtained from the Federal Communications Commission. of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and Electric Power. Figures are for Class A and B electric utilities (which before Federal incoms taxes and dividends. For detailed description of account for about 95 per cent of all electric power operations) and are series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 obtained from reports of the Federal Power Commission, except that (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public quarterly figures on operating revenue and profits before taxes are partly utilities); and p. 908 of the BULLETIN for September 1944 (electric power). estimated by the Federal Reserve to include affiliated nonelectric opera- For back data for manufacturing, see pp. 792-93 of the BULLETIN for tions. July 1959; back data for other series are available from the Division of Telephone. Revenues and profits are for telephone operations of the Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Prop a o ll s e c d o r u p s o e r a o t f e n i e ss t u p e r r o s c 6 eeds Noncorporate Corporate New capital Year or Remonth tire- State Bonds ment Total G U o . v S t . .3 a F e c g e r y e a d 4 n l - - n m a p i n c a u d i l - - Others Total Total P li u cl b y - v P at r e i l - y f s e P t r o r r 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 r e i o t c i f u es offered placed 1952 27,209 12,577 459 4,401 237 9,534 1 601 3 645 3,957 564 1,369 9,380 8,716 8 180 537 664 1953 28,824 13,957 106 5,558 306 8,898 1,083 3,856 3,228 489 1,326 8,755 8,495 7,960 535 260 1954 29 765 12 532 458 6,969 289 9,516 1 488 4 003 3,484 816 1,213 9,365 7,490 ,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 1,420 4,119 3,301 635 2,185 10,049 8,821 1,957 864 1,227 1956 . 22 405 5 517 169 5,446 334 10,939 002 4 225 3,777 636 2,301 10,749 10,384 9 661 721 364 1957 30 571 9 601 572 6,958 557 12,884 q 957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958 34 443 12 063 2 321 7,449 1,052 11,558 653 6 332 3,320 571 1,334 11,372 10,823 q,907 915 549 1959 31 074 12'322 707 7,681 616 9,748 7 190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 1959—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 in 470 45 134 907 900 844 56 7 I960—Jan 1,958 420 182 696 11 649 323 201 26 100 635 577 550 27 58 Feb 2 127 435 150 622 181 740 554 253 302 29 156 724 715 667 48 9 Mar .... 2 077 391 150 568 74 894 675 361 314 46 173 875 860 801 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 48 11 June 2,493 350 978 49 1,115 859 540 319 26 229 1,085 1,034 985 50 51 July 1,626 353 475 28 770 648 415 234 21 101 753 727 652 75 26 Aug "3,177 1,371 ""'j99 r607 13 987 816 600 216 34 137 968 962 919 43 6 Sept rl,822 338 '682 40 761 612 329 283 57 92 746 738 692 46 8 Oct 1,893 345 160 343 38 1,008 878 621 258 25 104 989 965 891 74 24 Proposed uses of net proceeds, major groui)s of corporate issuers Manufacturing Commercial and Transportation Publicutility Commun icat ion Real estate miscellaneous and financial Year or month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- C2ipital8 secu- capital» secu- capital8 securities rities rities rities rities rities 1952 3,713 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 ,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 ,474 14 1,384 21 1,815 17 1957 4 104 49 579 29 802 14 •} 821 51 1 441 4 1 701 67 1958 3,265 195 867 13 778 38 3 605 138 1,294 118 1,014 47 1959 1 941 70 812 28 942 15 3 189 15 707 (9) 1,801 6 1959 Oct 86 14 83 4 104 1 341 126 140 1 Nov .. . 114 (9) 50 2 17 241 5 262 180 (9) Dec 164 61 1 60 1 346 72 198 1960 Jan . . 68 5 64 1 57 155 (9) 36 196 51 Feb 64 4 101 2 21 (9) 245 81 203 Mar 185 122 5 71 198 69 1 215 I Apr 171 2 46 1 56 8 302 52 139 2 May 93 3 69 6 80 144 (') 37 143 1 June 252 2 49 1 33 362 64 275 9 July 183 39 9 48 35 127 15 57 274 2 Aug 224 1 50 92 (9) 222 161 212 4 Sept . 163 3 47 1 52 302 89 84 3 Oct 242 8 73 1 13 m 182 10 253 202 4 r 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. 8 Represents all issues other than those for retirement of securities. 4 Issues not guaranteed. 9 Less than $500,000. 5 Represents foreign governments, International Bank for Reconstruc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY ISSUES; FEDERAL FINANCE 67 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 amount Period Total G g o a e b a t n i l l o e i- r n - R n e u v e e- A P H u u i i o t t n b y h u g l o 3 s ic - r- F l G o e a o a d n l v e s t r . 4 - State S d a s i u p t a t s o a e t n t h r t c r d y u i o i c a - r t l - Others d er e e li d v 6 - Total c E at d i u o - n b R r a o i n d a d g d e s s W s o u e a t t t a i w n h i e t l d e e s e i r - r r , h R d i t o n e e i u a g n s l s i 7 - - - V a a e n i t 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 87,150 4,795 1,964 66 324 1,508 1,279 4,362 6,568 7,099 2,551 1,041 1,524 299 333 1,352 1958 7,832 5,446 1,778 187 420 2,016 1,368 4,448 7,708 7,746 2,644 1,172 1,403 530 339 1,657 1959 7,880 4,766 2,397 333 384 1,609 2,094 4,177 7,415 7,773 2,238 834 1,961 701 355 1,683 1959—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 1960—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 *"689 r494 m\ 49 25 167 '136 '385 '612 '689 '196 175 '96 65 50 '106 Oct 340 267 6 4 70 266 582 336 171 7 63 2 92 67 n.a. Not available. r Revised. 5 Consists of municipalities, counties, townships, school districts and, 1 Data prior to 1957 are from the Bond Buyer as classified by Federal prior to 1957, small unclassified issues. Reserve. 6 Excludes Federal Government loans. These data are based on date 2 Classifications prior to 1957 as to use of proceeds and type of issuer of delivery of bonds to purchaser (and of payment to issuer) which occurs are based principally on issues of $500,000 or more; smaller issues not after date of sale. Other data in table are based on date of sale. classified. As a result some categories, particularly education, are under- 7 Includes urban redevelopment loans. stated relative to later data. 8 Beginning in 1957 this figure differs from that shown on the opposite 3 Includes only bonds sold pursuant to the Housing Act of 1949. page, which is based on Bond Buyer data. The principal difference is in These are secured by 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, DECEMBER 31, 19601 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury billsl Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Jan. 5,1961.. 1,500 June 8, 1961 500 Feb. 15,1963 2% 3,971 Dec. 15, 1964-69... 21/i 2,561 Jan. 12, 1961.. 1,500 June 15, 1961 501 Apr. 1,1963 11/2 533 Feb. 15, 1965 2% 6,896 Jan. 15, 1961.. 1,504 June 22, 1961* 3,504 May 15, 1963 4 1,743 Mar. 15, 1965-70.. .2^ 4,688 Jan. 19, 1961.. 1,401 June 23, 1961 500 Oct. 1, 1963 n/2 506 May 15, 1966 3% 1,213 Jan. 26, 1961.. 1,401 June 29, 1961 501 Nov. 15, 1963 4% 3,011 Aug. 15, 1966 3 1,484 F Fe e b b . . 9 2, , 1 1 9 9 6 6 1 1 . . . . 1 1, , 4 6 0 0 1 0 J O u c ly t. 1 16 5 , , 1 1 9 9 6 6 1 1 1 1 , , 5 5 0 0 1 2 A M p a r y . 1 1 5, , 1 1 9 9 6 6 4 4 1 4 1 * / 4 2 4,9 4 3 57 3 J M un a e r. 1 1 5 5 , , 1 1 9 9 6 6 6 7 - - 7 7 1 2 . . . . . . 2 2 i 1 / / 2 2 2 1 , ,7 9 9 3 3 4 Feb. 16, 1961.. 1,602 May 15, 1964 3% 3,893 Sept. 15, 1967-72... 2^ 2,716 Feb. 23, 1961.. 1,603 Certificates Aug. 15, 1964 5 2,316 Dec. 15, 1967-72... 2^ 3,601 M Ma a r r . . 9 2 , , 1 1 9 9 6 6 1 1 . . . . 1 1, , 6 5 0 0 1 6 F M e a b y . 1 1 5 5 , , 1 1 9 9 6 6 1 1 4 4 % % 6 3 , , 9 6 3 7 8 4 N O o ct v . . 15 1 , , 1 1 9 9 6 6 4 4 4 iy % 2 4,1 4 9 90 5 O M c a t y . 1 1 5, , 1 1 9 9 6 6 9 8 3% 4 1 1, , 4 3 2 9 1 0 Mar. 16, 1961.. 1,599 Aug. 1,1961 Z}/& 7,829 Apr. 1,1965 11/2 466 Nov. 15, 1974 3% 654 M M a a r r . . 2 22 3 , , 1 1 9 9 6 6 1 1 * .. . 3 1 , , 5 60 1 2 2 Treasury notes O M c a t y . 1 1 5, , 1 1 9 9 6 6 5 5 1 4 1 % /2 2,1 1 1 3 3 5 J M un ay e 1 1 5 5 , , 1 1 9 97 7 5 8 - - 8 8 5 3 . . . . . A 3 V 14 4 1, 4 59 7 9 0 A M p a r r . . 3 6 0, , 1 1 9 9 6 6 1 1 . . . . 1,5 5 0 0 1 0 A M p a r y . 1 1 5, , 1 1 9 9 6 6 1 1 3 li % /2 4,0 1 7 4 8 4 Treasury bonds N Fe o b v . . 1 1 5 5 , , 1 19 9 8 8 0 0 31/ 4 2 8 64 8 3 4 A A A p p p r r r . . . 2 1 1 0 3 5 , , , 1 1 1 9 9 9 6 6 6 1 1 1 . . . . . . 2,0 4 5 0 0 0 1 1 0 A O Fe u c b t g . . . 1 1 1 5 , , , 1 1 1 9 9 9 6 6 6 1 1 2 1 3 1 1 / 4 4 2 9 2 , ,1 0 3 3 9 3 6 2 8 J D D u e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 5 5 0 9 9 - - - 6 6 6 5 2 2 3 . . . . . . . . 2 2 2 3 V % 4 4 5 3 1, , , 4 4 2 8 5 6 5 1 2 F F M e e b a b . y . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 8 9 5 5 0 3 3 V i/ 3 2 4 2 2 1 , , , 7 7 1 1 1 3 5 9 4 A M p a r y . 27 4 , , 1 1 9 9 6 6 1 1 . . . , 4 4 0 0 0 0 F F e e b b . . 1 1 5 5 , , 1 1 9 9 6 6 2 2 3% 4 1,4 6 3 4 5 7 N Se o p v t . . 1 1 5 5 , , 1 1 9 9 6 6 1 1 2 2 V 1 4 2 6 , , 2 9 3 6 9 3 Nov. 15,1998 3i/i 2,343 May 11, 1961., 400 Apr. 1,1962 \Vi 551 June 15, 1962-67. 1,465 Panama Canal Loan.... 3 50 May 18, 1961.. 500 May 15, 1962 4 2,211 Aug. 15, 1963 6,755 May 25,1961.. 502 Aug. 15, 1962 4 158 Dec. 15, 1963-68. 1,820 Convertible bonds June 1,1961., 500 Oct. 1,1962 \Vi 590 Feb. 15, 1964 3.854 Investment Series B Nov. 15, 1962 3% 1,143 June 15, 1964-69... 2,641 Apr. 1, 1975-80... 2*/4 5,680 • Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 60. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s t a * s l d d T g i e r o r o b e t s t a c 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 4 i k - Bon s d t B s r r i a e c n - te k d b C v i o b e o n r l n d e t- - s Totals b S i o n a n g v d s - s n s i T a o n a n a t g v d e x s - s S i p ss e u c e ia s l 1941_Dec.. . . 64 3 57 9 50 5 41 6 2 0 6 0 33 6 8 9 6.1 2.5 7.0 1945_Dec 278.7 278 1 255.7 198.8 17.0 38 2 23.0 68 4 52 2 56.9 48.2 8.2 20.0 1947 Dec . 257 0 256 9 225 3 165 8 15 1 21 2 11 4 68 4 49 6 59 5 52 1 5 4 29 0 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 ii.s 65.1 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 12.0 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 1111..84 59.2 57.9 (6) 43.9 1956—Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80 9 10.8 57.4 56.3 45.6 1957 Dec . 275 0 274 9 227 1 164 2 26 9 34 6 20 7 82 1 9 5 53 4 52 5 45.8 1958—Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960 Jan 291.2 291.1 245.5 189.9 41.2 19.7 44.2 84.8 7.0 48.6 47.9 42.6 Feb 290.7 290.6 244.8 189.4 41.2 15.2 48.2 84.8 6.9 48.5 47.8 42.8 Mar 287.0 286.8 240.5 185.4 37.2 15.2 48.3 84 8 6.6 48.4 47.8 43.3 Apr 288.9 288.8 242.9 188.1 37.1 15.2 50.6 85.2 6.5 48.3 47.6 42.8 May 289.5 289.4 242.4 187.7 37.3 17.7 47.6 85.2 6.4 48.2 47.6 43.9 June 286.5 286.3 238.3 183.8 33.4 17.7 51.5 81.3 6.3 48.2 47.5 44.9 July 288.5 288.3 241.1 186.9 36.4 17.7 51.6 81.3 6.2 48.0 47.4 44.2 Aug 288.8 288.7 240.4 186.3 36.4 25.5 42.0 82.3 6.2 48.0 47.3 45.2 Sent 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 Dec 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $402 million on Dec. 31, 1960) and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, adjusted service bonds, and R.E.A. bonds ,not shown sep- 3 Includes amounts held by Govt. agencies and trust funds, which arately. aggregated $10,829 million on Nov. 30, 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 tr g u e s n t c i f e u s n d a s n d i R Fe e d se e r r v a e l Total m C e o r m cia - l M sav u i t n u g a s l I a n n su ce r- c O o t r h p e o r - S a t n a d te Individuals i M nv is e c s- . se ti c e u s r ) i- Special Public Banks banks 2 banks panies rations g 1< o -u v -> t a s 1 . 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 15.4 16.6 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—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 17.8 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 23.0 22 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 18.0 45.7 23.2 23.3 May 289.5 43.9 10.5 26.0 209.1 56.2 6.7 12.0 24.7 18.0 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 18.1 45.6 22.6 22.5 July 288.5 44.2 10.6 26.9 206.8 57.7 6.5 11.9 r22.1 17.9 45.6 r22.3 22.8 AUK 288 8 45 2 10 7 26 8 206.1 57.9 6.6 11.8 r21.4 17.7 45.6 r22.1 23 1 Sept 288.6 45.0 10.6 27.0 206.0 59.1 6.5 11.8 r20.3 17.4 45.6 r22.3 22.9 Oct 290.6 44.3 10.8 27.4 208.2 61.9 6.4 11.8 20.1 17.3 45.6 22.0 23.2 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $85 million on Dec. 31, 1959. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 69 OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES» [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk l d e e s t 2 - v b C e o r o t n i n b d - l s e Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 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 Sept. 30. 192,434 36,453 25,479 42,100 82,335 6,068 186,366 74,663 68,646 22,798 20,260 Oct. 31. 195,138 39,454 25,479 42,103 82,323 5,779 189,358 77,718 68,595 18,818 24,228 U. S. Govt. agencies and trust funds: 1957—June 30 8,554 130 416 ,282 3,664 3,063 5,491 1,138 1,210 295 2,848 1958—June 30 9,477 173 599 ,169 4,703 2,833 6,644 899 1,565 913 3,267 1959—June 30 9,681 86 537 ,389 4,988 2,680 7,001 930 1,679 1,448 2,944 Dec. 31 9,982 260 363 ,700 5,071 2,587 7,394 1,037 1,909 1,882 2,567 I960—June 30. 10,246 371 459 ,810 5,136 2,470 7,776 1,070 2,683 2,062 1,961 Sept. 30. 10,374 517 542 ,699 5,182 2,434 7,940 1,481 2,391 2,102 1,965 Oct. 31. 10,558 679 550 ,702 5,199 2,427 8,131 1,652 2,402 1,498 2,579 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 '2^879 2,484 26,044 20,687 3,887 410 1,060 Dec. 31 26,648 2,626 10,508 11,0.16 2,498 26,648 18,654 6,524 677 793 1960—June 30. 26,523 2,513 8,508 13,011 2,491 26,523 19,385 5,689 1,179 271 Sept. 30. 27,024 2,978 14,046 7,511 2,489 27,024 19,885 5,689 1,179 271 Oct. 31. 27,402 3,212 14,059 7,517 2,613 27,402 20,236 5,716 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 Sept. 30. 51,213 5,127 2,547 15,137 28,309 93 51,120 10,838 31,672 6,461 2,151 Oct. 31. 53,604 7,080 2,672 15,094 28,665 92 53,513 13,229 31,637 6,259 2,388 Mutual savings banks: 1957 —June 30 7,397 163 114 367 5,655 1,098 6,299 576 1,082 601 4,040 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 1,106 675 4,094 1959—June 30 7,079 175 209 684 5,228 783 6,296 480 1,360 1,700 2,756 Dec. 31 6,773 191 158 4,892 644 6,129 486 1,401 2,254 1,987 1960—June 30 6,489 209 166 1,199 4,607 309 6,181 463 1,720 2,662 1,336 Sept. 30 6,439 262 211 1113344 4,558 274 6,165 604 1,623 2,664 1,274 Oct. 31 6,290 168 197 154 4,518 253 6,037 501 1,612 1.830 2,094 Insurance companies: 1957___june 30 10,936 326 136 648 7,277 2,549 8,387 955 1,775 1,022 4,634 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1,650 1,004 5,074 1959—June 30 10,947 503 347 798 7,371 ,928 9,019 1,092 2,085 1,678 4,164 Dec. 31 10.933 416 231 1,074 7,454 ,758 9,175 1,023 2,279 2,422 3.450 1960—June 30. 10,521 232 165 1,225 7,304 ,595 8,926 595 2,794 3,063 2,475 Sept. 30. 10,517 269 178 1,204 7,342 ,523 8,994 790 2,627 3,074 2,502 Oct. 31 . 10.469 276 185 1,290 7,301 ,417 9,053 794 2,669 2,173 3,418 Other investors: Nonfinancial corporations 3 I960—June 30 11,494 4,579 1,740 1,882 3,284 11,485 8,442 2,871 98 75 Sept. 30 10,204 4,256 1,830 1,064 3,049 10,199 7,453 2,554 116 76 Oct. 31 10,823 5.041 1,813 1.122 2,842 10,818 7,936 2,717 89 76 Savings and loan associations3 I960—June 30 2,480 178 495 1,675 2,418 297 947 472 703 Sept. 30 2,472 163 487 1,688 2,410 311 892 511 697 Oct. 31 2,480 158 493 1,698 2,419 302 890 441 786 All others'* 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 Sept. 30. . 74,191 22,881 6,051 13,864 29,718 1,678 72,513 33,300 21,199 6,690 11,322 Oct. 31 . , 73,511 22,838 5,934 13,731 29,484 1,524 71,987 33,067 20,953 5,350 12,616 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 6,332 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

70 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 re B c u N e d i e p g t t e s t ] re T P f c u r l e u n u i s d p s : t ts ac I t G L r n t e a i o t o s n r v s a n s t - : - . s2 E p T r f u q e r t o b u o h c a t l m e t 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 u x 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 b y t a t l t h a l i s e s l c . : t p o p f u a r t o h o b y ( r e m l t - i s ) c . , & ( c ( o c - d r d r r I e ) a e i e n , r a g a d b e - s s e e c t i e e n n - t , .) a t i r G g n . N e v o f n . e u v . t b n t & . y L ds ess: O d n c e a t o h b s n h e t - s r b E r i o e n q c ( N p r g u a ) r a e s a o y h o t l w s t 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 19,111 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*\ 77,763 21,801 4,435 95,071 76,539 22,160 4,405 94,294 111 3,371 953 597 1,821 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 ,507 965 July-Dec.. 33,575 9,381 2,147 40,784 39,191 10,568 1,465 48,295 -7,511 7,329 -856 574 7,615 1960—Jan.-June*> 44,188 12,420 2,288 54,287 37,348 11,592 2,940 45,999 8.288 -3.958 1,809 23 - 5,794 Monthly: 1959_Nov 889 2,004 308 7,579 6,590 1,496 -142 8,228 -649 -423 242 97 -763 Dec 339 1,474 646 8,163 6,601 1,748 554 7,795 368 259 -84 111 233 I960—Jan 4,867 828 229 5,462 6,157 1,974 1,363 6,768 -1,306 229 -472 147 554 Feb 7,237 2,329 331 9,230 6,142 1,613 -319 8,074 1,156 -686 32 26 -744 Mar 9,580 1,708 198 11,084 6,423 1,868 1,192 7,100 3,984 -3,632 507 -100 -4,039 Apr 5,064 1,490 180 6,369 6,032 2,067 280 7,819 -1,450 1,949 -498 12 2,435 May 6,550 3,301 161 9,685 6,073 1,780 -161 8,014 1,671 898 1,220 53 -375 Junep.... 10.891 2,764 ,188 12,457 6,521 2.290 586 8,225 4.232 -2,715 1,022 -114 -3,622 July 3,128 1,057 213 3,970 6,172 1,790 486 7,476 -3,506 2,094 -517 84 2,525 Aug 6,454 2,984 195 9,236 6,803 1,775 -349 8,926 311 -338 1,130 -35 -1,433 Sept 8,981 1,406 235 10,146 6,793 1,798 842 7,748 2,398 -320 -368 76 -29 Oct 2,823 1,103 269 3,651 6,829 1.703 653 7,879 -4,228 2,197 -514 112 2,600 Nov." 6,300 2,362 263 8,395 6,773 1,771 -122 8,666 -271 -62 339 154 -555 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: ) Acco S un ta t t e o s f ( T en re 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 it u , - t c o R i l c e T i a a c r s t o e i h o n a n - s. is a ( G s g + u e o ) a n v o n c t c f y . e i s a n G e g c e o . F n v e b c t d y y . . d ( e d g - c i ) r r r , o e e s c a i s n t se T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance B ( F a a . v n a R k il . s - T T a r x u e r a y a s n - d O as n t s e h e t e ts r obliga- & trust public able Loan tions 6 funds 6 debt funds) Accts. Fiscal year—1957 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 1,010 1958 -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 1,121 1959 -12,427 -1,511 -29 71 1,112 8,363 -23 -4,399 5,350 535 3,744 1,071 I960? 1,224 -359 -149 1,023 -714 1,625 -4 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.- June*> 6,841 828 288 657 -1.625 -4,467 101 2,421 8,005 504 6,458 1,043 Monthly: 1959_Nov -701 507 -537 56 -67 -664 1 -1,408 4,968 582 3,559 827 Dec 738 -274 -158 102 -12 209 -10 615 5,583 504 4,216 863 I960—Jan -1,290 -1,146 634 3 764 287 -26 -722 4,862 567 3,246 1,049 Feb 1,095 716 -838 105 -160 -501 -33 450 5,311 453 3,843 1,015 Mar 3,157 -160 994 104 -386 -3,757 75 -122 5,189 549 3,738 902 Apr -968 -577 134 143 296 1,961 -115 1,105 6,294 619 4,490 1,185 May 476 1,521 -332 153 -1,097 579 83 1,217 7,511 462 6,i80 869 June3* 4,370 473 -303 150 -1,043 -3,036 118 494 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 Nov -473 590 -643 -310 -73 20 -841 5,831 512 4,517 802 n.a. Not available. P 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 reand budget expenditures. Figures for calendar years 1957 and 1958 are tirement funds. not yet revised. For more details see Treasury Bulletin for Sept. 1960, 3 Small adjustments to arrive at this total are not shown separately pp. II and 1. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 71 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 N i r p d e e t g - s t e 1' t 3 f O t u a r n u g ld d s e T - t ? ran H s t f w f r u i e u g n a r s y s d h t - to: R m t r i . r e e e R - n - t . c fu R e r o n i e e p f d - - t s s B c T u e r o d i e p t g - a t e l s t W he I i n t ld h d - ivid O ua th l er C ra o t r i p o o n - t c a E i x x s e e - s t p m a E l x o m e e n y s - t - 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 . - ' ' acct. Fiscal year—1957 70,562 6,634 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958 68,550 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 1959 67.915 8.004 2,171 525 4,933 83,904 29,001 11,733 18,092 10,760 8,854 5,464 3,002 1,807 4,315 I960? 77.763 10,211 2,642 607 5,045 96,962 31,675 13,271 22,179 11,865 11,159 6,813 3,194 1,932 5,114 Semiannually: 1958—July-Dec 28,752 3,383 1,112 265 634 34,296 13,769 2,827 6,174 5,364 3,653 2,509 1,600 931 1,963 1959—Jan.-June 39,163 4,621 1,059 260 4,299 49,608 15,232 8,906 11,918 5,396 5,201 2,956 1,402 876 2,352 July-Dec 33,575 3,815 1,281 307 718 40,035 15,652 3,041 8,323 5,948 4,127 2,944 1,703 984 2,408 1960—Jan.-June^ 44.188 6,396 1,361 300 4,327 56,927 16,023 10,230 13,856 5,917 7,032 3,869 1,491 948 2,706 Monthly: 1959—No v 5.889 882 219 72 7,152 4,345 99 405 936 965 402 296 162 n.a. Dec 7,339 476 233 8,350 2,371 362 3,180 1,031 527 879 258 152 n.a. 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*3 10,891 1,104 238 '252 12.804 2,273 1,852 5,530 1,118 1,155 876 303 183 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 Sept 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 1,021 389 454 321 158 n.a. Nov 6,300 1,214 268 29 7,900 4,527 121 455 1,069 1,295 433 n.a. n.a. n.a. Budget expenditures9 Major national security Agri- Vet- culture Period Intl. erans' T h and Nat- Com- Gen- Total1'3 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 f e 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 I960? 76,609 45,611 41,200 1,607 2,624 1,736 9,268 5,056 4,338 5,066 1,713 2,822 1,692 Semiannually: 1958—July-Dec 39,756 23,246 20,619 1,145 1,269 1,206 3,686 2,580 2,158 3,922 896 1,438 765 1959—Jan.-June 40,586 23,180 20,614 1,195 1,272 2,574 3,985 2,594 2,263 2,607 773 1,983 841 July-Dec 39,191 23,119 20,975 715 1,290 650 4,494 2,493 2,086 2,961 941 1,950 833 1960—Jan.-June*3 37,418 22,492 20,225 892 1,334 1,086 4,774 2,563 2,252 2,105 772 872 859 Monthly: 1959—Oct 6,863 3,980 3,622 135 204 -85 740 405 405 675 173 446 166 Nov 6,590 3,643 3,275 148 212 173 747 424 317 495 165 467 130 Dec 6,601 4,231 3,856 125 237 123 813 430 318 536 134 125 149 I960—Jan 6,157 3.523 3.160 136 210 157 831 419 393 470 105 195 127 Feb 6,142 3,684 3,371 103 210 169 788 420 362 322 119 161 127 Mar 6,423 3,976 3,570 171 223 140 792 457 340 289 120 148 156 Apr 6,032 3,669 3,306 136 222 163 111 421 412 304 104 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 Oct 6,829 3,728 3,432 77 217 164 756 422 376 727 182 330 140 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

72 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 1 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 7,636 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) 0) (3) (3) (3) 0) (?) To aid home owners, total 2,930 2,907 3,205 3,680 4,769 4,860 5,352 5,873 6,352 6,735 6,998 Federal National Mortgage Association. 2,462 2,461 2,641 3,072 3,998 3,924 4,362 4,815 5,238 5,568 5,759 Veterans Administration , 300 383 480 464 770 936 989 1,056 1,113 1,167 1,238 Other agencies 168 63 84 145 1 1 1 1 1 1 1 To industry, total 588 431 678 619 674 680 695 777 726 733 739 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 r 26i 2 1 1 9 9 1 2 2 1 0 7 6 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 1 112 To financing institutions 952 870 1,233 1,270 1,298 1,087 1,539 7.7P7 2,136 1,522 1,419 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 Department* 3,620 3,570 3,519 3,470 3,470 3,419 3,419 3,425 3,425 3,373 3,373 International Cooperation Administration. 1,537 1,624 1,767 1,995 2,195 2,682 2,782 2,874 2,998 3,043 3,115 Other agencies 53 1 57 49 46 73 101 147 189 244 All other purposes, total 119 166 256 213 344 548 562 627 686 752 782 Housing and Home Finance Agency. 29 127 209 156 283 458 497 563 623 691 722 Other agencies 90 39 47 57 62 89 66 64 63 62 60 Less: Reserves for losses -203 -228 -268 -309 -557 -368 -353 -654 -451 -413 -418 Total loans receivable (net). 19,883 19,348 20,238 20,657 22,395 25,493 26,977 26,788 27,138 27,865 28,090 Investments: U. S. Government securities, total 2,602 2,967 3,236 3,739 3,804 4,198 4,533 4,442 4,478 4,670 4,998 Federal home loan banks 387 641 745 1,018 896 995 1,202 1,064 1,046 1,092 1,282 Federal Savings and Loan Insurance Corp.. 217 228 241 256 274 288 296 310 320 332 345 Federal Housing Administration 319 327 381 458 471 567 586 590 622 649 667 Federal Deposit Insurance Corporation.... 1,526 1,624 1,720 1,825 1,937 2,049 2,139 2,154 2,162 2,178 2,270 Other agencies. 152 147 149 181 226 300 310 374 329 419 435 Investment in international institutions. 3,385 3,385 3,385 3,420 3,420 3,420 3,420 4,795 4,795 4,795 4,796 Other securities5 219 197 179 249 298 283 282 331 335 323 337 Inventories, total 2,515 3,852 4,356 21,375 21,628 20,810 20,504 20,821 21,879 21,476 21,294 Commodity Credit Corporation.. 2,087 3,302 3,747 3,651 3,025 3,036 2,906 3,614 4,527 4,493 4,257 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 e . s Administration. . 428 550 609 ?6, 2 5 0 1 1 7 7,2 18 8 5 2 7,9 17 1 4 9 7,9 19 8 1 7 8,2 17 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 4 Figures represent largely the Treasury loan to the United Kingdom, currently. Where current Treasury compilations do not provide a deand through 1952 are based in part on information not shown in Treasury tailed breakdown of loans, these items have been classified by Federal compilation. Reserve on basis of information about the type of lending activity involved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDO 73 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multifamily and End of year holders 1- to 4-family houses commercial properties i or quarter 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 t l i n n - s - S F e a e c l g e d i e e c e n s t r e - a d l v o I i t a d n h n u d e d a i r - l s s h A e o r l l s d l - Total t F u i i n c t n i i s o a a t l i n n - s - O ho e th r l s d e - r Total t F u i i n c t n i i s o a a t l i n n - s - O h e o th r l s d e - r h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - s - 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 35.3 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.P 175.9 134.2 8.4 33.4 164.4 120.5 100.6 19.9 43.9 29.3 14.6 11.5 4.3 7.3 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." 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 I960—Mar.P 194.4 147.9 10.3 36.2 181.9 133.2 111.1 22.1 48.7 32.3 16.3 12.5 4.5 8.0 Junep 198.5 151.2 10.6 36.7 185.7 136.1 113.6 22.5 49.7 33.0 16.7 12.8 4.6 8.2 Sept." 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 * 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 holdings 3 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 - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1 048 566 4 812 3 884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1951 14,732 11,270 3 421 2,921 4 929 2 458 004 9 916 8 595 2 567 1 726 4 303 1 274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5 951 2 843 082 12 943 11 334 3 489 3 053 4 792 1 556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 ,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 ,297 17,457 15 568 4,150 5 773 5 645 1,831 58 1956 22,719 17,004 4,803 3,902 8 300 4 379 336 19 746 17 703 4 409 7 139 6 155 1 984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 ,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9 780 5 461 471 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 1,585 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 1,588 24,992 22,486 6,275 8,589 7,622 2,451 55 I960 Mar » 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 ],645 25,865 23,308 6,573 8,885 7,850 2,504 53 Sept.* 528,650 20,375 5,905 2,915 11,555 6,625 1,650 26,425 23,827 6,750 9,060 8,017 2,545 53 * Preliminary. * 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

74 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 6,7M 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 r 5,975 5,479 1,535 199 3,745 496 39,197 36,370 8,273 7,086 21,011 2,827 1959—Nov r 506 476 122 24 330 30 38,933 36,117 8,237 7,109 20,771 2,816 Dec.r 670 621 151 35 435 49 39,237 36 411 8,293 7 102 21 016 2 826 I960—Jan 582 530 139 86 305 52 39,573 36,753 8,411 7,162 21,180 2,820 Feb 445 405 117 28 260 40 39,769 36,933 8,484 7,150 21,299 2,836 Mar 544 483 122 28 333 61 40,011 37,155 8,559 7 135 21 461 2 856 Apr 483 443 110 17 316 40 40,236 37,358 8,623 7,117 21,618 2,878 May 476 438 101 23 314 38 40,439 37,545 8,677 7,098 21,770 2,894 June 490 456 108 21 327 34 40,631 37,722 8,727 7 080 21 915 2,909 July 420 392 90 22 280 28 40,694 37,769 8,729 7,057 21,983 2,925 Aug 536 504 133 19 352 32 40,920 37,982 8,801 7 028 22 153 2 938 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 Nov 503 465 124 13 328 38 41,521 38,553 9,004 6,951 22,598 2,968 p Preliminary. r Revised. 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) Total (witho B ut y s t e y a p s e o n o a f l le a n d d ju e s r tment) Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e 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 th or Se a a a l d s ly o - n- W se a a i d t s j h o u o n s u t a - t l in l S o g a s a v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M i s u n a t g v u s - al justed1 ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1954 8,969 3,076 3,846 26,108 1,170 4,709 20,229 1953 19,747 7,365 1,480 3,680 1,327 1955 11,432 4 041 5,241 31,408 1,404 5,883 24,211 1954 22,974 8,312 1,768 4,239 1,501 1956 10 545 3 771 4 727 35 729 1 486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10 402 3 562 4,708 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958 12,346 4,096 5,251 45,627 2,206 7,077 36,344 1957 24,244 9,217 1,472 4,264 1,429 1959 15,463 5,296 6,766 53,093 2,989 7,187 42,917 1958 . . .. 27,388 10,516 1,460 5,204 1,640 1959 32,235 13,094 1,523 5,832 1,780 1959 1959 Nov 1,086 373 486 52,608 2,939 7,172 42,497 Dec 1,094 377 465 53,093 2,989 7,187 42,917 Oct 2,639 2,799 1,152 146 463 168 Nov 2,589 2,442 953 137 409 152 1960 Dec 2,485 2,487 963 138 410 152 Jan 884 296 385 53,413 3,035 7,192 43,186 1960 Feb 992 344 413 53 811 3 078 7,197 43,536 Mar 1,165 411 468 54,356 3,120 7,209 44,027 Jan 2,487 2,079 111 107 343 115 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 1,425 479 612 56,335 3,249 7,224 45,862 Apr 2,400 2,366 983 108 382 106 July .. 1,294 416 582 56,975 3,299 7,233 46,443 May 2,446 2,500 1,051 114 402 120 Aug 1,441 437 666 57,687 3,351 7,228 47,108 June 2,427 2,690 1,167 119 415 138 Sept 1,342 409 604 58,336 3,392 7,223 47,721 July 2,493 2,528 1,048 116 378 145 Oct 1 274 401 557 58,931 3 440 7,214 48,277 Aug 2,488 2,784 1,201 123 406 158 Nov.*3 1,161 336 517 59,465 3,483 7,210 48,772 Sept 2,464 2,598 1,097 111 381 145 Oct 2,525 1,053 106 372 146 p Preliminary. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Beginning 1958 includes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 75 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 Year or month mortgages Proj- P e r r o ty p- mortgages G un o d v e e r r w nm rit e t n en tim- 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 o i x i n e p - g s - g m t a y g o p e r e s t- i p l m o ro a e n v n e s t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n p e - g s - y q e u a a r r t o e r 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 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 1«51 51 7 9 9 7 13 ? 78 8 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 195? 58.5 95 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 ->81 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 8 19 3 43 6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88 2 38 9 14 3 24 6 49 3 1958 6,349 1,666 2 885 929 868 1,865 1 311 549 1956 99 0 43 Q 15 5 28,4 1 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 107.6 47 16 5 30 7 60 4 1958 117 7 50 1 19 7 30 4 67 6 1959 Nov 583 223 225 50 85 220 158 61 P 130 8 53 8 23 8 30 0 77 0 Dec 540 233 218 11 78 241 177 64 1959—Mar.p.... 120.5 51.3 20.9 30.4 69 2 I960—Jan 514 221 196 19 78 195 148 47 June*3.... 124.3 52.1 21 8 30 3 72 2 Feb 464 198 170 28 68 170 133 36 Sept.** 128.0 53.1 22 9 30 2 74 9 Mar 463 193 168 35 67 173 137 36 Dec.*3 130.8 53.8 23 8 30 0 77 0 Apr 433 172 163 22 76 153 123 29 May 456 155 167 45 88 155 124 31 1960—Mar.P. ... 133.2 54.5 24 6 29 9 78 7 June 539 170 195 71 103 175 143 32 June*1.... 136.1 55.0 25 2 29 8 81 1 July 509 162 200 59 88 160 126 34 Sept.** 139 1 55.8 26 0 29 8 83 3 Aug 615 189 228 97 100 181 139 41 Sept 613 192 233 119 68 169 132 37 Oct 575 196 237 47 94 162 125 36 v Preliminary. Nov 558 181 223 78 77 150 113 37 NOTE.—For total debt outstanding, figures for first three quarters of year are Federal Reserve estimates. 1 Monthly figures do not reflect mortgage amendements 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' ]2nd 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 ts y- 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 S<lies bu du r in s s- e - d Total t S e h rm or * t 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 1953 728 640 952 634 317 558 1952 2,242 320 1,922 538 56 323 1954 734 818 R67 612 255 802 1953 2,462 621 1,841 542 ??1 638 1955 1,251 702 ,417 991 426 698 1954 2,434 802 1,632 614 5?5 476 1956 745 934 ,228 798 430 683 1955 2,615 901 1,714 411 6^> 76 1957 1,116 1,079 ,265 731 534 653 1956 3,047 978 2,069 609 5 360 1958 1,364 1,331 1,298 685 613 819 1957 3,974 1,237 2,737 1,096 3 764 1959 2,067 1,231 2,134 1,192 942 589 1958. 3,901 1,483 2,418 623 48? 1,541 I960 1,943 2^097 ^981 1^089 892 938 1959 5,531 2,546 2,985 1,907 5 568 1959—Dec 281 109 i, 134 1,192 942 589 1959 Nnv 5,441 2,471 2,970 127 573 TW 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 Tan 5,508 2,621 2,887 110 115 600 Mar 88 196 ,520 858 662 534 Feb 5,577 2,713 2 864 138 49 601 Apr 155 117 ,558 828 731 571 Mar 5,693 2,821 2,873 162 ?3 580 May 112 96 1,574 827 747 590 Apr 5,785 2,905 2,880 126 12 588 June 290 94 1,770 932 838 736 M!ay . . . 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 Aus .. 5,991 C3,185 c2,806 96 584 Oct 133 134 1,735 986 749 762 Sept 6,050 c3,240 '2,810 84 1 584 Nov 125 119 1,741 976 765 788 Oct 6,106 3,293 2,812 79 1 571 Dec 344 104 i ;98i 1,089 892 938 Nov 6,143 3,333 2,810 69 9 575 1 Secured or unsecured loans maturing in one year or less. c Corrected. 2 Secured loans, amortized quarterly, having maturities of more than 1 Operations beginning with Nov. 1, 1954, are on the basis of FNMA's one year but not more than ten years. new charter, under which it maintains three separate programs: secondary 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

76 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 o i r l - e 1 co p g O n a o s p t o h u e d m e r s r i er e a r n R l n d o i e a z p m n a a t s o i i 2 o r d n - Pe lo rs 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 I9593 52,119 39,852 16,549 10,476 2,784 10,043 12,267 4,144 5,104 3,019 1959—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 51,468 39,738 16,519 10,386 2,769 10,064 11,730 4,056 4,595 3,079 Feb 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 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 Aue 54,092 42,378 18,020 10,477 2,975 10,906 11,714 4,276 4,277 3 161 Sept 54,265 42,517 18,021 10,543 3,001 10,952 11,748 4,317 4,283 3,148 Oct 54,344 42,591 17,992 10,625 3,013 10,961 11,753 4,272 4,370 3,111 Nov 54,626 42,703 17,967 10,715 3,020 11,001 11,923 4,301 4,463 3,159 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1946, of purchasing automobiles and other consumer goods, whether held by and a general description of the series, are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1947-57, in the BULLETIN individuals of automobiles or other consumer goods that may be used for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957, in part for business. pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17. 2 Represents repair and modernization loans held by financial institu- Revised monthly data for 1958 and 1959 (with notes describing the tions; holdings of retail outlets are included in other consumer goods changes) are shown on pp. 1406-09 of the BULLETIN for December 1960. paper. A detailed description of the methods used to derive the estimates may be 3 Includes data for Alaska and Hawaii beginning with January and obtained from Division of Research and Statistics. 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 a n i l t t - Total m b C e a o r n c m k i s a - 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 f s i C c n u o a o m m n n e c - - r e 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 a h a o p n o p u c l l s d e i e - - d m A ea o u l b e t i o r l s - e 3 Other panies * stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6 085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2 462 1 776 745 300 102 629 686 131 240 17 28 270 1953 23 005 18 963 8,998 5,927 1,124 2,137 111 4,042 1,064 1,004 377 527 1 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1,511 1,044 365 487 1,101 1956 31,897 27,154 11,777 9,100 2,014 3,056 1,207 4,743 1,408 1,187 377 502 1 269 1957 34,183 29,515 12,843 9,573 2,429 3,333 1,337 4,668 1,393 1,210 361 478 1,226 1958 34 057 29 074 12,780 8,740 2,668 3,384 1,502 4,983 1,882 1,128 292 506 1 175 I9594 39,852 34,176 15,227 10,145 3,280 3,774 1,750 5,676 2,292 1,225 310 481 1,368 1959 Nov 39,024 33,821 15,131 10,117 3,230 3,626 1,717 5,203 2,040 1,158 303 494 1 208 Dec 39,852 34,176 15,227 10,145 3,280 3,774 1,750 5,676 2,292 1,225 310 481 1,368 1960 Jan 39,738 34,332 15,366 10,168 3,272 3,787 1,739 5,406 2,103 1,189 304 480 J. 330 Feb 39,785 34,576 15,433 10,276 3,308 3,807 1,752 5,209 1,997 1,167 299 482 1,264 Mar 40 020 34,764 15,440 10,357 3,381 3,821 1,765 5,256 2,098 1,144 294 487 I 233 40,651 35,431 15,711 10,604 3,471 3,872 1,773 5,220 2,050 1,135 290 496 1,249 May 41,125 35,902 15,911 10,744 3,537 3,902 1,808 5,223 2,054 1,125 290 503 1,251 June 41,752 36,481 16,145 10,945 3,626 3,957 1,808 5,271 2,073 1,132 291 512 [ 263 July 42,050 36,857 16,239 11,062 3,679 4,049 1,828 5,193 2,020 1,124 290 516 1,243 Au2 42 378 37 199 16,362 11,142 3,754 4,099 1,842 5,179 2,012 1,132 290 520 I 225 Sect 42,517 37,318 16,416 11,154 3,795 4,111 1,842 5,199 2,049 1,129 291 519 1,211 Oct 42,591 37,330 16,408 11,147 3,833 4,097 1,845 5,261 2,103 1,130 290 518 I 220 Nov 42,703 37,368 16,402 11,141 3,870 4,107 1,848 5,335 2,155 1,140 288 517 1,235 1 Consumer finance companies included with "other" financial institu- 3 Represents automobile paper only; other instalment credit held by tions until September 1950. automobile dealers is included with "other" retail outlets. 2 Includes mail-order houses. 4 See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 77 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r r s r e R m l r t o a e n i n o a p o iz d n d a n a s i - r - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T n r o s e t t d a a i l l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a d n a p ti n d e a o s r i n r n- 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 1,034 25 465 1955 10 601 3 243 2 062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,740 6,404 1,567 19 750 1958 12 780 4 014 2 170 2,269 1,715 2,612 19591 10,145 7,328 1,883 35 19591 15,227 4,827 2,525 2,640 2,039 3,196 1959—Nov. 10,117 7,388 1,830 34 865 1959—Nov 15 131 4 854 2 531 2,592 2,017 3,137 Dec, 10,145 7,328 1,883 35 899 Dec 15,227 4,827 2,525 2,640 2,039 3,196 I960—Jan.. 10,168 7,305 1,922 36 905 I960—Jan 15,366 4,817 2,535 2,781 2,028 3,205 Feb.. 10,276 7,342 1,982 37 915 Feb 15 433 4 845 2 561 2,777 2,024 3,226 Mar. 10,357 7,407 1,988 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 .... 15,711 5,004 2,675 2,662 2,045 3,325 May. 10,744 7,631 2,132 45 936 May 15 911 5 088 2,726 2,667 2,075 3,355 June 10,945 7,767 2,175 49 954 June 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 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 Nov. 11,141 7,757 2,347 63 974 Nov 16,402 5,304 2,783 2,670 2,173 3,472 i Includes data for Hawaii, beginning with August 1959. i Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Singlepayment Charge accounts 1939 E o n r d m o o f n y t e h ar i c T m n r o 7 s e e t 8 t d n a a 9 i l t l t - m A pa o u p b 8 t e o i 1 l r - e s g O p c u o a o t m o p h 2 n d e e 4 e - r s r r m i R z l o o a e a n d a p ti 1 n d e a o 5 s r i n r n- l s P o o 6 a e n 6 r n a 9 - s l E o n r d m of o n y t e h ar i c T m n n r s o o e e t t d n n a a i - l t l t - b C m c a o i n e a m r k l - l s - oa t n f O u i s i n c t n t i i s h a o a t n e i l n - r - s s m p t D o a e r e r n e - t- s t ! o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1953 4,038 538 370 247 2,883 1941 3,087 693 152 275 1,370 597 1954 4,510 539 375 282 3,314 1945 3,203 674 72 290 1,322 845 1955 5,406 761 537 326 3,782 1956 6,277 948 648 403 4,278 1953 8,388 1,899 288 772 3,352 150 1,927 1957 7,099 ,106 622 489 4,882 1954 8,896 2,096 312 793 3,515 177 2,003 1958 7,554 1,143 610 593 5,208 1955 . ... 9,924 2,635 367 862 3,717 216 2,127 19591 8,804 ,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_Nov 8,573 1,366 733 703 5,771 1958 11,487 3,156 471 907 3,808 345 2,800 Dec 8,804 [,388 758 710 5,948 19593 12,267 3,582 562 958 3,753 393 3,019 I960—Jan 8,798 1,382 757 705 5,954 1959_Nov 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 L 457 799 727 6,133 I960—Jan 11,730 3,531 525 824 3,378 393 3,079 May 9,247 1,483 820 745 6,199 Feb 11,397 3,549 580 685 3,034 385 3,164 June 9,391 [ 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 Au£ 9,695 1,565 874 774 6,482 May. ... 11,866 3,631 682 646 3,305 391 3,211 Sent 9,748 L 579 885 779 6,505 June.... 11,910 3,682 612 633 3,382 408 3,193 Oct 9,775 I 591 882 780 6,522 July 11,759 3,663 602 584 3,295 432 3,183 Nov 9,825 606 880 784 6,555 Aug 11,714 3,656 620 584 3,236 457 3,161 Sept 11,748 3,715 602 625 3,199 459 3,148 Oct 11,753 3,692 580 661 3,266 443 3,111 i Includes data for Alaska and Hawaii, beginning with January and Nov 11,923 3,711 590 709 3,326 428 3,159 August 1959, respectively. NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and 1 Includes mail-order houses. loan associations, and other lending institutions holding consumer 2 Service station and miscellaneous credit-card accounts and homeinstalment loans. heating-oil accounts. 3 Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

78 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a i t r i a on n d loans Person*il 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 1958 40 789 14,316 11,638 1 861 12,974 19591 49,045 17,941 13,837 2,201 15,066 1959—Nov 4,185 4,029 J.465 1,312 1 108 1,233 193 193 1,329 1,291 Dec 4,119 4,782 1,355 1,283 1,230 1,693 187 176 1,347 1,630 I960 Jan 4,159 3,592 1,453 1,269 1,227 1,023 158 127 t M\ 1,173 Feb 4,196 3,763 1,533 1,424 1,171 961 178 149 1,314 1,229 Mar 4,259 4,238 1,590 1,629 1,178 J 080 178 167 1,313 1,353 Apr 4,498 4,509 1,635 J Ml 966 1,202 182 179 1,415 1,436 May 4,254 4,375 1,557 ,658 1,170 1,183 190 203 1,337 1,331 4,325 4,615 1,537 1,733 1,248 1,267 186 198 1,354 1,417 July 4,209 4,156 1,416 1,473 1,167 1,085 176 183 1,450 1,415 Aug 4,071 4,365 1,421 1,570 1 112 1,165 180 202 1,358 1 428 Sent 4,124 4,010 1,421 1,372 1,161 1,173 165 177 1,377 1,288 Oct 4,095 4,012 1,454 1,407 1,158 1,207 160 172 1,323 1,226 Nov 4,132 4,067 1,481 1,364 1,158 1,217 160 163 1,333 1,323 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 1958 40 915 15 488 11 497 1 623 12 307 19591 . 43,407 15,698 12,307 1,751 13,651 1959—Nov 3,727 3,664 1 Ml 1,305 1,036 156 152 1 187 \ 171 Dec 3,773 3,954 1,352 1,367 1,071 1,081 146 146 1,204 1,360 I960—Jan 3,849 3 706 1,359 1,299 I 117 1 113 148 142 I 225 ,152 Feb 3,765 3,716 1,330 1,317 1,084 1,093 146 146 1,205 1,160 Mar 3,780 4,003 1,342 1,429 ,083 1,151 152 156 1,203 1,267 Apr 3,935 3,878 1,379 1,348 I 111 1,113 150 148 1,295 1,269 May. 3,912 3,901 1,402 1,397 1,127 1,125 153 152 1,230 1,227 June 3,934 3 988 1,392 1 409 I 135 1 144 155 158 L252 1,277 July 4,017 3,858 1,385 1,335 1,149 1,095 155 154 1,328 1,274 Aug 3,918 4,037 1,388 1,443 1,123 1,140 156 161 1,251 1,293 Sept 3,961 3,871 1,375 1,371 1,143 1,107 150 151 1,293 1,242 Oct 4 000 3,938 1,421 1 436 I 149 1 125 160 160 1,270 1,217 Nov 3,946 3,955 1,397 1,389 [,119 1,127 158 156 1,272 1,283 Net increase, ar 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 — 126 -1,172 141 238 667 I9591 5 795 2,312 1,553 457 1,473 I959—NOV 458 365 138 7 141 197 37 41 142 120 Dec 346 828 3 -84 159 612 41 30 143 270 I960—Jan 310 -114 94 -30 110 -90 10 -15 96 21 Feb 431 47 203 107 87 -132 32 3 109 69 Mar 479 235 248 200 95 -62 26 11 110 86 Apr 563 631 256 344 155 89 32 31 120 167 May 342 474 155 261 43 58 37 51 107 104 June 391 627 145 324 113 123 31 40 102 140 July 192 298 31 138 18 -10 21 29 122 141 Aug 153 328 33 127 -11 25 24 41 107 135 Sept 163 139 46 1 18 66 15 26 84 46 Oct 95 74 33 -29 9 82 0 12 53 9 Nov .. 186 112 84 -25 39 90 2 7 61 40 1 Extensions and repayments include current data for Alaska and A discussion of the composition and characteristics of the data and Hawaii beginning with January and August 1959, respectively. The a description of the methods used to derive the estimates are shown differences between extensions and repayments do not equal the changes in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment in outstanding credit for 1959 because the differences do not reflect the credit extended and repaid are based on information from accounting effect of the introduction of outstanding balances for these two States. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except as indicated in note 1. loans, repurchases and resales of instalment paper, and certain other NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of transactions may increase the amount of both credit extended and credit the BULLETIN for October 1956; for 1955-59, in the BULLETIN for repaid without adding to the amount of credit outstanding. December 1957, pp. 1420-22, November 1959, p. 1418, and December 1960, pp. 1406-09. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 79 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r ti t f u in ti a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1953 31,558 12,099 7 560 6 375 5,524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 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 49,045 17,976 11,007 12,122 7,940 1959—Nov 4,185 4,029 1.521 1,385 906 843 1,074 1.065 684 736 Dec 4,119 4,782 ,483 1,475 867 886 1,090 ,324 679 1,097 1960 Jan 4,159 3,592 1,488 1,368 915 802 1,064 920 692 502 Feb 4,196 3,763 1,537 1,419 971 860 1,075 ,004 613 480 Mar 4,259 4,238 1,513 1,539 972 967 1,091 ,116 683 616 Apr .... 4,498 4,509 1,545 1,632 1,028 1,008 1,175 ,167 750 702 May 4,254 4,375 1,520 1,616 944 983 1,125 ,121 665 655 June 4,325 4,615 1,536 1,658 945 1,050 1,137 ,185 707 722 JUly 4,209 4,156 1,436 1,458 894 955 1,230 ,201 649 542 Aug 4,071 4,365 1,442 1,560 894 989 1 129 ,192 606 624 Sept 4,124 4,010 1,470 1,430 888 879 1,118 ,051 648 650 Oct . ... 4,095 4,012 ,471 1,419 892 880 1,070 ,011 662 702 Nov 4,132 4,067 1,494 1,385 918 872 1,078 ,093 642 717 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 43 407 15 560 9 623 10 943 7 281 1959 Nov 3,727 3,664 1.356 1,317 804 797 942 938 625 612 Dec 3,773 3,954 1,353 1,379 827 858 963 1,093 630 624 1960 Jan 3,849 3,706 [,412 1,350 829 779 973 926 635 651 Feb 3,765 3,716 1,355 1,352 810 792 974 935 626 637 Mar 3,780 4,003 1,348 1,420 831 886 966 ,016 635 681 Apr 3,935 3,878 1,376 1,361 862 841 1,047 ,018 650 658 May 3,912 3,901 1,411 1,416 850 843 985 990 666 652 June 3 934 3 988 1,400 1,424 849 849 1,024 ,041 661 674 July 4,017 3,858 1,402 1,364 870 838 1,084 ,036 661 620 Aug 3,918 4,037 1,376 1,437 870 909 1,027 053 645 638 Sept 3,961 3,871 1,389 1,376 878 867 1,044 998 650 630 Oct 4,000 3,938 ,449 1,427 868 887 1,023 984 660 640 Nov 3,946 3,955 ,411 1,391 876 878 1,027 1,043 632 643 Net increase or decrease ( —) in credit outstanding3 1953 3 602 1 474 1 216 692 220 1954 563 -202 217 472 76 1955 5 390 1 805 2 299 896 390 19561 2,939 1,176 657 871 235 19571 2 286 1 066 473 822 — 75 19581 -126 -63 -833 455 315 19591 2 5,795 2,447 1,405 1,250 693 1959 Nov 458 365 165 68 102 46 132 127 59 124 Dec 346 828 130 96 40 28 127 231 49 473 1960 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 3 June 391 627 136 234 96 201 113 144 46 48 July 192 298 34 94 24 117 146 165 -12 -78 Aug . ... 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 -8 24 -7 47 27 2 62 Nov 186 112 83 -6 42 -6 51 50 10 74 1 Data on extensions and repayments have been adjusted to avoid the BULLETIN for October 1956; for 1955-59, in the BULLETINS for duplications resulting from large transfers of other consumer goods paper. December 1957, pp. 1421-22, November 1959, p. 1419, and December As a result, the differences between extensions and repayments for some 1960, pp. 1496-09. types of holders do not equal the changes in outstanding credit. A discussion of the composition and characteristics of the data and 2 Extensions and repayments include current data for Alaska and a description of the methods used to derive the estimates are shown Hawaii beginning with January and August 1959, respectively. The in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment differences between extensions and repayments do not equal the changes credit extended and repaid are based on information from accounting in outstanding credit for 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 3 Obtained by subtracting instalment credit repaid from instalment loans, repurchases and resales of instalment paper, and certain other transcredit extended, except as indicated in notes 1 and 2. actions may increase the amount of both credit extended and credit NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49= 100 [Seasonally adjusted] Annual average 1959 1960 Grouping 1958 1959 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. INDUSTRY GROUPINGS Total index. 141 159 156 165 168 166 166 165 167 166 166 165 162 r161 159 Manufacturing, total. 139 158 154 164 168 166 165 164 166 165 165 163 161 160 757 Durable 141 165 156 174 180 178 175 172 174 173 173 169 166 '164 160 Nondurable 141 155 157 158 159 157 158 159 161 163 163 162 159 160 158 Mining 120 126 126 130 129 126 126 129 127 128 128 129 127 r128 128 Utilities 244 268 274 278 280 281 288 287 284 288 290 293 295 r293 293 Durable Manufactures Primary and fabricated metals. 110 125 113 145 148 143 139 133 131 126 124 122 119 H18 772 Primary metals 99 113 101 145 147 140 135 126 119 112 108 106 102 100 94 Iron and steel 94 107 95 148 149 142 136 125 115 105 100 94 90 91 85 Fabricated metal products 125 142 130 143 148 148 145 142 147 148 148 147 144 144 139 Structural metal parts 138 150 136 149 156 155 153 151 156 158 160 160 157 156 151 Machinery and related products. .. 166 197 186 200 212 211 209 206 211 207 209 206 204 r201 797 Machinery 140 169 171 177 180 111 178 175 178 178 180 176 173 rl61 168 Nonelectrical machinery 117 141 145 147 148 141 147 145 147 148 152 146 143 142 140 Electrical machinery 175 212 213 227 232 227 227 225 228 226 226 223 r222 r208 213 Transportation equipment 197 229 184 217 251 250 243 239 249 237 237 237 237 r240 226 Motor vehicles and parts 112 148 92 137 186 184 173 169 176 176 166 167 168 mo 151 Aircraft and other equipment.. 376 390 378 375 365 366 371 368 383 347 372 367 368 373 Instruments and related products. 175 209 220 223 220 218 220 218 222 224 226 227 220 '371 220 Ordnance and accessories 220 C C l l a a y y , > g g l l a a s s s s , , a a n n d d s lu to m n b e e r products. 1 1 2 3 4 7 1 15 4 9 3 1 1 4 5 2 9 1 16 4 0 4 1 15 4 8 3 1 1 4 5 3 9 7 1 3 5 5 3 1 1 4 5 3 9 1 16 4 0 2 1 1 4 6 4 4 1 16 4 5 5 7 1 3 6 9 2 7 1 3 5 7 7 ' 1 7 5 3 7 5 7 1 3 5 2 4 Lumber and products 110 125 123 127 127 126 122 126 122 120 122 113 114 111 105 Furniture and miscellaneous., 126 147 750 152 755 752 752 754 757 755 755 755 750 757 149 Furniture and fixtures 137 164 168 172 173 171 166 174 177 177 177 173 169 168 166 Misc. manufactures 116 133 135 136 136 136 139 138 140 143 143 141 134 "138 134 Nondurable Manufactures Textile, apparel, and leather products. 117 136 137 139 138 735 735 737 140 141 740 735 733 r733 732 Textile mill products 109 126 124 124 124 124 123 122 126 128 126 124 118 116 113 Apparel products 129 153 159 160 157 155 158 161 162 162 163 161 155 156 156 Leather and products 109 119 116 118 119 110 111 111 116 116 115 116 109 113 Paper and printing , 142 154 155 755 759 755 757 755 750 750 757 757 757 r161 750 Paper and products 155 170 167 173 176 173 171 173 174 172 173 172 173 172 168 Printing and publishing. 133 143 147 148 148 148 147 148 152 152 153 153 153 154 155 Newspapers 126 135 137 140 139 137 136 139 142 143 142 141 140 142 141 Chemical, petroleum* and rubber products. 188 215 217 279 222 279 220 225 227 233 232 229 224 223 227 Chemicals and products 210 240 245 249 250 248 251 256 258 263 263 260 254 r255 253 Industrial chemicals 247 298 309 313 314 311 317 318 322 331 331 330 r320 314 Petroleum products 148 158 158 153 157 153 154 161 161 167 172 168 167 164 Rubber and plastics products 166 200 198 203 206 204 201 201 205 214 204 201 194 192 Foods, beverages, and tobacco. 123 128 129 729 737 729 730 730 732 732 732 732 732 r733 737 Foods and beverages , 123 128 129 130 131 130 130 131 132 132 132 132 132 rl 34 131 Food manufactures 125 131 132 133 134 132 133 133 134 134 134 135 135 r136 134 Beverages 112 117 116 114 120 117 117 117 122 122 122 120 122 123 Tobacco products 121 127 127 131 130 123 129 133 131 131 126 130 130 131 Mining Coal, oil, and gas 117 122 124 725 725 722 727 722 727 722 722 723 727 r722 727 Coal 68 68 71 78 75 69 71 72 71 64 64 65 64 66 62 Crude oil and natural gas. 140 147 149 149 148 146 144 145 143 148 149 149 148 r148 148 Oil and gas extraction.. 138 145 146 146 146 145 144 145 143 148 148 149 147 r147 147 Crude oil 129 135 136 135 135 134 133 133 132 137 137 138 136 r136 135 Gas and gas liquids.. 196 211 215 219 227 223 229 226 222 226 Oil and gas drilling 152 159 164 164 159 146 136 138 144 145 143 144 144 147 152 Metal, stone, and earth minerals. 142 147 142 752 753 757 759 772 770 757 757 757 752 r750 755 Metal mining 114 109 94 111 119 131 143 146 142 133 130 133 127 138 Stone and earth minerals 171 187 192 196 188 183 175 199 198 201 205 202 197 201 195 Utilities Electric. 244 270 275 279 279 280 288 286 284 289 291 296 297 293 Gas 244 265 272 283 287 289 292 291 290 289 SUMMARY MARKET GROUPINGS Final products, total 145 162 162 166 170 167 167 168 171 171 170 169 168 168 167 Consumer goods 140 155 154 159 164 160 160 162 164 165 164 162 161 r162 160 Equipment, including defense. 165 188 192 194 195 194 196 194 197 196 198 195 195 195 194 Materials 138 157 152 165 167 166 164 163 162 161 161 159 157 156 153 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 81 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Without seasonal adjustment] Annual average 1959 1960 Grouping 1958 1959 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. INDUSTRY GROUPINGS Total index. 141 159 157 162 168 169 168 167 166 166 157 162 164 166 161 Manufacturing, total.. 139 255 156 161 167 168 167 166 166 165 155 160 162 165 159 Durable 141 165 158 174 181 181 179 175 174 172 160 160 165 168 163 Nondurable 141 155 159 151 156 158 158 161 161 162 153 165 164 167 160 Mining 120 125 126 129 128 127 126 128 128 129 124 130 129 129 126 Utilities 244 268 Durable Manufactures Primary and fabricated metals. 110 125 114 142 149 147 144 136 131 127 113 118 120 120 775 Primary metals 99 114 102 141 150 148 143 132 121 114 93 98 99 102 95 Iron and steel 94 107 96 145 152 148 143 129 116 106 87 89 90 93 85 Fabricated metal products.... 125 142 133 143 146 146 144 142 145 146 143 148 151 148 141 Structural metal parts 138 150 140 154 156 154 153 150 154 157 154 158 159 159 155 Machinery and related products.. . 166 197 189 204 216 217 215 209 270 206 195 188 199 204 202 Machinery 140 169 173 178 181 182 183 178 177 178 168 169 174 170 169 Nonelectrical machinery 117 141 143 148 150 152 153 149 149 149 145 139 141 140 137 Electrical machinery 175 212 222 226 229 232 231 222 222 223 203 216 229 '219 222 Transportation equipment 197 228 192 230 262 261 253 245 247 237 220 197 219 244 238 Motor vehicles and parts 112 147 103 154 199 196 183 174 176 174 149 117 145 175 167 Aircraft and other equipment.. 376 390 376 377 373 374 379 372 378 346 359 359 363 r369 372 Instruments and related products. 175 209 222 225 220 220 223 220 221 223 219 223 220 '222 222 Ordnance and accessories Clay, glass, and lumber 124 143 142 135 131 136 133 142 146 152 142 148 145 144 132 Clay, glass, and stone products. 137 159 160 155 149 151 149 158 164 168 162 168 163 164 155 Lumber and products 110 125 122 111 111 119 115 124 125 133 117 125 124 122 104 Furniture and miscellaneous. 126 147 155 154 149 151 151 150 151 155 150 159 158 160 154 Furniture and fixtures 137 164 171 175 170 170 166 170 170 173 169 177 176 176 168 Misc. manufactures 116 133 142 137 131 134 138 133 136 140 133 144 142 147 141 Nondurable Manufactures Textile, apparel, and leather products. 117 136 138 125 140 145 142 144 142 136 124 144 '129 137 132 Textile mill products 109 126 127 117 127 127 124 127 128 127 112 124 116 121 117 Apparel products 129 153 159 140 160 170 165 171 167 154 143 171 149 162 156 Leather and products 109 119 113 108 121 122 121 112 110 113 103 122 111 114 Paper and printing 142 154 159 152 155 158 161 162 162 161 149 158 163 169 164 Paper and products.... 155 170 170 156 172 177 177 178 174 176 156 174 174 183 171 Printing and publishing. 133 143 152 149 144 146 150 151 153 151 145 148 155 160 160 Newspapers 126 135 149 138 128 133 141 148 151 143 124 126 141 153 154 Chemical, petroleum, and rubber products. 188 215 218 216 223 224 226 228 227 231 218 225 '226 227 222 Chemicals and products 210 240 246 244 250 252 257 262 260 262 248 256 255 258 254 Industrial chemicals 247 298 310 313 314 322 326 325 325 326 312 317 '316 317 Petroleum products 148 158 156 157 157 155 153 157 158 167 171 173 171 163 "\5l' Rubber and plastics products 166 199 203 194 216 215 211 207 201 207 177 191 196 202 Foods, beverages, and tobacco. 123 128 131 123 123 125 129 135 133 142 146 rl45 133 Foods and beverages 123 128 131 124 123 121 122 125 129 134 134 142 141 145 134 Food manufactures 125 131 137 130 128 125 124 125 128 133 135 144 152 150 138 Beverages. 112 117 106 101 98 102 114 124 134 144 131 132 123 125 Tobacco products 121 127 106 130 124 129 127 135 143 116 139 135 140 Mining Coal, oil, and gas 117 122 124 128 128 126 123 122 119 120 115 121 121 727 Coal 68 68 74 76 74 70 71 70 69 66 51 68 67 72 65 Crude oil and natural gas. 140 147 147 152 153 151 148 145 142 144 143 145 145 146 147 Oil and gas extraction.. 138 145 145 150 151 152 149 146 142 143 142 144 145 145 146 Crude oil 129 135 134 138 139 139 137 135 131 133 132 133 134 133 133 Gas and gas liquids.. 196 210 221 230 240 242 240 226 214 212 Oil and gas drilling.... 152 159 162 166 163 145 129 131 141 146 147 149 147 148 149 Metal, stone, and earth minerals. 142 146 138 137 131 137 141 166 183 187 181 183 775 r172 160 Metal mining 114 107 86 89 94 108 117 138 163 164 149 153 147 133 125 Stone and earth minerals 171 188 193 189 171 167 164 195 202 210 213 214 210 212 197 Utilities Electric. 244 270 265 283 297 290 293 281 269 279 288 303 304 285 Gas 244 265 SUMMARY MARKET GROUPINGS Final products, total 145 162 162 162 169 170 170 169 169 171 163 168 171 174 168 Consumer goods 140 155 154 153 162 162 161 162 162 164 155 163 165 170 162 Equipment, including defense. 165 188 189 194 197 198 200 197 198 197 193 191 194 192 191 Materials 138 157 154 163 167 168 166 164 163 162 151 157 158 159 155 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 =100 [Seasonally adjusted] p 19 ro 5 - 7 A av n e n ra u g a e l 1959 1960 Grouping portion 1958 1959 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total index. 100.00 93 105 103 109 111 110 109 109 110 109 110 108 107 106 105 Manufacturing, total. 86.49 92 105 102 109 112 110 110 109 110 110 110 108 107 106 104 Durable 49.66 87 102 96 107 111 109 108 106 107 105 106 104 102 101 98 Nondurable 36.83 100 110 111 112 113 112 112 113 115 116 116 115 113 113 112 M Ut i i n li i t n ie g s 4 8. . 5 9 5 6 1 9 0 1 5 1 9 1 5 5 1 9 1 6 8 1 9 2 8 0 1 9 2 8 0 1 9 2 6 1 1 9 2 6 4 1 9 2 8 3 1 9 2 7 2 1 9 2 7 4 1 9 2 8 5 1 9 2 8 6 1 9 2 6 7 1 r 2 97 6 1 9 2 7 6 Durable Manufactures Primary and fabricated metals. 13.15 86 110 113 109 106 101 100 96 95 93 91 r90 55 Primary metals 7.73 79 114 115 110 106 99 94 88 85 83 80 78 74 Iron and steel 6.21 76 119 119 114 109 100 92 84 80 76 72 73 68 Fabricated metal products.... 5.42 95 105 109 108 107 104 108 108 109 108 106 105 102 Structural metal parts 2.91 91 100 104 104 102 101 104 106 107 107 105 104 101 Machinery and related products 28.98 96 103 109 109 108 106 109 707 108 106 105 r104 702 Machinery 15.31 104 108 110 108 108 107 109 109 110 107 105 102 102 Nonelectrical machinery 8.92 102 103 104 103 104 102 104 105 107 103 101 100 98 Electrical machinery 6.39 108 115 118 115 115 114 115 114 114 113 112 105 108 Transportation equipment 10.76 79 93 108 107 104 102 106 102 102 101 102 103 97 Motor vehicles and parts 5.04 63 94 127 126 118 115 120 120 113 114 115 116 103 Aircraft and other equipment.. 5.50 91 90 88 88 89 89 92 84 90 88 89 '89 90 Instruments and related products. 1.66 119 120 118 117 119 117 120 121 121 122 118 119 119 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 97 777 773 112 772 705 772 777 772 773 709 707 706 703 Clay, glass, and stone products. 2.92 95 110 111 110 110 106 110 111 114 114 112 109 109 107 Lumber and products 1.65 100 112 115 115 115 110 114 110 109 111 102 103 100 95 Furniture and miscellaneous. 2.96 96 114 776 776 775 775 777 779 720 720 775 774 775 773 Furniture and fixtures 1.48 96 118 120 121 119 116 122 124 123 124 121 118 117 116 Misc. manufactures 1.48 95 111 111 112 111 114 113 115 117 117 115 109 113 110 Nondurable Manufactures Textile, apparel, and leather products. 7.32 99 115 116 777 776 114 775 776 775 779 779 777 772 772 777 Textile mill products 2.78 98 113 111 111 112 111 111 110 113 115 113 111 106 104 102 Apparel products 3.44 101 120 125 126 124 122 124 127 127 127 128 127 122 122 123 Leather and products 1.10 97 106 104 105 106 98 99 99 104 104 103 103 97 101 Paper and printing 7.93 99 108 70P 777 777 770 770 770 772 772 772 772 772 773 772 Paper and products 3.27 101 111 109 113 115 113 112 113 113 112 112 112 112 112 109 Printing and publishing. 4.66 98 105 108 109 109 109 108 109 111 112 112 113 112 113 114 Newspapers 1.53 96 104 104 107 106 105 104 106 108 109 108 108 107 108 108 Chemical, petroleum, and rubber products. 10.95 99 113 114 775 776 775 776 775 779 722 722 720 '775 777 116 Chemicals and products 7.10 100 114 117 118 119 118 119 122 123 125 125 124 121 121 121 Industrial chemicals 3.61 98 118 123 124 125 124 126 126 128 132 131 131 127 125 Petroleum products 1.93 99 105 105 102 104 102 103 107 107 111 115 112 111 109 "iO6 Rubber and plastics products 1.91 95 114 113 116 118 117 115 115 117 122 117 115 111 110 Foods, beverages, and tobacco.. . 10.64 102 707 707 108 709 707 705 709 770 770 770 770 770 '777 709 Foods and beverages 9.87 102 106 107 107 109 107 108 108 109 109 110 109 110 111 109 Food manufactures 8.31 102 106 107 108 109 107 108 108 109 109 109 109 109 111 109 Beverages 1.56 102 106 105 104 109 106 106 106 111 110 111 109 110 112 Tobacco products .77 106 112 111 115 114 108 113 116 115 115 111 114 115 Mining Coal, oil, and gas 7.05 92 97 99 95 94 95 94 95 96 96 95 r96 95 Coal 1.30 83 87 94 91 84 86 87 86 78 78 80 11 '81 76 Crude oil and natural gas. 5.75 94 100 100 99 98 96 97 96 99 100 100 99 '99 99 Oil and gas extraction. . 4.98 94 100 100 100 99 99 99 98 101 102 102 101 101 101 Crude oil 4.33 93 99 98 98 97 96 97 96 99 100 100 99 '99 98 Gas and gas liquids .65 100 109 111 115 113 116 115 112 115 Oil and gas drilling .77 89 96 96 93 85 81 84 85 84 85 84 86 89 Metal, stone, and earth minerals. 1.50 91 91 98 98 707 702 777 709 707 707 707 104 702 707 Metal mining .70 83 68 80 87 95 104 106 103 97 94 96 92 '88 100 Stone and earth minerals 98 110 113 108 106 101 115 114 116 118 116 114 116 112 Utilities Electric. 3.76 104 115 118 119 119 120 123 122 121 123 124 126 127 125 Gas 1.20 105 114 117 122 124 125 126 125 125 124 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 83 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping 1 p 9 ro 5 - 7 A av n e n ra u g a e l 1959 1960 portion 1958 1959 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total index. 100.00 105 103 109 111 110 109 109 110 109 110 108 107 106 105 Final products, total 46.75 107 106 109 112 110 110 111 112 112 111 110 HI 770 Consumer goods 31.13 110 109 113 116 113 113 115 117 117 116 115 114 115 113 Equipment, including defense. 15.62 100 101 102 103 102 104 102 104 103 104 103 103 103 102 Materials 53.25 104 100 109 110 109 108 108 107 106 106 105 104 103 101 Consumer Goods Automotive products 3.35 83 103 73 99 127 122 114 121 121 114 115 121 772 Autos 2.03 71 96 48 87 134 125 113 116 122 123 108 114 119 123 109 Auto parts and allied products. 1.32 100 113 111 117 117 117 116 119 119 118 122 118 113 118 116 Home goods and apparel 9.60 98 116 120 122 121 116 116 119 121 121 119 117 113 112 773 Home goods 4.40 96 115 121 124 123 117 114 117 121 120 117 114 112 110 111 Appliances, TV, and radios 1.75 94 114 126 133 130 117 112 115 120 118 113 108 105 103 106 Appliances 1.26 99 119 138 143 139 121 114 116 120 121 119 116 110 112 117 TV and home radios .49 83 102 98 108 106 105 107 114 118 109 97 87 93 82 78 Furniture and rugs 1.18 98 119 120 122 122 118 114 121 123 122 118 119 119 115 115 Misc. home goods 1.47 97 113 114 116 117 116 116 116 120 122 121 118 114 115 114 Apparel, incl. knit goods and shoes.. 5.20 100 116 119 120 118 116 118 120 122 121 121 119 113 114 114 Consumer staples 18.18 102 108 110 110 112 110 112 113 113 114 115 114 115 114 Processed foods 8.11 102 106 107 107 109 107 108 108 109 110 110 110 110 110 108 Beverages and tobacco 2.32 103 108 107 107 111 106 108 110 112 112 111 111 112 113 Drugs, soap, and toiletries 2.73 102 111 114 114 115 114 115 118 120 122 122 120 119 '122 Newspapers, magazines, and books. 1.44 99 106 109 109 110 109 110 112 113 113 116 115 116 115 117 Consumer fuel and lighting 3.45 105 113 116 116 117 117 119 120 118 120 122 123 123 122 Fuel oil and gasoline 1.19 98 104 105 103 104 105 105 108 105 107 109 108 106 105 iO6* Residential utilities 2.26 108 117 122 123 123 123 127 126 125 127 129 130 131 131 Electricity 1.57 108 118 123 122 122 122 127 126 124 126 129 131 132 130 Gas .69 107 115 Equipment Business equipment 12.16 100 102 104 106 105 105 104 106 105 106 105 105 105 104 Industrial equipment 7.29 97 102 104 104 104 104 102 104 103 104 103 101 99 101 Commercial equipment 2.46 104 112 113 114 113 115 115 117 120 121 121 120 121 120 Freight and passenger equipment. 1.83 98 93 96 106 103 102 101 105 99 101 95 101 103 99 Farm equipment .58 100 115 106 105 109 97 93 89 89 83 87 86 90 Defense equipment. 3.46 Materials Durable goods materials. 27.81 86 100 93 707 770 709 707 705 705 702 707 700 99 97 94 Consumer durable 3.67 11 101 76 107 121 120 117 110 115 115 110 106 112 103 94 Equipment 8.10 86 103 102 106 107 107 106 104 104 98 102 101 97 98 98 Construction 9.05 95 107 101 107 109 108 105 109 110 110 110 109 106 105 101 Metal materials n.e.c... 6.99 79 89 79 111 115 111 107 102 86 86 84 81 79 77 Nondurable materials 25.44 97 707 108 777 770 770 770 770 770 777 772 777 709 709 709 Business supplies 8.87 98 108 109 112 111 110 109 109 110 111 113 111 110 110 110 Containers 2.91 101 109 107 113 111 111 109 108 107 113 111 108 107 107 General business supplies. 5.96 97 107 110 111 111 109 109 110 112 113 112 111 111 112 Nondurable materials n.e.c.. 7.05 98 115 117 119 119 120 120 120 121 123 123 121 117 116 116 Business fuel and power 9.52 94 100 101 104 104 103 103 103 102 103 103 104 103 103 102 Mineral fuels 6.29 92 96 97 99 98 96 96 97 96 97 97 98 96 r97 96 Nonresidential utilities 2.70 102 113 114 117 118 119 121 120 120 121 120 122 123 121 Electricity 2.19 102 113 114 117 117 118 120 120 119 121 121 123 124 122 General industrial .99 98 110 106 114 114 116 118 115 114 117 117 118 117 113 Commercial and other. 1.12 105 118 122 121 121 121 124 126 125 126 127 130 132 131 Gas .51 102 113 113 118 121 123 124 122 121 119 Industrial .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 90 100 114 125 114 117 121 121 116 115 114 115 111 Apparel and staples 23.38 102 112 112 113 113 114 115 115 116 115 114 115 114 r Revised. NOTE.—Published groupings include some series and subtotals not series and subtotals without seasonal adjustment are published in the shown separately. Detailed description and historical data are available monthly Business Indexes release, which is available on request from the in Industrial Production—7959 Revision (for announcement of that pub- Division of Administrative Services, Board of Governors, of the Federal lication, see the BULLETIN for June 1960, p. 632). Figures for industrial Reserve System, Washington 25, D. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] p 19 ro 5 - 7 A av n e n ra u g a e l 1959 1960 Grouping portion 1958 1959 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total index 100.00 93 105 104 107 Ill Ill Ill 110 109 109 103 107 108 110 106 Manufacturins total 86.49 92 705 704 707 777 772 777 770 770 770 703 705 705 770 705 Durable . . . ... 49.66 87 102 97 107 111 112 110 108 107 106 99 98 102 103 100 Nondurable . . 36.83 100 110 113 107 111 112 113 114 115 116 109 117 117 119 114 M^inins 8.55 91 95 96 98 97 96 95 97 97 98 94 98 98 '98 96 Utilities 4.96 105 115 Durable Manufactures Primary and fabricated metals 13.15 84 95 57 709 773 772 770 104 700 97 55 90 97 92 57 Primary metals 7.73 78 90 80 111 118 116 112 104 95 89 73 11 78 80 75 Iron and steel . . 6.21 75 86 77 116 122 118 114 103 93 85 69 72 72 75 68 Fabricated metal products 5.42 92 104 97 105 107 107 106 104 106 107 105 109 110 109 104 Structural metal parts 2.91 93 101 93 103 104 103 102 100 103 105 103 105 106 106 104 Machinery and related products 28.98 55 702 95 705 772 772 777 705 705 707 707 97 703 nos 104 Machinery .. 15.31 85 103 105 109 110 111 112 108 108 108 102 103 106 104 103 Nonelectrical machinery 8.92 83 99 100 104 106 107 108 105 105 105 102 98 99 98 97 Electrical machinery 6.39 89 108 113 115 116 117 117 113 112 113 103 109 116 113 Transportation equipment .. . 10.76 84 98 82 98 112 112 108 105 106 101 94 84 94 104 102 Motor vehicles and parts 5.04 77 100 70 105 136 134 125 119 120 119 102 80 99 120 114 Aircraft and other equipment 5.50 91 94 91 91 90 90 91 90 91 83 87 86 88 89 90 Instruments and related products 1.66 94 112 119 121 119 118 120 118 119 120 118 120 119 119 119 Ordnance and accessories 1.25 Clay glass and lumber 4.57 97 111 111 705 702 705 104 777 773 775 770 775 773 772 703 Clay glass and stone products 2.92 95 110 111 108 103 105 104 110 113 117 113 116 113 114 108 Lumber and products 1.65 100 113 111 100 101 108 104 112 114 120 106 114 113 110 94 Furniture and miscellaneous 2.96 96 772 775 777 773 775 114 114 775 775 114 727 720 rl22 777 Furniture and fixtures 1.48 96 115 119 122 119 119 116 119 119 121 119 124 123 123 118 Misc. manufactures 1.48 95 109 116 112 107 110 113 109 111 115 109 118 116 121 115 Nondurable Manufactures Textile apparel and leather products.. 7.32 99 775 777 705 775 723 720 722 720 775 705 722 770 775 772 Textile mill products 2.78 98 113 114 105 114 114 112 114 115 114 100 111 104 108 105 Apparel products . ... 3.44 101 120 125 110 126 134 130 135 131 121 113 134 117 127 123 Leather and oroducts 1.10 97 106 101 96 107 109 108 100 98 101 92 108 99 102 Paper and printing.... 7.93 99 705 111 705 705 770 772 773 773 772 104 777 114 7/5 775 Paper and products 3.27 101 111 111 102 112 115 115 116 113 114 101 113 113 119 111 Printing and publishing 4.66 98 105 112 110 106 107 110 111 113 111 107 109 114 117 117 Newspapers 1.53 96 104 114 106 98 102 108 113 116 110 95 97 108 117 118 Chemical, petroleum, and rubber products 10.94 99 773 775 773 7/7 775 775 720 779 727 114 775 775 7/9 777 Chemicals and products 7.10 100 114 117 116 119 120 122 125 124 125 118 122 121 123 121 Industrial chemicals . 3.61 98 118 123 124 125 128 129 129 129 130 124 126 125 126 Petroleum products 1 93 99 105 104 104 104 103 102 104 105 111 114 115 114 109 105 Rubber and Dlastics oroducts 1.91 95 114 116 111 124 123 121 118 115 119 101 109 112 116 Foods beverages and tobacco 10.64 702 707 709 702 702 707 702 104 707 772 770 775 727 r121 77/ Foods and beverages 9.87 102 106 109 103 101 100 101 104 107 111 111 118 122 120 111 Food manufactures 8 31 102 106 111 105 104 101 101 102 104 108 109 117 124 122 112 Beverages 1.56 102 106 96 91 89 93 103 113 122 130 119 120 112 113 Tobacco products .77 106 112 111 93 114 109 113 112 119 125 102 122 118 123 Mining Coal oil and sas 7.05 92 96 97 700 700 95 97 95 93 94 90 94 94 '96 95 Coal . 1.30 83 82 90 92 89 85 87 85 84 80 63 83 82 r88 79 Crude oil and natural gas 5.75 94 99 99 102 103 101 99 97 95 97 96 97 97 '98 98 Oil and gas extraction 4.98 94 99 99 102 104 104 102 100 97 98 97 99 99 r99 100 Crude oil . ... 4 33 93 98 97 100 101 101 99 98 96 97 96 97 97 z-97 97 Gas and sas liauids 65 100 106 112 117 122 123 122 115 109 108 Oil and gas drilling .77 89 93 95 97 96 85 76 77 83 86 86 88 86 87 88 Metal stone and earth minerals 7.50 97 94 55 55 84 55 90 705 777 720 775 777 114 r110 703 M^etal mining .70 83 11 62 64 68 78 85 100 118 119 108 111 107 r96 91 Stone and earth minerals .80 98 108 111 109 98 96 95 112 116 121 123 123 121 122 114 Utilities Electric 3 76 104 115 113 121 127 124 125 120 115 119 123 129 130 122 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 85 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] 1957 A av n e n ra u g a e l 1959 1960 Grouping p p r o o r - tion 1958 1959 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total index 100.00 93 105 104 107 Ill Ill Ill 110 109 109 103 107 108 '110 106 Final products total .... 46.75 95 707 705 705 777 772 772 777 777 772 707 777 772 114 i70 31.13 99 110 109 108 115 115 114 115 115 116 110 115 117 mi 115 Equipment including defense. .. 15.62 87 100 100 103 104 104 106 104 105 104 102 101 102 101 Materials 53.25 91 104 102 108 110 111 110 109 108 107 100 104 105 101 102 105 Consumer Goods Automotive products 3.35 55 705 76 705 735 735 724 725 124 725 705 55 95 729 720 Autos 2.03 71 96 55 98 149 143 129 126 126 127 94 60 84 134 123 Auto oarts and allied oroducts 1.32 100 113 107 111 116 118 116 118 120 121 116 117 120 121 114 Home goods and apparel 9.60 95 775 779 772 775 725 722 727 779 777 707 720 775 779 114 Home goods 4.40 96 115 120 117 115 121 120 118 117 118 105 111 118 '118 114 Appliances TV and radios 1.75 94 114 119 114 116 127 127 120 117 116 95 97 112 '109 105 Appliances 1.26 99 119 116 118 120 136 139 131 126 126 107 96 110 '107 108 TV and home radios .. .49 83 102 125 102 106 106 96 93 95 92 63 98 117 114 99 Furniture and rugs 1.18 98 119 123 125 120 121 116 120 117 117 112 121 122 '122 117 Misc home soods 1.47 97 113 121 113 110 114 116 115 118 120 112 120 123 125 121 Apparel incl knit goods and shoes 5.20 100 116 118 107 120 125 123 124 122 117 109 127 112 120 114 75.75 702 705 770 705 709 705 709 770 777 114 775 779 722 720 114 Processed foods 8.11 102 106 111 105 103 101 100 102 104 108 110 118 124 '122 112 Beverages and tobacco 2.32 103 108 101 92 97 98 107 112 121 129 113 121 114 116 Drugs soap and toiletries . 2.73 102 111 116 113 115 114 117 118 118 120 114 122 121 '125 120 Newspapers magazines and books 1.44 99 106 109 109 109 109 112 112 112 111 113 116 118 '117 117 Consumer fuel and lighting 3 45 105 113 112 120 126 123 123 118 113 115 119 122 123 117 Fuel oil and gasoline. 1.19 98 104 104 107 108 105 103 103 103 106 108 110 108 104 105 Residential utilities 2.26 108 117 Electricitv 1 57 108 118 115 129 141 136 136 126 114 116 122 128 no 121 Gas .... .69 107 115 Equipment 12.16 55 700 707 705 707 705 707 705 707 707 104 705 104 705 702 Industrial equipment 7.29 82 97 100 105 104 103 104 103 104 104 102 102 102 99 100 Commercial equipment 2.46 88 104 113 115 115 115 116 115 117 119 117 119 121 122 120 Freignt and passenger equipment . . 1.83 89 98 89 93 104 106 107 107 108 105 101 92 96 99 95 Farm equipment .58 100 115 94 101 112 107 105 100 94 91 79 75 78 '85 80 Defense equipment .... 5 46 Materials Durable goods materials .... 27.81 55 700 94 707 770 770 705 705 705 104 96 97 700 99 95 Consumer durable 3.67 77 101 85 115 128 128 121 109 110 109 96 91 108 r109 105 Eouioment 8.10 86 103 102 108 109 109 108 104 103 98 97 97 97 97 98 Construction 9 05 95 107 102 103 103 103 102 108 111 114 109 112 112 111 102 Metal materials n e.c 6.99 79 89 80 106 112 112 110 104 98 93 77 81 82 83 78 25.44 97 707 709 705 777 777 772 772 777 777 104 770 770 772 770 Business supplies .... 8.87 98 108 110 106 108 109 111 113 112 112 104 111 113 116 111 Containers . . .... 2 91 101 109 103 97 105 108 109 111 110 114 106 118 115 115 103 General business supplies 5.96 97 107 113 110 109 109 112 113 113 112 103 108 112 116 115 Nondurable materials n.e.c 7.05 98 115 120 116 121 123 123 123 122 121 112 118 116 119 119 Business fuel and power 9.52 94 100 101 105 106 105 105 102 100 101 99 104 103 '103 101 Mineral fuels 6.29 92 96 97 100 101 100 99 97 94 94 90 95 95 '97 96 Nonresidential utilities .. 2 70 102 113 Electricity 2.19 102 113 112 i is 117 115 118 116 116 121 124 131 129 123 General industrial .. 99 98 110 108 114 115 113 118 115 115 117 112 119 118 116 Commercial and other 1 12 105 118 116 118 120 117 119 118 118 128 136 143 142 130 Gas .51 102 113 Industrial .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 90 110 101 111 124 126 122 120 120 121 104 99 110 '123 116 Apparel and staples 23.38 102 110 112 108 112 112 112 113 113 115 112 121 119 120 114 ' Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—1959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see the BULLETIN for June 1960, p. 632). Figures for individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947^9 = 100, unless otherwise indicated] Industrial production C c o o n n s t tr r u ac c t ti s o 1 n fa M ctu a r n in u g - 3 Prices Nonag- Major industry Major market groupings ricul- Freight D m ep e a n r t tgroupings em- car- store Y m e o a n r t o h r Total Final products R d e e s n i - - All m p e lo n y t— - p E lo m y - - Pay- l i o n a g d s - ( s r a e l t e a s il Con- W s h a o le le- M f t i a u a n c n r g - - u- M in i g n- U it t ie il s - Total g s C o u o o m n d e - s rE m q e u n ip t - M ria a l t s e- tial other total 2 ment rolls value) sumer m co o m di - ty 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 1960 ^120.9 ^99.2^170.3 1959—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 162 161 127 295 168 161 195 157 118 116 121.2 98.4 172.5 73 144 126.8 119.2 Oct r161 160 r128 r293 168 rl62 195 r156 128 121 120 7 97 4 170 5 78 150 127 3 r119 6 Nov . 159 157 128 293 167 160 194 153 115 102 120.2 96.6 165.9 75 ^142 127 4 119 6 Dec *156 *>154 ^126 ^294 2*164 ^158 ^189 ^151 n\9A *94.8^161.9 73 e146 119.5 e Estimated. v 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. 1 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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total construction 35,090 36,269 2,373 2 224 2,193 2,240 3,046 3,360 3,337 3,472 3,597 3,295 3,119 3,319 2,886 By P t u y b p l e ic of ownership: n 497 11,068 701 711 797 702 1075 1,067 1 237 1 413 1018 995 1 125 25,201 167? 1 sn 1 1,537 1,971 2,293 2312 2 184 277 2 124 2 194 By type of construction: Residential 14696 17,150 109? 993 9?7 988 1 ?94 1,480 1,483 1,329 1 1 277 1 390 1 253 Nonresidential •. 10,948 11,387 801 790 801 698 1,067 1,048 l]ll0 1,110 1,152 1,177 1,124 1,165 916 9,446 7,732 480 441 465 554 685 833 774 879 1,116 685 717 764 717 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 87 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 Non- Business Other Total d f e r a e n r s t m i i - al Total Indus- Com- Public n d re o e s n n i - - - 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 trial mercial utility tial 1952 34,670 23,889 12,842 7,500 2,320 1,137 4,043 3,547 10,781 1,387 2,679 790 5,925 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 1,290 3,015 883 6,048 1954 39,362 27,684 15,379 8,531 2,030 2,212 4,289 3,774 11,678 1,003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1,085 5,491 1956 45,779 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,712 1,360 4,395 1,275 5,682 1957 47,795 33,778 17,019 12,535 3,557 3,564 5,414 4,224 14,017 1,287 4,892 1,344 6,494 1958 48,903 33,491 18,047 11,076 2,382 3,589 5,105 4,368 15,412 1,402 5,500 1,387 7,123 19592 56,206 39,949 24,469 11,088 2,106 3,930 5,052 4,392 16,257 1,488 5,916 1,467 7,386 1960 55,017 38,956 22,067 12,237 2,861 4,064 5,312 4,652 16,061 1,324 5,685 1,488 7,564 19592_Dec. 55,436 40,127 23,901 11,652 2,448 4,020 5,184 4,574 15,309 1,433 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 1,272 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 1,512 5,112 1,536 6,996 Apr., , 54,166 38,722 21,930 12,084 2,772 4,056 5,256 4,708 15,444 1,236 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 1,200 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 1,283 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 1,265 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 1,430 6,121 1,447 7,640 Sept.. 55,325 38,697 21,716 12,362 3,041 4,036 5,285 4,619 16,628 1,392 5,987 1,454 7,795 Oct.*. 54,736 38,331 21,228 12,478 3,084 4,133 5,261 4,625 16,405 1,354 5,791 1,465 7,795 Nov.23 55,011 38,665 21,496 12,516 3,036 4,198 5,282 4,653 16,346 1,456 5,521 1,448 7,921 Dec.*. 54,835 38,884 21,978 12,516 2,982 4,214 5,320 4,390 15,951 1,468 5,287 1,489 7,707 v Preliminary. 2 Series beginning 1959 includes Alaska and Hawaii for the first time. 1 Data for 1951-58 are joint estimates of the Departments of Commerce and Labor. NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, and Veterans Administration. In thousands of units] S a e d a j s u o s n t a e l d ly Private Government-underwritten 2 annual rate Metro- Non- Year or month T ( o P t r a iv l ate N o o n n l f y a ) rm Total p a o re li a ta s1 n p a o re li a ta s1 n Total fam 1- ily fam 2- ily f M am ul i t l i y - Public Total FHA VA 1951 1,091 111 315 1,020 892 40 88 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 . ... 1 209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 I9593 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 1959—Nov 1,356 1.328 107 74 32 105 85 4 15 2 31 23 8 Dec 1,451 ,401 96 67 29 96 77 4 15 1 26 20 6 1960 Jan 1 366 291 oo 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 ,098 93 67 27 90 73 3 14 3 27 22 5 Apr . ... I 327 307 125 83 42 124 102 4 18 2 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 ,164 115 80 35 111 90 4 18 4 31 24 7 Aug 1,292 1,273 130 85 44 125 102 4 20 5 35 26 8 Sept 1,066 1,044 102 68 34 97 77 3 17 6 29 22 7 Oct VI 253 VI 217 p\\2 76 36 *>109 87 3 19 28 23 6 Nov VI 235 V1,221 P97 66 31 *>96 n.a. n.a. n.a. P2 26 20 5 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

88 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 * Unemploy- Year or month i p n o st p i u tu la ti t o io n n al l f a o b rc o e r Total Unem- l N ab o o t r i n f o t r h c e e (pe m r r a c e t e n e n t t)2 In nonagri- In ployed Total cultural agriculture industries 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 65,5*1 59,745 5,83* 3,813 51,420 5.5 1960 125,368 73,126 70,612 66,681 60 958 5,723 3,931 52,242 5.6 1959—Dec 124,034 71,808 69,276 65,699 60,888 4,811 3,577 52,225 5.5 1960—Jan. 3 124,606 70,689 68,168 64,020 59,409 4,611 4,149 53,917 5.2 Feb 124,716 70,970 68,449 64,520 59,901 4,619 3,931 53,746 4.8 Mar 124,839 70,993 68,473 64,267 59,702 4,565 4,206 53,845 5.4 Apr 124,917 72,331 69,819 66 159 60 765 5,393 3 660 52,587 5.0 May 125,033 73,171 70,667 67,208 61,371 5,837 3,459 51,862 4.9 June 125,162 75,499 73,002 68,579 61,722 6,856 4,423 49,663 5.5 July 125,288 75,215 72,706 68,689 61 805 6,885 4,017 50,074 5.4 125,499 74,551 72,070 68,282 61,828 6,454 3,788 50,948 5.9 Sept 125,717 73,672 71,155 67,767 61,179 6,588 3,388 52,045 5.7 Oct 125,936 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 Dec 126,482 73,079 70,549 66,009 61,059 4,950 4,540 53,403 6.8 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* 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 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 ft.385 2,425 6.525 8.127 1960 52,895 16,338 664 2,770 3,901 11,645 2,485 6,637 8,455 SEASONALLY ADJUSTED 1959-Dec 52,674 16,436 665 2,800 3,917 11,486 2,450 6,613 8,307 I960-Jan 52,880 16,562 658 2,775 3,941 11,594 2,454 6,606 8,290 Feb 52,972 16,567 669 2,781 3,933 11,627 2,464 6,616 8.315 Mar 52,823 16,509 666 2,601 3,920 11,595 2,456 6,577 8,499 Apr 53,128 16,527 684 2,752 3,924 11,652 2,463 6,611 8.515 May 53,105 16,540 684 2,783 3,927 11,675 2,469 6,618 8,409 June 53.140 16,498 678 2,790 3,926 11.712 2.471 6,645 8,420 July 53,145 16,417 658 2,858 3,910 11,736 2,480 6,682 8,404 Aug 53,046 16,265 665 2,835 3,892 11,764 2,499 6,652 8,474 Sept 52,998 16,275 660 2,800 3,879 11,665 2,515 6,665 8,539 Oct 52,809 16,132 656 2,804 3,879 11,668 2,514 6,632 8,524 Nov.? 52,588 16,031 645 2,789 3,853 11,575 2,511 6,662 8,522 Dec* 52,224 15,800 638 2,624 3,822 11,554 2,516 6,681 8,589 WITHOUT SEASONAL ADJUSTMENT 1959_Dec 53,756 15,484 668 2,699 3,940 12,345 2,438 6,547 8,635 I960—Feb 52.060 16,520 669 2.389 3,887 11,329 2,439 6,484 8,343 Mar 52,172 16,478 666 2,312 3,900 11,325 2,444 6,511 8,536 Apr 52,844 16,380 677 2,590 3,917 11,620 2,463 6,644 8,553 May 52,957 16,348 677 2,830 3,924 11,543 2,469 6,717 8,449 June 53,309 16,422 681 2,977 3,942 11,637 2,496 6,745 8,409 July 52,923 16,250 655 3,098 3,939 11,591 2,530 6,715 8,145 Aug 53,062 16,386 672 3,130 3,921 11,592 2,536 6,685 8,140 Sept 53,496 16,505 663 3,069 3,907 11,665 2,515 6,698 8,474 Oct 53,391 16,313 656 3,006 3,889 11,742 2,501 6,698 8,586 Nov.*> 53,133 16,134 648 2,853 3,863 11,849 2,498 6,662 8,626 53,316 15,846 641 2,530 3,844 12,418 2,503 6,614 8,920 » Preliminary. month. Proprietors, self-employed persons, domestic servants, unpaid 1 Excludes data for Alaska and Hawaii. family workers, and members of the armed forces are excluded. Back NOTE.—Data include all full- and part-time employees who worked data may be obtained from the Bureau of Labor Statistics. during, or received pay for, the pay period ending nearest the 15th of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 89 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 Dec. Oct. Nov.» Dec? Dec. Oct. Dec? Total 12,417 12,048 11,953 11,728 12,466 12,226 12,052 11,777 Durable goods 7,137 6,824 6,749 6,614 7,173 6,863 6,797 6,649 Ordnance and accessories 74 72 74 74 74 72 74 74 Lumber and wood products 596 564 542 532 584 581 550 521 Furniture and fixtures 322 321 312 305 328 327 320 311 Stone, clay, and glass products 452 435 427 416 452 442 431 416 Primary metal industries 1,034 891 871 851 1,039 891 871 855 Fabricated metal products 833 830 808 793 841 834 816 801 Machinery except electrical 1,160 1,109 1,098 1,070 1,166 1,087 1,087 1,075 Electrical machinery 875 831 854 837 892 839 867 854 Transportation equipment 1,172 1,149 1,153 1,139 1,172 1,149 1,153 1,139 Instruments and related products 230 222 221 217 232 223 222 219 Miscellaneous manufacturing industries. 389 400 389 380 393 418 405 384 Nondurable goods 5,280 5,224 5,204 5,114 5,293 5,363 5,255 5,128 Food and kindred products 1,024 1,020 1,014 1,008 990 1,112 1,034 973 Tobacco manufactures 76 78 75 74 81 94 82 78 Textile-mill products 854 840 824 810 867 840 832 822 Apparel and other finished textiles 1,087 1,063 1,075 1,037 1,103 1,079 1,080 1.053 Paper and allied products 449 445 441 437 451 449 445 439 Printing, publishing and allied industries 563 579 580 574 571 585 586 583 Chemicals and allied products 534 533 533 529 537 538 536 532 Products of petroleum and coal 157 150 149 146 155 150 148 145 Rubber products 204 196 191 186 208 198 194 190 Leather and leather products 332 320 322 313 332 318 320 313 J> 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 Dec. Oct. Dec.*3 Dec. Oct. Nov*3 Dec. Oct. Total 92.16 91.31 90.16 90.02 40.6 39.7 39.2 38.8 2.27 2.30 2.30 2.32 Durable goods 99.87 98.89 97.42 97.07 41.1 40.2 39.6 39.3 2.43 2.46 2.46 2.47 Ordnance and accessories 109.10 108.27 108.81 110.56 41.8 40.4 40.6 41.1 2.61 2.68 2.68 2.69 Lumber and wood products 80.40 81.58 77.18 76.18 40.2 39.6 38.4 37.9 2.00 2.06 2.01 2.01 Furniture and fixtures 77.33 75.55 73.47 74.61 41.8 40.4 39.5 39.9 1.85 1.87 1.86 1.87 Stone, clay, and glass products 92.25 94.07 93.38 91.25 41.0 40.9 40.6 39.5 2.25 2.30 2.30 2.31 Primary metal industries 117.14 106.12 104.35 104.71 41.1 37.9 37.4 37.0 2.85 2.80 2.79 2.83 Fabricated metal products 99.77 100.04 98.15 97.32 41.4 40.5 39.9 39.4 2.41 2.47 2.46 2.47 Machinery except electrical 105.92 104.49 103.86 104.78 41.7 40.5 40.1 40.3 2.54 2.58 2.59 2.60 Electrical machinery 93.07 93.09 92.97 92.50 41.0 40.3 39.9 39.7 2.27 2.31 2.33 2.33 Transportation equipment 110.70 115.49 111.88 110.48 40.7 41.1 40.1 39.6 2.72 2.81 2.79 2.79 Instruments and related products 96.23 95.99 96.39 95.84 41.3 40.5 40.5 40.1 2.33 2.37 2.38 2.39 Miscellaneous manufacturing industries... 78.76 78.20 78.40 77.82 40.6 40.1 40.0 39.5 1.94 1.95 1.96 1.97 Nondurable goods 81.19 81.51 81.48 80.60 39.8 39.0 38.8 38.2 2.04 2.09 2.10 2.11 Food and kindred products 88.78 88.97 89.32 89.87 41.1 41.0 40.6 40.3 2.16 2.17 2.20 2.23 Tobacco manufactures 67.49 65.21 65.63 69.92 39.7 40.5 37.5 39.5 1.70 1.61 1.75 1.77 Textile-mill products 64.87 63.24 63.18 61.88 40.8 38.8 39.0 38.2 1.59 1.63 1.62 1.62 Apparel and other finished textiles 55.85 56.45 55.97 53.07 36.5 35.5 35.2 33.8 1.53 1.59 1.59 1.57 Paper and allied products 95.22 97.71 96.14 95.12 42.7 42.3 41.8 41.0 2.23 2.31 2 30 2.32 Printing, publishing and allied industries.. 106.86 107.14 106.86 107.44 39.0 38.4 38.3 38.1 2.74 2.79 2.79 2.82 Chemicals and allied products 102.66 104.24 105.16 104.04 41.9 41.2 41.4 40.8 2.45 2.53 2.54 2.55 Products of petroleum and coal 117.74 117.62 118.84 117.74 40.6 40.7 40.7 40.6 2.90 2.89 2.92 2.90 Rubber products 101.59 101.49 100.58 99.43 40.8 39.8 39.6 39.3 2.49 2.55 2.54 2.53 Leather and leather products 61.07 59.59 60.59 59.59 37.7 35.9 36.5 35.9 1.62 1.66 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

90 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district Year or month United 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 n - ta c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 1952 114 110 104 113 115 122 127 109 116 109 111 129 120 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 111 121 113 129 136 122 1955 128 123 113 125 122 140 149 111 132 117 140 149 132 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 Nov 146 129 134 M42 '142 156 189 135 149 131 156 179 155 Dec 146 129 135 140 141 156 185 134 143 133 155 170 158 I960—Jan 146 131 135 146 139 156 180 134 150 137 156 171 156 Feb 142 130 133 143 136 149 175 127 134 135 144 163 158 Mar 138 122 126 134 139 140 162 125 131 123 142 164 157 Apr . 154 134 144 151 144 168 192 145 159 147 164 181 159 May 141 125 131 136 139 144 176 132 143 133 150 159 153 June 145 129 135 144 139 149 183 134 144 137 154 170 153 July 149 125 135 142 143 156 194 141 144 136 159 175 159 Aus 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 150 129 140 145 144 162 189 140 149 138 164 172 160 Nov P142 129 131 136 136 ni9 129 134 ^157 163 152 WITHOUT SEASONAL ADJUSTMENT 1959—Nov r177 154 170 r185 ••174 190 r218 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 99 105 122 111 Mar 115 95 107 113 113 114 149 108 110 105 119 143 126 Apr 150 133 137 153 144 165 194 139 150 139 154 172 153 138 124 127 134 135 143 173 130 144 127 150 159 145 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 153 132 147 149 145 169 187 143 152 152 164 176 156 Nov Pill 155 167 178 167 158 151 190 111 STOCKS i 1952 111 117 115 120 115 127 143 112 120 113 130 129 131 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 Nov 160 145 145 '162 142 179 223 152 142 149 161 188 r170 Dec 161 145 144 166 138 180 227 154 146 146 162 183 174 I960 Jan 161 144 146 164 142 178 227 150 149 147 162 186 178 Feb 160 143 146 160 142 179 225 147 145 145 162 180 179 Mar 162 144 147 159 145 177 225 151 148 146 160 182 183 Apr . 159 141 144 157 139 181 224 146 147 146 157 181 176 May 161 146 149 164 144 187 223 152 151 150 160 185 167 June 165 148 149 168 150 185 227 152 152 152 161 192 180 July . 167 149 151 166 160 187 227 155 154 157 165 190 180 169 153 154 166 157 189 232 158 154 162 165 192 182 Sept 168 152 153 166 154 188 230 160 152 159 171 189 178 Oct 167 152 151 151 184 231 159 150 158 173 192 179 Nov 151 152 166 163 182 158 149 157 ^189 WITHOUT SEASONAL ADJUSTMENT 1959 Nov 182 170 ••168 '186 160 207 252 171 162 169 182 207 rl95 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 M!ay 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 176 159 161 114 160 199 239 166 161 166 176 201 188 Oct 186 172 171 r190 169 209 251 175 171 175 187 211 198 Nov .. *>192 177 176 190 184 211 111 170 179 P200 P207 v Preliminary. r Revised. For description of the series see the BULLETIN for December 1957, i 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 91 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Period m S (t o a f o o l n t e r t a s h l 1 ) S m t ( o o e o c n n f k t d h s ) i o m ( s e r O t o n d i a n d u n e n g r t t d - s h o - ) f * m c ( e t o R f i o o p n e t r t t a - s h l 2 ) o m ( r N t o d f o o e n e t r w r t a s h l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S o st p o r t i a o d n l u n u c e g t d s - k rs - s c R ei e p - ts Annual average: 1951 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 . . . . .. 409 1,140 388 410 412 3.0 1.0 4.0 1.0 1955 437 1,195 446 444 449 2.9 1.1 4.0 1.0 1956 454 1,286 470 459 458 3.0 1.1 4.1 1.0 1957... 459 1,338 461 461 458 3.1 1.1 4.1 1.0 1958 462 1,323 437 462 464 3.0 1 0 4 1 1 0 1959 485 1,385 510 492 496 3.0 1.1 4.1 1.1 Month: 1959 Nov '580 '1,646 '520 '636 '552 2.8 0.9 3.7 1.1 Dec 940 1,310 372 611 462 1.4 0.4 1.8 0.7 1960 Jan 384 1,299 459 373 460 3.4 1.2 4.6 1.0 Feb 362 1,362 514 425 480 3 8 1 4 5 2 1 2 Mar 418 1,468 456 524 466 3.5 1 1 4 6 1.3 Apr 507 1,473 417 512 473 2.9 0.8 3.7 1.0 May 448 1,461 420 436 439 3 3 0 9 4 2 1 0 June 451 1,381 616 371 567 3.1 1.4 4.4 0.8 July 373 1,371 678 363 425 3.7 1.8 5.5 1.0 Aug 452 1,463 629 544 495 3.2 1 4 4 6 1.2 Sept 471 1,564 621 '572 564 3.3 1.3 4.6 1.2 Oct 520 1,670 581 626 586 3.2 1.1 4.3 1.2 NOV.P 584 1,737 477 651 547 3.0 0.8 3.8 1.1 P 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 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1959, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see the dep 2 a D rt e m ri e v n e t d s f t r o o r m e s t a h l e e s r . eported figures on sales and stocks. BULLETIN for October 1952, pp.*j098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports* Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merc]landise imports3 Period 1958 1959 1960 1958 1959 1960 1958 1959 1960 Jan 1.505 1,400 1.562 1,397 1,286 1 484 1 096 1 154 1 137 Feb . . .. 1,346 1,280 ,576 1,246 1,183 1,497 956 1,118 1,288 Mar 1,555 1,456 ,751 1,440 1,375 L 634 1 071 1 295 1 375 Apr . 1,530 1,479 1,823 1,408 1,343 1,708 1,057 1,221 1,257 May 1,638 1,551 ,810 1,507 1.411 1,716 1 061 1,264 1 260 June 1,408 1,423 :1,738 1,309 1,347 1,638 1,031 1,369 1,313 July 1,418 1,468 1,699 1,289 1,353 1,049 1,248 1,155 Aug 1,401 1,397 1,613 1,287 1,300 1^550 950 1,189 1 228 Sept . 1,363 1,479 1,610 1,242 1,399 1,557 1,073 1,392 1,160 Oct 1.607 1,482 [,744 1,426 1,398 1,690 1,150 1,202 1,157 Nov 1,599 1,479 .796 1,410 I 376 1 723 1 086 1 282 1 161 Dec 1 524 1 675 1 389 1 254 1 478 Jan -Nov 16,370 15,894 18,722 14,961 14,771 17,826 11,580 13,734 13,491 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. and supplies under Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49=100] Housing Read- Other All Ap- Trans- Med- Per- ing goods Year or month items Foods Gas Solid House- House- parel porta- ical sonal and and and fuels fur- bold tion care care recrea- serv- Total Rent elec- and nish- opera- tion ices tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55.6 1945 76.9 68.9 90.9 76.3 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.2 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.0 120.1 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 , 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1957 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1958 123.5 120.3 127.7 137.7 117.0 134.9 103.9 131.4 107.0 140.5 144.4 128.6 116.7 127.2 1959 124.6 118.3 129.2 139.7 119.9 136.6 103.9 134.3 107.9 146.3 150.8 131.2 118.6 129.7 1959—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 1960—Jan.. 125.4 117.6 130.7 140.9 123.2 139.0 104.0 135.9 107.9 147.6 153.5 132.7 120.3 131.8 Feb., 125.6 117.4 131.2 141.0 124.0 139.0 104.3 136.3 108.4 147.5 154.7 132.6 120.6 131.8 Mar. 125.7 117.7 131.3 141.2 124.1 137.2 104.7 136.9 108.8 146.5 155.0 132.7 120.9 131.7 Apr. 126.2 119.5 131.4 141.4 124.4 136.3 104.7 137.0 108.9 146.1 155.5 132.9 121.1 131.9 May 126.3 119.7 131.2 141.4 124.7 132.9 104.3 137.2 108.9 145.6 155.9 133.2 121.4 131.9 June 126.5 120.3 131.3 141.6 124.7 132.3 104.3 137.3 108.9 145.8 156.1 133.2 121.1 132.0 July. 126.6 120.6 131.3 141.8 124.8 132.9 104.1 137.4 109.1 145.9 156.4 133.4 121.6 132.2 Aug. 126.6 120.1 131.5 141.9 124.9 133.4 103.5 137.6 109.3 146.2 156.7 133.8 121.9 132.4 Sept. 126.8 120.2 132.0 142.1 125.7 134.8 104.1 138.0 110.6 144.7 156.9 133.9 122.1 132.7 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 Nov. 127.4 121.1 132.1 142.7 125.7 136.3 104.0 138.3 110.7 146.5 157.9 133.9 122.5 132.7 NOTE.—Revised index, reflecting, beginning with January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49 =100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49 = 100] Other commodities All Tex- Fuel, Ma- Furni- Non- To- Year or com- Farm Proc- tile Hides,power,Chem- Rub- Lum- Pulp Metals chin- ture me- bacco month modi- prod- essed prod- skins, and icals ber ber paper, and ery and tallic mfrs. Misties ucts foods Total ucts and light- and and and and metal and other min- and cellaand leather ing allied prod- wood allied prod- mo- house-erals—bottled neous ap- prod- ma- prod- ucts prod- prod- ucts tive hold struc- bevparel ucts terials ucts ucts ucts prod- dura- tural erages ucts bles 1952 111 6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117 6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 89 6 1958 119.2 94.9 110.9 126.0 93.5 100.6 112.7 110.4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1959 119.5 89 1 107.0 128.2 95.0 114.3 112.7 109.9 144.5 125.8 132.2 153.6 153.0 123.4 137.7 131.4 94.5 1959 Nov 118 9 85 4 104 9 128.5 96.3 111.7 111.2 110.0 144 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 1^3.8 123.4 138 4 131.7 95.3 Feb 119.3 87 0 105.7 128.7 96.5 112.0 112.0 110.0 144.6 124.9 133.2 155.3 153.9 123.5 138.2 131.7 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 96.3 112.1 112.2 110.2 144.7 124.3 133.1 154.5 154.0 123.5 138.3 131.7 95.4 May 119.7 90.4 107.3 128.2 96.3 111.2 110.8 110.2 146.3 123.7 133.4 154.2 153.5 123.2 137.9 131.7 91.1 June 119.5 89.0 107.6 128.2 96.3 110.3 112.3 110.2 146.7 122.4 133.5 153.8 153.4 123.0 137.8 131.7 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 Aua 119.2 86.6 107.8 128.2 96.1 108.7 115.3 110.5 145.3 119.6 133.0 153.6 153.2 122.9 137.8 132.0 89.9 Sept 119.2 87.7 108.1 127.9 95.9 108.1 116.1 110.4 144.9 118.7 133.0 153.5r151.3 122.8 138.0 132.0 91.1 Oct r119 6 r89 5 109 0128.0 95.8 r108.5 r116 2r110.3 144 7r117.7 r133.4 152.8r152.8 r122.7 r138.1 132.0 90 3 Nov . 119.6 89.9 109.1 127.8 95.5 108.5 116.1 110.3 143.6 116.6 133.1 152.4 153.0 122.6 137.9 132.0 90.6 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 93 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1959 1960 1959 1960 Subgroup Subgroup Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Farm Products: Pulp, Paper, and Allied Products iCont.): Fresh and dried produce 103.2 104.7 109.2 107.5 Grains 76.5 74.9 73.5 70.3 Paperboard 135.9 135.9 135.9 132.4 Livestock and poultry , 75.3 79.0 80.7 81.8 Converted paper and paperboard 127.4 130.6 131.1 131.1 Plant and animal fibers 94.7 92.1 90.8 90.8 Building paper and board 147.6 145.3 145.7 145.4 Fluid milk 98.2 99.8 "101.5 102.3 Eggs 63.4 85.5 98.9 108.1 Metals and Metal Products: Hay and seeds 76.3 72.3 72.2 72.5 Other farm products 131.7 129.5 130.4 129.1 Iron and steel 173.6 169.7 168.9 168.5 Nonferrous metals , 141.1 138.4 137.1 135.6 Processed Foods : Metal containers 152.9 153.6 153.6 153.6 Hardware 173.2 174.5 174.6 174.6 Cereal and bakery products 120.4 122.4 123.1 123.1 Plumbing equipment 132.4 131.5 130.8 130.8 Meats, poultry, and fish 90.8 96.0 97.8 96.6 Heating equipment 121.5 119.3 119.3 118.4 Dairy products and ice cream 117.7 120.5 121.3 121.7 Fabricated structural metal products 135.4 134.2 134.0 133.9 Canned, frozen fruits, and vegetables 106.4 107.9 109.1 109.8 Fabricated nonstructural metal Sugar and confectionery 116.7 117.9 117.1 117.5 products 147.2 146.2 146.2 146.7 Packaged beverage materials 145.2 140.9 140.9 140.9 Other processed foods 98.3 101.4 100.5 102.8 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 143.9 146.2 146.7 Cotton products. 94.0 93.4 92.8 91.7 Construction machinery and equip- Wool products 103.7 101.2 101.1 101.2 ment 172.9 176.7 176.7 177.3 Synthetic textiles 81.4 78.6 '78.5 78.5 Metal working machinery 177.5 180.8 181.0 181.8 Silk products 117.4 128.4 128.5 125.9 General purpose machinery and Apparel 100.9 101.1 101.1 101.0 equipment 167.5 166.9 166.5 166.3 Other textile products 78.4 85.7 91.3 92.1 Miscellaneous machinery 149.7 150.2 150.4 150.7 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 155.9 152.5 152.5 152.4 Motor vehicles 141.6 135.4 140.3 140.6 Hides and skins 67.2 62.3 64.1 65.8 Leather 103.8 97.5 98.1 97.1 Furniture and Other Household Dura- Footwear 133.8 132.5 132.5 132.5 bles: Other leather products 109.3 103.9 104.0 104.2 Household furniture 124.3 125.0 125.6 125.7 Fuel, Power, and Lighting Materials: Commercial furniture 155.5 157.1 157.1 157.1 Floor covering 129.3 130.5 130.5 130.5 Coal 124.0 122.4 122.5 123.0 Household appliances 104.1 100.9 100.9 100.6 Coke 170.4 170.4 170.4 170.4 Television, radios, phonographs 91.8 91.1 '90.5 90.5 Gas fuels (Jan. 1958= 100) 113.8 121.3 120.9 121.1 Other household durable goods 156.6 157.6 156.8 156.6 Electric power (Jan. 1958= 100).. .. 100.7 102.1 102.1 102.1 Petroleum and products 113.9 120.7 121.0 120.6 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.3 132.4 132.4 132.4 Concrete ingredients 140.4 142.2 142.1 142.1 Industrial chemicals 123.9 124.5 123.6 123.5 Concrete products 130.3 131.0 131.0 131.0 Prepared paint 128.3 128.4 128.4 128.4 Structural clay products 160.6 162.1 162.2 162.2 Paint materials 102.9 104.6 104.5 104.8 Gypsum products 133.1 133.2 133.2 133.2 Drugs, Pharmaceuticals, cosmetics. . 93.8 95.0 '94.4 94.3 Prepared asphalt roofing.... 113.6 106.6 106.6 106.6 Fats and oils, inedible 52.2 47.7 47.8 48.9 Other nonmetallic minerals. 132.5 134.5 135.0 133.8 Mixed fertilizers 109.5 112.9 112.9 112.1 Fertilizer materials 106.6 108.4 111.1 111.8 Tobacco Manufactures and Bottled Other chemicals and products 106.8 106.7 107.3 107.4 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.5 106.5 106.5 Crude rubber 173.6 148.3 146.8 140.6 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 143.0 146.6 146.8 146.8 Nonalcoholic beverages 171.1 171.4 171.4 171.4 Lumber and Wood Products: Miscellaneous: Lumber 125.8 117.9 116.3 114.8 Toys, sporting goods, small arms. 117.7 118.6 118.6 118.6 Millwork 138.1 135.5 135.3 135.8 Manufactured animal feeds 73.7 67.7 66.2 66.8 Plywood 94.5 96.4 97.1 96.1 Notions and accessories 97.5 96.4 96.4 96.4 Jewelry, watches, photo equipment 108.3 110.9 110.9 110.9 Pulp, Paper, and Allied Products: Other miscellaneous 131.9 132.5 132.6 132.1 Woodpulp 121.2 121.2 121.2 121.2 Wastepaper 109.8 77.4 77.4 77.4 Paper 144.3 145.4 145.7 145.7 'Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 Gross national product 104.4 56.0 125.8 284.6 397.5 419.2 442.8 444.2 482.1 481.4 486.4 501.3 505.0 503.5 Persona] 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 99.8 124.8 131.4 137.7 142.0 147.6 148.0 149.6 150.5 153.5 152.7 Services 32.1 20.7 29.0 64.9 92.5 100.0 107.1 114.2 122.8 124.1 126.6 128.6 130.9 132.9 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 35.5 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. 10.1 16.2 17.8 19.0 17.4 18.0 18.5 18. 19.3 19.4 19.5 Producers' durable equipment 5.9 1.6 6.9 18.9 23. 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 -.1 4.7 11.4 5.3 .6 Nonfarm only 1.8 -1.4 4.0 6.0 5.5 5.1 -3.6 5.4 -.5 4.3 11.0 5.0 .3 Net exports of goods 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. 19.4 23.1 26.2 22.7 22.9 24.0 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 51.8 .51.7 52.7 N Ot a h ti e o r nal defense \ 1.3 . 2.0 i t 1 3 3 . . 2 8 1 5 4 . . 2 3 3 6 9 . . 6 1 4 5 0 . . 7 4 4 5 4 . . 7 4 4 8 4 . . 3 8 4 7 6 . . 8 0 4 8 6 . . 0 1 4 7 5 . . 5 5 4 7 4 . . 5 9 4 7 4 . . 6 7 45 8 . . 1 2 Less: Government sales .0 .0 .0 .1 .4 .3 .4 .5 .5 .5 .5 .5 .6 .6 State and local 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 7.2 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, 268.7 275.7 274.9 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 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 37.6 38.8 Supplements to wages and salaries .7 .5 2.7 7.8 13.0 14.9 17.0 77.4 19.6 19.8 20.7 21.5 21.9 22.3 Employer contributions for social insurance .1 2.0 4.0 5.8 6.8 7.8 8.0 9.5 9.5 9.6 10.9 11.1 Other labor income .6 A .7 3.8 7.1 8.1 9.1 9.4 10.1 10.3 10.5 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 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 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 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 77.0 40.6 44.9 44.7 43.2 37.7 47.0 45.3 44.8 48.8 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 22.3 7P.7 23.8 22.9 22.7 25.0 23.4 27.5 Dividends 5.8 2. 4.5 9.2 11.2 12.1 12.6 12.4 13.4 13.6 13.8 13.9 13.9 14.0 Undistributed profits 2.4 -2.4 4.9 13.6 11.8 11.3 9.7 6.7 10.5 9.3 8.9 11.0 9.5 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 95 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 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 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 32.0 34.4 37.4 38.1 40.5 40.7 41.4 42.2 43.0 43.6 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 32.9 35.7 38.2 39.4 42.6 43.0 43.5 44.4 45.3 45.1 Business transfer payments .6 .7 .5 .8 1.5 1.6 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Statistical discrepancy .3 .9 .4 -.7 1.0 -2.4 — .0 -1.7 -1.8 -3.0 -2.6 -1.1 -3.9 -5.8 Plus: Subsidies less current surplus of government enterprises -.1 .0 .2 .0 .9 1.0 1.1 .6 .5 .5 .5 .6 5 Equals: National income 87.8 40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 399.4 402.8 414.4 419.4 419.3 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 43.1 42.0 41.7 37.4 46.6 44.9 45.5 48.0 45.3 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- o ments .0 .0 .0 .0 .0 .0 .0 .0 .0 0 0 0 0 Plus: Government transfer payments .9 1.5 2.6 14.3 16.0 17.2 20.1 24.5 25.2 25.0 26.0 26.1 26.7 27.3 Net interest paid by government 1.0 1.2 1.3 4.8 5.4 5.7 6.2 6.2 7.1 7.3 7.6 7.8 8 0 8 2 Dividends 5.8 2.1 4.5 9.2 11.2 12.1 12.6 12.4 13.4 13.6 13.8 13.9 13.9 14.0 Business transfer payments 6 7 5 8 1.5 1.6 1.8 1.8 1.8 1 8 1 8 1 8 1 8 1 8 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 7.5 3.3 20.8 35.7 40.0 42.6 42.4 46.0 46.3 46.5 49.2 50 0 50 5 Federal 1.3 e 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 Equals: Disposal personal 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 Equals* Personal saving . . 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 Item1 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 87.6 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 69.1 69.A 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 36.1 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 12.0 12.2 12.2 12.4 12.4 12.5 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 14.0 14.0 14.1 14.1 13.9 Personal interest income. . 20.8 23.5 24.5 24.8 25.2 25.5 25.9 26.2 26.5 27.1 27.4 27.5 27.6 27.6 26.8 Transfer payments 26.4 27.0 27.9 27.7 27.7 28.3 28.6 28.4 28.7 29.1 29.7 30.0 30.4 28.5 Less: Personal contributions for social insurance 6.8 7. 7.9 8.0 9.2 9.1 9.2 9.2 9.3 9.3 9.3 9.4 9.3 9.3 9.2 Nonagri cultural 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 v Preliminary. ment to the Survey of Current Business for 1959) and the Survey of Current 1 Monthly data are seasonally adjusted totals at annual rates. Business, July 1960. NOTE.—For explanation of series see U. S. Income and Output (a supple- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 1. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR THIRD QUARTER, I960* as [In billions of dollars] Nonfinancial business sectors Consumer and non- Sector- profit sector Farm1 cor N po o r n a - te l Corporate Transaction category U S U S U S U S A Gross saving2,9 31.3 1.4 .9 8.5 B Capital consumption 12 11.3 1.1 2.2 6.3 C Net saving (A—B) 9.9 .3 -1.3 2.1 D Gross investment (E+J)2 19.3 1.4 .9 6.4 E Private capital expenditures (net of sales) 1 ^ . . .. 15.4 1.3 3.0 7.6 F Consumer durable goods... 10.1 G Nonfarm resident constr. 14. 4.3 .8 .8 H Plant and equipment 1.1 r.2 2.2 7.0 I Change in inventories15.... .1 * -.2 J Net financial invest. (K - L). . . 3.7 .1 -3.1 -1.3 K Net acquis. of finan. assets 7.4 -.1 1.7 L Net increase in liab.17 3.6 -.1 3^0 3.9 M Gold and Treas. currency 18. N Dem. dep. and currency!**.. i.4 2 O Fixed-value redeem, claims.. 3.2 .2 P Time deposits2*) 1.8 .2 Q Savings shares21 1.4 R U. S. savings bonds22.... * S Saving through life insur. 2 3.. 1.2 T Saving through pen. funds24. 1.6 U Credit and equity mkt. instr.. .8 3.6 2 -.1 .1 -1.9 2.5 V Federal obligations25 - 7 -1.6 W State and local obligations. .5 X Corp. and foreign bonds.. .3 .8 Y Corporate stock .3 .6 Z a b C O 1- o t h t n o e s r u 4 m - m fa e o r m r t c i g l r y a e g d m e it s ortgages.. .4 * .6 * .2 -A .3 2 -A . . 2 7 c Security credit 2 6 .1 d Bank loans n.e.c.27 * -.3 e Other loans2** .2 -.1 "-A f Trade credit * 29.... 292.4 2.7 g Proprietors' net invest, in noncorporate business 1... -.8 3 -.5 h Misc. financial trans. 30 ""A i Sector discrepancies (A—D) 31. 2.0 2.0 OC * OC • * Government sectors2 Financial sectors Rest-of- All Dis- Natl. Federal an S d t a lo te cal C b o a m n m k e in rc g i ' al ins S ti a t v u i t n io g n s s * Insurance* F n in .e a . n c c .6 e s w e o c r to ld r sectors a c n re c p y - 7 i s n a a v v n e i d n s g tment U S U S U s U S U S U S U S U S U -3.1 .4 .7 .4 10-.1 30.7 113.3 30.8 A * * 20.9 20.9 B "-'.5 -2A .4 .7 .4 * 1 9.8 9.9 C -.5 -3.1 .9 .7 .4 .1 .1 37.4 .1 37.4 D .1 .1 37.5 37.5 E 10.1 10.1 F 5 9 5.9 G 1 1 11 7 11.7 H -.1 -.1 I -.5 -3.1 .7 .7 .3 .1 .1 -.1 .1 16-.1 J .8 -.1 4.6 3.4 3.5 .8 1.1 30.9 1.0 K '"i'.i i^9 3^9 "i.s .7 1.0 31.1 1.1 L * * — 6 .6 * -.6 M .2 -.2 1.5 -.2 * * 1.5 1.5 : * N — .1 3 2 2 1 8 3 4 0 4 0 -.3 O * .3 2.2 .4 .3 2.6 2.6 -.3 P * 1 4 1.4 1.4 * ::::- 2 * 1.2 1 2 1 2 s .1 5 1 0 1.6 1.6 T .5 1.4 Q 1.5 5.2 * 2.7 1 2.5 .7 .7 .3 .4 10.4 10.4 * U 1.2 3.9 2 .1 4 2 1 2 1 2 -.2 V 1 i 4 4 * 4 1.4 1.4 W 3 1 6 .4 .1 1.3 1.3 .1 X * 5 •I .3 * .9 .9 * Y .1 2 3 4 3.0 3.0 Z .1 * .2 .3 3 1 2 1 2 a .3 .2 A .6 .6 b 4 2 5 6 6 c 5 * 5 -.5 -.5 * d .1 .3 * .5 * * .2 -.4 .2 .3 .5 .5 .1 e * 2.8 2.7 * f - 8 -.8 g "A -.3 .1 * -.1 .6 .4 .6 .2 .7 h * A -.1 -.2 3.3 3.3 3.4 i * Less than $50 million. v Preliminary. In Tables 3 and 4, figures for 1959 have been adjusted to eliminate the effect of certain structural changes, NOTE.—U=uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions in order to reflect only transaction flows. Structural changes are (1) the shift of banks in Alaska and of assets; financial sources of funds, net changes in liabilities. Hawaii from the finance n.e.c. sector to the commercial banking sector (2) and the shift of a large mutual For discussion of saving and investment concepts see pp. 831-43 of the BULLETIN for August 1959. savings bank to the commercial banking sector resulting from a bank merger early in 1959. The adjust- Descriptions of sectors and of transaction categories are given in notes to tables and in "Technical Notes," ments apply to the first three quarters and to the annual totals for 1959. pp. 846-59 of the BULLETIN for August 1959. Details may not add to totals because of rounding. For other notes see pp. 99 and 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 97 TABLE 2. SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transaction category, or sector 1958 1959 1960 1955 1956 1957 1958 1959 1 2 A Net national saving* 39.5 37.9 19. S 36.1 S.7 3.8 9.9 10.1 8.4 7.7 12.4 10.4 9.9 A C B D C C Fa o o r n r m p su o a m ra n e t d e r n n a o n o n d n c fi n o n o r a p n n . p c b r i o a u l f s i i t b n u e s s i s n ' e 2 ss.. 2 1 6 2 . . 6 4 5.9 2 5 8 . . 3 5 * 2 3 6 . . 5 1 * 3 1 0 1 . . 6 4 * - 8 3 .3 . . 5 3 5 4 2 . . . 8 2 4 8.2 7 i j . .9 -1 8 3 . . . 6 4 3 6 3 3 . . . 1 9 3 -1 8 . . 3 7 • - 6 1 .6 . . 2 2 -1 9 2 . . . 0 1 9 D C B E Federal Government^ .5 5.9 3.6 -8.2 -4.5 -5.4 -7.6 .7 1.4 -2.1 -4.5 4.0 4.4 -.5 E F State and local governments^.... -3.2 -2.7 -3.2 -5.0 -4.4 -1.7 -1.6 -.6 -1. -1.2 -.9 -.3 -1.5 -2.1 F G Financial sectors 3.3 2.9 3.7 3.1 3.1 1.5 .5 .9 .6 1.6 -.1 1.2 .6 1.5 G H Capital consumption' 2 62.3 67.S 73.3 75.2 79.0 18.8 19.2 19.3 19.7 19.9 20.2 20.3 20.6 20.9 H I Consumer and nonprofit 33.9 36.9 40.1 41.6 43.4 10.5 10.6 10.7 10.8 10.9 11.0 11.1 11.2 11.3 I J Consumer durable goods 30.4 33.0 35.8 37.0 38.5 9.3 9.4 9.5 9.6 9.7 9.7 9.8 9.9 10.0 J K Owner-occupied homes 3.1 3.4 3.7 4.0 4.3 1.0 1.0 1.0 1.1 1.1 1.1 1.1 1.2 1.2 K L 0 N M P C N F l a o o a r r n n m p t c o o a b r n r a u p d t s . e i e n n q n e o u o s n i n s f p f m , i n ( a n a n n o . c n i b p a r u l o s f b i i n u t) e si s n s e . s .. s 1 3 7 7 . . . . 7 0 6 5 1 7 3 9 . . . . 5 7 5 3 2 3 8 1 . . . . 1 9 2 6 2 4 7 1 . . . . 7 0 9 6 2 4 8 3 . . . . 6 2 3 5 1 1 . . . . 1 9 5 0 2 5 1 . . . . 6 0 0 1 2 5 . . 0 6 2 5 1 . . . . 8 0 0 2 2 5 1 . . . . 1 8 0 2 6 2 1 . . . . 0 1 2 0 6 2 1 . . . 1 1 2 1 2 6 1 . . . . 1 1 2 2 2 6 l! . . 2 l 3 M N O L P Gross national saving2 101.9 108.9 111.2 94.6 115.2 24.6 22.9 29.2 29.7 28.3 27.9 32.7 31.0 30.8 P Q Consumer and nonprofit 60.5 66.4 68.6 67.7 74.0 18.9 16.4 18.9 18.7 19.4 17.1 19.8 17.4 21.2 Q R Farm and noncorp. business... 10.7 11.3 12.0 11.7 12.3 2.6 5.3 2.5 1.2 1.5 7.0 1.9 2.6 2.2 S Corporate nonfinancial business 30.1 25.2 26.5 25.4 34.8 8.7 9.8 6.7 9.6, 9.1 9.3 6.1 7.5 8.5 T Federal Government 2 .5 5.9 3.6 -8.2 -4.5 -5.4 -7.6 .7 l.4i -2.1 -4.5 4.0 4.4 -.5 U State and local governments2. . -3.2 -2.7 -3.2 -5.0 -4.4 -1.7 -1.6 -.6 -1.81 -1.2 -.9 — .1 -1.5 -2.1 U V Financial sectors 3.3 2.9 3.7 3.1 3.1 1.5 .5 .9 ] 1.6 — 1 1.2 .4 1.5 V W Gross national investment2 103.6 108.0 110.7 93.6 113.7 23.2 26.9! 26.4 30.1 27.1 30.1 '28.8 28.8 27.4 W X Consumer durable goods 39.6 3S.5 40.4 37.3 43.4 8.7 11.4 9.4 11.2 10.4 12.4 10.0 11.2 10.1 X Y Other gross private domestic fixed investment 58.2 62.7 64.6 58.5 66.1 15.1 15.7 13.9 17.3 17.7 17.3 «14.4 17.1 17.6 Z Consumer and nonprofit...... 19.3 18.9 18.2 18.3 22.2 4.6 5.3 5.2 4.9! 5.9 6.2 5.4 4.7 5.4 a Notifarm residen. constr. ^4.,. 16.6 16.1 14.9 14.7 18.5 3.6 4.3 4.3 4.1\ 4.9 5.3 4.5 3.8 4.3 b c Fa P rm la n b t u a s n in d e e ss quip, (.nonprofit)... 2 4 . . 7 2 2 3 . . 8 8 li 3 4 . . 6 4 3 4 . . 7 9 1 1. . 2 0 1 1 . . 0 0 l. . l 9 1. . 4 9 1 1 . . 0 3 1 1 . . 0 0 1. . 0 9 1. . 3 9 1 1. . 2 1 d Noncorp. nonfinan. business1"*, 10.1 10.2 9.1 10.8 2.5 2.4 2.1 3.3 3,0 2.5 2.1 3,1 3.0 e Corp. nonfinan. business14. . .. 24.0 29.1 9.7 25.9 27.4 6.5 7.0 5.3 7.4 7.3 7.4 5.6 7.8 7.8 f Financial sectors .7 .7 32.0 .7 .2 .2 .2 .2 .2 .2 .2 g Change in inventories1 5 5.8 1.6 -2.5 5.9 -.1 3.6 2.1 .4 4.5 .4 -.1 h Farm business .3 .8 1.0 .5 .2 .2 .1 .1 .1 .1 .1 .1 1 Noncorp. nonfinan. business... .6 .2 .2 * .6 -.5 1.1 2 -.1 -.6 1.2 -.1 * j Corp. nonfinan, business 4.9 4.9 .6 -3.5 4.8 .1 2.4 l.l -.1 .9 3.2 .4 - .2 k Net financial investment1 6 2.1 4.2 .3 -1. -.2 -.5 -.4 * .1 -.1 1 Consumer and nonprofit 4.7 12.1 14.8 15.3 10.6 6.1 3.3 4.2 1.8 2.8 2.0 =2.8 -1.2 3.7 m Net acquis. offinan. assets. .. 25.1 27.4 26. 27.3 31.3 8.6 9.0 7.3 7.9 7. 8.4 '4.9 3.9 7.4 n Net increase in liabilities 20.4 15.2 12.0 12.1 20.7 2.4 S.7 6.2 5.0 6.4 2.1 S.I 3.6 o Farm and noncorp. business... -4.4 -2.5 -2.7 -2.9 -4.5 -1.5 2.2 -1 9 -3.8 -2.8 4.0 -2.5 -1.7 -2.0 p Net acquis. offinan. assets. .. .5 .J .8 1.3 -.4 .3 .8 5 -.2 .3 - .4 .3 -./ q Net increase in liabilities 4.9 3.0 3.5 4.2 4.1 1.7 -1.4 1.4 2.5 -3.7 2.0 2.0 1.9 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 . .8 -13 4 . . 4 3 -8 4 . . 7 4 - 7 .9 .2 - 1 1 3 .6 .4 2 6 . . 2 9 5 1 . . 2 5 -1.5 2 5. . 6 8 3. . 6 5 -1 4 . . 4 1 - -2 4 .6 .5 -2.1 .7 -1 1 . . 2 7 t Net increase in liabilities 19.0 17.7 13.1 8.0 15.0 4. 3.7 1.7 4.8 3.1 S.4 1.9 2.9 2.9 u Federal Government .5 5.9 3.6 -8.2 -4.5 -5.4 -7.6 1.4 -2.1 -4.5 4.0 4.4 C v Net acquis. offinan. assets. . . 1.0 1.6 3.2 1.6 6.3 -4.4 .7 4.3 2.6 -.8 - .3 4.0 '.8 w Net increase in liabilities .5 -4.3 - .4 9.7 10. 1.0 8.3 -.5 2.9 4.7 3.7 -4.3 — 5 1.3 x c d y z a b c a d b F S F i i t n n a N N N N t a a e e e e e n n t t t t c c a a i i i i a n a a n n c c d l l c c q q r r t s u l u e e r o e i i a a a s c c s n s . s . t a o e e o s o l , r f f g i s i f d n n i f o n i i n v s l a l i c i a e a n a r n r b . e b n . p i i m a l a l i i s s t t e i s i s e e n e e s s t t t s s s . . . . . . . . . - 2 2 2 4 2 3 3 7 . . . . 6 . . 2 4 5 0 5 - 2 1 2 2 2 4 2 9 . . . . . . 2 5 6 8 7 C - - 2 2 2 3 3 3 6 3 0 . . . . . . . 6 2 3 9 5 9 0 - 3 3 5 2 4 1 2 6 7 . . . . . . 2 5 7 5 2 7 2 - - 2 2 3 1 3 6 3 9 5 . . . . . 9 6 . . 1 9 7 2 5 - - 2 1 - - . 2 1 1 . . 9 . 3 7 . 7 . . 5 9 9 1 1 - 5 1 1 5 .3 . . . . . . 4 0 3 3 1 7 - - -l 1 1 . 1 1 l . . 6 8 . . . 2 4 2 8 - 1 1 9 0 1 . . 2 . . . . . 5 1 6 9 7 1 -1 2 2 S 6 . . . . 3 . . 3 5 3 2 9 1 1 - 1 0 0 .5 . . . . . . 2 3 3 9 9 1 - - - 2 4 ' l 1 . . 1 1 9 . 6 . . l . 0 5 7 1 — 1 1 2 1 1 . . . . . • 3 . 0 2 4 2 Q" 5 - 1 - 2 1 8 1 0 . . / . . 1 . . A 9 5 8 3 b d c b d c ee Discrepancy (P — W)3' -1.1 .9 .5 1.0 1.5 -4.0 2.8 -.3 1.2 -2.2 3.9 2.2 3.4 ee * Less than $50 million. c Corrected. p Preliminary. for August 1959. For other notes see below and second page following. NOTE.—Descriptions of sectors and of transaction categories are given Back data available in Flow-of-Funds Supplements. in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN Motes to Tables 1,2, and 3. 9 For content of sector saving, see Tables I and 4 and pp. 833 and 849 1 Net saving of, and consumer investment in, unincorporated business of the BULLETIN for August 1959. discussed on p. 838 of the BULLETIN for August 1959. See note 32, p. 99 I ° Rest-of-world surplus on current transactions with United States. 2 For govt. sectors, saving is excess of all nonfinancial receipts over all I1 Discrepancy between total nonfinancial sources and uses of funds nonfinancial outlays; investment, changes in financial assets and liabilities (Line A minus line E in "all sectors" column). only. Govt. current outlays include* and govt. (and national) invest- 12 Depreciation, accidental damage to fixed capital, and capital outlays ment excludes, govt. purchases of tangible assets. charged to current account. Annual data in Table 2 are from Dept. of 3 Consolidated account for monetary authorities (Federal Reserve Commerce national income accounts except for F. R. estimates of de- System, ESF, and Treasury currency accounts) and commercial banks preciation on consumer durable goods. Depreciation on latter item in United States (excluding territories and possessions). and on farm assets at current cost; other depreciation, in general, at 4 Mutual savings banks, savings and loan assns., and credit unions. original cost. Line H in Table 2 includes amounts for financial sectors 5 Life and nonlife insurance companies and private pension plans. not shown separately. 6 Finance companies, open-end investment companies, security brokers 13 Transactions in land excluded from sector investment for statistical and dealers, banks in U. S. territories and possessions, and U, S. agencies reasons. Such transactions, when recorded as capital flows, affect of foreign banks. sector allocation of investment but not the national total. 7 For discussion, see p. 857 of the BULLETIN for August 1959. 14 For consumers, 1- to 4-family dwellings completed and purchases of 8 Totals for domestic sectors; financial entries are net uses plus items additions and alterations. Investment of nonfarm business sectors in discrepancy column. For comparison with national saving and in- includes work in process on 1- to 4-family dwellings and other private vestment in national income accounts of Dept. of Commerce, see p. 842 residential construction. of the BULLETIN for August 1959. For other notes to Tables 1-3 see second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 FLOW OF FUNDS/SAVING TABLE 3. SUMMARY OF PRINCIPAL FINANCIAL FLOWS 3 3 [In billions of dollars] Quarterly totals Annual totals Transaction category, 1958 1959 1960 or sector 1955 1956 1957 1958 1959 3 4 1 2 3 4 1 2 I. Demand deposits and currency A Net increase in commercial bkg. 2.3 1.7 -.8 5.8 1.1 -3.4 8.0 -7.0 2.1 2.1 3.8 -8.8 2.5 l.S A B Net increase in assets, by sector .8 1.7 .7 6.5 1.7 -2.5 6.6 -5.3 1.9 2.0 3.1 -7.7 2.3 1.5 B - 1.5 6 1 2 7 .3 2 6.4 1 .97 — 2 5 . 7 0 6.3 * - - 4 . . 5 9 1 c. l 0 1 4 5 — 4 1 .4 2 — — 6 .9 4 - 2 .6 8 1. 2 2 D C E Consumer and nonprofit -.8 1.0 -.9 2.5 .9 2.3 2.3 -.9 -.7 .8 1.6 "-3.0 -1.2 1.4 E F Farm and noncorporate bus.... .3 .1 .6 1.3 -.7 .3 .3 -.2 -.2 -.2 -.2 F 1.0 1 1.7 .2 1.0 2.5 -2.9 1.5 2 1 8 — 3*4 .6 .2 G .4 2 2 2 5 _ 7 6 — 4 1 2 6 e* — 4 2 H 6 2 3 7 • 2 5 •> 3 6 4 4 2 I * .2 .2 # .1 -.1 .3 -.1 .2 .1 -.1 -A * • J K Discrepancy (A —B) 1.4 1 — 1 4 — 7 — 6 — .9 1.4 -1.7 .2 2 7 -1 1 2 • K II. Fixed-value redeemable claims 8.4 8.9 10.1 16.1 7.6 2.5 3.1 2.3 3.0 .8 1.6 1.6 3.9 4.0 A 2.9 3.6 6.8 10.1 2.2 1.6 .9 1.1 1.2 .2 1.7 2.6 B 5.3 5 4 5 2 6 5 7 2 1 0 2 3 1.4 2.3 1.2 2'. 3 1.5 2.4 1.4 C .3 -.1 -1.9 -.5 -1.8 2 2 2 C -.5 .-6 -.2 -.1 * E Net increase in liab., by sector34... . 8.4 9.0 10.1 16.2 7.6 2.S 3.1 2.3 3.0 .8 1.6 1.6 3.9 4.0 E 7 1 . . 1 3 * - 2 7 .3 .3 1 -2 6 5 . . 2 9 5 8 8 .9 0 7 -2 8 1 . 0 4 2 - 1 1 .2 .5 1 - 2 .2 .9 5 - 2 .2 .0 6 - 2 .6 6 9 - _ 1 . 6 . 1 4 - _ 2 .6 .4 2 - 1 .3 .8 -. 2 1 2 . 6 5 - 2 1 .1 . 2 8 G F H 8.4 8 9 10.1 16.1 7 6 2.5 3.1 2.3 3 0 8 1.6 1.6 3 9 4 0 I J Consumer and nonprofit 8.7 9.0 9.8 13.5 9.6 3.0 3.5 2.2 3.5 1.7 2.1 1.6 3.4 3.2 J K L R O e th st e r o d f o th m e e s w ti o c r l s d e c ( t t o im rs e 3 5 deposits). - - . . 1 1 * * 4 * 1. .9 7 — -1 . 1 0 0 A \ — 4 * .1 _ - .4 2 — -.3 7 _ 2 3 2 2 _ 3 2 .3 5 K L III. Saving through life insurance and pension funds 8.4 9.3 9.0 10.3 11.6 2.6 2.8 2.9 3.2 2.S 3.1 2.9 3.3 2.8 A 3.2 3.8 2.8 3.4 3.7 1.0 1.0 .9 1.2 .8 .9 .7 1.0 1.2 B 5.1 5.6 6.1 6.9 7.9 1.7 1.8 2.0 2.0 1.7 2.1 2.1 2.3 1.6 C D Net increase in liab., by sector34,36 . 8.4 9.3 9.0 10.3 11.6 2.6 2.8 2.9 3.2 2.5 3.1 2.9 3.3 2.8 D .6 1.0 .6 1.0 1.0 .3 .1 .2 .4 .3 .1 .1 .7 .1 E F State and local government 1.2 1.4 1 .6 1.7 1 8 4 4 .5 .5 5 5 s 5 5 F G Life insurance companies 4.6 4.8 4.3 4.7 5.6 1.3 1.5 1.3 1.6 1.2 1.6 1.2 1.3 1.5 G H Private noninsured pension plans. 2.0 2.1 2.6 2.8 3.2 .6 .8 1.0 .8 .5 .9 1.1 .8 .7 H IV. Credit and equity market instruments 44.0 30.7 36.7 46.2 61.5 7.0 22.7 7.3 18.7 18.3 17.2 2.3 11.4 10.4 A C Short-term direct^7. -7.1 .8 -5 7 . . 6 4 5 1 . . 5 1 -1 9 , . 2 0 1 5 1 . . 5 3 1 1 . . 1 2 7 3 . . 6 8 -4.6 * 4 2 . . 7 0 5. . 3 7 4 4. . 7 0 - - 4 7 . . 1 4 - -2 1 . . 1 4 5 1 . . 3 2 C B 7.9 -13.0 -4.4 10.2 5.8 1 3.8 4.6 -2.7 4.6 -.7 3.4 .6 -4.1 D E State and local obligations 3.5 3.2 4.7 5 7 4.9 l!3 .8 1.3 1.4 1.8 4 1 0 8 14 E F Corporate and foreign bonds 4.0 5.0 7.5 6.8 4.7 1.3 1.6 1.1 1.0 1.1 1.5 1.1 1.2 1.3 F 3.0 3.8 4.0 4.2 4.4 .9 1.1 1.2 1.2 .7 1.2 .9 .9 .9 G H 1- to 4-famity mortgages 12.6 10.8 8.6 10.1 13.3 3.0 3.2 2.9 3.8 3.7 3.0 2.3 2.9 3.0 H 3.6 3.8 3.5 5.2 5.8 1.3 1.6 1.2 1.7 1.5 1.4 1.1 1.3 1.2 I 6.4 3.6 2.8 .3 6.3 .1 1.9 -.7 2.6 1.7 2.7 -.9 2.3 .6 J 8 1 . . 0 0 — 5. 9 6 2 3 3 1 1 .7 3 7 .1 9 -1.4 2 2 1. . 1 7 — o .4 3.6 1 2 1 .6 9 -1.6 3 2 .5 0 — . 6 5 K L 1.1 .9 2.6 2.0 2.8 -.3 1.0 .9 1.3 2..81 .5 2.1 1.0 .5 M 44.1 31.2 36.9 46.2 61.4 7.0 22.7 7.3 18.7 18.3 17.1 2.3 11.4 10.4 N O Consumer and nonprofit 20.3 15.1 11.8 12.0 20.6 2.4 5.6 3.0 6.2 5.0 6.4 2.1 5.1 3.6 O Q Noncorporate nonfinancial bus.. . 2 1 . . 9 2 2.0 9 1 1 .1 1 2 1 . 3 5 4 2 .8 0 2 * 2.8 * 7 4 2 1 5 1 1 . . 3 6 _ 1 . 2 1 .2 5 1.28 .1 2 Q P R Corporate nonfinancial business.. 10.1 13.0 13.1 11.8 11.6 3.1 3.1 \'.9 3,8 2.9 2.9 2.7 2.7 2.5 R -.1 -5.4 1.0 9.3 10.7 1.1 7.9 -.2 1.7 5.2 4.1 -4.1 -1.5 1.4 S T State and local government 3.5 3 3 4 9 5 9 5 1 1 4 s 1 3 j 5 1 8 C 1 0 8 15 T U Financial sectors 5.9 1.2 2.4 1.2 5.7 -1.7 1.8 .7 1.5 1.2 2.3 -.3 1.7 .7 U V Rest of the world 3 1 0 1 4 2 3 8 .6 .2 .4 .3 * .3 .5 .4 V W Funds advanced, by sector34 44.0 30.7 36.7 46.2 61.5 7.0 22.7 7.3 18.7 18.3 17.2 2.3 11.4 10.4 W X Consumer and nonprofit 8.0 7.7 8.1 4.7 15.3 1.5 1.4 4.5 3.4 4 3 3.2 4.3 ~l .8 X Y Z a b c C S F F C t e a o o a d r r m t m e p e m r o a a a r e l n a n r t G d c d e i o l a n o n v l o c o e b a n n r l a c f n i n o m g n k r o a e p i v n n n . e c g t b r i a n u s l m y s i s b e n t n e u e m t s s s iness.. 4 5 1 1 . . . . . 8 0 2 9 5 3 -3 2 4 1 . . . 8 . . . 3 8 3 3 1 - 4 2 2 .8 . . . . . 3 6 4 2 4 1 2 1 1 1 7 . . . . . 2 0 4 2 7 * 5 2 5 3 . . . . . . 5 6 9 8 4 3 - 1 .1 .3 f s 4 8 1 '. . . . C 2 9 4 £ e - - ~ 5 1 . . 3 . 4 . . . 7 6 0 9 4 f 1 ^ . .7 2 : « 3 K 1 1 . . . 3 5 2 0 j 3 \' ^ . . 1 9 5 ( e - - - _ 7 1 . . . 4 . 9 4 2 9 * -1 5 1 1 . . 3 . . . . 0 3 4 0 2 - - 1 - 5 . . . 1 3 . 9 . . 2 5 5 Y Z b d a c -7 5 . . 0 0 -3 4 . . 5 5 5 1 . . 1 3 1 1 0 4 . . 4 9 -7 5 .2 .3 •— 1 . , 0 1 6 1. . 7 6 - -4 4 .2 .5 3. . 6 6 -. 2 8 ]8 3> - -5 6 .6 .5 3. . 8 3 3 4 . . 8 7 e f j k g i F I R n i e n s s u a t n r L a o c o n f e a c t n n e h s . e e 3 s . e 8 w c c o to r r ld 1 8 8 5 2 1 . . . . . 1 1 1 3 0 8 7 8 1 1 . . . . . 0 3 0 6 3 3 7 8 2 . . . . . 8 2 3 5 6 4 9 8 2 . . . . S 4 9 0 1 1 1 9 4 3 2 0 . . . . . 8 5 5 1 6 - - 1 1 2 . 2 2 . . . 9 . 3 9 8 4 2 2 2 . . . . 9 1 5 4 2 2 . . . . 1 5 9 2 : -1 5 . 3 2 i 7 ! . . . 3 2 6 o 9 3 2 3 1 . . . . . 6 1 0 8 3 3 2 2 1 ' . . . . ( 6 6 8 -. 2 2 S . . S 3 * 3 2 2 2 . . . . 6 4 3 0 * 2 2 . . . : 7 5 9 l k h g ] 1 Less than $50 million. c Corrected. Preliminary. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 99 Notes to Tables J, 2, and 3 (cont.). 26 Loans from banks for purchasing or carrying securities and cus- 15 After inventory valuation adjustment. tomer debit and net free credit balances on books of security brokers 16 Financial component of national investment equals net lending to and dealers. rest of world; financial flows among domestic sectors cancel out in national 27 Mainly commercial, industrial, and agricultural loans (other than total. (Discrepancies in financial transactions attributed entirely to open market paper and CCC-guaranteed loans); includes loans to foreign domestic transactions.) Differs from U. S. "net foreign investment" banks, loans to individuals (other than consumer credit), and other loans. (net exports minus net unilateral transfers in national income accounts) Gross of valuation reserves. Loans to domestic commercial banks by discrepancy in rest-of-world account, which equals "errors and excluded in consolidated banking statement. omissions" in Dept. of Commerce balance-of-payments statement for 2 8 Mainly Federal Government loans (other than mortgages), CCCthe United States. guaranteed loans, open market paper, finance company loans to business, 17 "Liabilities" cover equity as well as debt claims. and policy loans on life insurance. is For description, see p. 852 of the BULLETIN for August 1959. 29 Trade debt net of trade credit. 19 Demand deposit liabilities of banking system are net of F. R. float 3 o For coverage, see p. 856 of the BULLETIN for August 1959. See also and cash items in process of collection as reported by commercial banks. notes for this category in individual sector statements in Table 4. Sum of sector holdings (partly on holder-record basis) differs from 3 * Saving and investment are equal in concept but may differ statistically liability total mainly because of mail float (checks in transit from drawers because of discrepancies. See p. 857 of the BULLETIN for August 1959. to drawees). See Table 4 (G), lines Y-a, for sector allocation of demand 3 2 Annual figures for farm sector are retained earnings of corporate deposit and currency liability on a net bank-record basis. For further farms; farm and nonfarm unincorporated businesses shown as having discussion, see p. 852-53 of the BULLETIN for August 1959. zero annual net saving. Quarterly figures for both sectors include 20 At commercial and mutual savings banks and Postal Savings System. seasonal net saving. See p. 838 of the BULLETIN for August 1959. 21 Shares in savings and loan associations and credit unions. 3 3 Data for excluded categories—trade credit, proprietors' net invest- 22 Consumer-held only; includes net interest accruals. Savings bonds ment, gold, Treasury currency, and misc.—appear in Tables 1 and 4 and held by other sectors included in Federal obligations category. Supplement No. 2. 2 3 Private and Federal Government life insurance. Estimated as equal 34 For sector transactions in specific instruments, see Tables 1 and 4. to changes in reserves against life insurance policies and supplementary 35 Mainly time deposits of State and local governments, corporate contracts and in policy dividend accumulations. businesses, and savings institutions. 24 Private pension plans and railroad and govt. employee retirement 3 6 Includes life insurance issued by fraternal orders not shown sepafunds. Estimated as equal to changes in reserves of pension plans ad- rately. All assets in these categories are treated as consumer holdings. ministered by life insurance companies and in assets of other private 37 Marketable issues maturing within one year and, prior to 1956, plans and of railroad and govt. employee retirement funds. savings notes. 2 5 Excludes Federal debt held by Federal agencies, consumer-held 3 8 Excludes loans to domestic commercial banks. Consists of mortsavings bonds, special notes issued to IMF, and currency items in public gages, consumer credit, security credit, other loans, and bank loans, n.e.c. debt; includes Federal agency debt and accrued interest on Treasury bills Gross of valuation reserves. and on savings bonds (other than consumer-held). NOTE.—Back data available in Flow-of-Funds Supplements. TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1955 1956 1957 1958 1959 (A) Consumer and nonprofit organization sector A Current receipts 291.9 314.2 331.4 338.8 361.5 86.1 87.8 87.0 90.2 91.1 93.3 92.3 94.9 96.7 B Income receipts i 273.4 293.5 307.3 310.2 331.8 78.8 80.8 79.6 82.8 83.8 85.7 "84.2 87.0 88.8 C Transfer receipts2 18.6 20.7 24.0 28.7 29.7 7.3 7.0 7.4 7.4 7.3 7.6 8.0 7.9 8.0 D Income taxes and other deductions.. 38.3 42.9 46.2 45.9 50.1 11.5 9.8 12.6 14.0 12.7 10.9 13.9 16.1 13.7 E Taxes less tax refunds3 33.1 37.0 39.4 38.9 42.1 9.9 8.4 10.3 11.7 10.8 9.3 11.2 13.4 11.5 F Pension and OASI deductions4... 5.2 5.9 6.8 7.0 8.0 1.6 1.4 2.3 2.3 1.9 1.5 2.7 2.7 2.2 G Cur. receipts after deduct. (A—D).. 253.6 271.2 285.2 293.0 311.4 74.5 78.0 74.4 76.2 78.3 82.4 78.3 78.8 83.1 H Cur. expend, for goods and serv.5.. 198.3 211.2 222.9 232.9 246.4 57.5 63.7 57.9 60.1 60.8 67.6 60.9 64.1 64.0 I Net life insurance premiums6 2.8 2.7 2.8 2.5 2.6 .7 .7 .6 .6 .7 .7 .5 .5 .6 J Current surplus (G — H—I) 52.5 57.3 59.5 57.6 62.4 16.3 13.7 16.0 15.5 16.9 14.1 17.0 14.2 18.4 K Insurance and retirement credits7... 8.0 9.1 9.1 10.1 11.6 2.6 2.7 2.9 3.2 2.5 3.0 2.9 3.3 2.8 L Capital consumption8 33.9 36.9 40.1 41.6 43.4 10.5 10.6 10.7 10.8 10.9 11.0 11.1 11.2 11.3 M Net saving (J-fK-L) 26.6 29.5 28.5 26.1 30.6 8.5 5.8 8.2 7.9 8.4 6.1 8.7 6.2 9.9 N Gross saving (L-fM) 60.5 66.4 68.6 67.7 74.0 18.9 16.4 18.9 18.7 19.4 17.1 19.8 17.4 21.2 0 Gross investment (P+T) 63.6 69.6 *73.3 •70.9 76.2 19.4 20.0 18.8 17.9 19.1 20.6 C18.3 14.8 19.2 O P Capital expend, (net of sales)...58.9 57.4 58.5 55.6 65.6 13.3 16.6 14.6 16.1 16.3 18.7 15.5 15.9 15.4 P Q Residential construction 16.6 16.1 14.9 14.7 18.5 3.6 4.3 4.3 4.1 4.9 5.3 4.5 3.8 4.3 Q R Consumer durable goods 39.6 38.5 40.4 37.3 43.4 8.7 11.4 9.4 11.2 10.4 12.4 10.0 11.2 10.1 R S Plant and equip, (nonprofit) 2.7 2.8 3.3 3.6 3.7 1.0 1.0 .9 .9 1.0 1.0 .9 .9 1.1 S T TVet financial investment (U—j). 4.7 12.1 14.8 15.3 10.6 6.1 5.3 4.2 1.8 2.8 2.0 C2.8 -1.2 3.7 U Net acquis. offinan. assets9 25.1 27.4 26.8 27.3 31.3 8.6 9.0 7.3 7.9 7.8 8.4 C4.9 3.9 7.4 V Demand deposits and currency. -.8 1.0 -.9 2.5 .9 2.3 2.3 -.9 -.7 .8 1.6 c-3.0 -1 .2 1.4 W Fixed-value redeem, claims.... 8.7 9.0 9.8 13.6 9.6 3.0 3.5 2.2 3.5 1.7 2.1 1.6 3.4 3.2 X Time deposits 3.2 3.7 6.5 7.7 4.1 2.1 1.5 1.0 1.6 1.0 .4 .2 1.0 1.8 Y Savings shares 5.2 5.3 5.2 6.3 7.3 1.0 2.1 1.4 2.4 1.2 2.3 1.5 2.4 1.4 Z U.S. savings bonds i o .3 i -1.9 -.5 -1.8 -.2 -.2 2 -.5 -.5 -.6 2 a Saving through life insurance... 3.2 3.8 2.8 3.4 3.7 1.0 1.0 .9 1.2 .8 .9 .7 1.0 1.2 a b Saving through pension funds.. 5.1 5.6 6.1 6.9 7.9 1.7 1.8 2.0 2.0 1.7 2.1 2.1 2.-3 1.6 "b c Cr. and equity mkt. instr.11.... 8.0 7.7 8.1 4.7 15.3 1.5 1.4 4.5 3.4 4.3 3.2 4.3 -.7 .8 d Federal obligations 2.2 1.0 .8 -2.2 9.4 -.8 .1 3.1 1.6 1.8 2.9 2.5 -1.3 -.7 e State and local obligations... 2.1 1.7 2.3 1.5 2.5 .6 .4 .5 .7 1.2 .1 .5 .3 .5 f Corporate and foreign bonds. 1.2 1.2 1.3 1.0 .1 .4 * -.1 j .4 -.1 .6 -.1 .3 g Corporate stock 1.4 2.2 1.7 1.9 1.1 .8 .2 .4 !6 .2 * .4 <} .3 h Mortgages 1.2 1.7 1.9 2.2 2.3 .5. .7 .5 .8 .7 .3 .3 .'5 .4 1 Net invest, in noncorp. bus .8 .4 .8 -3.7 -6.1 -.9 -.9 -1.5 -1.5 -1.5 -1.5 -.8 -.8 j Net increase in liabilities 20.4 15.2 12.0 12.1 20.7 2.4 5.7 3.1 6.2 5.0 6.4 2.1 5.7 3.6 k Consumer 19.7 14.9 11.5 11.5 20.1 2.3 5.5 2.9 6.0 4.9 6.2 2.0 5A 3.6 k 1 1-4 family mortgages 12.3 11.0 8.7 9.6 13.2 2.4 3.0 3.3 3.3 3.3 3.3 3.1 2.6 2.6 1 m Consumer credit 6.4 3.6 2.8 .3 6.3 .1 1.9 -.7 2.6 1.7 2.7 -.9 2.3 .6 m n Security credit .7 * -.4 1.1 * -.3 .4 .2 * -.2 -.4 • .1 n o p No O n t p h r e o r f i l t o o a r n g s a 1 n 2 izations *3 . . 7 2 . . 4 3 . . 4 4 . . 6 4 . . 5 6 . . 1 2 A .2 1 A 1 . .2 1 . . 1 1 ' .2 .2 . . 2 1 .2 * . . 2 1 P o q Discrepancy (N — O) -3.1 -3.2 -4.7 -3.2 -2.2 -.5 -3.6 A .8 .3 -3.5 M.5 2.7 2.0 • Less than $50 million. « Corrected. Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1955 1956 1957 1958 1959 (B) Farm business sector A Net income 8.6 8.5 8.6 11.0 8.6 3.0 3. 1.9 1.6 2.3 2.7 1.5 1. 2.5 B Proprietors' income withdrawals *4.. 8.6 8.5 8.6 11.0 8.6 2.7 2.6 2.4 2.2 2.0 2.0 1.8 2.2 2.2 C Net saving (A-B)is * * .3 .5 -.5 -.6 .3 .7 -.4 -.5 .3 C D Capital consumption 3.7 3.7 3.9 4.0 4.1 1.0 1.0 1.0 1.0 1.0 1.0 1.1 LI 1.1 D E Current surplus = gross saving (C+D) 3.7 3.7 3.9 4.0 4.1 1.3 1.5 .6 .4 1.4 1.8 .7 .6 1.4 E F Gross investment (G+J) 3.7 3.7 3.9 4.0 4.1 1.3 1.5 .6 .4 1.4 1.8 .7 .6 1.4 F G Capital expenditures 4.5 3.4 4.7 5.5 5.4 1.4 1.2 1.3 1.6 1.4 1.1 1.1 1.3 2.3 G H Construction and equipment16... 4.2 3.8 4.0 4.4 4.9 1.2 1.0 1.1 1.4 1.3 1.0 1.0 1.3 1.2 H I Change in inventories .3 -.4 1.0 .5 .2 .2 .2 .1 .1 .1 .1 I J Net financial investment (K—L) -.* .3 -.9 -1.5 -1.3 -.1 .3 -.7 -1.2 -.1 .8 - .4 -.7 .1 K L N N e e t t a in c c q r u e i a s s . e o i f n f l i i n a a b n il c i i t a ie l s assets17... - - . . 2 5 -.2 .7 1. . 9 4 -.4 .9 . . 1 2 -.2 .1 -.7 .5 -. 1 1 .1 -.1 -.1 .7 -.1 M Credit market instruments 1.2 .9 1.1 1.5 2.0 .2 .7 1.1 .2 .8 .2 M N Mortgages .8 .6 .7 .2 .3 .4 .1 .3 .2 N O Bank loans n.e.c. * • .4 .3 .6 \l .1 .5 .1 .3 * O P Other loansl * .2 .2 .2 .2 .2 .2 .2 Q Trade debt -.1 -.3 .2 .2 -.1 -.3 .2 R Proprietors' net investment.... -.4 -.5 .1 -.3 -5 -.3 -.3 -.3 - 3 -.3 (C) Noncorporate nonfinancial business sector A Net income^o 36.1 37.8 38.6 37.8 40.6 8.9 11.6 9.9 8.3 13.4 9.5 10.4 9.4 B Proprietors' income withdrawals21.. 36.1 37.8 38.6 37.8 40.6 9.5 9.7 9.9 10.2 10.2 c10.3 10.4 10.5 10.5 C Net saving (A-B)is -.6 1.9 -1.2 -1.9 3.2 -.9 i -1.2 D Capital consumption 7.0 7.5 8.1 7.7 8.2 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2A 2.2 7.0 7.5 8.1 7.7 8.2 1.3 3.8 2.0 .8 .1 5.3 1.2 2.0 .9 E Current surplus =« gross saving(C+D) F Gross investment (G+J)... 7.0 7.5 8.1 7.7 8.2 1.3 3.8 2.0 .8 .1 5.3 1.2 2.0 .9 F G Capital expenditures... 10.6 10.3 9.9 9.1 11.4 2.7 1.9 3.2 3.4 2.8 1.9 3.3 3.0 3.0 G H Plant and equipment22.. 10.1 10.1 9.7 9.1 10.8 2.5 2.4 2.1 3.3 2.9 2.5 2.1 3.1 3.0 H I Change in inventories20. .6 .2 .2 .6 -.5 1.1 .2 -.1 -.6 1.2 -.1 • I J Net financial investment (K—N) -3.6 -2.8 -1.8 -1.3 -3.2 -1.4 1.9 -1.2 -2.7 -2.7 3.4 -2.1 -1.0 -2.1 J K Net acquis. of financial assets .5 .7 1.0 .9 * .2 .7 j .2 -.1 .4 -.4 .3 -.1 K L Demand deposits and currency. .3 .3 .8 .9 -.3 .2 .2 -A -.1 -.1 -.1 ... L M Consumer credit .2 .3 .2 * .4 .5 -.3 .3 -.1 .5 -A .3 -.1 M N Net increase in liabilities 4.2 3.5 2.8 2.3 3.2 -1.3 .8 2.8 2.6 -3.0 1.6 1.2 2.0 N O Credit market instruments 2.9 2.0 1.1 2.3 4.8 2.8 -.4 2.5 1.6 1.1 2 1.2 A O P Mortgages 1.0 .6 .9 1.6 1.5 .6 .5 .7 .6 .2 -A .5 .5 P Q Bank loans n.e.c 1.0 .8 -.3 .5 2.7 -.4 1.9 -.6 1.5 1.1 .7 -.2 .8 -.3 Q R Other loans" .8 .4 .5 .2 .6 -.2 .3 .2 .3 -.1 .3 .5 -.1 -.1 R S Trade debt24 .1 -.2 .5 4.1 3.4 2.6 -3.0 2.4 1.6 2.2 -2.9 2.0 .6 2.4 T Proprietors' net investment.... 1.2 1.7 1.2 -4.2 -5.0 -1.0 -1.0 -1.2 -1.2 -1.2 -1.2 -.5 -.5 -.5 (D) Corporate nonfinancial business sector A Profits2*) 38.3 36.9 36.0 31.7 39.9 8.4 9.6 9.0 11.2 9.8 9.9 9.5 10.0 9.0 A B Profits tax payments (net)25 17.1 21.6 21.1 18.8 18.2 2.8 2.9 5.4 4.9 4.0 3.9 6.7 6.1 4.2 B C Net dividend payments26 8.8 9.4 9.6 9.4 10.3 2.3 2.4 2.5 2.5 2.5 2.8 2.8 2.6 2.6 C D Net saving (A-B-C) 12.4 5.9 5.3 3.5 11.4 3.3 4.2 1.1 3.8 3.3 3.3 * 1.2 2.1 D E Capital consumption 17.6 19.3 21.2 21.9 23.3 5.5 5.6 5.6 5.8 5.8 6.1 6.1 6.2 6.3 E F Current surplus = gross saving(D+E] 30.1 25.2 26.5 25.4 34.8 8.7 9.8 6.7 9.6 9.1 9.3 6.1 7.5 8.5 F G Gross investment (H+M) 26.7 20.6 23.8 21.5 30.7 7.9 8.6 6.1 9.9 7.6 6.9 4.3 6.1 6.4 G H Capital expenditures 28.9 34.0 32.5 22.4 32.3 5.7 7.1 7.7 9.1 7.2 8.3 8.9 8.2 7.6 H I Fixed investment 24.0 29 A 32.0 25.9 27.5 6.5 7.0 5.3 1A 7.3 7.4 5.6 7.8 7.8 I J Plant and equipment 22.9 28.4 30.9 24.3 25.5 5.8 6.5 5.3 6.5 6.6 7.2 5.7 7.0 7.0 J K Other 1.0 .8 1.1 1.7 1.9 .7 .5 .1 .9 .7 .2 -.1 .7 .8 K L Change in inventories2** 4.9 4.9 .6 -3.5 4.8 -.8 .1 2.4 1.7 -.1 .9 3.2 .4 -.2 L M Net financial investment (N-V) -2.2 -13.4 -8.7 -.9 -1.6 2.2 1.5 -1.5 .$ .4 -1.4 -4.5 -2.1 -1.2 M N Net acquis. of financial assets 16.8 4.3 4.4 7.2 13.4 6.9 5.2 .2 5.6 3.6 4.1 -2.6 .7 1.7 N O Demand deposits and currency. 1.0 r 1 * 1.7 .2 1.0 2.5 -2.9 1.5 -.2 1.8 -3.4 .6 .2 O P Credit market instruments27.. . 5.0 -3!8 .4 1.2 5.5 1.3 4.2 1.0 1.2 1.5 1.9 _ -> -1.3 -1.9 P Q Federal obligations 4.4 -4.3 * .7 4.4 1.2 3.3 1.4 .7 1.5 .8 _ 2 -1.5 -1.6 Q R Consumer credit .6 .3 A .4 .8 .2 1.1 -.8 .3 .1 1.2 -\A .3 -.1 R S Other loans (finance paper).. * .1 .3 .1 .3 -.2 -.2 .4 .1 -.1 -.2 1.1 * -.1 S T Trade credit 10.2 6.1 1.9 2.6 6.8 4.5 -1.4 1.8 2.6 2.2 * .8 1.0 2.7 T U Other financial assets 2» .6 1.8 2.1 1.7 .9 .2 2 .3 .3 * .3 .2 .3 .6 U V Net increase in liabilities** 19.0 17.7 13.1 8.0 15.0 4.8 3.7 1.7 4.8 3.1 5.4 1.9 2.9 2.9 V W Credit and equity market instr.. 10.1 13.0 13.1 11.8 11.6 3.1 3.1 1.9 3.8 2.9 2.9 2.7 2.7 2.5 W X Corporate bonds 2.8 3.7 6.3 5.7 3.3 1.4 1.3 .6 .9 .6 1.1 .4 .9 .8 X Y Corporate stock 2.0 2.3 2.4 2.3 2.3 .6 .5 .5 .8 .3 .6 .5 .5 .6 Y Z Mortgages 2.0 1.8 1.8 3.3 3.2 1.0 1.1 .4 1.2 1.1 .6 -> .8 .9 Z a Bank loans n.e.c 3.0 5.2 2.0 .5 2.5 .3 .1 .1 .9 .4 l'.O .4 .3 a c b Tr O ad th e e d r e l b o t ans^o 8. . 7 3 4. . 5 1 -.1 .5 -3.8 .1 3. . 3 4 - 1 .3 .7 . . 2 6 -.2 .3 . . 1 9 # .1 I 2. . 5 1 -.8 .6 . . 1 1 .3 * b c d Discrepancy (F-G) , 3.4 4.6 2.7 3.8 4.1 .8 1.3 .5 -.3 1.5 2.4 1.8 1.3 2.0 d e Memo: Profits tax accruals 2 5 20.2 19.5 18.8 16.2 20.9 4.2 4.9 4.8 6.0 5.1 5.0 5.1 5.0 4.4 e * Less than $50 million. c Corrected. Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 101 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1955 1956 1957 1958 1959 (E) Federal Government sector A Tax receipts (net of refunds) 59.7 69.1 71.5 67.7 72.3 14.9 13.8 19.0 19.6 17.5 16.2 21.5 22.4 18.9 B Individual income 30.0 34.1 36.1 34.6 38.6 8.7 7.6 9.7 10.7 9.7 8.6 10.5 11.8 10.5 C Corporate profits 18.1 22.4 21.8 19.9 19.4 2.9 3.0 6.0 5.4 4.1 3.9 7.1 6.4 4.4 D Other3! 11.6 12.6 13.6 13.2 14.3 3.4 3 2 3 3 3 5 3.7 3.7 3.9 4.1 4.0 Social insurance programs3 2 E Premiums received 7.5 8.0 9.5 10.4 11.3 2.5 2.0 2.6 3.5 3.0 2.2 3.4 4.9 3.6 F Benefits paid 6.5 7.2 9.3 12.4 12.9 3.1 2.9 3.3 3.1 3.1 3.3 3.5 3.5 3.5 Life insurance and retirement programs 3 3 G Premiums received 1.5 1.7 1.8 1.7 1.8 .4 4 4 4 5 .5 .5 .5 .5 G H Benefits paid 1.6 1.8 2.0 2.1 2.3 .5 .5 .6 .6 .6 .6 .6 .6 .6 H I Net grants and donations paid 3 4.. 9.6 10.0 11.4 13.3 14.2 3.5 3.7 3 2 3.2 3.8 4.0 3.2 3.3 3.7 J Net interest paid 3 5 4.8 5.3 5.7 5.5 6.4 1.3 1.3 1.5 1.5 1.6 1.8 1.9 1.8 K Other net purchases of goods and services 3 6 45.2 47.6 50.2 53.8 53.3 14.5 15.2 12.6 13.3 13.7 13.7 12.0 13.2 13.7 K L Construction expenditures 2.8 2.7 3.0 3.4 3.7 1 0 1 0 8 1 l 1 0 8 .7 .9 1.0 L M Other 42.4 44.9 47.2 50.3 49.6 13.5 14.2 11.8 12.2 12.7 12.9 11.3 12.3 12.7 M N Current surplus (A, E, and G, less F and H through K) 1.1 6.9 4.1 -7.2 -3.7 -5.1 -7.5 .8 1.8 -1.8 -4.5 4.1 5.1 -.4 N 0 P C G r r e o d s i s t s a n im d p n u e t t e s d a v to in g c o (N ns - u m O) ers37... . . 6 5 5 1. . 0 9 3. . 6 6 -8 1 . . 2 0 -4. . 5 9 -5. . 4 3 -7.6 .1 \l 1. . 4 4 -2. . 1 3 * 4. . 0 1 4. . 4 7 -.5 .1 P O -4.5 Q Net finan. investment (R — X). .5 5.9 3.6 -g.2 -4.5 -5.4 -7.6 .7 1.4 -2.1 -4.5 4.0 4.4 Q R Net acquis. offinan. assets 1.0 1.6 3.2 1.6 6.3 -4.4 .7 .2 4.3 2.6 -.8 -.3 4.0 .8 R S Demand deposits and currency -.6 -.2 .2 .1 .7 -5.0 -.5 1.0 1.5 -1.2 -A 2.8 .2 S T V W U O Cr t O M h ed e t o h r it r e f t m r i g n a l a a o g r n a k e c n e s ia 3 t s * 3 l i * n as s s t e r t u s m 4° ents.... 1. . . . 5 9 6 1 1. . . . 1 8 3 7 2 1. . . . 4 4 9 6 - 1 1 .2 . . . 7 4 3 2 3 1 1. . . . 8 6 8 2 . . . 5 1 5 * -.1 . . . 3 6 9 * . . . . 7 6 1 1 1 1 1 . . . . 7 7 0 6 1. . . . 0 6 4 1 . . 5 4 * * -.3 . . 2 3 * 1. . . . 0 7 1 3 . . . . 3 1 1 5 W U V T X Net increase in liabilities .5 -4.3 9.7 10.8 1.0 8.3 -.5 2,9 4.7 3.7 -4.3 -.5 1.3 X b Y Z a C Fi o x P C n e o o s d s u n - t m v s a u a l e l m s r u a e e s v r a i r - v n e h i g d e n e l g d d e e m t s p h v a o r g b o s s l i u e t . s g b c h o l a n l i i d m fe s s 1 . -.3 .3 - - . . 3 2 i - -2 \. . 9 2 q -.7 2 - - - 1 2 . . . 2 8 0 - - . . 2 2 * - - - . . . 2 1 2 - - . . 2 2 * - - - . . . 5 1 6 - - - . . . 5 1 6 - - . . 6 6 * - - - . . . 1 2 3 - - -. . . 1 1 2 - .1 * Y Z insurance and retir. funds... .6 1.0 .6 1.0 1.0 .3 .1 .2 .4 .3 .1 .1 .7 .1 c e f g h d O O Fe t t N S O h h d e e h e t o r r h r o n a e r l l g l t r i o - a u o t a d b e a b n i i r r l r l s m a i e i t 4 g n c i 4 e a t t d s e t a i 4 i e r n o 5 d e d n 4 c 3 s t g 4 4 ! 2 uaranteed. - - 1 7 6 1 1 . . . . . 1 1 6 0 5 - - 1 - 5 3 7 . . . 3 . 1 . . 0 4 3 6 - - 6 2 5 1 . . 4 . . . 2 . 1 5 4 3 - 1 1 9 0 . . 2 ' . 0 7 A 5 1 - 2 5 3 1 1 .6 . . . . . 1 5 2 6 3 1 1 . . ' . 1 2 . 1 4 2 7 3 3 . . . . . . 6 7 8 5 1 3 - - - 4 4 . . 2 . 6 . 4 2 2 * -3 - 4 2 1 . . . . 5 . 3 7 0 8 3 - - 5 3 . .3 1 . . . . 3 7 8 7 -1 4 4 . . . 1 . . . 0 7 2 1 4 - - - 4 - 7 3 . . . . 2 1 . 4 i 6 - - 2 - 1 . . . 1 1 4 . . 5 7 * - - - 3 5 1 . . . 7 3 . . 4 . 3 2 3 1 Memo: Assets of OASI fund 1.1 .9 j -1.7 -.5 -.5 -.5 .2 -.7 -.7 -.1 .8 -.1 (F) State and local government sector A Tax receipts4* 24.5 27.3 29.4 31.0 33.2 7.7 7.9 8.1 8.2 8.4 8.5 8.7 9.0 8.8 A B Net insurance and grants receipts47 .2 .4 1.0 1.4 2.6 .2 .5 .8 .3 .8 .7 .7 .3 .5 C Net interest paid , .5 .5 .5 .6 .7 .2 .2 .2 .2 .2 .2 .2 .2 .2 D Other net purchases of goods and services3* 26.2 28.5 31.5 35.1 37.7 9.1 9.4 8.8 9.7 9.7 9.5 9.1 10.2 10.6 E Construction and land 10.0 11.1 12.1 13.3 13.7 4.0 3.5 2.8 3.7 4.1 3.1 2.5 3.4 4.3 F Other by govt. enterprises i.6 -1.7 -1.8 -1.9 -2.0 -.5 -.5 .5 .5 .5 .5 c -.5 -.5 G Other by general government. . . 17.8 19.1 21.2 23.7 26.0 5.6 6.3 6.4 6.5 ~6.1 7.0 7!l 7.3 6.9 H Current surplus (A+B-C-D).. . n.0 -1.4 -1.6 -3.3 -2.6 -1.3 -1.1 -1 .3 .7 .4 .1 -1.1 -1.6 I Credits imputed to consumers48... 1.2 1.4 1.6 1.7 1.8 .4 .4 .5 .5 .5 .5 .5 .5 .5 J Gross and net saving (H—I) 2.2 -2.7 -3.2 -5.0 -4.4 -1.7 -1.6 - .6 -1 .8 -t.2 - .9 ^ -1.5 -2.1 K Netfinan. investment (L — S).. -2 .6 -2.2 -3.2 - 5.2 -3.9 -2.7 — .3 -1 .6 -1 .2 -1 .3 .3 c-.5 -.9 -2.1 K L Net acquis. offinan. assets 2.2 2.6 3.3 2.5 3.1 -.9 1.0 .2 .7 .9 1.2 ci.O .4 - .1 L M Demand deposits and currency A .2 .2 .2 .5 .6 A .1 .2 .6 c* -A -.2 M N Time deposits .1 * A .8 A A — .1 i 5 * 2 A .3 O Credit market instruments.... 1.9 2.3 2.6 1.4 2.9 '.2 .5 .6 '.5 1.2 .7 .9 A -.3 P Federal obligations .8 1.1 10 — .4 1.0 -.2 * .1 .7 .2 .3 * -.8 Q R O St t a h t e e r a 4* nd local obligations.. . . 4 7 . . 5 7 1. . 1 5 1.4 5 1. . 4 5 . . 1 4 . . 1 4 . . 1 4 # 'A 1 . . 2 4 . . 1 4 . . 1 4 !3 . . 1 3 R Q S Net increase in liabilities 4.8 4.8 6.5 7.7 6.9 1.9 1.3 .8 1.9 2.3 .9 7.5 1.3 1.9 S T State and local obligations 3.5 3.2 4.7 5.7 4.9 1.3 .8 1.3 A 1.8 A 1.0 .8 1.4 T U Short-term —.2 -.1 .4 .4 .3 .3 2 .2 • .6 A * -.3 .2 U V Other 3.7 3.3 4.3 5.2 4.5 1.1 l.'o 1.1 1.4 1.2 .8 1.0 1.0 1.2 V W Consumer saving through retirement funds. 1.2 1.4 1.6 1.7 1.8 .4 .4 .5 .5 .5 .5 .5 .5 .5 W X Other liabilities so .1 .2 .3 .4 .2 .1 .1 * .1 .1 .1 * .1 * X Y Discrepancy (J-K) - .6 e * .2 -.6 1.2 -1.2 1.0 - .5 .2 -1 .2 .2 -.6 ' Less than $50 million. c Corrected. Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1955 1956 1957 1958 1959 3 4 1 2 3 4 1 2 3* (G) Commercialbanking and monetary authorities sector A Net operating surplus 2.5 3.0 3.5 3.5 4.1 .9 .9 1.0 1.0 1.0 1.1 1.0 1.2 1.1 A B Profits tax & net div. pymts.51 1.7 1.8 2.2 2.4 2.6 .5 .5 .7 .8 .5 .6 1.0 .7 .7 B C Current surplus = gross saving (A B) 5 2 8 1 2 1 3 1 0 1 5 4 4 2 D Gross investment CE-\-F) 1.4 1.3 1.1 1.3 2.4 1.3 — 5 .8 .6 1.3 -.2 9 7 .9 D E Capital expenditures . • . .3 .3 .4 .4 .4 .1 .1 .1 .j .1 1 .1 .1 E F Net financial invest. (G—W) 1.1 1.0 .7 .9 2.0 1.2 — .6 .7 .5 1.2 — .3 .8 .6 .7 F G Net acquis. offinan. assets53 4.7 5.1 5.4 14.7 4.6 -1.1 7.7 -5.5 3.5 3.2 3.5 -7.9 4.6 G H Gold * .3 .8 -2.3 -1.1 -.5 -.3 -.1 -.7 -.2 -.1 * _'l - 6 H I Credit market instruments 4.8 4.8 4.3 17.0 5.6 -.6 8.0 -5.4 4.2 3.3 3.5 -7.9 5.0 5.2 I -7.1 -3.1 -.6 10.0 -7.1 .2 2.9 -5.3 -1.3 -.4 -.2 -7.0 1.8 3.9 J K Afonetary authorities. .. -.7 .2 -.7 2.2 .3 -.4 1.4 -.9 .6 .5 -1.4 7.2 .5 K L Commercial banks -6.9 -3.3 .2 7.9 -7.4 .6 1.6 -4.4 -7.P - .9 -'.3 -5.6 .5 3.4 L M Short-term direct * 2 -8.5 4.8 1.9 .9 -3.1 .3 .9 -6.0 1.0 -.4 2.3 -4.6 -.9 5.0 M N Other direct and guar.... 1.1 -7.8 -2.2 C6.9 -3.9 .1 .7 1.8 -2.7 -.5 -2.5 -.7 1.5 -1.5 N .5 -.2 .5 -.5 .2 -.1 -.2 -.2 * -.3 -.1 O P State and local obligations... .2 1.0 2.6 .4 .5 .2 .2 .2 .1 * * .4 P Q Corp. and foreign bonds -'.2 -.4 .1 -.2 -.1 -.1 * * * -.1 * Q S R C M o o n r s tg u a m g e e r s credit 2 2 .4 3 1 1 . 7 4 1 .6 2 2 2 2 .5 4 — . 7 l .8 3 ..43 11..10 ..75 3 .1 2 .2 8 .3 3 R S T Security loans .6 -.8 -.1 .4 .2 -1.7 1.0 -.4 * -.2 .8 -1.5 .4 .4 T U V O Ba th n e k r l I o o a a n n s s 5 n 4 ee -1 8 . . 3 0 5.9 2 - 2 .3 .3 1. . 3 4 - 7 .6 .9 -.2 * 2. . 7 2 - - . . 4 2 - 3 .4 .6 - 2 .1 .8 1. . 9 2 .3 2. . 0 1 -.5 .5 U V W Net increase in liabilities 3.6 4.1 4.7 73.5 2.6 -2.3 5.3 -6.2 3.0 2.0 3.5 -8.7 4.4 3.9 W X Dem. dep. net & currency55. .. 2.3 1.7 -.8 5.8 1.1 -3.4 8.0 -7.0 2.1 2.1 3.8 -8.8 2.5 1.5 X Y Due to US Govt 56 -.7 .1 .2 .2 .7 -5.0 .1 -.9 1.0 1.9 -1.3 -.7 2.7 .3 Y Z Due to rest of world * .2 .2 * -.1 .3 -.1 .2 .1 -.1 -.4 * Z a Due to others 5 6 3.0 1.4 -1.1 5.6 .3 1.7 7.6 -5.9 .9 .1 5.2 -7.7 -.3 l.l a b Demand deposits, net55.... 2.6 1.4 -7.7 5.2 -.3 7.7 6.8 -5.7 .2 4.2 -6.4 -.6 7.2 b c Currency .4 * .4 .6 .8 -.5 .'5 * 1.0 -1.3 .3 -.7 c d Time deposits 1.3 2.1 5.5 8.0 1.2 1.1 .5 .6 .9 -.1 2 * 1.5 2.2 d e Due to consumers 1.7 2.1 5.1 5.5 3.0 1 6 1 0 .5 1.4 .9 .3 * .9 1.5 e f Due to others -.3 -.1 .3 2.5 -1.9 -.5 -.5 .1 -.5 -1.0 -.5 .6 .8 f g Other liabilities57 * .3 * * .4 -.1 -.1 .2 * * .2 .3 .2 g h Discrepancy (C —D) -.6 .3 3 -.9 -1.0 .9 -.5 -.4 -.8 .7 -.9 -.2 -.4 h (H) Nonbank financial sectors73 A Current surplus 5 ^ 8.7 8.4 9.4 9.4 10.3 2.9 2.3 3.0 2.7 2.7 2.0 3.5 2.3 3.3 A B Credits imputed to consumers 5 9.... 6.2 6.7 7.0 7.4 8.8 1.8 2.2 2.3 2.3 1.7 2.5 2.3 2.1 2.2 B C Gross savine f A B^ 5 2 2 5 1 7 2 4 2 0 1 6 1.1 1 .7 .3 1.1 — .5 1.3 .2 1.1 C D Gross investment (E-|-F) 2.7 2.1 2.7 3.9 2.2 1.4 .8 .8 .2 1.1 -.1 1.0 .5 1.1 D .4 .3 .4 .3 .4 .1 .1 .1 .1 .1 .1 .1 E F Net financial invest (G — X) 2.4 1.8 2.4 3.6 1.8 1.3 .7 .7 .1 1.0 -.2 .9 .4 1.0 F G Net acquis. offinan. assets 22.2 17.4 18.5 21.5 24.6 2.9 7.8 5.7 6.6 5.4 6.9 5.0 7.2 5.7 G By subsector: H Mutual savings banks.. 2.0 2.0 1.8 2.6 1.5 .1 .5 .6 .4 .4 * .5 .6 H 6.3 5.6 5.6 7.5 8.6 1.8 2.5 1.7 2.7 2.1 2.1 1.5 2.4 1.9 I I Life insurance comoanies 5.2 5.2 4.9 5.2 5.1 1.3 1.5 1.2 1.4 1.1 1.4 1.2 1.2 1.4 J K Other insurance companies 1.2 .7 1.0 1.2 1.6 .4 .4 .3 .4 .5 .5 .4 .4 .4 K L Noninsured pension funds... 2.0 2.3 2.7 2.8 3.2 .6 .8 1.0 .8 .5 .9 1.1 .8 .7 L M Finance n.e.c 5.7 1.8 2.7 2.2 4.6 -1.9 2.1 1.0 .9 .9 1.9 .3 2.1 .8 M N By D t e y m pe a : nd dep and currency .6 .2 .3 .7 * -.2 .5 -.3 * -.3 .6 _ 4 .4 -.2 N O Cr. and equity mkt. instr 21.5 17.0 18.0 20.2 24.9 3.4 7.0 6.1 6.6 5.9 6.3 5.3 6.6 5.9 O P Federal obligations -.6 -1.1 -.3 .9 .8 -.2 1.0 .5 .1 .5 -.3 .3 -.3 .2 P Q State and local oblig .9 .8 .9 1.1 1.4 .1 .2 .5 .4 .3 .3 .4 .6 4 Q R Corn and foreign bonds 2 4 3 6 5 1 4.8 3.6 .8 1.4 .9 .8 .4 1.4 .2 1.0 .8 R S Corporate stock 1.5 1.3 2.1 2.3 2.9 .2 .9 .8 .6 .5 1.1 .5 1 .0 .6 S T 1- to 4-family mortgages... 10.2 8.4 6.3 8.0 9.8 2.3 2.3 2.1 2.5 2.8 2.3 2.0 2.5 2.6 T U Other mortgages 1.7 1.8 1.5 2.2 2.2 .6 .6 .4 .6 .6 .6 .5 .6 .6 U V Consumer credit 3.3 1.6 1.3 -.3 2.7 .2 .9 1.0 .6 .5 1.0 .6 V W Security credit .5 .1 -.2 1.0 * .2 * .1 -.1 -.1 _ # [ .2 W X Other loans 60 1 7 4 1 4 .2 1 5 -.6 .5 .7 .6 -.2 .3 1.1 ? -.1 X Y Other financial assets «i .1 .2 .2 .6 -.2 -.2 .2 1 -.2 * 2 * Y Z Net increase in liabilities 19.8 75.7 76.7 75.0 22.9 7.6 7.0 5.0 6.5 4.4 7.7 4.1 6.5 4.7 Z a Dep. in mutual savings bks 1.8 1.8 1.7 2.3 1.2 .5 .5 .5 .3 .2 .1 .3 2 .4 a b Savings shares 5.3 5.4 5.2 6.5 7.2 1.0 2.3 1.4 2.3 1.2 2.3 1.5 2.4 1.4 b c Saving through life insurance... 3.3 3.6 2.7 3.4 3.6 .9 1.0 .8 1.2 .7 .9 .7 1.0 1.2 c d Saving through pension funds.. 3.2 3.3 4.1 4.3 5.2 1.0 1.3 1.5 1.1 1.0 1.6 1.6 1.1 1.0 d e Cr. and equity mkt. instr.62.... 6.0 1.0 2.2 1.1 5.6 -1.7 1.8 .7 1.5 1.1 2.3 -.4 1.7 .6 e f Corporate bonds 1.3 1.1 .7 .2 1.0 -.2 .2 .3 .3 .3 .5 .2 .4 f g Corporate stock .9 1.1 1.2 1.6 1.8 .3 .5 .5 '.3 .4 .5 .5 .3 .3 g .3 -.6 .1 .6 * -1.1 .6 -.4 -.1 -.1 .6 -1.2 .5 .5 h i Bank loans nee 2.7 -.6 4 -1.1 1.4 -.5 .6 * .5 .3 .7 -.6 .5 -.5 i j Open market paper 6 3 .2 .2 .5 -.1 .5 -.2 2 .5 .2 -.1 -.1 1.1 * * j k FHLB loans to S & L assns. « 3 .5 -.2 * * .8 .1 '.3 -.2 .4 .3 .3 -.6 .2 * k 1 Miscellaneous* * .2 .5 .1 -.1 .1 .1 * .1 -.1 .3 .4 * 1 m Discrep. & unident. assets (C—D).. -.3 -.4 .3 .3 -.3 -.7 .2 * -.4 .2 -.4 -.1 m -.4 -1.9 * Less than $50 million. c Corrected. p Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 103 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1955 1956 1957 1958 1959 (I) Rest-of-world sector 6 A Net purch. of goods and serv. (B — C) 1 6 3.4 5.3 1.8 -.5 .1 .6 - 2 — 3 A 3 .5 .8 .6 A B Purch. of goods and services66... 19.5 23.2 26.3 22.9 23.0 5.5 6.0 5.3 5.7 5.8 6.3 6.2 6.8 6.6 B C Sales of goods and services 17.9 19.8 20.9 21.1 23.5 5.4 5.4 5.4 6.0 6.2 5.9 5.7 6.0 6.0 C D Net unilateral receipts66 2 1 1.9 1.9 1.9 2.0 .5 .5 5 5 4 6 5 .5 .5 D E Current surplus (D-A) 4 -1.5 -3.5 .1 2.5 .3 -.1 .7 .8 .8 .2 -.2 -.1 E F Net financial investment (G-N) * -2.1 -4.2 -.3 1.8 .2 * .5 .4 .1 F G Net acquis. offinan. assets 1.5 1.5 -.1 3.5 5.8 .9 .9 1.0 2.8 1.4 .6 .8 l.O 1.1 G H Gold -.3 -.8 2.3 1.1 .5 .3 1 .8 .2 1 * H I U.S. dem. dep. and currency... * .2 .2 * .1 _ j .3 _ j .2 A _ j -.4 I J Time deposits —. 1 -.1 * .9 -1.0 _ j * \ — 4 -.3 -!3 J K Federal obligations 1.1 .8 .2 * 2.8 !8 .3 '.2 9 1.2 .5 * -.1 .2 K L Other credit market instr.67 — \ .5 .5 -.1 .3 -.1 * — \ A .1 .2 .4 A .2 L M Misc. financial assets68 \l .4 -.1 .3 2.4 -.1 * .1 1.3 .2 .2 .9 .7 -.1 M N Net increase in liabilities 1.5 3.6 4.7 3.8 4.0 .8 .9 .5 2.4 .<5 .5 .8 1.1 1.0 N O Securities * A .5 1.2 .1 .2 .3 .3 A .1 .1 .2 .2 .1 O P Loans6* .4 .6 .9 1.1 .2 A .3 -.1 .2 .1 -.1 .1 A .3 P Q Miscellaneous 7 0 1.2 2.6 2.7 1.4 3.2 .2 .3 .3 2.0 .4 .5 .5 .5 .6 Q R Discrepancy (E- F)7* .4 .6 .8 .4 .8 .2 -.1 .2 .4 * .2 * -.2 S Memo: Unilateral transfers in kind 7 2 2.8 3.0 2.9 2.7 2.3 .5 .6 .6 .7 .5 .5 .5 .4 * Less than $50 million. P Preliminary. governments, and to savings and loan associations (by FHLB). Excludes 1 Payrolls, interest, dividends, and income withdrawals from unincor- CCC-guaranteed loans other than those on tobacco. porated business. 40 Treasury currency assets, time deposits, trade credit, and mis- 2 Grant and donation receipts of consumers and nonprofit organiza- cellaneous (mainly foreign cash and subscription to IMF). tions (net of transfers within the sector), social insurance benefits, and 4* See Table 1, note 25. 42 See Table 3, note 37. benefits from private pension and government retirement funds. 43 Securities and notes issued by FNMA, Federal land banks, home 3 Federal, State, and local income and estate and gift taxes. loans banks, intermediate credit banks, and banks for cooperatives. 4 Mainly employee contributions to OAST and to private pension and 44 CCC-guaranteed bank loans and CCC certificates of interest. government retirement funds. 45 Treasury currency liabilities, trade debt, and misc. liabilities (special 5 Figures include net operating outlays of nonprofit organizations and IMF notes, misc. deposits, and private equity in Govt. enterprises). net transfer payments abroad. 46 Excludes employment taxes. 6 Net of dividends on and benefits from private life insurance and 47 Receipts of Federal Government grants; payments of direct relief individual annuity policies and Government life insurance. and other transfers; and receipts and payments in connection with 7 In connection with consumer saving through life insurance, private government employee retirement, unemployment insurance, workmen's pension funds, railroad retirement, and government employee retirement. compensation, and cash sickness compensation programs. 8 For details, see Table 2, lines J~L. 4 8 In connection with saving through govt. employee retirement funds. 9 Breakdown by consumer and nonprofit not available. 49 Corporate bonds and mortgages. 1 o Includes net accruals of interest. 5 ° Trade debt and loans from Federal Government. 1! Includes net free credit balances with brokers not shown separately. 5! Includes payment to Treasury on F. R. notes outstanding. 12 Policy loans. 52 Net saving is less than line C by the amount of capital consumption, 13 Consists of commercial mortgages, bank loans, loans from Govern- about $0.1 billion a year. ment, and trade debt. 5 3 Includes misc. and Treasury currency assets not shown separately. 14 Estimated as equal to seasonally adjusted net income of unincor- 54 Open market paper, CCC-guaranteed loans, and CCC certificates of porated farms. Figures include small amounts of dividends and profits interest, taxes paid by corporate farms. 5 5 Net of Federal Reserve float and cash items in process of collection 15 See Table 2, note 32. as reported by commercial banks. 16 Includes farm residential construction. 56 Bank-record basis, net of bank float; differs from sector demand 17 Mainly demand deposits and currency. deposits and currency assets (shown in Table 3 and in nonbank sector 1 8 Excludes CCC-guaranteed loans. See p. 840 of the BULLETIN for accounts in Table 4) principally because of mail float. August 1959. 57 Mainly stock issues and balances due to foreign branches. 19 Government loans; excludes CCC loans. 5 8 Includes premiums on life insurance and private pension plans, less 20 After inventory valuation adjustment. benefit payments and policy dividends. 21 Estimated as equal to seasonally adjusted business ut income. 59 In connection with consumer saving through life insurance and 22 Includes business residential construction. pension funds. 23 Mainly REA and other loans from Federal Government and loans 60 Mainly finance company loans to business and insurance policy loans. from finance companies. 6 * Trade credit, time deposits, sayings shares, and miscellaneous assets. 24 Net of trade receivables. 62 Lines /, y, and most of / are liabilities of finance companies; line g, 25 Federal, State, and local taxes on profits. shares of open-end investment companies; and line h, liabilities of security 26 Includes profits paid by U. S. branches to foreign parent corporations brokers and dealers. less profits paid by foreign branches to U. S. parent corporations. 63 Part of "other loans" category. 2 7 Includes State and local obligations not shown separately. 64 Deposits at banks in U. S. possessions and agencies of foreign banks. 2 8 Miscellaneous financial assets (direct investments in foreign branches 65 Consolidated; records only transactions with U. S. and holdings of foreign cash), and time deposits. 66 Excludes unilateral transfers in kind, shown in line S. 29 Includes direct investments from abroad not shown separately. 67 Corporate securities, security credit, and commercial paper. 30 Mainly commercial paper and loans from finance companies. 68 Direct investments, unidentified assets, IMF holdings of special 31 Mainly excise taxes and customs receipts; also includes estate and U. S. notes, and miscellaneous deposits. gift taxes and payment to Treasury on F. R. notes outstanding. 69 Security credit, bank loans n.e.c, and other loans (mainly from 3 2 OASI, disability insurance, and unemployment programs. Line E U. S. Government). includes Federal employment taxes and States deposits in unemployment 0o Direct investments, foreign currency and deposits held by U. S. compensation trust funds; line F, Federal benefit payments to consumers domestic sectors, and other liabilities. and State withdrawals from these trust funds. 71 "Errors and omissions" in U. S. balance-of-payments statement. 33 Veterans' life insurance and Government employee and railroad re- 72 Grants in the form of goods and services by U. S. Government and tirement funds. Line G excludes Government contributions to these funds. private indivi luals and institutions. 34 Transfer payments (other than insurance benefits) to individuals, 73 For detail by subsector, see Supplement 3. plus net cash unilateral transfers to foreign countries, grants-in-aid to NOTE.—"Liabilities" covers equity as well as debt claims. State and local governments, and subsidies to business. 3 5 Includes net accruals on savings bonds and Treasury bills. For descriptions of sectors, of capital expenditures, and of financial 3 6 Purchases less sales for general govt. and govt. enterprises, including transaction categories, see notes to corresponding items in Tables 1, 2, outlays for tangible capital and (for Federal Govt.) net disbursements to and 3, pp. 930, 931, 938, and "Technical Notes," pp. 846-59 of the farmers in form of CCC-direct and guaranteed-loans. BULLETIN for August 1959. For discussion of saving and investment 37 In connection with saving through Government life insurance and concepts, see p. 833 of the BULLETIN for August 1959. Government employee and railroad retirement funds. Back data available in Flow-of-Funds Supplements. 3 8 Mainly on 1- to 4-family and farm properties. Details may not add to totals because of rounding. 39 Mainly loans to business sectors, to foreign and State and local Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

Financial Statistics * International * Reported gold reserves of central banks and governments 106 Gold production 107 Net gold purchases and gold stock of the United States. 108 Estimated foreign gold reserves and dollar holdings. 109 International capital transactions of the United States 110 United States balance of payments 119 Money rates in foreign countries 119 Foreign exchange rates 121 Index to statistical tables 127 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. 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] E m n o d n t o h f w m E t o o a s r t t t a l e i d - l d 1 M F I ta u n o r n t n y ' d l e- U S n ta i t t e e s d r m w e E s a o s t t r t e i l o - d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p g h . o e , 1953—Dec.. 36.290 ,702 22.091 12,495 372 117 52 776 321 986 42 86 101 1954—Dec.. 36,940 ,740 21,793 13,405 372 138 62 778 322 ,073 42 86 115 1955—Dec.. 37.620 .808 21.753 14,060 372 144 71 929 323 ,134 44 86 116 1956—Dec.. 38.115 ,692 22,058 14,365 224 107 71 925 324 ,103 46 57 122 1957—Dec.. 38;820 .180 22,857 14,785 126 126 103 915 324 ,100 40 62 81 1958—Dec.. 39.490 ,332 20,582 17,575 60 162 194 1,270 325 ,078 40 72 83 1959—Nov.. 2,389 19,617 57 150 291 ,156 327 960 41 70 42 Dec. 40,185 2,407 19,507 18,270 56 154 292 ,134 327 960 43 71 42 1960—Jan... 2,416 19,494 56 157 292 ,143 326 952 42 71 42 Feb.. 2,421 19,471 56 160 292 ,175 326 952 41 72 38 Mar.. 40,355 2,454 19,457 18.445 56 163 292 ,183 294 950 41 73 38 Apr.. 2,495 19,403 56 166 292 ,197 294 945 42 71 38 May. 2,489 19,395 56 170 292 ,182 286 922 42 72 38 June. '40^570 2,515 19,363 i 8"690 55 149 292 ,191 286 909 42 73 38 July.. 2.527 19,188 55 293 ,175 287 906 42 74 Aug.. 2.562 19,045 80 293 .094 287 904 42 74 Sept.. ^40'685 2,564 18,725 19*395 84 293 ,094 287 894 42 75 Oct... 2,603 18,443 293 .112 287 891 45 Nov.. 2,723 17,948 293 ,158 886 45 Domin- Egyp- Ger- E m n o d n t o h f Cuba m De a n rk - R i e c l p i a c u n b- E d c o u r a- gi t R o ia n e n - — E v l a d S o al r - l F a i n n d - France2 R F m e e p d a u n e b r y a l , i l c Greece G m u a a l t a e- India I n n e d s o ia - U.A.R. of 1953—Dec 186 23 174 26 617 328 11 27 247 145 1954—Dec 186 23 174 31 708 626 11 27 247 81 1955—Dec 136 23 174 35 942 920 11 27 247 81 1956—Dec 136 22 188 35 924 1,494 10 27 247 45 1957—Dec 136 22 188 35 581 2,542 13 27 247 39 1958—Dec 80 22 174 35 750 2,639 17 27 247 37 1959_Nov 60 20 174 38 1,122 2,626 26 24 247 33 Dec 50 20 174 38 1,290 2,637 26 24 247 33 1960—Jan 50 20 174 38 1,285 2,638 24 247 33 Feb 21 20 174 38 1,298 2 652 26 24 247 33 Mar 19 20 174 38 1,322 2.670 26 24 247 33 Apr 19 20 174 38 1,399 2,704 26 24 247 33 May 19 20 174 38 1,513 2,741 26 24 247 33 June 19 20 174 38 1,551 2,772 26 24 247 33 July 19 20 174 38 1,560 2,818 26 24 247 33 Aug 3 20 174 38 1,568 2.879 26 24 247 33 Sept 3 20 174 38 1,627 2,888 31 247 33 Oct 1 20 174 41 1,622 2,915 31 247 37 Nov 20 174 41 1,626 2,943 247 57 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 137 346 35 158 737 52 38 36 361 1954—Dec 138 346 63 62 796 45 38 35 429 1955—Dec 138 352 74 142 865 45 48 35 428 1956—Dec 138 14 338 77 167 844 50 49 35 448 1957—Dec 138 20 452 91 180 744 45 49 28 461 1958—Dec 141 34 1,086 91 143 1,050 43 49 19 493 1959—Nov 140 84 ,635 102 143 ,132 30 50 29 546 Dec 140 84 ,749 102 142 ,132 30 50 548 1960—Jan 140 84 ,816 102 142 ,132 30 52 548 Feb 131 84 ,870 102 142 ,141 30 52 548 Mar 131 84 ,902 102 142 ,164 30 52 549 Apr 131 84 ,902 102 142 ,164 30 52 549 May 131 84 ,983 102 142 ,164 30 52 549 June 131 84 ,997 102 142 ,231 30 52 549 July 131 84 ,998 102 122 ,246 30 52 550 Aug 131 84 102 122 ,246 30 52 550 Sept 131 84 102 ,346 30 52 550 Oct 131 111 102 ,376 30 52 550 Nov 131 102 ,376 30 52 550 p Preliminary. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 107 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 ic th a Spain Sweden Sw la i n tz d er- U g S i y . R o A r n e i - . a — R n . T la h n a d i- Turkey U K d n o i i n m t g e 3 d - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - m S I e e f n t o n t t r l ' t l e s - 4 E E P F U 5 - 1953 Dec 176 130 218 ,459 14 113 143 2.518 227 373 13 75 153 1954 Dec . . . 199 132 265 .513 17 113 144 2,762 227 403 14 76 153 1955—Dec 212 132 276 597 19 112 144 2 120 216 403 \6 121 244 1956 Dec 224 132 266 ,676 19 112 144 2.133 186 603 17 59 268 1957—Dec 217 101 219 718 24 112 144 2 273 180 719 13 24 254 1958 Dec 211 57 204 ,925 24 112 144 3,069 180 719 17 -42 126 1959__Nov 230 57 191 ,816 19 104 133 2,974 180 654 10 -120 Dec 238 68 191 ,934 104 133 2,736 180 654 16 -134 40 I960 Jan 248 78 191 ,826 104 133 2,685 180 654 10 -31 Feb . . 244 78 171 1.807 104 133 2,722 180 654 10 9 Mar 256 78 171 1,777 104 133 2,780 180 654 10 17 39 Apr . 258 78 171 1,767 104 133 2,831 180 514 9 (6) May 255 78 171 767 104 133 2 859 180 514 7 -122 June 240 78 171 1,774 104 133 2.892 180 514 7 -103 48 July 233 78 171 1,896 104 133 2.996 180 514 7 -107 Aug 219 88 171 I 960 104 133 3 072 180 514 7 -103 Sept . . 204 98 171 980 104 133 3,108 180 464 6 -79 53 Oct 187 108 171 2 020 133 3 139 180 — 54 Nov 176 158 171 2,059 3 167 — 36 1 Excludes U.S.S.R., other Eastern European countries, and China 2 Represents holdings of Bank of France and French Exchange Stabili- Mainland. zation Fund. Represents reported gold holdings of central banks and governments 3 Beginning with December 1958, represents Exchange Equalization and international institutions, unpublished holdings of various central Account gold and convertible currency reserves, as reported by British banks and governments, estimated holdings of British Exchange Equaliza- Government; prior to that time represents reserves of gold and United tion Account based on figures shown for United Kingdom, and esti- States and Canadian dollars. mated official holdings of countries from which no reports are received. 4 Represents net gold assets of B.I.S., i.e., gold in bars and coins and The figures included for the Bank for International Settlements repre- other gold assets minus gold deposit liabilities. sent the Bank's gold assets net of gold deposit liabilities. This procedure 5 European Payments Union through December 1958 and European avoids the overstatement of total world gold reserves since most of the Fund thereafter. gold deposited with the B.I.S. is included in the gold reserves of individual 6 Less than $500,000. countries. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated Year or world Africa North and SouthAmerica Other month production U. ( S e . x S c . l R . .) Total A So fr u ic th a R de h s o i - a Ghana C o R f o e n t p h g . e o, U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 1 Brazil Chile Co b l i o a m- t A ra u l s i - a India 1953 864.5 780.5 417.9 17.5 25.4 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 1 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—Oct .... 91.6 61.3 1 .7 2.8 1.1 3.5 13.9 1.1 .6 .4 2 3 3 5 Nov 90 0 60.3 7 2 7 .9 3.4 13.6 1 0 .6 4 2 3 4 5 Dec 88.5 59.3 .6 2.7 .8 3.7 13.2 .8 .6 .4 .1 .2 3.6 .5 I960—Jan 289.3 60.8 .6 2.6 1.3 3.4 13.2 .7 .5 .4 .5 2.8 .5 Feb. . .. 60.0 6 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 S 3 2 5 Apr 61.8 7 2.7 .8 3.5 12.8 .7 .4 3.3 4 May 63 1 6 2 6 1.4 4.1 13.2 .5 .3 1 2 8 5 June ... 63.4 6 2.6 3.9 13.5 .6 t 3 4 4 July. ... 63.6 6 2.6 4.5 13.8 .5 3.2 Aug 63.5 2 6 4.9 13.3 6 3 1 Sept 63.4 2.6 5.0 12.9 .6 3 4 Oct 63.4 2.5 4.4 14.1 .7 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

108 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals Area and country 1959 1960 1952 1953 1954 1955 1956 1957 1958 1959 July- Oct.- Jan.- Apr- July- Sept. Dec. Mar. June Sept Western Europe: Austria . • •. —6 -84 -83 A1} — 1 Belgium -4 -85 3 3 -329 -39 -26 -25 -7 France -68 — 34 -266 —66 —200 — *>6 Germany (Fed. Rep. of) -10 -130 -226 -10 Italy , "3/in Netherlands -100 — 65 25 -261 -30 — 10 -25 — 110 Portugal 5 -60 55 -5 -20 -10 31 32 -33 Switzerland . .... 23 -65 — 16 o -215 20 20 -160 United Kingdom 440 -480 -50 100 -900 -350 -150 -200 B O a th n e k r for Int*l Settlements -8 - — 3 9 7 4 — -6 20 4 18 8 -1 -2 7 1 8 - - 3 3 8 2 -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 i i -6 Total 57 -132 62 14 -28 81 69 19 -23 64 -1 -36 -1 Asia: Japan -30 -157 -62 -15 Other 1 -6 -10 -5 0) 18 -4 -28 j -20 0) -26 A Total — n -6 -10 c (1) 18 -34 -186 -62 -20 (1) -26 -19 All other 9 -10 1 14 0) -3 -5 0) -4 -8 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 c o T c g t r r o r e o o e d a c t l a a d s k e s l e - : e, i e m x g N o o p p e r l o o d t r r t t, g m c o c o r E r l a r e d e r a a a : k i r s n s - e d e e - d e , - p D ti r c o t o i d o g n e o u l s c d - - Month T (e r u n G e r d a y o s o l - d f m s T to o o c n t k a th l ) i in s o c T c g t r r r o o e o e d a c t l a a d s k e s l e - : e, i e m x g N o o p p e r l o o d t r r t t, g m c o c o r E r l a r e d e r a a a : i k r s n s e - d e e - d e , - p D ti r c o t o i m o d g n o u e l c s d - - 1948 24,244 24,399 1,530 1,680 — 159 71 1959—Dec 19,456 19,507 -110 9 -112 4 1949 24,427 24,563 165 686 -496 67 1950 22,706 22,820 -1,743 -371 -1,352 80 I960—Jan 19,444 19,494 -13 2 -12 3 1951 22,695 22,873 53 549 618 66 Feb 19,421 19,471 -23 4 -21 3 1952 23,187 23,252 380 684 -305 67 Mar 19,408 19,457 -14 17 -13 4 Apr... 19,360 19,403 8 -71 4 1953. 22,030 22,091 -1,162 2 -1,171 69 May.. 19,352 19,395 10 -14 4 1954 21,713 21,793 -297 16 -325 65 June.. 19,322 19,363 -32 77 -102 4 1955 21,690 21,753 -41 97 -132 66 July.. 19,144 19,188 -174 49 -222 5 1956 21,949 22,058 306 106 319 65 Aug... 19,005 19,045 -144 12 -151 5 1957 22,781 22,857 799 104 600 63 Sept... 18,685 18,725 -319 5 -319 5 Oct .. 18,402 18,443 -282 125 -397 4 1958 20,534 20,582 -2,275 260 -2,515 62 Nov... 17,910 17,948 -495 -512 1959...... . 19,456 19,507 2-1,076 302 -1,324 57 Dec... ^17,805 2-144 (3) 4-145 (3) v Preliminary. 2 Includes payment of $344 million as increase in United States gold 1 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 $11,843 million on Dec. 31, 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 109 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3 , 1957 Dec. 3 , 1958 Sept. 30, 1959 Uec. 3, 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 Iterm bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Western Europe: Austria 452 8 605 7 685 7 623 7 556 7 490 7 516 7 Belgium . 1,045 8 1,385 6 1,383 7 1,272 7 1,339 6 1,340 7 1,240 7 Denmark 143 6 200 6 144 54 168 64 145 64 111 53 78 53 Finland 99 5 104 1 109 1 115 1 125 1 99 85 France 935 9 1,282 12 2,078 32 1,945 35 2,041 37 2,310 18 2,273 17 Germany (Fed. Rep. of)... 4,099 14 4,394 13 4,057 16 4,624 16 4,682 16 5,245 16 5,997 16 Greece 167 143 187 (i) 212 (l) 186 138 109 Italy 1,531 2,207 3,054 0) 3,118 h) 3,061 0) 3,057 0) 23,105 Netherlands 947 10 1,389 10 1,597 15 1,617 1,646 18 1,643 17 1,646 Norway 138 105 173 120 133 136 125 17 129 141 131 158 115 158 603 656 676 686 141 674 1 637 1 638 1 Spain 125 93 3 124 3 154 31 189 3 227 3 235 3 Sweden 479 5 507 10 521 68 404 101 388 79 432 79 395 78 Switzerland . 2,685 128 2,777 76 2,805 90 2,903 88 2,708 87 2,713 84 2,786 77 Turkey 162 164 0) 176 0) 164 0) 163 152 0) 149 United Kingdom 2,875 3,723 194 3,956 3,490 3,708 4,116 403 4,495 381 Other3 739 31 870 29 677 264 593 323 617 38 507 38 567 38 48 51 Total 17,224 539 20,672 489 22,362 742 22,213 855 22,357 866 23,348 885 24,429 851 Canada . 2,723 457 3,097 341 3,284 450 3,159 452 3,308 485 3,441 429 3,552 424 Latin America: Argentina 263 210 325 393 0) 444 443 454 Brazil 456 463 495 478 450 448 460 / Chile 115 1 140 8 212 0) 228 0) 193 0) 186 0) 179 0) Colombia 215 (*) 241 266 288 0) 277 262 242 0) Cuba 371 154 366 277 214 82 168 $ 149 $ 108 63 Guatemala 92 69 086) 59 0) 61 77 70 1 65 1 P M a e n x a i m co a Republic of 5 1 6 3 6 6 1 5 1 6 4 1 6 4 5 1 6 5 5 7 42 5 1 8 2 4 9 3 5 1 7 2 4 8 3 4 1 9 1 7 6 4 2 24 1 9 2 6 7 4 2 Peru 88 96 8 107 G) 110 100 4 105 97 235 262 251 0) 242 0) 242 240 244 / 1,554 2 1,213 997 931 899 815 797 3 Other* 277 13 250 11 268 13 253 12 273 12 388 11 399 11 Total. . . 4,368 176 4,017 106 3,979 105 3,911 105 3,825 106 3,719 105 3,668 86 Asia: India 329 1 324 366 0) 361 0) 351 10 306 40 297 40 Iran . .. 1 1 9 9 0 3 1 1 4 8 5 4 (? 1 1 4 6 9 7 0) 1 18 7 7 2 1 1 8 7 3 6 1 1 1 8 6 8 8 (l) 1 1 9 5 5 6 (l) 714 (2 1,094 1,420 1,564 (2 1,644 1,755 1,984 2 Philippines ... 181 5 186 3 187 5 181 3 190 3 214 2 237 2 Thailand 269 1 245 1 239 1 240 1 248 1 258 270 0) Other 1,027 25 1,041 27 1,221 39 1,244 46 1,236 53 1,107 70 1,026 59 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 i 252 0) 264 (!) 272 0) 263 249 Egyptian Region—U.A.R.. 228 190 190 194 207 0) 216 196 Union of South Africa 255 241 268 0) 287 0) 299 280 235 Others 514 13 512 14 514 23 522 41 526 54 547 57 553 29 Total. 1,208 14 1,184 15 1,224 24 1,267 42 1,304 55 1,306 58 1,233 30 Total foreign count: les.. 28,426 1,220 32,189 983 34,598 1,369 34,499 1,507 34,822 1,582 35,810 1,592 37,047 1,494 International institutions.... 2,697 222 2,876 495 5,043 605 5,566 660 5,753 709 5,830 755 6,129 670 Grand total^ 31,123 1,442 35,065 1,478 39,641 1,974 40,065 2,167 40,575 2,291 41,640 2,347 43,176 2,164 Memorandum item: Sterling area 3,963 245 4,837 242 5,147 326 4,729 407 4,965 476 5,294 550 5,610 489 p Preliminary. Europe, and all Western European dependencies located outside Europe 1 Less than $500,000. and Asia. 2 Includes latest available figure (Aug. 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 Development Bank. U. S. banks and on monthly reports of security transactions. 5 Includes unspecified countries in Africa, Oceania, and Eastern Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 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] End of month G to ra ta n l d t t i e i n o I r n s n n t - a a i- - l Foreign countries m R G F a e e e n d p r y - . . , Italy U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia o A th l e l r tutions2 Total Official of 1955—Dec 13,601 1,881 11,720 6,953 ,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—Nov 19,303 * 3,160 16,144 9,082 ,706 1,523 955 4,300 8,484 2,330 2,302 2,658 369 Dec 19,388 3,158 16,229 9,145 ,987 1,369 990 4,132 8,479 2,199 2,406 2,774 373 1960—Jan 19,390 3,138 16,253 8,896 ,899 1,358 1,008 4,056 8,322 2,321 2,393 2,829 388 Feb 19,485 3,285 16,200 8,871 ,908 1,245 1,157 4,039 8,349 2,273 2,378 2,806 394 Mar 19,674 3,300 16,375 8,999 2,012 1,159 1,258 3,963 8,391 2,358 2,383 2,860 382 Apr 19,853 3,233 16,619 9,198 2,199 1,142 1,332 3,821 8,494 2,387 2,478 2,843 417 May 20,179 3,358 16,821 9,247 2,220 1,050 1,492 3,890 8,652 2,424 2,526 2,817 403 June 20,434 3,315 17,119 9,572 2,473 1,060 1,591 3,809 8,934 2,532 2,432 2,824 397 July 20,748 3,334 17,414 9,728 2,704 1,095 1,728 3,478 9,005 2,691 2,494 2,854 369 Aug 21,223 3,466 17,757 10,124 2,868 1,127 1,792 3,396 9,182 2,707 2,545 2,937 386 Sept 21,219 3,565 17,654 10,085 3,109 1,017 1,820 3,247 9,194 2,658 2,432 2,997 374 Oct.* 21,431 3,681 17,749 10,291 3,292 981 1,771 3,236 9,280 2,722 2,363 2,997 387 Nov.p 20,905 3,696 17,210 10,081 3,367 952 1,633 3,034 8,986 2,507 2,338 3,017 362 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 av g i 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 53 626 111 134 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_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 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 NOV.P 3,034 231 141 53 45 583 67 280 82 85 157 210 693 17 10 380 Table lb. Latin America Neth- End of month A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t A a a i e u l n n l r n r e d d - i - s s - l a p P i R m c u a e b n o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L ic m a th t a i 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 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 2,432 370 23 173 137 167 105 33 22 41 374 87 127 70 64 333 306 Oct v 2,363 324 22 185 116 181 90 34 22 41 357 78 126 64 61 350 312 Nov." 2,338 335 21 186 117 166 84 34 24 42 357 72 122 64 51 360 303 p 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. 111 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i— Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other End of month Total H K o o n n g g India Indo- Iran Israel Japan p K r R u l e o i o e b a c f - - - , P p i h i p n i - e l- s Tai- T la h n a d i- Other Total t A ra u l s i - a C R g t o o e h o p f e n , . - U g E i t R . g o i A a e y n n . - p — R - . U A S f n o o r 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—Nov 2,658 61 115 126 81 1,215 148 179 92 133 483 369 114 26 18 51 161 Dec 2,774 60 114 139 87 1,285 148 172 94 136 494 373 110 31 20 49 162 I960—Jan 2,829 61 113 146 93 1,319 149 174 94 142 493 388 107 33 25 62 162 Feb 2,806 61 90 153 87 1,318 145 177 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 Nov.* 3,017 60 37 148 71 1,808 150 212 84 177 245 362 80 36 27 33 185 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1956 1957 1958 1959 1956 1957 1958 1959 Other Europe: Other Asia (Cont.): Albania .3 .1 .3 .3 Burma 7.0 6.7 5.9 n.a. British dependencies .4 .3 .4 .8 Cambodia 17.2 20.0 24.9 19.7 Bulgaria .2 .6 .3 1.2 Ceylon 41.2 34.2 44.1 n.a. Czechoslovakia 8 .5 .7 .6 .7 China Mainland 8 35.5 36.3 36.0 35.8 Eastern Germany 1.2 3.1 1.4 1.5 Iraq 16.9 19.6 18.0 n.a. Estonia 1.9 1.7 1.7 n.a. Jordan 2.0 1.6 2.8 2.5 Hungary .8 .7 .9 1.3 Kuwait 5.3 5.9 10.3 9.4 Iceland 3.1 2.9 3.5 2.7 Laos 37.3 33.1 20.9 n.a. Ireland, Republic of 9.1 9.0 10.0 5.4 Lebanon 22.3 28.2 37.9 38.0 Latvia .6 .5 .6 .6 Malaya, Fed. of 1.4 1.6 1.2 1.4 Lithuania .4 .5 .7 .6 Pakistan 20.2 12.8 5.6 23.5 Luxembourg 13.2 16.4 16.1 8.2 Portuguese dependencies 2.7 3.1 3.1 2.4 Monaco 4.3 5.4 5.9 5.3 Ryukyu Islands 30.6 32.7 15.2 14.8 Poland8 3.3 3.2 4.9 4.0 Saudi Arabia 97.4 94.8 60.2 111.6 Rumania8 .9 .8 .9 .9 Syrian Region—U.A.R 17.1 3.5 4.7 5.0 Trieste 1.4 1.2 .5 n.a. Viet-Nam 50.1 58.5 48.8 68.3 U. S. S. R.8 .7 2.2 2.6 All other: Other Latin America: British dependencies 3.8 2.3 1.8 2.4 British dependencies 24.1 24.0 40.9 46.9 Ethiopia and Eritrea 24.2 35.1 27.8 18.7 Costa Rica 14.6 16.4 24.5 18.9 French dependencies 10.5 10.7 6.5 5.8 Ecuador 18.0 22.7 17.4 21.7 Liberia 23.7 23.0 13.0 20.3 French West Indies and French Guiana 1.0 .8 .5 .5 Libya 3.7 10.7 6.4 17.6 Haiti 8.9 11.2 7.7 10.5 Morocco: Honduras 10.2 12.6 6.3 12.8 Morocco (excl. Tangier) 13.6 32.2 25.4 41.9 Nicaragua 11.8 12.7 11.3 12.5 Tangier 22.4 19.2 18.1 16.0 Paraguay 4.0 5.1 3.4 6.7 New Zealand 2 2 1.9 6.9 6.8 Portuguese dependencies 2^8 4.4 4.0 2.9 Other Asia: Somalia .9 1.3 1.3 n.a. Afghanistan 5.3 4.7 4.5 n.a. Spanish dependencies .3 .7 .4 .2 Bahrein Islands 1.7 .9 .9 .9 Sudan .4 1.7 5.2 n.a. British dependencies 7.4 8.0 4.3 5.7 Tunisia .5 .3 8.4 n.a. Not available. » Preliminary. 7 Except where noted, these data are based on reports by banks in 1 Does not include banking liabilities to foreigners maturing in more the Second (New York) Federal Reserve District. They represent a than one year; such liabilities amounted to $7 million on November 30, partial breakdown of the amounts shown in the "other" categories in 1960. Tables la-lc. 2 Includes International Bank for Reconstruction and Development, 8 Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other inter- NOTE.—Statistics on international capital transactions of the United national organizations. States are based on reports by U. S. banks, bankers, brokers, and dealers, 3 Represents liabilities to foreign central banks and foreign central by branches or agencies of foreign banks, by certain domestic institutions governments and their agencies (including official purchasing missions, not classified as banks that maintain deposit or custody accounts for trade and shipping missions, diplomatic and consular establishments, etc.). foreigners, and by the U. S. Treasury. The term "foreigner" is used to 4 Includes $1,031 million representing increase in United States dollar designate foreign governments, central banks, and other official institusubscription to the International Monetary Fund paid in June 1959. tions, as well as banks, organizations, and individuals domiciled abroad 5 Includes Bank for International Settlements. and the foreign subsidiaries and offices of U. S. banks and commercial 6 Beginning June 1960 includes Inter-American Development Bank. firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars End of month, or area To banks and official institutions To all other foreigners Payable and country Total in foreign U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other* Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates1 certificates Total amounts outstanding 1955 Dec 13,601 11,777 5,451 5,670 656 1,783 1,543 184 56 40 1956 Dec 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957—Dec 15,158 12,847 5,875 5,840 ,132 2,252 [,766 278 209 59 1958 Dec 16,159 13,669 6,772 5,823 ,075 2,430 U951 306 174 59 1959—Nov 19,303 16,805 6,331 9,181 ,292 2,433 1,857 290 286 65 Dec 19,388 16,912 6,341 9,243 1,328 2,398 1,833 295 270 77 1960 Jan 19,390 16,982 6,149 9,258 [,573 2,354 1,765 295 293 56 Feb 19,485 17,154 6,065 9,430 1,660 2,275 1,749 225 301 56 Mar 19,674 17,369 6,272 9 357 1,740 2 243 I 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 June 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 21,219 18,871 7,647 9,705 1,519 2,238 1,786 173 279 110 Oct p 21,431 19,033 7,638 9,922 1,473 2,263 1,827 171 264 135 20,905 18,602 7,449 9,714 ,439 2,184 1,778 158 248 119 Area and country detalil, September 30, 1960 Europe: Austria 223 222 197 6 18 1 (3) 8 146 90 72 4 14 56 46 47 38 27 10 1 9 8 (3) (3) Finland 47 45 12 26 7 2 2 (3) 646 588 228 321 39 58 48 3 6 1 Germany, Fed. Rep. of.... 3,019 3,084 196 2,510 378 24 19 2 3 1 Greece 78 62 22 41 16 16 Italy 1,017 983 140 696 147 34 28 5 1 (3) 300 275 95 143 36 25 17 5 2 (3) 85 55 52 3 30 28 2 (3) (3) Portucal 88 48 46 2 40 39 (3) 2 (3) Spain 137 119 118 1 18 17 (3) 0) (3) Sweden 224 217 57 104 56 7 7 3 Switzerland 806 668 289 108 271 137 74 22 41 2 Turkey 16 14 14 2 2 United Kingdom 1,820 1,451 983 390 79 309 152 76 81 59 3 3 3 1 1 Other Europe 394 349 63 140 146 16 12 1 3 29 Total 9,194 8,317 2,620 4,500 1,197 784 517 117 149 93 Canada 2,658 2,403 1,849 528 26 247 191 38 18 8 Latin America: Argentina 370 304 132 142 31 66 64 2 Bolivia . .. 23 7 7 (3) 16 16 173 47 42 (3) 5 126 116 2 8 •3\ 137 97 96 1 40 39 1 (3) 167 101 88 (3) 13 65 64 (3) 1 (3) Cuba • • 105 30 29 1 75 69 6 Dominican Reoublic 33 13 13 (3) 20 19 (3) 1 El Salvador 22 5 5 17 17 (3) (3) Guatemala 41 24 18 1 6 16 16 (3) 1 374 231 224 7 144 138 (3) 6 Neth. Antilles and Suri- (3) nam 87 44 23 9 13 43 19 4 20 P P e a r n u ama Rep of T r 1 7 2 0 7 3 1 1 6 3 1 1 4 2 1 3 1 8 1 7 3 4 5 3 1 3 2 3 (3) Uruguay • • 64 29 28 i 34 25 2 7 (3) Venezuela 333 180 178 2 154 147 1 5 Other Latin America 306 223 94 120 9 82 67 2 12 1 Total 2,432 1,383 1,022 271 89 1,047 925 17 106 2 P Preliminary. 2 Represents principally bankers' acceptances and commercial paper. 1 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 $2,458 million on November 30, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 113 TABLE 2, SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars Area and To banks and official institutions To all other foreigners Payable Total in foreign country U. S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other1 Total Deposits T bi r l e ls a s a u n ry d Other i certificates certificates Area and country detail, September 30, 1960—Continued Asia: Hong Kong 59 32 24 9 26 25 (2) 1 India ... 50 38 35 1 3 11 11 1 Indonesia 162 159 70 66 23 3 3 Iran 25 21 20 1 4 4 Israel . .... 59 54 19 19 15 4 4 1 Japan 1,705 1,687 932 671 83 16 15 (2) po 3 Korea, Rep. of 148 146 115 31 2 2 Philippines 224 204 155 40 9 20 19 (2) Taiwan 89 82 80 2 7 6 (2) Thailand 166 163 18 130 15 3 3 Other Asia 311 277 154 85 38 34 33 (2) 1 (2) Total 2,997 2,864 1,622 1,043 198 128 124 1 3 5 All other: Australia 100 96 35 57 4 3 3 (2) Congo Rep of the . 29 28 27 1 1 (2) Egyptian Region—U.A.R.. 22 21 16 4 1 1 Union of South Africa.... 31 28 28 2 2 (2) l Other 192 167 129 34 24 22 (2) 2 l Total 374 340 236 96 8 32 29 1 2 2 Total foreign countries. 17,654 15,307 7,349 6,439 1,519 2,237 1,786 173 279 110 International institutions.... 3,565 3,564 299 3,266 C2) Grand total 21,219 18,871 7,647 9,705 1,519 2,238 1,786 173 279 110 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 e p n d . y . o , f Italy S l z a w e n r i d - t- U K d n i o n i m t g e - d E O u t r h o e p r e E T u o r t o a p l e Can- 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_Nov... 2,473 60 48 28 37 155 225 554 282 1,055 528 54 Dec... 2,623 57 54 30 38 121 234 534 272 1,175 586 56 1960—Jan... 2,700 46 51 39 51 111 229 526 255 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 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 15124 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., 3,147 29 77 33 45 256 226 665 356 1,152 906 68 Oct. P. 3,335 32 84 42 54 235 239 686 392 1,246 942 69 Nov.*5 3,308 28 78 35 55 222 236 654 376 1,255 957 66 v Preliminary. foreigners; drafts drawn against foreigners that are being collected by 1 Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year; loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 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 1955 Dec 158 2 16 13 3 4 11 9 2 5 1956—Dec 216 7 28 12 4 4 21 23 2 1957 Dec 211 6 25 11 4 6 29 23 2 1958—Dec 315 7 65 14 6 7 56 22 2 1959 Nov 225 5 51 14 8 7 25 9 2 Dec 234 4 56 18 8 5 38 7 2 I960 Jan 229 4 56 18 8 3 33 8 2 Feb 229 3 53 15 9 3 26 7 2 Mar . 231 3 49 12 9 3 30 8 2 Apr 228 2 51 9 9 4 26 6 2 May 226 2 46 7 8 4 36 7 2 June . 230 2 50 7 8 4 34 7 2 July 227 3 49 6 9 5 36 8 2 Aug 215 2 44 7 7 6 30 9 2 Sept 226 3 41 9 8 5 29 11 3 Oct p 239 2 48 10 9 5 32 16 3 Novp 236 3 46 13 9 7 30 17 3 ooooo x Swe- Tur- Yugo- All den key slavia other 7 78 2 7 13 88 7 10 76 10 24 72 1 9 16 62 2 17 8 19 47 3 18 7 17 50 7 16 6 17 66 8 16 6 18 69 9 14 6 19 67 11 15 5 23 60 12 13 5 22 62 12 14 7 22 55 12 12 7 18 59 11 13 10 23 61 9 15 8 25 58 7 16 7 26 53 8 15 Table 3b. Latin America Neth- 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 m p i D R c l u i i a o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t A a a i e u l n n l r n r e d d - - i s s - l a p P i R m c u a e n 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 nam 1955 Dec . 706 7 4 69 14 143 92 5 8 5 154 3 17 29 18 105 34 1956—Dec 840 15 4 72 16 145 90 7 11 7 213 5 12 35 15 144 49 1957—Dec 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958 Dec 1 099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959 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 July L204 81 4 173 57 80 62 16 7 11 335 5 17 43 38 224 51 Aug 1,202 87 4 176 54 78 55 18 9 11 333 6 16 46 39 219 51 Sept 1,152 96 4 189 57 79 31 17 14 11 316 4 20 43 52 164 54 O N c o t v .1 ' p 1 1, , 2 2 5 4 5 6 1 1 0 12 8 4 4 2 20 1 6 2 5 63 5 7 76 7 2 27 9 1 17 7 1 19 9 1 13 2 3 3 0 02 3 4 5 2 1 2 9 4 43 2 5 5 2 5 2 23 3 5 3 5 57 7 Table 3c. Asia and All Other Asia All other End of month Total H K o o n n g g India Iran Israel Japan ip P p h in il e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - 1955—Dec 233 3 5 18 10 103 19 6 8 60 43 11 1956—Dec 337 4 6 20 16 170 16 6 9 91 43 11 1957—Dec 386 7 6 22 24 146 53 6 14 110 50 13 1958 Dec 435 6 4 27 23 179 67 6 13 111 69 13 1959_Nov 528 10 6 29 9 275 20 8 14 157 54 18 Dec 586 10 6 29 14 324 24 9 15 155 56 1960 Jan 624 11 6 30 14 362 24 9 14 154 55 Feb 626 12 6 30 17 372 18 9 12 151 53 Mar 682 12 6 31 13 420 22 9 13 154 54 Apr 715 11 8 35 15 456 22 10 10 148 55 May 743 12 8 33 16 488 21 10 12 145 56 June . 746 11 7 35 17 497 14 11 11 143 60 July 844 10 9 36 16 585 22 10 15 141 61 885 10 7 38 15 627 26 10 14 140 62 Sept 906 9 9 36 14 645 23 6 15 149 68 Oct 9 ... 942 8 11 35 15 679 25 8 15 147 69 Nov.** 957 8 11 34 17 697 24 7 16 143 66 00 OO> Egyp- Union C o R o f n e t p g h o . e gi t R o io n e n - — So o u f th" Other U.A.R. Africa 5 1 8 17 6 2 8 17 5 1 12 19 4 3 21 29 3 2 11 20 3 2 12 21 3 2 10 22 3 2 11 21 18 3 1 10 23 19 3 2 11 19 21 3 11 20 23 3 2 11 21 25 3 2 12 21 25 2 1 10 22 27 5 2 11 23 29 3 2 10 25 27 2 2 10 25 P Preliminary 2 Less than $500,000. i See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 115 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 1 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_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 Mar 1,532 2,728 2,520 806 397 538 779 208 179 29 Apr 1,586 2,707 2,490 774 408 562 746 218 186 31 May 1,627 2,691 2,466 768 392 569 737 224 191 34 June 1,598 2,764 2,485 726 387 579 793 280 198 82 July 1,665 3,062 2,665 731 387 562 986 397 223 173 Aug 1,632 3,121 2,712 718 385 555 1,054 409 221 188 Sept 1,625 3,147 2,716 720 386 565 1,045 431 270 161 Oct.p 1,623 3,335 2,864 835 403 577 1,049 472 288 183 Nov." 1,660 3,308 2,884 771 439 589 1,085 423 221 203 Area and country detail, September 30, 1960 Europe: Austria 2 3 3 1 2 Belgium 29 41 40 28 7 () Denmark 3 9 1 2 Finland 3 8 (2) 1 7 France 19 29 10 10 Germany, Fed. Rep. of... 22 77 62 21 19 17 14 12 Greece 4 5 5 (2) 4 (2) N Ita e l t y herlands 3 6 0 2 3 9 3 2 3 5 2 8 1 1 5 1 4 4 Norway 128 11 9 6 4 2 Portugal 3 3 3 1 Spain 5 10 9 4 Sweden 32 23 21 1 6 6 8 2 Switzerland 2 45 33 11 11 6 6 11 Turkey 61 61 57 4 1 United Kingdom 29 256 68 11 15 38 188 94 94 Yugoslavia 1 9 9 5 2 3 Other Europe 15 14 2 5 5 Total 328 665 437 160 48 113 117 228 127 101 Canada 65 356 227 26 170 9 23 129 76 54 Latin America: Argentina 96 73 23 38 23 23 Bolivia 4 4 () 4 Brazil 189 189 14 27 95 Chile 42 57 56 16 14 19 Colombia 27 79 79 6 11 27 35 Cuba 20 31 30 4 20 4 Dominican Republic 17 16 5 3 7 El Salvador 14 14 5 4 4 Guatemala 11 11 (2) 7 2 Mexico 198 316 314 120 57 33 103 Netherlands Antilles and Surinam 3 Panama, Rep. of 31 20 20 () 11 4 4 8 Peru 9 43 43 6 18 17 Uruguay 52 52 20 2 2 28 Venezuela 164 162 16 22 47 77 Other Latin America 64 54 54 3 10 33 9 Total 910 1,152 ,122 248 161 268 444 30 26 P Preliminary. 2 Less than $500,000. 1 Represents mainly loans with an original maturity of more than one year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- A c r o e u a n a tr n y d t t e o rm tal — * Loans to: Total Collec- Total Banks and t o io u n t- s Other Total De w p i o th sits Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, September 30, 1960—Continued Asia: Hong Kong . 1 9 9 6 1 2 (2) India 22 9 9 3 5 $ 1 Indonesia 38 Iran 14 2 Israel 14 14 2 2 9 Japan 21 645 607 114 2 66 425 37 37 C2) Korea Rep of . . 2 2 2 Philippines 7 23 23 20 (2) 2 2 (2) (2) (2) Taiwan 6 6 2 3 Thailand 7 15 15 8 5 Other Asia 2 146 146 125 2 18 1 (2) (2) (2) Total 113 906 868 281 5 134 447 38 38 Allother: Australia 26 27 24 12 12 3 1 2 Congo, Rep. of the 41 5 5 (2) 4 Egyptian Region—U.A.R.. 4 2 1 1 Union of South Africa.... 58 11 10 9 1 (2) (2) (2) Other 81 23 22 3 15 1 (2) Total 209 68 62 4 3 42 14 5 2 3 International institutions.... Grand total 1,625 3,147 2,716 719 386 565 1,045 431 270 161 1 Represents mainly loans with an original maturity of more than 2 Less than $500,000. one year. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i [In millions of dollars] U. I3. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Net purchases, Year or month c P h u as r- es 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 h u as r e - s Sales c s N a h l a e e s t s e p s ( u .o - r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r Total countries 1956 883 1,018 — 135 -205 1,907 1,615 291 607 992 -385 749 875 -126 1957 666 718 -52 117 1,617 1,423 194 699 1,392 -693 593 622 -29 1958 1,224 1,188 36 -237 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1959 1,217 528 689 527 2,593 2,158 435 946 1,458 -512 566 804 -238 1959_Nov 166 99 68 51 234 175 59 53 93 -40 41 51 -10 Dec 92 55 37 24 254 200 54 95 145 -49 53 63 -10 1960 Jan 104 53 50 49 229 152 77 57 59 -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 188 86 102 44 191 145 45 76 109 -33 41 59 -19 May 166 241 -75 -29 205 183 23 59 87 -28 58 46 12 198 170 29 -5 272 220 52 84 142 -58 50 70 -19 July 48 58 -10 -9 189 192 -3 53 83 -30 35 46 -11 Aug 61 184 -123 -48 184 187 A 36 '60 r-24 35 48 -13 S O e c p t. t ? 1 4 4 4 8 1 9 9 3 8 - - 4 4 9 9 - - 4 4 9 2 1 1 8 6 1 5 1 1 9 8 9 7 - - 1 2 8 1 2 7 4 3 4 26 8 8 9 --1264 3 3 6 5 4 3 4 5 - ( 8 3) Nov.? 345 262 82 -13 187 180 7 36 44 -8 42 53 -11 P Preliminary. r Revised. 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 117 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, (-). In millions of dollars] Type of security Country Year or month Total2 Neth- Switz- United Latin Stocks Bonds Belgium France er- er- King- Other Total Canada Amer- All lands land dom Europe Europe ica other2 1956 291 256 35 23 23 -7 147 87 7 280 -53 38 27 1957 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958 -39 -56 17 -3 2 -8 19 -1 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 1959 Nov 59 48 11 11 8 23 11 5 58 -2 3 1 Dec 54 58 -4 -1 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 3 Apr 45 34 12 3 2 21 8 4 37 2 2 5 23 6 17 1 3 3 4 -3 4 13 4 3 3 June 52 46 6 2 3 2 30 11 3 50 _4 3 4 July -3 -1 -2 2 4 4 -12 2 3 A Se u p g t - - 1 4 8 -18 4 -8 1 4 1 -1 2 (3 i ) -1 1 2 0 - - 7 4 7 1 -1 1 3 3 - - 2 4 2 3 2 Octp -21 -21 (3) — 4 2 -4 6 -29 8 -21 — 6 2 3 Nov p 7 10 i 3 14 -20 8 3 2 5 2 P Preliminary. 2 Includes transactions of international institutions. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (—). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Year or national foreign Europe Can- Latin All month insti- coun- 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—Dec. 345 4,477 570 1959_Nov.... -6 -44 -13 -29 4 -6 0) 1960—Jan.. 249 4,444 593 Dec.... C1) -59 -16 -39 5 -11 2 Feb. 191 4,707 466 Mar. 184 4,728 615 I960—Jan 29 -20 -17 2 0) -6 1 Apr. 194 4,818 639 Feb.. .. -101 -56 9 -43 -20 -3 1 May 215 4,841 643 Mar.... 7 -126 -3 -89 -32 -4 2 June 254 4,911 672 Apr... . -2 -50 -4 -24 2 2 -22 July. 215 5,272 671 May... -39 22 22 -8 2 -3 1 Aug. 204 5,423 701 June... 5 -83 -28 3 A -2 Sept. 223 5,479 713 July.... -9 -33 -6 -10 -15 -4 2 Oct.. 251 5,634 718 Aug -10 '-27 '-34 5 3 — 1 1 Nov. 252 5,430 752 Sept.... -21 A -5 12 -7 -6 1 Dec. 217 5,726 756 Oct.*5... -16 -8 -7 8 9 7 -24 Nov. P.. 7 -26 -19 11 -14 -6 1 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of next page for total gold under earmark P Preliminary. ' Revised, at Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS [End of year or quarter. In millions of dollars] Liabilities to foreigners Claims on foreigners Area and country Dec. 1957 Dec. 1958 Dec. 1959 Mar. 1960 June I960* Dec. 1957 Dec. 1958 Dec. 1959 Mar. 1960 June 1960? Europe: Austria 1 3 1 3 2 2 3 4 4 5 Belgium 26 29 28 21 16 13 10 10 9 11 Denmark 1 1 2 2 2 4 7 9 4 5 Finland 1 1 1 1 1 1 1 3 2 1 France 27 34 42 43 37 21 21 25 28 33 Germany, Fed. Rep. of 10 12 55 56 48 25 21 31 25 27 Greece 1 1 1 1 5 3 2 3 2 Italy 10 13 14 13 29 31 33 26 26 Netherlands 17 17 39 39 44 26 23 21 15 16 Norway 13 14 11 9 7 5 7 4 4 6 Portugal 1 1 0) 0) 2 3 2 3 4 Spain 6 7 9 10 10 11 12 11 Sweden 8 14 26 20 14 13 25 22 23 27 Switzerland 7 15 34 42 29 7 5 13 19 20 Turkey 1 1 2 2 1 22 25 13 9 9 United Kingdom 80 90 112 109 55 62 53 73 149 Yugoslavia 2 0) 1 1 1 Other Europe 1 5 5 6 3 Total 219 252 382 376 320 248 262 264 265 358 Canada 75 31 54 54 58 112 101 101 89 110 Latin America: Argentina 4 10 12 5 9 11 13 25 14 12 Bolivia 1 1 1 3 2 3 2 3 4 3 Brazil 21 16 18 15 20 68 62 54 55 62 Chile 6 3 4 5 5 10 8 10 9 9 Colombia 5 3 3 3 3 10 6 7 9 11 Cuba 6 5 5 9 4 25 24 27 26 20 Dominican Republic 1 1 1 5 4 3 2 2 El Salvador C1) 0) 0) 0) 0) 2 2 1 1 2 M Gu e a x t i e c m o ala 7 10 (1^ 0) 3 5 3 3 5 6 2 4 7 3 3 0 3 4 0 Neth. Antilles and Surinam 2 4 6 1 1 1 2 Panama, Rep. of 10 4 2 3 5 12 3 5 9 Peru 11 3 3 2 3 19 13 6 8 Uruguay 3 5 4 4 3 16 5 2 3 5 Venezuela 17 14 18 20 19 46 33 35 32 31 Other Latin America 3 5 4 5 4 19 15 16 18 19 Total 98 85 87 86 87 275 234 235 220 228 Asia: Hong Kong 3 3 2 2 2 2 India 4 3 4 6 5 7 Indonesia 3 3 3 4 1 2 Iran 2 4 3 4 9 7 8 Israel 1 2 1 1 4 11 10 Japan 35 15 23 19 42 137 36 41 39 Korea, Rep. of 0) 0) 1 1 Philippines 10 8 7 Taiwan 1 2 2 2 T O h th a e il r a n A d sia 4 5 25 1 4 9 1 3 3 1 3 5 1 4 8 Total 70 42 53 53 51 107 95 92 100 99 All other: Australia 18 19 5 12 16 15 15 Congo, Rep. of the 1 0) 0) 2 2 1 1 1 Egyptian Region—.U.A.R. 1 3 2 3 5 6 Union of South Africa 2 4 7 7 7 6 8 Other 5 5 12 10 10 11 Total 30 29 18 19 22 36 28 38 41 41 International institutions C1) 0) C1) 0) 0) C1) 0) 0) 0) 0) Grand total 491 440 593 588 537 777 720 730 715 837 P Preliminary. mercial concerns in the United States. Data excludes claims held through i Less than $500,000. United States banks, and intercompany accounts between United States NOTE.—Reported by exporters, importers, and industrial and com- companies and their foreign affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 119 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1957 1958 1959 1960 Exports of goods and services, total1 . 6,326 6,654 5,611 5,965 5,607 6,142 5,421 5,797 5,878 6,368 6,309 6,903 6,681 Merchandise 4,462 4,662 4,058 4,193 3,816 4,196 3,802 4,060 4,035 4,328 4,604 5,000 4,673 Services2 1,864 1,992 1,553 1,772 1,791 1,946 1,619 1,737 1,843 2,040 1,705 1,903 2,008 Imports of goods and services, total.. . 5,361 5,152 4,941 5,278 5,388 5,446 5,431 5,967 6,200 5,962 5,761 6,049 6,022 Merchandise 3,265 3,385 3,139 3,166 3,124 3,522 3,597 3,884 3,848 3,986 ,820 3,858 3,555 Services 1,381 1,047 970 1,200 1,425 1,095 1,059 1,293 1,579 1,224 ,177 1,455 1,677 Military expenditures 715 720 832 912 839 829 775 790 773 752 764 736 790 Balance on goods and servicesl 965 1,502 670 687 219 696 -10 -170 -322 406 548 854 659 Unilateral transfers (net) 3 499 -581 -563 -598 -544 -633 -627 -578 -534 -663 -575 -624 -614 Private remittances and pensions... -164 -180 -178 -174 -174 -196 -190 -185 -201 -203 -195 -213 -209 Government nonmilitary grants.... -335 -401 -385 -424 -370 -437 -437 -393 -333 -460 -380 -411 -405 U.S. long- and short-term capital (net)3 -544 -956 -887 -1,251 -784 -893 -470 -1,033 -620 -536 -768 -1,064 -1,008 Private, total -410 -588 -642 -1,025 -451 -726 -391 -745 -392 -773 -546 -683 -864 Direct investment -339 -324 -155 -411 -156 -372 -267 -449 -229 -365 -269 -297 -345 Portfolio and short-term investment -71 -264 -487 -614 -295 -354 -124 -296 -163 -408 -277 -386 -519 Government -134 -368 -226 -333 -167 -79 -228 237 -222 -381 -144 -245 4-288 Foreign capital and gold (net) -269 227 1,086 934 901 947 1,444 567 801 979 1,151 Increase in foreign short-term assets 580 41,416 and Government securities -260 275 26 477 502 780 1,119 367 566 733 515 Increase in other foreign assets 18 50 197 -15 -26 52 72 4829 158 128 185 152 -1 Gold sales by United States -27 -98 13 1,075 483 347 95 190 167 72 50 94 637 Errors and omissions 347 -192 370 76 175 -71 160 4397 32 226 -6 -145 -188 200 365 v 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 re b o a il n s l u s th , ry sx D m a o d y n a - e y t y o 2 - 3 B a a a m c n n c o c k e e n p e s t t r , h - s s ' 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - y e t y o 3 - Tr 6 d e b 0 a a i - y l s 9 l s u s 0 4 ry D m a o d y n a - e y t y o 5 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r i c a v o t a e u t n e t 1957—Dec 3.65 3.60 6.67 6.43 5.67 5.00 5.72 3.75 3.25 4.64 5.33 2.50 1958—Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 .50 2.50 1959—Nov 4.87 4.16 3.55 3.39 2.77 2.00 4.02 3.63 3.94 2.01 .50 2.00 Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 .50 2.00 1960—Jan 4.81 3.60 4.14 4.07 3.07 2.35 3.91 3.75 3.69 2.53 .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 [.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 1.89 1.58 5.71 5.53 4.85 4.00 4.15 4.88 5.25 2.00 1.50 2.00 Oct 2.65 2.36 5.62 5.36 4.79 3.92 '3.99 C4.88 5.31 1.96 1.64 2.00 Nov 3.53 3.26 4.98 4.74 4.30 3.50 4.00 4.69 1.57 1.14 2.00 c Corrected. 3 Rate shown is on private securities. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS» [Per cent per annum] Rate as of Changes during the last 12 months Dec. 31, 1959 Rate Country 1960 as of Dec. 31, Per Month 1960 cent effective Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 6.0 Dec. 1957 6.0 Austria 4.5 Apr. 1959 5 0 5.0 Belgium 4.0 Dec. 1959 5.0 5.0 Brazil2 10.0 Apr. 1958 10.0 Burma 3.0 Feb. 1948 3.0 Canada 3 5.37 Dec. 1959 4.85 4.86 3.26 3.51 3.26 3.32 3.17 2.5 1.95 3.28 4.02 3.5 3.5 Ceylon2 42.5 Dec. 1959 24 0 4.0 Chile 5 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 Ecuador2 5.0 Nov. 1956 5.0 3.0 Nov. 1952 3.0 El Salvador2.. 4.0 Apr. 1957 5.5 5.5 6.75 Mar. 1959 6.75 France 4.0 Apr. 1959 3.5 3.5 4.0 Oct. 1959 5.0 4.0 4.0 Greece 9.0 Dec. 1959 7 6 6 0 6.0 Honduras* 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 11.0 9.0 9.0 India? 4.0 May 1957 4.0 Indonesia2 . 3.0 Apr. 1946 3.0 4.0 Aug. 1948 4.0 Ireland ... 4.25 Nov. 1958 4.75 5 5 5 31 5.31 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Japan2 7.3 Dec. 1959 6.94 6.94 Mexico ..... 4.5 June 1942 4.5 Netherlands 3.5 Nov. 1959 3.5 6.0 Oct. 1959 6.0 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 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 Thailand 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 5.0 5.0 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--A,,0 p«r 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; VA of one per cent above the latest average tender rate for Treasury bills; Ceylon—2.5 per cent for advances against certain types of commercial end-of-month rate shown. and production paper; * The discount rate was advanced from 2.5 to 3 per cent on Dec. 16r Colombia—3.5 per cent for agricultural and industrial development and lowered again to 2.5 per cent on Dec. 24, 1959. paper of up to 150 days, 3 per cent for economic development paper 5 Since April 1, 1959, new rediscounts are granted at the average rate of up to 5 years, and 2 per cent for specific small business, cooperative charged by banks in the previous half year. Old rediscounts remain subject and employee paper; to old rates provided their amount is reduced by one-eighth each month Costa Rica—5 per cent for paper related to commercial transactions beginning May 1, 1959, but the rates are raised by 1.5 per cent for each (rate shown is for agricultural and industrial paper); month in which the reduction does not occur. Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by * 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 121 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- Year or month (p tr o a u l 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 ) ( F m i a n r l k an k d a) Official Free 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 I960 1.2026 223.71 3.8461 2.0053 103.12 21.048 .3112 1959 Dec 1.2003 222.98 3.8523 1.9996 105.12 20.995 .3113 I960—Jan 1.2035 223.09 3.8449 2.0037 104.91 21.014 .3113 Feb 1.2032 223.37 3.8419 2.0048 105.07 21.031 3113 Mar 1.2030 223.57 3.8418 2.0051 105.15 21.044 .3113 Apr >004 223.86 3.8407 2.0061 103.84 21.062 .3112 May [.2005 223.59 3.8406 2.0055 102.24 21.047 3112 June 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 1.2042 224 03 3.8509 2.0061 102.18 21.063 3111 Nov .2054 224.18 3.8432 2.0130 102.37 21.065 3112 Dec 1.2061 223.69 3.8409 2.0131 101.78 21.044 .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 ) 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 .1610 .2778 32.857 8.0056 26 492 I960 320.389 23 976 20.968 280.76 .1610 .2778 32.817 8.0056 26 513 1959 Dec .2038 23.974 20.928 279.84 .1610 .2776 32.766 8.0056 26 506 I960 Jan 320.366 23.975 20.935 279.98 1610 .2775 32.776 8.0056 26 502 Feb 20.369 23.977 20.951 280.33 .1610 .2773 32.771 8.0056 26.512 Mar 20.376 23.978 20.963 280.59 .1610 .2773 32.767 8.0056 26 511 Apr 20.384 23.978 20.978 280.95 .1611 .2776 32.833 8.0056 26.516 May 20.396 23.978 20.958 280.60 .1611 .2774 32.810 8.0056 26.519 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 Aus 20.404 23.978 20.978 281.02 .1611 .2787 32.846 8.0056 26 512 Sept 20.404 23.978 20.990 281.27 .1611 .2787 32.851 8.0056 26 518 Oct 20.375 23.968 20.983 281.16 .1611 .2787 32.838 8.0056 26 518 Nov 20.402 23.974 21.000 281.35 .1610 .2778 32.858 8 0056 26 492 Dec 20.387 23.973 20.982 280.74 .1610 .2781 32.833 8.0056 26.517 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e) y R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r u a t d l u o - ) (p A S o o fr u u i n t c h d a ) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u i n t m n g e d d - ) 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 2.0579 19.324 23.142 280 88 I960 277.98 14.018 449.770 3.4937 279.71 1.6635 19.349 23.152 280 76 1959_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 1.6607 19.302 23 112 279 98 Feb 277.55 13.990 49.770 3.4898 279.28 1.6625 19.311 23.054 280.33 Mar 277.81 14.006 49.770 3.4923 279.54 1.6637 19.314 23.058 280.59 Apr 278.17 14.035 4 49.770 3.4957 279.90 1.6637 19.359 23.048 280.95 May 277 82 14 018 3 4935 279 55 I 6633 19 339 23 124 280 60 June 277.49 14.007 3.4905 279.22 1.6636 19.365 23.175 280.27 July 278.06 14.018 3.4936 279.79 1.6640 19.366 23.183 280.84 Aug 278 24 14 026 3 4956 279 97 I 6640 19 392 23 198 281 02 Sept 278.49 14.040 3.4979 280.22 1.6640 19.379 23.219 281.27 Oct 278.37 14.032 3.4973 280.11 1.6640 19.365 23,211 281.16 Nov 278.57 14.038 3.4992 280.30 1.6641 19.355 23.216 "281.35 Dec 277.96 14.021 3.4950 279.69 f.6642 19.334 23.225 280.74 c Corrected. was extended to all foreign exchange transactions on Oct. 28, 1957, and 1 Effective Jan. 12, 1959, the Argentine Government established a on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc single exchange rate for the peso in place of the former official and free was further devalued to 493.706 francs per U. S. dollar. rates. 3 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, 4 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 WILSON L. HOOFF, Assistant General Counsel Examiner DIVISION OF RESEARCH AND STATISTICS GUY E. NOYES, Director FRANK R. GARFIELD, Adviser DIVISION OF PERSONNEL ADMINISTRATION ALBERT R. KOCH, Adviser EDWIN J. JOHNSON, Director ROLAND I. ROBINSON, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director DANIEL H. BRILL, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser KENNETH B. WILLIAMS, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES DIVISION OF INTERNATIONAL FINANCE JOSEPH E. KELLEHER, Director ARTHUR W. MARGET, Director HARRY E. KERN, Assistant Director J. HERBERT FURTH, Adviser A. B. HERSEY, Adviser ROBERT L. SAMMONS, Adviser OFFICE OF THE CONTROLLER SAMUEL I. KATZ, Associate Adviser J. J. CONNELL, Controller DIVISION OF BANK OPERATIONS SAMPSON H. BASS, Assistant Controller JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director M. B. DANIELS, Assistant Director OFFICE OF DEFENSE PLANNING JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 122 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 123 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON W. D. FULTON J. L. ROBERTSON KARL R. BOPP G. H. KING, JR. CHAS. N. SHEPARDSON MALCOLM BRYAN H. G. LEEDY M. S. SZYMCZAK A. L. MILLS, JR. RALPH A. YOUNG, Secretary DAVID P. EASTBURN, Associate Economist MERRITT SHERMAN, Assistant Secretary L. MERLE HOSTETLER, Associate Economist KENNETH A KENYON, Assistant Secretary ARTHUR W MARGET Associate Economist HOWARD H. HACKLEY, General Counsel _ _ ^ T . 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 GEORGE A. MURPHY, NEW YORK NORFLEET TURNER, ST. LOUIS HOWARD C. PETERSEN, PHILADELPHIA GORDON MURRAY, MINNEAPOLIS REUBEN B. HAYS, CLEVELAND R. OTIS MCCLINTOCK, KANSAS CITY ROBERT B. HOBBS, RICHMOND I. 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 NILS Y. WESSELL ERWIN D. CANHAM NEW YORK PHILIP D. REED JAMES DECAMP WISE 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 ROBERT P. BRIGGS JAMES H. HILTON ST. LOUIS PIERRE B. MCBRIDE J. H. LONGWELL MINNEAPOLIS ATHERTON BEAN KANSAS CITY RAYMOND W. HALL HOMER A. SCOTT DALLAS ROBERT O. ANDERSON LAMAR FLEMING, JR. SAN FRANCISCO F. B. WHITMAN Y. FRANK FREEMAN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN • JANUARY 1961 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 J. G. Dickerson, Jr. John L. Nosker James M. Slay Aubrey N. Heflin Joseph M. Nowlan Atlanta Malcolm Bryan J. E. Denmark L. B. Raisty Brown R. Rawlings Harold T. Patterson J. E. McCorvey Charles T. Taylor Chicago Carl E. Allen Ernest T. Baughman Robert C. Holland George W. Mitchell C. J. Scanlon A. M. Gustavson L. H. Jones H. J. Newman Hugh J. Helmer C. T. Laibly Harry S. Schultz Paul C. Hodge St. Louis Delos C. Johns Marvin L. Bennett George E. Kroner Howard H. Weigel Darryl R. Francis Homer Jones Dale M. Lewis Joseph C. Wotawa Minneapolis Frederick L. Deming Kyle K. Fossum A. W. Johnson M. H. Strothman, Jr. A. W. Mills C. W. Groth H. G. McConnell M. B. Holmgren F. L. Parsons 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 W. M. Pritchett Thomas A. Hardin Thomas W. Plant San Francisco... H. N. Mangels J. L. Barbonchielli E. H. Galvin R. H. Morrill Eliot J. Swan R. S. Einzig H. E. Hemmings John A. O'Kane Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis Helena C. A. Van Nice Cleveland Cincinnati R. G. Johnson Kansas City.... Denver Cecil Puckett Pittsburgh J. W. Kossin Oklahoma City H. W. Pritz Richmond Baltimore D. F. Hagner Omaha P. A. Debus Charlotte E. F. MacDonald Atlanta Birmingham H. C. Frazer Jacksonville T. A. Lanford Dallas El Paso Howard Carrithers Nashville R. E. Moody, Jr. Houston J. L. Cook New Orleans M. L. Shaw San Antonio Carl H. Moore Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City E. R. Barglebaugh Memphis E. Francis DeVos Seattle A. B. Merritt Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared, on pages 1431-34 of the December 1960 Bulletin. {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 ties of 10 or more for single shipment, 85 $7.00 per annum or 70 cents per copy. (Group cents each. subscriptions in the United States for 10 or 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, 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL RESERVE BULLETIN • JANUARY 1961 REPRINTS lar Surveys available for some earlier years in (From Federal Reserve Bulletin unless preceded the period 1952-58.) by an asterisk) A QUARTERLY PRESENTATION OF FLOW OF FUNDS, SAVING, AND INVESTMENT. August 1959. 49 THE MONETARY SYSTEM OF THE UNITED STATES. pages. February 1953. 16 pages. THE GOVERNMENT SECURITIES MARKET. August INFLUENCE OF CREDIT AND MONETARY MEASURES 1959. 22 pages. ON ECONOMIC STABILITY. March 1953. 16 pages. REVISED INDUSTRIAL PRODUCTION INDEX. December 1959. 24 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC CAPITAL MARKETS and MONEY AND BANK CREDIT STABILITY. May 1953. 7 pages. IN 1959. Combined reprint. January and Feb- •DETAILED DESCRIPTION OF SOURCES AND METH- ruary 1960. 14 pages. ODS USED IN REVISION OF SHORT- AND INTER- MONETARY POLICY AND ECONOMIC GROWTH. MEDIATE-TERM CONSUMER CREDIT STATISTICS. February 1960. 7 pages. April 1953. 25 pages. REVISED SERIES FOR SEASONALLY ADJUSTED DEPARTMENT STORE SALES AND STOCKS, BY MONEY SUPPLY. February 1960. 4 pages. MAJOR DEPARTMENTS (Revised Indexes). November 1953. 65 pages. GOLD AND DOLLAR TRANSFERS IN 1959. March 1960. 6 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- BANKING AND MONETARY STATISTICS, 1959. Selected series of banking and monetary statistics ber 1955. 40 pages. for 1959 only. February and May 1960. 13 SURVEYS OF BANK LOANS FOR COMMERCIAL AND pages. (Similar reprint of 1958 data, February INDUSTRIAL PURPOSES. Business Loans of and May 1959 BULLETINS.) Member Banks. April 1956. 14 pages. Credit Lines and Minimum Balance Requirements. SURVEY OF COMMON TRUST FUNDS, 1959. May June 1956. 7 pages. Member Bank Lending 1960. 7 pages. (Also, similar reprints from to Small Business, 1955-57. April 1958. 19 August 1956, June 1957, May 1958, and May pages. Member Bank Term Lending to Busi- 1959 BULLETINS.) ness, 1955-57, April 1959. 16 pages. Security INTEREST RATES IN LEADING COUNTRIES. June Pledged on Business Loans at Member Banks. 1960. 6 pages. September 1959. 16 pages. RECENT MONEY AND CREDIT DEVELOPMENTS. FINANCING OF LARGE CORPORATIONS, 1951-55. July 1960. 8 pages. June 1956. 9 pages. THE BALANCE SHEET OF AGRICULTURE, 1960. REVISION OF CONSUMER CREDIT STATISTICS. Oc- August 1960. 9 pages. tober 1956. 24 pages. (Also, similar reprint CONSUMER BUYING INTENTIONS AND QUARTERLY from April 1953 BULLETIN.) SURVEY OF CONSUMER BUYING INTENTIONS. AGRICULTURAL LOAN SURVEY. November 1956 Combined reprint. September 1960. 31 pages. and January, February, and March 1957 BUL- THE U. S. BALANCE OF PAYMENTS, 1959-60. Oc- LETINS. 52 pages. tober 1960. 7 pages. SURVEY OF FINANCE COMPANIES, MID-1955. A NEW MEASURE OF THE MONEY SUPPLY. Octo- April 1957. 17 pages. ber 1960. 22 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- CAPITAL MARKETS IN 1960. December 1960. DEXES. December 1957. 30 pages. 7 pages. OPEN MARKET OPERATIONS IN LONG-TERM SE- IMPLEMENTATION OF THE 1959 ACT ON RESERVE CURITIES. November 1958. 15 pages. REQUIREMENTS. December 1960. 6 pages. *PART I, ALL-BANK STATISTICS, 1896-1955. April QUARTERLY SURVEY OF CONSUMER BUYING IN- 1959. 94 pages. TENTIONS. December 1960. 6 pages. 1959 SURVEY OF CONSUMER FINANCES. March, SMALL BUSINESS FINANCING: CORPORATE MANU- July, and September 1959. 48 pages. (Simi- FACTURERS. January 1961. 15 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 60, 62 Department stores—Continued Agricultural loans of commercial banks, 54, 56 Sales and stocks, 86, 90 Agriculture, Govt. agency loans, 72 Deposits {See also specific types of deposits): Assets and liabilities {See also Foreign liabilities and Adjusted, and currency, 50 claims): Banks, by classes, 45, 51, 55, 58, 62 Banks and the monetary system, consoli- Federal Reserve Banks, 46, 117 dated, 50 Postal savings, 44, 50 Corporate, current, 64 Discount rates, 44, 120 Domestic banks, by classes, 51, 54, 56, 62 Discounts and advances by Federal Reserve Federal business-type activities, Banks, 40, 45, 46 by fund or activity, 72 Dividends, corporate, 64, 65 Federal Reserve Banks, 46 Dollar assets, foreign, 109, 117 Automobiles: Dwelling units started, 87 Consumer instalment credit, 76, 77, 78 Production index, 80, 83 Earnings and hours, manufacturing industries, 86, 89 Bankers' balances, 55, 57 Employment, 86, 88, 89 {See also Foreign liabilities and claims) Export-Import Bank, loans, etc., 72 Banks and the monetary system, consolidated statement, 50 Farm mortgage loans, 72, 73, 74 Bonds {See also U. S. Govt. securities): Federal business-type activities, assets and liabilities, New issues, 64, 66, 67 by fund or activity, 72 Prices and yields, 60, 61 Federal Deposit Insurance Corporation, Brokers and dealers in securities, bank loans to, 54, 56 assets, etc., 72 Business expenditures on new plant and equip- Federal finance: ment, 64 Cash transactions, 70 Business indexes, 86 Receipts and expenditures, 71 Business loans {See Commercial and industrial loans) Treasurer's balance, 70 Federal home loan banks, loans, etc., 72, 75 Federal Housing Administration, loans, etc., 72, 73, Capital accounts: 74, 75 Banks, by classes, 51, 55, 58 Federal National Mortgage Association, Federal Reserve Banks, 46 loans, etc., 72, 75 Carloadings, 86 Federal Reserve Banks: Central banks, foreign, 106, 120 Condition statement, 46 Coins, circulation of, 48 U. S. Govt. securities held by, 40, 45, 46, 68, 69 Commercial banks: Federal Reserve credit, 40, 45, 46 Assets and liabilities, 51, 54 Federal Reserve notes, 46, 48 Consumer loans held, by type, 77 Finance company paper, 60, 62 Number, by classes, 51 Financial institutions, loans to, 54, 56 Real estate mortgages held, by type, 73 Flow of funds, saving and financial flows, 96 Commercial and industrial loans: Foreign central banks, 106, 120 Commercial banks, 54 Foreign deposits in U. S. banks, 40, 46, 50, 55, 58 Weekly reporting member banks, 56, 59 Foreign exchange rates, 121 Commercial paper, 60, 62 Foreign liabilities and claims: Commodity Credit Corporation, loans, etc., 72 Banks, 110, 112, 115, 117 Condition statements {See Assets and liabilities) Nonfinancial concerns, 118 Construction, 86, 87 Foreign trade, 91 Consumer credit: Instalment credit, 76, 77, 78, 79 Major parts, 76, 78 Gold: Noninstalment credit, by holder, 77 Earmarked, 108 Consumer price indexes, 86, 92 Net purchases by U. S., 108 Consumption expenditures, 94, 95 Production, 107, 108 Corporate sales, profits, taxes, and dividends, 64, 65 Reserves of central banks and governments, 106 Corporate security issues, 64, 66 Reserves of foreign countries and international Corporate security prices and yields, 60, 61 institutions, 109 Cost of living {See Consumer price indexes) Stock, 40, 50, 108 Currency in circulation, 41, 48, 49 Gold certificates, 46, 48 Customer credit, stock market, 61 Govt. debt {See U. S. Govt. securities) Gross national product, 94, 95 Debits to deposit accounts, 49 Demand deposits: Home owners, Govt. agency loans, 72 Adjusted, banks and the monetary system, 50 Hours and earnings, manufacturing indus- Adjusted, commercial banks, by classes, 49, 55 tries, 86, 89 Banks, by classes, 51, 58 Turnover of, 49 Industrial production index, 80, 86 Type of holder, at commercial banks, 55 Instalment loans, 76, 77, 78, 79 Department stores: Insurance companies, 63, 68, 69, 74 Merchandising data, 91 Insured commercial banks, 53, 54 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 FEDERAL RESERVE BULLETIN • JANUARY 1961 Interbank deposits, 44, 51, 55, 58 Reserves: Interest rates: Commercial banks, 55 Bond yields, 60 Federal Reserve Banks, 46 Business loans by banks, 59 Foreign central banks and governments, 106 Federal Reserve Bank discount rates, 44 Foreign countries and international institu- Foreign countries, 119, 120 tions, 109 Open market, 60, 119 Member banks, 40, 45, 55, 57 Stock yields, 60 Residential mortgage loans, 73, 74, 75 Time deposits, maximum rates, 44 International capital transactions of the U. S., 110 Sales finance companies, consumer loans of, 76, 77, 79 International institutions, 106, 108, 109 Saving: Inventories, 94 Flow-of-funds series, 96 Investments {See also specific types of investments): National income series, 95 Banks, by classes, 51, 54, 57, 62 Savings deposits {See Time deposits) Federal Reserve Banks, 45, 46 Savings institutions, principal assets, 62, 63 Govt. agencies, etc., 72 Savings and loan associations, 63, 69, 74 Life insurance companies, 63 Securities, international transactions, 116, 117 Savings and loan associations, 63 Security issues, 64, 66, 67 Silver coin and silver certificates, 48 Labor force, 88 State member banks, 53 Loans {See also specific types of loans): State and municipal securities: Banks, by classes, 51, 54, 56, 62 New issues, 66, 67 Federal Reserve Banks, 40, 45, 46 Prices and yields, 60, 61 Govt. agencies, etc., 72 States and political subdivisions: Insurance companies, 63, 74 Deposits of, 55, 58 Savings and loan associations, 63, 74 Holdings of U. S. Govt. securities, 68 Loans insured or guaranteed, 73, 74, 75 Ownership of obligations of, 54, 62, 63 Stock market credit, 61 Manufactures, production index, 80, 86 Stocks: Margin requirements, 44 New issues, 66 Member banks: Prices and yields, 60, 61 Assets and liabilities, by classes, 51, 54 Borrowings at Federal Reserve Banks, 40, 46, 58 Tax receipts, Federal, 71 Deposits, by classes, 45 Time deposits, 44, 45, 50, 51, 55, 58 Number, by classes, 52 Treasurer's account balance, 70 Reserve requirements, by classes, 45 Treasury cash, 40, 48, 50 Reserves and related items, 40 Treasury currency, 40, 48, 50 Weekly reporting series, 56 Treasury deposits, 40, 46, 70 Mining, production index, 80, 86 Money rates {See Interest rates) Unemployment, 88 Money supply and related data, 49 U. S. balance of payments, 119 Mortgages {See Real estate loans) U. S. Govt. balances: Mutual savings banks, 50, 51, 53, 62, 68, 69, 73 Commercial bank holdings, by classes, 55, 58 Consolidated monetary statement, 50 National banks, 53 Treasury deposits at Federal Reserve National income, 94, 95 Banks, 40, 46, 70 National security expenditures, 71, 94 U. S. Govt. securities: Nonmember banks, 46, 53, 54, 55 Bank holdings, 50, 51, 54, 57, 62, 68, 69 Federal Reserve Bank holdings, 40, 45, 46, 68, 69 Foreign and international holdings, 46, 109 Payrolls, manufacturing, index, 86 International transactions, 116, 117 Personal income, 95 New issues, gross proceeds, 66 Postal Savings System, 44, 50 Outstanding, by type of security, 67, 68, 69 Prices: Ownership of, 68, 69 Consumer, 86, 92 Prices and yields, 60, 61 Security, 61 United States notes, outstanding and in circula- Wholesale commodity, 86, 92 tion, 48 Production, 80, 86 Utilities, production index, 80, 86 Profits, corporate, 64, 65 Vault cash, 40, 45, 55 Real estate loans: Banks, by classes, 54, 56, 62, 73 Veterans Administration, loans, etc., 72, 73, 74, 75 Type of mortgage holder, 73, 74, 75 Type of property mortgaged, 73, 74, 75 Weekly reporting member banks, 56 Reserve requirements, member banks, 45 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES ? THE FEDERAL RESERVE SYSTEM 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