Federal Reserve Bulletin, 1961-02

FEDERAL RESERVE B U LLETIN February 1961 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Charles Molony Ralph A. Young Woodlief Thomas Guy E. Noyes The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Credit and Money in 1960 129 Government Receipts and Payments Seasonally Adjusted 137 Directors of Federal Reserve Banks and Branches 143 Law Department 156 Current Events and Announcements 164 National Summary of Business Conditions 167 Financial and Business Statistics, U. S. (Contents on p. 169) 170 International Financial Statistics (Contents on p. 241) 242 Board of Governors and Staff 258 Open Market Committee and Staff; Federal Advisory Council 259 Federal Reserve Banks and Branches 259 Federal Reserve Board Publications 261 Index to Statistical Tables 263 Map of Federal Reserve System Inside back cover Volume 47 * Number 2 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

Credit and Money in i960 EXPANSION OF TOTAL CREDIT in 1960 positions, commercial banks increased their was below the record breaking level of 1959, loan and security portfolios by $8.4 bilas economic activity increased somewhat in lion in 1960, more than twice as much as the first half of the year and then declined. the year before. Financing in credit markets in 1960 totaled an estimated $37 billion, two-fifths less than NET FUNDS RAISED in 1959. With less demand for funds, in- CREDIT AND IOUITT MARKETS Billion! of dollars terest rates declined. 80 [] ALL SECTORS Meanwhile, credit markets abroad tight- • FEDERAL GOVT. ened in the first half of 1960, and interest rates in most major financial markets re- 60 mained higher than U. S. rates throughout the rest of the year. Private liquid funds, foreign and domestic, moved out of this country in response to interest differentials and to widespread uncertainties influencing participants in international financial mar- 20 kets. Foreign central banks acquired large sums of dollars as a result of these movements and converted a substantial part of their dollar acquisitions into gold through purchase from the United States. 1958 Thus, as the year progressed, conditions in the domestic economy called for monetary NOTE.—Based on flow-of-funds data. Data for 1960 are preliminary. policies of increasing ease, whereas international financial developments tended to call The seasonally adjusted money supply, for limitations on the amount of easing. after declining in the first part of the year, As credit demand slackened early in the rose in the last half and continued to rise year, the restraint on monetary expansion in in January 1961. The rise in demand deeffect at the beginning of the year was les- posits and currency during the second hah5 sened. By late spring and early summer, was accompanied by an unusually rapid exthis policy had given way to one of actively pansion, continuing into early 1961, of time encouraging credit and monetary expansion and savings deposits at commercial banks. through open market operations and other Savings and loan shares also increased at Federal Reserve actions that increased the a rapid pace last year, while deposits in supply and reduced the cost of bank re- mutual savings banks rose by somewhat serves. Responding to the easing in reserve more than the year before. 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 FEDERAL GOVERNMENT FINANCING larger part by the advance refunding of several outstanding issues well before their ma- About half of the decline in credit expanturity dates. The first of these operations in sion last year represented reduction in Fed- June involved an exchange by the public eral Governmentf inancing needs. The Fedof outstanding marketable securities, seveneral Government had a cash surplus of $3.6 teen months before their maturity, for two billion in calendar year 1960, in contrast new longer term issues. The second, in Sepwith deficits of more than twice that amount tember, involved the exchange of outstandin both 1958 and 1959. Nonmarketable debt ing issues maturing from 1967 to 1969 for outstanding declined. Marketable debt inissues maturing from 1980 to 1998. creased by only $750 million, in compari- Reduced credit demands by the Federal son with a rise of $12.7 billion during 1959. Government were reflected in falling yields on U. S. Government obligations. During the first seven months of the year, market INTEREST RATES Per cant per annum rates on Treasury bills and intermediateterm issues fell much more sharply than CORPORATE BONDS rates on bonds, as is usual in a period of declining rates. After late summer, the gap between short- and long-term rates widened only slightly, as the average level of rates GOVT. BONDS LONG-TERM was relatively unchanged. The increased net outflow of domestic and foreign capital from the United States in the second half of the year was a factor in preventing any significant further decline in interest rates. OTHER MARKET DEMANDS Other sectors of the economy—private sectors and state and local governments— 1958 1960 1961 raised about one-fourth less in credit and equity markets last year than in 1959 but NOTE.—Monthly averages for 91-day Treasury bills; U. S. slightly more than in the years 1956 to Government bonds maturing or callable in 10 years or more; and 30 corporate bonds, from Moody's Investors Service. 1958. Outstanding mortgage debt rose by Latest data shown: January. a smaller amount than in 1959 as the pace Short-term debt outstanding (i.e., debt of construction activity slackened. Both maturing within a year) declined over the short- and intermediate-term consumer year, as a larger than usual reduction in credit and bank loans to business increased such debt during the first hah* more than less, particularly in the second half of the offset an increase after midyear. There was year, as outlays for consumer durable goods an increase in the average maturity of the declined and businesses reduced their in- Treasury's marketable debt, caused partly ventories. by refunding of maturing issues with me- New corporate security issues were dium and long-term issues, but caused in smaller in the first half of 1960 than a year Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONEY IN 1960 131 earlier, but offerings increased in the sec- smaller share of bank deposits was in the ond half when interest rates were lower. A form of time deposits. Such deposits relarger amount of issues by sales finance quire a smaller reserve than demand decompanies accounted for most of the in- posits. crease in offerings. During the later months During much of the year the Federal Reof the year, the sizable volume of new cor- serve was adding on balance to its security porate issues was accompanied by an up- holdings in order to increase member bank ward drift of long-term rates in the private reserves, to contribute to the easing of credit sector. market conditions, and to offset the impact on member bank reserves of large foreign ac- MONETARY POLICY AND BANK RESERVES quisitions of gold in the second half of the year. In late October and in November, As economic expansion first slackened and then activity began to fall off, Federal Reserve actions contributed to a progressive RESERVES AND I0RR0WINGS easing of bank reserve positions and in- AIL MEM till tANKS Billions of dollars creased the potential for bank credit and 20 monetary expansion. During the first four months of 1960, the reserve position of TOTAL DESERVES banks was eased as Federal Reserve open 19 market sales of securities absorbed only part / of the required reserves released by the sea- v V sonal decline in deposits and of the reserve - 18 funds made available from the usual cur- 1 1 1 1 rency inflow and other sources. During this period, member banks reduced their borrow- r\ 1 BORROWINGS ings at Federal Reserve Banks by about \ $300 million. By late May-early June, member banks had reduced borrowings to a level slightly 1957 19S8 19S9 1960 1961 below excess reserves; thus they had a small net free reserve position. During the last part of the year, net free reserves expanded NOTE.—Monthly averages of daily figures. Beginning with December 1959, total reserves include reserves allowable In cash. Latest data shown: January. sharply and by December they had risen to an average of almost $700 million; three- when the System was engaged in large operafifths of the increase took place at country tions to meet seasonal reserve needs and to banks. In January 1961 bank reserve posi- ease credit, the Federal Reserve purchased tions continued easy. U. S. Government short-term securities other Total member bank reserves had declined than Treasury bills for the first time since in the early months of 1960, but thereafter 1958. These purchases, which amounted to rose by more than customary seasonal $315 million, were made at a time when the amounts to $19.3 billion in December. This spread between rates on short-term Treaswas about $350 million more than the total ury bills and on securities maturing in 9 to held in the last month of 1959, when a 15 months was unusually wide. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 During 1960 reserve funds were released in the first quarter, but had begun to inon balance by measures that affected vault crease substantially in the second quarter. cash and reserve requirements. These meas- Commercial banks added to security holdures, which released about $1.9 billion in ings in 1960, as demand for bank loans reserves, were taken in accordance with pro- slackened during the year, in contrast with visions of 1959 legislation and were de- 1959 when bank security holdings were subscribed in the BULLETIN for December stantially reduced to help finance unusually 1960. Large foreign acquisitions of gold large loan expansion. from the United States, mainly in the second The increased expansion during the sechalf of the year, were the main factor ab- ond half of 1960 took place for the most sorbing reserves in 1960. The monetary gold part at banks in leading cities, where credit stock declined $1.7 billion during the year, practically all in the second half. Other fac- BANK LOANS AND INVESTMENTS-NET CHANCE tors—currency in circulation, Federal Re- Billions oi dolla serve float, Treasury operations—had little net effect on reserves over the year as a whole. In addition to increasing the supply of reserve funds, which enabled banks both to reduce borrowings and expand credit, the Federal Reserve took actions in 1960 to reduce the cost of borrowed reserves. Federal Reserve discount rates—the rates charged member banks for short-term borrowing to meet temporary reserve deficiencies—were reduced from 4 to 3Vi per cent in June and to 3 per cent in August and 1959 '60 1959 60 1959 '60 September. While these reductions were less marked than those in short-term market NOTE.—Based on data for Dec. 31, 1958; June 24 and Dec. 31, 19S9; and June 29 and Dec. 28, 1960. Interbank loans rates, which declined along with reduced excluded. Changes for 1959 exclude increases resulting from addition of banks in Alaska and Hawaii and from the absorption of one large mutual savings bank by a commercial bank. demand for funds and generally easier credit These changes increased total loans and investments about $1 billion; total loans, $600 million, and U. S. Government conditions, they assisted in keeping dis- securities, $300 million. Total loans and investments include other securities not shown separately. count rates related to market rates. increased by a record amount, three times COMMERCIAL BANK CREDIT that in 1959. At banks outside leading cities, credit growth was substantial, about The greater expansion of commercial bank half again as much as a year earlier, but credit in 1960 compared with 1959 reflected postwar record growth of $11.2 bil- not as large as in the same period in 1958. lion in the last half of the year, as the ac- As in previous years, demands for bank celerated growth in time deposits relative to credit were particularly heavy around quardemand deposits contributed to increasing terly corporation tax payment dates. At the lending and investing potential of banks. these times, businesses either borrow di- Bank credit had declined more than usual rectly from banks or they sell short-term Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONEY IN 1960 133 securities that often are bought by banks strong during the first half of 1960, particor by dealers who borrow from banks. Thus, ularly in the first quarter, as businesses borthere are temporary needs for additional rowed to finance the rapid inventory restockbank reserves, accompanied by pressures on ing that followed resumption of steel proshort-term interest rates during these peri- duction late in 1959. In the first six months, ods. Bank credit demands were heavier in outstanding business loans rose $1.7 billion, September and December 1960, when there about the same as a year earlier. were no maturing Treasury tax-anticipation In the last half of the year, business loan securities that could be used to meet tax demand was much less than usual, as ecoliabilities, than in many previous tax pe- nomic activity slackened and inventories riods. During 1960, however, Federal Re- were liquidated. Bank loans to business rose serve operations supplied funds liberally in only an estimated $500 million, in contrast these tax borrowing periods and money mar- with $2.3 billion in the comparable period ket conditions remained easy. of the previous year. As loan demand slack- Bank loans. The slower pace of loan ex- ened, the prime loan rate—the rate charged pansion last year reflected for the most part by large city banks on short-term loans to developments in the second half of the year. large businesses with the highest credit stand- After a larger than usual decline in Janu- ing—was reduced to 4V2 per cent in August ary, when temporary year-end borrowing 1960 from the 5 per cent level reached in normally is repaid, total bank loans rose by September 1959. $5.2 billion during the next five months. Reflecting the pattern of inventory ac- This was one-fifth less than the unusually cumulation and liquidation, loans to manularge increase in the same period of 1959. facturers of metal products and metals rose During the second half of 1960, loans in- sharply early in the year and then declined creased only $3.2 billion, less than half as more than usual in the last half. For the much as in the comparable period of 1959 year as a whole, these loans, as reported by but more than in late 1957, when economic a sample of city banks, rose about $400 milactivity also had slackened. lion, about three-fifths as much as 1959. Business loan demand was comparatively Loans outstanding to textile manufacturers BUSINESS LOANS — CUMULATIVE CHANGI FIOM DECIMHR i9s« Billions of dollars METAIS Mill ALL OTHER -N5OD MOCISSORS" PD1UC UTILITIES MANUFACTURERS AND COMMODITY DEALERS NOTE.—Monthly changes in large loans at a sample of 'bank series. Changes cumulative from last Wednesday of more than 200 large banks in the weekly reporting member December 1958. Latest data shown: December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 increased less than in 1959, as demand fell purchased were short-term, in contrast to the off sharply in the final months of the year. second half of 1954 and the first half of Loan demand of trade concerns, commodity 1958, when unusually large additions to dealers, petroleum and chemical producers, bank security portfolios took the form more and public utilities was also less than in of medium and longer term issues. Heavy 1959. On the other hand, loan demand purchases of short-term Government secufrom service industries strengthened. rities by banks in the second half of the year Real estate loans outstanding at com- contributed to keeping short-term rates relamercial banks rose by $700 million last tively low. These purchases counterbalyear, well below the average annual increase anced the effects of other forces that exerted of $2.3 billion during the previous two years upward pressure on rates. Such forces included capital outflows and associated gold and about the same as in 1957. The inpurchases by foreign central banks, and the crease of $1.3 billion in consumer loans was increase after midyear in Government shortless than half of the 1959 rise, but above or term debt outstanding. near increases in most other recent years. Banks used proceeds from security sales Outstanding loans to nonbank financial in the early months of the year not only to institutions, mainly sales finance companies, help finance the loan expansion that folchanged little in 1960 after rising by an estilowed usual January repayments but also mated $1.5 billion in 1959. With market to reduce their own indebtedness at Federal interest rates declining last year, finance Reserve Banks. They continued to reduce companies made greater use of open market these borrowings as the year progressed. paper and long-term securities in meeting The fact that market yields on Treasury bills their needs for funds. Bank security loans were below the discount rate for much of the rose only $200 million over the year, but year provided an incentive for banks to there was a larger than usual rise of $1.3 reduce such borrowings either by selling billion in these loans during the second half securities or by adding less than they otherreflecting for the most part advances to dealwise would to their portfolio. ers in December, when their inventories of Bank liquidity. Movements of loan-desecurities rose substantially. posit ratios are one indication of changes in Security holdings. Through the early bank liquidity. Such ratios rose in the first months of 1960, banks continued to liquihalf of the year, indicating a reduction in date securities, mainly U. S. Government bank liquidity, but declined in the second obligations, but they increased their holdhalf. Changes in the composition of assets ings at a rapid pace in the last half of the and liabilities also affect liquidity. Banks year. After midyear, banks added about $7 reduced their indebtedness at Reserve Banks billion to their U. S. Government security throughout 1960, added to holdings of shortportfolio and $900 million to other secu- term securities, and showed a decline in serities, mainly State and local government curities maturing after five years. In addiobligations. These additions in total were tion, deposit growth over the year took the substantially more than for any other July- form of time deposits rather than demand December during the postwar period. deposits. All these changes added to the Most of the U. S. Government securities liquidity of banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT AND MONEY IN 1960 135 MONEY SUPPLY AND TURNOVER and savings deposits, which increased by about $5.5 billion. About $4 billion of this The downward trend in money supply (curexpansion occurred after midyear; this was rency and demand deposits other than those the largest July-December increase in the held by the U. S. Government and domestic postwar period and includes increases in commercial banks) that began in mid-1959 holdings not only of individuals but also of extended into the first half of 1960 and was businesses and State and local governments. then reversed. Over the second half of the Also, time deposits held by foreign banks, year, seasonally adjusted money supply rose after declining in the first half, expanded in the second. Growth in time deposits was influenced in part by the decline in yields on MOMY AND OTHER LIQUID ASSiTS Billion: of do Treasury bills. These yields fell from a high MONIT SUPPLY SAVINSS AND LOAN ISO SHAMt of 4.6 per cent in early January to an average of about 2.3 per cent in the last half of 140 the year. 130 1 1 1 1 . The rate of use of money—as measured TIMt D!?OSm by the annual rate of turnover of demand 110 40 deposits at banks outside financial centers— . . I I I: 30 was at its highest level of the postwar period. / *U BANKS Considering 1960 as a whole, the turnover U.S. GOVT. SICUIITIfS 60 rate averaged 25.7, 5 per cent above the •N^SAVINOS BONDS average of 24.5 in 1959. Most of the rise COMMERCIAL r\ took place in the early part of 1960. To- BANKS / _ i \ - ward the latter part of the year deposit ac- Au / tivity tended to recede as the volume of de- 60 '** \/»HABK£TABLE MATURING WITHIN" posits increased and business activity conowe TCAR 50 i l '1 tinued to decline. 1957 1»59 1961 »9J7 1959 1961 OTHER LIQUID ASSETS NOTE.—Seasonally adjusted data for holdings by the public, excluding the banking system and U. S. Government agencies and trust funds. Money supply: semimonthly averages of The nonbank public holds liquidity in many daily figures for demand deposits adjusted and currency outside banks. Time deposits: time and savings deposits at commercial and mutual savings banks and deposits in the forms in addition to currency and demand Postal Savings System, as of last Wednesday of month except for June 30 and December 31, when call data were used if and time deposits at commercial banks. available. Other liquid assets: end-of-month data. Latest data shown: money supply and time deposits, January; all others, Among other liquid assets are deposits at December. mutual savings banks, savings and loan moderately, at an average annual rate of shares, U. S. savings bonds, short-term U. S. about 1.5 per cent. By the second half of Government securities, and prime short- December, the money supply had risen to term market paper. $140.5 billion. Nevertheless, it was about Deposits in mutual savings banks rose $1 billion, or almost 1 per cent, below the $1.4 billion last year, mainly in the second end-of-1959 level. In January 1961, the half. This increase was about one-tenth money supply continued to rise. more than in 1959, although less than in Most of the expansion in commercial other recent years. Inflows of funds to savbank credit last year was reflected in time ings and loan associations have risen rapidly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 during the entire postwar period, and last U. S. Government securities in 1959, and year savings shares increased by $7.5 billion, also in the early part of 1960, had accomnearly $1 billion more than the previous panied heavy net sales of such securities by year. Yields on these types of assets gen- banks. Also, the total volume of securities erally did not decline during the year. Net outstanding had increased in 1959. redemptions of U. S. savings bonds in 1960 The nonbank public's holdings of liquid were less than one-third as much as the assets in the aggregate increased much less year before. in 1960 than in 1959. Businesses last year Nonbank public holdings of marketable drew down liquid asset holdings, in contrast Government securities maturing within a with a rise the year before, and consumers' year declined by an estimated $5.5 billion, holdings rose by less. Consumers' gross after rising by $10.8 billion the year besaving appears to have been about the same fore. Reduced public holdings in 1960 in 1960 as in the year before, but more of were associated with net purchases by banks during the year and with reductions in total their saving flowed directly into purchases of short-term debt outstanding. The increase capital goods—houses and durable goods— in nonbank public holdings of short-term and into debt repayment than in 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Government Receipts and Payments, Seasonally Adjusted SEASONALLY ADJUSTED DATA on Federal UNADJUSTED SERIES Government receipts from and payments to These series measure the cash, as contrasted the public, and the excess of one over the with the conventional budgetary, receipts other, are now available on a quarterly basis. and outlays of the Federal Government. These series have been prepared by the Bu- They include data for certain Federal agenreau of the Budget and, beginning with the cies and instrumentalities that are not in- November 1960 issue, are being published corporated in the conventional budget. currently in Economic Indicators. Tables In addition to administrative budget reshowing these series from 1947 to date are ceipts, Federal receipts from the public inpresented at the end of this article, along clude the receipts of certain trust funds. Paywith corresponding unadjusted quarterly ments to the public include disbursements data, and the series will be published regu- out of trust funds held by the Federal Govlarly in the Federal Reserve BULLETIN. The ernment and the net outlay (expenditures unadjusted series have been available on a minus receipts) of Government-sponsored monthly basis since the first publication of enterprises, in addition to the expenditure figures reported in the conventional budget. the Treasury Bulletin in 1939. Receipts from and payments to the public Data for Government receipts and exexclude certain intragovernmental transacpenditures on a cash basis have many anations. lytical uses, both public and private. They Annual data on Federal cash receipts and are used not only in analyzing Treasury payments are included regularly in the anfinancing operations and conditions in nual Federal Government budget documoney markets, but also in analyzing ecoment, where Special Analysis A gives a nomic developments generally. Levels of more thorough explanation of the series. Federal expenditures, receipts, and deficits These annual series are also carried in the or surpluses have important direct effect on Midyear Review (of the Budget). Quardemand and economic activity, and changes terly figures are carried in Economic Indicain these levels may have a major influence tors; monthly unadjusted figures appear in on economic development from one time to the Treasury Bulletin. Both Government another. Changes in expectations concernreceipts and expenditures on the consoliing Federal cash outlays and receipts may dated cash basis are available by fiscal years also be important. The significance of acback to 1929. tual or prospective changes in any particular The relation between receipts from and period naturally depends in part on inter- payments to the public and other measures pretations placed on such changes in the of Federal Government receipts and expendlight of economic circumstances at the time. itures is explained in the 1960 Historical 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 and Descriptive Supplement to Economic come taxes to a more nearly current basis Indicators. has appreciably altered the seasonal pattern of collections from this particular source. SEASONALLY ADJUSTED SERIES In contrast, because the final deadline for filing annual individual income tax returns In the past, the usefulness of these series was shifted in 1955 from March 15 to April has been limited somewhat by the seasonal 15, receipts for the 1947-1954 period were variation that is present both in the receipts adjusted separately from receipts for the and in the expenditure series. On the 1955-1960 period. receipts side, the seasonal derives from such factors as the scheduled dates for payment The seasonal adjustments have so far of Federal taxes (which lag somewhat be- been applied only to the totals of cash rehind the determination of tax liabilities) and ceipts and cash payments. Separate seanecessary delays in clearing checks. sonal factors for the unadjusted surplus or deficit have not been computed. The sea- On the expenditure side, outlays are not sonally adjusted surplus or deficit is derived distributed evenly through the year. Insimply as a difference between seasonally terest payments, housing outlays, and highadjusted receipts and seasonally adjusted exway and public works expenditures, as well penditures. as unemployment benefit payments, all show seasonal variation. Finally, expenditures Some experimental work in adjusting for sometimes bulge in June, just before the end seasonal variation was done on a monthly of the Government's fiscal year. At that basis. The results indicated, however, that time some appropriations lapse if not ex- the irregular component of the seasonally pended. adjusted series has dominated most of the The seasonally adjusted series are pre- month-to-month changes throughout the sented in the accompanying chart and the period for which adjustments have been tables at the end of this article. The work made, while changes calculated for periods of removing seasonal variation has been of three months have been on the average done at the Census Bureau by electronic dominated by cyclical movements. Accordcomputer according to a standard program ingly, the data presented here have been adthat the Census Bureau is using on many justed on a quarterly basis. Combining the statistical series. monthly series into a quarterly total reduces The technique of seasonal adjustment by the relative importance of the irregular means of an electronic computer has been variation found in the monthly series. explained in detail by the National Bureau It will be apparent from the chart that of Economic Research.1 In general the the seasonal variation in receipts is conmethod derives moving seasonals which siderably greater than that in payments. The make allowance for possible changes in pat- fact that Federal taxes are not collected on tern over a period of years. As an example a uniform basis throughout the year acof such changes, the legislation which grad- counts for most of the variation on the reually shifted the payment of corporation in- ceipts side. Collections tend to be concentrated on the quarterly tax dates and, in par- 1 Cf. Julius Shiskin, Electronic Computers and Busi- ticular, tend to be heavy during the latter ness Indicators, National Bureau of Economic Rehalf of any given fiscal year, when taxes for search, Occasional Paper 57, 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT RECEIPTS AND PAYMENTS 139 the preceding calendar year are paid. Cor- final settlement must be made of the balance porate tax payments for 1960 will be heav- of liability for 1960 not covered by withiest during the first half of calendar 1961. holding or by payments of estimated tax. Likewise, individual income tax receipts will The series presented in the chart and in be heavy in April because in that month the tables at the end of this article are still partly experimental, but the method has been U. S. GOVERNMENT CASH RECEIPTS FROM tested at the Bureau of the Budget for more AND PAYMENTS TO THE PUBLIC than a year prior to publication. Work on Billions of dollars these series is continuing in the hope that RECEIPTS UNADJUSTED eventually it will be possible to present integrated series of major components as well as totals for both receipts and payments, all seasonally adjusted. In the meantime, seasonally adjusted totals will appear quarterly in Economic Indicators, and unadjusted annual and monthly data will continue to be published in the Treasury Bulletin. The adjusted series on cash receipts and expenditures are made available in this publication as a service to economic analysts and students, to help them analyze the sig- 10 nificance of variation in these major series. 1948 '50 '52 '54 '56 '58 '60 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 TABLE 1 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [In billions of dollars] Calendar quarter Calendar quarter Calendar Fiscal Calendar Fiscal Year year year year year total total total total 1 2 3 4 1 3 4 Receipts Payments 1947 14.3 9.8 10.2 9.9 44.3 43.5 9.2 10.6 10.3 8.5 38.6 36.9 1948... . 15.0 10.2 10.1 9.6 44.9 45.4 8.6 9.0 8.7 10.5 36.9 36.5 1949 13.1 8.8 10.1 9.3 41.3 41.6 10.0 11.4 10.5 10.8 42.6 40.6 1950 12.2 9.3 10.5 10.4 42.4 40.9 10.8 11.1 9.3 10.8 42.0 43.1 1951 18.0 14.5 14.0 12.8 59.3 53.4 11.2 14.5 15.3 17.1 58.0 45.8 1952 21.9 19.4 15.4 14.7 71.3 68.0 16.9 18.7 16.9 19.4 72.0 68.0 1953 22.9 18.6 15.4 13.5 70.2 71.5 17.9 22.5 18.9 18.1 77.4 76.8 1954 23.7 19.1 13.5 12.3 68.6 71.6 16.5 18.4 18.6 16.2 69.7 71.9 1955 21.3 20.8 15.3 14.1 71.4 67.8 17.2 18.6 18.6 17.8 72.2 70.5 1956 24.1 23.6 17.1 15.5 80.3 77.1 17.1 19.1 18.3 20.3 74.8 72.6 1957 24.6 24.8 18.7 16.4 84.5 82.1 19.8 21.6 21.1 20.8 83.3 80.0 1958 23.6 23.2 18.3 16.6 81.7 81.9 19.6 21.8 23.8 23.8 89.0 83.4 1959 22.6 24.1 21.4 19.4 87.6 81.7 22.7 24.5 24.4 23.9 95.6 94.8 I960?.... 25.8 28.5 23.4 20.6 98.3 95.1 21.9 24.1 24.2 24.5 94.7 94.3 & Preliminary. SOURCE: Treasury Bulletin. NOTE.—Quarterly figures may not add to totals due to rounding. TABLE 2 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC, QUARTERLY, SEASONALLY ADJUSTED [In billions of dollars] Calendar quarter Year 1 2 3 4 1 2 3 4 Receipts Payments 1947 . . . 11.0 11.0 11.1 11.2 9.4 10.2 10 3 8 6 1948 11.6 11.4 10.9 10.9 8.8 8.6 8.9 10 4 1949 10.2 9.7 10.8 10.7 10.2 10.8 10.9 10.7 1950 9.5 9.8 11.3 12.3 11.1 10.5 9.8 10.6 1951 14.1 14.6 15.4 15.6 11.6 13.7 16.0 16 8 1952 17.0 18.7 17.4 18.5 17.6 17.7 17.6 19.1 1953 17.7 17.4 17.7 17.3 18.7 21.4 19.3 17.9 1954 18.3 17.7 15.8 16.0 17.3 17.6 18.8 16.1 1955 17.5 17.7 18.0 18.6 17.9 17.9 18.6 17.8 1956 20.1 20.2 19.9 20.2 18.0 18.4 18.2 20.2 1957 20.9 21.5 21.2 20.8 20.8 21.0 20.8 20.7 1958 20.6 20.3 20.3 20.5 20.7 21.4 23.3 23.5 1959 20.2 21.2 23.3 23.5 24.1 24.0 23 8 23 7 I960? 23.4 25.1 25.2 24.7 23.3 23.6 23.6 24.2 33 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

141 GOVERNMENT RECEIPTS AND PAYMENTS TABLE 3 EXCESS OF RECEIPTS FROM (+) OR PAYMENTS TO (—) THE PUBLIC [Initrillions of dollars] Calendar• quarter Calendar Fiscal Calendar• quarter Year year year 1 2 3 4 total total 1 2 3 4 Unadjusted Seasonally adjusted 1947.... 5.2 -0.8 -0.1 1.3 5.7 6.6 1.6 0.9 0.8 2.6 1948 6.4 1.2 1.4 -0.9 8.0 8.9 2.8 2.8 1.9 0.5 1949.... 3.2 -2.6 -0.4 -1.5 -1.3 1.0 O -1.1 -0.1 0 1950.... 1.5 -1.8 1.1 -0.4 0.5 -2.2 -1.5 -0.7 1.5 1.7 1951.... 6.9 -0.1 -1.3 -4.3 1.2 7.6 2.5 0.9 -0.6 -1.2 1952.... 4.9 0.7 -1.6 -4.7 -0.6 0) -0.5 1.0 -0.2 -0.6 1953.... 4.9 -3.9 -3.5 -4.6 -7.2 -5.3 -0.9 -4.0 -1.6 -0.6 1954 7.2 0.7 -5.1 -3.9 -1.1 -0.2 1.1 0.1 -3.0 -0.1 1955.... 4.1 2.2 -3.3 -3.8 -0.7 -2.7 -0.4 -0.2 -0.6 0.8 1956 7.0 4.5 -1.1 -4.8 5.5 4.5 2.1 1.8 1.7 -0.1 1957 4.8 3.3 -2.4 -4.4 1.2 2.1 0.1 0.5 0.4 0.1 1958.... 4.0 1.4 -5.5 -7.1 -7.3 -1.5 -0.1 -1.1 -3.0 -3.0 1959.... -0.1 -0.4 -3.0 -4.5 -8.0 -13.1 -3.8 -2.9 -0.5 -0.1 I960" . .. 3.8 4.5 -0.8 -3.9 3.6 0.8 0.1 1.5 1.7 0.5 P Preliminary. i $50 million or less. Adjusted figure for first quarterof 1949 is negative. TABLE 4 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC, SEASONALLY ADJUSTED ANNUAL RATES [In billions of dollars] Calendar• quarter Year 1 2 3 4 1 2 3 4 Receipts Payments 1947 44.0 44.1 44.4 44.7 37.6 40.6 41.1 34.2 1948 46.4 45.7 43.5 43.5 35.4 34.4 35.7 41.7 1949 40.7 38.7 43.3 42.8 40.9 43.1 43.6 42.7 1950 38.2 39.3 45.1 49.3 44.2 41.9 39.3 42.4 1951. 56.3 58.4 61.4 62.5 46.3 54.7 63.8 67.3 1952 68.1 74.7 69.6 74.1 70.3 70.7 70.4 76.4 1953 70.9 69.7 70.9 69.2 74.7 85.5 77.2 71.6 1954 73.3 70.8 63.2 63.8 69.0 70.3 75 3 64.3 1955 70.1 70.8 71.9 74.3 71.8 71.5 74.4 71.2 1956 80.2 80.9 79.5 80.6 71.8 73.7 72.8 80.9 1957 83.7 86.0 84.9 83.3 83.3 83.9 83.3 82.8 1958 82.4 81.1 81.3 82.2 83.0 85.5 93.2 94.1 1959 81.0 84.8 93.2 94.0 96.3 96.2 95.1 94.6 I960?7 . 93.7 100.2 100.9 98.7 93.3 94.3 94.2 96.9 P Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 TABLE 5 SEASONAL ADJUSTMENT FACTORS Calendar quarter Year 1 2 3 4 1 2 3 4 Receipts Payments 1947 130.4 89.3 92.0 88.3 97.6 104.7 100.1 99.7 1948 129.6 89.7 92.8 87.9 97.7 104.9 97.9 100.6 1949 128.9 91.1 93.6 86.5 97.4 105.6 96.5 100.8 1950 128.2 94.7 93.0 84.3 97.3 105.9 95.2 101.4 1951 128.2 99.1 91.1 81.7 96.6 106.1 95.7 101.4 1952 128.4 103.8 88.3 79.5 96.3 105.8 96.2 101.7 1953 129.0 106.5 86.6 77.8 96.0 105.2 97.8 101.1 1954 129.5 107.9 85.6 76.9 95.8 104.5 98.8 100.7 1955 .... 121.5 117.3 85.3 75.7 95.7 103.9 99.9 100.2 1956 120.1 116.7 86.2 76.9 95.3 103.5 100.4 100.5 1957 117.6 115.6 87.9 78.8 95.1 102.8 101.3 100.7 1958 114.6 114.5 89.9 80.9 94.6 102.2 102.1 101.0 1959 111.8 113.9 91.7 82.6 94.4 102.0 102.5 101.1 1960p 110.0 113.8 92.6 83.6 94.1 102.1 102.5 101.3 P Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Following is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. District 1—FEDERAL RESERVE BANK OF BOSTON Term expires Class A: Dec. 31 WILLIAM M. LOCKWOOD President, The Howard National Bank and Trust Company, Burlington, Vt. 1961 WILLIAM D. IRELAND President, State Street Bank and Trust Company, Boston, Mass. 1962 ARTHUR F. MAXWELL President, The First National Bank of Biddeford, Maine 1963 Class B: EUGENE B. WHITTEMORE President and Treasurer, The Morley Company, Portsmouth, N. H. 1961 MILTON P. HIGGINS Chairman of the Board, Norton Company, Worcester, Mass. 1962 WILLIAM R. ROBBINS Vice President and Controller, United Aircraft Corporation, East Hartford, Conn. 1963 Class C: ERWIN D. CANHAM 2 Editor, The Christian Science Monitor, Boston, Mass. 1961 NILS Y. WESSELL 1 President, Tufts University, Medford, Mass. 1962 WILLIAM WEBSTER President, New England Electric System, Boston, Mass. 1963 District 2—FEDERAL RESERVE BANK OF NEW YORK Class A: HENRY C. ALEXANDER Chairman of the Board, Morgan Guaranty Trust Company of New York, N. Y. 1961 1 Chairman. 2 Deputy Chairman. 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN - FEBRUARY 1961 District 2—FEDERAL RESERVE BANK OF NEW YORK—Continued Term expires Class A—Continued Dec. 31 CESAR J. BERTHEAU Chairman of the Board, Peoples Trust Company of Bergen County, Hackensack, N. J. 1962 A. LEONARD MOTT President, The First National Bank of Moravia, N. Y. 1963 Class B: B. EARL PUCKETT Chairman of the Board, Allied Stores Corporation, New York, N. Y. 1961 KENNETH H. HANNAN Executive Vice President, Union Carbide Corporation, New York, N. Y. 1962 AUGUSTUS C. LONG Chairman of the Board, Texaco Inc., New York, N. Y. 1963 Class C.- JAMES DECAMP WISE 2 Chairman of the Board, Bigelow-Sanford Carpet Company, Inc., New York, N. Y. 1961 PHILIP D. REED 1 Formerly Chairman of the Board, General Electric Company, New York, N. Y. 1962 EVERETT N. CASE President, Colgate University, Hamilton, N. Y. 1963 BUFFALO BRANCH Appointed by Federal Reserve Bank: JOHN W. REMINGTON President, Lincoln Rochester Trust Company, Rochester, N. Y. 1961 ANSON F. SHERMAN President, The Citizens Central Bank, Arcade, N. Y. 1961 HOWARD N. DONOVAN President, Bank of Jamestown, N. Y. 1962 FRANCIS A. SMITH President, The Marine Trust Company of Western New York, Buffalo, N. Y. 1963 Appointed by Board of Governors: WHITWORTH FERGUSON X President, Ferguson Electric Construction Co., Inc., Buffalo, N. Y. 1961 RAYMOND E. OLSON President, Taylor Instrument Companies, Rochester, N. Y. 1962 THOMAS E. LAMONT Farmer, Albion, N. Y. 1963 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: O. ALBERT JOHNSON President, The First National Bank of Eldred, Pa. 1961 FREDERIC A. POTTS President, The Philadelphia National Bank, Philadelphia, Pa. 1962 J. MILTON FEATHERER Executive Vice President and Trust Officer, The Penn's Grove National Bank and Trust Company, Penns Grove, N. J. 1963 Class B: FRANK R. PALMER Chairman of the Board, The Carpenter Steel Company, Reading, Pa. 1961 R. RUSSELL PIPPIN Treasurer, E. I. du Pont de Nemours & Company, Wilmington, Del. 1962 LEONARD P. POOL President, Air Products, Inc., Allentown, Pa. 1963 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 145 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued Term expires Class C: Dec. 31 HENDERSON SUPPLEE, JR.1 President, The Atlantic Refining Company, Philadelphia, Pa. 1961 DAVID C. BEVAN Vice President, Finance, The Pennsylvania Railroad Company, Philadelphia, Pa. 1962 WALTER E. HOADLEY 2 Vice President and Treasurer, Armstrong Cork Company, Lancaster, Pa. 1963 District 4—FEDERAL RESERVE BANK OF CLEVELAND Class A: RAY H. ADKINS President, The National Bank of Dover, Ohio 1961 FRANCIS H. BEAM Chairman of the Board, The National City Bank of Cleveland, Ohio 1962 PAUL A. WARNER President, The Oberlin Savings Bank Company, Oberlin, Ohio 1963 Class B: CHARLES Z. HARD WICK Executive Vice President, The Ohio Oil Company, Findlay, Ohio 1961 W. CORDES SNYDER, JR. Chairman of the Board and President, Blaw-Knox Company, Pittsburgh, Pa. 1962 EDWIN J. THOMAS Chairman of the Board and Chief Executive Officer, The Goodyear Tire & Rubber Company, Akron, Ohio 1963 Class C: ARHUR B. VAN BUSKIRK 1 Vice President and Governor, T. Mellon and Sons, Pittsburgh, Pa. 1961 JOSEPH H. THOMPSON 2 Vice Chairman, The M. A. Hanna Company, Cleveland, Ohio 1962 AUBREY J. BROWN Professor of Agricultural Marketing and Head of Department of Agricultural Economics, University of Kentucky, Lexington, Ky. 1963 CINCINNATI BRANCH Appointed by Federal Reserve Bank: FRANK J. VAN LAHR President, The Provident Bank, Cincinnati, Ohio 1961 LEROY M. MILES President, First National Bank and Trust Company of Lexington, Ky. 1962 LOGAN T. JOHNSTON President, Armco Steel Corporation, Middletown, Ohio 1963 H. W. GILLAUGH President, Third National Bank and Trust Company, Dayton, Ohio 1963 Appointed by Board of Governors: IVAN JETT Farmer, Georgetown, Ky. 1961 HOWARD E. WHITAKER 1 Chairman of the Board, Mead Corporation, Dayton, Ohio 1962 WALTER C. LANGSAM President, University of Cincinnati, Cincinnati, Ohio 1963 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 PITTSBURGH BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 A. BRUCE BOWDEN Vice President, Mellon National Bank and Trust Company, Pittsburgh, Pa. 1961 SAMUEL R. EVANS President, Windber Trust Company, Windber, Pa. 1962 CHAS. J. HEIMBERGER President, The First National Bank of Erie, Pa. 1963 S. L. DRUMM President, West Penn Power Company, Greensburg, Pa. 1963 Appointed by Board of Governors: WILLIAM A. STEELE President, Wheeling Steel Corporation, Wheeling, W. Va. 1961 JOHN T. RYAN, JR.1 President, Mine Safety Appliances Company, Pittsburgh, Pa. 1962 G. L. BACH Dean, Graduate School of Industrial Administration, Carnegie Institute of Technology, Pittsburgh, Pa. 1963 District 5—FEDERAL RESERVE BANK OF RICHMOND Class A: A. SCOTT OFFUTT Chairman of the Board and President, The First National Bank of Washington, D. C. 1961 H. H. COOLEY President, The Round Hill National Bank, Round Hill, Va. 1962 ADDISON H. REESE President, North Carolina National Bank, Charlotte, N. C. 1963 Class B: L. VINTON HERSHEY President, Hagerstown Shoe Company, Hagerstown, Md. 1961 R. E. SALVATI President, Island Creek Coal Company, Huntington, W. Va. 1962 ROBERT E. L. JOHNSON Chairman of the Board, Woodward & Lothrop, Incorporated, Washington, D. C. 1963 Class C.- EDWIN HYDE2 President, Miller & Rhoads, Inc., Richmond, Va. 1961 ALONZO G. DECKER, JR.1 President, The Black & Decker Manufacturing Company, Towson, Md. 1962 WILLIAM H. GRIER President, Rock Hill Printing & Finishing Company, Rock Hill, S. C. 1963 BALTIMORE BRANCH Appointed by Federal Reserve Bank: HARVEY E. EMMART Senior Vice President and Cashier, Baltimore National Bank, Baltimore, Md. 1961 JOHN W. STOUT President, The Parkersburg National Bank, Parkersburg, W. Va. 1961 JAMES W. MCELROY President, First National Bank of Baltimore, Md. 1962 J. N. SHUMATE President, The Farmers National Bank of Annapolis, Md. 1963 Appointed by Board of Governors: J. T. MENZIES, JR. President, The Crosse & Blackwell Company, Baltimore, Md. 1961 GORDON M. CAIRNS 1 Dean of Agriculture, University of Maryland, College Park, Md. 1962 HARRY B. CUMMINGS Vice President and General Manager, Metal Products Division, Koppers Company, Inc., Baltimore, Md. 1963 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 147 CHARLOTTE BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 I. W. STEWART Honorary Chairman of the Board, North Carolina National Bank, Charlotte, N. C. 1961 G. G. WATTS President, The Merchants & Planters National Bank, Gaffney, S. C. 1961 CHARLES D. PARKER Asheville, N. C. 1962 W. W. MCEACHERN President, The South Carolina National Bank, Greenville, S. C. 1963 Appointed by Board of Governors: CLARENCE P. STREET Secretary and General Manager, McDevitt & Street Company, Charlotte, N. C. 1961 J. C. COWAN, JR. Vice Chairman, Burlington Industries, Inc., Greensboro, N. C. 1962 GEORGE H. AULL X Agricultural Economist, Clemson College, Clemson, S. C. 1963 District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: WILLIAM C. CARTER Chairman of the Board and President, Gulf National Bank, Gulfport, Miss. 1961 M. M. KIMBREL Chairman of the Board, First National Bank, Thomson, Ga. 1962 GEORGE S. CRAFT President, Trust Company of Georgia, Atlanta, Ga. 1963 Class B: DONALD COMER Chairman of the Board, Avondale Mills, Birmingham, Ala. 1961 MCGREGOR SMITH Chairman of the Board, Florida Power & Light Company, Miami, Fla. 1962 W. MAXEY JARMAN Chairman, Genesco, Inc., Nashville, Tenn. 1963 Class C.- WALTER M. MITCHELL 1 Vice President, The Draper Corporation, Atlanta, Ga. 1961 J. M. CHEATHAM President, Dundee Mills, Incorporated, Griffin, Ga. 1962 HENRY G. CHALKLEY, JR.2 President, The Sweet Lake Land & Oil Company, Lake Charles, La. 1963 BIRMINGHAM BRANCH Appointed by Federal Reserve Bank: GEORGE W. HULME Senior Vice President, First National Bank, Alexander City, Ala. 1961 MARSHALL DUGGER Vice President and Cashier, First National Bank, Tuscumbia, Ala. 1961 R. J. MURPHY Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Ala. 1962 FRANK A. PLUMMER Chairman of the Board and President, Birmingham Trust National Bank, Birmingham, Ala. 1963 Appointed by Board of Governors: JOHN E. URQUHART 1 Chairman of the Board, Woodward Iron Company, Woodward, Ala. 1961 JACK W. WARNER Chairman of the Board and President, Gulf States Paper Corporation, Tuscaloosa, Ala. 1962 SELDEN SHEFFIELD Cattleman, Greensboro, Ala. 1963 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 JACKSONVILLE BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 ROGER L. MAIN Chairman of the Board and President, Florida National Bank of Jacksonville, Fla. 1961 A. L. ELLIS Chairman of the Board, First National Bank in Tarpon Springs, Fla. 1961 LEONARD A. USINA President, Peoples National Bank of Miami Shores, Fla. 1962 GODFREY SMITH President, Capital City National Bank, Tallahassee, Fla. 1963 Appointed by Board of Governors: HARRY T. VAUGHN President, United States Sugar Corporation, Clewiston, Fla. 1961 CLAUDE J. YATES Vice President and General Manager, Southern Bell Telephone and Telegraph Company, Jacksonville, Fla. 1962 J. OLLIE EDMUNDS President, Stetson University, DeLand, Fla. 1963 NASHVILLE BRANCH Appointed by Federal Reserve Bank: C. A. WHELCHEL President, First Farmers and Merchants National Bank of Columbia, Tenn. 1961 W. E. NEWELL President, The First National Bank, Kingsport, Tenn. 1961 D. L. EARNEST President, The Blount National Bank of Maryville, Tenn. 1962 D. W. JOHNSTON Executive Vice President, Third National Bank in Nashville, Tenn. 1963 Appointed by Board of Governors: V. S. JOHNSON, JR. Chairman of the Board and President, Aladdin Industries, Inc., Nashville, Tenn. 1961 ANDREW D. HOLT X President, University of Tennessee, Knoxville, Tenn. 1962 W. N. KRAUTH President and General Manager, Colonial Baking Company of Nashville, Tenn. 1963 NEW ORLEANS BRANCH Appointed by Federal Reserve Bank: W. P. MCMULLAN Chairman of the Board, Deposit Guaranty Bank and Trust Company, Jackson, Miss. 1961 WALLACE M. DAVIS President, The Hibernia National Bank in New Orleans, La. 1961 FRANK A. GALLAUGHER President, Jeff Davis Bank & Trust Company, Jennings, La. 1962 GILES W. PATTY President, First National Bank, Meridian, Miss. 1963 Appointed by Board of Governors: GERALD L. ANDRUS President, New Orleans Public Service Inc., New Orleans, La. 1961 J. O. EMMERICH X Editor, State Times, Jackson, Miss. 1962 FRANK A. GODCHAUX, III Vice President, Louisiana State Rice Milling Company, Inc., Abbeville, La. 1963 1 Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 149 District 7—FEDERAL RESERVE BANK OF CHICAGO Term expires Class A; Dec. 31 JOHN H. CROCKER Chairman of the Board, The Citizens National Bank of Decatur, 111. 1961 VIVIAN W. JOHNSON President, First National Bank, Cedar Falls, Iowa 1962 DAVID M. KENNEDY Chairman of the Board, Continental Illinois National Bank and Trust Company of Chicago, 111. 1963 Class B: WILLIAM J. GREDE President, J. I. Case Co., Racine, Wis. 1961 WILLIAM A. HANLEY Director, Eli Lilly and Company, Indianapolis, Ind. 1962 G. F. LANGENOHL Treasurer and Assistant Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wis. 1963 Class C.- ROBERT P. BRIGGS 1 Executive Vice President, Consumers Power Company, Jackson, Mich. 1961 JAMES H. HILTON - President, Iowa State University of Science and Technology, Ames, Iowa 1962 JOHN W. SHELDON President, Chas. A. Stevens & Co., Chicago, 111. 1963 DETROIT BRANCH Appointed by Federal Reserve Bank: DONALD F. VALLEY Chairman of the Board, National Bank of Detroit, Mich. 1961 C. LINCOLN LINDERHOLM President, Central Bank, Grand Rapids, Mich. 1962 WILLIAM A. MAYBERRY Chairman of the Board, Manufacturers National Bank of Detroit, Mich. 1963 FRANKLIN H. MOORE President, The Commercial and Savings Bank, St. Clair, Mich. 1963 Appointed by Board of Governors: C. V. PATTERSON Director, The Upjohn Company, Kalamazoo, Mich. 1961 J. THOMAS SMITH1 President, Dura Corporation, Oak Park, Mich. 1962 CARL A. GERSTACKER Chairman of the Board, The Dow Chemical Company, Midland, Mich. 1963 District 8—FEDERAL RESERVE BANK OF ST. LOUIS Class A: ARTHUR WERRE, JR. Executive Vice President, First National Bank of Steeleville, 111. 1961 KENTON R. CRAVENS President, Mercantile Trust Company, St. Louis, Mo. 1962 H. LEE COOPER President, Ohio Valley National Bank of Henderson, Ky. 1963 Class B: S. J. BEAUCHAMP, JR. President, Terminal Warehouse Co., Little Rock, Ark. 1961 HAROLD O. MCCUTCHAN Executive Vice President, Mead, Johnson & Company, Evansville, Ind. 1962 EDGAR M. QUEENY Chairman of the Finance Committee and member of Board of Directors, Monsanto Chemical Company, St. Louis, Mo. 1963 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 FEDERAL RESERVE BULLETIN - FEBRUARY 1961 District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued Term expires Class C: Dec. 31 J. H. LONGWELL 2 Director, Special Studies and Programs, College of Agriculture, University of Missouri, Columbia, Mo. 1961 PIERRE B. MCBRIDE X President, Porcelain Metals Corporation, Louisville, Ky. 1962 JESSE D. WOOTEN Executive Vice President, Mid-South Chemical Corporation, Memphis, Tenn. 1963 LITTLE ROCK BRANCH Appointed by Federal Reserve Bank: J. V. SATTERFIELD, JR. President, The First National Bank in Little Rock, Ark. 1961 H. C. ADAMS Executive Vice President, The First National Bank of De Witt, Ark. 1962 J. W. BELLAMY, JR. President, National Bank of Commerce of Pine Bluff, Ark. 1963 R. M. LAGRONE, JR. President, The Citizens National Bank of Hope, Ark. 1963 Appointed by Board of Governors: WALDO E. TILLER ! President, Tiller Tie and Lumber Company, Inc., Little Rock, Ark. 1961 T. WINFRED BELL President, Bush-Caldwell Company, Little Rock, Ark. 1962 FREDERICK P. BLANKS Planter, Parkdale, Ark. 1963 LOUISVILLE BRANCH Appointed by Federal Reserve Bank: JOHN R. STROUD Executive Vice President, The First National Bank of Mitchell, Ind. 1961 MERLE E. ROBERTSON Chairman of the Board and President, Liberty National Bank and Trust Company of Louisville, Ky. 1962 RAY A. BARRETT President, The State Bank of Salem, Ind. 1963 JOHN G. RUSSELL President, The Peoples First National Bank & Trust Company of Paducah, Ky. 1963 Appointed by Board of Governors: J. D. MONIN, JR.1 Farmer, Oakland, Ky. 1961 WILLIAM H. HARRISON President, Taylor Drug Stores, Inc., Louisville, Ky. 1962 PHILIP DAVIDSON President, University of Louisville, Louisville, Ky. 1963 MEMPHIS BRANCH Appointed by Federal Reserve Bank: J. H. HARRIS Chairman of the Board, The First National Bank of Wynne, Ark. 1961 CHARLES R. CAVINESS President, National Bank of Commerce of Corinth, Miss. 1962 JOHN E. BROWN President, Union Planters National Bank of Memphis, Tenn. 1963 SIMPSON RUSSELL Chairman of the Board, The National Bank of Commerce of Jackson. Tenn. 1963 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 151 MEMPHIS BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 FRANK LEE WESSON1 President, Wesson Farms, Inc., Victoria, Ark. 1961 CLAY LYLE Dean and Director, Division of Agriculture, Mississippi State University, State College, Miss. 1962 EDWARD B. LEMASTER President, Edward LeMaster Company, Inc., Memphis, Tenn. 1963 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Class A: JOHN A. MOORHEAD President, Northwestern National Bank of Minneapolis, Minn. 1961 HAROLD N. THOMSON Vice President, Farmers & Merchants Bank, Presho, S. D. 1962 HAROLD C. REFLING Cashier, First National Bank in Bottineau, N. D. 1963 Class B: T. G. HARRISON Minneapolis, Minn. 1961 J. E. CORETTE President and General Manager, The Montana Power Company, Butte, Mont. 1962 RAY C. LANGE President, Chippewa Canning Company, Inc., Chippewa Falls, Wis. 1963 Class C: JOHN H. WARDEN President, Upper Peninsula Power Company, Houghton, Mich. 1961 ATHERTON BEAN L President, International Milling Company, Minneapolis, Minn. 1962 (Vacancy) 1963 HELENA BRANCH Appointed by Federal Reserve Bank: O. M. JORGENSON Chairman of the Board, Security Trust and Savings Bank, Billings, Mont. 1961 ROY G. MONROE President, The First State Bank of Malta, Mont. 1962 HARALD E. OLSSON President, Ronan State Bank, Mont. 1962 Appointed by Board of Governors: JOHN M. OTTEN X Farmer and rancher, Lewistown, Mont. 1961 HARRY K. NEWBURN President, Montana State University, Missoula, Mont. 1962 District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A: W. S. KENNEDY President and Chairman of the Board, The First National Bank of Junction City, Kans. 1961 BURTON L. LOHMULLER President, The First National Bank of Centralia, Kans. 1962 HAROLD KOUNTZE Chairman of the Board, The Colorado National Bank of Denver, Colo. 1963 Class B.- ROBERT A. OLSON President, Kansas City Power & Light Company, Kansas City, Mo. 1961 1 Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 FEDERAL RESERVE BULLETIN - FEBRUARY 1961 District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued Term expires Dec. 31 Class B—Continued K. S. ADAMS Chairman of the Board, Phillips Petroleum Company, Bartlesville, Okla. 1962 MAX A. MILLER Livestock rancher, Omaha, Neb. 1963 Class C.- RAYMOND W. HALL X Hillix, Hall, Hasburgh, Brown & Hoffhaus, Attorneys, Kansas City, Mo. 1961 OLIVER S. WILLHAM President, Oklahoma State University, Stillwater, Okla. 1962 HOMER A. SCOTT 2 Vice President and District Manager, Peter Kiewit Sons' Company, Sheridan, Wyo. 1963 DENVER BRANCH Appointed by Federal Reserve Bank: STEWART COSGRIFF Director, Denver United States National Bank, Denver, Colo. 1961 J. H. BLOEDORN President, The Farmers State Bank of Fort Morgan, Colo. 1962 CALE W. CARSON President, First National Bank in Albuquerque, N. Mex. 1962 Appointed by Board of Governors: ROBERT T. PERSON X President, Public Service Company of Colorado, Denver, Colo. 1961 R. A. BURGHART Ingle Land and Cattle Company, Colorado Springs, Colo. 1962 OKLAHOMA CITY BRANCH Appointed by Federal Reserve Bank: C. P. STUART Chairman of the Board, The Fidelity National Bank & Trust Company, Oklahoma City, Okla. 1961 R. L. KELSAY Chairman of the Board and President, The First National Bank in Hobart, Okla. 1962 C. L. PRIDDY President, The National Bank of McAlester, Okla. 1962 Appointed by Board of Governors: JAMES E. ALLISON1 President, Warren Petroleum Corporation, Tulsa, Okla. 1961 OTTO C. BARBY Attorney and rancher, Beaver, Okla. 1962 OMAHA BRANCH Appointed by Federal Reserve Bank: R. E. BARTON President, The Wyoming National Bank of Casper, Wyo. 1961 C. WHEATON BATTEY Chairman of the Board, First Continental National Bank & Trust Company, Lincoln, Neb. 1961 JOHN F. DAVIS President, First National Bank, Omaha, Neb. 1962 Appointed by Board of Governors: JAMES L. PAXTON, JR.1 President, Paxton-Mitchell Company, Omaha, Neb. 1961 CLIFFORD MORRIS HARDIN Chancellor, The University of Nebraska, Lincoln, Neb. 1962 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES T53 District 11—FEDERAL RESERVE BANK OF DALLAS Term expires Class A: Dec. 31 J. EDD MCLAUGHLIN President, Security State Bank & Trust Company, Rails, Tex. 1961 JOHN M. GRIFFITH President, The City National Bank of Taylor, Tex. 1962 ROY RIDDEL President, First National Bank at Lubbock, Tex. 1963 Class B: H. B. ZACHRY President, H. B. Zachry Co., San Antonio, Tex. 1961 J. B. PERRY, JR. President and General Manager, Perry Brothers, Inc., Lufkin, Tex. 1962 D. A. HULCY Chairman of the Board, Lone Star Gas Company, Dallas, Tex. 1963 Class C: LAMAR FLEMING, JR.2 Member, Board of Directors, Anderson, Clayton & Co., Inc., Houston, Tex. 1961 ROBERT O. ANDERSON X President, Hondo Oil & Gas Company, Roswell, N. Mex. 1962 MORGAN J. DAVIS President, Humble Oil & Refining Company, Houston, Tex. 1963 EL PASO BRANCH Appointed by Federal Reserve Bank: JOSEPH F. IRVTN President, Southwest National Bank of El Paso, Tex. 1961 CHAS. B. PERRY President, First State Bank, Odessa, Tex. 1962 FLOYD CHILDRESS Vice President, The First National Bank of Roswell, N. Mex. 1963 DICK ROGERS President, First National Bank in Alpine, Tex. 1963 Appointed by Board of Governors: DYSART E. HOLCOMB 1 Director of Research, El Paso Natural Gas Products Company, El Paso, Tex. 1961 ROGER B. CORBETT President, New Mexico State University, University Park, N. Mex. 1962 WILLIAM R. MATHEWS Editor and Publisher, The Arizona Daily Star, Tucson, Ariz. 1963 HOUSTON BRANCH Appointed by Federal Reserve Bank: J. W. MCLEAN President, Texas National Bank of Houston, Tex. 1961 M. M. GALLOWAY President, First Capitol Bank, West Columbia, Tex. 1962 J. A. ELKINS, JR. President, First City National Bank of Houston, Tex. 1963 JOHN E. GRAY President, The First National Bank of Beaumont, Tex. 1963 Appointed by Board of Governors: TYRUS R. TIMM * Head, Department of Agricultural Economics and Sociology, A. & M. College of Texas, College Station, Tex. 1961 A. E. CUDLIPP Vice President and Director, Lufkin Foundry & Machine Company, Lufkin, Tex. 1962 MAX LEVINE President, Foley's, Houston, Tex. 1963 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 FEDERAL RESERVE BULLETIN * FEBRUARY 1961 SAN ANTONIO BRANCH Term expires Appointed by Federal Reserve Bank: Dec. 31 BURTON DUNN Chairman of the Executive Committee, Corpus Christi State National Bank, Corpus Christi, Tex. 1961 DWIGHT D. TAYLOR President, Pan American State Bank, Brownsville, Tex. 1962 DONALD D. JAMES Vice President, The Austin National Bank, Austin, Tex. 1963 FORREST M. SMITH President, National Bank of Commerce of San Antonio, Tex. 1963 Appointed by Board of Governors: HAROLD VAGTBORG X Executive Chairman, Board of Governors, Southwest Research Center, San Antonio, Tex. 1961 JOHN R. STOCKTON Professor of Business Statistics and Director of Bureau of Business Research, The University of Texas, Austin, Tex. 1962 G. C. HAGELSTEIN President and General Manager, Union Stock Yards San Antonio, San Antonio, Tex. 1963 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: JOHN A. SCHOONOVER Chairman of the Board, The Idaho First National Bank, Boise, Idaho 1961 M. VILAS HUBBARD President and Chairman of the Board, Citizens Commercial Trust and Savings Bank of Pasadena, Calif. 1962 CARROLL F. BYRD Chairman of the Board and President, The First National Bank of Willows, Calif. 1963 Class B: WALTER S. JOHNSON Chairman of the Board, American Forest Products Corporation, San Francisco, Calif. 1961 N. LOYALL MCLAREN Partner, Haskins & Sells, San Francisco, Calif. 1962 JOSEPH ROSENBLATT President, The Eimco Corporation, Salt Lake City, Utah 1963 Class C: Y. FRANK FREEMAN 2 Vice President, Paramount Pictures Corporation, Hollywood, Calif. 1961 F. B. WHITMAN 1 President, The Western Pacific Railroad Company, San Francisco, Calif. 1962 JOHN D. FREDERICKS President and Chief Executive Officer, Pacific Clay Products, Los Angeles, Calif. 1963 LOS ANGELES BRANCH Appointed by Federal Reserve Bank: JOE D. PAXTON Chairman of the Advisory Board, Santa Barbara Main Office, Crocker-Anglo National Bank, Santa Barbara, Calif. 1961 ROBERT S. BEASLEY President, The Beverly Hills National Bank & Trust Company, Beverly Hills, Calif. 1962 ROY A. BRITT President, Citizens National Bank, Los Angeles, Calif. 1962 1 Chairman. 2 Deputy Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES 155 LOS ANGELES BRANCH—Continued Term expires Appointed by Board of Governors: Dec. 31 ROBERT J. CANNON X President, Cannon Electric Company, Los Angeles, Calif. 1961 S. ALFRED HALGREN Vice President and Director, Carnation Company, Los Angeles, Calif. 1962 PORTLAND BRANCH Appointed by Federal Reserve Bank: C. B. STEPHENSON Chairman of the Board, The First National Bank of Oregon, Portland, Ore. 1961 D. S. BAKER President, The Baker-Boyer National Bank, Walla Walla, Wash. 1962 E. M. FLOHR President, The First National Bank, Wallace, Idaho 1962 Appointed by Board of Governors: GRAHAM JOHN BARBEY President, Barbey Packing Corporation. Astoria, Ore. 1961 RAYMOND R. RETER 1 Reter Fruit Company, Medford, Ore. 1962 SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: OSCAR HILLER President, Butte County Bank, Arco, Idaho 1961 J. E. BRINTON President, The First National Bank of Ely, Nev. 1962 REED E. HOLT President, Walker Bank & Trust Company, Salt Lake City, Utah 1962 Appointed by Board of Governors: HOWARD W. PRICE Executive Vice President and General Manager, The Salt Lake Hardware Co., Salt Lake City, Utah 1961 THOMAS B. ROWLAND 1 Manager, Co-owner, Rowland Bros. Dairy, Pocatello, Idaho 1962 SEATTLE BRANCH Appointed by Federal Reserve Bank: JOSHUA GREEN, JR. President, People National Bank of Washington, Seattle, Wash. 1961 CHAS. H. PARKS Executive Vice President, Seattle-First National Bank, Spokane and Eastern Division, Spokane, Wash. 1962 M. F. HASTINGS President, The First National Bank of Ferndale, Wash. 1962 Appointed by Board of Governors: HENRY N. ANDERSON President, Twin Harbors Lumber Company, Aberdeen, Wash. 1961 LYMAN J. BUNTING 1 President, Artificial Ice & Fuel Company, Yakima, Wash. 1962 Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Simultaneous Long and Short Positions stated that the stock would be sold by a firm of In Same Margin Account Where Short underwriters and that distribution was expected to Position is Taken First be completed in not more than a few days. On the basis of the facts stated, the Board con- The Board has been asked whether the last cluded that the companies involved would not be sentence of Section 220.3 (g) of Regulation T subject to Sections 20 and 32 of the Banking Act applies when a customer first sells a registered of 1933, since they would not be principally or security short in an undermargined account, then primarily engaged in the business of issuing or subsequently purchases the same security, instructdistributing securities but would only be issuing ing the broker to maintain long and short positions their own stock for a period ordinarily required in that security. for corporate organization. The Board stated, The last sentence of Section 220.3 (g) prohibits however, that if either of the companies should the concurrent carrying of long and short posisubsequently issue additional shares frequently and tions in the same registered security for the purin substantial amounts relative to the size of the poses of Regulation T, regardless of which posi- Company's capital structure, it would be necessary tion is taken first. This result follows because the for the Board to reconsider the matter. word "sale" is equivalent, where the sense of the Apart from the legal question, the Board noted regulation requires it, to "sale position." Accordthat an arrangement of the kind proposed could ingly, where a security is purchased "long" in a involve some dangers to an affiliated bank because margin account, and there is an existing short the relationship might tend to impair the indeposition in the same security in the account, the pendent judgment that should be exercised by the two positions must be "netted out" for purposes bank in appraising its credits and might cause the of the regulation. company to be so identified in the minds of the Service of Member Bank and Real Estate public with the bank that any financial reverses Investment Company suffered by the company might affect the confi- The Board recently considered two inquiries dence of the public in the bank. regarding the question whether proposed real Because of the foregoing conclusion that the estate investment companies would be subject to companies would not be subject to Sections 20 the provisions of Sections 20 and 32 of the Banking and 32, it seems advisable to clarify an interpreta- Act of 1933 (12 U.S.C. Sec. 377 and Sec. 78). tion published by the Board in the 1960 Federal These sections relate to affiliations between mem- Reserve BULLETIN at page 371, in which the ber banks and companies engaged principally in Board took the position that a closed-end investthe issue, flotation, underwriting, public sale or ment company which was in process of organizadistribution of stocks, bonds, or similar securities, tion and was actively engaged in issuing and selland interlocking directorates between member ing its shares was subject to Section 32 as long banks and companies primarily so engaged. In as this activity continued. That interpretation both instances the companies, after their organiza- should be regarded as applicable only where the tion, would engage only in the business of financ- circumstances are such as to indicate that the ing real estate development or investing in real issuance of the company's stock is a primary or estate interests, and not in the type of business principal activity of the company. For example, described in the statute. However, each of the such circumstances might exist where the initial companies, in the process of its organization, stock of a company is actively issued over a period would issue its own stock. In one instance, it ap- of time longer than that ordinarily required for peared that the stock would be issued over a period corporate organization, or where, subsequent to of from 30 to 60 days; in the other instance it was organization, the company issues its own stock 156 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 157 frequently and in substantial amounts relative to Voting for this action: Chairman Martin, and Governors Balderston, Szymczak, Mills, Robertson, Shepthe total amount of shares outstanding. ardson, and King. Orders Under Section 3 of the Bank (Signed) MERRITT SHERMAN, Holding Company Act Secretary. [SEAL] The Board of Governors of the Federal Reserve System has issued the following Orders and STATEMENT Statements with respect to applications by two holding companies for approval of the acquisition Firstamerica Corporation, Los Angeles, Caliof voting shares of certain banks: fornia, a bank holding company, has applied, pursuant to Section 3 (a) (2) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a) (2)), FlRSTAMERICA CORPORATION for the Board's prior approval of the acquisition In the Matter of the Application of Firstamerica of shares of voting stock of First Western Bank Corporation, Los Angeles, California, for prior and Trust Company, Los Angeles, California, a approval of acquisition of voting shares of First proposed new bank (hereinafter called "New Western Bank and Trust Company, Los Angeles, Bank"). California Views and recommendations of Superintendent of Banks of California. As required by Section ORDER APPROVING APPLICATION UNDER 3(b) of the Act, the Board gave notice of the BANK HOLDING COMPANY ACT application to the Superintendent of Banks for the There having come before the Board of Gov- State of California, since New Bank will be a ernors pursuant to Section 3(a)(2) of the Bank State-chartered bank. The Superintendent of Holding Company Act of 1956 (12 U.S.C. 1842) Banks concluded that the proposed acquisition and Section 4(a) (2) of the Board's Regulation Y would be in the public interest and recommended (12 CFR 222.4(a)(2)), an application on behalf approval. of Firstamerica Corporation, Los Angeles, Cali- Statutory factors. Section 3(c) of the Act refornia, for the Board's prior approval of the quires the Board to take into consideration the acquisition of up to 100 per cent of the voting following five factors: (1) the financial history shares of First Western Bank and Trust Company, and condition of the holding company and banks Los Angeles, California, a proposed new bank; a concerned; (2) their prospects; (3) the character Notice of Receipt of Application having been of their management; (4) the convenience, needs, published in the Federal Register on December 2, and welfare of the communities and area con- 1960 (25 Federal Register 12382) and on Decem- cerned; and (5) whether or not the effect of the ber 21, 1960 (25 Federal Register 13147) which acquisition would be to expand the size or extent provided interested persons an opportunity to sub- of the bank holding company system involved bemit to the Board comments and views regarding yond limits consistent with adequate and sound the proposed acquisition; and no such comments banking, the public interest, and the preservation or views having been submitted; of competition in the field of banking. IT IS HEREBY ORDERED, that said application be Discussion. Measured by the magnitude of its and hereby is granted, and the acquisition by First- own resources and those of its subsidiary banks, america Corporation of up to 100 per cent of Firstamerica is the largest bank holding company the voting shares of First Western Bank and Trust in the United States. It owns a majority of the Company, Los Angeles, California, is hereby ap- stock of 24 banks, situated in the 11 Western proved, provided that such acquisition is com- States. These banks operate through some 430 pleted within three months from the date hereof. offices, and their aggregate deposits at the be- A Statement of the reasons for this Order will ginning of 1960 were about $4.6 billion. be published in due course. In the State of California, Firstamerica now Dated at Washington, D. C, this 19th day of controls two banks—California Bank, with about January, 1961. 70 offices and deposits of $1.2 billion, and First By order of the Board of Governors. Western Bank and Trust Company, with about Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 110 offices and deposits of $1.1 billion.* (It Company was contemplated when Firstamerica should be noted that First Western Bank and requested the Board's prior approval of the acqui- Trust Company, San Francisco, the existing bank, sition of the stock of California Bank. The deis not the same institution as the New Bank.) The cision of the Board in that case assumed that the offices and operations of California Bank are con- stock acquisition would be followed by merger centrated in the Los Angeles area, whereas First of the two banks, and the Board concluded that Western Bank and Trust Company operates not the merger, as well as the stock acquisition, would only in San Francisco but also in Los Angeles be consistent with the public interest. and a number of other cities and towns in Cali- Since the date of the Board's approval of Firstfornia. america's acquisition of the stock of California Prior to April 1, 1959, First Western Bank Bank, Section 18(c) of the Federal Deposit Inand Trust Company was Firstamerica's only Cali- surance Act (12 U.S.C. 1828(c)) has been fornia bank. At that time Firstamerica acquired amended to require the approval of the Board 97 per cent of the voting shares of California of Governors prior to any merger in which the Bank. This acquisition was carried out pursuant resulting bank is to be a State member bank of to the prior approval of the Board of Governors the Federal Reserve System, which will be the under Section 3(a)(2) of the Bank Holding Com- case upon the merger of California Bank and pany Act. The Order of the Board in that matter First Western Bank and Trust Company. After is published in 45 Federal Reserve BULLETIN 134 consideration of the circumstances of the proposed (February 1959), and the background and circum- merger in the light of the factors enumerated in stances of that case are discussed in the Statements Section 18(c), as amended, the Board has conthat accompanied the Order. cluded that the merger would be in the public When Firstamerica acquired the stock of Cali- interest and has approved its consummation. fornia Bank, it was contemplated that California Principally in order to provide capital for New Bank and First Western Bank and Trust Company Bank, Firstamerica proposes to incur a fairly subwould merge to form a single institution with re- stantial amount of indebtedness, relative to its sources exceeding $2 billion and more than 160 capital structure. However, viewed in the light of banking offices throughout the State of California. the satisfactory financial history of Firstamerica, However, consummation of the proposed merger it appears that the undertaking of this indebtedat that time was prevented by the fact that the ness will not jeopardize that company's sound United States Department of Justice initiated a financial condition. It also appears that the financivil action, under the Sherman Antitrust Act and cial condition of New Bank, the prospects of New the Clayton Antitrust Act, with respect to First- Bank and Firstamerica, and the character of their america's acquisition of the stock of California managements will be satisfactory. The Board has Bank and the proposed merger. concluded that the proposed program will not Following discussion of a possible consent settle- affect adversely the condition or prospects of ment of the pending antitrust litigation, the De- United California Bank, the merged bank from partment of Justice has informed Firstamerica that which New Bank is to be formed. the United States will dismiss its complaint on The program of merger of the two existing the basis of a program under which California banks to form United California Bank and the Bank and First Western Bank and Trust Company immediately subsequent establishment of New will merge, and promptly thereafter New Bank will Bank does not involve the termination of any take over and operate about 65 specified offices existing banking facilities. The Board is satisfied of the merged bank, located in Los Angeles, San that the communities presently served by offices Francisco, and other cities and towns in Cali- of the two existing banks will continue to receive, fornia. after the merger and the establishment of New As previously mentioned, the merger of Cali- Bank, virtually the same banking services as they fornia Bank and First Western Bank and Trust are now receiving. Consequently, the plan will not significantly affect the convenience, needs, or * These figures, and some others herein, are as of welfare of the communities and the area con- June 1960. cerned, except insofar as the proposed arrange- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 159 ment may enhance the vigor of banking competi- Initially, Firstamerica will purchase and hold a tion in some cities and towns of California. large majority of the outstanding capital stock of In addition to the factors referred to in pre- New Bank and will continue to own a large ceding paragraphs, Section 3(c) of the Holding majority of the stock of United California Bank, Company Act requires the Board, in passing upon the merged institution. However, under the agreeapplications under Section 3(a), to take into con- ment between Firstamerica and the Department of sideration "whether or not the effect of such Justice, Firstamerica will be obliged, after New acquisition . . . would be to expand the size or Bank has been in operation for two years, to seek extent of the bank holding company system into terminate promptly its ownership of New Bank volved beyond limits consistent with adequate and in a manner calculated to insure the continued sucsound banking, the public interest, and the presercessful operation of New Bank after the divestivation of competition in the field of banking." ture. In any event, Firstamerica must terminate its As previously mentioned, the Board has conownership of New Bank within six years of the cluded that the merger of California Bank and date of the Board's Order in this matter, by distrib- First Western Bank and Trust Company to form uting the stock of New Bank to the stockholders United California Bank would be in the public of Firstamerica if satisfactory divestiture cannot interest, viewed as part of the entire program of be effected in any other manner. Consequently, merger and split-off presented in this case. The merger would result, momentarily, in the existence the program gives promise that there will exist of a bank with resources in excess of $2.4 billion in the State of California, within relatively few and with more than 180 offices in most of the years, three banking institutions that will operate larger cities and towns of the State. New Bank throughout the State, only one of which will be will then be formed by separating from the merged controlled by Firstamerica. In the Board's judgbank about 65 of these offices. New Bank will ment, this development will be consistent with assume the deposit liabilities associated with those adequate and sound banking, and should contriboffices, which aggregate slightly less than one-half ute to the public interest and the preservation of billion dollars. Its capital structure initially will competition in the field of banking. aggregate not less than $30 million and will be Conclusion. A Notice of Receipt of Application increased to not less than $38 million within 70 in this matter, which was published in the Federal days after New Bank commences operations. Register on December 2, 1960 (25 Federal Regis- After the establishment of New Bank, the merged ter 12382) and corrected on December 21, 1960 bank (United California Bank) will have deposit (25 Federal Register 13147), afforded interested liabilities of $1.7 billion and a capital structure persons an opportunity to submit to the Board in excess of $155 million. comments and views regarding the proposed ac- At the present time, banking facilities in the quisition. No comments or views have been re- State of California include two banks that operate, ceived. substantially, throughout the State. One of these Viewing the relevant facts in the light of the is Bank of America National Trust and Savings Association, with resources approaching $12 bil- general purposes of the Bank Holding Company lion; the other is the present First Western Bank Act and the factors enumerated in Section 3(c), and Trust Company, with resources of about $1.2 it is the judgment of the Board that the proposed billion. The merger of California Bank and First acquisition would be consistent with the statutory Western Bank and Trust Company, as previously objectives and the public interest and that the mentioned, would bring into brief existence a application should be approved. State-wide bank with resources of about $2.4 billion. The creation of New Bank, while reduc- BANK STOCK CORPORATION OF MILWAUKEE ing United California's resources to approximately $2 billion, will establish a third State-wide bank In the Matter of the Application of Bank Stock with offices in San Francisco, Los Angeles, and a Corporation of Milwaukee for prior approval of number of other cities and towns in California acquisition of voting shares of The Bank of Comand with assets exceeding $500 million. merce, Milwaukee, Wisconsin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 ORDER APPROVING APPLICATION UNDER bank holding company, has applied,* pursuant to BANK HOLDING COMPANY ACT Section 3 (a) (2) of the Bank Holding Company Act of 1956 ("the Act"), for the Board's prior There having come before the Board of Governapproval of the acquisition of 80 per cent or more ors pursuant to Section 3(a)(2) of the Bank Holdof the authorized and outstanding common stock ing Company Act of 1956 (12 U.S.C. 1842) and of The Bank of Commerce, Milwaukee, Wisconsin Section 4(a) (2) of the Board's Regulation Y (12 ("Bank"). CFR 222.4(a) (2)), application on behalf of Bank Views and recommendations of the Deputy and Stock Corporation of Milwaukee, Milwaukee, Wis- Acting Commissioner of Banks for the State of consin, for the Board's prior approval of the ac- Wisconsin.—As required by Section 3(b) of the quisition of 80 per cent or more of the authorized Act, the Board forwarded notice of the application and outstanding common stock of The Bank of to the Deputy and Acting Commissioner of Banks for the State of Wisconsin, who recommended Commerce, Milwaukee, Wisconsin; a Notice of that the application be granted. Tentative Decision referring to a Tentative State- Statutory factors.—Section 3(c) of the Act ment on said application having been published in requires the Board to take into consideration the the Federal Register on January 5, 1961 (26 following five factors: (1) the financial history Federal Register 56); the said Notice having proand condition of the holding company and bank vided interested persons an opportunity, before concerned; (2) their prospects; (3) the character issuance of the Board's final order, to file objec- of their management; (4) the convenience, needs, tions or comments upon the facts stated and the and welfare of the communities and area conreasons indicated in the Tentative Statement; and cerned; and (5) whether or not the effect of the the time for filing such objections and comments acquisition would be to expand the size or extent having expired and one such Objection having of the bank holding company system involved been filed by the United States Department of beyond limits consistent with adequate and sound banking, the public interest, and the preservation Justice and considered by the Board; of competition in the field of banking. IT IS HEREBY ORDERED, for the reasons set forth Discussion.—Applicant became a bank holding in the Board's Statement of this date, that the said company on December 2, 1959, pursuant to apapplication be and hereby is granted, and the acproval given by the Board, through the acquisition quisition by Bank Stock Corporation of Milwaukee of stock of Marshall and Ilsley Bank ("M&I of 80 per cent or more of the authorized and out- Bank") and of Northern Bank, both located in the standing common stock of The Bank of Com- city of Milwaukee. M&I Bank has its main office merce, Milwaukee, Wisconsin, is hereby approved, and The Bank of Commerce has its only office in provided that such acquisition is completed within the downtown area of the city. The principal three months from the date hereof. subsidiary banks of two other bank holding companies, together with ten additional independent Dated at Washington, D. C, this 25th day of banks, are also located in Milwaukee's downtown January, 1961. area. Northern Bank is located somewhat to the By order of the Board of Governors. northwest of that area. Voting for this action: Chairman Martin, and Gov- The financial history and condition, the prosernors Balderston, Mills, Shepardson, and King. Vot- pects, and the management of Applicant are satising against this action: Governors Szymczak and factory. For some years previous to 1959, Bank's Robertson. rate of deposit growth lagged behind that of other (Signed) MERRITT SHERMAN, banks in the area. It appears that Bank was not Secretary. [SEAL] * This application was filed prior to July 1, 1960, the effective date of the amendment to Section 4(e) STATEMENT of the Board's Regulation Y providing for the publication of notice of receipt of applications pursuant to Bank Stock Corporation of Milwaukee, Mil- Section 3 of the Act in lieu of the issuance of Tentawaukee, Wisconsin ("Applicant"), a registered tive Decisions and Tentative Statements by the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 161 adequately providing certain necessary banking pletely overlaps that of M&I Bank, and slightly services; for example, the instalment loan depart- overlaps that of Northern Bank, competition ment was closed. In April 1959, Mr. A. S. Pue- would clearly be reduced to some extent by the licher, President of Applicant, and Chairman of proposed acquisition. the Board of Applicant's two present subsidiary However, it appears from the facts before the banks, acquired 78.18 per cent of the authorized Board that the absolute reduction in competition and outstanding common stock of Bank and in- which might result from the proposed acquisition stituted a program designed to remedy the numer- would be slight. Even if it were assumed that ous deficiencies in operation. The instalment loan either M&I or Northern is now actively competing department was reopened, other changes and for every deposit account of Bank, less than two reforms were made, and as a result, the rate of per cent of the total IPC deposits in the primary deposit growth in 1959 surpassed that of other service area of Bank would be transferred to the banks in the same general area. Accordingly, the control of Applicant. Such a result, while small, management and prospects of Bank are not such, might assume considerable significance under cerat this time, as to indicate a need for the manage- tain circumstances; but in the present case, an adement services which Applicant is prepared to fur- quate number of actively competing commercial nish. On the other hand, Applicant states that if the banking organizations would remain in the primapplication is denied, Mr. Puelicher will dispose of ary service area of Bank and in the city, after the his stock in Bank. There is no assurance that the acquisition was consummated. Further, First Wisimprovement in Bank's management, prospects consin National Bank, the largest bank in the city, and service to the community will continue under has about $530.7 million in IPC deposits, as new ownership, and this uncertainty, in the light against $270.3 million for all three of Applicant's of the past history of Bank, is a circumstance banks taken together, if the application is apwhich tends to some extent to support approval of proved. the application. Moreover, any appraisal of the degree of present The Board is also required to consider whether competition between Bank and Applicant's existing the effects of the proposed acquisition would be to subsidiaries should take into account differences expand the size or extent of Applicant's bank hold- of emphasis in the nature of the facilities provided ing company system beyond limits consistent with by the three banks, which tend to complement adequate and sound banking, the public interest, rather than duplicate each other within the bounand the preservation of banking competition. daries of the geographical areas that are served in As of December 31, 1959, the two offices of common. To illustrate, Bank specializes in local M&I Bank represented 8.7 per cent of the banking neighborhood services, whereas Northern's acoffices and held about 18 per cent of the total tivities within the primary service area of Bank deposits of individuals, partnerships, and corpora- tend to focus on the construction and real estate tions ("IPC deposits") of all commercial banks in finance fields. In turn, the very much larger size the area from which 75 per cent in amount of the and lending facilities of M&I and the investment, total IPC deposits of Bank were derived (the trust, and foreign services which it provides, and "primary service area" of Bank). In the city of which Bank does not, suggest that after allowance Milwaukee, the percentages attributable to Appli- for the differences in emphasis placed on these cant's two subsidiary banks were 9.4 per cent of functions there would be relatively little reduction the offices and 21 per cent of the IPC deposits of in competition as a result of the proposed acall commercial banks. Acquisition of Bank would quisition. increase these percentages respectively to 13 and The Board has particularly considered the fact about 20 per cent in the primary service area of that approximately 80 per cent of commercial Bank, and to 12.5 and 22.6 per cent in the city of bank deposits in the city of Milwaukee are con- Milwaukee. If all banks are taken into considera- trolled by three bank holding companies, of which tion, Applicant would have 11.4 per cent of the the Applicant is the second in size. There are offices and 22.5 of the IPC deposits in the city of circumstances in which this fact would weigh Milwaukee after the acquisition of Bank. heavily against approval of the acquisition of an Since the primary service area of Bank com- additional bank within the city by any of these Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 holding companies. In the present case, however, with about 80 per cent of the total deposits of the adverse nature of this consideration is dimin- individuals, partnerships, and corporations of all ished to a substantial degree by the relatively commercial banks in the city. Any increase, howsmall size of Bank, and the relatively small size of ever small it may be, in the size of any of these Applicant as compared with the largest of the three will make it more difficult for the remaining three holding companies; by the fact that the independent banks to continue to compete. Nor proposed acquisition would not significantly lessen do I believe that any doubt which may exist as to present competition; and by the continued exist- the future of The Bank of Commerce, in the ence of adequate alternative sources of banking event that Mr. Puelicher found himself obliged service in the area immediately involved. to sell his shares, is sufficient to outweigh the pub- There is no evidence that the acquisition would lic interest in opposing the trend toward concenbe inconsistent with adequate or sound banking; tration of banking facilities in the city. For this and, in the circumstances, it does not appear to reason, I dissent from the Board's decision. the Board that the acquisition would be inconsistent with the preservation of competition in the DISSENTING STATEMENT OF GOVERNOR field of banking. J. L. ROBERTSON Conclusion.—As noted in the Board's Tentative I have explained elsewhere x my views on the Statement in this matter, issued in connection with Board's responsibilities under the Bank Holding the Notice of Tentative Decision published in the Company Act. It is not necessary to repeat that Federal Register on January 5, 1961 (26 Federal analysis here. Register 56), careful consideration was given to I agree with the majority that the management statements filed by the Department of Justice urg- and prospects of the Bank Stock Corporation ing denial of this application on the ground that a appear to be satisfactory, and the management reasonable probability exists that the proposed and prospects of The Bank of Commerce "are not acquisition may substantially lessen competition in such, at this time, as to indicate a need for the violation of Section 7 of the Clayton Act. Subse- management services which the Applicant is prequent to the publication of the Board's Notice of pared to furnish." Tentative Decision, the Department of Justice As to the management factor, we must take filed a further statement urging the Board to re- matters as we find them today. There is no quesconsider its tentative decision, and to deny the tion that the President of Applicant, Mr. Puelicher, application for the reasons set forth in the previous has provided excellent and progressive managestatements submitted by that Department. The ment during the twenty months or so since he Board, having carefully reconsidered its decision acquired control of Bank. I cannot agree, however, in the light of the objections submitted by the that uncertainties as to the future condition, Department of Justice, as well as all relevant facts prospects, and management of Bank of Commerce of record, continues in its judgment that, in the are sufficient to outweight the very real unfavorlight of the general purposes of the Act and the able considerations under the fifth factor. It seems factors enumerated in Section 3(c) thereof, the likely that an efficient institution of this kind would proposed acquisition would be consistent with the be easily salable in the event that the application statutory objectives and the public interest and is denied. It is not probable that the convenience, that the application should be approved. needs, and welfare of the communities and the area concerned would be adversely affected by such a DISSENTING STATEMENT OF GOVERNOR sale. There is no foundation for the argument M. S. SZYMCZAK implicit in the majority statement that, if Bank of After carefully considering all the evidence in Commerce were sold by Mr. Puelicher, its the record before the Board, and after weighing previous shortcomings would reappear. the arguments which have been advanced, I cannot The fifth factor relates, in large measure, to concur in the Board's decision approving the the preservation of banking competition. Appliapplication of Bank Stock Corporation of Milwaukee. Three powerful bank holding companies 1 Application of Firstamerica Corporation, 45 Fedalready dominate the banking scene in Milwaukee, eral Reserve BULLETIN 134, 141 (1959). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 163 cant's system already embraces about one-eighth standards set forth in the Bank Holding Company of commercial banking in the Milwaukee area. Act, it is unnecessary for me to inquire whether This is not negligible. Set in the framework of a the proposal will involve a violation of Section 7 situation where four-fifths of all banking in the of the Clayton Act, which forbids any corporation area is already controlled by three holding com- to acquire the stock of another "where in any line panies, any increase, however slight, in the strength of commerce in any section of the country, the of any of the three becomes far more significant. effect of such acquisition . . . may be substantially As I said in my dissenting statement in the to lessen competition. . . ." However, I agree Firstamerica case, when most of the bank deposits with the view which the Department of Justice and offices within an area are already concentrated has expressed in this case, that "if the existence of in the hands of a small number of very large a much larger holding company, Wisconsin Bankbanks, any proposal that would further increase shares, is to serve as a ladder for the climb to the degree of concentration will not make the lot greater strength of the two new holding comof the smaller banks any easier, but may reduce panies," the result may well be triopoly of the their ability to grow within their community and sort foreseen by the Court in striking down a provide the kind of banking service expected of merger of Bethlehem Steel Corporation and them. Therefore, the proposal should not be ap- Youngstown Sheet and Tube Company in U.S. v. proved in the absence of a showing that the public Bethlehem Steel Corporation, 168 F. Supp. 576 at interest and welfare will be served. Moreover, it 618 (S.D. N.Y. 1958). is clear that competition will not be preserved by Accordingly, after carefully weighing all the approval of the present application, since a $19 evidence, I conclude that the proposed acquisition million bank now competing with other banks, will substantially reduce banking competition, including those controlled by the Applicant, will both present and potential, without any countercease to be an independent competitor. balancing benefit to the public need, convenience, Since I conclude that the application of Bank or welfare, and therefore I must dissent from the Stock Corporation should be denied under the Board's decision. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGE IN THE BOARD'S STAFF Branch he succeeds John M. Fox, formerly Presi- Robert C. Holland, a Vice President of the Fed- dent, Minute Maid Corporation, Orlando, Florida, eral Reserve Bank of Chicago, was appointed an who resigned. Adviser in the Board's Division of Research and Statistics, effective February 16, 1961. RESIGNATIONS OF DIRECTORS Mr. Holland, a native of Nebraska, received Mr. Denton A. Fuller, who had served as a direchis B.S., M.A., and Ph.D. degrees from the Uni- tor of the Buffalo Branch of the Federal Reserve versity of Pennsylvania, where he was an instruc- Bank of New York since January 1, 1959, retor prior to his employment in the Research De- signed effective January 12, 1961. He was forpartment of the Reserve Bank in 1949. He was merly President of The Citizens National Bank of appointed an Assistant Vice President in 1957 Wellsville, New York. before becoming a Vice President of the Bank in Mr. John W. Fox, who had served as a director 1959. of the Jacksonville Branch of the Federal Reserve Bank of Atlanta since January 1, 1959, resigned APPOINTMENTS OF DIRECTORS effective January 20, 1961. He was formerly On January 24, 1961, the Board of Governors President, Minute Maid Corporation, Orlando, announced the appointment of Edward B. LeMas- Florida. ter, of Memphis, Tennessee, as a director of the Memphis Branch of the Federal Reserve Bank of FEDERAL RESERVE BANK CONDITION STATEMENT St. Louis for the unexpired portion of a term end- To facilitate analytical use of the figures, the stateing December 31, 1963. Mr. LeMaster is Presiment of condition of the Federal Reserve Banks dent of Edward LeMaster Company, Inc., Memas of Wednesday and end-of-month dates (page phis. As a director of the Memphis Branch he 176), heretofore published on a combined basis, succeeds S. L. Kopald, Jr., Executive Vice Presiwill be on a consolidated basis. In the statement dent, HumKo Division, National Dairy Products of condition of each Federal Reserve Bank for Corporation, Memphis, whose term expired Deend-of-month dates (page 177), a total (comcember 31, 1960. bined) column will be shown. Both tables will be On February 2, 1961, the Federal Reserve in millions of dollars. The reserve ratio will be Bank of New York appointed Anson F. Sherman, shown only on the statement of condition of each Arcade, New York, a director of its Buffalo Federal Reserve Bank, for the 12 Banks combined Branch for the unexpired portion of a term ending and for each Bank. Because it is relatively small, December 31, 1961. Mr. Sherman is President, the asset item "Due from foreign banks" has been The Citizens Central Bank, Arcade. As a director combined with "Other assets." Similar changes of the Buffalo Branch he succeeds Denton A. Fuller, formerly President of The Citizens Na- were made in the corresponding press statement tional Bank of Wellsville, New York, who resigned. showing figures for February 1, 1961. On February 15, 1961, the Board of Gov- The process of consolidation involves the folernors announced the appointment of Harry T. lowing: Vaughn, of Clewiston, Florida, as a director of the (1) Elimination of the asset item "F. R. notes Jacksonville Branch of the Federal Reserve Bank of other Banks" against the liability item of Atlanta for the unexpired portion of a term "Federal Reserve notes." The consoliending December 31, 1961. Mr. Vaughn is Presi- dated liability figure represents the dent of United States Sugar Corporation, Clewis- amount of Federal Reserve notes held ton, Florida. As a director of the Jacksonville outside Federal Reserve Banks. 164 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 165 (2) Elimination of interdistrict deferred ings to purchase is being governed by the prices availability cash items and interdistrict that appear most advantageous, that is, the lowest cash items in process of collection. prices. Net amounts of all transactions for the (3) Elimination, when duplication in assets System Account will be shown as usual in the and liabilities would otherwise occur, of condition statements issued every Thursday. collected funds due other Reserve Banks "During recent years transactions for the Systhat have not been remitted because of tem Account, except in correction of disorderly local holidays or for other reasons. The markets, have been made in short-term U. S. collected funds in the liability item Government securities. Authority for transactions "Other" deposits are eliminated against in securities of longer maturity has been granted the asset item "Cash items in process of by the Open Market Committee of the Federal collection." Reserve System in the light of conditions that have developed in the domestic economy and in the A compilation of consolidated statements of U. S. balance of payments with other countries." condition of Federal Reserve Banks for Wednesdays and end-of-month dates for 1960 is available on request. ADMISSION OF STATE BANK TO MEMBERSHIP IN In the tables of member bank reserves, Reserve THE FEDERAL RESERVE SYSTEM Bank credit, and related items (pages 170 and The following bank was admitted to Membership 171), "Other" deposits will sometimes be less in the Federal Reserve System during the period than such deposits as shown in the consolidated December 16, 1960 to January 15, 1961: statement of condition of the Federal Reserve Nebraska Banks because the item "Float" is adjusted to Minatare. .Minatare State Bank represent the net of cash items in process of col- (Minatare State Bank admitted to memberlection after deducting deferred availability cash items and all collected funds due other Reserve ship on December 19, 1960. On January 3, 1961, Banks (including those that are not on the books the bank changed its title and location to Bank as an asset of the other Banks) which the collect- of Gering, Gering, Nebraska) ing Banks have not been able to remit because of local holidays or for other reasons. Heretofore, collected funds have not been deducted in com- INDUSTRIAL PRODUCTION CHART BOOK PUBLISHED puting float. In these tables the adjustments affect- The Industrial Production Chart Book, published ing float, total Reserve Bank credit, and "Other" this month, is based on measurements developed deposits have been carried back only through 1960. in the 1959 revision of the Federal Reserve index. This chart book shows monthly data for 102 OPEN MARKET COMMITTEE ANNOUNCEMENT major market and industry groupings, both with At the direction of the Chairman of the Open and without seasonal adjustment, beginning in Market Committee of the Federal Reserve System, 1947. In addition, 100 subtotals and individual the following announcement was made on Febru- series, or about one-half the total number, are ary 20, 1961, by the Manager of the System Open shown without seasonal adjustment. The total Market Account for the information of the public index and major industry divisions are charted and all participants in the market for Government on a seasonally adjusted basis back to 1919. securities: Grids are inclosed with the book to facilitate "The System Open Market Account is purchas- plotting of current figures. These figures are ing in the open market U. S. Government notes published in the Board's monthly Business Inand bonds of varying maturities, some of which dexes release, available on request. Single copies will exceed five years. of the Industrial Production Chart Book may be "Price quotations and offerings are being re- ordered from the Division of Administrative quested of all primary dealers in U. S. Govern- Services, Board of Governors, at $1.75 each; in ment securities. Determination as to which offer- orders of 10 or more they are $1.50 per copy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 REVISED EDITION OF BOOK ON FEDERAL RESERVE SYSTEM A revised edition of The Federal Reserve Sys- tion's credit and monetary machinery, and of its tem—Purposes and Functions is available for dis- function in helping to further stable economic tribution. The period covered by the text has been progress. The text has been written primarily for extended through 1960. The revision takes into students, bankers, businessmen, and others who account the lessons taught by the flexible adminis- need a broad statement of the services rendered by tration of monetary policy during the last decade the Federal Reserve System to the economy of the as well as the advances that have been made in United States. It does not purport to be an exmonetary knowledge through systematic research. haustive account of Federal Reserve activities. The new edition, like earlier ones, is intended The book is available without charge. Requests to provide a better public understanding of the for copies should be addressed to the Division of organization and range of operations of the Fed- Administrative Services, Board of Governors of eral Reserve System, of its trusteeship for the na- the Federal Reserve System, Washington 25, D. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication February 16 Industrial production declined further in Jan- ruary. Output of automotive parts and other uary. Reductions in employment were again durable materials declined further in January. widespread in manufacturing industries, but total Production of some nondurable materials was employment and unemployment changed little. also curtailed, while output of petroleum prod- Retail sales continued to decline. Commercial ucts increased. Activity in the mining and utilbank credit declined, following a sharp rise in ity industries changed little. December. The seasonally adjusted money supply rose further. CONSTRUCTION The value of new construction activity in Jan- INDUSTRIAL PRODUCTION uary, at a seasonally adjusted annual rate of $55.3 Industrial production declined 1 per cent in billion, was down 2 per cent from December and January to 102 per cent of the 1957 average. about the same as in November. Highway con- Since July the index has declined 7 per cent, struction, which had risen sharply in December, with output of final products (consumer goods declined in January. Private residential building, and equipment) down 5 per cent and produc- after showing little change during the fourth quartion of materials down 8 per cent. ter of 1960, dropped slightly; private construction Auto assemblies were curtailed sharply fur- for business purposes continued to rise. ther in January and production adjustments since then indicate some decrease in February. Among EMPLOYMENT other consumer products, apparel and furniture Seasonally adjusted employment in nonfarm continued to decline in January but production establishments increased slightly in January as of appliances remained at the slightly improved the retail sector showed less than the usual sealevel of late autumn. Output of business equipsonal decline. Small increases also occurred in ment declined slightly further in January. construction and State and local government. In Iron and steel production increased somewhat manufacturing, reductions were again widemore than seasonally in January and early Feb- spread, with decreases in durable goods industries somewhat larger than nondurable. The sea- 1NDUSTR1AL PRODUCTION sonally adjusted rate of unemployment, at 6.6 1957 = TOO per cent of the civilian labor force, was little changed from December. DISTRIBUTION Retail sales declined 2 per cent further in January. Decreases were fairly general among the different types of retail outlets, and were accentuated by snowstorms. New auto deliveries dropped further, to about the low rate of January 1958, and dealer stocks remained high. COMMODITY PRICES L_J l._L_J I ...._ j The wholesale commodity price index rose 1958 I960 slightly from early January to early February, Federal Reserve indexes, seasonally adjusted. Monthly fig- reflecting mainly increases in prices of farm produres. Jatest shown are for January. 167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 ucts. Among industrial commodities, prices of ending February 8. Both excess reserves and copper and copper products were reduced but borrowings were about the same as in the preprices strengthened in markets for steel scrap ceding four-week period. Reserves were supand some other sensitive materials. Advances in plied largely through continued currency inflow fuel oil prices have accompanied the subnormal and were absorbed through reductions in gold temperatures experienced this winter. stock, float, and Federal Reserve holdings of U. S. Government securities. Required reserves, declined. BANK CREDIT AND RESERVES Following a sharp rise in December, total SECURITY MARKETS commercial bank credit declined in January, as it usually does. While holdings of U. S. Gov- Yields on corporate bonds have declined since ernment securities increased contraseasonally, mid-January while those on Treasury and State loans to businesses, security dealers, and finance and local government bonds have been relatively companies declined substantially. The season- stable. The market yield on 91-day Treasury ally adjusted money supply, on a daily average bills, at 2.43 per cent in mid-February, wasbasis, rose $200 million further. Seasonally ad- slightly higher than a month earlier. justed turnover of demand deposits increased. Common stock prices advanced sharply in Member bank borrowings from the Federal January and early February to record highs, and Reserve averaged around $80 million and ex- then showed little net change. Trading was cess reserves $740 million over the four weeks unusually active. RETAIL TRADE INTERESJ RATES 1947 - 49 = 100 Per cent _ RETAIL SALES DEPARTMENT STORES LONG- TERM GOVERNMENT SECURITIES A J / "" •1/P TREASURY | BILLS k TOTAL LESS AUTOMOTIVE GROUP .._L_- 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 latest for stocks is December, for other series, January. in 10 years or more and for 90-day Treasury bills. Latest figures shown are for week ending February 10. 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 170 Reserve Bank discount rates; margin requirements; reserve requirements. 174 Federal Reserve Banks 176 Currency in circulation, money supply; bank debits ... 178 All banks: consolidated statement of monetary system; deposits and currency. 180 All banks, by classes ... 181 Commercial banks, by classes. . . 184 Weekly reporting member banks. 186 Business loans 189 Interest rates 190 Security prices; stock market credit; open market paper. 191 Savings institutions 192 Business finance 194 Security issues 196 Federal finance . 197 Federal business-type activities. . 202 Real estate credit 203 Short- and intermediate-term consumer credit. 206 Industrial production 210 Selected indexes on business activity. 216 Construction 216 Employment and earnings. 218 Department stores . . .. 220 Foreign trade 221 Wholesale and consumer prices 222 National product and income series. . . . 224 Flow of funds, saving, and investment. 226 Earnings and expenses of Federal Reserve Banks during 1960. 228 Changes in number of banking offices in the United States. . . 230 Banking offices on Federal Reserve par list and not on par list 231 Banking and monetary statistics, 1960 232 Principal assets and liabilities of Federal business-type activities 240 Index to statistical tables. . 263 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. 169 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 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 r a r i t o e d T U o . t S a . l G B o r o o v i u g u t t h g - s t h e t cu u r c 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 n i d s n - c d - e ts s Float i ta T l o s - 2 s G to o c ld k T r s c o t e u i r a u n u n r e n r g t c y a - - d y s - - r c C t c e u i i n i u o n l r a c n r - y - - T h c i u n o r a r e l g s d y a h s - s- T u w r r e i y a th s- F F . e i o R g r n . - B O an th k e s r i c O F o a . t u c h R - n e t r . s Total 3 B F W a . n R it k h . s A c a a l i l b s n o h l w e 4 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 2,219 170 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 ,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 99226,317 21,711 4,982 30,749 805 443 439 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 ,38926,853 21,689 5,008 31,265 777 434 459 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 ,63327,156 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 Dec 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,932 18,628 304 1960 Jan 25,934 25,914 20 909 ,34128,234 19,454 5,315 32,008 419 534 270 366 838 18,878 18,568 310 Feb 25,322 25,289 33 818 ,03227,210 19,429 5,323 31,580 445 515 214 340 921 18,213 17,947 266 Mar 25,310 25,261 49 637 ,06527,047 19,410 5,336 31,628 442 481 197 306 970 18,027 17,770 257 Apr 25,488 25,373 115 623 ,03627,181 19,386 5,344 31,713 419 554 185 307 890 18,104 17,843 261 May...... 25,818 25,697 121 502 ,02727,378 19,356 5,349 31,726 415 534 194 316 937 18,239 17,962 277 June.... 26,124 26,118 6 425 ,15927,737 19,343 5,353 31,926 414 496 221 381 994 18,294 18,001 293 July 26,619 26,521 98 388 ,14028,176 19,245 5,357 32,174 406 492 213 375 910 18,518 18,208 310 Aug 26,983 26,768 215 293 89428,206 19,052 5,364 32,091 403 490 202 377 948 18,501 18,111 390 Sept 26,653 26,546 107 233 1,16828,088 18,870 5,374 32,151 400 516 216 390 962 18,570 17,697 873 Oct 27,056 26,929 127 170 1,22528,490 18,571 5,382 32,183 406 488 226 405 891 18,733 17,843 890 Nov. 27,871 27,542 329 160 1,15629,241 18,058 5,391 32,474 405 462 243 396 973 19,004 17,737 1.267 Dec 27,248 27,170 78 94 1,66529,060 17,954 5,396 33,019 '408 522 250 495 1,029 19,283 16,688 2,595 1961 Jan 26,942 26,862 80 58 1,43128.484 17,567 5,401 32,264 411 482 239 399 9412>19,301 16,715 2>2, Week ending: 1959 Dec. 2 26,871 26,843 875 1,086 28,867 19,568 5,306 32,446 410 547 347 355 ,241 18,451 18,396 55 9 27,194 27,130 916 1,00329,153 19,505 5,310 32,601 405 487 362 338 ,244 18,797 18,529 268 16 27,176 27,142 961 1,169 29,365 19,478 5,311 32,798 396 528 341 342 ,181 18,872 18,567 305 23 27,007 26,970 985 1,81829,883 19,467 5,312 32,924 387 523 365 331 ,195 19,274 18,937 337 30 26,829 26,787 933 1,78829,629 19,456 5,313 32,893 393 537 387 333 ,195 18,997 18,660 337 1960 Jan. 6 26,642 26,607 1,018 1,578 29,310 19,456 5,313 32,524 407 582 348 545 843 19,141 18,831 310 13 26,395 26,339 915 1,26928,633 19,455 5,315 32,282 410 519 308 332 840 19,029 18,713 316 20 25,622 25,620 918 1.51328,098 19,455 5,316 31,910 424 494 231 326 836 18,963 18,648 315 27.. 25,450 25,450 776 i;i03 27,370 19,454 5,315 31,650 424 519 217 332 836 18,476 18,161 315 Feb. 3 25,447 25,442 811 1,10727,406 19,445 5,319 31,565 436 510 239 333 834 18,537 18,252 285 10 25,389 25,355 853 85327,135 19,433 5,321 31,599 443 417 203 344 834 18,268 18,049 219 17 25,355 25,300 974 99727,365 19,432 5,323 31,631 451 591 224 353 896 18,250 17,974 276 24 25,253 25,253 620 1,22027,131 19,423 5,325 31,562 445 529 206 335 1,008 18,061 17,793 268 Mar. 2 25,21 25,154 58 794 1,05427,095 19,421 5,328 31,518 442 542 219 317 1,008 18,105 17,800 305 9 25,270 25,235 35 595 1,17427,075 19,412 5,333 31,613 435 542 200 293 1,007 17,941 17,731 210 16 25,444 25,313 131 726 99427,197 19,409 5,335 31,726 448 446 200 293 980 18,108 17,849 259 23 25,323 25,290 33 58' 1,24527,189 19,409 5,337 31,671 450 451 180 305 944 18,189 17,934 255 30 25,239 25,234 608 89826,778 19,408 5,340 31,534 439 479 203 327 945 17,894 17,600 294 25,284 25,264 20 735 89826,950 19,406 5,341 31,654 423 509 163 356 942 17,868 17,650 218 Apr-.!::::: 25,39b 25,285 111 734 91027,073 19,394 5,342 31,826 41 465 200 349 917 17,870 17,634 236 20 25,701 25,417 284 561 1,20027,500 19,386 5,344 31,828 420 660 188 258 864 18,280 18,012 268 27 25,521 25,444 7 524 1,15327,228 19,373 5,346 31,581 41 553 186 269 857 18,39f 18,083 309 May 4 25,660 25,55' 103 552 95827,199 19,360 5,347 31,606 414 567 184 311 855 18,243 17,968 275 11 25,868 25,616 25: 549 92427,371 19,359 5,348 31,723 41 504 184 314 854 18,306 18,081 225 18 25,761 25,627 134 555 1,13327,480 19,359 5,349 31,774 413 608 195 349 887 18,235 17,961 274 25 25,745 25,718 27 403 1,16127,338 19,353 5,350 31,684 415 547 20: 290 1,034 18,168 17,868 300 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 171 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 Treas- reserves reserves U. S. Govt. securities ury Cur- T reas- with F. R. Banks cur- rency ury Other Period Dis- Gold rency in cash F. R. d o a r te Total B r o o ig u u h t g - t ht u r c a H e h n g p e a d r l u e s e d e e r r - - c v o a a a u n n d n c d - e ts s Float i ta T U o- , 2 stock s o t i a n u n g t- d- c t c u i i o l r a n - - h in o g ld s T u re ry as- F ei o g r n - Other 1 co a u c- nts Total 3 B F W a . n i R t k h . s A c a a l i b l s n o h l w e 4 ment Averages of daily figures Week ending: I960 <une 1 25,968 25,941 27 436 92427,358 19,352 5,349 31,812 414 468 206 321 1,033 18,121 f7,8O6 315 8 26,134 26,118 16 400 99327,557 19,352 5 350 31,917 424 445 199 343 1,034 18,152 17,897 255 15 26,176 26,176 375 ,02927,609 19,351 5,353 31,976 415 490 206 365 1,001 18,157 17,859 298 22 26,011 26,011 550 ,50528,096 19,346 5,354 31,927 412 550 225 398 970 18,602 18,315 287 29 26,129 26,129 413 ,16827,739 19,325 5,356 31,867 406 505 249 415 971 18,342 18,007 335 luly 6 26,553 26,491 62 440 039 28,063 19,322 5,356 32,155 406 517 226 398 958 18,320 18,079 241 13 26,613 26,517 96 341 ,13328,115 19,282 5,356 32,361 406 422 214 374 935 18,349 18,041 308 20 26,556 26,416 140 429 473 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 ,08528,063 19,191 5,357 32,041 405 488 202 371 884 18,552 18,219 333 Aug 3 26,930 26,760 170 315 87728,15.1 19,147 5,358 32,046 408 466 221 358 884 18,591 18,272 319 10 27,099 26,806 293 293 82228,246 19,098 5,359 32,129 404 452 192 363 884 18,525 18,279 246 17 27,041 26,812 229 416 97628,469 19,039 5,363 32,184 409 555 190 386 904 18,564 18,243 321 24 26,992 26,772 220 193 .01428,245 19,026 5,366 32,087 400 485 195 380 1 01618,404 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 26,640 144 262 861 27,941 18,999 5,372 32,174 399 477 233 411 1,011 18,358 17,607 751 14 26,649 26,524 125 301 05? 28,035 18,975 5,374 32,291 401 465 204 373 974 18,581 17,676 905 21 26,541 26 495 46 86 ,52728,189 18,828 5,376 32,171 403 551 224 379 936 18,635 17,729 906 28 26,539 26,456 83 244 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 .09628,385 18,671 5,377 32,049 403 467 213 443 936 18,759 17,922 837 12 27,268 27,136 132 168 .03828,517 18,615 5,380 32,276 408 474 202 379 932 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 35428 415 18 552 5 38332 120 403 546 257 373 862 r18 729 17,789 r940 Nov. 2 27,313 26,946 367 211 .09828,662 18,405 5,387 32,104 403 442 254 456 865 18,873 17,931 942 9 28,015 27,439 576 158 92829,154 18,124 5,389 32,298 398 418 250 395 864 18,797 18,045 752 16... 28,105 27,588 517 190 97629,325 18,068 5,391 32,527 402 519 230 408 914 18,734 17,784 950 23 27,831 21,6U 153 121 ,53229,542 17,999 5,392 32,532 407 469 224 388 1,073 18,761 17,839 922 30 27,623 27 607 16 121 L22829,022 17,957 5,392 32,640 414 460 258 387 1,071 19,678 17,141 2,537 Dec. 7 27,421 27 421 (5) 67 1.057 28,594 17,974 5,391 32,722 413 473 253 474 1,066 18,916 16,558 2,358 14 27,381 27,381 76 1,27228,778 18,083 5,396 33,038 410 522 237 680 1,037 18,932 16,334 2,598 21 27,034 27 010 24 80 2,15129,316 17,957 5,396 33,174 414 592 246 443 1,018 »19,449 16,782P2,667 28 27,074 26,946 128 56 -> 15029,336 17,882 5,398 33,195 401 522 260 391 1,019 ^19,458 16,828P2,630 1961 Jan 4 27,375 26,984 391 184 ,789 29,420 17,748 5,398 32,853 399 441 245 473 954 19,943 17,202 2,741 11.. . ... 27,124 26,986 138 60 ,350 28,592 17,629 5,399 32,637 403 413 239 381 941 19,226 16,605 2,621 18 26,967 26,948 19 44 ,408 28,471 17.594 5.401 32,287 412 528 248 389 940^19,294 16.662#2,632 25 26,82 26,821 57 ,523 28,450 17,490 5,402 31,964 417 507 245 392 942^19,463 16,875"2,588 End of month 1960 Nov 27.488 27.486 2 10! .095 28,732 (7,910 5.393 32,632 410 512 252 390 1,069 19,439 16,770 2,669 Dec 27 38426 984 400 847 29 33817 7675 39832 869 377 485 533 941 19 68217 081 2 601 1961 Jan 26,570 26,570 60 884 27,560 "17,441 ^5.402^31,763 P432 588 238 376 940 ^18,586 16,066P2,520 Wednesday 1960 Dec. 7 27,395 27,395 81 874 28.398 18.177 5,392 32,905 418 383 256 691 1,061 18,850 16,252 2,598 14 27,353 27,353 91 .802 29;294 17|973 5,396 33,126 421 608 212 672 998 19,453 16,626 2,827 21.. ..... 27,060 26,925 135 80 2.349 29,542 17,925 5,396 33,219 422 492 275 430 1,017 19,926 17,008 2,918 28 27',225 26,948 277 78 ,616 28,984 17,837 5,398 33,111 403 416 265 421 1,019 19,558 16,584 2,974 1961 Jan. 4 27,205 26,984 221 98 ,754 29,119 37,670 5,399 32,785 403 312 252 381 940 19,897 17,115 2,782 11 27,004 26,991 13 69 ,109 28,230 17,615 5,402 32,445 416 558 256 379 940 19,139 16,252 2,887 18 26,912 26,912 66 ,259 28,285 17,510 5,401 32,122 415 382 241 387 941^19,486 16,708^2,778 25 26,747 26,747 68 ,006 27,868 17.450 5,401 31,801 428 513 261 402 941^19,150 16,373^2,777 p Preliminary. ' Revised. tables on Federal Reserve Banks. (Industrial loan program discontinued 1 Figures beginning with 1960 have been adjusted to conform with Aug. 21, 1959.) a minor change in concept of float. For explanation, see p. 164 of this 3 See note 4. BULLETIN. 4 Beginning; with December 1959, monthly averages are estimated. 2 Includes industrial loans and acceptances, when held. For holdings 5 Less than $500,000. of such items on Wednesday and end-of-month dates, see subsequent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. In millions of dollars] All member banks Central reserve city banks—New York Central reserve city banks—Chicago I 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 e v e r - - e e s d 2 s E e x r r c e v - e e s s s 3 F r i . o n a w g t R s - . se F r r v r 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 es s s 3 F r i o . n a w g t R s - . i j |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 v r e e - e e s 3 Banks Banks*! Banksl 1929—June 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 1 63 -62 1 19 9 3 3 9 3 — __ D ju e n c e 5 1 1 2 , , 4 1 7 6 3 0 6 1 , , 4 79 6 7 2 5,0 3 1 6 1 3 18 3 4 5,0 1 0 7 8 9 5,6 8 2 6 3 1 3,0 7 1 9 2 2 2,61 69 1 n.a n. 6 a 9 . 1, 2 1 1 4 1 1 6 1 0 3 1 3 5 7 4 8 0 n n. . a a . . n n . . a a . . 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a.| n.a. 1,143 848 295 n.a. n.a. 1945_Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192! -144 939 924 14 14 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38j 67 1,024 1,011 13 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 -61 1952—Dec 21,180 20,457 723 ,593 -870 5,357 5,328 30 486 -456 1,406 1,409 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 1,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 1,210 -1 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 1,166 1,164 2 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 851 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 -80 1,077 1,070 7 39| -31 1959_june 18,451 18,043 408 921 -513 3,933 3,926 7 -15 1,009 1,006 3 661 -63 1959—Dec 618,932 18,450 482 906 -424 6 3,920 3,930 -10 99| -109 1,038 1,038 104; -104 I960—Jan 18,878 18,334 544 905 -361 3,907 3,884 23 1111 1,046 1,041 94; -90 F M e a b r 1 1 8 8 , , 2 0 1 2 3 7 1 17 7 , , 6 7 1 5 1 8 4 4 5 1 5 6 6 8 3 1 5 6 - - 3 2 6 1 1 9 3 3 , , 7 7 5 6 3 6 3 3 , , 7 7 5 4 5 4 1 9 0 4 59! -50 1 9 9 7 9 5 6 9 9 9 7 3 0 1 15 2 7 9 1 1 - - 1 1 5 2 1 6 Apr 18,104 17,696 408 602 -194 3,765 ,784 -19 -31 954 9551 99 -100 May 18,239 17,770 469 502 -33 3,853 45 45 988 981 56 -49 June 18,294 17,828 466 425 41 3,852 3,819 33 16 987 988 58. -59 July 18,518 18,010 508 388 120 3,864 3,853 11 ^ 1,020 1,010 49 -39 Aug 18,501 17,961 540 293 247 3,780 3,780 7i -27 1,027 1,024 41 -38 Sept 18,570 17,931 639 225 414 3,773 3,755 20| -2 1,014 1,011 8 -5 N Oc o t v 1 1 8 9 , , 7 0 3 0 3 4 1 1 8 8 , , 0 2 9 4 5 8 6 7 3 5 8 6 1 1 4 4 9 2 4 6 8 1 9 4 3 3 , , 7 7 8 7 8 0 3 3 , ,7 7 1 6 8 5 1 1 3 8 3 9 4 1 1 , , 0 0 1 0 1 6 1, 9 00 9 7 8 ! ! ii! - - 2 4 Dec 19,283 18,514 769 87 682 3,687 3,658 19 10 958 953j -4 1961—Jan 18,570 ^731 491 "3,693 *3,667 J'26 41 "... Week ending: 1960—Jan. 6... 19,141 18,620 521 1,013 -492 4,018 4.012 6 221 -215 ,061 1,064 -156 13. .. 19,029 18,472 557 911 -354 3,915 3,889 26 117; -91 ,049 1,041 -72 20... 18,963 18,368 595 914 -319 3,861 3.858 3 80' -77 ,046 1,044 -126 27. .. 18,476 18,074 402 773 -371 3,837 3.820 17 49 -32 ,026 1,023 -26 Aug. 3... 18,591 18,103 488 315 173 3,879 -1 -1 ,021 -101 10... 18,525 18,018 507 293 214 3,811 4 1 3 ,029 -102 17... 18,564 17,983 581 416 165 3,794 16 99 -82 ,029 -33 24... 18,404 17,938 466 193 273 3,761 12 12 ,034 11 31. .. 18,466 17,827 639 273 366 3,737 3,734 3 -17 ,023 4 Sept. 7... 18,358 17,702 656 261 395 3,681 3,651 30 17 13 ,002 9971 5 14... 18,581 17,762 819 299 520 3,681 3,660 21 43 — "22? ,001 996! -14 21... 18,635 18,116 519 79 440 3,835 3,835 1 ,029 l,025i 4 28... 18,609 18,091 518 225 293 3,834 3,836 -2 13 -16 ,019 1,023; -16 Oct. 5... 18,759 18,148 611 200 411 3,910 33 14; 19 ,033 1,021 6 12... 18,640 17,951 689 148 541 3,697 A -4 ,001 1,002 -2 19... 18,839 17,963 876 74 802 3,830 123 123 ,015 998 16 26... 18,729 18,200 529 240 289 3,795 -61 ,004 1,009 -26 Nov. 2... 18,873 18,309 564 189 375 3,815 3,807 ,020 -23 9... 18,797 18,191 606 136 470 3,738 3,715 23 27 -4! ,006 1 16. .. 18,733 18,121 612 168 444 3,699 3,688 11 40 -29 999 -9 23... 18,761 18,154 607 99 508 3,707 3.709 -3 6 -9 998 -4 30... 19,678 18,481 1,197 113 1,084 3,875 3,717 158 157 1,008 12 Dec. 7... 18,916 18,216 700 60 640 3,559 3,540 20 20 937 934 4 14... 18,93" 18,222 710 70 640 3,579 3,556 23 23 934 927 7 21. .. 19,460 18,706 754 74 680 3,769 3.753 16 962 966 -12 19,447 18,753 694 49 645 3,753 3,725! 28 981 976! 5 28. .. 19,944 18,930 1,014 176 838 3,840 3.821 19 -52 985 -42 1961—Jan. 4... 19,226 18,654 572 51 521 3,676 3.670! 6 972 8 *>19,294'18,501 *>79 3 35 P75S 3,625 3.611! 15 15 948 2 is!'.'. 219,643^18,463 Pl.000 47 3,761 3.629' 132 132 967 15 25... For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 173 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period re T h s e o e l r t d v a i e l s Required re E s x e c rv e e ss s 3 B B in o F a g r n . r s R k o s a . w ' t * - res F e r r e v e es3 re T h s e o e l r t d v a * l es R re e s q er u v ir e e s d 2 re E s x e c rv e e ss s 3 B B in o F a g r n . r s R k o s . a w t 4 - res F e r r e v e es3 1929—June.... 761 749 12 409 -397 632 610 22 327 -305 1933—June..., 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941_Dec 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945—Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 89 507 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954_Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 299 -203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—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—Dec 6 7,954 7,912 41 490 -449 «6,020 5,569 450 213 237 i960—Jan ,909 7,840 69 508 -439 6,014 5,568 449 192 257 Feb ,544 7,503 42 423 -381 5,920 5,518 402 205 197 Mar.... ,429 7,391 37 289 -252 5,857 5,494 363 180 183 Apr ,498 7,453 45 298 -253 5,887 5,504 383 193 190 May ,515 7,465 51 224 -173 5,882 5,517 366 222 144 June... ,540 7,496 44 164 -120 5,915 5,525 390 186 204 July... ,647 7,599 48 176 -128 5,987 5,548 439 149 290 Aug. ,654 7,607 47 109 -62 6,041 5,550 491 116 375 Sept ,662 7,595 68 112 -44 6,120 5,569 551 85 466 Oct ,761 7,696 65 67 -2 6,173 5,626 546 63 483 Nov ,854 7,761 94 56 38 6,374 5,771 602 56 546 Dec ,950 7,851 100 20 80 6,689 6,053 636 40 596 1961—Jan ^7,961 *7,859 14 ^6,085 31 Week ending: 1960—Jan. 6 8,000 7,973 26 525 -499 6,063 5,571 492 114 378 13 7,992 7.927 65 482 -417 6,073 5,615 458 232 226 20 7,917 7,866 51 565 -514 6,139 5,600 539 141 398 27 7,775 7,715 60 459 -399 5,837 5,516 321 236 85 Aug. 3 7,683 7,641 42 102 -60 6,009 5,562 447 113 334 10 7,679 7,629 50 73 -23 6,005 5,558 447 111 336 17 7,659 7,623 36 178 -142 6,082 5,552 531 108 423 24 7,657 7,607 49 66 -17 5,953 5,558 394 127 267 31 7,584 7,550 34 133 -99 6,122 5,526 597 119 478 Sept. 7 7,602 7,527 75 118 -44 6,073 5,526 547 126 420 14 7,608 7,541 67 139 -72 6,291 5,565 726 99 627 21 7,711 7,659 52 26 27 6,059 5,597 462 54 408 28 7,677 7,644 33 145 -112 6,078 5,587 491 55 436 Oct. 5 7,727 7,666 61 83 -22 6,089 5,585 504 97 408 12 7,711 7,642 69 97 -29 6,231 5,606 626 50 576 19 7,827 7,654 173 18 155 6,166 5,604 562 55 507 26, 7,768 7,738 30 110 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 6.757 6,068 689 37 652 28 8,046 7,964 83 9 73 6,666 6,089 578 40 538 1961— Jan. 4 8,135 8.007 128 44 84 6,984 6,118 867 18 849 11 8,009 7,916 93 10 83 6.569 6,103 466 41 425 18 7,923 7,848 75 17 58 ^6.799 ^6,096 *>703 17 ^686 25 8,057 7.813 244 10 233 "6,679 ^6,070 ^609 36 "573 n.a. Not available. P Preliminary. 6, 1960, and monthly averages for all classes of banks beginning with 1 Based on figures at close of business through November 1959; there- January 1960 are estimated. after on closing figures for balances with Reserve Banks and opening 4 Based on closing figures. figures for allowable cash. Monthly averages for allowable cash are 5 This total excludes, and that in the preceding table includes, $51 estimated. million in balances of unlicensed banks. 2 Based on deposits as of opening of business each day. Weekly 6 Beginning with December 1959, total reserves held include allowable averages for country banks prior to Jan. 6, 1960, and monthly averages cash (for definition see the BULLETIN for December 1959, p. 1482). See for all classes of banks beginning with January 1960 are estimated. also note 1. 3 Weekly averages for all member and for country banks prior to Jan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 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 b ti a o n n k s s ot s h e e c r u r t e h d a n b y m e d m ir b e e c r t obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Jan. 31 beginning: rate Jan. 31 beginning: rate Jan. 31 beginning: rate Boston Aug.23, 1960 3V2 Aug. 23,1960 4 Aug.23, 1960 N Ph e i w la d Y e o lp rk h . i a . . . . A A u u g g . . 1 1 9 2 , , 1 1 9 9 6 6 0 0 1% A A u u g g . . 1 1 9 2 , , 1 1 9 9 6 6 0 0 4 4 1 V /2 4 J A u u n g e . 1 19 0, , 1 1 9 9 6 6 0 0 5 Cleveland.... Aug. 12, 1960 Aug. 12,1960 41/2 Aug. 12, 1960 5 Richmond. . . Aug. 12, 1960 Aug. 12,1960 Aug. 12, 1960 4% Atlanta Aug. 16, 1960 Aug. 16,1960 4% Aug. 16, 1960 Chicago Aug. 19, 1960 Aug. 19,1960 June 10, 1960 St. Louis Aug. 19, 1960 3V4 Aug. 19,1960 Aug. 19, 1960 Minneapolis,. Aug. 15, 1960 Aug. 15,1960 4 Aug. 15, 1960 Kansas City.. Aug. 12, 1960 IB Aug. 12,1960 k Aug. 12, 1960 4% Dallas Sept. 9, 1960 Sept. 9,1960 Sept. 9, 1960 San Francisco Sept. 2, 1960 Sept. 2,1960 June 3, 1960 5 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES 1 MARGIN REQUIREMENTS! [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. 13 1% Aug. 9., For extensions of credit by brokers and 19. 1% 23.. 3 dealers on listed securities 70 90 70 Aug. 13. 18 N De o c v . . 1 2 5 . ., Re F g o u r l a s ti h o o n r t U sa : les 70 90 70 For loans by banks on stocks 70 90 70 1950 1958 Aug. 21. 1*4-1% Jan. 22. 24. 1 Regulations T and U limit the amount of credit that may be extended Mar. 7.. on a security by prescribing a maximum loan value, which is a specified 1953 13.. percentage of its market value at the time of extension: margin require- Jan. 16. 21. ments are the difference between the market value (100%) and the maxi- 23. Apr. 18. mum loan value. May 9 1954 Aug. 15. Feb. 5. Sept. 12. 15. 1% 23. Apr. 14. Oct. 24. MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS 16. Nov. 7. May 21. [Per cent per annum] 1959 1955 Mar. 6. 2Vi- Apr. ,4. 16. Nov. 1, May 29. 3 -31 Type of deposit 1933- May 2. June 12. 3% Jan. 31, Aug. 4. Sept. 11. 3V2-4 1935 18. 4 Sep,.^. 1960 Savings deposits June 3. Nov. 18. 10. ft Postal savings deposits 23. 14. Aug. 12. Other time deposits payable: Apr 1 . 9 1 56 3. Sept. 9. -3i/2 I I n n 9 6 0 m d o a n y t s h s t o o 6 r m mo o r n e ths. .. 20. 1961 In less than 90 days Aug. 24. In effect Jan. 31. 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; 1960—Oct. 31- Nov. 17, Dec. 28-29, 2.75; and 1961—Jan. 9, 2.75. CO CO CO CO CO Feb. 1, Jan 1, Effec- 1935- 1936- tive Dec. 31, Dec. 31, Jan. 1, 1935 1956 1957 21/2 2% 3 2V4 3 I* 3 2Vi 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 175 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures. 1 In millions of dollars] Net demand deposits 1 Time deposits Effective date Central of change Central reserve reserve Reserve Coun- and Councity city try reserve try banks banks banks city banks banks Four weeks ending Dec. 28, 1960 In effect Dec. 31, 1945.. 20 20 14 6 6 Gross demand: Total 125,228 24.633 6,144 49,145 45,306 1948—Feb. 27 22 Interbank 14,361 4,340 1,252 7,219 1,549 June 11 24 U. S. Government. 4.012 830 231 1,510 1.441 Sept. 16,24*.... 26 22 16 71/2 7i/2 Other , 106,855 19,462 4.661 40,416 42:315 1949_May 1,5* 24 21 15 Net demand 2 104,868 20,463 5,288 40,690 38,427 J A u u n g e . 30 1 , , J 1 u 1 ly * . 1 . . * . . WA 20 1 1 4 3 6 5 6 T D i e m m e and balances due 58.006 5,337 1,561 22,411 28,697 Aug. 16, 18*.... 12 "'5'" from domestic banks. 7,357 113 111 2,175 ! 4,957 A Se u p g t . . 25 1 1 1 8 8 i/2 C Ba u l r a r n en ce c s y a w nd it h c oi F n . R. 2,564 212 33 769 1,550 1951—Jan. 11, 16*.... 23 19 13 6 6 Banks 16,625 3,453 921 1 7,143 5,108 Jan. 25, Feb. 1 *. 24 20 14 Total reserves held 19,189 3,665 954 ! 7,912 6,658 1953—July 1,9* 22 19 13 Required 18.474 3,643 951 \ 7.834 6,046 1954—June 16,24*.... 21 5 5 Excess '715 22 3 i 7* 612 July 29, Aug. 1* 20 18 12 1958—Feb. 27, Mar. 1* 11* Four weeks ending Jan. 25. 1961 Mar. 20, Apr. 1 * Apr. 17 18*i Gross demand: Apr. 24 18 161/2 Total 6,257 49,898 , 45.972 1960—Sept. 1 17% Interbank 1,305 7,596 I 1,684 Nov 24 12 U. S. Government. 211 1,401 i 1,374 Dec. 1 I6I/2 Other 4,741 40,902 i 42.915 Net demand 2 5,345 40,926 I 38,693 In effect Feb. 1, 1961... I6I/2 161/2 12 5 5 Time 1,588 22,870 I 29,070 Demand balances due from domestic banks. 121 2.269 1 5.249 Present legal require- Currency and coin 34 802 ! 1,600 ments : Balances with F. R. Minimum 210 10 7 3 3 Banks 934 I 7,229 j 5,158 Maximum 222 222 14 6 6 Total reserves held 968 8,031 i 6,758 Required 961 \ 7,896 I 6,097 Excess 7 \ 135 661 * First-of-month or midmonth dates record changes at country banks, and other dates (usually Thurs.) record changes at central reserve or reserve city banks. 1 Balances with Reserve Banks are as of close of business; figures for all 1 Demand deposits subject to reserve requirements which, beginning other reported items (that is, excluding total reserves held and excess re- Aug. 23, 1935, have been total demand deposits minus cash items in serves) are as of opening of business. process of collection and demand balances due from domestic banks (also 2 Demand deposits subject to reserve requirements, i.e., gross demand minus war loan and Series E bond accounts during the period Apr. 13, deposits minus cash items reported as in process of collection and demand 1943-June 30, 1947). balances due from domestic banks. 2 Prior to July 28, 1959, the minimum and maximum legal requirements against net demand deposits of central reserve city banks were 13 and 26 per cent, respectively, and the maximum for reserve city banks was 20 per cent. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE B [In millions of dollars] Wednesday End of month 1961 1960 Jan. 25 Jan. 18 Jan. Jan. 4 Dec. 28 January December January Discounts and advances—total. 68 66 69 78 60 33 Within 15 days 58 56 62 92 71 49 23 836 16 days to 90 days 10 10 7 6 7 11 10 26 91 days to 1 year Acceptances—total 47 48 48 62 65 46 74 42 Within 15 days 18 19 14 31 33 11 35 9 16 days to 90 days 29 29 34 31 32 35 39 33 U. S. Government securities—total. 26,747 26,912 27.004 27,205 27,225 26,570 27.384 25,464 Within 15 days 573 479 '548 740 111 3,938 821 5.880 16 days to 90 days 4,938 5,156 5,154 5,150 5,107 1,455 5,247 859 19 days to 1 year 9,113 9,147 9,172 9,186 9,212 9,054 9,186 10.731 Over 1 year to 5 years 10,673 10,680 10,680 10,680 10,680 10,673 10.680 6i 524 Over 5 years to 10 years 1,179 1,179 1.179 1.178 1,178 1.179 1.179 677 Over 10 years 271 271 '271 271 271 '271 271 793 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. 2 Less than $500.00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month 1961 1960 1961 1960 Jan. 25 Jan. 18 Jan. 11 Jan. 4 Dec. 28 January December January Assets Gold certificate account 16,090 16.146 16,253 16,316 16,508 16,082 16.413 18.181 Redemption fund for F. R. notes 1,060 1,062 1,064 1,066 1,041 1,058 1,066 974 Total gold certificate reserves. 17,150 17,208 17,317 17,382 17,549 17,140 17,479 19,155 Cash 499 457 4U 362 319 512 363 510 Discounts and advances: For member banks 59 57 61 90 71 51 25 859 For nommember banks, etc 9 9 8 8 7 9 8 3 Acceptances—Bought outright 47 48 48 48 48 46 54 42 Held under repurchase agreement 14 17 20 U. S. Government securities: Bought outright: Bills 2 694 2.828 2 907 2 900 2 864 2 524 2 900 1 463 Certificates Special Other 9,050 9,060 9,060 9,060 9,060 9,045 9,060 10,507 Notes 12,468 12,481 12,481 12.481 12,481 12,466 12,481 11,010 Bonds 2,535 2,543 2,543 2,543 2,543 2,535 2,543 2,484 Total bought outright . . 26,747 26,912 26,991 26,984 26,948 26,570 26,984 25,464 Held under repurchase agreement 13 221 277 400 Total U. S. Government securities 26,747 26,912 27,004 27,205 27,225 26,570 27,384 25,464 Total loans and securities.... 26,862 27,026 27,121 27,365 27,368 26,676 27,491 26,368 Cash items in process of collection 4.268 5.046 4,521 5.201 5.060 3,861 5,209 4.011 Bank premises . 108 108 108 108 108 108 108 101 Other assets 271 255 238 220 202 284 209 347 Total assets 49,158 50,100 49.718 50,638 50,606 48,581 50,859 50,492 Liabilities Federal Reserve notes 27,027 27,291 27,576 27,864 28,147 27,004 27,924 26,907 Deposits: Member bank reserves 16.373 16.708 16.252 17,115 16,584 16.066 17,081 18,396 U S Treasurer—general account 513 382 558 312 416 588 485 567 Foreign 261 241 256 252 265 238 217 249 Other 402 387 379 381 421 376 533 324 Total deposits 17,549 17,718 17,445 18,060 17,686 17,268 18,316 19,536 Deferred availability cash items 3 262 3 787 3,412 3,447 3,444 2,977 3.362 2,766 Other liabilities and accrued dividendsl 33 33 31 30 45 31 31 26 Total liabilities 47,871 48.829 48.464 49.401 49,322 47,280 49.633 49,235 Capital Accounts Capital paid in 416 414 413 411 408 415 409 390 Surplus 817 817 817 817 775 817 817 775 Other capital accounts 54 40 24 9 101 69 92 Total liabilities and capital accounts 49,158 50,100 49,718 50,638 50,606 48,581 50,859 50,492 Contingent liability on acceptances purchased for foreign correspondents 213 220 221 225 232 197 230 124 U. S. Government securities held in custody for foreign account 5,724 5,617 5,498 5,591 5,861 5,793 5,726 4,444 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank).... 29,430 29,500 29,635 29,712 29,763 29,320 29,730 28,987 Collateral held against notes outstanding: Gold certificate account 9.255 9,335 9,385 9,385 9,885 9,255 9,385 10,650 Eligible paper 20 28 10 9 22 18 19 175 U. S. Government securities 21,140 21,115 21,065 21,065 20,565 21,140 21,065 19,510 Total collateral. 30,415 30,478 30,460 30,459 30,472 30,413 30,469 30,335 1 No accrued dividends at end of December. shown in this Table, appear on the opposite page. NOTE.—For explanation of adjustments in preparing this consolidated statement, see p. 164 of this BULLETIN. Reserve ratios, previously Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 177 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1961 [In millions of dollars] Item Total Boston Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - L S ou t. is M ap i o n l n is e- K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 16,082 652 4,265 909 1,315 952 831 2,923 656 320 712 603 1,944 Redemption fund for F. R. notes.... 1,058 62 250 65 92 86 62 187 46 26 49 32 101 Total gold certificate reserves 17,140 714 4,515 974 1,407 1,038 893 3,110 702 346 761 635 2.045 F. R notes of other Banks 696 68 174 49 55 40 88 65 24 23 17 33 60 Other cash 512 36 105 23 45 31 34 87 27 11 20 18 75 Discounts and advances: Secured by U. S. Govt. securities. . 49 3 3 6 2 2 3 16 8 1 4 Other 11 (0 3 1 1 1 1 1 0) 0) 1 1 Acceptances: Bought outright 46 46 Held under repurchase agreement . U. S. Govt. securities: Bought outright 26,570 1,428 6,627 1,521 2,283 1,682 1,457 4,548 1,074 616 1,140 1,071 3,123 Held under repurchase agreement.. Total loans and securities. .... 26,676 1,431 6,679 1,528 2,286 1,685 1.461 4,565 1,082 617 1,145 1,072 3,125 Cash items in process of collection... 4,819 344 1,023 317 415 342 389 742 190 124 262 190 481 Bank premises 108 4 9 4 8 6 12 22 7 5 5 14 12 Other assets2 284 16 70 16 24 18 16 48 11 7 13 12 33 Total assets 50,235 2,613 12,575 2,911 4,240 3,160 2,893 8,639 2,043 1,133 2,223 1,974 5.831 Liabilities F. R. notes 27 700 1 597 6 457 2 514 2 122 1 590 5,177 1,200 586 1 131 815 2 685 Deposits: Member bank reserves 16 066 595 4 428 713 1 194 638 825 2 589 598 379 780 869 2 458 U. S. Treasurer—gen. acct 588 27 'no 29 43 51 55 71 38 29 37 35 ' 63 F O o t r h e e ig r n . .. . . . .... 2 3 3 7 8 6 1 1 0 391 12 19 1 9 3 11 29 7 1 4 1 9 1 12 4 2 8 5 313 2 Total deposits 17,268 633 4,942 756 1,257 701 892 2,691 644 413 827 918 2,594 Deferred availability cash items 3.935 317 806 251 347 274 340 578 154 103 209 167 389 Other liabilities and accrued dividends 31 7 2 3 2 1 6 1 1 1 Total liabilities ... 48,934 2,549 12.212 2,835 4,121 3,099 2,823 8.452 1.999 1,103 2.168 1,901 5.672 Capital Accounts Capital paid in 415 20 116 38 19 23 59 14 10 17 24 51 Surplus 817 40 229 48 75 37 44 116 27 19 35 47 100 Other capital accounts 69 4 18 4 6 5 3 12 3 1 3 8 Total liabilities and capital accounts.. 50,235 2,613 12,575 2,911 4,240 3,160 2,893 8,639 2,043 1.133 2,223 1 ,974 5.831 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): Jan. 31, 1961 38.1 32.0 39.6 37.7 37.3 36.8 36.0 39.5 38.1 34.6 38.9 36.6 38.7 Dec. 31 1960 37 4 36 5 34 6 40 9 37 2 37.8 37 9 37.7 36.8 35.5 40.1 40.7 39.5 Jan. 31, 1960 40.6 37.9 42.7 40.3 39.8 36.4 37.6 41.1 38.4 39.0 37.8 37.7 44.1 Contingent liability on acceptances purchased for foreign correspondents 197 10 443 13 20 10 30 7 5 9 13 26 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) .. ... 29,320 1,683 6,888 1,909 2,692 2,230 1,684 5,391 1,257 668 1,167 867 2.884 Collateral held against notes outstanding : Gold certificate account 9,255 475 2,000 650 870 670 525 1,800 410 180 300 275 1.100 Eligible paper 18 8 4 U. S. Govt. securities 21,140 1,275 5,100 1,325 1,880 1,590 1,200 3,800 935 510 900 625 2.000 Total collateral 30,413 1,750 7,100 1,981 2,750 2,260 1,725 5,600 1,353 690 1,204 900 3,100 1 Less than $500,000. 3 After deducting $147,000,000 participations of other Federal Reserve 2 Includes $14,074.03 due from foreign banks in which each Federal Banks. Reserve Bank participates. 4After deducting $154,000,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 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 6QS 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 15 1955 31,158 22,021 1,927 1,312 75 2,151 6.617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5 704 292 407 3 14 1957 31,834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 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 l,41S 82 2,102 6,415 10,123 9,160 2,739 5,825 254 334 3 5 F M e a b r 3 31 1 , , 6 5 3 5 3 2 2 22 2 , , 5 4 3 4 9 0 2 2 , , 2 2 7 9 5 4 1 1 , , 4 4 0 1 9 0 8 8 3 2 2 2, , 1 0 0 9 5 8 6 6 , , 4 4 5 9 6 4 1 10 0 , , 1 1 5 2 4 0 9 9, , 0 1 9 1 4 2 2 2 , , 7 7 1 1 9 5 5 5 ,7 7 8 9 7 5 2 2 5 5 5 6 3 33 3 0 4 3 3 5 5 Apr 31,600 22,529 2,311 1,417 82 2,104 6,474 10,141 9,070 2,712 5,769 254 327 3 5 May 31,879 22,809 2,324 1,440 83 2,138 6,561 10,263 9,070 2,718 5,767 252 324 3 5 June 32,065 22,970 2.338 1,440 84 2,141 6,604 10,363 9,095 2,737 5,774 252 323 3 5 July 32,039 22,946 2,345 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 Sent 32,022 22,900 2,375 1,444 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 [,487 86 2,191 6,683 10,545 9,222 2,762 5,888 248 317 3 5 Dec 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 23815 5,954 249 316 3 10 * 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 * Total out- H F el . d R b . y Kind of currency standing As security For Banks De 1 c 9 . 6 3 0 1, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B F a a . n n R d k . s ag an en d ts De 1 c 9 . 6 3 0 1, No 1 v 9 . 6 0 30, De 1 c 9 . 5 3 9 1, certificates agents Gold 17,767 17 510 2257 Gold certificates 17,510 14,663 2,816 30 30 31 Federal Reserve notes 29 730 87 1.806 27,837 27,623 27,647 Treasury currency—total 5,398 12,390 33 '363 5,002 4,979 4,913 Standard silver dollars 488 138 23 7 319 317 298 Silver bullion 2,252 2,252 Silver certificates and Treasury notes of 1890 32,590 279 2,111 2,093 2,136 Subsidiary silver coin 1 579 V 43 1 533 1 529 1 468 Minor coin . ... 580 1 5 574 571 538 United States notes 347 6 28 313 317 312 Federal Reserve Bank notes 97 (4) 1 96 97 105 National Bank notes 55 (4) (4) 55 55 56 Total Dec 31 1960 (5) 19,900 377 14,663 4,985 32,869 Nov. 30, 1960 (5) 20,006 410 14,794 4,787 32,632 Dec 31 1959 (5) 21,601 391 16,348 4,885 32,591 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. 171. 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 179 MONEY SUPPLY AND RELATED DATA [Averages of daily figures. In billions of dollars] Money supply Memoranda: MCIIIUI tuj.ua. Money supply Deposits at <Seasonally Without De b p a o n s k it s s ( a w t i m th e o m ut ber (Wi a t d h j o u u s t t m se e a n s t) onal mem (w b i e th r o b u a t nks Sem p i e m ri o o n d thly adjusted seasonal adjustment seasonal adjustment) Week seas, adj.) Total r C en u c r- y D p e o m d s e i a - t n s d * Total r C en u c r- y D p e o m d s e i a - t n s d 1 m D a e n - d Time G U o . v S t. . Total r C en u c r- y D p e o m d s e i a - t n s d * Time G U. o v S t. . 1959—Dec. 1.. 2141.5 28.9 2112.6 2144.4 29.5 2115.0 95.4 53.6 4.1 2.. 141.5 28.9 112.6 145.4 29.5 116.0 95.9 53.8 4.6 1960 I960—Jan 1.. 141.3 28.9 112.4 145.2 29.1 116.1 95.9 53.9 4.0 Sept. 7. 139.0 29.3 109.7 56.7 4.5 2.. 141.3 29.0 112.3 143.7 28.6 115.1 95.3 53.5 3.2 14. 140.5 29.2 111.4 56.9 3.2 Feb. 1.. 141.1 28.9 112.2 141.9 28.7 113.2 93.7 53.5 3.4 21. 141.1 29.0 112.1 56.9 4.3 2.. 140.9 29.0 111.9 139.6 28.6 111.0 91.8 53.5 4.0 28. 138.5 28.8 109.7 57.0 6.7 Mar. 1.. 140.8 29.0 111.8 140.0 28.7 111.2 92.1 53.7 3.3 2.. 140.3 29.0 111.3 138.6 28.6 110.0 91.1 53.9 4.3 Oct. 5. 138.9 29.0 109.9 57.2 6.9 12. 139.8 29.3 110.5 57.4 5.0 Apr. 1.. 140.3 29.1 111.3 139.4 28.9 110.5 91.4 54.1 2.9 19. 141.1 29.1 111.9 57.4 3.8 2.. 140.7 29.0 111.6 140.9 28.6 112.3 93.1 54.2 3.8 26. 141.3 28.9 112.3 57.6 4.9 May 1.. 140.2 29.0 111.2 139.0 28.8 110.2 91.2 54.4 5.4 2.. 139.6 29.0 110.6 137.0 28.7 108.3 89.7 54.5 6.2 Nov. 2. 141.8 28.9 112.9 57.6 5.5 June 1.. 139.4 28.9 110.5 138.2 28.9 109.2 90.4 54.7 5.3 9. 141.5 29.3 112.2 57.8 5.4 2.. 139.4 28.9 110.5 137.9 28.8 109.0 90.4 55.0 6.2 16. 141.9 29.3 112.6 57.5 4.8 23. 140.9 29.3 111.6 57.5 5.4 July 1.. 139.6 28.9 110.6 138.1 29.2 108.9 90.0 55.4 5.9 30. 141.4 29.2 112.2 57.5 4.9 2.. 139.7 29.0 110.7 139.3 29.0 110.3 91.4 55.7 6.2 Aug. 1.. 139.7 29.0 110.7 139.6 29.2 110.4 91.4 55.9 5.5 Dec. 7. 142.2 29.5 112.7 57.7 4.4 2.. 139.8 28.8 111.0 138.2 28.9 109.3 90.6 56.5 5.4 14. 143.9 29.5 114.4 57.8 2.7 Sept. 1.. 140.3 29.0 111.3 139.8 29.2 110.7 91.6 56.8 3.9 21. 145.2 29.6 115.7 58.1 3.7 2.. 140.5 28.9 111.6 139.6 28.9 110.7 91.5 57.0 5.8 28. 143.8 29.7 114.1 58.4 5.3 Oct. 1.. 140.0 29.0 111.0 139.8 29.2 110.6 91.3 57.3 5.4 1961 2.. 141.2 29.0 112.2 141.4 29.0 112.4 92.6 57.5 4.8 Nov. 1.. 140.6 29.0 111.6 141.7 29.2 112.4 92.5 57.6 5.2 Jan. 4. 144.2 29.2 115.0 58.8 5.3 2.. 139.9 29.0 110.9 141.2 29.3 111.9 92.0 57.5 5.2 11 143.8 29.2 114.6 58.8 4.1 Dec. 1.. 140.3 28.9 111.4 143.2 29.5 113.7 93.8 57.8 3.6 18'. 144.0 28.8 115.2 59.0 3.0 2.. 140.5 29.0 111.5 144.4 29.6 114.8 94.7 58.3 4.7 25. 143.4 28.5 114.9 59.2 2.9 1961—Jan. 1 . . 140.2 28.9 111.3 144.0 29.1 114.9 94.6 58.9 4.1 Feb. U>. 143.0 28.4 114.6 59.4 3.4 IV. 141.0 29.0 112.0 143.4 28.5 114.8 94.8 59.2 3.1 v Preliminary. 1 At all commercial banks. tion D effective Dec. 1, 1959. This change reduced such deposits in 2 Change in series beginning with first half of December 1959 reflects early December by an estimated $400 million. redefinition of gross demand deposits in line with the revision of Regula- BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts, except interbank ancI Annual rate of turnover U. S. Government accounts of demand deposits except interbank (In millions of dollars) and U. S. Government deposits Year or month All Leading centers 337 other Leading centers 337 other reporting reporting reporting centers New York 6 others i centers2 New York 6 others i 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 1960 '2,838,754 1,102,850 577,606 '1,158,298 60.0 34.8 25.7 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 '221 984 90,786 85 058 49 752 45,626 '98,886 '91,300 58.5 56.3 35.7 33.4 26.4 25 0 Mar '245.729 88,721 96,593 46,730 50.410 '95,632 '98,726 57.9 60.3 34.0 36.6 25.8 25.8 Apr . '226 007 86 042 86 174 48 414 46 862 '96,777 '92,971 56.4 56.3 35,3 35 5 25 4 May .... '232.844 92 176 88,551 48,453 47,895 '98,006 '96,398 61.1 58.9 35.5 35.2 26.3 26 2 June '250,852 91,604 99,809 48,583 50,415 '97,951 '100,629 61.3 65.7 35.7 36.5 26.4 26.9 July 89 444 86 063 46 807 45,254 r94,791 '92,222 58.9 58.8 34.2 34.0 25.5 25 7 Aug.... ... '241 771 99,947 92 435 50,127 49,474 '99,036 '99,862 59.8 36.7 34.7 26.6 26.0 Sept '240,772 103,832 97,162 48,974 47,909 '96,224 '95,700 68.5 65.9 35.8 35.5 26.0 26.2 Oct r233 131 91 870 89 905 48 084 47,567 r95,418 '95,659 60.0 59.2 34.9 34 7 '25 7 Nov '235 100 98,791 91,020 49,017 41,511 '98,306 '96,503 63.5 61.3 35.8 34.9 26 ^ 26 2 Dec '256,905 88,381 101,551 47,871 52,313 '94,687 '103,041 57.8 64.4 34.3 36.5 25.1 26.6 1961—Jan.... 247,660 88,186 94,473 51,052 52,388 97,446 100,800 57.0 59.2 ne.i »25.7 ?J25.8 * 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 i Boston, Philadelphia, Chicago, Detroit, San Francisco and Los Federal Reserve Bank of New York, together with unadjusted data Angeles. 2 Prior to April 1955, 338 centers. were published in the BULLETIN for May 1959, p. 554. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM! [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. st o a u n t d - - Total Lo n a e n t s, m C e o rc m ia - l Federal s ri e t c ie u s - ca n p e it t al, cur a r n e d ncy co a u c n - ts, ing Total and Reserve Other net savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933_june 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1957_Dec. 31. 22,781 5,146 229,470 115,157 91,370 65,792 24,238 1,340 22,943 257,397 236,372 21,023 1958—Dec. 31. 20,534 5,234 249,082 121,602 101,207 73,641 26,347 1,219 26,273 274,850 252,022 22,829 1959—June 24. 19,800 5,300 248,500 126,900 95,200 68,200 25,900 1,200 26,300 273,600 249,400 24,200 Dec. 31. 19,456 5,311 255,435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 I960—Jan. 27. 19,500 5,300 250,200 133,000 91,300 64,800 25,400 1,000 25,800 274,900 250,500 24,400 Feb. 24. 19,400 5,300 248,300 133,400 89,200 63,000 25,200 1,000 25,700 273,000 248,000 25,000 Mar. 30. 19,400 5,300 247,600 134,600 87,300 61,100 25,300 1,000 25,700 272,400 247,300 25,100 Apr. 27. 19,400 5,300 250,800 136,200 89,000 62,600 25,500 1,000 25,600 275,600 250,200 25,300 May 25. 19,400 5,400 250,700 136,800 88,500 61,800 25,700 1,000 25,400 275,400 249,300 26,000 June 15. 19,351 5,354 253,320 139,164 88,637 61,541 26,155 941 25,519 278,025 251,981 26,044 June 29. 19,300 5,400 252,500 139,100 87,900 60,800 26,200 900 25,500 277,200 251,000 26,200 July 27. 19,200 5,400 254,700 138,200 90,800 63,200 26,700 900 25,700 279,200 252,900 26,300 Aug. 31. 19,000 5,400 255,100 138,700 90,800 63,100 26,800 900 25,600 279,500 252,200 27,300 Sept. 28? 18,700 5,400 258,300 140,800 91,800 64,200 26,800 900 25,700 282,400 255,100 27,300 Oct. 26* 18,500 5,400 261,000 140,200 94,700 66,900 27,000 900 26,000 284,800 257,500 27,300 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 5,400 265,700 143,500 95,700 67,700 27,200 800 26,400 288,900 261,500 27,400 1961—Jan. 25* 17,500 5,400 263,600 141,000 96,100 68,500 26,700 800 26,500 286,500 259,100 27,400 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o n d a i s e g e n i - t n t k s, T h c i u r o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c n m t d k i g a - s s l B F a . A n R t ks . Total Total m T b C e i a o m r n c m k e ia s - l de M p b s o a a u v s n t i i u k t n s a s g 2 3 l s S S P a y o v s s t i e t n a m g l s p m o D d a s e e i n - - t d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e T e r j a p m r o u 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 d s e e t n - e i - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30 50 264 852 35 40;828 21,656 10,849 9,621 1,186 14,411 4,761 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 1945—Dec. 31 2,141 2,287 24,608 977 150;793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31 1,682 1,336 1,452 870 170008 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,400 26,100 1950—Dec. 30 2,518 1,293 2,989 668 176916 59,247 36,314 20,009 2,923 92,272 25,398 114,600 90,000 24,600 1957—Dec. 31 3,270 761 4,179 481 227;681 89,126 56,139 31,662 1,325110,254 28,301 133,600 105,800 27,800 1958—Dec. 31 3,870 683 4,558 358 242;553 98,306 63,166 34,006 1,134115,507 28,740 138,800 110,700 28,100 1959__ D jU e n c e . 3 2 1 4 3 3, , 2 6 0 0 3 0 4 39 0 1 0 4 5 , ,3 7 1 0 9 0 5 5 0 0 0 4 2 2 4 4 0 6 ; ;6 1 0 0 3 0 1 1 0 0 1 1 , , 7 0 7 0 9 0 6 6 5 5 , , 4 8 0 8 0 4 3 34 4 , , 9 6 4 0 7 0 1, 9 1 4 0 8 0 1 1 1 1 5 0 , , 4 7 0 0 2 0 2 2 8 9 , , 3 42 0 2 0 1 1 4 4 0 0 , , 2 9 0 0 0 0 1 11 1 2 2 , , 0 6 0 0 0 0 2 2 8 8 , , 3 2 0 0 0 0 I960—Jan. 27 2,800 400 3,800 600 242, 101,000 65,200 34,900 900114,000 27,900 140,000 111,700 28,300 Feb. 24 2,600 500 4,800 500 239; 101,200 65,400 34,900 900110,500 28,000 139,100 110,800 28,300 Mar. 30 2,700 400 4,700 500 239; 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 900111,500 27,900 139,400 111,200 28,200 May 25 2,800 400 7,200 500 238, 102,600 66,500 35,200 900107,700 28,100 137,500 109,300 28,200 June 15 2,744 421 6,657 535 241; 103,056 66,906 35,301 849110,024 28,544 (5) June 29 2,900 400 7,300 500 239 103,700 67,400 35,400 800107,800 28,300 138,000 109,900 28% July 27 2,800 400 6,500 500 242 104,200 67,900 35,500 800110,100 28,400 138,600 110,300 28,300 Aug. 31 3,000 400 5,700 500 242 105,200 68,900 35,600 800108,900 28,500 138,600 110,300 28,300 Sept. 28* 2,900 400 7,700 600 243,600 106,000 69,400 35,800 800 109,300 28,300 138,500 110,300 28,200 D O N e c o c t v . . . 2 2 3 6 0 8 * * * > 3 3 3 , , , 1 3 1 0 0 0 0 0 0 4 4 4 0 0 0 0 0 0 6 6 5 , , , 0 2 6 0 0 0 0 0 0 4 5 5 0 0 0 0 0 0 2 2 2 5 4 4 7 1 7 ; ,200 1 1 1 0 0 0 6 8 6 , , , 7 1 7 0 0 0 0 0 0 7 7 7 0 1 0 , , , 0 0 0 0 0 0 0 0 0 3 3 3 5 6 5 , , , 3 9 9 0 0 0 0 0 0 8 8 8 0 0 0 0 0 0 1 1 1 1 1 1 2 4 1 , , , 5 9 2 0 0 0 0 0 0 2 2 2 8 8 8 , , , 8 3 7 0 0 0 0 0 0 1 1 1 3 3 3 9 9 8 , , , 0 8 9 0 0 0 0 0 0 1 1 1 1 1 1 0 0 1 , , , 6 8 5 0 0 0 0 0 0 2 2 2 8 8 8 , , , 2 2 4 0 0 0 0 0 0 1961—Jan. 25? 3,100 400 3,600 500 251,500 109,00071,800 36,400 800 114,600 28,000 140,600 112,200 28,400 » 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 in seasonal factor for demand deposits adjusted for March 30, 1960, to nearest $100 million and may not add to the totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 181 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank2 Other Total Num- Cash lia- Bor- capital ber Class of bank U. S. assets2 bilities row- ac- of and date Govt. Other and Total 2 Demand ings counts banks Total Loans obliga- secu- capital Detions rities ac- mand Time Time counts3 U.S. Govt. Other All banks: 1941—Dec. 31 26 25 999 27,344 90,908 816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31 30 101 577 35,415177,332 612 14,065 105,935 45,613 227 io; 14,553 1947—Dec. 31* 43; 81,19910,723 38,388175,091161J86512,793 240 1,346 94,38153,105 661i; 14,714 1957—Dec. 31 115,115 65,792 22;943 49,318 257 864 23302015,636 1,386 3,903 123,99388,102 8020 14,090 1958—Dec. 31 121,571 73,64126,,273 49,911276430 250;05715,799 2,374 4,253 130,132 9~7",498 8121 14,020 1959—June 24 128,690 68,170 26,340 42,730 270990 241;23012,870 2,030 4,420 121,600 1003,310 ,71022 Dec. 31 135,958 65,80126,07150296 283629 254;88515, ',443 5,054 131,622 110011,116 62422 915 13^991 I960—Jan. 27 134,860 64,84025,830 43;160 274270 243;55012; ,390 3,540 125,320 100,380 ,340 23 13,997 June 29 140,990 60J60 25^50 43 710 276710 244;47013; ,440 7,060 119,570 103,100 ,17023 770 14,000 July 27 140,520 650 43770 279050 245.90013; ,480 6,230 121,460 103,660 ,59023 890 13,999 Aug. 31 ,230 110 25,600 43830 280000 245,83013; ,610 5,440 120,600 104,680 ,92024 120 13,998 Sept. 28* 180 190 25,730 44 500 282710 249,33013;670 ,670 7,390 121,130 105,470 ,05024 230 14,000 Oct. 26* 141;720 66^90 26; 010 45 750 286550 252.51014,180 ,690 5,970 124,450106,220 ,48024 13,989 Nov. 30* 090 76025,860 46680 287 650 254;20015,600 ,740 5,360 125,290106,210 ,330 24 13,985 Dec. 28* 390 650 26,.440 48050 293650 25973015,430 ,780 5,770 129,180107,5701 ,030 24 13,986 1961—Jan. 25*> 530 490 26,540 44,420 287,300254,92015,070 ,780 3,290 126,280 108 600 24 13,986 All commercial banks: 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71 10,982 44,349 15,952! 23 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,33134:806 160,312150 14,065 105,921 30,2411 219 8,95014,011 1947_Dec. 3H 116,284 38,057 69,221 9 006 37 502155,377144;iO312,792 240 1,343 9944367 35,360 6510, 14,181 1957—Dec. 31 170,068 93,899 58,23917 930 48 428 222 696 201,32615,636 1,385 3,898123,96756,440 7717; 13,568 1958—Dec. 31 185,165 98,214 66,376 20 575 48;990 238651216,01715,799 2,372 44,,2550130;104 63,493 7318; 13,501 1959—June 24 185,920104,450 60,860 20 610 41 930 232380 206; 12,870 2,030 44,442200 121570 655,,774400 2,71019; 13,479 Dec. 31 190,270110,832 58,937 20 501 49 467 244i686 219; 15,649 ',441 5,050 131559933 66666,1169 615 19; 13,474 I960—Jan. 27 187,780109,550 57,980 20 250 42470 235;280 208; 12,920 ,390 33,5544001"2"5,290 655;551100l 2,34019; 13,480 June 29 188,900114,840 54,210 19 850 42880 237;040 209; 13300 ,440 7,060 119 540 67,670 2,17020; 13,485 July 27 190,890114,170 56,700 20 020 43010 239;270 210; 13070 ,480 6,230 121430 68,210 2,59020 13,484 Aug. 31 191,240114,660 56,580 20 000 43080 240;000 210; 13;5OO ,610 5,440 120570 69,120 2,92020 13,483 Sept. 28* 193,270115,430 57,690 20 150 43710 242;530 213 13,670 ,670 7,390121,100 69,690 2,05020 660 13,485 Oct. 26* 195,680114,790 60,490 20\ 400 45000 246290 216 14,180 ,690 5.,,9..7. 0124,,.42070,320 2,48020 810 13,474 Nov. 30* 195,690115,010 60,380 20,300 45910 247;,290 218 15,600 ,740 55 ,336600 125,260 70,270 1,33021,0'"0 0 13,470 Dec. 28* 200,310118,160 61,320 20,830 47200 253060 223 15,430 ,780 5,7701—2 9,150 71,250 2,03021,110 13,472 1961—Jan. 25*> 197,160114,070 62,160 20,930 43,670 246,570 218,51015,070 ,780 3,290126,250 72,120 60021,100 13,472 AH member banks: 1941—Dec. 31 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 709 136 12,347 4 5,886 6,619 1945_Dec. 31 107,183 22,775 78,338 6,070 29.845 304 129,67013,576 64 22,179 640 24,210 208 7,589 6,884 1947_Dec. 31 97,846 32,628 57,914 7,304 32;845 060 122,52812,353 50 J76 609 28,340 54 8,464 6,923 1957_Dec. 31 142,353 80,950 _.,__. 1,.J 46188,828 170,63715,082 1,246 3,472 547 45,290 5714,554 6,393 1958_Dec. 31 154,865 84,061 54,29916,504 43,188 202,017182,81615,227 2,187 3,822 448 51,132 ,460 6,312 1959—June 24 155,007 89,301 49,16416,54237,171196; 182 117744,00773312,357 1,889 3 992 52,892 2,61915,875 6,279 Dec. 31 157,879 94,779 46,81316,287 43,509 205,726' 184,70615,048 ",338 4 989 52,827 58116,264 6,233 I960—Jan. 27 155,509 93,567 45,87516,06737,332197,279184,70612,412 ,288 3 105,44552,218 27516,327 6,224 June 29 156,593 97,898 42,98015,715 37,977199,243174,44012,775 ,298 6,360 790 53,977 06916,822 6,212 July 27 158,313 97,183 45,23815,89237,981201,057175,20012,524 ,336 5,622 366 54,366 50516,892 6,204 Aug. 31 158,587 97,523 45,19815,866 38;033 201,632 117765,,29914912,943 ,467 A 594 55,108 78317,056 6,205 Sept. 28* 160,282 98,196 46,07316,013 38;686 203 — 13,105 ,525 905 55,590 99617,114 6,200 Oct. 26* 162,042 97,469 48,37916,194 39628 206;669 181,06413,601 ,552 5^385 498 56,028 42917,239 6,187 Nov. 30* 161,997 97,708 48,22416,065 40;384 207, 45"5"182,55015,014 ,594 4,781 128 56,033 26917,390 6,178 Dec. 28*> 166,238100,539 49,11816,58141,492 212,659187,17414,817 ,635 5,200 631 ,466 6,174 1961—Jan. 25* 163,240 96,773 49,80616,66138,174206,507182,60314.465 ,636 990 57i598i 56317,464 6,164 All mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371! 1,592 542 1947—Dec. 31 + 18,641 4,944 11,978 1,718 886 19,714 17,763 1417,745i 1,889 533 1957—Dec. 31 33,782 21,216 7,552 5,013 890 35,168 31,695 26 3i;,662 3,059 522 1958—Dec. 31 36,320 23,357 7,265 5,698 921 37,779 34,040 2934,006 3,219 519 1959_j D U e n c e . 2 3 4 1 3 37 7 , , 5 2 6 8 1 0 2 25 4 , , 1 2 2 4 6 0 7 6 , , 3 8 1 6 0 4 5 5 , , 7 5 3 7 0 0 8 8 0 2 0 9 3 3 8 8 , ,9 6 4 1 3 0 3 3 4 4 , ,9 6 8 0 3 0 33 2 00 9 3 3 4 4 , , 9 5 4 7 8 0 10 3 3 , , 3 3 3 5 0 9 5 5 1 1 8 7 1960—Jan. 27 37,750 25,310 6.860 5,580 690 38,990 34,900 3034,870 3,390 517 June 29 38,300 26,150 6,550 5,600 830 39,670 35,460 30 3"5-,;430 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..7801 3,570 515 Oct. 26* 38,940 26,930 6,400 5,610 750 40,260 35,930 () 30 35,,9i 3,560 515 Nov. 30* 39,020 27,080 6,380 5,560 770 40,360 35,970 (5) () 3035,9. () 3,590 515 Dec. 28* 39,170 27,230 6,330 5.610 850 40,590 36,350 (5) (5) (5) 30 36,32 (5) 3,570 514 1961—Jan. 25? 39,400 27,460 6,330 5,610 750 40,730 36,410 ) ( 30 36,380! ( 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 nondeposit trust company, and (3) two (three prior to 1960) For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b . o l i v g S t a . . - O se t c h u e - r a C ss a e s t h s2 c b T a i a l l o p i n i a t i t d i t - a e a l s l Total 2 Interbank2 Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e m f r k - s tions rities co a u c n - ts 3 m D a e n - d Time U.S. Time Govt. Other Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7.334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 259 37 1957—Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 4,869 912 737 19,959 2,893 2 136 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 3,482 282 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 "805 292 17 Dec. 31 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20,419 3,448 232 361 16 I960—Jan. 27 24,713 17,614 4.981 2,118 7,374 33,440 27,801 3,971 933 547 19,032 3,318 637 3,360 16 June 29 25,320 18,060 5,273 1,987 7,773 34,600 28,654 4,339 985 1,415 18,379 3,536 473 3,427 16 July 27 25,698 17,610 5,975 2,113 7,639 34,886 28,243 4,013 1,012 1,276 18,366 3,576 946 3,450 16 Aug. 31 25,438 17,236 6,031 2,171 7,829 34,928 27,945 4,057 1,101 1,005 18,148 3,634 1,083 3,483 15 Sept. 28* 26,270 17,714 6,277 2,279 8,165 36,068 29,347 4,056 1,121 1,995 18,401 3,774 865 3,470 15 Oct. 26* 25,927 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 1961—Jan. 25* 26,821 17,387 7.062 2,372 7,561 36,048 29,979 4,661 1,221 19.257 4,251 99 3,569 15 Chicago: 1941—Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2,419 476 288 13 1 1 9 9 4 4 5 7 — — D D e e c c . . 3 3 1 1 5 5 , , 9 0 3 8 1 8 1 1, , 8 3 0 3 1 3 4 2 , , 2 8 1 9 3 0 3 38 9 5 7 , 7 4 3 8 9 9 7 6 , , 4 8 5 6 9 6 7 6 , , 0 4 4 0 6 2 1 1, , 2 3 1 1 7 2 1,5 7 5 2 2 4 3 , S4 2 6 0 2 1 7 9 1 1 9 3 4 3 2 7 6 7 1 1 2 4 1957—Dec. 31 6,446 3,852 2,032 562 083 8,595 7.792 1,333 15 195 4,904 1,345 4 689 14 1958—Dec. 31 6,830 3,637 2,562 631 158 9,071 8,214 1,357 34 249 5,136 1,438 3 733 14 1959__june 24 6,516 3,687 2,137 692 842 8,440 7,423 1,123 31 259 4.586 1.424 164 740 14 Dec. 31 6,885 4,206 1,985 694 003 8,967 8,062 1.231 23 272 5,070 1,468 40 762 14 I960—Jan. 27 6,673 4,072 1.928 673 ,869 8,629 7,550 1,061 24 166 4,849 1,450 208 755 13 June 29 6,598 4,342 1,620 636 ,854 8,546 7,474 1,151 48 407 4,442 1,426 161 769 11 July 27 6,811 4,284 1,845 682 ,745 8,662 7,551 1,163 50 342 4,552 1,444 195 770 11 Aug. 31 6,661 4,317 1,727 617 ,927 8,698 7,647 1,236 55 275 4,629 1,452 117 783 11 Sept. 28* 6,740 4,361 1,792 587 980 8,833 7,766 1,191 61 552 4.497 1,465 125 781 11 Oct. 26* 6,847 4,328 1,903 616 ,954 8,923 7,725 1,231 61 301 4,662 1,470 219 804 •10 Nov. 30* 6,729 4,260 1,841 628 ,040 8,892 7,800 1,359 61 261 4,629 1,490 93 813 •10 Dec. 28* 7,032 4,446 1,904 682 ,981 9,134 8,014 1,311 63 331 4,799 1,510 112 813 10 1961—Jan. 25" 6,875 4,195 1.989 691 814 8,809 7.733 1,254 63 141 4,743 1,532 821 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 8,221 24,655 9,760 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 2,844 353 1957—Dec. 31 55,259 32,805 17,352 5,10217,540 74,196 67,483 7,241 301 1,358 39,96018,623 21 5,370 278 1958—Dec. 31 60,558 34.003 20,645 5,910 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—Jan. 27 60,334 38,282 16,490 5,56215,624 77,625 69,116 6,029 297 1,135 40.426 2"1,229 943 6,120 267 June 29 59,563 39,421 14,846 5,29615,786 77,090 68,028 6,062 241 2,591 37;966 21,168 1,064 6,257 223 July 27 60,427 39,290 15,825 5,312 15,743 77,938 68,796 6,074 250 2,247 38,92521,300 1,063 6,256 222 Aug. 31 60,683 39,497 15,920 5,266 1155,353 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,,225577 "2,1734 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 39,410 21,889 822 6,366 •218 Nov. 30* 61,625 39,273 16,943 5,40916,649 80,141 71,126 7,433 293 1,867 39,654 21,879 434 6,406 •217 Dec. 28* 63,208 40,244 17.409 5,55516,937 81,990 72.943 7,399 326 1,961 40,, 897 22,360 629 6,427 217 1961—Jan. 25* 61,879 38,763 17.568 5,54815,789 79,543 70,958 7,020 326 1,085 39,88322,644 237 6.422 215 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,235 12,494 11 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 432 28,378 14,560 23 6,519 1957—Dec. 31 56,820 28,191 21,815 6,814 14,139 72,062 65,991 1,640 1.181 40,72422,429 30 6,083 1958—Dec. 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 1,175 42,349 25,137 37 6,006 1959—June 24 62,386 32,317 22,377 7,692 12,363 75,986 68,787 1,232 1,309 40,115 26,094 510 5,975 Dec. 31 64.082 33,766 22,535 7,781 14,122 79.567 72.323 1,602 1,508 42.83226,356 71 5,938 1960—Jan. 27 63,78( 33,599 22,476 7,714 12,465 77,585 69,973 1,351 1,229 41,13826,221 487 5,928 June 29 65,112 36,075 21,241 7,796 12,564 79,007 71,044 1,223 1,947 40,003 2"7",847 371 5,962 July 27 65,377 35,999 21,593 7,785 12,854 79,571 71,624 1,274 1,757 40, ,046 301 5,955 Aug. 31 65,805 36,473 21,520 7,812 12,924 80,210 71,923 1,308 1,623 40,53328,433 490 6,484 •5,961 Sept. 28* 66,482 36,691 21,975 7,816 12,740 80,609 72,522 1,349 1,780 40,750 28",617 203 6,531 •5,956 Oct. 26* 67,463 36,705 22,811 7.947 13,135 81,967 73.847 1,459 1,788 41,644 28,930 187 6,569 •5.944 Nov. 30P 67,241 36,433 22,821 7,987 13,315 81,910 73,702 1,485 1,698 41,897 28,596 207 6,614 •5.936 Dec. 28* 68,045 37,117 22,906 8,02213,702 83,128 74,860 1,558 1,670 42,760 28,846 199 6,676 5,932 1961—Jan. 25? 67.665 36.428 23.187 8,05013,010 82,107 73,933 1,530 1,099 42,10729,171 139 6,652 5,924 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 183 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSESi—Continued [Amounts in millions of dollars] Loans and iivestments Deposits Total assets— L^a a s n s d o d f a b te ank Total Loans o G U b o l . i v g S t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i i n a t i t d i - t a e a l s l Total2 D In e t - erbank2 Dema O nd ther r B i o n o w g r s - - c c T a o a o p u c t i - n a ta t l s l b N a b u o n e f m r ks tions co a u c n - ts 3 mand Time U. S. Other Time Govt. All insured commercial banks: 1941—Dec 31 49 290 21 259 21,046 6 98425 788 76,820 69 411 10 654 1,762 41 29815 699 10 6 84413 426 1945—Dec. 31 121,809 25,765 88,912 7,131 34:292157)544147,775 13,883 23,740 80,27629,876 215 8,67113)297 1947 Dec 31 114 274 37:583 67 941 8 75036 926152 733141 85112,615 54 1 325 92 97534 882 61 9,73413,398 1957—Dec. 31 168,595 57)58017,58548,127220)865199,87615,489 1,264 3)859123,12756)137 66 17,05113,142 19^8—Dec. 31 183,596 97)730 65,66920,19848,689236,724214,485 15,653 2,209 4,241 129,21463,168 67 18,15413,101 19^9 Tune 10 184 632102 902 61 39620,33442 623231 876206 14913 338 2 013 2 766122 74465 288 2,76218 76213 086 Dec. 31 188,790110.299 58)34820,14349.158242)828218.47415,500 l)358 5)037130,72065)858 602 19)20613)l07 1960—June 15. . 188,691 114,785 54,36619,54046,825240,728212,442 13,756 1,324 6,396124,09166,875 2,57319,97813,140 National member banks: 1941— Dec. 31 27.571 11,725 12.039 3.806 14,977 43,433 39,458 6.786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9.229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31 65,280 21.428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1957—Dec. 31 91,201 50.350 31.234 9,617 26,786 120,153109,091 8,958 517 2,166 66,54630,904 38 9,070 4,620 1958—Dec. 31 99,277 52,627 35.714 10,93626,781128,397116.714 9.035 767 2,292 69,80834,812 43 9,643 4,578 1959—June 10 99.982 55:816 33,152 11,01423,835 126.255112,659 7,818 705 1,526 66,43336,177 1,420 10,041 4 559 Dec. 31 102.615 59.962 31.761 10,89227,464132.636119.638 8.947 514 2,742 71.01536,421 340 10,302 4,542 I960—June 15 . 102,309 62.398 29.298 10,61426,380131,433116.178 7,937 472 3,594 67,27036,905 1,491 10,686 4,542 State member banks: 1941—Dec. 31. 15.950 6.295 7.500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 .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 ,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 .918 1957—Dec. 31 51,152 30.600 15,846 4,707 15,960 68,676 61,545 6.124 729 1,306 39,001 14,386 18 5,483 .773 1958—Dec. 31 55,588 3^435 18,585 5,56816,407 73.620 66,102 6,192 1 420 1,530 40,64016,320 10 5,817 ,734 1959—June 10 55,307 32.616 17,072 5,619 14,021 71,010 62,152 5,127 1.285 880 38,237 16,622 1,266 5,879 ,721 Dec. 31. 55,264 34:817 15.052 5,39616,045 73.090 65,069 6.102 825 1,763 39,97416,406 240 5,962 .691 I960—June 15. 55.348 35,946 14.228 5,174 15,495 72,734 63,341 5.429 833 2,151 38,296 16,631 1,012 6,143 1,675 Insured nonmember commercial banks: 1941—Dec. 31 .. 5,776 3.24! 1.509 1,025 2,668 8,708 7.702 129 53 4,162 3,360 6 959 6.810 1945—Dec. 31 .. 14,639 2,992 10,584 1.063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31 16,444 4,958 10.039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1957—Dec. 31 26,268 12.493 10,512 3.264 5,383 32,066 29.266 407 18 388 17,58010,873 9 2,500 6,753 1958—Dec. 3! 28,759 13,682 11 381 3.696 5,504 34.737 31,696 426 22 419 18,76612,063 13 2,696 6,793 1959—June 10. . 29,371 14,484 111183 3,704 4,770 34,642 31,365 392 22 361 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 20 533 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 19 651 18,52513,357 69 3,151 6,926 Noninsured nonmember commercial banks: 1941—Dec. 31 .. 1.457 455 761 241 763 2,283 ,872 329 1 291 253 13 329 852 1945—Dec. 31 . 2,211 318 1.693 200 514 2,768 >,452 181 1,905 365 4 279 714 1947—Dec. 314 2,009 474 1,280 255 576 2,643 >,251 177 185 18 1,392 478 4 325 783 1957—Dec. 31 1,473 468 660 345 301 1,831 ,449 147 121 39 840 303 11 317 425 1958—Dec. 31 1,568 484 707 377 301 1.927 ,532 146 163 9 890 325 6 332 399 1959—June 10. 1,518 504 639 375 271 1.850 .444 143 122 7 830 342 8 338 383 Dec. 31 1,480 534 589 358 309 1,858 .429 150 83 13 873 311 12 350 366 I960—June 15. 1,446 522 547 377 299 1,815 .386 163 122 18 792 290 17 353 350 All nonmember commercial banks: 7.233 3.696 2.270 1,266 3.431 10.992 9.573 457 5 504 3.613 1,288 7,662 11994415——DDeecc.. 3311 .... 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. 314 18.454 5,432 11,318 1,703 4,659 23,334 21.591 439 190 167 13,758 7.036 12 1.596 7,261 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30.715 554 138 427 18,42011.176 21 2,817 7,178 1958—Dec. 31 30,327 14,165 12.088 4,074 5.805 36,664 33.227 572 185 428 19,65512,387 20 3.028 7,192 1959—June 10 30,889 14.988 11.821 4,079 5.041 36,491 32,810 536 144 368 18,90312,858 84 3,183 7,193 Dec. 31 32,419 16.068 12.134 4,216 5,961 38,990 35.224 601 103 545 20,60513.370 34 3,294 7.244 1960 June 1 ^ 32.498 16.972 11 395 4,131 5.251 38,397 34.328 553 141 669 19,31813.648 87 3,503 7,276 Insured mutual savings banks: 1941 Dec. 31 1 .693 642 629 421 151 1,958 1 .789 1,789 164 52 1945 Dec 31 10 846 3 081 7,160 606 429 11424 10^363 12 10351 1 1 034 192 1947—Dec. 31 12,683 3.560 8.165 958 675 13,499 12,207 1 2 12 12)192 l)252 194 1957 Dec 31 26,535 17,194 5,404 3,937 719 27,671 25,022 1 3 26 24,991 2 2 308 239 1958—Dec. 31 28^980 19)l80 5.215 4)585 752 30,189 27)277 2 3 28 27)243 7 2'473 241 1959—June 10. 30,150 20,106 5.324 4,721 630 31,228 28,041 2 2 27 28.011 3 2.608 251 Dec. 31 30.580 20.942 5.016 4,622 686 31,743 28,577 2 3 28 28,544 9 2,654 268 I960 Tune 15 31 133 21.721 4.743 4,669 624 32.211 28.824 2 2 28 28,791 4 2,735 268 Noninsured mutual savings banks: IQd.1 Df»r 11 8 687 4 259 3,075 1 353 642 9 846 8,744 5 8 738 1 077 496 1 1 1 9 9 yH 4 4 - 5 1 7 — D L D -J e e L c - c L . . 3 3 3 1 1 1 4 . . . . . 5 5 )9 3 5 6 7 1 I l ) ' 3 7 8 9 4 8 3 3 * '.8 5 1 2 3 2 7 64 6 1 0 2 1 1 8 1 0 6 5 ) 2 5 1 9 5 6 5 5 )5 0 5 2 6 2 2 2 5 5 )5 0 5 2 3 0 6 5 6 5 3 8 7 3 33 5 9 0 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7.497 6,672 6,671 1 751 283 195$ Dec 31 7,341 4,177 2,050 1,113 169 7,589 6,763 6,762 1 746 278 11 V9»M5* 9 L/JVuVi nmeJ 1 • 1• 0 ....... 7 071 4 043 2)025 1 003 150 7 298 6 461 1 6 460 707 267 1 I 9 S w 6 " 0 >/ — D i J f u U e H n c V e 3 M 1 1 5 \J • > •• 7 6 , 1 9 6 8 7 1 4 4 * .3 1 4 8 8 4 1 1 . 8 8 8 4 5 8 9 93 4 4 9 1 1 4 4 1 3 7 7 ,3 2 8 0 7 0 6 6 , 5 4 1 0 1 5 6 6 , ^ 5 4 1 0 0 4 1 i 7 7 3 0 0 5 2 2 4 4 9 7 For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see the BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES1 [In millions of dollars] Loans2 Investments c b o c C a m a l n l a m l k s d s e a a r o c n te f i d al i m T l n o a v o e n a e n t d n a s t s l t s - Total* C c m o m c p p k i l i o p n u n i a e e a e a m e g d - r r - r t l n - - - - A c tu u a g r l l r - - i- p o b k d a L e T s r u r e e n e r o o o a r r s d c c - a s c l a u - n h r r s a r i o y t s t T i f i h i e o n n o e s r g g rs b i a T n n f o s i k L n ti s a o t t n u o a c t o n i i t s o T a h n l o e s rs j , l R o t e a a e s t - n a e s l O l u v o i d t t a i a n h o i d l - n - e s - s r O lo t a h n e s r To U ta . l S. B G il o ls vern c C t a m i e f t i e r e - - s nt o N b o l t i e g s atio B n o s nds S p s t O d s a i i i t o g u c o i o o a b n v a l b a f n t n i d l - i - e l t i s s - - - s O s ri e t t c h ie u e s - r Total :3 1947_Dec. 31... 116,284 38,05718,1671,660 830 ,220 115 9,3.9..3 5,723 94769,2212,193 7,789 6,034 53,205 5,2763,729 1958—Dec. 31.. 185,16598,21440,425 4;973 2,832 ,829 719 25,2"5""5 20,698 3,43766,3766,294 7,39913,396 39,28716,505 44,070 1959—Dec. 31*. 190,270 110,83240,174 5 " ,850 819 7,118 28,'O6O 24,166 2-7~8'4 58,9376,300 2,42014,1 ,36016,9583,543 I960—June 15.. 190,137 115,30741, ,739 2,365 7,06328,353 25,523 2,747 54,9133,593 2,21015,224 33,88716,7893,127 Oct. 3 *. 193,990 116,18041,900 5; 570 2',730,780 2,260 6,77028,640 26,040 2,720!57,5705,720 2,86016,730 32,26017,2403,000 All insured: 1941—Dec. 31.. 49,290 21,259 9,2141,450 614 662 40 4,773 4,505 121,046 3,15916,899 3,6513,333 1945_Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,132 88,9122,455l19,07116,04551,342 3,873 3',258 1947_Dec. 31.. 114,274 37,583 18,012 ,610 8231,19~0~ 114 9,266 5,,654 914 67,9412,124 7,552 5,918 5-2,347 5, ,621 1958—Dec. 31.. 183,,596 97,73040,289 4;913 2,7971,810 713 25,148 2100,,589 3,420 65,6696,159 7,36213,240 38,90816,266 3,932 1959_Dec. 31*. 188,790110,29940,022 4,973 2,9821,827 813 105 27,'948 24,032 2,767 58,3486,189 2,40414, ,02716,7213,422 I960—June 15.. 188,691114,78541,625 5,318 2,5841,719 2,360 7^043 28 25,387 2,728 54,3663,527 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 3,653 119,539 971 3,007 115,561 3,090 ,871 1945_Dec. 31.. 107,183 22,775 8,949 8553,1333,378 47 3,455 1,900 1,057 78,3382,27516,98514,271 414,807 3,254 ,815 1947—Dec. 31.. 97,846 32,62816,962 1,,046 8111,065 113 7,130 4,662 839 57,9141,987 5,816 4,815 4455,;295 4,199 3,105 1958—Dec. 31.. 154,865 84,06137,444 3,052 2,730 1,599 710 20,01317,028 3,211 54,299 44,644 6,14311,117 :32,39613,405 3,100 1959—Dec. 31*. 157,879 94,77936,826 3,116 2,885 1,587 811 6,8.0.1. 2.2_,,1__8_5 19,877 2,603 46,8134,612 1,881122 11,604 28,78513, ,610 1960—June 15.. 157,657 98,344 38,204 3,297 2,4691,488 2,309 6,773366 22,309 20,932 2,550 43,5262,521 1,583 ,46313,473 ,315 Oct. 3.. 160,865 98,81538,246 3,4512,593 1,521 2,212 6,434 22446 21,333 2,529 45,9694,625 2,223 398 25,72413,8,"9"7 21,183 New York City:4 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 1,172 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.. 25,966 16,165 10,928 ,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.. 25,77r418,350 10,499 1,463 366 1,050 1,886 870 1,821 795 5,384 681 369 1,546 2,788 1,722 319 Oct. 3.. 26,386 17,760 10,367 7jl,353 367 849 1,744 815 1,827 830 6,3541,380 508 1,574 2,892 1,996 276 I Chicago:4 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 93 Oct. 3.. 6,802 4,422 2,797 123 576 188 401 179 1,778 129 49 551 1,048 526 75 Reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945_Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1,459 855 38729,5521,034 6,982 5,65315,883 1,126 916 1947_Dec. 31.. 36,04013,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 1,90115,563 1,3421,053 1958—Dec. 31.. 60,55834,00315,808 669 518 851 191 8,405 6,930 1,30120,6451,293 4,49712,484 4,8641,047 1959—Dec. 31*. 61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 98017,2921,484 4,109 11,054 4,830 813 I960—June 15.. 59,750 "3,9534 15,778 805 511 713 924 3,184 9,036 8,430 89214,921 464 4,00610,086 4,623 672 Oct. 3.. 61,144 39,82015,864 860 597 738 935 3,083 9,042 8,570 86415,9931,203 4,683 9,437 4,663 668 Country : 1941—Dec. 31.. 12,518 5,890 1,676 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 ,028 1945_Dec. 31.. 35,002 5,596 1,484 42 471 4 1,881 707 359 26',999 630 5,102 4,544 16,722 1,342 ,067 1947_Dec. 31.. 36,32410,199 3,096 23 227 5 3,827 1,979 224 22,857 480 2,583 2,108 17,687 2,006 ,262 1958—Dec. 31.. 61,51130,257 8,080 2,368 294 268 6 10,806 8,239 779 23,606 2,475 2,306 4,495 14,330 6,181 ,467 1959—Dec. 31*.64,082 3333,766 8,498 2,321 298 284 11 1,05611,816 9,491 643 22,5352,381 863 5,751 13,540 6,452 1,330 1960—June 15.. 65,42736,074 9,212 2,465 308 286 242 1,08512,22010,286 652 21,5561,329 807 5,928 13,493 6,565 ,232 Oct. 3.. 66,53336,813 9,218 2,567 440 293 361 1,03112,40210,535 656 21,8451,913 995 6,591 12,347 6,712 ,164 Nonmember:3 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1958—Dec. 31.. 30,32714,165 2,9811,921 102 230 5,256 3,671 22612,0881,651 1,255 2,280 6,901 3,102 971 1959_Dec. 31*. 32,41916,068 3,3481,902 133 263 317 5,888 4,289 18112,1341,689 608 3,254 6,584 3,283 934 I960—June 15.. 32,49816,972 3,5712,066 134 251 57 327 6,053 4,591 19711,3951,073 627 3,265 6,429 3,317 814 e 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 1 All commercial banks in the United States. These figures exclude by changes in Federal Reserve membership, insurance status, and the data for banks in U. S. territories and possessions except for member reserve classifications of cities and individual banks, and by mergers, etc. banks. During 1941 three mutual savings banks became members of For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 185 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES1 [In millions of dollars] Demand deposits Time deposits Reserves Bal- Deco C m la m ss e r o c f ial Federal Cash a w nc it e h s m d a e n - d In d t e e p r o b s a i n ts k States C f e ie rt d i- vi I d n u d a i- ls, TUT. ^o1. States v I id n u d a i- ls, x•R$rotfr- C t a a p l ib c a a n ll k d a a n te d B s R e a r n e v - k e s vault b m a d e n o s k - t s ic 5 j p u o s a t d s e i - t d s 6 Do- For- G U o .S v . t. p s o u a li b n t d i d c i a - l c o a e f n f r i d s - ' p an s a h d rt i n c p o e s, r r - - I b n a t n e k r- G P S a o o a n s v vd t - t a . l p su i o c b l a i d l t- i- p an s a h d rt i c n p o e s, r r - - ings co a u c n - ts mestic 5 eign visions ch e e tc c . ks, p ti o o r n a s - ings visions p ti o o r n a s - Total: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1958—Dec. 31 18,427 3,249 12,609115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 73 18,486 1959—Dec. 31.... 17,931 3,012 12,237115,420 13,944 1,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62,718 615 19,556 1960—June 15.... 17,917 3,252 10,999110,025 12,484 1,436 6,414 10,753 3,701 110,429 1,446 259 3,616 63,2902,59020,331 Oct. 3e... 17,550 3,010 11,530109,190 13,200 [,490 7,310 11,040 3,880 108,850 1,690 260 4,000 65,6101,91020,870 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1958—Dec. 31.... 18,427 3,227 12,353114,645 14,025 1,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 67 18,154 1959—Dec. 31.... 17,931 2,990 11,969114,563 13,825 1,675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 602 19,206 I960—June 15 17,917 3,232 10,737109,249 12,356 ,400 6,396 10,648 3,655 109,788 1,324 259 3,555 63,0612,57319,978 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 [,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1958—Dec. 31.... 18,428 2,441 7,977 96,218 13,614 1,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 54 15,460 1959—Dec. 31.... 17,932 2,222 7,532 95,274 13,389 [,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 581 16,264 I960—June 15 17,918 2,427 6,913 91,042 11,980 1,387 5,745 8,304 3,366 93,896 1,305 234 2,768 50,5342,50316,829 Oct. 3 17,552 2,249 7,275 90,046 12,648 1,434 6,715 8,563 3,544 92,147 1,547 237 3,117 52,3281,829 17,268 New York City:4 1941—Dec. 31 . 5,105 93 141 10 761 3 595 607 866 319 450 11 282 6 29 778 1 648 1945_Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 "195 2,120 1947_Dec. 31 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1958—Dec. 31.... 4,454 161 92 16,170 3,519 1,267 968 329 1,540 18,835 1,739 36 100 3,345 3,282 1959—Dec. 31.... 3,908 151 138 15,494 3,462 ,303 1,027 310 1,536 18,573 988 24 65 3,359 232 3,361 I960—June 15 4,054 144 87 15,332 3,149 1,060 1,140 294 1,849 17,754 992 24 95 3,360 980 3,430 Oct. 3.... 4,031 144 78 14,332 3,509 ,108 1,947 307 2,052 16,867 1,140 25 157 3,536 749 3,493 Chicago:4 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 942 36 200 3,153 [,292 20 1,552 237 66 3,160 719 377 1947 Dec. 31.... 1,070 30 175 3 737 I 196 21 72 285 63 3 853 2 9 902 426 1958—Dec. 31.... 1,058 36 185 4,271 (,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 1960—June 15 995 28 109 3,678 1,193 40 335 283 85 4,301 43 4 8 1,401 333 765 Oct. 3.... 1,074 30 117 3,834 ,200 39 530 366 104 4,026 59 4 7 1,458 81 786 Reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1 967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947_Dec. 31 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1958—Dec. 31.... 7,472 768 2,670 35,505 7,217 289 1,429 3,153 1,052 38,054 377 124 1,471 19,480 14 5,760 1959—Dec. 31.... 7,532 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 1,229 20,231 238 6,106 I960—June 15 7,482 740 2,229 32,873 6,354 272 2,319 2,803 801 36,156 245 80 1,375 19,484 870 6,181 Oct. 3.... 7,148 684 2,130 32,519 6,540 268 2,512 2,904 796 35,240 314 81 1,485 20,209 697 6,343 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1958—Dec. 31.... 5,444 1,476 5,030 40,272 1,565 13 1,175 4,819 1,032 36,498 36 132 1,250 23,755 37 5,685 1959—Dec. 31 5,573 1,357 4,870 40,514 1,578 24 1,508 4,972 857 37,003 24 132 1,077 25,146 71 6,035 I960—June 15.... 5,388 1,515 4,488 39,159 1,285 14 1,951 4,923 631 35,686 26 127 1,290 26,289 320 6,453 Oct. 3.... 5,300 1,391 4,950 39,361 1,399 18 1,725 4,986 593 36,014 34 127 1,467 27,125 302 6,645 Nonmember:3 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6 858 12 1,596 1958 Dec 31 808 4,633 19,300 528 43 428 2,325 331 16,999 185 27 747 11 613 20 3 027 1959—Dec. 31 790 4,706 20,146 555 46 545 2,544 369 17,692 103 26 783 12,560 34 3,294 1960—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

186 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Financial institutions T lo o a t n a s l L a o n a d ns Com- a T n o d b d r e o a k l e e r r s s To others Banks in N s o ti n tu b t a i n o k ns Wednesday i m n a v e n e n d s t t s - j i m u n s a v e t d e e n - s d t t s - 1 j L us a o t d a e - n d s i in m t a c r d i n i e a u a d r l s l - - A t c u u g r l r a - i l - G U t l i o i o o . g b v n a - S s - t . . O c t s u t i e h e r - s i e - r G U t l i o i o o . g b v n a - S - s t . . O c t s u t i e h e r - s i e - r F ei o g r n - c m m D c o t e i i e o m a s c - r - l - - n s c s P a a o o a f n e n i n l m - e r d c a - s - e l Other e R st e a a t l e l o o A t a h l n e l s r V se t r a i r e o l v - u n e a s panies etc. Total— Leading Cities 1960 Jan. 6 104,998 103.914 67,156 '30,154 918 333 ,964 160 1,167 759 ,084 '4,281 ,774 12,630 14,450 ,434 13 105,126 103;996 66,769 '30,114 901 330 ,830 159 1,176 757 ,130 '4,149 ,764 12,64014,384 ,435 20 103,906 102,834 66,228 29,959 897 277 ,724 151 1,164 752 ,072 "3,899 .796 12,635 14,408 ,434 27 103,589 102,276 65,923 '29,845 897 255 ,662 154 1,167 761 ,313 '3,783 ,756 12,626 14,456 ,439 Dec. 7 108,736 107,384 68,160 31,550 1,067 315 ,565 123 1,154 685 ,352 3,546 ,683 12,499 15,409 ,436 14 109,720 108,524 68,953 31,783 1,066 532 ,573 132 1,158 693 ,196 3,753 ,688 12,520 15,489 ,434 21 112,109 110,424 70,570 32,131 1,073 1,183 ,714 138 1,170 712 ,685 4,225 ,701 12,507 15,437 ,421 28 111,841 110,416 70,174 31,931 1,084 954 ,656 134 1,184 749 ,425 4,243 ,684 12,508 15,458 ,411 1961 Jan. 4 112,555 110,36: 70,086 31,793 1,094 1,119 ,724 129 1,172 738 2,193 4,169 ,685 12,503 15,482 ,522 11 110,482 109,068 68,796 31,653 1,097 618 .542 127 1,168 706 1,414 3,909 ,671 12,493 15,337 ,525 18 110,128 108,781 68,417 31,450 1,084 759 .440 126 1,158 701 1,347 3.834 ,629 12,492 15,272 ,528 108,917 108,417 67,62~ 31.150 1C~~ 579 ,385 123 1,163 694 500 3,611 ,619 12,482 15,269 ,529 25 New York City 1960 I 24,! 24,620 17,680 10,405 117 1.394 354 473 377 1,352 374 948 2,625 411 Jan. 6 24,960 24,584 17,422 10,335 130 K262 357 470 376 1,311 367 948 2,606 411 13 24,636 24,160 17,130 10,295 132 1.154 346 462 476 1,158 394 938 2,618 411 20 24,771 24,101 17,050 10,258 115 i;i21 345 471 670 1,151 386 939 2,632 411 27 Dec. 7 26,271 25,733 17,058 10,514 126 921 348 446 538 1,163 319 790 2,796 403 14 26,912 26,419 17,517 10,662 296 917 349 446 493 1,263 322 792 2,835 403 21 27,711 27,329 18,388 10,848 670 1,043 355 455 382 1,513 321 777 2,763 395 28 27,665 27,141 18,076 10,775 460 1,036 360 488 1,431 307 783 2,777 386 1961 Jan. 4 27,765 26,980 17,912 10,701 435 1 .073 353 477 785 1,364 318 787 2,786 420 11 26,932 26,47- 17,374 10,665 250 949 35: 461 458 1,221 313 792 2,756 420 18 26,808 26.34 17,176 10,594 234 851 350 460 467 1,233 311 79: 2,738 421 25 26.548 26,190 16,905 10,490 213 349 452 358 1,128 305 785 2,749 421 i Outside New York City 1960 Jan. 6 80,001 79,29' 49,476 '19,749 909 216 570 120 813 286 707 '2,929 1.400 n,68: ai,825 1,023 13 80,166 79,412 49,347 r19,779 893 200 568 120 819 287 754 r2,838 '1,397 n,69: '11,778 1,024 20 79,270 78,674 49,098 19,664 888 145 570 116 818 290 596 r2,741 1,402 11,69' 11,790 1,023 27 78,818 78,175 48,873 19,58^ 140 541 121 822 290 643 r2,632 1,370 11,68' 11,824 1,028 Dec. 7 82,465 81,651 5l,io: 21,036 1,058 189 644 94 806 239 814 2,383 1,364 11,709 12,613 1,033 14 82,808 82,105 51,436 21,121 1,057 236 656 103 809 247 703 2,490 1,366 11,728 12,654 1,031 21 84,398 83,095 52,182 21,283 1,064 513 671 109 815 257 1,303 2,712 1,380 11,730 12,674 1,026 28 84,176 83,275 52,098 21,156 1,075 494 620 98 824 261 901 2,812 1,377 11,725 12,681 1,025 1961 Jan. 4 84,790 83,382 52,174 21.092 1,08: 684 651 100 819 261 1,408 2,805 1.367 11,716 12,696 1,102 11 83,550 82.594 51,42* 20,988 1,08! 368 593 101 816 245 956 2,688 1.358 11,701 12,581 1,105 18 83,320 82;440 51,241 20,856 1,07: 525 589 101 ! 808 241 880 2,601 1,318 11,700 12,534 1,107 25 82,369 82,22' 50,723 20,660 1,07. 366 563 99 814 242 142 2.483 1.314 1,697 12.52C 1,108 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 187 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Investments Cash assets, excluding cash items in process 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 W i i n th- 1 to After banks banks 1 year 5 years 5 years Total— Leading Cities 1960 Jan. 6 27,018 2,037 994 1,882 15,594 6,511 9 740 18.498 2,892 96 1,267 14243 3,208 138,294 2 1 0 3 2 2 7 6 . , 4 9 0 0 6 4 2 ?J, 6 4 9 2 1 5 9 9 9 8 5 3 1 17 8 5 3 9 ? 1 15 5 ,2 3 6 9 3 6 6 6 , 4 47 9 4 ? 9 9.702 1 1 7 7 ,5 8 5 0 6 7 2 2 ,8 9 4 4 7 5 9 9 4 6 1 1,2 3 3 4 7 3 1 1 3 34 3 ? 7 6 5 3 3,325 1 13 3 7 5 ,9 9 2 2 6 8 27 26,679 2,267 1052 1708 15,166 6,486 9 674 16,869 2,674 100 1,267 12828 3,419 133,970 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 1454 7 570 968 4,997 9 886 17,338 3 277 109 1 531 P 471 3,974 143 084 21 29,798 3,778 510 7 556 17 687 4,317 10 056 17,268 3,024 97 1,490 1? 657 3,849 145,418 28 30,165 4,028 1,537 2 559 17,861 4,180 10,077 17,292 3,137 127 1,623 12,405 3,872 146,125 1961 Jan. 4 30.238 4 018 1,569 2 597 18016 4 038 10.038 17.435 3.299 124 1,408 12604 3,953 147,037 30', 154 3 876 1,572 2 597 18080 4 029 10,118 16,641 3,018 109 1,459 12055 4,011 143,118 is'.'.'.'.'.'.'.'.'.'3.0,270 4 101 1,515 2 600 18045 4 009 10,094 16,783 2,912 104 ,380 12387 3,920 142,723 25 30,631 4 473 1 57? 2 641 18031 3964 10 158 17,205 3,473 123 358 P 751 3, 965 140,489 New York City 1960 Jan 6 4,790 516 195 174 2 637 1 768 150 4,198 66 44 193 1 895 1 34,090 13 4,979 760 203 157 596 1263 2,183 4,290 79 41 180 3990 1260 34,017 20 4,885 728 222 157 2 534 1244 2,145 4,177 69 43 166 3899 1312 33,797 27 4,924 799 777 173 7 530 1245 127 4,008 54 46 167 741 1,357 33,508 2 Dec 7 6,494 1 181 576 409 781 1097 7.181 3,700 58 51 3 367 17?1 34 976 14 6,674 1 380 5?3 438 74? 1091 7,778 3,902 78 58 759 3 507 1678 36 580 21 6,630 790 573 473 3 513 881 7 311 4,127 55 46 751 3 775 1,601 37,626 28 6,747 1 374 546 473 3 535 869 ,318 3 882 73 72 ?48 3 489 1 583 38 086 1961 Jan 4 6,787 1324 574 442 3,622 825 2,281 4,138 60 70 233 3 775 1666 37,810 11 6,789 1227 628 446 3,657 831 .311 3,589 63 55 226 3 245 1766 36,257 18 6,856 1350 55? 441 3.685 878 309 3,741 67 52 413 1 36,207 6,916 1405 553 451 3 68? 875 7 369 3,970 62 65 200 643 1 654 35,730 Outside New York City 1960 Jan. 6 22.228 1521 799 1,708 12957 5 243 7,590 14,300 2,826 52 ,074 10.348 1969 104,204 13 22,427 1931 79? 1675 1? 800 5 779 7 638 13.517 2,866 53 163 9 435 1978 103,911 20 22,019 1697 761 1,602 12729 5 230 7,557 13,379 2,778 53 ,071 9.477 2013 102.129 27 21,755 1,468 825 ,585 12,636 5,241 7,547 12,861 2,620 54 ,100 9,087 062 100,462 Dec 7 22,913 2,293 897 2,145 13,654 3,924 7,636 12,506 2,739 50 ,131 8,586 2 284 104,452 14 23,011 ,316 931 ,13? 137^6 3906 7,658 13,436 3,199 51 8 914 106 504 21 23,168 7 438 987 7 133 14 174 3 436 7 745 13,141 2,969 51 ,739 8,88? 2 748 107,792 28 23,418 ? 654 991 7,136 14 3 311 7,759 13,410 3,064 55 375 8 916 108 039 1961 Jan. 4 23.451 2.694 995 2,155 14,394 3,213 7,757 13,297 3,239 54 ,175 8,829 2,287 109,227 11 23,365 ,649 944 151 144? 3 3,198 7 807 13,052 2,955 54 ?33 8 810 2 106 861 18 23.414 2,751 963 2,159 14,360 3,181 7,785 13,042 2,845 52 1,171 8,974 2,265 106,516 25 23,715 3.018 1,019 ,190 14,349 3.139 7,789 13,235 3,411 58 ,158 8.608 2,311 104,759 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju m e D s p 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 i t o u c i o a n v l b a 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 c r i d t s k d . - i ' s - , p v r c s a a i I o d h a r n t r t i n u i d n o p p d a i e n o 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 t v d S a s - t . l . S p s d s a i i t o u c i o a n v l b a t d n i i e l - t - s - s p v r c s a a i I o h d a r n t r t i n i u d n o p p d a i e n s o - 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 c p n - it t a s l Total- Leading Cities 1960 Jan. 6 61,967 12,170 ,490 2,414 4,821 2,623 66,113 ,309 142 1,461 28,762 1,148 1,300 3,227 11,314 13 62,435 11,607 ,441 2,841 4,596 2,229 67,367 ,293 140 1,466 28,630 350 1,360 3,300 11,308 20 62,273 11,005 ,436 1,986 4,774 2,423 66,215 ,233 141 1,458 28,537 '661 "1,342 3,426 11,289 27 62,122 10,221 ,377 2,088 4,599 2,104 65,512 ,222 147 1,510 28,486 241 1,676 3,473 11,314 Dec. 7 59,977 12,111 ,372 2,099 4,558 2,221 63,679 ,563 135 2,093 30,409 39 1,921 5,214 12,014 14 62,438 12,459 ,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 ,449 3,688 4,565 2,845 66,853 ,594 136 2,195 30,564 46 2,109 5,081 11,991 28 61,490 12,370 ,524 3,956 4,691 2,893 67,026 ,599 134 2,220 30,760 21 1,839 5,057 12,035 1961 Jan. 4 61,058 13,565 396 3,778 4,827 2,919 66,406 ,599 136 2,279 30,827 72 2,366 4,822 12,045 11 61,164 13,060 ,332 2,155 4,588 2,581 65,979 ,595 135 2,287 30,892 17 1,570 4,871 12,056 18 61,527 12,391 ,320 2,042 4,854 2,467 66,098 ,598 139 2,300 30,972 35 1,603 4,868 12,036 61,955 12,211 ,323 2,074 4,831 2,385 65,141 ,600 146 2,381 31,017 20 460 4,856 12,044 25 New York City 1960 15,447 3,220 1,177 711 306 1,296 17,501 975 24 69 3,255 686 1,532 3,338 Jan. 6 15,561 3,027 1,134 850 253 1,109 17,706 962 24 70 3,254 717 1,572 3,339 13 15,527 3,100 1,128 541 371 1,299 17,529 906 24 62 3,223 40 658 1,575 3,341 20 15,806 2,908 1,062 540 282 1,100 17,796 898 25 60 3,223 639 1,632 3,343 27 Dec. 7 14,950 3,144 1,041 578 264 1,206 16,764 1,205 25 224 3,594 916 2,510 3,505 14 15,848 3,384 1,084 424 279 1,650 18,007 1,207 25 229 3,716 626 2,453 3,496 21 15,654 3,264 1,133 1,143 304 1,725 17,812 1,202 26 233 3,658 1,231 2,391 3,504 15,183 3,361 1,182 1,245 265 1,825 18,049 1,203 27 231 3,699 1,036 2,453 3,510 28 1961 15,447 3,543 1,085 1,199 267 1,717 17,704 1,202 229 3,657 1,263 2,397 3,520 Jan. 4 15,251 3,463 1,016 652 247 1,540 17,434 1,200 230 3,688 726 2,510 3,524 18!!]!!!! 15,318 3,359 1,013 606 340 1,463 17,518 1,204 214 3,730 805 2,402 3,526 25 15,687 3,646 1,009 592 274 1,447 17,524 1,204 249 3,745 100 2,384 3,529 Outside New York City 1960 Jan. 6 46,520 8,950 313 ,703 4,515 1,327 48,612 334 118 1,392 25,507 1,148 614 1,695 7,976 13 46,874 8,580 307 ,991 4,343 1,120 49,661 331 116 1,396 25,376 350 643 1,728 7,969 20 46,746 7,905 308 ,445 4,403 1,124 48,686 327 117 1,396 25,314 r621 r684 1,851 7,948 27 46,316 7,313 315 ,548 4,317 1,004 47,716 324 122 1,450 25,263 241 1,037 1,841 7,971 Dec. 7 45,027 8,967 331 ,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 ,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 1961 Jan. 4 45,611 10,022 311 2,579 4,560 1,202 48,702 397 109 2,050 27,170 72 1,103 2,425 8,525 11 45,913 9,597 316 1,503 4,341 1,041 48,545 395 108 2,057 27,204 17 844 2,361 8,532 18 46,209 9,032 307 1,436 4,514 1,004 48,580 394 112 2,086 27,242 35 798 2,466 8,510 25 46,268 8,565 314 1,482 4,557 938 47,617 396 119 2,132 27,272 20 360 2,472 8,515 r Revised. i Demand deposits other than interbank and U. S. Govt., less cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 189 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Period2 l F i a q o n u o d o d r , , a T p e a p x n a t d i r l e e l s , , M m p a r e e n o t t d a d a - l l s ch P l e c e e m o u t a r m i l o 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 l e e s r ss c c h l N f a a i n e s e d g s t i e - s c r h w e a i a e p n n a n e o l d g d k l r ' e l l t y — tobacco leather ucts3 and ing rubber banks 1959—juiy 8-Dec 698 -58 -148 248 26 151 738 480 11 -31 2,114 1,861 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 I960—Nov 169 -101 -58 11 -76 112 163 76 -13 79 361 333 Dec . .. 57 -42 9 97 15 -267 49 118 14 69 120 182 1961—Jan -222 -29 -180 88 -75 -244 -25 -32 -18 47 -690 -781 Week ending: I960—Nov 2 63 -10 12 -5 -26 69 40 74 -25 36 227 221 9 . .. -23 -16 -43 2 -13 o 42 -39 A -9 -92 -80 16 86 — 17 53 39 -6 63 26 -2 18 18 277 280 23 -7 -31 -43 -18 -16 -20 -6 -2 -12 -133 -135 30 51 -27 -37 9 -15 -8 49 46 82 47 Dec 7 -6 -55 -30 -13 -19 -71 2 7 -200 -199 14 40 -5 25 17 5 22 19 37 21 65 205 233 21 69 — 17 85 52 — 41 19 118 — 11 47 324 348 28 -52 -14 -46 59 15 -184 13 34 2 -36 -209 -200 1961 Jan 4 -14 — 3 -113 50 -38 — 57 -21 63 — 7 3S -105 -138 11 -76 -8 2 49 -4 -55 -43 -4 -6 -162 -140 18 — 57 — 16 — 47 11 — 21 — 54 — 11 — 6 24 — 173 -20! 25 -76 2 -17 -22 -12 -78 5 -41 -1 -6 -250 -300 1 Data for a sample of about 200 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold about 95 per cent of total commercial NOTE.—Beginning with the week ended July 8, 1959, changes in comand industrial loans of all weekly reporting member banks and about mercial and industrial loans exclude loans to sales finance companies 70 per cent of those of all commercial banks. and certain other nonbank financial concerns (for description of revisions, 2 Figures for periods other than weekly are based on weekly changes. see the BULLETIN for August 1959, p. 885.) BANK RATES ON SHORT-TERM BUSINESS LOANS i [Weighted averages. Per cent per annum] Size of loan Size of loan p A e a r 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 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly (cont.):2 19 large cities: New York City: 1959—Dec. 3 5 19 5 82 5 61 5 41 5 12 195? 3 5 4.9 4.2 3.7 3.3 1960 Mar 5.18 5.81 5.63 5.41 5.10 1953 3.7 5.0 4.4 3.9 3.5 June 5.19 5.81 5.64 5.42 5.10 1954 3.6 5.0 4 3 3.9 3.4 Sept 4.74 5.73 5.45 5.00 4.62 Dec 4.77 5.73 5.42 4.99 4.66 1955 3.7 5.0 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 1960—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 Dec 4.97 5.86 5.52 5.19 4.83 Quarterly:2 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*4; 1954—Mar. 17, 3; 1955—Aug. 4, 3#; schedule of the call report of condition to exclude loans to nonbank Oct. 14, 31/2; 1956—Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4*/i; 1958— financial institutions. Jan. 22, 4; Apr. 21, 31/2; Sept. 11, 4; 1959—May 18, 4V2; Sept. 1, 5; and I960—Aug. 23, 41/2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Year, month, or week m 4 m p P - c o a e r o t n p i r o m m c t e h i r - 6 e a , s l - l c m d F 3 o p p i - i o m r l n a e a n t a p o p c c t n e t e a h l c 6 r d n y s e - y 2 , 9 b a 0 a a P c n n r c d i c k e m a e e p y s e r t s , - s ' 3 on R is s a 3 n u t - e e e m w onth M b y il a i l e s r l k d et on i R s s a 6 n u t - e e e m w onth M b y il a i l e r s l k d et 9 ( - m y B t i o a e i r l l l k d 1 s ) e 2 t -mont O h th is e s r u s es 3 is - y s e t u o a e r s 5 6 - 1958 average 2.46 2.12 2.04 1.839 1.78 2.09 2.90 1959 average 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 1960 average 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 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 4pr 4.16 3.74 3.88 3 244 3.23 3.548 3.55 3 83 3 99 4.23 May 4.25 3.88 3.78 3.392 3.29 3.684 3.58 4.01 4.19 4.42 June 3.81 3 24 3 28 I 641 2.46 2.909 2.74 3 10 3 35 4 06 July 3.39 2.98 3.13 >.396 2.30 2.826 2.71 3.03 3.13 3.71 3.34 2.94 3.04 >.286 2.30 2.574 2.59 2.82 2.89 3.50 Sept 3.39 3.13 3.00 L489 2.48 2.803 2.83 2.86 2 99 3 50 Oct . 3.30 3.11 3.00 >.426 2.30 2.845 2.73 2.92 3.01 3.61 Nov 3.28 2.91 3.00 >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 3.51 1961 Jan 2 98 2 78 2 86 2 302 2 24 1 496 2 47 2 63 2 70 3 53 Week ending: I960—Dec. 31. . 3.13 2.88 2.88 2.148 2.18 2.333 2.38 2.50 2.61 3.40 1961—Jan. 7 3.06 2.83 2.88 2.234 2.28 2.429 2.48 2.56 2.67 3.39 14 3.00 2.81 2.88 2.385 2.28 2.602 2.51 2.57 2.72 3.52 21 3.00 2.81 2.88 2.358 2 25 2.530 2.46 2.71 2.74 3.59 28 2.90 2.71 2.88 2.230 2!l7 2.422 2.42 2.66 2.65 3.57 1 Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Average of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Consists of certificates of indebtedness and selected note and bond 3 Average of daily prevailing rates. issues. 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 t g es - 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 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 averaee ... 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 averasc 4.01 3.69 3.26 4.22 4.73 4.41 5.19 4.59 4.92 4.69 4.75 3.46 I960 Jan 4.37 3.92 3.49 4.43 4.91 4.61 5.34 4.74 5.08 4.92 4 87 3 27 Feb 4.22 3.84 3.40 4.35 4.88 4.56 5.34 4.71 5.05 4.89 4.82 3.40 Mar 4.08 3.77 3.34 4.29 4.81 4.49 5.25 4.64 4.99 4.79 4 76 r3 51 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 r3.47 May 4.16 3.75 3.34 4.31 4.80 4.46 5.28 4.65 4.98 4.76 4.75 r3.51 June • 3.99 3.74 3.33 4.27 4.78 4.45 5.26 4.64 4.94 4.76 4.74 r3.40 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 r3.49 Ano 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 1961—Jan 3.89 3.56 3.15 4.06 4.65 4.32 5.10 4.52 4.86 4.57 4.73 3.28 Week ending: 1960 Dec 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 1961 Jan. 7 3.84 3.54 3.13 4.03 4.66 4.34 5.08 4.55 4.86 4.57 4.78 3.33 14 3.90 3.55 3.14 4.04 4.66 4.33 5.10 4.53 4.87 4.57 4 73 3 29 21 3.92 3.58 3.16 4.09 4.65 4.32 5.11 4.52 4.86 4.58 4 70 3 26 28 3.89 3.56 3.16 4.09 4.65 4.31 5.12 4.51 4.87 4.56 4.72 3.22 r Revised. 4 Includes bonds rated Aa and A, data for which are not shown sepa- 1 Monthly and weekly yields are averages of daily figures for U. S. rately. Because of a limited number of suitable issues, the number of Govt. and corporate bonds. Yields of State and local govt. bonds are corporate bonds in some groups has varied somewhat. based on Thursday figures; dividend/price ratios for preferred and s Standard and Poor's Corporation. Preferred stock ratio is based common stocks, on Wednesday figures. Earnings/price ratios for common on 8 median yields for a sample of noncallable issues—12 industrial and stocks are as of end of period. 2 public utility. For common stocks, the ratios are based on the 500 2 Series is based on bonds maturing or callable in 10 years or more. stocks in the price index. Quarterly earnings are seasonally adjusted 3 Moody's Investors Service. State and local govt. bonds include gen- at annual rates. eral obligations only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 191 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) 3grade) 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 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 I960—Jan... 81.81 98.3 92.0 58.03 62.27 33.68 44.50 117.6 117.5 124.3 111. 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. 30.19 48.02 114.5 111.2 119.0 104.0 95.7 131.0 131.0 68.6 2,694 Aug.. 88.93 106.7 96.4 56.51 59.96 30.19 48.65 115.6 112.2 119.8 105.1 96.1 132.6 131.8 71.6 2,841 Sept.. 88.57 106.7 96.8 54.81 57.96 28.76 48.64 112.1 107.6 114.1 101.7 91.5 134.2 127.2 70.1 2,898 Oct... 87.50 105.9 96.0 53.73 56.90 27.77 47.34 109.1 104.9 109.4 100.8 88.0 130.5 122.8 71.8 2,592 Nov.. 87.23 107.7 95.5 55.47 58.89 28.93 47.83 112.6 108.5 113.0 104.5 91.7 132.0 129.3 74.1 3,100 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 1961 —Jav... 87.70 108.1 95.6 59.73 63.20 31.43 52.73 120.9 115.3 118.6 112.1 100.3 148.7 134.8 85.1 4,243 Week ending: I960—Dec. 31.... 88.67 108.1 95.1 57.87 61.27 29.50 51.23 117.4 111.6 114.9 108.6J 93.9 146.2 133.4 80.3 4,134 1961—Jan. 7 88.41 107.7 95.4 58.25 61.63 30.31 51.66 118.3 113.0 117.0 109.2 97.8 144.4 132.5 83.3 3,591 14 87.58 107.7 95.5 59.17 62.60 31.37 52.35 120.5 115.1 118 112.1 100.5 147.1 134.5 83.8 4,445 21 87.33 108.4 95.8 59.6 63.14 32.06 52.55 121.2 115.5 119.0 112.3 102.2 148.8 135.3 86.1 4,147 28....... 87.66 108.7 95.8 60.63 64.21 31.64 53.30 123.6 117.5 120.1 115.1 100.6 154.4 136.9 87.2 4,380 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Total- Net debit balances with Bank loans to others (than securities New York Stock Exchange brokers and dealers) for pur- Money borrowed Customers' End of month1 other than firms2 chasing and carrying securities3 net U. S. Govt. free obligations credit (col. 3 + Secured by Secured by U. S. Govt. Other On On balances col. 5) U. S. Govt. other obligations securities U. S. Govt. other obligations securities obligations securities 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 1,167 190 2,233 1 001 Feb 4,274 138 3,129 146 1,145 202 2,194 981 Mar 4,158 117 3,028 136 1,130 161 2,059 988 Apr 4,153 113 3,037 135 1,116 185 2 155 940 May 4,132 130 3,021 139 1,111 208 2,115 970 June 4 214 106 3,082 135 1,132 162 2 110 I 016 July 4,133 110 3,004 135 1,129 187 2,042 1,018 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 I 059 Oct 4,294 111 3,133 136 1,161 161 2,139 1,063 Nov 4,294 99 3,141 128 1,153 139 2,129 1,062 Dec 4 406 95 3,222 134 1,184 142 2,133 13<5 1961 Ian . .. 4,416 77 3,253 123 1,163 101 1,937 1,269 * 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

192 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: E o n r d m of o n y t e h ar Placed P di l r a e c c e t d - Total Accepting banks B F a . n R k . s p I o m rt - s p E o x rt - s Dollar G sh o i o p d p s e d st o b r e e t d w e in e n or Total through ly Others into from exdealersl ( p f a in p a e n r c ) e 2 T ta o l - O bi w lls n 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 1,307 287 194 94 66 76 878 278 456 46 296 232 1958, 3 2,744 840 3 1,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,118 627 2,491 1,151 319 282 36 75 82 675 357 309 74 162 249 1960—Jan 3,889 664 3,225 1,229 230 193 36 42 124 833 341 337 149 158 245 Feb 4,085 718 3,367 1,240 218 170 48 35 119 868 350 336 193 131 229 Mar 4,320 805 3,515 1,366 250 178 72 33 153 929 364 413 201 144 244 Apr 4,269 888 3,381 1,336 320 247 73 30 167 819 373 461 128 109 266 May 4,492 920 3,572 1,263 310 237 74 29 161 763 352 474 87 65 286 June 4,459 1,021 3,438 1,382 311 229 82 30 182 859 375 501 94 91 321 July 4,652 1,116 3,536 1,561 404 299 104 29 180 948 400 545 166 76 373 Aug 4,920 1,266 3,654 1,656 424 316 108 33 204 996 407 594 179 83 393 Sept 4,558 1,263 3,295 1,668 392 284 108 42 204 1,031 409 632 123 107 398 Oct 5,056 1,365 3,691 1,753 501 356 145 39 196 1,017 405 633 139 157 419 Nov 5,097 1,380 3,717 1,868 628 454 175 48 227 965 401 647 146 229 445 Dec 4,312 1,252 3,060 2,027 662 490 173 74 230 1,060 403 669 122 308 524 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 * 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 E o n r d m of o n y t e h ar M ga o g r e t- Other G U o .S v . t. g S l a o o t n c a v d a t t e l . C o r o t a h a n r t e p d e r o 1 - a C s a se s t h s O as t s h e e ts r a s l s a T u i s a a c t r o e i b n c p e t t i d t s l s a l s u — i l . - s Deposits l O ia t t i b e h i s e li r - S c u o a r u c p n - l t u s s N M c u o m o m r b t m e g r a it g m e A e m l n o t o a s n u 2 nt 1941 4,787 89 3,592 1,' 86 829 689 11,772 10,503 38 1,231 n.a. n.a. 1945 4,202 62 10,650 1,257 606 185 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 Nov 24,635 366 6,878 730 4,846 718 556 38,729 34,633 724 3,372 76,612 1,245 Dec 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 1960—Jan 24,928 333 6,862 715 4,833 698 565 38,934 34,909 660 3,365 62,285 1,099 Feb 25,044 372 6,851 706 4,824 735 569 39,101 34,959 742 3,400 55,775 1,029 Mar 25,194 412 6,883 709 4,876 776 570 39,420 35,279 722 3,419 55,028 1 008 Apr 25,323 386 6,735 722 4,857 690 575 39,288 35,184 713 3,391 57,916 1,059 May 25,484 446 6,655 699 4,870 732 578 39,464 35,242 799 3,423 54,364 1,042 June 25,653 396 6,562 695 4,927 840 569 39,642 35,463 720 3,459 52,638 I 028 July 25.812 435 6,514 691 4,965 111 572 39,760 35,484 795 3,481 53,276 1,031 AUK 26,018 449 6,544 686 4,957 765 564 39,983 35,589 878 3,516 56,013 1,090 Sept 26,214 435 6,512 687 4,989 787 592 40,216 35,867 806 3,543 58,782 1,164 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 193 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a ts l State and M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e t r s Total uniteo local Foreign2 Total Bonds Stocks States (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:* 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—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 1960—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 July... 117,005 11,654 6,632 3,421 1,601 50,051 46,223 3,828 40,694 3,809 5,029 5,768 Aug... 117,581 11,650 6,592 3,464 1,595 50,261 46,380 3,881 40,920 3,822 5,085 5,842 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 Nov... 119,066 11,788 6,547 3,605 1,636 50,811 46,831 3,980 41,521 3,851 5,225 5,870 1 Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars Assets Liabilities Total Mortgage E o n r d m of o n y t e h ar g M ag o e r s t - 2 o G U bl o . i S v g . t a . - Cash Other 3 a li s a T s b e o i t l t s i a t — i l es 2 S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 4 d L p o ro an ce s s i s n Other c m o l m e o n a m t n s i 5 ttions profits 1941. 4,578 107 344 775 6,049 4,682 475 256 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 1,119 2,199 42,875 37,148 2 950 1,347 t 430 843 1 1 9 9 5 5 7 8 4 45 0 ,0 6 0 2 7 7 3 3, , 8 1 1 7 9 3 \ 2 2, , 5 1 8 4 5 6 2 3 , , 7 1 7 0 0 8 4 5 8 5 , , 1 1 3 3 8 9 4 4 1 7 , , 9 9 1 7 2 6 3 3, , 8 3 4 6 5 3 1 1 , , 3 4 7 4 9 4 .161 1 484 713 1 8 4 6 7 2 5 1959 53,093 4,474 2,201 3,707 63,475 54,556 4,392 2,388 1,282 857 1 2RS 1959—Nov 52,608 4,500 ,817 3,777 62,702 53,371 4,133 2,165 1,374 1,659 1,470 Dec 53,093 4,474 2,201 3,707 63,475 54,556 4,392 2,388 1,282 857 1,285 I960 Jan .. 53,413 4,675 1,887 3,594 63,569 55,024 4,400 t 91*5 1,184 1,026 ,316 Feb 53 811 4,742 [,854 3,656 64,063 55,433 4 410 I 810 J 172 I 378 Mar 54,356 4,715 [,903 3,756 64,730 56,056 4,419 1,683 ,219 ,353 1,482 i\pr . . 54,922 4,716 1,873 3,860 65,371 56,428 4,424 1,721 ,265 ,533 1,560 May 55,556 4,731 ,954 4,069 66,310 57,058 4,431 1,724 ,319 ,778 1,642 June 56,335 4,583 2,283 4,017 67,218 58,274 4,646 1,935 ,365 998 1,614 July .. 56,975 4,549 \2,047 3,866 67,437 58,423 4,640 1,809 ,360 ,205 1,647 Aug 57 687 4,522 2,078 3,868 68,155 58,912 4 640 [ 830 344 429 637 Sept 58,336 4,525 i2,101 3,925 68,887 59,514 4,642 1,878 } ,306 ,547 1,559 Oct r58,931 r4,543 2,208 M,018 r69,700 '60,181 '4,642 1,864 274 ,739 1,509 Nov 59,465 A,511 2,307 4,180 70,529 60,851 4,642 1,870 ,197 ,969 1,446 n.a. Not available. r Revised. declined consistently in recent years and amounted to $42 million at the 1 Figures are for all savings and loan associations in the United States. end of 1957. Data beginning with 1951 are based on monthly reports of insured 3 Includes other loans, stock in the Federal home loan banks and other associations and annual reports of noninsured associations. Data prior investments, real estate owned and sold on contract, and office buildings to 1951 are based entirely on annual reports. and fixtures. 2 Prior to 1958 mortgages are net of mortgage pledged shares. Asset 4 Consists of FHLB advances and other borrowing. items will not add to total assets which include gross mortgages with 5 Not a balance-sheet item. no 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

194 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t e a ro f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s d - Y qu e a a r r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1952 36.7 19.5 17.2 9.0 8.3 1953 38.3 20.2 18.1 9.2 8.9 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954 34.1 17.2 16.8 9.8 7.0 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 44.9 21.8 23.0 11.2 11.8 1954.. . 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956 . . .. 44.7 21.2 23.5 12.1 11.3 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957 43.2 20.9 22.3 12.6 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1958 37.7 18.6 19.1 12.4 6.7 1957 14,350 3,609 10,741 9,638 2,584 7,053 4,712 1,024 3,688 1959 47.0 23.2 23.8 13.4 10.5 1958 14,761 5,296 9,465 9,673 3,817 5,856 5,088 1,479 3,609 1959 12,751 4,607 8,144 7,150 2,891 4,259 5,601 1,716 3,886 1958—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. 196 new issues 3 41.5 20.3 21.3 14.0 7.3 exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements NOTE.—Quarterly data are at seasonally adjusted include the same types of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 196. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w ca o N p rk e it i t a n l g Total Cash s G U e t c o i . e u S v s r . t i . - N G U o o . t v S r e e t . s . c 2 e a i n v d ab O a l c e th c e ts r . I t n o v ri e e n s - Other Total N G U o o . t v e S t p s . . a 2 a y n a d b l O e ac th c e ts r . F i b n e i c l t l d i a i o a t e x 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 C 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 I960 1 130 7 270.2 33.8 23.4 2.9 113.6 87.2 9.4 139 6 1.8 89.8 14 0 34 0 2 131.2 271.5 34.5 21.7 2.9 115.6 87.4 9.5 140.3 1.8 91.0 13.0 34.6 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 f M a 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 l e a y s n a t t s u e e a o ) a d d n l - - 1952 26.5 11.6 1.0 1.4 1.5 3.9 1.5 5.6 1959—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 1.6 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 2 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 3 9.0 3.9 .7 1.5 2.9 35.9 1 1 9 9 5 5 9 8 3 3 2 0 . . 5 5 1 1 1 2. . 1 4 1. . 0 9 . . 8 9 2 1. . 5 0 6 5 . . 1 7 2 2. . 7 6 7 8. . 2 2 44.... 9.6 4.2 .7 1.6 3.0 35.6 I960* 35.7 14.5 1.0 1.0 1.9 5.7 11.6 1961—14 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

BUSINESS FINANCE 195 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1959 1960 1955 1956 1957 1958 1959 1 2 - A[ 1 3 Manufacturing Total (180 corps.): Sales 104 40? 107,717114 105,134115 874 ?9 555 3?,45? ?6,87? 76 995 31 573 30 974 110 Profits before taxes 14 803 13,418 13349 10,466 14 013 3,899 4 643 ? 440 3 03? 4 007 3 544 2'709 Profits after taxes 7 564 7 094 7 177 5,714 7,?59 7 016 499 1099 1 645 063 813 1 *479 Dividends 3 847 4,068 4,19? 4,078 4,361 1,033 1 0?9 1051 1?47 109? 1 099 1 107 Nondurable goods industries (79 corps.):1 Sales 36 858 39,463 41,740 41,541 45 718 11 j085 11 450 11414 \] 769 11599 11 663 11 Profits before taxes 5,013 5,146 5,010 4,402 5,606 1,376 1,482 1391 1 356 1,407 1 421 1,401 Profits after taxes 814 2,943 ,944 2,574 3 131 769 808 780 775 785 797 793 Dividends 1 588 1,683 1,776 1,785 1 916 459 445 448 564 487 486 480 Durable goods industries (101 corps.):2 Sales 67 544 68,254 7?, 5?5 63,593 70 156 18,470 ?1 001 15458 15 ??6 19 974 19 760 16 487 Profits before taxes ,790 8 272 8,339 6,065 8,407 5?3 3 161 1049 1 675 7 595 2 Pi 309 Profits after taxes 4,750 4,151 4,?33 3,140 4 1 ?47 1 69? 319 870 1777 1016 686 Dividends ?59 2,385 ,416 2,294 445 575 585 603 683 610 6P 677 Selected industries: Foods and kindred products (25 corps.): Sales 8,63? 9,394 9,987 10,707 11 937 786 947 7 986 3 ?18 7 7 978 7 975 Profits before taxes. 868 955 1,074 1,152 ,?75 ?87 3?? 340 376 303 338 340 Profits after taxes 414 460 497 555 604 136 153 16? 154 147 159 160 760 277 ?89 312 343 85 78 79 100 9? 88 100 Chemicals and allied products (21 corps.): Sales 9,584 10,199 10,669 10,390 11 593 ? 770 3 054 7 964 ? 804 3 057 3 146 3 096 Profits before taxes 1,866 1,804 1,873 1,538 ,133 493 595 550 495 537 534 497 Profits after taxes 955 942 948 829 1 107 ?54 30? ?8? ?69 776 758 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 3 278 3 781 3 458 3 4?7 3 3 387 ,344 1,444 1 919 1J94 360 300 759 ?74 307 797 357 Profits after taxes 979 1,068 1^075 791 913 763 770 7,15 ?15 ?38 ?65 Dividends . 438 481 5P 516 5?3 133 178 134 130 130 PR Primary metals and products (35 corps.): Sales 70 744 22,365 7?,468 19,226 20 978 5 7 110 3 644 4 603 6 003 5 44? 4 939 Profits before taxes .. ... 3'?67 3,331 2,977 2,182 ,3?9 821 183 -88 413 854 611 413 Profits after taxes 65? 1,727 1,540 1,154 1 416 695 -215 ?31 4?6 3?? ?75 Dividends ... ... 730 880 873 802 831 201 204 204 221 206 208 210 Machinery (25 corps.): Sales 1? 480 13,908 15 115 14,685 16,47? 3 853 4 189 4 100 4 331 4 000 4 171 4 015 Profits before taxes 1,?53 1,209 1,457 1,463 1,854 4?? 504 467 466 389 395 366 637 607 7?9 734 933 71? 254 731 ?37 197 186 Dividends 368 403 416 422 461 113 106 173 119 119 P0 Automobiles and equipment (14 corps.): Sales 24 674 21,217 23 453 18,469 20,593 6 259 6 585 4 624 3 174 7 072 6 516 4 50? Profits before taxes 4 011 2,473 ,701 1,332 987 1 01? 1 117 356 503 1 076 936 ?73 Profits after taxes . ... 1,841 1,186 ,354 706 1,470 491 570 155 ?54 457 157 Dividends . 87? 791 805 758 810 184 196 197 ?33 199 199 ?07 Public Utility Railroad: Operating revenue 10 106 10 551 10 491 9,565 9,8?6 7 388 633 ?,368 7 437 2 411 7 477 2 3?? Profits before taxes .. 1 341 1,268 1,058 843 848 167 310 1?7 ?43 165 104 9?7 876 737 602 578 99 207 86 186 99 139 65 Dividends . .... ... 448 462 438 419 403 116 8? 78 1?7 91 94 73 Electric Power: Ooeratinc 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 ,304 2,462 ,579 2,704 988 853 68? 713 739 901 739 757 Profits after taxes 1 744 1,326 1 413 1,519 1 669 469 385 392 47? 50? 418 Dividends .. 94? 1,022 ,069 1,134 1 713 303 30? 301 306 375 321 3?? Telephone: Ooeratinc revenue 5,425 5,966 6,467 6,939 7,572 1 825 ,891 1,909 1,947 1,967 2,025 2.042 Profits before taxes 1 ?87 1,430 1 56? 1,860 153 5?? 551 537 543 558 585 589 Profits after taxes 638 715 788 921 1 073 ?58 ?68 ?75 ?77 ?90 794 Dividends • 496 552 613 674 743 178 183 190 192 196 200 203 c Corrected. Bell System Consolidated (including the 20 operating subsidiaries and 1 Includes 17 companies in groups not shown separately. the Long Lines and General departments of American Telephone and 2 Includes 27 companies in groups not shown separately. Telegraph Company) and for two affiliated telephone companies, which NOTE.—Manufacturing corporations. Data are obtained primarily together represent about 85 per cent of all telephone operations. Divifrom published company reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric Power. Figures are for Class A and B electric utilities (which series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 account for about 95 per cent of all electric power operations) and are (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public obtained from reports of the Federal Power Commission, except that utilities); and p. 908 of the BULLETIN for September 1944 (electric power). quarterly figures on operating revenue and profits before taxes are partly For back data for manufacturing, see pp. 792-93 of the BULLETIN for estimated by the Federal Reserve to include affiliated nonelectric opera- July 1959; back data for other series are available from the Division of tions. Research and Statistics. Telephone. Revenues and profits are for telephone operations of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 SECURITY ISSUES NEW SECURITY ISSUES1 [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 is e s t u p e r r o s c 6 eeds Noncorporate Corporate New capital Year or Remonth State Bonds m tir e e n - t Total G U o . v S t . . 3 a F e c g e r y e a d n 4 l - - n m a p i n c a u d i l - - Others Total Total o P f l f i u e c b r ly e - d p v l P a a t r c e i e l - y d 'f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey7 O p p o t u h s r e e - s r s ri e o t c i f e u s - 1952 27 209 12 577 459 4,401 237 9,534 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 6,780 709 1,875 1955 26,772 9 628 746 5,977 182 10,240 1,4?0 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 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 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 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—Nov . . 1 722 332 458 41 891 396 261 61 173 871 864 803 61 7 Dec 1,942 380 86 476 75 926 747 277 470 45 134 907 900 844 56 I960—Jan 1,958 420 182 696 11 649 524 323 201 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 46 173 875 860 803 57 15 Apr 4,579 2,860 148 717 43 811 584 347 237 31 196 789 766 681 86 23 May 1,951 368 354 556 78 595 404 185 219 38 153 577 567 519 48 11 June 2,493 350 978 49 1,115 859 540 319 26 229 1,085 1,034 985 50 51 July 1,626 353 475 28 770 648 415 234 21 101 753 727 652 75 26 Aug 3,177 1 371 199 607 13 987 816 600 216 34 137 968 962 919 43 6 Sept 1,822 338 682 40 761 612 329 283 57 92 746 738 692 46 Oct .. 1,893 345 160 343 38 1,008 878 621 258 25 104 989 965 891 74 24 Nov 1,966 326 149 496 4 991 860 518 342 16 115 971 927 805 122 44 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Publicutility Communication a R nd e al f in e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- C£ipital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1952 .. 3 713 261 512 24 758 225 ?,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 ,905 67 871 3 1,536 24 1954 . 2,044 190 831 93 501 270 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 2,474 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 ,189 i 15 707 (9) 1 801 6 1959 Nov 114 50 2 17 241 5 262 180 (') Dec 164 3 61 1 60 346 72 198 1960 Jan 68 5 64 1 57 1 155 36 196 51 Feb 64 4 101 2 21 (9) 245 2 81 203 (9) Miar 185 1 122 5 71 1 198 69 1 215 6 Apr 171 2 46 1 56 (9) 302 18 52 139 2 May. 93 3 69 6 80 (9) 144 (9) 37 1 June 252 2 49 1 33 i 35 362 64 275 9 July 183 1 39 9 •8 127 15 57 274 2 Aug 224 50 9? 222 j (9) 161 2 4 Sept 163 3 47 1 1 302 89 84 3 Oct . 242 8 73 n ! (9) 182 10 253 202 4 Nov 265 40 68 2 38 ; 316 26 214 2 1 Estimates of new issues maturing in more than one year sold for cash tion and Development, and domestic eleemosynary and other nonprofit in the United States. organizations. 2 Gross proceeds are derived by multiplying principal amounts or num- 6 Estimated net proceeds are equal to estimated gross proceeds leas cost ber of units by offering price. of flotation, i.e., compensation to underwriters, agents, etc, and expenses. 3 Includes guaranteed issues. 7 Represents proceeds for plant and equipment and working capital. 4 Issues not guaranteed. 8 Represents all issues other than those for retirement of securities. 5 Represents foreign governments, International Bank for Reconstruc- 9 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY ISSUES; FEDERAL FINANCE 197 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) Issuesfor newcapital Type of issue Type of issuer 2 lUse of proceeds 2 Total Period Special amount Total G g o a e b a t n i l l o e i- n r- R n e u v e e- A P H u u i i o t t n b y h u g l o 3 i s c - r- F l G o e a o a d n l v e s t r * . - State d a s i u t t a s o i a t n t t h r t r y d y u i o c - r t - Others d er e e li d v 6 - Total c E a d ti u o - n R br a o i n d a d g d e s s W s o u e a t t t a i w n h i e t l d e s e e i- r r r , h R d i t o n e e i g u a n s l s i " - - - I V a a e n i t d e s' r- p O p o u t s h r e e - s r 1952 4,410 2,633 1,463 305 9 718 1,305 2,387 n.a. 4,096 969 938 642 424 100 1,024 1953 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1,119 1954. 6,969 3,380 S,205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 ,m 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 ,414 1956 5 446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 [ 464 1957 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 .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 2J397 333 384 1,609 2,094 4,177 7,415 7,773 2,238 834 1,961 701 355 1959—Nov 517 371 73 73 106 59 351 603 513 153 37 106 126 91 Dec .... 455 380 59 15 125 75 255 431 453 252 16 57 4 126 I960—Jan 741 449 245 47 176 157 409 480 736 219 31 107 39 50 290 Feb 631 364 152 103 12 7 272 352 632 623 181 77 105 108 151 Mar.... 578 467 84 27 154 89 335 639 575 217 79 56 18 50 155 Apr 734 448 248 20 18 57 247 430 545 729 312 136 113 27 141 May.... 555 293 111 133 17 65 52 437 729 551 140 15 120 144 131 June.... 1,031 547 421 63 232 342 457 544 1,030 297 58 184 54 51 386 July 572 338 134 1 99 18 128 426 932 571 148 68 123 95 137 Aug.... 601 347 243 11 73 307 221 495 599 163 231 106 7 92 Sept.. . . 689 494 121 49 25 167 136 r385 612 689 196 175 96 65 50 106 Oct r344 r268 r70 6 4 r71 r268 r583 r339 r172 7 r65 2 92 Nov 507 340 142 25 101 67 339 409 502 176 80 96 12 137 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, JANUARY 31, 19611 [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 bills i Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Feb. 2, 1961 ,401 July 6,1961 500 Feb. 15, 1963 2% 3,971 Dec. 15, 1964-69... 2% 2,560 Feb. 9, 1961 ,600 July 13, 1961 500 Apr. 1,1963 IVi 533 Feb. 15, 1965 2% 6,896 Feb. 16, 1961... ,602 July 15, 1961 1,501 May 15, 1963 4 1,743 Mar. 15, 1965-70... 2% 4,687 Feb. 23, 1961 ,603 July 20, 1961 400 Oct. 1,1963 1 Vi 506 May 15, 1966 3*A 1,213 Mar. 2, 1961 ,506 July 27, 1961 500 Nov. 15, 1963 4% 3,011 Aug. 15, 1966 3 1,484 Mar. 9,1961 ,601 Oct. 16, 1961 1,502 Apr. 1,1964 n/i 457 Mar. 15, 1966-71.. .2% 2,932 Mar. 16, 1961 ,599 Jan. 15, 1962 1.502 May 15, 1964 4% 4,933 June 15, 1967-72... 2% 1,789 Mar. 22, 1961* ,512 May 15, 1964 3% 3,893 Sept. 15, 1967-72... 2Vi 2,716 Mar. 23, 1961 ,602 Certificates Aug. 15, 1964 5 2,316 Dec. 15, 1967-72... 2% 3,593 Mar. 30, 1961 ,501 Feb. 15, 1961 4Ji 6,938 Oct. 1,1964 1% 490 May 15, 1968 3% 1,390 Apr. 6, 1961 ,501 May 15, 1961 4% 3,674 Nov. 15, 1964 4K 4,195 Oct. 1,1969 4 1,424 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 5 5 0 0 0 1 1 2 Tre A a u s g u . r y 1 n , o t 1 e 9 s 61 7>y% 7,829 A M O p c a t r y . . 1 1 1 5 , , , 1 1 1 9 9 9 6 6 6 5 5 5 4 1 1 * % % /% 2,1 4 1 1 6 5 3 6 9 J N M u o n a v y e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 7 7 7 4 5 8 - - 8 8 5 3 . . . . . A 3 3 V % 1 A 4 1, 4 5 6 9 7 5 9 0 4 Apr. 27, 1961... ,501 Apr. 1,1961 1% 144 Feb. 15, 1980 4 884 May 4,1961 400 May 15, 1961 3% 4,078 Treasury bonds Nov. 15, 1980 3i/i 643 May 11, 1961 400 Aug. 1,1961 4 2,136 June 15, 1959-62... 214 5,262 May 15, 1985 3VA 1,134 May 18, 1961 500 Oct. 1,1961 1% 332 Dec. 15, 1959-62... 2% 3,449 Feb. 15, 1990 3Vi 2,719 May 25, 1961.... 502 Feb. 15, 1962 314 9,098 Dec. 15, 1960-65 3.. 2% 1,485 Feb. 15, 1995 3 2.712 June 1,1961 500 Feb. 15, 1962 3% 647 Sept. 15, 1961 23^ 2,239 Nov. 15, 1998 31/2 2,343 June 8,1961 500 Feb. 15, 1962 4 1,435 Nov. 15, 1961 2i/i 6,963 June 15,1961 501 Apr. 1,1962 1% 551 June 15, 1962-67... 2Vi 1,465 Panama Canal Loan .... 3 50 June 22, 1961*. 3,504 May 15, 1962 4 2,211 Aug. 15, 1963 2^ 6,755 June 23, 1961.... 500 Aug. 15, 1962 4 158 Dec. 15, 1963-68... 2% 1.820 Convertible bonds June 29, 1961 501 Oct. 1,1962 1% 590 Feb. 15, 1964 3 3^854 Investment Series B Nov. 15, 1962 334 1,143 June 15, 1964-69... 21/2 2,641 Apr. 1, 1975-80... 2 34 5,647 • Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 190. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable Total E m n o d n t o h f d T g e r o o b t s t a * s l d d g i e r r o b e s t c s 2 t Total Bonds C v ib e o r l n e t- - Sav- Tax S i p ss e u c e ia s l Total Bills C c e a r t ti e f s i- Notes B el a ig n i k - B r a e n - k bonds Totals b i o n n g d s s s in a g v s ble 4 stricted notes 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 257.0 256.9 225.2 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278 8 233.2 157.8 19.5 28 5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955 Dec . . 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 C6) 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 AUK 288.8 288.7 240.4 186.3 36.4 25.5 42.0 82.3 6.2 48.0 47.3 45.2 Sept 288.6 288.4 240.4 186.4 36.5 25 5 42.1 82.3 6.1 47.9 47.3 45.0 Oct 290.6 290.5 243.1 189.4 39.5 25.5 42.1 82.3 5.8 48.0 47.4 44.3 Nov .... 290.6 290.4 242.6 188.8 39.5 18.4 51.2 79.7 5.7 48.0 47.4 44.6 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 1961—Jan 290.2 290.0 242.8 189.3 39.7 18.4 51.3 79.8 5.6 47.9 47.2 43.8 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $400 million on Jan. 31, 1961) and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, adjusted service bonds, and R.E.A. bonds, not shown sep- 3 Includes amounts held by Govt. agencies and trust funds, which arately. aggregated $10,721 million on Dec. 31, 1960. 6 Less than $50 million. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Held by Held by the public Total gross debt U. S. Govt. E m n o d n t o h f in ( s a i g e n n t i c c t e g e u l s u u e r ) i d a d - r - - Sp a t e r g c u e ia s n t l c i f e u s n P d a u s n b d i lic R F B e e a d s n e e r k r v a s e l Total m b C a e o n r m k ci s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n c v a d a t t e s l . Savi I n n g d s ividu O al t s her i M t n o v i r s e s c s 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—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 22.9 288.9 42.8 10.4 25.6 210.2 57.0 6.8 12.1 24.1 18.0 45.7 23.2 23.3 M*ay 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 22.1 17.9 45.6 22.3 22.8 Aug 288.8 45.2 10.7 26.8 206.1 57.9 6.6 11.8 21.4 17.7 45.6 22.1 23.1 Sept 288.6 45.0 10.6 27.0 206.0 59.1 6.5 11.8 20.3 17.4 45.6 22.3 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 Nov 290.6 44.6 10.8 27.5 207.7 61.8 6.3 11.8 20.6 17.2 45.6 21.8 22.6 * Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign * Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $85 million on Dec. 31, 1959. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 199 OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk d le s e t 2 - v b C e o r o t n i n b d - s le 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 1960—June 30 190,151 33,415 17,650 51,483 81,297 6,306 183,845 68,982 72,844 2t,731 20,288 Oct. 31 195,138 39,454 25,479 42,103 82,323 5,779 189,358 77,718 68,595 18,818 24,228 Nov. 30 194,584 39,454 18.442 51,226 79,718 5.744 188.840 73.839 70.755 20,029 24.217 U. S. Govt. agencies and trust funds: 1957—June 30 8,554 130 416 1,282 3,664 3,063 5,491 1,138 1,210 295 2,848 1958—June 30 9,477 173 599 1,169 4,703 2,833 6,644 899 1,565 913 3,267 1959—June 30 9,681 86 537 ,389 4,988 2,680 7,001 930 1,679 1,448 2,944 Dec. 31 9,982 260 363 ,700 5,071 2,587 7,394 1,037 1,909 1,882 2,567 1960—June 30.... 10,246 371 459 ,810 5,136 2,470 7,776 1,070 2,683 2,062 1,961 Oct. 31 10,558 679 550 ,702 5,199 2,427 8,131 1,652 2,402 1,498 2,579 Nov. 30 10.635 680 469 .812 5,258 2,417 8.218 1 .585 2,459 1,583 2,590 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 2i879 2,484 26,044 20,687 3,887 410 1,060 Dec. 31 26,648 2,626 10,508 11,016 2,498 26,648 18,654 6,524 677 793 I960—June 30 26,523 2,513 8,508 13,011 2,491 26,523 19,385 5,689 1,179 271 Oct. 31 27,402 3,212 14,059 7,517 2,613 27,402 20,236 5,716 1,179 271 Nov. 30 27,488 3.172 9,173 12.537 2.606 27,488 15.344 10,694 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_juno 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 Oct. 31 53,604 7,080 2,672 15,094 28,665 92 53,513 13,229 31,637 6,259 2,388 Nov. 30 53,473 6.455 2,326 16.796 27,805 91 53,382 13,956 30.124 6,940 2.362 Mutual savings banks: 1957—June 30 7,397 163 114 367 5,655 1,098 6,299 576 ,082 601 4,040 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 ,106 675 4,094 1959-June 30 7,079 175 209 684 5,228 783 6,296 480 ,360 1,700 2,756 Dec. 31 6,773 191 158 4,892 644 6,129 486 ,401 2,254 1,987 1960—June 30 6,489 209 166 1,199 4,607 309 6,181 463 ,720 2,662 1,336 Oct. 31 6,290 168 197 1,154 4,518 253 6,037 501 ,612 1,830 2,094 Nov. 30 6,220 152 128 1,192 4.500 248 5,972 472 .556 1,863 2,082 Insurance companies: 1957—June 30 10,936 326 136 648 7,277 2,549 8,387 955 ,775 1,022 4,634 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 ,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 Oct. 31 10,469 276 185 1,290 7,301 ,417 9,053 794 2,669 2,173 3,418 Nov. 30 10.467 291 154 1,381 7,226 ,415 9,052 909 2.517 2,162 3,463 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 Oct. 31 10,823 5,041 1,813 1,122 2,842 10,818 7,936 2,717 89 76 Nov. 30 11.631 6,100 1,500 1.797 2.229 11,626 9,078 2,358 116 74 Savings and loan associations 3 I960—June 30 2,480 178 495 1,675 2,418 297 947 472 703 Oct. 31 2,480 158 493 1,698 2,419 302 890 441 786 Nov. 30 2,496 160 506 1.713 2,435 319 851 459 806 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 Oct. 31 73,511 22,838 5,934 13,731 29,484 1,524 71,987 33,067 20,953 5,350 12,616 Nov. 30 72,173 22.446 4.636 15.205 28,381 1,506 70,667 32,176 20,196 5,728 12,569 1 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 6,322 commercial banks, 513 mutual savings banks, 2 Includes minor amounts of Panama Canal and postal savings bonds. and 836 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 497 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

200 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. ( —) of borrowing Excess of rects. Period from In- Less: Equals: e B c u N e d i e p g t t e s t re T P f c u r l e n u u i d p s s : t ts ic I G t L r n ti e a o t o s n r v n s a s t : s - . - 2 E p T r f u q e r t o b u o h c t l a m t e a i s l c l . s 3 : B p tu e u e r n d x e d g - s i e 1 - t p T P t f e u u e r l n r x n u u e d - d s 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 t a l h t a i s l e l c s . : t p p o u a t o h b y ( r e l t - i s ) c . , & c ( c o d r d r r e a e i 2 r a g d a b e s s e e c t e e n - t , .) a t i r G g n . N e v o f n . e u v . b t n t & . y ds O d n c e a t o h b s n e h t - s r b r i o e n c ( N r p g a ) r a s e o y o h t w t r . - Cal. year—1958 68,694 16,797 3,710 81,728 75,782 17,856 4,622 89,014 -7,287 7,533 -717 487 7,762 1959 72,738 18,830 3,966 87,552 79,777 20,244 4,466 95,560 -8,006 10,112 -543 2,081 8,580 I960*. . 79,517 22,732 3,910 98,286 77,565 22,242 5,114 94,693 3,594 -548 1,625 491 -2,670 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 4,434 95,078 76,539 22,158 4,396 94,301 111 3,371 953 597 1,821 Semiannually: 1959—Jan.-June. 39,163 9,449 1,819 46,768 40,586 9,676 3,001 47,265 -495 2,783 313 1,507 965 July-Dec.. 33,575 9,381 2,147 40,784 39,191 10,568 1,465 48,295 -7,511 7,329 -856 574 7,615 I960—Jan.-June. 44,188 12,420 2,287 54,294 37,348 11,590 2,931 46,006 8,288 -3,958 1,809 23 -5,794 July-Dec. * 35,329 10,312 1,623 43,992 40,217 10,652 2,183 48,687 -4,694 3,410 -184 468 3,124 Monthly: 1959—Dec 7,339 1,474 646 8,163 6,601 1,748 554 7,795 368 259 -84 111 233 I960—Jan 4,867 828 229 5,462 6,157 1,974 1,363 6,768 -1,306 229 -472 147 554 Feb 7,237 2,329 331 9,230 6,142 1,613 -319 8,074 1,156 -686 32 26 -744 Mar 9,580 1,708 198 11,084 6,423 1,868 1,192 7,100 3,984 -3,632 507 -100 -4,039 Apr 5,064 1,490 180 6,369 6,032 2,067 280 7,819 -1,450 1,949 -498 12 2,435 May 6,550 3,301 161 9,685 6,073 1,780 -161 8,014 1,671 898 1,220 53 -375 June 10,891 2,764 1,187 12,465 6,521 2,288 576 8,232 4,232 -2,715 1,022 -114 -3,624 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 2,362 254 8,403 6,773 1,771 -129 8,674 -271 -62 339 154 -555 7,643 1,400 457 8,586 6,847 1,815 678 7,984 602 -161 -254 77 16 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a . s , h o r b a d l e a c n . c ( e — s: ) Accou S n ta t t e o s f ( T e r n e d a s o u f r e p r e r o i f o d U ) nited Period Trust Net Net Increase, Deposits in: Net fund market inv. (-) or s B d u u e r o p f d i r l g c u i e t s t , a l c d a c e t o u f i i o r m c n i u t , - t c o R i l c e T i a a c r s t o e i h o n a n s - . is a ( G s g + u e o ) a n v o n c t f c y . e i s a n G e g c e o F . n v e b c t d y . y . d < e d g - c i r ) r r o , e e s c a m s s t e T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance B ( F a a . v n a R k il . s - T T a u r x e r a y a s n - d O as n t s h e e t e ts r o ti b o li n g s a 6 - & fu n t d ru s s 6 t p d u e b b li t c fu a n b d le s) A L c o c a t n s. 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 1960.. 1,224 -359 -149 1,023 -714 1,625 -4 2,654 8,005 504 6,458 1,043 Semiannually: 1959—Jan.-June.. -1,423 -225 203 192 -32 1,784 108 389 5,350 535 3,744 1,071 July-Dec.., -5,617 -1,187 -437 366 911 6,092 -105 233 5,583 504 4,216 863 I960—Jan.-June.. 6,841 828 288 657 -1,625 -4,467 101 2,421 8,005 504 6,458 1,043 July-Dec.. -4,888 -343 54 -492 275 3,886 52 -1,593 6,411 485 5,165 761 Monthly: 1959—Dec 738 -274 -158 102 -12 209 -10 615 5,583 504 4,216 863 I960—Jan -1,290 -1,146 634 3 764 287 -26 -722 4,862 567 3,246 1,049 Feb 1,095 716 -838 105 -160 -501 -33 450 5,311 453 3,843 1,015 Mar 3,157 -160 994 104 -386 -3,757 75 -122 5,189 549 3,738 902 Apr -968 -577 134 143 296 1,961 -115 1,105 6,294 619 4,490 1,185 May 476 1,521 -332 153 -1,097 579 83 1,217 7,511 462 6,180 869 June 4,370 473 -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 88 -310 -73 20 -841 5,831 512 4,517 802 Dec 796 -416 244 46 148 -197 42 580 6,411 485 5,165 761 n.a. Not available. p Preliminary. 2 Consists primarily of interest payments by Treasury to trust accounts * 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 year 1958 are not yet tirement funds. revised. For more details see Treasury Bulletin for Sept. 1960, pp. 3 Small adjustments to arrive at this total are not shown separately. II and 1. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 201 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 ei u N p r d e t e - s g t * e t .3 O ag ld e T - ran H s w f i e g a r y h s - to R : r . e - R. fu R r o n e e f - d - s B c T u e r o i d e p t - g a t e s l t W I i n th d - ividual C ra o t r i p o o n - t c a E i x x s e e - s t p m a E l x o e m e n y s - t - 8 O ce r t i e h p - e ts r Liquor b T ac o- co a t M a n i d l f e r r r s e s . - ' ' f t u r n u d st ? t f r u u n s d t m tir e e n - t ceipts held Other acct. Fiscal year—1957 70,562 6,634 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958 68,550 7,733 2,116 575 4,433 83,974 27,041 11.528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 1959 67,915 8,004 2,171 525 4,933 83,904 29,001 11,733 18,092 10,760 8,854 5,464 3,002 1,807 4,315 1960 77,763 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: 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 July-Dec 35,329 4,762 1,576 297 794 43,069 16,615 3,186 8,838 6,238 5,063 3,129 n.a. n.a. Monthly: 1959—Dec 7,339 476 233 8,350 2,371 362 3,180 1,031 527 879 258 152 I960—Jan 4,867 298 218 \6 -16 5,425 860 2,144 564 794 341 722 j 186 138 Feb 7,237 1,243 264 84 432 9,289 4,835 884 483 954 1,611 522 I 214 151 1,320 Mar 9,580 1,078 191 50 1,317 12,217 2,541 791 6,192 1,044 1,149 500 258 152 Apr 5,064 839 202 17 1,336 7,468 770 3,520 619 945 858 755 248 157 May 6,550 1,834 249 82 1,005 9,725 4,744 1,039 467 1,061 1,918 496 282 166 1,386 June 10,891 1,104 238 50 252 12,804 2,273 1,852 5,530 1,118 1.155 876 303 183 July 3.128 365 257 17 167 3,976 1,055 346 670 995 383 527 238 151 Aug 6; 454 1,524 296 83 203 8,590 4,849 147 409 1,121 1,608 456 272 179 1,448 Sept 8.981 739 262 52 161 10,211 2,527 1,959 3,492 1,024 792 417 277 177 Oct 2,823 373 253 15 173 3,641 1,066 230 481 1,021 389 454 321 158 Nov 6,300 1,214 268 81 29 7,900 4,527 121 455 1,069 1,295 433 319 178 Dec 7,643 547 240 49 61 8,751 2,591 383 3,331 1,008 596 842 n.a. n.a. Budget expenditures9 Major national security Agri- Vet- culture Period Totali.3 Total i M de i f l e it n a s r e y M a a s il n s i i c t s a e t r - y A en t e o r m gy ic f a i I n f a n f a n a t n d i l r c . s e In e t s e t r- ic e b s e r e e f s a i r n t n v a s e s n - - ' d w L a a e n b lf d o ar r e t a c a u r g u n e r r l - d a - i- l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g G m o e v r e e a e n n l r - t nsources Fiscal year—1957 68,966 43,270 38,439 2,352 1,990 1,973 308 4,793 3,022 4,525 1,297 1,455 1,790 1958 71,369 44,142 39,062 2,187 2,268 2,231 689 5,026 3,447 4,389 1,544 2,109 1,359 1959 80,342 46,426 41,233 2,340 2,541 3,780 671 5,174 4,421 6,529 1,669 3,421 1,606 1960 76,539 45,627 41,215 1,609 2,623 1,833 9,266 5,060 4,419 4,838 1.713 2,782 1,695 Semiannually: 1958—July-Dec 39,756 23,246 20,619 1,145 1,269 1,206 3,686 2,580 2,158 3,922 896 1,438 765 1959—Jan.-June 40,586 23,180 20,614 1,195 1,272 2,574 3,985 2,594 2,263 2,607 773 1,983 841 July-Dec 39,191 23,119 20,975 715 1,290 650 4,494 2,493 2,086 2,961 941 1 950 833 I960—Jan.-June 37,348 22,508 20,240 894 1,333 1,183 4,772 2,567 2,333 1,877 772 832 Monthly: 1959—Nov 6,590 3,643 3,275 148 212 173 747 424 317 495 165 467 130 Dec 6,601 4,231 3,856 125 237 123 813 430 318 536 134 125 149 1960—Jan 6,157 3.523 3,160 136 210 157 831 419 393 470 105 195 127 Feb 6,142 3,684 3,371 103 210 169 788 420 362 322 119 161 127 Mar 6,423 3,976 3.570 171 223 140 792 457 340 289 120 148 156 Apr 6,032 3,669 3,306 136 222 163 777 421 412 304 104 37 158 May 6,073 3,669 3,331 110 224 196 777 422 390 229 131 149 108 June 6,521 3,987 3,502 238 244 358 807 428 436 263 193 142 186 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 Nov 6,773 3,884 3,537 114 228 301 740 436 378 476 193 236 140 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 For more details see the Treasury Bulletin, Budget Receipts and Fund and the Treasury, (5) reconciliation items to Treasury cash, and Expenditures, Table 6 and the 1962 Budget Document, Special Analysis C. (6) net operating transactions of Govt. sponsored enterprises. 10 Includes stockpiling and defense production expansion not shown 5 Primarily adjustments 2, 3, and 4, described in note 4. separately. 6 Excludes net transactions of Govt. sponsored enterprises, which are For other notes, see opposite page. included in the corresponding columns above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 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[ 1960 1953 1954 1955 1956 1957 1958 1 I 2 Loans, by purpose and agency: To aid agriculture, total 6,811 6,929 6, 715'6,752 6,681 8,672 8,490 7,636 7,762 8,178 2,797 Banks for cooperatives 377 367 375" 457 454 511 526 576 623 609 553 Federal intermediate credit banks 2 590 638 689 734 935 1,169 1,547 1,562 1,396 1,499 1,698 Farmers Home Administration 648 701 681 724 832 819 963 972 916 1,001 1,013 Rural Electrification Administration. 2,096 2,226 2,348 2,488 2,688 2,874 2,973 3,029 3,083 3,140 3,186 Commodity Credit Corporation 3,076 2,981 2,621 2,349 1,778 3,298 2,480 1,498 1,745 1,929 1,347 Other agencies. 23 18 1 (3) () (3) (3) (3) (3) (3) (3) To aid home owners, total 2,930 2,907 3,205 3,680 4,769 4,860 5,873 6,352 6,735 6,998 7,564 Federal National Mortgage Association. 2,462 2,461 2,641 3,072 3,998 3.924 4,815 5,238 5,568 5,759 6,017 Veterans Administration 300 383 480 464 770 936 1,056 1,113 1,167 1,238 1,370 Other agencies 168 63 84 145 1 1 1 1 1 1 176 To industry, total. 588 431 678 619 674 680 717 726 733 739 754 Treasury Department... 174 353 306 209 251 216 201 197 185 184 182 C O o th m e m r a e g rc e e n c D ie e s partment. > 413 79 r 1 2 1 6 1 i 2 2 1 1 9 9 1 2 2 1 0 7 6 2 1 7 8 8 7 3 1 4 7 2 4 3 1 5 7 8 0 3 1 8 6 2 6 3 1 9 5 7 8 4 1 1 5 7 5 To financing institutions 952 870 1,419 1,233 \ 1,270 1,298 1,539 1,797 2,136 1,522 1,802 To aid States, territories, etc., total 645 272 245 246 264 293 293 308 319 316 311 Public Housing Administration 500 112 90 106 105 106 89 91 87 91 92 Other agencies. 145 160 155 140 159 187 204 217 231 225 219 Foreign, total 8,043 8,001 7,988 8,223 8.754 9,510 9,904 10,084 9,840 9,972 10,164 Export-Import Bank 2,833 2,806 2,702 2,701 3,040 3,362 3,504 3,513 3,235 3,239 3,261 Treasury Department4 3,620 3,570 3,519 3,470 3,470 3,419 3,425 3,425 3,373 3,373 3,373 International Cooperation Administration. 1,537 1,624 1,767 1.995 2,195 2,682 2,874 2,998 3,043 3,115 3,244 Other agencies 53 1 57 49 46 101 147 189 244 286 All other purposes, total 119 166 256 213 344 548 627 686 752 782 912 Housing and Home Finance Agency 29 127 209 156 283 458 563 623 691 722 765 Other agencies 90 39 47 57 62 64 63 62 60 146 Less: Reserves for losses -203 -228 -268 -309 -367 -368 -654 -451 -413 -418 -544 Total loans receivable (net) 19,883 19,348 20,238 20,657 22,395 25,493 26,788 27,138 27,865 28,090 28,760 Investments: U. S. Government securities, total 2,602 2,967 3,236 3.739 3,804 4,198 4,442 4,478 4,670 4,998 4.874 Federal home loan banks 387 641 745 1,018 896 995 1,064 1,046 1,092 1,282 1,165 Federal Savings and Loan Insurance Corp 217 228 241 256 274 288 310 320 332 345 328 Federal Housing Administration 319 327 381 458 471 567 590 622 649 667 653 Federal Deposit Insurance Corporation 1,526 1,624 1,720 1,825 1,937 2,049 2,154 2,162 2,178 2,270 2,289 Other agencies 152 147 149 181 226 300 324 329 419 435 440 Investment in international institutions 3,385 3,385 3,385 3,420 3,420 3,420 4,795 4,795 4,795 4,796 4,875 Other securities 5 219 197 179 249 298 283 331 335 323 337 338 Inventories, total 2,515 3,852 4,356 21,375 21,628 20,810 20,821 21,879 21,476 21,294 20,832 Commodity Credit Corporation 2,087 3,302 3,747 3,631 3,025 3,036 3,614 4,527 4,493 4,257 4,228 Defense Department 11,004 11.136 9,681 8,751 8,823 8,422 8,425 7,971 O G t e h n e e r r a a l g e S n e c rv ie i s ces Administration \ 428 550 609 / \ 6, 2 5 0 1 1 7 7 ,' 1 2 8 8 5 2 7,9 1 1 7 9 4 8,2 1 7 7 8 8 8,3 1 4 83 7 8,3 1 7 9 0 4 8,4 1 2 93 0 8,4 1 4 8 7 6 Land, structures, and equipment, total 8,062 8,046 7,822 9,985 9,962 10,670 8,869 8,938 9,124 9,156 9,023 Commerce Dept. (primarily maritime activities). . 4,834 4,798 4,822 4,502 4,535 4,721 2,856 2,899 2,880 2,928 2,736 Panama Canal Company 363 421 421 398 3~~9~8 ' 396 409 408 411 411 418 Tennessee Valley Authority 1,475 1.739 1,829 1,762 1,801 1,777 1,878 1,907 1,924 1,911 1,930 Housing and Home Finance Agency 1,040 728 450 236 88 25 9 9 9 9 9 Nat. Aeronautics and Space Administration 276 283 285 304 305 310 313 368 Bonneville Power Administration 311 342 372 357 354 352 349 355 General Services Administration 1.298 1,308 1,322 1,241 1,234 1,221 1,261 1,312 Post Office Department 590 599 637 640 640 640 640 492 Other agsncies 350 360 300 613 608 1,134 1,175 1,181 1,376 1,333 1,402 Bonds, notes, & debentures payable (not guar.), total. 1,182 1,068 2,379 2,711 4,662 4,038 4,882 5,582 5,974 5,767 6,308 Banks for cooperatives 150 156 185 257 247 303 314 360 404 396 342 Federal intermediate credit banks 619 640 665 721 902 1,124 1,488 1,532 1,359 1,440 1,628 Federal home loan banks 414 272 958 963 825 714 992 1,402 1,774 1,293 1,255 Federal National Mortgage Association 570 770 2.688 1,898 2,087 2,287 2,437 2,638 3,082 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, and through 1952 are based in part on information not shown in Treasury compilation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 203 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All]properties Nonfarm Farm E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s o a a t l i n n - - s S F e a e l g e d e c e h n t r O e - o a d l t l d h e e v r r I i s a d n n u d d a i- ls h A o er l l s d l - T 1 o - t < t i o l 4- F f i a i n c m n i s a a t il l i n y - - ho O h u o t s h l e d e s - r c T o o m t M a m l u e l r t c i F i f i a a i n c n l m i s a a t p i l i n l - r y - o p a e n O h r d o t t i h l e d e s - r 1 h A o er l l s d l - t F u i i n c t n i i s o a a t l i n n - s - ho O ld th e> e r r s cies others tutions ers tutions ers 1941 37.6 20.7 4.7 12 2 31.2 18.4 11.2 7 2 12 9 8 1 4.8 6.4 1.5 4.9 1945 35.5 21.0 2 4 12 1 30.8 18.6 12.2 6 4 12 2 7 4 4.7 4.8 1.3 3.4 1951 82.3 59.5 3 4 19 4 75.6 51.7 41 1 10.7 23 9 15.9 8.0 6.7 2.6 4.1 1952 91.4 66.9 4 0 20 6 84.2 58 5 46 8 11 7 25 7 17.2 8.4 7.3 2.8 4.4 1953 101.3 75. 1 4 4 21 8 93 6 66 1 53 6 12 5 27 5 18.5 9.0 7.8 3.0 4.8 1954 113.7 85.7 4 6 23 4 105 4 75 7 62 5 13 2 29 7 19.9 9.8 8.3 3.3 5.0 1955 129 9 99.3 5 2 25 4 120 9 88 2 73 8 14 4 32.6 21.8 10.8 9.1 3.6 5.4 1956 144 5 111.2 6 0 27 3 134 6 99 0 83 4 15 6 35 6 23.9 11.7 9.9 3.9 6.0 1957 156 6 119.7 7 5 29 4 146 107 6 89 9 17 7 38 5 25.8 12.7 10.5 4.0 6.5 1958 171 9 131.5 7 8 32 7 160 7 117 7 98 5 19 2 43 0 28.8 14.2 11.3 4.2 7.1 1959» 191 1 145.4 10 0 35 6 178 8 130 8 109 1 21 7 47.9 31.8 16.1 12.3 4.5 7.8 1959—Mar.?. 175 9 134.2 8 4 33 4 164 4 120 5 100 6 19 9 43 9 29.3 14.6 11.5 4.3 7.3 June*5.. 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 1960—Mar.P. 194 4 147 9 10.3 36 2 181 9 133 2 111 1 22 1 48.7 32.3 16.3 12.5 4.5 8.0 June*\. 198 5 151 2 10.6 36 7 185 7 136 1 113 6 22 5 49.7 33.0 16.7 12.8 4.6 8.2 Sept.*3. 202 8 154 6 11.0 37 3 189 8 139 1 116 2 22 9 50.7 33.7 17.0 13.0 4.7 8.3 v Preliminary. Administration, and Federal land banks, and in earlier years RFC, 1 Derived figures, which include negligible amount of farm loans held HOLC, and Federal Farm Mortgage Corporation. Other Federal by savings and loan associations. agencies (amounts small or separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home NOTE.—Figures for first three quarters of each year are Federal Reserve Loan Bank Board, Institute of Life Insurance, Departments of Agriestimates. Financial institutions represent commercial banks (including culture and Commerce, Federal National Mortgage Association, Federal nondeposit trust companies but not trust departments), mutual savings Housing Administration, Public Housing Administration, Veterans banks, life insurance companies, and savings and loan associations. Administration, Comptroller of the Currency, and Federal Reserve. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ye o n n - - n fa o r n m - Farm sured anteed tional sured tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1951 14,732 11,270 3.421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3.912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 3,902 8,300 4,379 1,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23.337 17,147 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 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 ,505423,638 21,257 5,684 8,435 7,138 2,328 53 June 27;060 19.615 5,885 3,230 10,500 5,875 ,570 24,110 21,676 5,915 8,510 7,251 2,380 54 Sept 27,635 20,040 6,045 3,175 10,820 6,010 ,585 24,600 22,126 6,095 8,580 7,451 2,420 54 Dec 28.145 20.320 6,122 3,161 11,037 6,237 ,588 24,992 22,486 6,275 8,589 7,622 2,451 55 I960—Mar.? 28,235 20,300 6,045 3,120 11,135 6,345 ,590 25,410 22,879 6,420 8,731 7,728 2,477 54 June** 28,470 20,340 5,980 3,030 11,330 6,485 ,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 ,650 26,425 23,827 6,750 9,060 8,017 2,545 53 p Prelimiary. 4 On Jan. 1, 1959, holdings of commercial banks increased by $143 1 Represents all banks in the United States and possessions. million, and those of mutual savings banks declined by that amount, 2 Includes loans held by nondeposit trust companies, but excludes as a result of the absorption of a mutual savings bank by a commercial holdings of trust departments of commercial banks. March and Septem- bank. ber figures are Federal Reserve estimates based on data from Member 5 Data reflect a $40 million reclassification by one bank from commer- Bank Call Report and from weekly reporting member banks. cial and industrial to real estate loans, reported August 24, 1960. 3 Figures for 1941 and 1945, except for the grand total, are estimates Source.—All-bank series prepared by Federal Deposit Insurance based on Federal Reserve preliminary tabulation of a revised series of Corporation from data supplied by Federal and State bank supervisory banking statistics. March and September figures are Federal Reserve agencies, Comptroller of the Currency, and Federal Reserve. estimates based in part on data from National Association of Mutual Savings Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 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 VA- Farm Total VA- Farm Total FHA- guar- Other Total FHA- guar- Other insured anteed insured anteed 1941. 6,442 5,529 815 4,714 913 1945. 976 6,636 5,860 1,394 4,466 776 1952. 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953. 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954. 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955. 6,623 6,108 971 1,839 298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956. 6,715 6,201 842 1,652 ;707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957. 5,230 4,823 653 831 ,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958. 5,277 4,839 1,301 195 ,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959. 5,975 5,479 1,535 199 ,745 496 39,197 36,370 8,273 7,086 21,011 2,827 1959_Nov.. 506 476 122 24 330 30 38,933 36,117 8,237 7,109 20,771 2,816 Dec. 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 NOTE.—Certain mortgage loans secured by land on which oil drilling end-of-year figures, because monthly figures represent book value of or extracting operations are in process are classified with farm through ledger assets whereas year-end figures represent annual statement asset June 1959 and with "other" nonfarm thereafter. These loans totaled values, and because data for year-end adjustments are more complete. $38 million on July 31, 1959. Source.—Institute of Life Insurance; end-of-year figures are from For loans acquired, the monthly figures may not add to annual totals, Life Insurance Fact Book, and end-of-month figures from the Tally of and for loans outstanding, the end-of-December figures may differ from Life Insurance Statistics. 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 By type of lender (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i o r e o u n w n c - - H c p h o u a m r s - e e Total2 F su H in r A e - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r t o h r Se a a a l d s 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 a s v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M i s u n a t g v u s - al justed i ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1913 1 HI 358 5 376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1954 5,969 3 076 3,846 26,108 ,170 4,709 20,229 1955 r 11.255 3 984 s 31,408 404 5 883 c?4 171 1953 .. 19,747 7,365 1,480 3,680 1,327 1956r 10,325 3 699 4 670 35,729 j 486 6 643 77 600 1954 22,974 8,312 1,768 4,239 1,501 1957r 10,160 3 484 4,591 40,007 ,643 7,011 31,353 1955 28,484 10,452 1,932 5,617 1,858 1958 r 12 182 4 050 s 45 627 7 706 7 077 36 344 1956 27,088 9,532 1,799 5,458 1,824 1959r 151 5 701 6 613 53,194 7,997 7,19? 43 005 1957 24,244 9,217 1,472 4,264 1,429 14,299 4 678 6,128 60,042 3,515 7,205 49,322 1958.. 27,388 10,516 1,460 5,204 1,640 1959 32,235 13,094 1,523 5,832 1,780 1959 1959 Dec r 1 072 371 455 53.194 7 997 7 19? 43.005 Nov . 2,589 2,442 953 137 409 152 1960 Dec 2,485 2,487 963 138 410 152 Jan r 868 7qi 377 53 510 3 043 7 196 43. 771 1960 Feb r 975 339 405 53,908 085 7 43,6?? Mar. r ,144 405 458 54,455 3,126 7,215 44 114 Jan 2,487 2.079 777 107 343 115 Apr r 151 404 461 55,020 3 165 7 714 44 641 Feb 2,430 2,149 859 103 342 104 Mayr. . . ,232 435 509 55,655 7 45 717 Mar 2,441 2,406 983 119 377 104 June r ,397 471 598 56,435 3,255 7,228 45,952 Apr 2,400 2,366 Q83 108 382 106 July r 268 408 569 57.050 ,304 7 733 46 513 May 2,446 2,500 ,051 114 402 120 Aug.r. . . . ,413 430 651 57,763 3,357 7,229 47 177 June 2,427 2,690 ,167 119 415 138 Sept.r ,316 402 591 58,406 3,398 7,225 47 783 July 2,493 2,528 ,048 116 378 145 Oct r 250 394 545 59,011 ,447 7 48 348 Aug 2,488 2,784 ,201 123 406 158 Nov.r . ,140 33? 508 59,512 487 7 214 48 811 Sept 2,464 2,598 ,097 111 381 145 ,145 367 456 60,042 3,515 7,205 49,322 Oct 2,451 2,525 053 106 372 146 Nov . 2.378 978 97 363 143 ^Corrected. »Preliminary. r Revised. 1 Three-month moving average, seasonally adjusted by Federal Re- 1 Includes loans for other purposes (for repair, additions and alterations, serve. refinancing, etc.) not shown separately. 2 Includes amounts for other lenders, not shown separately. 2 Beginning 1958 includes shares pledged against mortgage loans. 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 205 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 tect- im- End of Con- Total p N r e o w p- p is E r t o i x n p - g - g m t a y g o p e r e s t- i p l m o r a o e n v n s e t 2 - Total 3 p N ro ew p- p is E r t o i x n p - g - y q e u a a r r t o e r r Total ti v o e n n a - l erties erties erties erties FHA- VA- Total in- guarsured anteed 1945 665 257 217 20 171 192 1952 3,113 969 974 322 848 2,719 1,823 890 1945 18 6 4.3 4.1 .2 14.3 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1951 51 7 22.9 9.7 13.2 28.8 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1952 58.5 25.4 10.8 14.6 33.1 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1953 66.1 28.1 12.0 16.1 38.0 1957 3,715 880 1,371 595 869 3,761 2,890 863 1954 75.7 32.1 12.8 19.3 43.6 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1955 88.2 38.9 14.3 24.6 49.3 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1956 99 0 43.9 15.5 28.4 55.1 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1957 107.6 47.2 16.5 30.7 60.4 1958 117 7 50 1 19 7 30.4 67.6 1959—Dec. 540 233 218 11 78 241 177 64 \959P . . . . 130 8 53.8 23.8 30.0 77.0 I960—Jan... 514 221 196 19 78 195 148 47 1959—Mar.P. ... 120.5 51.3 20.9 30.4 69.2 Feb.. 464 198 170 28 68 170 133 36 Junep.... 124.3 52.1 21.8 30.3 72.2 Mar.. 463 193 168 35 67 173 137 36 Sept.P 128.0 53.1 22.9 30.2 74.9 A M p a r y . . . 4 4 5 3 6 3 1 15 7 5 2 1 1 6 6 7 3 4 2 5 2 7 8 6 8 1 1 5 5 3 5 1 12 2 3 4 2 3 9 1 Dec.P 130.8 53.8 23.8 30.0 77.0 June. 539 170 195 71 103 175 143 32 1960—Mar.P. ... 133.2 54.5 24.6 29.9 78.7 July.. 509 162 200 59 88 160 126 34 Junep.... 136.1 55.0 25.2 29.8 81.1 A Se u p g t . . . . 6 6 1 1 5 3 1 1 8 9 9 2 2 23 2 3 8 1 9 1 7 9 1 6 0 8 0 1 1 8 6 1 9 1 1 3 3 9 2 4 3 1 7 Sept.P 139.1 55.8 26.0 29.8 83.3 Oct... r573 196 237 '46 94 162 125 36 Nov.. 558 181 223 78 77 150 113 37 P Preliminary. Dec. 558 167 223 92 76 142 109 33 NOTE.—For total debt outstanding, figures for first three quarters of year are Federal Reserve estimates. r Revised. For conventional, figures are derived. 1 Monthly figures do not reflect mortgage amendments included in annual totals. Sources.—Federal Home Loan Bank Board, Federal 2 These loans are not ordinarily secured by mortgages. Housing Administration, Veterans Administration, and 3 Includes a small amount of alteration and repair loans, not shown separately; only such Federal Reserve. loans in amounts of more than $1,000 need be secured. 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» FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a ts y- a d n e d m t a i n m d e or month Total F su H in re A - d - a g n V u t A e a e r - - d Pur- Sales bu du r in s s-- ed Total t S e h r o m r 1 t L te o r n m g 2 - deposits chases 1945 278 213 195 176 19 46 1952 2,242 320 1,922 538 56 323 1953 728 640 952 634 317 558 1953 2,462 621 1,841 542 221 638 1954 734 818 867 612 255 802 1954 . . 2,434 802 1,632 614 525 476 1955 1,251 702 ,417 991 426 698 1955 2,615 901 1,714 411 62 76 1956 . . 745 934 ,228 798 430 683 1956 3,047 978 2,069 609 5 360 1957 1,116 1,079 ,265 731 534 653 1957 3,974 1,237 2,737 1,096 3 764 1958 1,364 1 331 ,298 685 613 819 1958 3,901 1,483 2,418 623 482 1,541 1959 2,067 1,231 1,134 1,192 942 589 1959 5,531 2,546 2,985 1,907 5 568 I960 1^943 2^097 ,981 1*089 892 938 I960 6.159 3.356 2.803 1.248 357 576 I960 Jan 136 531 ,740 1 042 697 499 1959—Dec 5,531 2,546 2,985 115 568 Feb 58 169 ,628 '963 665 488 Mar 88 196 ,520 858 662 534 I960—Jan 5,508 2,621 2,887 110 115 600 Apr 155 117 ,558 828 731 571 Feb 5,577 2,713 2,864 138 49 601 May 112 96 ,574 827 747 590 Mar 5,693 2,821 2,873 162 23 580 June 290 94 ,770 932 838 736 Apr 5,785 2,905 2,880 126 12 588 July 173 269 ,674 922 751 682 May 5,827 2,997 2,830 129 67 561 Aug 168 146 ,696 967 729 730 June 5,827 3,042 2,784 74 50 592 Sept 160 121 ,736 1,002 734 737 July 5,918 3,121 2,797 113 3 569 Oct 133 134 ,735 986 749 762 Aug 5,991 3,185 2,806 96 r 584 Nov 125 119 ,741 976 765 788 Sept 6,050 3,240 2,810 84 584 Dec 344 104 ,981 1,089 892 938 Oct 6,106 3,293 2,812 79 i 571 Nov 6,143 3,333 2,810 69 9 575 1961—Jan 90 500 1,571 788 683 959 Dec 6,159 3.356 2.803 69 27 576 1 Secured or unsecured loans maturing in one year or less. 1 Operations beginning with Nov. 1, 1954, are on the basis of FNMA's 2 Secured loans, amortized quarterly, having maturities of more than new charter, under which it maintains three separate programs: secondary one year but not more than ten years. market, special assistance, and management and liquidation. Data ex- Source.—Federal Home Loan Bank Board. clude conventional mortgage loans acquired by FNMA from the RFC Mortgage Company, the Defense Homes Corporation, and the Public Housing Administration. Source.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e i o r l - e i co p g O n a o s p t o u h e d m e r s r * er e a r n R l n d o i e z a p m a n 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 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 19593 52,119 39,852 16,549 10,476 2,784 10,043 12,267 4,144 5,104 3,019 1960 56,049 43,281 17,866 11,215 3,008 11,192 12,768 4,311 5,187 3,270 1959—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 June 53,662 41,752 17,755 10,462 2,905 10,630 11,910 4,294 4,423 3,193 July 53,809 42,050 17,893 10,452 2,934 10,771 11,759 4,265 4,311 3,183 Aug 54,092 42,378 18,020 10,477 2 975 10 906 11,714 4,276 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 Dec 56,049 43.281 17,866 11.215 3,008 11.192 12,768 4.311 5,187 3,270 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 n a i l t t - Total m C b e a o r n m c k ia - s l f p i c S n a o a n a m l n i e e c s - s e u C n r i e o d n i s t p f s i C c a u n o n o m a m i n n e e c - s - r e i Other i Total D s m t e o p e r a e n r s t t 2 - F st t u o u r r r n e e i s - H s a h a t p o o n o p u r c l l s d e e i e s - - d m A ea o u l b t e o i r l - s e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 ,242 984 377 463 ,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 ,072 4,508 ,511 ,044 365 487 ,101 1956 31,897 27,154 11,777 9,100 2,014 3,056 ,207 4,743 ,408 ,187 377 502 ,269 1957 34,183 29,515 12,843 9,573 2,429 3,333 ,337 4,668 ,393 ,210 361 478 ,226 1958 34,057 29,074 12,780 8,740 2,668 3,384 ,502 4,983 ,882 ,128 292 506 ,175 19594 39,852 34,176 15,227 10,145 3,280 3,774 ,750 5,676 2,292 ,225 310 481 ,368 1960 43,281 37,502 16,398 11,134 3,906 4,212 ,852 5.779 2,401 .189 292 513 ,384 1959—Dec. 39,852 34,176 15,227 10,145 3,280 3,774 ,750 5,676 2,292 ,225 310 481 ,368 1960—Jan.. 39,738 34,332 15,366 10,168 3,272 3,787 ,739 5,406 2,103 ,189 304 480 ,330 Feb.. 39,785 34,576 15,433 10,276 3,308 3,807 ,752 5,209 1,997 ,167 299 482 ,264 Mar. 40,020 34,764 15,440 10,357 3,381 3,821 ,765 256 2,098 ,144 294 487 ,233 40,651 35,431 15,711 10,604 3,471 3,872 ,773 220 2,050 ,135 290 496 ,249 May 41,125 35,902 15,911 10,744 3,537 3,902 ,808 223 2,054 ,125 290 503 ,251 June 41,752 36,481 16,145 10,945 3,626 3,957 ,808 5,271 2,073 ,132 291 512 ,263 July. 42,050 36,857 16,239 11,062 3,679 4,049 ,828 2,020 ,124 290 516 ,243 Aug. 42,378 37,199 16,362 11,142 3,754 4,099 ,842 2,012 ,132 290 520 ,225 Sept. 42,517 37,318 16,416 11,154 3,795 4,111 ,842 2,049 ,129 291 519 ,211 Oct.. 42,591 37,330 16,408 11,147 3,833 4,097 ,845 2,103 ,130 290 518 ,220 Nov. 42,703 37,368 16,402 11,141 3,870 4,107 ,848 2.155 ,140 288 517 ,235 Dec. 43,281 37,502 16,398 11,134 3,906 4.212 1,852 5,779 2,401 .189 292 513 ,384 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 207 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r r s r e R m l r t o a e n i n o a p o iz n d d a n a s - ir - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d a n a i l t l t - m A pa o u p b t e i o l r - e s g p O c u o a o t m p o h n e d e e - r s r r m i R z lo o a e a a d n p ti n d e a o s r i n r n- l s P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,740 6,404 1,567 19 750 1958 12,780 4,014 2 170 2,269 1,715 2,612 19591 10,145 7,328 1,883 35 899 19591 15,227 4,827 2,525 2,640 2,039 3,196 1960 11,134 7,695 2,374 64 1,001 1960 16,398 5,264 2,776 2,690 2,163 3,505 1959—Dec.. . 10,145 7,328 1,883 35 899 1959—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 1,161 2,175 49 954 Tune 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 Dec.. . . 11,134 7,695 2,374 64 1,001 Dec 16,398 5.264 2,776 2,690 2,163 3,505 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 Total Auto- O c t o h n e - r R a e n p d air Per- Total loans 1939 E o n r d m o o f n y t e h ar i c m n r s 7 e e t 8 d n a 9 i l t t - m pa o p b 8 e i 1 l r e s g p u o a m o p 2 d e e 4 r s r m iz l o o a d a ti 1 n e o 5 s r n n- s lo o 6 a n 6 n a 9 s l E o n r d m of o n y t e h ar i c m n n r s o e e t d n n a - i l t t - b C m c a o i n e a m r k l - s - t f O u i i n c n t t i i s h a o a t n e l i n - r - s st m p D o a r e e r e n t - s - t i o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1954 4,510 539 375 282 3,314 1941 3 087 693 152 275 1,370 597 1955 5,406 761 537 326 3,782 1945 3,203 674 72 290 1*322 845 1956 6,277 948 648 403 4,278 1957 7,099 1,106 622 489 4,882 1954 8,896 2,096 312 793 3,515 177 2,003 1958 7,554 1,143 610 593 5,208 1955 9,924 2 635 367 862 3,717 216 2,127 19591 8,804 1,388 758 710 5 948 1956 10,614 2,843 410 893 3^842 260 2^366 I960 9,970 1,618 885 781 6,686 1957 .... 11,103 2 937 427 876 3,953 317 2,593 1958 11,487 3,156 471 907 3,808 345 2^800 1959—Dec. 8,804 1,388 758 710 5,948 19593 12,267 3,582 562 958 3,753 393 3,019 1960 12,768 3,737 574 941 3,801 445 3,270 I960—Jan 8,798 1,382 757 705 5,954 Feb 8,867 1,396 768 711 5,992 1959—Dec 12,267 3,582 562 958 3,753 393 3,019 Mar 8,967 1,423 780 721 6,043 Apr 9,116 1,457 799 727 6,133 I960—Jan 11,730 3,531 525 824 3.378 393 3,079 9,247 1,483 820 745 6,199 Feb 11,397 3,549 580 685 3,034 385 3,164 June 9,391 1,516 844 751 6,280 Mar 11,278 3,556 635 622 2,917 388 3,160 July 9,556 1,536 860 763 6,397 Apr 11,702 3,627 599 656 3,206 383 3,231 9,695 1,565 874 774 6,482 May. ... 11,866 3,631 682 646 3,305 391 3,211 Sept 9,748 1,579 885 779 6,505 June.... 11,910 3,682 612 633 3,382 408 3,193 Oct 9,775 1,591 882 780 6,522 July 11,759 3,663 602 584 3,295 432 3,183 Nov 9,825 1,606 880 784 6,555 Aug 11,714 3,656 620 584 3,236 457 3,161 Dec 9,970 1,618 885 781 6,686 Sept 11,748 3,715 602 625 3,199 459 3,148 Oct 11,753 3,692 580 661 3,266 443 3,111 Nov 11,923 3,711 590 709 3,326 428 3,159 1 Includes data for Alaska and Hawaii, beginning with January and Dec 12.768 3,737 574 941 3,801 445 3,270 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

208 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir t io a n n d loans Personal loans Year or month Unad- Unad- Unad- Unad- Unad- Adjusted* justed Adjusted* justed Adjusted* justed Adjusted* justed Adjusted* justed Extensions 1954 . 31 051 11 807 9 117 8 866 1955 39,039 16 745 10 634 I 388 10 272 1956 40 175 15 563 11 702 I 568 11 342 1957 42,545 16,545 11,747 ,660 12,593 1958 40,789 14,316 11 638 R61 12,974 19591 49,045 17,941 13,837 2,201 15,066 1960 50,343 17,839 14,226 2,058 16,220 1959—Dec 4,119 4,782 1,355 1,283 1,230 1,693 187 176 1,347 1,630 I960—Jan 4,160 3,592 1 454 1 269 J 997 1,023 158 127 } 191 1 173 Feb 4,197 3,763 ,534 ,424 171 961 178 149 I 314 ,229 Mar .. . 4,259 4,238 ,591 1,629 ,178 1,089 177 167 1,313 ,353 Apr 4,499 4,509 ,636 1,692 ,266 1,202 182 179 1,415 ,436 M^ay 4,255 4,375 ,558 1,658 ,170 .183 190 203 1,337 ,331 June 4,313 4,615 ,538 1,733 ,248 ,267 186 198 1,341 ,417 July 4,214 4,156 ,417 1,473 168 085 176 183 I 453 ,415 AUK . . .. 4,072 4,365 ,422 1,570 ,112 ,165 180 202 1,358 ,428 Sept 4,125 4,010 ,422 1,372 ,162 ,173 164 177 1,377 ,288 Oct 4,108 4,012 ,460 1,407 165 1,207 160 172 I 323 ,226 Nov 4,134 4,067 ,482 1,364 1,159 ,217 160 163 1,333 ,323 Dec 4,007 4,641 ,325 1,248 1,200 1,654 147 138 1,335 ,601 Repajfinents 1954 30,488 11,833 9 145 1 255 8,255 1955 33 649 13 082 9 751 I 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 I960 46,914 16,522 13,487 1 834 15,071 1959—Dec 3,773 3,954 1,352 1,367 1,071 1,081 146 146 1,204 1,360 I960—Jan 3,848 3,706 1 .359 1.299 1.116 1.113 148 142 1.225 1.152 Feb 3,765 3,716 ,330 1,317 1,084 1,093 146 146 1,205 1,160 Mar 3,777 4,003 1 342 1,429 I 081 1 151 151 156 1 203 1,267 Apr 3,935 3,878 1,379 1,348 1,111 1,113 150 148 1,295 1,269 Mav 3,911 3,901 1,402 1,397 1,126 1,125 153 152 1,230 1,227 June 3,934 3,988 t, 392 1,409 1,135 1,144 155 158 1,252 1,277 Julv 3,997 3,858 ,385 1,335 1,148 1,095 155 154 1,309 1,274 AUK ... 3,918 4,037 1,388 1,443 1,123 1,140 156 161 1,251 1,293 Sept 3,958 3,871 1,375 1,371 1,141 1,107 149 151 1,293 1,242 Oct 3 994 3,938 1 417 1,436 1 147 1,125 160 160 1 270 1,217 3,946 3,955 1,397 1,389 1,119 1,127 158 156 1,272 [,283 Dec 3,931 4,063 .356 1 .349 .156 1 154 153 150 1.266 .410 Net increase, or decrease ( —), in credit outstanding2 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 1 553 457 473 I960 3,429 1 317 739 224 .149 1959—Dec 346 828 3 -84 159 612 41 30 143 270 1960 Jan 312 -114 95 -30 -90 10 -15 96 21 Feb . . .. 432 47 204 107 87 -132 32 3 109 69 Mar 482 235 249 200 97 -62 26 11 110 86 Apr 564 631 257 344 155 89 32 31 120 167 May .... 344 474 156 261 44 58 37 51 107 104 June 379 627 146 324 113 123 31 40 89 140 July 217 298 32 138 20 -10 21 29 144 141 AUK 154 328 34 127 -11 25 24 41 107 135 Sept 167 139 47 1 21 66 15 26 84 46 Oct 114 74 43 -29 18 82 0 12 53 9 Nov 188 112 85 -25 40 90 2 7 61 40 Dec 76 578 -31 -101 44 500 -6 -12 69 191 * Monthly data for 1960 revised to bring annual totals into agreement December 1957, pp. 1420-22, November 1959, p. 1418, and December with totals for unadjusted data. 1960, pp. 1406-09. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 209 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Sales finance Other financial Total Commercial banks companies institutions Retail outlets Year or month Adjusted* U ju n st a e d d - Adjusted* U ju n st a e d d - Adjusted* U ju n st a e d d - Adjusted* U ju n st a e d d - Adjusted* U ju n st a e d d - Extensions 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 I960 50,343 17,854 11,110 13,363 8,016 1959—Dec 4,119 4,782 1,483 1,475 867 886 1,090 1,324 679 1,097 1960 Jan 4,160 3,592 1 488 1,368 915 802 1,064 Q20 693 502 Feb 4,197 3,763 1,537 1.419 971 860 1,075 ,004 614 480 Mar . 4,259 4,238 1,513 1,539 972 967 t non 1,116 684 616 Apr 4,499 4,509 1,545 1,632 1.028 1,008 1,175 1,167 751 702 May 4,255 4,375 1,521 1,616 944 983 1,124 [,121 666 655 June 4,313 4,615 1,534 1,658 943 1,050 [,128 1,185 708 722 July 4,214 4,156 1 437 1,458 894 955 I 233 [,201 650 542 Aug 4,072 4,365 1,442 1,560 894 989 1,129 ,192 607 624 Sept 4,125 4,010 1,470 1,430 888 879 1,118 1,051 649 650 Oct 4,108 4,012 1.473 1,419 896 880 1,072 ,011 667 702 Nov . ... 4,134 4,067 1,495 1,385 918 872 1,078 ,093 643 717 Dec 4,007 4,641 1,399 1,370 847 865 1.077 ,302 684 1,104 Repayments 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 I9571 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 1960 46,914 16 692 10 241 12 197 7,784 1959 Dec 3,773 3,954 1,353 1,379 827 858 963 1,093 630 624 I960 Jan 3,848 3,706 1 41? 1,350 829 779 973 926 634 651 Feb 3,765 3,716 ,355 1,352 810 792 974 935 626 637 Mar 3,777 4,003 1,347 1,420 830 886 966 1,016 634 681 Apr . ... 3,935 3,878 1,376 1,361 862 841 047 1,018 650 658 May 3 911 3,901 411 1,416 850 843 985 990 665 652 June 3,934 3,988 1,400 1,424 849 849 ,024 1,041 661 674 July 3,997 3,858 1,395 1,364 867 838 ,075 1,036 660 620 Aug 3,918 4,037 ,376 1,437 870 909 ,027 1,053 645 638 Sept 3,958 3,871 1,388 1,376 877 867 ,044 998 649 630 Oct 3,994 3,938 1,445 1,427 868 887 021 984 660 640 Nov 3,946 3,955 1,411 1,391 876 878 .027 1,043 632 643 Dec 3,931 4,063 376 1,374 853 872 034 1,157 668 660 Net increase or decrease ( —) in credit outstanding3 1954 563 — 202 217 472 76 1955 5,390 1,805 2,299 896 390 19561 2,939 1,176 657 871 235 I9571 2,286 1,066 473 822 -75 19581 . .. -126 -63 -833 455 315 I9591 2 5 795 2 447 1 405 I 250 693 1960 3,429 1,171 989 1 166 103 1959—Dec 346 828 130 96 40 28 127 231 49 473 1960 Jan 312 -114 197 139 86 23 91 -6 -62 -270 Feb 432 47 182 67 201 108 101 69 -52 -197 Mar 482 235 54 7 142 81 124 100 162 47 Apr 564 631 169 271 246 247 128 149 21 -36 May 344 474 110 200 94 140 139 131 1 3 June 379 627 134 234 94 201 104 144 47 48 July 217 298 42 94 27 117 158 165 -10 -78 Aug 154 328 66 123 24 80 102 139 -38 -14 Sept 167 139 82 54 12 74 53 0 20 Oct 114 74 28 -8 28 -7 51 27 7 62 Nov 188 112 84 -6 42 -6 51 50 11 74 Dec 76 578 23 -4 -6 -7 43 145 16 444 * Monthly data for 1960 revised to bring annual totals into agreement NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of with totals for unadjusted data. the BULLETIN for October 1956; for 1955-59, in the BULLETINS for 1 Data on extensions and repayments have been adjusted to avoid December 1957, pp. 1421-22, November 1959, p. 1419, and December duplications resulting from large transfers of other consumer goods paper. 1960, pp. 1406-09. As a result, the differences between extensions and repayments for some A discussion of the composition and characteristics of the data and types of holders do not equal the changes in outstanding credit. a description of the methods used to derive the estimates are shown 2 Extensions and repayments include current data for Alaska and in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment Hawaii beginning with January and August 1959, respectively. The credit extended and repaid are based on information from accounting differences between extensions and repayments do not equal the changes records of retail outlets and financial institutions and often include charges in outstanding credit for 1959 because the differences do not reflect the incurred under the instalment contract. Renewals and refinancing of effect of the introduction of outstanding balances for these two States. loans, repurchases and resales of instalment paper, and certain other trans- 3 Obtained by subtracting instalment credit repaid from instalment actions may increase the amount of both credit extended and credit credit extended, except as indicated in notes 1 and 2. repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49= 100 [Seasonally adjusted] Annual average 1959 1960 Grouping 1959 1960 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec INDUSTRY GROUPINGS Total index. 159 164 165 168 166 166 165 167 166 166 165 162 161 159 157 Manufacturing, total., 158 163 164 168 166 165 164 166 165 165 163 161 160 157 154 Durable 165 169 174 180 178 175 172 174 173 173 169 166 164 159 156 Nondurable 155 160 158 159 157 158 159 161 163 163 162 159 160 158 157 Mining 125 127 130 129 126 126 129 127 128 128 129 127 128 129 128 Utilities 268 278 280 281 288 287 284 288 290 293 295 291 294 Durable Manufactures Primary and fabricated metals. 125 128 145 148 143 139 133 131 126 124 122 119 118 111 108 Primary metals 114 115 145 147 140 135 126 119 112 108 106 102 100 94 89 Iron and steel 107 110 148 149 142 136 125 115 105 100 94 90 91 85 80 Fabricated metal products 142 145 143 148 148 145 142 147 148 148 147 144 144 138 138 Structural metal parts 150 155 149 156 155 153 151 156 158 160 160 157 156 151 147 Machinery and related products... 197 205 200 212 211 209 206 211 207 209 206 204 201 797 795 Machinery 169 174 177 180 177 178 175 178 178 180 176 173 167 167 165 Nonelectrical machinery 141 145 147 148 147 147 145 147 148 152 146 143 142 140 135 Electrical machinery 212 222 227 232 227 227 225 228 226 226 223 222 208 "211 214 Transportation equipment 228 238 217 251 250 243 239 249 237 237 237 237 240 226 219 Motor vehicles and parts 147 168 137 186 184 173 169 176 176 166 167 168 170 151 143 Aircraft and other equipment.. 390 368 375 365 366 371 368 383 347 372 367 368 371 373 371 Instruments and related products. 209 221 223 220 218 220 218 222 224 226 227 220 220 '221 215 Ordnance and accessories Clay, glass, and lumber 143 139 144 143 143 138 143 142 144 145 139 757 755 752 128 Clay, glass, and stone products. 159 158 160 158 159 153 159 160 164 165 162 157 157 155 148 Lumber and products 125 118 127 127 126 122 126 122 120 122 113 114 111 105 103 Furniture and miscellaneous., 147 15 3 152 153 152 152 154 157 158 158 155 750 757 149 746 Furniture and fixtures 164 171 172 173 171 166 174 ill 177 177 173 169 168 167 164 Misc. manufactures 133 138 136 136 136 139 138 140 143 143 141 134 138 135 131 Nondurable Manufactures Textile, apparel, and leather products. 136 136 139 138 135 136 137 140 141 140 138 755 755 757 Textile mill products 126 121 124 124 124 123 122 126 128 126 124 118 116 113 109 Apparel products 153 159 160 157 155 158 161 162 162 163 161 155 156 156 153 Leather and products 119 113 118 119 110 111 111 116 116 115 116 109 113 112 Paper and printing 154 160 158 159 158 157 158 160 160 161 757 767 767 760 759 Paper and products 170 172 173 176 173 171 173 174 ill 173 172 173 172 168 169 Printing and publishing. 143 152 148 148 148 147 148 152 152 153 153 153 154 155 152 Newspapers 135 141 140 139 137 136 139 142 143 142 141 140 142 141 139 Chemical, petroleum, and rubber products. 215 224 219 222 219 220 225 227 233 232 229 224 223 •222 227 Chemicals and products 240 255 249 250 248 251 256 258 263 263 260 254 255 253 254 Industrial chemicals , 298 320 313 314 311 317 318 322 331 331 330 320 314 319 Petroleum products 158 161 153 157 153 154 161 161 167 172 168 167 164 162 i57 Rubber and plastics products , 199 200 203 206 204 201 201 205 214 204 201 194 192 192 Foods, beverages, and tobacco. 128 132 129 131 129 130 130 132 132 132 132 752 755 75/ 752 Foods and beverages 128 132 130 131 130 130 131 132 132 132 132 132 134 131 132 Food manufactures 131 134 133 134 132 133 133 134 134 134 135 135 136 134 135 Beverages , 117 120 114 120 117 117 117 122 122 122 120 122 123 119 Tobacco products , 127 130 131 130 123 129 133 131 131 126 130 130 131 133 Mining Coal, oil, and gas 122 122 126 125 122 121 122 121 122 722 725 727 722 722 Coal 68 67 78 75 69 71 72 71 64 64 65 64 66 65 Crude oil and natural gas. 147 147 149 148 146 144 145 143 148 149 149 148 148 147 Oil and gas extraction.. 145 146 146 146 145 144 145 143 148 148 149 147 147 147 Crude oil 135 135 135 135 134 133 133 132 137 137 138 136 136 134 Gas and gas liquids.. r210 219 227 223 229 226 222 226 Oil and gas drilling 159 U5 164 159 146 136 138 144 145 143 144 144 147 152 148 Metal, stone, and earth minerals. 146 163 152 153 157 159 172 170 167 767 767 762 160 765 168 Metal mining 107 133 111 119 131 143 146 142 133 130 133 127 121 131 148 Stone and earth minerals '188 194 196 188 183 175 199 198 201 205 202 197 201 195 188 Utilities Electric. 270 289 279 279 280 288 286 284 289 291 296 297 293 291 Gas 265 283 287 289 292 291 290 289 SUMMARY MARKET GROUPINGS Final products, total 162 169 166 170 167 167 168 171 171 170 169 168 168 166 165 Consumer goods 155 162 159 164 160 160 162 164 165 164 162 161 162 159 158 Equipment, including defense. 188 195 194 195 194 196 194 197 196 198 195 195 195 193 191 Materials 157 160 165 167 166 164 163 162 161 161 159 157 156 153 150 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 211 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 -100 [Without seasonal adjustment] A av n e n ra u g a e l 1959 1960 Grouping 1959 1960 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. INDUSTRY GROUPINGS Total index 159 164 162 168 169 168 167 166 166 157 162 164 166 161 154 755 163 757 757 755 757 755 755 755 755 750 752 755 75P 151 Durable 165 169 174 181 181 179 175 174 172 160 160 165 168 162 156 155 160 151 156 158 158 161 161 162 153 165 164 167 160 150 125 127 129 128 127 126 128 128 129 124 130 129 129 128 127 Utilities 268 Durable Manufactures Primary and fabricated metals 725 725 142 149 147 144 735 737 727 773 775 720 720 773 707 Primary metals 114 115 141 150 148 143 132 121 114 93 98 99 102 95 86 Iron and steel 107 110 145 152 148 143 129 116 106 87 89 90 93 85 78 Fabricated metal products 142 145 143 146 146 144 142 145 146 143 148 151 148 141 138 Structural metal parts 150 155 154 156 154 153 150 154 157 154 158 159 159 155 152 Machinery and related products 7P7 205 204 275 277 275 20P 270 206 7P5 755 7PP 204 '207 7P7 Machinery 169 174 178 181 182 183 178 177 178 168 169 174 170 169 166 Nonelectrical machinery . . .. 141 145 148 150 152 153 149 149 149 145 139 141 140 137 137 Electrical machinery 212 222 226 229 232 231 222 222 223 203 216 229 219 r220 215 Transportation equipment 228 238 230 262 261 253 245 247 237 220 197 219 244 238 230 Motor vehicles and parts 147 168 154 199 196 183 174 176 174 149 117 145 175 167 157 Aircraft and other equipment 390 368 377 373 374 379 372 378 346 359 359 363 369 372 373 Instruments and related products 209 221 225 220 220 223 220 221 223 219 223 220 222 222 217 Ordnance and accessories Clay glass and lumber 143 139 735 737 735 733 142 146 752 142 148 145 144 132 119 Clav class and stone Droducts 159 158 155 149 151 149 158 164 168 162 168 163 164 155 143 Lumber and products 125 118 111 111 119 115 124 125 133 117 125 124 122 104 90 Furniture and miscellaneous .. 147 153 154 149 757 757 750 757 755 750 75P 755 750 754 148 Furniture and fixtures 164 171 175 170 170 166 170 170 173 169 177 176 176 169 167 M'isc manufactures 133 138 137 131 134 138 133 136 140 133 144 142 147 142 132 Nondurable Manufactures Textile avDarel and leather Droducts 735 136 725 140 145 142 144 142 735 124 144 72P 737 732 775 Textile mill oroducts 126 121 117 127 127 124 127 128 127 112 124 116 121 '116 105 Apparel products 153 159 140 160 170 165 171 167 154 143 171 149 162 156 130 Leather and products 119 113 108 121 122 121 112 110 113 103 122 111 114 108 154 160 752 755 755 757 752 752 757 149 755 753 169 164 153 Paper and products 170 172 156 172 177 177 178 174 176 156 174 174 183 171 152 Printinc and oublishins 143 152 149 144 146 150 151 153 151 145 148 155 160 159 154 Newspapers 135 141 138 128 133 141 148 151 143 124 126 141 153 154 138 Chemical petroleum and rubber products 275 224 275 223 224 226 225 227 237 275 225 226 227 '223 275 Chemicals and products 240 255 244 250 252 257 262 260 262 248 255 255 258 254 250 Industrial chemicals 298 320 313 314 322 326 325 325 326 312 317 316 317 321 Petroleum products 158 161 157 157 155 153 157 158 167 171 173 171 163 r160 161 Rubber and plastics products 199 200 194 216 215 211 207 201 207 177 191 196 202 196 128 132 723 723 727 722 725 729 735 733 142 146 745 733 725 Foods and beverages 128 132 124 123 121 122 125 129 134 134 142 147 145 134 127 Food manufactures 131 134 130 128 125 124 125 128 133 135 144 152 150 '139 132 Beverages 117 120 101 98 102 114 124 134 144 131 132 123 125 108 Tobacco products 127 130 106 130 124 129 127 135 143 116 139 135 140 133 Mining Coal oil and gas 722 722 725 725 725 723 722 77P 720 775 727 727 723 r124 723 C C o ru a d l e oil and natural gas 1 6 4 8 7 1 6 4 7 7 1 7 5 6 2 1 7 5 4 3 1 7 5 0 1 1 7 4 1 8 1 7 4 0 5 1 6 4 9 2 1 6 4 6 4 1 5 4 1 3 1 6 4 8 5 1 6 4 7 5 1 7 4 2 6 '1 r6 5 6 0 1 6 5 3 1 Oi C l a ru n d d e g o a i s l extraction 1 1 4 3 5 5 1 13 4 5 6 1 1 5 3 0 8 1 1 5 3 1 9 1 1 3 5 9 2 1 1 4 3 9 7 1 13 4 5 6 1 13 4 1 2 1 1 4 3 3 3 1 13 4 2 2 1 13 4 3 4 1 13 4 4 5 1 1 4 33 5 r 1 { 3 4 7 9 1 13 5 7 0 Gas and gas liquids 210 230 240 242 240 226 214 212 Oil and sas drillins 159 145 166 163 145 129 131 141 146 147 149 147 148 149 150 Metal stone and earth minerals 146 163 737 737 737 141 755 753 757 757 753 775 772 '757 149 Metal mining 107 133 89 94 108 117 138 163 164 149 153 147 133 '119 118 Stone and earth minerals 188 194 189 171 167 164 195 202 210 213 214 210 212 197 181 Utilities Electric 270 289 283 297 290 293 281 269 279 288 303 304 285 280 Gas 265 SUMMARY MARKET GROUPINGS Final Droducts total 162 169 162 169 170 170 169 169 171 163 168 171 174 '167 161 Consumer goods 155 162 153 162 162 161 162 162 164 155 163 165 170 162 152 Equipment including defense 188 195 194 197 198 200 197 198 197 193 191 194 192 190 191 Materials 157 160 163 167 168 166 164 163 162 151 157 158 159 155 148 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 =100 [Seasonally adjusted] p 1 r 9 o 5 - 7 a A v n e n ra u g a e l 1959 1960 Grouping portion 1959 1960 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Dec. Total index. 100.00 105 108 109 111 110 109 109 110 108 107 106 105 103 Manufacturing, total.. . 86.49 105 108 109 112 110 770 109 770 705 707 705 104 703 Durable 49.66 102 104 107 111 109 108 106 107 104 102 101 98 96 Nondurable 36.83 110 114 112 113 112 112 113 115 115 113 113 112 112 Mining 8.55 95 97 98 98 96 96 98 97 98 96 97 '98 97 Utilities 4.96 115 120 120 121 124 123 122 126 127 125 125 126 Durable Manufactures Primary and fabricated metals. 13.15 95 110 113 109 106 707 700 96 95 93 91 90 85 53 Primary metals 7.73 90 114 115 110 106 99 94 88 85 83 80 78 74 70 Iron and steel 6.21 86 119 119 114 109 100 92 84 80 76 72 73 68 64 Fabricated metal products 5.42 104 106 105 109 108 107 104 108 108 109 108 106 105 101 101 Structural metal parts 2.91 101 103 100 104 104 102 101 104 106 107 107 105 104 101 98 Machinery and related products... 28.98 102 103 109 109 108 705 709 707 705 705 705 104 102 100 Machinery 15.31 103 106 108 110 108 108 107 109 109 110 107 105 102 102 101 Nonelectrical machinery 8.92 99 102 103 104 103 104 102 104 105 107 103 101 100 98 95 Electrical machinery 6.39 108 112 115 118 115 115 114 115 114 114 113 112 105 107 109 Transportation equipment 10.76 98 102 93 108 107 104 102 106 102 102 101 102 103 97 94 Motor vehicles and parts 5.04 100 115 94 127 126 118 115 120 120 113 114 115 116 103 98 Aircraft and other equipment.. 5.50 94 89 90 88 88 89 89 92 84 90 88 89 89 90 90 Instruments and related products. 1.66 112 119 120 118 117 119 117 120 121 121 122 118 119 119 116 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 777 773 772 772 705 772 777 772 775 709 707 705 103 99 Clay, glass, and stone products. 2.92 110 no 111 110 110 106 110 111 114 114 112 109 109 107 103 Lumber and products 1.65 113 115 115 115 110 114 110 109 102 103 100 95 94 Furniture and miscellaneous. 2.96 772 116 /75 775 775 775 777 779 720 720 775 774 775 773 111 Furniture and fixtures 1.48 115 120 120 121 119 116 122 124 123 124 121 118 117 117 115 Misc. manufactures 1.48 109 113 111 112 111 114 113 115 117 117 115 109 113 110 107 Nondurable Manufactures Textile, apparel, and leather products. 7.32 775 115 777 775 114 775 775 775 779 779 777 772 772 777 708 Textile mill products 2.78 113 109 111 112 111 111 110 113 115 113 111 106 104 101 90 Apparel products 3.44 120 125 126 124 122 124 127 127 127 128 127 122 122 123 12 Leather and products 1.10 106 101 105 106 98 99 99 104 104 103 103 97 101 99 Paper and printing 7.93 108 112 777 777 770 770 770 772 772 772 772 772 773 772 777 Paper and products 3.27 111 112 113 115 113 112 113 113 112 112 112 112 112 110 110 Printing and publishing. 4.66 105 111 109 109 109 108 109 111 112 112 113 112 113 114 112 Newspapers 1.53 104 108 107 106 105 104 106 108 109 108 108 107 108 108 106 Chemical, petroleum, and rubber products. 70.95 113 118 775 775 775 775 775 779 722 722 720 775 777 7 76 Chemicals and products 7.10 114 121 118 119 118 119 122 123 125 125 124 121 121 120 121 Industrial chemicals 3.61 118 127 124 125 124 126 126 128 132 131 131 127 125 127 127 Petroleum products 1.93 105 108 102 104 102 103 107 107 111 115 112 111 109 108 105 Rubber and plastics products 1.91 114 115 116 118 117 115 115 117 122 117 115 111 110 no Foods, beverages, and tobacco 10.64 707 705 709 707 705 709 770 770 770 770 770 777 709 770 Foods and beverages 9.87 106 109 107 109 107 108 108 109 109 110 109 110 111 109 109 Food manufactures 8.31 106 109 108 109 107 108 108 109 109 109 109 109 111 109 110 Beverages 1.56 106 109 104 109 106 106 106 111 110 111 109 110 112 108 Tobacco products .77 112 115 114 108 113 116 115 115 111 114 114 115 117 'in" Mining Coal, oil, and gas 7.05 96 95 99 98 95 94 95 94 96 96 95 96 95 Coal 1.30 82 82 94 91 84 86 87 86 78 80 11 81 m 79 Crude oil and natural gas. 5.75 99 98 100 99 98 96 97 96 100 100 99 99 101 99 Oil and gas extraction. . 4.98 99 100 100 100 99 99 99 98 102 102 101 101 103 101 Crude oil 4.33 98 98 98 97 96 97 96 100 100 99 99 101 98 Gas and gas liquids .65 106 111 115 113 116 115 112 Oil and gas drilling .77 93 96 93 85 80 84 84 85 84 86 89 87 Metal, stone, and earth minerals. 1.50 94 705 98 98 707 702 777 709 707 707 104 '703 r104 705 Metal mining .70 11 96 80 87 95 104 106 103 94 96 92 88 '95 107 Stone and earth minerals .80 108 112 113 108 106 101 115 114 118 116 114 116 113 108 Utilities Electric. 3.76 115 124 119 119 120 123 122 121 124 126 127 125 124 Gas 1.20 114 122 124 125 126 125 125 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 213 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping p p 19 r o o 5 r - - 7 A av n e n ra u g a e l 1959 1960 tion 1959 1960 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total index 100.00 105 108 109 Ill 110 109 109 110 109 110 108 107 106 105 103 Final products total 46.75 107 777 709 772 770 770 777 772 772 772 777 770 777 '709 705 Consumer goods 31.13 110 115 113 116 113 113 115 117 117 116 115 114 115 113 112 Equipment including defense 15.62 100 103 102 103 102 104 102 104 103 104 103 103 103 102 101 Materials . 53.25 104 106 109 110 109 108 108 107 106 106 105 104 103 101 99 Consumer Goods 3.35 703 777 99 727 722 774 777 727 727 114 775 777 727 772 105 Autos 2.03 96 117 87 134 125 113 116 122 123 108 114 119 123 109 97 Auto Darts and allied products 1.32 113 117 117 117 117 116 119 119 118 122 118 113 118 116 117 9.60 116 777 722 727 775 775 779 727 727 779 777 773 772 '772 777 Home goods 4.40 115 115 124 123 117 114 117 121 120 117 114 112 110 '110 111 Appliances TV and radios 1.75 114 111 133 130 117 112 115 120 118 113 108 105 103 '104 107 Appliances 1.26 119 117 143 139 121 114 116 120 121 119 116 110 112 '114 116 TV and home radios .49 102 96 108 106 105 107 114 118 109 97 87 93 82 78 82 Furniture and rugs 1.18 119 118 122 122 118 114 121 123 122 118 119 119 115 '114 114 Misc home goods .. 1.47 113 117 116 117 116 116 116 120 122 121 118 114 115 114 113 Apparel incl knit goods and shoes 5.20 116 118 120 118 116 118 120 122 121 121 119 113 114 114 112 Consumer staples 18.18 705 773 770 772 770 772 773 773 114 775 114 114 775 '773 114 Processed foods 8.11 106 109 107 109 107 108 108 109 110 110 110 110 110 '109 109 Beverages and tobacco 2 32 108 111 107 111 106 108 110 112 112 111 111 112 113 111 Drugs soap and toiletries 2.73 111 118 114 115 114 115 118 120 122 122 120 119 122 118 118 Newspapers magazines and books 1.44 106 114 109 110 109 110 112 113 113 116 115 116 115 '116 117 Consumer fuel and lighting 3 45 113 121 116 117 117 119 120 118 120 122 123 123 '121 Fuel oil and gasoline 1.19 104 106 103 104 105 105 108 105 107 109 108 106 105 '105 104 Residential utilities 2.26 117 123 123 123 127 126 125 127 129 130 131 '130 131 Electricity 1.57 118 128 122 122 122 127 126 124 126 129 131 132 130 130 Gas .69 115 Equipment Business equipment 12.16 100 705 104 705 705 705 104 705 705 705 705 705 705 '703 102 Industrial equipment 7.29 97 102 104 104 104 104 102 104 103 104 103 101 99 '100 98 Commercial equipment 2.46 104 118 113 114 113 115 115 117 120 121 121 120 121 '119 118 Freight and passenger equipment .. .. 1.83 98 101 96 106 103 102 101 105 99 101 95 101 103 99 100 Farm equipment .58 115 91 105 109 97 93 89 89 89 88 83 87 86 '88 98 Defense equipment 3.46 Materials 27.81 700 702 707 770 709 707 705 705 702 707 700 99 97 94 97 Consumer durable 3.67 101 109 107 121 120 117 110 115 115 110 106 112 103 94 92 Equipment 8.10 103 101 106 107 107 106 104 104 98 102 101 97 98 98 95 Construction . 9 05 107 107 107 109 108 105 109 110 110 110 109 106 105 '102 99 Metal materials nee 6.99 89 92 111 115 111 107 102 98 86 86 84 81 79 77 75 Nondurable materials 25.44 107 770 777 770 770 770 770 770 777 772 777 709 709 109 109 Business supplies 8.87 108 110 112 111 110 109 109 110 111 113 111 110 110 110 110 Containers 2.91 109 109 113 111 111 109 108 107 108 113 111 108 107 '106 109 General business supplies 5.96 107 111 111 111 109 109 110 112 113 113 112 111 111 112 111 Nondurable materials nee 7.05 115 119 119 119 120 120 120 121 123 123 121 117 116 116 116 Business fuel and power 9.52 100 103 104 104 103 103 103 102 103 103 104 103 103 '103 102 Mineral fuels 6.29 96 96 99 98 96 96 97 96 97 97 98 96 97 '98 96 Nonresidential utilities 2.70 113 117 118 119 121 120 120 121 120 122 123 121 120 Electricity 2.19 113 ill 117 117 118 120 120 119 121 121 123 124 122 121 General industrial .99 110 115 114 114 116 118 115 114 117 117 118 117 113 112 Commercial and other 1.12 118 127 121 121 121 124 126 125 126 127 130 132 131 130 Gas 51 113 118 121 123 124 122 121 119 Industrial .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 110 116 114 125 119 114 117 121 121 116 115 114 115 111 108 23.38 110 114 112 113 112 113 114 115 115 116 115 114 115 114 113 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

214 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] p 1 r 9 o 5 - 7 A av n e n ra u g a e l 1959 1960 Grouping portion 1959 1960 Dec. Jan. Feb. Mar. Apr. May June July Aug Sept. Oct. Nov. Dec. Total index 100.00 105 108 107 Ill Ill Ill no 109 109 103 107 108 no 106 102 Manufacturing, total 86.49 705 705 707 777 772 777 770 770 770 705 706 705 770 106 101 Durable 49.66 102 104 107 111 112 110 108 107 106 99 98 102 103 100 96 Nondurable . 36.83 110 114 107 111 112 113 114 115 116 109 117 117 119 114 107 Mining 8.55 95 97 98 97 96 95 97 97 98 94 98 98 98 r97 96 Utilities 4.96 115 Durable Manufactures Primary and fabricated metals 13.15 95 95 709 775 772 770 104 700 97 86 90 97 92 r86 57 Primary metals . . 7.73 90 91 111 118 116 112 104 95 89 73 11 78 80 r74 68 Iron and steel 6.21 86 88 116 122 118 114 103 93 85 69 72 72 75 68 62 Fabricated metal products 5.42 104 106 105 107 107 106 104 106 107 105 109 no 109 '103 101 Structural metal parts 2.91 101 103 103 104 103 102 100 103 105 103 105 106 106 104 101 Machinery and related products . ... 25.95 102 706 706 772 772 777 705 705 707 707 97 705 705 104 102 Machinery 15.31 103 106 109 110 111 112 108 108 108 102 103 106 104 103 101 Nonelectrical machinery 8.92 99 102 104 106 107 108 105 105 105 102 98 99 98 97 96 Electrical machinery . 6.39 108 112 115 116 117 117 113 112 113 103 109 116 111 r112 109 Transportation equipment 10.76 98 102 98 112 112 108 105 106 101 94 84 94 104 102 99 Motor vehicles and parts . .. 5.04 100 115 105 136 134 125 119 120 119 102 80 99 120 114 108 Aircraft and other equipment 5.50 94 89 91 90 90 91 90 91 83 87 86 88 89 90 90 Instruments and related products 1.66 112 119 121 119 118 120 118 119 120 118 120 119 119 119 117 1 25 Clay glass and lumber 4.57 111 709 705 702 706 704 777 775 775 770 775 775 772 705 93 Clay glass and stone products 2.92 no no 108 103 105 104 110 113 117 113 116 113 114 108 100 Lumber and products 1.65 113 107 100 101 108 104 112 114 120 106 114 113 no 94 82 Furniture and miscellaneous 2.96 112 116 777 775 775 114 114 775 775 114 727 720 722 117 113 Furniture and fixtures 1.48 115 120 122 119 119 116 119 119 121 119 124 123 123 118 117 Misc manufactures 1.48 109 113 112 107 110 113 109 111 115 109 118 116 121 '116 108 Nondurable Manufactures Textile apparel, and leather products 7.32 115 775 706 775 123 720 722 720 775 705 722 770 776 112 97 Textile mill products 2.78 113 109 105 114 114 112 114 115 114 100 111 104 108 95 Apparel products . 3.44 120 125 110 126 134 130 135 131 121 113 134 117 127 123 102 Leather and products 1.10 106 101 96 107 109 108 100 98 101 92 108 99 102 96 Paver and or in tins 7 93 108 112 706 705 770 772 775 775 772 104 777 114 775 115 107 Paper and products . .. 3.27 111 112 102 112 115 115 116 113 114 101 113 113 119 111 99 Printing and publishing 4.66 105 111 no 106 107 110 111 113 111 107 109 114 117 117 113 Newsp apers 1.53 104 108 106 98 102 108 113 116 110 95 97 108 117 118 105 Chemical, petroleum, and rubber products 10.94 775 775 775 777 775 775 720 779 727 114 775 775 779 777 114 Chemicals and products 1 10 114 121 116 119 120 122 125 124 125 118 122 121 123 121 119 Industrial chemicals 3.61 118 127 124 125 128 129 129 129 130 124 126 125 126 128 Petroleum products . .... .... 1.93 105 108 104 104 103 102 104 105 111 114 115 114 109 r107 107 Rubber and plastics products 1.91 114 115 111 124 123 121 118 115 119 101 109 112 116 112 Foods beverages and tobacco 10.64 107 709 702 702 707 702 104 707 772 770 775 727 727 111 104 Foods and beverages 9.87 106 109 103 101 100 101 104 107 111 111 118 122 120 111 105 Food manufactures 8.31 106 109 105 104 101 101 102 104 108 109 117 124 122 '113 107 Beverages 1 56 106 109 91 89 93 103 113 122 130 119 120 112 113 98 Tobacco products .77 112 114 93 114 109 113 112 119 125 102 122 118 123 117 Mining Coal oil and gas 7.05 96 95 700 700 95 97 95 93 94 90 94 94 96 r97 97 Coal 1.30 82 82 92 89 85 87 85 84 80 63 83 82 88 r80 11 Crude oil and natural gas 5.75 99 98 102 103 101 99 97 95 97 96 97 97 98 MOO 101 Oil and gas extraction 4.98 99 100 102 104 104 102 100 97 98 97 99 99 99 M02 103 Crude oil 4.33 98 98 100 101 101 99 98 96 97 96 97 97 97 MOO 100 Gas and gas liquids 65 106 117 122 123 122 115 109 108 Oil and gas drilling .77 93 85 97 96 85 76 77 83 86 86 88 86 87 88 88 Metal stone and earth minerals 1.50 94 705 55 84 55 90 706 777 720 776 777 114 770 '707 96 Metal mining .70 11 96 64 68 78 85 100 118 119 108 111 107 r97 86 Stone and earth minerals .80 108 112 109 98 96 95 112 116 121 123 123 121 122 114 105 Utilities Electric 3.76 115 124 121 127 124 125 120 115 119 123 129 130 122 120 Gas 1.20 114 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 215 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] p 1 r 9 o 5 - 7 a A v n e n ra u g a e l 1959 1960 Grouping portion 1959 1960 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total index 100.00 105 108 107 Ill Ill Ill 110 109 109 103 107 108 110 106 102 Final products total 46.75 107 111 106 HI 112 112 111 /// 112 107 777 772 114 110 106 Consumer goods 31.13 110 115 108 115 115 114 115 115 116 110 115 117 121 115 108 Equipment including defense 15.62 100 103 103 104 104 106 104 105 104 102 101 102 101 '100 101 Materials 53.25 104 106 108 110 110 109 108 107 100 104 105 105 102 98 Consumer Goods Automotive products 3.35 103 117 103 136 133 124 123 124 125 103 83 98 129 120 110 Autos 2.03 96 117 98 149 143 129 126 126 127 94 60 84 134 123 108 Auto oarts and allied Droducts 1.32 113 117 111 116 118 116 118 120 121 116 117 120 121 114 112 Home soods and awarel 9.60 116 117 112 118 123 122 121 119 117 707 720 115 119 114 101 Home goods 4 40 115 115 117 115 121 120 118 117 118 105 111 118 118 114 105 Appliances, TV, and radios 1.75 114 111 114 116 127 127 120 117 116 95 97 112 109 r108 94 Appliances 1.26 119 117 118 120 136 139 131 126 126 107 96 110 107 rlll 101 TV and home radios .49 102 96 102 106 106 96 93 95 92 63 98 117 114 99 77 Furniture and rugs 1.18 119 118 125 120 121 116 120 117 117 112 121 122 122 rll6 116 Misc home goods 1.47 113 117 113 110 114 116 115 118 120 112 120 123 125 121 110 Apparel incl knit goods and shoes 5.20 116 118 107 120 125 123 124 122 117 109 127 112 120 114 97 Consumer staples . ... 18.18 108 113 108 109 108 109 110 111 114 775 779 122 120 114 111 Processed foods 8.11 106 109 105 103 101 100 102 104 108 110 118 124 122 112 107 Beverages and tobacco 2 32 108 92 97 98 107 112 121 129 113 121 114 116 104 Drugs soap and toiletries 2.73 111 118 113 115 114 117 118 118 120 114 122 121 125 120 117 Newspapers magazines, and books 1.44 106 114 109 109 109 112 112 112 111 113 116 118 117 '116 117 Consumer fuel and lighting. .... 3.45 113 121 120 126 123 123 118 113 115 119 122 123 '116 118 Fuel oil and gasoline 1.19 104 106 107 108 105 103 103 103 106 108 110 108 104 105 108 Residential utilities 2.26 117 Electricity 1.57 118 128 129 141 B6 136 126 114 116 122 128 130 121 122 69 115 Equipment Business equipment 12.16 100 105 105 107 106 107 106 707 107 104 103 104 705 r101 101 Industrial equipment 7.29 97 102 105 104 103 104 103 104 104 102 102 102 99 r99 99 Commercial equipment 2.46 104 118 115 115 115 116 115 117 119 117 119 121 122 120 120 Freignt and passenger equipment 1.83 98 101 93 104 106 107 107 108 105 101 92 96 99 95 96 Farm equipment .58 115 91 101 112 107 105 100 94 91 79 75 78 85 '78 94 3.46 Materials Durable goods materials 27.81 100 102 107 110 110 108 106 105 104 96 97 700 99 95 90 Consumer durable 3.67 101 109 115 128 128 121 109 110 109 96 91 108 109 105 99 Equipment 8.10 103 101 108 109 109 108 104 103 98 97 97 97 97 98 98 Construction 9 OS 107 107 103 103 103 102 108 114 109 112 112 r103 95 Metal materials nee 6.99 89 92 106 112 112 110 104 98 93 77 81 82 83 '77 71 Nondurable materials 25.44 107 110 108 777 111 112 112 111 111 704 770 no 112 110 106 Business supplies 8.87 108 110 106 108 109 111 113 112 112 104 111 113 116 105 Containers 2 91 109 109 97 105 108 109 111 110 114 106 118 115 115 '102 94 General business supplies 5.96 107 110 109 109 112 113 113 112 103 108 112 116 M16 110 Nondurable materials n.e.c 7.05 115 119 116 121 123 123 123 122 121 112 118 116 119 119 114 Business fuel and power 9.52 100 103 105 106 105 105 102 100 101 99 104 103 103 r102 103 Mineral fuels 6.29 96 96 100 101 100 99 97 94 94 90 95 95 97 r98 98 Nonresidential utilities . .. 2.70 113 Electricity 2 19 113 121 i i 5 117 115 118 116 116 121 124 131 i29 123 118 General industrial .99 110 115 114 115 113 118 115 115 117 112 119 118 116 114 Commercial and other 1.12 118 127 118 120 117 119 118 118 128 136 143 142 130 124 Gas 51 113 Industrial .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 110 116 111 124 126 122 120 120 121 104 99 110 123 n\i 107 Apparel and staples 23.38 110 114 108 112 112 112 113 113 115 112 121 1J9 120 114 108 r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—1959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see the BULLETIN for June 1960, p. 632). Figures for individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 = 100, unless otherwise indicated] Construction Manu- Industrial production contracts * facturing 3 Prices Nonag- Major market groupings ricul- Depart- Major industry tural Freight ment Y m e o a n r t o h r Total groupings Final products Mate- R d t e i e a n s l i - - o A th l e l r t p o e l m t o a y - l - 2 p m E l e o m n y - t - P ro a l y ls - l i c o n a a g r d - s - v ( s s r a t a e o l l t u e a r e e s i ) l s C um on e - r W c s o a h m l o e l - e- Manu- Con- rials modity f t i u a n c r g - - M in i g n- U it t ie il s - Total g s o u o m d e s r E m q e u n ip t - Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj. Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. 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 M25 268 162 '155 188 157 132 101 118.8 98.9 167.3 81 144 124.6 119.5 I960 *>164 2*163 ^127 H69 *>162 ^195 ?160 117 112 ^120.9 ^99.1^170.2 78 2>145 1959 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 161 160 128 r291 168 162 195 156 128 121 120.7 97.4 170.5 78 150 127.3 119.6 Nov 159 157 r129 r290 '166 r159 r193 153 115 102 120 2 r96 5r166 2 75 142 127 4 119 6 Dec 157 154 128 294 165 158 191 150 81 115 119.4 94.6 160.7 73 P147 127.5 119.5 1961—Jan *>155 ^152 *>128 *>294 *163 *>156 *>188 P148 *119.7 ?93.8^157.4 75 *142 • Estimated. » Preliminary. r Revised. were: residential, 271; all other, 266. A description of the old index, Adj. = adjusted for seasonal variation. Unadj. = without seasonal including seasonal adjustments, may be obtained from the Division of adjustment. Research and Statistics. * See note 1. 2 Employees only, excluding personnel in the armed forces. 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 1959 1960 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 36,269 36,318 2,224 2,193 2,240 3,046 3,360 3,337 3,472 3,597 3,295 3,119 3,319 2,886 2,718 By type of ownership: Public 11,068 12,587 711 727 702 1,07S 1,067 1,075 1,737 1,413 1,018 995 1,P5 1071 1,218 Private 25,201 23,731 1,513 1,466 1,537 1,971 2,293 ?,31? ?,716 2,184 2,277 ?J?4 ?J94 1 1,500 By type of construction: Residential 17,150 993 927 988 1,294 1,480 1,453 1,483 1,329 1,433 1,277 1,390 1,253 N Pu o b n l r i e c s w id o e r n k t s ia l and utilities 1 7 1 , , 7 3 3 87 2 7 44 9 1 0 4 8 6 0 5 1 6 5 9 5 8 4 11 0 6 6 8 7 5 1,0 8 4 3 8 3 1,1 7 1 7 0 4 1 8 1 7 1 9 0 1 1 ,1 1 1 5 6 2 1 6 1 8 7 5 7 1 7 P 1 4 7 1 7 1 6 6 4 5 7 9 1 1 7 6 NOTE.—Monthly data exceed annual total and are not comparable counting for negative adjustments in monthly data after original figures with monthly data for earlier years because of a change in policy of ac- have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION 217 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates.l Monthly data at seasonally adjusted annual rates. In millions of dollars] Private Public Year or month Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u B al s u - sin m e C e ss o rc m ia - l P u u ti b li l t i y c O n d r t e t o e i h s a n n i e l - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r o A th l e l r 1952 34,670 23,889 12,842 7,500 2,320 1,137 4,043 3,547 10,781 ,387 2,679 790 5,925 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 ,290 3,015 883 6,048 1954 39,362 27,684 15,379 8,531 2,030 2,212 4,289 3,774 11,678 ,003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 ,287 3,861 ,085 5,491 1956 45,779 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,712 ,360 4,395 ,275 5,682 1957 47,795 33,778 17,019 12,535 3,557 3,564 5,414 4,224 14,017 ,287 4,892 ,344 6,494 1958 48,903 33,491 18,047 11,076 2,382 3,589 5,105 4,368 15,412 ,402 5,500 ,387 7,123 19592 56,206 39,949 24,469 11,088 2,106 3,930 5,052 4,392 16,257 ,488 5,916 ,467 7,386 1960r 55.173 38,929 22.024 12,245 2,861 4,072 5.312 4,660 16,244 ,370 5,797 ,487 7,590 1960—Jan 54,726 39.894 23,244 11,928 2,556 4,140 5,232 4,722 14,832 ,272 5,004 ,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 ,536 7,200 Mar 54,419 39,263 22,392 12,120 2,772 4,116 5,232 4,751 15,156 ,512 5,112 ,536 6,996 Apr 54,166 38,722 21,930 12,084 2,772 4,056 5,256 4,708 15,444 ,236 5,304 ,536 7,368 May 55,260 38,916 22,180 12,036 2,760 3,960 5,316 4,700 16,344 ,200 6,168 ,512 7,464 June 55,189 39,103 22,362 12,074 2,788 3,881 5,405 4,667 16,086 ,283 5,639 ,475 7,689 July 55,389 39,034 22,308 12,101 2,868 3,870 5,364 4,625 16,355 ,265 5,768 ,455 7,867 Aug 55,298 38,660 21,783 12,262 2,934 3,922 5,406 4,615 16,638 ,430 6,121 ,447 7,640 Sept 55,325 38,697 21,716 12,362 3,041 4,036 5,285 4,619 16,628 ,392 5,987 ,454 7,795 Oct 54,736 38,331 21,228 12,478 3,084 4,133 5,261 4.625 16.405 .354 5,791 ,465 7,795 NOVP 55.430 38.581 21,428 12,516 3,036 4,198 5,282 4,637 16.849 ,819 5,600 ,448 7,982 Dec.?' 56.405 38.640 21.522 12,609 2,982 4,307 5,320 4,509 17,765 ,643 6,660 ,484 7,978 1961—Jan." 55.330 38.240 20.666 12,996 3,031 4,516 5,449 4,578 17,090 1,660 5,972 1,533 7,925 25 Preliminary. r Revised. 2 Series beginning 1959 includes Alaska and Hawaii for the first time. 1 Data for 1951-58 are joint estimates of the Departments of Commerce and Labor. NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, and Veterans Administration. In thousands of units] Seasonally an a n d u ju a s l t e r d ate Metro- Non- Private Government-underwritten 2 Year or month T ( o P t r a iv l ate N o o n n l f y a ) rm Total p a o r l e i a ta s n ' p a o re li a ta si n Total fam 1 i - ly fam 2- ily f M am ul i t l i y - Public Total FHA VA 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 ,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 ,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 . .. I 042 700 342 993 840 33 120 49 322 193 128 1958 ,209 827 382 1,142 933 39 170 68 439 337 102 1959 179 946 432 1,343 1,079 49 215 36 458 349 109 19593 ,554 1,077 477 ,517 1,234 56 227 37 458 349 109 1960 ! 879 403 p 240 n.a. n.a. n.a. Ml 336 261 75 1959 Dec .451 1.401 96 67 29 96 77 4 15 1 26 20 6 I960 Jan ,366 ! ,291 88 65 24 87 69 3 15 1 20 16 4 Feb , 367 I ,347 90 66 25 88 71 3 14 2 22 18 5 Mar ,112 ,098 93 67 27 90 73 3 14 3 27 22 5 Apr . . ,327 307 125 83 42 124 102 4 18 2 33 25 7 May ,333 ,315 130 91 39 127 101 4 22 3 32 25 7 June ,302 ,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 ,292 ,273 130 85 44 125 102 4 20 5 35 26 8 Sept ,062 ,040 102 68 34 96 '76 3 17 6 29 22 7 Oct ,256 .220 112 76 36 109 86 3 20 3 28 23 6 Nov . . \2\*> :i99 ''96 66 30 71 3 20 26 20 5 Dec "990 "980 ''73 50 23 .66 n.a. n.a. n.a. ,7 19 14 5 n.a. Not available. p Preliminary. ' Revised. 3 New series, including both farm and nonfarm unless otherwise 1 For new series, based on revised definition of metropolitan areas. indicated. Not strictly comparable with nonfarm series developed by 2 Data from Federal Housing Administration and Veterans' Ad- the Bureau of Labor Statistics, for which annual totals are given through ministration represent units started, based on field office reports of first 1959. compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employed i Unemploy- Year or month institutional labor Not in the ment population force Total Total In c u n l o t n u a ra g l ri- In U pl n o e y m ed - (per r a c t e e nt)2 industries agriculture 1954 116.220 67,818 64,468 60,890 54 395 6 495 3 578 48 401 5 6 1955 117,388 68,896 65,848 62,944 56.225 6,718 2 904 48 492 4 4 1956 118,734 70,387 67,530 64,708 58 135 6 572 2 822 48 348 4 2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2 936 49 699 4 3 1958 121,950 71,284 68,647 63 966 58 122 5 844 4 681 50 666 6 8 1959 123,366 71,946 69,394 65,581 59,745 5 836 3 813 51 420 5 5 I960 125,368 73,126 70,612 66,681 60,958 5.723 3 931 52 242 5 6 1960 Jan 3 124,606 70,689 68,168 64,020 59,409 4,611 4,149 53,917 '5.3 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 r5 5 Apr 124,917 72,331 69,819 66,159 60,765 5,393 3,660 52,587 '5.1 Miay 125,033 73,171 70,667 67,208 61 371 5 837 3 459 51 862 r5 1 June 125,162 75,499 73,002 68,579 61,722 6,856 4,423 49,663 '5.4 July 125,288 75,215 72,706 68,689 61 805 6 885 4 017 50 074 r5 5 Aug 125,499 74,551 72,070 68,282 61,828 6,454 3 788 50'948 r5 8 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 r6 3 Nov 126,222 73,746 71,213 67,182 61,516 5,666 4.031 52,476 r6.2 Dec 126,482 73,079 70,549 66,009 61 059 4 950 4 540 53 403 6 8 1961 Jan 126,725 72,361 69,837 64,452 59,818 4,634 5,385 54,364 6,6 r Revised. NOTE.—Information relating to persons 14 years of age and over is 1 Includes self-employed, unpaid family, and domestic service workers. obtained through interviews of households on a sample basis. Monthly 2 Per cent of civilian labor force. Monthly data are seasonally data relate to the calendar week that contains the 12th day; annual data adjusted. are averages of monthly figures. 3 Beginning with January 1960, data include Alaska and Hawaii. 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 TotaP M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta lo te c a a l nd utilities government 1954 48,431 15 995 111 2 593 4 009 10 520 2 122 5 664 6 751 1955 50,056 16,563 111 2,759 4 062 10,846 2 219 5 916 6 914 1956 51,766 16,903 807 2,929 4,161 11.221 2,308 6,160 7 277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7 626 1958 50,543 15,468 721 2 648 3 903 11 141 2 374 6 395 7 893 1959 51,975 16 168 676 2 767 3 902 11 385 2 425 6 525 8 127 1960» 52,895 16,338 664 2,770 3 901 11.645 2.485 6,637 8 455 SEASONALLY ADJUSTED 1960 Jan 52.880 16,562 658 2 775 3 941 11 594 2 454 6 606 8 290 Feb 52,972 16 567 669 2 781 3 933 11 627 2 464 6 616 8 315 Mar 52,823 16,509 666 2 601 3 920 11 595 2 456 6 577 8 499 Apr 53,128 16 527 684 2 752 3 924 11 652 2 463 6 611 8 515 M^ay 53,105 16,540 684 2,783 3 927 11,675 2 469 6,618 8 409 53,140 16,498 678 2 790 3 926 11 712 2 471 6 645 8 420 July 53,145 16,417 658 2,858 3.910 11,736 2,480 6,682 8,404 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 52,591 16,030 644 2,783 3 858 11 568 2 512 6 665 8 531 Dec P 52,215 15,784 636 2,641 3,824 11,538 2,518 6,684 8,590 1961 Jan P 52,342 15.668 629 2,672 3,830 11.720 2,522 6,668 8,633 WITHOUT SEASONAL ADJUSTMENT 1960 Jan 52.078 16,470 658 2,453 3 882 11 424 2 429 6 474 8 288 Feb 52,060 16,520 669 2,389 3 887 11 329 2 439 6 484 8 343 Mar 52.172 16,478 666 2,312 3,900 11,325 2,444 6,511 8,536 Apr 52,844 16,380 677 2 590 3 917 11 620 2 463 6 644 8 553 May 52,957 16,348 677 2,830 3.924 11,543 2,469 6,717 8,449 June 53 309 16,422 681 2 977 3 942 11 637 2 496 6 745 8 409 July 52,923 16,250 655 3,098 3 939 11 591 2 530 6 715 8 145 Aug • • 53,062 16,386 672 3,130 3,921 11,592 2,536 6.685 8,140 Sept 53 496 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 16,129 647 2,847 3,868 11,842 2,499 6,665 8,636 Decv 53,303 15,830 639 2,546 3,846 12,401 2,505 6,617 8,919 1961 Jan P 51,548 15,572 629 2,362 3,773 11,548 2,497 6,535 8,632 * 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 data may be obtained from the Bureau of Labor Statistics. NOTE.—Data include all full- and part-time employees who worked 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 219 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1960 1961 1960 Jan. Nov. Jan." Jan. Nov. Dec.39 J otal , 12,536 11,937 11,702 11,603 12,449 12,037 11,749 11,51.2 Durable goods 7,244 6,740 6,579 6,494 7,230 6,786 6,614 6,480 Ordnance and accessories 74 74 73 73 74 74 73 73 Lumber and wood products 594 539 526 530 561 547 515 501 Furniture and fixtures 322 313 305 299 327 321 311 303 Stone, clay, and glass products 454 427 415 416 443 431 415 406 Primary metal industries 1,043 870 848 835 1,048 870 852 839 Fabricated metal products 849 809 788 769 857 817 796 111 Machinery except electrical 1,167 1,096 1,075 1,060 1,179 1,085 1,080 1.071 Electrical machinery 883 854 827 820 892 867 844 828 Transportation equipment 1,239 1,147 1,128 1,099 1.239 1,147 1,128 1,099 Instruments and related products 230 221 215 212 231 222 217 213 Miscellaneous manufacturing industries 389 390 379 381 379 406 383 371 Nondurable goods 5,292 5,197 5,123 5,109 5,219 5,251 5,135 5,032 Food and kindred products 1,044 1,016 1.023 1.036 954 1,036 986 945 Tobacco manufactures 76 75 73 73 78 82 77 74 Textile-mill products 856 824 807 803 860 832 819 807 Apparel and other finished textiles 1,080 1.074 1,036 1.014 1 .091 1.079 1,052 1.024 Paper and allied products 449 441 435 438 447 445 437 436 Printing, publishing and allied industries.... 562 578 570 572 562 584 579 572 Chemicals and allied products 533 530 529 523 536 533 532 526 Products of petroleum and coal 157 148 146 147 154 147 145 144 Rubber products 206 190 187 189 208 193 191 191 Leather and leather products 329 321 317 314 329 319 317 314 v Preliminary. nearest the 15th of the month. Back data may be obtained from tbf 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 1960 1961 1960 1961 1960 1961 Jan. Nov. Dec.^ Jan.*3 Jan. Nov. Dec.^ Jan.*9 Jan. Nov. DecJ; Jan.** Total 92.29 90.39 89.55 89.55 40.3 39.3 38.6 38.6 2.29 2.30 2.32 I 2.32 Durable goods 100.86 97.42 96.97 96.08 41.0 39.6 39.1 38.9 2.46 2.46 2.48 2.47 Ordnance and accessories 108.21 109.34 108.68 108.81 41.3 40.8 40.4 40.6 2.62 2.68 2.69 2.68 Lumber and wood products 77.03 77.18 76.02 74.68 39.3 38.4 38.2 38.1 1.96 2.01 1.99 1.96 Furniture and fixtures 74.56 74.05 74.82 73.32 40.3 39.6 39.8 39.0 1.85 1.87 1.88 1.88 Stone, clay, and glass products 91.30 94.02 91.48 92.40 40.4 40.7 39.6 40.0 2.26 2.31 2.31 | 2.31 Primary metal industries 117.96 104.72 105.28 105.74 41.1 37.4 37.2 37.1 2.87 2.80 2.83 2.85 Fabricated metal products 100.94 98.15 97.22 97.11 41.2 39.9 39.2 39.0 2.45 2.46 2.48 ! 2.49 Machinery except electrical 105.32 103.46 103.74 103.74 41.3 40.1 39.9 39.9 2.55 2.58 2.60 ! 2.60 Electrical machinery 92.80 93.20 92.28 92.36 40.7 40.0 39.1 39.3 2.28 2.33 2.36 j 2.35 Transportation equipment 115.92 112.16 111.44 107.59 42.0 40.2 39.8 38.7 2.76 2.79 2.80 I 2.78 Instruments and related products 94.19 96.63 94.23 93.75 40.6 40.6 39.1 38.9 2.32 2.38 2.41 j 2.41 Miscellaneous manufacturing industries. 78.20 78.40 76.03 78.21 40.1 40.0 38.4 39.3 1.95 1.96 1.98 I 1.99 Nondurable goods 80.77 81.48 80.18 80.98 39.4 38.8 38.0 38.2 2.05 2.10 2.11 2.12 Food and kindred products 88.91 89.10 89.24 89.78 40.6 40.5 40.2 39.9 2.19 2.20 2.22 2.25 Tobacco manufactures 66.05 65.60 69.27 66.77 38.4 37.7 38.7 37.3 1.72 1.74 1.79 1.79 Textile-mill products 64.48 63.18 61.72 61.61 40.3 39.0 38.1 37.8 1.60 1.62 1.62 1.63 Apparel and other finished textiles 55.44 55.77 52.60 54.19 36.0 35.3 33.5 34.3 1.54 1.58 1.57 1.58 Paper and allied products 95.20 96.37 95.35 96.05 42.5 41.9 41.1 41.4 2.24 2.30 2.32 2.32 Printing, publishing and allied industries 104.56 106.96 105.66 105.66 38.3 38.2 37.6 37.6 2.73 2.80 2.81 2.81 Chemicals and allied products 101.60 105.16 104.30 104.30 41.3 41.4 40.9 40.9 2.46 2.54 2.55 2.55 Products of petroleum and coal , 116.98 117.97 118.67 120.18 40.2 40.4 40.5 40.6 2.91 2.92 2.93 2.96 Rubber products , 102.16 99.57 98.18 98.30 40.7 39.2 38.5 38.7 2.51 2.54 2.55 2.54 Leather and leather products , 61.78 60.42 59.07 62.08 37.9 36.4 35.8 37.4 1.63 1.66 1.65 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

220 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 averages 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M 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 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 ... 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 128 148 169 125 137 128 146 159 143 1959 144 126 131 140 139 156 181 133 144 134 155 172 157 I960 "128 P135 "140 ^182 ^134 ^143 H55 "169 "156 SEASONALLY ADJUSTED 1959—Dec 146 129 135 140 143 156 185 134 143 133 155 170 158 I960 Jan 146 131 135 146 139 156 180 134 150 137 156 171 156 Feb 142 130 133 143 136 149 175 127 134 135 144 163 158 Mar 138 122 126 134 139 140 162 125 131 123 142 164 157 Apr 154 134 144 151 144 168 192 145 159 147 164 181 159 May 141 125 131 136 139 144 176 132 143 133 150 159 153 145 129 135 144 139 149 183 134 144 137 154 170 153 July 149 125 135 142 143 156 194 141 144 136 159 175 159 Aug 143 124 137 136 139 149 178 134 140 132 151 169 155 Sept 144 126 136 139 140 153 185 132 138 134 154 166 155 Oct • 150 129 140 145 144 162 189 140 149 138 164 172 160 142 129 131 136 136 150 179 129 139 137 157 163 152 Dec ^147 128 135 136 142 "154 137 138 ^160 171 159 WITHOUT SEASONAL ADJUSTMENT 1959 Dec ... 260 251 245 257 -288 325 233 250 230 266 291 281 I960—Jan 111 99 108 108 105 112 139 101 111 98 115 135 121 Feb 106 93 102 102 105 105 137 95 102 99 105 122 121 Mar 115 95 107 113 113 114 149 108 110 105 119 143 126 Apr 150 133 137 153 144 165 194 139 150 139 154 172 153 May 138 124 127 134 135 143 173 130 144 127 150 159 145 June 137 123 130 134 131 139 165 129 134 133 146 156 147 July 122 95 101 108 116 129 165 113 119 109 140 156 142 132 106 109 114 128 135 170 123 134 132 154 165 154 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 171 155 167 178 167 182 206 158 166 154 181 190 177 Dec 249 246 250 254 ^284 P329 238 237 293 282 STOCKS i 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 156 142 142 160 134 179 210 148 144 144 157 178 167 I960 "165 "148 "149 "164 "149 ^183 "227 "154 P\50 "153 ^165 "187 "178 SEASONALLY ADJUSTED 1959—Dec 161 145 145 164 138 179 227 154 146 146 162 183 175 1960 Jan 161 144 146 164 142 178 227 150 149 147 162 186 178 Feb 160 143 146 160 142 179 225 147 145 145 162 180 179 162 144 147 159 145 177 225 151 148 146 160 182 183 Apr 159 141 144 157 139 181 224 146 147 146 157 181 176 May.... 161 146 149 164 144 187 223 152 151 150 160 185 167 June . .. 165 148 149 168 150 185 227 152 152 152 161 192 180 July 167 149 151 166 160 187 227 155 154 157 165 190 180 Aug 169 153 154 166 157 189 232 158 154 162 165 192 182 Sept 168 152 153 166 154 188 230 160 152 159 171 189 178 Oct 167 152 151 165 151 184 231 159 150 158 173 192 179 Nov 169 151 152 166 163 182 235 158 149 157 173 192 178 Dec . .... "167 147 149 164 145 185 v22S 166 147 150 WITHOUT SEASONAL ADJUSTMENT 1959—Dec 145 135 135 148 126 165 197 134 132 136 146 170 160 I960—Jan 144 128 132 144 125 158 207 135 133 135 146 163 158 Feb 152 134 136 154 136 167 223 139 138 139 156 175 165 Mar 165 146 149 164 149 181 237 151 150 149 164 191 182 Apr 165 147 150 168 146 188 232 155 153 150 163 189 179 May 163 149 151 167 148 186 225 155 149 150 161 183 166 June 157 139 140 156 142 174 213 149 143 143 158 179 176 July 158 135 137 149 147 172 211 152 146 148 158 180 177 AUE 165 148 150 159 150 186 225 155 153 158 163 192 181 Sept 176 159 161 174 160 199 239 166 161 166 176 201 188 Oct 186 172 171 190 169 209 251 175 171 175 187 211 198 Nov 192 177 176 191 184 211 266 177 170 179 196 211 205 Dec 137 140 148 132 170 144 133 140 H56 ^168 165 * Preliminary. ' 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 Admin are 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 221 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales * Period m S (t a o f o l o n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) 1 o m ( s e r O t n o d i a n d u n e n g r t t d - h s o - ) f i m c ( e t o R f i o o n p e t r t t a - h s 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 s o 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 k s - rs - s ce R i e p - ts Annual average: 1952 397 1,097 435 397 401 2.9 1 1 4 1 1 o 1953 406 1,163 421 408 401 3.0 4.1 0 1954 409 1,140 388 410 412 3.0 0 4 0 o 1955 437 1,195 446 444 449 2.9 4 0 0 1956 454 1,286 470 459 458 3.0 4.1 0 1957 459 1,338 461 461 458 3.1 4.1 0 1958 462 1,323 437 462 464 3.0 o 4.1 o 1959 '488 '1,391 510 r495 '498 3.0 4.1 1 492 1 466 517 494 491 3.1 1 4 3 0 Month: 1959 Dec '945 '1,317 372 '616 '468 1.4 0.4 1.8 0 7 I960 Jan 384 1.299 459 373 460 3.4 1.2 4.6 J 0 Feb 362 1,362 514 425 480 3.8 1.4 5.2 I 2 Mar 418 1,468 456 524 466 3.5 1 1 4 6 I 3 Apr 507 1,473 417 512 473 2.9 0.8 3.7 I 0 May 448 [,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 ) 8 July 373 1,371 678 363 425 3.7 1.8 5.5 1.0 Aus 452 1,463 629 544 495 3.2 1.4 4.6 .2 Sept. 471 1,564 621 572 564 3.3 1.3 4.6 Oct 520 ,670 581 626 586 3.2 1.1 4.3 Nov 584 I 735 479 649 547 3.0 0 8 3 8 1 1 Dec P 933 ,340 332 538 391 1.4 0.4 1.8 0.6 * Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1959, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see the department store sales. BULLETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r ip ts m e e x n c t l s u 2 ding Merchandise imports3 Period 1958 1959 r 1960 r 1958 1959 r I960' 1958 1959 r I960' Jan 1.505 1.401 1.561 1 .597 1.287 1,484 1,096 1 154 1 141 Feb ,346 ,279 ,576 246 1,182 ] .497 956 119 289 Mar ,555 ,459 ,749 ,440 [,378 ,632 ,071 .295 378 Apr ,530 ,481 ,818 ,408 [,345 ,703 ,057 221 261 May ,638 ,558 ,804 ,507 1,418 ,710 ,061 ,264 ,262 ,408 ,427 ,737 ,309 1,351 ,637 ,031 ,370 307 July ,418 ,470 ,699 289 1,356 ,629 ,049 250 150 Aug ,401 ,410 1,609 1,287 1,313 ,547 950 ,188 229 Sept ,363 ,487 ,610 1,242 ,407 .557 ,073 395 160 Oct . ,607 ,482 1,744 1,426 1,399 1,690 ,150 ,202 ,157 Nov .599 1,482 1,797 1,410 1.380 1,724 1,086 [,283 161 Dec 1,524 .685 L796 L389 1,580 1,743 1.254 1.467 .157 Jan.-Dec 17,894 17,621 20,500 16,350 16,395 19,551 12,834 15,207 14,654 r Revised. and supplies under Mutual Security Program. 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 =100] Housing Read- Other Year or month it A em ll s Foods Gas Solid House- House- p A a p re - l T po ra r n ta s - - M ic e a d l - s P o e n r a - l a in n g d g a o n o d ds Total Rent e a l n ec d - f a u n e d ls n f i u s r h - - o h p o e l r d a- tion care care re t c io re n a- s i e c r e v s tricity fuel oil ings tion 1929 . ... 73.3 65.6 117 4 60.3 1933 55.3 41.6 83 6 45 9 1941 62.9 52.2 88.4 55 6 1945 76.9 68.9 90 9 76.3 1952 . . .. 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.2 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.0 120.1 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1957 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124 A 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—Dec... 125.5 117.8 130.4 140.8 122.7 137.3 104.2 135.5 109.2 148.7 153.2 132.9 120.4 131.7 I960—Jan. 125.4 117.6 130.7 140.9 123.2 139.0 104.0 135.9 107.9 147.6 153.5 132.7 120.3 131.8 Feb 125.6 117.4 131.2 141.0 124.0 139.0 104.3 136.3 108.4 147.5 154.7 132.6 120.6 131.8 Mar 125.7 117.7 131.3 141.2 124.1 137.2 104.7 136.9 108.8 146.5 155.0 132.7 120.9 131.7 Apr 126.2 119.5 131.4 141.4 124.4 136.3 104.7 137.0 108.9 146.1 155.5 132.9 121.1 131.9 May. 126.3 119.7 131.2 141.4 124.7 132.9 104.3 137.2 108.9 145.6 155.9 133.2 121.4 131.9 June 126.5 120.3 131.3 141.6 124.7 132.3 104.3 137.3 108.9 145.8 156.1 133.2 121.1 132.0 July 126.6 120.6 131.3 141.8 124.8 132.9 104.1 137.4 109. 1 145.9 156.4 133.4 121.6 132.2 A.ug . 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 127.3 120.9 132.2 142.5 125.7 136.1 104.0 138.1 111.0 146.1 157.3 134.0 121.0 132.7 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 Dec. 127.5 121.4 132.3 142.8 125.6 137.0 103.9 138.3 110.6 146.5 158.0 133.7 122.3 132.7 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 0 111 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 Dec 118.9 85.9 104.7 128.6 96.7 112.3 111.7 110.0 142.0 124.8 132.4 155.2 153.7 123.2 137.8 131.7 94.2 1960 Jan 119.3 86.5 105.6 128.8 96.6 112.7 111.9 109.9 143.1 125.1 133.7 155.5 153.8 123.4 138.4 131.7 95.3 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 U0.8 110.2 146.3 123.7 133 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 Aus 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 95.9 108.1 116.1 110.4 144.9 118.7 133.0 153.5 151.3 122.8 138.0 132.0 91 1 Oct 119.6 89.5 109.0 128.0 95.8 108.5 116.2 110.3 144.7 117.7 133.4 152.8 152.8 122.7 138.1 132.0 90.3 Nov 119 6 89.9 109.1 M27.9 r95.4 108.5 116.1 110.3 143.6 r116.9 133.1 r152.3 r153.5 122.6 137 9 132 0 90 6 Dec 119.5 88.7 109.3 127.9 95.2 108.9 116.2 110.4 141.8 116.7 132.3 152.2 153.6 122.5 137.9 132.1 92.4 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 223 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1959 1960 1959 1960 Subgroup Subgroup Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm Products: Pulp, Paper, and Allied Products {Cont.): Fresh and dried produce. 107.9 109.2 107.5 99.5 Grains 76.1 73.5 70.3 72.7 Paperboard 135.9 135.9 132.4 132.4 Livestock and poultry 76.0 80.7 81.8 82.8 Converted paper and paperboard 127.5 131.1 131.1 131.1 Plant and animal fibers.. 95.7 90.8 90.8 90.7 Building paper and board 147.6 145.7 145.4 145.4 Fluid milk 98. h 101.5 102.3 102.1 Eggs 62.8 98.9 108.1 87.7 Metals and Metal Products : Hay and seeds 76.3 72.2 72.5 74.1 Other farm products 127.5 130.4 129.1 130.4 Iron and steel 172.2 168.9 168.5 168.6 Nonferrous metals 140.7 137.1 r135.5 133.9 Processed Foods: Metal containers 152.9 153.6 153.6 153.6 Hardware 173.2 174.6 174.6 174.6 Cereal and bakery products 120.4 123.1 123.1 123.5 Plumbing equipment 133.2 130.8 130.8 130.8 Meats, poultry, and fish 90.5 97.8 96.6 97.4 Heating equipment 121.6 119.3 118.4 117.5 Dairy products and ice cream 118.1 121.3 121.7 122.0 Fabricated structural metal products, 135.4 134.0 133.9 133.9 Canned, frozen fruits, and vegetables 104.6 108.9 '109.6 110.3 Fabricated nonstructural metal Sugar and confectionery 115.6 117.1 rll7.4 116.3 products 146.5 146.2 146.7 148.6 Packaged beverage materials 145.2 140.9 140.9 140.9 Other processed foods 100.0 100.5 102.8 100.8 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 144.0 146.7 148.4 148.4 Cotton products 95.0 92.8 91.7 91.2 Construction machinery and equip- Wool products 104.2 101.1 '101.3 100.8 ment 172.9 176.7 177.3 177.1 Synthetic textiles...... 81.3 78.5 r78.2 77.8 Metal working machinery 177.6 181.2 182.1 182.4 Silk products 121.7 128.5 125.9 125.7 General purpose machinery and Apparel 100.9 101.1 101.0 101.0 equipment 167.9 166.5 166.3 166.0 Other textile products. 79.4 91.3 92.1 92.6 Miscellaneous machinery 149.8 150.4 150.7 150.7 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 155.4 152.5 152.6 152.6 Motor vehicles 141.6 140.3 142.0 142.2 Hides and skins 73.8 64.1 65.8 64.9 Leather 103.5 98.1 97.1 99.4 Furniture and Other Household Dura- Footwear 134.1 132.5 132.5 132.5 bles: Other leather products. 107.8 104.0 104.2 104.2 Household furniture 124.2 125.6 125.7 125.7 Fuel, Power, and Lighting Materials: Commercial furniture 155.5 157.1 157.1 157.1 Floor covering 129.0 130.5 130.2 130.2 Coal 124.1 122.5 123.0 123.1 Household appliances 103.7 100.9 100.6 100.5 Coke 170.4 170.4 170.4 170.4 Television, radios, phonographs 91.9 90.5 90.5 90.5 Gas fuels (Jan. 1958= 100) 115.5 120.9 rt20.2 120.3 Other household durable goods 156.6 156.8 156.6 156.6 Electric power (Jan. 1958= 100) 101.2 102.1 H02.4 102.3 Petroleum and products 114.3 121.0 120.6 120.8 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.3 132.4 132.4 132.4 Concrete ingredients 140.4 142.1 142.1 142.0 Industrial chemicals 124.0 123.6 123.5 123.6 Concrete products 130.4 131.0 131.0 131.0 Prepared paint 128.3 128.4 128.4 129.7 Structural clay products 160.7 162.2 162.3 162.3 Paint materials 103.1 104.5 104.8 104.4 Gypsum products 133.1 133.2 133.2 133.2 Drugs, Pharmaceuticals, cosmetics. 93.7 94.4 94.3 94.3 Prepared asphalt roofing.... 113.6 106.6 106.6 106.6 Fats and oils, inedible 50.8 47.8 48.9 48.5 Other nonmetallic minerals. 132.5 135.0 133.6 133.6 Mixed fertilizers 109.8 112.9 112.1 111.8 Fertilizer materials 107.0 '111.2 r111.9 111.9 Tobacco Manufactures and Bottled Other chemicals and products 106.8 107.3 107.4 107.3 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.5 106.5 106.5 Crude rubber 160.5 146.8 140.6 136.8 Other tobacco products 153.7 155.7 155.7 155.7 Tires and tubes 132.2 141.3 141.3 138.6 Alcoholic beverages 120.7 121.1 121.1 121.3 Other rubber products. 143.0 146.8 146.8 146.8 Nonalcoholic beverages 171 .1 171.4 171 .4 171 .4 Lumber and Wood Products: Miscellaneous: Lumber. . 125.9 116.3 M15.1 115.2 Toys, sporting goods, small arms. .. 118.0 118.6 118.6 118.6 Millwork. 137.9 135.3 135.8 135.7 Manufactured animal feeds 74.0 66.2 66.8 70.0 Plywood.. 97.2 97.1 96.1 95.1 Notions and accessories 97.5 96.4 96.4 96.4 Jewelry, watches, photo equipment.. 109.5 110.9 110.9 111.0 Pulp, Paper, and Allied Products: Other miscellaneous 131.9 132.6 132.1 132.3 Woodpulp.. 121.2 121.2 121.2 114.5 Wastepaper. 109.8 77.4 77.4 67.8 Paper 144.3 145.7 145.7 145.7 r Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 3 4 1 2 3 104.4 56.0 125.8 284.6 397.5 419.2 442.8 444.2 482.1 481.4 486.4 501.3 505.0 503.5 79.0 46.4 81.9 195.0 256.9 269.9 285.2 293.5 313.8 316.0 319.6 323.3 329.0 328.3 9.2 3.5 9.7 30.4 39.6 38.5 40.4 37.3 43.4 44.0 43.5 44.2 44.5 42.7 Nondurable goods .. • 37.7 22.3 43.2 99.8 124.8 131.4 137.7 142.0 147.6 148.0 149.6 150.5 153.5 152.7 32.1 20.7 29.0 64.9 92.5 100.0 107.1 114.2 122.8 124.1 126.6 128 6 130.9 132.9 16.2 1.4 18.1 50.0 63.8 67.4 66.1 56.0 72.0 67.5 70.8 79.3 75.5 70.8 8.7 1.4 6.6 24.2 34.9 35.5 36.1 35.4 40.3 41.1 39.4 40.8 40.7 40.5 3.6 .5 3.5 14.1 18.7 17.7 17.0 18.0 22.3 22.6 21.3 21.4 21.3 21.1 Other 5.1 1.0 3.1 10.1 16.2 17.8 19.0 17.4 18.0 18.5 18.1 19 3 19 4 19.5 Producers' durable equipment . • 5.9 1.6 6.9 18.9 23.1 27.2 28.5 23.1 25.8 26.5 26.8 27.1 29.5 29.7 1.7 -1.6 4.5 6.8 5.8 4.7 1.6 -2.5 5.9 -.1 4.7 11.4 5.3 .6 1.8 -1.4 4.0 6.0 5.5 5.1 .8 -3.6 5.4 -.5 4.3 11.0 5.0 .3 Net exoorts of soods 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 7.0 2.4 6.0 13.1 19.4 23.1 26.2 22.7 22.9 24.0 23.5 25.2 26.4 27.3 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 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 \ i n j 13.8 14.3 39.1 40.4 44.4 44.8 46.0 46.1 45.5 44.9 44.7 45.1 Other ( *'3 > 2.01 3.2 5.2 6.6 5.7 5.7 8.3 7.8 8.0 7.5 7.5 7.6 8.2 Less • Government sales o 0 1 0 1 4 3 4 5 5 5 5 5 State and local 7.2 6.0 7.8 19.7 30.3 33.2 36.8 40.8 43.9 44.5 43.9 45.7 46.9 48.0 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 392.7 400.9 408.6 401.0 428.0 426.3 429.1 440.5 442.2 438.0 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1959 1960 1929 1933 1941 1950 1955 1956 1957 1958 1959 National income 87.8 40.2 104.7 241.9 330.2 350.8 366.9 367.7 399.6 399.4 402.8 414.4 419.4 419.3 Compensation of employees 51.1 29.5 64.8 154.2 223.9 242.5 255.5 257.0 277.8 279.5 281.6 290.2 295.0 297.2 Wages and salaries 50.4 29.0 62.1 146.4 210.9 227.6 238.5 239.7 258.2 259.7 261.5 268.7 273.1 274.9 Private 45.5 23.9 51.9 124.1 174.9 189.6 198.4 196.4 212.9 214.2 215.6 222. 225.5 226.0 Military .3 .3 1.9 5.0 9.8 9.7 9.6 9.8 9.9 9.9 9.8 9.9 10.0 10.1 Government civilian 4.6 4.9 8.3 17.3 26.2 28.4 30.5 33.5 35.4 35.7 36.1 36.7 37.6 38.8 Supplements to wages and salaries .7 .5 2.7 7.8 13.0 14.9 17.0 17.4 19.6 19.8 20.1 21.5 21.9 22.3 Employer contributions for social insurance .1 A 2.0 4.0 5.8 6.8 7.8 8.0 9.5 9.5 9.6 10.8 10.9 11.1 Other labor income .6 A .7 3.8 7.1 8.1 9.1 9.4 10.1 10.3 10.5 10.7 10.9 11.2 Proprietors' income 14.8 5.6 17.4 37.5 42.1 43.7 44.5 46.4 46.5 46.1 46.3 46.0 48.1 48.3 Business and professional 8.8 3.2 10.9 23.5 30.4 32.1 32.7 32.3 34.7 35.0 35.1 35.4 36.0 36.1 Farm 6.0 2.4 6.5 14.0 11.8 11.6 11.8 14.0 11.8 11.1 11.2 10.6 12.1 12.2 Rental income of persons 5.4 2.0 3.5 9.0 10.7 10.9 11.9 12.2 12.4 12.4 12.5 12.5 12.5 12.5 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 43.1 42.0 41.7 37.4 46.6 44.9 45.5 48.0 45.3 42.2 Profits before tax 9.6 17.0 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 7.6 17.9 21.8 21.2 20.9 18.6 23.2 22.3 22 A 23.8 22.3 20.3 Profits after tax 8.3 9.4 22.8 23.0 23.5 22.3 19.1 23.8 22.9 22.7 25.0 23.4 21.3 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. -2.5 -5.0 -1.7 -2.7 -1.5 -.2 -.5 -.4 .7 -.8 -.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 225 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters 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 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 11.3 23.7 32.9 35.7 38.2 39.4 42.6 43.0 43.5 44.4 45.3 45.1 B St u a s t i i n st e i s c s a l tr d a i n s s c f r e e r p a p n a c y y ments . . 5 4 .8 1 1 . . 5 0 -2 1 .4 .6 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 -.7 — .b -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 disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments. . .9 1.5 2.6 14.3 16.0 17.2 20.1 24.5: 25.2, 25.0 26.0 26.1 26.7 27.3 Net interest paid by government. 1.0 1.2 1.3 4.8 5.4 5.7 6.2 6.2 7.1 7.3 7.6 7.8 8.0 8.2 Dividends 5.8 2.1 4.5 9.2 11.2 12.1 12.6 12.4 13.4 13.6 13.8 13.9 13.9 14.0 Business transfer payments .6 .7 .5 1.5 1.6 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Equals: Personal income 85.8 47.2 96.3 228.5 310.2 332.9 351.4 360.3 383.3 384.8 389.0 396.2 404.2 408.0 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.8 35.7 40.0 42.6 42.4\ 46.0 46.3 46.5 49.2 50.0 50.5 Federal 1.3 .5 2.0 18.2 31.5 35.2 37.3 36.7 39.8 40.0 40.2 42.6 43.4 43.8 State and local. 1.4 1.0 1.3 2.6 4.2 4.8 5.3 6.2 6.2 6.3 6.6 6.6 6.7 5.7 Equals: Disposal personal income 83.1 45.7 93.0 207.7 274.4 292.9 308.8 337.3 338.5 342.4 347.0 354.1 357.5 317.9 Less: Personal consumption expenditures.... 79.0 46.4 81.9 195.0 256.9 269.9 285.2 313.8 316.0 319.6 323.3 329.0 328.3 293.5 Equals: Personal saving 4.2 -.6 11.1 12.6 17.5 23.0 23.6 23.4 22.5 22.8 23.7 25.2 29.2 24.4 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 Item* 1959 1960 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.P Total personal income 383.3 404.2 393.9 395.7 395.7 397.0 401.9 404.7 406.1 407.3 408.2 408.8 r409.7 409.0 406.7 Wage and salary disbursements 258.2 272.5 265.0 268.2 268.6 269.3 271.7 273.6 274.0 275.1 275.7 275.0 274.8 273.6 271.1 Commodity-producing industries... 107.2 111.4 110.4 112.6 111.9 111.6 112.1 113.3 112.9 112.8 111.5 111.2 110.9 109.5 107.0 Manufacturing only 84.7 88.0 87.6 89.4 89.0 88.8 88.6 89.5 89.2 88.7 87.7 87.5 87 2 86 2 84 6 Distributive industries 68.2 71.9 69 A 69.9 70.3 70.8 71.8 72.0 72.2 72.4 72.9 72.7 72.5 72.5 72.5 Service industries 37.5 41.0 39.1 39.4 39.8 40.0 40.5 40.7 41.1 41.3 41.6 41.9 42.0 42.0 41.9 Government 45.3 48.2 46.1 46.3 46.5 46.9 47.3 47.6 47.8 48.5 49.0 49.2 49.4 49.6 49.7 Other labor income... 10.1 11.0 10.5 10.6 10.7 10.8 10.8 10.9 11.0 11.1 11.2 11.2 11 .3 11.1 11.0 Proprietors' income: Business and professional 34.7 35.9 35.2 35.5 35.5 35.4 35.7 36.0 36.2 36.2 36.1 36.1 36.1 35.9 35.8 Farm 11.8 12.0 12.3 11.3 10.4 10.1 11.7 12.1 12.5 12.0 12.2 12.2 ^12.6 12.9 12.9 Rental income. 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 12.5 Dividends... 13.4 14.0 13.6 13.9 13.9 13.9 13.9 13.9 13.9 13.9 14.0 14.0 14.1 14.1 14.0 Personal interest income. 23.5 26.8 24.8 25.2 25.5 25.9 26.2 26.5 26.8 27.1 27.4 27.5 27.6 27.6 27.7 Transfer payments. 27.0 29.0 27.9 27.7 27.7 28.3 28.6 28.4 28.5 28.7 29.1 29.7 30.0 30.5 30.8 Less: Personal contributions for social insurance 7 8 9 3 8.0 9.2 9.1 9.2 9.2 9.3 9.3 9.3 9.4 9.3 9.3 9 2 9 2 Nonagricultural income 367.6 388.1 377.4 380.2 381.2 382.7 385.9 388.2 389.3 391.1 391.8 392.4 393.0 392.1 389.9 Agricultural income .. 15.7 16.1 16.5 15.5 14.5 14.3 16.1 16.4 16.8 16.2 16.4 16.4 16.5 16.9 16.8 p Preliminary. r Revised. ment to the Survey of Current Business for 1959) and the Survey ofCurren t 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

226 FLOW OF FUNDS/SAVING SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transaction category, or sector 1958 1959 1960 1955 1956 1957 1958 1959 A Net national savingl 39.5 41.5 37.9 19.5 36.1 5.7 3.8 9.9 10.1 8.4 7.7 12.4 10.4 9.9 D B E C F G C S F C F F t e i a o o a n d r n r t a m e p e s n r o u a a c a r m l n i a n a d e G t d l e r o s l n o n a e v o c o n c e a n t n d r o l c f n r i n o g m s n o r o a p e n v n . n p e c t r b r i 1 o a n u l f m s i i t b n e u n e s s t i s s n 1 2 ess.. - 2 1 3 3 6 2 . . . 2 . . 3 6 5 4 - 2 2 2 5 5 9 . . . . . 7 9 9 9 5 * - 2 3 5 3 3 8 . . . . . 2 3 7 6 5 * - - 2 5 8 3 3 6 . . . . 0 . 2 1 5 1 - - 3 1 4 4 3 0 1 . . . 5 4 . . 6 4 - - - 5 1 8 3 1 . . . 3 . . . 7 4 5 5 3 - - 7 1 4 2 5 . . . . . 6 . 6 2 8 4 5 - - 8 1 . . 5 6 . . . . 1 2 7 9 - - 1 1 7 3 1 . . . . . . 9 8 4 6 - - - 2 1 1 8 3 1 . . . . . . 1 6 2 4 6 3 - - 4 6 3 3 . . 9 . . . 5 1 3 9 - - 1 4 8 1 . . 3 . . . 3 0 7 2 * - - 1 4 6 1 . . 6 . . . . 5 4 2 2 6 - - 1 2 - 9 2 1 . . . 5 0 1 . . . 1 9 5 H Capital consumption 3 62.3 67.5 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 1.2 1.2 K L Plant and equip, (nonprofit). .. .5 .5 .6 .6 .6 .1 .1 .2 .2 .2 .2 .2 .2 .2 L M Farm business 3.7 3.7 3.9 4.0 4. 1.0 1.0 1.0 .0 1.0 1.0 1.1 1.1 1.1 M N Noncorp, nonfinan. business 7.0 7.5 8.1 7.7 8.2 1.9 2.0 2.0 2.0 2.1 2. 2.1 2.1 2.2 N 0 Corporate nonfinancial business. . 17.6 19.3 21.2 21.9 23.3 5.5 5.6 5.6 5.8 5.8 6.0 6.1 6.2 6.3 O P Gross national savingl 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 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 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 Government1 .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 U State and local governmentsl -3.2 -2.7 -3.2 -5.0 -4.4 -1.7 -1.6 -.6 -1.8 -1.2 -.9 -.3 -1.5 -2.1 V Financial sectors 3.3 2.9 3.7 3.1 3. 1.5 .5 .9 .6 1.6 1.2 .4 1.5 W Gross national investment1 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 X 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 Y Other gross private domestic fixed investment 58.2 62 64.6 58.5 66.1 15.1 15.7 13.9 17.3 17.7 17.3 14.4 17. 17.6 Z Consumer and nonprofit 19.3 18 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 Nonfarm residen. constr.4 16.6 16 14.9 14.7 18.5 3.6 4.3 4.3 4.1 4.9 5.3 4.5 3 4.3 b Plant and equip, {nonprofit). . 2.7 2 3.3 3.6 3.7 1.0 1.0 .9 .9 1.0 1.0 .9 .9 1.1 c Farm business 4.2 3 4.0 4.4 4.9 1.2 1.0 1.1 1.4 1.3 1.0 1.0 1.3 1.2 d Noncorp. nonfinan. business4.. 10.1 10.2 9.7 9.1 10.8 2.5 2.4 2.1 3.3 3.0 2.5 2. 3.1 3.0 e Corp. nonfinan. business4. ., f24.0 29.1 32.0 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 .7 .2 .2 .2 .2 .2 .2 .2 .2 .2 g Change in inventories 5 5.8 4.7 1.6 -2.5 5.9 -.4 3.6 2.1 -.2 .4 4.5 .4 h Farm business .3 -.4 .8 1.0 .5 .2 .2 .1 .1 .1 .1 .1 A 1 Noncorp. nonfinan. business .6 .2 .2 .6 .1 -.5 .2 .2 -.1 -.6 1.2 -.1 * j Corp. nonfinan. business.... 4.9 4.9 .6 -3.5 4.8 1.7 -.1 .9 3.2 .4 2'.4 -.2 k Net financial investment6 2. 4.2 .3 -1. -.2 -.4 .1 k 1 Consumer and nonprofit.... 4.7 12. 14.8 15.3 10.6 6.1 3.3 -.5 1.8 2.8 2.0 2.8 -1.2 1 m Net acquis. offinan. assets. 25.1 27.4 26.8 27.3 31.3 8.6 9.0 4.2 7.9 7.8 8.4 4.9 3.9 7.4 m n Net increase in liabilities.., 20.4 15.2 12.0 12.1 20.7 2.4 5.7 7.3 6.2 5.0 6.4 2.1 5.1 3.6 o Farm and noncorp. business, -4.4 -2.5 -2.7 -2.9 -4.5 -1.5 2.2 3.1 -3.8 -2.8 4.0 -2.5 -1.7 -2.0 p Net acquis. offinan. assets. .5 .5 .8 1.3 - .4 .3 .8 -1.9 .1 - .2 .3 - .4 .3 - .1 q Net increase in liabilities... 4.9 3.0 3.5 4.2 4.1 1.7 -1.4 -.5 3.9 2.5 -3.7 2.0 2.0 1.9 r Corp. nonfinan. business.... -2.2 -13.4 -8.7 -.9 -1.6 2.2 1.5 1.4 .8 .5 J A -4.5 -2.1 -1.2 s Net acquis. offinan. assets, 16.8 4.3 4.4 7.2 13.4 6.9 5.2 -1.5 5.6 3.6 4.1 -2.6 .7 1.7 t Net increase in liabilities... 19.0 17.7 13.1 8.0 15.0 4.8 3.7 .2 3.1 5.4 1.9 2.9 2.9 1.7 u 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 v 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 w Net increase in liabilities.., .5 -4.3 - .4 9.7 10.8 1.0 8.3 2.9 4.7 3.7 -4.3 -.5 1.3 x State and local governments -2.6 -2.2 -3.2 -5.2 -3.9 -2.7 -.3 -1.2 -1.3 .3 -.5 -.9 -2.1 y Net acquis. offinan. assets. 2.2 2.6 3.3 2.5 3.1 -.9 1.0 .2 .7 .9 1.2 1.0 .4 -.1 z Net increase in liabilities.., 4.8 4.8 6.5 7.7 6.9 1.9 1.3 1.8 1.9 2.3 .9 1.5 1.3 1.9 aa Financial sectors 3.5 2.7 3.0 4.5 3.7 2.5 1.4 .6 2.2 -.5 1.7 1.0 1.8 aa bb Net acquis. offinan. assets. 27.0 22.5 23.9 36.2 29.2 1.9 15.4 .2 10.1 8.5 10.3 -2.9 12.2 10.3 bb cc Net increase in liabilities... 23.4 19.8 20.9 31.7 25.5 -.7 15.3 -1.1 9.5 6.3 10.9 -4.6 11.2 8.5 cc dd Financial trans, discrep .5 c -2.6 -2.2 -1.6 -1.3 .7 -1.8 A A -1. .5 A dd ee Discrepancy (P-W)7 , -1.8 .9 .5 1.0 1.5 1.4 -4.0 2.8 -.3 1.2 -2.2 3.9 2.2 3.4 ee * Less than $50 million. P Preliminary. includes work in process on 1-to 4-family dwellings and other private t Includes $0.3 billion of existing facilities purchased from Federal residential construction. Government. 5 After inventory valuation adjustment. 1 For govt. sectors, saving is excess of all nonfinancial receipts over all 6 Financial component of national investment equals net lending to nonfinancial outlays; investment, changes in financial assets and liabilities rest of world; financial flows among domestic sectors cancel out in only. Govt. current outlays include, and govt. (and national) investment national total. (Discrepancies in financial transactions attributed entirely excludes, govt. purchases of tangible assets. to domestic transactions.) Differs from U. S. "net foreign investment" 2 Annual figures for farm sector are retained earnings of corporate (net exports minus net unilateral transfers in national income accounts) farms; farm and nonfarm unincorporated businesses shown as having by discrepancy in rest-of-world account, which equals "errors and zero annual net saving. Quarterly figures for both sectors include seasonal omissions" in Dept. of Commerce balance-of-payments statement for net saving. See p. 838 of the BULLETIN for August 1959. the United States. 3 Depreciation, accidental damage to fixed capital, and capital outlays 7 Saving and investment are equal in concept but may differ statistically charged to current account. Line H includes amounts for financial because of discrepancies. See p. 857 of the BULLETIN for August 1959. sectors not shown separately. See discussion on p. 836 of the BULLETIN NOTE.—Descriptions of sectors and of transaction categories are given for August 1959. in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN 4 For consumers, 1-to 4-family dwellings completed and purchases of for August 1959. For latest detailed flow of funds/saving tables, see additions and alterations. Investment of nonfarm business sectors the BULLETIN for January 1961. Notes to table on opposite page. held by other sectors included in Federal obligations category. 1 Demand deposit liabilities of banking system are net of F. R. float 3 Mainly time deposits of State and local governments, corporate and cash items in process of collection as reported by commercial banks. businesses, and savings institutions. Sum of sector holdings (partly on holder-record basis) differs from liability 4 Assets in these categories are treated as consumer holdings. total mainly because of mail float (checks in transit from drawers to 5 Marketable issues maturing within one year and, prior to 1956, drawees). For further discussion, see p. 853 of the BULLETIN for August savings notes. 1959. 6 Excludes loans to domestic commercial banks. Gross of valuation 2 Consumer-held only; includes net interest accruals. Savings bonds Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 227 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Annual totals Transaction category, 1958 1959 1960 or sector 1 1955 1956 1957 1958 1959 3 4 1 2 3 4 1 2 3P I. Demand deposits and currency A Net increase in commercial bkg. system liability 1 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 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 C Federal Government -.6 -.2 .2 .7 -5.0 * -.5 1.0 1.5 -1.2 -.4 2.8 .2 C D E Ot C he o r n s d u o m m e e r s t a ic n d s e n c o to n r p s rofit - 1 .8 .5 1 1 . . 7 0 -.9 .3 6 2 A .5 . . 9 9 2 2 . . 7 3 6.3 - - 4 . . 9 9 — . 7 .7 . . 4 8 4 1 . . 4 6 - - 6 3 . . 9 0 - - 1 . . 6 2 1 1 . 2 4 D E F Farm and noncorporate bus. .. .3 .1 .6 1.3 -.7 .3 2..33 _ 2 _ 2 - .2 _ 2 F G Corporate nonfinancial bus.... 1.0 .1 1.7 .2 1.0 2.5 -2.9 1.5 -.2 1.8 -3.4 .6 .2 G H State and local government ... .4 2 '.2 2 .5 -.7 .6 — 4 1 2 6 * — .4 — 2 H I Financial sectors .6 .2 .3 .7 * -.2 .5 -.3 * -.3 .6 -.4 .4 -.2 I J K Di R sc e r s e t p o an f c t y h e ( A w o — rl B d ) 1 * 4 .2 1 — 1 . . 2 4 — .7 -.6 .1 - - . . 9 1 1. . 4 3 j j . . 2 2 .1 2 * i 7 - - 1 . . 4 1 .2 * * * K J II. Fixed-value redeemable claims A Net increase, by type 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 B Time deposits 2.9 3.6 6.8 10.1 2.2 1.6 .9 1.1 1.2 * .2 1.7 2.6 B C Savings shares .. 5.3 5.4 5.2 6.5 7.2 1.0 2.3 1.4 2.3 2!3 1.5 2.4 1.4 C D U.S. savings bonds2 .3 -.1 -1.9 -.5 -1.8 -.2 -.2 -.2 -.5 1.2 -.6 — .2 -.1 * D -.5 E Net increase in liab., by sector 8.4 9.0 10.1 16.2 7.6 2.5 3.1 2.3 3.0 .8 1.6 1.6 3.9 4.0 E F Federal Government * -.3 -2.2 -.7 -2.0 -.2 -.2 -.2 -.6 -.6 -.6 -.3 -.2 -.1 F H G S C a o v m in m gs e r i c n i s a t l i t b u a ti n o k n i s ng 7 1 . . 1 3 7 2 .3 1 5 6 .9 5 8 8 .9 0 8 1 . . 4 2 1 1. 5 l 2.9 5 2 0 6 2 9 6 _ 1 l 4 — 2 2 4 1.8 2 1 . 6 5 2 1 2 8 G H I Net increase in assets, by sector 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 K C O o th n e s r u m do e m r e a s n t d ic n s o e n c p to r r o s f 3 it - 8 .1 .7 9.0 9.8 4 1 1 3 .5 7 — 9 1 .6 0 — 3. 0 4 — 3. 5 4 2 2 _ 3 2 5 _ 1 .7 7 2.1 2 1.6 2 3.4 3 3.2 5 K J L Rest of the world (time deposits). -.1 * * .9 -1.0 — 1 * * — 4 — 3 — 3 — 2 2 3 L — .1 III. Saving through life insurance and pension funds A Net increase by type 8.4 9.3 9.0 10.3 11.6 2.6 2.8 2.9 3.2 2 5 3 1 2.9 3.3 2.8 A B 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 B C 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 C D Net increase in liab., by sector4 8.4 9 3 9 0 10 3 3 1 2 9 3 3 2 8 D E Federal Government 6 1 0 6 1 0 1 0 3 1 2 4 3 7 1 E F State and local government ... 1.2 1 4 1.6 1.7 1.8 4 .4 5 5 5 5 5 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 .8 .7 H IV. Credit and equity market instruments A Net increase by type 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 B Federal obligations .8 — 5 6 1.1 9.0 11 3 1.1 7.6 * 2.0 5.3 4.0 -4.1 -1.4 1.2 B C Short-term direct5 -7.1 7.4 5.5 -1.2 5.5 1.2 3.8 -4.6 4.7 .7 4.7 -7.4 -2.1 5.3 C D Other 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 1 3 8 1 3 1 4 1 8 4 1 0 8 1 4 E F Corporate and foreign bonds.... 4.0 5.0 7.5 6.8 4.7 1.3 1 6 1 i 1 0 1 l 1 5 1 l 1 2 1 3 F G Corporate stock 3 0 3 8 4.0 4 2 4 4 9 1 l 1 2 1 2 7 1 2 9 9 9 G H 1 - to 4-family 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 1 Other mortgages . 3.6 3 8 3.5 5 2 5 8 1 3 1 6 1 2 1 7 1 5 1 4 1 l 1 3 1 2 I J Consumer credit 6.4 3.6 2.8 2 6.3 .1 1.9 — .7 2.6 1.7 2.7 -.9 2.3 .6 J K. Security credit 1.0 — 6 _ 3 l.l 1 — 1 4 1 l — 1 — 3 6 — 1 6 6 K L Bank loans n.e.c 8.0 5.9 2.3 1.3 7.9 -.2 2.7 -.4 3.6 2.8| 1.9 3 2.0 -.5 L M Other loans 1.1 9 2.6 2.0 2 8 — .3 1.0 9 1 3 1' 5 2!l 1.0 5 M N Funds raised by sector 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 P O Q C F N a o o r n n m s c u o m b r u p e s o r i r n a a e t n s e d s n n o o n n f p in ro an fi c t ial bus.. 2 i 0 1 .3 9 2 1 2 5 . . 0 1 9 1 1 1 1 . . 1 8 l 1 2 1 2 . . 3 0 5 2 4 2 0 . . 8 6 0 2.4 * 5 2 . .8 6 — 3. C .4 6 2 1 . 2 5 1 5 1 . 0 3 6 _ 6 1 . .1 4 2 2.1 2 c 5 1 . . 1 2 8 3.6 2 1 O Q P R Corporate nonfinancial business. 10.1 13.0 13.1 11.8 11.6 3.1 3.1 1.9 3.8 2.9 2.9 2 1 2.7 2.5 R S Federal Government 5 4 1 0 9 3 10 7 1 1 7 9 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 8 1 3 1 5 1 8 5 1 0 8 1 5 T 5 9 1 2 2 4 1 2 5 7 1 7 1 8 1 5 1 2 i 3 .7 U V Rest of the world 1 0 1.4 2 3 .8 .6 .4 .3 *i .3 .4 V W Funds advanced, by sector 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 .8 X Y Farm and noncorp. business. ... -.1 .5 .3 -.1 .5 — .4 -.1 Y Z Corporate nonfinancial business, 5.0 -3*.£ .A 5.5 1.3 4 2 1.2 1.5 1.9 -1.2 -1.9 Z a Federal Government 1.5 1.1 2.4 3.8 £ .9 1.7 1.0 .5 ' * 1.0 .5 a b State and local government 1.9 2.3 2.6 1 A 2.9 . 2 .5 .6 .5 1.2 .7 .9 .4 -.3 b c e d Co C M m o o m m n e m e r t c a e i r r a y c l i a b a l u a n t b h k a o n i r n k i g t s i e s s y s . tem.... 4 5 . . 1 0 4 4 . . 8 5 - 4 5 .8 . . 1 3 1 1 2 4 7 . . 9 0 2 5 5 . .3 6 - _ .6 2 A 8 6 1 . . . 6 0 4 - - _ 5 4 . . 4 5 9 4 3 . . . 2 6 6 2 3 . . . 8 3 5 3 3 . . . 5 4 1 - - - 6 1 7 . . . 5 4 9 5 3 1. . . 2 0 8 4 5 . . . 7 2 5 d e c f s S L e o c o u n r s i * ti * es -7 1 . 2 0 .1 -5 8 . 5 0 3 1 .3 8 1 4 0 . . 5 4 -7 1 . 2 2 .5 — 1 1 .0 2 4 1 . . 9 7 -4.2 -1. 5 7 .3 -. 3 8 .6 1:1 -5 -. . 8 6 3.6 3. . 8 9 g f h Savings institutions 8.1 7.3 7.2 9.4 10.6 2.9 2.4 2.7 3.2 3.0 1.6 2.3 2.3 2.7 h i i I F n i s n u a r n a c n e c e n .e s . e c ctor 5 8. .3 1 8 1 .6 0 2 8 .5 3 2 8. .0 9 9 4 .5 8 — 2 1 .3 9 2 2. . 1 5 2 5 9 2 .9 6 2 .8 1 2 2 .0 6 -> 9 2 2 . . 4 0 2. . 5 7 i j k Rest of the world 1 0 1 3 .6 -.1 3.1 .8 .3 .2 1.0 1.3 « * .3 k * Less than $50 million. v Preliminary. sector transactions appear in other flow of funds/saving tables in the NOTE.—Data for excluded categories—trade credit, proprietors' net BULLETIN for January 1961. investment, gold, Treasury currency, and misc.—and more detail on For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

228 FEDERAL RESERVE BANKS EARNINGS AND EXPENSES OF Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Current Earnings Discounts and advances $16,633,762 $551,754 $1,750,097 $845,845 $769,086 $819,821 $1,980,105 Acceptances 1,384,813 1,384,813 U. S. Government securities. 1,084,766,883 58,235,551 273,849,371 61,842,973 93,077,176 68.654,176 58,698,614 All other 599,799 28,070 108,852 32,931 53,385 31,696 62,408 Total current earnings. 1,103,385.257 58,815,375 277,093,133 62,721,749 93,899,647 69,505,693 60,741,127 Current Expenses Salaries: Officers 6,576,278 386,465 1,193,688 419,003 586,460I 544,963 486,829 Employees 86,976,399 5,374,099 19,663,082 4,699,429 7,486,243! 5,706,393 5.441,215 Directors' and other fees 546,799 21,388 74,536 34,460 53,6831 28,234 58.554 Retirement contributions 11,027,750 660,776 2,380,296 604,380 948,518! 745,958 727.979 Traveling expenses 1,886,395 118,729 307,749 89,410 180,986! 142,483! 142,101 Postage and expressage 18,914,866 1,599,842 2,691,849 951.669 1,502,016 1,798,206 1.606,203 Telephone and telegraph 1,561,521 81,789 322,085 73,063 120,167| 111,832 164,920 Printing, stationery, and supplies., 7,085,750 514,778 1,399,577 388,418 541,764 438,318! 535,810 Insurance 1,938,726 117,294 329,261 93.836 172,000 175,973| 151,909 Taxes on real estate 4,355,619 649,515 802,313 149,284 396,919 193,695 241,305 Depreciation (building) 5,571,936 414,858 487,519 270,538 905,769 544,485 418.551 Light, heat, power, and water 1,733,248 109,924 250,061 98.644 171,491| 154,343 114,550 Repairs and alterations 890,318 44,068 98,674 54.834 57,825! 72,202 43,982 Rent. 179,931 4,873 6,519 6,215 43,074j 2,380 2,558 Furniture and equipment: Purchases 2,251,792 113,220 270,252 144,088 234,627! 134,379 144,695 Rentals 6,234,755 462,781 771,167 363,274 455,322) 410,149 458,484 All other 2,231,290 99,559 491,909 78,635 356,247 91,292 140,176 Interbank expenses 40,201 -547,104 48,095 77,094! -12,579 46,050 Subtotal 159,963,373 10,814,159 30.993,433 8,567,275 14,290,205 11.282,706 10,925,871 Federal Reserve currency 7,455,011 222,971 1,381,543 690,859 418,849 570,910 916,564 Assessment for expenses of Board of Governors. 6,533.700 323,600 1,862,200 384,100 610.500 292,800 340,600 Total. 173,952,084 11,360,730 34,237,176 9,642,234 15,319,554 12,146,416 12,183,035 Less reimbursement for certain fiscal agency and other expenses 20,069,809 1,080,774 3,485,246 973,280 1,941,206j 1,107,026 1,476,668 Net expenses 153,882,275 10,279,956 30,751,930 8,668,954 13,378,348 11,039.390 10.706,367 Profit and Loss Current net earnings 949,502,982 48,535,419 246.341,203 54,052,795 80,521,299! 58,466,303 50.034,760 Additions to current net earnings: Profits on sales of U. S. Government securities (net) 2,429,174 131,058 607,327 139,931 209,3201 153,387 131,479 Transferred from reserves for contingencies. 11,315,698 1,112,404 1,837,333 824.458 840,1701 1.178,351 886,967 All other 173,407 2,026 26,143 163 8171 278 606 Total additions 13,918,278 1,245,488 2,470,802 964.552 l,O5O,3O7| 1,332,016 1,019,052 Deductions from current net earnings 43,577 2,637 5,562 7,783 569 3,502 818 Net additions 13,874,701 1,242,851 2,465,240 956.769 1,049,738 1,328,514 1,018,234 Net earnings before payments to U. S. Treasury. 963,377,684 49,778,271 248,806,443 55,009,564 81,571,038| 59,794,817 51,052,994 Dividends paid 23,948,225 1,183,068 6,802,299 1.398.843 2.219,154 1,083,429 1.264,939 Paid U. S. Treasury (interest on F. R. notes).. . 896,816,359 46,597,203 233,806,145 51,585,421 76,281,883 55,718,988 46.417,055 Transferred to surplus 42.613,100 1,998,000 8,198,000 2,025.300 3,070,000 2,992,400 3,371,000 Surplus, January 1 774,807,800 38,332,200 220,904,600 45,638,100 72,530,000 34,566,100 40,305,800 Surplus, December 31 817,420,900 40,330,200 229,102,600 47,663,400 75,600,000 37,558,500 43,676,800 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 229 FEDERAL RESERVE BANKS DURING 1960 Kansas San Chicago St. Louis Minneapolis City Dallas Francisco Item Current Earnings $4,097,753 $686,396 $1,134,086 $1,826,595 $1,210,595 $961,629 Discounts and advances Acceptances 185.580,969 43.769,326 24,971,839 46,457,699 43,466,853 126,162,336 U. S. Government securities 83,967 18,859 20,846 45,148 55,372 58,265 All other 189,762,689 44,474,581 26,126.771 48,329,442 44,732,820 127,182,230 Total current earnings Current Expenses Salaries: 615.587 525,736 370,312 484,086 421,283 541,866 Officers 13.199.584 4,805,533 2,826,160 4,511,896 3.850,014 9,412,751 Employees 52,054 36,706 31,156 69,887 38,710 47.431 Directors' and other fees 1.642,999 631,068 359,049 607.574 528,536 1,190,617 Retirement contributions 230,696 121,631 105,192 116,760 115,034 215,624 Traveling expenses 2.595,677 1,025,957 682,466 1.166.478 950,404 2,344,099 Postage and expressage 182,527 86,514 56,882 92.706 111,361 157,675 Telephone and telegraph 1.112,480 461,088 217,274 419,222 359,605 697,416 Printing, stationery, and supplies 263,444 125,170 90,615 127,751 93,326 198,147 Insurance 534,912 184,793 303,879 191,237 238,174 469,593 Taxes on real estate 628,066 444.953 336,973 168,853 265,706 685.665 Depreciation (building) 249.044 130.668 85,829 129,565 110,787 128,342 Light, heat, power, and water 58,802 152.580 143.150 63,952 32,409 67,840 Repairs and alterations 97.674 1,705 121 198 11,768 2,846 Rent Furniture and equipment: 304.058 175,296 131,286 74,870 390,477 134.544 Purchases 1,122.780 336.526 206,628 406,408 331,749 909,487 Rentals 368,287 87,241 83.280 130,777 143,607 160,280 All other 113.732 28,800 19,421 35,590 48,631 102,069 Interbank expenses 23,372.403 9,361,965 6,049,673 8,797,810 8,041,581 17,466,292 Subtotal 1.121.254 274.242 242,436 427,560 322,502 865,321 Federal Reserve currency 904.900 218,200 148,600 268,500 376,500 803,200 Assessment for expenses of Board of Governors 25.398.557 9.854,407 6,440,709 9,493,870 8.740,583 19,134.813 Total Less reimbursement for certain fiscal agency and 3,652,299 1.219,148 659,633 1.464.257 960,036 2,050,236 other expenses 21.746.258 8,635.259 5,781,076 8.029.613 7.780.547 17.084,577 Net expenses Profit and Loss 168.016.431 35,839.322 20,345.695 40.299.828 36.952.272 110,097.653 Current net earnings Additions to current net earnings: Profits on sales of U. S. Government secu- 417.446 98,618 55,983 104,362 97.523 282.740 rities (net) 1.474,704 470,496 294,453 513.585 513,705 1.369.072 Transferred from reserves for contingencies 132,125 759 2,498 1.542 687 5,763 All other 2,024.276 569,873 352,933 619.489 611,915 1,657,575 Total additions 5.589 2,679 10,590 1.213 1,714 921 Deductions from current net earnings 2.018,687 567,194 342,344 618.276 610,201 1,656,653 Net additions 170.035.117 36,406,516 20.688.039 40,918.104 37,562,473 111.754.306 Net earnings before payments to U. S. Treasury- 3.333.632 801,826 550,681 1,003,470 1,380,653 2.926,231 Dividends paid 158.382.686 33,936,191 18,891.558 36.794.934 33,818,920 104,585,376 Paid U. S. Treasury (interest on F. R. notes) 8.318.800 1,668.500 1,245,800 3.119.700 2,362,900 4,242,700 Transferred to surplus 107.333,800 25.862.300 17,579.700 31.720.100 44.644,900 95,390.200 Surplus, January 1 115.652.600 27,530.800 18,825,500 34,839,800 47,007,800 99,632.900 Surplus, December 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 BANKING OFFICES CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES' Commercial and stock savings banks and nondeposit trust companies Mutual savings banks All Type of office and type of change banks Member banks Nonmember banks Total Total ti N on a- al me S m ta b te er 2 Total su In re - d in N s o u n re - d su I r n e - d2 in N s o u n re - d Banks (head office) Dec. 31, 1934 16.063 15,484 6,442 5,462 980 9,042 7,699 1.343 68 511 Dec. 31, 1941 14 825 14 277 6 619 5 117 502 7 661 6 810 851 52 496 Dec. 31, 19473 14.714 14,181 6.923 5,005 ,918 7,261 6,478 783 194 339 Dec 31, 1951 14 618 14 089 6 840 4 939 901 7 252 6 602 650 202 327 Dec. 31, 1956 14.167 13,640 6,462 4.651 ,811 7.181 6,737 444 223 304 Dec 31 1957 14.090 13.568 6.393 4.620 ,773 7.178 6,753 425 239 283 Dec. 31, 1958 14 020 13 501 b 3P 4 578 734 7 192 6 793 399 241 278 Dec 31 1959 13.991 13.474 6.233 4,542 ,691 7.244 6,878 366 268 ?49 Dec 31 1960 13 986 13 472 6 174 4 530 644 7 300 6 948 352 325 I 189 Branches and additional offices Dec 31 1934 3 133 3 007 2 224 1 243 981 783 4783 6 Dec. 31, 1941 ... 3.699 3,564 2,580 1.565 1,015 984 932 52 32 103 Dec. 31, 1947 3 4.332 4.161 3,051 1.870 1.181 1.110 1,043 67 124 47 Dec. 31, 1951 . . 5.383 5,153 3,837 2,370 1.467 1.316 1,275 41 165 65 Dec 31 1956 7 955 7 589 5 886 3 809 2 077 1 703 1 666 37 257 1 109 Dec. 31, 1957 8 609 8 204 6 378 4 178 2 200 1 .826 1 789 37 296 109 Dec. 31, 1958 9.286 8,861 6,924 4,534 2.390 1,937 1.898 39 305 120 Dec 31, 1959 10 099 9 652 7 492 4 973 2 519 2 160 2 118 42 318 129 Dec. 31, 1960 10.969 10,483 8,133 5.509 2.624 2.350 2,303 47 381 105 Changes, Jan. 1-Dec. 31, 1960 Banks: N Su e s w p e b n a si n o k n s s 5 + 135 + 13 2 5 + 37 + 32 + 5 + 98 + 77 Consolidations and absorptions: Banks converted into branches -109 -106 -59 -40 -19 -47 -45 -2 _2 -1 Other -25 -25 -15 -10 — 5 -10 -8 Voluntary liquidations^ — 4 -4 -4 -4 Conversions: National into State -9 -9 + 9 + 8 + 1 + 6 + 15 -9 -6 -6 Federal Reserve membership:7 Admissions of State banks + 7 -7 -7 Withdrawals of State banks2 — 26 — 26 + 25 Federal Deposit insurance:8 Admissions of State banks + 27 -27 + 59 — 59 Net increase or decrease _ e _2 -59 -12 -47 + 56 +70 -14 + 57 -60 Number of banks Dec. 31 1960 .. . 13,986 13.472 6.174 4,530 1.644 7.300 6.948 352 325 189 Branches and additional offices except banking facilities:9 De novo branches + 810 + 771 + 577 +429 + 148 + 194 + 188 T-30 +9 Banks converted into branches + 109 + 107 + 86 + 67 + 19 + 21 + 21 + 1 + 1 Discontinued -52 -52 -43 — 25 — 18 -9 -9 Tnterclass branch changes: National to State member -6 + 6 Nonmember to national + 2 + 13 + 13 -11 -11 -2 State member to national + 51 -51 State member to nonmember -26 -26 + 26 + 26 Nonmember to State member + 29 +29 -29 -29 Noninsured to insured + 1 -1 + 34 -34 Net increase or decrease + 867 + 828 + 636 "+529' + 107 + 192 + 187 + 5 + 63 -24 Number of branches and additional offices, Dec 31 1960 10 702 10 216 7 895 5 298 2 597 2 321 2 274 47 381 105 Banking facilities:9 Established + 12 + 12 + 12 + 12 Discontinued . . -9 -9 _2 _ -> _2 Interclass changes: State member to nonmember — 1 -1 + 1 + 1 Nonmember to State member + 1 + 1 Net increase or decrease + 3 + 3 + 5 + 7 -2 -2 -2 Number of facilities, Dec. 31, 1960 267 267 238 211 27 29 29 1 Beginning with 1959, figures include all banks in Alaska and Hawaii. 4 Separate figures not available. One national bank in Alaska with no branches and one on the Virgin 5 Exclusive of new banks organized to succeed operating banks. Islands with one branch have been included in this series since 1954 and 6 Exclusive of liquidations incident to succession, conversion, and 1957, respectively. Other banks in territories and possessions are ex- absorption of banks. cluded. 7 Exclusive of conversions of State member banks into national banks 2 State member bank and insured mutual savings bank figures both that are shown separately under conversions. include, 1941 to 1959, inclusive, three member mutual savings banks not 8 Exclusive of insured nonmember banks converted into national banks included in the total for commercial banks: and subsequent figures reflect or admitted to Federal Reserve membership, and vice versa. the withdrawal of one from membership in 1960. State member bank 9 Banking facilities (other than branches) that are provided at military figures also include, since 1954, one noninsured trust company without and other Government establishments through arrangements made by deposits. the Treasury Department. 3 Series revised as of June 30, 1947. The revision resulted in a net addition of 115 banks and 9 branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PAR LIST 231 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST 1 1 Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve district, branches and officesl Total Member Nonmember State, or other area Banks a B n r d a n o c ff h i e ce s s Banks a B n r d a n o c ff h i e ce s s Banks a B n r d a n o c ff h i e ce s s Banks a B nd ra n o c ff h ic e e s s Banks | a B n r d a n o c f h fi e c s es Total, including Puerto Rico and Virgin Islands:2 Dec. 31, f959 13,385 9,757 11,695 9,425 6,227 7,509 5,468 1.916 1,690 332 Dec. 31 1960 13,383 10,585 11,711 10,268 6,169 8.147 5,542 2.121 L672 317 Districts, Dec. 31, 1960: Boston 408 756 408 756 268 603 140 153 New York2 585 1.897 585 1,897 491 1,665 94 232 Philadelphia 636 688 636 688 488 548 148 140 Cleveland 928 956 928 956 565 826 363 130 Richmond 928 1,255 785 1,117 435 697 350 420 143 138 Atlanta 1,367 546 809 498 418 410 391 5^8 48 Chicago 2,470 1,147 2.470 1,147 997 697 1,473 450 St. Louis 1,476 350 1,187 274 480 184 707 90 289 : 76 Minneapolis 1,306 139 708 95 474 47 234 8 598 44 Kansas City 1,774 108 1,770 108 756 84 1,014 4 Dallas 1,140 150 1,063 139 632 101 431 77 San Francisco 365 2,593 362 2,593 165 2,285 197 38 3 308 State or area, Dec. 31, 1960: Alabama 238 90 155 89 93 83 62 6 83 1 Alaska. . .... 13 33 10 33 7 31 3 •> 3 Arizona 9 171 9 171 4 139 5 •p Arkansas . ... 237 46 131 26 76 22 55 4 106 20 California 112 1,671 112 1,671 61 1.501 51 170 Colorado 164 7 164 7 96 6 68 1 Connecticut 66 198 66 198 32 155 34 43 Delaware 20 54 20 54 5 24 15 30 D Fl i o s r tr id ic a t of Columbia 30 1 1 2 6 1 5 4 25 1 9 2 6 1 5 3 12 9 9 5 1 9 1 13 3 0 6 42 i" Georgia 421 106 140 104 67 89 73 15 281 2 Hawaii 7 85 7 85 2 29 5 56 Idaho 32 83 32 83 18 76 14 7 Illinois 963 4 962 4 523 4 439 Indiana. 442 311 442 311 224 213 218 98 Iowa 672 183 672 183 164 15 508 168 Kansas.. 587 25 587 25 213 18 374 7 Kentucky 355 146 355 146 103 100 252 46 Louisiana 190 176 82 148 53 118 29 30 108 28 Maine 46 132 46 132 29 93 17 39 Maryland 133 251 133 251 58 123 75 128 Massachusetts 170 373 170 373 123 309 47 64 Michigan 380 578 380 578 216 469 164 109 Minnesota 688 6 291 6 208 6 83 397 Mississippi 193 136 54 68 35 42 19 26 139 68 Missouri 622 25 568 25 171 18 397 7 54 Montana 120 1 120 I 86 1 34 Nebraska 420 12 420 12 139 11 281 1 Nevada. 7 37 7 37 5 32 2 New Hampshire 73 4 73 4 52 3 21 I New Jersey 250 436 250 436 215 394 35 42 New Mexico . 55 56 55 56 37 32 18 24 New York 399 1,376 399 1,376 347 1.306 52 70 North Carolina 175 508 100 378 39 205 61 173 75 130 North Dakota 156 29 58 9 40 3 18 6 98 20 Ohio .. 585 638 585 638 372 552 213 86 Oklahoma 388 23 382 23 226 23 156 Oregon.. 50 195 50 195 14 169 36 26 Pennsylvania 697 793 697 793 533 674 164 119 Rhode Island 9 91 9 91 5 69 4 South Carolina 145 147 78 139 31 105 47 34 67 8 South Dakota 174 59 71 35 59 28 12 7 103 24 Tennessee 295 216 217 201 83 147 134 54 78 15 Texas 1,009 28 979 28 574 28 405 30 Utah.... 50 74 50 74 20 63 30 Vermont 55 33 55 33 31 17 24 16 Virginia 305 284 304 284 198 205 106 79 1 Washington 87 291 87 291 35 280 52 11 West Virginia 182 182 111 71 Wisconsin 558 158 558 158 157 28 401 130 Wyoming 55 1 55 40 1 15 Puerto Rico2 10 121 10 121 13 10 108 Virgin Islands2 1 5 1 5 1 5 i i Comprises all commercial banking offices in the United States, Puerto 2 Puerto Rico and the Virgin Islands assigned to the New York District Rico, and the Virgin Islands on which checks are drawn, including 267 for purposes of Regulation J, "Check Clearing and Collection." Member banking facilities. Number of banks and branches differs from that in branches in Puerto Rico and all except one in the Virgin Islands are the preceding table because this table includes banks in Puerto Rico and branches of New York banks. the Virgin Islands, but excludes banks and trust companies on which no checks are drawn and two mutual savings member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 BANK RESERVES AND RELATED ITEMS, 1960 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. * In millions of dollars] All member banks Central reserve city banks—New York Central reserve city banks—Chicago 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 v i e e r - e - e s d 2 s E e x r r c e v - e e s s s 2 F r i o . n a w g t R s - . Free s h T e e r o r e l v t d - a e * l s q s u e R r r i e e v r - - e e d s E se x r r c e v - e e s s s F r i o . n a w g t R s - . s F e r r r e v e - e e s s h T e e r o r e l v t - d a e i l s q s u e R r r i e e v r - - e e d s E se x r r c e v - e e s s s F r i o . n a w g t R s - . s F e r r r e v e - e es Banks Banks Banks Jan 18,878 18,334 544 905 -361 3,907 ,884 111 1,046 1,041 4 94 -90 Feb 18,213 17,758 455 816 -361 3,753 3,744 59 -50 996 993 3 129 -126 Mar 18,027 17,611 416 635 -219 3,766 3,755 9 1 975 970 6 157 -151 Apr 18,104 17,696 408 602 -194 ,784 12 -31 954 955 -1 99 -100 May. . 18,239 17,770 469 502 -33 ,808 45 988 981 7 56 -49 June 18,294 17,828 466 425 41 ,819 16 987 988 -1 58 -59 July 18,518 18,010 508 388 120 ,853 -3 1,020 1,010 10 49 -39 Aug 18,501 17,961 540 293 247 ,780 -27 1,027 1,204 3 41 -38 Sept 18,570 17,931 639 225 414 3,773 ,755 -2 1,014 1,011 3 8 -5 Oct 18,733 18,095 638 149 489 3,788 3,765 9 1,011 1,007 4 6! -2 Nov 19,004 18,248 756 142 614 3,770 3,718 34 1,006 998 12 -4 Dec 19.283 18.514 769 87 682 3,687 3,658 10 958 953 -4 Week ending: Jan. 6 C19,152 18,620 C532 1,013 '481 4,018 4,012 221 -215 1,061 ,064 -3 153 -156 13 '19,018C18,471 C547 911 '-364 3,915 117 -91 1.049 ,041 80 -72 20 C18,962 18,368 '594 914 '-320 80 -77 1,046 ,044 128 -126 27 "18,478 18,074 '404 773 '-369 49 -32 1,026 ,023 29 -26 Feb. 3 18,537 18,056 481 808 -327 3,858 67 -63 1,031 ,031 71 -70 10 C18.267 ^17,838 '429 850 '-421 3,773 79 -59 1,007 ,003 4 137 -133 2 1 4 7 C 1 1 8 8 , , 0 25 6 1 1 f r 1 l 7 7 , . 7 6 4 3 3 7 ^ 5 4 0 2 8 4 9 6 7 2 3 0 ' - - 4 1 6 9 5 6 3 3 , , 7 7 2 4 3 0 3,720 11 1 8 5 -116 6 9 9 9 7 3 7 9 9 9 6 7 9 -5 1 1 9 0 0 4 - - 1 9 9 5 5 Mar. 2 18,105 17,664 441 793 -352 3,751 3,749 27 -25 981 981 9 C17,938 17.576 '362 595 '-233 3,732 3,731 5 -4 970 970 1 41 -40 16 c18,109 17,598 '511 726 '-215 3,777 3,761 22 -7 973 969 4 133 -130 23 18,189 C17,738 '451 587 '-136 3,802 3,777 7 18 981 978 3 259 -257 30 17,893 '"17,534 '359 602 '-243 3,746 3,743 3 966 963 2 199 -197 Apr. 6 C17,867 f17,430 437 704 -267 3,743 3,725 18 18 922 920 2 117 -114 13 '17.869 '17,401 '468 671 '-203 3.655 3,646 9 25 -16 933 931 2 137 -135 20 '181281 '17,917 '364 561 '-197 3,876 3,863 13 27 -14 963 969 -5 95 -100 27 18.392 17,911 481 524 -43 3,861 3,851 10 10 984 982 95 -93 May 4 18,243 17,919 '324 552 '-228 3.911 3,914 -4 -4 1,000 996 4 53 -49 11 18,306 17,808 498 549 -51 3,824 10 10 985 984 2 101 -100 18 18,235 ^17,778 '457 555 '-98 3,792 46 46 977 979 -1 93 -94 25 18.168 17,715 453 402 '51 3,776 3 984 975 9 12 -3 June 1 18,121 C17.683 '438 436 '2 3.825 3,772 s? 52 988 977 3 8 '18,153^17,691 462 400 62 3.755 3,752 4 4 974 974 14 -13 15 '18,156f17,731 '425 374 '51 3,795 3,788 7 1 6 982 979 50 -47 22 18,602c18,045 '557 550 '7 3,894 3,880 13 73 -60 ,003 1,003 152 -152 29 18,342 17.856 486 412 74 3,915 3,842 73 73 ,008 995 31 -19 July 6 18,320 '17.883 C437 440 '-3 3.880 4 4 ,002 1,001 43 -42 20'.'.'.'.'.'.'. C 1 1 8 8 , . 3 7 4 6 9 1 n 18 i . j 2 i 4 s 5 ' ' 5 51 7 6 4 4 34 2 1 9 '2 ' 3 8 3 7 3 3, ; 9 7 1 5 9 7 1 1 3 0 2 3 6 4 - - 1 2 3 4 , 9 0 9 3 7 5 , 9 0 8 3 9 4 7 1 7 2 - - 7 4 6 27 18,552 18,078 474 351 123 3,875 3,858 17 17 ,020 ,012 29 -21 Aug. 3 18,591 18,103 488 315 173 3.879 3,* -1 ,021 ,021 100 -101 10 18,525 18,018 507 293 214 3,811 3,807 4 1 3 ,029 ,023 6 109 -102 17 18,564 17,983 581 416 165 3,794 3,778 16 99 -82 ,029 ,031 -2 30 -33 24 18.404 17.938 466 193 273 3,761 3,750 12 12 ,034 ,023 11 11 31 18,466 17,827 639 273 366 3,737 3,734 20 -17 ,023 ,018 5 4 Sept. 7 18,358 17,702 656 261 395 3,681 3,651 30 13 ,002 997 5 5 14 18,581 17,762 819 299 520 3.681 3,660 21 -22 ,001 996 4 18 '-13 21 18,635 18.116 519 79 440 3,835 3,835 1 1 ,029 ,025 4 4 28 18.609 18.091 518 225 293 3,834 3,836 -2 -16 ,019 ,024 A 12 -16 Oct. 5 18,759 18.148 611 200 411 3.910 3,877 33 19 ,033 ,021 13 6 12 18,640 17.951 689 148 541 3.697 3,701 -4 -4 ,001 ,002 -2 -2 19 18,839 17,963 876 74 802 3.830 3,706 123 123 ,015 998 17 16 26 18.729 18,200 529 240 289 3,795 3,798 -3 58 -61 ,004 1,009 -5 -26 Nov. 2 18.873 18,309 564 189 375 3.815 3,807 ,020 1,013 7 30 -23 9 18,797 18,191 606 136 470 3,738 3,715 23 — 4 ,006 1,004 2 1 16 18,733 18,121 612 168 444 3.699 3,f 11 -29 999 995 4 '-10 23 18.76! 18,154 607 99 508 3.707 3,709 -3 -9 998 997 1 -4 30 19.678 18,481 1,197 113 1,084 3,875 3,717 158 157 1,008 990 18 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 19,460 18.706 754 74 680 3,769 3,753 16 14 2 962 966 -3 9 -12 28 19,447 18,753 694 49 645 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, 1960 233 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures.1 In millions of dollars] Reserve city banks Country banks Borrow- Borrowre T h s e o e l r t d a v i l es R re e s q e u r i v r e e s d r E es x e c r e v s e s s i B n F g a . n s R k a . s t re F se r r e v e es re T h s e o e l r t d a v l 2 es R re e s q e u rv ir e e s d 1 ! i re E s x e c rv es e s s i B n F g a . n s R k a . s t re F se re rv e es2 Jan 7,909 7,840 508 -439 6,014 5,568 449 192 257 Feb .544 7,503 42 423 -381 5,920 5,518 402 205 197 Mar .429 7.391 37 289 -252 5.857 5.494 363 180 183 Apr ,498 7.453 45 298 -253 5.887 5.504 383 J93 190 May .515 7,465 51 224 -173 5,882 5,517 366 222 144 June ,540 7,496 44 164 -120 5.915 5,525 390 186 204 July .647 599 48 176 -128 5,987 548 439 149 290 Aug .654 607 47 109 -62 6,041 550 491 116 375 Sept 7,662 595 68 112 -44 6.120 569 551 85 466 Oct 7,761 696 65 67 -2 6,173 626 546 63 483 Nov 7,854 761 94 56 38 6,374 771 602 56 546 Dec 7.950 7.851 100 20 80 6,689 6,053 636 40 596 Week ending: Jan. 6 8,000 7,973 525 -499 '6.074 5,571 ^502 114 '389 13 7.992 7,927 '66 482 -416 '6,062 5,615 448 232 '218 20 7,917 7,866 52 565 -513 '6.137 5,600 538 141 '397 27 7.775 7,715 60 459 -399 '5.841 5.516 325 236 Feb. 3 7,703 7,665 38 441 -403 '5,944 5,506 "438 229 209 10 7,631 7,588 43 418 -375 5.856 '5.493 363 216 146 17 7.510 7.468 41 491 -450 6.025 5.555 470 174 296 24 7,498 7,434 64 -225 5.846 '5,514 332 119 Mar. 2 7,452 7,426 25 469 -443 5.922 5,508 414 209 205 9 7,414 7,381 33 323 -290 5,822 '5,495 327 226 c102 16 7,417 7.370 47 389 -342 5,942 5,497 444 182 264 23 7,533 7,460 73 187 -114 f5.873 5,523 350 134 '215 30 7,396 7,359 36 232 -196 5.786 5,468 318 171 147 Apr. 6 7,369 7,337 32 316 -284 '5,449 384 271 113 13 7.387 7,351 37 335 -298 5,893 5,473 420 174 ^245 20 7,579 7,547 32 269 -236 '5,862 '5,538 323 170 '•152 27 7,572 7,541 31 278 -247 5.975 5,537 438 151 287 May 4 7.527 7.501 26 277 -251 5,805 5,507 298 222 '15 7,514 7,468 46 263 -217 5.972 5.532 440 185 255 is!!!!!!!!!!'.! 7,541 7,478 63 248 -186 5.879 r5,529 350 214 136 25 7,479 7.447 32 190 -158 5,925 5,517 408 200 '209 June 1 531 7,442 142 -53 5.779 ^5,492 286 291 -5 8 470 7.443 27 198 -171 5,952 5,522 431 188 242 15 481 7,440 41 129 -88 '5,897 C5,523 '374 194 181 22 645 7,606 38 '196 -158 6,060 ''5.555 505 129 376 29 7,612 7,506 106 155 -49 5.808 r5,513 294 226 68 July 6 7,536 7,502 34 228 -194 5,897 5,500 397 169 229 13 7,594 7,507 88 127 -40 5,989 5,522 466 176 291 20 7,738 7,701 37 198 -160 r6.059 5.592 467 120 "348 27 7.695 7.649 45 171 -125 '5,962 5,559 403 151 251 Auc. 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 5,558 447 110 336 17 7,659 7.623 36 178 -142 6,082 5,552 531 109 C422 24 7.657 7,607 49 66 -17 5,953 5,558 394 127 267 31 7.584 7,550 34 '132 -99 '6.123 5,526 597 120 478 Sept. 7 7,602 7,527 75 118 -44 6,073 5,526 547 126 420 14 7,608 7,541 67 139 -72 6,291 5.565 726 99 627 21 7,711 7,659 52 26 27 6,059 5,597 462 53 408 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 7.853 806 47 78 -31 6,184 5,683 501 81 420 9 7,822 769 52 58 _5 6,231 5,702 528 51 478 16 7,827 761 66 51 15 6.208 5,677 532 64 468 23 '7.802 763 c40 45 '-6 6.253 5.684 569 42 527 30 '7.939 729 c2f0 49 '162 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 6,757 6.068 689 37 652 8,046 7,964 C83 9 73 6.666 6,089 578 40 538 I c Corrected. figures. For required reserves, opening figures inasmuch as requirements 1 Averages based on figures for opening or closing of business as are based on deposits at opening of business. follows: For total reserves held, closing figures for balances with Reserve 2 Weekly figures are estimates. Banks and opening figures for allowable cash. For borrowings, closing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 WEEKLY REPORTING MEMBER BANKS, 1960 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Fimincial institutions Total Loans To brokers Nonbank Wednesday i m l n o a v e n a e n n d s t s t s - j i m u n a s a v e n t d e n e d - s t d t s - 1 L us a o t d a e - n d s i i C m n t a c r o d n i e i a m u a d r l s l - - - A t c u g u r r l a - i l - G U t l a i o i o n o g . b v d n a S - - t s . . dea O c l t s u e t i e h e r r - s i s e - r G U t l i o i T o o . g b o v n a S - - s t . . oth O c e t s u t i r e h e s r - s i e - r F ei o g r B n - ank c m m D s c o t e i i e o m a c s r - l - - - n p s c s P i a o a a a o n f e n n n n l i m s e r d - i c a t - s e - e i l s tut O io t 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 r a i r e o l v - u n e a s etc. Jan. 6... 104,998 103 914 67 156'30.154 918 333 1.964 160 1.167 759 1.084 '4.281 '1.774 12,630 '14,450 1.434 13 105,126 103,996 66.769 '30,114 901 330 ,830 159 ,176 757 ,130 '4,149 ,764 12,640 '14,384 ,435 20 103 906 102 834 66 228 '29 959 897 277 ,724 151 j 164 752 ,072 '3,899 ,796 12,635 '14,408 ,434 27 103.589 102,276 65,923 '29.845 897 255 ,662 154 ,167 761 ,313 '3,783 ,756 12,626 '14,456 419 Feb. 3 103.273 102,177 66.036 r29.941 901 355 ,583 157 149 753 096 '3,775 741 12,615 '14,507 441 10 102 931 101 699 65 918 '30 047 903 312 ,492 149 151 769 ,232 '3 705 r1,728 12,610 '14,494 44? 17 103,013 101,597 66,189 '30,262 897 247 ,466 141 ,145 764 ,416 '3,813 rj,727 12,645 '14,526 ,444 24 102,759 101,375 66,210 '30,162 899 296 ,515 146 ,145 761 ,384 '3,832 ,725 12,637 '14,537 ,445 Mar 2 102 726 101 572 66 532 r30 303 896 254 ,515 149 140 751 ,154 '4 088 ,714 12,605 '14,563 446 9 102 191 100 986 66 206 '30 314 888 219 ,492 136 110 754 70S '3,902 r1 694 12,587 '14,539 449 16 103.452 102 153 67 273 '31 059 890 275 ,447 140 1?8 769 799 '4,210 r] 680 12,585 '14,541 ,451 23 102 767 101 510 67 000 r31 037 893 167 ,390 135 P5 759 ,257 '4 178 '1,666 12,576 '14,528 ,454 30. . 102 446 101 040 66 890 '31 009 904 144 ,335 136 110 758 ,406 r4,060 r\ 711 12,586 '14,577 460 Apr. 6 101,986 100,849 66,837 '30,876 898 213 ,335 133 ,120 111 ,137 '4,131 ,645 12,550 14,620 ,461 13 102.902 101 314 67 112'30 961 897 292 37S 131 11? 763 588 r4,172 617 12,564 14,668 ,460 20 105 033 103 605 67 728 '30 973 892 603 ,500 138 114 754 ,428 '4,284 670 12,577 14,728 455 27 104,669 103,055 67,492 '30,927 901 370 ,442 135 .111 766 ,614 '4,256 ,635 12,581 14,818 ,455 May 4 104,578 103,030 67,728 '30.996 908 376 ,453 135 772 ,548 '4,447 ,599 12,555 14,829 ,458 11 103 995 102 685 67 634'31 036 908 317 ,446 142 110 791 ,310 '4,357 ,600 12,558 14,826 457 18... 104.309 102 914 67 778 '31 205 919 237 ,433 157 110 lie ,395 '4,329 61? 12,565 14,893 ,458 25 104.434 102,718 67,570 '31.155 922 175 411 139 11 112 716 '4,227 .617 12,566 14,930 ,457 June 1....... 104.401 102,925 67 843 '31 156 929 201 504 166 108 772 476 '4,351 595 12,548 14,972 .459 8 104 044 102 636 67 508 '30 977 929 146 ,461 167 1? 756 ,408 '4,227 ,594 12,536 15,053 459 15... 105.614 104 213 69 025 '31 513 939 613 671 156 1?1 760 ,401 '4,519 616 12,549 15,075 ,459 22 105,090 103,776 68,789 '31,595 938 434 ,490 142 ,13 741 ,314 '4,513 ,627 12,535 15,103 ,460 29. 104.718 103 424 68 691 '31 632 952 198 ,467 135 11? 740 ?94 '4,588 617 12.543 15,144 ,457 July 6.. 104 796 103 282 68 614 '31 436 954 229 ,476 136 114 742 ,514 r4,700 67? 12,521 15,120 ,456 13 106.986 105 547 68 669 r31 160 966 492 479 138 14 722 419 '4,591 ,609 12,541 15,079 ,456 20 106 218 105 253 68 336 '31 149 980 431 ,422 140 11 700 965 '4,601 ,618 12,538 15,070 ,451 27 106 098 104 723 67 837 '30 968 99 259 ,399 135 1?9 698 1,375 4,506 ,608 12,520 15,076 452 Aug. 3 106.765 105,148 68,469 '31,093 ,004 499 ,483 146 ,13 704 1,617 '4,577 ,617 12,510 15,161 ,458 10 106 230 104 720 68 231 '31 058 ,005 476 ,471 140 1? 689 1,510 '4 429 ,627 12,516 15,153 458 17 106 397 105 003 68 229 '31 103 01 534 ,466 138 1? 663 1,394 '4,324 679 12,518 15,170 ,454 24 105 749 104 428 67 779 '30 886 01 466 ,388 143 11 672 1,321 '4,182 ,634 12,560 15,156 452 31 106 198 104 850 67 948 '30 955 0? 473 39? 140 11 674 148 r4,198 645 12,566 15,202 ,454 Sept. 7 106.683 105,09 68 016 '30.918 019 528 ,499 146 14 676 1 59? '4,186 .626 12,55 15,177 ,454 14 107 186 105 552 68 406 '31 292 03? 643 476 153 14 684 1 614'4,013 665 12,555 15,200 ,452 21 108.293 106,825 69.226 '31,553 ,042 844 ,499 171 1.14 693 1,468 '4,322 ,658 12,559 15,165 ,427 28... . 107 235 106 217 68 727 01,526 05 615 451 147 14 676 1 018 '4,131 66? 12,556 15,206 ,443 Oct. 5 . 107 520 105,944 68,528 '31.376 06 527 517 139 1 16 693 1 576'4,048 ,695 12,527 15,239 1,455 12 107,070 105,57 68,385 '31,50 ,06 389 1,498 139 1.15 668 1,499 '4,022 1,665 12,543 15,196 1.457 19 106 414 105 647 68 096 '31 530 06 274 491 135 1 14 681 767 '3,767 1 681 12,54 15,236 1,453 26 108.348 107.43 68,111 '31.41 ,06 445 1,512 136 1,16 690 912 '3,707 1,655 12,529 15,24 1,451 Nov. 2 109 127 107 80 68 812 31 637 07 629 631 138 1 15 690 1 1? 3,795 1 684 12,522 15,309 1,452 9 108.354 106,70 68,325 31.557 ,07 309 1,598 140 1,15 701 1,645 3,716 1,681 12,517 15,330 1,453 16 108 869 107 29 68 713 31 837 08 420 1,578 137 1 15 700 1,574 3,684 1,679 12,545 15,34 1 ,445 23 108 15 106 92 68 388 31 702 07 312 1 580 143 1 15 688 1' 777 3,617 1 67? 12.530 15,35 1 ,443 30 108.060 107,32 68,445 31.749 ,06 280 1,571 128 1,15 683 732 3,65 1,672 12,524 15,41 1,446 Dec. 7 108 73 107 38 68 160 31,550 06 315 1 565 123 1 15 685 1 15 3.546 1 681 12,499 15.40 1,436 14 109 720 108 52 68,953 31,783 06 532 1 571 132 1 15 693 1 196 3,753 1 688 12,52C 15,48 1,434 21 112,10 110,42 70.57C 32,131 07 1,183 1.714 138 1 , 17 712 1,68 4,225 1.70 12,50"? 15,43 1,421 28 111,84 110,41 70,174 31.931 1 08 954 1 656 134 1 18 749 1 4?5 4.24 I 684 12,508 15,45 1 ,411 ' 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, 1960 235 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total assets— U. S. Government obligations total All liabili- Wednesday C ti e fi r - - Not m es a a tu n r d i n b g o : nds O se t c h u e - r Total a w B n a i c t l e h - s a w B n i a c t l e h - s u a rr n e d ncy s w e R r i e v t - h es a o s t s h e e t r s ca a t p i n e i d t s al cates rities domes- for- F. R. accounts Total Bills of in- tic eign Banks e d d e n b e t s - s W 1 i y i n t e h a - r 5 years After banks banks Jan. 6. 27,018 2,037 994 1.882 15,594 6,511 9,740 18,498 2,892 96 1,267 14,243 3,208 138,294 13. 27,406 2,691 995 1,832 15,396 6,492 9,821 17,807 2.945 94 1,343 13,425 3,238 137,928 20. 26,904 2,425 983 1.759 15.263 6.474 9,702 17,556 2,847 96 1,237 13,376 3,325 135,926 27. 26.679 2,267 1,052 1,708 15,166 6,486 9,674 16,869 2,674 100 1,267 12,828 3,419 133,970 Feb. 3.. 26,444 2,001 1,203 1,718 15,032 6,490 9,697 17,025 2,648 96 1,140 13,141 3.484 134,250 10.. 26,117 ',753 1,188 1,702 14,981 6,493 9,664 16,898 2.644 90 1,212 12,952 3; 544 133,093 17.. 25,713 ,630 490 1,644 •16.822 •5,127 9,695 17,070 2,783 90 1,165 13,032 3,442 134,935 24.. 25,525 ,572 475 1,596 16,926 '4,95V 9,640 16,745 2,752 84 1,260 12,649 3,427 133,752 Mar. 2., 25,352 ,617 464 1,582 16,820 '4,86( 9,688 16,844 2,774 94 1,114 12,862 3,457 133,558 9., 25,068 .486 425 1,579 16,731 4,847 9,712 16,644 2,584 92 1,149 12,819 3,446 131,573 16., 25,107 1,598 411 1,531 16,801 '4,766 9,773 17,323 2,932 90 1,147 13,154 3,394 135,699 23., 24,843 1,388 423 1,506 16,852 '4,674 9,667 16,826 2,839 93 1,191 12,703 3,398 132,813 30., 24,495 1,069 431 1,525 "16,842 '4,628 9,655 17,103 2,696 87 1,216 13,104 3,587 132,877 Apr. 24,361 911 433 1,552 '16.892 r4,573 9,651 16,770 2,581 101 1,102 12,986 3,552 132,331 24,504 1,078 426 1,514 16,872 4,614 9,698 16,958 2,704 91 1,233 12,930 3,549 135,064 20. 26,187 1,599 441 1,560 17,919 '4,668 9,690 17,134 2,691 95 1,227 13,121 3,510 136,850 27. 25,991 1,474 444 1,531 17,954 '4,588 9,572 17,136 2,623 101 1,232 13,180 3,512 135,642 May 25,902 1,35: 460 1,610 17,915 r4,565 9,400 17,314 2.616 98 1,106 13,494 3,580 136,283 11. 25,703 1,229 460 1,582 17,896 '4,536 9,348 17,330 2,656 110 1,212 13,352 3,540 135,630 18. 25,790 1,283 873 917 18.191 r4,526 9,346 16,98" 2,740 96 1,187 12,964 3,490 135,792 25. 25 774 1,331 85: 938 18,134 r4,519 9,374 16,858 2,588 99 1,227 12,944 3,458 134,542 June 1.. 25,752 1,314 874 937 •18,148 r4,479 9,330 17,27 3,010 100 1,19: 12,970 3,499 137,015 1 8 5. . . . 2 2 5 5 , , 6 7 4 5 0 0 1 1 , , 2 4 4 1 6 0 8 87 5 2 6 ! 9 9 3 3 1 1 '1 1 8 8 , , 0 1 5 2 0 ' ' 4 4 , , 4 4 8 8 6 7 9 9 , , 4 4 8 3 8 8 17,144 2 3 , , 6 0 0 7 2 6 9 9 4 1 1,177 1 13 3 , , 2 4 7 8 1 8 3 3 , , 5 4 1 9 2 8 1 1 3 4 4 0 , , 5 2 5 0 5 4 2 2 2 9 . . . . 2 2 5 5, , 3 5 5 7 9 2 1, 9 2 5 0 0 2 8 8 8 7 2 4 ! ; 9 91 1 3 0 '1 1 8 8 , , 0 0 5 9 3 5 ' ' 4 4 , , 5 5 2 2 5 7 9 9 , , 4 3 1 7 5 4 1 1 1 7 7 7 , , , 8 4 5 4 1 4 " 0 0 2 3 , , 7 0 1 1 8 4 1 9 0 5 3 l 1 ' , , 2 2 8 2 3 1 1 1 3 3 , , 4 0 6 4 8 8 3 3 , , 5 6 0 4 5 4 1 13 3 6 7 , . 1 0 9 6 6 4 July 6. 2 2 5 7 , ,4 2 5 6 3 6 3,1 8 1 9 5 8 8 89 8 1 8 ' 9 9 0 0 7 3 1 r1 8 8 , , 0 0 7 8 ' : ' ' 4 4 , , 4 4 9 6 3 5 9 9 , , 4 4 0 2 : 5 1 1 7 7 , , 5 6 7 4 - 3 2 2 , , 8 85 6 0 3 90 1 1, , 2 1 8 7 4 2 1 1 3 3 , , 4 4 0 5 6 0 3 3, , 6 5 4 8 ( 0 1 1 4 3 0 7 , , 6 8 3 3 1 3 20., 27,428 3,149 875 855 r18,096 r4,453 9,489 17,946 2.683 9: 1,216 13,955 3,658 139,198 27., 27,324 3,039 866 900 r18,~ ' '4,435 9,562 17,457 2,696 93 1,253 13,415 3,73" 137,438 Aug. 3., 27,062 2,78: 848 936 18,048 4,448 9,617 17,37 2,706 101 1,145 13,421 3,752 138,289 10., 26,903 2,62' 855 945 18,022 4,45. 9,586 17,101 2.655 102 1,201 13,143 3,774 137,362 17., 27,169 2,390 ,311 684 18,014 4,770 9,605 17,579 2,763 104 1,192 13,520 3,70" 138,915 24., 27,150 2,395 ,315 701 17,96" 4,777 9,49r 16,933 2,624 100 1,232 12,977 3,68< 135,848 31. 27,38 2,612 ,309 724 17,97: 4,764 9,521 17,115 2.648 97 1,189 13,181 3,83' 137,586 Sept. 7., 27.40* 2,591 ,341 726 17,97: 4,778 9,667 17,013 2,966 106 1,221 12,720 3,780 138,159 14. 27,49 2,669 .341 729 17,974 4,778 9,655 17.333 2,976 100 1,287 12,970 3,748 140,899 21. 27.992 3,056 ;358 1,125 17,642 4,811 9,607 17.217 3.031 119 1,243 12,824 3,824 140,849 28., 27;816 2,825 ,364 1,181 17,614 4,832 9,674 17,744 2,765 11 1,293 13,572 3,852 139,436 Oct. 5. 27,694 2,705 ,398 1,172 17,593 4,826 9,722 17,369 2,899 128 1,152 13,190 3,909 140,007 12. 27,473 2,468 ,395 1,177! 17,615 4,818 9,713 17,283 3,036 121 1,290 12,836 3,918 140,297 19. 27,776 2,769 ,406 1,242 17,569 4,790 9,775 17,894 3,432 126 1,262 13,07. 3,897 139,510 26. 29,566 4,406 ,443 1.389 17,55" 4,776 9,759 17,925 2,689 13 1,283 13,819 3,944 141,174 Nov. 2. 29,305 4,037 ,458! 1.5501 17,485 4,775 9,689 17,72' 2,767 118 1,198 13,644 4,05- 143,065 9. 28,873 3,632 ,455' 1,533| 17,487 4,766 9,511 16,998 2,763 115 1,305 12,815 4,097 140,860 16. 29,102 3,469 ,280 16.936 5,05 9,480 17,275 3,061 107 1,259 12,848 3,960 143,692 23., 29,01 3,322 ,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 2,453' 16,981 5,051 9,571 17,698 3,704 108 1,336 12,550 4,025 141,766 Dec. 7. 29,40' 3,47- ,423 2,554 16.935 5,021 9.817 16,206 2,797 10 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 3,97- 143;084 21., 29,798 3,728 ,510 2,556 17,68 4,317 10,056 17,268 3,024 97 1,490 12,65' 3.849 145,418 28., 30.165 4,028 ,5371 2,559! 17.861 4,180 10,077 17,292 3,13 12 1,623 12,405 3; 872 146,125 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 WEEKLY REPORTING MEMBER BANKS, 1960 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju m e D p s a a t o d e e n s - - d d i t * 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 i t o u c i o a n v l a b t n i d i e l t - - s - s c C h c o a f e e e e i f n t c e f r c r i d t k s d . - i ' s - , p v r c s a a i I o d h a r n t r i t n u i d o n p p a d i n o e s - l , s r s - - , I b n a t n er k - P G U i s a o n a o n . s g v S v d t s a - . t. l S p s d s a i i t o u c i o a n v l a b t n i d i e l - t - s - s p v r c s a a i I o d h a r n t r i t u n i d o p n p a d i n o e s l - , s r s - - , B F F a r . o n R m k . s o F t r h o e m rs O li i a t t i b h e i e s l r - C c a o a p u c i n - t t a s Jan. 6 61,967 12,170 1,490 2,414 4,821 2,623 66,113 ,309 142 1,461 28,762 1,148 1,300 3,227 11,314 13 62,435 11,607 1,441 2,841 4,596 2,229 67,367 ,293 140 1,466 28,630 350 1,360 3,300 11,308 20 62,273 11,005 ',436 1,986 4,774 2,423 66,215 ,233 141 1,458 28,537 r661 rl,342 3,426 11,289 27 62,122 10,221 ,377 2,088 4,599 2,104 65,512 ,222 147 1,510 28,486 241 1,676 3,473 11,314 Feb. 3 60,616 10,760 ,345 2,607 4,921 2,436 63,727 ,198 145 1,518 28,483 635 1,573 3,546 11,356 10 60,597 10,681 ,347 1,888 4,752 2,075 63,490 ,177 147 1,517 28,484 432 2,082 3,660 11,361 17 59,395 10,568 ,365 3,089 4,653 280 63,872 ,142 145 1,545 28,469 588 2,082 3,773 11,364 24 59,744 10,120 ,383 2,886 4,677 609 63,279 ,131 146 1,534 28,447 236 2,200 3,743 11,361 Mar. 2 59,536 10,331 ,330 2,954 4,920 309 62,838 ,122 144 1,521 28,481 552 1,888 3,769 11,399 9 59,594 10,330 ,400 1,701 4,656 118 62,112 ,129 143 1,518 28,566 528 2,164 3,809 11,399 16 60,255 10,881 ,388 2,890 4,366 307 65,112 ,133 142 ,528 28,619 277 1,945 3,728 11,383 23 59,172 10,390 1,378 3,097 4,658 171 62,165 ,131 143 ,544 28,705 238 1,999 3,815 11,379 30 59,085 10,054 1,407 2,843 4,836 2,100 61,890 ,136 142 ,550 28,731 665 2,228 3,864 11,431 58,797 10,947 1,387 1,574 4,503 2,264 62,053 ,160 136 ,572 28,740 556 2,036 3,940 11,463 60,138 10,834 1,375 1,199 4,431 2,391 64,971 ,243 135 ,581 28,705 315 2,402 4,011 11,471 20 61,285 10,542 1,374 2,682 4,989 2,595 64,874 ,253 135 ,616 28,651 269 2,267 4,149 11,454 60,702 9,934 1,371 3,219 4,981 2,276 63,770 ,333 135 ,640 28,679 405 2,300 4,100 11,499 27 58,936 10,458 1,324 4,604 5,188 2,401 62,158 ,336 134 ,646 28,707 388 2,298 4,092 11,549 May 4 58,695 10,480 1,354 4,080 4,887 2,149 62,424 ,335 134 ,653 28,729 614 2,099 4,138 11,554 58,040 10,359 1,363 4,927 4,930 2,129 61,987 ,368 133 ,646 28,747 113 2,268 4,280 11,542 18 58,268 9,713 1,343 4,937 4,912 1,970 61,178 ,359 132 ,670 28,784 158 2,629 4,203 11,554 25 June 1 58,185 10,702 1,343 5,002 5,137 2,632 62,259 ,307 132 ,676 28,805 75 2,157 4,185 11,603 8 58,510 10,566 1,334 3,526 4,829 2,286 61,250 ,275 132 ,645 28,979 399 2,449 4,280 11,605 15 59,784 11,257 1,366 4,293 4,570 2,924 65,540 ,270 128 ,718 28,978 207 2,067 4,310 11,576 22 59,607 10,377 1,384 4,064 4,820 2,711 63,035 ,266 129 ,731 29,090 633 1,875 4,352 11,597 29 58,649 10,613 1,417 4,965 4,718 2,299 62,026 ,269 129 ,778 29,250 63 1,726 4,285 11,658 Ju.y f6 5 5 7 8 , , 6 4 4 4 6 0 1 1 1 1 , , 4 5 2 1 5 6 1 1 , , 3 3 6 8 3 9 4 5 , , 5 9 5 3 8 7 4 4, , 3 6 6 0 5 6 2 2 , , 5 6 7 0 6 8 6 6 2 3 , , 3 8 4 2 7 0 , , 2 2 8 9 6 7 1 1 2 2 8 7 , ,7 7 9 6 8 5 2 2 9 9 , , 2 2 2 4 3 3 2 3 9 8 9 0 2 2, , 1 2 5 7 4 8 4 4, , 4 2 1 2 5 6 1 11 1 , , 6 6 6 7 3 2 20 59,258 10,941 1,407 4,798 4,423 2,408 63,803 ,301 128 1,862 29,301 868 1,806 4,504 11,648 27 59,966 10,398 1,370 4,357 4,652 2,294 63,171 ,307 126 1,878 29,360 140 2,180 4,531 11,674 Aug. 3 59,392 10,988 ,372 4,549 4,947 2,375 62,469 ,376 129 1,882 29,417 189 2,354 4,519 11,723 10 58,967 11,291 ,474 3,720 4,691 2,572 61,961 ,387 127 1,882 29,489 107 2,249 4,679 11,733 17 58,163 11,186 ,433 4,613 4,625 2,354 62,416 ,422 127 1,922 29,631 389 2,308 4,749 11,740 24 58,603 10,572 ,416 3,871 4,581 2,215 61,284 ,437 130 1,985 29,687 98 2,101 4,735 11,736 31 58,934 10,771 ,390 3,676 4,794 2,340 62,236 ,431 133 1,987 29,738 309 2,136 4,843 11,802 Sept. 7 59,009 11,964 ,376 2,530 4,683 2,490 62,519 ,474 129 1,976 29,814 72 2,486 4,844 11,802 14 60,017 12,008 ,349 2,168 4,496 2,319 65,834 ,488 130 1,978 29,960 71 2,405 4,906 11,787 21 59,163 11,792 ,392 4,752 4,521 2,574 63,583 ,486 129 ,986 29,995 11 1,902 4,951 11,775 28 58,813 10,951 ,344 5,524 4,630 2,482 62,306 ,489 129 ,945 30,112 530 1,313 4,857 11,824 Oct. 5 58,130 12,188 ,322 4,652 4,622 2,471 62,246 1,510 132 ,942 30,187 44 1,932 4,897 11,862 12 58,553 12,435 ,378 3,190 4,191 2,236 64,152 1,517 131 ,938 30,246 68 1,958 4,971 11,886 19 59,705 13,040 ,493 2,119 4,324 2,165 64,521 1,523 130 ,924 30,337 13 1,060 4,993 11,868 26 60,332 11,246 ,470 4,077 4,534 2,575 64,180 1,516 130 ,933 30,358 863 1,435 4,946 11,911 Nov. 2 59,794 12,104 ,346 4,413 4,945 3,088 63,918 1,543 130 ,940 30,432 307 1,925 5,032 11,942 9 58,800 12,099 ,365 3,636 4,558 2,512 63,141 1,547 130 ,931 30,364 114 2,402 5,100 11,961 16 58,561 12,718 ,393 4,048 4,574 2,669 64,906 1,568 131 ,920 30,251 78 2,279 5,197 11,960 23 59,224 11,339 ,357 3,805 4,768 2,613 63,620 1,566 134 ,922 30,321 250 1,964 5,212 11,945 30 59,762 12,771 ,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 ,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 ,423 1,704 4,514 67,148 1,570 137 2,108 30,558 22 1,474 5,154 11,985 21 62,071 12,302 ,449 3,688 4,565 66,853 1,594 136 2,195 30,564 46 2,109 5,081 11,991 28 61,490 12,370 ,524 3,956 4,691 2,893 67,026 1,599 134 2,220 30,760 21 1,839 5,057 12,035 r Revised. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL LOANS, 1960 237 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, ( —). In millions of dollars] Manufacturing and mining Comm'l Period2 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 s d a d a 3 l - l s c P h l c e e a e o u m n t a r m d i o l c , , - al, Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s u P p t ( t t r o i u i i a l n o r b i n c t n t l i a s l i ) e . - c - s s C t t i r o o u n n c - - bu o ty s A t o i p h n f l e e l e s r ss c c h l N f a a i n e s e d g s t i e - s c r h w e a i a e i p n n a n e n o d l g g k d l r ' e l l t y — rubber banks Jan... -137 15 84 4 -20 -103 -113 -24 -40 -72 -405 '-609 Feb.. -109 137 259 -37 63 93 -120 -50 27 27 290 '317 Mar.. -101 101 444 -13 121 181 -185 37 31 84 702 '847 Apr.. -170 -38 -30 11 45 102 -89 -63 21 39 -173 '-82 May. -56 5 136 10 53 89 -76 -73 32 35 154 '228 June. 15 53 168 -26 92 10 -95 126 25 41 409 '477 July.. -104 25 -308 -79 7 -45 Q -20 5 5 -524 -664 Aug.. 102 89 -112 -11 24 -32 83 -105 20 55 113 '-13 Sept.. 143 -26 65 15 42 82 46 191 9 41 606 571 Oct.. 212 -160 -261 26 -41 125 175 -199 60 -62 '-110 Nov.. 169 -101 -58 11 -76 112 163 76 -13 79 361 '333 Dec. 57 -42 9 97 15 -267 49 118 14 69 120 182 Week ending: Jan. 6. . -62 -11 -36 -39 -16 -1 -15 -3 -30 6 -206 '-300 13.. -11 13 31 36 10 -22 -32 7 -16 -48 -32 -40 20.. -32 24 3 -6 -56 -27 -19 6 -6 -103 -155 27.. -33 65 4 -25 -38 -10 -23 -64 -114 Feb. 3. -26 34 59 -26 2 35 -3 11 25 101 '96 10. -31 38 64 2 35 22 -56 9 6 7 94 106 17. 30 44 100 -9 23 23 -42 12 3 10 193 215 24. -82 21 37 -4 3 15 -19 -62 7 -15 -99 -100 Mar. 2. 14 22 76 -18 -4 50 -41 -17 14 '141 9. -75 20 44 -6 31 10 -25 -36 4 10 -22 11 16. 30 C67 239 40 73 94 -42 95 31 48 675 745 23. -27 51 -20 11 24 -22 -25 -21 -33 -22 30. -43 35 -9 9 3 -56 21 34 -6 -28 Apr. 6. -49 3 -62 21 32 -9 -25 -30 7 -31 -142 '-133 -43 -11 35 20 17 32 -29 -31 6 21 16 85 20. -11 -17 -29 6 -5 73 -21 -14 3 13 -3 12 -67 -13 25 -36 1 6 -14 12 5 35 -45 -46 27. 7 -1 45 -23 15 6 -20 -31 22 17 37 '69 May 4. -17 10 22 -6 23 44 -15 -46 9 -5 19 40 16 6 11 60 17 49 -26 -20 3 33 149 169 18! -61 -10 59 -22 -2 -11 -14 23 -2 -9 -50 -50 25. June 1. 37 -16 -1 -7 -2 14 -17 9 9 '1 8. -78 -6 -10 13 -26 -24 -35 2 -16 -179 -179 15. 53 37 184 18 55 39 -40 104 21 23 494 '536 22. 4 2 13 -10 36 -3 -11 10 9 10 59 82 29. -1 11 -7 -15 -11 7 -18 33 10 16 25 37 July 6. -7 -6 -159 -60 16 2 2 43 -13 -5 -189 -196 -64 14 5 23 -32 A -44 13 32 -57 -76 20'. 9 -1 -73 -21 -11 16 -7 -25 -5 -13 -133 -211 27. -41 18 -81 3 -21 -28 -1 6 10 -10 -145 -181 Aug. 3. 30 24 10 17 9 25 -17 7 44 145 '125 10. -22 14 -37 6 15 -7 6 -35 7 8 -44 -35 17. 50 33 -16 22 22 -10 14 -35 12 -29 61 45 24. -6 -42 -17 -18 -42 15 -60 4 -8 -175 -217 31. 50 18 -27 -18 -12 17 24 42 Q 41 126 r69 Sept. 7. 15 22 -20 -5 1 5 -2 -11 -9 -43 -47 -37 14. 50 2 50 20 39 46 13 78 11 49 354 374 21. 56 -30 70 12 6 24 18 102 10 38 306 ^261 23 -17 -36 -11 -4 7 17 22 -3 -3 -6 -27 Oct. 6. 65 -30 -91 3 43 21 -123 -10 14 -110 '-150 13. 28 -17 -38 19 7 61 58 -45 5 -4 74 126 20. 109 -75 -58 4 -29 20 47 1 13 27 59 28 27. 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. -6 -55 -30 -13 -19 -1 -71 2 7 -200 -199 14. 40 -5 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 c Corrected. ' Revised. 70 per cent of those of all commercial banks. 1 Data for a sample of about 200 banks reporting changes in their 2 Monthly figures are based on weekly changes during month. larger loans; these banks hold about 95 per cent of total commercial 3 Includes machinery and transportation equipment. and industrial loans of all weekly reporting member banks and about Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 INTEREST RATES, 1960 MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Prime Finance com- company Prime Month or week m p e a r p c e i r a , l p p l a a p c e e r d - b a a c n c k e e p r t- s' 3-month bills 6-month bills 9- to 12-month issues 3- to 5m 4- o n to t h 6 s - l m d 3 i - o r e n to c t t h l 6 y s - 2 , 90 a n d c a e y s s , 3 on i R s s a n u t e e e w M y a ie r l k d et on R a n t e e w M y a ie r l k d et (m y B i a e i r l l l k d s ) e t I : j Other 5 is y s e u a e r s6 1960—Jan.... 4.91 5.02 4.78 4.436 4.35 4.840 4.74 4.95 4.93 4.87 Feb.... 4.66 4.50 4.44 3.954 3.96 4.321 4.30 4.45 4.58 4.66 Mar.... 4.49 4.16 3.96 3.439 3.31 3.693 3.61 3.68 3.93 4.24 Apr.... 4.16 3.74 3.88 3.244 3.23 3.548 3.55 3.83 3.99 4.23 May. .. 4.25 3.88 3.78 3.392 3.29 3.684 3.58 4.01 4.19 4.42 June... 3.81 3.24 3.28 2.641 2.46 2.909 2.74 3.10 3.35 4.06 July. . . 3.39 2.98 3.13 2.396 2.30 2.826 2.71 3.03 3.13 3.71 Aug.... 3.34 2.94 3.04 2.286 2.30 2.574 2.59 2.82 2.89 3.50 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 2.530 2.50 2.64 2.79 3.51 Week ending: Jan. 2.. 4.88 4.88 4.50 4.516 4.40 4.942 4.91 5.02 5.00 4.99 9.. 4.88 4.93 4.64 4.602 4.59 5.099 5.07 5.15 5.11 4.97 16.. 5.00 5.13 4.88 4.590 4.53 4.989 4.81 4.96 5.00 4.91 23.. 4.98 5.13 4.85 4.436 4.27 4.665 4.60 4.92 4.87 4.81 30.. 4.80 4.90 4.78 4.116 4.01 4.608 4.49 4.76 4.75 4.80 Feb. 6.. 4.75 4.75 4.63 4.039 3.94 4.501 4.42 4.56 4.61 4.69 13.. 4.56 4.38 4.38 3.563 3.67 4.094 4.08 4.41 4.41 4.61 20.. 4.58 4.35 4.38 4.045 4.04 4.294 4.30 4.41 4.63 4.64 27.. 4.75 4.50 4.38 4.168 4.14 4.396 4.34 4.39 4.63 4.70 Mar. 5.. 4.85 4.61 4.38 4.278 3.92 4.458 4.27 4.31 4.55 4.58 12.. 4.70 4.49 4.18 3.641 3.60 4.024 3.87 3.97 4.14 4.35 19.. 4.53 4.19 3.93 3.451 3.41 3.619 3.57 3.56 3.84 4.17 26.. 4.25 3.86 3.73 3.033 2.84 3.176 3.17 3.27 3.47 4.02 Apr. 2.. 4.13 3.58 3.63 2.792 2.88 3.187 3.21 3.32 3.69 4.11 9.. 4.05 3.50 3.63 2.731 2.96 2.927 3.18 3.30 3.57 4.06 16.. 4.09 3.78 3.94 3.622 3.56 3.854 3.86 3.91 4.23 4.25 23.. 4.25 3.88 4.00 3.306 3.34 3.705 3.73 4.17 4.17 4.32 30.. 4.25 3.88 4.00 3.317 3.19 3.705 3.58 4.08 4.14 4.34 May 7.. 4.25 3.88 3.90 3.003 3.08 3.349 3.41 4.01 4.11 4.37 14.. 4.25 3.88 3.75 3.274 3.32 3.521 3.55 4.05 4.08 4.35 2 2 1 8 . . . . 4 4 . . 2 2 5 5 3 3 . . 8 8 8 8 3 3 . . 7 7 5 5 3 3 . . 4 7 9 9 7 3 3 3. . 2 5 9 0 4 3 . . 0 8 0 67 0 3 3 . . 7 6 7 4 4 3 . . 0 7 9 5 4 4 . . 3 2 4 6 4 4 . . 5 4 1 8 June 4. . 4.19 3.83 3.63 3.184 2.94 3.495 3.18 3.56 3.87 4.24 11.. 4.03 3.53 3.48 2.716 2.61 2.871 2.80 3.23 3.47 4.12 18.. 3.05 3.18 2.292 2.31 2.497 2.52 2.90 3.15 3.99 25.. 3.00 3.13 2.613 2.39 2.877 2.76 3.04 3.29 4.01 July 2.. 3.00 3.13 2.399 2.18 2.806 2.64 2.95 3.20 3.99 9.. 3.00 3.13 2.307 2.27 2.805 2.85 3.03 3.23 3.87 16.. 3.00 3.13 2.567 2.41 3.175 2.87 3.07 3.18 3.76 23.. 2.96 3.13 2.307 2.31 2.625 2.62 3.12 3.12 3.67 30.. 2.94 3.13 2.404 2.24 2.701 2.56 2.92 3.00 3.54 Aug. 6. . 3.38 2.94 3.13 2.131 2.13 2.409 2.39 2.81 2.86 3.49 13.. 3.38 2.94 3.08 2.215 2.18 2.458 2.48 2.79 2.84 3.52 20.. 2.94 2.93 2.278 2.31 2.621 2.66 2.83 2.93 3.52 27.. 2.94 3.05 2.518 2.43 2.806 2.70 2.81 2.90 3.47 Sept. 3. . 3.25 3.01 3.00 2.550 2.53 2.825 2.82 2.87 2.93 3.51 10.. 3.25 3.06 3.00 2.520 2.56 2.802 2.83 2.87 2.98 3.51 17.. 3.40 3.11 3.00 2.654 2.58 2.916 2.87 2.89 3.03 3.53 24.. 3.50 3.19 3.00 2.434 2.43 2.743 2.80 2.82 2.98 3.47 Oct. 1.. 3.45 3.19 3.00 2.286 2.35 2.729 2.82 2.87 2.99 8.. 3.38 3.19 3.00 2.473 2.40 2.925 2.88 2.92 3.05 15.. 3.38 3.19 3.00 2.698 2.54 3.079 2.88 2.95 3.07 22.. 3.30 3.15 3.00 2.406 2.23 2.806 2.71 2.99 3.02 29.. 3.18 2.98 3.00 2.129 2.11 2.569 2.53 2.85 2.93 3.57 Nov. 5.. 3.13 2.88 3.00 2.127 2.20 2.453 2.50 2.82 2.84 3.59 12.. 3.17 2.88 3.00 2.390 2.40 2.572 2.59 2.85 2.86 3.63 19.. 3.33 2.93 3.00 2.624 2.46 2.825 2.75 2.91 3.08 3.69 26.. 3.38 2.94 3.00 2.396 2.38 2.749 2.71 2.87 3.08 3.72 Dec. 3. . 3.38 2.94 2.326 2.35 2.640 2.70 2.86 3.05 3.75 10.. 3.30 3.01 2.328 2.28 2.663 2.62 2.77 2.93 3.59 17.. 3.25 3.06 2.334 2.25 2.621 2.50 2.63 2.76 3.49 24.. 3.15 2.91 2.222 2.24 2.392 2.42 2.56 2.74 3.46 31.. 3.13 2.88 2.148 2.18 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. ma 3 t u A ri v t e ie r s a g i e n o th f e d a 9 i 0 ly -1 p 7 r 9 e v d a a i y li n r g an r g a e t . es. 6 5 C C o o n n s s i i s s t t s s o o f f s c e e l r e t c if te ic d a t n e o s te o f a n i d n d b e o b n te d d n is e s s u s e s a . nd selected note issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES, 1960 239 BOND AND STOCK YIELDS 1 [Per cent per annum] Corporate bonds- Stocks 5 G U o . v S t . . S g ta o t v e t . a b nd o n l d o s c 3 al By selected By Dividends/ Earnings/ Month or week bonds ratings groups price ratio price ratio (long- Total 4 term) 2 Total* 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 . . 6-9 20 5 5 120 30 30 40 40 40 14 500 500 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 3.51 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 47 May 4.16 3.75 3.34 4.31 4.80 4.46 5.28 4.65 4.98 4.76 4.75 3.51 June 3.99 3.74 3.33 4.27 4.78 4.45 5.26 4.64 4.94 4.76 4.74 3.40 5 83 J A U u ly g 3 3. . 7 8 9 6 3 3 . .5 7 7 3 3 3 . . 3 1 1 0 4 4 . . 2 1 6 5 4 4 . . 7 6 4 1 4 4 . . 4 2 1 8 5 5 . . 2 0 2 8 4 4 . . 6 4 1 9 4 4 . . 9 8 0 2 4 4 . . 7 5 1 3 4 4 . . 7 6 0 1 3 3 . . 4 4 9 3 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: Jan 2 4.37 3.90 3.49 4.43 4.90 4.61 5.32 4.72 5.09 4.89 4.90 3.16 9 4.42 3.95 3.53 4.46 4.90 4.61 5.32 4.73 5.09 4.90 4.87 3.15 16 4 37 3.92 3.49 4.43 4.91 4.61 5.34 4 74 5 08 4.92 4 88 3 26 23 4.35 3.90 3.47 4.41 4.92 4.61 5.35 4.74 5.08 4.93 4.85 3.31 30 4.36 3.90 3.47 4.41 4.92 4.61 5.36 4.74 5.09 4.93 4.88 3.34 Feb 6 ... 4 29 3 88 3.43 4.40 4 92 4 60 5 36 4 73 5 08 4 93 4 85 3 36 13 4 20 3.83 3.38 4.35 4 90 4.57 5 36 4 72 5 07 4 91 4 81 3 41 20 4.16 3.81 3.38 4.31 4.87 4.54 5.33 4.70 5.04 4.86 4.80 3.44 27 4 ~>2 3 82 3 39 4 32 4 86 4 54 5 31 4 70 s 02 4 85 4 81 3 40 Mar 5 4 ?2 3 84 3 40 4 35 4 86 4 54 5 31 4 70 5 02 4 85 4 81 3 48 12 4 11 3 80 3.37 4.31 4.83 4.51 5.28 4.67 5.01 4.83 4.78 5.58 19 4 05 3.78 3.35 4.29 4 80 4.48 5 26 4 64 4 98 4.78 4 77 3 52 26 4 00 3 74 3 32 4 26 4 78 4 46 5 22 4 60 4 98 4 75 4 72 3 48 Apr 2 4.07 3.70 3.28 4.22 4.75 4.45 5.18 4.59 4.95 4.71 4.72 3.48 9 4.10 3.70 3.28 4.22 4.74 4.44 5.17 4.58 4.96 4.68 4.70 3.43 16 4 18 3.71 3.29 4.24 4 75 4 45 5 18 4 59 4 96 4 68 4 71 3 44 23 4.21 3.70 3.29 4.23 4.76 4.45 5.21 4.61 4.96 4.70 4.71 3.50 30 4.20 3.75 3.34 4.28 4.78 4.46 5.23 4.63 4.98 4.72 4.72 3.52 May 7 4 17 3 73 3 32 4 28 4 80 4 46 5 27 4 65 4 98 4 76 4 72 3 52 14 4.13 3.73 3.32 4.28 4.79 4.45 5.28 4.65 4.97 4.76 4.72 3.55 21 4 18 3 78 3 37 4 33 4 80 4 46 5 28 4 65 4 98 4 76 4 76 3 49 28 ... . 4.16 3.79 3.38 4.33 4.81 4.47 5.28 4.66 4.98 4.77 4.80 3.48 June 4 4.07 3.78 3.38 4.32 4.81 4.48 5.27 4.66 4.98 4.78 4.81 3.47 11 4.00 3.78 3.38 4.30 4.77 4.44 5.24 4.64 4.92 4.76 4.73 3.35 18 3 96 3 72 3 31 4 25 4 77 4 45 5 26 4 64 4 93 4 76 4 73 3 37 25 3.97 3.71 3.30 4.24 4.78 4.45 5.27 4.64 4.94 4.75 4.71 3.39 July 2 3.96 3.71 3.30 4.24 4.78 4.44 5.28 4.64 4.94 4.75 4.72 3.41 9 3.91 3.71 3.30 4.24 4.77 4.44 5.27 4.64 4.93 4.75 4.72 3.41 16 ... 3.87 3.75 3.32 4.27 4.77 4.43 5.26 4.64 4.93 4.73 4.70 3.46 23 3 84 3 75 3 32 4 26 4 73 4 40 5 20 4 60 4 89 4 70 4 69 3 49 W 3.81 3.71 3.28 4.25 4.69 4.38 5.15 4.57 4^85 4.66 4.70 3.58 Aug 6 3.75 3.68 3.22 4.24 4.67 4.34 5.15 4.54 4.86 4.63 4.64 3.54 13 3.78 3.62 3.14 4.21 4.64 4.30 5.11 4.50 4.83 4.57 4.63 3.46 20 3.81 3.51 3.03 4.11 4.60 4.26 5.06 4.49 4.82 4.51 4.60 3.42 27 3.81 3.47 2.99 4.05 4.57 4.23 5.03 4.46 4.79 4.47 4.57 3.35 Sept 3 3.84 3.46 2.99 4.05 4.57 4.23 5.01 4.45 4.79 4.46 4.60 3.40 10 3 84 3 50 3.03 4 07 4 56 4 23 4 98 4 45 4 77 4 46 4 64 3 47 17 3.84 3.57 3.13 4.09 4.57 4.26 4.99 4.46 4.79 4.47 4.68 3.49 24 3 79 3.57 3.13 4.09 4 58 4.26 5 02 4 46 4 78 4.50 4 67 3.54 Oct 1 3.81 3.61 3.18 4.13 4.59 4.27 5.05 4.48 4.78 4.52 4.78 3.69 8 3.88 3.64 3.21 4.15 4.61 4.28 5.09 4.49 4.81 4.53 4.74 3.62 15 3.92 3.65 3.21 4.17 4.63 4.29 5.12 4.50 4.84 4.56 4.73 3.57 22 3.93 3.65 3.21 4.17 4.64 4.31 5.12 4.50 4.86 4.57 4.75 3.56 29 3.90 3.61 3.17 4.13 4.65 4.30 5.13 4.50 4.86 4.57 4.76 3.65 Nov. 5 3.90 3.59 3.16 4.11 4.64 4.30 5.10 4.50 4.87 4.55 4.74 3.58 12 3.91 3.59 3.16 4.11 4.63 4.29 5.08 4.50 4.84 4.55 4.77 3.51 19 3.92 3.54 3.12 4.07 4.63 4.30 5.07 4.50 4.83 4.56 4.79 3.49 26 3.94 3.55 3.12 4.07 4.65 4.32 5.08 4.52 4.85 4.57 4.80 3.49 Dec. 3 3.97 3.56 3.14 4.07 4.66 4.33 5.10 4.55 4.86 4.57 4.81 3.50 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. Earning/price ratios for common 5 Standard and Poor's Corporation. Preferred stock ratio is based on stocks are as of end of period. 8 median yields in a sample of noncallable issues—12 industrial and 2 2 Series is based on bonds maturing or callable in 10 years or more. public utility. For common stocks, the ratios 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 at eral obligations only. annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 FEDERAL BUSINESS-TYPE ACTIVITIES PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets other 1han interagency itemsi Li i a n b te il r i a ti g e e s n , c o y t h i e te r m th s1 an Total assets- Invest- Total Bonds, notes, U.S. Pri- Date, and fund or activity Cash L c a e r o b e i a l v - e n - s t v o I e r n i n - e - s P s r d e i u e t c b i b e u m l t s i - c en O t s r s e i t t c h ie u e s - r L e s t m u a t q a r r n e u u n e d n i c d s p t - , , - Other i m i n l l a i i v e a n t e i n b d e s t - s s t- a t U G u n a b r . t u n e e y S a d s e . r d - d p e a O b y e a th n b e - le r b O i l l t i i h a ti - e e r s G in e o t s e v t r t - . v o in w a e t t s n e e t l e r y - d All activities 1955 Dec 31 1 33820,238 4 356 3,236 3 414 7,822 4 90045 304 44 2,379 7 703 39,583 596 1956—Dec 31 5 13920,657 ?1 375 3,739 3 669 9,985 5,79969.863 67 2,711 658 62,509 918 1957—Dec. 31 4 791 22,388 71 678 3,804 3 718 9,962 5 33771,124 49 4,662 7,91462,377 1,121 1958 Dec 31 6 11025,483 ?0 810 4,198 3 703 10,670 5 50076 475 50 4,038 3 909 67,180 1 298 1959_Sept. 30 6 98? 27,138 71 879 4,478 5 130 8,938 5 59080,136 53 5,582 53069,549 1,423 Dec 31 6,8S527,865 ?1 476 4,670 5 119 9,124 5 80,620 57 5,974 3 69,747 1,480 1960—Mar. 31 6 430 28,090 71 794 4,998 5 132 9,156 5 S0880.608 66 5,767 3 73669,946 1,592 June 30 . 88928,760 70 837 4,874 5 213 9,023 5,76679,856 60 6,308 3,63168,247 1,610 Classification of agencies reporting quarterly, by type of fund and activity, June 30, 1960 Public Enterprise Funds—Total 2,93310,926 5,759 1,117 183 3,983 1,05025,952 60 797 1,70923,385 Farm Credit Administration: 4 4 4 Agricultural Marketing Act, revolving fund 60 P6 186 186 Agricultural Department: 29 1,116 4 228 128 228 5,729 563 5,166 Disaster loans etc revolving fund. 82 38 3 123 123 All other . 46 41 7 95 87 Housing and Home Finance Agency: Public Housins Administration 44 92 (2^1 5 1 143 48 95 Federal Housing Administration 61 161 653 (2) 2 266 1,143 60 142 942 Federal National M^ortsase Association 6 3,387 20 3,414 797 48 2,568 Office of the Administrator . m 898 2 37 1 068 6 1,062 Federal Savings and Loan Insurance Corporation... 3 30 328 13 375 21 354 Small Business Administration ">8? 379 ' 4 5 670 1 669 Export-Import Bank ... 1 3,261 (2^> 1 (2) 40 3 304 5 3,299 Tennessee Valley Authority 26 40 51 1,930 135 2,182 35 2,148 Panama Canal Company ?7 8 418 13 467 ^0 447 Veterans Administration 737 1,056 4 85 3 3 1,383 65 1,319 General Services Administration 17 8 1 458 < 72 39 1,595 7 1,588 Treasury Department 4 164 4 172 172 Post Office Department costal fund 373 8 492 81 954 235 719 Interior Department .. 100 16 6 171 126 419 13 406 All other .. 1 407 275 6 si 759 77 2,525 (2) (2) 491 2,034 1,S51 8 178 260 Q810,037 S80 9,457 Defense Department: Army .. 763 4 949 116 30 5 859 183 5,676 Navy 386 2 631 29 3 046 208 2 838 Air Force 391 35 739 93 646 All other 89 157 144 4 394 96 298 Certain Other Activities—Total 061 11,301 6 944 5 5 018 4,778 3,96633,073 307 32,767 General Services Administration 260 154 6924 (2) 1,215 488 9,040 47 8,993 Agricultural Department: Farmers Home Administration 16 814 (2) 2 26 858 6 852 Rural Electrification Administration 19 3 177 153 3 349 2 3 347 Veterans Administration 9 316 71 395 9 387 Nat Aeronautics and Space Administration ... 372 10 368 124 874 20 854 Interior Department 31 6 377 4? 456 8 448 International Cooperation Administration 5 3,244 31 3,280 21 3,259 Treasury Department 3,387 5,018 37 67911,084 11,084 Commerce Department—maritime activities 301 178 4 (2) 2,690 56 3,228 171 3,057 All other 48 31 1 126 796 508 23 485 Certain Deposit Funds—Total 136 4,017 (2) 3,602 12 2 71 7,841 3,226 956 2,496 1,164 Banks for cooperatives 18 549 43 (2) 9 619 342 195 75 Federal Deposit Insurance Corporation 3 2,289 14 2,308 153 2,155 Federal home loan banks 102 1,770 1,165 12 12 3,061 1,255 760 1,046 Federal intermediate credit banks4 12 1,698 106 36 1,852 1,628 36 145 43 Certain Trust Revolving Funds—Total 208 2,515 (2) 150 80 2,953 2,285 80 142 5446 Federal National Mortgage Association 59 2,493 21 2,573 2,285 61 155 572 Office of Alien Property . .. 143 56 199 4 5195 All other 6 22 (2) 150 3 181 15 5179 1 Prior to 1956, figures for trust revolving funds include interagency NOTE.—Coverage has changed in some of the years shown. Beitems. ginning 1956, changes reflect the expanded coverage and the new classi- 2 Less than $500,000. fication of agencies now reported in the Treasury Bulletin. The revised 3 Includes $801 million due under the agreement with Germany signed statement includes a larger number of agencies, and their activities are Feb. 27, 1953, and lend-lease and surplus property balances due the classified according to the type of fund they represent. United States in the principal amount of $1,650 million. Historical data for loans by purpose and agency and for other selected 4 Prior to Jan. 1, 1959 was classified as a trust revolving fund. assets and liabilities by agency are shown on p. 1042. 5 Figure represents total trust interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. 242 Gold production 243 Net gold purchases and gold stock of the United States 244 Estimated foreign gold reserves and dollar holdings. 245 International capital transactions of the United States. 246 United States balance of payments 255 Money rates in foreign countries 255 Foreign exchange rates 257 Index to statistical tables 263 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. 241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- E m n o d n t o h f w m t o o a r t t a l e d l d 1 M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p g h . o e , 1953—Dec 36 290 1,702 22,091 12,495 372 117 52 776 321 986 42 86 101 1954—Dec 36,940 1,740 21,793 13,405 372 138 62 778 322 1,073 42 86 115 1955—Dec 37 620 1 808 21,753 14,060 372 144 71 929 323 1 134 44 86 116 1956—Dec 38,115 1,692 22,058 14,365 224 107 71 925 324 1,103 46 57 122 1957—Dec 38,820 1,180 22,857 14,785 126 126 103 915 324 1,100 40 62 81 1958—Dec 39 490 1 332 20,582 17,575 60 162 194 1,270 325 1 078 40 72 83 1959—Dec 40,185 2,407 19,507 18,270 56 154 292 1,134 327 960 43 71 42 I960—Jan 2,416 19,494 56 157 292 1,143 326 952 42 71 42 Feb 2,421 19,471 56 160 292 1,175 326 952 41 72 38 Mar 40 355 2 454 19,457 18,445 56 163 292 1,183 294 950 41 73 38 Apr 2,495 19,403 56 166 292 1,197 294 945 42 71 38 May 2 489 19,395 56 170 292 1,182 286 922 42 72 38 June 40 570 2 515 19,363 18,690 55 149 292 1,191 286 909 42 73 38 July 2 527 19 188 55 293 1,175 287 906 42 74 Aug 2 562 19,045 80 293 1 094 287 904 42 74 Sept M0,685 2,564 18,725 ^19,395 84 293 1,094 287 894 42 75 Oct 2,603 18,443 84 293 1,112 287 891 45 76 Nov 2 723 17,948 293 1,158 287 886 45 77 Dec 2 439 17 804 293 1 170 885 45 Domin- Egyp- Ger- E m n o d n t o h f Cuba m De a n rk - Re ic 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 a r l- l F a i n n d - France2 R F m e e p a d 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 31 12 23 174 29 26 617 328 11 27 247 145 1954—Dec 186 31 12 23 174 29 31 708 626 11 27 247 81 1955—Dec 136 31 12 23 174 28 35 942 920 11 27 247 81 1956—Dec 136 31 11 22 188 28 35 924 1 494 10 27 247 45 1957—Dec 136 31 11 22 188 31 35 581 2,542 13 27 247 39 1958—Dec 80 31 11 22 174 31 35 750 2,639 17 27 247 37 1959—Dec 50 31 10 20 174 30 38 1 290 2,637 26 24 247 33 I960—Jan 50 31 10 20 174 30 38 1,285 2,638 26 24 247 33 Feb 21 31 10 20 174 30 38 1,298 2,652 26 24 247 33 Mar 19 31 10 20 174 30 38 322 2 670 26 24 247 33 Apr 19 31 10 20 174 30 38 ,399 2,704 26 24 247 33 May 19 31 10 20 174 30 38 513 2 741 26 24 247 33 June 19 31 10 20 174 30 38 ,551 2,772 26 24 247 33 July 19 31 10 20 174 30 38 ,560 2,818 26 24 247 33 Aug 3 31 10 20 174 30 38 ,568 2.879 26 24 247 33 Sept 3 31 10 20 174 30 38 2,888 31 24 247 33 Oct 1 31 10 20 174 30 41 1622 2 915 31 247 37 Nov 1 31 10 20 174 30 41 1,626 2,943 31 247 57 Dec 31 20 174 30 41 1,641 2,971 247 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 18 346 35 158 737 33 52 38 36 9 361 1954—Dec . ... 138 18 346 63 62 796 33 45 38 35 9 429 1955 Dec 138 8 18 352 74 142 865 33 45 48 35 16 428 1956—Dec 138 14 18 338 77 167 844 33 50 49 35 22 448 1957—Dec 138 20 18 452 91 180 744 33 45 49 28 6 461 1958—Dec 141 34 18 1,086 91 143 1,050 33 43 49 19 10 493 1959 Dec 140 84 18 1,749 102 142 J n? 34 30 50 28 9 548 I960 Jan 140 84 18 1,816 102 142 ,132 34 30 52 28 10 548 Feb 131 84 18 1,870 102 142 141 34 30 52 28 11 548 Mar 131 84 18 1,902 102 142 ,164 34 30 52 28 12 549 Apr 131 84 18 1,902 102 142 ,164 34 30 52 28 13 549 May 131 84 18 1,983 102 142 164 34 30 52 28 15 549 June . . 131 84 18 1,997 102 142 ,231 34 30 52 28 16 549 July 131 84 18 1,998 102 122 ,246 34 30 52 28 16 550 Aug 131 84 18 2,088 102 122 ,246 35 30 52 28 12 550 Sept 131 84 18 2,186 102 121 ,346 35 30 52 27 13 550 Oct 131 111 18 2,186 102 376 35 30 52 42 14 550 Nov 131 98 18 102 ,376 35 30 52 42 14 550 Dec 130 18 119 440 35 30 52 15 552 p Preliminary. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 243 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- g S i y R o r n e ia — - n T la h n a d i- Turkey U K d n o i i n m t g e 3 d - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l 'l e- E E P F U 5 - U.A.R. ments 4 1953—Dec 176 130 218 1 459 14 113 143 2 518 227 373 13 75 153 1954 Dec 199 132 265 1,513 17 113 144 2,762 227 403 14 76 153 1955—Dec 212 132 276 1 597 19 112 144 2 120 216 403 16 121 244 1956—Dec 224 132 266 1,676 19 112 144 2,133 186 603 17 59 268 1957 Dec 217 101 219 1,718 24 112 144 2,273 180 719 13 24 254 1958—Dec 211 57 204 1 925 24 112 144 3 069 180 719 17 -42 126 1959—Dec 238 68 191 1,934 104 133 2,736 180 654 16 -134 40 I960—Jan 248 78 191 1 826 104 133 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 -.2 May 255 78 171 1,767 104 133 2,859 180 514 7 June 240 78 171 1 774 104 133 2 892 180 514 7 48 July 233 78 171 1 896 104 133 2 996 180 514 7 -—1 01307 Aue 219 88 171 1,960 104 133 3^072 180 514 7 -103 Sept 204 98 171 1,980 104 133 3,108 180 464 6 -79 53 Oct 187 108 171 2,020 104 133 3,139 180 -54 Nov 176 158 171 2 059 134 3 167 180 -36 Dec 178 178 170 2,185 134 3,231 180 — 19 i Excludes U.S.S.R., other Eastern European countries, and China 2 Represents holdings of Bank of France and French Exchange Stabili- Mainland. zation Fund. Represents reported gold holdings of central banks and governments 3 Beginning with December 1958, represents Exchange Equalization and international institutions, unpublished holdings of various central Account gold and convertible currency reserves, as reported by British banks and governments, estimated holdings of British Exchange Equaliza- Government; prior to that time represents reserves of gold and United tion Account based on figures shown for United Kingdom, and esti- States and Canadian dollars. mated official holdings of countries from which no reports are received. 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 world Africa North and South America Other Year or month production U. ( S e . x S c . l R . .) Total A So fr u ic th a R de h s o ia - Ghana C o R o f e n t p h g . e o, U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - ! Brazil Co b l i o a m- t A ra u l s ia - India 1953 864.5 776.0 417.9 17.5 25.4 13.0 69.0 142.4 16.9 9.1 4.0 15.3 37.7 7.8 1954 910.0 826.0 462.4 18.8 27.5 12.8 65.1 152.8 13.5 8.2 4 2 13.2 39 1 8 4 1955 955.5 873.5 510.7 18.4 23.8 13.0 65.7 159.1 13.4 8.1 3 9 13.3 36 7 7 4 1956 994.0 911.6 556.2 18.8 21.9 13.1 65.3 153.4 12.3 7.6 4 3 15.3 36.1 7 3 1957 1,036.0 952.8 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4 2 11.4 37.9 6 3 1958 1,071.0 980.1 618.0 19.4 29.2 12.8 61.6 158.8 11.6 7.2 3.9 13.0 38.6 6.0 1959 1,148.0 1,059.9 702.2 19.8 31.8 12.0 57.2 156.9 11.0 7.3 3 9 H.9 38.1 5 8 1959 Nov 89.8 60.3 .7 2.7 .9 3.4 13.6 1.0 .6 .4 1.3 3.4 .5 Dec 88.4 59.3 6 2.7 .8 3.7 13.2 .8 .6 4 ? 3.6 5 1960 Jan 89.3 60.8 .6 2.6 1.3 3.4 13.2 .7 .5 .4 1.5 2.8 .5 Feb . ... 88.5 60.0 6 2.6 1.4 3.1 13.0 1.1 .6 4 4 2.8 5 M^ar 89.1 59.6 6 2.7 .9 3.5 13.6 1.1 6 3 3 2 5 Apr 90.2 61.8 7 2.7 .8 3.5 12.8 .9 .7 .4 ? 3.3 .4 May ... 63.1 6 2.6 1.4 4.1 13.2 .5 3 2 8 5 June 63.4 6 2.6 3 9 13.5 6 3 3 4 4 July 63.6 6 2.6 4.5 13.8 .5 4 i 3.2 4 Aug 63.5 2.6 4.9 13.3 .6 .4 3 3.1 Sept 63.4 2.6 5.0 12.9 .6 3 4 3 4 Oct 63.4 2.5 4.4 14.1 .7 .3 1.2 Nov 63 4 4.3 13.7 .6 .4 1 Gold exports, representing about 90 per cent of total production. 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. Ghana, Republic of the Congo and Brazil, data for which are from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 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: —6 -84 -83 -43 — 1 Belgium -4 -85 3 -329 -39 -26 -25 -7 -68 -34 -266 -66 -200 -56 Germany (Fed. Rep. of) -10 -130 -226 -10 Italy -349 Netherlands -100 -65 25 -261 -30 -10 -25 -110 Portugal -5 -60 -55 5 -20 -10 31 32 -33 Switzerland .... 23 -65 -16 — 8 -215 20 20 -160 United Kingdom 440 -480 -50 100 -900 -350 -150 -200 Bank for Int'l Settlements.... C1) -94 -20 -178 -32 Other... -17 -37 -6 4 18 8 -21 -38 -15 -17 -2 1 -11 Total 326-1,016 -378 -78 80 68-2,326 -827 -274 -197 -40 -49 -576 Canada 7 15 5 Latin America: -20 -85 115 75 67 -30 Mexico.. 88 -28 80 — 30 — 10 -30 -200 65 65 Other . -10 -19 12 14 56 6 2 -16 -13 -1 -1 -1 -6 Total 57 -132 62 14 -28 81 69 19 -23 64 -1 -1 -36 Asia: -30 -157 -62 -15 Other j -6 -10 -5 0) 18 -4 -28 -1 -20 0) -26 -4 Total -7 -6 -10 -5 0) 18 -34 -186 -62 -20 0) -26 -19 Allother 9 -10 -1 1 14 0) 2 -5 (!) -4 0) -8 0) Total foreign countries... 394 -1,164 -327 -68 80 172-2,294 -998 -359 -157 -42 -84 -632 International institutions 2 200 600 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 ( r u 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 ) 1 in s o c T c g t r ( r o r o e o - e d a c t l ) a a d s k e s l e - : e, i e m g x N ( o - o p p e ) r l o o t d r r t t, g m c o c o r E l r a ( r e d e r a - a a : k i ) r s n s - e d e e - d e , - D p ti r c o t o i m o g d n o u e l c s d - - Month T (e u r n G e r d a y o s l o - d f s m T to o o c n t k a th l 1 ) in s o c T c g t r ( r o r e o o - e d a c t ) l a a d s e k 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 n s s e - d e e - d e , - D p ti r c o t o i m o d g n o u e l c s d - - 1949 24,427 24,563 165 686 -496 67 I960—Jan 19,444 19,494 -13 2 — 12 3 1950 22,706 22,820 -1,743 -371 -1,352 80 Feb 19,421 19,471 -23 4 -21 3 1951 22,695 22,873 53 -549 618 66 Mar 19,408 19,457 -14 17 -13 4 1952 23,187 23,252 380 684 -305 67 Apr.. 19,360 19,403 -54 8 -71 4 May. 19,352 19,395 -8 10 -14 4 1953 22,030 22,091 -1,162 2 -1,171 69 June. 19,322 19,363 -32 77 -102 4 1954 21,713 21,793 -297 16 -325 65 July.. 19,144 19,188 -174 49 -222 5 I955 21,690 21,753 -41 97 -132 66 Aug.. 19,005 19,045 -144 12 -151 5 1956 21,949 22,058 306 106 319 65 Sept.. 18,685 18,725 -319 5 -319 5 I957 22,781 22,857 799 104 600 63 Oct... 18,402 18,443 -282 125 -397 4 Nov.. ... 17,910 17,948 -495 19 -512 4 1958 20,534 20,582 -2,275 260 -2,515 62 Dec. 17,767 17,804 -144 (3) -145 (3) 1959 19,456 19,507 2-1,076 302 -1,324 57 1960 17,767 17,804 -1,703 (3) -1,982 (3) 1961—Jan ^17,441^17,480 *-324 (3) 4-322 (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 $12,165 million on Jan. 31, 1961. 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 245 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3I, 1957 Dec. 31, 1958 Sept. 30, 1959 Dec. 3I, 1959 Mar. 31, 1960 June 30, 1960 Sept. 30, \960P Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Western Europe: Austria 452 8 605 I 685 7 623 7 556 7 490 7 516 7 Belgium 1,045 8 1,385 1,383 7 1,272 7 1,339 6 1,340 7 1,240 7 143 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 (l) 143 (i) 187 (l) 212 186 0) 138 (l) 109 (l) Italy 1,531 2,207 2 3,054 3,118 0) 3,061 0) 3,057 3,203 0) Netherlands 947 10 1 389 10 1,597 1,617 17 1,646 18 1,643 1,646 14 Norway 138 105 173 120 133 136 125 141 129 141 131 158 115 158 603 656 0) 676 1 686 1 674 1 637 638 1 Spain 125 93 3 124 3 154 3 189 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 (l) 164 0) 176 (i) 164 0) 163 (i) 152 (i) 149 (l) United Kingdom. 2,875 205 3,723 194 3,956 264 3,490 323 3,708 368 4,116 403 4,495 381 Other2 739 31 870 29 677 48 593 51 617 38 507 38 469 38 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 0) 210 325 393 444 443 (0 454 >•,» Brazil 456 463 495 478 450 448 460 Chile 115 1 140 (l) 212 (l) 228 (l) 193 n\ 186 0) 179 8 Colombia 215 241 0) 266 (l) 288 277 m 262 0) 242 Cuba 371 366 86 277 82 214 168 149 82 108 Guatemala 92 (l) 69 (i) 59 (i) 61 77 (1) 70 65 1 Mexico 566 3 561 4 565 4 584 574 4 497 4 495 4 Panama Republic of.. . 136 1 146 2 157 2 129 3 128 3 116 2 127 2 88 96 (i) 107 110 1 100 105 97 235 1 262 0) 251 (i) 242 0) 242 (i) 240 244 / Venezuela 1,554 2 1,213 2 997 3 931 3 899 3 815 2 797 3 Other3 277 13 250 11 268 13 253 12 273 12 388 11 400 11 Total 4,368 176 4,017 106 3,979 105 3,911 105 3,825 106 3,719 105 3 668 86 Asia: 329 324 (i) 366 (l) 361 (i) 351 10 306 40 297 40 Indonesia 190 145 0) 149 172 1 183 1 188 0) 195 ft Iran 193 184 167 (l) 187 176 168 156 Japan 714 2 1,094 1,420 2 1,564 2 1,644 2 1,755 2 1,984 Philippines 181 5 186 3 187 5 181 3 190 3 214 2 237 s2 Thailand 269 245 1 239 240 1 248 1 258 1 270 Other 1,027 25 1,041 27 1,221 39 1,244 46 1,236 53 1,107 70 1,026 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) (J) Australia 211 0) 241 252 0) 264 272 0) 263 249 Egyptian Region—U.A.R.. 228 0) 190 190 0) 194 207 0) 216 <? 196 Union of South Africa 255 241 268 287 299 280 235 Other4 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 countries.. 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 totals 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 other Western European countries, unpublished gold 5 Excludes gold reserves of the U. S. S. R., other Eastern European reserves of certain Western European countries, gold to be distributed countries, and China Mainland. by the Tripartite Commission for Restitution of Monetary Gold, European NOTE.—Gold and short-term dollars include reported and estimated Payments Union/European Fund, and the Bank for International Settle- official gold reserves, and total dollar holdings as shown in "Short-term ments; the figures for the gold reserves of the B.I.S. represent the Bank's Liabilities to Foreigners Reported by Banks in the United States by net 3 g In ol c d lu a d s e s s e ts o , t h (s e e r e n L o a t t e in 1 A to m f e o r l i l c o a w n i ng re p ta u b b l l e ic ). s and the Inter-American C bo o n u d n s t ri a e n s d " ( n T o a te b s le s r e 1 p r a e n se d n t l a e - s Id ti m o a f te th d e h p o r l e d c i e n d g i s n g w s it e h c ti o o r n ig ). i na U l . m S a . tu G ri o t v ie t. s Development Bank. of more than one year; these estimates are based on a survey of selected 4 Includes unspecified countries in Africa, Oceania, and Eastern U. S. banks and on monthly reports of security transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 EVTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] In- Ger- End of month G to ra ta n l d t t i e i n o r s n n t a a i- - l Foreign countries m R F a e e n d p y . . , U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia o A th l e l r tutions2 Total Official Private of 1955 Dec 13,601 1,881 11,720 6,953 4,167 1,454 550 4,142 6,147 1,032 2,000 2,181 360 1956—Dec 14,939 1,452 13,487 8,045 5,442 1,835 1,012 4,019 6,865 1,516 2 346 2 415 346 1957 Dec 15,158 1,517 13,641 7,917 5,724 1,557 1,275 4,310 7,142 1,623 2,575 1,946 355 1958—Dec 16,159 1 544 14,615 8,665 5,950 1,755 873 5,081 7,708 2 019 2 403 2 205 279 1959—Dec '19,387 43,158 16,229 '9,148 7,080 1,987 990 5,501 8,479 '2,198 2 406 2 774 373 I960 Jan '19,389 3,138 '16,252 '8,899 7,352 1,899 1,008 5,414 8,322 '2,320 2,393 2,829 388 Feb '19,484 3,285 '16,199 '8,875 7,324 1,908 1,157 5,284 8,349 '2,272 2,378 2,806 394 Mar 19,674 3,300 '16,374 '9,004 7,370 2,012 ,258 5,122 8,391 '2 357 2 383 2 860 382 Apr '19,852 -3,234 '16,618 '9,208 7,410 2,199 ,332 4,963 8,494 '2,386 2,478 2,843 417 May 20,179 '3 359 '16,820 '9,257 7,563 2,220 1,492 4,940 8,652 '2 423 2 526 2 817 403 June • 20,434 '3,317 '17,117 '9,582 7,535 2,473 1,591 4,869 8,934 '2,530 2,432 2,824 397 July '20,740 3,334 "17,406 '9,738 7,668 2,704 ,728 4,573 9,005 '2,683 2,494 2,854 369 Aug '21,210 3,466 '17,744 '10,136 7,608 2,868 ,792 4,523 9,182 '2,699 '2,540 2,937 386 Sept 21,219 3,565 17,654 10,085 7,569 3,109 ,820 4,264 9,194 2,658 2,432 2,997 374 Oct 21,442 3 682 17,760 10,328 7,432 3,292 [,793 4,216 9 302 2 711 2 366 2 998 384 20,905 3,696 17,210 10,081 7,129 3,367 ,633 3,986 8,986 2,507 2 338 3 017 362 Dec p 21,371 3,953 17,418 10,371 7,047 3,478 670 3,958 9,107 2,440 2,414 3,107 349 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 Italy 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 - ot A he ll r 5 1955—Dec 4,142 261 108 60 49 1,081 176 785 164 82 132 104 153 757 9 222 1956—Dec 4,019 296 117 65 53 626 177 930 134 67 137 43 217 836 20 299 1957—Dec 4,310 349 130 112 64 354 154 1,079 203 93 142 24 260 967 18 360 1958 Dec 5 081 411 115 169 69 532 126 1,121 339 130 163 36 303 852 20 694 1959—Dec 5,501 331 138 137 77 655 186 1,369 485 95 138 86 213 969 31 590 I960 Jan 5,414 308 152 120 83 664 188 1,358 496 95 128 93 151 977 30 571 Feb 5,284 300 137 112 90 675 197 1,245 496 94 130 99 196 950 31 533 Mar 5,122 264 156 114 87 719 160 1,159 482 99 125 111 217 931 30 468 4,963 234 134 92 75 711 146 1,142 442 96 113 108 265 930 23 451 Mav 4 940 221 141 82 71 726 128 1,050 430 97 104 120 267 928 24 552 June.... 4 869 198 149 80 61 759 112 1,060 412 101 88 149 261 939 19 483 July 4,573 197 172 72 64 650 97 1,095 386 88 88 133 250 878 18 386 Aus .. 4 523 203 166 53 49 726 75 1,127 355 85 87 132 250 820 14 380 Sept 4,264 223 146 47 47 646 78 1,017 300 85 88 137 224 806 16 402 Oct 4 216 229 140 53 48 658 54 981 289 83 84 187 219 755 18 418 Nov p 3 986 231 141 53 45 583 67 952 280 82 85 157 210 693 17 390 3,958 243 147 54 46 519 63 934 328 82 84 149 227 678 18 387 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 i - a Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i i a o e 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 a ti e e 6 n r r nam 1955—Dec 2,000 138 26 143 95 131 253 65 24 45 414 47 86 92 65 265 112 1956—Dec 2,346 146 29 225 91 153 211 68 25 64 433 69 109 84 73 455 111 1957—Dec 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958 Dec 2,403 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 133 1959 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 2,540 393 20 176 132 175 111 36 23 37 399 90 '128 77 54 407 282 Sept . 2,432 370 23 173 137 167 105 33 22 41 374 87 127 70 64 333 306 Oct 2 366 324 22 185 116 181 90 34 22 41 358 79 126 64 61 349 313 NOV.P 2,338 335 21 186 117 166 84 34 24 42 357 72 122 64 51 360 303 Dec p 2,414 315 23 194 135 158 74 37 24 44 397 76 123 72 51 383 306 Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT*L CAPITAL TRANSACTIONS OF THE U. S. 247 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Ko- End of month rea, Con- Egyp-Union Hong Indo- Re- Phil- Tai- Thai- Aus- go. of Total Kong India nesia Iran Israel Japan pub- ip- wan land Other Total tralia Re- South Other l o i f c pines t o h f e U.A.R.Africa 1955—Dec 2.181 55 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956 Dec 2 415 66 76 186 20 45 1 017 99 272 61 148 425 346 84 44 50 53 114 1957 Dec 1,946 70 82 151 55 52 ^86 117 175 86 157 417 355 85 39 40 38 153 1958—Dec 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 16 30 125 1959 Dec ? 774 60 114 H9 47 87 I 285148 172 94 136 494 373 110 31 20 49 I960—Jan 2.829 61 U3 146 46 93 1 .319149 174 94 142 493 388 107 33 25 62 162 Feb 2 806 61 90 153 43 87 318 145 177 95 142 494 394 112 34 38 57 152 Mar 2 860 65 104 150 45 87 365 141 178 95 144 486 382 109 42 33 43 157 Apr "> 843 61 68 15^ 39 93 413 140 184 91 142 459 417 135 37 39 39 166 May 2,817 58 67 138 47 91 .445 136 194 90 152 399 403 113 46 41 30 174 June 2.824 58 59 155 37 80 .476 139 198 90 154 379 397 114 37 42 40 164 July 2 854 ^9 ^5 158 15 68 536 143 216 87 158 339 369 107 25 46 36 155 Aug 2 937 58 51 164 27 72 627 144 219 89 163 322 386 95 27 40 32 191 Sept 2 997 59 50 162 25 705 148 224 89 166 311 374 100 29 22 31 192 Oct 2 998 58 36 170 26 62 I 758153 217 86 169 263 384 87 31 24 30 212 Nov.? 3,017 60 37 148 25 71 ,808 150 212 84 177 245 362 80 36 27 33 185 Dec.^ 3.107 57 54 178 75 ,887 152 203 84 180 214 349 88 32 22 29 178 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1956 j 1957 1958 1959 1956 1957 1958 1959 Other Europe: Other Asia (Cont.): Albania .1 .3 .3 Burma 7.0 6.7 5.9 n.a. British dependencies .3 .4 .8 Cambodia 17.2 20.0 24.9 19.7 Bulgaria .6 .3 1.2 Ceylon 41.2 34.2 44.1 n.a. Czechoslovakia 8 .7 .6 .7 China Mainland8. 35.5 36.3 36.0 35.8 Eastern Germany 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 Malaya, Fed. of. 1.4 1.6 1.2 1.4 Lithuania .4 .7 .6 Pakistan. 20.2 12.8 5.6 23.5 Luxembourg 13.2 1 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 Poland® 3.3 i 3.2 4.9 4.0 Saudi Arabia 97.4 94.8 60.2 111.6 Rumania 8 .9 | .8 .9 .9 Syrian Region—U.A.R.. , 17.1 3.5 4.7 5.0 Trieste 1.4 ! 1.2 .5 n.a. Viet-Nam 50.1 58.5 48.8 68.3 U. S. S. R.8 .8 ;: .7 2.6 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. A Ba fg h h re a i n n i s I t s a l n ands 5 1 . . 3 7 4. . 7 9 4. . 5 9 n. . a 9 . S Su p d an an ish dependencies . . 3 4 1. . 7 7 5. . 2 4 o British dependencies 7.4 8.0 4.3 5.7 Tunisia .5 .3 n 8 . . a 4 . n.a. Not available. P Preliminary. i 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 December 31, partial breakdown of the amounts shown in the "other" categories in 1960. Tables la-lc. 2 Includes International Bank for Reconstruction and Development, 8 Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other inter- NOTE.—Statistics on international capital transactions of the United national organizations. States are based on reports by U. S. banks, bankers, brokers, and dealers, 3 Represents liabilities to foreign central banks and foreign central by branches or agencies of foreign banks, by certain domestic institutions governments and their agencies (including official purchasing missions, 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

248 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars End of month, or area Total To banks and official institutions To all other foreigners in P a f y o a re b i l g e n and country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates1 certificates Total amounts outstanding 1955 Dec 13,601 11,777 5,451 5,670 656 1 783 1 543 184 56 40 1956—Dec 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957 Dec 15,158 12,847 5,875 5 840 1,132 2 252 1 766 278 209 59 1958—Dec 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959 Dec . . 19,387 16,911 6,341 9,243 1,328 2,398 1,833 295 270 77 I960—Jan 19,389 16,982 '6,150 9,258 1,573 2,354 1,765 295 293 56 Feb 19,484 '17,153 6,065 '9,429 1,660 2,275 1,749 225 301 56 Mar 19,674 17,369 6,272 9,357 1,740 2,243 1,738 204 301 62 Apr 19,852 17,554 6,696 '9,225 J.632 2,234 J 745 199 290 65 May 20,179 17,843 '6,920 '9,340 1,583 2,268 1,770 211 287 68 June 20,434 '18,109 '7,186 '9,303 1,620 '2,250 r1,794 167 289 76 July '20,740 18,414 7,365 '9,512 1,538 '2,250 r ,780 165 305 77 Aug '21,210 '18,874 7,631 '9,719 1,524 '2,253 1,770 182 r301 83 Sept 21,219 18,871 7,647 9,705 1,519 2,238 1,786 173 279 110 Oct 21,442 19,035 7,639 9,911 1,485 2,263 1,826 173 264 144 Nov.* 20,905 18,602 7,449 9,714 1,439 2,184 1,778 158 248 119 Dec* 21,371 19,040 7,565 10,075 1,400 2,219 1,836 149 234 112 Area and country detail, October 31, 1960 Europe: Austria 229 228 204 3 121 1 1 ft (3) Belgium 140 82 65 4 13 56 45 1 53 45 30 14 1 8 8 (3) (3) (3) Finland 48 46 14 26 6 2 2 France 658 602 222 343 38 55 47 3 5 Germany, Fed. Rep. of 3,292 3,264 187 2,690 3•8s7t 26 21 2 4 2 Greece 54 41 22 18 14 14 Italy 981 951 126 677 30 28 1 1 (3) Netherlands 289 265 103 134 28 23 18 4 2 (3) Norway 83 48 45 3 35 • 33 2 (3) (3) Portugal .... 84 47 45 2 37 37 (3) (3) Spain.... 187 168 157 11 19 18 (3) (3) (3) 219 212 76 93 43 7 7 (3) (3) Switzerland 755 621 276 103 243 132 70 23 39 2 Turkey 18 16 16 2 2 (3) (3) United Kingdom 1,793 1,389 903 406 80 350 184 82 84 54 Yu EOS la via 9 8 8 (3) 1 Other Europe 409 343 66 138 139 19 14 1 4 47 Total 9,302 8,376 2,565 4,648 1,163 818 548 119 151 108 Canada 2,711 2,440 1,859 548 33 243 194 36 13 28 Latin America: Argentina 324 259 131 96 31 66 65 1 2? 7 7 15 15 (3) 0) Brazil .. . 185 57 52 (3) 4 128 117 2 9 (3) Chile 116 76 75 1 41 40 (3) Colombia 181 117 104 (3) 12 64 63 Cuba 90 19 19 (3) 71 67 (3) 4 (3) Dominican Republic 34 12 11 P) 22 21 El Salvador 22 6 6 16 15 Guatemala 41 25 17 2 5 16 15 (3) 1 Mexico 358 221 220 1 136 131 1 4 1 Neth. Antilles and Surinam ... 79 42 22 8 12 38 16 4 18 Panama, Rep. of 126 13 11 2 112 79 3 30 P U e r r u u guay .... 6 6 4 1 2 3 6 0 2 2 8 5 (3 ?» 3 3 9 1 2 3 4 6 (3) 2 6 (3) Venezuela 349 185 183 1 165 158 1 5 (3) Other Latin America 313 230 101 121 8 82 67 2 13 2 Total 2,366 1,322 1,013 228 81 1,042 929 16 96 3 » Preliminary. ' Revised. 2 Represents principally bankers' acceptances and commercial paper i Includes International Monetary Fund's holdings of nonnegotiable, 3 Less than $500,000. non-interest-bearing demand notes of the United States which amounted to $2,469 million on December 31, 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 249 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars Area and Total To banks and official institutions To all other foreigners in P a f y o a re b i l g e n country U. S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 1 Total Deposits T bi r l e ls a s a u n r d y Other 1 certificates certificates Area and country detail, October 31, 1960—Continued Asia: Hong Kong 58 33 26 7 25 23 1 (2) India 36 25 22 3 11 11 1 Indonesia 170 168 77 63 28 2 2 Iran 26 22 21 1 4 4 Israel 62 58 23 19 16 3 3 1 Japan 1,758 1,741 946 714 81 15 15 p) 2 Korea Rep of 153 151 128 23 2 2 Philippines 217 197 150 40 7 20 20 (2) Taiwan 86 79 76 3 7 6 (2) Thailand 169 166 19 125 22 4 4 Other Asia 263 227 149 47 31 36 35 (2) 1 (2) Total 2,998 2,867 1,637 1,031 199 128 124 1 2 4 All other: Australia 87 84 30 49 5 3 3 (2) (2) Congo Rep of the 34 33 21 11 1 2 (2) Egyptian Region—U.A.R.. 24 22 16 5 1 1 Union of South Africa.... 30 26 25 4 4 (2) Other 209 183 148 34 2 24 22 (2) 2 Total 384 348 241 98 9 34 31 2 2 Total foreign countries. 17,760 15,353 7,315 6,554 1,485 2,263 1,826 173 264 144 International institutions.... 3,682 3,682 325 3,357 C2) (2) (2) 21,442 19,035 7,639 9,911 1,485 2,263 1,826 173 264 144 1 Represents principally bankers' acceptances and commercial paper. 2 Less than $500,000. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding, in millions of dollars] Ger- End of month Total France R m F e a p e n . d y . o , f Italy S l z a w e n r i d - t- .U K d n i o n i m t g e - d E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m at 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 ,099 435 69 1959—Dec... 2,623 57 54 30 38 121 234 534 272 ,175 586 56 1960—Jan... 2,700 46 51 39 51 111 229 526 255 ,241 624 55 Feb... 2,680 38 51 38 39 124 229 519 234 ,248 626 53 Mar... 2,728 25 53 30 37 112 231 488 246 ,257 682 54 Apr... 2,707 25 55 33 41 129 228 512 254 ,172 715 55 May.. 2,690 26 55 32 36 135 226 509 258 1,124 743 56 June.. 2,764 28 62 32 42 181 230 575 272 1,111 746 60 July.. 3,062 27 63 30 36 234 227 617 336 1,204 844 61 Aug... r3,118 33 68 35 41 239 '212 '628 341 1,202 885 62 Sept... 3,147 29 77 33 45 256 226 665 356 1,152 906 68 Oct... 3,338 32 84 42 54 237 236 685 397 1,244 942 69 Nov.* 3,308 28 78 35 55 222 236 654 376 1,255 957 66 Dec. P. 3,554 31 81 34 60 244 260 710 401 1,350 1,025 68 v Preliminary. r Revised. foreigners; drafts drawn against foreigners that are being collected by i Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year; loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 INTX CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i- Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe End of month E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - o A th l e l r 1955—Dec 158 2 16 13 3 4 11 9 2 5 7 78 2 7 1 1 1 9 9 9 5 5 5 6 8 7 — D D D e e e c c c . 2 2 3 1 1 1 1 6 5 7 7 6 2 2 6 8 5 5 1 1 1 4 2 1 4 4 6 4 7 6 2 5 2 9 6 1 2 2 2 2 3 3 2 2 2 3 8 8 0 2 1 1 4 0 3 7 7 OO 2 6 ( ( 2 2 1 ) ) 1 9 7 0 1959—Dec 234 4 56 18 8 5 38 7 2 8 19 47 3 18 I960 Jan 229 4 56 18 8 3 33 8 2 7 17 50 7 16 Feb 229 3 53 15 9 3 26 7 2 6 17 66 8 16 Mar 231 3 49 12 9 3 30 8 2 6 18 69 9 14 Apr 228 2 51 9 9 4 26 6 2 6 19 67 11 15 May 226 2 46 7 8 4 36 7 2 5 23 60 12 13 June 230 2 50 7 8 4 34 7 2 5 22 62 12 14 July '2 2 1 2 2 7 2 3 r4 4 1 9 7 6 9 7 5 6 3 3 6 0 9 8 2 2 7 7 2 1 2 8 5 59 5 1 11 2 1 1 2 3 Sept 226 3 41 9 8 5 29 11 3 10 23 61 9 15 Oct 236 2 45 10 9 5 32 16 3 8 25 58 7 16 Nov v 236 3 46 13 9 7 30 17 3 7 26 53 8 15 Dec.p 260 2 61 13 9 6 33 17 4 8 28 49 11 18 Table 3b. Latin America Neth- Do- er- End of month A L m i a c t e a i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a e c b n n - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t a A a i u l n n l n r e d d i - s - s l a p P i R m c u a e b n a o - - - , f Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e r n r nam 1955 Dec . 706 7 4 69 14 143 92 5 8 5 154 3 17 29 18 105 34 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 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 1,204 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 Oct 1,244 108 4 212 55 77 29 17 19 12 303 4 19 42 55 233 56 Novp 1,255 112 4 206 63 76 27 17 19 13 302 5 22 43 52 235 57 Dec p 1,350 121 4 225 72 80 26 16 22 14 340 8 23 44 57 234 65 Table 3c. Asia and All Other Asia All other End of month Total K H o o n n g g India Iran Israel Japan ip P p h in il e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - C o R o f n e th p g e . o, g E i t R o g io y n e n p - — - S U A o n f o u r i f i o t c h n a Other U.A.R. 1955 Dec 233 3 5 18 10 103 19 6 8 60 43 11 5 1 8 17 1956—Dec 337 4 6 20 16 170 16 6 9 91 43 11 6 2 8 17 1957—Dec 386 7 6 22 24 146 53 6 14 110 50 13 5 1 12 19 1958 Dec 435 6 4 27 23 179 67 6 13 111 69 13 4 3 21 29 1959 Dec 586 10 6 29 14 324 24 9 15 155 56 18 3 2 12 21 1960 Jan 624 11 6 30 14 362 24 9 14 154 55 18 3 2 10 22 Feb 626 12 6 30 17 372 18 9 12 151 53 16 3 2 11 21 Mar 682 12 6 31 13 420 22 9 13 154 54 18 3 1 10 23 Apr 715 11 8 35 15 456 22 10 10 148 55 19 3 2 11 19 May 743 12 8 33 16 488 21 10 12 145 56 21 3 1 11 20 June . 746 11 7 35 17 497 14 11 11 143 60 23 3 2 11 21 July 844 10 9 36 16 585 22 10 15 141 61 25 3 2 12 21 Aug .. ..... 885 10 7 38 15 627 26 10 14 140 62 25 2 1 10 22 Sept 906 9 9 36 14 645 23 6 15 149 68 27 5 2 11 23 Oct 942 8 11 35 15 679 25 8 15 147 69 29 3 2 10 25 Nov.? 957 8 11 34 17 697 24 7 16 143 66 27 2 2 10 25 Dec.p 1,024 8 9 33 24 780 19 7 24 121 68 27 3 3 11 24 Preliminary. r Revised, 2 Less than $500,000. i See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 251 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollirs Payable in foreign currencies Long- End of month, or area term— Loans to: and country total1 Collec- Total tions Deposits Total Banks and out- Other Total with Other official Others standing foreigners institutions Total amounts outstanding 1955 Dec 671 1,549 1,385 489 236 353 307 164 144 20 1956—Dec 839 1,946 1,796 582 330 440 444 150 131 19 1957 Dec 1,174 2,199 2,052 627 303 423 699 147 132 15 1958 Dec 1,362 2,542 2,344 840 428 421 656 198 181 16 1959 Dec 1,544 2,623 2,406 848 460 516 582 217 203 15 1960 Jan 1.526 2,700 2,491 873 425 517 676 209 195 14 Feb 1,516 2,680 2,487 845 411 526 705 194 175 19 Mar L532 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 AUK 1,635 r3,118 '2,709 r715 385 555 1,054 409 221 188 Sept 1,625 3,147 2,716 720 386 565 1,045 431 270 161 Oct 1,627 3,338 2,860 831 404 575 1,049 478 293 185 Nov.23 1,660 3,308 2,884 771 439 589 1,085 423 221 203 Decv 1.694 3,554 3,077 813 480 591 1,192 477 242 235 Area and country detail, October 31, 1960 Europe: 3 2 2 (2) (2) (2) (2) (2) (2) Belgium 30 45 43 30 4 8 1 2 2 (2) 4 10 10 2 2 6 1 Finland 3 9 9 (2) 2 7 (2) 20 32 30 3 12 11 3 (2) G G r e e r e m c a e ny, Fed. Rep. of... 2 4 7 8 5 4 71 5 22 6 1 2 4 6 17 12 11 (2 Italy 29 42 39 11 6 17 6 3 3 (2) 6 32 27 7 3 13 5 5 5 Norway 130 16 15 4 1 4 6 2 Portucal 3 3 3 1 2 Spain 5 8 7 3 2 1 1 1 1 n\ Sweden 32 25 23 3 6 6 8 1 1 Switzerland 2 54 36 12 11 6 7 18 9 9 Turkey 58 58 54 4 United TCincdom 29 237 59 4 3 16 36 178 S3 95 Yu2oslavia 7 7 4 1 3 Other Europe 9 16 15 3 2 5 5 (2) i2) (2) Total 337 685 460 164 49 127 119 225 116 109 65 397 225 13 180 8 24 172 107 65 Latin America: n Arsentina 110 108 85 9 26 43 22 •">? 4 4 (2) 3 (2) 2 B C r h a i z le il 2 4 0 1 7 21 5 2 5 21 5 2 5 65 6 1 1 5 5 3 1 0 4 1 2 0 0 2 (2 1 ) ( ( 2) 2) ( ( 2) ) Colombia 27 77 77 6 10 27 34 (2) Cuba 1 29 29 4 2 20 3 n\ Dominican Republic 1 17 17 5 4 8 i 1 El Salvador 19 19 7 1 5 6 Guatemala 8 12 12 1 2 7 2 (2) Mexico 201 303 299 121 48 32 98 4 Netherlands Antilles and 3 4 4 (2) 2 2 (2) m 31 19 19 10 5 4 (2) 11 42 42 6 18 17 (2)' ' (2) Urusuav 55 55 22 2 2 28 (2) (2) 189 233 231 102 38 46 46 1 1 1 Other Latin America 66 56 55 3 10 32 10 Total 897 1,244 1,215 352 168 274 421 30 27 3 P Preliminary. r Revised. 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

252 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 term— Loans to: totali Total Collections Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, October 31, 1960—Continued Asia: H I I r n a o d n n ia g Kong . > 2 3 1 0 8 1 4 8 1 8 1 S 9 8 2 5 ( ( 2 2 ) ) i 2 ( < ? 3 e C (2 > ) 2) ( ( 2 2 ) ) ( ( 2 2 2 ) ) Israel (2) 3 15 15 Japan 21 679 638 127 2 61 449 41 40 (2) Korea Rep of 3 3 2 1 Philippines 17 25 25 (2) 1 2 (2) (2) (2) Taiwan (2) 8 8 3 (2) 4 Thailand 15 15 8 ,) 2 5 (2) (2) Other Asia 2 143 143 124 17 1 (2) (2) Total 120 942 899 295 5 127 472 43 41 2 All other: Australia 26 29 25 2 (2) 11 12 4 1 3 E C g o y n p g t o ia , n R e R p e . g o i f o n th — e U.A.R.. 41 5 2 3 2 3 (2) 2 (2) ( ( 2 2 ) ) ( ( 2 2 ) ) Union of South Africa 58 10 10 <3 9 P) (2) Other 78 25 21 15 1 (2) Total 207 69 61 6 3 38 13 8 2 6 International institutions.... Grand total 1,627 3,338 2,860 831 404 575 1,049 478 293 185 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» [In millions of dollars] U.!5. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Net purchases, Year or month c P h u as r e - s Sales or sales F o ( r - e ) ign c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u .o - r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r Total countries 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 I960*3 1,729 1,600 128 -98 2,418 2,169 248 883 1,430 -545 502 574 -72 1959—Dec 92 55 37 24 254 200 54 95 145 -49 53 63 -10 I960—Jan 104 53 50 49 229 152 77 57 59 -1 56 45 11 Feb 119 88 32 17 194 149 46 77 238 -161 41 36 5 Mar 113 70 42 9 199 156 43 57 174 -117 42 44 —2 Apr 188 86 102 44 191 145 45 76 109 -33 41 59 -19 166 241 -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 -4 36 60 -24 35 48 -13 Sent 44 93 -49 -42 181 199 -18 73 89 -16 36 44 -8 Oct 148 196 -48 -48 179 187 -8 244 268 -24 35 35 (3) Novp .... 345 262 82 -13 187 180 7 36 44 -8 42 53 -11 Dec p 195 99 96 -23 208 219 -12 31 77 -45 31 48 -17 ^ Preliminary. 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 253 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 other* 1957 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958 -39 -56 17 -3 2 g 19 -1 1 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 1960^ .. 249 201 48 5 38 1 168 -48 66 231 -46 36 28 1959 Dec .. . 54 58 -4 -1 6 5 20 13 4 46 -6 5 9 I960—Jan 77 72 5 (3) 9 3 28 13 17 71 -2 7 2 Feb 46 34 11 7 -6 34 -6 7 37 2 7 1 A M p a r r . 4 4 5 3 2 3 9 4 1 1 4 2 1 4 3 2 5 2 2 1 3 6 8 2 4 4 3 1 7 — 2 1 2 1 3 5 May 23 6 17 3 3 4 -3 4 13 4 3 3 June 52 46 6 3 2 30 11 3 50 -4 3 4 J AUu ly g - - 3 4 -1 4 - - 2 8 (32 2 2 -1 10 -4 4 -1 1 1 4 3 - - 2 1 2 2 2 3 2 3 Sept . ... -18 -18 1 1 -1 -12 -7 7 -13 -4 1 -2 Oct -8 -22 14 -4 2 20 -29 8 -7 -6 2 3 Nov.1' 7 10 -3 -1 3 (3) 14 -20 8 3 5 2 Dec *> -12 6 -18 3 2 _3 -2 -21 5 -17 (3) (3) 5 Preliminary, 2 Includes transactions of international institutions. i Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Year or national foreign Europe Can- Latin All month insti- coun- ada Amer- /\.sia other End of month Deposits tutions tries ica U. S. Govt. Miscelsecurities 2 laneous 3 1957 -384 -338 231 -552 15 -45 13 1958 -558 -805 -72 -543 5 -45 -150 1959—Dec. 345 4,477 570 1959 -157 -593 -50 -443 11 -97 -15 1960P -148 -475 -111 -197 -93 -41 -35 1960—Jan.. 249 4,444 593 Feb. 191 4,707 466 1959—Dec.... 0) -59 -16 -39 5 -11 2 Mar. 184 4,728 615 Apr. 194 4,818 639 1960—Jan 29 -20 -17 2 -2 -6 1 May 215 4,841 643 Feb.... -101 -56 9 -43 -3 1 June 254 4,977 672 Mar.... 7 -126 -3 -89 -32 -4 2 July. 215 5,272 671 Apr.... -2 -50 4 -24 2 -2 -22 Aug. 204 5,423 701 May... -39 22 22 -8 2 Sept. 223 5,479 713 J J u u l n y e . . . . . . . -9 5 - -3 8 3 3 - - 2 6 8 -10 -15 3 - - 4 4 -2 2 O No ct v . . . 2 25 5 1 2 5 5, , 4 6 3 3 0 4 7 7 5 1 2 8 Aug -10 -27 34 5 3 -1 1 Dec. 217 5,726 756 Sept.... -21 -4 -5 12 -7 -6 1 Oct -16 -8 -7 8 9 7 -24 1961—Jan.. 238 5,793 714 Nov.*\. 7 -26 -19 11 -14 -6 1 Dec. P.. 2 -64 -19 -16 -24 -9 3 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of next page for total gold under earmark Preliminary, at Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 INFL 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 I960? Europe: Austria... 1 3 3 2 2 3 4 4 Belgium.. 26 29 28 21 16 13 10 10 9 Denmark. 1 1 2 2 2 4 7 9 4 5 Finland.. 1 1 1 1 1 3 2 1 France... 27 34 42 43 37 21 21 25 28 33 Germany, Fed. Rep. of.. 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 U 9 7 5 7 4 4 6 Portugal 1 0) 2 3 2 3 4 Spain 7 9 10 10 11 12 11 Sweden 14 26 20 14 13 25 22 23 27 Switzerland 15 34 42 29 7 5 13 19 20 Turkey 1 2 2 1 22 25 13 9 9 United Kingdom. 80 90 112 109 89 55 62 53 73 149 Yugoslavia...... 0) 1 1 1 1 1 (0 1 Other Europe 5 5 6 6 4 3 Total. 219 252 382 376 320 248 262 264 265 358 Canada 75 31 54 54 58 112 101 101 110 Latin America: Argentina 4 10 12 5 9 11 13 25 14 12 Bolivia 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 1 5 4 3 2 2 El Salvador. C1) C1) 0) 0) 2 2 1 1 2 G M u e a x t i e c m o ala - 10 1 0) 0) 3 5 3 3 5 6 2 4 7 3 3 0 3 4 0 Neth. Antilles and Surinam. 4 6 6 1 1 1 1 2 Panama, Rep. of 10 4 3 5 12 3 5 Peru 11 3 3 2 3 19 13 6 Uruguay 3 5 4 4 3 6 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 87 275 234 235 220 228 Asia: Hong Kong 2 3 2 2 India 6 3 6 5 7 Indonesia 2 3 1 2 1 Iran 3 3 9 7 8 Israel 1 1 4 11 10 Japan 35 13 15 23 19 42 37 36 41 39 Korea, Rep. of C1) 0) 0) 0) 0) 1 1 Philippines 6 9 10 8 7 Taiwan 5 2 1 2 2 2 2 2 Thailand 6 3 4 3 3 4 Other Asia 4 5 25 19 13 15 18 Total. . 70 42 53 53 107 95 92 100 99 All other: Australia 18 19 5 6 12 16 15 15 Congo, Rep. of the 1 0) 0) 0) 2 2 1 1 Egyptian Region—.U.A.R. 1 3 2 3 5 6 Union of South Africa 4 7 6 7 7 6 Other 5 5 6 12 10 10 Total 30 29 18 19 22 36 28 38 41 41 International institutions 0) 0) 0) 0) 0) 0) 0) 0) 0) Grand total 491 440 593 588 537 777 720 730 715 837 » Preliminary. mercial concerns in the United States. Data excludes claims held through 1 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 255 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1957 1958 1959 1960 Item 1 2 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 3,820 3,858 3,555 Services 1,381 1,047 970 1,200 1,425 1,095 1,059 1,293 1,579 1,224 1,177 1,455 1,677 Military expenditures 715 720 832 912 839 829 775 790 773 752 764 736 790 Balance on goods and services1 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 4-1,033 -620 -536 -768 -1,064 -1,008 Private, total -4 JO -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 -245 -333 -167 -79 4-288 -228 237 -222 -381 -144 -226 Foreign capital and gold (net) -269 227 580 934 901 947 41,416 1,444 567 801 979 1,151 Increase in foreign short-term assets 1,086 and Government securities -260 275 197 477 502 780 4829 1,119 367 566 733 515 Increase in other foreign assets 18 50 13 26 -26 52 72 190 158 128 185 152 Gold sales by United States -27 -98 370 -15 483 347 95 4397 167 72| 50 94 637 Errors and omissions... 347 -192 200 1,075 175 -71 160 365 32 226J -6 -145 -188 76 p Preliminary. 3 Minus sign indicates net outflow. 1 Excluding military transfers under grants. 4 Excluding additional U. S. subscription to IMF of $1,375 million, 2 Including military transactions. of which $344 million was transferred in gold and $1,031 million in noninterest bearing U. S. Government securities. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m re b o a il n s l u s th , r y s1 ! [ | 1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e e n p e s t t r , h - s s ' 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n s a 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 - y e t y o 5 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r i c a v o t a e u t n e t 1957—Dec '3.64 1 3.60 6.67 6.43 5.67 5.00 5.72 3.75 3.25 4.64 .33 2.50 1958—Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 .50 2.50 1959—Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 1.50 2.00 I960—Jan 4.81 3.60 4.14 4.07 3.07 2.35 3.91 3.75 3.69 2.53 .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 .75 2.00 May 2.87 i 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 .56 2.00 Sept........ 1.89 1.58 5.71 5.53 4.85 4.00 4.15 4.88 5.25 2.00 .50 2.00 Oct 2.65 , 2.36 5.62 5.36 4.79 3.92 3.99 4.88 5.31 1.96 .64 2.00 Nov 3.53 • 3.26 4.98 4.74 4.30 3.50 3.76 4.00 4.69 1.57 .14 2.00 Dec . . .... 3.53 i 3.16 4.64 4.44 3.88 3.12 3.75 4.31 1.51 13 2.00 « 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

256 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Changes during the last 12 months Rate as of Jan. 31, 1960 Rate Country 1960 1961 as of Jan. 31, Per Month 1961 cent effective Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Argentina 2 6.0 Dec. 1957 6.0 Austria . 4.5 Apr. 1959 5.0 *» 0 Belgium 4.0 Dec. 1959 5.0 5.0 Brazil2 10.0 Apr. 1958 10.0 Burma 3.0 Feb. 1948 3.0 Canada3 4.85 Jan. 1960 4.86 3.26 3.51 3.26 3.32 3.17 2.5 1.95 3.28 4.02 3.5 3.29 3.29 Ceylon 2 2.5 Dec. 1959 4 0 4.0 Chile4 . . . 16.4 Jan. 1960 16.55 16.55 Colombia2 5.0 Aug. 1959 5.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 6.0 Jan. 1960 6.0 Denmark . ... 5.5 Jan. 1960 5.5 Ecuador2 5.0 Nov. 1956 5.0 Egypt 3 0 Nov. 1952 3.0 El Salvador2 5.5 Jan. 1960 5.5 Finland . ... 6.75 Mar. 1959 6.75 France • 4.0 Apr. 1959 3.5 3.5 Germany 4.0 Oct. 1959 5 0 4 0 3.5 3.5 Greece . 9.0 Dec. 1959 7.0 6.0 6.0 Honduras 5 2.0 Jan. 1953 2.0 Iceland 7.0 Apr. 1952 11.0 9.0 9.0 India6 4.0 May 1957 4.0 Indonesia 2 3.0 Apr. 1946 3.0 Iran 4.0 Aug. 1948 4.0 Ireland 4.75 Jan. 1960 5 5 5 M 5.31 Israel 6 0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Japan 2 7.3 Dec. 1959 6 94 6.57 6.57 Mexico 4.5 June 1942 4.5 Netherlands 3.5 Nov. 1959 3.5 New Zealand 6.0 Oct. 1959 6.0 Nicaragua 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru2 9 5 Nov. 1959 9.5 Philippine Republic2. .. . 6 5 Feb. 1959 6 0 5.75 5 0 5.0 Portusal 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 5.0 Jan. 1960 5.0 Switzerland 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 6 0 June 1956 6.0 United Kingdom 5.0 Jan. 1960 6.0 5.5 5.0 5.0 Venezuela2 .. 4.5 Nov. 1959 6 5 6.5 1 Rates shown represent mainly those at which the central bank either El Salvador—4.5 per cent for agricultural and industrial paper and 3.5 discounts or makes advances against eligible commercial paper and/or per cent for special cases; government securities for commercial banks or brokers. For countries Indonesia—various rates depending on type of paper, collateral, comwith more than one rate applicable to such discounts or advances, the modity involved, etc.; rate shown is the one at which the largest proportion of central bank Japan—penalty rates (exceeding the basic rate shown) for borrowings credit operations is understood to be transacted. In certain cases other from the Central bank in excess of an individual bank's quota; rates for these countries are given in note 2. Peru—8 per cent for agricultural, industrial and mining paper; 2 Discounts or advances at other rates include: Philippine Republic—A.O per cent for crop loan paper and 4.0 per cent for Argentina—3 and 5 per cent for certain rural and industrial paper, de- export packing credit paper; and pending on type of transaction; Venezuela—6 per cent for rediscounts of certain agricultural paper and Brazil—8 per cent for secured paper and 4 per cent for certain agricultural for advances against government bonds or gold and 7 per cent on adpaper; vances against securities of Venezuelan companies. Ceylon—2.5 per cent for advances against certain types of commercial 3 Since Nov. 1, 1956, the discount rate has been set each week at and production paper; 14 of one per cent above the latest average tender rate for Treasury bills; Colombia—3.5 per cent for agricultural and industrial development end-of-month rate shown. paper of up to 150 days, 3 per cent for economic development paper 4 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 5 Rate shown is for advances only. national public securities; 6 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 257 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 tralia Austria Belgium Canada Ceylon Finland (pound) (schilling) (franc) (dollar) (rupee) (markka) 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 i 1.2730 223.81 3.8619 2.0012 104.27 21.055 .3115 1960 i.:.026 223.71 3.8461 2.0053 103.12 21.048 .3112 1960 Jan \.i.035 223.09 3.8449 2.0037 104.91 21 014 .3113 Feb 1.2032 223.37 3.8419 2.0048 105.07 21.031 .3113 Mar 1.2030 223.57 3.8418 2 0051 105.15 21 044 3113 Apr 1.2004 223.86 3.8407 2.0061 103.84 21.062 .3112 May 1.2005 223.59 3.8406 2.0055 102.24 21.047 .3112 June 1.1989 223.32 3.8426 2.0053 101.79 21 020 .3112 July 1.2010 223.78 3.8468 2.0041 102.19 21.048 .3111 Aug 1.2022 223.92 3.8573 1.9955 103.10 21 061 .3111 Sept 1.2037 224.12 3.8609 2.0024 102.82 21.072 .3111 Oct 1.2042 224 03 3.8509 2 0061 102.18 21 063 .3111 Nov . • 1.2054 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 1961—Jan 1.2058 223.62 3.8391 2.0074 100.69 21.037 .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 re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do a s l i l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) 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 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 M^ay 20.396 23.978 20.958 280.60 .1611 .2774 32.810 8 0056 26 519 June 20.401 23.980 20.935 280.27 .1611 .2768 32.785 8.0056 26.519 July 20.404 23.979 20.966 280.84 .1611 .2783 32 839 8 0056 26 511 Aug 20.404 23.978 20.978 281.02 .1611 .2787 32.846 8 0056 26.512 Sept 20.404 23.978 20.990 281 27 .1611 2787 32 851 8 0056 26 518 Oct 20.375 23.968 20.983 281.16 .1611 .2787 32.838 8 0056 26.518 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 1961—Jan 20.401 23.968 20.975 280.64 .1610 .2786 32.826 8.0056 26.499 Year or month Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s b i e o p l ) - ic (e P s o g c r a u t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w ro ed n e a n ) z (f e S r r w a la n i n t c - d ) ( U p K d o n i o u n i m t n g e d - d ) 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 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 14.035 449.770 3.4957 279.90 1.6637 19.359 23.048 280.95 May 277.82 14.018 3.4935 279.55 1.6633 19.339 23.124 280.60 June 277.49 14 007 3 4905 279.22 1 6636 19 365 23 175 280 27 July 278.06 14.018 3.4936 279.79 1.6640 19.366 23.183 280.84 Aug . ... ... 278.24 14.026 3.4956 279.97 1.6640 19.392 23.198 281.02 Sept 278.49 14.040 3 4979 280.22 1 6640 19 379 23 219 ^81 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 1.6642 19.334 23.225 280.74 1961—Jan 277.86 14.004 3.4928 279.59 1.6635 19.339 23.220 280.64 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 frances 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. was extended to all foreign exchange transactions on Oct. 28, 1957, and 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 Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve WILSON L. HOOFF, Assistant General Counsel Examiner DIVISION OF RESEARCH AND STATISTICS GUY E. NOYES, Director FRANK R. GARFIELD, Adviser DIVISION OF PERSONNEL ADMINISTRATION ROBERT C. HOLLAND, Adviser EDWIN J. JOHNSON, Director ALBERT R. KOCH, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director ROLAND I. ROBINSON, Adviser DANIEL H. BRILL, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Associate Adviser JOSEPH E. KELLEHER, Director DIVISION OF INTERNATIONAL FINANCE HARRY E. KERN, Assistant Director ARTHUR W. MARGET, Director J. HERBERT FURTH, 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 258 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 259 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 HARRY BRANDT, Associate Economist MERRITT SHERMAN, Assistant Secretary DAVID P. EASTBURN, Associate Economist KENNETH A. KENYON, Assistant Secretary L. MERLE HOSTETLER, Associate Economist HOWARD H. HACKLEY, General Counsel ARTHUR W. MARGET, Associate Economist DAVID B. HEXTER, Assistant General Counsel GUY E. NOYES, Associate Economist WOODLIEF THOMAS, Economist CLARENCE W. TOW, Associate Economist ROBERT G. ROUSE, Manager, System Open Market Account Federal Advisory Council OSTROM ENDERS, BOSTON HOMER J. LIVINGSTON, CHICAGO, Preside* 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

260 FEDERAL RESERVE BULLETIN • FEBRUARY 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 Marcus A. Harris Walter H. Rozell, Jr. William F. Treiber Charles A. Coombs Herbert H. Kimball H. L. Sanford Howard D. Crosse Robert G. Rouse Todd G. Tiebout 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 Paul C. Hodge George W. Mitchell C. J. Scanlon A. M. Gustavson L. H. Jones H. J. Newman Hugh J. Helmer C. T. Laibly Harry S. Schultz 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 J. R. Euans E. U. Sherman Henry O. Koppang George H. Clay F. H. Larson Clarence W. Tow C. A. Cravens L. F. Mills J. T. White 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 John A. O'Kane Eliot J. Swan R. S. Einzig H. E. Hemmings 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.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND TREASURY-FEDERAL RESERVE STUDY OF THE GOV- FUNCTIONS. February 1961. 238 pages. ERNMENT SECURITIES MARKET. Part I. July 1959. 108 pages. Part II. February 1960. 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 FEDERAL RESERVE BULLETIN. Monthly. Sub- books $2.50. scription price in the United States and its pos- INDUSTRIAL PRODUCTION—1959 REVISION. July sessions, Bolivia, Canada, Chile, Colombia, 1960. 229 pages. $1.00 per copy; in quanti- Costa Rica, Cuba, Dominican Republic, Ecuaties of 10 or more for single shipment, 85 cents dor, Guatemala, Haiti, Republic of Honduras, each. Mexico, Nicaragua, Panama, Paraguay, Peru, THE FEDERAL FUNDS MARKET—A Study by a El Salvador, Uruguay, and Venezuela is $6.00 Federal Reserve System Committee. May per annum or 60 cents per copy; elsewhere 1959. Ill pages. $1.00 per copy; in quanti- $7.00 per annum or 70 cents per copy. (Group ties of 10 or more for single shipment, 85 subscriptions in the United States for 10 or cents each. more copies to one address, 50 cents per copy per month, or $5.00 for 12 months.) DEBITS AND CLEARINGS STATISTICS AND THEIR USE (rev. ed.). May 1959. 144 pages. $1.00 FEDERAL RESERVE CHART BOOK ON FINANCIAL per copy; in quantities of 10 or more for single AND BUSINESS STATISTICS. Monthly. Annual shipment, 85 cents each. subscription includes one issue of Historical ALL-BANK STATISTICS, 1896-1955. Part I, U. S. Supplement. Subscription price in the United Summary. Part II, Summaries by States and States and the countries listed above is $6.00 other areas. April 1959. 1,229 pages. $4.00. per annum or 60 cents per copy; elsewhere $7.00 per annum or 70 cents each. (Group THE FEDERAL RESERVE ACT, as amended through rate of 50 cents each for 10 or more of same December 31, 1956, with an Appendix conissue for single shipment.) taining provisions of certain other statutes affecting the Reserve System. 385 pages. $1.00. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE FLOW OF FUNDS IN THE UNITED STATES, 1939-53. CHART BOOK. Issued annually in September. December 1955. 390 pages. $2.75. Annual subscription to monthly chart book includes one issue of Supplement. In the United BANKING AND MONETARY STATISTICS. November States and countries listed above under Federal 1943. 979 pages. $1.50. Reserve Bulletin, single copies 60 cents each, RULES OF ORGANIZATION AND RULES OF PROCEelsewhere 70 cents each. (Group rate in quan- DURE—Board of Governors of the Federal Retities of 10 or more for single shipment 50 cents serve System. 1946. 31 pages. each.) REGULATIONS OF THE BOARD OF GOVERNORS OF INDUSTRIAL PRODUCTION CHART BOOK. February THE FEDERAL RESERVE SYSTEM. 1961. 210 pages. $1.75 per copy; in quan- ADMINISTRATIVE INTERPRETATIONS OF REGULAtities of 10 or more for single shipment, $1.50 TION F—SECTION 17—COMMON TRUST FUNDS. each. 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. 261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

Index to Statistical Tables Acceptances, bankers', 190, 192, 238 Demand deposits—Continued Agricultural loans of commercial banks, 184, 186, 234 Adjusted, commercial banks, by classes, 179, 185 Agriculture, Goyt. agency loans, 202, 240 Banks, by classes, 181, 188, 236 Assets and liabilities (See also Foreign liabilities and Turnover of, 179 claims): Type of holder, at commercial banks. 185 Banks and the monetary system, consoli- Department stores: dated, 180 Merchandising data, 221 Corporate, current, 194 Sales and stocks, 216, 220 Domestic banks, by classes, 181, 184, 186, Deposits (See also specific types of deposits): 192, 234 Adjusted, and currency, 180 Federal business-type activities, Banks, by classes, 175, 181, 185, 188. 192, 236 by fund or activity, 202, 240 Federal Reserve Banks, 176, 253 Federal Reserve Banks, 176 Postal savings, 174, 180 Automobiles: Discount rates, 174, 256 Consumer instalment credit, 206, 207, 208 Discounts and advances by Federal Reserve Production index, 210, 213 Banks, 170, 175, 176 Dividends, corporate, 194, 195 Bankers' balances, 185, 187, 235 Dollar assets, foreign, 245, 253 (See also Foreign liabilities and claims) Dwelling units started, 217 Banking and monetary statistics for 1960, 232 Banking offices: Earnings and expenses, Federal Reserve Banks. 228 Changes in number, 230 Earnings and hours, manufacturing indus- On, and not on, Par List, number, 231 tries, 216, 219 Banks and the monetary system, consolidated state- Employment, 216, 218, 219 ment, 180 Export-Import Bank, loans, etc., 202, 240 Bonds (See also U. S. Govt. securities): New issues, 194, 196, 197 Farm mortgage loans, 202, 203, 204, 240 Prices and yields, 190, 191, 239 Federal business-type activities, assets and liabilities, Brokers and dealers in securities, bank loans to, 184, by fund or activity, 202, 240 186, 234 Federal Deposit Insurance Corporation. Business expenditures on new plant and equip- assets, etc., 202, 240 ment, 194 Federal finance: Business indexes, 216 Cash transactions, 200 Business loans (See Commercial and industrial loans) Receipts and expenditures,. 201 Treasurer's balance, 200 Capital accounts: Federal home loan banks, loans, etc., 202, 205. 240 Banks, by classes, 181, 185, 188, 236 Federal Housing Administration, loans, etc.. 202, 203, Federal Reserve Banks, 176 204, 205, 240 Carloadings, 216 Federal National Mortage Association, Central banks, foreign, 242, 256 loans, etc., 202, 205, 240 Coins, circulation of, 178 Federal Reserve Banks: Commercial banks: Condition statement, 176 Assets and liabilities, 181, 184 Earnings and expenses, 228 Consumer loans held, by type, 207 U. S. Govt. securities held by, 170. 175, 176, Number, by classes, 181 198,199 Real estate mortgages held, by type, 203 Federal Reserve credit, 170, 175, 176, 232 Commercial and industrial loans: Federal Reserve notes, 176, 178 Commercial banks, 184 Finance company paper, 190, 192, 238 Weekly reporting member banks, 186, 189, 237 Financial institutions, loans to. 184, 186, 234 Commercial paper, 190, 192, 238 Flow of funds, saving and financial flows, 226 Commodity Credit Corporation, loans, etc., 202, 240 Foreign central banks, 242, 256 Condition statements (See Assets and liabilities) Foreign deposits in U. S. banks. 170, 176, 180. 185, Construction, 216, 217 188, 236 Consumer credit: Foreign exchange rates, 257 Instalment credit, 206, 207, 208, 209 Foreign liabilities and claims: Major parts, 206, 208 Banks, 246,248, 251,253 Noninstalment credit, by holder, 207 Nonfinancial concerns, 254 Consumer price indexes, 216, 222 Foreign trade, 221 Consumption expenditures, 224, 225 Gold: Corporate sales, profits, taxes, and dividends, 194, 195 Earmarked, 244 Corporate security issues, 194, 196 Net purchases by U. S., 244 Corporate security prices and yields, 190, 191, 239 Production, 243, 244 Cost of living (See Consumer price indexes) Reserves of central banks and governments, 242 Currency in circulation, 171, 178, 179 Reserves of foreign countries and international Customer credit, stock market, 191 institutions, 245 Stock, 170, 180, 244 Debits to deposit accounts, 179 Gold certificates, 176, 178 Demand deposits: Govt. debt (See U. S. Govt. securities) Adjusted, banks and the monetary system, 180 Gross national product, 224, 225 263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 FEDERAL RESERVE BULLETIN • FEBRUARY 1961 Home owners, Govt. agency loans, 202, 240 Real estate loans—Continued Hours and earnings, manufacturing indus- Type of mortgage holder, 203, 204, 205 tries, 216, 219 Type of property mortgaged, 203, 204, 205 Reserve requirements, member banks, 175 Industrial production index, 210, 216 Reserves: Instalment loans, 206, 207, 208, 209 Commercial banks, 185 Insurance companies, 193, 198, 199, 204 Federal Reserve Banks, 176 Insured commercial banks, 183, 184, 230 Foreign central banks and governments, 242 Interbank deposits, 174, 181, 185, 188,236 Foreign countries and international institu- Interest rates: tions, 245 Bond yields, 190, 239 Member banks, 170, 175, 185, 187, 232, 235 Business loans by banks, 189 Residential mortgage loans, 203, 204, 205 Federal Reserve Bank discount rates, 174 Foreign countries, 255, 256 Sales finance companies, consumer loans of, 206, Open market, 190, 238, 255 207, 209 Stock yields, 190, 239 Saving: Time deposits, maximum rates, 174 Flow-of-funds series, 226 International capital transactions of the U. S., 246 National income series, 225 International institutions, 242, 244, 245 Savings deposits {See Time deposits) Inventories, 224 Savings institutions, principal assets, 192, 193 Investments {See also specific types of investments): Savings and loan associations, 193, 199, 204 Banks, by classes, 181, 184, 187, 192, 235 Securities, international transactions, 252, 253 Federal Reserve Banks, 175, 176 Security issues, 194, 196, 197 Govt. agencies, etc., 202, 240 Silver coin and silver certificates, 178 Life insurance companies, 193 State member banks, 183, 230 Savings and loan associations, 193 State and municipal securities: New issues, 196, 197 Labor force, 218 Prices and yields, 190, 191, 239 Loans {See also specific types of loans): States and political subdivisions: Banks, by classes, 181, 184, 186, 192, 234 Deposits of, 185, 188, 236 Federal Reserve Banks, 170, 175, 176, 232 Holdings of U. S. Govt. securities, 198 Govt. agencies, etc., 202, 240 Ownership of obligations of, 184, 192, 193 Insurance companies, 193, 204 Stock market credit, 191 Savings and loan associations, 193, 204 Stocks: Loans insured or guaranteed, 203, 204, 205 New issues, 196 Prices and yields, 190, 191, 239 Manufactures, production index, 210, 216 Margin requirements, 174 Tax receipts, Federal, 201 Member banks: Time deposits, 174, 175, 180, 181, 185, 188, 236 Assets and liabilities, by classes, 181, 184 Treasurer's account balance, 200 Banking offices, changes in number, 230 Treasury cash, 170, 178, 180 Borrowings at Federal Reserve Banks, 170, 176, Treasury currency, 170, 178, 180 188, 232, 236 Treasury deposits, 170, 176, 200 Deposits, by classes, 175 Number, by classes, 182 Unemployment, 218 Reserve requirements, by classes, 175 U. S. balance of payments, 255 Reserves and related items, 170, 232 U. S. Govt. balances: Weekly reporting series, 186, 234 Commercial bank holdings, by classes, 185, 188 Mining, production index, 210, 216 Consolidated monetary statement, 180 Money rates {See Interest rates) Treasury deposits at Federal Reserve Banks, 170, Money supply and related data, 179 176, 200 Mortgages {See Real estate loans) U. S. Govt. securities: Mutual savings banks, 180, 181, 183, 192, 198, 199, Bank holdings, 180, 181, 184, 187, 192, 198, 203, 230 199, 235 Federal Reserve Bank holdings, 170, 175, 176, National banks, 183, 230 198, 199 National income, 224, 225 Foreign and international holdings, 176, 245 National security expenditures, 201, 224 International transactions, 252, 253 Nonmember banks, 176, 183, 184, 185, 230 New issues, gross proceeds, 196 Outstanding, by type of security, 197, 198, 199 Par List, banking offices on, and not on, number, 231 Ownership of, 198, 199 Payrolls, manufacturing, index, 216 Prices and yields, 190, 191, 238, 239 Personal income, 225 United States notes, outstanding and in circula- Postal Savings System, 174, 180 tion, 178 Prices: Utilities, production index, 210, 216 Consumer, 216, 222 Security, 191 Vault cash, 170, 175, 185 Wholesale commodity, 216, 222 Veterans Administration, loans, etc., 202, 203, 204, Production, 210, 216 205, 240 Profits, corporate, 194, 195 Weekly reporting member banks, 186, 234 Real estate loans: Banks, by classes, 184, 186, 192, 203, 234 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 ^ ^ ^ | ^ * 3 t » ^^ (o THE FEDERAL RESERVE SYSTEM Q) 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