Federal Reserve Bulletin, 1961-03

FEDERAL RESERVE ••-**§ March 196] 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 Gold and Dollar Transfers in 1960 265 Federal Reserve Operations in Perspective 272 Quarterly Survey of Consumer Buying Intentions 282 Law Department 288 Current Events and Announcements 301 National Summary of Business Conditions 304 Financial and Business Statistics, U. S. (Contents on p. 307) 308 International Financial Statistics (Contents on p. 367) 368 Board of Governors and Staff 384 Open Market Committee and Staff; Federal Advisory Council 385 Federal Reserve Banks and Branches 385 Federal Reserve Board Publications 387 Index to Statistical Tables 389 Map of Federal Reserve System Inside back cover Volume 47 * Number 3 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

Gold and Dollar Transfers in i960 NET GOLD AND DOLLAR transfers to for- developed in the fourth quarter. Despite eigners in 1960 were $3.8 billion. Although these sales, speculative private purchases the volume of net transfers was the same as kept the price of gold bullion in the London in 1959, the pattern of international trans- market more than 1 per cent above the U.S. actions was different. The U.S. trade surplus dollar parity from mid-October to the end of rose from less than $1 billion to $4.7 billion, January 1961. Private demand for gold but this improvement was offset after mid- subsided and purchases by foreign central 1960 by unusually large outflows of U.S. banks declined after the President, in his private capital. These outflows reflected in- messages to the Congress, reaffirmed the deternational differences in money market termination of the Administration to mainconditions and also uncertainties about ex- tain the integrity of the dollar. change rates. Events since mid-19 60 have focused at- The capital movements that burdened the tention on the need to improve the ability international payments position of the of the international financial system to with- United States benefited the positions of other stand massive movements of short-term capcountries correspondingly. In some, such as ital. Various proposals have been made the United Kingdom, capital inflows helped that would enable the International Moneto offset a deficit on other accounts. In tary Fund to provide greater assistance in others they added to an already large pay- meeting this potential cause of imbalance. ments surplus. In part to help reduce the The President announced in his balance-ofinflow of funds, Germany and the Nether- payments message that the Administration lands appreciated their currencies by 5 per would study ways of increasing the effectivecent in early March 1961. ness of the Fund. Payments surpluses led to large gains in the official reserves of many European coun- U.S. BALANCE OF PAYMENTS tries in 1960. The United Kingdom, Switzerland, and the Netherlands took their gains Gold and dollar transfers to foreigners rose in gold, following customary practice. sharply after mid-19 60 to a seasonally ad- Other foreign countries changed the com- justed annual rate of $5.1 billion. The higher position of their reserves by taking most of rate of transfers reflected large outflows of their reserve accruals in gold, and some con- private capital, which more than offset the verted dollar assets into gold. In the second steady improvement in the U.S. surplus on half of 1960 alone, foreign countries pur- current account—that is, on goods and servchased $1.8 billion of gold from the United ices, military expenditures, and remittances States, a postwar record rate. and pensions. Foreign central banks resold some gold Transactions on current account and on to meet the strong private demand that private long-term capital and U.S. Govern- 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 FEDERAL RESERVE BULLETIN • MARCH 1961 ment capital and aid may be regarded as have declined further in the fourth quarter the underlying elements in the balance of except for the large foreign investment of a payments. Long-run balance in these ele- U.S. automobile company. Much of the imments is essential to equilibrium in the total provement reflected differences in business balance of payments. The U.S. deficit in cycle timing between the United States and these underlying elements declined from industrial countries overseas. $4.5 billion in 1959 to $1.7 billion in 1960. Current account Exports expanded vigor- This deficit dropped to an annual rate of ously in 1960 and imports declined. The $1.5 billion in the third quarter and would annual rate of exports in the fourth quarter was $1.5 billion higher than in the first U. S. BALANCE OF PAYMENTS quarter of the year and $4.5 billion above [Billions of dollars] the cyclical low early in 1959. Most of the gains occurred in exports to Europe and Seasonally adjusted Japan, where boom conditions prevailed in annual rates, 1960. The growth in exports to these 1960 Component 1959 countries, however, included a wider range 1st 2nd of goods than those accounting for the mahalf half* jor cyclical fluctuations in exports between 1956 and 1959. Current account: Exports of merchandise1.... 16.2 19.0 19.9 Although heavily influenced by cyclical Exports of services 7.2 7.6 7.8 factors, the behavior of exports suggests that Total 23.5 26.6 27.7 the underlying competitive position of U.S. Imports of merchandise 15.3 15.2 14.2 Imports of services2 9.0 9.4 9.4 industries has improved. Nevertheless, fur- Total 24.3 24.6 23.6 ther expansion in exports will be required to Balance on current acct. -0.9 2.0 4.1 cover outflows of private long-term and of Government capital as well as some increase Long-term capital and aid: U.S. Govt. capital and aid:3 in imports associated with future growth in Net loans 4-.4 -0.9 -1.3 Nonmilitary grants -1.6 -1.6 -1.7 the U.S. economy. Private capital:3 Imports were a little lower than in 1959. U.S. capital -2.2 -1.9 -2.7 Accompanying the downturn in demand in Foreign capital .5 .7 (5) the United States, imports declined by more Balance on current acct., long-term capital, than $1.5 billion at annual rates from the and aid3 -4.5 -1.8 -1.6 second to the fourth quarter of 1960. Lower U.S. short-term capital3 -.1 -.4 -2.0 domestic consumption of industrial materials Unidentified transactions3 .8 4 -1.4 reduced imports of metals, building mate- Net transfers to foreigners 3.8 2.6 5.1 rials, rubber, and wool. Imports of steel mill Memorandum: Transfers, products declined from the exceptionally without seasonal adjusthigh level of late 1959 and early 1960. As ment 3.8 2.8 4.8 a result of increased competition from dop Preliminary. mestic compact cars and of some reduction 1 Excludes military transfers under grants. 2 Includes military expenditures abroad, remittances, and pensions. in inventories, imports of foreign automo- 3 Minus sign indicates outflow from the United States. 4 5 E L x e c ss lu t d h e a s n U $ . 5 S 0 . s m u i b l s li c o r n ip . tion to International Monetary Fund. biles in the fourth quarter were reduced to NOTE.—Data are from U.S. Department of Commerce and Federal less than half the first-quarter rate. Reserve. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD AND DOLLAR TRANSFERS IN 1960 267 U.S. Government capital and aid. The out- on unidentified transactions, which appear flow of Government capital was larger in in the balance of payments as errors and 1960 than in 1959, reflecting U.S. subscrip- omissions. Customarily such transactions tion payments to two new international in- show net receipts. stitutions, the Inter-American Development U.S. banking claims on foreigners rose Bank and the International Development $900 million in the second half of 1960, Association. Receipts from advance repay- after increasing less than one-fourth as much ments of outstanding loans to industrial in the first half. About one-third of these countries, which had been large in 1959, bank funds moved to Europe and Canada. were lower last year. As a result, the net This movement resulted in large part from outflow of Government loans increased by changes in money market conditions. $700 million. Government grants changed After the June increases in short-term inlittle. terest rates in Germany and the United Private long-term capital. Mainly because Kingdom and the decline in U.S. rates, there of a reduced rate of foreign investment in the were strong incentives to transfer funds from United States, the net outflow of private the United States to those countries. In the long-term capital was one-sixth larger than second half of 1960 short-term rates in the in 1959. Foreigners purchased $300 million, United Kingdom generally exceeded those net, of U.S. corporate securities in the first in the United States by more than 1 percenthalf of 1960 but were net sellers after age point after allowing for the cost of covermidyear as evidence of recession appeared. ing the exchange risk. During much of the In early 1961 they again added U.S. cor- period there was also an interest advantage porate securities to their portfolios. in favor of Canada, although a smaller one. There was little change from 1959 to On the other hand, an increase of $460 1960 in the recorded net outflow of long- million in bank claims on Japan in 1960 term private U.S. capital, despite a large resulted in large part from changes in Japtransfer in December 1960 when a U.S. anese exchange regulations. These changes automobile manufacturer purchased minor- broadened the use of dollar acceptance credity interests in its British subsidiary. New its for financing imports and also permitted issues of foreign securities in the U.S. mar- the establishment by Japanese banks of conket were at the lowest level since 1956. The vertible yen accounts for foreigners. The International Bank floated a loan early in increase of $300 million in bank claims on 1960, but thereafter it borrowed abroad. Latin American countries represented fi- Canadian borrowings declined sharply after nancing of commercial transactions as well the first quarter of the year, following warn- as assistance to some countries that suffered ings by the Canadian Finance Minister that from imbalances in their international pay- Canadian borrowing abroad involved an ex- ments. change risk. Unidentified outflows reflected not only Private U.S. short-term and unidentified differences in money market conditions becapital flows. Large recorded outflows of tween the United States and foreign counshort-term U.S. capital began in mid-1960. tries but also uncertainty about exchange They were accompanied by net payments of rates. A large part of this flow appears to $700 million in the second half of the year have gone to European markets, including Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN • MARCH 1961 some in which interest rates were lower than proceeds in U.S. Government securities. in the United States. Changes in commercial Five countries—the United Kingdom, Switzterms of payment were important in uniden- erland, the Netherlands, France, and Beltified flows. In addition, these flows in- gium—accounted for almost three-fourths cluded transactions by both U.S. residents of the purchases by foreign countries. and foreigners in connection with purchases Foreigners increased their dollar holdings of gold and of securities and short-term as- by $2.1 billion in 1960. Almost two-thirds sets in foreign currencies that were expected of the increase was in deposits with commerto appreciate. In mid-January the U.S. cial banks. Some of these deposits repre- Treasury Gold Regulations were amended to sented working balances of European banks prohibit acquisition and possession of gold which they acquired by accepting dollaror gold securities outside the United States denominated deposits. Time deposits of forby persons subject to the jurisdiction of the eign and international institutions also rose United States. in 1960. The increase occurred in the sec- Gold and dollar transfers. Net foreign ond half when U.S. Treasury bill yields were purchases of gold from the United States in below rates paid on time deposits. 1960 were $1,670 million. Foreign coun- Non-interest-bearing notes held by intertries purchased $1,970 million of gold, while national institutions increased, reflecting the International Monetary Fund sold $300 both the initial U.S. payment to the Intermillion to the United States and invested the national Development Association and repayments of dollars to the International TRANSFERS OF GOLD AND DOLLARS Monetary Fund by countries that had drawn TO FOREIGNERS, I9601 on the Fund in earlier years. Increased for- [Net transfers from, or to ( —) the United States, in billions of dollars] eign holdings of short-term marketable U.S. Government securities after midyear re- Type of transfer Year Jan.- Apr.- July- Oct.- sulted from reserve gains of countries that Mar. June Sept. Dec. traditionally hold a large share of their re- Total... 3.8 .5 .9 1.2 1.2 serves in such securities. Foreign private dollar holdings declined Gold 1.7 (2) .1 .6 .9 $500 million in the second half of 1960 Dollar holdings.... 2.1 .4 .8 .6 .3 after rising by almost that amount in the Deposits at: F.R. Banks... -.1 2 A (2) (2) first half. At the end of the year, however, Commercial they were still more than $1 billion higher banks 1.3 (2) .9 .5 (2) U.S. Govt. sec: than in mid-1958 when U.S. short-term rates Short - term3. .2 -.1 -.1 .3 .1 were at their previous cyclical lows. Bonds and notes .1 .1 .1 When foreign private holders sell dollars Other securi- — . 2. ties* .5 .1 .1 .2 to foreign central banks that take all or part Others .1 .4 -.1 -.2 of their reserve gains in gold, there is an in- -.1 creased demand for monetary gold. Thus, 1 Includes international institutions. 2 Less than $50 million. movements of private funds from the United 3 Excludes items described in note 4. 4 Represents special nonnegotiable, non-interest-bearing U.S. notes States to the United Kingdom, Switzerland, (International Monetary Fund series and International Development Association series). 5 Represents mainly bankers' acceptances and short-term com- and the Netherlands contributed importantly mercial paper. to net foreign gold purchases from the NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD AND DOLLAR TRANSFERS IN 1960 269 United States in the second half of 1960. Part of the dollar movements presumably INCREASES IN FOREIGN GOLD were connected with private purchases of AND DOLLAR HOLDINGS Billions of dollo gold in the London market. FOREIGN GOLD AND DOLLAR HOLDINGS Additions of $4.2 billion to foreign gold reserves and dollar holdings in 1960 reflected transfers from the United States and net purchases of an estimated $370 million of gold from new production and other sources. In the fourth quarter, when private purchases of gold reached a record level of almost $500 million, foreign central banks sold an estimated $160 million, net, to pri- 1954-56 1958 1959 1960 ANNUAL vate purchasers. During almost all of this AVERAGE period the price of gold in the London mar- NOTE.—Includes international institutions. Countries with largest gains are: ket was above the price at which official 1954-56: Germany, Switzerland, and Canada; 19S8: United Kingdom, Italy, and the Netherlands; institutions in member countries are per- 1959: Italy, France, and Japan; 1960: Germany, United Kingdom, and Japan. mitted to buy gold under the regulations of the International Monetary Fund. By the By contrast, Germany once again had an end of January 1961 these private demands export surplus on merchandise account of for gold had declined to more normal levels. more than $1.3 billion. In addition, net cap- In February the gold premium disappeared ital inflows were of record proportions. As a and the flow of monetary gold into private result German gold and dollar holdings inhoards stopped. creased $1.8 billion, compared with a rise of The increase in gold reserves and dollar $200 million in 1959 when unusual transacholdings in 1960 was more concentrated in tions helped prevent reserves from increasa few industrial countries than in other re- ing. Capital imports reflected high interest cent years. Holdings of many industrial yields as well as speculation on the German countries changed little, and those of most mark and on capital appreciation of securiof the less industrialized countries declined. ties. Germany, the United Kingdom, and British holdings increased $1.1 billion in Japan increased their holdings by a total of 1960 after repayment of [ $300 million to the $3.5 billion. This sum, in combination with International Monetary JFund. This rise in the smaller gains of Canada and France, holdings occurred despite a record British was equal to the total amount of gold and trade deficit and some decline in reserves dollars transferred to foreigners by the of sterling area countries. Foreign dollar United States during the year. Most foreign deposits placed with British banks increased countries had smaller export surpluses in the dollar holdings of these banks in the 1960 than in the preceding year, and the first half of the year, ahd high short-term sharp increases in gold and dollar holdings yields in Britain attracted short-term funds were due to capital inflows. in the second hah*. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULLETIN • MARCH 1961 ket paper to foreigners after mid-1960, and GOLD RESERVES AND DOLLAR HOLDINGS in August Swiss banks imposed a charge of SIUCTCD IUROMAN COUNTRIIS 1 per cent per annum on foreign-held de- Billions of dollars 7 posits of less than six months duration. The revaluations of the currencies of Germany - OIRMANV / and the Netherlands in March 1961 also were aimed, at least in part, at reducing the inflows of foreign funds that were contributing to inflationary pressures. --wv - 4 The convertibility of most European cur- ITALY rencies, in fact established at the end of - 3 1958, was formally recognized in February _,S UNITID KINGDOM 1961. At that time nine of these countries ^FRANCI j ., - 2 (and also Peru) accepted the obligations of /' . . • .^* Article VOI of the Articles of Agreement _ of the International Monetary Fund. Pre- NITHIRIANDS viously only the United States, Canada, and f 1 1 i 1 8 Latin American countries had accepted 195* 1960 those obligations. All these countries are NOTE.—End-of-quaner data except for France which are now prevented from imposing restrictions on end-of-year data in 1954, 1955, and 1956. current exchange transactions and from permitting divergent exchange rates for their Most of the increase in Japanese holdings currencies (multiple-currency practices) resulted from a capital inflow of $460 milwithout prior approval of the Fund. lion from the United States. Canadian holdings increased in the first half of the year as non-Canadians deposited U.S. dollar funds GOLD AND THE DOLLAR EXCHANGE with Canadian banks. STANDARD The concentration among a few countries Gold is the major component of the interof gains in gold and dollar holdings at a time national reserves of many countries, includof very large transfers to foreigners emphaing virtually all major capital-exporting sized the importance of capital flows when countries. At the end of 1960 official gold major currencies are convertible. Large reserves of foreign countries exceeded $20 outflows of funds contributed to uncertainbillion, the gold stock of the United States ties in financial markets. Inflows of foreign was $17.8 billion, and gold holdings of the funds, on the other hand, greatly increased International Monetary Fund were $2.4 bildomestic liquidity in some countries that obtained these funds, thus hampering the lion. In addition, foreign countries held effectiveness of monetary restraint for purely more than $10 billion of official reserves in domestic purposes. dollars, and 13 British Commonwealth coun- In an effort to restrain inflows, Germany tries, together with the dependencies of the prohibited the payment of interest on for- United Kingdom, held the equivalent of eigners' deposits and the sale of money mar- about $6 billion in sterling. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD AND DOLLAR TRANSFERS IN 1960 271 These official holdings of gold, dollars, Italy during the same period added more and sterling, together with the drawing than $4 billion in gold to their reserves. By rights on the International Monetary Fund, the end of 1960 Italy had more than doubled constitute the reserves of the international fi- the proportion of its reserves held in gold, nancial system of the free world. To assist and the proportion of French reserves held in meeting international payments, coun- in this form was higher than at other times tries may supplement these reserves by bor- of large reserve holdings. The gold proporrowing abroad and by utilizing private hold- tion of German reserves declined sharply ings of foreign exchange. after mid-1959 as official foreign exchange Growth in international reserves in the holdings increased very rapidly. past decade has been almost entirely in gold In 1960 the increased emphasis on gold and dollar holdings and in increased draw- as a basis for reserves was not confined to ing rights on the Monetary Fund. Sterling industrial countries. After midyear, when reserves have changed little. For the period foreign purchases of gold began to rise, as a whole the increase in dollar reserves has and especially after October, when private been about three-fourths of that in gold re- speculation led to the establishment of a serves. In recent years gold has become premium on gold, the central banks of a more important. number of less industrialized countries also From the end of 1950 to the end of 1956 purchased large amounts of gold. Some of foreign countries added about $3.5 billion these countries, such as Argentina and to their gold holdings and about $4.5 billion Spain, were experiencing rapid increases in to their official short-term dollar holdings. their reserves and they expanded their hold- The development and extension of the ings of convertible foreign currencies as well dollar-exchange standard in these years was as their gold reserves. Others apparently marked by an increase in foreign official converted dollar assets into gold. dollar holdings from about one-fourth to Although rapid conversions of foreign more than one-third of total foreign gold exchange into gold may contribute to interand short-term dollar reserves. Since 1956 national disequilibrium, a continuing, rapid this proportion has declined, as foreign accumulation of monetary reserves in a few countries have added $6 billion to their gold countries is a more fundamental problem. holdings and only $2.5 billion to official International equilibrium is more likely to dollar assets. be maintained in the long run if countries The increased emphasis on gold in recent with adequate reserves and continuing balyears has reflected in part substantial growth ance-of-payments surpluses finance their exin the reserves of four European countries port surpluses on a long-term basis that inthat have traditionally maintained their re- cludes credits or other aid to less developed serves almost exclusively in gold. These areas, instead of adding further to reserves. four—Belgium, the Netherlands, Switzer- Current efforts to distribute the burden of land, and United Kingdom—added a total international assistance more widely among of $2.5 billion in gold to their reserves be- industrialized nations are thus an essential tween the end of 1956 and the end of 1960. part of a program to improve the system More important, France, Germany, and of international payments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Operations in Perspective ALMOST A YEAR AGO, in the earlier part made possible a $300 million reduction in of 1960, the Federal Reserve System began member bank borrowing and a $500 milto lean against the incipient down-wind of lion increase in member bank reserves. what has come increasingly to be classified But other means available for the exeas the fourth cyclical decline of the post- cution of System policy were used as well, war era. particularly after mid-1960. Already, as the winter faded, and with In early June, and again in August, disit the inflationary psychology that had char- count rates were reduced, by Vi percentacterized the economic situation carrying age point each time. These reductions lowover from 1959, bank reserve positions— ered the cost of member bank borrowings which govern the ability of the banking from the Federal Reserve Banks to 3 per system to expand loans—had been made cent from the 4 per cent level that had preless dependent on borrowed funds. vailed before. Then, with the spring in progress, the In August also, and again in November, Federal Reserve moved further: first, to by actions taken in implementation of a promote still greater ease in bank reserve 1959 Act of Congress, nearly $2 billion positions; and next, beginning in May, to previously tied up in vault cash of member provide additional reserves to induce a mod- banks was released to assure ample covererate expansion in bank credit and the age of heavy borrowing needs for the fall money supply. and pre-Christmas seasons. An additional In this period in particular, new supplies $700 million was provided by further net of reserve funds were injected into the econ- purchases of U. S. Government securities. omy by means of open market operations. After midyear, the task of monetary pol- The first effect was to enable member banks icy was complicated by an outflow of gold to reduce appreciably their reliance on bor- exceeding $1.5 billion. Thus, a substantial rowed reserves. After this was accomplished, part of the reserve funds provided by the the added reserves went to support the po- System in this part of the year went to offtential for bank credit expansion. In these set the effect of this outflow on member open market operations, from late March bank reserves. through July, the Federal Reserve paid out Taking the year 1960 as a whole, the about $1.3 billion, net, for the Govern- change in bank reserve positions was drament securities it was buying on an increas- matic. From net borrowings from the Feding scale. After cushioning the reserve im- eral Reserve of $425 million in December pact of a $500 million increase of currency 1959, member banks as a whole moved by in circulation and gold outflow, this sum December 1960 to a surplus reserve of $650 million. The total turnaround exceeded a NOTE.—Statement of William McC. Martin, Jr., billion dollars. Chairman, Board of Governors of the Federal Reserve System, before the Joint Economic Committee, Nevertheless, the money supply showed March 7, 1961. 272 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPERATIONS IN PERSPECTIVE 273 a stubborn downtrend until mid-1960. In have been able to devise, is one of leaning the spring, bank credit seemed to respond against the winds of inflation and deflation less promptly to easier reserve conditions alike—and with equal vigor. than in comparable periods in the past. It is, in my opinion, the policy that the After May, however, the seasonally ad- Federal Reserve must continue to follow if justed money supply did begin to reflect our it is to contribute to the provision of conactions. In the second half of the year the ditions conducive to a productive, actively money supply rose at an annual rate of about employed, growing economy with relatively 1.5 per cent. By year-end it had risen to stable prices. $140.5 billion, just below the end-of-1959 Yet, while the necessity for adhering to level. The money supply has expanded fur- that policy remains as great as ever, the ther in January and February of this year. difficulty of executing it has become vastly Indeed, the annual rate of increase calcu- greater. This is so because of economic and lated from the performance of these two financial crosswinds that have been develmonths was in the neighborhood of 4 per oping for years and, since mid-1960, have cent and the total money supply is now been gaining in force. above year-ago levels. The problem, it now appears, and it is The savings and time deposits of banks by no means a problem for monetary polcontinued to grow in 1960 and after mid- icy alone, is to lean against crosswinds— year the pace of growth was unusually simultaneously. I do not know how effecrapid. This increase in time deposits per- tively this can be done. I do know, howmitted an increase of total bank loans and ever, that it will not be easy—just as the investments for the year as a whole by $8.4 problems of monetary policy and of other billion. That was twice as much as the year financial policy have never been easy. before. To put in perspective the problems that Total credit in the economy in 1960 ex- the Federal Reserve faces today—and how panded by some $37 billion. That figure it is adapting to these problems—let me was about two-fifths less than the record ex- briefly review monetary policy over the past pansion of $61.5 billion in 1959, on which 20 years. I reported to you a year ago, and more Immediately upon the United States' ennearly in line with total credit extensions of try into World War II in December 1941, other recent years. The smaller growth in the Board of Governors announced that the 1960 was attributable to reduced pressure Federal Reserve was prepared— of borrowing demand, especially on the part (1) "To use its powers to assure that of the Federal Government. an ample supply of funds is available at The most significant thing about the Fed- all times for the war effort, and eral Reserve's operations in 1960 is not that (2) "To exert its influence toward they were extraordinary but, instead, that maintaining conditions in the U. S. Govthey were typical of Federal Reserve oper- ernment security market that are satisfacations under the flexible monetary policy tory from the standpoint of the Governthat has been in effect now for a full decade. ment's requirements." That policy, as I have capsuled it before Making good on its words, the Federal in the shortest and simplest description I Reserve saw to it that the banking system Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN • MARCH 1961 was supplied with ample lendable reserves terest-bearing cash since they could be to provide the Government with all the war- turned into cash immediately at par value financing funds that it could not raise or better—at the option of the owners, at through taxation and through borrowing any time. people's savings. The pegging of yields and prices of Gov- It did so by buying outstanding Govern- ernment securities was continued for some ment securities on a huge scale. The Fed- time after the war to provide a gradual traneral Reserve's payments for these securities sition to a market freely responsive to the wound up in bank reserves. In turn, the changing demand for and supply of securibanking system used these additional re- ties. A gradual transition was especially imserves to purchase new securities that the portant because capital values generally had Treasury was issuing to obtain further funds become moored to the artificial yields and to finance the war effort. prices in the pegged market for Govern- To keep the process going, the Federal ment securities. Reserve in effect maintained a standing of- By 1950, however, the need to end the fer to buy Government securities in unlim- dependence of the Treasury and the Govited amount at relatively fixed prices, set ernment securities market upon money crehigh enough to assure that their interest ation by the Federal Reserve, and to halt rates or yields would be pegged at pre- the inevitable inflationary consequences, had determined low levels. When no one else become clear to many observers. The outwould accept those yields and pay those break of hostilities in Korea and the inflaprices, the Federal Reserve did so. And in tionary crisis that accompanied it brought so doing, it helped to finance the war. the matter to a head. The process was successful for its emer- Understanding of the problem was engency purpose. But the procedure of peg- hanced by an exhaustive investigation conging Government securities at high prices ducted by a Special Subcommittee of the and low yields entailed a price of its own Joint Congressional Committee on the Ecothat the economy—the people and the Gov- nomic Report, under the chairmanship of ernment alike—would later have to pay. Senator Paul Douglas. In its report in Janu- The results were two-fold: ary 1950, the Congressional Subcommittee (1) During wartime, money was created said means must be found for discontinuing rapidly and continually, in effect setting a the pegging of the Government securities time bomb for an ultimate inflationary ex- market—if financial stability and effective plosion—even though the immediate infla- control over the creation of new money tionary consequences were held more or less were to become possible in the decade of in check by a system of direct controls over the 1950's. prices, wages, materials, manpower, and After considerable negotiation, the Treasconsumer goods. ury and the Federal Reserve System reached (2) The market for Government securi- an Accord, jointly announced by them on ties became artificial. The price risks nor- March 4, 1951, that served to recognize and mally borne by participants in that market reaffirm that: were eliminated: bonds not payable for 20 (1) To serve the public welfare, Fedyears or more became the equivalent of in- eral Reserve policy must be directed toward Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPERATIONS IN PERSPECTIVE 275 maintaining monetary conditions appropri- (3) Even a lowering of the price props, ate for the economy as a whole, rather than much less a complete withdrawal, might toward special treatment for the Treasury very easily cause holders of these instantly and the Government as if their interests marketable securities to unload them on the could differ properly from those of the peo- market so heavily as to cause a collapse in ple as a whole. the market that might, in turn, provoke a (2) Likewise to serve the public welfare, sharp economic setback. the Treasury's borrowing operations in man- Since the primary necessity was to safeagement of the Government's debt must be guard the market and the economy against reasonably calculated to induce loans to the that danger, these were the first steps taken Government in an economic system where under the Accord: no one can be compelled to lend his money Holders of the overhanging, fully marketat interest rates that he would be unwilling able 2Vi per cent bonds of 1967-72 were to accept voluntarily. offered an opportunity to exchange them, in Thus, the Accord reestablished the com- early April 1951, for 2% per cent bonds of plementary operation of monetary and debt 1975-80 that could not be sold at all almanagement policies: by the Federal Re- though they could, at the holder's option, serve, to regulate the availability, supply, be converted into 1 Vi per cent notes carryand cost of money with a view to its eco- ing sale privileges. nomic consequences; by the Treasury, to While the exchange was being effected, finance the Government's needs in the tra- support buying was continued by the Fedditional context of a competitive market. eral Reserve and the Treasury, but at de- To provide for the gradual withdrawal clining prices: from January through April, of the pegs that had fixed market prices and net purchases by the Federal Reserve totaled yields, several procedures were instituted approximately $1.4 billion. When the eximmediately and carried out over the next change was completed, the offer of nonmarweeks and months. ketable bonds had been accepted on a scale That's much easier to say now than it sufficient to remove from the market $13.6 was to do then. For this was the problem: billion of the overhanging marketable bonds, (1) Hanging over the market like a including $5.6 billion that had been held storm cloud were two issues of the longest by the Federal Reserve and the Treasury. term, 2V£ per cent bonds, outstanding in This exchange paved the way for disconthe total amount of $19.7 billion. Their tinuance of Federal Reserve purchases of prices had been propped around 100% Government bonds in support of their prices. throughout January and February 1951, by In May and June net purchases by the price-supporting purchases. Federal Reserve of long-term bonds dropped (2) Although these bonds were not due off to $250 million, but that was enough to for redemption until 1967-72, they were in- assure against development of disorderly stantly saleable in markets. In fact, many conditions in the market. After that the of their holders were exercising their right Federal Reserve ceased buying almost altoto sell—and selling in large amounts—so as gether; purchases during the entire last half to reinvest the proceeds in private securities of 1951 totaled only $20 million. And yielding a higher return. prices, which had been supported around Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN • MARCH 1961 100% at the start of the year, fluctuated limit our open market operations to the short around 97 during the last half of the year end of the market, we were not unanimous when the bond market was on its own. —neither then, nor since then. As the years 1951 and 1952 progressed, Indeed, the divergence of views in the however, market developments demon- System on this question has been more strated a disturbing skepticism among in- marked and more continuous than on any vestors that the Federal Reserve was in fact other that I can recall in my ten years in abstaining (or would continue to abstain) the Federal Reserve. That, I think, is readfrom attempting to maintain certain prede- ily understandable because the question retermined interest rates, regardless of the lates to the techniques of open market operover-all state of the demand for and the ations—a highly technical and involved subsupply of savings. This skepticism was fed ject—rather than to general credit policy itby market observation that the System en- self. gaged in purchases of securities involved in In my opinion, it is and always will be Treasury financings around the periods of easier to achieve full agreement on what to such financings. do than on how to do it. To me, that ex- After very careful study of the function- plains why the uninterrupted character of ing of the Government securities market and the divergence in the System over operatof the relation of Federal Reserve monetary ing techniques contrasts sharply with the operations to the market, the System de- rather high degree of agreement we have cided that it would limit its open market had, most of the time, over questions of transactions to short-term securities, usually general credit policy—whether and when those of the very shortest term: Treasury to ease or restrain, and how much. Also, bills. It also decided to refrain from opera- why it contrasts completely with the undetions in securities involved in Treasury fi- viating firmness of our opposition, at all nancings. In taking these steps, the Federal times, to returning to a pegged market. Reserve objective was to convince the mar- These matters, however, are too well ket that it was not undertaking to peg in- known to members of this Committee for terest rates—and most certainly not those me to labor them further at this point: the on intermediate- and long-term securities. records of your past hearings, as well as our Accordingly, to minimize market uncer- Annual Reports, contain the views on that tainty as to possible Federal Reserve opera- score of several members of the Open Martions affecting market rates, and thereby to ket Committee, including the former and aid the effective competitive functioning of the present vice chairmen of our Committhe market, the System announcd in April tee, Messrs. Allan Sproul and Alfred Hayes 1953 that until further notice, unless dis- of the Federal Reserve Bank of New York, orderly conditions arose in the market, it as well as myself as chairman. would operate only in the short-term area, In any event, following the 1953 decision where its operations would have the least I have described—the decision to confine market impact. our open market transactions to the short- I think I should point out here, in fair- term sector of the market—the emphasis in ness to my colleagues on the Federal Open Federal Reserve operations continued to be Market Committee, that in this decision to placed upon providing bank reserves to meet Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPERATIONS IN PERSPECTIVE 277 the economy's needs rather than to set par- sideration pointing to a possible need for ticular rates of interest. Inevitably, how- Federal Reserve operations in longer term ever, interest rate movements, since they re- securities arose from the convergence of two flected basic demand and supply conditions, important developments: continued to be one of many factors consid- (1) On the domestic front, a decline in ered by the Federal Reserve in making judg- key sectors of business activity, accompanied ments about the need for changes in the re- by gradual rise in unemployment, suggested serve base. Conversely, Federal Reserve op- that the economy might be moving downerations in the market continued, inevitably, ward on a broad pattern of recession. to be an important influence affecting the (2) In the area of international finangeneral level of market interest rates. cial accounts, a big deficit in the U. S. bal- Despite confinement of its operations or- ance of payments was made larger by a subdinarily to the short-term area, the Federal stantial outflow of short-term funds from the Reserve stood prepared to buy securities United States to foreign money centers, other than Treasury bills should unusual partly in response to higher interest rates developments create disorderly conditions in abroad. the Government securities market and thus As I stated earlier, the Federal Reserve in credit markets as a whole. When disor- had been making bank reserves available to derly conditions seriously threatened as in ease the credit situation since the winter of late November of 1955 or actually devel- 1960. Thus, it had been a contributing oped as in the summer of 1958, the Fed- influence in the decline in market interest eral Reserve bought longer term securities rates to mid-1960. In the light of the doto maintain or reestablish orderly trading. mestic business and employment situation Apart from these exceptional and infrequent and the balance-of-international-payments circumstances, however, the Federal Re- deficit, this decline presented us with a serve maintained its reliance upon opera- dilemma in the latter part of 1960. tions in Treasury bills without interruption If the Federal Reserve continued to supuntil 1960. With the introduction of the 6- ply reserves by buying only Treasury bills, month Treasury bill in 1958 and the 12- the direct impact of its purchases might month Treasury bill in 1959, the System drive the rate on those securities so low as extended the maturity range of its operations to encourage a further outflow of funds to within the short-term area. foreign markets and thus aggravate the Toward the close of 1959 there were in- already serious balance-of-payments deficit. creasing indications, signaled by rapid rises If, on the other hand, the Federal Reserve in market interest rates accompanying a refrained from further action to supply funds mounting intensity of borrowing demands, for bank reserves because of the balancethat conditions bordering on the disorderly of-payments situation, it would be unable to might be encountered increasingly in the fu- make its maximum contribution toward ture and that there might be more occa- counteracting decline in domestic economic sions than in the past for corrective opera- activity through the stimulative influence of tions by the Federal Reserve in maturities credit ease. beyond the range of Treasury bills. Thus, in an effort to expand reserves and After the middle of 1960, another con- yet to minimize the repercussions on the bal- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 FEDERAL RESERVE BULLETIN • MARCH 1961 ance of payments, the Federal Reserve be- ernment securities other than Treasury bills. gan, in late October 1960, to provide some With the domestic economy and the balof the additional reserves needed by buy- ance of payments continuing to pose coning certificates, notes, and bonds maturing flicting problems, open market transactions within 15 months. Since that time, the Sys- in securities other than Treasury bills are tem has bought and sold such securities, in continuing. Beginning on February 20, as addition to bills, on a number of occasions, we stated in an announcement issued on that duly reporting these portfolio changes in a date, the Federal Reserve has engaged in public statement issued every Thursday. purchase of securities having maturities be- Now here let me note something about yond the short-term area, putting to practhe decline in interest rates that took place tical test some matters on which it has been in 1960. During the first eight months possible in recent years only to theorize.1 market rates on Treasury bills and interme- There is still a question as to the possidiate-term issues fell much more sharply bility of bringing about a meaningful dethan on bonds, as is usual in a period of cline in longer term rates through purchases declining rates. of longer term securities without, at the same After late summer, however, the differen- time, causing a shift in market demand totial between short- and long-term rates ward short-term securities that would also ceased to widen, and the average level of press down levels of short-term rates. rates itself remained relatively unchanged. On the other hand, it seems to me, few The increased net outflow of domestic and could question the desirability of the result, foreign capital from the United States in the if it can be attained, as a means of keeping second half of the year, in response partly financial incentives attuned to the current to the attraction of higher interest rates and needs of our domestic economy and our inpotential capital gains abroad, was itself a ternational financial position. factor in keeping interest rates in the United We will want to observe closely, of course, States from declining, because it reduced the the effect of this change in operating techsupply of funds available here. niques on the market and its capacity to ful- It was in the latter part of 1960, as I have fill its role in transferring a large volume of noted, that Federal Reserve operations were securities among our various financial instidirected more and more toward reducing tutions to facilitate their responses to shifts the direct impact on Treasury bill yields in the supply of savings and the demands of of Federal Reserve purchases. Thus, when borrowers. the System was providing for the large sea- In our country the Government cannot sonal expansion in credit needs that occurs force anyone to lend his money at rates he in the fall and pre-Christmas seasons, it is unwilling to accept—any more than it can did not rely solely on further open market force him to spend his money at prices he purchases but took actions that made vault is unwilling to pay. In the securities marcash holdings of banks fully available for ket, investors always have the alternative of meeting reserve requirements. And on investing their funds in short-term securities the occasions when the System did engage if they feel that yields in the longer term in open market operations, it often con- 1For text of this announcement, see BULLETIN for ducted these operations in short-term Gov- February, 1961, p. 165. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPERATIONS IN PERSPECTIVE 279 area are unfavorable. Therefore, in the out- seasonally adjusted rate of unemployment come of this test much will depend on the was 6.6 per cent of the labor force, the highreactions of investors. est percentage since 1958; the actual num- As I have said many times in the past, ber of persons unemployed was 5.4 million, before this Committee and others, I am in the highest number since the days before favor of interest rates being as low as pos- World War II. sible without stimulating inflation, because The contracyclical operations that the low rates can help to foster capital expendi- Federal Reserve is and has been conducting, tures that, in turn, promote economic despite the handicaps imposed by the balgrowth. ance-of-international-payments difficulties Yet, as I assume we can all agree, in- that we hope will be overcome, should be terest rates cannot go to and long remain helpful, as they have been in the past, in below the point at which they will attract combating that part of unemployment a sufficient volume of voluntary saving to caused by general economic decline. Cerfinance current investment at a relatively tainly those of us in the Federal Reserve stable price level. At least we can agree, I mean them to be. think, that interest rates cannot be driven While the unemployment that arises from and long held below that point without re- cyclical causes should prove only temposort to outright creation of money on such rary, there are, however, forces at work that a scale as to invite inflation, serious social have produced another, structural type of inequity, severe economic setback, and, un- unemployment that is worse, in that it alder present conditions, an outflow of funds ready has proved to be indefinitely persistto other countries and consequent drains on ent—even in periods of unprecedented genthis country's gold reserves. eral prosperity. I do not believe anyone expects the Fed- The problem of structural unemployment eral Reserve to engage in operations that is manifest in the higher total of those left will promote a resurgence of inflation in unemployed after each wave of the three the future. In combating inflation in the most recent business cycles, and in the idlepast, undue reliance has perhaps been placed ness of many West Virginia coal miners, on monetary policy. I can readily agree Eastern and Midwestern steel and auto workwith those who would have fiscal policy, ers, West Coast aircraft workers, and like with all of its powerful force, carry a greater groups, in good times as well as bad. responsibility for combating inflation, and I To have important effect, attempts to ream encouraged to think that this may be duce structural unemployment by massive likely in the future. If we do this, we should monetary and fiscal stimulation of over-all more nearly achieve our over-all stabiliza- demands probably would have to be carried tion goals, along with some reduction in to such lengths as to create serious new probthe range of interest rate fluctuation. lems of inflationary character—at a time That, however, is a matter for another when consumer prices already are at a recday. Today, we have in this country a seri- ord high. ous problem to contend with in the erratic Actions effective against structural unembut persistent rise in unemployment that has ployment and free of harmful side effects taken place since mid-1960. In January the therefore need to be specific actions that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN • MARCH 1961 take into account the who, the where, and a major responsibility and role in efforts to the why of unemployment and, accordingly, overcome unemployment, both cyclical and go to the core of the particular problem. structural, rests upon management and labor. Analysis of current unemployment shows For our part we in the Federal Reserve that, in brief: intend to do our share in combating the (1) The lines of work in which job op- cyclical causes of unemployment, as effecportunities have been declining most pro- tively as we can, and in fostering the finannouncedly for some years are farming, min- cial conditions favorable to growth in new ing, transportation, and the blue collar job opportunities. crafts and trades in manufacturing indus- Meanwhile there is, I think, need on the tries. part of all of us to recognize that the world (2) The workers hardest hit have been in which we live today is not only a world the semiskilled and the unskilled (along with that has changed greatly in recent years, inexperienced youths newly entering the but also a world that even now is in a pelabor market). These workers have ac- riod of further transition. counted for a significant part of the increase In economics and finance, no less than in in the level and duration of unemployment. other relationships, the lives of nations and Among white collar groups, employment has peoples throughout the earth have been continued to increase and unemployment made more closely interlinked by develophas shown little change even in times of ments that have progressed since the begincyclical downturn. ning of World War II—interlinked at such (3) The areas hardest hit have been, pri- speed, in fact, as to outstrip recognition. marily, individual areas dependent upon a Today, the condition of our export trade, single industry, and cities in which such in- from which a very large number of Amerdustries as autos, steel, and electrical equip- icans derive their livelihood, depends not ment were heavily concentrated. only upon keeping competitive the costs and Actions best suited to helping these groups prices of the goods we produce for sale would appear to include more training and abroad, but also upon the prosperity or lack retraining to develop skills needed in expand- of it in the countries that want to buy our ing industries; provision of more and better goods. information about job opportunities for var- Whether our Government's budget is balious skills in various local labor markets; anced or not, a factor that greatly affects tax programs to stimulate investment that our economic and financial condition, dewill expand work opportunities; revision of pends not only upon our own decisions repension and benefit plans to eliminate pen- specting expenditures and taxes, but also alties on employees moving to new jobs; upon decisions by governments abroad as to reduction of impediments to entry into jobs, how far they will share the costs of mutual and so on. Measures to alleviate distress defense and of programs to aid underdeveland hardship are, of course, imperative at oped nations of the world. The decisions all times. those governments make affect, in turn, their In some of the instances cited, the pri- budget positions and, through them, ecomary obligation of the Government will be nomic and financial conditions in their own leadership, rather than action, for obviously countries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE OPERATIONS IN PERSPECTIVE 281 Every country, of course, will always have reduced its bank rate also, to curb a shortproblems of its own that differ from the cur- term capital inflow. rent problems of other lands. Communist Over the last weekend Germany and the Russia, for example, gives some signs of Netherlands up-valued their currencies by worry over a problem old and familiar to nearly 5 per cent; these actions should help us and to them: The danger of economically them to reduce the inflow of volatile capital. destructive inflation. The New York Times The truth of it is that the major countries of January 30 reported that Premier Khru- of the Western world, after a long and painshchev, in a recent public speech, had ful struggle in the wake of World War II pointed to precisely that danger, noting that to restore convertibility of their currencies, "the purchasing power in the hands of the and thus to lay the necessary basis for in- Soviet people might exceed the value of the terchanges that can enhance the prosperity goods available for them to buy." of all, have succeeded—only to find that In Brazil a new administration is seeking success, too, brings its problems. means to cope with an inflation that already Today, though currency convertibility has exacted an enormous price in suffering does in fact make possible an expanding volinflicted upon her people by soaring in- ume of mutually profitable interchanges creases in the cost of living. among nations, it also makes possible dan- In Belgium a program of austerity, to gerously large flows of volatile funds among bring about adjustments made necessary by the nations concerned—flows on a scale that the loss of the Congo, provoked riots that could shake confidence in even the strongrecently made headlines across the United est currencies, and cause internal difficulties States. in even the strongest economies. In the free world the United States has To the cause of these flows—differences not been alone in finding that its domestic in interest rates, conditions of monetary ease situation and balance-of-payments position or tightness, budgetary conditions, and deseemed to call for conflicting actions, thus velopments of any kind that raise questions presenting monetary and fiscal policy mak- and doubts about determination to preserve ers some complicating crosscurrents. the value of a country's currency—we must On January 19, for example, the German remain alert and ready, willing and able to Federal Bank reduced its equivalent of our meet whatever challenge arises. discount rate and made known at the time I, for one, am confident that we will meet that it was doing so, despite the high level such challenges as may come. Our opporof activity in the German economy, for the tunities for the future are more important purpose of reducing a heavy and trouble- than the problems they bring with them. some inflow of funds from other countries. Let us seize these opportunities, firmly and A month earlier the Bank of England had without fear. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Quarterly Survey of Consumer Buying Intentions IN EARLY 1961, the proportions of con- regarding future income prospects remained sumers reporting plans to buy both new and about the same as in other recent Surveys. used automobiles within the next six months Automobiles. In January 1961, 3.5 per were at about the same level as a year ear- cent of the families interviewed reported lier, after having fallen below year-earlier plans to buy new automobiles during the levels in the second half of 1960. The pro- next 6 months, compared with 3.4 per cent portion reporting plans to buy major house- a year earlier and 3.0 per cent in January hold appliances was substantially smaller 1959. In October 1960, reported plans to than a year earlier, but about equal to the buy new automobiles had been substanti- January 1959 level. Plans to buy houses ally lower than a year earlier. In October were also lower than in January 1960. 1959, however, buying plans had been un- These findings are based on data from the usually high, in part as a result of the in- January Survey of Consumer Buying In- terest engendered by the introduction of tentions, conducted for the Board of Gov- compact cars. ernors by the Bureau of the Census.1 Plans to buy used cars were at about the Total plans to buy both automobiles same level in January as at the beginning and household durable goods showed little of each of the two preceding years, with change from October 1960 to January 1961, 4.5 per cent of all families expressing plans compared with a sharp decline in the cor- to buy within 6 months. There was a slight responding period the year before. The decline from year-earlier levels, however, in sharp reduction last year, however, reflected the number of planners who were undein part the exceptionally high level of plans cided between new and used cars. Reinterreported in October 1959. view studies show that these families are The proportion of families reporting a generally more likely to purchase used cars. decline in income from a year earlier was During 1960 plans to buy used cars were higher in January than at any time during close to or below 1959 levels, but planners 1960, although the proportion reporting in- who were undecided between new and used creases remained larger than the proportion cars were more numerous in 1960. reporting declines. Consumer expectations About the same proportion of families 1 This article presents the findings of the ninth Quar- this January as a year earlier expressed disterly Survey of Consumer Buying Intentions. The satisfaction with the automobile they cur- Quarterly Survey is conducted under the supervision rently owned or reported that they had of Mona E. Dingle of the Board's staff and Selma F. Goldsmith of the Bureau of the Census. Articles cov- shopped for an automobile in the weeks ering the previous eight Surveys and giving a detailed immediately preceding the Survey. In Jandescription of the Survey appeared in the Federal Reserve BULLETIN for September 1960, pp. 973-1003 and uary 1959, fewer families had expressed for December 1960, pp. 1332-37. The current article dissatisfaction with their automobiles but was prepared by Tynan Smith and Theodore G. more had reported shopping for an auto- Flechsig. 282 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 283 mobile, perhaps in part because of the later accompanied by a substantial reduction in introduction date for 1959 model automo- used car prices. biles. Major household appliances. Reported According to both survey data and sales plans to buy washing machines and refrigdata from independent sources, consumer erators within 6 months continued below purchases of new cars continued above year-earlier levels in January, after having year-earlier levels in the fourth quarter of been at year-earlier levels last July. Plans 1960 despite the lower level of buying plans to buy television sets were about the same as compared with late 1959. Comparison as in January of each of the two preceding with late 1959, however, is affected by the years. The sum of buying plans for these low level of sales associated with shortages 3 major household durable goods in Janufollowing the steel strike; this development ary was substantially lower than the total apparently was not fully taken into account reported in January 1960, but about the by families interviewed in mid-October of same as in January 1959. Plans to buy that year. Consumer purchases of used the four growth items introduced in the 1960 cars were about the same in each quarter Surveys—clothes dryers, dishwashers, air of 1960 as in the corresponding periods of conditioners, and radio and phonographic 1959, but the sustained level of sales was equipment—were also lower than in Janu- PLANS TO BUY DURABLE GOODS WITHIN 6 MONTHS Per cent of all families Per cent of all families 12 NEW AND USEDAUTOMOBILES WASHING MACHINES 10 1959^ ^^ 1960 1961 V. 8 - >^ 1 1 1 REFRIGERATORS NEW AUTOMOBILES TELEVISION SETS USED AUTOMOBILES JAN. APR. JULY OCT. JAN. APR. JULY OCT. NOTE.—Plans for new and used automobiles combined include plans of families undecided between new and used. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN MARCH 1961 ary I960.2 The decline in 6-month plans ported such reductions. Reports of income for household durable goods from early reductions had declined after January 1959, 1960 was general for all major income and increased during the steel strike, and deage groups and for each of the four geo- clined again in the first half of 1960. graphic regions. Nearly one-fourth of the families inter- The number of consumer purchases of viewed this January expected their incomes the 7 household durable goods covered in to increase in the coming year. This was the Survey totaled 14.1 per 100 families in about the same proportion as in other Surthe last quarter of I960, slightly below the veys conducted in 1959 and 1960. The 14.9 reported for the same quarter a year proportion of families expecting their inearlier. The decline reflects fewer pur- come to decline also has remained relachases of washing machines, refrigerators, tively unchanged at about 6 per cent. and clothes dryers. Purchases of wash- Sampling variability. Data from the Quaring machines and refrigerators had fallen terly Surveys are based on about 17,000 sharply below year-earlier levels in the third interviews and, as is true of all sample surquarter of 1960 after having been above veys, may differ because of sampling variyear-earlier levels in the second quarter. ability from data that would be obtained if Houses. Reported plans to buy houses a complete census were taken. The chances in both the 6-month period and the 12- are about 2 in 3 that an estimate from the month period following the January Survey Survey would differ from a complete census were fewer than a year earlier. In Janu- by less than the sampling errors shown in ary 1961, 4.8 per cent of the families re- the table, and 95 in 100 that the difference ported plans to buy houses in the next year, would be less than twice the errors shown. compared with 5.7 per cent in January SAMPLING ERRORS OF PROPORTIONS 1960. Buying plans for new houses were The chances are about 2 out of 3 that the value being estimated lies within a range equal to the reported percentage plus or minus the down relatively more than plans to buy number of percentage points shown below. existing houses, declining to 1.7 per cent Reported percentage from 2.2 per cent a year earlier. Plans to Number of households 2 or 98 10 or 90 25 or 75 50 buy existing houses were 1.9 per cent this January as compared with 2.1 per cent a 1,000,000 0.8 1.8 2.6 3.0 2,000,000 0.6 1.3 1.8 2.1 year earlier. No data are available on house 5,000,000 0.4 0.8 1.2 1.4 10,000,000 0.3 0.6 0.8 1.0 purchase plans prior to 1960. 20,000,000 0.2 0.4 0.6 0.7 50,000,000! 0.1 0.3 0.4 0.4 Income change. The proportion of families reporting lower incomes than a year 1 Approximate total number of households. The reliability of estimates of percentages earlier was larger this January than in Jandepends on the size of the estimated peruary 1960, and the proportion reporting centage and the size of the sample on which higher incomes was correspondingly smaller. the percentage is based. Proportions of the Income reductions were reported by 18.7 total sample in the Quarterly Survey are per cent of the families interviewed in the based on somewhat more than 50 million recent Survey, the largest proportion since households. The number of households in January 1959, when about 20 per cent revarious income and age groups can be esti- 2 Detailed information on plans to buy houses and mated from the total number of households these four household durable goods will be presented and the distributions shown in Table 5. in the report on the April 1961 Quarterly Survey. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 285 TABLE 1 PLANS TO BUY DURABLE GOODS, 1959-61 * [Percentage of all families] 1959 1960 1961 Buying plan Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. 2 New or used automobile:3 Planning to buy within 12 months 16.9 15.6 16.8 20.9 18.4 16.8 16.5 18.3 17.9 Doesn't know about 12-month plan 8.3 7.7 8.3 7.5 8.9 9.4 9.3 9.0 7.4 Planning to buy within 6 months 8.4 7.5 8.2 10.1 9.3 8.6 7.9 8.9 9.0 Timing of planned purchase: First 3 months 2.1 2.4 2.5 3.0 2.5 3.0 2.6 2.9 2.5 Second 3 months 3.8 3.0 3.2 4.3 4.4 3.2 3.0 3.6 4.1 Doesn't know when in 6 months 2.5 2.1 2.5 2.8 2.4 2.4 2.3 2.4 2.4 Doesn't know about 6-month plan 4.8 4.3 4.9 4.7 4.7 4.9 5.0 4.7 2.7 Has shopped for automobile4 5.1 4.8 5.2 6.5 4.5 5.5 4.9 6.3 4.5 Dissatisfied with automobile owned 8.9 8.1 8.1 9.1 9.8 8.7 8.0 9.6 10.0 New automobile: Planning to buy within 12 months 6.6 6.5 6.9 9.5 7.3 6.9 6.8 7.8 7.4 Planning to buy within 6 months 3.0 2.7 3.1 4.6 3.4 3.2 3.0 3.6 3.5 Degree of certainty: Definitely 1.2 0.9 1.2 1.8 1.3 1.5 1.2 1.5 .4 Probably 1.1 0.9 1.1 1.6 1.0 0.9 1.0 1.2 Maybe 0.8 0.8 0.9 1.2 1.1 0.8 0.8 0.9 !o Timing of planned purchase: First 3 months 0.9 0.7 0.9 1.4 0.9 1.2 0.9 1.3 .0 D Se o c e o s n n d 't 3 k n m o o w n t w hs hen in 6 months 0 1 . . 7 4 0 1 . . 6 4 0 1 . . 8 4 2 1. . 1 1 0 1 . . 8 7 0 1 . . 7 3 0 1 . . 7 4 0 1 . . 9 4 .6 0.9 Used automobile: Planning to buy within 12 months 8.4 7.1 7.7 9.2 8.3 7.1 7.9 8.3 Planning to buy within 6 months 4.6 4.0 4.1 4.6 4.5 3.7 3.9 4.5 Degree of certainty: Definitely .3 .4 1.6 1.6 1.3 1.3 1.2 1.5 Probably .6 .5 1.4 1.5 1.2 1.2 1.3 1.4 Maybe .7 .2 1.6 1.5 1.3 1.2 1.4 1.6 Timing of planned purchase: First 3 months .2 .5 .5 1.4 1.3 1.4 1.4 1.3 1.3 Second 3 months .9 .4 .3 2.0 2.0 1.3 1.2 1.7 2.0 Doesn't know when in 6 months .5 1.1 1.3 1.2 1.2 1.1 0.9 1.2 Washing machine: Planning to buy within 6 months 5.8 5.0 6.0 6.9 6.4 5.9 5.8 5.4 5.5 Degree of certainty: D Pr e o f b in a i b te l l y y 3.2 2.9 3.1 3.5 2 1 . . 0 2 2 1 . . 1 2 1 1 . . 9 3 1 1 . . 3 9 1 1 . . 1 7 Maybe 2.6 2.1 2.9 3.4 3.2 2.6 2.7 2.2 2.7 Timing of planned purchase: First 3 months 1.3 1.5 1.7 1.4 1.5 1.6 1.4 1.3 Second 3 months 2.1 1.9 2.4 2.4 2.1 2.0 2.2 2.1 Doesn't know when in 6 months 2.4 2.1 2.6 2.8 2.6 2.3 2.2 1.8 2.1 Doesn't know about 6-month plan 3.2 2.9 3.5 3.0 3.3 3.0 3.5 3.2 1.1 Refrigerator: Planning to buy within 6 months 3.6 3.4 4.0 4.6 4.4 3.7 3.9 3.3 3.7 Degree of certainty: Definitely 1.2 1.2 1.2 1.1 1.2 Probably 1.8 1.8 2.0 2.0 0.9 0.8 0.7 0.6 0.7 Maybe 1.8 1.6 2.1 2.5 2.2 1.7 2.0 1.6 1.9 Timing of planned purchase: First 3 months 0.7 1.0 1.0 0.9 0.9 1.0 1.0 0.8 0.9 Second 3 months 1.3 1.0 1.2 1.8 1.8 1.2 1.2 1.2 1.4 Doesn't know when in 6 months 1.6 1.4 1.8 1.9 1.7 1.5 1.7 1.3 1.4 Doesn't know about 6-month plan 2.6 2.2 3.0 2.7 3.3 3.0 3.3 2.9 0.7 Television set: Planning to buy within 6 months 4.2 3.9 5.6 4.5 4.0 3.9 4.8 4.4 Degree of certainty: D Pr e o f b in a i b te l l y y 2.5 2.3 2.3 3.3 1 1. . 1 4 1 1 . . 1 4 . .0 3 1 1 . . 2 2 Maybe 1.7 1.5 1.5 2.3 2.0 1.6 .7 2.0 Timing of planned purchase: First 3 months 1.1 1.0 1.2 2.0 1.2 1.2 .2 .9 1.3 Second 3 months 1.4 1.4 1.3 1.7 1.6 1.5 .3 .5 1.5 Doesn't know when in 6 months 1.7 1.4 1.4 1.9 1.7 1.3 .4 .4 1.6 Doesn't know about 6-month plan 3.0 2.7 3.3 3.1 3.5 3.3 3.5 3.2 1.0 1 As reported in interviews in January 1959 and in the first month were distributed proportionately among the groups for which reof succeeding quarters. Interviews are taken in the week that includes sponses were obtained. the 19th of the month. Planning period begins on date of interview. 3 Includes those undecided between new and used. 2 In the 1959 and 1960 Surveys, nonresponse cases on buying plans 4 In the weeks immediately preceding interview. (2 per cent or less of all families) were classified in the "doesn't NOTE.—Details may not add to totals because of rounding. know" group. Beginning in January 1961, these nonresponse cases Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN • MARCH 1961 TABLE 2 PLANS TO BUY DURABLE GOODS WITHIN 6 MONTHS, 1959-61 1959 1960 1961 Income or age group Jan. Apr. July Oct. Jan. Apr. July Oct. Jan.i Prospective purchasers as a percentage of all families in group New or used automobile:2 All families 7.5 8.2 10.1 9.3 8.6 7.9 8.9 9.0 Income: 3 Under $3,000 4.1 3.4 4.4 4.4 4.2 4.3 4.1 4.3 3.9 $3,000-$4,999 8.6 7.1 7.4 9.8 8.3 7.2 6.8 7.9 7.7 $5,000-$7,499 10.4 9.2 10.4 13.1 11.7 11.3 9.3 10.8 11.5 $7,500-59,999 13.3 12.9 13.1 16.1 15.1 12.4 13.8 14.0 12.4 $10,000 and over 17.0 13.9 16.1 19.6 19.3 15.7 16.1 18.0 17.7 Age of head: Under 35 11.6 10.6 11.1 12.8 11.2 11.6 11.1 11.8 11.8 35-54 9.4 8.5 9.3 11.8 11.4 10.1 9.0 10.3 10.7 55 and over 4.9 3.9 4.7 6.2 5.4 4.7 4.4 5.2 5.2 New automobile: All families 3.0 2.7 3.1 4.6 3.4 3.2 3.0 3.6 3.5 Income:3 Under $3,000 0.2 0.5 0.9 0.7 0.7 0.9 0.8 0.6 0.6 $3,000-$4,999 1.9 1.8 1.8 3.1 2.2 1.7 1.5 2.3 1.9 $5,000-$7,499 3.9 3.1 4.0 5.5 3.9 4.4 3.5 4.4 4.1 $7,500-$9,999 7.3 6.3 6.8 10.0 6.6 5.4 6.4 6.7 6.3 $10,000 and over 10.8 8.5 10.4 15.3 11.7 9.4 9.6 11.4 11.3 Age of head : Under 35 3.2 3.2 3.4 4.3 3.1 3.2 3.3 3.6 3.6 35-54 3.5 3.0 3.7 5.8 4.4 4.0 3.6 4.3 4.3 55 and over 2.1 1.8 2.3 3.3 2.4 2.2 2.0 2.8 2.5 Used automobile: All families 4.6 4.0 4.1 4.6 4.5 3.8 3.7 3.9 4.5 Income:3 Under $3,000 3.6 2.6 3.2 3.4 3.0 2.6 2.8 2.9 2.8 $3,000-$4,999 5.9 4.6 4.7 5.8 4.7 4.2 4.0 4.3 4.9 $5,000-$7,499 5.5 5.1 5.2 6.2 5.9 4.8 4.5 4.8 6.0 $7,500-$9,999 5.1 5.4 5.2 4.6 6.2 4.7 5.3 5.5 4.9 $10,000 and over 4.2 3.8 3.8 3.3 5.4 3.2 4.0 3.8 4.8 Age of head: Under 35 7.3 6.2 6.8 7.6 6.4 6.7 6.5 6.6 7.1 35-54 4.9 4.5 4.5 4.8 5.4 4.2 3.9 4.2 5.0 55 and over 2.3 1.8 1.7 2.3 2.1 1.4 1.5 1.6 2.0 Prospective purchases per 100 families in group Household durable goods:4 All families 13.6 12.2 13.9 17.0 15.3 13.6 13.6 13.5 13.7 Income:3 Under $3,000 10.7 8.5 10.4 12.7 11.3 9.7 9.5 9.0 8.5 $3,000-$4,999 14.3 12.8 14.2 18.4 14.5 13.0 13.6 14.1 11.6 $5,000-$7,499 14.9 13.8 16.2 19.2 17.3 14.2 15.9 15.5 16.2 $7,500-$9,999 18.0 16.1 17.5 20.5 22.8 16.6 17.5 18.5 18.5 $10,000 and over 21.5 17.7 21.5 25.8 23.3 20.9 21.8 20.9 23.1 Age of head: Under 35 18.5 16.1 17.0 21.1 18.3 19.3 19.0 19.2 17.5 35-54 14.5 13.1 15.7 18.6 17.4 14.6 14.9 14.9 15.5 55 and over 9.1 8.0 9.5 12.1 10.6 8.4 8.5 8.0 8.9 1 In the 1959 and 1960 Surveys, nonresponse cases on buying plans 2 Includes those undecided between new and used. (2 per cent or less of all families) were classified in the "doesn't 3 Total money income of family in 12 months immediately preknow" group. Beginning in January 1961, these nonresponse cases ceding interview. were distributed proportionately among the groups for which re- 4 Refers to sum of all prospective purchases of the following sponses were obtained. durable goods: washing machines, refrigerators, television sets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 287 TABLE 3 PURCHASERS OF AUTOMOBILES AND OTHER SPECIFIED DURABLE GOODS, 8 QUARTERS, 1959-60* [Percentage of all families] 1959 1960 Type of durable good Jan.- Apr.- July- Oct.- Jan.- Apr.- July- Oct.- Mar. June Sept. Dec. Mar. June Sept. Dec. Automobile: New .. . . 2.4 2.8 2.6 2.4 2.7 3.2 2.8 2.8 Used 5.2 5.7 5.2 4.7 5.0 5.7 5.2 4.9 Washing machine 2.5 2.5 3.3 3.2 2.4 2.7 2.8 2.9 Refrigerator 1.7 2.2 3.1 2.3 1.6 2.4 2.7 1.9 Television set 3.4 2.6 3.3 4.8 3.3 2.9 3.4 4.8 i As reported in month immediately following purchase period. TABLE 4 PAST AND EXPECTED CHANGES IN INCOME, 1959-61 [Percentage distribution of families] 1959 1960 1961 Direction of change Jan. Apr. July Oct. Jan. Apr. July Oct. Jan.i Current income compared with a year earlier: Higher 22.7 22.3 23.3 23.4 24.3 21.6 20.8 22.6 22.6 Same 54.3 58.3 57.8 55.6 55.4 59.7 60.0 57.1 57.9 Lower. 19.9 16.4 15.7 17.5 16.6 15.1 15.2 16.5 18.7 Doesn't know 3.2 3.0 3.2 3.5 3.7 3.6 3.9 3.8 0.8 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Expected income compared with current:2 Higher 24.3 21.0 23.0 24.4 23.7 23.6 23.8 23.8 24.6 Same 55.8 59.8 58.6 57.0 57.9 58.6 57.8 57.6 57.2 Lower 6.9 6.0 6.3 6.2 5.6 5.5 5.8 5.7 6.0 Doesn't know 13.0 13.2 12.1 12.5 12.7 12.3 12.5 12.9 12.2 All families . . .. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 In the 1959 and 1960 Surveys, nonresponse cases for the data groups for which responses were obtained. included in this table (between 2 and 3 per cent of all families) were 2 Expected a year hence. classified in the "doesn't know" group. Beginning in January 1961, NOTE.—Details may not add to totals because of rounding. these nonresponse cases were distributed proportionately among the TABLE 5 INCOME AND AGE OF PURCHASERS OF SPECIFIED DURABLE GOODS, FOURTH QUARTER, 1960 * [Percentage distribution] All families Automobile (purchasers Washing Refrig- Television Income or age group p a u n rc d h a n s o e n r - s) N u e s w e d or New Used machine erator set Income:2 Under $3 000 27.2 14.9 7.7 19.1 17.6 23.3 21.9 $3,000-$4 999 21.7 21.8 13.8 26.4 21.8 20.1 23.9 $5,000-$7,4999 24.0 28.6 27.0 29.6 26.7 24.4 25.0 $7 500-$9 999 10.6 14.2 20.6 10.4 12.4 10.8 12.7 $10,000 and over 10.3 15.1 26.3 8.6 13.2 12.2 10.8 Not ascertained 6.2 5.4 4.7 5.9 8.2 9.1 5.8 All families. . 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Age of head : Under 35 22.9 32.6 23.9 37.7 33.2 32.9 33.1 35-54 42 5 48.3 53.3 45.4 46.6 43.1 44.8 55 and over 34.6 19.1 22.9 16.9 20.2 23.9 22.1 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 As reported in month immediately following purchase period. NOTE.—Details may not add to totals because of rounding. 2 Total money income of family in 12 months immediately preceding interview in January 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Savings Deposits Not Evidenced by a Pass Book company for approval of the acquisition of voting Regulation Q, Payment of Interest on Deposits, shares of a bank: permits a member bank to classify as "savings THE FIRST VIRGINIA CORPORATION deposits" funds of individuals and certain types In the Matter of the Application of The First of corporations that are held by the bank, evi- Virginia Corporation for prior approval of acquisidenced only by a written receipt or agreement, tion of voting shares of Falls Church Bank, Falls provided "withdrawals are permitted only through Church, Virginia. payment to the depositor himself but not to any other person whether or not acting for the de- ORDER APPROVING APPLICATION UNDER positor." The purpose of this prohibition is to BANK HOLDING COMPANY ACT eliminate the so-called "agency privilege." The There having come before the Board of Govreason for this is that withdrawal by an agent of ernors pursuant to Section 3(a)(2) of the Bank the depositor merely by presenting a "written Holding Company Act of 1956 (12 USC 1842) receipt or agreement" for a specific amount deand Section 4(a)(2) of the Board's Regulation Y posited with the bank could result in the use of (12 CFR 222.4(a)(2)), an application on behalf such deposits, in effect, as checking accounts. of The First Virginia Corporation, Arlington, Vir- For example, in lieu of taking one "receipt" ginia, for the Board's prior approval of the acquisifor his deposit of, say, $100, the depositor could tion of 51 per cent or more of the voting shares of request 20 receipts for $5 each. Then, when he Falls Church Bank, Falls Church, Virginia; a wished to pay a bill, he could hand his creditor Notice of Receipt of Application having been pubsufficient receipts and the latter, as his "agent," lished in the Federal Register on November 29, could present them for payment. This procedure 1960 (25 Federal Register 12209), which prois possible with a savings deposit evidenced by a vided interested persons an opportunity to submit pass book, but the cumbersome procedure of comments and views regarding the proposed acturning the pass book over to a third party is a quisition; and the time for filing such comments deterrent to the use of such savings accounts for and views having expired and no such comments checking purposes. At least not more than one or views having been filed; so-called check could be outstanding against the savings account at any time, because the depositor IT IS HEREBY ORDERED, for the reasons set forth would have to regain the pass book before turning in the Board's Statement of this date, that the said it over to another person for a second withdrawal application be and hereby is granted, and the of funds. acquisition by The First Virginia Corporation of With respect to the use of deposits not evi- 51 per cent or more of the voting shares of Falls denced by a pass book as collateral to a loan Church Bank, Falls Church, Virginia, is hereby either by the bank or by a third person, the above approved, provided that such acquisition is comquoted provision renders ineffective such use, since pleted within three months from the date hereof. only the depositor himself may receive payment. Dated at Washington, D. C, this 2nd day of This likewise prevents the use of such deposits, in March, 1961. effect, for checking purposes. By order of the Board of Governors. Order Under Section 3 of Bank Holding Voting for this action: Chairman Martin, and Gover- Company Act nors Balderston, Szymczak, Mills, Robertson, and Shepardson. Present and not voting: Governor King. The Board of Governors of the Federal Reserve System has issued the following Order and State- (Signed) MERRITT SHERMAN, ment with respect to an application by a holding Secretary. 288 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 289 STATEMENT tinue so. There is evidence that the acquisition The First Virginia Corporation, Arlington, Vir- would enable First to assure effective management ginia ("First"), a registered bank holding com- succession in Bank and there is some possibility pany, has applied pursuant to Section 3 (a) (2) of that the acquisition would increase the availability the Bank Holding Company Act of 1956 ("the of new capital to support expansion of banking ac- Act"), for the Board's prior approval of the ac- tivities in connection with growth in the area. Howquisition of 51 per cent or more of the capital ever, these considerations alone do not provide stock of Falls Church Bank, Falls Church, Vir- compelling reasons for approval of the application. ginia ("Bank"). It appears that the provision of full banking services at Bank's two branches, as proposed by Views and recommendations of the Commis- First, would benefit the areas served by them. sioner of Banking for the State of Virginia. As However, consideration of all aspects of the conrequired by Section 3(b) of the Act, the Board venience, needs, and welfare of the areas conforwarded notice of the application to the Comcerned discloses no substantial support for apmissioner of Banking for the State of Virginia, proval on this ground, because it is probable that who stated that he had no objection to approval. Bank would continue to serve its community and Statutory factors. Section 3(c) of the Act area adequately even if not owned by First. On requires the Board to take into consideration the the other hand, consideration of this factor disfollowing five factors: (1) the financial history closes nothing inconsistent with approval. and condition of the holding company and bank At present, First controls nearly 17 per cent of concerned; (2) their prospects; (3) the character the commercial banking offices and 23.5 per cent of their management; (4) the convenience, needs, of total deposits of individuals, partnerships, and and welfare of the communities and the area concorporations ("IPC deposits") of banks in Falls cerned; and (5) whether or not the effect of the Church and the 4 counties in which First's banks acquisition would be to expand the size or extent operate. The proposed acquisition would cause of the bank holding company system involved it to control in those counties and the City of beyond limits consistent with adequate and sound Falls Church 23 per cent of banking offices and banking, the public interest, and the preservation 30 per cent of IPC deposits. For the more imof competition in the field of banking. mediately affected areas of Arlington and Fairfax Discussion. First presently controls four banks counties and the City of Falls Church, the effect in the counties of Arlington, Fairfax, Prince Wil- of the acquisition would be to increase First's liam, and Loudoun, with a total of eight offices percentage of banking offices from about 16 per and aggregate deposits of about $60,580,000 as cent to about 26 per cent and its percentage of of October 3, 1960. Its largest subsidiary bank IPC deposits from about 25 per cent to about is Old Dominion Bank, Arlington, with four offices 33 per cent. and total deposits of about $44,650,000. The Bank's primary service area consists of the City bank to be acquired has three offices with total of Falls Church and portions of Arlington and deposits of about $19,000,000. Its main office Fairfax counties. In that area are four other and one branch are located in the independent banking offices, none of which is controlled by City of Falls Church, which lies between Arlington First. However, one of First's banks has been and Fairfax counties; all of these areas are in the authorized to establish a branch in Bank's primary Washington, D. C, Metropolitan Area. The other service area. There are 16 banking offices (3 of branch is nearby in Arlington County. Falls which are in First's system) within a radius of 4 Church, with a population of over 10,000, occumiles of Bank's offices. pies an area of approximately two square miles. After the acquisition there would remain in Arlington and Fairfax counties together have a Arlington and Fairfax counties 23 banking offices population of over 420,000 within an area of not controlled by First. Bank's primary service about 430 square miles. area does not now overlap that of any of First's The financial history and condition, prospects, subsidiaries. Only two of First's subsidiaries and management of both First and Bank are pres- (those in Arlington and Fairfax counties) draw ently satisfactory and would be expected to con- IPC deposits of any significance from Bank's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL RESERVE BULLETIN • MARCH 1961 primary service area; at September 30, 1960, the gard to the proposed interest in St. Joseph Insuramount in each case was less than 5 per cent of ance Agency, Inc. Docket No. BHC-57. the subsidiary's total IPC deposits, and the aggre- ORDER gate was an amount equal to approximately 15 The St. Joseph Agency, Inc., South Bend, Indiper cent of Bank's IPC deposits. Nearly three per ana, a bank holding company within the meaning cent of Bank's IPC deposits originated from the of Section 2(a) of the Bank Holding Company primary service areas of the two subsidiaries, and Act of 1956 (12 USC § 1841), has filed a request this amount equaled about one per cent of the for a determination by the Board of Governors of aggregate IPC deposits of the two subsidiaries. the Federal Reserve System that a corporation Accordingly, it appears that the acquisition which has been formed, St. Joseph Insurance would result in the elimination of some competi- Agency, Inc., also of South Bend, Indiana, and tion. However, the provision of full banking its prospective activities, are of the kind described services at Bank's two branches would enhance in Section 4(c)(6) of the Act and Section banking competition in the area to some extent 222.5(b) of the Board's Regulation Y (12 CFR and, in the Board's opinion, the acquisition would 222.5(b)), so as to make it unnecessary for the not have a materially adverse effect on the com- prohibitions of Section 4 of the Act with respect petitive position of other banks in the area con- to acquisition and retention of shares in nonbankcerned; nor would the control of Bank by First ing organizations to apply in order to carry out deprive the public of adequate alternative sources the purposes of the Act. of banking service. A hearing having been held pursuant to Section Consideration of the facts in this case does not 4(c)(6) of the Act and in accordance with Secindicate that the proposed acquisition would extions 222.5(b) and 222.7(a) of the Board's Regupand the size of the First system or the resources lation Y; a brief in support of its request having within its control beyond limits consistent with been filed by St. Joseph Agency, Inc.; the Hearing adequate and sound banking, the public interest, Examiner having filed on January 19, 1961, his and the preservation of competition in the field Report and Recommended Decision wherein he of banking. recommended that the request with respect to St. It is the judgment of the Board, based on the Joseph Insurance Agency, Inc., be approved; the relevant facts considered in the light of the gen- time for filing with the Board exceptions and brief eral purposes of the Act and the factors enumer- to the recommended decision of the Hearing Exated in Section 3(c) thereof, that the proposed aminer having expired and no exceptions having acquisition would be consistent with the statutory been filed; the Board having given due consideraobjectives and the public interest, and that the tion to all relevant aspects of the matter; and all application should be approved. such steps having been taken in accordance with the Board's Rules of Practice for Formal Hear- Order Under Section 4(c)(6) ings (12 CFR 263): of Bank Holding Company Act IT IS HEREBY ORDERED, for the reasons set forth The Board of Governors of the Federal Reserve in the accompanying Statement of the Board of System has issued an Order approving a request this date, that St. Joseph Insurance Agency, Inc., by a bank holding company for a determination and its proposed activities are determined to be under Section 4(c) (6) of the Bank Holding Com- so closely related to the business of banking or of pany Act of 1956 that a subsidiary corporation is managing or controlling banks as to be a proper exempt from the prohibitions of Section 4 of the incident thereto and as to make it unnecessary for Act. The Board's Order and accompanying State- the prohibitions of Section 4 of the Bank Holding ment, together with the Report and Recommended Company Act of 1956 to apply in order to carry Decision of the Hearing Examiner, read as follows: out the purposes of that Act, and, therefore, Applicant's request with respect to St. Joseph Insur- ST. JOSEPH AGENCY, INC. ance Agency, Inc., shall be, and hereby is, granted In the Matter of the Request of St. Joseph Agency, provided that St. Joseph Insurance Agency, Inc., Inc. for determination under Section 4(c)(6) of shall engage only in the general insurance business the Bank Holding Company Act of 1956, in re- and in no other activity or activities; and provided Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 291 further that this determination shall be subject to surance nature, and (2) if the Board determines revocation by the Board if the facts upon which on the basis of the record made at a hearing, that it is based should substantially change in such a all the activities of the company are so closely manner as to make the reasons for such deter- related to the business of banking or of managing mination no longer applicable. or controlling banks as to be a proper incident thereto and as to make it unnecessary for the Dated at Washington, D. C, this 9th day of prohibitions of Section 4 to apply in order to March, 1961. carry out the purposes of the Act.1 Section By order of the Board of Governors. 222.5(b) of the Board's Regulation Y, issued pur- Voting for this action: Governors Balderston, Szym- suant to the Act, paraphrases the provisions of the czak, Robertson, Shepardson, and King. Absent: Act, but requires that the activities of a company Chairman Martin and Governor Mills. must be closely related to the business of banking (Signed) MERRITT SHERMAN, or of managing or controlling banks "as conducted Secretary. by such bank holding company or its banking [SEAL] subsidiaries." STATEMENT As required by the Act a hearing on the Applicant's request was held at Chicago, Illinois, on No- Background of the case. Under date of Sepvember 21, 1960, before a duly designated Heartember 30, 1960, the St. Joseph Agency, Inc. ing Examiner. Following the conclusion of the (hereafter sometimes called the "Applicant"), an hearing, Applicant submitted proposed findings of Indiana corporation with its principal office and fact and conclusions of law. On January 19, place of business in South Bend, Indiana, and a 1961, the Hearing Examiner filed with the Board bank holding company as defined in Section 2(a) his Report and Recommended Decision wherein of the Bank Holding Company Act of 1956 (the "Act"), filed with the Board of Governors of the he recommended approval of the Applicant's re- Federal Reserve System (the "Board") a request quest. for a determination that the acquisition and re- The salient facts with respect to the insurance tention of all of the shares of stock in a nonbank- business to be carried on by Insurance Agency are ing subsidiary, the St. Joseph Insurance Agency, set forth hereafter in this Statement. Additional Inc. ("Insurance Agency"), and the proposed ac- facts with respect to its activities are contained in tivities of that subsidiary, will be of such a nature the Hearing Examiner's Report and Recommended as to be exempt from the prohibitions of Section Decision attached hereto; and to the extent not 4(a) of the Act. inconsistent with this Statement, the findings of fact made by the Hearing Examiner are hereby Section 4(a) of the Act makes it unlawful, adopted. subject to certain exceptions, for a bank holding company (1) to acquire direct or indirect owner- In determining whether or not the pending reship or control of voting shares of any company quest should be granted, the Board has considered that is not a bank, or (2) to retain direct or indi- solely the facts embraced in the record of the rect ownership or control of voting shares of any hearing held in this matter. In addition, howsuch company after two years from date of enact- ever, the Board has considered arguments prement (May 9, 1956) of the Act. Insurance Agency is a nonbanking company incorporated under the 1 The relevant language of the Act is as follows: "Sec. 4(a) Except as otherwise provided in this Act, no bank laws of the State of Indiana on May 16, 1960, all holding company shall— "(1) after the date of enactment of this Act acquire direct of the stock of which Applicant proposes to ac- or indirect ownership or control of any voting shares of any company which is not a bank, or quire and retain. "(2) after two years from the date of enactment of this Act . . . retain direct or indirect ownership or conrol of any voting The Applicant's proposed acquisition of stock shares of any company which is not a bank or a bank holding of Insurance Agency escapes the prohibitions of company. . . . * * * • * the Act only if it falls within one of the exceptions "(c) The prohibitions of this section shall not apply— * * * ** provided by the Act. Section 4(c) (6) of the Act "(6) to shares of any company all the activities of which are of a financial, fiduciary, or insurance nature and which the excepts shares of a nonbanking company if two Board after due notice and hearing, by order has determined to requirements are met: (1) if all the activities of be so closely related to the business of banking or of managing or controlling banks as to be a proper incident thereto and as the company are of a financial, fiduciary, or in- to make it unnecessary for the prohibitions of this section to apply in order to carry out the purposes of this Act. . . ." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 FEDERAL RESERVE BULLETIN • MARCH 1961 sented in the Applicant's proposed findings of fact shows that in 1958 these accounts produced 41 and conclusions of law, and the Hearing Exam- per cent of the total net premiums of Applicant, iner's Report and Recommended Decision. The and that in 1959 they produced 43 per cent of Board's findings and conclusions are hereafter set the same total. Similarly, it is estimated that 40 forth. to 50 per cent of the insurance required in con- Factual summary. St. Joseph Bank and Trust nection with loans made by the instalment credit Company ("Bank") is a State bank whose princi- departments operated by Bank and by the Central pal office is located in South Bend, Indiana. Bank State Bank of Lakeville is supplied by Applicant. has two branches, one north of the city of South Applicant surveys all the insurance needs con- Bend, in the village of Roseland, and the other in nected with loans by these departments and makes the southeastern part of the city, on Miami Street. recommendations based on the surveys. Appli- Bank is third in size of five commercial banks in cant makes similar surveys in connection with South Bend, a city whose population is approxi- mortgage loans by these two banks, and counsels mately 130,000. all three of the banks generally in connection with Applicant's history can be traced to an insurance their insurance needs. The banks do not require department operated in connection with a prede- that insurance be purchased from Applicant in cessor of Bank, St. Joseph Loan and Trust Com- connection with loans, and the Hearing Examiner pany. The insurance department was incorpo- found that "many of the services of the Applicant rated in 1935 and it is this corporation which is are performed without the direct knowledge of the the Applicant in the present proceedings. Appli- bank customers involved." These services appear cant now owns 4,110-7/8 shares of the outstand- to be rendered without charge. Applicant also ing 25,000 shares of Bank, which was organized furnishes the insurance on the property of the in 1939. Applicant also owns a majority of the three related banks and all their other direct needs 1,750 outstanding shares in the Hamlet State Bank for insurance. of Hamlet, Indiana, and of the 2,500 outstanding Operation of Applicant is closely connected shares of stock in Central State Bank of Lakeville, with that of Bank. Applicant's office is located Lakeville, Indiana. All 25,000 shares of Appli- on the premises of Bank, the two companies sharcant's stock are held in trust by Bank as Trustee ing a common lobby and a common entrance. for its own shareholders, under a trust agreement Applicant pays rent to Bank for the use of the dated January 21, 1944. Each share of stock in office. The employees of Applicant are covered Bank is endorsed to show that the share carries by Bank's hospital, medical, and pension plans. a beneficial interest in the trust which holds the Bank and Applicant have identical Boards of Distock of Applicant. Accordingly, both Bank and rectors, and all officers of Applicant have an offi- Applicant are bank holding companies. cial connection with Bank. Some officers and The Hearing Examiner states that: directors of Applicant also interlock with some "The Applicant . . . engages in the business of sell- officers and directors of the two other related ing all forms of casualty, fidelity, and liability insur- banks. While Applicant's employees are not also ance to the general public, but primarily to customers employees of Bank, Bank's auditors handle the of the banks it is associated with and principally in connection with bank loans. It does not sell life in- auditing of Applicant, and the general manager surance as such, but does sell what is known as credit of Applicant is a member of the management life insurance. . . ." committee of Bank. Applicant estimated that approximately 80 per In the past, Applicant has engaged in certain cent of the total premium volume on insurance activities in addition to the writing of insurance. written by it comes from customers of the asso- As found by the Hearing Examiner, these activities ciated banks and that the remainder comes from included "buying and selling real estate, and dealsuch sources as former bank customers, or casual ing in stocks and bonds" as well as making "loans customers who walk in off the street. The Appli- of money to persons who could not qualify for cant does not solicit insurance business from the bank loans," most of these loans having been general public. The estimated proportions are made to employees of Bank. However, it appears supported by analysis of 28 accounts of the largest from the record that these other activities have depositors and best customers of Bank, which substantially ceased, and Applicant indicates that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 293 only the insurance activities will be transferred to relationship. Insofar as Applicant's insurance ac- Insurance Agency. tivities are related to the business of banking as While no evidence was introduced at the hearing conducted by Applicant's banking subsidiaries, tending to show how prevalent is the practice in Hamlet State Bank and Central State Bank of the area of operating insurance agencies in con- Lakeville, that relationship would appear to meet nection with banks, the Hearing Examiner found the requirements of Section 221.5(b) of Regulathat tion Y. While this portion of Applicant's insur- "The Indiana laws do not prohibit the operation of an ance activities, taken alone, might not constitute insurance department by banks, and the evidence enough of the whole to justify a favorable detershows that banks in the City of South Bend, other mination, it is believed that in view of the purpose than those connected with the Applicant, have related insurance businesses. of the regulation and of the statute, the relation- :': * * ship between insurance activities of Applicant and "This practice has continued in South Bend, In- the banking business of Bank, the parent holding diana, without objection from the banking authorities company, may also be taken into consideration for some twenty-five years." and that the total relationship substantially sup- Preliminary requirement as to nature of activiports a favorable determination. ties. Assuming that Insurance Agency will con- Closeness and propriety of relationship. On the fine itself to selling insurance and counseling the basis of the record and particularly the facts hererelated banks on insurance matters, it appears that tofore stated, it is the Board's view that the activithe preliminary requirement for exemption under ties of Insurance Agency will bear a direct and Section 4(c)(6) of the Act will be met—that all substantial relationship to the business of the three the activities of the company involved will be of banks which are related to Applicant. For the an insurance nature. reasons set forth in the Board's Statement in the Relation to banking business. In addition to First Bank Stock Corporation matter, cited above, the required finding discussed above, as to the and incorporated herein, the Board believes that nature of the company's existing or proposed busi- the relation of Insurance Agency's activities to the ness, the statute and the Board's Regulation Y business of Bank, the parent holding company, also require that the company's activities must be and of Hamlet State Bank and Central State Bank determined by the Board to be so "closely related" of Lakeville, Applicant's subsidiaries, will not be to the business of banking or of managing or con- inconsistent with the purposes of the Act. trolling banks, as conducted by the Applicant or Conclusion. After considering historical, physiits banking subsidiaries, as to be a "proper inci- cal, and personnel relationships between Applicant dent" to such business and as to make it unneces- and Bank and Applicant's other two banking subsary for the prohibitions of Section 4 of the Act sidiaries; the extent of direct connection between to apply in order to carry out the purposes of the proposed activities of Insurance Agency and the Act. This determination is to be made on the activities of those three related banks; the the basis of all the relevant facts and circumstances degree to which common customers will be endisclosed at a hearing held in the case. joyed by both; the fact that banks are permitted The weight which the Board believes should be by Indiana law to conduct an insurance business, given various factors and circumstances was dis- and that bank-related insurance agencies have cussed at length in its Statement in the First Bank existed in the South Bend area for more than Stock Corporation matter, 1959 Federal Reserve twenty-five years without objection from State BULLETIN 917, 930-933. Applying the reasoning bank supervisory authorities; the Board concludes therein set forth to the present case, it is the that the activities of Insurance Agency will be so Board's judgment that the direct connection which closely related to the business of banking as conthe record reflects between the proposed activities ducted by St. Joseph Bank and Trust Company, of Insurance Agency and the three related banks, Hamlet State Bank, and Central State Bank of when considered in the light of the physical, per- Lakeville as to be a proper incident thereto and sonnel, and historical connection between the as to make it unnecessary for the prohibitions of banks and Applicant, is sufficiently established so Section 4 of the Act to apply in order to carry as to satisfy the statute's requirement as to close out the purposes of the Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 FEDERAL RESERVE BULLETIN • MARCH 1961 The other activities of Applicant present a dif- of law, and briefs. Counsel for the Board, having appeared in a nonadversary capacity, neither favoring ferent question. The Board has held in Applicanor opposing the application, but assisting merely in tion of Otto Bremer Company, 1959 Federal Re- the development of pertinent information whether the serve BULLETIN 892, 894-896, 898-901, that the same tended to support or oppose the application, made no such filing; however, counsel for the Applimaking of loans under circumstances similar to cant, within the time allowed, submitted proposed those described in this record, and the buying and findings of fact and conclusions of law. The Applicant filed no brief within the time allowed for such, selling of real estate, are not sufficiently "closely but thereafter, by special permission of the Board, a related" to the business of banking so as to be brief of the Applicant was received. To the extent qualified for exemption from divestiture, and fur- consistent with the findings of fact and conclusions of law made below, the same are accepted. ther, that the nature of these activities precludes Upon the entire record in the proceeding, giving a finding that they are a "proper incident" to that consideration to the contentions of all parties of recbusiness. The present record presents no facts ord, and those of their counsel, and from my own warranting a different holding here. observations of the witnesses, the oral testimony, and the exhibits, I make the following Accordingly, it is the Board's judgment that the requested exemption with respect to the St. Joseph FINDINGS OF FACT Insurance Agency, Inc., should be granted on the condition that it engage only in insurance activi- I. Introduction ties of the kind carried on by Applicant, as de- 1. The particular sections of the Act pertinent scribed above; and IT IS SO ORDERED. herein are as follows: As indicated in the Board's Order, its approval "Sec. 4. (a) Except as otherwise provided in this of this request is based solely on the facts disclosed Act, no bank holding company shall— by the record; and if the facts should substantially " (1) after the date of enactment of this Act acquire change in the future in such manner as to make direct or indirect ownership or control of any voting the reasons for the Board's conclusion no longer shares of any company which is not a bank, or applicable, the statutory exemption resulting from "(2) . . . retain direct or indirect ownership or control of any voting shares of any company which the Board's present determination would, of is not a bank or a bank holding company or engage course, cease to obtain. in any business other than that of banking or of managing or controlling banks or of furnishing services to or performing services for any bank of which it REPORT AND RECOMMENDED DECISION owns or controls 25 per centum or more of the voting shares. STATEMENT OF THE CASE * * * "(c) The prohibitions in this section shall not ap- Under date of September 30, 1960, St. Joseph Agency, Inc., herein Applicant, filed with the Board of ply— Governors of the Federal Reserve System, herein * * * Board, application requesting determination of the "(6) to shares of any company all the activities of Board, pursuant to Section 4(c)(6) of the Bank Hold- which are of a financial, fiduciary, or insurance ing Company Act of 1956 (70 Stat. 133), herein the nature and which the Board after due notice and hear- Act, that shares of stock which the Applicant proposes ing, and on the basis of the record made at such to acquire in a certain nonbanking company incor- hearing, by Order has determined to be so closely porated under the laws of the State of Indiana, known related to the business of banking or of managing or as St. Joseph Insurance Agency, Inc., of South Bend, controlling banks as to be a proper incident thereto Indiana, are exempt from the prohibitions of Sections and as to make it unnecessary for the prohibitions of 4(a)(l) and 4(a)(2) of the Act. this section to apply in order to carry out the purposes On November 2, 1960, notice of request for deter- of this Act;" mination pursuant to Section 4(c)(6) and an order 2. Acting under the provisions of Section 4(c)(6) for a hearing thereon was entered, the same being of the Act, the Applicant has applied to the Board published in 25 Federal Register 10714, November 9, 1960. In accordance therewith, a hearing was held in seeking a determination that the insurance activities Chicago, Illinois, on November 21, 1960, before the which are now carried on by the Applicant, and those undersigned Hearing Examiner who was duly desig- same activities when in the future are carried on by nated and assigned to hear such. The Applicant and St. Joseph Insurance Agency, Inc. as a subsidiary the Board, the latter in a nonadversary capacity, were corporation of the Applicant, are of a financial, fidurepresented at the hearing by counsel and were af- ciary, or insurance nature and are so closely related forded full opportunity to be heard—to examine to the business of banking or of managing or conwitnesses and to introduce exhibits into the record. trolling banks as to be a proper incident thereto, and On December 22, 1960, an Order was entered clos- so as to make it unnecessary for the prohibitions of ing the hearing, and counsel were allowed 15 days Section 4 of the Act to apply in order to carry out thereafter to file proposed findings of fact, conclusions the purposes of the statute. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 295 II. St. Joseph Agency, Inc. of the City of South Bend. Because said branch was controlled by the rules of the South Bend Clearing 1. The St. Joseph Agency, Inc., the Applicant, is an House of Banks, and its interest rates on savings and Indiana Corporation with its principal office located hours of business were not in keeping with the needs in the City of South Bend of that State. It is a bank of the people of this rural community, and in order holding company within the meaning of Section 2(a) to provide banking services more in keeping with such of the Act and has duly registered with the Board as needs, the bank was closed and reestablished under a such. It was organized in August of 1935 as a general separate corporation known as the Central State Bank casualty and fidelity insurance, and the background of Lakeville. The Applicant acquired and now owns of its founding and the manner in which it became 1,300 shares of the outstanding 2,500 shares of stock a bank holding company are explained as follows: in this bank, this being 52 per cent thereof. f. It was through the above set forth processes and a. Prior to 1935, a banking institution in the City procedures that the Applicant became a bank holding of South Bend, known as the St. Joseph Loan and company. Trust Company, had an insurance business as a department of the bank. It became apparent that the 2. In order for the Applicant to vote the shares of insurance department was creating problems with stock it owns in the Hamlet State Bank and the Cencertain customers and depositors of the bank who tral State Bank of Lakeville, it must obtain a voting were connected with other insurance concerns, and permit each year from the Department of Financial it was also realized that there were limitations on the Institutions for the State of Indiana. department as a part of the bank when it came to 3. The Applicant's common capital stock consists writing insurance on the bank's own property, and of 25,000 shares with a par value of $5.00 per share, for these reasons it was deemed advisable to form a all of which are held in trust by the St. Joseph Bank separate corporation to carry on the insurance busi- and Trust Company, as Trustee for its own shareness. The Applicant was then formed and the in- holders, pursuant to a trust agreement dated January surance business was transferred to it, its stock being 21, 1944. Each share of stock of this bank bears the held in trust by various officers and directors of the wording that it also carries a beneficial interest in the St. Joseph Loan and Trust Company for the stock- trust holding the stock of the Applicant, and a sale holders of said bank. of a share of bank stock automatically carries with it the beneficial interest in the trust. The shares of b. The St. Joseph Loan and Trust Company had bank stock and the beneficial interest in the trust are been closed during the bank holiday of 1933 but had not divisible and cannot be sold separately. been allowed to reopen, on a limited basis under rules and regulations in effect at that time, until cer- 4. The Applicant's office is located on the premises tain Class A debentures to the Reconstruction Finance of the St. Joseph Bank and Trust Company, and in Corporation and Class B debentures to its own de- fact the two companies share a common lobby and positors were sold. In 1938, the Department of Fi- a common entrance, and the Applicant has always nancial Institutions for the State of Indiana com- operated from the premises of such bank or its prepleted the liquidation of this bank, and that of an decessor banks. The entrance to the Applicant's place allied bank known as the St. Joseph County Savings of business in the common lobby with the bank is Bank, and the acceptable assets of the two banks designated by a sign "Insurance Department." were transferred to a new bank which had been or- 5. The Board of Directors of the St. Joseph Bank ganized and began business during the year 1939, the and Trust Company constitute the Board of Direcsame becoming the St. Joseph Bank and Trust Com- tors of the Applicant, and all the officers of the Applipany. The liquidation and the changes in the banks cant, past and present, have had or now have some did not affect the operation of the insurance business official connection with such bank. Likewise, there of the Applicant. is an interlocking of certain officers and directors of c. When the St. Joseph Bank and Trust Company both the Applicant and said bank with the officers was organized, because of the difficulty in selling and directors of Hamlet State Bank and the Central sufficient stock to complete its organization among State Bank of Lakeville. The result is that all these the depositors and shareholders of its predecessor concerns follow the same general direction and banks, and since under its corporate powers the Appli- policies. cant could acquire bank stock, its officers and direc- 6. The employees of the Applicant are eligible for tors being likewise interested in the formation of this and are members of the St. Joseph Bank and Trust new bank, caused the Applicant to borrow money Company employees' hospital, medical and pension through a Chicago bank and purchase 475 shares of plan. The Applicant handles the collection of its the common capital stock, the number needed to com- employees' contributions to such, and also contributes plete the organization of the St. Joseph Bank and its share of these costs to said bank. Trust Company. Since that time the Applicant has 7. Although the Applicant and the St. Joseph Bank purchased the stock of other shareholders who desired and Trust Company occupy common quarters they to sell, and it now owns 4,110 Vs shares of the outdo not observe the same business hours, the Applistanding 25,000 shares. cant being open on business weekdays until 5 p.m., d. In 1949 and 1950, the Applicant purchased the while the bank observes the banking hours in effect controlling interest in the Hamlet State Bank of Ham- for the City of South Bend. The Applicant has five let, Indiana. It has owned and controlled the majority employees on its payroll which it maintains separate of such common capital stock since that date, and and apart from the bank, however, the bank's audinow has 910 shares which is 52 per cent of the out- tors do the auditing for the Applicant. The general standing 1,750 shares. manager of the Applicant is a member of the mane. Prior to 1956, there was a branch of the St. agement committee of the bank, and as such he meets Joseph Bank and Trust Company located in the town in a weekly conference with bank officers for discusof Lakeville, Indiana, approximately eight miles south sion of management problems. The Applicant pays Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 FEDERAL RESERVE BULLETIN • MARCH 1961 rent to the St. Joseph Bank and Trust Company for 2. The Applicant through its employees, some of the space it occupies in the bank building, but makes whom have become experts in the field of insurance, no charges for the services it renders to such bank serves as an insurance counsellor to the Bank and the like of which as will hereinafter appear. its allied banks—the Hamlet State Bank, and the Central State Bank of Lakeville. Such services have become so important to these banks that their officers III. St. Joseph Bank and Trust Company consider them on a par with services of their attorneys on legal matters. The Applicant has maintained such 1. The St. Joseph Bank and Trust Company, here- a relationship with its related banks since they were inafter sometimes called the Bank, is a bank holding founded, and since it was founded to serve the needs company under the provisions of the Act, the reason of the predecessor bank, the now extinct St. Joseph for such being because it holds all of the stock of Loan and Trust Company. the Applicant in trust for its own shareholders. It is engaged in the general banking business, operates a 3. The Applicant furnishes the insurance on the trust department, and makes all types of bank loans property of these related banks, and all their other including instalment loans. The Bank has some direct needs for insurance such as Bankers' Blanket 30,000 loan and deposit accounts at the present time, Bonds and Liability Insurance policies. It also proand had approximately $34,600,000 on deposit and vides insurance information, insurance surveys, and approximately $12,200,000 in loans as of December writes insurance for customers of the three banks 31, 1959. when needed in connection with bank loans. 2. The Bank has two branches; one north of the 4. Whether or not it writes the insurance, the City of South Bend in the Village of Roseland, and Applicant surveys all the insurance needs in connecthe other in the southeastern part of the City on tion with loans from the mortgage loan departments Miami Street. In addition to the Bank, there are of the St. Joseph Bank and Trust Company, and the three other downtown banks in South Bend and one Central State Bank of Lakeville. Its surveys are made located in the outlying section of the City—the Bank at the inception of the loans, and followed through is third in size of the five banks. The population of on renewals of the policies during the life of the South Bend is approximately 130,000. loans. It also makes recommendations to the loan customer for his individual protection. 3. When the Miami Street branch of the Bank was established, the quarters for the same were obtained 5. The St. Joseph Bank and Trust Company, and under lease from the Applicant, and when the same the Central State Bank of Lakeville operate instalwere enlarged, in August of 1953, the Applicant fur- ment credit departments, and varied insurance renished the funds for such. The reason for the Appli- quirements are needed in connection with loans from cant providing such quarters and funds for the such departments. The Applicant surveys all these expansion thereof was because the directors of the needs, and makes recommendations with respect Bank, being likewise directors of the Applicant, did thereto. It writes the insurance in connection with not think the Bank was in position to add to its fixed from 40 to 50 per cent of these loans. assets at that time. The same reasoning had occurred 6. The Applicant consults with the officers and earlier, when in June 1953 the Bank had added to employees of the trust department of the St. Joseph its main establishment by constructing a drive-in Bank and Trust Company in connection with the facility on property the Applicant leased from the extent and coverage of insurance on all the trust owner. and agency accounts therein. It surveys the insurance 4. The Bank receives all the dividends declared by needs in connection with these accounts, and advises the Applicant and distributes the same to its own the department with respect thereto. shareholders, since it holds all stock of the Applicant 7. The Applicant makes no requirement that needed in trust for its shareholders. This is helpful to the insurance be purchased from it because of its services Bank in promoting good relations with its stockholders to the banks or their customers, neither do the banks because some years the Bank has been unable to pay require their depositors or loan customers to buy other than a modest dividend, and by adding the insurance of the Applicant. Many of the services of dividends from the Applicant to such, the Bank's the Applicant are performed without the direct knowlstockholders have received a total return sufficient to edge of the bank customers involved. keep them happy. 8. An example of the Applicant's services to the banks is that of its counseling with the instalment IV. The Insurance Business of the Applicant credit department on mobile home loans. Such loans usually will be for long terms, and the Bank is vitally and Its Services to Allied Banks interested in its complete insurance protection for the entire life of the loan, it also desires to have its cus- 1. The Applicant, having general authorization tomer fully protected, and for these reasons it seeks from the State of Indiana for such, engages in the the Applicant's advice on the form insurance policies business of selling all forms of casualty, fidelity, and needed, the proper coverage, the loss payable clauses, liability insurance to the general public, but primarily and term of duration of the policies. The services of to customers of the banks it is associated with and the Applicant also come into play on the adjustments principally in connection with bank loans. It does not of such claims as may occur. No charge is made sell life insurance as such, but does sell what is known to the Bank's customer for such service, and he is as credit life insurance which insures the life of a not required to purchase his insurance from the borrower from one of the banks on a reducing term basis where the remaining unpaid balance on a loan Applicant. is insured during the existence of the loan in case of 9. Of the total premium volume on insurance writthe borrower's death. In insurance parley this is not ten by the Applicant, approximately 80 per cent is considered life insurance. derived from customers of its associated banks. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

297 LAW DEPARTMENT remaining premium volume comes from such non- V. St. Joseph Insurance Agency, Inc. banking sources as policyholders who were former bank customers, or just people who walk in from the 1. The St. Joseph Insurance Agency, Inc., somestreets. The Applicant has no general outside sales- times hereinafter referred to as the Agency, was man, and it does not solicit insurance business from incorporated under the laws of the State of Indiana the general public by mail, advertising, or in any on May 16, 1960. Its principal office and place of other manner. When policies are about to expire, business is located in the City of South Bend, State the Applicant sends a notice to the policyholder of Indiana. calling the expiration date to his attention at least 2. The total authorized capital stock of the Agency thirty days in advance of the same. Regardless of is divided into 12,500 shares without par value, but this method of doing business, however, and to some no certificates have yet been issued. If the Board extent the Applicant does solicit insurance business determines that the acquiring and holding of such from the customers of its allied banks. The extra stock by the Applicant is exempt from the prohibitions services it provides, and the efforts it makes to keep of Section 4 of the Act, under the provisions of Secall those concerned abreast of their insurance needs tion 4(c)(6) of the Act, and as herein applied for, is a form of a bid for business. The banks make the Applicant proposes to acquire and hold all of such personal solicitations for new accounts, and the Appli- shares and to transfer and convey all of its present cant's employees accompany bank employees on insurance business, including the goodwill, accounts such calls to explain the insurance requirements and receivable, assets and liabilities pertaining to such, its services in regard thereto. These calls do result to the Agency in exchange for said stock. The emin new business for the banks and the Applicant. ployees of the Applicant who work in connection with When bank loans have been liquidated, often the its present insurance business will become employees insurance on the property involved is left with the of the Agency, and the Agency will perform all the Applicant. The banks, however, never require their services of an insurance nature, now being performed loan customers to place the needed insurance with by the Applicant, to the same banks, the customers the Applicant as a prerequisite to obtaining a loan. of these banks, and to the general public. Thereafter the Applicant will cease to be in the insurance busi- 10. No cross-reference record is made between the ness, will have nothing to do with the same, and will accounts of the Applicant and those of its allied banks, become a bank holding company only. and there is no way to ascertain how many of the Applicant's insurance customers are also customers 3. The purposes for which the Agency is incorporated, as contained in its Articles of Incorporation of one of the banks, except by checking the records are: for each separate account of the Applicant against the records of all the accounts of the banks. The only "(a) To maintain and operate an agency for the evidence offered concerning such was the estimations purpose of writing all forms of insurance, except life of certain witnesses. The Applicant has between insurance, including liability, casualty, credit life insurance, and fidelity and surety bonds; to conduct 2.500 and 3,000 insurance accounts, and a survey of and carry on the business of writing as agent of all 28 of these was made for the years 1958 and 1959. forms of insurance, except life insurance, including These accounts are of some of the largest depositors liability, casualty, credit life insurance and fidelity and best customers of the St. Joseph Bank and Trust and surety bonds; the owning, buying and selling of Company. It shows that bonds, stocks and real estate, the leasing of real estate For 1958: Out of Applicant's total net premiums and the performance of all matters incident thereto. amounting to $249,533.33, these 28 accounts produced "(b) To acquire, hold or own real estate and 41 per cent of the total, or $102,424.80. equipment necessary to the successful accomplishment of the said business. For 1959: Out of Applicant's total net premiums "(c) To buy, purchase or otherwise acquire and amounting to $251,420.12, these 28 accounts produced to hold, cancel, retire, reissue or otherwise dispose of 43 per cent of the total, or $108,434.94. the shares of the common capital stock, bonds, deben- 11. The Applicant is not a real estate broker, but tures, notes and other obligations of the corporation it has purchased considerable real property, much from time to time, to such extent, at such price, and of which was to aid the banks in securing adequate in such manner and upon such terms as the Board space. The Applicant is often a bidder on property of Directors of this corporation shall from time to which the banks must foreclose because of default in time determine. the payment of loans secured by the same. "(d) To guarantee payment of promissory notes, bills of exchange or other evidences of indebtedness. 12. Over the years, the Applicant has purchased "(e) To carry on, engage in or conduct any busistock in the St. Joseph Bank and Trust Company, from ness or businesses or do any act which a natural shareholders who desired to sell such, and in this person or persons might do and which are necessary, manner it has afforded a market for such stock. At convenient or expedient to accomplish the purposes times the Applicant has made loans of money to per- for which this corporation is formed and such as are sons who could not qualify for bank loans—most of not repugnant to law." these incidents have been for employees of the Bank. 4. The Agency does not propose to conduct any 13. The officers and employees of the Applicant business, or engage in activities except that pertaining devote the major portion of their time (estimated at to the conduct of a general insurance business. 95 per cent of such) in answering the requests of, 5. It is legal under the laws of the State of Indiana and servicing the needed insurance policies of cus- for State banks to have an affiliated insurance busitomers of its allied banks, including the furnishing ness, and some banks in the City of South Bend, of insurance information, insurance surveys, and other than the banks involved herein, do have affiliated writing the policies. agencies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN • MARCH 1961 DISCUSSION OF THE CASE particularly those that may be said to arise from, or be accentuated by the operation of bank holding com- The application under consideration herein is in panies. The operation of an insurance business in the nature of a request for determination by the close relation with the banking business of an allied Board that the prohibitions of Section 4 of the Act bank, when the same has been found to be a proper shall not apply to the acquisition and retention, by incident to banking, has been approved by the Board the Applicant, a bank holding company, of all the as being properly exempt from the prohibitions of stock in a nonbanking corporation which has been Section 4 of the Act in many cases. So it is wellincorporated and authorized to begin business, but established that such is not evil, or a source of evil; which has yet to be finally organized and imple- but to deal in real estate and traffic in stocks and mented. The Applicant, in addition to being a bank bonds might be, and the purposes for which the St. holding company, is engaged in other activities which Joseph Insurance Agency, Inc., is incorporated are are of a nonbanking nature, including that of a gen- broad enough to include such—in fact, broad enough eral insurance business. It proposes to transfer and to include almost any activity. The proposal is, howconvey all of its insurance business to this newly ever, to engage only in insurance activities on the created nonbanking corporation in exchange for the same basis as the Applicant conducted its insurance stock when, and if, the Board determines that the business, and it is on such basis that this application prohibitions of Section 4 of the Act do not apply is considered. against its acquiring or retaining such. Since the In order for the holding of stock in a nonbanking nonbanking concern has yet to function as an active corporation to be exempt from the prohibitions of business, the subject of this inquiry is the activities Section 4, under the provisions of Section 4(c)(6), a it proposes to carry on, and these activities must be preliminary requirement is that all the activities must judged by the way they have heretofore been carried be of a financial, fiduciary, or insurance nature. The on in the hands of the Applicant, and as if they were writing of all types of insurance and the servicing of presently being carried on by St. Joseph Insurance the policies by keeping up with expiration dates, noti- Agency, Inc. The Board has held that such con- fying policyholders concerning such, seeing that adesideration is appropriate, saying in First Bank Stock quate coverage exists, and that proper loss payable Corporation, Federal Reserve BULLETIN, August 1959, clauses are attached, are all activities of an insurance at page 928— nature. The insurance business of concern herein has included all these activities, and the St. Joseph Insur- "While the language of Section 4(c)(6) is couched ance Agency, Inc., proposes to continue them. It also in the present tense, it does not, in the Board's opinplans to furnish a counselling service on insurance ion, preclude consideration of a request for exemption matters to the banks with which it will be allied, with respect to a corporation in which the Applicant similar to that which has been carried on by the Appliproposes to acquire stock where, as here, the nature cant. This service all deals with insurance matters of the activities to be carried on by that corporation and insurance problems, and is considered as being of is susceptible of determination. . . . Accordingly, it great importance by the banks. They place its value is appropriate to consider the present request as on a par with the services of attorneys on legal matthough all such activities were presently being carters. The insurance business has prospered in the ried on by Agencies, Inc. . . ." hands of the Applicant; in 1959 its net premiums The Applicant was originally founded for the pur- were $251,420, and the inference is clear that the pose of taking over the insurance business of a bank. good service it has rendered the banks, and its cus- This bank was then in process of being liquidated tomers, plays no small part in its success. There is and after a few years its assets were transferred to a every reason to believe this good service will continue newly organized bank. Meanwhile, the Applicant when the St. Joseph Insurance Agency takes over the seems to have prospered, and by reason of such was business, and that it too will prosper. These are the able to borrow money and purchase a large number only activities the Agency will engage in, and since of shares in the new bank. Later it was able to ac- they all are of an insurance nature, the preliminary quire the controlling interest in two other banks, and requirement for exemption under Section 4(c)(6) of it became a bank holding company. Over the years the Act is satisfied. In Re Otto Bremer Company, the Applicant has developed a large insurance busi- Federal Reserve BULLETIN, August 1959, at page 896. ness, and it has also engaged in other activities such The preliminary requirement having been met, it as buying and selling real estate, and dealing in stocks must now be determined if the insurance activities and bonds. The evidence does not fully disclose all are so closely related to the business of banking or of the activities the Applicant has engaged in, or how of managing and controlling the involved banks as such activities, other than insurance, relate to the to be a proper incident thereto, and so as to make it banks it is associated with, but it is apparent that the unnecessary for the prohibitions of Section 4 of the said banks have used the Applicant for many and Act to apply in order to carry out the purposes of the varied purposes. On the basis of the record herein, Act. This determination must be made on the facts some of the activities of the Applicant could not be of the case, and there is no fixed standard for making held to be so closely related to the business of banking such as each case must be judged on its own merits. or of managing or controlling banks as to be a proper In discussing the method of making this determination incident thereto, but it does not propose to transfer the Board stated in First Bank Stock Corporation, these activities to the St. Joseph Insurance Agency, supra, at page 930: Inc., or rather the said Agency proposes only to carry "The law prescribes no specific standards to guide on the activity of engaging in the general insurance the Board in making such determinations; it does not, business free of all other activities. for example, require that a majority or even a sub- The Board has made clear in a number of proceed- stantial part of the business of the company involved ings under Section 4(c) (6) of the Act that the primary be directly connected with transactions of subsidiary purpose of the Act is to remove sources of evil, and banks. In effect, it leaves the determination to be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 299 made by the Board on the basis of the record of the This Agency is located just off the main lobby of hearing held in each case. As stated by the Senate the principal bank involved, and operates out of the Banking and Currency Committee's Report on the banking quarters. Holding Company Act, it was deemed advisable 'to (4) Do Bank employees also operate the insurance provide a forum before an appropriate Federal au- agency? thority in which decisions concerning the relationship The answer to this question is "no" from the standor such activities to banking can be determined in point of employees. The insurance business is too each cast on its merits'." big for Bank employees to carry on its operation on In the case just referred to above, the Board recog- a part-time basis. It has its own independent staff. nizes its responsibility to "consider all of the relevant Its officers and directors, however, are all connected facts and circumstances," and it points out that both with the involved banks, and its general-manager is a Federal and State laws "implicitly recognize that in- member of the banks' policy committee. The business surance has some general relation to the business of of the insurance company is so related to the involved banking." The Indiana laws do not prohibit the oper- banks that there is almost constant consultation beation of an insurance department by banks, and the tween the two. evidence shows that banks in the City of South Bend, (5) Is the operation of the insurance agency intiother than those connected with the Applicant, have mately related to the operation of the Bank? related insurance businesses. The evidence herein shows such to be the case. There is no question as to the need of insurance in Each department of the banks relies upon the Agency connection with bank loans, trust agreements, and for insurance information, advice, insurance surveys, many other banking services offered by banks. All and for other related insurance services. The banks banks need good insurance services readily available consider these services as important as the legal servto them and their customers, but it is common knowl- ices of their attorneys. edge that almost any community has insurance agen- (6) Is a substantial part of the business of the cies which offer all types of insurance and will perform Agency done with Bank customers? all of the services necessary and incidental thereto. The evidence shows approximately 80 percent of So it cannot be said that having an insurance agency the insurance policyholders are Bank customers. In connected with a bank is a matter of necessity, and 1959, twenty-eight Bank customers furnished 43 per many banks survive without such. On the other hand, cent of the volume of the net premiums. an insurance agency connected with a bank can be a proper incident thereto if it is closely related to the (7) Is the maintenance of the Agency deemed of business of banking. In this case the insurance agency benefit to the Bank's operation? is very closely related to the banking carried on. Its The evidence shows it to be of great benefit and services are used in every transaction calling for in- importance. surance whether it writes the policy or not, and in (8) Are the Bank's customers required to obtain fact the insurance services of this Agency properly their insurance needs through the Agency, or do they and naturally appertain to the banking done at its do so voluntarily? allied banks, a test which the Board has applied when There is no requirement that Bank customers purdealing with this question. chase insurance from the Agency, and the evidence The Board has dealt with many cases involving in- is that the Agency counsels the banks on insurance surance activities, and examination of these cases matters in connection with Bank transactions whether brings to light some of the important factors that the the insurance is purchased from the Agency or not. Board has relied upon to determine whether or not (9) Have the banking authorities in the area perthe prohibitions of Section 4 should apply. The fol- mitted the practice to continue without objection? lowing questions are based upon the Board's actions This practice has continued in South Bend, Indiana, in a number of such cases, and are answered in ac- without objection from the banking authorities for cordance with the evidence herein: some twenty-five years. (1) Is it the general practice in the area for such (10) Is the relationship between insurance agencies and banks peculiar to banks in holding company banks to have a related insurance agency? groups in the area, or is it prevalent also among non- The evidence herein is not specific on this question. holding company banks in the area? Nothing is shown concerning the insurance activities The evidence herein does not deal with this quesof the banks generally in the State of Indiana, or in tion. any particular area of said State; however, the evi- As indicated from the above, the answers to the dence does show that in the City of South Bend some above questions are favorable to the application in banks, other than those involved herein, have related the majority of instances, but some of the questions insurance businesses. cannot be answered satisfactorily. In other cases (2) Has the practice been in existence for some before the Board, it did not always find that every time? one of these questions could be answered favorably in a given case, yet where most of the questions could As for the Applicant, it has existed since 1935. For be answered favorably, it has found the prohibitions the banks involved, it has existed since their formaof Section 4 of the Act did not apply. On this basis, tion, and there is evidence that it existed with their the case at hand should be considered as meeting the predecessor banks for a long while prior thereto. requirement for exemption from such prohibitions. There is no evidence as to how long it may have Careful consideration of all the facts and circumexisted with other South Bend banks. stances in this proceeding, in the light of the ruling (3) What is the physical relationship of the insur- of the Board in other cases of a similar nature, leads ance agency to the Bank; that is, does it operate out to the conclusion that the insurance activities now of banking quarters? carried on by the Applicant and contemplated to be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 FEDERAL RESERVE BULLETIN • MARCH 1961 carried on by the St. Joseph Insurance Agency, Inc., I therefore make the following are of an insurance nature, and are so closely related to the business of banking, and managing and con- RECOMMENDATIONS trolling the involved banks, as to be a proper incident thereto, such as to make it unnecessary for the pro- That the Board of Governors of the Federal Rehibitions of Section 4 of the Act to apply in order serve System— to carry out the purposes of the Act. Accordingly, upon the foregoing findings of fact 1. Enter an order determining the issues in this and in keeping with my opinion as expressed in the proceeding in accordance with the findings of fact foregoing discussion of the case, I arrive at the follow- and conclusions of law made above. ing: 2. Grant the application of the Applicant, St. Joseph Agency, Inc., and determine that shares of CONCLUSIONS OF LAW stock to be issued to it in a corporation known as The insurance activities for consideration herein St. Joseph Insurance Agency, Inc. are exempt from the prohibitions of Section 4 of the Bank Holding 1. Are all of an insurance nature; Company Act of 1956; but, provided that this de- 2. So closely related to the banking business of the termination be subject to revocation by the Board if St. Joseph Bank and Trust Company, the Central State the facts upon which it is made should substantially Bank of Lakeville, and the Hamlet State Bank, and change so as to make the same no longer applicable. the managing and controlling of these banks, as to be a proper incident thereto; Dated at Washington, D. C, this 19th day of Jan- 3. It is unnecessary for the prohibitions of Section uary, 1961. 4 of the Act to apply in order to carry out the purposes of the Act; and (Signed) EDWARD H. MCMAHAN, Hearing Examiner, 4. The application herein should be granted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements APPOINTMENTS OF PRESIDENTS AND FIRST VICE PRESIDENTS The Board of Governors has approved appointment of the following Presidents and First Vice Presidents at the Federal Reserve Banks for the five-year terms beginning March 1, 1961. Names in CAPITALS indicate new appointments; all other are reappointments. Brief biographical data on new appointees follow the list of appointments. Bank President First Vice President Boston GEORGE H. ELLIS E. O. Latham New York Alfred Hayes William F. Treiber Philadelphia Karl R. Bopp Robert N. Hilkert Cleveland W. D. Fulton Donald S. Thompson Richmond EDWARD A. WAYNE AUBREY N. HEFLIN Atlanta Malcolm Bryan Harold T. Patterson Chicago Carl E. Allen C. J. Scanlon St. Louis Delos C. Johns Darryl R. Francis Minneapolis Frederick L. Deming A. W. Mills Kansas City GEORGE H. CLAY Henry O. Koppang Dallas Watrous H. Irons Harry A. Shuford San Francisco ELIOT J. SWAN H. E. HEMMINGS Federal Reserve Bank of Boston the University of Virginia. He has been a member of the Bank's legal staff since 1941, and Vice GEORGE H. ELLIS graduated from the Uni- President and General Counsel since 1953. versity of Maine and holds M.A. and Ph.D. degrees from Harvard University. During 1949-51, Federal Reserve Bank of Kansas City he was Assistant Professor of Economics and Business Administration at the University of Maine. GEORGE H. CLAY holds A.B. and LL.B. Mr. Ellis entered the employ of the Boston Re- degrees from the University of Missouri. Mr. serve Bank in 1951, and has been Vice President Clay was a practicing attorney from 1934-44, and Director of Research since 1957. serving with three different law firms. In 1944 he became associated with Trans-World Airlines Federal Reserve Bank of Richmond where, immediately prior to Reserve Bank employment, he was a Vice President and chief EDWARD A. WAYNE began his banking caexecutive officer in Kansas City. He has been reer in 1918 in Columbia, South Carolina. He with the Federal Reserve Bank since Februrary was Chief Examiner for the South Carolina Board 1, 1958, as Vice President, General Counsel, and of Bank Control from 1936 to 1940, and became Secretary. Executive Secretary of the North Carolina State Bankers' Association in 1940. In 1943, Mr. Federal Reserve Bank of San Francisco Wayne joined the Reserve Bank as Vice President in charge of the Bank Examination Department ELIOT J. SWAN is a graduate of the Univerand was later assigned to the Bank Relations and sity of California. He also carried on graduate Public Information Department. He was named studies at the University and served as teaching First Vice President in 1953. assistant, 1932-37. He was an Assistant Profes- AUBREY N. HEFLIN is a graduate of the sor at St. Mary's College, 1937-38, and a Lecturer University of Richmond and the Law School of in Economics at the University of California, 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 FEDERAL RESERVE BULLETIN • MARCH 1961 1938-41. In 1941 he joined the Federal Reserve eral Reserve Bank in 1927. He was transferred Bank as a Research Assistant, was appointed an to the Bank's Salt Lake City Branch as Assistant Assistant Vice President in 1950, and promoted Manager in 1947, returning to San Francisco as to Vice President in 1954. He has served as First Assistant Cashier in 1950. He was appointed Vice President since March 1956. Cashier in 1956, and promoted to Vice President H. E. HEMMINGS was employed by the Fed- in 1959. RETIREMENTS OF RESERVE BANK PRESIDENTS The following Presidents of the Reserve Banks ing his employment, Mr. Leach served in turn retired on February 28, 1961: as General Auditor, Managing Director of the Bank President Charlotte Branch, Managing Director of the Balti- Boston Joseph A. Erickson more Branch, and First Vice President. He has Richmond Hugh Leach been President of the Bank since 1936. Kansas City H. G. Leedy H. G. Leedy joined the Federal Reserve Bank San Francisco H. N. Mangels of Kansas City in 1924 as Counsel. He was appointed Vice President and General Counsel in Joseph A. Erickson joined the Boston Reserve 1938, becoming President in 1941. Bank as President effective December 15, 1948. H. N. Mangels joined the San Francisco Reserve Before coming with the Reserve Bank, Mr. Erick- Bank staff in 1916, and was appointed an Assistant son had been Executive Vice President of the Cashier in 1920. He was promoted successively National Shawmut Bank of Boston. to Cashier, Vice President, and First Vice Presi- Hugh Leach has been associated with the Fed- dent. Effective March 1, 1956, he was appointed eral Reserve Bank of Richmond since 1920. Dur- President. APPOINTMENT OF DIRECTOR CHANGES IN THE BOARD'S STAFF On February 9, 1961, the Federal Reserve Bank Fred A. Nelson, Assistant Director, Division of of Richmond appointed G. Harold Myrick, Lin- Examinations, retired March 1, 1961. Mr. Nelson colnton, North Carolina, a director of its Charlotte joined the Board's staff in 1933 as a Federal Branch for the unexpired portion of a term ending Reserve Examiner. He was appointed an Assistant December 31, 1962. Mr. Myrick is Executive Secretary in 1940, and Assistant Director of the Vice President of the First National Bank, Lin- Division of Administrative Services when the Divicolnton. As a director of the Charlotte Branch he sion was organized in 1944. He also served as succeeds Charles D. Parker of Asheville, North Director of the Division of Personnel Administra- Carolina, who resigned. tion for four years before returning to the Division of Examinations on October 30, 1950. To succeed Mr. Nelson, the Board, effective RESIGNATION OF DIRECTOR March 1, 1961, appointed Brenton C. Leavitt an Mr. Charles D. Parker, who had served as a Assistant Director in the Division of Examinadirector of the Charlotte Branch of the Federal tions. Prior to joining the Board's staff as a Reserve Bank of Richmond since January 1, 1957, Review Examiner in 1955, Mr. Leavitt, a graduate resigned effective February 9, 1961. Mr. Parker of the University of Wyoming, was associated for was formerly Vice Chairman of the Board and eight years with the Wyoming State Banking De- First Executive Vice President, First Union Na- partment and the Federal Reserve Bank of Kansas tional Bank of North Carolina, Asheville. City. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 303 Arthur W. Marget, Director of the Board's annual and quarterly flow estimates published in Division of International Finance since the Divi- the August 1960 BULLETIN and, in addition, incorsion was established on July 1, 1950, resigned porates corresponding revisions for time periods effective March 26, 1961, to accept a position with prior to those covered in that issue. the International Cooperation Administration. Copies of Supplement No. 4 are being mailed Mr. Marget, who prior to joining the Board's to all those whose names are on the permanent staff was Professor of Economics and Finance at mailing list for flow-of-funds supplementary mathe University of Minnesota and held official posi- terials. Others who would like to receive copies tions with U. S. Government agencies in Austria of No. 4 should address their requests to the Flow and France, will reside in Guatemala, where he of Funds and Saving Section, Division of Research will be responsible for maintaining liaison with and Statistics, Board of Governors of the Federal the Governments of Central America concerning Reserve System, Washington 25, D. C. In requestthe work of Central American economic integra- ing copies, please indicate if you would like to have tion. your name placed on the permanent mailing list. TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR PUBLICATION OF ANNUAL REPORT QUARTERLY The Forty-Seventh Annual Report of the Board of Governors of the Federal Reserve System, Latest BULLETIN Reference covering operations for the calendar year 1960, Annually Issue Page Bank holding companies: is available for distribution. Copies may be ob- List of, Dec. 31, 1959 June 1960 697 tained upon request from the Board's Division of Banking offices and deposits of group banks, Dec. 31, 1959 July 1960 813 Administrative Services, Washington 25, D. C. Banking and monetary statistics, I960.. Feb. 1961 232-39 Banks and branches, number of, by class and State Apr. 1960 440-41 Earnings and expenses: Federal Reserve Banks Feb. 1961 228-29 FLOW-OF-FUNDS SUPPLEMENTARY TABLES Member banks: Calendar year May 1960 564-72 Supplement No. 4 of flow-of-funds and saving First half of year Nov. 1960 1294 Operating ratios July 1960 810-12 material is now available for distribution. This Insured commercial banks May 1960 573 Stock Exchange firms, detailed debit and supplement is a revision and extension of Supple- credit balances Sept. 1960 1069 ment No. 1 previously distributed. It includes Sem [annually annual data for 1946-59 and quarterly data for Banking offices: Analysis of changes in number of Feb. 1961 230 1952-59 for Tables 2, 3, and 4 of the Flow-of- On, and not on, Federal Reserve Par List, number of Feb. 1961 231 Funds/Saving presentation appearing quarterly in the BULLETIN. Supplement No. 4 is statistically Quarterly consistent with the flow-of-funds tables in the Flow of funds Jan. 1961 96-103 Principal assets and liabilities of Federal August 1960 issue of the BULLETIN; it repeats the business-type activities Feb. 1961 240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication March 16 Industrial production was unchanged in Feb- tinued to decline. Output of nondurable maruary. Nonagricultural employment declined, terials was unchanged. but the rate of unemployment remained at about the December-January level. Retail sales ad- CONSTRUCTION vanced. Commercial bank credit and the money The value of new construction activity declined supply increased. Between mid-February and slightly further in February to a seasonally admid-March, common stock prices rose, on bal- justed annual rate of $54.4 billion. While private ance. residential construction continued to decrease, most other types of construction changed little. INDUSTRIAL PRODUCTION EMPLOYMENT Industrial production in February was 102 per Seasonally adjusted employment in nonfarm cent of the 1957 average, unchanged from Janestablishments declined in February, with reducuary. While production of materials declined tions in manufacturing, mining, construction, slightly further, output of final products was transportation, and trade. State and local govmaintained. Among consumer goods, increases ernment employment continued to rise. In manin television sets, radios, and some appliances ufacturing, layoffs were centered in automobiles were about offset by further decreases in autos and other durable goods lines. Average weekly and furniture. The decline in auto assemblies hours and earnings in manufacturing were unwas 6 per cent, compared with 20 per cent in changed. The seasonally adjusted unemployment January; current production rates suggest some rate, at 6.8 per cent of the civilian labor force, additional decrease in March. Output of business was about the same as in December and January. equipment, after declining 5 per cent from the mid-1960 level, was maintained in February. DISTRIBUTION Iron and steel production increased further Following three months of decline, retail sales but output of automotive parts, construction maincreased slightly in February as sales at departterials, and some other durable materials conment and other general merchandise stores rose substantially. Sales of autos remained at the re- INDUSTRIAL PRODUCTION duced January rate. In February, as in January, 1957 = 100 dealers' stocks of autos changed little in contrast with the usual seasonal increase. FINAL PRODUCTS COMMODITY PRICES The wholesale commodity price index declined / MATERIALS slightly from early February to early March, reflecting decreases in prices of foods, mainly meat and eggs. Prices of steel scrap and some other NONDURABLE CONSUMER sensitive industrial materials advanced but prices MANUFACTURES^ GOODS of most industrial commodities were stable. BANK CREDIT AND RESERVES Total commercial bank credit increased con- J I L_ traseasonally in February. Loans expanded substantially, mainly reflecting purchases of con- Federal Reserve indexes, seasonally adjusted. Monthly fig- sumer instalment receivables from one large reures, latest shown are for February. 304 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 305 tailer. Business and security loans rose mod- longer maturities. Required reserves declined, erately at city banks. Holdings of U. S. Gov- although less than they usually do in this period. ernment securities declined less than usual and holdings of other securities continued to increase. SECURITY MARKETS The seasonally adjusted money supply, on a daily From mid-February to mid-March, yields on average basis, rose further by $700 million. Treasury securities showed some decrease on Member bank borrowings from the Federal balance. Yields on corporate bonds also de- Reserve averaged about $110 million and excess clined while those on State and local governreserves $640 million over the four weeks ending ment bonds increased. On March 15, the Treas- March 8. Borrowings were higher and excess ury announced an advance refunding of four reserves were lower than in the preceding four issues maturing in 1962 and 1963. Holders will weeks. During the four weeks ending March 8, have the option of exchanging up to $8 billion the gold stock declined further; the decrease, of outstanding securities for two new issues mahowever, was considerably smaller than in other turing in 1966 and 1967. recent periods. Federal Reserve System holdings Common stock prices rose to new highs in of U. S. Government securities declined $70 mil- early March, then declined slightly. Trading aclion as a reduction in short-term securities was tivity has been heavy—averaging over 5 million offset only in part by an increase in issues of shares a day since mid-February. INTEREST RATES RETAIL TRADE Per cenf 1947 - 49 = 100 RETAIL SALES DEPARTMENT STORES LONG-TERM GOVERNMENT SECURITIES , Discount rate, range or level for all F. R. Banks. Weekly Federal Reserve indexes, seasonally adjusted; retail sales average market yields for U. S. Government bonds maturing based on Department of Commerce data. Monthly figures; in 10 years or more and for 90-day Treasury bills. Latest latest for stocks is December, for other series, February. figures shown are for week ending March 10. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items. 308 Reserve Bank discount rates; margin requirements; reserve requirements 312 Federal Reserve Banks 313 Currency in circulation, money supply; bank debits. . . 316 All banks: consolidated statement of monetary system; deposits and currency 318 All banks, by classes . .. 319 Commercial banks, by classes. 322 Weekly reporting member banks. 324 Business loans 327 Interest rates 328 Security prices; stock market credit; open market paper. 329 Savings institutions 330 Business finance 332 Security issues 334 Federal finance 335 Federal business-type activities. 340 Real estate credit 341 Short- and intermediate-term consumer credit. , 344 Industrial production . 348 Selected indexes on business activity. . 354 Construction 354 Employment and earnings. 356 Department stores 358 Foreign trade 359 Wholesale and consumer prices 360 National product and income series. ... 362 Flow of funds, saving, and investment. 364 Tables not published each month—list with latest BULLETIN reference. 303 Index to statistical tables.. 389 Tables on the following pages include the prin- the basis of material collected by other agencies; cipal statistics of current significance relating figures for gold stock, currency in circulation, to financial and business developments in the Federal finance, and Federal credit agencies are United States. The data relating to Federal obtained from Treasury statements; the remain- Reserve Banks, member banks of the Federal ing data are obtained largely from other sources. Reserve System, and department store trade, Back figures for 1941 and prior years for bankand the consumer credit estimates are derived ing and monetary tables, together with descripfrom regular reports made to the Board; pro- tive text, may be obtained from the Board's duction indexes are compiled by the Board on publication, Banking and Monetary Statistics. 307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 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 Treas- reserves, reserves 3 U. S. Govt. securities ury Cur- Treas- with F. R. Banks Period cur- rency ury Other or Dis- Gold rency in cash F. R. date Held counts To- stock out- cir- hold- ac- Bought under and Float i tal 2 stand- cula- ings counts With Cur- Total out- repur- ad- ing tion Treas- For- Otheri Total F. R. rency right chase vances ury Banks and agree- coin ment Averages of daily figures 1929—June.... 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947—Dec 21,905 21,905 268 68122,858 22,712 4,556 28,937 1,330 967 1,016 614 17,261 17,261 1950—Dec 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 1,37525,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 1,633 1,26227,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 1,01827,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec 24,917 24,888 29 407 99226,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26,312 26,216 96 564 1,496 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—June.... 25,963 25,949 14 938 1,00927,937 20,030 5,278 31,813 632 495 277 359 1,219 18,451 18,451 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 Feb 25,322 25,289 33 818 1,03227,210 19,429 5,323 31,580 445 515 214 340 921 18,213 17,947 266 Mar 25,310 25,261 49 637 1,06527,047 19,410 5,336 31,628 442 481 197 306 970 18,027 17,770 257 Apr 25,488 25,373 115 623 1,03627,181 19,386 5,344 31,713 419 554 185 307 890 18,104 17,843 261 May 25,818 25,697 121 502 1,02727,378 19,356 5,349 31,726 415 534 194 316 937 18,239 17,962 277 June 26,124 26,118 6 425 1,15921,131 19,343 5,353 31,926 414 496 221 381 994 18,294 18,001 293 July 26,619 26,521 98 388 1,140 2288,176 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 1,156 2299,241 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 58 1,43128,484 17,567 5,401 '32,265 411 482 239 399 941 19,315 16,715 2,600 Feb 26,829 26,630 199 146 1,12128,145 17,402 5,404 31,840 423 521 189 392 1,054?18,957 16,532*>2,425 Week ending: 1960 26,642 26,607 1,018 1,57829,310 19,456 5,313 32,524 407 582 348 545 843 19,141 18,831 310 Jan. 6 26,395 26,339 915 1,269 2288,633 19,455 5,315 32,282 410 519 308 332 840 19,029 18,713 316 13 25,622 25,620 918 1,51328,098 19,455 5,316 31,910 424 494 231 326 836 18,963 18,648 315 20 25,450 25,450 776 1,10327,370 19,454 5,315 31,650 424 519 217 332 836 18,476 18,161 315 27 Feb. 3 25,447 25,442 811 1,10727,406 19,445 31,565 436 510 239 333 834 18,537 18,252 285 10 25,389 25,355 853 85327,135 19,433 31,599 443 417 203 344 834 18,268 18,049 219 17 25,355 25,300 974 99727,365 19,432 31,631 451 591 224 353 896 18,250 17,974 276 24 25,253 25,253 620 1220 27,131 19,423 31,562 445 529 206 335 1,008 18,061 17,793 268 Mar. 2 25,212 25,154 58 794 1,054 27,095 19,421 31,518 442 542 219 317 1,008 18,105 17,800 305 9 25,270 25,235 35 595 174 27,075 19,412 31,613 435 542 200 293 1,007 17,941 17,731 210 16 25,444 25,313 131 726 994 27,197 19,409 31,726 448 446 200 293 980 18,108 17,849 259 23 25,323 25,290 33 587 1,245 27,189 19,409 31,671 450 451 180 305 944 18,189 17,934 255 30 25,239 25,234 5 608 898 26,778 19,408 5,340 31,534 439 479 203 327 945 17,894 17,600 294 25,284 25,264 20 735 898 26,950 19,406 31,654 423 509 163 356 942 17,868 17,650 218 Apr>^::::::: 25,396 25,285 111 734 910 27,073 19,394 31,826 417 465 200 349 917 17,870 17,634 236 20 25,701 25,417 284 561 ,200 27,500 19,386 5,344 31,828 420 660 188 258 864 18,280 18,012 268 27 25,521 25,444 77 524 1,153 27,228 19,373 5,346 31,581 417 553 186 269 857 18,392 18,083 309 May 4 25,660 25,557 103 552 958 27,199 19,360 5,347 31,606 414 567 184 311 855 18,243 17,968 275 25,868 25,616 252 549 924 27,371 19,359 5,348 31,723 419 504 184 314 854 18,306 18,081 225 18!.'!!!!! 25,761 25,627 134 555 133 27,480 19,359 5,349 31,774 413 608 195 349 887 18,235 17,961 274 25 25,745 25,718 27 403 1,161 27,338 19,353 5,350 31,684 415 547 202 290 1,034 18,168 17,868 300 June 1 25,968 25,941 27 436 924 27,358 19,352 5,349 31,812 414 468 206 321 1,033 18,121 17,806 315 8 26,134 26,118 16 400 993 27,557 19,352 5,350 31,917 424 445 199 343 1,034 18,152 17,897 255 15 26,176 26,176 375 1,029 27,609 19,351 5,353 31,976 415 490 206 365 1,001 18,157 17,859 298 22 26,011 26,011 550 1,505 28,096 19,346 5,354 31,927 412 550 225 398 970 18,602 18,315 287 29 26,129 26,129 412 1,168 27,739 19,325 5,356 31,867 406 505 249 415 971 18,342 18,007 335 For notes see opposite page. 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BANK RESERVES AND RELATED ITEMS 309 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 3 U. S. Govt. securities ury Cur- Treas- 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 n u n d c d n - e ts s Float1 t T al 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 Tr u e r a y s- F e o ig r- n Other co a u c n - ts Total B F W a .' n i R t k h . s r C c e a o n n u i c d r n - y ment Averages of daily figures Week ending: 1960 July 6 26,553 26,491 62 440 1 ,03928,063 19,322 5,356 32,155 406 517 226 398 958 18,320 18,079 241 13 26,613 26,517 96 341 1,13328,115 19,282 5,356 32,361 406 422 214 374 935 18,349 18,041 308 20 26,556 26,416 140 429 1,42328,437 19,251 5,357 32,199 409 548 209 374 884 18,762 18,422 340 27 26,599 26,522 77 351 1,08528,063 19,191 5,357 32,041 405 488 202 371 884 18,552 18,219 333 Aug. 3 26,930 26,760 170 315 87728,154 19,147 5,358 32,046 408 466 221 358 884 18.591 18,272 319 10 27,099 26,806 293 293 822 2288,246 19,098 5,359 32,129 404 452 192 363 884 18,525 18,279 246 17 27,041 26,812 229 416 976 28,469 19,039 5,363 32,184 409 555 190 386 904 18,564 18,243 321 24 26,992 26,772 220 193 1,01428,245 19,026 5,366 32,087 400 485 195 380 1,016 18,404 18,075 329 31 26,788 26,682 106 273 78827,882 19,006 5,370 31,980 395 487 225 384 1,014 18,466 17,772 694 Sept. 7 26,784 26,640 144 262 861 27,941 18,999 5,372 32,174 399 477 233 411 1,011 18,358 17,607 751 14 26,649 26,524 125 301 052 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 ,24228,059 18,731 5,375 32,004 399 579 200 378 934 18,609 17,671 938 Oct. 5 27,028 26,836 192 219 096 28,385 18,671 5,377 32,049 403 467 213 443 936 18,759 17,922 837 12 27,268 27,136 132 168 ,03828,517 18,615 5,380 32,276 408 474 202 379 932 18,640 17,840 800 19 27,036 27,036 95 1,45328,621 18,586 5,382 32,304 413 489 215 393 864 18,839 17,909 930 26 26,760 26,681 "79 262 1,35428,415 18.552 5,383 32,120 403 546 257 373 862 18,729 17,789 940 Nov. 2 27,313 26,946 367 211 1,09828,662 18,405 5,387 32,104 403 442 254 456 865 18,873 17,931 942 9, 28,015 27,439 576 158 92829,154 18,124 5,389 32,298 398 418 250 395 864 18,797 18,045 752 16 28,105 27,588 517 190 976 29,325 18,068 5,391 32,527 402 519 230 408 914 18,734 17,784 950 23 27,831 27,678 153 121 ,532 2299,542 17,999 5,392 32,532 407 469 224 388 ,073 18,761 17,839 922 30 27,623 27,607 16 121 ,228 29,022 17,957 5,392 32,640 414 460 258 387 .071 19,678 17,141 2,537 Dec 7 27,421 27,421 67 1,057 28,594 17,974 5,391 32,722 413 473 253 474 ,066 18,916 16,558 2,358 14 27,381 27,381 76 1,272 28.778 18,083 5,396 33,038 410 522 237 680 .037 18,932 16,334 2,598 21 27,034 27,010 24 80 2,151 29,316 17,957 5,396 33,174 414 592 246 443 ,018 19,460 16,782 2,678 28 27,074 26,946 128 56 2,150 29,336 17,882 5,398 33,195 401 522 260 391 ,019 19,447 16,828 2,619 1961 Jan. 4 27,375 26,984 391 184 1,78929,420 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 ,40828,471 17,594 5,401 32,287 412 528 248 389 940 19,292 16,662 2,630 25 26,821 26,821 57 ,52328,450 17,490 5,402 31,964 417 507 245 392 942 19,467 16,875 2,592 Feb. 1 26,600 26,582 18 75 ,13127,853 17,441 5,402 31,776 422 510 227 393 951 18,963 16,417 2,546 8 26,860 26,672 188 188 ,05328,148 17,429 5,403 31,805 413 523 196 383 1,018 18,948 16,641 2,307 15 27,007 26,653 354 202 82928,086 17,410 5,404 31,930 417 526 185 401 1,022^18,855 16,420*>2,435 22 26,740 26,589 151 116 1,32628,232 17,385 5,405 31,857 424 496 172 392 1,093^19,036 16,5"8"7 P"2,449 End of month 1960 Dec 27,384 26,984 400 33 1,84729,338 17,767 5,398 32,869 377 485 217 533 941 19,682 17,081 2,601 1961 Jan 26,570 26,570 88427,560 17,441 5,401 31,776 418 588 238 376 940 18,658 16,066 2,592 26,667 26,667 1,10027,866^17,373*>5,405 31753 467 207 404 1,092n8,983 16,277*>2,706 Feb Wednesday 1961 27,205 26,984 221 98 1,75429,119 17,670 5,399 32,785 403 312 252 381 940 19,897 17,115 2,782 Jan. 4 27,004 26,991 13 69 1,10928,230 17,615 5,402 32,445 416 558 256 379 940 19,139 16,252 2,887 11 26,912 26,912 66 1,25928,285 17,510 5,401 32,122 415 382 241 387 941 19,483 16,708 2,775 18 26,747 26,747 68 1,00627,868 17,450 5,401 31,801 428 513 261 402 941 19,153 16,373 2,780 25 Feb. 1 26,695 26,570 125 188 85927,788 17,441 5,402 31,752 427 456 225 380 ,018 18,965 16,373 2,592 8 27,061 26,689 372 526 92928,562 17,414 5,404 31,877 413 449 195 384 ,024 19,552 17,038 2,514 15 27,161 26,625 536 471 90728,589 17,398 5,405 31,909 427 545 194 405 ,097^19,459 16,814^2,645 22 26,701 26,586 115 314 1,22928,294 17,373 5,405 31,861 430 539 172 403 ,091H9,216 16,575^2,641 P Preliminary. r Revised. 3 Beginning Nov. 24, 1960, all currency and coin held by member 1 Figures beginning with 1960 reflect a minor change in concept of banks allowed as reserves; during the period Dec. 1, 1959-Nov. 23, 1960, float. For explanation, see the BULLETIN for February 1961, p. 164. only part of such holdings were allowed. Monthly averages of currency 2 Includes industrial loans and acceptances, when held. For holdings and coin are estimated. of acceptances on Wednesday and end-of-month dates, see subsequent 4 Less than $500,000. tables on Federal Reserve Banks. (Industrial loan program discontinued Aug. 21, 1959.) See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 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 Bor- Bor- Bor- Period s T h e e r o r e l v t - d a e i l s s q e u R r r i v e e r - e e - s d 2 s E er x r v c e e e - s s s 3 F r i . o n a w g R t s - . se F r r r v e e e - e s 3 s T h e e r o r e l v t - d a e i l s s q e u R r r i v e e r - e e - s d 2 s E e x r r v c e e e - s s s 3 F r i . o n a w g R t s - . se F r r r v e e e - e s 3 s h T e e r o r e l v t d - a e i l s s q e u R r r i v e e r - e e - s d 2 s E e x r r v c e e e - s s s 3 F r i . o n a w g R t s - . se F r r r v e e e - e s 3 Banks4 Banks4 Banks4 1929 June 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 63 -62 1933 June 5 2,160 1,797 363 184 179 861 792 69 69 211 133 78 n a n.a. 1939 Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 n.a. n.a. ,141 601 540 n.a. n.a. 1941 Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a. 1,143 848 295 n a n a. 1945 Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947 Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 ,024 [,011 13 6 7 1950 Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 1,191 8 5 3 1951 Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,353 3 64 -61 1952 Dec . . 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 ,406 1,409 -4 232 -236 1953 Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 1,295 1 37 -36 1954 Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 1,210 -1 15 -16 1955 Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 .166 1,164 2 85 -83 1956 Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 l]lA9 12 97 -86 1957 Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 [J,127 8 85 -77 1958 Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 —80 1,077 [,070 7 39 -31 1959 June 18,451 18,043 408 921 -513 3,933 3,926 7 22 -15 1,009 1,006 3 66 -63 Dec 18 932 18 450 482 906 -424 3,920 3,930 -10 99 -109 1,038 038 104 — 104 I960 Feb 18,213 17,758 455 816 -361 3,753 3,744 9 59 -50 996 993 3 129 -126 Mar 18 027 17,611 416 635 -219 3,766 3,755 10 9 1 975 970 6 157 -151 Apr 18,104 17,696 408 602 -194 3,765 3,784 -19 12 -31 954 955 -1 99 -100 May 18,239 17,770 469 502 -33 3,853 3,808 45 45 988 981 7 56 -49 June ... 18 294 17,828 466 425 41 3,852 3,819 33 17 16 987 988 -1 58 -59 July 18,518 18,010 508 388 120 3,864 3,853 11 14 2 1,020 1,010 10 49 -39 Aug 18,501 17,961 540 293 247 3,780 3,780 27 -27 1,027 1,024 3 41 -38 Sept 18,570 17,931 639 225 414 3,773 3,755 18 20 -2 1,014 1,011 3 8 -5 Oct 18,733 18,095 638 149 489 3,788 3,765 22 13 9 1,011 1,007 4 6 -2 Nov 19,004 18,248 756 142 614 3,770 3,718 52 18 34 1,006 998 8 12 -4 Dec 19,283 18,514 769 87 682 3,687 3,658 29 19 10 958 953 4 8 -4 1961 Jan 19 315 18 570 745 49 696 3,693 3,667 26 26 963 959 4 4 Feb P18,957 Pi8,309 137 P3,632 *>3,598 P34 8 ^26 *>954 *>948 Pi 36 v — 29 Week ending: 1960—Feb. 3 18,537 18,056 481 808 -327 3,858 3,854 4 67 -63 f 03T 1,031 71 -70 10 18,267 17,838 429 850 -All 3,773 3,753 20 79 -59 1,007 1,003 4 137 -133 17 18,251 17,743 508 973 -465 3,723 3,722 1 118 -116 993 997 -5 190 -195 24 18,061 17,637 424 620 -196 3,740 3,720 20 15 6 977 969 9 104 -95 Sept. 7 18,358 17,702 656 261 395 3,681 3,651 30 17 13 1,002 997 5 5 14.... 18,581 17,762 819 299 520 3,681 3,660 21 43 -22 1,001 996 4 18 -14 21.... 18,635 18,116 519 79 440 3,835 3,835 1 1 1,029 1,025 4 4 28.... 18,609 18,091 518 225 293 3,834 3,836 -2 12, -16 1,019 1,023 -4 12 -16 Oot. 5 18,759 18,148 611 200 411 3,910 3,877 33 14 19 1,033 1,021 13 6 6 12 18 640 17 951 689 148 541 3,697 3,701 -4 -4 ,001 1,002 -2 1 2 19.... 18,839 17,963 876 74 802 3,830 3,706 123 123 ,015 998 17 1 16 26 18,729 18,200 529 240 289 3,795 3,798 -3 58 -61 1,004 1,009 -5 21 -26 Nov 2. . 18 873 18,309 564 189 375 3,815 3,807 8 8 1,013 7 30 -23 9 18,797 18,191 606 136 470 3,738 3,715 23 27 -4 1,006 1,004 2 1 16.... 18,733 18,121 612 168 444 3,699 3,688 11 40 -29 999 995 4 13 -9 23 18,761 18,154 607 99 508 3,707 3,709 -3 6 Q 998 997 1 6 -4 30 19,678 18,481 1,197 113 1,084 3,875 3,717 158 2 [,008 990 18 6 12 157 Dec 7 18 916 18 216 700 60 640 3,559 3,540 20 937 934 4 4 14 18,932 18,222 710 70 640 3,579 3,556 23 2203 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 1961—Jan. 4 19,944 18,930 1,014 176 838 3,840 3,821 19 71 -52 985 985 42 -42 11 19 226 18 654 572 51 521 3,676 3,670 6 6 972 965 8 8 18 19 292 18 500 792 35 757 3,625 3,611 15 15 948 945 3 1 2 25.... 19,467 18,463 1,004 47 957 3,761 3,629 132 132 967 951 16 1 15 Feb. 1.... 18,963 18,415 548 66 482 3,658 3,659 -1 3 -4 957 960 -2 8 -10 1 8 5 *1 1 8 8 , , 8 9 5 4 5 8 ^1 1 8 8 , , 2 3 0 8 1 0 568 1 1 9 7 3 9 389 3 3 , , 6 5 3 7 7 8 3 3 , , 6 5 2 4 8 8 31 9 1 1 0 2 19 9 93 5 9 6 9 9 5 3 1 7 6 2 2 8 8 1 - -7 2 9 2 22.... *19,036 »18,321 P715 107 3,616 3,597 20 6 13 967 954 13 27 -14 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 311 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period Total Required Excess B in o g rr s o a w t - Free Total Required Excess B in o g rr s o a w t - Free reserves reserves2 reserves 3 reserves 3 reserves reserves2 reserves 3 F.R. reserves 3 held* Banks 4 held* Banks 4 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 Dec... 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 1960—Feb.... 7,544 7,503 42 423 -381 5,920 5,518 402 205 197 Mar.... 7,429 7,391 37 289 -252 5,857 5,494 363 180 183 7,498 7,453 45 298 -253 5,887 5,504 383 193 190 May... 7,515 7,465 51 224 -173 5,882 5,517 366 222 144 June... 7,540 7,496 44 164 -120 5,915 5,525 390 186 204 July... 7,647 7,599 48 176 -128 5,987 5,548 439 149 290 Aug.... 7,654 7,607 47 109 -62 6,041 5,550 491 116 375 Sept.... 7,662 7,595 68 112 -44 6,120 5,569 551 85 466 Oct 7,761 7,696 65 67 -2 6,173 5,626 546 63 483 Nov.... 7,854 7,761 94 56 38 6,374 5,771 602 56 546 Dec... 7,950 7,851 100 20 80 6,689 6,053 636 40 596 1961—Jan 7,960 7,859 101 14 87 6,699 6,085 614 31 583 Feb.... ^7,807 ^7,741 *66 57 ^6,564 ^6,022 P542 36 P506 Week ending: I960—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 64 289 -225 5,846 5,514 332 212 119 Sept.J 7,602 7,527 75 118 -44 6,073 5,526 547 126 420 7,608 7,541 67 139 -72 6,291 5,565 726 99 627 21 7,711 7,659 52 26 27 6,059 5,597 462 54 408 28 7,677 7,644 33 145 -112 6,078 5,587 491 55 436 Oct. 5 7,727 7,666 61 83 -22 6,089 5,585 504 97 408 12 7,711 7,642 69 97 -29 6,231 5,606 626 50 576 19 7,827 7,654 173 18 155 6,166 5,604 562 55 507 26, 7,768 7,738 30 110 -80 6,162 5,655 506 51 455 Nov. 2, 7,853 7,806 47 78 -31 6,184 5,683 501 81 420 9, 7,822 7,769 52 58 -5 6,231 5,702 528 51 478 16, 7,827 7,761 66 51 15 6,208 5,677 532 64 468 23. 7,801 7,763 38 45 -7 6,253 5,684 569 42 527 30, 7,938 7,729 209 49 161 6,857 6,045 811 57 754 Dec 7, 7,781 7,723 58 21 37 6,638 6,020 619 39 580 14, 7,851 7,732 119 19 100 6,569 6,008 560 52 509 21, 7,972 7,919 52 14 38 6,757 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 6,795 6,096 699 17 682 25, 8,057 7,813 244 10 233 6,683 6,070 613 36 577 Feb. 1, 7,798 7,762 36 19 17 6,550 6,035 515 36 479 8, 7,813 7,769 44 81 -37 6,541 6,032 509 60 449 15, 7,764 7,700 64 74 -10 *6,574 *>6,017 »558 26 *>532 22, 7,858 7,745 112 47 66 P6,596 ^6,025 *572 27 P545 n.a. Not available. P Preliminary. averages for all classes of banks beginning with January 1960 are esti- 1 Based on figures at close of business through November 1959; there- mated. after on closing figures for balances with Reserve Banks and opening 3 Monthly averages for all classes of banks beginning with January figures for allowable cash. Beginning Nov. 24, 1960, all currency and 1960 are estimated. coin held by member banks allowed as reserves; during the period Dec. 4 Based on closing figures. 1, 1959-Nov. 23, 1960, only part of such holdings had been allowed. 5 This total excludes, and that in the preceding table includes, $51 Monthly averages of currency and coin are estimated. million in balances of unlicensed banks. 2 Based on deposits as of opening of business each day. Monthly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- A ob d l v ig a a n t c i e o s n s s e a c n u d re d d i b s y c o G un o t v s e r o n f m a e n n d t Other secured advances t b o i b a o n l n i k s g s a o ti t s o h e n e c s r u r t o e h d f a n t b h y e m e U d m i . r b e S e c r . t Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect In effect Previous Rate on In effect Previous Feb. 28 beginning: beginning: rate Feb. 28 beginning: rate Boston Aug. 23, 1960 Aug. 23,1960 Aug. 23,1960 New York... Aug. 12, 1960 Aug. 12,1960 June 10,1960 Philadelphia.. Aug. 19, 1960 Aug. 19,1960 Aug. 19,1960 Cleveland Aug. 12, 1960 Aug. 12,1960 Aug. 12,1960 Richmond... Aug. 12, 1960 Aug. 12,1960 Aug. 12,1960 Atlanta Aug. 16, 1960 Aug. 16,1960 Aug. 16,1960 Chicago Aug. 19, 1960 Aug. 19,1960 June 10,1960 St. Louis Aug. 19, 1960 Aug. 19,1960 Aug. 19,1960 Minneapolis.. Aug. 15, 1960 Aug. 15,1960 Aug. 15,1960 Kansas City.. Aug. 12, 1960 Aug. 12,1960 Aug. 12,1960 Dallas Sept. 9, 1960 Sept. 9,1960 Sept. 9,1960 San Francisco Sept. 2, 1960 Sept. 2,1960 June 3,1960 i Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES i MARGIN REQUIREMENTS i [Per cent per annum] [Per cent of market value] Range F. R. Range F. R. Aug. 5, Oct. 16, Effec- Date (or level)— Bank Date (or level)— Bank Prescribed in accordance with 1958- 1958- tive effective all F. R. of effective all F. R. of Securities Exchange Act of 1934 Oct. 15, July 27, July 28, Banks N. Y. Banks N. Y. 1958 1960 1960 1948 1957 Regulation T: J A a ue n l . l : 1 19 2 . . 1 1 * 4 W - - A 1 W *4 A A N u o 8 v - . 2 1 3 5 : . 3 -3% F F o o r r s e h x o te rt n s s i a o l n e s s of credit by brokers and 7 7 0 0 9 9 0 0 7 7 0 0 Dec. 2. Regulation U: For loans by banks on stocks 70 90 70 Aug1 i 9 k 50 Jan 1 . 95 2 8 2. WA 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. 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. 2*4-3 Apr. 14. 16. Nov. 1, Feb. 1, Jan 1, Effec- May 29. 3 -3*4 Type of deposit 1933- 1935- 1936- tive May 2. June 12. Jan. 31, Dec. 31, Dec. 31, Jan. 1, Aug. 4. Sept. 11. 1935 1935 1956 1957 18. SepM 1 : 2! 1960 Savings deposits 3 2ft 2ft 3 June 3. 3*1-4 Nov. 18. 10. 3*4-4 ¥ Postal savings deposits 3 2% 2ft 3 23. 14. 3 72 1956 A Se u p g t . . 1 9 2 . . 3 -3*4 Ot I h n e r 6 t m im o e n t d h e s p o o s r i t m s o p r a e yable: 3 V 3 Apr. 13. In 90 days to 6 months... 3 20. 1961 In less than 90 days 3 Aug. 24. In effect Feb. 28. NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. 1 Under Sees. 13 and 13a (as described in table above). For data for Under this Regulation the rate payable by a member bank may not in any 1941-47, See the BULLETIN for January 1959, p. 76. event exceed the maximum rate payable by State banks or trust companies NOTE.—The rate charged by the Federal Reserve Bank of New York on like deposits under the laws of the State in which the member bank is on repurchase contracts against U. S. Govt. securities was the same as located. Effective Feb. 1, 1936, maximum rates that may be paid by its discount rate except in the following periods (rates in percentages): insured nonmember commercial banks, as established by the F.D.I.C., 1955—May 4-6,1.65; Aug. 4,1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, have been the same as those in effect for member banks. 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31- Nov. 17, Dec. 28-29, 2.75; and 1961—Jan. 9, 2.75; Feb. 6-7, 2.75. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 313 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 deposits1 Time deposits Central reserve Effective date Central All city banks Reserve Counof change Central reserve Item member city try reserve Reserve Coun- and Coun- banks New Chi- banks banks city city try reserve try York cago banks banks banks city banks banks Four weeks ending Jan. 25, 1961 In effect Dec. 31, 1945.. 20 20 14 Gross demand: Total 127,563 25,436 6,257 49,898 45,972 1948—Feb. 27 22 Interbank 15,229 4,645 1,305 7,596 1,684 June 11 24 U. S. Government. 3,838 853 211 1,401 1,374 Sept. 16,24*.... 26 22 16 7% Other 108,496 19,938 4,741 40,902 42,915 1949—May 1,5* 24 21 15 Net demand 2 105,643 20,679 5,345 40,926 38,693 June 30, July 1 *. 20 14 6 Time 58,936 5,408 1,588 22,870 29,070 Aug. 1,11*.... 8* 13 Demand balances due Aug. 16,18*.... 12 from domestic banks. 7,756 117 121 2,269 5,249 Aug. 25 18% Currency and coin 2,646 210 34 802 1,600 Sept. 1 18 Balances with F. R. 1951—Jan. 11,16*.... 23 19 13 Banks 16,836 3,515 934 7,229 5,158 Jan. 25, Feb. 1 *. 24 20 14 Total reserves held 19,482 3,725 968 8,031 6,758 1953—July 1,9* 22 19 13 Required 18,637 3,682 961 7,896 6,097 1954—June 16,24*.... 21 Excess 845 43 7 135 661 July 29, Aug. 1* 20 18 12 1958—Feb. 27, Mar. 19A 17% Four weeks ending Feb. 22, 1961 Mar. 20, Apr. 1* 19 17 Apr. 17 18% Gross demand: Apr. 24 18 16% Total 122,598 24,324 6,028 47,745 44,502 1960—Sept. 1 17% Interbank 13,821 4,363 1,187 6,784 1,488 Nov. 24 12 U. S. Government. 3,900 836 210 1,515 1,339 Dec. 1 16% Other 104,877 19,126 4,631 39,445 41,674 Net demand2 103,238 20,168 5,236 39,838 37,997 In effect Mar. 1, 1961.. 16% 16% 12 Time 60,098 5,602 1,732 23,417 29,347 Demand balances due from domestic banks. 6,945 101 99 2,056 4,690 Present legal require- Currency and coin 2,433 185 30 741 1,475 ments: Balances with F. R. Minimum 210 10 7 Banks 16,517 3,437 925 7,067 5,089 Maximum 222 222 14 Total reserves held 18,950 3,622 955 7,808 6,564 Required 18,329 3,608 950 7,744 6,027 Excess 621 14 5 64 537 * 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 BANKS 1 [In millions of dollars] Wednesday End of month Item 1961 1961 1960 Feb. 22 Feb. 15 Feb. 8 Feb. 1 Jan. 25 February January February Discounts and advances—total. 314 471 526 188 68 53 60 739 Within 15 days 305 461 516 178 58 45 49 732 16 days to 90 days 9 10 10 10 10 11 7 91 days to 1 year Acceptances—total. . 50 51 46 46 47 46 46 35 Within 15 days.... 17 15 9 10 18 11 11 14 16 days to 90 days. 33 36 37 36 29 35 35 21 U. S. Government securities—total. 26,701 27,161 27,061 26,695 26,747 26,667 26,570 25,209 Within 15 days 407 910 4,452 4,242 573 204 3,938 216 16 days to 90 days 4,474 4,398 1,430 1,276 4,938 4,531 1,455 829 91 days to 1 year 11,097 11,143 9,045 9,054 9,113 11,128 9,054 14,170 Over 1 year to 5 years 9,267 9,260 10,684 10,673 10,673 9,344 10,673 8,544 Over 5 years to 10 years 1,185 1,179 1,179 1,179 1,179 1,189 1,179 657 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 $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 1961 1961 1960 Feb. 22 Feb. 15 Feb. 8 Feb. 1 Jan. 25 February January February Assets Gold certificate account 16,029 16,054 16,071 16,082 16,090 16,029 16 082 18 169 Redemption fund for F. R. notes 1,050 1,053 1,055 1,058 1,060 1,046 1,058 965 Total gold certificate reserves 17,079 17,107 17,126 17,140 17,150 17,075 17,140 19,134 Cash . 490 488 506 518 499 495 512 491 Discounts and advances: For member banks 305 462 517 179 59 44 51 739 For nommember banks, etc 9 9 9 9 9 9 9 Acceptances Bousht outrisht 46 46 46 46 47 46 46 34 Held under repurchase agreement 4 5 U. S. Government securities: Bought outright: Bills 2,596 2,628 2,619 2,524 2,694 2,596 2,524 1,148 Certificates—Special Other 5,457 5,462 9 045 9,045 9 050 5 457 9 045 8 507 Notes . . .. 15,991 15,994 12,484 12,466 12,468 16,056 12 466 13 010 Bonds 2,542 2,541 2,541 2,535 2,535 2,558 2,535 2,484 Total bought outright 26,586 26,625 26,689 26,570 26,747 26,667 26,570 25,149 Held under repurchase agreement 115 536 372 125 60 Total U. S. Government securities ... ... 26,701 27,161 27,061 26,695 26,747 26,667 26,570 25,209 Total loans and securities 27,065 27,683 27,633 26,929 26,862 26,766 26,676 25,982 Cash items in process of collection 4,453 5,006 4,018 4,220 4,268 4,235 3,861 3,706 Bank premises 109 108 109 108 108 108 108 101 Other assets 133 114 224 210 271 144 284 183 Total assets 49,329 50,506 49,616 49,125 49,158 48,823 48,581 49,597 Liabilities Federal Reserve notes .... 27,083 27,129 27,104 26,994 27,027 26,989 27,004 26 854 Deposits: Member bank reserves 16,575 16,814 17,038 16,373 16,373 16,277 16,066 17 754 U § Treasurer—general account . 539 545 449 456 513 467 588 453 Foreign . .. 172 194 195 225 261 207 238 191 Other 452 405 384 380 402 404 376 326 Total deposits ... 17,738 17,958 18,066 17,434 17,549 17,355 17,268 18,724 Deferred availability cash items 3,175 4,100 3,089 3,361 3,262 3,135 2,977 2,727 Other liabilities and accrued dividends 37 35 36 32 33 33 31 32 Total liabilities 48,033 49,222 48,295 47,821 47,871 47,512 47,280 48,337 Capital Accounts Capital paid in 419 418 418 418 416 421 415 393 Surplus . 817 817 817 817 817 817 817 775 Other capital accounts 60 49 86 69 54 73 69 92 Total liabilities and capital accounts 49,329 50,506 49,616 49,125 49,158 48,823 48,581 49,597 Contingent liability on acceptances purchased for foreign correspondents 187 190 192 195 213 179 197 119 U. S. Government securities held in custody for foreign account . 5,880 5,934 5,866 5,807 5,724 5,879 5,793 4,588 Federal Reserve Notes—Federal Reserve Agents' Accounts F R notes outstanding (issued to Bank) 28,978 29,040 29,152 29,294 29,430 28,888 29,320 28,631 Collateral held against notes outstanding: Gold certificate account 9,255 9,245 9,255 9,255 9,255 9,075 9,255 10,585 77 74 50 47 20 16 18 147 U S Government securities 21,130 21,130 21,130 21,140 21,140 21,110 21,140 19,270 30,462 30,449 30,435 30,442 30,415 30,201 30,413 30,002 NOTE.—For explanation of adjustments in preparing this consolidated previously shown in this Table, appear on the opposite page. statement, see the BULLETIN for February 1961, p. 164. Reserve ratios, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 315 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1961 [In millions of dollars] Item Total Boston Y N o e r w k P p d h h e il i 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 - Lo S u 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 16,029 746 3,865 937 1.395 1,003 826 2,821 639 351 742 665 2,039 Redemption fund for F. R. notes.... 1,046 62 247 63 91 82 61 186 46 26 49 32 101 Total gold certificate reserves... 17,075 808 4,112 1,000 1,486 1,085 887 3,007 685 377 791 697 2,140 F. R. notes of other Banks 559 51 151 33 45 26 84 53 16 16 14 25 45 Other cash . . . 495 34 114 28 44 28 31 81 26 9 15 19 66 Discounts and advances: Secured by U. S. Govt. securities. . 43 2 1 4 4 3 15 7 1 5 Other 10 0) 3 1 1 1 1 C1) 0) C1) Acceptances: 1 Bought outright 46 46 Held under repurchase agreement.. U. S. Govt. securities: Bought outright 26,667 1,433 6,651 1,527 2,291 1,688 1,462 4,564 1,078 619 1,145 1,075 3,134 Held under repurchase agreement. . Total loans and securities 26,766 1,435 6,701 1,532 2,293 1,693 1,466 4,580 1,085 620 1,150 1,076 3,135 Cash items in process of collection. . . 5,291 387 1,169 340 413 369 430 834 217 144 275 226 487 Bank premises 108 4 9 4 8 6 12 22 7 5 5 14 12 Other assets 144 7 36 8 13 9 8 25 6 3 6 6 17 Total assets.... 50,438 2,726 12,292 2,945 4,302 3,216 2,918 8,602 2,042 1,174 2,256 2,063 5,902 Liabilities Federal Reserve notes 27,548 1,588 6,410 1,814 2,496 2,116 1,567 5,147 1,190 585 1,130 808 2,697 Deposits: Member bank reserves 16,277 681 4,219 740 1,293 678 852 2,526 600 412 796 935 2,545 U. S. Treasurer—general account. . 467 21 39 25 41 51 47 62 30 24 41 41 45 Foreign 207 10 2 58 12 19 10 11 29 5 9 12 25 Other 404 1 340 2 2 1 0) 0) 1 53 Total deposits 17,355 713 4,656 779 1,354 741 911 2,619 637 441 847 989 2,668 Deferred availability cash items 4,191 360 855 274 328 296 366 641 170 117 222 192 370 Other liabilities and accrued dividends 33 2 7 2 3 2 2 7 1 1 1 4 Total liabilities 49,127 2,663 11,928 2,869 4,181 3,155 2,846 8,414 1,998 1,144 2,200 1,990 5,739 Capital Accounts Capital paid in 421 20 117 24 39 19 23 60 14 10 18 24 53 Surplus 817 40 229 48 75 37 44 116 27 19 35 47 100 Other capital accounts 73 3 18 4 7 5 5 12 3 1 3 2 10 Total liabilities and capital accounts.. 50,438 2,726 12,292 2,945 4,302 3,216 2,918 8,602 2,042 1,174 2,256 2,063 5,902 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): Feb. 28, 1961 38.0 35.1 37.2 38.6 38.6 38.0 35.8 38.7 37.5 36.7 40.0 38.8 39.9 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 Feb 29 1960 41 5 39.6 43 0 42 4 42 7 36.7 39.6 41.3 38.9 38.7 35.3 38.1 45 8 Contingent liability on acceptances purchased for foreign correspondents 179 9 3 45 11 17 9 10 26 6 4 8 11 23 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) ,888 1,665 6,801 1,883 2,654 2,190 1,638 5,308 1,235 662 1,155 850 2,847 Collateral held against notes outstanding : Gold certificate account 9,075 475 2,000 650 870 670 475 1,700 380 180 300 275 1,100 Eligible paper 16 4 5 U. S. Govt. securities 21,110 1,275 5,100 1,325 1,880 1,560 1,200 3,800 ""510 900 625 2,000 Total collateral 30,201 1,750 7,100 1,979 2,750 2,230 1,675 5,500 1,322 690 1,205 900 3,100 1 Less than $500,000. 3 After deducting $134,000,000 participations of other Federal Resene 2 After deducting $149,000,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 CURRENCY DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and smalldenomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 262 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7 834 2 327 4 220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5 070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 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 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2 803 5 913 261 341 3 5 I960—Jan 31,569 22,409 2,268 1,419 82 2,102 6,415 10,123 9,160 2 739 5 825 254 334 3 5 Feb 31,552 22,440 2,275 1,409 83 2,098 6,456 10,120 9,112 2,719 5,795 256 334 3 5 Mar. 31 633 22,539 2,294 1 410 82 2,105 6 494 10,154 9 094 2 715 5 787 255 330 3 5 Apr 31,600 22,529 2,311 1,417 82 2,104 6,474 10,141 9,070 2 712 5 769 254 327 3 5 May 31,879 22,809 2,324 1,440 83 2,138 6,561 10,263 9,070 2,718 5,767 252 324 3 5 June. ... 32 065 22,970 2,338 1,440 84 2,141 6,604 10,363 9 095 2 737 5 774 252 323 3 5 July 32,039 22,946 2,345 1,428 84 2,124 6,567 10,398 9,094 2 739 5 776 250 320 3 5 Aug 32,027 22,912 2,364 1,426 85 2,113 6,525 10,399 9,115 2,738 5,800 250 319 3 5 Sept 32 022 22,900 2,375 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 1,487 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 2,815 5,954 249 316 3 10 1961—Jan 31,776 22,580 2,391 1,439 86 2,120 6,409 10,135 9,196 2,752 5,875 247 314 3 5 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation * Total out- Held by Kind of currency s J t a a 1 n n 9 . d 6 3 1 in 1 g , A g a s o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n n o R d r k . s a B F g a a . e n n n R d k t . s s Ja 1 n 9 . 6 3 1 1, De 1 c 9 . 6 3 0 1, Ja 1 n 9 . 6 3 0 1, certificates agents Gold 17 441 17,170 2272 Gold certificates 17,170 14 323 2 816 30 30 31 29,318 89 2 316 26 913 27 837 26 799 Treasury currency—total 5,401 32,370 57 511 4,832 5,002 4,740 Standard silver dollars 488 118 42 8 319 319 297 Silver bullion 2 252 2 252 Silver certificates and Treasury notes of 1890 32 370 383 1,987 2,111 2,009 Subsidiary silver coin 1 580 5 75 1,501 1,533 1,436 M^inor coin .. 583 3 10 571 574 535 United States notes 347 7 35 305 313 302 Federal Reserve Bank notes 96 1 (4) 95 96 104 National Bank notes 55 (4) (4) 55 55 56 Total Jan. 31 1961 (5) 19,539 418 14,323 5,643 31,776 Dec 31 1960 (5) 19,900 377 14,663 4,985 32,869 Jan. 31, 1960 (5) 21,570 437 16,339 5,405 " 3i *569* * 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. 309. such gold certificates. Federal Reserve notes are obligations of the 2 Includes $156,039,431 held as reserve against United States notes United States and a first lien on all the assets of the issuing Federal Reserve and Treasury notes of 1890. Bank. Federal Reserve notes are secured by the deposit with Federal 3 To avoid duplication, amount of silver dollars and bullion held as Reserve agents of a like amount of gold certificates or of gold certificates security against silver certificates and Treasury notes of 1890 outstanding and such discounted or purchased paper as is eligible under the terms of is not included in total Treasury currency outstanding. the Federal Reserve Act, or of direct obligations of the United States. 4 Less than $500,000. Each Federal Reserve Bank must maintain a reserve in gold certificates of 5 Because some of the types of currency shown are held as collateral or at least 25 per cent against its Federal Reserve notes in actual circulareserves against other types, a grand total of all types has no special tion. Gold certificates deposited with Federal Reserve agents as collatsignificance and is not shown. See NOTE for explanation of duplications. eral, and those deposited with the Treasury of the United States as a NOTE.—There are maintained in the Treasury—(1) as a reserve for redemption fund, are counted as reserve. Gold certificates, as herein United States notes and Treasury notes of 1890—$156,039,431 in gold used, includes credits with the Treasurer of the United States payable bullion; (2) as security for Treasury notes of 1890—an equal dollar amount i n n o te g s o l a d r e c i e n r t p if r i o c c a e te s s s . of F r e e d ti e r r e a m l e R n e t. serve Bank notes and national bank 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 317 MONEY SUPPLY AND RELATED DATA [Averages of daily figures. In billions of dollars] Money supply Memoranda: Memoranda: Money supply Deposits at Deposits at member (Without seasonal member banks Seasonally Without banks (without adjustment) (without Semimonthly adjustec seasonal adjustment seasonal adjustment) Week seas.adj.) period Demand Demand Demand Total Cur- de- Total Cur- de- De- Time U. S. Total Cur- de- Time U. S. rency posits 1 rency posits ! mand Govt. rency posits i Govt. I960—Jan. 1. . 141.3 28.9 112.4 145.2 29.1 116.1 95.9 53.9 4.0 1960 2.. 141.3 29.0 112.3 143.7 28.6 115.1 95.3 53.5 3.2 Feb. 1.. 141.1 28.9 112.2 141.9 28.7 113.2 93.7 53.5 3.4 Feb. 3. 142.7 28.5 114.2 53.4 3.6 2.. 140.9 29.0 111.9 139.6 28.6 111.0 91.8 53.5 4.0 10. 142.0 28.7 113.3 53.5 3.3 Mar. 1. . 140.8 29.0 111.8 140.0 28.7 111.2 92.1 53.7 3.3 17. 141.1 28.6 112.5 53.5 3.3 2.. 140.3 29.0 111.3 138.6 28.6 110.0 91.1 53.9 4.3 24. 139.1 28.6 110.6 53.5 4.1 Apr. 1. . 140.3 29.1 111.3 139.4 28.9 110.5 91.4 54.1 2.9 Mar. 2. 139.6 28.5 111.1 53.5 4.0 2.. 140.7 29.0 111.6 140.9 28.6 112.3 93.1 54.2 3.8 May 1. . 140.2 29.0 111.2 139.0 28.8 110.2 91.2 54.4 5.4 Nov. 2. 141.8 28.9 112.9 57.6 5.5 2. 139.6 29.0 110.6 137.0 28.7 108.3 89.7 54.5 6.2 9. 141.5 29.3 112.2 57.8 5.4 June 1.. 139.4 28.9 110.5 138.2 28.9 109.2 90.4 54.7 5.3 16. 141.9 29.3 112.6 57.5 4.8 2. . 139.4 28.9 110.5 137.9 28.8 109.0 90.4 55.0 6.2 23. 140.9 29.3 111.6 57.5 5.4 30. 141.4 29.2 112.2 57.5 4.9 July 1. . 139.6 28.9 110.6 138.1 29.2 108.9 90.0 55.4 5.9 2. 139.7 29.0 110.7 139.3 29.0 110.3 91.4 55.7 6.2 Dec. 7. 142.2 29.5 112.7 57.7 4.4 Aug. 1. . 139.7 29.0 110.7 139.6 29.2 110.4 91.4 55.9 5.5 14. 143.9 29.5 114.4 57.8 2.7 2.. 139.8 28.8 111.0 138.2 28.9 109.3 90.6 56.5 5.4 21. 145.2 29.6 115.7 58.1 3.7 Sept. 1. . 140.3 29.0 111.3 139.8 29.2 110.7 91.6 56.8 3.9 28. 143.8 29.7 114.1 58.4 5.3 2.. 140.5 28.9 111.6 139.6 28.9 110.7 91.5 57.0 5.8 1961 Oct. 1. . 140.0 29.0 111.0 139.8 29.2 110.6 91.3 57.3 5.4 Jan. 4. 144.2 29.2 115.0 58.8 5.3 2.. 141.2 29.0 112.2 141.4 29.0 112.4 92.6 57.5 4.8 11. 143.8 29.2 114.6 58.8 4.1 Nov. 1. . 140.6 29.0 111.6 141.7 29.2 112.4 92.5 57.6 5.2 18. 144.0 28.8 115.2 59.0 3.0 2.. 139.9 29.0 110.9 141.2 29.3 111.9 92.0 57.5 5.2 25. 143.4 28.5 114.9 59.2 2.9 Dec. 1. . 140.3 28.9 111.4 143.2 29.5 113.7 93.8 57.8 3.6 2.. 140.5 29.0 111.5 144.4 29.6 114.8 94.7 58.3 4.7 Feb. 1. 143.0 28.4 114.6 59.4 3.4 8. 142.2 28.7 113.5 60.2 3.8 1961—Jan. 1. . 140.2 28.9 111.3 144.0 29.1 114.9 94.6 58.9 4.1 15. 141.7 28.7 113.0 60.4 3.3 2.. 141.0 29.0 112.0 143.4 28.5 114.8 94.8 59.2 3.1 22. 139.7 28.6 111.1 60.5 5.2 Feb. 1. . 141.3 28.9 112.4 142.0 28.6 113.3 93.5 60.2 3.5 2*. 141.2 28.9 112.3 139.7 28.5 111.2 91.7 60.6 5.1 Mar. 1P 139.7 28.4 111.4 60.8 5.0 Preliminary. 1 At all commercial banks. BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts, except interbank and Annual rate of turnover U. S. Government accounts of demand deposits except interbank (In millions of dollars) and U. S. Government deposits Leading centers Leading centers Year or month All 337 other 337 other reporting reporting reporting centers New York 6 others1 centers 2 New York 6 others1 centers 2 Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1953 1 759 069 632 801 385 831 740 436 36 7 25 6 18 9 1954 1,887,366 738,925 390 066 758,375 42.3 25.8 19 2 1955 2 043 548 766 890 431 651 845 007 42 7 27 3 20 4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 . . .. 2 356 768 888 455 489 311 979 002 49 5 30 4 23 0 1958 2,439,754 958,721 487,432 993,600 53.6 30.0 22.9 1959 . . .. 2 679 167 1,023 605 545 258 1,110 304 56.4 32.5 24 5 I960 2,838,754 1,102,850 577,606 1,158,298 60.0 34.8 25.7 I960 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 26.1 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 223,539 89,444 86,063 46,807 45,254 94,791 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 65.5 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 233,131 91,870 89,905 48,084 47,567 95,418 95,659 60.0 59.2 34.9 34.7 25.5 25 7 Nov 235,100 98,791 91,020 49,017 47,577 98,306 96,503 63.5 61.3 35.8 34.9 26.2 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 36.3 36.2 25.7 25.8 Feb 222,666 98,269 89,831 50,199 44,861 97,657 87,974 63.7 61.4 *>35.4 ^25.7 v Preliminary. 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

318 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. out- Loans, Com- secu- capital, and acstand- Total net mercial Federal rities net currency counts, ing Total and Reserve Other net savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 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 1960—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 5,400 263,700 141,000 96,200 68,600 26,700 800 26,500 286,500 259,200 27,300 Mar. in 17,400 5,400 264,700 142,300 95,600 68,100 26,700 800 26,900 287,500 259,400 28,100 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o d n a i s e g e n i - n t t k s, T h c i u r o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c m n t d k i g a - s s l B F a . A n 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 n s t i i u k t n a s s g 2 l 3 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 s a e e i n - t - d s4 b r C o s e a i n u u n d c t r k e - y - s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i l c t d d y s j p m u D o a d s a e d s t e 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 54,1 28,611 19,557 8,905 149 22,540 3,639 1933—June 30. 50 264 852 35 40,? 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30. 1,217 2,409 846 634 63,: 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31. 1,498 2,215 1,895 867 76,: 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947_Dec. 31.. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,400 26,100 1950—Dec. 30. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,in25,398 114,600 90, 000 24,600 1 1 9 9 5 5 9 8 — — J D D u e e n c c . e . 3 2 3 1 4 1 . . . . 3 3 3 , , , 2 6 8 0 0 7 3 0 0 4 6 39 8 0 1 3 0 4 4 5, , , 3 5 7 1 5 0 9 8 0 5 5 3 0 0 5 4 0 8 2 2 24 4 4 6 2 0 , , , 6 5 1 0 5 0 3 3 0 1 1 9 0 0 8 1 1 , , , 3 7 0 0 7 0 6 9 0 6 6 6 5 3 5 , , , 1 4 8 6 0 8 6 0 4 3 3 3 4 4 4 , , , 0 9 6 0 4 0 6 7 0 1 1 , , 9 1 1 0 4 3 0 8 4 1 1 1 1 1 1 5 0 5 , , , 7 5 4 0 0 0 0 7 2 2 2 2 9 8 8 , , , 7 3 4 4 0 2 0 0 2 1 1 1 4 3 4 0 8 0 , , , 2 8 9 0 0 0 0 0 0 1 1 1 1 1 1 2 0 2 , , , 0 7 6 0 0 0 0 0 0 2 2 2 8 8 8 , , , 2 1 3 0 0 0 0 0 0 1960—Feb. 24.. 2,600 500 4,800 500 239, 101,200 65,400 34,900 900 110,500 28,000 139,100 110,800 283,300 Mar. 30.. 2,700 400 4,700 500 239; 102,200 66,000 35,300 108,800 28,100 139,500 111, 100 283,400 Apr. 27.. 2,800 400 4,700 600 241; 102,300 66,200 35,200 900 111,500 27,900 139,400 111, 200 28$,200 May 25.. 2,800 400 7,200 500 238; 102,600 66,500 35,200 900107,700 28,100 137,500 109, 300 28S,200 J J u u n n e e 2 1 9 5 . . . . 2 2, , 9 7 0 4 0 4 4 4 2 0 1 0 7 6 , , 3 6 0 5 0 7 5 5 3 0 5 0 2 23 4 9 1 ; ; 1 1 0 0 3 3 , , 7 05 0 6 0 6 6 7 6, , 9 4 0 0 6 0 3 3 5 5 , , 3 4 0 0 1 0 8 8 4 0 9 0 1 10 1 7 0 , , 8 0 0 2 0 4 2 2 8 8 , , 3 5 0 4 0 4 138,000 109? I 9 00 28# ( 00 July 27.. 2,800 400 6,500 500 242; 104,200 67,900 35,500 800 110,100 28,400 138,600 110,300 283,300 Aug. 31.. 3,000 400 5,700 500 242; 105,200 68,900 35,600 108,900 28,500 138,600 110,300 283,300 Sept. 28* 2,900 400 7,700 600 243; 106,000 69,400 35,800 109,300 28,300 138,500 110,300 283,200 Oct. 26* 3,100 400 6,200 500 247; 106,700 70,000 35,900 800 112,200 28,300 139,900 111, 500 283,400 Nov. 30* 3,100 400 5,600 500 247; 106,700 70,000 35,900 800111,900 28,700 138,800 110,600 283,200 Dec. 28* 3,300 400 6,000 400 251 108,100 71,000 36,300 800114,500 28,800 139,000 110,800 283,200 1961—Jan. 25* 3,100 400 3,600 500 251,600109,100 71,800 36,500 800 114,600 28,000 140,600 112,200 28,400 Mar. l^ 3,100 400 6,100 400 249,400110,800 73,400 36,600 700,110,500 28,200 139,300 110,800.28,500 *» Preliminary. * Revised preliminary figures. in seasonal factor for demand deposits adjusted for March 30, 1960, t This date used instead of last Wednesday of February. Seasonal shown on page 135, footnote 3, of that BULLETIN has been revised from adjustment factors used, however, were for last Wednesday of February. —0.9 to -0.5. The new factor is 97.9. 1 Represents all commercial and savings banks, Federal Reserve Banks, NOTE.—For description of statement and back figures, see the BULLETIN Postal Savings System, and Treasury currency funds (the gold account, for January 1948, pp. 24^-32. The composition of a few items differs Treasury currency account, and Exchange Stabilization Fund). slightly from the description in the BULLETIN article; stock of Federal 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, Reserve Banks held by member banks is included in other securities and open account; and deposits of Postal Savings System in banks. in capital and miscellaneous accounts, net, and balances of the Postal 3 Prior to June 30, 1947, includes a small amount of demand deposits. Savings System and the Exchange Stabilization Fund with the U. S. 4 Demand deposits other than interbank and U. S. Govt., less cash Treasury arc netted against capital and miscellaneous accounts, net, items reported as in process of collection. instead of against U. S. Govt. deposits and Treasury cash. Total deposits 5 Seasonally adjusted series begin in 1946 and are available only for last and currency shown in the monthly Chart Book excludes foreign bank de- Wednesday of the month. For description of series and for back data posits, net, and Treasury cash. Except on call dates, figures are rounded sec the BULLETIN for February 1960, pp. 133-36. Special adjustment 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 319 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— 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 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 t i d i a t - e a l s l Total 2 I D n e t - erbank2 Dem O an t d her r B i o n o w g r s - - c c T o a a o p u c t i n - a ta t l s l b N a b u o n e f m k r s tions co a u c n - ts 3 mand Time U. S. Other Time Govt. All banks: 1941—Dec. 31 126 ,615 25, ,999 27,344 90,908 ,816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31 227 ,362101, .577 35;,415177,332 ,612 14,065 105,935 45,613 22710,542 14,553 1947—Dec. 3H 924 ,002 81,199 723 38!,388175,091161,86512,793 240 1,346 94,38153,105 6611 14,714 1958—Dec. 31 485121,571 73,641 273 49;911276;430 250, 15,799 2,374 4,253 130;132 97,498 8121 14,020 1959—June 24 200128,690 68,170 26,340 42 730 270990 241, 12,870 2,030 4,420 121600 100,310 2,71022 360 13,997 Dec. 31 ,831135,958 65,80126,07150,296 283629 254. 15,650 ,443 5,054131,622101,116 6242291513,991 I960—Feb. 24 410135,710 ,000 25700 43,490 273430 241; 12;710 ,290 4,480 122,720100,560 2,82023 15013,999 June 29 ,200140,990 ,760 25450 43,710 276710 244. 13;300 ,440 7,060119,570103,100 2,17023 770 14;0 July 27 ,370140,520 ,200 25650 43,770 279050 245; 13;070 ,480 6,230121460 103,660 2,59023 890 13,999 Aug. 31 940141,230 ,110 25 600 43,830 280000 245; 13;500 ,610 5,440120600 104,680 2,92024 12013,998 Sept. 28* ,100142,180 ,190 25;730 44,500 282710 249; 13;670 ,670 7,390121 130 105,470 2,05024 23014,000 Oct. 26P 620141,720 ,890 26;010 45,750 286550 252; 14;180 ,690 5>70 124 450 106,220 2,48024 370 13^89 Nov. 30* ,71C142,090 ,760 25;860 46,680 287 650 254; 600 ,740 5,360125290 106,210 1,330 2459013,985 Dec. 28* ,480145,390 ,650 26;440 48,050 293 650 259. 15,430 ,780 5,770129,180107,570 2,03024 68013,986 1961—Jan. 25* ,590141,450 ,600 26 540 44,470 287380 255, 15,070 ,780 3,290126,280108,610 60024 68013,986 Mar. in ,020144,050 ,090 26880 46090 291400 257,32014,480 ,780 5,790124,930110,34011,86024 79013,978 All commercial banks: 1941—Dec. 31 746 21,714 21,808 225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31 019 26,083 90,606 331 34 806 160;312 150,227 14,065 105,921 30,2411 219 8,950 14,011 1947—Dec. 31* 284 38,057 69,221 006 37 502 155,377 144,10312,792 240 1,343 94,367 35,360 6510,059 14,181 1958—Dec. 31 165 98,214 66,376 20 575 48,990 238,651216,01715,799 2,372 4,250 130; 63,493 7318;486 13,501 1959__june 24 920104,450 60,860 20;610 41,930 232,380 206,63012,870 2,030 4,420 121 65,740 2,71019;030 13,479 Dec. 31 270110,832 58,93720,50149,467 244.686 219,90315,649 1,441 5,050131,59366,169 615 19;556 13.474 I960—Feb. 24 540110,250 56,170 20,120 42,780 234;300 206,81012,710 1,290 4,480 122 65,640 2,82019;730 13,482 June 29 900114,840 5"4 ,2"1 0~ 1'"9,,850 42,880 237;040 209,01013,300 1,440 7,060 119 67,670 2,17020;28013,485 July 27 890114,170 ,020 43,010 239270 210,42013,070 1,480 6,230 121430 68,210 2,59020,380 13,484 Aug. 31 240114,660 , ,,000 43,080 240,000 210,24013,500 1,610 5,440 120570 69,120 2,92020.580 13,483 Sept. 28* 270115,430 56,580 20,,1(5043,710 242;530 213,52013,670 1,670 7,390 121,100 69,690 2,05020;660 13,485 Oct. 26* 680114,790 57,690 20,,400 45,000 246,290 216,58014,180 1,690 5,970 124,4-20 70,320 2,480 20;81013,474 N D o ec v . . 3 2 0 8 * P , 6 3 9 1 0 0 1 1 1 1 5 8 , ,1 0 6 1 0 0 6 6 0 0 , , 4 3 9 8 0 0 2 2 0 0 ,, ,, -3 8 0 3 0 0 4 4 5 7 , ,2 9 0 1 0 0 2 2 4 5 7 3 , ,0 2 6 9 0 0 2 2 1 2 8 3 , , 2 38 3 0 01 1 5 5 , , 6 4 0 3 0 0 1 1 , , 7 7 4 8 0 0 5 .5,, , .7 3 .7 6 .0 0 *1 1 "2 2 '5 9 , , , , 2' 1 6 5 0 0 7 7 0 1 , , 2 2 7 5 0 0 2 l, , 3 0 3 3 0 02 2 1 i; , 0 1 0 1 0 0 1 *n 3 3 , 4 4 7 7 0 2 1961—Jan. 25* 160114,070 6612,,312600 20,:930 43,670 246;,570 218,51015,070 1,780 3 290 126,250 72,120 60021,100 1"3 ,4-7"2 Mar. l^f 360116,530 61,560 , 270 45,260 250.320 220,65014,480 1,780 5,790124,900 73,700 1,86021,17013,464 All member banks: 1941—Dec. 31 521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 709 37,13612.347j 5,886 6,619 1945_Dec. 31 183 22,775 78,338 6,070 29,845138,304129,67013,576 64 22179 640 24210 7,589 6,884 1947—Dec. 31 846 32,628 57,914 7,30432,845132,060122,52812,353 50 1,176 609 28340! 8,464 6,923 1958—Dec. 31 865 84,061 54,299 504 43,188202,017182,81615,227 2,187 3,822 448 51132 5415,460 6,312 1959— D Ju e n c e . 3 2 1 4 , 8 0 7 0 9 7 9 8 4 9 , , 7 3 7 0 9 1 4 4 6 9 , , 8 1 1 6 3 4 2 5 8 4 7 2 4 3 3 7 , , 5 1 0 7 9 1 2 1 0 9 5 6 ; , 7 1 2 8 6 21 1 7 8 4 4 , . 0 7 7 0 3 61 12 5 S ,0 3 4 5 8 7 1 1 , , 8 3 8 3 9 8 4 3 , , 5 9 0 4 4 3 9 98 9 9 2 5 5 2 28 8 9 2 2 7 i | 2, 5 6 8 19 1 1 1 5 6 , ,2 8 6 75 4 6 6 , , 2 2 7 3 9 3 I960—Feb. 24 405 94,111 44,314 980 37,689196,501172,82712,240 ,187 3,967 152 52281 ",75916,387 6,223 June 29 593 97,898 42,980 15,71537,977199,243175,20012,775 ,298 6,360 790 53977 ,06916,822 6,212 July 27 97,183 45,238 892 37 201,057176,21412,524 ,336 5,622 366 54366 ,50516,892 6,204 Aug. 31 587 97,523 45,198 866 38 201,632175,99912,943 ,467 4,887 594 55108 ,78317,056 6,205 Sept. 28P 282 98,196 46,073 013 38686 203891178,95213,105 ,525 6,827 905 55590 ,99617,114 6,200 Oct. 26* 042 97,469 48,379 194 39628 206669181,06413,601 ,552 5,385 498 56028 ,42917,239 6,187 Nov. 30* 997 97,708 48,224 ,455182,55015,014 ,594 4 128 56033 ,26917,390 6,178 Dec. 28* 238100,539 49,11816,581 492 212;,659187,17414,817 ,635 5, 108,63156,891 ,973 17,466 6,174 1961—Jan. 25* 240 96,773 49,80616.661 174 206507182.60314,465 ,636 2,914 105,990 57,598 56317,464 6,164 Mar. in ,016 99,558 49,43817,020 39,900 211,040185,40213,912 ,639 5,179 105,35359,319 ,82517,629 6,160 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. 3H 18,641 4,944 11,978 1,718 886 19,714 17,763 3 1417,7451 1,889 533 1958—Dec. 31 36,320 23,357 7,265 5,698 921 37,779 34,040 3 29 34006i 3,219 519 1959_june 24 37,280 24,240 7,310 5,730 800 38,610 34,600 3034,570, 3,330 518 Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 2934,948i 10 3,359 517 I960—Feb. 24 37,870 25,460 6,830 5,580 710 39,130 34,950 30 34,920 8 3,420 517 June 29 38,300 26,150 6,550 5,600 830 39,670 35,460 30 35,430 3,490 515 July 27 38.480 26,350 6,500 5,630 760 39,780 35,480 30 35,450 8 ,510 515 Aug. 31 38,700 26,570 6,530 5,600 750 40,000 35,590 30 35,560 ,540 515 Sept. 28* 38,830 26,750 6,500 5,580 790 40,180 35,810 30 35,780 ,570 515 Oct. 26* 38,940 26,930 6,400 5,610 750 40,260 35,930 3O35,9OOi ,560 515 Nov. 30* 39,020 27,080 6,380 5,560 770 40,360 35,970 () 30 35,9401 ,590 515 Dec. 28* 39,170 27,230 6,330 5,610 850 40,590 36,350 (5) 30 36,320 ,570 514 1961—Jan. 25* 39,430 27,380 6,440 5,610 800 40,810 36,520 30 36,490 ,580 514 Mar. l*f 39,660 27,520 6,530 5,610 830 41,080 36,670 30 36,6 3,620 514 * Preliminary. * Revised preliminary figures. mutual savings banks that became members in 1941 (these banks are fThis date used instead of last Wednesday of February. excluded from all commercial banks). 1 All banks in the United States. Beginning with January 1959, Stock savings banks and nondeposit trust companies are included with all banks in Alaska with total deposits of $172 million were included commercial banks. Number of banks includes a few noninsured banks, in the series (a national member bank has been included since April for which asset and liability data are not available. Comparability of 1954); beginning with August 1959, all banks in Hawaii with total deposits figures for classes of banks is affected somewhat by changes in Federal of $365 million were included in the series (a national member bank Reserve membership, insurance status, and the reserve classifications of with total deposits of $220 million has been included in the series since cities and individual banks, and by mergers, etc. April 1959). 2 Beginning with June 30, 1942, excludes reciprocal balances, which on All banks comprise all commercial banks and all mutual savings banks. Dec. 31, 1942, aggregated $513 million at all member banks and $525 All commercial banks comprise (1) all nonmember commercial and million at all insured commercial banks. (2) all member commercial banks. Member banks include (1) a national 3 Includes other assets and liabilities not shown separately. bank in the Virgin Islands that became a member on May 31, 1957, (2) For other notes see following two pages. a noninsured nondeposit trust company, and (3) two (three prior to I960) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 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 t b io o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l l a u p o i i n a c t n i t d i - t - a e t a l s s l 3 Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S e . ma O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f k r s - Govt. Other Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1958—Dec. 31 25,966 16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739 968 20,704 3,482 3,282 18 1959—June 24 25,488 16,681 6,426 2,381 7,204 33,869 28,415 4,008 1,480 775 18,570 3,582 805 3,292 17 Dec. 31 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20,419 3,448 232 3,361 16 1960—Feb. 24 24,460 17,610 4,696 2,154 7,664 33,553 27,543 4,009 884 664 18,685 3,301 852 3,381 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 1,221 589 19,257 4,251 99 3,569 15 Mar. in 27,690 18,141 6,975 2,574 8,640 38,000 31,031 4,419 1,220 992 19,960 4,440 891 3,584 15 Chicago: 1941_Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 ,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 ,739 6,866 6,402 1,217 72 4,201 913 426 14 1958—Dec. 31 6,830 3,637 2,562 631 2,158 9,071 8,214 1,357 249 5,136 ,438 3 733 14 1959_ D ju e n c e . 2 3 4 1 6 6 , , 5 8 1 8 6 5 4 3 , , 2 68 0 7 6 2 1 , , 1 98 3 5 7 6 6 9 9 2 4 , , 8 0 4 0 2 3 8 8 , , 4 9 4 6 0 7 7 8 , , 4 0 2 6 3 2 1 1, , 2 1 3 2 1 3 2 2 5 7 9 2 4 5 , , 5 0 8 7 6 0 , ,4 4 6 2 8 4 1 4 6 0 4 7 7 4 6 0 2 1 1 4 4 I960—Feb. 24 6,634 4,165 1,812 657 ,882 8,599 7,288 1,099 213 4,536 ,417 431 747 11 June 29 6,598 4,342 1,620 636 ,854 8,546 7,474 1,151 407 4,442 ,426 161 769 11 July 27 6,811 4,284 1,845 682 ,745 8,662 7,551 1,163 342 4,552 ,444 195 770 11 Aug. 31 6,661 4,317 1,727 617 ,927 8,698 7,647 1,236 275 4,629 ,452 117 783 11 Sept. 28? 6,740 4,361 1,792 587 ,980 8,833 7,766 1,191 552 4,497 ,465 125 781 11 Oct. 26? 6,847 4,328 1,903 616 ,954 8,923 7,725 1,231 301 4,662 ,470 219 804 10 Nov. 30^ 6,729 4,260 1,841 628 2,040 8,892 7,800 1,359 261 4,629 ,490 93 813 10 Dec. 28^ 7,032 4,446 1,904 682 ,981 9,134 8,014 1,311 331 4,799 ,510 112 813 10 1961—Jan. 25? 6,875 4,195 1,989 691 ,814 8,809 7,733 1,254 141 4,743 ,532 88 821 10 Mar. in 7,094 4,534 1,886 674 ,894 9,118 7,950 1,221 285 4,665 ,715 138 826 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 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 13,066 49,659 46,467 5,627 22 405 28,9—90 11,423 1 2,844 353 1 1 9 9 5 5 8 9 — _ D D jue e nc c e . . 2 3 3 4 1 1 6 6 6 1 0 0 , , , 6 5 6 2 5 1 1 8 7 3 3 3 4 8 6 , , , 0 6 6 0 8 1 3 6 6 2 1 1 0 8 7 , , , 6 2 2 4 9 2 5 2 4 5, 6 7 4 7 3 7 1 1 1 7 8 5 , , , 7 2 7 0 1 6 1 1 2 7 7 8 9 7 1 , , , 7 4 8 8 4 8 1 3 7 7 7 6 3 2 9 ; , . 6 6 4 7 4 4 5 7 8 7 7 5 , , , 4 5 9 5 0 9 0 6 4 3 3 34 0 7 1 3 7 1 1 1 , , , 4 6 6 2 9 0 9 8 0 4 4 3 2 9 2 , , , 2 7 6' 2 5 6" 1 9 8 2 " 2 2 1 " 1 1 , , , 7 5 0 5 9 7 5 2 5 1, 2 1 3 4 1 8 0 4 5 5 6, , , 1 7 9 0 6 4 6 0 5 2 2 2 7 6 7 3 5 4 I960—Feb. 24 58,848 38,116 15,340 5,39215,600 76,065 67,435 5,877 256 1,661 38,956 20,685 1,004 6,082 233 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 38,925 21,300 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 38,25721,734 803 6,332 218 Oct. 26^ 61,805 39,354 17,040 5,411 15,998 79,643 70,421 6,774 286 2,062 39,410 "2"1,889 822 6,366 218 Nov. 30P 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 39,883 22,644 237 6,422 215 Mar. in 63,470 40,282 17,521 5,66716,243 81,632 72,418 6,836 329 2,130 39,48823,635 577 6,573 214 Country member banks: 1941—Dec. 31 12,518 5.890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 43' 28,37814,560 23 2,934 6,519 1958—Dec. 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 1,175 42,349 2"5",137 37 5,685 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 5,898 5,975 Dec. 31 64,082 33,766 22,535 7,781 14,122 79,567 72,323 1,602 1,508 42, ,356 71 6,035 5,938 I960—Feb. 24 64,463 34,220 22,466 7,777 12,543 78,284 70,561 1,255 1,429 40, ,878 472 6,177 5,963 June 29 65,112 36,075 21,241 7,796 12,564 79,007 71,044 1,223 1,947 40,003 27,847 371 6,369 5,962 July 27 65,377 35,999 21,593 7,785 12,854 79,571 71,624 1,274 1,757 40,52328,046 301 6,416 5,955 Aug. 31 65,805 36,473 21,520 7,812 12,924 80,210 71,923 1,308 1,623 40,53328,433 490 6,484 5,961 Sept. 28P 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, 30? 67,241 36,433 22,821 7,987 13,315 81,910 73,702 1,485 1,698 41,89728,596 207 6,614 5,936 Dec. 28P 68,045 37,117 22,906 8,02213,702 83,128 74,860 1,558 1,670 42,760 2288,846 199 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 Mar. in 67,762 36,601 23,056 8,105 13,123 82,290 74,003 1,436 1,772 41,240 2"9,529 219 6,646 5,921 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 321 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i S n v g s . t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c c b T o a i a l a l u o p i n i c a t n t i d i - - t a t e a s l s l 3 Total 2 m D In a e n t - e d rba T n i k m 2 e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b u o n e f m k r s - Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,29815,699 10 6,84413,426 1945—Dec. 31 21,809 25,765 88,912 7,13134,292157,544147,775 13,883 23,740 80,276 29,876 215 8,67113,297 1947—Dec. 31 [14,274 37,583 67,941 750 361,926152,733141,85112,615 54 1,325 92,97534,882 61 9,77334413,398 1957—Dec. 31 168,595 93,430 57,58017 585 48,127220,865199,87615,489 1,264 3,859 127 56,137 6617,05113,142 1958—Dec. 31 83,596 97,730 65,669 20 198 48,689236,724214,48515,653 2,209 4,241 214 63,168 6718,1"5413,101 1959—June 10 [84,632102,902 61,396 20 334 42,623 231 876 206!14913,338 2,013 2,766 122,74465,288 2,7621._8,,76213,086 Dec. 31 88,790110,299 58,348 20 143 49; 242828 218,47415,500 1,358 5,037130,720 65,858 602 19,20613,107 1960—June 15 [88,691114,785 54,36619540 46, 240,728212,44213,756 1,324 6,396 124,09166,875 2,573 19,97813,140 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,80614,977 43433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945__Dec. 31 69,312 13,925 51,250 4,137 20;114 90 220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22i024 182 82,023 8,375 35 795 53,54119,278 5,409 5,005 1957—Dec. 31 91,201 50,350 31,234 9,617 26!786 120,153109,091 8,958 517 2,166 66,546 3"0,904 9,070 4,620 1958—Dec. 31 99,277 52,627 35,71410,93626,781 397116,714 9,035 767 2,292 69,808 34,812 9,643 4,578 1959—June 10 99,982 55,816 33,15211,014 23,835 255112,659 7,818 705 1,526 66,433 36,177 1,420 10,041 4,559 Dec. 31 02,615 59,962 31,76110,89227,464 636119,638 8,947 514 2,742 71,01536,421 3~4'0"10,302 4,542 I960—June 15 102,309 62,398 29,29810,614 26,380 ,433116,178 7,937 472 3,594 67,270 3"'6,905 1,49110,686 4,542 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1957—Dec. 31 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958—Dec. 31 55,588 31,435 18,585 5,56816,407 73,620 66,102 6,192 1,420 1,530 40,64016,320 10 5,817 1,734 1959__june 10 55,307 32,616 17,072 5,619 14,021 71,010 62,152 5,127 1,285 880 38,23716,622 1,266 5,879 1,721 Dec. 31 55,264 34,817 15,052 5,39616,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 1,691 1960—June 15 55,348 35,946 14,228 5,174 15,495 72,734 63,341 5,429 833 2,151 38,29616,631 1,012 6,143 1,675 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1957—Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,580 100,873 2,500 6,753 1958—Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,76612,063 2,696 6,793 1959__ D jU e n c e . 3 1 1 0 2 3 9 0 , , 3 9 7 3 1 9 1 1 4 5 , , 4 5 8 3 4 4 1 1 1 1, , 1 5 8 4 3 6 3 3 , , 7 8 0 5 4 9 4 5 , ,6 7 5 7 1 0 3 3 4 7 , , 6 1 4 3 2 2 3 3 1 3 , , 3 7 6 9 5 5 4 3 5 9 1 2 5 36 3 1 3 1 1 9 8 , ,0 7 7 3 4 21 1 3 2 , , 0 5 5 1 9 6 2 2 , , 9 8 4 4 4 6 6 6 , , 8 8 1 7 0 8 1960—June 15 31,05" 16,450 10,848 3,755 4,952 36,582 32,942 389 651 18,52513,357 3,151 6,926 Noninsured nonmember commercial banks: 1941—Dec. 31 1,45 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 3H 2,009 474 1,280 255 576 2,643 2,251 177 185 1,392 478 325 783 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 317 425 1958—Dec. 31 1,568 484 707 377 301 1,927 1,532 146 163 890 325 332 399 1959—June 10 1,518 504 639 375 271 1,850 1,444 143 12: 830 342 338 383 Dec. 31 1,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 1960—June 15 1,446 52: 54' 37 299 1,815 1,386 163 12: 792 290 353 350 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,99: 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31* 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 1,596 7,261 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 554 138 427 18,42011,176 2,817 7,178 1958—Dec. 31 30,327 14,165 12,088 4,074 5,! 36,664 33,22^ 572 185 428 19,65512,387 3,028 7,192 1959—June 10 30,889 14,988 11,821 4,079 5,041 36,491 32,810 536 144 368 18,90312,858 3,183 7,193 Dec. 31 32,419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 3,294 7,244 1960—June 15 32,498 16,97: 11,395 4,131 5,251 38,397 34,328 553 141 669 19,31813,648 3,503 7,276 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947__Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 2 1212,192 1,252 194 1957—Dec. 31 26.535 17,194 5,404 3,937 719 27,671 25,022 3 26 24,991 2,308 239 1958—Dec. 31 28,980 19,180 5,215 4,585 75! 30,189 27,277 3 2827,243 2,473 241 1959_jUne 10 , 30,150 20,106 5,32-- 4,721 630 31,228 28,041 2 27 2288,011 2,608 251 Dec. 31 30,580 20,942 5,016 4,622 686 31,743 28,577 3 2828,544 2,654 268 1960—June 15 31,133 21,721 4,743 4,669 624 32,211 28,824 2 28 '2"8,791 2,735 268 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 64: 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947_Dec. 314 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 1958—Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6.763 6,762 746 278 1959_ D ju e n c e . 1 3 0 1 7 6 , , 0 9 7 8 1 1 4 4 , , 1 0 8 4 4 3 2 1 , ,8 0 4 2 8 5 1, 9 00 4 3 9 1 14 5 3 0 7 7 , , 2 2 9 0 8 0 6 6 , , 4 4 6 0 1 5 6 6, , 4 4 0 6 4 0 7 7 0 0 7 5 2 2 6 4 7 9 1960—June 15 7,167 4,348 934 141 7,387 6,511 6,510 730 247 For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see the BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Com- Loans for Loans Oblimer- purchasing to U. S. Government obligations gac b o c C m a a l n l a m l k s d s e a r a o n c t f e i d al i m T l n o a v o e a n e n t n d a s t s t l s - 2 TotaP c o c i l i p n u i n a e g d - l n - A c tu u g r l r - - i- o T s r e o c c a u r r r i y ti i e n s g in f s in ti a tu nc ti i o a n l s R t e a e s t a - e l O lo i d t t a n h o i n - - e s r O lo t a h n e s r S p ti a t o o o a n l n f t d i e t s - s O s ri e t t c h ie u e s - r mar- al bro- loans vid- Cer- ical k p e a t - k a e n r d s ot T h o ers ba T n o ks ot T h o ers uals Total Bills c t a if t i e - s Notes Bonds d su iv b i - per deal- sions ers Total: 3 1947—Dec. 31.. 16,28438,057 18,1671,660 8301,220 115 9,393 5,723 947 69,2212,193 7,789 6,034 53,205 5,276 3,729 1958—Dec. 31.., 85,16598,214 40J. 425 44,9732,8321,829 719 25,*2"5-5 20,698 3,43766,3766,294 7,399 13,39639,287 6,505 4,070 1959—Dec. 31*. 90,270110,832 40,174 5,0183,0181,850 819 7,118 28J060 24,166 2,78458,937 5,300 2,420 4,85635,360 6,9583,543 1960—June 15.. 90,137115,307 41,7755,3632,602 1,739 2,365 7,063 ~:5,523 2,74754,913 ,593 2,210 [5,22433,887 6,778899 33,127 Oct. 3«. 93,990116.180 41,900 5",5702,730 ,780 2,260 6,7—70 28',640 26,040 2,720•7,570 ,720 2,860 16,73032,260 7,2403,000 All insured: 1941—Dec. 31... 49,29021,259 9,,214 1,450 614 662 40 4,773 4,.505 21,046 988 3,15916,899 3,6513,333 1945—Dec. 31.. 21,80925,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,13288,9122,455 9,071 6,04551,342 3,8733,258 1947—Dec. 31.. 114,27437,583 8,012 1\610 823 1,190 114 9,266 5,654 91457,941 ,124 7,552 5,91852,347 5,112299 3,621 1958—Dec. 31.. 183,59697,730 40i289 4,913 2,797 1,810 713 25,148 20",589 3,42055,669 ,159 7,362 3,24038,908 6,2663,932 1959—Dec. 31*. 188,790110,299 40,022 4,973 2,982 1,827 813 7,10527,948 24,032 2,767"8,348 ,189 2,404 4,729-3 5,,0 27. 6_,.7213,422 1960—June 15.. 188,691114,785 41,625 5,318 2,584 1,719 2,360 7,04328,240 25,387 2,728i4,3663,527 2,184 5,090 33,566 16",5452,994 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3 653 19,539 971 3,00715,561 3,0902,871 1945—Dec. 31.. 107,18322,775 8,949 855 3,133 3,378 47 3,455 1,900 1,05778,3382,275 6,985 4,271 4'4,807 3,2542,815 1947—Dec. 31.. 97,84632,628 16,9621,046 8111,065 113 7,130 4,662 83957,914 ,987 5,816 4,815 45,295 199 33,105 1958—Dec. 31.. 154,86584,06137,4'4"4 3",0522,730 1,599 710 20,013 17,028 3,,21154,2994,644 6,143 1,117 32,39613,405 3,100 1959—Dec. 31*. 157,87994,779:3 6,,826 3,1162,8851,587 811 6,80122,185 19,877 2,,60346,8134,612 1,812 11,604 28,78513,6772,610 1960—June 15.. 157,65798,344 38,204 3,2972,4691,488 2,309 6,773366 22,309 20,932 2,,55043,5262,521 1,583 11,959 2277,46313,4732,315 Oct. 3.. 160,86598,81538,246 3,4512,5931,521 2,212 6,434 22J44621,333 2,52945^69 4^625 2,223 3,,398 2-5-,72413,8972,183 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 272 7,574 477 3,433 3,32510,339 606 629 1947_Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 1,972 ,002 640 558 9,772 638 604 1958—Dec. 31.. 25,96616,16510,928 1,652 382 503 641 1,502 921 7,486 643 1,106 1,602 4,135 1,869 446 1959—Dec. 31*. 25,291 18,121 10,549 1,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 1960—June 15.. 25,71'418,35010,499 1,463 366 1,050 1,886 870 1,821 795 5,384 681 369 1,546 2,788 1,722 319 Oct. 3.. 26,38617,76010,367 ',353 367 849 1,744 815 1,827 830 6,354 ,380 508 1,574 2,892 1,996 276 Chicago:* 1941 —Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 ,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 ,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 ,274 213 185 1958—Dec. 31.. 6,830 3,637 2,628 266 97 161 357 210 2,562 232 361 522 ,446 491 140 1959—Dec. 31*. 6,885 4,206 2,527 268 124 588 183 435 148 1,985 108 78 467 ,332 562 133 1960—June 15.. 6,707 4,386 2,716 187 123 581 183 396 211 1,664 46 42 480 ,096 564 93 Oct. 3.. 6,80" 4,422 2,797 203 123 576 188 401 179 1,778 129 49 551 ,048 526 75 Reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1508 6,467 295 751 5,421 956 820 1945_Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1,459 855 387'29,552 1,034 6,982 5,65315,883 1,126 916 1947—Dec. 31.. 36,04013,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,34"1,053 1958—Dec. 31.. 60,55834,003 15,808 669 518 851 191 8,405 6,930 1,30120,645 ,293 2,370 4,49712,484 4,86- ',047 1959—Dec. 31*. 61,62138,686 15,252 765 580 776 235 3,369 9,251 8,211 98017,292 ,484 645 4,10911,054 4,830 813 1960—June 15.. 59,75039,53415,778 805 511 713 924 3,184 9,036 8,430 14,921 464 365 4,006 100,086 4,623 672 Oct. 3.. 61,14439,82015,864 860 597 738 935 3,083 9,042 8,570 86415,993 ,203 670 4,683 9,437 4,663 668 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 35926,999 630 5,102 4,54416,722 1,3421,067 1947—Dec. 31.. 36,32410,199 3,096 818 23 227 3,827 1,979 2242222,857 480 2,583 2,10817,687 2,0061,262 1958—Dec. 31.. 61,51130,257 8,0802,368 294 268 6 10,806 8,239 77779923,6062,475 2,306 4,49514,330 6,1811,467 1959—Dec. 31*. 64,08233,766 81498 2,321 298 284 11 1,056 11,816 9,491 643$22,5352,381 863 5,75113,540 6,4521,330 1960—June 15.. 65,42736,074 9,211 2,465 308 286 242 1,085 12,22010,286 65221,556 1,329 807 5,92813,493 6,5651,232 Oct. 3.. 66,53336,813 9,218 "2.,567 440 293 361 1,03112,40210,535 6562"1,845 ',913 995 6,59112,347 6,7121,164 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 ,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 12,113344 11,689 608 3,254 6,584 3,283 934 1960—June 15.. 32,49816,972 3,5712,066 134 251 327 6,053 4,591 19711,395 1,073 627 3,265 6,429 3,31" 814 * Estimated. System; these banks (two beginning June 1960) are included in member * For a discussion of revision in loan schedule, see the BULLETIN for banks but are not included in all insured or total banks. Compar ability January 1960, p. 12. of figures for classes of banks is affected somewhat by changes in F ederal * All commercial banks in the United States. These figures exclude Reserve membership, insurance status, and the reserve classificati ons of data for banks in U. S. possessions except for member banks. During cities and individual banks, and by mergers, etc. 1941 three mutual savings banks became members of the Federal Reserve For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 323 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits p. Bal- Dec b o c C m a a l n l a m l k s d s e a a r o n c te f i d al F B s s w e e R e a d r r i n e v e v t - k h e r e s a s l v C a a u s l h t b m a a w d n e n o c i s k t - e t h s i s c s ju p m s o a d a t d e s e n - i - d t d s 6 m D e I s n o d t - t e i e c p r 5 o b s a i F n e ts i k o g r n - G U o .S v . t. p v s S o i u a t l s a i b n i t o t d i d e c n i s a - s l c C c h o a f e e e i f e t n e f c r r c i d s t . d - k i ' - s, p a v n s a p i t I d h i d r n o o t u i d r n c p n a a i o e s s - l - , r s r - - , I b n a t n er k - G P U S i a o n o a . n g s v v d S t s t - a . l v S s p i u i s t o c a i b l a o t i d e l t n - i s s - p a v n s a p t I i h i d d r n o o t i u d r n c p n a a i o e s s - - l , r r s - - , B in o g r s - c C o a t a u a c p n - l i t - s Total: 3 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1958—Dec. 31.... 18,427 3,249 12,609115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 7318,486 1959—Dec. 31.... 17,931 3,012 12,237115,420 13,944 1,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62,718 615 19,556 I960—June 15.... 17,917 3,252 10,999110,025 12,484 1,436 6,414 10,753 3,701 110,429 1,446 259 3,616 63,2902,59020,331 Oct. 3 e... 17,550 3,010 11,530109,190 13,200 1,490 7,310 11,040 3,880 108,850 1,690 260 4,000 65,6101,91020,870 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 6718,154 1959—Dec. 31.... 17,931 2,990 11,969114,563 13,825 1,675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 602 19,206 I960—June 15.... 17,917 3,232 10,737109,249 12,356 1,400 6,396 10,648 3,655 109,788 1,324 259 3,555 63,0612,57319,978 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 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 5415,460 1959—Dec. 31.... 17,932 2,222 7,532 95,274 13,389 1,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 581 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:* 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 1,303 1,027 310 1,536 18,573 988 24 65 3,359 232 3,361 I960—June 15.... 4,054 144 87 15,332 3,149 1,060 1,140 294 1,849 17,754 992 24 95 3,360 980 3,430 Oct. 3.... 4,031 144 78 14,332 3,509 1,108 1,947 307 2,052 16,867 1,140 25 157 3,536 749 3,493 Chicago:* 1941_Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947_Dec. 31 1,070 30 175 3 737 1 196 21 72 285 63 3 853 2 9 902 426 1958—Dec. 31.... 1,058 36 185 4,271 1,314 43 249 302 88 4,746 34 7 7 1,423 3 733 1959—Dec. 31.... 920 33 142 4,171 1,187 43 272 329 105 4,636 23 8 12 1,449 40 762 I960—June 15.... 995 28 109 3,678 1,193 40 335 283 85 4,301 43 4 8 1,401 333 765 Oct. 3.... 1,074 30 117 3,834 1,200 39 530 366 104 4,026 59 4 7 1,458 81 786 Reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947_Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1958—Dec. 31.... 7,472 768 2,670 35,505 7,217 289 1,429 3,153 1,052 38,054 377 124 1,471 19,480 14 5,760 1959—Dec. 31.... 7,532 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 1,229 20,231 238 6,106 1960—June 15.... 7,482 740 2,229 32,873 6,354 272 2,319 2,803 801 36,156 245 80 1,375 19,484 870 6,181 Oct. 3.... 7,148 684 2,130 32,519 6,540 268 2,512 2,904 796 35,240 314 81 1,485 20,209 697 6,343 Country: 1941_Dec. 31.... 2,210 526 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 I960—June 15 826 4,087 18,983 504 49 669 2,449 335 16,533 141 25 848 12,775 87 3,504 2 Beginning with June 30, 1948, figures for various loan items are * Central reserve city banks. shown gross (i.e., before deduction of valuation reserves); they do not 5 Beginning with June 30, 1942, excludes reciprocal bank balances, add to the total and are not entirely comparable with prior figures. Total which on Dec. 31,1942, aggregated $513 million at all member banks and loans continue to be shown net. $525 million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not 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

324 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities Financial institutions Wednesday m i T l n o a e v o n a n e t n d t a s s s t l - 1 j i L m u n a s a o v e n t d a e n e d - n s t d t s s - 2 j L u a s o t d a e - n d s 2 i C n m t a c r d o n i i e a u m a d r l s l - - - A t c u g u r l r a - i l - G U t l a T i o i o o g n . b o S n v a d - - . s t b . d r e o O a c k t l s u e t i e e h e r r r - s i s e s - r G U t l i o i T o o g . b S n v a o - - . s t . oth O c e t s u t i r e h e r s - s i e - r F ei o g r B n - ank c m m D c s o t i i e e m o a c s r - l - - - n s c s P a i a o o a n f N n e n n l i m s e r d - c a o t - s - e i l n tu b t O a i n o t k n h s er e R st e a a t l e l o o A t a h l n e l s r V se t a r i r e o l v u - n e a s panies etc. Total- Leading Cities 1960 Feb. 3 103,273 102,177 66,036 29,941 901 355 1,583 157 1,149 753 1,096 3,775 ,741 12,615 14,507 1,441 10 102,931 101,699 65,918 30,047 903 312 1,492 149 1,151 769 1,232 3,705 ,728 12,610 14,494 1,442 17 103,013 101,597 66,189 30,262 897 247 1,466 141 1,145 764 1,416 3,813 ,727 12,645 14,526 1,444 24 102,759 101,375 66,210 30,162 899 296 1,515 146 1,145 761 1,384 3,832 ,725 12,637 14,537 1,445 1961 Jan. 4 112,555 110,362 70,086 31,793 ,094 1,119 1,724 129 1,172 738 2,193 4,169 ,685 12,503 15,482 1,522 11 110,482 109,068 68,796 31,653 ,097 618 1,542 127 1,168 706 1,414 3,909 ,671 12,493 15,337 1,525 18 110,128 108,781 68,417 31,450 ,084 759 1,440 126 1,158 701 1,347 3,834 ,629 12,492 15,272 1,528 25 108,917 108,417 67,628 31,150 ,082 579 1,385 123 1,163 694 500 3,611 ,619 12,482 15,269 1,529 Feb. 1 110,961 109,651 68,792 31,067 856 1,412 117 1,168 697 1,310 3,573 1,605 12,469 16,276 1,536 8 109,831 108,630 68,110 31,045 ,086 417 1,339 117 1,159 696 1,201 3,502 1,577 12,442 16,264 1,534 15 111,270 109,786 68,651 31,289 1,089 611 1,370 124 1,167 697 1,484 3,525 1,582 12,458 16,274 1,535 110,435 109,213 68,497 31,248 1,083 585 1,411 127 1,166 671 1,222 3,494 1,574 12,463 16,211 1,536 22 New York City 1960 24,565 24,053 17,073 10,285 201 1,019 341 471 512 1,164 394 939 2,629 412 Feb. 3 24,477 23,797 16,901 10,300 174 905 339 480 680 1,131 397 933 2,612 412 10 24,576 23,848 17,000 10,382 112 867 337 479 728 1,214 401 948 2,631 412 17 24,526 23,859 17,059 10,333 172 878 336 487 667 1,253 403 942 2,627 412 24 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 26,474 17,374 10,665 250 949 352 461 458 1,221 313 792 2,756 420 18 26,808 26,341 17,176 10,594 234 851 350 460 467 1,233 311 792 2,738 421 25 26,548 26,190 16,905 10,490 213 822 349 452 358 1,128 305 785 2,749 421 Feb. 1 27,064 26,696 17,309 10,472 501 835 344 452 368 1,128 298 784 2,886 424 8 26,575 26,241 16,910 10,414 213 779 347 452 334 1,102 286 773 2,934 424 15 27,291 26,730 17,159 10,491 320 800 348 450 561 1,139 285 781 2,931 424 22 26,848 26,393 17,033 10,469 269 835 349 420 455 1,111 280 785 2,904 425 Outside New York City 1960 Feb. 3 78,708 78,124 48,963 19,656 891 154 564 125 282 584 2,611 1,347 11,676 11,878 1,029 10 78,454 77,902 49,017 19,747 893 138 587 117 812 289 552 2,574 1,331 11,677 11,882 1,030 17 78,437 77,749 49,189 19,880 887 135 599 110 808 285 688 2,599 1,326 11,697 11,895 1,032 24 78,233 77,516 49,151 19,829 124 637 116 809 274 717 2,579 1,322 11,695 11,910 1,033 1961 Jan. 4 84,790 83,382 52,174 21,092 1,085 684 651 100 819 261 1,408 2,805 1,367 11,716 12,696 1,102 11 83,550 82,594 51,422 20,988 1,088 368 593 101 816 245 956 2,688 1,358 11,701 12,581 1,105 18 83,320 82,440 51,241 20,856 1,075 525 589 101 808 241 880 2,601 1,318 11,700 12,534 1,107 25 82,369 82,227 50,723 20,660 1,073 366 563 99 814 242 142 2,483 1,314 11,697 12,520 1,108 Feb. 1 83,897 82,955 51,483 20,595 1,079 355 577 93 824 245 942 2,445 1,307 11,685 13,390 1,112 8 83,256 82,389 51,200 20,631 1,076 204 560 93 812 244 86' 2,400 1,291 11,669 13,330 1,110 15 83,979 83,056 51,49f 20,798 1,079 291 570 96 819 247 923 2,386 1,297 11,677 13,343 1,111 22 83,587 82,820 51,464 20,779 1,075 316 576 99 817 251 76 2,383 1,294 11,678 13,307 1,111 1 After deduction of valuation reserves. 2 Exclusive of loans to domestic commercial banks and after 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 325 ASSETS AND LIABILITIES OF BANKS IN LEADING COTES— 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- lto After banks banks 1 year 5 years 5 years Total— Leading Cities 1960 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 1,753 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 1,630 490 1,644 16,822 5,127 9,695 17,070 2,783 90 1,165 13,032 3,442 134,935 24 25,525 1,572 475 1,596 16,926 4,956 9,640 16,745 2,752 84 1,260 12,649 3,427 133,752 1961 Jan. 4 30,238 4,018 1,569 2,597 18,016 4,038 10,038 17,435 3,299 124 1,408 12,604 3,953 147,037 11 30,154 3,876 1,572 2,597 18,080 4,029 10,118 16,641 3,018 109 1,459 12,055 4,011 143,118 18 30,270 4,101 1,515 2,600 18,045 4,009 10 094 16 783 2 912 104 1 380 12 387 3 920 142 723 25 30,631 4,423 1,572 2,641 18,031 3,964 10,158 17,205 3,473 123 1,358 12,251 3,965 140,489 Feb 1 30,712 4,463 1,594 2,686 18,020 3,949 10,147 16,412 2,882 110 1,266 12,154 4,058 143,554 8 30,260 4,107 1,581 2,707 17,938 3,927 10,260 16,796 2,629 110 1,279 12,778 3,987 140,550 15 30,747 3,890 1,159 3,896 17,916 3,886 10,388 16 944 3,065 122 1,324 12,433 3,964 146 224 22 30,310 3,667 1,080 3,942 17,771 3,850 10,406 16,700 2,944 122 1,372 12,262 3,864 142,108 New York City 1960 Feb 3 4,841 659 280 125 2,542 1,235 2,139 4,047 56 42 155 3,794 1,391 33,352 10 4,758 597 282 145 2,501 1,233 2,138 4 115 56 40 174 3,845 1,458 33,177 17 4,647 558 99 152 2,936 902 2,201 3,972 69 39 153 3,711 1,436 33,670 24 4,635 584 108 153 2,918 872 2,165 3,823 58 34 162 3,569 1,423 33,609 1961 Jan. 4 6,787 1,324 574 442 3,622 825 2,281 4,138 60 70 233 3,775 1,666 37,810 11 6,789 1,227 628 446 3,657 831 2,311 3,589 63 55 226 3,245 1,766 36,257 18 6,856 1,350 552 441 3,685 828 2,309 3,741 67 52 209 3,413 1,655 36,207 25 6,916 1,405 553 451 3,682 825 2,369 3 970 62 65 200 3,643 1,654 35,730 Feb 1 7,000 1,470 584 464 3,658 824 2,387 3,870 65 54 194 3,557 1,649 37,176 8 6,892 1,376 572 471 3,647 826 2,439 3,981 47 44 193 3,697 1,654 35,540 15 7,063 1,361 446 734 3,712 810 2,508 3 862 67 60 201 3,534 1 678 38,026 22 6,812 1,278 392 724 3,629 789 2,548 3,804 54 61 193 3,496 1,622 36,028 Outside New York City 1960 Feb. 3 21,603 1,342 923 1,593 12,490 5,255 7,558 12,978 2,592 54 985 9,347 2,093 100,898 10 21,359 1,156 906 1,557 12,480 5,260 7,526 12,783 2,588 50 1,038 9,107 2,086 99,916 17 21,066 1,072 391 1,492 13,886 4,225 7,494 13,098 2,714 51 1,012 9,321 2,006 101,265 24 20,890 988 367 1,443 14,008 4,084 7,475 12,922 2,694 50 1,098 9,080 2,004 100,143 1961 Jan. 4 23,451 2,694 995 2,155 14,394 3,213 7,757 13,297 3,239 54 1,175 8,829 2,287 109,227 11 23,365 2,649 944 2,151 14 423 3,198 7 807 13 052 2,955 54 1,233 8,810 2 245 106,861 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 2,190 14,349 3,139 7,789 13 235 3,411 58 1,158 8,608 2,311 104,759 Feb 1 23,712 2,993 1,010 2,222 14,362 3,125 7,760 12,542 2,817 56 1,072 8,597 2,409 106,378 8 23,368 2,731 1,009 2,236 14,291 3,101 7,821 12,815 2,582 66 1,086 9,081 2,333 105,010 15 23,684 2,529 713 3,162 14,204 3,076 7,880 13,082 2,998 62 1,123 8,899 2,286 108,198 22 .... 23,498 2,389 688 3,218 14,142 3,061 7,858 12,896 2,890 61 1,179 8,766 2,242 106,080 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 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 p s a a t o d e e n - s - d d i t 1 s Dom In e t s e - rban F k or- G U o . v S t . . S p s a i t o u c a n l a b t d i e l t - - s C c o a f e e i f n e f r r d i t s d - i ' - p v s a i I d h a r n t u n i d n p d a i e s l - , s r- , I b n a t n e k r- P G U s a o o a . n s v v d t S a - t . . l S p s a i t o u c a n l a b t d i e l t - - s p v s a i I d a h r n t n u i d n p d a i e s - l , 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 co a a u p c n - it t a s l tic eign divi- checks, corpo- ings divi- corposions etc. rations sions rations Total- Leading Cities 1960 Feb. 3 60,616 10,760 1,345 2,607 4,921 2,436 63,727 1,198 145 1,518 28,483 635 1,573 3,546 11,356 10 60,597 10,681 1,347 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 1,365 3,089 4,653 2,280 63,872 ,142 145 1,545 28,469 588 2,082 3,773 11,364 2. 59.744 10,120 1,383 2,886 4,677 2,609 63,279 ,131 146 1,534 28,447 236 2,200 3,743 11,361 1961 Jan. 4 61.058 13,565 1,396 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 1,332 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 1,320 2,042 4,854 2,467 66,098 ,598 139 2,300 30,972 35 1,603 4,868 12,036 25 61,955 12,211 1,323 2,074 4,831 2,385 65,141 ,600 146 2,381 31,017 20 460 4,856 12,044 Feb. 1 60,686 11,669 1,373 3,081 5,079 3,149 64,581 ,610 146 2,393 31,790 142 1,460 4,969 12,112 8 60,224 11,625 1,431 2,314 4,801 2,302 63,057 ,617 140 2,405 31,895 412 1,476 4,946 12,129 15 59,363 12,232 1,416 3,701 4,747 2,997 65,665 ,608 141 2,425 31,948 435 1,777 5,018 12,114 59,389 11,188 1,387 3,810 4,931 2,370 63,197 ,609 143 2,406 32,057 272 1,482 5,132 12,124 22 New York City 1960 15,269 2,963 1,051 761 312 ,321 16,985 884 3,230 22 700 1,673 3,366 Feb. 3 15,098 2,971 1,037 513 282 ,095 16,848 879 3,224 52 1,056 1,768 3,368 10 15,013 2,956 1,054 782 292 ,238 17,169 856 3,216 888 1,765 3,370 17 14,972 2,937 1,072 672 289 ,546 16,974 849 3,206 853 1,763 3,364 24 1961 Jan. 4 15,447 3,543 1,085 1,199 267 ,717 17,704 ,202 27 229 3,657 1,263 2,397 3,520 11 15,251 3,463 1,016 652 247 ,540 17,434 ,200 27 230 3,688 726 2,510 3,524 18 15,318 3,359 1,013 606 340 ,463 17,518 ,204 27 214 3,730 805 2,402 3,526 25 15,687 3,646 1,009 592 274 ,447 17,524 ,204 27 249 3,745 100 2,384 3,529 Feb. 1 15,127 3,334 1,060 947 296 2,143 17,281 ,213 27 250 3,851 20 787 2,424 3,543 8 15,087 3,083 1,120 715 283 1,417 16,717 ,213 25 255 3,887 48 770 2,458 3,549 15 14,807 3,488 1,095 1,015 287 1,895 17,820 ,208 27 254 3,896 35 975 2,479 3,552 22 14,994 3,041 1,086 974 382 1,431 16,935 ,207 27 254 3,934 22 698 2,487 3,550 Outside New York City 1960 Feb. 3 45,347 7,797 294 1,846 4,609 1,115 46,742 314 121 1,458 25,253 613 873 1,873 7,990 10 45,499 7,710 310 1,375 4,470 980 46,642 298 123 1,457 25,260 380 1,026 1,892 7,993 17 44,382 7,612 311 2,307 4,361 1,042 46,703 286 121 1,485 25,253 588 1,194 2,008 7,994 24 44,772 7,183 311 2,214 4,388 1,063 46,305 282 122 1,474 25,241 236 1,347 1,980 7,997 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 Feb. 1 45,559 8,335 313 2,134 4,783 1,006 47,300 397 119 2,143 27,939 122 673 2,545 8,569 8 45,137 8,542 311 1,599 4,518 885 46,340 404 115 2,150 28,008 364 706 2,488 8,580 15 44,556 8,744 321 2,686 4,460 1,102 47,845 400 114 2,171 28,052 400 802 2,539 8,562 22 44,395 8,147 301 2,836 4,549 939 46,262 402 116 2,152 28,123 250 784 2,645 8,574 i Demand deposits other than interbank and U. S. Govt., less cash i terns reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 327 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 a n u o c d o d c r , o , T a l p e e a a p x n t a t h i d r l e e e r l s , , M p m u a r c e e n o t t t d a d s a 3 l - l s ch r P l u e c e a e m b o u n t a b r m i d o l c e , , a - r l, 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 o a 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 t n 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 l f e e l e s r ss c c h l N f a a ie n s e d g s t i e - s ch r w b e a i a a e i p n n a n n n e o d l g g k d k l r ' e l l s t y — - 1959—July 8-Dec. 698 -58 -148 248 26 151 738 480 -31 2,114 1,861 I960—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—Dec 57 -42 97 15 -267 49 118 14 69 120 182 1961—Jan.. -222 -29 -180 88 -75 -244 -25 -32 -18 47 -690 -781 Feb.. -12 116 126 -36 42 -16 42 -119 -12 5 134 98 Week ending: 1960—Dec. 7. -6 -55 -30 -13 -19 -1 -71 2 -200 199 14. 40 c 25 17 8 -22 19 37 21 65 205 233 21. 69 -17 85 52 4 -41 19 118 -11 47 324 348 28. -52 -14 -46 59 15 -184 13 34 2 -36 -209 200 1961— Jan. 4. -14 3 -113 50 -38 -21 63 ~7 35 -105 -138 11. -76 -8 T 49 -4 -55 -12 -43 _4 -6 -162 -140 18. -57 -16 -47 11 -21 -54 3 -11 -6 24 -173 -203 25. -76 -2 -17 -22 -12 -78 5 -41 -1 -6 -250 -300 Feb. 1. 7 21 45 -18 5 -59 16 -37 -7 -16 -43 -83 8. -46 33 3 -13 -3 10 8 -34 5 -45 -22 15. 32 38 60 8 27 12 35 8 1 14 236 244 22. -5 24 17 -13 14 21 -17 -57 -11 14 -14 -41 * Data for a sample of about 200 banks reporting changes in their 70 per cent of those of all commercial banks. larger loans; these banks hold about 95 per cent of total commercial 2 Figures for periods other than weekly are based on weekly changes. and industrial loans of all weekly reporting member banks and about 3 Includes machinery and transportation equipment. BANK RATES ON SHORT-TERM BUSINESS LOANS' [Weighted averages. Per cent per annum] Size of loan Size of loan A an re d a All (thousands of dollars) A an re d a All (thousands of dollars) period loans 1- 10- 100- 200 period loans 10- 100- 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly (cont.): 2 19 large cities: New York City: 1959—Dec. 3 5.19 5.82 5.61 5.41 5.12 1952 3.5 4.9 4.2 3.7 3.3 I960—Mar 5.18 5.81 5.63 5.41 5.10 1953 3.7 5.0 4.4 3.9 3.5 June 5.19 5.81 5,64 5.42 5.10 1954 3.6 5.0 4.3 3.9 3.4 Sept 4.74 5.73 5.45 5.00 4.62 1955 3.7 5.0 4.4 4.0 3.5 Dec 4.77 5.73 5.42 4.99 4.66 1956 4.2 5.2 4.8 4.4 4.0 7 Northern and 1957 4.6 5.5 5.1 4.8 4.5 Eastern cities: 1958 4.3 5.5 5.0 4.6 4.1 1959—Dec. 3 5.39 5.95 5.77 5.50 5.30 1959 5.0 5.8 5.5 5.2 4.9 I960—Mar 5.34 5.95 5.73 5.47 5.24 1960 5.2 6.0 5.7 5.4 5.0 June 5.34 5.94 5.72 5.52 5,24 Sept 4.96 5.90 5.54 5,21 4.81 Quarterly:2 Dec 4.97 5.86 5.52 5.19 4.83 19 large cities: 11 Southern and 1959—Dec. 3 5.36 5.99 5.74 5.54 5.24 Western cities: 1960—Mar 5.34 6.01 5.75 5.50 5.21 1959—Dec. 3 5.56 6.08 5.81 5.64 5.38 June 5.35 6.00 5.76 5.53 5.22 1960—Mar 5.57 6.12 5.83 5.57 5.40 Sept 4.97 5.94 5.58 5.21 4.78 June 5.58 6.10 5.84 5.61 5.41 Dec 4.99 5.90 5.56 5.21 4.82 Sept 5.32 6.04 5.68 5.34 5.10 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, 3V4; 1954—Mar. 17, 3; 1955—Aug. 4, 3V4; schedule of the call report of condition to exclude loans to nonbank Oct. 14, 3i/2; 1956—Apr. 13, 3V4; Aug. 21, 4; 1957—Aug. 6, 4%; 1958— financial institutions. Jan. 22, 4; Apr. 21, 31/i; Sept. 11,4; 1959—May 18, 4%; Sept. 1, 5; and I960—Aug. 23, 414. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 INTEREST RATES MONEY MARKET RATES [Per cent per annum] LF. S. Government Securities (taxable)4 Prime Finance Year, month, or week m 4 m p - c o a e o t n p r o m c t e h i r - 6 a , s l - l c m d 3 o p p i - o m r l a a e n t p o p c c t e e t h a l 6 r d n s y - y 2 , 9 b a 0 a P a 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 a 3 n t - e e m w onth M b y il a i l e s r l k d et on R a 6 n t - e e m w onth M b y il a i l e r s l k d et 9 ( - m B to a i r ll k 1 s e 2 t -mont O h th is e s r u s es 3 is - y s t e u o a e r s 5 6 issue issue yield) 1958 average 2.46 2.12 2.04 1.839 K78 2.09 2.90 1959 average 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 I960 average . 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 I960—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 2.25 2.530 2.50 2.64 2.79 3.51 1961—Jan 2.98 2.78 2.86 2.302 2.24 2.496 2.47 2.63 2.70 3.53 Feb 3.03 2.65 2.78 2.408 2.42 2.601 2.60 2.75 2.84 3.54 Week ending: 1961 Jan 28 2.90 2.71 2.88 2.230 2.17 2.422 2.42 2.66 2.65 3.57 Feb 4 2 93 2 64 2 75 2 299 2.29 2.497 2 49 2.68 2.72 3.57 11 3.00 2.63 2.75 2.374 2.35 2.566 2.55 2.71 2.76 3.56 18 3.00 2.63 2.75 2.462 2.40 2.652 2.59 2.73 2.87 3.56 25 .. 3.09 2.66 2.81 2.496 2.51 2.688 2.68 2.83 2.93 3.48 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 bonds- Stocks 5 State By selected By Dividend/ Earnings/ Year, month, or week United and local3 ratings groups price ratio price ratio ( S l t o a n te g s - Total4 term)2 Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues.... 4-9 20 5 5 120 30 30 40 40 40 14 500 500 1958 average 3.43 3.36 2.92 3.95 4.16 3.79 4.73 3.98 4.39 4.10 4 45 3 97 6.02 1959 average 4.07 3.74 3.35 4.24 4.65 4.38 5.05 4.51 4.75 4.70 4.69 3.23 5.92 1960 average 4.01 3.69 3.26 4.22 4.73 4.41 5.19 4.59 4.92 4.69 4.75 3.46 1960 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 July 3.86 3.73 3.31 4.26 4.74 4.41 5.22 4.61 4.90 4.71 4.70 3.49 Aue 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 1 28 Feb 3.81 3.54 3.14 4.06 4.59 4.27 5.07 4.46 4.82 4.51 4.68 3.13 Week ending: 1961 Jan 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 Feb 4 3 88 3 56 3.16 4 09 4.63 4.30 5.10 4.49 4.85 4.55 4 70 3 14 11 3.84 3.53 3.14 4.05 4.61 4.28 5.07 4.47 4.82 4.53 4 68 3.13 18 3.81 3.53 3.14 4.05 4.60 4.27 5.07 4.44 4.83 4.51 4.67 3.14 25 i-76 3.51 3.12 4.05 4.58 4.25 5.06 4.43 4.83 4.48 4.65 3.12 1 Monthly and weekly yields are averages of daily figures for U. S. 4 Includes bonds rated Aa and A .data for which are not shown sepa- Govt. and corporate bonds. Yields of State and local govt. bonds are rately. Because of a limited number of suitable issues, the number of based on Thursday figures; dividend/price ratios for preferred and corporate bonds in some groups has varied somewhat. common stocks, on Wednesday figures. Earnings /price ratios for common 5 Standard and Poor's Corporation. Preferred stock ratio is based stock are as of end of period. on 8 median yields for a sample of noncallable issues—12 industrial and 2 Series is based on bonds maturing or callable in 10 years or more. 2 public utility. For common stocks, the ratios are based on the 500 3 Moody's Investors Service. State and local govt. bonds include gen- stocks in the price index. Quarterly earnings are seasonally adjusted eral obligations only. at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 329 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- ing4 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 serv- ! rable 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—Feb 83.60 100.4 92.8 55.78 59.60 32.54 44.38 114.1 112.8 119. 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. 70.3 3,479 July 88.12 103.9 94.8 55.84 59.25 30.19 48.02 114.5 111.2 119.0 104.0 95.7 131.0 131.0 68.6 2,694 Aug 88.93 106.7 96.4 56.51 59.96 30.19 48.65 115.6 112.2 119.8 105.1 96.1 132.6 131.8 71.6 2,841 Sept 88.57 106.7 96.8 54.81 57.96 28.76 48.64 112.1 107.6 114.1 101.7 91.5 134.2 127.2 70.1 2,898 Oct 87.50 105.9 96.0 53.73 56.90 27.77 47.34 109.1 104.9 109.4 100.8 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—Jan 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 Feb 88.74 109.7 96.3 62.17 65.71 32.17 55.64 125.4 119.2 121.4 117.3 102.6 156.0 139.8 89.0 4,884 Week ending: 1961—Jan. 28 87.66 108.7 95.8 60.63 64.21 31.64 53.30 123.6 117.5 120.1 115. 100.6 154.4 136.9 87.2 4,380 Feb. 4 87.89 108.7 96.1 62.03 65.63 31.90 55.16 125.5 119.8 122.2 117.6 102.2 155.2 137.0 89.7 4,879 11 88.38 109.4 96.3 61.83 65.35 31.71 55.39 124.0 117.8 119.1 116.7 101.3 154.8 138.1 88.6 4,654 18 88.73 110.0 96.4 61.77 65.27 32.07 55.39 125.4 119.0 121.2 117.0 103.5 156.2 141.3 89.7 4,604 25 89.44 110.7 96.5 62.53 66.07 32.63 56.00 126.7 120.4 123.0 118.0 103.5 157.7 143.0 88.2 5,174 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5l/2 -hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Total- Net debit balances with Bank loans to others (than securities New York Stock Exchange brokers and dealers) for pur- Money borrowed Customers' End of month ] other than firms 2 chasing and carrying securities3 net U. S. Govt. free obligations credit (col. 3 + Secured by Secured by U. S. Govt. Other On On balances col. 5) U. S. Govt. other obligations securities U. S. Govt. other obligations securities obligations seeuritie; 1957—Dec.. 3,576 68 2,482 60 ,094 125 1,706 896 1958—Dec. 4,537 146 3,285 63 ,252 234 2,071 1,159 1959—Dec. 4,454 150 3,280 164 ,174 221 2,362 996 I960—Feb. 4,274 138 3,129 146 ,145 202 2,194 981 Mar. 4,158 117 3,028 136 ,130 161 2,059 988 Apr.. 4,153 113 3,037 135 ,116 185 2,155 940 May. 4,132 130 3,021 139 ,111 208 2,115 970 June. 4,214 106 3,082 135 ,132 162 2,110 1,016 July. 4,133 110 3,004 135 ,129 187 2,042 1,018 Aug., 4,243 111 3,109 140 ,134 173 2,063 1,021 Sept. 4,282 122 3,137 147 ,145 177 2,143 1,059 Oct.. 4,294 111 3,133 136 ,161 161 2,139 1,063 Nov. 4,294 99 3,141 128 ,153 139 2,129 1,062 Dec. 4,406 95 3,222 134 ,184 142 2,133 1,135 1961—Jan.. 4,416 77 3,253 123 ,163 101 1,937 1,269 Feb.. 4,524 68 3,358 127 ,166 94 1,905 1,392 1 Data for cols. 4-7 are for last Wednesday of month. 3 Figures are for weekly reporting member banks. Prior to July 1959, 2 Ledger balances of member firms of the New York Stock Exchange loans for purchasing or carrying U. S. Government securities were recarrying margin accounts, as reported to the Exchange. Customers' debit ported separately only by New York and Chicago banks. Accordingly, and free credit balances exclude balances maintained with the reporting for that period col. 5 includes any loans for purchasing or carrying such firm by other member firms of national securities exchanges and balances securities at other reporting banks. Composition of series also change 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

330 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed Trxtut Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly Others into from exdealers * ( p f a in p a e n r c ) e 2 T ta o l - O bi w 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 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 32,744 840 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 I960—Jan 3,889 664 3,225 1,229 230 193 36 42 124 833 341 337 149 158 245 Feb 4,085 718 3,367 1,240 218 170 48 35 119 868 350 336 193 131 229 Mar 4,320 805 3,515 1,366 250 178 72 33 153 929 364 413 201 144 244 Apr 4,269 888 3,381 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 Sent... 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 1961_Jan 4,949 1,404 3,545 2,029 725 514 210 46 197 1,061 400 677 118 299 535 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 assets— Mortgage loan E o n r d m of o n y t e h ar M ga o g r e t- Other G U o . v S t . . S l a o t n c a d a te l C r o a a n r t p d e o- a C s a se sh ts O as t s h e e ts r s l T u i a a t r o i b n p e t i d l s a l u i l - s Deposits l O ia t t i b h e i s e li r - S c u o a r u c p n - l t u s s commitments2 govt. other i accts. Number Amount 1941 4,787 89 3,592 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. 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 1960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 I960—Jan 24,928 333 6,862 715 4,833 698 565 38,934 34,909 660 3,365 62,285 1,099 Feb 25,044 372 6,851 706 4,824 735 569 39,101 34,959 742 3,400 55,775 1,029 Mar 25 194 412 6 883 709 4 876 776 570 39 420 35 279 722 3,419 55,028 1,008 Apr 25,323 386 6,735 722 4,857 690 575 39,288 35,184 713 3,391 57,916 1.059 May 25,484 446 6,655 699 4,870 732 578 39,464 35,242 799 3,423 54,364 1,042 June 25,653 396 6,562 695 4,927 840 569 39,642 35,463 720 3,459 52,638 ,028 July, 25,812 435 6,514 691 4,965 771 572 39,760 35,484 795 3,481 53,276 1,031 Aug. „ 26 018 449 6,544 686 4,957 765 564 39,983 35,589 878 3,516 56,013 ,090 Sent 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 ,242 Dec . . . 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 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

SAYINGS INSTITUTIONS 331 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date Total Total U S n ta i t t e e s d St ( a l U o te c .S a a . l n ) d Foreign2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r 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 ',370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 ,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 End of month:* 1957—Dec... 101,309 10,691 7,028 2,377 ,286 43,750 40,737 3,013 35,271 3,120 3,872 4,605 1958—Dec... 107,580 11,242 7,182 2.691 ,369 46,420 43,044 3,376 37.092 3,387 4.186 5,253 1959—Dec.r. 113,650 11,599 6,858 3,221 ,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 I960—Jan... 114,202 11,731 7,011 3,197 ,523 49,047 45,330 3,717 39,573 3,688 4,651 5,512 Feb... 114,666 11,755 6,975 3,222 ,558 49,170 45,435 3,735 39,769 3,698 4,709 5,565 Mar... 114,965 11,638 6,808 3,257 ,573 49,298 45,576 3,722 40,011 3,712 4,774 5,532 Apr... 115,394 11,583 6,723 3,278 ,582 49,450 45,708 3,742 40,236 3,721 4,838 5,566 May.. 115,908 11,554 6,661 3,304 ,589 49,725 45,940 3,785 40,439 3,766 4,897 5,527 June.. 116,377 11,468 6,559 3,317 ,592 49,880 46,092 3,788 40,631 3,786 4,957 5,658 July.. 117,005 11,654 6,632 3,421 ,601 50,051 46,223 3,828 40,694 3,809 5,029 5,768 Aug... 117,581 11,650 6,592 3,464 ,595 50,261 46,380 3,881 40,920 3,822 5,085 5,842 Sept... 117,947 11,750 6,586 3,546 ,618 50,299 46,414 3,885 41,099 3,828 5,138 5,833 Oct... 118,544 11,729 6,524 3,579 ,626 50,610 46,669 3,941 41,313 3,834 5,182 5,876 Nov... 119,066 11,788 6,547 3,605 ,636 50,811 46,831 3,980 41,521 3,851 5,225 5,870 Dec... 119,717 11,729 6,444 3,622 ,663 51,010 46,956 4,054 41,798 3,804 5,267 6,109 r Revised. 3 These represent annual statement asset values, with bonds carried on 1 Figures are for all life insurance companies in the United States. an amortized basis and stocks at end-of-year market value. 2 Represents issues of foreign governments and their subdivisions 4 These represent book value of ledger assets. Adjustments for interest and bonds of the International Bank for Reconstruction and Develop- due and accrued and for differences between market and book values ment. are not made on each item separately, but are included in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Tl ot*a l1 JVL ongage End of year U. S. assets—2 Reserves loan or montk g M ag o e r s t- 2 o G b o li v g t a . - Cash Other 3 lia T b o il t i a ti l es S c a a v p i i n ta g l s u I n W d O a i n v vl d id V e W d i9 B m or o r n o e w y e 4 d L p o r a o n ce s s i s n Other c m om en m ts i 5 ttions profits 1941 4,578 107 344 775 6,049 4,682 475 256 (36 n.a. 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 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 I 546 1 411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 ,347 1,430 843 1957 40,007 3 173 2,146 2,770 48 138 41,912 3 363 ,379 1 4R4 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3.845 ,444 ,161 713 ,475 1959r 53,194 4,477 2,183 3,676 63,530 54,583 4,393 I TS7 ,293 874 ,285 I960 60,084 4,586 2,715 4,104 71,489 62,154 4,982 l\X9\ ,183 979 ,360 1959 r—Dec 53,194 4,477 2,183 3,676 63,530 54,583 4,393 2,387 ,293 874 ,285 I960 »•—Jan 53,510 4,673 1,882 3,557 63,622 55,051 4,403 1,925 ,193 1,050 ,316 Feb 53,908 4,738 1,848 3,622 64,116 55,460 4,412 1,811 ,181 1,252 ,378 Mar 54,455 4,716 1,897 3,715 64,783 56,083 4,420 1,685 ,225 1,370 ,482 Apr 55,020 4,714 1,870 3,821 65,425 56,455 4,424 [,722 ,271 [,553 ,560 May. . . . 55,655 4,735 1,950 4,024 66,364 57,085 4,430 1,727 ,325 1,797 ,642 June.... 56,435 4,592 2,279 3,966 67,272 58,301 4,643 1,938 ,372 [,018 ,614 July 57,050 4,559 2,043 3,839 67,491 58,450 4,636 [,811 ,367 1,227 ,647 Aug 57,763 4,532 2,073 3,841 68,209 58,939 4,637 1,833 ,353 1,447 ,635 Sept 58,406 4,533 2,097 3,904 68,940 59,541 4,640 1,882 ,313 1,564 ,559 Oct 59,011 4,553 2,201 3,989 69,754 60,208 4,640 1.868 ,280 1,758 ,509 Nov 59,512 4,589 2,287 4,142 70,530 60,766 4,649 1J919 1,209 1,987 ,451 Dec 60,084 4,586 2,715 4,104 71,489 62,154 4,982 2,191 1,183 979 ,360 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 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

332 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES1 [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Profits In- Profits Cash Undis- Year or before come after divi- tributed Year or quarter taxes taxes taxes dends profits quarter New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1952... 36.7 19.5 17.2 9.0 8.3 1953... 38.3 20.2 18.1 9.2 8.9 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954... 34.1 17.2 16.8 9.8 7.0 1953 .... 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955... 44.9 21.8 23.0 11.2 11.8 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956... 44.7 21.2 23.5 12.1 11.3 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957... 43.2 20.9 22.3 12.6 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1958... 37.7 18.6 19.1 12.4 6.7 1957 14,350 3,609 10,741 9,638 2,584 7,053 4,712 1,024 3,688 1959... 47.0 23.2 23.8 13.4 10.5 1958 14,761 5,296 9,465 9,673 3,817 5,856 5,088 1,479 3,609 1959 . . . 12,751 4,607 8,144 7,150 2,891 4,259 5,601 1,716 3,886 1958—3 38.8 19.1 19.6 12.6 7.0 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 4 3 4 44 5 . . 8 3 2 2 2 2 . . 1 3 2 2 2 2 . . 9 7 1 13 3 . . 8 6 9.3 2 3 3 3 , , 1 2 0 9 1 3 1 1 , , 1 21 6 5 3 2 1 , , 0 93 7 7 7 2 1 , ,8 0 0 5 8 5 7 8 1 4 7 9 1 1 , , 2 0 0 9 6 0 1 1, , 2 2 3 9 8 3 4 3 4 6 6 6 8 8 4 7 7 2 1960—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. 334 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. 334 CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities End of year Net Notes and accts. Notes and accts. Federal or quarter w c o ap rk it i a n l g Total Cash s G U ec o . u S v r . t i . - receivable I t n o v ri e e n s - Other Total payable inc l t i a o a x m - e Other ties G U o . v S t . . 2 Other G U o . v S t. . 2 Other bilities 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 . . 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17 6 29 0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 119.7 246.4 37.3 19.6 2.8 102.1 77.5 7.0 126.7 1.7 81.0 13.0 31.0 1959—3 126.9 262.1 35.5 22.9 2.7 110.6 82.1 8.4 135.2 1.7 85.8 14.4 33.3 4 . 128.8 268.3 37.2 23.5 2.9 112.7 83.6 8.3 139.5 1.7 89.4 15.4 32.9 1960—1 130.7 270.2 33.8 23.4 2.9 113.6 87.2 9.4 139.6 1.8 89.8 14.0 34.0 2 131.2 271.5 34.5 21.7 2.9 115.6 87.4 9.5 140.3 1.8 91.0 13.0 34.6 3 132.5 273.9 35.0 20.3 2.9 118.2 87.8 9.6 141.4 1.8 91.3 .3.4 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- Rail- P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 Quarter Total fa m a i c n n i t n u g d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 ( a a s j l u e n ly a s n t s u e a o a d d n l - road Other ing rate) 1953 28.3 11.9 .0 1.3 .6 4.6 1.7 6.3 1959-4 9.0 3.8 .8 .5 2.9 33.6 1954 26.8 11.0 .0 .9 .5 4.2 1.7 6.5 1955 28.7 11.4 .0 .9 .6 4.3 2 0 7.5 1960—1 7.9 3.3 .7 .2 2.7 35.2 1956 35.1 15.0 2 1.2 .7 4.9 2.7 8.4 2 9.3 4.0 .8 .4 3.0 36.3 1957 37.0 16.0 .'.2 1.4 .8 6.2 3.0 7.4 3 9.0 3.9 .7 .5 2.9 35.9 1958 30.5 11.4 .9 .8 .5 6.1 2.6 7.2 4 9.5 4.3 .7 .6 3.0 35.5 1 1 9 9 6 5 0 9 3 3 2 5 . . 5 7 1 1 4 2. . 1 5 1 1 . . 0 0 1. . 0 9 >. . O 9 5 5 . . 7 7 1:1 8 8. . 4 2 1961—1 4 r 7.7 3.2 .6 .2 2.7 34.4 196H 34.6 14.1 1.0 .6 1.9 6.2 .8 24 8.7 3.8 .7 .5 2.7 33.8 10 r Revised. 3 Includes communications and other. 2 1 I C n o c r lu p d o e ra s te tr a a d n e d , n se o r n v c ic o e r , p f o i r n a a t n e c e b , u s a i n n d e s c s, o n ex st c r l u u c d t i i n o g n . agriculture. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 333 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1959 1960 1955 1956 1957 1958 1959 1 2 3 4 1 2 3 Manufacturing Total (180 corps.): Sales 104,402107,717114,229105,134115,874 29,555 32,452 26,872 26,995 31 573 30 924 28 110 Profits before taxes 14 803 13 418 13,349 10,466 14,013 3,899 4,643 2,440 3 032 4 002 3 544 2 709 Profits after taxes 7,564 7,094 7,177 5,714 7,259 2,016 2,499 1,099 1,645 2 063 1 '813 1 479 Dividends 3,847 4,068 4,192 4,078 4,361 1,033 1,029 1,051 1,247 1,092 1,099 1,102 Nondurable goods industries (79 corps.):1 Sales 36,858 39,463 41,740 41,541 45,718 11,085 11,450 11,414 11,769 11 599 11 663 11 624 Profits before taxes 5,013 5,146 5,010 4,402 5,606 1,376 1,482 1,391 1,356 1,407 1,421 1,401 Profits after taxes 2,814 2,943 2,944 2,574 3,131 769 808 780 775 785 797 793 Dividends . • . 1,588 1,683 1,776 1,785 1,916 459 445 448 564 482 486 480 Durable goods industries (101 corps.):2 Sales 67,544 68,254 72,525 63,593 70,156 18,470 21,001 15,458 15,226 19 974 19 260 16 487 Profits before taxes ... . .... 9,790 8,272 8,339 6,065 8,407 2,523 3,161 1,049 1,675 2,595 2,123 1,309 Profits after taxes 4,750 4,151 4,233 3,140 4,128 1,247 1,692 319 870 1 277 1 016 686 Dividends 2,259 2,385 2,416 2,294 2,445 575 585 603 683 610 612 622 Selected industries: Foods and kindred products (25 corps.): Sales .. 8,632 9 394 9,987 10,707 11,937 2,786 2,947 2,986 3 218 2 821 2 928 2 925 868 955 1,024 1,152 1,275 287 322 340 326 303 338 340 Profits after taxes 414 460 497 555 604 136 153 162 154 142 159 160 Dividends 260 211 289 312 343 85 78 79 100 92 88 100 Chemicals and allied products (21 corps.): Sales 9 584 10 199 10 669 10,390 11,593 2,770 3,054 2,964 2 804 3 057 3 146 3 096 Profits before taxes 1,866 1,804 1,823 1,538 2,133 493 595 550 495 537 '534 492 Profits after taxes 955 942 948 829 1,107 254 302 282 269 276 281 258 Dividends . ... 690 698 737 111 799 180 177 179 264 191 186 186 Petroleum refining (16 corps.): Sales 11,515 12,454 13,463 12,838 13,413 3,447 3,228 3,281 3,458 3,427 3,282 3,387 Profits before taxes . .... 1,344 1,444 1,325 919 1,194 360 300 259 274 307 292 352 Profits after taxes 979 1,068 1,075 791 913 263 220 215 215 238 226 265 Dividends 438 481 512 516 523 133 128 128 134 130 130 128 Primary metals and products (35 corps.): Sales 20,744 22,365 22,468 19,226 20,978 5,621 7,110 3,644 4,603 6 003 5,442 4,939 Profits before taxes 3,267 3,331 2,977 2,182 2,329 821 1,183 -88 413 854 611 413 Profits after taxes . .. .... 1,652 1,727 1,540 1,154 1,127 416 695 -215 231 426 322 225 730 880 873 802 831 201 204 204 221 206 208 210 Machinery (25 corps.): Sales 12,480 13,908 15,115 14,685 16,472 3,853 4,189 4,100 4,331 4,000 4,171 4,015 1,253 1,209 1,457 1,463 1,854 422 504 462 466 389 395 366 Profits after taxes 637 607 729 734 933 212 254 231 237 197 202 186 Dividends 368 403 416 422 461 113 106 123 119 121 119 120 Automobiles and equipment (14 corps.): Sales 24,624 21,217 23,453 18,469 20,593 6,259 6,585 4,624 3,124 7 022 6 516 4 502 Profits before taxes 4,011 2,473 2,701 1,332 2,987 1,012 1,117 356 503 1,076 936 273 Profits after taxes 1,841 1,186 1,354 706 1,470 491 570 155 254 521 457 152 Dividends .. 872 791 805 758 810 184 196 197 233 199 199 207 Public Utility Railroad: Operating revenue 10,106 10,551 10,491 9,565 9,826 2,388 2,633 2,368 2,437 2,411 2,477 2,322 Profits before taxes 1,341 1,268 1,058 843 848 167 310 127 243 165 212 104 Profits after taxes 927 876 737 602 578 99 207 86 186 99 139 65 Dividends 448 462 438 419 403 116 82 78 127 91 94 73 Electric Power: Operating revenue . 8 360 9 049 9 670 10,195 11,102 2,928 2,644 2,685 2 845 3 172 2 841 2,856 Profits before taxes 2,304 2,462 2,579 2,704 2,988 853 682 713 739 901 739 757 Profits after taxes .. 1 244 1 326 1 413 1,519 1,669 469 385 392 422 502 422 418 Dividends 942 1,022 1,069 1,134 1,213 303 302 301 306 325 321 322 Telephone: Operating revenue . 5,425 5,966 6,467 6,939 7,572 1,825 1,891 1,909 1,947 1,967 2,025 2,042 Profits before taxes 1,282 1,430 1,562 1,860 2,153 522 551 537 543 558 585 589 Profits after taxes . • 638 715 788 921 1,073 258 272 268 275 277 290 294 496 552 613 674 743 178 183 190 192 196 200 203 1 Includes 17 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and 2 Includes 27 companies in groups not shown separately. the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Data are obtained primarily Telegraph Company) and for two affiliated telephone companies, which from published company reports. together represent about 85 per cent of all telephone operations. Divi- Railroads. Figures are for Class I line-haul railroads (which account dends are for the 20 operating subsidiaries and the two affiliates. Data for 95 per cent of all railroad operations) and are obtained from reports are obtained from the Federal Communications Commission. of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and Electric Power. Figures are for Class A and B electric utilities (which before Federal income taxes and dividends. For detailed description of account for about 95 per cent of all electric power operations) and are series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 obtained from reports of the Federal Power Commission, except that (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public quarterly figures on operating revenue and profits before taxes are partly utilities); and p. 908 of the BULLETIN for September 1944 (electric power). estimated by the Federal Reserve to include affiliated nonelectric opera- For back data for manufacturing, see pp. 792-93 of the BULLETIN for tions. July 1959; back data for other series are available from the Division of Telephone. Revenues and profits are for telephone operations of the Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Prop a o ll s e c d o r u p s o e r a o t f e n i e s t s u p e r r o s c 6 eeds Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . . 3 a F e c g e r y e a d 4 n l - - S n m a p t i n a c a u d t l i - e - Others Total Total B P l o i u c n b ly d - s v P at r e i- ly 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 m s r t i e i o t e r c i f e e n u - s t offered placed 1953 28,824 13,957 106 5,558 306 8,898 7,083 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 7,488 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 7,420 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 9,957 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 I960 27,576 7 906 1,672 7,230 609 10,159 8 1?? 4,817 3,305 393 1,644 9 936 9,655 8 905 750 282 1959—Dec 1,942 380 86 476 75 926 747 277 470 45 134 907 900 844 56 7 I960—Jan . . 1,958 420 182 696 11 649 524 323 201 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 8 Oct . 1,799 345 160 343 38 '913 '783 '623 160 25 105 '896 '874 '815 '59 '22 Nov 1,985 326 149 496 '6 1,009 '876 518 '357 16 117 '989 '959 '809 150 '30 Dec 1,981 348 181 490 47 915 786 323 463 45 85 900 876 815 61 24 Proposed uses of net proceeds, major grou])s of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l 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- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1953 2,128 90 502 40 553 36 ?,905 67 871 3 1 536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 ,474 14 1 384 21 1 815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 ,605 138 1,294 118 1 014 47 1959 1,941 70 812 28 942 15 3,189 15 707 (9) 1,801 6 I960 2,052 73 798 37 659 40 ,738 50 1,023 1 2 384 81 1959 Dec 164 3 61 60 1 346 72 198 2 I960 Jan 68 5 64 57 1 155 36 196 51 Feb 64 4 101 2 21 245 2 81 203 Mar 185 1 122 5 71 1 198 (9) 69 1 215 6 Apr 171 2 46 56 302 18 52 139 2 May 93 3 69 6 80 144 (9) 37 143 June 252 2 49 1 33 35 362 64 275 9 July 183 1 39 9 48 (9) 127 15 57 274 2 Aug 224 1 50 92 222 161 212 4 Seot . 163 3 47 52 1 302 89 84 3 Oct 191 '5 '65 '6 '28 (9) 183 10 253 154 1 Nov '252 '27 '79 2 '34 r r317 '27 '249 '1 Dec 205 19 67 2 86 1 182 97 240 3 ' Revised. tion and Development, and domestic eleemosynary and other nonprofit 1 Estimates of new issues maturing in more than one year sold for cash organizations. in the United States. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 2 Gross proceeds are derived by multiplying principal amounts or num- of flotation, i.e., compensation to underwriters, agents, etc, and expenses. ber of units by offering price. 7 Represents proceeds for plant and equipment and working capital. 3 Includes guaranteed issues. 8 Represents all issues other than those for retirement of securities. 4 Issues not guaranteed. 9 Less than $500,000. 5 Represents foreign governments, International Bank for Reconstruc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY ISSUES; FEDERAL FINANCE 335 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 new capital Type of issue Type of issuer 2 1Use of proceeds 2 Total Period Special a d m e o li u v n - t Water, 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 3 o s ic - r- F l G o e a o a d n l v e s t r . 4 - State d a s i u t a t s o a t n t h r t r d y u i o c - r t - Others ered 6 Total c E at d i u o - n R br a o i n d a d g d e s s s o u e a t t t i w n h i e l d e s e i- r r h R d i t o n e e i u g a s n l ? s i - - - V a a e n i t d e s' r- p O p o t u s h r e e - s r ity 1953 . ... 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1,119 1954 6 969 3,380 3,205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2 136 1 270 456 162 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 1,464 1957 «7 150 4,795 1,964 66 324 1,508 1,279 4,362 6,568 7,099 2,551 1,041 1 524 299 333 35? 1958 7,832 5,446 1,778 187 420 2,016 1,368 4,448 7,708 7,746 2,644 1,172 1,403 530 339 [,657 1959 7.880 4,766 2,397 333 384 1,609 2,094 4,177 7,415 7,773 2,238 834 1,961 701 355 1,683 1960 7,489 4,636 2,070 403 379 1,094 1,977 4,418 7,021 7,444 2,375 1,005 1,285 686 201 1,892 1959—Dec. 455 380 59 15 125 75 255 431 453 252 16 57 4 1?6 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 J J u u n ly e . . 1,0 5 3 7 1 2 5 3 4 3 7 8 4 1 2 3 1 4 i 9 6 9 3 23 1 2 8 3 1 4 2 2 8 4 4 5 2 7 6 9 5 3 4 2 4 1,0 5 3 7 0 1 2 1 9 4 7 8 5 6 8 8 1 1 8 2 4 3 9 5 5 4 51 3 1 8 3 6 7 Aug. 60 i 347 243 11 73 307 221 495 599 163 231 106 7 92 Sept.. . . 689 494 121 49 25 167 136 385 612 689 196 175 96 65 50 106 Oct 344 268 70 6 4 71 268 '582 339 172 7 65 2 92 Nov.. . 507 340 142 2*> 101 67 339 409 502 176 80 96 12 137 Dec 485 262 97 98 28 38 97 350 449 481 145 43 109 115 68 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, FEBRUARY 28, 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 * Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Mar. 2, 1961 ,506 Aug. 3,1961 500 Feb. 15, 1963 2% 3,971 Dec. 15, 1964-69... 2 Vi 2,559 Mar. 9, 1961 ,601 Aug. 10, 1961 500 Apr. 1,1963 H/S 533 Feb. 15, 1965 2% 6,896 Mar. 16, 1961 ,599 Aug. 17, 1961 500 May 15, 1963 4 1,743 Mar. 15, 1965-70.. .2*6 4,686 Mar. 22, 1961* ,512 Aus. 24, 1961 500 Oct. 1,1963 1% 506 May 15, 1966 3% 1,213 Mar. 23, 1961 ,602 Oct. 16, 1961 1,502 Nov. 15, 1963 4% 3.011 Aug. 15, 1966 3 1,484 Mar. 30, 1961 ,501 Jan. 15, 1962 1,502 Apr. 1,1964 IVi 457 Mar. 15, 1966-71... 2% 2,932 A A p p r r . . 1 6 3 , , 1 1 9 9 6 6 1 1 , , 5 5 0 0 1 1 Certificates M M a a y y 1 1 5 5 , , 1 1 9 9 6 6 4 4 3 4 % y4 4 3 , , 9 8 3 9 3 3 J S u e n p e t. 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . . . . . . 2 2V & i 2 1 , , 7 78 1 6 6 Apr. 15, 1961 ,001 Aug. 15, 1964 5 2,316 Dec. 15, 1967-72... 2U 3,588 Apr. 20, 1961 .502 May 15, 1961 4% 3,674 Oct. 1,1964 \Vi 490 May 15, 1968 3% 1,390 Apr. 27, 1961 ,501 Aug, 1,1961 3^ 7,829 Nov. 15, 1964 4% 4,195 Oct. 1,1969 4 1,424 May 4, 1961......... ,501 Apr. 1,1965 1% 466 Nov. 15, 1974 3% 654 M M a a y y 1 1 8 1 , , 1 1 9 9 6 6 1 1 , ,6 5 0 0 1 0 Tre A a p s r u . r y 1 n , o 1 t 9 es 61 \Vi 144 O M c a t y . 15 1 , , 1 1 9 9 6 6 5 5 4 \ % yi 2,1 1 1 8 3 6 J M u a n y e 1 1 5 5 , , 1 19 9 7 7 5 8 - - 8 8 5 3 . . . . . A 3 V # 4 1, 4 59 7 9 0 May 25, 1961 ,603 May 15, 1961 3% 4,078 Feb. 15, 1980 4 884 June 1,1961 500 Aug. 1,1961 4 2,136 Treasury bonds Nov. 15, 1980 3Vi 643 June 8,1961 500 Oct. 1,1961 li/2 332 June 15, 1959-62... 2 V4 5,262 May 15, 1985 3# 1,134 June 15, 1961 501 Feb. 15, 1962 3*4 9,098 Dec. 15, 1959-62... 21/4 3,449 Feb. 15, 1990 3Vi 2,719 June 22, 1961* 3.504 Feb. 15, 1962 3% 647 Dec. 15, 1960-653..2% 1,485 Feb. 15, 1995 3 2,710 J J u u n n e e 2 29 3 , , 1 1 9 9 6 6 1 1 5 5 0 0 1 0 A Fe p b r . . 15 1 , , 1 1 9 9 6 6 2 2 \V 4 i 1,4 5 3 5 5 1 N Se o p v t . . 1 1 5 5 , , 1 1 9 9 6 6 1 1 2 2 1 y 4 4 2 6 , , 2 9 3 6 9 3 Nov. 15, 1998 3Vi 2,343 July 6, 1961 500 May 15, 1962 4 2,211 June 15, 1962-67... 2 Vi 1.465 Panama Canal Loan.... 3 50 July 13, 1961 500 Aug. 15,1962 4 158 Aug. 15, 1963 2Vi 6,755 J J u u l l y y 2 1 0 5 , , 1 1 9 9 6 6 1 1 1,5 4 0 0 1 0 A O u ct g . . 15 1 , , 1 1 9 9 6 6 2 2 3 IV V4 i 7,3 5 2 9 5 0 D Fe e b c . . 1 1 5 5 , , 1 1 9 9 6 6 4 3 -68... 2^ 3 3 1 . , 8 8 5 2 4 0 Co I n n v v e e r s t t ib m le e n b t o S nd er s ies B July 27, 1961 500 Nov. 15, 1962 334 1,143 June 15, 1964-69... 2^ 2,640 Apr. 1, 1975-80... 2% 5,608 • Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 328. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 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 End of Total gross Con- Special month d g e ro b s t* s d d i e r b e t c 2 t Total Bonds v ib er le t- Sav- Tax issues Total Bills cates 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 257.0 256.9 225.3 165.8 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 (6) 43.9 1956 Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 Dec 275 0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45 8 1958 Dec 283 0 282 9 236 0 175 6 29 7 36.4 26 1 83 4 8 3 52 1 51 2 44 8 1959 Dec . . 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 1960 Feb 290.7 290.6 244.8 189.4 41.2 15.2 48.2 84.8 6.9 48.5 47.8 42.8 Mar . .. 287 0 286.8 240.5 185.4 37.2 15.2 48.3 84.8 6.6 48 4 47.8 43 3 Apr 288 9 288.8 242.9 188.1 37.1 15.2 50.6 85.2 6.5 48.3 47.6 42.8 May 289 5 289 4 242 4 187.7 37 3 17.7 47 6 85 2 6 4 48 2 47 6 43 9 June ... . 286 5 286.3 238.3 183.8 33.4 17.7 51.5 81.3 6.3 48.2 47.5 44 9 July 288.5 288.3 241.1 186.9 36.4 17.7 51.6 81.3 6.2 48.0 47.4 44.2 Aug 288.8 288.7 240.4 186.3 36.4 25.5 42.0 82.3 6.2 48.0 47.3 45.2 Sept 288 6 288.4 240.4 186.4 36.5 25.5 42.1 82.3 6.1 47.9 47.3 45 0 Oct 290.6 290.5 243.1 189.4 39.5 25.5 42 A 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 Feb 290.7 290.5 243.5 189.9 39.9 11.5 58.7 79.8 5.6 47.9 47.3 43.7 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $399 million on Feb. 28, 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 $10,744 million on Jan. 31, 1961. 6 Less than $50 million. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Held by Held by the public Total gross debt U. S. Govt. E m n o d n t o h f in ( a i g n n c t g e lu u e d a d - r- a tr g u e s n t c i f e u s n a d n s d 1 R Fe es d e e r r v a e l Total m C e o rc m ia - l M sav u i t n u g a s l In an su ce r- c O o t r h p e o r - S a t n a d te Individuals i M nv is e c s . s t e i c e u s) ri- Special Public Banks banks 2 banks panies rations govts. Savings Other tors3 issues issues bonds securities 1941 Dec . ... 64.3 7.0 2.6 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945 Dec 278 7 20.0 7.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42 9 21.2 9 1 1947 Dec 257.0 29.0 5.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1952—Dec 267.4 39.2 6.7 24.7 196.9 63.4 9.5 16.0 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 25.9 201.0 63.7 9.2 15.9 21.5 12.7 49.4 15.4 13.2 1954 Dec 278.8 42.6 7.0 24.9 204.2 69.2 8.8 15.3 19.2 14.4 50.0 13.5 13.9 1955—Dec 280.8 43.9 7.8 24.8 204.3 62.0 8.5 14.6 23.5 15.1 50.2 14.8 15.6 1956 Dec 276 7 45.6 8.4 24.9 197.8 59.5 8.0 13.2 19.1 16.1 50.1 15.6 16.1 1957 Dec 275.0 45.8 9.4 24.2 195.5 59.5 7.6 12.5 18.6 17.0 48.2 15.4 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 Dec 290.9 43.5 10.2 26.6 210.6 60.3 6.9 12.3 23.5 17.7 45.9 21.9 22.1 I960—Jan 291.2 42.6 10.6 25.5 212.6 59.1 6.9 12.5 25.4 17.8 45.8 22.7 22.3 Feb ... . 290.7 42.8 10.4 25.2 212.3 57.1 6.9 12.4 26.2 18.0 45.8 23.0 22.9 Mar 287.0 43.3 10.4 25.3 208.0 54.9 6.9 12.2 23.4 18.2 45.7 23.7 22.9 Apr 288.9 42.8 10.4 25.6 210.2 57.0 6.8 12.1 24.1 18.0 45.7 23.2 23.3 May 289.5 43.9 10.5 26.0 209.1 56.2 6.7 12.0 24.7 18.0 45.6 22.9 22.9 June 286.5 44.9 10.4 26.5 204.6 55.6 6.6 11.8 21.7 18.1 45.6 22.6 22.5 July 288.5 44.2 10.6 26.9 206.8 57.7 6.5 11.9 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 Dec 290.4 44.3 10.7 27.4 207.9 62.6 6.3 11.7 19.7 17.0 45.7 21.3 23.7 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 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 337 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 Certifi- Notes M bo a a b n rk l d e e s t 2 - v b e C o r o t n i n b d - l s e Total W 1 i y th e i a n r 1-5 5-10 10 O y v e e a r rs 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 21,731 20,288 Nov. 30 194,584 39,454 18,442 51,226 79,718 5,744 188,840 73,839 70,755 20,029 24,217 Dec. 31 194,695 39.446 18,442 51,284 79,843 5,680 189.015 73,830 72,298 18,684 24,204 U. S. Govt. agencies and trust funds: 1957—June 30 8,554 130 416 1,282 3,664 3,063 5,491 1,138 1,210 295 2,848 1958—June 30 9,477 173 599 1,169 4,703 2,833 6,644 899 1,565 913 3,267 1959—June 30 9,681 86 537 1,389 4,988 2,680 7,001 930 1,679 1,448 2,944 Dec. 31 9,982 260 363 1,700 5,071 2,587 7,394 1,037 1,909 1,882 2,567 1960—June 30 10,246 371 459 1,810 5,136 2,470 7,776 1.070 2,683 2,062 1,961 Nov. 30 10,635 680 469 1,812 5,258 2,417 8,218 1,585 2,459 1,583 2,590 Dec. 31 10,528 591 461 1,771 5,294 2,411 8.117 1,482 2,432 1,602 2,601 Federal Reserve Banks: 1957—June 30 23,035 287 11,367 8,579 2,802 23,035 20,246 681 750 1,358 1958—June 30 25,438 2,703 19,946 2,789 25,438 23,010 1,014 57 1,358 1959—June 30 26,044 2,032 18,650 2,879 2,484 26,044 20,687 3,887 410 1,060 Dec. 31 26,648 2,626 10,508 11,016 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 Nov. 30 27,488 3,172 9,173 12,537 2,606 27,488 15,344 10,694 I 1,179 271 Dec. 31 27,384 3,217 9,082 12,519 2,566 27.384 15,223 10,711 ! 1,179 271 Commercial banks: 1957—June 30 48,734 2,853 2,913 8,984 33,839 144 48,590 12,268 23,500 8,600 4,222 1958—June 30 57,509 3,796 3,331 11,532 38,720 130 57,379 13,431 24,494 14,259 5,195 1959—June 30 53,513 3,563 3,883 12,417 33,531 120 53,394 10,045 31,304 8,233 3,812 Dec. 31 51,945 5,011 2,094 13,172 31,565 104 51,841 11,198 28,778 9,235 2,629 1960—June 30 48,099 2,376 1,832 15,598 28,199 95 48,004 6,546 33,342 | 5,966 2,151 Nov. 30 53,473 6,455 2,326 16,796 27,805 91 53,382 13,956 30,124 6,940 2,362 Dec. 31 54,349 6,976 2,573 16,947 27,763 54,260 14,697 31,596 ! 5.654 2,313 Mutual savings banks: 1957—June 30 7,397 163 114 367 5,655 1,098 6,299 576 1,082 601 4,040 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 1,106 675 4,094 1959—June 30 7,079 175 209 684 5,228 783 6,296 480 1,360 1,700 2,756 Dec. 31 6,773 191 158 4,892 644 6,129 486 1,401 2,254 1,987 I960—June 30 6,489 209 166 1,199 4,607 309 6,181 463 1,720 2,662 1,336 Nov. 30 6,220 152 128 1,192 4,500 248 5,972 472 1,556 1,863 2,082 Dec. 31 6,188 144 143 1,190 4,466 245 5,944 480 1,544 1,849 2,071 Insurance companies: 1957—June 30 10,936 326 136 648 7,277 2,549 8,387 955 1,775 1,022 4,634 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1,650 1,004 5,074 1959—June 30 10,947 503 347 798 7,371 1,928 9,019 1,092 2,085 1,678 4,164 Dec. 31 10,933 416 231 1,074 7,454 1,758 9,175 1,023 2,279 I 2,422 3,450 I960—June 30 10,521 232 165 1,225 7,304 1,595 8,926 595 2.794 3,063 2,475 Nov. 30 10,467 291 154 1,381 7,226 1,415 9.052 909 2,517 2,162 3,463 Dec. 31 10,394 341 145 1,375 7,139 1,393 9,001 940 2.508 2,075 3,477 Other investors: Nonfinancial corporations 3 1960—June 30 11,494 4,579 1,740 1,882 3,284 11,485 8.442 2,871 98 75 Nov. 30 11,631 6,100 1,500 1,797 2,229 11,626 9,078 2,358 116 74 Dec. 31 10,746 5,599 1,331 1,712 2,099 10,741 8,340 2,269 58 72 Savings and loan associations3 I960—June 30 2,480 178 70 495 1,675 2,418 297 947 472 703 Nov. 30 2,496 160 56 506 1,713 2,435 319 851 459 806 Dec. 31 2,515 163 57 510 1,724 2,454 322 858 473 802 All others4 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 1960—June 30 74,299 22,957 4,711 16,263 28,602 1,766 72,533 32,184 22,800 6,229 11,317 Nov. 30 72,173 22,446 4,636 15,205 28,381 1,506 70,667 32,176 20,196 5,728 12,569 Dec. 31 72,591 22,415 4,649 15,260 28,791 1,476 71,115 32.345 20,381 5,794 12,597 i Direct public issues. Holdings of "all others," a residual throughout, include holdings of Data complete for U. S. Govt. agencies and trust funds and Federal all those not reporting in the Treasury Survey, including investor groups Reserve Banks, but for other groups are based on Survey data. Latest not listed separately. data shown are for 6,303 commercial banks, 513 mutual savings banks, 2 Includes minor amounts of Panama Canal and postal savings bonds. and 831 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

338 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period re B c u N e d i e p g t t e s t ] re T P f c u r l e n u u i d s p s : t ts ac I G t L r n t e i a o t o s n r v n s a s t : s - - . 2 E p T r u f q e r t b o o u h c l t m a t e i a s c l l . s 3 : B p tu e u e r n d x e d g - s i e * - t p T P t f e u u e r l n r 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 h l t a i s l e l c s . : t p p o f u a r t o o h b y ( r m e l t - i s ) c , & c ( c o d r r r I e a e i n r a g d a e - s s e e c e e n - t , .) a t i r G n g . N v e o f n . e u v . b t n t & . L y d e s ss: O d n c e a o th b s n e h t - s r b E r i o e n q c ( N r p a g ) u r a s e o a y o h t w l t r s . - : 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 1960.. . 79,517 22,732 3,906 98,287 77,565 22,242 5,114 94,694 3,593 -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 I960.. 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 ,507 965 July-Dec.. 33,575 9,381 2,147 40,784 39,191 10,568 1,465 48,295 7,511 7,329 -856 574 7,615 1960—Jan.-June. 44,188 12,420 2,287 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 1,619 43,993 40,217 10,652 2,183 48,688 4,695 3,410 -184 468 3,124 Monthly: 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 ,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 -348 8,926 311 -338 1,130 -35 -1,433 Sept 8,981 1,406 235 10,146 6,793 1,798 843 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 Dec 7,643 1,400 453 8,586 6,847 1,815 678 7,984 603 -161 -254 77 16 1961— Jan.? 4,846 938 196 5,585 6,470 2,018 1,214 7,274 -1,689 -323 -484 42 119 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 i s n t se T o r H u e t a e s s l i u d d r e y a T c u c 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 obliga- & trust public able Loan tions 6 funds6 debt funds) Accts. Fiscal year—1957.. 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 1,010 1958.. -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 1,121 1959.. -12,427 -1,511 -29 71 1,112 8,363 -23 -4,399 5,350 535 3,744 1,071 I960.. 1,224 -359 -149 1,023 -714 1,625 -4 2,654 8,005 504 6.458 1,043 Semiannually: 1959—Jan.-June., -1,423 -225 203 192 -32 1,784 108 389 5,350 535 3,744 1,071 July-Dec.., -5,617 -1,187 -437 366 911 6,092 -105 233 5,583 504 4,216 863 1960—Jan.-June. 6,841 828 288 657 -1,625 -4,467 101 2,421 8,005 504 6,458 1,043 July-Dec.. -4,888 - 343 54 -492 275 3,886 52 -1,593 6,411 485 5,165 761 Monthly: 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 1961—Jan -1,624 -1,080 423 27 -181 15 -1,582 4,829 588 3,215 1,026 n.a. Not available. p Preliminary. 2 Consists primarily of interest payments by Treasury to trust accounts i Beginning with the October 1960 F. R. Bulletin figures are revised and to Treasury by Govt. agencies, transfers to trust accounts representing to exclude certain interfund transactions from both net budget receipts Budget expenditures, and payroll deductions for Federal employees reand budget expenditures. Figures for calendar 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 339 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period c B e u N i r p d e e t g - s t e 1' t 3 O ag ld e T - ran H s w f i e g a r h y s - to R : r . e - R. fu R r o n e e f d - - s B c T u e r o d i 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 c - o a t M a n i d l f e r r r s e s . - ' ' f t u r n u d st ? f tr 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 1,685 1,008 3,315 Monthly: 1960—Jan 4,867 298 218 16 -16 5,425 860 2,144 564 794 341 722 186 138 Feb 7,237 1,243 264 84 432 9,289 4,835 884 483 954 1,611 522 214 151 1,320 Mar 9,580 1,078 191 50 1,317 12,217 2,541 791 6,192 1,044 1,149 500 258 152 5,064 839 202 17 1,336 7,468 770 3,520 619 945 858 755 248 157 Mw'.'.'.'.'.'. 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 1,276 Dec 7,643 547 240 49 61 8,751 2,591 383 3,331 1,008 596 842 259 164 1961—Jan 4,846 304 223 64 5,537 1,049 2,149 534 918 348 539 n.a. n.a. Budget expenditures9 Major national security Agri- Vet- culture Period Totali'3 a I f n fa t i l r . s Inter- e s r e a r n v s - ' L a a n b d or a a g n r d i- N ur a a t l - m Co er m ce - G er e a n l - Total io M de i f l e it n a s r e y M as il s i i t s a t r - y A en t e o r m gy ic fin a a n n d ce est ic b e e s n a e n - d welfare t c u u r l a - l so r u e r - ces ho a u n s d ing g m ov e e n r t nance fits resources Fiscal year—1957. 68,966 43,270 38,439 2,352 1,990 1,973 7,308 4,793 3,022 4,525 1,297 1,455 1,790 1958. 71,369 44,142 39,062 2,187 2,268 2,231 7,689 5,026 3,447 4.389 1,544 2,109 1,359 1959. 80,342 46,426 41,233 2,340 2,541 3,780 7,671 5,174 4,421 6,529 1,669 3,421 1,606 1960. 76,539 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: 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 94! 1,950 833 1960—Jan.-June 37,348 22,508 20,240 894 1,333 1,183 4,772 2,567 2,333 1,877 772 832 862 July-Dec. 40,217 23,186 21,170 644 1,342 1,068 4,587 2,577 2,225 2,998 1,056 1,870 951 Monthly: 1959—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 3,306 136 222 163 111 421 412 304 104 37 158 May.... 6,073 3; 669 3,331 110 224 196 111 422 390 229 131 149 108 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 Dec 6,847 4,217 3,867 123 222 143 772 438 366 594 146 219 165 4 Consists primarily of (1) mtra-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

340 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 J 1959 1960 1953 1954 1955 1956 1957 1958 2 3 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) To aid home owners, total 2,930 2,907 3,205 3,680 4,769 4,860 5,873 tf,J52 6,735 6,998 7,564 Federal National Mortgage Association 2,462 2,461 2 Ml 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 1 176 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 f { 2 1 6 1 1 2 2 1 1 9 9 1 2 20 1 6 7 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 Department 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 4 219 197 179 249 298 283 331 j 335 323 337 338 Inventories, total 2,515 3,852 4,356 21,375 21,628 20,810 20,821 21,879 21,476 i 21,294 20,832 Commodity Credit Corporation 2,087 3,302 3,747 3,651 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 ic s es Administration • 428 550 609 6,5 20 1 1 7 7,2 1 8 85 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 9 0 3 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 363 421 421 398 398 396 409 408 411 411 418 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 agencies 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 NOTE.—Coverage has changed in some of the periods shown. Berevolving funds included such items. ginning with 1956, changes reflect the expanded coverage and the new 2 Effective Jan. 1, 1957, the production credit corporations were merged classification of activities by type of fund now reported in the Treasury in the Federal intermediate credit banks, pursuant to the Farm Credit Bulletin. Classifications by supervisory authorities are those in existence Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations currently. Where current Treasury compilations do not provide a deof the banks are classified as trust revolving transactions. tailed breakdown of loans, these items have been classified by Federal 3 Less than $500,000. Reserve on basis of information about the type of lending activity involved. 4 Includes investment of the Agricultural Marketing revolving fund in the banks for cooperatives; Treasury compilations prior to 1956 classified this item as an interagency asset. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 341 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties ]Sonfarm Farm End of year h O ol t d h e e r r s 1- to 4-family houses com M m u e l r t c if ia am l p il r y o p a e n r d ties1 or quarter h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - s - S F e a e l g e d e c e n t r e - a d l v I i a d n n u d d a i- ls h A e o r l l s d l - Total F i i n c n i s a a ti l n - - O ho th ld e - r Total F i i n c n i s a a ti l n - - O ho th ld e - r h A e o r l l s d l - t F u in i c t n i i s o a a ti l n n - s - ho O l t d h e e r r s 2 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 1.3 3.4 1952 91.4 66.9 4.0 20.6 84.2 58.5 46.8 11.7 25.7 17.2 8.4 7.3 2 8 4.4 1953 101.3 75.1 4.4 21.8 93.6 66.1 53.6 12.5 27.5 18.5 9.0 7.8 3.0 4.8 1954 113.7 85.7 4.6 23 4 105.4 75.7 62.5 13.2 29 7 19 9 9.8 8 3 3 3 5 0 1955 129.9 99.3 5.2 25.4 120.9 88 2 73.8 14.4 32.6 21.8 10.8 9 1 3 6 5 4 1956 144.5 111.2 6.0 27.3 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957 156.6 119.7 7.5 29.4 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958 171.9 131.5 7.8 32.7 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11.3 4.2 7.1 1959P 191.1 145.4 10.0 35.6 178.8 130.8 109.1 21.7 47.9 31.8 16.1 12.3 4 5 7 8 I960? 206.5 157.6 11.2 37.7 193.4 141.8 118.6 23.2 51.6 34.4 17.3 13.1 4.7 8.4 1959 Mar P 175.9 134.2 8.4 33.4 164.4 120.5 100.6 19.9 43.9 29.3 14.6 11.5 4.3 7.3 June33 . . .. 181.5 138.3 9.0 34.2 169.5 124.3 103.8 20.5 45.2 30.1 15.1 11.9 4.4 7.5 Sept p. 186.7 142.2 9.5 34 9 174.5 128.0 106.8 21.2 46 6 31 0 15.6 12 2 4 4 7 7 Dec.*\ 191.1 145.4 10.0 35.6 178.8 130.8 109.1 21.7 47.9 31.8 16.1 12.3 4.5 7.8 1960—Mar.*> . . 194.4 147.9 10.3 36.2 181.9 133.2 111.1 22.1 48.7 32.3 16.3 12.5 4.5 8.0 June2' 198.5 151.2 10.6 36.7 185.7 136.1 113.6 22.5 49.7 33.0 16.7 12.8 4.6 8.2 Sept.? 202.8 154.6 11.0 37.3 189.8 139.1 116.2 22.9 50.7 33.7 17.0 13.0 4.7 8.3 Dec P 206.5 157.6 11.2 37.7 193.4 141.8 118.6 23.2 51.6 34.4 17.3 13.1 4.7 8.4 P Preliminary. Administration, and Federal land banks, and in earlier years RFC, 1 Derived figures, which include negligible amount of farm loans held HOLC, and Federal Farm Mortgage Corporation. Other Federal by savings and loan associations. agencies (amounts small or separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home NOTE.—Figures for first three quarters of each year are Federal Reserve Loan Bank Board, Institute of Life Insurance, Departments of Agriestimates. Financial institutions represent commercial banks (including culture and Commerce, Federal National Mortgage Association, Federal nondeposit trust companies but not trust departments), mutual savings Housing Administration, Public Housing Administration, Veterans banks, life insurance companies, and savings and loan associations. Administration, Comptroller of the Currency, and Federal Reserve. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings 2 Mutual savings bank holdings3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3 884 900 28 1945 4 772 3 395 856 S2t 4 208 3 387 797 24 1952 ... . 15,867 12,188 3,675 3,012 5,501 2,621 ,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 ,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 . . . 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5 645 1 831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6 551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 ,471 23,263 20,935 5,501 8,361 7,073 2,275 53 1959 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,275 8,589 7 622 2 451 55 1960^ 28,803 20,373 5,844 2,864 11,665 6,780 1,650 26,927 24,240 6,970 9,100 8 170 2 633 54 1959 Mar 426,130 19,020 5,660 3,305 10,055 5,605 [,505 423,638 21,257 5,684 8,435 7,138 2,328 53 June .. 27,060 19,615 5,885 3,230 10,500 5,875 1,570 24,110 21,676 5,915 8,510 7,251 2,380 54 Sept 27,635 20,040 6,045 3,175 10,820 6,010 1,585 24,600 22,126 6 095 8 580 7 451 2 420 54 Dec 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,275 8,589 7 622 2,451 55 I960 Mar.? 28,235 20,300 6,045 3,120 11,135 6,345 1,590 25,410 22,879 6,420 8,731 7,728 2,477 54 Junep 28,470 20,340 5,980 3,030 11,330 6,485 ,645 25,865 23,308 6,573 8,885 7,850 2,504 53 Sept p 528,650 20,375 5,905 2,915 11,555 6,625 1,650 26,425 23,827 6,750 9,060 8,017 2,545 53 Dec P 28,803 20,373 5,844 2,864 11,665 6,780 1,650 26,927 24,240 6,970 9,100 8,170 2,633 54 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

342 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5 529 815 4 714 913 1945 976 6,636 5,860 1,394 4,466 776 1952 . . . 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21 436 6,012 3 560 11 864 1 886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4 643 13 169 2 048 1955 ... . 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30 508 6,627 7 304 16 577 2 481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7 721 18 180 2 584 1958 . ... 5,277 4,839 1,301 195 3,343 438 37,062 34,395 7,443 7,433 19,519 2,667 1959. 5,975 5,479 1,535 199 3,745 496 39,197 36 370 8 273 7 086 21 011 2 827 1960P 6,074 5,600 1,393 303 3,904 474 41,798 38,803 9,043 6,929 22,831 2,995 1959—Dec 670 621 151 35 435 49 39,237 36,411 8,293 7,102 21,016 2,826 1960 Tan 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 2,856 483 443 110 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 Dec . ... 616 561 114 12 435 55 41,798 38,803 9,043 6,929 22,831 2,995 1961 Jan 569 524 167 12 345 45 42,008 39,021 9,134 6,899 22,988 2,987 v Preliminiary. end-of-year figures, because monthly figures represent book value of NOTE.—Certain mortgage loans secured by land on which oil drilling ledger assets whereas year-end figures represent annual statement asset or extracting operations are in process are classified with farm through values, and because data for year-end adjustments are more complete. June 1959 and with "other" nonfarm thereafter. These loans totaled Source.—Institute of Life Insurance; end-of-year figures are from $38 million on July 31, 1959. Life Insurance Fact Book, and end-of-month figures from the Tally of For loans acquired, the monthly figures may not add to annual totals, Life Insurance Statistics. and for loans outstanding, the end-of-December figures may differ from MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) By type of lender Total (without seasonal adjustment) Y m e o a n r th or Total i s N c tr o e u n w c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r t o h r Se a a l s ly on- W sea it s h o o n u a t l in S g a s v - & I a n n su ce r- C m o e m r- - Mutual tion ad- adjust- loan com- cial ings justed i ment2 assns. panies banks banks 1941 1 379 437 581 4 578 1945 1,913 181 1,358 5,376 1941. 4,732 1,490 404 1,165 218 1945. 5,650 2,017 250 1,097 217 1954. 8 969 3 076 3,846 26,108 1,170 4,709 20,229 1955 11,255 3,984 5,155 31,408 1,404 5,883 24,121 1953. 19,747 7,365 ,480 3,680 1,327 1956 10 325 3 699 4,620 35,729 1,486 6,643 27,600 1954. 22,974 8,312 ,768 4,239 1,501 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1955. 28,484 10,452 ,932 5,617 1,858 1958 12,182 4,050 5,172 45,627 2,206 7,077 36,344 1956. 27,088 9,532 ,799 5,458 1,824 1959 15 151 5 201 6 613 5^,194 2,997 7,192 43,005 1957. 24,244 9,217 ,472 4,264 1,429 1960 14 304 4 678 6,132 60,084 3,523 7,211 49,350 1958. 27,388 10,516 ,460 5,204 1,640 1959. 32,235 13,094 ,523 5,832 1,780 1960 1960. 29,341 12,158 ,318 4,520 1,557 Jan 868 291 377 53,510 3,043 7,196 43,271 1959 Feb 975 339 405 53,908 3,085 7,201 43,622 Mar 1,144 405 458 54,455 3,126 7,215 44,114 Dec. 2,485 2,487 963 138 410 152 Apr 1,151 404 461 55,020 3,165 7,214 44,641 May 1 232 435 509 55,655 3,211 7,227 45,217 1960 June 1 397 471 598 56,435 3,255 7,228 45,952 July 1,268 408 569 57,050 3,304 7,233 46,513 Jan 2,487 2,079 777 107 343 115 Aug 1,413 430 651 57,763 3,357 7,229 47,177 Feb 2,430 2,149 859 103 342 104 Sept 1,316 402 591 58,406 3,398 7,225 47,783 Mar 2,441 2,406 983 119 377 104 Oct 1,250 394 545 59,011 3,447 7,216 48,348 2,400 2,366 983 108 382 106 Nov 1,140 332 508 59,512 3,487 7,214 48,811 May 2,446 2,500 ,051 114 402 120 Dec 1 150 367 460 60,084 3,523 7,211 49,350 June 2,427 2,690 ,167 119 415 138 July 2,493 2,528 ,048 116 378 145 1961 Aug 2,488 2,784 ,201 123 406 158 Sept 2,464 2,598 ,097 111 381 145 Jan.p 967 285 400 60,446 3,561 7,194 49,691 Oct 2,451 2,525 ,053 106 372 146 Nov 2,426 2,378 978 97 363 141 Dec 2,338 961 95 361 132 » Preliminary. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Beginning 1958 includes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 343 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 t- Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y g o p e r e s t- i p l m o r i a o m e n v n - s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - y q E e u n a a d r r t o o e f r r Total FHA- VA- t C v io e o n n n a - - l Total m- 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 1952 58.5 25.4 10.8 14.6 33.1 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1953 66 1 28 1 12 0 16 1 38 0 1956 .. 3,461 1 133 1,505 130 692 5 868 3,910 1 948 1954 75 7 32.1 12.8 19.3 43.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88 2 38 9 14 3 24 6 49 3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 99 0 43 9 15.5 28 4 55 1 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 107.6 47.2 16.5 30.7 60.4 1960 .. 6,293 2,197 2,403 711 982 1,985 1,554 428 1958 117 7 50 1 19 7 30 4 67 6 1959P 130 8 53.8 23.8 30 0 77.0 I960 Jan 514 221 196 19 78 195 148 47 I960? 141.8 56.4 26.7 29.7 85.4 Feb 464 198 170 28 68 170 133 36 Mar 463 193 168 35 67 173 137 36 1959—Mar.*\... 120.5 51.3 20.9 30.4 69.2 Apr . ... 433 172 163 22 76 153 123 29 June*1 124.3 52.1 21.8 30.3 72.2 May 456 155 167 45 88 155 124 31 Sept.*... 128.0 53.1 22.9 30.2 74.9 June . 539 170 195 71 103 175 143 32 Dec* 130.8 53.8 23.8 30.0 77.0 July 509 162 200 59 88 160 126 34 Aug 615 189 228 97 100 181 139 41 I960—Mar.*.... 133.2 54.5 24.6 29.9 78.7 Sept 613 192 233 119 68 169 132 37 June*7.... 136.1 55.0 25.2 29.8 81.1 Oct 573 196 237 46 94 162 125 36 Sept.**.... 139.1 55.8 26.0 29.8 83.3 Nov 558 181 223 78 77 150 113 37 Dec.p 141.8 56.4 26.7 29.7 85.4 Dec 558 167 223 92 76 142 109 33 1961 Jan 564 186 224 89 65 130 101 28 v Preliminary. tal debt outstanding, 1 * Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Sources.—Federal Home Loan Bank Board, Federal loans in amounts of more than $1,000 need be secured. Housing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans amounts by type are derived from data on number and average amount of loans closed. Sources.— Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY * FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' ind of year ( p d e u r r io in d g ' m m e i n t- ts Year or month va A n d c - es R m e e p n a t y s - a d n e d m t a i n m d e or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s e - - d Total t S e h rm or * t L te o r n m g 2 - deposits 1945 278 213 195 176 19 46 1952 2 242 320 1 922 538 56 323 1953 728 640 952 634 317 558 1953 2,462 621 1,841 542 638 1954 734 818 867 612 255 802 19M 2,434 802 1,632 614 "PS 476 1955 1,251 702 1,417 991 426 698 1955 2,615 901 1,714 411 6? 76 1956 745 934 1,228 798 430 683 1956 3,047 978 2,069 609 S 360 1957 1,116 1 079 1,265 731 534 653 1957 3,974 1,237 2,737 1,096 3 764 1958 1,364 1,331 1,298 685 613 819 1958 3,901 1,483 2,418 623 48? 1,541 1959 2,067 1 231 2,134 1,192 942 589 1959 5,531 2,546 2,985 1,907 5 568 1960 1,943 2,097 1,981 1,089 892 938 1960 6,159 3,356 2,803 1,248 357 576 I960—Feb... 58 169 1,628 963 665 488 I960 Tan 5,508 2,621 2,887 110 115 600 Mar.. 88 196 1,520 858 662 534 Feb 5,577 2,713 2,864 138 49 601 Apr... 155 117 1,558 828 731 571 Mar 5,693 2,821 2,873 162 580 May.. 112 96 1,574 827 747 590 Apr 5,785 2,905 2,880 126 12 588 June.. 290 94 1,770 932 838 736 May 5,827 2,997 2,830 129 67 561 July.. 173 269 1,674 922 751 682 June 5 827 3,042 2,784 74 50 592 Aug.. 168 146 1,696 967 729 730 July 5,918 3,121 2,797 113 3 569 Sept.. 160 121 1,736 1,002 734 737 Aug 5,991 3,185 2,806 96 584 Oct... 133 134 1,735 986 749 762 Sept 6,050 3,240 2,810 84 1 584 Nov.. 125 119 1,741 976 765 788 Oct 6,106 3,293 2,812 79 1 571 Dec... 344 104 1,981 1,089 892 938 Nov 6,143 3,333 2,810 69 9 575 6,159 3,356 2,803 69 27 576 1961—Jan... 90 500 1,571 C888 683 959 Feb... 100 176 1,496 822 674 978 1961 Tan 6,154 3,357 2,797 56 33 564 c Corrected. 1 Operations beginning with Nov. 1, 1954, are on the basis of FNMA's 1 Secured or unsecured loans maturing in one year or less. new charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. Data ex- one year but not more than ten years. clude conventional mortgage loans acquired by FNMA from the RFC Source.—Federal Home Loan Bank Board. 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

344 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 m p 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 i 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 S2,119 39,852 16,549 10,476 2,784 10,043 12,267 4,144 5,104 3 019 I960 56 049 43,281 17.866 11,215 3,008 11,192 12 768 4,311 5 187 3 270 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 Mav. 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 ^ 6 049 43,281 17,866 11 215 3,008 11 192 12 768 4 311 5 187 3 270 1961—Jan.. 55,021 42,782 17,611 11,050 2,967 11,154 12,239 4,314 4,599 3,326 * 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. p•pp.. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17. 2 Represents repair and modernization loans held by financial institu- RRe^evised 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. 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 institutioni Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t f s i C c u n o o a m m n n e c - - r e Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u o u r r r n e e i s - H a h a p o n o p u c l l s d e i e - - d m A ea o u l b e to i r l s - e 3 Other panies^ stores 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1 052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1,511 ,044 365 487 1,101 1956 31,897 27,154 11,777 9,100 2,014 3,056 1,207 4,743 1,408 ,187 377 502 1 269 1957 34,183 29,515 12,843 9,573 2,429 3,333 1,337 4,668 1,393 ,210 361 478 1,226 1958 34 057 29 074 12,780 8,740 2,668 3,384 1.502 4,983 1 882 ,128 292 506 1 175 19594 39,852 34,176 15,227 10,145 3,280 3,774 ,750 5,676 2,292 ,225 310 481 1,368 I960 43,281 37,502 16,398 11,134 3,906 4,212 ,852 5,779 2,401 ,189 292 513 J.384 I960 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 1,264 Mar 40,020 34,764 15,440 10,357 3,381 3,821 ,765 5,256 2,098 1,144 294 487 I 233 Apr 40,651 35,431 15,711 10,604 3,471 3,872 1,773 5,220 2,050 1,135 290 496 I 249 May 41,125 35,902 15,911 10,744 3,537 3,902 1,808 5.223 2,054 1,125 290 503 1,251 June 41 752 36 481 16,145 10,945 3,626 3,957 1,808 5,271 2,073 1,132 291 512 I 263 July 42,050 36,857 16,239 11,062 3,679 4,049 1,828 5,193 2,020 ,124 290 516 I 243 Aug 42,378 37,199 16,362 11,142 3,754 4,099 1,842 5,179 2,012 1,132 290 520 1,225 Sept 42,517 37,318 16,416 11,154 3,795 4,111 1,842 5,199 2,049 1,129 291 519 1,211 Oct 42 591 37,330 16,408 11,147 3,833 4,097 1,845 5,261 2,103 1,130 290 518 I 220 Nov 42,703 37,368 16,402 11,141 3,870 4,107 1.848 5,335 2,155 1,140 288 517 235 Dec 43,281 37,502 16,398 11,134 3,906 4,212 1,852 5,779 2,401 .189 292 513 .184 1961—Jan 42,782 38,186 17,261 11,030 3,860 4,179 1,856 4,596 1,342 1,151 286 504 1,313 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 345 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 i - r - s l P o o a e n n r a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r s r r m i R z l o 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 I960—Jan.. 10,168 7,305 1,922 36 905 I960 Jan 15,366 4 817 2,535 2,781 2 028 3,205 Feb.. 10,276 7,342 1,982 37 915 Feb 15,433 4,845 2,561 2,777 2,024 3,226 Mar. 10,357 7,407 1,988 39 923 Mar 15,440 4,900 2,609 2,655 2,023 3,253 Apr. 10,604 7,538 2,096 42 928 Apr . .... 15 711 5 004 2,675 2,662 2 045 3,325 May. 10,744 7,631 2,132 45 936 May 15,911 5,088 2,726 2,667 2,075 3,355 June 10,945 7,767 2,175 49 954 June . . . 16,145 5,195 2,765 2,684 2,105 3,396 July. 11,062 7,822 2,225 52 963 Julv 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 1961—Jan 17,261 5,196 2,757 3,683 2,131 3,494 1961—Jan.. L030 7.555 2,412 i i 999 1 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 outsianding, in millions of dollars] Singlepayment Charge accounts 1939 E o n r d m o o f n y t e h ar i c T m n r o s 7 e e t 8 t d n a a 9 i l t l t - m A pa o u p b 8 t e o i 1 l r - e s g O p c u o a t o m o p h 2 n d e e e 4 - r r s r m i R z lo o a e a n a d p ti 1 n d e a o 5 s r i n r n- s l P o o 6 a e n 6 r n a 9 - s l E o n r d m of o n y t e h ar . c T m r o e e • t d z n a i t t l b C m c a o i n e a m r k l - l s - oan t O f u i s i n c t n t i i s h a o a t e n l i n - r - s st m p D o a e r e r e n t - s - t i o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 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 [,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 1960 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 I960—Jan 8,798 1,382 757 705 5,954 19593 12,267 3,582 562 958 3^753 393 Feb 8,867 1,396 768 711 5,992 1960 12,768 3,737 574 941 3,801 445 3*270 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 May .... 9,247 1,483 820 745 6,199 Feb.. . 11,397 3,549 580 685 3,034 385 3,164 June 9,391 1,516 844 751 6,280 Mar... 11,278 3,556 635 622 2 917 388 3,160 July 9,556 1,536 860 763 6,397 Apr.. . 11,702 3,627 599 656 3^206 383 3,231 Aug 9,695 1,565 874 774 6,482 May. . 11,866 3,631 682 646 3,305 391 3,211 Sept 9,748 [,579 885 779 6,505 June.. 11,910 3,682 612 633 3,382 408 3,193 Oct 9,775 ,591 882 780 6,522 July... 11,759 3,663 602 584 3,295 432 3,183 Nov 9,825 ,606 880 784 6,555 Aug... 11,714 3,656 620 584 3,236 457 3,161 Dec 9,970 I 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 1961—Jan 9,895 ,599 863 772 6,661 Nov... f1,923 3,711 590 709 3,326 428 3,159 Dec... 12,768 3,737 574 941 3,801 445 3,270 i Includes data for Alaska and Hawaii, beginning with January and 1961—Jan 12,239 3,740 574 805 3,346 448 3,326 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

346 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 ti o 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 1,261 8,866 1955 39,039 16,745 10,634 1,388 10,272 1956 40,175 15 563 11 702 1 568 11,342 1957 42 545 16,545 11,747 1,660 12,593 1958 40,789 14,316 11,638 1,861 12,974 19591 49,045 17,941 13,837 2,201 15,066 1960 50,343 17,839 14,226 2,058 16,220 I960 Jan . 4,160 3,592 J 454 J 96Q J 997 1,023 158 127 J T?1 1,173 Feb 4,197 3,763 1,534 ,424 ,171 061 178 149 [,314 1,229 Mar 4,259 4,238 1,591 1,629 1,178 1,089 177 167 1,313 1,353 Apr 4,499 4,509 1,636 1,692 ,266 1,202 182 179 [,415 1,436 May 4,255 4,375 1,558 1,658 1,170 1,183 190 203 [,337 1,331 4 313 4,615 I 538 I 733 248 I 267 186 198 I 341 1 417 July ... . 4,214 4,156 ,417 [,473 ,168 1,085 176 183 1,453 1,415 Aug 4,072 4,365 1,422 1,570 1,112 1,165 180 202 358 1,428 Sept 4,125 4,010 [,422 1,372 16? ,173 164 177 l|377 1,288 Oct 4,108 4,012 [,460 1,407 1,165 ,207 160 172 1,323 1,226 Nov 4,134 4,067 1,482 1,364 1,159 [,217 160 163 1,333 1,323 Dec 4,007 4,641 325 248 1,200 654 147 138 1,335 1,601 1961—Jan 3,869 3,473 1,239 1,130 1,185 1,012 140 117 1,305 1,214 Repayments 1954 30 488 11 833 9 145 J 955 8,255 1955 33,649 13,082 9,'751 1,315 9,501 1956 37,236 14,576 10,756 1,362 10,542 1957 40,259 15,595 11,545 1,466 11,653 1958 40,915 15,488 11,497 ,623 12,307 19591 43,407 15 698 12 307 751 13,651 I960 46,914 16,522 13,487 .834 15,071 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 J 084 1,093 146 146 1,205 1,160 Mar 3 777 4,003 342 t 429 081 [,151 151 156 1,203 1,267 Apr 3,935 3,878 1,379 1,348 ,111 1,113 150 148 1,295 1,269 May 3 911 3 901 [ 402 I 397 126 I 125 153 152 1 230 1,227 June 3,934 3,988 ,392 1,409 ,135 1,144 155 158 1,252 1,277 July 3,997 3,858 1,385 1,335 ,148 1,095 155 154 1,309 1,274 3,918 4,037 1,388 1,443 123 1,140 156 161 1,251 1,293 Sept 3,958 3,871 ,375 1,371 ,141 1,107 149 151 1,293 1,242 Oct 3 994 3,938 417 [,436 147 ,125 160 160 1,270 1,217 Nov 3 946 3 955 [ 397 389 119 127 158 156 1,272 1,283 Dec 3,931 4,063 356 34Q 156 154 153 150 1,266 1,410 1961—Jan 3,972 3,972 1,387 1,385 1,154 1,177 159 158 1,272 1,252 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 19591 5 795 2 312 1 553 4^7 1 473 1960 3 429 1 317 739 224 1 149 1960 Jan 312 -114 95 -30 111 -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 Aug 154 328 ^4 127 -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 1961—Jan -103 -499 -148 -255 31 -165 -19 -41 33 -38 1 Extensions and repayments include current data for Alaska and A discussion of the composition and characteristics of the data and Hawaii beginning with January and August 1959, respectively. The a description of the methods used to derive the estimates are shown differences between extensions and repayments do not equal the changes in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment in outstanding credit for 1959 because the differences do not reflect the credit extended and repaid are based on information from accounting effect of the introduction of outstanding balances for these two States. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except as indicated in note 1. loans, repurchases and resales of instalment paper, and certain other NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of transactions may increase the amount of both credit extended and credit the BULLETIN for October 1956; for 1955-59, in the BULLETIN for repaid without adding to the amount of credit outstanding. December 1957, pp. 1420-22, November 1959, p. 1418, and December 1960, pp. 1406-09. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 347 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r t it f u i t n i a o n n c s ial Retail outlets Year or month Adjusted U ju n s a te d d - Adjusted U ju n s a te d d - Adjusted U ju n s a te 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 I9571 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 1960 Jan , 4,160 3,592 1,488 1.368 915 802 1.064 920 693 502 Feb 4,197 3,763 1,537 ,419 971 860 ,075 ,004 614 480 Mar 4,259 4,238 1,513 1.539 972 967 [,090 116 684 616 Apr 4,499 4,509 1,545 1,632 1,028 1,008 1,175 ,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 ,128 185 708 722 July 4,214 4,156 1,437 1,458 894 955 1,233 ,201 650 542 Aug 4,072 4,365 1,442 1,560 894 989 I 129 192 607 624 Sept 4,125 4,010 1,470 1,430 888 879 1,118 051 649 650 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 I 078 1093 643 717 Dec 4,007 4,641 1,399 1.370 847 865 077 1 302 684 1,104 1961 Jan.i 3,869 3,473 1,373 1,321 800 737 1,028 928 668 487 Repajmients 1954 30,488 11,469 7,043 6 511 5,465 I955 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 I9591, 2 43,407 15,560 9,623 10,943 7,281 I960 46,914 16,692 10,241 12,197 7,784 I960 Jan 3,848 3,706 1,412 1,350 829 779 973 926 634 651 Feb 3,765 3,716 1,355 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 1,047 1,018 650 658 May 3,911 3,901 1,411 1,416 850 843 985 990 665 652 June 3,934 3,988 1,400 1,424 849 849 1,024 1,041 661 674 July 3,997 3,858 1,395 1,364 867 838 1,075 1,036 660 620 Aug 3,918 4,037 1,376 1,437 870 909 1,027 1,053 645 638 Sept 3,958 3,871 1,388 1,376 877 867 1,044 998 649 630 Oct 3,994 3,938 1,445 1,427 868 887 1,021 984 660 640 Nov 3,946 3,955 1,411 1,391 876 878 1,027 1,043 632 643 Dec 3,931 4,063 1,376 1.374 853 872 1.034 1,157 668 660 1961—Jan.i. . 3,972 3,972 1,433 1,434 855 841 1,011 1,003 673 694 Net increase or decrease ( —) in credit outstanding 3 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 4S5 315 19591, 2 5,795 2,447 1,405 1,250 693 I960 3,429 1,171 989 ,166 103 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 M^ay 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 11 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 74 Dec 76 578 23 -4 -6 -7 43 145 16 444 1961 Jan 1 -103 -499 916 863 -55 -104 17 -75 -981 -1,183 1 Data on extensions and repayments have been adjusted to avoid the BULLETIN for October 1956; for 1955-59, in the BULLETINS for duplication resulting from large transfers of other consumer goods paper. December 1957, pp. 1421-22, November 1959, p. 1419, and December As a result, the differences between extensions and repayments for some 1960, pp. 1406-09. types of holders do not equal the changes in outstanding credit. A discussion of the composition and characteristics of the data and 2 Extensions and repayments include current data for Alaska and a description of the methods used to derive the estimates are shown Hawaii beginning with January and August 1959, respectively. The differences between extensions and repayments do not equal the changes in outstanding credit for 1959 because the differences do not reflect the effect of the introduction of outstanding balances for these two States. 3 Obtained by subtracting instalment credit repaid from instalment credit extended, except as indicated in notes 1 and 2. NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49= 100 [Seasonally adjusted] Annual average 1960 1961 Grouping 1959 1960 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. INDUSTRY GROUPINGS Total index. 159 164 168 166 166 165 167 166 166 165 162 161 159 '156 155 Manufacturing, total. 158 163 168 166 165 164 166 165 165 163 161 160 157 154 153 Durable 165 169 180 178 175 172 174 173 173 169 166 164 159 156 155 Nondurable 155 160 159 157 158 159 161 163 163 162 159 160 158 '156 155 Mining 125 127 129 126 126 129 127 128 128 129 127 128 129 '129 129 Utilities 268 280 281 288 287 284 288 290 293 295 291 290 -291 291 Durable Manufactures Primary and fabricated metals. 125 128 148 143 139 133 131 126 124 122 119 118 111 108 109 Primary metals 114 115 147 140 135 126 119 112 108 106 102 100 94 '88 92 Iron and steel 107 110 149 142 136 125 115 105 100 94 90 91 85 80 83 Fabricated metal products 142 145 148 148 145 142 147 148 148 147 144 144 138 137 135 Structural metal parts 150 155 156 155 153 151 156 158 160 160 157 156 151 145 Machinery and related products... 197 205 212 211 209 206 211 207 209 206 204 201 197 r194 190 Machinery 169 174 180 ill 178 175 178 178 180 176 173 167 167 466 166 Nonelectrical machinery 141 145 148 147 147 145 147 148 152 146 143 142 140 '137 135 Electrical machinery 212 222 232 227 227 225 228 226 226 223 222 208 211 214 215 Transportation equipment 228 238 251 250 243 239 249 237 237 237 237 240 226 219 208 Motor vehicles and parts 147 168 186 184 173 169 176 176 166 167 168 170 151 143 129 Aircraft and other equipment.. 390 368 365 366 371 368 383 347 372 367 368 371 373 '369 368 Instruments and related products. 209 221 220 218 220 218 222 224 226 227 220 220 221 '216 216 Ordnance and accessories Clay, glass, and lumber 143 139 143 143 138 143 142 144 145 139 137 135 132 r129 130 Clay, glass, and stone products. 159 158 158 159 153 159 160 164 165 162 157 157 155 148 146 Lumber and products 125 118 127 126 122 126 122 120 122 113 114 111 105 '106 111 Furniture and miscellaneous. 147 153 153 152 152 154 157 158 158 155 150 151 149 r145 143 Furniture and fixtures 164 171 173 171 166 174 177 111 177 173 169 168 167 '163 159 Misc. manufactures 133 138 136 136 139 138 140 143 143 141 134 138 135 '130 130 Nondurable Manufactures Textile, apparel, and leather products. 136 136 138 135 136 137 140 141 140 138 133 133 131 '127 124 Textile mill products 126 121 124 124 123 122 126 128 126 124 118 116 113 109 109 Apparel products 153 159 157 155 158 161 162 162 163 161 155 156 156 P152 143 Leather and products 119 113 119 110 111 111 116 116 115 116 109 113 112 108 Paper and printing 154 160 159 755 157 158 160 160 161 161 161 161 160 159 159 Paper and products 170 172 176 173 171 173 174 172 173 111 173 112 168 '168 171 Pri N n e ti w ng sp a a n p d e rs publishing. 1 1 4 3 3 5 1 14 5 1 2 1 1 4 3 8 9 1 1 4 3 8 7 1 1 4 3 7 6 1 1 4 3 8 9 1 1 5 4 2 2 1 14 5 3 2 1 1 5 4 3 2 1 14 5 1 3 1 1 5 4 3 0 1 1 5 4 4 2 1 14 55 1 1 13 5 9 2 1 13 5 6 2 Chemical, petroleum^ and rubber products 215 224 219 220 233 232 229 224 223 r221 '218 216 Chemicals and products 240 255 250 248 251 256 258 263 263 260 254 255 '252 r251 252 Industrial chemicals 298 320 314 311 317 318 322 331 331 330 320 314 '318 314 Petroleum products 158 161 157 153 154 161 161 167 172 168 167 164 162 r158 "i58* Rubber and plastics products 199 200 206 204 201 201 205 214 204 201 194 192 '191 184 Foods, beverages, and tobacco 128 132 131 129 130 130 132 132 132 132 132 133 131 132 132 Foods and beverages 128 132 131 130 130 131 132 132 132 132 132 134 131 '133 132 Food manufactures 131 134 134 132 133 133 134 134 134 135 135 136 134 135 135 Beverages 117 120 120 117 117 117 122 122 122 120 122 123 119 120 Tobacco products 127 130 130 123 129 133 131 131 126 130 130 131 133 131 Mining Coal, oil, and gas 122 122 125 122 121 122 121 122 122 123 121 122 124 122 122 Coal 68 67 15 69 71 11 71 64 64 65 64 66 63 '67 64 Crude oil and natural gas. 147 147 148 146 144 145 143 148 149 149 148 148 151 '148 148 Oil and gas extraction.. 145 146 146 145 144 145 143 148 148 149 147 147 150 147 147 Crude oil 135 135 135 134 133 133 132 137 137 138 136 136 139 135 134 Gas and gas liquids.. 210 227 223 229 226 222 226 Oil and gas drilling 159 145 159 146 136 138 144 145 143 144 144 147 152 148 154 Metal, stone, and earth minerals. 146 163 153 157 159 172 170 167 167 167 162 160 163 168 175 Metal mining 107 133 119 131 143 146 142 133 130 133 127 121 131 147 153 Stone and earth minerals 188 194 188 183 175 199 198 201 205 202 197 201 195 188 197 Utilities Electric. 270 289 279 280 288 286 284 289 291 296 297 293 291 290 Gas 265 287 289 292 291 290 289 SUMMARY MARKET GROUPINGS Final products, total 162 169 170 167 167 168 171 171 170 169 168 16S 166 164 162 Consumer goods 155 162 164 160 160 162 164 165 164 162 161 162 159 158 156 Equipment, including defense. 188 195 195 194 196 194 197 196 198 195 195 195 193 191 189 Materials 157 160 167 166 164 163 162 161 161 159 157 156 153 150 149 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 349 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Without seasonal adjustment] A av n e n ra u g a e l 1960 1961 Grouping 1959 1960 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. INDUSTRY GROUPINGS 159 164 168 169 168 167 166 157 162 164 166 161 154 755 755 757 755 167 755 755 755 755 750 752 755 759 151 752 Durable 165 169 181 181 179 175 174 172 160 160 165 168 162 '157 155 Nondurable 155 160 156 158 158 161 161 162 153 165 164 167 160 '149 153 Mining 125 127 128 127 126 128 128 129 124 130 129 129 128 127 128 Utilities . .. . .. 268 Durable Manufactures Primary and fabricated metals 725 725 149 147 144 735 737 727 773 775 720 720 113 '705 770 Primary metals 114 115 150 148 143 132 121 114 93 98 99 102 95 86 94 Iron and steel 107 110 152 148 143 129 116 106 87 89 90 93 85 78 86 Fabricated metal products 142 145 146 146 144 142 145 146 143 148 151 148 141 '137 H4 Structural metal carts 150 155 156 154 153 150 154 157 154 158 159 159 155 152 144 797 205 216 277 215 209 210 206 195 755 799 204 207 197 795 Machinery 169 174 181 182 183 178 177 178 168 169 174 170 169 '167 166 Nonelectrical machinery 141 145 150 152 153 149 149 149 145 139 141 140 137 '138 138 Electrical machinery 212 222 229 232 231 222 222 223 203 216 229 219 220 '214 Transportation equipment . . . 228 238 262 261 253 245 247 237 220 197 219 244 238 '229 216 Motor vehicles and parts 147 168 199 196 183 174 176 174 149 117 145 175 167 157 138 Aircraft and other equipment .. 390 368 373 374 379 372 378 346 359 359 363 369 372 '371 376 Instruments and related products 209 221 220 220 223 220 221 223 219 223 220 222 222 '219 216 143 759 73/ 136 133 142 146 152 142 148 145 144 132 r120 779 Clay glass and stone products . 159 158 149 151 149 158 164 168 162 168 163 164 155 '144 137 Lumber and products 125 118 111 119 115 124 125 133 117 125 124 122 104 '92 97 Furniture and miscellaneous 147 153 149 757 757 750 757 755 750 759 755 160 154 148 759 Furniture and fixtures 164 171 170 170 166 170 170 173 169 177 176 176 169 '166 156 Misc manufactures 133 138 131 134 138 133 136 140 133 144 142 147 142 132 125 Nondurable Manufactures Textile apparel and leather products 136 755 140 145 142 144 142 136 124 144 729 137 132 r114 725 Textile mill products 126 121 127 127 124 127 128 127 112 124 116 111 116 105 111 Apparel products . . . .. 153 159 160 170 165 171 167 154 143 171 149 162 156 130 146 Leather and products 119 113 121 122 121 112 110 113 103 122 111 114 108 99 Paper and printing . . • 754 750 755 755 161 752 752 757 149 755 753 169 164 153 156 Paper and products 170 172 172 177 177 178 174 176 156 174 174 183 171 152 169 143 152 144 146 150 151 153 151 145 148 155 160 159 154 148 Newspapers . 135 141 128 133 141 148 151 143 124 126 141 153 154 138 125 Chemical petroleum and rubber products 275 224 223 224 226 225 227 237 275 225 226 227 222 '275 275 240 255 250 151 257 262 260 262 248 255 255 258 '247 251 Industrial chemicals 298 320 314 322 326 325 325 326 312 317 316 317 r320 314 Petroleum products 158 161 157 155 153 157 158 167 171 173 171 163 160 '162 158 199 200 216 215 211 207 201 207 177 191 196 202 '195 176 Foods beverages and tobacco 725 752 723 727 722 725 729 735 733 142 146 745 133 r126 124 Foods and beverases . . . 128 132 123 121 122 125 129 134 134 142 147 145 134 127 124 Food manufactures 131 134 128 125 124 125 128 133 135 144 152 150 139 132 129 117 120 98 102 114 124 134 144 131 132 123 125 108 105 Tobacco products 127 130 130 124 129 127 135 143 116 139 135 140 133 106 Mining Coal oil and sas 122 722 725 725 723 722 779 120 775 727 121 123 124 r124 125 Coal 68 67 74 70 71 70 69 66 51 68 67 72 66 '65 63 Crude oil and natural gas. 147 147 153 151 148 145 142 144 143 145 145 146 150 151 153 Oil and sas extraction . . .. 145 146 151 152 149 146 142 143 142 144 145 145 149 r151 152 Crude oil . 135 135 139 139 137 135 m 133 132 133 134 133 137 137 138 Gas and gas liquids .. . . . . 210 240 242 240 226 214 212 Oil and gas drilling 159 145 163 145 129 131 141 146 147 149 147 148 149 150 157 Metal stone and earth minerals 146 755 737 737 141 755 753 757 757 753 178 772 157 149 149 Metal mining 107 133 94 108 117 138 163 164 149 153 147 133 119 118 120 Stone and earth minerals 188 194 171 167 164 195 202 210 213 214 210 212 197 '182 178 Utilities Electric 270 289 297 290 293 281 269 279 288 303 304 285 280 294 Gas 265 SUMMARY MARKET GROUPINGS Final products, total 162 169 169 170 170 169 169 171 163 168 171 174 167 161 162 155 162 162 162 161 162 162 164 155 163 165 170 162 '153 154 188 195 197 198 200 197 198 197 193 191 194 192 190 191 191 157 160 167 168 166 164 163 162 151 157 158 155 148 149 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957=100 [Seasonally adjusted] Annual p 19 ro 5 - 7 average 1960 1961 Grouping portion 1959 1960 Jan. Feb. Mar. Apr, May June July Aug. Sept. Oct. Nov. Dec. Jan. Total index. 100.00 105 108 111 110 109 109 110 109 110 108 107 106 105 103 102 Manufacturing, total. 86.49 105 108 112 110 110 109 110 110 110 108 707 705 104 r102 702 Durable 49.66 102 104 111 109 108 106 107 105 106 104 102 101 98 96 95 Nondurable 36.83 110 114 113 112 112 113 115 116 116 115 113 113 112 '•111 110 Mining 8.55 95 97 98 96 96 98 97 97 98 98 96 97 98 '98 98 Utilities 4.96 115 120 121 124 123 122 124 125 126 127 125 125 125 125 Durable Manufactures Primary and fabricated metals. 13.15 95 98 113 109 106 101 100 96 95 93 91 90 55 r82 83 Primary metals 7.73 90 91 115 110 106 99 94 88 85 83 80 78 74 '"69 72 Iron and steel 6.21 86 88 119 114 109 100 92 84 80 76 72 73 68 64 67 Fabricated metal products 5.42 104 106 109 108 107 104 108 108 109 108 106 105 101 101 99 Structural metal parts 2.91 101 103 104 104 102 101 104 106 107 107 105 104 101 98 97 Machinery and related products... 28.98 102 106 109 109 108 106 109 107 108 106 705 104 702 700 98 Machinery 15.31 103 106 110 108 108 107 109 109 110 107 105 102 102 101 101 Nonelectrical machinery 8.92 99 102 104 103 104 102 104 105 107 103 101 100 98 r96 95 Electrical machinery 6.39 108 112 118 115 115 114 115 114 114 113 112 105 107 108 109 Transportation equipment 10.76 98 102 108 107 104 102 106 102 102 101 102 103 97 94 89 Motor vehicles and parts 5.04 100 115 127 126 118 115 120 120 113 114 115 116 103 98 88 Aircraft and other equipment.. 5.50 94 89 88 88 89 89 92 84 90 88 89 89 90 r89 89 Instruments and related products. 1.66 112 119 118 117 119 117 120 121 121 122 118 119 119 116 116 Ordnance and accessories 1.25 C C l la a y y y , g g l l a a s s s s , , a an n d d s lu to m n b e e r products. 4 2 . . 5 9 7 2 7 1 7 1 7 0 7 1 0 1 9 0 1 1 1 1 0 2 7 1 / 10 2 7 1 0 0 8 6 7 1 7 1 2 0 7 1 7 1 7 1 7 1 7 1 2 4 7 1 7 1 3 4 7 1 0 1 9 2 7 10 0 9 7 7 10 0 9 5 7 1 0 0 3 7 r7 10 0 3 0 7 1 0 0 7 1 Lumber and products 1.65 113 107 115 115 110 114 110 109 111 102 103 100 95 '96 101 Furniture and miscellaneous. 2.96 772 775 775 775 775 777 779 720 720 778 114 775 773 rl 0 709 Furniture and fixtures 1.48 115 120 121 119 116 122 124 123 124 121 118 117 117 114 111 Misc. manufactures 1.48 109 113 112 111 114 113 115 117 117 115 109 113 110 107 106 Nondurable Manufactures Textile, apparel, and leather products 7.32 /75 7/5 /75 114 775 775 778 779 779 777 772 772 77/ 108 705 Textile mill products 2.78 113 109 112 111 111 110 113 115 113 111 106 104 101 r97 98 Apparel products 3.44 120 125 124 122 124 127 127 127 128 127 122 122 123 120 113 Leather and products 1.10 106 101 106 98 99 99 104 104 103 103 97 101 99 r96 Paper and printing 7.93 705 772 777 770 /70 7/0 772 7/2 772 772 772 773 /72 77/ 777 Paper and products 3.27 111 112 115 113 112 113 113 112 112 112 112 112 110 1f9 111 Printing and publishing 4.66 105 111 109 109 108 109 111 112 112 113 112 113 114 112 112 Newspapers 1.53 104 108 106 105 104 106 108 109 108 108 107 108 108 106 104 Chemical, petroleum, and rubber products 70.95 775 118 775 775 775 118 779 722 722 720 778 777 rll5 774 Chemicals and products 7.10 114 111 119 118 119 122 123 125 125 124 121 121 120 120 Industrial chemicals 3.61 118 121 125 124 126 126 128 132 131 131 127 125 126 125 Petroleum products 1.93 105 108 104 102 103 107 107 111 115 112 111 109 108 105 Rubber and plastics products . 1.91 114 115 118 117 115 115 117 122 117 115 111 110 109 105 Foods, beverages, and tobacco 10.64 707 709 709 107 708 709 770 770 770 770 770 777 709 770 7/0 Foods and beverages 9.87 106 109 109 107 108 108 109 109 110 109 110 111 109 110 109 Food manufactures 8.31 106 109 109 107 108 108 109 109 109 109 109 lit 109 110 110 Beverages 1.56 106 109 109 106 106 106 111 110 111 109 110 112 108 109 Tobacco products .77 112 114 114 108 113 116 115 115 111 114 114 115 117 115 Mining Coal, oil, and gas 7.05 96 95 98 95 94 95 95 96 96 95 96 97 95 Coal 1.30 82 82 91 84 86 87 78 78 80 11 81 11 78 Crude oil and natural gas 5.75 99 98 99 98 96 97 96 99 100 100 99 99 101 99 99 Oil and gas extraction 4.98 99 100 100 99 99 99 98 101 102 102 101 101 103 101 101 Crude oil 4.33 98 98 98 97 96 97 96 99 100 100 99 99 101 98 97 Gas and gas liquids .65 106 115 113 116 115 112 115 Oil and gas drilling .77 93 '8-5* 93 85 80 81 84 85 84 85 84 86 87 90 Metal, stone, and earth minerals 7.50 94 705 98 707 702 777 709 707 707 707 104 703 104 708 772 Metal mining .70 11 96 87 95 104 106 103 97 94 96 92 95 107 111 Stone and earth minerals .80 108 112 108 106 101 115 114 116 118 116 114 116 113 109 113 Utilities Electric 3.76 115 124 119 120 123 122 121 124 126 127 125 124 124 Gas 1.20 114 124 125 126 125 125 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 351 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping 1 p p 9 r o o 5 r - - 7 A av n e n ra u g a e l 1960 1961 tion 1959 1960 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total index 100.00 105 108 Ill 110 109 109 110 109 110 108 107 106 105 103 10? Final products total . . ... 46.75 107 111 772 770 770 777 772 772 772 777 770 111 109 108 707 Consumer goods 31.13 110 115 116 113 113 115 117 117 116 115 114 115 113 112 111 Equipment including defense 15.62 100 103 103 102 104 102 104 103 104 103 103 103 102 101 100 Materials 53.25 104 106 110 109 108 108 107 106 106 105 104 103 101 99 98 Consumer Goods Automotive products 3.35 705 777 727 722 114 777 727 727 114 775 777 72/ 772 705 94 Autos . ... 2.03 96 117 134 125 113 116 122 123 108 114 119 123 109 97 78 Auto parts and allied products 1.32 113 117 117 117 116 119 119 118 122 118 113 118 116 118 118 Home goods and apparel 9.60 116 117 727 776 116 779 727 727 779 777 773 //2 112 111 70S Home goods 4 40 115 115 123 117 114 117 121 120 117 114 112 110 110 110 110 Appliances, TV, and radios 1.75 114 111 130 117 112 115 120 118 113 108 105 103 104 107 105 Appliances 1.26 119 117 139 121 114 116 120 121 119 116 110 112 114 117 115 TV and home radios .49 102 96 106 105 107 114 118 109 97 87 93 82 78 82 80 Furniture and rugs 1.18 119 118 122 118 114 121 123 122 118 119 119 115 114 113 109 Misc home goods 1.47 113 117 117 116 116 116 120 122 121 118 114 115 114 112 116 Apparel incl knit goods and shoes 5.20 116 118 118 116 118 120 122 121 121 119 113 114 114 112 107 Consumer staples.. . . 18 18 108 113 772 770 772 773 775 114 775 774 114 115 113 114 775 Processed foods 8.11 106 109 109 107 108 108 109 110 110 110 110 110 109 109 110 Beverages and tobacco 2.32 108 111 111 106 108 110 112 112 111 111 112 113 111 111 Drugs soap and toiletries 2.73 111 118 115 114 115 118 120 122 122 120 119 122 118 118 117 Newspapers, magazines, and books 1.44 106 114 110 109 110 112 113 113 116 U5 116 115 116 116 118 Consumer fuel and lighting 3.45 113 121 117 117 119 120 118 120 122 123 123 121 122 122 Fuel oil and gasoline 1.19 104 106 104 105 105 108 105 107 109 108 106 105 105 104 107 Residential utilities 2.26 117 123 123 127 126 125 127 129 130 131 130 131 132 134 Electricity 1.57 118 128 122 122 127 126 124 126 129 131 132 130 130 130 Gas 69 115 Equipment Business eQuipment 12.16 700 705 705 705 705 104 706 705 706 705 705 705 705 702 707 Industrial equipment 7.29 97 102 104 104 104 102 104 103 104 103 101 99 100 98 98 Commercial equipment 2.46 104 118 114 113 115 115 117 120 121 121 120 121 119 117 119 Freight and passenger equipment 1.83 98 101 106 103 102 101 105 99 101 95 101 103 99 r99 96 Farm equipment .58 115 91 109 97 93 89 89 89 88 83 87 86 88 97 3.46 Materials Durable goods materials 27.81 700 702 770 709 707 705 705 702 70/ 700 99 97 94 97 90 Consumer durable 3.67 101 109 121 120 117 110 115 115 110 106 112 103 94 r91 87 Equipment 8.10 103 101 107 107 106 104 104 98 102 101 97 98 98 95 95 Construction . ... 9 05 107 107 109 108 105 109 110 110 110 109 106 105 102 99 98 Metal materials n.e.c 6.99 89 92 115 111 107 102 98 86 86 84 81 79 77 75 78 Nondurable materials 25.44 107 770 7/0 770 770 770 770 /77 772 777 709 709 109 r108 707 Business supplies 8.87 108 110 111 110 109 109 110 111 113 111 110 110 110 110 109 Containers 2 91 109 109 111 111 109 108 107 108 113 111 108 107 106 109 111 General business supplies 5.96 107 111 109 109 110 112 113 113 112 111 112 110 109 Nondurable materials nee 7.05 115 119 119 120 120 120 121 123 123 121 117 116 116 115 114 Business fuel and power 9.52 100 103 104 103 103 103 102 103 103 104 103 103 103 102 101 Mineral fuels 6.29 96 96 98 96 96 97 96 97 97 98 96 97 98 r97 96 Nonresidential utilities 2.70 113 118 119 121 120 120 121 120 122 123 121 120 119 Electricity 2 19 113 121 117 118 120 120 119 121 121 123 124 122 121 120 General industrial .99 110 115 114 116 118 115 114 117 117 118 117 113 112 113 Commercial and other 1 12 118 127 121 121 124 126 125 126 127 130 132 HI 130 128 Gas .51 113 121 123 124 122 121 119 Industrial.... ... . ... .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 110 116 125 119 114 117 121 121 116 115 114 115 111 108 103 Apparel and staples 23.38 110 114 113 112 113 114 115 115 116 115 114 115 114 113 113 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

352 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] Grouping p p 19 o ro 5 r- - 7 a A v n e n ra u g a e l 1960 1961 tion 1959 1960 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total index. 100.00 105 108 111 111 111 110 109 109 103 107 108 110 106 101 102 Manufacturing, total. 86.49 105 108 111 112 111 110 110 110 103 106 108 110 106 noo 101 Durable 49.66 102 104 111 112 110 108 107 106 99 98 102 103 100 96 95 Nondurable 36.83 110 114 111 112 113 114 115 116 109 117 117 119 114 106 109 M Ut i i n li i t n ie g s 4 8 . .5 9 5 6 1 9 1 5 5 97 97 96 95 97 97 98 94 98 98 98 97 r97 97 Durable Manufactures Primary and fabricated metals. 13.15 95 113 112 110 104 100 97 86 90 91 92 86 81 84 Primary metals 7.73 90 91 118 116 112 104 95 89 73 77 78 80 74 68 74 Iron and steel 6.21 86 88 122 118 114 103 93 85 69 72 72 75 68 62 69 Fabricated metal products 5.42 104 106 107 107 106 104 106 107 105 109 110 109 103 101 98 Structural metal parts 2.91 101 103 104 103 102 100 103 105 103 105 106 106 104 101 96 Machinery and related products... 28.98 102 106 112 112 111 108 108 107 101 97 103 105 104 102 100 Machinery , 15.31 103 106 110 111 112 108 108 108 102 103 106 104 103 102 102 T In r s a N E A M t n r l i o e o u s r n c c p m t e r t o o r a l e r i r e f c n t t c v a a t t e s l t a r i h i n o m c a i d c n a n a l l d e c o e s m h t q r h i e a u a n e l n c i e a r p d h r t m e y i e n d p q e e a u n r p r y i t t r p s o m du en ct t s .. . , 1 6 8 5 5 1 0 . . . . . . 3 9 5 6 0 7 9 2 0 6 4 6 1 1 1 9 9 9 0 1 0 9 4 8 8 2 0 1 1 1 1 1 8 0 1 1 0 1 9 2 2 9 2 5 1 1 1 1 1 9 0 1 1 3 1 0 6 6 9 6 2 1 1 1 1 1 9 0 1 1 1 3 0 7 7 8 2 4 1 1 1 1 1 9 1 0 2 2 0 1 7 8 5 0 8 1 1 1 1 1 9 1 0 1 0 1 0 3 5 8 5 9 1 1 1 1 1 9 1 0 1 0 2 1 9 5 2 6 0 1 1 1 1 1 8 0 1 2 1 0 3 5 3 0 9 1 1 1 1 1 9 8 0 1 0 0 4 7 3 8 2 2 1 1 9 8 8 0 8 2 8 4 0 9 6 0 1 1 9 9 9 8 1 1 9 4 9 8 6 9 1 1 1 1 9 8 1 1 2 0 8 9 1 9 0 4 1 1 1 1 9 9 1 1 0 1 7 0 9 2 2 4 1 1 1 r r r 1 0 9 8 09 8 7 7 8 9 9 1 1 9 9 9 9 0 1 7 1 3 4 8 6 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 111 109 102 106 104 113 118 110 775 113 112 705 r94 93 Clay, glass, and stone products. 2.92 110 110 103 105 104 110 113 117 113 116 113 114 108 100 95 Lumber and products 1.65 113 107 101 108 104 112 114 120 106 114 113 110 94 Furniture and miscellaneous 2.96 112 116 113 7/5 114 115 775 114 121 120 122 777 r112 106 Furniture and fixtures 1.48 115 120 119 119 116 119 119 121 119 124 123 123 118 117 109 Misc. manufactures 1.48 109 113 107 110 113 109 111 115 109 118 116 121 116 108 102 Nondurable Manufactures Textile, apparel, and leather products... . 7.32 115 115 118 123 720 122 120 775 105 122 770 116 112 97 707 Textile mill products 2.78 113 109 114 114 112 114 115 114 100 111 104 108 104 r94 100 Apparel products 3.44 120 125 126 134 130 135 131 121 113 134 117 127 123 102 114 Leather and products 1.10 106 101 107 109 108 100 98 101 92 108 99 102 96 Paper and printing 7.93 108 112 108 770 112 113 113 112 104 114 118 115 707 709 Paper and products 3.27 111 112 112 115 115 116 113 114 101 113 113 119 111 99 110 Printing and publishing 4.66 105 111 106 107 110 111 113 111 107 109 114 117 117 113 109 Newspapers 1.53 104 108 98 102 108 113 116 110 95 97 108 117 118 105 96 Chemical, petroleum, and rubber products 10.94 113 118 117 118 118 120 119 121 114 118 118 119 117 774 Chemicals and products 7.10 114 121 119 120 122 125 124 125 118 122 121 123 121 118 120 Industrial chemicals 3.61 118 127 125 128 129 129 129 130 124 126 125 126 127 125 Petroleum products 1.93 105 108 104 103 102 104 105 111 114 115 114 109 107 108 Rubber and plastics products 1.91 114 115 124 123 121 118 115 119 101 109 112 116 112 101 Foods, beverages, and tobacco 10.64 107 109 102 707 102 104 107 112 110 118 121 121 104 103 Foods and beverages 9.87 106 109 101 100 101 104 107 111 111 118 122 120 111 105 102 Food manufactures 8.31 106 109 104 101 101 102 104 108 109 117 124 122 113 107 105 Beverages 1.56 106 109 89 93 103 113 122 130 119 120 112 113 98 96 Tobacco products .77 112 114 114 109 113 112 119 125 102 122 118 123 117 93 Mining Coal, oil, and gas 7.05 96 95 700 98 97 95 93 94 96 97 97 98 C C o ru a d l e oil and natural gas 5 1 . . 7 3 5 0 9 8 9 2 9 8 8 2 1 8 0 9 3 1 8 0 5 1 9 8 9 7 9 8 7 5 9 8 5 4 9 8 7 0 9 8 8 8 1 8 0 0 0 1 r 0 ?9 1 1 7 0 6 3 Oil and gas extraction 4.98 99 100 104 104 102 100 97 98 99 102 103 104 Crude oil 4.33 98 98 101 101 99 98 96 97 97 100 100 100 Gas and gas liquids .65 106 122 123 122 115 109 108 Oil and gas drilling .77 93 '85' 96 85 76 77 83 86 86 88 86 87 92 Metal, stone, and earth minerals 1.50 94 105 84 90 705 117 120 116 117 114 110 101 96 95 Metal mining .70 11 96 68 85 100 118 119 108 111 107 97 86 86 87 Stone and earth minerals .80 108 112 98 95 112 116 121 123 123 121 122 114 105 103 Utilities Electric 3.76 115 124 127 124 125 120 115 119 123 129 130 122 120 126 ! Gas 1.20 114 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 353 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] 1957 a A v n e n ra u g a e l 1960 1961 Grouping proportion 1959 1960 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total index ... 100.00 105 108 Ill Ill Ill 110 109 109 103 107 108 110 106 101 102 Final vroducts total 46.75 107 777 777 772 772 777 777 772 707 777 772 114 770 706 106 Consumer goods 31.13 110 115 115 115 114 115 115 116 110 115 117 121 115 108 109 Equipment including defense 15.62 100 103 104 104 106 104 105 104 102 101 102 101 100 101 101 Materials 53.25 104 106 110 111 110 109 108 107 100 104 105 105 102 98 98 Consumer Goods Automotive woducts 3.35 705 777 756 755 124 725 124 725 705 83 98 729 720 770 98 Autos 2.03 96 117 149 143 129 126 126 127 94 60 84 134 123 108 86 Auto parts and allied products 1.32 113 117 116 118 116 118 120 121 116 117 120 121 114 112 118 Home zoods and apparel 9.60 776 777 118 725 722 727 779 777 707 120 775 779 114 '702 706 Home goods 4.40 115 115 115 121 120 118 117 118 105 111 118 118 114 107 103 Appliances TV and radios 1.75 114 111 116 127 127 120 117 116 95 97 112 109 108 r99 95 Appliances 1.26 119 117 120 136 139 131 126 126 107 96 110 107 111 108 101 TV and home radios .49 102 96 106 106 96 93 95 92 63 98 117 114 99 77 80 Furniture and rugs 1.18 119 118 120 121 116 120 117 117 112 121 122 122 116 116 108 Misc home goods 1.47 113 117 110 114 116 115 118 120 11?. 120 123 125 121 110 109 Apparel, incl. knit goods and shoes 5.20 116 118 120 125 123 124 122 117 109 127 112 120 114 97 109 18.18 108 775 709 108 709 770 777 114 775 779 722 720 114 777 775 Processed foods 8.11 106 109 103 101 100 102 104 108 110 118 124 122 112 107 104 Beverages and tobacco 2.32 108 111 97 98 107 112 121 129 113 121 114 116 104 95 Dross soar) and toiletries 2.73 111 118 115 114 117 118 118 120 114 122 121 125 120 117 118 Newspapers magazines and books.... 1.44 106 114 109 109 112 112 112 111 113 116 118 117 116 116 117 Consumer fuel and lighting 3.45 113 121 126 123 123 118 113 115 119 122 123 116 118 127 Fuel oil and gasoline 1.19 104 106 108 105 103 103 103 106 108 110 108 104 105 108 111 Residential utilities 2.26 117 Electricity 1.57 118 128 141 136 136 126 114 116 122 128 130 121 122 136 Gas .69 115 Equipment 12.16 700 705 707 706 707 706 707 707 104 705 70¥ 705 707 702 702 Industrial equipment 7.29 97 102 104 103 104 103 104 104 102 102 102 99 99 99 98 Commercial equipment 2.46 104 118 115 115 116 115 117 119 117 119 121 122 120 120 119 Freight and passenger equipment 1.83 98 101 104 106 107 107 108 105 101 92 96 99 95 96 95 Farm equipment . .58 115 91 112 107 105 100 94 91 79 75 78 85 78 r95 100 Defense equipment 3.46 Materials Durable zoods materials 27.81 700 702 770 770 108 706 705 704 96 97 700 99 95 90 90 Consumer durable 3.67 101 109 128 128 121 109 110 109 96 91 108 109 105 r98 92 Equipment 8.10 103 101 109 109 108 104 103 98 97 97 97 97 98 r97 97 Construction 9.05 107 107 103 103 102 108 111 114 109 112 112 111 103 r96 93 Metal materials nee 6.99 89 92 112 112 110 104 98 93 77 81 82 83 77 71 76 Nondurable materials 25.44 107 770 777 777 772 772 777 777 70¥ 770 770 772 770 706 705 Business supplies 8.87 108 110 108 109 111 113 112 112 104 111 113 116 111 104 106 Containers 2.91 109 109 105 108 109 111 110 114 106 118 115 102 94 105 General business supplies . . .. 5.96 107 111 109 109 112 113 113 112 103 108 112 116 115 109 107 Nondurable materials n.e.c 7.05 115 119 121 123 123 123 122 121 112 118 116 119 119 112 116 Business fuel and power 9.52 100 103 106 105 105 102 100 101 99 104 103 103 102 103 103 Mineral fuels 6.29 96 96 101 100 99 97 94 94 90 95 95 97 98 98 98 2 70 113 Electricity 2.19 113 121 117 115 118 116 116 121 124 i3i 129 123 i is 118 General industrial .99 110 115 115 113 118 115 115 117 112 119 118 116 114 113 Commercial and other 1.12 118 127 120 117 119 118 118 128 136 143 142 130 124 125 Gas 51 113 .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods . ... ... 7.75 110 116 124 126 122 120 120 121 104 99 110 123 117 108 101 Apparel and staples 23.38 110 114 112 112 112 113 113 115 112 121 119 120 114 108 112 r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—7959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see the BULLETIN for June 1960, p. 632). Figures for individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 = 100, unless otherwise indicated] Construction Manu- Industrial production contracts * facturing 3 Prices Nonag- Major industry Major market groupings ricul- Freight D m ep e a n r t t- Y m e o a n r t o h r Total Manu- groupings Final products Mate- R d t e e ia n s l i - - o A th l e l r t p o e l t m o a y - l - 2 p m E lo e 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 l o l t u e a r e e s i ) l s C um on e - r W m c s o o h a m d l o e i l - t e y f t a u c r - - M in i g n- U iti t e il s - Total s C u o m n- er E m q e u n ip t - rials ing goods 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 159 158 125 268 162 155 188 157 132 101 118.8 98.9 167.3 81 144 124.6 119.5 1960 P164 P163 PI 27 P169 P\62 *>195 *160 117 112 120.9 99.1 170.2 78 145 126.5 119.6 I960—Jan 168 168 129 280 170 164 195 167 85 79 120.9 101.4 175.5 90 '147 125.4 119.3 Feb . 166 166 126 '281 167 160 194 166 91 79 121.1 101.4 173.9 86 142 125.6 119.3 Mar 166 165 r126 288 167 160 196 164 119 110 120.8 100.8 172.6 83 138 125.7 120.0 Apr 165 164 129 '287 168 162 194 163 136 118 121.5 100.8 168.8 84 154 126.2 120.0 May. 167 166 '127 '284 171 164 197 162 134 118 121.4 100.9 171.5 83 141 126.3 119.7 June. 166 165 128 '288 171 165 196 161 137 125 121.5 100.3 172.5 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.. . 161 160 128 291 168 162 195 156 128 121 120.7 97.4 170.5 78 150 127.3 119.6 Nov.. 159 157 129 290 166 159 193 153 115 102 120.2 96.5 166.2 75 142 127.4 119.6 Dec. 156 154 129 291 164 158 191 150 81 115 119.4 94.6 '160.6 73 147 127.5 119.5 1961—Jan... 155 153 129 291 162 156 189 149 90 95 119 5 93 8 158 3 75 *>142 127 4 119.8 Feb P155 ^152 *127 P294 *>162 2>155 2>189 H48 P118.9 *>92.6*156.8 73 C147 120.0 •Estimated. * Preliminary. '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 NOTE.—Indexes for employment (excluding Alaska and Hawaii), three-month moving averages, based on value data for 37 States east of payrolls, and prices are compiled by the Bureau of Labor Statistics. the Rocky Mountains, 1947-49=100; the data for 1956 on this basis CONSTRUCTION CONTRACTS [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Annual totals 1960 1961 Type of ownership and type of construction 1959 1960 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total construction 36,269 36,318 2,193 2,240 3,046 3,360 3,337 3,472 3,597 3,295 3,119 3,319 2,886 2,718 2,485 By type of ownership: Public tl ,068 P 587 727 702 1075 1,067 10*>5 1 1413 1 018 995 1 P5 1 071 1 218 Private 25,201 23,731 1,466 1,537 ,971 2,293 2,312 2,236 2,184 2,277 2,124 2,194 1,815 1,500 By type of construction: 17.150 15,105 927 988 1j?94 1,480 1A^ 1,483 1 -P9 1 433 1 277 1390 1 ?53 878 974 Nonresidential 11,387 12,240 801 698 1,067 1,048 1,110 1,110 1,152 1,177 1,124 1,165 916 994 813 Public works and utilities 7,732 8,973 465 554 685 833 774 879 1,116 685 717 764 717 846 698 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 355 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates.1 Monthly data at seasonally adjusted annual rates. In millions of dollars] Private Public Year or month Total Non- Business Other Total d f e r a e n r s t m i i - al Total In tr d i u al s- m C e o rc m ia - l P u u ti b li l t i y c n r d t e o e i s a n n i l - - - 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 1,387 2,679 790 5,925 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 1,290 3,015 883 6,048 1954 39,362 27,684 15,379 8,531 2,030 2,212 4,289 3,774 11,678 1,003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1,085 5,491 1956 45,779 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,712 1,360 4,395 1,275 5,682 1957 47,795 33,778 17,019 12,535 3,557 3,564 5,414 4,224 14,017 1,287 4,892 1,344 6,494 1958 48,903 33,491 18,047 11,076 2,382 3,589 5,105 4,368 15,412 1,402 5,500 1,387 7,123 19592 56,206 39,949 24,469 11,088 2,106 3,930 5,052 4,392 16,257 1,488 5,916 1,467 7,386 I960? 55,148 38,925 22,022 12,245 2,861 4,072 5,312 4,658 16,223 1,355 5,797 1,487 7,584 1960—Feb.. 54,889 39,709 22,536 12,396 2,748 4,356 5,292 4,777 15,180 996 448 1,536 7,200 Mar.. 54,419 39,263 22,392 12,120 2,772 4,116 5,232 4,751 15,156 1,512 112 1,536 6,996 Apr., 54,166 38,722 21,930 12,084 2,772 4,056 5,256 4,708 15,444 1,236 304 1,536 7,368 May. 55,260 38,916 22,180 12,036 2,760 3,960 5,316 4,700 16,344 1,200 168 1,512 7,464 June. 55,189 39,103 22,362 12,074 2,788 3,881 5,405 4,667 16,086 1,283 639 1,475 7,689 July.. 55,389 39,034 22,308 12,101 2,868 3,870 5,364 4,625 16,355 1,265 768 1,455 7,867 Aug.. 55,298 38,660 21,783 12,262 2,934 3,922 5.406 4,615 16,638 1,430 6,121 ',447 7,640 Sept.. 55,325 38,697 21,716 12,362 3,041 4,036 5,285 4,619 16,628 1,392 5,987 ,454 7,795 Oct... 54,736 38,331 21,228 12,478 3,084 4,133 5,261 4.625 16.405 1.354 5,791 ,465 7,795 Nov.. 55,430 38,581 21,428 12,516 3,036 4,198 5,282 4;637 16,849 1,819 5,600 ,448 7,982 Dec.P 56,135 38,598 21,490 12,609 2,982 4,307 5,320 4,499 17,537 1,453 6,660 ,484 7,940 1961—Jan.p. 54,835 37,884 20,432 12,940 3,031 4,516 5,393 4,512 16,951 1,440 5,876 ,534 8,101 Feb.** 54,433 37,331 19,845 12,963 3,037 4,536 5,390 4,523 17,102 1,334 5,897 ,599 8,272 v Preliminary. 2 Beginning 1959, series includes Alaska and Hawaii. 1 Data for 1952-58 are joint estimates of the Departments of Commerce ad Labor. NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, and Veterans Administration. In thousands of units] S a e d a j s u o s n t a e l d ly Pri\'ate Government-underwritten 2 annual rate Metro- Non- Year or month T ( o P t r a iv l ate N o o n n l f y a ) rm Total p a o re li a ta s n 1 p a o re li a ta si n Total fam 1 i - ly fam 2- ily M fam 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 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 . .. 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 46 ^ 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 128 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 19593 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 *l,280 878 401 PI.238 988 43 207 ^42 336 261 75 I960—Jan 1,366 1.291 88 65 24 87 69 3 15 1 20 16 4 Feb 1,367 ,347 90 66 25 88 71 3 14 2 22 18 5 Mar 1,112 ,098 93 67 27 90 73 3 14 3 27 22 5 Apr 1,327 ,307 125 83 42 124 102 4 18 o 33 25 7 May 1,333 ,315 130 91 39 127 101 4 22 3 32 25 7 June 1,302 ,285 127 84 44 122 100 4 18 5 34 26 8 July 1,182 ,164 115 80 35 111 90 4 18 4 31 24 7 Aug. 1 292 273 130 85 44 125 102 4 20 5 35 26 g Sept 1,062 ,040 102 68 34 96 76 3 17 6 29 22 7 Oct.. . rl,236 r ,200 110 74 36 r108 84 3 20 ?8 23 6 Nov 1,216 ,203 96 66 30 94 71 3 20 2 26 20 5 Dec P984 P975 ?73 51 22 P66 48 3 15 P7 19 14 5 1961—Jan P1,098 P ,070 ?72 52 20 P69 n.a. n.a. n.a. P3 19 14 5 n.a. Not available. p Preliminary. r Revised. 3 New series, including both farm and nonfarm unless otherwise 1 For new series, based on revised definition of metropolitan areas. indicated. Not strictly comparable with nonfarm series developed by 2 Data from Federal Housing Administration and Veterans' Ad- the Bureau of Labor Statistics, for which annual totals are given through ministration represent units started, based on filed office reports of first 1959. compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Total non- Total Employed * Unemploy- Year or month institutional labor Not in the ment population force Total Total In c n u o lt n u a ra g l ri- In U pl n o e y m ed - labor force (per r a c t e e nt)2 industries agriculture 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 1960 125,368 73.126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 I960 Feb 3 124,716 70,970 68,449 64,520 59,901 4,619 3,931 53,746 4.8 Mar 124 839 70,993 68,473 64 267 59 702 4 565 4 206 53 845 5 5 Apr 124,917 72,331 69,819 66,159 60,765 5,393 3^660 52,587 5.1 May 125,033 73,171 70,667 67,208 61,371 5,837 3,459 51,862 5.1 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 5.5 Aug 125 499 74 551 72 070 68 282 61 828 6 454 3 788 50 948 5 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 6.3 Nov. 126,222 73,746 71,213 67,182 61,516 5,666 4,031 52,476 6.2 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 Feb 126,918 72,894 70,360 64,655 59,947 4,708 5,705 54,024 6.8 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Per cent of civilian labor force. Monthly data are seasonally obtained through interviews of households on a sample basis. Monthly adjusted. data relate to the calendar week that contains the 12th day; annual data 3 Beginning with January 1960, data include Alaska and Hawaii. are averages of monthly figures. Figures for population increased by about 500,000 and total labor force by nearly 300,000, most of which was in nonagricultural employment. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total i M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1954 48,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 777 2,759 4,062 10,846 2,219 5,916 6,914 1956 51,766 16,903 807 2,929 4,161 11,221 2,308 6,160 7,277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 1958 50,543 15,468 721 2,648 3,903 11,141 2,374 6,395 7,893 1959 51,975 16,168 676 2,767 3,902 11,385 2,425 6,525 8,127 1960 52,895 16,336 664 2,771 3,902 11,643 2,485 6,637 8,456 SEASONALLY ADJUSTED 1960—Feb 52,972 16,567 669 2,781 3,933 11,627 2,464 6,616 8,315 Mar 52,823 16,509 666 2,601 3,920 11,595 2,456 6,577 8,499 Apr 53,128 16,527 684 2,752 3,924 11,652 2,463 6,611 8,515 May 53,105 16,540 684 2,783 3,927 11,675 2,469 6,618 8,409 June. 53,140 16,498 678 2,790 3,926 11,712 2,471 6,645 8,420 July... 53,145 16,417 658 2,858 3,910 11,736 2,480 6,682 8,404 Aug 53,046 16,265 665 2,835 3,892 11,764 2,499 6,652 8,474 Sept 52,998 16,275 660 2,800 3,879 11,665 2,515 6,665 8,539 Oct........ 52,809 16,132 656 2,804 3,879 11,668 2,514 6,632 8,524 Nov 52.591 16,030 644 2,783 3.858 11,568 2,512 6,665 8,531 Dec , 52,221 15,790 638 2,647 3,821 11,541 2,517 6,679 8,588 1961—Jan.*> 52,273 15,677 630 2,691 3,830 11.661 2,518 6,658 8,608 Feb.P 51,996 15,527 622 2,605 3,799 11,598 2,524 6,666 8,655 WITHOUT SEASONAL ADJUSTMENT 52,060 16,520 669 2,389 3,887 11,329 2,439 6,484 8,343 I960—Feb 52,172 16,478 666 2,312 3,900 11,325 2,444 6,511 8,536 Mar 52,844 16,380 677 2,590 3,917 11,620 2,463 6,644 8,553 Apr 52,957 16,348 677 2,830 3,924 11,543 2,469 6,717 8,449 May 53,309 16,422 681 2,977 3,942 11,637 2,496 6,745 8,409 June 52,923 16,250 655 3,098 3,939 11,591 2,530 6,715 8,145 July 53,062 16,386 672 3,130 3,921 11,592 2,536 6,685 8,140 Aug 53,496 16,505 663 3,069 3,907 11,665 2,515 6,698 8,474 Sept 53,391 16,313 656 3,006 3,889 11,742 2,501 6,698 8,586 Oct 53,133 16,129 647 2,847 3,868 11,842 2,499 6,665 8,636 Nov 53,310 15,836 641 2,552 3,843 12,405 2,504 6,612 8,917 Dec 1961—Jan.* 51,480 15,583 630 2,379 3,773 11,490 2,493 6,525 8,607 Feb.*> 51,105 15,471 622 2,238 3,755 11,301 2,499 6,533 8,686 * Preliminary. month. Proprietors, self-employed persons, domestic servants, unpaid i Excludes data for Alaska and Hawaii. family workers, and members of the armed forces are excluded. Back 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 357 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1960 1961 1960 1961 Feb. Dec. Jan.* Feb.? Feb. Dec. Jan.* Feb.? Total 12,537 11,701 11,607 11,455 12,494 11,745 11,515 11,405 Durable goods 7,255 6,579 6,484 6,349 7,268 6,613 6,469 6,358 Ordnance and accessories 75 74 73 74 75 74 73 74 Lumber and wood products 587 529 537 525 561 518 507 501 Furniture and fixtures 322 304 299 296 328 310 303 302 Stone, clay, and glass products 452 416 410 403 445 416 400 397 Primary metal industries 1,047 847 835 831 1,052 851 839 835 Fabricated metal products 854 786 763 744 863 794 771 751 Machinery except electrical 1,173 1,076 1,064 1,056 1,191 1,081 1,075 1,072 Electrical machinery 881 827 834 829 890 844 842 837 Transportation equipment 1,245 1,125 1,081 1,009 1,245 1.125 1,081 1,009 Instruments and related products 231 216 214 211 231 218 215 211 Miscellaneous manufacturing industries. 388 379 374 371 388 383 365 371 Nondurable goods 5,282 5,122 5,123 5,106 5,226 5,132 5,046 5,047 Food and kindred products 1,042 1,022 1,034 1,032 939 984 943 927 Tobacco manufactures 80 74 74 77 76 78 75 74 Textile-mill products 851 807 804 801 860 819 808 809 Apparel and other finished textiles 1,073 1.036 1,024 1,022 1,111 1,052 1,034 1,058 Paper and allied products 448 435 436 433 446 437 434 431 Printing, publishing and allied industries 568 570 573 576 565 579 573 573 Chemicals and allied products 534 528 526 527 537 531 529 530 Products of petroleum and coal 157 146 147 143 155 145 144 141 Rubber products 208 187 187 184 209 191 189 185 Leather and leather products 321 317 318 311 329 317 318 319 v Preliminary. nearest the 15th of the month. Back data may be obtained from the NOTE.—Data covering production and related workers only (full- and Bureau of Labor Statistics. part-time) who worked during, or received pay for, the pay period ending HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1960 1961 1960 1961 1960 1961 Feb. Dec. Feb. Dec. Jan.? Feb. Dec. Jan."" Total 91.14 89.55 90.02 90.02 39.8 38.6 38.8 38.8 2.29 2.32 2.32 f 2.32 Durable goods 98.98 96.97 96.82 97.07 40.4 39.1 39.2 39.3 j 2.45 2.48 2.47 2.47 Ordnance and accessories 107.68 108.14 108.68 108.41 41.1 40.2 40.4 40.3 i 2.62 2.69 2.69 2.69 Lumber and wood products 78.01 77.59 77.80 78.60 39.4 38.6 38.9 39.3 ! 1.98 2.01 2.00 2.00 Furniture and fixtures 74.56 75.01 71.43 71.24 40.3 39.9 38.2 38.3 I 1.85 1.88 1.87 1.86 Stone, clay, and glass products 90.85 91.48 91.77 91.60 40.2 39.6 39.9 40.0 I 2.26 2.31 2.30 2.29 Primary metal industries 115.26 105.28 107.16 106.50 40.3 37.2 37.6 37.5 s 2.86 2.83 2.85 2.84 Fabricated metal products 98.42 96.58 96.68 96.43 40.5 39.1 39.3 39.2 i 2.43 2.47 2.46 2.46 Machinery except electrical 104.55 103.74 104.92 104.66 41.0 39.9 40.2 40.1 i 2.55 2.60 2.61 2.61 Electrical machinery 90.97 92.28 93.53 93.53 39.9 39.1 39.8 39.8 | 2.28 2.36 2.35 2.35 Transportation equipment 111.79 111.44 108.14 108.98 40.8 39.8 38.9 39.2 ! 2.74 2.80 2.78 2.78 Instruments and related products 94.07 94.47 97.12 96.88 40.2 39.2 40.3 40.2 i 2.34 2.41 2.41 2.41 Miscellaneous manufacturing industries... 77.81 76.03 78.60 78.80 39.9 38.4 39.3 39.6 | 1.95 1.98 2.00 1 1.99 Nondurable goods 79.95 80.18 81.41 80.98 39.0 38.0 38.4 38.2 I 2.05 2.11 2.12 2.12 Food and kindred products 86.33 89.24 90.23 89.04 39.6 40.2 40.1 39.4 2.18 2.22 2.25 2.26 Tobacco manufactures 61.37 69.95 66.35 66.70 36.1 39.3 37.7 37.9 1.70 1.78 1.76 1.76 Textile-mill products 64.16 61.88 61.56 62.59 40.1 38.2 38.0 38.4 ! 1.60 1.62 1.62 1.63 Apparel and other finished textiles 56.11 52.44 54.54 54.70 36.2 33.4 34.3 34.4 { 1.55 1.57 1.59 1.59 Paper and allied products 94.73 95.35 96.28 95.40 42.1 41.1 41.5 41.3 2.25 2.32 2.32 2.31 Printing, publishing and allied industries.. 104.12 106.31 106.22 105.84 38.0 37.7 37.8 37.8 | 2.74 2.82 2.81 2.80 Chemicals and allied products 101.60 104.30 104.55 104.96 41.3 40.9 41.0 41.0 2.46 2.55 2.55 2.56 Products of petroleum and coal 116.87 119.07 125.55 123.73 40.3 40.5 41.3 40.7 2.90 2.94 3.04 3.04 Rubber products 100.00 99.58 99.57 97.91 40.0 38.9 39.2 38.7 2.50 2.56 2.54 2.53 Leather and leather products 60.64 59.24 62.75 61.88 37.2 35.9 37.8 37.5 1.63 1.65 1.66 1.65 P 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

358 DEPARTMENT STORES DEPARTMENT STORE SALES AMD STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M ap i o n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALES i 1953 , 118 114 105 111 119 127 131 114 120 110 123 132 122 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 135 126 120 131 128 146 164 128 118 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 121 133 128 148 169 125 137 128 146 159 143 1959 144 126 131 140 139 156 181 133 144 134 155 172 157 I960 145 128 135 140 140 153 182 134 143 136 155 169 156 SEASONALLY ADJUSTED I960—Jan 131 135 146 '146 156 180 134 150 137 156 171 '157 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 149 125 135 142 143 156 194 141 144 136 159 175 159 143 124 137 136 139 149 178 134 140 132 151 169 155 Sept 144 126 136 139 140 153 185 132 138 134 154 166 155 Oct 150 129 140 145 144 162 189 140 149 138 164 172 160 Nov 142 129 131 136 136 150 179 129 139 137 157 163 152 Dec 147 128 135 136 142 153 187 137 142 138 159 171 159 1961—Jan 126 129 131 140 ^146 nil 130 141 ^134 H61 152 WITHOUT SEASONAL ADJUSTMENT I960—Jan 111 99 108 108 '109 112 139 101 111 98 115 135 '122 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 150 133 137 153 144 165 194 139 150 139 154 172 153 138 124 127 134 135 143 173 130 144 127 150 159 145 137 123 130 134 131 139 165 129 134 133 146 156 147 July 122 95 101 108 116 129 165 113 119 109 140 156 142 Aue 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 171 155 167 178 167 182 206 166 154 181 190 177 Dec 261 249 '245 250 254 283 329 238 248 '238 274 293 282 1961 Jan HOB 96 103 97 105 ^136 97 105 118 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 ^148 P149 ^227 ^154 »153 ^165 ^187 3=178 SEASONALLY ADJUSTED 1959 Dec 161 145 145 164 138 179 227 154 146 146 162 183 175 I960 Jan 161 144 146 164 142 178 227 150 149 147 162 186 178 Feb.. 160 143 146 160 142 179 225 147 145 145 162 180 179 Mar 162 144 147 159 145 111 225 151 148 146 160 182 183 Apr 159 141 144 157 139 181 224 146 147 146 157 181 176 May 161 146 149 164 144 187 223 152 151 150 160 185 167 165 148 149 168 150 185 227 152 152 152 161 192 180 July 167 149 151 166 160 187 227 155 154 157 165 190 180 169 153 154 166 157 189 232 158 154 162 165 192 182 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 ^228 166 147 150 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 158 135 137 149 147 172 211 152 146 148 158 180 177 165 148 150 159 150 186 225 155 153 158 163 192 181 Sept . 176 159 161 114 160 199 239 166 161 166 176 201 188 Oct 186 172 171 190 169 209 251 175 171 175 187 211 198 Nov 192 177 176 '191 184 211 266 177 170 179 196 211 205 Dec 137 140 148 132 170 "201 144 133 140 ^156 ^168 165 » Preliminary. r Revised. NOTE.—For description of the series see the BULLETIN for December l Figures for sales are the average per trading day, while those for stocks 1957, pp. 1323-36. Back data may be obtained from the Division of tre as of the end of the month or averages of monthly data. Administrative Services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 359 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millionsof dollars) Ratios to sales4 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 c n n f k t d h s ) i o m ( s e r O t o n d i a n u d n e n g t r t d - s h o - ) f i m c ( e t R o f i o o n p e t r t a t - h s l 2 ) o m ( r N t o d f o o e n e t w r r t a h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S o s p t o t r i a o d n l u n u c e g t d s k - rs - s ce R i e p - ts Annual average: 1952 397 1,097 435 397 401 2.9 1.2 4.1 .0 1953 406 1,163 421 408 401 3.0 1.1 4 1 o 1954 409 1,140 388 410 412 3.0 1.0 4.0 o 1955 437 ,195 446 444 449 2.9 1 1 4 0 o 1956 454 ,286 470 459 458 3.0 1.1 4 1 o 1957 459 1,338 461 461 458 3.1 1.1 4.1 o 1958 462 (,323 437 462 464 3.0 1.0 4 1 o 1959 488 1,391 510 495 498 3.0 1.1 4.1 1 I960 492 466 517 494 491 3.1 1.1 4.3 n Month: 1960 Jan 384 1,301 r368 r456 3.4 1.2 4.6 1.0 Feb 362 1,362 514 425 480 3.8 1.4 5 2 J ? Mar . 418 1,468 456 524 466 3.5 4.6 1.3 Apr 507 1,473 417 512 473 2.9 3.7 1.0 May 448 1,461 420 436 439 3.3 o!9 4.2 .0 June 451 1,381 616 371 567 3.1 1.4 4.4 ( July 373 1 371 678 363 425 3.7 1 8 5 5 o Aug 452 1,463 629 544 495 3.2 1.4 4.6 1.2 Sept 471 1,564 621 572 564 3.3 1.3 4.6 1.2 Oct 520 1,670 581 626 586 3.2 1.1 4 3 I 2 Nov 584 1,735 479 649 547 3.0 0.8 3.8 Dec 932 1,339 331 536 388 1.4 0.4 1.8 ().6 1961 Jan.P 369 1,309 434 339 442 3.5 1.2 4.7 ().9 v Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1959, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see the department store sales. BULLETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exportsl 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 1959 1960 1961 1959 1960 1961 1959 r 1960 r 1961 Jan 1 401 1.561 1,647 1 287 1,484 1,539 1. 154 1 143 1,124 Feb 1,279 ,576 182 1.497 ,119 289 Mar I 459 749 378 632 295 378 Apr 1,481 ,818 345 ,703 ,221 ,261 May t 558 804 418 710 264 262 June 1,427 ,737 ,351 ,637 ,370 ,307 July . 1,470 ,699 ,356 ,629 ,250 ,150 Aug 1.410 ,609 1,313 1,547 ,188 .229 Sept 1 487 ,610 I 407 1,557 . 395 1 160 Oct 1 482 744 I 399 I 690 1 202 1 157 Nov 1,482 1,797 I 380 1,724 1,283 1,161 Dec 1 685 rl 797 SRO 74T 1,467 1 157 Jan -Dec 17,621 20,500 16,395 19,551 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

360 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 rt n a 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 fu is 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 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1958 123.5 120.3 127.7 137.7 117.0 134.9 103.9 131.4 107.0 140.5 144.4 128.6 116.7 127.2 1959 124.6 118.3 129.2 139.7 119.9 136.6 103.9 134.3 107.9 146.3 150.8 131.2 118.6 129.7 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 126.5 120.3 131.5 141.6 124.7 132.3 104.3 137.3 108.9 145.8 156.1 133.2 121.1 132.0 July 126.6 120.6 131.3 141.8 124.8 132.9 104.1 137.4 109.1 145.9 156.4 133.4 121.6 132.2 Aug 126.6 120.1 131.5 141.9 124.9 133.4 103.5 137.6 109.3 146.2 156.7 133.8 121.9 132.4 Sept 126.8 120.2 132.0 142.1 125.7 134.8 104.1 138.0 110.6 144.7 156.9 133.9 122.1 132.7 Oct. 127.3 120.9 132.2 142.5 125.7 136.1 104.0 138.1 111.0 146.1 157.3 134.0 121.9 132.7 Nov 127.4 121.1 132.1 142.7 125.7 136.3 104.0 138.3 110.7 146.5 157.9 133.9 122.5 132.7 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 1961—Jan 127.4 121.3 132.3 142.9 125.9 139.6 103.6 138.3 109.4 146.2 158.5 133.7 122.2 132.6 NOTB.—Revised index, reflecting, beginning with January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49 —100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49 = 100] Other commodities 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.? 106.6 104.5 134.0 1?0 3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953. 110.1 97.0 104.6 114.0 97.3 98. 109.5 105.7 125.0 120.? 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.? 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 99.1 111.2 107.2 145.8 1?5 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 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. 112.2 110.2 144.7 124.3 133.1 154.5 154.0 123.5 138.3 131.7 95.4 May 119.7 90.4 107.3 128.2 96.3 111.2 110.8 110.2 146.3 123.7 133.4 154.2 153.5 123.2 137.9 131.7 91.1 June 119.5 89.0 107.6 128.2 96.3 110. 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 AUK 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 Sent. 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 89.9 109.1 127.9 95.4 108.5 116.1 110.3 143.6 116.9 133.1 152.3 153.7 122.6 137.9 132.0 90.6 Dec .... 119.5 88.7 '109.2 127.9 95.2 108.8 116.2 110.4 141.2 116.5 132.3 152.2 153.6 122.6 137.9 132.1 92.4 1961-—Jan 119.8 89.7 109.8 128.1 95.0 108.3 117.2 110.4 140.1 115.8 132.6 152.2 153.6 122.5 138.6 132.1 95.4 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 361 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1960 1961 1960 1961 Subgroup Subgroup Jan. Nov. Dec. Jan. Jan. Nov. Dec, Jan. Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce 104.9 107.5 99.5 106.7 Grains 77.2 70.3 72.7 75.3 Paperboard 135.9 132.4 132.4 132.4 Livestock and poultry 78.5 81.8 82.8 84.8 Converted paper and paperboard 130.0 131.1 131.1 131.7 Plant and animal fibers 95.9 90.8 90.7 90.8 Building paper and board 147.6 145.4 145.4 145.4 Fluid milk 99.3 102.3 102.3 101.4 56.9 108.1 87.7 75.2 Metals and Metal Products: Hay and seeds 77.5 72.5 74.1 77.6 127.4 129.1 130.4 128.0 Iron and steel 172.4 168.5 168.6 169.5 Other farm products Nonferrous metals 142.7 135.5 133.9 131.9 Metal containers 152.9 153.6 153.6 156.6 Processed Foods: Hardware 173.4 174.6 '174.7 174.9 120.7 123.1 123.5 123.5 Plumbing equipment 134.0 130.8 130.8 130.9 Cereal and bakery products 92.4 96.6 r97.3 98.3 Heating equipment 120.9 118.4 '116.8 115.7 Meats, poultry, and fish 118.8 121.7 122.0 121.2 Fabricated structural metal products 135.4 133.9 133.9 133.9 Dairy products and ice cream 104.5 r109.4 110.1 112.1 Fabricated nonstructural metal Canned, frozen fruits, and vegetables 113.3 117.4 116.3 116.2 products 146.3 146.7 148.6 148.8 Sugar and confectionery 145.2 140.9 140.9 140.9 Packaged beverage materials 103.9 102.8 100.8 101.1 Machinery and Motive Products: Other processed foods Textile Products and Apparel: Agricultural machinery and equipment 144.3 148.2 r148.0 148.5 Cotton products 95.9 91.7 91.2 90.7 Construction machinery and equip- Wool products 104.0 101.3 100.8 100.3 ment 173.6 177.3 177.0 177.3 Synthetic textiles 79.4 78.2 77.8 77.4 Metal working machinery 177.7 182.3 r182.6 182.8 Silk products 122.0 125.9 125.7 130.8 General purpose machinery and Apparel 100.8 101.0 101.0 100.7 equipment 167.8 166.3 166.1 166.1 Other textile products 79.3 92.1 92.6 99.6 Miscellaneous machinery , 149.7 150.7 150.9 151.1 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 155.8 153.1 152.6 152.4 Motor vehicles 141.6 140.5 142.2 142.2 Hides and skins 73.7 65.8 64.9 62.6 Leather 105.5 97.1 99.4 97.9 Furniture and Other Household Dura- Footwear 134.2 132.5 132.5 132.5 bles: Other leather products 108.0 104.2 103.9 103.9 Household furniture 124.7 125.7 125.7 125.6 Fuel% Power, and Lighting Materials: Commercial furniture 155.8 157.1 157.1 156.0 Floor covering 129.6 130.2 130.2 128.8 Coal 124.1 123.0 123.1 123.5 Household appliances 103.3 100.6 100.4 100.6 Coke 170.4 170.4 170.4 170.4 Television, radios, phonographs 91.7 90.5 '91.2 91.2 Gas fuels (Jan. 1958= 100) 116.6 120.2 120.0 120.2 Other household durable goods , 157.8 156.6 156.6 156.9 Electric power (Jan. 1958= 100) 101.3 102.4 102.3 102.3 Petroleum and products 114.4 120.6 120.8 122.4 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.3 132.4 132.4 132.4 Concrete ingredients 142.0 142.1 142.0 142.2 Industrial chemicals 124.1 123.5 '123.5 123.1 Concrete products 130.5 131.0 131.0 131.4 Prepared paint 128.3 128.4 130.3 131.5 Structural clay products 161.3 162.3 162.3 162.0 Paint materials 103.0 104.8 104.4 105.0 Gypsum products 133.1 133.2 133.2 134.9 Drugs, Pharmaceuticals, cosmetics.., 93.8 94.3 94.3 94.3 Prepared asphalt roofing 113.6 106.6 106.6 114.3 Fats and oils, inedible 49.2 48.9 48.5 50.1 Other nonmetallic minerals 132.8 133.6 133.6 133.5 Mixed fertilizers 109.6 112.1 111.8 112.0 Fertilizer materials , 108.8 111.9 111.9 112.2 Tobacco Manufactures and Bottled Other chemicals and products 106.5 107.4 107.2 107.1 Beverages: Rubber and Products: Cigarettes 134.8 134.8 134.8 134.8 Cigars 106.6 106.5 106.5 106.5 Crude rubber 162.8 140.6 136.5 135.5 Other tobacco products 155.7 155.7 155.7 155.7 Tires and tubes 132.2 141.3 137.1 137.2 Alcoholic beverages , 120.5 121.1 121.2 121.2 Other rubber products 144.6 146.8 146.8 144.6 Nonalcoholic beverages 171.1 171.4 171.6 171.6 Lumber and Wood Products: Miscellaneous: Lumber 126.1 115.1 115.0 114.5 Toys, sporting goods, small arms 117.7 118.6 118.6 118.9 Millwork 137.8 135.8 135.5 135.6 Manufactured animal feeds 75.6 66.8 70.0 75.1 Plywood 98.2 96.1 95.1 92.5 Notions and accessories 97.5 96.4 96.4 96.4 Jewelry, watches, photo equipment.., 110.6 110.9 111.0 111.5 Pulp, Paper, and Allied Products: Other miscellaneous 131.9 132.1 132.4 132.7 Woodpulp 121.2 121.2 114.5 114.5 Wastepaper 108.0 77.4 67.8 67.8 Paper 144.5 145.7 145.7 145.7 r Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1959 1960 1929 1933 1941 1950 1956 1957 1958 1959 1960 4 Gross national product 104.4 56.0 125.8 284.6 419.2 442.8 444.2 482.1 503.2 486.4 501.3 505.0 503.5 503.5 Personal consumption expenditures 79.0 46.4 81.9 195.0 269.9 285.2 293.5 313.8 327.8 319.6 323.3 329.0 328.3 330.8 Durable goods 9.2 3.5 9.7 30.4 38.5 40.4 37.3 43.4 43.6 43.5 44.2 44.5 42.7 43.2 Nondurable goods 37.7 22.3 43.2 99.8 131.4 137.7 142.0 147.6 152.4 149.6 150.5 153.5 152.7 152.9 Services 32.1 20.7 29.0 64.9 100.0 107.1 114.2 122.8 131.7 126.6 128.6 130.9 132.9 134.7 Gross private domestic investment 16.2 1.4 18.1 50.0 67.4 66.1 56.0 72.0 72.8 70.8 79.3 75.5 70.8 66.0 New Construction 8.7 1.4 6.6 24.2 35.5 36.1 35.4 40.3 40.4 39.4 40.8 40.7 40.5 40.3 Residential, nonfarm 3.6 .5 3.5 14.1 17.7 17.0 18.0 22.3 21.1 21.3 21.4 21.3 21.1 20.5 Other 5.1 1.0 3.1 10.1 17.8 19.0 17.4 18.0 19.3 18.1 19.3 19.4 19.5 19.8 Producers' durable equipment 5.9 1.6 6.9 18.9 27.2 28.5 23.1 25.8 28.8 26.8 27.1 29.5 29.7 28.7 Change in business inventories 1.7 -1.6 4.5 6.8 4.7 1.6 -2.5 5.9 3.6 4.7 11.4 5.3 .6 -3.0 Nonfarm only 1.8 -1.4 4.0 6.0 5.1 -3.6 5.4 3.2 4.3 11.0 5.0 .3 -3.4 Net exports of goods and services .2 1.1 .6 2.9 4.9 1.2 -1.0 3.0 -.4 1.2 2.0 3.7 4.6 Exports 7.0 2.4 6.0 13.1 23.1 26.2 22.7 22.9 26.5 23.5 25.2 26.4 27.3 27.0 Imports 6.3 2.3 4.8 12.5 20.2 21.3 21.5 23.8 23.5 23.9 23.9 24.4 23.5 22.4 Government purchases of goods and services. 8.5 8.0 24.8 39.0 79.0 86.5 93.5 97.1 99.7 96.4 97.5 98.6 100.7 102.1 Federal 1.3 2.0 16.9 19.3 45.7 49.7 52.6 53.3 52.4 52.5 51.8 . 51.7 52.7 53.3 N O Le a th s t s i e o : r n G a o l v d e e r f n e m ns e e nt sales 1. . 3 0 > 2 . . 0 0 \ 1 1 3 3 :o . 2 8 1 5 4 . . . 2 1 3 4 5 0 . . . 7 4 3 4 5 4 . . . 7 4 4 4 8 4 . . . 3 8 5 4 7 6 . . . 8 0 5 4 7 5 . . . 9 1 6 4 7 5 . . . 5 5 5 4 7 4 . . 5 9 A 7 4. . . 1 6 6 4 8 5 . . . 2 1 6 4 8 5 . . . 2 7 6 State and local 7.2 6.0 7.8 19.7 33.2 36.8 40.8 43.9 47.3 43.9 45.1 46.9 48.0 48.8 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 400.9 408.6 401.0 428.0 439.2 429.1 440.5 442.2 438.0 437.0 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally b a y d j q u u st a e r d te r a s nnual rates Item 1959 1960 1929 1933 1941 1950 1956 1957 1958 1959 1960 National income 87.8 40.2 104.7 241.9 350.8 366.9 367.7 399.6 402.8 414.4 419.4 419.3 Compensation of employees 51.1 29.5 64.8 154.2 242.5 255.5 257.0 277.8 294.4 281.6 290.2 295.0 297.2 295.2 Wages and salaries 50.4 29.0 62.1 146.4 227.6 238.5 239.7 258.2 272.5 261.5 268.7 273.1 274.9 273.2 Private 45.5 23.9 51.9 124. 189.6 198.4 196.4 212.9 224.3 215.6 222.1 225.5 226.0 Military .3 .3 1.9 5.0 9.7 9.6 9.8 9.9 10.1 9.8 9.9 10.0 10.1 10.3 Government civilian 4.6 4.9 8.3 17.3 28.4 30.5 33.5 35.4 38.1 36.1 36.7 37.6 38.8 39.3 Supplements to wages and salaries .7 .5 2.7 7.8 14.9 77.0 17.4 19.6 21.9 20.1 21.5 21.9 22.3 22.0 Employer contributions for social insurance 2.0 4.0 6.8 7.8 8.0 9.5 10.9 9.6 10.8 10.9 11.1 10.9 Other labor income '.6 A .7 3.8 8.1 9. 9.4 10.1 11.0 10.5 10.7 10.9 11.2 11.1 Proprietors' income 14.8 5.6 17.4 37.5 43.7 44.5 46.4 46.5 47.8 46.3 46.0 48.1 48.3 48.8 Business and professional 8.8 3.2 10.9 23.5 32.1 32.7 32.3 34.7 35.9 35.1 35.4 36.0 36.1 35.9 Farm 6.0 2.4 6.5 14.0 11.6 11.8 14.0 11.8 12.0 11.2 10.6 12.1 12.2 12.8 Rental income of persons 5.4 2.0 3.5 9.0 10.9 11.9 12.2 12.4 12.5 12.5 12.5 12.5 12.5 12.5 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 42.0 41.7 37.4 46.6 45.5 48.0 45.3 42.2 Profits before tax 9.6 17.0 40.6 44.7 43. 37.7 47.0 44.8 48.8 45.7 41.5 Profits tax liability 1.4 .5 7.6 17.9 21.2 20.9 18.6 23.2 22.1 23.8 22.3 20.3 Profits after tax 8.3 9.4 22.8 23.5 22.3 19.1 23.8 22.7 25.0 23.4 21.3 Dividends 5.8 2 4 9.2 12.1 12.6 12.4 13.4 14.0 13.8 13.9 13.9 14.0 14.1 Undistributed profits 2.4 -2.4 4.9 13.6 11.3 9.7 6. 10.5 8.9 11.0 9.5 7.3 Inventory valuation adjustment -2 2 5 -5.0 -2.7 -1 -.5 .7 -.8 -.4 .7 .4 Net interest 6.4 5.0 4.5 5.5 11.7 13.4 14.7 16.4 18.7 16.9 17.8 18.5 19.1 19.4 N0TE#—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 363 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters 1959 1960 1929 1933 1941 1950 1956 1957 1958 1959 1960 4 1 2 3 4 Gross national product 104.4 56.0 125.8 284.6 419.2 442.8 444.2 482.1 503.2 486.4 501.3 505.0 503.5 503.5 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 34.4 37.4 38.1 40.5 43.2 41.4 42.2 43.0 43.f 44.1 Indirect business tax and nontax liability . 7.0 7.1 11.3 23.7 35.7 38.2 39.4 42.6 45.1 43.5 44.4 45.3 45.1 45.4 Business transfer payments .6 .7 .5 .8 1 6 1.8 1.8 1.8 1.8 1 8 1 8 1 8 1 8 1 8 Statistical discrepancy. .. .3 .9 .4 -.7 -2.4 — .6 -1.7 -1.8 -2 6 — 1 1 — 3 9 — 5 K Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 .9 1.0 1.1 .6 .5 .5 .5 .6 .5 Equals: National income 87.8 40.2 104.7 241.9 350.8 366.9 367.7 399.6 402.8 414.4 419.4 419.3 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 42.0 41.7 37.4 46.6 45.5 48 0 45.3 42.2 Contributions for social insurance .2 .3 2.8 6.9 12.6 14.5 14.8 17.3 20.2 17.5 19.9 20.2 20.4 20.1 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 17.2 20.1 24.5 25.2 27.2 26.0 26.1 26.7 27.3 28.7 Net interest paid by government 1.0 1.2 1.3 4.8 5.7 6.2 6.2 7.1 8.0 7.6 7.8 8.0 8.2 8.2 Dividends . 5.8 2.1 4.5 9.2 12.1 12.6 12.4 13.4 14.0 13 8 13 9 13.9 14.0 14 1 Business transfer payments .6 .7 .5 .8 1.6 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Equals: Personal income. ... 85.8 47.2 96.3 228.5 332.9 351.4 360.3 383.3 404.2 389.0 396.2 404.2 408.0 408.5 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.8 40.0 42.6 42.4 46.0 50.0 46.5 49.2 50.0 50.5 50.4 Federal ... 1.3 .5 2.0 18.2 35.2 37.3 36.7 39.8 43.3 40.2 42.6 43.4 43 .* 43.6 State and local 1.4 1.0 1.3 2.6 4.8 5.3 5.7 6.2 6.7 6.3 6 6 6.6 6 7 6.8 Equals: Disposal personal income 83.1 45.7 93.0 207.7 292.9 308.8 317.9 337.3 354.2 342.4 347.0 354.1 357 5 358.1 Less: Personal consumption expenditures 79.0 46.4 81.9 195.0 269.9 285.2 293.5 313.8 327.8 319.6 323.3 329.0 328.3 332.0 Equals: Personal saving 4.2 -.6 11.1 12.6 23.0 23.6 24.4 23.4 26.4 22.8 23.7 25.2 29.2 27.2 Addendum: Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 286.9 293.8 296.2 311.1 320.8 313.6 316.3 321.1 323 2 322.0 PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] 1960 1961 Item! 1959 1960 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.p Total personal income 383.3 404.2 395.7 395.7 397.0 401.9 404.7 406.1 407.3 408.2 408.8 409.7 409.0 406 9 406.3 Wage and salary disbursements 258.2 272.5 268.2 268.6 269.3 277.7 273.6 274.0 275.1 275.1 275.0 274.8 273.6 271.4 271.0 Commodity-producing industries... 107.2 111.4 112.6 111.9 111.6 112.1 113.3 112.9 112.8 111.5 111.2 110.9 109.5 107.3 106.9 Manufacturing only 84.7 88.0 89.4 89.0 88.8 88.6 89.5 89.2 88.7 87.7 87.5 87.2 86.2 84.6 84.2 Distributive industries 68.2 71 9 69.9 70.3 70.8 71.8 72.0 72.2 12.4 72 9 72.7 72.5 72.5 72.3 72.0 Service industries 37.5 41.0 39.4 39.8 40.0 40.5 40.7 41.1 41.3 41.6 41.9 42.0 42.0 42.0 42.1 Go vernmen t 45.3 48.2 46.3 46.5 46.9 47.3 47.6 47.8 48.5 49.0 49.2 49.4 49.6 49.8 50.0 Other labor income 10.1 11.0 10.6 10.7 10.8 10.8 10.9 11.0 11.1 11.2 11.2 11.3 11.1 11.0 11.0 Proprietors' income: Business and professional 34.7 35.9 35.5 35.5 35.4 35.7 36.0 36.2 36.2 36.1 36.1 36.1 35.9 35.7 35.5 Farm 11.8 12.0 11.3 10.4 10.1 11.7 12.1 12.5 12.0 12.2 12.2 12.6 12.9 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 13.9 13.9 13.9 13.9 13.9 13.9 13.9 14.0 14.0 14.1 14.1 14.0 14.0 Personal interest income. 23.5 26.8 25.2 25.5 25.9 26.2 26.5 26.8 27.1 27.4 27.5 27.6 27.6 27.7 27.7 Transfer payments 27.0 29.0 27.7 27.7 28.3 28.6 28.4 28.5 28.7 29.1 29.7 30.0 30.5 30 9 31.0 Less: Personal contributions for social insurance 7.8 9.3 9.2 9.1 9.2 9.2 9.3 9.3 9.3 9.4 9.3 9.3 9.2 9.2 9.3 Nonagricultural income 367.6 388.1 380.2 381.2 382.7 385.9 388.2 389.3 391.1 391.8 392.4 393.0 392.1 390 1 389.5 Agricultural income 15.7 16.1 15.5 14.5 14.3 16.1 16.4 16.8 16.2 16.4 16.4 16.7 16.9 16.8 16.8 * Preliminary. r Revised. ment to the Survey of Current Business for 1959) and the Survey of Current 1 Monthly data are seasonally adjusted totals at annual rates. Business, July 1960. NOTE.—For explanation of series see U. S. Income and Output (a supple- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 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 3 4 1 2 3 4 1 2 3* A Net national saving1 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 A D B C E F S C C F F t e a o o a d r n r t m e p e s r o u a a a m r l n a n d e G t d e r l o n o n a v o c o n e a n n d r l c f n i n o g m n o r o a p e n v n . n p e c t r b r i 1 o a n u f l m i s t b i e n u n e s t i s s n l s e 2. s . s .. .. - 2 3 1 6 2 .2 . . 6 4 c - 2 2 5 5 9 . . . 7 . 9 9 5 * - 2 3 5 3 8 . . . . 2 3 6 5 * -- 2 58 3 6 .. . 0 . 2 5 1 * - 3 1 44 0 1 . 4 . . 6 4 5 # - -5 1 8 ^ . . 7 4 5 - - 1 7 2 4 5 . . . . . 6 6 4 2 8 - - 8 1 . . 6 5 . . . 1 2 7 - - 1 1 7 3 1 . . . . . 8 8 9 8 4 — - -2 1 8 3 1 . . . 6 . 1 4 3 2 — - 6 3 3 . 4 9 . . . 1 9 3 5 -1 4 8 . . 3 7 02 * -1 - 4 6 1 . . 6 5 . . 2 2 4 - - 2 1 — 9 2 . . 1 0 . . 9 1 5 C D B F E G Financial sectors 3 3 2.9 3 7 3 1 3 1 1 5 .5 .9 .6 1.6 -.1 .6 1.5 G H Caoital consunmtion3 ... 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 1.2 1.2 K L Plant and equip, (nonprofit)... .5 .5 .6 .6 .6 .1 .2 .2 .2 .2 .2 .2 .2 L 3.7 3.7 3.9 4 0 4 1 10 1 0 1 0 1 0 1 0 1 0 1 i 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 2.1 2.1 2.1 2.2 N O 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 savins ^ 101.9 108.9 111.2 94.6 115.2 24.6 22.9 29.2 29.7 28.3 27.9 32.7 31.0 30.8 P Q Consumer and nonprofit 60.5 66.4 68.6 67.7 74.0 18.9 16.4 18.9 18.7 19.4 17.1 19.8 17.4 21.2 Q R Farm and noncorp. business 10.7 11.3 12.0 11.7 12.3 2.6 5.3 2.5 1.2 1.5 7.0 1.9 2.6 2.2 R 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 S .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 T U State and local governments1 -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 U 3.3 2.9 3.7 3.1 3.1 1.5 5 9 6 1 6 1 2 4 15 V 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 W 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 X Y Other gross private domestic fixed investment 58.2 62.7 64.6 58.5 66.1 15.1 15.7 13.9 17.3 17.7 17.3 14.4 17.1 17.6 Y Z Consumer and nonprofit 19.3 18.9 18.2 18.3 22.2 4.6 5.3 5.2 4.9 5.9 6.2 5.4 4.7 5.4 Z a Nonfarm residen. constr.*.... 16.6 16.1 14.9 14.7 18.5 3.6 4.3 4.3 4.1 4.9 5.3 4.5 3.8 4.3 a b Plant and equip, (nonprofit). . 2.7 2.8 3.3 3.6 3.7 1.0 1.0 .9 .9 1.0 1.0 .9 .9 7.7 b c Farm business 4.2 3.8 4.0 4.4 4.9 1.2 1.0 1.4 1.3 1.0 1.0 1.3 1.2 c d Noncorp. nonfinan. business4.. 10.1 10.2 9.7 9.1 10.8 2.5 2.4 1A 3.3 3.0 2.5 2.1 3.1 3.0 d e Corp. nonfinan. business4 T24.0 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 e f Financial sectors 7 .7 8 7 8 2 2 2 2 2 2 2 2 2 f g Change in inventories 5... 5.8 4.7 1.6 -2.5 5.9 -.4 -.1 3.6 2.1 2 .4 4.5 .4 -.1 g h Farm business .3 — .4 8 1 0 5 2 2 2 'l 1 1 1 1 h i Noncorp. nonfinan. business... .6 .2 .2 * .6 .1 c 1.1 .2 -.6 1.2 -.1 • i j Corp. nonfinan. business 4.9 4.9 .6 -3.5 4.8 -.8 .1 2.4 1.7 — 1 9 3 2 4 — 2 j k Net financial investment6 * 2.1 4.2 .3 1 o -.2 * -.5 -.4 -.8 • * .1 -.1 k 1 Consumer and nonprofit 4.7 12.1 14.8 15.3 10^6 6.1 3.3 4.2 1.8 2.8 2.0 2.8 -1.2 3.7 1 m Net acquis. offinan. assets... 25.1 27.4 26.8 27.3 31.3 8.6 9.0 7.3 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 3.1 6.2 5 0 6 4 2 1 5 1 3 6 n o Farm and noncorp. business.. . -4.4 -2.5 -2.7 -2.9 -4.5 -1.5 2.2 -1.9 -3.8 -2.8 4.0 -2.5 -1.7 -2.0 o p q N N e e t t a in c c q r u e i a s s . e o f i f n i n l a ia n b . iliti a e s s sets... 4. . 9 5 3. . 0 5 3. . 5 8 4 1 . . 2 3 - 4.1 .4 1. . 7 3 -1.4 .8 -. 1 5 .4 3.9 - 2 . . 2 5 -3.7 .3 - 2.0 .4 2. . 0 3 1:1 I r Corp. nonfinan. business -2.2 -13.4 -8.7 -.9 -1.6 1.1 1.5 -1.5 .8 .5 -1.4 -4.5 -1A s Net acquis. offinan. assets... 16.8 4.3 4.4 7.2 13.4 6.9 5.2 .2 5.6 3.6 4.1 -2.6 .7 -1.2 r t Net increase in liabilities 19.0 17.7 13.1 8.0 15.0 4.8 3.7 1.7 4.8 3.1 5.4 1.9 2.9 7.7 s 2.9 t u Federal Government .5 5.9 3.6 -8.2 -4.5 -5.4 -7.6 .1 1.4 -2.1 -4.5 4.0 4.4 -.5 u 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 .5 v w Net increase in liabilities .5 -4.3 - .4 9.7 10.8 1.0 8.3 -.5 2.9 4.7 3.7 -4.3 c 7.5 w x State and local governments... -2.6 -2.2 -3.2 -5.2 -3.9 -1.1 -.3 -1.6 -1.2 -1.3 .3 -.5 -.9 -2.1 x y z a a Fin N N a e e n t t c a i i n a c l c q r s u e e i a s c s . t e o o r f i s f n i n l a ia n b . iliti a e s s sets... 2 4 3 . . . 2 8 5 2 4 2 . . . 6 8 7 3 6 3 . . . 3 5 0 2 4 7 . . . 5 7 5 6 3 3 . . . 9 1 7 - 2 1. . . 9 5 9 1 1 . . A 0 3 1 1 . . . 8 4 2 1. . . 9 7 6 2 1 . . . 3 1 9 1. . 2 9 « 1 1 1. . . 7 0 5 1 1. . . 0 3 4 - 1 1 .7 . . 9 8 a y a z 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 70.5 bb c d c d Fin N a e n t c i i n a c l r t e r a a s n e s , i n d i l s ia cr b e i p lities 23. . 4 5 1 - 9 .5 .8 - 2 2 0 . . 6 9 - 3 2 1 . . 2 7 - 2 1 5 . . 6 5 - - 1 .7 .3 15. . 3 7 - - 1 1 .1 .8 9. A 5 6.3 * 10. A 9 - - 4 1 . . 6 1 11. . 2 5 5. . 5 1 d c d c ce Discreoancv (P—W)? -1.8 .9 .5 1.0 1.5 1.4 -4.0 2.8 -.3 1.2 -1.1 3.9 2.2 3.4 ee * Less than $50 million. *> 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 reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 365 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Annual totals Transaction category, 1958 1959 1960 or sector 1955 1956 1957 1958 1959 3 4 1 2 3 4 1 2 3^ I. Demand deposits and currency A Net increase in commercial bkg. system liability 1 2.3 1.7 -A 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 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 .1 .7 -5.0 c 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 \ . l 0 c 2 6 . . 5 4 . . 9 9 2 2. . 7 3 2 6 . . 3 3 -'.9 -.7 .7 . . 4 8 4 1 . . 4 6 - - 6 3 . . 9 0 - - 1 . . 6 2 1 1. . 4 2 D E F Farm and noncorporate bus .. .3 .6 1 3 — 7 3 — 2 — 2 — 2 .. . . F G Corporate nonfinancial bus.... 1.0 1.7 1.0 2.5 -2.9 1.5 -.2 1.8 -3.4 .6 .2 G H State and local government 4 2 2 6 — 4 1 2 6 • — 4 — 2 H I Financial sectors .6 .2 .7 .5 -.3 * -.3 .6 -.4 .4 -.2 I J Rest of the world * .2 '.: .1 .3 -.1 .2 .1 -.1 -.4 * * J K Discrepancy (A—B) 1.4 .1 -.7 -.6 -'.9 1.4 -1.7 .2 .2 .7 -1.1 .2 * K II. Fixed-value redeemable claims A Net increase, by type 8.4 8.9 10.1 16.1 7.6 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 -.1 .2 1.7 2.6 B C Savings shares 5.3 5 4 5.2 6 5 7.2 l.C 2.3 1.4 2.3 1.2 2.3 1.5 2.4 1.4 C D U.S savings bonds2 .3 -1.9 5 -1.8 — . 2 -.2 -.2 c -.5 -.6 -.2 -.1 • D 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 -2.0 — . 2 2 -.2 -.6 -.6 -.6 2 -.2 -.1 F G Commercial banking 1.3 2.1 5^5 1.2 1.1 .6 .9 -.1 -.2 * 1.5 2.2 G H Savings institutions 7.1 7.3 6.9 8.9 8.4 1.5 2.9 2.0 2.6 1.4 2.4 1.8 2.6 1.8 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 L O R Co e th s n t e s r u o m f d o t e h m r e e a w s n t d i o c r n l s d o e n c ( p t t i o r m o rs f e 3 i t deposits). - - 8 . . 1 1 .7 9.0 * 9. . 8 4 * 1 1 3 . . . 7 9 5 - -1 1 9 . . . 0 0 6 - - 3 . . 1 4 .0 - 3 .4 .5 2.2 * - 3 .2 .5 4 - - 1 . . 3 7 .7 - 2 .2 .1 2 1. . 6 2 2 3. . . 4 2 3 3. . . 2 5 3 K L J -.1 .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 11.6 2.6 2.8 2.9 3.2 2.5 3.1 2.9 3.3 2.8 D E Federal Government .6 1.0 .6 1.0 1.0 .3 .2 .4 .3 .1 .1 .7 .1 E F State and local government 1.2 1 4 1 6 1 7 1 8 4 4 5 5 5 5 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 1.1 .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 C B Fe S d h er o a r l t - o te b r l m ig a d ti i o re n c s t5 -7.1 .8 -5 7 . . 6 4 5 1 . . 5 1 -1 9 . 2 0 1 5 1 . . 5 3 1 1 . . 2 1 7 3 .8 6 -4.6 4 2 . . 7 0 5 .7 3 4 4. . 7 0 - -7 4 . . 4 1 - -2 1 . . 1 4 5 1 . . 3 2 C B 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 1.1 1.0 1.1 1.5 1.1 1.2 1.3 F G Corporate stock 3 0 3 8 4 0 4 2 4 4 9 1 1 1 2 1 2 7 1 2 9 .9 9 G H 1- to 4-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 I Other mortgages 3.6 3.8 3.5 5.2 5.8 1.3 1.6 1.2 1.7 1.5 1.4 1.1 1.3 1.2 I J Consumer credit 6.4 3.6 2.8 3 6 3 .1 1 9 — 7 2 6 1 7 2.7 -.9 2.3 .6 J K Security credit 1 0j — 6 _ 3 1 7 — 1 4 1 i _ 2 — 3 6 — 1.6 .5 6 K L Bank loans nee. . 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 J .5 2.1 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 O Consumer and nonprofit 20.3 15.1 11.8 12.0 20.6 2.4 5.6 3.0 6.2 5.0 6.4 2.1 5.1 3.6 O P Farm business . .. 1.2 .9 1.1 1 5 2 0 2 * 7 1 1 3 -.2 .5 .8 .2 P Q Noncorporate nonfinancial bus... 2.9 2.0 2.3 4.8 * 2.8 — 4 2.5 1.6 1.1 .2 1.2 1 Q R Corporate nonfinancial business.. 10.1 13.0 13ll 11.8 11.6 3.1 3.1 l!9 3.8 2.9 2.9 2.7 2.7 2.5 R S Federal Government -.1 -5.4 1.0 9.3 10.7 1.1 7.9 -.2 1.7 5.2 4.1 -4.1 -1.5 1.4 S T State and local government 3 5 3 3 4.9 5 9 5 1 1.4 8 1 3 1 5 1 8 .5 1.0 .8 1.5 T U Financial sectors 5.9 1.2 2.4 1 2 5.7 -1.7 1.8 .7 1.5 1.2 2.3 -.3 1.7 .7 U V Rest of the world .3 1.0 1.4 2.3 .8 .5 .6 .2 .4 .3 * .3 .5 .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 4.3 -.7 .8 X Y Farm and noncorp. business .2 .3 .2 * .4 -.1 .5! -.3 .3 -.1 .5 -.4 .3 -.1 Y Z Corporate nonfinancial business.. 5.0 -3.8 .4 1.2 5.5 1.3 4.2| 1.0 1.2 1.5 1.9 -.2 -1.3 -1.9 Z a Federal Government 1.5 1.1 2.4 1.7 3.8 .5 .9 .7 1.7 1.0 .5 1.0 .5 a b State and local government 1.9 2.3 2.6 1.4 2.9 .2 .5 .6 .5 1.2 .7 .9 .4 -.3 b c Commercial banking system 4.8 4.8 4.3 17.0 5.6 -.6 8.0 -5.4 4.2 3.3 3.5 -7.9 5.0 5.2 c d Monetary authorities -.3 .3 -.8 2.2 .3 -.4 1.4 -.9 .6 .5 .1 -1.4 1.2 .5 d e Commercial banks 5.0 4.5 5.1 14.9 5.3 -.2 6.6 -4.5 3.6 2.8 3.4 -6.5 3.8 4.7 e f Securities -7.0 -3.5 1.3 10.4 -7.2 1.0 1.7 -4.2 -1.7 -.8 -.4 -5.6 .5 3.8 f g Loons** 12.1 8.0 3.8 4.5 12.5 -1.2 4.9 -.3 5.3 3.6 3.8 -.8 3.6 '9 g 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 Insurance sector 8.1 8.0 8.3 8.9 9.8 2.3 2.5 2.5 2.6 2.1 2.6 2.9 2.4 2.5 i j Finance nee. 5.3 1.6 2.5 2.0 4.5 -1.9 2.1 .9 .9 .8 2.0 .2 2.0 k Rest of the world 1.0 1.3 .6 3.1 .8 .3 .2 1.0 1.3 .7 .5 3 k * Less than $50 million. P 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

Financial Statistics * International * Reported gold reserves of central banks and governments 368 Gold production 369 Net gold purchases and gold stock of the United States 370 Estimated foreign gold reserves and dollar holdings 371 International capital transactions of the United States 372 United States balance of payments. 381 Money rates in foreign countries. 381 Foreign exchange rates. 383 Index to statistical tables 389 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. 367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 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 m to a t t a e l d M ta o r n y e- U S n ta i t t e e s d r m es a t t e o 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 R o e n p g . o, worldJ Fund world of the 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 55 153 293 1,175 287 906 42 74 Aus 2 562 19 045 80 156 293 1 094 287 904 42 74 Sept 40 690 2 564 18,725 19 400 84 159 293 1 094 287 894 42 75 Oct 2,603 18,443 84 157 293 1,112 287 891 45 76 Nov 2 723 17 948 84 147 293 1 158 287 886 45 77 Dec. HO 520 2 439 17,804 ^20 275 147 293 1 170 287 885 45 78 1961—Jan 2,446 17,480 293 1,156 885 39 Domin- Egyp- Ger- E m n o d n t o h f Cuba m D a e r n k - R i e c l p i a c u n b- E d c o u r a- gi t R o ia n e n - — E v l a d S o a r l- l F a i n n d - France2 R F m e e p d a u n e b r y a l , i l c Greece G m u a a l t a e- India I n n e d si o a - U.A.R. of 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 L 322 2 670 26 24 247 33 Apr 19 31 10 20 174 30 38 1,399 2,704 26 24 247 33 May. ... 19 31 10 20 174 30 38 1,513 2,741 26 24 247 33 June 19 31 10 20 174 30 38 1,551 2,772 26 24 247 33 July. 19 31 10 20 174 30 38 1,560 2,818 26 24 247 33 Aug 3 31 10 20 174 30 38 I 568 2,879 26 24 247 33 Sept 3 31 10 20 174 30 38 1,627 2,888 31 24 247 33 Oct.. 1 31 10 20 174 30 41 1,622 2,915 31 247 37 Nov 1 31 10 20 174 30 41 1,626 2,943 31 247 57 Dec 31 10 20 174 30 41 641 2 971 247 57 1961—Jan 31 0 20 30 41 1,641 2,999 247 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 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 1,132 34 30 50 28 9 548 I960—Jan 140 84 18 1,816 102 142 1,132 34 30 52 28 10 548 Feb 131 84 18 1,870 102 142 1,141 34 30 52 28 11 548 Mar 131 84 18 1 902 102 142 I 164 34 30 52 28 12 549 Apr 131 84 18 1,902 102 142 1,164 34 30 52 28 13 549 May 131 84 18 1,983 102 142 1,164 34 30 52 28 15 549 June 131 84 18 1,997 102 142 1,231 34 30 52 28 16 549 July 131 84 18 1,998 102 122 1,246 34 30 52 28 16 550 131 84 18 2,088 102 122 1.246 35 30 52 28 12 550 Sept 131 84 18 2,186 102 121 1,346 35 30 52 27 13 550 Oct 131 111 18 2,186 102 140 1 376 35 30 52 42 14 550 Nov 131 98 18 2 198 102 1 376 35 30 52 42 14 550 Dec 130 18 119 rl,451 35 30 52 42 15 552 1961 Jan 130 18 1,451 35 30 52 47 16 * Preliminary. r Revised. For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 369 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] E m n o d n t o h f A So fr u ic th a Spain Sweden Sw la i n tz d er- U g S i y . R o A r n e i . - a — R n . T la h n a d i- Turkey U K d n o i i n m t g e 3 - d U gu ru ay - V zu e e n l e a - Y sl u av g i o a - m S B I e e f n a o t n t t n r l t 'l e k s - 4 E E P F U 5 - 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 1 1 9 9 5 5 8 9 — D D e e c c 2 2 1 3 1 8 6 5 8 7 2 1 0 9 4 1 1 1 ,9 9 3 2 4 5 24 1 1 1 0 2 4 1 1 4 3 4 3 2 3 , , 7 06 3 9 6 1 18 8 0 0 r6 7 5 19 2 1 1 6 7 -1 -4 3 2 4 1 4 2 0 6 I960—Jan 248 78 191 1 826 104 133 2,685 180 '652 10 -31 Feb 244 78 171 1 807 104 133 2 722 180 r652 10 9 Mar 256 78 171 1,777 104 133 2,780 180 '652 10 17 39 Apr 258 78 171 1 767 104 133 2,831 180 '512 9 (6) May 255 78 171 1,767 104 133 2,859 180 '512 7 -122 June 240 78 171 1,774 104 133 2,892 180 '512 7 -103 48 July 233 78 171 1 896 104 133 2,996 180 '512 7 -107 219 88 171 1,960 104 133 3,072 180 '512 7 -103 SeDt 204 98 171 1,980 104 133 3,108 180 '462 6 -79 53 Oct .. . 187 108 171 2 020 104 133 3,139 180 428 5 -54 Nov 176 158 171 2 059 134 3 167 180 398 5 — 36 Dec 178 178 170 2,185 134 3,231 180 398 4 -19 56 1961 Jan 170 189 170 2,184 134 3,245 398 5 53 ' Revised. 2 Represents holdings of Bank of France and French Exchange Stabilii Excludes U.S.S.R., other Eastern European countries, and China zation Fund. Mainland. 3 Beginning with December 1958, represents Exchange Equalization Represents reported gold holdings of central banks and governments Account gold and convertible currency reserves, as reported by British and international institutions, unpublished holdings of various central Government; prior to that time represents reserves of gold and United banks and governments, estimated holdings of British Exchange Equaliza- States and Canadian dollars. tion Account based on figures shown for United Kingdom, and esti- 4 Represents net gold assets of B.I.S., i.e., gold in bars and coins and mated official holdings of countries from which no reports are received. other gold assets minus gold deposit liabilities. The figures included for the Bank for International Settlements represent 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 Africa North and South America Other Year or month world production1 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 - 2 Brazil Co b l i o a m- t A ra u l s i - a India 1953 '845.0 776.0 417.9 17.5 25.4 13.0 69.0 142.4 16.9 9.1 4 0 15.3 37.7 7 8 1954 r895 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 '940.0 873.5 510.7 18.4 23.8 13.0 65.7 159.1 13.4 8.1 3.9 13.3 36.7 7.4 1956 '975.0 911.6 556.2 18.8 21.9 13.1 65.3 153.4 12.3 7.6 4.3 15.3 36.1 7 3 1957 rl 015 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 rl,050.0 980.1 618.0 19.4 ^9 2 12.8 61.6 158.8 11.6 7.2 3.9 13.0 38.6 6.0 1959 '1,125.0 1 059.9 702.2 19.8 31.8 12.0 57.2 156.9 11.0 7.3 3.9 13.9 38.1 5 8 1959—Dec 88.4 59.3 1.6 2.7 .8 3.7 13.2 .8 .6 .4 1.2 3.6 .5 I960—Jan 89.3 60.8 1.6 2.6 1.3 3.4 13.2 .7 .5 .4 1.5 2.8 .5 Feb .. . 88.5 60.0 1.6 2.6 1.4 3.1 13.0 1.1 .6 .4 4 2.8 5 Mar 89 1 59.6 1.6 2.7 .9 3.5 13.6 1.1 .6 3 5 3 2 5 Apr . . .. 90.2 61.8 1.7 2.7 .8 3.5 12.8 .9 .7 .4 3.3 4 Mi ay 63.1 1.6 2.6 1.4 4.1 13.2 .5 .3 2 8 5 June 63 4 1.6 2 6 3.9 13.5 .6 3 3 4 4 July 63.6 1.6 2.6 4.5 13.8 .5 .4 3 2 4 63 5 ? 6 4 9 13.3 6 4 3 1 5 Sent 63.4 2.6 5.0 12.9 .6 .3 4 3.4 5 Oct 63.4 2.5 4.4 14.1 .7 .3 ? 3.3 63.4 2.5 4.3 13.7 .6 .4 1 f Dec 62.2 2.5 3.9 13.8 r Revised. Production reported monthly: reports from individual countries except 1 Excludes U.S.S.R., other Eastern European countries, China Main- Ghana, Republic of the Congo and Brazil, data for which are from land, and North Korea. American Bureau of Metal Statistics. For the United States, annual 2 Gold exports representing about 90 per cent of total production. figures are from the U. S. Bureau of the Mint and monthly figures are Sources.—Estimated world production: based on reports of the U. S. from American Bureau of Metal Statistics. Bureau of Mines. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 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 1953 1954 1955 1956 1957 1958 1959 1960 Oct.- Jan.- Apr.- July- Oct.- Dec. Mar. June Sept. Dec. Western Europe: Austria -6 -84 -83 — 1 -85 3 3 -329 -39 -141 -26 -25 -7 -83 France .... -68 -34 -266 — 173 —200 — 56 117 Germany (Fed. Rep. of) -130 -226 -10 -34 -34 "XAQ -65 25 -261 -30 -249 -10 -25 — 110 — 105 Portugal -60 -55 -5 -20 -10 Spain 31 32 -114 -33 — 81 Switzerland . • • - 65 - 16 - 8 -215 20 — 324 20 160 165 United Kingdom - 480 - 50 100 -900 -350 — 550 — 200 350 Bank for Int'l Settlements... 94 -20 -178 -32 -36 — 36 Other -37 -6 4 18 8 -21 -38 -96 -17 -2 1 -11 -83 Total -1,016 -378 -78 80 68 -2,326 -827 -1,718 -197 -40 -49 -576 -1,053 Canada 15 5 Latin America: Argentina -85 115 75 67 -50 -30 -20 Mexico -28 80 -30 -20 -20 Venezuela - 30 -200 65 65 Other -19 12 14 56 6 2 -16 -30 -1 -1 -1 -6 -22 Total -132 62 14 -28 81 69 19 100 64 -1 -1 -36 -62 Asia: -30 -157 —15 -15 Other -6 -10 -5 0) 18 -4 -28 -97 -20 (!) -26 -4 67 Total -6 -10 -5 0) 18 -34 -186 113 -20 0) -26 -19 -67 All other -10 -1 14 0) -3 -5 -38 -4 0) -8 0) -29 Total foreign countries.. -1,164 -327 -68 80 172 -2,294 -998 -1,969 -157 -42 -84 -632 -1,212 International institutions2 200 600 3-44 300 100 300 -1,164 -327 -68 280 772 -2,294 3-1,041 -1,669 -57 -42 -84 -632 -912 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] Gold stock Total Net Ear- Gold stock Total Net Ear- Year (end of year) in s c g to r o e c l a d k s : e, im g o o p l r o d rt, g m c o r l a e d r a : k s e d e d e , - D p ti r c o o m g d o u e l c s d - - Month (end of month) in s c g to r o e c l a d k s : e, im g o o p r l o d rt, g m c o r l a e d r a : k s d e e d e , - D p ti r c o o m g d o u e l c s d - - Tr u e r a y s- Total i c o r ( r e - a d ) s e e - ex ( p -) ort c o r ( r e - a i ) n se - tion Tr u e r a y s- Total i o cr ( r e - d a ) s e e - export c o r ( r e - a i ) n se - tion 1949 24,427 24,563 165 686 -496 67 I960—Feb . 19,421 19,471 -23 4 -21 3 1950 22,706 22,820 -1,743 -371 -1,352 80 Mar . 19,408 19,457 -14 17 -13 4 1951 22,695 22,873 53 -549 618 66 Apr . 19,360 19,403 -54 8 -71 4 1952 23,187 23,252 380 684 -305 67 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 July . 19,144 19,188 -174 49 -222 5 1954 21,713 21,793 -297 16 -325 65 Aug . 19,005 19,045 -144 12 -151 5 1955 21,690 21,753 -41 97 -132 66 Sept . 18,685 18,725 -319 5 -319 5 1956 21,949 22,058 306 106 319 65 Oct . 18,402 18,443 -282 125 -397 4 1957 22,781 22,857 799 104 600 63 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 4 1959 19,456 19,507 2-1,076 302 -1,324 57 1961—Jan . 17,441 17 480 -324 —20 -322 (3) 1960 17,767 17,804 -1,703 333 -1,982 49 Feb . *>17,373ni, 412 P-68 (3) 43 (3) P 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 $12,162 million on Feb. 28, 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 371 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1958 Dec. 3 , 1959 Mar. 31, 1960 June 30, 1960 Sept. 30, 1960 Dec. 31, 1960? U.S. Govt. Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& bonds & notes * short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. shortterm bonds term bonds term bonds term bonds term bonds term dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars Old New series series Western Europe: Austria 605 7 623 7 556 7 490 7 516 7 536 7 3 Belgium 1,385 6 1,272 7 1,339 6 1,340 7 1,240 7 1 317 6 2 Denmark 200 6 168 64 145 64 111 53 78 53 85 28 31 Finland 104 1 115 1 125 1 99 1 85 1 87 France 1,282 12 1,945 35 2,041 37 2,310 18 2,273 17 2 160 16 5 Germanv (Fed Reo of) 4,394 13 4,624 16 4,682 16 5,245 16 5,997 16 6,449 16 3 Greece 143 212 186 138 109 136 Italy 2,207 2 3,118 (2) 3,061 (2) 3,057 (2) 3,203 (2) 3,132 (2) (2) Netherlands 1,389 10 1,617 17 1,646 18 1,643 17 1,646 14 1,779 12 Norway 173 120 125 141 129 141 131 158 115 158 112 143 148 Portugal 656 (2) 686 1 674 1 637 638 1 636 Spain 93 3 154 3 189 3 227 3 235 3 327 3 1 Sweden 507 10 404 101 388 79 432 79 395 78 397 77 82 Switzerland 2,777 76 2,903 88 2,708 87 2,713 84 2,786 74 2,863 57 94 Turkey 164 164 163 152 149 152 United Kingdom 3,723 194 3,490 323 '3,716 368 '4,124 403 4,503 381 4,470 411 419 Others 870 29 593 51 617 38 507 38 469 39 528 40 45 Total 20,672 489 22,213 855 '22,365 866 '23,356 885 24,437 849 25,166 818 837 Canada • • • 3,097 341 '3,158 452 '3,307 485 '3,439 429 3,552 424 3,325 416 446 Latin America: Argentina 210 393 444 443 454 419 (2) 1 Brazil 463 1 478 1 450 1 448 1 460 481 2 Chile 140 (2) 228 193 186 179 180 Colombia 241 (2) 288 277 262 242 (2) 236 (2) 1 Cuba 366 86 214 82 168 82 149 82 108 63 75 39 Guatemala 69 61 77 70 1 65 1 68 1 M^exico 561 4 584 574 4 497 4 495 4 537 2 7 Panama Republic of 146 2 129 3 128 3 116 2 127 2 123 2 Peru • • • 96 110 1 100 105 1 97 114 Uruguay 262 242 242 240 244 231 1 Venezuela 1,213 '929 3 '897 '813 3 795 3 781 3 1 Other4 250 11 253 12 273 12 388 11 400 11 373 9 Total. 4,017 106 '3,909 105 '3,823 106 '3,717 105 3,666 86 3,618 59 15 Asia: India 324 (2) 361 (2) 351 10 306 40 297 40 301 40 41 Indonesia . . .. 145 172 1 183 188 195 235 •[ran 184 (2) 187 (2) 176 (2) 168 (2) 156 (2) 152 (2) Japan 1,094 1 1,564 2 1,644 2 1,755 2 1,984 2,166 2 Philippines . 186 3 181 3 190 3 214 2 237 2 218 2 2 Thailand 245 1 240 1 248 1 258 1 270 (2) 284 (2) (2) Other 1,041 27 1,244 46 1,236 53 1,107 70 1,026 59 989 43 45 Total 3,219 32 3,949 53 4,028 70 3,996 115 4,165 103 4,345 87 92 All other: Australia 241 264 272 8 263 259 235 8 Egyptian Region—U.A.R 190 194 207 216 196 196 Union of South Africa. . 241 287 1 299 280 1 235 207 S Others 512 14 '523 41 526 54 547 57 553 28 603 27 Total 1,184 15 '1,268 42 1,304 55 1,306 58 1,243 29 1,241 28 34 Total foreign countries 6 32,189 983 '34,497 1,507 '34,827 1,582 '35,814 1,592 37,063 1,491 37,695 1,408 1,424 International institutions 2,876 495 '5,565 660 5,753 709 '5,832 755 6,130 671 6,392 884 900 Grand total 6... 35,065 1,478 '40,062 2,167 '40,580 2,291 '41,646 2,347 43,193 2,162 44,087 2,292 2,324 Memorandum item: Sterling area 4,837 242 4,729 407 '4,972 476 '5,302 550 5,627 489 5,561 512 535 P Preliminary. ' Revised, 4 Includes other Latin American republics and the Inter-American 1 Of the two sets of figures shown, the first continues the series based Development Bank. on a 1955 survey and reported securities transactions; the second is 5 Includes unspecified countries in Africa, Oceania, and Eastern based on a survey as of November 30, 1960, and reported securities Europe, and all Western European dependencies located outside Europe transactions in December. Data are not available to reconcile the two and Asia. series or to revise figures for earlier dates. 6 Excludes gold reserves of the U. S. S. R., other Eastern European 2 Less than $500,000. countries, and China Mainland. 3 Includes other Western European countries, unpublished gold NOTE.—Gold and short-term dollars include reported and estimated reserves of certain Western European countries, gold to be distributed official gold reserves, and total dollar holdings as shown in "Short-term by the Tripartite Commission for Restitution of Monetary Gold, European Liabilities to Foreigners Reported by Banks in the United States by Payments Union/European Fund, and the Bank for International Settle- Countries" (Tables 1 and la-Id of the following section). U. S. Govt. ments; the figures for the gold reserves of the B.I.S. represent the Bank's bonds and notes are holdings with original maturities of more than one net gold assets, (see note 1 to table on reported gold reserves). year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 BVTL 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 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 r9,152 '7,076 1,987 990 5,501 8,479 2,198 2,406 2,774 373 1960 Jan 19,389 3,138 16,252 '8,903 '7,348 1,899 1.008 5,414 8,322 2,320 2,393 2 829 388 Feb r19 492 3 285 r16,207 r8,880 '7,326 1,908 1,165 5 284 '8 357 2 272 2 378 2 806 394 Mar 19,681 3,300 16,382 r9,011 r7,371 2,012 1,266 5,122 '8,399 2,357 2 383 2 860 382 Apr 19,860 3,234 16,626 '9,224 '7,402 2,199 1,340 4,963 '8,502 2,386 2,478 2,843 417 May '20 187 3 359 16,828 r9,275 '7,553 2,220 1,500 4,940 '8 660 2 423 2 526 2 817 403 June '•20,442 3,317 17,125 r9,600 '7,525 2,473 1,599 4,869 '8,942 2 530 2 432 2 824 397 July '20,748 3,334 17,414 '9,759 '7,655 2,704 1,736 4,573 '9,013 2,683 2,494 2,854 369 A Se u p e t r ' 2 2 1 1 , , 2 2 1 2 8 8 '3 3 , , 5 4 6 6 6 6 1 1 7 7 , , 7 6 5 6 2 2 1 10 0 , , 1 1 0 6 9 0 ' ' 7 7 , , 5 5 9 5 2 3 2 3, , 1 8 0 6 9 8 1 1 , , 8 8 0 2 0 8 4 4 , , 5 2 2 6 3 4 ' r9 9 , , 2 1 0 9 2 0 2 2 , , 6 6 9 5 9 8 2 2 ,4 5 3 4 2 0 2 2 ,9 9 9 3 7 7 3 37 8 4 6 Oct 21 442 3,682 17,760 10,328 7,432 3,292 1,793 4 216 9 302 2 711 2 366 2 998 384 Nov 20,912 3,697 17,216 10,104 7,112 3,367 1,641 3,982 8,990 2,507 2 340 3 017 362 Dec? 21,371 3,953 17,418 10,371 7,047 3,478 1.670 3,958 9,107 2,440 2,414 3,107 349 1961—Jan.? 20,975 3,941 17,034 10,200 6,834 3,505 1,635 3,648 8,788 2,443 2,317 3,145 341 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 ey r- ot A h l e l r' 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 ,121 339 130 163 36 303 852 20 694 1959—Dec 5,501 331 138 137 77 655 186 ,369 485 95 138 86 213 969 31 590 I960 Jan 5,414 308 152 120 83 664 188 ,358 496 95 128 93 151 977 30 571 Feb 5,284 300 137 112 90 675 197 ,245 496 94 130 99 196 950 31 533 Mar 5,122 264 156 114 87 719 160 ,159 482 99 125 111 217 931 30 468 Apr 4,963 234 134 92 75 711 146 ,142 442 96 113 108 265 930 23 451 May 4 940 221 141 82 71 726 128 ,050 430 97 104 120 267 928 24 552 June 4,869 198 149 80 61 759 112 ,060 412 101 88 149 261 939 19 483 July 4,573 197 172 72 64 650 97 ,095 386 88 88 133 250 878 18 386 Aue 4,523 203 166 53 49 726 75 ,127 355 85 87 132 250 820 14 380 Sept 4,264 223 146 47 47 646 78 .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 3,982 231 141 53 45 583 67 952 277 81 85 157 210 693 17 391 Dec.P 3,958 243 147 54 46 519 63 934 328 82 84 149 227 678 18 387 1961 Jan *> 3,648 213 134 54 48 579 49 857 276 80 81 114 229 612 21 301 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 m p i D R c l u i i a o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t A a a i e u l n n l r n r e d d - i - s s - l a P p i R m c u a e n b o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L ic m a th a ti e e 6 n r r nam 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 All 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 Aue 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 2,340 335 21 186 117 166 84 34 24 42 359 72 122 64 52 360 303 Dec.P 2,414 315 23 194 135 158 74 37 24 44 397 76 123 72 51 383 306 1961— Jan.? 2,317 299 23 203 120 174 68 31 27 50 367 77 108 65 49 363 293 * Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1NTL CAPITAL TRANSACTIONS OF THE U. S. 373 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 Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R l u e o i e a c b f - , - P pi h n i e l- s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - C £ R t ° o h o e > f e n p - . U g E i t R . o g i A a n e y n . - — R p- .A U S f n o r o i u i f o c t a n h Other 1956—Dec 2,415 66 76 186 20 45 1,017 99 272 61 148 425 346 84 44 50 53 114 1957—Dec 1 946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 40 38 153 1958—Dec 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 16 30 125 1959—Dec 2 774 60 114 139 47 87 1,285 148 172 94 136 494 373 110 31 20 49 162 I960—Jan 2 829 61 113 146 46 93 1.319 149 174 94 142 493 388 107 33 25 62 162 Feb 2,806 61 90 153 43 87 ,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 2 843 61 68 152 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 59 55 158 35 68 ,536 143 216 87 158 339 369 107 25 46 36 155 Aus 2,937 58 51 164 27 72 ,627 144 219 89 163 322 386 95 27 40 32 191 Sent . 2 997 59 50 162 25 59 705 148 224 89 166 311 374 100 29 22 31 192 Oct 2,998 58 36 170 26 62 ,758 153 217 86 169 263 384 87 r30 24 30 '213 Nov 3,017 60 37 148 25 71 808 150 212 84 177 245 362 80 32 27 33 189 Dec p 3,107 57 54 178 22 75 ,887 152 203 84 180 214 349 88 32 22 29 178 1961—Jan.? 3,145 57 45 181 20 67 ,953 139 193 84 190 216 340 72 33 20 38 177 Table lc1. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1957 1958 1959 1960 1957 1958 1959 1960 Other Europe: Other Asia (Cont.): Albania .1 .3 .3 .2 Burma 6.7 5.9 4 3 9 Bulgaria 6 .3 1 2 5 Cambodia .. .... 20 0 24 9 19 7 10 9 .2 .3 .5 Ceylon 34.2 44.1 34.4 6.9 Czechoslovakia 8 \l .6 .7 1.0 36.3 36.0 35.8 34 8 Estonia 1.7 1.7 1.8 n.a. Iraq 19.6 18.0 63.1 n.a. .7 .9 1.3 1.0 Jordan 1.6 2.8 2.5 1.8 Iceland 2.9 3.5 2.7 5.1 5.9 10.3 9.4 9 6 Ireland Republic of 9.0 10 0 5 4 2 7 Laos 33.1 20 9 21 0 5 0 Latvia . .5 .6 .6 .5 Lebanon 28.2 37.9 38 0 36 2 Lithuania 5 7 6 6 M^alaya Fed of . . 1 6 1 2 1 4 6 3 Luxembourg 16.4 16.1 7.2 12.6 Pakistan 12.8 5.6 23.5 10.6 Monaco 5.4 5.9 5.3 4.1 Portuguese India (Goa) 2.5 2.5 2.3 1.4 Poland 8 3.2 4.9 4.0 6.1 Ryukyu Islands 32.7 15.2 14.8 n.a. Rumania 8 .8 .9 .9 1.1 Saudi Arabia 94.8 60.2 111.6 18 4 Soviet Zone of Germany 3.1 1.4 1.5 1.3 Singapore . 7.1 2.5 3.5 1.9 U. S. S. R.8 .7 2.2 2.6 12.1 Syrian Region—U.A.R 3.5 4.7 5.0 n.a. Viet-Nam 58.5 48.8 68.3 n.a. Other Latin America: B B e a r h m am ud a a s 9 7 9 6 8 14 3 4 21 7 .2 7 Al A l o lg t e h r e i r a : 9 5 6 4 Costa Rica 16.4 24.5 18.9 19.8 Ethiopia and Eritrea 35.1 27.8 18.7 9 3 Ecuador 22.7 17.4 21 7 27 3 French Somaliland 3.1 1 0 2 0 9 French West Indies and French Guiana. . .8 .5 .5 .4 Ghana . .7 .4 n.a. Haiti 11.2 7.7 10 5 10.7 Liberia 23.0 13.0 20 3 n a Honduras 12 6 6 3 12 8 15 0 Libya.... .. ... 10 7 6 4 17 6 5 6 Nicaragua . • • 12.7 11.3 12.5 11.9 Madeira Islands .9 1.0 6 9 Paraguay 5.1 3.4 6.7 4.6 Morocco, 51.5 43.5 57.8 64.3 West Indies Federation » 15.8 31.6 32.6 11.3 N M e o w z a C m a b le iq d u o e nia 3 1. . 7 4 2 1 . . 9 4 2 1 . . 0 3 n 2 . . a 2 . Other Asia: New Zealand .. 1.9 6.9 6.8 n.a. Aden .8 1.7 2.2 n.a. Somali Republic 1.3 1.3 .8 3.5 Afghanistan 4.7 4 5 11 0 9 8 Sudan .... 1 7 5 2 1 6 n a Bahrein Islands .9 .9 .9 n.a. Tunisia .8 .3 8.4 2.8 n.a. Not available. » Preliminary. the Second (New York) Federal Reserve District. They represent a 1 Does not include banking liabilities to foreigners maturing in more partial breakdown of the amounts shown in the "other" categories in than one year; such liabilities amounted to $7 million on January 31, Tables la-lc. 1961. 8 Based on reports by banks in all Federal Reserve districts. 2 Includes International Bank for Reconstruction and Development, » Prior to 1960 data for the Bahamas included with West Indies International Monetary Fund, and United Nations and other inter- Federation. national organizations. NOTE.—Statistics on international capital transactions of the United 3 Represents liabilities to foreign central banks and foreign central States are based on reports by U. S. banks, bankers, brokers, and dealers, governments and their agencies (including official purchasing missions, by branches or agencies of foreign banks, by certain domestic institutions trade and shipping missions, diplomatic and consular establishments, etc.). not classified as banks that maintain deposit or custody accounts for 4 Includes $1,031 million representing increase in United States dollar foreigners, and by the U. S. Treasury. The term "foreigner" is used to subscription to the International Monetary Fund paid in June 1959. designate foreign governments, central banks, and other official institu- 5 Includes Bank for International Settlements. tions, as well as banks, organizations, and individuals domiciled abroad « Beginning June 1960 includes Inter-American Development Bank. and the foreign subsidiaries and offices of U. S. banks and commercial 7 Except where noted, these data are based on reports by banks in firms. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 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 1956 Dec 14,939 12,860 5,979 5,990 891 2,030 ,653 243 134 49 1957 Dec 15,158 12,847 5,875 5 840 1,132 2,252 766 278 209 59 1958 Dec 16,159 13,669 6,772 5,823 1,075 2,430 ,951 306 174 59 1959 Dec . . 19,387 16,911 6,341 9,243 1,328 2,398 ,833 295 270 77 1960 Jan 19,389 16,981 6,150 9,258 1,573 2,354 ,765 295 293 56 Feb 19,492 17,153 6,065 9 429 1,660 2,275 749 225 301 r64 Mar r19,681 17,369 6,272 9,357 1,740 2,243 ,738 204 301 Apr 19,860 17,554 6,696 9,225 1,632 2,234 ,745 199 290 '73 May r20,187 17,843 6,920 9 340 1,583 2,268 770 211 287 r75 June r20,442 18,109 7,186 9,303 1,620 2,250 ,794 167 289 r84 July '20,748 18,414 7,365 9,512 1,538 2,250 ,780 165 305 '86 A.ug r21,218 18,874 7,631 9,719 1,524 2,253 770 182 301 '91 Sent '21,228 18,872 '7,648 9,705 1,519 2,238 ,786 173 279 118 Oct 21,442 19,035 7,639 9,911 1,485 2,263 ,826 173 264 144 NOV 20,912 18,603 7,451 9,715 1,437 2,182 111 158 247 127 Decp 21,371 19,040 7,565 10,075 1,400 2,219 1,836 149 234 112 1961— Jan.?. . . 20,975 18,744 7,319 10,124 1,301 2,109 1,759 128 222 121 Area and country detail, November 30, 1960 Europe: Austria 231 231 210 2 18 1 (3) Belsium 141 94 77 4 14 47 36 11 Denmark 53 45 26 18 1 8 7 (3) (3) (3) Finland 45 43 15 19 9 2 2 583 533 238 259 37 50 43 3 4 Germany, Fed. Rep. of.... 3,367 3,339 222 2,737 380 26 21 2 3 1 67 51 29 23 (3) 16 16 Italy 952 921 122 648 150 31 26 4 1 (3) Netherlands 277 253 99 131 23 23 17 4 1 2 Norway 81 49 46 3 32 31 Portugal 85 43 40 2 42 40 (3) 2 (3) Spain 157 139 138 1 18 18 (3) Sweden 210 202 69 85 48 7 7 (3) (3) (3) Switzerland 693 558 287 56 215 133 85 13 34 2 Turkey 17 15 15 2 2 United Kinsdom 1,641 1,276 879 319 78 313 149 77 86 51 10 7 7 3 1 2 Other Europe 380 316 63 122 131 15 13 1 1 49 Total 8,990 8,115 2,581 4,425 1,109 768 515 107 146 107 Canada 2,507 2,281 1,696 565 20 216 171 33 12 11 Latin America: Argentina 335 263 140 86 38 71 70 1 Bolivia 21 5 5 (3) 15 15 (3) (3) (3) Brazil 186 62 58 (3) 4 124 113 2 10 (3) Chile 117 76 76 (3) 41 40 (3) (3) (3) Colombia 166 102 90 (3) 13 64 62 1 Cuba 84 15 15 68 64 (3) 4 (3) Dominican Republic 34 12 12 22 21 1 El Salvador 24 6 6 (3) 17 16 (3) Guatemala 42 26 17 2 7 16 16 (3) 1 Mexico 359 222 217 5 136 131 3 1 Neth. Antilles and Surinam 72 42 19 11 12 30 14 4 12 Panama Rep. of 122 11 9 2 111 74 3 34 (3) Peru 64 23 23 41 38 2 Urusuav 52 21 19 2 31 24 1 6 (3) Venezuela 360 191 189 169 164 1 4 (3) Other Latin America 303 222 93 121 8 80 74 2 4 Total 2,340 1,300 987 220 93 1,037 937 15 85 3 P Preliminary. r Revised. 2 Represents principally bankers' acceptances and commercial paper 1 Includes International Monetary Fund's holdings of nonnegotiable, 3 Less than $500,000. non-interest-bearing demand notes of the United States which amounted to $2,498 million on January 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 375 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable n dollars To banks and official institutions To all other foreigners Payable Area and Total in foreign country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other i Total Deposits T bi r l e ls a s a u n r d y Other i certificates certificates Area and country detail, November 30, 1960—Continued Asia: Hong Kong 60 35 29 7 24 23 « 1 (2) India 37 26 22 4 11 11 1 Indonesia .. .. • 148 146 83 33 29 2 2 Iran 25 20 20 5 5 (2) Israel 71 67 23 \A 30 4 4 (2) Japan 1,808 1,790 979 733 78 16 15 p> 1 1 Korea Rep of 150 148 136 12 2 2 Philippines 212 193 167 21 5 19 19 Taiwan 84 77 74 3 7 6 p> (2)" Thailand . . 177 174 20 122 33 3 3 (2) Other Asia 245 210 153 39 17 35 33 1 1 Total 3,017 2,886 1,706 975 205 127 123 i 3 3 All other: Australia 80 77 30 42 5 3 3 Congo Rep of the . 32 31 21 8 2 I (2) Egyptian Region—U.A.R.. 27 26 17 8 1 1 1 C2) U O n th io er n of South Africa.... 1 3 8 3 9 1 2 6 9 3 1 2 2 9 6 35 2 2 4 5 2 4 3 (2) (2 2> 2 Total 362 325 222 93 11 34 31 (2) 2 3 Total foreign countries. 17,216 14,907 7,192 6,277 1,437 2,182 1,777 158 247 127 International institutions.... 3,697 3,696 258 3,438 C2) Grand total 20,912 18,603 7,451 9,715 1,437 2,182 1,777 158 247 127 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 ed n . . y o , f Italy S l z a w e n r i - d t- U K d n o i i n m t g ed - E O u t r h o e p r e E T u o r t o a p l e Can- A L m i a c t a e in r- Asia o A th l e l r 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 I960—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.. 2,70^ 25 55 33 41 129 228 512 254 ,172 715 55 May. r2,691 26 55 32 36 135 226 509 258 ,124 743 56 June. 2,764 28 62 32 42 181 230 575 272 ,111 746 60 July. 3,06: 27 63 30 36 234 227 617 336 ,203 r845 61 Aug. r3,117 33 68 35 41 239 212 628 341 ,200 r886 62 Sept. 3,160 29 77 33 45 256 226 665 356 ,150 '"921 68 Oct.. '3,354 32 84 42 54 237 236 685 397 ,244 '958 69 Nov. 3,326 28 78 35 55 222 240 658 376 ,254 972 66 Dec. 3,554 31 81 34 60 244 260 710 401 ,350 1,025 68 1961—Jan.p 3,586 33 78 38 201 237 648 413 ,342 1,110 73 P Preliminary. r Revised. foreigners; drafts drawn against foreigners that are being collected by 1 Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year; loans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe End of month E O u 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 e e n - T k u e r y - Y sl u av g i o a - o A th l e l r 1956 Dec 216 7 28 12 4 4 21 23 2 8 13 on (2) 7 1957—Dec 211 6 25 11 4 6 29 23 2 8 10 76 1 10 1958 Dec 315 7 65 14 6 7 56 22 2 30 24 72 9 1959 Dec 234 4 56 18 8 5 38 7 2 8 19 47 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 13 230 2 50 7 8 4 34 7 2 5 22 62 12 14 July 227 3 49 6 9 5 36 8 2 7 22 55 12 12 212 2 41 7 7 6 30 9 2 7 18 59 11 13 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 240 3 50 13 9 7 30 17 3 7 26 53 8 15 Decp 260 2 61 13 9 6 33 17 4 8 28 49 11 18 1961—Jan.P 237 2 63 14 9 5 34 11 3 6 26 41 9 14 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 i - a Brazil Chile l C o b m o ia - - Cuba p m i R c l u i a i e c b n n - - - v S a E d a 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 n l r e d d - i s - s l a p P i R c m u a e b n o - a - - f , Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e r n r nam 1956—Dec 840 15 4 72 16 145 9o 7 11 7 213 5 12 35 15 144 49 1957 Dec 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 ,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 1,111 76 4 156 50 77 67 17 7 11 321 5 17 43 42 169 50 July r1,203 81 4 173 57 80 62 16 7 11 335 5 17 43 38 224 r50 Aug T1,200 87 4 176 54 78 55 18 9 11 333 6 16 46 39 219 r50 Sept r1,150 96 4 189 57 79 31 17 14 11 316 4 20 43 52 164 r52 Oct [.244 108 4 212 55 77 29 17 19 12 303 4 19 42 55 233 56 Nov ,254 112 4 206 63 76 27 17 19 13 302 5 22 43 52 235 57 Dec p ISO 121 4 225 72 80 26 16 22 14 340 8 23 44 57 234 65 1961 Jan P 1,342 122 4 229 74 80 25 14 21 13 342 5 27 48 50 231 57 Table 3c. Asia and Ail Other Asia End of month Total H K o o n n g g India Iran 1956 Dec 337 4 6 20 1957—Dec 386 7 6 22 1958 Dec 435 6 4 27 1959 Dec 586 10 6 29 I960 Jan 624 11 6 30 Feb 626 12 6 30 Mar 682 12 6 31 Apr 715 11 8 35 May 743 12 8 33 June .. 746 11 7 35 July '845 10 9 36 r886 10 7 38 Sept r921 9 9 36 Oct '958 8 11 35 Nov 972 8 11 34 Dec P 1,024 8 9 1961—Jan v 1,110 7 8 CO CO All other Israel Japan ip P p h i i n l- es T w a a i n - T la h n a d i- Other Total t A ra u l s ia - 16 170 16 6 9 91 43 11 24 146 53 6 14 110 50 13 23 179 67 6 13 111 69 14 324 24 9 15 155 56 14 362 24 9 14 154 55 1 1 3 7 4 3 2 7 0 2 2 1 2 8 9 9 1 1 2 3 1 15 5 1 4 5 5 3 4 15 456 22 10 10 148 55 16 488 21 10 12 145 56 17 497 14 11 11 143 60 16 r586 22 10 15 141 61 15 r628 26 10 14 140 62 14 '660 23 6 15 149 68 15 ••695 25 8 15 147 69 17 712 24 7 16 143 66 24 780 19 7 24 121 68 27 866 16 7 22 123 73 COOO OOvC Congo Rep. of the 6 5 4 3 3 3 18 3 19 3 21 3 23 3 25 3 25 2 27 5 29 3 27 27 28 CO CO I Egyp- tian Re- gion— U.A.R. 2 1 3 2 2 2 2 1 2 2 1 2 2 9 CO CO Union of South Other Africa 8 17 12 19 21 29 12 21 10 22 11 21 1 11 0 2 1 3 9 11 20 11 21 12 21 10 22 11 23 10 25 10 25 11 24 12 27 * Preliminary. f Revised. 2 Less than $500,000. * See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ENTL CAPITAL TRANSACTIONS OF THE U. S. 377 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- End of month, or area term— Loans to: and country total i Collec- Total tions Deposits Total Banks and out- Other Total with Other official Others standing foreigners institutions Total amounts outstanding 1955 Dec 671 1,549 1,385 489 236 353 307 164 144 20 1956 Dec 839 1,946 1,796 582 330 440 444 150 131 19 1957 Dec . . 1,174 2 199 2,052 627 303 423 699 147 132 15 1958 Dec 1,362 2,542 2,344 840 428 421 656 198 181 16 1959 Dec r1,545 2,623 2,406 848 460 516 582 217 203 15 I960 Jan 1,527 2,700 2,491 873 425 517 676 209 195 14 Feb 1,517 2,680 2,487 845 411 526 705 194 175 19 Mar 1,533 2,728 2,520 806 397 538 779 208 179 29 Apr 1,587 2,707 2,490 774 408 562 746 218 186 31 May 1 628 2,691 2,466 768 392 569 737 224 191 34 June 1,599 2,764 2,485 726 387 579 793 280 198 82 July 1,666 3.062 2,665 731 387 r561 986 397 223 173 Aug 1,636 r3,117 %708 715 385 r554 1,054 409 221 188 Sept 1,626 r3,160 r2,729 f719 386 r578 1,045 431 270 161 Oct 1,628 r3,354 r2,876 831 404 '591 1,049 478 293 185 Nov 1,659 3,326 2,902 772 436 604 1,091 424 221 203 Dec P 1.694 3.554 3,077 813 480 591 1,192 477 242 235 1961— Jan. v 1,650 3,586 3,111 804 466 620 1,221 475 198 276 Area and country detail, November 30, 1960 Europe: Austria 3 3 2 (2) (2) 1 (2) <*) (2) (2) Belsium 30 50 49 29 4 11 5 1 (2) Denmark 3 13 13 1 2 2 8 Finland 3 9 9 2 7 (2) (2) (2) France 21 28 26 2 3 10 11 2 2 (2) Germany, Fed. Rep. of 26 78 65 21 6 21 17 13 12 Greece 4 7 7 2 1 4 i" <? Italy 27 35 33 8 5 15 1 Netherlands 10 30 26 7 3 12 4 4 4 (2) Norway 133 17 15 4 1 3 7 2 Portusal . 3 3 3 1 1 Spain . 5 7 6 3 1 1 n\ Sweden 32 26 24 3 6 6 9 2 1 1 Switzerland . . 2 55 36 8 15 6 7 20 8 12 Turkey 53 53 49 3 United Kingdom 29 222 57 6 3 17 31 166 77 89 1 8 8 4 1 2 8 (2) Other Europe 9 15 15 2 2 5 5 (2) Total 341 658 446 151 52 123 120 212 107 105 Canada • .... 68 376 242 13 192 14 22 134 47 87 Latin America: Argentina 114 112 91 9 8 27 46 21 21 (2) Brazil 2 ( 1 2 8 ) 206 4 206 4 ( 6 2 4 ) ( 1 2 3 ) 33 3 95 n\ 1 n\ Chile 41 63 62 8 17 14 23 (2) 2 (2) Colombia 28 76 76 7 11 26 32 (2) ( ) (2) Cuba 1 27 27 4 2 19 2 (2) (2) Dominican Republic 1 17 16 5 3 8 (4 1 El Salvador PJ 19 19 8 1 5 6 13 13 1 2 7 2 (2) 197 302 298 123 49 33 93 4 3 1 Netherlands Antilles and 3 5 5 2 3 Surinam 30 22 22 1 11 5 8 Peru 11 43 43 7 17 18 (2) (2) (2) 52 52 5 3 3 42 (2) (2) 193 235 234 96 48 52 38 1 Other Latin America 65 57 57 4 8 33 13 (2) (.2).. Total 910 1,254 1,227 336 183 285 423 27 24 3 Preliminary. r Revised, 2 Less than $500,000. i Represents mainly loans with an original maturity of more than one year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 BNTTL 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: total i Total Collections Deposits Total Banks and out- Other Total with i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, November 30, 960—Continued Asia: 1 8 8 5 2 <? 20 11 8 1 p> 6 1 2 Indonesia 39 14 34 34 2 Israel 10 17 17 3 2 12 Japan 19 712 672 107 2 78 485 40 39 Korea Rep. of 2 2 S 2 17 24 24 1 2 i (2) (2) T T O a h th i a w e il r a a n n A d sia 2 14 1 7 1 6 14 1 7 0 6 12 2 7 0 1 2 1 8 4 7 1 1 (2) Total 129 972 929 267 5 145 512 43 40 Allother: Australia 27 27 24 11 12 4 1 Congo Rep. of the 40 2 2 2 Egyptian Region—U.A.R.. 5 2 2 1 1 Union of South Africa 58 10 9 8 1 Other 81 25 21 3 3 15 1 3 Total 211 66 58 4 3 37 14 8 International institutions.... Grand total 1,659 3,326 2,902 772 436 604 1,091 424 333 Other 2 /•2\ i 2 3 3 2 6 221 203 i Represents mainly loans with an original maturity of more than 2 Less than $500,000. one year. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities 2 Foreign bonds Foreign stocks Net purchases, Year or month c P ha u s r e - s Sales or sales F ( o — re ) ign c P ha u s r- es 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 1960^ 1,730 1,604 125 -99 2,417 2,166 251 882 1,430 -548 501 575 -74 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 May 166 241 -75 -29 205 183 23 59 87 -28 58 46 12 June 198 170 29 -5 272 220 52 84 142 -58 50 70 -19 J A U u ly 2 4 6 8 1 r18 5 7 8 r-1 - 2 1 6 0 r-5 - 0 9 r1 1 8 8 3 9 r1 1 8 9 4 2 r_4 5 3 3 6 8 6 3 0 - - 3 2 0 4 3 3 5 5 4 4 6 8 — -1 1 13 Sept 44 93 -49 -42 181 199 -18 73 89 -16 36 44 -8 O N c o t v 3 1 4 4 5 8 2 1 6 9 2 6 -4 8 8 2 - - 4 1 8 3 1 1 7 8 9 7 1 1 8 80 7 -8 7 24 3 4 6 26 44 8 -24 o 4 3 3 5 3 5 5 4 -ft Dec* 195 99 96 -23 208 219 -12 31 77 -45 31 48 -17 1961—Jan.? 73 96 -23 -23 250 219 30 54 89 -35 51 49 2 P Preliminary. r Revised. 2 Includes small amounts of U. S. municipal securities. i Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 379 TABLE 6. NET PURCHASES BY FOREIGNERS OF UNITED STATES CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, ( —). In millions of dollars] Type of security Country Year or month Total 2 Neth- Switz- United Latin Stocks Bonds Belgium France er- er- King- Other Total Canada Amer- All lands land dom Europe Europe ica other2 1957 194 143 51 14 35 101 77 20 255 -99 23 15 1958 -39 -56 17 -3 2 -8 19 _ | 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 I960? 251 201 50 5 38 1 171 -48 66 234 -46 36 28 I960—Jan... 77 72 5 8 9 3 28 13 17 71 -2 7 2 Feb.. 46 34 11 7 -6 34 -6 7 37 2 7 1 M Ap a r r . . . . 4 4 5 3 2 3 9 4 1 1 4 2 ( 3 ) 4 3 5 2 2 2 1 3 6 8 4 2 4 3 1 7 -1 2 2 1 3 5 May. 23 6 17 3 3 4 -3 4 13 4 3 3 J J O N S D A u u e o u c e n l p v y g c t e t . ? . . . . . . . . . . - - r r- _ 1 - 1 l 8 5 4 8 2 7 2 - - - 1 2 1 4 1 8 2 6 4 6 0 - r r- 1 - 5 3 8 1 6 3 1 4 - - ( 1 4 ) 3 1 -1 2 3 2 2 2 3 -4 (3 2 ) 1 - - 1 1 - 1 3 2 2 1 2 3 0 0 4 - - - 2 2 2 - - 1 9 0 1 4 7 1 4 _ 7 3 1 j - - 1 - 1 1 7 5 3 7 6 0 4 3 - - 1 - - - 2 - 4 4 2 6 2 2 2 3 2 3 5 1 -2 4 3 2 2 3 5 1961—Jan. P. 30 32 -1 2 22 -4 Preliminary. r Revised, 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 Asia All month insti- coun- ada Amer- other End of month Deposits tutions tries ica U. S. Govt. Miscelsecurities2 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 I960? — 147 -475 -106 -197 -92 -41 -36 I960—Feb 191 4,707 466 Mar.... 184 4,728 615 1960—Jan 29 -20 -17 2 0) -6 1 Apr.... 194 4,818 639 Feb.. -101 -56 9 -43 -20 -3 1 May... 215 4,841 643 Mar.. 7 -126 -3 -89 -32 -4 2 June... 254 4,977 672 Apr.. -2 -50 -4 -24 2 -2 -22 July.... 215 5,272 671 May. -39 22 22 -8 2 2 1 Aug.. .. 204 5,423 701 June. 5 -83 f-27 3 -4 -2 Sept 223 5,479 713 July.. -9 -33 -6 -10 -15 -4 2 Oct 251 5,634 718 Aug.. -10 -27 -34 5 3 -1 1 Nov.... 252 5,430 752 Sept.. -21 -4 -5 12 -7 -6 1 Dec 217 5,726 756 Oct... -16 o -7 8 9 7 -24 Nov.. 7 -26 -18 10 -14 -6 1 1961—Jan 238 5,793 714 Dec.p 2 -64 -19 -16 -24 -9 3 Feb 207 5,879 694 1961— Ian P. .. -33 -27 -5 1 -6 4 -1 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of p. 370 for total gold under earmark at p Preliminary. r Revised, 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

380 INTL 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 1960P Dec. 1957 Dec. 1958 Dec. 1959 Mar. 1960 June 1960^ Europe: Austria 1 3 1 3 2 2 3 4 4 5 26 29 28 21 16 13 10 10 9 11 1 1 2 2 2 4 7 9 4 5 Finland 1 1 1 1 1 1 1 3 2 1 27 34 42 43 37 21 21 25 28 33 Germany, Fed. Rep. of 10 12 55 56 48 25 21 31 25 27 Greece 8 1 1 1 1 5 3 2 3 2 Italy 8 10 13 14 13 29 31 33 26 26 Netherlands • . . 17 17 39 39 44 26 23 21 15 16 Norway 13 14 11 9 7 5 7 4 4 6 Portugal 1 1 1 2 3 2 3 4 6 7 8 10 10 11 12 11 Sweden 8 14 26 20 14 13 25 22 23 27 Switzerland 7 15 34 42 29 7 5 13 19 20 1 1 2 2 1 22 25 13 9 9 United Kingdom 80 90 112 109 89 55 62 53 73 149 Yugoslavia 2 1 1 1 1 1 0) 0) 1 Other Europe 1 5 5 6 6 4 3 219 252 382 376 320 248 262 264 265 358 Canada 75 31 54 54 58 112 101 101 89 110 Latin America: 4 10 12 5 9 11 13 25 14 12 1 1 1 3 2 3 2 3 4 3 Brazil 21 16 18 15 20 68 62 54 55 62 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 0) 0) 0) 2 2 1 1 2 Guatemala 1 5 5 4 3 4 Mexico 7 10 33 36 27 30 30 Neth. Antilles and Surinam. 2 4 7 6 6 1 1 1 1 2 10 4 2 3 5 12 3 11 5 9 Peru 11 3 3 2 3 19 13 8 6 8 Uruguay 3 5 4 4 3 6 5 2 3 5 17 14 18 20 19 46 33 35 32 31 Other Latin America 3 5 4 5 4 19 15 16 18 19 Total 98 85 87 86 87 275 234 235 220 228 Asia: 3 2 2 3 2 2 2 2 2 2 India 4 6 8 3 4 6 6 5 7 7 3 2 3 3 4 2 1 2 2 1 2 3 4 3 4 4 9 7 8 8 1 1 2 1 1 8 4 11 11 10 35 13 15 23 19 42 37 36 41 39 Korea Ret> of .... 1 1 1 10 8 7 2 2 1 1 2 1 2 2 2 Thailand 6 1 6 4 3 8 4 3 3 24 Other Asia 8 6 4 5 5 25 19 13 15 18 Total 70 42 53 53 51 107 95 92 100 99 All other: 18 19 5 6 8 12 8 16 15 15 Conco Ret) of the .... 1 1 2 2 1 1 1 Egyptian Region—.U.A.R. 1 1 3 2 3 5 6 Union of South Africa 2 4 7 6 6 7 7 6 8 8 Other 8 5 5 6 5 12 10 10 11 11 Total 30 29 18 19 22 36 28 38 41 41 International institutions 0) C1) 0) C1) 0) 0) 0) 0) C1) 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 i Less than $500,000. United States banks, and intercompany accounts between United States NOTE.—Reported by exporters, importers, and industrial and com- companies and their foreign affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U- S. BALANCE OF PAYMENTS 381 UNITED STATES BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1957 1958 1959 1960 Item Exports of goods and services, total1 . 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)2 -544 -956 -887 -1,251 -784 -893 -470 4-1,033 -620 -536 -768 -1,064 -1,008 Private, total -410 -588 -642 -1,025 -451 -726 -391 -745 -392 -773 -546 -683 -864 Direct investment -339 -324 -155 -411 -156 -372 -267 -449 -229 -365 -269 -297 -345 Portfolio and short-term investment -71 -264 -487 -614 -295 -354 -124 -296 -163 -408 -277 -386 -519 Government -134 -368 -245 -226 -333 -167 -79 4-288 -228 237 -222 -381 -144 Foreign capital and gold (net) -269 227 580 1,086 934 901 947 1,444 567 801 979 1,151 Increase in foreign short-term assets and Government securities -260 275 197 26 477 502 780 4829 1,119 367 566 733 515 Increase in other foreign assets 18 50 13 -15 -26 52 72 190 158 128 185 152 -1 Gold sales by United States -27 -98 370 1,075 483 347 95 4397 167 72 50 94 637 Errors and omissions 347 -192 200 76 175 -71 160 365 32 226 -6 -145 -188 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 t , h ry s1 m Da 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 r t , h - s s ' 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - y e t y o 3 - Tr 6 d e b 0 a a i y - l s 9 l s u s 0 4 ry D m a o d y n a - y e t y o 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 - d P is r r i c a v o t a e u t n e t 1958—Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 1.50 2.50 1959—Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 1.50 2.00 1960—Jan 4.81 3.60 4.14 4.07 3.07 2.35 3.91 3.75 3.69 2.53 1.50 2.00 Feb 4.69 4.14 4.69 4.55 3.78 3.00 4.11 3.88 3.94 2.48 1.54 2.00 Mar 3.87 3.83 4.74 4.59 3.91 3.00 4.17 4.00 4.06 2.33 1.65 2.00 Apr 3.40 3.33 4.80 4.65 3.67 3.00 4.22 4.00 3.94 2.25 1.75 2.00 May 2.87 2.77 4.76 4.58 3.87 3.00 4.25 4.00 3.88 2.30 1.54 2.00 June 2.87 2.84 5.04 4.88 3.98 3.25 4.15 4.88 4.75 2.49 1.75 2.00 July 3.13 3.24 5.76 5.58 4.67 4.00 4.53 4.88 4.69 2.19 1.64 2.00 Aug 2.53 2.70 5.75 5.58 4.79 4.00 4.05 4.88 4.75 2.05 1.56 2.00 Sept 1.89 1.58 5.71 5.53 4.85 4.00 4.15 4.88 5.25 2.00 1.50 2.00 Oct 2.65 2.36 5.62 5.36 4.79 3.92 3.99 4.88 5.31 1.96 1.64 2.00 Nov 3.53 3.26 4.98 4.74 4.30 3.50 3.76 4.00 4.69 1.57 1.14 2.00 Dec 3.53 3.16 4.64 4.44 3.88 3.12 3.70 3.75 4.31 1.51 1.13 2.00 1961—Jan 3.20 2.75 4.45 4.25 3.77 3.00 3.25 3.88 1.32 1.00 2.00 i Based on average yield of weekly tenders during month. 4 Rate in effect at end of month. * Based on weekly averages of daily closing rates. 5 Based on average of lowest and highest quotation during month. 3 Rate shown is on private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 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 Feb. 29, 1960 Rate Country 1960 1961 Fe a b s . o 2 f 8, Per Month 1961 cent effective Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Argentina 2 6.0 Dec. 1957 6.0 4.5 Apr. 1959 5.0 5.0 Belgium 4.0 Dec. 1959 5.0 5.0 Brazil2 10.0 Apr. 1958 10.0 3.0 Feb. 1948 3.0 Canada3 4.86 Feb. 1960 3.26 3.51 3.26 3.32 3.17 2.5 1.95 3.28 4.02 3.5 3.29 3.46 3.46 Ceylon2 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 11.0 Feb. 1960 9.0 9.0 India ^ 4.0 May 1957 4.0 Indonesia2 3.0 Apr. 1946 3.0 4.0 Aug. 1948 4.0 Ireland 4.75 Jan. 1960 5.5 5 31 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 Nicarasua 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru2 9.5 Nov. 1959 9.5 Philippine Republic2 6 5 Feb 1959 6.0 5.75 5 0 5.0 Portugal . . .. 2.0 Jan. 1944 2.0 South Africa 4.0 Jan. 1959 4 5 4.5 Spain 5.0 Aug. 1959 4.6 4.6 Sweden 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 6.6 5 5 5 0 5.0 Venezuela 2 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—^4.0 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—4.0 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 (increased from 2.5 per cent on Jan. 20, 1960); lA 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 383 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month (peso) (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r l k an k d a) F (f r r a a n n c c e ) Official Free 1955. 7.183 222.41 8580 1,9905 101.40 20.894 .4354 1956. 5.556 2.835 222.16 8580 2.0030 101.60 20.946 .4354 1957. 5.556 2.506 222.57 8539 1.9906 104.29 20.913 .3995 .2376 1958. 5.556 2.207 223.88 8536 2.0044 103.03 21.049 .3118 2.2374 1959. .2730 223.81 8619 2.0012 104.27 21.055 .3115 .2038 1960. .2026 223.71 3.8461 2.0053 103.12 21.048 .3112 320.389 1960—Feb .2032 223.37 .8419 2.0048 105.07 21.031 .3113 20.369 Mar .2030 223.57 .8418 2.0051 105.15 21.044 .3113 20.376 Apr .2004 223.86 .8407 2.0061 103.84 21.062 .3112 20.384 May .2005 223.59 .8406 2.0055 102.24 21.047 .3112 20.396 June .1989 223.32 .8426 2.0053 101.79 21.020 .3112 20.401 July .2010 223.78 .8468 2.0041 102.19 21.048 .3111 20.404 Aug .2022 223.92 .8573 1.9955 103.10 21.061 .3111 20.404 Sept .2037 224.12 3.8609 2.0024 102.82 21.072 .3111 20.404 Oct .2042 224.03 3.8509 2.0061 102.18 21.063 .3111 20.375 Nov .2054 224.18 3.8432 2.0130 102.37 21.065 .3112 20.402 Dec .2061 223.69 3.8409 2.0131 101.78 21.044 .3112 20.387 1961—Jan.. 1.2058 223.62 3.8391 2.0074 100.69 21.037 .3112 20.401 Feb.. 1.2061 223.10 3.8352 2.0026 101.03 21.013 .3112 20.402 Year or month ( 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 si l 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) Z (p e N o a u e la w n n d d ) 1955 23.765 20.894 279.13 32.624 .0056 26.230 276.36 1956 23.786 20.934 279.57 .2779 32.582 .0056 26.113 276.80 1957 23.798 20.910 279.32 .2779 32.527 .0056 26.170 276.56 1958 23.848 21.048 280.98 .2779 32.767 .0056 26.418 278.19 1959 23.926 21.031 280.88 .1610 .2778 32.857 .0056 26.492 278.10 1960 23.976 20.968 280.76 .1610 .2778 32.817 .0056 26.513 277.98 1960—Feb.. 23.977 20.951 280.33 .1610 .2773 32.771 .0056 26.512 277.55 Mar. 23.978 20.963 280.59 .1610 .2773 32.767 .0056 26.511 277.81 Apr., 23.978 20.978 280.95 .1611 .2776 32.833 .0056 26.516 278.17 May, 23.978 20.958 280.60 .1611 .2774 32.810 .0056 26.519 277.82 June 23.980 20.935 280.27 .1611 .2768 32.785 .0056 26.519 277.49 July. 23.979 20.966 280.84 .1611 .2783 32.839 .0056 26.511 278.06 Aug. 23.978 20.978 281.02 .1611 .2787 32.846 .0056 26.512 278.24 Sept. 23.978 20.990 281.27 .1611 .2787 32.851 .0056 26.518 278.49 Oct.. 23.968 20.983 281.16 .1611 .2787 32.838 .0056 26.518 278.37 Nov. 23.974 21.000 281.35 .1610 .2778 32.858 .0056 26.492 278.57 Dec. 23.973 20.982 280.74 .1610 .2781 32.833 .0056 26.517 277.96 1961—Jan.. 23.968 20.975 280.64 .1610 .2786 32.826 .0056 26.499 277.86 Feb.. 23.966 20.950 279.99 .1607 .2786 32.774 .0056 26.400 277.22 Year or month N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( S e fr r w a la n i n t c - ) d ( U p K d o n i o u i n m t n g e d d - ) 1955... 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956... 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1957... 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958... 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959... 14.028 49.721 3.4967 279.83 2.0579 19.324 23.142 280.88 1960... 14.018 449.770 3.4937 279.71 1.6635 19.349 23.152 280.76 I960—Feb 13.990 49.770 3.4898 279.28 .6625 19.311 23.054 280.33 Mar 14.006 49.770 3.4923 279.54 .6637 19.314 23.058 280.59 Apr 14.035 449.770 3.4957 279.90 .6637 19.359 23.048 280.95 May 14.018 3.4935 279.55 .6633 19.339 23.124 280.60 June 14.007 3.4905 279.22 .6636 19.365 23.175 280.27 July 14.018 3.4936 279.79 .6640 19.366 23.183 280.84 Aug 14.026 3.4956 279.97 .6640 19.392 23.198 281.02 Sept 14.040 3.4979 280.22 .6640 19.379 23.219 281.27 Oct 14.032 3.4973 280.11 .6640 19.365 23.211 281.16 Nov 14.038 3.4992 280.30 .6641 19.355 23.216 281.35 Dec 14.021 3.4950 279.69 .6642 19.334 23.225 280.74 1961—Jan 14.004 3.4928 279.59 .6635 19.339 23.220 280.bA Feb 13.985 3.4861 5279.19 6139.37 .6644 19.342 23.144 279.99 1 Effective Jan. 12, 1959, the Argentine Government established a 3 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. single exchange rate for the peso in place of the former official and free 4 Based on quotations through Apr. 22, 1960. rates. 5 Based on quotations through Feb. 10, 1961. 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957, 6 Effective Feb. 14, 1961, South Africa adopted the decimal system. was extended to all foreign exchange transactions on Oct. 28, 1957, and The new currency unit, replacing the pound, is the rand, consisting of on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc 100 cents and equivalent to 10 shillings or one-half the former pound. was further devalued to 493.706 francs per U. S. dollar. 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 GLENN M. GOODMAN, Assistant Director HOWARD H. HACKLEY, General Counsel HENRY BENNER, Assistant Director DAVID B. HEXTER, Assistant General Counsel JAMES C. SMITH, Assistant Director G. HOWLAND CHASE, Assistant General Counsel BRENTON C. LEAVITT, Assistant Director THOMAS J. O'CONNELL, Assistant General LLOYD M. SCHAEFFER, Chief Federal Reserve Counsel Examiner WILSON L. HOOFF, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS GUY E. NOYES, Director DIVISION OF PERSONNEL ADMINISTRATION FRANK R. GARFIELD, Adviser 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 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 OFFICE OF DEFENSE PLANNING M. B. DANIELS, Assistant Director JOHN N. KILEY, JR., Assistant Director INNIS D. HARRIS, Coordinator 384 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 385 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman CARL E. ALLEN G. H. KING, JR. ELIOT J. SWAN C. CANBY BALDERSTON A. L. MILLS, JR. M. S. SZYMCZAK WATROUS H. IRONS J. L. ROBERTSON EDWARD A. WAYNE CHAS. N. SHEPARDSON RALPH A. YOUNG, Secretary ROBERT S. EINZIG, Associate Economist MERRITT SHERMAN, Assistant Secretary GEORGE GARVY, Associate Economist KENNETH A. KEN YON, Assistant Secretary GEORGE MITCHELL, Associate Economist HOWARD H. HACKLEY, General Counsel GUY E. NOYES, Associate Economist DAVID B. HEXTER, Assistant General Counsel BENJAMIN U. RATCHFORD, Associate Economist WOODLIEF THOMAS, Economist CHARLS E. WALKER, Associate Economist ROBERT G. ROUSE, Manager, System Open Market Account Federal Advisory Council OSTROM ENDERS, BOSTON HOMER J. LIVINGSTON, CHICAGO, President GEORGE A. MURPHY, NEW YORK NORFLEET TURNER, ST. LOUIS HOWARD C. PETERSEN, PHILADELPHIA GORDON MURRAY, MINNEAPOLIS, Vice President 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

386 FEDERAL RESERVE BULLETIN • MARCH 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 George H. Ellis D. Harry Angney Benjamin F. Groot O. A. Schlaikjer E. O. Latham Ansgar R. Berge Dana D. Sawyer Charles E. Turner 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 F. O. Kiel Richmond Edward A. Wayne N. L. Armistead Upton S. Martin Benjamin U. Ratchford Aubrey N. Heflin J. G. Dickerson, Jr. John L. Nosker James M. Slay 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 M. B. Holmgren F. L. Parsons A. W. Mills C. W. Groth A. W. Johnson M. H. Strothman. Jr, H. G. McConnell Kansas City George H. Clay John T. Boysen F. H. Larson Clarence W. Tow Henry O. Koppang C. A. Cravens L. F. Mills J. T. White J. R. Euans E. U. Sherman 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 Charls E. Walker San Francisco... Eliot J. Swan J. L. Barbonchielli R. S. Einzig John A. O'Kane H. E. Hemmings E. H. Galvin 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. BaFglebaugh 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. 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN • MARCH 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. REVISED SERIES FOR SEASONALLY ADJUSTED •DETAILED DESCRIPTION OF SOURCES AND METH- MONEY SUPPLY. February 1960. 4 pages. ODS USED IN REVISION OF SHORT- AND INTER- SURVEY OF COMMON TRUST FUNDS, 1959. May MEDIATE-TERM CONSUMER CREDIT STATISTICS. 1960. 7 pages. (Also, similar reprints from April 1953. 25 pages. August 1956, June 1957, May 1958, and May DEPARTMENT STORE SALES AND STOCKS, BY 1959 BULLETINS.) MAJOR DEPARTMENTS (Revised Indexes). No- INTEREST RATES IN LEADING COUNTRIES. June vember 1953. 65 pages. 1960. 6 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- RECENT MONEY AND CREDIT DEVELOPMENTS. COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- July 1960. 8 pages. ber 1955. 40 pages. THE BALANCE SHEET OF AGRICULTURE, 1960. SURVEYS OF BANK LOANS FOR COMMERCIAL AND August 1960. 9 pages. INDUSTRIAL PURPOSES. Business Loans of CONSUMER BUYING INTENTIONS AND QUARTERLY Member Banks. April 1956. 14 pages. Credit SURVEY OF CONSUMER BUYING INTENTIONS. Lines and Minimum Balance Requirements. Combined reprint. September 1960. 31 pages. June 1956. 7 pages. Member Bank Lending THE U. S. BALANCE OF PAYMENTS, 1959-60. Octo Small Business, 1955-57. April 1958. 19 tober 1960. 7 pages. pages. Member Bank Term Lending to Busi- A NEW MEASURE OF THE MONEY SUPPLY. Octoness, 1955-57, April 1959. 16 pages. Security ber 1960. 22 pages. Pledged on Business Loans at Member Banks. CAPITAL MARKETS IN 1960. December 1960. September 1959. 16 pages. 7 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. IMPLEMENTATION OF THE 1959 ACT ON RESERVE June 1956. 9 pages. REQUIREMENTS. December 1960. 6 pages. REVISION OF CONSUMER CREDIT STATISTICS. Oc- QUARTERLY SURVEY OF CONSUMER BUYING INtober 1956. 24 pages. (Also, similar reprint TENTIONS. December 1960. 6 pages. from April 1953 BULLETIN.) SMALL BUSINESS FINANCING: CORPORATE MANU- AGRICULTURAL LOAN SURVEY. November 1956 FACTURERS. January 1961. 15 pages. and January, February, and March 1957 BUL- CREDIT AND MONEY IN 1960. February 1961. LETINS. 52 pages. 8 pages. SURVEY OF FINANCE COMPANIES, MID-1955. BANKING AND MONETARY STATISTICS, 1960. Se- April 1957. 17 pages. lected series of banking and monetary statistics REVISION OF MONTHLY DEPARTMENT STORE INfor 1960 only. February 1961. 13 pages. DEXES. December 1957. 30 pages. (Similar reprint of 1959 data, February and OPEN MARKET OPERATIONS IN LONG-TERM SE- May 1960 BULLETINS.) CURITIES. November 1958. 15 pages. •PART I, ALL-BANK STATISTICS, 1896-1955. April GOLD AND DOLLAR TRANSFERS IN 1960. March 1961. 7 pages. 1959. 94 pages. 1959 SURVEY OF CONSUMER FINANCES. March, FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. July, and September 1959. 48 pages. (Simi- March 1961. 10 pages. lar Surveys available for some earlier years in QUARTERLY SURVEY OF CONSUMER BUYING INthe period 1952-58.) TENTIONS. March 1961. 6 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 328, 330 Department stores—Continued Agricultural loans of commercial banks, 322, 324 Sales and stocks, 354, 358 Agriculture, Govt. agency loans, 340 Deposits {See also specific types of deposits): Assets and liabilities {See also Foreign liabilities and Adjusted, and currency, 318 claims): Banks, by classes, 313, 319, 323, 326, 330 Banks and the monetary system, consoli- Federal Reserve Banks, 314, 379 dated, 318 Postal savings, 312, 318 Corporate, current, 332 Discount rates, 312, 382 Domestic banks, by classes, 319, 322, 324, 330 Discounts and advances by Federal Reserve Federal business-type activities, Banks, 308, 313, 314 by fund or activity, 340 Dividends, corporate, 332, 333 Federal Reserve Banks, 314 Dollar assets, foreign, 371, 379 Automobiles: Dwelling units started, 355 Consumer instalment credit, 344, 345, 346 Production index, 348, 351 Earnings and hours, manufacturing industries, 354, 357 Bankers' balances, 323, 325 Employment, 354, 356, 357 {See also Foreign liabilities and claims) Export-Import Bank, loans, etc., 340 Banks and the monetary system, consolidated statement, 318 Farm mortgage loans, 340, 341, 342 Bonds {See also U. S. Govt. securities): Federal business-type activities, assets and liabilities, New issues, 332, 334, 335 by fund or activity, 340 Prices and yields, 328, 329 Federal Deposit Insurance Corporation, Brokers and dealers in securities, bank assets, etc., 340 loans to, 322, 324 Federal finance: Business expenditures on new plant and equip- Cash transactions, 338 ment, 332 Receipts and expenditures, 339 Business indexes, 354 Treasurer's balance, 338 Business loans {See Commercial and industrial loans) Federal home loan banks, loans, etc., 340, 343 Federal Housing Administration, loans, etc., 340, 341, Capital accounts: 342, 343 Banks, by classes, 319, 323, 326 Federal National Mortgage Association, Federal Reserve Banks, 314 loans, etc., 340, 343 Carloadings, 354 Federal Reserve Banks: Central banks, foreign, 368, 382 Condition statement, 314 Coins, circulation of, 316 U. S. Govt. securities held by, 308, 313, 314, Commercial banks: 336, 337 Assets and liabilities, 319, 322 Federal Reserve credit, 308, 313, 314 Consumer loans held, by type, 345 Federal Reserve notes, 314, 316 Number, by classes, 319 Finance company paper, 328, 330 Real estate mortgages held, by type, 341 Financial institutions, loans to, 322, 324 Commercial and industrial loans: Flow of funds, saving and financial flows, 364 Commercial banks, 322 Foreign central banks, 368, 382 Weekly reporting member banks, 324, 327 Foreign deposits in U. S. banks, 308, 314, 318, 323, 326 Commercial paper, 328, 330 Foreign exchange rates, 383 Commodity Credit Corporation, loans, etc., 340 Foreign liabilities and claims: Condition statements {See Assets and liabilities) Banks, 372, 374, 377, 379 Construction, 354, 355 Nonfinancial concerns, 380 Consumer credit: Foreign trade, 359 Instalment credit, 344, 345, 346, 347 Major parts, 344, 346 Gold: Noninstalment credit, by holder, 345 Earmarked, 370 Consumer price indexes, 354, 360 Net purchases by U. S., 370 Consumption expenditures, 362, 363 Production, 369, 370 Corporate sales, profits, taxes, and dividends, 332, 333 Reserves of central banks and governments, 368 Corporate security issues, 332, 334 Reserves of foreign countries and international Corporate security prices and yields, 328, 329 Cost of living {See Consumer price indexes) institutions, 371 Currency in circulation, 309, 316, 317 Stock, 308, 318, 370 Customer credit, stock market, 329 Gold certificates, 314, 316 Govt. debt {See U. S. Govt. securities) Debits to deposit accounts, 317 Gross national product, 362, 363 Demand deposits: Adjusted, banks and the monetary system, 318 Home owners, Govt. agency loans, 340 Adjusted, commercial banks, by classes, 317, 323 Hours and earnings, manufacturing indus- Banks, by classes, 319, 326 tries, 354, 357 Turnover of, 317 Type of holder, at commercial banks, 323 Industrial production index, 348, 354 Department stores: Instalment loans, 344, 345, 346, 347 Merchandising data, 359 Insurance companies, 331, 336, 337, 342 389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDERAL RESERVE BULLETIN • MARCH 1961 Insured commercial banks, 321, 322 Reserves: Interbank deposits, 312, 319, 323, 326 Commercial banks, 323 Interest rates: Federal Reserve Banks, 314 Bond yields, 328 Foreign central banks and governments, 368 Business loans by banks, 327 Foreign countries and international institu- Federal Reserve Bank discount rates, 312 tions, 371 Foreign countries, 381, 382 Member banks, 308, 313, 323, 325 Open market, 328, 381 Residential mortgage loans, 341, 342, 343 Stock yields, 328 Time deposits, maximum rates, 312 Sales finance companies, consumer loans of, 344, International capital transactions of the U. S., 372 345, 347 International institutions, 368, 370, 371 Saving: Inventories, 362 Flow-of-funds series, 364 Investments (See also specific types of investments): National income series, 363 Banks, by classes, 319, 322, 325, 330 Savings deposits (See Time deposits) Federal Reserve Banks, 313, 314 Savings institutions, principal assets, 330, 331 Govt. agencies, etc., 340 Savings and loan associations, 331, 337, 342 Life insurance companies, 331 Securities, international transactions, 378, 379 Savings and loan associations, 331 Security issues, 332, 334, 335 Silver coin and silver certificates, 316 Labor force, 356 State member banks, 321 Loans (See also specific types of loans): State and municipal securities: Banks, by classes, 319, 322, 324, 330 New issues, 334, 335 Federal Reserve Banks, 308, 313, 314 Prices and yields, 328, 329 Govt. agencies, etc., 340 States and political subdivisions: Insurance companies, 331, 342 Deposits of, 323, 326 Savings and loan associations, 331, 342 Holdings of U. S. Govt. securities, 336 Loans insured or guaranteed, 341, 342, 343 Ownership of obligations of, 322, 330, 331 Stock market credit, 329 Manufactures, production index, 348, 354 Stocks: Margin requirements, 312 New issues, 334 Member banks: Prices and yields, 328, 329 Assets and liabilities, by classes, 319, 322 Tax receipts, Federal, 339 Borrowings at Federal Reserve Banks, 308 Time deposits, 312, 313, 318, 319, 323, 326 314, 326 Treasurer's account balance, 338 Deposits, by classes, 313 Treasury cash, 308, 316, 318 Number, by classes, 320 Treasury currency, 308, 316, 318 Reserve requirements, by classes, 313 Treasury deposits, 308, 314, 338 Reserves and related items, 308 Weekly reporting series, 324 Unemployment, 356 Mining, production index, 348, 354 U. S. balance of payments, 381 Money rates (See Interest rates) U. S. Govt. balances: Money supply and related data, 317 Commercial bank holdings, by classes, 323, 326 Mortgages (See Real estate loans) Consolidated monetary statement, 318 Mutual savings banks, 318, 319, 321, 330, 336, Treasury deposits at Federal Reserve 337, 341 Banks, 308, 314, 338 U. S. Govt. securities: National banks, 321 Bank holdings, 318, 319, 322, 325, 330, 336, 337 National income, 362, 363 Federal Reserve Bank holdings, 308, 313, 314, National security expenditures, 339, 362 336, 337 Nonmember banks, 314, 321, 322, 323 Foreign and international holdings, 314, 371 Payrolls, manufacturing, index, 354 International transactions, 378, 379 New issues, gross proceeds, 334 Personal income, 363 Outstanding, by type of security, 335, 336, 337 Postal Savings System, 312, 318 Ownership of, 336, 337 Prices: Consumer, 354, 360 Prices and yields, 328, 329 United States notes, outstanding and in circula- Security, 329 tion, 316 Wholesale commodity, 354, 360 Utilities, production index, 348, 354 Production, 348, 354 Profits, corporate, 332, 333 Vault, cash, 308, 313, 323 Real estate loans: Veterans Administration, loans, etc., 340, 341, Banks, by classes, 322, 324, 330, 341 342, 343 Type of mortgage holder, 341, 342, 343 Type of property mortgaged, 341, 342, 343 Weekly reporting member banks, 324 Reserve requirements, member banks, 313 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 [ J Minneapolis J] C° THE FEDERAL RESERVE SYSTEM o) HAWAII 1 Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis