Federal Reserve Bulletin, 1961-04

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

E D I T O R I AL C O M M I T T EE Charles Molony Ralph A. Young Woodlief Thomas Guy E. Noyes The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Downturn in Consumer Credit 391 Statistics on the Government Securities Market 397 Ownership of Demand Deposits 405 Law Department 408 Current Events and Announcements 416 National Summary of Business Conditions 417 Financial and Business Statistics, U. S. (Contents on p. 419) 420 International Financial Statistics (Contents on p. 489) 490 Board of Governors and Staff 506 Open Market Committee and Staff; Federal Advisory Council 507 Federal Reserve Banks and Branches 507 Federal Reserve Board Publications 509 Index to Statistical Tables 511 Map of Federal Reserve System Inside back cover Volume 47 Number 4 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

Downturn in Consumer Credit EXTENSIONS of consumer instalment credit declined sharply from the second EXTENSIONS M» REPAYMENTS INSTALMINT CMDIT quarter of 1960 through February of this tillioni of dollars year, as consumers reduced their expenditures for durable goods from record levels. Total short- and intermediate-term instalment credit outstanding continued to increase moderately through December, but declined in the first two months of 1961. For 1960 as a whole, instalment credit increased by $3.4 billion, substantially less than the record $5.8 billion in 1959. About three-fourths of the increase occurred in the first half of the year. Expansion in 1957 19SS 19S9 1960 noninstalment credit was also smaller than in 1959. During the period of cyclical in- NOTE.—Adjusted for seasonal variation, Latest figures shown, February. crease from mid-195 8 through December 1960, total consumer credit rose by $11 bil- considerably more than this, and other types lion, an annual rate of more than 8 per cent. of loans somewhat less. In 1959, when total In January and February 1961 instal- instalment credit increased 17 per cent, each ment credit outstanding declined by an aver- major type of credit rose at about the age of $150 million per month on a season- same rate as the total. ally adjusted basis. This was about the Automobile and othei consumer goods same amount as during the initial two paper. Automobile credit expanded by months of the cyclical decline in early 1958. $1.3 billion in 1960, and credit for con- Noninstalment credit showed little change in sumer goods other than automobiles, by the first two months of 1961. $700 million. More than four-fifths of the The ratio of instalment debt repayments expansion occurred in the firsth alf. For the to disposable personal income has fluctuated year as a whole extensions rose less than 1 around 13 per cent since 1957. The ratio per cent, while repayments increased 7 per had increased to that level from 3.4 per cent cent. at the close of World War II. In 1958 it After rising steadily from late 1958, exdeclined slightly but by early 1960 had tensions of credit for purchasing automoagain risen to its previous peak. biles had declined in the fourth quarter of 1959 mainly because automobiles available INSTALMENT CREDIT for delivery were in short supply as a result Consumer instalment credit rose about 9 of the steel strike. Extensions began to rise per cent in 1960. Personal loans expanded again in early 1960 and reached new peaks 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BULLETIN • APRIL 1961 in the second quarter. Credit extended for were smaller. The number of new cars sold purchasing consumer goods other than auto- on credit increased slightly while credit mobiles continued to rise in the fourth quar- sales of used cars declined. ter of 1959, and then grew at about the same The decline in average notes in 1960 rerate as automobile credit in the first half flected mainly the growing importance of of 1960. lower priced, compact cars in the new car Since mid-1960, extensions of credit for market and the decline in used car prices. purchases of all types of consumer goods Foreign and domestic compact cars accounted have declined sharply. The average amount for almost a third of total new car sales last of credit extended in January-February this year, compared with a fifth in 1959. In year was 15 per cent below the average for contrast with increases in most other recent the second quarter of 1960, on a seasonally years, list prices on new 1960 and 1961 adjusted basis. models were little changed from comparable 1959 models. Moreover, discounts on new cars increased, particularly in the fourth CONSUMER EXPENDITURES AND INSTALMENT CREDIT quarter when carryover stocks of 1960 Billions of dollars models were unusually large. Used car prices averaged 7 per cent less in 1960 than EXPENDITURES in 1959. In 1960 the proportion of the FOR DURABLE GOODS cost of new cars financed was little changed, whereas that for used cars rose slightly. AUTOMOBILE AND Repayments of automobile credit rose OTHER CONSUMER GOODS sharply in the first half of 1960 and since CREDIT then have remained relatively stable. The usual lag of repayments behind extensions EXTENDED in periods of cyclical upswing had been lengthened slightly in 1959 by a moderate EXTENDtD increase in the average contract maturity. PERSONAL LOANS During 1960, however, there was little 10 change in average maturities of new or used I I I I I I car contracts. In early 1961 about twothirds of all new car contracts were being NOTE.—Quarterly data at seasonally adjusted annual rates. written to mature in 36 months and about Expenditures are Department of Commerce data; expenditures for used cars are not included, except for dealer margins. one-third of late model used car contracts Latest figures shown: expenditures, first quarter (estimate by Council of Economic Advisers); credit, January-February, at were for 30 months or more. annual rate. Automobile credit. Sales of new cars, Developments in the automobile credit domestic and imported, totaled 6.6 million market in 1959-60 were in sharp contrast units in 1960, about 9 per cent more than with those in 1955-57. In that period credit in 1959. Sales of used cars were little extensions rose sharply in relation to new changed. Total extensions of automobile car sales, and maturities lengthened rapidly. credit declined somewhat, however, as the Outstanding automobile credit rose 37 per proportions of both new and used cars sold cent in 1955, when automobile sales reached on credit, and average instalment contracts, a record 7.4 million units, and continued to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOWNTURN IN CONSUMER CREDIT 393 such credit has been substituted for con- FACTORS AFFECTING AUTO CREDIT ventional forms of both charge-account and 1957.100 instalment credit in recent years. A NUMIIX * OFAUTOSSOLD ON CRIDIT 140 Retail outlets hold most of the revolving USED /\ 120 credit outstanding. At the end of 1960, department stores and mail-order firms w / V held an estimated $1.3 billion of such credit, 10 about one-half of the total owed on deferred payment plans at these outlets. Other retail 1 1 1 1 60 Thousands of d<liars outlets held smaller amounts. AVERAGE INSTALMENT CONTRACT 2.8 —v—*- The volume of credit available under - 2.6 charge-account banking plans has continued / NEW AUTOS - 2.4 to increase. Under these plans consumers are issued credit cards by banks, and partici- /^ - 2.2 pating retailers discount their paper with the o ! 1 1 1 2.0 banks. These plans spread rapidly at banks 1.2 in 1959, and recently several finance com- USED AUTOS 1.0 panies have organized subsidiaries offering T. 1 i 1 1 1 .1 similar plans. In 1960, however, the num- 1955 1957 1959 '61 ber of plans adopted by banks was much NOTE.—Quarterly data, without seasonal adjustment. Latest smaller and some banks discontinued plans figures shown, first quarter estimates. that they found to be unprofitable. rise in both 1956 and 1957 despite fewer Personal loans. After a moderate decline sales. in the first quarter, extensions of personal The average size of note on new cars rose loans increased to new record levels by the about one-third from 1954 to 1957 as prices third quarter of 1960. In the fourth quarter increased, consumers upgraded their purthey declined somewhat. Repayments meanchases, and lenders financed a higher prowhile continued to rise. The increase of $1.1 portion of the cost of new automobiles. billion in outstanding loans for the year was The proportion of new cars bought on only $300 million less than in 1959. credit increased one-sixth from 1954 through 1956. The proportion of credit In the first two months 6f 1961 extensions sales of used cars declined in this period, of personal loans averaged 5 per cent less however, as some credit buyers took advan- than in the third quarter of 1960, on a tage of easing terms to switch to the new car seasonally adjusted basis. With repayments market. Maturities lengthened sharply, as little changed, the increase in outstanding first 30-month and then 36-month credit loans averaged about one|-third as much as became common for new cars. There was a in that period. subsequent easing of credit terms on used Personal loans have continued to increase cars. in each postwar recession, but at moder- Revolving credit. One of the factors in ately reduced rates. The relative insensithe expansion of nonautomotive consumer tivity to economic developments of this type goods paper in 1960 was the continued of instalment credit compared with other growth in revolving credit. To some extent, major types reflects its use for educational Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN • APRIL 1961 expenditures, debt consolidation, payment the end of 1960 such credit was slightly less of medical bills, and similar purposes. Per- than a fourth of total consumer credit. sonal loans may be more responsive to eco- In general, noninstalment credit has denomic developments in the future, however, clined relative to instalment credit throughas a result of increasing use for such pur- out the postwar period. There have been poses as travel expenses and purchases of minor interruptions in this trend at times goods under bank-check-credit and similar of business recession when instalment credit plans. tends to show relatively large declines. Repair and modernization loans. Home Early this year, for example, noninstalment repair and modernization loans, which make credit changed little while instalment credit up a relatively small part of total consumer declined, as shown in the chart below. instalment credit outstanding, increased by The reduced rate of expansion in noninabout $200 million in 1960. This increase stalment credit in 1960 reflected the smaller was half as much as in 1959. Moderate growth in single-payment loans to consumdeclines in the amount outstanding, the first ers. These loans, most of which are held since early 1955, occurred in December last by commercial banks, account for about a year and in the first two months of this year. third of all noninstalment credit. In early The average contract maturity has con- 1961 single-payment loans rose while most tinued to lengthen since 1958 when the other types of consumer credit declined. maximum maturity on Federal Housing Charge-account credit showed little Administration Title I loans was increased change in 1960 and then declined, on a seafrom 3 to 5 years. About half of the con- sonally adjusted basis, in the first two months tracts written in 1960 were for more than of 1961. This type of credit represents about 3 years. two-fifths of total noninstalment credit. It tends to follow seasonal variations in retail NONINSTALMENT CREDIT sales, with a low in the first quarter of the Consumers increased their noninstalment year and a high in the fourth quarter. In debt about $500 million, or 4 per cent, in recent years the range of seasonal variation 1960, compared with 7 per cent in 1959. At in charge-account credit has averaged about CHANGES IN CONSUMER CREDIT Millions of dollo INSTALMENT i ll 400 400 NONINSTALMENT 200 200 + r + rr 0 200 200 1955 1956 1957 1958 i959 1960 1961 NOTE.—Quarterly averages of seasonally adjusted monthly changes. Latest figures shown, average for January-February. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DOWNTURN IN CONSUMER CREDIT 395 $1.2 billion, considerably overshadowing 1959. The increase at retail outlets was the small year-to-year changes. only 2 per cent, whereas in 1959 it had been In addition to the conventional 30-day 14 per cent. As in other recent years, credit credit at retail stores, charge-account credit unions showed the largest growth, about 19 includes credit on automobile service station per cent. and other credit cards, and on home-heatingoil accounts. These have increased sharply RATES OF INCREASE - INSTALMENT CRIDIT in the postwar period and at the end of 1960 totaled more than $400 million. TOTAL Per 1 cent [-] 1959 20 Service credit, which represents a fourth in\ Mill] of total noninstalment credit, continued to 10 rise in 1960 and early 1961. The major part of such credit consists of amounts owed AUTOMOBILE to doctors and hospitals and to utility companies. Service credit has grown steadily in recent years and has not been greatly affected by cyclical developments. LENDERS Commercial banks and sales finance companies accounted for about two-fifths and one-fourth, respectively, of the $43 billion PERSONAL LOANS of consumer instalment credit outstanding JlJj 20 at the end of 1960. Other financial insti- 10 tutions accounted for more than one-fifth. Within this group consumer finance com- All LENDERS COMMER- SALES OTHER RETAIL CIAL FINANCE FINANCIAL OUTLETS panies and credit unions were the most im- •ANKS cos. umnunoNs portant, each holding about 9 per cent of the total. Department stores and mail-order NOTE.—Changes in automobile paper at retail automobile dealers not shown separately because these outlets hold a relatively small share of the total. houses were the largest single holder-group among retail outlets. The relatively high rajte of growth for Growth rates of the various lenders in sales finance companies and the low rate 1960 reflected differing rates of expansion for retail outlets reflected fn part continuing for various types of loans as well as changes transfers of paper from mail-order houses to in competitive positions of the lenders. In financial subsidiaries. The retail share of general, outstanding credit expanded most instalment credit has tended to decline over at those lending institutions that customarily the last decade. do a large part of their business in personal Commercial banks. In both 1959 and loans and expanded least at those lending 1960, the percentage increase in holdings mainly on consumer goods. of automobile credit at commercial banks Among the financial groups shown in the exceeded that at all other lenders as a accompanying chart, increases ranged from group. Bank holdings of personal loans, 8 to 13 per cent, considerably less than in however, increased at a slower rate than for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 FEDERAL RESERVE BULLETIN • APRIL 1961 other lenders in 1960, compared with a relied more on open market borrowing and faster rate in 1959. The rapid growth in less on commercial bank borrowing in 1960 personal loans at commercial banks in 1959 as market rates of interest declined. Net had reflected in part the widespread adop- proceeds from sales of commercial paper tion of check-credit plans and extensive pro- and long-term securities were about $1 bilmotion of personal loans. Banks sharply lion larger in 1960 than in 1959. Outcurtailed their promotional activity in late standing indebtedness to banks, however, 1959, however, when credit demand rose showed little change after having increased and reserve positions tightened. substantially in 1959. In early 1961 finance In contrast with 1959, bank holdings of companies continued to raise funds in the nonautomotive consumer goods paper in- market and made unusually large repaycreased only slightly in 1960. Early in ments of bank debt. 1961, however, commercial banks increased Delinquencies and repossessions. Delintheir holdings sharply as a large mail-order quency and repossession rates on consumer house sold most of its outstanding paper to loans rose as unemployment increased in commercial banks. Bank holdings of this the second half of 1960 and in early 1961. paper are declining as these receivables are These rates had declined sharply from early being paid off. 1958 through mid-1959, but this trend was Sales and consumer finance companies. With reversed during the steel strike, and in early mail-order houses making increased use of 1960 rates remained above those of a year their sales finance subsidiaries, sales finance earlier. Further increases after mid-1960 companies continued in 1960 to account for brought rates to about their early 1958 a rising share of nonautomotive consumer peaks. As in 1958 and again during the goods paper. Their share of automobile steel strike, many lenders have rewritten concredit, on the other hand, continued to de- tracts for borrowers who were unable to cline. At the end of 1960 these companies meet payments because of temporary unaccounted for 43 per cent of total automo- employment. bile paper, compared with more than 50 per Losses associated with automobile loans cent at the end of 1955. were higher in 1960 than in 1959, not only Consumer finance companies expanded because of a larger volume of repossessions their holdings of personal loans in 1960 at but also because the repossessed automoabout the same rate as commercial banks. biles had to be sold in a depressed market. In the two preceding years these loans had In order to keep losses at a minimum and increased at a considerably slower rate at to reduce the number of delinquencies, lendconsumer finance companies than at com- ers are screening borrowers more carefully mercial banks. and are devoting more effort to collection Sales and consumer finance companies activity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statistics on the Government Securities Market UNDER A Treasury-Federal Reserve pro- of these releases are available at the Bank's gram, a new body of statistical information Information Desk at 4:00 p.m. on Thursdays on the market for U. S. Government secu- (except holidays), or by mail. Requests to rities is now being published regularly. The be placed on the mailing list for any or all new series should make possible a wider of the weekly releases should be addressed and better understanding of this market and to the Market Statistics Department, Federal of the relations between it and other finan- Reserve Bank of New York, New York 45, cial markets. Better understanding, in turn, N. Y.1 may contribute to the more effective func- The statistical section of the Federal Retioning of this market, the primary channel serve BULLETIN will also include each through which Federal Reserve credit policy month tables showing weekly data for operates and the largest securities market in dealer transactions, positions, and financing. the country. Tables showing these data for the period Under the new program, aggregate figures beginning with September 1960 appear on for (1) volume of transactions, (2) posi- pages 403-04 of this issue. tions, and (3) financing of all Government The following sections describe in detail securities dealers reporting to the Federal the series available under the new Treasury- Reserve Bank of New York are being re- Federal Reserve program. leased each week by that Bank; all of the figures are weekly averages of daily totals. VOLUME OF TRANSACTIONS The figures for volume of transactions are Transactions in U. S. Government securion a current basis, while whose for posities are classified in two ways: by maturity tions and financing have a 4-week lag. Daily of the securities and by type of customer. closing bid and asked prices and yields on Transactions by maturity are the most up- Government securities are also being made to-date of the new series. They are availavailable. All major dealers in the Governable each Thursday for the week ending the ment securities market—13 nonbank dealprevious day. The breakdown by customer ers and 5 banks that also act as dealers— lags one week, being released the following are currently participating in the program. Thursday. In addition, figures for the total The data being made available under this volume of transactions in Federal agency program are expected to enable market parsecurities are shown as a part of the release ticipants, financial economists, and the genon transactions by maturity. eral public to follow and analyze the major trends in the Government securities market. 1 There are no plans at present for establishing a The weekly figures are released at the mailing list for the release showing daily prices and regular Thursday press conferences of the yields of Government securities, but this release is available daily after 4:30 p.m. at the Information Federal Reserve Bank of New York. Copies Desk at the Federal Reserve Bank of New York. 397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 FEDERAL RESERVE BULLETIN • APRIL 1961 The transactions figures are daily aver- sional sources—that is, the group dealing ages of all transactions in the market by exclusively in Government securities—acreporting dealers. All transactions are in count for such activity or changes in its level. terms of par value of securities purchased Experience with the new series is not or sold, and the averages are based on num- yet sufficient to enable analysts to interpret ber of trading days in the week. Transac- current levels and trends with confidence. tions exclude direct allotments from, or re- The data for late 1957 and the year 1958 demptions by, the Treasury or Federal agen- published in the Treasury-Federal Reserve cies; they also exclude temporary transfers Study of the Government Securities Market of securities between dealers and customers and the annual data for 1948-58 published under repurchase or reverse repurchase con- in A Study of the Dealer Market for Federal tracts. Government Securities, which was prepared The breakdown of transactions by type for the Joint Economic Committee, help to of customer shows four groupings: (1) provide a frame of reference for the new U. S. Government securities dealers and series even though they are not strictly combrokers, including both bank and nonbank parable with it.2 Both of the earlier series dealers in the reporting group and the small include as transactions some, if not all, group of brokers who deal exclusively with Treasury allotments and redemptions of sethis dealer group; (2) other dealers and curities; the Joint Committee figures may brokers; (3) commercial banks; and (4) also include some transactions made under all others. The "all other" group includes— repurchase agreements. In addition, coveramong others—State and local govern- age is not identical for the three series. ments, insurance companies, foreign bank- Nevertheless, some general comparisons ing agencies, pension funds, and the Federal as to trend and level are appropriate. The Reserve System. Joint Economic Committee series shows a It should be kept in mind that this tabula- rising trend in activity during the decade tion shows the types of customers from under review, with gross transactions in whom the dealers receive their orders and 1958 reaching a total of close to $350 bilthat these are not necessarily the ultimate lion, or a daily average of about $1.4 billion. buyers or sellers. For example, commercial The Treasury-Federal Reserve figures for banks, when they do business with the deal- 1958 show a similar total. In addition, they ers, may be acting for their own account or confirm that there were wide fluctuations in for the account of one of their own custom- volume during the year. In the first half, as ers, such as a State fund, an individual, or speculative interest rose to considerable a business corporation. Such customers heights, daily average volume rose above the may at times purchase or sell directly $2 billion mark. With the ebbing of that through dealers and at other times use banks tide, activity declined to less than $ 1 billion. as agents. The data for volume of transactions are 2 Treasury-Federal Reserve Study of the Government Securities Market, Part II, (published by the expected to be useful indicators of the level Board of Governors of the Federal Reserve System, of activity in the market as a whole as well Washington, D. C.) 1960, pp. 140-41; and A Study of the Dealer Market for Federal Government Secuas in particular sectors. Such data will also rities, Joint Economic Committee (Congress of the help to indicate the extent to which profes- United States, Washington, D. C.) 1960, p. 58. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON THE GOVERNMENT SECURITIES MARKET 399 The new series shows that in early Sep- operations and to a lesser extent municipal tember 1960 the daily volume of transac- and corporate financing operations. tions averaged about $800 million. By the Interdealer trading generally accounts for middle of that month, under the stimulus roughly one-fourth of total dealer activity, of the usual fall pickup in activity, the vol- and commercial banks for the largest part of ume had risen to about $1.3 billion, and by the remainder. "Other dealers and brokers" mid-October it had risen to $1.8 billion. normally account for only a small fraction Volume declined somewhat in early Novem- of total activity. By far the largest part of trading is in securities maturing within 1 ber and then rose to $1.9 billion by early year, primarily Treasury bills. January. In February and March of 1961 the average daily volume fluctuated between $1.2 billion and $1.7 billion, as shown in DEALER POSITIONS the accompanying chart. The figures for dealer positions in the new The data also indicate that there are program are available weekly, but with a 4seasonal patterns in the volume of dealer week lag. They show the dealers' net posiactivity. These reflect in large measure tions (gross long minus gross short), with changes in cash flows of business corporathe securities valued at par. The totals for tions. At certain times during the year such U. S. Government obligations are broken corporations may be accumulating funds down into three maturity categories, but only temporarily and investing them in Governaggregates are shown for Federal agency ment securities, whereas at other times they issues. The positions figures, like those on may be selling such securities to obtain funds transactions, are daily averages based on the for tax payments, dividend disbursements, number of trading days in the week. or for other regularly recurring needs. Su- The positions figures for the new series perimposed on these seasonal movements are are reported on a commitment basis, that is, variations related to the economic cycle as securities are counted as part of the dealer's well as other factors, such as Treasury debt position on the day the dealer agrees to pur- DEALER TRANSACTIONS IN U.S. GOVERNMENT SECURITIES Billions of dollars MATURITY CATEGORY TYPE OF CUSTOMER Billions of dollars 2.0 2.0 1.2 GOVT. SECURITIES 1 DEALERS AA? tyhMrr .8 Sep. Oct. Nov. Dec. Jan. Feb. Mar. NOTE.—Based on data shown at end of article. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN • APRIL 1961 chase them, even though delivery has not yet especially true for repurchase agreements been made, and, conversely, securities are that provide that the dealer will repurchase deducted from his position as soon as he the securities several weeks or more in the makes a commitment to sell, even though he future. In the meantime—unless substitumay still actually hold the securities. The tion of other securities is permitted—the figures include all the securities that dealers securities placed under such agreements are have sold under agreement to repurchase at not in effect a part of the dealer's current some future date (repurchase agreements), trading position. The amount of the overbut they exclude all those that dealers have statement varies over time, and it tends to be acquired under agreements to resell at a concentrated in the shorter issues. Neverfuture date (reverse repurchase or resale theless, the published positions are useful agreements).3 So-called "matched agree- indicators of the amount and types of securities available in the market. DEALER POSITIONS IN Despite problems of interpretation, the U. S. GOVERNMENT SECURITIES new series and the Joint Economic Commit- MATURITY CATEGORY Billions of dollars tee and the Treasury-Federal Reserve data 4 on positions indicate that seasonal, cyclical, and special factors have important influences on the size of dealer inventories.4 Treasury refundings and corporate tax and dividend dates have a particularly important impact on dealer positions. The Treasury- Federal Reserve series for 1958 shows that total positions ranged from a peak of $3.4 billion in June to a trough of about $500 L3M million in the fall. Since last September, Sep. Oct. Nov. 1960 as the accompanying chart indicates, the NOTE.—Based on data shown at end of article. total has fluctuated between $2.1 billion and ments" also are excluded. These are agree- $3.5 billion, reaching a peak for this period ments under which a dealer has outstanding over the year-end. repurchase and reverse repurchase agree- While the proportions fluctuate, securities ment contracts that are virtually the same in maturing within 1 year generally account amounts and have the same maturity dates. for roughly three-fourths of the dealers' total Because of the inclusion of all "un- inventories, and those maturing after 5 years matched" repurchase agreements, the pub- for 7 to 8 per cent. lished positions figures tend to overstate the amount of securities in dealer portfolios that DEALER FINANCING are immediately available in the market for The financing data, which are also available trading at any given point in time. This is weekly with a 4-week lag, show total borrowing by bank and nonbank dealers. For 3 For a detailed discussion of repurchase agreements, see Treasury-Federal Reserve Study of the bank dealers this is the total amount of funds Government Securities Market, Part III (published by the Board of Governors of the Federal Reserve Sys- 4 Joint Economic Committee, op. cit., pp. 27-48. tem, Washington, D. C.) 1960, pp. 67-91. Treasury-Federal Reserve, op. cit., Part II, pp. 138-39. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON THE GOVERNMENT SECURITIES MARKET 401 allotted by the bank to the dealer depart- duced immediately by the amount of the ment, plus any funds obtained by the depart- sale, but he must continue to finance the ment through repurchase agreements. For security until the actual delivery date, which nonbank dealers it is the total amount of is often one or more days, or even weeks, in funds obtained against U. S. Government the future. A final but minor difference beand Federal agency securities, through either tween the two series stems from the fact that collateral loans or repurchase agreements. the financing data indicate the actual amount Financing is divided into that obtained of money borrowed by the dealer, while the from four principal lender categories: (1) positions figures are reported in terms of commercial banks in New York City; (2) par value. commercial banks elsewhere; (3) business corporations other than commercial banks FINANCING OF and insurance companies, and (4) all other U.S. GOVERNMENT SECURITIES DEALERS lenders, including insurance companies, for- Billions of dollars eign banking agencies, Federal agencies, and the Federal Reserve System. The figures on financing represent average amounts outstanding at the end of each day exclusive of any funds made available to dealers through "day" loans, that is, loans C^P ORATIONS extended during the day and repaid by the ALL OTHER close of the same day. Since a dealer must COMMERCIAL finance his position regardless of whether the BANKS market is open, the averages are based on YORK CITY BANKS the number of calendar days in the week. Sep. Oct. Nov. Dec. Jan. Feb Mar. Because dealers borrow to carry their se- NOTE.—Based on data shown at end of article. curities, there is a fairly close correspondence between their borrowing and their The financing figures, like the positions positions. The two series differ in their series, include all unmatched repurchase levels and movements mainly because the agreements. Consequently, they tend to positions figures are reported on a commit- overstate the amount of financing actually ment basis. Dealers, of course, do not need required by the dealers to carry their trading to finance a security until delivery takes accounts at any given point in time. But place. In the case of Treasury bills, for here again, despite the overstatement, the example, a dealer puts into his position as financing figures are helpful in understandof Tuesday the amount of bills allotted to ing market developments. Because dealers him in the regular Monday auction. But if in Government securities are one of the largthe dealer sells these bills, as he often does, est and most important groups using shortfor delivery by Thursday—the day when the term funds, changes in their requirements Treasury issues the bills and payments are and shifts in their sources of supply have an due for them—he never has to finance them. important impact on the money market. Conversely, when a dealer makes a com- As both the new series and the earlier imitment to sell a security, his position is re- Treasury-Federal Reserve data indicate, cor- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL RESERVE BULLETIN • APRIL 1961 porations other than commercial banks and outstanding on Wednesday dates in 1958 insurance companies have supplied about ranged from more than $3 billion in midtwo-fifths of total dealer financing needs in June to about $500 million in the late fall. recent years.5 At times, when such corpora- In that period, loans outstanding to dealers tions have needed funds for tax or dividend at commercial banks in New York City payments or to "window dress" for statement ranged from less than $100 million to about dates, this proportion has dropped to about $1.3 billion.6 Since last September, as the a third. At other times, when corporate chart on page 401 shows, the total amount treasuries have had ample funds, the total of dealer borrowing outstanding under the has risen to more than 50 per cent. new series has ranged between $2.1 billion Banks, especially those in New York City, and $3.5 billion, with the peak coming over tend to be the marginal or residual lenders. the year-end. The share for New York City The amount of funds they provide fluctuates banks has fluctuated between $300 million not only as dealers' total needs fluctuate, but and $1.1 billion. also as corporations increase or decrease their contributions. While practices among PRICES the individual dealer firms differ, most of the The new series shows daily closing bid and nonbank dealers prefer to borrow from nonasked prices, yields, and the change from the bank sources to the maximum extent because previous day's close for virtually all marketcredit from these sources tends to be cheaper able, direct U. S. Government securities. than that from commercial banks. The price figures represent averages of According to Treasury-Federal Reserve quotations provided by Government securidata, total loans and repurchase agreements ties dealers. 6 Treasury-Federal Reserve, op. cit., Part II, pp. 142-43. ' 'Ibid., pp. 142-43. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS ON THE GOVERNMENT SECURITIES MARKET 403 DEALER TRANSACTIONS IN U. S. GOVERNMENT SECURITIES * [Averages of daily figures. Par value, in millions of dollars] U. S. Government securities By maturity By type of customer Federal Week ending — agency U.S. securities Total Within 1-5 5-10 After se G cu o r v it t i . es d O ea th le e r r s m C e o r m cia - l All 1 year years years 10 years dealers and banks other and brokers brokers 1960 Sept. 7 819 647 124 30 18 226 17 350 226 50 14 907 674 135 52 45 232 28 366 281 57 21 1,283 862 264 111 46 415 37 560 272 72 28 1,106 788 251 41 27 345 29 443 289 39 Oct. 5 ,106 870 171 39 25 346 37 438 285 63 12 ,026 800 161 41 24 300 32 387 306 75 19 ,838 1,497 253 46 42 514 58 863 403 57 26 ,523 1,240 217 40 26 480 37 620 385 81 Nov. 2 ,767 1,241 404 97 25 461 48 730 528 63 9 ,300 899 314 66 21 340 22 562 375 29 16 1,445 983 375 64 24 394 42 687 323 66 23 1,326 953 268 69 36 319 36 601 370 72 30 1,462 1,081 275 78 27 394 43 679 347 56 Dec. 7 1,466 1,045 331 56 34 457 42 670 297 83 14 1,621 1,115 370 86 50 518 53 672 378 101 21 ',405 892 408 59 47 398 32 688 287 94 28 ,598 1,021 467 60 50 465 38 801 294 80 1961 Jan. 4 ,921 1,299 511 75 36 497 50 980 394 104 11 ,808 1,002 721 59 27 582 41 915 270 56 18 ,611 1,196 327 65 22 508 26 770 307 108 25 ,409 1,073 259 60 17 493 19 652 245 55 Feb. 1 ,373 1,073 242 36 22 475 27 592 279 60 8 ,245 824 343 48 31 406 34 555 249 66 15 ,693 1,141 479 46 27 416 42 896 340 68 22 ,296 859 354 40 42 428 37 560 271 79 Mar. 1 ,314 951 282 55 27 398 43 573 301 54 8 ,643 1,129 400 70 45 607 36 661 341 83 15 ,486 1,067 346 35 38 511 25 587 363 56 22 ,550 1,090 351 74 36 513 29 677 332 110 1 The transactions data combine market purchases and sales of repurchase agreements, reverse repurchase (resale), or similar con- U. S. Government securities dealers reporting to the Federal Reserve tracts. The averages are based on the number of trading days in Bank of New York. They do not include allotments of and ex- the week. changes for new U. S. Government securities, redemptions of called NOTE.—Details may not add to totals because of rounding. or matured securities, or purchases or sales of securities under Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN • APRIL 1961 DEALER POSITIONS IN U. S. FINANCING OF U. S. GOVERNMENT GOVERNMENT SECURITIES1 SECURITIES DEALERS1 [Averages of daily figures.2 Par value, in millions of dollars] [Averages of daily figures In millions of dollars] U. S. Government securities, by maturity Commercial banks Federal en W di e n e g k — All Within 1-5 After se a c g u e r n i c ti y es en W di e n e g k — so A ur l c l es New Else- C t o i r o p n o s r 2 a- o A th l e l r maturities 1 year years 5 years York where City 1960 SepM:::: 2,655 2,040 467 148 170 1960 2,825 2,222 462 141 153 Sept. 7... 2,613 496 549 1,090 478 21.... 2,641 2,052 425 164 144 14... 2,785 651 572 1,148 414 28 2,552 1,972 404 176 140 21... 2,700 739 889 745 327 28... 2,554 642 689 820 403 Oct. 5 2,436 1,861 402 174 119 12 2,118 1,585 373 160 99 Oct. 5... 2,419 605 664 679 471 19 2,240 1,726 379 136 79 12... 2,161 437 462 881 381 26.... 2,346 1,795 415 135 102 19... 2,107 392 514 969 232 26... 2,290 434 514 1,030 312 Nov. 2 2,517 1,862 533 122 110 9 2,317 1,270 825 222 107 Nov. 2... 2,631 506 481 1,049 595 16 2,464 1,588 699 177 98 9... 2,582 374 358 1,084 766 23.... 2,377 1,669 567 141 111 16... 2,685 460 387 1,135 703 30.... 2,282 1,705 483 94 112 23... 2,439 343 399 1,333 364 30... 2,375 370 432 1,357 216 Dec. 7 2,378 1,822 466 90 95 14 2,826 2,198 521 107 131 Dec. 7... 2,314 357 524 1,269 164 21.... 3,260 2,608 518 134 148 14... 2,676 591 557 1,369 159 28.... 3,395 2,716 528 151 138 21... 3,254 1,078 884 1,132 160 28... 3,396 917 959 1,212 308 1961 1961 Jan. 4 3,444 2,703 553 188 110 11.... 2,998 2,264 578 156 66 Jan. 4... 3,448 808 912 1,223 505 18 3,178 2,537 539 102 56 11... 3,038 519 911 1,255 353 25 2,762 2,200 481 81 70 18... 2,821 486 829 1,235 271 25... 2,772 473 842 1,273 184 Feb. 1 2,654 2,134 442 78 89 8 2,710 2,147 475 88 100 Feb. 1... 2,511 549 730 1,079 153 15.... 3,011 2,257 661 93 104 8... 2,670 613 686 1,013 358 22 2,861 2,142 632 87 124 15... 2,828 533 603 1,125 567 22... 2,937 580 676 1,260 421 Mar. 1 2,597 1,936 575 85 126 Mar. 1... 2,707 580 629 1,170 328 1 The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the contract 1 The figures are 7-day averages and include both bank and nonis matched by a reverse repurchase (resale) agreement or delayed delivery bank dealers. See also note 1 of the opposite table on this page. sale with the same maturity and involving the same amount of securities. 2 All business corporations except commercial banks and in- Included in the repurchase contracts are some that more nearly represent surance companies. investments by the holders of the securities rather than dealer trading NOTE.—Details may not add to totals because of rounding. positions. 2 Averages are based on number of trading days in the week. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ownership of Demand Deposits DEMAND DEPOSITS of individuals, partner- an increase in the over-all number of deships, and corporations at insured commer- mand deposit accounts. The net increase cial banks declined an estimated $500 mil- of 1.3 million new accounts was, however, lion, or 0.4 of 1 per cent, in the year ending only about half that in the preceding year. January 25, 1961, according to the Federal Deposit holdings of most ownership Reserve System's most recent Survey of Degroups were practically unchanged. There mand Deposit Ownership. Demand deposwere no statistically significant changes in its of these groups had increased 2.0 per the holdings of nonfinancial business, which cent in the year before, and by 4.3 per cent make up about half of the total, or in perin the year ending January 28, 1959. sonal deposits of individuals, which account As in the last several years, there was for 30 per cent of the total. In the preceding year, holdings of nonfinancial busi- NOTE.—This article was prepared by Edward P. Snyder of the Board's Division of Research and Statis- ness had risen 4.2 per cent, while those of tics. For results of the January 1960 Survey see the Federal Reserve BULLETIN for April 1960, pp. 367-70. individuals had increased 2.0 per cent. TABLE 1 DEMAND DEPOSIT ACCOUNTS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS JANUARY 25, 1961 [Estimates for insured commercial banks] Number Increase, or Increase, or Jan. 25, 1961 decrease (—), Jan. 25, 1961 decrease ( — ), Type of holder from Jan. 27, 1960 from Jan. 27, 1960 Percent- Billions Percent- Billions Millions age dis- Millions of age dis- of Per cent tribution dollars tribution dollars All holders 58.4 100.0 1.3 2.3 109.0 100.0 -0.5 -0.4 Domestic business.. . 6.2 10.7 0.2 2.5 64.2 58.9 -0.3 -0.4 Corporate 2.3 3.9 0.1 5.1 49.5 45.4 0) Noncorporate 4.0 6.8 1.1 14.7 13.5 -0.2 Financial business 0.5 0.8 3.3 10.0 9.2 0.5 5.0 Corporate 0.3 0.4 8.0 8.2 7.5 0.6 7.5 Noncorporate 0.2 0.3 1.8 1.7 -0.1 -4.8 2 1 Nonfinancial business 5.8 9.9 0.1 2.5 54.2 49.7 -0.7 -1.3 Corporate 2.0 3.4 0.1 4.8 41.2 37.8 -0.6 -1.4 Noncorporate 3.8 6.4 1.3 12.9 11.9 -0.2 -1.2 Nonprofit organizations 3.0 5.1 0.1 2.2 5.3 4.8 0.1 1.0 Farm operators 2.8 4.8 -0.3 -8.4 4.1 3.7 -0.3 -6.2 Individuals—personal 46.2 79.2 1.3 3.0 32.4 29.7 0.1 0.3 All other 0.1 0.2 I 13.6 3.1 2.8 -0.1 -3.0 Trust departments of banks 0.1 0.1 34.0 2.1 2.0 0) -1.9 Foreigners 0.1 0.1 1.9 1.0 0.9 -5.4 -0.1 1 Decrease of less than $50 million. NOTE.—Corporate farming enterprises are classified as corporate 2 Decrease of less than 0.05 per cent. nonfinancial business. Details may not add to totals because of 3 Increase of less than 50,000 accounts. rounding. 4 Decrease of less than 50,000 accounts 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL RESERVE BULLETIN • APRIL 1961 Total demand deposit balances of finan- deposit balances was about half that in the cial businesses, which make up about 9 per previous year, when net income of farm opcent of the total, increased 5.0 per cent, or erators dropped substantially. In 1958, $500 million, in the year ending January both net farm income and the demand de- 25, 1961. Deposits of this group had deposit balances of farm operators rose. clined in each of the three previous years. The number of demand deposit accounts Since balances of noncorporate financial of farm operators declined also as the numbusinesses appear to have declined slightly, ber of farms and farm families continued balances of financial corporations accounted to fall. The estimated decline in the numfor all of the increase. Apparently no sinber of accounts, 300,000, was considerably gle category of financial business was prilarger, however, than in other recent years. marily responsible for the increase in these Comparison of the estimated changes in holdings. Moreover, there was a mixed the demand deposit balances of other holder pattern of increases and decreases from one groups with the sampling errors of these esti- Federal Reserve district to another. The mates indicates that the changes were not net effect of the increase, however, was to statistically significant. Changes in the restore the over-all level of balances of finumber of accounts in most cases were stanancial businesses approximately to that tistically significant. The increase in the prevailing on January 29, 1958. number of personal accounts of individuals Although net farm income rose someaccounted for the total increase in the numwhat in 1960, demand deposit balances of farm operators, which make up 4 per cent ber of accounts of individuals, partnerships, of the total, declined an estimated 6.2 per and corporations. The growth in the numcent, or about $300 million, in the year ber of personal accounts, however, was only ending January 25, 1961. This decline in a little more than half as large as in 1959. TABLE 2 DEMAND DEPOSIT ACCOUNTS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS [Estimates for insured commercial banks] Type of holder Ja 1 n 9 . 6 2 1 5, Ja 1 n 9 . 6 2 0 7, Ja 1 n 9 . 5 2 9 8, Ja 1 n 9 . 5 2 8 9, Ja 1 n 9 . 5 3 7 0, Ja 1 n 9 . 6 2 1 5, Ja 1 n 9 . 6 2 0 7, Ja 1 n 9 . 5 2 9 8, Ja 1 n 9 . 5 2 8 9, Ja 1 n 9 . 5 3 7 0, Number of accounts Amount of deposits (thousands) (millions of dollars) All holders. 58,364 57,054 54,360 53,728 52,206 109,040 109,517 107,321 102,934 104,835 Domestic business.. 6,224 6,070 5,751 5,537 5,484 64,213 64,469 62,313 60,509 61,460 Corporate 2,259 2,149 1,868 1,810 1,799 49,472 49,486 47,465 46,290 47,623 Noncorporate. 3,965 3,921 3,883 3,727 3,685 14,741 14,983 14,848 14,219 13,837 Financial business.. 458 443 438 660 724 10,036 9,557 9,619 10,154 11,179 Corporate 255 236 218 304 328 8,226 7,655 7,595 7,896 8,836 Noncorporate. 203 207 220 356 397 1,810 1,901 2,024 2,258 2,343 Nonfinancial business. 5,766 5,627 5,313 4,877 4,760 54,177 54,912 52,694 50,355 50,281 Corporate 2,004 1,913 1,650 1,506 1,472 41,246 41,830 39,870 38,393 38,788 Noncorporate... 3,762 3,714 3,663 3,371 3,288 12,931 13,082 12,825 11,961 11,494 Nonprofit organizations 2,994 2,930 2,828 2,734 2,633 5,261 5,210 4,967 4,990 4,542 Farm operators 2,785 3,042 3,188 3,347 3,460 4,085 4,353 4,888 4,545 4,671 Individuals—personal 46,219 44,887 42,473 41,987 40,515 32,381 32,289 31,671 30,153 30,895 All other 142 125 120 124 113 3,100 3,196 3,483 2,738 3,266 Trust departments of banks .... 61 46 46 28 29 2,140 2,181 2,447 1,756 2,076 Foreigners 81 79 74 96 84 960 1,015 1,036 981 1,190 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS 407 TABLE 3 DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, JANUARY 25, 1961 BY FEDERAL RESERVE DISTRICT AND BY TYPE OF HOLDER [Estimates for insured commercial banks] Number (millions) Amount (billions of dollars) Type of holder Type of holder Federal Reserve district All Non- All Nonholders Finan- finan- Farm Individ- holders Finan- finan- Farm Individcial cial oper- uals— All cial cial oper- uals'— All busi- busi- ators per- other* busi- busi- ators per- other* ness ness sonal ness ness sonal All districts 58.4 0.5 5.8 2.8 46.2 3.1 109.0 10.0 54.2 4.1 32.4 8.4 Boston 2.5 0.3 2.0 0.1 6.0 0.7 3.3 1.5 0.5 New York . .... 6.1 I 0.8 4.9 0.3 21.2 2.0 12.4 0.1 4.6 2.1 Philadelphia 3.1 0.3 2.6 0.2 6.7 0.7 3.3 0.1 1.9 0.7 Cleveland 4.4 0.4 0.1 3.5 0.3 8.2 0.6 4.2 0.2 2.6 0.7 Richmond 5 4 0.4 0.2 4.4 0.3 6.8 0.6 3.1 0.2 2.2 0.6 Atlanta 5.8 0.6 0.2 4.7 0.3 8.1 0.7 3.9 0.2 2.7 0.5 Chicago 7.5 0.1 0.8 0.5 5.8 0.4 16.1 1.6 8.3 0.7 4.3 1.2 St Louis 4.1 8 0.3 0.4 3.2 0.2 4.8 0.3 1.7 0.5 2.0 0.3 Minneapolis . 2.5 0.2 0.3 1.8 0.2 3.0 0.2 1.2 0.4 1.0 0.2 Kansas City 4.5 8 0.4 0.4 3.4 0.3 7.3 0.6 3.3 0.8 2.3 0.4 Dallas 4.3 0.4 0.2 3.4 0.2 7.8 0.9 3.2 0.5 2.9 0.4 San Francisco 8.2 0.8 0.2 6.8 0.3 13.0 1.1 6.4 0.5 4.4 0.7 0.1 1 Nonprofit organizations, trust departments of banks, and for- 3 Less than $50 million. eigners. 2 Less than 50,000 accounts. NOTE.—Details may not add to totals because of rounding. TABLE 4 ESTIMATED SAMPLING ERRORS FOR SURVEY OF DEMAND DEPOSIT OWNERSHIP Standard deviations Number of accounts (thousands) Deposits outstanding (millions of dollars) Type of holder Change to Jan. 25, 1961 from: Change to Jan. 25, 1961 from: Jan. 25, 1961 Jan. 25, 1961 Jan. 27, 1960 Jan. 28, 1959 Jan. 27, 1960 Jan. 28, 1959 Financial business: Corporate 14 14 15 495 349 420 Noncorporate 13 16 19 155 169 165 Nonfinancial business: Corporate 58 37 41 1,913 763 934 Noncorporate 71 46 52 392 368 381 Nonprofit organizations 52 30 35 253 193 211 Farm operators 82 60 60 153 101 117 Individuals—personal 634 368 470 522 310 402 Trust departments of banks 13 14 19 133 111 274 Foreign holders 7 7 6 64 57 72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Serving Member Bank and Corporation Selling ORDER DENYING APPLICATION UNDER BANK Own Stock HOLDING COMPANY ACT The Board recently considered the question There having come before the Board of Govwhether Section 32 of the Banking Act of 1933 ernors pursuant to Section 3(a) (2) of the Bank (12 U.S.C., Sec. 78) would be applicable to the Holding Company Act of 1956 (12 USC 1842) service of a director of a corporation which and Section 4(a)(2) of the Board's Regulation planned to acquire or organize, as proceeds from Y (12 CFR 222.4(a) (2)), an application on the sale of stock became available, subsidiaries behalf of Northwest Bancorporation for the to operate in a wide variety of fields including Board's prior approval of the acquisition of 80 manufacturing, foreign trade, leasing of heavy per cent or more of the 1,500 outstanding voting equipment, and real estate development. The shares of The First National Bank of Pipestone, corporation had a paid-in capital of about $60,000 Pipestone, Minnesota; a Notice of Tentative Deand planned to sell additional shares at a price cision referring to a Tentative Statement on said totaling $10 million, with the proviso that if less application having been published in the Federal than $3 million worth were sold by March 1962, Register on September 22, 1960 (25 Federal the funds subscribed would be refunded. It thus Register 9129); the said Notice having provided appeared to be contemplated that the sale of interested persons an opportunity, before issuance stock would take at least a year, and there ap- of the Board's final order, to file objections or peared to be no reason for believing that, if the comments upon the facts stated and the reasons venture proved successful, additional shares indicated in the Tentative Statement; and the would not be offered so that the corporation could time for filing such objections and comments continue to expand. having expired and all objections and comments, The Board concluded that Section 32 would including those filed by the Applicant, having be applicable, stating that although the ruling been carefully considered; published in the Federal Reserve BULLETIN for IT IS HEREBY ORDERED, for the reasons set forth April 1960 at page 371, as clarified by the ruling in the Board's Statement of this date, that the published in the BULLETIN for February 1961 at said application be and hereby is denied. page 156, related to closed-end investment com- Dated at Washington, D. C, this 23rd day of panies, the rationale of that ruling is applicable March 1961. to corporations generally. By order of the Board of Governors. Voting for this action: Chairman Martin, and Orders Under Section 3 of Bank Holding Governors Balderston, Szymczak, Mills, Robertson, Company Act Shepardson, and King. The Board of Governors of the Federal Reserve (Signed) MERRITT SHERMAN, System issued the following Orders and Statements [SEAL] Secretary. with respect to applications by holding companies STATEMENT for approval of the acquisition of voting shares Northwest Bancorporation, Minneapolis, Minof certain banks: nesota ("Northwest"), a bank holding company, has applied," pursuant to Section 3 (a) (2) of NORTHWEST BANCORPORATION * This application was filed prior to July 1, 1960, In the Matter of the Application of Northwest the effective date of the amendment to Section 4(e) Bancorporation for prior approval of acquisition of the Board's Regulation Y providing for the publication of notice of receipt of applications pursuant to of voting shares of The First National Bank of Section 3 of the Act in lieu of the issuance of tenta- Pipestone, Pipestone, Minnesota. tive decisions and tentative statements by the Board. 408 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 409 the Bank Holding Company Act of 1956 ("the prospects of Bank or to suggest that it will not Act"), for the Board's prior approval of acquisi- continue to be competently managed. tion of 80 per cent or more of the 1,500 out- With respect to the effect of the proposed standing voting shares of The First National acquisition upon the convenience, needs, and Bank of Pipestone, Pipestone, Minnesota welfare of the area concerned, it appears that ("Bank"). Bank has consistently been a leading bank in Views and recommendations of the Comptroller the area and has adequately met its customers' of the Currency. As required by Section 3(b) of banking needs. Northwest has indicated that it the Act, the Board gave notice to the Comptroller is committed to the construction of a more modof the Currency of the receipt of this application. ern bank building and to other physical improve- The Comptroller recommended that the applica- ments if its acquisition of Bank is approved; and tion be approved. it is recognized that Northwest's acquisition of Statutory factors. Section 3(c) of the Act control might result in some expansion of Bank's requires the Board to take into consideration the services and facilities. However, these facts do following five factors: (1) the financial history not, in the Board's judgment, provide strong and condition of the holding company and bank ground in themselves for approval of the applicaconcerned; (2) their prospects; (3) the character tion, since Bank already is adequately contributof their management; (4) the convenience, needs, ing toward fulfilling the needs of its community and welfare of the communities and area con- for banking services. cerned; and (5) whether or not the effect of the The fifth factor. As in nearly all cases arising acquisition would be to expand the size or extent under the Bank Holding Company Act, the most of the bank holding company system involved difficult determination relates to whether the parbeyond limits consistent with adequate and sound ticular acquisition would expand the holding banking, the public interest, and the preservation company's system "beyond limits consistent with of competition in the field of banking. adequate and sound banking, the public interest, The first four factors. The town of Pipestone, and the preservation of competition in the field with a population of about 5,700, is located in of banking." This is a determination that cannot southwestern Minnesota in a well-diversified be made in accordance with any formula but must farming area. There are two banks in Pipestone, be based upon consideration of all the relevant The First National Bank of Pipestone, the sub- facts in each case. In this case, the most relevant ject of this application, with deposits of about facts are the following. $7.5 million, and the Pipestone National Bank, Northwest controls 77 banks in Minnesota, with deposits of about $3.2 million. The latter Iowa, Montana, Nebraska, North Dakota, South bank is a subsidiary of First Bank Stock Corpo- Dakota, and Wisconsin. Within Minnesota, ration, which also is a bank holding company. Northwest controls 47 banks with aggregate de- With respect to the first three statutory factors, posits of over $1 billion. These banks account it appears that, as to both Northwest and Bank, for 7.2 per cent of total commercial banking their financial history and condition are satisfac- offices in the State and about 26 per cent of total tory, their prospects are good, and their manage- deposits of commercial banks. ments are competent. In connection with their In appraising the effect of the proposed acquiprospects and managements, the Board has con- sition upon banking competition, the Board has sidered (1) that the two senior officers of Bank, taken into consideration Northwest's representabecause of their age, are contemplating retire- tions as to the areas in which Bank's business ment or a less active role in Bank's management; originates. As indicated by a map submitted and (2) that the largest single stockholder of with the application, Bank's "primary area," from Bank, who may eventually become the majority which it obtains about 73.2 per cent of its deposits stockholder, is a nonresident who is not engaged of individuals, partnerships, and corporations in the banking business, and that this fact might ("IPC deposits"), comprises the town of Pipeaffect the continuance of Bank in its present stone and an area within a radius of 7 miles from status. However, these facts, in the Board's Pipestone; and Bank's "secondary area," from opinion, are not sufficient to impair the future which it obtains the remainder of such deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BULLETIN • APRIL 1961 consists of the area beyond the primary area but application by First Bank Stock Corporation to within a radius of somewhat less than 25 miles acquire stock of Eastern Heights State Bank (1960 from Pipestone. However, additional information BULLETIN 486, 492), it is the Board's opinion subsequently submitted by Northwest asserted that that, for purposes of the Bank Holding Company the Pipestone County-Rock County line, which Act, "competition in the field of banking" does runs east-to-west through the town of Jasper, is not encompass whatever competition may be afa natural southern boundary of Bank's secondary forded by savings and loan associations. area even though it has a few customers beyond The full effect of the proposed acquisition upon that line. On this basis, Bank's secondary area the public interest and preservation of competition would consist of the area beyond the primary cannot, in the Board's opinion, be fairly deterarea but within a radius of somewhat less than mined without taking into account the fact that 25 miles from Pipestone to the west, north and the other bank in Pipestone is a subsidiary of east and approximately 12 miles to the south. First Bank Stock Corporation, a bank holding Northwest does not presently control any bank company which controls 86 banks in 5 States, 49 in Bank's primary and secondary service areas. of which, with aggregate deposits of about $1,- Northwest's nearest banking subsidiary is the 202,550,000, are in Minnesota. Rock County Bank in the town of Luverne (popu- As indicated in the Board's Statement (1959 lation about 4,200), approximately 25 miles south BULLETIN 134) regarding the application of of Pipestone and 13 miles beyond the southern Firstamerica Corporation to acquire stock of limit of Bank's secondary area as above described. California Bank, the Board does not regard the A survey of customers of Bank and of the Rock Holding Company Act as meaning that the mere County Bank, submitted by Northwest, indicates size or extent of an applicant holding company's that there is practically no overlapping of the serv- system should itself be regarded as an adverse ice areas of the two banks and that competition consideration. Furthermore, the existence of a between them is negligible. subsidiary bank of another holding company in It is necessary, however, in the light of the the area in which an applicant holding company fifth statutory factor, to consider not only the proposes to acquire a bank does not, of course, extent to which Northwest's acquisition of Bank compel an adverse decision. The law requires would immediately lessen competition but also the Board to consider whether a particular acquihow it may affect the future competitive position sition would expand the size or extent of "the and growth of other banks in the areas involved. bank holding company system involved" beyond If Bank were to be acquired by Northwest, the limits consistent with the public interest and holding company would control one of the two preservation of competition. However, the banks in Pipestone and approximately 72 per cent strength of another holding company in the area of the IPC deposits held by those banks. Within concerned may, in circumstances like those in the the primary and secondary areas of bank, as present case, be directly relevant to the question previously described, there are 11 banks—9 in whether the proposed particular acquisition by Minnesota and 2 in South Dakota. Bank is the the applicant holding company would expand its largest of these banks. Its acquisition by North- system in a manner that would adversely affect west would cause Northwest to control approxi- potential banking competition in that area. mately 35 per cent of the aggregate IPC deposits The Board has recognized the adverse effect held by the 9 Minnesota banks in those areas upon the public interest and preservation of comand nearly 28 per cent of such deposits held by all petition that may follow from control of a large 11 of the banks in those areas. proportion of the banking resources of a commu- In this connection, Northwest has urged that, nity by relatively large bank holding companies. in determining the proportion of deposits that When Northwest sought to acquire a proposed would be controlled by it if the acquisition were new bank in Rochester, Minnesota, the Board approved, consideration should be given to the noted that two of the three existing banks in deposits held by a large savings and loan associa- Rochester were subsidiaries of Northwest and tion in Pipestone. However, for the reasons First Bank Stock Corporation, and that, if Northstated by the Board in its Statement regarding the west should establish a fourth bank in Rochester, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 411 three of the four banks would be subsidiaries of preservation of competition between holding comthese holding companies, and Northwest, con- pany banks; it requires the Board to consider the trolling two of those four, "presumably would be whole field of banking competition, including the in a strong position to increase its relative pro- possible adverse effect of the expansion of bank portion of the banking business of the commu- holding company groups upon the competitive nity." (1958 BULLETIN 11). position of the banks in the area concerned that In the present case, the two holding companies are not controlled by holding companies. would control not only all of the deposits of banks Nor should any statements here made be conin the town of Pipestone but also over 38 per cent strued as suggesting that the expansion of a bank of the aggregate IPC deposits of all banks in holding company in an area in which another Bank's primary and secondary areas. This fact holding company operates would be regarded by assumes great significance because the bank pro- the Board in all cases as having an equally adposed to be acquired by Northwest is the largest verse effect upon banking competition. As prebank in these areas. Although the town of viously indicated, the Board's decision must de- Luverne is 13 miles beyond the limits of Bank's pend upon all the facts of each case. Thus, in secondary area, it is also significant that of the an earlier case involving Northwest (1959 BULLEtwo banks in Luverne one is a subsidiary of TIN 147), the Board approved an application to Northwest and the other is a subsidiary of First acquire a bank in Eveleth, Minnesota, despite the Bank Stock Corporation. Moreover, as indica- fact that it caused Northwest and First Bank Stock tive of the strength of the two holding companies Corporation to control three of the five banks in in the general area, it may be noted that, while the vicinity, since that adverse circumstance, in there are 40 Minnesota banks within a radius of the Board's opinion, was outweighed by considera- 50 miles of Pipestone, only 14 of these have de- tions favorable to the proposed acquisition. By posits of more than $3 million. Of these larger contrast, in the present case it appears to the banks, the two holding companies now control Board that the benefits that may result from the 9 and, if the proposed acquisition were consum- proposed acquisition are not sufficient to offset its mated, they would control 10 of the 14 larger adverse effect upon the public interest and presbanks in the general area. ervation of competition. It is recognized that there would remain within Conclusion. It was the Board's tentative deci- Bank's primary and secondary areas a number of sion, notice of which was duly published in the alternative sources of banking services, including Federal Register on September 22, 1960 (25 FR banks not controlled by a holding company. How- 9129) that approval of the proposed acquisition ever, all of these banks are smaller than the bank would not be consistent with the public interest or proposed to be acquired by Northwest. In these the purposes of the Bank Holding Company Act circumstances, it is the Board's judgment that and that the application should be denied. As Northwest's acquisition of the largest bank in the contemplated by that notice, affidavits and arguareas involved would have an adverse effect upon ments were submitted by Northwest and other the general competitive situation. comments were submitted. All such affidavits, What has been said here should not be con- arguments and comments have been carefully strued, as applicant appears to construe it, as considered by the Board and, to the extent necesmeaning that banks controlled by one holding sary, consideration thereof has been reflected in company do not actively compete with banks con- this Statement. trolled by another holding company operating in Viewing the relevant facts in the light of the the same area. To the extent that such competi- general purposes of the Act and the factors tion between banks in different holding company enumerated in Section 3(c), it is the judgment of groups exists and may be intensified, this is not, the Board that the proposed acquisition would of course, inconsistent with the preservation of not be consistent with the statutory objectives and banking competition as contemplated by the Act. the public interest and that the application should But the fifth statutory factor is not limited to the be denied. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 FEDERAL RESERVE BULLETIN • APRIL 1961 BANCOHIO CORPORATION STATEMENT In the Matter of the Application of BancOhio BancOhio Corporation, Columbus, Ohio Corporation for prior approval of acquisition of ("BancOhio"), a bank holding company as devoting shares of The Hilliard Bank, Hilliards, fined in Section 2(a)(l) of the Bank Holding Ohio, Docket No. BHC-56. Company Act of 1956 ("the Act"), has applied, pursuant to Section 3(a) (2) of the Act, for ap- ORDER DENYING APPLICATION UNDER BANK proval by the Board of Governors of the acqui- HOLDING COMPANY ACT sition by BancOhio of a minimum of 80 per cent Whereas, there has come before the Board of of the 1,000 outstanding shares of The Hilliard Governors, pursuant to Section 3 (a) (2) of the Bank, Hilliards, Ohio. Bank Holding Company Act of 1956 (12 USC Views and recommendations of Superintendent 1842) and Section 222.4(a)(2) of Federal Re- of Banks. As required by Section 3 (b) of the Act, serve Regulation Y (12 CFR 222.4(a)(2)), an the Board forwarded notice of the application to application by BancOhio Corporation, Columbus, the office of the Superintendent of Banks for the Ohio, for the Board's prior approval of the acqui- State of Ohio. The First Deputy Superintendent sition by BancOhio of 80 per cent or more of the replied, interposing no objection and recommend- 1,000 outstanding voting shares of The Hilliard ing approval. Bank, Hilliards, Ohio; a Notice of Tentative De- Statutory factors. Section 3(c) of the Act recision referring to a Tentative Statement on said quires the Board to take into consideration the application has been published in the Federal following five factors, in determining whether Register (25 F.R. 1537; February 20, 1960), afto approve acquisitions by bank holding comfording to interested persons an opportunity, bepanies: (1) the financial history and condition of fore issuance of the Board's final order, to file the holding company and bank concerned; (2) objections or comments upon the facts stated and their prospects; (3) the character of their managethe reasons indicated in the Tentative Statement; ment; (4) the convenience, needs, and welfare of the time for filing such objections and comments the communities and area concerned; and (5) has expired and all objections and comments have whether or not the effect of the acquisition would been considered, including a request by BancOhio be to expand the size or extent of the bank holdfor a hearing on the application; and ing company system involved beyond limits con- Whereas, a public hearing on said application sistent with adequate and sound banking, the pubhas been held pursuant to Section 222.7(a) of lic interest, and the preservation of competition Regulation Y (12 CFR 222.7(a)), following in the field of banking. which the Hearing Examiner filed a Report and Recommended Decision in which he recommended Hearing; Examiner's Report; Oral Argument. that the application be denied; oral argument on On February 15, 1960, the Board published a the matter has been held before the Board; all such Notice of its Tentative Decision to deny Banesteps having been taken in accordance with the Ohio's application.* Thereafter, at the request Board's Rules of Practice for Formal Hearings of BancOhio, a hearing was held in Columbus on (12 CFR 263); May 31 and June 1, 1960, before a Hearing Ex- IT IS ORDERED, for the reasons set forth in the aminer. On September 15, 1960, the Hearing Ex- Board's Statement of this date, that said applica- aminer filed with the Board his Report and Recommended Decision, in which he recommended tion be and hereby is denied. that the application be denied. On December 6, Dated at Washington, D. C, this 10th day of 1960, counsel for BancOhio presented oral argu- April, 1961. ment in Washington before all Members of the By order of the Board of Governors. Board of Governors. Voting for this action: Chairman Martin, and Governors Balderston, Szymczak, Mills, Robertson, * This application wasf iled before Section 222.4(e) Shepardson, and King. of Federal Reserve Regulation Y was amended to provide for publication of notice of receipt of applications (Signed) MERRITT SHERMAN, pursuant to Section 3 of the Act in lieu of the previous [SEAL] Secretary. practice of issuing Tentative Decisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 413 Statement filed by Department of Justice. The Ohio National Bank, with 19 offioes, and Bane- Department of Justice, on behalf of the United Ohio's two smaller banks in Franklin County, States, filed with the Board a Statement, dated each with 3 offices, hold some $302 million of October 7, 1960, with respect to the competitive deposits of individuals, partnerships, and corporafactors involved in this case. This Statement tions ("IPC deposits"), which is 52 per cent of took the position that the effect of the proposed the $583 million of such deposits held by all 16 acquisition on competition would be contrary to banks located in Columbus and elsewhere in the public interest and that this effect outweighed Franklin County. Acquisition of The Hilliard any benefits to be expected from the acquisition. Bank would increase by less than one-half per- The Statement expressed the view that existing centage point BancOhio banks' holdings of these competition between The Hilliard Bank and sub- deposits. BancOhio banks operate more offices sidiaries of BancOhio would cease with the pro- in Franklin County, and in the important northposed acquisition, and that this elimination of west quadrant of that county (which contains the competition and the resulting increase in the de- banking offices in downtown Columbus, and in gree of concentration in commercial banking in which Hilliards is located), than do all other Franklin County, Ohio, would be seriously inim- banks combined. ical to the public interest. The financial history and condition of both BancOhio and The Hilliard Bank are satisfactory. Discussion. In reaching its decision in the The prospects of BancOhio are favorable, and it present case, the Board has given consideration may be anticipated that The Hilliard Bank also to all relevant factual material in the record of will continue to operate profitably. The character the hearing; to pertinent arguments presented at of BancOhio's management is satisfactory. The the hearing or contained in briefs, memoranda, management of The Hilliard Bank is sound, but and statements made a part of the record of the it has not been progressive and has procrastinated proceeding; to the Report and Recommended Dein effecting a solution to its management succescision filed by the Hearing Examiner; and to statesion problem. ments presented at the oral argument. BancOhio owns a majority of the stock of 22 Active management of The Hilliard Bank has banks, operating through 52 offices in 20 coun- rested for many years in the hands of its cashier, ties of Ohio, principally in the central and south who is now over 70 years of age, although there central sections of the State. By far the largest does not appear to have been any diminution in bank in the BancOhio holding company system his ability or willingness to continue the existing is the Ohio National Bank of Columbus (the State sound management of the Bank. However, it capital), which is located in Franklin County. At must be recognized that the business of the Bank the end of 1959 Ohio National Bank held over presently calls for additional management and two-thirds of the total deposits ($650,000,000) that it cannot be expected that the cashier can in all BancOhio banks. continue indefinitely to head the active manage- The Hilliard Bank is located in the town of ment of the Bank. It is recognized, therefore, Hilliards, in the northwestern part of Franklin that a management succession problem exists, County, about twelve miles northwest of the bus- and that solution of that problem will require not iness center, and on the outer edge of the met- only the recruitment of an additional officer but ropolitan area, of Columbus. Hilliards has a also an expansion of the present banking quarters. population of about 5,600 and is chiefly residen- If The Hilliard Bank were acquired by Banctial. Most of its employed residents work in Ohio, it seems likely that both the management Columbus; a total of slightly over three hundred succession problem and the banking quarters persons are employed in Hilliards. The Hilliard problem would be solved. However, it does not Bank is the only bank in the town. In the decade appear that these problems can be solved only 1949-1959, while the population of the town of in this way. The record does not indicate that, Hilliards increased 820 per cent, the total amount under present ownership and management, The of deposits in The Hilliard Bank did not change Hilliard Bank may not expand its physical and materially. As of December 31, 1959, its de- personnel resources in a manner that will permit posits were $2.7 million. continuation of sound and serviceable operations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FEDERAL RESERVE BULLETIN • APRIL 1961 In large measure, BancOhio's contention that tion. Banks controlled by BancOhio presently its acquisition of The Hilliard Bank would be in operate 52 per cent of the banking offices in Frankthe public interest rests on the argument that lin County and a slightly higher percentage of the the needs, convenience, and welfare of individuals banking offices in the northwest quadrant of that and businesses in the Hilliards area would be County. As previously mentioned, BancOhio's better served as a result of the proposed acquisi- banks hold almost 52 per cent of all IPC deposits tion. Testimony at the hearing disclosed that, in Franklin County, and those banks hold 47 per under BancOhio's control, The Hilliard Bank cent of the IPC deposits of banking offices in the would offer certain services not presently offered northwest quadrant. by the Bank and would seek to expand the scope Franklin County, Ohio, including the city of of existing services. Although such an expan- Columbus, is served by 16 banks, only 3 of which sion of services and activities would serve, to can be regarded as large by present-day standards. some extent, the convenience of the banking pub- At the beginning of 1960, BancOhio's Ohio Nalic in the Hilliards area, there is no evidence in tional Bank, with total deposits of $414 million, the record that the principal banking needs of was more than twice as large as the second largest the community are not being adequately served, bank (the Huntington National Bank, deposits and it further appears that additional services not $193 million) and more than three times as large presently offered by The Hilliard Bank are con- as the third largest (City National Bank & Trust veniently available at banks in nearby Columbus. Company, deposits $133 million). The largest Nevertheless, the Board concludes that the pro- of the remaining 13 banks held less than $16 milspective expansion of services to be offered by The lion of deposits, which was less than 4 per cent of Hilliard Bank under BancOhio ownership is a the magnitude of Ohio National Bank; the decircumstance that weighs in favor of the proposed posits of the remaining banks range down to $1.3 acquisition. million, which was less than four-tenths of one There remains for consideration the so-called per cent of the deposits of Ohio National Bank. "fifth factor" enumerated in Section 3(c) of the Measured by IPC deposits, the relative position Bank Holding Company Act as one which we of BancOhio's banks in Franklin County is not must take into consideration in determining significantly different. IPC deposits of Ohio Nawhether to approve any acquisition under Section tional Bank at the beginning of 1960 ($278 mil- 3: lion) were more than twice as large as the IPC deposits of the second largest bank ($123 million) "(5) whether or not the effect of such acquisition or merger or consolidation would be to expand the size and over two and one-half times those of the third or extent of the bank holding company system in- largest bank ($109 million). Of the remaining volved beyond limits consistent with adequate and 13 banks, only 2 had IPC deposits of more than sound banking, the public interest, and the preservation of competition in the field of banking." $10 million, and both of these are controlled by BancOhio Corporation. Referring to this and the other factors listed in Section 3(c), in its report in 1955 on the then In the case of banks of the size and character pending bank holding company bill, the Senate of The Hilliard Bank, banking tends to be chiefly Committee on Banking and Currency pointed out local in character. Unlike large banks in metrothat politan centers, which draw substantial deposits from, and make substantial loans to, customers "It will be noted that these factors extend beyond the nature of those primary in importance to bank super- located hundreds or even thousands of miles away, visory authorities in the exercise of their supervisory most of the business of a small suburban bank powers. . . . The factors required to be taken into ordinarily arises within a relatively few miles of consideration by the Federal Reserve Board under this bill also require contemplation of the prevention of its physical location. undue concentration of control in the banking field to the detriment of public interest and the encouragement This does not mean, however, that the service of competition in banking." (Report No. 1095, 84th area of such a bank extends for a certain distance Cong. (July 25, 1955), p. 10) from its banking house, and that the service area A high degree of concentration of banking of another bank takes over beyond that line. Alfacilities and resources already exists in the areas though many residents and businesses in Hilliards relevant to consideration of the pending applica- and its vicinity utilize the services of the bank in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

415 LAW DEPARTMENT Hilliards, some maintain deposit accounts in, and and banks already owned by BancOhio with which seek loans from, other banks in the general area, The Hilliard Bank is in substantial competition, including banks in nearby Columbus. This oc- as indicated in the preceding discussion. In the curs among bank customers for a variety of rea- Board's judgment, the vesting of control of these sons, such as convenience of access from place of competing banks in the same holding company work or en route to that place, or preferences as system would unavoidably result in diminishing the to services or personalities. intensity and the extent of banking competition in This pattern is illustrated by the banking situa- the area, even if it did not completely eliminate tion of the Hilliards area. As of April/May 1960, competition between The Hilliard Bank and offices offices of banks controlled by BancOhio held over of other banks controlled by BancOhio. Banc- $600,000 of IPC deposits of persons and businesses Ohio's acquisition of The Hilliard Bank also would located in the primary service area of The Hilliard deprive the area of the benefits of intensified bank- Bank, which includes Hilliards and its vicinity ing competition that could develop from a more within a radius of some four miles. In other aggressive policy on the part of, or expansion by, words, BancOhio banks draw from the Hilliards The Hilliard Bank. area a volume of IPC deposits equal to more than For the foregoing reasons, it appears to the one-fourth of the IPC deposits of The Hilliard Board that acquisition of The Hilliard Bank by Bank itself. Conversely, about 18 per cent of the BancOhio would expand the size and extent of the deposits of The Hilliard Bank originate in areas bank holding company system involved beyond served by BancOhio's banking offices. limits consistent with the public interest and the In the light of these figures, as well as the rela- preservation of competition in banking in the Hiltive locations of banking facilities in the north- liards area, within the meaning of Section 3(c) of west quadrant of Franklin County and other char- the Bank Holding Company Act. In the Board's acteristics of the banking situation in the area judgment, the unfavorable results of the proposed brought out at the hearing, it is clear that, despite acquisition, from the viewpoint of increased conthe unaggressive policies of The Hilliard Bank centration of control in the banking field and heretofore, a substantial amount of banking com- diminution of banking competition, outweigh petition exists between that Bank and nearby whatever benefits might result in the way of exoffices of banks under the control of BancOhio. panded facilities and conveniences. The physical and economic circumstances in the Viewing the relevant facts in the light of the area make the existence of such competition in- general purposes of the Act and the factors evitable, and its extent is empirically demon- enumerated in Section 3(c), it is the judgment of strated by the data cited, and by additional rele- the Board that the proposed acquisition would not vant data in the record. be consistent with the statutory objectives and the Acquisition of The Hilliard Bank by BancOhio public interest and that the application should be would place under common control that Bank denied. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPOINTMENT OF DIRECTOR AND Board of Governors," prepared in the Board's DEPUTY CHAIRMAN Legal Division. This compilation, which is in On March 24, 1961, the Board of Governors an- loose-leaf form, contains all interpretations of the nounced the appointment of Judson Bemis, of Board currently in effect and of present signifi- Minneapolis, Minnesota, as a director of the Fed- cance which have been published in the Federal eral Reserve Bank of Minneapolis for the unex- Reserve BULLETIN from the date of enactment pired portion of a term ending December 31, of the Federal Reserve Act up to January 1, 1961. 1963. Mr. Bemis is President, Bemis Bro. Bag A complimentary copy of the compilation has Co., Minneapolis. As a director of the Min- been sent to each member bank of the Federal neapolis Bank he succeeds Dr. Oscar Jesness, Reserve System. Additional copies may be ob- Agricultural Economist of St. Paul, whose term tained by member banks at a cost of $2.50 each. had expired. Copies are also available for sale to the public On April 5, 1961, the Board announced the ap- at the same price from the Board's Division of pointment of Mr. Bemis, as Deputy Chairman of Administrative Services. the Federal Reserve Bank of Minneapolis for It is contemplated that new pages for inclusion 1961. In this position, he succeeds Mr. Atherton in the compilation will be published at least an- Bean, President, International Milling Company, nually and oftener if deemed necessary. An- Minneapolis, who became Chairman of the Min- nouncement of the publication of any such new neapolis Reserve Bank at the beginning of this pages will appear in the Federal Reserve BULLEyear. TIN. RESIGNATION OF DIRECTOR Mr. J. E. Corette, who had served as a Class B director of the Federal Reserve Bank of Min- TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR QUARTERLY neapolis since January 1, 1954, resigned effective March 31, 1961. Mr. Corette had previously Latest BULLETIN Reference served as a director of the Helena Branch of the Annually Issue Page Minneapolis Bank. He is President and General Bank holding companies: List of, Dec. 31, 1959 June 1960 697 Manager of The Montana Power Company, Butte, Banking offices and deposits of group banks, Dec. 31, 1959 July 1960 813 Montana. Banking and monetary statistics, I960.. Feb. 1961 232-39 Banks and branches, number of, by class and State Apr. 1961 486-87 CHANGES IN BOARD STAFF Earnings and expenses: Federal Reserve Banks Feb. 1961 228-29 Ralph A. Young, Adviser to the Board, on March Member banks: Calendar year May 1960 564-72 27, 1961, assumed the additional duties of Direc- First half of year Nov. 1960 1294 Operating ratios July 1960 810-12 tor of the Division of International Finance by Insured commercial banks May 1960 573 Stock Exchange firms, detailed debit and appointment of the Board of Governors. The credit balances Sept. 1960 1069 resignation of Arthur W. Marget as Director of Semiannually the Division effective March 26 was announced Banking offices: on page 303 of the March BULLETIN. A O n n a , ly an si d s n o o f t c h o a n n , g F e e s d i e n r a n l u R m e b s e e r r v o e f . P . a .. r Feb. 1961 230 List, number of Feb. 1961 231 PUBLISHED INTERPRETATIONS OF THE BOARD Quarterly Flow of funds Apr. 1961 478 85 The Board of Governors has recently published Principal assets and liabilities of Federal business-type activities Feb. 1961 240 a compilation of "Published Interpretations of the 416 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication April 14 Industrial production, after declining from July eral fuels was about unchanged as a rise in crude to January, was maintained in February and petroleum was offset by a sharp curtailment in March at 102 per cent of the 1957 average. Non- coal. Activity in the utility industry was mainagricultural employment was also maintained in tained. March and average hours of work in manufactur- Output of commercial, farm, and some other ing rose further; the unemployment rate was about types of business equipment was maintained in unchanged. Retail sales continued to recover. March, but production of industrial equipment The seasonally adjusted money supply increased declined slightly further. Among consumer goods, further. In late March and early April, common increases in apparel, furniture, and some applistock prices rose sharply, reaching new highs on ances more than offset a small further decline in unusually large volume of training. auto assemblies. Production schedules indicate a contra-seasonal rise for autos in April. INDUSTRIAL PRODUCTION CONSTRUCTION Total industrial production in March remained at 102 per cent of the 1957 average, although The value of new construction activity rose many industries showed small increases. Output slightly in March to a seasonally adjusted annual of consumer goods and materials rose somewhat rate of $54.7 billion. Private construction was up while production of business equipment declined and public down from February, each by less than slightly further. 1 per cent. New private residential and nonresi- Output of both durable and nondurable mate- dential construction, other than industrial and rials increased. Iron and steel production rose commercial, increased as did work on military further through March and early April; output of facilities. Construction of most other types construction materials and some fabricated metal showed little change or declined. products was maintained in March. Among nondurable materials, textiles increased further in EMPLOYMENT March and chemicals also rose. Output of min- Seasonally adjusted employment in nonfarm establishments changed little in March. Employ- INDUSTRIAL PRODUCTION ment declined little further in industries manufac- 1957 = 100 turing durable goods and rose slightly in nondurable goods lines. Among nonmanufacturing industries, gains in State and local governments and construction were offset in part by decreases in some other lines. The average factory workweek increased further from the December low. The seasonally adjusted rate of unemployment, at 6.9 per cent of the substantially increased labor force, remained at about the December-February level. DISTRIBUTION Retail sales rose 1 per cent further in March. Sales at department stores were down a little, after allowance for the earlier Easter this year, while Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for March. sales of new and used autos advanced sharply from 417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN • APRIL 1961 reduced rates. Dealers' stocks of autos declined excess reserves were lower than in the preceding contra-seasonally further and were appreciably four weeks. Between mid-March and mid-April, below the high level of a year ago. reserves were absorbed principally through an outflow of currency and were supplied through reduc- COMMODITY PRICES tions in foreign and other deposits at the Federal Reserve. Gold stock increased slightly. Federal The wholesale commodity price index changed Reserve holdings of U. S. Government securities little from early March to early April and redeclined as sales of short-term securities were mained close to the level of a year ago. Among offset only in part by purchases of longer maturiindustrial commodities, however, prices of sensities. Required reserves rose in mid-March, when tive materials advanced further. Steel scrap prices bank credit increased, but subsequently declined. continued to rise and markets strengthened for some nonferrous metals. SECURITY MARKETS BANK CREDIT AND RESERVES Yields on State and local government bonds in- Total commercial bank credit declined in creased further between mid-March and mid-April March, reflecting a substantial reduction in hold- while yields on corporate bonds changed little. ings of U. S. Government securities and a contra- Yields on medium- and long-term Government seasonal loan decline. The average money supply, securities also increased slightly; Treasury bill seasonably adjusted, was $300 million larger in yields fluctuated within relatively narrow limits, March than in February. Seasonally adjusted and the 3-month bill was at a yield of 2.33 per turnover of demand deposits increased. cent on April 13, about the same as at mid-March. Member bank borrowings from the Federal Common stock prices rose sharply further in Reserve averaged about $70 million and excess late March and early April, reaching new highs. reserves $555 million over the four weeks ending The volume of training continued to be excep- April 12. Borrowings were about the same but tionally large. RETAIL TRADE INTEREST RATES 1947 - 49 = 100 DEPARTMENT STORES LONG-TERM GOVERNMENT SECURITIES , V STOCK 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 January, for other series, March. figures shown are for week ending April 7. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 420 Reserve Bank discount rates; margin requirements; reserve requirements 424 Federal Reserve Banks 425 Currency in circulation, money supply; bank debits 428 All banks: consolidated statement of monetary system; deposits and currency 430 All banks, by classes 431 Commercial banks, by classes 434 Weekly reporting member banks. 436 Business loans 439 Interest rates 440 Security prices; stock market credit; open market paper 441 Savings institutions 442 Business finance 444 Security issues 446 Federal finance 447 Federal business-type activities 452 Real estate credit. 453 Short- and intermediate-term consumer credit 456 Industrial production 460 Selected indexes on business activity 466 Construction . 466 Employment and earnings 468 Department stores 470 Foreign trade 471 Wholesale and consumer prices 472 National product and income series 474 Flow of funds, saving, and investment 476 Number of banks and branches in operation on December 31, 1960 486 Tables not published each month—list with latest BULLETIN reference 416 Index to statistical tables. 511 Tables on the following pages include the prin- the basis of matenaJ 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. 419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 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 tal2 stand- cula- ings counts With Cur- Total out- repur- ad- ing tion Treas- For- Otheri Total F. R. rency right chase vances 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—I>ec 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 28,937 330 967 1,016 614 17,261 17,261 1950—Dec 20,345 20,336 9 142 ,11721,606 22,879 4,629 27,806 290 615 920 353 739 17,391 17,391 1951 -Dec 23,409 23,310 99 657 .37525,446 22,483 4,701 29,139 280 271 571 264 796 20,310 20,310 1952 -Dec 24,400 23,876 524 1,633 .26227,299 23,276 4,806 30.494 1.271 569 745 290 832 21,180 21,180 1953—Dec 25.639 25,218 421 448 ,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 ,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 ,63327,156 21,942 5,064 31,775 772 463 372 247 998 19.535 19,535 1957-Dec 23,982 23,615 367 716 ,44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec 26.312 26.216 96 564 ,49628,412 20,563 5.230 32,371 691 470 262 337 1,174 18,899 18,899 1959—June 25.963 25,949 14 938 ,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 ,42629,435 19,482 5.311 32,775 396 524 361 348 1,195 18,932 18.628 304 1960 Mar 25,310 25,261 49 637 ,06527,047 19,410 5,336 31,628 442 481 197 306 970 18.027 17,770 257 Apr 25.488 25,373 115 623 ,03627,181 19,386 5,344 31,713 419 554 185 307 890 18.104 17,843 261 May 25,818 25,697 121 502 ,02727.378 19.356 5,349 31.726 415 534 194 316 937 18,239 17,962 277 June 26,124 26,118 6 425 ,15927.737 19,343 5,353 31,926 414 496 221 381 994 18.294 18.001 293 July 26.619 26,521 98 388 ,14028,176 19,245 5,357 32.174 406 492 213 375 910 18,518 18.208 310 Aug 26,983 26,768 215 293 89428,206 19,052 5,364 32.091 403 490 202 377 948 18.501 18.111 390 Sept 26,653 26,546 107 233 ,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 ,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 .15629.241 18,058 5.391 32.474 405 462 243 396 973 19,004 17.737 267 Dec 27,248 27,170 78 94 .66529,060 17,954 5,396 33.019 408 522 250 495 1,029 19.283 16,688 2,595 1961 Jan 26,942 26.862 80 58 28,484 17,567 5,401 32,265 411 482 239 399 941 19,315 16.715 2,600 Feb ^6.829 26.630 199 146 28.145 17,402 5.404 31,841 »422 521 189 392 .054 18.964 16.532 2.432 26,831 26,826 5 80 28,030 17,380 5.408 31,839 426 459 240 383 ,052 18,808 16,419*>2,389 Mar Week ending: 1960 25,447 25.442 811 1,10727,406 19.445 31,565 436 510 239 333 834 18,537 18,252 285 Feb. 3 25,389 25,355 853 85327,135 19.433 31,599 443 417 203 344 834 18,267 18,049 C218 10 25,355 25,300 974 99727,365 19,432 31,631 451 591 224 353 896cl8,251 17.974 C275 17 25,253 25,253 620 1,22027,131 19,423 5,325 31,562 445 529 206 335 1.008 18,061 17.793 268 24 Mar. 2 25.212 25,154 58 794 1,05427.095 19,421 5,328 31,518 442 542 219 317 1.008 18,105 17.800 305 9 25.270 25,235 35 595 1,17427,075 19.412 5,333 31.613 435 542 200 293 1.007 17.938 17.731 c2O7 16 25.444 25,313 131 726 99427.197 19.409 5.335 31.726 448 446 200 293 980 18.109 17,849 c260 23 25,323 25,290 33 587 1,24527.189 19,409 5.337 31,671 450 451 180 305 944 18.189 17,934 255 30 25,239 25.234 5 608 26.778 19.408 5.340 31.534 439 479 203 327 945 17,893 17,600 C293 Apr. 6 25.284 25.264 20 735 89826,950 19.406 5,341 31,654 423 509 163 356 942 17.867 17.650 C217 13 25,396 25.285 111 734 91027.073 19.394 5,342 31.826 417 465 200 349 917 M7.869 17.634 C235 20 25.701 25,417 284 561 1,20027.500 19.386 5.344 31.828 420 660 188 258 864 M8.281 18.012 ^269 27 25.521 25,444 77 524 1,15327,228 19.373 5.346 31.581 417 553 186 269 857 18.392 18.083 309 May 4 25.660 25,557 103 552 95827.199 19,360 5.347 31,606 414 567 184 311 855 18.243 17.968 275 11 25,868 25,616 252 549 92427.371 19.359 5,348 31.723 419 504 184 314 854 18.306 18.081 225 18 25,761 25,627 134 555 1.13327.480 19.359 5.349 31.774 413 608 195 349 887 18.235 17.961 274 25 25,745 25,718 27 403 1,16127,338 19.353 5,350 31,684 415 547 202 290 1.034 18,168 17,868 300 June 1 25,968 25,941 27 436 92427.358 19.352 5,349 31,812 414 468 206 321 1.033 18.121 17,806 315 8 26,134 26.118 16 400 99327.557 19.352 5,350 31,917 424 445 199 343 1,034 ;18,153 17.897 C256 15 26,176 26,176 375 1.02927,609 19.351 5,353 31,976 415 490 206 365 1,001 18.156 17,859 c297 22 26,011 26.011 550 1.50528.096 19,346 5.354 31,927 412 550 225 398 970 18.60: 18,315 287 29 26,129 26,129 412 1,16827,739 19.325 5,356 31,867 406 505 249 415 971 18,34: 18,007 335 July 6 26,553 26,491 62 440 1,039 28,063 19,322 5,356 32,155 406 51 226 398 958 18,320 18,079 241 13 26,613 26,517 96 341 1,133 28,115 19,282 5,356 32,361 406 42: 214 374 935 18,349 18,041 308 20 26,556 26,416 140 429 1,423 28,43' 19,251 5.35' 32,199 409 548 209 374 884 -18,761 18,42' C339 27 26,599 26,522 77 351 1,085 28,063 19,191 5,357 32,041 405 488 202 371 884 18.552 18.219 333 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 421 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, reserves3 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 n h 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 Float 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 i r g - n Other i 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 Aug. 3 26,930 26,760 170 315 87728,151 19,147 5,358 32,046 408 466 221 358 884 18,591 18,272 319 10 27,099 26,806 293 293 82228,246 19,098 5,359 32,129 404 452 192 363 884 18,525 18,279 246 17 27,041 26,812 229 416 97628,469 19.039 5,363 32,184 409 555 190 386 904 18,564 18,243 321 24 26,992 26,772 220 193 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 26,784 26,640 144 262 86127,941 18,999 5,372 32,174 399 477 233 411 1,011 18,358 17,607 751 26,649 26,524 125 301 1,05228,035 18,975 5,374 32,291 401 465 204 373 974 18,581 17,676 905 21. 26,541 26,495 46 86 1,52728,189 18,828 5,376 32,171 403 551 224 379 936 18,635 17,729 906 28. 26,539 26,456 83 244 1,24228,059 18,731 5,375 32,004 399 579 200 378 934 18,609 17,671 938 Oct. 5 27,028 26,836 192 219 1,09628,385 18,671 5,377 32,049 403 467 213 443 936 18,759 17,922 837 12 27,268 27,136 132 168 1,03828,517 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 17,909 910 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 32,104 403 442 254 456 865 18,873 17,931 942 9. 28.015 27,439 576 158 92829,154 18,124 32,298 398 418 250 395 864 18,797 18,045 75? 16. 28,105 27,588 517 190 97629,325 18,068 32,527 402 519 230 408 914 !18,733 17,784 t949 23. 27,831 27,678 153 121 1,53229,542 17,999 32,532 407 469 224 388 1,073 18,761 17,839 922 30. 27,623 27,607 16 121 1,22829,022 17,957 32,640 414 460 258 387 1,071 19,678 17,141 2,537 Dec. 7. 27,421 27,421 67 1,05728,594 17,974 32,722 413 473 253 474 1,066 18,916 16,558 2,358 14. 27,381 27,381 76 1,27228,778 18,083 33,038 410 522 237 680 1,037 18,932 16,334 2,598 21. 27,034 27,010 24 80 2,15129,316 17.957 33,174 414 592 246 443 1,018 19,460 16,782 2.678 28. 27,074 26,946 128 56 2,15029,336 17,882 5,398 33,195 401 522 260 391 1,019 19,447 16,828 2,619 1961 Jan. 4 27,375 26,984 391 184 ,78929,420 17,748 5,398 32,853 399 441 245 473 954C19,944 17,202"2,742 11 27,124 26,986 138 60 ,35028,592 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 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 1,022C18,844 16,420C2,424 22. 26,740 26,589 151 116 ,32628,232 17,385 5,405 31,857 424 496 172 392 1,093 '19,045 16,587C2,458 Mar. 1 26,706 26,621 85 59 ,29428,109 17,373 5,405 31,768 437 531 199 400 ,093 19.014 16,458 2,556 26,793 26,775 18 104 ,06828,014 17,373 5,405 31,794 433 415 233 398 .087 18,671 16,433 2,238 15. . 27,008 27,003 5 58 ,00328,116 17,374 5,407 31,901 428 418 267 389 ;057 18,827 16,437 2,390 22.. 26,864 26,864 62 ,26028,234 17,385 5,409 31.887 418 506 238 365 ,035 18,955 16,578 2,377 29.. 26,724 26,724 87 ,00427,863 17.389 5,408 31,775 426 497 218 370 ,032"18,791 16,342^2,449 End of month 1961 Jan 26,570 26,570 60 88427,560 17,441 5,40! 31,776 418 588 238 376 940 18,658 16,066 2,592 Feb 26,667 26,667 53 1,10027.866 17.373 5,403 31.770 424 467 207 404 1,092 19,020 16,277 2,743 26.688 26,688 115 93827,787^17,388 '5,409 31,880 ^403 443 271 401 1,028 I8,620 16,158 2462 Mar Wednesday 1961 26,695 26,570 125 188 85927,788 17,441 5,402 31,752 427 456 225 380 1,018 18,965 16,373 2,592 Feb. 1 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 8 27,161 26,625 536 471 90728,589 17,398 5,405 31,909 427 545 194 405 ,097 19,447 16,814 2,633 15 26,701 26,586 115 314 1,22928,294 17,373 5,405 31,861 430 539 172 403 ,091 19,222 16,575 2,647 Mar. 22 1 >6,667 26,667 56 98127,750 17,373 5,405 31,740 442 406 211 424 ,087 18,892 16,217 2,675 8 16,920 26,897 23 212 80427,983 17,373 5,406 31,863 433 446 177 393 ,080 18,759 16,371 2,388 15 •7,014 27,013 59 1,07928,197 17,384 5,408 31,906 422 461 475 360 ,036 18,994 16,330 2,664 22 16,759 26,759 79 1,04827,931 17,389 5,409 31,810 429 517 216 362 1,036 19,010 16,359 2,651 29 16,688 26,688 114 75527,602 17,389 5,409 31,818 437 489 268 365 1,031^18,713 15,992 2721 c Corrected. *' 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

422 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 l e v t d - a e * l s s q e u R r r i v e r e e - e - s d 2s E er x r v c e e e - s s s 3 F r in o . a w g R t s - . se F r r r v e e - e e s3 s T h e r e o r e l v t d - a e i l s s q e u R r r i v e r e - e e - s d 2 s E e x r r c v e e - e s s s 3 F r in o . a w g R t s - . se F r r r v e e e - e s3 s T h e e r o r e l t v d - a e i l s s q e u R r r i v e r e - e e - s d 2 s E e x r r c v e e - e s s s 3 F r in o . a w g R t s - . se F r r r v e e - e e s3 Banks * Banks 4 Banks 1929—June.... 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 1 63 -62 1933—June.... 5 2,160 1,797 363 184 179 861 792 69 69 211 133 78 n.a. n.a. 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 n.a. n.a. 1,141 601 540 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 1,024 1,011 13 6 7 1950-Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 1,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 1,295 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 1,210 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 1,166 1,164 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 -80 1,077 1,070 39 -31 1959_j D Un ec e 1 1 8 8 , , 4 9 5 3 1 2 1 1 8 8 , , 0 4 4 5 3 0 4 4 0 8 8 2 9 9 2 0 1 6 - - 5 4 1 2 3 4 3 3 , , 9 9 3 2 3 0 3 3 , , 9 9 2 3 6 0 -10 7 9 2 9 2 -1 -1 0 5 9 1 1, , 0 0 3 0 8 9 1 1, , 0 0 3 0 8 6 1 6 0 6 4 -1 -6 0 3 4 1960—Mar 18,027 17,611 416 635 -219 3,766 3,755 10 9 975 970 157 -151 Apr 18,104 17,696 408 602 -194 3,765 3,784 -19 12 -31 954 955 99 -100 May.... 18,239 17,770 469 502 -33 3,853 3,808 45 45 988 981 7 56 -49 June.... 18,294 17,828 466 425 41 3,852 3,819 33 "ii 16 987 988 -1 58 -59 July 18,518 18,010 508 388 120 3,864 3,853 11 14 -3 1,020 1,010 10 49 -39 Aug 18,501 17,961 540 293 247 3,780 3,780 27 -27 1,027 1,024 3 41 -38 Sept 18,570 17,931 639 225 414 3,773 3,755 20 -2 1,014 1,011 3 8 -5 Oct 18,733 18,095 638 149 489 3,788 3,765 13 9 1,011 1,007 4 6 -2 Nov 19,004 18,248 756 142 614 3,770 3,718 18 34 1,006 998 8 12 -4 Dec 19,283 18,514 769 87 682 3,687 3,658 19 10 958 953 4 -4 1961—Jan 19,315 18,570 745 49 696 3,693 3,667 26 963 959 4 Feb 18,964 18,310 654 137 517 3,632 3,598 26 954 948 7 -29 Mar p18,8O8 >18261 P547 70 ^477 ^3,623 *>3,613 ^936 P9 n Week ending: I960—Mar. 2. 18.105 17,664 441 793 -352 3.751 3.749 -25 981 981 9. 17,938 17,576 362 595 -233 3J32 3^31 1 -4 970 970 1 41 -40 16. 18,109 17,598 511 726 -215 3.777 3,761| 15 -7 973 969 4 133 -130 23. 18,189 17,738 451 587 -136 3:802 3.777! 25 18 981 978 3 259 -257 30. 17,893 17,534 359 602 -243 3.746 3,743 3 3 966 963 2 199 -197 Oct. 5. 18,759 18,148 611 200 411 3,910 3,877 33 14 19 ,033 1,021 13 6 6 12. 18,640 17,951 689 148 541 3,697 3,701 -4 -4 ,001 1,002 -2 I 2 19. 18,839 17,963 876 74 802 3,830 3,706 123 123 ,015 998 17 16 26. 18,729 18,200 529 240 289 3,795 3,798 -3 58 -61 ,004 1,009 -5 21 -26 Nov. 2. 18,873 18,309 564 189 375 3,815 3,807 8 ,020 1,013 7 30 -23 9. 18,797 18,191 606 136 470 3,738 3,715 23 -4 ,006 1,004 2 C2 16. 18,733 18,121 612 168 444 3,699 3,688 11 -29 999 995 4 -9 23. 18,761 18,154 607 99 508 3,707 3,709 -3 -9 998 997 A 30. 19,678 18,481 1,197 113 1,084 3,875 3,717 158 157 1,008 990 12 Dec. 7. 18,916 18,216 700 60 640 3,559 3,540 20 20 937 934 4 4 14. 18,932 18,222 710 70 640 3,579 3,556 23 23 934 927 7 7 21. 19,460 18,706 754 74 680 3,769 3,753 16 2 962 966 -3 -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 -52 985 985 -42 11. 19,226 18,654 572 51 521 3,676 3,670 6 6 972 965 8 18. 19,292 18,500 792 35 757 3,625 3,611 15 15 948 945 3 2 25. 19,467 18,463 1,004 47 957 3,761 3,629 132 132 967 951 16 15 Feb. 1. 18,963 18,415 548 482 3,658 3,659 -4 957 960 2 -10 8. 18,948 18,380 568 179 389 3,637 3,628 -1 956 951 6 -22 15. 18,844 18,202 642 193 449 3,578 3,548 19 939 937 2 -79 22. 19,045 18,320 725 107 618 3,616 3,597 13 967 954 13 -14 Mar. 19,014 18,335 679 50 629 3,670 3,613 57 950 948 2 -2 18,671 18,244 427 94 333 3,582 3,572 9 945 943 2 -11 15. 18,827 18,192 635 49 586 3,636 3,592 44 927 929 -2 22. 18,955 18,451 504 52 452 3,693 3,669 25 959 951 7 29. 2>18,791 18192 ^599 78 3,633 3,620 13 936 930 -16 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 423 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks re T h s e o e l r t d v a * l es R re e s q e u rv ir e e s d 2 re E s x er c v e e s s s 3 B B in F o a . g r n r s k R o s a w . t 4 - res F e r r e v e es 3 re h T s e o e l r t d v a i l es R re e s q er u v i e re s d 2 re E se x r c v e e s s s 3 B B in F o a . g r n r s k R o s a w . t 4 - res F e r r e v e es3 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941—Dec 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945—Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 89 507 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954__Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 299 -203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—June 7,744 7,705 39 574 -536 5,765 5,406 359 259 101 Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 1960—Mar 7,429 7,391 37 289 -252 5,857 5,494 363 180 183 Apr 7,498 7,453 45 298 -253 5,887 5,504 383 193 190 May 7,515 7,465 51 224 -173 5,882 5,517 366 222 144 June 7,540 7,496 44 164 -120 5,915 5,525 390 186 204 July 7,647 7,599 48 176 -128 5,987 5,548 439 149 290 Aug 7,654 7,607 47 109 -62 6,041 5,550 491 116 375 Sept 7,662 595 68 112 -44 6,120 5,569 551 85 466 Oct 7,761 696 65 67 -2 6,173 5,626 546 63 483 Nov 7,854 761 94 56 38 6,374 5,771 602 56 546 Dec 7,950 851 100 20 6,689 6,053 636 40 596 1961—Jan 7.960 7,859 101 14 87 6,699 6,085 614 31 583 Feb 7,810 7,743 67 57 10 6,568 6,022 546 36 510 Mar PI,156 ^7,697 23 ^6.485 M68 38 M30 Week ending: 1960—Mar. 2 7,452 7,426 25 469 -443 5,922 5,508 414 209 205 9 7,414 7,381 33 323 -290 5,822 5,495 327 226 102 16 7,417 7,370 47 389 -342 5,942 5,497 444 182 264 23 7,533 7,460 73 187 -114 5,873 5,523 350 134 215 30 7,396 7,359 36 232 -196 5,786 5,468 318 171 147 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 <51 509 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 C19 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 7,798 762 36 19 17 6,550 6,035 515 36 479 8 7,813 769 44 81 -37 6,541 6.032 509 60 449 15 7,764 700 64 74 -10 6,562 6.017 545 26 519 22 7,858 745 112 47 66 6,604 6,024 580 27 553 Mar. 1 7,787 7,756 31 17 14 6,607 6,018 589 29 560 8 7,771 7,735 36 31 5 6,372 5,994 378 50 328 15 7,717 7,650 67 21 47 6,547 6,021 525 28 497 22 7,829 7,773 56 18 38 6,473 6.057 416 34 382 29 7,710 7,644 65 20 45 ^6,513 ^5,998 37 ^478 c Corrected 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

424 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Mar. 31 beginning: rate Mar. 31 beginning: rate Mar. 31 beginning: rate B N o ew sto Y n ork. . . A A u u g g . . 2 1 3 2 , ,1 1 9 9 6 6 0 0 3V4 A A u u g g . . 2 1 3 2 , , 1 1 9 9 6 6 0 0 /2 A Ju u n g e . 2 1 3 0 , , 1 1 1 1 9 9 6 6 0 0 4 5 i/2 Philadelphia.. Aug. 19,1960 18 Aug. 19,1960 Aug. 19,11960 5 Cleveland.. .. Aug. 12,1960 Aug. 12,1960 Aug. 12,11960 5 Richmond. . . Aug. 12,1960 1% Aug. 12,1960 k Aug. 12,11960 41/2 Atlanta Aug. 16,1960 Aug. 16,1960 Aug. 16,11960 5 Chicago Aug. 19,1960 Aug. 19,1960 June 10,11960 5 St. Louis Aug. 19,1960 31/2 Aug. 19,1960 Aug. 19, 11960 4J/2 Minneapolis.. Aug. 15,1960 Aug. 15,1960 4 Aug. 15,11960 K Da a l n l s a a s s City.. A Se u p g t . . 12 9 , , 1 1 9 9 6 6 0 0 31/2 A Se u p g t . . 1 9 2 , , 1 19 9 6 6 0 0 4 4 A Se u p g t . . 12 9 , , 1 11 1 9 9 6 6 0 0 41/2 San Francisco Sept. 2,1960 Sept. 2, 1960 June 3,11960 5 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES 1 MARGIN REQUIREMENTS 1 [Per cent per annum] [Per cent of market value] Range F. R. Range F. R. Aug. 5, Oct. 16, Effec- Date (or level)— Bank Date (or level)— Bank Prescribed in accordance with 1958- 1958- tive effective all F. R. of effective all F. R. of Securities Exchange Act of 1934 Oct. 15, July 27, July 28, Banks N. Y. Banks N. Y. 1958 1960 1960 1948 1957 Regulation T: Jan. 12... 1 -WA WA Aug. 9... 3 -31/2 3 For extensions of credit by brokers and Aug. 1 1 3 9. . . . . . IWAI W IB A Nov. 1 2 5 3. . . . . . 3 31 - / 3 2 1/2 3 3 1/2 Fo d r e s a h le o r r s t o s n al e l s isted securities 7 7 0 0 9 9 0 0 7 7 0 0 23... uwi2 Dec. 2... 3 3 Regulation U: For loans by banks on stocks 70 90 70 1950 1958 Aug. 21... WI-WA WA Jan. 22... 234-3 3 25. .. WA WA 24... 234-3 23/4 1 Regulations T and U limit the amount of credit that may be extended Mar. 7... 21/4-3 21/4 on a security by prescribing a maximum loan value, which is a specified 1953 13. . . 214 percentage of its market value at the time of extension: margin require- Jan. 16... WA-2 2 21... 2V2V4A 21/4 ments are the difference between the market value (100%) and the maxi- 23. .. 2 2 Apr. 18... WA-2VA WA mum loan value. May 9... WA WA 1954 Aug. 15... WA-2 WA Feb. 5... 13/4-2 WA Sept. 12... 2 15. . . WA 11/4 23... 2 2 Apr. 14. .. WI-WA 1 y^ Oct. 24. .. 2 -21/2 2 MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS 16... WI-WA Wi Nov. 7... 21/2 21/2 May 21... 11/2 [Per cent per annum] 1959 1955 Mar. 6... 21/2-3 3 Apr. 14. . . 11/2-134 16... 3 3 Nov. 1, Feb. 1, Jan. 1, Effec- May 1 2 5. . . . . . 11/ W 2- A 1% 1 W % A J M u a n y e 2 1 9 2. . . . . . 3 31 - / 3 2 1/2 3 3 1 1 / / 2 2 Type of deposit Ja 1 n 9 . 3 3 3- 1, D 1 e 9 c. 3 5 3 - 1, D 1 e 9 c. 3 6 3 - 1, Ja t n iv . e 1, Aug. 4. . . WA-2VA WA Sept. 11... 31/2-4 4 1935 1935 1956 1957 5. .. 134-214 2 18... 4 4 12. . . 2 -214 2 Sept. 9... 2 -214 21/4 1960 Savings deposits 3 21/2 2i/2 3 13. .. 21/4 2J4 June 3... 31/2-4 4 Nov. 18. . . 214-21/2 10... 31/2-4 31/2 Postal savings deposits 3 21/2 21/2 3 23. .. 21/2 21/2 14... 31/2 31/2 Aug. 12... 3 -3V2 3 Other time deposits payable: 1956 Sept. 9... 3 3 In 6 months or more 3 21/2 21/2 3 Apr. 13. .. 21/2-3 234 In 90 days to 6 months. . . 3 IB 21/2 20... 23/4-3 23/4 1961 In less than 90 days 3 1 Aug. 24. .. 234-3 3 In effect 31. . . 3 3 Mar. 31... 3 3 1 Under Sees. 13 and 13a (as described in table above). For data for 19 N 41 O - T 4 E 7, . — Se T e h t e h e r a B te U L c L h E a T r I g N e d f o b r y J a t n h u e a F ry e d 1 e 9 ra 5 l 9 , R p e . s 7 e 6 rv . e Bank or New York e o v n e n l t ik ex e c e d e e d p t o h s e i m ts a x u i n m d u e m r r t a h t e e p l a a y w a s b le o f b y t h M e a t S t tUaUte u no i n ^ * w . h .x i ^ c , h . w t v h ,x e nH m »** e «, m ., ber bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the F.D.I.C., have been the same as those in effect for member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 425 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures.l In millions of dollars] Net demand deposits1 Time deposits Central reserve Effective date Central All city banks Reserve Counof change C re e s n e t r r v a e l Reserve Coun- re a s n er d ve Coun- Item m b e a m nk b s er New Chi- ba ci n t k y s ba tr n y ks city city try reserve try York cago banks banks banks city banks banks Four weeks ending Feb. 22, 1961 In effect Dec. 31, 1945. 20 20 14 Gross demand: Total 122,598 24,324 6,028 47,745 44,502 1948_Feb. 27 22 Interbank 13,821 4,363 1,187 6,784 1,488 June 11 24 U. S. Government. 3,900 836 210 1,515 1,339 Sept. 16,24*.... 26 22 16 Other 104,877 19,126 4,631 39,445 41,674 1949—May 1,5* 24 21 15 Net demand2 103,238 20,168 5,236 39,838 37,997 June 30, July 1*. 20 14 Time 60,098 5,602 1,732 23,417 29,347 Aug. 1,11*.... S* 19% 13 Demand balances due Aug. 16, 18*.... 19 12 from domestic banks. 6,945 101 99 2,056 4,690 Aug. 25 18% Currency and coin 2,433 185 30 741 1,475 Sept. 1 18 Balances with F. R. 1951—Jan. 11, 16*.... 23 19 13 Banks 16,517 3,437 925 7,067 5,089 Jan. 25, Feb. 1 *. 24 20 14 Total reserves held 18,950 3,622 955 7,808 6,564 1 19 9 5 5 4 3 — _J J u u l n y e 1 1 6 9 ,2 * 4*.... 2 2 2 2 1 0 1 18 9 1 12 3 R E e x q ce u s ir s ed 18, 6 3 2 29 1 3,6 1 0 4 8 95 5 0 7,7 6 4 4 4 6, 5 0 3 2 7 7 July 29, Aug. 1* 1958—Feb. 27, Mar. 1 * 19% Four weeks ending Mar. 22, 1961 Mar. 20, Apr. 1* 19 Apr. 17 18% Gross demand: Apr. 24 18 16% Total 122,407 24,436 5,985 47,712 44,273 1960—Sept. 1 Interbank 13,805 4,421 1,181 6,754 1,449 Nov. 24 12 U. S. Government. 4,394 827 235 1,713 1,619 Dec. 1 Other 104.208 19,188 4,569 39,246 41,206 Net demand2 102,703 20,142 5,175 39,601 37,785 In effect Apr. 1, 1961. 16% 16% 12 Time 61,195 5,760 1,778 23,887 29,770 Demand balances due from domestic banks. 6,931 102 96 2,091 4,642 Present legal require- Currency and coin 2,391 175 30 737 1,448 ments: Balances with F. R. Minimum 210 10 7 Banks 16,476 3,470 915 7,039 5,052 Maximum 222 222 14 Total reserves held 18,867 3,645 945 7,776 6,500 Required 18,305 3,611 943 7,729 6,023 Excess 562 34 2 47 477 * First-of-month or midmonth dates record changes at country banks, and other dates (usually Thurs.) record changes at central reserve ot 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 i [In millions of dollars] Wednesday End of month Item 1961 1961 1960 Mar. 29 Mar. 22 Mar. 15 Mar. 8 Mar. 1 March February March Discounts and advances—total 114 79 59 212 56 115 53 756 Within 15 days 105 72 50 203 48 104 45 726 16 days to 90 days 9 7 9 9 11 30 91 days to 1 year Acceptances—total 45 45 45 47 46 46 46 33 Within 15 days 14 17 16 12 11 11 11 11 16 days to 90 days 31 28 29 35 35 35 35 22 U. S. Government securities—total 26,688 26,759 27,014 26,920 26,667 26,688 26,667 25,264 Within 15 days 367 462 547 499 298 357 204 174 16 days to 90 days 4,158 4,079 4,207 4,265 4,437 4,172 4,531 789 91 days to 1 year 10,985 11,076 118 11,115 11,128 10,982 11,128 14,307 Over 1 year to 5 years 9,656 9,629 9,629 9,546 9,344 9,306 9,344 8,544 Over 5 years to 10 years 1,383 1,374 ,374 1,224 1,189 1,733 1,189 1,179 Over 10 years 139 139 139 271 271 138 271 271 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

426 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 1961 1961 1960 March 29 March 22 March 15 March 8 March 1 March February March Assets Gold certificate account 16,044 16,054 16,054 16,029 16,029 16,064 16,029 18,159 Redemption fund for F. R. notes 1,035 1,033 1,036 1,046 1,046 1,035 1,046 954 Total gold certificate reserves 17,079 17,087 17,090 17,075 17,075 17,099 17,075 19,113 Cash 459 476 477 492 498 472 495 459 Discounts and advances: For member banks 106 70 50 203 47 107 44 736 For nommember banks, etc 8 9 9 9 9 8 9 20 Acceptances Boucht outri&ht ... 45 45 45 46 46 46 46 33 Held under repurchase agreement 1 U. S. Government securities: Bought outright: Bills 2,327 2,408 2 662 2,650 2,596 2,327 2,596 1 263 Certificates—Special Other 5,398 5,418 5,418 5,415 5,457 5,398 5,457 8,507 Notes 16,301 16,286 16,286 16,205 16,056 16,301 16,056 13 010 Bonds 2,662 2,647 2,647 2,627 2,558 2,662 2,558 2,484 Total bou&ht outri&ht 26,688 26,759 27,013 26,897 26,667 26,688 26,667 25,264 Held under repurchase agreement 23 Total U. S. Government securities 26,688 26,759 27,014 26,920 26,667 26,688 26,667 25,264 Total loans and securities 26,847 26,883 27,118 27,179 26,769 26,849 26,766 26,053 Cash items in Drocess of collection . 3,905 4,712 4,896 3,950 4,590 3,898 4,235 3,808 109 109 109 108 108 109 108 103 212 195 179 173 150 218 144 265 Total assets 48,611 49,462 49,869 48,977 49,190 48,645 48,823 49,801 Liabilities Federal Reserve notes ••• 26,995 27,004 27,102 27,083 26,978 27,057 26,989 26,870 Deposits: 15,992 16,359 16 330 16,371 16,217 16 158 16 277 17 773 U s Treasurer general account .. 489 517 461 446 406 443 467 549 Foreign 268 216 475 177 211 271 207 184 Other 365 362 360 393 424 516 404 355 Total deposits 17,114 17,454 17,626 17,387 17,258 17,388 17,355 18,861 Deferred availability cash items 3,150 3,664 3 817 3,146 3 609 2 845 3 135 2 758 Other liabilities and accrued dividends 30 33 31 34 31 32 33 35 Total liabilities ... 47,289 48,155 48,576 47,650 47,876 47,322 47,512 48,524 Capital Accounts Caoital rjaid in • 423 423 422 421 All 423 421 396 817 817 817 817 817 817 817 775 Other capital accounts 82 67 54 89 76 83 73 106 Total liabilities and capital accounts 48,611 49,462 49,869 48,977 49,190 48,645 48,823 49,801 Contingent liability on acceptances purchased for 174 175 171 175 178 173 179 153 U. S. Government securities held in custody for 5,912 5,981 5,849 5,868 5,862 5,935 5,879 4,728 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 28,691 28,781 28,796 28,814 28,860 28,673 28,888 28,410 Collateral held against notes outstanding: 9,075 9 075 9 075 9 075 9 075 9 075 9 075 10 585 Eligible Daoer 31 23 15 64 21 36 16 142 U S Government securities 21,110 21,110 21,110 21,110 21,110 21,110 21,110 19,245 Total collateral 30,216 30,208 30,200 30,249 30,206 30,221 30,201 29,972 NOTE.— For explanation of adjustments in preparing this consoli- ratios, previously shown in this Table, appear on the opposite page. dated statement, see the BULLETIN for February 1961, p. 164. Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 427 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1961 [In millions of dollars] Phila- Kan- San Item Total Boston New del- Cleve- Rich- Atlan- Chi- St. Minne- sas Dallas Fran- York phia land mond ta cago Louis apolis City cisco Assets Gold certificate account 16,064 711 3,967 961 1,349 1,010 865 2,802 629 319 682 628 2,141 Redemption fund for F. R. notes .... 1,035 61 242 61 90 87 60 184 45 26 48 32 99 Total gold certificate reserves 17,099 772 4,209 1,022 1,439 1,097 925 2,986 674 345 730 660 2,240 F. R. notes of other Banks 463 34 125 22 39 22 87 38 11 11 15 22 37 Other cash 472 35 99 26 42 27 32 71 27 10 16 23 64 iscounts and advances: Secured by U. S. Govt. securities. . 107 9 11 5 3 8 5 26 8 5 0) s Other . . 8 C1) 2 1 1 0) 1 1 0) (l) 0) 1 Acceptances: Bought outright 46 46 Held under repurchase agreement.. U. S. Govt. securities: Bought outright . 26,688 1,434 6,657 1,528 2,293 1,689 1,463 4,568 1,079 619 1,145 1,076 3,137 Held under repurchase agreement.. Total loans and securities 26,849 1,443 6,716 1,534 2,297 1,697 1,469 4,595 1,087 624 1,167 1,077 3,143 Cash items in process of collection. . . 4,978 341 1,181 315 353 347 348 794 212 158 243 195 491 Bank premises 109 4 9 4 8 6 12 23 7 5 5 14 12 Other assets 218 12 54 13 19 14 13 36 8 5 10 9 25 Total assets 50,188 2,641 12,393 2,936 4.197 3,210 2,886 8,543 2,026 1,158 2,186 2,000 6,012 Liabilities Federal Reserve notes 27,520 1,576 6,404 1.809 2.479 2.114 1,574 5,148 1,185 587 1,131 811 2,702 Deposits: Member bank reserves 16,158 645 4,282 747 1.190 695 882 2,470 570 390 759 895 2,633 U. S. Treasurer—general account.. 443 18 46 41 19 52 36 69 47 22 26 31 36 Foreign 271 12 2 101 14 22 11 12 33 8 5 10 14 29 Other 674 15 429 2 44 16 18 11 23 18 24 14 60 Total deposits 17,546 690 4,858 804 1.275 774 948 2,583 648 435 819 954 2,758 Deferred availability cash items 3,767 309 757 245 318 259 290 617 148 105 179 160 380 Other liabilities and accrued dividends 32 2 8 2 3 2 2 5 1 1 4 Total liabilities 48,865 2,577 12,027 2.860 4,075 3,149 2,814 8.353 1,982 1,128 2,130 1.926 5,844 Capital Accounts Capital paid in .... 423 20 117 24 39 19 23 60 14 10 24 55 Surplus . 817 40 229 48 75 37 44 116 27 19 47 100 Other capital accounts 83 4 20 4 8 5 5 14 3 1 3 3 13 Total liabilities and capital accounts.. 50,188 2,641 12,393 2,936 4,197 3,210 2,886 8,543 2,026 1,158 2,186 2,000 6,012 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): Mar 31 1961 37.9 34.1 37.4 39.1 38.3 38.0 36.7 38.6 36.8 33.8 37.4 37.4 41.0 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 Mar 31 1960 41.4 38.7 44.8 42.7 41.6 38.0 38.4 38.1 40.1 35.2 37.3 39.0 45.8 Contingent liability on accpetances purchased for foreign correspondents 173 9 3 48 10 16 8 9 25 6 4 7 10 21 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank 28,673 1,643 6.728 1,859 2.630 2,183 1,635 5,264 1.224 661 1.155 859 2,832 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 36 6 8 22 U. S. Govt. securities 21,110 1,275 5,100 1,325 1,880 1,560 1,200 3,800 935 900 625 2,000 Total collateral 30,221 1,750 7,100 1,981 2,750 2,230 1,675 5,500 1,323 690 1,222| 900 3,100 1 Less than $500,000. 3 After deducting $125,000,000 participations of other Federal Reserve 2 After deducting $170,000,000 participation of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 CURRENCY DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation! 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 C261 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 1960 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 ,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,in 5,774 252 323 3 5 July 32 039 22,946 2,345 ,428 84 2,124 6,567 10,398 9,094 2,739 5,776 250 320 3 5 Aug 32,027 22,912 2,364 1,426 85 2,113 6,525 10,399 9,115 2,738 5,800 250 319 3 5 SeDt 32 022 22 900 2 375 444 85 2 133 6 542 10 320 9 122 2 728 5 818 249 319 3 5 Oct 32,144 22,996 2,390 ,457 84 2,147 6,557 10,362 9,148 2,731 5,844 248 317 3 5 Nov . . 32,632 23,410 2,417 ,487 86 2,191 6,683 10,545 9,222 2,762 5,888 248 317 3 5 Dec 32 869 23,521 2,427 .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 Feb 31,769 22,612 2,392 1,431 86 2,114 6,438 10,150 9,158 2,736 5,855 246 312 3 5 c Corrected paper currency shown by denomination by amounts of unassorted cur- 1 Outside Treasury and Federal Reserve Banks. Prior to December rency (not shown separately). 1955 the totals shown as in circulation were less than totals of coin and 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 F t e a 1 b n 9 . d 6 i 2 1 n 8 g , A g a s o s g l s i d a l e v i c n e a u s r n r t d ity Tr c e a a s s h ury B F F a a . n o n R d r k . s B a F g a a . e n n R n d k . t s s Fe 1 b 9 . 6 2 1 8, Ja 1 n 9 . 6 3 1 1, Fe 1 b 9 . 6 2 0 9, certificates agents Gold 17,373 17,105 2 268 Gold certificates 17,105 14,259 2,816 30 30 31 Federal Reserve notes 92 1,900 26,896 26,913 26,761 Treasury currency—total . . 5,403 ^2,363 64 495 4,844 4,832 4,760 Standard silver dollars 488 111 49 8 320 319 298 Silver bullion 2,252 2,252 Silver certificates and Treasury notes of 1890.... 12,363 368 1,995 1,987 2,018 Subsidiary silver coin 1 581 5 75 1,501 1,501 1,440 Minor coin 585 3 10 571 571 536 United States notes . . . 347 6 33 307 305 308 Federal Reserve Bank notes 95 (4) 1 94 95 103 National Bank notes 55 (4) (4) 55 55 56 Total Feb 28 1961 (5) 19,468 424 14,259 5,211 31,769 Jan 31 1961 (5) 19,539 418 14,323 5,643 31,776 Feb. 29, 1960 (5) 21,548 427 16,318 5,084 31,552 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. 421. 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 in gold certificates. Federal Reserve Bank notes and national bank in standard silver dollars (these notes are being canceled and retired on notes are in process of retirement. 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 429 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 adjusted 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 l rency posits ! mand Govt. rency posits i Govt. 1960—Feb. 1.. 141.1 28.9 112.2 141.9 28.7 113.2 93.7 53.5 3.4 1960 2.. 140.9 29.0 111.9 139.6 28.6 111.0 91.8 53.5 4.0 Feb. 3. 142.7 28.5 114.2 53.4 3.6 Mar. 1. . 140.8 29.0 111.8 140.0 28.7 111.2 92.1 53.7 3.3 10. 142.0 28.7 113.3 53.5 3.3 2.. 140.3 29.0 111.3 138.6 28.6 110.0 91.1 53.9 4.3 17. 141.1 28.6 112.5 53.5 3.3 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 2.. 140.7 29.0 111.6 140.9 28.6 112.3 93.1 54.2 3.8 Mar. 2. 139.6 28.5 111.1 53.5 4.0 May 1. . 140.2 29.0 111.2 139.0 28.8 110.2 91.2 54.4 5.4 9. 139.7 28.8 110.8 53.6 3.5 139.6 29.0 110.6 137.0 28.7 108.3 89.7 54.5 6.2 16. 140.5 28.8 111.8 53.8 2.9 June 1.. 139.4 28.9 110.5 138.2 28.9 109.2 90.4 54.7 5.3 23. 139.0 28.7 110.3 53.7 4.6 2.. 139.4 28.9 110.5 137.9 28.8 109.0 90.4 55.0 6.2 30. 138.1 28.5 109.6 54.0 4.2 July 1. . 139.6 28.9 110.6 138.1 29.2 108.9 90.0 55.4 5.9 Apr. 6. 138.1 28.9 109.3 54.1 3.7 2.. 139.7 29.0 110.7 139.3 29.0 110.3 91.4 55.7 6.2 Aug. 1. . 139.7 29.0 110.7 139.6 29.2 110.4 91.4 55.9 5.5 1961 2.. 139.8 28.8 111.0 138.2 28.9 109.3 90.6 56.5 5.4 Jan. 4. 144.2 29.2 115.0 58.8 5.3 Sept. 1.. 140.3 29.0 111.3 139.8 29.2 110.7 91.6 56.8 3.9 11. 143.8 29.2 114.6 58.8 4.1 2. 140.5 28.9 111.6 139.6 28.9 110.7 91.5 57.0 5.8 18. 144.0 28.8 115.2 59.0 3.0 25. 143.4 28.5 114.9 59.2 2.9 Oct. 1. . 140.0 29.0 111.0 139.8 29.2 110.6 91.3 57.3 5.4 2.. 141.2 29.0 112.2 141.4 29.0 112.4 92.6 57.5 4.8 Feb. 1. 143.0 28.4 114.6 59.4 3.4 Nov. 1. . 140.6 29.0 111.6 141.7 29.2 112.4 92.5 57.6 5.2 8. 142.2 28.7 113.5 60.2 3.8 2. . 139.9 29.0 110.9 141.2 29.3 111.9 92.0 57.5 5.2 15. r141.6 28.7 113.0 60.4 3.3 Dec. 1. . 140.3 28.9 111.4 143.2 29.5 113.7 93.8 57.8 3.6 22. 139.7 28.6 111.1 60.5 5.2 2. . 140.5 29.0 111.5 144.4 29.6 114.8 94.7 58.3 4.7 Mar. 1. 139.5 28.4 111.1 60.8 5.1 1961—Jan. 1.. 140.2 28.9 111.3 144.0 29.1 114.9 94.6 58.9 4.1 8. 139.7 28.8 110.9 61.2 4.7 2.. 141.0 29.0 112.0 143.4 28.5 114.8 94.8 59.2 3.1 15. 140.7 28.7 112.0 61.4 3 2 Feb. 1. . 141.3 28.9 112.4 142.0 28.6 113.3 93.5 60.2 3.5 22. 140.5 28.7 111.8 61.4 4.7 2.. 141.1 28.9 112.1 139.6 28.5 111.1 91.7 60.6 5.1 29P 139.5 28.5 111.0 61.6 4.1 Mar. 1 . . 141.1 29.0 112.1 140.1 28.7 111.5 92.2 61.2 4.0 2». 141.9 29.0 112.9 139.9 28.6 111.3 92.3 61.5 4.4 Apr. 5? 139.5 28.8 110.8 61.9 4.0 p Preliminary. r Revised. 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 :Leadingcenters Year or month All 33"r other 337 other reporting reporting reporting centers New York 6 others1 centers 2 New York 6 others1 centers2 Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1953 1,759.069 632,801 385,831 740,436 36.7 25.6 18 9 1954 ... . 1 887 366 738,925 390 066 758,375 42.3 25 8 19 2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356.768 888,455 489,311 979,002 49.5 30.4 23.0 1958 2 439 754 958,721 487 432 993,600 53.6 30 0 22 9 1959 2,679,167 1,023,605 545,258 1,110,304 56.4 32.5 24.5 1960 2 838 754 1,102,850 577,606 1,158,298 60 0 34.8 25 7 1960 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 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 26.0 Sept 240 772 103 832 97 162 48 974 47 909 96,224 95 700 68.5 65.9 35.8 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 25.7 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 26.2 256,905 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 '247,654 88,186 94,473 r51,046 >"52,382 97,446 100,800 57.0 59.2 r36.5 r36.3 25.7 25.8 Feb r222 671 98,269 89,831 50,199 44,861 r97,663 r87,979 63.7 61.4 35 8 25 7 24 4 Mar 255,389 92,269 100,455 49,484 53,354 98,396 101,580 61.1 63.6 ^35.4 *38.1 ^26.1 »26.1 v Preliminary. r Revised. NOTE.—Series revised by Federal Reserve beginning with 1950; for Adj. = adjusted for seasonal variation. Unadj. = without seasonal description and revised monthly figures, see the BULLETIN for Jan. 1960, adjustment. pp. 8-11. Seasonally adjusted figures for earlier years, prepared by i Boston, Philadelphia, Chicago, Detroit, San Francisco and Los Federal Reserve Bank of New York, together with unadjusted data Angeles. 2 Prior to April 1955, 338 centers. were published in the BULLETIN for May 1959, p. 554. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net- Treas- Total ury U. S. Government obligations liabil- Capital Date cur- ities Total and Gold rency Other and deposits misc. out- Loans, Com- secu- capital, and acstand- Total net mercial Federal rities net currency counts, ing Total and Reserve Other net savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1958—Dec. 31. 20,534 5,234 249,082 121,602 101,207 73,641 26,347 ',219 26,273 274,850 252,022 22,829 1959—Dec. 31. 19,456 5,311 255,435 135,867 93,497 65,801 26,648 ,048 26,071 280,202 256,020 24,186 I960—Mar. 30. 19,400 5,300 247,600 134,600 87,300 61,100 25,300 ,000 25,700 272,400 247,300 25,100 Apr. 27. 19,400 5,300 250,800 136,200 89,000 62,600 25,500 ,000 25,600 275,600 250,200 25,300 May 25. 19,400 5,400 250,700 136,800 88,500 61,800 25,700 ,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 r 18,500 5,400 260,900 140,200 94,600 66,800 27,000 900 26,000 284,700 257,500 27,200 Nov. 30 r 17,900 5,400 261,700 140,900 94,900 66,600 27,500 800 25,900 285,000 257,000 28,000 Dec. 31. 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1961—Jan. 25r 17,500 5,400 263,500 141,000 95,900 68,300 26,700 800 26,500 286,400 259,200 27,200 Mar. \r 17,400 5,400 264,700 142,500 95,300 67,800 26,700 800 26,900 287,500 259,500 27,900 Mar. 29P 17,400 5,400 263,100 142,100 93,400 65,900 26,700 800 27,600 285,900 258,600 27,300 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series3 For- Date p b e o n d a i s g e e n i n t - t k s, T h c i u r o n a e r l g s a d y h s s - - m sa b c e v a a o A r i n n m n c 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 m o r n c m k e ia - s l de M p b sa a o u v n s t i i k u t n s s a g 2 l 3 s S S P a y o v s s t i t e n a m g l s p m o D d a s e e i n t - - d s4 b r C o s e a i u n u n d c t r k e - y - s c a d d u d e T e r j a m p o r u n o e t a s d a s n t n i e l c t d d s y j m p u o d a s a D s d e t n i e - - e t d d s - b r o s e a i C u n n d c t u k e - y r s - 1929—June 29 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31 1,682 1,336 1,452 870 170,008 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 92,272 25,398 114,600 90,000 24,600 1958—Dec. 31 3,870 683 4,558 358 242,553 98,306 63,166 34,006 1,134115,507 28,740 138,800 110,700 28,100 1959—Dec. 31 3,203 391 5,319 504 246,603101,779 65,884 34,947 948115,402 29,422 140,200 112,000 28,200 1960—Mar. 30 2,700 400 4,700 500 239,000102,200 66,000 35,300 900 108,800 28,100 139,500 111,100 28,400 Apr. 27 2,800 400 4,700 600 241,700102,300 66,200 35,200 900 111,500 27,900 139,400 111,200 28,200 May 25 2,800 400 7,200 500 238,400102,600 66,500 35,200 900 107,700 28,100 137,500 109,300 28,200 J Ju 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 53 0 5 0 2 2 4 3 1 9 , , 6 8 2 0 4 0 1 1 0 0 3 3 , , 7 0 0 5 0 6 6 6 6 7 , , 9 4 0 0 6 0 3 3 5 5 , , 3 4 0 0 1 0 8 84 00 9 1 1 1 0 0 7 , , 0 8 2 0 4 0 2 28 8 , , 3 5 0 4 0 4 138,000 109?900 28(,5100 July 27 2,800 400 6,500 500 242,600104,200 67,900 35,500 800 110,100 28,400 138,600 110,300 28,300 Aug. 31 3,000 400 5,700 500 242,700105,200 68,900 35,600 800108,900 28,500 138,600 110,300 28,300 Sept. 28 2,900 400 7,700 600 241 600106,000 69,400 35,800 800109.300 28,300 138,500 110,300 28,200 Oct. 26 3,100 400 6,200 500 247200106,700 70,000 35,900 800112.200 28,300 139,900 111,500 28,400 Nov. 30 3,100 400 5,600 500 247 300106,700 70,000 35,900 800,111.900 28.700 138,800 110,600 28,200 Dec. 31 3,184 377 6,193 252,926108,468 71,380 36.318 770,115,102 29,356 139,200 111.000 28,200 1961—Jan. 25 3,100 400 3,600 500 251,600109,000 71,700 36,500 800 114,700 28.000 140,700 112,300 28,400 Mar. 1 3,100 400 6,100 400 249,500110,700 73,300 36,600 700 110,600 28,200 139,400 110,900 28,500 Mar. 29 3,300 4001 4,400 500 249,900111.600 74,200 36,700 700,110,300, 28,000 140,400 112.100 28,300 I p Preliminary. r Revised to benchmark data. in seasonal factor for demand denosits 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 bv 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 are 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 see 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 431 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 t a e nk Total Loans o G U t b io o l . i S n v g t . s a . - O s r e i t t c h i u e 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 p o i n i a c t t n i 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. ema O n t d her Time r B in o 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 banks: 1 1 9 9 4 4 1 5 — — D D e e c c . . 3 3 1 1 1 6 4 1 0 , , 1 2 2 2 6 7 2 3 6 0 , , 6 3 1 6 5 2 10 25 1 ; 9 5 9 7 9 7 2 3 7 5 1 9 7 0 7 , , 9 3 0 3 8 2 16 8 5 1 1 14 0 , , 0 9 6 8 5 2 1 4 0 4 5 , , 3 9 5 3 5 5 4 2 5 6 , , 6 4 1 7 3 9 2 2 2 3 710 , 5 4 4 1 2 4 1 1 4 4 , , 5 8 5 2 3 6 1947—Dec. 314 134,924 43,002 81,199 723 38 175,091161.86512,793 240 1,346 94,38153,105 6611,94814,714 1958—Dec. 31 221,485121,571 73,641 273 49 276;430 250,05715,799 2,374 4,253 130,132 97,498 8121,70514,020 1959—Dec. 31 227,831135,958 65,801 071 296 283629 254885 650 ,443 5,054131,622101 116 624 22 13,991 1960—Mar. 30 223,770137,010 060 25,700 42 530 271990 239;630 680 ,270 4,410 119,720 101,550 3,290 23 13,999 June 29 227,200140,990 760 25450 43710 276710 244470 300 ,440 7,060119,570103,100 2,170 23 14,000 July 27 229,370140,520 200 25650 43770 279050245,900 070 ,480 6,230121,460103,660 2,590 23 13,999 Aug. 31 229,940141,230 110 25600 43 830 280000 2458.3.0. ,500 ,610 5,440120,600 104,680 2,920 24 13,998 Sept. 28 232,100142.180 190 25730 44 500 282710 249330 13,670 .670 7,390121,130105.470 2,050 24 14.000 Oct. 26' 234,520141,720 790 26010 45 850 286550 252,510 180 ,690 5,970124,450106,220 2,480 24 13,989 Nov. 30' 234,510142,090 560 25860 46 880 287650254,200 600 ,740 5,360125,290106,210 1,330 24 13,985 Dec. 31....... 238,623144,764 242 26617 53022 298126 266196 080 ,800 5,949133,408107,959 167 24 13,986 1961—Jan. 25' 236,450141,590 320 26540 44610 287400 25505015,020 ,800 3,320126,380108,530 600 24 13,986 Mar. 1 't 238,960144,240 840 26880 46260 291 257,43014,420 ,800 5,830125,120110,260 1,860 24, 13,978 Mar. 29*> 237,350143,860 65,920 27,570 42960 286 253,02013,660 ,820 4,160 122,200111,180 1,880 24, 13,975 All commercial banks: 1941-Dec. 31 50,746 21.714 21.808 7, 26,551 79,104 71,283 10,982 44 349 15,952 23 ,17314,278 1945—Dec. 31 124,019 26,083 90,606 7 34,806160,312150,227 14,065 105,921 30,241 219 8^950 14;011 1947—Dec. 3H 116,284 38,057 69,221 9 37,502155,377144,10312,792 240 1,343 94,367 35,360 6510,05914,181 1958—Dec. 31 185,165 98,214 66,37620',575 48; 990238,651216,017 15,799 2,372 4,250.130.104 63,493 7318,486 13,501 1959—Dec. 31 190,270110,832 58,93720,50149,467244,686219.90315,649 \441 5,050 593 66,169 61519,55613.47/t I960—Mar. 30 185,680111,390 54,160 20,130 41,780 232,590204,35012,680 ,270 4,410 690 66,300 3,290 19,860 13,482 June 29 188,900114,840 54,210 19,850 42,880 237,040209,010 13,300 ,440 7,060 U9 540 67,670 170 2028013,485 July 27 190,890114,170 56,700 20,020 43,010 239,270210,420 " 070 ,480 6,230 121 430 68,210 2,'590 2038013,484 Aug. 31 191,240114,660 56,580 ,000 43,080 240,000210,24013,500 ,610 5,440 120 570 69,120 2,920 2058013,483 Sept. 28 193,270115,430 57,690 150 43, 242,530213.52013.670 ,670 7,390 121 100 69,690 2,050 20;66013,485 N O o ct v . . 2 30 6 ' ' 1 1 9 9 5 5 , , 5 4 8 9 0 01 1 1 1 5 4 . ,7 0 9 1 0 0 6 6 0 0 , , 3 1 9 8 0 0 2 2 0 0 4 3 0 0 0 0 4 4 6 5 , , 110 2 24 46 7; 2 2 9 9 0 0 2 2 1 1 6 8 . ; 5 2 8 3 0 01 1 5 4 , 1 6 8 0 0 0 , , 6 7 9 4 0 0 5 5 , , 9 3 7 6 0 0 1 1 2 2 5 44 2 2 6 0 0 7 7 0 0 , ,2 3 7 2 0 0 2 1 , ,3 4 3 8 0 0 2 21 0 0 8 0 1 0 0 1 1 3 3 , , 4 4 7 7 0 4 Dec. 31 199,509117,642 61,00320,86452,150257,552229;84317079 ,799 5,945 379 71,641 163 2098613,472 1961—Jan. 25' 197,020114,210 61,880 20,930 43,810 246,590 218,53015020 .800 3,320 350 72,040 60021,10013,472 Mar. 1 't 199,300116,720 61,310 21,270 45,430 250,430 220,76014420 ,800 5,830 090 73,620 1,86021,17013,464 Mar. 29* 197,990116,640 59,670 21,680 42,040 246,020 216,330 ,820 4,160 170 74,520 1,880 21,17013.461 All member banks: 1941—Dec. 31 43.521 18,021 19,539 96123,123 68,121 61,71710,385 140 1,709 37 13612,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 070 29 138,304129,67013,576 64 22, 69 640 24,210 208 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 304 32 132,060122,52812,353 50 1,176 80609 28,340 54 8,464 6,923 1958—Dec. 31 154,865 84,061 54,299 504 43188 202017182,816 15,227 2,187 3,822 110448 51,132 5415,460 6,312 1959—Dec. 31 157,879 94,779 46,813 287 43509 205726184.70615,048 1,338 4,504 110,989 52,827 58116,264 6,233 1960—Mar. 30 153,762 95,086 42,686 15,990 36,770195,092170,71512,207 1,165 3,904100,64152,798 3,21616,495 6,219 June 29 156,593 97,898 42,98015,71537,977199,243175,200 12,775 1,298 6,360 790 53,977 2,06916,822 6,212 July 27 158,313 97,183 45,238 892 37 201,057176,21412,524 1,336 5,622 366 54,366 2,50516,892 6,204 Aug. 31 158,587 97,523 45,198 866 38 201,632175,99912,943 1,467 4,887 594 55,108 2,78317,056 6,205 Sept. 28 160,282 98,196 46,07316,01338,686 203,891 178,95213,105 1,525 6,827 101,90555,590 1,996 1177,114 6,200 Oct. 26 162,042 97,469 48,37916,19439,628206,669181,06413,601 1,552 5,385104,49856,028 2,42917,239 6,187 Nov. 30 161,997 97,708 48,22416065 40384 207455182,550 15,014 1,594 4,781 105,12856.033 1,26917.390 6,178 Dec. 31 165.619 99,933 49,106 579 45756 216577193,02916,436 1,639 5,287112,39357,272 13017,398 6.174 1961—Jan. 25 161.240 96,773 49.806 18.174?06,507182,6fP14,465 1 ,636 2.914 105,99057,59R 56317,464 6,164 Mar. It 166,016 99,558 49,438 020 39,900 211040185,40213,912 1,639 5,179 105,35359,319 1,82517,629 6,160 Mar. 29*. 164,875 99,473 48.030 372 36,842 207099181,43713,181 1,664 3,721102,770 60,101 1,82717,651 6,151 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 1417,745 1,889 533 1958—Dec. 31 36,320 23,357 7,265 5,698 921 37,779 34,040 2934,006 3,219 519 1959—Dec. 31 37,561 25,126 6,864 5,570 829 38.943 34.983 2934,948 10 3,359 517 1960—Mar. 30 38,090 25,620 6,900 5,570 750 39,400 35,280 3300 35,250 3,400 517 J Ju u l n y e 2 2 7 9 3 3 8 8 , , 3 4 0 8 0 0 2 2 6 6 , , 3 1 5 5 0 0 6 6 , , 5 5 0 5 0 0 5 5, , 6 6 3 0 0 0 7 8 6 3 0 0 3 3 9 9 , , 7 6 8 7 0 0 3 3 5 5 , , 4 4 8 6 0 0 8 () 3 3 0 0 3 3 5 5 , , 4 4 3 5 0 0 3 3 , . 4 5 9 1 0 0 5 5 1 1 5 5 A Se u p g t . . 3 2 1 8 3 38 8 , , 8 7 3 0 0 0 2 2 6 6 , , 5 7 7 5 0 0 6 6 , , 5 5 3 0 0 0 5 5 , , 5 6 8 0 0 0 7 79 5 0 0 4 4 0 0 , , 1 0 8 0 0 0 3 3 5 5 , , 5 8 9 1 0 0 8 3 33 0 00 3 3 35 5 5, , 5 7 6 8 0 0 3 3 , , 5 5 7 4 0 0 5 5 1 1 5 5 Oct. 26 38,940 26,930 6,400 5,610 750 40,260 35,930 30 35,900 3,560 515 D N e o c v . . 3 3 1 0 3 3 9 9 , . 0 1 2 1 0 4 2 2 7 7 , . 0 1 8 2 0 2 6 6, , 2 3 3 8 9 0 5 5 , , 5 7 6 5 0 2 7 8 7 7 0 2 4 4 0 0 , , 3 5 6 7 0 4 3 3 6 5 , , 3 9 5 7 3 0 (5) 2 3 9 0 3 3 5 6 , , 9 3 4 1 0 8 3 3 , , 5 59 5 0 3 5 5 1 1 5 4 1961—Jan. 25 39,430 27,380 6,440 5,610 800 40,810 36,520 () 30 36,490 3,580 514 Mar. It. 39,660 27,520 6,530 5,610 830 41,080 36,670 (5) (5) 30 36,640 3,620 514 Mar. 29P 39,360 27,220 6.250 5,890 920 40,890 36,690 30 36,660 3.550 514 p Preliminary. ' Revised to benchmark data. mutual savings banks that became members in 1941 (these banks are t This 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

432 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 f d a b te ank Total Loans o G U t b i o l o . i v S n g s t a . . - O s 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 o p i n i c a n t i t d i - t - a t e a s l s l ' Total2 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 o p u t i n a ta t l s l N ba b u o n e m f r ks - Govt. Other Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6.439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 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—Dec. 31 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20,419 3,448 232 3,361 16 I960—Mar. 30 24,342 17,862 4,283 2,197 7,776 33,609 27,431 3,906 889 794 18,397 3,445 951 3,384 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. 31 27,726 18,465 6,980 2.282 10,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3 554 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. If 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 Mar. 29*> 27,370 18,278 6,358 2,734 7,837 37,093 30,324 4,316 1,237 818 19,203 4,750 477 3,575 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 4,2131 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 1,438 3 733 14 1959—Dec. 31 6,885 4,206 1,985 694 2,003 8,967 8,062 1,231 272 5,070 1,468 40 762 14 1960—Mar. 30 6,630 4,135 1,866 629 ,604 8,329 6,978 1,219 233 4,103 1,399 467 752 11 June 29 6,598 4,342 1,620 636 ,854 8,546 7447744 1,151 407 4,442 1,426 161 769 11 July 27 6,811 4,284 1,845 682 ,745 8,662 7,551 1,163 342 4,552 1,444 195 770 11 Aug. 31 6,661 4,317 1,727 617 ,927 8,698 7,647 1,236 275 4,629 1,452 117 783 11 Sept. 28 6,740 4,361 1,792 587 ,980 8,833 7,766 1,191 552 4,497 1,465 125 781 11 Oct. 26 6,847 4,328 1,903 616 ,954 8,923 7,725 1,231 301 4,662 1,470 219 804 10 Nov. 30 6,729 4,260 1,841 628 2,040 8,892 7,800 1,359 261 4,629 1,490 93 813 10 Dec. 31 7,050 4,485 1,882 683 ",046 9,219 8,197 1,380 327 4,899 1,530 35 822 10 1961—Jan. 25 6,875 4,195 1,989 691 ,814 8,809 7,733 1,254 141 4,743 1,532 88 821 10 Mar. If 7,094 4,534 1,886 674 ,894 9,118 7.950 1,221 285 4.665 1.715 138 826 10 Mar. 29*> 7,049 4,403 1,939 707 ,635 8,826 7,436 1,188 232 4,256 1,681 362 827 10 Reserve city member banks:6 1941_Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12.557 4,806 1 967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1958—Dec. 31 60,558 34,003 20,645 5,910 17,701 79,781 72,647 7,506 377 1,429 42,259 21,075 14 5,760 274 1959—Dec. 31 61,621 38,686 17,292 ,64318,211 81,443 73,675 7,450 303 1,698 42,66821,555 238 6,106 265 I960—Mar. 30 58,445 38,392 14,690; ,36315,044 75,183 66,202 5,831 228 1,474 37,99420,675 1.298 6,115 225 June 29 59,563 39,421 14,846 ,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 15,8251 5,312 15,743 77,9381 68,796 6,074 250 2,247 38,925 21,3001 1,063 6,256 222 Aug. 31 60,683 39,497 15,920,5,266 15,353 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 38,257 2' 1,734 803 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 21,889 822 6,366 218 Nov. 30 61,625 39,273 16,943 5,409 16,649 80,141 71,126 7,433 293 1,867 39,65421,879 434 6,406 217 Dec. 31 62,953 40,002 17,396 5,55418,668 83,464 75,067 7,989 326 1,960 42,26722,525 73 6,423 217 1961—Jan. 25 61,879 38,763 17,568 5,548 15,789 79,543 70,958 7,020 326 1,085 39,88322,644 237 6,422 215 Mar. If 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 Mar. 29*> 62,559 39,928 16,947 5,68414,891 79,359 70,197 6,316 311 1,474 38,474 2"3",622 694 6,589 207 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 322668810,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1958—Dec. 31 61,511 30,257 23,606 64814,031 76,767 70,277 1,578 ,175 42,349 25,137 37 5,685 6,006 1959—Dec. 31 64,082 33,766 22,535 78 i14,122 79,567 72,323 1,602 ,508 42,832 26,356 71 6,035 5,938 I960—Mar. 30 64,345 34,697 21,847 80112,346 77,971 70,104 1,251 ,403 40,14727,279 500 6,244 5,967 June 29 65,112 36,075 21,241 796 1122,564 79,007 71,044 1,223 ,947 40,00327,847 371 6,369 5,962 July 27 65,377 35,999 21,593 78512,854 79,571 71,624 1,274 ,757 40,52328,046 301 6,416 5,955 Aug. 31 65,805 36,473 21,520 81212,924 80,210 71,923 1,308 ,623 40,53328,433 490 6,484 5,961 Sept. 28 66,482 36,691 21,975 7,81612,740 80,609 72,522 1,349 ,780 40,750 28,617 203 6,531 5,956 Oct. 26 67,463 36,705 22,811 7,94713,135 81,967 73,847 1,459 ,788 41,644 28,930 187 6,569 5,944 Nov. 30 67,241 36,433 22.821 7,98713,315 81,910 73,702 1,485 ,698 41,897 28,596 207 6,614 5,936 Dec. 31 67,890 36,981 22,848 8,06014,740 84,126 76,004 1,778 ,783 43,395129,011 23 6,599 5,932 1961—Jan. 25 67,665 36,428 23,187 8,05013,010 82.107 73,933 1,530 ,099 42,107 29,171 139 6,652 5,924 Mar. It 67,762 36,601 23,056 8,10513,123 82.290 74,003 1,436 ,772 41.240 29.529 219 6,646 5,921 Mar. 29? 67.897 36,864 22,786 8,24712,479 81,821 73,480 1,361 ,197 40,837(30,048 294 6,660 5,919 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 433 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b io o l . i n S v g t s . a . - O s r e i t t c h i u e e s - r a C ss a e s t h s 2 c b T a i a l a l p o i n i c a t t i - d i t a - e a l s l Total 2 m D I a n e n t - e d rba T n i k m 2 e Dema O n t d her Time r B in o o w g r s - - c c T a o a o p u c t i n - t a a t l s l N ba b u o n e m f r ks counts 3 U. S. Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 98425. 76,820 69,411 10,654 1,762 41.29815,699 10 6,84413,,426 1945—Dec. 31 121,809 25,765 88,912 13134 157,544147,775 13,883 23,740 80,276 2299,876 215 8,67113,297 1947_Dec. 31 114,274 37,583 67,941 ,750 36 152,733141,85112,615 54 1,325 92,97534,882 61 9,7341133,,398 1957—Dec. 31 168,595 93,430 57,580 ,585 48 220,865199,87615,489 1,264 3,859123,127 "5"6,137 6617,05113.142 1958—Dec. 31 183,596 97,730 65,669 20198 48i689 236^724 214,48515,653 2.209 4.241129,214 63,168 6718,15413,,101 1959—Dec. 31 188,790110,299 58.348 20 49,158 242.828 218,47415,500 1,358 5,037130,720 65.858 60219,20613,,107 I960—June 15 188.691 114.785 54.366 19540 46,825 240,728 212.44213,756 1,324 6,396124.09166.875 2,57319..9 7813.140 Dec. 31 198,011 117,092 60,46820,45151,836 255,669 228,40116,921 1,667 5,932132,533 71,348 149 20,62813,119 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,80614 43 39,458 6,786 1.088 23,262 8,322 4 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20 90 84,939 9,229 14,013 45,47316,224 78 4.644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178:" 88, 82,023 8,375 35 795 53,54119,278 45 5.409 5,005 1957__Dec. 31 91,201 50,350 31,234 9,61726,786120,153109,091 8,958 517 2,166 66,546 30,904 38 9,070 4,620 1958—Dec. 31 99,277 52.627 35.71410.936 26,781128.397116.714 9.035 767 2.292 69,808 34.812 43 9,643 4,578 1959—Dec. 31 102,615 59,962 31,76110,892 27464132,636119,638 8,947 514 2,742 71,01536,421 34010,302 4,542 1960—June 15 102,309 62,398 29.29810,61426,380 131,433116,178 7,937 472 3,594 67,270 36.905 1,49110.686 4,542 Dec. 31 107,546 63,694 32,71211,14028,675139,261124,911 9,829 611 3,265 71,66039,546 11111,098 4,530 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4.411 8,166 24.168 7,986 130 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,12510,822 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 4,70715,960 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—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 I960—June 15 55.348 35.946 14,228 5,17415,495 72.734 63,341 5,429 833 2,151 38,29616.631 1,012 6.143 1.675 Dec. 31 58,073 36,240 16,394 5,43917,081 77,316 68,118 6,608 1,028 2,022 40,73317,727 20 6,299 1,644 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 ,560 10,635 5,680 1,083 6.416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1957—Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,58010,873 2,500 6,753 1958—Dec. 31 28,759 13.682 11.381 3.696 5,504 34,737 31,696 426 419 18,76612,063 2,696 6,793 1959—Dec. 31 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,73213.059 2,944 6,878 I960—June 15 31.052 16.450 10.848 3,755 4.952 36.582 32.942 389 651 18.52513.357 3.151 6.926 Dec. 3t 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,14014,095 3,232 6,948 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 l945_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 ',473 468 660 345 301 1.831 1,449 147 121 840 303 317 425 1958—Dec. 31 ,568 484 707 377 301 1.927 1,532 146 163 890 325 332 399 1959—Dec. 31 ,480 534 589 358 309 1.858 1,429 150 83 873 311 350 366 1960—June 15 .446 522 547 377 299 1.815 1.386 163 122 792 290 353 350 Dec. 31 ,498 550 535 413 314 1,883 1,443 159 132 846 293 358 352 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3.431 10.992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4.962 22.024 20,571 425 14.101 6,045 1,362 7,130 1947—Dec. 31 * 18,454 5,432 11,318 1,703 4.659 23.334 21.591 439 190 167|13,758 7,036 1,596 7,261 1957—Dec. 31 27,741 12,961 11,172 3,608 5,684 33.897 30.715 554 138 427 18,42011.176 2,817 7,178 1958—Dec. 31 30,327 14.165 12,088 4,074 5.! 36.664 33,227 572 185 428 19.65512,387 3,028 7,192 1959— Dec. 31 32,419 16,068 12,134 4.216 5.961 38.990 35,224 601 103 545 20,60513,370 3,294 7,244 I960—June 15 32.498 16.972 11,395 4.131 5.251 38.397 34,328 553 141 669 19.31813.648 3.503 7,276 Dec. 31 33,910 17,719 11,904 4,287 6.396 40,99 36,834 643 160 657 20,98614,: 3,590 7,300 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 12,192 1.252 194 1957__Dec. 31 26.535 17,194 5,404 3,937 719 27,671 25,022 26 24,991 2,308 239 1958—Dec. 31 28.980 19.180 5,215 4,585 752 30,189 27,277 28 27,,243 2,473 241 1Q59—Dec. 31 30,580 20,94! 5,016 4,622 686 31,743 28,577 28 28,,544 2,654 268 1960—June 15 31.133 21.721 4.743 4.669 624 32.211 28,824 28 28.791 2.735 268 Dec. 31 33,794 23.85: 4,787 5,15 766 35,09: 31,502 29 31,468 2,998 325 Noninsured mutual savings banks: 1941_Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1.077 496 1945—Dec. 31 5.361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 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—Dec. 31 6.981 4,184 1,848 949 143 7,200 6,405 6,404 705 249 I960—June 15 7.167 4.348 1.885 934 141 7.387 6.511 6 510 730 247 Dec. 31 5,320 3,270 1,453 597 107 5,481 4,850 4,850 555 189 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

434 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES* [In millions of dollars] Loans2 Investments Loans for Loans purchasing to Obli- Total or carrying financial U. S. Government obligations ga- Class of loans2 securities institutions Other tions co b m an m k e a rc n i d al in a v n e d st- TotaP A cu g l r - i- Real lo t a o ns Other Sta o t f es Other call date ments tur- To tate in- loans and secual b k d a r e e n o r a d - s l- ot T h o ers ba T n o ksot T h o ers loans u v d a i i d l - s - Total Bills c C t a i e f t i e r - - s Notes Bonds p d s i o u i c v l b a i i - l t - - rities ers sions Total: 3 1947—Dec. 31.., 116,28438,057 18.,, 16..7 _ 1,660 8301,220 115 9,393 5,723 947 69,2212,193 7,789 6,,034 53,205 276 3,729 1958_Dec. 31.., 185,16598,214 4' 0,425 4., 9732,8321,829 719 25,25520,698 3,437 66,3766,294 7,399 1"3 ,339966 3399,287 505 4,070 1959—Dec. 31*.. 190,270110,832 40,174 5,018 3,0181,850 819 7,118 28,060 24,1662,784 58,9376,300 2,42014,856 35,360 ,543 I960—June 15.., 190,137115,307 41,775 5,3632,602 1,739 2,365 7,063 28,35325,523 2,74754,9133,593 2,21015,224 33,887 ,127 Dec. 31... 199.509117,64243,1255,676 3,2841,833 966 7,10628,71326,396 2,90161,0038,072 2,92019,01330,998 570 3,294 All insured: 1941—Dec. 31... 49,29021,259 9,214 ,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,6513,333 1945—Dec. 31... 121,80925,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,132 88,9122,45519,071 16,045 5"1,342 3,873",258 1947_Dec. 31... 114,27437,583 18,012 1,610 823 ,190 114 9,266 5,654 914 67,9412,124 7,552 5,918 52,347 5,129 3,621 1958—Dec. 31.., 183,59697,730 40;289 4,9132,797 ,810 713 25,148 2•00',,589 3,420 65,6696,159 7,336622 13,240 38,90816, ,932 1959—Dec. 31*., 188,790110,,2 9940,022 4,9732,982 ,827 813 7,105 27,948 24,032 2,767 58,3486,189 2,404 14,729 35,0271•6-,,7-2 13,422 I960—June 15... 188.691 114.785 41.6255,,318 2.584 ,719 2,360 7 043 28,240 25,387 2.72854,3663,527 2,184 15,090 33,566 16,545 2,994 Dec. 31.. 198.011 117,092 42,9575,628 3,247 ,811 965 7,090 28.60226,263 2,883 60,4687,994 2,884 18,868 30,72217,300 3,150 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 3,090 2,871 1945—Dec. 31..,107,18322,775 8,949 885555 3,133 3,378 47 3,455 1,900 1,057 78,3382,27516,98514,27144,807 3, ,815 1947—Dec. 31..,97,84632,628 16,9621,046 8111,065 113 7,130 4,662 83957,9141,987 5,816 4,815 45",,.2.9.5 4.,199 3,105 1958—Dec. 31..,154,86584,06137,444 3;052 2,7301,599 710 20,013 1I7,028 3,21154,2994,644 6,143 11,117 32,396 133,4053,100 1959—Dec. 31*.,157,87994,779 36;826 3 116 2,8851,587 811 6,801 22,185 119,877 2,6"03 46,8134,612 1,812 111604 28,78513,677\610 1960—June 15..,157,65798,344 38,204 3 297 2,4691,488 2,309 6,73622,309 2200,;932 2,550 43,5262,521 1,583 959 27,46313,473 2,315 Dec. 31...165.61999.933 39,288 3 509 3,124',564 947 726 22,518 21,622 2,694 49,1066,402 2,296 072 25,33514,1412,439 New York City:* 1941—Dec. 31.. 12,896 4,072 2,807 412 .18 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 93 111 564 23811,9721,002 640 558 9,772 638 604 1958—Dec. 31.. 25,96616,16510,928 1,652 267 503 641 1,502 921 7,486 643 1,106 1,602 4,135 1,869 446 1959—Dec. 31*. 25,29118,121 10,549 1,740 382 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 I960—June 15.. 25,77418,350 10,499 1,463 403 1,050 1,886 870 1,821 795 5,384 681 369 1,546 2,788 1,722 319 Dec. 31.. 27.72618,465 10.876 101.574 366 500 1,799 868 1,930 940 6,9801,422 578 1,708 3,272 1,964 317 399 Chicago:4 1941—Dec. 31.. 2,760 954 732 48 521 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1958_Dec. 31.. 6,830 3,637 2,628 266 97 161 357 210 2,562 232 361 522 1,446 491 140 1959—Dec. 31*. 6,885 4,206 2,527 268 124 588 183 435 148 1,985 108 78 467 1,332 562 133 1960—June 15.. 6,707 4,386 2,716 187 123 581 183 396 211 1,664 46 42 480 1.096 564 93 Dec. 31.. 7,050 4,485 2,690 322 134 564 196 421 197 1,882 132 37 663 1,050 607 76 Reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 ,503 17 1,459 855 38729,552 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 1,901 15,563 1,3421,053 1958—Dec. 31... 60,55834,003 15,808 669 518 851 191 8,405 6,930 ,30120,645 ,293 2,370 4,49712,484 4,8641,047 1959—Dec. 31*. 61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 98017,292 ,484 645 4,109 11,054 4,830 813 I960—June 15.. 59.75039,534 15,778 805 511 713 924 3,184 9.036 8,430 R9214,921 464 365 4,00610,086 4,623 672 Dec. 31.. 62,95340.002 16,223 887 719 739 351 3,216 9,005 8,721 90917/396 2,031 794 5,461 9,111 4,817 738 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 2"6,999 5,102 4,54416,722 1,342 1,067 1947_Dec. 31.. 36,32410,199 3,096 818 23 227 5 3,827 1,979 224 22,857 2,583 2,10817,687 2,006 1,262 1958—Dec. 31.. 61,511 30,257 8,080 2,,336688 294 268 6 10,806 8,239 77923,606 2 2,306 4,49514,330 6,181 1,467 1959—Dec. 31*. 64,08233,766 8,498 2 ,3—21 298 284 II 1,056 11,816 9,491 64322,535 863 5,751 13,540 6,452 1,330 I960—June 15.. 65,42716,074 0.2122,465 286 242 * o«*12.22010,286 652 21; 556 807 H.493 6.5651,232 Dec. 31.. 67,89036.981 9,4992,589 508 293 29 1,147 12,44910,550 64722,8482,817 7,24011,903 6,7521,308 Nonmember:3 1947_Dec. 31... 18,454 5,432 1,205 614 20 156 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1958—Dec. 31.. 30,32714,165 2,981 1,921 102 230 5,256 3,671 226 1122,0881,651 1,255 2,280 6,901 3,102 971 1959_Dec. 31*. 32,41916,068 3,3481,902 133 263 317 5,888 4,289 181 12,1341,689 608 3,254 6,584 3,283 934 I960—June 15.. 32.49816,972 3,571 2.066 134 251 327 6.053 4,591 197 11.3951,073 627 3.265 6,429 1.317 814 Dec. 31.. 33,91017,719 3,8382,167 161 269 379 6.205 4.774 207 11.9041.670 624 3,941 5.668 3,431 857 • For a discussion of revision in loan schedule, see the BULLETIN for System; these banks (two beginning June 1960) are included in member January 1960, p. 12. banks but are not included in all insured or total banks. Comparability 1 All commercial banks in the United States. These figures exclude of figures for classes of banks is affected somewhat by changes in Federal data for banks in U. S. possessions except for member banks. During Reserve membership, insurance status, and the reserve classifications of 1941 three mutual savings banks became members of the Federal Reserve cities and individual banks, and by mergers, etc. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 435 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Bal- De- Class of serves ances mand Interbank Certi- Indi- Indi- Capicommerctal with Cash with de- deposits States fied viduals, U. S. States viduals, Bor- tal bank and Federal ia do- posits U. S. and and partner- Inter- Govt. and partner- row- accall date Re- vault mestic ad- Govt. political offi- ships, bank and polit- ships, ings counts serve banks 5 usted6 Do- For- subdi- cers' and cor- Postal ical and cor- Banks mestic5 eign visions checks, pora- Sav- subdi- poraetc. tions ings visions tions Total -.3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 ,430 {.343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1958—Dec. 31.... 18 427 3,249 12,609 115,518 14,142 ,657 4,250 10,928 4,043 115,132 2,372 327 3 576 59,590 73 18,486 1959—Dec. 31.... 17 931 3,012 12,237 115,420 13,944 ,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 10,999 110,025 12,484 ,436 6,414 10,753 3,701 110 429 1,446 259 3 616 63,2902 59020,331 Dec. 31.... 16 720 3,346 13,681 115 120 15,453 ,627 5,945 11,674 4,602 117 103 1,799 262 4 544 66,836 163 20; 986 AH insured: 1941—Dec. 31.... 12 396 1,358 8 570 37 845 S,823 673 1,762 3,677 1,077 36 544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15 810 1,829 11 075 74 722 \:.,566 ,24823,740 5,098 2,585 72 593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17 796 2, 145 9 736 85 751 n,236 ,379 1,325 6,692 2,559 83 723 54 111 826 33,946 61 9.734 1958—Dec. 31.... 18 427 3,227 12 353 114 645 14,025 1,629 4,241 10 841 4,001 114 372 2,209 327 3 512 59,329 67 18J54 1959—Dec. 31.... 17 931 2,990 11 969 114 563 13,825 ,675 5,037 11 372 3,866 115 482 1,358 285 3 095 62,478 602 19,206 1960—June 15.... 17 917 3,232 10 737 109 249 12.356 ,400 6,396 10 648 3,655 109 788 1,324 259 3 555 63,061 2 573 19,978 Dec. 31.... 16 720 3,326 13 409 114 292 If ,339 ,582 5,932 11 582 4,564 116 388 1,667 262 4 481 66,605 14920,628 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 .,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 ,614 ,613 3,822 8 603 3,712 98 133 2 187 300 2 829 48 004 54 15,460 1959—Dec. 31 17 932 2,222 7 532 95 274 i:5,389 1,659 4,504 8 915 3,542 98 532 \\ 338 259 2 383 50 185 581 16,264 I960—June 15.... 17,918 2 427 6 913 91 042 1 ,980 ,387 5,745 8 304 3,366 93 896 1,305 234 2 768 50 5342 503 16,829 Dec. 31.... 16 720 2,518 8 582 94 594 14,875 ,561 5,287 9 016 4,244 99 134 1,639 237 3 559 53 477 130 17,398 New York City:4 1941—Dec. 31.... 5,105 93 141 10 761 3,595 607 866 319 450 11 282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15 065 3,535 1,105 6,940 237 1,338 15,712 17 io 20 1 206 195 2,120 1947—Dec. 31.... 4,639 151 70 16 653 $,236 1.217 267 290 1,105 17 646 12 12 14 1418 30 2,259 1958—Dec. 31.... 4,454 161 92 16 170 3,519 i;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 3591 232 3,361 I960—June 15.... 4,054 144 87 15 332 $,149 1,060 1,140 294 1,849 17 754 992 24 95 3 360 980 3,430 Dec. 31.... 3,398 199 147 15 352 4,105 1,184 1,217 305 2^476 19 051 13216 27 203 3 976 3.554 Chicago:4 I 1941—Dec. 31 1,021 43 298 2 215 .027 8 127 233 34 2 152 476 288 1945 Dec. 31 942 36 200 3 153 J292 20 1 552 237 66 3 160 719 377 1947 Dec. 31 . 1,070 30 175 3 737 196 21 72 285 63 3 853 2 9 902 426 1958—Dec. 31.... 1,058 36 185 4 271 ,314 43 249 302 88 4 746 34 7 7 1423 3 733 1959—Dec. 31.... 920 33 142 4 171 ,187 43 272 329 105 4 636 23 8 32 1449 40 762 1960—June 15.... 995 28 109 3 678 ,193 40 335 283 85 4 301 43 4 8 1401 333 765 Dec. 31.... 899 33 171 3,968 .327 53 327 298 102 4 499 61 2 7 1 521 35 822 Reserve city 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 144 286 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 i 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 j 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 2311 238 6,106 I960—June 15.... 7,482 740 2,229 32,873 6,354 272 2,319 2 803 801 36,156 245 80 1,375 19 4841 870 6,181 Dec. 31.... 7,354 753 2,610 34,357 7,688 301 1,960 3 329 953 37,986 326 85 .787 20 652 73 6,423 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 ,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 ,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 ,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 ,578 24 1,508 4,972 857 37,003 24 132 1,077 25 146! 71 6,035 I960—June 15. 388 1 515 4,488 39.159 ,285 14 1,951 4.923 631 35,686 26 127 1,290 26 289 320 6,453 Dec. 31.... 5.070 1 534 5,655 40,917 23 1,783 5 083 713 37.598 37 122 1,562 27,327 23 6,599 Nonmember:3 1947—Dec. 31.... 544 3,947 13,595 385 55 167 1 295 i 180 12,284 190 6 172 6,858 12 1,596 1958—Dec. 31 808 4,633 19,300 528 43 428 2,3251 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 848i 12,115' 87l 3 504 Dec. 31.... 828 5,099 20!525 578 65 657 2.658 357 17,970 160 25; 985 13,378j 13 3.590 2 Beginning with June 30, 1948, figures for various loan items are 4 Central reserve city banks. shown gross (i.e., before deduction of valuation reserves); they do not 5 Beginning with June 30, 1942, excludes reciprocal bank balances, add to the total and are not entirely comparable with prior figures. Total which on Dec. 31, 1942, aggregated $513 million at all member banks and loans continue to be shown net. $525 million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not 6 Demand deposits other than interbank and U. S. Govt.. less cash items available prior to 1947; summary figures for earlier dates appear in the reported as in process of collection. preceding table. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 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 a n n e t n d t a s s s t l - i 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 a c o d n i e a m u d r l s - - - A t c u u g r l r a - i l - a T n o d b d r e o a k l e e r r s s To others Bank D s o- s P i o n N e n s r a o t - l i n tu b t a i n o k ns e R st e a a t l e o lo 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 trial G U t l i o i o o g . b n v a - S s - t . . O c t s u t i e h e r - s i e - r G U t l i o i o o . g b v n a - S - s t . . O c t s u t i e h e r - s i e - r F ei o g r n - c m m c o t e i i e m a c s r - l - - n c s a a o a f n n i l m - e d c s - e Other panies etc. Total— Leading Cities 1960 Mar. 2 102,726 101,572 66,532 30,303 896 254 1,515 149 140 751 1,154 4,088 ,714 12,605 14,563 1,446 9 102,191 100,986 66,206 30,314 888 219 1,492 136 130 754 1,205 3,902 ,694 12,587 14,539 1,449 16 103,452 102,153 67,273 31,059 890 275 1,447 140 ,128 769 1,299 4,210 ,680 12,585 14,541 1,451 23 102,767 101,510 67,000 31,037 893 167 1,390 135 ,125 759 1,257 4,178 ,666 12,576 14,528 1,454 30 102,446 101,040 66,890 31,009 904 144 1,335 136 ,130 758 1,406 4,060 ,711 12,586 14,577 1,460 1961 Feb. 1 110,961 109,651 68,792 31,067 1,088 856 ,412 117 ,168 697 1,310 3,573 ,605 12,469 16,276 1,536 8 109,831 108,630 68,110 31,045 1,086 417 ,339 117 ,159 696 1,201 3,502 ,577 12,442 16,264 1,534 15 111,270 109,786 68,651 31,289 1,089 611 ,370 124 ,167 697 1,484 3,525 ,582 12,458 16,274 1,535 22 110,435 109,213 68,497 31,248 1,083 585 ,411 127 ,166 671 1,222 3,494 ,574 12,463 16,211 1,536 Mar. 1 111,117 109,641 68,955 31,303 1,098 737 ,480 119 ,165 642 1,476 3,658 ,620 12,450 16,223 1,540 8 110,138 108,743 68,126 31,273 1,084 394 ,418 116 ,152 654 1,395 3,367 ,582 12,423 16,203 1,540 15 111,769 110,222 69,330 31,998 1,092 599 ,426 115 ,157 681 1,547 3,658 ,588 12,428 16,131 1,543 22 110,393 109,119 68,979 32,027 1,094 450 ,436 116 ,167 674 1,274 3,464 ,610 12,421 16,065 1,545 29 110,217 108,673 68,784 31,959 1,104 345 ,455 110 ,174 682 1,544 3,358 ,639 12,417 16,088 1,547 New York City 1960 Mar. 2 24,589 24,072 17,231 10,399 128 895 333 480 517 1,432 401 932 2,601 412 9 24,270 23,691 16,980 10,369 119 864 330 477 579 1,280 397 925 2,590 412 16 24,998 24,451 17,593 10,714 194 844 327 485 547 1,470 389 912 2,628 415 23 24,574 23,907 17,356 10,688 86 779 326 478 667 1,462 387 910 2,614 415 30 24,399 23,721 17,270 10,688 82 755 330 475 678 1,380 386 913 2,635 414 1961 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 ,102 286 773 2,934 424 15 27,291 26,730 17,159 10,491 320 800 348 450 561 ,139 285 781 2,931 424 22 26,848 26,393 17,033 10,469 269 835 349 420 455 ,111 280 785 2,90* 425 Mar. 1 27,403 26,873 17,457 10,525 401 864 339 410 530 ,329 309 781 2,895 427 8 26,837 26,315 16,938 10,511 210 829 334 421 522 ,067 306 778 2,879 427 15 27,796 27,182 17,648 10,873 338 834 337 437 614 ,265 309 780 2,873 427 22 27,000 26,497 17,371 10,896 180 850 343 438 503 1,121 305 773 2,865 427 29 27,062 26,287 17,324 10,881 176 867 348 428 775 1,061 310 768 2,885 426 Outside New York City I960 Mar. 2 78,137 77,500 49,301 19,904 885 126 620 118 807 271 637 2,656 ,313 11,673 11,962 1,034 9 77,921 77,295 49,226 19,945 877 100 628 106 800 277 626 2,622 ,297 11,662 11,949 1,037 16 78,454 77,702 49,680 20,345 879 81 603 106 801 284 752 2,740 ,291 11,673 11,913 1,036 23 78,193 77,603 49,644 20,349 882 81 611 105 799 281 590 2,716 ,279 11,666 11,914 1,039 30 78,047 77,319 49,620 20,321 893 62 580 107 800 283 728 2,680 ,325 11,673 11,942 1,046 1961 Feb. 1 83,897 82,955 51,483 20,595 1,079 355 577 824 245 942 2,445 ,307 11,685 13,390 ,112 8 83,256 82,389 51,200 20,631 1,076 204 560 812 244 867 2,400 ,291 11,669 13,330 ,110 15 83,979 83,056 51,492 20,798 1,079 291 570 819 247 923 2,386 ,297 11,677 13,343 ,111 22 83,587 82,820 51,464 20,779 1,075 316 576 817 251 767 2,383 ,294 11,678 13,307 ,111 Mar. 1 83,714 82,768 51,498 20,778 1,090 336 616 826 232 946 2,329 ,311 11,669 13,328 ,113 8 83,301 82,428 51,188 20,762 1,076 184 589 818 233 873 2,300 ,276 11,645 13,324 ,113 15 83,973 83,040 51,682 21,125 1,085 261 592 820 244 933 2,393 ,279 11,648 13,258 ,116 22 83,393 82,622 51,608 21,131 1,087 270 586 824 236 771 2,343 ,305 11,648 13,200 ,118 29 83,155 82,386 51,460 21,078 1,098 169 588 826 254 769 2,297 ,329 11,649 13,203 ,121 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 437 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— All total Wednesday Bal- Bal- Re- other liabili- Notes and bonds Other ances ances Currency serves assets ties maturing: secu- Total with with and with and Cer- rities domes- for- coin F. R. capital Total Bills tifi- tic eign Banks accounts cates With- banks banks in After 1 year 5 years 5 years Total- Leading Cities 1960 Mar. 2 25,352 1,617 464 ,582 16,820 4,869 9,688 16,844 2,774 ,114 12,862 3,457 133,558 9 25,068 1,486 425 ,579 16,731 4,847 9,712 16,644 2,584 ,149 12,819 3,446 131,573 16 25,107 1,598 411 ,531 16,801 4,766 9,773 17,323 2,932 ,147 13,154 3,394 135,699 23 24,843 1,388 423 ,506 16,852 4,674 9,667 16,826 2,839 ,191 12,703 3,398 132,813 30 24,495 1,069 431 ,525 16,842 4,628 9,655 17,103 2,696 ,216 13,104 3,587 132,877 1961 Feb. 1 30,712 4,463 ,594 2,686 18,020 3,949 10,147 16,412 2,882 110 ,266 12,154 4,058 143,554 8 30,260 4,107 ,581 2,707 17,938 3,927 10,260 16,796 2,629 110 ,279 12,778 3,987 140,550 15 30,747 3,890 ,159 3,896 17,916 3,886 10,388 16,944 3,065 122 ,324 12,433 3,964 146,224 22 30,310 3,667 ,080 3,942 17,771 3,850 10,406 16,700 2,944 122 ,372 12,262 3,864 142,108 Mar. 1 30,265 3,653 ,081 3,953 17,746 3,832 10,421 16,306 2,956 123 ,236 11,991 3,972 144,348 8 30,029 3,463 ,182 4,004 17,622 3,758 10,588 16,235 2,683 136 ,263 12,153 4,013 141,323 15 30,236 3,666 ,199 4,047 17,566 3,758 10,656 16,490 3,015 147 ,262 12,066 4,000 145,316 22 29,451 2,981 ,179 4,064 17,490 3,737 10,689 16,718 2,938 147 1,313 12,320 4,044 142,155 29,155 2,753 ,146 4,054 17,415 3,787 10,734 16,088 2,816 125 1,358 11,789 4,206 141,135 29 New York City 1960 4,605 599 113 159 2,859 875 2,236 3,981 57 150 3,732 ,401 33,279 Mar. 2 4,454 476 85 166 2,854 873 2,257 4,133 49 153 3,888 ,390 32,889 9 4,557 579 85 165 2,853 875 2,301 3,957 61 151 3,705 ,335 33,908 16 4,353 393 77 158 2,847 878 2,198 4,024 62 147 3,774 ,360 33,319 23 4,241 220 98 178 2,862 883 2,210 4,432 181 157 4,054 ,482 33,659 30 1961 Feb. 1 7,000 1,470 584 464 3,658 824 2,387 3,870 194 3,557 ,649 37,176 8 6,892 1,376 572 471 3,647 826 2,439 3,981 193 3,697 ,654 35,540 15 7,063 1,361 446 734 3,712 810 3,862 201 3,534 ,678 38,026 22 6,812 1,278 392 724 3,629 789 3,804 193 3,496 ,622 36,028 Mar. 1 6,840 1,293 396 725 3,640 786 2,576 3,713 183 ,657 37,652 8 6,696 1,135 487 728 3,564 782 2,681 3,721 188 ,734 36,484 15 6,810 1,254 489 735 3,554 778 2,724 3,596 184 ,722 37,767 22 6,418 909 481 712 3,545 771 2,708 3,986 183 ,787 36,714 29 6,220 723 463 726 3,536 772 2,743 3,726 197 3,370 ,875 36,731 Outside New York City 1960 Mar. 2 20,747 1,018 351 ,423 13,961 7,452 12,863 2,717 964 9,130 2,056 100,279 9 20,614 1,010 340 ,413 13,877 7,455 12,511 2,535 996 8,931 2,056 98,684 16 20,550 1,019 326 ,366 13,948 7,472 13,366 2,871 996 9,449 2,059 101,791 23 20,490 995 346 ,348 14,005 7,469 12,802 ,777 1,044 8,929 2,038 99,494 30 20,254 849 333 ,347 13,980 3,745 7,445 12,671 2,515 1,059 9,050 2,105 99,218 1961 Feb. 1 23,712 1,010 2,222 14,362 3,125 7,760 12,542 2,817 1,072 8,597 2,409 106,378 8 23,368 1,009 2,236 14,291 3,101 7,821 12,815 2,582 1,086 9,081 2,333 105,010 15 23,684 713 3,162 14,204 3,076 7,880 13,082 2,998 1,123 8,899 2,286 108,198 22 23,498 3,218 14,142 3,061 7,858 12,896 2,890 1,179 8,766 2,242 106,080 Mar. 1 23,425 2,360 685 3,228 14,106 3,046 7,845 12,593 2,874 1,053 8,609 2,315 106,696 8 23,333 2,328 695 3,276 14,058 2,976 7,907 12,514 2,629 1,075 8,743 2,279 104,839 15 23,426 2,412 710 3,312 14,012 2,980 7,932 12,894 2,954 1,078 8,801 2,278 107,549 22 23,033 2,072 698 3,352 13,945 2,966 7,981 12,732 2,881 1,130 8,655 2,257 105,441 29 22,935 2,030 683 3,328 13,879 3,015 7,991 12,362 2,723 1,161 8,419 2,331 104,404 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju e m D p s a a t o d e e n s - - d d it 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 i d 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 a d 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 S v d ta - t . . l S p s a i t o u c a n l a b t i d e l t - - s p v s a i I d h a 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 l O i 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 divi- checks, corpo- ings divi- corposions etc. rations sions rations Total - Leading Cities 1960 Mar. 2. 59,536 10,331 1,330 2,954 4,920 2,309 62,838 ,122 144 1,521 28,481 552 1,888 3,769 11,399 9. 59,594 10,330 1,400 1,701 4,656 2,118 62,112 ,129 143 1,518 28,566 528 2,164 3,809 11,399 16. 60,255 10,881 1,388 2,890 4,366 2,307 65,112 ,133 142 1,528 28,619 277 1,945 3,728 11,383 23. 59,172 10,390 1,378 3,097 4,658 2,171 62,165 ,131 143 1,544 28,705 238 1,999 3,815 11,379 30. 59,085 10,054 1,407 2.843 4,836 2,100 61,890 ,136 142 1,550 28,731 665 2,228 3.864 11,431 1961 Feb. 1 . .. 60,686 11,669 1,373 3,081 5,079 3,149 64,581 ,610 146 2,393 31,790 142 ,460 4,969 12,112 60,224 11,625 ,431 2,314 4,801 2,302 63,057 ,617 140 2,405 31,895 412 ,476 4,946 12,129 15. 59,363 12,232 ,416 3,701 4,747 2,997 65,665 ,608 141 2,425 31,948 435 ,777 5,018 12,114 22. 59,389 11,188 ,387 3,810 4,931 2,370 63,197 ,609 143 2,406 32,057 272 ,482 5,132 12,124 ! Mar. 1 . 59,291 11,683 ,371 3,819 5,008 3,118 64,118 ,603 141 2,390 32,130 ! 24 ,648 5,132 12,163 58,970 11,873 ,552 2,264 4,593 2,694 62,620 ,614 142 2,413 32,298 i 132 ,810 5,151 12,167 15.... 60,808 12,049 ,453 2,659 4,516 3,020 66,329 1,616 149 2,346 32,395 i 24 1,761 4,850 12,149 22 59,706 11,415 ,427 3,211 4,736 2,494 63,476 1,623 151 2,368 32,486 | 35 1,592 4,986 12,155 59,488 10,842 ,502 2,858 4,777 2,605 62,730 1,623 151 2,409 32,647 \ 59 1,590 5,131 12,211 29.... New York City 1960 15,277 2,782 1,020 744 328 1,255 17,002 854 25 59 3,203 883 1,756 3,368 Mar. 2 15,113 2,790 1,083 475 308 1,174 16,727 858 24 60 3,252 13 987 1,772 3,366 2 1 9 3 6 1 1 1 5 4 5 , , , 8 5 1 4 1 5 1 7 4 2 2 3 , , , 9 8 0 6 2 0 7 9 8 1 1 1 , , , 0 0 0 6 7 5 0 7 6 7 9 8 2 2 0 9 2 2 2 2 3 8 9 6 3 1 2 1 1 1 , , , 2 1 1 1 4 9 8 0 2 1 1 1 7 6 6 , , , 6 7 9 5 2 6 5 7 9 8 8 87 7 6 5 2 2 2 2 2 4 4 4 6 6 6 0 1 4 3 3 3 , , , 2 3 3 7 2 1 1 6 4 10 7 7 9 2 6 5 6 3 2 1 1 1 , , , 7 7 8 0 5 3 8 0 2 3 3 3, , , 3 3 3 6 5 5 7 6 8 30 1961 Feb. 1 15,127 3,334 1,060 947 296 2,143 17,281 1,213 27 250 3,851 20 787 2,424 3,543 8 15,087 3,083 1,120 715 283 1,417 16,717 1,213 25 255 3,887 48 770 2,458 3,549 15 14,807 3,488 1,095 1,015 287 1,895 17,820 1,208 27 254 3,896 35 975 2,479 3,552 22 14,994 3,041 1,086 974 382 1,431 16,935 1,207 27 254 3,934 22 698 2,487 3,550 Mar. 1 15,026 3,331 1,079 996 290 2,056 17,559 1,203 27 240 3,942 892 2,482 3,555 8 14,675 3,372 1,213 579 274 1,778 16,815 1,202 27 243 4,012 835 2 589 3,545 15 15,541 3.482 1,128 646 287 1,797 18,110 1,212 27 218 4,154 703 2,456 3,547 22 14,964 3.312 1,121 924 276 1,428 17,201 1,212 27 215 4 183 700 2 568 3,547 29 15,082 3,146 1,160 821 315 1,606 17,229 1,210 27 220 4,270 476 2,706 3.545 Outside New York City 1960 Mar. 2 44,259 7,549 310 2,210 4,592 1,054 45,836 268 119 1,462 25,278 552 1,005 2,013 8,031 9 44,481 7,540 317 1,226 4,348 944 45,385 271 119 1,458 25,314 515 1,177 2,037 8,033 16 44,738 7,914 328 2,161 4,104 1,089 47,457 271 118 1,468 25,348 267 1,219 2,020 8,027 23 44,331 7,382 322 2,175 4,375 979 45,438 259 119 1,483 25,391 238 1,247 2,065 8,021 30 43,931 7,225 330 2,041 4,445 960 44,921 261 118 1,486 25,405 665 t,265 2,032 8,064 1961 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 Mar. 1 44,265 8,352 292 2,823 4,718 1,062 46,559 400 114 2,150 28,188 24 756 2,650 8,608 8 44,295 8,501 339 1,685 4,319 916 45,805 412 115 2,170 28,286 132 975 2,562 8,622 15 45,267 8,567 325 2,013 4,229 ,223 48,219 404 122 2,128 28,241 24 ,058 2,394 8,602 22 44,742 8,103 306 2,287 4,460 1,066 46,275 411 124 2,153 28,303 35 892 2,418 8,608 29 44,406 7,696 342 2,037 4,462 999 45,501 413 124 2,189 28,377 59 1,114 2,425 8,666 i Demand deposits other than interbank and U. S. Govt., less cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS LOANS OF BANKS 439 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 Period 2 t l o F iq b a o u n a o o c d d c r , o , T a l p e e a a p x n t t a h i d r l e e e r s l, , M m p u a r c e e n o t t t s d a d a l 3 - l s ch r P l e u c e a e m o b u n t a b r m i d l c o e , , a - r l, Other ( r T w e s a r h t a n a a o l d d e i l l e e ) - m d C e o a o d l m e it r - y s u P p t ( t t r o u i i i a n l o r b i n c n t t l i a l s i ) e . c - - s s C t t i r o o u n n c - - bu o ty A s t o h p in f l e e l e r s ss c c h l N f a a ie n s e d s g t i e - s ch r w b e a i a e a n i p a n n e n n d o l g k g l d k r ' e l l t s y — - 1959—July 8-Dec 698 -58 -148 248 26 151 738 480 11 -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 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 Mar -36 92 148 12 122 99 -39 36 5 219 657 711 Week ending: 1961—Jan 4 -14 -3 -113 50 -38 -57 -21 63 -7 35 -105 -138 11 -76 -8 -3 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 -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 n -45 -22 15 32 38 60 8 27 12 35 8 14 236 244 22 -5 24 17 -13 14 21 -17 -57 -11 14 -14 -41 Mar. 1 -3 18 5 -3 27 24 8 -72 -13 48 39 55 8 . . -50 20 12 -8 12 10 7 -24 -5 14 -13 -30 15 45 34 189 42 48 52 -19 119 20 112 641 725 22 -9 11 -29 14 10 21 -15 7 -12 33 32 29 29 -19 9 -30 -33 26 -7 -20 6 14 12 -42 -68 i 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 i [Weighted averages. Per cent per annum] Size of loan Size of loan p A e a r r n i e d o a d lo A a l n l s (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r r n i e d o a d lo A a l n l s (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly (cont.):2 19 large cities: New York City: I960—Mar 5.18 5.81 5.63 5.41 5.10 1952 3 5 4.9 4.2 3.7 3.3 June 5.19 5.81 5.64 5.42 5.10 1953 3.7 5.0 4.4 3.9 3.5 Sept.. . . 4.74 5.73 5.45 5.00 4.62 1954 . . .. 3.6 5.0 4.3 3.9 3.4 Dec 4.77 5.73 5.42 4.99 4.66 1955 3.7 5.0 4.4 4.0 3.5 1961_Mar 4 75 5 67 5 40 5 03 4 64 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 I960—Mar 5 34 5 95 5 73 5 47 5 24 1959 5.0 5.8 5.5 5.2 4.9 5.34 5.94 5.72 5.52 5.24 1960 . . 5.2 6.0 5.7 5.4 5.0 Sept 4.96 5.90 5.54 5.21 4.81 Dec 4.97 5.86 5.52 5.19 4.83 1961—Mar 4.96 5.85 5.49 5.20 4.82 Quarterly:2 19 large cities: 11 Southern and Western cities: I960 Mar 5 34 6 01 5 75 5 50 5 21 I960—Mar. 5 57 6 12 5 83 5 57 5 40 June 5.35 6.00 5.76 5.53 5.22 June 5.58 6.10 5.84 5.61 5.41 Sept 4.97 5.94 5.58 5.21 4.78 Sept 5.32 6.04 5.68 5.34 5.10 Dec 4.99 5.90 5.56 5.21 4.82 Dec 5.33 6.00 5.65 5.36 5.12 1961 Mar 4.97 5.89 5.53 5.20 4.80 1961—Mar 5.29 5.99 5.62 5.31 5.09 2 1 B F a o s r e d d e o sc n r i n p e t w io n lo s a e n e s t a h n e d B r U e L n L e E w T a IN ls f f o o r r M fir a s r t c 1 h 5 1 d 9 a 4 y 9 s , o p f p . m 2 o 2 n 8 t h 3 . 7. O pe c r t . c 1 e 4 n , t ) 3 : V £ 1 ; 9 5 1 3 9 — 56 A — p A r. p r 2 . 7 1 , 3 3 , * 3 4 Y ; 4; 1 9 A 5 u 4 g — . M 21 a , r 4 . ; 1 1 7 9 , 5 7 3 — ; A 19 u 5 g 5 . — 6, A 4 u V g £ . ; 4 1 , 9 5 3 8 V — 4; NOTE.—Bank prime rate was 3 per cent Jan. 1, 1952-Apr. 26, 1953. Jan. 22, 4; Apr. 21, 3V£; Sept. 11, 4; 1959—May 18, 4V2; Sept. 1, 5; and Changes thereafter occurred on the following dates (new levels shown, in I960—Aug. 23, 4%. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government securities (taxable)4 Prime Finance com- company Prime mercial paper bankers' 3-month bills 6-month bills 9- to 12-month issues Year, month, or week m 4 p - o a n t p o t e h r 6 s , - i m d 3 p i - o r l a e t n o c c t e t h l 6 d y s - 2 , 9 a 0 a c n c d c e a e p y s t s , - 3 on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et (m y B i a e i r l l l k d s ) et Others 3 is - y s t e u o a e r s 5 6 - 1958 average 2.46 2.12 2.04 1.839 1.78 2.09 2.90 1959 average 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 I960 average 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 I960—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 Mar 3.03 2.76 2.94 2.420 2.39 2.591 2.54 2.76 2.86 3.43 Week ending: 1961 Mar 4 3.13 2.84 2.88 2.594 2.56 2.779 2.75 2.86 2.99 3.49 11 3.13 2.88 2.98 2.485 2.44 2.674 2.56 2.76 2.91 3.36 18 3.03 2.78 3.00 2.352 2.35 2.455 2.47 2.71 2.82 3.44 25 2.93 2.68 2.93 2.278 2.28 2.471 2.45 2.71 2.78 3.45 Apr 1 2.97 2.63 2.88 2.392 2.38 2.576 2.54 2.78 2.86 3.43 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 3 Stocks 5 State By selected By Dividend/ Earnings/ Year, month, or week United and local 3 ratings groups price ratio price ratio States Total4 (longterm)2 Total 4 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 averaee 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 averaee 4.01 3.69 3.26 4.22 4.73 4.41 5.19 4.59 4.92 4.69 4.75 3.46 I960 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 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 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 p5 44 1961 Jan 3.89 3.56 3.15 4.06 4.65 4.32 5.10 4.52 4.86 4 57 4 73 3 28 Peb 3.81 3 54 3 14 4 06 4 59 4 27 5 07 4 46 4 82 4 51 4 68 3 13 Mar 3.78 3 60 3 23 4 11 4 54 4 22 5 02 4 40 4 78 4 43 4 66 3 04 Week ending: 1961 Mar 4 3.77 3.52 3.13 4.05 4 56 4 23 5 04 4 41 4 80 4 46 4 66 3 06 11 . . .. 3 75 3 56 3 18 4 09 4 55 4 22 5 02 4 40 4 79 4 44 4 67 3 06 18 3 78 3 62 3 26 4 12 4 53 4 21 5 02 4 39 4 78 4 43 4 67 3 06 25 3.80 3.66 3.29 4.16 4.53 4.22 5.02 4.39 4.77 4.42 4.65 3.00 Apr 1 3.81 3.65 3.30 4.11 4.53 4.22 5.02 4.39 4.77 4.42 4.66 2.99 4 Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of corporate bonds in some groups has varied somewhat. 5 Standard and Poor's Corporation. Preferred stock ratio is based on 8 median yields for a sample of noncallable issues—12 industrial and l s A t J o l c H k I H I a M r e I 3 a tl_ s / W o I\ f .O e j n K d Jll o T f T V p U e L r l i V o J d U . Wj 2 public utility. For common stocks, the ratios are based on the 500 2 Series is based on bonds maturing or callable in 10 years or more. stocks in the price index. Quarterly earnings are seasonally adjusted 3 Moody's Investors Service. State and local govt. bonds include gen- at annual rates. eral obligations only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 441 SECURITY PRICES^ Bond prices Common stock prices Volume Standard and Poor'sindex Securities and Exchange Commission index of (1941-43= 10) (1957-59= 100) trad- Year, month, Cor- ing 4 or week U.S. Mu- po- (in Govt. nicipal rate Manufacturing Trade, thou- (long- (high- (high- In- Pub- Trans- Pub- fi- sands term) 2 grade)3 grade)3 Total dus- Rail- lic Total porta- lic- nance, Min- of trial road util- Du- Non- tion util- and ing shares. ity Total rable du- ity servrable ice Number of issues 15 17 500 425 25 50 300 193 108 85 18 34 45 10 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 1960—Mar 85.32 101.9 93.9 55.02 58.71 31.01 44.60 112.1 109.9 115.8 104.5 97.4 124.0 122.2 75.7 2,857 Apr 84.24 102.3 94.2 55.73 59.46 30.59 45.53 113.5 111.0 118.3 104.3 96.5 127.1 125.3 73.4 2,865 May 84.39 102.2 94.1 55.22 58 84 30.18 45.75 113.2 110.7 118.7 103.3 95 8 126.4 125.8 70.9 3,277 June 86.50 103.1 94.2 57.26 61.06 30.81 47.35 117.0 114.6 123.4 106.6 97.1 129.8 132.1 70.3 3,479 July 88.12 103.9 94.8 55.84 59.25 30.19 48.02 114.5 111.2 119.0 104.0 95.7 131.0 131.0 68.6 2,694 Aug 88.93 106.7 96.4 56.51 59 96 30.19 48.65 115.6 112.2 119.8 105.1 96.1 132.6 131.8 71.6 2,841 Sept 88.57 106.7 96.8 54.81 57.96 28.76 48.64 112.1 107.6 114.1 101.7 91.5 134.2 127.2 70.1 2,898 Oct 87.50 105.9 96.0 53.73 56.90 27.77 47.34 109.1 104.9 109.4 100.8 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 Mar 89.07 108.9 97.0 64.12 67.83 32.93 57.06 129.8 123.9 127.8 120.3 104.2 159.2 146.7 89.2 5,365 Week ending: 1961—Mar. 4 89.28 110.3 97.0 63.59 67 27 32 81 56.58 129.1 123.3 127.0 119.9 103.2 158 6 144.9 88.0 5,421 11 89.46 109.3 97.1 63.59 67.34 32.39 56.24 128.1 122.4 126.6 118.5 102.0 156.6 145.1 87.6 5,805 18 89.12 108.5 97.1 63.88 67.63 32.39 56.75 130.4 125.2 129.6 121.1 103.8 157.0 147.3 90.3 5,292 25 88.81 108.2 97.0 64.65 68 34 33 72 57 72 130.1 124.0 127 8 120.5 106 6 159 6 147.4 90 1 5,397 Apr. 1 88.70 108.2 97.0 64.68 68.34 33.47 57.99 131.3 124.6 128.2 121.3 105.5 164.4 148.6 90.2 4,940 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a S^-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 firms2 chasing and carrying securities3 net U. S. Govt. free obligations credit (col. 3 + Secured by Secured by U. S. Govt. Other On On balances col. 5) U. S. Govt. other obligations securities U. S. Govt. other obligations securities obligations securities 1957—Dec. 3,576 68 2,482 60 ,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 1960—Mar. 4,158 117 3,028 136 ,130 161 2,059 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 ,062 Dec. 4,406 95 3,222 134 ,184 142 2,133 ,135 1961—Jan.. 4,416 77 3,253 123 ,163 101 1,937 ,269 Feb. 4.524 68 3.358 127 ,166 94 1,905 ,392 Mar. 4,778 55 3,604 110 ,174 70 1,927 ,507 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

442 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS* ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed P di l r a e c c e t d - Total Banks p I o m rt - s p E o x rt - s Dollar ship p p o e i d n t b s e i t n w : een Total through ly Others into from exdealers i (finance To- Own Bills For- United United change paper) 2 tal bills bought Own eign States States United Foreign acct. corr. States countries 1955 , 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 , 3 2,744 840 3 1,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,118 627 2,491 ,151 319 282 36 75 82 675 357 309 74 162 249 I960—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 4,269 888 3,381 1,336 320 247 73 30 167 819 373 461 128 109 266 May! 4,492 920 3,572 263 310 237 74 29 161 763 352 474 87 65 286 June, 4,459 1,021 3,438 U382 311 229 82 30 182 859 375 501 94 91 321 July. 4,652 \116 3,536 1,561 404 299 104 29 180 948 400 545 166 76 373 Aug. 4,920 ,266 3,654 [,656 424 316 108 33 204 996 407 594 179 83 393 Sept. 4,558 ,263 3,295 [,668 392 284 108 42 204 1,031 409 632 123 107 398 Oct.. 5,056 ,365 3,691 [,753 501 356 145 39 196 1,017 405 633 139 157 419 Nov. 5,097 ,380 3,717 1,868 628 454 175 48 227 965 401 647 146 229 445 Dec.. 4,312 ,252 3,060 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961—Jan.. 4,949 ,404 3,545 2.029 725 514 210 46 197 1,061 400 677 118 299 535 Feb.. 4,907 ,418 3,489 2,049 730 554 176 46 179 1,093 388 702 104 291 563 1 As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series revised to include all paper other commercial paper sold in the open market. with maturity of 270 days and over. Figures on old basis for December 2 As reported by finance companies that place their paper directly with were (in millions of dollars): Total 2,731; place directly, 1891. investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars] Loans Securities Total E o n r d m of o n y t e h ar M ga o g r e t- Other G U o .S v . t. S g l a o o t n c a v d a t t e l . C o r o t a h a n r e t p d e r o 1 - a C s a se sh ts O as t s h e e ts r a s l s a T u i s a a t c r o e i b n p c e t t i d t s l s a l s u — i l . - s Deposits l O ia t t i b h e i s e li r - S c u o a r u c p n - lu ts s N M c u o m o m r b m tg e i r a t ! j ]n A en m t o s* unt 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 I960 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 1,028 July 25 812 435 6,514 691 4,965 771 572 39,760 35,484 795 3,481 53,276 1,031 AUK 26,018 449 6,544 686 4,957 765 564 39,983 35,589 878 3,516 56,013 1,090 SeDt 26,214 435 6,512 687 4,989 787 592 40,216 35,867 806 3,543 58,782 1,164 Oct 26,382 417 6,356 681 4,985 779 585 40,185 35,923 740 3,522 60,396 1,205 Nov . . .. 26,553 425 6,288 676 5,019 788 590 40,339 35,962 810 3,567 60,420 1,242 Dec 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961—Jan 26,863 412 6,349 667 5,079 825 610 40,804 36,513 728 3,563 63,470 1,241 n.a. Not available. 3 Data reflect consolidation of a large mutual savings bank with a com- 1 Includes securities of foreign governments and international organiza- mercial bank. tions and obligations of Federal agencies not guaranteed by the U. S. NOTE.—These data differ somewhat from those shown elsewhere in Government, as well as corporate securities. the BULLETIN; the latter are for call dates and are based on reports filed 2 Not a balance-sheet item. Data represent commitments outstanding with Federal and State bank supervisory agencies. Loans are shown of banks in New York State as reported to the Savings Banks Association net of valuation reserves. of the State of New York. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 443 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U S n ta i t t e e s d Foreign 2 Total Bonds Stocks Mort- e R st e a a t l e P lo o a li n c s y O as t s h e e t r s 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 ,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 ,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 ,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 ,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 ,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 ,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 End of month:4 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... 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 1961—Jan.. 120.467 6,545 3,671 ,665 51,306 47,211 4,095 42,008 3,813 5,303 6,156 1 Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest * Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars Assets Liabilities Tntnl xoiai Mortgage E o n r d m of o n y t e h ar g M ag o e rt s - 2 o G U b o l . i S v g . t a . - Cash Others a li s a T s b e o i t l t s i a t — i l es 2 S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n o e w y e 4 d L p o r a o n c s e s i s n Other c m o l m e o n a m n 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 1 546 1*411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 l!,347 l*,430 843 1957 40,007 3,173 2,146 2,770 48,138 41 912 3*363 1 '379 1 ' AUd 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3*845 1*444 161 ' 713 1.475 1959 53,194 4,477 2,183 3,676 63,530 54,583 4,393 2*387 ',293 874 ,285 I960 60,084 4,586 2,715 4,104 71,489 62,154 4 982 2 191 183 979 ,360 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 ,370 ,482 Apr 55,020 4,714 1,870 3,821 65,425 56,455 4,424 1,722 ,271 ,553 ,560 May. . . . 55,655 4,735 1,950 4,024 66,364 57,085 4,430 1,727 ,325 ,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 1,811 1,367 1,227 ,647 Aug 57,763 4,532 2,073 3,841 68,209 58,939 4,637 1,833 1,353 1,447 ,635 Sept 58,406 4,533 2,097 3,904 68,940 59,541 4,640 1,882 1,313 1.564 ,559 Oct 59,011 4,553 2,201 3,989 69,754 60,208 4,640 1,868 1,280 U758 [,509 Nov 59,512 4,589 2,287 4,142 70,530 60,766 4,649 1,919 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 1,360 1961—Jan 60,455 4,679 2,620 3,997 71,751 62,745 4,980 1,726 1.114 1,186 1,425 n.a. Not available. declined consistently in recent years and amounted to $42 million at the 1 Figures are for all savings and loan associations in the United States. end of 1957. Data beginning with 1951 are based on monthly reports of insured 3 Includes other loans, stock in the Federal home loan banks and other associations and annual reports of noninsured associations. Data prior investments, real estate owned and sold on contract, and office buildings to 1951 are based entirely on annual reports. and fixtures. 2 Prior to 1958 mortgages are net of mortgage pledged shares. Asset 4 Consists of FHLB advances and other borrowing. items will not add to total assets which include gross mortgages with 5 Not a balance-sheet item. no deductions for mortgage pledged shares. Beginning with January NOTE.—Data for 1960 and 1961 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

444 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1 [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Year or Profits In- Profits Cash Undis- Year or quarter b t e a f x o e r s e c ta o x m e e s t a a f x te e r s d d e i n v d i- s tr p i r b o u fi t t e s d quarter New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1952... 36.7 19.5 17.2 9.0 8.3 1953... 38.3 20.2 18.1 9.2 8.9 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1954... 34.1 17.2 16.8 9.8 7.0 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1955... 44.9 21.8 23.0 11.2 11.8 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1956... 44.7 21.2 23.5 12.1 11.3 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1957... 43.2 20.9 22.3 12.6 9.7 1957 14 350 3,609 10,741 9 638 2,584 7,053 4,712 1,024 3,688 1958... 37.7 18.6 19.1 12.4 6.7 1958 14,761 5,296 9,465 9,673 3,817 5,856 5,088 1,479 3,609 1959... 47.0 23.2 23.8 13.4 10.5 1959r 12 855 4 858 7 998 7 125 3 049 4 076 5,730 1,809 3,922 I960 12,958 4,760 8,198 8,044 3,010 5,034 4,914 1,751 3,164 1958—3 38.8 19.1 19.6 12.6 7.0 4 44.9 22.1 22.7 12.0 10.8 1959_4r # 3,517 1,096 2,421 2,080 710 1,370 1,437 386 1,051 1959—1 46.4 22.9 23.5 13.0 10.5 I960 1r . 2,950 1,211 1,739 1.608 728 880 1,341 482 859 2 51.7 25.5 26.2 13.2 12.9 2r 3,101 1,163 1,937 i;808 in 1,090 1,293 446 847 3 45.3 22.3 22.9 13.6 9.3 3r 3,293 1,215 2,077 2,055 849 1,206 1,238 366 872 4 44.8 22.1 22.7 13.8 8.9 4 3,615 1,171 2,445 2,573 715 1,859 1,042 456 586 1960—1 48.8 23.8 25.0 13.9 11.0 2 45.7 22.3 23.4 13.9 9.5 r Revised. 3 41.5 20.3 21.3 14.0 7.3 1 Reflects cash transactions only. As contrasted with data shown on p. 446 new issues 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 NOTE.—Quarterly data are at seasonally adjusted issues and cash proceeds connected with conversions of bonds into stocks. Retirements annual rates. include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 446 CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities End of year Net Notes and accts. Notes and accts. Federal or quarter working U.S. receivable payable income capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total l t i a a x - Other ties G U o . v S t . .2 Other G U o . v S t . .2 Other bilities 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 1958r 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 1 7 88.7 12.9 33.3 1959 3»- 125.9 272.3 35.6 21.9 2.7 116.5 86.7 8.9 146.4 1.7 94.9 14.3 35.6 4r 127.5 278.7 37.2 22.6 2.9 119.0 88.2 8.8 151.2 1.7 99.0 15.3 35.2 I960— P 129.7 281.3 33.8 22.4 2.9 120.3 91.9 9.9 151.6 .8 99.6 13.9 36.2 2r 130.2 283.0 34.6 20.7 2.9 122.8 92 A 10.0 152.9 .8 101.3 12.9 36.9 3r 131.6 285.8 35.0 19.3 2.9 125.8 92.6 10.1 154.2 1.8 101.9 13.4 37.2 4 . . 132.5 287.4 37.0 19.7 3.1 126.5 91.3 9.8 154.9 I 8 102.6 13.8 36.8 r Revised. 2 Receivables from, and payables to, the U. S. Government exclude 1 Excludes banks, savings and loan associations, and insurance compa- amounts offset against each other on corporations' books. nies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Total Year Total f M a i c a n t n u g u r- - M in i g n- R ro a a i d l- Other P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 Quarter Total fa m a i i c n n n i t n u g g d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 ( a a s j l u r e n l a y a s n t t s u e a e o ) a d d n l - - 1953 28.3 11.9 .0 1.3 1.6 4.6 1.7 6.3 1959_4 9.0 3.8 .8 1.5 2.9 33.6 1954 26.8 11.0 .0 .9 1.5 4.2 1.7 6.5 1955 28.7 11.4 .0 .9 1.6 4.3 2.0 7.5 1960—1 7.9 3.3 .7 1.2 2.7 35.2 1956 35.1 15.0 1.2 1.2 1.7 4.9 2.7 8.4 2 9.3 4.0 .8 1.4 3.0 36.3 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 3 9.0 3.9 .7 1.5 2.9 35.9 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 4 9.5 4.3 .7 1.6 3.0 35.5 1959 32.5 12.1 1.0 .9 2.0 5.7 2.7 8.2 1960 35.7 14.5 L.O 1.0 1.9 5.7 3.1 8.4 1961—14.... 7.7 3.2 .6 1.2 2.7 34.4 196H 34.6 14.1 1.0 .6 1.9 6.2 10.8 24.... 8.7 3.8 .7 1.5 2.7 33.8 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 445 SALES, PROFITS AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual tot Quarterly totals Industry 1959 1960 1956 1957 1958 1959 1960 2 3 4 • 2 3 4 Manufacturing Total (180 corps.): Sales 107 717114,229 105,134 115.874 120,742 32,452 26,872 26.995 31.573 30 924r28 103 30 142 Profits before taxes 13,418 13,349 10,466 14.013 13,363 4,643 2,440 3.032 4.002 3.544 '2,710 3,107 Profits after taxes 7,094 7,177 5,714 7,259 7,075 2,499 1,099 1.645 2.063 1 813 rl 499 1 701 Dividends 4,068 4,192 4,078 4.361 4,482 1,029 1,051 1.247 1.092 1 099 '1 101 1 191 Nondurable goods industries (79 corps.):1 Sales 39,463 41,740 41,541 45,718 46,819 11,450 11,414 11,769 11 599 11 663rll 616 11 941 Profits before taxes • 5 146 5 010 4 402 5 606 5,524 1,482 1 391 1 356 1 407 1 421 r\ 404 1 292 Profits after taxes 2.943 2,944 2,574 3,131 3,159 808 780 775 785 797 'r814 762 1,683 1,776 1,785 1,916 1,968 445 448 564 482 486 '482 518 Durable goods industries (101 corps.):2 Sales 68,254 72,525 63,593 70,156 73,923 21,001 15,458 15,226 19,974 19 260 16 487 18 201 8.272 8,339 6.065 8.407 7,839 3,161 1.049 1.675 2,595 2,123 '1 306 1 815 Profits after taxes 4 151 4,233 3,140 4.128 3,916 1.692 319 870 1,277 1 016 r684 939 2,385 2,416 2,294 2.445 2,M4 585 603 683 610 612 r619 673 Selected industries: Foods and kindred products (25 corps.): Sales 9 394 9.987 10,707 11,937 11,814 2.947 2,986 3.218 2.821 2 928 r2 943 3 122 Profits before taxes 955 1,024 1,152 1,275 1,323 322 340 326 303 338 '345 338 Profits after taxes 460 497 555 604 629 153 162 154 142 159 '162 166 277 289 312 343 376 78 79 100 92 88 100 95 Chemicals and allied products (21 corps.): Sales . 10,199 10,669 10 390 11 593 12,319 3.054 2.964 2 804 3 057 3 146 3 096 3 020 1,804 1,823 1,538 2.133 1,999 595 550 495 537 534 r489 440 Profits after taxes 942 948 829 1.107 1,062 302 282 269 276 281 r256 250 698 737 717 799 794 177 179 2M 191 186 '187 230 Petroleum refining (16 corps.): Sales 12,454 13 463 12 838 13 413 13.728 3.228 3 281 3 458 3 427 3 282 r3 385 3 635 1,444 1 .325 919 1,194 1,259 300 259 274 307 292 r364 296 Profits after taxes 1,068 1.075 791 913 984 220 215 215 238 226 r292 228 Dividends 481 512 516 523 511 128 128 134 130 130 128 123 Primary metals and products (35 corps.): Sales 22.365 22.468 19,226 20,978 20,898 7.110 3.644 4 603 6,003 5.442 4 939 4 513 Profits before taxes . 3 331 2 977 2 182 2.329 2,262 1.183 -88 413 854 611 r41l 387 Profits after taxes 1,727 1 540 1 154 1.127 1,178 695 -215 231 426 322 r224 205 Dividends 880 873 802 831 840 204 204 221 206 208 r208 219 Machinery (25 corps.): Sales . 13,908 15.115 14.685 16 472 16,503 4.189 4.100 4.331 4 000 4.171 4 015 4 316 Profits before taxes 1,209 1.457 1.463 1.854 1.485 504 462 466 389 395 366 335 607 729 734 933 761 254 231 237 197 202 '185 177 Dividends 403 416 422 461 482 106 123 119 121 119 120 123 Automobiles and equipment (14 corps.): Sales 21,217 23,453 18.469 20.593 24,175 6,585 4,624 3,124 7,022 6 516 4 502 6 134 Profits before taxes 2 473 2.701 1 332 2,987 3 100 1,117 356 503 1,076 936 273 815 Profits after taxes 1,186 1,354 706 1,470 1,529 570 155 254 521 457 400 Dividends 791 805 758 810 833 196 197 233 199 199 207 228 Public Utility Railroad: 10 551 10,491 9 565 9.826 9 515 2 633 2.368 2 437 2.411 2 477 2 322 2 304 Profits before taxes 1.268 1.058 843 848 649 310 127 243 165 212 104 169 876 737 602 578 445 207 86 186 99 139 65 141 462 438 419 403 383 82 78 127 91 94 73 126 Electric Power: Qneratinc revenue 9,049 9,670 10,195 11,102 11,849 2.644 2,685 2.845 3.172 2,841 r2,867 2,969 Profits before taxes 2.462 2,579 2,704 2,988 3,149 682 713 739 901 739 757 752 Profits after taxes . 1 326 1 413 1 519 1,669 1 795 385 392 422 502 422 418 452 1,022 1.069 1,134 1,213 1,302 302 301 306 325 321 322 335 Telephone: Ooeratins revenue 5,966 6,467 6,939 7,572 8,111 1,891 1,909 1,947 1.967 2.025 2,042 2,077 Profits before taxes 1,430 1,562 1,860 2,153 2,326 551 537 543 558 585 589 594 Profits after taxes 715 788 921 1,073 1.155 272 268 275 277 290 294 294 552 613 674 743 806 183 190 192 196 200 203 207 r Revised. Bell System Consolidated (including the 20 operating subsidiaries and 1 Includes 17 companies in groups not shown separately. the Long Lines and General departments of American Telephone and 2 Includes 27 companies in groups not shown separately. Telegraph Company) and for two affiliated telephone companies, which NOTE.—Manufacturing corporations. Data are obtained primarily together represent about 85 per cent of all telephone operations. Divifrom published company reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric Power. Figures are for Class A and B electric utilities (which series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 account for about 95 per cent of all electric power operations) and are (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public obtained from reports of the Federal Power Commission, except that utilities); and p. 908 of the BULLETIN for September 1944 (electric power). quarterly figures on operating revenue and profits before taxes are partly For back data for manufacturing, see pp. 792-93 of the BULLETIN for estimated by the Federal Reserve to include affiliated nonelectric opera- July 1959; back data for other series are available from the Division of tions. Research and Statistics. Telephone. Revenues and profits are for telephone operations of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 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 Newcapital Year or Remonth State Bonds m tir e e n - t Total G U o . v S t . .3 a F e c g e r y e a d n 4 l - - n m a p i n a c u d l i - - Others Total Total P li u cl b y - v P at r e i- ly •f s P e to r r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey7 O p p o t u h s r e e - s r s ri e o t c i f e u s offered placed 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,755 }3,495 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 7,4?0 4,119 3,301 635 2,185 10 049 I* 821 7 957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,00? 4,225 3,777 636 2,301 10,749 10,384 9 66T 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 11784 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 <),392 8 578 814 135 1960 . 27,576 7,906 1,672 7,230 609 10,159 8,122 4,817 3,305 393 1,644 9,936 <),655 8 905 750 282 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 [,034 985 50 51 July.... 1,626 353 475 28 770 648 415 234 21 101 753 727 65? 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 1961—Jan 1,712 455 706 6 544 414 178 236 31 99 534 526 499 27 7 :Proposed uses of net proceeds, major groups of corporate issuers YesIT 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 i n e a s n ta c t i e al >nth Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital* secu- capital * secu- capital* secu- capital* secu- capital* secu- capital* 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 ?70 ,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 7,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 ,821 51 1,441 4 1,701 67 1958 . 3,265 195 867 13 778 38 ,605 138 1,294 118 1 014 47 1959 1,941 70 812 28 942 15 3,189 15 707 1,801 6 I960 2,052 73 798 37 659 40 ,738 50 1,023 2,384 81 I960 Jan 68 5 64 57 1 155 36 196 51 Feb 64 4 101 2 21 245 2 81 203 (9) Mar 185 1 122 5 71 198 6S 1 215 6 Apr 171 2 46 1 56 (9) 302 52 139 2 May . 93 3 69 6 80 144 3") 143 1 252 2 49 33 35 362 3 64I 275 9 July.... 183 1 39 9 48 127 15 51 274 2 AUE 224 1 50 92 222 161 212 4 Sept.... 163 3 47 1 52 1 302 1 85 84 3 Oct 191 5 65 6 28 183 10 253 154 1 Nov 252 27 79 2 34 317 2"r 249 1 Dec..... 205 19 67 2 86 182 9' 240 3 1961—Jan 115 2 25 1 81 1 137 AI 164 4 1 Estimates of new issues maturing in more than one year sold for cash tion and Development, and domestic eleemosynary and other nonprofit in the United States. organizations. 2 Gross proceeds are derived by multiplying principal amounts or num- 6 Estimated net proceeds are equal to estimated gross proceeds less cost ber of units by offering price. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 3 Includes guaranteed issues. 7 Represents proceeds for plant and equipment and working capital. 4 Issues not guaranteed. * Represents all issues other than those for retirement of securities. 5 Represents foreign governments, International Bank for Reconstruc- 9 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY ISSUES; FEDERAL FINANCE 447 NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer* 1Use of proceeds2 Total Period Total G g o a e b a t n i l l o e i- r n - R n e u v e e- A P H u i u i o t t n b y h u g l s o s ic r - - F l G o e a a o d n l e v s r t 4 - State S d a s i u p t a t s o a e t n t h r t c r d y u i o i c a - r t l - Others a d e m r e e o l d i u v < n - t Total c E a d ti u o - n R br a o i n d a d g d e s s W s o u e a t t a t i w n h i e t l d e e s e i- r r r , h R d i t o n e e i g u a s n l s i 7 - - - V a a e n i t s d e * 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 1,333 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 1,414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 1,464 1957 «7,150 4,795 1,964 66 324 1,508 1,279 4,362 6,568 7,099 2,551 1,041 1,524 299 333 1,352 1958 .. . . 7,832 5,446 1,778 187 420 2,016 1,368 4,448 7,708 7,746 2,644 1,172 1,403 530 339 1,657 1959 7,880 4,766 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 4 126 1960—Jan... 741 449 245 47 176 157 409 480 736 219 31 107 39 50 290 Feb... 631 364 152 103 12 7 272 352 632 623 181 77 105 108 151 Mar.. 578 467 84 27 154 89 335 639 575 217 79 56 18 50 155 Apr... 734 448 248 20 18 57 247 430 545 729 312 136 113 27 141 May.. 555 293 111 133 17 65 52 437 729 551 140 15 120 144 131 June.. 1,031 547 421 63 232 342 457 544 1,030 297 58 184 54 51 386 July.. 572 338 134 1 99 18 128 426 932 571 148 68 123 95 137 Aug.. 601 347 243 11 73 307 221 495 599 163 231 106 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 25 101 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. 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. « 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. * 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. » Less than $500,000. 4 Beginning with 1957, coverage is considerably broader than earlier. UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MARCH 31, 19611 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Apr. 6, 1961 1,501 Sept. 14, 1961 500 Feb. 15, 1963 2% 3,971 Dec. 15, 1964-69... 2% 2,559 Apr. 13, 1961 1,501 Sept. 21, 1961 500 Apr. 1,1963 \Vi 533 Feb. 15, 1965 2% 6,896 Apr. 15,1961 2,001 Sept. 28, 1961 500 May 15, 1963 4 1,743 Mar. 15, 1965-70... 2% 4,685 Apr. 20, 1961 1,502 Oct. 16, 1961 1,502 Oct. 1,1963 V/i 506 May 15, 1966 3% 1,213 Apr. 27, 1961 1,501 Jan. 15, 1962 1,502 Nov. 15, 1963 4% 3,011 Aug. 15, 1966 i 1.484 May 4,1961 1,501 Apr. 1,1964 \Vi 457 Nov. 15, 1966 3% 2,443 May 11, 1961 1,500 May 15, 1964 4% 4,933 Mar. 15, 1966-71... 2ft 2,931 May 18, 1961 1,601 Certificates May 15, 1964 3H 893 June 15, 1967-72... 2 Vi 1,785 May 25, 1961 1,603 Aug. 15, 1964 5 316 Sept. 15, 1967-72... 2 W 2,716 June 1,1961 1,501 May 15, 1961 4% 3,674 Oct. 1,1964 \Vi 490 Nov. 15, 1967...... 3% 3,605 June 8,1961 1,593 Aug. 1,1961 3H 7,829 Nov. 15, 1964 4% 195 Dec. 15, 1967-72... 2Vi 3,580 June 15, 1961 1,601 Apr. 1,1965 V/i 466 May 15, 1968 3% 1,390 June 22,1961* 3,504 Treasury notes May 15, 1965 4*4 113 Oct. 1,1969 4 1,424 June 23, 1961 1,595 Apr. 1,1961 \Vi 144 Oct. 1,1965 1% 236 Nov. 15, 1974 3H 654 June 29,1961 1,601 May 15,1961 3H 4,078 May 15, 1975-85.. .4*4 470 July 6, 1961 500 Aug. 1,1961 4 2,136 Treasury bonds June 15, 1978-83... 3% 1,598 J J J u u u l l l y y y 2 1 1 0 5 3 , , , 1 1 1 9 9 9 6 6 6 1 1 1 1,5 4 5 0 0 0 1 0 0 O F F e e c b b t. . . 1 1 5 5 1 , , , 1 1 1 9 9 9 6 6 6 2 1 2 3 I V 3 V % A i 9,0 6 3 9 4 3 8 7 2 J D D u e e n c c e . . 1 1 1 5 5 5 , , , 1 19 9 6 5 1 0 9 9 - 5 - 6 9 6 5 - 2 6 3 . 2 . . . . . . 2 2 .2 3 V y 4 4 4 2 3 1 , , , 0 4 9 8 2 5 5 8 3 N F M e o a b v y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 8 8 8 5 0 0 3 3 V % 4 4 1, 8 6 13 4 8 4 3 4 July 27, 1961 500 Feb. 15, 1962 4 1,435 Sept. 15, 1961 2% 2,239 Feb. 15, 1990 3% 2,719 Aug. 3,1961 500 Apr. 1,1962 \Vi 551 Nov. 15, 1961 2Vi 6,963 Feb. 15, 1995 3 2,707 Aug. 10, 1961 500 May 15, 1962 4 2,211 June 15, 1962-67... 2i/i 1,465 Nov. 15, 1998 3Yt 2,343 Aug. 17, 1961 500 Aug. 15, 1962 4 158 Aug. 15, 1963 2Vi 4,312 Panama Canal Loan 3 50 A A u u g g . . 2 3 4 1 , , 1 1 9 9 6 6 1 1 5 5 0 0 0 0 A O u ct g . . 1 1 5 , , 1 19 9 6 6 2 2 Z \ V V A 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 2 5 0 4 Co I n n v v e e r s t t ib m le e n b t o S n e d r s ies B Sept. 7, 1961 500 Nov. 15, 1962 3% 1,143 June 15, 1964-69...2% 2,640 Apr. 1,1975-80... 2% 5.538 • Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables * Direct public issues. on Money Market Rates, p. 440. 3 Partially tax-exempt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 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 gross direct Bonds vert- issues debt* debt 2 Total Total Bills C c e a r t t e if s i- Notes b i o b n le ds Totals S in a g v s - s T a a n a v d x - B e b l a l i e g n i 4 k - st B r r i a c e n - te k d bonds n i o n t g e s s 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 Mar 287.0 286.8 240.5 185.4 37.2 15.2 48.3 84.8 6.6 48.4 47.8 43.3 Apr 288.9 288.8 242.9 188.1 37.1 15.2 50.6 85.2 6.5 48.3 47.6 42.8 May 289.5 289.4 242.4 187.7 37.3 17.7 47.6 85.2 6.4 48.2 47.6 43.9 June 286.5 286.3 238.3 183.8 33.4 17.7 51.5 81.3 6.3 48.2 47.5 44.9 July 288.5 288.3 241.1 186.9 36.4 17.7 51.6 81.3 6.2 48.0 47.4 44.2 Aug 288.8 288.7 240.4 186.3 36.4 25.5 42.0 82.3 6.2 48 0 47.3 45.2 Sept 288 6 288 4 240 4 186 4 36 5 25 5 42 1 82 3 6 1 47 9 47 3 45 0 Oct. 290.6 290.5 243.1 189.4 39.5 25.5 42.1 82.3 5.8 48.0 47.4 44.3 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 Mar 287.7 287.5 240.1 186.5 36.5 11.5 57.8 80.7 5.5 48.0 47.4 44.0 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $398 million on Mar. 31, 1961) and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, adjusted service bonds, and R.E.A. bonds, not shown sep- 3 Includes amounts held by Govt. agencies and trust funds, which arately. aggregated $10,763 million on Feb. 28. 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 s g n n t e i c t c e g e l u s u u e ) r d a d i r - - - Sp a t e r g c u e i s a n t l c i f e u s n P a d u n s b 1 d lic R F B e e a d s n e e r k r v a s e l Total m b C a e n o rc k m i s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n c v a d a t t e s l . Savi I n n g d s ividu O a t l h s er i M t n o v i r s e s c s ' - . 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 r18.8 16.7 47.7 '15.1 16.6 1959—Dec 290.9 43.5 10.2 26.6 210.6 60.3 6.9 '"12.5 '22.6 17.7 45.9 '22.6 22.1 1960—Jan 291.2 42.6 10.6 25.5 212.6 59.1 6.9 '12.7 r24.4 17.8 45.8 '23.5 22.3 Feb 290.7 42.8 10.4 25.2 212.3 57.1 6.9 '12.6 '25.2 18.0 45.8 '23.8 22.9 Mar 287.0 43.3 10.4 25.3 208.0 54.9 6.9 '"12.4 '22.4 18.2 45.7 '24.6 22.9 Apr 288.9 42.8 10.4 25.6 210.2 57.0 6.8 '12.3 '23.1 18.0 45.7 '24.0 23.3 May 289.5 43.9 10.5 26.0 209.1 56.2 6.7 r12 2 '23.7 18.0 45.6 '23.7 22.9 June 286.5 44.9 10.4 26.5 204.6 55.6 6.6 m'.o '20.7 18.1 45.6 '23.2 '22.7 July 288.5 44.2 10.6 26.9 206.8 57.7 6.5 '21.1 17.9 45.6 '22.9 '23.0 Aug 288.8 45.2 10.7 26.8 206.1 57.9 6.6 '12.0 '20.4 17.7 45.6 '22.5 '23.4 Sept 288.6 45.0 10.6 27.0 206.0 59.1 6.5 '12.0 '19.3 17.4 45.6 '22.6 '23.5 Oct 290.6 44.3 10.8 27.4 208.2 61.9 6.4 '12.0 20.1 17.3 45.6 '21.4 r23.6 Nov 290.6 44.6 10.8 27.5 207.7 61.8 6.3 11.9 20.6 17.2 45.6 '21.4 '22.8 Dec 290.4 44.3 10.7 27.4 207.9 62.6 6.3 M r11 l. . 9 9 19.7 17.0 45.7 '20.6 '24.2 1961—Jan 290.2 43.8 10.7 26.6 209.1 63.3 6.3 11.9 20.1 17.1 45.8 20.6 24.0 ' Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $85 million on Dec. 31, 1959. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 449 OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk l d e e s t 2 - v b 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 y 1 e - a 5 rs y 5 e - a 1 r 0 s 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 Dec. 31 194,695 39.446 18,442 51,284 79,843 5,680 189,015 73,830 72,298 18,684 24,204 1961—Jan. 31 194,968 39,744 18,442 51,309 79,826 5,647 189,320 74,128 72,321 18,684 24,187 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_j D Un e e c. 3 3 0 1 9 9 , , 6 9 8 8 1 2 2 8 6 6 0 5 3 3 6 7 3 1 1 , , 3 7 8 0 9 0 4 5 , ,0 9 7 8 1 8 2 2 , , 6 58 8 7 0 7 7, , 0 3 0 9 1 4 1, 9 03 3 7 0 1 1 , , 9 6 0 7 9 9 1 1 . , 4 8 4 8 8 2 2 2, , 5 9 6 4 7 4 I960—June 30 10,246 371 459 1,810 5,136 2,470 7,776 1,070 2.683 2,062 1,961 Dec. 31 10,528 591 461 1,771 5,294 2,411 8,117 1,482 2,432 1,602 2,601 1961—Jan. 31 10,549 648 403 1,763 5,332 2,403 8,146 1,500 2,420 1,620 2,607 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 1960—June 30 26,523 2,513 8,508 13,011 2,491 26,523 19,385 5,689 1,179 271 Dec. 31 27,384 3,217 9,082 12,519 2,566 27,384 15,223 10,711 1,179 271 1961—Jan. 31 26,570 2,524 9,045 12,466 2,535 26,570 14,447 10,673 1,179 271 Commercial banks: 1 19 9 5 5 8 7 — _ J ju u n n e e 3 3 0 0 4 5 8 7, , 5 7 0 3 9 4 2 3 , , 8 7 5 9 3 6 2 3, , 3 9 3 1 1 3 1 8 1 , , 9 5 8 32 4 3 3 8 3, , 8 7 3 2 9 0 1 1 4 3 4 0 4 5 8 7 , ,3 5 7 9 9 0 1 1 2 3, , 4 2 3 6 1 8 2 24 3 , , 4 5 9 0 4 0 1 8 4 , ,2 6 5 0 9 0 4 5 , .1 2 9 2 5 2 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 I960—June 30 48,099 2,376 1,832 15,598 28,199 95 48,004 6,546 33,342 5,966 2,151 Dec. 31 54,349 6,976 2,573 16,947 27,763 89 54,260 14,697 31,596 5,654 2,313 1961—Jan. 31 54,917 7,486 2,674 17,038 27,629 90 54,827 15,293 31,652 5,574 2,309 Mutual savings banks: 1 1 9 9 5 5 8 7 — _j J U u n n e e 3 3 0 0 7 7, , 1 3 1 9 0 7 1 8 6 9 3 1 1 3 1 2 4 4 3 6 6 5 7 5 5 , , 6 4 5 9 5 3 1, 9 0 3 9 1 8 6 6, , 1 2 7 9 9 9 5 30 7 3 6 1 1, , 1 0 0 8 6 2 6 6 0 7 1 5 4 4 , , 0 0 9 4 4 0 1959_ D ju e n c e . 3 3 0 1 7 6 , , 0 7 7 7 9 3 1 1 9 7 1 5 2 1 0 5 9 8 684 4 5 , , 8 2 9 2 2 8 7 6 8 4 3 4 6 6 , , 1 2 2 9 9 6 4 4 8 8 6 0 1 1, , 4 3 0 6 1 0 2 1 , , 2 70 5 0 4 2 1 , ,9 7 8 5 7 6 1960—June 30 6,489 209 166 4,607 309 6,181 463 1,720 2,662 1,336 Dec. 31 6,188 144 143 4,466 245 5,944 480 1,544 1,849 2,071 1961—Jan. 31 6,280 193 150 1,203 4,491 243 6,037 547 1,571 1,856 2,062 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_ D juence . 3 3 0 1 1 1 0 0 , , 9 9 3 4 3 7 4 50 1 3 6 2 3 3 4 1 7 1, 7 07 9 4 8 7 7, , 3 4 7 5 1 4 1 1 , , 7 9 5 2 8 8 9 9 , , 1 0 7 1 5 9 1 1, , 0 0 2 9 3 2 2 2 , , 0 27 8 9 5 2 1 , ,6 4 7 2 8 2 4 3 , , 1 4 6 5 4 0 I960—June 30 10.521 232 165 1,225 7,304 1,595 8,926 595 2,794 3,063 2,475 Dec. 31 10,394 341 145 1,375 7,139 1,393 9,001 940 2,508 2,075 3,477 1961—Jan. 31 10,470 413 153 1,370 7,156 1,378 9,092 1,023 2,503 2,068 3,499 Other investors: Nonfinancial corporations3 I960—June 30 11,494 4,579 1,740 1,882 3,284 11,485 8,442 2,871 98 75 Dec. 31 10,746 5,599 1,331 1,712 2,099 10,741 8,340 2,269 58 72 1961_Jan. 31 10,857 5,800 1,298 1,715 2,039 10,852 8,451 2,279 55 67 Savings and loan associations 3 I960—June 30 2,480 178 495 1,675 62 2,418 297 947 All 703 Dec. 31 2,515 163 510 1,724 61 2,454 322 858 473 802 1961_Jan. 31 2,569 148 63 519 1,778 61 2,508 322 484 814 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 Dec. 31 72,591 22,415 4,649 15,260 28,791 1,476 71,115 32,345 20,381 5,794 12,597 1961—Jan. 31 72,755 22,530 4,655 15,236 28,866 1,468 71,288 32,545 20,335 5,849 12,559 1 Direct public issues. Holdings of "all others," a residual throughout, include holdings of Data complete for U. S. Govt. agencies and trust funds and Federal all those not reporting in the Treasury Survey, including investor groups Reserve Banks, but for other groups are based on Survey data. Latest not listed separately. data shown are for 6,303 commercial banks, 512 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 496 ruary 1960. Monthly figures for February-May 1960 shown in the nonfmancial 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

450 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 N u e d i e p g t t e s t *re T P f c u r l e n u u i d p s s t : ts ic I G t L n r t e i a o t o s n r v n a s s t : - s - . 2 E p T r f u q e r t o b o u h c t l m a t e a i s l c l . s 3 : B p tu e u e r n d x e d g - s i e - i t p T P t f e u u e r l n x r 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 d r r I e a ) e i e n r , a g d a b e - s s e e i c t e e n n - t , .) a t i r G g n . N e v o f n . e u v . t n b t & . L d y s ess: O d n c e a 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 1,507 965 July-Dec.. 33,575 9,381 2,147 40,784 39,191 10,568 1,465 48,295 -7,511 7,329 -856 574 7,615 1960—Jan.-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— 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 4,846 938 195 5,586 6,470 2,018 1,212 7,275 -1,689 -323 -483 42 119 Feb.? 6,537 2,705 323 8,916 6,236 2,067 436 7,867 1,049, 382 -65 34 412 Effects of operations on Treasurer's account Operating transactions Financing transactions Cash balances: Account of Treasurer of United inc., or dec. (—) States (end of period) 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 T e i a a c r s t o e i h o n as n - . is a ( G s g + u e o ) a n v o n c t c f y . e i s a n G e g c e o F . n v e b c t d y . y . d ( e d g - c i r ) r r o , e e s i c a n s t se T o r H u e t a e s s l i u d d r e y a T 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 tions6 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 2,654 8.005 504 6.458 1.043 Semiannually: 1959—Jan.-June. -1,423 -225 203 192 -32 1,784 108 389 5,350 535 3,744 1,071 July-Dec.. -5,617 -1,187 -437 366 911 6,092 -105 233 5,583 504 4,216 863 I960—Jan.-June. 6,841 828 288 657 -1,625 -4,467 101 2.421 8.005 504 6,458 1,043 July-Dec.. -4,888 - 343 54 -492 275 3,886 52 -1,593 6,411 485 5,165 761 Monthly: I960—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 27 868 -181 15 "MS? 4,829 588 3,215 1,026 Feb 301 638 -57 65 508 1 6,292 467 4,881 944 n.a. Not available. *> 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 451 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budget receipts Selected excise taxes (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period c B e u i N r p d e e t - g s t i e . t 3 Old T - ran H sf i e g r h s - to R : . R. fu R o n e d f - s B c T u e r o i d e p t - g a t e s l t Individual Corpo- 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 - « O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r r s e s . - ' ' f t u a r n u g d s e t 7 t f w r u u n a s y d t m t r ir e e e - n - t ce r i e p - ts W he it ld h- Other ration acct. Fiscal year—1957 70,562 6,634 ,479 616 3,917 83,675 26,728 12,302 21,531 10.638 7.581 4,895 2,973 1,674 4,C98 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 ,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: I960—Fcb 7,237 1,243 264 84 432 9,289 4,835 884 483 954 1,611 522 214 151 n.a. Mar 9,580 1,078 191 50 1,317 12,217 2,541 791 6,192 ,044 1114499 500 258 152 n.a. Apr 5,064 839 202 17 1,336 7,468 770 3,520 619 945 '858 755 248 157 May 6,550 1,834 249 82 1,005 9,725 4,744 1,039 467 .061 1,918 496 282 166 June 10,891 1,104 238 50 252 12.804 2,273 1,852 5,530 ,118 1,155 876 303 183 1,386 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 ,121 1,608 456 272 179 Sept 8,981 739 262 52 161 10,211 2,527 1,959 3,492 ,024 792 417 277 177 1,448 Oct 2,823 373 253 15 173 3,641 1,066 230 481 ,021 389 454 321 158 Nov.. 6,300 1,214 268 81 29 7,900 4,527 121 455 ,069 1,295 433 319 178 Dec 7,643 547 240 49 61 8,751 2,591 383 3,331 ,008 596 842 259 164 1,276 1961—Jan 4,846 304 223 13 64 5,537 1,049 2,149 534 918 348 539 204 128 n.a. Feb 6,537 1,448 235 77 530 9,153 4,781 786 444 861 1,814 467 n.a. n.a. n.a. Budget expenditures9 Major national security Agri- Vet- culture Period Total*.3 Total io M de i f l e it n a s r e y M a a s i n l s i i c t s a e t r - y A en t e o r m gy ic f a i I f n a n f a n a t n d i l r . c s e In e t s e t r- ic e b e s r f e e s a i n r t n a v s e s n - - ' d w L a a e n b lf d o ar r e t a c a u r g u n e r r l - d a - i- l N u r r e a a - t l - h m C o a u o e n s r m d i c n e - g g G m o e v r e e a e n n l r - t n- 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 2,961 941 1,950 833 I960—Jan.-June 37,348 22,508 20,240 894 1,333 1,183 4,772 2,567 2,333 1,877 772 832 862 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: I960—Jan 6,157 3,523 3,160 136 210 157 831 419 393 470 105 195 127 I960—Feb 6,142 3,684 3,371 103 210 169 788 420 362 322 119 161 127 Mar 6,423 3,976 3,570 171 223 140 792 457 340 289 120 148 156 Apr 6,032 3,669 3.306 136 222 163 777 421 412 304 104 37 158 May 6,073 3,669 3,331 110 224 196 777 422 390 229 131 149 108 J S O J D A N u u e c u e l o p y n t c g v t e . . . . . . . . . 6 6 6 6 6 6 6 , , , . , , , 1 5 7 8 8 8 7 7 2 4 9 2 0 7 2 1 7 3 9 3 3 4 3 3 3 3 3 3 , , , , , , , 4 2 9 7 9 9 8 7 1 1 2 8 7 8 1 7 0 8 7 6 4 3 3 3 3 3 3 3 , , , , , , , 8 0 6 4 6 5 5 6 9 3 3 3 0 0 7 6 8 2 7 0 2 2 1 1 1 1 7 7 3 2 0 4 1 9 7 8 3 5 6 4 2 2 2 2 2 2 2 1 3 2 1 2 2 4 9 0 2 7 8 6 4 3 3 1 1 1 1 1 0 5 6 6 4 3 6 1 8 1 4 3 3 6 7 8 7 7 7 8 7 5 1 4 5 7 0 4 8 5 6 6 2 7 0 4 4 4 4 4 4 4 6 1 0 2 3 3 2 1 6 4 2 8 6 8 4 3 3 3 3 3 3 3 4 7 6 7 8 7 6 2 5 6 8 8 6 4 4 7 2 4 3 5 2 6 1 2 7 6 9 0 3 2 7 6 9 4 2 1 1 1 1 1 1 1 9 9 2 9 8 4 3 7 3 5 3 2 6 3 2 3 3 3 2 1 1 2 7 8 3 3 4 9 6 9 0 6 0 2 1 1 1 1 1 1 1 5 6 8 4 6 8 4 9 5 6 0 5 2 0 1961—Jan 6,470 3,693 3,398 91 201 221 780 444 431 446 142 215 163 < Consists primarily of (1) intra-Governmental transactions as de- 7 Includes transfers to Federal disability insurance trust fund. scribed in note 2, (2) net accruals over payments of interest on savings 8 Represents the sum of taxes for old-age insurance, railroad retirement, and unemployment insurance. 9 For more details see the Treasury Bulletin, Budget Receipts 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. * Excludes net tiansacto <rf G<^. 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

454 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 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 I960? 6,074 5,600 1,393 303 3,904 474 41,798 38,803 9,043 6,929 22,831 2,995 1960 Feb 445 405 117 28 260 40 39,769 36,933 8,484 7,150 21,299 2,836 Mar 544 483 122 28 333 61 40,011 37,155 8,559 7 135 21 461 2 856 Apr 483 443 110 17 316 40 40,236 37,358 8,623 7,117 21,618 2,878 May 476 438 101 23 314 38 40,439 37,545 8,677 7,098 21,770 2,894 June 490 456 108 21 327 34 40,631 37,722 8,727 7 080 21 915 2 909 JUly 420 392 90 22 280 28 40,694 37,769 8,729 7,057 21,983 2 925 Aug 536 504 133 19 352 32 40,920 37,982 8,801 7,028 22,153 2 938 Sent 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 Feb 447 395 117 12 266 52 42,143 39,152 9,210 6,866 23,076 2,991 * Preliminary. end-of-year figures, because monthly figures represent book value of NOTE.—Certain mortgage loans secured by land on which oil drilling ledger assets whereas year-end figures represent annual statement asset or extracting operations are in process are classified with farm through values, and because data for year-end adjustments are more complete. June 1959 and with "other" nonfarm thereafter. These loans totaled Source.—Institute of Life Insurance; end-of-year figures are from $38 million on July 31, 1959. Life Insurance Fact Book, and end-of-month figures from the Tally of For loans acquired, the monthly figures may not add to annual totals, Life Insurance Statistics. and for loans outstanding, the end-of-December figures may differ from MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) By type of lender (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in r A e - d - a g n V u t A a e - r e - d ti C v o e o n n n a - - l2 S ju e a s a a l t d s l e o y - d n ! - W se a m a i d t s e j h o u n o n s t u t a 2 - t l i a n l S s o g s a a s n v n s & - . p I c a n a o n s n m u c ie e r - s - b C m c a o i n e a m r k l - s - 1941.... 1,379 437 581 4,578 1945.... 1,913 181 1,358 5,376 1954.... 8,969 3,076 3,846 26,108 1,170 4,709 20,229 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 6 9 6 5 8 7 0 . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 5 1 0 0 2 4 , , , , , , 1 2 3 1 1 3 5 5 2 6 8 0 1 5 5 0 2 4 4 3 3 3 5 4 , , , , , , 2 0 9 6 6 4 0 5 8 7 9 8 1 0 8 4 9 4 4 4 5 6 5 6 , , , , , , 1 6 5 6 1 1 5 1 7 9 2 3 5 3 2 1 0 2 4 4 3 3 5 6 0 5 1 5 3 0 , , , , , , 0 4 6 7 1 0 0 2 0 2 9 8 8 9 7 7 4 4 2 2 1 3 1 1 , , , , , , 2 4 9 4 6 5 0 8 4 0 9 2 4 6 3 6 7 3 5 6 7 7 7 7 , , , , , , 0 2 1 8 6 0 1 1 9 8 4 7 1 1 2 3 3 7 2 2 4 4 3 3 4 7 3 9 6 1 , , , , , , 1 6 0 3 3 3 2 0 0 4 5 5 1 0 5 4 3 0 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 5 5 6 5 8 6 9 4 7 0 2 2 2 2 2 3 2 2 7 8 4 7 2 9 , , , , , , , 9 0 4 2 3 2 3 7 8 8 4 8 3 4 4 8 4 4 8 5 1 1 1 1 1 9 8 9 0 0 3 2 , , , , , , , 3 2 5 5 1 0 4 1 1 1 3 5 9 5 2 6 7 8 4 2 2 1 1 1 1 1 1 1 , , , , , , , 5 3 4 4 7 9 7 2 1 6 7 9 3 6 3 8 0 2 9 2 8 4 4 5 4 5 5 5 , , , , , , , 5 2 8 6 4 2 2 2 6 1 3 5 3 0 0 4 7 9 2 8 4 1 1 1 1 1 1 1 , , , , , , , 6 7 4 5 8 8 5 4 8 2 2 5 5 0 0 0 9 4 7 8 1 1960 975 339 405 53,908 3,085 7,201 43,622 J F M A J M A S N O D u u e e u p o c e l a a n b p y g r c v t r y e t 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 1 2 1 3 3 1 4 2 2 1 5 5 1 4 9 4 1 6 3 5 1 0 6 0 7 4 3 8 2 0 4 4 4 4 4 4 4 3 3 3 0 7 0 3 0 0 3 9 3 6 5 1 4 5 2 8 0 4 2 7 4 4 5 6 5 5 4 5 5 5 6 5 5 9 4 0 6 9 0 6 1 8 1 1 5 9 9 8 8 0 5 5 5 5 5 5 5 5 5 6 4 5 9 5 8 7 6 7 9 0 , , , , , , , , , , 0 4 6 0 7 4 4 0 5 0 1 5 5 6 2 0 3 5 1 8 1 5 5 3 0 6 5 0 2 4 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , 1 2 1 3 4 3 4 2 3 5 1 2 6 9 4 5 8 5 0 2 1 6 5 8 7 7 7 5 4 3 7 7 7 7 7 7 7 7 7 7 , , , , , , , , , , 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 2 3 2 2 2 5 1 6 4 4 5 3 9 7 8 4 4 4 4 4 4 4 4 4 4 4 5 7 7 4 8 5 6 8 9 , , , , , , , , , , 6 2 1 7 1 3 9 5 8 3 4 1 7 8 1 4 5 1 1 5 1 7 7 3 4 8 2 1 3 0 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , 4 4 4 4 4 4 4 4 4 4 8 4 3 0 2 4 9 8 6 5 7 1 0 0 7 6 3 8 4 1 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , 5 7 6 5 5 0 5 4 3 1 2 9 9 8 2 7 0 4 0 6 8 0 8 4 5 9 0 9 6 6 2,426 2,378 1961 2,407 2,338 Jan 9 9 1 6 6 9 \ 2 2 8 8 1 5 3 4 9 0 4 0 6 6 0 0 , , 8 4 2 5 4 5 3 3 , , 5 5 9 6 7 1 j 7 7 , , 1 1 7 9 9 1 5 4 0 9 , , 0 7 4 0 8 3 v Preliminary. ^ -P-. additions and alterations, 2 Includes amounts for ioard. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 455 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE [In millions of dollars] FHA-insured loans VA-guaranteed loans Home Home mortgages Proj- Prop- mortgages Year or month erty Total p e N r r t e o i w e p s - p e is 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- l p l m o r i a o m e n v n - s e t 2 - TotaP p e N r r t o e i w e p s - 1945 665 257 217 20 171 192 1952 3,113 969 974 322 848 2,719 1,823 1953 3 882 1,259 1 030 259 1,334 3,064 2,044 1954 3,066 1,035 907 232 891 4,257 2,686 1955 ., 3,807 1,269 1,816 76 646 7,156 4,582 1956 3,461 1,133 1,505 130 692 5,868 3,910 1957 3,715 880 1,371 595 869 3,761 2,890 1958 6 349 1,666 2 885 929 868 1,865 1,311 1959 7,694 2,563 3,507 628 997 2,787 2,051 I960 6,293 2,197 2,403 711 982 1,985 1,554 I960 Feb 464 198 170 28 68 170 133 Mar 463 193 168 35 67 173 137 433 172 163 22 76 153 123 May 456 155 167 45 88 155 124 539 170 195 71 103 175 143 julv 509 162 200 59 88 160 126 Aug 615 189 228 97 100 181 139 Sept 613 192 233 119 68 169 132 Oct 573 196 237 46 94 162 125 Nov 558 181 223 78 77 150 113 Dec 558 167 223 92 76 142 109 1961 Jan 564 186 224 89 65 130 Feb 448 148 193 57 50 108 OOO MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In billions of dollars] Government- underwritten End of Con- Ex- year or Total ven- isting quarter tional prop- erties FHA- VA- Total in- guarsured anteed 890 1945 18.6 4.3 4.1 .2 14.3 1,014 1,566 1952 58.5 25.4 10.8 14.6 33.1 2,564 1953 66.1 28.1 12.0 16.1 38.0 1,948 1954 75.7 32.1 12.8 19.3 43.6 863 1955 88.2 38.9 14.3 24.6 49.3 549 1956 99.0 43.9 15.5 28.4 55 730 1957 107.6 47.2 16.5 30.7 60.4 428 1958 117.7 50.1 19.7 30.4 67.6 1959? 130.8 53.8 23.8 30.0 77.0 36 141.8 56.4 26.7 29.7 85.4 36 29 1959—Mar.P 120.5 51.3 20.9 30.4 69.2 31 June*7.... 124.3 52.1 21.8 30.3 72.2 32 Sept.* 128.0 53.1 22.9 30.2 74.9 34 Dec.P 130.8 53.8 23.8 30.0 77.0 41 37 1960—Mar.P.... 133.2 54.5 24.6 29.9 78.7 36 JuneP 136.1 55.0 25.2 29.8 81.1 37 Sept.P 139.1 55.8 26.0 29.8 83.3 33 Dec.P 141.8 56.4 26.7 29.7 85.4 28 27 p Preliminary. NOTE.—For total debt outstanding, figures for first 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 i FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a ts y- a d n e d m t a i n m d e or month Total F su H in re A - d - a g n V u t A e a e r - - d 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 1,841 542 221 638 1954 734 818 867 612 255 802 1954 2,434 802 1,632 614 525 476 1955 1,251 702 1,417 991 426 698 1955 2,615 901 1,714 411 62 76 1956 745 934 1,228 798 430 683 1956 3,047 978 2,069 609 5 360 1957 1,116 1,079 1 *265 731 534 653 1957 3,974 1,237 2,737 1,096 3 764 1958.. 1 364 1 331 1 298 685 613 819 1958 3,901 1,483 2,418 623 482 1,541 1959 2,067 1,231 2,134 1,192 942 589 1959 . 5,531 2,546 2,985 1,907 5 568 I960 1,943 2,097 1 Q81 1,089 892 938 I960 6,159 3,356 2,803 1,248 357 576 1960—Mar 88 196 ,520 858 662 534 I960--Feb 5,577 2,713 2,864 138 49 601 Apr 155 117 ,558 828 731 571 Mar 5,693 2,821 2,873 162 23 580 May 112 96 ,574 827 747 590 Apr 5,785 2,905 2,880 126 12 588 June 290 94 ,770 932 838 736 May 5,827 2,997 2,830 129 67 561 July 173 269 ,674 922 751 682 June 5,827 3,042 2,784 74 50 592 Aug 168 146 ,696 967 729 730 July 5,918 3,121 2,797 113 3 569 Sept 160 121 ,736 1,002 734 737 Aug 5,991 3,185 2,806 96 584 Oct 133 134 ,735 986 749 762 Sept 6,050 3,240 2,810 84 584 Nov 125 119 ,741 976 765 788 Oct 6,106 3,293 2,812 79 571 Dec 344 104 ,981 1,089 892 938 Nov 6,143 3,333 2,810 69 9 575 Dec 6,159 3,356 2,803 69 27 576 1961—Jan 90 500 ,571 888 683 959 Feb 100 176 ,496 822 674 978 1961—Jan 6,154 3,357 2,797 56 33 564 Mar 135 154 1,477 781 696 1,026 Feb 6,110 3,336 2,775 54 75 539 1 Secured or unsecured loans maturing in one year or less. i Operations beginning with Nov. 1, 1954, are on the basis of FNMA's 2 Secured loans, amortized quarterly, having maturities of more than new charter, under which it maintains three separate programs: secondary one year but not more than ten years. market, special assistance, and management and liquidation. Data ex- Source.—Federal Home Loan Bank Board. clude conventional mortgage loans acquired by FNMA from the RFC Mortgage Company, the Defense Homes Corporation, and the Public Housing Administration. Source.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e o i r l - e 1 co p g O n a o s t p o h u e d e m r r s i er e a r n R l n o d i e a z p m n a a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d ic it e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1 929 376 1,322 3,087 845 1 645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1954 32,464 23,568 9,809 6,751 1,616 5,392 8,896 2,408 4,485 2,003 1955 38,882 28,958 13,472 7,634 1,689 6,163 9,924 3,002 4,795 2,127 1956 42,511 31,897 14,459 8,580 1 895 6,963 10,614 3,253 4 995 2,366 1957 45,286 34,183 15,409 8,782 2,089 7,903 11,103 3,364 5,146 2,593 1958 45,544 34,057 14,237 8,923 2,327 8,570 11,487 3,627 5,060 2,800 19593 52,119 39,852 16,549 10,476 2,784 10,043 12,267 4,144 5,104 3,019 I960 56,049 43,281 17.866 11,215 3,008 11,192 12,768 4,311 5,187 3,270 1960 Feb 51,182 39,785 16,626 10,254 2,772 10,133 11,397 4,129 4,104 3,164 Mar 51,298 40,020 16,826 10,192 2,783 10,219 11,278 4,191 3,927 3,160 Apr 52,353 40,651 17,170 10,281 2,814 10,386 11,702 4,226 4,245 3,231 May 52,991 41,125 17,431 10,339 2,865 10,490 11,866 4,313 4,342 3,211 June 53,662 41,752 17,755 10 462 2 905 10 630 11,910 4,294 4,423 3,193 July 53,809 42,050 17,893 10,452 2,934 10,771 11,759 4,265 4,311 3,183 Aug 54,092 42,378 18,020 10,477 2,975 10,906 11,714 4,276 A,in 3,161 Sept 54,265 42,517 18,021 10 543 3 001 10,952 11 748 4 317 4,283 3,148 Oct 54,344 42,591 17,992 10,625 3,013 10,961 11,753 4,272 4,370 3,111 Nov 54,626 42,703 17,967 10,715 3,020 11,001 11,923 4,301 4,463 3,159 Dec 56,049 43,281 17,866 11,215 3,008 11,192 12,768 4,311 5,187 3,270 1961—jan 55,021 42,782 17 611 11 050 2 967 11,154 12,239 4,314 4,599 3,326 Feb 54,102 42,264 17,383 10,793 2,935 11,153 11,838 4,381 4,037 3,420 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1946, of purchasing automobiles and other consumer goods, whether held by and a general description of the series, are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1947-57, in the BULLETIN individuals of automobiles or other consumer goods that may be used for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957, in part for business. pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17. 2 Represents repair and modernization loans held by financial institu- Revised monthly data for 1958 and 1959 (with notes describing the tions; holdings of retail outlets are included in other consumer goods changes) are shown on pp. 1406-09 of the BULLETIN for December 1960. paper. A detailed description of the methods used to derive the estimates may be 3 Includes data for Alaska and Hawaii beginning with January and obtained from Division of Research and Statistics. August 1959, respectively. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a n a m l i n e e s c - s e u C n r i e o d n it s p f s i C a c u n o n m o a m i n n e e s - c - r e ! Other i Total D s m t e o p e re a n s r t t 2 - F s t t u u o r r r n e e i s - H s a h a t o p o n o u p r c l s l d e e i e s - - d m A ea o u l b t e o i r l - s e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6 085 4 480 1 726 1,797 198 759 1 605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1.052 1955 28,958 24,450 10,601 8,443 1,678 2,656 ,072 4,508 1,511 ,044 365 487 ,101 1956 31,897 27,154 11,777 9,100 2,014 3,056 ,207 4,743 1,408 ,187 377 502 ,269 1957 34,183 29,515 12,843 9,573 2,429 3,333 ,337 4,668 1,393 ,210 361 478 ,226 1958 34,057 29,074 12,780 8,740 2,668 3,384 ,502 4,983 1,882 ,128 292 506 ,175 19594 39,852 34,176 15,227 10,145 3,280 3,774 ,750 5,676 2,292 ,225 310 481 ,368 I960 43,281 37,502 16,398 11,134 3,906 4,212 .852 5,779 2,401 ,189 292 513 ,384 I960 Feb 39,785 34,576 15,433 10,276 3,308 3,807 1,752 5,209 1,997 ,167 299 482 ,264 Mar 40 020 34,764 15,440 10,357 3,381 3 821 1,765 5,256 2,098 ,144 294 487 ,233 Apr 40,651 35,431 15,711 10,604 3,471 3,872 1.773 5,220 2,050 1,135 290 496 1,249 May 41,125 35,902 15,911 10,744 3,537 3,902 1,808 5,223 2,054 1,125 290 503 1,251 June 41 752 36,481 16,145 10,945 3,626 3 957 1,808 5,271 2,073 1,132 291 512 1,263 July 42,050 36,857 16,239 11,062 3,679 4,049 1,828 5,193 2,020 1,124 290 516 1,243 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 Sent 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 1,220 Nov 42,703 37,368 16,402 11,141 3,870 4,107 1,848 5,335 2,155 1,140 288 517 1,235 Dec 43,281 37,502 16,398 11,134 3,906 4,212 852 5,779 2,401 IRQ 292 513 ^84 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 Feb 42,264 37,790 17,001 10,914 3,863 4,151 1,861 4,474 1,348 1,121 279 497 1,229 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 457 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 T c 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 O g p c u o a t o m o p h n d e e e - r r s r R e 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 e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d a n a i l t l t - m A pa o u p b t e 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 d a n p ti n e d a o r s i n n r - 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 ,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 ,227 23 567 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,573 7,470 ,413 20 670 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,740 6,404 ,567 19 750 1958 12,780 4,014 2,170 2,269 1,715 2,612 19591 10,145 7,328 ,883 35 899 19591 15,227 4,827 2,525 2,640 2,039 3,196 1960 11,134 7,695 ,374 64 1,001 1960 16,398 5,264 2,776 2,690 2,163 3,505 I960—Feb.. 10,276 7,342 ,982 37 915 I960—Feb.. 15,433 4,845 2,561 2,777 2,024 3,226 Mar. 10,357 7,407 ,988 39 923 Mar. 15,440 4,900 2,609 2,655 2,023 3,253 Apr., 10,604 7,538 2,096 42 928 Apr.. 15,711 5,004 2,675 2,662 2,045 3,325 May. 10,744 7,631 2,132 45 936 May. 15,911 5,088 2,726 2,667 2,075 3,355 June 10,945 7,767 2,175 49 954 June. 16,145 5,195 2,765 2,684 2,105 3,396 July. 11,062 7,822 2,225 52 963 July. 16,239 5,242 2,777 2,690 2,119 3,411 Aug. 11,142 7,855 2,260 57 970 Aug. 16,362 5,290 2,790 2,684 2,144 3,454 Sept. 11,154 7,832 2,292 60 970 Sept. 16,416 5,313 2,778 2,686 2,162 3,477 Oct.. 11,147 7,796 2,319 63 969 Oct.. 16,408 5,311 2,776 2,681 2,170 3,470 Nov. 11,141 7,757 2,347 63 974 Nov. 16,402 5,304 2,783 2,670 3,472 Dec. 11,134 7,695 2,374 64 1,001 Dec. 16,398 5,264 2,776 2,690 3,505 1961—Jan.. 030 7,555 2,412 64 999 1961—Jan.. 17,261 5,196 2,757 3,683 2,131 3,494 Feb.. 10,914 7,429 2,420 64 1,001 Feb.. 17,001 5,121 2,737 3,546 2,104 3,493 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 outstanding, in millions of dollars] Singlepayment Charge accounts 1939 E o n r d m o o f n y t e h ar i c T m n r o s 7 e e t 8 t d a n a 9 i l t l t - m A pa o u p b 8 t e o i 1 l r - e s g O p c u o a o t m o p h 2 n d e e e 4 - r s r 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- l s P o o 6 a e n 6 n r a - 9 s l E o n r d m o o f n y t e h ar c T m r o e e t t d n a 1 i t l t b C m c a o i n e a m r k l - l s - oan t f O u i s i n c t n t i i s h a o a t n e i l n - r - s s m t p D o a e r e r e n t - s - t i o O r u e t t t h l a e e i t l r s c C a r r e d d s i 2 t S c e r r e v d i i c t e 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1954 4,510 539 375 282 3,314 1941 3,087 693 152 275 1 370 597 1955 5,406 761 537 326 3,782 1945 3,203 674 72 290 1,322 845 1956 6,277 948 648 403 4,278 1957 7,099 1,106 622 489 4,882 1954 8,896 2,096 312 793 3,515 177 2 003 1958 7,554 1,143 610 593 5,208 1955 9,924 2 635 367 862 3 717 216 2,127 19591 8,804 1,388 758 710 5,948 1956 10,614 2,843 410 893 3,842 260 2 366 I960 9,970 [,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 1960 Feb 8,867 1,396 768 711 5,992 19593 12,267 3,582 562 958 3,753 393 3,019 Mar 8,967 1,423 780 721 6,043 I960 12,768 3,737 574 941 3,801 445 3,270 Apr 9,116 1,457 799 727 6,133 May 9,247 1,483 820 745 6,199 I960—Feb 11,397 3,549 580 685 3,034 385 3,164 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 1,579 885 779 6,505 June.. 11,910 3,682 612 633 3,382 408 3,193 Oct 9,775 1,591 882 780 6,522 July... 11,759 3,663 602 584 3,295 432 3,183 Nov 9,825 ,606 880 784 6,555 Aug... 11,714 3,656 620 584 3,236 457 3,161 Dec 9,970 ,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 1,599 863 772 6,661 Nov... 11,923 3 711 590 709 3,326 428 3,159 Feb 9,875 1,599 850 767 6,659 Dec... 12,768 3^737 574 941 3,801 445 3,270 1961—Jan.... 12,239 3,740 574 805 3,346 448 3,326 i Includes data for Alaska and Hawaii, beginning with January and Feb... 11,838 3,789 592 669 2,926 442 3,420 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

458 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a i t r i o a n n d loans Personal loans Year or month 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 [,660 12,593 1958 40,789 14,316 11,638 [,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 Feb 4,197 3,763 1,534 1,424 1.171 961 178 149 1.314 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 1,266 1,202 182 179 1,415 1,436 May 4,255 4,375 1,558 1,658 1,170 1,183 190 203 1,337 1,331 June 4,313 4,615 1,538 1,733 [,248 1,267 186 198 1,341 1,417 July 4,214 4,156 1,417 1,473 1,168 1,085 176 183 [,453 1,415 4,072 4,365 1,422 1,570 1,112 1,165 180 202 1,358 1,428 Sept 4 125 4,010 1,422 1,372 [,162 1,173 164 177 [,377 1,288 Oct 4,108 4,012 1,460 1,407 1,165 1,207 160 172 ,323 1,226 Nov 4 134 4 067 1,482 1,364 ,159 [,217 160 163 I 333 1 323 Dec 4,007 4,641 1,325 1,248 1,200 1.654 147 138 1,335 1,601 1961 Jan 3,869 3,473 1,239 1,130 1,185 1,012 140 117 1,305 1,214 Feb 3,803 3,241 1,190 1,051 1,131 888 141 114 1,341 1,188 Repayments 1954 30,488 11,833 9,145 1.255 8,255 1955 33,649 13,082 9,751 ,315 9,501 1956 37,236 14,576 10,756 1,362 10,542 1957 40,259 15,595 11,545 ,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—Feb 3,765 3,716 1,330 1.317 1,084 1,093 146 146 1.205 1.160 Mar 3 777 4,003 1,342 1,429 1,081 1,151 151 156 ,203 1,267 Apr 3,935 3,878 1,379 1,348 1,111 1,113 150 148 ,295 1,269 May 3,911 3,901 1,402 1,397 1,126 1,125 153 152 ,230 1,227 June 3,934 3,988 1,392 1,409 1,135 1,144 155 158 ,252 [,277 July 3,997 3,858 1,385 1,335 1,148 1,095 155 154 ,309 1,274 Aus 3 918 4,037 1,388 1,443 1,123 1,140 156 161 ,251 1,293 Sent 3,958 3,871 1,375 1,371 1,141 1,107 149 151 ,293 1,242 Oct 3,994 3,938 1,417 ,436 1,147 1,125 160 160 ,270 ,217 Nov 3,946 3,955 1,397 1,389 1,119 1,127 158 156 ,272 ,283 Dec 3,931 4,063 1,356 1,349 1,156 1,154 153 150 ,266 ,410 1961—Jan 3,972 3,972 1,387 ,385 1,154 1,177 159 158 ,272 ,252 Feb 4,011 3,759 1,363 [,279 1,191 1,145 152 146 ,305 1,189 Net increase,or decrease (—), in credit outstanding 2 1954 563 -26 -28 6 611 1955 5 390 3,663 883 73 771 1956 2,939 987 946 206 800 1957 2,286 950 202 194 940 1958 126 1,172 141 238 667 I9591 5,795 2,312 1,553 457 1 473 I960 3,429 1,317 739 224 1,149 I960—Feb. 432 47 204 107 87 -132 32 3 109 69 Mar 482 235 249 200 97 -62 26 11 110 86 564 631 257 344 155 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 34 127 -11 25 24 41 107 135 Sept 167 139 47 1 21 66 15 26 84 46 Oct 114 74 43 -29 18 82 0 12 53 9 Nov 188 112 85 -25 40 90 2 7 61 40 Dec 76 578 -31 -101 44 500 -6 -12 69 191 1961 Tan -103 -499 -148 -255 31 -165 -19 -41 33 -38 Feb -208 -518 -173 -228 -60 -257 -11 -32 36 -1 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. 420-22, 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 459 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 itu fi t n i a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1954 31,051 11,267 7 260 6 983 5 541 1955 39,039 14,109 10,200 8 449 6 281 19561 40,175 14,463 9,600 9 474 6,638 19571 42,545 15,355 10,200 10,495 6,495 19581 40,789 14 860 8,907 10,459 6,563 I9591, 2 49,045 17,976 11 007 12 122 7 940 I960 50,343 17,854 11,110 13,363 8,016 1960 Feb 4,197 3,763 1.537 1.419 971 860 J 075 j nn4 614 480 Mar 4.259 4,238 ,513 1,539 972 967 1,090 ,116 6S4 616 Apr 4,499 4,509 ,545 1,632 1,028 1,008 .175 ,167 751 702 May 4,255 4,375 ,521 1,616 944 983 ,124 ,121 666 655 June 4.313 4,615 ,534 1,658 943 1,050 ,128 ,185 708 722 July 4,214 4,156 ,437 1,458 894 955 ,233 ,201 650 542 Aug 4,072 4,365 ,442 1,560 894 989 ,129 ,192 607 624 Sept 4,(25 4,010 ,470 1,430 888 879 ,118 ,051 649 650 Oct 4, (08 4,012 ,473 ,419 896 880 072 011 667 702 Nov 4,134 4,067 ,495 ,385 918 872 ,078 ,093 643 717 Dec 4,007 4,641 ,399 ,370 847 865 1,077 684 1,104 1961 Jan i 3.869 3.473 ,373 1,321 800 737 .028 928 668 487 Feb.i 3,803 3,241 ,358 1,189 786 656 1,059 942 600 454 Repayments 1954 30,488 11,469 7,043 6 511 5 465 1955 33 649 12,304 7 901 7 553 5 891 19561 37,236 13,362 8,943 8,603 6 328 I9571 40 259 14 360 9 727 9 673 6 499 19581 40,915 14,647 9,774 10 004 6 490 1959!, 2 43,407 15,560 9,623 10,943 7,281 1960 46,914 16,692 10,241 12,197 7,784 1960 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 1 074 1,041 661 674 July . ... 3,997 3,858 1,395 1,364 867 838 1,075 1,036 660 620 Au2 3,918 4,037 1,376 1,437 870 909 1,027 ,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 1 3 972 3.972 1.433 1,434 855 841 1 011 1 003 673 694 Feb.l 4,011 3,759 1,534 1,449 873 807 1,054 962 550 541 Net increase or decrease ( —) in credit outstanding 3 1954 563 -202 217 472 76 I955 5,390 1,805 2,299 896 390 19561 2,939 1,176 657 871 235 I9571 2 286 1 066 473 822 — 75 19581 -126 -63 -833 455 315 1959'» 2 5 795 2 447 1 405 1 250 693 I960 3,429 1,171 989 1,166 103 I960 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 Mav 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 u 12 74 53 0 20 Oct 114 74 28 -8 28 -7 51 27 7 62 Nov 188 112 84 -6 42 -6 51 50 11 74 Dec 76 578 23 -4 -6 _7 43 145 16 444 ll>61 Jan 1 -103 -499 916 863 -55 -104 17 -75 -981 -1,183 Feb ! -208 -518 -176 -260 -52 -116 5 -20 15 -122 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 in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment differences between extensions and repayments do not equal the changes credit extended and repaid are based on information from accounting in outstanding credit for 1959 because the differences do not reflect the records of retail outlets and financial institutions and often include charges effect of the introduction of outstanding balances for these two States. incurred under the instalment contract. Renewals and refinancing of 3 Obtained by subtracting instalment credit repaid from instalment loans, repurchases and resales of instalment paper, and certain other transcredit extended, except as indicated in notes 1 and 2. actions may increase the amount of both credit extended and credit NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49= 100 [Seasonally adjusted] Annual average 1960 1961 Grouping 1959 1960 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. INDUSTRY GROUPINGS Total index. 159 164 166 166 165 167 166 166 165 162 161 159 156 155 155 Manufacturing, total., 158 163 166 165 164 166 165 165 163 161 160 157 154 r152 152 Durable 165 169 178 175 172 174 173 173 169 166 164 159 156 154 153 Nondurable 155 160 157 158 159 161 163 163 162 159 160 158 156 155 155 Mining 125 127 126 126 129 127 128 128 129 127 128 129 129 129 126 Utilities 268 281 288 287 284 288 290 293 295 291 290 291 '294 294 Durable Manufactures Primary and fabricated metals. 125 128 143 139 133 131 126 124 122 119 118 111 108 r107 108 Primary metals 114 115 140 135 126 119 112 108 106 102 100 94 88 '91 93 Iron and steel 107 110 142 136 125 115 105 100 94 90 91 85 80 '82 86 Fabricated metal products 142 145 148 145 142 147 148 148 147 144 144 138 137 '132 130 Structural metal parts 150 155 155 153 151 156 158 160 160 157 156 151 147 145 140 Machinery and related products... 197 205 211 209 206 211 207 209 206 204 201 197 r193 190 189 Machinery 169 174 177 178 175 178 178 180 176 173 167 167 166 166 166 Nonelectrical machinery 141 145 147 147 145 147 148 152 146 143 142 140 137 '136 135 Electrical machinery 212 222 227 227 225 228 226 226 223 222 208 211 '213 215 215 Transportation equipment 228 238 250 243 239 249 237 237 237 237 240 226 '218 208 205 Motor vehicles and parts 147 168 184 173 169 176 176 166 167 168 170 151 '142 '130 127 Aircraft and other equipment.. 390 368 366 371 368 383 347 372 367 368 371 373 369 '366 363 Instruments and related products. 209 221 218 220 218 222 224 226 227 220 220 221 216 216 212 Ordnance and accessories Clay, glass, and lumber 143 139 143 138 143 142 144 145 139 137 735 132 129 r129 129 Clay, glass, and stone products. 159 158 159 153 159 160 164 165 162 157 157 155 148 145 144 Lumber and products 125 118 126 122 126 122 120 122 113 114 111 105 106 111 111 Furniture and miscellaneous.. 147 153 152 152 154 157 158 158 155 150 151 149 145 143 143 Furniture and fixtures 164 171 171 166 174 177 177 177 173 169 168 167 163 159 158 Misc. manufactures 133 138 136 139 138 140 143 143 141 134 138 135 130 130 131 Nondurable Manufactures Textile, apparel, and leather products. 136 136 135 136 137 140 141 140 138 133 133 131 727 124 727 Textile mill products 126 121 124 123 122 126 128 126 124 118 116 113 109 r110 113 Apparel products 153 159 155 158 161 162 162 163 161 155 156 156 152 144 147 Leather and products 119 113 110 111 111 116 116 115 116 109 113 112 108 109 Paper and printing 154 160 158 157 158 160 160 161 161 161 161 160 159 159 750 Paper and products 170 172 173 171 173 174 172 173 172 173 172 168 168 r170 173 Printing and publishing. 143 152 148 147 148 152 152 153 153 153 154 155 152 r151 151 Newspapers 135 141 137 136 139 142 143 142 141 140 142 141 139 Chemical, petroleum, and rubber products. 215 224 219 220 225 227 233 232 229 224 223 221 218 r217 275 Chemicals and products 240 255 248 251 256 258 263 263 260 254 255 252 '252 252 249 Industrial chemicals , 298 320 311 317 318 322 331 331 330 320 314 318 '315 315 Petroleum products 158 161 153 154 161 161 167 172 168 167 164 162 158 r157 155 Rubber and plastics products , 199 200 204 201 201 205 214 204 201 194 192 191 184 180 Foods, beverages, and tobacco. 128 132 129 130 130 132 132 132 132 132 133 131 132 132 132 Foods and beverages 128 132 130 130 131 132 132 132 132 132 134 131 133 132 132 Food manufactures 131 134 132 133 133 134 134 134 135 135 136 134 135 135 135 Beverages , 117 120 117 117 117 122 122 122 120 122 123 119 120 119 Tobacco products , 127 130 123 129 133 131 131 126 130 130 131 133 131 128 Mining Coal, oil, and gas 122 122 122 121 122 121 122 122 123 121 122 124 122 122 720 Coal 68 67 69 71 72 71 64 64 65 64 66 63 67 64 62 Crude oil and natural gas. 147 147 146 144 145 143 148 149 149 148 148 151 148 148 146 Oil and gas extraction.. 145 146 145 144 145 143 148 148 149 147 147 150 147 147 146 Crude oil 135 135 134 133 133 132 137 137 138 136 136 139 135 134 133 Gas and gas liquids.. 210 223 229 226 222 226 Oil and gas drilling.... 159 145 146 136 138 144 145 143 144 144 147 152 148 154 144 Metal, stone, and earth minerals. 146 163 157 159 172 170 167 757 757 162 750 755 168 '172 755 Metal mining 107 133 131 143 146 142 133 130 133 127 121 131 147 r150 144 Stone and earth minerals 188 194 183 175 199 198 201 205 202 197 201 195 188 193 186 Utilities Electric. 270 289 280 288 286 284 289 291 296 297 293 291 290 293 Gas 265 289 292 291 290 289 SUMMARY MARKET GROUPINGS Final products, total 162 169 167 167 168 171 171 170 169 168 168 166 164 162 162 Consumer goods 155 162 160 160 162 164 165 164 162 161 162 159 158 156 155 Equipment, including defense. 188 195 194 196 194 197 196 198 195 195 195 193 191 188 188 Materials 157 160 166 164 163 162 161 161 159 157 156 153 150 148 148 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 461 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 -100 [Without seasonal adjustment] a A v n e n r u a a g l e 1960 1961 Grouping 1959 1960 Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. INDUSTRY GROUPINGS Total index 159 164 169 168 167 166 166 157 162 164 166 161 154 155 156 755 755 755 757 755 755 755 755 750 752 755 159 757 r757 754 Durable 165 169 181 179 175 174 172 160 160 165 168 162 156 154 155 Nondurable 155 160 158 158 161 161 162 153 165 164 167 160 149 153 156 125 127 127 126 128 128 129 124 130 129 129 128 127 128 127 Utilities 268 Durable Manufactures Primary and fabricated metals 125 725 747 744 755 757 727 775 775 720 720 113 705 r705 709 Primary metals 114 115 148 143 132 121 114 93 98 99 102 95 86 '93 97 Iron and steel 107 110 148 143 129 116 106 87 89 90 93 85 78 r85 89 142 145 146 144 142 145 146 143 148 151 148 141 137 130 128 150 155 154 153 150 154 157 154 158 159 159 155 152 144 139 197 205 277 275 209 270 206 795 755 799 204 207 797 795 795 Machinery . . ... . . 169 174 182 183 178 177 178 168 169 174 170 169 167 167 170 Nonelectrical machinery 141 145 152 153 149 149 149 145 139 141 140 137 138 138 140 Electrical machinery 212 222 232 231 22,2 222 223 203 216 229 219 220 214 213 218 Transportation equipment . 228 238 261 253 245 247 237 220 197 219 244 238 229 216 212 Motor vehicles and parts 147 168 196 183 174 176 174 149 117 145 175 167 157 138 134 390 368 374 379 372 378 346 359 359 363 369 372 371 r374 371 Instruments and related products 209 221 220 223 220 221 223 219 223 220 222 222 219 216 213 Clay glass and lumber 745 759 755 755 742 745 752 742 745 745 744 132 720 r118 122 Clay, glass, and stone products 159 158 151 149 158 164 168 162 168 163 164 155 144 136 137 125 118 119 115 124 125 133 117 125 124 122 104 92 97 105 no 147 755 757 757 757 755 150 759 755 750 154 745 759 742 Furniture and fixtures .... 164 171 170 166 170 170 173 169 177 176 176 169 166 156 158 Misc. manufactures 133 138 134 138 133 136 140 133 144 142 147 142 132 125 129 Nondurable Manufactures Textile apparel and leather products •.. . . 755 755 745 742 744 742 755 724 744 729 757 752 774 725 737 126 121 127 127 128 112 124 116 121 116 105 112 116 153 159 170 165 171 167 154 143 171 149 162 156 129 146 163 Leather and products ... . 119 113 122 121 112 110 113 103 122 111 114 108 99 111 Paper and printing 154 750 755 757 752 752 757 749 755 755 759 164 753 156 759 Paper and products 170 172 177 177 178 174 176 156 174 174 183 171 152 168 174 Printing and publishing 143 152 146 150 151 153 151 145 148 155 160 159 154 147 149 135 141 133 141 148 151 143 124 126 141 153 154 138 125 130 275 224 224 226 225 227 257 275 225 226 227 222 275 r279 279 240 255 252 257 262 260 262 248 255 255 258 253 247 251 253 Industrial chemicals 298 320 322 326 325 325 326 312 317 316 317 320 r315 315 Petroleum products 158 161 155 153 157 158 167 171 173 171 163 160 162 157 157 199 200 215 211 207 201 207 177 191 196 202 195 176 189 725 752 727 722 725 729 755 753 742 745 745 133 126 124 123 128 132 121 122 125 129 134 134 142 147 145 134 127 124 123 Food manufactures 131 134 125 124 125 128 133 135 144 152 150 139 132 129 128 Beverages 117 120 102 114 124 134 144 131 132 123 125 108 105 97 Tobacco products 127 130 124 129 127 135 143 116 139 135 140 133 106 128 Mining 722 722 725 725 722 779 720 775 727 727 725 124 724 125 124 Coal 68 67 70 71 70 69 66 51 68 67 72 66 65 63 63 147 147 151 148 145 142 144 143 145 145 146 150 151 153 152 Oil and gas extraction 145 146 152 149 146 142 143 142 144 145 145 149 151 152 153 Crude oil 135 135 139 137 135 131 133 132 133 134 133 137 137 138 138 210 242 240 226 214 212 Oil and gas drilling 159 145 145 129 131 141 146 147 149 147 148 149 150 157 143 745 755 757 747 755 755 757 757 755 775 772 757 749 r745 144 Metal mining 107 133 108 117 138 163 164 149 153 147 133 119 118 118 119 Stone and earth minerals 188 194 167 164 195 202 210 213 214 210 212 197 182 175 169 Utilities Electric 270 289 290 293 281 269 279 288 303 304 285 280 294 313 Gas 265 SUMMARY MARKET GROUPINGS 162 169 170 170 169 169 171 163 168 171 174 167 161 162 164 155 162 162 161 162 162 164 163 165 170 162 152 154 157 Equipment including defense 188 195 198 200 197 198 197 193 191 194 192 190 191 191 190 Materials 157 160 168 166 164 163 162 151 157 158 159 155 148 149 150 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 =100 [Seasonally adjusted] Grouping p p 1 r 9 o o 5 r - - 7 a A v n e n ra u g a e l 1960 1961 tion 1959 1960 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total index. 100.00 105 108 110 109 109 110 109 110 108 107 106 105 103 102 102 Manufacturing, total. 86.49 105 108 110 110 109 110 110 110 108 107 106 104 102 noi 707 Durable 49.66 102 104 109 108 106 107 105 106 104 102 101 98 96 95 94 Nondurable 36.83 110 114 112 112 113 115 116 116 115 113 113 112 111 110 110 Mining 8.55 95 97 96 96 98 97 97 98 98 96 97 98 98 98 96 Utilities 4.96 115 121 124 123 122 124 125 126 127 125 125 125 '126 126 Durable Manufactures Primary and fabricated metals. 13.15 95 98 109 106 101 100 96 95 93 91 90 85 82 82 Primary metals 7.73 90 91 110 106 99 94 88 85 83 80 78 74 69 73 Iron and steel 6.21 86 88 114 109 100 92 84 80 76 72 73 68 64 '66 69 Fa S b t r r i u ca c t t e u d ra l m m et e a t l a l p r p o a d r u ts cts 5 2 . . 4 9 2 1 1 10 0 1 4 1 1 0 0 6 3 1 10 0 8 4 1 1 0 0 7 2 1 1 0 0 1 4 1 1 0 0 8 4 1 1 0 0 6 8 1 10 0 9 7 1 1 0 0 7 8 1 10 0 5 6 1 1 0 0 5 4 1 10 0 1 1 1 9 0 8 1 r 9 97 7 9 9 5 4 Machinery and related products... 28.98 102 106 109 108 106 109 707 108 106 105 104 102 100 98 97 Machinery 15.31 103 106 108 108 107 109 1C9 110 107 105 102 102 101 101 101 Nonelectrical machinery 8.92 99 102 103 104 102 104 105 107 103 101 100 98 96 '96 95 Electrical machinery 6.39 108 112 115 115 114 115 114 114 113 112 105 107 108 109 109 Transportation equipment 10.76 98 102 107 104 102 106 102 102 101 102 103 97 '93 89 88 Motor vehicles and parts 5.04 100 115 126 118 115 120 120 113 114 115 116 103 r97 86 Aircraft and other equipment.. 5.50 94 89 88 89 89 92 84 90 88 89 89 90 89 87 Instruments and related products. 1.66 112 119 117 119 117 120 121 121 122 118 119 119 116 116 114 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 111 109 112 108 112 111 113 109 707 106 103 700 '700 700 Clay, glass, and stone products . 2.92 110 110 110 106 110 111 114 114 112 109 109 107 103 101 100 Lumber and products 1.65 113 107 115 110 114 110 109 111 102 103 100 95 96 MOO 101 Furniture and miscellaneous. 2.96 112 116 115 115 117 119 120 120 118 774 775 773 770 709 709 Furniture and fixtures 1.48 115 120 119 116 122 124 123 124 121 118 117 117 114 111 111 Misc. manufactures 1.48 109 113 111 114 113 115 117 117 115 109 113 110 107 M07 107 Nondurable Manufactures Textile, apparel, and leather products. 7.32 115 115 114 115 116 118 119 119 117 772 772 777 70S 705 707 Textile mill products 2.78 113 109 111 111 110 113 115 113 111 106 104 101 r98 r99 102 Apparel products 3.44 120 125 122 124 127 127 127 128 127 122 122 123 '119 113 116 Leather and products 1.10 106 101 98 99 99 104 104 103 103 97 101 99 96 97 Paper and printing 7.93 108 112 110 110 110 112 112 112 112 772 113 772 111 777 772 Paper and products 3.27 111 112 113 112 113 113 112 112 112 112 112 110 109 113 Printing and publishing. 4 66 105 111 109 108 109 111 112 112 113 112 113 114 112 Mil 111 Newspapers 1.53 104 108 105 104 106 108 109 108 108 107 108 108 106 104 102 Chemical, petroleum, and rubber products. 10.95 113 118 115 116 118 119 122 120 775 777 116 775 Chemicals and products 7 10 114 121 118 119 122 123 125 125 124 121 121 120 120 120 118 Industrial chemicals 3.61 118 127 124 126 126 128 132 131 131 127 125 126 125 125 Petroleum products 1 93 105 108 102 103 107 107 111 115 112 111 109 108 105 M05 104' Rubber and plastics products ... 1.91 115 117 115 115 117 122 117 115 111 110 109 105 103 Foods, beverages, and tobacco.. . 10.64 107 109 107 108 109 110 110 110 110 770 777 709 770 770 770 Foods and beverages 9.87 106 109 107 108 108 109 109 110 109 110 111 109 110 M10 109 Food manufactures 8.31 106 109 107 108 108 109 109 109 109 109 111 109 110 110 110 Beverages 1.56 106 109 106 106 106 111 110 111 109 no 112 108 109 108 Tobacco products .77 112 114 108 113 116 115 115 111 114 115 117 115 114 Mining Coal, oil, and gas 7.05 96 95 95 94 95 94 95 96 96 95 96 97 96 95 94 Coal 1.30 82 82 84 86 87 86 78 78 80 11 81 11 81 78 76 Crude oil and natural gas. 5.75 99 98 98 96 97 96 99 100 100 99 99 101 99 99 98 Oil and gas extraction. . 4.98 99 100 99 99 99 98 101 102 102 101 101 103 101 101 100 Crude oil 4.33 98 97 96 97 96 99 100 100 99 99 101 98 97 97 O G i a l s a a n n d d g g a a s s d l r i i q ll u in id g s . .6 7 5 7 1 9 0 3 6 85 1 8 1 5 3 116 115 1 8 1 4 2 1 8 1 5 5 84* "85* "84* "86* "89* "si' "96'"'85' Metal, stone, and earth minerals. 1.50 94 105 101 102 111 109 107 107 707 104 703 104 708 '770 706 Metal mining .70 77 96 95 104 106 103 97 94 96 92 88 95 107 109 105 Stone and earth minerals .80 108 112 106 101 115 114 116 118 116 114 116 113 109 107 Utilities Electric. 3.76 115 124 120 123 122 121 123 124 126 127 125 124 124 125 Gas 1.20 114 12* 126 125 125 124 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 463 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping p 19 ro 5 - 7 a A v n e n ra u g a e l 1960 1961 portion 1959 1960 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total index 100.00 105 108 110 109 109 110 109 110 108 107 106 105 103 102 102 Final products, total 46.75 107 777 /70 7/0 HI /72 772 772 777 7/0 777 709 705 107 707 Consumer goods . 31.13 110 115 113 113 115 117 117 116 115 114 115 113 112 mo 110 Equipment including defense 15 62 100 103 102 104 102 104 103 104 103 103 103 102 101 100 99 53.25 104 106 109 108 108 107 106 106 105 104 103 101 99 98 98 Consumer Goods Automotive products 5.55 103 777 722 7/4 777 727 727 7/4 7/5 777 72/ 772 705 94 90 Autos 2.03 96 117 125 113 116 122 123 108 114 119 123 109 97 78 73 Auto parts and allied products .. 1.32 113 117 117 116 119 119 118 122 118 113 118 116 118 118 116 9.60 116 777 776 116 779 727 727 779 /77 775 772 772 777 108 770 Home goods 4.40 115 115 117 114 117 121 120 117 114 112 110 110 110 nos 109 Appliances, TV and radios 1.75 114 111 117 112 115 120 118 113 108 105 103 104 r106 109 Ap pliances 1.26 119 117 121 114 116 120 121 119 116 110 112 114 "116 'r111066 115 TV and home radios . .49 102 96 105 107 114 118 109 97 87 93 82 78 82 80 94 Furniture and rugs 1.18 119 118 118 114 121 123 122 118 119 119 115 114 113 109 109 Misc home goods 1.47 113 117 116 116 116 120 122 121 118 114 115 114 112 "111 110 Apparel incl knit goods and shoes 5.20 116 118 116 118 120 122 121 121 119 113 114 114 ••111 rl08 110 Consumer staples 18.18 108 113 770 772 775 775 114 775 114 114 115 113 114 775 114 Processed foods 8.11 106 109 107 108 108 109 110 110 110 110 110 109 109 110 110 Beverages and tobacco 2 32 108 111 106 108 110 112 112 111 111 112 113 111 111 109 Drugs soap, and toiletries 2.73 111 118 114 115 118 120 122 122 120 119 122 118 118 r118 117 Newspapers, magazines, and books 1.44 106 114 109 110 112 113 113 116 115 116 115 116 116 n\i 117 Consumer fuel and lighting 3.45 113 121 117 119 120 118 120 122 123 123 121 122 122 126 Fuel oil and gasoline 1.19 104 106 105 105 108 105 107 109 108 106 105 105 104 107 111 Residential utilities 2.26 117 123 127 126 125 127 129 130 131 130 131 132 M35 Electricity 1.57 118 128 122 127 126 124 126 129 131 132 130 130 130 133 69 115 Equipment Business equipment 12.16 100 705 705 705 704 706 105 106 705 105 105 103 102 101 707 Industrial equipment 7.29 97 102 104 104 102 104 103 104 103 101 99 100 98 98 98 Commercial equipment . . 2.46 104 118 113 115 115 117 120 121 121 120 121 119 117 '118 117 Freight and passenger equipment 1.83 98 101 103 102 101 105 99 101 95 101 103 99 99 r95 90 Farm equipment .58 115 91 97 93 89 89 89 88 83 87 86 88 99 100 Defense equipment 3.46 Materials Durable goods materials 27.81 100 702 109 707 705 105 102 101 100 99 97 94 91 90 90 Consumer durable 3.67 101 109 120 117 110 115 115 110 106 112 103 94 91 ^88 84 Equipment 8.10 103 101 107 106 104 104 98 102 101 97 98 98 95 95 95 Construction 9.05 107 107 108 105 109 no 110 110 109 106 105 102 99 98 98 Metal materials nee 6.99 89 92 111 107 102 98 86 86 84 81 79 77 75 HI 78 Nondurable materials 25.44 707 770 110 7/0 7/0 110 /// 112 777 109 109 (09 108 107 707 Business supplies 8.87 108 110 110 (09 (09 (10 111 113 110 110 110 110 r108 108 Containers 2.91 109 109 111 109 108 107 108 113 108 107 106 109 r107 109 General business supplies 5.96 107 111 109 109 110 112 113 113 112 111 112 110 109 107 Nondurable materials n e.c 7.05 115 119 120 120 120 121 123 123 121 117 116 116 115 114 115 Business fuel and power 9.52 100 103 103 103 103 102 103 103 104 103 103 103 102 101 100 M No i E n n l e r e e r c a s t l i r d i f c e u i n t e y t l i s al utilities 6 2 2 . . . 2 1 7 9 9 0 1 1 9 1 1 6 3 3 i 9 ii 6 ' 1 1 9 1 1 6 8 9 1 1 9 2 2 6 1 0 1 1 9 2 2 7 0 0 1 1 9 1 2 6 9 0 1 1 9 2 2 7 1 1 1 1 9 2 2 7 1 0 1 1 9 2 2 8 3 2 1 1 9 2 2 6 4 3 1 1 9 2 2 7 1 2 1 1 9 2 2 8 1 0 1 1 r 1 2 97 9 0 1 1 9 1 1 6 9 9 95 General industrial .99 110 115 116 118 115 114 117 117 118 117 113 112 113 111 Commercial and other 1.12 118 127 121 124 126 125 126 127 130 132 131 130 128 128 Gas . .51 113 123 124 122 121 119 Industrial .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 110 116 119 114 117 121 121 116 115 114 115 111 108 '102 101 Apparel and staples 23.38 110 114 112 113 114 115 115 116 115 114 115 114 113 113 113 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—1959 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

464 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] p 19 ro 5 - 7 A av n e n ra u g a e l 1960 1961 Grouping portion 1959 1960 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total index 100.00 105 108 Ill Ill 110 109 109 103 107 108 110 106 101 102 103 86.49 105 108 112 111 110 110 110 103 106 108 110 106 100 101 102 Durable 49.66 102 104 111 110 108 107 106 99 98 102 103 100 96 95 96 Nondurable 36.83 110 114 111 113 114 115 116 109 117 117 119 114 106 109 111 Mining 8.55 95 97 96 95 97 97 98 94 98 98 98 97 97 97 96 Utilities . . 4.96 115 Durable Manufactures Primary and fabricated metals 13.15 95 98 112 110 104 100 97 86 90 91 92 86 81 r83 83 Primary metals 7.73 90 91 116 111 104 95 89 73 11 78 80 74 68 r73 16 Iron and steel 6.21 86 88 118 114 103 93 85 69 11 72 75 68 62 r68 71 Fabricated metal products 5.42 104 106 107 106 104 106 107 105 109 110 109 103 101 r96 94 Structural metal carts 2.91 101 103 103 102 100 103 105 103 105 106 106 104 101 96 93 Machinery and related products 28.98 102 106 112 111 108 108 107 101 97 103 105 104 102 100 100 Machinery 15.31 103 106 111 111 108 108 108 102 103 106 104 103 102 102 104 8.92 99 102 107 108 105 105 105 102 98 99 98 97 97 97 98 Electrical machinery 6.39 108 112 117 117 113 112 113 103 109 116 111 112 108 108 111 Transportation equipment 10.76 98 102 112 108 105 106 101 94 84 94 104 102 98 93 91 5.04 100 115 134 125 119 120 119 102 80 99 120 114 107 94 91 Aircraft and other equipment 5.50 94 89 90 91 90 91 83 87 86 88 89 90 89 r90 89 Instruments and related products 1.66 112 119 118 120 118 119 120 118 120 119 119 119 118 116 115 1 25 Clay glass and lumber 4.57 111 109 106 104 111 113 118 110 115 113 112 103 94 r92 95 Clay glass and stone products 2.92 110 110 105 104 110 113 111 113 116 113 114 108 100 95 95 Lumber and products 1.65 113 107 108 104 112 114 120 106 114 113 110 94 83 88 95 Furniture and miscellaneous 2.96 112 116 115 114 114 115 118 114 121 120 122 117 112 106 108 Furniture and fixtures 1.48 115 120 119 116 119 119 111 119 124 123 123 118 111 109 110 Misc manufactures 1.48 109 113 110 113 109 111 115 109 118 116 121 116 108 102 106 Nondurable Manufactures Textile apparel and leather products 7.32 115 115 123 120 122 120 115 105 122 110 116 112 97 107 116 Textile mill products 2.78 113 109 114 111 114 115 114 100 111 104 108 104 94 r101 105 Apparel products 3.44 120 125 134 130 135 131 121 113 134 117 127 123 102 r115 128 Leather and products 1.10 106 101 109 108 100 98 101 92 108 99 102 96 88 99 Paper and printing 7.93 108 112 110 112 113 113 112 104 111 114 118 115 107 109 111 Paper and products 3.11 111 111 115 115 116 113 114 101 113 113 119 111 99 r109 113 Printing and publishing 4.66 105 111 107 110 111 113 111 107 109 114 117 117 113 r108 109 1.53 104 108 102 108 113 116 110 95 97 108 117 118 105 96 99 Chemical, petroleum, and rubber products 10.94 113 118 118 118 120 119 121 114 118 118 119 117 113 r115 115 Chemicals and oroducts 7.10 114 111 120 111 125 124 125 118 111 111 123 121 118 r119 120 3.61 118 121 128 129 129 129 130 124 126 125 126 127 125 125 Petroleum products 1.93 105 108 103 102 104 105 111 114 115 114 109 107 108 r105 105 Rubber and plastics products 1.91 114 115 123 121 118 115 119 101 109 112 116 112 101 108 Foods beverages and tobacco 10.64 107 109 101 102 104 107 112 110 118 121 121 111 104 103 103 Foods and beverages . . .. 9.87 106 109 100 101 104 107 111 111 118 111 120 111 105 102 102 Food manufactures 8.31 106 109 101 101 102 104 108 109 117 124 122 113 107 105 104 Beverages • . 1.56 106 109 93 103 113 122 130 119 120 112 113 98 96 88 Tobacco products .77 112 114 109 113 112 119 125 102 122 118 123 117 93 111 Mining 7.05 96 95 98 97 95 93 94 90 94 94 96 97 97 98 97 Coal 1.30 82 82 85 87 85 84 80 63 83 82 88 80 79 76 16 Crude oil and natural gas 5.75 99 98 101 99 97 95 97 96 97 97 98 100 101 103 102 4.98 99 100 104 102 100 97 98 97 99 99 99 102 103 104 105 Crude oil 4.33 98 98 101 99 98 96 97 96 97 97 97 100 100 100 100 Gas and gas liquids .65 106 123 122 115 109 108 Oil and gas drilling .77 93 '"85* 85 76 77 83 86 86 88 86 87 88 88 92 84 Metal stone and earth minerals 1.50 94 105 88 90 106 117 120 116 117 114 110 101 96 r94 92 .70 11 96 78 85 100 118 119 108 111 107 97 86 86 r85 86 Stone and earth minerals .80 108 112 96 95 112 116 121 123 123 121 122 114 105 r101 98 Utilities Electric . 3.76 115 124 124 125 120 115 119 123 129 130 122 120 126 134 Gas 1.20 114 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 465 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] p 1 r 9 o 5 - 7 a A v n e n ra u g a e l 1960 1961 Grouping portion 1959 1960 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total index 100.00 105 108 Ill Ill 110 109 109 103 107 108 110 106 101 102 103 Final products total 46.75 107 777 772 772 777 777 772 707 777 772 774 770 706 106 108 Consumer goods 31.13 110 115 115 114 115 115 116 110 115 117 121 115 108 109 111 Equipment including defense 15.62 100 103 104 106 104 105 104 102 101 102 101 100 101 101 100 Materials 53.25 104 106 111 110 109 108 107 100 104 105 105 102 98 98 99 Consumer Goods Automotive products 3.35 705 777 755 724 725 124 725 705 83 95 729 720 770 95 96 Autos 2.03 96 117 143 129 126 126 127 94 60 84 134 123 108 86 83 Auto parts and allied products 1.32 113 117 118 116 118 120 121 116 117 120 121 114 112 117 116 9.60 116 777 725 722 727 779 777 707 720 775 779 774 r7O7 106 776 Home goods 4.40 115 115 121 120 118 117 118 105 111 118 118 114 107 103 111 Appliances TV and radios 1.75 114 111 127 127 120 117 116 95 97 112 109 108 r98 r98 113 Appliances 1.26 119 117 136 139 131 126 126 107 96 110 107 111 107 105 120 TV and home radios .49 102 96 106 96 93 95 92 63 98 117 114 99 77 80 94 Furniture and rugs 1.18 119 118 121 116 120 117 117 112 121 122 122 116 116 108 111 Misc home goods 1.47 113 117 114 116 115 118 120 112 120 123 125 121 110 104 107 Apparel incl knit goods and shoes .. . 5.20 116 118 125 123 124 122 117 109 127 112 120 114 97 109 120 Consumer staples . 18.18 705 775 705 709 770 777 114 775 779 722 720 114 111 113 112 Processed foods 8.11 106 109 101 100 102 104 108 110 118 124 122 112 107 104 103 2.32 108 111 98 107 112 121 129 113 121 114 116 104 95 96 Drugs soap and toiletries 2.73 111 118 114 117 118 118 120 114 122 121 125 120 117 118 118 Newspapers magazines, and books 1.44 106 114 109 112 112 112 111 113 116 118 117 116 116 116 117 Consumer fuel and lighting 3.45 113 121 123 123 118 113 115 119 122 123 116 118 127 136 Fuel oil and gasoline . . .. 1.19 104 106 105 103 103 103 106 108 110 108 104 105 108 111 112 Residential utilities 2.26 117 Electricity 1.57 118 128 136 136 126 114 116 122 128 130 121 122 136 154 Gas .69 115 Equipment Business equipment 12.16 100 705 706 707 706 707 707 704 705 704 705 707 702 102 702 Industrial equipment 7.29 97 102 103 104 103 104 104 102 102 102 99 99 99 98 97 Commercial equipment 2.46 104 118 115 116 115 117 119 117 119 121 122 120 120 119 119 Freight and passenger equipment 1.83 98 101 106 107 107 108 105 101 92 96 99 95 96 93 Farm equipment .58 115 91 107 105 100 94 91 79 75 78 85 78 95 101 111 3.46 Materials Durable goods materials.... 27.81 700 702 770 705 706 705 704 96 97 700 99 95 90 90 90 3.67 101 109 128 121 109 110 109 96 91 108 109 105 98 r93 89 Equipment 8.10 103 101 109 108 104 103 98 97 97 97 97 98 97 97 97 Construction 9.05 107 107 103 102 108 111 114 109 112 112 111 103 96 93 93 M^etal materials nee 6.99 89 92 112 110 104 98 93 77 81 82 83 77 71 r75 79 Nondurable materials 25.44 107 770 777 772 772 777 777 704 770 770 772 770 706 '107 705 Business supplies ... 8.87 108 110 109 111 113 112 112 104 111 113 116 111 104 105 107 Containers 2.91 109 109 108 109 111 110 114 106 118 115 115 102 94 102 107 General business supplies... 5.96 107 111 109 112 113 113 112 103 108 112 116 115 109 107 107 Nondurable materials nee 7.05 115 119 123 123 123 122 121 112 118 116 119 119 112 116 118 Business fuel and power 9.52 100 103 105 105 102 100 101 99 104 103 103 102 103 103 102 Mineral fuels ... 6.29 96 96 100 99 97 94 94 90 95 95 97 98 98 98 99 Nonresidential utilities 2.70 113 Electricity 113 \2\ 115 118 116 ii6 121 124 i3*i i29 i23 118 118 119 General industrial .99 110 115 113 118 115 115 117 112 119 118 116 114 113 112 Commercial and other 1.12 118 127 117 119 118 118 128 136 143 142 130 124 125 127 Gas .51 113 .33 .18 Supplementary groups of consumer goods Automotive and home goods 7.75 110 116 126 122 120 120 121 104 99 110 123 117 108 101 104 ADoarel and stanles 23.38 110 114 112 112 113 113 115 112 121 119 120 114 108 112 114 r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—7959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see the BULLETIN for June 1960, p. 632). Figures for individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 =100, unless otherwise indicated] Industrial production C c o o n n s t t r ru ac c t ti s o 1 n fa M ctu an ri u n - g3 Prices Nonag- Major market groupings ricul- Depart- Major industry tural Freight ment groupings em- car- store Y m e o a n r th or Total M t f i u a a n c r n g - - u- M in i g n- U iti t e il s - Tot F a i l nal g s C o u p o o m r n d o - e s d r u E c m q ts u e i n p t - M ria a l t s e- R d t e e ia n s l - i- o A th l e l r t p o l t o a y l - 2 p m E l m e o n y - t - P ro a l y l - s l i o n a g d s - ( v s r a a e l l t u e a e s i ) l s C u o m n e - r W m c s o o a h m d l o e i - l t e y - Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj. Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. 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 I960 ^164 P163 P127 P169 P162 "195 J»160 117 112 120.9 99.1 170.2 78 145 126.5 119.6 1950—Feb 166 166 126 281 167 160 194 166 91 79 121.1 101.4 173.9 86 142 125 6 119.3 Mar 166 165 126 288 167 160 196 164 119 110 120.8 100.8 172.6 83 138 125.7 120.0 165 164 129 287 168 162 194 163 136 118 121.5 100.8 168.8 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 r152 129 '294 162 156 r188 r148 90 95 r119.4 r93 7 r158 5 75 142 127 4 119.8 Feb 155 152 126 294 162 155 188 148 80 86 118.8 92.6 156.6 73 *145 127.5 '119.9 Mar .. . *>155 *153 *>126 P294 *162 *>156 P186 P149 *118.9 ^92.3 »157.7 72 «143 119.8 • 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. i 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 36,269 36,318 2,240 3,046 3,360 3 337 3,472 3,597 3,295 3 119 3 319 2 886 2 718 2 485 2 235 By type of ownership: Public 11,068 12,587 702 1,075 1,067 1,237 1,413 1,018 995 1 071 1 218 838 732 Private 25,201 23,731 1,537 1,971 2,293 2,312 2,236 2,184 2,277 2,124 2,194 1,815 1,500 1,647 1,504 By type of construction: Residential 17,150 15,105 988 1,480 1,453 1,483 1 329 1 433 1 390 1 253 878 974 Nonresidential 11,387 12,240 698 1,067 1,048 1,110 1,110 1,152 1,177 1 124 1 165 994 813 Public works and utilities . .. 7,732 8,973 554 685 833 774 879 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 ao have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION 467 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates.l Monthly data at seasonally adjusted annual rates. In millions of dollars] ]Private Public Year or month Total Non- Business Other farm non- Mili- High- Sewer All Total de re n s t 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 d r t e e i s a n i l - - Total tary way w a a n t d er other 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 ,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 ,287 4,892 ,344 6,494 1958 48,903 33,491 18,047 11,076 2,382 3,589 5,105 4 368 15,412 ,402 5,500 ,387 7,123 19592 56,206 39,949 24,469 11,088 2,106 3,930 5,052 4 392 16,257 1,488 5,916 ,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 ,487 7,584 I960—Mar 54,419 39,263 22,392 12,120 2,772 4,116 5,232 4,751 15,156 1,512 5,112 ,536 6,996 Apr 54,166 38,722 21.930 12,084 2,772 4,056 5,256 4,708 15,444 1,236 5,304 ,536 7,368 May 55,260 38,916 22,180 12,036 2 760 3 960 5 316 4 700 16 344 1,200 6,168 ,512 7,464 June 55,189 39,103 22,362 12,074 2,788 3,881 5,405 4,667 16,086 1,283 5,639 ,475 7,689 July '55,390 '39,035 22,308 '12,102 2,868 3,870 5,364 4,625 16,355 1,265 5,768 ,455 7,867 Aug. 55,298 38,660 21,783 12,262 2 934 3 922 5 406 4 615 16 638 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 ,392 5,987 ,454 7,795 Oct 54,736 38,331 21,228 12,478 3,084 4,133 5,261 4.625 16.405 .354 5,791 ,465 7,795 Nov 55,430 38,581 21,428 12,516 3 036 4 198 5 282 4 637 16 849 819 5 600 448 7,982 Dec 56,135 38,598 21,490 12,609 2 982 4 307 5 320 4 499 17 537 .453 6,660 ,484 7,940 1961 Jan P 55,262 37,810 20,338 12,940 3,031 4,516 5,393 4,532 17,452 1.285 6,470 ,534 8,163 Feb * 54,536 37,248 19,671 12,963 3,037 4,536 5,390 4,614 17,288 1,364 5,934 ,559 8,431 Mar.P 54,701 37,579 19,919 12,791 2,986 4,431 5,374 4,869 17,122 1,484 5,922 ,544 8,172 P Preliminary. rRevised. 2 Beginning 1959, series includes Alaska and Hawaii. 1 Data for 1952-58 are joint estimates of the Departments of Commerce and Labor. NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, and Veterans Administration. In thousands of units] Seasonally adjusted Private Government-underwritten 2 annual rate Metro- Non- Year or month T ( o P t r a iv l ate N o o n n l f y a ) rm Total p a o re li a t s a n * p a o re li a ta si n Total fam 1 i - ly fam 2- ily f M am ul i t l i y - Public Total FHA VA 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 465 195 271 1957 ,042 700 342 993 840 33 120 49 322 193 128 1958 ,209 827 382 1,142 933 39 170 68 439 337 102 1959 ,379 946 432 1,343 1,079 49 215 36 458 349 109 19593 ,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 V .279 879 401 P1,238 987 43 208 336 261 75 I960—Feb 1,367 1,347 90 66 25 88 71 3 14 2 22 18 5 Mar 1,112 1,098 93 67 27 90 73 3 14 3 27 22 5 Apr 1,327 1,307 125 83 42 124 102 4 18 2 33 25 7 May 1,333 1,315 130 91 39 127 101 4 22 3 32 25 7 June 1,302 1,285 127 84 44 122 100 4 18 5 34 26 8 July 1,182 1,164 115 80 35 111 90 4 18 4 31 24 7 1,292 1,273 130 85 44 125 101 4 20 5 35 26 g Sept 1,062 1,040 102 68 34 96 76 3 17 6 29 22 7 Oct 1 236 1 200 110 74 36 108 84 3 20 3 28 23 6 Nov 1,216 1,203 96 66 30 94 71 3 20 2 26 20 5 Dec . .. P970 P12 51 21 P66 47 3 15 19 14 5 1961 Jan Pi,076 Pi,049 52 20 P68 49 3 16 19 14 5 Feb Pi,154 P1,100 P78 54 24 P74 n.a. n.a. n.a. P4 19 13 5 n.a. Not available. v 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

468 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 Employed1 Unemploy- Year or month institutional labor Not in the ment population force Total In nonagri- In U pl n o e y m ed - labor force (per r a c t e e nt)2 Total cultural 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—Mar. 3 124,839 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 5.1 125,162 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 Mar 127,115 73,540 71,011 65,516 60,539 A,911 5,495 53,574 6.9 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 fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1954 48,431 15,995 111 2 593 4 009 10,520 2 122 5 664 6 751 1955 50,056 16,563 777 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 I960 52,895 16,336 664 2,771 3,902 11,643 2,485 6,637 8 456 SEASONALLY ADJUSTED 1960 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 52,232 15,676 629 2,698 3,820 11,634 2,515 6,651 8,609 Feb P 51,981 15,532 623 2,631 3,794 11,575 2,521 6,664 8,641 Mar.*7 52,005 15,493 622 2,767 3,774 11,507 2,525 6,635 8,682 WITHOUT SEASONAL ADJUSTMENT I960 Mar 52,172 16,478 666 2,312 3,900 11,325 2,444 6,511 8,536 Apr 52,844 16,380 677 2,590 3 917 11 620 2 463 6 644 8 553 May 52,957 16,348 677 2,830 3,924 11,543 2 469 6 717 8 449 June . . . 53,309 16,422 681 2,977 3,942 11,637 2,496 6,745 8,409 July 52,923 16,250 655 3,098 3,939 11,591 2,530 6,715 8,145 53,062 16,386 672 3,130 3 921 11,592 2 536 6 685 8 140 Sept 53,496 16,505 663 3,069 3,907 11,665 2,515 6,698 8,474 Oct 53,391 16,313 656 3,006 3,889 11,742 2,501 6,698 8,586 Nov 53,133 16,129 647 2,847 3 868 11,842 2 499 6 665 8 636 Dec 53,310 15,836 641 2,552 3,843 12,405 2 504 6 612 8 917 1961 Jan 51,437 15,580 629 2,385 3,763 11,464 2,490 6,518 8,608 Feb * 51,087 15,477 623 2,260 3,750 11,278 2,496 6,531 8,672 51,461 15,453 622 2,460 3,755 11,365 2,512 6,569 8,725 v Preliminary. month. Proprietors, self-employed persons, domestic servants, unpaid * 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 469 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 Mar. Jan. Feb.* Mar.* Mar. Jan. Feb.* Mar.? Total 12,462 11,594 11,458 11,416 12,435 11,502 11,409 11,384 Durable goods 7,179 6,471 6,359 6,304 7,205 6,456 6,369 6,329 Ordnance and accessories 75 73 73 73 75 73 73 73 Lumber and wood products 573 538 525 511 556 508 501 496 Furniture and fixtures 324 299 297 298 327 303 303 301 Stone, clay, and glass products 445 411 402 406 443 401 396 404 Primary metal industries 1,038 834 827 830 1,043 838 831 834 Fabricated metal products 846 763 748 740 854 771 755 747 Machinery except electrical 1,168 1,064 1,060 1,053 1,186 1,075 1,076 1,069 Electrical machinery 870 834 828 820 879 842 836 828 Transportation equipment 1,221 1,068 1,014 991 1,221 1,068 1,014 991 Instruments and related products....... 229 214 213 211 231 215 213 213 Miscellaneous manufacturing industries. 390 373 372 371 392 364 372 373 Nondurable goods 5,283 5,123 5,099 5,112 5,230 5,046 5,040 5,055 Food and kindred products 1,036 1,035 1,028 1,034 934 943 923 929 Tobacco manufactures 80 74 75 76 71 75 72 68 Textile-mill products 854 803 798 797 863 807 806 805 Apparel and other finished textiles 1,080 1,028 1,028 1,036 1,118 1,038 1,064 1,072 Paper and allied products 448 436 433 435 446 434 431 433 Printing, publishing and allied industries 568 571 574 574 568 571 571 574 Chemicals and allied products 533 525 525 527 541 528 528 535 Products of petroleum and coal 156 147 145 144 154 144 143 143 Rubber products 208 186 180 179 208 188 181 179 Leather and leather products 320 318 313 310 328 318 321 318 p 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 Mar. Jan. Feb.? Mar. Jan. Mar. Jan. Feb.? Total 90.91 90.25 89.86 90.71 39.7 38.9 38.9 39.1 2.29 2.32 2.31 2.32 Durable goods 98.74 97.22 97.07 97.57 40.3 39.2 39.3 39.5 2.45 2.48 2.47 2.47 Ordnance and accessories 108.73 109.48 110.16 112.88 41.5 40.7 40.8 41.5 2.62 2.69 2.70 2.72 Lumber and wood products 77.60 77.60 76.63 72.82 38.8 38.8 38.7 38.8 2.00 2.00 1.98 1.98 Furniture and fixtures 72.73 71.24 71.98 72.56 39.1 38.3 38.7 38.8 1.86 1.86 1.86 1.87 Stone, clay, and glass products 90.57 91.54 91.31 92.40 39.9 39.8 39.7 40.0 2.27 2.30 2.30 2.31 Primary metal industries 114.29 107.82 107.73 109.25 40.1 37.7 37.8 38.2 2.85 2.86 2.85 2.86 Fabricated metal products 98.42 97.07 96.82 98.21 40.5 39.3 39.2 39.6 2.43 2.47 2.47 2.48 Machinery except electrical 105.47 104.92 104.92 104.92 41.2 40.2 40.2 40.2 2.56 2.61 2.61 2.61 Electrical machinery 91.43 93.77 93.53 93.30 40.1 39.9 39.8 39.7 2.28 2.35 2.35 2.35 Transportation equipment 110.84 108.14 108.98 109.97 40.6 38.9 39.2 39.7 2.73 2.78 2.78 2.77 Instruments and related products 95.88 96.88 96.88 96.88 40.8 40.2 40.2 40.2 2.35 2.41 2.41 2.41 Miscellaneous manufacturing industries... 78.18 78.41 79.00 79.00 40.3 39.4 39.7 39.7 1.94 1.99 1.99 1.99 Nondurable goods 79.93 81.41 81.02 81.83 38.8 38.4 38.4 38.6 2.06 2.12 2.11 2.12 Food and kindred products 86.94 90.45 89.78 90.00 39.7 40.2 39.9 40.0 2.19 2.25 2.25 2.25 Tobacco manufactures 59.86 66.53 66.59 65.34 34.8 37.8 37.2 36.1 1.72 1.76 1.79 1.81 Textile-mill products 63.83 61.56 62.76 63.24 39.4 38.0 38.5 38.8 1.62 1.62 1.63 1.63 Apparel and other finished textiles 55.85 54.70 55.97 56.45 35.8 34.4 35.2 35.5 1.56 1.59 1.59 1.59 Paper and allied products 94.30 96.28 96.51 96.05 42.1 41.5 41.6 41.4 2.24 2.32 2.32 2.32 Printing, publishing and allied industries. . 105.05 106.22 105.28 106.88 38.2 37.8 37.6 37.9 2.75 2.81 2.80 2.82 Chemicals and allied products 102.01 104.81 104.30 104.65 41.3 41.1 40.9 41.2 2.47 2.55 2.55 2.54 Products of petroleum and coal 116.87 124.42 121.10 120.70 40.3 41.2 40.1 40.1 2.90 3.02 3.02 3.01 Rubber products 97.71 98.81 98.16 98.42 39.4 38.9 38.8 38.9 2.48 2.54 2.53 2.53 Leather and leather products 60.84 62.91 62.08 61.62 37.1 37.9 37.4 36.9 1.64 1.66 1.66 1.67 v 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

470 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 128 148 169 125 137 128 146 159 143 1959 144 126 131 140 139 156 181 133 144 134 155 172 157 I960 145 128 135 140 140 153 182 134 143 136 155 169 156 SEASONALLY ADJUSTED I960—Feb 142 130 r134 143 136 149 175 127 134 135 144 163 r159 Mar 138 122 126 134 139 140 162 125 131 123 142 164 157 154 134 144 151 144 168 192 145 159 147 164 181 159 May 141 125 131 136 139 144 176 132 143 133 150 159 153 145 129 135 144 139 149 183 134 144 137 154 170 153 July 149 125 135 142 143 156 194 141 144 136 159 175 159 Aug 143 124 137 136 139 149 178 134 140 132 151 169 155 Sept 144 126 136 139 140 153 185 132 138 134 154 166 155 Oct 150 129 140 145 144 162 189 140 149 164 172 160 Nov 142 129 131 136 136 150 179 129 H9 137 157 163 152 Dec 147 128 135 136 142 153 187 137 142 138 159 171 159 1961 Tan 142 126 129 131 140 146 177 130 »"145 133 164 165 r154 Feb 126 136 142 135 H52 Pi 80 128 134 142 169 163 WITHOUT SEASONAL ADJUSTMENT I960 Feb 107 93 »-104 102 105 105 137 95 102 99 105 122 121 Mar 115 95 107 113 113 114 149 108 110 105 119 143 126 Apr 150 133 137 153 144 165 194 139 150 139 154 172 153 May 138 124 127 134 135 143 173 130 144 127 150 159 145 137 123 130 134 131 139 165 129 134 133 146 156 147 July 122 95 101 108 116 129 165 113 119 109 140 156 142 132 106 109 114 128 135 170 123 134 132 154 165 154 Sept 145 131 138 141 140 154 172 136 142 144 159 159 152 Oct 153 132 147 149 145 169 187 143 152 152 164 176 156 Nov 171 155 167 178 167 182 206 158 166 154 181 190 177 Dec 261 249 245 250 254 283 329 238 248 238 274 293 282 1961 Jan 108 r95 103 97 105 105 137 r98 r107 96 122 130 r119 Feb P108 91 105 101 104 P140 96 102 104 127 125 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 164 147 149 164 149 183 228 154 150 187 178 SEASONALLY ADJUSTED I960—Jan 161 144 146 164 142 178 227 150 149 147 162 186 r177 Feb 160 143 146 160 142 179 225 147 145 145 162 180 179 Mar 162 144 147 159 145 177 225 151 148 146 160 182 183 Apr 159 141 144 157 139 181 224 146 147 146 157 181 176 May 161 146 149 164 144 187 223 152 151 150 160 185 167 165 148 149 168 150 185 227 152 152 152 161 192 180 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 169 151 152 166 182 235 158 149 157 173 192 178 Dec 165 147 149 164 145 185 233 M58 147 '151 174 182 180 1961—Jan 147 150 161 142 P\SI P225 149 146 146 P\69 181 WITHOUT SEASONAL ADJUSTMENT 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 1*6 June 157 139 140 156 142 174 213 149 143 143 158 179 176 July . 158 135 137 149 147 172 211 152 146 148 158 180 177 Aug 165 148 150 159 150 186 225 155 153 158 163 192 181 Sept 176 159 161 174 160 199 239 166 161 166 176 201 188 Oct 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 150 137 140 148 132 170 205 r137 131 140 169 165 1961—Jan P144 131 136 142 125 134 130 135 160 » Preliminary. r Revised. NOTE.—For description of the series see the BULLETIN for December i 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 are 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 471 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t o a f o 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 m o ( s e r O t o n d i a n d n u e n g r t t d - s h o - ) f * m c ( e t o R 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 r w 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 st p o t r i a o d n u l 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 \ .2 4 1 1 0 1953 . . . . . 406 1,163 421 408 401 3.0 .1 4.1 1.0 1954 409 1,140 388 410 412 3.0 4 0 1 0 1955 437 1,195 446 444 449 2.9 4 0 1 0 1956 . .. 454 1,286 470 459 458 3.0 4.1 1.0 1957 459 1,338 461 461 458 3.1 4 1 1 0 1958 462 1,323 437 462 464 3.0 1.0 4 1 1 0 1959 . 488 1,391 510 495 498 3.0 4.1 1.1 I960 492 1,466 517 494 491 3.1 4.3 1.0 Month: 1960 Feb . .... 362 1,364 r513 425 '478 3.8 5.2 1.2 Mar 418 1,468 456 524 466 3.5 'i 4 6 1 3 Apr 507 1,473 417 512 473 2.9 0.8 3.7 1.0 M^ay 448 461 420 436 439 3.3 0.9 4.2 1.0 June 451 1 ^381 616 371 567 3.1 1.4 4.4 0.8 July 373 1,371 678 363 425 3.7 1.8 5.5 1.0 Aug . . 452 1,463 629 544 495 3.2 1.4 4.6 1.2 Sept 471 1,564 621 572 564 3.3 1 3 4 6 1 2 Oct 520 1,670 581 626 586 3.2 1.1 4 3 1.2 Nov.. . 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 0 6 1961 Jan 369 1,314 435 344 448 r3.6 1 2 4 7 0 9 Feb v 347 1,365 472 398 435 3.9 1.4 5.3 1.1 MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports i Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1959 1960 1961 1959 1960 1961 1959 1960 1961 Jan . • 1.401 1,561 1,647 1,287 1.484 1,539 1,154 1,143 1,124 Feb ,279 1,576 1,672 1,182 I 497 1 606 1,119 1 289 1 046 Mar . ,459 1,749 1,378 1,632 1,295 1,378 Apr • • ,481 1,818 1.345 1,703 1,221 1,261 May 1,558 1,804 ,418 1,710 1,264 1,262 June • ,427 1,737 1,351 1,637 1,370 1,307 July I 470 1,699 1,356 1,629 1,250 1,150 Aug 1,410 1,609 1,313 1,547 1,188 1,229 Sept [,487 1,610 1,407 1,557 1,395 1,160 Oct 1,482 1,744 1,399 1,690 1,202 1,157 Nov . • ,482 1,797 1,380 1,724 1,283 1,161 Dec (.685 1,797 1.580 L743 1,467 1,157 Jan -Fob 2,680 3,137 3,319 2,469 2,981 3,145 2,273 2,432 2,170 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. and supplies under Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

472 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - 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 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 126.5 119.7 131.5 141.8 124.8 135.6 104.2 137.4 109.4 146.2 156.2 133.3 121.5 132.2 I960 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 M!ay 126.3 119.7 131.2 141.4 124.7 132.9 104.3 137.2 108.9 145.6 155.9 133.2 121.4 131.9 June 126.5 120.3 131.3 141.6 124.7 132.3 104.3 137.3 108.9 145.8 156.1 133.2 121.1 132.0 July 126.6 120.6 131.3 141.8 124.8 132.9 104.1 137.4 109.1 145.9 156.4 133.4 121.6 132.2 Aug 126.6 120.1 131.5 141.9 124.9 133.4 103.5 137.6 109.3 146.2 156.7 133.8 121.9 132.4 Sect 126.8 120.2 132.0 142.1 125.7 134.8 104.1 138.0 110.6 144.7 156.9 133.9 122.1 132.7 Oct 127.3 120.9 132.2 142.5 125.7 136.1 104.0 138.1 111.0 146.1 157.3 134.0 121.9 132.7 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 Feb 127.5 121.4 132.4 143.1 125.9 141.3 103.7 138.3 109.6 146.2 159.4 133.8 122.7 132.6 NOTE.—Revised index, reflecting, beginning with January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49 = 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d - d e s - l - l H s p e u k a a r i c n i o t d n h t d d e s s e - s , r ,p t l e o F i m a i g r w n u n i h a g a e d e - t l l - r s , C p a i u a l h c r l n c o a e ie t d l d m s s d - - p R u a b r u c n o e b t d d r s - - p L w u a b r u o n c o e m o t d d r s d - - p p a P u a a l r u l c n o p i l t e d d e p s d - r, M p m u a r e e c n o t t t d d a a s l - l s p c M m u e a t r h i r c n o v o i y a t n d d e - s - - - h F d o h t b o a u u t u o l n h u r r e r l d e s n a e d s e r - i- - e s N r t t m m t a u a r o l l i r u e l s n n a i - c — c - l - - b e b m o b r T a a a t e f n c o t g r v l d c - s e e - o . s d n c M e e o l i l s u a - - s 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120 2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 89.6 1958 119.2 94.9 110.9 126.0 93.5 100.6 112.7 110.4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1959 119.5 89.1 107.0 128.2 95.0 114.3 112.7 109.9 144.5 125.8 132.2 153.6 153.0 123.4 137.7 131.4 94.5 I960 119.6 88.8 107.7 128.3 96.1 110.3 113.8 110.2 144.7 121.3 133.2 153.8 153.4 123.1 138.0 131.8 92.1 I960—Feb 119.3 87.0 105.7 128.7 96.5 112.0 112.0 110.0 144.6 124.9 133.2 155.3 153.9 123.5 138.2 131.7 93 4 Mar 120.0 90.4 107.3 128.6 96.3 111.8 112.3 110.1 144.7 124.5 133.1 154.5 153.9 123.7 138.2 131.7 94.0 Apr 120.0 91.1 106.8 128.7 96.3 112.1 112.2 110.2 144.7 124.3 133.1 154.5 C153.7 123.5 138 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 '153.3 123.2 137.9 131.7 91.1 June 119.5 89.0 107.6 128.2 96.3 110.3 112.3 110.2 146.7 122.4 133.5 153.8 C153.2 123.0 137.8 131.7 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 C153 3 123 1 137 8 131 8 90 8 Aug 119.2 86.6 107.8 128.2 96.1 108.7 115.3 110.5 145.3 119.6 133.0 153.6 C153.3 122.9 137.8 132 0 89 9 Sept 119.2 87.7 108.1 127.9 95.9 108.1 116.1 110.4 144.9 118.7 133.0 153.5 C151.4 122.8 138.0 132.0 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 C152 9 122 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 c153.O 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 C153.1 122.6 137.9 132.1 92.4 1961—Jan 119.8 89.7 109.8 r128.0 95.0 108.3 r117.3 110.4 140.1 r115.7 132.6 r152.3 r153.2 r122.4 138.6 132.1 95 4 Feb 120.0 90.3 110.5 128.0 94.8 108.2 117.8 110.8 139.9 114.9 132.8 152.5 153.1 122.2 138.5 132.1 94.7 c Corrected. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 473 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1960 1961 1960 1961 Subgroup Subgroup Feb. Dec. Jan. Feb, Feb. Dec, Jan. Feb. Farm Products: Pulp, Paper and Allied Products—Cont.: Fresh and dried produce 100.5 99.5 106.7 103.9 Paperboard 135.9 132.4 132.4 130.5 Grains 76.7 72.7 75.3 75.9 Converted paper and paperboard 130.0 131.1 131.7 131.7 Livestock and poultry 80.8 82.8 84.8 85.8 Building paper and board 147.6 145.4 145.4 145.8 Plant and animal fibers 96.1 90.7 90.8 91.3 Fluid milk 99.0 102.3 101.1 99.7 Metals and Metal Products: Eggs 58.4 87.7 75.2 82.0 Hay and seeds 77.1 74.1 77.6 78.6 Iron and steel 171.6 168.6 169.5 170.0 Other farm products 128.9 130.4 128.0 129.5 Nonferrous metals 142.6 133.9 131.9 132.0 Metal containers 154.8 153.6 156.6 156.6 Processed Foods: Hardware 173.4 174.7 174.9 175.1 Plumbing equipment 133.9 130.8 130.9 130.9 Cereal and bakery products 120.6 123.5 123.5 123.6 Heating equipment 120.3 116.8 115.3 115.3 Meats, poultry, and fish 93.1 97.3 98.3 100.2 Fabricated structural metal products 135.4 133.9 133.9 133.9 Dairy products and ice cream 118.4 122.0 121.2 119.7 Fabricated nonstructural metal Canned, frozen fruits, and vegetable 105.0 110.1 112.3 112.5 products 146.4 148.6 149.6 149.6 Sugar and confectionery 113.9 116.3 116.2 115.8 Packaged beverage materials 145.2 140.9 139.7 139.7 Machinery and Motive Products: Other processed foods 101.6 100.8 101.1 101.3 Agricultural machinery and equip- Textile Products and Apparel: ment 145.3 148.0 148.5 148.5 Construction machinery and equip- Cotton products 95.8 91.2 90.7 90.1 ment 173.9 177.0 '177.6 177.8 Wool products 103.2 100.8 100.0 99.7 Metal working machinery 177.8 r182.3 '182.6 182.6 Synthetic textiles 79.8 77.8 77.4 77.5 General purpose machinery and 168.2 166.1 '166.0 166.0 Silk products 119.5 125.7 130.8 129.3 equipment Apparel 100.6 101.0 100.7 100.6 Miscellaneous machinery 149.6 150.9 '151.3 151.6 Other textile products 79.8 92.6 99.6 101.5 Electrical machinery and equipment 155.7 '152.4 '152.5 152.4 Hides, Skins, and Leather Products: Motor vehicles 141.6 140.7 '140.7 140.5 Hides and skins 69.8 64.9 '62.7 62.5 Furniture and Other Household Dura- Leather 104.8 99.4 97.9 97.5 bles: Footwear 134.2 132.5 rl32.7 132.6 Other leather products 107.2 103.9 103.9 103.7 Household furniture 124.9 125.7 '125.9 126.0 Commercial furniture 155.8 157.1 156.0 156.0 Fuel, Power, and Lighting Materials: Floor covering 129.6 130.2 '128.3 128.1 Household appliances 103.3 100.4 '100.1 100.1 Coal 124.1 123.1 123.5 123.5 Television, radios, phonographs 91.8 91.2 '91.0 90.4 Coke 170.4 170.4 170.4 170.4 Other household durable goods 158.1 156.6 156.9 156.8 Gas fuels (Jan. 1958 = 100) 114.5 120.0 121.1 122.9 Electric power (Jan. 1958 = 100). . 101.8 102.3 102.3 102.2 Nonmetallic Minerals—Structural: Petroleum and products 114.6 120.8 122.4 123.1 Flat glass 135.3 132.4 132.4 132.4 Chemicals and Allied Products: Concrete ingredients 142.0 142.0 142.3 142.3 Concrete products 131.1 131.0 131.2 130.8 Industrial chemicals 124.2 123.5 123.1 123.3 Structural clay products 161.5 162.3 r162.1 162.1 Prepared paint 128.3 130.3 131.5 132.1 Gypsum products , 133.1 133.2 134.9 134.9 Paint materials 103.0 104.4 105.0 104.7 Prepared asphalt roofing 107.6 106.6 114.1 114.1 Drugs, Pharmaceuticals, cosmetics. 94.0 '94.1 '94.2 94.6 Other nonmetallic minerals 133.7 133.6 133.5 133.5 Fats and oils, inedible 49.4 48.5 50.1 54.3 Mixed fertilizers 110.1 111.8 111.9 112.3 Tobacco Manufactures and Bottled Fertilizer materials 108.8 111.9 112.2 112.2 Beverages: Other chemicals and products 106.5 107.2 r107.3 107.3 Cigarettes 134.8 134.8 134.8 134.8 Rubber and Products: Cigars 106.5 106.5 106.5 106.5 Other tobacco products 155.7 155.7 155.7 155.7 Crude rubber 160.7 136.5 135.5 136.3 Alcoholic beverages 120.6 121.2 121.2 121.3 Tires and tubes 137.0 137.1 137.2 137.1 Nonalcoholic beverages 171.1 171.6 171.7 171.7 Other rubber products 144.6 146.8 144.5 143.9 Miscellaneous: Lumber and Wood Products: Toys, sporting goods, small arms 117.8 118.6 118.9 118.9 Lumber 126.1 115.0 r114.3 113.5 Manufactured animal feeds , 72.2 70.0 75.1 73.8 Millwork 137.7 135.5 135.6 134.8 Notions and accessories 97.5 96.4 96.4 96.4 Plywood 97.0 95.1 92.5 91.8 Jewelry, watches, photo equipment.., 110.6 111 .0 111.5 111.5 Other miscellaneous 131.5 132.4 132.7 132.7 Pulp, Paper, and Allied Products: Woodpulp 121.2 114.5 114.5 114.5 Wastepaper 93.6 67.8 67.8 75.5 Paper 144.5 145.7 145.7 145.7 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 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 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 10.1 17.8 19.0 17.4 18.0 19.3 18. 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 -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 .8 .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 National defense f 13.8 14.3 40.4 44.4 44.8 46.0 45.1 45.5 44.9 44.7 45.1 45.7 Other > 1.3 2.0 3l 5.2 5.7 5.7 8.3 7. 7.9 7.5 7.5 7.6 8.2 8.2 Less: Government sales .0 .0 .1 .3 .4 .5 .5 .6 .5 .5 .6 .6 .6 State and local 6.0 7.8 19.7 33.2 36.8 40.8 43.9 47.3 43.9 45.7 46.9 48.0 48.8 7.2 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] Seasonally adjusted annual rates Annual totals by quarters 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. 225.5 226.0 223.6 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 17.0 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 9.1 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. 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 .2 /7.0 40.6 44.7 43.2 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 -.4 9.4 22.8 23.5 22.3 19.1 23.8 22.7 25.0 23.4 21.3 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 Undistributed profits 2.4 -2.4 4.9 13.6 11.3 9.7 6.7 10.5 8.9 11.0 9.5 7.3 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -2.7 -1.5 -.2 -.5 .0 .7 -.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 NOTE.—For explanation of series see U. S. Income and Output (a supplement to the Survey of Current Business for 1959) and the Survey of Current Business, July 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 475 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1959 1960 1929 1933 1941 1QCA 1 Q«7 1QCO 1QCQ 1960 4 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 43.6 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 8 Plus: Subsidies less current surplus of government enterprises i .0 .1 .2 .9 1.0 1.1 .6 .5 .5 .5 .6 .5 .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 "ioii 17.5 19.9 20.2 20.4 "ioii 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 8 43.6 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 State and local 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 Equals: Disposable personal income... 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 Less: Personal consumption expenditures.... 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 Equals: Personal saving 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb.* Total personal income. 383.3 404.2 395.7 397.0 401.9 404.7 406.1 407.3 408.2 408.8 409.7 409.0 406 9 406.6 405.9 Wage and salary disbursements... 258.2 272.5 268.6 269.3 277.7 273.6 274.0 275.1 275.1 275.0 274.8 273.6 271.4 271.4 270.5 Commodity-producing industries... 107.2 111.4 111.9 111.6 112.1 113.3 112.9 112.8 111.5 111.2 110.9 109.5 107.3 107.2 106.2 Manufacturing only 84.7 88.0 89.0 88.8 88.6 89.5 89.2 88.7 87.7 87.5 87.2 86.2 84 6 84.4 83.9 Distributive industries 68.2 71.9 70.3 70.8 71.8 72.0 72.2 72.4 72.9 72.7 72.5 72.5 72.3 72.1 72.0 Service industries 37.5 41.0 39.8 40.0 40.5 40.7 41. 41.3 41.6 41.9 42.0 42.0 42.0 42.1 42.1 Government 45.3 48.2 46.5 46.9 47.3 47.6 47.8 48.5 49.0 49.2 49.4 49.6 49.8 50.0 50.2 Other labor income 10.1 11.0 10.7 10.8 10.8 10.9 11.0 11.1 11.2 11.2 11.3 11. 11.0 11.0 10.9 Proprietors'1 income: Business and professional. 34.7 35.9 35.5 35.4 35.7 36.0 36.2 36.2 36.1 36. 36. 35.9 35.7 35.5 35.4 Farm 11.8 12.0 10.4 10.1 11.7 12.1 12.5 12.0 12.2 12.6 12.9 12.9 12.9 13.0 12.2 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 14.0 14. 14.1 14.0 14.0 13.9 14.0 Personal interest income. 23.5 26.8 25.5 25.9 26.2 26.5 26.8 27.1 27.4 27.6 27.6 27.7 27.7 27.7 27.5 Transfer payments 27.0 29.0 27.7 28.3 28.6 28.4 28.5 28.7 29.1 30.0 30.5 30.9 31.0 31.2 29.7 Less: Personal contributions for social insurance , 7.8 9.3 9.1 9.2 9.2 9.3 9.3 9.3 9.4 9.3 9.3 9.2 9.2 9.4 9.3 Nonagricultural income. 367.6 388.1 381.2 382.7 385.9 388.2 389.3 391.1 391.8 392.4 393.0 392.1 390.1 389.8 389.0 Agricultural income 15.7 16.1 14.5 14.3 16.1 16.4 16.8 16.2 16.4 16.4 16.7 16.9 16.8 16.8 16.9 * Preliminary. r Revised. ment to the Survey of Current Business for 1959) and the Surrey of Current * Monthly data are seasonally adjusted totals at annual rates. Business, July 1960. NOTE.—For explanation of series see U. S. Income and Output (a supple- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 1. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR FOURTH QUARTER, I960" as [In billions of dollars] Consumer Nonfinancial business sectors Government sectors 2 Financial sectors and non- Rest-of- All Dis- Natl. Sector s p e r c o t f o it r Farmi cor N po o r n a - te ! Corporate Federal an S d t a lo te cal C b o a m n m ki e n r g ci 3 al ins S ti a t v u i t n i g o s ns4 Insurance5 F n i . n e a .c n . c * e s w e o c r to ld r sectors a c n re c p y - 7 i s n a a v v n e i d n s g tment Transaction 2,8 category U S U S U S U S U S U S U S U S U S U S U S U S U A_ Gross saving2 »^ . 18.4 1.8 3.4 8.3 -4.3 -2.3 .6 —.5 .7 —.3 !0 1.2 24.6 n-4.0 25.8 A B Capital Consumption12 11 4 1 i 2 2 6 4 * * * 21 1 21.1 B C Net saving (A—B) 7 0 1.2 1 9 —4 3 9 o 6 — 5 7 — 3 — 1 2 3 5 4.7 C D Gross investment (E-f-J)2 .. 19.0 1.8 3.4 7.5 -4.3 .2 —.1 — 5 .7 2 — 6 27.3 1.3 29.2 D E Private capital expenditures (net of sales)13 18.2 1.1 2.0 7.2 .1 .1 28.6 28.6 E F Consumer durable goods... 12.4 12.4 12.4 F G Nonfarm resident, constr.1*. 4.8 3 3 5 4 5.4 G H Plant and equipment 1 1 9 2.2 7 7 .1 1. 12 1 12.1 H I Change in inventories15.... .1 — 5 — 8 — 1 2 -1.2 I J Net financial invest fK. — L) .8 .8 1.4 .3 —4.3 .2 —.2 — 5 .6 .2 1.3 1.3 16.6 J L K . N N e e t t i a n c c q r u ea is s . e o i f n f l i i n a a b n . . 1 7 assets.... 6.0 5.1 -.1 -.8 .4 -1.0 2.7 ' 2A -.9 3^4 1.3 i.i 6.7 6.9 3.1 3.6 3.0 2.5 1.8 1.6 1.2 1.8 25.2 2.65 1 1 . . 8 2 K L M Gold and Treas. currency^. * * 9 9 * * -.9 M N Dem. dep. and currency19. . 2 0 — l * 2 0 -1 8 8 4 9 5 .3 — l 3 3.9 4.9 1.0 -.3 N O Fixed-value redeem, claims.. 4.6 1 .1 * .5 2 1 1 q q 1 5 4 5 4 -.1 O P Time deposits20 1.8 1 .1 .5 2.1 * .5 1 2.5 2.5 -.1 P Q R U Sa . v S in . g s s a v s i h n a g r s e s b 2 o 1 nds22 2. . 7 1 .1 1 2 8 2.8 1 2.8 1 Q R S Saving through life insur.23 . .9 * 9 .9 .9 S T Saving through pen. funds2*. 2.1 1 5 1 6 2.1 2.1 T U Credit and equity mkt. instr.. -2.3 5.1 -.3 .5 1.8 1.2 2.3 .7 2.6 * .6 7.5 * 2.2 .3 2.7 1.9 1.8 .4 .7 14.8 14.8 * .3 U V Federal obligations25 — 1 9 3 2.2 -.4 4.0 -.2 -.3 .3 .4 2.2 2.2 -.4 V W State and local obligations. -.2 1 5 4 * 2 .5 .5 W X Corp. and foreign bonds.. .1 1 4 3 — 1 1 1 1 .5 .5 * .1 1.9 1.9 .1 X Z Y C 1- o t r o p o 4 r - a fa te m i s l t y o c m k ortgages.. — — 5 1 3 0 _ 2 _ 2 3 2 * — 1 * 2 0 4 7 .5 1 .4 * * 2. . 6 7 2. . 6 7 .... * Z Y a Other mortgages .2 .1 .3 .6 .1 * 1 3 3 1 i 1 i a b Consumer credit 1 8 5 i 2 1 1 1.8 1.8 b c d B Se a c n u k r i l t o y a c n r s e d n i .e t2 . 6 c.27 1 1 1 — 2 1 2 — 2 1 1. 5 0 .1 -.2 . . 7 4 * .3 1. . 5 9 1. . 5 9 .3 * d c e Other loans28 2 2 .5 -.3 .4 .5 .4 1 6 .2 .2 .5 -.2 .1 A 1.6 1.6 .3 e * f Trade credit — 2 29-1 7 —1 2 2 .2 * * — 1 1 —1 5 — 4 f g Proprietors' net invest, in noncorporate business1 — 1 3 — 3 — 1 1 —1 3 —1 3 g h Misc financial trans 30 .6 * .1 .5 .1 -.1 .2 -.2 -.4 1.0 .5 1.2 .7 1.5 h i Sector discrepancies (A—D)31. -.7 9 -2 5 .7 -.5 -.6 -2.7 -3.4 i * Less than $50 million. & Preliminary. In Tables 3 and 4, figures for 1959 have been adjusted to eliminate the effect of certain structural changes NOTE.—U=uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions in order to reflect only transaction flows. Structural changes are (1) the shift of banks in Alaska and of assets; financial sources of funds, net changes in liabilities. Hawaii from the finance n.e.c. sector to the commercial banking sector (2) and the shift of a large mutual For discussion of saving and investment concepts see pp. 831-43 of the BULLETIN for August 1959. savings bank to the commercial banking sector resulting from a bank merger early in 1959. The adjust- Descriptions of sectors and of transaction categories are given in notes to tables and in "Technical Notes," ments apply to the first three quarters and to the annual totals for 1959. pp. 846-59 of the BULLETIN for August 1959. Details may not add to totals because of rounding. For other notes see pp. 477 and 479. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 477 TABLE 2. SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transaction category, or sector 1958 1959 1960 1956 1957 1958 1959 I960* 4 1 2 3 4 1 2 3 4* A Net national saving2 41.5 37.9 19.5 36.1 38.3 3.8 9.9 10.1 8.4 7.7 12.4 11.0 10.1 4.7 A C B F C a o r n m su a m n e d r n a o n n d c n o o rp n . p r b o u f s it iness 3 2... 29.5 28.5 26.1 30.6 31.1 * 2 5 . . 4 8 - 8 .5 .2 -1 7 .8 .9 -1 8 . . 6 4 f 3 .t .9 '- '8 .9 .5 '- '6 .2 .0 - 9 .8 .6 7 1 . . 0 9 C B D Corporate nonfinancial business.. * * 3.5 * 5.4 4.2 1 1 3.8 3.3 3.3 ' 1 1 2 2 1 1.9 D E Federal Government2 55..99 53..36 -8.2 -141.5.4 3.9 -7.6 .7 1.4 -2.1 -4.5 4.0 r4.7 -.4 -4.3 E F State and local governments2.... -2.7 -3.2 -5.0 -4.4 -6.5 -1.6 -.6 -1.8 -1.2 -.9 '-.5 '-1.6 -2.1 -2.3 F G Financial sectors 2.9 3.7 3.1 3.1 4.4 .5 9 .6 1.6 -.1 '1 3 r 9 1 8 .4 G H Capital consumption12 67.5 73.3 75.2 79.0 82.9 19.2 19.3 19.7 19.9 20.2 20.3 20.6 20.9 21.1 H I Consumer and nonprofit 36.9 40.1 41.6 43.4 45.0 10.6 10.7 10.8 10.9 11.0 11.1 11.2 11.3 11.4 I J Consumer durable goods 33.0 35.8 37.0 38.5 39.7 9.4 9.5 9.6 9.7 9.7 9.8 9.9 10.0 10.0 J K Owner-occupied homes 3.4 3.7 4.0 4.3 4.6 1.0 1 0 1.1 1.1 1.1 1 l rl 1 2 1.2 K L Plant and equip, (nonprofit).... .5 .6 .6 .6 .7 .1 .2 .2 .2 .2 .2 .2 .2 .2 L M Farm business 3.7 3.9 4.0 4.1 4.3 1.0 1 0 1.0 1.0 1.0 1 l 1 l 1 1 1 1 M N Noncorp. nonfinan. business 7.5 8.1 7.7 8.2 8.6 2.0 2.0 2.0 2.1 2.1 2.1 2.1 2.2 2.2 N O Corporate nonfinancial business.. 19.3 21.2 21.9 23.3 25.0 5.6 5.6 5.8 5.8 6.0 6.1 6.2 6.3 6.4 O P Gross national saving 2 108.9 111.2 94.6 115.2 121.2 22.9 29.2 29.7 28.3 27.9 32.7 '31.6 31.0 25.8 P Q Consumer and nonprofit 66.4 68.6 67.7 74.0 76.1 16.4 18.9 18.7 19.4 17.1 '19.6 '17.2 20.9 18.4 Q R Farm and noncorp. business 11.3 12.0 11.7 12.3 12.9 5.3 2 5 1.2 1.5 7.0 '2 2 '3 0 2 5 5 2 R S Corporate nonfinancial business.. 25.2 26.5 25.4 34.8 30.4 9.8 6.7 9.6 9.1 9.3 '6.2 '7.4 8.4 8.3 S T Federal Government2 5.9 3.6 -8.2 -4.5 3.9 -7.6 .7 1.4 -2.1 -4.5 4.0 '4.7 -.4 -4.3 T V U S F t in at a e n c a i n a d l s lo e c c a to l rs g ov . e rnmen . ts2.... -2 2 . . 7 9 -3 3 . . 2 7 -5 3 . . 0 1 -4 3 . . 4 1 -6 4 . . 5 4 -1.6 .5 -.6 .9 -1.8 .6 -1 1 . . 2 6 Q 1 '- '1 .5 .3 '-1. ' 6 .9 -2 1 . . 1 8 -2.3 .4 U V W Gross national investment2 108.0 110.7 93.6 113.7 114.3 26.9 26.4 30.1 27.1 30.1 '28.9 28.8 27.4 29.2 W X Consumer durable goods 38.5 40.4 37.3 43.4 43.6 11.4 9.4 11.2 10.4 12.4 10.0 11.2 10.1 12.4 X Y Other gross private domestic fixed investment 62.7 64.6 58.5 66.1 66.6 15.7 13.9 17.3 17.7 17.3 14.4 17.1 17.6 17.5 Y Z Consumer and nonprofit 18.9 18.2 18.3 22.2 21.4 5.3 5.2 4.9 5.9 6.2 5.4 4.7 5.4 5.8 Z a Nonfarm residen. constr. 14... 16.1 14.9 14.7 18.5 17.4 4.3 4.3 4.1 4.9 5.3 4.5 3.8 4.3 4.8 a b Plant and equip, (nonprofit)... 2.8 3.3 3.6 3.7 4.0 1.0 .9 .9 1.0 1.0 .9 .9 1.1 7.7 b c Farm business 3.8 4.0 4.4 4.9 4.4 1.0 1.4 1.3 1.0 1.0 1.3 1.2 .9 c d Noncorp. nonfinan. business14, 10.2 9.7 9.1 10.8 10.7 2.4 2.\ 3.3 3.0 2.5 2.1 3.1 3.0 2.5 d e Corp. nonfinan. business*4.... 29.1 32.0 25.9 27.4 29.2 7.0 5.3 7.4 7.3 7.4 '5.7 7.8 7.8 8.0 e f Financial sectors .7 .8 .7 .8 .8 .2 2 .2 .2 .2 2 2 2 2 f g Change in inventories 15 4.7 1.6 -2.5 5.9 3.6 3 6 2 1 -.2 .4 4 5 4 _ l -12 g h Farm business -.4 .8 1.0 .5 .4 .2 2 .1 .1 .1 1 1 1 1 h i Noncorp. nonfinan. business... .2 .2 * .6 .5 — .5 .2 -.1 -.6 1.2 - 1 * -.5 i j Corp. nonfinan. business 4.9 .6 -3.5 4.8 2.7 2.4 1.7 -.1 .9 3.2 .4 -.2 -.8 j k Net financial investment i« 2.1 4.2 .3 -1.8 .5 * -.5 -.4 -.8 .1 -.1 .6 k 1 m Co N n e su t m ac e q r u a is n . d o f n fi o n n a p n r . o f a it ssets. .. 2 1 7 2 . . 4 1 2 1 6 4 . . 8 8 2 1 7 5 . . 3 3 3 1 7 0 . . 3 6 2 5 7 . . 1 3 3 9. . 0 3 4 7 . 2 3 7 1 . . 9 8 2 7 . . 8 8 2 8. . 4 0 ' r 2 4 .5 4 '—r1 3 .5 8 3 7 .3 6 6.0 8 m 1 n Net increase in liabilities 15.2 12.0 12.1 20.7 16.2 5.7 3.1 6.2 5.0 6.4 2.1 r5.2 3.8 5.7 n o Farm and noncorp. business... -2.5 -2.7 -2.9 -4.5 -3.1 2.2 -1.9 -3.8 -2.8 4.0 '-2.2 '-1.3 -1.8 2.2 o .5 .8 1.3 — .4 .8 -.5 .7 - .2 .3 '-.5 '.2 -.2 .4 p q Net increase in liabilities 3.0 3.5 4.2 4.1 2.9 -1.4 1 4 3.9 2.5 -3.7 '7.7 '7 5 7 6 -18 q r Corp. nonfinan. business -13.4 -8.7 -.9 -1.6 -7.1 1.5 -1.5 .8 .5 -1.4 '-4.3 '-2.2 -.9 .3 r s Net acquis. offinan. assets. .. 4.3 4.4 7.2 13.4 3.8 5.2 .2 5.6 3.6 4.7 r-2.3 '7.4 2.0 2.7 s t Net increase in liabilities 17.7 13.1 8.0 15.0 10.9 3.7 1.7 4.8 3.1 5.4 '2.0 '3.5 2.9 2.4 t u Federal Government 5.9 3.6 -8.2 -4.5 3.9 -7.6 .7 1.4 -2.1 -4.5 * 4.0 '4.7 -.4 -4.3 u v Net acquis. offinan. assets... 1.6 3.2 1.6 6.3 3.9 .7 .2 4.3 2.6 -.8 -.3 r4.2 .9 -.9 v w Net increase in liabilities -4.3 -.4 9.7 10.8 * 8.3 -.5 2.9 4.7 3.7 -4.3 '-.4 7.3 3.4 w x State and local governments. . . -2.2 -3.2 -5.2 -3.9 -3.4 -.3 -1.6 -1.2 -1.3 .3 '-.4 -.9 -2.2 .2 x y Net acquis. offinan. assets. .. 2.6 3.3 2.5 3.7 2.6 7.0 .2 .7 .9 7.2 '7.7 .4 -.2 7.3 y z Net increase in liabilities 4.8 6.5 7.7 6.9 5.9 7.3 1.8 1.9 2.3 .9 7.5 7.3 2.0 7.7 z aa Financial sectors 2.7 3.0 4.5 3.7 4.6 .1 1.4 .6 2.2 -.5 '1.6 '1.3 1.7 * aa bb Net acquis. offinan. assets. .. 22.5 23.9 36.2 29.2 33.8 75.4 .2 70.7 8.5 70.3 r-3.0 '72.2 70.0 74.5 bb cc Net increase in liabilities 19.8 20.9 31.7 25.5 29.2 75.3 -7.7 9.5 6.3 70.9 -4.6 '77.0 5.3 74.5 cc dd Financial trans, discrep -.5 -2.6 -2.2 -1.6 .3 .7 -1.8 .1 * '-1.2 '.3 1.3 dd ee Discrepancy (P — W)31 . . .. .9 .5 1.0 1.5 6.9 -4.0 2.8 -.3 1.2 -2.2 '3.8 '2.8 3.6 -3.4 ee * Less than $50 million. p Preliminary. ' Revised. for August 1959. For other notes see below and second page following. NOTE.—Descriptions of sectors and of transaction categories are given Back data available in Flow-of-Funds Supplements. in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN Notes to Tables 1, 2, and 3. 9 For content of sector saving, see Tables 1 and 4 and pp. 833 and 849 1 Net saving of, and consumer investment in, unincorporated business of the BULLETIN for August 1959. discussed on p. 838 of the BULLETIN for August 1959. See note 32, p. 99 i o Rest-of-world surplus on current transactions with United States. 2 For govt. sectors, saving is excess of all nonfinancial receipts over all 11 Discrepancy between total nonfinancial sources and uses of funds nonfinancial outlays; investment, changes in financial assets and liabilities (Line A minus line E in "all sectors" column). only. Govt. current outlays include, and govt. (and national) invest- 12 Depreciation, accidental damage to fixed capital, and capital outlays ment excludes, govt. purchases of tangible assets. charged to current account. Annual data in Table 2 are from Dept. of 3 Consolidated account for monetary authorities (Federal Reserve Commerce national income accounts except for F. R. estimates of de- System, ESF, and Treasury currency accounts) and commercial banks preciation on consumer durable goods. Depreciation on latter item in United States (excluding territories and possessions). and on farm assets at current cost; other depreciation, in general, at 4 Mutual savings banks, savings and loan assns., and credit unions. original cost. Line H in Table 2 includes amounts for financial sectors 5 Life and nonlife insurance companies and private pension plans. not shown separately. 6 Finance companies, open-end investment companies, security brokers 13 Transactions in land excluded from sector investment for statistical and dealers, banks in U. S. territories and possessions, and U. S. agencies reasons. Such transactions, when recorded as capital flows, affect of foreign banks. sector allocation of investment but not the national total. 7 For discussion, see p. 857 of the BULLETIN for August 1959. 14 For consumers, 1- to 4-family dwellings completed and purchases of 8 Totals for domestic sectors; financial entries are net uses plus items additions and alterations. Investment of nonfarm business sectors in discrepancy column. For comparison with national saving and in- includes work in process on 1- to 4-family dwellings and other private vestment in national income accounts of Dept. of Commerce, see p. 842 residential construction. of the BULLETIN for August 1959. For other notes to Tables 1-3 see second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 FLOW OF FUNDS/SAVING TABLE 3. SUMMARY OF PRINCIPAL FINANCIAL FLOWS 3 3 [In billions of dollars] Quarterly 1otals Annual totals Transaction category, 1958 1959 1960 or sector 1956 1957 1958 1959 I960? 4 1 2 3 4 1 2 3 4* I. Demand deposits and currency A Net increase in commercial bkg. system liability ^' 1.7 -.8 5.8 1.1 .1 8.0 -7.0 2.1 2.1 3.8 -8.8 2.5 1.5 4.9 A B Net increase in assets, by sector 1.7 .7 6.5 1.7 .8 6.6 -5.3 1.9 2.0 3.1 '-7.5 '2.6 1.8 3.9 B C Federal Government -.2 .2 .1 .7 .8 * — .5 1.0 1 5 -1.2 -A 2.8 .2 -1.8 C D Other domestic sectors 1 7 3 6 4 9 * 6 3 — 4 9 7 4 4 4 '-6 7 '— 3 1 5 5 5 D E Consumer and nonprofit . . 1 0 - 9 2 5 9 .2 2 3 — 9 n 8 1 6'-2.8 '-1.0 1 9 2 0 E F Farm and noncorporate bus 32 .1 .6 1.3 -.7 -.3 .3 - 2 - .2 2 -.2 '-.1 '—.1 -.1 -.1 F G Corporate nonfinancial bus .1 1.7 .2 c 2.5 -2.9 1.5 -.2 1.8 -3.4 '.7 .1 2.0 G H State and local government .. 2 2 2 5 .2 .6 — 4 .1 2 6 * 4 - 2 .8 H I Financial sectors .2 .3 .7 * .5 .5 -.3 * -.3 .6 -A A -.2 .7 I J Rest of the world 2 2 1 3 2 1 i — 4 3 J K Discrepancy (A —B) -1.4 -.7 -.6 -.7 1.4 -1.7 .2 .2 .7 '-1.3 '-.1 -.3 1.0 K II. Fixed-value redeemable claims A Net increase, by type 8.9 10.1 16.1 7.6 14.8 3.1 2.3 3.0 .8 1.6 1.6 3.9 3.9 5.4 A B Time deposits 3.6 6.8 10.1 2.2 7.0 .9 1.1 1.2 * .2 1.7 2.6 2.5 B C Savings shares 5.4 5.2 6.5 7.2 8.1 2.3 1.4 2 3 1.2 2^3 '1.6 2.4 1.4 2.8 C D US savings bonds22 -1.9 -.5 -1.8 -.3 -.2 -.2 -.5 -.5 .-6 -.2 -.1 .1 D E Net increase in liab., by sector34.... 9.0 10.1 16.2 7.6 14.8 3.1 2.3 3.0 .8 1.6 1.6 3.9 3.9 5.4 E F G F C e o d m e m ra e l r G ci o al v e b r a n n m k e i n n t g. - 2 .3 .1 -2 5 . . 2 5 - 8 .7 .0 -2 1 . . 0 2 - 5 .4 .8 -.2 .5 -.2 .6 -.6 .9 -.6 - - . . 2 6 r 2 - 1 .2 .5 - 2 .1 .2 2.1 * G F H Savings institutions 7.3 6.9 8.9 8.4 9.5 2.9 2.0 2.6 2.4 '1.9 2.6 1.8 3.3 H \A I Net increase in assets, by sector34 .. 8 9 10.1 16.1 7.6 14.8 3.1 2.3 3 0 1.6 1.6 3.9 3.9 5.4 I J Consumer and nonprofit 9.0 9.8 13.5 9.6 12.7 3.5 2.2 3.5 1..78 2.1 1.6 3.4 3.2 4.6 J K Other domestic sectors35 4 1 7 — 1 0 1 8 A _ 2 — 7 _ 2 .2 3 5 8 K L Rest of the world (time deposits) . -.1 * .9 -1.0 .3 * .1 -.4 _ 3 -.1 -.2 .2 .3 .1 L III. Saving through life insurance and pension funds A Net increase, by type 9.3 9.0 10.3 11.6 11.5 2.8 2.9 3.2 2.5 3.1 '2.8 '3.1 2.6 3.0 A B Life insurance 3 8 2 8 3 4 3.7 3.5 1.0 .9 1 2 8 9 '.8 '.8 .9 .9 B C Pension funds 5.6 6.1 6.9 7.9 8.1 1.8 2.0 2.0 1.7 2.1 '2.0 2.3 1.6 2.1 C D Net increase in liab., by sector34,36. 9.3 9.0 10.3 11.6 11.5 2.8 2.9 3.2 2.5 3.1 '2.8 '3.1 2.6 3.0 D E Federal Government 1 0 6 1 0 1 0 1.0 1 2 4 3 1 .1 7 1 E F State and local government...... 1.4 1.6 1.7 1 8 1.8 .4 5 .5 5 .5 .5 .5 5 .5 F G Life insurance companies 4.8 4.3 4.7 5.6 5.0 1.5 1.3 1.6 1.2 1.6 '1.1 '1.1 1.3 1.5 G H Private noninsured pension plans. 2.1 2.6 2.8 3.2 3.6 .8 1.0 .8 .5 .9 1.1 .8 .7 1.0 H IV. Credit and equity market instruments 30.7 36.7 46.2 61.5 39.2 22.7 7.3 18.7 18.3 17.2 2.3 '11.8 10.4 14.8 A B Federal obligations -5.6 1.1 9.0 11.3 -2.2 7.6 2.0 5.3 4.0 -4.1 -1.4 1.2 2.2 B C Short-term direct3 ? 7.4 5.5 -1.2 5.5 -5.1 3.8 -4.6 4.7 .7 4.7 -7.4 -2.1 5.3 -.8 C D Other -13.0 -4.4 10.2 5.8 2.9 3.8 4.6 -2.7 4.6 -.7 '3.3 .6 -4.1 3.0 D E State and local obligations 3.2 4 7 5 7 4.9 3.6 .8 1.3 1 4 1.8 .4 1.0 1.4 .5 E F Corporate and foreign bonds 5.0 7.5 6.8 4.7 5.5 1.6 1.1 1.0 1.1 1.5 1.1 1.2 1.3 1.9 F G Corporate stock 3.8 4.0 4 2 4.4 3.5 1.1 1.2 1 2 .7 1.2 .9 .9 .7 G H 1- to 4-family mortgages 10.8 8.6 10.1 13.3 10.9 3.2 2.9 3.8 3.7 3.0 2.3 2.9 3.0 2.6 H I Other mortgages 3.8 3.5 5.2 5.8 4.5 1.6 1.2 1.7 1.5 1.4 '1.0 1.3 1.2 1.1 I J Consumer credit 3.6 2 8 3 6 3 3.9 1.9 — .7 2 6 1.7 2.7 '-.8 '2.4 .6 1 8 J K Security credit — 6 2 1 7 .4 1 1 2 — 3 6 — 1 6 5 6 9 K L Bank loans nee 5.9 2.3 1 3 7.9 3.4 2.7 -.4 3.6 2.8 1.9 '.4 '2.1 -.5 1.5 L M Other loans 9 2 6 2 0 2 8 5.6 o 9 1 3 1 5 2.1 '1 2 7 1 6 M N Funds raised by sector34 31.2 36.9 46.2 61.4 39.2 22.7 7.3 18.7 18.3 17.1 2.3 '11.7 10.4 14.8 N O Consumer and nonprofit 15.1 11.8 12.0 20.6 16.1 5.6 3.0 6.2 5.0 6.4 2.1 '5.2 3.7 5.1 O P Farm business .9 1.1 1.5 2.0 1.2 .7 1.1 .3 .5 .8 .2 -.3 P Q Noncorporate nonfinancial bus.. . 2 0 1 1 2 3 4 8 3.1 2 8 A 2 5 1 6 2 .2 1 2 * 1.8 Q R Corporate nonfinancial business. . 13.0 13.1 11.8 11.6 10.2 3.1 1.9 3.8 2.9 2.9 '2.6 '2.9 2.4 2.3 R S Federal Government -5.4 1.0 9.3 10.7 -1.6 7.9 -.2 1.7 5.2 4.1 -4.1 -1.5 1.4 2.6 S T State and local government. .. 3 3 4 9 5 9 5.1 4.0 8 1 1 1 5 1.8 .5 1.0 8 1 6 6 T U Financial sectors 1.2 2.4 1.2 5.7 4.2 1.8 .7 1 5 1.2 2.3 -.3 1.7 .7 2.1 U V Rest of the world 1 0 1 4 2 3 8 1 9 6 2 4 3 * 3 5 4 7 V W Funds advanced bv sector34 30.7 36.7 46.2 61.5 39.2 22.7 7.3 18.7 18.3 17.2 2.3 '11.8 10.4 14.8 W X Y C Fa o r n m su a m n e d r n a o n n d c n o o rp n . p r b o u f s i i t n ess . . . 7. . 7 3 8. . 1 2 4.7 * 15 . . 4 3 2. . 2 2 1. . 4 5 - 4 .3 .5 3. . 4 3 - 4 .1 .3 3. . 2 5 '4.2 4 -.7 .3 1.0 -2.3 .5 X Y Z Corporate nonfinancial business. . -3.8 .4 1.2 5.5 -2.2 4.2 1.0 1.2 1.5 1.9 r-'.3 -1.3 -1.9 1.2 Z a Federal Government . .... 1.1 2.4 1.7 3.8 2.5 .9 .7 1.7 1.0 .5 * '1.3 .6 .7 a b State and local government 2.3 2.6 1.4 2.9 1.0 .5 .6 .5 1.2 .7 .9 .4 -.3 * b c Commercial banking system 4.8 4.3 17.0 5.6 9.9 8.0 -5.4 4.2 3.3 3.5 '-8.0 '5.1 5.2 7.5 c d Monetary authorities .3 -.8 2.2 .3 .7 1.4 -.9 .6 .1 -1.4 1.2 .5 .4 d e Commercial banks 4.5 5.1 14.9 5.3 9.2 6.6 -4.5 3.6 2^8 3.4 '-6.6 '3.9 4.7 7.2 e f Securities -3.5 1.3 10.4 -7.2 2.3 1.7 -4.2 -1.7 -.8 -.4 r-5.7 .3 3.8 4.0 f g Loans ^ ^ 8.0 3.8 4.5 12.5 6.9 4.9 - .3 5.3 3.6 3.8 -.8 r3.7 .9 3.2 g h Savings institutions 7.3 7.2 9.4 10.6 9.4 2.4 2.7 3.2 3.0 1.6 '2.2 2.3 2.6 2.2 h i Insurance sector 8.0 8.3 8.9 9.8 10.5 2.5 2.5 2.6 2.1 2.6 2.9 2.4 2.5 2.7 i j Finance nee 1.6 2.5 2.0 4.5 4.5 2.1 .9 .9 .8 2.0 .2 2.0 .5 k Rest of the world 1.3 .6 -.1 3.1 1.2 .3 .2 1.0 1.3 .7 .5 * .3 4 k • Less than $50 million. Preliminary. r Revised For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 479 Notes to Tables 1, 2, and 3 (cont.). 2 6 Loans from banks for purchasing or carrying securities and cus- 15 After inventory valuation adjustment. tomer debit and net free credit balances on books of security brokers 16 Financial component of national investment equals net lending to and dealers. rest of world; financial flows among domestic sectors cancel out in national 27 Mainly commercial, industrial, and agricultural loans (other than total. (Discrepancies in financial transactions attributed entirely to open market paper and CCC-guaranteed loans); includes loans to foreign domestic transactions.) Differs from U. S. "net foreign investment" banks, loans to individuals (other than consumer credit), and other loans. (net exports minus net unilateral transfers in national income accounts) Gross of valuation reserves. Loans to domestic commercial banks by discrepancy in rest-of-world account, which equals "errors and excluded in consolidated banking statement. omissions" in Dept. of Commerce balance-of-payments statement for 2 8 Mainly Federal Government loans (other than mortgages), CCCthe United States. guaranteed loans, open market paper, finance company loans to business, 17 "Liabilities" cover equity as well as debt claims. and policy loans on life insurance. 18 For description, see p. 852 of the BULLETIN for August 1959. 2 9 Trade debt net of trade credit. 19 Demand deposit liabilities of banking system are net of F. R. float 3 0 For coverage, see p. 856 of the BULLETIN for August 1959. See also and cash items in process of collection as reported by commercial banks. notes for this category in individual sector statements in Table 4. Sum of sector holdings (partly on holder-record basis) differs from 3 * Saving and investment are equal in concept but may differ statistically liability total mainly because of mail float (checks in transit from drawers because of discrepancies. See p. 857 of the BULLETIN for August 1959. to drawees). See Table 4 (G), lines Y-a, for sector allocation of demand 32 Annual figures for farm sector are retained earnings of corporate deposit and currency liability on a net bank-record basis. For further farms; farm and nonfarm unincorporated businesses shown as having discussion, see p. 852 of the BULLETIN for August 1959. zero annual net saving. Quarterly figures for both sectors include 20 At commercial and mutual savings banks and Postal Savings System. seasonal net saving. See p. 838 of the BULLETIN for August 1959. 2! Shares in savings and loan associations and credit unions. 3 3 Data for excluded categories—trade credit, proprietors' net invest- 22 Consumer-held only; includes net interest accruals. Savings bonds ment, gold, Treasury currency, and misc.—appear in Tables 1 and 4 and held by other sectors included in Federal obligations category. Supplement No. 2. 2 3 Private and Federal Government life insurance. Estimated as equal 34 For sector transactions in specific instruments, see Tables 1 and 4. to changes in reserves against life insurance policies and supplementary 35 Mainly time deposits of State and local governments, corporate contracts and in policy dividend accumulations. businesses, and savings institutions. 24 Private pension plans and railroad and govt. employee retirement 3 6 Includes life insurance issued by fraternal orders not shown sepafunds. Estimated as equal to changes in reserves of pension plans ad- rately. All assets in these categories are treated as consumer holdings. ministered by life insurance companies and in assets of other private 37 Marketable issues maturing within one year and, prior to 1956, plans and of railroad and govt. employee retirement funds. savings notes. 2 5 Excludes Federal debt held by Federal agencies, consumer-held 3 8 Excludes loans to domestic commercial banks. Consists of mortsavings bonds, special notes issued to IMF, and currency items in public gages, consumer credit, security credit, other loans, and bank loans, n.e.c. debt; includes Federal agency debt and accrued interest on Treasury bills Gross of valuation reserves. and on savings bonds (other than consumer-held). NOTE.—Back data available in Flow-of-Funds Supplements. TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1956 1957 1958 1959 I960? (A) Consumer and nonprofit organization sector A Current receipts 314.2 331.4 338.8 361.5 381.9 87.8 87.0 90.2 91.1 93.3 '92.1 94.9 96.7 98.2 B Income receipts * 293.5 307.3 310.2 331.8 349.7 80.8 79.6 82.8 83.8 85.7 84.2 '86.9 88.7 89.9 C Transfer receipts2 20.7 24.0 28.7 29.7 32.2 7.0 7.4 7.4 7.3 7.6 n. 9 '8.0 8.1 8.2 D Income taxes and other deductions.. 42.9 46.2 45.9 50.1 55.3 9.8 12.6 14.0 12.7 10.9 13.9 16.1 13.7 11.6 E Taxes less tax refunds3 37.0 39.4 38.9 42.1 45.8 8.4 10.3 11.7 10.8 9.3 11.2 13.4 11.5 9.7 F Pension and OASI deductions4... 5.9 6.8 7.0 8.0 9.5 1.4 2.3 2.3 1.9 1.5 2.7 2.7 2.2 1.8 G Cur. receipts after deduct. (A—D).. 271.2 285.2 293.0 311.4 326.6 78.0 74.4 76.2 78.3 82.4 '78.1 78.8 83.1 86.6 H Cur. expend, for goods and serv.5.. 211.2 222.9 232.9 246.4 259.3 63.7 57.9 60.1 60.8 67.6 '60.8 64.1 64.0 70.4 I Net life insurance premiums 6 2.7 2.8 2.5 2.6 2.5 .7 .6 .6 .7 .7 .5 .5 .6 .8 J Current surplus (G —H—I) 57.3 59.5 57.6 62.4 64.8 13.7 16.0 15.5 16.9 14.1 '16.8 '14.1 18.4 15.4 K Insurance and retirement credits7... 9.1 9.1 10.1 11.6 11.3 2.7 2.9 3.2 2.5 3.0 '2.7 '3.1 2.5 3.0 L Capital consumption 8 36.9 40.1 41.6 43.4 45.0 10.6 10.7 10.8 10.9 11.0 11.1 11.2 11.3 11.4 M Net saving (J-fK-L) 29.5 28.5 26.1 30.6 31.1 5.8 8.2 7.9 8.4 6.1 '8.5 '6.0 9.6 7.0 N Gross saving (L-f-M) 66.4 68.6 67.7 74.0 76.1 16.4 18.9 18.7 19.4 17.1 '19.6 '17.2 20.9 18.4 0 Gross investment (P+T) 69.6 73.3 70.9 76.2 70.1 20.0 18.8 17.9 19.1 20.6 '17.9 '74.2 19.0 19.0 O P Capital expend, (net of sales)... 57.4 58.5 55.6 65.6 65.0 16.6 14.6 16.1 16.3 18.7 15.5 15.9 15.4 18.2 P Q R C R o e n si s d u e m nt e ia r l d c u o r n ab st l r e u c g t o io o n ds 3 1 8 6 . . 5 1 4 1 0 4 .9 4 3 1 7 4 . . 3 7 4 1 3 8 . . 4 5 4 17 3 . . 4 6 , 1 4 1 . . 3 4 9 4 . . 4 3 1 4 1 . . 1 2 1 4 0 . . 9 4 1 5 2 . . 3 4 1 4 0 . . 5 0 1 3 1 . . 8 2 1 4 0 . . 3 1 1 4 2 . . 8 4 8 S Plant and equip, (nonprofit) 2.8 3.3 3.6 3.7 1.0 .9 .9 1.0 1.0 .9 .9 1.1 T U Ne N t e f t i n a a cq n u c i i s a . l o in ff v in es a t n m . a en ss t e ( t \ s J 9 —]). 2 1 7 2 . . 4 1 2 14 6 . 8 8 2 1 7 5 . . 3 3 3 1 1 0 . . 3 6 21.3 9 3 . . 0 5 4 7 . . 2 3 1 7 . . 8 9 2 7 . . 8 8 8 2 . . 4 0 ' r 4 2 . . 5 4 r-1 '5 .8 .5 6.0 U T S V Demand deposits and currency. 1.0 -.9 2.5 .9 .2 2.3 -.9 n .8 1.6 -2.8 '-1.0 1.9 2.0 V W Fixed-value redeem, claims. . .. 9.0 9.8 13 6 9.6 12.7 3.5 2.2 3!5 1.7 2.1 1.6 3.4 3.2 4.6 W X Time deposits 3.7 6.5 7.7 4.1 4.9 1.5 1.0 1.6 1.0 .4 .2 1.0 1. 1.8 X Y Savings shares 5.3 5.2 6.3 7.3 8.1 2.1 1.4 2.4 1.2 2.3 '1.6 2.4 1.4 2.7 Y Z U.S. savings bonds * 0 -.1 -1.9 -.5 -1.8 -.3 -.2 -.2 -.5 -.5 -.6 2 .1 Z a Saving through life insurance... 3.8 2.8 3.4 3.7 3.5 1.0 .9 1.2 .8 .9 '.8 '.8 .9 .9 b Saving through pension funds.. 5.6 6.1 6.9 7.9 8.1 1.8 2.0 2.0 1.7 2.1 '2.0 2.3 1.6 2.1 c Cr. and equity mkt. instr.* * 7.7 8.1 4.7 15.3 2.2 1.4 4.5 3.4 4.3 3.2 '4.2 -.7 1.0 -2.3 d Federal obligations 1.0 .8 -2.2 9.4 -1.5 .1 3.1 1.6 1.8 2.9 '2.4 -1.3 -.7 -1.9 e State and local obligations... 1.7 2.3 1.5 2.5 1.0 .4 .5 .7 1.2 .1 .5 .3 .4 -.2 f Corporate and foreign bonds. 1.2 1.3 1.0 .1 1.0 * -.1 -.1 .4 -.1 '.7 -.1 .4 .1 g Corporate stock 2.2 1.7 1.9 1.1 .1 .2 .4 .6 .2 * .4 r 1 .4 -.5 h Mortgages 1.7 1.9 2.2 2.3 1.4 .7 .5 .8 .7 .3 .3 '.5 .4 .2 1 Net invest, in noncorp. bus .4 .8 -3.7 -6.1 -5.3 o -1.5 -1.5 -1.5 -1.5 -1.3 '-1.3 -1.3 -1.3 j Net increase in liabilities 15.2 12.0 12.1 20.7 16.2 5.7 3.1 6.2 5.0 6.4 2.1 r5.2 3.8 5.7 k Consumer 14.9 11.5 11.5 20.1 15.9 5.5 2.9 6.0 4.9 6.2 2.0 '5.2 3.6 5.0 1 1-4 family mortgages 11.0 8.7 9.6 13.2 11.2 3.0 3.3 3.3 3.3 3.3 3.1 2.6 2.6 3.0 m Consumer credit 3.6 2.8 .3 6.3 3.9 1.9 -.7 2.6 1.7 2.7 '-.8 '2.4 .6 1.8 n Security credit * -.4 1.1 * -.1 .4 .2 * -.2 .1 4 .1 o p No O n t p h r e o r f i l t o o an rg s a 1 n * izations!3 . . 3 4 . . 4 4 . . 4 6 . . 5 6 . . 8 3 . . 1 2 . . 1 1 # ' .2 j # A j . . 2 2 r#* 2 '. . 1 2 . . 3 1 '.2 q Discrepancy (N—O) -3.2 -4.7 -3.2 -2.2 5.9 -3.6 •1 .8 .3 -3.5 '1.7i '3.0 1.9 -.7 • Le«s than $50 million. • Preliminary. ' Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

480 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1956 1957 1958 1959 I960* 4 1 2 3 4 1 2 3 (B) Farm business sector 8.5 8.6 11.0 8.6 8.7 3.1 1.9 1.6 2.3 2.7 '1.4 '1.7 2.5 3.1 A B Proprietors' income withdrawals14.. 8.5 8.6 11.0 8.6 8.7 2.6 2.4 2.2 2.0 2.0 1.8 2.2 2.2 2.4 B — .6 .7 D Capital consumption . 3.7 3.9 4.0 4.1 4.3 1.0 1.0 1.0 1.0 1.0 1.1 1.1 1.1 1.1 D E Current surplus= gross saving (C+D) 3.7 3.9 4.0 4.1 4.3 1.5 .6 .4 1.4 1.8 '.6 '.5 1.3 1.8 E F Gross investment (G+J) 3.7 3.9 4.0 4.1 4.3 1.5 .6 .4 1.4 1.8 '.6 '.5 1.3 1.8 F H G Ca C p o i n ta st l r u e c x t p io e n n d an it d u r e e q s uipment * *... 3.8 4.0 4.4 4.9 4.4 1.0 1.1 1.4 1.3 1.0 1.0 1.3 1.3 .9 H I Change in inventories -.4 .8 1.0 .5 .4 .2 .2 1 1 1 1 1 1..21 .1 I J Net financial invest men t(K—L) .3 -.9 -1.5 -1.3 -.5 .3 -.7 -1.2 -.1 .8 -.4 r-.8 .8 J K Net acquis. of financial assets *7... -.2 2 .4 — .4 - .2 .1 -.1 -.1 -J -.1 -.1 K L Net increase in liabilities. . -.5 .7 1.9 .9 .2 — 2 .6 1 I • — 8 4 7 j - 8 L M Credit market instruments .9 1.1 1.5 2.0 1.2 • .7 1.1 .3 -.2 .5 .8 .2 -.3 M N O M Ba o n r k tg a lo g a e n s s n e c * 8 .8 * . . 3 6 . . 7 6 1. .7 1 . . 8 2 .1 * .3 . . 4 5 . . 1 2 -.1 .1 . . 1 2 . . 3 3 .2 * -.2 .1 O N P Other loans *9 .1 .2 .2 .2 .2 -.1 ".2 .2 - 2 .2 2 * -.2 P Q Trade debt .2 -.3 .2 .2 -.1 -.3 .2 .2 -.2 Q R Proprietors' net investment -1.4 -.5 .5 -1.1 .1 -.3 -.3 -.3 2 -.3 -.3 -.3 R (C) Noncorporate nonfinancial business sector 37.8 38.6 37.8 40.6 41.9 11.6 9.9 9.0 8.3 13.4 r9.8 10.9 9.5 11.7 A B Proprietors' income withdrawals2!.. 37.8 38.6 37.8 40.6 41.9 9.7 9.9 10.2 10.2 10.3 10.4 10.5 10.5 10.5 B C Net saving (A—B)1* 1.9 * -1.2 -1.9 3.2 r-.5 '.4 -1.0 1.2 C D Capital consumption 7.5 8.1 7.7 8.2 8.6 2.0 2.0 2.0 2.1 2.1 2.1 2.1 2.2 2.2 D E Current surplus= gross saving(C -j-D) 7.5 8.1 7.7 8.2 8.6 3.8 2.0 .8 .1 5.3 1.6 '2.5 1.2 3.4 E F Gross investment (G+J) 7.5 8.1 7.7 8.2 8.6 3.8 2.0 .8 .1 5.3 1.6 '2.5 1.2 3.4 F 10.3 9.9 9.1 11.4 11.2 1.9 3.2 3.4 2.8 1.9 3.3 3.0 3.0 2.0 G H Plant and equipment22 10.1 9.7 9.1 10.8 10.7 2.4 2.1 3.3 2.9 2.5 2.1 3.1 3.0 2.5 H I Change in inventories20 .2 .2 * .6 .5 -.5 1.1 .2 -.1 -.6 1.2 -.1 * -.5 I J Net financial investment (K-N) -2.8 -1.8 -1.3 -3.2 -2.6 1.9 -1.2 -2.7 -2.7 3.4 '-1.7 '-.5 -1.8 1.4 J K Net acquis of financial assets .7 1.0 .9 .1 .7 -.4 2 1 4 — 4 ' 2 — 2 .4 K L Demand deposits and currency. .3 .8 .9 -.3 -.1 .2 -.1 -.1 — .1 -.1 r* r* * * L M Consumer credit .3 .2 * .4 .2 .5 3 _ 1 5 — 4 3 — 1 5 M N Net increase in liabilities 3.5 2.8 2.3 3.2 2.7 -1.3 .8 2.8 2.6 -3.0 r1.3 ' 8 1.6 -1.0 N O Credit market instruments 2.0 1.1 2.3 4.8 3.1 2.8 -.4 2.5 1.6 1.1 .2 1.2 * 1.8 O P Mortgages . .. .6 .9 1.6 1.5 .9 .5 * .7 .6 .2 '-.2 .5 .5 .1 P O R O Ba th n e k r l l o o a a n n s s 2 n 3 ee .4 8 .5 .2 5 2 7 6 1 7 5 1 . 3 9 — . 2 6 1 3 5 1 l 7 3 r ' 4 1 — ' 9 1 _ 5 1 5 2 R Q S Trade debt24 -.2 .5 4.1 3.4 3.8 -3.0 2.4 1.6 2.2 -2.9 '2 2 6 2 7 -1.7 S T Proprietors' net investment. . . 1.7 1.2 -4.2 -5.0 -4.2 -1.0 -1.2 -1.2 -1.2 -1.2 '-1.0 -1.1 -1.1 T (D) Corporate nonfinancia1 businesss sectcr A Profits20 36.9 36.0 31.7 39.9 37.3 9.6 9.0 11.2 9.8 9.9 9.5 10.0 9.0 8.8 A B Profits tax payments (net)25 21.6 21.1 18.8 18.2 21.0 2.9 5.4 4.9 4.0 3.9 6.7 6.1 4.2 3.9 B C Net dividend payments2** 9.4 9.6 9.4 10.3 10.9 2.4 2.5 2.5 2.5 2.8 '2.7 2.6 2.6 2.9 C D Net saving (A—B—C) 5.9 5.3 3.5 11.4 5.4 4.2 1.1 3.8 3.3 3.3 '.1 1.2 2.1 1.9 D E Capital consumption 19.3 21.2 21.9 23.3 25.0 5.6 5.6 5.8 5.8 6.1 6.1 6.2 6.3 6.4 E F Current surplus = gross saving(D+E) 25.2 26.5 25.4 34.8 30.4 9.8 6.7 9.6 9.1 9.3 '6.2 '7.4 8.4 8.3 F G Gross investment (H+M) 20.6 23.8 21.5 30.7 24.8 8.6 6.1 9.9 7.6 6.9 '4.6 '6.0 6.7 7.5 G 34.0 32.5 22.4 32.3 31.9 7.1 7.7 9.1 7.2 8.3 8.9 8.2 7.6 7.2 H I Fixed investment 29.1 32.0 25.9 27.5 29.2 7.0 5.3 7.4 7.3 7.4 '5 7 7 8 7 8 8 0 I J Plant and equipment 28.4 30.9 24.3 25.5 27.5 6.5 5.3 6.5 6.6 7.2 '5.8 7.0 7.0 7.7 J L K Ch O an th g e e r in inventories20 4. . 9 8 .6 -3 1 .5 .7 4 1 . . 8 9 2 1 . . 7 7 . . 5 1 2. . 4 1 1.7 9 -.1 7 .9 2 3 2 .4 7 - 2 8 - 3 8 K L M Net financial investment (N-V) -13.4 -8.7 -.9 -1.6 -7.1 1.5 -1.5 .8 .4 -1.4 '-4.3 '-2.2 -.9 .3 M N Net acquis. of financial assets 4.3 4.4 7.2 13.4 3.8 5.2 .2 5.6 3.6 4.1 r-2.3 n.4 2.0 2.7 N O Demand deposits and currency. .1 1.7 .2 -.5 2.5 -2.9 1.5 -.2 1.8 -3.4 .1 2.0 O P Credit market instruments27 -3.8 .4 1.2 5.5 -2.2 4.2 1.0 1 2 1 5 1 9 '— 3 r 7 — 1 9 1 2 P Q Federal obligations .. . -4.3 * .7 4.4 -3.0 3.3 1.4 .7 1.5 .8 -.2 -—1 .153 -1.6 .3 Q R Consumer credit. .3 .1 .4 .8 .2 1.1 .3 1.2 -1.1 .3 -.1 1.2 R S Other loans (finance Daoer) .1 .3 .1 .3 .6 -.2 .4 .1 -.1 -.2 1 1 * -.1 -.3 S T Trade credit 6.1 1.9 2.6 6.8 4.7 -1.4 1.8 2.6 2.2 * '1.2 '1.5 3 1 -1.2 T U Other financial assets28 1.8 2.1 1.7 .9 1.8 -.2 .3 .3 .3 .2 .3 .6 .7 U V Net increase in liabilities29 17.7 13.1 8.0 15.0 10.9 3.7 1.7 4.8 3.1 5.4 r2.0 r3.6 2.9 2.4 V W Credit and equity market instr.. 13.0 13.1 11.8 11.6 10.2 3.1 1.9 3.8 2.9 2.9 '2.6 '2.9 2.4 2.3 W X Coroorate bonds 3.7 6.3 5.7 3.3 3.5 1.3 .6 .9 .6 1.1 .4 .9 .8 1.4 X Y Corporate stock 2.3 2.4 2.3 2.3 1.8 .5 .5 .8 .3 .6 '.4 .5 .6 .3 Y 1.8 1.8 3.3 3.2 2.4 1.1 .4 1.2 .6 .2 .8 .9 .5 Z a Bank loans nee 5.2 2.0 .5 2.5 1.6 .1 .1 .9 1.1 .4 1.0 .4 .4 -.2 a b Other loans30 .1 .5 .4 1.0 .2 .3 .1 -.1 .1 .6 '.3 -.2 .4 b c Trade debt 4.5 -.1 -3.8 3.3 .5 .6 -.2 .9 .1 2.5 '-.6 '.6 .4 .2 c d Discrepancy (F — G) 4.6 2.7 3.8 4.1 5.6 1.3 .5 -.3 1.5 2.4 1.5 '1.4 1.7 .9 d 19.5 18.8 16.2 20.9 19.3 4.9 4.8 6.0 5.1 5.0 5.1 '5.2 4.6 4.5 e • Less than $50 million. Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 481 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1956 1957 1958 1959 I960* (E) Federal Government sector A Tax receipts (net of refunds) 69.1 71.5 67.7 72.3 79.6 13.8 19.0 19.6 17.5 16.2 21.5 22.4 18.9 16.9 B Individual income 34.1 36.1 34.6 38.6 41.6 7.6 9.7 10.7 9.7 8.6 10.5 11.8 10.5 C Corporate profits 22.4 21.8 19.9 19.4 22.0 3.0 6.0 5.4 4.1 3.9 7.1 6.4 4.4 4.1 D Other 31 12.6 13.6 13.2 14.3 16.0 3.2 3.3 3.5 3.7 3.7 3.9 4.1 4.0 4.0 Social insurance programs3 2 E Premiums received 8.0 9.5 10.4 11.3 14.6 2.0 2.6 3.5 3.0 2.2 3.4 4.9 3.6 2.8 F Benefits paid 7.2 9.3 12.4 12.9 14.2 2.9 3.3 3.1 3.1 3.3 3.5 3.5 3.5 3.7 Life insurance and retirement programs 3 3 G Premiums received 1 7 1.8 1.7 1.8 1.9 .4 .4 .4 .5 .5 .5 rA .5 .5 G H Benefits paid 1.8 2.0 2.1 2.3 2.5 .5 .6 .6 .6 .6 .6 .6 .6 .6 H I Net grants and donations paid34.. 10.0 11.4 13.3 14.2 14.0 3.7 3.2 3.2 3.8 4.0 3.2 '3.4 3.7 3.7 I J Net interest paid3* 5.3 5.7 5.5 6.4 7.2 1.3 1.5 1.5 1.6 1.8 1.9 1.8 1.8 1.7 J K Other net purchases of goods and services 3 6 47.6 50.2 53.8 53.3 53.2 15.2 12.6 13.3 13.7 13.7 12.0 12.9 13.6 14.6 K L Construction expenditures 2 7 3.0 3.4 3.7 3 7 1 0 .8 1.1 1.0 .8 7 9 1 0 1.0 L M Other 44.9 47.2 50.3 49.6 49.5 14.2 11.8 12.2 12.7 12.9 11.3 '12.0 12.6 13.6 M N Current surplus (A, E, and G, less F and H through K) 6.9 4.1 -7.2 -3.7 5.0 -7.5 .8 1.8 -1.8 -4.5 4.1 '5.4 -.3 -4.2 N O Credits imputed to consumers37... 1.0 .6 1.0 .9 1.0 .1 .1 .4 .3 .7 .1 .1 O P Gross and net saving (N - O) 5.9 3.6 -8.2 -4.5 3.9 -7.6 .7 1.4 -2.1 -4.5 4^0 '4.7 -.4 -4.3 P Q Net Jinan, investment (R—X). 5.9 3.6 -8.2 -4.5 3.9 -7.6 .7 1.4 -2.1 -4.5 4.0 r4.7 -.4 -4.3 Q R Net acquis. offinan. assets 1.6 3.2 1.6 6.3 3.9 .7 .2 4.3 2.6 -.8 -.3 r4 2 .9 -.9 R S Demand deposits and currency .2 .1 .7 .8 -.5 1.0 1.5 -1.2 -A 2.8 .2 -1.8 S T U V W C O r t O M e h d e t o h i r t r e f t m r i g n a l a a o g r n a k e c n e s i 3 a t s * l 3 i * a n s s s t e r t u s4 m ® ents.... i! . . . i 8 3 7 2 2 1 . . . . 4 4 9 6 - 1 1 .2 . . . 7 4 3 2 3 1 1 . . . . 2 8 8 6 2 1 1 . . . . 5 2 3 5 -.1 . . . 9 3 6 * . . . . 7 6 1 1 1 1 1 . . . . 7 7 0 6 1. . . . 0 6 4 1 . . 5 4 * -.3 . . 3 2 * n ' . . 3 . A 9 3 . . . . 6 3 1 2 . . . . 3 7 5 2 W U V T X Net increase in liabilities -4.3 -.4 9.7 10.8 8.3 r 2.9 4.7 3.7 -4.3 r- .4 1.3 3.4 X Y Z a Fix P C e o o d s n - t v s a u a l l m s u a e e v r r i - n e h d g e e ld d e m e s p v a o b g s l s e . i t b c s o l . a . n . i d . m s s 1 .. 0 -.3 2 - -\ 2 '.9 .2 2 - - ' . . 5 2 -j - - - 1 2 . . . 2 8 0 - - -. . . 3 4 2 -.2 * i 2 - - ' . . 2 2 * - -! .6 5 j - -' . . 6 5 j - - . . 6 6 r- - . ' 2 .2 1 - - . ! 2 i i * * j * Y b Consumer saving through life -'.1 c e d Fe i O S d n e h t s h r o u a e r r l t r a - n o t d e c b i r e r l m e ig a c n t a d d t a i i r n o r e d n e c t s t i g 4 4 r ! 2 . u a f r u a n n d te s e . d .. . . . - -1 5 7 3 1 . . . . 1 4 0 0 -6 5 1 . . . 2 . 5 4 6 - 1 1 9 1 0 . . . 2 . 0 0 7 1 5 3 1 1 . . . . 5 0 6 3 - -5 2 3 1 . . . . 1 2 0 0 7 3 3 . . . . 6 8 7 1 -4 4 . . 6 . 4 2 * -3 4 2 . . . 5 . 7 0 4 5 3. . . . 7 3 3 7 -1 4 4 . . . 1 . 7 0 1 - - 4 ' 7 3 . . . 1 4 A 5 - -2 1 . . 1 . 4 7 * -3 5 1 . . . 4 . 3 2 1 2 2 . . 9 2 o f Nonguaranteed 4 3 .6 2.1 -.5 2.2 * .2 .8 .8 .4 2 .7 -j .2 g Other loans44 -.3 -.4 .4 -.6 .6 !3 -.2 -.3 -.1 -.1 !3 .4 h Other liabilities45 .3 .3 .1 1.1 1.0 .5 2 1.3 -.3 ".2 r* .5 -.2 .7 Memo: Assets of OASI fund .9 -.1 -.5 -1.7 .2 -.5 c .2 -.7 -.7 -.1 .8 -•> -.4 (F) State and local government sector A Tax receipts4* 27.3 29.4 31.0 33.2 35.2 7.9 8.1 8.2 8.4 8.5 8.7 9.0 8.8 8.8 A B Net insurance and grants receipts4? .4 1.0 1.4 2.6 1.9 .5 .8 .3 .8 .7 .7 .3 .5 .5 B C Net interest paid .5 .5 .6 .7 .8 .2 .2 .2 .2 .2 .2 .2 .2 .2 C D Other net purchases of goods and services3* , 28.5 31.5 35.1 37.7 41.0 9.4 8.8 9.7 9.7 9.5 '9.3 10.2 10.7 10.8 E Construction and land , 11.1 12.1 13.3 13.7 14.2 3.5 2.8 3.7 4.1 3.1 '2.6 '3.5 4.3 3.7 F Other by govt. enterprises , -1.7 -1.8 -1.9 -2.0 -2.1 -.5 -.5 -.5 -.5 < -.5 -.5 -.5 e H J I G G C C r r u O o e r g d r t s e i h t n e s a t r n im d s b u y p n r p u e g l t t e u e n s d s a e v ( r t a i o A n l g + c g B o ( o n H v - e s - r u C I n m ) m - e e D r n ) s t 4'..., - - 1 1 2 1 9 . . . 4 7 . 4 1 - - 2 1 3 1 1 . . . 6 . 2 6 2 - - 2 3 5 3 1 . . . . 3 0 7 7 - - 2 2 4 6 1 . . . 6 . 4 8 0 - - 2 4 6 9 1 . . . . 6 5 8 0 - - 1 1 6 . . . 1 6 . 3 4 - - 6 . . 1 6 . . 4 5 - - 1 1 6 . . . 3 8 . 5 5 - - 1 6 . . 7 . 2 . 1 5 - 7 . ^ 9 '. 0 4 5 r- ' . 7 5 . r . 2 * 5 '- - 1 1 7 . . . 6 1 . 3 5 - - 1 2 6 . . . 7 1 . 9 5 - -2 1 l . . ' 3 8 . . 6 5 K Net Jinan, investment (L-S).. -2.2 -3.2 -5.2 -3.9 -3.4 -1.6 -1.2 -1.3 .3 r-,4 g -2.2 .2 K L M Ne D t e a m cq a u n i d s . c o f f e f p in os a i n ts . a c n u d ts e c t u s r rency, , 2. . 6 2 3. . 3 2 2. . 5 2 3. . 1 5 2.6 l'. . O 6 -A .2 .7 . . 9 2 1. . 2 6 rl.l * -.4 '.4 - - . . 2 2 1. . 3 8 M L N Time deposits • A .8 -.4 \'A -.1 5 * .2 .4 .3 .5 N O Credit market instruments. 2.3 2.6 1.4 2.9 1.0 .5 .6 .5 \.2 .7 .9 A -.3 O P Federal obligations 1.1 1.0 -.4 1.0 -.7 * .1 * .7 .2 '.5 * -.8 -.4 P R Q O St t a h t e e r a 4* nd local obligations.. . . 5 7 1. . 1 5 1. . 4 5 1. . 4 5 1. . 4 3 . . 4 1 A . . 1 4 . . 2 4 . . 1 4 '. . 3 1 A .3 . . 1 3 . . 1 3 S Net increase in liabilities 4.8 6.5 7.7 6.9 5.9 1.3 1.8 1.9 2.3 .9 7.5 1.3 2.0 1.1 U T Sta S t h e o a r n t- d te l r o m cal obligations.... __ 3 .2 i 4. . 7 4 5. . 7 4 4. . 9 3 3.6 2 -.2 .8 1. . 3 2 1.4 * 1. . 8 6 -.4 .4 1.0 * - ' . . 3 7 1. . 4 2 -.2 .5 U V Other 3^3 4.3 5.2 4.5 3> 1.0 1.1 1.4 1.2 .8 1.0 1.0 1.2 .6 V W Co r n e s ti u r m em er e n s t a v fu in n g d s through 1.4 !:I 1.8 1.8 .4 .5 .5 .5 .5 .5 .5 .5 .5 W X Other liabilities 5 o .2 ':! .2 .5 .1 * .1 .1 * .2 .2 X Y Discrepancy (J-K) 5 * 2 -.6 -3.1 -1.2 1.0 -.5 .2 -1.2 r-.l '-.7 -1 2.5 Y • Less than $50 million. Preliminary. rRevised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1956 1957 1958 1959 I960? 4 2 3 4 1 2 3 4/> (G) Commercial banking and monetary authorities sector A Net operating surplus 3.0 3.5 3 5 4 1 4 6 .9 1 0 1 0 1.0 1.1 1.0 1 2 1 1 1 2 A B Profits tax & net div. pymts.5l 1.8 2.2 2.4 2.6 3.1 .5 .7 .8 .5 .6 1.0 .7 .7 .7 B C Current surplus = gross saving (A-B)52 1.2 1.3 1.0 1.5 1.6 .4 .2 .2 .5 .5 * .5 .5 .6 C D Gross investment fE4-F^ I 3 I l 1 3 2 4 2 3 - 5 g 6 1 3 -.2 r 8 r 8 g — 1 D E Cemitcil &xtP€ftdittires .3 .4 .4 .4 .4 / / ./ ./ ./ 1 I .1 / E F Set financial invest. (G-W).. . I 0 7 9 2 0 1 9 7 5 / 2 9 7 2 F G Net acquis. offinan. assets5* 5.1 5.4 14.7 4.6 8.3 7.7 -5.5 5.5 3.2 3.5 r-8.0 '5.0 4.6 6.7 G H Gold .3 .8 -2.3 -1.1 -1.7 -.3 -.1 -.7 * -.6 -.9 H J I Cr F ed e i d t e m ra a l r o k b e l t i g in a s ti t o ru n m s ents -3 4 . . 1 8 - 4 .6 .3 1 1 7 0 . . 0 0 -7 5 . . 1 6 9 2 .6 9 8 2 . . 0 9 - - 5 5 . . 3 4 -1 4 . . 3 2 - 1 .4 .3 3^5 rr--87..01 r5 1 J .8 5 3 .9 2 4 7 .0 5 J I K Monetary authorities .2 -.7 2.2 .3 .7 1.4 -.9 .6 .5 \l -1.4 7.2 .5 .4 K L Commercial banks -3.3 .2 7.9 -7.4 1.9 1.6 -4.4 -1.9 -.9 -.3 r-5.7 .5 3.4 3.6 L M Short-term direct42 4.8 1.9 .9 -3.1 3.8 .9 -6.0 1.0 -.4 2.3 -4.6 -.9 5.0 4.4 M N Other direct and guar.... -7.8 -2.2 6.9 -3.9 -1.8 .7 1.8 -2.7 -.5 -2.5 j- O 1.5 -1.5 -1.1 N O Nonguaranteed 4 3 -.2 .5 .1 -.5 -.1 -.2 -.2 * -.1 -.3 * -.1 .3 O S P 0 R C S C M t o o a o n r t r e p s t . u c a a m a n e n d e e d r s lo f c o c r r e a e d l i i g o t n b l b ig o a n ti d o s n . s . . . . . . - 1 1 .4 . . 4 2 7 1 1. . * 2 0 6 - 2 2 .1 . . 6 2 1 - 2 2 .2 .4 5 4 -. 1 2 .6 7 3 . # .3 2 8 . .3 2 4 * Ii .2 0 * i ' .7 • 5 -.1 .3 * 5 -.1 .2 * t -.2 * 8 2 . , 4 3 3 -.1 . . 4 1 * Q R P S T Security loans -.8 -.1 .4 .2 .3 1.0 -.4 * -.2 .8 -1.5 .4 4 1 0 T U Bank loans nee 5.9 2.3 1.3 7.9 3.4 2.7 -.4 3.6 2.8 1.9 rA '2.1 -.5 1.5 U V Other loans 5 4 -.2 -.3 .4 — 6 1 3 2 - 2 — 4 - 1 .2 * 1 5 .6 V W Net increase in liabilities 4.1 4.7 13.8 2.6 6.4 8.3 -6.2 3.0 2.0 3.8 -8.7 4.4 3.9 6 9 W X Dem. dep. net & currency55... 1.7 -.8 5.8 1.1 A 8.0 -7.0 2.1 2.1 3.8 -8.8 2.5 1 5 4.9 X Y Due to U S Govt 5 6 .1 .2 .2 .7 .9 .1 -.9 1.0 1.9 -1.3 -.7 2.7 3 -1.5 Y Z Due to rest of world .2 .2 * .1 -.1 .3 -.1 .2 .1 -.1 A * .3 Z 8 Due to others5 6 1.4 -1.1 5.6 .3 -.7 7.6 -5.9 .9 .1 5.2 7*7 _ 3 1 1 6 2 a 1.4 -1.1 5.2 -.3 -.6 6.8 -5.1 .4 .2 4.2 1.2 5.2 b c Currencv * * .4 6 — ] .8 -.8 .5 • 1.0 — 7 3 3 — 1 / 0 c d Time deposits 2.1 5.5 8.0 1.2 5.8 .5 .6 .9 -.1 -.2 * 1.5 2.2 2.1 d e Due to consumers 2.1 5.1 5.5 3.0 3.7 1.0 .5 1.4 .9 .3 .9 1.5 1.3 e f g Ot D he u r e l t i o a b o il t i h t e ie rs s57 -.1 .3 .3 2.5 * -1.9 .4 2. . 1 5 -.5 . . 1 2 -.5 * -1.0 * -.5 .2 * .6 . . 8 2 -.1 .7 g f * h Discrepancy (C—D) -.1 .3 -.3 -.9 -.7 .9 -.5 -.4 -.8 .7 -.4 .7 h (H) Nonbank financial sectors73 A Current surplus 5 8 8.4 9.4 9.4 10.3 11.2 2.3 3.0 2.7 2.7 2.0 r3.4 2.3 3.2 2.3 A C B C G r r e o d s i s t s s a im vi p n u s te (A d to B c ^ o 5 n 2 sumers5' 6 I .7 7 7 2 .0 4 7 2 .4 0 8 1 8 6 2 8 .4 8 2.2 2.3 7 2.3 3 1 1 . 7 1 — 2. 5 .5 » rl " 2. 2 2 r1 ' •. 9 4 1 1 .3 9 - " . > 1 4 C R D Gross investment (E 4-F) 2.1 2.7 3.9 2.2 3.2 .8 8 .2 1.1 -.1 1 .0 '.7 1.1 .3 D E Capital expend, (insur. sector) . .3 .4 .3 .4 .4 ./ ./ ./ .1 ./ .7 .7 .1 .7 E F Net financial invest. (G-Z) 1.8 2.4 3.6 1.8 2.8 .7 .7 ./ 1.0 - .2 .9 .6 1.0 2 F G Net acquis. offinan. assets 17.4 18.5 21.5 24.6 25.5 7.8 5.7 6.6 5.4 6.9 5.0 '7.3 5.4 7.5 G By subsector: I S & L assns. & cr. unions.... 2 5. . 6 0 5 1 . . 6 8 7 2 . . 5 6 8 1 . . 6 5 8 1 . . 5 6 2. . 5 5 1. . 7 6 2. A 7 2. A 1 2.1 * 1 rA .5 2. t 4 2 1. . 8 6 2. . 7 4 H I J Life insurance companies 5.2 4.9 5.2 5.1 5.5 1.5 1.2 1.4 1.4 1.2 1 .2 1.4 1 6 J K Other insurance companies... .7 1.0 1.2 1.6 1.7 .4 .3 .4 .5 .5 .4 4 4 4 K L Noninsured pension funds... 2 3 2.7 2.8 3 2 3 6 .8 1 0 g .5 .9 1 l 8 7 1 n T. M Finance nee 1.8 2.7 2.2 4 6 4.7 2.1 1.0 .9 .9 1.9 .3 2 1 5 1.8 M By type: N Demand dep. and currency. . .2 .3 .7 .5 .5 -.3 * _ 3 .6 A 4 - 2 7 N O Cr. and equity mkt. instr 17.0 18.0 20.2 24.9 24.4 7.0 6.1 6.6 5.9 6.3 5.3 '6.7 5.6 6.8 O P Federal obligations -1.1 -.3 .9 .8 * 1.0 .5 .1 .5 .3 -.3 .2 -.2 P Q State and local oblig .8 .9 1.1 1.4 .2 .5 .4 .3 .3 4 .6 .5 .2 Q R Corp. and foreign bonds... 3.6 5.1 4.8 3.6 3 1 . . 6 7 1.4 .9 .8 .4 1.4 2 M 1 6 1.7 R S Corporate stock 1.3 2.1 2.3 2.9 3.2 .9 .8 .6 .5 1.1 .5 1.0 5 1 3 S T 1- to 4-family mortgages... 8.4 6.3 8.0 9.8 9.7 2.3 2.1 2.5 2.8 2.3 2.0 2.5 2.6 2.5 T U Other mortgages 1.8 1.5 2.2 2.2 2.2 .6 .4 .6 .6 .6 5 6 6 .6 U V Consumer credit 1.6 1.3 -.3 2.7 2.2 .1 .2 .9 1.0 .6 r.4 1.0 .6 2 V W Security credit .1 -.2 1.0 * * * .1 .1 -.1 -.1 .1 .2 - 2 W X Y Ot O he t r h e f r i n l a o n a c n ia s l 6 0 assets 61 . . 4 2 1. . 4 2 . . 2 6 1.5 2 2. . 0 6 .5 2 -.1 .7 .6 * - - ' . . 2 2 .3 * 1 M .1 2 2" - 1 . . 3 8 Y X Z Net increase in liabilities 15.7 16.1 18.0 22.9 22.8 7.0 5.0 6.5 4.4 7.1 4./ '6.6 4.4 7.6 Z a Dep. in mutual savings bks 1.8 1.7 2.3 1.2 1.4 .5 .5 .3 .2 .1 .3 2 4 5 a b Savings shares 5.4 5.2 6.5 7.2 8.1 2.3 1.4 2.3 1.2 2.3 1.5 ~> 4 1 4 2.8 b c Saving through life insurance... 3.6 2.7 3.4 3.6 3.4 1.0 .8 1.2 .7 .9 r.8 r.8 .9• .9 c d Saving through pension funds.. 3.3 4.1 4.3 5.2 5.3 1.3 1.5 1.1 1.0 1.6 '•1.5 M.2 1.11 1.6 d e Cr. and equity mkt. instr.62 1.0 2.2 1.1 5.6 4.1 1.8 .7 1.5 1.1 2.3 r-.3 1 .7 • 6 2.1 e f g h S C C e o o c r r u p p r o o it r r y a a t t c e e r e b s d t o o i n t c d k s - 1 1 .6 . . 1 1 1. . . 2 7 1 1. . . 6 2 6 1 1 . . 0 8 • 1 1. . . 5 6 5 . . . 2 5 6 -.4 . . 3 5 -.1 . . 1 3 -.1 . . 3 4 . . . 5 3 6 -1.2 . . 5 5 _2 1 i .4 53 : i . . . 5 7 4 h g f 1 j k i M O F B is H p a c e n e L n k l B l a m l n o l a o e a r a o n k n s u e s s n t 6 t . 4 o p e . a S c p & er 6 L 3 assns.6 3 - - . . 6 2 . . 2 5 -.4 . . 5 3 * -1.1 .3 * 1. . . . 4 5 8 1 -.1 . ! 8 5 2 -.3 . . . 6 3 1 -.2 .5 * . . . 2 5 4 * . ] . 3 1 3 . . 7 3 - - 1 . . 6 6 .1 > 3 i 1 i - ' * 4 5 - 5 * * * I - - . . 2 2 .2 5 1 k j i m Discrep. & unident. assets (C —D).. -.4 -.4 -1.9 -.5 -.4 -.7 .2 * - 4 2 - .5 m •Less than $50 million. P Preliminary. Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 483 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1958 1959 1960 1956 1957 1958 1959 I960? (I) Rest-of-world sector65 A Net purch. of goods and serv. (B—C) 3.4 5 3 1.8 -.5 3.5 .6 -.2 — .3 4 .3 .5 .8 .5 1.7 A B Purch. of goods and services66... 23.2 26.3 22.9 23.0 26.7 6.0 5.3 5.7 5.8 6.3 6.2 6.8 6.6 7.1 B C Sales of goods and services 19.8 20.9 21.1 23.5 23.3 5.4 5.4 6.0 6.2 5.9 '5.8 6.0 6.0 5.4 C D Net unilateral receipts66 1.9 1 9 1.9 2.0 2.1 .5 .5 .5 .4 .6 .5 .5 .5 .5 D E Current surplus (D-A) -1.5 -3.5 .1 2.5 -1.4 -.1 .7 .8 .8 .2 * * -1.2 IE F IVet financial investment (G-N) -2.1 -4.2 -.3 1.8 -.5 « .5 .4 .8 * * -.1 .1 -.6 F G Net acquis. offinan. assets 1.5 -.1 3.5 5.8 4.1 .9 1.0 2.8 1.4 .6 .8 1.0 1.2 1.2 G H Gold -.3 -.8 2.3 1.1 1.7 .3 A .8 .2 A * .6 .9 H I U.S. dem. dep. and currency... .2 .2 * .1 -.1 .3 -A .2 A -.4 * * .3 I J Time deposits -.1 * .9 -1.0 .3 * A -.4 -.3 3 -.2 .2 .3 .1 J K Federal obligations .8 .2 * 2.8 .4 .3 .2 .9 1.2 '.5 * -.1 . 1 .4 K L Other credit market instr.6 7.... .5 .5 -.1 .3 .7 * -A .1 j .2 .4 .1 2 * L M Misc. financial assets6* .4 -.1 .3 2.4 1.0 * .7 1.3 '.2 .2 .9 .7 -!i -.4 M N Net increase in liabilities 3.6 4 1 3.8 4.0 4 6 .9 .5 2 4 6 5 .8 1 l 1.0 1.8 N O Securities A 5 1.2 .7 .6 .3 .3 A A .1 .2 .2 .1 O P Loans69 .6 .9 1.1 .2 1.3 .3 -.1 .2 A r* .4 .3 .6 P Q Miscellaneous 7o 2.6 2.7 1.4 3.2 2.7 .3 .3 2.0 A '.5 .5 .5 .7 1.0 Q R Discrepancy (E-F)7i .6 .8 .4 .8 -.9 -.1 .2 .4 * .2 * 2 -.1 -.6 R S Memo: Unilateral transfers in kind 7 2 3.0 2.9 2.7 2.3 2.2 .6 .6 .7 .5 .5 .5 •7 .4 .6 S • Less than $50 million. p Preliminary. r Revised, governments, and to savings and loan associations (by FHLB). Excludes i Payrolls, interest, dividends, and income withdrawals from unincor- CCC-guaranteed loans other than those on tobacco. porated business. *o Treasury currency assets, time deposits, trade credit, and mis- 2 Grant and donation receipts of consumers and nonprofit organiza- cellaneous (mainly foreign cash and subscription to IMF). tions (net of transfers within the sector), social insurance benefits, and 41 See Table 1, note 25. 42 See Table 3, note 37. benefits from private pension and government retirement funds. 43 Securities and notes issued by FNMA, Federal land banks, home 3 Federal, State, and local income and estate and gift taxes. loans banks, intermediate credit banks, and banks for cooperatives. 4 Mainly employee contributions to OASI and to private pension and 44 CCC-guaranteed bank loans and CCC certificates of interest. government retirement funds. 45 Treasury currency liabilities, trade debt, and misc. liabilities (special 5 Figures include net operating outlays of nonprofit organizations and IMF notes, misc. deposits, and private equity in Govt. enterprises). net transfer payments abroad. 46 Excludes employment taxes. 6 Net of dividends on and benefits from private life insurance and 47 Receipts of Federal Government grants; payments of direct relief individual annuity policies and Government life insurance. and other transfers; and receipts and payments in connection with 7 In connection with consumer saving through life insurance, private government employee retirement, unemployment insurance, workmen's pension funds, railroad retirement, and government employee retirement. compensation, and cash sickness compensation programs. * For details, see Table 2, lines J-L. 4 8 In connection with saving through govt. employee retirement funds. 9 Breakdown by consumer and nonprofit not available. 49 Corporate bonds and mortgages. 1 ° Includes net accruals of interest. 5 o Trade debt and loans from Federal Government. 11 Includes net free credit balances with brokers not shown separately. 51 Includes payment to Treasury on F. R. notes outstanding. 12 Policy loans. 5 2 Net saving is less than line C by the amount of capital consumption, 13 Consists of commercial mortgages, bank loans, loans from Govern- about $0.1 billion a year. ment, and trade debt. 5 3 Includes misc. and Treasury currency assets not shown separately. 14 Estimated as equal to seasonally adjusted net income of unincor- 54 Open market paper, CCC-guaranteed loans, and CCC certificates of porated farms. Figures include small amounts of dividends and profits interest. taxes paid by corporate farms. 5 5 Net of Federal Reserve float and cash items in process of collection 15 See Table 2, note 32. as reported by commercial banks. 16 Includes farm residential construction. 56 Bank-record basis, net of bank float; differs from sector demand 17 Mainly demand deposits and currency. deposits and currency assets (shown in Table 3 and in nonbank sector i» Excludes CCC-guaranteed loans. See p. 840 of the BULLETIN for accounts in Table 4) principally because of mail float. August 1959. 57 Mainly stock issues and balances due to foreign branches. 19 Government loans; excludes CCC loans. 5 8 Includes pnemiums on life insurance and private pension plans, less 20 After inventory valuation adjustment. benefit payments and policy dividends. 21 Estimated as equal to seasonally adjusted business ist income. 5 9 in connection with consumer saving through life insurance and 22 Includes business residential construction. pension funds. 23 Mainly REA and other loans from Federal Government and loans 6 o Mainly finance company loans to business and insurance policy loans. from finance companies. 61 Trade credit, time deposits, savings shares, and miscellaneous assets. 24 Net of trade receivables. 62 Lines /, j, and most of i are liabilities of finance companies; line g, 25 Federal, State, and local taxes on profits. shares of open-end investment companies; and line h, liabilities of security 26 Includes profits paid by U. S. branches to foreign parent corporations brokers and dealers. less profits paid by foreign branches to U. S. parent corporations. 63 Part of "other loans" category. 2 7 Includes State and local obligations not shown separately. 64 Deposits at banks in U. S. possessions and agencies of foreign banks. 2 * Miscellaneous financial assets (direct investments in foreign branches 65 Consolidated; records only transactions with U. S. and holdings of foreign cash), and time deposits. 66 Excludes unilateral transfers in kind, shown in line S. 29 Includes direct investments from abroad not shown separately. 67 Corporate securities, security credit, and commercial paper. 3 o Mainly commercial paper and loans from finance companies. 6 8 Direct investments, unidentified assets, IMF holdings of special 31 Mainly excise taxes and customs receipts; also includes estate and U. S. notes, and miscellaneous deposits. gift taxes and payment to Treasury on F. R. notes outstanding. 69 Security credit, bank loans n.e.c, and other loans (mainly from 32 OASI, disability insurance, and unemployment programs. Line E U. S. Government). includes Federal employment taxes and States deposits in unemployment 7 o Direct investments, foreign currency and deposits held by U. S. compensation trust funds; line F, Federal benefit payments to consumers domestic sectors, and other liabilities. and State withdrawals from these trust funds. 71 "Errors and omissions" in U. S. balance-of-payments statement. 33 Veterans' life insurance and Government employee and railroad re- 72 Grants in the form of goods and services by U. S. Government and tirement funds. Line G excludes Government contributions to these funds. private individuals and institutions. 3 4 Transfer payments (other than insurance benefits) to individuals, 73 For detail by subsector, see Supplement 3. plus net cash unilateral transfers to foreign countries, grants-in-aid to NOTE.—"Liabilities" covers equity as well as debt claims. State and local governments, and subsidies to business. 3 5 Includes net accruals on savings bonds and Treasury bills. For descriptions of sectors, of capital expenditures, and of financial 3 6 Purchases less sales for general govt. and govt. enterprises, including transaction categories, see notes to corresponding items in Tables 1, 2, outlays for tangible capital and (for Federal Govt.) net disbursements to and 3, pp. 476, 477, 478, and "Technical Notes," pp. 846759 of the farmers in form of CCC-direct and guaranteed-loans. BULLETIN for August 1959. For discussion of saving and investment 37 In connection with saving through Government life insurance and concepts, see p. 834 of the BULLETIN for August 1959. Government employee and railroad retirement funds. Back data available in Flow-of-Funds Supplements. 38 Mainly on 1- to 4-family and farm properties. Details may not add to totals because of rounding. 3* Mainly loans to business sectors, to foreign and State and local Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

00 TABLE 5. SUMMARY OF FLOW-OF FUNDS ACCOUNTS FOR I960* 4 [In billions of dollars] Nonfinancial business sectors Government sectors2 Financial sectors Sector C an o s p n e d r c s o u n t f o m i o t r n e - r Farm1 cor N po o r n a - te l Corporate Federal an S d t a lo te cal C b o a m n m ki e n r g ci a al ins S ti a t v u i t n i g o s ns4 Insurance 6 F n i . n e a . n c. c 6 e R s w e e s o c t t r - o l o d r f- se A ct l o l rs a c D n re c is p y - - 7 i s N n a a v v n a e i d t n s l. g tment Transaction 2,8 category U S U S U S U S U S U S U S U S U S U S U S U S U 76 1 4 3 8 6 30.4 3.9 —6.5 1.6 .8 2.5 _ e 101 4 119.8 H6.0 121.2 A B Capital consumption i2 45.0 4 3 8 6 25 0 * 82.9 82.9 B C Net saving (A.—B) 31.1 5.4 3.9 -6.5 1.6 .8 2.5 - 5 -1 4 36 8 38.3 C D Gross investment (E-4-JT)2 70.1 4.3 8.6 24.8 3.9 -3.4 2.3 .8 2.5 —.1 113.4 .3 114.3 D E Private capital expenditures (net of sales")13 65 0 11 2 31.9 .4 .4 113.8 113.8 E F Consumer durable goods 43 6 43 6 43.6 F G Nonfarm resident, constr.14. 17.4 1 7 1.7 20 9 20.9 G 4 0 4 4 9 0 27 5 .4 4 45 7 45.7 H I Change in inventories ^ 4 5 2.7 3 6 3.6 I J Net financial invest CK—L) 5.1 —.5 —2.6 -7.1 3.9 -3.4 1.9 .8 2.1 _ ± —.5 Q .3 16.5 J K Net acquis. of finan. assets 21.3 -.2 .1 3.8 3.9 2.6 8.3 10.1 10.8 4.7 4.1 69.4 4.6 K L Net increase in liab 17 16.2 .2 "2." 7 10.9 5.9 6.4 9.3 "*8." 7 4.8 4.6 69.7 4.1 L M Gold and Treas. currency1». * * —1 6 1 7 * * -1.7 M N Dem deo and currencv1^ 2 o 1 jr 8 2 1 2 1 2 1 .8 .1 -.7 .1 N O Fixed-value redeem claims 12 7 3 * -.4 1.4 5.8 * 9.5 .3 14.8 14.8 -.3 O •p Time denosits20 4.9 3 * -.2 1.4 5.8 * 1.4 3 7.0 7.0 -.3 P Q Savings shares21 8 1 8.1 8 1 8 1 Q R US savings bonds^ 3 - 3 3 3 R S Saving through life insur.2* . 3.5 3.4 3.5 3.5 s T Saving through pen. funds24. 8.1 .9 1 8 5 3 8.1 8.1 T U Credit and equity mkt. instr.. 2.2 16.1 1.2 2 3.1 -2.2 10.2 2.5 -1.6 1.0 4.0 9.9 .1 9.4 -.2 10.5 4.5 4.3 1.2 1.9 39.2 39.2 * .7 U V Federal obligations25 -1 5 -3.0 —2.2 — .7 2.6 — .4 -.5 9 4 -2 2 -2.2 -.4 V W State and local obligations. 1.0 3 3 6 6 * 1 6 1 3 6 W X Coro and foreisn bonds 1 0 3.5 1 1 — 2 2 3.3 .1 1.6 .5 5.5 5.5 .4 X Y Corporate stock .. . . 1 1 8 .1 * 2 4 .8 1.5 .2 .1 3.5 3.5 -.1 Y Z 1-to 4-family mortgages.. 1 11 2 -.2 -.2 .9 .2 .1 7.9 1 7 1 10 9 10 9 z a Other mortgages 1.2 .1 .8 1.1 2.5 .4 .2 .6 1.0 1.1 * 4 5 4 5 a b Consumer credit 3.9 2 2 1.3 7 1 5 3 9 3 9 b c Security credit26 1 — .1 .3 * .5 • * .4 * c d Bank loans n.e.c.27 .2 .2 1.5 1.6 3.4 * — .1 .1 3 4 3 4 .1 d e Other loans28 8 2 .7 .6 1 0 1 3 6 .4 1 3 * -.2 .9 1.0 .8 .5 1.2 5.6 5.6 * .7 e f Trade credit 2 4 7 5 1 2 1 1 4 9 4 9 f g Proprietors' net invest, in noncorporate business1... -5.3 -1.1 -4.2 -5.3 -5.3 g h Misc. financial trans.30 * 1.5 .1 .4 .7 .1 .4 5 .5 1.0 2.7 3.5 4.5 1.0 1.7 h i Sector discrepancies (A—D) 31 5.9 5.6 -3 1 - 7 — 4 -.9 6 3 6.9 i * Less than $50 millions. Details may not add to totals because of rounding. NOTE.—U=uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions For other notes see pp. 476, 477, and 479. of assets; financial sources of funds, net changes in liabilities. For discussion of saving and investment concepts see pp. 831-43 of the BULLETIN for August 1959. Descriptions of sectors and of transactions categories are given in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 6. STRUCTURE OF FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, I960" [Amounts outstanding at end of year. In billions of dollars] Sector C n o o s n n e a s p c n u t r d o o m r fi e t r Fa N rm onfinan c c o ia N rp l o o b n r u a - s t i e ness C se o c r t p o o rs rate F G e o d v e e r r a n l ment a s n e S d c t t a l o o t r e c s al C b o a m n m ki e n r g ci 2 al Fi i n n a s S n ti a c t v u ia i t n l i o g i n n s s s t 3 ituti I o n n s s u s ra e n ct c o e r 4 s F n i . n e a .c n . c 5 e R s w e e s o c t r t - o l o d r f- se A ct l o l rs Transaction category 1 A L A L A L A L A L A L A L A L A L A L A L A L K Total of assets below6 952.1 5.7 18.6 191.9 51.4 51.6 251.9 115.6 173.6 54.4 62.3 1,929.1 K L Total of liabilities below 6 226 5 1,429.9 L M Gold and Treasury currency6 1 2 7 23 0 22 6 45.7 2.7 M Gold 17.8 22.6 40.4 Treasury currency .1 2.7 5.2 5.3 2.7 N Demand deposits and currency7 62.4 5.6 13.0 33.5 6.8 11.8 152.0 2.8 3.5 3.3 4.7 147.4 152.0 N 213.6 1.5 .3 46.5 4 6 73 4 .8 103 5 1.9 222.7 223.3 O P Time deposits 8 101.5 1.5 3 8 4 6 73 4 36 4 1.9 109.9 110.6 P Q Savings shares9 66.5 .6 67.1 67.1 67.1 Q R U. S. savings bonds * ° 45.6 45 6 45.6 45.6 R 90.7 6 4 84 2 90.7 90.7 S T Savings in pension funds12 82.1 14 1 i9 6 49 0 82.1 82.1 T U Credit and equity market instruments. 503.3 206.5 20.1 5.5 43.7 31.6 146.8 34.5 195.6 35.3 69.6 228.5 110.1 2.2 168.3 51.1 25.0 21.2 38.51,189.5 748.1 U V Federal obligations13 24.0 20.2 194.8 17.6 90.1 12.1 16.2 3.0 10.1 193.3 194.8 V W X S C t o a r t p e o a r n a d te lo an ca d l f o o b re li i g g a n t io b n o s nds6 2 25 9 . 8 9 74.9 7 7 .8 2 67 9 1 1 7 . 0 6 3.8 7 6 1 5 2 . 8 1 2.1 4 9.8 .6 22.0 1 6 0 7 6 . . 9 8 1 6 0 7 6 . . 9 8 W X Y Corporate stock6 391.5 n.a. n.a. n.a. .8 24.6 n.a. 15.6 n.a. 9.5 n.a. 442.0 n.a. Y Z 1- to 4-family mortgages 11.7 135.1 5 1 1 5 7 1 1 3 19 2 74 7 26 1 1 6 141.8 141.8 Z a Other mortgages 19 4 1.1 13 1 16 8 33 7 4 1 1 3 9 5 12 8 17 5 1 64.7 64.7 a Multifamily and commercial 14.0 1.1 16.8 33.7 1.1 1.3 7.9 12.7 14.5 51.6 51.6 Farm 5.4 " 131 i 3 0 1 6 1 3 0 13.1 13.1 b Consumer credit 56.0 5 5 8 8 20 1 5 0 16 6 56.0 56.0 b c Security credit *4 1.1 5.4 5 1 4 5 5.4 .i .1 10.9 10.9 c d Bank loans n.e.c. *5 2.6 5 0 14 1 31 4 63 2 2 6 2 3.0 63.2 62.6 d e Other loans16 6.2 2.0 7.7 2.7 5.2 23.3 .8 1.6 2.7 .2 2.0 5.9 7.1 3.6 1.0 13.4 42.9 42.5 e f Trade credit 2.0 2.3 l 9 92 3 63 6 1 8 3 1 2 1 1 9 96.0 74.9 f h Miscellaneous finan. instruments6.... 1 1 33 0 5 5 7 8 5 0 3 1 i 1 9 3 7 11.9 40.8 55.1 56.1 h A= Assets, L= Liabilities. * Less than $50 million. n.a. Not available. 11 Estimated as equal to reserves against life insurance policies and supplementary contracts and policy 1 Lines identified alphabetically correspond to lines in Table 5; unlettered lines indicate detail not dividend accumulations. shown in Table 5. 12 Private pension plans and railroad and govt. employee retirement funds. Estimated as equal to 2 Consolidated account for monetary authorities (Federal Reserve System, ESF, and Treasury currency reserves of pension plans administered by life insurance companies and assets of other private plans and accounts) and commercial banks. of railroad and govt. employee retirement funds. 3 Mutual savings banks, savings and loan associations, and credit unions. 13 Excludes Federal debt held by Federal agencies, consumer-held savings bonds, special notes issued 4 Life and nonlife insurance companies and private pension plans. to IMF, and currency items in public debt; includes Federal agency debt and accrued interest on Treasury 5 Finance companies, open-end investment companies, security brokers and dealers, banks in U. S. bills and on savings bonds (other than consumer-held). territories and possessions, and U. S. agencies of foreign banks. 14 Loans from banks for purchasing or carrying securities and customer debit and net free credit balances 6 Changes in amounts outstanding for year-end dates do not agree with corresponding flows for some with security brokers. categories. See pp. 851-59 of the BULLETIN for August 1959. 15 Mainly commercial, industrial, and agricultural loans (other than open market paper and CCC- 7 Demand deposit liabilities of banking system are net of F. R. Float and cash items in process of collec- guaranteed loans); includes loans to foreign banks, loans to individuals (other than consumer credit), tion as reported by commercial banks. Sum of sector holdings (partly on holder-record basis) differs and other loans. Gross of valuation reserves. Excludes loans to commercial banks. from liability total mainly because of mail float (checks in transit from drawers to drawees). 16 Mainly Federal Government loans (other than mortgages), CCC-guaranteed loans, open market 8 At Commercial and mutual savings banks and the Postal Savings System. paper, finance company loans to business, and policy loans on life insurance. 9 Shares in savings and loan associations and credit unions. NOTE.—For further descriptions, see "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. 1 o Consumer-held only; includes accrued interest. Savings bonds held by other sectors included in Because of revisions, data for amounts outstanding are not comparable with earlier years as shown in Federal obligations category. the BULLETIN for August 1959. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 BANKS AND BRANCHES NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1960 All banks maintaining branches or additional offices All banks by class of bank (except banking facilities), by class of bank1 Commercial banks Mutual sav- Member Nonmember ings banks banks banks Total Total Total ti N on a- al m S b t e a e m r te - su In re - d N su i o n re n - d - su In re - d N su i o n re n - d - United States2.. 13,986 13 2,329 905 404 1,001 19 131 63 Alabama 238 22 16 Alaska 13 7 5 Arizona 10 7 3 Arkansas 237 35 10 California 117 62 20 Colorado 192 Connecticut 141 33 Delaware 22 7 District of Columbia 12 11 Florida 309 Georgia 421 Hawaii 12 Idaho 32 Illinois 966 Indiana 447 125 60 Iowa 673 140 125 Kansas 587 22 7 Kentucky 355 70 37 Louisiana 190 64 34 Maine 79 30 9 1 Maryland 139 54 27 Massachusetts 356 91 23 62 Michigan 380 133 57 Minnesota 690 2 Mississippi 193 68 Missouri 626 23 Montana 121 Nebraska 426 "ii 9 Nevada 7 5 2 New Hampshire 107 3 2 New Jersey 274 133 79 New Mexico 55 25 13 New York 529 158 82 69 North Carolina 183 89 23 North Dakota 156 21 1 Ohio 587 185 86 Oklahoma 389 18 15 Oregon 52 20 3 Pennsylvania 710 201 127 Rhode Island 17 9 4 South Carolina 145 41 17 South Dakota 174 30 5 Tennessee 297 75 31 Texas 1,011 8 Utah 50 13 Vermont 62 14 Virginia 305 103 Washington 91 25 West Virginia 182 Wisconsin 563 95 95 84 Wyoming 55 Virgin Islands 2 1 1 Banking facilities are shown separately; see note 4. have no other type of branch or additional office. 2 Includes one national bank in the Virgin Islands, with one branch, 5 Each bank is reported once only—according to the widest area in that became a member of the Federal Reserve System in 1957. which it operates branches or additional offices. 3 State member bank and insured mutual savings bank figures both NOTE.—Each branch and additional office is located in the same include two member mutual savings banks not included in the total for State as its parent bank except that one national bank in New Jersey has a commercial banks. State member bank figures also include one nonin- branch in Pennsylvania, one national bank in California has two branches sured trust company without deposits, which is not included with non- in Washington and one in Oregon, and one noninsured (unincorporated) insured nonmember banks. bank in New York has one branch in Massachusetts and one in Penn- 4 Banking facilities (other than branches) that are provided at military sylvania. In the table these branches are shown according to their own and other Government establishments through arrangements made by location, rather than that of the parent bank. the Treasury Department; they are operated by 187 banks, 70 of which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES 487 NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1960—Continued All branches and additional offices (except banking facilities), All branches and additional offices by class of bankl (except banking facilities), Bankby location * ing facili- Commercial banks ties at Mutual Govsavings Outside head office city ern- Member Nonmember banks In ment Total banks banks head estab- Total office In head In con- In non- lishcity office tiguous contig- ments 4 Na- State In- Non- In- Non- county counties uous tional member sured insured sured insured counties United States 10,702 10,216 5,298 2,597 2,274 47 381 105 4,288 3,294 1,449 1,671 267 Alabama 82 82 70 5 7 40 29 5 8 8 Alaska 27 27 25 1 i 7 14 6 6 Arizona 173 173 125 9 31 8 42 48 53 30 6 Arkansas 45 45 16 5 24 2 38 4 1 1 California 1,633 1,633 1,233 225 170 5 292 202 273 866 43 1 1 1 1 6 Connecticut . . . 254 197 98 56 43 57 78 136 36 4 1 Delaware 57 53 24 27 2 4 12 23 18 4 1 District of Columbia.. 60 60 30 24 6 60 5 Florida 14 Georgia 98 98 57 26 15 76 1 6 15 8 Hawaii . 81 81 28 52 1 25 22 34 5 Idaho 82 82 67 8 7 5 7 14 56 Illinois 4 Indiana . 307 307 175 34 98 161 145 1 4 Iowa 183 183 8 7 166 2 16 121 46 Kansas 22 22 13 2 7 21 1 3 Kentucky 144 144 76 22 46 81 60 3 2 Louisiana 173 173 92 23 58 109 55 6 3 3 Maine 136 130 47 43 30 10 5 1 28 55 47 6 4 Maryland 269 237 80 36 116 5 32 117 60 76 16 14 Massachusetts 492 370 206 101 62 1 18 262 221 8 1 4 Michigan 575 575 207 259 107 2 292 194 79 10 3 Minnesota 6 6 6 6 Mississippi . . . 132 132 23 15 94 45 57 24 6 A Missouri... 23 23 6 10 7 23 M^ontana Nebraska 11 11 9 1 1 11 1 Nevada 35 35 20 10 5 8 6 7 14 -y New Hampshire 5 3 2 2 4 New Jersey 450 429 250 137 42 180 269 1 7 New Mexico 52 52 29 1 22 33 14 4 i' 4 New York 1.521 1.368 467 827 70 4 153 918 376 183 .3 14 North Carolina 504 504 129 73 299 3 111 84 115 4 North Dakota 28 28 1 26 17 11 Ohio 638 635 304 246 85 3 334 293 11 3 Oklahoma 18 18 15 3 18 Oregon 195 195 161 8 26 37 25 23 110 Pennsylvania 834 785 459 208 116 2 49 324 311 198 8 Rhode Island 116 89 49 18 21 1 27 36 45 18 17 South Carolina 141 141 97 2 42 42 24 16 59 6 South Dakota 59 59 28 31 4 24 19 12 Tennessee 210 210 126 17 67 122 73 7 8 6 Texas . 8 8 8 8 20 V U e ta rm h ont 7 3 0 4 7 3 0 3 4 1 1 7 18 1 1 6 1 i 1 4 1 2 1 0 4 13 3 3 3 4 Virginia 265 265 131 57 77 164 47 41 13 19 Washington 294 285 255 19 11 9 96 56 47 95 6 West Virginia Wisconsin 158 158 \9 9 130 25 107 26 Wyoming 1 Virgin Islands 1 1 1 1 1 1 Nonmember Mutual Distribution by location of branches with Member banks commercial banks savings banks respect to head office Total Non- Non- National State Insured insured Insured insured Banks with branches or additional offices (except banking facilities)2 5 2,523 905 404 1,001 19 131 63 In head office city 774 317 152 195 5 82 23 Outside head office city: In head office county 1,282 452 179 581 31 32 In contiguous counties 364 90 49 195 17 In noncontiguous counties2 103 46 24 30 Branches and additional offices (except banking facilities) 10,702 5,298 2,597 2,274 47 381 105 In head office city 4,288 1,925 1,410 602 17 282 52 Outside head office city: In head office county 3,294 1,463 691 1.022 13 60 45 In contiguous counties 1,449 670 319 401 13 38 In noncontiguous counties 2 ' 1,671 1,240 177 249 4 1 i Banking facilities at military and other Government establishments4... 267 211 27 29 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

Financial Statistics * International * Reported gold reserves of central banks and governments 490 Gold production 491 Net gold purchases and gold stock of the United States 492 Estimated foreign gold reserves and dollar holdings 493 International capital transactions of the United States 494 United States balance of payments 503 Money rates in foreign countries 503 Foreign exchange rates 505 Index to statistical tables L 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. 489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

490 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- E m n o d n t o h f w m t o o a r t t a l e d l d ! M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s i - a A tr u i s a - g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f e n t p g h . o e , 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 [,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— Feb 2,421 19,471 56 160 292 1,175 326 952 41 72 38 Mar 40 355 2 454 19 457 i8,445 56 163 292 1,183 294 950 41 73 38 A pr 2 495 19 403 56 166 292 1 197 294 94*5 42 71 38 May 2 489 19 395 56 170 292 1 182 286 922 42 72 38 June r40,565 2 515 19,363 18,685 55 149 292 1,191 286 909 42 73 38 July 2 527 19 188 55 153 293 175 287 906 42 74 Aug 2,562 19.045 80 156 293 094 287 904 42 74 Sept 40,690 2,564 18,725 19,400 84 159 293 .094 287 894 42 75 Oct 2 603 18 443 84 157 293 I 112 287 891 45 76 Nov . 2 723 17,948 84 147 293 ,158 287 886 45 77 Dec "40,525 2,439 17,804 ^20,280 104 147 293 [.170 287 885 45 78 1961 Tan 2 446 17 480 293 1,156 287 885 39 79 Feb 2,447 17,412 293 1,137 886 45 Domin- Egyp- Ger- E m n o d n t o h f Cuba m De a n rk - Re ic l p i a c u n b- E d c o u r a- gi t R o ia n e n - — E v l a d S o a r l- l F a i n n d - France2 R F m e e p 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 Feb 21 31 10 20 174 30 38 1.298 2.652 26 24 247 33 Mar 19 31 10 20 174 30 38 1,322 2,670 26 24 247 33 Apr 19 31 10 20 174 30 38 1,399 2,704 26 24 247 33 May 19 31 10 20 174 30 38 1,513 2,741 26 24 247 33 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 1,568 2,879 26 24 247 33 Sept . 3 31 10 20 174 30 38 ,627 2,888 31 24 247 33 Oct 1 31 10 20 174 30 41 1.622 2,915 31 24 247 37 Nov 1 31 10 20 174 30 41 1,626 2,943 31 24 247 57 Dec 1 31 10 20 174 30 41 1.641 2,971 76 247 57 1961 Jan 1 31 10 20 30 41 1,641 2,999 247 Feb 31 20 30 41 1,644 3,029 247 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- Ne 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 \ 954 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 ,086 91 143 1,050 33 43 49 19 10 493 1959 Dec 140 84 18 ,749 102 142 1,132 34 30 50 28 9 548 I960 Feb 131 84 18 ,870 102 142 1,141 34 30 52 28 11 548 Mar 131 84 18 ,902 102 142 1,164 34 30 52 28 12 549 Apr 131 84 18 ,902 102 142 1.164 34 30 52 28 13 549 May 131 84 18 ,983 102 142 ,164 34 30 52 28 15 549 131 84 18 .997 102 142 1,231 34 30 52 28 16 549 July 131 84 18 .998 102 122 1,246 34 30 52 28 16 550 Aug 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 2,186 102 140 376 35 30 52 42 14 550 Nov 131 98 18 2,198 102 139 1.376 35 30 52 42 14 550 Dec 130 18 119 1 451 35 30 52 42 15 552 1961 Tan 130 18 119 1 451 35 30 52 47 16 Feb 130 18 1,451 35 30 52 18 * Preliminary. T Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 491 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Syrian Bank E m n o d n t o h f A So fr u ic th a Spain Sweden Sw la it n z d er- U gi . R o A n e . - — R. T la h n a d i- Turkey U K d n o i m i n t g e 3 d - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - m S I e e f n t o n t t r l ' t l e s - 4 E E P F U 5 - 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 . 217 101 219 718 24 112 144 2,273 180 719 13 24 2M j958_Dec 211 57 204 ,925 24 112 144 3,069 180 719 17 -42 126 * 959—Dec 238 68 191 ,934 104 133 2,736 180 652 16 -134 40 I960 Feb 244 78 171 807 104 133 2 722 180 652 10 9 Mar. 256 78 171 777 104 133 2 780 180 652 10 17 39 Apr 258 78 171 ,767 104 133 2,831 180 512 9 (6) May 255 78 171 ,767 104 133 2,859 180 512 7 -122 June . 240 78 171 I 774 104 133 2 892 180 512 7 — 101 48 July 233 78 171 1,896 104 133 2,996 180 512 7 -107 Aus 219 88 171 960 104 133 3.072 180 512 7 -103 Sect 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 6 -54 Nov 176 158 171 2,059 104 134 3,167 180 398 5 -36 Dec 178 178 170 2,185 104 134 3,231 180 398 4 -19 56 1961—Jan 170 189 170 2,184 104 134 3,245 180 398 > 53 Feb 187 205 170 2,162 134 3,195 398 5 * Excludes U.S.S.R., other Eastern European countries, and China 2 Represents holdings of Bank of France and French Exchange Stabili- Mainland. zation Fund. Represents reported gold holdings of central banks and governments 3 Beginning with December 1958, represents Exchange Equalization and international institutions, unpublished holdings of various central Account gold and convertible currency reserves, as reported by British banks and governments, estimated holdings of British Exchange Equaliza- Government; prior to that time represents reserves of gold and United tion Account based on figures shown for United Kingdom, and esti- States and Canadian dollars. mated official holdings of countries from which no reports are received. 4 Represents net gold assets of B.I.S., i.e., gold in bars and coins and The figures included for the Bank for International Settlements repre- other gold assets minus gold deposit liabilities. sent the Bank's gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of the 5 European Payments Union through December 1958 and European gold deposited with the B.I.S. is included in the gold reserves of individual Fund thereafter. countries. 6 Less than $500,000. 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 895.0 826.0 462.4 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 1,015.0 952.8 596.2 18.8 27.7 13.1 63.0 155.2 12.1 6.9 4.2 11.4 37.9 6.3 {958 1,050.0 980.1 618.0 19.4 29.2 12.8 61.6 158.8 11.6 7.2 3.9 13.0 38.6 6.0 1959 1,125.0 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 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 6 2.6 1.4 3.1 13.0 1.1 .6 .4 4 2.8 5 Mar 89.1 59.6 .6 2.7 .9 3.5 13.6 1.1 .6 .3 s 3.2 .5 Apr. 90.2 61.8 7 2.7 .8 3.5 12.8 .9 .7 .4 3.3 4 May 63.1 6 2.6 1.4 4.1 13.2 .5 .3 1 2 8 5 June 63.4 6 2 6 3.9 13.5 .6 3 1 3 4 4 July 63.6 6 2.6 4.5 13.8 .5 .4 0 3 2 4 Aug 63.5 7 2.6 4.9 13.3 .6 4 3 1 5 Sept 63.4 1.7 2.6 5.0 12.9 .6 .3 4 3 4 5 Oct 63.4 1.6 2.5 4.4 14.1 .6 .3 ? 3.3 5 Nov 63.4 1.6 2 5 4.3 13.7 6 4 1 Dec 62.2 1.7 2.5 3.9 13.8 .6 3 1961—Jan 63.7 2.5 3.2 13.2 .6 .3 1 Excludes U.S.S.R., other Eastern European countries, China Main- Production reported monthly: reports from individual countries except land, and North Korea. Ghana, Republic of the Congo and Brazil, data for which are from 2 Gold exports representing about 90 per cent of total production. American Bureau of Metal Statistics. For the United States, annual Sources.—Estimated world production: based on reports of the U. S. figures are from the U. S. Bureau of the Mint and monthly figures are Bureau of Mines. from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 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 — 1 Belgium -85 3 3 -329 -39 — 141 —26 —25 n — 83 France -68 -34 -266 -173 — 200 — 56 — 117 Germany (Fed. Rep. of) -130 -226 -10 -34 -34 1AQ Netherlands ... -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 M^exico . -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: Japan -30 -157 15 -15 Other -6 -10 -5 0) is -4 -28 -97 -20 0) -26 -4 -67 Total -6 -10 -5 0) 18 24 -186 -113 -20 0) -26 -19 -67 All other -10 -1 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 Grand total -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 (—), the Inter- States gold subscription to the International Monetary Fund. national Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] T ( r u e G e r n a y o d s l - d o f s T t y o o e c a t k a r) l i in s o c T c g t r r o r o e o e d c a t l a a d s k e s l e - : e, i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E l r a r e d e r a a : a k i r s n s - e d e e - d e , - D p ti r d o t o i m d o g n u o e c l s d - - Month ( T e r u n G e r d a y o s l o - d f s m T to o o c n t k a th l i ) in s c o T c g t r r o r o e o e d c a t l a a d s k e s l e - : e, i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E l r a r e d e r a a : i a k r n s s - d e e - e d e , - D p ti r c o t o i m g d on o u e l c s d - - 1949 24,427 24,563 165 686 -496 67 I960—Mar 19,408 19,457 -14 17 -13 4 1950 22,706 22,820 -1,743 -371 -1,352 80 Apr 19,360 19,403 -54 8 —71 4 1951 22,695 22,873 53 -549 618 66 May 19,352 19,395 o 10 -14 4 1952 23 187 23,252 380 684 -305 67 June 19,322 19,363 -32 77 — 102 4 1953 22,030 22,091 -1,162 2 -1,171 69 July 19,144 19,188 -174 49 -222 5 Aug 19,005 19,045 -144 12 -151 5 1954 21,713 21,793 -297 16 -325 65 Sept 18,685 18,725 -319 5 — 319 5 1955 21,690 21,753 -41 97 -132 66 Oct 18,402 18,443 -282 125 -397 4 1956 21,949 22,058 306 106 319 65 Nov 17,910 17,948 -495 19 -512 4 1957 . ... 22,781 22,857 799 104 600 63 Dec 17,767 17 804 -144 3 — 145 4 1958 20,534 20,582 -2,275 260 -2,515 62 1961—Jan 17,441 17,480 -324 -20 -322 3 1959 19,456 19,507 2-1,076 302 -1,324 57 Feb 17,373 17,412 -68 —47 3 (3) I960 17,767 17,804 -1,703 333 -1,982 49 Mar 2>17,388^17,433 *21 4161 P Preliminary. 2 Includes payment of $344 million as increase in United States gold i Includes gold in Exchange Stabilization Fund, which is not included subscription to the International Monetary Fund. in statistics on gold stock (Treasury gold) used in the Federal Reserve 3 Not yet available. statement "Member Bank Reserves, Reserve Bank Credit, and Related 4 Gold held under earmark at the Federal Reserve Banks for foreign Items" or in the Treasury statement, "Circulation Statement of United and international accounts amounted to $12,001 million on Mar. 31,1961. States Money." Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 493 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31,1958 Dec. 31,1959 Mar. 3[, 1960 June 30, 1960 Sept. 30, 1960 Dec. 31, 1960P U.S. Govt. Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& bonds & notes 1 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: 605 7 623 7 556 7 490 7 516 7 536 7 3 1,385 6 1,272 7 1,339 6 1,340 7 1,240 7 1 317 2 200 6 168 64 .145 64 111 53 78 53 85 28 31 104 1 115 1 125 1 99 1 85 1 87 1 1,282 12 1,945 35 2,041 37 2,310 18 2,273 17 2,160 16 Germanv (Fed Rep. of) 4,394 13 4,624 16 4,682 16 5,245 16 5,997 16 6,449 16 3 Italy 2,2 1 0 4 7 3 2 3,1 2 1 1 8 2 3,0 1 6 8 1 6 (2) 3,0 1 5 3 7 8 /2V 3,2 1 0 0 3 9 ( ( 2 2) ) 3,1 1 3 3 0 9 8 ( ( 2 2 ) ) 1,389 10 1,617 1,646 18 1,643 17 1,646 14 1 779 4 173 120 125 141 129 141 131 158 115 158 111 143 148 656 (2) 686 1 674 1 637 1 638 1 636 1 1 93 3 154 3 189 3 227 3 235 3 327 3 1 507 10 404 101 388 79 432 79 395 78 397 77 82 2,777 76 2,903 88 2,708 87 2,713 84 2,786 74 2,863 57 94 164 .8 164 163 152 149 152 United Kingdom 3,723 3,490 3,716 368 4,124 403 4,503 4,470 412 420 Other* 870 29 593 51 617 38 '506 38 469 39 528 39 44 Total.., 20,672 489 22,213 855 22,365 866'23,355 885 24,437 849 25,166 819 838 Canada ••• 3,097 341 3,158 452 3,307 485 3,439 429 3 552 424 3 324 416 446 Latin America: Brazil 4 2 6 1 3 0 1 4 3 7 9 8 3 P) 4 45 4 0 4 j 4 44 4 8 3 1 4 4 5 6 4 0 4 4 8 1 1 9 2 2 1 140 228 193 (2) 186 179 180 8 (2) 241 (2) 288 (2) 277 (2) 262 (2) 242 236 1 366 86 214 82 168 82 149 82 108 63 78 Guatemala 69 61 (2) 77 70 1 65 I 68 1 (2) 561 4 584 3 574 4 497 4 495 4 536 2 7 146 2 129 3 128 3 116 2 127 2 123 2 4 96 110 100 1 105 1 97 (2) 114 (2) Uruguay 262 (2) 242 (2) 242 240 (2) 244 1 231 1 1,213 2 929 3 897 3 813 795 3 781 3 i Other4.... 250 11 253 12 273 12 388 11 400 11 368 9 Total • . 4,017 106 3,909 105 3,823 106 3,717 105 3,666 86 3,615 59 15 Asia: India . .... 324 361 351 10 306 40 297 40 301 40 41 Indonesia 145 (2) 172 1 183 1 188 8 195 H(2) 235 1 184 n\ 187 176 168 156 152 Japan 1,094 1 1,564 2 1,644 2 1,755 2 1,984 2,166 2 a 186 181 3 190 3 214 2 237 s2 218 2 2 Thailand 245 1 240 1 248 1 258 270 284 (2) 3 Other 1,041 27 1,244 46 1,236 53 1,107 70 1,026 989 43 Xotal 3,219 32 3,949 53 4,028 70 3,996 115 4,165 103 4,345 87 92 Al A l o us th tr e a r l : ia 241 (2) 264 (n2) 272 (2) 263 (2) 259 235 H (2) Egyptian Region—U A R 190 194 207 216 196 196 U O n th io e n rs of South Africa 2 5 4 1 1 2 u 2 5 8 2 7 3 41 '5 2 2 9 5 9 i '5 2 4 8 6 0 57 i '5 2 5 3 2 5 28 2 6 0 0 7 5 27 8 Xotal 1,184 15 1,268 42 '1,303 55 '1,305 58 '1,242 29 1,243 28 3355 Total foreign countries 6 32,189 983 34,497 1,507 '34,826 1,582 '35,812 1,592 '37,062 1,491 37,693 1,409 1,426 International institutions 2,876 495 5,565 660 5,753 709 5,832 755 6,130 671 6,393 884 900 Grand total 6 35,065 1,478 40,062 2,167 '40,579 2,291 '41,644 2,347 '43,192 2,162 44,086 2,293 2,326 Memorandum item: Sterling area • 4,837 242 4,729! 407 4,972 476 5,302 550 5,627 489 5,560 512 536 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 Nov. 30, 1960, and reported securities transactions Europe, and all Western European dependencies located outside Europe in December. Data are not available to reconcile the two series or to and Asia. 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

494 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] End of month G to ra ta n l d t t i e i n I o r n s n n t - a a i- - l Foreign countries m R G F a e e e n d p r y - . . , U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia o A th l e l r tutions2 Total Official 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 9,152 7,076 1,987 990 5,501 8,479 2 198 2 406 2 774 373 I960 Feb 19 492 3 285 16,207 8,880 7,326 1,908 1.165 5,284 8,357 2 272 2 378 2 806 394 Mar 19,681 3,300 16,382 9,011 7,371 2,012 ,266 5,122 8,399 2,357 2 383 2 860 382 Apr 19,860 3,234 16,6?6 9,224 7,402 2,199 ,340 4,963 8,502 2,386 2,478 2,843 417 May 20 187 3 359 16,828 9,275 7,553 2,220 ,500 4,940 8,660 2 423 2 526 2 817 403 June 20,442 3,317 17,125 9,600 7,525 2,473 ,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 ,736 4,573 9,013 2,683 2,494 2,854 369 Aug . .... 21 218 3,466 17,752 10,160 7,592 2,868 ,800 4,523 9,190 2 699 2 540 2 937 386 Sent 21,228 3,566 17,662 10,109 7,553 3,109 ,828 4,264 9,202 2,658 2,432 2 997 374 Oct 21,442 3,682 17,760 10,328 7,432 3,292 ,793 4,216 9,302 2,711 2,366 2,998 384 Nov .... 20 912 3,697 17,216 10,104 7,112 3,367 ,641 3,982 8,990 2,507 2 340 3 017 362 Dec 21,368 3,954 17,414 10,378 7.036 3,478 ,670 3.956 9,104 2,440 2 411 3 107 352 1961—Jan P 20,975 3,941 17.034 10,200 6,834 3,505 ,635 3,648 8,788 2,443 2,317 3 145 341 20,835 3,816 17,018 10,168 6,850 3,586 ,571 3,604 8,760 2,423 2,286 3,201 348 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 D a e r n k - l F a i n n d - France Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l w a e n r i - t d z- T k u e r y - ot A 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 1,121 339 130 163 36 303 852 20 694 1959 Dec 5,501 331 138 137 77 655 186 1,369 485 95 138 86 213 969 31 590 1960 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 1,159 482 99 125 111 217 931 30 468 Apr 4,963 234 134 92 75 711 146 1,142 442 96 113 108 265 930 23 451 May .. 4,940 221 141 82 71 726 128 1,050 430 97 104 120 267 928 24 552 June 4,869 198 149 80 61 759 112 1,060 412 101 88 149 261 939 19 483 July 4,573 197 172 72 64 650 97 1,095 386 88 88 133 250 878 18 386 Aug 4,523 203 166 53 49 726 75 1,127 355 85 87 132 250 820 14 380 Sept 4,264 223 146 47 47 646 78 1.017 300 85 88 137 224 806 16 402 Oct 4,216 229 140 53 48 658 54 981 289 83 84 187 219 755 18 418 Nov 3,982 231 141 53 45 583 67 952 277 81 85 157 210 693 17 391 Dec 3,956 243 147 54 46 519 63 932 328 81 84 149 227 678 18 387 1961 Jan v 3,648 213 134 54 48 579 49 857 276 80 81 114 229 612 21 301 Feb.*3 3,604 205 141 52 50 687 52 794 246 82 80 127 233 568 19 268 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 D i 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 6 e 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—Feb 2,378 380 23 164 159 232 151 35 35 52 421 83 125 70 68 209 172 Mar 2,383 388 21 156 152 204 149 29 33 53 432 85 128 72 62 245 175 Apr 2,478 386 20 159 147 205 146 29 33 54 437 82 129 81 62 317 190 May 2 526 All 22 172 156 205 138 35 33 52 409 86 123 79 63 351 191 June . .... 2,432 388 21 162 144 189 130 35 31 46 355 93 116 77 60 301 285 July 2,494 394 20 162 132 185 120 35 27 40 390 98 123 82 55 355 275 Aug 2 540 393 20 176 132 175 111 36 23 37 399 90 128 77 54 407 282 Sept 2,432 370 23 173 137 167 105 33 22 41 374 87 127 70 64 333 306 Oct 2,366 324 22 185 116 181 90 34 22 41 358 79 126 64 61 349 313 Nov 2,340 335 21 186 117 166 84 34 24 42 359 72 122 64 52 360 303 Dec 2,411 315 23 194 135 158 77 37 24 44 397 76 123 72 51 383 302 1961— Jan P 2,317 299 23 203 120 174 68 31 27 50 367 77 108 65 49 363 293 Feb.? 2,286 289 24 170 112 172 67 30 31 51 349 75 100 62 52 431 271 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 495 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 b a c f - - , P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total t A ra u l s i - a C R t g o o h e o p f n e , . - U g E i t R . o g i A a e n y n . - — R p- .A U S f n o o r 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 1960 Feb 2,806 61 90 153 43 87 1,318 145 177 95 142 494 394 112 34 38 57 152 Mar 2,860 65 104 150 45 87 1,365 141 178 95 144 486 382 109 42 33 43 157 Apr 2 843 61 68 152 39 93 1,413 140 184 91 142 459 417 135 37 39 39 166 May 2,817 58 67 138 47 91 J 445 136 194 90 152 399 403 113 46 41 30 174 June 2 824 58 59 155 37 80 1,476 139 198 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 Au2 2,937 58 51 164 27 72 ,627 144 219 89 163 322 386 95 27 40 32 191 Sept 2 997 59 50 162 25 59 1,705 148 224 89 166 311 374 100 29 22 31 192 Oct .... 2,998 58 36 170 26 62 1,758 153 217 86 169 263 384 87 30 24 30 213 Nov 3,017 60 37 148 25 71 1,808 150 212 84 177 245 362 80 32 27 33 189 Dec 3,107 57 54 178 22 75 1,887 152 203 84 180 215 352 88 32 22 29 181 1961—Jan." 3,145 57 45 181 20 67 ,953 139 193 84 190 216 340 72 33 20 38 177 Feb p 3,201 52 44 150 45 72 I 991 145 198 81 204 219 347 73 33 20 35 186 Table Id. 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 Burma 6.7 5.9 4.3 .9 Bulgaria Cambodia 20.0 24.9 19.7 10.9 Cyprus Ceylon. 34.2 44.1 34.4 6.9 Czechoslovakia8 .7 .6 .7 1.0 China Mainland8 , 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. Hungary .7 .9 1.3 1.0 Jordan 1.6 2.8 2.5 1.8 Iceland 2.9 3.5 2.7 5.1 Kuwait 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 Malaya, 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* 3.2 4.9 4.0 6.1 Ryukyu Islands 32.7 15.2 14.8 n.a. Rumania8 .8 .9 .9 Saudi Arabia 94.8 60.2 111.6 18.4 Soviet Zone of Germany. 3.1 1.4 1.5 l!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: Bahamas 9 47.2 All other: Bermuda 7.9 6.8 14.3 21.7 Algeria .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 Federation9 15.8 31.6 32.6 11.3 Mozambique 3.4 2.9 2.0 2.2 New Caledonia 1.7 1.4 1.3 n.a. Other Asia: New Zealand 1.9 6.9 6.8 n.a. Aden 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 .3 8.4 2.8 n.a. Not available. J» 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 February 28, Tables la-lc. 1961. 8 Based on reports by banks in all Federal Reserve districts. 2 Includes International Bank for Reconstruction and Development, 9 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 6 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

496 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners End of month, or area Total 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 1,653 243 134 49 1957 Dec . . 15,158 12,847 5,875 5,840 1,132 2,252 1,766 278 209 59 1958—Dec 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959 Dec 19,387 16,911 6,341 9,243 1,328 2,398 1,833 295 270 77 I960—Feb 19,492 17,153 6,065 9,429 1.660 2,275 1,749 225 301 64 19,681 17,369 6,272 9,357 1,740 2,243 1,738 204 301 70 19,860 17,554 6,696 9,225 ,632 2,234 1.745 199 290 73 May • 20,187 17,843 6,920 9,340 ,583 2,268 1,770 211 287 75 June 20,442 18,109 7,186 9,303 ,620 2,250 1,794 167 289 84 July 20,748 18,414 7,365 9,512 1,538 2,250 1,780 165 305 86 Aug . .. 21,218 18,874 7,631 9,719 1,524 2,253 1,770 182 301 91 Sept 21,228 18,872 7,648 9,705 1,519 2,238 1,786 173 279 118 Oct 21,442 19,035 7,639 9,911 1,485 2,263 1,826 173 264 144 Nov 20,912 18,603 7,451 9,715 1,437 2,182 1,777 158 247 127 Dec 21,368 19,043 7,567 10,075 1.401 2,213 1,832 148 233 113 1961—Jan P 20,975 18,744 7,319 10,124 1,301 2,109 1,759 128 222 121 Feb v 20,835 18,635 7,491 9,875 1,269 2,094 1,761 113 220 105 Area and country detail, December 31, 1960 Europe: Austria 243 242 221 2 19 1 1 (2) (3) Belgium 147 99 79 4 16 47 42 (3) 5 1 Denmark 54 47 14 32 1 7 6 (3) Finland 46 44 14 18 12 2 2 519 467 202 228 37 51 44 4 4 1 Germany, Fed. Rep. of.... 3,478 3,450 211 2,844 395 | 26 21 2 3 2 Greece 63 48 29 19 1 i 15 15 Italy 932 895 141 610 144 37 32 4 1 Netherlands 328 303 102 182 19 < 25 19 4 2 (3) Norway 81 50 46 3 32 30 1 (3) (3) Portusal 84 43 42 1 41 39 2 Spain 149 130 125 6 I 18 18 (3) (3) Sweden 227 217 77 106 34 9 9 (3) (3) Switzerland 678 560 329 50 181 116 74 10 32 2 18 16 16 2 2 United Kingdom 1,670 1,347 887 393 67 273 124 83 66 49 10 9 9 iS 1 1 Other Europe 378 329 79 128 17 14 1 3 32 Total 9,104 8,298 2,623 4,616 1,059 719 492 109 117 88 Canada 2,439 2,152 1,602 533 16 270 223 24 23 17 Latin America: Argentina 315 245 146 61 38 69 69 1 Bolivia 23 8 8 15 15 (3) (3) Brazil 194 65 61 (3) 4 129 119 1 9 (3) Chile 135 88 87 1 47 47 (3) f3) (3) Colombia 158 86 68 (3) 17 72 71 (3) Cuba • • • 77 11 11 (3) i 66 62 (3) 4 (3) 37 13 12 1 24 23 pi Salvador 24 5 5 19 18 (3) I 44 27 16 3 8 17 16 1 397 265 245 16 4 132 128 o 2 Neth. Antilles and Surinam 76 45 22 11 13 ! 31 14 4 13 123 20 18 2 103 68 •-> 13 (3) Peru 72 31 31 (3) 41 38 (3) 2 (3) Urusuav 51 21 19 30 25 1 S I (3) 383 197 196 1 : 185 180 1 4 (3) Other Latin America 300 218 91 119 7 80 69 2 9 Total 2,411 1,346 1,038 210 98 1,062 962 14 87 3 v Preliminary. 2 Represents principally bankers' acceptances and commercial paper. 1 Includes special nonnegotiable, non-interest-bearing U. S. notes 3 Less than $500,000. (International Monetary Fund series and International Development Association series) which amounted to $2,556 million on February 28, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 497 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars Area and To banks and official institutions To all other foreigners Payable Total in foreign country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other i Total Deposits T bi r l e ls a s a u n r d y Other! certificates certificates Area and country detail, December 31, 1960—Continued Asia: HoneKonfi 57 33 27 7 24 23 (2) 1 8 54 43 39 3 11 11 Indonesia 178 176 76 68 33 2 2 Iran 22 18 18 (2) 5 5 (2) Israel 75 71 30 11 30 4 4 i2) 1,887 1,872 1,047 749 76 16 15 (2) l (2) Korea Rep of 152 151 142 9 2 2 Philippines 203 183 160 13 10 20 19 (2} Taiwan 84 77 75 3 6 6 (2) Thailand 180 178 21 $ 41 3 3 Ax Other Asia 214 178 138 30 10 36 35 (2) 1 ( \ 2) ) Total 3,107 2,979 1,771 995 213 127 123 1 j All other: 88 85 44 39 3 3 (2) (2) (2) Congo Rep of the 32 31 17 5 9 1 1 (2) Egyptian Region—U.A.R.. 22 21 16 4 1 1 Union of South Africa 29 27 27 2 2 Other 181 151 110 38 3 27 25 P) 3 Total 352 314 214 86 15 34 32 1 4 Total foreign countries 17,414 15,089 7,248 6,440 1,400 2,212 1,831 148 233 113 International institutions.... 3,954 3,954 319 3 3,635 Grand total 21,368 19,043 7,567 10,075 1,401 2,213 1,832 148 233 113 1 Represents principally bankers' acceptances and commercial paper. 3 Includes $2,527 million of special nonnegotiable, non-interest-bearing 2 Less than $500,000. U. S. notes (International Monetary Fund series and International Development Association series). TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding, in millions of dollars] Ger- End of month Total France R m F e a e p n d . y . o , f Italy S l z a w e n r i d - t- U K d n i o 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 C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 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 95* 386 50 1958 Dec 2,542 102 77 36 42 124 315 696 243 ,099 435 69 1959 Dec 2,623 57 54 30 38 121 234 534 272 ,175 586 56 1960 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 2,707 25 55 33 41 129 228 512 254 ,172 715 55 May 2,691 26 55 32 36 135 226 509 258 1,124 743 56 June 2,764 28 62 32 42 181 230 575 272 1,111 746 60 JUly 3,062 27 63 30 36 234 227 617 336 ,203 845 61 3,117 33 68 35 41 239 212 628 341 1,200 886 62 Sept 3,160 29 77 33 45 256 226 665 356 1,150 921 68 Oct 3,354 32 84 42 54 237 236 685 397 1,244 958 69 Nov 3,326 28 78 35 55 222 240 658 376 1,254 972 66 Dec 3,590 32 82 34 60 245 264 717 409 1,354 1,042 68 1961 Jan.? 3,586 33 78 38 61 201 237 648 413 1,342 1 110 73 Feb.P 3,655 35 80 36 61 170 224 606 374 1,392 1,210 73 p Preliminary. foreigners; drafts drawn against foreigners that are being collected by i Short-term claims reported in these statistics represent principally banks and bankers on behalf of their customers in the United States; the following items payable on demand or with a contractual maturity and foreign currency balances held abroad by banks and bankers and their of not more than one year; oans made to and acceptances made for customers in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 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 en rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u ey r- 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 88 (2) 7 1957—Dec 211 6 25 11 4 6 29 23 2 8 10 76 10 1958 Dec 315 7 65 14 6 7 56 22 2 30 24 72 9 234 4 56 18 8 5 38 7 2 8 19 47 3 18 I960—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 Seot 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 Dec 264 2 65 13 9 6 33 17 4 8 28 49 11 19 1961 Jan * 237 2 63 14 9 5 34 11 3 6 26 41 9 14 Feb.* 224 2 61 12 9 8 32 10 2 6 25 32 9 16 Table 3b. Latin America Neth- Do- er- End of month A L m i a c t e a in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i R c l u i i a e c b n n - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t A a a i u l n n l n r e d d i - s s - l a p P i R 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 9u 7 11 7 213 5 12 35 15 144 49 1957 Dec 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958 Dec 1,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959—Dec 1,175 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 I960—Feb 1,248 61 3 150 57 70 96 27 5 13 257 5 19 38 46 346 55 Mar 1,257 65 3 151 51 71 95 23 5 12 282 5 18 36 51 334 54 Apr 1,172 63 4 148 50 75 92 20 5 13 297 3 17 40 52 242 52 May 1,124 68 4 161 50 77 77 19 6 13 325 5 22 41 49 157 50 1,111 76 4 156 50 77 67 17 7 11 321 5 17 43 42 169 50 July 1,203 81 4 173 57 80 62 16 7 11 335 5 17 43 38 224 50 1,200 87 4 176 54 78 55 18 9 11 333 6 16 46 39 219 50 Sept 1,150 96 4 189 57 79 31 17 14 11 316 4 20 43 52 164 52 Oct 1.244 108 4 212 55 77 29 17 19 12 303 4 19 42 55 233 56 Nov 1,254 112 4 206 63 76 27 17 19 13 302 5 22 43 52 235 57 Dec 1,354 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 64 1961—Jan.* 1,342 122 4 229 74 80 25 14 21 13 342 5 27 48 50 231 57 Feb.*7 1,392 121 4 228 77 79 25 13 19 14 312 5 28 48 48 311 60 Table 3c. Asia and AH Other Asia Allother Egyp- End of month Total H K o o n n g g India Iran Israel Japan ip P p h i i n l e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - C o R o f n e t p g h . o e gi t R o ia n e n - — U So n o u i f o th n Other U.A.R. Africa 1956—Dec 337 4 6 20 16 170 16 6 9 91 43 11 6 2 g 17 1957—Dec 386 7 6 22 24 146 53 6 14 110 50 13 5 1 12 19 1958—Dec 435 6 4 27 23 179 67 6 13 111 69 13 4 3 21 29 1959—Dec 586 10 6 29 14 324 24 9 15 155 56 18 3 2 12 21 I960—Feb 626 12 6 30 17 372 18 9 12 151 53 16 3 2 11 21 Mar 682 12 6 31 13 420 22 9 13 154 54 18 3 1 10 23 Apr 715 11 8 35 15 456 22 10 10 148 55 19 3 2 11 19 May 743 12 8 33 16 488 21 10 12 145 56 21 3 1 11 20 746 11 7 35 17 497 14 11 11 143 60 23 3 2 11 21 July 845 10 9 36 16 586 22 10 15 141 61 25 3 2 12 21 886 10 7 38 15 628 26 10 14 140 62 25 2 1 10 22 Sept 921 9 9 36 14 660 23 6 15 149 68 27 5 2 11 23 Oct 958 8 11 35 15 695 25 8 15 147 69 29 3 2 10 25 Nov 972 8 11 34 17 712 24 7 16 143 66 27 2 2 10 25 Dec 1,042 9 9 33 24 796 19 7 24 121 68 27 3 3 11 24 1961—Jan.* 1,110 7 8 34 27 866 16 7 22 123 73 28 3 3 12 27 Feb.* 1,210 9 9 43 31 943 18 10 24 123 73 28 4 3 12 26 * Preliminary. 2 Less than $500,000. * See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EVFL CAPITAL TRANSACTIONS OF THE U. S. 499 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- End of month, or area term— Loans to: and country total 1 Collec- Total tions Deposits Total Banks and out- Other Total with Other official Others standing foreigners institutions Total amounts outstanding 1955 Dec 671 1,549 1,385 489 236 353 307 164 144 20 1956 Dec 839 1,946 1,796 582 330 440 444 150 131 19 1957 Dec 1,174 2,199 2,052 627 303 423 699 147 132 15 1958 Dec 1,362 2,542 2,344 840 428 421 656 198 181 16 1959 Dec 1,545 2.623 2.406 848 460 516 582 217 203 15 I960 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 ,628 2,691 2,466 768 392 569 737 224 191 34 1,599 2,764 2,485 726 387 579 793 280 198 82 July 1,666 3.062 2,665 731 387 561 986 397 223 173 Aug 1,636 3,117 2,708 715 385 554 ,054 409 221 188 Sept 1,626 3,160 2,729 719 386 578 ,045 431 270 161 Oct 1,628 3,354 2,876 831 404 591 ,049 478 293 185 Nov ,659 3,326 2,902 772 436 604 .091 424 221 203 Dec ,698 3,590 3,110 814 482 605 ,209 480 242 238 1961—Jan.P 1,650 3,586 3 111 804 466 620 ,221 475 198 276 Feb.*' 1,597 3,655 3,229 855 472 622 ,280 426 207 219 Area and country detail, December 31, 1960 Europe : 35 3 65 2 63 2 ( 4 2 2 ) 5 1 11 1 (2) 5 (2 2 ) (2 1 ) (2)" 7 13 13 1 2 10 (2) (2) 5 9 9 (2) 2 7 (2) 20 32 30 3 4 12 2 (2) Germany, Fed. Rep. of 23 82 67 23 8 17 14 13 1 4 6 6 1 1 'A Italy 37 34 33 9 5 12 6 1 1 (2) 14 33 30 7 6 12 4 T, (2) 145 17 15 5 1 3 7 I 1 3 4 4 i (2) 5 8 7 4 1 1 1 [ (2) 39 28 26 3 6 7 9 2 [ 1 2 60 38 10 18 5 5 21 8 14 Turkey 49 49 45 3 (2) United Kinedom 15 245 46 13 3 20 10 199 101 98 2 11 9 6 1 3 2 2 Other Europe 8 18 18 3 2 8 5 (2) (2) (2) Total 367 717 466 178 62 125 101 251 134 117 76 409 248 6 204 8 29 161 50 111 Latin America: 118 121 100 11 12 28 49 20 20 Bolivia (2) 4 4 (2) (2) 3 (2) 234 225 225 79 16 32 98 (2) (2) (2) Chile 42 73 72 11 23 14 25 (2) (2) (2) 26 80 80 7 12 26 36 (2) (2) (2) 1 26 25 3 19 1 (2) (2) Dominican Republic I 16 15 5 1 3 6 1 1 (2) 22 02 10 1 4 6 On a tern 3.1a, 8 14 14 2 7 3 (2) (2) 182 343 340 126 50 33 131 3 3 1 Netherlands Antilles and Surinam 3 8 8 3 3 30 23 23 12 5 5 ? I Peru 1 ( 9 1 2 0 ) 2 2 4 3 5 4 4 7 23 4 5 4 7 4 94 n 1 50 6 3 5 1 7 3 8 4 3 1 5 3 9 ( ( 2 2 ) ) ( ( 2 2 ) ) Other Latin America 65 66 65 4 14 32 15 (2) (2) Total 914 1,354 1,328 364 204 286 474 26 24 2 P Preliminary. 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

500 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- A c r o e u a n t a r n y d term— Loans to: total i Total Collec- Total Banks and t o io u n t- s Other Total De w p i o th sits Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, December 31, 1960—Continued Asia: Hong ICong 9 9 5 2 2 1 (2) 19 9 s8 2 (2) i 1 (2) Indonesia 44 8 8 Iran 13 1 Israel 10 24 3 (2i> 24 J K a o p r a e n a, Rep. of 1 1 9 79 2 6 76 2 4 1 1 24 1 8 2 5 555 31 31 Philippines 16 19 19 (2) 2 2 (2) (2) Taiwan ( 1 7 7 1 4 Thailand 24 24 10 2 11 8 Other Asia 119 119 101 1 15 1 (V) 2 Xotal 134 1,042 1,009 262 7 148 592 32 32 All other: Australia 28 27 23 4 (2) 11 11 5 1 Congo, Rep. of the 40 3 3 2 (2) Egyptian Region—U.A.R.. 5 3 3 1 ? Union of South Africa 61 11 11 1 9 1 Other 75 24 21 3 14 1 Total 208 68 59 5 4 37 13 9 International institutions.... Grand total 1,698 3,590 3,110 814 482 605 1,209 480 333 2 242 3333 (2) (2) (2) 1 4 (*) 7 238 i Represents mainly loans with an original maturity of more than 2 Less than $500,000. one vear. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i [In millions of dollars] U. 55. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Net purchases, Year or month c P ha u s r e - s Sales or sales F ( o — re ) ign c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r Total countries 1957 666 718 -52 117 1,617 1,423 194 699 1,392 -693 593 622 -29 1958 1,224 1,188 36 -237 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1959 1,217 528 689 527 2,593 2,158 435 946 1,458 -512 566 804 —238 I960 1,730 1,603 127 -98 2,418 2,167 251 882 1,431 -549 501 579 -78 I960—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 \pr 188 86 102 44 191 145 45 76 109 -33 41 59 -19 May 166 241 -75 -29 205 183 23 59 87 -28 58 46 12 198 170 29 -5 272 220 52 84 142 -58 50 70 -19 July 48 58 -10 -9 189 192 -4 53 83 -30 35 46 -11 61 187 -126 -50 183 184 -1 36 60 -24 35 48 -13 Sept 44 93 -49 -42 181 199 -18 73 89 -16 36 44 -8 Oct 148 196 -48 -48 179 187 -8 244 268 -24 35 35 (3) Nov 345 262 82 -13 187 180 7 36 44 -8 43 54 -11 Dec 195 98 97 21 208 220 -12 31 78 -46 31 52 —21 1961 Jan » 73 96 -23 -23 250 219 30 54 89 -35 51 49 2 Feb p 323 71 252 81 269 252 17 45 74 28 34 59 -25 P Preliminary. 2 Includes small amounts of U. S. municipal securities. 1 Includes transactions of international institutions. 3 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 501 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 otal2 Neth- Switz- United Latin Stocks Bonds Belgium France er- er- King- Other Total Canada Amer- All lands land dom Europe Europe ica other 2 1957........ 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958 .... -39 -56 17 2 2 -8 19 -1 1 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 1960........ 251 201 50 5 38 1 171 -48 66 234 -46 36 28 1960_Feb... 46 34 11 (3) 7 -6 34 -6 7 37 2 7 1 Mar... 43 29 14 (3) 4 5 23 6 2 41 -1 1 3 Apr... 45 34 12 (3) 3 2 21 8 4 37 2 2 5 May.. 23 6 17 1 3 3 4 — 3 4 13 4 3 3 June.. 52 46 6 2 3 2 30 11 3 50 -4 3 4 July... -4 -1 -3 (3) 2 1 -1 4 4 -12 2 3 Aug... -1 4 -5 2 (3) 13 -4 1 16 -22 3 2 Sept.. -18 -18 1 1 -1 -1 -12 -7 7 -13 -4 1 -2 Oct.... -8 -22 14 -4 2 -4 20 -29 8 -7 -6 2 3 Nov... 7 10 -3 — 1 3 (3) 14 -20 8 3 -2 5 2 Dec... -12 7 -18 3 2 -3 -2 -21 5 -17 (3) (3) 5 1961— Jan.*>.. 30 32 j 1 5 -2 5 7 7 22 -4 8 5 Feb.*7. 17 31 -14 1 3 1 16 2 2 24 -14 1 6 Preliminary. 2 Includes transactions of international institutions. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A L m at e in r- Asia o A th l e l r End of month Deposits tutions tries ica U. S. Govt. Miscelsecurities2 laneous 3 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 -480 -111 -199 -92 -41 -36 I960 Mar 184 4,728 615 Apr 194 4,818 639 I960—Feb.... -101 -56 9 -43 -20 -3 1 May 215 4,841 643 Mar.... 7 -126 -3 -89 -32 -4 2 254 4,977 672 Apr.... -2 -50 -4 -24 2 -2 -22 July 215 5,272 671 May... -39 22 22 0) 2 -3 1 204 5,423 701 June... 5 -83 -27 -53 3 -4 -2 Sect 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 e 12 -7 -6 1 Dec 217 5,726 756 Oct -16 — 8 -7 8 9 7 -24 Nov.... 7 -26 -18 10 -14 -6 1 1961—Jan 238 5,793 714 Dec.... 2 -69 -21 -18 -24 -9 3 Feb 207 5,879 694 Mar 271 5,935 690 1961—Jan.*... -1 -33 -27 -5 I -6 4 Feb.*.. 15 -68 -30 -7 -26 -4 -1 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of p. 492 for total gold under earmark at 9 Preliminary. Federal Reserve Banks for foreign and international accounts. * 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

502 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. 1958 Dec. 1959 Mar. 1960 June 1960 Sept. 1960 Dec. 1958 Europe: 3 1 3 2 1 3 29 28 21 16 18 10 Denmark 1 2 2 2 2 7 Finland 1 1 1 1 1 34 42 43 37 20 Germany, Fed. Rep. of.... 12 55 56 48 46 1 1 1 1 Italy 10 13 14 13 15 17 39 39 44 56 Norway 14 11 9 7 7 1 0) 7 8 7 9 Sweden 14 26 20 14 8 Switzerland 15 34 42 29 30 1 2 2 1 2 United Kinedom 90 112 109 89 80 Yu.cosla.viii •••..*........ 0) 1 1 1 Other Europe 5 5 6 5 Total 252 382 376 320 302 31 54 54 58 Latin America: 10 12 5 9 7 1 1 3 2 Brazil 16 18 15 17 15 Chile 3 4 5 5 3 3 3 3 Cuba 5 5 9 4 Dominican Republic .. 1 (J1) 1 (J1) 1 El Salvador • • 0) 0) 1 0) Mexico 10 7 Neth. Antilles and Surinam. 4 7 6 5 5 Panama Reo of 4 2 3 6 3 3 2 3 4 5 4 4 3 4 14 18 20 19 20 Other Latin America 5 4 5 4 4 Total 85 87 86 80 86 Asia: Honsz Konc 2 2 3 2 India 6 8 3 4 4 2 3 3 4 4 3 4 3 4 4 Israel 1 2 1 1 13 15 23 19 17 0) 7 2 1 1 2 8 6 4 3 23 Other Asia 6 4 5 5 5 Total 42 53 53 51 S3 All other: Australia 19 5 6 8 12 Congo Rep of the 0) 0) 0) 1 Egyptian Region—.U.A.R. 1 Union of South Africa.... 4 7 6 6 1 Other 5 5 6 5 5 Total 29 18 19 22 21 International institutions 0) 0) 0) 0) 0) Grand total 440 593 588 531 519 ot ot Dec. 1959 Mar. 1960 June 1960 Sept. 1960 4 4 5 6 10 9 11 9 9 4 5 8 3 2 1 2 25 28 33 36 31 25 27 26 2 3 2 3 31 33 26 26 29 23 21 15 16 14 7 4 4 6 6 3 2 3 4 3 10 11 12 11 10 25 22 23 27 27 5 13 19 20 19 25 13 9 9 7 62 53 73 148 162 1 1 1 4 3 5 262 264 265 357 373 101 101 89 111 138 13 25 14 12 18 2 3 4 2 62 54 55 65 69 8 10 9 9 9 7 9 11 11 24 27 26 20 18 4 3 2 2 2 2 1 1 2 2 5 4 3 4 4 36 27 30 30 30 1 1 1 2 1 3 11 5 12 4 13 8 6 g 13 5 2 3 5 4 33 35 32 31 29 15 16 18 19 19 234 235 220 234 236 2 2 2 2 1 6 5 7 7 10 1 2 2 1 1 9 7 8 8 7 4 11 11 10 9 37 36 41 39 35 I 1 1 1 10 8 7 8 2 2 2 2 3 4 3 3 4 4 19 13 15 18 17 95 92 100 99 97 8 16 15 16 19 2 1 1 1 1 2 3 5 6 5 7 6 8 8 8 10 10 11 11 10 28 38 41 41 44 0) 0) 0) 0) 720 730 715 843 889 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. mercial concerns in the United States. Data excludes claims held through Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 503 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 . 6,654 5,611 5,965 5,607 6,142 5,421 5,797 5,878 6,368 6,309 6,903 6,662 7,272 Merchandise 4,662 4,058 4,193 3,816 4,196 3,802 4,060 4,035 4,328 4,604 5,000 4,675 5,132 Services2 1,992 1,553 1,772 1,791 1,946 1,619 1,737 1,843 2,040 1,705 1,903 1,987 2,140 Imports of goods and services, total... 5,152 4,941 5,278 5,388 5,446 5,431 5,967 6,200 5,962 5,761 6,049 6,052 5,441 Merchandise 3,385 3,139 3,166 3,124 3,522 3,597 3,884 3,848 3,986 3,820 3,858 3,554 3,485 Services 1,047 970 1,200 1,425 1,095 1,059 1,293 1,579 1,224 1,177 1,455 1,694 1,226 Military expenditures 720 832 912 839 829 775 790 773 752 764 736 804 730 Balance on goods and services1 1,502 670 687 219 696 -10 -170 -322 406 548 854 610 1,831 Unilateral transfers (net) 3 -581 -563 -598 -544 -633 -627 -578 -534 -663 -575 -624 -605 -669 Private remittances and pensions... -180 -178 -174 -174 -196 -190 -185 -201 -203 -195 -213 -200 -214 Government nonmilitary grants.... -401 -385 -424 -370 -437 -437 -393 -333 -460 -380 -411 -405 -455 U.S. long- and short-term capital (net)- -956 -887 -1,251 -784 -893 -470 -1,033 -620 -536 -768 -1,064 -1,044 -1,752 Private, total -588 -642 -1,025 -451 -726 -391 -745 -392 -773 -546 -683 -900 -1,393 Direct investment -324 -155 -411 -156 -372 -267 -449 -229 -365 -269 -297 -325 -650 Portfolio and short-term investment -264 -487 -614 -295 -354 -124 -296 -163 -408 -277 -386 -575 -743 Government -368 -245 -333 -167 -79 4-288 -228 237 -222 -381 -144 -359 -226 Foreign capital and gold (net) 227 580 934 901 947 41,416 1,444 567 801 979 1,183 1,200 Increase in foreign short-term assets 1,086 and Government securities 275 197 477 502 780 4829 1,119 367 566 733 556 279 Increase in other foreign assets 50 13 26 -26 52 72 190 158 128 185 152 -10 Gold sales by United States -98 370 -15 483 347 95 4397 167 72 50 94 637 921 1,075 Errors and omissions -192 200 76 175 -71 160 365 32 226 -6 -145 -144 -610 v Preliminary. r Revised. 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 t s h , r s y * D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e e n p e s t 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 - e y t y o 3 - Tr 6 d e b 0 a a i - y l s 9 l s u s 0 4 ry D m a o d y n a - e y t y o 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 >.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 >.52 1.50 2.00 I960—Feb 4.69 4.14 4.69 4.55 3.78 3.00 4.11 3.88 3.94 £.48 1.54 2.00 Mar 3.87 3.83 4.74 4.59 3.91 3.00 4.17 4.00 4.06 1.33 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 [.54 2.00 June 2.87 2.84 5.04 4.88 3.98 3.25 4.15 4.88 4.75 2.49 [.75 2.00 July 3.13 3.24 5.76 5.58 4.67 4.00 4.53 4.88 4.69 2.19 [.64 2.00 Aug 2.53 2.70 5.75 5.58 4.79 4.00 4.05 4.88 4.75 2.05 [.56 2.00 Sept 1.89 1.58 5.71 5.53 4.85 4.00 4.15 4.88 5.25 2.00 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 [.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 3.65 3.25 3.88 1.32 1.00 2.00 Feb. 3.05 2.52 4.48 4.31 3.76 3.00 3.59 3.00 3.38 1.14 ().75 2.00 1 Based on average yield of weekly tenders during month. 4 Rate in effect at end of month. 2 Based on weekly averages of daily closing rates. 5 Based on average of lowest and highest quotation during month. 3 Rate shown is on private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

504 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Rate as of Changes during the last 12 months Mar. 31, 1960 Rate Country 1960 1961 M a a s r . o f 31, Per Month 1961 cent effective Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Argentina ^ 6.0 Dec. 1957 6.0 5.0 Mar. 1960 5 0 Belcium 4.0 Dec. 1959 5.0 5 0 Brazil2 10.0 Apr. 1958 10 0 Burma 3.0 Feb. 1948 3.0 3.26 Mar. 1960 3.51 3.26 3.32 3.17 2.5 1.95 3.28 4.02 3.5 3.29 3.46 3.46 3.46 Ceylon2 . . 2.5 Dec. 1959 4.0 4 0 Chile* 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 F G r e an rm ce a ny...... < . 4 4 . . 0 0 A Oc p t r . . 1 1 9 9 5 5 9 9 5.0 1 5 4.0 3.5 ?:§ Greece 9.0 Dec. 1959 7.0 6 0 Honduras' . ... 2.0 Jan. 1953 6.0 2.0 Iceland 11.0 Feb. 1960 9.0 9.0 India6 4.0 May 1957 . .. . 4.0 Indonesia 2 3.0 Apr. 1946 3.0 Iran # , 4.0 Aug. 1948 4.0 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 1 New Zealand 6.0 Oct. 1959 7.0 7.0 Nicaragua . • 6.0 Apr. 1954 6 0 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 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 6.0 June 1956 6.0 United Kingdom 5.0 Jan. 1960 6.0 5.5 5.0 5.0 Venezuela2 4.5 Nov. 1959 6.5 4.5 4.5 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); VA 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 Apr. 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 505 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 li r n 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 (ru ey 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 L 1.2730 223.81 8619 2.0012 104.27 21.055 .3115 .2038 1960 1.2026 223.71 3.8461 2.0053 103.12 21.048 .3112 320.389 I960—Mar. .2030 223.57 3.8418 2.0051 105.15 21.044 .3113 20.376 Apr .2004 223.86 3.8407 2.0061 103.84 21.062 .3112 20.384 May .2005 223.59 3.8406 2.0055 102.24 21.047 .3112 20.396 June.... ... .1989 223.32 3.8426 2.0053 101.79 21.020 .3112 20.401 July.. .2010 223.78 3.8468 2.0041 102.19 21.048 .3111 20.404 Aug .2022 223.92 3.8573 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 .2058 223.62 3.8391 2.0074 100.69 21.037 .3112 20.401 Feb..... .2061 223.10 3.8352 2.0026 101.03 21.013 .3112 20.402 Mar. . . .2073 222.91 3.8314 2.0042 101.26 20.990 .3111 20.404 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 l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e a il t n d h d e - r s ) 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 1.0056 26.113 276.80 1957.... 23.798 20.910 279.32 .2779 32.527 1.0056 26.170 276.56 1958 23.848 21.048 280.98 .2779 32.767 1.0056 26.418 278.19 1959 23.926 21.031 280.88 .1610 .2778 32.857 1.0056 26.492 278.10 1960 23.976 20.968 280.76 .1610 .2778 32.817 1.0056 26.513 277.98 I960—Mar;. . 23.978 20.963 280.59 .1610 .2773 32.767 1.0056 26.511 277.81 Apr 23.978 20.978 280.95 .1611 .2776 32.833 1.0056 26.516 278.17 May.... 23.978 20.958 280.60 .1611 .2774 32.810 1.0056 26.519 277.82 June 23.980 20.935 280.27 .1611 .2768 32.785 i.0056 26.519 277.49 July 23.979 20.966 280.84 .1611 .2783 32.839 !.OO56 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 S.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 S.0056 26.499 277.86 Feb.. 23.966 20.950 279.99 .1607 .2786 32.774 f.0056 26.400 277.22 Mar.,. 425.020 20.940 279.75 .1607 .2786 32.699 !.OO56 527.582 276.98 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 o e 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 ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u i n 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 I960.... 14.018 M9.770 3.4937 279.71 1.6635 19.349 23.152 280.76 1960—Mar... 14.006 49.770 3.4923 279.54 . 6637 19.314 23.058 280.59 Apr 14.035 649.770 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 23.220 280.64 Feb.. 13.985 3.4861 7279.19 8139.37 .6644 19.342 23.144 279.99 Mar., 13.985 3.4903 139.35 .6644 19.353 23.144 279.75 1 Effective Jan. 12, 1959, the Argentine Government established a from 4.20 to 4.00 marks per U. S. dollar. single exchange rate for the peso in place of the former official and free 5 Effective Mar. 7, 1961, the par value of the guilder was changed from rates. 3.80 to 3.62 guilders per U. S. dollar. 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957, 6 Based on quotations through Apr. 22, 1960. was extended to all foreign exchange transactions on Oct. 28, 1957, and 7 Based on quotations through Feb. 10, 1961. on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc 8 Effective Feb. 14, 1961, South Africa adopted the decimal system. was further devalued to 493.706 francs per U. S. dollar. The new currency unit, replacing the pound, is the rand, consisting of 3 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. 100 cents and equivalent to 10 shillings or one-half the former pound. 4 Effective Mar. 5,1961, the par value of the deutsche mark was changed 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 Counsel LLOYD M. SCHAEFFER, Chief Federal Reserve WILSON L. HOOFF, Assistant General Counsel Examiner DIVISION OF RESEARCH AND STATISTICS GUY E. NOYES, Director FRANK R. GARFIELD, Adviser DIVISION OF PERSONNEL ADMINISTRATION ROBERT C. HOLLAND, Adviser EDWIN J. JOHNSON, Director ALBERT R. KOCH, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director ROLAND I. ROBINSON, Adviser DANIEL H. BRILL, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Associate Adviser DIVISION OF INTERNATIONAL FINANCE JOSEPH E. KELLEHER, Director HARRY E. KERN, Assistant Director RALPH A. YOUNG, 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 506 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 507 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. KENYON, 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 JUDSON BEMIS 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

508 FEDERAL RESERVE BULLETIN • APRIL 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 R A. Fink L. Merle Hostetler Paul C. Stetzelberger Clyde HarreU 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. Weigei 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. Barglebaugh Memphis E. Francis DeVos Seattle A. B. Merritt Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 1431-34 of the December 1960 Bulletin. {Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND TREASURY-FEDERAL RESERVE STUDY OF THE GOV- FUNCTIONS. February 1961. 238 pages. ERNMENT SECURITIES MARKET. Part I. July 1959. 108 pages. Part II. February 1960. ANNUAL REPORT OF THE BOARD OF GOVERNORS 159 pages. Part III. February 1960. 112 OF THE FEDERAL RESERVE SYSTEM. pages. Individual books $1.00 each; set of 3 FEDERAL RESERVE BULLETIN. Monthly. Sub- books $2.50. scription price in the United States and its pos- INDUSTRIAL PRODUCTION—1959 REVISION. July sessions, Bolivia, Canada, Chile, Colombia, 1960. 229 pages. $1.00 per copy; in quanti- Costa Rica, Cuba, Dominican Republic, Ecuaties of 10 or more for single shipment, 85 cents dor, Guatemala, Haiti, Republic of Honduras, each. Mexico, Nicaragua, Panama, Paraguay, Peru, THE FEDERAL FUNDS MARKET—A Study by a El Salvador, Uruguay, and Venezuela is $6.00 Federal Reserve System Committee. May per annum or 60 cents per copy; elsewhere 1959. Ill pages. $1.00 per copy; in quanti- $7.00 per annum or 70 cents per copy. (Group ties of 10 or more for single shipment, 85 subscriptions in the United States for 10 or cents each. more copies to one address, 50 cents per copy per month, or $5.00 for 12 months.) DEBITS AND CLEARINGS STATISTICS AND THEIR USE (rev. ed.). May 1959. 144 pages. $1.00 FEDERAL RESERVE CHART BOOK ON FINANCIAL per copy; in quantities of 10 or more for single AND BUSINESS STATISTICS. Monthly. Annual shipment, 85 cents each. subscription includes one issue of Historical ALL-BANK STATISTICS, 1896-1955. Part I, U. S. Supplement. Subscription price in the United Summary. Part II, Summaries by States and States and the countries listed above is $6.00 other areas. April 1959. 1,229 pages. $4.00. per annum or 60 cents per copy; elsewhere $7.00 per annum or 70 cents each. (Group THE FEDERAL RESERVE ACT, as amended through December 31, 1956, with an Appendix conrate of 50 cents each for 10 or more of same taining provisions of certain other statutes afissue for single shipment.) fecting 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. 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDERAL RESERVE BULLETIN • APRIL 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 REVISED SERIES FOR SEASONALLY ADJUSTED pages. MONEY SUPPLY. February 1960. 4 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC SURVEY OF COMMON TRUST FUNDS, 1959. May STABILITY. May 1953. 7 pages. 1960. 7 pages. (Also, similar reprints from •DETAILED DESCRIPTION OF SOURCES AND METH- August 1956, June 1957, May 1958, and May ODS USED IN REVISION OF SHORT- AND INTER- 1959 BULLETINS.) MEDIATE-TERM CONSUMER CREDIT STATISTICS. INTEREST RATES IN LEADING COUNTRIES. June April 1953. 25 pages. 1960. 6 pages. DEPARTMENT STORE SALES AND STOCKS, BY THE BALANCE SHEET OF AGRICULTURE, 1960. MAJOR DEPARTMENTS (Revised Indexes). No- August 1960. 9 pages. vember 1953. 65 pages. CONSUMER BUYING INTENTIONS AND QUARTERLY A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- SURVEY OF CONSUMER BUYING INTENTIONS. COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- Combined reprint. September 1960. 31 pages. ber 1955. 40 pages. THE U. S. BALANCE OF PAYMENTS, 1959-60. Oc- SURVEYS OF BANK LOANS FOR COMMERCIAL AND tober 1960. 7 pages. INDUSTRIAL PURPOSES. Business Loans of A NEW MEASURE OF THE MONEY SUPPLY. Octo- Member Banks. April 1956. 14 pages. Credit ber 1960. 22 pages. Lines and Minimum Balance Requirements. CAPITAL MARKETS IN 1960. December 1960. June 1956. 7 pages. Member Bank Lending 7 pages. (Also, combined reprint. January and to Small Business, 1955-57. April 1958. 19 February 1960.) pages. Member Bank Term Lending to Busi- IMPLEMENTATION OF THE 1959 ACT ON RESERVE ness, 1955-57, April 1959. 16 pages. Security REQUIREMENTS. December 1960. 6 pages. Pledged on Business Loans at Member Banks. QUARTERLY SURVEY OF CONSUMER BUYING IN- September 1959. 16 pages. TENTIONS. December 1960. 6 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. SMALL BUSINESS FINANCING: CORPORATE MANU- June 1956. 9 pages. FACTURERS. January 1961. 15 pages. REVISION OF CONSUMER CREDIT STATISTICS. Oc- CREDIT AND MONEY IN 1960. February 1961. tober 1956. 24 pages. (Also, similar reprint 8 pages. from April 1953 BULLETIN.) BANKING AND MONETARY STATISTICS, 1960. Se- AGRICULTURAL LOAN SURVEY. November 1956 lected series of banking and monetary statistics and January, February, and March 1957 BULfor 1960 only. February 1961. 13 pages. LETINS. 52 pages. (Similar reprint of 1959 data, February and SURVEY OF FINANCE COMPANIES, MID-1955. May 1960 BULLETINS.) April 1957. 17 pages. GOLD AND DOLLAR TRANSFERS IN 1960. March REVISION OF MONTHLY DEPARTMENT STORE IN- 1961. 7 pages. DEXES. December 1957. 30 pages. FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. OPEN MARKET OPERATIONS IN LONG-TERM SE- March 1961. 10 pages. CURITIES. November 1958. 15 pages. QUARTERLY SURVEY OF CONSUMER BUYING IN- •PART I, ALL-BANK STATISTICS, 1896-1955. April TENTIONS. March 1961. 6 pages. 1959. 94 pages. 1959 SURVEY OF CONSUMER FINANCES. March, STATISTICS ON THE GOVERNMENT SECURITIES July, and September 1959. 48 pages. (Simi- MARKET. April 1961. 8 pages. lar Surveys available for some earlier years in OWNERSHIP OF DEMAND DEPOSITS. April 1961. the period 1952-58.) 3 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 440, 442 Department stores: Agricultural loans of commercial banks, 434, 436 Merchandising data, 471 Agriculture, Govt. agency loans, 452 Sales and stocks, 466, 470 Assets and liabilities (See also Foreign liabilities and Deposits (See also specific types of deposits): claims): Adjusted, and currency, 430 Banks and the monetary system, Banks, by classes, 425, 431, 435, 438, 442 consolidated, 430 Federal Reserve Banks, 426, 501 Corporate, current, 444 Postal savings, 424, 430 Domestic banks, by classes, 431, 434, 436, 442 Discount rates, 424, 504 Federal business-type activities, by fund or ac- Discounts and advances by Federal Reserve tivity, 452 Banks, 420, 425, 426 Federal Reserve Banks, 426 Dividends, corporate, 444, 445 Automobiles: Dollar assets, foreign, 493, 501 Dwelling units started, 467 Consumer instalment credit, 456, 457, 458 Production index, 460, 463 Earnings and hours, manufacturing Bankers' balances, 435, 437 industries, 466, 469 (See also Foreign liabilities and claims) Employment, 466, 468, 469 Banks and branches, number, by class and State, 486 Export-Import Bank, loans, etc., 452 Banks and the monetary system, consolidated statement, 430 Farm mortgage loans, 452, 453, 454 Bonds (See also U. S. Govt. securities): Federal business-type activities, assets and liabilities, New issues, 444, 446, 447 by fund or activity, 452 Prices and yields, 440, 441 Federal Deposit Insurance Corporation, Brokers and dealers in securities, bank assets, etc., 452 loans to, 434, 436 Federal finance: Business expenditures on new plant and Cash transactions, 450 equipment, 444 Receipts and expenditures, 451 Business indexes, 466 Treasurer's balance, 450 Business loans (See Commercial and industrial loans) Federal home loan banks, loans, etc., 452, 455 Federal Housing Administration, loans, etc., 452. Capital accounts: 453, 454, 455 Banks, by classes, 431, 435, 438 Federal National Mortgage Association, Federal Reserve Banks, 426 loans, etc., 452, 455 Carloadings, 466 Federal Reserve Banks: Central banks, foreign, 490, 504 Condition statement, 426 Coins, circulation of, 428 U. S. Govt. securities held by, 420, 425, 426. Commercial banks: 448, 449 Assets and liabilities, 431, 434 Federal Reserve credit, 420, 425, 426 Consumer loans held, by type, 457 Federal Reserve notes, 426, 428 Number, by classes, 431, 486 Finance company paper, 440, 442 Real estate mortgages held, by type, 453 Financial institutions, loans to, 434, 436 Commercial and industrial loans: Flow of funds: Commercial banks, 434 Financial assets and liabilities, 485 Weekly reporting member banks, 436, 439 Saving and financial flows, 476 Commercial paper, 440, 442 Foreign central banks, 490, 504 Commodity Credit Corporation, loans, etc., 452 Foreign deposits in U. S. banks, 420, 426, 430, Condition statements (See Assets and liabilities) 435, 438 Construction, 466, 467 Foreign exchange rates, 505 Consumer credit: Foreign liabilities and claims: Instalment credit, 456, 457, 458, 459 Banks, 494, 496, 499, 501 Major parts, 456, 458 Nonfinancial concerns, 502 Noninstalment credit, by holder, 457 Foreign trade, 471 Consumer price indexes, 466, 472 Consumption expenditures, 474, 475 Gold: Corporate sales, profits, taxes, and dividends, 444, 445 Earmarked, 492 Corporate security issues, 444, 446 Net purchases by U. S., 492 Corporate security prices and yields, 440, 441 Production, 491, 492 Cost of living (See Consumer price indexes) Reserves of central banks and governments, 490 Currency in circulation, 421, 428, 429 Reserves of foreign countries and international Customer credit, stock market, 441 institutions, 493 Stock, 420, 430, 492 Debits to deposit accounts, 429 Gold certificates, 426, 428 Demand deposits: Govt. debt (See U. S. Govt. securities) Adjusted, banks and the monetary system, 430 Gross national product, 474, 475 Adjusted, commercial banks, by classes, 429, 435 Banks, by classes, 431, 438 Home owners, Govt. agency loans, 452 Turnover of, 429 Hours and earnings, manufacturing indus- Type of holder, at commercial banks, 435 tries, 466, 469 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN • APRIL 1961 Industrial production index, 460, 466 Reserves: Instalment loans, 456, 457, 458, 459 Commercial banks, 435 Insurance companies, 443, 448, 449, 454 Federal Reserve Banks, 426 Insured commercial banks, 433, 434, 486 Foreign central banks and governments, 490 Interbank deposits, 424, 431, 435, 438 Foreign countries and international Interest rates: institutions, 493 Bond yields, 440 Member banks, 420, 425, 435, 437 Business loans by banks, 439 Residential mortgage loans, 453, 454, 455 Federal Reserve Bank discount rates, 424 Foreign countries, 503, 504 Sales finance companies, consumer loans of, 456, Open market, 440, 503 457, 459 Stock yields, 440 Saving: Time deposits, maximum rates, 424 Flow-of-funds series, 476 International capital transactions of the U. S., 494 National income series, 475 International institutions, 490, 492, 493 Savings deposits (See Time deposits) Inventories, 474 Savings institutions, principal assets, 442, 443 Investments (See also specific types of investments): Savings and loan associations, 443, 449, 454 Banks, by classes, 431, 434, 437, 442 Securities, international transactions, 500, 501 Federal Reserve Banks, 425, 426 Security issues, 444, 446, 447 Govt. agencies, etc., 452 Silver coin and silver certificates, 428 Life insurance companies, 443 State member banks, 433, 486 Savings and loan associations, 443 State and municipal securities: New issues, 446, 447 Labor force, 468 Prices and yields, 440, 441 Loans (See also specific types of loans): States and political subdivisions: Banks, by classes, 431, 434, 436, 442 Deposits of, 435, 438 Federal Reserve Banks, 420, 425, 426 Holdings of U. S. Govt. securities, 448 Govt. agencies, etc., 452 Ownership of obligations of, 434, 442, 443 Insurance companies, 443, 454 Stock market credit, 441 Savings and loan associations, 443, 454 Stocks: Loans insured or guaranteed, 453, 454, 455 New issues, 446 Prices and yields, 440, 441 Manufactures, production index, 460, 466 Margin requirements, 424 Tax receipts, Federal, 451 Member banks: Time deposits, 424, 425, 430, 431, 435, 438 Assets and liabilities, by classes, 431, 434 Treasurer's account balance, 450 Borrowings at Federal Reserve Banks, 420, Treasury cash, 420, 428, 430 426, 438 Treasury currency, 420, 428, 430 Deposits, by classes, 425 Treasury deposits, 420, 426, 450 Number, by classes, 432, 486 Reserve requirements, by classes, 425 Unemployment, 468 Reserves and related items, 420 U. S. balance of payments, 503 Weekly reporting series, 436 U. S. Govt. balances: Mining, production index, 460, 466 Commercial bank holdings, by classes, 435, 438 Money rates (See Interest rates) Consolidated monetary statement, 430 Money supply and related data, 429 Treasury deposits at Federal Reserve Mortgages (See Real estate loans) Banks, 420, 426, 450 Mutual savings banks, 430, 431, 433, 442, 448, U. S. Govt. securities: 449, 453, 486 Bank holdings, 430, 431, 434, 437, 442, 448, 449 National banks, 433, 486 Federal Reserve Bank holdings, 420, 425, National income, 474, 475 426, 448, 449 National security expenditures, 451, 474 Foreign and international holdings, 426, 493 Nonmember banks, 426, 433, 434, 435,. 486 International transactions, 500, 501 New issues, gross proceeds, 446 Payrolls, manufacturing, index, 466 Outstanding, by type of security, 447, Personal income, 475 448, 449 Postal Savings System, 424, 430 Ownership of, 448, 449 Prices: Prices and yields, 440, 441 Consumer, 466, 472 United States notes, outstanding and in circula- Security, 441 tion, 428 Wholesale commodity, 466, 472 Utilities, production index, 460, 466 Production, 460, 466 Profits, corporate, 444, 445 Vault cash, 420, 425, 435 Veterans Administration, loans, etc., 452, 453, Real estate loans: 454, 455 Banks, by classes, 434, 436, 442, 453 Type of mortgage holder, 453, 454, 455 Weekly reporting member banks, 436 Type of property mortgaged, 453, 454, 455 Reserve requirements, member banks, 425 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 C° THE FEDERAL RESERVE SYSTEM Legend 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