Federal Reserve Bulletin, 1961-06
FEDERAL RESERVE June 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 The Labor Market in Mid-1961 647 Revisions for Weekly Reporting Banks 654 Law Department 657 Current Events and Announcements 659 National Summary of Business Conditions 661 Financial and Business Statistics, U. S. (Contents on p. 663) 664 International Financial Statistics (Contents on p. 725) 726 Board of Governors and Staff 742 Open Market Committee and Staff; Federal Advisory Council 743 Federal Reserve Banks and Branches 743 Federal Reserve Board Publications 745 Index to Statistical Tables 749 Map of Federal Reserve System Inside back cover Volume 47 Number 6 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
The Labor Market in Mid-1961 DEMANDS FOR LABOR have strengthened this spring along with the rapid recovery in UNEMPLOYMENT RATE economic activity. Nonfarm employment has increased considerably from its March low. In manufacturing, the average workweek has been lengthening since the turn of the year. Aggregate wage and salary payments turned upward in March and rose to a new high in May. The unemployment rate has changed little this year, but improvement in this rate typically lags recovery in output and employment. The cyclical decline in nonfarm employment in 1960-61, like that in total output, was smaller than in any preceding postwar recession. Layoffs and reductions in the NOTE.—Bureau of Labor Statistics data, seasonally adjusted. Unemployment rate is the percentage of the civilian workweek were concentrated among pro- labor force unemployed. Latest figure shown, May 1961. duction and maintenance workers in indus- Numerous factors, in addition to die vigor trial activities. In addition to the reducand duration of cyclical recovery and extions arising from cyclical forces, there has pansion in economic activity, will affect the been a persistent weakness in employment course of unemployment. These include in these occupations in recent years. In contrast, demands for workers in profes- the extent of productivity gains, the size and sional, managerial, service, and clerical composition of increases in the labor force, occupations have been generally strong even changes in hours of work, and the ability during recession periods. Employment in of the economy to absorb into productive these occupational groups advanced to rec- activity displaced workers who have been ord levels this spring. unemployed for a relatively long time. Unemployment, seasonally adjusted, in- The layoffs in industrial activities have creased from about 5 per cent of the civilian brought into the labor market considerable labor force in May 1960 to just under 7 numbers of unskilled and semiskilled workper cent in December and has since re- ers in many urban areas. Many of these mained near that level. During 1957 and workers do not have the skills, education, 1958 the rate rose from about 4 per cent and training required in new and expanding to a postwar high of 7.5 per cent. It reached activities. Moreover, many of those atthis high in July 1958, while economic ac- tached to industries of declining employtivity reached its low in April. ment opportunities or located in areas of 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
648 FEDERAL RESERVE BULLETIN • JUNE 1961 limited alternative prospects are middle- erally lead changes in output and employaged workers with families. Their geo- ment, have been increasing since the begingraphic mobility is often impeded by strong ning of the year. The average workweek attachments in their communities. in May was slightly under 40 hours, after The labor force has shown a sizable fur- allowance for seasonal influences. Employther expansion over the past year, and this ment turned up in manufacturing in March, has contributed to the higher levels of un- and most industries have been hiring more employment. Growth in the labor force has people in recent months. The largest instemmed largely from the steadily increasing creases have been in steel, autos, and other number of women in the labor force. In durable goods activities in which the prerecent years the work force also has begun ceding declines had been centered. Employment in nondurable goods lines, which deto reflect the high birth rates of the 1940's. clined little during the recession, has shown The number and relative importance of moderate but widespread gains since winter. young workers and of women in the labor force are expected to continue to increase From February to May total manufacturin the years immediately ahead. ing employment increased by nearly 350,- 000. This was one-third of its preceding cyclical decline and compares with a re- RECENT EXPANSION IN EMPLOYMENT covery of about three-fourths in manufacturing output. As is typical of the early Employment gains this spring have reflected stages of recovery, part of the initial increase increased consumer purchases of autos, ex- in output has reflected a lengthening of the panded construction activity, larger govern- workweek and rapid gains in productivity. ment outlays, and the ending of inventory In a few industries—chemicals, printing, liquidation. By May the number employed and ordnance—employment in May surin nonfarm establishments had risen to 52.7 passed the level of a year earlier. million, seasonally adjusted, 500,000 more Construction employment, which had than at the low in March, but still 700,000 been adversely affected by a severe winter, less than at its cyclical high in July 1960. responded rapidly to improved activity early Hours of work in factories, which gen- this spring. In the mining and railroad in- OUTPUT AND EMPLOYMENT OUTPUT IMPLOYMINT UNIMPLOYMINT RATM 1957 = 100 h 1957=100 110 Per cent M^NUFACTU ING < A NONFARM K _ 100 - A tf INDUSTRIAL V' ] w / PRODJCTION 90 MANUFACTURING 90 TOTi M. 1 1 1, _/VN 1955 1957 1959 1961 1955 1957 1959 1961 NOTE.—Seasonally adjusted data. Physical volume of gross employment and unemployment from Bureau of Labor Statistics. national product, from Department of Commerce; second Manufacturing unemployment seasonally adjusted by Federal quarter 1961 estimated by Federal Reserve. Monthly data on Reserve. Latest monthly figures shown, May 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE LABOR MARKET IN MID-1961 649 dustries the pick-up in employment has been UNEMPLOYMENT slow, and employment possibilities continue The unemployment rate, at 6.9 per cent in to be limited. May, seasonally adjusted, changed little dur- In the nonindustrial sector, requirements ing the first five months of this year, after for labor continue strong, paced by expanreaching a cyclical high at the end of 1960. sion in services, finance, and State and local In May, 4.8 million persons were unemgovernments. Employment in most of these ployed, 150,000 fewer than in May 1958 but activities was at or near record levels in 1.3 million more than in May 1960. May. Unemployment experience differs among In the nine months July 1960-March occupational groups, even in periods of high 1961, total nonfarm employment declined activity. These differences tend to be ac- 1.2 million, or 2.3 per cent, whereas in the centuated during cyclical declines. In May similar period in 1957-58 it had declined blue collar workers accounted for two-fifths 4.6 per cent. Manufacturing employment, of total employment but for three-fifths of which accounted for most of the decline in unemployment. Professional, managerial, both recessions, also declined about onesales, and clerical workers accounted for half as much as in the earlier period, as may nearly one-half of the employed work force be seen on the chart. but for only one-fifth of the unemployed. Men are the predominant part of the Although total unemployment, seasonally work force in industries hardest hit by readjusted, has been stable this year, the numcession, and there were fewer men at work ber unemployed for long periods has conin May than a year earlier. Among women, tinued to increase, as it usually does in the in contrast, nonfarm employment was higher early stages of recovery. Seasonally adthan a year earlier. Employment continued justed data for May indicate that 1.6 million to rise during the recession in almost every persons, or one-third of the total, had been occupational group in which women hold a high proportion of jobs. looking for work for 15 weeks or longer. COMPOSITION OF THE LABOR FORCE 1955=100 MALES, FEMALES, 20 YEAR! AND OVER 20 YtARS AND OVER 1 | j no LABOR FORCE 1 _-« ino -""-C—T- —-' EMPLOYMENT 1 90 | 90 UNEMPLOYMENT RATI 16 12 1956 1958 1960 1956 1958 1960 1956 195S 1960 NOTE.—Bureau of Labor Statistics data, seasonally adjusted. Latest figures shown, first quarter 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
650 FEDERAL RESERVE BULLETIN • JUNE 1961 This was 1 million more than a year earlier for use over the next four years, to urban and was also more than in the same month communities with severe and protracted unof 1958. In May of this year about one- employment problems and to rural areas half of the unemployed had been out of with high proportions of low-income famiwork 10 weeks or less. lies. It also provides direct grants of $150 A high proportion of the long-term un- million for public works and other puremployed are middle-aged or older workers poses, including the retraining of unempreviously engaged in manual occupations. ployed workers. The incidence of long duration unemployment is high among nonwhite workers. LABOR INCOME The average duration of unemployment among youths and women has been rela- Total wage and salary disbursements have tively short, even though their over-all un- been rising since February. In May, at an employment rate has recently been high. annual rate of $277 billion, they were In May, unemployment rates for women slightly above the earlier high reached last were about as high as in May 1958, while summer. Since then, moderate but widerates for men were lower. In the recent spread increases in wage and salary rates downturn, unemployment rates for men in- have added more to aggregate labor income creased about as much as those for women, than was lost by reductions in employment as may be seen from the chart. In 1957-58 and hours. The cyclical decline in disthe rates rose more sharply for men. The bursements, from peak to trough, amounted difference in experience is attributable to $4 billion, or 1.5 per cent. This was the mainly to the more moderate decline in in- smallest decline of any postwar recession, dustrial activities in the recent recession. and it was confined mainly to the commod- Despite the increase in employment since ity producing industries. March, the supply of labor is still high rela- Unemployment compensation and other tive to demand in most urban areas. In transfer payments are sharply higher than May more than three-fifths of the 150 major last summer. In May such payments were labor market areas in the country were clas- at an annual rate $3.8 billion larger than in sified as having a substantial labor surplus, July 1960. The increase in such payments that is, with unemployment equal to 6 per reflects in part a temporary program that cent or more of the labor force. began in April. This program, which will Unemployment rates are highest in min- expire in mid-1962, extends payments up to ing areas and in centers producing hard a maximum of 13 additional weeks for ungoods, especially steel and autos. The rate employed workers who exhausted benefits is 9 per cent or higher in 30 areas, includ- after June 30, 1960. Early in June about ing such major ones as South Bend, Detroit, 750,000 unemployed workers were receiv- Scranton, Wheeling, Pittsburgh, and Buffalo. ing benefits under the temporary program In contrast, the rate is below 6 per cent in and 2.4 million under regular programs. 54 areas, including New York, Boston, Hourly and weekly earnings. Wage rates Atlanta, Denver, and Washington, D. C. advanced more slowly and selectively over The Area Redevelopment Act enacted in the past year than they had earlier. This May provides $300 million of Federal loans, slackening reflected the combined influence Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE LABOR MARKET IN MID-1961 651 of the recession and of a tendency in recent tivities except bituminous coal mining. years toward smaller wage increases in both Hourly earnings in May averaged from 3 to manufacturing and nonmanufacturing ac- 5 per cent higher than a year earlier for tivities, as may be seen on the chart. The trade, communications, construction, and slower rate of increase in wages has been utilities. most marked in mining and railroads. In About 2.5 million workers are expected construction hourly earnings have continued to receive higher wages in September under to rise almost as rapidly as before. the recent amendments to the Fair Labor After allowance for a slower rate of ad- Standards Act. The minimum wage for vance in consumer prices, the purchasing power of hourly wages in manufacturing increased on the average about as much per EARNINGS IN TWO BUSINESS CYCLES annum from the spring of 1958 to the spring of 1961 as over the preceding four years. SIUCTIO AVIIAOI ANNUAL (ATI Or INCMASf INDUSTIIIl HOUIIT Mil I 1 APKIl '54 IO AMU '5B Since the recession low in 1958, average AMU lf«l •• AFIIL '!• TO AMU '61 wage and salary rates in manufacturing have IOIA1 $2.33 l^^^^^^^__l increased about in line with gains in output MANUFACTURING per manhour. Labor costs per unit of out- CONSTIUCTION put, including continued increases in costs of fringe benefits, are not much different IEIAII TIAOE 1.15 ^^^^^^^^^^__l from those in early 1958. This has been one element in the relative stability of in- OAS * ELECTIIC 2.74 L^ 1 UTILITIES dustrial prices in recent years. In contrast, both prices and labor costs had increased MINING 2.71 L^ significantly during the four years of the preceding cycle. Average weekly earnings in manufactur- J L ing tended to drift down during most of 1960 as increases in wage rates were not NOTE.—Average hourly earnings data from Bureau of Labor sufficient to offset shorter workweeks, cur- Statistics. February data for railroads. tailment of overtime and other premium workers already covered will rise from payments, and a concentration of layoffs in $1.00 to $1.15 an hour. Coverage was exthe higher paying durable goods industries. tended to 3.6 million additional workers, In recent months the workweek and employmostly in large retail stores. For these workment have increased and hourly earnings ers the minimum wage is set initially at have also risen, with resultant increases in $1.00 an hour. Minimum wages will rise weekly earnings. In May such earnings, at to $1.25 in September 1963 for previously $92.66, were 1 per cent higher than a year covered workers and in September 1965 for earlier, and average hourly earnings, at those covered by recent legislation. $2.34, were 2 per cent higher. Collective bargaining. Under contracts Over the past year hours have been main- negotiated before 1961, about 3 million tained in most nonmanufacturing sectors. workers in steel, aircraft, metal fabricating, Earnings have risen in virtually all such ac- trucking, and construction have received, or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
652 FEDERAL RESERVE BULLETIN • JUNE 1961 will receive later this year, hourly wage in- change over the next five years. Increases creases of widely varying amounts. Con- are anticipated in the proportions of women tract negotiations are under way or are and younger persons in the total labor force. scheduled for later in 1961 in such major On the other hand, changes in the size of the industries as automobiles, machinery, ap- male group 25 years of age and over will be parel, and communications. small: some increase will occur in the 45-64 Recent labor-management negotiations year age span as the chart shows, but the have emphasized problems of job security. 25-44 age group will change little. This emphasis reflects not only the recession The occupational composition of the labut also the longer run tendency toward re- bor force has undergone a dramatic shift ductions in the number of jobs for produc- in recent years. The number of jobs availtion and maintenance workers. Committees able to unskilled and semiskilled manual have been established in the steel and rail- workers has declined, but opportunities have road industries to study the problems in- expanded steadily in white collar occupavolved in adjusting work rules and also the tions. Expansion has been spectacular in general problem of workers displaced by research and development and has been subtechnological advance. A number of major stantial in trade, education, health, and busicontracts have included provisions for sev- ness and financial services. These trends erance pay, for retraining, and for moving are likely to continue. workers to other company plants. Women. During the past five years the Another important tendency has been to labor force has increased by 4 million. eliminate or modify cost-of-living escalator Women aged 25 and over accounted for clauses. The number of workers covered about 2 million and younger women for by escalator clauses declined from a high of about 1 million of the total growth. These 4.4 million in 1959 to about 2.8 million at two groups now represent one-third of the the beginning of 1961. Escalator payments total labor force. Women also accounted have been sharply limited in the steel, alumi- for a large part of the increase in total emnum, and metal container manufacturing ployment from 1955 to 1960. industries. In the railroad industry and in On the demand side, employment opporcontracts with major electrical equipment tunities have expanded rapidly in occupacompanies, they have been eliminated. tions for which women are well suited and in part-time work. In addition, there has been a growing acceptance of women in a LABOR FORCE TRENDS AND PROSPECTS wide range of professional and technical oc- From 1955 to 1960 the average annual cupations. increase in the labor force was 800,000, but On the supply side, the increasing progrowth is expected to be more rapid over portion of women in the labor force is the next five years. The labor force in- largely attributable to rising average educacreased by 900,000 in 1960, and it is ex- tional attainment of women, increased social pected to rise by about 1.2 million this year acceptance of wives as secondary wage earnand by 1.3 million in 1963. ers, and the increasing number of women The age-sex composition of the labor whose children have reached school age. force is likely to undergo further significant Mechanization of many household chores Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE LABOR MARKET IN MID-1961 653 has also given many women more time to age and a high proportion of them will enter spend outside the home. Desires for higher the labor force. In mid-1960 there were standards of living have induced many 2.6 million persons in the 18 year old group women to seek employment, and their earn- in the population. By 1964 there will be ings have become increasingly important as an estimated 2.8 million, and in 1965, 3.8 a supplement to family income. million. About 70 per cent of the males About 2 million women 25 years of age and over are expected to come into the labor force in the next five years, about the same LABOR FORCE GROWTH number as from 1955 to 1960. This will ons of perso represent a smaller proportion of the projected increase in the total labor force, however, largely because of the increasing importance of younger workers. Younger workers. After a small decline in the first half of the 1950's, the number of workers (male and female) under 25 years of age has been expanding. In 1960 there were 1.2 million more workers in this age group than in 1955. Youths with appropriate skills and education, especially those with college training, have had little difficulty finding full-time employment. Many others, however, are inexperienced and lack seniority or adequate skills. Many younger job seekers are in school and want only part- NOTE.—Bureau of Labor Statistics data and Bureau of time or seasonal employment. Typically, Census Projection I, as revised December 1958. Figures exclude Alaska and Hawaii. unemployment rates are higher for young persons than for any other age group in the and 50 per cent of the females of this age labor force. can be expected to be in the work force. During the next five years 3.3 million By age 25, almost all males are in the labor younger workers will probably be added to force. As they enter gainful employment the labor force, about one-half of the an- in increasing proportions, and as they estabticipated increase in the total. About the lish households, their demands for consumer middle of this decade large numbers of goods expand, especially for housing, autoyoung persons will reach post-high-school mobiles, and other durable goods. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Revisions for Weekly Reporting Banks BEGINNING with the data for April 26, gory that is available for both demand and 1961, the weekly series of statistics reported time deposits. Postal savings deposits, preby member banks inf leading cities reflects viously reported separately, were combined revisions in the classification of deposits and with U. S. Government time deposits. an increase in the coverage of the series. Demand and time deposits due to mutual Changes in the deposits classification savings banks had previously been reported were made largely to measure amounts due with other "interbank" accounts, and deto foreign entities and the amounts of sav- posits in the new "foreign" category had ings accounts. The changes in coverage, previously been reported largely as "foreign which increased total assets by approxi- interbank." mately $1.7 billion, were to eliminate ad- Reporting member banks were asked to justments that had been made in the series classify their deposits on both the old and since July 1, 1959. These adjustments were new bases as of April 26, 1961. The table made to prevent distortions that would other- shows how deposit items were affected by wise have resulted from mergers of non- the new classifications. reporting banks with reporting banks. The The new concept of demand deposits adincreased coverage is being carried back to justed includes all demand deposits except July 1, 1959, the date of the previous those of the U. S. Government and domestic revision in the series, and data for the period commercial banks, less cash items in process July 1, 1959-April 26, 1961, will be pub- of collection. This differs from the previous lished in a forthcoming BULLETIN. Figures concept because of the inclusion of demand for the revised classification of deposits will deposits due to mutual savings banks ($524 not be available for dates before April 26, million) and deposits due to foreign entities 1961. ($1,491 million). Of the latter, $1,437 million had previously been classified as DEPOSITS foreign interbank deposits and $54 million as domestic interbank deposits. As a result The form for reporting deposits was revised of changes in classification as of April 26, to provide the following new items: (1) de- 1961, demand deposits adjusted (new conmand deposits due to mutual savings banks, cept) increased from $62,049 million to (2) savings deposits in the time deposit $64,064 million. category, and (3) for both demand and time deposits, several items classified as for- COVERAGE eign, chiefly amounts due to foreign governments and official institutions, central A net increase in coverage resulted from banks, and international institutions. Items eliminating adjustments previously made at in group 3, together with deposits of for- the time of bank mergers to prevent distoreign banks, make up the new "foreign" cate- tions. The series now embraces 106 cities 654 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISIONS FOR WEEKLY REPORTING BANKS 655 DEPOSIT RECONCILIATION, APRIL 26, 1961 [New coverage of weekly reporting member banks. In millions of dollars] New classification Old classification Item Amount c I o n p r d p s a iv o h a rt i n i r n d p a d e u s ti , r a o - l n s, s G U m ov . e S e n . r t n- d p i S o v s a l t i u i a n s t b t i d i - e o c s n al s C o c e f h f a r i e t n c i c f d e k i r e s s d ' Dome I s n ti t c erDa F n o k reign D a d d e e j p m u o s a s t n i e t d d s l Demand Total 87,446 65,527 1,076 5,229 3,045 11,132 1,437 62,049 fndividuals, partnerships, and corporations*. 65,418 65,418 Foreign—Total 1,600 109 54 1,437 Governments, international institutions, etc.*2 566 109 54 403 Banks* 2 1 034 1,034 U. S Government 1 076 1,076 States and political subdivisions* 5,229 5,229 Certified and officers' checks* 2 3,045 3,045 Domestic interbank: Commercial 10 554 10,554 Mutual savings*2 524 524 Demand deposits adjusted?1 . .. 64 064 Time Total 38,175 33,596 154 2,723 1,702 Individuals, partnerships, and corporations—Total Savings .... 27,836 1 33,299 Other 5,463 Foreign—Total .. 1,864 ' 297 1 567 Governments, international institutions, etc 2 1,754 297 1 457 Banks2 110 110 U. S. Government (incl. postal savings)2.. . . 154 154 States and political subdivisions 2,723 2,723 Domestic interbank: Commercial2 128 128 ]Vtutual savings2 7 7 * Included in new concept of demand deposits adjusted. 2 Will be included in totals, but will not be shown separately in the 1 Old concept—demand deposits other than interbank (deposits tables published regularly. due to mutual savings and foreign banks as well as those due to 3 New concept—total of items marked with an asterisk, less cash domestic commercial banks) and U. S. Government, less cash items items in process of collection. reported as in process of collection. (including only the head-office cities of of nonreporting banks with reporting banks branch systems) and 356 banks. This repre- accounted for the remainder. sents a reduction of one in the number of LOAN CLASSIFICATION cities and 12 in number of banks since July Minor revisions in the loan classifications of 1, 1959. One reporting bank had moved its foreign banks, "other nonbank financial head office to a reporting city, and this institutions," and "all other" loans resulted caused a reduction in the number of headfrom more precise definitions of loans to office cities. The reduction in the number international institutions and foreign enof banks resulted from mergers and absorptities. These ^classifications resulted in detions and from the withdrawal of one bank creases of $163 million in loans to foreign from Federal Reserve membership. banks and $28 million in loans to "other" Mergers of two large banks accounted nonbank financial institutions, and an infor about $1 billion of the $1.7 billion in- crease of $191 million in "all other" loans crease in coverage. Numerous other mergers as of April 26, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
656 FEDERAL RESERVE BULLETIN • JUNE 1961 RELATED CHANGES IN OTHER REPORTS United States and the monetary system, The enlarged coverage has caused a minor which is issued twice each month, and the addition to the totals shown in the Board's related tables in the BULLETIN, "Conweekly release, "Changes in Commercial solidated Condition Statement for Banks and Industrial Loans by Industry" (H. 12). and the Monetary System" and "Principal In the back data from July 1, 1959, through Assets and Liabilities and Number of All April 26, 1961, this addition has been in- Banks, by Classes," will also be affected by cluded in the residual item of "unclassified the changes in deposit classifications. Howborrowers." ever, these revisions will not be made until The change in classification of deposits early 1962, when year-ago data will be for weekly reporting member banks is con- available on a comparable basis, and when sistent with the changes in the deposit sched- other revisions will be made in that series. ules of the call report of condition, which The Board's monthly release of "Bank was first used as of April 12, 1961. Debits" (G. 6) will reflect the revised de- The Board's press statement (G. 7) show- posits classifications beginning with the data ing statistics on condition of all banks in the for June 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Administrative interpretations, new regulations, and similar material Payment of Dividends—Effect of Net Losses year and the two preceding years, whether the figures for those years are plus or minus figures. Section 5199(b) of the Revised Statutes (12 For example, if a bank had U.S.C. 60), as amended in 1959, provides that (a) retained net profits of $30,000 from "The approval of the Comptroller of the 1959; Currency shall be required if the total of all (b) a net loss of $40,000 in 1960 (and dividividends declared by [a national bank] in dends of $10,000 were paid in that year, any calendar year shall exceed the total of its with the Board's approval); and net profits of that year combined with its (c) net profits of $20,000 in 1961, retained net profits of the preceding two it could not pay any dividend in 1961 without the years. . . ." Board's approval, since the calculation required Under the sixth paragraph of Section 9 of the by Section 5199(b) would result in a zero figure Federal Reserve Act (12 U.S.C. 324), member ($30,000 minus $50,000 plus $20,000). It will be State banks are required "to conform to the pronoted that, for the purposes of Section 5199, any visions of Section 5199(b) . . . with respect to dividends paid in a loss year must be included in the payment of dividends," except that the apthe "net loss" for that year, just as dividends paid proval of the Board of Governors is required in in a profitable year must be deducted from "net lieu of the approval of the Comptroller. profits" in calculating "retained net profits." The question has arisen whether it is necessary, in determining whether a bank's dividends in a Loan which is Secured Indirectly by Stock particular year "exceed the total of its net profits of that year combined with its retained net profits A question has been presented to the Board as to whether a loan by a bank to a mutual investof the preceding two years," to take into considment fund is "secured . . . indirectly by any eration the amount of a net loss in the current stock" within the meaning of Section 221.1 of year or in one or both of the preceding two years. Regulation U, so that the loan should be treated The purpose of the 1959 amendment of Section as subject to the regulation. 5199(b) was to prevent a bank from paying a dividend (except with supervisory approval) un- Briefly, the facts are as follows. Fund X, an less it has on hand, from operations during the open-end investment company, entered into a loan agreement with Bank Y, which was (and still is) three latest years, sufficient net profits to cover the custodian of the securities which comprise the proposed dividend. If a net loss for one or more portfolio of Fund X. The agreement includes the of those three years was disregarded in making following terms, which are material to the question the calculation called for by Section 5199(b), a before the Board: member State bank could pay dividends, without the approval of the Board of Governors, even (1) Fund X agrees to have an "asset coverthough the aggregate results of the three latest age" as defined in the agreements) of years' operations was a net deficit. This was pre- 400 per cent of all its borrowings, incisely the sort of situation in which Congress in- cluding the proposed borrowing, at the tended to prevent the payment of a dividend unless time when it takes down any part of the the supervisory authority was satisfied that special loan. circumstances justified the proposed dividend. (2) Fund X agrees to maintain an "asset Accordingly, it is the position of the Board that, coverage of at least 300 per cent of its in making the calculation required by Section borrowings at all times. 5199(b), it is necessary to take into consideration (3) Fund X agrees not to amend its custody the actual results of operations during the current agreement with Bank Y, or to substitute 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
658 FEDERAL RESERVE BULLETIN • JUNE 1961 another custodian without Bank Y's In its pamphlet issued for the benefit and guidance consent. of banks and bank examiners, entitled "Questions (4) Fund X agrees not to mortgage, pledge, and Answers Illustrating Application of Regulaor otherwise encumber any of its assets tion U," the Board said elsewhere than with Bank Y. "In determining whether a loan is 'indi- In 1958 Federal Reserve BULLETIN, at page rectly' secured, it should be borne in mind 1279, the Board stated that because of "the general that the reason the Board has thus far renature and operations of such a company," any frained . . . from regulating loans not se- "loan by a bank to an open-end investment com- cured by stock has been to simplify operations pany that customarily purchases stocks registered under the regulation. This objective of simon a national securities exchange . . . should be plifying operations does not apply to loans in presumed to be subject to Regulation U as a loan which arrangements are made to retain the for the purpose of purchasing or carrying regis- substance of stock collateral while sacrificing tered stocks" ("purchase loan"). The Board's only the form." interpretation went on to say that "This would not A wide variety of arrangements as to collateral be altered by the fact that the open-end company can be made between bank and borrower which had used, or proposed to use, its own funds or will serve, to some extent, to protect the interest proceeds of the loan to redeem some of its own of the bank in seeing that the loan is repaid, shares. . . ." without giving the bank a conventional direct Accordingly, the loan by Bank Y to Fund X "security" interest in the collateral. Among such was and is a "purpose loan." However, a loan by arrangements which have come to the Board's ata bank is not subject to Regulation U unless (1) tention are the following: it is a purpose loan and (2) it is "secured directly (1) The borrower may deposit stock in the or indirectly by any stock." In the present case, custody of the bank. the loan is not "secured directly" by stock in the An arrangement of this kind may not, it is true, ordinary sense, since the portfolio of Fund X is place the bank in the position of a secured crednot pledged to secure the credit from Bank Y. itor in case of bankruptcy, or even of conflicting But the word "indirectly" must signify some form claims, but it is likely effectively to strengthen the of security arrangement other than the "direct" bank's position. Section 221.3 (f) of Regulation security which arises from the ordinary "transac- U, which provides that tion that gives recourse against a particular chattel "A loan need not be treated as collateralled or land or against a third party on an obligation" by securities which are held by the bank only described in the American Law Institute's Restatein the capacity of custodian, depositary or ment of the Law of Security, page 1. Otherwise trustee, or under similar circumstances, if the the word "indirectly" would be superfluous, and bank in good faith has not relied upon such a regulation, like a statute, must be construed if possible to give meaning to every word. securities as collateral in the making or maintenance of the particular loan." The Board has indicated its view that any ardoes not exempt a deposit of this kind from the rangement under which stock is more readily availimpact of the regulation unless it is clear that the able as security to the lending bank than to other bank "has not relied" upon the securities deposcreditors of the borrower may amount to indirect ited with it. security within the meaning of Regulation U. In an interpretation published at 1959 Federal Re- (2) A borrower may not deposit his stock serve BULLETIN 256 it stated with the bank, but agree not to pledge "The Board has long held, in the . . . or encumber his assets elsewhere while 'purpose' area, that the original purpose of a the loan is outstanding. loan should not be determined upon a narrow Such an agreement may be difficult to police, yet analysis of the technical circumstances under it serves to some extent to protect the interest of which a loan is made. . . . the bank if only because the future credit standing "Where security is involved, standards of and business reputation of the borrower will deinterpretation should be equally searching." pend upon his keeping his word. If the assets Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CURRENT EVENTS AND ANNOUNCEMENTS 659 covered by such an agreement include stock, then, The three instances described above are merely as under (1) and (3), the stock is "indirect se- illustrative. Other methods, or combinations of curity" for the loan within the meaning of Regu- methods, may serve a similar purpose. The conlation U. clusion that any given arrangement constitutes (3) The borrower may deposit stock with a "indirect security" may, but need not, be reinthird party who agrees to hold the stock forced by facts such as that the stock in question until the loan has been paid off. was purchased with proceeds of the loan, that the Here, even though the parties may purport to lending bank suggests or insists upon the arrangeprovide that the stock is not "security" for the ment, or that the loan would probably be subject loan (for example, by agreeing that the stock may to criticism by supervisory authorities were it not not be sold and the proceeds applied to the debt for the protective arrangement. if the borrower fails to pay), the mere fact that Accordingly, the Board concludes that the loan the stock is out of the borrower's control for the by Bank Y to Fund X is indirectly secured by the duration of the loan serves to some extent to portfolio of the fund and must be treated by the protect the bank. bank as a regulated loan. Current Events and Announcements RESIGNATION OF MR. SZYMCZAK AS A MEMBER for nearly 28 years, following my appointment by OF THE BOARD OF GOVERNORS President Franklin D. Roosevelt. Two years after Mr. M. S. Szymczak, who had been a member of my appointment, with the enactment of the Bankthe Board of Governors since June 14, 1933, ing Act of 1935, existing appointments to the resigned effective June 1, 1961. Prior to his ap- Board were terminated effective January 31, 1936. pointment as a member of the Board of Governors, Thereafter, terms of Members were for 14 years, Mr. Szymczak had been engaged in the educa- such terms so arranged as to provide for the extional field as well as in commercial banking. He piration thereof at two year intervals. I was was Comptroller of the City of Chicago at the time appointed for a term of 12 years commencing of his appointment to the Board. February 1, 1936, and reappointed for 14 years Mr. Szymczak's letter of resignation and the from February 1, 1948. My present term expires President's letter of acceptance follow: on January 31, 1962. Throughout my years of service I have held the April 21, 1961. conviction that the experience gained and judg- The President, ment developed in this period of time should be The White House. utilized by me, both while a Member of the Board and thereafter, in contributing what I am able to Dear Mr. President: the fields of Government service and education, My purpose in writing you at this time is to and to other related fields of endeavor. As a memapprise you of my intention to resign my position ber of the Board I have striven to contribute to as a Member of the Board of Governors of the the formulation of sound Federal Reserve System Federal Reserve System. As you may be aware, policy that would be, in turn, reflected in the it has been my pleasure to serve in this capacity nation's financial and economic development. It Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
660 FEDERAL RESERVE BULLETIN • JUNE 1961 is now time, I feel, for me to direct my efforts, in and the public over these many years, and to exmajor fashion, to contributions in the fields of tend best wishes for the future. education and related matters. Sincerely, Accordingly, and in pursuit of this latter ob- John F. Kennedy. jective, I tender to you my resignation as a Honorable M. S. Szymczak Member of the Board of Governors of the Fed- Member of the Board eral Reserve System to be effective by June 1, Board of Governors 1961, or such earlier date as may be convenient Federal Reserve System to you. Chairman Martin is presently in Europe. Washington, D. C. On his return about the middle of May, it is my hope that he and I may have the opportunity to ADMISSION OF STATE BANKS TO MEMBERSHIP IN call upon you. THE FEDERAL RESERVE SYSTEM Subsequent to my leaving office I intend to The following banks were admitted to Memberundertake preparation of a book in the field of ship in the Federal Reserve System during the comparative monetary policy, publication of which period May 16, 1961 to June 15, 1961: I hope will serve as a useful vehicle for the transmission of my experience and knowledge gained New Jersey in this field. Simultaneously I intend to undertake Plainfield. State Bank of Plainfield the conduct of courses in the same and related Iowa fields in the Graduate School of Georgetown Emmetsburg. Iowa Trust & Savings Bank University and also to serve as a financial consultant. In leaving the Board of Governors I am deeply TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR QUARTERLY appreciative of the opportunity that has been afforded me to serve the Government and the Latest BULLETIN Reference public, and I trust my plans for the future will Annually Issue Page enable me to continue in that service. Should you Bank holding companies: List of, Dec. 31, 1960 June 1961 723 determine, at any time in the future, that I may be Banking offices and deposits of group p o l f e a s s e u r r v e i ce to to re s y p o o u n , d . it will be my privilege and Bank b in an g k a s n , d D m ec o . n 3 e 1 t , a r 1 y 9 6 s 0 tatistics, 1960.. {M Ju a n y e 1 1 9 9 6 6 1 1 6 2 1 3 8 2 7 - -3 2 2 9 1 2 Banks and branches, number of, by class and State Apr. 1961 486-87 Respectfully, Earnings and expenses: M. S. Szymczak. Federal Reserve Banks Feb. 1961 228-29 Member banks: Calendar year May 1961 604-12 First half of year Nov. 1960 1294 May 27, 1961. Ins O u o re e d ra c ti o n m c m ra e t r i c o i s a l banks .. • M M a a y y 1 1 9 9 6 6 1 1 613 6 -1 1 5 6 Dear Mr. Szymczak: Stock Exchange firms, detailed debit and Sept. 1960 1069 I have your letter submitting your resignation as Semiannually a Member of the Board of Governors of the Banking offices: Analysis of changes in number of.... Feb. 1961 230 Federal Reserve System, after nearly 28 years On, and not on, Federal Reserve Par List number of ... Feb. 1961 231 of service in that post. Quarterly In accordance with your wishes, I hereby accept Cash receipts from and payments to the your resignation, effective as of June 1, 1961. Flow of funds A M p a r y . 1 1 9 9 6 6 1 1 478 6 -8 2 5 2 Selected assets and liabilities of Federal In doing so, I want to express appreciation for business-type activities May 1961 617 the service you have rendered to the government Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication June 15 Industrial production recovered sharply further advance, reflecting gains in industrial and comin May, and construction activity also increased. mercial machinery and in farm equipment. Employment and income continued to rise and Iron and steel output rose more than 10 per retail sales advanced. Commercial bank credit cent in May, and a further increase is indicated rose further. In late May and early June, capital this month as steel ingot production declined less market financing was in large volume and bond than seasonally in early June. In May there were yields increased. also increases in construction materials, textiles, chemicals, and paper products. INDUSTRIAL PRODUCTION CONSTRUCTION Industrial production increased 3 per cent further in May to 108 per cent of the 1957 aver- New construction activity increased 2 per cent age, compared with 102 in the first quarter and in May and was at a seasonally adjusted annual 110 in mid-1960. Since February, production of rate of $56.5 billion. Public activity rose about materials has risen 8 per cent and final products 4 per cent, reflecting principally a substantial in- 4 per cent. Output of final products, both concrease in highway construction; private work insumer goods and equipment, is close to previous creased slightly further. highs. Gains were widespread in May. Among con- EMPLOYMENT sumer goods, production of television and radio sets, furniture, and some other home goods con- Seasonally adjusted employment in nonfarm tinued to increase. Auto assemblies rose again establishments rose further in May and was 500,and production schedules for June indicate a 000 above the low reached in March, although moderate further increase. Over-all output of 700,000 or more than 1 per cent below the preconsumer staples and apparel also rose in May. recession high of July 1960. In May, gains oc- Production of business equipment continued to curred in most manufacturing industries and were especially large in the steel, fabricated metals, and auto industries. Employment reached new highs INDUSTRIAL PRODUCTION in finance and State and local government. 1957 = 100 Mainly because of a continuing increase in the average factory workweek, weekly earnings rose FINAL PRODUCTS frt^ SN, " further and were slightly higher than a year earlier. The seasonally adjusted unemployment rate remained just under 7 per cent, the level prevailing since December. NONDURABLE CONSUMER DISTRIBUTION MANUFACTURES> GOODS Retail sales rose 1 per cent in May, following a decrease of a like amount in April, and were \ ! DURABLE \ /MANUFACTURES 2 per cent below the year-earlier rate. Increased sales of autos accounted for most of the rise in May. Sales at department stores edged off, after a sustained rise, but were higher than a year ure F s e , d l e a r t a e l s t R s e h s o e w rv n e a in r d e e f x o es r , M sea a s y o . nally adjusted. Monthly fig- earlier. 661 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
662 FEDERAL RESERVE BULLETIN • JUNE 1961 COMMODITY PRICES weeks ending June 7. Between early May and early June reserves were absorbed principally The wholesale commodity price index continued through currency outflow and were supplied to change little from early May to early June. through Federal Reserve purchases of U. S. Gov- Prices of steel scrap and some other sensitive ma- ernment securities. Required reserves declined terials advanced while prices of some steel mill somewhat. products were reduced. Wholesale prices of meats declined somewhat further as supplies remained SECURITY MARKETS relatively large. New security financing by corporations and State and local governments was in large volume BANK CREDIT AND RESERVES in May and early June. On June 8, the Treasury raised $1.8 billion in cash by auctioning additional Total commercial bank credit rose about $1.5 amounts of 18 outstanding issues of bills. billion further in May, reflecting increases both in Bond yields generally increased between midholdings of U. S. Government securities and in May and mid-June. Yields on all maturities of loans. The average money supply, seasonally ad- Treasury securities rose sharply in the second justed, declined slightly while time deposits conhalf of May and the first week of June and then tinued to show substantial growth and U. S. Govdeclined somewhat. The rise was sharpest in ernment deposits rose sharply. Seasonally adyields on issues maturing in 3-5 years, which in justed turnover of demand deposits increased. early June reached new highs for this year. Com- Member bank borrowings from Federal Re- mon stock prices, after reaching a record high in serve Banks averaged about $100 million and mid-May, declined on balance to mid-June, and excess reserves about $585 million over the four the volume of trading decreased substantially. RETAIL TRADE INTEREST RATES 1947 - 49 = 100 Per cent DEPARTMENT STORES LONG-TERM GOVERNMENT SECURITIES . V'" STOCKS Federal Reserve indexes, seasonally adjusted; retail sales Discount rate, range or level for all F. R. Banks. Weekly based on Department of Commerce data. Monthly figures; average market yields for U. S. Government bonds maturing latest for stocks is April, for other series, May. in 10 years or more and for 90-day Treasury bills. Latest figures shown are for week ending June 9. 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. 664 Reserve Bank discount rates; margin requirements; reserve requirements 668 Federal Reserve Banks 669 Currency in circulation, money supply; bank debits . . 672 All banks: consolidated statement of monetary system; deposits and currency. 674 All banks, by classes 675 Commercial banks, by classes.... 678 Weekly reporting member banks. . 680 Business loans . . 683 Interest rates 684 Security prices; stock market credit; open market paper. 685 Savings institutions , 686 Federal finance 688 Security issues . . 693 Business finance . . 695 Real estate credit 697 Short- and intermediate-term consumer credit 700 Industrial production 704 Selected indexes on business activity. 710 Construction .... 710 Employment and earnings. 712 Department stores 714 Foreign trade 715 Wholesale and consumer prices. ... 716 National product and income series. ... 718 Flow of funds, saving, and investment. . 720 Bank holding companies, December 31, 1960. . . .... 722 Tables not published each month—list with latest BULLETIN reference 660 Index to statistical tables. . 749 Tables on the following pages include the prin- the basis of material collected by other agencies; cipal statistics of current significance relating figures for gold stock, currency in circulation, to financial and business developments in the Federal finance, and Federal credit agencies are United States. The data relating to Federal obtained from Treasury statements; the remain- Reserve Banks, member banks of the Federal ing data are obtained largely from other sources. Reserve System, and department store trade, Back figures for 1941 and prior years for bankand the consumer credit estimates are derived ing and monetary tables, together with descripfrom regular reports made to the Board; pro- tive text, may be obtained from the Board's duction indexes are compiled by the Board on publication, Banking and Monetary Statistics. 663 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
664 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, reserves3 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 Float1 tal* stand- cula- ings counts With Cur- Total out- repur- ad- ing tion Treas- For- Other i Total F.R. rency right chase vances ury eign Banks and agreement Averages of daily figures 1929—June.... 179 179 978 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941_Dec.. 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec. 23,708 23,708 381 652 2•44,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947—Dec.. 21,905 21,905 268 68122,858 22,712 4,556 28,937 1,330 967 1,016 614 17,261 17,261 1950—Dec.. 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec.. 23,409 23,310 99 657 1,37525,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec.. 24,400 23,876 524 1,633 1,262 2277,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec.. 25,639 25,218 421 448 1,01827,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec.. 24,917 24,888 29 407 992 26,317 21,711 4,982 30,749 805 443 439 365 929 19,279 19,279 1955—Dec.. 24,602 24,318 284 840 1,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec. 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec. 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec. 26,312 26,216 96 564 496 28,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—June. 25,963 25,949 14 938 ,009 27,937 20,030 5,278 31,813 632 495 277 359 1,219 18,451 18,451 Dec. 27,036 26,993 43 911 1,426 29,435 19,482 5,311 32,775 396 524 361 348 1,195 18,932 18,628 304 1960 May 25,818 25,697 121 502 1,02727,378 19,356 5,349 31,726 415 534 194 316 937 18,239 17,962 277 June 26,124 26,118 6 425 1,159 2"77,;737 19,343 5,353 31,926 414 496 221 381 994 18,294 18,001 293 July 26,619 26,521 98 388 140 28,176 19,245 5,357 32,174 406 492 213 375 910 18,518 18,208 310 Aug 26,983 26,768 215 293 894 28,206 19,052 5,364 32,091 403 490 202 377 948 18,501 18,111 390 Sept 26,653 26,546 107 233 1,168 28,088 18,870 5,374 32,151 400 516 216 390 962 18,570 17,697 873 Oct 27,056 26,929 127 170 ' 8,490 18,571 5,382 32,183 406 488 226 405 891 18,733 17,843 890 Nov 27,871 27,542 329 160 156 29,241 18,058 5,391 32,474 405 462 243 396 973 19,004 17,737 1,267 Dec 27,248 27,170 78 94 665 29,060 17,954 5,396 33,019 408 522 250 495 1,029 19,283 16,688 2,595 1961 Jan 26,942 26,862 80 58 1,43128,484 17,567 5,401 32,265 411 482 239 399 941 19,315 16,715 2,600 Feb 26,829 26,630 199 146 1,12128,145 17,402 5,404 31,841 422 521 189 392 1,054 18,964 16,532 2,432 Mar 26,831 26,826 5 80 1,07128,030 17,380 5,408 31,839 426 459 240 383 1,052 18,809 16,419 2,390 Apr 26,676 26,663 13 63 1,140 2277,925 17,389 5,414 31,913 408 422 207 316 987 18,884 16,474 2,410 May 26,747 26,722 25 101 1 s 11928,007 17,397 5,425 32,010 420 463 205 293 1,017 18,846 16,420 '2,426 Week ending— 1960 Apr-,?:::::::: 25,284 25,264 20 735 898 26,950 19,406 5,341 31,654 423 509 163 356 942 17,867 17,650 217 25,396 25,285 111 734 910 27,073 19,394 5,342 31,826 417 465 200 349 917 17,869 17,634 235 20 25,701 25,417 284 561 200 27,500 19,386 5,344 31,828 420 660 188 258 864 18,281 18,012 269 27 25,521 25,444 77 524 153 27,228 19,373 5,346 31,581 417 553 186 269 857 18,392 18,083 309 MaM:::::::: 25,660 25,557 103 552 958 27,199 19,360 5,347 31,606 414 567 184 311 855 18,243 17,968 275 25,868 25,616 252 549 924 27,371 19,359 5,348 31,723 419 504 184 314 854 18,306 18,081 225 18 25,761 25,627 134 555 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 27 436 924 27,358 19,352 5,349 31,812 414 468 206 321 1,033 18,121 17,806 315 8 26,134 26,118 16 400 "~ 27,557 19,352 5,350 31,917 424 445 199 343 1,034 18,153 17,897 256 15 26,176 26,176 375 27,609 19,351 5,353 31,976 415 490 206 365 1,001 18,156 17,859 297 22 26,011 26,011 550 505 28,096 19,346 5,354 31,927 412 550 225 398 970 18,60r 18,315 287 29 26,129 26,129 412 168 27,739 19,325 5,356 31,867 406 505 249 415 971 18,34: 18,007 335 July 6 26,553 26,491 62 440 039 28,063 19,322 5,356 32,155 406 517 226 398 958 18,320 18,079 241 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 28,437 19,251 5,357 32,199 409 548 209 374 884 18,761 18,422 339 27 26,599 26,522 77 351 1,08528,063 19,191 5,357 32,041 405 488 202 371 884 18,552 18,219 333 Aug. 3 26,930 26,760 170 315 877 28,151 19,14' 5,358 32,046 408 466 221 358 884 18,591 18,272 319 10 27,099 26,806 293 293 822 28,246 19,098 5,359 32,129 404 45 19: 363 884 18,525 18,279 246 2 3 1 4 1 7 2 2 2 6 6 7, , , 0 7 9 4 8 9 1 8 2 2 2 2 6 6 6 , , , 6 7 8 8 1 7 2 2 2 2 2 1 2 2 0 9 0 6 4 2 1 1 7 9 6 3 3 1, 7 0 ""8 1 ;8 4 2 2 2 8 8 7 , , , 4 2 8 6 4 8 9 5 " 1 1 1 9 9 9 , , , 0 0 0 3 0 2 9 6 6 5,363 3 3 31 2 2 , , , 9 1 0 8 8 8 0 4 7 4 4 3 0 0 9 9 0 5 4 4 5 8 8 5 5 7 5 2 1 1 2 9 9 5 5 0 3 3 3 8 8 8 6 4 0 1 1 , , 9 0 0 1 1 0 6 4 4 1 1 1 8 8 8 , , , 4 5 4 6 6 0 6 4 4 1 1 1 8 8 7 , , , 2 0 7 4 7 7 3 5 2 6 3 3 2 9 2 1 4 9 Sept. 7 26,784 26,640 144 262 86127,941 18,999 5,372 32,174 39' 477 233 411 1,011 18,358 17,607 751 14 26,649 26,524 125 301 1,05:28,035 18,975 5,374 32,291 401 465 204 373 974 18,581 17,676 905 21 26,541 26,495 46 86 1,52728,189 18,828 5,376 32,171 403 551 224 379 936 18,635 17,729 906 28 26,539 26,456 244 1,24:28,059 18,731 5,375 32,004 399 579 200 378 93. 18,609 17,671 938 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK RESERVES AND RELATED ITEMS 665 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- Trea s- with F. R. Banks cur- rency ury Other Period Dis- Gold rency in cash F. R. d o a r te Total B o o u u t g - ht u r c H e h n p e a d l u s e d e r r - c v o a a a n u n d c n d - e ts s Float i t T al o - 2 stock s o t i a n u n g t d - - c t c u io i l r a n - - h in o g ld s Treas- F ei o g r n - Other i co a u c n - ts Total F W .R ith . r C e a n n u c d r- y right agree- Banks coin ment Averages of daily figures Week ending— 1960 Oct. 5 27,028 26,836 192 219 1,096 28,385 18,671 5,377 32,049 403 467 213 443 936 18,759 17,922 837 12 27,268 27,136 132 168 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 17,909 930 26 26,760 26,681 79 262 354 28,415 18.552 5,383 32,120 403 546 257 373 862 18,729 17,789 940 Nov. 2 27,313 26,946 367 211 1,09828,662 18,405 5,387 32,104 403 442 254 456 865 18,873 17,931 942 9 28,015 27,439 576 158 92829,154 18,124 5,389 32,298 398 418 250 395 864 18,797 18,045 752 16 28,105 27,588 517 190 976 29,325 18,068 5,391 32,527 402 519 230 408 914 18,733 17,784 949 23 27,831 27,678 153 121 532 29,542 17,999 5,392 32,532 407 469 224 388 ,073 18,761 17,839 922 30 27,623 27,607 16 12.1 228 29,022 17,957 5,392 32,640 414 460 258 387 ,071 19,678 17,141 2,537 Dec. 7 27,421 27,421 67 1,057 28,594 17,974 5,391 32,722 413 473 253 474 ,066 18,916 16,558 2,358 14 27,381 27,381 76 1,27228,778 18,083 5,396 33,038 410 522 237 680 ,037 18,932 16,334 2,598 21 27,034 27,010 24 80 2,15129,316 17.957 5,396 33,174 414 592 246 443 ,018 19,460 16,782 2,678 28 27,074 26,946 128 56 2,150 2~9336 17^82 5,398 33,195 401 522 260 391 ,019 19,447 16,828 2,619 1961 Jan. 4 27,375 26,984 391 184 ,789 29,420 17,748 5,398 32,853 399 441 245 473 954 19,944 17,202 2,742 11 27,124 26,986 138 60 ,350 28,592 17,629 5,399 32,637 403 413 239 381 941 19,226 16,605 2,621 18 26,967 26,948 19 44 ,408 28,471 17,594 5,401 32,287 412 528 248 389 940 19,292 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 31,776 422 510 227 393 951 18,963 16,417 2,546 8 26,860 26,672 188 188 ,05328,148 17,429 31,805 413 523 196 383 1,018 18,948 16,641 2,307 15 27,007 26,653 354 202 829 28,086 17,410 31,930 417 526 185 401 \022 18,844 16,420 2,424 22 26,740 26,589 151 116 ,326 28,232 17,385 5,405 31,857 424 496 172 392 ,093 19,045 16,587 2,458 Mar. 1 26,706 26,621 85 59 ,294 28,109 17,373 5,405 31,768 437 531 199 400 ,093 19,014 16,458 2,556 8 26,793 26,775 18 104 ,068 28,014 17,373 5,405 31,794 433 415 233 398 ,087 18,671 16,433 2,238 15 27,008 27,003 5 58 ,003 28,116 17,374 5,407 31,901 428 418 267 389 ,057 18,827 16,437 2,390 22 26,864 26,864 62 ,260 28,234 17,385 5,409 31,887 418 506 238 365 ,035 18,955 16,578 2,377 29 26,724 26,724 87 ,004 27,863 17,389 5,408 31,775 426 497 218 370 ,032 18,793 16,342 2,451 26,870 26,836 115 942 27,973 17,388 5,410 31,903 404 429 250 ,028 18,702 16,369 2,333 Apr-,2 26,868 26,854 59 ,004 27,978 17,389 5,411 32,007 406 398 212 310 ,014 18,782 16,429 2,353 19 26,601 26,591 52 331100 288,000099 17,390 5,414 31,980 411 424 172 309 966 19,026 16,552 2,474 26 26,389 26,389 42 279 277,775555 17,390 5,417 31,807 414 374 194 298 963 19,018 16,511 2,507 May 3 26,692 26,692 66 066 27,868 17,390 5,420 31,842 408 572 221 298 962 18,{ 16,373 2,435 10 26,801 26,792 70 ,00327,914 17,390 5,422 31,968 420 396 204 304 961 18,754 16,474 2,280 17 26,725 26,683 179 237 28,180 17,395 5,424 32,081 424 550 206 304 984 18,909 16,451 2,458 24 26,653 26,598 71 ,308 28,070 17,403 5,426 32,001 420 483 201 280 1,075^18,918 16,440^2,478 26,802 26,799 97 96527,904 17,402 5,428 32,055 418 374 211 275 1,073"18,825 16,329^2,496 31 End of month 1961 26,688 26,688 115 938 27,787 17,388 5,410 31,891 39: 443 271 401 1,028 18,645 16,158 2,487 Mar 26,772 26,772 67 1,06627,950 17,390 5,419 31,830 399 633 230 280 964 18,585 16,419 2,166 Apr 26,887 26,886 111 77127,806^17,403^5,428 '32,174 ^426 372 210 277 1,071^18,760 16,107^2,653 May Wednesday 1961 27,127 27,124 121 913 28,206 17,389 5,410 31,953 410 222 288 384 1,025 19,188 16,723 2,465 Apr-,!::::::: 26,809 26,754 117 948 27,919 17,390 5,412 31,995 420 402 173 345 962 19,118 16,425 2,693 19 26,436 26,436 60 1,170 27,710 17,391 5,415 31,897 416 356 212 315 968 19,133 16,351 2,782 26 26,228 26,228 38 968 27,277 17,390 5,418 31,765 415 501 232 308 964 18,654 15,900 2,754 May 3 26,781 26,781 76 968 27,865 17,390 5,421 31,877 422 452 206 315 957 18,981 16,447 2,534 10 26,916 26,901 15 222 934 28,111 17,395 5,423 32,034 437 446 220 315 962 19,120 16,516 2,604 17 26,667 26,490 177 782 .21128,697 17,403 5,425 32,041 434 496 206 282 1,076 19,650 16,990 2,660 24 26,747 26,706 41 211 97827,973 17,403 5,427 31,951 428 484 200 282 1,073P19,129 16,386^2,743 31 26,887 26,886 1 111 77127,806P!7,403 ^5,428^32,174 372 210 277 1,071^18,760 16,107*>2,653 P Preliminary. 3 Beginning with Nov. 24, 1960, all currency and coin held by member J 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 « 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
666 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 h T e e r o r e l v t - d a e i l s s q e u R r r i e v e r - - e e s d 2 s E e x r r v e c - e e s s s 3 F r i . o n a w g t R s - . se F r r r v e e - e e s 3 s h T e e r o r e l v t - d a e i l s s q e u R r r i e v e r - - e e s d 2 s E e x r r v c e- e e s s s 3 F r i . o n a w g t R s - . se F r r r v e e - e e s 3 s h T e e r o r e l v t - d a e i l s s q e u R r r i e v e r - - e e s d 2 s E e x r r v e c - e e s s s 3 F r i . o n a w g t R s - . se F r r r v e e - e e s 3 Banks 4 Banks 4 Banks4 1929—June 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 1 63 -62 1 19 9 3 3 9 3 — __ D jU e n c e 5 1 1 2 , , 4 1 7 6 3 0 6 1 , ,7 4 9 6 7 2 5,0 3 1 6 1 3 18 3 4 5,0 1 0 79 8 5, 8 6 6 2 1 3 3, 7 01 9 2 2 2,61 6 1 9 n.a. n. 6 a 9 . 1,1 2 4 1 1 1 6 1 0 3 1 3 5 7 4 8 0 n n . . a a . . n n . . a a . . 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a. 1,143 848 295 n.a. n.a. 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 ,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 ,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 ,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 ,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 ,295 1 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 ,210 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 1,166 ,164 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 ,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 ,127 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 -80 1,077 ,070 39 -31 1959—June.... 18,451 18,043 408 921 -513 3,933 3,926 7 22 -15 1,009 ,006 66 -63 Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 ,038 104 -104 I960—May 18,239 17,770 469 502 -33 3,853 3,808 45 45 988 981 7 56 -49 June.... 18,294 17,828 466 425 41 3,852 3,819 33 16 987 988 -1 58 -59 July 18,518 18,010 508 388 120 3,864 3,853 11 -3 1,020 ,010 10 49 -39 Aug 18,501 17,961 540 293 247 3,780 3,780 -27 1,027 ,024 3 41 -38 Sept 18,570 17,931 639 225 414 3,773 3,755 18 -2 1,014 ,011 3 8 -5 Oct 18,733 18,095 638 149 489 3,788 3,765 22 9 1,011 ,007 4 6 -2 Nov 19,004 18,248 756 142 614 3,770 3,718 52 34 1,006 998 12 -4 Dec 19,283 18,514 769 87 682 3,687 3,658 29 10 958 953 -4 1961—Jan 19,315 18,570 745 49 696 3,693 3,667 26 26 963 959 4 Feb 18,964 18,310 654 137 517 3,632 3,598 34 26 954 948 7 -29 Mar 18,809 18,263 546 70 476 3,623 3,613 10 9 946 936 9 1 Apr 18,884 18,266 618 56 562 3,649 3,588 62 60 923 927 -4 -4 May.... »18,846*>18,306 96 3,576 3,581 -5 -22 953 945 5 Week ending— 1960—May 4. 18,243 17,919 324 552 -228 3,911 3,914 -4 -4 1,000 996 4 53 -49 18,306 17,808 498 549 -51 3,835 3,824 10 10 985 984 2 101 -100 18! 18,235 17,778 457 555 -98 3,838 3,792 46 46 977 979 -1 93 -94 25. 18,168 17,715 453 402 51 3,779 3,776 3 3 984 975 9 12 -3 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 -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 66 482 3,658 3,659 -1 -4 957 960 -2 -10 8. 18,948 18,380 568 179 389 3,637 3,628 9 -1 956 951 6 -22 15. 18,844 18,202 642 193 449 3,578 3,548 31 19 939 937 2 -79 22. 19,045 18,320 725 107 618 3,616 3,597 20 13 967 954 13 -14 Mar. 1. 19,014 18,335 679 50 629 3,670 3,613 57 57 950 948 2 -2 8. 18,671 18,244 427 94 333 3,582 3,572 11 9 945 943 2 -11 15. 18,827 18,192 635 49 586 3,636 3,592 44 44 927 929 -2 22. 18,955 18,451 504 52 452 3,693 3,669 25 25 959 951 7 29. 18,793 18,193 600 78 522 3,633 3,620 13 13 936 930 -16 Ap, i|; 1 1 8 8 , , 7 7 0 8 2 2 1 18 8 , , 2 1 0 6 1 7 5 58 3 1 5 1 5 0 2 7 4 5 2 2 8 9 3 3 , , 6 5 4 4 7 5 3 3 , , 6 5 1 5 3 2 - 3 7 5 -1 3 3 5 9 9 3 2 5 9 9 92 1 7 4 22 3 1 2 9 19. 19,026 18,345 681 44 637 3,628 3,589 38 38 936 930 6 6 26. 19,018 18,287 731 37 694 3,597 3,577 20 20 925 924 2 2 May 3. 18,808 18,341 467 61 406 3,698 3,645 53 53 949 940 9 9 10. 18,754 18,276 478 64 414 3,561 3,570 -9 -27 933 935 -2 -3 17. 18,909 18,307 602 173 429 3,585 3,578 8 -43 944 939 5 -6 24. *>18,918>18,351 P567 66 *>501 3,603 3,583 20 12 953 950 3 31. *>18,825*>18,251 92 P482 3,601 3,556 46 46 954 952 2 2 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK RESERVES AND RELATED ITEMS 667 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period re T h s e o e l r t d v a ! 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 o R s a w . t 4 - res F e r r e v e es 3 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 i F n o a . g r n r s k R o s a w . * t - res F e r r e v e es 3 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—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 7,654 7,607 47 109 -62 6,041 5,550 491 116 375 Sept 7,662 7,595 68 112 -44 6,120 5,569 551 85 466 Oct 7,761 7,696 65 67 -2 6,173 5,626 546 63 483 Nov 7,854 7,761 94 56 38 6,374 5,771 602 56 546 Dec 7,950 7,851 100 20 80 6,689 6,053 636 40 596 1961—jari 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 7,756 7,698 58 23 35 6,485 6,016 469 38 431 Apr 7,783 7,723 60 21 39 6,529 6,029 500 33 467 May *>7,723 ^56 36 ^6,538 ^6,057 40 P441 Week ending— 1960 May 4 7,527 7,501 26 277 -251 5,805 5,507 298 222 75 7,514 7,468 46 263 -217 5 972 5,532 440 185 255 18 ... 7,541 7,478 63 248 -186 5,879 5,529 350 214 136 25 7,479 7,447 32 190 -158 5,925 5,517 408 200 209 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 19 849 11 8,009 7 916 93 10 83 6 569 6 103 466 41 425 18 ... 7,923 7,848 75 17 58 6,795 6,096 699 17 682 25 8,057 7,813 244 10 233 6,683 6,070 613 36 577 Feb. 1 7,798 7 762 36 19 17 6 550 6 035 515 36 479 8 7,813 7,769 44 81 -37 6,541 6,032 509 60 449 15 7,764 7,700 64 74 -10 6,562 6,017 545 26 519 22 7,858 7,745 112 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 5,998 516 37 479 Apr 5 7,732 7,663 69 34 35 6,388 5,977 410 70 340 12 7,777 7,690 87 23 64 6,530 6,033 497 23 475 19 7,854 7,774 80 14 66 6,608 6,051 557 30 527 26 7,782 7,742 40 18 22 6,714 6,044 670 19 650 May 3 7,803 7,732 71 19 51 6,358 6,024 333 41 290 10 . . 7,760 7,724 36 23 12 6,500 6,047 453 22 431 17 7,773 7,733 40 74 -33 6,607 6,058 550 38 512 24 7,775 7 740 35 34 1 ^6 586 *>6 079 22 ^486 31 *7,775 ^7,683 21 ^6,495 ^6,060 H35 71 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 with Nov. 24, 1960, all currency 1960 are estimated. and coin held by member banks allowed as reserves; during the period 4 Based on closing figures. Dec. 1, 1959-Nov. 23, 1960, only part of such holdings has 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
668 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] obligations of the U. S. (Sees. 13 and 13a)i (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous May 31 beginning— rate May 31 beginning— rate May 31 beginning— rate Boston Aug. 23,1960 Aug.23,1960 Aug. 23,1960 Now York... Aug. 12,1960 Aug.12,1960 June 10,1960 Philadelphia.. Aug. 19,1960 Aug.19,1960 Aug. 19,1960 Cleveland Aug. 12,1960 Aug.12,1960 Aug. 12,1960 Richmond... Aug. 12,1960 Aug.12,1960 Aug. 12,1960 Atlanta Aug. 16,1960 Aug.16,1960 Aug. 16,1960 Chicago Aug. 19,1960 Aug.19,1960 June 10,1960 St. Louis Aug. 19,1960 Aug.19,1960 Aug. 19,1960 Minneapolis.. Aug. 15,1960 Aug.15,1960 4 Aug. 15,1960 Kansas City.. Aug. 12,1960 Aug.12,1960 4 Aug. 12,1960 Dallas Sept. 9,1960 Sept. 9,1960 Sept. 9,1960 San Francisco Sept. 2,1960 Sept. 2,1960 4% June 3,1960 * Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES i MARGIN REQUIREMENTS i [Per cent per annum] [Per cent of market value] Range F. R. Range F. R. Aug. 5, Oct. 16, Effec- Date (or level)— Bank Date (or level)— Bank Prescribed in accordance with 1958- 1958- tive effective all F. R. of effective all F. R. of Securities Exchange Act of 1934 Oct. 15, July 27, July 28, Banks N.Y. Banks N.Y. 1958 1960 1960 1948 1957 Regulation T: Jan. 12. WA 3 3T3V For extensions of credit by brokers and 19. WA dealers on listed securities 70 90 70 AUg. .3. N De o c v . . 1 2 5 . . 3 3-3V Regulation U: 70 90 70 For loans by banks on stocks 70 90 70 1950 1958 Aug.21. % W 1 A W W A A Jan. 2 2 2 4 . . 2*4-3 1 Regulations T and U limit the amount of credit that fnay be extended Mar. 7. 2*4-3 on a security by prescribing a maximum loan value, which is a specified 1953 13. VAVA percentage of its market value at the time of extension: margin require- Jan. 16. 21. ments are the difference between the market value (100%) and the maxi- 23. Apr. 18. WA-2VA mum loan value. May 9. 1954 Aug. 15. Feb. 5. Sept. 12. 15. Apr. 14. Oct. 24. 2 -2 MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS 16. Nov. 7. May 21. [Per cent per annum] 1959 1955 Mar. 6. 16. 3 If Nov. 1, Feb. 1, Jan. 1, Effec- May 2. J M u a n y e 2 1 9 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. Sept. 11. 3V4-4 1935 1935 1956 1957 18. 4 12.' 1960 Savings deposits 3 2V4 2% 3 : June 3. 3V4-4 Nov. 1 2 8 3. . 1 1 0 4 . . 2 V Postal savings deposits 3 2Vt 2% 3 Aug. 12. 3 -3 Other time deposits payable: 1956 Sept. 9. In 6 months or more 3 2VL k Apr. 13. In 90 days to 6 months.. . 3 1961 In less than 90 days 3 1 Aug. 24. In effect May 31. NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. i Under Sees. 13 and 13a (as described in table above). For data for Under this Regulation the rate payable by a member bank may not in any 1941-47, see the BULLETIN for January 1959, p. 76. event exceed the maximum rate payable by State banks or trust companies NOTE.—The rate charged by the Federal Reserve Bank of New York on like deposits under the laws of the State in which the member bank is on repurchase contracts against U. S. Govt. securities was the same as located. Effective Feb. 1, 1936, maximum rates that may be paid by its discount rate except in the following periods (rates in percentages): insured nonmember commercial banks, as established by the F.D.I.C., 1955—May 4-6,1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, have been the same as those in effect for member banks. 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31- Nov. 17, Dec 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; and Apr. 3-4, 2.50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE REQUIREMENTS 669 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures.1 In millions of dollars] Net demand deposits1 Time deposits Central reserve All city banks Reserve Coun- Ef o fe f c t c i h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r e e e a c s s n i n e e t t d r r y r v v a e e l C ba o tr n u y k n s - Item m b e a m nk b s er Y N o e r w k c C a h g i o - b c a i n ty ks ba tr n y ks banks Four weeks ending Apr. 19, 1961 In effect Dec. 31, 1945.. 20 20 14 6 6 Gross demand: Total 121,336 24,061 5,857 47,366 44,052 1948_Feb. 27 22 Interbank 13,861 4,435 1,285 6,704 1,437 June 11 24 U. S. Government. 3,200 622 184 1,241 1,154 Sept. 16,24*.... 26 22 16 71/2 7*4 Other 104,276 19,004 4,389 39,421 41,462 1949_May 1,5* 24 21 15 Net demand 2 101,929 19,951 5,068 39,335 37,576 J A u u n g e . 30 1 , , J 1 u 1 ly * 1 .. * .. . ft* 2 1 0 91/2 1 1 4 3 6 5 6 T D i e m m e and balances due 61,982 6,036 1,781 24,051 30,115 Aug. 16, 18*.... 19 12 5 from domestic banks. 6,991 178 95 2,111 4,607 Aug. 25 221/2 I8I/2 Currency and coin 2,403 169 30 743 1,460 Sept. 1 22 18 Balances with F. R. 1951—Jan. 11, 16*.... 23 19 13 6 6 Banks 16,423 3,444 904 7,025 5,050 Jan. 25, Feb. 1*. 24 20 14 Total reserves held 18,826 3,613 934 7,768 6,510 1953—Julv 1,9* 22 19 13 Required 18,226 3,594 925 7,693 6,015 1954_june 16, 24* 21 5 5 Excess 600 19 9 75 495 July 29, Aug. 1 * 20 18 12 1958_Feb. 27, Mar. 1* !S* 171/2 Four weeks ending May 17, 1961 Mar. 20, Apr. 1 * 17 Apr. 17 it* Gross demand: Apr. 24 I6I/2 Total 122,107 24,305 5,911 47,645 44,246 1960— N Se o p v t . 24 1 171/2 12 I U n . t e S r . b a G n o k vernment. 1 2 3 , , 9 6 6 0 2 2 4,4 5 2 5 2 7 1,1 1 8 5 1 8 6 1 , ,1 5 6 8 8 2 1 1 , , 4 0 1 8 6 0 Dec. 1 16i/2 Net d O e t m he a r nd2 1 10 0 2 5 , , 1 5 4 4 3 2 1 1 9 9 , , 3 8 2 5 6 6 4 5 , , 5 1 7 0 1 6 3 3 9 9 , , 8 4 9 5 5 2 4 3 1 7 , , 7 72 5 8 0 In effect June 1, 1961... I61/2 I6I/2 12 5 5 Time 62,939 6,321 1,837 24,462 30,318 Demand balances due from domestic banks. 6,831 120 104 2,032 4,575 Present legal require- Currency and coin 2,420 168 30 751 1,472 ments : Balances with F. R. Minimum 2 10 10 7 3 3 Banks 16,452 3,442 908 7,029 5,073 Maximum 2 22 2 22 14 6 6 Total reserves held 18,872 3,610 938 7,780 6,545 Required 18,303 3,592 934 7,733 6,043 Excess 569 18 4 47 502 * First-of-month or midmonth dates record changes at country banks, and other dates (usually Thurs.) record changes at central reserve or reserve city banks. 1 Balances with Reserve Banks are as of close of business; figures for all 1 Demand deposits subject to reserve requirements which, beginning other reported items (that is, excluding total reserves held and excess rewith Aug. 23, 1935, have been total demand deposits minus cash items in serves) are as of opening of business. process of collection and demand balances due from domestic banks (also 2 Demand deposits subject to reserve requirements, i.e., gross demand minus war loan and Series E bond accounts during the period Apr. 13, deposits minus cash items reported as in process of collection and demand 1943-June 30, 1947). balances due from domestic banks. 2 Prior to July 28, 1959, the minimum and maximum legal requirements against net demand deposits of central reserve city banks were 13 and 26 per cent, respectively, and the maximum for reserve city banks was 20 per cent. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS 1 [In millions of dollars] Wednesday End of month Item 1961 1961 1960 May 31 May 24 May 17 May 10 May 3 May Apr. May Discounts and advances—total.. . Ill 211 782 222 76 111 67 342 Within 15 days 108 208 774 216 70 108 60 330 16 days to 90 days 3 3 6 6 3 7 12 91 days to 1 year Acceptances—total 37 37 37 39 40 37 45 29 Within 15 days 10 13 13 12 14 10 16 7 16 days to 90 days 27 24 24 27 26 27 29 22 U. S. Government securities—total 26,887 26,747 26,667 26,916 26,781 26,887 26,772 26,035 Within 15 days 393 378 539 3,200 3,292 393 3,099 230 16 days to 90 days 6,314 6,237 6,137 6,140 6,092 6,314 1,295 6,734 91 days to 1 year 7,442 7,480 7,447 5,758 5,757 7,442 10,761 11,934 Over 1 year to 5 years 10,471 10,435 10,393 9,700 9,619 10,471 9,603 5,687 Over 5 years to 10 years 2,116 2,066 2,000 1,967 1,870 2,116 1,863 1,179 Over 10 years 151 151 151 151 151 151 151 271 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
670 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 1961 1961 1960 May 31 May 24 May 17 May 10 May 3 May Apr. May Assets Gold certificate account 16,061 16,061 16,063 16,054 16,054 16 061 16 059 18 116 Redemption fund for F. R. notes 1,034 1,034 1,026 1,028 1,032 1,034 1,030 943 Total gold certificate reserves 17,095 17,095 17,089 17,082 17,086 17,095 17,089 19,059 Cash 374 398 399 409 434 374 453 357 Discounts and advances: For member banks 107 206 772 217 71 107 62 342 For nonmember banks etc 4 5 10 5 5 4 5 Acceptances Bought outright 37 37 37 39 40 37 45 29 Held under repurchase agreement U. S. Government securities: Bought outright: Bills 2,651 2,558 2,405 2,495 2,469 2,651 2,483 2,019 Certificates Special 5,66i Other ... 6,517 6,517 6,561 4,9i7 6,517 5,001 8,507 Notes 14,548 14,525 14,489 16,506 16,452 14 548 16 436 13 010 Bonds 3,170 3,106 3,035 2,983 2,859 3,170 2,852 2,484 Total bought outright . ... 26,886 26,706 26,490 26,901 26,781 26,886 26,772 26,020 Held under repurchase agreement 1 41 177 15 1 15 Total U. S. Government securities 26,887 26,747 26,667 26,916 26,781 26,887 26,772 26,035 Total loans and securities 27,035 26,995 27,486 27,177 26,897 27,035 26,884 26,406 Cash items in process of collection 3,666 4,270 5,127 4,308 4,477 3,666 4,216 3,527 108 108 108 108 108 108 108 104 Other assets 204 187 168 326 310 204 299 186 Total assets 48,482 49,053 50,377 49,410 49,312 48,482 49,049 49,639 Liabilities Federal Reserve notes . ... 27,238 27,041 27,135 27,143 27,008 27,238 26,966 27,004 Deposits: Member bank reserves 16,107 16,386 16,990 16,516 16,447 16,107 16,419 17,619 \j j§ Treasurer general account 372 484 496 446 452 372 633 462 Foreign 210 200 206 220 206 210 230 215 Other 277 282 282 315 315 277 280 346 Total deposits 16,966 17,352 17,974 17,497 17,420 16,966 17,562 18,642 Deferred availability cash items 2,895 3,292 3,916 3,374 3,509 2,895 3,150 2,671 Other liabilities and accrued dividends 47 49 46 43 38 47 38 46 47,146 47,734 49,071 48,057 47,975 47,146 47,716 48,363 Total liabilities . . .. Capital Accounts 423 423 423 423 423 423 '423 398 Surplus 817 817 817 817 817 817 817 775 Other capital accounts 96 79 66 113 97 96 '93 103 Total liabilities and capital accounts 48,482 49,053 50,377 49,410 49,312 48,482 49,049 49,639 Contingent liability on acceptances purchased for foreign correspondents 166 163 144 143 148 166 151 161 U. S. Government securities held in custody for foreign account 5,637 5,617 5,662 5,660 5,634 5,637 5,634 4,841 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank). . 28,809 28,622 28,656 28,603 28,581 28,809 28,595 28,285 Collateral held against notes outstanding: Gold certificate account 8,975 8,975 8,975 8,975 8,975 8,975 8,975 10,565 Eligible paper 11 40 91 31 25 11 31 72 U. S. Government securities , 21,210 21,210 21,210 21,210 21,210 21,210 19,145 21,210 Total collateral. 30,196 30,225 30,276 30,216 30,210 30,196 30,216 29,782 NOTE.—For explanation of adjustments in preparing this consoli- ratios see opposite page, dated statement, see the BULLETIN for February 1961, p. 164. For reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS 671 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1961 [In millions of dollars] Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - Atlan- c C a h g i o - Lo S u t. is M ap in o n li e s - K C s a a it n s y - Dallas F Sa ra n n- Assets Gold certificate account 16,061 768 4,090 943 1,361 995 737 2,803 673 330 712 549 2,100 Redemption fund for F. R. notes... 1,034 59 246 64 89 63 181 44 26 48 31 103 Total gold certificate reserves 17,095 827 4,336 1,007 1,450 1,075 800 2,984 717 356 760 580 2,203 F. R. notes of other Banks. 326 106 15 21 17 24 9 20 Other cash 374 76 15 34 19 61 52 Discounts and advances: Secured by U. S. Govt. securities. 107 7 Other 4 0) Acceptances: Bought outright 37 Held under repurchase agreement. U. S. Govt. securities: Bought outright 26,886 1,431 6,649 1,553 2,280 1,702 1,478 4,594 1,082 629 1,172 1,092 3,224 Held under repurchase agreement. 1 Total loans and securities 27,035 1,445 6,705 1,557 2,283 1,734 1,485 4,612 1,083 634 1,178 1,093 3,226 Cash items in process of collection.. 4,669 349 940 321 385 334 347 738 187 126 226 212 504 Bank premises 108 4 9 4 8 6 12 23 7 5 5 14 11 Other assets 204 11 50 11 18 13 12 34 4 10 25 Total assets. 49,811 2,671 12,222 2,930 4,199 3,198 2,750 8,476 2,033 1,142 2,203 1,946 6,041 Liabilities Federal Reserve notes 27,564 1,589 6,385 1,816 2,477 2,122 1,564 5,125 1,185 588 1,143 820 2,750 Deposits: Member bank reserves 16,107 635 4,386 716 1,226 677 820 2,437 583 385 783 869 2,590 U. S. Treasurer—general account. 372 23 18 24 26 34 31 64 54 19 22 24 33 Foreign 210 11 2 48 13 21 10 12 32 8 5 10 13 27 Other 277 0) 233 2 0) 2 1 0) 1 1 C1) 36 Total deposits. 16,966 669 4,685 755 1,273 723 864 2,534 645 410 816 906 2,686 Deferred availability cash items 3,898 346 772 279 322 289 247 618 156 113 187 143 426 Other liabilities and accrued dividends 47 3 13 3 4 2 2 2 1 1 2 6 Total liabilities. 48,475 2,607 11,855 2,853 4,076 3,136 2,677 8,285 1,988 1,112 2,147 1,871 5,868 Capital Accounts Capital paid in 423 117 60 55 Surplus 817 229 116 100 Other capital accounts. 96 21 15 18 Total liabilities and capital accounts., 49,811 2,671 12,222 2,930 4,199 3,198 2,750 8,476 2,033 1,142 2,203 1,946 6,041 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): May 31, 1961 38.4 36.6 39.2 39.2 38.7 37.8 32.9 39.0 39.2 35.7 38.8 33.6 40.5 Apr. 30, 1961 38.0 34.0 40.2 37.5 37.4 36.8 35.7 37.2 37.3 36.2 37.3 38.0 39.2 May 31, 1960 41.4 38.7 45.7 41.3 43.1 36.1 36.2 41.0 39.0 35.0 35.6 34.6 43.9 Contingent liability on acceptances purchased for foreign correspondents 166 3 46 10 15 23 10 20 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 28,809 1,631 6,834 1,874 2,618 2,201 1,622 5,249 1,229 663 1,174 861 2,853 Collateral held against notes outstanding : Gold certificate account 8,975 475 2,000 650 870 670 475 1,700 380 180 300 275 1,000 Eligible paper It 4 1 U. S. Govt. securities 21,210 1,275 5,100 1,325 1,880 1,560 1,200 3,800 935 510 900 625 2,100 30,196 1,750 7,100 1,979 2,750 2,230 1,675 5,500 1,316 690 1,206 900 3,100 1 Less than $500,000. 3 After deducting $120,000,000 participations of other Federal Reserve 2 After deducting $162,000,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
672 CURRENCY DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by U. S. Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 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—Apr.. 31,600 22,529 2,311 1,417 6,474 10,141 9,070 2,712 5,769 254 327 3 5 May. 31,879 22,809 2,324 1,440 83 6,561 10,263 9,070 2,718 5,767 252 324 3 5 June. 32,065 22,970 2,338 1,440 84 6,604 10,363 9,095 2,737 5,774 252 323 3 5 July.. 32,039 22,946 2,345 1,428 84 6,567 10,398 9,094 2,739 5,776 250 320 3 5 Aug.. 32,027 22,912 2,364 1,426 85 6,525 10,399 9,115 2,738 5,800 250 319 3 5 Sept.. 32,022 22,900 2,375 1,444 85 2,133 6,542 10,320 9,122 2,728 5,818 249 319 3 5 Oct... 32,144 22,996 2,390 1,457 84 2,147 6,557 10,362 9,148 2,731 5,844 248 317 3 5 Nov.. 32,632 23,410 2,417 1,487 86 2,191 6,683 10,545 9,222 2,762 5,888 248 317 3 5 Dec. 32,869 23,521 2,427 1,533 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 Mar. 31,891 22,742 2,406 1,434 86 2,124 6,496 10,198 9,148 2,733 5,851 245 312 3 5 Apr. 31,830 22,702 2,417 1,433 86 2,119 6,476 10,171 9,128 2,726 5,839 245 310 3 6 1 Outsside Treasury and Federal Reserve Banks. Prior to 1955 the currency shown by denomination by amounts of unassorted currency totals shlown as in circulation were less than totals of coin and paper (not shown separately). 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by U. S. Treasury. In millions of dollars] Held in the Treasury Currency in circulation * Total out- Held by Kind of currency A sta p 1 n r 9 . d 6 i 3 1 n 0 g , A g a s o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n o n R d r k . s a B F g a a . e n n n R d k t . s s Ap 1 r 9 . 6 3 1 0, Ma 1 r 9 . 6 3 1 1, Ap 1 r 9 . 6 3 0 0, certificates agents Gold 17,390 17,119 2 271 Gold certificates . ... 17,119 14,273 2,816 30 30 30 Federal Reserve notes 28,594 85 1,631 26,878 26,970 26,695 Treasury currency total 5,419 32,378 43 453 4,923 4,891 4,874 Standard silver dollars . . . ... 488 126 27 12 323 321 300 Silver bullion 2,252 2,252 Silver certificates and Treasury notes of 1890... . 32,378 334 2,044 2,027 2,094 Subsidiary ciWer coin 1,596 8 70 1,518 1,512 1,467 IVIinor coin 588 2 10 576 .573 543 United States notes . ... 347 5 28 314 310 312 Federal Reserve Bank notes 94 (4) (? 93 94 102 National Bank notes .... 55 54 55 56 Total Apr. 30 1961 19,497 399 14,273 4,900 31,830 Mar 31 1961 19,506 392 14,283 4,906 31,891 Apr. 30, 1960 21,497 406 16,251 4,719 31,600 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. 665. 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 673 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 ending— Demand Demand Demand Total Cur- de- Total Cur- de- De- Time U. S. Total Cur- de- Time U.S. rency posits1 rency posits i mand Govt. rency posits 1 Govt. 1960 I960—Apr. 2 1 . . . . 1 14 4 0 0 . . 7 3 2 2 9 9 . . 1 0 1 11 1 1 1 . . 6 3 1 14 3 0 9 . . 9 4 2 2 8 8 . . 9 6 1 1 1 1 0 2 . . 5 3 9 93 1 . . 1 4 5 5 4 4 . . 1 2 2 3 . . 9 8 Apr. i3 2 6 0 . 1 1 1 3 4 3 1 8 9 . . . 6 1 8 2 2 2 8 9 8 . . . 9 0 8 1 1 X 1 0 12 0 9 ! . . 9 3 8 5 5 54 4 4 . . 1 2 1 2 3 3 . . 0 7 3 J M un ay e 1 2 2 1 . . . . . . . . 1 1 1 1 3 3 3 4 9 9 9 0 . . . . 4 6 4 2 2 2 2 2 8 8 9 9 . . . . 9 9 0 0 1 1 1 1 1 1 1 1 0 0 0 1 . . . . 5 5 6 2 1 1 1 1 3 3 3 3 8 7 9 7 . . . . 9 2 0 0 2 2 2 2 8 8 8 8 . . . . 7 8 8 9 1 1 1 1 0 0 1 0 9 9 0 8 . . . . 0 2 2 3 9 9 9 8 0 1 0 9 . . . . 4 4 2 7 5 5 5 5 4 5 4 4 . . . . 7 4 0 5 6 6 5 5 . . . . 2 4 2 3 May 2 1 i 4 s 7 1 ! ! . 1 1 1 1 3 4 3 3 0 9 8 9 ' ! . . 7 o 0 9 2 2 2 28 8 8 8 ! ^ . 6 8 9 5 1 1 1 1 1 1 1 0 2 0 1 9^ 1 2 4 2 1 5 5 5 5 4 4 4 4 ^ ! 2 5 3 5 5 5 5 3 ^ ' . 7 3 0 8 July 1.. 1 13 3 9 9 . . 7 6 2 2 8 9 . . 9 0 1 11 1 0 0 . . 7 6 1 1 3 38 9 . . 1 3 2 29 9 . . 0 2 1 1 1 0 0 8. . 9 3 9 91 0 . . 4 0 5 55 5 . . 7 4 6 5. . 9 2 June 2 1 5. . 1 1 3 3 6 6 . . 7 9 2 2 8 8. . 7 7 1 1 0 0 8 8 . . 1 2 5 5 4 4 . . 6 6 6 6 . . 3 3 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 Feb. 1. 143.0 28.4 114.6 59.4 3.4 2.. 141.2 29.0 112.2 141.4 29.0 112.4 92.6 57.5 4.8 8. 142.2 28.7 113.5 60.2 3.8 Nov. 1. . 140.6 29.0 111.6 141.7 29.2 112.4 92.5 57.6 5.2 15. 141.6 28.7 113.0 60.4 3.3 2.. 139.9 29.0 110.9 141.2 29.3 111.9 92.0 57.5 5.2 22. 139.7 28.6 111.1 60.5 5.2 Dec. 1. . 140.3 28.9 111.4 143.2 29.5 113.7 93.8 57.8 3.6 Mar. 1. 139.5 28.4 111.1 60.8 5.1 2.. 140.5 29.0 111.5 144.4 29.6 114.8 94.7 58.3 4.7 8. 139.7 28.8 110.9 61.2 4.7 15. 140.7 28.7 112.0 61.4 3.2 1961—Jan. 1. . 140.2 28.9 111.3 144.0 29.1 114.9 94.6 58.9 4.1 22. 140.6 28.7 111.9 61.4 4.7 2.. 141.0 29.0 112.0 143.4 28.5 114.8 94.8 59.2 3.1 29. 139.6 28.5 111.1 61.6 4.1 Feb. 1. . 141.3 28.9 112.4 142.0 28.6 113.3 93.5 60.2 3.5 Apr. 5. 139.7 28.8 110.9 61.9 4.0 2.. 141.1 28.9 112.1 139.6 28.5 111.1 91.7 60.6 5.1 12. 141.2 28.8 112.3 62.1 2.8 Mar. 1. . 141.1 29.0 112.1 140.1 28.7 111.5 92.2 61.2 4.0 19. 142.8 28.7 114.1 62.3 1.8 2.. 142.0 29.0 113.0 140.0 28.6 111.4 92.3 61.6 4.4 26. 142.4 28.5 114.0 62.4 1.6 May 3. 141.6 28.6 113.1 62.8 2.9 Apr. 1. . 141.8 29.0 112.8 140.9 28.8 112.1 92.7 62.1 3.0 10. 140.8 28.9 112.0 63.2 3.5 2.. 142.2 29.0 113.2 142.4 28.6 113.9 94.3 62.5 2.0 17. '140.3 28.8 111.5 63.3 3.9 May 1. . 142.0 29.0 113.0 140.8 28.8 nn.o 92.5 63.2 3.5 24. 139.0 28.7 110.3 63.6 5.1 2.. 141.9 28.9 113.0 139.3 28.6 110.6 91.4 63.6 4.7 31. 139.2 28.6 110.6 63.7 4.4 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 ^eading centers Year or month All 337 other 337 other reporting reporting reporting centers New York 6 others1 centers2 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 I960 May 232,844 92,176 88,551 48,453 47,895 98,006 96,398 61.1 58.9 35.5 35.2 26.3 26.2 June 250,852 91 604 99,809 48,583 50,415 97,951 100,629 61.3 65.7 35.7 36.5 26.4 26.9 July 223,539 89,444 86,063 46,807 45,254 94,791 92,222 58.9 58.8 34.2 34.0 25.5 25.7 Aue 241 771 99 947 92 435 50 127 49 474 99 036 99 862 65.5 59.8 36.7 34.7 26.6 26.0 Sept 240,772 103,832 97,162 48,974 47,909 96,224 95,700 68.5 65.9 35.8 35.5 26.0 26.2 Oct 233,131 91,870 89,905 48,084 47,567 95,418 95,659 60.0 59.2 34.9 34.7 25.5 25.7 Nov 235,100 98,791 91,020 49,017 47,577 98,306 96,503 63.5 61.3 35.8 34.9 26.2 26.2 Dec 256,905 88 381 101,551 47,871 52,313 94 687 103,041 57.8 64.4 34.3 36.5 25.1 26.6 1961—Tan '257,828 '97 520 '104,473 51,046 52,382 '97 613 '100 973 '63 0 '65 5 36.5 36 3 25 7 '25 9 Feb '222,820 98,269 89,831 50,199 44,861 '97,828 '88,128 63.7 61.4 35.8 33.5 25.7 24.4 Mar '265,564 '101,454 '110,455 49,484 53,354 '98,566 '101,755 '67.1 '69.9 35.4 38.1 '26.2 26.1 Apr . '241,082 '103,451 '101 151 51 281 48 529 '97 456 '91 402 '68 0 '67 8 36.9 37 1 25 7 25 0 May 268,932 113,337 111,463 53,180 53,782 102,974 103,688 74.6 72.0 ?38.O ?37.8 P26.9 *>26.8 v Preliminary. r Revised. NOTE.—For description of series and for revised monthly figures Adj. = adjusted for seasonal variation. Unadj. = without seasonal beginning with 1950, see the BULLETIN for January 1960, pp. 8-11. Seasonadjustment. ally adjusted figures for earlier years, prepared by Federal Reserve Bank 1 Boston, Philadelphia, Chicago, Detroit, San Francisco and Los of New York, together with unadjusted data were published in the Angeles. 2 Prior to April 1955, 338 centers. BULLETIN for May 1959, p. 554. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
674 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— Date T c u r u e r a r y - s- U. S. Government obligations l T i i a t o i b e t i a s l l - Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o r n c m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d n si c t y s c m o n a u i c e s n - t c t . s, 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,mi 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1 1 1 1 1 9 9 9 9 9 5 4 5 4 5 0 5 8 7 9 — — — — — D D D D D e e e e e c c c c c . . . . . 3 3 3 3 3 1 0 1 1 1 . . . . . 2 2 2 2 1 2 0 0 2 9 , , , , , 7 0 5 7 4 0 6 3 5 5 6 5 4 6 4 4 4 4 5 5 , , , , , 6 3 3 5 2 1 3 3 6 3 1 6 9 2 4 2 2 1 1 1 5 4 7 6 6 5 9 7 1 0 , , , , , 4 3 0 6 8 8 3 8 6 3 1 5 2 7 2 1 1 4 6 3 3 2 3 0 0 5 1 , , , , , 0 3 3 8 6 2 6 8 6 0 3 6 7 7 2 1 1 1 9 9 0 2 0 6 3 7 8 1 , , , , , 5 4 0 4 2 6 9 8 1 0 0 7 6 7 7 1 7 7 6 8 0 3 5 2 1 1 , , , , , 6 8 1 8 2 4 0 9 8 9 1 1 9 8 4 2 2 2 2 2 2 6 6 4 0 , , , , , 5 6 3 7 2 5 4 4 7 6 9 8 7 8 2 2 2 3 1 1 , , , , , 2 8 0 8 3 1 4 2 6 8 9 8 7 8 8 2 2 1 1 6 6 8 4 0 , , , , , 0 2 7 7 5 7 7 4 2 7 1 3 1 3 7 2 2 1 1 1 7 8 9 9 8 4 0 9 1 8 , , , , , 8 0 7 1 2 8 0 4 5 0 5 9 8 0 2 2 2 1 1 1 5 5 8 7 8 6 2 0 5 4 , , , , , 8 0 3 0 3 0 4 2 2 8 6 8 0 2 4 2 2 1 1 1 2 4 4 0 2 , , , , , 8 1 9 8 6 2 8 7 0 2 9 6 9 0 4 1960—May 25. 19,400 5,400 250,700 136,800 88,500 61,800 25,700 1,000 25,400 275,400 249,300 26,000 June 15. 19,351 5,354 253,320 139,164 88,637 61,541 26,155 941 25,519 278,025 251,981 26,044 June 29., 19,300 5,400 252,500 139,100 87,900 60,800 26,200 900 25,500 277,200 251,000 26,200 July 27., 19,200 5,400 254,700 138,200 90,800 63,200 26,700 900 25,700 279,200 252,900 26,300 Aug. 31. 19,000 5,400 255,100 138,700 90,800 63,100 26,800 900 25,600 279,500 252,200 27,300 Sept. 28. 18,700 5,400 258,300 140,800 91,800 64,200 26,800 900 25,700 282,400 255,100 27,300 Oct. 26. 18,500 5,400 260,900 140,200 94,600 66,800 27,000 900 26,000 284,700 257,500 27,200 Nov. 30. 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. 25. 17,500 5,400 263,500 141,000 95,900 68,300 26,700 800 26,500 286,400 259,200 27,200 Mar. If 17,400 5,400 264,700 142,500 95,300 67,800 26,700 800 26,900 287,500 259,500 27,900 Mar. 29* 17,400 5,400 263,800 142,600 93,700 66,200 26,700 800 27,500 286,600 258,900 27,700 Apr. 26* 17,400 5,400 265,000 143,300 94,100 67,100 26,200 800 27,600 287,800 260,600 27,200 May 31P 17,400 5,400 267,100 144,000 95,400 67,700 26,900 800 27,700 289,900 261,600 28,400 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o n d a i s g e e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c m n t d k i g a - s s l B F a . A n t R ks . Total Total m T b C e i a m o r n c m e k ia s - l de M b p s a o a u v n s t i i k u n t s a s g 2 l 3 s S S P y a o v s s t i e t n a m g l s p m o D d s a e e i n - t - d s4 b r C o e s a i n u n u d c t k r e - y - s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i c l t d d y s j p m u D o a d s a d s e t e n i e - - - t d d s b r C o e s a i n u u n d c t r k e - - y s 1929—June 29.. 365 204 381 36 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 1,13411155,507 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—May 25.. 2,800 400 7,200 500 238,400102,600 66,500 35,200 900107,700 28,100 137,500 109,300 28,200 June 15.. 2,744 421 6,657 535 241,624103,056 66,906 35,301 849110,024 28,544 () () D J J A S O N u u e e u c o l n p y c t g v e . t . . . . 3 3 2 2 2 2 3 1 1 9 8 7 6 0 . . . . . . . . . . . . . . 2 2 2 3 3 3 3 , , , , , , , 1 1 1 8 9 9 0 8 0 0 0 0 0 0 4 0 0 0 0 0 0 4 4 4 4 4 4 3 0 0 0 0 0 0 7 0 0 0 0 0 0 7 6 7 7 5 6 6 5 , , , , , , , 1 5 7 7 2 3 6 9 0 0 0 0 0 0 3 0 0 0 0 0 0 4 5 5 6 5 5 5 8 0 0 0 0 0 0 5 0 0 0 0 0 0 2 2 2 2 2 2 25 4 4 4 4 3 4 2 2 2 3 7 9 7 , , , , , , , 9 6 7 6 3 8 2 2 0 0 0 0 0 0 6 0 0 0 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 8 5 6 4 6 3 6 , , , , , , , 4 2 7 2 7 7 0 6 0 0 0 0 0 0 8 0 0 0 0 0 0 6 6 6 7 7 7 6 7 8 9 1 0 0 7 , , , , , , , 9 9 4 3 0 0 4 0 0 0 8 0 0 0 0 0 0 0 0 0 0 3 3 3 3 3 3 3 5 6 5 5 5 5 5 , , , , , , , 6 3 4 9 8 9 5 1 0 0 0 0 0 0 8 0 0 0 0 0 0 7 8 8 8 8 8 8 7 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 0 0 1 1 1 5 8 9 7 0 2 1 , , , , , , , 1 9 3 8 1 2 9 0 0 0 0 0 0 0 0 0 2 0 0 0 0 2 2 2 2 2 2 2 9 8 8 8 8 8 8 , , , , , , , 3 3 3 4 5 7 3 5 0 0 0 0 0 0 6 0 0 0 0 0 0 1 1 1 1 1 1 1 3 3 3 3 3 3 3 8 8 8 9 8 8 9 , , , , , , , 8 6 5 2 0 6 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 0 1 1 1 1 1 1 9 0 1 1 0 0 0 , , , , , , , 9 3 5 0 6 3 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 8 8 8 8 8 8 8 , , , , , , ,2 1 3 3 2 4 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1961—Jan. 25.. 3,100 400 3,600 500 251,600109,000 71,700 36,500 800114,700 28,000 140,700 112,30028,400 Mar. If 3,100 400 6,100 400 249,500110,700 73,300 36,600 700110,600 28,200 139,400 110,900 2-8,500 Mar. 29* 3,300 400 4,400 500 250,200111,900 74,200 37,000 700110,300 28,000 140,400 112,10028,300 Apr. 26* 3,200 400 2,300 500 254,200112,700 75,000 36,900 700113,600 27,900 141,500 113,30028,200 May 3IP. 1,100 400 5,100 400 254,600115,600 77,800 37,000 700110,600 28,400 140,800 112,300 28,500 P Preliminary. * Revised preliminary figures. in seasonal factor for demand deposits adjusted for Mar. 30, 1960, t This date used instead of last Wednesday of February. Seasonal shown on p. 135, note 3, of that BULLETIN, has been revised from —0.9 adjustment factors used, however, were for last Wednesday of February. to —0.5. The new factor is 97.9. 1 Represents all commercial and savings banks, Federal Reserve Banks, NOTE.—For description of statement and back figures, see the BULLETIN Postal Savings System, and Treasury currency funds (the gold account, for January 1948, pp. 24-32. The composition of a few items differs Treasury currency account, and Exchange Stabilization Fund.) slightly from the description in the BULLETIN article; stock of Federal 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, Reserve Banks held by member banks is included in other securities and open account; and deposits of Postal Savings System in banks. in capital and miscellaneous accounts, net, and balances of the Postal 3 Prior to June 30, 1947, includes a small amount of demand deposits. Savings System and the Exchange Stabilization Fund with the U. S. 4 Demand deposits other than interbank and U. S. Govt., less cash Treasury 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 675 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank2 Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i S n v g . s t a . - O s r e i t t c h ie u e s - r a C ss a e s t h s2 c b a i a l a l p i n i c a t i d i - - t e a s l Total2 m D a e n - d Time Demand Time r B i o n o w g r s - - c c a o a p u c i n - ta ts l ba b o n e f r ks counts- U. S. Other Govt. All banks: 1 19 9 4 4 5 1 — — D D e e c c . . 3 3 1 1 . . . . 4 6 0 1 , , 2 1 2 2 7 6 2 3 6 0 , , 6 3 1 6 5 2 2 0 5 1 , , 5 2 1 8 1 8 8: 2 3 7 5 , , 3 41 4 5 4 1 9 7 0 7 , , 9 3 0 3 8 21 8 6 1 5 , , 8 6 1 1 6 2 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 47 1 9 3 2 2 2 3 7 4 5 1 4 4 2 4 4, , 5 8 5 2 3 6 1947—Dec. 314. 134,924 43,002 81,199 io;723:3 8,,388175,091161,86512,793 240 1,346 94,38153,105 66 ,948 4,714 1958—Dec. 31.. 221,485 21,571 73,641 26,273 49,911276,430250,05715,799 2,374 4,253 130,13297,498 8121,705 4,020 1959—Dec. 31.. 227,831 35,958 65,801 26,07150,296 283,629254,88515650 1,443 5,054 131,622 101,116 62422,91513,991 I960—May 25 . . 226,710 39,550 61,810 350 42! ,360 241 12210 1,490 6,880 118,720 102,020 3,180 23,520"4,002 June 29.. 227,200 40,990 60,760 450 43! ,710 244; 13,300 1,440 7,060 119,570103,100 2", 170'23,770 4,000 Sept. 28. . 232,100 42,180 64,19025,730 44,500282,710 249,330 13670 1,670 7,390 121 130 105,470 2,05024,230 14,000 Oct. 26. . 234,520141,720 26,010 45,850286,550252,510 180 1,690 5,970 124450 106,220 2,480 24,370 3,989 Nov. 30. . 234,510142,090 66,56025,860 46,880287,650254,200 600 1,740 5,360 125,290106.210 1,33024,59013,985 Dec. 31.. 238,623'44,764 67,24226,61753,022298,126266,196 17080 1,800 5,949 133,408107,959 16724,53913,986 1961—Jan. 25.. 236,450141,590 68,32026.540 44610 287,400255,050 020 1,800 3,320 126!380 108,530 600 24;68013,986 Mar. 11. 238,960144,240 67,84026880 46!260 291510 257,430 420 1,800 5,830 125120 110,260 1,860 24;79013,978 Mar. 29*. "38,000144,290 66,24027470 42.890287,500253,340 660 1,820 4,160 122200 111,500 1,880 24;80013,977 Apr. 26*. 239,630 44,950 67,10027^558800 4444;; 200 290; 256,350 ,500 1,900 2,010126 690 112,250 ',750 24!80013,974 May 31*. 240,970145,570 67,72027,680 44,930 292, 258,150 ,500 430 4,790124,260 115,170 1,69025,04013,975 All commercial banks: 1941—Dec. 31 746 21,714 21,808 7,225 26,551 79,104 71. 10,982 44,349 15,952 23 7,17314,278 1945—Dec. 31 ,019 26,083 90,606 7,33134,806160,312150 14,065 105,921 30,241 219 8,950 1144,011 1947_Dec. 314 ,284 38,057 69,221 9,00637,502155,377144,10312,792 240 1,3431 367 35,360 6510,05914,181 1958—Dec. 31 ,165 98,214 66,376 2057548,990238,651216,01715,799 2,372 4,250 104 63,493 7318,48613,501 1959—Dec. 31 ,270 110,832 58,937 20;50149,467 244,686 219,903 649 %441 5,050131,59366,169 61519,55613,474 I960—May 25 ,580 113,630 55,14019810 41 360234,980206,090 210 ,490 6, 118,69066,820 3,18020,11013,486 June 29 900114,840 54,21019;850 42 880237,040209,010 300 ,440 7,060 119 67,670 2,17020,28013,485 Sept. 28 270 115,430 57,69020 150 43 710242,530213,520 670 ,670 7,390 121 69,690 2,05020,66013,485 Oct. 26 580114,790 60,39020 400 45 100246,290216,58014,180 ,690 5,970124,42070,320 2,48020,81013,474 Nov. 30 490 115,010 60,18020;30046J10 247,290218,23015,600 ,740 5,360 125,26070,270 1,33021,00013,470 Dec. 31 509117,642 61,00320,864 52,150257,55:229,84317,079 ,799 5,945 133,37971,641 16320,98613,472 1961—Jan. 25 ,020 114,210 61,88020,93043,810246,590218,53015,020 ,800 3,320 126,35072,040 60021,10013,472 Mar. It ,300 116,720 61,31021,27045,430250,430220,76014,420 ,800 5,830 125,09073,620 1,86021,17013,464 Mar. 29P ,990 116,640 59,67021,680 42,040246,020216,33013,660 ,820 4,160 122,17074,520 1,88021,17013,463 Apr. 26*> 720117,180 60,74021,80043,400249,040219,39013,500 ,900 2,010 126,660 75,320 1,75021,20013,460 May 31* ,950 117,600 61,45021,90044,090251,030221,09013,500 430 4,790 124,23078,140 1,69021,42013,461 All member banks: 1941_Dec. 31 18,021 19,539 5,96123,123 68,121 61,71710,385 140 ,709 37,13612,347 5,886 6,619 1945—Dec. 31 22,775 78,338 6,07029,845138,304129,67013,576 64 22,179 69,64024,210 208 7,589 6,884 1947_Dec. 31 32,628 57,914 7,304 32 132,060122,52812,353 50 ,176 80; 609 28; 340 54 8,464 6,923 1958_Dec. 31 84,061 54,29916,504 43 202,017182,81615,227 2,187 822110,44851,132 5415,460 6,312 1959—Dec. 31 94,779 46,81316,287 43 509 205,726184,70615,048 1,338 504110,989 52,827 58116,264 6,233 I960—May 25 96,880 43,74215,69536,522197,304172,40011,752 1,388 232 99,84153,187 3,08816,697 6,213 June 29 97,898 42,98015,71537,977199,243175,20012,775 1,298 6,360 100,79053,977 2,06916,822 6,212 Sept. 28 98,196 46,07316,01338,686 203,891178,95: 13,105 1,525 6. 101,90555,590 1,99617,114 6,200 Oct. 26 97,469 48,37916,19439,628206,669181,06413,601 1,552 5 104,49856,028 2,42917,239 6,187 Nov. 30 97,708 48,22416.06540,384 207,455182,55015,014 1,594 ; 105,12856,033 1,26917,390 6,178 Dec. 31 99,933 49,10616;57945,756216,577193,02916,436 1,639 5,287112,39357,272 13017,398 6,174 1961—Jan. 25 96,773 49,80616,66138,174206,507182,60314,465 1,636 2,914105,99057,598 56317,464 6,164 Mar. It 99,558 49,43817,02039,900211,040185,40: 13,912 1,639 5,179105,35359,319 1,82517,629 6,160 Mar. 29^ 99,473 48,03017,37236,842207,099181,43713,181 1,664 3,721102,77060,101 1,82717,651 6,151 Apr. 26P 99,913 49,02017,465 007209,737184,11813,007 1,741 1,706106,83960,825 1,72017,683 6,147 May 31* 100,140 49,81717,493 735211,580185,72713,025 268 4,198104,69363,543 1,63917,865 6,147 All mutual savings banks: 1941—Dec. 31 10,379 4,901 3,704 1,77 793 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 15,371 542 1947—Dec. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 533 1958—Dec. 31 36,320 23,357 7,265 5,698 921 37,779 34,040 34,006 3.'219 519 1959—Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 34,948 3,359 517 I960—May 25 38,130 25,920 6,670 5,540 670 39,380 35,230 35,200 3,410 516 June 29 38,300 26,150 6,550 5,600 830 39,670 35,460 35,430 3,490 515 Sept. 28 38,830 26,750 6,500 580 790 40,180 35,810 35,780 3,570 515 Oct. 26 38,940 26,930 6,400 5,610 750 40,260 35,930 35,900 3,560 515 Nov. 30 39,020 27,080 6,380 5,560 770 40,360 35,970 35,940 3,590 515 Dec. 31 39,11 27,122 6,239 5,752 872 40,57 36,353 36,318 3,553 514 1961—Jan. 25 39,430 27,380 6,440 800 40,810 36,520 8 36,490 3,580 514 Mar. It 39,660 27,520 6,530 830 41,080 36,670 36,640 3,620 514 Mar. 29* 40,010 27,650 6,570 850 41,480 37,010 36,980 3,630 514 Apr. 26* 39,910 27,770 6,360 800 41,330 36,960 36,930 3,600 514 May 31* 40,020 27,970 6,270 5,780 840 41,490 37,060 37,030 3,620 514 * Preliminary. * Revised preliminary figures. 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 commerical 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
676 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io l o . i S n v g s a . t. - O s ri e t t c h ie u e s - r a C ss a e s t h s; c c b T o a i a l a l u p o i n i c a n t i t d i - t - a t e a s l s l q Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S e . ma O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b u o n e m f k r s - Govt. Other Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1958—Dec. 31 25,966 16,165 7,486 2,315 9,298 36,398 31,679 4,786 1,739 968 20,704 3,482 3,282 18 1959—Dec. 31 25,291 18,121 5,002 2,168 9,174 35,750 30,647 4,765 988 1,027 20,419 3,448 232 3,361 16 1960—May 25 25,090 17,827 5,300 1,963 7,371 33,875 27,421 3,885 1,041 1,457 17,628 3,410 1,143 3,423 16 June 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 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 Apr. 26* 27,725 18,447 6,588 2,690 8,037 37,668 30,722 3,891 1,281 204 20,415 4,931 593 3,592 15 May 31* 27,756 18,179 7,116 2,461 8,144 37,811 31,012 4,150 161 754 19,568 6,379 390 3,630 15 Chicago: 1941—Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 ,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 ,739 6,866 6,402 1,217 72 4,201 913 426 14 1958—Dec. 31 6,830 3,637 2,562 631 2,158 9,071 8,214 1,357 249 5,136 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—May 25 6,562 4,259 1,647 656 ,723 8,378 254 1,053 381 4,371 1,405 225 760 11 June 29 6,598 4,342 1,620 636 ,854 8,546 474 1,151 407 4,442 1,426 161 769 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 2,046 9,219 8,197 1,380 327 4,899 1,530 35 822 10 1961—Jan. 25 6,875 4,195 1,989 691 1,814 8,809 7,733 1,254 141 4,743 1,532 88 821 10 Mar. If 7,094 4,534 1.886 674 1,894 9,118 7,950 1,221 285 4,665 1,715 138 826 10 Mar. 29* 7,049 4,403 1,939 707 1,635 8,826 7,436 1,188 232 4,256 1,681 362 827 10 Apr. 26? 6,847 4,401 1,682 764 1,730 8,718 7,643 1,162 57 4,625 1,717 54 831 10 May 31* 7,051 4,291 1,994 766 1,897 9,091 7,978 1,186 219 4,704 1,859 73 841 10 Reserve city member banks:6 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22.313 4,356 104 491 12,557 4,806 1,967 351 1945_Dec. 31 40,108 8,514 29,552 2,04211,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947_Dec. 31 36,040 13,449 20,196 2,39613,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1958—Dec. 31 60,558 34,003 20,645 5,91017,701 79,781 72,647 7,506 377 1,429 42,259 -2'1,075 14 5,760 274 1959—Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7.450 303 1,698 42,668 21,555 238 6,106 265 I960—May 25 59,491 39,126 15,046 5,31915,105 76,253 67,149 5,623 279 2,591 37,81120,845 1,105 6,174 224 June 29 59,563 39,421 14,846 5,29615,786 77,090 68,028 6,062 241 2,591 37,996666 2211,168 1,064 6,257 223 Sept. 28 60,790 39,430 16,029 5,33115,801 78,381 69,317 6,509 317 2,500 38,25721,734 803 6,332 218 Oct. 26 61,805 39,354 17,040 5,41115,998 79,643 70,421 6,774 286 2,062 39,410 "2'1,889 822 6,366 218 Nov. 30 61,625 39,273 16,943 5,40916,649 80,141 71,126 7,433 293 1,867 39,654 21,879 434 6,406 217 Dec. 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 54815,789 79,543 70,958 7,020 326 1,085 39,888833 2222,644 237 6,422 214 Mar. It 63,470 40,282 17,521 566716,243 81,632 72,418 6,836 329 2,130 39,48823,635 577 6,573 213 A M p a r r . . 2 2 6 9 * * 6 63 2 , , 4 5 1 5 8 9 3 39 9 , , 9 9 1 2 6 8 1 1 7 6 , , 8 9 0 4 5 7 56 69 8 7 4 1 1 14 5 4, , 8 5 9 2 1 9 7 8 9 0 , , 3 8 5 3 9 8 7 7 1 0 , , 5 1 5 9 6 7 6 6 , , 5 3 5 1 4 6 3 3 4 1 1 1 1,4 6 7 1 4 7 4 3 0 8, , 0 4- 7 7• 7 4 • 2 2'3 3 , , 6 96 2 7 2 8 6 7 9 9 4 6 6 , , 5 5 8 8 8 9 2 2 0 0 5 6 May 31? 63,706 40,015 17,876 5^81515,920 81,549 72,113 6,343 60 1,608 39,290 24,812 885 6,640 205 Country member banks:6 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1958—Dec. 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 1,175 42,349 "2,5137 37 5,685 6,006 1959—Dec. 31 64,082 33,76b 22,535 7,781 14,122 79,567 72,323 1,602 1,508 42,832 26,356 71 6,035 5,938 I960—May 25 65,174 35,668 21,749 7,757 12,323 78,798 70,576 1,191 1,803 40,03127,527 615 6,340 5,962 June 29 65,112 36,075 21,241 7,796 12,564 79,007 71,044 1,223 1,947 40,"0-0-3 "2,7847 371 6,369 5,962 Sept. 28 66,482 36,691 21,975 7,816 12,740 80,609 72,522 1,349 1,780 40,750 28,617 203 6,531 5,956 Oct. 26 67,463 36,705 22,811 7,947 13,135 81,967 73,847 1,459 1,788 41,64428,930 187 6,569 5,944 Nov. 30 67,241 36,433 22,821 7,987 13,315 81,910 73,702 1,485 1,698 41,89728,596 207 6,614 5,936 Dec. 31 67,890 36,981 22,848 8,06014,740 84,126 76,004 1,778 1,783 43,39529,011 23 6,599 5,932 1961—Jan. 25 67,665 36,428 23,187 8,05013,010 82,107 73,933 1,530 1,099 42,1—07 2-9,171 139 6,652 5,925 Mar. It 67,762 36,601 23,056 8,105 13,123 82,290 74,003 1,436 1,772 41,240 29.529 219 6,646 5,922 Mar. 29* 67,897 36,864 22,786 8,24712,479 81,821 73,480 1,361 1,197 40,837 30,048 294 6,660 5,920 Apr. 26* 68,408 37,149 22,945 8,314 12,711 82,513 74,197 1,400 828 41,722 30,210 194 6,672 5,917 May 31* 68,937 37,655 22,831 8,451 12,774 83,129 74,624 1,346 1,617 41,13130,493 291 6,754 5,917 •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 were 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 677 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES1—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i n v g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c c b T o a i a l a l u o p i n i c a t n t i d i - a t - t e 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 i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f r ks - Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69 10,654 ,762 41,29815,699 10 6,84413,426 1945—Dec. 31 21,809 25,765 88,912 7,13134,292 157^44147, 13,883 23,740 80,276 2299,876 215 8,67113,297 1947—Dec. 31 114,274 37,583 67,941 750 36926152,733141,85112,615 54 1,325 92,97534,882 61 9,73413,398 1957—Dec. 31 168,595 93,430 57,580 17585 48127 2201,865199,87615,489 1,264 3,859123,12756,137 6617,05113,142 1958—Dec. 31 183,596 97,730 65.669 20 198 48689 236!,724 214! 15,653 2,209 4.241129,214 6"3,168 6718,15413,101 1959—Dec. 31 188,790110,299 58,348 20 143 49158 242,,828 218; 15,500 1,358 5,037130,720 65,858 60219,20613,107 1960—June 15 188,691114,785 54,366 19;540 46825 240,728 212^4213,756 1,324 6,396 112244,09166,875 2,573 19,97813,140 Dec. 31 198,011117,092 60,46820,45151,836 255,669228,40116,921 1,667 5,932132,53371,348 14920,62813,119 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,80614977 433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20 114 220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947_Dec. 31 65,280 21,428 38,674 5,178 22024 __.182 82,023 8,375 35 795 53,54119,278 5,409 5,005 1957—Dec. 31 91,201 50,350 31,234 9,617 26786 120;153109,091 8,958 517 2,166 66,546 3300,904 9,070 4,620 1958—Dec. 31 99,277 52,627 35.71410.936 26,781 ,397116.714 9.035 767 2.292 69,80834.812 9,643 4,578 1959_Dec. 31 102,615 59,962 31,76110,892 27,,464 636119,638 8,947 514 2,742 71,01536,421 340 10,302 4,542 1960—June 15 102,309 62,398 29,29810,614 26,380 131433116,178 7,937 472 3,594 67,270 36",905 1,49110,686 4,542 Dec. 31 107,546 63,694 32,71211,140 28,675 139,261124,911 9,829 611 3,265 71,660 39,546 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 1 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1957—Dec. 31 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958—Dec. 31 55,588 31,435 18,585 5,56816,407 73,620 66.102 6.192 1,420 1,530 40.640 1166,320 10 5,817 1,734 1959—Dec. 31 55,264 34,817 15,052 5,396 1166,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 1,691 1960—June 15 55,348 35,946 14,228 5,174 15,495 72,734 63,341 5,429 833 2,151 38,296 16,631 ,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 1,560 10,635 5,680 1,083 6.416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6.478 1957—Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,580 100,873 2,500 6,753 1958—Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,76612,063 2,696 6,793 1959—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 1960—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. 31 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 1945_Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 3H 2,009 474 1,280 255 576 2,643 2,251 177 185 1,392 478 325 783 1957_Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 317 425 1958—Dec. 31 1,568 484 707 377 301 1.927 1,532 146 163 890 325 332 399 1959—Dec. 31 1,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 1960—June 15 1,446 522 547 377 299 1,815 1,386 163 122 792 290 353 350 Dec. 31 1,498 550 535 413 314 1,883 1,443 159 132 846 293 358 352 AH 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. 314 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 5,805 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 1960—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 40,997 36,834 643 160 657 20,98614,388 3,590 7,300 Insured mutual savings banks: l941_T)ec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945_Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947_Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 2 1212,192 1,252 194 1957—Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 3 26 24,991 2,308 239 1958—Dec. 31 28,980 19.180 5,215 4,585 752 30,189 27,277 3 28 27,243 2,473 241 1959—Dec. 31 30,580 20,942 5,016 4,622 686 31,743 28,577 3 28 28,544 2,654 268 1960—June 15 31.133 21,721 4,743 4,669 624 32.211 28,824 2 28 28,791 2.735 268 Dec. 31 33,794 23,852 4,787 5,155 766 35,092 31,502 4 2931,468 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 1960—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
678 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments c b o c C a m a l n l a m l k s d s e a a r o c n te f i d al i m T l n o a v o e n a e n t n d a s t s t l s - 2 Totaiz C c o m m c p p i k l i p o n u i n a e e a e a e m g d - r r r - t l n - - - - A c tu u a g l r l - r - i- p o b k d a L e T s r r u e e n o e r o o r - r a s d c c s c a l a u - h n r r a s r o i y t s t T i f i h i e n o n o e s g r g rs b i a T n n f o s i k L n ti s o a t t u n o a o t c n i t i s o T a h n l o e s rs l R o ta a e t n a e s l O l u v o i d t t a i a n i o h d - l n - e s - s r l O oa th n e s r To U ta . l S. B G il o ls vern c C t a m i e f t i e r e - - s nt N ob o l t i e g s ati B on o s nds S p s O t d s t a i i i g o u a c o i o o b n b v a l t a f n n - l i d e - i l i t s - s s - - O r s i e t t h c ie e u s r - Total: 3 1947—Dec. 31.. 116,28438,057 18,167 1,660 830 ,220 115 9,393 5,723 947 69,2212,193 7,789 6,034 533,205 5,,276 3,729 1958—Dec. 31.. 185,16598,214 40,425 4,973 2,832 ,829 719 25,—255 2•00,698 3,437 66,3766,294 7,399 13,396 39?,, 28716,,505 4;,070 1 1 9 9 6 5 0 9 — — J D u e n c e . 3 1 1 5 4 .. . 1 1 9 9 0 0 , , 2 13 7 7 01 1 1 1 0 5 , , 8 3 3 0 2 7 4 4 1 0 , , 7 1 7 7 5 4 5 5 , ,0 3 1 6 8 3 2 3 , , 6 0 0 1 2 8 , , 7 8 3 5 9 0 2,3 81 6 9 5 7 7, ,1 0 1 6 8 3 2 2 8 8i ,0 3 6 5 0 3 2 2 5 4 , , 5 1 2 6 3 6 2 2 , ,7 7 8 4 4 7 5 5 8 4 , , 9 9 3 1 7 3 6 3 , , 3 5 0 9 0 3 2 2 , , 4 21 2 0 0 1 15 4 , ,856 35 3 , , 3 8 6 8 0 7 16,9 7 5 8 8 9 3 3, , 1 5 2 4 7 3 Dec. 31.. 199,509117,642 43,125 5,676 3,284 ,833 966 7,106 28,71326,396 2,90161,0038,072 2,920 19,013 303,998 570 3,294 All insured: 1941__Dec. 31.. 49,29021,259 9,2141,450 614 662 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 88,9122,45519,07116,045 51,342 3,873~,258 1947—Dec. 31.. 114,27437,583 18,0121,610 823 1,190 114 9,266 5,,654 91467,9412,124 7,552 5,918 52,347 5,129 3,621 1958—Dec. 31.. 183,59697,730 40,289 41913 2,7971,810 713 25,148 2100,,589 3,42065,6696,159 7,336622 13,240 38,90816, ,932 1959—Dec. 31 4.188,790110,299 40,022 4,973 2,982 813 7,105 27,'948 24,032 2,7-6-7 58,3486,189 2,404 729 35,02716,,7321,422 I960—June 15.. 188,691114.785 41,625 5,318 2,584 2,360 7,04328,240 25,387 2,728 54,3663,527 2,184 090 33,566 16,545 2,994 Dec. 31.. 198,011117,092 42,957 5,628 3,247 965 7,090 28,602 26,263 2,88360,4687,994 2,884 18,86830,722 17,300 3,150 Member, total: 1941_Dec. 31.. 43,52118,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31.. 107,18322,775 8,949 885555 3,133 3,378 47 3,455 1,900 1,057 78,3382,27516,98514,271 4"4,807 3,254 2,815 1947—Dec. 31.. 97,84632,628 16,9621,046 8111,065 113 7,130 4,662 83957,9141,987 5,816 4,815 45,,295 4, 199 3,105 1958—Dec. 31...154,86584,06137,444 3J052 2,7301,599 710 20,01317,028 3,211 54,2994,644 6,143 11,,117 32,396 133,4053,100 1959—Dec. 314. 157,87994,77936,826 3,116 2,8851,587 811 6,80122,18519,877 2,-603 46,8134,612 1,812 11,604 28,78513,6772,610 I960—June 15.. 157,65798,344 3"8,,204 3,297 2,4691,488 2,309 6,~" 309 20,932 2, 550 43,5262,521 1,583 959 27,46313,4732,315 Dec. 31.. 165,61999,933 39,288 3,509 3,124 1,564 947 6,726 22518 21,622 2, 694 49,1066,402 2,296 072 25,33514,1412,439 New York City:* 1941_Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,4531,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947_Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,9721,002 640 558 9,772 638 604 1958—Dec. 31.. 25,96616,16510,928 1,652 382 503 641 1,502 921 7,486 643 1,106 1,602 4,135 1,869 446 1959—Dec. 314. 25,29118,12110,549 1,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 I960—June 15.. 25,77418,350 1"0,499 1,463 366 1,050 1,886 870 1,821 795 5,384 681 369 1,546 2,788 1,722 319 Dec. 31.. 27,72618,46510,876 1,574 399 500 1,799 868 1,930 940 6,9801,422 578 1,708 3,272 1,964 317 Chicago:* 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 ,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 ,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1958—Dec. 31.. 6,830 3,637 2,628 266 97 161 357 210 2,562 232 361 522 ',446 491 140 t959_Dec. 314., 6,885 4,206 2,527 268 124 588 183 435 148 1,985 108 78 467 ,332 562 133 I960—June 15.. 6,707 4,386 2,716 187 123 581 183 396 211 1,664 46 42 480 ,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 8V508 6,467 295 751 5,421 956 820 1945_Dec. 31..40,108 8,514 3,661 205 4271,503 17 1,459 5 387 29,5521,034 6,982 5,65315,883 1,126 916 1947_Dec. 31.. 36,04013,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,3421,053 1958—Dec. 31.. 60,55834,00315,808 669 518 851 191 8,405 6,930 1,301 20,6451,293 2,370 4,49712,484 4,8641,047 1959_Dec. 314. 61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 98017,2921,484 645 4,10911,054 4,830 813 I960—June 15.. 59,75039,534 1155,778 805 511 713 924 3,184 9,036 8,430 89214,921 464 365 4,00610,086 4,623 672 Dec. 31.. 62,95340,002 16,223 887 719 739 351 3,216 9,005 8,721 90917,3962,031 794 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 4,377 110 481 3,787 1,222 ,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 630 5,102 4,54416,722 1,342 ,067 1947_Dec. 31... 36,32410,199 3,096 818 23 227 5 3,827 1,979 224 2222,857 480 2,583 2,10817,687 2,006 ,262 1958—Dec. 31... 61,51130,257 8,080 2,368 294 268 6 10,806 8,239 77923,6062,475 2,306 4,49514,330 6,181 ,467 1959—Dec. 31 4. 64,08233,766 8,,498 2,321 298 284 11 1,056 11,816 9,491 643 2222,5352,381 863 5,75113,540 6,452 1,330 I960—June 15... 65,42736,074 9,,212 2,465 308 286 242 1,085 12,220 10",286 65221,5561,329 807 5,92813,493 6,565 ',232 Dec. 31... 67,89036,981 9,,499 2,589 508 293 29 1,147 12,449 10,550 64722,8482,817 7,24011,903 6,752 ,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 ,921 102 230 5,256 3,671 22612,0881,651 1,255 2,280 6,901 3,102 971 1959—Dec. 314.. 32,41916,068 3,3481,902 133 263 317 5,888 4,289 18112,1341,689 608 3,254 6,584 3,283 934 I960—June 15... 32,49816,972 3,571 2,066 134 251 327 6,053 4,591 197 11,3951,073 627 3,265 6,429 3,317 814 Dec. 31... 33,91017,719 3,8382,167 161 269 379 6,205 4,774 20711,9041,670 624 3,941 5,668 3,431 857 1 All commercial banks in the United States. These figures exclude fications of cities and individual banks, and by mergers, etc. d da a t t a a f lo o r r b oa a n n K ks S i m n U \J . . S o . . p p o o s s s s e e s s s s i i o o n n s s e c x x c ^ e o p p t i f i o u r r m ui e c m iu b o e c r r b u a ai n iK ks S . . D A u ^u ri ii n u g g 2 - BDecggiununuinugs wwiituhi JJUuUneG 3J0U, , 1i^9t4o8,, ifiigguuircess IfUoIr vvaairiiuouuss iluoaa.nn iitteemmss aarrce S19y4st1e mth;r eteh emseu tubaaln skasv i(ntgwso b abnekgsin bneicnagm we imthe mJubneers 1o9f 6t0h)e Fareed eirnacl luRdeesde rivne sahdodw tno tghreo stos ta(il. ea.n, db eafroe rne otd eednuticretiloyn c oomf pvaarlaubalteio wn itrhe sperrivoer s)f;i gtuhreeys . doT ontoatl member banks but are not included in all insured or total banks. Com- loans continue to be shown net. parability of figures for classes of banks is affected somewhat by changes For other notes see opposite page. in Federal Reserve membership, insurance status, and the reserve classi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANKS 679 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES * [In millions of dollars] Demand deposits Time deposits Rec b c o C a a m n l l a l k m s s d e a a r o n t c e f d ial F B s s w e e R e a r d r i n v e t e v k h e - r e s s al C va i a n u s l h t b m a a w B d n e n a i c o s t k e l t - h - i s s c 6 ju p m s D o a d t a e d s e e n i d - - - t d s 7 m D e I s n d o t t i e - e c p r 6 o b s a i n F t e s k i o g r n - G U o . v S t . . p v s S o i u a l t s i a b n i t o t d i d e c n i s a - s l c C c h o f a e e e i e f n t e f r r c c i d d t s . - k i ' - s, p a v n a s p i I t d h d i r n o o t u i d n r p n c a a i e s o s l - - r s , r - , - I b n a t n er k - p G U i a s o n o a . n s g v v t d S s a t - . . l s S p u a i t o b c a n l a d t d i e l t i s - - p a v n a s p I t i h i r d d n o o t i u d n r p n c a a i e s o s - l - r , s r - - , r B i o n o w g r s - - c C o a t a u a c p l n - i t - s Total: 3 1947_Dec. 31.. 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1958—Dec. 31.. 18,427 3,249 12,609115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 7318,486 1959—Dec. 31.. 17,931 3,012 12,237115,420 13,944 1,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62,718 61519,556 I960—June 15.. 17,917 3,252 10,999110,025 12,484 1,436 6,414 10,753 3,701 110,429 1,446 259 3,616 63,229900 2,590 20,331 Dec. 31.. 16,720 3,346 13,681115,120 15,453 1,627 5,945 11,674 4,602 117,103 1,799 262 4,544 66,836 163 20,986 All insured: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 ,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 ,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 ,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1958—Dec. 31.. 18,427 3,227 12,353114,645 14,025 ,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 67 18,154 1959—Dec. 31.. 17,931 2,990 11,969114,563 13,825 ,675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 60219,206 I960—June 15.. 17,917 3,232 10,737109,249 12,356 ,400 6,396 10,648 3,655 109,788 1,324 259 3,555 63,0612,57319,978 Dec. 31.. 16,720 3,326 13,409114,292 15,339 ,582 5,932 11,582 4,564 116,388 1,667 262 4,481 66,605 149 20,628 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 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 222,179 4,240 2,450 62,950 64 99 399 23,712 7,589 1947—Dec. 31.. 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1958—Dec. 31.. 18,428 2,441 7,977 96,218 13,614 1,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 5415,460 1959—Dec. 31.. 17,932 2,222 7,532 95,274 13,389 1,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 58116,264 1960—June 15.. 17,918 2,427 6,913 91,042 11,980 1,387 5,745 8,304 3,366 93,896 1,305 234 2,768 50,534 2,50316,829 Dec. 31.. 16,720 2,518 8,582 94,594 14,875 1,561 5,287 9,016 4,244 99,134 1,639 237 3,559 53,477 1*3~0 17,398 New York City: 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 20 1,206 195 2,120 1947_Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 14 1,418 30 2,259 1958—Dec. 31., 4,454 161 92 16,170 3,519 1,267 968 329 1,540 18,835 1,739 100 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 65 3,359 232 3,361 I960—June 15., 4,054 144 87 15,332 3,149 1,060 1,140 294 1,849 17,754 992 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 1,216 203 3,976 3,554 Chicago: $ 1941—Dec. 31. 1,021 298 2,215 1,027 12' 233 34 2,152 476 288 1945_Dec. 31. 942 200 3,153 1,292 1,552 237 66 3,160 719 377 1947—Dec. 31. 1,070 175 3,737 1,196 r 285 63 3,853 902 426 1958—Dec. 31. 1,058 185 4,271 1,314 302 88 4,746 1,423 3 733 1959—Dec. 31. 920 142 4,171 1,187 249 329 105 4,636 1,449 40 762 I960—June 15. 995 109 3,678 1,193 272 283 85 4,301 1,401 333 765 Dec. 31. 89" 171 3,968 1,327 335 298 102 4,499 1,521 35 822 32' Reserve city: 1941—Dec. 31. 4,060 425 2,590 11,117 4,30: 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31. 7,095 56: 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1958—Dec. 31. 7,47' 768 2,670 35,505 7,217 289 1,429 3,153 1,052 38,054 37' 124 1,471 19,480 14 5,760 1959—Dec. 31. 7,53: 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 1,229 20,231 238 6,106 I960—June 15. 7,48: 740 2,229 32,873 6,354 272 2,319 2,803 801 36,156 245 80 1,375 19,484 870 6,181 Dec. 31. 7,354 753 2,610 34,357 7,688 301 1,960 3,329 953 37,986 326 1,787 20,652 73 6,423 Country: 1941—Dec. 31. 2,210 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,082 4 1,982 1945—Dec. 31. 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 5: 219 12,224 11 2,525 1947_Dec. 31. 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 45 33' 14,177 23 2,934 1 1 9 9 5 5 9 8 — — D D e e c c . . 3 3 1 1 . . 5 5, , 5 4 7 4 3 4 1 1 , , 4 3 7 5 6 7 4 5 , , 8 0 7 3 0 0 4 40 0 , , 5 2 1 7 4 2 1 1 , , 5 5 6 7 5 8 1 1 , , 5 17 0 5 8 4 4 , , 8 9 1 7 9 2 1, 8 03 5 2 7 3 37 6 , , 0 4 0 9 3 8 1n3:: 1 1 , , 2 0 5 7 0 7 2 2 5 3 , ,7 1 5 4 5 6 7 3 1 7 6 5 , , 0 6 3 8 5 5 I960—June 15. 5,388 1,515 4,488 39,159 1,285 1,951 4,923 631 35,686 12' 1,290 26,289 320 6,453 Dec. 31. 5,070 1,534 5,655 40,917 1,755 1,783 5,083 713 37,598 122 1,562 27,327 23 6,599 Nonmember:3 1947_Dec. 31. 544 3,947 13,595 385 167 1,295 180 12,284 190 17: 6,858 1,596 1958—Dec. 31. 808 4,633 19,300 528 428 2,325 331 16,999 185 74' 11,613 3,027 1959—Dec. 31. 790 4,706 20,146 555 545 2,544 369 17,692 103 783 12,560 3,294 I960—June 15. 826 4,087 18,983 504 669 2,449 335 16,533 141 848 12,775 3,504 Dec. 31. 828 5,099 20,525 578 657 2,658 357 17,970 160 985 13,378 3,590 3 Breakdowns of loan, investment, and deposit classifications are not 6 Beginning with June 30, 1942, excludes reciprocal bank balances, available prior to 1947; summary figures for earlier dates appear in the which on Dec. 31, 1942, aggregated $513 million at all member banks and preceding table. $525 million at all insured commercial banks. 4 For a discussion of revision in loan schedule, see the BULLETIN for 7 Demand deposits other than interbank and U. S. Govt., less cash items January I960, p. 12. reported as in process of collection. 5 Central reserve city banks. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
680 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities To financial institutions Wednesday T lo a o n a t n d a s l i L n a o v n a e d n st s - Com- a T n o d b d r e o a k l e e r r s s To others Banks in N s o ti n tu b t a i n o k ns All Valuam in e v n e t s s t - i jus a t d e - d2 j L u a o st d a e - n d s 2 in t a c r d i n i a u a d l l s- A t c u g u r r l a - i l - 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 n v a S - s - t . . O c t s u t i e h e r - s e i- r F ei o g r n - c m m D c o t i i e e o m a c s r - l - - - n s c s P a a o o a f e n n n l m i e r - d c a - s - e l Other e R st e a a t l e l o o t a h n e s r se t r i r e o v - n es panies etc. Total- Leading Cities 1960 '\Jjjy 4 105,915 104,356 68 550 31,217 932 377 1,457 140 1 123 773 1,559 4,467 1,610 12,874 15,044 1,464 11 105,320 104,006 68,454 31,254 932 318 1,451 146 1,118 791 1,314 4,376 1,614 12,877 15,041 1,464 18 105,635 104,235 68,597 31,425 942 238 1,437 162 1,120 776 1,400 4,347 1,624 12,883 15,108 1,465 25 105,766 104,044 68,400 31,368 950 175 1,416 144 1,121 772 1,722 4,252 1,635 12,877 15,154 1,464 1961 Apr 5 111,694 110,617 69 622 32 056 1 137 402 1,485 115 1 209 675 1 077 3 439 1 589 12 722 16 348 1 555 111,727 110,546 69,681 31,982 1,135 517 1,556 111 1,229 691 1,181 3,305 1,575 12,756 16,376 1,552 19 112,259 111,084 69,830 31,870 1,146 579 1,772 113 1,246 703 1,175 3,287 1,603 12,759 16,304 1,552 26 112,618 111,059 69,801 31,735 1,156 609 1,788 112 1,254 700 1,559 3,289 1,616 12,772 16,322 1,552 Apr 26 112,618 111,059 69,801 31,735 1,156 609 1,788 111 1,254 537 1,559 3,289 1,588 12,772 16,513 1,552 May 3 112,872 111,606 70,153 31,905 1,184 614 1,886 112 1,271 578 1,266 3,375 1,585 12,770 16,428 1,555 10 112,698 111,272 70,109 31,803 1,185 594 1,952 109 1,268 576 1,426 3,292 1,603 12,803 16,481 1,557 17 113 820 112,822 70 432 31 883 1,185 891 1 923 108 1 285 558 998 3,287 1,618 12,825 16,427 1 558 24 113,308 111,927 69 901 31,586 1,197 549 1,922 126 1 310 561 1,381 3,287 1,639 12,842 16,439 1,557 31 113,444 112,147 69,913 31,460 1,141 542 1,897 108 1,326 585 1,297 3,382 1,675 12,855 16,504 1,562 New York City 1960 Mav 4 25,364 24,640 17 363 10,387 9 288 854 28 326 484 724 1,544 346 893 2,614 410 y if:: 24,908 24,411 17 248 10,387 8 220 874 28 327 502 497 1,476 339 894 2,603 410 18 25 149 24,365 17 228 10 456 8 147 862 42 328 501 784 1,418 343 892 2,641 410 25 25,158 24,269 17 062 10,433 8 108 848 31 328 475 889 1,352 344 886 2,659 410 1961 Apr 5 26 894 26,487 17 308 10,780 6 158 887 21 356 426 407 1,121 309 766 2,909 431 12 26,679 26,493 17,344 10,701 6 269 929 21 358 438 186 1,054 309 772 2,915 428 19 . . 27 146 26,687 17 502 10,638 6 302 1 142 20 363 437 459 1,039 311 757 2,915 428 26 27,441 26,599 17 453 10,538 6 310 1,163 20 366 435 842 1,047 315 758 2,923 428 Apr 26 27,441 26,599 17,453 10,538 6 310 1,163 20 366 272 842 1,047 287 758 3,114 428 May 3 27 428 26,670 17 609 10 631 5 313 1 194 20 374 301 758 1,114 286 759 3,044 432 10 27,236 26,659 17,585 10,560 5 356 1,257 18 378 294 577 1,039 300 770 3,040 432 17 .... 27 394 27,267 17 870 10,588 5 614 1 226 18 384 292 127 1,048 301 775 3,051 432 24 27,292 26,827 17,512 10,425 5 368 1,262 17 390 291 465 1,056 302 771 3,057 432 31 27 478 26,962 17 507 10 415 5 288 1 238 17 402 301 516 1,129 309 111 3,061 435 Outside New York City 1960 May 4 80,551 79,716 51,187 20,830 923 89 603 112 797 289 835 2,923 1,264 11,981 12,430 1,054 11 80 412 79,595 51 206 20 867 924 98 577 118 791 289 817 2,900 1,275 11,983 12,438 1,054 18 80,486 79,870 51 369 20,969 934 91 575 120 792 275 616 2,929 1,281 11,991 12,467 1,055 25 80,608 79,775 51,338 20,935 942 67 568 113 793 297 833 2,900 1,291 11,991 12,495 1,054 1961 Apr. 5 84,800 84,130 52,314 21,276 1,131 244 598 94 853 249 670 2,318 1,280 11,956 13,439 1,124 12 85 048 84,053 52 337 21 281 1,129 248 627 90 871 253 995 2,251 1,266 11,984 13,461 1,124 19 85,113 84,397 52 328 21,232 1,140 277 630 93 883 266 716 2,248 1,292 12,002 13,389 1,124 26 85,177 84,460 52,348 21,197 1,150 299 625 92 888 265 717 2,242 1,301 12,014 13,399 1,124 Apr 26 85,177 84,460 52,348 21,197 1,150 299 625 92 888 265 717 2,242 1,301 12,014 13,399 1,124 May 3 85,444 84,936 52,544 21,274 1,179 301 692 92 897 277 508 2,261 1,299 12,011 13,384 1,123 10 85,462 84,613 52,524 21,243 1,180 238 695 91 890 282 849 2,253 1,303 12,033 13,441 1,125 17 86 426 85 555 52 562 21 295 1 180 277 697 90 901 266 871 2,239 1,317 12,050 13,376 1,126 24 86 016 85,100 52 389 21 161 1,192 181 660 109 920 270 916 2,231 1,337 12,071 13,382 1,125 31 85,966 85,185 52,406 21,045 1,136 254 659 91 924 284 781 2,253 1,366 12,078 13,443 1,127 1 After deduction of valuation reserves. and to other nonbank institutions and for all other loans for New York 2 Exclusive of loans to domestic commercial banks and after deduction City and for total leading cities are not comparable with those for the of valuation reserves; individual loan items are shown gross. second Apr. 26 date because of a reclassification of loans in New York NOTE.—All figures revised to reflect new coverage. In addition, City. For explanations see p. 654 of this BULLETIN. figures through the first Apr. 26, 1961 date for loans to foreign banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS 681 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 acco unts cates With- banks banks in 1 to After 1 year 5 years 5 years Total— Leading Cities 1960 May 4 26,273 1,365 472 1,654 18,091 4,691 9,533 17,462 2,670 1,130 13,585 3,663 137,908 26,070 1,241 472 1,625 18,111 4,621 9,482 17,489 2,711 1,238 13,447 3,619 137,238 \s'.\'.'.'.'.'.'.'.'.26,160 1,296 960 18,408 4,610 9,478 17,143 2,796 1,214 13,056 3,571 137,400 26,140 1,343 864 976 18,353 4,604 9,504 17,017 2,650 1,250 13,039 3,543 136,156 25 1961 30,045 3,344 1,159 4,190 16,424 4,928 10,950 17,155 3,266 118 1,264 12,507 4,225 144,311 Apr. 5 29,761 3,048 1,242 4,247 16,271 4,953 11,104 16,752 2,949 123 1,393 12,287 4,228 145,254 12 30,327 3,575 1,268 4,329 16,186 4,969 10,927 16,870 3,133 93 1378 12,266 4,236 145,281 19 30,340 3,580 1,307 4,413 16,141 4,899 10,918 16,243 2,933 122 11,790 4,284 144,897 26 Apr. 26 30,340 3,580 1,307 4,413 16,141 4,899 10,918 16,243 2,933 122 1,398 11,790 4,284 144,897 May 3 30,590 3,728 1,410 4,472 16,103 4,877 10,863 16,856 3,095 156 1,278 12,327 4,319 145,782 10 30,290 3,379 1,485 4,512 16,071 4,843 10,873 16,663 2,765 133 1,347 12,418 4,288 145,102 17 31,438 3,447 2,203 4,973 16,168 4,647 10,952 17,192 2,961 117 1,354 12,760 4,125 147,927 24 31,188 3,259 2,257 4,996 16,089 4,587 10,838 16,565 2,639 129 1,393 12,404 4,192 144,680 31,397 3,461 2,292 5,108 16,033 4,503 10,837 16,637 2,958 113 1,395 12,171 4,339 146,569 31 New York City 1960 May 4. 5,280 668 119 342 3,276 875 1,997 4,502 149 4,250 1,473 34,879 11. 5,219 623 116 333 3,274 873 1,944 4,425 162 4,147 1,425 34,186 18. 5,190 535 36: 34 3,390 869 1,947 4,126 146 3,869 1,444 34,140 25. 5,236 565 346 62 3,398 865 1,971 4,160 158 3,894 1,396 33,936 1961 Apr. 5 6,406 91 463 736 3,286 1,006 2,773 4,013 77 184 3,670 1,823 36,417 12 6,288 780 508 749 3,318 933 2,861 3,956 79 198 3,586 1,830 36,730 19 6,476 965 524 774 3,300 913 2,709 3,689 52 180 3,378 1,831 36,733 26 6,453 975 550 800 3,297 831 2,693 3,590 64 192 3,252 1,883 37,346 Apr. 26 6,453 975 550 800 3,297 831 2,693 3,590 64 192 3,252 1,8 37,346 May 3. 6,495 915 636 826 ,286 832 2,566 3,723 71 175 3,387 1,856 37,024 10. 6,599 939 704 843 ,276 837 2,475 3,! 70 190 3,551 1,837 37,225 17. 6,911 1,034 755 1,084 ,245 793 2,486 4,254 53 176 3,929 1,765 37,890 24. 6,855 935 803 1,099 ,220 798 2,460 3,921 65 187 3,599 1,828 36,886 31. 6,99- 1,005 831 1,135 3,236 787 2,461 3,652 49 184 3,352 1,889 37,469 Outside New York City 1960 May 4.... 20,993 697 353 1,312 14,815 3,816 7,536 12,960 2,609 981 9,335 2,190 103,029 11.... 20,851 618 356 1,292 14,837 3,748 7,538 13,064 2,652 1,076 9,300 2,194 103,052 18.... 20,970 761 524 926 15,018 3,741 7,531 13,017 2,729 1,068 9,187 2,127 103,260 25.... 20,904 778 518 914 14,955 3,739 7,533 12,857 2,585 1,092 9,145 2,147 102,220 1961 23,639 2,429 696 3,454 13,138 3,922 8,177 13,142 3,184 1,080 8,837 2,402 107,894 Apr - 23,473 2,268 734 3,498 12,953 4,020 8,243 12,796 2,856 1,195 8,701 2,398 108,524 19 23,851 2,610 744 3,555 12,886 4,056 8,218 13,181 3,054 1,198 8,888 2,405 108,548 26 23,887 2,605 75 3,613 12,844 4,068 8,225 12,653 2,851 1,206 8,538 2,401 107,551 Apr. 26 23,887 2,605 757 3,613 12,844 4,068 8,225 12,653 2,851 1,206 8,538 2,401 107,551 May 3. 24,095 2,813 77- 3,646 12,817 4,045 8,297 13,133 3,005 1,103 8,940 2,463 108,758 10. 23,691 2,440 781 3,669 12,795 4,006 8,398 12,779 2,692 1,157 8,867 2,451 107,877 17. 24,527 2,413 1,448 12,923 3,854 8,466 12,938 2,865 1,178 8,831 2,360 110,037 24. 24,333 2,324 1,454 3^897 12,869 3,789 8,378 12,644 2,569 1,206 8,805 2,364 107,794 31. 24,403 2,456 1,461 3,973 12,797 3,716 8,376 12, "- 2.891 1,211 8,819 2,450 109,100 NOTE.—All figures revised to reflect new coverage. For explanation see p. 654 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
682 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time De- Other time Other Cap- Wednesday j u u T s n o t a e t d a d l - i i p m u o d a s a e s d t n - e i - t d d s 2 Total 3 p v r c a s i a I o d h a r n t r t i u n i d n o p p a d i e n o s - l , r s - s - , S p s d s a i t i o u c i a o n b v l a t n i d - e i l t - s - s e F i o g r n - 4 G U o .S v . 't. b c m m D c a o t e i o i n e m s a c - r k - l - - s Totals S in a g v s - p v c a s i I o d h a r n r t u n i d n p p a d i e o s - l , s r - - , S p d s a i t o u c i a n b v l a t i d - e i l t - - s e F i o gn r- 4 B F F r a . o n m R ks . F •t r h o e m rs li i a ti b e i s l- ital rations sions Total— Leading Cities: 1960 May 4 119,36659,561 86,880 62,772 5,244 1,331 4,63410,48632,486 29,260 1,747 n.a. 389 2,299 4,158 1,696 11 118,661199 59,330 86,113 63,034 4,941 1,365 4,10710,50132,506 29,286 1,743 n.a. 613 2,104 4,201 1,701 18 118,98258,672 86,433 62,592 4,985 1,373 4,95510,38232,549 29,301 1,738 n.a. 113 2,273 4,343 1,689 25 117,38958,907 84,793 61,783 4,967 1,353 4,966 9,73732,596 29,342 1,759 n.a. 158 2,635 4,268 1,706 1961 Apr- ,1:::::: 125,645 60,016 87,950 63,911 4,766 1,474 2,75512,46837,695 33,324 2,578 n.a. 1,159 5,059 2,388 126,30161,180 88,403 66,285 4,703 1,482 1,22711,96737,898 33,451 2,620 n.a. 1,468 4,997 2,398 19 126,50562,277 88,543 66,274 5,228 1,447 92611,97737,962 33,422 2,681 n.a. 1,315 5,071 2,371 26 125,62162,049 87,446 65,527 5,229 1,437 1,07611,13."38,175 33,596 2,723 n.a. 1,674 5,198 2,393 Apr. 26 125,62164,064 87,446 65,418 5,229 1,600 1,07610,554 38,17527,836 5,463 2,723 1,864 1,674 5,198 2,393 May 3 126,76762,550 88,229 63,869 5,572 1,512 2 854 11,09038,538 7,919 5,682 2,775 1,868 25 1,277 5,261 2,452 10 125,60862,246 86,840 63,490 5,186 1,612 2; 24410,89738,768 18,011 5,773 2,797 1,890 192 1,626 5,214 2,462 17 128,20561,313 89,331 63,926 5,138 1,625 3,99411,23438,874 :8,O83 5,788 2,803 1,894 715 1,277 5,268 2,462 24 125,—107 61,876 86,041 62,651 5,223 1,562 3,44610,10439,066 18,148 5,854 2,839 1,920 176 1,607 5,329 12,461 127, 247 62 120 88,056 64,168 5,490 1,564 2,98210,80539,19128,205 5,936 2,837 1,913 46 1,426 5,341 '2,509 31 New York City 1960 28,48714,874 24,091 16,656 345 1,001 1,691 2, 4,396 3,291 n.a 1,083 1,900 3,409 May 4... 27,75614,540 23,373 16,432 283 1,042 1,345 3,018 4,383 3,285 n.a 1,129 1,888 3,413 27,97'414,660 23,580 16,587 30' 1,047 1,478 2,974 4,394 3,262 n.a. 822 1,939 3,405 18!!! 27,47914,510 23,078 16,317 31: 981 1,461 2,904 4,401 3,278 n.a 1,152 1,899 3,406 25... 1961 29,784 14,93" 24,019 16,868 260 1,116 707 3,570 5,765 4,289 224 n.a, 45: 2,620 3,561 29,721 15,043 23,915 17,415 266 1,130 265 3,212 5,806 4,307 225 n.a. 794 2,604 3,566 Apr. i|... 29,95515,346 24,069 17,571 333 1,095 156 3,405 5,886 4,359 231 n.a, 614 2,599 3,565 19... 30,47415,608 24,501 17,729 280 l,09f 20: 3,16^ 5,973 4,435 237 n.a 593 2,716 3,563 26... Apr. 26... 30,47417,064 24,501 17,667 280 1,206 20: 2,803 5,973 2,526 1,658 237 1,434 593 2,716 3,563 May 3... 30,35716,553 24,258 16,903 469 1,146 785 2,903 6,099 2,540 1,756 239 1,444 32' 2,751 3,589 10... 30,15416,121 23,979 16,693 265 1,242 61 2,978 6,175 2,555 1,803 239 1,455 127 644 2,708 3,592 17... 30,64916,019 24,469 16,796 28: 1,257 1,020 2,953 6,180 2,564 1,797 240 1,451 230 73: 2,685 3,594 24... 29,77616,167 23,530 16,635 268 1,205 841 2,677 6,246 2,573 1,822 253 1,471 58 71: 2,756 3,584 31... 30,70716,055 24,412 17,197 274 1,204 756 3,151 6,295 2,582 1,876 246 1,465 396 2,766 3,600 Outside New York City 1960 May 4 90,879 44,687 62,789 46,116 4,899 330 2,943 7,50 28,090 25,969 1,675 n.a 389 1,216 2,258 8,287 90,86344,790 62,740 46,602 4,658 323 2,762 7,48: 28,123 26,001 1,672 n.a 613 975 2,313 8,288 18!!!!! 91,00844,012 62,853 46,005 4,678 326 3,477 7,40i 28,155 26,039 1,667 n.a. 11 1,451 2,404 8,284 89,91044,397 61,715 45,466 4,655 37: 3,505 6,83! 28,195 26,064 1,687 n.a 158 1,483 2,369 8,300 25 1961 95,86145,07 63,931 47,043 4,506 358 2,048 8,89i 31,930 29,035 2,354 n.a. 60 707 2,439 8,827 Apr. 5 96,58046,137 64,488 48,870 4,437 35: 962 8,75: 32,092 29,144 2,395 n.a. 45 674 2,393 8,832 12 96,55046,931 64,474 48,703 4,895 35: 770 8,57: 32,076 29,063 2,450 n.a, 1 701 2,472 8,806 19 95,14746,441 62,945 47,798 4,949 345 874 7,96: 32,202 29,161 2,486 n.a, 11 1,081 2,482 8,830 26 Apr. 26 95,14747,000 62,945 47,751 4,949 394 874 7,75 32,20225,310 3,8 2,486 430 11 1,081 2,482 8,830 May 3 96,41045,997 63,971 46,966 5,103 366 2,069 8,18' 32,43925,379 3,926 2,536 42- 25 950 2,510 8,863 10 95,454 4"6,125 62,861 46,797 4,921 370 1,632 7,91( 32,59325,456 3,970 2,558 435 65 982 2,506 8,870 17 97,556 45,294 64,862 47,130 4,856 368 2,974 8,28 32,69425,519 3,991 2,563 443 485 545 2,583 8,868 24 95,33145,709 62,511 46,016 4,955 357 2,605 7,42' 32,82025,575 4,032 2,586 44! 118 895 2,573 8,877 31 96,54046,065 63,644 46,971 5,216 360 2,226 7,65- 32,89625,623 4,060 2,591 448 46 1,030 2,575 8,909 n.a. Not available. central banks, international institutions, banks in foreign countries, and 1 Total demand and total time deposits. foreign branches of U. S. banks other than reporting bank. 2 Through first Apr. 26, 1961 figure, based on demand deposits other 5 Includes U. S. Government, postal savings, domestic commercial than interbank and U. S. Government, less cash items reported as in process interbank, and mutual sayings banks, not shown separately. of collection; beginning with the second Apr. 26, 1961 figure, based on NOTE.—All figures revised to reflect new coverage. Figures through demand deposits other than domestic commercial interbank and U. S. the first Apr. 26, 1961 date in the second, fourth, sixth, eighth, and Government, less cash items reported as in process of collection. tenth-eleventh columns are not comparable with those for the second 3 Includes certified and officers' checks and deposits of mutual savings Apr. 26 date because of a reclassification of deposits. For explanations, banks, not shown separately. see p. 654 of this BULLETIN. 4 Comprises deposits of foreign governments and official institutions, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS LOANS OF BANKS 683 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net increase, or decrease (—). In millions of dollars] Manufacturing and mining Comm'l and Period2 t l o F i b q a o a n u o c d o d c r , o , T a l p e e a x p a n t t a i h d r l e e e r s l, , M m p u a r e c e n o t t t d a s d a 3 l - l s ch r P l u e c e a e m o b u n t a b r m d i o l c e , , - a r l, Other ( T r 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 o a d l m e it r - y s u P p t ( t t r i u o i i a l n o b r i n c t n t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e d g s t i e - s c b r h w e a a i e i p n a n n n e o d l k g g k l r ' e s l l t 4 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—Mar -36 92 148 12 122 99 -39 36 5 219 657 726 Apr -142 -41 -197 76 10 -44 -131 -135 5 27 -573 -468 May -73 9 -65 -54 19 46 -104 -106 62 -18 -284 -275 Week ending— 1961 Mar 1 -3 18 5 — 3 27 24 8 -72 -13 48 39 54 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 26 29 -19 9 -30 -33 26 -7 -20 6 14 12 -42 -49 Aor 5 -34 2 -54 55 16 -31 -78 -13 -8 -149 -147 p 1 i2 9 ::::: ::: - - 2 5 1 3 -15 3 - - 4 3 2 6 19 5 -7 16 - - 1 7 0 - - 4 2 9 5 - - 1 3 4 2 9 3 -8 15 - -1 1 2 2 6 3 -1 -7 1 4 2 26 -33 -27 -65 — 3 -16 -27 -26 -11 6 28 -174 -135 M!ay 3 13 18 28 5 16 29 -4 13 7 -4 122 170 10 -63 9 -20 1 n 26 -41 -24 16 16 -87 -102 17 47 20 -22 -22 6 11 -16 -18 16 -1 21 80 24 -68 -27 — 30 — 32 — 7 — 17 -20 -51 8 -12 -254 -297 31 -2 -11 -22 -6 10 3 -23 -26 15 -19 -86 -126 1 Data for sample of about 200 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold about 95 per cent of total commercial 4 Figures for 1961 have been revised to reflect new coverage; see page and industrial loans of all weekly reporting member banks and about 654 of this BULLETIN. Prior figures will be revised in a forthcoming issue 70 per cent of those of all commercial banks. of the BULLETIN. 2 Figures for periods other than weekly are based on weekly changes. BANK RATES ON SHORT-TERM BUSINESS LOANS 1 [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 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 p A e a r n r i e d o a d lo A a l n l s 1- (thou 1 s 0 a - nds of 1 d 0 o 0 l - lars) 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly (cont.):2 19 large cities: New York City: 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 I954 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 June 5.34 5.94 5.72 5.52 5.24 I960 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: 1960—Mar 5.34 6.01 5.75 5.50 5.21 1960—Mar 5.57 6.12 5.83 5.57 5.40 June 5.35 6.00 5.76 5.53 5.22 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 s n cr 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 , p of p . m 2 o 2 n 8 t - h 3 . 7. p O e c r t . c 1 e 4 n , t ) 3 : V 1 i; 9 5 1 3 9 — 56 A — p A r. p r 2 . 7 1 , 3 3 , V 3 4 % ; ; 1 A 95 u 4 g — . 2 M 1, a 4 r. ; 1 1 9 7 5 , 7 3 — ; A 19 u 5 g 5 . — 6, A 4 u V g i . ; 1 4 9 , 5 3 8 1 — 4; NOTE.—Bank prime rate was 3 per cent Jan. 1, 1952-Apr. 26, 1953. Jan. 22, 4; Apr. 21, 31/2; Sept. 11, 4; 1959—May 18, 4Vi; Sept. 1, 5; and Changes thereafter occurred on the following dates (new levels shown, in 1960—Aug. 23, 41/2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
684 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government securities (taxable)4 Year, month, or week m 4 m p P - c o a e r o t n i p r o m m c t e h i r - e 6 a , s l - 1 c m d F 3 o p p i - i o m r l n a a e n t a p o p c c t n e e h t a l 6 c r d n s y e - 2 y , 9 b a 0 a P a c n n r c d i c k e m a e e p y s e r t s , - s 3 ' on i R s s a 3 n u t - e e e m w onth M b y il a i l e s r l k d et on i R s s a 6 n u t - e e e m w onth M b y il a i l e s r l k d et 9 ( - m y B t i o a e i r l l l d k 1 s ) e 2 t -mont O h th is e s r u s es 3 is - y s t e u o a e r s 5 « - 1958 average... 2.46 2.12 2.04 1.839 1.78 2.09 2.90 1959 average... 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 1960 average... 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 1960—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 2.48 803 2.83 2.86 2.99 3.50 Oct 3.30 3.11 3.00 2.426 2.30 845 2.73 2.92 3.01 3.61 Nov 3.28 2.91 3.00 2.384 2.37 650 2.66 2.87 2.99 3.68 Dec 3.23 2.97 2.92 2.272 2.25 530 2.50 2.64 2.79 3.51 1961—Tan 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 Apr 2.91 2.58 2.84 2.327 2.29 2.493 2.47 2.74 2.83 3.39 May.... 2.76 2.50 2.68 2.288 2.29 2.436 2.44 2.72 2.82 3.28 Week ending— 1961_May 6. 2.75 2.75 2.300 2.22 2.417 2.38 2.69 2.76 3.23 13. 2.75 2.63 2.232 2.23 2.423 2.40 2.66 2.75 3.15 20. 2.75 2.63 2.264 2.29 2.435 2.43 2.70 2.82 3.24 27. 2.75 2.68 2.354 2.39 2.470 2.53 2.80 2.91 3.43 June 3. 2.88 2.58 2.75 2.438 2.38 2.593 2.60 2.82 2.98 3.56 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. « Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Government bonds Corporate bonds3 Stocks 5 State By selected By Dividend/ Earnings/ Year, month, or week United and local3 ratings groups price ratio price ratio S (l t o a n te g s - Total4 term) 2 Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues 4-9 20 5 5 120 30 30 40 40 40 14 500 500 1958 average . . 3.43 3.36 2.92 3.95 4.16 3.79 4.73 3.98 4.39 4.10 4.45 3.97 6.02 1959 average 4.07 3.74 3.35 4.24 4.65 4.38 5.05 4.51 4.75 4.70 4.69 3.23 5.92 1960 average . .. 4.01 3.69 3.26 4.22 4.73 4.41 5.19 4.59 4.92 4.69 4.75 3.46 P5.87 I960—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 Aug 3.79 3.57 3.10 4.15 4.61 4.28 5.08 4.49 4.82 4.53 4.61 3.43 Sent 3.82 3.55 3.09 4.09 4.58 4.25 5.01 4.46 4.78 4.48 4.69 3.55 5.70 Oct 3.91 3.64 3.20 4.16 4.63 4.30 5.11 4.50 4.84 4.56 4 75 3 60 Nov 3.93 3.57 3.14 4.09 4.64 4.31 5.08 4.51 4.85 4.56 4.78 3.51 Dec 3.88 3.53 3.12 4.03 4.66 4.35 5.10 4.55 4.87 4.58 4.84 3.41 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 Feb 3.81 3 54 3 14 4.06 4 59 4.27 5.07 4.46 4.82 4 51 4 68 3 13 Mar 3.78 3.60 3.23 4.11 4.54 4.22 5.02 4.40 4.78 4.43 4 66 3.03 Apr 3.80 3.61 3.27 4.01 4.56 4.25 5.01 4.45 4.75 4.46 4.67 2.95 M!ay 3.73 3.57 3.25 3.95 4.58 4.27 5.01 4.48 4.77 4.49 4.63 2.92 Week ending— 1961—May 6 3.72 3.56 3.24 3.95 4.59 4.29 5.02 4.49 4.78 4.49 4.67 2.93 13 3.70 3.56 3.24 3.95 4.58 4.27 5.01 4.47 4.76 4.49 4.64 2.92 20 ... 3.71 3.56 3.24 3.95 4.58 4.25 5.01 4.47 4.77 4.49 4.61 2.89 27 3.78 3.58 3.27 3.95 4.58 4.27 5.01 4.48 4.77 4.50 4.63 2.93 June 3 3.79 3.58 3.28 3.95 4.60 4.29 5.02 4.50 4.80 4.50 4.62 2.92 * Preliminary. 4 Includes bonds rated Aa and A, data for which are not shown sepa- 1 Monthly and weekly yields are averages of daily figures for U. S. rately. Because of a limited number of suitable issues, the number of Govt. and corporate bonds. Yields of State and local govt. bonds are corporate bonds in some groups has varied somewhat. based on Thursday figures; dividend/price ratios for preferred and 5 Standard and Poor's Corporation. Preferred stock ratio is based common stocks, on Wednesday figures. Earnings/price ratios for common on 8 median yields for a sample of noncallable issues—12 industrial and stock are as of end of period. 2 public utility. For common stocks, the ratios are based on the 500 2 Series is based on bonds maturing or callable in 10 years or more. stocks in the price index. Quarterly earnings are seasonally adjusted 3 Moody's Investors Service. State and local govt. bonds include gen- at annual rates. eral obligations only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SECURITY MARKETS 685 SECURITY PRICES 1 Bond prices Common stock prices Volume Standard and Poor's index Securities and Exchange Commission index of (1941-43= 10) (1957-59= 100) trad- Year, month, Cor- ing * or week U.S. Mu- po- (in Govt. nicipal rate Manufacturing Trade, thou- Gong- (high- (high- In- Pub- Trans- Pub- fi- sands term) 2 grade) 3grade) 3Total 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—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 59.72 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 Apr.. 88.80 108.1 96.4 65.83 69.64 32.35 59.09 133.0 125.8 128.5 123.3 103.4 168.9 150.4 93.5 5,089 May. 89.74 109.0 96.0 66.50 70.34 33.08 59.59 134.9 127.6 130.6 124.9 107.5 170.0 153.1 96.6 4,617 Week ending— 1961—May 6.. 89.85 109.0 96.0 65.99 69.84 32.65 58.97 134.5 127.5 130.5 124.8 105.8 168.7 152.3 93.8 4,613 13.. 90.17 109.6 96.2 66.43 70.29 32.81 59.45 134.5 127.0 129.8 124.4 107.0 171.5 151.5 95.4 5,205 20.. 90.01 109.6 96.2 67.11 70.97 33.52 60.20 136.3 128.8 132.1 125.8 109.4 173.0 153.3 99.3 4,855 27.. 89.17 108.7 95.9 66.45 70.23 33.36 59.80 134.2 127.3 130.2 124.5 107.7 166.8 155.4 99.2 3,847 June 3.. 88.96 108.4 95.7 66.62 70.53 33.03 59.30 134.9 128.0 130.9 125.4 106.9 167.1 156.0 99.5 3,932 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 5l/i-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Total- Net debit balances with Bank loans to others (than securities New York Stock Exchange brokers and dealers) for pur- Money borrowed Customers' End of month * other than firms 2 chasing and carrying securities3 net U. S. Govt. free obligations credit (col. 3 + Secured by Secured by U. S. Govt. Other On On balances col. 5) U. S. Govt. other obligations securities U. S. Govt. other obligations securities obligations securities 1957—Dec.. 3,576 68 2,482 60 1,094 125 1,706 896 1958—Dec. 4,537 146 3,285 63 1,252 234 2,071 1,159 1959—Dec. 4,454 150 3,280 164 1,174 221 2,362 996 I960—May. 4,132 130 3,021 139 ,111 208 2,115 970 June 4,214 106 3,082 135 ,132 162 2,110 1,016 July. 4,133 110 3,004 135 ,129 187 2,042 1,018 Aug. 4,243 111 3,109 140 ,134 173 2,063 1,021 Sept. 4,282 122 3,137 147 ,145 177 2,143 1,059 Oct.. 4,294 111 3,133 136 ,161 161 2,139 1,063 Nov. 4,294 99 3,141 128 ,153 139 2,129 1,062 Dec. 4,406 95 3,222 134 ,184 142 2,133 1,135 1961—Jan.. 4,416 77 3,253 123 ,163 101 1,937 1,269 Feb., 4,524 68 3,358 127 ,166 94 1,905 1,392 Mar. 4,775 55 3,601 110 ,174 70 1,927 1,507 Apr. 5,190 50 3,936 112 ,254 67 2,284 1,508 May 5,382 40 4,056 108 1,326 58 2,529 1,453 1 Data for cols. 4-7 are for last Wednesday of month. 3 Figures are for weekly reporting member banks. Prior to July 1959, 2 ledger balances of member firms of the New York Stock Exchange loans for purchasing or carrying U. S. Government securities were recarrying margin accounts, as reported to the Exchange. Customers' debit ported separately only by New York and Chicago banks. Accordingly, and free credit balances exclude balances maintained with the reporting for that period col. 5 includes any loans for purchasing or carrying such firm by other member firms of national securities exchanges and balances securities at other reporting banks. Composition of series also changed of the reporting firm and of general partners of the reporting firm. Bal- beginning with July 1959; revised data for the new reporting series (but ances are net for each customer—i.e., all accounts of one customer are not for the breakdown of loans by purpose) are available back through consolidated. Money borrowed includes borrowings from banks and July 1958 and have been incorporated. from other lenders excert member firms of national securities exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
686 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 Accepting banks F. R. Goods stored in or or month Placed Total Banks Im- Ex- shipped between Total d th e r a o le u r g s h 1 ( d fi i n r la e yn c c t- e To- Own Bills Own For- Others U p i n o n i r t t o t e s d U p fr n o o i r m t t e s d c D h o e a x l n l - g ar e points in:— paper) 2 tal bills bought acct. eign States States United Foreign 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 [,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,744 840 31,904 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 1960 Apr 4,269 888 3,381 [,336 320 247 73 30 167 819 373 461 128 109 266 May 4,492 920 3,572 1,263 310 237 74 29 161 763 352 474 87 65 286 June 4,459 1,021 3,438 1,382 311 229 82 30 182 859 375 501 94 91 321 July 4,652 1,116 3,536 1,561 404 299 104 29 180 948 400 545 166 76 373 Aug 4,920 1,266 3,654 1.656 424 316 108 33 204 996 407 594 179 83 393 Sept 4,558 1,263 3,295 i;668 392 284 108 42 204 1,031 409 632 123 107 398 Oct 5,056 1,365 3,691 1,753 501 356 145 39 196 1,017 405 633 139 157 419 Nov 5,097 1,380 3,717 1,868 628 454 175 48 227 965 401 647 146 229 445 Dec 4,312 1,252 3,060 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961—Jan 4,949 1,404 3,545 2,029 725 514 210 46 197 1,061 400 677 118 299 535 Feb 4,907 1,418 3,489 2,049 730 554 176 46 179 1,093 388 702 104 291 563 Mar . 4,885 1,418 3 467 2 231 842 641 202 46 173 1 169 408 821 110 269 623 Apr 4,884 1,415 3,469 2,254 858 661 197 45 151 1,200 397 863 93 268 633 1 As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series includes all paper with maturity other commercial paper sold in the open market. of 270 days and over. Figures on old basis for December were (in 2 As reported by finance companies that place their paper directly with millions of dollars): Total 2,731; place directly, 1891. investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars] Loans Securities Total assets— End of year State Corpo- Cash Other l T ia o b t i a li l - Deposits l O ia t b h i e li r - Su a r c p - lus M co o m rt m ga it g m e e l n o t a s n 2 or month Mort- U.S. and rate assets assets ties ties counts gage Other Govt. local and and govt. other 1 surplus accts. Number Amount 1941 4,787 89 3,592 1,-/86 829 689 11,772 10,503 38 1,231 n.a. n.a. 1945 4 202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1953 12,792 165 9,191 428 3,311 982 330 27,199 24,388 203 2,608 n.a. n.a. 1954 14 845 188 8 755 608 3 548 1 026 380 29 350 26,351 261 2,738 n.a. n.a. 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 n.a. n.a. 1956 19 559 248 7 982 675 3 549 920 448 33,381 30,026 369 2,986 n.a. n.a. 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 n.a. n.a. 1958 23 038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 19593 24 769 358 6 871 721 4 845 829 552 38 945 34,977 606 3,362 65,248 1,170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 I960—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 L042 June 25 653 396 6 562 695 4,927 840 569 39,642 35,463 720 3,459 52,638 1,028 July 25,812 435 6,514 691 4,965 771 572 39,760 35,484 795 3,481 53,276 ,031 Aug 26 018 449 6 544 686 4 957 765 564 39 983 35,589 878 3,516 56,013 [,090 Sept 26,214 435 6,512 687 4,989 787 592 40,216 35,867 806 3,543 58,782 1,164 Oct 26,382 417 6,356 681 4,985 779 585 40,185 35,923 740 3,522 60,396 1,205 Nov 26 553 425 6 288 676 5 019 788 590 40 339 35,962 810 3,567 60,420 [,242 Dec 26,702 416 6 243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961—Jan 26 863 412 6 349 667 5 079 825 610 40,804 36,513 728 3,563 63,470 [,241 Feb 27,003 427 6,449 667 5,064 846 621 41,076 36,649 821 3,606 65,254 1,334 Mar 27,207 453 6,566 666 5,110 855 624 41,480 37,000 850 3,630 68,646 1,428 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 687 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date Total Mort- Real Policy Other assets Total TuTn i•t+e dA Sta lo te c a a l nd Foreign2 Total Bonds Stocks gages estate loans States (U.S.) End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 1,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 End of month:4 1958—Dec..., 107,580 11,242 7,182 2,691 1,369 46,420 43,044 3,376 37,092 3,387 4,186 5,253 1959—Dec..., 113,650 11,599 6,858 3,221 1,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 I960—Mar... 114,965 11,638 6,808 3,257 1,573 49,298 45,576 3,722 40,011 3,712 4,774 5,532 Apr 115,394 11,583 6,723 3,278 1,582 49,450 45,708 3,742 40,236 3,721 4,838 5,566 May.., 115,908 11,554 6,661 3,304 ,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 1,601 50,051 46,223 3,828 40,694 3,809 5,029 5,768 Aug... 117,581 11,650 6,592 3,464 1,595 50,261 46,380 3,881 40,920 3,822 5,085 5,842 Sept... 117,947 11,750 6,586 3,546 1,618 50,299 46,414 3,885 41,099 3,828 5,138 5,833 Oct.. . 118,544 11,729 6,524 3,579 1,626 50,610 46,669 3,941 41,313 3,834 5,182 5,876 Nov... 119,066 11,788 6,547 3,605 1,636 50,811 46,831 3,980 41,521 3,851 5,225 5,870 Dec... 119,717 11,729 6,444 3,622 1,663 51,010 46,956 4,054 41,798 3,804 5,267 6,109 1961—Jan.. . 120,467 11,881 6,545 3,671 1,665 51,306 47,211 4,095 42,008 3,813 5,303 6,156 Feb... 120,951 11,944 6,542 3,702 1,700 51,446 47,296 4,150 42,143 3,822 5,345 6,251 Mar... 121,469 11,987 6,535 3,735 1,717 51,612 47,377 4,235 42,351 3,823 5,409 6,287 1 Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included, in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Total Mortgage E o n r d m of o n y t e h ar g M ag o e r s t- o G U b o l . i S v g . t a . - Cash Other3 a li s a T s b e o i t l t s i a t 2 i l — es 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 ro an ce s s i s n Other c m o l m e o n a m t n s i t 5 tions profits 1941 4,578 107 344 775 6,049 4,682 475 256 636 n.a. 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 n.a. 1953 21,962 1,920 1,479 1,297 26,733 22,846 1,901 1,027 959 n.a. 1954 26,108 2,013 1,971 1,469 31,633 27,252 2,187 950 1,244 n.a. 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,397 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 1,161 713 1,475 1959 53,194 4,477 2,183 3,676 63,530 54,583 4,393 2,387 1,293 874 1,285 1960 60,084 4,586 2,715 4,104 71,489 62,154 4,982 2,191 1,183 979 1,360 1960—Mar. 54,455 4,716 1,897 3,715 64,783 56,083 4,420 1,685 1,225 ,370 ,482 Apr. 55,020 4,714 1,870 3,821 65,425 56,455 4,424 1,722 1,271 ,553 ,560 May 55,655 4,735 1,950 4,024 66,364 57,085 4,430 1,727 1,325 ,797 ,642 June 56,435 4,592 2,279 3,966 67,272 58,301 4,643 1,938 1,372 ,018 ,614 July. 57,050 4,559 2,043 3,839 67,491 58,450 4,636 1,811 1,367 ,227 ,647 Aug. 57,763 4,532 2,073 3,841 68,209 58,939 4,637 1,833 1,353 ,447 ,635 Sept. 58,406 4,533 2,097 3,904 68,940 59,541 4,640 1,882 1,313 ,564 ,559 Oct.. 59,011 4,553 2,201 3,989 69,754 60,208 4,640 1,868 1,280 ,758 ,509 Nov. 59,512 4,589 2,287 4,142 70,530 60,766 4,649 1,919 1,209 ,987 ,451 Dec, 60,084 4,586 2,715 4,104 71,489 62,154 4,982 2,191 1,183 979 ,360 1961—Jan.. 60,455 4,679 2,620 3,997 71,751 62,745 4,980 1,726 1,114 ,186 ,425 Feb.. 60,882 4,871 2,679 4,068 72,500 63,298 4,984 1,646 1,127 ,445 ,556 Mar. 61,571 4,978 2,682 4,191 73,422 64,003 4,991 1,620 1,226 ,582 1,787 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 1953 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 1953 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
688 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 e B c u N e d i e p g t t e s t * re T P f c u r l e u n u i s d p s : t ts ic I G t L r n t e i a o t o s n r v s n a s t : s - - . 2 E p T r f u q e r t o u b o h c t a l m e t a i s l c l s . 3 : B p tu u e e r n d x e d g - s i e 1 - t p T P t f e u u e r l n u r x n u e d s - d s s i : t - A m L d e e j n s u s t s : s t 4 - E p p t T q o u a o u b y t a t l t h a l i s s l c e . : t p p o fr u a t o o h b y ( m r e - l t i s ) c , . , & ( c ( o c - d r d r r I e ) e a i e n r a g a , d b e - s i s e e c t n e e n - t , .) a t i r G g n . N e v o f n . e u v . t L b n t & . y e d s s s— O d n c e t a o h b s n e h t - s r E b r i o q e n c ( N r p u g a ) r a a e s o y h o l t w s t r — . - Cal. year—1958... 68,694 16,797 3,710 81,728 75,782 17,856 4,622 89,014 -7,287 7,533 -717 487 7,762 1959... 72,738 18,830 3,966 87,552 19,111 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 1960. 77,763 21,801 4,434 95,078 76,539 22,158 4,396 94,301 111 3,371 953 597 1,821 Semiannually: 1959—Jan.-June 39,163 9,449 1,819 46,768 40,586 9,676 3,001 47,265 -495 2,783 313 1,507 965 July-Dec. 33,575 9,381 2,147 40,784 39,191 10,568 1,465 48,295 -7,511 7,329 -856 574 7,615 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—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 -6: 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 2,067 435 7,867 1,049 381 -65 34 412 Mar 8,524 1,945 209 10,256 7,012 2,064 816 8,260 1,996 -3,231 403 -24 -3,609 Apr.?. . . 5,125 1,799 574 6,345 6,450 2,486 594 8,342 -1,99^ 512 -915 16 1,412 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions 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 e T i a a c r s t o e i h n o a - n s. is a ( G s g + u e o ) a n v o n c t c f y . e i s a n G e g c e o F . n v e c b t d y . y . d ( e d g - c i r ) r r o , e e s c a i s n s t e T o r H u e t a e s s l i u d d r e y a T u cc r 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 e t 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 1960 1,224 -359 -149 1,023 -714 1,625 -4 2,654 8,005 504 6,458 1,043 Semiannually: 1959—Jan.-June -1,423 -225 203 192 -32 1,784 108 389 5,350 535 3,744 1,071 July-Dec -5,617 -1,187 -437 366 911 6,092 -105 233 5,583 504 4,216 863 1960—Jan.-June 6,841 828 288 657 -1,625 -4,467 101 2,421 8,005 504 6,458 1.043 July-Dec -4,888 -343 54 -492 275 3,886 52 -1,593 6,411 485 5,165 761 Monthly: I960—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 -1,582 4,829 588 3,215 1,026 Feb 301 638 -57 8 65 508 1 1,463 6,292 467 4,881 944 Mar 1,512 -119 580 -87 -423 -3,072 -112 -1,498 4,794 443 3,533 818 Apr -1,325 -686 205 -132 842 516 181 -761 4,034 633 2,315 1,086 n.a. Not available. p Preliminary. and to Treasury by Govt. agencies, transfers to trust accounts representing 1 Budget receipts and budget expenditures for fiscal years 1957 and Budget expenditures, and payroll deductions for Federal employees re- 1958 (but not for calendar year 1958) exclude certain interfund transac- tirement funds. tions. For more details see Treasury Bulletin for September 1960, pp. 3 Small adjustments to arrive at this total are not shown separately. II and 1. For other notes, see opposite page. 2fConsists primarily of interest payments by Treasury to trust accounts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCE 689 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of U. S. 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 Bu N r d e e - g t et f t O u a r n u g ld d T s e - t r 7 ans H f f t w e r u i u r g n a s s y h d t - to— R m a t r i c . e r e c e - R n t - . t . f c u e R r o n i e e p f - d - t s s B c T u e r o d i e p t - g a t e s l t W he I i n t ld h d - ivid O ua th l er C ra o t r i p o o n - ta c E i x x s e e - s t p m a E l x o e m e n y s - t - 8 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r s r e s . - ' ' Fiscal>ear—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 4,098 1958 68,550 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 1959 67,915 8,004 2,171 525 4,933 83,904 29,001 11,733 18,092 10,760 8,854 5,464 3,002 1,807 4,315 1960 77,763 10,211 2,642 607 5,045 96,962 31,675 13,271 22,179 11,865 11,159 6,813 3,194 1,932 5,114 Semiannually: 1959—Jan.-June 39,163 4,621 1,059 260 4,299 49,608 15,232 8,906 11,918 5,396 5,201 2,956 1,402 876 2,352 July-Dec 33,575 3,815 1,281 307 718 40,035 15,652 3,041 8,323 5,948 4,127 2,944 1,703 984 2,408 1960—Jan.-June 44,188 6,396 1,361 300 4,327 56,927 16,023 10,230 13,856 5,917 7,032 3,869 1,491 948 2,706 July-Dec 35,329 4,762 1,576 297 794 43,069 16,615 3,186 8,838 6,238 5,063 3,129 1,685 1,008 3,315 Monthly: 1960—Apr 5,064 839 202 17 1,336 7,468 770 3,520 619 945 858 755 248 157 May 6,550 1,834 249 82 1,005 9,725 4,744 1,039 467 1,061 1,918 496 282 166 1,386 June 10,891 1,104 238 50 252 12,804 2,273 1,852 5,530 1,118 1,155 876 303 183 July 3,128 365 257 17 167 3,976 1,055 346 670 995 383 527 238 151 Aug 6,454 1,524 296 83 203 8,590 4,849 147 409 1,121 1,608 456 272 179 1,448 Sept 8,981 739 262 52 161 10,211 2,527 1,959 3,492 1,024 792 417 277 177 Oct 2,823 373 253 15 173 3,641 1,066 230 481 1,021 389 454 321 158 Nov 6,300 1,214 268 81 29 7,900 4,527 121 455 1,069 1,295 433 319 178 1,276 Dec 7,643 547 240 49 61 8,751 2,591 383 3,331 1,008 596 842 259 164 1961—Jan 4,846 304 223 13 64 5,537 1,049 2,149 534 918 348 539 204 128 Feb 6,537 1,448 235 77 530 9,153 4,781 786 444 861 1,814 467 169 116 1,264 Mar 8,524 1,285 213 48 1,792 11,878 2,413 759 5,799 1,082 1,348 477 313 213 Apr 5,125 720 201 14 1,296 7,359 916 3,403 493 831 736 980 n.a. n.a. n.a. Budget expenditures9 Major national security Agri- Vet- culture Period Total 1 Total i o M de i f l e it n a s r e y M a a s il n s i i c t s a e t r - y A en t e o r m gy ic f a i I n f a f n a n a t n i d l r c . s e In e t s e t r- ic e b e s r f e e s a i r n t n v a s e s n - - ' d w L a_ a e _n l b f ja o t ar r e t a c a u r g u n e r r l - d a - i- l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources Fiscal year—1957. 68,966 43,270 38,439 2,352 1,990 1,973 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 1960—Jan.-June 37,348 22,508 20,240 894 1,333 1,183 4,772 2,567 2,333 1,877 772 832 862 July-Dec. 40,217 23,186 21,170 644 1,342 1,068 4,587 2,577 2,225 2,998 1,056 1,870 951 Monthly: 1960—Mar 6,423 3,976 3,570 171 223 140 792 457 340 289 120 148 156 Apr 6,032 3,669 3,306 136 222 163 111 421 412 304 104 37 158 May.... 6,073 3,669 3,331 110 224 196 111 422 390 229 131 149 108 June.... 6,521 3,987 3,502 238 244 358 807 428 436 263 193 142 186 July 6,172 3,471 3,096 146 219 133 815 404 342 369 125 379 165 Aug 6,803 3,976 3,638 105 230 166 758 461 375 420 197 326 159 Sept 6,793 3,910 3,600 79 226 161 746 416 388 412 213 380 182 Oct 6,829 3,728 3,432 77 217 164 756 422 376 727 182 330 140 Nov 6,773 3,884 3,537 114 228 301 740 436 378 476 193 236 140 Dec 6,847 4,217 3,867 123 222 143 772 438 366 594 146 219 165 1961—Jan 6,470 3,693 3,398 91 201 221 780 444 431 446 142 215 163 Feb 6,235 3,778 3,468 88 217 202 111 431 406 130 129 334 134 Mar 7,013 4,279 3,935 99 236 199 738 480 399 223 134 359 194 4 Consists primarily of (1) intra-Governmental transactions as de- 7 Includes transfers to Federal disability insurance trust fund. scribed in note 2, (2) net accruals over payments of interest on savings 8 Represents the sum of taxes for old-age insurance, railroad retirebonds and Treasury bills, (3) Budget expenditures involving issuance of ment, and unemployment insurance. Federal securities, (4) cash transactions between International Monetary » For more details see the Treasury Bulletin, Budget Receipts and Fund and the Treasury, (5) reconciliation items to Treasury cash, and Expenditures, Table 6, and the 1962 Budget Document, Special Analysis C. (6) net operating transactions of Govt. sponsored enterprises. 10 Includes stockpiling and defense production expansion not shown 5 Primarily adjustments 2, 3, and 4, described in note 4. separately. 6 Excludes net transactions of Govt. sponsored enterprises, which are For other notes, see opposite page. included in the corresponding columns above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
690 FEDERAL FINANCE U. S. GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of U. S. Treasury. In billions of dollars] Public issues3 Marketable Nonmarketsible Total End of Total gross Con- Special month d g e ro b s t* s d d i e r b e t c 2 t Total Bonds v ib e l r e t- Sav- Tax issues Total Bills C c e a r t t e if s i- Notes bonds Total 5 ings s a a n v d - Bank Bank bonds ings eligi- re- notes ble* stricted 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 («) 43.9 1956—Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53 4 52.5 45.8 1958 Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960—May 289.5 289.4 242.4 187.7 37.3 17.7 47.6 85.2 6.4 48.2 47.6 43.9 June 286 5 286 3 238 3 183 8 33 4 17 7 51 5 81 3 6 3 48 2 47 5 44 9 JUly 288.5 288.3 241.1 186.9 36.4 17.7 51.6 81.3 6.2 48.0 47.4 44.2 288.8 288.7 240.4 186.3 36.4 25.5 42.0 82.3 6.2 48.0 47.3 45.2 Sept 288.6 288.4 240.4 186.4 36.5 25.5 42.1 82.3 6.1 47 9 47.3 45.0 Oct 290.6 290.5 243.1 189.4 39.5 25.5 42.1 82.3 5.8 48.0 47.4 44.3 Nov 290.6 290.4 242.6 188.8 39.5 18.4 51.2 79.7 5.7 48.0 47.4 44.6 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 Apr 288.2 288.0 241.6 188 1 38.2 11.5 57.5 80.9 5.4 48 0 47.4 43.0 May 290.4 290.1 242.3 188.9 38.4 13.3 56.2 80.9 5.4 48.1 47.5 44.5 1 Includes some debt not subject to statutory debt limitation (amounting * Includes Treasury bonds and minor amounts of Panama Canal and to $396 million on May 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 REA bonds, not shown sep- 3 Includes amounts held by Govt. agencies and trust funds, which arately. aggregated $10,953 million on'Apr. 30, 1961. 6 Less than $50 million. OWNERSHIP OF U. S. 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 d a u s n b 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 o n r m k ci s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r - s - r c O a o t t r i h p o e o n r - s g S l a o o t n v c a d t a t s e l . Savi I n n g d s ividu O a t l h s er i M t n o v i r e s s c s 3 - . issues issues bonds securities 1941—Dec 64.3 7.0 2.6 2.3 52.5 21.4 3.7 8.2 4.0 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 18.8 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—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 12.2 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 12.0 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 12.0 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 11.9 20.1 17.3 45.6 21.4 23.6 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 11.9 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 Feb 290.7 43.7 10.8 26.7 209.6 62.4 6.4 11.8 21.2 17.3 45.8 20.7 23.9 Mar 287.7 44.0 10.9 26.7 206.1 60.2 6.6 11.7 19.2 17.4 45.9 21.0 24.1 i Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign * Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $100 million on Dec. 31, 1960. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCE 691 OWNERSHIP OF U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk l d e e s t 2 - v b C e o r o t n i n d b - s le Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs All holders: 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 I960—June 30 190,151 33,415 17,650 51,483 81,297 6,306 183,845 68,982 72,844 21,731 20,288 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—Feb. 28 195,526 39,942 11,503 58,661 79,812 5,608 189,919 78,568 68,492 18,683 24,176 Mar. 31 192,058 36,511 11,503 57,833 80,673 5,538 186,520 75,137 62,493 27,658 21,232 U. S. Govt. agencies and trust funds: 1958—June 30 9,477 173 599 1,169 4,703 2,833 6,644 899 1,565 913 3,267 1959—June 30 9,681 86 537 1,389 4,988 2,680 7,001 930 1,679 1,448 2,944 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—Feb. 28 10,565 674 295 1,808 5,397 2,391 8,174 1,906 2,035 1,616 2,618 Mar. 31 10,676 732 312 1,605 5,658 2,369 8,307 1,923 1,789 2,484 2,111 Federal Reserve Banks: 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 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—Feb. 28 26,667 2,596 5,457 16,056 2,558 26,667 15,863 9,344 1,189 271 Mar. 31 26,688 2,327 5,398 16,301 2,662 26,688 15,511 9,306 1,733 139 Commercial banks: 1958—June 30 57,509 3,796 3,331 11,532 38,720 130 57,379 13,431 24,494 14,259 5,195 1959—June 30 53,513 3,563 3,883 12,417 33,531 120 53,394 10,045 31,304 8,233 3,812 1960—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—Feb. 28 54,266 6,488 1,718 18,573 27,398 89 54,176 15,926 30,391 5,606 2,252 Mar. 31 52,261 4,750 1,806 17,946 27,67% 86 52,175 14,276 28,239 7,650 2,009 Mutual savings banks: 1958—June 30 7,110 89 132 465 5,493 931 6,179 303 ,106 675 4,094 1959_june 30 7,079 175 209 684 5,228 783 6,296 480 ,360 1,700 2,756 I960—June 30 6,489 209 166 1,199 4,607 309 6,181 463 ,720 2,662 1,336 Dec. 31 6,188 144 143 1,190 4,466 245 5,944 480 ,544 1,849 2,071 1961—Feb. 28 6,359 218 92 1,329 4,481 239 6,120 618 ,596 1,860 2,046 Mar. 31 6,517 347 1,328 4,514 231 6,286 748 ,516 2,269 1,753 Insurance companies: 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1,650 1,004 5,074 1959—June 30 10,947 503 347 798 7,371 ,928 9,019 1,092 2,085 1,678 4,164 I960—June 30.... 10,521 232 165 1,225 7,304 ,595 8,926 595 2,794 3,063 2,475 Dec. 31 10,394 341 145 1,375 7,139 ,393 9,001 940 2,508 2,075 3,477 1961—Feb. 28 10,376 382 83 1,382 7,162 ,367 9,009 1,030 2,392 2,065 3,522 Mar. 31 10,264 315 84 1,363 7,166 ,335 8,929 978 2,195 3,077 2,680 Other investors: Nonfinancial corporations: 3 I960—June 30 11,494 4,579 1,740 1,882 3,284 11,485 8,442 2,871 98 75 Dec. 31 10,746 5,599 1,331 1,712 2,099 10,741 8,340 2,269 58 72 1961—Feb. 28 11,483 6,313 914 2,162 2,089 11,478 9,233 2,133 57 55 Mar. 31 9,958 4,907 919 2,093 2,033 9,953 7,853 1,945 112 42 Savings and loan associations: 3 1960—June 30 2,480 178 70 495 1,675 62 2,418 297 947 472 703 Dec. 31 2,515 163 57 510 1,724 61 2,454 322 858 473 802 1961—Feb. 28 2,666 147 36 612 1,812 60 2,606 364 926 496 819 Mar. 31 2,713 149 35 590 1,878 60 2,653 365 851 676 761 All others: 4 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 7 74 8 , , 2 4 9 4 9 4 2 2 5 2 , , 6 9 5 5 9 7 1 4 0 , , 7 2 1 1 1 6 1 9 6 , , 1 2 4 6 7 3 2 3 8 1 , , 6 2 0 5 2 2 2 1 , , 1 76 7 6 1 7 72 6 , , 5 2 3 7 3 3 3 3 9 2 , , 7 1 2 8 4 4 2 1 2 6 , , 8 50 0 3 0 5 6, ,0 2 6 29 9 1 11 4 , , 3 9 1 7 7 7 I960—June 30 72,591 22,415 4,649 15,260 28,791 1,476 71,115 32,345 20,381 5,794 12,597 Dec. 31 1961—Feb. 28 73,146 23,125 2,909 16,739 28,917 1,458 71,688 33,627 19,676 5,794 12,592 Mar. 31 72,982 22,985 2,851 16,607 29,088 1,452 71,530 33,485 16,652 9,657 11,737 i Direct public issues. Holdings of "all others," a residual throughout, include holdings of Data complete for U. S. Govt. agencies and trust funds and Federal all those not reporting in the Treasury Survey, including investor groups Reserve Banks, but for other groups are based on Survey data. Latest not listed separately. data shown are for 6,289 commercial banks, 512 mutual savings banks, 2 Includes minor amounts of Panama Canal and postal savings bonds. and 829 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 492 ruary 1960. Monthly figures for February-May 1960 shown in the nonfinancial corporations and 489 savings and loan associations, which Treasury Bulletin for September 1960, pp. 55-56. See also note 4. together accounted for about half of the total holdings of all nonfinancial 4 Holdings of nonfinancial corporations and savings and loan associacorporations and savings and loan associations. tions included in this category until February 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
692 FEDERAL FINANCE DEALER TRANSACTIONS IN U. S. GOVERNMENT SECURITIES 1 [Averages of daily figures. Par value, in millions of dollars] U. S. Government seuricties 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 y it t i . es d O ea th le e r r s m C e o rc m ia - l All 1 year years years 10 years de a a n l d ers br a o n k d ers banks other brokers 1961 Feb. 1 1,373 1,073 242 36 22 475 27 592 279 60 8 1,245 824 343 48 31 406 34 555 249 66 15 1,693 1,141 479 46 27 416 42 896 340 68 22 1,296 859 354 40 42 428 37 560 271 79 Mar. 1 1,315 951 282 55 27 396 43 570 306 53 8 1,643 1,129 400 70 45 607 35 660 341 83 15 1,486 1,067 345 35 38 511 25 587 363 56 22 1,550 1,090 351 74 36 513 29 677 332 110 29 1,511 1,193 198 98 20 455 18 635 403 84 Apr- .1::::::::::::: 1,977 1,591 237 99 49 508 17 754 697 88 1,334 999 219 80 35 434 17 557 325 59 19 ,556 1,290 188 52 26 468 17 625 446 51 26 ,509 1,156 204 115 34 491 29 601 388 105 May 3 ,572 1,231 242 80 18 562 22 640 348 64 10 ,620 1,105 365 112 39 473 33 686 428 85 17 ,569 1,105 350 76 38 462 24 693 390 81 24 1,427 1,007 264 94 45 447 17 570 392 82 31 1,314 984 216 83 31 430 13 522 347 74 i The transactions data combine market purchases and sales of U. S. or purchases or sales of securities under repurchase agreements, reverse Government securities dealers reporting to the Federal Reserve Bank of repurchase (resale), or similar contracts. The averages are based on the New York. They do not include allotments of and exchanges for new number of trading days in the week. U. S. Government securities, redemptions of called or matured securities, NOTE.—Details may not add to totals because of rounding. DEALER POSITIONS IN U. S. GOVERNMENT SECURITIES i FINANCING OF U. S. GOVERNMENT SECURITIES DEALERS i [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 Week Federal Commercial banks agency ending- All Within 1-5 After securities Week All Corpora- Anmaturities 1 year years 5 years ending— sources New Else- tions2 other York where City 1961 Jan. 4.... 3,444 2,703 553 188 110 1961 11.... 2,998 2,264 578 156 66 18 3,178 2,537 539 102 56 Jan. 4 3,448 808 912 1,223 505 25.... 2,762 2,200 481 81 70 11 3,038 519 911 1,255 353 18.... 2,821 486 829 1,235 271 Feb. 1.... 2,654 2,134 442 78 89 25 2,772 473 842 L,273 184 8 2,710 2,147 475 88 100 15 3,011 2,252 666 93 104 Feb. 1 2,511 549 730 1,079 153 22.... 2,861 2,126 648 87 124 8 2,670 613 686 1,013 358 15.... 2,828 533 603 1,125 567 Mar. 1 2,597 1,936 575 85 126 22 2,937 580 676 1,260 421 8.... 2,234 1,748 404 83 113 15.... 2,281 1,807 388 86 86 Mar. 1 2,707 580 629 1,170 328 22.... 1,949 1,471 435 43 83 8.... '2,284 435 558 '1,095 196 29.... 1,827 1,372 313 142 133 15 '2,263 516 547 '1,023 175 22.... '2,108 457 669 '831 151 Apr. 5 '1,980 '1,613 232 135 143 29.... '1,816 221 482 '928 184 12.... '2,264 '1,880 247 137 119 19 2,888 2,547 213 128 105 Apr. 5 '1,897 349 477 '921 151 26 2,528 2,204 214 109 115 12.... '2,108 513 463 *966 167 19 2,615 589 663 1,201 162 May 3 2,344 1,970 244 131 132 26.... 2,423 425 552 1,278 168 10.... 2,927 2,204 581 142 139 May 3 2,277 440 619 1,072 147 10.... 2,147 433 495 1,049 170 ' Revised. 1 The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the contract ' Revised. is matched by a reverse repurchase (resale) agreement or delayed delivery 1 The figures are 7-day averages and include both bank and nonsale with the same maturity and involving the same amount of securities. bank dealers. See also note 1 of the opposite table on this page. Included in the repurchase contracts are some that more nearly represent 2 All business corporations except commercial banks and insurance investments by the holders of the securities rather than dealer trading companies. positions. NOTE.—Details may not add to totals because of rounding. 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
FEDERAL FINANCE; SECURITY ISSUES 693 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MAY 31, 19611 [On basis of daily statements of U. S. 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 2—Cont. Treasury notes—Cont. Treasury bonds—Cont. June 1,1961.. 1,501 Nov. 2,1961 500 May 15, 1963 4 1,743 Dec. 15, 1964-69... 2^ 2,558 June 8,1961.. 1,593 Nov. 9,1961 500 May 15,1963 3% 2,754 Feb. 15, 1965 2% 6,896 June 15, 1961.. 1,601 Nov. 16, 1961 501 Oct. 1,1963 11/2 506 Mar. 15, 1965-70... 2% 4,689 June 22, 1961* 3,504 Nov. 24, 1961 500 Nov. 15, 1963 47/s 3,011 May 15, 1966 3% 1,213 June 23,1961., 1,595 Jan. 15, 1962 1,502 Apr. 1,1964 UA 457 Aug. 15, 1966 3 1,484 June 29, 1961., 1,601 Apr. 15, 1962 2,000 May 15, 1964 4% 4,933 Nov. 15, 1966 3% 2,438 July 6,1961.. 1,600 May 15, 1964 3% 3,893 Mar. 15, 1966-71... 2% 2,929 July 13,1961., 1,601 Certificates Aug. 15, 1964 5 2,316 June 15, 1967-72... 2% 1,781 July 15, 1961., 1,501 Oct. 1, 1964 11/2 490 Sept. 15, 1967-72... 21/2 2,716 J J u u l l y y 2 2 7 0 , , 1 1 9 9 6 6 1 1 . . , , 1 1 , , 5 6 0 0 1 1 A M u a g y . 1 1 5 , , 1 1 9 9 6 6 1 2 3VS 3 7 5 , , 8 5 2 0 9 9 N A o p v r. . 15 1 , , 1 1 9 9 6 6 5 4 4 lV % i 4,1 4 9 6 5 6 D N e o c v . . 1 1 5 5 , , 1 19 9 6 6 7 7 -72... 3 2 % % 3 3 , ,5 6 6 0 7 4 Aug. 3, 1961., 1,601 May 15,1965 4% 2,113 May 15, 1968 3% 1,390 Aug. 10,1961., 1,601 Treasury notes Oct. 1,1965 1% 315 Oct. 1,1969 4 1,424 Aug. 17, 1961., 1,600 Aug. 1,1961 4 2,136 Apr. 1,1966 Wi 56 Nov. 15,1974 3% 654 A A S S S S e e e e u u p p p p g g t t t t . . . . . . 2 2 2 3 1 7 2 4 1 4 1 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 1 1 1 1 1 1 * . . . . . , , , , , 1 1 , , 6 5 5 5 5 5 0 0 0 0 0 0 3 0 0 0 0 0 A O F F F M e e e p c b b b a t r . . . y . . 1 1 1 1 1 5 1 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 2 1 2 2 2 2 3 3 W i 5 V y / z 4 2 4 4 s 2 9 1 , , , 0 2 4 5 6 3 3 9 1 5 4 3 5 1 8 1 7 2 Tr J D D e S u a e e e s n c c p u . . e t r . y 1 1 1 1 5 5 5 5 b , , , , o n 1 1 1 19 d 9 9 9 6 s 6 5 5 1 0 9 9 - - - 6 6 6 5 2 2 3 . . . . . . . . 2 2 2 i 3 % % y4 4 2 2 3 1 , , , , 2 2 4 9 8 3 7 6 5 9 0 2 J N M F M F u e e o n a a b b v y y e . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 8 9 8 8 7 7 0 0 0 5 5 8 - - 8 8 5 3 . . . . . 3 3 3 A 3 1 V % * V / 4 4 2 4 4 2 1 1 , , , 7 4 1 5 6 8 1 3 9 7 4 8 9 3 8 0 3 4 Sept. 28, 1961., 500 Aug. 15, 1962 4 158 Nov. 15, 1961 21/2 6,963 Feb. 15, 1995 3 2,704 Oct. 5, 1961., 500 Aug. 15, 1962 314 7,325 June 15, 1962-67... 214 1,464 Nov. 15, 1998 3V2 2,343 Oct. 13, 1961., 500 Oct. 1,1962 11/2 590 Aug. 15, 1963 21/2 4,317 Panama Canal Loan.... 3 50 O Oc c t t . . 1 1 9 6 , , 1 1 9 9 6 6 1 1 . . . , 1, 4 50 0 2 0 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 6 6 2 3 3 2 V % 4 2 1 , , 8 14 3 3 9 D Fe e b c . . 1 15 5 , , 1 1 9 9 6 6 4 3 -68... 21/ 3 2 3 1 , ,8 8 2 5 0 4 Co I n n v v e e r s ti t b m le e n b t o S n e d r s ies B Oct. 26, 1961.. 400 Apr. 1,1963 Wi 533 June 15, 1964-69... 21/2 2,639 Apr. 1, 1975-80... 2% 5,384 • Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 684. 3 Partially tax-exempt. NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars] All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer2 Use of proceeds2 Total Period Special a d m e o li u v n - t Water, Total G g o a e b a t n i l l o e i- n r- R n e u v e e- A P H u i u i o t t n b y h u g l o 3 s ic r - - F l G o e a o a d n l v e s t r . 4 - State d a s u i t t a s o a t n t h r t r d y u i o c - r t - Others ered 6 Total c E a d ti u o - n b R r a i o d n a g d d e s s s o u e a t t t w i n h i e l d e e s i- r r, h R i d t o n e e i g u a n s l s i 7 - - - V a a e n i t d e s' r- O p p o t u h s 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 4633 459 n.a. 6 789 1,432 2,136 1 270 456 162 I 333 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 ,464 1957 . . 86,925 4,792 1,967 66 99 1,489 1,272 4 163 6 568 6 874 2,524 1,036 1,516 113 333 35-> 1958 7,526 5,447 1,777 187 115 1,993 1,371 4,162 7 708 7,441 2,617 1,164 1,412 251 339 6S7 1959 7,695 4,778 2,409 333 176 1,686 2,120 3,889 7,423 7,588 2,314 844 1,989 402 355 ,683 1960 7,302 4,677 2,097 403 125 1,110 1 9854 206 7 1127 257 2,411 1 007 1 318 425 201 894 I960—Mar 571 469 89 13 156 95 320 639 568 220 79 59 <3 50 160 Apr 724 457 241 20 5 50 247 427 552 719 305 136 115 141 May.... 549 297 110 132 10 68 50 432 732 545 142 17 121 135 131 June 992 547 426 20 238 345 409 547 991 304 58 183 8 51 387 July... 492 342 136 1 14 28 130 335 934 492 161 68 124 137 Aug 611 356 249 6 76 308 227 501 606 165 232 111 5 94 Sept 683 502 126 49 7 165 137 381 623 683 200 177 100 50 50 106 Oct 353 271 72 9 6 75 272 589 348 176 8 73 92 Nov.. .. 506 351 144 11 102 70 334 432 501 181 81 101 (9) 138 Dec 496 270 108 98 21 49 99 348 448 491 162 44 119 99 68 1961—Jan 709 556 85 63 4 225 86 398 504 708 375 36 108 63 31 93 Feb.r... 662 367 283 9 4 62 223 377 712 661 229 95 195 9 13 121 Mar.. . . 744 599 129 16 252 68 424 682 740 218 47 162 100 213 n.a. Not available. r Revised. 5 Consists of municipalities, counties, townships, school districts and, 1 Data prior to 1957 are from the Bond Buyer as classified by Federal prior to 1957, small unclassified issues. Reserve. 6 Excludes Federal Government loans. These data are based on date 2 Classifications prior to 1957 as to use of proceeds and type of issuer of delivery of bonds to purchaser (and of payment to issuer), which occurs are based principally on issues of $500,000 or more; smaller issues not after date of sale. Other data in table are based on date of sale. classified. As a result some categories, particularly education, are under- 7 Includes urban redevelopment loans. stated relative to later data. 8 Beginning in 1957 this figure differs from that shown on the following 3 Includes only bonds sold pursuant to the Housing Act of 1949. page, which is based on Bond Buyer data. The principal difference is in These are secured by contract requiring the Public Housing Administra- the treatment of Federal Government loans. tion to make annual contributions to the local authority. 9 Less than $500,000. 4 Beginning with 1957, coverage is considerably broader than earlier. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
694 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Propo a s l e l d c o u r s p e o o ra f t n e e i t s s p u r e o r c s e 6 eds Noncorporate Corporate New capital Year or Remonth tire- Total G U o . v S t. . 3 a F e g c e r y e a d 4 n l - - S n m a p t i n a c a u d t i l - e - Others Total Total B P l o i u c n b l - y ds v P a r te i- ly f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey' O p p o t u h s r e e - s r m s ri e o t e c i f e n u s t offered placed 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,755 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 I960' 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1960—Mar.' 2,073 391 150 568 75 889 668 357 311 44 177 869 860 762 98 9 Apr.'. 4,573 2,860 148 717 43 805 580 348 232 32 194 783 761 675 86 22 May. 1,939 368 354 556 53 608 406 186 220 44 158 590 577 514 63 13 June '. 2,502 350 978 49 1,124 859 540 319 34 231 1,092 1,044 992 52 48 July. 1,637 353 475 32 777 651 415 236 21 106 760 736 657 79 24 Aug.', 3,187 1,371 199 607 14 996 821 592 229 34 141 976 966 895 71 10 Sept.' 1,808 338 682 41 747 619 329 289 37 91 731 726 671 55 5 Oct.'. 1,814 345 160 343 38 928 778 621 157 45 105 910 890 830 60 20 Nov.' 1,986 326 149 496 6 1,009 875 518 357 16 118 988 956 805 152 32 Dec.'. 1,947 348 181 490 34 895 764 323 441 45 86 879 852 749 103 27 1961— Jan. '. 1,774 455 706 12 601 472 178 294 30 99 590 580 552 28 10 Feb.'. 5,455 4,069 660 31 695 529 273 255 37 130 682 667 612 56 14 Mar.. 2,161 434 252 756 23 696 542 211 331 29 125 679 562 484 77 118 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capitals secu- capitals secu- capital8 secu- capital8 secu- capital * securities rities rities rities rities rities 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 707 1,801 6 I960' 1,997 79 794 30 672 39 2,754 51 1,036 2,401 71 I960—Mar.' 172 129 2 74 1 198 () 68 219 Apr.'. 171 2 47 1 53 303 18 52 136 May'. 92 6 68 6 78 144 36 157 June'. 249 (9) 49 1 38 35 362 3 61 286 July'. 182 38 9 50 126 14 57 282 Aug.'. 220 6 51 92 222 165 215 Sept.' 161 4 45 51 303 () 94 72 Oct.'. 185 4 66 36 203 10 254 147 Nov.' 249 27 79 45 314 2 27 242 Dec.'. 191 22 61 78 180 1 100 242 1961—Jan.'. 169 1 33 81 () 137 21 138 Feb.'. 99 5 91 55 160 41 223 Mar.., 248 32 47 72 10 84 19 70 92 ' Revised. tion and Development, and domestic eleemosynary and other nonprofit 1 Estimates of new issues maturing in more than one year sold for cash organizations. in the United States. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 2 Gross proceeds are derived by multiplying principal amounts or num- of flotation, i.e., compensation to underwriters, agents, etc., and expenses. ber of units by offering price. 7 Represents proceeds for plant and equipment and working capital. 3 Includes guaranteed issues. 8 Represents all issues other than those for retirement of securities. 4 Issues not guaranteed. 9 Less than $500,000. 5 Represents foreign governments, International Bank for Reconstruc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS FINANCE 695 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1959 1960 1961 1956 1957 1958 1959 1960 % 1 3 4 1 Manufacturing Total (180 corps.): Sales 107 717 114 229 105,134'118.273 74? '27 233 '28 999 31 573 30,974 103 30 14? 988 Profits after taxes 1 7 3 4 0 1 9 8 4 1 7 3 3 1 4 7 9 7 10 5, 4 7 6 1 6 4 '1 '7 4 0 4 9 4 4 3 1 '7 3 0 3 7 6 7 3 r '1 ? 5 1 0 7 6 5 '3 0 6 5 7 9 8 4 0 0 0 6 ? 3 3, 8 5 1 4 3 4 ?J 7 4 1 9 0 9 '1 7 1 0 0 3 7 2 14 6 7 6 9 6 Dividends 4 068 4 19? 4,078 '4 34? '4 49? '1 036 '1 749 1,09? 1 099 j' 101 '1 1 113 Nondurable goods industries (79 corps.):1 Sales 39 463 704 41, 541 '45 465 46 819 '11 406 572 11 599 11 663 n 616 11 941 1?,17? 146 5 010 4 402 '5 657 '5 5?6 411 '1 388 1,407 1 j 404 '1 794 1 3?5 Profits after taxes 7 943 2 944 2,574 '3 212 '3 161 '791 785 797 *814 765 75? Dividends . 683 1 776 785 '1 91? 448 564 48? 486 48? 486 Durable goods industries (101 corps.):2 Sales 68 754 7? S?5 63 593 '7? 808 73 <m'15 8?7 '17 4?8 19,974 19 760 16 487 IS ?01 16 R16 8 77? 8 339 6 065 '8 44? '7,837 '1 095 '1,670 ,595 1 306 '1 813 1 341 Profits after taxes 4 151 4 233 3 140 '4 231 ,915 '333 1,?77 1 016 684 677 385 ,416 7 794 '? 430 r2 515 '588 '6R4 610 61? 619 674 6?7 Selected industries: Foods and kindred products (25 corps.): Sales 9,394 9,987 10 707 303 11 R14 n 898 8?9 978 943 3 3 0?6 955 1,074 1 15? '1 ?74 1 3? 3 '346 '307 303 338 345 33R 318 460 497 555 604 6?9 '163 '148 14? 159 16? 166 150 Dividends 277 289 312 '344 376 '80 100 9? 88 100 95 95 Chemicals and allied products (21 corps.): Sales 10 199 10 669 10 390 '11 979 1? '3 013 n 038 3 057 3 146 3,096 0?0 994 Profits before taxes 1,804 1,823 1 538 '2,187 1,999 537 534 489 440 440 94? 948 879 '1 131 106? '7R6 '?80 776 ?56 698 737 717 799 794 179 764 191 186 187 ?30 193 Petroleum refining (16 corps.): ^ ^ Sales 1?,454 13,463 1? 838 '13 37? 13 7?R 3 '3 459 4?7 3 385 635 4R3 1,444 1,3?5 919 187 '1 '263 '30? 307 292 364 364 1 068 1 075 791 '969 '9R6 '220 '?47 ?38 226 '230 ?68 481 512 516 '518 1?8 134 130 130 128 '133 Primary metals and products (35 corps.): Sales 7?,365 22 468 19 226 '71 035 ?0 89R '3 649 '4 591 6 003 5 44? 4 939 4 513 4 396 Profits before taxes . 3,331 2,977 2 182 '2,331 '2,263 r-76 854 611 411 387 309 Profits after taxes 7?7 1 540 1 154 '1 1 178 -?08 476 3?? ?05 166 Dividends 880 873 802 831 840 '705 221 706 708 ?08 ?08 Machinery (25 corps.): Sales 13 908 15 115 14 685 9?? 16 503 r4 468 r4 413 4 000 4 171 4 015 4 316 4 137 1,?09 1 457 1 463 '1 r1 M95 '472 389 395 366 337 607 729 734 '934 '760 '236 197 202 185 '175 178 403 416 42? '448 48? 'PI 171 119 Automobiles and equipment (14 corps.): 71 717 73 453 18 469 '7?,731 ?4 175 '4 6?5 '•5 7 07? 6 516 4 50? 6 134 5 ?93 7 473 2,701 1 332 '7 985 3,100 356 '500 1 076 936 773 478 Profits after taxes 1,186 1, 354 706 479 1 5?9 155 754 521 457 151 400 791 805 75? '807 833 '195 ?33 199 199 ?07 213 Public Utility Railroad: 10 551 10 491 9 565 rq S?5 rq 514 365 '"2.435 411 477 3?? ? 304 ? Profits before taxes ,268 1,058 843 '845 649 127 '242 165 212 104 169 876 737 602 57R 445 86 '185 99 139 65 141 -13 46? 438 419 '406 3R3 r7q '130 91 94 73 «R6 Electric Power: 9 049 9 670 10 195 '11 Ml ,861 n 69 3 R5? '3 166 837 n 865 n 993 3 ?67 Profits before taxes 46? 579 7 704 O 9R3 '3 169 '714 '740 901 739 757 '77? 91R j,376 j,413 519 '1 655 1 795 r417 50? 4?? 418 45? 5?3 j 07? 1 069 1 134 '1 1,30? no? 'IP 375 3?? 335 343 Telephone: Ooeratine revenue 5,966 6,467 6 939 7,572 8 1,909 1,947 1,967 2,025 2,042 2,077 2,090 1430 56? 1 860 153 2?3?6 537 543 558 585 5R9 594 5R7 Profits after taxes 715 788 921 1073 1 155 768 ?75 777 ?90 ?94 794 ?90 552 613 674 743 806 190 192 196 200 203 207 210 e Estimated c Corrected. ' 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 Fec'eral 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
696 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t r e a o f x o f e i r t s e s c ta o I x n m - e e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U p ri r b n o u d fi t i t e s s - d Y qu e a a r r te o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1952... 36.7 19.5 17.2 9.0 8.3 1953... 38.3 20.2 18.1 9.2 8.9 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 1959 12,855 4,858 7,998 7,125 3,049 4,076 5,730 1,809 3,922 1960 .. 12,958 4,760 8,198 8,044 3,010 5,034 4,914 1,751 3,164 1958—4 44.9 22.1 22.7 12.0 10.8 1959—4 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 2 51.7 25.5 26.2 13.2 12.9 1960—1 2,950 1,211 1,739 1,608 728 880 1,341 482 859 3 45.3 22.3 22.9 13.6 9.3 2 3,101 1,163 1,937 1,808 717 1,090 1,293 446 847 4 44.8 22.1 22.7 13.8 3 3,293 1,215 2,077 2,055 849 1,206 1,238 366 872 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 3 41.5 20.3 21.3 14.0 7.3 1 Reflects cash transactions only. As contrasted with data shown on p. 694 new issues 4 40.7 19.8 20.8 14.1 6.8 exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements NOTE.—Quarterly data are at seasonally adjusted include the same types of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 694. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c N o ap r e k i t t i a n l g Total Cash s G U e t c o i . e u S v s r . t i . - N G U o o . t v r S e e t . s . c 2 e a i n v d a b O a le c th c e ts r . I t n o v ri e e n s - Other Total G N U o o . v t S e t p . s . a 2 a y n a d b l O e a t c h c e ts r . F i b n e i c l t l d i a i o a t e x i m - r e a s e l Other 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2.3 84.3 15.4 31.1 1958 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—4 127.5 278.7 37.2 22.6 2.9 119.0 88.2 8.8 151.2 1.7 99.0 15.3 35.2 1960—1 129.7 281.3 33.8 22.4 2.9 120.3 91.9 9.9 151.6 1.8 99.6 13.9 36.2 2 ... 130.2 283.0 34.6 20.7 2.9 122.8 92.1 10.0 152.9 1.8 101.3 12.9 36.9 3 131.6 285.8 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 1.8 102.6 13.8 36.8 1961—1 134.3 286.6 34.8 19.5 3.2 125.5 92.9 10.7 152.3 1.8 100.9 12.1 37.5 1 Excludes banks, savings and loan associations, and insurance compa- 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Total Year Total M fa i c a n t n g u u r- - M in i g n- T R r r o a a a i n d l s - port O a t t h io e n r 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 e a o ) a d d n l - - 1953 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 1960—1 7.9 3.3 .7 1.2 2.7 35.2 1955 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 2 9.3 4.0 .8 1.4 3.0 36.3 1956 35.1 15.0 1.2 1.2 1.7 4.9 2.7 8.4 3 9.0 3.9 .7 1.5 2.9 35.9 1957 37.0 16.0 L.2 1.4 1.8 6.2 3.0 7.4 4 9.5 4.3 .7 1.6 3.0 35.5 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 1959 32.5 12.1 1.0 .9 2.0 5.7 2.7 8.2 1961—1 7.6 3.2 .6 1.1 2.7 33.9 1960 35.7 14.5 1.0 1.0 1.9 5.7 3.1 8.4 24'-... 8.7 3.8 .7 1.5 2.8 33.9 196Hr 34.5 14.0 L.O .7 1.8 5.9 11 34.... 8.7 3.7 .6 1.7 2.7 34.6 r Revised. 3 Includes communications and other. 1 Corporate and noncorporate business, excluding agriculture. 4 Anticipated by business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT 697 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s o a a ti l n n - s - S F e a e l g e d e c e h n t r O e o - a d l t l d h e e v r I r i a s d n n u d d a i- ls h A e o r l l s d l - T 1 o - t a to l 4- F f i a i n c m n i s a a t i l i l n - y - ho O h u o t s h l e d e s - r c T o o m t M a m l u e l r t c i F f i i a a i n c n l m i s a a t p i i l n l - r y - o p a e n O h r d o t t i h l e d e s - r 1 h A e o r l l s d l - t F u i i n c t n i i s o a a ti n l n - s - ho O l t d h e e r r s 2 cies others tutions ers tutions ers 1941 37.6 20.7 4.7 12.2 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 2.4 12.1 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1954 113.7 85.7 4.6 23.4 105.4 75.7 62.5 13.2 29 7 19.9 9.8 8 3 3 3 5 0 1955 129.9 99.3 5.2 25.4 120.9 88.2 73.8 14.4 32.6 21.8 10.8 9.1 3.6 5.4 1956 144.5 111.2 6.0 27.3 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957 156.6 119.7 7.5 29.4 146.1 107.6 89.9 17.7 38.5 25.8 12.7 10.5 4.0 6.5 1958 171.9 131.5 7.8 32.7 160.7 117.7 98.5 19.2 43.0 28.8 14.2 11 3 4 2 7.1 1959*' 191.1 145.4 10.0 35.6 178.8 130.8 109.1 21.7 47.9 31.8 16.1 12.3 4.5 7.8 I960" 206.5 157.6 11.2 37.7 193.4 141.8 118.6 23.2 51.6 34.4 17.3 13.1 4.7 8.4 1959 Mar » 175.9 134.2 8.4 33.4 164.4 120.5 100.6 19.9 43.9 29.3 14.6 11.5 4.3 7.3 181.5 138.3 9.0 34.2 169.5 124.3 103.8 20.5 45.2 30.1 15.1 11 9 4 4 7.5 Sept.* 186.7 142.2 9.5 34.9 174.5 128.0 106.8 21.2 46.6 31.0 15.6 12.2 4.4 7.7 Decp 191.1 145.4 10.0 35.6 178.8 130.8 109.1 21.7 47.9 31.8 16.1 12.3 4.5 7.8 I960—Mar.* 194.4 147.9 10.3 36.2 181.9 133.2 111.1 22.1 48.7 32.3 16.3 12.5 4.5 8.0 198.5 151.2 10.6 36.7 185.7 136.1 113.6 22.5 49.7 33.0 16.7 12.8 4.6 8.2 Sept p 202.8 154.6 11.0 37.3 189.8 139.1 116.2 22.9 50.7 33.7 17.0 13.0 4.7 8.3 Dec P 206.5 157.6 11.2 37.7 193.4 141.8 118.6 23.2 51.6 34.4 17.3 13.1 4.7 8.4 v Preliminary. Administration, and Federal land banks, and in earlier years RFC, 1 Derived figures, which include negligible amounts of farm loans held HOLC, and Federal Farm Mortgage Corporation. Other Federal by savings and loan associations. agencies (amounts small or separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. SOURCE.—Federal Deposit Insurance Corporation, Federal Home NOTE.—Figures for first three quarters of each year are Federal Reserve Loan Bank Board, Institute of Life Insurance, Departments of Agriestimates. Financial institutions represent commercial banks (including culture and Commerce, Federal National Mortgage Association, Federal nondeposit trust companies but not trust departments), mutual savings Housing Administration, Public Housing Administration, Veterans banks, life insurance companies, and savings and loan associations. Administration, Comptroller of the Currency, and Federal Reserve. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3 387 797 24 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4 262 5 149 1 740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 17.97 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 ,336 19,746 17,703 4 409 7,139 6 155 1 984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 ,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 ,471 23,263 20,935 5,501 8,361 7 073 2,275 53 1959 28,145 20,320 6,122 3 161 11 037 6,237 1,588 24,992 22 486 6 275 8 589 7 622 2 451 55 1960^ 28,803 20,373 5,844 2,864 11,665 6,780 ,650 26,927 24,240 6,970 9,100 8 170 2,633 54 1959—Mar 4 26,130 19,020 5,660 3 305 10,055 5,605 ,505 4 23,638 21 257 5 684 8 435 7 138 2 328 53 June 27,060 19,615 5,885 3,230 10,500 5,875 1,570 24,110 21 676 5 915 8 510 7 251 2 380 54 Sept 27,635 20,040 6,045 3,175 10,820 6,010 ,585 24,600 22,126 6,095 8,580 7,451 2,420 54 Dec 28,145 20,320 6,122 3,161 11,037 6,237 :1,588 24,992 22,486 6,275 8,589 7,622 2,451 55 I960—Mar p 28,235 20,300 6,045 3,120 11,135 6,345 1,590 25,410 22,879 6,420 8,731 7,728 2,477 54 June** 28,470 20,340 5,980 3,030 11,330 6,485 1,645 25,865 23,308 6,573 8,885 7,850 2,504 53 Sept p 5 28,650 20,375 5,905 2,915 11,555 6,625 1,650 26,425 23,827 6,750 9,060 8,017 2,545 53 Decv . .. 28,803 20,373 5,844 2,864 11,665 6,780 ,650 26,927 24,240 6,970 9,100 8,170 2,633 54 * Preliminary. 4 On Jan. 1, 1959, holdings of commercial banks increased by $143 1 Represents all banks in the United States and possessions. million, and those of mutual savings banks declined by that amount, 2 Includes loans held by nondeposit trust companies, but excludes as a result of the absorption of a mutual savings bank by a commercial holdings of trust departments of commercial banks. March and Septem- bank. ber figures are Federal Reserve estimates based on data from Member 5 Data reflect a $40 million reclassification by one bank from commer- Bank Call Report and from weekly reporting member banks. cial and industrial to real estate loans, reported August 24, 1960. 3 Figures for 1941 and 1945, except for the grand total, are estimates SOURCE.—All-bank series prepared by Federal Deposit Insurance based on Federal Reserve preliminary tabulation of a revised series of Corporation from data supplied by Federal and State bank supervisory banking statistics. March and September figures are Federal Reserve agencies, Comptroller of the Currency, and Federal Reserve. estimates based in part on data from National Association of Mutual Savings Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
698 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 antced 1941 6,442 5,529 815 4 714 913 1945 976 6,636 5,860 1,394 4,466 776 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 2,995 960 Apr 483 443 110 17 316 40 40,236 37 358 8 623 7 117 21 618 2 878 May 476 438 101 23 314 38 40,439 37,545 8,677 7 098 21*770 2 894 June 490 456 108 21 327 34 40,631 37,722 8,727 7,080 21,915 2,909 July 420 392 90 22 280 28 40,694 37,769 8,729 7,057 21,983 2,925 Aug 536 504 133 19 352 32 40,920 37,982 8,801 7 028 22 153 2 938 Sept 472 446 118 18 310 26 41,099 38,153 8,867 7,006 22,280 2,946 Oct 507 477 117 16 344 30 41,313 38,356 8 930 6 978 22 448 2 957 Nov 503 465 124 13 328 38 41,521 38,553 9,004 6 951 22 598 2 968 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 Mar 549 490 105 20 365 59 42,351 39,347 9,275 6,839 23,233 3,004 Apr 513 463 107 13 343 50 42,553 39,525 9,326 6,810 23,389 3,028 v Preliminary. end-of-year figures, because monthly figures represent book value of NOTE.—^Certain mortgage loans secured by land on which oil drilling ledger assets whereas year-end figures represent annual statement asset or extracting operations are in process are classified with farm through values, and because data for year-end adjustments are more complete. June 1959 and with "other" nonfarm thereafter. These loans totaled SOURCE.—Institute of Life Insurance; end-of-year figures are from $38 million on July 31, 1959. Life Insurance Fact Book, and end-of-month figures from the Tally of For loans acquired, the monthly figures may not add to annual totals, Life Insurance Statistics. and for loans outstanding, the end-of-December figures may differ from MORTGAGE ACTTVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total By type of lender (without seasonal adjustment) Y m e o a n r t o h r Totali 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 V n u t A e a e r - - d ti C v o e o n n n a - l - 2 Y m e o a n r t o h r Se a a a l d s ly o - n- W se a a d it s j h o u o n s u t a - t l in l S o g a a s v n & - I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed i ment 2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1 913 181 1 358 5 376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1954 8,969 3,076 3,846 26,108 1,170 4,709 20,229 1955 11 255 3,984 5,155 31,408 1,404 5,883 24,121 1954 22,974 8,312 1,768 4,239 1,501 1956 10,325 3,699 4,620 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10,160 3,484 4,591 40,007 1,643 7,011 31,353 1956 27,088 9,532 1,799 5,458 1,824 1958 . .. 12 182 4 050 5,172 45,627 2,206 7,077 36,344 1957 24,244 9,217 1,472 4,264 1,429 1959 15,151 5,201 6,613 53,194 2,997 7,192 43,005 1958 27,388 10,516 1,460 5,204 1,640 I960 14.304 4,678 6,132 60,084 3,523 7,211 49,350 1959 . 32,235 13,094 1,523 5,832 1,780 I960 29,341 12,158 1,318 4,520 1,557 1960 1960 ,151 404 461 55,020 3,165 7,214 44,641 May....... ,?3? 435 509 55,655 3,211 7,227 45,217 Mar 2,441 2,406 983 119 377 104 June.. 1,397 471 598 56,435 3,255 7,228 45,952 Apr 2,400 2,366 983 108 382 106 July 1,268 408 569 57,050 3,304 7,233 46,513 May 2,446 2,500 1,051 114 402 120 Aug I 413 430 651 57,763 3,357 7,229 47,177 June 2,427 2,690 1,167 119 415 138 Sent [,316 402 591 58,406 3,398 7,225 47,783 July 2,493 2,528 1,048 116 378 145 Oct 1,250 394 545 59,011 3,447 7,216 48,348 Aug 2,488 2,784 1,201 123 406 158 Nov ,140 332 508 59,512 3,487 7,214 48,811 Sept 2,464 2,598 1,097 111 381 145 Dec . .150 367 460 60,084 3,523 7,211 49,350 Oct 2,451 2,525 1,053 106 372 146 Nov 2,426 2,378 978 97 363 143 1961 Dec 2,407 2,338 961 95 361 132 969 285 400 60,455 3,561 7,191 49,703 1961 Feb . ... 1,001 288 395 60,882 3,610 7,193 50,079 Mar 1,356 426 515 61,571 3,658 7,183 50,730 Jan 2,373 2,075 830 83 337 110 Apr.?5 1,304 414 504 62,258 3,697 7,178 51,383 Feb 2,387 1,997 838 78 321 95 Mar 2,444 1,060 94 394 106 * Preliminary. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Beginning with 1958 includes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. SOURCE.—Federal Home Loan Bank Board. SOURCE.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT 699 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month Total p e N r r m t e o i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - g m P t a e y r g o c o p e t r j e - s t - - ^ p l P m o r e i r o a m r e o t n v n y p - e s t - 2 - Total 3 p e N r r t m o e i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - y q E e u n a a d r r t o o e f r r Total G un o d v e F e r r H w n A m ri - t e te n n t V - A- t C i v o e o n n n a - - l Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1945 18.6 4.3 4.1 .2 143 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1954 75.7 32.1 12.8 19.3 43 6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88.2 38-9 14.3 24.6 49 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 . . . 99.0 43.9 15.5 28.4 55 1 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 107.6 47.2 16.5 30.7 60 4 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1958 117 7 50 1 19.7 30 4 67 6 1959? 130.8 53.8 23.8 30.0 77 0 I960—Apr., 433 172 163 22 76 153 123 29 I960? 141.8 56.4 26.7 29.7 85 4 May, 456 155 167 45 88 155 124 31 June 539 170 195 71 103 175 143 32 1959—Mar.P. ... 120.5 51.3 20.9 30.4 69 2 A Ju u l g y . . 5 6 0 1 9 5 1 1 8 6 9 2 2 22 0 8 0 9 5 7 9 1 8 0 8 0 1 18 6 1 0 1 1 2 3 6 9 4 3 1 4 June*7.... 124.3 52.1 21.8 30.3 72 2 Sept. 613 192 233 119 68 169 132 37 Sept.J'.... 128.0 53.1 22.9 30.2 74 9 Oct.. 573 196 237 46 94 162 125 36 Dec.P 130.8 53.8 23.8 30.0 77 0 D N e o c v . . 5 5 5 5 8 8 1 18 6 1 7 2 2 2 2 3 3 7 9 8 2 7 7 7 6 1 14 5 2 0 1 1 1 0 3 9 3 3 7 3 1960— J M un a e r. p * .. . . . . .. 1 1 3 3 6 3 . . 1 2 5 5 4 5 . . 5 0 2 2 5 4. . 6 2 2 2 9 9 . . 9 8 7 8 8 1.1 7 1961—Jan.. 564 186 224 89 65 130 101 28 S D e e p c. t ? .*.... 1 1 3 4 9 1 . . 1 8 5 5 5 6. . 4 8 2 2 6 6 . . 0 7 2 2 9 9 . . 8 7 8 8 3 5 . . 3 4 Feb. 448 148 193 57 50 108 81 27 Mar. 480 143 204 72 60 125 93 32 Apr. 458 124 193 75 65 109 78 31 » 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 SOURCE.—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. SOURCE.—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 S«lies bu d u r i n s s - - ed Total t S e h rm or * t L te o r n m g 2 - deposits 1945 278 213 195 176 19 46 1954 2,434 802 1,632 614 5?5 476 1954 734 818 867 612 255 802 1955 2,615 901 1,714 411 6? 76 1955 1,251 702 1,417 991 426 698 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957 3,974 1,237 2,737 1 096 3 764 1957 1 116 1,079 1,265 731 534 653 1958 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1 298 685 613 819 1959 5,531 2,546 2,985 1,907 5 568 1959 2*067 1,231 2,134 1,192 942 589 1960. 6,159 3,356 2,803 1,248 357 576 1960 1,943 2,097 1,981 1,089 892 938 1960-—Apr 5,785 2,905 2,880 126 1? 588 1960—May 112 96 1,574 827 747 590 May 5,827 2,997 2,830 129 67 561 June 290 94 1,770 932 838 736 5,827 3,042 2,784 74 50 592 July 173 269 1,674 922 751 682 July. 5,918 3,121 2,797 113 3 569 Aug 168 146 1,696 967 729 730 Aue 5,991 3,185 2,806 96 584 Sept 160 121 1,736 1,002 734 737 Sept 6,050 3,240 2,810 84 584 Oct 133 134 1,735 986 749 762 Oct 6,106 3,293 2,812 79 1 571 Nov 125 119 1,741 976 765 788 Nov 6,143 3,333 2,810 69 9 575 Dec 344 104 1,981 1,089 892 938 Dec 6,159 3,356 2,803 69 27 576 1961—Jan 90 500 1 571 888 683 959 1961—Tan 6,154 3,357 2,797 56 33 564 Feb 100 176 1,496 822 674 978 Feb 6,110 3,336 2,775 54 7^ 539 Mar 135 154 1,477 781 696 1,026 Mar 6,017 3,298 2,719 48 116 540 Apr 205 106 1,576 807 769 1,056 Apr 5,858 3,211 2,646 38 172 532 May 197 149 1,624 852 772 1,089 1 Operations beginning with Nov. 1, 1954, are on the basis of FNMA's 1 Secured or unsecured loans maturing in one year or less. new charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. Data ex- 1 year but not more than 10 years. clude conventional mortgage loans acquired by FNMA from the RFC SOURCE.—Federal Home Loan Bank Board. Mortgage Company, the Defense Homes Corporation, and the Public Housing Administration. SOURCE.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
700 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 i 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 d o i e a z p m n a a s t o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1954 32,464 23,568 9,809 6,751 1,616 5,392 8,896 2,408 4,485 2 003 1955 38,882 28,958 13,472 7,634 1,689 6,163 9,924 3,002 4,795 2,127 1956 42,511 31,897 14,459 8,580 1,895 6,963 10,614 3,253 4,995 2,366 1957 45,286 34,183 15,409 8,782 2,089 7,903 11,103 3,364 5,146 2,593 1958 45,544 34,057 14,237 8,923 2,327 8,570 11,487 3,627 5,060 2,800 19593 52,119 39,852 16,549 10.476 2,784 10,043 12,267 4,144 5,104 3,019 I960 56,049 43,281 17.866 11,215 3,008 11,192 12,768 4,311 5,187 3,270 I960—Apr 52,353 40,651 17,170 10,281 2,814 10,386 11,702 4,226 4,245 3,231 May 52,991 41,125 17,431 10,339 2,865 10,490 11,866 4,313 4,342 3,211 June 53,662 41,752 17,755 10,462 2,905 10,630 11,910 4,294 4,423 3,193 July 53,809 42,050 17,893 10,452 2,934 10,771 11,759 4,265 4,311 3,183 Aug 54,092 42,378 18,020 10,477 2,975 10,906 11,714 4,276 4,277 3,161 Sept 54,265 42,517 18,021 10,543 3,001 10,952 11,748 4,317 4,283 3,148 Oct 54,344 42,591 17,992 10,625 3,013 10,961 11,753 4,272 4,370 3,111 Nov 54,626 42,703 17,967 10,715 3,020 11,001 11,923 4,301 4,463 3,159 Dec 56,049 43,281 17,866 11,215 3,008 11,192 12,768 4,311 5,187 3,270 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 Mar 53,906 42,058 17,265 10 679 2,922 11 192 11,848 4,417 4,004 3,427 Apr 53,972 41,988 17,200 10,585 2,922 11,281 11,984 4,402 4,096 3,486 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1946, of purchasing automobiles and other consumer goods, whether held by and a general description of the series, are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1947-57, in the BULLETIN individuals of automobiles or other consumer goods that may be used for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957, in part for business. pp. 1420-22; November 1958. p. 1344; and November 1959, pp. 1416-17. 2 Represents repair and modernization loans held by financial institu- Revised monthly data for 1958 and 1959 (with notes describing the tions; holdings of retail outlets are included in other consumer goods changes) are shown on pp. 1406-09 of the BULLETIN for December 1960. paper. A detailed description of the methods used to derive the estimates may be 3 Includes data for Alaska and Hawaii beginning with January and obtained from Division of Research and Statistics. August 1959, respectively. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k i s - al f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i C c a n u o n a o m m i n n e e c - - s r e 1 Other i Total D s m t e o p e r a e 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 e to i r l s - e ? 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 1,072 4,508 1,511 1,044 365 487 1,101 1956 31,897 27,154 11,777 9,100 2,014 3,056 ,207 4,743 1,408 1,187 377 502 1,269 1957 34,183 29,515 12,843 9,573 2,429 3,333 1,337 4,668 1,393 1,210 361 478 1,226 1958 34,057 29,074 12,780 8,740 2,668 3,384 ,502 4,983 1,882 1,128 292 506 1,175 1959* 39,852 34,176 15,227 10,145 3,280 3,774 ,750 5,676 2,292 1,225 310 481 1,368 I960 43,281 37,502 16,398 11,134 3,906 4,212 ,852 5,779 2,401 1,189 292 513 ,384 I960—Apr 40,651 35,431 15,711 10,604 3,471 3,872 ,773 5,220 2,050 1,135 290 496 1,249 May 41,125 35,902 15,911 10,744 3,537 3,902 ,808 5,223 2,054 1,125 290 503 1,251 41,752 36,481 16,145 10,945 3,626 3,957 ,808 5,271 2,073 1,132 291 512 ?61 julv 42,050 36,857 16,239 11,062 3,679 4,049 ,828 5,193 2,020 1,124 290 516 1,243 42,378 37,199 16,362 11,142 3,754 4,099 1,842 5,179 2,012 1,132 290 520 1,225 Sept 42,517 37,318 16,416 11,154 3,795 4,111 1,842 5,199 2,049 1 129 291 519 1,211 Oct 42,591 37,330 16,408 11,147 3,833 4,097 1,845 5,261 2,103 1,130 290 518 1,220 Nov 42,703 37,368 16,402 11,141 3,870 4,107 ,848 5,335 2,155 1,140 288 517 1,235 Dec 43,281 37,502 16,398 11,134 3,906 4,212 1,852 5,779 2,401 1,189 292 513 1,384 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 [,861 4,474 1,348 1,121 279 497 1,229 Mar 42,058 37,542 16,860 10,787 3,897 4,131 1,867 4,516 1,442 1,092 274 491 1,217 Apr 41,988 37,434 16,776 10,733 3,937 4,133 1,855 4,554 1,527 1,077 269 488 1,193 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. * See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER CREDIT 701 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t m o p h n d e e e - r r s r R e m l r t o a e n i o n a p o iz n d d a n a s - ir - s l P o o 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 n a a i l t l t - m A pa o u p b t e o il r - e s g p O c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a d n a p ti n d e a o s r i n n r s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11 777 3 651 2,075 2,464 1,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,740 6,404 1,567 19 750 1958 12 780 4 014 2 170 2,269 1,715 2,612 19591 10,145 7,328 1,883 35 899 19591 15,227 4,827 2,525 2,640 2,039 3,196 1960 11,134 7,695 2,374 64 1,001 1960 16,398 5,264 2,776 2,690 2,163 3,505 I960—Apr. 10,604 7,538 2,096 42 928 I960—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 10,945 767 2,175 49 954 June 16,145 5,195 2,765 2,684 2,105 3,396 July. 11,062 822 2,225 52 963 Julv 16,239 5,242 2,777 2,690 2,119 3,411 Aug. 11,142 855 2,260 57 970 Aug 16 362 5,290 2 790 2,684 2,144 3,454 Sept. 11,154 832 2,292 60 970 Sept 16,416 5,313 2,778 2,686 2,162 3,477 Oct.. 11,147 796 2,319 63 969 Oct 16,408 5,311 2,776 2,681 2,170 3,470 Nov. 11,141 7,757 2,347 63 974 Nov 16 402 5,304 2,783 2,670 2,173 3,472 Dec. 11,134 7,695 2,374 64 1,001 Dec 16,398 5,264 2,776 2,690 2,163 3,505 1961—Jan.. 11,030 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 Mar. 10,787 7,314 2,402 66 1,005 Mar 16,860 5,102 2,747 3,409 2,087 3,515 Apr., 10,733 7,245 2,405 67 1,016 Apr 16,776 5,090 2,752 3,278 2,090 3,566 1 Includes data for Hawaii, beginning with August 1959. 1 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 [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Singlepayment Charge accounts E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r r s r m i R z l o o a e a d a n p ti n d e a o s r i n r n- 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 ^ c T m n r o e o e t d n n a i t - l t b C m c a o i n e a m r k l - l s - oan f O i s i n c n t i s h a a t n e l i- r - 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 ca re r d d i s t 2 S c e r r e v d i i c t e tutions 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1 19 9 5 5 5 4 4 5 , , 5 4 1 0 0 6 7 5 6 3 1 9 3 53 7 7 5 2 32 8 6 2 3 3 , , 3 7 1 8 4 2 1 1 9 9 4 4 1 5 3 3 , , 0 2 8 0 7 3 6 6 7 9 4 3 1 7 5 2 2 2 2 7 9 5 0 1 1 \ , 3 3 2 7 2 0 5 8 9 4 7 5 1 1 1 1 9 9 9 9 5 5 5 59 7 6 8 1 7 7 6 8 , , , , 0 5 2 8 9 5 7 0 9 4 7 4 1 , , , 1 3 1 9 4 0 8 48 3 6 8 6 7 6 6 5 2 1 4 8 2 0 8 4 4 7 5 8 1 0 9 9 0 3 3 4 4 5 5 , , , , 2 8 2 9 7 8 0 4 8 2 8 8 1 1 1 19 9 9 9 5 5 5 5 7 4 5 6 1 1 9 8 1 0 , , , , 8 9 1 6 9 2 0 1 6 4 3 4 2 2 2 2 , , , , 0 9 6 8 9 3 3 4 6 7 5 3 4 4 3 3 2 1 1 6 7 0 2 7 7 8 8 8 9 7 9 6 3 6 3 2 3 3 3 3 , , , , 5 7 9 8 1 1 5 4 5 7 3 2 2 2 3 1 6 1 1 7 0 6 7 7 2 2 2 2 , , , , 3 0 1 5 6 0 2 9 6 3 7 3 I960 9,970 1,618 885 781 6,686 1958 11,487 3,156 471 907 3,808 345 2^800 I960—A M p a r y 9 9 , , 1 2 1 4 6 7 1 , , 4 48 5 3 7 7 8 9 2 9 0 7 7 2 4 7 5 6 6 , , 1 1 3 9 3 9 1 I9 9 6 5 0 93 1 1 2 2 , , 7 2 6 6 8 7 3 3 , , 5 73 8 7 2 5 57 6 4 2 9 9 5 4 8 1 3 3, , 8 7 0 5 1 3 4 3 4 9 5 3 3 3^ ,0 2 1 7 9 0 J A S O N D u e u c e o l p g t y c v t . .. 9 9 9 9 9 9 9 , , , , , , , 3 8 7 9 7 6 5 9 2 7 7 4 9 5 1 5 5 0 8 5 6 1 1 1 1 1 1 1 , , , , , , , 5 5 6 6 5 5 5 7 9 0 1 6 1 3 9 1 6 8 5 6 6 8 8 8 8 8 8 8 8 8 4 6 8 8 7 5 4 0 0 2 5 4 7 7 7 7 7 7 7 5 8 6 8 7 7 8 1 1 3 4 9 4 0 6 6 6 6 6 6 6 , , , , , , , 5 5 6 5 4 2 3 5 0 8 2 8 9 8 5 5 6 2 0 7 2 I960— J J A S O M A u u e c u p l p a n t y g r t y e . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , 7 7 7 9 7 8 7 4 1 5 5 1 6 0 8 4 3 9 0 6 2 3 3 3 3 3 3 3, , , , , , , 7 6 6 6 6 6 6 1 3 5 2 9 8 6 5 1 6 7 2 2 3 6 6 6 6 5 5 6 2 8 8 0 9 1 0 0 0 2 2 9 2 2 6 5 6 6 6 6 5 6 2 8 3 8 5 4 1 5 4 3 4 6 6 3 3 3 3 3 3 3 , , , , , , , 1 2 2 2 3 3 2 9 3 6 9 8 0 0 9 6 6 5 2 5 6 4 4 4 4 4 3 3 5 0 5 4 3 9 8 7 8 9 3 2 1 3 3 3 3 3 3 3 3 , , , , , , , 1 1 1 2 1 2 1 6 1 4 1 8 3 9 1 1 8 1 3 1 3 1961 F Ja eb n 9 9, , 8 8 7 9 5 5 1 1, , 5 5 9 9 9 9 8 8 5 6 0 3 7 7 6 7 7 2 6 6, , 6 6 6 5 1 9 N De o c v 1 1 1 2 , ,7 9 6 2 8 3 3 3 , , 7 7 1 3 1 7 5 5 7 9 4 0 7 94 0 1 9 3 3, , 8 3 0 2 1 6 4 4 4 2 5 8 3 3, , 1 2 5 7 9 0 A M p a r r 9 9 , , 8 9 9 2 5 5 1 1 , , 6 6 1 2 1 5 8 83 4 6 3 7 76 6 5 9 6 6 , , 6 69 7 9 2 1961— F Ja e n b 1 11 2 , , 8 2 3 3 8 9 3 3 , , 7 7 4 8 0 9 5 5 9 7 2 4 6 8 6 0 9 5 2 3 , , 9 3 2 4 6 6 4 4 4 4 8 2 3 3, , 4 3 2 2 0 6 Mar 11,848 3,793 624 637 2,926 441 3,427 i Includes data for Alaska and Hawaii, beginning with January and Apr 11,984 3,842 560 631 3,035 430 3,486 August 1959, respectively. NOTE.—Institutions represented are consumer finance companies, credit 1 Includes mail-order houses. unions, industrial loan companies, mutual savings banks, savings and 2 Service station and miscellaneous credit-card accounts and homeloan associations, and other lending institutions holding consumer heating-oil accounts. instalment loans. 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
702 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir ti o a n n d loans Personal loans Year or month Unad- Unad- Unad- Unad- Unad- Adjusted justed Adjusted justed Adjusted justed Adjusted justed Adjusted justed Extensions 1954 31,051 11,807 9,117 1,261 8,866 1955 39,039 16,745 10,634 1,388 10,272 1956 40,175 15,563 11,702 1,568 11,342 1957 42,545 16,545 11,747 1,660 12,593 1958 40,789 14,316 11,638 1,861 12,974 19591 49,045 17,941 13,837 2,201 15,066 1960 50,343 17,839 14,226 2,058 16,220 I960 Apr 4,499 4,509 1,636 1 692 1 266 1,202 182 179 1,415 May 4,255 4,375 1,558 1,658 ,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 ,168 1,085 176 183 1,453 1,415 4,072 4,365 1,422 1,570 ,112 1,165 180 202 1,358 1,428 Sect 4,125 4,010 1,422 1,372 ,162 1,173 164 177 1,377 1,288 Oct 4,108 4,012 1,460 1,407 ,165 1,207 160 172 1 323 1,226 Nov 4,134 4,067 1,482 1,364 ,159 1,217 160 163 1,333 1,323 Dec 4,007 4,641 1,325 1,248 ,200 1,654 147 138 1,335 1,601 1961—Jan 3,869 3,473 1,239 1,130 ,185 1,012 140 117 1,305 [,214 Feb 3,803 3,241 1,190 1,051 ,131 888 141 114 1,341 1,188 Mar 4,002 3,995 1,288 1,330 ,212 1,125 159 150 1,343 1,390 Apr 3,883 3,765 1,243 1,247 ,145 1,053 157 151 1,338 1,314 Repayments 1954 30,488 11,833 9,145 1,255 8,255 1955 33,649 13,082 9,751 1,315 9,501 1956 37,236 14,576 10,756 1,362 10,542 1957 40,259 15,595 11,545 1,466 11,653 1958 40,915 15,488 11,497 1,623 12,307 19591 43,407 15,698 12,307 1,751 13,651 1960 46,914 16,522 13,487 ,834 15,071 I960—Apr 3,935 3,878 1.379 1.348 1,111 1.113 150 148 1,295 1,269 Mav 3,911 3,901 1,402 1,397 1,126 1,125 153 152 1,230 1,227 3,934 3,988 1,392 1,409 1,135 1,144 155 158 1,252 1,277 July 3,997 3,858 ,385 1,335 1,148 [,095 155 154 1,309 1,274 3,918 4,037 ,388 1,443 1,123 1,140 156 161 1,251 1,293 Sept ... 3,958 3,871 1,375 1,371 1,141 ,107 149 151 1,293 1,242 Oct 3,994 3,938 1,417 1,436 1,147 ,125 160 160 1,270 1,217 Nov 3,946 3,955 1,397 1,389 1,119 ,127 158 156 1,272 1,283 Dec 3,931 4 063 356 1 349 1,156 I 154 153 150 1,266 1,410 1961—Jan 3,972 3,972 ,387 1,385 1,154 1,177 159 158 1,272 1,252 Feb 4,011 3,759 1,363 1,279 1,191 1,145 152 146 1,305 1,189 Mar 3,954 4,201 1,353 1,448 1,163 1,239 158 163 1,280 1,351 Apr 4,022 3,835 ,388 1,312 1,186 1,147 156 151 1,292 1,225 Net increase, or decrease (—), in credit outstanding2 1954 563 -26 -28 6 611 1955 5 390 3 663 883 73 771 1956 2 939 987 946 206 800 1957 2,286 950 202 194 940 1958 126 1,172 141 238 667 19591 5,795 2,312 1,553 457 1,473 I960 3,429 1,317 739 224 1,149 I960—Apr 564 631 257 344 155 89 32 31 120 167 May 344 474 156 261 44 58 37 51 107 104 379 627 146 324 113 123 31 40 89 140 July 217 298 32 138 20 -10 21 29 144 141 154 328 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—Jan -103 -499 -148 -255 31 -165 -19 -41 33 -38 Feb -208 -518 -173 -228 -60 -257 -11 -32 36 Mar 48 -206 -65 -118 49 -114 1 -13 63 39 Apr -139 -70 -145 -65 -41 -94 0 46 89 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 703 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r ti t f u in ti a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n s a te 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 Apr 4,499 4,509 1,545 1.632 1,028 1,008 1.175 1,167 751 702 M^ay 4,255 4,375 1,521 ,616 944 983 1,124 1,121 666 655 4,313 4,615 1,534 ,658 943 1,050 1,128 1,185 708 722 July 4,214 4,156 1.437 ,458 894 955 1,233 1,201 650 542 Aug 4,072 4,365 1,442 ,560 894 989 1,129 1,192 607 624 Sept 4,125 4,010 ,470 ,430 888 879 1,118 1,051 649 650 Oct 4,108 4,012 ,473 ,419 896 880 1,072 1,011 667 702 Nov 4,134 4,067 [,495 ,385 918 872 1,078 1,093 643 717 Dec 4,007 4,641 [,399 ,370 847 865 1,077 1,302 684 1,104 1961 Jan i 3,869 3,473 ,373 ,321 800 737 1,028 928 668 487 Feb 1 3,803 3,241 1,358 ,189 786 656 1,059 942 600 454 Mar 4,002 3,995 1,404 ,433 807 806 1,096 1,126 695 630 Apr 3,883 3,765 1,371 ,400 810 763 1,063 1,023 639 579 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 19571 40,259 14,360 9,727 9,673 6,499 19581 40,915 14,647 9,774 10,004 6,490 19591, 2 43,407 15,560 9,623 10,943 7,281 1960 46,914 16,692 10,241 12,197 7,784 I960 Aor 3,935 3,878 1.376 1.361 862 841 1,047 1,018 650 658 May 3,911 3,901 1,411 1,416 850 843 985 990 665 652 June 3,934 3,988 1,400 1,424 849 849 1,024 1,041 661 674 July 3,997 3,858 1,395 ,364 867 838 1,075 1,036 660 620 3,918 4,037 1,376 1,437 870 909 1,027 1,053 645 638 Sept 3,958 3,871 1,388 1,376 877 867 1,044 998 649 630 Oct 3,994 3,938 1,445 ,427 868 887 1,021 984 660 640 Nov 3,946 3,955 1,411 1,391 876 878 1,027 1,043 632 643 Dec 3,931 4,063 1,376 1,374 853 872 1,034 1,157 668 660 1961 Jan i 3,972 3,972 1,433 [,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 Mar 3,954 4,201 1,488 1,574 871 933 1,051 1,106 544 588 Apr 4,022 3,835 1,551 1,484 866 817 1,052 993 553 541 Net increaseor decrease ( —) in credi; outstanding3 1954 563 -202 217 472 76 1955 5 390 1,805 2 299 896 390 19561 2,939 1,176 657 871 235 19571 2,286 1,066 473 822 — 75 19581 -126 -63 -833 455 315 19591, 2 5,795 2,447 1,405 1,250 693 I960 3,429 1,171 989 1,166 103 I960 Apr 564 631 169 271 246 247 128 149 21 -36 May 344 474 110 200 94 140 139 131 1 3 379 627 134 234 94 201 104 144 47 48 July 217 298 42 94 27 117 158 165 -10 -78 Au2 154 328 66 123 24 80 102 139 -38 -14 Sept 167 139 82 54 11 12 74 53 0 20 Oct 114 74 28 -8 28 -7 51 27 7 62 Nov 188 112 84 -6 42 -6 51 50 11 74 Dec 76 578 23 -4 -6 -7 43 145 16 444 1961 Jan.i -103 -499 916 863 -55 -104 17 -75 -981 -1,183 Feb 1 -208 -518 -176 -260 -52 -116 5 -20 15 -122 Mar 48 -206 -84 -141 -64 -127 45 20 151 42 Apr -139 -70 -180 -84 -56 -54 11 30 86 38 1 Data on extensions and repayments have been adjusted to avoid the BULLETIN for October 1956; for 1955-59, in the BULLETIN 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
704 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49-100 [Seasonally adjusted] Annual average 1960 1961 Grouping 1959 1960 Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. INDUSTRY GROUPINGS Total index .. 159 164 165 167 166 166 165 162 161 159 156 155 155 155 160 Manufacturing total 158 163 164 166 165 755 755 757 750 757 154 755 752 755 755 Durable 165 169 172 174 173 173 169 166 164 159 156 154 153 154 161 155 160 159 161 163 163 162 159 160 158 156 155 156 r157 159 Mining 125 128 129 127 128 128 129 127 128 129 129 129 '128 '127 128 Utilities 268 287 287 284 288 289 292 293 289 286 286 290 291 '291 294 Durable Manufactures Primary and fabricated metals 725 725 133 757 725 124 722 779 775 777 705 707 705 709 775 114 115 126 119 112 108 106 102 100 94 88 91 93 94 104 Iron and steel 107 110 125 115 105 100 94 90 91 85 80 82 86 '87 98 142 145 142 147 148 148 147 144 144 138 137 132 r131 131 135 Structural metal parts 150 155 151 156 158 160 160 157 156 151 147 145 141 141 145 Xfachinerv and related vroducts . 797 205 206 277 207 209 206 204 207 797 795 790 759 759 795 Machinery 169 174 175 178 178 180 176 173 167 167 166 166 165 165 169 141 145 145 147 148 152 146 143 142 140 137 136 136 135 140 Electrical machinery 212 222 225 228 226 226 223 222 208 211 213 215 214 '213 216 228 238 239 249 237 237 237 237 240 226 218 208 205 206 219 147 168 169 176 176 166 167 168 170 151 142 130 r127 126 144 Aircraft and other equipment 390 368 368 383 347 372 367 368 371 373 369 366 363 r367 366 Instruments and related products 209 221 218 222 224 226 227 220 220 221 216 216 210 210 211 143 759 143 142 144 145 759 757 755 132 729 729 725 757 755 Clay glass and stone products 159 158 159 160 164 165 162 157 157 155 148 145 144 149 152 Lumber and products 125 118 126 122 120 122 113 114 111 105 106 111 110 111 117 Furniture and miscellaneous 147 153 154 157 755 755 755 750 757 149 145 143 144 144 148 Furniture and fixtures 164 171 174 177 177 177 173 169 168 167 163 159 158 159 165 Misc manufactures.... 133 138 138 140 143 143 141 134 138 135 130 130 132 131 134 Nondurable Manufactures Textile awarel and leather vroducts. 136 136 137 140 141 140 755 755 755 757 727 124 727 750 752 Textile mill products 126 121 122 126 128 126 124 118 116 113 109 110 113 '117 118 Anoarel Droducts 153 159 161 162 162 163 161 155 156 156 152 144 147 152 153 Leather and products .. . . .... 119 113 111 116 116 115 116 109 113 112 108 109 108 108 PoDer and vrintinz 154 160 755 160 160 757 757 757 757 750 759 759 759 759 752 170 172 173 174 ill 173 172 173 172 168 168 170 174 r173 178 143 152 148 152 152 153 153 153 154 155 152 151 150 r150 151 135 141 139 142 143 142 141 140 142 141 139 136 134 136 137 215 224 225 227 233 232 229 224 223 227 275 277 r216 '275 223 Chemicals and products 240 255 256 258 263 263 260 254 255 252 252 250 r249 '252 258 Ru I b n b d e us r t r a i n a d l D c l h a e s m t i ic c s a l D s r oducts . . 2 1 1 9 5 9 8 8 9 3 2 1 2 0 6 0 0 1 2 3 1 0 1 6 1 8 1 2 3 1 0 2 6 5 2 1 3 2 1 3 1 6 1 4 7 2 3 1 3 0 7 1 4 2 2 3 1 0 3 6 1 0 8 3 1 1 2 6 9 0 7 4 3 1 1 1 6 9 4 4 2 3 1 1 1 9 6 8 1 2 3 1 1 1 5 8 5 8 4 3 1 1 1 5 8 5 9 0 ' r1 1 3 7 6 1 8 0 2 ' 3 1 1 2 6 5 1 8 8 161 Foods beverages and tobacco 725 132 130 752 752 752 752 752 755 757 752 752 752 H34 755 Foods and beverages .. 128 132 131 132 132 132 132 132 134 131 133 133 ••133 '134 134 Food manufactures 131 134 133 134 134 134 135 135 136 134 135 135 135 '137 137 117 120 117 122 122 122 120 122 123 119 120 122 119 121 Tobacco products 127 130 133 131 131 126 130 130 131 133 131 129 133 132 Mining Cool oil and sets *•••• «•• ... ... 722 722 722 727 722 722 725 /27 722 124 722 722 727 '727 725 Coal 68 67 72 71 64 64 65 64 66 63 67 64 r63 r56 63 147 147 145 143 148 148 149 147 148 151 148 148 148 r150 150 Oil and gas extraction . ... 145 147 145 143 148 148 149 147 147 150 147 147 148 '152 150 Crude oil 135 135 133 132 137 137 138 136 136 139 135 134 135 '139 137 Gas and gas liquids 210 228 226 222 226 229 230 226 234 231 238 Oil and &as drillins 159 145 138 144 145 143 144 144 147 152 148 154 144 136 145 146 163 772 770 757 757 757 752 750 755 755 772 755 757 759 107 133 146 142 133 130 133 127 121 131 147 150 r146 r146 128 Stone and earth minerals 188 194 199 198 201 205 202 197 201 195 188 193 185 186 190 Utilities 270 289 286 284 289 291 296 297 293 291 290 293 294 292 Gas . 265 285 291 290 289 286 284 281 279 274 277 SUMMARY MARKET GROUPINGS 162 169 168 171 171 170 169 168 168 166 164 162 162 162 166 155 162 162 164 165 164 162 161 162 159 158 155 155 156 160 Equipment, including defense 188 195 194 197 196 198 195 195 195 193 191 188 188 188 190 Materials 157 160 163 162 161 161 159 157 156 153 150 148 '149 150 155 ''Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION 705 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Without seasonal adjustment] A av n e n ra u g a e l 1960 1961 Grouping 1959 1960 Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. INDUSTRY GROUPINGS Total index. 159 164 167 166 166 157 162 164 166 161 154 155 156 158 161 Manufacturing, total. 158 163 166 166 165 155 160 162 165 159 151 151 154 155 750 Durable 165 169 175 174 172 160 160 165 168 162 156 154 155 157 163 Nondurable 155 160 161 161 162 153 165 164 167 160 149 153 157 158 161 Mining 125 128 128 128 129 124 130 129 129 128 128 128 128 nn 127 Utilities 268 287 Durable Manufactures Primary and fabricated metals. 125 128 136 131 127 113 118 720 120 113 106 705 70P 112 779 Primary metals 114 115 132 121 114 93 98 99 102 95 86 93 97 99 109 Iron and steel 107 110 129 116 106 87 89 90 93 85 78 85 88 91 101 Fabricated metal products 142 145 142 145 146 143 148 151 148 141 137 130 128 130 135 Structural metal parts 150 155 150 154 157 154 158 159 159 155 152 144 140 141 144 Machinery and related products. .. 197 205 209 210 206 195 755 199 204 201 197 193 193 194 799 Machinery 169 174 178 111 178 168 169 174 170 169 167 167 170 169 172 Nonelectrical machinery 141 145 149 149 149 145 139 141 140 137 138 138 140 140 144 Electrical machinery 212 222 222 222 223 203 216 229 219 220 214 213 217 '216 216 Transportation equipment 228 238 245 247 237 220 197 219 244 238 229 216 212 213 225 Motor vehicles and parts 147 168 174 176 174 149 117 145 175 167 157 138 134 132 149 Aircraft and other equipment. . 390 368 372 378 346 359 359 363 369 372 371 374 371 ••375 371 Instruments and related products. 209 221 220 221 223 219 223 220 222 222 219 216 212 213 213 Ordnance and accessories Clay, glass, and lumber 143 139 142 146 752 142 148 145 144 752 720 775 727 r127 134 Clay, glass, and stone products. 159 158 158 164 168 162 168 163 164 155 144 136 137 145 151 Lumber and products 125 118 124 125 133 117 125 124 122 104 92 97 103 105 115 Furniture and miscellaneous 147 153 750 757 755 750 759 755 750 154 148 759 142 143 144 Furniture and fixtures 164 171 170 170 173 169 177 176 176 169 166 156 158 159 160 Misc. manufactures 133 138 133 136 140 133 144 142 147 142 132 125 129 129 129 Nondurable Manufactures Textile, apparel, and leather products. 136 136 144 142 755 724 144 729 757 752 114 725 757 r137 755 Textile mill products 126 121 127 128 127 112 124 116 121 116 105 112 117 118 123 Apparel products 153 159 111 167 154 143 171 149 162 156 129 146 162 162 161 Leather and products 119 113 112 110 113 103 122 111 114 108 99 111 119 118 Paper and printing 154 750 162 752 757 149 755 755 759 164 755 755 759 755 755 Paper and products 170 172 178 174 176 156 174 174 183 171 152 169 175 178 183 Printing and publishing. 143 152 151 153 151 145 148 155 160 159 154 147 148 153 155 Newspapers 135 141 148 151 143 124 126 141 153 154 138 125 130 141 146 Chemical, petroleum, and rubber products. 215 224 228 227 257 275 225 226 227 222 275 279 '227 r221 225 Chemicals and products 240 255 262 260 262 248 255 255 258 253 247 250 253 '259 267 Industrial chemicals 298 320 325 325 326 312 317 316 317 320 315 315 "322 330 Petroleum products 158 161 157 158 167 171 173 171 163 160 162 159 162 157 157* Rubber and plastic products 199 200 207 201 207 177 191 196 202 195 176 189 188 176 Foods, beverages, and tobacco. 128 132 125 729 755 133 142 146 145 126 124 '725 r126 725 Foods and beverages 128 132 125 129 134 134 142 147 145 134 127 124 124 125 128 Food manufactures 131 134 125 128 133 135 144 152 150 139 132 129 128 127 129 Beverages 117 120 124 134 144 131 132 123 125 108 105 100 106 116 Tobacco products 127 130 127 135 143 116 139 135 140 133 106 129 134 131 Mining Coal, oil, and gas 122 122 122 779 720 775 727 727 725 124 124 725 H26 r124 725 Coal 68 67 70 69 66 51 68 67 72 66 65 63 r64 r51 61 Crude oil and natural gas. 147 147 145 142 144 143 145 145 146 150 151 153 154 '154 150 Oil and gas extraction.. 145 147 146 142 143 142 144 144 145 149 151 152 154 157 152 Crude oil 135 135 135 131 133 132 133 134 133 137 137 138 140 '143 139 Gas and gas liquids. . 210 228 226 214 212 210 217 217 226 238 250 Oil and gas drilling.... 159 145 131 141 146 147 149 147 148 149 150 157 143 129 137 Metal, stone, and earth minerals. 146 163 755 755 757 757 755 775 772 757 149 146 144 147 755 Metal mining 107 133 138 163 164 149 153 147 133 119 118 118 '120 120 121 Stone and earth minerals 188 194 195 202 210 213 214 210 212 197 182 175 168 175 187 Utilities Electric. 270 289 281 269 279 288 303 304 285 280 294 313 304 298 Gas 265 285 SUMMARY MARKET GROUPINGS Final products, total 162 169 169 169 171 163 168 171 174 167 161 162 164 164 166 Consumer goods 155 162 162 162 164 155 163 165 170 162 152 154 157 156 160 Equipment, including defense. 188 195 197 198 197 193 191 194 192 190 191 191 191 191 193 Materials 157 160 164 163 162 151 157 158 159 155 148 149 150 152 157 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
706 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.! Apr. Total index. 100.00 105 108 109 110 109 110 108 107 106 105 103 102 102 102 105 Manufacturing, total. 86.49 105 108 109 110 110 110 108 707 106 104 102 101 101 702 705 Durable 49.66 102 104 106 107 105 106 104 102 101 98 96 95 94 95 99 Nondurable 36.83 110 114 113 115 116 116 115 113 113 112 111 111 111 112 113 U M t i i n li i t n ie g s 4 8. . 5 9 5 6 1 9 1 5 5 1 9 2 7 3 1 9 2 8 3 1 9 2 7 2 1 9 2 7 4 1 9 2 7 4 1 9 2 8 5 1 9 2 6 6 1 9 2 7 4 1 9 2 8 3 1 9 2 8 3 1 9 2 8 4 1 9 2 7 5 1 r 2 9? 5 1 9 2 7 6 Durable Manufactures Primary and fabricated metals. 13.15 95 98 101 100 96 95 93 91 90 85 82 82 82 55 89 Primary metals 7.73 90 91 99 94 88 85 83 80 78 74 69 71 73 r74 82 Iron and steel 6.21 86 88 100 92 84 80 76 72 73 68 64 66 69 69 79 Fabricated metal products 5.42 104 106 104 108 108 109 108 106 105 101 101 97 96 96 99 Structural metal parts 2.91 101 103 101 104 106 107 107 105 104 101 98 97 94 94 97 Machinery and related products... 28.98 102 106 106 109 107 108 106 105 104 102 100 98 97 97 101 Machinery 15.31 103 106 107 109 109 110 107 105 102 102 101 101 101 101 103 Nonelectrical machinery 8.92 99 102 102 104 105 107 103 101 100 98 96 96 96 95 98 Electrical machinery 6.39 108 112 114 115 114 114 113 112 105 107 108 109 108 r108 109 Transportation equipment 10.76 98 102 102 106 102 102 101 102 103 97 93 89 88 88 94 Motor vehicles and parts 5.04 100 115 115 120 120 113 114 115 116 103 97 89 86 86 98 Aircraft and other equipment.. 5.50 94 89 89 92 84 90 88 89 89 90 89 88 88 r89 88 Instruments and related products. 1.66 112 119 117 120 121 121 122 118 119 119 116 116 113 113 113 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 777 70P 772 777 772 775 70P 707 705 705 700 700 700 702 705 Clay, glass, and stone products. 2.92 110 110 110 111 114 114 112 109 109 107 103 101 100 103 105 Lumber and products 1.65 113 107 114 110 109 111 102 103 100 95 96 100 99 101 106 Furniture and miscellaneous. 2.96 772 775 777 779 720 720 775 114 775 775 770 70P 70P 70P 772 Furniture and fixtures 1.48 115 120 122 124 123 124 121 118 117 117 114 111 111 111 115 Misc. manufactures 1.48 109 113 113 115 117 117 115 109 113 110 107 107 108 107 110 Nondurable Manufactures Textile, apparel, and leather products. 7.32 775 115 775 775 77P 77P 777 772 772 777 705 705 707 770 772 Textile mill products 2.78 113 109 110 113 115 113 111 106 104 101 98 98 102 r105 106 Apparel products 3.44 120 125 127 127 127 128 127 122 122 123 119 113 116 119 120 Leather and products 1.10 106 101 99 104 104 103 103 97 101 99 96 97 96 96 Paper and printing 7.93 705 772 770 772 772 772 772 772 775 772 777 777 777 777 775 Paper and products 3.27 111 112 113 113 112 112 112 112 112 110 109 111 113 113 116 Printing and publishing. 4.66 105 111 109 111 112 112 113 112 113 114 112 111 110 110 111 Newspapers 1.53 104 108 106 108 109 108 108 107 108 108 106 104 102 104 105 Chemical, petroleum, and rubber products. 10.95 113 775 775 77P 722 722 720 775 777 775 775 114 775 775 777 Chemicals and products 7.10 114 121 122 123 125 125 124 121 121 120 120 119 118 120 123 Industrial chemicals 3.61 118 127 126 128 132 131 131 127 125 126 125 125 124 127 ioi' Petroleum products 1.93 105 108 107 107 111 115 112 111 109 108 105 106 106 106 Rubber and plastics products 1.91 114 115 115 117 122 117 115 111 110 109 105 103 102 96 Foods, beverages, and tobacco. 10.64 707 70P 70P 770 770 770 770 770 777 70P 770 770 770 777 777 Foods and beverages 9.87 106 109 108 109 109 110 109 110 111 109 110 110 110 111 111 Food manufactures 8.31 106 109 108 109 109 109 109 109 111 109 110 110 110 111 111 Beverages 1.56 106 109 106 111 110 111 109 110 112 108 109 111 108 109 Tobacco products .77 112 114 116 115 115 111 114 114 115 117 115 113 116 116 Mining Coal, oil, and gas 7.05 96 95 95 94 95 95 96 95 P5 97 96 95 95 T95 96 Coal 1.30 82 82 87 86 78 78 80 11 81 11 81 78 HI '68 11 Crude oil and natural gas. 5.75 99 98 97 96 99 99 100 99 99 101 99 99 99 101 100 Oil and gas extraction. . 4.98 99 100 99 98 101 102 102 101 101 103 101 101 101 104 103 Crude oil 4.33 98 98 97 96 99 100 100 99 99 101 98 98 98 101 100 Gas and gas liquids .65 106 116 115 112 115 116 117 115 118 117 121 Oil and gas drilling .77 93 85 81 84 85 84 85 84 86 89 87 90 85 80 85 Metal, stone, and earth minerals. i.50 94 705 777 70P 707 707 707 104 705 104 705 770 705 707 702 Metal mining .70 11 96 106 103 97 94 96 92 88 95 107 109 106 106 93 Stone and earth minerals .80 108 112 115 114 116 118 116 114 116 113 109 111 106 107 110 Utilities Electric. 3.76 115 124 122 121 123 124 126 127 125 124 124 125 125 125 Gas.... 1.20 114 123 125 125 124 123 122 121 120 118 119 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION 707 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping 1 p 9 ro 5 - 7 A av n e n ra u g a e l 1960 1961 tion 1959 I960 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total index 100.00 105 108 109 no 109 no 108 107 106 105 103 102 102 102 105 Final products total 46.75 107 111 111 112 112 112 HI 110 111 109 108 707 707 707 709 C Eq o u n i s p u m m e e n r t go in o c d l s u ding defense ... 3 1 1 5 . . 1 6 3 2 no 1 1 1 0 5 3 1 1 1 0 5 2 1 1 1 0 7 4 1 1 1 0 7 3 1 1 1 0 6 4 1 1 1 0 5 3 1 10 1 3 4 1 1 1 0 5 3 1 1 1 0 3 2 1 10 1 1 2 no M 11 0 0 0 1 9 1 9 1 1 10 1 0 3 Materials 53.25 100 106 108 107 106 106 105 104 103 101 99 100 98 99 103 104 98 Consumer Goods Automotive products 3.35 103 117 117 121 121 114 115 117 121 112 105 94 90 r88 703 Autos 2.03 96 117 116 122 123 108 114 119 123 109 97 78 73 71 92 Auto parts and allied products .... 1.32 113 117 119 119 118 122 118 113 118 116 118 118 '115 '115 120 Home goods and apparel .... 9.60 116 117 119 121 121 119 117 113 112 112 111 108 709 772 775 Home goods 4.40 115 115 117 121 120 117 114 112 no 110 no 108 109 no 114 Appliances TV and radios 1.75 114 111 115 120 118 113 108 105 103 104 106 106 109 108 111 Appliances .... 1.26 119 117 116 120 121 119 116 110 112 114 116 116 114 113 114 TV and home radios .49 102 96 114 118 109 97 87 93 82 78 82 80 94 95 100 Furniture and rugs 1.18 119 118 121 123 122 118 119 119 115 114 113 109 109 no 116 Misc home goods 1.47 113 117 116 120 122 121 118 114 115 114 112 111 110 115 Apparel incl knit goods and shoes 5.20 116 118 120 122 121 121 119 113 114 114 111 108 no 1 11 1 3 2 115 18.18 108 113 113 113 114 115 114 114 115 113 114 114 114 114 115 Processed foods 8.11 106 109 108 109 no no no no no 109 109 no no 111 111 Beverages and tobacco 2.32 108 111 no 112 112 111 in 112 113 111 111 112 111 111 D N Co r e R F u w n g u e s s E G s e u s p i l l m a a d e s s o p c e e o i t e n r r l a r t i p s i a c f a u i n l t e y d m a l u n a g t a d i g a n l i a s d t t o z o i e i l i l n i s l i n e g e e t h s r t i i e n a s g nd books .. . 2 2 3 1 1 1 . . . . . . . 1 5 4 2 4 7 6 9 7 4 6 5 3 9 1 1 1 1 1 1 1 1 1 1 0 1 1 0 1 8 7 6 5 3 4 1 1 1 1 1 1 1 1 0 2 1 2 2 1 8 6 8 4 7 5 9 1 1 1 1 1 1 2 1 2 2 0 1 6 8 0 6 8 2 1 1 1 1 1 1 0 2 2 1 1 2 5 5 0 8 3 4 1 1 1 1 1 1 0 2 1 2 2 2 7 7 3 0 6 2 1 1 1 1 1 1 0 2 2 1 2 2 9 9 9 6 2 2 1 1 1 1 1 1 3 2 0 2 1 2 1 0 8 9 5 2 1 1 1 1 1 1 1 1 0 3 2 3 6 9 6 2 1 0 1 1 1 1 1 1 2 1 0 2 3 2 2 5 5 0 0 8 1 1 1 1 1 1 1 1 0 1 3 2 8 6 5 9 0 6 1 1 1 1 1 1 1 1 1 2 0 3 6 8 9 7 4 0 1 1 1 1 1 1 1 1 0 3 2 3 7 8 8 1 3 3 1 1 1 1 1 1 1 2 3 1 3 1 5 5 3 2 2 7 M 1 1 1 1 1 1 1 0 3 2 2 4 6 7 0 2 9 1 1 1 1 1 0 9 6 5 Equipment Business equipment 12.16 100 105 104 106 105 106 705 105 105 103 102 707 707 700 702 Industrial equipment 7.29 97 102 102 104 103 104 103 101 99 100 98 98 98 96 97 Commercial equipment 2.46 104 118 115 117 120 121 121 120 121 119 117 118 118 117 119 Freight and passenger equipment .... 1.83 98 101 101 105 99 101 95 101 103 99 99 95 91 93 94 Farm equipment .58 115 91 89 89 89 88 83 87 86 88 99 98 103 104 107 Defense equipment ... 3.46 Materials Durable goods materials 27.81 100 102 105 105 102 101 100 99 97 94 91 90 89 90 95 Consumer durable 3.67 101 109 110 115 115 no 106 112 103 94 91 88 83 r85 93 Equipment 8.10 103 101 104 104 98 102 101 97 98 98 95 95 95 95 98 Construction 9.05 107 107 109 no no no 109 106 105 102 99 98 97 r99 103 Metal materials nee 6.99 89 92 102 98 86 86 84 81 79 77 75 77 78 79 86 25.44 107 110 110 110 HI 112 111 109 109 109 108 107 705 r109 110 Business supplies 8.87 108 no 109 no 111 113 111 no no no 110 108 108 '108 no Containe rs 2.91 109 108 108 113 111 109 108 110 11? General business supplies 5.96 107 1in09 no 110172 113 113 112 111018 1in07 110162 no 109 r108 107 110183 Nondurable materials nee 7.05 115 121 123 123 121 117 116 114 ni6 118 121 119 120 116 115 Business fuel and power 9.52 100 102 103 103 104 102 103 101 r102 r102 103 Mineral fuels 6.29 96 19073 19073 96 97 97 98 96 19073 98 19072 96 96 r96 97 Nonresidential utilities 2.70 113 120 120 120 121 120 122 122 121 120 120 119 119 121 Electricity 2.19 113 121 120 119 121 121 123 124 122 121 120 119 120 122 General industrial .99 no 115 115 114 117 117 118 117 113 112 113 111 112 114 Commercial and other 1.12 118 127 126 125 126 127 130 132 131 130 128 128 128 131 Gas .51 113 120 Industrial .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home soods 7.75 no 116 117 121 121 116 115 114 115 in 108 102 101 '100 109 Apparel and staples 23.38 no 114 114 115 115 116 115 114 115 114 113 113 113 114 115 r Revised. NOTE.—Published groupings include some series and subtotals not series and subtotals without seasonal adjustment are published in the shown separately. Detailed description and historical data are available monthly Business Indexes release, which is available on request from the in Industrial Production—7959 Revision (for announcement of that pub- Division of Administrative Services, Board of Governors, of the Federal lication, see the BULLETIN for June 1960, p. 632). Figures for industrial Reserve System, Washington 25, D. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
708 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] Grouping p 19 r 5 o 7 - a A v n e n ra u g a e l 1960 1961 portion 1959 1960 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total index. 100.00 105 108 109 109 103 107 108 110 106 101 102 103 104 106 Manufacturing, total. 86.49 705 108 110 110 103 106 108 110 106 100 101 102 103 705 Durable 49.66 102 104 107 106 99 98 102 103 100 96 95 96 97 100 Nondurable 36.83 110 114 115 116 109 117 117 119 114 106 109 111 112 114 Mining 8.55 95 97 97 98 94 98 98 98 97 97 97 97 96 Utilities , 4.96 115 123 Durable Manufactures Primary and fabricated metals. 13.15 95 98 104 100 97 86 90 91 92 81 83 83 85 P7 Primary metals 7.73 90 91 104 95 89 73 77 78 80 74 68 73 76 78 86 Iron and steel 6.21 86 88 103 93 85 69 72 72 75 68 62 68 71 73 81 Fabricated metal products 5.42 104 106 104 106 107 105 109 110 109 103 101 96 94 r96 99 Structural metal parts 2.91 101 103 100 103 105 103 105 106 106 104 101 96 93 94 96 Machinery and related products... 28.98 102 106 108 108 707 707 97 705 705 704 702 700 700 700 703 Machinery 15.31 103 106 108 108 108 102 103 106 104 103 102 102 103 103 105 Nonelectrical machinery 8.92 99 102 105 105 105 102 98 99 98 97 97 97 99 99 101 Electrical machinery 6.39 108 112 113 112 113 103 109 116 111 112 108 108 110 109 109 Transportation equipment 10.76 98 102 105 106 101 94 84 94 104 102 98 93 91 91 96 Motor vehicles and parts 5.04 100 115 119 120 119 102 80 99 120 114 107 94 91 91 102 Aircraft and other equipment.. 5.50 94 89 90 91 83 87 86 88 89 90 89 90 89 90 89 Instruments and related products. 1.66 112 119 118 119 120 118 120 119 119 119 118 116 114 114 115 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 70P 775 775 770 775 775 772 705 94 92 95 99 104 Clay, glass, and stone products. 2.92 110 113 117 113 116 113 114 108 100 95 95 101 105 Lumber and products 1.65 107 114 120 106 114 113 110 94 83 93 95 104 Furniture and miscellaneous. 2.96 775 775 775 114 727 720 722 777 772 705 705 705 70P Furniture and fixtures 1.48 120 119 121 119 124 123 123 118 117 109 110 111 112 Misc. manufactures 1.48 113 111 115 109 118 116 121 116 108 102 106 106 106 Nondurable Manufactures Textile, apparel, and leather products. 7.32 775 775 722 720 775 705 722 770 775 772 97 707 775 r775 775 Textile mill products 2.78 113 109 114 115 114 100 111 104 108 104 94 100 105 106 110 Apparel products 3.44 120 125 135 131 121 113 134 117 127 123 102 115 128 127 126 Leather and products 1.10 106 101 100 98 101 92 108 99 102 96 88 99 106 105 Paper and printing 7.93 705 772 113 773 772 104 777 114 775 775 707 70P 777 114 775 Paper and products 3.27 111 112 116 113 114 101 113 113 119 111 99 110 114 116 119 Printing and publishing. 4.66 105 111 111 113 111 107 109 114 117 117 113 108 109 113 113 Newspapers 1.53 104 108 113 116 110 95 97 108 117 118 105 96 99 108 112 Chemical, petroleum, and rubber products. 10.94 773 118 720 77P 727 114 775 775 77P 777 775 775 775 775 720 Chemicals and products 7.10 114 121 125 124 125 118 122 121 123 121 118 119 121 123 127 Industrial chemicals 3.61 118 127 129 129 130 124 126 125 126 127 125 125 128 131 Petroleum products 1.93 105 108 104 105 111 114 115 114 109 107 108 106 108 105 Rubber and plastics products 1.91 114 115 118 115 119 101 109 112 116 112 101 108 108 101 Foods, beverages, and tobacco. 10.64 707 70P 104 707 772 770 775 727 727 777 104 104 104 104 707 Foods and beverages 9.87 106 109 104 107 111 111 118 122 120 111 105 103 103 104 106 Food manufactures 8.31 106 109 102 104 108 109 117 124 122 113 107 105 104 103 105 Beverages 1.56 106 109 113 122 130 119 120 112 113 98 96 91 96 105 Tobacco products .77 112 114 112 119 125 102 122 118 123 117 93 113 118 115 Mining Coal, oil, and gas 7.05 95 93 94 90 94 94 96 P7 97 P5 P5 r97 96 Coal 1.30 82 84 80 63 83 82 88 80 79 76 r78 r69 75 Crude oil and natural gas. 5.75 98 95 97 96 97 97 98 100 101 103 103 103 101 Oil and gas extraction. . 4.98 100 97 98 97 99 99 99 102 103 104 106 107 104 Crude oil 4.33 98 96 97 96 97 97 97 100 100 101 102 104 101 Oi G l a a n s d a n g d a s g d a r s i l l li i n q g uids.. . . 6 7 5 7 1 8 1 5 6 1 8 0 3 9 1 8 0 6 8 1 8 0 6 7 110 1 8 1 6 0 1 8 1 7 5 121 127 92 "84* "si" Metal, stone, and earth minerals. 7.50 705 777 720 116 777 114 770 707 96 94 92 P5 Metal mining .70 96 118 119 108 111 107 97 86 86 85 '87 87 88 Stone and earth minerals .80 112 116 121 123 123 121 122 114 105 101 97 101 108 Utilities Electric. 3.76 115 124 120 115 119 123 129 130 122 120 126 134 130 127 Gas.... 1.20 114 123 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION 709 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] Grouping p p 1 r o 9 o r 5 - - 7 A av n e n r u a a g l e 1960 1961 tion 1959 1960 Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar.Apr. Total index 100.00 105 108 110 109 109 103 107 108 110 106 101 102 103 104 106 Final products, total 46.75 107 777 777 777 772 707 777 772 114 770 705 705 108 r707 70P Consumer goods 31.13 110 115 115 115 116 110 115 117 121 115 108 109 111 111 113 15.62 100 103 104 105 104 102 101 102 101 100 101 101 101 101 102 53.25 104 106 109 108 107 100 104 105 105 102 98 98 99 101 104 Consumer Goods Automotive products ... 3.35 703 777 723 724 725 703 83 98 72P 720 770 98 96 r94 108 Autos 2.03 96 117 126 126 127 94 60 84 134 123 108 86 83 81 102 Auto parts and allied products 1.32 113 117 118 120 121 116 117 120 121 114 112 117 116 115 119 Home goods and apparel 9.60 116 777 727 77P 777 707 720 775 77P 114 707 705 775 775 775 Home goods .. 4.40 115 115 118 117 118 105 111 118 118 114 107 103 110 112 114 Appliances XV and radios 1.75 114 111 120 117 116 95 97 112 109 108 98 98 112 112 115 1.26 119 117 131 126 126 107 96 110 107 111 107 106 120 122 127 .49 102 96 93 95 92 63 98 117 114 99 77 80 94 86 84 Furniture and rugs . 1.18 119 118 120 117 117 112 121 122 122 116 116 108 111 112 114 1.47 113 117 115 118 120 112 120 123 125 121 110 104 108 111 113 Apparel incl knit goods and shoes 5.20 116 118 124 122 117 109 127 112 120 114 97 109 120 119 118 Consumer stavles 75.75 705 773 770 777 114 773 77P 722 720 114 777 772 772 r777 772 8.11 106 109 102 104 108 110 118 124 122 112 107 104 103 103 104 2.32 108 111 112 121 129 113 121 114 116 104 95 98 104 108 Drugs soap and toiletries 2.73 111 118 118 118 120 114 122 121 125 120 117 118 118 117 123 1.44 106 114 112 112 111 113 116 118 117 116 116 116 115 115 116 Consumer fuel and lishtins 3.45 113 119 118 113 115 118 121 122 115 115 123 134 132 125 Fuel oil and gasoline . 1.19 104 106 103 103 106 108 110 108 104 105 108 112 113 105 100 Residential utilities 2.26 117 127 Electricity 1.57 118 128 126 114 116 122 128 130 121 122 136 154 149 138 Gas .69 115 125 Equipment Business eauivment 12.16 700 705 705 707 707 104 703 104 703 707 702 702 702 702 703 7.29 97 102 103 104 104 102 102 102 99 99 99 98 97 96 98 Commercial eauioment ... 2.46 104 118 115 117 119 117 119 121 122 120 120 119 119 118 118 Freisht and oassenser eauiument 1.83 98 101 107 108 105 101 92 96 99 95 96 94 93 98 99 .58 115 91 100 94 91 79 75 78 85 78 95 101 113 119 123 3.46 Materials Durable goods materials 27.81 700 702 705 705 104 96 97 700 99 95 90 90 90 P7 96 3.67 101 109 109 110 109 96 91 108 109 105 98 93 88 r88 92 Equipment 8.10 103 101 104 103 98 97 97 97 97 98 97 97 97 97 98 9.05 107 107 108 111 114 109 112 112 111 103 96 93 93 96 102 Metal materials n e.c 6.99 89 92 104 98 93 77 81 82 83 77 71 75 79 81 87 Nondurable materials 25.44 107 770 772 777 777 104 770 770 772 770 705 108 109 112 8.87 108 110 in 112 11?. 104 111 113 116 111 104 106 108 110 113 2.91 109 109 111 110 114 106 118 115 115 102 94 102 107 112 115 General business supplies 5.96 107 111 113 113 112 103 108 112 116 115 109 107 108 110 112 Nondurable materials nee 7.05 115 119 123 122 121 112 118 116 119 119 112 116 119 120 123 9.52 100 103 102 100 101 99 104 103 103 102 103 103 104 104 103 M^ineral fuels . 6.29 96 97 97 94 94 90 95 95 97 98 98 99 100 r99 98 Nonresidential utilities . 2.70 113 120 2.19 113 121 116 116 121 124 131 129 123 118 118 119 117 119 General industrial .. .99 110 115 115 115 117 112 119 118 116 114 113 112 109 114 Commercial and other 1.12 118 127 118 118 128 136 143 142 130 124 125 127 125 126 Gas . .51 113 120 .33 .18 Supplementary groups of consumer goods Automotive and home goods 7.75 110 116 120 120 121 104 99 110 123 117 108 101 104 104 112 23.38 110 114 113 113 115 112 121 119 120 114 108 112 114 113 114 ' Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—7P5P 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
710 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 = 100, unless otherwise indicated] Construction Manu- Industrial production contracts* facturing 3 Prices Major industry Major market groupings N ri o c n u a l- g- Freight D m ep e a n r t t- Y m e o a n r th or Total M t f i a u a n c n r g - - u- gro M u in p i g n in - gs U iti t e il s - Tot F a i l na g l s C o u p o o m r n d o e - s d r u E c m t q s e u n ip t - M ria a l t s e- R d t e e ia n s l i - - o A th l e l r t p o e l m t o a y - l - 2 p m E lo e m n y - t - P ro a l y ls - l i c o n a a g r d s - - v ( s s r a t a e o l l t u e a r e e s i ) l s C um on e - r W m c s o o h a m d l o e i l - t e y - 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 "163 "128 "287 "169 "162 "195 "160 117 112 120.9 99.1 170.2 78 145 126.5 "119.6 I960 Apr 165 164 129 287 168 162 194 163 136 118 121.5 100.8 168.8 84 154 126.2 120.0 May 167 166 127 284 171 164 197 162 134 118 121.4 100.9 171.5 83 141 126.3 119.7 June 166 165 128 288 171 165 196 161 137 125 121.5 100.3 172.5 77 145 126.5 119.5 July 166 165 128 290 170 164 198 161 122 142 121.5 99.6 169.0 73 149 126.6 119.7 Aug 165 163 129 293 169 162 195 159 132 117 121.3 98.3 169.2 75 r144 126.6 119.2 Sept 162 161 127 295 168 161 195 157 118 116 121.2 98.4 172.5 73 144 126.8 119.2 Oct 161 160 128 291 168 162 195 156 128 121 120.7 97.4 170.5 78 150 127.3 119.6 Nov 159 157 129 290 166 159 193 153 115 102 120.2 96.5 166.2 75 142 127.4 119.6 Dec 156 154 129 291 164 158 191 150 81 115 119.4 94.6 160.6 73 147 127.5 119.5 1961 Jan 155 153 129 290 162 155 188 148 90 95 119.4 93.7 158.5 75 142 127.4 119.8 Feb . .. 155 152 '128 291 162 155 188 149 80 86 118.8 92.5 157.1 73 145 127.5 119.9 Mar 155 153 127 '291 162 156 188 150 126 113 118.7 r92.6 158.2 72 146 127.5 119.8 Apr 160 158 128 294 166 160 190 155 134 116 119.4 93.8 160.4 H4 "148 127.5 119.3 May . 164 163 128 297 168 163 193 161 ^119.9 ^95.4 ^164.4 76 e145 119.0 •Estimated. * Preliminary. r Revised. were: residential, 271; all other, 266. A description of the old index, Adj.= adjusted for seasonal variation. Unadj.= without seasonal including seasonal adjustments, may be obtained from the Division of adjustment. Research and Statistics. * See note 1. 2 Employees only, excluding personnel in the armed forces. 1 Indexes beginning with 1956 are based on data for 48 States from 3 Production workers only. F. W. Dodge Corporation, 1957 ==100. Figures for earlier years are NOTE.—Indexes for employment (excluding Alaska and Hawaii), 3-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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total construction 36,269 36,318 3,360 3,337 3,472 3,597 3,295 3,119 3,319 2,886 2,718 2,485 2,235 3,166 3,298 By type of ownership: Public 11,068 12,587 1,067 1,025 1,237 1,413 1,018 995 1,125 1,071 1,218 838 732 1 .090 1,170 Private 25,201 23,731 2,293 2,312 2,236 2,184 2,277 2,124 2,194 1,815 1,500 1 647 1,504 2 075 2 128 By type of construction: !• Residential 17,150 15,105 1,480 1,453 1,483 1,329 1,433 1,277 1,390 1,253 878 974 870 1 371 11,387 12,240 1,048 1,110 1,110 1,152 1,177 1,124 1,165 916 994 813 804 1,027 $ Public works and utilities 7,732 8,973 833 774 879 1,116 685 717 764 717 846 698 561 768 NOTE.—Monthly data exceed annual totals and are not comparable counting for negative adjustments in monthly data after original figures with monthly data for 1957 and earlier years because of the policy of ac- have been published. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSTRUCTION 711 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates. 1 Monthly data at seasonally adjusted annual rates. In millions of dollars] Private Public Year or month Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u a B l s u - sine m C s e s o r m cia - l P u u ti b li l t i y c O n d r t e o t e i h s a n n i e l - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r ot A h l e l r 1952 34,670 23,889 12,842 7,500 2,320 1,137 4,043 3,547 10,781 1,387 2,679 790 5,925 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 1,290 3,015 883 6,048 1954 39,362 27,684 15,379 8,531 2,030 2,212 4,289 3,774 11,678 1,003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1,085 5,491 1956 45,779 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,712 1,360 4,395 1,275 5,682 1957 47,795 33,778 17,019 12,535 3,557 3,564 5,414 4,224 14,017 1,287 4,892 ',344 6,494 1958 48,903 33,491 18,047 11,076 2,382 3,589 5,105 4,368 15,412 1,402 5,500 ,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 1960 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—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 ,200 6,168 ,512 7,464 June.. 55,189 39,103 22,362 12,074 2,788 3,881 5,405 4,667 16,086 ,283 5,639 ,475 7,689 July.., 55,390 39,035 22,308 12,102 2,868 3,870 5,364 4,625 16,355 ,265 5,768 ,455 7,867 Aug.., 55,298 38,660 21,783 12,262 2,934 3,922 5,406 4,615 16,638 ,430 6,121 ,447 7,640 Sept.. 55,325 38,697 21,716 12,362 3,041 4,036 5,285 4,619 16,628 ,392 5,987 ,454 7,795 Oct... 54,736 38,331 21,228 12,478 3,084 4,133 5,261 4,625 16,405 ,354 5,791 ,465 7,795 Nov.. 55,430 38,581 21,428 12,516 3,036 4,198 5,282 4,637 16,849 ,819 5,600 1,448 7,982 Dec.. . 56,135 38,598 21,490 12,609 2,982 4,307 5,320 4,499 17,537 ,453 6,660 1,484 7,940 1961—Jan... 55,262 37,810 20,338 12,940 3,031 4,516 5,393 4,532 17,452 ,285 6,470 1,534 8,163 Feb. . 54,846 37,096 19,671 12,835 3,037 4,536 5,262 4,590 17,750 ,805 5,934 1,559 8,452 Mar.p 55,177 37,801 20,287 12,761 2,986 4,413 5,362 4,753 17,376 ,841 5,662 1,572 8,301 Apr.?. 55,323 38,838 21,265 12,639 2,910 4,323 5,406 4,934 16,485 ,535 5,059 1,605 8,286 May*. 56,461 39,264 21,728 12,542 2,824 4,242 5,476 4,994 17,197 ,256 5,989 1,617 8,335 P Preliminary. 2 Beginning with 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 Non- Private Government-underwritten * annual rate Metro- Year or month (private only) Total politan politan Public Total Nonfarm areasi areas! Total fam 1- ily fam 2- ily M fam ul i t l i y - Total FHA VA 1952 1.127 795 332 1.069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 [,220 897 324 [,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956 1.118 780 338 1,094 981 31 82 24 465 195 271 1957 1,042 700 342 993 840 33 120 49 322 193 12* 1958 1,209 827 382 1,142 933 39 170 68 439 337 102 1959 1,379 946 432 1,343 1,079 49 215 36 458 349 109 19593 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960 .279 879 401 .238 987 43 208 42 336 261 75 I960 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 1,302 1,285 127 84 44 122 100 4 18 5 34 26 s July 1,182 [,164 115 80 35 111 90 4 18 4 31 24 7 AUK 1,292 1,273 130 85 44 125 101 4 20 5 35 26 8 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 I 203 96 66 30 94 71 3 20 2 26 20 5 Dec 979 970 72 51 21 65 47 3 15 7 19 14 5 1961—Jan 1,105 1,078 73 51 21 70 51 3 17 3 19 14 5 Feb 1,184 [,133 81 56 25 76 57 4 16 5 18 13 5 M^ar P1,317 VI 285 J>110 78 32 *>105 80 4 22 *>5 27 20 6 Apr . . *1,233 V1,203 P119 82 37 2>115 n.a. n.a. n.a. H 26 20 6 n.a. Not available. » Preliminary. 3 New series, including both farm and nonfarm unless otherwise 1 For new series, based on revised definition of metropolitan areas. indicated. Not strictly comparable with nonfarm series developed by 2 Data from Federal Housing Administration and Veterans' Ad- the Bureau of Labor Statistics, for which annual totals are given through ministration represent units started, based on filed office reports of first compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
712 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 I960 125,368 73,126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 1960—May 125,033 73,171 70,667 67,208 61,371 5,837 3,459 51.862 5.1 June 125,162 75,499 73,002 68,579 61,722 6,856 4,423 49,663 5.4 July 125,288 75,215 72,706 68,689 61,805 6,885 4 017 50 074 5.5 Aug 125,499 74,551 72,070 68,282 61,828 6,454 3,788 50 948 5.8 Sept 125,717 73,672 71,155 67,767 61,179 6,588 3,388 52,045 5.7 Oct 125,936 73,592 71,069 67,490 61,244 6,247 3 579 52 344 6.3 Nov 126,222 73,746 71,213 67,182 61,516 5,666 4,031 52,476 6.2 Dec 126,482 73,079 70,549 66,009 61,059 4,950 4,540 53,403 6.8 1961 Jan 126,725 72 361 69,837 64 452 59 818 4 634 5 385 54 364 6.6 Feb 126,918 72,894 70,360 64,655 59,947 4,708 5,705 54,024 6.8 Mar 127,115 73,540 71,011 65,516 60,539 4,977 5,495 53,574 6.9 Apr 127,337 73,216 70,696 65,734 60,734 5,000 4,962 54,121 6.8 May 127,558 74,059 71,546 66,778 61,234 5,544 4,768 53,499 6.9 1 Includes self-employed, unpaid family, and domestic service workers. force by about 300,000. Most of the increase was in nonagricultural 2 Per cent of civilian labor force. Monthly data are seasonally industries. adjusted. Information relating to persons 14 years of age and over is obtained NOTE.—Inclusion of figures for Alaska and Hawaii beginning with through interviews of households on a sample basis. Monthly data January 1960 increased population by about 500,000 and total labor relate to the calendar week that contains the 12th day; annual data are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total i M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1954 48,431 15,995 111 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 111 2,759 4 062 10,846 2 219 5 916 6 914 1956 51,766 16 903 807 2 929 4 161 11 221 2 308 6 160 7 277 1957 52,162 16 782 809 2 808 4 151 11 302 2 348 6 336 7 626 1958 50.543 15,468 721 2,648 3,903 11,141 2,374 6 395 7 893 1959 51,975 16 168 676 2 767 3 902 11 385 2 425 6 525 8 127 I960 52,895 16,336 664 2,771 3,902 11,643 2 485 6,637 8 456 SEASONALLY ADJUSTED I960 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 Aus . . 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 51,984 15,527 620 2,636 3 803 11,576 2 519 6 660 8 643 Mar 51,939 15,541 622 2,715 3,768 11,479 2,520 6,632 8; 662 Apr P 52,226 15,672 629 2,777 3,762 11,537 2,518 6,646 8,685 May?7 52,433 15,867 638 2,709 3,775 11,556 2,528 6,651 8,709 WITHOUT SEASONAL ADJUSTMENT I960 May 52,957 16,348 677 2,830 3,924 11,543 2,469 6,717 8,449 June 53,309 16 422 681 2,977 3 942 11 637 2 496 6 745 8 409 July 52,923 16,250 655 3,098 3 939 11,591 2 530 6 715 8'145 Aug 53,062 16,386 672 3,130 3,921 11,592 2,536 6,685 8,140 SeDt 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 51,090 15,473 620 2,264 3,759 11,279 2,494 6,527 8,674 Mar 51,397 15,497 622 2,414 3,749 11,337 2,507 6,566 8,705 Apr p 51,825 15,529 623 2,613 3,755 11,380 2,518 6,679 8,728 MayP 52,298 15,683 632 2,755 3,772 11,425 2,528 6,751 8,752 P Preliminary. month. Proprietors, self-employed persons, domestic servants, unpaid i Excludes data for Alaska and Hawaii. family workers, and members of the armed forces are excluded. Back NOTE.—Data include all full- and part-time employees who worked data may be obtained from the Bureau of Labor Statistics. during, or received pay for, the pay period ending nearest the 15th of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT AND EARNINGS 713 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 May Mar. May Mar. Apr.? May Total 12,476 11,455 11,605 11,795 12,292 11,418 11,470 11,616 Durable goods 7,106 6,339 6,432 6,580 7,084 6,363 6,429 6,560 Ordnance and accessories 73 73 73 73 73 73 73 73 Lumber and wood products 590 513 531 539 593 498 518 542 Furniture and fixtures 332 300 307 312 324 303 305 304 Stone, clay, and glass products 452 404 412 422 452 402 412 422 Primary metal industries 998 829 846 870 993 833 846 866 Fabricated metal products 841 743 762 789 837 750 762 785 Machinery except electrical 1,148 1,060 1,065 1,070 1,159 1,076 1,081 1,081 Electrical machinery 864 822 828 842 855 830 828 834 Transportation equipment 1,174 1,013 1,015 1,057 1,174 1,013 1,015 1,057 Instruments and related products 229 209 210 213 228 211 211 212 Miscellaneous manufacturing industries 405 373 383 393 397 375 379 385 Nondurable goods 5,370 5,116 5,173 5,215 5,208 5,055 5,041 5,056 Food and kindred products 1,035 1,041 1,036 1,027 967 932 944 958 Tobacco manufactures 79 76 74 73 68 68 64 63 Textile-mill products 867 799 815 827 863 807 815 823 Apparel and other finished textiles 1,136 1,038 1,062 1,084 1,079 1,074 1,041 1,030 Paper and allied products 454 434 438 439 449 432 434 435 Printing, publishing and allied industries 570 571 572 572 567 571 569 569 Chemicals and allied products 550 524 535 542 547 532 540 539 Products of petroleum and coal 154 143 144 144 155 142 143 145 Rubber products 199 180 184 185 198 180 181 184 Leather and leather products 326 310 313 322 315 318 310 311 * 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 May Mar. Apr.? May Mar. May Mar. Mayp Total 91.37 90.71 91.57 92.66 39.9 39.1 39.3 39.6 2.29 2.32 2.33 2.34 Durable goods 98.58 97.96 99.35 100.25 40.4 39.5 39.9 40.1 2.44 2.48 2.49 2.50 Ordnance and accessories 107.79 109.89 110.43 110.84 41.3 40.7 40.9 40.9 2.61 2.70 2.70 2.71 Lumber and wood products 81.40 77.80 80.58 82.39 40.1 38.9 39.5 39.8 2.03 2.00 2.04 2.07 Furniture and fixtures 74.19 72.74 72.54 71.98 40.1 38.9 39.0 38.7 1.85 1.87 1.86 1.86 Stone, clay, and glass products 92.84 92.86 93.26 95.06 40.9 40.2 40.2 40.8 2.27 2.31 2.32 2.33 Primary metal industries 109.70 108.97 111.74 113.29 38.9 38.1 38.8 39.2 2.82 2.86 2.88 2.89 Fabricated metal products 99.96 97.81 99.85 101.00 40.8 39.6 40.1 40.4 2.45 2.47 2.49 2.50 Machinery except electrical 106.14 105.32 106.78 107.04 41.3 40.2 40.6 40.7 2.57 2.62 2.63 2.63 Electrical machinery 91.37 93.30 94.16 94.16 39.9 39.7 39.9 39.9 2.29 2.35 2.36 2.36 Transportation equipment 111.66 109.69 111.60 113.40 40.9 39.6 40.0 40.5 2.73 2.77 2.79 2.80 Instruments and related products 94.77 97.53 97.93 97.77 40.5 40.3 40.3 40.4 2.34 2.42 2.43 2.42 Miscellaneous manufacturing industries... 77.41 78.61 78.80 79.60 39.9 39.5 39.6 39.8 1.94 1.99 1.99 2.00 Nondurable goods 81.35 82.04 82.43 82.86 39.3 38.7 38.7 38.9 2.07 2.12 2.13 2.13 Food and kindred products 88.91 90.17 89.95 91.94 40.6 39.9 39.8 40.5 2.19 2.26 2.26 2.27 Tobacco manufactures 68.58 66.43 72.58 72.01 38.1 36.7 38.4 38.1 1.80 1.81 1.89 1.89 Textile-mill products 65.36 63.24 63.96 b4.78 40.1 38.8 39.0 39.5 1.63 1.63 1.64 1.64 Apparel and other finished textiles 55.90 57.12 56.09 55.26 36.3 35.7 35.5 35.2 1.54 1.60 1.58 1.57 Paper and allied products 96.05 96.98 98.33 98.09 42.5 41.8 42.2 42.1 2.26 2.32 2.33 2.33 Printing, publishing and allied industries. . 106.37 106.88 106.31 106.69 38.4 37.9 37.7 37.7 2.77 2.82 2.82 2.83 Chemicals and allied products 103.58 104.90 105.32 106.55 41.6 41.3 41.3 41.3 2.49 2.54 2.55 2.58 Products of petroleum and coal 118.03 122.31 123.93 123.22 40.7 40.5 40.9 40.8 2.90 3.02 3.03 3.02 Rubber products 100.04 97.66 100.47 102.40 39.7 38.6 39.4 40.0 2.52 2.53 2.55 2.56 Leather and leather products 59.90 61.79 59.62 61.49 36.3 37.0 35.7 36.6 1.65 1.67 1.67 1.68 * 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
714 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 v d e- m Ri o c n h d - l A an t t - a c C a h g i o - Lo S u t i . s M ap i o n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALES i 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 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 145 128 135 140 140 154 182 134 143 136 155 169 156 SEASONALLY ADJUSTED 1960 Apr 154 134 146 151 148 170 192 145 159 147 164 181 160 May 141 125 131 136 139 146 176 132 143 133 150 159 153 145 129 135 144 139 150 183 134 144 137 154 170 153 July 149 125 135 142 143 157 194 141 144 136 159 175 159 144 124 137 136 139 150 178 134 140 132 151 169 155 Sept 144 126 136 139 140 155 185 132 138 134 154 166 155 Oct 150 129 140 145 144 163 189 140 149 138 164 172 160 Nov 142 129 131 136 136 151 179 129 139 137 157 163 152 Dec 147 128 135 136 142 154 187 137 142 138 159 171 159 1961 Jan 142 126 129 132 140 146 177 130 145 133 164 165 154 Feb 145 126 136 143 135 155 181 128 134 142 156 170 164 Mar 146 135 140 145 144 157 178 127 142 133 158 168 160 Apr »148 132 140 141 139 ^156 183 135 142 142 177 164 WITHOUT SEASONAL ADJUSTMENT 1960 Apr 150 133 139 153 148 167 194 139 150 139 155 172 154 May 139 124 127 134 135 145 173 130 144 127 150 159 145 June «. 137 123 130 134 131 140 165 129 134 133 146 156 147 July 122 95 101 108 116 130 165 113 119 109 140 156 142 132 106 109 114 128 137 170 123 134 132 154 165 154 145 131 138 141 140 156 172 136 142 144 159 159 152 Oct 153 132 147 149 145 170 187 143 152 152 164 176 156 Nov 171 155 167 178 167 183 206 158 166 154 181 190 177 Dec r262 249 245 250 254 '285 329 238 248 238 274 293 282 1961 Jan 108 95 103 97 105 105 137 98 107 96 121 130 119 Feb 109 91 105 102 104 110 141 96 102 104 114 127 126 Mar 132 116 128 134 130 142 177 116 126 120 137 155 138 Apr ^135 120 125 131 127 172 123 127 127 P147 159 148 STOCKS i 1953 131 124 120 129 125 141 155 122 131 123 146 143 140 1954 128 126 117 127 122 138 152 120 125 124 141 140 135 1955 136 132 119 135 124 159 170 127 135 130 152 153 142 1956 148 141 130 148 133 175 195 138 148 142 164 168 156 1957 152 138 138 154 136 178 203 143 150 146 160 174 158 1958 148 136 136 152 129 172 197 139 143 137 153 165 155 1959 156 142 142 160 134 179 210 148 144 144 157 178 167 I960 165 147 149 164 149 185 228 154 150 153 165 187 178 SEASONALLY ADJUSTED I960 Apr 158 141 145 157 139 183 224 146 147 146 157 182 174 May 161 146 149 164 144 189 223 152 151 150 160 185 167 165 148 149 168 150 187 227 152 152 152 161 192 180 July 167 149 151 166 160 188 227 155 154 157 165 190 180 169 153 154 166 157 191 232 158 154 162 165 192 182 Sept 168 152 153 166 154 191 230 160 152 159 171 189 178 Oct 167 152 151 165 151 185 231 159 150 158 173 192 179 Nov 169 151 152 166 U3 184 235 158 149 157 173 192 178 Dec 165 147 149 164 145 187 233 158 147 151 174 182 180 1961 Jan 162 147 150 161 142 182 224 149 148 146 169 181 178 Feb 161 146 148 157 142 181 221 148 147 143 164 178 182 Mar 161 145 147 158 142 182 221 151 150 146 166 179 179 Apr 149 146 157 143 183 150 148 148 179 P178 WITHOUT SEASONAL ADJUSTMENT I960—Apr 165 147 150 168 146 189 232 155 153 150 164 189 177 May 163 149 151 167 148 188 225 155 149 150 161 183 166 157 139 140 156 142 175 213 149 143 143 158 179 176 July 158 135 137 149 147 173 211 152 146 148 158 180 177 166 148 150 159 150 188 225 155 153 158 163 192 181 Sept 176 159 161 174 160 r202 239 166 161 166 176 201 188 Oct 186 172 171 190 169 r211 251 175 171 175 187 211 198 Nov 192 177 176 191 184 r213 266 177 170 179 196 211 205 Dec 150 137 140 148 132 172 205 137 133 140 156 169 165 1961—Jan 145 131 136 142 125 162 207 134 132 135 152 160 158 Feb 153 137 138 151 136 170 221 140 139 137 158 172 168 Mar 164 147 150 162 146 186 232 151 151 150 169 183 178 Apr 155 151 168 150 190 159 154 151 ^174 186 »Preliminary. r Revised. NOTE.—For description of series see BULLETIN for December 1957, i Figures for sales are the average per trading day, while those for stocks pp. 1323-36. Back data may be obtained from the Division of Adminisare as of the end of the month or averages of monthly data. trative Services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DEPARTMENT STORES; FOREIGN TRADE 715 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Period m S (t a o f o l o n e t r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i o m ( s e r O t o n d i a n d n u e n g r t t d - h s o - ) f * m c ( e t o R f i o o p n e t r t t a - s h l 2 ) o m ( r N t o d f o o e n e t w r r t a h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S o st p o r t i a o d n l u n u c e g t d s k - rs - s ce R i e p - ts Annual average: 1952 . . .. ... 397 1,097 435 397 401 2.9 1.2 4.1 .0 1953 406 1,163 421 408 401 3.0 L.I 4 1 o 1954 409 1,140 388 410 412 3.0 L.O 4.0 0 1955 437 1,195 446 444 449 2.9 l.l 4 0 o 1956 454 1,286 470 459 458 3.0 l.l 4.1 0 1957 459 1,338 461 461 458 3.1 I 1 4 1 o 1958 462 1,323 437 462 464 3.0 .0 4.1 o 1959 488 1,391 510 495 498 3.0 1.1 4.1 .1 I960 492 1,466 517 494 491 3.1 1.1 4.3 .0 Month: 1960 Apr r508 T480 '416 r517 r477 2.9 0.8 3.7 I 0 May 448 1,461 420 436 439 3.3 0.9 4.2 1.0 June 451 1,381 616 371 567 3.1 1.4 4.4 ) 8 July . .. 373 1,371 678 363 425 3.7 1.8 5.5 L.O Aug 452 1,463 629 544 495 3.2 1.4 4 6 L 2 Sept 471 1,564 621 572 564 3.3 1.3 4.6 L.2 Oct . . 520 1,670 581 626 586 3.2 1.1 4.3 L.2 Nov 584 1,735 479 649 547 3.0 0.8 3 8 1 Dec 932 1,339 331 536 388 1.4 0.4 1.8 0.6 1961 Jan 370 1,316 436 347 452 3.6 1.2 4.7 0.9 Feb 348 1,368 474 400 438 3.9 1.4 5.3 1.1 Mar . . . 479 1,459 441 570 537 3.0 0.9 4 0 1 2 Apr p 430 I 500 386 471 416 3.5 0.9 4.4 1.1 p Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and /or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1960, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see the department store sales. BULLETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r 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 1.141 1,124 Feb 1,279 1 576 1,672 L 182 1,497 1,606 1,119 I 289 1 046 Mar 1,459 1,749 1,934 1,378 1,632 1,889 1,295 1,378 1,231 Apr 1,481 1,818 1,706 1,345 1,703 1,647 1,221 1,261 1 042 May t ,558 1,804 1,418 1,710 1,264 I 262 June 1,427 1,737 1,351 1,637 1,370 1,307 July 1,470 1,699 1,356 1,629 1,250 1,150 Au2 1,410 1 609 L 313 1,547 1,188 L 229 Sent 1,487 1,610 1,407 1,557 1,395 .160 Oct 1,482 1,744 199 1,690 102 \\~\~51 Nov ,482 1,797 1,380 1,724 1,283 1,161 Dec . ... 1,685 1,797 1,580 1,743 1,467 1,157 Jan -Apr . . 5,620 6,704 6,959 5,192 6,316 6,681 4,789 5,071 4,443 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
716 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 l d 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 d v 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—Apr 126.2 119.5 131.4 141.4 124.4 136.3 104.7 137.0 108.9 146.1 155.5 132.9 121.1 131.9 May 126.3 119.7 131.2 141.4 124.7 132.9 104.3 137.2 108.9 145.6 155.9 133.2 121.4 131.9 June 126.5 120.3 131.3 141.6 124.7 132.3 104.3 137.3 108.9 145.8 156.1 133.2 121.1 132.0 July 126.6 120.6 131.3 141.8 124.8 132.9 104.1 137.4 109.1 145.9 156.4 133.4 121.6 132.2 126.6 120.1 131.5 141.9 124.9 133 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 Mar 127.5 121.2 132.5 143.1 125.9 141.3 103.9 138.5 109.8 145.7 159.6 133.6 123.4 132.6 Apr 127.5 121.2 132.3 143.3 125.8 139.9 103.8 138.7 109.5 145.8 159.9 133.8 124.1 132.6 NOTE.—Series beginning with January 1953 reflects the inclusion of weights. Prior to January 1953, indexes are based on the "interim new series (i.e. home purchases and used automobiles) and revised adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49 = 100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n p o l r t x e d - d e s - l - l H e s p u k a a r i n c t i o d n h t d d e s e s s - , r ,p t l e F o 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 r c l c n 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 r d s - - L p w u a b u r c n e o m o t d r o s d - d - p p a P u a a l r u l c n o p i t e l d d e p s d r - ,M m p u a r e e c n o t t t d a d 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 u n h r r e r l d s e n a d e s e r - i - - e s N r t m t t m a a u r o l l i r u e l s n n a i - c — c - l - - b e b m o b r a T a a t e n f c o t g r v l d c - s e e - o . d s n c M e e o l i l s u a - - s 1953. 110.1 97 0 104.6 114.0 97.3 98.5 109.5 105.7 175 0 1?0 7 116.1 176 9 1?3 0 114 7 118.2 115 7 97. R 1954. 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 178 0 124.6 115.4 120.9 6 10? S 1955. 110.7 89 6 101.7 117.0 95.3 93.8 107.9 106.6 143 R 6 119.3 6 17R4 9 124.2 171 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 17? 3 91 0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145. 119.0 129.6 151. 146.1 122.9 134.6 126.1 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. 136.0 178 ? 94, 7 1959 119.5 89. 1 107.0 128.2 95.0 114.3 112.7 109.9 144. 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 1960-—Apr 120.0 91.1 106.8 128.7 96.3 112.1 112.2 110.2 144.7 124 3 133.1 154.5 153.7 123.5 138.3 131.7 95.4 May 119.7 90.4 107.3 128.2 96.3 111.2 110.8 110.2 146.3 1237 133.4 154.2 153.3 123.2 137.9 131.7 91 1 119.5 89 0 107.6 128.2 96.3 110.3 112.3 110.2 1467 1224 133.5 153 8 153. 0 137.8 ni 7 90 9 July 119.7 88 9 108.9 128.2 96.3 110.1 113.8 110.4 1469 1?1 133.5 4 153 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. 119 6 133.0 153.6 153.3 122.Q 137.8 132.0 89 9 Seot 119.2 87 7 108.1 127.9 95.9 108.1 116.1 110.4 144.9 118 7 133.0 153. 151.4 122 8 138.0 132.0 91 1 Oct 119.6 89 109.0 128.0 95.8 108.5 116.2 110.3 144.7 1177 133.4 152 8 9 17? 7 138.1 n? 0 90 Nov 119.6 89.9 109.1 127.9 95.4 108.5 116.1 110.3 143.6 116 9 133.1 152.3 153.0 122.6 137.9 1320 90 6 FW 119.5 88 7 109.2 127.9 95.2 108.8 116.2 110.4 141. 116 132.3 152 153.1 122 6 137.9 132 1 4 1961 Tan 119.8 89.7 109.8 128.0 95.0 108.3 117.3 110.0 140.1 115 7 132.6 152 153. 122.4 138.6 n? 1 95 4 Feb 119.9 90 110.5 128.0 94.8 108.2 117.8 110.4 140. 114 9 132.8 15? S 1S3 1 17? ? 138.4 m 1 94 6 Mar 119.8 90. 1 109.6 C128.1 94.7 r109.8 117 5 110.6 140 7 8 152 8 r153.0 122 132 r95.7 Apr 119.4 88. 1 109.0 128.0 94.4 110.3 115.7 110.8 140 7 118 0 131.9 1530 152.8 122 5 138.7 132 96 1 1 c Corrected. Preliminary r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES 717 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1960 1961 1960 1961 Subgroup Subgroup Apr Feb. Mar. Apr. Apr. Feb. Mar. Apr. Farm Products: Pulp, Paper and Allied Products—Cont.: Fresh and dried produce 111.5 103.9 110.1 101.7 Paperboard 135.9 130.4 130.2 129.7 Grains 79.4 75.9 76.2 73.5 Converted paper and paperboard.... 130.0 131.7 131.4 131.2 Livestock and poultry 85.7 85.8 83.7 82.9 Building paper and board 145.1 146.0 145.7 145.3 Plant and animal fibers 96.3 91.3 93.0 93.5 Fluid milk 95.5 99.6 '98.6 96.8 Metals and Metal Products: Eggs 80.2 82.0 76.7 67.2 Hay and seeds 76.3 78.6 82.5 89.1 Iron and steel 170.5 170.0 170.6 170.9 Other farm products 128.6 129.5 129.3 129.4 Nonferrous metals 140.5 132.0 132.4 132.7 Metal containers 154.8 156.6 156.6 156.6 Processed Foods: Hardware 174.0 175.1 175.0 175.3 Plumbing equipment 132.1 130.9 130.9 130.9 Cereal and bakery products 120.9 123.6 123.6 123.6 Heating equipment 120.1 115.1 114.8 115.4 Meats, poultry, and fish 96.7 100.2 96.7 95.3 Fabricated structural metal products 135.3 133.9 134.0 133.9 Dairy products and ice cream , 115.6 119.7 120.4 119.4 Fabricated nonstructural metal Canned, frozen fruits, and vegetables, 105.8 112.6 112.2 111.7 products 146.1 149.6 149.7 149.7 Sugar and confectionery , 114.1 115.8 115.1 115.4 Packaged beverage materials , 145.2 139.7 139.7 139.7 Machinery and Motive Products: Other processed foods , 102.8 101.3 101.4 100.9 Agricultural machinery and equip- Textile Products and Apparel: ment 145.6 148.6 148.6 148.7 Construction machinery and equip- Cotton products 95.0 90.1 90.1 89.8 ment 174.7 178.1 178.1 178.2 Wool products 102.7 99.8 99.3 100.0 Metal working machinery 178.5 182.7 182.7 181.6 Synthetic textiles 79.4 77.5 77.0 77.0 General purpose machinery and 166.2 Silk products 118.0 129.3 129.5 129.5 equipment 167.9 166.1 166.2 Apparel 100.7 100.6 100.6 100.5 Miscellaneous machinery 150.1 151.4 151.4 151.4 Other textile products 82.5 101.4 100.5 93.8 Electrical machinery and equipment 154.9 152.0 152.1 151.6 Hides, Skins, and Leather Products: Motor vehicles 141.6 140.5 140.2 140.3 Hides and skins , 73.5 62.3 71.2 70.8 Furniture and Other Household Dura- Leather 104.7 97.5 100.1 102.1 bles: Footwear , 133.5 132.8 r132.7 132.8 Other leather products 107.3 103.7 104.1 104.4 Household furniture 124.9 126.0 126.0 126.1 Commercial furniture 156.7 156.0 156.0 156.0 Fuel, Power, and Lighting Materials: Floor covering 130.8 128.1 128.2 128.2 Household appliances 103.1 100.0 99.8 99.8 Coal 119.0 123.5 122.8 119.0 Television, radios, phonographs 91.7 90.4 90.7 90.6 Coke 170.4 170.4 170.4 170.4 Other household durable goods 157.3 156.8 156.8 158.3 Gas fuels (Jan. 1958 = 100) 115.6 122.3 121.7 117.8 Electric power (Jan. 1958 = 100) 101.8 102.2 102.4 102.5 Nonmetallic Minerals—Structural: Petroleum and products 115.4 123.1 122.8 120.6 Flat glass 135.3 132.4 132.4 132.4 Chemicals and Allied Products: Concrete ingredients 142.1 142.3 142.6 142.6 Concrete products 131.3 130.9 131.1 131.3 Industrial chemicals , 124.5 123.3 123.4 123.4 Structural clay products 161.5 162.1 162.1 162.1 Prepared paint 128.3 132.1 132.1 132.1 Gypsum products 133.2 134.9 134.9 134.9 Paint materials 102.9 105.0 105.3 104.9 Prepared asphalt roofing 106.6 114.1 114.1 114.1 Drugs, Pharmaceuticals, cosmetics.., 94.5 94.7 94.7 94.7 Other nonmetallic minerals 134.4 132.9 133.6 133.7 Fats and oils, inedible , 51.7 54.3 r57.1 61.4 Mixed fertilizers , 110.2 111.9 112.3 112.2 Tobacco Manufactures and Bottled Fertilizer materials , 108.8 112.1 112.0 112.0 Beverages: Other chemicals and products , 106.4 105.9 '106.0 106.0 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 , 160.9 136.3 138.8 138.9 Alcoholic beverages 120.6 121.3 121.3 121.2 Tires and tubes 137.0 137.1 137.1 138.3 Nonalcoholic beverages 171.1 171.7 171.7 171.7 Other rubber products 144.5 144.6 144.6 143.5 Miscellaneous: Lumber and Wood Products: Toys, sporting goods, small arms 118.3 118.9 119.4 119.6 Lumber , 125.7 113.4 r114.6 116.6 Manufactured animal feeds 75.6 73.8 75.5 76.4 Millwork 136.8 134.7 134.5 134.5 Notions and accessories 97.2 96.4 96.4 96.4 Plywood , 96.1 91.8 92.9 98.6 Jewelry, watches, photo equipment... 110.5 111.5 111.6 111.5 Other miscellaneous 132.1 r132.7 P132.2 131.5 Pulp, Paper, and Allied Products: Woodpulp , 121.2 114.5 114.5 114.4 Wastepaper , 88.4 75.5 62.7 62.7 Paper , 145.1 145.7 145.7 145.7 T Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
718 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Quarterly totals at seasonally adjusted annua1 rates Item 1960 1961 1929 1933 1941 1950 1956 1957 1958 1959 1960 1 2 3 4 1 104.4 56.0 125.8 284.6 419.2 442.8 444.2 482.1 503.2 501.3 505.0 503.5 503.5 499.8 79.0 46.4 81.9 195.0 269.9 285.2 293.5 313.8 327.8 323.3 329.0 328.3 330.8 328.8 9.2 3.5 9.7 30.4 38.5 40.4 37.3 43.4 43.6 44 2 44 5 42.7 43.2 39.2 Nondurable goods 37.7 22.3 43.2 99.8 131.4 137.7 142.0 147.6 152.4 150 5 153.5 152.7 152.9 153.0 Services 32.1 20.7 29.0 64.9 100.0 107.1 114.2 122.8 131.7 128.6 130.9 132.9 134.7 136.6 Gross Drivate domestic investment 16.2 1.4 18.1 50.0 67.4 66.1 56.0 72.0 72.8 79.3 75.5 70.8 66.0 61.0 8.7 1.4 6.6 24.2 35.5 36.1 35.4 40.3 40.4 40.8 40.7 40.5 40.3 39.0 3.6 .5 3.5 14.1 17.7 17.0 18.0 22.3 21.1 21.4 21.3 21.1 20.5 19.2 Other 5.1 1.0 3.1 10.1 17.8 19.0 17.4 18.0 19.3 19 3 19 4 19.5 19.8 19.9 Producers* durable equipment 5.9 1.6 6.9 18.9 27.2 28.5 23.1 25.8 28.8 27.1 29 5 29.7 28.7 26.5 1.7 -1.6 4.5 6.8 4.7 1.6 -2.5 5.9 3.6 11.4 5.3 .6 -3.0 -4.5 Nonfarm only 1.8 -1.4 4.0 6.0 5.1 .8 -3.6 5.4 3.2 11.0 5.0 .3 -3.4 -4.8 Net exports of goods and services .8 5.3 7.0 2.4 6.0 13.1 23.1 26.2 22.7 22.9 26.5 25.2 26.4 27.3 27.0 27.4 Imports 6.3 2.3 4.8 12.5 20.2 21.3 21.5 23.8 23.5 23.9 24.4 23.5 22.4 22.1 Government purchases of goods and services.. 8.5 8.0 24.8 39.0 79.0 86.5 93.5 97.1 99.7 97.5 98.6 100.7 102.1 104.7 Federal 1.3 2.0 16.9 19.3 45.7 49.7 52.6 53.3 52.4 51.8 . 51.7 52.7 55.5 54.7 National defense >'S / 13.8 14.3 40.4 44.4 44.8 46.0 45.1 44.9 44.7 45.1 45.7 47.2 Other { 3.a 5.2 5.7 5.7 8.3 7.8 7.9 7.5 7.6 8.2 8.2 8.1 Less: Government sales .1 .3 .4 .5 .5 .6 6 .6 .6 .6 State and local 7.2 6.0 7.8 19.7 33.2 36.8 40.8 43.9 47.3 45.7 46.9 48.0 48.8 50.0 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 400.9 408.6 401.0 428.0 439.2 440.5 442.2 438.0 437.0 432.4 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Quarterly totals at seasonally adjusted annual rates Item 1960 1961 1929 1933 1941 1950 1956 1957 1958 1959 1960 National income 87.8 40.2 104.7 241.9 350.8 366.9 367.7 399.6 417.5 414.4 419.4 419.3 416.9 Compensation of employees 51.1 29.5 64.8 154.2 242.5 255.5 257.0 277.8 294.4 290.2 295.0 297.2 295.2 293.3 Wages and salaries 50.4 29.0 62.1 146.4 227.6 238.5 239.7 258.2 272.5 268.7 275.7 274.9 273.2 277.5 Private 45.5 23.9 51.9 124.1 189.6 198.4 196.4 212.9 224.3 222. 225.5 226.0 223.6 221.2 Military .3 .3 1.9 5.0 9.7 9.6 9.8 9.9 10.1 9.9 10.0 10.1 10.3 10.4 Government civilian 4.6 4.9 8.3 17.3 28.4 30.5 33.5 35.4 38.1 36.7 37.6 38.8 39.3 39.9 Supplements to wages and salaries .7 .5 2.7 7.8 14.9 17.0 17.4 19.6 21.9 21.5 21.9 22.3 22.0 21.8 Employer contributions for social insurance .1 .1 2.0 4.0 6.8 7.8 8.0 9.5 10.9 10.8 10.9 11.1 10.9 10.9 Other labor income .6 .4 .7 3.8 8.1 9.1 9.4 10.1 11.0 10.7 10.9 11.2 11.1 11.0 Proprietors* income 14.8 5.6 17.4 37.5 43.7 44.5 46.4 46.5 47.8 46.0 48.1 48.3 48.8 48.5 Business and professional 8.8 3.2 10.9 23.5 32.1 32.7 32.3 34.7 35.9 35.4 36.0 36.1 35.9 35.5 Farm 6.0 2.4 6.5 14.0 11.6 11.8 14.0 11.8 12.0 10.6 12.1 12.2 12.8 13.0 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 44.3 48.0 45.3 42.2 41.0 Profits before tax 9.6 .2 77.0 40.6 44.7 43.2 37.7 47.0 44.3 48.8 45.7 41.5 40.7 Profits tax liability 1.4 .5 7.6 17.9 21.2 20.9 18.6 23.2 21.6 23.8 22.3 20.3 19.8 Profits after tax 5.5 -.4 9.4 22.8 23.5 22.3 19.1 23.8 22.8 25.0 23.4 21.3 20.8 Dividends 5.8 2.1 4.5 9.2 12.1 12.6 12.4 13.4 14.0 13.9 13.9 14.0 14.1 14.0 Undistributed profits 2.4 -2.4 4.9 13.6 11.3 9.7 6.7 10.5 8.7 11.0 9.5 7.3 6.8 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -2.7 -1.5 -.2 -.5 .0 -.8 -.4 .7 .4 .4 Net interest 6.4 5.0 4.5 5.5 11.7 13.4 14.7 16.4 18.7 17.8 18.5 19.1 19.4 19.6 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 719 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Annual totals Quarterly totals at seasonally adjusted annual rates Item 1960 1961 1929 1933 1941 1950 1956 1957 1958 1959 1960 Gross national product. 104.4 56.0 125.8 284.6 419.2 442.8 444.2 482.1 503.2 501.3 505.0 503.5 503.5 499.8 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 34.4 37.4 38.1 40.5 43.2 42.2 43.0 43.6 44.1 44.5 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 35.7 38.2 39.4 42.6 45.1 44.4 45.3 45.1 45.4 45.4 S B t u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 -.7 .8 -2 1 . . 4 6 - 1 .6 .8 -1 1 . . 7 8 -1 1 . . 8 8 -3 1 . . 9 8 -1 1 . . 1 8 -3 1 . . 9 8 -5 1 . . 8 8 -4 1.8 Plus: Subsidies less current surplus of government enterprises -.1 .0 .2 1.0 1.1 .6 .5 .5 .6 .5 .5 .6 Equals: National income 87.8 40.2 104.7 241.9 350.8 366.9 367.7 399.6 417.5 414.4 419.4 419.3 416.9 Less: Corporate profits and inventory valuation adjustment 10. -2.0 14.5 35.7 42.0 41.7 37.4 46.6 44.3 48.0 45.3 42.2 41.0 Contributions for social insurance .2 .3 2.8 6.9 12.6 14.5 14.8 17.3 20.2 19.9 20.2 20.4 20.1 20.2 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 26.1 26.7 27.3 28.7 30.0 Net interest paid by government 1.0 1.2 1.3 4.8 5.7 6.2 6.2 7.1 8.0 7.8 8.0 8.2 8.2 8.1 Dividends 5.8 2.1 4.5 9.2 12.1 12.6 12.4 13.4 14.0 13.9 13.9 14.0 14.1 14.0 Business transfer payments .6 .7 .5 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 96.3 228.5 332.9 351.4 360.3 383.3 404.2 396.2 404.2 408.0 408.5 407.5 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.8 40.0 42.6 42.4 46.0 50.0 49.2 50.0 50.5 50.4 50.3 Federal 1.3 .5 2.0 18.2 35.2 37.3 36.7 39.8 43.3 42.6 43.4 43.8 43.6 43.3 State and local. 1.4 1.0 1.3 2.6 4.8 5.3 5.7 6.2 6.7 6.6 6.6 6.7 6.8 7.1 Equals: Disposable personal income 83.1 45.7 93.0 207.7 292.9 308.8 317.9 337.3 354.2 347.0 354.1 357.5 358.1 357.2 Less: Personal consumption expenditures.... 79.0 46.4 81.9 195.0 269.9 285.2 293.5 313.8 327.8 323.3 329.0 328.3 330.8 328.8 Equals: Personal saving 4.2 -.6 11.1 12.6 23.0 23.6 24.4 23.4 26.4 23.7 25.2 29.2 27.2 28.3 Addendum: Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 286.9 293.8 296.2 311.1 320.8 316.3 321.1 323.2 322.0 320.1 PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] 1960 1961 Item* 1959 1960 Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. Total personal income. 383.3 404.2 401.9 404.7 406.1 407.3 408.2 408.8 409.7 409.0 406.9 406.6 406.2 409.8 410.3 Wage and salary disbursements 258.2 272, 271.7 273.6 274.0 275.1 275.1 275.0 274.8 273.6 271.4 271.4 271.0 272.1 274.3 Commodity-producing industries.. 107.2 111, 112.1 113.3 112.9 112.8 111.5 111.2 110.9 109.5 107.3 107.2 106.5 107.3 109.0 Manufacturing only 84.7 88. 88.6 89.5 89.2 88.7 87.7 87.5 87.2 86.2 84.6 84.4 84.0 84.4 85.7 Distributive industries 68.2 71. 71.8 72.0 72.2 72.4 72.9 72.7 72.5 72.5 72.3 72.1 72.0 71.9 12.1 Service industries 37.5 41. 40.5 40.7 41.1 41.3 41.6 41.9 42.0 42.0 42.0 42.1 42.2 42.3 42.4 Government 45.3 48. 47.3 47.6 47.8 48.5 49.0 49.2 49.4 49.6 49.8 50.0 50.3 50.6 50.8 Other labor income 10. 11.0 10.8 10.9 11.0 11.1 11.2 11.2 11.3 11.1 11.0 11.0 10.9 10.9 10.9 Proprietors' income: Business and professional. 34.7 35.9 35.7 36.0 36.2 36.2 36.1 36. 36.1 35.9 35.7 35.5 35.4 35.5 35.5 Farm 11.8 12.0 11.7 12.1 12.5 12.0 12.2 12.6 12.9 12.9 12.9 13.0 13.0 12.8 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 14.0 14.1 14.1 14.0 14.0 14.0 14.0 14.0 14.0 Personal interest income 23.5 26.8 26.2 26.5 26.8 27.1 27.4 27.6 27.6 27.7 27.7 27.7 27.6 27.6 27.5 Transfer payments 27.0 29.0 28.6 28.4 28.5 28.7 29.1 30.0 30.5 30.9 31.0 31.1 33.6 32.2 29.7 Less: Personal contributions for social insurance , 7.8 9.3 9.2 9.3 9.3 9.3 9.4 9.3 9.3 9.2 9.2 9.4 9.4 9.4 9.5 Nonagricultural income. 367.6 388.1 385.9 388.2 389.3 391.1 391.8 392.4 393.0 392.1 390.1 389.8 389.3 392.9 393.6 Agricultural income 15.7 16.1 16.1 16.4 16.8 16.2 16.4 16.4 16.7 16.9 16.8 16.8 16.9 16.9 16.7 » Preliminary. ment to the Survey of Current Business for 1959) and the Survey of Current 1 Monthly data are seasonally adjusted totals at annual rates. Business, July 1960. NOTE.—For explanation of series see U. S. Income and Output (a supple- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
720 FLOW OF FUNDS/SAVING SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transaction category, or sector 1958 1959 1960 1956 1957 1958 1959 I960* A Net national saving1 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 D B E F G S C F F F C t i e a o o a n d r n r t a m e p e s n r u o c a a a m r l i n a n a d e G t d l e r o s l n o n a e v o c c o n e n a t n d r o l c f n r n i o g s m n o r o a p n e v n . n p e c t r r b i 1 o n a u f l m i s t b e in n u t e s i * s n s e 2. s . s .. .. - 2 2 2 5 5 9 . . . . . 7 9 9 9 5 - 2 3 3 8 5 3 . . . . . 2 7 3 6 5 - - 2 5 8 3 6 3 . . . . . 0 2 1 1 5 - - 3 1 4 4 3 0 1 . . . . 5 4 . 1 6 4 * - 3 6 4 5 3 1 . . . . . 5 4 4 9 1 * - - 7 1 5 2 4 . . . . . 6 6 . 8 4 2 5 - 8 l . . 6 . . . ' 2 9 7 l - - 1 1 7 3 1 . . . . . 8 8 . 9 4 8 6 - - - 2 1 1 8 3 1 . . . . . . 1 6 2 4 3 6 - - - 4 6 3 3 . . . 1 9 . . . 5 1 9 3 - - 4 8 1 . . 5 9 . . . . 5 3 0 1 - - 1 6 4 1 . . 2 . . . . 6 0 7 2 9 -2 9 2 A 1 . . ! 6 8 l o - - 2 4 7 1 1 . . . . . . 3 3 0 9 9 4 C D G B E F H Capita] consumption^ 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 1.1 1.1 1.2 1.2 K L Plant and equip, (nonprofit)... .5 .6 .6 .6 .7 .1 .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 1.1 i!i 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 0 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* 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 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 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 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 T Federal Government1 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 State and local government1 -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 V Financial sectors 2.9 3.7 3. 3.1 4.4 .5 .9 .6 1.6 -.1 1.3 .9 1.8 .4 W Gross national investment J 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 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 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 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 a Nonfarm residen. constr. 4.... 16.1 14.9 14.7 18.5 17.4 4.3 4.3 4.1 4.9 5.3 4.5 5.5 4.3 4.8 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 1.1 c Farm business 3.8 4.0 4.4 4.9 4.4 1.0 1.1 1.4 1.3 1.0 1.0 1.3 1.2 .9 d Noncorp. nonfinan. business*.. 10.2 9.7 9.1 10.8 10.7 2.4 2.1 3.3 3.0 2.5 2.1 3.1 3.0 2.5 e Corp. nonfinan. business* 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 f Financial sectors .7 .8 .7 .8 .2 .2 .2 .2 .2 .2 .2 .2 .2 g Change in inventories5 4.7 1.6 -2.5 5.9 3.6 -.1 3.6 2.1 -.2 .4 4.5 .4 -.1 -1.2 g h Farm business -.4 .8 1.0 .5 .4 .2 .2 .1 .1 .1 .1 .1 .1 h 1 Noncorp. nonfinan. business... .2 .2 * .6 .5 -.5 1.1 .2 -.1 -'.6 1.2 -.1 * — 5 i j Corp. nonfinan. business 4.9 .6 -3.5 4.8 2.7 .1 2.4 1.7 -.1 .9 3.2 .4 2 -*8 j k Net financial investment6 2.1 4.2 .3 -1.8 .5 -.5 -.4 -.8 .1 -.1 .6 1 Consumer and nonprofit 12.1 14.8 15.3 10.6 5.1 3.3 4.2 1.8 2.8 2.0 2.4 -1.8 3.6 .8 m Net acquis. offinan. assets... 27.4 26.8 27.3 31.3 21.3 9.0 7.3 7.9 7.8 8.4 4.5 3.5 7.3 6.0 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 5.2 3.8 5.1 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 p Net acquis. offinan. assets... .5 .8 1.3 - .4 -./ .8 -.5 .1 2 .5 -.5 .2 -.2 .4 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 1.7 1.5 1.6 1.8 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 s Net acquis. offinan. assets... 4.3 4.4 7.2 13.4 5.5 5.2 .2 5.6 3.6 4.1 - .5 1.4 2.0 2.7 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 3.6 2.9 2.4 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 -A -4.3 v Net acquis. offinan. assets... 1.6 3.2 1.6 6.3 3.9 .7 .2 4.3 2.6 -.5 -.5 4.2 .9 -.9 w Net increase in liabilities -4.3 -.4 9.7 10.8 * 5.5 -.5 2.9 4.7 3.7 -4.3 -.4 1.3 3.4 x State and local government.... -2.2 -3.2 -5.2 -3.9 -3.4 -.3 -1.6 -1.2 -1.3 .3 -.4 -.9 -2.2 y Net acquis. offinan. assets... 2.6 3.3 2.5 3.1 2.6 1.0 .2 .7 .9 1.2 1.1 .4 -.2 l'.3 z Net increase in liabilities 4.8 6.5 7.7 6.9 5.9 1.3 1.8 1.9 2.3 .9 1.5 1.3 2.0 1.1 aa Financial sectors 2.7 3.0 4.5 3.7 4.6 1.4 .6 2.2 1.6 1.3 1.7 • bb Net acquis. offinan. assets... 22.5 23.9 36.2 29.2 33.8 15.4 .2 10.1 5.5 10.3 -3.0 12.2 10.0 14.6 bb cc Net increase in liabilities 19.8 20.9 31.7 25.5 29.2 15.3 -1.1 9.5 6.3 10.9 -4.6 11.0 8.3 14.5 cc dd Financial trans, discrep.... -.5 -2.6 -2.2 -1.6 .3 .1 -1.8 .1 -1.2 .3 -.1 1.3 dd ee Discrepancy (P-W) 7 .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. * Preliminary. residential construction. 1 For govt. sectors, saving is excess of all nonfinancial receipts over all 5 After inventory valuation adjustment. nonfinancial outlays; investment, changes in financial assets and liabilities 6 Financial component of national investment equals net lending to only. Govt. current outlays include, and govt. (and national) investment rest of world; financial flows among domestic sectors cancel out in excludes, govt. purchases of tangible assets. national total. (Discrepancies in financial transactions attributed entirely 2 Annual figures for farm sector are retained earnings of corporate to domestic transactions.) Differs from U. S. "net foreign investment" farms; farm and nonfarm unincorporated businesses shown as having (net exports minus net unilateral transfers in national income accounts) zero annual net saving. Quarterly figures for both sectors include seasonal by discrepancy in rest-of-world account, which equals "errors and net saving. See p. 838 of the BULLETIN for August 1959. omissions" in Dept. of Commerce balance-of-payments statement for 3 Depreciation, accidental damage to fixed capital, and capital outlays the United States. charged to current account. Line H includes amounts for financial 7 Saving and investment are equal in concept but may differ statistically sectors not shown separately. See discussion on p. 836 of the BULLETIN because of discrepancies. See p. 857 of the BULLETIN for August 1959. for August 1959. NOTE.—Descriptions of sectors and of transaction categories are given 4 For consumers, 1-to 4-family dwellings completed and purchases of in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN additions and alterations. Investment of nonfarm business sectors for August 1959. For latest detailed flow of funds/saving tables, see includes work in process on 1-to 4-family dwellings and other private the BULLETIN for April 1961. Notes to table on opposite page. held by other sectors included in Federal obligations category. 1 Demand deposit liabilities of banking system are net of F. R. float 3 Mainly time deposits of State and local governments, corporate and cash items in process of collection as reported by commercial banks. businesses, and savings institutions. Sum of sector holdings (partly on holder-record basis) differs from liability 4 Assets in these categories are treated as consumer holdings. total mainly because of mail float (checks in transit from drawers to 5 Marketable issues maturing within one year and, prior to 1956 drawees). For further discussion, see p. 853 of the BULLETIN for August savings notes. 1959. 6 Excludes loans to domestic commercial banks. Gross of valuation 2 Consumer-held only; includes net interest accruals. Savings bonds reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 721 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Annual totals Transaction category, 1958 1959 1960 or sector 1956 1957 1958 1959 I960* 4 1 2 3 4 1 2 3 I. Demand deposits and currency A Net increase in commercial bkg. system liability1 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 c r R > Ne O t t i h n e c r r e d a o se m i e n s t a ic s s s e e ts c , t o b r y s sector ... 1 1 .7 7 2 3 6 6 .4 5 1 1 q . . 8 8 * 6 6 .3 * 6 - — 4 __ ^ 5 9 c 3 10 9 2 1 * 0 4 4 3 A 1 - — - 6 7 . . 4 7 5 2 2 .8 6 3 1 15 8 -1 3 5 .8 o C F Consumer and nonprofit 1.0 -.9 2.5 9 .2 2.3 -.9 8 1.6 -2.8 -1.0 1.9 2 0 p F Farm and noncorporate bus... .1 .6 1.3 -.3 .3 -.1 — .1 — .1 1 F G Corporate nonfinancial bus.... .1 1.7 -.5 2.5 -2.9 1 1.8 -3.4 .7 1 2 o G H State and local government.... .2 .2 .2 .6 -.4 1 .6 -.4 -.2 8 I Financial sectors .2 .3 .7 * .5 .5 -.3 * —.3 .6 -.4 .4 -.2 7 I J Rest of the world 7 .2 * 1 -.1 .3 -.1 2 -.1 -.4 .1 * 3 J Discrepancy (A—B) .1 2 .7 -1 3 _ i _ 3 1 o 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 0 8 1.6 1.6 3.9 3 9 5 4 R 3.6 6.8 10.1 7.0 .9 1.1 1 * -.1 .2 1.7 2.6 2 c Savings shares 5.4 5.2 6.5 7 8.1 2.3 1.4 2 3 .2 2.3 1.6 2.4 1.4 2.8 C D -.1 1 Q -1 !8 -.3 -.2 5 - .5 .-6 -.2 -.1 * 1 D E Net increase in liab., by sector 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 -.3 -2.2 -.7 -2 0 -.4 -.2 -.2 6 6 -.6 -.2 -.2 — .1 * F G Commercial banking .... 2.1 5.5 8.0 1.2 5.8 .5 .6 9 .1 -.2 * 1.5 2.2 2 1 G H Savings institutions 7.3 6.9 8.9 8.4 9.5 2.0 2 6 1.4 2.4 1.9 2.6 1.8 3.3 H I Net increase in assets, by sector 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 I J Consumer and nonprofit 9.0 9.8 13.5 9.6 12.7 3.5 2.2 3 5 .7 2.1 1.6 3.4 3.2 4.6 J L K R O e th st e r o f d o th m e e w sti o c r l s d e c (t t i o m rs e ^ de .. posits). * .4 * 1. . 7 9 - - 1 1 . . 0 0 1. . 8 3 -.4 * 4 2 . . 3 7 — -.3 .2 -.2 .2 . . 2 3 . . 5 3 8 1 K L -.1 .1 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 R Life insurance 3.8 2.8 3.4 37 3.5 1.0 .9 1 8 .9 .8 .8 .9 q r Pension funds 5.6 6.1 6.9 7 9 8.1 1.8 2.0 7 0 17 2.1 2.0 2.3 1.6 0 1 c D Net increase in liab., by sector4 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 Federal Government 1.0 .6 1.0 10 1.0 .1 .2 4 .1 .1 7 1 F State and local government . 1.4 1.6 1.7 1 8 1.8 .4 .5 5 5 .5 .5 .5 5 s F o Life insurance companies ... 4.8 4.3 4.7 5 6 5.0 1.5 1.3 16 1 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 A Net increase by type 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 r R Fe S d h er o a r l t - o te b r l m ig a d ti i o re n c s t5 -5 7 . . 6 4 5 1 . . 5 1 -1 9 . . 2 0 1 5 1 - -5 2 . . 1 2 7 3 . .8 6 -4.6 4 0 7 7 4 4 . .7 0 - - 4 7 . . 1 4 - - 1 2 . . 4 1 5 1 . . 3 2 2 0 8 c Other .. ... -13.0 -4.4 10.2 5 8 2.9 3.8 4.6 7 4 6 -.7 3.3 .6 —4.1 3 o 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 .7 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 q F n Corporate stock 3.8 4.0 4.2 4 4 3.5 1.1 1.2 1. .7 1.2 .9 .9 .9 7 o H | _ to 4-family mortgages .... 10.8 8.6 10.1 n 10.9 3.2 2.9 3 8 3 7 3.0 2.3 2.9 3.0 2 T 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 T T 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 T Security credit • ... -.6 -.3 1.7 1 .4 1.1 -.2 1 3 .6 -1.6 .5 .6 q IT T Bank loans nee 5.9 2.3 1.3 7 3.4 2.7 -.4 3.6 2.8 1.9 .4 2.1 -.5 j T M .9 2.6 2.0 2 8 5.6 1.0 .9 1.3 .5 2.1 1.2 .7 1 6 M N Funds raised, by sector 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. 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 -.2 .5 .8 .2 p Q Noncorporate nonfinancial bus... 2.0 1.1 2.3 4 8 3.1 2.8 -.4 2.5 1.6 1.1 .2 1.2 1 8 s R C Fe o d r e p r o a r l a G te o n v o e n rn fi m na e n n c t ial business.. - 1 5 3 .4 .0 1 1 3 . . 0 1 1 9 1 . . 3 8 1 1 1 0 6 7 - 1 1 0 .6 .2 7 3 . . 9 1 -'.2 3 1 . 7, 8 2 5 .9 2 4 2 . . 1 9 -4 2 . . 1 6 -1 2 . . 5 9 2 1 . . 4 4 2 6 3 s T State and local covernment 3.3 4.9 5.9 5 1 4.0 .8 1.3 1. 1 8 .5 1.0 .8 1.6 T LT Financial sectors 1.2 2.4 1.2 5 7 4.2 1.8 .7 1.S 1 2.3 3 1.7 .7 2 1 TT V Rest of the world 1.0 1.4 2.3 8 1.9 .6 .2 4 .3 .5 .4 7 V w Funds advanced by sector 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 Consumer and nonprofit 7.7 8.1 4.7 153 2.2 1.4 4.5 3.4 4.3 3.2 4.2 -.7 1.0 -2.3 X Y Farm and noncorp. business .3 .2 • 4 .2 .5 -.3 3 1 .5 -.4 .3 .5 Y z Corporate nonfinancial business.. -3.8 .4 1.2 5 5 -2.2 4.2 1.0 I!2 15 1.9 -.3 -1.3 -\.9 1.2 Z Federal Government 1.1 2.4 1.7 3 8 2.5 .9 .7 i.7 0 .5 * 1.3 .6 .7 a h 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 Monetary authorities .3 -.8 2.2 3 .7 1.4 -.9 6 5 -1.4 1.2 .5 4 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 e f Securities -5.5 1.3 10.4 -7 2 2.3 1.7 -4.2 j 7 — 8 -.4 -5.7 .3 3.8 4. Loans ^ 8.0 3.8 4.5 12 5 6.9 4.9 -.3 5.3 3 6 3.8 -.8 3.7 .9 g 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 h • 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 • Finance nee 1.6 2.5 2.0 4 5 4.5 2.1 .9 9 8 2.0 .2 2.0 .5 1 9 j k Rest of the world 1.3 .6 -.1 3 1.2 .3 .2 1.0 13 .7 .5 * .3 4 k * Less than $50 million. * Preliminary. sector transactions appear in other flow of funds/saving tables in the NOTE.—Data for excluded categories—trade credit, proprietors' net BULLETIN for April 1961. investment, gold, Treasury currency, and misc.—and more detail on For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
722 BANK HOLDING COMPANIES BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 19601 [Holding companies registered pursuant to Bank Holding Company Act of 1956] Details for 31 States Number of banking offices in Deposits of banks in holding company groups holding company groups State, or item Banks and branches Number of companies2 As a per- In centage of Banks Branches Total a c l A l e n s c t o a a m g p e m e o r e - f r- o m f i d ll o io ll n a s rs al c l d ia e c l p o o m b s a m i n ts k ercial banking offices Arizona 2 68 70 38.25 468 36.74 California 5 187 192 10.97 2,402 9.87 Colorado 3 3 1.55 87 4.33 Florida 13 13 4.21 397 8.13 Georgia 21 48 69 13.29 1,035 35.21 Idaho 2 38 40 35.09 251 38.58 Illinois 6 6 .62 203 1.16 Indiana 3 2 5 .67 40 .84 Iowa 17 12 29 3.39 269 8.57 Kentucky 2 23 25 5.01 256 11.14 Maine 4 8 12 6.78 35 5.30 Massachusetts 23 136 159 29.39 1,162 21.16 Minnesota 118 6 124 17.84 2,557 61.06 Missouri 7 1 8 1.23 249 4.04 Montana 32 32 26.45 431 52.00 Nebraska 5 2 7 1.60 163 9.73 Nevada 2 23 25 59.52 324 73.42 New Hampshire 7 7 9.09 51 12.33 New Mexico 5 11 16 14.95 91 12.81 New York 22 185 207 11.69 2,588 5.74 North Dakota 34 5 39 21.20 303 39.93 Ohio 24 35 59 4.84 672 5.95 Oregon 1 84 85 34.55 880 43.72 South Dakota 11 26 37 15.88 247 32.89 Tennessee 9 9 18 3.55 109 3.30 Texas 3 12 12 1.18 462 3.75 Utah 2 3 51 54 45.00 520 51.77 Virginia 1 4 4 8 1.40 61 1 .86 Washington 3 7 52 59 15.86 365 13.31 Wisconsin 5 18 21 39 5.44 1,522 32.81 Wyoming 2 4 4 7.27 74 17.61 Total—31 States 247 426 i 1,037 i1,463 i 18,274 Summary totals and comparisons 31 States United States— perce H nt o a l g d e i n o g f c a o ll m c p o a m n m y e g r r c o ia u l p s b a a n s k a s in: all comp H a o n l y d in g g roups commer A ci l a l l banks com b m an e k r s cial 31 States United States Number of banking offices, total U,463 15,998 23,686 19.14 16.18 Banks 1426 9,466 13,471 Branches i 1,037 6,532 10,215 Deposits (in millions of dollars) 118,274 172,002 229,824 U0.62 17.95 i The data include: (1) banks of which the bank holding companies 2 Data for individual States represent bank holding companies having owned or controlled 25 per cent or more of the outstanding stock, and subsidiary banks in the respective States rather than registered bank (2) nine domestic commercial banks that are themselves bank holding holding companies whose principal offices are located in such States. companies. (A list showing the names and total deposits of the banks Total does not equal sum of State figures because it has been corrected is available upon request.) The nine banks have 61 branches and deposits for duplications; that is, holding companies that have subsidiary banks aggregating $1,879,787,000. Exclusion of these 70 banking offices and in more than one State are included in the total only once. their deposits from the data in the table would reduce the percentage The 47 bank holding companies included in the total represent only ratios shown in the table as follows: Holding company groups to all 42 separate bank groups because in five cases the bank group is controlled commercial banks in 31 States—number of banking offices, from 9.14 by a bank holding company that is in turn controlled by another bank to 8.71; deposits from 10.62 to 9.53; holding company groups to all holding company. These groups are located in the following States: commercial banks in United States—number of banking offices, from Florida, one; Georgia, two; Indiana, one; and Massachusetts, one. 6.18 to 5.88; deposits from 7.95 to 7.13. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK HOLDING COMPANIES 723 BANK HOLDING COMPANIES, DECEMBER 31, 1960 [Registered pursuant to Section 5, Bank Holding Company Act of 1956] pr L in o c c i a p t a io l n o f o fi f ce Holding company pr L in o c c i a p t a io l n o f o fi f ce Holding company California New York Los Angeles Western Bancorporation Buffalo Marine Midland Corporation New York Amalgamated Clothing Workers of America Florida New York Empire Shares Corporation Jacksonville The Atlantic National Bank of Jacksonville New York Illinois Shares Corporation Jacksonville Atlantic Trust Company New York Southeastern Shares Corporation Jacksonville Barnett National Securities Corporation Warsaw Financial Institutions, Inc. Georgia Ohio Atlanta Trust Company of Georgia Columbus BancOhio Corporation Atlanta Trust Company of Georgia Associates Springfield The Springfield Savings Society of Clark Count} Savannah Citizens and Southern Holding Company Savannah The Citizens and Southern National Bank Tennessee Chattanooga Hamilton National Associates, Inc. Indiana Knoxville Tennessee Shares Corporation South Bend St. Joseph Agency, Inc. South Bend St. Joseph Bank and Trust Company Texas Dallas Texas Bank & Trust Company of Dallas Iowa Fort Worth The Fort Worth National Bank Des Moines Brenton Companies, Inc. Houston C. B. Investment Corporation Kentucky Utah Louisville Trustees, First National Bank of Louisville Salt Lake City First Security Corporation Maine Virginia Bangor Eastern Trust and Banking Company Arlington The First Virginia Corporation Massachusetts Washington Boston Baystate Corporation Port Angeles Union Bond & Mortgage Company Boston The National Shawmut Bank of Boston Spokane Old National Corporation Boston Shawmut Association Wisconsin Minnesota Milwaukee Bank Stock Corporation of Milwaukee Minneapolis Bank Shares Incorporated Milwaukee The Marine Corporation Minneapolis First Bank Stock Corporation Milwaukee First Wisconsin Bankshares Corporation Minneapolis Northwest Bancorporation St. Paul Otto Bremer Company Canada Montreal Bank of Montreal Missouri Toronto The Canadian Bank of Commerce St. Joseph The First National Bank of St. Joseph St. Louis General Bancshares Corporation Japan Tokyo The Bank of Tokyo, Ltd. Montana Havre Montana Shares, Incorporated New Hampshire Nashua New Hampshire Bankshares, Inc. 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 726 Gold production 727 Net gold purchases and gold stock of the United States 728 Estimated foreign gold reserves and dollar holdings 729 International capital transactions of the United States 730 United States balance of payments 739 Money rates in foreign countries 739 Foreign exchange rates. 741 Index to statistical tables 749 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. 725 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
726 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- E m n o d n t o h f w m t o o a r t t a l e d l d 1 M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p g h . o e , 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 ,134 327 960 43 71 42 1960 Aor 2 495 19 403 56 166 292 197 294 945 42 71 38 May 2,489 19,395 56 170 292 ,182 286 922 42 72 38 June 40,565 2,515 19,363 18,685 55 149 292 ,191 286 909 42 73 38 July 2 527 19 188 55 153 293 I 175 287 906 42 74 Aug .... 2 562 19,045 80 156 293 094 287 904 42 74 Sent 40,690 2.564 18,725 19,400 84 159 293 ,094 287 894 42 75 Oct 2 603 18 443 84 157 293 112 287 891 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 Jan 2 446 17 480 138 29"* 156 287 885 39 79 Feb 2,447 17,412 158 293 1,137 287 886 45 79 Mar M0,665 2,476 17,433 ^20,755 293 ,132 287 884 44 79 Apr 2,476 17,435 293 ,086 891 46 Domin- Egyp- Ger- E m n o d n t o h f Cuba m De a n rk - R i e c l p i a c u n b- E d c o u r a- gi t R o ia n e n — - E v l a d S o a r l- l F a i n n d - France 2 R F m e e p d a u e n 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 1960 Apr 19 31 10 20 174 30 38 1,399 2,704 26 24 247 33 May 19 31 10 20 174 30 38 1,513 2,741 26 24 247 33 19 31 10 20 174 30 38 1,551 2,772 26 24 247 33 July 19 31 10 20 174 30 38 1,560 2,818 26 24 247 33 Aug 3 31 10 20 174 30 38 1,568 2,879 26 24 247 33 Sept 3 31 10 20 174 30 38 1,627 2,888 31 24 247 33 Oct 1 31 10 20 174 30 41 1,622 2,915 31 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 24 247 r58 1961 Jan 1 31 10 20 174 30 41 1,641 2 999 76 24 247 Feb 1 31 20 174 30 41 1,644 3,029 76 247 Mar 31 20 174 30 41 1,883 3,242 247 Apr 31 20 174 41 1,952 3,296 247 Ire- E m n o d n t o h f Iran Iraq R l e a p n u d b , - Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l ulic of 1954 Dec 138 18 346 63 62 796 33 45 38 35 9 429 1955—Dec 138 8 18 352 74 142 865 33 45 48 35 16 428 1956 Dec 138 14 18 338 77 167 844 33 50 49 35 22 448 1957—Dec 138 20 18 452 91 180 744 33 45 49 28 6 461 1958—Dec 141 34 18 1,086 91 143 ,050 33 43 49 19 10 493 1959—Dec 140 84 18 1,749 102 142 ,132 34 30 50 28 9 548 1960_Apr 131 84 18 1,902 102 142 ,164 34 30 52 28 13 549 May 131 84 18 1,983 102 142 ,164 34 30 52 28 15 549 June 131 84 18 1,997 102 142 ,231 34 30 52 28 16 549 July 131 84 18 1.998 102 122 ,246 34 30 52 28 16 550 Aug 131 84 18 2^088 102 122 ,246 35 30 52 28 12 550 Sept 131 84 18 2,186 102 121 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 98 18 2,203 119 137 1,451 35 30 52 42 15 552 1961—Jan 130 98 18 2,204 119 135 1,451 35 30 52 47 16 553 Feb no 18 2 217 119 I 451 35 30 52 47 18 553 Mar 130 18 119 1,451 35 30 53 47 19 539 Apr 18 119 ,458 35 30 53 47 20 P Preliminary. r 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 727 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] E m n o d n t o h f A So fr u ic th a Spain Sweden Sw la i n tz d er- U g S i y . R o A r n e i . - a — R n . T la h n a d i- Turkey U K d n o i i m 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 B I e e f n a t o n t t n r l ' t l k 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 1,718 24 112 144 2,273 180 719 13 24 254 1958—Dec 211 57 204 1,925 24 112 144 3,069 180 719 17 -42 126 1959 Dec 238 68 191 1,934 104 133 2,736 180 652 16 -134 40 I960 Apr 258 78 171 1 767 104 133 2 831 180 512 9 May 255 78 171 1 767 104 133 2,859 180 512 7 * 22 June • • 240 78 171 1,774 104 133 2,892 180 512 7 -103 48 July 233 78 171 1,896 104 133 2,996 180 512 7 -107 Aug 219 88 171 1,960 104 133 3,072 180 512 7 -103 Sent 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 5 53 Feb 187 205 170 2,162 104 134 3,195 180 398 5 83 Mar 196 205 170 2,165 134 3,021 180 398 5 48 78 Apr 172 205 170 2.239 2 948 111 1 Excludes U.S.S.R., other Eastern European countries, and China 2 Represents holdings of Bank of France and French Exchange Stabili- Mainland. zation Fund. Represents reported gold holdings of central banks and governments 3 Beginning with December 1958, represents Exchange Equalization and international institutions, unpublished holdings of various central Account gold and convertible currency reserves, as reported by British banks and governments, estimated holdings of British Exchange Equaliza- Government; prior to that time represents reserves of gold and U. S. tion Account based on figures shown for United Kingdom, and esti- 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 production^ Total A So fr u ic th a R de h s o i - a Ghana C o R f o e n t p h g . e o, U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 2 Brazil Co b l i o a m- t A ra u l s i - a India 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 1958 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 1 060 3 702.2 19.8 32 0 12 3 57.2 156.9 11.0 7.3 3 8 13.9 38 1 5 8 1960 748 4 19 fi 31 0 161.1 7 0 4 1 15 1 37 8 I960—Mar 89.1 59.6 1.6 2.7 .9 3.5 13.6 1.1 .6 .3 1.5 3.2 .5 Apr 90.2 61.8 1.7 2.7 .8 3.5 12.8 .9 .7 .4 1.2 3.3 .4 May 92.0 63.1 1.6 2.6 1.4 4.1 13.2 .8 .5 .3 l.l 2.8 .5 June 3 91.6 63.4 1.6 2.6 3.9 13.5 .8 .6 .3 .1 3.4 .4 July . . .. 3 92.5 63.6 1.6 2.6 4.5 13.8 .7 .5 .4 .2 3.2 .4 AUE 3 92.7 63.5 1.7 2.6 4.9 13.3 .8 .6 .4 .3 3.1 .5 Sept 3 93.1 63.4 7 2.6 5.0 12.9 1.3 .6 .3 4 3.4 .5 Oct 63.4 1.6 2.5 4.4 14.1 .6 .3 1.2 3.3 .5 Nov 63.4 6 2 5 4.3 13.7 .6 .4 1 3 1 Dec 62.2 7 2 5 3.9 13.8 .6 .3 ? 3 4 1961_jan 63.7 7 2 5 3.2 13.2 .6 .3 1 4 Feb 62.7 5 2 5 2.9 12.6 .6 .4 0 Mar 65.7 2.5 3.7 13.7 1 Excludes U.S.S.R., other Eastern European countries, China Main- Bureau of Mines. Production reported monthly: reports from individual land, and North Korea. countries except Ghana, Republic of the Congo and Brazil, data for 2 Gold exports representing about 90 per cent of total production. which are from American Bureau of Metal Statistics. For the United 3 Excludes Congo. States, annual figures are from the U. S. Bureau of the Mint and monthly SOURCE.—Estimated world production; based on reports of the U. S. figures are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
728 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 1960 1961 1953 1954 1955 1956 1957 1958 1959 1960 1 2 3 4 1 Western Europe: -6 -84 -83 j -1 -85 3 3 -329 -39 -141 -26 —25 -7 — 83 -68 -34 -266 -173 —56 — 117 Germany (Fed. Rep. of) -130 -226 -10 -34 -34 -23 -65 25 -261 -30 -249 -10 —25 — 110 — 105 100 -60 -55 -5 -20 -10 31 32 — 114 -33 -81 -58 -65 -16 -8 -215 20 -324 — 160 -165 — 55 United Kingdom -480 -50 100 —900 -350 — 550 —200 — 350 150 Bank for Int'l Settlements.... -94 -20 -178 -32 -36 -36 -23 Other -37 -6 4 is 8 -21 -38 -96 -2 1 -n -83 -35 Total -1,016 -378 -78 80 68-2,326 -827 -1,718 -40 -49 -576 -1,053 -244 Canada 15 5 Latin America: Argentina -85 115 75 67 — 50 -30 -20 -90 -28 80 30 20 20 -30 -200 65 Other -19 12 14 56 6 2 -16 -30 -1 -1 -6 -22 -12 Total -132 62 14 -28 81 69 19 -100 -1 -1 -36 -62 -102 Asia: Japan -30 -157 -15 — 15 Other -6 -10 -5 0) 18 -4 -28 -97 0) -26 -4 -67 -20 Total -6 -10 -5 0) 18 -34 -186 -113 0) -26 -19 -67 -20 All other -10 -1 1 14 0) -3 -5 -38 0) -8 0) -29 C1) Total foreign countries... -1,164 -327 -68 80 172-2,294 -998 -1,969 -42 -84 -632 -1,212 -366 International institutions 2 200 600 3-44 300 300 Grand total -1,164 -327 -68 280 772-2,294 3-1,041 -1,669 -42 -84 -632 -912 -366 1 Less than $500,000. 3 Includes payment of $344 million in June 1959 as increase in U. S. 2 Figures represent purchases of gold from, or sales to (—), the Inter- gold subscription to the International Monetary Fund. national Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] 1 car T ( r u e G e r n a y o d s l - d o f s T t y o o e c a t k a r l ) 1 in s c o T c g t r r o r o e o e c d a t l a a d s k e s l e - : e, i e m x g N o o p p e r l o o d t r r t t, g m c o c o r E r l a r e d e r a a a : k i r s n s - e d e e - d , e- D p ti r c o t o i m g o d o n u e l c s d - - Month ( T e u r n G e r d a y o s l o - d f s m T to o o c n t k a th l 1 ) in s c o T c g t r r o r o e o e d a c t l a a d s k e s l e - : e, i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E l r a r e d e r a a a : k i r s n s e - d e e - d , e- D p ti r c o t o i m o d g n o u e l c s d - - (-) (-) (-) (-) 1949 24,427 24,563 165 686 -496 67 1960—May 19,352 19,395 -8 10 -14 4 1950. 22,706 22,820 -1,743 -371 -1,352 80 June 19,322 19,363 -32 77 -102 4 1951 22,695 22,873 53 -549 618 66 July 19,144 19,188 -174 49 -222 5 1952 23,187 23,252 380 684 -305 67 Aug 19,005 19,045 -144 12 -151 5 1953 22,030 22,091 -1,162 2 -1,171 69 Sept 18,685 18,725 -319 5 -319 5 Oct 18,402 18,443 -282 125 -397 4 1954 21,713 21,793 -297 16 -325 65 Nov 17,910 17,948 -495 19 -512 4 1955 21,690 21,753 -41 97 -132 66 Dec 17,767 17,804 -144 3 -145 4 1956 21,949 22,058 306 106 319 65 1957 22,781 22,857 799 104 600 63 1961—Jan 17,441 17,480 -324 -20 -322 3 1958 20 534 20 582 -2,275 260 -2,515 62 Feb 17 37317 412 —68 —47 3 3 Mar 17,388 17,433 21 -137 161 4 1959 19,456 19,507 2-1,076 302 -1,324 57 Apr 17,390 17,435 2 (3) 92 3 1960 17,767 17,804 -1,703 333 -1,982 *>58 May ^17,403^17,451 H6 (3) 4 152 (3) » Preliminary. 2 Includes payment of $344 million as increase in U. S. gold subscrip- 1 Includes gold in Exchange Stabilization Fund, which is not included tion to the International Monetary Fund. in statistics on gold stock (Treasury gold) used in the Federal Reserve 3 Not yet available. statement "Member Bank Reserves, Reserve Bank Credit, and Related 4 Gold held under earmark at the Federal Reserve Banks for foreign Items" or in the Treasury statement, "Circulation Statement of United and international accounts amounted to $11,757 million on May 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 729 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1959 Mar. 31, 1960 June 30, 1960 Sept. 30, 1960 Dec. 31, 1960 Mar. 31, 1961^ U.S. Govt. Area and country Gold& U.S. Gold &j U.S. Gold& U.S. Gold & U.S. Gold& bonds & notes i Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- short- Govt. term bonds term bonds term bonds term .bonds term term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars Old New dollars & notes series series Western Europe: Austria 623 556 490 516 536 3 491 Belgium 1,272 1,339 1,340 1,240 1,317 2 1,284 Denmark 168 145 111 78 85 131 89 Finland 109 '123 99 85 87 85 France 1,945 2.041 2,310 2,273 2,160 2,475 Germany (Fed. Rep. of).... 4,624 4,682 '5,243 '5,995 6,447 6,752 Greece 212 186 138 109 139 8 143 Italy '3,119 8 '3,053 () '3,049 '3,181 () 3,080 () 2,901 T N N P S S S U O w w o p u e o n th a r r t e r i i t k h i t t e w d u n z e e e r e g e d a y r n r a y 3 l l a K l a n n i d n d s gdom 2 3 1 , , , ' 6 9 4 5 4 6 1 1 1 1 0 9 9 0 8 2 5 6 7 3 0 2 4 6 5 4 4 1 14 0 5 1 1 3 1 1 2 3 1 , , , ' 7 6 7 3 6 6 1 1 1 1 7 1 8 2 8 6 0 4 6 4 6 8 9 9 3 8 6 3 14 ( 7 6 8 3 1 2 9 8 7 8 1 3 1 8 ) 4 2 1 , , , 7 4 6 2 1 5 6 1 1 1 3 3 2 0 3 5 4 2 3 2 7 7 6 1 2 3 4 4 1 0 ( 5 7 8 3 3 8 9 4 8 2 3 1 ) 4 2 1 , , , 5 4 7 6 2 3 6 1 1 6 3 3 9 4 1 0 8 4 9 5 8 5 9 5 3 6 6 3 1 ( 5 8 7 7 3 1 8 2 8 4 1 9 3 1 4 ) 4 2 1 , , , 4 8 6 7 3 3 5 1 1 6 6 7 3 2 9 1 2 5 7 3 9 6 7 7 1 4 2 4 1 1 ( 4 7 5 3 1 2 2 3 7 7 9 3 1 ) 3 14 4 9 8 8 4 2 4 4 1 4 2 1 , , , 7 4 7 3 6 5 3 1 1 3 1 1 9 1 2 3 5 8 8 5 6 8 3 8 1 1 0 Total '22,207 855 r22,354 866 r23,345 885 '24,413 849 25,107 819 25,290 Canada 3,158 452 3,307 485 3,439 429 3,552 424 3,324 416 446 3,315 Latin America: Argentina 393 444 (2) 443 454 419 496 Brazil 478 450 448 460 481 480 Chile 228 193 186 179 180 177 Colombia 288 277 262 242 236 239 Cuba 214 168 149 108 78 64 Guatemala 61 77 70 65 68 77 Mexico 584 574 497 495 534 471 Panama, Republic of 129 128 116 127 123 95 Peru 110 100 105 97 114 112 Uruguay 242 242 240 244 231 227 Venezuela 929 897 813 795 796 892 Other 4 253 273 388 400 370 332 Total 3,909 105 3,823 106 3,717 105 3,666 86 3,630 59 15 3,662 Asia: India 361 « 351 306 297 301 295 Indonesia 172 183 188 195 235 159 Iran 187 176 168 156 152 173 Japan 1,564 1,644 1,755 1,984 2,166 2,307 Philippines 181 190 214 237 218 214 Thailand 240 248 258 270 284 313 () Other 1,244 1,236 1,107 1,026 989 986 45 Total 3,949 4,028 3,996 115 4,165 103 4,345 87 4,447 57 All other: Australia 264 272 263 259 235 230 Egyptian Region—U.A.R.. . 194 207 216 196 196 195 Union of South Africa 287 299 280 235 207 227 Other 5 '525 '528 '549 -553 28 601 601 Total '1,270 42 '1,306 55 '1,308 58 '1,243 29 1,239 28 35 1,253 38 Total foreign countries 6 r34,493 1,507 '34,818 1,58: r35,8O5 1,592 r37,039 1,491 37,645 1,409 1,426 37,967 1,459 International institutions 5,565 660 5,753 709 '5,831 755 '6,129 671 6,393 884 900 6,349 1,063 Grand totals r40,058 2,167 r40,571 2,291 '41,636 2,347 r43,168 2,162 44,038 2,293 2,326 44,316 2,522 Memorandum item: Sterling area 4,729 407 4,972 476 5,302 550 5,627 489 5,558 512 536 5,487 521 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 1 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
730 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] te I r n n - a- Foreign countries m G a e n r y - , United End of month G to ra ta n l d t i i n o s n t a i- l R Fe e d p . . K d i o n m g- E O u t r h o e p r e E T u o r t o a p l e Canada Am La 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 19,383 43,158 16,225 r9,149 7,076 1,987 990 '5,496 '8,473 2 198 '2 408 2 774 373 I960—Apr 19,854 3,234 16.620 '9,218 7,402 2,199 ,340 '4,955 '8,494 2,386 '2,481 2,843 All May '20,177 3,359 16,818 '9,269 r7,549 '2,217 1,500 '4,931 '8,648 2,423 '2,528 2,817 403 June '20,434 3,317 17,118 r9,594 r7,524 '2,471 1,599 '4,862 '8,932 2,530 '2,434 2,824 397 July '20 740 3 334 17,406 r9,753 r7,653 r2,701 736 '4,565 '9,003 2 683 '2 496 2 854 369 Aug '21,209 3,466 17,742 10,153 r7,589 r2,866 1,800 '4,515 '9,180 2,699 '2,541 2 937 386 Sept '21,204 3,566 17,639 10,089 '7.550 '3,107 ,828 '4,243 '9,178 2,658 2,433 2 997 374 Oct '21,411 3,682 17,728 10,300 '7,429 '3,290 1,793 '4,188 '9,271 2,711 '2,365 2,998 384 Nov '20,877 3,697 17,181 10,072 '7,109 '3,364 ,641 '3,954 '8,959 2,507 '2,336 3 017 362 Dec 21,320 3,954 17,366 10,320 7,046 3,476 .667 3,902 9,045 2,439 2,422 3,107 352 1961—Jan 20,909 3,941 16,968 10,138 6,831 3,502 1,633 3,581 8,716 2,442 2,324 3,145 342 Feb 20 766 3,816 16,950 10,088 6,862 3,583 1,568 3,537 8,688 2 422 2 294 3 198 348 Mar p 21,083 3,872 17,210 10,300 6,910 3,510 1,755 3,612 8,877 2,431 2,372 3 183 348 Apr.*5 20,849 3,911 16.937 9,888 7,049 3,184 1,619 3,768 8,571 2,438 2,341 3,194 393 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 it - d z- T k u e r y - ot A he ll rs 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 '5,496 331 138 137 '71 655 186 '1,370 485 95 138 86 213 969 31 590 I960 Apr '4,955 234 134 92 75 711 146 1,134 442 96 113 108 265 930 23 r452 May '4,931 221 141 82 71 726 128 '1,042 430 97 104 120 267 928 24 r550 June '4 862 198 149 80 61 759 112 1,052 412 101 88 149 261 939 19 483 July '4,565 197 172 72 64 650 97 1,087 386 88 88 133 250 878 18 386 Aug '4.515 203 166 53 49 726 75 1,119 355 85 87 132 250 820 14 380 Sept '4,243 223 146 47 47 646 78 '995 300 85 88 137 224 806 16 '403 Oct '4,188 229 140 53 48 658 54 '953 289 83 84 187 219 755 18 418 Nov '3,954 231 141 53 45 583 67 '923 277 81 85 157 210 693 17 391 Dec 3,902 243 147 54 46 519 63 877 328 81 84 149 227 678 18 388 1961—Jan 3,581 213 134 54 45 579 49 794 275 80 81 114 229 612 21 301 Feb 3 537 205 141 52 47 687 52 724 246 82 80 127 233 568 19 272 Marv . .. 3,612 198 152 58 44 592 67 784 280 83 76 111 268 556 24 321 Apr.p 3,768 194 187 57 44 634 68 823 265 84 80 118 282 539 17 376 Table lb. Latin America Neth- End of month A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i a i o e c n b n - - - - v S a E d al 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 r l 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 t e i 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 2,40"? 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 133 1959 Dec . '2,408 337 24 151 185 217 164 37 28 37 442 '88 129 82 62 277 148 I960—Apr '2,481 386 20 159 147 205 146 29 33 54 437 '84 129 81 62 317 190 May '2,528 412 22 172 156 205 138 35 33 52 409 '88 123 79 63 351 191 June . '2 434 388 21 162 144 189 130 35 31 46 355 '94 116 77 60 301 285 JUly '2,496 394 20 162 132 185 120 35 27 40 390 100 123 82 55 355 275 Aug '2,541 393 20 176 132 175 111 36 23 37 399 '91 128 77 54 407 282 Sept '2,433 370 23 173 137 167 105 33 22 41 374 '88 127 70 64 333 306 Oct '2,365 324 22 185 116 181 90 34 22 41 358 79 126 64 61 349 313 Nov r2,336 335 21 186 117 166 84 34 24 42 359 '68 122 64 52 360 303 Dec 2,422 315 23 194 135 158 77 37 24 44 397 72 123 72 51 398 302 1961—Jan 2,324 299 22 203 120 174 68 31 27 50 367 70 108 65 49 378 293 Feb 2,294 289 24 170 112 172 66 30 31 51 349 69 100 62 52 446 271 Mar P 2,372 313 23 193 133 160 63 31 28 53 336 77 95 65 47 494 261 Apr.p 2,341 326 21 185 128 149 62 29 29 58 358 84 89 66 49 458 249 P Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INT'L CAPITAL TRANSACTIONS OF THE U. S. 731 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Ko- End of month rea, Con- Egyp-Union Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p R l u o i e c f b - - P pi h n i e l- s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - R t g o h o e ? , U gi t R . o i A a n e n . - — R.A S f o o r u i f c t a 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 J 285 148 172 94 136 494 373 110 31 20 49 162 I960 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 1,445 136 194 90 152 399 403 113 46 41 30 174 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 1,536 143 216 87 158 339 369 107 25 46 36 155 Aug 2,937 58 51 164 27 72 1,627 144 219 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 1,953 139 193 84 190 216 342 72 33 20 39 178 Feb 3,198 52 44 150 45 69 1.991 145 198 81 204 219 347 73 33 20 36 184 Mar p. . 3,183 53 48 101 43 62 2; 028 155 195 76 209 214 348 83 31 21 31 182 Apr p 3,194 51 40 89 41 50 2,097 154 172 77 210 215 393 124 32 21 30 187 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 .1 .3 .3 .2 Burma 6.7 5.9 4.3 .9 Bulgaria .6 .3 1.2 .5 Cambodia 20.0 24.9 19.7 10.9 Cyprus .1 .2 .3 .5 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 .6 .6 Malaya, Fed. of 1.6 1.2 1.4 6.3 Luxembourg 16.4 16!l 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. Rumania* .8 .9 .9 1.1 Saudi Arabia 94.8 60.2 111.6 18.4 Soviet Zone of Germany 3.1 1.4 1.5 1.3 Singapore 7.1 2.5 3.5 1.9 U. S. S. R.« .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 Federation® 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 .8 1.7 2.2 n.a. Somali Republic 1.3 1.3 .8 3.5 Afghanistan 4.7 4.5 11.0 9.8 Sudan 1.7 5.2 1.6 n.a. Bahrein Islands .9 .9 .9 n.a. Tunisia .3 8.4 2.8 n.a. Not available. P 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 $8 million on Apr. 30, 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 U. S. dollar sub- foreigners, and by the U. S. Treasury. The term "foreigner" is used to scription 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
732 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 o a f n d m o c n o t u h n , tr o y r area Total in P a f y o a re b i l g e n U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other2 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 19,383 16,908 6,341 '9,239 1,328 2,398 1,833 295 270 77 I960—Apr '19,854 17,548 6,696 '9,220 1,632 2,234 1,745 199 290 73 May '20,177 17,833 6,920 '9,331 ,583 2,268 1,770 211 287 75 June '20,434 '18,101 7,186 '9,295 1,620 2,250 1,794 167 289 84 July '20,740 18,406 7,365 '9,503 1,538 2,250 1,780 165 305 86 '21,209 18,865 7,631 '9,710 ,524 2,253 ,770 182 301 91 Sept '21,204 18,849 7,648 '9,681 1,519 2,238 1,786 173 279 118 Oct '21,411 19,004 7,639 '9,880 1,485 2,262 1,826 172 264 144 Nov '20,877 '18,568 7,451 '9,680 1,437 2,182 1,777 158 247 127 Dec 21,320 18,980 7,567 10,012 1.401 2,228 1,847 148 233 113 1961 Jan 20,909 18,666 7,321 10,045 1,299 2,122 1,772 128 222 121 Feb .... 20,766 18,550 7,491 9,788 1,271 2,105 1,776 113 216 112 Marp 21,083 18,865 7,717 9,903 1,244 2,107 1,792 102 213 111 Aprv 20,849 18,609 7,756 9,588 1,264 2,129 1.806 103 220 111 Area and country detail, Feb. 28, 1961 Europe: 205 204 196 1 7 2 2 (3) (3) 141 108 87 6 15 33 29 4 52 45 14 30 1 7 6 (3) Finland 47 45 16 16 13 1 1 687 636 236 362 39 49 41 3 4 3 Germany, Fed. Rep. of.... 3,583 3,558 214 2,928 417 24 19 1 3 1 Greece 52 38 25 13 14 14 (3) Italy 724 697 148 371 178 28 23 3 1 246 221 104 101 17 22 18 3 1 3 Norway 82 51 42 6 3 31 29 2 Portugal 80 39 36 3 41 40 2 (3) Spain 127 109 108 1 19 18 (3) 233 224 68 i42 15 9 8 (3) (3) (3) Switzerland 568 458 256 46 156 107 74 6 27 3 Turkey 19 17 17 2 2 United Kingdom 1,568 1,247 954 238 55 271 133 46 92 50 7 6 6 1 1 Other Europe 265 212 75 65 72 16 14 (3) 1 Total 8,688 7,915 2,602 4,321 992 676 473 66 136 97 2,422 2,183 1,565 606 13 230 186 34 10 9 Latin America: 289 223 140 64 19 66 65 1 24 8 8 (3) 16 16 (3) Brazil 170 38 34 (3) 4 132 121 >•> 9 (3) Chile 112 68 68 (3) 44 43 (3) (3) (3) Colombia 172 107 90 (3) 17 65 64 1 Cuba 66 4 4 63 60 (3) 3 (3) D pi o S m a i l n v i a c d a o n r Republic 3 3 0 1 9 9 9 8 P) (3) 2 2 0 2 2 2 0 2 (3) (3) Guatemala 51 35 21 5 9 16 15 (3) Mexico 349 208 205 2 141 136 2 3 (3) Neth. Antilles and Suri- 69 39 21 6 12 28 14 3 10 1 Panama ReD of 100 16 14 (3) 1 84 63 (3) 21 Peru 62 22 22 (3) 40 38 (3) 2 (3) Uruguay 52 23 22 1 30 24 (3) 5 (3) Venezuela 446 252 252 (3) 194 188 2 4 Other Latin America 271 194 91 95 8 76 71 1 4 1 Total 2,294 1,255 1,009 170 75 1,037 960 11 65 3 P Preliminary. r Revised. 2 Represents principally bankers' acceptances and commercial paper. i 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 $2,607 million on Apr. 30, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INT'L CAPITAL TRANSACTIONS OF THE U. S. 733 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Area and Payable country in foreign U. S. U. S. currencies Total Deposits T bi r l e ls a s a u n ry d Other 1 Total Deposits T bi r l e ls a s a u n ry d Other1 certificates certificates Area and country detai, Feb. 28, 1961—Cont. Asia: Hong Kong 52 28 24 5 24 23 e> 1 India 44 32 28 4 12 12 Indonesia 150 148 75 52 21 2 2 Iran 45 40 40 5 5 Israel 69 65 32 8 25 4 4 Japan . ... 1 991 1,974 1,036 870 68 16 14 2 « Korea Rep of 145 143 143 2 2 Philippines 198 180 171 8 18 17 (2) Taiwan 81 75 72 3 6 6 (2) T O h th a e il r a n A d sia 2 21 0 9 4 2 1 0 8 0 5 1 2 5 3 9 15 1 1 9 2 7 7 3 3 3 33 3 (2) 1 ( ( 2 2 ) ) Total... 3,198 3,072 1,804 1,100 168 126 122 1 3 1 All other: Australia 73 70 34 35 2 3 3 Congo Rep of the 33 32 12 7 13 1 1 Egyptian Region—U.A.R.. 20 19 17 1 1 1 1 Union of South Africa.... 36 33 33 3 3 Other 184 154 113 34 7 29 27 C2) 1 $ Total 347 308 209 77 23 37 35 2 2 Total foreign countries. 16,950 14,733 7,188 6,274 1,271 2,105 1,776 113 216 111 International institutions.... 3,816 3,816 303 33,514 C2) Grand total 20,766 18,550 7,491 9,788 1,271 2,105 1,776 113 216 112 1 Represents principally bankers' acceptances and commercial paper. 3 Includes $2,556 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 98 211 654 154 956 386 50 1958—Dec .. 2,542 102 77 36 42 124 315 696 243 099 435 69 1959—Dec 2,623 57 54 30 38 121 234 534 272 1,175 586 56 I960 Apr 2,707 25 55 33 41 129 228 512 254 1,172 715 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 I 111 746 60 July 3,062 27 63 30 36 234 227 617 336 1,203 845 61 Aug 3 117 33 68 35 41 239 212 628 341 I 200 886 62 Sept 3,160 29 77 33 45 256 226 665 356 ,150 921 68 Oct . 3,361 32 84 42 54 237 245 694 397 244 956 70 Nov 3 325 28 78 35 55 222 240 658 376 I 254 972 65 Dec. . 3,590 32 82 34 60 245 264 717 409 354 1 042 68 1961—jan 3,586 35 78 38 61 197 237 646 417 ,338 1 113 72 Feb 3 672 37 81 36 61 170 224 609 377 I 390 1 224 73 Mar P 3,955 44 108 36 74 167 246 676 467 384 1 352 76 Apr.p 4,114 44 134 46 70 170 232 695 496 I 394 1,453 76 v Preliminary. banks and bankers on behalf of their customers in the United States; 1 Short-term claims reported in these statistics represent principally and foreign currency balances held abroad by banks and bankers and their the following items payable on demand or with a contractural maturity customers in the United States; excludes convertible currencies held by of not more than 1 year; loans made to and acceptances made for U. S. monetary authorities. foreigners; drafts drawn against foreigners that are being collected by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
734 EVTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe End of month E O u t r h o e p r e A tr u ia s- g B iu e m l- m D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - ot A h l e l r 1956—Dec.. 216 28 12 21 23 8 13 88 () 7 1957—Dec.. 211 25 11 29 23 8 10 76 1 10 1958—Dec.. 315 65 14 56 22 30 24 72 9 1959—Dec.. 234 56 18 38 7 19 47 18 I960—Apr.. 228 51 9 26 6 6 19 67 11 15 May. 226 46 7 36 7 5 23 60 12 13 June. 230 50 7 34 7 5 22 62 12 14 July. 227 49 6 9 36 8 7 22 55 12 12 Aug. 212 41 7 7 30 9 7 18 59 11 13 Sept. 226 41 9 8 29 11 10 23 61 9 15 Oct.. 245 53 10 9 32 16 25 58 7 16 Nov. 240 50 13 9 30 17 26 53 8 15 Dec.. 264 65 13 9 33 17 28 49 11 19 1961—Jan.. 237 63 14 9 34 11 26 41 9 14 Feb.. 224 61 12 9 32 10 25 32 9 16 246 58 12 10 47 10 26 35 12 16 232 56 11 11 42 10 24 24 16 19 Table 3b. Latin America Neth- End of month A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m D i R c l u i i a o e c b n n - - - - v S a E d a l l o - r G m u a a l t a e- M ic e o x- l S t a A a i e u l n n r l n r e d d - i - s s - l a P p i R m c u a e n b o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e r n r nam 1956—Dec 840 15 4 72 16 145 90 7 11 7 213 5 12 35 15 144 49 1957 Dec QS6 28 3 100 33 103 113 15 8 8 231 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 [,175 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 I960—Apr 1,172 63 4 148 50 75 92 20 5 13 297 3 17 40 52 242 52 May I 124 68 4 161 50 77 77 19 6 13 325 5 22 41 49 157 50 ,111 76 4 156 50 77 67 17 7 11 321 5 17 43 42 169 50 July ,?03 81 4 173 57 80 62 16 7 11 335 5 17 43 38 224 50 Aue 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 (,354 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 64 1961—Jan 1,338 122 4 229 74 80 21 14 21 13 342 5 27 48 50 231 56 Feb 390 122 4 228 77 79 21 13 19 14 313 5 28 48 48 311 60 Mar v 1,384 127 4 240 81 78 21 13 19 15 327 5 26 48 44 271 63 Apr p 394 127 5 213 118 79 21 13 17 12 323 5 29 50 40 281 61 Table 3c. Asia and All Other Asia All other End of month Total H K o o n n g g India Iran Israel Japan ip P p h 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 , g E i t R g o ia y n e n - — p- 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 8 17 1957—Dec. 386 7 6 22 24 146 53 6 14 110 50 13 5 1 12 19 1958—Dec 435 6 4 27 23 179 67 6 13 111 69 13 4 3 21 29 1959—Dec 586 10 6 29 14 324 24 9 15 155 56 18 3 2 12 21 I960—Apr 715 11 8 35 15 456 22 10 10 148 55 19 3 2 11 19 May 743 12 8 33 16 488 21 10 12 145 56 21 3 1 11 20 June 746 11 7 35 17 497 14 11 11 143 60 23 3 2 11 21 July 845 10 9 36 16 586 22 10 15 141 61 25 3 2 12 21 Aug 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 956 8 11 35 15 693 25 8 15 147 70 29 3 2 10 26 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 1,113 8 8 34 27 867 16 7 22 124 72 28 3 3 12 26 Feb 1,124 9 9 43 32 956 18 10 24 123 73 28 4 3 12 26 Mar.p 1,352 10 11 48 30 1 074 19 11 23 126 76 26 4 7 13 26 Apr.*3 1,453 10 11 52 30 1,162 23 11 23 130 76 27 4 8 13 24 P Preliminary. 2 Less than $500,000. 1 See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTL CAPITAL TRANSACTIONS OF THE U. 735 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- End of month, or area term— Loans to: and country total i Collec- Total tions Deposits Total Banks and out- Other Total with Other official Others standing foreigners institutions Total amounts outstanding 1955 Dec 671 1,549 1,385 489 236 353 307 164 144 20 1956 Dec 839 1,946 1,796 582 330 440 444 150 131 19 1957 Dec 1.174 2,199 2,052 627 303 423 699 147 132 15 1958 Dec 1,362 2,542 2,344 840 428 421 656 198 181 16 1959 Dec .... 1.545 2.623 2.406 848 460 516 582 217 203 15 I960 -Apr [,587 2,707 2,490 774 408 562 746 218 186 31 vi ay 1,628 2,691 2,466 768 392 569 737 224 191 34 June 1,599 2,764 2,485 726 387 579 793 280 198 82 July [,666 3.062 2,665 731 387 561 986 397 223 173 Aug 1,636 3,117 2,708 715 385 554 1,054 409 221 188 Sept 1,626 3,160 2,729 719 386 578 1,045 431 270 161 Oct 1,628 3,361 2,883 830 404 591 1,058 478 293 185 Nov 1,659 3,325 2,902 771 438 602 1.091 424 221 203 Dec 1,698 3,590 3,110 814 482 605 1,209 480 242 238 1961 Jan 1,654 3,586 3,116 803 460 620 1,232 471 194 277 Feb 1,598 3,672 3,246 866 455 622 1,303 426 207 219 1,595 3,955 3,458 871 494 679 1,414 496 249 247 Apr.*9 1,639 4,114 3,590 912 527 716 1,435 524 241 283 Area and country detail, Feb. 28, 1961 Europe: 8 2 2 (2) (2) 1 I (2) Belgium 33 61 59 41 4 9 5 2 1 6 12 12 2 9 3 9 9 (2) (2) 7 (2) n\ 19 37 35 13 11 2 2 Germany, Fed. Rep. of.... 23 81 72 23 21 18 9 8 1 Greece 3 7 7 1 4 Italy 15 36 34 8 6 15 5 2 1 (2) 14 32 26 6 7 10 3 6 6 (2) Norway 140 10 9 1 1 2 6 2 1 Portugal ........... 2 2 2 2 4 6 5 2 1 1 (21 42 25 23 3 6 6 8 2 1 1 5 61 35 9 17 5 4 27 13 14 Turkey 32 32 28 4 United Kincdom 15 170 23 4 3 15 1 147 71 77 Yugoslavia 2 9 9 5 (2) 3 Other Europe 8 14 13 3 2 5 4 1 (2) (2) Total 341 609 408 140 65 116 87 201 106 95 64 377 206 14 163 8 21 170 57 113 Latin America: 114 122 103 9 15 32 48 18 18 Bolivia . ....... (2) 4 4 (2) 4 (2) Brazil 203 228 228 97 13 33 85 (2) (2) (2) Chile 38 77 76 13 23 14 26 (2) (2) C2) 24 79 79 5 11 24 39 (2) (2) Cuba 1 21 21 2 19 P) Dominican Republic 1 13 13 5 4 4 El Salvador (2) 19 19 11 (2) 4 4 8 14 14 3 2 7 3 Mexico 178 313 308 97 57 33 121 5 4 i Netherlands Antilles and 3 5 5 3 2 26 28 1 17 5 6 (2) (2) Peru 11 48 48 2 6 20 20 /2\ Uruguay 1 48 48 5 3 3 37 (2) (2) 184 311 310 173 50 62 24 1 (2) \ Other Latin America 77 60 60 4 9 29 17 Total - 870 1,390 1,365 425 212 294 434 25 23 2 P Preliminary. 2 Less than $500,000. 1 Represents mainly loans with an original maturity of more than 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
736 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- A c r o e u a n t a r n y d term— Loans to: total i Total Collections Deposits Total Banks and out- Other Total with Other i o n f s fi t c it ia u l - Others standing foreigners tions Area and country detail, Feb. 28, 1961—Cont. Asia: Hong Kong 9 9 3 2 3 1 8 20 9 8 2 6 1 1 Indonesia 39 Iran 14 43 43 n\ 33 Israel 9 32 32 3 1 3 25 19 956 937 139 3 96 700 19 19 Korea Rep. of 2 2 8 2 16 18 18 1 2 (2) (2) Taiwan 10 10 1 7 Thailand 24 24 2 1 2 10 Other Asia 3 120 120 9171 4 18 1 (2) (2) (2) Total 127 1,224 1,203 281 10 165 747 20 19 All other: Australia 21 28 23 1 13 10 5 1 4 Congo Rep of the 37 4 4 2 2 Egyptian Region—U.A.R.. 4 3 3 1 2 Union of South Africa 60 12 11 10 1 Other 73 25 22 2 4 14 2 3 % (2)3 Total 196 73 64 6 5 39 14 9 2 7 International institutions.... Grand total . 1,598 3,672 3,246 866 455 622 1,303 426 207 219 1 Represents mainly loans with an original maturity of more than 2 Less than $500,000 1 year. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES * [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities 2 Foreign bonds Foreign stocks Net purchases, Year or month c P ha u s r e - s Sales or sales F ( o — re ) ign c P ha u s r 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 2,167 251 883 1,432 -549 502 591 -88 I960 Apr 188 86 102 44 191 145 45 76 109 -33 41 59 -19 May 166 241 -75 —29 205 183 23 59 87 —28 58 46 12 June 198 170 29 -5 272 220 52 84 142 —58 50 70 -19 July 48 58 -10 -9 189 192 -4 53 83 -30 35 46 -11 61 187 -126 -50 183 184 -1 36 61 -25 35 48 -13 Sept 44 93 -49 -42 181 199 -18 73 89 -16 36 45 -9 Oct 148 196 -48 -48 179 187 g 244 268 -24 35 42 —7 Nov 345 262 82 -13 187 180 7 36 44 -8 43 56 -13 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 323 71 252 81 270 253 17 46 74 -28 37 63 -26 Mar p 67 99 -32 -25 369 329 40 43 91 -48 56 91 -35 Apr.* 91 98 -7 35 348 308 39 43 96 -53 48 94 -46 Preliminary, 2 Includes small amounts of U. S. municipal securities. i Includes transactions of international institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTL CAPITAL TRANSACTIONS OF THE U. S. 737 TABLE 6. NET PURCHASES BY FOREIGNERS OF U. S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY 1 [Net sales, (-). In millions of dollars] Type of security Country TotaP Year or month Stocks Bonds Belgium France 1957 194 143 51 14 8 1958 -39 -56 17 -3 2 1959 435 363 73 5 40 I960 251 201 50 5 38 I960 Apr 45 34 12 M^ay . ... 23 6 17 June 52 46 6 2 July -4 -1 -3 AU2 -1 4 -5 Sept -18 -18 1 Oct -8 -22 14 A Nov 7 10 -3 -1 Dec -12 7 -18 3 1961—Jan 30 32 -1 Feb ... 17 32 -14 11 Mar.* 40 30 10 2 39 55 -16 i CO CO CO N la e e n r t d - h s - S l w a e n r i - t d z- U K d n i o i n m t g 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 i a c t a e in r- ot A he ll r 2 35 101 77 20 255 -99 23 15 -8 19 -1 1 10 -86 23 14 31 254 15 35 379 -30 40 46 171 -48 66 234 -46 36 28 2 21 8 4 37 2 2 5 3 4 -3 4 13 4 3 3 2 30 11 3 50 —4 3 4 2 1 -1 4 -1 4 -12 2 3 2 13 -4 1 16 -22 3 2 -1 -12 -7 7 -13 -4 1 2 2 -4 20 -29 8 -7 -6 2 3 3 14 -20 8 3 -2 5 2 2 -3 -2 -21 5 -17 5 5 -2 5 7 7 22 -4 8 5 3 17 2 2 25 -13 1 6 3 3 16 5 5 28 6 _2 8 3 21 9 -1 32 g 8 9 P Preliminary. 2 Includes transactions of international institutions. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Latin Assets in custody Y m e o ar n 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 - Amer- Asia o A th l e l r End of month Deposits tutions tries U. S. Govt. Miscelsecurities 2 laneous 3 1957 -384 -338 231 -552 15 -45 13 1958 -558 -805 -72 -543 5 -45 -150 1959—Dec 345 4,477 570 1959 -157 -593 -50 -443 11 -97 -15 1960 — 147 -491 -116 -202 -96 -41 -36 1960—May 215 4,841 643 June 254 4,977 672 I960—Apr.... -2 -50 -4 -24 2 -2 -22 July 215 5,272 671 May... -39 22 22 -8 2 -3 1 Aug 204 5,423 701 June... 5 -83 -27 3 4 -2 Sept 223 5,479 713 July.... -9 -33 -6 -10 -15 -4 2 Oct 251 5,634 718 Aug.... -10 -27 -34 5 3 — 1 1 Nov 252 5,430 752 Sept.... -21 -5 -5 12 -7 -6 1 Dec 217 5,726 756 Oct.... -16 -14 -10 7 6 7 -24 Nov.... 7 -28 -19 9 -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 -35 -27 -7 1 -6 4 Apr 230 5,634 672 Feb.. .. 15 -69 -30 -8 -26 -4 -1 May 210 5,637 687 Mar. *.. -3 -80 -24 -44 0) -11 -2 Apr.?.. 3 -102 -9 -54 -20 -19 0) 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of p. 728 for total gold under earmark at P Preliminary. Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 3 C U o . n S s . i s T ts r e o a f s u b r a y n k bi e l r ls s , ' c a e c r c t e if p ic ta a n te c s e s o , f c o in m d m eb e t r e c d ia n l e s p s a , p n e o r t , e a s n , d a n f d o r b ei o g n n d s a . nd international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
738 BVT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS [End of year or quarter. In millions of dollars] Liabilities to foreigners Area and country 1960 1958 1959 1 Europe: Austria 3 1 3 Belgium 29 28 21 Denmark 1 2 2 Finland 1 1 1 France 34 42 43 Germany, Fed. Rep. of 12 55 56 Greece 1 1 Italy . 10 13 14 Netherlands 17 39 39 Norway 14 11 9 Portuaal 1 1 0) Spain 7 8 7 Sweden .... 14 26 20 Switzerland 15 34 42 Turkey 1 2 2 United Kingdom 90 112 109 Yugoslavia 1 1 Other Europe 5 5 Total.... 252 382 376 Canada ... 31 54 54 Latin America: 10 12 5 Bolivia 1 3 Brazil 16 18 15 Chile 3 4 5 3 3 3 Cuba 5 5 9 Dominican Republic 1 1 1 El Salvador 0) C1) Guatemala 0) Mexico 10 6 5 Neth. Antilles and Surinam, 4 7 6 Panama Rep. of. .. 4 2 3 Peru 3 3 2 Urusuav 5 4 4 Venezuela 14 18 20 Other Latin America 5 4 5 Total 85 87 86 Asia: Hong Kong 2 2 India 6 8 Indonesia 2 3 Iran 3 4 Israel 1 2 13 15 Korea Rep. of Philippines . • Taiwan 2 1 Thailand .. . 1 6 Other Asia 6 4 Total . . . 42 53 All other: Australia 19 5 Congo Rep of the 0) 0) Egyptian Region—U.A.R.. Union of South Africa 4 7 Other 5 5 Total 29 18 International institutions.... 0) 0) Grand total 440 593 coco Claims on foreigners 1960 1958 1959 2 3 i 2 3 n 2 3 4 4 5 6 16 18 10 10 9 11 9 2 2 7 9 4 5 8 1 1 1 3 2 1 2 37 20 21 25 28 33 36 48 46 21 31 25 27 26 1 1 3 2 3 2 3 13 15 31 33 26 26 29 44 56 23 21 15 16 14 7 7 7 4 4 6 6 0) 3 2 3 4 3 9 9 10 11 12 11 10 14 8 25 22 23 27 27 29 30 5 13 19 20 19 1 r3 25 13 9 9 7 89 80 62 53 73 148 162 1 1 1 0) 1 1 6 5 4 3 5 320 '304 262 264 265 357 373 58 58 101 101 89 111 138 9 7 13 25 14 12 r19 2 2 2 3 4 3 2 17 15 62 54 55 65 69 5 5 8 10 9 9 9 3 3 6 7 9 11 11 4 3 24 27 26 20 18 1 1 4 3 2 2 2 C1) 2 1 1 2 2 0) 5 4 3 4 4 7 36 27 30 30 r31 5 5 1 1 2 2 6 3 11 5 12 4 3 4 13 8 6 8 13 3 4 5 2 3 5 4 19 20 33 35 32 31 29 4 4 15 16 18 19 19 80 86 234 235 220 234 r239 2 3 2 2 2 2 4 4 6 5 7 7 rl 1 3 4 4 2 2 1 3 4 r5 9 7 8 8 7 1 1 3 4 11 11 10 9 23 19 18 37 36 41 39 35 0) 1 1 1 8 10 8 7 r9 1 2 2 2 2 2 2 3 4 3 3 4 3 3 4 4 5 5 5 19 13 15 18 17 53 51 r55 95 92 100 99 r98 6 8 12 8 16 15 16 19 0) 1 1 2 1 1 1 1 1 1 2 3 5 6 5 6 6 1 7 6 8 8 8 6 5 5 10 10 11 11 10 19 22 21 28 38 41 41 44 0) 0) 0) 0) 0) 0) 0) 588 531 r524 720 730 715 843 r893 r Revised. mercial concerns in the United States. Data excludes claims held through i Less than $500,000. U. S. banks, and intercompany accounts between U. S. companies and NOTE.—Reported by exporters, importers, and industrial and com- their foreign affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U. S. BALANCE OF PAYMENTS 739 U. S. 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)3 -956 -887 -1,251 -784 -893 -470 '-1,033 -620 -536 -768 -1,064 -1,044 -1,752 Private, total -588 -64. -1,025 -451 -725 -391 -745 -39. -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 -226 -333 -167 -79 4-288 -228 237 -222 -381 -144 -359 -245 Foreign capital and gold (net) 22' 1,086 934 901 94' 41,416 1,444 567 801 979 1,183 1,200 Increase in foreign short-term assets 580 and Government securities 275 26 477 502 780 4829 1.119 367 566 733 556 279 Increase in other foreign assets.... 50 197 -15 -26 52 7! 190 158 128 185 152 -10 Gold sales by United States -98 13 1,075 483 347 95 4397 167 7: 50 94 637 921 370 Errors and omissions. -19: 200 76 175 -71 160 365 32 226 — 6 -145 -610 p Preliminary. 3 Minus sign indicates net outflow. 1 Excluding military transfers under grants. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 2 Including military transactions. of which $344 million was transferred in gold and $1,031 million in non-interest-bearing U.S. Government securities. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m r b e o i a l n s ls u t , h r s y i 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 b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - y e t y o 5 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1958—Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 .50 2.50 1959—Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 1.50 2.00 I960—Apr 3.40 3.33 4.80 4.65 3.67 3.00 4.22 4.00 3.94 2.25 .75 2.00 May 2.87 2.77 4.76 4.58 3.87 3.00 4.25 4.00 3.88 2.30 1.54 2.00 June 2.87 2.84 5.04 4.88 3.98 3.25 4.15 4.88 4.75 2.49 1.75 2.00 July 3.13 3.24 5.76 5.58 4.67 4.00 4.53 4.88 4.69 2.19 1.64 2.00 Aug 2.53 2.70 5.75 5.58 4.79 4.00 4.05 4.88 4.75 2.05 1.56 2.00 Sept 1.89 1.58 5.71 5.53 4.85 4.00 4.15 4.88 5.25 2.00 1.50 2.00 Oct 2.65 2.36 5.62 5.36 4.79 3.92 3.99 4.88 5.31 1.96 1.64 2.00 Nov 3.53 3.26 4.98 4.74 4.30 3.50 3.76 4.00 4.69 1.57 1.14 2.00 Dec 3.53 3.16 4.64 4.44 3.88 3.12 3.70 3.75 4.31 1.51 1.13 2.00 1961—Jan 3.20 2.75 4.45 4.25 3.77 3.00 3.65 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 3.75 2.00 Mar 3.21 2.98 4.61 4.48 3.74 3.00 3.70 2.50 3.38 1.03 3.75 2.00 Apr 3.30 3.03 4.63 4.45 3.65 3.00 3.70 2.38 2.94 0.77 3.75 2.00 1 Based on average yield of weekly tenders during month. "Rate in effect at end of month. 2 Based on weekly averages of daily closing rates. -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
740 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Changes during the last 12 months Rate as of May 31, 1960 Rate Country 1960 1961 as of May 31, Per Month 1961 cent effective June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Argentina2 6.0 Dec. 1957 6.0 Austria 5.0 Mar. 1960 5.0 Belgium . 4.0 Dec. 1959 5 0 5.0 Brazil* 10.0 Apr. 1958 10.0 Burma 3.0 Feb. 1948 3.0 Canada3 3.26 May 1960 3.32 3.17 2.5 1.95 3.28 4.02 3.5 3.29 3.46 3.46 3.53 3.42 3.42 Ceylon * 2.5 Dec. 1959 4 0 4.0 Chile* 16.4 Jan. 1960 i6.55 i6.74 16.74 Colombia ^ 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 6.5 6.5 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 4.0 Apr. 1959 3.5 3.5 "Germany .. . 4.0 Oct. 1959 5.0 4.0 3.5 3.0 3.0 Greece 7.0 Apr. 1960 6.0 6.0 Honduras 5 2.0 Jan. 1953 2.0 Iceland 11.0 Feb. 1960 9.0 9.0 India* .... 4.0 May 1957 4.0 Indonesia2 3.0 Apr. 1946 3.0 Iran 4.0 Aug. 1948 4.0 Ireland ... ... 4.75 Jan. 1960 5 5 5.31 5.31 Israel 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Japan2 .... 7.3 Dec. 1959 6 94 6.57 6.57 Mexico 4.5 June 1942 4.5 Netherlands 3.5 Nov. 1959 3.5 New Zealand 6.0 Oct. 1959 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 6.0 May 1960 5.75 5.0 3.0 3.0 2.0 Jan. 1944 2.0 South Africa 4.0 Jan. 1959 4 5 5 0 5 0 Spain 4.6 Apr. 1960 4.6 Sweden 5.0 Jan. 1960 5.0 2.0 Feb. 1959 2.0 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 it is understood the central bank transacts Japan—penalty rates (exceeding the basic rate shown) for borrowings the largest proportion of its credit operations. 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—3.0 per cent for crop loan paper and export pack- Argentina—3 and 5 per cent for certain rural and industrial paper, de- ing credit paper; and pending on type of transaction; Venezuela—4 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 5 per cent on adpaper; vances against securities of Venezuelan companies. Ceylon—4.0 per cent for advances against certain types of commercial 3 Beginning with Nov. 1, 1956, the discount rate has been set each and production paper; week at .25 of 1 per cent above the latest average tender rate for Treasury Colombia—3.5 per cent for agricultural and industrial development bills; end-of-month rate shown. paper of up to 150 days, 3 per cent for economic development paper 4 Beginning with Apr. 1, 1959, new rediscounts have been granted at of up to 5 years, and 2 per cent for specific small business, cooperative the average rate charged by banks in the previous half year. Old redisand employee paper; counts remain subject to old rates provided their amount is reduced by Costa Rica—5 per cent for paper related to commercial transactions one-eighth each month beginning May 1, 1959, but the rates are raised <rate shown is for agricultural and industrial paper); by 1.5 per cent for each 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 Beginning with May 16, 1957, this rate applies to advances against Ecuador—6 per cent for bank acceptances for commercial purposes; commercial 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 741 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month (peso) (p t A r o a u u l s n ia - d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r l k an k d a) F (f r r a a n n c c e ) Official Free 1955 7.183 222.41 3.8580 1.9905 101.40 20.894 4354 1956 5.556 2.835 222.76 3.8580 2.0030 101.60 20.946 .4354 1957 5.556 2.506 222.57 3.8539 1.9906 104.29 20.913 .3995 .2376 1958 5 556 1 207 223 88 3.8536 2.0044 103.03 21.049 3118 2 2374 1959 l L.2730 223.81 3.8619 2.0012 104.27 21.055 .3115 .2038 I960 I.2026 223.71 3.8461 2.0053 103.12 21.048 .3112 3 20.389 1960 -May L.2005 223.59 3.8406 2.0055 102.24 21.047 .3112 20.396 June . L 1989 223 32 3.8426 2.0053 101.79 21.020 3112 20 401 July L.2010 223.78 3.8468 2.0041 102.19 21.048 .3111 20 404 Aug 1.2022 223.92 3.8573 1.9955 103.10 21.061 .3111 20.404 Sept I 2037 224 12 3.8609 2.0024 102.82 21 072 3111 20 404 Oct 1.2042 224.03 3.8509 2.0061 102.18 21.063 .3111 20 375 Nov 1.2054 224.18 3.8432 2.0130 102.37 21.065 .3112 20.402 Dec 1.2061 223.69 3.8409 2.0131 101.78 21.044 .3112 20.387 1961 Jan L.2058 223.62 3.8391 2.0074 100.69 21.037 .3112 20.401 Feb 1.2061 223.10 3.8352 2.0026 101.03 21.013 .3112 20 402 Mar 1.2073 222.91 3.8314 2.0042 101.26 20.990 .3111 20.404 I.2075 222.95 3.8306 1.9985 101.11 20.992 3111 20 400 May 1.2071 222.63 3.8308 1.9983 101.26 20.988 .3110 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 s l i l a l a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) 1955 23 765 20.894 279 13 32 624 8.0056 26 230 276 36 1956 23 786 20.934 279.57 .2779 32 582 8.0056 26 113 276 80 1957 23 798 20 910 279 32 2779 32 527 8 0056 26 170 276 56 1958 23 848 21.048 280 98 .2779 32 767 8 0056 26 418 278 19 1959 23.926 21.031 280.88 .1610 .2778 32.857 8.0056 26 492 278 10 I960 23.976 20.968 280.76 .1610 .2778 32.817 8.0056 26 513 277 98 1960 May 23.978 20.958 280.60 .1611 .211A 32.810 8.0056 26.519 277 82 June .... 23 980 20.935 280 27 .1611 .2768 32 785 8 0056 26 519 277 49 July 23.979 20.966 280.84 .1611 .2783 32.839 8.0056 26 511 278 06 Aug . 23.978 20.978 281.02 .1611 .2787 32.846 8.0056 26 512 278 24 Sept .... 23.978 20.990 281.27 .1611 .2787 32.851 8.0056 26.518 278.49 Oct 23.968 20.983 281.16 .1611 .2787 32.838 8.0056 26 518 278 37 Nov 23.974 21.000 281.35 .1610 .2778 32.858 8.0056 26 492 278 57 Dec .. . 23.973 20.982 280.74 .1610 .2781 32.833 8.0056 26.517 277.96 1961 Jan . . 23.968 20.975 280.64 .1610 .2786 32.826 8.0056 26.499 277.86 Feb 23.966 20.950 279.99 .1607 .2786 32 774 8.0056 26 400 277 22 Mar 425.020 20.940 279.75 .1607 .2786 32.699 8.0056 5 27 582 276 98 Apr . . 25.185 20.940 279.81 .1609 .2772 32.600 8.0056 27.820 277.03 May 25.184 20.919 279.40 .1611 .2763 32.518 8.0056 27.826 276.63 Year or month N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r a u t l d u o - ) (pou S n o d u ) thAfr ( i r c a a nd) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e S fr r w a la n i n t c - d ) ( U p K d o n i o u i n m t n g e d d - ) 1955 14 008 49.677 3.4900 278.09 19 333 23 331 279 13 1956 14 008 49 676 3.4900 278 52 19 333 23 334 279 57 1957 14 008 49.693 3.4900 278.28 19 331 23 330 279 32 1958 14 008 49 695 3.4900 279 93 2 3810 19 328 23 328 280 98 1959 14 028 49 721 3.4967 279.83 2 0579 19 324 23 142 280 88 I960 14 018 649 770 3.4937 279 71 1 6635 19 349 23 152 280 76 1960 May 14.018 3.4935 279.55 1.6633 19.339 23.124 280.60 June 14 007 3 4905 279 22 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 1.6642 19.334 23.225 280.74 1961 Jan 14 004 3.4928 279.59 1.6635 19.339 23.220 280.64 Feb 13 985 3.4861 7 279.19 8139.37 [ 6644 19 342 23 144 279 99 Mar 13 985 3 4903 139 35 1 6644 19 353 23 144 279 75 Apr 13 989 3 4920 139 38 6643 19 354 23 122 279 81 May 13.964 3.4851 139.18 1.6644 19.378 23.101 279.40 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 s 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, <5 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, the rand, replaces the pound and consists of 3 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. 100 cents; it is 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 A. L. MILLS, JR. CHAS. N. SHEPARDSON J. L. ROBERTSON 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 DIVISION OF PERSONNEL ADMINISTRATION FRANK R. GARFIELD, Adviser ROBERT C. HOLLAND, Adviser EDWIN J. JOHNSON, Director ALBERT R. KOCH, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director ROLAND I. ROBINSON, Adviser DANIEL H. BRILL, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Associate Adviser 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 OFFICE OF THE CONTROLLER ROBERT L. SAMMONS, Adviser 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 742 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS AND BRANCHES 743 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman CARL E. ALLEN G. H. KING, JR. CHAS. N. SHEPARDSON C. CANBY BALDERSTON A. L. MILLS, JR. ELIOT J. SWAN WATROUS H. IRONS J. L. ROBERTSON EDWARD A. WAYNE RALPH A. YOUNG, Secretary P. E. COLDWELL, Associate Economist MERRITT SHERMAN, Assistant Secretary ROBERT S. EINZIG, Associate Economist KENNETH A. KENYON, Assistant Secretary GEORGE GARVY, Associate Economist HOWARD H. HACKLEY, General Counsel GEORGE MITCHELL, Associate Economist DAVID B. HEXTER, Assistant General Counsel GUY E. NOYES, Associate Economist WOODLIEF THOMAS, Economist BENJAMIN U. RATCHFORD, 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
744 FEDERAL RESERVE BULLETIN • JUNE 1961 Presidents and Vice Presidents Federal Vice Presidents Reserve President (Vice Presidents in charge of branches are Bank of First Vice President listed in lower section of this page) Boston George H. Ellis D. Harry Angney Benjamin F. Groot O. A. Schlaikjer E. O. Latham Ansgar R. Berge Dana D. Sawyer Charles E. Turner New York Alfred Hayes Harold A. Bilby Marcus A. Harris Walter H. Rozell, Jr William F. Treiber Charles A. Coombs Herbert H. Kimball H. L. Sanford Howard D. Crosse Robert G. Rouse Todd G. Tiebout Philadelphia Karl R. Bopp Joseph R. Campbell Murdoch K. Goodwin James V. Vergari Robert N. Hilkert Wallace M. Catanach Philip M. Poorman Richard G. Wilgus David P. Eastburn Cleveland W. D. Fulton Roger R. Clouse W. Braddock Hickman Martin Morrison Donald S. Thompson E. A. Fink L. Merle Hostetler Paul C. Stetzelberger Clyde Harrell Richmond Edward A. Wayne N. L. Armistead Upton S. Martin Benjamin U. Ratchford Aubrey N. Heflin J. G. Dickerson, Jr. John L. Nosker James M. Slay Joseph M. Nowlan Atlanta Malcolm Bryan J. E. Denmark L. B. Raisty Brown R. Rawlings Harold T. Patterson J. E. McCorvey Charles T. Taylor Chicago Carl E. Allen Ernest T. Baughman Paul C. Hodge George W. Mitchell C. J. Scanlon A. M. Gustavson L. H. Jones H. J. Newman Hugh J. Helmer C. T. Laibly Harry S. Schultz St. Louis Delos C. Johns Marvin L. Bennett George E. Kroner Howard H. Weigel Darryl R. Francis Homer Jones Dale M. Lewis Joseph C. Wotawa Minneapolis Frederick L. Deming Kyle K. Fossum M. B. Holmgren F. L. Parsons A. W. Mills C. W. Groth A. W. Johnson M. H. Strothman. Jr, H. G. McConnell Kansas City George H. Clay John T. Boysen F. H. Larson Clarence W. Tow Henry O. Koppang C. A. Cravens L. F. Mills J. T. White J. R. Euans E. U. Sherman Dallas Watrous H. Irons James L. Cauthen G. R. Murff L. G. Pondrom Harry A. Shuford P. E. Coldwell James A. Parker W. M. Pritchett Thomas A. Hardin Thomas W. Plant San Francisco... Eliot J. Swan J. L. Barbonchielli E. H. Galvin John A. O'Kane H. E. Hemmings R. S. Einzig A. B. Merritt 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 F. O. Kiel Oklahoma City H. W. Pritz Pittsburgh J. W. Kossin Omaha P. A. Debus Richmond Baltimore D. F. Hagner Charlotte E. F. MacDonald Atlanta Birmingham H. C. Frazer Dallas El Paso Howard Carrithers Jacksonville T. A. Lanford Houston J. L. Cook Nashville R. E. Moody, Jr. San Antonio Carl H. Moore New Orleans M. L. Shaw 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 A. L. Price Memphis E. Francis DeVos Seattle E. R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND TREASURY-FEDERAL RESERVE STUDY OF THE GOV- FUNCTIONS. April 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 possessions, Bolivia, Canada, Chile, Colombia, INDUSTRIAL PRODUCTION—1959 REVISION. July Costa Rica, Cuba, Dominican Republic, Ecua- 1960. 229 pages. $1.00 per copy; in quantidor, Guatemala, Haiti, Republic of Honduras, ties of 10 or more for single shipment, 85 cents Mexico, Nicaragua, Panama, Paraguay, Peru, each. El Salvador, Uruguay, and Venezuela is $6.00 THE FEDERAL FUNDS MARKET—A Study by a per annum or 60 cents per copy; elsewhere Federal Reserve System Committee. May $7.00 per annum or 70 cents per copy. (Group 1959. Ill pages. $1.00 per copy; in quantisubscriptions in the United States for 10 or ties of 10 or more for single shipment, 85 more copies to one address, 50 cents per copy cents each. per month, or $5.00 for 12 months.) DEBITS AND CLEARINGS STATISITICS AND THEIR FEDERAL RESERVE CHART BOOK ON FINANCIAL USE (rev. ed.). May 1959. 144 pages. $1.00 AND BUSINESS STATISTICS. Monthly. Annual per copy; in quantities of 10 or more for single subscription includes one issue of Historical shipment, 85 cents each. Supplement. Subscription price in the United States and the countries listed above is $6.00 ALL-BANK STATISTICS, 1896-1955. Part I, U. S. per annum or 60 cents per copy; elsewhere Summary. Part II, Summaries by States and $7.00 per annum or 70 cents each. (Group other areas. April 1959. 1,229 pages. $4.00. rate of 50 cents each for 10 or more of same THE FEDERAL RESERVE ACT, as amended through issue for single shipment.) December 31, 1956, with an Appendix con- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE taining provisions of certain other statutes af- CHART BOOK. Issued annually in September fecting the Reserve System. 385 pages. $1.00. Annual subscription to monthly chart book includes one issue of Supplement. In the United FLOW OF FUNDS IN THE UNITED STATES, 1939-53 December 1955. 390 pages. $2.75. States and countries listed above under Federal Reserve Bulletin, single copies 60 cents each, BANKING AND MONETARY STATISTICS. November elsewhere 70 cents each. (Group rate in quan- 1943. 979 pages. $1.50. tities of 10 or more for single shipment 50 cents each.) REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. INDUSTRIAL PRODUCTION CHART BOOK. February 1961. 210 pages. $1.75 per copy; in quanti- ADMINISTRATIVE INTERPRETATIONS OF REGULAties of 10 or more for single shipment, $1.50 TION F—SECTION 17—COMMON TRUST FUNDS each. 9 pages. 745 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
746 FEDERAL RESERVE BULLETIN • JUNE 1961 PERIODIC RELEASES DEPARTMENT STORE CREDIT WEEKLY DEPARTMENT STORE MERCHANDISING DATA CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS FEDERAL RESERVE PAR LIST (Also annual list. BY INDUSTRY Both available at Federal Reserve Banks only.) CHANGES IN STATE BANK MEMBERSHIP INTERDISTRICT SETTLEMENT FUND CONDITION OF WEEKLY REPORTING MEMBER INDEX NUMBERS OF WHOLESALE PRICES BANKS IN CENTRAL RESERVE CITIES CONDITION OF WEEKLY REPORTING MEMBER MONTHLY DEPARTMENT STORE SALES BANKS IN LEADING CITIES MONTHLY DEPARTMENT STORE SALES AND WEEKLY AVERAGES OF MEMBER BANK RESERVES, STOCKS, BY DEPARTMENTS RESERVE BANK CREDIT, AND RELATED ITEMS AND STATEMENT OF CONDITION OF THE FED- MONTHLY DEPARTMENT STORE STOCKS ERAL RESERVE BANKS MONTHLY FOREIGN EXCHANGE RATES WEEKLY DEPARTMENT STORE SALES NATIONAL SUMMARY OF BUSINESS CONDITIONS WEEKLY DEPARTMENT STORE SALES—SELECTED CITIES AND AREAS OPEN MARKET MONEY RATES AND BOND PRICES WEEKLY FOREIGN EXCHANGE RATES RETAIL FURNITURE REPORT WEEKLY U. S. GOVERNMENT SECURITY YIELDS AND PRICES SALES FINANCE COMPANIES STATE MEMBER BANKS OF THE FEDERAL RESERVE SEMIMONTHLY SYSTEM AND NONMEMBER BANKS THAT MAIN- TAIN CLEARING ACCOUNTS WITH FEDERAL RE- DEMAND DEPOSITS, CURRENCY, AND RELATED SERVE BANKS (Also annual list) ITEMS DEPOSITS, RESERVES, AND BORROWINGS OF MEM- U. S. GOVERNMENT SECURITY YIELDS AND PRICES BER BANKS SEMIANNUAL-QUARTERLY SELECTED LIST OF ADDITIONS TO THE RESEARCH LIBRARY ALL BANKS IN THE UNITED STATES AND OTHER AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY MONTHLY STATES ASSETS AND LIABILITIES OF ALL BANKS IN THE BANK RATES ON SHORT-TERM BUSINESS LOANS UNITED STATES (Including Consolidated State- MEMBER BANK CALL REPORT ment for Banks and the Monetary System) ASSETS AND LIABILITIES OF ALL MEMBER BANKS, MEMBER BANK EARNINGS BY DISTRICTS MEMBER BANK LOANS BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS SALES, PROFITS, AND DIVIDENDS OF LARGE COR- BUSINESS INDEXES PORATIONS CONSUMER CREDIT (Short- and Intermediate- Term and Consumer Instalment Credit Ex- ANNUAL tended and Repaid) BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS CONSUMER CREDIT AT CONSUMER FINANCE COM- DEPARTMENT STORE TRADE PANIES CONSUMER INSTALMENT CREDIT AT COMMERCIAL BIENNIAL BANKS CONSUMER LOANS MADE UNDER EFFECTIVE STATE DISTRIBUTION OF BANK DEPOSITS BY COUNTIES SMALL LOAN LAWS AND STANDARD METROPOLITAN AREAS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS 747 REPRINTS UNITED STATES BANKS AND FOREIGN TRADE FI- NANCING. April 1955. 11 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pages. THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. November A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- 1938. 20 pages. COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RESERVE POLICY. April 1940. 11 pages. SURVEYS OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of Member Banks. April 1956. 14 pages. Credit ADJUSTMENT FOR SEASONAL VARIATION. Descrip- Lines and Minimum Balance Requirements. tion of method used by Board in adjusting June 1956. 7 pages. Member Bank Lending economic data for seasonal variation. June to Small Business, 1955-57. April 1958. 19 1941. 11 pages. pages. Member Bank Term Lending to Business, 1955-57. April 1959. 16 pages. Security *THE TREASURY-CENTRAL BANK RELATIONSHIP Pledged on Business Loans at Member Banks IN FOREIGN COUNTRIES—PROCEDURES AND September 1959. 16 pages. TECHNIQUES. November 1950. April 1951. 19 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also, similar reprint THE MONETARY SYSTEM OF THE UNITED STATES. from April 1953 BULLETIN.) February 1953. 16 pages. UNITED STATES BANKING ORGANIZATION ABROAD. December 1956. 16 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 pages. SURVEY OF FINANCE COMPANIES, MID-1955. April 1957. 17 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- DEXES. December 1957. 30 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. SEASONAL FACTORS AFFECTING BANK RESERVES. February 1958. 12 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- REVISED WEEKLY INDEX OF DEPARTMENT STORE STALMENT CREDIT. January 1954. 14 pages. SALES. April 1958. 10 pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- OPEN MARKET OPERATIONS IN LONG-TERM SEtember 1954. 10 pages. CURITIES. November 1958. 15 pages. USE OF MONETARY INSTRUMENTS SINCE MID- *PART I, ALL-BANK STATISTICS, 1896-1955. Re- 1952. December 1954. 8 pages. print of the U. S. Summary containing a description of revised statistics for all banks in DIRECTLY PLACED FINANCE COMPANY PAPER. the United States, by class of bank, together December 1954. 8 pages. with revised statistics. April"! 959. 94 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
748 FEDERAL RESERVE BULLETIN • JUNE 1961 1959 SURVEY OF CONSUMER FINANCES. March, CAPITAL MARKETS IN 1960. December 1960. July, and September 1959. 48 pages. (Simi- 7 pages. lar Surveys available for some earlier years in the period 1955-58.) IMPLEMENTATION OF THE 1959 ACT ON RESERVE REQUIREMENTS. December 1960. 6 pages. MONEY AND CREDIT IN ECONOMIC EXPANSION. July 1959. 7 pages. SMALL BUSINESS FINANCING: CORPORATE MANU- FACTURERS. January 1961. 15 pages. A QUARTERLY PRESENTATION OF FLOW OF FUNDS, SAVING, AND INVESTMENT. August 1959. 49 CREDIT AND MONEY IN 1960. February 1961. pages. 8 pages. THE GOVERNMENT SECURITIES MARKET. August GOLD AND DOLLAR TRANSFERS IN 1960. March 1959. 22 pages. 1961. 7 pages. REVISED INDUSTRIAL PRODUCTION INDEX. De- FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. cember 1959. 24 pages. March 1961. 10 pages. MONETARY POLICY AND ECONOMIC GROWTH. STATISTICS ON THE GOVERNMENT SECURITIES February 1960. 7 pages. MARKET. April 1961. 8 pages. REVISED SERIES FOR SEASONALLY ADJUSTED OWNERSHIP OF DEMAND DEPOSITS. April 1961. MONEY SUPPLY. February 1960. 4 pages. 3 pages. INTEREST RATES IN LEADING COUNTRIES. June SURVEY OF COMMON TRUST FUNDS, 19&0. May 1961. 7 pages. (Similar Surveys available 1960. 6 pages. for each year of the 1955-59 period.) THE BALANCE SHEET OF AGRICULTURE, 1960. QUARTERLY SURVEY OF CONSUMER BUYING IN- August 1960. 9 pages. TENTIONS. May 1961. 7 pages. (Also, similar reprints from BULLETINS for December 1960 and March 1961.) CONSUMER BUYING INTENTIONS AND QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS. Combined reprint. September 1960. 31 pages. CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER TIME DEPOSITS. May 1961. 2 pages. (Also, similar reprint from July 1960 BULLETN.) THE U. S. BALANCE OF PAYMENTS, 1959-60. October 1960. 7 pages. BANKING AND MONETARY STATISTICS, 1960. Selected series of banking and monetary statistics A NEW MEASURE OF THE MONEY SUPPLY. Octo- for 1960 only. February and May 1961. 13 ber 1960. 22 pages. pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Statistical Tables Acceptances, bankers', 684, 686 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 678, 680 Adjusted, and currency, 674 Assets and liabilities (See also Foreign liabilities and Banks, by classes, 669, 675, 679, 682, 686 claims): Federal Reserve Banks, 670, 737 Banks and the monetary system, consolidated, 674 Postal savings, 668, 674 Corporate, current, 696 Discount rates, 668, 740 Domestic banks, by classes, 675, 678, 680, 686 Discounts and advances by Federal Reserve Federal Reserve Banks, 670 Banks, 664, 669, 670 Automobiles: Dividends, corporate, 695, 696 Consumer instalment credit, 700, 701, 702 Dollar assets, foreign, 729, 737 Production index, 704, 707 Earnings and hours, manufacturing industries, 710, 713 Bank holding companies: Employment, 710, 712, 713 Banking offices and deposits of group banks, Farm mortgage loans, 697, 698 Dec. 31, 1960, 722 Federal finance: List of, Dec. 31, 1960, 723 Cash transactions, 688 Bankers' balances, 679, 681 Receipts and expenditures, 689 (See also Foreign liabilities and claims) Treasurer's balance, 688 Banks and the monetary system, consolidated state- Federal home loan banks, loans, etc., 699 ment, 674 Federal Housing Administration, loans, etc., 697, Bonds (See also U. S. Govt. securities): 698, 699 New issues, 693, 694, 696 Federal National Mortgage Association, Prices and yields, 684, 685 loans, etc., 699 Brokers and dealers in securities, bank Federal Reserve Banks: loans to, 678, 680 Condition statement, 670 Business expenditures on new plant and equip- U. S. Govt. securities held by, 664, 669, 670, ment, 696 690, 691 Business indexes, 710 Federal Reserve credit, 664, 669, 670 Business loans (See Commercial and industrial loans) Federal Reserve notes, 670, 672 Finance company paper, 684, 686 Capital accounts: Financial institutions, loans to, 678, 680 Banks, by classes, 675, 679, 682 Float, 664 Federal Reserve Banks, 670 Flow of funds, saving and financial flows, 720 Carloadings, 710 Foreign central banks, 726, 740 Central banks, foreign, 726, 740 Foreign deposits in U. S. banks, 664, 670, 674, 679, Coins, circulation of, 672 682, 737 Commercial banks: Foreign exchange rates, 741 Assets and liabilities, 675, 678 Foreign liabilities and claims: Consumer loans held, by type, 701 Banks, 730, 732, 735, 737 Number, by classes, 675 Nonfinancial concerns, 738 Real estate mortgages held, by type, 697 Foreign trade, 715 Commercial and industrial loans: Commercial banks, 678 Gold: Weekly reporting member banks, 680, 683 Earmarked, 728 Commercial paper, 684, 686 Net purchases by U. S., 728 Condition statements (See Assets and liabilities) Production, 727, 728 Construction, 710, 711 Reserves of central banks and governments, 726 Consumer credit: Reserves of foreign countries and international Instalment credit, 700, 701, 702, 703 institutions, 729 Major parts, 700, 702 Stock, 664, 674, 728 Noninstalment credit, by holder, 701 Gold certificates, 670, 672 Consumer price indexes, 710, 716 Govt. debt (See U. S. Govt. securities) Consumption expenditures, 718, 719 Gross national product, 718, 719 Corporate sales, profits, taxes, and dividends, 695, 696 Corporate security issues, 694, 696 Hours and earnings, manufacturing industries, 710, 713 Corporate security prices and yields, 684, 685 Housing starts, 711 Cost of living (See Consumer price indexes) Currency in circulation, 665, 672, 673 Industrial production index, 704, 710 Customer credit, stock market, 685 Instalment loans, 700, 701, 702, 703 Insurance companies, 687, 690, 691, 698 Debits to deposit accounts, 673 Insured commercial banks, 677, 678 Demand deposits: Interbank deposits, 669, 675, 679, 682 Adjusted, banks and the monetary system, 674 Interest rates: Adjusted, commercial banks, by classes, 673, 679 Bond yields, 684 Banks, by classes, 669, 675, 682 Business loans by banks, 683 Turnover of, 673 Federal Reserve Bank discount rates, 668 Type of holder, at commercial banks, 679 Foreign countries, 739, 740 Department stores: Open market, 684, 739 Merchandising data, 715 Stock yields, 684 Sales and stocks, 710, 714 Time deposits, maximum rates, 668 749 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
750 FEDERAL RESERVE BULLETIN • JUNE 1961 International capital transactions of the U. S., 730 Residential mortgage loans, 697, 698, 699 International institutions, 726, 728, 729 Inventories, 718 Sales finance companies, consumer loans of, 700, Investments (See also specific types of investments): 701, 703 Banks, by classes, 675, 678, 681, 686 Saving: Federal Reserve Banks, 669, 670 Flow-of-funds series, 720 Life insurance companies, 687 National income series, 719 Savings and loan associations, 687 Savings deposits (See Time deposits) Savings institutions, principal assets, 686, 687 Labor force, 712 Savings and loan associations, 687, 691, 698 Loans (See also specific types of loans): Securities, international transactions, 736, 737 Banks, by classes, 675, 678, 680, 686 Security issues, 693, 694, 696 Federal Reserve Banks, 664, 669, 670 Silver coin and silver certificates, 672 Insurance companies, 687, 698 State member banks, 677 Savings and loan associations, 687, 698 State and municipal securities: Loans insured or guaranteed, 697, 698, 699 New issues, 693, 694 Prices and yields, 684, 685 Manufactures, production index, 704, 710 States and political subdivisions: Margin requirements, 668 Deposits of, 679, 682 Member banks: Holdings of U. S. Govt. securities, 690 Assets and liabilities, by classes, 675, 678 Ownership of obligations of, 678, 686, 687 Borrowings at Federal Reserve Banks, 666, Stock market credit, 685 670, 682 Stocks: Deposits, by classes, 669 New issues, 694 Number, by classes, 676 Prices and yields, 684, 685 Reserve requirements, by classes, 669 Reserves and related items, 664 Tax receipts, Federal, 689 Weekly reporting series, 680 Time deposits, 668, 669, 674, 675, 679, 682 Mining, production index, 704, 710 Treasurer's account balance, 688 Money rates (See Interest rates) Treasury cash, 664, 672, 674 Money supply and related data, 673 Treasury currency, 664, 672, 674 Mortgages (See Real estate loans) Treasury deposits, 664, 670, 688 Mutual savings banks, 674, 675, 677, 686, 690, 691, 697 Unemployment, 712 U. S. balance of payments, 739 National banks, 677 U. S. Govt. balances: National income, 718, 719 Commercial bank holdings, by classes, 679, 682 National security expenditures, 689, 718 Consolidated monetary statement, 674 Nonmember banks, 670, 677, 678, 679 Treasury deposits at Federal Reserve Banks, 664, 670, 688 Payrolls, manufacturing, index, 710 U. S. Govt. securities: Personal income, 719 Bank holdings, 674, 675, 678, 681, 686, 690, 691 Postal Savings System, 668, 674 Dealer transactions, positions, and financing, 692 Prices: Federal Reserve Bank holdings, 664, 669, 670, Consumer, 710, 716 690, 691 Security, 685 Foreign and international holdings, 670, 729 Wholesale commodity, 710, 716 International transactions, 736 Production, 704, 710 New issues, gross proceeds, 694 Profits, corporate, 695, 696 Outstanding, by type of security, 690, 691, 693 Ownership of, 690, 691 Real estate loans: Prices and yields, 684, 685 Banks, by classes, 678, 680, 686, 697 United States notes, outstanding and in circula- Type of mortgage holder, 697, 698, 699 tion, 672 Type of property mortgaged, 697, 698, 699 Utilities, production index, 704, 710 Reserve requirements, member banks, 669 Reserves: Vault cash, 664, 669, 679 Commercial banks, 679 Federal Reserve Banks, 670 Veterans Administration, loans, etc., 697, 698, 699 Foreign central banks and governments, 726 Foreign countries and international institu- Weekly reporting member banks, 680 tions, 729 Member banks, 664, 666, 669, 679, 681 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 Minneapolis^! (c THE FEDERAL RESERVE SYSTEM Q) Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1961, May 31). Federal Reserve Bulletin, 1961-06. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196106
@misc{wtfs_bulletin_196106,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1961-06},
year = {1961},
month = {May},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196106},
note = {Retrieved via When the Fed Speaks corpus}
}