Federal Reserve Bulletin, 1961-07

FEDERAL RESERVE July 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 Bank Credit and Money in Recovery 751 Law Department 759 National Summary of Business Conditions 786 Financial and Business Statistics, U. S. (Contents on p. 789) 790 International Financial Statistics (Contents on p. 867) 868 Board of Governors and Staff 884 Open Market Committee and Staff; Federal Advisory Council 885 Federal Reserve Banks and Branches 885 Federal Reserve Board Publications 887 Index to Statistical Tables 889 Map of Federal Reserve System Inside back cover Volume 47 Number 7 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

Bank Credit and Money in Recovery EXPANSION in bank credit and continued ward pressures on short-term rates. In supease in bank reserve positions characterized plying the reserves needed to stimulate credit developments in the United States domestic economic recovery, the System during the first half of 1961, a period in confined its purchases largely to longer term which the economy began to recover from securities. the mildest of the postwar recessions. Total loans and investments of commercial banks COMMERCIAL BANK CREDIT rose, whereas they usually decline in the Credit outstanding at commercial banks infirst half of the year, and the money supply creased $1.8 billion during the first half of rose further. Member bank borrowings at 1961. Their total loans declined by about Federal Reserve Banks were at very low $500 million, but their security holdings inlevels. creased. The increase in holdings was con- Credit demands, particularly for short- centrated in short-term U. S. Government term financing, were moderate. Short-term securities and State and local government interest rates have continued to fluctuate obligations. in a relatively narrow range around levels reached last summer. Rates on medium- COMMERCIAL BANK CREDIT and long-term U. S. Government securities [Net increase, or decrease (—); in billions of dollars] tended downward from February to early May but have risen since then. In past peri- First half of— ods of economic recovery interest rates often Type responded more promptly to a turnaround 1961 1960 1959 1958 in economic activity. Beginning in February, Federal Reserve Total 1.8 -2.8 -0.9 8.9 open market operations were carried out in Loans 5 2 6 4.9 .4 both short- and long-term U. S. Government Securities: U. S. Govt 1.0 -4.7 -5.7 6.4 securities. In recent years such operations Other securities... 1.3 -.6 j 2.1 had been confined to short-term securities, NOTE.—Interbank loans excluded. Changes for 1959 exclude except for correction of disorderly markets. increases resulting from addition of banks in Alaska and Hawaii and from the absorption of one large mutual savings bank by a The February action was taken in light of de- commercial bank. Details may not add to totals because of rounding. velopments in the domestic economy and in the U. S. balance of payments with other In corresponding periods of 1959 and countries. In view of the tendency for 1960, when economic activity was at comshort-term capital to move abroad, partly paratively high levels and reserve positions in response to higher yields in foreign finan- were under restraint or were less easy than cial centers, the System sold short-term this year, total bank credit had declined. In securities when necessary to minimize down- those periods, however, there was substantial 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDERAL RESERVE BULLETIN • JULY 1961 net expansion in loans, and banks reduced sions of almost $2 billion during each of their holdings of U. S. Government securities the past two years. Recent repayments of sharply in order to meet private demands for bank credit, including some prepayment of credit. term loans, have come partly from proceeds Credit expansion so far this year has been of capital market financing, which in the much less than in the first half of 1958, the second quarter of 1961 was well above yearprevious period of recession. This year's earlier levels. increase, however, followed a postwar record The behavior of business loans in the expansion during the second half of 1960, first half of 1961 was influenced not only whereas bank credit in the last half of 1957 by the comparative ease in capital markets, had risen by somewhat less than it usually but also by continued inventory liquidation does at that time of year. In the year end- in some industries and special developments ing mid-1961 commercial bank credit rose in commodity markets. The prime loan $13.6 billion, as compared with $13.9 bil- rate at banks remained at 4Vi per cent, the lion in the year ending mid-195 8. Each of level to which it had been reduced in Authese 1-year periods included both recession gust 1960, and average rates on short-term and the early stages of recovery, but the bank loans to business changed little. 1960-61 recession was somewhat milder. Outstanding loans to manufacturers of Loans. On the whole, demand for bank metals and metal products declined about loans was sluggish in the first half of 1961. $100 million during the first half of 1961. Business loans declined by an estimated In the first half of 1958 they had increased $600 million, while other loans changed somewhat, and in comparable periods of little on balance. 1959 and 1960 they had increased substan- Business loans. Repayment of business tially. Lessened loan demand this year reloans in the first half of this year was about flected continued liquidation until recently the same as in comparable periods of 1958 of inventories of metals and metal goods. and 1954, but contrasted with net exten- Although these manufacturers increased BUSINESS LOANS - CUMUIATIVI CHANOI FROM DICUMM irat tilliont of dollori Billions of dollars mm Mns ALL OTHKB rooo PROCESSORS OTHER W»NUf»ClUCI«S AND - 1 COMMODITY DIAKRS y i96i i i I 1 1 1 I 1 1 1 1 ! M M NOTE.—Monthly changes in large loans at a sample of more ber 1959. "Other" includes bankers' acceptances and loans to than 200 large banks in the weekly reporting member bank service and other miscellaneous industries; it excludes public series. Changes cumulative from last Wednesday of Decem- utility and construction loans. Latest data shown: June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN RECOVERY 753 their borrowing around the mid-March tax last half. The decline this year was larger date, they made large net repayments there- than usual, as utilities funded part of their after. Ordinarily extensions of credit in bank debt by borrowing in the capital marlate spring and early summer more than off- ket during a period when Federal Governset repayment of tax-related borrowings. ment demands for funds were seasonally low Loans to all other manufacturing groups, and long-term rates were cyclically low. excluding food processors, increased in the Bank holdings of bankers' acceptances, aggregate about as much in the first half of which originate for the most part in the fi- 1961 as a year earlier. This reflected in nancing of international trade, rose by $145 part net expansion in lending to concerns in million in the first five months of 1961. the petroleum, chemical, and rubber group. They were about unchanged during the Outstanding loans to companies in this group comparable period of 1960. The increase had declined in the first half of 1960. this year was concentrated in late winter Lending to manufacturers of textiles and and early spring after the interest rate on related products was less than a year earlier prime acceptances had declined earlier. but above the levels of 1958 and 1954. Other loans. Consumer demands for In contrast with the experience of durable short- and intermediate-term credit were goods producers, sales by manufacturers small during the first half of 1961, and agof nondurable goods declined less in reces- gregate consumer credit outstanding for sion and turned up earlier. Also, inventories all types of lenders declined more than seaof manufacturers of nondurable goods were sonally in the first five months of the year. comparatively well maintained through the Bank loans to consumers increased by only recession and the early stages of recovery. $700 million during the first half as com- Loans to food processors and commodity pared with an increase of $1 billion a year dealers in the aggregate declined somewhat earlier and a small net decrease during the less than they usually do in the first half of first half of 1958. Almost all of this year's the year. This reflected in part increased increase, however, reflected acquisitions of borrowing from banks by commodity deal- customer receivables from a large retail coners early in 1961 to purchase cotton in an- cern. ticipation of an increase in the price support In the meantime nonbank financial instilevel for this year's crop. Outstanding loans tutions, principally sales finance companies to trade concerns, on the other hand, de- and other institutions that extend consumer clined more sharply than they usually do credit, repaid about $1.2 billion of their early in the year and then rose much less borrowing from banks. This compares with than seasonally. While inventories at the little net change a year earlier. Another wholesale level rose slightly during the late result of the smaller demand for consumer winter and early spring, inventories at the credit was that these institutions raised retail level, particularly dealer stocks of smaller amounts in financial markets. Over new cars, continued to decline through late the first five months of the year, commercial spring. and finance company paper outstanding, for Since 1958 bank loans to public utilities example, rose less this year than last, and have declined on balance during the first their long-term debt also rose less. half of each year and then increased in the Bank holdings of real estate loans so far Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDERAL RESERVE BULLETIN • JULY 1961 in 1961 have increased at a pace about in of this amount reflected acquisitions of cerline with 1958 experience and not very tificates issued in mid-May and of Treasury different from the slow pace that prevailed in bills issued in the mid-June Treasury financthe comparable period of 1960. Reduced ing. The increase in holdings of short-term demand for housing has been instrumental securities during the first half of the year in holding down mortgage loan expansion was accompanied by reductions in holdings this year. Last year, demand was larger, of issues maturing in from 1 to 5 years. but the supply of loanable bank funds was Two factors accounted for most of the more limited, and business and other loan decrease in such holdings: one, the movedemands competed more actively for such ment of some issues into the within-1-year funds. category because of the passage of time; The decline this year in business and and two, a shift to longer maturities as a consumer demand for credit has been ac- result of bank participation in the advance companied by more lending for purchasing refunding at the end of March. At that or carrying securities. Outstanding loans time commercial banks exchanged a subon U. S. Government securities fluctuated stantial amount of issues maturing in 15 to widely during the first half of 1961 but 29 months for issues maturing in 5 to 7 declined on balance, reflecting a substantial years. Over the whole period, holdings contraction in dealer trading positions. of securities maturing in more than 5 years Meanwhile, loans for purchasing or carrying increased only slightly at banks in leading other securities rose. Much of the increase cities, as these banks sold such securities came in mid-April and early May and was before and after the financing. related to a large public utility financing Bank liquidity. Changes in the composioperation and to generally increased stock tion of bank assets are reflected in bank and capital market activity. For the period as a whole, total loans for purchasing or carrying securities changed little on balance. LIQUIDITY RATIOS COMMERCIAL BANKS During January-June of 1959 and 1960 net Per cent repayments had been substantial. Security holdings. Total U. S. Government security holdings of all commercial banks increased $1 billion in the first half LOANS/TOTAL DEPOSITS 40 of 1961. Substantial shifts among maturity classes accompanied the increase. These changes reflected transactions in outstand- SECONDARY/DEMAND ing securities, participation in Treasury fi- RESERVES / DEPOSITS nancings, and the effect of passage of time. The over-all effect of the shifts was to increase the liquidity of banks' holdings of 1961 U. S. Government securities. At banks in leading cities, holdings of NOTE.—Loans exclude interbank loans. Secondary reserves include U. S. Government securities maturing within a year and U. S. Government securities maturing within free reserves (excess reserves less borrowings from Federal Reserve Banks). Deposits are net of cash items in the process of a year increased by about $4.3 billion. Part collection. Latest data shown: Loans/total deposits, June; secondary reserves/demand deposits. May. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN RECOVERY 755 liquidity positions. One indicator of bank by the distribution of their liabilities. Time liquidity is the loan-deposit ratio. This ra- and savings deposits are much less volatile tio shows the extent to which banks have than demand deposits, and an increase in already used resources to meet credit de- such deposits relative to demand deposits mand from their customers. Loan-deposit enables banks to hold relatively fewer liquid ratios have been rising during the past 15 assets and to make longer term loans. In years from exceptionally low wartime levels. the year ending in mid-1961, time and sav- A postwar peak of 57 per cent was reached ings deposits increased much faster than dein mid-1960. mand deposits, and at the end of June they Bank loans declined in relation to de- were 36 per cent of the total as compared posits during the latter half of 1960 and with 33 per cent a year earlier. into the early part of 1961. In recent months, however, the ratio has shown little MONEY SUPPLY AND OTHER LIQUID ASSETS change and at midyear was 55.5 per cent. The daily average money supply—currency This compares with 48.5 per cent in midand demand deposits other than amounts 1958, also a time when the economy was held by the Government and commercial recovering from recession. banks—began to increase after mid-1960, Another measure of bank liquidity is the and it grew at an annual rate of 2 per cent ratio of secondary reserves to demand deposits. Secondary reserves are usually de- MONEY AND OTNH LIQUID ASSETS fined to include excess reserves, short-term tilliont of dollotf marketable securities, interbank balances, and, as a negative item, borrowings at Fed- 200 eral Reserve Banks. Such reserves, when OTHER LIQUID ASSETS they exceed the amounts needed to meet de- 110 posit drains, are readily available for satisfying an expansion in demand for bank 160 loans. U. S. Government securities maturing 140 within a year and free reserves—the most cyclically volatile components of secondary reserves—rose sharply in relation to demand •0 deposits in the second half of 1960. The TIME DEPOSITS AT COMMMCIAl BAN upward movement continued into the first 60 half of this year, as the free reserve position of banks continued easy and banks concen- 19S7 19S9 1961 trated their purchases of securities in the short-term area. By late spring, the sec- NOTE.—Seasonally adjusted data for holdings by the public, excluding the banking system and U. S. Government agencies ondary reserve ratio had reached levels and trust funds. Other liquid assets represent deposits in mutual savings banks, deposits with the Postal Savings System, somewhat above those of the comparable savings and loan shares, U. S. savings bonds, and U. S. Government securities maturing within a year. Money supply, period in 1958. semimonthly averages of daily figures. Time deposits increased by $1.5 billion in May 1961 because of reclassification of de- The liquidity of banks is affected not only posits of foreign official institutions; these were formerly included with interbank deposits. Time deposits and other liquid assets, monthly data. Latest data shown: Money supply and by the composition of their assets, but also time deposits, June; other liquid assets, May. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 FEDERAL RESERVE BULLETIN • JULY 1961 during the first half of 1961. The velocity BANK RESERVE POSITIONS of money, as measured by the annual rate In the first half of 1961 bank reserve posiof demand deposit turnover at banks outside tions reflected continuation of the policy of financial centers, remained relatively stable monetary ease aimed at stimulating ecoat high levels during the first four months nomic recovery. Net free reserves of memof 1961, then increased on average in May ber banks—that is, the extent to which exand June. In financial centers there was cess reserves are larger than borrowings a sharp increase in deposit turnover during from Federal Reserve Banks—have relate spring as financial markets, particularly mained large. Such reserves fluctuated the stock market, became more active. The expansion in money supply so far this year has been accompanied by a rapid in- RESERVES, BORROWINGS, AND COSTS crease in time deposits at commercial banks, BMIiom of dollo mentioned earlier. These deposits have RISIRVf POSITION been rising rapidly since mid-1960. The SORROWINGS annual rate of growth in the first hah5 of 1961 was 12.6 per cent, after allowance for the effects of a deposit reclassification. Most of this year's increase represented COST OF 1ESHVIS savings deposits of individuals, but part represented the increasing quantity of negotiable time certificates of deposit issued by F.R. DISCOUNT RATE large city banks, mainly to business corporations. These certificates have original maturities that vary from 30 days to more than a year. They can be bought and sold in the market and, in effect, are an additional money market instrument. 19S7 1959 19*1 The volume of other liquid assets in the hands of the public—such as deposits at NOTE.—Excess reserves and borrowings of all member banks at Federal Reserve Banks. Monthly averages of daily figures, mutual savings banks, savings and loan except for discount rate. Latest data shown: June. shares, and short-term U. S. Government securities—has continued to expand at a around $500 million in the February-June fairly rapid rate. The average annual rate period. They had averaged $690 million through May was more than 6 per cent. in December-January, but banks had not This reflects in part continuation of the ac- yet fully adjusted to the effect of Federal celerated inflow of funds to mutual savings Reserve actions in late 1960 permitting banks and savings and loan associations that them to count all vault cash as reserves. began after mid-1960 as consumer spending Federal Reserve open market operations slowed down. It also reflects increased to maintain ease in bank reserve positions holdings by the nonbank public of short- offset the restraining effects of outflows of term U. S. Government securities. gold to foreign countries early in 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN RECOVERY 757 Since January, however, foreign factors weeks, but short-term rates have continued have not contributed substantially to reserve to fluctuate near their lows for the year. drains, and in recent months the U. S. gold The accelerated outflow of short-term capistock has risen somewhat. Currency inflows tal that began in the second half of 1960 early in the year added to bank reserves, and continued into the first quarter of 1961 as they usually do. Other factors in the reflected in part the lower level of shortaggregate—including Federal Reserve float term rates in this country relative to those and Treasury operations—absorbed reserves in foreign money markets. on balance during the first half of the year. Interest rates on short-term U. S. Govern- Easy bank reserve positions in the first ment securities in the first half of 1961 conhalf of 1961 have been reflected in the tinued to fluctuate around levels reached in continued small amount of member bank mid-1960. The market yield on 3-month borrowings at Federal Reserve Banks. Borrowings declined to an average of $87 million last December, and they have generally INTEREST RATES been somewhat below that level this year. The cost of such borrowing, as represented U. S. OOVHNMINT SICURITIIS 3-5 YEAR by discount rates of Federal Reserve Banks, LONG-TERM has been unchanged since the late summer of 1960, when these rates were reduced to 3 per cent. Banks may also obtain temporary reserve funds by borrowing excess reserve balances of other banks in the Federal funds market. OTHK The supply of Federal funds was abundant relative to demand from last summer through the first half of 1961, and the interest rate in this market was almost con- AAA BONDS tinuously below the discount rate. By way of contrast, the Federal funds rate tends to PRIME COMMERCIAL PAPER 4-4 msnllii remain close to the discount rate in periods 1957 195» 1961 when banks are under reserve pressure, as they were in 1959 and early 1960. In such NOTE.—Monthly averages of dally figures. Long-term U. S. periods banks make intensive use of all Government issues maturing or callable in 10 years or more. Data for corporate and State and local bonds from Moody's sources of temporary reserve funds. Investors Service. Latest data shown: June. Treasury bills reached its low for the year INTEREST RATES in January, and has increased little since The general level of interest rates declined then. This comparative stability of shortthrough the summer of 1960, then fluctuated term rates, during a period when bank rerather narrowly through the first part of serve positions were easy and when reduced 1961. Long-term rates on both private and demands for credit would normally have government securities have risen in recent been accompanied by downward pressures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 FEDERAL RESERVE BULLETIN • JULY 1961 on interest rates, reflects in large part two increase in these rates since May has been factors: Federal financing in recent months fairly sharp. Growing evidence of improvehas been concentrated in short-term debt, ment in the economic situation was an imand System open market operations have portant influence in the upturn of these rates. been conducted in such a way as to mini- Another influence was the upward movemize downward pressures on short-term ment since late winter in yields on State and rates. local government and corporate securities. From February 20 through the first week Higher yields on these securities may have in July the open market account purchased led to a lessening of investor demand for about $1.5 billion of securities maturing in longer term Government securities and, as more than a year. Most of these had a result, to upward pressure on Government maturities of 3 to 6 years. The Treasury rates. The increase in private yields has also purchased long-term securities for accompanied the marked expansion in deagency and trust accounts. In the same mand for private long-term credit that has period System net sales of securities maoccurred since early 1961. turing in less than a year amounted to about The recent rise in long-term rates, how- $400 million. In addition, the System reever, has been small relative to the sharp deemed about $500 million of maturing securities. upward spurt that occurred in mid-1958. Yields on intermediate- and long-term At that time, the economy was recovering U. S. Government issues reached their lows from the 1957-58 recession, and speculative for 1961 to date in May, four months later activity in the Government securities marthan yields on short-term securities. The ket had been widespread earlier. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material National Bank Real Estate Loans transactions, and (3) to eliminate possible ambiguities and make clearer what situations are and The Housing Act of 1961, approved June 30, what situations are not covered by the provisions 1961 (Public Law 87-70), amended the third senof Section 220.6(d) relating to the transfer! of tence of the first paragraph of Section 24 of the general accounts between customers and the pro- Federal Reserve Act so as to make certain limitavisions of Section 221.3 (e) relating to the transfer tions and restrictions on the making of real estate of loans between borrowers. The amended proloans by national banks inapplicable to farm housvisions of the Regulations read as follows: ing loans which are insured under the provisions of Ttile V of the Housing Act of 1949. The text of REGULATION T the provision of the Act reads as follows: SECTION 220.3 GENERAL ACCOUNTS Sec. 514. (c) The first paragraph of Section 24 of (d) Adjusted debit balance. * * * the Federal Reserve Act (12 U.S.C. 371) is amended (3) the current market value of any securities by inserting after "the Act of August 28 1937, as (other than unissued securities) sold short in the ac- ? amended" the following: ", or title V of the Housing count plus, for each such security (other than an ex- Act of 1949, as amended." empted security), such amount as the Board shall prescribe from time to time in § 220.8 as the margin re- The Act also amended the fourth paragraph of quired for such short sales, except that such amount Section 24, in order to assure authority of national so prescribed in § 220.8 need not be included when there are held in the account securities exchangeable banks to make FHA-insured home improvement or convertible within 90 calendar days, without restricloans under a new home improvement and reha- tion other than the payment of money, into such securities sold short; bilitation loan program provided by that Act, notwithstanding the fact that the loans may not be SECTION 220.4 SPECIAL ACCOUNTS (d) Special arbitrage account. In a special arbisecured by a first mortgage. The text of the protrage account, a member of a national securities exvision of the Act reads as follows: change may effect and finance for any customer bona fid© arbitrage transactions in securities. For the pur- Sec. 902. Section 24 of the Federal Reserve Act is poses of this paragraph, the term "arbitrage" means amended by inserting at the end of the next to the last (1) a purchase or sale of a security in one market paragraph a new sentence as follows: "Home improve- together with an offsetting sale or purchase of the ment loans which are insured under the provisions of same security in a different market at as nearly the Section 203(k) or 220(h) of the National Housing same time as practicable, for the purpose of taking Act may be made without regard to the first lien re- advantage of a difference in prices in the two markets, quirements of this section.'' or (2) a purchase of a security which is, without restriction other than the payment of money, exchangeable or convertible within 90 calendar days following Amendments to Regulations T and U the date of its purchase into a second security together with an offsetting sale at or about the same The Board of Governors of the Federal Reserve time of such second security, for the purpose of taking System has adopted, effective August 7, 1961, advantage of a disparity in the prices of the two securities. amendments to Regulation T entitled 'Credit by Brokers, Dealers, and Members of National Secu- SECTION 220.6 CERTAIN TECHNICAL DETAILS rities Exchanges," and to Regulation U entitled (d) Transfer of accounts—(1) In the event of the "Loans by Banks for the Purpose of Purchasing or transfer of a general account from one creditor to Carrying Registered Stocks." The purposes of the another, such account may be treated for the purposes of this part as if it had been maintained by the transamendments are (1) to clarify the Board's posiferee from the date of its origin: Provided, That the tion as to the situations in which credit may be ex- transferee accepts in good faith a signed statement of tended under Section 220.4(d) of Regulation T the transferor that no cash or securities need be deposited in the account in connection with any transacand Section 221.2(j) of Regulation U outside the tion that has been effected in the account or, in case he margin restrictions of Section 220.3 and Section finds that it is not practicable to obtain such a state- 221.1, respectively, (2) to provide more explicit ment from the transferor, accepts in good faith such a signed statement from the customer. standards for the use of these sections in arbitrage (2) In the event of the transfer of a general ac- 759 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 FEDERAL RESERVE BULLETIN • JULY 1961 count from one customer to another, or to others, tion to become a bank holding company under as a bona fide incident to a transaction that is not section 3(a)(J) of the Bank Holding Company Act undertaken for the purpose of avoiding the requirements of this part, each transferee account may be of 1956. treated by the creditor for the purposes of this part as if it had been maintained for the transferee from ORDER APPROVING APPLICATION UNDER the date of its origin: Provided, That the creditor ac- BANK HOLDING COMPANY ACT cepts in good faith and keeps with the transferee account a signed statement of the transferor describ- There having come before the Board of Govering the circumstances giving rise to the transfer. nors, pursuant to Section 3(a)(l) of the Bank REGULATION U Holding Company Act of 1956 (12 U.S.C. 1842) and Section 4(a)(l) of the Board's Regulation Y SECTION 221.2 EXCEPTIONS TO GENERAL RULE (12 CFR 222.4(a) (1)), an application by Central (j) Any loan to a member of a national securities Wisconsin Bankshares, Inc., a Wisconsin corporaexchange for the purpose of financing his or his tion with its principal office in Wausau, Wisconsin, customers' bona fide arbitrage transactions in securities. For the purposes of this paragraph, the term for the Board's prior approval of action whereby "arbitrage" means (1) a purchase or sale of a security Applicant would become a bank holding company in one market together with an offsetting sale or through the acquisition of 80 per cent or more of purchase of the same security in a different market at as nearly the same time as practicable, for the pur- the outstanding voting shares of First American pose of taking advantage of a difference in prices State Bank and Wisconsin Valley Trust Company, in the two markets, or (2) a purchase of a security both of which are located in Wausau; a notice of which is, without restriction other than the payment of money, exchangeable or convertible within 90 receipt of application having been published in the calendar days following the date of its purchase into Federal Register on February 8, 1961 (26 F.R. a second security together with an offsetting sale at or about the same time of such second security, for 1135), which notice provided for the filing of the purpose of taking advantage of a disparity in comments and views regarding the proposed acthe prices of the two securities; quisition; the time provided by the notice for filing SECTION 221.3 MISCELLANEOUS PROVISIONS comments and views having expired and no com- (e) A bank, without following the requirements of ments or views having been filed; and the Board this part as to the making of a loan, may having considered fully the record in this matter; (1) accept the transfer of a loan from another bank, or IT IS HEREBY ORDERED, for the reasons set forth (2) permit the transfer of a loan from one bor- in the Board's Statement of this date, that the said rower to another, or to others, as a bona fide incident to a transaction that is not undertaken for the application be, and hereby is, granted, and the acpurpose of avoiding the requirements of this part, quisition by Central Wisconsin Bankshares, Inc., provided that a statement signed by the transferor, of 80 per cent or more of the outstanding voting describing the circumstances giving rise to the transfer, is accepted in good faith by an officer of shares of First American State Bank and Wisconsin the bank and is kept with each transferee loan Valley Trust Company is hereby approved, proaccount; Provided, The loan is not increased and the collateral vided that such acquisition is completed within for the loan is not changed; and, after such transfer, three months from the date hereof. a bank may permit such withdrawals and substitu- Dated at Washington, D. C, this 28th day of tions of collateral as the bank might have permitted if it had been the original maker of the loan or had June, 1961. originally made the loan to the new borrower. By order of the Board of Governors. Orders Under Section 3 Voting for this action: Chairman Martin, and Govof Bank Holding Company Act ernors Balderston, Mills, and Shepardson. Voting against this action: Governor Robertson. Absent and The Board of Governors of the Federal Reserve not voting: Governor King. System has issued the following Orders and State- (Signed) MERRITT SHERMAN, ments with respect to an application to become a Secretary. bank holding company, and an application by a [SEAL] bank holding company for approval of the acquisi- STATEMENT tion of voting shares of a bank: Central Wisconsin Bankshares, Inc., Wausau, CENTRAL WISCONSIN BANKSHARES, INC. Wisconsin ("Central"), has applied, pursuant to In the Matter of the Application of Central Wis- Section 3(a)(l) of the Bank Holding Company consin Bankshares, Inc. for prior approval of ac- Act of 1956 ("the Act"), for the Board's prior Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

761 LAW DEPARTMENT approval of action that would result in Central be- powers. Trust Company, in addition to exercising coming a bank holding company—namely, ac- fiduciary powers, is authorized by law to accept quisition of 80 per cent or more of the outstanding time deposits and make real estate, commercial, common shares of First American State Bank and industrial loans. At December 31, 1960, ("American") and Wisconsin Valley Trust Com- Trust Company held total deposits of $1.3 million pany ("Trust Company"), both of Wausau, (almost entirely time deposits), and trust assets Views and recommendations of the Commis- with a carrying value of $29 million. sioner of Banks for the State of Wisconsin. As The financial history, condition, prospects, and required by Section 3(b) of the Act, the Board management of the two banks are satisfactory, as notified the Commissioner of Banks for the State are the proposed financial structure, proposed of Wisconsin of the receipt of the application and management, and prospects of the applicant. requested his views thereon. In reply, the Com- The record before the Board does not establish missioner recommended approval. a presently unserved banking service need in Statutory factors. Section 3(c) of the Act re- respect to residents of the Wausau area. However, quires the Board to take into consideration the there is evidence that the recent business expanfollowing five factors: (1) the financial history sion in the Wausau area has created demands for and condition of the holding company and banks more convenient and coordinated general banking concerned; (2) their prospects; (3) the character and fiduciary services than are presently offered. of their management; (4) the convenience, needs, Operation of the two banks within the holding and welfare of the communities and area con- company system proposed, each complementing cerned; and (5) whether or not the effect of the the service offered by the other, would appear to acquisition would be to expand the size or extent serve more conveniently the banking needs of the of the bank holding company system involved be- area than do the two institutions operating inyond limits consistent with adequate and sound dependently. Further, in relation to the evidenced banking, the public interest, and the preservation growth of business enterprises in the Wausau area, of competition in the field of banking. with a corresponding increase in demands for Discussion. The City of Wausau, with a popu- larger loans, additional capital required by either lation of about 32,000 according to the 1960 bank might be secured more economically and census, is the county seat of Marathon County. advantageously through the holding company than The County's 1960 population was approximately could be secured by the banks individually. 88,900. Cities in the State of Wisconsin nearest The area from which American derives over 95 Wausau that are of comparable size are Appleton, per cent of its IPC deposits ("primary service Green Bay, and Eau Claire, which are 75, 90, and area") is coextensive with the area from which 95 miles distant, respectively. There are offices of about the same percentage of Trust Company's thirteen banks in Marathon County. At Decem- IPC deposits originate, namely, Marathon County. ber 31, 1960, these banks held aggregate deposits At December 31, 1960, American held 46.6 per of $74 million, of which $68 million were deposits cent of the total deposits of all banks having ofof individuals, partnerships, and corporations fices in Marathon County. Combined with de- ("IPC deposits"). On the same date, all com- posits held by Trust Company, the percentage mercial banking offices in the State, 717 in num- would increase to 48.4 per cent. At the same ber, held $4,638 million of deposits. There are date, American held 44 per cent of the total loans three banks located within the City of Wausau— held by those banks, and American and Trust American, Trust Company, and Citizens State Company together held 47 per cent. The three Bank & Trust Company. Three and one-half miles banks located in Wausau, earlier identified, held south of Wausau is located the Intercity State total deposits at year-end 1960 of $49 million. Bank, and 11 miles west of Wausau the State Bank Of these, American held 70.6 per cent and Trust of Marathon City. Company 2.7 per cent. At the same date, the American, with total deposits of $34 million at two banks combined held 75 per cent of the December 31, 1960, ranked seventeenth in this re- total IPC deposits of $44 million held by all banks spect of Wisconsin's 555 commercial banks. At in Wausau, and 75 per cent of the total loans of the present, American does not possess fiduciary $21 million held by such banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 FEDERAL RESERVE BULLETIN • JULY 1961 The proposed affiliation of American with Trust record in this matter supports the conclusions that Company under Central's control will not result (1) Central's control of American and Trust Comin an appreciable elimination of competition for pany will afford a more well-rounded and conveneither deposits or loans in the Wausau area or in ient source of banking services for the residents the larger Marathon County area. Trust Com- and businesses of the area concerned; (2) adepany's loans outstanding at December 31, 1960, quate and competitive banking service will be while representing a substantial portion of its total provided in view of the number of convenient resources, were less than 7 per cent of American's alternative banking sources presently and prospecloans. At the same date, Trust Company held 3 tively available within the primary service areas per cent of the IPC deposits of banks located in involved; (3) since the major services offered by Wausau, and 2 per cent of such deposits of all American and Trust Company are noncompetitive, banks serving Marathon County. and the competition between them for deposits Thus, competition between the two proposed and loans is minimal, their affiliation under the subsidiaries for deposits and loans is relatively proposed holding company will not result in any substantial elimination of competition between insignificant. As to trust business, of the two them, and (4) since the acquisitions proposed banks only Trust Company offers this service. would not immediately result in an increase in the While Trust Company holds a dominant position size or scope of operations of the banks involved, in the trust field both within Wausau and Marathon approval of the application would not in this County and in 10 other nearby counties, within respect have a materially adverse effect upon the the 11-county area, 5 other banks compete for preservation of competition in Wausau and trust accounts, including Citizens State Bank and Marathon County. Trust Company in Wausau and three banks located within 35 miles of Wausau. Consideration of the facts in this case indicates The record reflects that a substantial percentage that the establishment of the proposed holding of common shareholders presently are represented company and its acquisition of stock of the two in both American and Trust Company. Ap- banks would not result in the existence of a holdproval of this application would combine under ing company system extending beyond limits concommon ownership and control, the fiduciary sistent with adequate and sound banking, the public interest, and preservation of competition in the facilities of Trust Company and the commercial field of banking. banking facilities of American, resulting in an additional combined source of broadened bank- Viewing the relevant facts in the light of the ing service available to the Wausau area. At purposes of the Act and the factors enumerated present, Citizens State Bank and Trust Company in Section 3(c), it is the judgment of the Board offers a combination of deposit, loan, and fiduciary that the proposed formation of a holding company system comprising First American State Bank and services. The Comptroller of the Currency has Wisconsin Valley Trust Company would not be given preliminary approval for the establishment inconsistent with the statutory objectives and the of a national bank to be located in Wausau within public interest and that, accordingly, the applicaone to two blocks of American and Trust Comtion should be approved. pany. Thus, it appears that approval of this application will not adversely affect the level of DISSENTING STATEMENT OF GOVERNOR presently existing banking competition within the ROBERTSON City of Wausau. Further, as to the effect of con- 1 am unable to concur in the decision reached by summation of this proposal in the areas beyond a majority of the Board on this application. Apthe City of Wausau that are presently served by proval of the application, in my judgment, is coneither American or Trust Company, it seems ap- trary to the real purpose of the Bank Holding parent that banking facilities of sufficient number Company Act—to regulate the expansion of bank and size presently exist in the area so as to meet holding companies so as to prevent undue conits general banking requirements and to offer ef- centration of control of banking resources by such fective competition to American and Trust Com- companies. In previous decisions in which this pany. Board has found recitation of this purpose appro- Conclusions. In the Board's judgment, the priate, it has also been pointed out that the Act Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 763 refers not to the size of the banks involved in a presently possessing fiduciary powers and Trust particular proposal but, rather, to the concentra- Company not authorized to do a commercial banktion of control of banking resources by a holding ing business. The lack of competition resulting company. The fact, therefore, that the proposed from these circumstances could change, however, holding company system's size will reflect merely should either institution expand its scope of operathe size of the banks it controls cannot serve to tions into the other's field. In such event, if the minimize the potential danger inherent in such banks were to continue under their present ownercontrol by a holding company. The presence of ship, the banking public would then have made this danger in the instant case is what principally available to it an additional source of service in impells my dissent from the majority's decision. each field. Under the holding company owner- The areas concerned in this application are ship now approved, the record supports the prob- Marathon County and the county seat thereof, the ability that neither expansion is likely. This fact, City of Wausau, with 1960 populations of 88,900 representing as it does a foreclosure of substantial and 32,000 respectively. The nearest cities of potential competition, further strengthens my concomparable size to Wausau are located, respec- clusion that this application should be denied. tively, 75, 90 and 95 miles distant. Upon con- Nor am I persuaded toward approval by the fact summation of this proposal, the resulting bank that under common control of the commercial holding company will control two of the three banking functions of American and the trust funcbanking offices in Wausau, approximately 75 per tions of Valley Trust, the public's normal banking cent of the total deposits of individuals, partner- requirements will be served by a combined source. ships, and corporations, and 75 per cent of the This consequence, however pleasant it may be total loans of all banks in Wausau. In addition, from the applicant's point of view, does not affect the holding company will control a large majority the established fact that the community of Wausau of the total trust business conducted by the banks presently has convenient access to complete banklocated in the trust business primary service area ing services. Applicant's assertion that many of of Wisconsin Valley Trust Company. American's customers are presently forced to seek In my opinion, attainment of the Congressional fiduciary services outside of the Wausau area, is purpose in enacting the Bank Holding Company factually unsupported and logically unsupportable. Act is effectively precluded by approval of this In my judgment, it has not been established that application with its attending concentration of con- the combination of these institutions will result in trol of banking resources in the holding company any marked improvement or enlargement of pressystem. A transaction that would result in such ently existing banking services. Thus, against the a degree of concentration of banking resources, substantially adverse consequences that I foresee regardless of the size or makeup of the area con- in this proposal, I find no offsetting favorable concerned, is not, prima facie, in accord with the siderations that would in anywise contribute to the public interest. public interest. Accordingly, I would deny the application. In addition, the record before the Board contains evidence of existing competition between the THE MARINE CORPORATION proposed subsidiaries for time deposits and for In the Matter of the Application of The Marine mortgage and commercial and industrial loans that Corporation for prior approval of acquisition of will be eliminated by this approval. While First voting shares of Wisconsin State Bank, Milwaukee, American State Bank is by far the dominant of the Wisconsin. two banks in total volume of such business, the fact remains that each competes with the other ORDER DENYING APPLICATION UNDER for this business and that such competition will be BANK HOLDING COMPANY ACT eliminated by the affiliation approval. In urging There having come before the Board of Govthe lack of present competition between the two ernors pursuant to Section 3(a) (2) of the Bank proposed subsidiaries, great stress has been placed Holding Company Act of 1956 (12 USC 1842) by the applicant upon the dissimilarity in the types and Section 4(a)(2) of the Board's Regulation Y of business conducted by each—American not (12 CFR 222.4(a)(2)), an application by The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 FEDERAL RESERVE BULLETIN • JULY 1961 Marine Corporation for the Board's prior ap- sound banking, the public interest, and the preserproval of the acquisition of 80 per cent or more vation of competition in the field of banking. of the 22,500 outstanding voting shares of Wiscon- Discussion. Marine- has six subsidiary banks sin State Bank, Milwaukee, Wisconsin; a Notice and has received the Board's approval to acquire of Receipt of Application having been published stock of another, a proposed new bank. At Deon August 17, 1960 (25 Federal Register 7898), cember 31, 1960, the total deposits of the six banks affording interested persons an opportunity to sub- were about $255 million, of which about $196 mit comments and views regarding the proposed million was held by Marine National Exchange acquisition; and a Statement in Opposition to the Bank, Milwaukee ("Marine National"), the third approval of this application having been filed by largest bank in the State. Bank, with total dethe United States Department of Justice and con- posits of about $37 million at December 31, 1960, sidered by the Board; is located about two miles southwest of Milwau- IT IS HEREBY ORDERED, for the reasons set forth kee's principal financial district, where Marine Nain the Board's Statement of this date, that the said tional is located. application be and hereby is denied. The financial history and condition, the pros- Dated at Washington, D. C, this 29th day of pects, and the management of both Marine and June 1961. Bank appear to be satisfactory. With respect to these factors, the Board finds no substantial By order of the Board of Governors. grounds for either approval or disapproval of the Voting for this action: Chairman Martin, and Gov- application. The Board has considered the stateernors Balderston, Robertson, and Shepardson. Voting against this action: Governors Mills and King. ments of Marine as to the changing character of the area Bank serves, including the population (Signed) MERRITT SHERMAN, trends and increasing industrialization, but notes Secretary. that, while these changes have already been taking [SEAL] place to some extent, Bank has markedly grown, STATEMENT and it does not appear to the Board that Bank's prospects as an independent bank are unfavorable. The Marine Corporation, Milwaukee, Wisconsin There is also no suggestion that Bank's manage- ("Marine"), a bank holding company, has applied, ment will not continue to be competent if Bank pursuant to Section 3(a) (2) of the Bank Holding remains independent. Accordingly, the advan- Company Act of 1956 ("the Act"), for the Board's tages as to personnel which Applicant asserts prior approval of the acquisition of 80 per cent or would flow from the holding company connection more of the capital stock of Wisconsin State Bank, do not appear to the Board to weigh significantly Milwaukee, Wisconsin ("Bank"). for approval. Views and recommendations of the Commis- With regard to the convenience, needs, and welsioner of Banks for the State of Wisconsin. Havfare of the communities and area concerned. ing received from the Board notice of the applica- Marine describes several ways in which it might tion, pursuant to Section 3(b) of the Act, the provide advice and assistance to Bank, with em- Commissioner of Banks for the State of Wisconphasis on improved service to larger corporate sin stated that he had no objection to approval. customers, both existing and anticipated. While Statutory factors. Section 3(c) of the Act rethere generally are ways in which a bank may quires the Board to take into consideration the improve its service to an area, Marine does not following five factors: (1) the financial history establish that there are present or anticipated and condition of the holding company and bank needs that cannot be adequately met, or a lack concerned; (2) their prospects; (3) the character of desired conveniences that cannot be supplied, of their management; (4) the convenience, needs, without Bank's acquisition by Marine. As for the and welfare of the communities and area con- changing character of Bank's service area, it apcerned; and (5) whether or not the effect of the pears that its population has been declining for proposed acquisition would be to expand the size some years and some industrialization of the area or extent of the bank holding company system in- has already taken place. Increases of 55 and 108 volved beyond limits consistent with adequate and per cent in Bank's total deposits and loans, respec- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

765 LAW DEPARTMENT tively, in the five years ended December 31, 1960, more than 8 per cent of the total deposits of all would indicate that Bank, the largest unit bank in independent banks in the County to Marine. its primary service area, has met and can con- After the acquisition, five of the seven largest tinue to meet changing conditions successfully. banks in the County (Bank being the seventh Nine other banking offices either are located largest) would be under holding company conwithin the primary service area or serve it to a trol. While the acquisition would put Marine material extent. Bank itself appears to have been nearer in size to the two larger holding compaprogressing in physical facilities and banking nies, any beneficial effects on competition which services, including the development of an install- might result in that respect appear to be more ment loan department. While it does not appear than offset by the adverse effects in Bank's prithat the acquisition would have any adverse effect mary service area. on the convenience, needs or welfare of the areas The acquisition would give Marine control, involved, neither is the Board able to find, in its through Bank, of total deposits equal to 85 perconsideration of this factor, any significant affirma- cent of those held by all the remaining independtive ground for approval of the application. ent banks in Bank's primary service area, and The remaining considerations are whether the Bank is approximately twice as large as the next proposed acquisition would expand the holding largest independent bank in such area. (The company's system "beyond limits consistent with above percentage does not take into account the adequate and sound banking, the public interest, amount of such deposits drawn from the area and the preservation of competition in the field by Marine National, which is located outside of banking." Bank's primary service area, since the amount Based on December 31, 1960 figures, the acqui- of such deposits drawn from the area by indesition would increase Marine's percentage of con- pendent banks located outside is not ascertaintrol of total deposits of commercial banks in Mil- able.) waukee County from 13 per cent to 15 per cent. Applicant has submitted information showing These figures by themselves do not indicate that that at December 31, 1959, independent banks the acquisition would expand the Marine system held 30 per cent of the deposits of individuals, beyond the limits described in the statute. How- partnerships, and corporations ("IPC deposits") ever, Bank, at the same date, had 46 per cent of commercial banks in Milwaukee County, while of the total deposits and 57 per cent of the total ten years earlier independent banks, excluding loans of independent banks in its primary service those which were acquired by holding companies area, so that the expansion of the Marine system within the ten-year period, held only 24 per cent by the acquisition of Bank would reduce signifi- of such deposits. These figures may tend to show cantly the strength of independent banking in that the growth of holding company banking in that area. As it is, the independent banks lo- the area did not inhibit the growth of those banks cated in Bank's primary service area would ap- which remained independent. It is also signifipear to be in competition with the three largest cant, however, that at December 31, 1949, there banks in Wisconsin, since, according to Appli- were in Milwaukee County 27 independent banks cant, all three of these serve that area to a mate- with 54 per cent of commercial bank IPC derial extent. All three are holding company banks, posits as against 46 per cent in one holding comand one has a branch located in the area; an- pany bank, while ten years later there were only other is Marine's largest subsidiary. Another 22 independent banks with 30 per cent of such holding company subsidiary bank also is located deposits as against 70 per cent in eight banks of in the area. three holding companies. The net result of these The three holding companies operating in Mil- changes in the County was some decrease in the waukee controlled about 75 per cent of total dominance of the one holding company that was commercial bank deposits in the County at De- operating in 1949, but the fact remains that the cember 31, 1960. Of this amount Marine con- aggregate deposit strength of independent banks trolled 13 per cent as! against 41 per cent for and the number of true alternative sources of First Wisconsin Bankshares Corporation, the larg- banking service was reduced. In the City, during est of the three. The acquisition would shift the same period, the percentage of commercial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 FEDERAL RESERVE BULLETIN • JULY 1961 bank IPC deposits held by independent banks versely, Marine states that about 12 per cent of dropped from 50 per cent to 22 per cent. Marine National's IPC deposits originate within The effect of the proposed acquisition on ex- Bank's primary service area. Marine claims that isting and potential competition between banks of this amount only about 1.8 per cent of Marine remains to be discussed specifically. Since Bank National's IPC deposits is truly competitive beis decisively the largest independent bank located cause the balance represents accounts of borrowin its primary service area, the question arises ers whose needs are in excess of the lending limit whether the acquisition would unduly increase such of Bank and accounts of shareholders and dicompetitive advantage as Bank may have over the rectors of Marine National. In view of Bank's other independents. A second question is whether marked growth during a period in which the trend the bringing of Bank into the Marine system to industrialization of the area has already been would eliminate any actual or potential compe- noted, the larger corporate accounts cannot be tition between Bank and Marine's present sub- ruled out as a subject of at least potential compesidiaries. tition between the two banks. Even accepting Marine's claim, the amount of Marine National's Not only is Bank the largest independent bank IPC deposits conceded to be competitive is equal in its primary service area, but also it has exto about 9 per cent of Bank's IPC deposits. In perienced the highest rate of growth of such banks addition, the bulk of Bank's own IPC deposits over the five years ended December 31, 1960— must be regarded as subject to competition from 55 per cent in total deposits and 108 per cent Marine National, whose primary service area enin total loans. Bank's primary service area does compasses Bank's. However analyzed, competinot include the downtown financial area, where tion between Bank and Marine National cannot Milwaukee's largest banks are located. While be said to be insubstantial, and the acquisition Applicant appears to consider Bank in the market would terminate the independence of a competifor large corporate accounts and proposes to imtor for a significant amount of banking business. prove its competitive position for such business, it nevertheless appears that Bank has a strong The Board has considered the leading position competitor principally with the smaller banks in of First Wisconsin Bankshares Corporation in the its own area rather than with the downtown insti- Milwaukee area but is unable to conclude that tutions (except with their branches in and around the increase of the size of the Marine system rela- Bank's area). Even if the operation of Bank tive to First Wisconsin Bankshares, as well as to under Marine ownership might help make Bank Bank Stock Corporation (the second largest holda stronger competitor for larger corporate ac- ing company in the area), by the particular acquicounts it would be expected that Bank would also sition proposed in this case would be of such materemain in competition with the smaller banks in rial benefit to the competitive situation in the releits own area. Consequently, the acquisition would vant areas as to offset other considerations noted. tend to increase further the existing and already For the foregoing reasons, the Board is of the increasing competitive disadvantage of such banks opinion that the proposed acquisition would exin relation to Bank, and it does not appear that pand the holding company system beyond limits this effect would be fully offset by an increase in consistent with the public interest and the preserthe competition which Bank may be in a position vation of competition in the field of banking, with to give the larger banks. respect both to banking concentration and to the Marine states that Marine National, its largest competitive situation between specific banks in bank, is the only subsidiary of Marine that serves the areas concerned. Further, it appears that Bank's primary service area to any material ex- Bank can continue to thrive independently regardtent, the other subsidiaries being more than five less of prospective changes in the area, and conmiles from Bank. The primary service area of siderations which might offset the anti-competitive Bank lies wholly within Marine National's pri- effects noted are lacking. mary service area, which covers all of Milwaukee Having considered the relevant facts in the light County. Marine indicates that less than two per of the general purposes of the Act and the factors cent of Bank's IPC deposits originate outside enumerated in Section 3(c), it is the judgment of Marine National's primary service area. Con- the Board that the proposed acquisition would not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

767 LAW DEPARTMENT be consistent with the statutory objectives and the corporations are exempt from the prohibitions of public interest and that the application should be Section 4 of the; Bank Holding Company Act. denied. The Board's Order and accompanying Statement, together with the Report and Recommended Deci- DISSENTING STATEMENT OF GOVERNOR MILLS, sion of the Hearing Examiner, read as follows: IN WHICH GOVERNOR KING JOINS The decisive considerations in this case are MONTANA SHARES, INCORPORATED those related to the fifth statutory factor required In the Matter of the Request of Montana Shares, by the Bank Holding Company Act to be con- Incorporated, Havre, Montana, Pursuant to Secsidered by the Board, that is, whether the effect tion 4(c) of the Bank Holding Company Act of of the proposed acquisition would be consistent 1956, for determination regarding the activities of with the public interest and preservation of com- Montana Agencies and Liberty Corporation. petition in the field of banking. In analyzing these Docket No. BHC-60 Montana Agencies; Docket considerations, attention should not be limited to No. BHC-61 Liberty Corporation. the narrow area of competition between the Wisconsin State Bank and nearby local independent ORDER banks, but should be focused upon over-all bank- Montana Shares, Incorporated, Havre, Moning competition in the market areas comprising tana, a bank holding company within the meanthe City of Milwaukee and Milwaukee County. ing of Section 2(a) of the Bank Holding Company It is an accomplished fact that commercial bank- Act of 1956 (12 U.S.C. Section 1843), has filed ing in the City and County of Milwaukee is largely a request for a determination by the Board of in the hands of three bank holding companies, of Governors of the Federal Reserve System that the which First Wisconsin Bankshares is by far the corporations known as Montana Agencies and largest and Marine Corporation is the smallest. Liberty Corporation and their activities are of the Because of branch banking limitations in the State kind described in Section 4(c) (6) of the Act and of Wisconsin, the predominant market position Section 222.5(b) of the Board's Regulation Y of First Wisconsin Bankshares would be perman- (12 CFR 222.5(b)), so as to make it unnecessary ently assured if expansion on the part of the for the prohibitions of Section 4 of the Act with smaller holding company groups is unreasonably respect to acquisition and retention of shares in restrained. nonbanking organizations to apply in order to In the light of the historical situation, it is my carry out the purposes of the Act. judgment that approval of the present application A hearing having been held pursuant to Section would tend to improve rather than harm the total 4(c)(6) of the Act and in accordance with Seccompetitive banking structure in the City of Miltions 222.5(b) and 222.7(a) of the Board's Reguwaukee and in Milwaukee County. It would serve lation Y (12 CFR 222.5(b) and 222.7(a)); a as a wholesome correction of the present unbalbrief in support of its request having been filed anced competitive situation. I am not convinced by Montana Shares, Incorporated; the hearing that such approval would expose the smaller in- having been reopened by the Hearing Examiner dependent banks in the area to undue competitive pursuant to stipulation between counsel for the disadvantages, since the reported rate of growth of Board and counsel for Montana Shares, Incorthose banks indicates that they have enjoyed an porated, for the purpose of receiving a suppleadequate competitive viability. mental affidavit by Mr. Charles W. Rubie, Presi- For these reasons, I would approve the present dent of Montana Shares Incorporated; the Hearing application. Examiner having filed on March 24, 1961, his Report and Recommended Decision wherein he Order Under Section 4 of recommended that the request with respect to Bank Holding Company Act Montana Agencies and Liberty Corporation be The Board of Governors of the Federal Re- approved; the time for filing with the Board exserve System has issued an Order approving and ceptions and brief to the recommended decision denying in part requests by a bank holding com- of the Hearing Examiner having expired and no pany for determinations that certain subsidiary exceptions having been filed; the Board having Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN • JULY 1961 given due consideration to all relevant aspects of STATEMENT the matter; and all such steps having been taken Background of the case. Montana Shares, Inin accordance with the Board's Rules of Practice corporated (hereafter sometimes called the "Apfor Formal Hearings (12 CFR 263); plicant"), a Montana corporation with its principal IT IS HEREBY ORDERED, for the reasons set forth office and place of business in Havre, Montana, in the accompanying Statement of the Board of and a bank holding company as defined in Secthis date, that tion 2(a) of the Bank Holding Company Act 1. Montana Agencies and its proposed activiof 1956 (the "Act"), has filed with the Board ties are determined to be so closely related to the of Governors of the Federal Reserve System (the business of banking or of managing or controlling "Board") a request for determinations that the banks as to be a proper incident thereto and as acquisition and retention of shares of stock in to make it unnecessary for the prohibitions of two nonbanking subsidiaries, Montana Agencies Section 4 of the Bank Holding Company Act of ("Agencies") and Liberty Corporation ("Lib- 1956 to apply in order to carry out the purposes erty"), and the proposed activities of the subof that Act, and, therefore, Applicant's request sidiaries, will be of such a nature as to be exempt with respect to Montana Agencies shall be, and from the prohibitions of Section 4(a) of the Act. hereby is, granted; and Section 4(a) of the Act makes it unlawful, sub- 2. Liberty Corporation and its proposed in- ject to certain exceptions, for a bank holding surance activities are determined to be so closely company (1) to acquire direct or indirect ownerrelated to the business of banking or of managship or control of voting shares of any company ing or controlling banks as to be a proper inthat is not a bank, or (2) to retain direct or incident thereto and as to make it unnecessary for direct ownership or control of voting shares of the prohibitions of Section 4 of the Bank Holdany such company after two years from date of ing Company Act of 1956 to apply in order to enactment (May 9, 1956) of the Act. Agencies carry out the purposes of that Act, and, thereand Liberty are nonbanking companies. Agenfore, Applicant's request with respect to Liberty cies was incorporated under the laws of the State Corporation shall be, and hereby is, granted, Proof Montana on March 6, 1959, and Liberty was vided, That prior to acquisition of shares in Liberty incorporated under the laws of the same State Corporation by Applicant, the partnership in on November 10, 1960. Applicant proposes to which Liberty Corporation will own a 25 per cent acquire directly and retain 7,058 of the 17,814 interest shall have divested itself of ownership of shares of Agencies which are to be issued, and the dwelling described in the Board's accompanyto acquire from two named individuals 4,600 ading Statement of this date, so that Liberty Corditional shares, making a total of more than 51 poration shall not participate in any activity other per cent of the initially issued shares in Agencies. than the general insurance business after such Applicant proposes to acquire and retain 2,657 acquisition, and of the 50,000 authorized shares in Liberty. The PROVIDED FURTHER, that this determination record does not state definitely, but indicates that shall be subject to revocation by the Board if no more than 2,657 shares in Liberty will initially the facts upon which they are based should sub- be issued. stantially change in such a manner as to make Applicant's proposed acquisition of stock of the reasons for such determinations no longer Agencies and Liberty escapes the prohibitions of applicable. the Act only if it falls within one of the excep- Dated at Washington, D. C, this 29th day of tions to such prohibitions provided by the Act. June, 1961. Section 4(c)(6) of the Act excepts shares of a By order of the Board of Governors. nonbanking company if two requirements are met: Voting for this action: Governors Balderston, Mills, (1) If all the activities of the company are of a Robertson, and Shepardson. Absent and not voting: financial, fiduciary, or insurance nature, and (2) Chairman Martin and Governor King. if the Board determines, after hearing, that all (Signed) MERRITT SHERMAN, the activities of the company are so closely re- Secretary. lated to the business of banking or of managing [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

769 LAW DEPARTMENT or controlling banks as to be a proper incident extent not inconsistent with this Statement, the thereto and as to make it unnecessary for the pro- findings of fact made by the Hearing Examiner hibitions of Section 4 to apply in order to carry are hereby adopted. out the purposes of the Act.1 Section 222.5(b) In determining whether or not the pending reof the Board's Regulation Y, issued pursuant to quest should be granted, the Board has considered the Act, paraphrases the provisions of the Act, solely the facts embraced in the record of the but requires that the activities of a company hearing held in this matter. In addition, however, must be closely related to the business of bank- the Board has considered arguments presented in ing or of managing or controlling banks "as con- the Applicant's proposed findings of fact and conducted by such bank holding company or its clusions of law, and the Hearing Examiner's Rebanking subsidiaries." port and Recommended Decision. The Board's As required by the Act, a hearing on the Ap- findings and conclusions are hereafter set forth. plicant's request was held at Minneapolis, Min- Factual summary. Applicant is a bank holding nesota, on) January 24 and 25, 1961,, before a company organized under the laws of the State duly designated Hearing Examiner. Following the of Montana, with its principal offices at Havre, conclusion of the hearing, Applicant submitted Montana. Applicant owns shares in six subsidiproposed findings of fact and conclusions of law. ary banks, all located in Montana, in connection Subsequently, pursuant to a stipulation entered with each of which an insurance agency is opinto March 8, 1961, between counsel for the Board erated. Five of the agencies are involved in the and counsel for Applicant, the Hearing Examiner applicants now before the Board.2 Some perreopened the hearing for the purpose of receiv- tinent facts about the five may conveniently be ing additional evidence relating to the ownership summarized in the table on page 770. by the insurance agency in which Applicant pro- Each agency is operated on the premises of the poses that Liberty shall acquire a partnership in- related bank in substantially the following manterest of a dwelling which is being rented to a ner. The agency has no office or equipment of managing officer of the agency and its related its own, but reimburses the bank for the use of bank. On March 24, 1961, the Hearing Ex- office facilities. No advertising for the agency aminer filed with the Board his Report and Rec- is carried in the bank, except for a sign advertisommended Decision wherein he recommended ap- ing hail insurance during the hail season in the proval of the Applicant's request. first four listed above. (Silver Bow is located The salient facts with respect to the insurance in an area which does not produce small grain.) business to be carried on by Agencies and Liberty The manager of the bank acts as the insurance are set forth hereafter in this Statement. Addi- agent, and receives a salary from the agency for tional facts with respect to its activities are con- his services, except in the case of one agency tained in the Hearing Examiner's Report and Rec- during 1959, when the net profit from agency ommended Decision attached hereto; and to the operations did not warrant paying a salary. The agencies handle fire, auto, inland marine, 1 The relevant language of the Act is as follows: public liability, bonds, polio, travel, and boiler in- "Sec. 4(a) Except as otherwise provided in this Act, no bank surance. Hail insurance provides a substantial holding company shall— "(1) after the date of enactment of this Act acquire direct or portion of the business of the first four agencies. indirect ownership or control of any voting shares of any com- Taking the five agencies as a whole, nonbanking pany which is not a bank, or "(2) after two years from the date of enactment of this Act customers of the agencies account for only 10.83 . . . retain direct or indirect ownership or control of any voting per cent of total premiums in the year 1959. Cusshares of any company which is not a bank or a bank holding company. . . . tomers of the related banks who maintain deposits * * * accounted for 34.84 per cent of premiums in that "(c) The prohibitions in this section shall not apply— * * * year, borrowers from the related banks who main- "(6) to shares of any company all the activities of which are tained deposits accounted for 48.40 per cent, and of a financial, fiduciary, or insurance nature and which the borrowers from the related banks who did not Board after due notice and hearing, and on the basis of the record made at such hearing, by order has determined to be so closely related to the business of banking or of managing or 2 No application has been filed in respect to the sixth, opcontrolling banks as to be a proper incident thereto and as to erated in connection with Citizens' Bank of Montana, which is make it unnecessary for the prohibitions of this Section to apply owned by two officers of Applicant and another person and is in order to carry out the purposes of this Act;". not operated on the premises of its related bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 FEDERAL RESERVE BULLETIN • JULY 1961 Name and Per cent of Per cent of Stock Location of Name of Date Agency Agency owned in Related bank Related Bank Agency was Founded by Applicant Owned by Applicant Farmers-Merchants Farmers- Merchants Bank (Rudyard) Agency 1955 55.47 55.47 First State Bank First Insurance of Chinook Agency 1938 68.67 46.44 (Chinook) Liberty County Liberty Insurance Bank (Chester) Agency 1947 25.00 25.00 Northern Montana Northern Insurance State Bank Agency 1953 50.71 50.67 (Big Sandy) Miners National Silver Bow Agency 1953 None 70.29 Bank of Butte (Butte) maintain deposits accounted for 5.93 per cent. An holding company banks, at least 53 of the 91 nonactual count of policies showed that 44 per cent holding company banks must have such agents or of the total number secured related bank loans. agencies. "The practice of maintaining such a Applicant has worked out an agreement with connected insurance agency is therefore estabthe individual partners who own part or all of lished in both holding company and nonholding the four agencies other than Liberty, under which company banks." There is no evidence that the shares in Agencies will be exchanged, if the Board State Superintendent of Banks objects to this pracapproves the application, for their partnership in- tice. terests. It is proposed that Agencies will con- The Liberty Insurance Agency also owns and tinue to conduct a substantially similar insurance operates a house, title to which is held by a trustee business, with possible expansion to furnish credit for the partners in the agency. The Hearing Exgroup life, health and accident insurance, group aminer found that the dwelling was purchased in life insurance, bankers' blanket bond, and related 1949 to provide living quarters for the managing types of insurance to Applicant's subsidiary banks. officer of both the agency and the related bank. Applicant has a minority share interest in Lib- There was then, and has been since that time, a erty County Bank, and in Liberty Insurance shortage of adequate rental housing in Chester, Agency. It was unable to obtain the consent of Montana, the town where the bank is located. the other partners in that agency to exchange Nor, apparently, is the town likely to grow in the their partnership interests for stock in a corpora- future in such a way as to alleviate the shortage. tion. For this reason, Applicant has organized Since Chester is a small town, opportunities for Liberty Corporation, to which it proposes to trans- resale of dwellings are limited, and for this reafer its 25 per cent partnership interest in the son, bank officers have not been, and are unlikely agency in exchange for all the stock in the cor- to be, willing to purchase their own homes. The poration. The character of the business done by dwelling is a modest one, a two-story frame buildthe agency, and the extent of its connection with ing purchased for $7,000, since improved by the the related bank, would continue without substan- expenditure of about $1,280. It is rented for $50 tial change, except for possible expansion similar per month, and according to the Hearing Examito that described above for Agencies. ner, "it is contemplated in the future that rent The Hearing Examiner found that although will be maintained only at a level to equal ex- Montana law forbids banks to operate insurance penditures." agencies directly, in 1960, 83 of the 121 banks The Hearing Examiner also found that there in the State of Montana had connected insurance have been similar difficulties in providing housagents or agencies. Since 30 of the 121 were ing for managers of Applicant's banks, and their Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 771 related agencies, in Rudyard, Chinook and Big is to be made on the basis of all the relevant Sandy. Butte has a population in excess of twenty- facts and circumstances disclosed at a hearing seven thousand people, and adequate rental hous- held in the case. ing has been available there. However, although The weight which the Board believes should an individual bank director and stockholder in one be given these facts and circumstances was discase, and the president of Applicant in another, cussed at length in its Statement in the First Bank have felt obliged individually to assist in provid- Stock Corporation matter, 1959 Federal Reserve ing housing in Rudyard and in Chinook, the Hear- BULLETIN 917, 930-933. In its Statement in the ing Examiner did not find that the agencies or the matter of Northwest Bancorporation, 1959 Fed- Applicant have any interest, beneficial or other- eral Reserve BULLETIN 963, the Board held that wise, in housing aside from the property in Chester the activities of seven insurance agencies which which has been described above. were owned by a single subsidiary of the Appli- The Hearing Examiner concluded that under cant must be considered "in the aggregate" to the law of Montana, "the bank itself may not own" determine whether there was the requisite relasuch a dwelling, even though such prohibition tionship between those activities and the business may make it difficult to obtain a managing officer. of banking as conducted by the Applicant and its The Hearing Examiner's finding "that any com- subsidiary banks (p. 971), viewed in the light of peting nonholding company bank can readily own the foregoing Statements by the Board, and other a dwelling in this manner" has reference to the statements on the same subject, it is the Board's Applicant's statement in its brief in support of judgment that considering the insurance activiits proposed findings of fact and conclusions of ties of the agencies to be owned and conducted law that "any competing nonholding company by Liberty and by Agencies, the direct connecbank can readily own a dwelling in this corporate tion between the two proposed subsidiaries and form of ownership. All that is necessary is that the activities of the related banks, in the light of the owners of the bank become the owners of the the physical, personnel and historical connection stock in the corporation." between banks and agencies, will be sufficiently great to satisfy the statutory requirement as to Preliminary requirement as to nature of activiclose relationship. The degree to which common ties: insurance. Since all the activities of Agencies customers make use of facilities offered by both and Liberty, aside from owning and managing the is a cumulative factor entitled to be considered, house described above, will be confined to selling and area practice in Montana is a substantial insurance, it is clear that the preliminary requirefactor whose weight, in the opinion of the Board, ment for exemption under Section 4(c)(6) of has not been diminished by the enactment of the the Act will be met as to Agencies, and would Bank Holding Company Act. be met as to Liberty were it not for the housing activity. That is to say, all the activities of both Closeness and propriety of relationship. On the corporations when so limited, will, or would, be basis of the record and particularly the facts hereof a "financial, fiduciary, or insurance nature." tofore stated, it is the Board's view that the activi- Accordingly, the insurance activity will be consid- ties of Agencies and Liberty will bear a direct ered first, and the housing activity treated sepa- and substantial relationship to the business of the rately. related subsidiary banks. For the reasons set Relation to banking business: insurance. The forth in the Board's Statement in the First Bank statute and the Board's Regulation Y require that, Stock Corporation matter, cited above, the Board after passing the preliminary test, the company's believes that the relation of the insurance activiactivities must be determined by the Board to be ties of Agencies and of Liberty to the business of "so closely related" to the business of banking Applicant's respective subsidiary banks, will not be or of managing or controlling banks, as conducted inconsistent with the purposes of the Act. by the Applicant and its banking subsidiaries, as Housing activity. The housing activity of the to be a "proper incident" to such business and as agency in which Liberty proposes to acquire a to make it unnecessary for the prohibitions of one-fourth interest presents a novel question under Section 4 of the Act to apply in order to carry Section 4(c)(6) of the Act. Under the Board's out the purposes of the Act. This determination holding in its Statement in the matter of Otto Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 FEDERAL RESERVE BULLETIN • JULY 1961 Bremer Company, 1959 Federal Reserve BULLE- ". . . Congress was of the view that, in general and subject to only limited exceptions, bank hold company TIN 892 at 895, to the effect that the making of systems should be restricted to banking activities and loans by an insurance agency could not be dis- should not engage in other types of business for the regarded, even though "interest income on such reason that common control of banks and nonbanking organizations could give rise to evils of several kinds." loans in the year and a half preceding the hearing on this application totaled $164," the housing The record describes several instances of the difactivity cannot be dismissed as de minimis. Ac- ficulty personnel of banks and agencies in isolated cordingly, the question remains as to whether the communities in the area have experienced in findactivity is such as to preclude the granting of an ing adequate housing. Accordingly, one such evil exemption to which Liberty appears otherwise to might well be the competitive advantage which be entitled. holding company banks would gain over other banks in such localities if holding company funds The Board does not accept the Hearing Exwere made available to purchase and maintain aminer's finding that ownership of the house canrental housing to be occupied by managers of not be "classed as a business activity" on the subsidiary banks and their related insurance agenground that the house does not represent an incies while, in the case of independent banks, the vestment for profit. Moreover, Section 4(c)(6) necessary funds to provide equivalent facilities does not speak of all the business activities of had to be found on an ad hoc basis by individual the subsidiary concerned, it requires that all the shareholders in the banks. activities be of the appropriate nature. Nor can weight be accorded to Applicant's argument that Another factor strongly suggesting that the housing activity is not a "proper incident" of ownership of the house is as essential to the banking under Section 4(c)(6) is that the State proper operation of the agency as would be ownlaw forbids a bank to own such a house directly. ership of a desk or a typewriter. Reasoning of Applicant argues that a nonholding company bank this kind, if adopted by the Board, could be used may own a house "in this manner," but then to justify an absurdly elastic range of property explains that this means only that individual ownership by subsidiaries of bank holding comstockholders in the bank may own stock in a panies. The question cannot be dismissed on corporation which owns such a house, or may either theory. own undivided shares in such a house. Individ- The record supports, in one sense, the Hearing ual stockholders in a bank holding company may Examiner's finding that the housing activity is similarly own such stock or such undivided shares. closely related to the insurance and banking busi- A bank holding company, however, is not on the ness conducted by Liberty County Bank and Libsame footing as an individual stockholder, in this erty Insurance Agency, in that the house has been, respect. There are many things which an individand apparently will continue to be, occupied by ual stockholder of a bank (or of a bank holding bank personnel during their period of employcompany) may do, but which a bank holding ment. But the close connection contemplated company is forbidden by the statute to do. For by the statute, and by Section 222.5(b) of Regu- example, the statute does not forbid "chain banklation Y, would appear rather to be one based on ing," and individual stockholders in a bank or common business transactions. It would seem to bank holding company may acquire stock in as stretch the language of the statute and of the regu- many banks as they please. But a bank holding lation beyond reason to hold that it covers the fur- company may not acquire voting shares in a bank nishing of a purely private facility to personnel without the Board's approval. of the related bank. It appears from the record that a bank is also However, even putting to one side the dif- forbidden by Montana law to act as an insurance ficulty as to close relationship, the Board is un- agent, or to own an insurance agency directly. able to hold that the activity is a proper one The Board has held, however, that the fact that under the statutory language. As the Board held a bank conducts an insurance business does not in the matter of the application of Transamerica require a finding of lack of "proper incident" Corporation, 1957 Federal Reserve BULLETIN where, as in Montana, there is shown to be a 1014 at page 1016, widespread area practice of operating insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 773 agencies in connection with banks, and the prac- ices to the types of activities generally comparable tice is acquiesced in by supervisory authorities. to those mentioned in the early bill, including In the matter of operating rental housing for bank auditing, appraising, and investment counseling, personnel, there is no evidence in the record be- and in the excerpt from the Committee Report on fore the Board of such an area practice. Indeed, the later bill, such as advertising, public relations, the extended discussion of the difficulties which developing new business, organization, operations, have been encountered in providing housing, on preparing tax returns, personnel, and similar activian ad hoc basis, in connection* with several of ties. The most nearly applicable of these, "per- Applicant's subsidiary banks, indicates that no such sonnel," refers evidently to such activities as are area practice exists. customarily carried on by the personnel division There remains to be considered Applicant's re- of a business organization, rather than to providquest that it be permitted to form a Montana ing housing for personnel. corporation which would own the dwelling as its Accordingly, the Board does not believe that the sole asset, on the theory that ownership of shares activities of the proposed corporation fall within in such a corporation would be exempt from the the exemption provided by Section 4(c)(l). prohibition of Section 4 under Section 4(c)(l), Conclusion. After carefully considering all the which provides that circumstances—historical, physical and personnel relationship, the extent of direct connection be- "(c) The prohibitions in this section shall not apply— tween the proposed insurance activities of Liberty (1) to shares owned or acquired by a bank holding and Agencies and the activities of the related subcompany in any company engaged solely in holding sidiary banks, the degree to which common cusor operating properties used wholly or substantially by any bank with respect to which it is a bank hold- tomers will be enjoyed by both, and the sanction ing company in its operations or acquired for such given by long-established practice in Montana to future use or engaged solely in conducting a safe the operation of bank-connected insurance agendeposit business, or solely in the business of furnishing services to or performing services for such hold- cies—the Board has determined that the Activities ing company and banks with respect to which it is a of Montana Agencies, and the activities of Liberty bank holding company, or in liquidating assets acquired from such bank holding company and such Corporation other than the ownership and operabank;" tion of rental housing, will be so closely related Two of the clauses in this subsection might be to the business of banking as conducted by the supposed at first glance to be relevant to shares respective banking subsidiaries of Applicant as to in a corporation engaged in the activity proposed be a proper incident thereto and as to make it by Applicant: (1) "any company engaged solely unnecessary for the prohibitions of Section 4 of in holding or operating properties used wholly or the Act to apply in order to carry out the purposes substantially by . . ." any banking subsidiary "in of the Act; but that for the reasons already its operations or acquired for such future use" stated, the proposed participation by Liberty in (italics supplied), and (2) "engaged solely the housing activity of Liberty Insurance Agency . .. in the business of furnishing services to or does not satisfy the exemption requirements of performing services for . . ." banking subsidiaries. Section 4(c)(6) and that, if entered into, this Inspection of the first clause is sufficient to show activity would make necessary the application of that it does not apply. The ordinary significance the prohibitions of Section 4 to Liberty as a of "properties used ... in its operations" would whole. For this reason, the exemption of Liberty include properties such as a parking lot for cus- will be conditioned upon Liberty Insurance Agency tomers of a bank, storage for bank files, and the disengaging itself before acquisition by Applicant like. It hardly could be stretched to encompass- of shares in Liberty from all connection with the ing private housing for bank employees. ownership and/or operation of rental housing, The Board has had several occasions to inter- and desisting from such activity so long as Appret the phrases "furnishing services to or per- plicant is subject to the provisions of the Bank forming services for" under Section 4 of the Act, Holding Company Act. for example at 1958 Federal Reserve BULLETIN Accordingly, for the reasons, and upon the 431; 12 CFR 222.104. It remains the Board's condition herein set forth, it is the Board's judgviews that Congress intended to limit such serv- ment that the requested exemptions with respect Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN • JULY 1961 to Montana Agencies and Liberty Corporation FINDINGS OF FACT should be granted; and IT IS SO ORDERED. I. Introduction As indicated in the Board's Order, its approval 1. The particular Sections of the Act which are pertinent are as follows: of this request is based solely on the facts dis- "Sec. 4. (a) Except as otherwise provided in this closed by the record; and if the facts should sub- Act, no bank holding company shall— stantially change in the future in such manner "(1) after the date of enactment of this Act acquire direct or indirect ownership or control of any as to make the reasons for the Board's conclusion voting shares of any company which is not a bank, or no longer applicable, the statutory exemption re- "(2) after two years from the date of enactment of this Act or from the date as of which it becomes sulting from the Board's present determination a bank holding company, whichever is later, retain would, of course, cease to obtain. direct or indirect ownership or control of any voting shares of any company which is not a bank or a bank holding company or engage in any business other REPORT AND RECOMMENDED DECISION than that of banking or of managing or controlling banks or of furnishing services to or performing serv- STATEMENT OF THE CASE ices for any bank of which it owns or controls 25 Under date of November 2, 1960, Montana Shares, per centum or more of the voting shares. Incorporated, of Havre, Montana (herein referred to * * * as the "Applicant"), filed with the Board of Gover- "(c) The prohibitions in this Section shall not nors of the Federal Reserve System (herein referred apply— to as the "Board") application requesting determination of the Board, pursuant to Section 4(c)(l) and "(1) to shares owned or acquired by a bank hold- Section 4(c)(6) of the Bank Holding Company Act of ing company in any company engaged solely in hold- 1956 (12 U.S.C. Section 1843) (herein referred to as ing or operating properties used wholly or substanthe "Act"), and Section 5(b) of the Board's Regula- tially by any bank with respect to which it is a bank tion Y (12 CFR 222.5(b)), that shares of stock which holding company in its operations or acquired for the Applicant proposes to acquire and retain in a cer- such future use or engaged solely in conducting a tain nonbanking corporation, incorporated under the safe deposit business, or solely in the business of laws of the State of Montana and known as Montana furnishing services to or performing services for such Agencies, and also that shares of stock which the Ap- holding company and banks with respect to which plicant proposes to acquire and retain in another non- it is a bank holding company, or in liquidating assets banking corporation, which at the date of the appli- acquired from such bank holding company and such cation was a proposed corporation, but which has banks; since been incorporated under the laws of the State • * • of Montana and is known as Liberty Corporation, "(6) to shares of any company all the activities are exempt from the prohibitions of Sections 4(a)(l) of which are of a financial, fiduciary, or insurance and 4(a)(2) of the Act. nature and which the Board after due notice and hearing, and on the basis of the record made at such On December 16, 1960, notice of request for dehearing, by order has determined to be so closely termination pursuant to Section 4(c)(6) of the Act and related to the business of banking or of managing or an order for a hearing thereon was entered, the same controlling banks as to be a proper incident thereto being published at 25 Federal Register 13250, Decemand as to make it unnecessary for the prohibitions of ber 22, 1960. In accordance therewith, a hearing this section to apply in order to carry out the purposes was held at the Federal Reserve Bank of Minneapolis, of this Act;". Minneapolis, Minnesota, on January 24 and 25, 1961, before the undersigned Hearing Examiner who was 2. In its written application, pursuant to the providuly designated and assigned to hear such. The sions of Section 4(c)(6) of the Act, the Applicant Applicant and the Board, the latter in a nonadversary requests a determination by the Board that the shares capacity, were represented at the hearing by counsel of stock which the Applicant proposes to acquire in and were afforded full opportunity to be heard—to a nonbanking company known as Montana Agencies, examine witnesses, to introduce exhibits, and to file and in a second nonbanking company known as proposed findings of fact, conclusions of law and Liberty Corporation, are exempt from the prohibibriefs. Counsel for the Board announced of record tions of Section 4(a)(l) and 4(a)(2) of the Act. The that no proposed findings of fact, conclusions of law theory of the application is that the activities of the or brief would be filed in behalf of the Board, since corporations are of a financial, fiduciary or insurance such counsel neither favors nor opposes the applica- nature, and are so closely related to the business of tion and appeared only in an endeavor to assist in banking or of managing or controlling banks as to be developing any relevant information whether tend- a proper incident thereto. ing to support or oppose the application; however, 3. As a part of its application, the Applicant has counsel for the Applicant, in apt time, filed proposed proposed that said Montana Agencies should be perfindings of fact, conclusions of law, and a brief. The mitted to acquire the interest of the Applicant in the same have been duly considered and to the extent Farmers-Merchants Agency, an insurance partnership consistent with the findings of fact made below, and doing business on the premises of Farmers-Merchants the conclusions hereinafter reached, are accepted. Bank, Rudyard, Montana, in the First Insurance Upon the entire record in the proceeding, giving Agency, an insurance partnership doing business on consideration to the contentions of all parties of rec- the premises of First State Bank of Chinook, Chinook, ord and their counsel, and from my own observations Montana, in Northern Insurance Agency, an insurof the oral testimony and exhibits offered in evidence, ance partnership doing business on the premises of I make the following Northern Montana State Bank, Big Sandy, Montana, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 775 and to acquire the interests of R. D. Rubie and All of the partners in Liberty Insurance Agency and C. W. Rubie in the Silver Bow Agency, an insurance Farmers-Merchants Agency also are stockholders of partnership doing business on the premises of Miners the related banks. The partners in Northern Insur- National Bank of Butte, Butte, Montana. In addi- ance Agency, First Insurance Agency, and Silver Bow tion, the Applicant proposes that Liberty Corporation Agency are also stockholders in the related banks, but should be permitted to acquire the twenty-five per not all of the stockholders in the related banks also are cent (25 per cent) partnership interest of the Appli- partners in these agencies. cant in Liberty Insurance Agency, an insurance partnership doing business on the premises of Liberty III. Insurance Agencies County Bank, Chester, Montana. 1. No written partnership agreements have been 4. By oral amendment made at the conclusion of executed for any of the five insurance agencies. Each the hearing, the Applicant has ammended its applica- of such five insurance agencies has engaged in the tion so as to provide that if said Liberty Insurance insurance business on the premises of its related bank Agency is not to be permitted to retain, as one of its since the years set forth as follows: assets, the dwelling in Chester, Montana, acquired as a residence for the insurance agency manager, then Farmers-Merchants Agency .1955 the Applicant should be permitted to own stock in First Insurance Agency. .1938 a Montana corporation (to be organized) which would Liberty Insurance Agency. .1947 own such dwelling as its sole asset, on the grounds Northern Insurance Agency. .1953 that the proposed activities of this corporation are Silver Bow Agency. . . .1953 such as to exempt it from the prohibitions of the Act under one or more of the provisions of Section 4(c) None of the five insurance agencies has done business of the Act. off the premises of the related bank. At all times they have done business on the premises of the re- II. Montana Shares, Incorporated lated bank. 1. The Applicant, Montana Shares, Incorporated, is 2. The Farmers-Merchants Agency operates on the a bank holding company within the meaning of Sec- premises of Farmers-Merchants Bank, in a one-story tion 2(a) of the Act, having registered as such with the building approximately 20 feet by 40 feet in size. All Board. The Applicant is a Montana corporation of the banking and insurance agency activities are organized under the laws of the State of Montana, carried on in that building. The Farmers-Merchants with its principal offices at Havre, Montana. The Agency does not have a separate desk or other facili- Applicant commenced business during 1956, and prior ties in the bank, and uses the facilities of the bank. to May 9, 1956. The Applicant holds a general vot- The agency pays the bank an annual sum in reiming permit pursuant to the regulations of the Board. bursement for the use of the facilities. 2. The Applicant now owns an interest in four in- 3. The First Insurance Agency does business on surance agencies, each of which is located on and the premises of the First State Bank of Chinook, in a operates on the premises of a subsidiary bank of one-story brick building approximately 30 feet by 75 the Applicant. Applicant's ownership is in the form feet in size. The First Insurance Agency does not of a partnership interest in each of such four agencies. have a separate desk or other facilities, and uses the Silver Bow Agency, the fifth insurance agency, is lo- facilities of the related bank. The First Insurance cated on the premises of Miners National Bank of Agency also reimburses the bank for the use of the Butte. Such Silver Bow Agency is owned by two of bank's facilities. the stockholders in Miners National Bank of Butte. 4. Liberty Insurance Agency does business on the The names of such five insurance agencies, showing premises of Liberty County Bank, in a one-story buildthe related bank, and the percentage of the Applicant's ing approximately 30 feet by 60 feet in size. The ownership in each of such insurance agencies, are as insurance agency has no separate desk or other fafollows: cilities, and uses the facilities of the bank. The agency Insurance Agency Applicant's Ownership reimburses the bank for its use of such facilities. Farmers-Merchants Agency (Per Cent) 5. Northern Insurance Agency does business on the (Farmers-Merchants Bank) 55.47 premises of Northern Montana State Bank, in a onestory bank building approximately 40 feet by 80 feet First Insurance Agency in size. The insurance agency does not have desks,, (First State Bank of Chinook) 68.67 typewriters, or other facilities, and uses the facilities Liberty Insurance Agency of the bank. The agency reimburses the bank on (Liberty County Bank) 25.00 an annual basis for the use of such facilities. Northern Insurance Agency 6. Silver Bow Agency operates on the premises of (Northern Montana State Bank) 50.71 Miners National Bank of Butte. The agency has no Silver Bow Agency desks, typewriters, or other facilities of its own, and (Miners National Bank of Butte) None uses the facilities of the bank. The agency reim- The names of the related banks in which the insurance agencies oper- burses the bank for the use of such facilities. ate and the percentage of ownership of the Applicant in each of such 7. The insurance agency business of all five of such related banks are as follows: agencies is handled by the managing officer of each Applicant's Ownership of the five related banks. During the year 1959 sala- Related Bank (Per Cent) ries were paid by each of the insurance agencies, with Farmers-Merchants Bank 55.47 the exception of Farmers-Merchants Agency, to the First State Bank of Chinook 46.44 bank officer handling the agency work. No salary was Liberty County Bank 25.00 paid in 1959 by Farmers-Merchants Agency because Northern Montana State Bank 50.67 the net profit did not warrant the payment of any Miners National Bank of Butte 70.29 salary. In the yea? 1960, a salary was paid by each Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

776 FEDERAL RESERVE BULLETIN • JULY 1961 of the agencies to each of the related bank officers for Per Cent of Total all five agencies. Net Premium Premium Customers of related banks main- 8. As to all five of the insurance agencies, nor- taining deposits $48,478.27 34.84 mally there is nothing on the desk of the agency Borrowers of related banks mainmanager in the bank to indicate that insurance is taining deposits $67,348.82 48.40 sold. The only exception during the past two years has been that during the crop season an officer would Borrowers of related banks not put a sign on the counter to advertise hail insurance. maintaining deposits $ 8,253.73 5.93 Nonbanking customers 15,079.34 10.83 9. Since January 1, 1960, the Applicant has been furnishing various accounting and similar services to The total with regard to nonbanking customers is the five insurance agencies. The Applicant makes a broken down as to each of the five insurance agencharge to each of the five agencies based upon the cies as follows: premium volume of the particular agency. Per Cent of Total 10. All of the banks in which the five agencies are Net Premium Premium located have accepted policies written by agencies Farmers-Merchants Agency $ 526.00 15 outside of the bank and outside of the agencies in- First Insurance Agency 6,518.66 26.44 volved in this application. It has not been made a Liberty Insurance Agency 7,169.98 10.67 Northern Insurance Agency 749.54 2.11 condition of doing business with the bank in any Silver Bow Agency 115.16 1.38 sense that insurance be taken out of the related insurance agency rather than being furnished by some Total $15,079.34 10.83 other available agency. 11. The types of insurance which have been sold Exhibit A-8 sets forth an analysis of policies in force during 1959 and 1960 by these five insurance agencies by all five insurance agencies as of December 31, are as follows: fire, auto, inland marine, public lia- 1960, with the exception that hail policies which were bility, bonds, polio, travel, boiler, and hail. All five in force during the entire calendar year 1960 are of the agencies have sold fire, auto, and inland included for the reason that no hail policies were in marine. Public liability, bonds, polio, travel and effect at the close of the year by reason of the type of insurance. This analysis was obtained by an actual boiler insurance form a small part of the business of count of the policies in force on the part of all five all the agencies. Hail insurance is a substantial part insurance agencies. The break-down in this exhibit of the business of all of the agencies with the exsets forth the actual number of policies in force under ception of Silver Bow Agency, which is not located each classification or type of insurance. In addition, in a small grain producing area. During the calendar the policies which directly secure related bank loans year ending December 31, 1959, all five agencies had are also listed, as well as the per cent of policies the following total gross premium volume in such which secure related bank loans. The total for all five insurance classifications: agencies of policies issued in the various insurance classifications, showing the number and percentage Fire $ 21,846.77 Auto 58,767.42 of policies which secured loans in the related banks, Inland Marine 1,645.53 are as follows: Public Liability 2,928.45 Bonds 7,784.08 Polio 20.00 AUTO Travel 11.80 Hail 60,636.45 Total Policies in Force 363 Number of policies securing related bank loans.. . 236 Total $153,640.50 Per cent of policies securing related banks loans... 65 per cent FIRE For the six months commencing January 1, 1960, and Total policies in force 222 ending June 30, 1960, the gross premium volume of Number of polices securing related bank loans.... 56 all five insurance agencies in such insurance classifi- Per cent of policies securing related bank loans.... 25 per cent cations is as follows: INLAND MARINE Fire $ 9,484.50 Total policies in force 12 Auto 26,497.50 Number of policies securing related bank loans... 2 Inland Marine 516.70 Per cent of policies securing related bank loans.. , 17 per cent Public Liability 528.74 Bonds 1,630.75 PUBLIC LIABILITY Boiler 147.12 Hail 29,520.84 Total policies in force 9 Number of policies securing related bank loans... 0 Total $68,326.15 Per cent of policies securing related bank loans... 0 per cent BONDS 12. The insurance agency customers of each of the five insurance agencies for the calendar year 1959 are Total policies in force 87 Number of policies securing related bank loans... 0 classified to show the amount of net premium fur- Per cent of policies securing related bank loans... 0 per cent nished by customers of the related bank maintaining HAIL deposits, borrowers of the related bank maintaining deposits, borrowers of the related bank not maintain- Total policies in force in the year 1960 75 Number of policies securing related bank loans... 47 ing deposits, and nonbanking customers. These fig- Per cent of policies securing related bank loans... 63 per cent ures were furnished for each of such five agencies. The classification of the total of such insurance agen- TOTAL POLICIES IN FORCE 768 TOTAL NUMBER OF POLICIES SECURING cies' customers under these classifications are as fol- RELATED BANK LOANS 341 lows: TOTAL PER CENT OF POLICIES SECURING RELATED BANK LOANS 44 per cent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 777 The foregoing figures set forth only the policies defi- Incorporation of Montana Agencies provide for a nitely identified as securing a loan in the related bank. total authorized capital stock of $50,000.00, divided While the number cannot be specifically identified, into fifty thousand shares of $1.00 par value. No an additional portion of the hail policies and perhaps stock has been issued, and the corporation is on an other policies were required by the related bank at the inactive basis pending the decision of the Board on time of the making of a loan to a bank customer, but this application. The Applicant proposes that Moncannot be more specifically identified. tana Agencies would take over the entire insurance 13. As of June 30, 1960, the statements of condi- business of all five of the insurance agencies with tion of the five insurance agencies show the following: the exception of Liberty Insurance Agency. The Applicant proposes that Montana Agencies would en- FARMERS-MERCHANTS AGENCY gage in the sale of general lines of insurance in the same manner as the four insurance agencies have Total Assets $ 1,734.57 Total Liabilities $ 81.70 done in the past. The Applicant further proposes that Total Capital 1,652.87 Montana Agencies would supervise the holding com- $ 1,734.57 pany's own insurance program, as well as the insur- FIRST INSURANCE AGENCY ance programs of the subsidiary related banks, it being proposed that in connection with such subsidiary Total Assets $6,569.82 Total Liabilities $ 5,061.12 banks, the proposed activities would include credit Total Capital 1,508.70 group life, health and accident insurance, group life $ 6,569.82 insurance, bankers' blanket bond, and such related LIBERTY INSURANCE AGENCY types of insurance. Total Assets.. $28,477.84 Total Liabilities $ 17,848.69 2. Each of the partners in Farmers-Merchants Agency, First Insurance Agency, Northern Insurance Total Capital 10,629.15 Agency, and Silver Bow Agency has executed written $ 28,477.84 agreements whereby they agree to transfer their partnership interests for stock in Montana Agencies. Ex- NORTHERN INSURANCE AGENCY hibits A-22 to A-25, inclusive, are executed copies Total Assets $15,908.87 Total Liabilities $ 5,837.26 of these agreements. Under the terms of these agree- Total Capital 10,071.61 ments, the Applicant would be entitled to the following number of shares in Montana Agencies in ex- $ 15,908.87 change for its partnership interests in the four insur- SILVER BOW AGENCY ance agencies: Total Assets $6,296.01 Total Liabilities $ 1,695.94 Farmers-Merchants Agency 916 shares Total Capital 4,600.07 Northern Insurance Agency 5,106 shares $ 6,296.01 First Insurance Agency 1,036 shares June 30, 1960, is the date which Applicant proposes Silver Bow Agency None to use for computing the value of each of the insur- Total 7,058 shares. ance agencies. Such value is to be used to determine the number of shares in the corporations to be issued The remainder of the partners in Farmers-Merchants to each of the partners in exchange for their partner- Agency, First Insurance Agency, and Northern Inship interests in the insurance agencies. The amounts surance Agency would receive a total of 6,156 shares, termed "total capital" above under each agency are making a total of 13,214 shares to be issued in exsuch values for stock issue purposes. change for Farmers-Merchants Agency, First Insur- 14. While the business of the five insurance agencies ance Agency, and Northern Insurance Agency. In is conducted on the premises of the related bank, the addition, Richard D. Rubie and Charles W. Rubie, insurance business and the records thereof are kept the present partners in Silver Bow Agency, would entirely separate from the business and records there- receive 4,600 shares in Montana Agencies in exof of the related bank. With the exception of placing change for their partnership interests in that agency. of small signs during the hail season, the insurance The Applicant proposes that it be allowed to acagencies and the related banks do not customarily quire such 4,600 shares given in exchange for Silver advertise and actively solicit insurance business. Insur- Bow Agency. Prior to its acquisition of the interest ance is maintained in each of the banks for the conven- in Silver Bow Agency, the Applicant would be enience of the customers and of the bank itself, and to titled to 7,058 shares of stock in Montana Agencies make certain that insurance is available when required out of a total of 17,814 shares to be issued in exin connection with various loans. Purchase of insur- change for the four agencies, or 39.58 per cent of ance from one of the insurance agencies is not made the stock to be issued initially. If the Applicant is a condition for the borrowing of funds from a re- permitted to acquire the 4,600 shares issued in exlated bank. In some instances the bank may insist change for Silver Bow Agency, then Applicant would upon insurance as the condition of making of a loan, own more than 51 per cent of the initial issue of but insurance will be accepted from agencies other Montana Agencies. Under the agreed system of exthan the agency which is related to the bank, and change, each of the partners in the four insurance purchase of insurance from a related insurance agency agencies would receive a one dollar share of stock is not made a condition of the making of a loan from for each one dollar of his capital interest as of any bank. June 30, 1960, with any amounts less than one dollar to be paid in cash to the partners. The proposed IV. Montana Agencies system of exchange of the present partnership inter- 1. Applicant has caused to be formed a corporation ests in Farmers-Merchants Agency, First Insurance named Montana Agencies, organized under the laws Agency, Northern Insurance Agency, and Silver Bow of the State of Montana. The amended Articles of Agency places the partners of all agencies on a com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 FEDERAL RESERVE BULLETIN • JULY 1961 parable level so far as exchange is concerned, so 2. In Montana, it is a normal and accepted practice that no partner, and in particular the Applicant, gains for State banks to offer insurance agency service in any preferential treatment in the event of an exchange. conjunction with their bank operations. The Superintendent of Banks of the State of Montana, in his 3. The agreements regarding the exchange of the letter dated January 17, 1961 (Exhibit A-30), stated four partnership agencies for stock in Montana Agenthat of the 78 State chartered banks, 53 have insurance cies become effective upon acceptance by Montana agencies operated within the banking quarters, usually Agencies, with the approval of Richard D. Rubie by personnel who are also employees or officers of and Charles W. Rubie. The agreements between the the bank. The Superintendent further stated that of partners specify that the exchange cannot be comthese 53 agencies, it appears that 3 are corporations, pleted without the prior approval of the Board so far 35 are partnerships, and 15 are individually owned. as the Applicant is concerned. The Superintendent points out that in no case does a bank own the agency, as this is prohibited under V. Liberty Corporation Montana statutes as interpreted by an opinion of the 1. The Applicant is a partner in Liberty Insurance Montana Attorney General. The Superintendent Agency, owning a 25 per cent interest therein. The states that it has not been the policy of his office to remaining 75 per cent of this agency is owned by object to the operation of these insurance agencies in various individuals. The Applicant attempted to connection with the operation of the bank. The Suform a single corporation to which all of the partners perintendent states that they do require that the in Liberty Insurance Agency would transfer their part- agency records and transactions should not be internership interests in exchange for stock in a manner mingled with the bank's records and transactions, and similar to that agreed upon with the other insurance stated that it is usually customary for the agency to agencies. The majority of the partners in Liberty reimburse the bank for any expenses which the bank Insurance Agency did not agree to form such a cor- may have as a result of the agency operations. He poration, and expressed a desire to continue the op- states that such reimbursement is usually in the form eration of the insurance agency in the partnership of a rental, partial payment of stenographer's salary, form. As a result, it was not possible for the Appli- or partial payment of a bank officer's salary. In Excant to organize a corporation which would own the hibit A-31, letter dated January 20, 1961, such Superentire Liberty Insurance Agency. intendent of Banks further states as follows: 2. Applicant has organized Liberty Corporation, "To the best of my knowledge and the knowledge of under the laws of the State of Montana. Under its all the employees of this Department, insurance agen- Articles of Incorporation, Liberty Corporation has an cies have been operated by officers or employees of authorized capital structure of $50,000.00, divided State banks in the banking quarters for many, many into fifty thousand shares of one dollar par value each. The Applicant proposes that it transfer its 25 per cent years. I am sorry to say that this Department felt no interest in the present Liberty Insurance Agency to need for compiling this information prior to early Liberty Corporation. In exchange for such transfer, 1957. Our records for that period indicate that at capital stock in Liberty Corporation would be issued least fifty of the seventy-three State banks in Monto the Applicant. Such stock would be issued on tana were allowing insurance agencies to be* operated the basis of the total capital of the partnership as in their quarters and had been doing so for a long of June 30, 1960, in the same manner as was true time." with the other four partnerships. The total capital ac- All five of the insurance agencies here involved have count as of June 30, 1960, for Liberty Insurance Agency is $10,629.15. The share of the Applicant complied with the directive of the Montana Superintherein is $2,657.29. In exchange for such share, tendent of Banks with regard to separation of agency 2,657 shares of capital stock would be issued to the records and transactions from those of the related Applicant in Liberty Corporation, together with 29 banks, and there have been no complaints of any cents in cash. types from the Superintendent's Department in this regard as to any of such five agencies. 3. Applicant proposes that Liberty Insurance Agency would continue to engage in the sales of the 3. In its Exhibit A-32, the Applicant sets forth the same types of insurance as has been true in 1959 and 1957 figures for the State of Montana showing the 1960. Applicant proposes there would be no change number of banks in the State of Montana which have in the activities of Liberty Insurance Agency, even connected insurance agents or agencies. For such though the partnership interest of Montana Shares 1957 figures, the Applicant used the statistics set would be transferred to Liberty Corporation. forth in the report of the Hearing Examiner, in the Matter of First Bank Stock Corporation, Federal Re- VI. Area Practice serve BULLETIN, August, 1959, at page 947. In such Exhibit A-32 the Applicant sets forth comparable 1. Official 1960 census figures were not available figures for the year 1960, showing the number of the for the five cities and towns in which the insurance various types of banks in the State of Montana havagencies and related banks are located. Following ing connected insurance agents or agencies. For its are the unofficial 1960 census figures for each of 1960 figures, Applicant used, as a source, Commersuch places, showing the names of the insurance cial West 1960 Bank Directory for the Ninth Federal agency located in that town or city: Reserve District, and National Underwriter's Co. 1960 Rudyard, Montana (Farmers-Merchants Agency) 497 Underwriter's Handbook for the Rocky Mountain Chinook, Montana (First Insurance Agency) 2,326 States. Following are the numbers and classifications Chester, Montana (Liberty Insurance Agency) 1,158 of Montana banks having bank connected insurance Big Sandy, Montana (Northern Insurance Agency) 954 Butte, Montana (Silver Bow Agency) 27,877 agents or agencies: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

779 LAW DEPARTMENT Total No. of Offices With Connected depreciation as of December 31, 1960, would be $3,- Banking Offices Agents or Agencies 893.28. Dodds Keith, Trustee, borrowed $7,000.00 1. State Banking Per Cent of from Citizens Bank of Montana, in which the Appli- Offices: Number Total cant owns stock. The loan has been paid off by (a) Communities under rental payments. The dwelling at present is occupied 5,000 Population: by Mr. Robert Schwartz, he being the number two Montana, 1957 Figures 60 52 87 Montana, 1960 Figures 63 57 90 man in the Liberty Insurance Agency and in Liberty County Bank, the related bank. The present manager (b) Communities over of the Liberty Insurance Agency and its related bank 5,000 Population: Montana, 1957 Figures 15 20 is Mr. Garrett Eaton. Montana, 1960 Figures 15 2. The dwelling is a two-story frame building with 2. National Banking full basement, with one bedroom on the main floor Offices: and a second bedroom on the second floor. Liberty Insurance Agency and its related bank were both (a) Communities Under 5,000 Population: started in the year 1947. The dwelling was originally Montana, 1957 Figures 24 79 purchased through Dodds Keith, Trustee, to provide Montana, 1960 Figures 22 86 living quarters for the managing officer of both Lib- (b) Communities over erty Insurance Agency and its related bank. Mr. 5,000 Population: Reinen (whose name is misspelled Reinman in the Montana, 1957 Figures 18 11 transcript) was employed as managing officer of the Montana, 1960 Figures 21 10 Liberty Insurance Agency and its related bank in 3. All Banking Offices {National and State): 1949. At that time there was a definite lack of living quarters in Chester, and it was necessary to obtain Montana, 1957 Figures 117 76 65 Montana, 1960 Figures 121 83 69 the dwelling in order to retain Mr. Reinen's services. Mr. Reinen continued to live in that dwelling during As appears from the foregoing totals, in 1957 65 per the time that he was insurance agency and bank mancent of all banks in the State of Montana, both State ager, that is until 1959. Mr. Reinen paid rent during and national, had connected insurance agents or agen- that period of time in the amount of $50.00 per month cies. This percentage increased by 4 per cent from to Dodds Keith, Trustee. the year 1957 to 1960, at which time a total of 69 3. In 1949 and at all times since that time there has per cent of such banks of all types had connected inbeen a shortage of adequate rental housing in Chessurance agents or agencies. ter. There is no reason to expect a change in the 4. Citizens Bank of Montana is the only other bank lack of adequate rental housing in the foreseeable in which Applicant has share ownership. While it future. Because Chester, Montana, is a small town, does not have an insurance agency operating on the there is a serious problem in attempting the resale of bank's premises, two of the officers of the Applicant a residence. The resale market for dwellings in and Jack Oliver own the Havre Insurance Agency, Chester is very limited. The lack of adequate rental which furnishes insurance service to Citizens Bank of housing and a limited resale value which discourages Montana in the same manner as the other related original purchase of dwellings is a characteristic not agencies. This is not an on-premises operation. only of Chester, Montana, in which Liberty Insur- 5. As appears from Exhibit A-32, in 1960 there ance Agency is located, but also of Rudyard, Chiwere 121 banks in the State of Montana. Out of this nook, and Big Sandy, Montana, in which three of total of 121 banks, there were a total of 30 holding the other agencies are located. The officers of the company banks, as well as one proposed bank which Applicant feel that ownership of the dwelling by the would be a holding company bank, and a trust com- insurance agency is imperative, and that it would not pany in Helena. Included in this total of 30 holding have been possible to have obtained a managing officompany banks are the 6 banks in which the Appli- cer in the business in 1949 if it had not been for the cant has a share ownership. As there were 83 bank- dwelling, and that such necessity will undoubtedly ing offices with connected insurance agents or agen- again be present in future years. cies in the year 1960, it is apparent that at least 53 4. Mr. Eaton, the present insurance agency manof such banking offices were nonholding company ager, came to work for the insurance agency and Libbanks. It therefore appears that at least 53 banks out erty County Bank at the time that Mr. Reinen was of the 91 nonholding company banks have connected still the manager. Because he was unable to find adeinsurance agents or agencies. The practice of main- quate rental housing, he purchased a home. After he taining such a connected insurance agency is there- had lived in that home for a short time, it proved to fore established in both holding company and non- be inadequate. Applicant therefore arranged a loan holding company banks. from one of the banks affiliated with Applicant for Mr. Eaton, at a reduced rate of interest in order to VII. Liberty Insurance Agency Dwelling allow him to make necessary improvements to his 1. Liberty Insurance Agency at present owns a home. Following his elevation to manager of the dwelling in Chester, Montana. The title to the dwell- Liberty Insurance Agency and its related bank, Mr. ing is held in the name of Dodds Keith, as Trustee Eaton continued to live in his own home, making for the partners in Liberty Insurance Agency. Mr. the insurance agency dwelling available for occupa- Keith is a stockholder and director of Liberty County tion by Mr. Schwartz, the number two man of the Bank, the related bank, and also one of the partners bank and agency. in the insurance agency. The dwelling was purchased 5. It is difficult to distinguish between the imporon November 30, 1949, at a total purchase price of tance of the dwelling as to the Liberty Insurance seven thousand dollars. Since the date of original Agency and as to its related bank, because they are purchase, $1,276.15 have been expended for capital so intermingled. There is no established rate of rental improvements. Based upon a twenty year life, the in Chester, Montana. The rate of fifty dollars per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 FEDERAL RESERVE BULLETIN • JULY 1961 month is considered as average or slightly below av- agency and its related bank has acted in that capacity erage for a dwelling of this type. While there are for more than twenty years and owns his own home. some homes for rent in Chester, Montana, there is As a result, there is no present problem as to such a definite shortage of homes for rental because people manager. During 1960, the number two man in the are reluctant to purchase homes. The rental paid to agency, and its related bank, moved to Chinook. He Dodds Keith, Trustee, is kept in a separate account was unable to find adequate rental housing. He was under the name of Dodds Keith, Trustee, in Liberty required to live in a motel for several months, with County Bank. In addition to the original purchase completely inadequate facilities. Because of the limprice and capital improvements paid for by the Trus- ited resale market, and the consequent probability of tee, it has been necessary to pay taxes, insurance and loss in the purchase of a home in Chinook, this man other non-capital operating expenses. The present did not care to invest his own money in the purchase balance of the Dodds Keith, Trustee, account is not of a home. The Applicant deemed it essential to in excess of $500.00. The dwelling has not made have this man in the agency and bank in order to money as a rental unit, and it is contemplated in the train a replacement for the manager, and because of future that rent will be maintained only at a level to extensive agricultural credit ability. As a result, equal expenditures. It is not contemplated that the Charles W. Rubie, President of Montana Shares, Indwelling will ever be used as a money making invest- corporated, individually furnished the down payment ment. of one thousand dollars for the purchase of a ten 6. Besides Liberty Insurance Agency, Farmers- thousand dollar home in Chinook. The remaining Merchants Agency, First Insurance Agency and nine thousand dollars was provided by a loan on Northern Insurance Agency each are located in towns which the number two man pays ninety-five dollars with populations substantially less than five thousand. per month in lieu of rent. The understanding between As has been true in Chester, there have been serious this man and Mr. Rubie is that in the event of disproblems because of the necessity of furnishing hous- charge or transfer, the house will be returned to Mr. ing for the insurance agency and bank managers in Rubie. There is nothing in writing. There is a defieach of these other three towns. There has been and nite lack of adequate rental housing in Chinook, and is inadequate rental housing and limited resale possi- the market for resale of houses is definitely limited. bility which limits the purchase of dwellings by man- Chinook is not a growing town. The present arrangeagerial personnel in all three of such other towns. ment at Chinook is not satisfactory, because it fails to afford adequate assurance that the house will be 7. Farmers-Merchants Agency in Rudyard, which maintained for rental, and in addition, it passes an has less than five hundred people, was organized in unfair financial burden on to one officer. the fall of 1955. Very limited rental housing was available. In order to assure a dwelling being avail- 9. Northern Insurance Agency operates in Big able to the insurance agency and bank manager, Mr. Sandy, Montana, which has less than one thousand Selmer Sanvik, one of the insurance agency partners people. In 1953 at the time a new manager moved and one of the stockholders and directors in the re- to take over the insurance agency and its related bank, lated bank, has agreed to hold and has held a home there was and continues to be very inadequate rental owned by him for rental to the managing officer. housing in Big Sandy. In 1953, the agency manager During the first two years of operation of the agency was compelled to first live in a second story four-room and related bank, there were three different man- apartment, inadequate in every way. Next, he was agers, all of whom resided in the dwelling furnished compelled to rent a remodeled granary which also by Mr. Sanvik, and paid rent to Mr. Sanvik. None was not adequate. Finally, because he had some reof the three managers was satisfied with living in a sources of his own, this manager built his own home town the size of Rudyard, and left the job in a mat- in 1955. However, such manager moved to Havre in ter of months. In 1957, the present managing officer 1957, and for one year attempted to sell his home of the bank moved into the house in Rudyard rented at a price several thousand dollars less than invested by Mr. Sanvik, paid rent direct to him, and at all in it, but without success. Finally, he moved the times since that date has continued to live in a home house to Havre at a substantial additional cost. While furnished by Mr. Sanvik. Because the resale value the present managing officer of the insurance agency of houses in Rudyard is very limited, none of the and its related bank is a bachelor, the problem will prospective or actual managers of the insurance promptly arise in the event of his marriage, or the agency and related bank has been interested in pur- subsequent employment of a manager who is married chasing a home in Rudyard. The officers of the Ap- and has a family. plicant therefore deem it essential to the continued 10. Silver Bow Agency is located in Butte, Monoperation of the insurance agency and its related bank tana, with a population in excess of twenty-seven that a dwelling be furnished for the manager in Rud- thousand people. Because of its size, adequate rental yard. The present arrangement with Mr. Sanvik is housing has been available, and there has been no not satisfactory to Applicant for a number of rea- problem in securing adequate rental housing for the sons. In the event of Mr. Sanvik's death, resigna- managing officer of the agency and its related bank. tion or inactivity, his dwelling might no longer be 11. As to Liberty Insurance Agency and its related available. There is an absence of long time assurance bank, at present there are a total of five persons who of the availability of adequate housing. In addition, this poses a burden on one partner and director which handle all the work of the bank and the agency. Beis not shared in by the remaining insurance agency cause of the small size of the bank, adequate top level partners and stockholders of the bank. Mr. Sanvik management is essential. It is more than sixty miles has suffered a substantial loss because this house has from Havre, Montana, to Chester, so it is not possible remained vacant for a number of months during man- for a manager to continuously commute. The result ager changes. is that a manager of the agency and its related bank must live in Chester. Chester itself is not a particu- 8. In Chinook, Montana, in which First Insurance larly desirable town in which to live. It is a small Agency operates, the present manager of the insurance agricultural community without industry. The op- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 781 portunities for recreation and the school facilities are keep the same as a partnership, and hence the Apmuch more limited than in larger towns. Chester plicant caused Liberty Corporation to be organized has not been a growing town. It has remained static and proposes to transfer its twenty-five (25) per cent so far as population growth is concerned. The offi- interest in the Liberty Insurance Agency to Liberty cers of the Applicant are convinced that if they are Corporation conditioned on the approval of this apunable to furnish a dwelling for the manager of the plication. agency and its related bank, the probability is that The Applicant owns stock in all five of the related capable management cannot be obtained. Under banks with which the five insurance agencies operate the Montana law, the bank itself may not own the in conjunction. The activities of Montana Agencies dwelling. will herein be considered as though it was now carrying on the activities of the four insurance partner- DISCUSSION ships it proposes to take over, and the activities of This application presents two major questions for Liberty Corporation will be considered as though it consideration, namely: was now a partner in Liberty Insurance Agency. In (1) Under the provisions of Section 4(c)(6) of the the instance of Montana Agencies, that the same can Act, are the shares of stock which the Applicant pro- be considered on such a basis has been well settled poses to acquire and retain in Montana Agencies, a by the Board—see First Bank Stock Corporation, nonbanking corporation, and also in a second non- Federal Reserve BULLETIN, August 1959, at page 928, banking corporation known as Liberty Corporation, and Examiner's Report in the case of Otto Bremer exempt from the prohibitions of Section 4 of the Act? Company, Federal Reserve BULLETIN, June 1960, at (2) Will Applicant's acquisition and retention of page 627. Since Liberty Insurance Agency now carshares of stock in Liberty Corporation be exempt from ries on the same type of insurance business, in conthe prohibitions of Section 4, under the provisions of junction with a related bank, that the other four Section 4(c)(6), if a subsidiary of Liberty Corporation, agencies carry on, and since the only change with known as Liberty Insurance Agency, retains owner- respect to this business will be that Liberty Corporaship of a dwelling house and lot in Chester, Montana, tion will acquire the partnership interest of the Apas rental property, said house being used as the resi- plicant in said agency, and the activities of such dence for an employee of Liberty Insurance Agency agency will not change, it would also seem appropriand its related bank? ate to consider the activities of Liberty Insurance Agency as they presently are being carried on. Thus In the event the Board should find that the rental the activities of all five insurance agencies will hereproperty referred to above would make the shares of inafter be considered as though they were presently the Applicant in Liberty Corporation non-exempt being conducted by Montana Agencies as the owner under the provisions of Section 4(c)(6), then Appliof four, and Liberty Corporation as a partner in one. cant proposes to form a separate Montana corpora- The evidence clearly shows that all the activities tion in which it would own stock and which corporacontemplated to be carried on by Montana Agencies tion would have as its sole asset the ownership of and Liberty Corporation are identical to the activisaid dwelling. Should that eventuality arise, then a ties now carried on by the five partnership insurance third question must be answered, which is: Would agencies, including selling of the same type of insurthe Applicant's ownership of shares in such proposed ance to the same type of purchasers, handled by the corporation be exempt from the prohibitions of Secsame personnel in conjunction with related banks. tion 4 of the Act under any of the provisions of Sec- The only extension of activities will be the furnishing tion 4(c)? These questions will be dealt with in their of credit group life, health and accident insurance, order. group life insurance, bankers' blanket bond, and re- 1. The first question is now being considered only lated types of insurance to related subsidiary banks on the basis of the insurance activities that are to be of the Applicant. carried on by Montana Agencies and Liberty Corporation. If this application is approved, then the Are all of these activities of a financial, fiduciary, Applicant will acquire stock in both of these corpora- or insurance nature? tions, and Montana Agencies will acquire the partner- With the exception of the rental property of Libship interest of the Applicant in three insurance agen- erty Insurance Agency which will be discussed later, cies. Montana Agencies will also acquire the partner- all of the activities are of an insurance nature. The ship interest of the President of the Applicant, Charles evidence is firm and uncontradicted that they are. W. Rubie, and the Secretary-Treasurer of Applicant, The preliminary requirement as to the nature of the Richard W. Rubie, in a fourth insurance agency. All activities, therefore, has been met, see In Re Otto four of these insurance agencies operate in conjunc- Bremer Company, Federal Reserve BULLETIN, Aution with a related bank. All of the partners in all gust 1959, page 892, at page 896. four of these insurance agencies have entered into an The preliminary requirement having been met, it agreement to transfer the assets and the insurance now remains to be determined if the proposed activibusinesses of the four agencies to Montana Agencies ties of Montana Agencies and Liberty Corporation provided this application is approved and if and when meet the other requirements of the statute, that is, the transaction is finally consummated the Applicant are they so closely related to the business of bankwill own more than fifty-one (51) per cent of the ing, or of managing and controlling related banks, stock in said Montana Agencies. as to be (a) a proper incident thereto, and (b) as to The Applicant owns a twenty-five (25) per cent make it unnecessary for the prohibitions of Section 4 partnership interest in a fifth insurance agency known of the Act to apply. Numerous times the Board has as Liberty Insurance Agency, and this agency is also found that Section 4(c)(6) of the Act exempts only operated in conjunction with a related bank. The those nonbanking businesses that usually or naturally Applicant was unsuccessful with its efforts to include depend upon or appertain to the business of banking; this agency in the organization of Montana Agencies, and it has found that the primary purpose of the Act since the other partners in said agency preferred to was the removal of potential sources of evil. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN • JULY 1961 Board stated in the case of Transamerica Corp., Fed- For the calendar year 1959, the combined total of eral Reserve BULLETIN, September 1957, pages 1014, the net premiums of the five agencies shows that these 1016, that if a nonbanking business is a proper inci- premiums when broken down as to customers are as dent to banking or to managing or controlling banks, follows: Customers of related banks maintaining dethat is, if it properly and naturally appertains thereto, posits—34.84 per cent; borrowers of related banks it is less likely to cause a bank to be influenced by maintaining deposits—48.40 per cent; borrowers of the unnatural or extraneous considerations or tempta- related banks not maintaining deposits—5.93 per tions that are potential sources of evil. The facts cent; and nonbanking customers—10.83 per cent; herein indicate no practice that could be considered and the total with regard to nonbanking customers a potential source of evil as, except for the rental (the 10.83 per cent) is divided among the five agenproperty which is not considered in the present dis- cies as to per cent of their total premiums from noncussion, the practices are merely those of legitimate banking customers as follows: Farmers-Merchants insurance activities carried on in conjunction with Agency—15 per cent; First Insurance Agency—26.44 related banking businesses, as is true with the ma- per cent; Liberty Insurance Agency—10.67 per cent; jority of other banks in Montana who have related Northern Insurance Agency—2.11 per cent; and Silinsurance businesses. More than fifty per cent of the ver Bow Agency—1.38 per cent. State banks in Montana that are not holding com- The evidence shows that having a related insurance pany banks have connected or related insurance agen- agency is of great importance to the banks with which cies, and since the Board has stated that the sources each is related. These banks and their related inof evil to which Section 4 is addressed are evils pe- surance agencies, with the exception of Miners Naculiar to banks in the holding company groups, and tional Bank of Butte and its related Silver Bow that a practice common among both nonholding Agency, of Butte, Montana—population in excess of company banks and holding company banks appears 27,000—are located in small towns in sparsely setto be outside the scope of "potential evils" to which tled areas, and insurance services are not so readily Section 4 is addressed, the insurance activities here available from nonbank-connected sources. Often under consideration would appear to be outside the the only agents outside the banks are only part-time scope of potential evils as well. See First Bank Stock agents who do not maintain regular office hours. In Corporation, supra, at page 932. cases where bank loans are being closed, many re- The activities of concern herein are of an insurance quire insurance on the property used as collateral, nature, and they are not considered as a source of po- and in such cases it is decidedly inconvenient to have tential evil, nevertheless, they must be found to be so to wait for an agent to be contacted. Renewals and closely related to the business of banking or of man- proper loss payable clause must be attended to when aging or controlling banks as to be a proper incident the occasion demands, and for these and added reato such business so as to make it unnecessary for the sons it is of vital importance to the banks involved prohibitions of Section 4 of the Act to apply, if the to have an insurance agency on their premises at all Applicant is to warrant exemption under the Act. times, and the same is also of great convenience to The Board has held that this determination must be their customers. Of course, in case of the bank in made upon the facts of the particular case involved, Butte, there undoubtedly are many insurance agenas there is no fixed standard for making such deter- cies available to write insurance when it is needed mination. See First Bank Stock Corporation, supra, but, nevertheless, the agency in this bank is imporat page 932. tant and convenient to it and its customers for the needs it serves. It does not appear from the evidence In the case just referred to, the Board recognizes that the purpose of the Applicant is to build up a its responsibility to consider all relevant facts and large insurance business; the Applicant is primarily circumstances of a case at hand, and it also points out in the banking business and has an evident desire to that both Federal and State laws "implicitly recognize serve the banking needs of the communities in which that insurance has some general relation to the busithese banks are located—at a profit to itself, most ness of banking"; that Section 13 of the Federal Recertainly that is its chief motive, but such a motive serve Act, as amended in 1916, specifically authorizes is both proper and commendable—and related innational banks located in places of a population of surance business to each of these banks is; an impornot more than 5,000 to act directly as insurance tant service to their respective communities. agents. In this case, while it appears that the State of Montana has no statute specifically dealing with The Board has dealt with a large number of cases such, to the knowledge of the State Superintendent involving insurance activities of agencies related to of Banks, and that of the employees of his depart- banks. Outstanding are the following questions, the ment, "insurance agencies have been operated by of- favorable answers of a substantial number of which ficers or employees of State banks in the banking have determined the ruling of the Board to apply quarters for many, many years." exemption from the prohibitions of Section 4 of the Act. These questions are answered by the evidence In the above-referred-to case—First Bank Stock herein, in this manner: Corporation—the Board makes clear that while insurance may be considered as generally related to the (1) Is it the general practice in the area for such banking business, such "would not alone be sufficient banks to have a related insurance agency? to justify an exemption" but "it is essential that the In Montana, 69 per cent of all types of banks, both activities of the company involved . . . have some State and national, and both holding company and direct and significant connection with the business of nonholding company, have connected or related inbanking." In the case herein, these five insurance surance agencies. The area practice has increased agencies have been operated for many years—one from 65 per cent of all types of banks in 1957 to since 1938, one since 1947, two since 1953, and the some 69 per cent in 1960. It is therefore a certainty other since 1955—each on the premises of its related that the practice is general in this area. bank, with their transactions being handled by the (2) Has the practice been in existence for some officers and employees of the respective related bank. time? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 783 According to the Montana State Superintendent of such agencies, which does not appear to be the case, Banks, the practice has existed in Montana for many it would leave at least 53 out of 91 nonholding comyears. pany banks with connected insurance agencies. This (3) What is the physical relationship of the vari- is in excess of 58 per cent of nonholding company ous insurance agencies to their related banks? banks, and clearly indicates the relations are preva- It appears that each operates on the banking prem- lent among banks of such groups. ises of its related bank and has so operated from its The Applicant has met the test on all ten of these inception. points, and since the Board has never required all (4) Do bank employees also operate the insurance these questions to be answered favorably in any given agencies? case, and has found that the prohibitions of Section As to all five agencies, the bank manager of each 4 of the Act did not apply when a substantial number is also the manager of its related insurance agency. of the points were favorable to a given applicant, the The various bank employees perform all the func- application herein should be considered as meeting tions of the insurance agencies. the requirements for exemption from such prohibi- (5) Are the operations of the insurance agencies tions. Likewise it should be considered that the acintimately related to the operations of the banks? tivities of these five insurance agencies, so far as the Over 89 per cent of all the customers of all the present discussion is concerned, are of an insurance insurance agencies are also customers of the related nature, and are so closely related to the business of banks, and at least 44 per cent of all policies they banking, and managing and controlling the involved issue secure related bank loans. Of the policies is- banks, as to be a proper incident thereto such as to sued to nonbanking customers the highest per cent make it unnecessary for the prohibitions of Section 4 of the premiums for the same against total premiums of the Act to apply in order to carry out the purposes for any one of the agencies is 26.44 per cent, and of the Act. they range from that to 1.38 per cent. Thus, it is 2. Consideration must now be given to the second shown that the insurance agencies are intimately re- question appearing near the beginning of this discuslated to the operations of the banks. sion, relative to the rental property owned by the (6) Is a substantial part of the business of each partners in Liberty Insurance Agency, and in which insurance agency done with customers of its related Liberty Corporation proposes to acquire the present bank? interest of the Applicant. As the facts show, the The answer to the foregoing question shows that legal title to this property is held by a trustee but the it is. equitable title is in the partners of Liberty Insurance (7) Is the maintenance of the insurance agency Agency. The Applicant admits this poses a somewhat in each instance deemed of benefit to the operation unusual problem. of its related bank? It would serve no useful purpose to review all the The evidence shows that each of the five agencies facts touching on the necessity for maintaining the is a benefit to the operation of its related bank by ownership of this property as a dwelling for necessary affording insurance for the customers and for the personnel of this insurance agency and its related protection of the bank involved, as insurance is read- bank. The evidence is conclusive that it is most difily available to meet the needs. ficult to obtain adequate management for this agency (8) Are the bank customers required to obtain and its related bank in Chester, Montana, without their insurance needs through the agencies, or do they supplying a home that such person (in this instance do so voluntarily? the number two man of the agency and the bank) The evidence shows positively there is no compul- can rent. The situation also appears to be most difsion practiced on customers of the involved banks to ficult with other of the Applicant's agencies and banks obtain insurance from the related agencies. Insur- as well. The situation is well-established, but the ance is accepted from all other sources. The insur- question is, can it qualify for exemption from the ance is merely available and convenient at the related prohibitions of Section 4 of the Act? Is it so closely agencies, and when customers obtain the same they related to the business of banking or of managing or do so voluntarily. controlling banks as to be a proper incident thereto? (9) Have the banking authorities in the area per- In a recent case (Order dated March 9, 1961), mitted the, practice to continue without objection? Docket No. BHC-57, In Re St. Joseph Agency, Inc., The evidence is to the effect that it has not been the Board, after discussing the insurance activities of the policy of the Office of Superintendent of Banks the Applicant's proposed insurance agency and finding for the State of Montana to object to the operations the same to be a proper incident to banking, had this of insurance agencies in connection with the opera- to say: tions of banks, but it is required that insurance agen- "The other activities of the Applicant present a cies not intermingle their records and transactions different question. The Board has held in Apwith bank records and transactions. Thus it appears plication of Otto Bremer Company, 1959 Federal the practice is permitted without objection from bank- Reserve BULLETIN 892, 894-896, 898-901, that the ing authorities in the area. making of loans under circumstances similar to (10) Is the relationship between the insurance those described in this record, and the buying and agencies and the banks peculiar to banks in holding selling of real estate, are not sufficiently 'closely company groups, or is it prevalent also among non- related' to the business of banking so as to be holding company banks? qualified for exemption from divestiture, and fur- There were 121 banking offices, both holding com- ther, that the nature of these activities precludes pany and nonholding company, in Montana in 1960. a finding that they are a 'proper incident' to that Of these, 30 were holding company banks and 91 business. . . ." nonholding company banks. Out of the total of all banks (121), 83 had related or connected insurance Unquestionably, this same reasoning would apply agencies, and if all 30 holding company banks had to the activity of holding property for rental purposes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN • JULY 1961 as a part of the business of the involved insurance tion, that Board consider the request under Section agency. There is a distinction, however, between the 4(c) (1) of the Act. In this event the Applicant would case at the bar and the St. Joseph and Otto Bremer form a separate Montana corporation which would cases above referred to, or a case of holding property own the dwelling as its sole asset, and stock would be for rental purposes as a part of the business of a bank issued to the partnership owners in proportion to their which comes under the provisions of Section 4 of interest—the Applicant would own twenty-five (25) the Act. In the case herein, we have an existing situ- per cent thereof. ation where the property is held by the partners of The Applicant contends Section 4(c)(l) would an insurance agency, otherwise qualified for exemp- then be applicable, since it provides— tion from the prohibitions of Section 4, not as an in- "(c) The prohibitions in this Section shall not vestment for profit, not as a business enterprise, but apply— merely because it was necessary at the time the arrangement came about, and according to the evidence "(1) to shares owned ... by a bank holding it remains necessary to provide this property as a company in any company engaged solely in ... home which an essential employee of the insurance operating properties used wholly or substantially agency and its related bank can rent. Under such by any bank with respect to which it is a bank circumstances, this would hardly be classed as a busi- holding company in its operations. . . ." ness activity. It contends that shares it would own in this pro- The question then arises, can a distinction be made posed corporation would be in a company engaged between business activities and just ordinary activi- solely in operating property used wholly or substanties? Section 4(c)(6) says all the activities must be tially by the involved bank—it would be used wholly of a financial, fiduciary, or insurance nature as a pre- by this bank and the related insurance agency, and liminary requisite to an exemption. The Applicant since the insurance agency operates largely for the contends that this dwelling is a necessary incident to benefit of the bank and the bank customers, the propthe insurance agency in Chester, Montana, and of erty can thus be considered as used substantially by course its related bank, in the same manner as the the bank. The question therefore becomes, is the ownership of a desk or typewriter for the use of a property used by the bank in its operations? manager would be, and like those articles are essen- It is noted that the Section 4(c)(l) does not tial to the proper operation of this agency, so is the require that the property be necessary to bank operaownership of this home for an employee just as nec- tion, but this certainly should be implied. As it essary. The comparison may seem a little "far- argues with respect to Section 4(c)(6), the Applicant fetched," but the argument appears sound. urges that this particular property is necessary to ob- Again we refer to the primary purpose of the Act, tain essential personnel for the operation of the bank, to remove the potential sources of evil. Engaging and keeping that personnel. The Applicant further in the real estate business, or the business of holding contends that such would not be a potential source property for rent, on the part of a bank holding com- of evil, and points to the fact that any competing nonpany, may well be a source of evil because many holding company bank can readily own a dwelling in temptations could arise that would not be proper in- this manner. It argues that to deprive the Applicant cidents to banking, but surely it was not the intent of such would be to penalize it because its related of the Congress to so limit the operation of a sound bank is in the holding company class. This argument and lawful bank holding company to the extent of can be answered by referring to the fact that the Act prohibiting its ownership of a share in real estate was passed to regulate bank holding companies, not used solely for the purpose of providing a home banks, and certainly not nonholding company banks. which an essential employee can rent. If such be the So the amended application must be considered on case, then it might be questionable if it could own the basis of the property being used for bank operaits own quarters, and certainly it could not rent out tions, and it would impliedly follow that it must be any surplus space. used for necessary bank operations. It is the opinion of the Hearing Examiner that The situation would thus become essentially the Congress invested the Board with the power to use same under Sections 4(c)(l) or 4(c)(6). If the its sound discretion in matters of this nature, keeping property is necessary to bank operation, it would be in mind always the positive prohibitions of the stat- so closely related to the business of banking or of utes, but with the power to do equity and justice in managing or controlling banks as to be a proper inall cases. To deny the Applicant the right to retain cident thereto. Since in the opinion of the Hearing its interest in this property would be to force it to Examiner the holding of the property in question make a substantial sacrifice in divesting itself of such does not constitute an activity of a general business interest. Since it is a minority holder in the partner- nature, and the property is so essential to keeping an ship which holds the property, it might well have to essential employee for the bank and insurance agency sacrifice its interest in the insurance agency as well. involved, it is concluded that the holding of the part- This would hardly be a just requirement of the Ap- nership interest in such property by Liberty Corporaplicant. On the other hand, the Applicant if allowed tion is so closely related to the banking business of to acquire and retain the interest must not broaden Liberty County Bank, and the managing or controlling such activities, and when the opportunity arises, if it of the same, as to be a proper incident thereto. does, should rid itself of its interest in this property. Accordingly, upon the foregoing findings of fact Meanwhile it ought to be allowed to retain its interest and in keeping with my opinion as expressed in the through the transfer of the same to Liberty Corpora- foregoing discussion, I arrive at the following tion in which concern it will be a shareholder. In the event the Board concludes that Section CONCLUSIONS OF LAW 4(c)(6) cannot justify the retention of the property 1. The insurance activities of the following insurin the manner originally prayed for, then Applicant ance agencies as regards each agency with its related requests, by way of oral amendment to its applica- bank— Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 785 (a) Farmers-Merchants Agency, related to banking and managing and controlling said bank as Farmers-Merchants Bank, Rudyard, Montana; to be a proper incident thereto; 4. It is unnecessary for the prohibitions of Section (b) First Insurance Agency, related to First 4 of the Act to apply in order to carry out the pur- State Bank of Chinook, Chinook, Montana; poses of the Act; and (c) Northern Insurance Agency, related to 5. The application herein should be granted. Northern Montana State Bank, Big Sandy, Mon- I therefore make the following tana; (d) Silver Bow Agency, related to Miners RECOMMENDATIONS National Bank of Butte, Butte, Montana; and That the Board of Governors of the Federal Re- (e) Liberty Insurance Agency, related to Lib- serve System— erty County Bank, Chester, Montana— 1. Enter an order determining the issues in this are all of an insurance nature; proceeding in accordance with the findings of fact and conclusions of law made above. 2. So closely related to the banking business of 2. Grant the application of the Applicant, Moneach agency's related bank, and the managing and tana Shares, Incorporated, and determine that shares controlling of these banks as to be a proper incident of stock to be issued to it in two corporations known thereto; as (1) Montana Agencies and (2) Liberty Corpora- 3. The ownership of the partners in Liberty In- tion are exempt from the prohibitions of Section 4 of surance Agency of a piece of real property in Chester, the Bank Holding Company Act of 1956; but, pro- Montana, which said property is rented to an em- vided that this determination be subject to revocation ployee of said insurance agency who is also an em- by the Board if the facts upon which it is made should ployee of the related Liberty County Bank, and used substantially change so as to make the same no longer by this employee as a dwelling, is not an activity of applicable. a business nature for profit, but rather is an activity Dated at Washington, D. C, this the 24th day of of an essential nature to managing Liberty County March, 1961. Bank because of the necessity of providing a home (Signed) EDWARD H. MCMAHAN, for said employee, and as such is closely related to Hearing Examiner, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication July 14 Industrial production and nonagricultural em- slightly further and production of other metals ployment rose further in June and income and and of construction materials continued to rise. consumer buying continued to increase. While Nondurable materials advanced further to a new capital market financing continued in large vol- high as output of textiles, chemicals, and other ume, bank loan demands were moderate. From materials increased. mid-June to mid-July, common stock prices showed little net change. CONSTRUCTION INDUSTRIAL PRODUCTION New construction activity rose slightly further in June and was at a seasonally adjusted annual Industrial production increased further in June rate of $56.5 billion. As in other recent months, to 110 per cent of the 1957 average, from 108 in increases were principally in private residential May, to equal the level in the first half of 1960. and in highway construction. Construction for Output of materials continued to rise faster than business purposes continued to edge down, and final products but remained below the peak in most public categories apart from highways the first quarter of last year. Output of final showed no change or declined. products regained its mid-1960 high. Production of consumer goods rose further in June and was up 7 per cent from the low reached EMPLOYMENT early this year and was slightly above its previous Seasonally adjusted employment in nonfarm high reached in the spring of 1960. Gains were establishments rose sharply in June. Gains were widespread among both durable and non-durable widespread, and for nonmanufacturing industries goods, and were again substantial for autos and employment rose to a new high. In manufacturtelevision and radio sets. In business equipment ing, employment also increased but was still below industries output of commercial machinery rose the level attained early last year. Average hours to a new high and production of other equipment of work at factories again increased and were changed little. Output of iron and steel increased slightly higher than a year ago. Unemployment rose 800,000 reflecting mainly the large influx of INDUSTRIAL PRODUCTION teen-agers into the labor force at the end of the 1957 = 100 school year; unemployment among adult males declined. The seasonally adjusted unemployment rate remained just under 7 per cent. DISTRIBUTION Sales of retail stores, which advanced 1 per cent in May, rose 1 per cent further in June. At department stores, sales rose to the highest level of the year. Deliveries of new autos remained at the improved level reached in May. AGRICULTURE 1959 1961 Based on July 1 conditions, crop production Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for June. was officially forecast at 112 per cent of the 786 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 787 1947-49 average, down 7 per cent from the record $590 million and their borrowings from the Fedof 1960. Acreage planted was reduced 5.3 per eral Reserve about $55 million over the four cent, owing chiefly to diversion of acreage under weeks ending July 12. Both excess reserves and the Feed Grain Program. Drought in some areas borrowings were little changed from the preceding caused more acreage abandonment than last year four-week period. Required reserves rose in midso that acreage for harvest was down 6.5 per cent. June but subsequently declined somewhat. Be- The corn crop is forecast at 3.2 billion bushels, tween mid-June and mid-July reserves were ab- 18 per cent below 1960, while the winter wheat sorbed principally by an outflow of currency and crop of 1.1 billion bushels is slightly larger than were supplied through Federal Reserve purchases last year and second only to the crop of 1958. of U. S. Government securities. Gold stock also increased. COMMODITY PRICES SECURITY MARKETS The wholesale commodity price index was relatively stable in late June and early July. New security financing by corporations re- Prices of steel scrap, copper, and other sensitive mained in large volume in June, and yields on these securities continued to advance in late June industrial materials, which turned up early this and early July. Yields on long-term Government year have changed little since May. Wholesale bonds also rose somewhat further from mid-June prices of meats also have changed little, following to mid-July while yields on other Treasury issues substantial decreases through the spring; supplies, and on State and local government bonds showed particularly of pork, have declined seasonally. little net change. On July 11, the Treasury auctioned $2.0 billion of one-year bills at an average BANK CREDIT AND RESERVES discount rate of 2.908 per cent. On July 13 the Treasury announced that it will refund $12.5 Total commercial bank credit rose more than billion of securities maturing from August 1 to $1 billion further in June reflecting increases in October 1 by offering holders the right to convert both loans and holdings of securities. The aver- into three new issues—a 15 Vi -month note yielding age money supply, seasonally adjusted, increased 3x/4 per cent, a 3-year note yielding 33A per cent, slightly after showing no change in May. Time and a 634-year bond yielding 3.98 per cent—and deposits rose further. that it will auction $3.5 billion of tax anticipation Member bank excess reserves averaged about bills. RETAIL TRADE 1947 - 49 = 100 Federal Reserve indexes, seasonally adjusted; retail sales Bureau of Labor Statistics Indexes. Monthly figures; latest based on Department of Commerce data. Monthly figures; shown: May for consumer prices, and June for wholesale latest for stocks is May, for other series, June. prices. 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 790 Reserve Bank discount rates; margin requirements; reserve requirements 794 Federal Reserve Banks 795 Currency in circulation, money supply; bank debits. 798 All banks: consolidated statement of monetary system; deposits and currency 800 All banks, by classes 801 Commercial banks, by classes 804 Weekly reporting member banks 806 Business loans 809 Interest rates 810 Security prices; stock market credit; open market paper 811 Savings institutions 812 Federal finance 814 Security issues 819 Business finance 821 Real estate credit 823 Short- and intermediate-term consumer credit 826 Industrial production 830 Selected indexes on business activity 836 Construction 836 Employment and earnings 838 Department stores 840 Foreign trade 841 Wholesale and consumer prices 842 National product and income series 844 Flow of funds, saving, and investment 846 Weekly reporting member banks, 1959-61 848 Index to statistical tables 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. 789 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves 3 U. S. Govt. securities ury Cur- Treas- with F. R. Banks Period cur- rency ury Other or Dis- Gold rency in cash F.R. date Held counts To- stock out- cir- hold- ac- Bought under and Float1 tal* stand- cula- ings counts With Cur- Total out- repur- ad- ing tion Treas- For- Other 1 Total F.R. rency right chase vances ury eign Banks and agree- coin ment Arerages of daily figures 1929 June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June 1 933 1 933 250 1? 2,208 4 030 7 795 5455 272 81 164 350 2,211 1939 Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941 Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23 708 23 708 381 65? 24,744 ?0 047 4 78 457 2 269 625 1,247 493 16,027 16,077 1947 Dec 21,905 21,905 268 68172,858 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 ?7 879 4 679 ?7 806 1 290 615 920 353 739 17,391 17,391 1951 Dec 23 409 23 310 99 657 1 375 25 446 483 4 701 79 139 1 280 271 571 764 796 20,310 310 1952—Dec 24 400 23 876 524 1 633 1 ?67 27,299 23*?76 4 806 30 494 1 271 569 745 790 832 21,180 ?1, 180 1953 Dec 25 639 25 218 421 448 018 27 107 22'07 R ,1885 30 968 767 602 466 390 908 19 920 19,9?0 1954—Dec 24,'917 24,888 29 407 99226,317 711 4,982 749 805 443 439 365 929 19,279 19,279 1955—Dec 24 602 24 318 284 840 1 38926,853 ?!' 689 5,008 3i' ?65 111 434 459 394 983 19,240 19,740 1956—Dec 24 765 24 498 267 706 1 633 27 156 71 947 5 064 31 775 772 463 372 747 998 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 49628 412 70 563 730 37 371 691 470 262 337 1 174 18 899 18899 1959 June 25,963 25,949 14 938 00927,937 20 030 5,278 31,813 632 495 277 359 1,219 18,451 18,451 Dec 27,036 26,993 43 911 142629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,932 18,628 304 1960 June .... 26 124 26 118 6 425 1 15927,737 19 343 5 353 31976 414 496 221 381 994 18,294 18,001 293 July 26,619 26 521 98 388 1 14028,176 19 ?45 5 357 37,174 406 492 213 375 910 18,518 18,708 310 AUK .... 26 983 26 768 215 293 894 28,206 19 057 5 364 37 091 403 490 202 377 948 18,501 18.111 390 Sept 26,653 26 546 107 233 1 16828,088 18 870 5 374 3?,151 400 516 216 390 962 18,570 17,697 873 Oct 27,056 26,929 127 170 1 7,7528,490 18 571 5 38? 37,183 406 488 226 405 891 18,733 843 890 Nov 27 871 27 542 329 160 1 15629,241 18 058 5 391 3? 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 26,942 26,862 80 58 431 28,484 17 567 5 401 3? ?65 411 482 239 399 941 19,315 16 715 2,600 Feb 26,829 26,630 199 146 1 28,145 17 40? 5 404 31 841 422 521 189 39? 1,054 18,964 16 53? 2,432 Mar 26 831 26 826 80 1 071 28,030 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 14027,925 17 389 414 31 913 408 422 207 316 987 18,884 16 474 2,410 May 26 747 26 722 25 101 1 11928,007 17 397 5 475 011 420 463 205 7Q ^ 1,017 18,856 470 2,436 June 26,935 26 927 8 66 1 765 28,304 17 475 5 437 37 746 411 515 205 750 1,038^19,035 16 547 *2,488 Week ending— 1960 May 4 25,660 25,557 103 552 958 27,199 19 360 5 347 31 606 414 567 184 311 855 18,243 17 968 275 11 25 868 25 616 252 549 9?4 27,371 19 359 5 348 31 773 419 504 184 314 854 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 19 353 350 31 684 415 547 202 ?90 1,034 18,168 17 868 300 June 1 25 968 25 941 27 436 9?4 27,358 19 357 5 349 31 8P 414 468 206 3?1 1 033 18,121 17 806 315 8 26,134 26 118 16 400 993 27,557 19,35? 5 350 31 917 424 445 199 343 1,034 18,153 17 897 256 15 26,176 26,176 375 1,029 27,609 19,351 5,353 31 976 415 490 206 365 1,001 18,156 17859 297 22 26,011 26,011 550 1,50528,096 19,346 5,354 31927 412 550 225 398 970 18,602 18315 287 29 26,129 26,129 412 1,16827,739 19,325 5,356 31 867 406 505 249 415 971 18,342 18007 335 July 6 26,553 26,491 62 440 1,039 28,063 19,322 5,356 32,155 406 517 226 398 958 18,320 18079 241 13 26 613 26,517 96 341 1,133 28,115 19,?8? 5 356 37 361 406 422 214 374 935 18,349 18041 308 20 26,556 26,416 140 429 1,47328,437 19 5,357 3?,199 409 548 209 374 884 18,761 18 47? 339 27 .. . 26,599 26,522 77 351 1,085 28,063 19il91 5,357 32,041 405 488 202 371 884 18,552 18,219 333 Aug 3 .... 26 930 26 760 170 315 87728,151 19,147 5 358 37 046 408 466 221 358 884 18,591 18,77? 319 10 27,099 26,806 293 293 87? 28,246 19,098 5,359 3? 404 452 192 363 884 18,525 18,779 246 17 27,041 26,812 229 416 976 28,469 19,039 5,363 3?,184 409 555 190 386 904 18,564 18 743 321 24 26 992 26,772 220 193 ,014 28,245 19,0?6 5 366 37 087 400 485 195 380 1,016 18,404 18,075 329 31 26,788 26,682 106 273 788 27 882 19,006 5 370 31,980 395 487 225 384 1,014 18,466 17,77? 694 Sept 7 26,784 26,640 144 262 861 27,941 18 999 5 377 37 174 399 477 233 411 1,011 18,358 17,607 751 14 26,649 26,524 125 301 1,05228,035 18,975 5,374 32,291 401 465 204 373 974 18,581 17,676 905 21 26 541 26,495 46 86 1,5?728,189 18 87R 5 376 37 171 403 551 224 379 936 18,635 17,779 906 28 26,539 26,456 83 244 1,74? 28,059 18,731 5 375 37 004 399 579 200 378 934 18,609 17,671 938 Oct 5 27,028 26,836 192 219 1 096 28,385 18,671 5 377 37 049 403 467 213 443 936 18,759 17,9?? 837 12 27,268 27,136 13? 168 1,038 28,517 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 5 387 37 304 413 489 215 393 864 18,839 17,909 930 26 26,760 26,681 79 262 1,354 28,415 18,55? 5 32 403 546 257 373 862 18,729 17,789 940 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 791 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves3 U. S. Govt. securities ury Cur- Treas- with F. R. Banks cur- rency ury Other Period Dis- Gold rency in cash F. R. d o a r te Total B o o u u t g - ht c v o a a a u n n d n c - d t e s s Float1 t T a o l - 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 Tr u e r a y s- F e o ig r- n Other i co a u c n - ts Total B F W a . n i R t k h . s r C a e u n n r d c - y right coin Averages of daily figures Week ending— 1960 Nov. 2 27,313 26,946 367 211 1,098 28,662 18,405 5,387 32,104 403 442 254 456 865 18,873 17,931 942 9 28,015 27,439 576 158 928 29,154 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 1,073 18,761 17,839 922 30 27,623 27,607 16 121 228 29,022 17,957 5,392 32,640 414 460 258 387 1,071 19,678 17,141 2,537 Dec. 7 27,421 27,421 67 1,05728,594 17,974 5,391 32,722 413 473 253 474 1,066 18,916 16,558 2,358 14 27,381 27,381 76 I',272 28,77818,083 5,396 33,038 410 522 237 680 1,037 18,932 16,334 2,598 21 27,034 27,010 24 80 2,151 29,316 17,957 5,396 33,174 414 592 246 443 1,018 19,460 16,782 2,678 28 27,074 26,946 128 56 2,150 29,336 17,882 5,398 33,195 401 522 260 391 1,019 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 ,523 28,450 17,490 5,402 31,964 417 507 245 392 942 19,467 16,875 2,592 Feb. 1 26,600 26,58: 18 75 ,13127,853 17,441 5,402 31,776 422 510 227 393 951 18,963 16,417 2,546 8 26,860 26,672 188 188 ,05328,148 17,429 5,403 31,805 413 523 196 383 1,018 18,948 16,641 2,307 15 27,007 26,653 354 202 829 28,086 17,410 5,404 31,930 417 526 185 401 1,022 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 1,093 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 1,093 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 1,087 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 1,057 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 1,035 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 1,032 18,793 16,342 2,451 Apr-ii::::: 2 26 6 , , 8 8 6 7 8 0 2 2 6 6, , 8 8 3 5 6 4 3 1 4 4 1 5 1 9 5 , 9 0 4 0 2 4 2 2 7 7 , , 9 9 7 7 3 8 1 1 7 7 , , 3 3 8 8 9 8 5 5, , 4 4 1 1 1 0 3 3 2 1, , 9 0 0 0 3 7 4 4 0 0 6 4 4 3 2 9 9 8 2 2 5 1 0 2 3 3 8 1 8 0 1 1 , , 0 02 1 8 4 1 1 8 8 , , 7 78 0 2 2 1 1 6 6 , , 3 4 6 2 9 9 2 2 , , 3 3 3 5 3 3 19 26,601 26,591 10 52 ,310 28,009 17,390 5,414 31,980 411 424 172 309 966 19,026 16,552 2,474 26 26,389 26,389 42 ,279 27,755 17,390 5,417 31,807 414 374 194 298 963 19,018 16,511 2,507 May 3 26,69! 26,69: 66 1,066 27,868 17,390 5,420 31,842 408 572 221 298 962 18,808 16,373 2,435 10 26,801 26,792 70 1,00327,914 17,390 5,422 31,968 420 396 204 304 961 18,754 16,474 2,280 17 26,725 26,683 179 1,23728,180 17,395 5,424 32,081 424 550 206 304 984 18,909 16,451 2,458 24 26,653 26,598 71 1,30828,070 17,403 5,426 32,001 420 483 201 280 1,075 18,917 16,440 2, All 31 26,802 26,799 97 965 27,904 17,402 5,428 '32,058 '416 374 211 275 1,073 18,872 16,329 2,543 June 7 27,061 27,041 66 1,010 28,175 17,410 5,429 32,198 425 473 198 239 1,071 18,804 16,410 2,394 14 26,946 26,946 75 1,118 28,177 17,449 5,433 32,299 410 480 203 242 1,043 18,844 16,382 2,462 21 26,848 26,845 44 1,556 28,486 17,487 5,433 32,247 410 481 193 233 1,021^19,296 16,820*>2,476 28 26,820 26,817 84 1,37928,319 17,533 5,434 32,201 404 624 221 259 1,023^19,103 16,553 2550 End of month 1961 Apr.. 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 May. 26,887 26,886 111 77127,806 17,403 5,431 32,197 408 372 210 277 1,071 18,807 16,107 2,700 June. T7,253 27,253 36 1,17128,496^17,550*>5,433^32,395 408 220 350 1,004^19,366 16,716 *"2,650 Wednesday 1961 May 3. 26,781 26,781 76 96827,865 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 1.21128,697 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 1,073 19,127 16,386 2,741 31. 26,887 26,886 1 111 77127,806 17,403 5,431 32,197 408 372 210 277 1,071 18,807 16,107 2,700 June 7 7,179 27,179 65 86928,150 17,428 5,429 32,270 417 420 227 246 1,068 18,950 16,359 2,591 14 !6,845 26,845 63 1,18728,132 17,476 5,434 32,271 417 565 202 241 1,007 19,096 16,339 2,757 21 16,865 26,845 20 81 1,290 28,273 17,526 5,433 32,211 409 563 176 293 1,020^19,318 16,560*2,758 28 16,774 26,774 86 1,09327,988 17,550 5,433 32,268 410 649 200 318 1,022*>18,935 16,105*>2,830 Preliminary. r Revised. 3 Beginning with Nov. 24, 1960, all currency and coin held by member i 1 FFF I iiiV gg lUuu iA r U e X s Ul J* b ebggiignn ing J. W w V 1 i JV th U, 1960 reflect a minor cchagneg ei inc oconcnecpept of ~ Ug^ bbU aal n lkU kk ll s g aW al lwlt l l o l w Ll^dK e J d Y * a **' s ) r X e S\ s J\ e J9r v all; e s Wd; Uu 1 di1gV u U r V i / ntChg IJLJU . . t ph ^V7re XAi * p dU e V r 1U i oDU d J U D iV e l1U c U . V 1l 19, 5199N59 -No2v.3 2 31, 9169060, float. For explanation, see the BULLETIN for February 1961, p. 164. only part of such holdings were allowed. , , , 2 Includes industrial loans and acceptances, when held. For holdings and coin are estimated. Monthly averages of currency of acceptances on Wednesday and end-of-month dates, see subsequent 4 Less than $500,000. tables on Federal Reserve Banks. (Industrial loan program discontinued Aug. 21, 1959.) See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. In millions of dollars] All member banks Central reserve city banks—New York Central reserve city banks—Chicago Bor- Bor- Bor- Period s T h e e r o r e l v t - d a e i l s s q e u R r r v i e e r - e - e s d 2 s E e x r r c v e- e e s s s 3 F r i o n . a w g t R s - . se F r r r v e e - e e s 3 s T h e e r o r e l v t - d a e i l s s q e u R r r i v e e r - e - e s d 2 s E e x r r c v e e - e s s s 3 F r i o . n a w g t R - s . se F r r r v e e - e e s 3 s T h e e r o r e l v t - d a e i l s s q e u R r r i 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 Banks * Banks 4 Banks* 1929—June 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 1 63 -62 1933 June 52,160 1,797 363 184 179 861 792 69 69 211 133 78 n a n.a. 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 n.a. n.a. 1,141 601 540 n a n.a. !94l_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 -144 919 Q74 14 14 1947 Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 I 011 13 6 7 1950 Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1951 Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 I 353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 I 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 I 210 -1 15 -16 1955 Dec .. . 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 [,166 1,164 2 85 -83 1956 Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957 Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958 Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 -80 1,077 070 7 39 —31 1959 June . . 18,451 18,043 408 921 -513 3,933 3,926 7 22 -15 1,009 1,006 3 66 -63 Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 [,038 1,038 104 -104 I960 June 18,294 17,828 466 425 41 3 852 3,819 33 17 16 987 988 — 1 58 -59 July 18,518 18,010 508 388 120 3,864 3,853 11 14 3 1,020 [,010 10 49 -39 AUK 18 501 17 961 540 293 247 3 780 3 780 27 -27 I 027 I 024 3 41 -38 Sept 18,570 17,931 639 225 414 3 773 3,755 18 20 1,014 I 011 3 8 -5 Oct 18,733 18,095 638 149 489 3,788 3,765 22 13 9 1,011 .007 4 6 -2 Nov 19,004 18,248 756 142 614 3 770 3,718 52 18 34 006 998 8 12 -4 Dec 19,283 18,514 769 87 682 3,687 3,658 29 19 10 958 953 4 8 -4 1961 Jan 19 315 18 570 745 49 696 3 693 3 667 26 26 963 959 4 4 Feb 18,964 18,310 654 137 517 3,632 3,598 34 8 26 954 948 7 36 -29 Mar 18,809 18,263 546 70 476 3 623 3,613 10 1 9 946 936 9 8 1 Apr 18,884 18,266 618 56 562 3,649 3,588 62 2 60 923 927 -4 -4 May 18,856 18,307 549 96 453 3,576 3,581 -5 17 -22 953 945 8 3 5 June P19,035 *>18,428 63 *>544 ^3,658 HO P970 *>964 "5 Week ending— I960—June 1 18,121 17,683 438 436 2 3,825 3,772 52 52 988 977 11 3 8 8 18,153 17,691 462 400 62 3,755 3,752 4 4 974 974 14 -13 15 18,156 17,731 425 374 51 3,795 3,788 7 1 6 982 979 3 50 -47 22 18,602 18,045 557 550 7 3,894 3,880 13 73 -60 1,003 1,003 152 -152 29 18,342 17,856 486 412 74 3,915 3,842 73 73 1,008 995 13 31 -19 1961— Jan. 4 19,944 18,930 1,014 176 838 3,840 3,821 19 71 -52 985 985 42 -42 11 19 226 18 654 572 51 521 3 676 3 670 6 6 972 965 8 8 18 19,292 18,500 792 35 757 3,625 3,611 15 948 945 3 i 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 3 957 960 -2 8 -10 8 18,948 18,380 568 179 389 3,637 3,628 9 10 -1 956 951 6 28 -22 15 18,844 18,202 642 193 449 3,578 3,548 31 12 19 939 937 2 81 -79 22 19,045 18,320 725 107 618 3,616 3,597 20 6 13 967 954 13 27 -14 Mar. 1 19,014 18,335 679 50 629 3 670 3,613 57 57 950 948 2 4 2 8 18,671 18,244 427 94 333 3,582 3,572 11 1 945 943 2 12 -11 15 18,827 18,192 635 49 586 3,636 3,592 44 44 927 929 -1 -2 22 18,955 18,451 504 52 452 3 693 3,669 25 25 959 951 8 7 29 18,793 18,193 600 78 522 3,633 3,620 13 13 936 930 6 21 -16 Apr. 5 18,702 18,167 535 107 428 3 647 3,613 35 35 935 914 22 3 19 18,782 18,201 581 52 529 3,545 3,552 -7 6 -13 929 927 3 2 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 18 -27 933 935 -2 1 -3 17 18,909 18,307 602 173 429 3,585 3,578 8 51 -43 944 939 5 10 -6 24 18,917 18,352 565 66 499 3,603 3,583 20 8 953 950 3 2 1 31 18,872 18,257 615 92 523 3,601 3,556 46 46 954 952 2 2 June 7.... 18,804 18,233 571 62 509 3,597 3,573 24 24 955 950 5 2 2 14 18,844 18,215 629 71 558 3,638 3,582 55 55 948 942 6 1 5 21 ^19,296P18,750 "546 42 ^504 3 785 3 767 18 18 993 995 -2 -2 28 P612 81 3,725 3,687 37 37 984 969 16 16 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 793 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period re T h s e o e l r t d v a i 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 o k R a w s . * t - res F e r r e v e es 3 re T h s e o e l r t d v a i l es R re e s q e u rv ir e e s d 2 re E s x e c rv es e s s3 B B in F o a g . r n r s k o R a s w . * t - res F e r r e v e es3 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941_Dec 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945_Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947_Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 89 507 1952—Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954_Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 299 -203 5,859 5,371 488 144 344 1957—Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—June 7,744 7,705 39 574 -536 5,765 5,406 359 259 101 Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960—June 7,540 7,496 44 164 -120 5,915 5,525 390 186 204 July 7,647 7,599 48 176 -128 5,987 5,548 439 149 290 Aug 7,654 7,607 47 109 -62 6,041 5,550 491 116 375 Sept 7,662 7,595 68 112 -44 6,120 5,569 551 85 466 Oct 7,761 7,696 65 67 2 6,173 5,626 546 63 483 Nov 7,854 7,761 94 56 38 6,374 5,771 602 56 546 Dec 7,950 7,851 100 20 80 6,689 6,053 636 40 596 1961—Jan 7,960 7,859 101 14 87 6,699 6,085 614 31 583 Feb.« 7,810 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 7,780 7,726 54 36 18 6,547 6,055 491 40 451 June "7,823 ^7,739 17 *>6,543 ^6,067 H16 45 Week ending— I960—June 1 7,531 7,442 142 -53 5,779 5,492 286 291 -5 8 7,470 7,443 27 198 -171 5,952 5,522 431 188 242 15 7,481 7,440 41 129 -88 5,897 5,523 374 194 181 22 7,645 7,606 38 196 -158 6,060 5,555 505 129 376 29 7,612 7,506 106 155 -49 5,808 5,513 294 226 68 1961—Jan. 4 8,135 8,007 128 44 84 6,984 6,118 867 19 849 II 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 1 8 5 7 7 , , 7 7 7 1 1 7 7 7 , , 7 6 3 5 5 0 6 3 7 6 2 3 1 1 5 6 6 , , 3 54 7 7 2 6 5 , , 0 9 2 9 1 4 3 52 7 5 8 2 5 8 0 4 3 9 2 7 8 22 7,829 7,773 56 18 47 6,473 6,057 416 34 382 29 7,710 7,644 65 20 38 6,513 5,998 516 37 479 45 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 6,585 6,079 506 22 484 31 7,783 7,697 86 21 65 6,534 6,052 482 71 411 June 7 7,711 7,659 53 20 32 6,541 6,051 490 40 450 14 7,755 7,649 106 21 85 6,503 6,042 461 49 411 21 7,907 7,873 33 17 16 ^6,610 ^6,114 *496 25 P471 7,881 7,769 112 13 99 ^6,514 2>6,066 P446 68 P378 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 I960 are estimated. and coin held by member banks allowed as reserves; during the period * 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

794 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- A o d b v li a g n a c t e io s n s s e c a u n r d ed d i b sc y o G un o t v s e o rn f m an en d t Other secured advances t b i o o a b n n l s i k g s o a t t s i h e o e c n r u s r th e o d a f n t b h y m e e d U m ir . e b c S e t r . Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous June 30 beginning— rate June 30 beginning— rate June 30 beginning— rate Boston Aug. 23,1960 IB 3% Aug. 23,1960 4 Aug. 23,1960 N Ph ew ila Y de o l r p k hia... A Au u g g . . 1 19 2 , ,1 1 9 9 6 6 0 0 IB IB A A u u g g . . 1 1 9 2 , ,1 1 9 96 6 0 0 4 4 1 % /2 A J u un g. e 1 1 9 0 , ,1 1 9 96 6 0 0 Cleveland Aug. 12,1960 Aug. 12,1960 4% Aug. 12,1960 Richmond Aug. 12,1960 Aug. 12,1960 Aug. 12,1960 A Ch tl i a c n a t g a o A A u u g g . . 1 1 9 6 , , 1 1 9 9 6 6 0 0 I \I A A u u g g . . 1 1 6 9 , , 1 1 9 9 6 6 0 0 4 41 * /2 A J u un g. e 1 1 6 0 , , 1 1 9 9 6 6 0 0 St. Louis Aug. 19,1960 Aug. 19,1960 Aug. 19,1960 Minneapolis... Aug. 15,1960 3% Aug. 15,1960 4 Aug. 15,1960 D K a a l n l s a a s s City... A Se u p g t . . 1 9 2 , , 1 1 9 9 6 6 0 0 3J/2 3 3 % % A Se u p g t . . 1 9 2 , , 1 1 9 9 6 6 0 0 4 4 1/2 A Se u p g t . . 1 9 2 , ,1 1 9 9 6 6 0 0 San Francisco. Sept. 2,1960 31/! 3% Sept. 2,1960 4V2 June 3,1960 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES 1 MARGIN REQUIREMENTS 1 [Per cent per annum] [Per cent of market value] Range F. R. Range F. R. Aug. 5, Oct. 16, Effec- Date (or level)— Bank Date (or level)— Bank Prescribed in accordance with 1958- 1958- tive effective all F. R. of effective all F. R. of Securities Exchange Act of 1934 Oct. 15, July 27, July 28, Banks N. Y. Banks N. Y. 1958 1960 1960 1948 1957 Regulation T: Jan. 1 1 2 9. . . . . . 1 WA -WA 1 IV 1 A 4 Aug. 2 9 3 .. . . . 3 -3i/2 3 31/2 Fo d r e e a x le te rs n s o io n n l s i st o e f d c s r e e c d u it r i b ti y es brokers and 70 90 70 Aug. 13. .. WA-WI iB Nov. 15... 3 —3Vi 3 For short sales 70 90 70 23... 1% Dec. 2... 3 3 Regulation U: For loans by banks on stocks 70 90 70 1950 1958 Aug. 21... 1 Vi— 1*4 1*4 Jan. 22... 2*4-3 3 25. .. 1*4 1*4 24... 2*4-3 2*4 1 Regulations T and U limit the amount of credit that fnay be extended Mar. 7... 214-3 214 on a security by prescribing a maximum loan value, which is a specified 1953 13... 214-2*4 21/4 percentage of its market value at the time of extension: margin require- Jan. 16... 1*4-2 2 21... 214 214 ments are the difference between the market value (100%) and the maxi- 23. .. 2 Apr. 18. .. 1*4-214 1*4 mum loan value. May 9... 1*4 1*4 1954 Aug. 15... 1*4-2 1*4 Feb. 5... 1*4-2 1*4 Sept. 12... 1*4-2 2 15. .. 1*4 1*4 23... 2 2 Apr. 14. .. 11/2-1*4 1*4 Oct. 24... 2 -21/2 2 MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS 16... WI-WA 11/2 Nov. 7... 21/2 21/2 May 21... 11/2 [Per cent per annum] t Q^Q 1955 Mar. 6... 21/2-3 3 Apr. 14... l Vi~ l *4 lJ/2 16... 3 3 Nov. 1, Feb. 1, Jan. 1, Effec- May 1 2 5 ... 1 V 1 i * — 4 1*4 1 1* * 4 4 J M u a n v e 1 2 2 9 . . . .. . 3 -31/2 3 3 V 1/ 4 2 Type of deposit Ja 1 n 9 . 3 3 3- 1, D 1 e 9 c. 3 5 3 - 1, D 1 ec 9 . 3 6 3 - 1, Ja t n iv . e 1, Aug. 4... 1*4-214 1*4 Sept. 11... 31/2-4 4 1935 1935 1956 1957 1*4-214 18... 4 4 n'.'.'. 2 -2VA 2 Sept. 9... 2 -214 214 1960 Savings deposits 3 21/2 21/2 3 13... 214 214 June 3... 31/2-4 4 Nov. 18. .. 214-21/2 21/2 10... 31/2^4 31/2 Postal savings deposits 3 21/2 21/2 3 23. .. 21/2 21/2 14... 31/2 Aug. 12. .. 3 — 3V2 3 Other time deposits payable: 1956 Sept. 9... 3 3 In 6 months or more 3 IB 3 Apr. 13. .. 21/2-3 2*4 In 90 days to 6 months. . . 3 21/2 2% 20. .. 2*4-3 2*4 1961 In less than 90 days 3 Aug. 24... 3 In effect 21/2 31. .. 3 3 June 30... 3 3 NOTE.—Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. 1 Under Sees. 13 and 13a (as described in table above). For data for Under this Regulation the rate payable by a member bank may not in any 1941-47, See the BULLETIN for January 1959, p. 76. event exceed the maximum rate payable by State banks or trust companies NOTE.—The rate charged by the Federal Reserve Bank of New York on like deposits under the laws of the State in which the member bank is on repurchase contracts against U. S. Govt. securities was the same as located. Effective Feb. 1, 1936, maximum rates that may be paid by its discount rate except in the following periods (rates in percentages): insured nonmember commercial banks, as established by the F.D.I.C., 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, have been the same as those in effect for member banks. 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31- Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; and June 29, 2.75. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 795 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 c ti 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 r r d 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 May 17, 1961 In effect Dec. 31, 1945.. 20 20 14 6 6 Gross demand: Total 122,107 24,305 5,911 47,645 44,246 1948 Feb. 27 22 Interbank 13,602 4,422 1,181 6,582 1,416 June 11 24 U. S. Government. 2,962 557 158 1,168 1,080 Sept. 16, 24* 26 22 16 7i/2 Other 105,542 19,326 4,571 39,895 41,750 1949—May 1,5* , 24 21 15 Net demand 2 102,143 19,856 5,106 39,452 37,728 J A u u n g e . 30 1 , , J 1 u 1 ly * 1 .. * .. . WA 2 \ 0 VA 1 1 4 3 6 5 6 D Ti e m m e and balances due 62,939 6,321 1,837 24,462 30,318 Aug. 16, 18*.... 12 5 from domestic banks. 6,831 120 104 2,032 4,575 A Se u p g t . . 25 1 gv* if4 C B u al r a r n en ce c s y a w nd it h c oi F n . R. 2,420 168 30 751 1,472 1951—Jan. 11, 16*.... 13 6 6 Banks 16,452 3,442 908 7,029 5,073 1 1 9 9 5 5 3 4 — — J J J J u a u u n l l n y y . e 2 2 1 5 9 1 6 , , , , F A 2 9 e u * 4 b g . * . 1 . . 1 * . . . * 2 2 2 2 3 4 2 1 2 1 1 1 0 9 9 8 1 1 1 4 3 2 5 5 To E R ta x e l c q e u re s i s r s e e d rves held 1 1 8 8 , , 3 8 5 0 6 7 3 9 2 3 3 , , 5 6 9 1 1 2 0 8 9 93 3 4 8 4 7 7 , , 7 7 8 3 4 0 3 7 6 6, , 5 5 0 0 4 4 2 5 3 20 1958—Feb. 27, Mar. 1* 191/2 171/2 IH/2 Four weeks ending June 14, 1961 Mar. 20, Apr. 1 * 19 17 11 Apr. 17 I8I/2 Gross demand: Apr. 24 18 I6I/2 Total 120,923 23,935 5,995 46,860 44,132 1960—Sept. 1 171/2 Interbank 13,410 4,339 1,200 6,474 1,397 Nov 24 12 U. S. Government. 3,728 661 196 1,441 1,430 Dec. 1 I6I/2 Other 103,785 18,936 4,600 38,944 41,305 Net demand2 101,648 19,676 5,181 39,048 37,743 In effect July 1, 1961. .. I6I/2 16i/2 12 5 5 D Ti e m m e and balances due 63,815 6,536 1,870 24,867 30,542 from domestic banks. 6,659 108 101 1,957 4,492 Present legal require- Currency and coin 2,469 171 32 771 1,496 ments : Balances with F. R. Minimum 2 10 10 7 3 3 Banks 16,390 3,439 921 6,985 5,045 Maximum 2 22 2 22 14 6 6 Total reserves held 18,859 3,610 953 7,756 6,541 Required 18,264 3,573 948 7,686 6,056 Excess 595 37 5 70 485 * 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 1961 1961 1960 June 28 June 21 June 14 June 7 May 31 June May June Discounts and advances- -total. . 86 81 63 65 111 36 111 258 Within 15 days 82 79 62 62 108 32 108 245 16 days to 90 days... 4 2 3 3 4 3 13 91 days to 1 year Acceptances—total. . 35 37 37 37 37 36 37 30 Within 15 days.... 9 8 10 9 10 8 10 8 16 days to 90 days. 26 29 27 28 27 28 27 22 U. S. Government securities—total. 26,774 26,865 26,845 27,179 26,887 27,253 26,887 26,523 Within 15 days 308 369 266 307 393 341 393 445 16 days to 90 days 6,222 6,238 6,270 6,569 6,314 6,503 6,314 6,622 91 days to 1 year 7,710 7,724 7,455 7,449 7,442 7,834 7,442 12,320 Over 1 year to 5 years 10,240 10,240 10,560 10,560 10,471 10,268 10,471 5,687 Over 5 years to 10 years 2,135 2,135 2,135 2,135 2,116 2,141 2,116 1,178 Over 10 years 159 159 159 159 151 166 151 271 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

796 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 1961 1961 1960 June 28 June 21 June 14 June 7 May 31 June May June Assets Gold certificate account 16,198 16,173 16,126 16,080 16,061 16,213 16,061 18,094 Redemption fund for F. R. notes.. 1,043 1,047 1,048 1,046 1,034 1,043 1,034 935 Total gold certificate reserves. 17,241 17,220 17,174 17,126 17,095 17,256 17,095 19,029 Cash 375 376 378 370 374 378 374 369 Discounts and advances: For member banks 84 79 61 62 107 35 107 258 Ac F c o e r p t n a o nc n e m s— em B H b o e e u l r d g b h u a t n n d o k e u s r , t r e r ig e tc p h u t rchase agreement. 3 2 5 3 2 7 3 2 7 37 3 3 4 7 36 1 3 4 7 3*6" U. S. Government securities: Bought outright: Bills 2,455 2,526 2,526 2,829 2,651 2,840 2,651 2,471 Certificates—Special Other 6,500 6,500 6,500 6,517 6,517 6,511 6,517 8,507 Notes 14,585 14,585 14,585 14,599 14,548 14,634 14,548 13,010 Bonds 3,234 3,234 3,234 3,234 3,170 3,268 3,170 2,484 Total bought outright 26,774 26,845 26,845 27,179 26,886 27,253 26,886 26,472 Held under repurchase agreement. 20 1 51 Total U. S. Government securities. 26,774 26,865 26,845 27,179 26,887 27,253 26,887 26,523 Total loans and securities 26,895 26,983 26,945 27,281 27,035 27,325 27,035 26,811 Cash items in process of collection. 4,441 5,645 5,124 4,054 3,666 4,000 3,666 4,148 Bank premises 111 111 111 108 108 111 108 105 Other assets 252 238 239 223 204 260 204 248 Total assets. 49,315 50,573 49,971 49,162 48,482 49,330 48,482 50,710 Liabilities Federal Reserve notes 27,310 27,257 27,330 27,326 27,238 27,432 27,238 27,180 Deposits: Member bank reserves 16,105 16,560 16,339 16,359 16,107 16,716 16,107 17,941 U. S. Treasurer—general account. 649 563 565 420 372 408 372 504 Foreign 200 176 202 227 210 220 210 254 Other 318 293 241 246 277 350 277 427 Total deposits. 17,272 17,592 17,347 17,252 16,966 17,694 16,966 19,126 Deferred availability cash items 3,348 4,355 3,937 3,185 2,895 2,829 2,895 3,090 Other liabilities and accrued dividends *. 53 52 54 49 47 39 47 38 Total liabilities 47,983 49,256 48,668 47,812 47,146 47,994 47,146 49,434 Capital Accounts Capital paid in 424 423 423 423 423 425 423 400 Surplus 817 817 817 817 817 817 817 775 Other capital accounts. 91 77 63 110 96 94 96 101 Total liabilities and capital accounts 49,315 50,573 49,971 49,162 48,482 49,330 48,482 50,710 Contingent liability on acceptances purchased for foreign correspondents 156 156 157 160 166 156 166 182 U. S. Government securities held in custody for foreign account 5,802 5,635 5,577 5,668 5,637 5,723 5,637 4,977 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank). . 28,934 28,947 28,937 28,843 28,809 28,960 28,809 28,394 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 20 15 9 8 11 7 11 90 U. S. Government securities 21,235 21,235 21,235 21,210 21,210 21,235 21,210 19,145 Total collateral. 30,230 30,225 30,219 30,193 30,196 30,217 30,196 29,800 1 No accrued dividends at end-of-June dates. dated statement, see the BULLETIN for February 1961, p. 164. For reserve NOTE.—For explanation of adjustments in preparing this consoli- ratios see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 797 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 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 c S i r s a a c n n o - Assets Gold certificate account 16,213 759 4,209 943 1,339 963 770 2,823 663 296 712 650 2,086 Redemption fund for F. R. notes. 1,043 64 242 65 89 86 62 184 44 26 47 32 102 Total gold certificate reserves 17,256 823 4,451 1,008 1,428 1,049 832 3,007 707 322 759 682 2,188 F. R. notes of other Banks. 346 103 20 21 23J 20 34 Other cash 378 69 17 38 19 67 53 Discounts and advances: Secured by U. S. Govt securities. 0) 0) Other 0) 0) 0) C1) Acceptances: Bought outright 36 Held under repurchase agreement. U. S. Govt. securities: Bought outright 27,253 1,451 6,740 1,574 2,311 1,725 1,498 4,657 1,097 637 1,188 1,107 3,268 Held under repurchase agreement. Total loans and securities 27,325 1,452 6,777 1,576 2,311 1,730 1,512 4,664 1,098 638 1,192 1,107 3,268 Cash items in process of collection.. 5,002 355 1,072 304 400 378 363 803 203 149 238 208 529 Bank premises 111 4 9 4 8 6 13 24 7 5 6 14 11 Other assets... 260 14 63 14 23 16 15 45 10 6 12 11 31 Total assets. 50,678 2,685 12,544 2,943 4,229 3,221 2,818 8,630 2,054 1,145 2,234 2,061 6,114 Liabilities Federal Reserve notes 27,778 1,624 6,399 1,826 2,487 2,150 1,588 5,154 1,190 586 1,153 831 2,790 Deposits: Member bank reserves 16,716 631 4,642 759 1,241 667 817 2,574 619 395 813 940 2,618 U. S. Treasurer—general account.. 408 18 108 20 18 32 28 26 31 11 19 28 69 Foreign 220 10 71 12 19 11 29 7 5 9 12 25 Other 350 1 301 1 '2 1 1 1 C1) 1 1 38 Total deposits 17,694 660 5,122 793 1,279 711! 857 2,630 658 411 842 981 2,750 Deferred availability cash items. 3,831 334 647 245 337 296 298 648 160 116 181 174 395 Other liabilities 39 3 10 2 3 2 2 7 1 1 2 5 Total liabilities. 49,342 2,621 12,178 2,866 4,106 3,159 2,745 8,439 2,009 1,114 2,178 1,987 5,940 Capital Accounts Capital paid in 425 117 19! 60 56 Surplus 817 229 37| 116 100 Other capital accounts. 94 20 6! 15 18 Total liabilities and capital accounts.. 50,678 2,685 12,544 2,943 4,229 3,221 2,818 8,630 2,054 1,145 2,234 2,061 6,114 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): June 30, 1961 37.9 36.0 38.6 38.5 37.9 36.7 34.01 38.6 38.3 32.3 38.0 37.6 39.5 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 June 30, 1960... 40.8 39.2 44.4 39.8 39.5 37. 35.61 40.8 38.9 32.8 36.8 38.1 43.5 Contingent liability on acceptances purchased for foreign correspondents 156 43 15 22 19 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) ... 28,960 1,655 6,778 1,885 2,632 2,229 1,648 5,237 1,234 668 1,186 887 2,921 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 7 2 1 4 U. S. Govt. securities. 21,235 1,275 5,100 1,325 1,880 1,585 1,200 3,800 935 510 900 625 2,100 Total collateral 30,217 1,750 7,100 1,977 2,750 2,255 1,675 5,500 1,316 690 1,204 900 3,100 1 Less than $500,000. 3 After deducting $113,000,000 participations of other Federal Reserve 2 After deducting $149,000,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

798 CURRENCY DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by U. S. Treasury. In millions of dollars] Total Coin and smalldenomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 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 I960—May 31,879 22,809 2,324 1,440 83 2,138 6,561 10,263 9,070 2,718 5,767 252 324 3 5 June 32 065 22,970 2,338 1,440 84 2 141 6 604 10 363 9 095 2 737 5 774 252 323 3 5 July 32,039 22,946 2,345 1,428 84 2,124 6,567 10,398 9,094 2,739 5,776 250 320 3 5 Aug 32,027 22,912 2,364 1,426 85 2,113 6,525 10,399 9,115 2,738 5,800 250 319 3 5 Sept 32,022 22,900 2,375 1,444 85 2,133 6,542 10,320 9,122 2,728 5,818 249 319 3 5 Oct 32,144 22,996 2,390 1,457 84 2 147 6 557 10 362 9 148 2 731 5 844 248 317 3 5 Nov 32,632 23,410 2,417 1,487 86 2,191 6,683 10,545 9,222 2,762 5,888 248 317 3 5 Dec 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961—Jan 31,776 22 580 2,391 1,439 86 2 120 6 409 10 135 9 196 2 752 5 875 247 314 3 5 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 May 32,197 23,042 2,445 1,465 87 2,156 6,584 10,305 9,154 2,741 5,852 244 309 3 6 i Outside Treasury and Federal Reserve Banks. Prior to 1955 the currency shown by denomination by amounts of unassorted currency totals shown 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 circulation1 Total out- Held by Kind of currency s M ta 1 a n 9 y d 6 3 i 1 n 1 g , A g a s o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F a F a . n n o R d r k . s a B F g a a . e n n n R d k t . s s M 1 a 9 y 6 1 31, Ap 1 r 9 . 6 3 1 0, M 1 a 9 y 6 3 0 1, certificates agents Gold 17,403 17,125 2 278 Gold certificates 17 125 14,279 2,816 30 30 30 Federal Reserve notes 28,809 84 1,568 27,157 26,878 26,916 Treasury currency total 5,431 3 2,375 46 375 5,010 4,923 4,933 Standard silver dollars 488 124 28 9 326 323 303 Silver bullion 2,252 2,252 Silver certificates and Treasury notes of 1890.... 3 2 376 276 2,101 2,044 2,133 Subsidiary silver coin 1,606 11 56 1,538 1,518 1,475 Minor coin 592 2 9 581 576 546 United States notes 347 5 24 317 314 319 Federal Reserve Bank notes 93 (4) 1 92 93 101 National Bank notes 55 54 54 56 Total May 31 1961 19,501 408 14,279 4,759 32,197 Apr. 30, 1961 19,497 399 14,273 4,900 31,830 May 31 1960 21,476 412 16,243 4,455 31,879 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. 791. 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 799 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 posits l rency posits ! mand Govt. rency posits 1 Govt. 1960 1960—May 1.. 140.2 29.0 111.2 139.0 28.8 110.2 91.2 54.4 5.4 2.. 139.6 29.0 110.6 137.0 28.7 108.3 89.7 54.5 6.2 June 1. 136.9 28.7 108.2 54.6 6.3 June 1.. 139.4 28.9 110.5 138.2 28.9 109.2 90.4 54.7 5.3 8. 137.5 29.0 108.5 54.7 5.8 2.. 139.4 28.9 110.5 137.9 28.8 109.0 90.4 55.0 6.2 15. 139.0 28.9 110.1 54.7 4.6 22. 138.3 28.9 109.4 54.9 6.3 July 1.. 139.6 28.9 110.6 138.1 29.2 108.9 90.0 55.4 5.9 29. 138.6 28.7 108.8 55.1 5.9 2.. 139.7 29.0 110.7 139.3 29.0 110.3 91.4 55.7 6.2 Aug. 1.. 139.7 29.0 110.7 139.6 29.2 110.4 91.4 55.9 5.5 1961 2.. 139.8 28.8 111.0 138.2 28.9 109.3 90.6 56.5 5.4 Sept. 1.. 140.3 29.0 111.3 139.8 29.2 110.7 91.6 56.8 3.9 Feb. 1. 143.0 28.4 114.6 59.4 3.4 2.. 140.5 28.9 111.6 139.6 28.9 110.7 91.5 57.0 5.8 8. 142.2 28.7 113.5 60.2 3.8 15. 141.6 28.7 113.0 60.4 3.3 Oct. 1.. 140.0 29.0 111.0 139.8 29.2 110.6 91.3 57.3 5.4 22. 139.7 28.6 111.1 60.5 5.2 2.. 141.2 29.0 112.2 141.4 29.0 112.4 92.6 57.5 4.8 Mar. 1. 139.5 28.4 111.1 60.8 5.1 Nov. 1.. 140.6 29.0 111.6 141.7 29.2 112.4 92.5 57.6 5.2 8. 139.7 28.8 110.9 61.2 4.7 2.. 139.9 29.0 110.9 141.2 29.3 111.9 92.0 57.5 5.2 15. 140.7 28.7 112.0 61.4 3.2 Dec. 1. . 140.3 28.9 111.4 143.2 29.5 113.7 93.8 57.8 3.6 22. 140.6 28.7 111.9 61.4 4.7 2.. 140.5 29.0 111.5 144.4 29.6 114.8 94.7 58.3 4.7 29. 139.6 28.5 111.1 61.6 4.1 Apr. 5. 139.7 28.8 110.9 61.9 4.0 1961—Jan. 1.. 140.2 28.9 111.3 144.0 29.1 114.9 94.6 58.9 4.1 12. 141.2 28.8 112.3 62.1 2.8 2.. 141.0 29.0 112.0 143.4 28.5 114.8 94.8 59.2 3.1 19. 142.8 28.7 114.1 62.3 1.8 Feb. 1.. 141.3 28.9 112.4 142.0 28.6 113.3 93.5 60.2 3.5 26. 142.4 28.5 114.0 62.4 1.6 2.. 141.1 28.9 112.1 139.6 28.5 111.1 91.7 60.6 5.1 May 3. 141.6 28.6 113.1 62.8 2.9 Mar. 1. . 141.1 29.0 112.1 140.1 28.7 111.5 92.2 61.2 4.0 10. 140.8 28.9 112.0 63.2 3.5 2.. 142.0 29.0 113.0 140.0 28.6 111.4 92.3 61.6 4.4 17. 140.3 28.8 111.5 63.3 3.9 24. 139.0 28.7 110.3 63.6 5.1 Apr. 1.. 141.8 29.0 112.8 140.9 28.8 112.1 92.7 62.1 3.0 31. 139.2 28.6 110.6 63.7 4.4 2.. 142.2 29.0 113.2 142.4 28.6 113.9 94.3 62.5 2.0 June 7. 140.2 29.0 111.3 63.9 3.5 May 1.. 142.0 29.0 113.0 140.8 28.8 112.0 92.5 63.2 3.5 14. 141.9 29.0 112.9 64.0 1.9 141.9 28.9 113.0 139.3 28.6 110.6 91.4 63.6 '4.6 21. 141.4 28.9 112.5 64.1 5.1 June 1.. 142.4 28.9 113.5 141.1 29.0 112.1 92.6 64.0 2.9 28. 139.6 28.8 110.8 64.3 5.1 2*. 141.9 29.0 112.9 140.3 28.9 111.5 92.1 64.3 5.2 Preliminary. 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 Year or month All Leading centers 337 other •Leading centers 337 other reporting reporting reporting centers NewYork 6 others1 centers 2 New York 6 others1 centers 2 Unadj. Adj. | Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1953. 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954. 1,887,366 738,925 390,066 758 375 42 3 25.8 19.2 1955. 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956. 2,200,643 815,856 462,859 921 928 45.8 28.8 21.8 1957. 2,356 768 888,455 489 311 979 002 49 5 30.4 23 0 1958. 2,439,754 958,721 487,432 993,600 53.6 30.0 22.9 1959. 2,679.167 1,023,605 545,258 1 110 304 56 4 32.5 24.5 1960. 2,838 754 1,102 850 577 606 1 158 298 60 0 34 8 25 7 I960 Tnnft 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 25.7 241,771 99 947 92,435 50 1?7 49 474 99 036 99 862 65 5 59 8 36 7 34.7 26.6 26.0 Sept 240,772 103,832 97,162 48,974 47,909 96,224 95,700 68.5 65.9 35.8 35.5 26.0 26.2 Oct 233,131 91,870 89,905 48,084 47,567 95,418 95,659 60.0 59.2 34.9 34.7 25.5 25.7 Nov 235,100 98,791 91,020 49,017 47 577 98 306 96 503 63 5 61 3 35.8 34.9 26.2 26.2 Dec . . . 256,905 88,381 101,551 47,871 52,313 94,687 103,041 57.8 64.4 34.3 36.5 25.1 26.6 1961-—Jan '257,809 97,520 104,473 51,046 52,382 '97,596 '100,955 63.0 65.5 36.5 36.3 25.7 25.9 Feb '222,804 98.?69 89,831 50,1Q9 44 861 '97 810 '88 112 63 7 61 4 35 8 33 5 25 7 24 4 Mar '265,541 101,454 110,455 49,484 53,354 '98,544 '101,732 67.1 69.9 35.4 38.1 26.2 26.1 Apr '241,062 103,451 101,151 51,281 48,529 '97,435 '91,382 68.0 67.8 36.9 37.1 25.7 25.0 May '268,910 in 337 111,463 53,180 53 782 '102 95^ '103 665 74 6 72 0 38 0 37 8 26 9 26 8 June . 272,083 103,829 113,228 52,317 54,303 101,770 104,552 70.6 75.6 ^37.9 P26.1 p 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

800 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM * [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Date Gold T s r t o c e r u i a n u n e u r n g a r c y t d - - s y - - Total Lo n a e n t s, Tot U al . S. G m o C a v e o n r e m c d r i n a - m l en R t F e e o s d b e e r l r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l n T a i i a n a p t o e n i b e i e t t d t t i a - s a l l - l, c d u e T r a p r o n o e t d s n a i l c t y s C co m a a n a u p n i c e n s i - d t c t t a s . l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1958—Dec. 31. 20,534 5,234 249,082 121,602 101,207 73,641 26,347 1,219 26,273 274,850 252,022 22,829 1959—Dec. 31. 19,456 5,311 255,435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 1960—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 31* 17,400 5,400 267,200 144,100 95,500 67,800 26,900 800 27,700 290,100 261,600 28,500 June 28^ 17,600 5,400 268,900 145,100 95,800 68,300 26,800 800 28,000 291,900 264,000 27,900 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series* For- Date p b e o n d a i s e g e n i - t n t k s, T h c i u r o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c n m t d k i g a - s s l B F a . A n R t ks . Total Total m T b C e i a m o r n c m e k ia s - l de M b p sa a o u v n s t i k i u ii t n s a s _g 2 l 3 s S S P l; y a o s v s t i t e n a m g l s p m o D d s a e e i n - t - d s4 b r C o s e a i n u 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 e s t e n - i e - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29.. 365 204 381 36 54, 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40, 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63; 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 76; 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 i5o; 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31.. 1,682 1,336 1,452 870 170; 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,40026,100 1950—Dec. 30.. 2,518 1,293 2,989 668 176; 59,247 36,314 20,009 2,923 92,272 25,398 114,600 90,00024,600 1958—Dec. 31.. 3,870 683 4,558 358 242; 98,306 63,166 34,006 1,13411155,507 28,740 138,800 110,700 28,100 1959—Dec. 31.. 3,203 391 5,319 504 101,779 65,884 34,947 948115,402 29,422 140,200 112,00028,200 246; I960—June 15.. 2,744 421 6,657 535 103,056 66,906 35,301 849110,024 28,544 () () June 29.. 2,900 400 7,300 500 241 103,700 67,400 35,400 800107,800 28,300 138,000 90028,100 July 27.. 2,800 400 6,500 500 239; 104,200 67,900 35,500 800110,100 28,400 138,600 110,300 28,300 Aug. 31.. 3,000 400 5,700 500 242; 105,200 68,900 35,600 800108,900 28,500 138,600 110,30028,300 Sept. 28.. 2,900 400 7,700 600 242; 106,000 69,400 35,800 800109,300 28,300 138,500 110,30028,200 N Oc o t v . . 2 3 6 0 . .. . 3 3 , , 1 1 0 0 0 0 4 4 0 0 0 0 6 5 , , 2 6 0 0 0 0 5 5 0 0 0 0 2 2 4 4 3 7 ; ; 1 1 0 0 6 6 , , 7 7 0 0 0 0 7 7 0 0 , , 0 00 0 0 0 3 3 5 5 , , 9 9 0 0 0 0 8 8 0 0 0 0 1 1 1 1 2 1 , , 2 9 0 0 0 0 2 2 8 8 , , 7 3 0 0 0 0 1 1 3 3 9 8 , , 9 8 0 0 0 0 1 n 1 o 1 , , 6 5 0 0 0 0 2 2 8 8 , , 2 4 0 0 0 0 Dec. 31.. 3,184 377 6,193 485 247; 108,468 71,380 36,318 770115,102 29,356 139,200 111,00028,200 252; 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 28,200 139,400 110,90028,500 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 31* 1,100 400 5,100 400 254,600115,600 77,800 37,000 700110,600 28,400 140,800 112,30028,500 June 28*>, 1,300 400 5,900 600 255,700116,600 78,600 37,300 700110,800 28,300 141,000 112,700 28,300 » 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. * 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 801 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c c b T o a i a l a l u o p i i n c a t n i t - d i t a - e t a l s s l 3 Total2 m D I a n e n t - e d rba T n i k m 2 e U.S D . ema O O n t t d h h e e r r 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 o u n e f m r ks - Govt. All banks? 1941—Dec. 31 61,126 26,615 25, ,999 27.344 90,908 81 10,982 44,355 26,479 23 8,41414,826 1 1 9 9 4 4 5 7 — — D D e e c c . . 3 3 1 14.... 1 1 4 3 0 4 , , 2 9 2 2 7 4 4 3 3 0 , , 0 3 0 6 2 21 8 0 1 1 , , 199 , ,7 5 2 7 3 7 3 3 5 8, 14 3 1 8 5 8 1 17 7 5 7 , , 0 3 9 3 1 2 1 1 6 61 5 ,86512,7 1 9 4 3 ,065 240 1, 11 3 0V 4 J5 6 ,,9 9 3 4 5 ,381 4 5 5 3 , , 6 1 1 0 3 5 22 6 7 6 1 1 1 0 , , 9 5 4 4 8 2 1 1 4 4 , , 5 7 5 1 3 4 1 1 9 9 5 5 8 9 — — D D e e c c . . 3 3 1 1 2 2 2 2 1 7 , , 4 8 8 3 5 1 1 1 2 3 1 5 , , 5 9 7 5 1 8 7 6 3 5 , , 6 8 4 0 1 126,0 2 7 7 1 3 5 49 0 ;9 2 1 9 1 6 2 2 7 8 6 3 ;4 6 3 2 0 9 2 2 5 5 0 4 ;0 8 5 8 7 51 1 5 5, , 799 2 1 , , 3 44 7 3 4 4 5 , , 2 0 5 5 3 4 6 1 2 3 2 2 1 9 0 7 1 , , 4 1 9 1 8 6 62 8 4 1 2 2 1 2 , ,/ 7 9 0 1 5 5. 1 13 4 , , 9 0 9 2 1 0 1960—June 29 227,200140,990 60.760 25450 43710 276710 244,470 13 1,440 7,060 570 103,100 2,170 23,770 111444,,000000000 Sept. 28 232,100142,180 64 i190 25,730 44500 282710 249,330 13 1,670 7^390 121 130 105,470 2,050 24,230 1144,,000"0 Oct. 26 234,520141,720 66!790 26;010 45850 286550 252.510 14 1,690 5,970 124450 106,220 2,480 24,370 13,9 Nov. 30 234,510142,090 66!560 25;860 46; 880 287650 254;200 15 1,740 5,360125 290 106.210 1,330 24,,"5"9"013,985 Dec. 31 238,623144,764 67;242 26;,617 53022 298126 266;196 17 1,800 5,949133,408107,959 167 24,,53913,986 1961—Jan. 25 236,450141,590 68;320 26,540 44,610 287400 255;050 1,800 3,320 126,380 108,530 600 24,,68013,986 Mar. If.... 238,960144,240 67;840 26,880 46,260 291510 257;430 1,800 5.830 125,120110,260 1,860 24,,79013,978 Mar. 29*.... 238,000144,290 66;240 27,470 42,890 287500 253;340 1,820 4,160 122,200111,500 1,880 24,,80013,977 Apr. 26*.... 239,630144,950 67;100 27;,580 44200 290370 256;350 1,900 2,010 126,690112,250 1,750 24,,:80013,974 May 31*.... 241,110145,600 67 800 27,710 44920 292620 258160 430 4,790 124,260115,180 1,690 25,,07013,975 June 28*> 242,660146,400 68,250 28,010 44420 293760 259,52013, 430 5,630 123,560116,220 1,40025,25013,975 13,979 All commercial banks: 1941—Dec. 31 21,714 21,808 225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945_Dec. 31 26,083 90,606 33134,806160,312150,227 14,065 105,921 30,241 219 8,95014,011 1947—Dec. 314 38,057 69,221 ,006 37502155,377144,10312,792 240 1,343 9.4 ,.36735,360 6510,05914,181 1958—Dec. 31 98,214 66,376 20,575 48;990 238651216,01715,799 2,372 4,250 130104 63,493 7318,48613,501 1959—Dec. 31 110,832 58,93720,50149467 244;686 21990315,649 1,441 5,050 131593 66,169 61519,55613,474 I960—June 29 114,840 54,21019850 42880 237;040209;01013,300 1,440 7,060 119540 67,670 2,170 2028013,485 Sept. 28 115,430 57,690 20,150 43710 242;530 213.520 13;670 1,670 7,390 121 100 69,690 2,050 2066013,485 Oct. 26 114,790 60,390 20,400 45100 246;290 216;580 14,180 1,690 5,970 124420 70,320 2,480 2081013,474 Nov. 30 115,010 60,180 20,300 46110 247;290 218;230 15; 600 1,740 5,360 125260 70,270 1,330 2100013,470 Dec. 31 117,642 61,00320,864 52150 257;552 229; ,079 1,799 5,945 379 71,641 163 2098613,472 1961—Jan. 25 114,210 61,880 20,930 43810 246;590 218;530 15,020 1,800 3,320 350 72,040 600 2110013,472 Mar. If.... 116,720 61,310 21,270 45430 250;430 220;76014,.420 1,800 5,830 090 73,620 1,860 21 17013,464 Mar. 29^.... 116,640 59,670 21,680 42040 246;020 216;33013,660 1,820 4,160 122170 74,520 1,880 21,17013,463 Apr. 26^ 117,180 60,740 21,800 43400 249;040 219;39013,500 1,900 2,010 126660 75,320 1,750 21,20013,460 May 31*\... 117,600 61,450 21,,900 44090251;030 221;09013, 430 4,790 124230 78,140 1,690 21,42013,461 June 28? 118,200 61,950 22.170 43,540 251950 222;20013; 430 5,630 123530 78,930 1,400 21,56013,465 All member banks: 1941—Dec. 31 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 ,709 136 12,347 5A 6,619 1945—Dec. 31 107,183 22,775 78,338 ,070 29; 138,304129,670 13,576 64 22,179 640 24,210 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 304 32; 132,060122,52812,353 50 ,176 609 28,340 54 8,464 6,923 1958—Dec. 31 154,865 84,061 54,29916504 43;188 202 182,81615,227 2,187 3,822 448 51,132 5415,460 6,312 1959—Dec. 31 157,879 94,779 46,81316287 43;509 205 184,70615,048 ' , 3384,504 989 52,827 58116.264 6,233 1960—June 29 156,593 97,898 42,98015J15 37,977199,243175,20012,775 ,298 6,360100,79053,977 2,06916,822 6,212 Sept. 28 160,282 98,196 46,07316,013 38,686 203 178,95213,105 ,525 6,827101,90555,590 1,99617,114 6,200 Oct. 26 162,042 97,469 48,37916,19439,628 206; 181,06413,601 ,552 5,385104,49856,028 2,42917,239 6,187 Nov. 30 161,997 97,708 48,22416,065 40,384207,455182,55015,014 ,594 4,781 105,128 56,033 1.26917,390 6,178 Dec. 31 165,619 99,933 49,10616, 193,02916,436 ,639 287112,39351,212 13017,398 6,174 1961—Jan. 25 163,240 96,773 49,80616,66138,174206,507182,60314,465 ,636 914105,990 57,598 56317,464 6,164 Mar. If.... 166,016 99,558 49,43817,020 900 211040185,40213,912 ,639 179105,35359,319 1,82517.629 6,160 Mar. 29^. ... 164,875 99,473 48,03017,372 842 207,099181,43713,181 ,664 721 770 60,101 1,82717,651 6,151 Apr. 26".... 166,398 99,913 49,020 ,7 209,737184,11813,007 1,741 ,706 839 60.825 1,72017,683 6,147 May 31P 167,445500 10000,140 49,817 38.735211,580185,72713,025 268 ,198104,69363,543 1,63917,865 6,147 June 28^ 168,675100,603 50,35317,71938,289212,422186,80713,203 273 5.027 104,06764,237 1,35917,963 6,142 All mutual savings banks: 1941_Dec. 31 10,379 4,901 3.704 1,774 793 11,804 10,533 6 10,527 1.241 548 1945_Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947—Dec. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 3| 17,745 1.889 533 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 1960—June 29 38,300 26,150 6,550 5,600 830 39,670 35.460 (5) 35,430 3,490 515 Sept. 28 38,830 26,750 6,500 5,580 790 40,180 35;810 (5) 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 (5) 3,590 515 Dec. 31 39,114 27,122 6,239 5,752 872 40,574 36,353 36,318 3,553 514 1961—Jan. 25 39,430 27,380 6,440 610 800 40,810 36,520 36.490 3,580 514 Mar. If.... 39,660 27,520 6,530 610 830 41,080 36,670 36,640 3,620 514 Mar. 29*.... 40,010 27,650 6,570 790 850 41,480 37,010 36,980 3,630 514 Apr. 26*.... 39,910 27,770 6,360 780 800 41,330 36,960 36,930 3,600 514 May 31*.... 40,160 28,000 6.350 810 830 41,590 37.070 37,040 ( 3,650 514 June 28^ 40,340 28,200 6,300 840 880 41,810 37,320 37,290 (5) 3,690 514 P Preliminary. m • 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

802 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 t a e nk 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 s2 c c b T o a i a l l a u p o i i n c a t n i t d i - t - a e t a s l s l 3 TotaP m D I a n e n t - e d rba T n i k m 2 e U. D S. ema O O n t t d h h e e r r 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. 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—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. It 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 31P 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 June 28*> 28,333 18,295 7,478 2,560 8,253 38,465 31,665 4,144 169 1,080 19,680 6,592 453 3,612 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 2,562 631 158 9,071 8,214 1,357 249 5,136 1,438 3 733 14 1959—Dec. 31 6,885 4,206 1,985 694 ,003 8,967 8,062 1,231 272 5,070 1,468 40 762 14 1960—June 29 6,598 4,342 1,620 636 ,854 8,546 7,474 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 ,040 8,892 7,800 1,359 261 4,629 1,490 93 813 10 Dec. 31 7,050 4,485 1,882 683 ,046 9,219 8,197 1,380 327 4,899 1,530 35 822 10 1961—Jan. 25 6,875 4,195 1,989 691 814 8,809 7,733 1,254 141 4,743 1,532 88 821 10 Mar. If 7,094 4,534 1,886 674 ,894 9,118 7,950 1,221 285 4,665 1,715 138 826 10 J A M M u p n a a r y r e . . 2 2 2 3 9 1 6 8 * * ? ^ > » 7 7 7 6 , , , , 0 0 0 8 5 4 4 3 1 9 7 4 4 4 4 4 , , , , 2 2 4 4 9 7 0 0 1 7 1 3 2 1 1 1 , , , , 9 0 9 6 3 9 8 4 9 4 2 7 7 7 7 7 6 1 0 6 6 0 7 4 , , , , 6 7 8 8 3 3 6 9 5 0 4 7 9 9 8 8 , , , , 0 0 7 8 9 1 4 2 1 8 3 6 7 7 7 7 , , , , 9 6 9 4 7 4 9 3 8 3 4 6 1 1 1 1, , , , 2 1 1 1 0 8 8 6 5 6 8 2 2 2 3 1 5 3 2 9 7 2 6 4 4 4 4 , , , , 5 2 6 7 6 5 2 0 9 6 5 4 1 1 1 1 , , , , 6 8 8 7 8 5 1 8 1 9 7 4 3 7 5 6 1 3 4 2 5 8 8 8 8 4 3 4 2 1 1 2 7 1 1 1 1 0 0 0 0 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 5,910 1177,701 79,781 72,647 7,506 377 1,429 42,2'5"9 ~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—June 29 59,563 39,421 14,846 5,29615,786 77,090 68,028 6,062 241 2,591 37,966 21,168 1,064 6,257 223 Sept. 28 60,790 39,430 16,029 5,33115,801 78,381 69,317 6,509 317 2,500 38,257 21,734 803 6,332 218 Oct. 26 61,805 39,354 17,040 5,41115,998 19,641 70,421 6,774 286 2,062 39,410 21,889 822 6,366 218 Nov. 30 61,625 39,273 16,943 5,40916,649 80,141 71,126 7,433 293 1,867 39,654 21,879 434 6,406 217 Dec. 31 62,953 40,002 17,396 5,55418,668 83,464 75,067 7,989 326 1,960 42,267 22,525 73 6,423 217 1961—Jan. 25 61,879 38,763 17,568 15,789 79,543 70,958 7,020 326 1,085 39,883 22,644 237 6,422 214 Mar. If 63,470 40,282 17,521 16,243 81,632 72,418 6,836 329 2,130 39,488 23,635 577 6,573 213 Mar. 29P 62,559 39,928 16,947 14,891 79,359 70,197 6,316 311 1,474 38,474 23,622 694 6,589 206 Apr. 26? 63,418 39,916 17,805 15,529 80,838 71,556 6,554 341 617 40,077 23,967 879 6,588 205 May 3\P 63,706 40,015 17,876 15,920 81.549 72,113 6,343 60 1,608 39,290 24,812 885 6,640 205 June 28^ 64,082 40,095 18,074 5,91315,755 81,765 72,559 6,495 57 1,989 38,933 25,085 662 6,684 205 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 ,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 ,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 ,578 1,175 42, 34"9 25,137 37 5,685 6,006 1959—Dec. 31 64,082 33,76b 22,535 7,781 14,122 79,567 72,323 ,602 1,508 42,832 26,356 71 6,035 5,938 I960—June 29 65.112 36,075 21.241 7,796 12,564 79,007 71,044 ,223 1,947 40,00321 M 371 6,369 5,962 Sept. 28 66,482 36,691 21,975 7,816 12,740 80,609 72,522 ,349 1,780 40,7-5"0 28,617 203 6,531 5,956 Oct. 26 67,463 36,705 22,811 7,947 13,135 81,967 73,847 ,459 1,788 41,644 28,930 187 6.569 5,944 Nov. 30 67.241 36,433 22,821 7,987 13,315 81,910 73,702 .485 1,698 41,897 28,596 207 6,614 5,936 Dec. 31 67,890 36,981 22,848 8,06014,740 84,126 76,004 ,778 1,783 43,395 29,011 23 6,599 5,932 1961—Jan. 25 67,665 36,428 23,187 8,05013,010 82,107 73,933 ,530 1,099 42,107 29,171 139 6,652 5,925 Mar. It 67,762 36,601 23,056 8,105 13,123 82,290 74,003 ,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 ,361 1,197 40,83730,048 294 6,660 5,920 Apr. 26^ 68,408 37,149 22,945 8,314 12,711 82,513 74,197 ;400 828 41,72230,210 194 6,672 5,917 May 31* 68,937 37,655 22,831 8,451 12,774 83,129 74,624 ,346 1,617 41,13130,493 291 6,754 5,917 June 2SP 69,226 37,936 22,754 8,53612,417 83,149 74,589 .359 1,632 40,88530,676 229 6,825 5,912 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 5 Less than $5 million. Because preliminary data are rounded to the nounced in November 1947 by the Federal bank supervisory agencies. nearest $10 million, no amount is shown except on call dates. At that time a net of 115 noninsured nonmember commercial banks 6 Beginning with February 1960 reserve city banks with total loans and with total loans and investments of about $110 million 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 803 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b io o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c c b T o a i a l a l u o p i i n c a t n t i d i - t a - t e a l s s l 3 Total2 m D I a n e n t - e d rba T n i k m 2 e U. D S e . ma O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N b b a u o n e m f r ks - Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 98425,788 76,!820 69,411 10,654 1,762 41,29815,699 10 6,84413,,.426 1945—Dec. 31 21,809 25,765 88,912 13134,292157,544147,775 13,883 23,740 80,,227766 2299,876 215 8,67113,297 1947—Dec. 31 14,274 37,583 67,941 750 36 926 152733141,85112,615 54 1,325 92,97534,882 61 9,7341133,,398 1957—Dec. 31 68,595 93,430 57,580 17,585 48127 220865199,87615,489 1,264 3,859123,12756,137 66 177,05113,142 1958—Dec. 31 83,596 97,730 65.669 20198 48689 236724214,48515,653 2.209 4.241129,21463,168 6718,1541133!,101 1959—Dec. 31 88,790110,299 58,348 20143 49 158 242,828218,47415,500 1,358 5,037130,720 6655,858 6K0)22 19,20613,107 1960—June 15 88,691114,785 54,366'1"9,540 46,825 240,728212,44213,756 1,324 6,396124,09166,875 2,57319,97813,140 Dec. 31 98,011 117,092 60,468 20,45151,836255i669 228,401 16,921 1,667 5,932132,533 7"1,348 149 20,62813,119 National member banks: 1941—Dec. 31 27,571 11,725 12,039 80614,977 433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 137 20,114 220 84,939 9,229 14,013 45,47316,224 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 178 024 182 82,023 8,375 35 795 53,54119,278 5,409 5,005 1957—Dec. 31 91,201 50,350 31,234 9,61726;786 153109,091 8,958 517 2,166 66,546 3"0,904 9,070 4,620 1958—Dec. 31 99,277 52,627 35.71410.93626,781 397116.714 9,035 767 2.292 69,808 34.812 9,643 4,578 1959—Dec. 31 02,615 59,962 31,76110,892 27464 132,636 119,638 8,947 514 2,742 71,01536,421 340 10,302 4,542 I960—June 15 102,309 62,398 29,29810 614 26 380131 116,178 7,937 472 3,594 67,270 3"6',905 1,49110,686 4,542 Dec. 31 107,546 63,694 32,71211,140 28,675139 124,911 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 2,12510,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1957—Dec. 31 51,152 30,600 15,846 4,70715,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958—Dec. 31 55,588 31,435 18,585 5,56816,407 73,620 66.102 6.192 1,420 1,530 40,640 "1,6320 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 39,974 16,406 240 5,962 1,691 I960—June 15 55,348 35,946 14,228 5,17415,495 72,734 63,341 5,429 833 2,151 38,29616,631 ,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 1"0,873 2,500 6,753 1958—Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,766 12,063 2,696 6,793 1959—Dec. 31 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,732 1:3,059 2,944 6,878 I960—June 15 31,052 16,450 10,848 3,755 4,952 36,582 32,942 389 651 18,52513,357 3,151 6,926 Dec. 31 32,411. 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,140 14,095 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 1,473 468 345 301 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 54' 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 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 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 18,420 11,176 2,81" 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 I960—June 15 32,498 16,972 11,395 4.131 5.251 38.397 34.328 553 141 669 19,31813,648 3.503 7,276 Dec. 31 33,910 17,719 11,904 4,28' 6,396 40,997 36,834 643 160 657 20,98614,388 3,590 7,300 Insured mutual savings banks 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10.351 1,034 192 1947_Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 1212,192 l,25f 194 1957—Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 26 2244,/991 2,308 239 1958—Dec. 31 28,980 19.180 5,215 4,585 75! 30,189 27, IT 2288 2277,,:243 2,473 241 1959—Dec. 31 30,580 20,942 5,016 4,622 686 31,743 28,57' 28 28,,;544 2,654 268 1960—June 15 31,133 21,721 4,743 4,669 624 32.211 28.824 28 28,,'791 2,735 268 Dec. 31 33,794 23,852 4,787 5,155 766 35,092 31,502 29 31,468 2,998 325 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 64: 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 314 5,957 1,384 3,813 760 211 6,215 5,556 5,553 63' 339 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,49" 6.67f 6,671 751 283 t958—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 7.38' 6.511 6,510 730 247 Dec. 31 5,320 3,270 1,453 597 10' 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

804 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Com- Loans for Loans Oblic b o c C m a a l n l a m l k s d e s a r a o c n t i e f d al i l m T n o a v o e a n e n t n d a s t s t l s 2 - Total 2 c o m m c i k l i p n u i n a e e a e g d - r r t l n - - - A c tu a u g r l l r - - i- p o b k a T s r u r e n e o o r r d c c s c - a u h r r a r i y t s T i i i e n n o s g g i T n f o s in ti a tu nc ti i o a T n l o s l R o t e a a e s t n a e - l s O lo v u i d t t a i a n h o i d l n - - e s - s r O lo t a h n e s r To U ta . l S. B G il o ls vern C t m i e fi r e - - nt N ob o l t i e g s atio B n o s nds S p t s a i i t g o u c o o a n a l a b t f n i d - e l t - s - s O s ri e t t h c ie e u s r pa- deal-others banks others diviper ers sions Total: 3 1947_Dec. 31.. 16,284 38,05718,167 1,660 830 1,220 115 9,393 5_,,723 947 69,2212,193 7,789 6,034 53,205 5,276 3,729 1958—Dec. 31.. 85,165 98,214 40^25 4',9732,832 1,829 719 25,,2__5_5 2J00,.i698 3,437 66,3766,294 7,39913,396 39,28716,505 4,070 1959—Dec. 314. 90,270 110,832 40', 174 5,018 _3,,.0_1_8 1,850 819 7,118 28,060 24,166 2,784 58,9376,300 2,42014,856 35,36016,958 3,543 1960—June 15.. 90,137 15,307 41,7755,3632,602 1,739 2,365 7,063 28,353 25,523 2,747 54,9133,593 2,21015,,224 33,88716,7893,127 Dec. 31.. 99,509 17,642 43,125 5,676 3,284 ,833 966 7,106 28,713 26,396 2,90161,0038,072 2,92019,01330,99817,5"7"0 3,294 All insured: 1941—Dec. 31... 49,29021,259 9,2141,450 614 662 40 4,773 4,505 21,046 988 3,15916,899 3,6513,333 1945—Dec. 31... 21,809 2255,765 9,4611,314 3,164 3,606 49 4,677 2,361 1,132 88,9122,455 19,07116,04551,342 3,887733 33,258 1947_Dec. 31.. 14,27437,583 1_.8,,.0_1.2. 1,.610 8231,1"9"0* 114 9,266 5,654 914 67,9412,124 7,552 5,91852,347 5,1293,621 1958—Dec. 31.. 83,596<9 7,. 730 40,,289 4,913 2,7971,810 713 25,14820,589 420 65,6696,159 7,3'6"2 13;240 38,90816,226666 33,932 1959—Dec. 314. 88,790 110,299 40,022 4 2,982 1,827 813 7,105 27,948 24,032 767 58,3486,189 2,404 14,729 35,02716,721 I960—June 15.. 88,691 T114,785 41;625 5,318 2,5841,719 2,360 7,043 28,240 25,387 728 54,3663,527 2,184 15,090 33,566 1^545 2*,994 Dec. 31.. 98,011 117,092 42,957 5,628 3,2471,811 965 7,090 28,602 26,263 883 60,4687,994 2,88418,868 30,722 17,300 3,150 Member, total: 1941—Dec. 31.. 43,521 18021 671 972 594 598 39 3,494 3,653 19,539 971 3,007 115,561 3,090 2,871 1945—Dec. 31.. 07,183 22,775 949 8553,1333,378 47 3,455 1,900 1,057 78; 2,275 16,98514,271^44,807 3, ,815 1947—Dec. 31.. 97,846 32 628 962 ,046 8111,065 113 7,130 4,662 839 57; 1,987 5,816 4,815 45";,295 4, ,105 1958—Dec. 31.. 54,86584,061 444 3052 2,730 ,599 710 20,01317,028 3,21154,2994,644 6,1431I1V,,1 17 32,,;39613,405 3,100 1959—Dec. 314. 57,879 94779 36,826 3116 2,885 ,587 811 6,80122,18519,877 2,603 46; 4,612 1,881122 11,604 28,78513,677 2,610 I960—June 15.. 57,657 98 344 38,204 3 2,469 ,488 2,309 6,"7*3'6 22,309 20,932 2,550 43; 2,521 1,58311,959 27,46313, ,315 Dec. 31.. 165,61999,933 39,288 509 3,124 ,564 947 6,726 22518 21,622 2,694 49; 6,402 2,29615,072 25,33514,1412,439 1961—Apr. 12.. 165,48199,50438,821 709 2,3081,582 1,929 5,427 22716 22,107 3,003 48 5,216 1,68115,93325,50215,,2-8-4 "2 361 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 2871 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.. 25,11'418,35010,499 1,463 366 1,050 1,886 870 1,821 795 5,384 681 369 1,546 2,788 1,722 319 Dec. 31.. 27,72618,46510,876 101,574 399 500 1,799 868 1,930 940 6,980 1,422 578 1,708 3,272 1,964 317 1961—Apr. 12.. 26,90217,67810,707 1,179 372 508 1,348 856 1.950 1,190 6,419 804 515 1,676 3,424 2,497 308 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 10 161 357 210 2,562 232 361 522 ',446 491 140 1959—Dec. 314. 6,885 4,206 2,527 268 124 33 588 183 435 148 1,985 108 78 467 ,332 562 133 I960—June 15.. 6,707 4,386 2,716 187 123 93 581 183 396 211 1,664 46 42 480 ,096 564 93 Dec. 31.. 7,050 4,485 2,690 322 134 67 564 196 421 197 1,882 132 37 663 ,050 607 76 1961—Apr. 12.. 6,871 4,532 2,627| 218 131 184 479 193 586 206 1,569 154 20 537 857 693 77 Reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,503 17 1,459 855 387 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 1,342 ,053 1958—Dec. 31.. 60,55834,00315,808 669 518 851 191 8,405 6,930 1,30120,6451,293 2,370 4,49712,484 4,864 1,047 1959—Dec. 314. 61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 980 17,2921,484 645 4,10911,054 4,830 813 I960—June 15.. 59,75039,53415,778 805 511 713 924 3,184 9,036 8,430 892 14,921 464 365 4,00610,086 4,623 672 Dec. 31.. 62,95340,002 1166,223 887 719 739 351 3,216 9,005 8,7211 909117,3962,031 794 5,461 9,111 4,817 738 1961—Apr. 12.. 63,20340,02715.910 946 553 712 930 2,650 9,106 9,030! 959 17,4621,747 566 6,086 9,064 5,052 661 Country: 1941—Dec. 31.. 12,518 5,890 1,676 20 183 2 . 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 42 471 4 . 1.881J 707i 359 26,;999 630 5,102 4,544 16,722 1,342 1,067 1 1 9 9 5 4 8 7 — _D D e e c c . . 3 3 1 1 . . . . 6 3 1 6 , , 5 3 1 2 1 4 3 10 0 0, , 1 2 9 5 9 7 8 3 , ,0 0 9 8 6 0 2,3 . 6 . 8 . 2 2 9 3 4 2 26 2 8 7 6 5 . 1 3 0 , ,8 8 0 2 6 7 8 1 , ,. 2 9 7 3 9 9! p 7 2 7 2 9 4 2 2 2 3 1 , , 6 8 0 5 6 7 2,4 4 7 8 5 0 2 2 , , 5 3 8 0 3 6 4 2 , , 4 1 9 0 5 8 1 1 7 4 , , 6 3 8 3 7 0 6 2 , , 1 0 8 0 1 6 1 1 , , 2 4 6 6 2 7 1959—Dec. 31 4. 64,08233,766 8.498 2,321 298 284 11 1,05611,816 9" ,4'9"1"! 664433 22,5352,381 863 5,751 13,540 6,452 1,330 I960—June 15.. 65,42736,074 9,212 2,465 308 286 242 1,08512,22010,286' 652 21,5561,329 807 5,92813,493 6,565 1,232 Dec. 31.. 67,89036,981 9.499 2,589 508 293 29 1,14712,44910,550 647 22,8482,817 888 7,240 11,903 6, 752' 1,308 1961—Apr. 12.. 68,50537,267 9,577 2,714 359 367 307 950 12,56110,540 648 22,88:2,511 580 7,635 12,156 7,042 1,315 Nonmember:3 1947—Dec. 31. 18,454 5,432 1,205 614 20 156 2,266 1,061 10911,318 206 1,973 1,219 7,920 1,078 625 1958—Dec. 31. 30,32714,165 2,981 1,921 102 230 5,256 3,671 22612,0881,651 1,255 2,280 6,901 3,102 971 1959—Dec. 314. 32,41916,068 3,348 1,902 133 263 317 5,888 4,289 18112,1341,689 608 3,254 6,584 3,283 934 1960—June 15. 32,49816,972 3,571 2,066 134 251 327 6,053 4,591 19711,395 ,073 627 3,265 6,429 3,317 814 Dec. 31. 33,91017,719 3,838 2,167 161 269 379 6,205 4,774 20711,904 ,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. data for banks in U. S. possessions except for member banks. During 2 Beginning with June 30, 1948, figures for various loan items are 1941 three mutual savings banks became members of the Federal Reserve shown gross (i.e., before deduction of valuation reserves); they do not System; these banks (two beginning with June 1960) are included in add to the total and are not entirely comparable with prior figures. Total 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 805 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits u _ i\.e- Bal- Dec b c o C a a m l n l a l k m s d s a e a o n r t c f e d ial F B s s w e e R e a d r r i n e v e t v - h k e r e s s al v C a i a n u s l h t b m a a w d n e n i o c s k t e t - h s i s c 6ju p m s o a d t a e d s e n d i - - t d s 7 m D e I s n d o t t - e i e c p r 6 o b s a i n ] t F e s k i o g r n - G U o . v S t. . p v s S o i u a t l s a i b n i t o t d i d e c n i s a - s l c C c h o a f e e i f e n e f r r c i d t s d - k i ' - s, p a v n s a p i I d h d r n o t u i d r n c p a a i e 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 d t S s a - t . l s v S p u i i t s o b c a i l a o d t i e l n t i - s - s p a v n a s p I i h r d d n o t i u d n r c p a a i o e s - - l r , r s - - , r B i o n o w g r s - - c C o a t a u a c p - l n i t - s etc. tions tions 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 ,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 ,436 6,414 10,753 3,701 110,429 1,446 259 3,616 63,2902,59020,331 Dec. 31.... 16,720 3,346 13,681115,120 15,453 ,627 5,945 11,674 4,602 117,103 1,799 262 4,544 66,836 16320,986 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1958—Dec. 31.... 18,427 3,227 12,353114,645 14,025 [,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 6718,154 1959—Dec. 31.... 17,931 2,990 11,969114,563 13,825 ,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 1,400 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 1,582 5,932 11,582 4,564 116,388 1,667 262 4,481 66,605 14920,628 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1958—Dec. 31.... 18,428 2,441 7,977 96,218 13,614 1,613 3,822 8,603 3,712 98,133 2,187 300 2,829 48,004 5415,460 1959—Dec. 31.... 17,932 2,222 7,532 95,274 13,389 1,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 58116,264 I960—June 15.... 17,918 2,427 6,913 91,042 11,980 ,387 5,745 8,304 3,366 93,896 1,305 234 2,768 50,5342,50316,829 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 13017,398 1961—Apr. 12.... 16,188 2,708 7,095 95,377 12,767 941 1,909 8,442 3,175 95,880 253 250 4,008 57,7501,610 17,857 New York City:5 1941—Dec. 31 5 105 93 141 10 761 3 595 607 866 319 450 11 282 6 29 778 1 648 1945—Dec! 31."!!! 4^015 111 78 15^065 3^535 1,105 6,940 237 1,338 15^712 17 10 20 1,206 195 2|l20 1947__Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1958—Dec. 31.... 4,454 161 92 16,170 3,519 [,267 968 329 1,540 18,835 1,739 36 100 3,345 3,282 1959—Dec. 31.... 3,908 151 138 15,494 3,462 1,303 1,027 310 1,536 18,573 988 24 65 3,359 232 3,361 I960—June 15.... 4,054 144 87 15,332 3,149 1,060 1,140 294 1,849 17,754 992 24 95 3,360 980 3,430 Dec. 31.... 3,398 199 147 15,352 4,105 1,184 1,217 305 2,476 19,051 1,216 27 203 3,976 3,554 1961—Apr. 12.... 3,612 202 118 16,606 3,192 678 266 278 1,644 17,937 145 33 226 5,649**842 3,597 Chicago ;5 1941 Dec 31 1,021 43 298 2,215 1 027 8 127 233 34 2,152 476 288 1 1 X X 9 ^ ^ 9 ^ ^4 4 T f c X 5 7 /^ — ^ ^J - —D * D -^ ' W W e eW « c c# . * 3 3 J tj X 1 1X • • * • * % * % 1 *9 0 4 7 2 0 3 3 6 0 2 1 0 7 0 5 3 3 , , 1 7 5 3 3 7 2 1 9 9 2 6 2 2 0 1 1,55 7 2 2 2 2 3 8 7 5 6 6 6 3 3 3, , 1 8 6 5 0 3 2 9 9 7 0 1 2 9 4 3 2 7 6 7 1958—Dec! 3l!!!! 1^058 36 185 4,271 L314 43 249 302 88 4,746 34 7 7 1,423 ""3 733 1959—Dec. 31.... 920 33 142 4,171 ,187 43 272 329 105 4,636 23 o 12 1,449 40 762 I960—June 15.... 995 28 109 3,678 [,193 40 335 283 85 4,301 43 4 8 1,401 333 765 Dec. 31.... 899 33 171 3,968 ,327 53 327 298 102 4,499 61 2 7 1,521 35 822 1961_Apr. 12.... 895 31 88 3,871 1,216 37 87 211 85 4,382 8 2 8 1,794 42 830 Reserve city: 1941 Dec 31 4 060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4 542 1,967 1 ly 9 T 4 l 5— .a— D ^w e w c » . +j 3 ». 1 • . « . « . . • 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1958—Dec. 31.... 7,472 768 2,670 35,505 7,217 289 1,429 3,153 1,052 38,054 377 124 1,471 19,480 14 5,760 1959—Dec. 31 7,532 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 1,229 20,231 238 6,106 I960—June 15 7,482 740 2,229 32,873 6,354 272 2,319 2,803 801 36,156 245 80 1,375 19,484 870 6,181 Dec. 31.... 7,354 753 2,610 34,357 7,688 301 1,960 3,329 953 37,986 326 85 1,787 20,652 73 6,423 1961—Apr. 12.... 6,986 851 2,074 34,393 6,884 207 679 3,111 839 36,768 61 98 2,038 22,016 642 6,592 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31 4,527 796 4,665 23,595 1.199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31.... 4,993 929 3,900 27,424 ,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1958—Dec. 31.... 5,444 1,476 5,030 40,272 ,565 13 1,175 4,819 1,032 36,498 36 132 1,250 23,755 37 5,685 1959—Dec. 31 5,573 1,357 4,870 40,514 1,578 24 1,508 4,972 857 37,003 24 132 1,077 25,146 71 6,035 I960—June 15.... 5,388 1,515 4,488 39,159 1,285 14 1,951 4,923 631 35,686 26 127 1,290 26,289 320 6,453 Dec. 31.... 5,070 1,534 5,655 40,917 ,755 23 1,783 5,083 713 37,598 37 122 1,562 27,327 23 6,599 1961—Apr. 12.... 4,695 1,624 4,815 40,507 ,475 20 877 4,842 607 36,793 39 117 1,736 28,291 84 6,838 Nonmember:3 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1958 Dec. 31 808 4,633 19,300 528 43 428 2,325 331 16,999 185 27 747 11,613 20 3,027 1959—Dec. 31 790 4,706 20,146 555 46 545 2,544 369 17,692 103 26 783 12,560 34 3,294 I960 June 15 826 4,087 18,983 504 49 669 2,449 335 16,533 141 25 848 12,775 87 3 504 Dec. 31 , 828 5,099 20,525 578 65 657 2,658 357 17,970 160 25 985 13,378 33 3,590 3 Breakdowns of loan, investment, and deposit classifications are not which on Dec. 31,1942, aggregated $513 million at all member banks and available prior to 1947; summary figures for earlier dates appear in the $525 million at all insured commercial banks. preceding table. 7 Through 1960, demand deposits other than interbank and U.S. 4 For a discussion of revision in loan schedule, see the BULLETIN for Government, less cash items reported as in process of collection; beginning January 1960, p. 12. with 1961, demand deposits other than domestic commercial interbank 5 Central reserve city banks. and U.S. Government, less cash items reported as in process of collection. 6 Beginning with June 30, 1942, excludes reciprocal bank balances, For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loan> For purchasing or carrying securities To financialinstitutions Loans Total and To brokers Nonbank loans invest- Com- and dealers To others Banks institutions Wednesday and All Valuam in e v n e t s s t - 1 jus a t d e - d2 j L us a o t d a e - n d s 2 in t a c r d n i 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 e i- r G U t l i o i o o g . b S n v a - - s t . . O c t s u t i e h e r - s i e - r F ei o g r n - c m m D c o t i i e e o m a c s r - l - - - n s c s P a a o o a f n e 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 s t e r i r o e v - n es panies etc. Total— Leading Cities 1961 Anr 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 AP 12 111,727 110,546 69,681 31,982 1,135 517 1,556 111 1,229 691 1 181 3,305 ,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 ,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 3,289 616 12,772 16,322 1,552 Apr 26 112,618 111,059 69,801 31,735 1,156 609 1,788 112 1,254 537 1,559 3,289 ,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 3,375 585 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 ,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 ,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 ,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 ,675 12,855 16 504 1,562 112,912 111,406 69,047 31,161 1,149 163 1,996 103 1,326 558 1,506 3,257 ,663 12,832 16 402 1,563 14 114,744 113,807 69,848 31,519 1,148 360 2,098 103 1,332 551 937 3,314 .703 12,863 16 420 1,563 12 115,512 114,190 70,350 31,702 1,147 729 2,036 105 1,340 564 1,322 3,360 i;<572 12,904 16 354 [,563 28 114,343 113,106 70,171 31,769 1,155 380 2,061 104 1,343 579 1,237 3,332 1,693 12,896 16 418 559 New York City 1961 Anr 5 26,894 26,487 17,308 10,780 6 158 887 21 356 426 407 1.121 309 766 2 909 431 AP 12 26,679 26,493 17,344 10,701 6 269 929 21 358 438 186 I 054 309 772 2 915 428 19 27,146 26,687 17,502 10,638 6 302 1,142 20 363 437 459 [,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 [,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 [,048 301 775 3 051 432 24 27,292 26,827 17,512 10,425 5 368 1,262 17 390 291 465 I 056 302 771 3 057 432 31 27,478 26,962 17,507 10,415 5 288 1,238 17 402 301 516 1,129 309 777 3 061 435 27,324 26,589 16,975 10,243 5 87 1 294 16 405 278 735 [ 031 309 757 2 985 435 14 28,264 27,815 17,474 10,417 5 254 1,396 17 409 274 449 [,099 312 759 2 966 434 21 28,333 27,986 17,754 10,499 4 492 1,316 18 410 287 347 [,111 313 775 2 963 434 28 28,060 27,607 17,686 10,571 3 265 1,345 19 414 299 453 tto 319 755 3^019 433 Outside New York City 1961 Anr 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 1 194 AP 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 I 124 19 85,113 84,397 52,328 21,232 1,140 277 630 93 883 266 716 2,248 [,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 [,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 [,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 l|l25 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 June 7 85,588 84,817 52,072 20,918 1,144 76 702 87 921 280 771 2,226 1,354 12,075 13,417 1,128 14 86,480 85,992 52,374 21,102 1,143 106 702 86 923 277 488 2,215 1 391 12 104 13 454 1 129 21 87,179 86,204 52,596 21,203 1,143 237 720 87 930 277 975 2,249 1,359 12,129 13,391 1^129 28 86,283 85,499 52,485 21,198 1,152 115 716 85 929 280 784 2,222 1 374 12,141 13,399 1 126 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 BULLETIN for June 1961, p. 654. 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 807 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— Wednesday Total Bills C ti e fi r - - No m tes a tu a r n i d n g b — onds O s ri e t t c h ie u e s - r Total d a o w B n t m a i i c c t l e e h - s s- a w B e f n o i c a i g r t e l n h - - s ,u c a r o r n e i d n ncy B s F w e R a . r i n v e t R k e h - s . s a o s A t s h e l e l t r s a c l c i t a a a c t o p i b o n e t i a i u d s t l l a n i- l ts cates With- banks banks in 1 to After 1 year 5 years 5 years Total- Leading Cities 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-,!::::::::: 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 19 30,327 3,575 1,268 4,329 16,186 4,969 10,927 16,870 3,133 93 1,378 12,266 4,236 145,281 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 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 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 June 7 31,431 3,494 2,302 5,180 15,941 4,514 10,928 16,334 2,702 112 1,320 12,200 A,211 144,489 14 33,124 5,177 2,330 5,164 15,945 4,508 10,835 17,279 3,373 114 1,423 12,369 4,221 149,890 21 32,935 4,894 2,379 6,163 14,983 4,516 10,905 16,792 2,834 129 1,394 12,435 4,226 148,139 31,976 3,923 2,386 6,223 14,948 4,496 10,959 16,988 3,172 120 1,469 12,227 4,303 146,974 28 New York City 1961 6,406 915 463 736 3,286 1,006 2,773 4,013 82 184 3,670 1,823 36,417 6,288 780 508 749 3,318 933 2,861 3,956 93 198 3,586 1,830 36,730 19 6,476 965 524 774 3,300 913 2,709 3,689 79 180 3,378 1,831 36,733 6,453 975 550 800 3,297 831 2,693 3,590 82 192 3,252 1,883 37,346 26 6,453 975 550 800 3,297 831 2,693 3,590 82 192 3,252 1,883 37,346 Apr. 26 6,495 915 636 826 3,286 83! 2,566 3,723 90 175 3,387 1,856 37,024 May 3 6,599 939 704 843 3,276 837 2,475 3,884 73 190 3,551 1,837 37,225 10 6,911 1,034 755 1,084 3,245 79! 2,486 4,254 96 176 3,929 1,765 37,890 17 6,855 935 803 1,099 3,220 798 2,460 3,921 70 187 3,599 1,828 36,886 24 6,994 1,005 831 1,135 3,236 78' 2,461 3,65f 67 184 3,352 1J" 37,469 31 June 7 7,091 1,095 833 1,140 3,233 790 2,523 3,60: 52 188 3,313 1,851 36,561 14 7,837 1,831 852 1,106 3,256 79: 2,504 4,001 116 188 3,646 1,816 39,135 21 7,693 1,665 875 1,440 2.927 786 2,539 3,897 71 186 3,575 1,821 38,045 28 7,36< 1,344 869 1,446 2,918 787 2,557 3,986 107 193 3,629 1,858 38,114 Outside New York City 1961 23,639 2,429 696 3,454 13,138 3,92 8,177 13,142 3,184 1,080 8,837 2,40: 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 2,605 757 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 2,813 774 3,64< 12,817 4,045 8,297 13,133 3,005 1,103 8,940 2,463 108,758 10 23,691 2,440 781 3,66' 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 3,88' 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 3,89' 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 12,985 2,891 1,211 8,819 2,450 109,100 June 7 24,340 2,399 1,469 4,040 12,708 3,724 8,405 12,732 2,650 1,132 2,426 107,928 14 25,287 3,346 1,478 4,058 12.68' 3,716 8,331 13,278 3,257 1,235 8,723 2,411 110,755 21 25,242 3,229 1,504 4.723 12,056 3,730 8,366 12,895 2,763 1,208 8,860 2,405 110,094 28 24,612 2,579 1,517 4,777 12,030 3,709 8,402 13,002 3,065 1,276 8,598 2,445 108,860 NOTE.—All figures revised to reflect new coverage. For explanation see BULLETIN for June 1961, p. 654. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 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 ta d d l - 1 j m p u o s d a a t d s e e n i - - d t d s 2 Total 3 p v r c s a i a I o d a h n r t r n t u i i d p o n p d a i o n s e - l , s r - s - , S p s d s a i t i o u c i a o n v l a b t n d i e i l t - - s - s e F ig o n r- '* G U o .S v . 't. b c m m D c a o t i n e i e m o a c s r k - l - - - s Totals S in a g v s - p v c s a i I o d h a r n r n t i u d p n p d a i s o e - l , s r - - , S p d s a i t o u c i a n v l a b t d i i e l t - - - s e F i o g r n - 4 B F F r a . o n m R ks . o F th ro e m rs li i a ti b e i s l- co i a t u c a n - l ts rations sions Total- Leading Cities: 1961 Apr-,i:::::: 125, 645 60,016 87,950 63,911 4,766 1,474 2,75512,468 37,695 33,324 2,578 n.a. 60 1,159 5,05912,388 126,30161,180 88,403 66,285 4,703 ',482 1,22711,967 37 33,451 2,620 n.a. 90 1,468 4,997 12,398 19 126,550055 6622,277 88,543 66,274 5,228 ,447 92611,977 37,962 33,422 2,681 n.a. 19 1,315 5,071 12,371 26 125,62162,049 87,446 65,527 5,229 ,437 1,07611,132 38,175 33,596 2,723 n.a. 11 1,674 5,198 12,393 Apr. 26 125,62164,064 87,446 65,418 5,229 ,600 1,07610,554 38,175 27,836 5,463 2,723 1,864 11 1,674 5,198 12,393 May 3 126,767 62,550 88,229 63,869 5,572 ,512 2,854 11,090 38,538 27,919 5,682 2,775 ,868 25 1,277 5,261 12,452 10 125,608 62,246 86,840 63,490 5,186 ,612 2,244 10,897 38,768 28,011 5,773 2,797 ,890 192 1,626 5,214 12,462 17 128,205 61,313 89,331 63,926 5,138 ,625 3,994 11,234 38,874 28,083 5,788 2,803 ,894 715 1,277 5,26812,462 24 125, 107 61,876 86,041 62,651 5,223 ,562 3,446 10,104 39,066 28,148 5,854 2,839 ,920 176 1,607 5,32912,461 31 127.2!.47 62,120 88,056 64,168 5,490 ,564 2,982 10,805 39,191 '28,219 r5,922 2,837 ,913 46 1,426 5,341 12,509 June 7 124. 919 62,210 85,628 63,391 5,210 ,523 1,56510,887 39,29128,425 5,841 2,809 ,908 27 1,705 5,33512,503 14 131; 072 63,433 91,610 66,811 4,891 ,592 2,78811, 749 39,4'6"2 28,466 5,957 2,822 ,906 17 882 5,42812,491 21 128.916 62,600 89,480 64,512 4,737 ,712 4,75010,52139,436 28,526 5,916 2,817 ,866 44 1,507 5,188 12,484 12277^^967 62,156 88,255 63,750 4,932 ,626 3.83410,925 39,71228,644 6,085 2,799 ,874 20 1,221 5,24412,522 28 New York City 1961 29,784 14,939 24,019 16,868 260 1,116 707 3,570 5,765 4,289 224 n.a. 452 2,620 3,561 Apr-,!:::::: 29,72115,043 23,915 17,415 266 1,130 265 3,212 5,806 4,307 225 n.a. 45 794 2,604 3,566 19 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 26 30,47415,608 24,501 17,729 280 1,092 202 3,167 5,973 4,435 237 n.a. 593 2,716 3,563 Apr. 26 30,474 17,064 24,501 17,667 280 1,206 202 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 ,756 239 ,444 327 2,751 3,589 10 30,15416,121 23,979 16,693 265 1,242 612 2,978 6,175 2,555 ,803 239 ,455 127 644 2,708 3,592 17 30,64916,019 24,469 16,796 282 1,257 1,020 2,953 6,180 2,564 ,797 240 ,451 230 732 2,685 3,594 24 29,77616,167 23,530 16,635 268 1,205 841 2,677 6,246 2,573 ,822 253 ,471 58 712 2,756 3,584 31 30,70716,055 24,412 17,197 274 1,204 756 3,151 6,295 2,582 ,876 246 ,465 396 2,766 3,600 June 7 29,630 16,329 23,310 16,886 250 1,165 398 2,799 6,320 2,590 ,878 259 ,463 563 2,782 3,586 14 32,444 16,994 26,033 18,098 258 1,240 759 3,226 6,411 2,601 ,942 272 ,461 261 2,842 3,588 21 31,10316,667 24,696 17,170 247 1,284 1,311 2,724 6,407 2,608 ,937 270 ,455 660 2,696 3,586 28 31,36116,406 24,841 17,198 220 1,217 1,083 3,142 6,520 2,632 2,027 259 ,466 457 2,715 3,581 Outside New York City 1961 Apr-,i:::::: 95,86145,077 63,931 47,043 4,506 358 2,048 8,898 31,930 29,035 2,354 n.a. 707 2,439 8,827 96,580 4"6,137 64,488 48,870 4,437 352 962 8,775555 32,092 29,144 2,395 n.a. 674 2,393 8,832 19 96,550 46,931 64,474 48,703 4,895 352 770 8 572 3322076 29,063 2,450 n.a. 701 2,472 8,806 26 95,147 46,441 62,945 47,798 4,949 345 874 965 32202 29,161 2,486 n.a. 1,081 2,482 8,830 Apr. 26 95,147 47,000 62,945 47,751 4,949 394 874 7,75132,202 25,310 3,805 2,486 430 11 1,081 2,482 8,830 May 3 96,410 45,997 63,971 46,966 5,103 366 2,069 8,18732,439 25,379 3,926 2,536 424 25 950 2,510 8,863 10 95,454 46,125 62,861 46,797 4,921 370 1,632 7 ,9'1"9 3322,,593 25,456 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 8,281 32,694 25,519 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 4"2"7" 32,820 25,575 4,032 2,586 449 118 895 2,573 8,877 31 96,540 4"6,065 63,644 46,971 5,216 360 2,226 7;654 32,896 25,637 r4,046 2,591 448 46 1,030 2,575 8,909 June 7 95, 289 45,881 62,318 46,505 4,960 358 1,167 8,088 32,97125,835 3,963 2,550 445 27 1,142 2,553 8,917 14 98. 628 46,439 65,577 48,713 4,633 352 2,029 8,523 33,05125,865 4,015 2,550 445 17 621 2,586 8,903 21 97, 813 45,933 64,784 47,342 4,490 428 3,439 7,797 33,029 25,918 3,979 2,547 411 44 847 2,492 8,898 28 96. 606 45,750 63,414 46,552 4,712 409 2,751 7,783 33,192 26,012 4,058 2,540 408 20 764 2,529 8,941 central banks, international institutions, banks in foreign countries, and foreign branches of U. S. banks other than reporting bank. 5 Includes U. S. Government, postal savings, domestic commercial 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 BULLETIN for June 1961, p. 654. 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 809 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 Public and Period2 l F iq a o n u o d o d r , , a T p e a p x n a t d i r l e e l s , , M m a e e n t t d a a l l s ch P l e c e e m o u t a r m i o l c , - , al, Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s u p t ( t r o i i a l n r i n c t t i a s l e . - - s s C t t i r o o u n n c - - bu o ty s A t i o 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 ch r w e a i e n p n a e d o l g k l ' r e l l t y — tobacco leather prod- and tion) ing ucts3 rubber banks4 I960—Jan.-June. -558 273 1,062 — 52 354 372 -677 -48 96 155 977 1,186 July-Dec. 579 -215 -665 58 -29 -28 507 61 35 310 615 305 1961—Jan.-June -498 177 -100 81 249 -175 -325 -330 53 406 -463 -387 1961—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 June. -13 32 68 -4 131 -16 -69 27 12 126 292 309 Week ending— 1961—Apr. 5. -34 2 -54 <;s 16 -31 -78 13 -8 -149 -147 12., -53 3 -42 19 16 -10 -49 -32 9 15 -123 -74 19. -21 -15 -36 5 -7 -7 -25 -14 3 -8 -126 -112 26. -33 -27 -65 — 3 -16 — 27 -26 -11 6 28 -174 -135 May 13 18 28 5 16 29 -4 13 7 -4 122 170 10..... -63 9 -20 1 -7 26 -41 -24 16 16 -87 -102 17..... 47 20 -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 June 7....... -54 A -112 -21 8 -17 -47 -36 1 7 -276 -299 14..,.. 20 26 59 28 37 15 -5 72 16 64 333 358 21 70 14 19 -I 23 8 -27 24 21 29 181 183 -50 -3 101 -8 63 -23 10 -33 27 25 55 67 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 and industrial loans of all weekly reporting member banks and about BULLETIN for June 1961, p. 654. 70 per cent of those of all commercial banks. 2 Figures for periods other than weekly are based on weekly changes BANK RATES ON SHORT-TERM BUSINESS LOANS1 [Weighted averages. Per cent per annum] Size of loan Size of loan p A e a r n r i e d o a d lo A a l n l s (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 Citv: 1960—June.' 5.19 5.81 5.64 5.42 5.10 1952 3.5 4.9 4.2 3.7 3.3 Sept 4.74 5.73 5.45 5.00 4.62 1953 3.7 5.0 4.4 3.9 3.5 Dec 4.77 5.73 5.42 4.99 4.66 1954 3 6 5 0 4 3 3 9 3 4 1961—Mar 4.75 5 67 5 40 5 03 4 64 1955 3.7 5.0 4.4 4.0 3.5 June 4.75 5.63 5.39 5.06 4.63 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—June 5.34 5.94 5.72 5.52 5.24 1959 5 0 5.8 5.5 5.2 4.9 Sept 4.96 5.90 5.54 5.21 4.81 I960 5.2 6.0 5.7 5.4 5.0 Dec 4.97 5.86 5.52 5.19 4.83 1961—Mar 4.96 5.85 5.49 5.20 4.82 June 4.95 5.84 5.45 5.15 4.82 Quarterly:2 19 large cities: 11 Southern and Western cities: I960—June 5.35 6.00 5.76 5.53 5.22 I960—June 5.58 6.10 5.84 5.61 5.41 Sept 4.97 5.94 5.58 5.21 4.78 Sept 5.32 6.04 5.68 5.34 5.10 Dec 4.99 5.90 5.56 5.21 4.82 Dec 5.33 6.00 5.65 5.36 5.12 1961—Mar 4.97 5.89 5.53 5.20 4.80 1961—Mar 5.29 5.99 5.62 5.31 5.09 June ....... 4.97 5.89 5.53 5.18 4.80 June 5.31 6.02 5.65 5.29 5.10 1 For description see the BULLETIN for March 1949, pp. 228-37. per cent): 1953—Apr. 27, 3V4; 1954—Mar. 17, 3; 1955—Aug. 4, 3%; 2 Based on new loans and renewals for first 15 days of month. Oct. 14, 31/2; 1956—Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4V2; 1958— NOTE.—Bank prime rate was 3 per cent Jan. 1, 1952-Apr. 26, 1953. J I a 9 n 6 . 0 — 22 A , 4 u ; g A . 2 p 3 r. , 4 2 1 1 /2 , . 31/2; Sept. 11, 4; 1959—May 18, 4y2; Sept. 1, 5; and Changes thereafter occurred on the following dates (new levels shown, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

810 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government securities (taxable)4 Prime Finance com- company Prime Year, month, or week m 4 m p - o a e n t p r o c t e h i r 6 a s , - l i m d 3 p p i - o r l a a e t n p o c c t e e t h l 6 r d y s - 2 , 9 b a 0 a a c n n c d c k e a e e p y s r t s , - s 3 ' on R is s a 3 n u t - e e e m w onth M b y il a i l e r s l k d et on i R s s a 6 n u t - e e e m w onth M b y il a i l e r s l k d et 9 ( - m y B t i o a e i r l l l k d 1 s ) e 2 t -mont O h th is e s r u s es 3 is - y s 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—June 3.24 3.28 2.641 2.46 2.909 2.74 3.10 3.35 4.06 July 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 39 3.13 3.00 2.489 2.48 2.803 2.83 2.86 2.99 3.50 Oct 3.30 3.11 3.00 2.426 2.30 2.845 2.73 2.92 3.01 3.61 Nov 3.28 2.91 3.00 2.384 2.37 2.650 2.66 2.87 2.99 3.68 Dec 3.23 2.97 2.92 2.272 2.25 2.530 2.50 2.64 2.79 3.51 1961—Jan 2.98 2.78 2.86 2.302 2.24 2.496 2.47 2.63 2.70 3.53 Feb 3.03 2.65 2.78 2.408 2.42 2.601 2.60 2.75 2.84 3.54 Mar 3.03 2.76 2.94 2.420 2.39 2.591 2.54 2.76 2.86 3.43 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 June 2.91 2.66 2.75 2.359 2.33 2.546 2.54 2.80 3.02 3.70 Week ending— 1961—June 3 2.88 2.58 2.75 2.438 2.38 2.593 2.60 2.82 2.98 3.56 10 3.00 2.71 2.75 2.516 2.40 2.727 2.64 2.83 3.02 3.69 17 3.00 2.75 2.75 2.295 2.32 2.492 2.50 2.78 3.01 3.67 24 2.90 2.65 2.75 2.325 2.31 2.519 2.50 2.78 3.02 3.74 July 1 2.78 2.54 2.75 2.219 2.27 2.399 2.45 2.77 3.01 3.71 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 bonds 3 Stocks 5 State By selected By Dividend/ Earnings/ Year, month, or week United and local3 ratings groups price ratio price ratio States (long- Total* term) 2 Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues . 4-9 20 5 5 120 30 30 40 40 40 14 500 500 3.43 3.36 2.92 3.95 4.16 3.79 4.73 3.98 4.39 4.10 4 45 3 97 6.02 1959 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 5.87 1960 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 A.U2 3.79 3.57 3.10 4.15 4.61 4.28 5.08 4.49 4.82 4.53 4 61 3 43 Sept 3.82 3.55 3.09 4.09 4.58 4.25 5.01 4.46 4.78 4.48 4.69 3.55 5.70 Oct 3.91 3.64 3.20 4.16 4.63 4.30 5.11 4 50 4.84 4.56 4 75 3 60 Nov 3.93 3.57 3.14 4.09 4.64 4.31 5.08 4.51 4.85 4.56 4 78 3 51 Dec . . 3.88 3.53 3.12 4.03 4.66 4.35 5.10 4.55 4.87 4.58 4.84 3.41 5.44 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 »4.41 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 May 3.73 3.57 3.25 3.95 4.58 4.27 5.01 4.48 4 77 4.49 4 63 2 92 June 3.88 3.63 3.35 3.97 4.63 4.33 5.03 4.54 4.83 4.52 4.66 2.99 Week ending— 1961 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 10 3.86 3.67 3.35 3.99 4.62 4.31 5.03 4.52 4.81 4.51 4 64 2 94 17 3.86 3.67 3.37 3.99 4.62 4.33 5.03 4.54 4.81 4.52 4.65 2.97 24 3.90 3.64 3.37 3.97 4.64 4.34 5.04 4 54 4 84 4.52 4 67 3 01 July 1 3.93 3.63 3.37 3.94 4.66 4.36 5.05 4.57 4.83 4.55 4.69 3.03 P 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 811 SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's index Securities and Exchange Commission index of (1941-43= 10) (1957-59= 100) trad- Year, month, Cor- ing4 or week U.S. Mu- po- (in Govt. nicipal rate Manufacturing Trade, thou- (long- (high- (high- In- Pub- Trans- Pub- fi- sands term) 2 grade)3 grade) 3 Total dus- Rail- lic Total porta- lic- nance, Min- of trial road util- Du- Non- tion util- and ing shares] ity Total rable du- ity servrable ice Number of issues 15 17 500 425 25 50 300 193 108 85 18 34 45 10 1958 average 94.02 106.4 102.9 46.24 49.36 27.05 37.22 93.2 92.5 90.4 94 4 91 0 95.8 95 1 97 9 2,965 1959 average 85.49 100.7 95.0 57.38 61.45 35.09 44.15 116.7 116.5 120.8 112.6 115.6 117.6 122.3 95.0 3,242 1960 average 86.22 103.9 94.7 55.85 59.43 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3 127.4 73.8 3,042 1960- 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 A.U2 • • ... 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 M^ay 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 June 87.83 106.8 95.0 65.62 69.48 32.41 58.43 132.8 126.0 128.0 124.2 105 1 164.0 156 0 97 0 3,324 Week ending— 1961 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 10 88.06 107 4 95.2 66 79 70 74 33 13 59 27 134 8 128.1 130 6 125 9 107 1 166 3 155 7 98 1 3 944 17 88.12 106.7 94.9 65.76 69.62 32.56 58.59 131.9 125.4 127.1 123.9 104.2 161.8 154.8 95.0 3,264 24 87.53 106.6 95.0 64.99 68.81 32.01 57.90 131.9 125.0 126.4 123.7 103.6 163.0 157.0 96.9 3,215 July 1 87.20 106.4 94.7 64.54 68.32 31.70 57.63 130.7 123.7 125.2 122.3 103.8 161.8 156.4 95.6 2,711 i MMoonthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and PPoooorr''s common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Total— Net debit balances with Bank loans to others (than securities New York Stock Exchange brokers and dealers) for pur- Money borrowed Customers' End of month 1 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 1960 June 4,214 106 3 082 135 1,132 162 2,110 July , 4,133 110 3,004 135 1,129 187 2,042 1,018 Aug 4,243 111 3,109 140 1,134 173 2,063 [,021 Sent 4,282 122 3,137 147 1,145 177 2,143 1,059 Oct 4,294 111 3,133 136 1,161 161 2,139 1,063 Nov 4,294 99 3,141 128 1,153 139 2,129 t 062 Dec 4,406 95 3,222 134 1,184 142 2,133 1,135 1961 Jan 4,416 77 3,253 123 1,163 101 1,937 1,269 Feb 4'. 524 68 3.358 127 1,166 94 1,905 1.392 Mar 4,775 55 3,601 110 1,174 70 1,927 I 507 Apr 5,190 50 3,936 112 1,254 67 2,284 1,508 May r5,386 40 r4 060 108 1,326 58 2 529 1 4*n Tune 5,358 51 4,015 104 1,343 59 2,756 1,280 r Revised 3 Figures are for weekly reporting member banks. Prior to July 1959, 1 Data for cols. 4-7 are for last Wednesday of month. loans for purchasing or carrying U. S. Government securities were re- 2 Ledger balances of member firms of the New York Stock Exchange ported separately only by New York and Chicago banks. Accordingly, carrying margin accounts, as reported to the Exchange. Customers' debit for that period col. 5 includes any loans for purchasing or carrying such and free credit balances exclude balances maintained with the reporting securities at other reporting banks. Composition of series also changed firm by other member firms of national securities exchanges and balances beginning with July 1959; revised data for the new reporting series (but of the reporting firm and of general partners of the reporting firm. Bal- not for the breakdown of loans by purpose) are available back through ances are net for each customer—i.e., all accounts of one customer are July 1958 and have been incorporated. consolidated. Money borrowed includes borrowings from banks and from other lenders exceot member firms of national securities exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

812 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 Heldby— Based on— End of year Accepting banks F. R. Goods stored in or or month Placed Total Banks Im- Ex- shipped between Placed direct- Others ports ports Dollar points in:— Total through ly into from exdealers i (finance To- Own Bills Own For- United United change 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 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,744 840 3 1,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 r3,168 r677 2,491 1,151 319 282 36 75 82 675 357 309 74 162 249 1960 Mav '•4,595 r\ 021 3,572 1,263 310 237 74 29 161 763 352 474 87 65 286 June r4,553 1,115 3,438 1,382 311 229 82 30 182 859 375 501 94 91 321 July r4,749 1,213 3,536 1,561 404 299 104 29 180 948 400 545 166 76 373 Aug • '5,019 1,365 3,654 1,656 424 316 108 33 204 996 407 594 179 83 393 S O e c p t t r r 4 5 , , 6 1 5 8 6 4 1 1 , , 3 4 6 9 1 3 3 3, , 6 2 9 9 1 5 1 1 , , 6 7 6 5 8 3 5 3 0 9 1 2 2 35 8 6 4 1 1 4 0 5 8 4 39 2 2 1 0 96 4 1 1 , , 0 0 1 3 7 1 4 4 0 0 5 9 6 6 3 3 3 2 1 1 3 2 9 3 1 15 0 7 7 4 3 1 9 9 8 Nov ....... '5,222 1,505 3,717 1,868 628 454 175 48 227 965 401 647 146 229 445 Dec r4,418 1,358 3,060 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961 Jan r5 010 1 465 3 545 2 029 725 514 210 46 197 1 061 400 677 118 299 535 Feb .... r4,968 1,479 3,489 2,049 730 554 176 46 179 1,093 388 702 104 291 563 Mar r4,992 1,525 3,467 2,231 842 641 202 46 173 1,169 408 821 110 269 623 r4,991 1.522 3,469 2,254 858 661 197 45 151 1,200 397 863 93 268 633 May 4,838 1^468 3,370 2,203 808 645 163 37 166 1,192 379 864 74 235 651 r Revised. 3 Beginning with November 1958, series includes all paper with maturity 1 As reported by dealers; includes finance company paper as well as of 270 days and over. Figures on old basis for December were (in other commercial paper sold in the open market. millions of dollars): Total 2,731; place directly, 1891. 2 As reported by finance companies that place their paper directly with 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 i surplus accts. Number Amount 1941 4,787 89 3,592 1,786 829 689 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 ,170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 [,200 I960 Mar 25,194 412 6,883 709 4,876 116 570 39,420 35,279 722 3,419 55,028 1,008 Apr 25,323 386 6,735 722 4,857 690 575 39,288 35,184 713 3,391 57,916 1,059 May 25,484 446 6,655 699 4,870 732 578 39,464 35,242 799 3,423 54,364 1,042 June 25,653 396 6,562 695 4,927 840 569 39,642 35,463 720 3,459 52 638 I 028 July 25,812 435 6,514 691 4,965 771 572 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 1,090 Sept 26,214 435 6,512 687 4,989 787 592 40,216 35,867 806 3,543 58,782 1,164 Oct 26,382 417 6,356 681 4,985 779 585 40,185 35,923 740 3,522 60,396 1,205 Nov 26,553 425 6,288 676 5,019 788 590 40,339 35,962 810 3 567 60 420 I 242 Dec 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961 Jan 26,863 412 6,349 667 5,079 825 610 40,804 36,513 728 3,563 63,470 1,241 Feb 27,003 427 6,449 667 5,064 846 621 41,076 36,649 821 3,606 65,254 1.334 ^tjJX 27,207 453 6,566 666 5,110 855 624 41,480 37,000 850 3 630 68 646 1 '428 Apr 27,383 401 6,350 664 5,099 804 625 41,326 36,946 781 3,599 66,582 1,488 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 813 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d St ( a l U o te c .S a a . l n ) d Foreign: Total Bonds Stocks gages estate assets End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1953 78,533 12,537 9,829 1,298 ,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 ,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 ,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7,029 2,376 ,285 44,057 40,666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 ,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 ,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 End of month:4 1958—Dec... 107,580 11,242 7,182 2,691 ,369 46,420 43,044 3,376 37,092 3,387 4,186 5,253 1959—Dec... 113,650 11,599 6,858 3,221 ,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 1960—Apr.... 115,394 11,583 6,723 3,278 ,582 49,450 45,708 3,742 40,236 3,721 4,838 5,566 May... 115,908 11,554 6,661 3,304 ,589 49,725 45,940 3,785 40,439 3,766 4,897 5,527 June... 116,377 11,468 6,559 3,317 ,592 49,880 46,092 3,788 40,631 3,786 4,957 5,658 July... 117,005 11,654 6,632 3,421 ,601 50,051 46,223 3,828 40,694 3,809 5,029 5,768 Aug.... 117,581 11,650 6,592 3,464 ,595 50,261 46,380 3,881 40,920 3,822 5,085 5,842 Sept... 117,947 11,750 6,586 3,546 ,618 50,299 46,414 3,885 41,099 3,828 5,138 5,833 Oct.... 118,544 11,729 6,524 3,579 ,626 50,610 46,669 3,941 41,313 3,834 5,182 5,876 Nov... 119,066 11,788 6,547 3,605 ,636 50,811 46,831 3,980 41,521 3,851 5,225 5,870 Dec... 119,717 11,729 6,444 3,622 ,663 51,010 46,956 4,054 41,798 3,804 5,267 6,109 1961—Jan.. ., 120,467 11,881 6,545 3,671 ,665 51,306 47,211 4,095 42,008 3,813 5,303 6,156 Feb.... 120,951 11,944 6,542 3,702 ,700 51,446 47,296 4,150 42,143 3,822 5,345 6,251 Mar... 121,469 11,987 6,535 3,735 ,717 51,612 47,377 4,235 42,351 3,823 5,409 6,287 Apr.... 121,921 11,982 6,488 3,769 ,725 51,812 47,563 4,249 42,553 3,827 5,461 6,286 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 l a i 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 n e v r d i v d e e s d B m or o r n o e w y e 4 d L p o ro an ce s s i s n Other c m o l m e o n a m t n s i 5 ttions profits 1941 4,578 107 344 775 6,049 4,682 475 256 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 I960 60,084 4,586 2,715 4,104 71,489 62,154 4,982 2,191 1,183 979 1,360 I960 Apr 55,020 4,714 1,870 3,821 65,425 56,455 4,424 1,722 1,271 1,553 1,560 May 55,655 4,735 1,950 4,024 66,364 57,085 4,430 1,727 1,325 1,797 ,642 June 56,435 4,592 2,279 3,966 67,272 58,301 4,643 1,938 1,372 1,018 ,614 July 57,050 4 559 2,043 3,839 67,491 58 450 4,636 1 811 1,367 1,227 ,647 Aug 57,763 4,532 2,073 3,841 68,209 58,939 4,637 1,833 1,353 1,447 ,635 Sept 58,406 4,533 2,097 3,904 68,940 59,541 4,640 1,882 1,313 1,564 1,559 Oct 59,011 4,553 2,201 3,989 69,754 60,208 4,640 1,868 1,280 1,758 1,509 Nov 59,512 4,589 2,287 4,142 70,530 60,766 4,649 1,919 [,209 1,987 1,451 Dec 60,084 4,586 2,715 4,104 71,489 62,154 4,982 2,191 1,183 979 1,360 1961—Jan 60,455 4 679 2,620 3,997 71,751 62,745 4,980 1,726 1,114 1,186 1,425 Feb 60,882 4,871 2,679 4,068 72,500 63,298 4,984 1,646 [,127 1,445 1,556 Mar 61,571 4,978 2,682 4,191 73,422 64,003 4,991 1,620 1,226 1,582 1,787 Apr 62,265 4,960 2,706 4,304 74,235 64,420 5,002 1,708 1,322 1,783 1,951 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

814 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 r B ec u N e d e i g p t e ts t re T P f c u r l e u n u i s d s p : t ts ac I G t L r t n e i a o t o s n r v n s a s t : s - - . E p T r u f q e r t b o u o h c l t a m e t i a s l c l . s 2 : B p tu e u e r n d x e d g - s i e - t p T P t f e u u e r l n r u x n u e d s - d s s i : t - A m L d e e j n s u s t s : s t 3 - E p p t T q o u a o u b y t a t h l t a l i s e s l c . : t p p o fr u a t o o h b y ( m r e l - t i s ) c , . , ( c ( c o - d r d r r I e ) e i e n r a a , b d e - s i s e c t n e e - t , a i G g n N e v o n . e v . t b L t & . y ess— O d n c e a t o b h s n h e t - * r E b r i o e q n c N r p u g a r a a s e o y o h l t w s t r — . - & agen.) tr. funds Cal. year—1958 r68,262 16,797 r3,278 81,728 r75,350 17,856 '4,190 89,014 -7,287 7,533 -717 487 7,762 1959 72,738 18,830 3,966 87,552 79,777 20,244 4,466 95,560 8,006 10,112 -543 2,081 8,580 1960 79,517 22,732 3,906 98,287 77,565 22,242 5,114 94,694 3,593 -548 1,625 491 -2,670 Fiscal year—1957 70,562 14,369 2,777 82,105 68,966 12,961 1,921 80,006 2,099 -1,053 2,339 -292 -3,100 1958 68,550 16,329 2,927 81,892 71,369 16,069 4,026 83,412 -1,520 6,216 657 -200 5,760 1959 67,915 17,084 3,295 81,660 80,342 18,597 4,136 94,804 -13,144 9,656 -1,181 2,160 8,678 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: 1960—May 6,550 3,301 161 9,685 6,073 1,780 -161 8,014 1,671 898 1,220 53 -375 June 10,891 2,764 1,187 12,465 6,521 2,288 576 8,232 4,232 -2,715 1,022 -114 -3,624 July 3,128 1,057 213 3,970 6,172 1,790 486 7,476 -3,506 2,094 -517 84 2,525 Aug 6,454 2,984 195 9,236 6,803 1,775 -348 8,926 311 -338 1,130 -35 -1,433 Sept 8,981 1,406 235 10,146 6,793 1,798 843 7,748 2,398 -320 -368 76 -29 Oct 2,823 1,103 269 3,651 6,829 1,703 653 7,879 -4,228 2,197 -514 112 2,600 Nov 6,300 2,362 254 8,403 6,773 1,771 -129 8,674 -271 -62 339 154 -555 Dec 7,643 1,400 453 8,586 6,847 1,815 678 7,984 603 -161 -254 77 16 1961—Jan 4,846 938 195 5,586 6,470 2,018 1,212 7,275 -1,689 -323 -483 42 119 Feb 6,537 2,705 323 8,916 6,236 2,067 435 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 1,799 624 6,295 6,450 2,486 643 8,292 -1,997 513 -916 16 1,412 6,467 3,577 371 9,665 7,169 2,033 -194 9,396 269 2,281 1,560 -4 725 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a ., s h o r b a d l e a c n . c ( e — s: ) Acco S un ta t t e o s f ( T en re d a s o u f r e p r e r o io f d U ) nited Period Trust Net Net Increase, Deposits in— Net fund market inv. (—) or s B d u u e r o p f d i r l g c u i e t s t , a l c d a c e t o u f i i o r m c n it u , - t c o R i l c e T i a a c r s t o e i h o n a n - s. is a ( G s g + u e o ) a n v o n c t c f y . e i s a n G e g c e o F . n v e b c t d y y . . d ( e d g - c i r ) r r o , e e s c a i s n 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 ax u re r a y a s n - d O as n t s h e e e t ts r obliga- & trust public able Loan tions 5 funds 5 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 A 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: 1960—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 May -702 1,544 -503 -86 -1,409 2,158 -126 1,128 5,162 372 3,994 796 c Corrected. Budget expenditures, and payroll deductions for Federal employees ren.a. Not available. * Preliminary. r Revised. tirement funds. 1 Consists primarily of interest payments by Treasury to trust accounts 2 Small adjustments to arrive at this total are not shown separately. and to Treasury by Govt. agencies, transfers to trust accounts representing For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 815 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 B ce u N r i d e p e - g t t s e 2 t Old T - rans H fe i r g s h - to R. R. fu R o n e f d - s B c T u e r o d e ip t - g a t e s l t Individual Corpo- 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 - 7 O ce r t i e h p - e ts r Liquor b T ac o- co a t M a n i d l f e rs r r e s .' - ' age way re- re- With- ration trust trust tire- ceipts held Other funds fund ment acct. Fiscal year—1957 70,562 6,634 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 1958 68,550 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 1959 67,915 8,004 2,171 525 4,933 83,904 29,001 11,733 18,092 10,760 8,854 5,464 3,002 1,807 4,315 1960 77,763 10,211 2,642 607 5,045 96,962 31,675 13,271 22,179 11,865 11,159 6,813 3,194 1,932 5,114 Semiannually: 1959—Jan.-June 39,163 4,621 1,059 260 4,299 49,608 15,232 8,906 11,918 5,396 5,201 2,956 1,402 876 2,352 July-Dec 33,575 3,815 1,281 307 718 40,035 15,652 3,041 8,323 5,948 4,127 2,944 1,703 984 2,408 I960—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—May 6,550 1,834 249 1,005 9,725 4,744 1,039 467 1,061 1,918 496 282 166 June 10,891 1,104 238 252 12,804 2,273 1,852 5,530 1,118 1,155 876 303 183 n.a. July 3,128 365 257 167 3,976 1,055 346 670 995 383 527 238 151 Aug 6,454 1,524 296 203 8,590 4,849 147 409 1,121 1,608 456 272 179 1,448 Sept 8,981 739 262 161 10,211 2,527 1,959 3,492 1,024 792 417 277 177 Oct 2,823 373 253 173 3,641 1,066 230 481 1,021 389 454 321 158 Nov 6,300 1,214 268 29 7,900 4,527 121 455 1,069 1,295 433 319 178 1,275 Dec 7,643 547 240 61 8,751 2,591 383 3,331 1,008 596 842 259 164 1961—Jan 4,846 304 223 64 5,537 1,049 2,149 534 918 348 539 204 128 Feb 6,537 1,448 235 530 9,153 4,781 786 444 861 1,814 467 169 116 cl,403 Mar 8,524 1,285 213 1,792 11,878 2,413 759 5,799 1,082 1,348 477 313 213 Apr 5,125 720 201 1,296 7,359 916 3,403 493 831 736 980 231 160 May 6,467 1,941 237 1,036 9,767 4,743 956 411 1,072 2,020 565 n.a. n.a. n.a. Budget expenditures 8 Major national security Agri- Vet- culture Period Total 2 Total 9 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 in I 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 s e r e f e s a i n r t n v a s e s n - - ' d w L a a e n l b f d o ar r e t a c a u r g u n e r r l - d a - i- l N u r r e a a - t l - h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r t n -' sources 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 ,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 ,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 ,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 ,695 Semiannually: 1959—Jan.-June 40,586 23,180 20,614 1,195 1,272 2,574 3,985 2,594 2,263 2,607 773 1,983 841 July-Dec 39,191 23,119 20,975 715 1,290 650 4,494 2,493 2,086 2,961 941 1,950 833 I960—Jan.-June 37,348 22,508 20,240 894 1,333 1,183 4,772 2,567 2,333 1,877 772 832 862 July-Dec 40,217 23,186 21,170 644 1,342 1,068 4,587 2,577 2,225 2,998 1,056 1,870 951 Monthly: I960—Apr 6,032 3,669 3,306 136 222 163 777 421 412 304 104 37 158 May 6,073 3,669 3,331 110 224 196 777 422 390 229 131 149 108 June 6,521 3,987 3,502 238 244 358 807 428 436 263 193 142 186 July 6,172 3,471 3,096 146 219 133 815 404 342 369 125 379 165 Aug 6,803 3,976 3,638 105 230 166 758 461 375 420 197 326 159 Sept 6,793 3,910 3,600 79 226 161 746 416 388 412 213 380 182 Oct 6,829 3,728 3,432 77 217 164 756 422 376 727 182 330 140 Nov 6,773 3,884 3,537 114 228 301 740 436 378 476 193 236 140 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 6,236 3,778 3,468 217 202 727 431 406 130 129 334 134 Mar 7,012 4,279 3,935 236 199 738 480 399 223 134 359 194 Apr 6,450 3,754 3,392 135 230 217 730 443 224 332 206 399 144 MayP 7,169 4,144 3,803 89 246 180 723 440 490 591 150 316 135 3 Consists primarily of (1) intra-Governmental transactions as de- 6 Includes transfers to Federal disability insurance trust fund. scribed in note 1, (2) net accruals over payments of interest on savings 7 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 8 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. 9 Includes stockpiling and defense production expansion not shown 4 Primarily adjustments 2, 3, and 4, described in note 3. separately. 5 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

816 FEDERAL FINANCE U. S. GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of U. S. Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketaible Total End of Total gross Con- Special month gross direct Bonds vert- issues debt* debt 2 Total Total Bills C c e a r t t e if s i- Notes B el a ig n i k - B r a e n - k b i o b n le ds TotaP b S i o n a n g v d s - s s T i a n a n a g v d x s ble* stricted notes 1941_Dec 64.3 57.9 50 5 41.6 2.0 6.0 33.6 8 9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1 19 9 5 5 4 3 — _D D e e c c 2 27 7 8 5 . . 8 2 2 2 7 7 8 5 . . 8 2 2 2 3 3 1 3 . . 7 2 1 1 5 5 4 7 . . 6 8 1 1 9 9 . . 5 5 2 2 6 8 . . 4 5 2 3 8 1 . . 0 4 6 7 3 6 . . 9 1 1 5 3 . . 7 4 1 1 1 2 . . 8 0 6 6 3 5 . . 6 1 5 5 7 7 . . 7 7 4 6. . 0 5 4 4 1 2 . . 2 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—June 286 5 286.3 238 3 183.8 33.4 17.7 51.5 81.3 6.3 48 2 47.5 44.9 July 288 5 288 3 241 1 186 9 36 4 17.7 51 6 81 3 6 2 48 0 47 4 44 2 AUK ..... 288.8 288.7 240.4 186.3 36.4 25.5 42.0 82.3 6.2 48.0 47.3 45.2 Sept 288.6 288.4 240.4 186.4 36.5 25.5 42.1 82.3 6.1 47.9 47.3 45.0 Oct 290 6 290 5 243 1 189 4 39 5 25.5 42 1 82 3 5 8 48 0 47 4 44 3 Nov 290.6 290.4 242.6 188.8 39.5 18.4 51.2 79.7 5.7 48.0 47.4 44.6 Dec 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Jan 290.2 290.0 242.8 189.3 39.7 18.4 51.3 79.8 5.6 47.9 47.2 43.8 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 A M p a r r 2 2 8 8 7 8 . . 7 2 2 2 8 8 7 8. . 0 5 2 2 4 4 0 1 . . 1 6 1 1 8 8 6 8 . . 5 1 3368..52 1 1 1 1 . . 5 5 5 5 7 7 . . 8 5 8 80 0 . . 9 7 5 5 . . 5 4 4 4 8 8 . . 0 0 4 4 7 7 . . 4 4 4 4 4 3 . . 0 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 June 289.2 289.0 240.6 187.1 36.7 13.3 56.3 80.8 5.4 48.1 47.5 45.0 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $349 million on June 30, 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- * Includes amounts held by Govt. agencies and trust funds, which arately. aggregated $11,012 million on'May 31, 1961. « 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 i ( n a i g n n c t g e lu u e d a d - r- a tr g u e s n t c i f e u s n a d n s d 1 R Fe e d se e r r v a e l Total m C e o rc m ia - l M sav u i t n u g a s l I a n n s c u e r- c O o t r h p e o r - S a t n a d te Individuals i M nv is e c s . s t e i c e u s) ri- Special Public Banks banks 2 banks panies rations govts. Savings Other tors 3 issues issues bonds securities 1941—Dec 64.3 7.0 2.6 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945 Dec 278.7 20.0 7.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257.0 29.0 5.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1952 Dec 267.4 39.2 6.7 24.7 196.9 63.4 9.5 16.0 19.9 11.1 49.2 16.0 11.7 1953 Dec 275.2 41.2 7.1 25.9 201.0 63.7 9.2 15.9 21.5 12.7 49.4 15.4 13.2 1954 Dec ..... . 278.8 42.6 7.0 24.9 204.2 69.2 o o 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 216 J 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 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 J M u a n y e 2 2 8 8 9 6 . . 5 5 4 4 3 4 . . 9 9 1 10 0 . . 4 5 2 26 6 . . 5 0 2 2 0 0 9 4 . . 1 6 5 55 6 . . 6 2 6 6. . 6 7 1 1 2 2 . . 2 0 2 2 3 0 . . 7 7 1 1 8 8 . . 0 1 4 4 5 5 . . 6 6 2 2 3 3 . . 7 2 2 22 2 . 7 9 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 r19.5 17 4 45 9 r20 7 24 1 Apr 288.2 43.0 11.0 26.8 207.5 62.2 6.3 11.6 20.0 17.2 45.9 20.3 23.9 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $100 million on Dec. 31, 1960. 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 817 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 b n rk l d e e s t 2 - v b e o rt n ib d l s e Total W 1 i t y h ea i r n 5-10 Over 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—Mar. 31 192,058 36.511 11.503 57,833 80,673 5.538 186.520 75,137 62,493 27.658 21.232 Apr. 30 193,596 38,213 11.503 57,518 80,913 5,448 188.148 77,246 62,026 27,654 21 22^ U. S. Govt. agencies and trust funds: 1958—June 30 9,477 173 599 .169 4,703 2.833 6,644 899 1,565 913 3,267 1959—June 30 9,681 86 537 ,389 4,988 2,680 7.001 930 1,679 1,448 2.944 1960—June 30 10,246 371 459 .810 5.136 2.470 7.776 i,070 2,683 2,062 1.961 Dec. 31 10,528 591 461 .771 5,294 2'All ] 8.117 ,482 2,432 1,602 2.601 1961—Mar. 31 10,676 732 312 .605 5,658 2,369 8,307 1,923 1,789 2,484 2,111 Apr. 30 10,753 845 257 ,400 5,889 2; 363 8,391 1,775 1,789 2,532 2.295 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 i 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—Mar. 31 26.688 2,327 5,398 16.301 2.662 26.688 15,511 9,306 1,733 139 Apr. 30 26,772 2,483 5.001 16,436 2,852 26,772 15,154 9,603 1,863 152 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—Mar. 31 52,261 4.750 1.806 17,946 27,674 86 52.175 14,276 28,239 7,650 2,009 Apr. 30 54,091 6,447 2.030 17,801 27,730 84 54.007 16,609 27,157 8,263 1,978 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 .199 4,607 309 6,181 463 ,720 2,662 1,336 Dec. 31 6,188 144 143 .190 4,466 245 5,944 480 ,544 1,849 2,071 1961— Mar. 31. 6,517 347 98 1,328 4.514 231 6.286 748 ,516 2.269 1,753 Apr. 30 6,273 207 96 1,294 4.453 6,051 600 ,428 2.330 1,692 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 1.928 9,019 1.092 2,085 1.678 4,164 1960—June 30 10,521 232 165 1.225 7.304 1.595 8,926 595 2,794 3,063 2.475 Dec. 31 10,394 341 145 1.375 7,139 1,393 9,001 940 2,508 2,075 3,477 1961—Mar. 31 10,264 315 84 1.363 7,166 1.335 8.929 978 2,195 3.077 2.680 Apr; 30 10.176 283 95 1.342 7,136 1.321 8.856 973 2,056 3.148 2.679 Other investors: Nonfinancial corporations: 3 I960—June 30 11,494 4.579 1.740 1.882 3.284 11.485 8,442 2.871 75 Dec. 31 10,746 5.599 1.331 1.712 2,099 10.741 8,340 2,269 72 1961—Mar. 31 9,958 4,907 919 2.093 2.033 9,953 7.853 1,945 112 42 Apr. 30 10,683 5.466 1.102 2.104 2,007 10,678 8,776 1.756 108 38 Savings and loan associations: 3 I960—June 30 2,480 178 495 1,675 2,418 297 947 472 703 Dec. 31 2,515 163 510 1,724 2,454 322 858 473 802 1961— Mar. 31 2,713 149 590 1,878 2,653 365 851 676 761 Apr. 30 2,694 141 577 1,884 2.634 355 760 766 753 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 78,444 25.659 10.216 9,147 31,252 2,171 76,273 39,724 16,503 5,069 14.977 1960—June 30...... 74.299 22,957 4.711 16.263 28,602 1,766 72.533 32,184 22,800 6,229 11.317 Dec. 31 72,591 22,415 4.649 15,260 28,791 1,476 71,115 32,345 20,381 5,794 12,597 1961—Mar. 31 72.982 22,985 2.851 16.607 29.088 1,452 71.530 33,485 16.652 9,657 11.737 Apr. 30... 72,153 22,342 2.889 16.565 28,964 1,394 70,759 33,005 17,476 8,644 11,634 1 Direct public issues. Holdings of "all others," a residual throughout, include holdings of Data complete for U. S. Govt. agencies and trust funds and Federal all those not reporting in the Treasury Survey, including investor groups Reserve Banks, but for other groups are based on Survey data. Latest not listed separately. data shown are for 6,284 commercial banks, 512 mutual savings banks, 2 Includes minor amounts of Panama Canal and postal savings bonds. and 828 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 491 ruary 1960. Monthly figures for February-May 1960 shown in the nonfinancial corporations and 488 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

818 FEDERAL FINANCE DEALER TRANSACTIONS IN U. S. GOVERNMENT SECURITIES 1 [Averages of daily figures. Par value, in millions of dollars] U. S. Government securities By maturity By type of customer Federal Week ending— U. S. se a c g u e r n i c ti y es 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 A f y t e e a r rs se d G c e a u a o n r l v d i e t t r i . s es b d O r e a o a t n k h l d e e e r r r s s m b C e a o r n c m k ia s - l o A th l e l r brokers 1961 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 1,977 1,591 237 99 49 508 17 754 697 88 Apr-.5 2::::::::::::: 1,334 999 219 80 35 434 17 557 325 59 19 1,556 1,290 188 52 26 468 17 625 446 51 26 1,509 1,156 204 115 34 491 29 601 388 105 May 3 1,572 1,231 242 80 18 562 22 640 348 64 10 1,620 [,105 365 112 39 473 33 686 428 85 17 1,569 1,105 350 76 38 462 24 693 390 81 24 1,427 r1,024 '263 '93 '46 447 17 570 392 83 31 1,312 '986 '215 '84 '28 430 13 522 347 '75 June 7 1,346 1,041 224 56 26 459 17 497 374 67 14 1,457 1,208 192 36 21 408 17 653 379 105 21 1,241 ,004 170 45 22 338 18 559 327 86 28? 1,442 ,268 114 37 22 451 22 635 334 64 v Preliminary. ' Revised. or purchases or sales of securities under repurchase agreements, reverse 1 The transactions data combine market purchases and sales of U. S. repurchase (resale), or similar contracts. The averages are based on the Government securities dealers reporting to the Federal Reserve Bank of number of trading days in the week. New York. They do not include allotments of and exchanges for new NOTE.—Details may not add to totals because of rounding. U. S. Government securities, redemptions of called or matured securities, DEALER POSITIONS IN U. S. GOVERNMENT SECURITIES i FINANCING OF U. S. GOVERNMENT SECURITIES DEALERS * [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 Federal Commercial banks Week agency ending- All Within 1-5 After securities Week All Corpora- All maturities 1 year years 5 years ending— sources New Else- tions2 other York where City 1961 Feb. 1 2,654 2,134 442 78 89 1961 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 Ap,^.... 1,980 1,613 232 135 143 29 1,816 221 482 928 184 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 17 3,237 2,560 560 118 159 May 3 2,277 440 619 1,072 147 24 2,778 2,250 459 69 179 10.... 2,147 433 495 1,049 170 31 2,534 2,049 459 26 172 17 2,873 850 633 1,149 241 24.... 2,912 791 560 1,350 211 June 7.... 1,943 1,613 354 -23 146 31.... 2,535 509 468 1,355 203 June 7 2,214 475 328 1,209 202 1 The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the contract 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 819 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JUNE 30, 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 bills 2 Treasury bills2—Cont. Treasury notes—Cont. Treasury bonds—Cont. July 6,1961. 1,600 Dec. 14, 1961 500 May 15, 1963 4 1,743 Dec. 15, 1964-69... 2% 2,557 July 13, 1961. 1,601 Dec. 21, 1961 501 May 15, 1963 3*4 2,753 Feb. 15, 1965 2% 6,896 July 15,1961. ,501 Dec. 28, 1961 500 Oct. 1,1963 IVi 506 Mar. 15, 1965-70.. .2V2 4,689 July 20, 1961. ,501 Jan. 15, 1962 1,502 Nov. 15, 1963 4% 3,011 May 15, 1966 3*A 1,213 July 27, 1961. ,601 Apr. 15, 1962 2,000 Apr. 1, 1964...... IV2 457 Aug. 15, 1966 3 1,484 Aug. 3,1961. ,701 May 15, 1964 4% 4,933 Nov. 15, 1966 3% 2,438 A A u u g g . . 1 1 7 0 , , 1 1 9 9 6 6 1 1 . . , ,7 7 0 0 0 1 Certificates A M u a g y . 1 1 5 5 , , 1 1 9 9 6 6 4 4 3y 5 4 2 3 , , 3 8 1 9 6 3 J M un ar e . 1 15 5 , , 1 1 9 9 6 6 6 7 - - 7 7 1 2 . . . . . . 2 2 1 % /2 2 1 , , 9 7 2 7 8 7 A A Se u u p g g t . . . 3 2 7 1 4 , , , 1 1 1 9 9 9 6 6 6 1 1 1 . . . , , , 6 7 70 0 0 0 1 1 A M u a g y . 1 1 5, , 1 1 9 9 6 6 1 2 3i/ 3 8 7 5, , 5 8 0 2 9 9 N A O o c p t v r . . . 1 1 5 1 , , , 1 1 1 9 9 9 6 6 6 5 4 4 1 4 1 1 % % /2 4,1 4 4 9 9 6 5 0 6 N D Se e o p c v t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 7 7 7 - - 7 7 2 2 . .. .. . 2 3 2 1 1 % / 4 2 2 3 3 , , , 5 7 6 5 0 1 9 4 6 Sept. 14, 1961. ,701 May 15, 1965 4% 2,113 May 15, 1968 3% 1,390 Sept. 21, 1961. ,701 Treasury notes Oct. 1,1965 11/2 315 Oct. 1,1969 4 1,424 Sept. 22, 1961* ,503 Aug. 1, 1961 4 2,136 Apr. 1,1966 11/2 69 Nov. 15, 1974 3% 654 S O e c p t. t . 2 5 8 , , 1 1 9 9 6 6 1 1 . . ,7 6 0 0 0 0 O Fe c b t. . 1 1 5, , 1 1 9 9 6 6 1 2 3 i * y 4 2 9,0 3 9 3 8 2 Treasury bonds J M u a n y e 1 1 5 5 , , 1 1 9 9 7 7 5 8 - - 8 8 5 3 . . . . . A 3 V V A A 1,5 4 9 7 7 0 Oct. 13, 1961. 600 Feb. 15, 1962 3% 647 Sept. 15, 1961 2y4 2,239 Feb. 15, 1980 4 884 Oct. 16, 1961. ,502 Feb. 15, 1962 4 1,435 Nov. 15, 1961 214 6,963 Nov. 15, 1980 3% 643 Oct. 19, 1961. 500 Apr. 1,1962 \Vi 551 June 15, 1959-62... 214 3,961 May 15, 1985 3*4 1,133 Oct. 26, 1961. 500 May 15, 1962 4 2,211 Dec. 15, 1959-62...214 2,272 Feb. 15, 1990 3^/i 2,719 Nov. 2,1961. 600 Aug. 15, 1962 4 158 Dec. 15, 1960-65 3.. 23^ 1,485 Feb. 15, 1995 3 2,699 Nov, 9, 1961. 600 Aug. 15, 1962 314 7,325 June 15, 1962-67... 214 1,464 Nov. 15, 1998 31/2 2,343 Nov. 16, 1961. 601 Oct. 1,1962 1% 590 Aug. 15, 1963 21/i 4,317 Nov.24, 1961. 600 Nov. 15, 1962 334 1,143 Dec. 15, 1963-68... 2% 1,819 Convertible bonds Nov. 30, 1961. 600 Feb. 15, 1963 2% 2,839 Feb. 15, 1964 3 3,854 Investment Series B Dec. 7,1961. 500 Apr. 1,1963 li^ 533 June 15, 1964-69... 21/2 2,638 Apr. 1, 1975-80... 234 5,365 • Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables 1 Direct public issues. on Money Market Rates, p. 810. 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 issuer 2 1Jse of proceeds2 Total Period 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 S d a s u p i t a t s o a e t n t h r t c r d y u i o i c a - r t l - Others a d e m e r o e li d u v 6 n - t Total c E a d ti u o - n b R r a i o d n a g d d e s s W s o u e a t t a w n h i t l d e e e i- r r r , , h R d i t o n e e i u g 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 ties 1953 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1,119 1954 6,969 3,380 3,205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 1,333 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 1,414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 1,464 1957 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 1,352 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 1,657 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 1,683 1960 7 302 4 677 2,097 403 125 1,110 1,985 4,206 7,112 7 257 2,411 1 007 1 318 425 201 1 894 I960—Apr 724 457 241 20 5 50 247 427 552 719 305 136 115 23 141 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 81 101 138 Dec 496 270 108 98 21 49 99 348 448 491 162 44 119 99 68 1961—Jan 709 556 85 63 4 225 86 504 708 375 36 '109 63 31 93 Feb.r... 662 367 283 9 4 62 223 377 712 661 229 95 195 9 13 121 Mar.r. . 763 610 137 16 252 75 436 703 759 225 48 169 100 216 Apr 681 531 99 51 n.a. 266 90 326 717 678 174 65 62 170 151 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- ? Includes urban redevelopment loans. stated relative to later data. 8 Beginning in 1957 this figure differs from that shows 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. * Beginning with 1957, coverage is considerably broader than earlier. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 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 ro er c s e 6 eds Noncorporate Corporate New capital Year or Remonth Total G U o . v S t. . 3 a F e g c e r y e a d * n l - - S n m a p t i n a c a u d t l i - e - Others Total Total o B P f l f o i u e c n b r l e y - d d s p v l P a a t r c e i- e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey' O p p o t u h s r e e - s r s m r t i e i o t r e c i f e e n u - s - t 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 1960 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 I960—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 32 111 651 415 236 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 Apr.. 3,395 348 100 710 2 2,235 1,067 713 354 57 1,111 2,206 2,115 2,042 73 91 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 capital^ secu- capitals secu- capital 8 secu- capital8 secu- capital8 secu- capital8 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 1960 1,997 79 794 30 672 39 2,754 51 1,036 2,401 71 I960—Apr.. 171 2 47 1 53 303 18 52 136 1 May. 92 6 68 6 78 144 36 157 1 June. 249 49 38 35 362 3 61 286 9 July. 182 38 50 126 14 57 282 2 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 Apr.. 570 19 86 28 1 200 21 993 45 238 1 Estimates of new issues maturing in more than one year sold for cash tion and Development, and domestic eleemosynary and other nonprofit in the United States. organizations. 2 Gross proceeds are derived by multiplying principal amounts or num- 6 Estimated net proceeds are equal to estimated gross proceeds less cost ber of units by offering price. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 3 Includes guaranteed issues. 7 Represents proceeds for plant and equipment and working capital. 4 Issues not guaranteed. * Represents all issues other than those for retirement of securities. 5 Represents foreign governments, International Bank for Reconstruc- 9 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 821 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 2 Manufacturing Total (180 corps.): Sales ,717114,229105,134118,273120,742 27,233 28,999 31,573 30,924 28,103 30,142 28,988 Profits before taxes ,418 13,349 10,466 14,094 13,363 2,506 3,059 4,002 3,544 2,710 3,107 2,666 Profits after taxes 094 7,177 5,714 7,443 7,077 1,125 1,678 2,063 1,813 1,499 1,703 1,429 Dividends 068 4,192 4,078j 4,342 4,492 1,036 1,249 1,092 1,099 1,101 1,201 1,113 Nondurable goods industries (79 corps.): * Sales ,463 41.704 41,5411 45,465 46,819 11,406 11,572 11,599 11,663 11,616 11,941 12,172 Profits before taxes ,146 5;oio 4.402 5,652 5,526 1,411 1,388 1,407 1,421 1,404 1,294 1,325 D Pr i o v f i i d ts e n a d f s ter taxes , , 9 6 4 8 3 3 2 1 , , 9 7 4 7 4 6 2 1 . . 5 78 7 5 4 3 1 , , 2 91 1 2 2 3 1 , , 1 9 6 7 1 8 4 79 4 1 8 8 56 1 4 0 4 7 8 8 2 5 4 7 8 9 6 7 4 8 8 1 2 4 7 5 6 2 5 8 4 7 8 5 6 2 Durable goods industries (101 corps.):2 Sales ,254 72,525 63.593 72,5 73,923 15,827 17,428 19,974 19,260 16,487 18,201 16.816 Profits before taxes ,272 8,339 6 065 8,442 7,837 1,095 1,670 2,595 2,123 1,306 1,813 1.341 Profits after taxes ,151 4,233 3J40J 4.231 3,915 333 868 1,277 1,016 684 938 677 Dividends ,385 2,416! 2 2941 2.430 2,515; 588 684 610 612 619 674 627 Selected industries: Foods and kindred products (25 corps.): Sales ,394 9,987 10.7071 IK 303 11,814 2,898 2,829 2,821 2,928 2,943 3,122 3,026 Profits before taxes 955 1,024 I•15^1 1-274 1,323 346 307! 303 338 345 338! 318 Profits after taxes 460 497 •555! 604 629 163 148 142 159 162 166 150 Dividends 277 289 312 344 376 80 100 92 88 100 95! 95 Chemicals and allied products (21 corps.): Sales »,199 10,669 10,390 11.979 12,319 3.013 3,038 3,057 3,146 3,096 3,020 2,994 Profits before taxes ,804 1,823 1,538 2,187 1,999 559 524 537 534 489 440 440 Profits after taxes 942 948 829 1.131 1,062 286 280 276 281 256 250 231 Dividends 698 737 717 799 794 179 264 191 186 187 230 193 Petroleum refining (16 corps.): Sales ,454 13,463 12.838 13.372 13,728 3.281 3,459 3,427 3,282 3,385 3,635 3.483 Profits before taxes ,444 1,325 919 1.187 1,261 263 302 307 292 364 299 364 Profits after taxes ,068 1,075 791 969 986 220 247 238 226 292 230 268 Dividends 481 512 516| 518 521 128 134 130 130 128 133 129 Primary metals and products (35 corps.): Sales..... ,365 22,468 19 2^6 21.035 20,898 3.649 4,591 6,003 5,442 4,939 4,513 4,396 Profits before taxes .331 2,977 2,"l82 2.331 2,263 -76 411 854 611 411 387 309 Profits after taxes .727 1.540 1,154 1,222 1,178 -208 233 426 322 224 205 166 Dividends 880 873 802[ 831 840 205 221 206 208 208 219 208 Machinery (25 corps.): Sales ,908 15,115 14.685 16,922 16,503 4,468 4,413 4.000 4,171 4.015 4,316 4,137 Profits before taxes .209 1,457? 1 463 1.890 1,482! 495 472 389 395 366 332 337 Profits after taxes 607 729 7341 '934 760 239 236 197 202 185 175 178 Dividends 403 416! 422' 448 482 109 121 121 119 120 123 121 Automobiles and equipment (14 corps.): Sales .217 23.453 18 469 22.731 24,175 4,625 5,262 7,022 6,516 4,502 6,134 5,293 Profits before taxes :,473 2.701 K332 2.985 3.100 356 500 ]076 936 273 816! 478 Profits after taxes .186 1,354 706 1.479 1,529! 155 254 521 457 151 400! 223 Dividends, 791 805 758! 807 833; 195 233 199 199 207 228 2(3 Public Utility Railroad : Operating revenue. . 10.551 10,491| 9 565 9.825 9,514 2.365 .435 2411 2477 2.322 2,304 2.129 Profits before taxes. 1.268 1,058! 843' 845 649 127 242 165 212 104 169 26 Profits after taxes... 876 737; 602s 578 445 86| 185 99 139 65 141 -13 Dividends 462 4381 419; 406 3831 791 130 91 94 73 126 86 Electric Power: Operating revenue. . 9,049 9,670! 10.195* 11.129 11,861 2,693! 1.852 3 166 2 837 2.865 2.993 3,267 Profits before taxes. 2,462 2,579j 2.704! 2.983 3.169J 714 740 901 739 '757 772 918 Profits after taxes... 1,326 1,413! K5I9; 1.655 1,795| 389 417 502 422 418 452 523 Dividends 1,022 1,069! 1.134-| 1.219 1,302 302 312 325 321 322 335 343 Telephone : Operating revenue. . 5,966 6,4671 6.939! 7.57:8,111 1,909 .947 1967 2025 2,042 2,077 2,090 Profits before taxes. 1.430 1,562 1.860^ 2,15: 2,326 537 543 558 585 589 594 587 Profits after taxes... 715 788! 921' 1.07:1,155 268 275 277 290 294 294 290 Dividends 55: 613! 674^ 74: 806 190 192 196 200 203 207 210 1 Includes 17 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and 2 Includes 27 companies in groups not shown separately. the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Data are obtained primarily Telegraph Company) and for two affiliated telephone companies, which from published company reports. together represent about 85 per cent of all telephone operations. Divi- Railroads. Figures are for Class I line-haul railroads (which account dends are for the 20 operating subsidiaries and the two affiliates. Data for 95 per cent of all railroad operations) and are obtained from reports are obtained from the Federal Communications Commission. of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and Electric Power. Figures are for Class A and B electric utilities (which before Federal income taxes and dividends. For detailed description of account for about 95 per cent of all electric power operations) and are series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 obtained from reports of the Federal Power Commission, except that (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public quarterly figures on operating revenue and profits before taxes are partly utilities); and p. 908 of the BULLETIN for September 1944 (electric power) estimated by the Federal Reserve to include affiliated nonelectric opera- For back data for manufacturing, see pp. 792-93 of the BULLETIN for tions. July 1959; back data for other series are available from the Division of Telephone. Revenues and profits are for telephone operations of the Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

822 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1 [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a ar r t o er 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 t o er 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 I960 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 1960—1 2,950 1,211 1,739 1,608 728 880 1,341 482 859 1959—1 46.4 22.9 23.5 13.0 10.5 2 3,101 1,163 1,937 1,808 717 1,090 1,293 446 847 2 51.7 25.5 26.2 13.2 12.9 3 3,293 1,215 2,077 2,055 849 1,206 1,238 366 872 3 45.3 22.3 22.9 13.6 9.3 4 3,615 1,171 2,445 2,573 715 1,859 1,042 456 586 4 44.8 22.1 22.7 13.8 8.9 1961—1 3,247 1,417 1,830 1,488 770 718 1,759 647 1,112 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. 820 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. 820. 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 v S s r t i . . - N G U o o . t v r e S e t s . c . 2 e a i n va d b O a le t c h c e ts r . I t n o v ri e e n s - Other Total G N U o o . t v S e p t . s . a 2 y an ab d 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 m i - 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 SJ.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 I960 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 f M a i c a n t n u g u r- - M in i g n- T R ra a n i s l- portation P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i c n n i t n u g d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 ( a a s j l u e n ly a s n t s u e a o a d d n l - road Other ing rate) 1953 28.3 11.9 1.0 1.3 .6 4.6 1.7 6.3 1954 26.8 11.0 1.0 .9 .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 .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 .7 4.9 2.7 8.4 3 9.0 3.9 .7 1.5 2.9 35.9 1957 37.0 16.0 1.2 1.4 .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 .5 6.1 2.6 7.2 1959 32.5 12.1 1.0 .9 >.O 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 .9 5.7 3.1 8.4 24.... 8.7 3.8 .7 1.5 2.8 33.9 196H 34.5 14.0 1.0 .7 .8 5.9 11.1 34.... 8.7 3.7 .6 1.7 2.7 34.6 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. * Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 823 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 e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - S F e a e c l g e d i e e c e h n s t r O e o - a d l t l d h e e v o r r I i s a t d n h n u d e d a i r - l s s h A e o r l l s d l - T 1 o - t a to l 4- t F f u i a i n c t m n i i s a o a t i l l i n n y - - s ho O h u o e t s h r l e s d e s - r c T o o m t M a m l u e l r t c i t F i f u i a a i n c t n l m i i s a o a t p i l i n n l - r y - s o p a e n O h r d o e t t i h r l e s 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 l n n - s - h O ol t d h e e r r s 2 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 191.2 145 5 10 0 35 6 178 9 131.0 109 3 21.7 47.9 31.8 16.1 12 3 4 5 7.8 206.5 157.6 11.2 37.7 193.4 141.8 118.6 23.2 51.6 34.3 17.3 13.1 4.7 8.4 1959 Mar 176.0 134.3 8.4 33.4 164.5 120.5 100.6 19.9 44.0 29.4 14.6 11.5 4.3 7.3 June 181.6 138.4 9 0 34 2 169.7 124.4 103 8 20.5 45.3 30.2 15.1 11 9 4 4 7 5 Sept 186.8 142.3 9.5 34.9 174.6 128.1 106.9 21.2 46.5 30.9 15.6 12.2 4.4 7.7 Dec 191.2 145.5 10.0 35.6 178.9 131.0 109.3 21.7 47.9 31.8 16.1 12.3 4.5 7.8 I960—Mar 194.5 148.1 10.3 36.2 182.0 133.2 111.1 22.1 48.8 32.5 16.3 12.5 4.5 8.0 June 198.7 151.4 10.6 36.7 185.9 136.2 113.7 22.5 49.8 33.1 16.7 12.8 4.6 8.2 Sept 202.8 154.6 11.0 37.3 189.9 139 2 116 3 22 9 50 7 33.7 17.0 13 0 4 6 8 3 Dec 206.5 157.6 11.2 37.7 193.4 141.8 118.6 23.2 51.6 34.3 17.3 13.1 4.7 8.4 1961 Mar P . . 209.9 160.4 11.2 38.3 196.6 144.1 120.7 23.4 52.6 35.0 17.6 13.3 4.7 8.5 * 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 1loldings 2 Mutual savings bankholdings3 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C v o en n - * f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4 906 3 292 1 048 566 4 812 3 884 900 28 1945 4 772 3 395 856 521 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 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4 803 3 902 8 300 4,379 1,336 19,746 17 703 4 409 7 139 6 155 1 984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9 780 5,461 1,471 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 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,297 7,074 8,986 8,237 2,584 54 1959 June 27,060 19,615 5,885 3,230 10,500 5,875 1,570 24,110 21,676 5,915 8,510 7,251 2,380 54 Sept 27,635 20,040 6,045 3 175 10 820 6,010 1,585 24,600 22 126 6 095 8 580 7,451 2 420 54 Dec 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,275 8,589 7,622 2,451 55 1960 Mar 28,228 20,292 6,053 3,124 11,115 6,345 1,591 25,421 22,889 6,422 8,735 7,732 2,478 54 June 28,463 20,334 5,978 3,032 11 324 6 484 1,646 25,881 23 319 6 569 8 880 7,870 2 509 53 Sept 28,693 20,399 5,906 2,919 11,574 6,651 1,643 26,442 23,838 6,821 8,933 8,084 2,551 53 Dec 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,297 7,074 8,986 8,237 2,584 54 1961 Mar 29,059 20,418 5,816 2,803 11,799 6,960 1,681 27,437 24,765 7,291 9,070 8,404 2,618 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

824 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 FHA- VA- Farm Total FHA- VA- Farm Total guar- Other Total guar- Other insured anteed insured antccd 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 I960—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 May 511 461 105 12 344 50 42,723 39,670 9,364 6,770 23,536 3,053 * Preliminary. end-of-year figures, because monthly figures represent book value of NOTE.—Certain mortgage loans secured by land on which oil drilling ledger assets whereas year-end figures represent annual statement asset or extracting operations are in process are classified with farm through values, and because data for year-end adjustments are more complete. June 1959 and with "other" nonfarm thereafter. These loans totaled SOURCE.—Institute of Life Insurance; end-of-year figures are from $38 million on July 31, 1959. Life Insurance Fact Book, and end-of-month figures from the Tally of For loans acquired, the monthly figures may not add to annual totals Life Insurance Statistics. and for loans outstanding, the end-of-December figures may differ from MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total By type of lender (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i 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 re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - l - * 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 u o s o n t- u a * t l in l S o g a a s v n & - I c a n o n s m c u e 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 ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 J .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 I1,969 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 1(),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 1(),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 i:>,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 1!5,151 5,201 6,613 53,194 2,997 7,192 43,005 1958.. . 27,388 10,516 1,460 5,204 1,640 1960 uK304 4,678 6,132 60,084 3,523 7,211 49,350 1959 32,235 13,094 1,523 5,832 1,780 1960 29,341 12,158 1,318 4,520 1,557 1960 1960 May ,232 435 509 55,655 3,211 7,227 45,217 June ,397 All 598 56,435 3,255 7,228 45,952 Apr .. 2,400 2,366 983 108 382 106 July ,268 408 569 57,050 3,304 7,233 46,513 May 2,446 2,500 1,051 114 402 120 Aug ,413 430 651 57,763 3,357 7,229 47,177 June 2,427 2,690 1,167 119 415 138 Sept 1,316 402 591 58,406 3,398 7,225 47,783 July 2,493 2,528 1,048 116 378 145 Oct ,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 Jan 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 ,356 426 515 61,571 3,658 7,183 50,730 Jan 2,373 2,075 830 83 337 110 Apr ,309 417 504 62,265 3,702 7,195 51,368 Feb 2,387 1,997 838 78 321 95 MayP i,485 460 604 63,081 3,747 7,200 52,134 Mar 2,398 2,444 1,060 94 394 106 4pr 2,358 1,038 89 386 114 v Preliminary. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Re refinancing, 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 825 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMTLY 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 - t s - - 1 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 - TotaP p e N r r t m 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 - 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 t n en t V - A- t C i v o e o n n n a - - l Total in- guarsured anteed 1945 665 257 217 20 171 192 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1945 18.6 4.3 4.1 .2 14.3 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 49.3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 99.0 43.9 15.5 28.4 55.1 1959 7,694 2,563 3,507 628 997 2,787 2,051 730 1957 107.6 47.2 16.5 30.7 60.4 1960 6,293 2,197 2,403 711 982 1,985 1,554 428 1958 117.7 50.1 19.7 30.4 67.6 1960—May. 456 155 167 45 155 124 31 1 I9 9 6 5 0 9 1 1 3 4 1 1 . . 0 8 5 5 3 6 . . 8 4 2 2 3 6 . . 8 7 2 3 9 0 . . 7 0 7 8 7 5 . . 2 4 June, 539 170 195 71 103 175 143 32 July. 509 162 200 59 88 160 126 34 1959_Sept 128.1 53.1 22.9 30,2 75.0 A Se u p g t . . 6 6 1 1 5 3 1 1 9 8 2 9 2 2 2 3 8 3 1 9 1 7 9 1 6 0 8 0 1 1 8 6 1 9 1 1 3 3 9 2 4 3 1 7 Dec., 131.0 53.8 23.8 30,0 77.2 Oct.. 573 196 237 46 94 162 125 36 1960—Mar...... 133.2 54.5 24.6 29.9 78.7 Nov. 558 181 223 78 77 150 113 37 June 136.2 55.0 25.2 29.8 81.2 Dec. 558 167 223 92 76 142 109 33 Sept 139.2 55.8 26.0 29.8 83.4 Dec 141.8 56.4 26.7 29.7 85.4 1961—Jan.. 564 186 224 89 65 130 101 28 Feb.. 448 148 193 57 50 108 81 27 1961—Mar.*\ ... 144.1 57.1 27.4 29.7 87.0 Mar. 480 143 204 72 60 125 93 32 Apr.. 458 124 193 75 65 109 78 31 May. 501 130 219 84 68 123 83 41 p Preliminary. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such 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 t y s - a d n e d m t a i n m d e or month Total FH in A - - g V u A ar - - d u i n s- - Total t S e h rm or * t L te o r n m g 2 - deposits sured anteed c P ha u s r e - s Sales bursed 1945 278 213 195 176 19 46 1954 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 802 1955 2,615 901 1,714 411 62 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 I960 6,159 3,356 2,803 1,248 357 576 I960 1,943 2,097 1,981 1,089 892 938 1960—May 5,827 2,997 2,830 129 67 561 I960—June 290 94 1,770 932 838 736 June 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 S A e u p g t 6 5 , ,9 0 9 5 1 0 3 3, , 1 2 8 4 5 0 2 2, , 8 8 1 0 0 6 9 8 6 4 i" 5 5 8 8 4 4 S O e c p t t 1 13 6 3 0 1 1 2 3 1 4 1 1 , , 7 7 3 3 6 5 1,0 9 0 8 2 6 7 74 3 9 4 7 7 3 6 7 2 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 ,981 1,089 892 938 Dec 6,159 3,356 2,803 69 27 576 1961—Jan 90 500 ,571 888 683 959 1961—Jan 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 75 539 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 May 5,772 3,188 2,584 42 101 523 June 367 122 1,869 975 894 1,154 i 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

826 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 il r - e ! co p g O n a o s t p o h u e d e m r r s 1 er e a r n R l n d o i e z a p m a n a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1954 32,464 23,568 9,809 6,751 1,616 5,392 2,408 4,485 2,003 1955 38,882 28,958 13,472 7,634 1,689 6,163 9,924 3,002 4,795 2,127 1956 42,511 31,897 14,459 8,580 1,895 6,963 10,614 3,253 4,995 2,366 1957 45,286 34,183 15,409 8,782 2,089 7,903 11,103 3,364 5,146 2,593 1958 45,544 34,057 14,237 8,923 2,327 8,570 11,487 3,627 5,060 2,800 19593 52,119 39,852 16,549 10,476 2,784 10,043 12,267 4,144 5,104 3,019 1960 56,049 43,281 17,866 11,215 3,008 11,192 12,768 4,311 5,187 3,270 1960—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 May 54,390 42,127 17,242 10,602 2,943 11,340 12,263 4,524 4,274 3,465 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 End of year instal- Sales Con- Houseor month c m re e d n i t t Total m b C e a o r n m c k ia s - l fi c n o a m nc - e u C n r i e o d n i s t f s i c n u o a m m n e c - r e Other i Total D st m e o p r e e a n s r t t 2 - F s t t u u o r r r n e e i s - a h a p n o p c l l d e i- d m A ea o u l b e to i r l s - e 3 Other panies panies i stores 1939.. 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941. . 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945. . 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1954.. 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 ,052 1955. . 28,958 24,450 10,601 8,443 1,678 2,656 ,072 4,508 1,511 1,044 365 487 ,101 1956.. 31,897 27,154 11,777 9,100 2,014 3,056 ,207 4,743 1,408 1,187 377 502 ,269 1957.. 34,183 29,535 12,843 9,573 2,429 3,333 ,337 4,668 1,393 1,210 361 478 ,226 1958.. 34,057 29,074 12,780 8,740 2,668 3,384 ,502 4,983 1,882 1,128 292 506 ,175 19594. 39,852 34,176 15,227 10,145 3,280 3,774 ,750 5,676 2,292 1,225 310 481 ,368 I960.. 43,281 37,502 16,398 11,134 3,906 4,212 ,852 5,779 2,401 1,189 292 513 ,384 1960—May. 41,125 35,902 15,911 10,744 3,537 3,902 ,223 2,054 1,125 290 503 ,251 June. 41,752 36,481 16,145 10,945 3,626 3,957 ,271 2,073 1,132 291 512 ,263 July.. 42,050 36,857 16,239 11,062 " 679 4,049 ,193 2,020 1,124 290 516 ,243 Aug.. 42,378 37,199 16,362 11,142 754 4,099 ,842 ,179 2,012 1,132 290 520 ,225 Sept.. 42,517 37,318 16,416 11,154 3,795 4,111 ,842 ,199 2,049 1,129 291 519 ,211 Oct... 42,591 37,330 16,408 11,147 833 4,097 ,845 ,261 2,103 130 290 518 ,220 Nov.. 42,703 37,368 16,402 11,141 870 4,107 ,848 335 2,155 140 288 517 ,235 Dec. 43,281 37,502 16,398 11,134 906 4,212 ,852 5,779 2,401 1,189 292 513 ,384 1961—Jan... 42,782 38,186 17,261 11,030 3,860 4,179 ,856 4,596 1,342 1,151 286 504 ,313 Feb.. 42,264 37,790 17,001 10,914 3,863 4,151 ,861 4,474 1,348 1,121 279 497 ,229 Mar.. 42.058 37,542 16,860 10,787 3,897 4,131 ,867 4,516 1,442 1,092 274 491 ,217 Apr.. 41J988 37,434 16,776 10,733 3,937 4,133 ,855 4,554 1,527 1,077 269 488 ,193 May. 42,127 37,462 16,776 10,696 3,991 4,133 ,866 4,665 1,634 1,071 270 488 ,202 1 Consumer finance companies included with "other" financial institu- 3 Represents automobile paper only; other instalment credit held by tions until September 1950. automobile dealers is included with "other" retail outlets. 2 Includes mail-order houses. 4 See note 3 to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 827 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r r s r e R m l r t o a e n i n o a p o i d n z d a n a s - ir - l s 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 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 e n d a o r s i n n r - l s P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 . ... 745 66 143 114 110 312 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 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 I960 16,398 5,264 2,776 2,690 2,163 3,505 1960—May 10,744 7,631 2,132 45 936 I960—May 15 911 5 088 2,726 2,667 2,075 3,355 June 10,945 7,767 2,175 49 954 June 16,145 5,195 2,765 2,684 2,105 3,396 July 11,062 7,822 2,225 52 963 July 16 239 5 242 2,777 2,690 2,119 3,411 Aug 11,142 7,855 2,260 57 970 Aug 16,362 5,290 2,790 2,684 2,144 3,454 Sept 11,154 7,832 2,292 60 970 Sept 16 416 5 313 2,778 2,686 2,162 3,477 Oct 11,147 7,796 2,319 63 969 Oct 16 408 5 311 2,776 2,681 2,170 3,470 Nov 11,141 7,757 2,347 63 974 Nov 16,402 5,304 2,783 2,670 2,173 3,472 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 May 10,696 7,204 2,405 67 1,020 May 16,776 5,127 2,774 3,181 2,100 3,594 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 Other Repair Total loans 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 t l l t - m A pa o u p b t e o il r - e s g p c u o a o m o p n d e e - r s r m iz l o o a a d a n ti n d e o s r n 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 m r o e e d n n " i t t b C m c a o i n e a m r k l - s - f O i 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 n e - t- t s! o O r u e t t t h l a e e i t l r s C ca re rd d s it 2 S c e r r e v d i i c t e 1939 789 81 24 15 669 tutions 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1954 4,510 539 375 282 3,314 1 1 9 9 4 4 1 5 3 3 , , 0 2 8 0 7 3 6 6 9 7 3 4 1 7 5 2 2 2 2 9 7 0 5 1 1 , , 3 3 7 2 0 2 5 8 9 4 7 5 1955 5,406 761 537 326 3,782 1956 6,277 948 648 403 4,278 1954 8,896 2,096 312 793 3 515 177 2 003 1957 7,099 1,106 622 489 4,882 1955 9,924 2,635 367 862 3,717 216 2,127 1958 7,554 1,143 610 593 5,208 1956 10,614 2,843 410 893 3,842 260 2 366 19591 8,804 1,388 758 710 5,948 1957 11,103 2,937 427 876 3,953 317 2,593 1960 . .. 9,970 1,618 885 781 6,686 1958 11,487 3,156 471 907 3,808 345 2,800 1959 3 12,267 3,582 562 958 3 753 393 3 019 I960 Mav 9,247 1,483 820 745 6,199 I960 12,768 3,737 574 941 3,801 445 3,270 June 9,391 1,516 844 751 6,280 July 9,556 1,536 860 763 6,397 1960—May.... 11,866 3,631 682 646 3,305 391 3,211 Aug 9,695 1,565 874 774 6,482 June.... 11,910 3,682 612 633 3,382 408 3,193 Sent 9,748 1,579 885 779 6,505 July 11,759 3,663 602 584 3,295 432 3,183 Oct 9,775 1,591 882 780 6,522 Aug 11,714 3,656 620 584 3,236 457 3,161 Nov 9,825 1,606 880 784 6,555 Sept 11,748 3,715 602 625 3,199 459 3,148 Dec 9,970 1,618 885 781 6,686 Oct 11,753 3,692 580 661 3,266 443 3,111 Nov 11,923 3,711 590 709 3,326 428 3,159 1961 Jan 9,895 1,599 863 772 6,661 Dec 12,768 3,737 574 941 3,801 445 3,270 Feb 9,875 1,599 850 767 6,659 Mar 9,895 1,611 843 769 6,672 1961—Jan 12,239 3,740 574 805 3,346 448 3,326 A M p a r y 9 9 , ,9 9 9 2 0 5 1 1 , , 6 6 2 4 5 9 8 8 3 39 6 7 li 6 e 5 6 6 , , 6 7 9 2 9 6 F M e a b r 1 1 1 1 , , 8 8 4 3 8 8 3 3 , , 7 7 8 9 9 3 6 5 2 9 4 2 6 6 6 3 9 7 2 2 , , 9 9 2 2 6 6 4 44 4 1 2 3 3 , , 4 4 2 2 0 7 Apr 11,984 3,842 560 631 3,035 430 3,486 May 12,263 3,904 620 634 3,210 430 3,465 i Includes data for Alaska and Hawaii, beginning with January and 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

828 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 [,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 1960—May.... 4,255 4,375 1.558 1,658 1.170 1.183 190 203 i . 337 1,331 June ....... 4,313 4,615 1,538 1,733 1,248 1,267 186 198 1,341 1,417 July 4,214 4,156 1,417 1,473 1,168 1,085 176 183 1,453 1,415 Aug ........ 4,072 4,365 [,422 1.570 1,112 1,165 180 202 1,358 1,428 Sept 4,125 4,010 [,422 ,372 1,162 1,173 164 177 1,377 1,288 Oct 4,108 4,012 1,460 ,407 1,165 1,207 160 172 1,323 1,226 Nov 4,134 4,067 1,482 ,364 1,159 1,217 160 163 1,333 1,323 Dec 4,007 4,641 1,325 ,248 ,200 147 138 1,601 1961—Jan 3,869 3,473 1,239 ,130 ,185 1,012 140 117 1,305 1,214 Feb 3,803 3,241 1,190 ,051 1,131 888 141 114 1,341 1,188 M^ar . . ... 4,002 3,995 1,288 1,212 1,125 159 150 1,343 1,390 Apr 3,883 3,765 1,243 1,247 1,145 1,053 157 151 1,338 1,314 May 4,001 4,280 [,315 1,461 1,158 1,219 168 185 1,360 1,415 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 1,834 15,071 1960—May 3,911 3,901 1.402 1,397 1,126 1.125 153 152 1.230 1.227 June. .. 3,934 3,988 [,392 1,409 1,135 1,144 155 158 1,252 1,277 July 3,997 3,858 [,385 1,335 1,148 1,095 155 154 [,309 1,274 Aug 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 1,107 149 151 1,293 1,242 Oct 3,994 3,938 1,417 1,436 1,147 1,125 160 160 1,270 ,217 Nov.. 3,946 3,955 1,397 1,389 1,119 1,127 158 156 1,272 ,283 Dec 3,931 4,063 [,356 1,349 1,156 1,154 153 150 1,266 1,410 1961—Jan 3,972 3,972 1,387 1,385 1,154 1,177 159 158 1,272 1,252 Feb 4,011 3,759 1,363 1,279 1,191 1,145 152 146 1,305 [,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 1,388 1,312 1,186 ,147 156 151 7Q7 1,225 May 3,974 4,141 1,365 1,419 1,148 160 164 1,301 1,356 Net increase or decrease (—) in credit outstanding 2 1954 563 -26 -28 6 611 1955 5 390 3 663 883 73 771 1956. 2,939 987 946 206 800 1957 2 286 950 202 194 940 1958 -126 -1,172 141 238 667 19591 . 5,795 2,312 1,553 457 1,473 I960.. . 3,429 1,317 739 224 1,149 I960 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 -1 Mar 48 -206 -65 -118 49 -114 1 -13 63 39 Apr -139 -70 -145 -65 -41 -94 1 0 46 89 May 27 139 -50 42 10 17 8 21 59 59 1 Extensions and repayments include current data for Alaska and A discussion of the composition and characteristics of the data and Hawaii beginning with January and August 1959, respectively. The a description of the methods used to derive the estimates are shown differences between extensions and repayments do not equal the changes in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment in outstanding credit for 1959 because the differences do not reflect the credit extended and repaid are based on information from accounting effect of the introduction of outstanding balances for these two States. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except as indicated in note 1. loans, repurchases and resales of instalment paper, and certain other NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of transactions may increase the amount of both credit extended and credit the BULLETIN for October 1956; for 1955-59, in the BULLETIN for repaid without adding to the amount of credit outstanding. December 1957, pp. 1420-22, November 1959, p. 1418, and December 1960, pp. 1406-09. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 829 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and in termediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r t it f u 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 s a te 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 19591, 2 49,045 17,976 11,007 12,122 7,940 1960 50,343 17,854 11,110 13,363 8,016 I960 May 4,255 4,375 1,521 1.616 944 983 1 194 1,121 666 655 4,313 4,615 1,534 1,658 943 1 050 I 128 1 185 708 722 July 4,214 4,156 1.437 1,458 894 955 1,233 1,201 650 542 4.072 4,365 1,442 1,560 894 989 I 129 1 192 607 624 Sept 4,125 4,010 1,470 1,430 888 879 1,118 1,051 649 650 Oct 4,108 4,012 ,473 1,419 896 880 1,072 1,011 667 702 Nov 4,134 4,067 ,495 1,385 918 872 I 078 1 093 643 717 Dec 4,007 4,641 ,399 1,370 847 865 1,077 1,302 684 1,104 1961 Jan l . .. 3,869 3,473 ,373 1,321 800 737 1,028 928 668 487 Feb.l 3,803 3,241 1,358 1,189 786 656 I 059 942 600 454 Mar. 4,002 3,995 1,404 1,433 807 806 1,096 1,126 695 630 Apr 3,883 3,765 ,371 [,400 810 763 1 063 1 023 639 579 May 4,001 4,280 ,420 1,573 802 868 1,124 1,165 655 674 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 1960—May 3,911 3,901 1,411 1.416 850 843 085 990 665 652 3,934 3,988 1,400 1,424 849 849 1,024 1,041 661 674 July 3,997 3,858 1,395 1,364 867 838 1 075 1 036 660 620 3,918 4,037 1,376 1,437 870 909 1,027 1,053 645 638 Sept 3,958 3,871 1,388 1,376 877 867 1,044 998 649 630 Oct 3,994 3,938 1,445 1,427 868 887 1,021 984 660 640 Nov 3,946 3,955 1,411 1,391 876 878 1,027 1,043 632 643 Dec 3,931 4,063 1,376 1,374 853 872 1,034 1,157 668 660 1961—Jan.i 3,972 3,972 1,433 1,434 855 841 1 011 1 003 673 694 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 May 3,974 4,141 1,500 1,573 873 905 1,052 1,100 549 563 Net increase or decrease (—) in credit outstanding3 1954 563 — 202 217 472 76 1955 5,390 1,805 2 299 896 390 19561 2,939 1,176 657 871 235 I9571 2,286 1,066 473 822 -75 19581 -126 -63 — 833 455 315 19591,2 5,795 2,447 1,405 1,250 693 1960 3,429 1,171 989 1 166 103 1960—May 344 474 110 200 94 140 139 131 1 3 June 379 627 134 234 94 201 104 144 47 48 July 217 298 42 94 27 117 158 165 -10 -78 Aug 154 328 66 123 24 80 102 139 -38 -14 Sept 167 139 82 54 11 12 74 53 0 20 Oct 114 74 28 -8 28 -7 51 27 7 62 188 112 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.i -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 May 27 139 -80 0 -71 -37 72 65 106 111 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 f©r 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

830 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49= 100 [Seasonally adjusted] Annual average 1960 1961 Grouping 1959 1960 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May INDUSTRY GROUPINGS Total index 159 164 167 166 166 165 162 161 159 156 155 155 '156 160 164 755 163 166 165 165 163 767 760 757 754 755 752 755 158 765 Durable 165 169 174 173 173 169 166 164 159 156 154 153 154 161 167 Nondurable 155 160 161 163 163 162 159 160 158 156 155 156 157 r160 163 Mining 125 128 127 128 128 129 127 128 129 129 129 128 127 '129 128 Utilities 268 287 284 288 289 292 293 289 286 286 290 291 291 '296 298 Durable Manufactures PrirncwV and fabricated TflCtClls 125 128 131 126 124 122 779 775 777 705 107 705 709 '//7 126 Primary metals 114 115 119 112 108 106 102 100 94 88 91 93 94 '105 115 107 110 115 105 100 94 90 91 85 80 82 86 87 98 108 Fabricated metal products . 142 145 147 148 148 147 144 144 138 137 132 131 131 135 143 Structural metal parts 150 155 156 158 160 160 157 156 151 147 145 141 141 '144 152 Machinery and related products 197 205 211 207 209 206 204 207 797 795 790 759 759 195 201 169 174 178 178 180 176 173 167 167 166 166 165 165 169 171 Nonelectrical machinery 141 145 147 148 152 146 143 142 140 137 136 136 135 140 141 212 222 228 226 226 223 222 208 211 213 215 214 213 216 221 Tcan.sporta.tion equipment .... . . . 228 238 249 237 237 237 237 240 226 218 208 205 206 '220 232 Motor vehicles and parts 147 168 176 176 166 167 168 170 151 142 130 127 126 144 157 390 368 383 347 372 367 368 371 373 369 366 363 367 366 374 Instruments and related products . 209 221 222 224 226 227 220 220 221 216 216 210 210 '210 216 143 139 142 144 145 139 137 755 752 729 729 128 757 135 137 Clay glass and stone products 159 158 160 164 165 162 157 157 155 148 145 144 149 '151 155 Lumber and products 125 118 122 120 122 113 114 111 105 106 111 110 '110 117 117 147 153 157 755 755 755 750 757 149 145 143 144 r145 148 151 Furniture ^md fixtures . . 164 171 177 177 177 173 169 168 167 163 159 158 '161 165 167 Misc manufactures 133 138 140 143 143 141 134 138 135 130 130 132 131 134 139 Nondurable Manufactures Textile apparel and leather products. 136 136 140 141 140 755 133 755 757 727 124 727 750 132 134 126 121 126 128 126 124 118 116 113 109 110 113 '116 118 122 Apparel products 153 159 162 162 163 161 155 156 156 152 144 147 152 153 152 Leather and products 119 113 116 116 115 116 109 113 112 108 109 108 108 112 154 160 160 160 757 767 767 767 760 759 759 159 759 76? 163 Paper and products ... ... 170 172 174 172 173 172 173 172 168 168 170 174 173 '180 179 Printing and publishing 143 152 152 152 153 153 153 154 155 152 151 150 150 '150 152 135 141 142 143 142 141 140 142 141 139 136 134 136 137 137 Chemical petroleumr and rubber products 2 24 1 0 5 2 25 2 5 4 2 25 2 8 7 2 2 6 3 3 3 2 2 6 3 3 2 2 26 2 0 9 2 25 2 4 4 2 25 2 5 3 2 25 2 2 1 2 25 1 2 8 2 25 7 0 7 2 24 7 9 6 2 25 7 2 6 r2 2 5 2 9 3 2 26 3 7 2 298 320 322 331 331 330 320 314 318 315 315 312 321 328 Petroleum products 158 161 161 167 172 168 167 164 162 158 159 160 158 '162 168 199 200 205 214 204 201 194 192 191 184 180 178 168 183 Foods beverages and tobacco 128 132 132 132 132 132 132 755 757 752 752 752 134 r134 136 Foods and beverages 128 132 132 132 132 132 132 134 131 133 133 133 134 134 136 Food manufactures 131 134 134 134 134 135 135 136 134 135 135 135 137 137 139 117 120 122 122 122 120 122 123 119 120 122 119 121 122 Tobacco products 127 130 131 131 126 130 130 131 133 131 129 133 132 139 Mining 122 122 121 122 122 123 121 122 124 122 722 727 727 r124 123 Coal 68 67 71 64 64 65 64 66 63 67 64 63 56 63 66 Crude oil and natural gas 147 147 143 148 148 149 147 148 151 148 148 148 150 '152 148 145 147 143 148 148 149 147 147 150 147 147 148 152 '152 148 Crude oil 135 135 132 137 137 138 136 136 139 135 134 135 139 '139 136 Gas and gas liquids 210 228 222 226 229 230 226 234 231 238 Oil and gas drilling 159 145 144 145 143 144 144 147 152 148 154 144 136 145 143 146 163 170 167 167 167 762 760 765 765 772 765 767 159 162 Xfatai minim? 107 133 142 133 130 133 127 121 131 147 150 146 146 '127 129 Stone and earth minerals 188 194 198 201 205 202 197 201 195 188 193 185 186 '192 195 Utilities Electric 270 289 284 289 291 296 297 293 291 290 293 294 292 297 Gas 265 285 290 289 286 284 281 279 274 277 SUMMARY MARKET GROUPINGS Final oroducts, total 162 169 171 171 170 169 168 168 166 164 162 162 162 166 169 155 162 164 165 164 162 161 162 159 158 155 155 156 160 163 Equipment, including defense 188 195 197 196 198 195 195 195 193 191 188 188 188 190 192 Materials 157 160 162 161 161 159 157 156 153 150 148 149 150 '156 160 •-Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 831 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Without seasonal adjustment] Annual 1961 average 1960 Grouping 1959 1960 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May INDUSTRY GROUPINGS Total index. 159 164 166 166 157 162 164 166 161 154 155 156 158 r162 164 Manufacturing, total., 158 163 166 165 155 160 162 165 159 151 151 154 755 750 163 Durable 165 169 174 172 160 160 165 168 162 156 154 155 157 163 167 Nondurable 155 160 161 162 153 165 164 167 160 149 153 157 158 161 162 Mining 125 128 128 129 124 130 129 129 128 128 128 128 127 '128 128 Utilities 268 287 Durable Manufactures Primary and fabricated metals. . 125 128 131 127 113 118 120 120 113 106 108 109 772 77P 727 Primary metals 114 115 121 114 93 98 99 102 95 86 93 97 99 109 117 Iron and steel 107 110 116 106 87 89 90 93 85 78 85 88 91 101 110 Fabricated metal products 142 145 145 146 143 148 151 148 141 137 130 128 130 135 140 Structural metal parts 150 155 154 157 154 158 159 159 155 152 144 140 141 r143 150 Machinery and related products. .. 197 205 210 206 195 188 199 204 201 197 193 193 194 199 201 Machinery 169 174 177 178 168 169 174 170 169 167 167 170 169 172 172 Nonelectrical machinery 141 145 149 149 145 139 141 140 137 138 138 140 140 144 143 Electrical machinery 212 222 222 223 203 216 229 219 220 214 213 217 216 216 217 Transportation equipment 228 238 247 237 220 197 219 244 238 229 216 212 213 225 231 Motor vehicles and parts 147 168 176 174 149 117 145 175 167 157 138 134 132 149 159 Aircraft and other equipment. . 390 368 378 346 359 359 363 369 372 371 374 371 375 371 369 Instruments and related products. 209 221 221 223 219 223 220 222 222 219 216 212 213 '212 215 Ordnance and accessories Clay, glass, and lumber 143 139 146 152 142 148 145 144 132 120 775 727 r725 134 141 Clay, glass, and stone products. 159 158 164 168 162 168 163 164 155 144 136 137 145 151 158 Lumber and products 125 118 125 133 117 125 124 122 104 92 97 103 104 115 121 Furniture and miscellaneous. 147 153 151 155 150 159 158 160 154 148 139 142 143 144 146 Furniture and fixtures 164 171 170 173 169 177 176 176 169 166 156 158 159 160 160 Misc. manufactures 133 138 136 140 133 144 142 147 142 132 125 129 129 129 134 Nondurable Manufactures Textile, apparel, and leather products 136 136 142 136 124 144 129 137 132 114 725 137 137 138 135 Textile mill products 126 121 128 127 112 124 116 121 116 105 112 117 ••117 123 125 Apparel products 153 159 167 154 143 171 149 162 156 129 146 162 162 161 156 Leather and products 119 113 110 113 103 122 111 114 108 99 111 119 118 114 Paper and printing 154 160 162 161 149 755 163 169 164 755 755 759 753 755 754 Paper and products 170 172 174 176 156 174 174 183 171 152 169 175 178 r185 179 Printing and publishing 143 152 153 151 145 148 155 160 159 154 147 148 153 r154 154 Newspapers 135 141 151 143 124 126 141 153 154 138 125 130 141 146 146 Chemical, petroleum, and rubber products.. 215 224 227 231 218 225 226 227 222 275 27P 227 227 228 232 Chemicals and products 240 255 260 262 248 255 255 258 253 247 250 253 259 r268 270 Industrial chemicals 298 320 325 326 312 317 316 317 320 315 315 322 330 335 Petroleum products 158 161 158 167 171 173 171 163 160 162 159 162 157 157 165 Rubber and plastic products 199 200 201 207 177 191 196 202 195 176 189 188 176 188 Foods, beverages, and tobacco 128 132 129 735 133 742 146 145 133 725 124 725 725 133 Foods and beverages 128 132 129 134 134 142 147 145 134 127 124 124 125 133 Food manufactures 131 134 128 133 135 144 152 150 139 132 129 128 127 129 132 Beverages 117 120 134 144 131 132 123 125 108 105 100 106 116 129 Tobacco products 127 130 135 143 116 139 135 140 133 106 129 134 131 133 Mining Coal, oil, and gas 122 122 119 120 115 727 727 123 124 124 725 725 124 124 121 Coal 68 67 69 66 51 68 67 72 66 65 63 64 57 61 64 Crude oil and natural gas 147 147 142 144 143 145 145 146 150 151 153 154 154 152 147 Oil and gas extraction 145 147 142 143 142 144 144 145 149 151 152 154 157 153 147 Crude oil 135 135 131 133 132 133 134 133 137 137 138 140 143 141 136 Gas and gas liquids 210 228 214 212 210 217 217 226 238 250 Oil and gas drilling 159 145 141 146 147 149 147 148 149 150 157 143 129 137 Metal, stone, and earth minerals 146 163 183 187 181 183 178 172 757 149 146 144 147 753 174 Metal mining 107 133 163 164 149 153 147 133 119 118 118 120 120 120 149 Stone and earth minerals 188 194 202 210 213 214 210 212 197 182 175 168 175 188 199 Utilities Electric 270 289 269 279 288 303 304 285 280 294 313 304 298 291 265 285 Gas SUMMARY MARKET GROUPINGS 162 169 169 171 163 168 171 174 167 161 162 164 164 167 167 Final products, total 155 162 162 164 155 163 165 170 162 152 154 157 156 160 161 Consumer goods 188 195 198 197 193 191 194 W2 190 191 191 191 191 193 193 Equipment, including defense 157 160 163 162 151 157 158 19 155 148 149 150 152 157 161 Materials r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957*100 [Seasonally adjusted] p 19 r 5 o- 7 a A v n e n ra u g a e l 1960 1961 Grouping portion 1959 1960 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total index 100.00 105 108 110 109 110 108 107 106 105 103 102 102 '103 105 108 Manufacturing, total 86.49 105 108 no 110 770 705 707 705 104 702 707 707 702 105 705 Durable. .. . 49.66 102 104 107 105 106 104 102 101 98 96 95 94 95 99 103 Nondurable 36.83 110 114 115 116 116 115 113 113 112 111 111 111 112 '114 116 Mining. 8.55 95 97 97 97 97 98 96 97 98 98 98 97 97 '98 97 Utilities 4.96 115 123 122 124 124 125 126 124 123 123 124 125 125 mi 128 Durable Manufactures Primary and fabricated metals.. 13.15 95 98 100 96 95 93 97 90 55 52 82 52 53 89 96 7.73 90 91 94 88 85 83 80 78 74 69 71 73 74 82 90 Iron and steel . .. . ... 6.21 86 88 92 84 80 76 72 73 68 64 66 69 69 79 86 Fabricated metal products 5.42 104 106 108 108 109 108 106 105 101 101 97 96 96 99 105 Structural metal parts 2.91 101 103 104 106 107 107 105 104 101 98 97 94 94 '96 102 Afachinery and related products 28.98 102 106 109 707 705 705 705 70¥ 702 700 95 97 97 101 104 Machinery 15.31 103 106 109 109 110 107 105 102 102 101 101 101 101 103 104 Nonelectrical machinery.... 8.92 99 102 104 105 107 103 101 100 98 96 96 96 95 98 99 6.39 108 112 115 114 114 113 112 105 107 108 109 108 108 109 112 Transportation equipment . 10.76 98 102 106 102 102 101 102 103 97 93 89 88 88 94 99 Motor vehicles and parts 5.04 100 115 120 120 113 114 115 116 103 97 89 86 86 r99 108 Aircraft and other equipment 5.50 94 89 92 84 90 88 89 89 90 89 88 88 89 88 90 Instruments and related products 1.66 112 119 120 121 121 122 118 119 119 116 116 113 113 113 116 1.25 Clay glass and lumber 4.57 HI 109 HI 772 775 70P 707 705 703 700 700 700 702 105 107 Clay, glass, and stone products 2.92 110 110 111 114 114 112 109 109 107 103 101 100 103 105 107 Lumber and products 1.65 113 107 110 109 111 102 103 100 95 96 100 99 '100 106 106 Furniture and miscellaneous 2.96 112 116 119 720 720 775 114 775 773 770 709 709 '770 772 775 Furniture and fixtures 1.48 115 120 124 123 124 121 118 117 117 114 111 111 112 115 117 Misc. manufactures 1.48 109 113 115 117 117 115 109 113 110 107 107 108 107 110 114 Nondurable Manufactures Textile apparel and leather products 7.32 115 115 118 77P 77P 777 772 772 777 705 705 707 770 772 113 Textile mill products 2.78 113 109 113 115 113 111 106 104 101 98 98 102 '104 106 109 Apparel products 3.44 120 125 127 127 128 127 122 122 123 119 113 116 '120 120 120 Leather and products 1.10 106 101 104 104 103 103 97 101 99 96 97 96 96 100 Paper and printing 7.93 108 112 112 772 772 772 772 773 772 777 777 777 777 113 114 Paper and products 3.27 111 112 113 112 112 112 112 112 110 109 111 113 113 n\i 117 Printing and publishing 4.66 105 111 111 112 112 113 112 113 114 112 111 110 110 '110 112 1.53 104 108 108 109 108 108 107 108 108 106 104 102 104 105 105 Chemical, petroleum, and rubber products 10.95 113 118 119 722 722 720 775 777 775 775 114 773 773 777 122 Chemicals and products 7.10 114 121 123 125 125 124 121 121 120 120 119 118 120 123 127 Industrial chemicals 3.61 118 127 128 132 131 131 127 125 126 125 125 124 127 130 Petroleum products 1.93 105 108 107 111 115 112 111 109 108 105 106 106 106 '108 112 Rubber and plastics products 1.91 114 115 117 122 117 115 111 110 109 105 103 102 96 105 Foods beverages and tobacco 10.64 107 709 110 770 770 110 /70 777 709 770 770 770 777 r772 113 Foods and beverages 9.87 106 109 109 109 110 109 110 111 109 110 110 110 111 111 113 Food manufactures 8.31 106 109 109 109 109 109 109 111 109 110 110 110 111 111 113 Beverages 1.56 106 109 111 110 111 109 110 112 108 109 111 108 109 111 Tobacco products .77 112 114 115 115 111 114 114 115 117 115 113 116 116 122 Mining Coal, oil, and gas 7.05 96 95 94 95 95 96 95 96 97 96 95 95 95 r97 96 Coal 1.30 82 82 86 78 78 80 77 81 77 81 78 11 68 11 81 Crude oil and natural gas 5.75 99 98 96 99 99 100 99 99 101 99 99 99 101 '102 99 Oil and cas extraction 4.98 99 100 98 101 102 102 101 101 103 101 101 101 104 '104 102 Crude oil . 4.33 98 98 96 99 100 100 99 99 101 98 98 98 101 '101 99 Gas and gas liquids .65 106 116 112 115 116 117 115 118 117 121 Oil and gas drilling .77 93 85 84 85 84 85 84 86 89 87 90 85 80 85 84 Afetal stone and earth minerals 1.50 94 105 109 707 707 707 70* 703 104 705 770 705 707 702 104 Metal mining .70 11 96 103 97 94 96 92 88 95 107 109 106 106 '92 94 Stone and earth minerals .80 108 112 114 116 118 116 114 116 113 109 111 106 107 110 112 Utilities Electric 3.76 115 124 121 123 124 126 127 125 124 124 125 125 125 127 Gas 1.20 114 123 125 124 123 122 121 120 118 119 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 833 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] Grouping 1 p p 9 r o o 5 r - - 7 A av n e n ra u g a e l 1960 1961 tion 1959 1960 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total index .. . 100.00 105 108 110 109 110 108 107 106 105 103 102 102 '103 105 108 46.75 107 111 112 112 112 111 110 111 109 705 107 707 707 709 777 Consumer goods.. . 31.13 110 115 117 117 116 115 114 115 113 112 110 110 111 '114 116 15.62 100 103 104 103 104 103 103 103 102 101 100 100 99 100 101 Materials . . .. 53.25 104 106 107 106 106 105 104 103 101 99 98 98 99 103 106 Consumer Goods Automotive products 3.35 103 117 121 121 114 115 117 121 112 705 94 90 55 103 705 Autos 2.03 96 117 122 123 108 114 119 123 109 97 78 73 71 92 101 Auto parts and allied products .. •. 1.32 113 117 119 118 122 118 113 118 116 118 118 115 115 120 118 Home goods and apparel 9.60 116 117 121 121 119 117 113 112 112 777 705 109 772 115 116 4.40 115 115 121 120 117 114 112 110 110 110 108 109 110 114 117 Appliances TV and radios 1.75 114 111 120 118 113 108 105 103 104 106 106 109 108 111 116 Appliances 1.26 119 117 120 121 119 116 110 112 114 116 116 114 113 '115 118 TV and home radios .... .49 102 96 118 109 97 87 93 82 78 82 80 94 95 100 110 Furniture and rugs 1.18 119 118 123 122 118 119 119 115 114 113 109 109 110 116 117 Misc home goods 1.47 113 117 120 122 121 118 114 115 114 112 111 110 112 115 119 Apparel incl knit goods and shoes 5.20 116 118 122 121 121 119 113 114 114 111 108 110 '114 '116 115 Consumer staples 18.18 108 113 113 114 115 114 114 775 775 114 114 114 114 775 777 Processed foods 8.11 106 109 109 110 110 110 110 110 109 109 110 110 111 111 113 Beverages and tobacco .. 2.32 108 111 112 112 111 111 112 113 111 111 112 111 111 114 Drugs soap and toiletries 2.73 111 118 120 122 122 120 119 122 118 118 118 117 116 119 123 Newspapers magazines and books . .. 1.44 106 114 113 113 116 115 116 115 116 116 117 115 114 '114 118 Consumer fuel and lighting 3.45 113 119 118 120 122 122 121 120 119 119 123 125 122 123 Fuel oil and gasoline 1.19 104 106 105 107 109 108 106 105 105 104 108 112 107 105 106 Residential utilities 2.26 117 127 125 127 129 129 130 128 126 127 131 132 130 132 Electricity 1.57 118 128 124 126 129 131 132 130 130 130 133 133 129 132 Gas .69 115 125 Equipment Business eouipment 12.16 100 105 106 105 106 105 105 705 103 702 707 707 700 702 705 Industrial equipment. . 7.29 97 102 104 103 104 103 101 99 100 98 98 98 96 97 99 Commercial equipment • 2.46 104 118 117 120 121 121 120 121 119 117 118 118 117 '118 120 Freight and passenger equipment 1.83 98 101 105 99 101 95 101 103 99 99 95 91 93 94 95 Farm equipment .58 115 91 89 89 88 83 87 86 88 99 98 103 104 107 104 3.46 Materials Durable goods materials 27.81 100 102 105 102 101 100 99 97 94 97 90 59 90 '96 707 Consumer durable 3.67 101 109 115 115 110 106 112 103 94 91 88 83 85 93 107 Equipment 8.10 103 101 104 98 102 101 97 98 98 95 95 95 95 98 99 Construction 9.05 107 107 110 110 110 109 106 105 102 99 98 97 99 r104 107 M^etal materials nee 6.99 89 92 98 86 86 84 81 79 77 75 77 78 79 86 95 Nonduvcible materials 25.44 107 110 110 HI 112 HI 109 709 709 705 707 705 709 '77/ 772 Business supplies ... . .. 8.87 108 110 110 111 113 111 110 110 110 110 108 108 108 110 110 Containe rs. 2.91 109 109 107 108 113 111 108 107 106 109 108 110 112 '114 110 General business supplies 5.96 107 111 112 113 113 112 111 111 112 110 109 108 107 108 109 Nondurable materials n.e.c 7.05 115 119 121 123 123 121 117 116 116 115 114 116 118 121 124 Business fuel and power 9.52 100 103 102 103 103 104 102 103 103 102 101 102 102 '104 104 Mineral fuels 6.29 96 97 96 97 97 98 96 97 98 97 96 96 96 r98 97 Nonresidential utilities. 2.70 113 120 120 121 120 122 122 121 120 120 119 119 121 123 Electricity .... 2.19 113 121 119 121 121 123 124 122 121 120 119 120 122 124 General industrial .99 110 115 114 117 117 118 117 113 112 113 111 112 114 Commercial and other 1.12 118 127 125 126 127 130 132 131 130 128 128 128 131 136 Gas .51 113 120 .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 110 116 121 121 116 115 114 115 111 108 102 101 100 109 113 Apparel and staples 23.38 110 114 115 115 116 115 114 115 114 113 113 113 114 115 117 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

834 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] 1957 Annual 1960 1961 pro- average Grouping portion 1959 1960 May June July Aug. Sept Oct. Nov. Doc. Jan. Feb. Mar. Apr. May Total index 100.00 105 108 109 109 103 107 108 110 106 101 102 103 104 r107 108 Afanufacturing total. . 86.49 705 705 770 770 705 705 705 770 705 100 707 702 703 106 108 Durable 49.66 102 104 107 106 99 98 102 103 100 96 95 96 97 100 101 Nondurable 36.83 110 114 115 116 109 117 117 119 114 106 109 111 112 r115 116 Mining 8.55 95 97 97 98 94 98 98 98 97 97 97 97 96 r97 98 Utilities 4.96 115 123 Durable Manufactures Primary and fabricated metals 73.75 95 95 700 97 86 90 97 92 55 57 55 55 55 91 97 Primary metals 7.73 90 91 95 89 73 11 78 80 74 68 73 76 78 86 92 Iron and steel 6.21 86 88 93 85 69 72 72 75 68 62 68 71 73 81 88 Fabricated metal products 5.42 104 106 106 107 105 109 110 109 103 101 96 94 96 99 103 Structural metal parts 2.91 101 103 103 105 103 105 106 106 104 101 96 93 94 96 100 Afachinery and related products 28.98 702 705 705 707 707 97 703 705 104 102 700 100 100 103 104 Machinery 15.31 103 106 108 108 102 103 106 104 103 102 102 103 103 105 105 Nonelectrical machinery 8.92 99 102 105 105 102 98 99 98 97 97 97 99 99 101 101 Electrical machinery ... 6.39 108 112 112 113 103 109 116 111 112 108 108 110 109 109 110 Transportation equipment 10.76 98 102 106 101 94 84 94 104 102 98 93 91 91 96 99 Motor vehicles and parts 5.04 100 115 120 119 102 80 99 120 114 107 94 91 91 102 109 Aircraft and other equipment 5.50 94 89 91 83 87 86 88 89 90 89 90 89 90 89 89 Instruments and related products 1.66 112 119 119 120 118 120 119 119 119 118 116 114 114 M14 116 Ordnance and accessories 1.25 Clay glass and lumber 4.57 111 709 773 775 770 775 775 772 705 94 92 95 r98 104 110 Clay glass and stone products 2.92 110 110 113 117 113 116 113 114 108 100 95 95 101 105 110 Lumber and products 1.65 113 107 114 120 106 114 113 110 94 83 88 93 r94 104 110 Furniture and miscellaneous 2.96 112 775 775 775 114 727 720 722 777 772 705 705 705 109 777 Furniture and fixtures 1.48 115 120 119 121 119 124 123 123 118 117 109 110 111 112 112 Misc manufactures • . . 1.48 109 113 111 115 109 118 116 121 116 108 102 106 106 106 110 Nondurable Manufactures Textile, apparel, and leather products 7.32 775 775 720 775 705 722 770 775 772 97 707 775 775 rl/7 114 Textile mill products 2.78 113 109 115 114 100 111 104 108 104 94 100 105 r105 110 113 Apparel products 3.44 120 125 131 121 113 134 117 127 123 102 115 128 r128 126 122 Leather and products 1.10 106 101 98 101 92 108 99 102 96 88 99 106 105 101 Paper and printing 7.93 108 772 773 772 104 777 114 775 775 707 709 111 114 116 115 Paper and products 3.21 111 112 113 114 101 113 113 119 111 99 110 114 116 r121 117 Printing and publishing 4.66 105 111 113 111 107 109 114 117 117 in 108 109 in 113 m Newspapers 1.53 104 108 116 110 95 97 108 117 118 105 96 99 108 112 112 Chemical, petroleum, and rubber products 10.94 773 775 779 727 774 775 775 779 777 773 775 775 775 120 122 Chemicals and products .. 7.10 114 121 124 125 118 122 121 123 121 118 119 121 123 127 128 Industrial chemicals 3.61 118 127 129 130 124 126 125 126 127 125 125 128 131 133 Petroleum products .... 1.93 105 108 105 111 114 115 114 109 107 108 106 108 105 r105 110 Rubber and Dlastics oroducts 1.91 114 115 115 119 101 109 112 116 112 101 108 108 101 108 Foods beverages and tobacco 10.64 707 709 707 772 770 775 727 727 777 704 70¥ 104 104 707 Foods and beverages 9.87 106 109 107 111 111 118 122 120 111 105 103 103 104 r107 110 Food manufactures 8.31 106 109 104 108 109 117 124 122 113 107 105 104 103 105 107 Beverases ..• 1.56 106 109 122 130 119 120 112 113 98 96 91 96 105 117 Tobacco products .77 112 114 119 125 102 122 118 123 117 93 113 118 115 117 Mining Coal oil and gas 7.05 96 95 93 94 90 94 94 96 97 97 95 95 97 r97 95 Coal 1.30 82 82 84 80 63 83 82 88 80 79 76 78 69 75 78 Crude oil and natural gas 5.75 99 98 95 97 96 97 97 98 100 101 103 103 103 '102 98 Oil and sas extraction 4.98 99 100 97 98 97 99 99 99 102 103 104 106 107 r105 101 Crude oil 4.33 98 98 96 97 96 97 97 97 100 100 101 102 104 r102 99 Gas and gas liquids .65 106 116 109 108 107 110 110 115 121 127 Oil and gas drilling .77 93 85 83 86 86 88 86 87 88 88 92 84 76 81 82 Metal stone and earth minerals 1.50 94 705 777 720 775 777 114 770 707 96 94 92 94 98 111 Metal minins .70 77 96 118 119 108 111 107 97 86 86 85 87 87 r87 108 Stone and earth minerals .80 108 112 116 121 123 123 121 122 114 105 101 97 101 108 115 Utilities Electric 3.76 115 124 115 119 123 129 130 122 120 126 134 130 127 124 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 835 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] 1957 A av n e n ra u g a e l 1960 1961 pro- Grouping portion 1959 1960 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total index 100.00 105 108 109 109 103 107 108 no 106 101 102 103 104 r107 108 Final products, total 46.75 107 777 777 772 707 111 772 114 770 705 106 108 707 r110 110 Consumer goods . 31.13 no 115 115 116 no 115 117 121 115 108 109 111 111 113 114 Ma E t q er u i i a p l m s ent, including defense 5 1 3 5 . . 2 6 5 2 1 1 0 0 4 0 1 1 0 0 3 6 1 1 0 0 8 5 1 1 0 0 7 4 1 1 0 0 0 2 1 10 0 1 4 1 1 0 0 5 2 1 1 0 0 5 1 1 1 0 0 0 2 1 9 0 8 1 1 9 0 8 1 1 9 0 9 1 1 1 0 0 1 1 1 1 0 0 2 4 1 10 0 6 2 Consumer Goods Automotive products 3.35 705 777 124 725 705 83 98 729 720 770 98 96 94 108 112 Autos 2.03 96 117 126 127 94 60 84 134 123 108 86 83 81 102 107 Auto parts and allied products 1.32 113 117 120 121 116 117 120 121 114 112 117 116 115 119 119 Home soods and awarel 9.60 775 777 779 777 707 720 775 779 114 707 705 775 775 116 114 Home goods.. 4.40 115 115 117 118 105 111 118 118 114 107 103 110 112 114 114 Appliances TV and radios 1.75 114 111 117 116 95 97 112 109 108 98 98 112 112 115 114 1.26 119 117 126 126 107 96 110 107 111 107 106 120 122 127 122 TV and home radios .49 102 96 95 92 63 98 117 114 99 77 80 94 86 84 96 Furniture and rugs 1.18 119 118 117 117 112 121 122 122 116 116 108 111 112 114 Ap M pa is r c e l h i o n m cl e . k g n o i o t d g s oods and shoes 5 1 . .4 2 7 0 1 1 1 1 3 6 1 1 1 1 8 7 1 1 1 2 8 2 1 1 2 1 0 7 1 10 1 9 2 1 12 2 7 0 1 1 1 2 2 3 1 1 2 2 5 0 1 1 2 1 1 4 no 1 1 0 0 4 9 1 1 0 2 8 0 1 1 1 1 1 9 118 1 1 1 1 6 5 Consumer staples 18.18 705 775 777 774 775 779 722 720 114 97 112 112 111 rJJ3 114 Processed foods .... 8.11 106 109 104 108 no 118 124 122 112 107 104 103 103 104 107 D C B N e r o e F R v u w n e u g e s s r u s s e p a l i m a d g s o p e e e o i s n e r l a r t p a a f s ia u n n l e d d m a l u n t g a a t d o a i g n l b s a i t d t a o o z i l c e i i l i l n s c i n e g o e t e h s r t i i e a n s n g d books .... 2 2 3 2 1 1 . . . . . . 1 4 4 2 7 3 9 4 5 6 3 2 1 1 1 1 1 1 1 1 1 0 0 0 7 3 1 6 4 8 1 1 1 1 1 1 1 0 1 1 1 2 4 6 8 1 9 7 1 1 1 1 1 1 1 0 1 2 3 2 3 8 1 1 1 1 1 1 1 1 2 2 0 1 5 0 9 6 1 1 1 1 1 1 1 0 1 1 3 8 8 3 4 1 1 1 1 1 2 2 1 1 2 1 1 6 0 2 1 1 1 1 1 2 0 1 2 1 1 8 8 2 4 1 1 1 1 1 2 1 1 1 0 5 7 6 5 4 1 1 1 1 1 2 0 1 1 0 0 5 6 5 4 1 1 1 1 1 9 1 1 1 2 0 5 7 1 6 3 8 1 1 1 1 9 1 1 3 1 8 6 8 4 2 1 1 1 1 1 1 1 1 3 0 8 5 3 2 4 1 1 1 1 1 1 2 0 1 0 5 5 5 7 8 r r 1 1 1 1 1 1 2 2 0 1 4 2 1 0 7 1 1 10 1 2 3 6 2 Electricity 1.57 118 128 114 116 122 128 130 121 122 136 154 149 138 132 69 115 125 Equipment Business equipment 12.16 700 705 707 707 104 705 104 705 707 702 102 102 102 103 103 Industrial equipment 7.29 97 102 104 104 102 102 102 99 99 99 98 97 96 98 99 Commercial equipment 2.46 104 118 117 119 117 119 121 122 120 120 119 119 118 118 119 Freight and passenger equipment .. 1.83 98 101 108 105 101 92 96 99 95 96 94 93 98 99 98 Farm equipment . .58 115 91 94 91 79 75 78 85 78 95 101 113 119 123 110 Defense equipment • 3.46 Materials Durable goods materials 27.81 700 702 705 104 96 97 700 99 95 90 90 90 91 96 101 Consumer durable 3.67 101 109 110 109 96 91 108 109 105 98 93 88 88 92 102 Equipment... . 8.10 103 101 103 98 97 97 97 97 98 97 97 97 97 98 99 Construction 9.05 107 107 111 114 109 112 112 111 103 96 93 93 96 r103 108 M!etal materials nee . 6.99 89 92 98 93 77 81 82 83 77 71 75 79 81 '88 95 Nondurable materials 25.44 707 770 777 777 104 no 770 772 770 106 108 109 111 112 112 Business supplies 8.87 108 110 112 112 104 111 113 116 111 104 106 108 110 113 111 Containers 2.91 109 109 110 114 106 118 115 115 102 94 102 107 112 '116 114 General business supplies 5.96 107 111 113 112 103 108 112 116 115 109 107 108 110 110 Nondurable materials n.e.c 7.05 115 119 122 121 112 118 116 119 119 112 116 119 120 123 126 Business fuel and power 9.52 100 103 100 101 99 104 103 103 102 103 103 104 104 103 102 Mineral fuels 6.29 96 97 94 94 90 95 95 97 98 98 99 100 99 '99 96 Nonresidential utilities 2.70 113 120 Electricity 2.19 113 121 116 121 124 131 129 123 118 118 119 117 119 General industrial .... .. .99 no 115 115 117 112 119 118 116 114 113 112 109 114 112 Commercial and other 1.12 127 118 128 136 143 142 130 124 125 127 125 126 128 Gas .51 118 120 Industrial .33 113 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 no 116 120 121 104 99 no 123 117 108 101 104 104 112 113 Apparel and staples 23.38 110 114 113 115 112 121 119 120 114 108 112 114 113 114 114 r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—7959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see the BULLETIN for June 1960, p. 632). Figures for individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 »= 100, unless otherwise indicated] Industrial production C c o o n n st t r r u a c c t t i s o 1 n fa M ctu a r n i u n - g 3 Prices Nonag- Major industry Major market groupings ricul- Freight D m ep e a n r t t- Y m e o a n r th or Total M t f i u a a n c n r g - - u g - ro M u in p i g n in - gs U iti t e il s - Tot F a i l nal g s C o u p o o m r n d o e - s d r u E c m 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 t m o a y - l - 2 p m E lo e m n y - t - P ro a l y ls - l i c o n a a g r d - s - ( v s s r a t a e o l l t u e a r e e s il ) s C um on e - r W m c s o o a h m d l o e i l - t e y - Adj. Adj. Adj. Adj. Adj. Adj. Adj. Adj. Unadj. Unadj. Adj. Adj. Unadj. Adj. Adj. Unadj. Unadj. 1948 103 103 106 101 102 101 105 104 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949 98 97 94 108 99 101 94 96 116 111 99.0 93.8 97.2 88 99 101.8 99.2 1950 113 113 105 123 112 115 102 114 185 142 102.3 99.6 111 7 97 107 102.8 103.1 1951 123 123 115 140 121 114 142 124 170 172 108.2 106.4 129.8 101 112 111.0 114.8 1952 127 127 114 152 130 116 170 125 183 183 110.4 106.3 136.6 95 114 113.5 111.6 1953 138 139 117 166 138 124 182 137 178 201 113.6 111.8 151.4 96 118 114.4 110.1 1954 130 129 113 178 132 123 161 128 232 204 110.7 101.8 137 7 86 118 114.8 110.3 1955 146 145 125 199 144 136 172 147 280 248 114.4 105.6 152.9 95 128 114.5 110.7 1956 151 150 132 218 150 139 188 151 •99 •98 118.3 106.7 161.4 97 135 116.2 114.3 1957 152 150 132 233 152 141 189 151 100 100 119.2 104.4 162.7 90 135 120.2 117.6 1958 141 139 120 244 145 140 165 138 113 107 115.5 94.3 148.7 78 136 123.5 119.2 1959 159 158 125 268 162 155 188 157 132 101 118.8 98.9 167 3 81 144 124.6 119.5 I960 P164 *163 ^128 P287 *169 »162 P195 *160 117 112 120.9 99.1 170 2 78 145 126.5 ^119.6 1960—May 167 166 127 284 171 164 197 162 134 118 121.4 100.9 171.5 83 '142 126.3 119.7 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 '148 126.6 119.7 Aug 165 163 129 293 169 162 195 159 132 117 121.3 98.3 169.2 75 144 126.6 119.2 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 M56 153 127 291 162 156 188 150 126 113 118.7 92.6 158.2 72 146 127.5 119.8 Apr 160 158 '129 r296 166 160 190 M56 134 116 119.4 93.8 r160,3 74 148 127.5 119.3 May 164 163 128 298 '169 163 r192 M60 143 122 120.1 95.5 165.1 76 P144 127.4 119.0 June . .. 167 166 128 303 171 166 193 163 ^120.8 ^96.4 ^170.5 74 «149 • Estimated. Preliminary. ' Revised. were: residential, 271; all other, 266. A description of the old index. Adj. = adjusted for seasonal variation. Unadj. = without seasonal including seasonal adjustments, may be obtained from the Division of adjustment. Research and Statistics. • See note 1. 2 Employees only, excluding personnel in the armed forces. 1 Indexes beginning with 1956 are based on data for 48 States from 3 Production workers only. F. W. Dodge Corporation, 1957 = 100. Figures for earlier years are NOTE.—Indexes for employment (excluding Alaska and Hawaii), 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^*9= 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total construction 36,269 36,318 3,337 3,472 3,597 3,295 3,119 3,319 2,886 2,718 2,485 2,235 3,166 3,298 3,501 By type of ownership: Public 11,068 17587 1075 1,237 1,413 1018 995 1 175 1071 17,18 838 732 1,090 1,170 25,201 731 ?,31? 2,236 2,184 ?,777 ?,174 ?,194 1,815 1 500 1,647 1,504 2,075 7 178 By type of construction: Residential 17,150 15.105 1,453 1,483 1,329 1AW 1,777 1,390 1 878 974 870 1,371 ,454 1,553 Nonresidential 11,387 12,240 1,110 1,110 1,152 1,177 1,124 1,165 916 994 813 804 1,027 1,050 1,105 Public works and utilities 7,732 8,973 774 879 1,116 685 717 764 717 846 698 561 768 794 843 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 837 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates. * Monthly data at seasonally adjusted annual rates. In millions of dollars] Private Public Year or month Total Total d N f r e a e n o r s t n m i i - a - l Total In tr d i u a B l s u - sin m e 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 t e o e i h a s n n i e l - - - r Total M ta i r l y i- H w ig a h y - S w a e a w n t d e e r r o A th l e l r 1952 34,670 23,889 12,842 7,500 2,320 1,137 4,043 3,547 10,781 1,387 2,679 790 5,925 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 1,290 3,015 883 6,048 1954 39,362 27,684 15,379 8,531 2,030 2,212 4,289 3,774 11,678 1,003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 ,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 ,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—June. 55,189 39,103 22,362 12,074 2,788 3,881 5,405 4,667 16,086 1,283 5,639 ,475 7,689 July.. 55,390 39,035 22,308 12,102 2,868 3,870 5,364 4,625 16,355 1,265 5,768 ,455 7,867 Aug.. 55,298 38,660 21,783 12,262 2,934 3,922 5,406 4,615 16,638 1,430 6,121 ,447 7,640 Sept.. 55,325 38,697 21,716 12,362 3,041 4,036 5,285 4,619 16,628 1,392 5,987 ,454 7,795 Oct.. 54,736 38,331 21,228 12,478 3,084 4,133 5,261 4,625 16,405 1,354 5,791 ,465 7,795 Nov.. 55,430 38,581 21,428 12,516 3,036 4,198 5,282 4,637 16,849 ,819 5,600 ,448 7,982 Dec.. 56,135 38,598 21,490 12,609 2,982 4,307 5,320 4,499 17,537 ,453 6,660 ,484 7,940 1961—Jan... 55,262 37,810 20,338 12,940 3,031 4,516 5,393 4,532 17,452 ,285 6,470 ,534 8,163 Feb. 54,846 37,096 19,671 12,835 3,037 4,536 262 4,590 17,750 ,805 5,934 ,559 8,452 Mar.. 55,177 37,801 20,287 12,761 2,986 4,413 362 4,753 17,376 ,841 5,662 ,572 8,301 Apr.*3 55,032 38,467 21,023 12,515 2,910 4,323 282 4,929 16,565 ,630 5,059 ,605 8,271 MayP 55,684 38,588 21,105 12,487 2,824 4,242 421 4,996 17,096 ,448 5,725 ,607 8,316 Junep 56,459 39,090 21,672 12,405 2,740 4,266 5,399 5,013 17,369 ,244 6,226 ,561 8,338 IP P Preliminary. 2 Beginning with 1959, series includes Alaska and Hawaii. IK1 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] S a e d a j s u o s n t a e l d ly Non- Private Government-underwritten 2 annual rate Metro- Year or month (private only) Total politan politan Public Total Nonfarm areas* areasi Total fam 1- ily fam 2- ily f M am ul i t l i y - Total FHA VA 1952 . . ,127 795 332 1,069 939 46 84 59 421 280 141 1953 ,104 804 300 1,068 933 42 94 36 409 252 157 1954 ,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 329 976 353 1 310 1,190 33 87 19 670 277 393 1956 ,118 780 338 1,094 981 31 82 24 465 195 271 1957. ,042 700 342 993 840 33 120 49 322 193 128 1958 209 827 382 1 142 933 39 170 68 439 337 102 1959 ,379 946 432 1,343 1,079 49 215 36 458 349 109 I9593 ,554 1,077 All 1,517 1,234 56 227 37 458 349 109 I960 .279 879 401 1,238 987 43 208 42 336 261 75 I960 May . . 1,333 ,315 130 91 39 127 101 4 22 3 32 25 7 June 1,302 ,285 127 84 44 122 100 4 18 5 34 26 8 July 1,182 ,164 115 80 35 111 90 4 18 4 31 24 7 Aug 1,292 ,273 130 85 44 125 101 4 20 5 35 26 8 Sept 1,062 ,040 102 68 34 96 76 3 17 6 29 22 7 Oct 1,236 ,200 110 74 36 108 84 3 20 3 28 23 6 Nov 1,216 ,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 ,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 Mar 1,314 .282 110 80 31 105 79 4 23 5 27 20 6 Apr *>1,176 81 35 86 4 23 26 20 6 May .1,298 Pi,216 90 38 2*124 n.a. n.a. n.a. *3 31 23 8 n.a. Not available. v 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 1959. compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

838 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 n onagri- In U pl n o e y m ed - labor force (per r a c t e e nt)2 Total in c d u u lt s u t r r a ie l s 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 I960—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 5.5 125,499 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 Jane 127,768 76,790 74.286 68,706 62,035 6,671 5,580 50,977 6.8 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* M t a u n r u in fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta 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 in 2 759 4 062 10 846 2 219 5 916 6 914 1956 51,766 16',903 807 2 929 4 161 11,221 2 308 6! 160 7 277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 1958 50,543 15 468 721 2,648 3,903 11,141 2,374 6,395 7,893 1959 51,975 16,168 676 2 767 3 902 11,385 2 425 6 525 8 127 I960 52,895 16,336 664 2,771 3,902 11,643 2,485 6,637 8,456 SEASONALLY ADJUSTED 1960—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 A.ug 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 52,243 15,678 629 2,781 3,763 11,546 2,520 6,646 8,680 Mayp 52,513 15,897 636 2 757 3 772 11,571 2 527 6,649 8 704 Junep 52,829 16,026 632 2,833 3,794 11,597 2,531 6,683 8,733 WITHOUT SEASONAL ADJUSTMENT I960—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 AUK 53,062 16,386 672 3,130 3,921 11,592 2,536 6,685 8,140 Sept 53,496 16,505 663 3,069 3,907 11,665 2,515 6,698 8,474 Oct 53,391 16,313 656 3,006 3,889 11,742 2,501 6,698 8,586 Nov 53 133 16 129 647 2 847 3 868 11,842 2 499 6 665 8 636 Dec 53,310 15,836 641 2,552 3,843 12,405 2,504 6,612 8,917 1961 Jan 51,437 15,580 629 2.385 3,763 11,464 2,490 6,518 8,608 Feb 51,090 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 51 843 15 536 623 2 617 3 756 11 389 2 520 6 679 8 723 Mayp 52,379 15,713 630 2,804 3,769 11,440 2,527 6,749 8,747 Junef> 53,004 15,952 635 3,023 3,809 11,524 2,556 6,783 8,722 * 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 839 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 June Apr. Mayp June*1 June Apr. May* Total 12,407 11,596 11,811 11,922 12,332 11,463 11,636 11,846 Durable goods 7,051 6,431 6,603 6,693 7,056 6,429 6,585 6,695 Ordnance and accessories 72 73 74 73 72 73 74 73 Lumber and wood products 596 532 545 565 617 519 548 585 Furniture and fixtures 337 307 312 320 327 305 304 310 Stone, clay, and glass products 454 410 419 428 456 410 419 430 Primary metal industries 970 845 881 898 970 845 877 898 Fabricated metal products 844 762 791 801 840 762 787 797 Machinery except electrical 1,143 1,065 1,072 1,069 1.154 1,081 1,083 1,080 Electrical machinery 868 827 843 843 859 827 835 835 Transportation equipment 1.127 1.018 1.055 1,077 1,127 1.018 1.055 1,077 Instruments and related products 229 209 213 216 228 210 212 215 Miscellaneous manufacturing industries. 411 383 398 403 405 379 390 397 Nondurable goods 5,356 5,165 5,208 5,229 5,276 5,034 5,051 5,151 Food and kindred products 1,032 1 .033 1,016 1,016 1,015 942 948 999 Tobacco manufactures 78 74 74 73 68 64 64 64 Textile-mill products 867 814 827 832 867 814 823 832 Apparel and other finished textiles 1,130 1.062 1,091 1.095 1,085 1,041 1,036 1.051 Paper and allied products 452 437 438 443 452 433 434 443 Printing, publishing and allied industries 572 571 571 571 572 568 568 571 Chemicals and allied products 548 532 541 545 540 537 538 537 Products of petroleum and coal 154 144 143 144 156 143 144 146 Rubber products 198 184 185 189 198 181 184 189 Leather and leather products 325 314 322 321 323 311 311 319 * 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 June Apr. MayP June** June Apr. May*1 Junep June Apr. May? June*1 Total. 91.60 91.57 92.90 94.24 40.0 39.3 39.7 40.1 2.29 2.33 2.34 2.35 Durable goods 98.98 99.35 100.50 101.66 40.4 39.9 40.2 40.5 2.45 2.49 2.50 2.51 Ordnance and accessories 107.30 110.16 111.25 111.66 40.8 40.8 40.9 40.9 2.63 2.70 2 72 2.73 Lumber and wood products 83.84 81.37 83.62 86.51 40.5 39.5 40.2 41.0 2.07 2.06 2.08 2.11 Furniture and fixtures 74.77 72.93 72.37 73.88 40.2 39.0 38.7 39.3 1.86 1.87 1.87 1.88 Stone, clay, and glass products 93.07 93.26 95.06 96.17 41.0 40.2 40.8 41 .1 2.27 2.32 2.33 2.34 Primary metal industries 109.70 112.13 114.26 117.09 38.9 38.8 39.4 40.1 2.82 2.89 2.90 2.92 Fabricated metal products 100.21 99.60 101.25 102.91 40.9 40.0 40.5 41.0 2.45 2.49 2.50 2.51 Machinery except electrical 105.88 106.78 107.04 107.30 41.2 40.6 40.7 40.8 2.57 2.63 2.63 2.63 Electrical machinery 92.23 94.16 94.40 94.64 40.1 39.9 40.0 40.1 2.30 2.36 2.36 2.36 Transportation equipment 110.97 111.88 113.40 113.81 40.5 40.1 40.5 40.5 2.74 2.79 2.80 2.81 Instruments and related products 95.65 97.28 97.77 98.01 40.7 40.2 40.4 40.5 2.35 2.42 2.42 2.42 Miscellaneous manufacturing industries... 77.41 78.61 79.00 80.00 39.9 39.5 39.7 40.0 1.94 1.99 1 .99 2.00 Nondurable goods 82.16 82.43 83.07 84.53 39.5 38.7 39.0 39.5 2.08 2.13 2.13 2.14 Food and kindred products 88.51 89.95 92.21 93.52 40.6 39.8 40.8 41.2 2.18 2.26 2.26 2.27 Tobacco manufactures 71.53 72.19 72.20 75.62 39.3 38.4 38.2 39.8 1.82 1.88 1.89 1.90 Textile-mill products 65.53 63.96 64.94 66.09 40.2 39.0 39.6 40.3 1.63 1.64 1.64 1.64 Apparel and other finished textiles 55.90 56.29 55.26 56.21 36.3 35.4 35.2 35.8 1.54 1.59 1.57 1.57 Paper and allied products 97.13 98.33 98.33 101.72 42.6 42.2 42.2 43.1 2.28 2.33 2.33 2.36 Printing, publishing and allied industries. . 105.54 106.69 106.69 106.41 38.1 37.7 37.7 37.6 2.77 2.83 2.83 2.83 Chemicals and allied products 105.59 105.32 106.14 108.05 41.9 41.3 41.3 41.4 2.52 2.55 2.57 2.61 Products of petroleum and coal 119.60 124.23 124.12 126.77 41.1 41.0 41.1 41.7 2.91 3.03 3.02 3.04 Rubber products 102.72 100.47 101.89 104.90 40.6 39.4 39.8 40.5 2.53 2.55 2.56 2.59 Leather and leather products 62.37 60.31 61 .99 63.84 37.8 35.9 36.9 38.0 1.65 1.68 1.68 1.68 9 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

840 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 i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - 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 I960—May '142 125 '132 136 '138 146 176 132 '142 '134 150 159 153 145 129 135 144 139 150 183 134 144 137 154 170 153 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 '143 162 177 164 133 136 138 138 ^150 175 132 139 P\52 160 153 WITHOUT SEASONAL ADJUSTMENT 1960 May 139 124 '128 134 '133 145 173 130 '143 '128 150 159 145 137 123 130 134 131 140 165 129 134 133 146 156 147 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 Sept 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 262 249 245 250 254 285 329 238 248 238 274 293 282 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 134 120 125 131 '126 139 172 123 127 '128 147 159 148 May ^140 131 132 135 133 PU9 171 131 133 160 145 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 (960 165 147 149 164 149 185 228 154 150 153 165 187 178 SEASONALLY ADJUSTED I960—May 161 146 149 '163 144 '190 223 152 151 150 160 185 167 165 148 149 168 150 187 227 152 152 152 161 192 180 July 167 149 151 166 160 188 227 155 154 157 165 190 180 169 153 154 166 157 191 232 158 154 162 165 192 182 168 152 153 166 154 191 230 160 152 159 171 189 178 Oct 167 152 151 165 151 185 231 159 150 158 173 192 179 Nov 169 151 152 166 163 184 235 158 149 157 173 192 178 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 162 149 146 '158 143 183 229 150 148 '149 168 179 178 May 152 150 162 142 187 225 155 152 152 178 WITHOUT SEASONAL ADJUSTMENT I960—May 163 149 151 '166 148 '189 225 155 149 150 '162 183 166 157 139 140 156 142 175 213 149 143 143 158 179 176 July 158 135 137 149 147 173 211 152 146 148 158 180 177 Auc .. 166 148 150 159 150 188 225 155 153 158 163 192 181 Sept 176 159 161 174 160 202 239 166 161 166 176 201 188 Oct 186 172 171 190 169 211 251 175 171 175 187 211 198 Nov 192 177 176 191 184 213 266 177 170 179 196 211 205 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 169 155 151 '169 150 190 238 159 154 '153 174 186 181 May 155 151 165 146 186 228 158 150 152 177 * 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 841 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Period m S (t o a f o o l n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) 1 o m ( s e r O t o n d i a n u d n e n g t t r d - h o s - 1 ) f m c ( e t R o f i o o p e n t - r t a t s h l 2 ) o m ( r N t o d f o o e n e t w r t a r h s l ) 3 Stocks o s O t r i a d n u n e g t d r - - s S s o t p o t r i a o d n u l n u c g e 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 10 1953 406 421 408 401 3.0 l.l 4.1 1.0 1954 409 1,140 388 410 412 3.0 L.O 4.0 L 0 1955 . .. . . .. 437 1,195 446 444 449 2.9 .1 4.0 L.O 1956 454 1,286 470 459 458 3.0 L.I 4.1 I 0 1957 459 1,338 461 461 458 3.1 .1 4.1 0 1958 462 1,323 437 462 464 3.0 .0 4.1 0 1959 488 1,391 510 495 498 3.0 1 4 1 1 I960 492 1,466 517 494 491 3.1 .1 4.3 0 Month : 1960 May '450 r ,481 r421 '451 r456 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 [ 0 Aug 452 1,463 629 544 495 3.2 1.4 4.6 1.2 Sent.... 471 1,564 621 572 564 3.3 1.3 4.6 .2 Oct 520 1,670 581 626 586 3.2 1.1 4.3 Nov.. 584 1,735 479 649 547 3.0 0.8 3.8 l.l Dec 932 1,339 331 536 388 1.4 0.4 1.8 1961—Jan 370 1,316 436 347 452 3.6 1 2 4 7 ) 9 Feb 348 1,368 474 400 438 3.9 1.4 5.3 Mar ... . . .. . . 479 459 441 570 537 3.0 0.9 4.0 1.2 Apr 430 ,502 387 473 419 3.5 0.9 4.4 I 1 Mayp 474 ,474 419 446 478 3.1 0.9 4.0 ( * 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 dep 2 a D rt e m ri e v n e t d s f t r o o r m e s t a h l e e s r . eported figures on sales and stocks. BULLETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r ip ts m e e x n c t l s u 2 ding Merchandise imports 3 Period 1959 1960 1961 1959 1960 1961 1959 1960 1961 Jan 1,401 1.561 1,647 1,287 1.484 1,539 1,154 1.143 1,124 Feb 1,279 1,576 1 672 1,182 497 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 ,703 1,647 1,221 1,261 1,042 May 1,558 1,804 1,744 1,418 1,710 1,671 1,264 1,262 1,195 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 Auc 1,410 L 609 1 313 L 547 1 188 I 229 Sept 1,487 1,610 1,407 1,557 1,395 1,160 Oct 1,482 1,744 1 399 I 690 1,202 1,157 Nov 1 482 L 797 1 380 I 724 1 283 I 161 Dec 1,685 ,797 1,580 1,743 1,467 1,157 Jan -May 7,178 5,508 8,703 6,610 i3,026 8,352 6,053 5,333 5,638 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

842 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 li d l d s H n f o i u s u r h - s - c- o H h p o o e u l r d a se - - p A a p r - el T p t o r i a r o n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 .. 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55.6 1945 ... 76.9 68.9 90.9 76.3 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.0 120.1 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108 1 122 0 1957 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1958 123.5 120.3 127.7 137.7 117.0 134.9 103.9 131 4 107.0 140 5 144.4 128.6 116 7 127 2 1959 124.6 118.3 129.2 139.7 119.9 136.6 103.9 134.3 107.9 146.3 150.8 131.2 118.6 129.7 I960 126.5 119.7 131.5 141.8 124.8 135.6 104.2 137.4 109.4 146.2 156.2 133.3 121.5 132.2 I960 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 Aue 126.6 120.1 131.5 141.9 124.9 133.4 103.5 137.6 109.3 146.2 156.7 133.8 121.9 132.4 Sept 126.8 120.2 132.0 142.1 125.7 134.8 104.1 138.0 110.6 144.7 156.9 133.9 122.1 132.7 Oct . 127.3 120.9 132.2 142.5 125.7 136.1 104.0 138.1 111.0 146.1 157.3 134.0 121.9 132.7 Nov 127.4 121.1 132.1 142.7 125.7 136.3 104.0 138.3 110.7 146.5 157.9 133.9 122.5 132.7 Dec 127.5 121.4 132.3 142.8 125.6 137.0 103.9 138.3 110.6 146.5 158.0 133.7 122.3 132.7 1961 Jan 127.4 121.3 132.3 142.9 125.9 139.6 103.6 138.3 109.4 146.2 158.5 133.7 122.2 132.6 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 May 127.4 120.7 132.2 143.4 126.2 136.5 103.5 138.7 109.6 146.6 160.4 133.8 123.9 133.1 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 o i m e l d s l - i- p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e n c p o l r x t e d - d e s - l - l H s e p u k a a r i n t c i d o n h t d d e s s e s - , r ,p t l e F o i m a i g r w n u n i h a a g e d e t - l l r - s ,C p a i u a c h l r l n c a o i e e t l d d m s s d - - p R u a b r u c n o e b t d d r s - - L w p u a b u r n c e o m o t d r o s d - d - p p a P u a a l r l u p n c i o e d e t l d d p s r - , M p m 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 a o t u u u o h n l u r r e r l e d s n a d s e e r - i - - e s N r t t m t m a u a r o i l l r u e n n l s 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 l o i l s u a - - s 1953. 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105,7 125 0 1?0 ? 116.1 176 9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107 0 9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955. 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143 8 6 119.3 136 6 128.4 115.9 124.2 121.6 9? 0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107 145 8 125.4 127.2 148 4 137.8 119.1 129.6 122.3 91.0 1957. 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145 2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 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 4 149.8 136.0 128.2 94 1959 119.5 89.1 107.0 128.2 95.0 114.3 112.7 109.9 144 5 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. 133.2 153.8 153.4 123.1 138.0 131.8 92. 1 I960 Mav 119.7 90.4 107.3 128.2 96.3 111.2 110.8 110 ? 146.3 7 133.4 154 153.3 123.2 137.9 131.7 91. 1 119.5 89.0 107.6 128.2 96.3 110.3 112.3 110.2 146 7 1?,?,4 133.5 153 8 153.2 123.0 137.8 131.7 90 9 July 119.7 88.9 108.9 128.2 96.3 110.1 113.8 110.4 146 9 5 133.5 153,4 153.3 123.1 137.8 131.8 90 8 AUK 119.2 86.6 107.8 128.2 96.1 108.7 115.3 110 5 145 3 119 6 133.0 153 6 153.3 122.9 137.8 132.0 89.9 Sept 119.2 87.7 108.1 127.9 95.9 108.1 116.1 110.4 144 9 118 7 133.0 153 5 151.4 122.8 138.0 132.0 91 1 Oct . .. 119.6 89.5 109.0 128.0 95.8 108.5 116.2 110 3 144 7 117 7 133.4 152.8 152.9 122.7 138.1 132.0 90. Nov 119.6 89.9 109.1 127.9 95.4 108.5 116.1 110 3 143 6 116 9 133.1 15? 3 153.0 122.6 137.9 132.0 90 6 119.5 88.7 109.2 127.9 95.2 108.8 116.2 110 4 141 116.5 132.3 152. 153.1 122.6 137.9 132.1 92 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., 153.2 122.4 138.6 132.1 95 4 Feb 119.9 90.3 110.5 128.0 94.8 108.2 117.8 110 4 140 114 9 132.8 15? 5 153.1 122.2 138.4 132.1 94 6 Mar 119.8 90.1 109.6 128.1 94.7 109.8 117.5 110 6 140 7 115 8 132.1 15? 8 153.0 122.2 138.7 132.1 95 7 Apr r119.3 88 1 109.0 M27.9 94.4 110.3 115.7 no.8 140 7 118 r131.7 r153 1 r152.3 122 5 138.7 132 1 96 1 May 119.0 87.0 107.9 127.8 94.4 111.2 113.6 110 7 141 1 118 0 131.5 153 4 152.3 122.3 138.6 132.1 97 9 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 843 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1960 1961 1960 1961 Subgroup Subgroup May Apr. May May Mar. Apr. May Farm Products: Pulp% Paper and Allied Products—Cont. Fresh and dried produce 116.9 110.1 101.7 106.2 Paperboard 135.9 130.2 129.7 129.5 Grains 77.8 76.2 73.5 74.5 Converted paper and paperboard 130.6 131.4 r130.9 130.5 Livestock and poultry 85.8 83.7 82.9 79.3 Building paper and board 145.1 145.7 145.3 145.3 Plant and animal fibers 96.6 93.0 93.5 95.3 Fluid milk , 92.7 98.6 r96.7 95.6 Metals and Metal Products: Eggs 69.6 76.7 67.2 63.6 Hay and seeds 76.5 82.5 89.1 86.0 Iron and steel 170.4 170.6 170.9 170.2 Other farm products 128.3 129.3 129.4 129.5 Nonferrous metals 140.0 132.4 132.7 134.9 Metal containers 154.8 156.6 156.6 156.6 Processed Foods: Hardware 174.2 175.0 r175.2 176.2 Plumbing equipment 132.7 130.9 130.9 131.3 Cereal and bakery products 121.2 123.6 123.6 123.6 Heating equipment 120.2 114.8 115.4 115.5 Meats, poultry, and fish 98.5 96.7 95.3 92.8 Fabricated structural metal products 134.9 134.0 133.9 134.0 Dairy products and ice cream , 114.9 120.4 119.4 118.9 Fabricated nonstructural metal Canned, frozen fruits, and vegetables 106.3 112.2 111.7 109.6 products 146.1 149.7 150.2 150.2 Sugar and confectionery 114.3 115.1 r114.9 115.8 Packaged beverage materials 145.2 139.7 139.7 139.7 Machinery and Motive Products: Other processed foods 102.2 101.4 100.9 101.4 Agricultural machinery and equip- Textile Products and Apparel: ment 145.7 148.6 148.6 148.7 Construction machinery and equip- Cotton products 94.8 90.1 89.8 89.9 ment 175.3 178.1 178.2 178.3 Wool products , 102.4 99.3 100.0 101.0 Metal working machinery 179.1 182.7 182.3 182.2 Synthetic textiles , 79.7 77.0 r76.8 76.7 General purpose machinery and Silk products 118.7 129.5 129.5 131.5 equipment 167.8 166.2 166.2 166.3 Apparel 100.6 100.6 r100.6 100.5 Miscellaneous machinery 150.0 151.4 151.4 151.4 Other textile products 86.8 100.5 93.8 93.0 Electrical machinery and equipment 153.3 152.1 r149.9 149.9 Hides, Skins, and Leather Products: Motor vehicles 141.6 140.2 140.3 140.3 Hides and skins 72.9 71.2 r70.7 73.7 Furniture and Other Household Dura- Leather 103.5 100.1 102.1 103.9 bles: Footwear 132.5 132.7 132.8 132.8 Other leather products 106.7 104.1 r104.3 105.1 Household furniture 125.0 126.0 126.1 126.2 Commercial furniture 156.7 156.0 156.0 156.0 Fuel, Power, and Lighting Materials: Floor covering 130.8 128.2 128.2 128.2 Household appliances 102.1 99.8 99.8 99.7 Coal 118.7 122.8 119.0 116.1 Television, radios, phonographs 91.7 90.7 90.6 89.5 Coke 170.4 170.4 170.4 170.4 Other household durable goods 157.4 156.8 158.3 158.4 Gas fuels (Jan. 1958 == 100) 111.6 121.7 117.8 118.1 Electric power (Jan. 1958 = 100) 101.7 102.4 102.5 102.4 Nonmetallic Minerals—Structural: Petroleum and products 113.6 122.8 120.6 117.6 Flat glass 130.2 132.4 132.4 132.4 Chemicals and Allied Products: Concrete ingredients 142.1 142.6 142.6 142.6 Concrete products 131.5 131.1 131.3 131.4 Industrial chemicals , 124.6 123.4 123.4 123.1 Structural clay products 161.7 162.1 162.1 161.4 Prepared paint 128.3 132.1 132.1 132.1 Gypsum products 133.2 134.9 134^9 134.9 Paint materials 103.0 105.3 104.9 104.3 Prepared asphalt roofing 106.6 114.1 114.1 112.7 Drugs, Pharmaceuticals, cosmetics. .. 94.8 94.7 94.7 94.7 Other nonmetallic minerals 134.6 133.6 133.7 133.7 Fats and oils, inedible 50.2 57.1 r61.1 61.0 Mixed fertilizers 110.2 112.3 112.2 112.2 Tobacco Manufactures and Bottled Fertilizer materials 108.8 112.0 112.0 112.0 Beverages: Other chemicals and products 106.4 106.0 106.0 106.2 Cigarettes 134.8 134.8 134.8 134.8 Rubber and Products: Cigars 106.5 106.5 106.5 106.5 Other tobacco products 155.7 155.7 155.7 156.4 Crude rubber 169.6 138.8 138.9 142.4 Alcoholic beverages 120.6 121.3 121.2 121.2 Tires and tubes 137.0 137.1 138.3 138.3 Nonalcoholic beverages 171.1 171.7 171.7 171.7 Other rubber products 144.5 144.6 143.5 143.0 Miscellaneous: Lumber and Wood Products: Toys, sporting goods, small arms 118.3 119.4 119.6 119.6 Lumber 124.9 114.6 116.8 117.2 Manufactured animal feeds 68.0 75.5 76.4 79.6 Mill work 136.9 134.5 134.5 133.3 Notions and accessories 96.4 96.4 96.4 96.4 Plywood 95.7 92.9 r98.9 97.3 Jewelry, watches, photo equipment... 110.5 111.6 111.5 111.4 Other miscellaneous 132.5 132.2 131.5 131.7 Pulp, Paper, and Allied Products: Woodpulp 121.2 114.5 114.4 114.4 Wastepaper 83.2 62.7 62.7 62.7 Paper 145.9 145.7 145.3 145.3 •-Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Quarterly totals at seasonally adjusted annual rates Item 1960 r 1961 ^ 1929 1933 1941 1950 1956 1957 1958' 1959" 1960 r Gross national product 104.4 56.0 125.8 284.6 419.2 442.8 444.5 482.8 504.4 501.5 506.4 505.1 504.5 500.8 Personal consumption expenditures 79.0 46.4 81.9 195.0 269.9 285.2 293.2 314.0 328.9 323.8 329.9 329.7 332.3 330.7 Durable goods 9.2 3.5 9.7 30.4 38.5 40.4 37.3 43.5 44.3 44.7 45.3 43.4 43.8 39.4 Nondurable goods 37.7 22.3 43.2 99.8 131.4 137.7 141.6 147.3 152.3 150.5 153.3 152.7 153.1 153.7 Services 32. 20.7 29.0 64.9 100.0 107.1 114.3 123.2 132.3 128.6 131.2 133.6 135.4 137.5 Gross private domestic investment 16.2 1.4 18.1 50.0 67.4 66.1 56.6 72.4 72.4 78.9 74.6 70.5 65.6 59.8 New Construction 8.7 1.4 6.6 24.2 35.5 36.1 35.5 40.2 40.7 40.9 40.7 40.4 40.7 39.6 Residential, nonfarm 3.6 .5 3.5 14.1 17.7 17.0 18.0 22.3 21.1 21.5 21.2 21.0 20.5 19.3 Other 5.1 1.0 3.1 10.1 17.8 19.0 17.4 17.9 19.6 19.3 19.5 19.4 20.2 20.4 Producers' durable equipment 5.9 1.6 6.9 18.9 27.2 28.5 23. 25.9 27.5 27.1 28.6 27.7 26.7 24.2 Change in business inventories 1.7 -1.6 4.5 6.8 4.7 1.6 -2.0 6.3 4.2 10.9 5.4 2.4 -1.9 -4.0 Nonfarm only 1.8 -1.4 4.0 6.0 5.1 -2.9 6.2 4.0 10.8 5.1 2.0 — 2.2 Net exports of goods and services .8 .2 1.1 .6 2.9 4.9 1.2 -.7 3.0 1.8 2.3 3.0 5.1 5.3 Exports 7.0 2.4 6.0 13.1 23.1 26.2 22.7 23.1 26.7 25.6 26.7 26.8 27.6 27.6 Imports 6.3 2.3 4.8 12.5 20.2 21.3 21.5 23.8 23.6 23.9 24.4 23.8 22.4 22.3 Government purchases of goods and services. 8.5 8.0 24.8 39.0 79.0 86.5 93.5 97.1 100.1 96.9 99.6 101.9 101.6 105.0 Federal 1.3 2.0 16.9 19.3 45.7 49.7 52.6 53.5 52.9 51.8 52.9 54.0 53.0 54.7 National defense f 13.8 14.3 40.4 AAA 44.8 46.2 45.5 45.5 45.5 45.4 45.7 47.2 Other . 1.3 I 3.2 5.2 5.7 5.7 8.3 7.8 8.0 6.9 7.9 9.1 7.9 8.0 Less: Government sales .0 .0 .0 .1 .3 .4 .5 .5 .6 .6 .6 .6 .6 .5 State and local 7.2 6.0 7.8 19.7 33.2 36.8 40.8 43.6 47.2 45.0 46.8 48.0 48.6 50.3 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 400.9 408.6 401.3 428.4 440.8 441.0 443.4 440.2 438.4 433.2 r Revised. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Quarterly totals at seasonally adjusted annual rates Item 1960 r 1961r 1929 1933 1941 1950 1956 1957 1958' 1959' I960' 1 2 3 4 1 National income 87.8 40.2 104.7 241.9 350.8 366.9 367.4 399.6 417.1 413.5 419.2 419.0 416.5 412.2 Compensation of employees 51.1 29.5 64.8 154.2 242.5 255.5 257.1 278.4 293.7 290.2 294.6 296.0 294.0 292.6 Wages and salaries 50.4 29.0 62.1 146.4 227.6 238.5 239.8 258.5 271.3 268.3 272.4 273.2 271.3 270.1 P M G r o i i l v v it a e a t r e r n y ment civilian 4 4 5 . . . 6 5 3 2 4 3 . . . 9 9 3 5 8 1 1 . . . 3 9 9 12 1 4 5 7 . . . 0 3 1 2 8 9 8 9 . . . 7 4 6 1 3 9 9 0 8 . . . 6 4 5 1 3 9 3 6 . . 4 6 2 3 1 9 5 3 . . . 9 4 2 2 3 2 9 8 3 . . . 9 5 0 22 3 9 1 7 . . . 8 1 4 22 3 9 4 8 . . . 8 6 0 2 3 2 9 9 4 . . . 9 1 2 22 3 1 1 9 0 . . . 6 7 0 2 4 1 1 0 9 0 . . . 7 3 1 Supplements to wages and salaries .7 .5 2.7 7.8 14.9 17.0 17.3 20.0 22.4 21.9 22.2 22.7 22.7 22.5 Employer contributions for social insurance .1 .1 2.0 4.0 6.8 7.8 8.0 9.7 11.5 11.3 11.4 11.8 11.5 11.7 Other labor income .6 .4 .7 3.8 8.1 9.1 9.4 10.3 10.9 10.6 10.8 10.9 11.2 10.8 Proprietors' income 14.8 5.6 17.4 37.5 43.7 44.5 46.1 46.3 48.2 46.3 48.6 48.7 49.0 48.9 Business and professional 8.8 3.2 10.9 23.5 32.1 32.7 32.5 35.0 36.2 35.8 36.4 36.3 36.3 36.0 Farm 6.0 2.4 6.5 14.0 11.6 11.8 13.5 11.3 12.0 10.5 12.3 12.4 12.7 12.9 Rental income of persons 5.4 2.0 3.5 9.0 10.9 11.9 12.2 11.9 11.7 11.7 11.7 11.7 11.7 11.5 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 42.0 41.7 37.2 46.4 45.1 47.4 45.9 44.1 42.9 40.0 Profits before tax 9.6 .2 17.0 40.6 44.7 43.2 37.4 46.8 45.0 48.1 46.3 43.2 42.6 39.6 Profits tax liability 1.4 .5 7.6 17.9 21.2 20.9 18.6 23.1 22.3 23.9 23.0 21.4 21.1 19.6 Profits after tax 8.3 -.4 9.4 22.8 23.5 22.3 18.8 23.7 22.7 24.2 23.3 21.7 21.4 20.0 Dividends 5.8 2.1 4.5 9.2 12.1 12.6 12.4 13.4 14.1 14.0 14.0 14.1 14.3 14.2 Undistributed profits 2.4 -2.4 4.9 13.6 11.3 9.7 6.4 10.3 8.6 10.2 9.3 7.6 7.2 5.8 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -2.7 -1.5 -.3 -.5 .0 -.7 -.4 .9 .3 .4 Net interest 6.4 5.0 4.5 5.5 11.7 13.4 14.8 16.6 18.4 17.8 18.3 18.6 18.9 19.2 ' Revised. NOTE.—For explanation of series see U. S. Income and Output (a supplement to thto Surrey 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 845 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates Item 1960 r 1961' 1929 1933 1941 1950 1956 1957 1958' 1959' I960' Gross national product 104.4 56.0 125.8 284.6 419.2 442.8 444.5 482.8 504.4 501.5 506.4 505.1 504.5 500.8 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 34.4 37.4 38.6 40.8 43. 42.5 43.0 43.2 43.7 44.2 Indirect business tax and nontax lia- 39.3 42.7 45.6 45.3 45.9 45.5 45'9J 45! 7 bility 7.0 7.1 11.3 23.7 35.7 38.2 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 .8 1.6 - 1 .6 .8 -1 1 .5 .8 -1 1 .7 .8 -2 1 . . 6 8 -1 1 .1 .8 -2 1 . . 9 8 -4 1 . . 0 8 -2 1 . . 9 8 1 -2 1 .6 .8 -.7 -2.4 Plus: Subsidies less current surplus of government enterprises .0 .1 .2 .9 1.0 1.1 .4 .5 .5 .6 .5 .5 .5 Equals: National income , 87.8 40.2 104.7 241.9 350.8 366.9 367.4 399.6 417.1 413.5 419.2 419.0 416.5 412.2 Less: Corporate profits and inventory valuation adjustment 10.1 -2. 14.5 35.7 42.0 41.7 37.2 46.4 45.1 47.4 45.9 44.1 40.0 Contributions for social insurance .2 2.8 6.9 12.6 14.5 14.8 17.6 20.7 20.4 20.7 21.1 21.2 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .01 .0 Plus: Government transfer payments. . .9 2.6 14.3 17.2 20.1 24.5 25.4 27.3 26.3 26.8 27.5 30.1 Net interest paid by government. 1.0 1.3 4.8 5.7 6.2 6.2 7. 7.8 7.7 7.8 7.8 7.5 Dividends 5.8 4.5 9.2 12.1 12.6 12.4 13.4 14.1 14.0 14.0 14.1 14.2 Business transfer payments .6 .5 1.6 1.8 1.8 1 .8 1 .8 1.8 1.8 1.8 1 .8 Equals: Personal income 85.8 96.3 228.5 332.9 351.4 360.3 383.3 402.2 395.5 403.1 405.1 405.4 404.7 Less: Personal tax and nontax payments 2.6 3.3 20.8 40.0 42.6 42.3 46.0 50.4 49.9 50.5 50.8 50.5 50.3 Federal 1.3 2.0 18.2 35.2 37.3 36.6 39.6 43.2 42.7 43.3 43.5 42.9 State and local. 1.4 1.3 2.6 4.8 5.3 6.4 7.2 7.1 7.2 7.3 7.7 5.7 Equals: Disposable personal income 83.1 93.0 207.7 292.9 308.8 337.3 351.8 345.7 352.7 354.4 354.9 354.3 317.9 Less: Personal consumption expenditures 79.0 81.9 195.0 269.9 285.2 314.0 328.9 323.8 329.9 329.7 332.3 330.7 293.2 Equals: Personal saving 4.2 -.6 11.1 12.6 23.0 23.6 23.4 22.9 21.8 22.8 24.6 22.7 23.7 24.7 Addendum: Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 286.9 293.8 296.3 310.6 319.0 315.4 320.3 321.0 320.1 318.3 r Revised. PERSONAL INCOME 1 [Department of Commerce estimates. In billions of dollars] 1960 1961 Item2 1959 1960 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.p 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 258.2 272.5 271.7 273.6 274.0 275.1 275.1 275.0 274.8 273.6 271.4 271.4 271.0 272.1 274.3 Commodity-producing industries... 107.2 111.4 112.1 113.3 112.9 112.8 111.5 111.2 110.9 109.5 107.3 107.2 106.5 107.3 109.0 Manufacturing only 84.7 88.0 88.6 89.5 89.2 88.7 87.7 87.5 57.2 86.2 84.6 84.4 84.0 84.4 85.7 Distributive industries 68.2 71.9 71.8 72.0 72.2 72.4 72.9 72.7 72.5 72.5 72.3 72.1 72.0 71.9 72.1 Service industries 37.5 41.0 40.5 40.7 41. 41.3 41.6 41.9 42.0 42.0 42.0 42.1 42.2 42.3 42.4 Government 45.3 48.2 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 10.1 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 36.1 36. 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 12.2 12.6 12.9 12.9 12.9 13.0 13.0 12.8 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 14.0 14.1 14.1 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 27.5 27.6 27.6 27.7 27.7 27.7 27.6 27.6 Transfer payments 27.0 29.0 28.6 28.4 28.5 28.7 29.1 29.7 30.0 30.5 30.9 31.0 31.1 33.6 32.2 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 Wp Preliminary. NOTE.—For explanation of series see U. S. Income and Output (a supple - 1 Revised data for 1959 and 1960 will appear in the Bulletin for August. ment to the Survey of Current Business for 1959) and the Survey of Current [ 2 Monthly data are seasonally adjusted totals at annual rates. Business, July 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 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 saving 1 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 C B C Fa o r n m su a m n e d r n a o n n d c n o o rp n . p r b o u f s it iness2.. 29.5 28.5 26.1 30.6 31.1 2 5. . 8 4 8. -1 7 . . 8 9 -1 8 . . 6 4 6 3. . 9 1 - 8 .9 .5 6.0 - 9 .8 .6 7 1 . . 0 9 D Corporate nonfinancial business, * 5.3 3.5 11.4 * 4. 3.8 3.3 3.3 .1 l!2 2.1 1.9 E Federal Government1 5.9 3.6 -8.2 -4.5 5.4 -7.6 1.4 -2.1 -4.5 4.0 4.7 -.4 -4.3 F G S F t i a n t a e n c a i n a d l s lo e c c a to l rs governmentl... -2 5 . . 7 9 -3 3 . . 2 7 -5 3 . . 0 1 -4 3 . . 4 1 -6 3 . . 5 9 -1.6 -.6 .9 -1. .6 -1 1 . . 2 6 -.9 5 -1.6 .9 -2 1 .1 .8 -2.3 .4 2.9 4.4 H Capital consumption3 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 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 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 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 L Plant and equip, (nonprofit)... .5 .6 .6 .6 .7 .1 .2 .2 .2 .2 .2 .2 .2 M Farm business 3.7 3.9 4.0 4.1 4.3 1.0 1.0 i!o 1.0 1.0 1.1 1.1 1.1 1.1 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 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 P Gross national savingl 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. 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 V S F t i a n t a e n c a i n a d l s lo e c c a to l r g s overnment1 -2 2 . . 7 9 -3 3 . . 2 7 -5 3 . . 0 1 -4 3 . . 4 1 -6 4 . . 5 4 -1.6 .5 -.6 .9 -1. .6 -1 1 . . 2 6 -.9 j l.*3 e -1.6 .9 -2 1 . . 1 8 -2. . 3 4 W Gross national investment * 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 a Co N n o su n m fa e r r m a r n e d s i n d o en n . p ro c f o it nstr.4.... 1 1 6 8 . . 1 9 1 18 4 . . 2 9 1 1 4 8 . .3 2 18 2 . . 5 2 2 1 1 7 . . 4 4 4 5 . . 3 3 4 5 . . 3 2 4 4. . 1 9 4 5 . . 9 9 5 6 . . 3 2 4 5 . . 5 4 3 4 . . 8 7 4 5 . . 3 4 4 5 . . 8 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 d e c f C N F Fi a o o n r r n a m p c n . o c b n r i u a o p l s n . i f s n n i e o e n c s n a t s n o fi r . n s a b n u . s i b n u es s s in 4 ess4.. 2 1 3 9 0 . . . . 8 7 1 2 3 4 9 2 . . . 7 0 0 2 4 9 5 . . . . 1 4 9 7 2 1 4 7 0 . . . 9 4 8 2 1 4 0 9 . . . 7 4 2 7 2 1 . . . . 0 4 0 2 2 5 1 . . . . 3 1 1 2 7 3 1 . . . . 4 3 4 2 7 3 1 . . . . 3 0 3 2 7 2 1 . . . . 4 5 0 2 2 5 1 . . . . 7 1 0 2 7 3 1 . . . . 8 1 3 2 7 3 1 . . . . 8 0 2 2 8 2 . . . . 0 5 2 9 g Change in inventories5 4.7 1.6 -2.5 5.9 3.6 3.6 2.1 -.2 .4 4.5 .4 -.1 -1.2 h Farm business -.4 .8 1.0 .5 .4 .2 .2 .1 .1 .1 .1 .1 .1 1 Noncorp. nonfinan. business... .2 .2 .6 .5 -.5 1.1 .2 -.1 -'.6 1.2 -.1 * -.5 j Corp. nonfinan. business 4.9 .6 -3.5 4.8 2.7 .1 2.4 1.7 -.1 .9 3.2 .4 -.2 k Net financial investment6 2.1 4.2 .3 -1.8 -.5 A .1 -.1 .6 1 Consumer and nonprofit 12.1 14.8 15.3 10.6 5!l 3.3 4.2 l!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 5.5 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 -.1 .8 -.5 .1 -.2 .3 -.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 -1.4 -4.3 -2.2 -.9 .3 s Net acquis. offinan. assets... 4.3 4.4 7.2 13.4 3.8 5.2 .2 5.6 3.6 4.1 - .3 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 -4.3 v Net acquis. offinan. assets... 1.6 3.2 1.6 6.3 3.9 .7 .2 4.3 2.6 -.8 -.3 4.2 .9 -.9 w Net increase in liabilities -4.3 - .4 9.7 10.8 * 8.3 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 -1.2 -1.3 .3 -.4 -.9 -2.2 .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 1.3 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 1.4 .6 2.2 r 1.6 1.3 1.7 aa 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 .7 -1.8 .1 A -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. F Notes to table on opposite page. held by other sectors included in Federal obligations category. *"" ! 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. t959. * 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 847 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 liability * 1.7 — 8 5.8 1.1 .1 8.0 -7.0 2.1 2.1 3.8 -8.8 2.5 1.5 4.9 A B Net increase in assets, by sector 1.7 '.1 6.5 1.7 .8 6.6 -5.3 1.9 2.0 3.1 -7.5 2.6 1.8 3.9 B 2 .2 .7 .8 * -.5 1.0 1.5 -1.2 -.4 2.8 2 1 8 C D Other domestic sectors 1.7 .3 6.4 .9 * 6.3 -4.9 .7 .4 4.4 -6.7 -.3 1.5 5.5 D E Consumer and nonprofit 1.0 -.9 2.5 .9 .2 2.3 -.9 -.7 .8 1.6 -2.8 -1.0 1.9 2.0 E F Farm and noncorporate bus... .1 .6 1.3 -.7 -.3 .3 2 -.2 -.2 -.2 -.1 -.1 -.1 F G H S C t o a r t p e o a r n a d te lo n c o a n l f in g a o n v c e i r a n l m b e u n s t . . . . . . . . . .2 1 .2 1. . 7 2 . .5 2 -.5 .2 2. . 5 6 -2^9A 1. .1 5 _ .2 2 1. . 8 6 * — . 7 4 — 2 "> 8 0 H G I Financial sectors . . .. .2 .3 .7 * .5 .5 -.3 • -.3 .6 -.4 .4 2 .7 I J Rest of the world .2 .2 • -.1 .3 -.1 .2 -.1 4 * 3 J K Discrepancy (A-B) .1 -1.4 -.7 -.6 -.7 1.4 -1.7 .2 .2 .7 -1.3 -.1 T 1.0 K II. Fixed-value redeemable claims A Net increase, by type 8.9 10.1 16.1 7.6 14.8 3.1 2.3 3.0 .8 1.6 1.6 3.9 3 9 5 4 A B Time deposits . . . 3.6 6.8 10.1 2.2 7.0 .9 1.1 1.2 * 1 .2 1.7 2.6 2.5 B C Savings shares 5.4 5.2 6.5 7.2 8.1 2.3 1.4 2.3 1.2 1.6 2 4 1 4 2 8 C D U.S. savings bonds2 -.1 -1.9 -.5 -1.8 -.3 2 -.2 -.5 -.5 .-6 -.2 I .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 2 -2.2 -.7 -2.0 -.4 -.2 -.2 -.6 -.6 -.6 -.2 -.2 t * F G Commercial banking. 2.1 5.5 8.0 1.2 5.8 .5 .6 .9 -.2 * 1 5 2 2 2 1 G 7.3 6.9 8.9 8.4 9.5 2.9 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 K L C O R o e th n st e s r u o m f d o t e h m r e e a s w n t d o ic r n l s d o e n c ( t p t o i r m r o s f e i 3 t d eposit . s). - 9 .1 .0 9. . 8 4 * 1 1 3 . . . 7 9 5 - - 1 1 9 . . . 0 0 6 1 1 2 . . . 8 3 7 - 3 .4 .5 2. . 2 1* - - 3 . . 4 2 .5 - 1 .3 .7 n - 2 .2 .1 3 - 1 .2 . . 6 2 3. .2 4 3 3. . 2 3 s 4. . 6 1 8 K L J III. Saving through life insurance and pension funds A Net increase, by type . . . 9.3 9.0 10.3 11.6 11.5 2.8 2.9 3.2 2.5 3.1 2.8 3 1 2 6 3 0 A B Life insurance 3.8 2.8 3.4 3.7 3.5 1.0 .9 1.2 .8 .9 .8 .8 9 9 R C Pension funds 5.6 6.1 6.9 7.9 8.1 1.8 2.0 2.0 1.7 2.1 2.0 2.3 1.6 2 1 C D Net increase in liab., by 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 E Federal Government 1.0 .6 1.0 1.0 1.0 .1 .2 .4 .3 .1 .1 .7 t 1 E F State and local government 1.4 1.6 1.7 1.8 1.8 .4 .5 .5 .5 .5 .5 .5 .5 .5 F G Life insurance companies 1.5 1.3 1.6 1.2 1.6 1.1 1.1 1.3 1.5 G H Private noninsured pension plans. 2.1 2.6 2.8 3.2 3.6 .8 1.0 .8 .5 .9 1.1 .8 1.0 H .7 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 B Federal obligations -5.6 1.1 9.0 11.3 -2.2 7.6 2.0 5.3 4.0 -4.1 -1.4 1.2 2 2 B C Short-term direct5 7.4 5.5 -1.2 5.5 -5.1 3.8 -4.6 4.7 .7 4.7 -7.4 -2 1 5 3 — 8 C D Other -13.0 -4.4 10.2 5.8 2.9 3.8 4.6 -2.7 4.6 -.7 3.3 .6 —4.1 3 0 D E State and local obligations 3.2 4.7 5.7 4.9 3.6 .8 1.3 1.4 1.8 .4 1.0 7 1 4 5 £ F Corporate and foreign bonds 5.0 7.5 6.8 4.7 5.5 1.6 1.1 1.0 1.1 1.5 1.1 1.2 1.3 1 9 F G Corporate stock 3.8 4.0 4.2 4.4 3.5 1.2 1.2 .7 1.2 .9 .9 .9 7 G 10.8 8.6 10.1 13.3 10.9 3.2 2.9 3.8 3.7 3.0 2.3 2.9 3.0 2 6 H I Other mortgages 3.8 3.5 5.2 5.8 4.5 1.6 1.2 1.7 1.5 1.4 1.0 1.3 1,2 1 1 I J Consumer credit 3.6 2.8 .3 6.3 3.9 1.9 -.7 2.6 1.7 2.7 -.8 2.4 6 1 8 J K. Securitv credit -.6 1.7 .1 .4 1.1 .2 -.1 o .6 -1.6 5 6 9 K L Bank loans n.e.c 5.9 2.3 1.3 7.9 3.4 2.7 -.4 3.6 2.8 1.9 .4 2.1 -.5 1.5 L M Other loans .9 2.6 2.0 2.8 5.6 1.0 .9 1.3 .1 .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 6.2 5.0 6.4 2.1 5.2 3.7 5.1 O P Farm business .9 1.1 1.5 2.0 1.2 * .7 1.1 .3 2 .5 .8 .2 — .3 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 O R Corporate nonfinancial business.. 13.0 13.1 11.8 11.6 10.2 3.1 1.9 3.8 2.9 2.9 2.6 2.9 2.4 2.3 R S Federal Government -5.4 1.0 9.3 10.7 -1.6 7.9 -.2 1.7 5.2 4.1 -4.1 -1.5 1.4 2.6 S T State and local government 3.3 4.9 5.9 5.1 4.0 .8 1.3 1.5 1.8 .5 1.0 .8 1.6 6 T 1.2 2.4 1.2 5.7 4.2 1.8 .7 1.5 1.2 2.3 -.3 1.7 .7 2 1 U V Rest of the world 1.0 1.4 2.3 .8 1.9 .6 .2 .4 .3 * .3 .5 .4 .7 V 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 15.3 2.2 1.4 4.5 3.4 4.3 3.2 4.2 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 1.2 1.5 1.9 -.3 -1.3 -U9 1.2 Z a Federal Government 1.1 2.4 1.7 3.8 2.5 .9 .7 1.7 1.0 .5 * 1.3 .6 .7 a 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 .3 -.8 2.2 .3 .7 1.4 -.9 .6 .5 .1 -1.4 1.2 .5 .4 d e Commercial banks 4.5 5.1 14.9 5.3 9.2 6.6 -4.5 3.6 2.8 3.4 -6.6 3.9 4.7 7.2 e f Securities -3.5 1.3 10.4 -7.2 2.3 1.7 -4.2 -1.7 -.8 -.4 -5.7 .3 3.8 4.0 8.0 3.8 4.5 12.5 6.9 4.9 -.3 5.3 3.6 3.8 -.8 3.7 .9 3.2 g jj Savings institutions. • 7.3 7.2 9.4 10.6 9.4 2.4 2.7 3.2 3.0 1.6 2.2 2.3 2.6 2.2 h 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 ] j 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 3.1 1.2 .3 .2 1.0 1.3 .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

848 WEEKLY REPORTING MEMBER BANKS, 1959-61 ASSETS AND LIABILITIES OF BANKS IN ALL LEADING CITIES [Revised coverage. * In millions of dollars] Loans For purchasing or carrying securities To financial institutions Loans Total and To brokers Nonbank loans invest- Com- and dealers To others Banks institutions Wednesday and ments Loans mer- Agri- All Valuam in e v n e t s s t - i jus a t d e - d2 jus a t d e - d 2 in t a c r d n i i a u a d l l s- t c u u r l a - l G U t l i o i o o g . b n v S a - 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 S a - s - t . . O c t s u t i e h e r - s i e - r F ei o g r n - c m m D c o t 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 i m e r - d c a - s - e l Other e R st e a a t l e o lo t a h n e s r se t r i r o e v - n es panies etc. 1959 July 1 106,296 104,761 64,119 28,678 905 294 ,898 161 1,259 596 ,535 3,846 1,476 12,517 13,834 ,345 8 106,759 105,669 63,999 28,610 909 429 ,776 171 1,247 593 ,090 3,767 1,470 12,534 13,842 ,349 15 107,945 106,735 64,540 28,714 916 615 ,762 169 1,261 609 ,210 3,868 1,495 12,580 13,904 ,353 22 107,163 105,963 64,565 28,790 918 456 ,739 169 1,278 618 ,200 3,901 1,514 12,583 13,953 ,354 29 106,803 105,483 64,590 28,771 929 403 ,708 168 1,280 610 ,320 3,939 1,540 12,598 14,005 ,361 Aug. 5 106,418 105,030 64,813 28,877 926 356 ,708 170 1,283 598 ,388 4,032 1,552 12,587 14,090 ,366 12 106,176 104,689 64,979 28,953 928 322 ,756 169 1,271 599 ,487 4,021 1,576 12,625 14,127 ,368 19 106,532 105,331 65,369 29,102 942 403 ,769 170 1,270 619 ,201 4,089 1,577 12,651 14,144 ,367 26 106,561 105,183 65,390 29,173 941 407 ,701 169 1,265 613 ,378 4,069 1,540 12,676 14,204 ,368 Sept. 2 106,161 105,053 65,400 29,182 936 340 ,690 168 1,278 639 ,108 4,059 ,555 12,667 14,254 ,368 9 106,317 104,850 65,259 29,195 939 336 ,608 162 1,257 652 ,467 3,945 ,567 12,708 14,257 ,367 16 106,910 105,454 65,881 29,537 947 334 ,612 165 1,246 647 ,456 4,106 ,580 12,761 14,312 ,366 23 105,915 104,705 65,688 29,566 951 298 1,590 166 1,227 644 ,210 3,927 ,583 12,788 14,313 ,365 30 105,623 104,888 66,133 29,669 966 402 1,664 166 1,199 677 735 3,973 ,613 12,779 14,392 ,367 Oct. 7 105,515 104,350 66,002 29,704 958 313 1,744 164 ,200 677 ,165 3,848 ,601 12,785 14,375 ,367 14 105,395 104,114 66,054 29,895 963 287 1,631 163 ,187 671 ,281 3,770 ,619 12,817 14,417 ,366 21 105,969 105,242 66,217 29,740 950 513 1,716 176 ,197 686 727 3,733 ,635 12,836 14,401 ,366 28 105,645 104,698 66,025 29,706 958 434 1,686 161 ,198 673 947 3,647 ,662 12,849 14,416 ,365 Nov. 4 106,545 105,189 66,670 29,878 960 575 1,705 164 ,202 716 ,356 3,807 ,683 12,828 14,519 ,367 11 105,660 104,456 66,483 29,919 964 398 1,705 155 ,201 743 ,204 3,712 ,681 12,862 14,510 ,367 18 105,658 104,560 66,741 30,113 959 385 1,779 157 ,195 734 ,098 3,739 ,690 12,884 14,472 ,366 25 105,523 104,155 66,669 30,095 942 314 1,778 161 ,194 750 ,368 3,735 ,688 12,899 14,479 ,366 Dec. 2 107,026 105,569 67,119 30,207 936 426 1,768 154 ,185 777 ,457 3,835 ,734 12,895 14,573 ,371 9 106,802 105,301 66,963 30,228 941 262 1,716 149 ,193 797 ,501 3,841 ,713 12,916 14,576 ,369 16 107,983 106,668 68,487 30,624 941 608 1,977 150 ,193 784 ,315 4,250 ,711 12,974 14,641 1,366 23 107,882 106,281 68,431 30,692 939 410 1,970 157 ,198 789 ,601 4,304 ,717 12,975 14,647 1,367 30 107,965 106,691 68,874 30,665 953 453 2,131 167 ,181 809 ,274 4,472 ,758 12,975 14,680 1,370 1960 Jan. 6 106,339 105,242 67,961 30,368 940 334 ,968 164 ,175 759 1,097 4,299 ,787 12,951 14,656 1,440 13 106,467 105,329 67,574 30,328 924 331 ,834 163 ,182 757 1,138 4,166 ,775 12,962 14,593 1,441 20 105,235 104,162 67,031 30,174 920 277 ,727 155 ,172 752 1,073 3,916 ,808 12,956 14,615 ,441 27 104,916 103,600 66,728 30,060 920 256 ,665 158 ,174 761 1,316 3,800 ,769 12,948 14,662 ,445 Feb. 3 104,599 103,502 66,841 30,157 924 356 ,587 161 ,158 752 1,097 3,791 ,753 12,936 14,714 ,448 10 104,256 103,020 66,725 30,263 927 313 ,496 153 ,159 770 1,236 3,723 ,738 12,930 14,702 ,449 17 104,316 102,896 66,987 30,468 920 248 ,469 145 ,154 761 1,420 3,835 ,740 12,963 14,734 ,450 24 104,074 102,689 67,016 30,378 922 297 ,519 150 ,152 760 1,385 3,850 ,738 12,957 14,744 ,451 Mar. 2 104,045 102,887 67,342 30,520 919 255 ,520 154 ,149 751 ,158 4,106 ,726 12,923 14,771 ,452 9 103,509 102,299 67,017 30,531 911 221 ,496 142 ,139 754 ,210 3,920 ,707 13,122 14,529 ,455 16 104,782 103,463 68,079 31,261 917 276 ,450 145 ,136 772 ,319 4,232 ,693 12,898 14,756 ,457 23 104,081 102,822 67.812 31,256 916 168 ,394 139 ,133 759 ,259 4,197 ,679 12,896 14,735 ,460 30 103,765 102,353 67,703 31,227 928 145 ,342 141 ,137 758 ,412 4,077 ,724 12,904 14,785 ,465 Apr. 6 103,301 102,162 67,652 31,096 922 214 ,340 137 ,128 777 ,139 4,148 ,657 12,869 14,831 ,467 13 104,223 102,629 67,927 31,181 921 293 ,380 137 ,120 763 ,594 4,190 ,650 12,881 14,877 ,466 20 106,363 104,919 68.542 31,190 916 604 ,503 142 ,123 754 ,444 4,303 ,631 12,895 14,942 ,461 27 105,987 104,364 68,303 31,142 924 371 ,446 139 ,124 766 ,623 4,273 ,647 12,900 15,031 ,460 May 4 105,915 104,356 68,550 31,217 932 377 ,457 140 ,123 773 ,559 4,467 ,610 12,874 15,044 ,464 11 105,320 104,006 68,454 31,254 932 318 ,451 146 ,118 791 ,314 4,376 ,614 12,877 15,041 ,464 18 105,635 104,235 68,597 31,425 942 238 ,437 162 ,120 776 ,400 4,347 ,624 12,883 15,108 ,465 25 105,766 104.044 68,400 31,368 950 175 ,416 144 ,121 772 ,722 4,252 ,635 12,877 15,154 ,464 * For description of revised coverage, see BULLETIN for June 1961, 2 Exclusive of loans to domestic commercial banks and after deduction p. 654. of valuation reserves; individual loan items are shown gross. 1 After deduction of valuation reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1959-61 849 ASSETS AND LIABILITIES OF BANKS IN ALL LEADING CITIES—Continued [Revised coverage.* In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— All Total Wednesday Bal- Bal- Re- other liabili- Notes and bonds Other ances ances Currency serves assets ties maturing: secu- Total with with and with and Cer- rities domes- for- coin F. R. capital Total Bills tifi- tic eign Banks accounts cates With- banks banks in After 1 year 5 years 5 years 1959 July I 30,363 1,766 2,178 ,743 17,945 6,731 10,279 17,318 3,033 60 1,149 13,076 3,214 138,442 8 31,351 2,870 2,121 ,742 17,822 6,796 10,319 17,454 2,682 65 1,175 13,532 3,135 137,250 15 31,880 3,533 2,076 ,690 17,810 6,771 10,315 17,854 2,957 68 1,196 13,633 3,154 141,288 22 31,091 3,047 2,046 ,560 17,669 6,769 10,307 17,864 2,790 62 1,203 13,809 3,102 138,350 29 30,632 2,772 1,876 ,543 17,687 6,754 10,261 17,362 2,674 68 1,236 13,384 3,139 136,705 Aug. 5 30,030 2,360 1,185 ,588 18,102 6,795 10,187 17,189 2,710 74 1,092 13,313 3,235 136,472 12 29,582 2,084 1,162 ,552 18,015 6,769 10,128 17,201 2,790 74 1,229 13,108 3,246 137,154 19 29,836 2,476 1,116 ,843 17,636 6,765 10,126 17,248 2,780 77 1,183 13,208 3,108 136,959 26. 29,656 2,394 1,113 ,809 17,594 6,746 10,137 17,233 2,668 89 1,220 13,256 3,043 136,078 Sept. 2 29,442 2,312 ,112 ,750 17,541 6,727 10,211 17,209 2,775 68 1,147 13,219 3,121 136,291 9 29,331 2,255 ,115 ,734 17,504 6,723 10,260 17,106 2,894 73 1,229 12,910 3,138 136,539 16 29,281 2,331 ,103 ,687 17,425 6,735 10,292 17,805 3,132 94 1,221 13,358 3,099 139,811 23 28,751 2,060 ,057 ,636 17,272 6,726 10,266 17,428 2,811 81 1,252 13,284 3,107 136,522 30 28,511 2,008 ,050 ,618 17,114 6,721 10,244 17,333 2,994 78 1,180 13,081 3,220 137,393 Oct. 7 28,058 1,671 ,089 ,623 16,964 6,711 10,290 17,145 2,703 72 1,159 13,211 3,214 135,814 14 27,835 1,497 ,090 ,587 16,924 6,737 10,225 17,480 3,061 79 1,278 13,062 3,240 138,444 21 28,879 2,330 ,100 ,541 17,150 6,758 10,146 17,831 2,841 84 1,232 13,674 3,151 137,840 28 28,584 2,114 ,133 ,530 17,069 6,738 10,089 17,734 2,712 90 1,275 13,657 3,183 136,928 Nov. 4 28,447 1,909 ,273 ,585 16,988 6,692 10,072 17,532 2,877 73 1,171 13,411 3,200 139,094 11 28,083 1,628 ,295 ,554 16,902 6,704 9,890 17,269 2,934 82 1,252 13,001 3,223 136,435 18 27,932 1,598 ,160 ,767 16,706 6,701 9,887 17,734 2,929 89 1,238 13,478 3,152 137,990 25... 27,622 1,499 ,128 ,716 16,560 6,719 9,864 17,341 2,724 80 1,225 13,312 3,240 137,506 Dec. 2 28,556 2,510 ,141 ,782 16,385 6,738 9,894 17,447 2,819 81 1,259 13,288 3,321 138,713 9 28,391 2,390 ,158 ,812 16,318 6,713 9,947 17,381 2,710 79 1,365 13,227 3,279 137,555 16 28,176 2,321 ,131 ,840 16,172 6,712 10,005 18,130 3,115 82 1,373 13,560 3,232 141,978 23 27,882 2,164 ,125 ,885 16,076 6,632 9,968 17,872 3,091 80 1,337 13,364 3,301 140,983 30 27,856 2,260 ,102 1,924 15,969 6,601 9,961 17,952 3,093 109 1,414 13,336 3,342 141,493 1960 Jan. 6..... 27,404 2,054 ,012 ,938 15,789 6,611 9,877 18,660 2,946 1,292 14,341 3,284 139,937 13 27,798 2,712 ,013 ,888 15,592 6,593 9,957 17,966 3,000 1,367 13,519 3,317 139,566 20 27,294 2,445 ,000 ,813 15,462 6,574 9,837 17,715 2,901 1,261 13,472 3,402 137,545 27 27,065 2,283 ,070 ,762 15,365 6,585 9,807 17,024 2,727 1,292 12,921 3,496 135,584 Feb. 3 26,830 2,016 ,221 ,772 15,232 6,589 9,831 17,187 2,703 1,164 13,241 3,565 135,875 10 26,497 1,769 ,205 ,752 15,180 6,591 9,798 17,056 2,698 1,237 13,043 3,618 134,703 17 26,081 1,644 503 ,686 17,073 5,175 9,828 17,239 2,851 1,191 13,120 3,515 136,536 24 25,898 1,588 490 ,643 17,171 5,006 9,775 16,903 2,805 1,285 12,740 3,500 135,353 Mar. 2 25,724 1,630 478 ,626 17,080 4,910 9,821 16,998 2,826 1,140 12,951 3,532 135,155 9 25,437 1,499 438 ,622 16,991 4,887 9,845 16,804 2,638 1,175 12,913 3,519 133,170 16 25,478 1,612 422 ,575 17,014 4,855 9,906 17,472 2,984 1,169 13,243 3,458 137,292 23 25,210 1,401 435 ,550 17,062 4,762 9,800 16,982 2,893 1,216 12,796 3,474 134,406 30 24,863 1,083 443 ,568 17,053 4,716 9,787 17,257 2,748 1,242 13,191 3,662 134,478 24,727 923 444 ,595 17,117 4,648 9,783 16,930 2,636 1,128 13,082 3,632 133,934 Apr- ,$:::::::::: 24,868 1,090 437 ,557 17,096 4,688 9,834 17,106 2,758 1,257 13,019 3,633 136,669 20 26,554 1,611 453 ,603 18,144 4,743 9,823 17,283 2,745 1,253 13,212 3,595 138,462 27 26,356 1,488 456 ,573 18,163 4,676 9,705 17,283 2,677 1,257 13,269 3,597 137,247 May 4 26,273 1,365 472 ,654 18,091 4,691 9,533 17,462 2,670 1,130 13,585 3,663 137,908 11 26,070 1,241 472 ,625 18,111 4,621 9,482 17,489 2,711 1,238 13,447 3,619 137,238 18 26,160 1,296 886 960 18,408 4,610 9,478 17,143 2,796 1,214 13,056 3,571 137,400 25 26,140 1,343 864 976 18,353 4,604 9,504 17,017 2,650 1,250 13,039 3,543 136,156 •IFor description of revised coverage, see BULLETIN for June 1961, p. 654. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

850 WEEKLY REPORTING MEMBER BANKS, 1959-61 ASSETS AND LIABILITIES OF BANKS IN ALL LEADING CITIES—Continued [Revised coverage. * In millions of dollars] Loans For purchasing or carrying securitie To financial institutions Loans Wednesday m i T l n o a e v o n a n e t n d t a s s s t l 1 - j i m u n a a s v e n t d e n e d - s t d t s - 2 j L us a o t d a e - n d s 2 i C n m t a c r o d n i i e a m u a d r l l s - - - A t c u u g r l r a - i l - G U t l a T i o i o o g n . b o S n v a d - . s - t b . d r e o O a k c t l s u e t i e e h e r r r - s s i e s - r G U t l i o i T o o g . b S v n o a - . s - t . oth O c e t s u t i r e h e r s - s i e - r F ei o g r n B - ank c m m D s c t o i i e o e c m a s - - r l - - - n s c s P a i a o o a n f N n e n n i l m - s e r d c a o t - s - e i l n tu b t a O i n o t k n h s er e R st e a a t l e o lo A t a h l n e l s r V se t a r i r o e l v - u n e a s panies etc. 1960 June 1 105,732 104,248 68,669 31,374 955 202 ,512 171 117 1,484 4,370 1,608 12,861 15,190 1,466 8 105,368 103,952 68,327 31,192 954 148 ,464 172 130 756 1,416 4,246 1,607 12,853 15,271 1,466 15 106,945 105,521 69,848 31,730 964 615 ,626 161 132 760 1,424 4,536 1,628 12,866 15,296 1,466 22 106,416 105,084 69,614 31,814 963 435 ,495 146 139 741 1,332 4,532 1,639 12,852 15,324 1,466 29 106,038 104,732 69,516 31,851 979 199 ,471 139 139 737 1,306 4,611 1,628 12,862 15,364 1,464 July 6 106,120 104,592 69,439 31,655 980 230 ,480 141 142 742 1,528 4,719 1,635 12,837 15,340 1,462 13 108,314 106,863 69,496 31,580 990 493 ,484 143 155 722 1,451 4,610 1,621 12,860 15,300 1,462 20 107,539 106,569 69,160 31,370 ,005 432 ,425 145 147 700 970 4,620 1,631 12,857 15,286 1,458 27 107,418 106,038 68,662 31,189 ,015 260 ,405 139 139 1,380 4,524 1,620 12,838 15,293 1,458 Aug. 3 108,087 106,466 69,292 31,312 .030 500 ,487 150 142 702 1,621 4,596 1,632 12,827 15,378 1,464 10 107,554 106,033 69,055 31,276 .032 478 ,476 144 133 691 1,521 4,449 1,639 12,830 15,372 1,465 17 107,726 106,319 69,053 31,323 ,035 534 ,470 143 135 663 1,407 4,343 1,642 12,837 15,387 1,459 24 107,072 105,745 68.605 31,107 ,035 467 .393 147 143 672 1,327 4,201 1,645 12,879 15,374 1,458 31 107,514 106,161 68,761 31,174 .047 475 ,396 145 143 669 1,353 4,211 1,658 12,881 15,422 1,460 Sept. 7 108,003 106,404 68,836 31,134 ,044 530 ,501 150 152 679 1,599 4,204 1,638 12,867 15,397 1,460 14 108,511 106,865 69,227 31,509 ,057 645 .480 157 ,153 684 1,646 4,031 1,676 12,874 15,419 ,458 21 109,620 108,143 70,049 31,770 ,067 845 .503 175 156 693 1.479 4,340 1,671 12,877 15,385 ,433 28 108,560 107,534 69,552 31,744 ,079 616 ,455 151 155 676 1,026 4,151 1,675 12,874 15,425 ,449 Oct. 5 108,859 107,261 69,349 31,597 ,091 529 ,521 143 ,168 690 1,598 4,060 1,707 12,846 15,458 ,461 12 108,405 106,889 69,211 31,723 ,095 390 .501 142 160 670 1.516 4,042 1,678 12,856 15,416 ,462 19 107,747 106,972 68,918 31,740 ,094 276 ,495 139 ,159 681 775 3,786 1,693 12,861 15,453 ,459 26 109,684 108,765 68,931 31,631 ,094 445 .516 140 ,170 690 919 3,726 1,667 12,849 15,460 ,457 Nov. 2 110,477 109,144 69,640 31,861 i 630 ,635 142 ,164 689 1,333 3,810 1,699 12,840 15,527 ,458 1 9 6 1 1 1 0 0 9 , , 2 6 0 9 6 6 1 1 0 0 8 8, , 0 6 3 2 9 4 6 69 9 , , 5 1 3 4 5 6 3 3 1 2 , , 7 0 7 5 5 6 , , 1 0 1 1 0 ! 11 4 3 2 1 1 1 . , 6 5 0 8 1 2 1 14 4 3 0 , , 1 1 6 5 3 8 7 70 0 1 0 1 1 , , 5 6 8 5 2 7 3 3, , 7 7 0 3 3 5 1 1 , , 6 6 9 9 1 3 1 1 2 2 , , 8 83 6 7 4 1 1 5 5 , ,5 5 4 6 5 2 , , 4 45 5 9 0 23 109,487 108,250 69,207 31,917 ,1081 313 ,586 147| ,164 685 1,237 3.636 1,684 12,847 15,576 ,449 30 109,407 108,668 69,278 31,972 , ,0 1 9 0 5 1 1 ] 281 ,574 133| ,162 684 739 3,670 1,685 12,844 15,629 ,451 Dec. 7 110,085 108,724 68,991 31,773 ,092 316 ,570 126 ,163] 689 1.361 3,567 1,694 12,817 15,625 ,441 14 111,066 109,863 69,783 32,009 ,091 534 ,577 135 ,167 693 1,203 3,773 1,701 12,838 15,705 ,440 21 113,466 111,774 71,408 32,358 .100 1.186 ,722 141 ,178 712 1.692 4,245 1.713 12,827 15,655 ,429 28 113,195 111,763 71,009 32,156 .ill! 955| .659 138 .193 751 1,432 4.264 1,697 12,824 15,677 ,416 1961 Jan. 4 113,901 111,701 70,920 32,021 ,119 1.121 ,730 132 ,181 738 2,200 4.189 1,697 12,821 15,699 ,528 11 111,827 110,405 69,628 31,882 ,121 619 ,545 131 ,176 706 ,422 3,930 1,685 12,810 15,554 ,531 18 111,479 110,125 69,256 31,678 .107 761 ,444 129 ,166 706 ,354 3,858 1,644 12,809 15,489 ,535 25 110,265 109,757 68,463 31,375 .108 581 ,388 126 ,171 695 508 3.632 1,632 12,800 15,489 ,534 Feb. 1 112,305 110,987 69,626 31,294 858 ,413 121 ,176j 698 ,318 3,598 1,616 12,787 16,496 ,542 8 111,174 109,966 68,948 31,274 .112 418 ,344 120 ,169 696 ,208 3.523 1,590 12,758 16,484 ,540 15 112,616 111,124 69,486 31,517 .116 612 ,373 127 ,175 698 .492 3,544 1,595 12,775 16,494 ,540 22 111,778 110,549 69,332 31,477 .110 587 .414 132 ,174 671 ,229 3,513 1,586 12,780 16,430 ,542 Mar. 1 112,459 110,974 69,787 31,531 .124 738 ,483 125 ,173 642 ,485 3,678 1,631 12,766 16,442 ,546 8 111.484 110,082 68,964 31,501 ,110 395 ,422 121 ,161 657 ,402 3,387 1,596 12,738 16,422 ,546 15 113,110 111,556 70,164 32,226 ,118 600 .430 121 ,166 683 .554 3,677 1,601 12,741 16,350 ,549 22 111,733 110,453 69,815 32,252 ,121 452 .442 121 ,176 675 ,280 3,483 1,624 12,735 16,285 ,551 29 111,559 110,015 69,638 32,203 1,129 343 ,462 113 ,186 682 ,544 3,379 1,653 12,727 16,311 ,550 Apr. 5 111,694 110,617 69,622 32,056 1.1371, 402 .485 115 ,209 675 ,077 3,439 1,589 12,722 16,348 ,555 12 111,72^ 110,546 69,681 31,982 1,135! 517 .556 111 ,229 691 ,181 3,305 1,575 12,756 16,376 ,552 19 112,259 111,084 69,830 31,870 1,1461 579 .772 113 ,246 703 ,175 3,287 1,603 12,759 16,304 ,552 26 112,618 111,059 69,801 31,735 1,156 609 .788 112 ,254 700 .559 3,289 1,616 12,772 16,322 ,552 * For description of revised coverage, see BULLETIN for June 1961, 2 Exclusive of loans to domestic commercial banks and after deduction p. 654. of valuation reserves; individual loan items are shown gross. 1 After deduction of valuation reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1959-61 851 ASSETS AND LIABILITIES OF BANKS IN ALL LEADING CITIES—Continued [Revised coverage. * 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 Fotal Bills tifi- tic eign Banks accounts With- banks banks in 1 to After 1 year 5 years 5 years I960 June 1 26,117 1,327 886 980 18,355 4,569 9,462 17,434 3,067 84 1,216 13,067 3,579 138,637 8 26,004 1,258 869 974 18,329 4,574 9,621 17,303 2,659 79 1,201 13,364 3,594 136,171 15...,...... 26,107 1,422 973 18,252 4,576 9,566 17,993 3,131 76 1,213 13,573 3,576 141,818 22 25,928 1,212 894 953 18,254 4,615 9,542 17,660 2,774 82 1,246 13,558 3,587 138,672 29 25,716 962 954 18,296 4,616 9,500 17,601 3,071 75 1,309 13,146 3,726 137,812 July 6 25,624 908 904 949 18,281 4,582 9,529 17,731 2,907 83 1,197 13,544 3,663 139,449 13 27,816 3,130 901 945 18,285 4,555 9,551 17,808 2,920 75 1,310 13,503 3,725 142,247 20 27,793 3,165 888 897 18,301 4,542 9,616 18,107 2,737 77 1,242 14,051 3,734 140,806 27 27,686 3,054 878 942 18,288 4,524 9,690 17,614 2,750 78 1,278 13,508 3,812 139,043 Aug. 3 27,429 2,797 861 979 18,254 4,538 9,745 17,536 2,761 83 1,169 13,523 3,836 139,903 10 27,265 2,639 868 987 18,227 4,544 9,713 17,264 2,710 85 1,226 13,243 3,854 138,974 17 27,534 2,401 1,325 728 18,220 4,860 9,732 17,737 2,817 87 1,216 13,617 3,785 140,527 24 27,514 2,409 1,328 743 18,167 4,867 9,626 17,093 2,680 84 1,257 13,072 3,767 137,457 31 27,750 2,623 1,325 766 18,179 4,857 9,650 17,280 2,700 81 1,219 13,280 3,914 139,193 Sept. 7 27,774 2,605 1,355 768 18,176 4,870 9,794 17,179 3,022 89 1,248 12,820 3,859 139,775 14 27,855 2,684 1,353 772 18,178 4,868 9,783 17,501 3,033 85 1,313 13,070 3,828 142,528 21 28,357 3,071 1,371 1,168 17,846 4,901 9,735 17,377 3,087 101 1,268 12,921 3,908 142,470 28 28,180 2,839 1,377 1,224 17,818 4,922 9,802 17,904 2,822 95 1,320 13,667 3,940 141,061 Oct. 5 28,059 2,719 1,410 ,212 17,803 4,915 9,853 17,526 2,956 105 1,178 13,287 3,998 141,642 12 27,836 2,482 1,409 ,216 17,822 4,907 9,842 17,453 3,094 101 1,317 12,941 4,000 141,932 19 28,151 2,788 1,422 ,287 17,776 4,878 9,903 18,069 3,490 105 1,289 13,185 3,982 141,152 26 29,946 4,430 1,459 ,435 17,757 4,865 9r~ 18,091 2,745 114 1,310 13,922 4,030 142,810 Nov. 2 29,687 4,063 1,474 ,595 17,690 4,865 9,817 17,892 2,824 101 1,223 13,744 4,141 144,721 9 29,254 3,656 1,471 ,578 17,693 4,856 9,639 17,161 2,818 99 1,331 12,913 4,181 142,499 16 29,480 3,493 1,292 2,404 17,145 5,146 9,609 17,450 3,119 92 1,285 12,954 4,047 145,343 23 29,388 3,346 1,290 2,425 17,158 5,169 9,655 17,094 2,797 85 1,276 12,936 4,048 142,459 30 29,690 3,524 1,340 2,494 17,190 5,142 9,700 17,863 3,761 1,364 12,650 4,114 143,422 Dec. 7 29,787 3,498 1,437 2,595 17,145 5,112 9,946 16,371 2,852 84 1,381 12,054 4,090 141,087 14 30,064 3,719 1,468 2,611 17,179 5,087 10,016 17,511 3,335 94 1,557 12,525 4,062 144,740 21 30.178 3,750 1,525 2,597 17,901 4,405 10,188 17,427 3,081 82 1,515 12,749 3,940 147,073 28 30,547 4,052 1,551 2,600 18,075 4,269 10,207 17,448 3,194 105 1,650 12,499 3,967 147,778 1961 Jan. 4.. 30,614 4,038 1,583 2,639 18,227 4,127 10,167 17,599 3,355 107 1,434 12,703 4,047 148,688 11. 30,530 3,894 1,590 2,638 18,291 4,117 10,247 16,806 3,075 91 ,483 12,157 4,103 144,765 18 30,645 4,119 1,533 2,641 18.255 4,097 10,224 16,953 2,970 89 ,402 12,492 4,009 144,377 25 31,007 4,441 1,589 2,682 18,242 4,053 10,287 17,372 3,530 105 ,382 12,355 4,065 142,145 Feb. 1 31.086 4,479 1,613 2,727 18,230 4,037 10,275 16,569 2,938 92 ,289 12,250 4,158 145,203 8 30,630 4,124 1,599 2,749 18,140 4,018 10,388 16,958 2,687 90 ,302 12,879 4,085 142,197 15 31,120 3,907 1,173 3,878 18,181 3,981 10.518 17,100 3,121 98 ,348 12,533 4,066 147,873 22 30,681 3,688 1,096 3,921 18,005 3,971 10,536 16,871 3,007 101 ,396 12,367 3,963 143,767 Mar. 1 30,635 3,674 1,098 3,992 17,919 3,952 10,552 16,480 3,018 107 ,260 12,095 4,067 146,007 8 30,401 3,484 1,199 4,044 17,794 3,880 10,717 16,403 2,751 108 ,286 12,258 4,132 142,997 15 30,606 3.687 1,217 4,086 17,737 3,879 10,786 16,665 3,084 127 ,285 12,169 4,112 146,990 22 29 820 3.002 1.196 4,1031 17,661 3,858, 10,8181 16,893 3,007 124 ,336 12,426 4,157 143,829 29 29,519 2,772 1.169 4,078! 17,590 3,910 10,858 16.249 2,875 106 ,382 4,312 142,802 ! 30,045 3,344 1.159i 4,190 16.424 4,928 10,9501 17,155 3,266 118 ,264 12,5071 4,225 144,311 Apr-.2:::::::::: 29,761 3,048 1,2421 4,247 16,271 4,953 11,1041 16,752 2,949 123 ,393 12,287! 4,228 145,254 19 30,327 3,575 1,268! 4.329 16,186 4,969 10,927 16,870 3,133 93 ,378 12.266; 4,236 145.281 26 30.340 3,580 1,307! 4.413 16.141 4,899 10,918 16,243 2,933 122 ,398 i !.790i 4 284 144,897 * For description of revised coverage, see BULLETIN for June 1961, . 654. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 WEEKLY REPORTING MEMBER BANKS, 1959-61 ASSETS AND LIABILITIES OF BANKS IN ALL LEADING CITIES—Continued [Revised coverage.* In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju m e D p a s a t o d e e n s - - d d it 1 s Dom In e t s e - rban F k or- G U o .S v . t. S p s a i t o u c a n l a b t i d e l t - - s C c o f a e e i f n e f r r i d t s d - i ' - p v s a i I d h a r n t n u i d n p d a i e s - l , s r- , ][ b n a t n er k - P G U a o o n . s S v t d a . t. l S p s a i t o u c a n l b a t i d - e l t- s p v s a i I d a h r n t n u i d n p d a i e s - l , s r- , B F F a . r o n R m k . s o F t r h o e m rs O li i a t t i b h e i e s l r - c C o a a u p c n - it t a s l tic eign s d i i o v n i- s ch e e t c c k . s, r c a o t r io p n o s - i s n a g v s - s d i i o v n i s - r c a o t r io p n o s - 1959 July 1 61,457 10,866 1,533 3,073 4,917 3,087 65,067 1,827 184 1,833 29,612 462 1,790 2,991 11,200 8 61,122 11 084 1,550 3,826 4 576 2 572 63 876 1,803 183 1 818 29 573 880 1 351 2,949 11 209 15 61,816 11,296 1,542 4,691 4,590 2,645 66,916 1,795 185 1,808 29,550 636 1,442 3,002 11,190 22 62,592 10 497 1,467 3,893 4 621 2 547 65 645 1,799 183 1 788 29 526 562 1 662 2 984 11 176 29 . ... 62,838 10,020 1,441 3,328 4,751 2,358 65,130 1,772 183 1,717 29,512 425 1,831 3,017 11,220 Aug 5 61,844 10,791 1,458 2,923 4,889 2,241 64,344 ,746 180 1,709 29,531 462 1,852 3,090 11,256 12 61 673 10 999 1,426 2,413 4 625 2 127 65 452 707 180 1 694 29 530 411 2 177 3 140 11 273 19 60,647 10 718 1,452 4,309 4,588 2,205 63 925 ,696 180 1,682 29,521 382 1,869 3,145 11 287 26 61,416 10,262 1,413 3,873 4,623 2,252 63,782 1,703 180 1,658 29,516 326 2,042 3,159 11,289 Sept 2 60,842 10,867 1,515 3,687 4,657 2,372 63,613 1,618 179 1,633 29,553 434 1,669 3,178 11,316 9 61,261 11 348 1,473 2,576 4,511 2 275 64 453 1,617 182 1,617 29,595 299 2,081 3,203 11 309 16 61,777 11,866 1,465 3,158 4,418 2,337 67,019 [,595 179 1,583 29,578 312 1,887 3,139 11,275 23 60,873 10,550 1,437 3,836 4,507 2,258 64,180 1,580 178 1,579 29,630 606 1,733 3,173 11,275 30 .... 60,811 11 024 1,459 4,299 4,690 2 553 64 785 1,570 175 1 569 29,653 173 937 3,161 11 345 Oct 7 60,700 11 281 1,419 2,811 4,421 2 268 63 951 ,549 153 1,538 29,598 467 1,752 3,250 11 356 14 61,474 11,861 1,432 1,736 4,270 2,453 67,080 [,522 155 1,529 29,572 276 1,898 3,324 11,336 21 .... 61 444 10 935 1 447 3,906 4 270 2 505 65 558 I 521 150 1,500 29,584 715 1,195 3,227 11 327 28 61,868 10,486 1,380 3,496 4,398 2,491 65,345 ,500 150 1,486 29,557 699 1,344 3,239 11,357 Nov 4 61,247 11 697 1,366 3,442 4,883 3 011 65,170 ,485 149 1,458 29,541 487 1,770 3,226 11,409 11 61 474 11 466 1 387 2 563 4 549 2 496 64 712 I 477 150 1 432 29,374 352 1,723 3,333 11 421 18 61,427 11 426 1,356 3,035 4,715 2 611 65,547 1,427 147 1,360 29,256 583 1,750 3,369 11,408 25 61,891 10,544 1,335 2,771 4,805 2,892 65,596 ,397 151 1,372 29,281 429 2,013 3,527 11,393 Dec 2 61,652 11,110 1,439 3,858 4,834 2,500 65,237 1,379 150 1,368 29,294 439 2,072 3,604 11,429 9 62 476 11 062 1,504 2 587 4,657 2 376 65 536 [,342 150 1,373 29,327 394 2,234 3,606 11 407 16 64,097 11,580 1,543 3,183 4,725 3,175 68,830 1,306 149 1,392 29,342 390 1,508 3,484 11,371 23 63 132 11 326 1,545 3,604 4,714 2 804 67 542 1,335 150 1,466 29,442 291 1,879 3,497 11,388 30 63,857 11,464 1,612 3,163 4,866 2,952 68,273 ,311 150 1,482 29,564 246 1,593 3,368 11,449 1960 Jan 6 62,627 12,200 1,500 2,438 4,877 2,651 66,753 1,311 148 1,546 29,331 1,147 1,300 3,274 11,461 13 63 098 11 637 1,451 2 864 4,651 2 255 68,008 295 146 1,550 29,195 350 1,360 3,349 11,455 20 62,922 11 031 1,446 2,008 4,826 2,445 66,844 1,235 146 1,542 29,101 661 1,346 3,479 11,435 27 62 760 10 248 1,387 2,110 4,651 2,124 66,133 1,224 152 1,593 29,049 242 1,683 3,525 11,463 Feb 3 61 267 10 786 1 355 2 628 4 978 2 462 64 351 [ 200 151 1,602 29,046 635 1,579 3,599 11,503 10 61,240 10,707 1,357 1,908 4,806 2,094 64,113 1,179 153 1,598 29,045 432 2,090 3,713 11,508 17 60 032 10 605 1,375 3 111 4,706 2 300 64,492 1,144 151 1,626 29,023 588 2,083 3,827 11,505 24 60,382 10,147 1,392 2,907 4,730 2,630 63,898 1,132 152 1,615 29,006 237 2,201 3,799 11,507 Mar 2 60 169 10 353 1,340 2 973 4,973 2,326 63,450 1,123 150 1,609 29,034 552 1,896 3,828 11,548 9 60 228 10 352 1 410 1 719 4 708 2 135 62 723 I 131 149 1 607 29 120 528 2 173 3,868 11 547 16 60 889 10 934 1,390 2,919 4,417 2,325 65,727 ,135 148 1,615 29,169 277 1,945 3,768 11,523 23 59 810 10 413 1 389 3 116 4 716 2 186 62 777 1 133 149 1,633 29,259 231 2,005 3,876 11,523 30 59,722 10 076 1,417 2,863 4,901 2,115 62,500 1,138 148 1,639 29,283 665 2,229 3,923 11,581 Apr 6 59 443 10 969 1 396 1 592 4 556 2 282 62,676 I 162 141 1,660 29,293 557 2,038 3,999 11,613 13 60,784 10,855 1,385 1,218 4,486 2,409 65,596 1,245 141 1,669 29,258 314 2,402 4,073 11,618 20 61 929 10 566 1 384 2 707 5 046 2 613 65 491 I 255 141 1,710 29 203 269 2 266 4,211 11,600 27 61 333 9 956 1,381 3 243 5,046 2,291 64,376 1,335 141 1,730 29,233 405 2,303 4,159 11,648 May 4 . . 59 561 10 486 1,331 4 634 5,244 2,413 62,772 1,339 140 1,747 29,260 389 2,299 4,158 11,696 11 59,330 10,501 1,365 4,107 4,941 2,165 63,034 1,337 140 1,743 29,286 613 2,104 4,201 11,701 18 58 672 10 382 1 373 4 955 4 985 2 146 62,592 1 371 139 1,738 29 301 113 2,273 4,343 11,689 25 . 58,907 9^737 1,353 4,966 4,967 1,987 61,783 1,357 138 1,759 29,342 158 2,635 4,268 11,706 * For description of revised coverage, see BULLETIN for June 1961, 1 Demand deposits other than interbank and U. S.fGovernment, less p. 654. cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1959-61 853 ASSETS AND LIABILITIES OF BANKS IN ALL LEADING CITIES—Continued [Revised coverage.* In millions of dollars] Deposits Borrowings Demand Time Wednesday d j m u e D p a s a t d o e n e - - s d d it 1 s Do t m I ic n e t s e - rban F e k i o g r n - G U o .S v . t. S p s d s a i t i o u c i a o n v l b a t n i d i e - l t - s - s c C h c o a f e e e e i f t n e c f c r r i d d t s k . - i ' s - , p v r c s a a i I o d h a r n t r t i u n i d n o p p a d i e o n s l - , s r - s - , I b n a t n er k - P G U i s a o n a o . n s v g S v d t - . s a t. l S p s d s a i t i o u c i a o n v l b a t n i d i e - l t - s - s p v r c s a a i I o d h a r n t r t i n u i d n o p p a d i e n o s - l , s r s - - , B F F a r . o n R m k . s o F t r h o e m rs l O i i a t t i b h e i e s l r - c C o a a p u c i n - t t a s l 1960 June 1 58,811 10,725 1,353 5,035 5,191 2,649 62,863 ,309 139 1,769 29,362 75 2,161 4,255 11,751 8 59,135 10,589 1,343 3,556 4,882 2,304 61,855 ,277 138 1,740 29,536 400 2,455 4,343 11,753 15 60,411 11,279 1,376 4,322 4,623 2,941 66,151 ,272 134 1,813 29,535 206 2,068 4,374 11,724 22 60,230 10,401 1,394 4,092 4,873 2,727 63,639 ,268 135 1,823 29,648 632 1,879 4,416 11,745 29 59,267 10,642 1,427 4,996 4,773 2,316 62,625 ,271 134 1,869 29,812 63 1,727 4,348 11,809 July 6 58,278 11,450 ,373 4,589 4,661 2,596 62,956 ,288 133 1,859 29,779 380 2,279 4,283 11,823 13 59,074 11,542 ,399 5,969 4,416 2,627 64,431 ,298 133 1,892 29,800 299 2,154 4,474 11,813 20 59,891 10,964 ,418 4,824 4,476 2,427 64,414 ,303 134 1,952 29,858 866 1,809 4,563 11,798 27 60,595 10,424 ,380 4,383 4,705 2,311 63,778 ,308 132 1,967 29,916 140 2,184 4,593 11,822 Aug. 3 60,034 11,011 ,384 4,571 5,001 2,395 63,082 ,378 135 1,965 29,973 189 2,361 4,580 11,878 10 59,610 11,315 ,484 3,744 4,744 2,592 62,576 ,388 133 1,967 30,045 107 2,254 4,742 11,883 17 58,806 11,209 ,444 4,638 4,680 2,373 63,032 ,423 133 2,009 30,187 388 2,311 4,811 11,889 24 59,230 10,597 ,426 3,895 4,630 2,233 61,892 ,439 135 2,076 30,244 99 2,107 4,798 11,886 31 59,565 10,789 ,405 3,698 4,846 2,358 62,846 ,431 139 2,079 30,293 309 2,141 4,907 11,952 Sept. 7 59,639 11,988 ,386 2,553 4,732 2,507 63,134 ,476 135 2,066 30,372 72 2,491 4,910 11,953 14 60,655 12,033 ,360 2,191 4,547 2,340 66,456 ,490 135 2,072 30,519 71 2,406 4,971 11,937 21 59,797 11,817 ,402 4,777 4,570 2,594 64,198 ,487 135 2,079 30,554 11 1,902 5,019 11,925 28 59,441 10,973 ,355 5,551 4,683 2,500 62,915 ,490 135 2,037 30,672 530 1,319 4,924 11,977 Oct. 5 58,778 12,213 ,326 4,680 4,677 2,497 62,863 ,510 138 2,035 30,748 44 1,932 4,966 12,013 12 59,196 12,459 ,388 3,218 4,243 2,253 64,774 ,519 137 2,026 30,810 68 1,958 5,047 12,032 19 60,353 13,068 ,503 2,143 4,376 2,184 65,147 ,525 135 2,017 30,901 12 1,060 5,063 12,018 26 60,971 11,269 ,481 4,104 4,584 2,593 64,799 ,518 135 2,027 30,921 863 1,435 5,019 12,062 Nov. 2 60,433 12,127 ,357 4,445 4,998 3,107 64,539 ,545 136 2,037 30,992 307 1,925 5,112 12,094 9 59,441 12,121 ,375 3,665 4,607 2,531 63,764 ,548 136 2,028 30,924 114 2,402 5,172 12,112 16 59,203 12,742 ,404 4,076 4,622 2,690 65,531 ,570 136 2,018 30,807 77 2,290 269 12,111 23 59,864 11,363 ,368 3,836 4,821 2,633 64,240 ,568 139 2,023 30,879 250 1,964 282 12,093 30 60,398 12,801 ,347 3,537 4,914 2,602 64,920 ,556 139 2,115 30,892 25 1,090 314 12,170 Dec. 7 60,611 12,135 ,382 2,121 4,609 2,239 64,304 ,567 141 2,196 30,967 38 1,930 5,292 12,166 14 63,085 12,483 ,434 1,726 4,566 2,847 67,773 ,572 142 2,215 31,112 23 1,478 5,233 12,136 21 62,725 12,325 ,460 3,712 4,621 2,865 67,479 ,596 142 2,302 31,119 47 2,105 5,161 12,139 28 62,139 12,392 ,537 3,979 4,747 2,913 67,647 ,601 140 2,327 31,318 22 1,839 5,132 12,184 1961 Jan. 4 61,717 13,591 ,410 3,802 4,882 2,940 67,036 ,598 142 2,383 31,383 72 2,366 4,886 12,197 11 61,825 13,085 ,339 2,176 4,643 2,601 66,610 ,595 141 2,393 31,444 17 1,576 4,937 12,208 18 62,185 12,415 ,331 2,066 4,908 2,487 66,726 ,601 145 2,405 31,523 35 1,612 4,936 12,187 25 62,611 12,241 ,335 2,096 4,886 2,403 65,765 ,602 151 2,488 31,572 20 467 4,924 12,195 Feb. 1 61,340 11,687 ,387 3,105 5,138 3,165 65,208 ,614 152 2,500 32,344 142 1,461 5,036 12,264 8 60,874 11,647 ,443 2,337 4,856 2,320 63,678 ,618 145 2,513 32,447 412 ,490 5,011 12,280 15 60,010 12,258 ,429 3,725 4,802 3,014 66,285 ,609 146 2,532 32,499 435 ,791 5,086 12,262 22 60,031 11,211 ,399 3,829 4,987 2,385 63,814 ,611 148 2,508 32,610 272 ,497 5,206 12,290 Mar. 1 59,932 11,707 ,382 3,838 5,065 3,133 64,735 ,605 147 2,494 32,682 24 ,662 5,205 12,328 8 59,618 11,896 ,563 2,282 4,650 2,710 63,236 ,615 148 2,516 32,846 132 ,845 5,225 12,333 15 61,448 12,073 ,464 2,679 4,572 3,035 66,944 ,618 154 2,453 32,939 24 ,795 4,924 12,316 22 60,350 11,439 ,438 3,229 4,792 2,511 64,093 ,625 155 2,475 33,032 34 ,626 5,060 12,320 29 60,124 10,864 ,509 2,865 4,836 2,621 63,349 ,625 156 2,513 33,204 60 ,623 5,204 12,373 60,016 12,468 ,474 2,755 4,766 2,576 63,911 1,636 157 2,578 33,324 60 ,159 5,059 12,388 Apr-,!::::::: 61,180 11,967 ,482 1,227 4,703 2,739 66,285 1,671 156 2,620 33,451 90 ,468 4,997 12,398 19 62,277 11,977 ,447 926 5,228 2,691 66,274 1,699 160 2,681 33,422 19 ,315 5,071 12,371 26 62,049 11,132 ,437 1,076 5,229 3,045 65,527 1,702 154 2,723 33,596 11 ,674 5,198 12,393 * For description of revised coverage, see BULLETIN for June 1961, 1 Demand deposits other than interbank and U. S. Government, less p. 654. cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

854 WEEKLY REPORTING MEMBER BANKS, 1959-61 ASSETS AND LIABILITIES OF BANKS IN NEW YORK CITY [Revised coverage. * Tn millions of dollars] Loans For purchasing or carrying securities To financial institutions Wednesday m i T l n o a e v o n a n e t n d t a s s s t l - l j i L m u n a a s o v e n t d a e n e d - n s t d t s s - 2 j L u a s o t d a e - n d s 2 i C n m t a c r o d n i i e a u m a d r l l s - - - A t c u u g r l r a - i l - G U t l T a i o i o o . g n b o S n v a d - . s - t b . d r e o O a k c t l s u e t i e e h e r r r - s s e i s - r G U t l i o i T o o g . b S v n a o - . - s t . oth O c e t s u t i r e h e r s - s e i- r F ei o g r B n - ank c m m D s c t o i e i c o e m a s - - r - l - - n s c s P a i o a o a n N f n e n n l i m s e r - d c a o t - s - e l i n tu b t a O i n o t k n h s er e R s e ta a t l e o l t A o h l a e n l r s V s t e a r i r e o l v - u n e a s panies etc. 1959 July 1 26,034 25,285 16.588 9,703 236 .387 379 382 749 1,339 276 783 2,441 379 8 25,942 25,515 16,386 9.659 318 ,270 380 378 427 1,244 267 779 2,426 379 15 26,531 26,083 16,661 9,670 442 ,282 386 391 448 1,332 275 800 2,424 384 22 26,255 25,720 16.595 9,710 345 .241 405 391 535 1,322 283 794 2,445 385 29 26,133 25,550 16,575 9,708 303 ,233 407 395 583 1,336 285 794 2,461 392 Aug. 5 25,836 25,291 16,678 9,746 269 .241 411 392 545 1,382 303 774 2,510 396 12 25,574 25,052 16,723 9,759 245 ,289 415 388 522 1,367 314 790 2,506 396 19 25,764 25,236 16,863 9,836 240 ,270 413! 405 528 1,444 305 798 2,503 396 26 25,691 25,226 16,859 9.882 225 ,222 416] 412 465 1,425 304 805 2,520 396 Sept. 2 25,555 25,104 16,824 9,883 197 .201 419 430 451 1,396 304 805 2,542 396 9 25,718 25,049 16,757 9,910 189 .142 417 439 669 1,342 305 833 2,535 396 16 26,049 25,407 17,028 10.035 171 .132 409 438 642 1,505 303 848 2,540 395 23 25,388 24,956 16.917 10.086 183 .115 4051 435 432 1,347 293 857 2,551 395 30 25,248 24,999 17.105 10,171 186 ,138 386! 464 249 1,394 302 852 2,565 395 Oct. 7 25,329 24,829 17,146 10.192 170 .249 389| 460 500 1,316 308 870 2,547 395 14 25,237 24,632 17,161 10,290 187 ,140 385! 459 605 1,275 312 890 2,578 395 21 25,106 24,930 17,291! 10.182 371 .211 388j 461 176 1,268 310 893 2,564 394 28 25,110 24,f" 17,207 10,183 330 .197 387] 455 302 1,238 317 896 2,563 394 Nov. 4 25,493 25,134 17.516 10.290 367 ,197 386| 472 359 1,359 325 879 2,597 394 11 25,010 24,528 17,285! 10,272 222 ,195 385 472 482 1,295 325 892 2,584 394 18 24,961 24,600 17,482 10,346 276 ,273 383 462 361 1,317 332 902 2,545 394 25 25,087 24,405 17,421 10,354 209 .267 38O| 479 682 1,280 335 915 2,558 394 Dec. 2 25,643 24,880 17,691 10.440 275 .250 3791 509 763 1,293 337 918 2,650 396 9 25,415 24,753 17,503 10.438 171 ,200 380 503 662 1,270 339 930 2,632 394 16 26,088 25,597 18,265 10,596 386 .406 379 492 491 1,416 330 961 2,658 394 23 25,838 25,087 18,046 10,590 243 ,360 368 500 751 1,423 335 952 2,628 393 30 25,996 25.453 18,354 10,630 257 .506 356! 500 543 1,506 374 955 2,609 392 1960 Jan. 6 24,997 24,620 17,680 10,405 9 117 ,394 40 354 473 1,352 374 948 2,625 411 13 24,960 24,584 17,422 10,335 8 130 ,262 39 357 470 1,311 367 948 2,606 411 20 24,636 24,160 17,130 10,295 9 132 ,154 35 346 462 476 1,158 394 938 2,618 411 27 24,771 24,101 17,050| 10,258 10 115 ,121 33 345! 471 670 1,151 386 939 2,632 411 Feb. 3 24,565 24,053 17,073 10,285 10 201 1.019 32 341! 471 512 1,164 394 939 2,629 412 10 24,477 23,797 16,901 10.300 10 174 905 32 3391 480 680 1,131 397 933 2,612 412 17 24,576 23,848 17,000 10,382 10 112 867 31 337| 479 728 1,214 401 948 2,631 412 24 24,526 23,859 17,059 10,333 10 172 878 30 336] 487 667 1,253 403 942 2,627 412 1 Mar. 2 24,589 24,072 17,231 10,399 128 895 31 333 480 517 1,432 401 932 2,601 412 9 24,270 23,691 16,980 10,369 119 864 30 330 477 579 1,280 397 925 2,590 412 16 24,998 24,451 17,593 10,714 194 844 34 327 485 547 1,470 389 912 2,628 415 23 24,574 23,907 17,356 10,688 86 779 30 326 478 667 1,462 387 910 2,614 415 30 24,399 23,721 17,270 10,688 755 29 330 475 678 1,380 386 913 2,635 414 Apr. 6 24,181 23,723 17,176 10,594 133 744 29 330 487 458 1,387 362 897 2,618 415 13 24,774 23,884 17,259 10,565 179 771 29 327; 475 890 1,445 365 893 2,615 415 20 25,468 24,849 17,433 10,488 320 862 29 330 466 619 1,489 357 892 2,599 409 27 25,408 24,598 17,277 10,467 232 816 28 328 478 810 1,432 352 895 2,648 409 May 4 25,364 24,640 17,363 10,387 288 854 28 326 484 724 1,544 346 893 2,614 410 24,908 24,411 17,248 10,387 220 874 28 327 502 497 1,476 339 894 2,603 410 \8.'.'.'.'.'.'.'.'.'.'.'. 25,149 24,365 17,228 10,456 147 862 42 328 501 784 1,418 343 892 2,641 410 25 25,158 24,269 17,062 10,433 108 848 31 328 475 889 1,352 344 886 2,659 410 * For description of revised coverage, see BULLETIN for June 1961, 2 Exclusive of loans to domestic commercial banks and after deduction p. 654. of valuation reserves; individual loan items are shown gross. 1 After deduction of valuation reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1959-61 855 ASSETS AND LIABILITIES OF BANKS IN NEW YORK CITY—Continued [Revised coverage.* In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— All Total Wednesday Bal- Bal- Re- other liabili- Notes and bonds Other ances ances Currency serves assets ties maturing— secu- Total with with and with and Cer- rities domes- for- coin F.R. capital Total Bills tifi- tic eign Banks accounts With- banks banks in 1 to After 1 year 5 years 5 years July 1.. 6,336 871 345 453 8.. 6,743 1,268 331 474 15.. 7,016 1,589 279 480 22.. 6,759 1,409 289 379 29.. 6,609 1,282 251 357 Aug. 5.. 6,297 998 141 366 12 6,019 798 126 336 19.. 6,038 835 126 382 26. 6,011 831 117J 375 Sept. 2... 5,892 791 119 318 9 5,845 770 119 312 16.. 5,931 880 127 286 23. . 5,631 746 249 30. 5,507 680 121 233 Oct. 7.. 5,286 529 128 180 14.. 5,120 405 125 161 21.. . 5,348 620 114 121 28.. 5,329 620 113 127 Nov. 4.. 5,386 571 2291 173 11.. 5,156 395 247 156 18.. 5,026 389 221 139 4,900 386 219 126 Dec. 2. 5,083 588 218 156 9. . 5,088 615 221 153 16.. 5,132 705 197 152 23 4,868 531 185 165 30.. 4,905 596 209 166 1960 ! Jan. 6.. 4,790 516 195 174 13 4,979 760 203 157 20 4,885 728 222 157 4,924 799 227 123 Feb. 3.. 4,841 659 280 125 10.. . 4,758 597 282 145 17.. 4,647 558 99 152 24.. 4,635 584 108 153 Mar. 2.. 4,605 599 113 159 9. . 4,45- 476 85 166 16.. 4,55' 579 85 165 23.. . 4,353 393 77 30.. 4,241 220 98 Apr. 6.. 4,346 31 13... 4,428 384 20... 5,223 740 27... 5,193 710 May 4.. 5,280 668 II.. 5,219 623 18.. 5,190 535 25... 5,236 565 00 00 3,313 354 2,361 3,917 78 32 146 3,661 1,185 35,082 3,320 350 2,386 4,132 65 36 150 3,881 1,179 34,424 3,327 341 2,406 4,112 74 36 138 3,864 1,190 35,704 3,343 339 2,366 4,200 59 32 140 3,969 1,160 34,854 3,376 343 2,366 3,969 48 41 146 3,734 1,151 34,275 3,443 349 2,316 3,947 51 43 142 3,711 1,226 33,767 3,418 341 2,310 3.930 50 42 145 3,693 1,250 33,710 3,356 339 2,335 3.856 60 46 139 3,611 1,200 33,833 3,350 338 2,356 3,899 50 58 145 3 646 1,136 33,658 3,315 349 2.388 3,796 50 40 143 3 563 1,161 33,555 3,301 343 2,447 3,732 65 41 156 3470 1,174 33,747 3,297 ,341 2,448 3.570 63 6: 147 3298 1,162 34,259 3,184 ,341 2.408 4,009 72 51 149 3737 1,170 33,639 3,133 ,340 2,387 3,860 82 46 142 3590 1,207 34,151 3.114 .335 2.397 3.757 57 40 153 3 507 1,229 33,403 3,089 ,340 2,351 3.624 56 48 167 3 353 1,238 34,003 3.152 . 341 2,291| 4.252 62 5: 151 3987 1,147 34,035 3,130 ,339 2,272 4,255 65 58 161 3971 1,152 34,083 3,080 .333 2.232 3 94 93 40 163 3 648 1,132 35,056 3,032 ,326 2.087 3 690 49 50 167 3424 1,149 32,995 2,953 .324 2.092 3.881 77 56 154 3 594 1,133 33,517 2,833 .336 2,084 3.799 61 4 165 3 528 1,198 34,128 2.793 ,328 2,106 3 93 46 173 3 630 1,237 34,215 2.774 .325 2.162 4 161 48 212 3 844 1,201 34,052 2.749 .329 2,200! 4.035 50 210 3708 1,156 35,650 2.713 ,274 2.173 3.951 49 189 3 644 1,247 34,863 2.66: 2,194 4.046 72 194 3701 1,256 35,687 .272 2.637 .268 2,150 4,198 66 193 3 895 1,239 34,090 2.596 .263 2,183 4,290 T 180 3990 1,260 34,017 2.534 .244 2,145 4,17 69 166 3,899 1,312 33,797 2.530 ,245 2,127 4,008 54 167 3,741 1,357 33,508 2.54: ,235 2,139 4,047 56 155 3,794 1,39 33,352 2,501 233 2.138! 4.115 56 174 3,845 1,458 33,177 2.936 902 2.201| 3.972 69 153 3,711 1,436 33,670 2,918 8721 2,165 3,823 58 162 3,569 1,42: 33,609 2,859 875 2,236 3,98 57 150 3,732 1,40 33,279 2,854 873 2,257 4,133 49 153 3,888 1,390 32,889 2,853 875 2.301 3.957 61 151 3,705 1,335 33,908 2.847 878| 2,198j 4,024 62 147 3,774 1,360 33,319 883 2,2101 4,43 181 157 4,054 1,482 33,659 I 91 196 2,858 882 2,201i 4,187 62 149 3,927 1,467 33,126 89 209 2.864 8821 2.1971 3,87' 6 166 3,617 1,464 33,763 93 239 3,266 885 2,193! 4,27 7' 153 4,008 1,453 34,837 104 227 3,274 8781 2,128' 4,40( 58 162 4,138 1,430 34,621 119 342 3.276 8751 1 ,997 4.50: 61 149 4,250 1,47: 34,879 116 333 3.274 873 1,944 4,42: 59 162 4,147 1,425 34,186 362 34 3.390 869 1,947 4,126 6" 146 3,869 1,444 34,140 346 62 3,398 865 1,971 4,16C 65 158 3,894 1,396 33,936 * For description of revised coverage, see BULLETIN for June 1961, p. 665544. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 WEEKLY REPORTING MEMBER BANKS, 1959-61 ASSETS AND LIABILITIES OF BANKS IN NEW YORK CITY—Continued [Revised coverage.* In millions of dollars] Loans For purchasing or carrying securities To financial institutions T lo o a t n a s l i L n a o v n a e d n st s - Com- T an o d b d r e o a k l e e r r s s To others Banks i N ns o ti n tu b t a i n o k ns Wednesday m in a e v n n e d t s s t - 1 j m us a e t d e n - d ts 2 j L us o a t d a e - n d s 2 in m t a c r d n i i e a u a d r 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 S a - - 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 S a - - s t . . O c t s u t i e h e r - s i e - r F ei o g r n - c m m D c t o i i e e c o m a s r - - l - - - n p s c s P a a a o o a f n e n n n l m i e r d - i c a - e s - e l s Other e R st e a a t l e o lo A t a h l n e l s r V se t a r i r o e l v u - n e a s etc. 1960 June 1 25,294 24,517 17,280 10,464 134 953 324 473 777 1,441 339 884 2,640 411 8 24,905 24,286 17,022 10,335 84 918 336 470 619 ',351 342 882 2,677 411 15 25,826 25,277 17,903 10,573 421 1,044 337 482 549 ,546 338 882 2,651 410 22 25,455 24,967 17,614 10,620 295 935 338 463 488 ,497 331 871 2,635 410 29 25,385 24,696 17,497 10,636 117 920 339 457 689 ,574 322 869 2,639 410 July 6 25,401 24,711 17,495 10,512 126 931 338 460 690 ,646 325 871 2,663 411 13 26,188 25,540 17,489 10,479 269 925 348 450 648 ,543 320 881 2,653 411 20 25,617 25,466 17,341 10,362 260 867 346 433 151 ,609 319 863 2,658 409 27 25,746 25,142 17,129 10,319 149 837 339 432 604 ,603 308 857 2,661 410 Aug. 3 26,094 25,462 17,505 10,385 320 916 337 438 632 ,597 315 854 2,715 411 10 25,661 25,181 17,263 10,335 265 871 335 425 480 ,532 315 849 2,714 411 17 25,629 25,223 17,242 10,336 307 889 338 413 406 ,480 307 842 2,707 411 24 25,408 24,912 16,927 10,232 205 852 341 422 496 ,396 305 838 2,706 404 31 25,525 25,231 17,070 10,321 221 861 341 420 294 1,423 315 835 2,705 405 Sept. 7 26,032 25,545 17,245 10,299 276 949 341 431 487 1,493 296 832 2,700 405 14 26,114 25,619 17,203 10,459 279 920 343 428 495 1,330 297 831 2,687 405 21 26,657 26,247 17,709 10,575 392 936 340 426 410 1,571 297 828 2,688 377 28 26,358 25,995 17,470 10,585 332 923 342 422 363 1,429 298 826 2,674 394 Oct. 5 26,282 25,709 17,213 10,411 281 947 347 439 573 1,331 314 821 2,692 405 12 25,872 25,372 17,032 10,419 170 896 346 432 500 ,330 298 824 2,687 405 19 25,820 25,340 16,954 10,441 96 916 346 446 480 ,214 305 815 2,743 403 26 26,013 25,894 17,095 10,429 210 940 345 455 119 ,218 302 808 2,755 403 Nov. 2 26,615 26,281 17,564 10,581 333 1,022 346 455 334 ,298 310 810 2,776 403 9 26,105 25,645 17,276 10,493 172 978 346 464 460 ,298 307 816 2,769 403 16 26,290 25,746 17,360 10,596 197 969 344 457 544 ,275 311 820 2,758 403 23 26,021 25,589 17,229 10,534 140 991 347 446 432 1,238 318 804 2,778 403 30 26,116 25,777 17,271 10,628 75 978 347 444 339 1,254 315 804 2,793 403 Dec. 7 26,271 25,733 17,058 10,514 126 921 348 446 538 1,163 319 790 2,796 403 14 26,912 26,419 17,517 10,662 296 917 349 446 493 ,263 322 792 2,835 403 21 27,711 27,329 18,388 10,848 670 1,043 355 455 382 ,513 321 777 2,763 395 28 27,665 27,141 18,076 10,775 460 1,036 360 488 524 ,431 307 783 2,777 386 1961 Jan. 4 27,765 26,980 17,912 10,701 435 1,073 353 477 785 ,364 318 787 2,786 420 11 26,932 26,474 17,374 10,665 250 949 352 461 458 ,221 313 792 2,756 420 18 26,808 26,341 17,176 10,594 234 851 350 460 467 ,233 311 792 2,738 421 25 26,548 26,190 16,905 10,490 213 822 349 452 358 ,128 305 785 2,749 421 Feb. 1 27,064 26,696 17,309 10,472 501 835 344 452 368 ,128 298 784 2,886 424 8 26,575 26,241 16,910 10,414 213 779 347 452 334 ,102 286 773 2,934 424 15 27,291 26,730 17,159 10,491 320 800 348 450 561 ,139 285 781 2,931 424 22 26,848 26,393 17,033 10,469 269 835 349 420 455 ,111 280 785 2,904 425 Mar. 1 27,403 26,873 17,457 10,525 401 864 339 410 530 ,329 309 781 2,895 427 8 26,837 26,315 16,938 10,511 210 829 334 421 522 ,067 306 778 2,879 427 15 27,796 27,182 17,648 10,873 338 834 337 437 614 ,265 309 780 2,873 427 22 27,000 26,497 17,371 10,896 180 850 343 438 503 ,121 305 773 2,865 427 29 27,062 26,287 17,324 10,881 176 867 348 428 775 ,061 310 768 2,885 426 Apr. 5 26,894 26,487 17,308 10,780 158 887 356 426 407 ,121 309 766 2,909 431 12 26,679 26,493 17,344 10,701 269 929 358 438 186 ,054 309 772 2,915 428 19 27,146 26,687 17,502 10,638 302 1,142 363 437 459 ,039 311 757 2,915 428 26 27,441 26,599 17,453 10,538 310 1,163 366 435 842 1,047 315 758 2,923 428 * For description of revised coverage, see BULLETIN for June 1961, 2 Exclusive of loans to domestic commercial banks and after deduction p. 654. of valuation reserves; individual loan items are shown gross. 1 After deduction of valuation reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1959-61 857 ASSETS AND LIABILITIES OF BANKS IN NEW YORK CITY—Continued [Revised coverage. * In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— All Total Wednesday Bal- Bal- Re- other liabili- Notes and bonds Other ances ances Currency serves assets ties maturing— secu- Total with with and with and Cer- rities domes- for- coin F. R. capital Total Bills tifi- tic eign Banks accounts cates With- banks banks in 1 to After lyear 5 years 5 years 1960 June 1 5,256 554 350 74 3,433 845 1,981 4,212 152 3,926 ,372 35,100 8 5,139 481 331 68 3,406 853 2,125 4,351 157 4,085 ,402 33,901 15 5,321 676 359 73 3,350 863 2,053 4,318 147 4,066 ,411 36,131 22 5,331 604 358 77 3,424 868 2,022 4,279 154 4,023 ,409 34,845 29 5,203 435 352 87 3,447 882 1,996 4,208 164 3,939 ,497 34,638 July 6 5,211 415 370 87 3,435 904 2,005 4,134 162 3,851 ,452 34,819 13 6,011 1,234 366 85 3,422 904 2,040 4,032 162 3,767 ,529 35,888 20 6,045 1,261 366 81 3,436 901 2,080 4,385 151 4,132 ,521 35,357 27 5,891 1,161 358 57 3,413 902 2,122 4,188 152 3,937 ,543 34,939 Aug. 3 5,819 1,122 339 61 3,397 900 2,138 4,092 148 3,842 ,546 34,972 10 5,758 1,051 344 63 3,406 894 2,160 3,990 150 3,730 ,601 34,676 17 5,831 916 478 15 3,389 ,033 2,150 4,172 148 3,910 ,591 34,833 24 5,852 957 482 16 3,375 ,022 2,133 3,944 147 3,695 ,597 34,029 31 5,978 1,086 472 18 3,382 ,020 2,183 4,280 148 4,028 ,656 35,023 Sept. 7 6,016 1,105 480 13 3,390 ,028 2,284 3,982 156 3,721 ,623 35,201 14 6,145 1,239 481 12 3,365 ,048 2,271 4,078 164 3,807 ,578 35,624 21 6,282 1,363 478 38 3,343 ,060 2,256 4,199 146 3,926 ,616 36,358 28 6,231 1,282 484 51 3,336 ,078 2,294 4,489 166 4,203 ,628 36,167 Oct. 5 6,189 1,216 500 60 3,338 ,075 2,307 4,053 54 153 3,779 ,672 35,734 12 6,061 1,065 498 59 3,364 ,075 2,279 4,056 60 169 3,759 ,667 35,251 19 6,085 1,078 498 72 3,362 ,075 2,301 4.177 67 153 3,887 ,650 35,148 26 6,564 1,436 531 181 3,347 ,069 2,23 4,692 62 163 4,393 ,661 36,236 Nov. 2 6,583 1,380 539 291 3,300 1,073 2,134 4,257 64 157 3,972 ,708 37,059 9 6,341 1,156 534 288 3,291 1,072 2,028 3,844 56 201 3,525 ,760 35,714 16 6,357 1,180 451 334 3,273 1,119 2,029 3,854 65 159 3,580 ,711 36,298 23 6,325 1,157 444 320 3,287 1,117 2,03 3,971 60 165 3,697 ,724 35,634 30 6,469 1,281 447 334 3,305 1,102 2,037 4,112 171 168 3,719 ,711 36,153 Dec. 7 6,494 1,181 526 409 3,281 1,097 2.181 3,700 224 3,367 ,721 34,976 14 6,674 1,380 523 438 3,242 1,091 2,228 3,902 259 3,507 ,678 36,580 21 6,630 1,290 523 423 3,513 881 2.311 4,127 251 3,775 ,601 37,626 28 6,747 1,374 546 423 3,535 869 2,318 3,882 248 3,489 ,583 38,086 1961 Jan. 4 6,787 1,324 574 442 3,622 825 2,281 4,138 233 3,775 ,666 37,810 11 6,789 1,227 628 446 3,657 831 2,311 3,589 226 3,245 ,766 36,257 18 6,856 1,350 552 441 3,685 828 2,309 3.741 209 3,413 ,655 36,207 25 6,916 1,405 553 451 3,682 825 2,369 3,970 200 3,643 ,654 35,730 Feb. 1 7,000 1,470 584 464 3,658 824 2,387 3,870 194 3,557 ,649 37,176 8 6,892 1,376 572 471 3,647 826 2,439 3,981 193 3,697 ,654 35,540 15 7,063 1,361 446 734 3,712 810 2,508 3,862 201 3,534 ,678 38,026 22 6,812 1,278 392 724 3,629 789 2,548 3,804 193 3,496 ,622 36,028 Mar. 1 6,840 1,293 396 725 3,640 786 2,576 3,713 183 3,382 ,657 37,652 8 6,696 1,135 487 728 3,564 782 2,681 3,721 188 3,410 ,734 36,484 15 6,810 1,254 489 735 3,554 778 2,724 3,596 184 3,265 ,722 37,767 22 6,418 909 481 712 3,545 771 2,708 3,986 183 3,665 ,787 36,714 29 6,220 723 463 726 3,536 772 2,743 3,726 197 3,370 ,875 36,731 6,406 915 463 736 3,286 1,006 2,773 4,013 184 3,670 ,823 36,417 Apr^:::::::::: 6,288 780 508 749 3,318 933 2,861 3,956 198 3,586 ,830 36,730 19 6,476 965 524 774 3,300 913 2.709 3,689 180 3,378 ,831 36,733 26 6,453 975 550 800 3,297 831 2,693 3,590 192 3,252 ,883 37.346 * For description of revised coverage, see BULLETIN for June 1961, p. 654. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

858 WEEKLY REPORTING MEMBER BANKS, 1959-61 ASSETS AND LIABILITIES OF BANKS IN NEW YORK CITY—Continued [Revised coverage.* In millions of dollars] Deposits Borrowings Demand Time Wednesday d m e D p a o e n s - d its Interbank S a ta n t d es C f e ie r d ti- vi I d n u d a i- ls, G U o . v S t . . S a ta n t d es vi I d n u d a i l - s F F r . o R m . From O li i a t t i b h e i e s l r - c C o a a u p c n - it t a s l jus a t d e - d 1 Do t m ic es- F ei o g r n - G U o . v S t . . p s d s i i o u c i o v l a b n i i l t - - s - ch c o a e e e f n t c f r c d i s k . - ' s, p r c s a a o h a r t r t i n i n p o p d e n o s, r s - - I b n a t n e k r- P s i a o n a n s g v d t s a - l p s d s i i o u c i o v l a b n i i l t - - s - p r c s a a o a h r t r i t n i o n p p d n e o s r . s - Banks others 1959 July 1 15,655 3,041 ,194 906 368 1,663 17,570 ,431 27 151 ,377 48 640 ,379 3,287 8 15,301 2,966 ,219 1,320 302 1,297 16,873 ,408 27 150 ,391 170 652 1,359 3,290 15 15,395 3,050 ,209 1,810 380 1,341 17,545 ,411 27 140 ,361 117 648 1,376 3,289 22 15,646 2,924 ,132 1,488 313 1,232 17,340 ,419 27 140 ,335 855 ,359 3,290 29 15,692 2,777 ,105 1,231 274 1,147 17,293 ,399 27 141 3,338 38 860 1,358 3,287 Aug. 5 15,445 2,825 ,120 1,016 256 1,050 16,897 ,376 26 141 3,336 70 927 ,415 3,312 12 15,355 2,840 ,082 757 268 923 17,120 ,351 25 138 3,336 7 1,109 ,440 3,314 19 15,039 2,857 ,102 1,248 260 1,026 16,766 ,342 26 140 3,322 34 981 ,414 3,315 26. ... 15,234 2,806 ,090 1,058 253 1,109 16,804 ,328 26 140 3,328 13 1,001 ,396 3,306 Sept. 2 15,191 2,895 ,176 1,065 312 1,175 16,747 ,260 26 140 3,337 10 716 1,384 3,312 9. . 15,404 2,978 ,129 692 293 1,153 17,081 ,261 26 139 3,357 15 941 1,372 3,310 16 15,591 3,082 ,147 734 289 997 17,783 ,244 26 124 3,361 104 698 1,369 3,301 23 15,213 2,778 ,117 1,028 334 1,067 16,884 ,230 26 124 3,394 186 792 1,380 3,299 30 15,065 3,167 ,148 1,218 342 1,328 17,231 ,221 26 125 3,411 9 235 ,369 3,321 Oct. 7 15,178 2,924 ,109 791 302 1,063 16,901 ,204 26 125 3,363 65 803 ,409 3,318 14 15,172 3,149 ,114 454 323 1,189 17,564 ,181 26 122 3,328 1 799 ,433 3,320 21 ... . 15,269 2,864 ,126 1,248 329 1,320 17,150 ,179 25 117 3,320 140 539 ,358 3,320 28 15,497 2,806 ,041 1,104 387 1,386 17,290 ,170 24 120 3,302 120 651 ,363 3,319 Nov. 4 15,058 3,159 ,031 1,057 465 1,822 17,258 ,155 25 111 3,287 107 927 ,312 3,340 II 15,156 2,862 ,055 731 314 1,157 16,831 ,151 24 104 3,239 29 787 ,370 3,341 18 15,053 3,038 ,033 773 298 1,248 17,049 ,099 24 76 3,245 68 859 ,371 3,336 25 15,275 2,864 ,028 698 304 1,651 17,364 ,065 24 76 3,276 6 970 ,486 3,316 Dec. 2 15,277 2,934 ,123 1,191 313 1,159 17,207 ,047 24 78 3,296 68 892 ,566 3,317 9 15,576 2,900 ,192 811 321 1,198 17,332 ,005 24 73 3,303 3 1,030 ,550 310 2 1 3 6.. ..] 1 15 6 , , 5 2 9 5 1 8 3 3 , ,0 0 4 2 5 2 , ,2 2 2 2 7 6 1, 9 0 1 9 6 3 2 2 9 7 5 7 1 1 , , 3 7 7 5 8 3 1 1 8 7 , , 5 7 8 6 1 3 9 9 9 7 2 0 2 2 4 4 7 7 3 1 3 3 , , 3 3 0 2 8 6 6 8 7 1 3 4 , , 4 5 7 5 7 8 3 31 0 8 9 15,862 3,188 ,287 961 289 1,476 18,486 974 24 71 3,319 729 ,555 3,328 30 1960 15,447 3,220 1,177 711 306 1,296 17,501 975 24 3,255 686 ,532 3,338 Jan. 6 15,561 3,027 1,134 850 253 1,109 17,706 962 24 3,254 717 ,572 3,339 13 15,527 3,100 1,128 541 371 1,299 17,529 906 24 3,223 40 658 ,575 3,341 20 15,806 2,908 1,062 540 282 1,100 17,796 898 25 3,223 639 ,632 3,343 Feb. 27 3 15,269 2,963 1,051 761 312 1,321 16,985 884 24 3,230 22 700 1,673 3,366 10. . 15,098 2,971 1,037 513 282 1,095 16,848 879 24 3,224 52 1,056 1,768 3,368 17 15,013 2,956 1,054 782 292 1,238 17,169 856 24 3,216 888 1,765 3,370 24 14,972 2,937 1,072 672 289 1,546 16,974 849 24 3,206 853 ,763 3,364 Mar. 2 15.277 2,782 ,020 744 328 1,255 17,002 854 25 3,203 883 1,756 3,368 9 15,113 2,790 ,083 475 308 1,174 16,727 858 24 3,252 987 1,772 3,366 16 15,517 2,967 ,060 729 262 1,218 17,655 862 24 3,271 726 1,708 3,356 23. 14,841 3,008 ,056 922 283 1,192 16,727 872 24 3,314 752 ,750 3,358 30 15,154 2,829 ,077 802 391 1,140 16,969 875 24 3,326 963 ,832 3,367 Apr. 6 14,806 3,024 ,045 438 257 1,247 16,593 896 24 3,302 960 ,892 3,383 13 15,161 2,998 ,044 315 261 1,325 17,221 952 24 3,287 993 ,893 3,384 20 15,537 2,892 ,066 924 348 1,510 17,323 949 24 3,275 90 1,048 ,936 3,385 27 15,443 2,847 ,055 1,116 345 1,268 17,213 1,009 24 3,307 1,061 ,924 3,382 May 4 14,874 2,985 ,001 1,691 345 1,413 16,656 1,009 24 3,291 1,083 ,900 3,409 11 14,540 3,018 ,042 1,345 283 1,253 16,432 1,003 24 3,285 1,129 ,888 3,413 18 14,660 2,974 ,047 1,478 307 1.187 16,587 1,037 24 3,262 822 ,939 3,405 25 14,510 2,904 981 1,461 312 1,103 16,317 1,027 24 3,278 1,152 ,899 3,406 * For description of revised coverage, see BULLETIN for June 1961, 1 Demand deposits other than interbank and U. S. Government, les* p. 654. cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1959-61 859 ASSETS AND LIABILITIES OF BANKS IN NEW YORK CITY—Continued [Revised coverage. * In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju m e D p s a a t o d e e n - s - d d i t i s Dom In e t s e - rban F k or- G U o .S v . t. S p s a i t o u c a n l b a t i d - e l t- s C c o a f e e i f n e f r r i d t s d - i ' - p v s a i I d h a r n t n u i d n p d a i e s - l , r s - , I b n a t n e k r- P G U s a o a o . n s v v d t S a - t . . l S p s a i t o u c a n l b a t d i - e l t- s p v s a i I d h a r n t n u i d n p d a i e s - l , r s - , B F F a . r o n R m k . s o F t r h o e m rs O li i a t t i b h e i e s l r - c Ca o a p u c i n - t t a s i tic eign divi- checks, corpo- ings divi- corposions etc. rations sions rations 1960 June 1 14,506 3,310 ,027 1,507 303 1,617 16,808 993 24 71 261 866 1,895 3,418 8 14,724 2,830 ,031 1,042 293 1,313 16,361 970 25 62 358 1,228 1,971 3,417 15 15,401 3,162 ,052 1,159 301 1,820 17,856 975 24 97 323 989 1,961 3,412 22 15.130 2,947 ,069 1,106 328 1,629 16,875 964 25 118 356 110 935 1,971 I 3,412 29 14,928 3,238 ,091 1,425 266 1,320 16,890 971 24 125 3,355 481 2,042 j 3,410 July 6 14,427 3,274 ,020 1,317 287 1,440 16,532 980 24 125 3,329 997 2,063 j 3,431 13 14,604 3,241 ,063 1,714 371 1,593 16,779 988 25 125 3,314 182 872 2,190 I 3,431 20 14,811 3,137 ,081 1,370 279 1,439 16,927 994 24 171 3,318 61 924 2,199 | 3,433 27 15,042 2,978 ,027 1,258 322 1,328 16,854 998 25 172 3,355 950 2,242 j 3,430 Aug. 3 15,057 2,933 ,038 1,348 296 1,377 16,624 1,052 25 171 3,365 1,071 2,219 i 3,453 10 14,580 3.023 ,149 1,063 272 1,611 16,121 1,056 25 176 3,364 7 1.052 2,298 ! 3,459 17 14,439 2,958 ,092 1,238 270 1,356 16,254 1,077 25 179 3,393 117 1,077 2,335 | 3,462 24 14,564 2,874 ,081 1,039 273 1,274 16,097 1,090 25 180 3,400 890 2 355 i 3,451 31 14,716 2,993 ,058 1,011 289 1,361 16,628 1,084 28 182 3,427 1,033 2.409 I 3,469 i Sept. 7 14,847 3,293 ,055 683 277 1,523 16,611 1,095 25 185 3,437 1,160 2,396 ! 3,461 14 15,310 3,068 ,027 531 251 1,303 17,610 1,106 25 185 3,536 1,146 2,373 I 3,463 21 14,947 3,146 ,065 1,684 264 1,592 16,977 1,104 25 187 3,513 942 2.410 i 3,449 14,838 3,008 ,041 2,006 313 1,573 16,644 1,104 24 187 3,565 80 785 2,38) j 3,456 Oct. 5 14,369 3,276 ,011 1,611 286 1,503 16,307 1,124 25 187 3,548 963 2.416 I 3,477 12 14,539 3,128 ,064 1,081 301 1,331 16.563 1,148 25 190 3,526 976 2,438 ! 3,480 19 15,008 3,689 ,157 631 296 1,243 16,970 1,151 25 182 3,556 416 2.352 I 3,480 26 15,063 2,991 ,141 1.218 357 1,676 16,900 1,162 25 180 3,539 360 | 841 2,361 I 3,485 Nov. 2 15.058 3,193 ,021 1,319 533 2,080 16,924 1,182 25 177 3,552 1,151 2,398 • 3,504 9 14,211 3,248 ,032 1,058 292 1,512 16,412 1,182 25 185 3,520 1,257 2,446 ! 3,507 16 14,169 3,391 ,065 1,085 279 1,466 16,867 1,203 24 187 3,515 1,253 2,43? i 3,509 23 14,528 3,090 ,017 995 268 1,531 16,647 1,204 25 189 3,559 1 ,121 2,497 j 3,491 30 14,677 3,726 ,003 955 277 1,517 17,097 1,197 25 221 3,602 535 2,480 | 3,518 Dec. 7 14,950 3,144 ,041 578 264 1,206 16,764 1,205 25 224 3,594 916 2,510 j 3,505 14 15,848 3,384 ,084 424 279 1,650 18,007 1,207 25 229 3,716 626 2,453 3,496 21 15,654 3,264 .133 1,143 304 1,725 17,812 1,202 26 233 3,658 1,231 2,391 j 3,504 28 15,183 3,361 ,182 1,245 265 1,825 18,049 1,203 27 231 3,699 1,036 2 453 I 3,510 1961 Jan. 4 15,447 3,543 085 1,199 267 ,717 17,704 1,202 27 229 3,657 ! 1,2632,397 | 3,520 15.251 3,463 016 652 247 ,540 17,434 1,200 27 230 3,688 ....j 726 2,510 i 3,524 18 15,318 3,359 013 606 340 ,463 17,518 1,204 27 214 3,730 | 805 2,402 ! 3,526 25 15,687 3,646 009 592 274 ,447 17,524 1,204 27 249 3,745 j 100 2.384 I 3,529 Feb. 1 15,127 3,334 ,060 947 296 ,143 17,281 1,213 27 250 3,851 20 I 787 2,424 | 3,543 8 15,087 3,083 ,120 715 283 ,417 16,717 1,213 25 255 3,887 48 | 770 2,458 3,549 15 14,807 3,488 ,095 1,015 287 ,895 17,820 1 ,208 27 254 3,896 35 I 075 2 479 3,552 22 14,994 3,041 ,086 974 382 ,431 16,935 1,207 27 254 3,934 698 2,487 | 3.550 i Mar. 1 15,026 3.331 ,079 996 290 ,056 17.559 1,203 27 240 3,942 892 2,482 j ,555 8 14,675 3,372 ,213 579 274 .778 16,815 1,202 27 243 4,012 835 2,589 I ,545 15 15,541 3,482 ,128 646 287 ,797 18,110 1,212 27 218 4,154 703 2,456 I 3,547 22 14,964 3.312 ,121 924 276 ,428 17,201 1,212 27 215 4,183 700 2,568 i .547 29 15,082 3,146 ,160 821 315 ,606 17,229 1,210 27 220 4,270 476 2,706 | ,545 Apr. 5 14,939 3,570 ,116 707 260 ,498 16,868 1.224 28 224 4,289 ....! 452 2,620 3,561 12 15,043 3,212 ,130 265 266 ,627 17,415 1,246 28 225 4,307 45 | 794 2,604 3,566 19 15,346 3,405 ,095 156 333 ,509 17,571 1,268 28 231 4.359 614 2,599 3,565 26 15.608 3,167 ,092 202 280 2,031 17,729 1,268 33 237 4,435 593 2,716 3,563 * For description of revised coverage, see BULLETIN for June 1961 1 Demand deposits other than interbank and U. S. Government, less p. 654. cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 WEEKLY REPORTING MEMBER BANKS, 1959-61 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES OUTSIDE NEW YORK CITY [Revised coverage.* In millions of dollars] Lo<ms For purchasing or carrying securities To financial institutions Wednesday m i T l n o a e v o n a n e t n d t a s s s t l - l j i L m u n a a o s v e n t d a e n e d - n s t d t s s - 2 j L u a s o t d a e - n d s 2 i C n m t c a r o d i n e i a m u a d r l l s - - - A t c u g u r r l a - i l - G U t l a T i o i o o g n . b o n v S a d - - s t . b . d r e o O a k c t l s u e t i e e e h r r r - s s i e s - r G U t l i o i T o o g . b n v S o a - - s t . . oth O c e t s u t i r e h e s r - s i e - r F ei o g r B n - ank c m m D c s t o i i e e o c m a s r - - l - - - p n s c s a P i a o a o a n n N f e n n n l i m i s r e - d c e a o - t s - e l i s n t , u b t a O i n o t k n h s er e R st e a a t l e o lo A t a h l n e l s r V se t a r i r e o l v u - n e a s etc. 1959 July 1 80,262 79 476 47,531 18,975 904 58 511 121 880 214 786 2,507 1 700 11,734 11,393 966 80,817 80,154 47,613 18,951 908 111 506 128 867 215 663 2,523 1 11,755 11,416 970 15 .... 81 414 80 652 47,879 19,044 915 173 480 127 875 218 762 2,536 1 220 11,780 11,480 969 22 80,908 80,243 47,970 19,080 917 111 498 126 873 227 665 2,579 1 731 11,789 11,508 969 29 80,670 79,933 48,015 19,063 928 100 475 124 873 215 737 2,603 1,255 11,804 11,544 969 Aug. 5 80,582 79,739 48,135 19,131 925 87 467 125 872 206 843 2,650 1749 11,813 11,580 970 12 . . . 80 602 79 637 48,256 19,194 927 77 467 124 856 211 965 2,654 1,?6? 11,835 11,621 972 19 80,768 80,095 48,506 19,266 941 163 499 126 857 214 673 2,645 1,272 11,853 11,641 971 26 80 870 79 957 48 531 19 291 940 182 479 126 849 201 913 2,644 1,736 11 871 11,684 972 Sept 2 80 606 79 949 48 576 19 299 935 143 489 126 859 209 657 2 663 1 11 862 11,712 972 9 80,599 79 801 48,502 19,285 938 147 466 122 840 213 798 2,603 1i?6? 11,875 11,722 971 16 80 861 80 047 48 853 19 502 946 163 480 124 837 209 814 2 601 1 277 11 913 11,772 971 23 80 527 79 749 48,771 19 480 950 115 475 127 822 209 778 2 580 1i?90 11 931 11,762 970 30 80 375 79 889 49,028 19,498 965 216 526 125 813 213 486 2,579 1 311 11,927 11,827 972 Oct 7 80 186 79 521 48,856 19,512 957 143 495 125 811 217 665 2,532 1,?93 11,915 11,828 972 14 80,158 79,482 48,893 19,605 962 100 491 124 802 212 676 2,495 1,307 11,927 11,839 971 21 80 863 80 312 48 926 19 558 949 142 505 140 809 225 551 2 465 1,3?5 11 943 11,837 972 28 80,535 79,890 48,818 19,523 957 104 489 127 811 218 645 2,409 1,345 11,953 11,853 971 Nov. 4 81,052 80 055 49,154 19,588 958 208 508 128 816 244 997 2,448 1 358 11,949 11,922 973 11 80 650 79 928 49 198 19 647 962 176 510 120 816 271 722 2 417 ,356 11 970 11,926 973 18 80 697 79 960 49 259 19 767 956 109 506 120 812 272 737 2 422 1,358 11,982 11,927 972 25 80,436 79,750 49,248 19,741 939 105 511 126 814 271 686 2,455 1,353 11,984 11,921 972 Dec 2 81 383 80 689 49 428 19 767 932 151 518 122 806 268 694 2 542 1,397 11 977 11,923 975 9 81,387 80 548 49,460 19,790 937 91 516 119 813 294 839 2,571 1 374 11,986 11,944 975 16 81 895 81 071 50 222 20 028 937 222 571 119 814 292 824 2 834 1,381 12 013 11,983 972 23 82,044 81,194 50,385 20,102 935 167 610 121 830 289 850 2,881 ,382 12,023 12,019 974 30 81,969 81,238 50,520 20,035 944 196 625 123 825 309 731 2,966 ,384 12,020 12,071 978 1960 Jan. 6 81,342 80,622 50,281 19,963 931 217 574 124 821 286 720 2,947 ,413 12,003 12,031 1,029 13 81 507 80 745 50 152 19 993 916 201 572 124 825 287 762 2 855 ,408 12,014 11,987 1,030 20 80,599 80,002 49,901 19,879 911 145 573 120 826 290 597 2,758 1,414 12,018 11,997 1,030 27 80,145 79,499 49,678 19,802 910 141 544 125 829 290 646 2,649 ,383 12,009 12,030 1,034 Feb 3 80,034 79,449 49,768 19,872 914 155 568 129 817 281 585 2,627 ,359 11,997 12,085 1,036 10 79,779 79 223 49 824 19,963 917 139 591 121 820 290 556 2,592 ,341 11,997 12,090 1,037 17 79 740 79 048 49 987 20 086 910 136 602 114 817 282 692 2 621 339 12 015 12,103 1,038 24 79,548 78,830 49,957 20,045 912 125 641 120 816 273 718 2,597 1,335 12,015 12,117 1,039 Mar 2 79,456 78,815 50,111 20,121 908 127 625 123 816 271 641 2,674 ,325 11,991 12,170 1.040 9 79,239 78,608 50,037 20,162 900 102 632 112 809 277 631 2,640 1,310 12,197 11,939 1,043 16.. . 79 784 79 012 50 486 20 547 906 82 606 111 809 287 772 2 762 304 11,986 12,128 ,04? 23 79,507 78,915 50,456 20,568 905 82 615 109 807 281 592 2,735 ,292 11,986 12,121 1,045 30 79 366 78 632 50 433 20 539 917 63 587 112 807 283 734 2 697 338 11,991 12,150 ,051 Apr. 6 79,120 78 439 50 476 20 502 912 81 596 108 798 290 681 2 761 ,795 11 972 12,213 ,05? 13 79,449 78,745 50,668 20,616 911 114 609 108 793 288 704 2,745 ,785 11,988 12,262 ,051 20 80,895 80,070 51,109 20,702 906 284 641 113 793 288 825 2,814 1,274 12,003 12,343 1,052 27 .. 80,579 79,766 51,026 20,675 914 139 630 111 796 288 813 2,841 1,295 12,005 12,383 1,051 May 4 . . 80 551 79 716 51 187 20 830 923 89 603 112 797 289 835 2 923 ^64 11 981 12,430 ,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 [,291 11,991 12,495 ,054 * For description of revised coverage, see BULLETIN for June 1961, 2 Exclusive of loans to domestic commercial banks and after deduction p. 654. of valuation reserves; individual loan items are shown gross. 1 After deduction of valuation reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1959-61 861 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES OUTSIDE NEW YORK CITY—Continued [Revised coverage. * 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 Currencj serves assets ties maturing— secu- Total with with and with and Cer- rities domes- for- coin F. R. capital Total Bills tifi- tic eign Banks accounts cates With- banks banks in 1 to After 1 year 5 years 5 years 1959 July 1 24,027 895 1,833 1,290 14,632 5,377 7,918 13,401 2,955 1,003 9,415 2,029 103,360 8 24,608 ,60: 1,790 1,268 14,502 5,446 7,933 13,322 2,617 1,025 9,65 1,956 102,826 15 24,864 ,944 1,797 1,210 14,483 5,430 7,909 13,742 1,058 9,769 1,964 105,584 22 24,332 ,638 1,757 1,181 14,326 5,430 7,941 13,664 2^731 1,063 9,840 1,942 103,496 29!'.'. '.'.'.'.... 24,023 ,490 1,625 1,186 14,311 5,411 7,895 13,393 2,626 1,090 9,650 1,988 102,430 Aug. 5 23,733 ,362 1,04- 1,222 14,659 5,446 7,871 13,242 2,659 950 9,602 2,009 102,705 12 23,563 ,286 1,036 1,216 14,597 5,428 7,818 13,271 2,740 1,084 9,415 1,996 103,444 19 23,798 ,641 990 1,461 14,280 5,426 7,791 13,392 2,720 ,044 9,597 1,908 103,126 26 23,645 ,563 996 1,434 14,244 5,408 7,781 13,33 2,618 ,075 9,610 1,907 102,420 Sept. 2 23,550 ,521 993 1,43: 14,226 5,378 7,823 13,413 2,725 ,004 9,656 1,960 102,736 9 23,486 ,485 996 1,422 14,203 5,380 7,813 13,37-' 2,829 ,073 9,440 1,964 102,792 16 23,350 ,451 976 1,401 14,128 5,394 7,844 14,235 3,069 ,074 10,060 1,93- 105,552 23 23,120 ,314 946 1,38 14,088 5,385 7,858 13,419 2,739 ,103 9,54- 1,93 102,883 30 23,004 ,328 929 1,385 13,981 5,381 7,857 13,473 2,91 ,038 9,491 2,013 103,242 Oct. 7 22,772 ,142 961 1,443 13,850 5,376 7,893 13,388 2,646 ,006 9,704 1,985 102,411 14 22,715 ,092 965 1,426 13,835 5,397 7,87'' 13,856 3,005 ,111 9,709 2,002 104,441 21 23,531 ,710 986 1,420 13,998 5,417 7,855 13,579 2,779 ,081 9,687 2,004 103,805 28 23,255 ,494 1,020 1,403 13,939 5,399 7,81" 13,479 2,64- 11 9,686 2,031 102,845 Nov. 4 23,061 1,338 1,044 ,41 13,908 5,359 7,840 13,588 2,784 ,008 9,763 2,068 104,038 11 22,927 1,233 1,048 ,398 13,870 5,378 7,803 13,579 2,885 ,085 9,577 2,074 103,440 18 22,906 1,209 939 ,628 13,753 5,37- 7,795 13,853 2,852 ,084 9,884 2,019 104,473 25 22,722 1,113 909 ,590 13,727 5,383 7,780 13,54: 2,663 ,060 9,784 2,042 103,378 Dec. 2 23,473 1,92: 923 ,626 13,59: 5,410 7,788 13,514 2,735 ,086 9,658 2, 104,498 9 23,303 1,775 93 ,659 13,544 7,785 13,220 2,653 ,153 9,383 2,078 103,503 16 23,044 1,616 934 ,688 13,423 7,805 14,095 3,048 ,163 9,85" 2,076 106,328 23 23,01 1,633 940 ,720 13,363 7,795 13,921 3,022 ,148 9,720 2,054 106,120 30 22,951 1,664 893 ,758 13,307 5,329 7,767 13,906 3,014 ,220 9,635 2,086 105,806 1960 Jan. 6 22,614 1,538 817 ,764 13,152 5,343 7,727 14,46: 2,880 37 ,099 10,446 2,045 105,847 13 22,819 1,952 810 ,731 12,996 5,330 7,774 13,676 2,921 39 ,187 9,529 2,057 105,549 20 22,409 1,717 778 ,656 12,928 5,330 7,692 13,538 2,832 38 ,095 9,573 2,090 103,748 27 22,141 1,484 843 1,639 12,835 5,340 7,680 13,016 2,673 38 ,125 9,180 2,139 102,076 Feb. 3 21,989 1,357 941 1,647 12,690 5,354 7,692 13,140 2,647 37 ,009 9,447 2,174 102,523 10 21,739 1,172 923 1,607 12,679 5,358 7,660 12,941 2,642 38 ,063 9,198 2,160 101,526 17 21,434 1,086 404 1,534 14,137 4,273 7,627 13,267 2,782 38 1,038 9,409 2,079 102,866 24 21,263 1,004 382 1,490 14,253 4,134 7,610 13,080 2,747 39 1,123 9,171 2,077 101,744 Mar. 2 21,119 1,031 365 1,467 14,221 4,035 7,585 13,017 2,769 39 990 9,219 2,131 101,876 9 20,983 1,023 353 1,456 14,137 4,014 7,588 12,671 2,589 35 1,022 9,025 2,129 100,281 16 20,921 1,033 337 1,410 14,161 3,980 7,605 13,515 2,923 36 1,018 9,538 2,123 103,384 23 20,857 1,008 358 1,392 14,215 3,884 7,602 12,958 2,831 36 1,069 9,022 2,114 101,087 30 20,622 863 345 1,390 14,191 3,833 7,577 12,825 2,567 36 1,085 9,137 2,180 100,819 Apr-£::::::::: 20,381 604 353 1,399 14,259 3,766 7,582 12,743 2,574 35 979 9,155 2,165 100,808 20,440 706 348 1,348 14,232 3,806 7,637 13,227 2,697 37 1,091 9,402 2,169 102,906 20 21,331 871 360 1,364 14,878 3,858 7,630 13,011 36 1,100 9,204 2,142 103.625 27 21,163 778 352 1,346 14,889 3,798 7,577 12,883 38 1,095 9,131 2,167 102;626 Mayif:::::::::: 2 20 0 , , 8 9 5 9 1 3 6 61 9 8 7 3 3 5 5 6 3 1 1 , , 2 3 9 1 2 2 1 1 4 4 , , 8 8 1 3 5 7 3 3 , , 8 7 1 4 6 8 7 7, , 5 5 3 3 8 6 1 13 2 , , 0 9 6 6 4 0 2 2 , , 6 6 0 5 9 2 3 3 5 6 1, 9 0 8 7 1 6 9 9 , , 3 33 0 5 0 2 2 , , 1 1 9 9 4 0 1 1 0 0 3 3 , , 0 0 2 5 9 2 18 20,970 761 524 926 15,018 3,741 7,531 13,017 2,729 33 1,068 9,187 2,127 103,260 25 20,904 778 518 914 14,955 3,739 7,533 12,857 2,585 35 1,092 9,145 2,147 102,220 *YFor description of revised coverage, see BULLETIN for June 1961, p. 654. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 WEEKLY REPORTING MEMBER BANKS, 1959-61 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES OUTSIDE NEW YORK CITY—Continued [Revised coverage. * In millions of dollars] Loans For purchasing or carrying securities To financial institutions Wednesday m i T l n o a e v o n a n e t n d t a s s s t l - ! j i L m u n a s a o v e n t d a e n e d - n s t d t s s - 2 j L us o a t d a e - n d s 2 i C n m t a c r o d n i i e a u m a d r l l s - - - A t c u g u r r l a - i l - G U t l a T i o i o o g n . b o n v S a d - - s t . b . d r e o O a k c t l s u e t i e e h e r r r - s s i e s - r G U t l i o i T o o g . b v S n a o - - s t . . oth O c e t u t i r h e r s s i e - r F ei o g r B n - ank c m m D s c t o i i e e c m o a s r - - l - - - p n s c s a P a i a o o a n n f N e n n n l m i i s e r d - c e a o t - s - e i l s n t , u b t a O i n o t k n h s er e R st e a a t l e o lo A t a h l n e l s r V se t a r i r o e l v u - n e a s etc. 1960 June 1 80,438 79,731 51,389 20,910 947 68 559 140 793 302 707 2,929 1,269 11,977 12,550 ,055 8 80,463 79,666 51,305 20,857 947 64 546 141 794 286 797 2,895 1,265 11,971 12,594 ,055 15 81,119 80,244 51,945 21,157 957 194 582 129 795 278 875 2,990 1,290 11,984 12,645 ,056 22 80,961 80,117 52,000 21,194 956 140 560 114 801 278 844 3,035 1,308 11,981 12,689 ,056 29 80,653 80,036 52,019 21,215 972 82 551 112 800 280 617 3,037 1,306 11,993 12,725 ,054 July .1:::::::: 80,719 79,881 51,944 21,143 974 104 549 113 804 282 838 3,073 1,310 11,966 12,677 ,051 82,126 81,323 52,007 21,101 985 224 559 116 807 272 803 3,067 1,301 11,979 12,647 ,051 20 81,922 81,103 51,819 21,008 1,000 172 558 117 801 267 819 3,011 1,312 11,994 12,628 ,049 27 81,672 80,896 51,533 20,870 1,010 111 568 110 800 266 776 2,921 1,312 11,981 12,632 ,048 Aug. 3 81,993 81,004 51,787 20,927 1,025 180 571 116 805 264 989 2,999 1,317 11,973 12,663 ,053 10 81,893 80,852 51,792 20,941 1,027 213 605 116 798 266 1,041 2,917 1,324 11,981 12,658 ,054 17 82,097 81,096 51,811 20,987 1,030 227 581 114 797 250 1,001 2,863 1,335 11,995 12,680 ,048 24 81,664 80,833 51,678 20,875 1,030 262 541 118 802 250 831 2,805 1,340 12,041 12,668 ,054 31 81,989 80,930 51,691 20,853 1,042 254 535 117 802 249 1,059 2,788 1,343 12,046 12,717 ,055 Sept. 7 81,971 80,859 51,591 20,835 1,039 254 552 122 811 248 1,112 2,711 1,342 12,035 12,697 1,055 14 82,397 81,246 52,024 21,050 1,052 366 560 128 810 256 1,151 2,701 1,379 12,043 12,732 1,053 21 82,963 81,894 52,340 21,195 1.062 453 567 147 816 267 1,069 2,769 1,374 12,049 12,697 1,056 28 82,202 81,539 52,082 21,159 1,074 284 532 123 813 254 663 2,722 1,377 12,048 12,751 1,055 Oct. 5 82,577 81,552 52,136 21,186 1,084 248 574 115 821 251 1,025 2,729 1,393 12,025 12,766 1,056 12 82,533 81,517 52,179 21,304 220 605 114 814 238 1,016 2,712 1,380 12,032 12,729 1,057 19 81,927 81,632 51,964 21,299 1^087 180 579 111 813 235 295 2,572 1,388 12,046 12,710 1,056 26 83,671 82,871 51,836 21,202 1,086 235 576 112 825 235 800 2,508 1,365 12,041 12,705 1,054 Nov. 2 83,862 82,863 52,076 21,280 1,093 297 613 114 818 234 999 2,512 1,389 12,030 12,751 1,055 9 83,591 82,394 51,870 21,282 1,093 139 623 115 817 237 1,197 2,437 1,386 12,021 12,776 1,056 16 83,916 82,878 52,175 21,460 1,100 224 613 112 814 243 1,038 2,428 ,380 12,044 12,804 1,047 23 83,466 82,661 51,978 21,383 1,093 173 595 119 817 239 805 2,398 ,366 12,043 12,798 1,046 30 83,291 82,891 52,007 21,344 1,087 206 596 105 815 240 400 2,416 ,370 12,040 12,836 1,048 Dec. 7 83,814 82,991 51,933 21,259 1,083 190 649 97 815 243 823 2,404 ,375 12,027 12,829 1,038 14 84,154 83,444 52,266 21,347 1,082 238 660 106 818 247 710 2,510 ,379 12,046 12,870 1,037 21 85,755 84,445 53,020 21,510 1,091 516 679 112 823 257 1,310 2,732 ,392 12,050 12,892 1,034 28 85,530 84,622 52,933 21,381 1,102 495 623 102 833 263 908 2,833 ,390 12,041 12,900 1,030 1961 Jan. 4 86,136 84,721 53,008 21,320 1,110 686 657 103 261 1,415 2,825 ,379 12,034 12,913 1,108 11 84,895 83,931 52,254 21,217 1,112 369 596 105 824 245 964 2,709 ,372 12,018 12,798 1,111 18 84,671 83,784 52,080 21,084 1,098 527 593 104 816 246 887 2,625 ,333 12,017 12,751 1,114 25 83,717 83,567 51,558 20,885 1,099 368 566 102 822 243 150 2,504 ,327 12,015 12,740 1,113 Feb. 1 85,241 84,291 52,317 20,822 1,102 357 578 97 832 246 950 2,470 ,318 12,003 13,610 1,118 8 84,599 83,725 52,038 20,860 1,102 205 565 96 822 244 874 2,421 ,304 11,985 13,550 1,116 15 85,325 84,394 52,327 21,026 1,106 292 573 99 827 248 931 2,405 ,310 11,994 13,563 1,116 22 84,930 84,156 52,299 21,008 1,102 318 579 104 825 251 774 2,402 ,306 11,995 13,526 1,117 Mar. 1 85,056 84,101 52,330 21,006 1,116 337 619 102 834 232 955 2,349 ,322 11,985 13,547 1,119 8 84,647 83,767 52,026 20,990 1,102 185 593 99 827 236 880 2,320 ,290 11,960 13,543 1,119 15 85,314 84,374 52,516 21,353 1.111 262 596 99 829 246 940 2,412 ,292 11,961 13,477 1,122 22 84,733 83,956 52,444 21,356 1,114 272 592 101 833 237 777 2,362 ,319 11,962 13,420 1,124 29 84,497 83,728 52,314 21,322 1,123 167 595 93 838 254 769 2,318 1,343 11,959 13,426 1,124 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 Apr-^::::::::: 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 •For description of revised coverage, see BULLETIN for June 1961, 2 Exclusive of loans to domestic commercial banks and after deduction p. 654. of valuation reserves; individual loan items are shown gross. 1 After deduction of valuation reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1959-61 863 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES OUTSIDE NEW YORK CITY—Continued [Revised coverage.* In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— Wednesday Notes and bonds a B n al c - es a B n al c - es Currency se R r e- ves o A th l e l r l T ia t o i b e t i s a li l - Cer- maturing— O se t c h u e - r Total do w m it e h s- w fo i r t - h c a o n i d n F w . i R th . assets ca a p n i d tal Total Bills tifi- rities tic eign Banks accounts cates W 1 y i i n t e h a - r 5 1 y e t a o rs 5 A y f e te a r rs banks banks 1960 June 1 20,861 773 536 906 14,922 3,724 7,481 13,222 2,983 ,064 9,141 2,207 103,537 8 20,865 777 538 906 14,923 3,721 7,496 12,952 2,592 ,044 9,279 2,192 102,270 15 20,786 746 525 900 14,902 3,713 7,513 13,675 3,065 ,066 9,507 2,165 105,687 22 20,597 608 536 876 14,830 3,747 7,520 13,381 2,718 ,092 9,535 2,178 103,827 29 20,513 527 536 867 14,849 3,734 7,504 13,393 3,008 ,145 9,207 2,229 103,174 July 6 20,413 493 534 862 14,846 3,678 ,524 13,597 2,834 ,035 9,693 2,211 104,630 13 21,805 ,896 535 860 14,863 3,651 ,511 13,776 2,859 ,148 9,736 2,196 106,359 20 21,748 ,904 522 816 14,865 3,641 ,536 13,722 2,676 ,091 9,919 2,213 105,449 27 21,795 ,893 520 885 14,875 3,622 ,568 13,426 2,696 ,126 9,571 2,269 104,104 Aug. 3 21,610 ,675 522 918 14,857 3,638 7,607 13,444 2,705 ,021 9,681 2,290 104,931 10 21,507 ,588 524 924 14,821 3,650 7,553 13,274 2,648 ,076 9,513 2,253 104,298 17 21,703 ,485 847 713 14,831 3,827 7,582 13,565 2,751 ,068 9,707 2,194 105,694 24 21,662 ,452 846 727 14,792 3,845 7,493 13,149 2,628 ,110 9,377 2,170 103,428 31 21,772 ,537 853 748 14,797 3,837 7,467 13,000 2,643 ,071 9,252 2,258 104,170 Sept. 7 21,758 ,500 875 755 14,786 3,842 7,510 13,197 2,970 ,092 9,099 2,236 104,574 14 21,710 ,445 872 760 14,813 3,820 7,512 13,423 2,975 ,149 9,263 2,250 106,904 21 22,075 ,708 893 1,130 14,503 3,841 7,479 13,178 3,025 ,122 8,995 2,292 106,112 28 21,949 ,557 893 1,173 14,482 3,844 7,508 13,415 2,762 ,154 9,464 2,312 104,894 Oct. 5 21,870 ,503 910 1,152 14,465 7,546 13,473 2,902 ,025 9,508 2,326 105,908 12 21,775 ,417 911 1,157 14,458 7,563 13,397 3,034 ,148 9,182 2,333 106,681 19 22,066 ,710 924 1,215 14,414 7,602 13,892 3,423 ,136 9,298 2,332 106,004 26 23,382 2,994 928 1,254 14,410 7,653 13,399 2,683 ,147 9,529 2,369 106,574 Nov. 2 23,104 2,683 935 1,304 14,390 3,792 7,683 13,635 2,760 ,066 9,772 2,433 107,662 9 22,913 2,500 937 1,290 14,402 3,784 7,611 13,317 2,762 ,130 9,388 2,421 106,785 16 23,123 2,313 841 2,070 13,872 4,027 7,580 13,596 3,054 ,126 9,374 2,336 109,045 23 23,063 2,189 846 2,105 13,871 4,052 7,620 13,123 2,737 ,111 9,239 2,324 106,825 30 23,221 2,243 893 2,160 13,885 4,040 7,663 13,751 3,590 ,196 8,931 2,403 107,269 Dec. 7 23,293 2,317 911 2,186 13,864 4,015 7,765 12,671 2,794 ,157 8,687 2,369 106,111 14 23,390 2,339 945 2,173 13,937 3,996 7,788 13,609 3,257 ,298 9,018 2,384 108,160 21 23,548 2,460 1,002 2,174 14,388 3,524 7,877 13,300 3,026 ,264 8,974 2,339 109,447 28 23,800 2,678 1,005 2,177 14,540 3,400 7,889 13,566 3,121 ,402 9,010 2,384 109,692 1961 Jan. 4 23,827 2,714 1,009 2,197 14,605 3,302 7,886 13,461 3,295 ,201 8,928 2,381 110,878 11 23,741 2,667 962 2,192 14,634 3,286 7,936 13,217 3,012 ,257 8,912 2,337 108,508 18 23,789 2,769 981 2,200 14,570 3,269 7,915 13,212 2,903 ,193 9,079 2,354 108,170 25 24,091 3,036 1,036 2,231 14,560 3,228 7,918 13,402 3,468 1,182 8,712 2,411 106,415 Feb. 1 24,086 3,009 1,029 2,263 14,572 3,213 7,888 12,699 2,873 1,095 8,693 2,509 108,027 8 23,738 2,748 1,027 2,278 14,493 3,192 7,949 12,977 2,640 1,109 9,182 2,431 106,657 15 24,057 2,546 727 3,144 14,469 3,171 8,010 13,238 3,054 1,147 8,999 2,388 109,847 22 23,869 2,410 704 3,197 14,376 3,182 7,988 13,067 2,953 1,203 8,871 2,341 107,739 Mar. 1 23,795 2,381 702 3,267 14,279 3,166 7,976 12,767 2,936 1,077 8,713 2,410 108,355 8 23,705 2,349 712 3,316 14,230 3,098 8,036 12,682 2,697 1,098 8,848 2,398 106,513 15 23,796 2,433 728 3,351 14,183 3,101 8,062 13,069 3,023 1,101 8,904 2,390 109,223 22 23,402 2.093 715 3,391 14,116 3,087 8,110 12,907 2,950 1,153 8,761 2,370 107,115 29 23,299 2,049 706 3,352 14,054 3,138 8,115 12,523 2,782 1,185 8,516 2,437 106,071 Apr-.i:::::::::: 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 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 2,605 757 3,613 12,844 4,068 8,225 12,653 2,851 1,206 8,538 2,401 107,551 f- * For description of revised coverage, see BULLETIN for June 1961, p/654. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

864 WEEKLY REPORTING MEMBER BANKS, 1959-61 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES OUTSIDE NEW YORK CITY—Continued [Revised coverage. * In millions of dollars] Deposits Borrowings Demand Time Wednesday d ju m e D p s a a t o d e e n - s - d d i t 1 s Do t m I ic n e t s e - rban F e k i o g r n - G U o .S v . t. S p s d s a i t i o u c i a o n v l b a t n i d i e - l t - s - s c C h c o a f e e e e i f t n e c f r c r d i t s d . k - i ' s - , p v r c s a i a I o d h a r n t r t i u n i d n p o p d a i e o n s - l , r s - s - , I b n a t n er k - P G U i s a o n o a . n s g v v d t S s a - t . . l S p s d s a i t i o u c i a o n v l b a t n i d i - e l t - s - s p v r c a s a i I o d a h r n t r t i n u i d n p o p d a i e o n s - l , r s - s - , B F F a . r o n R m k . s o F t r h o e m rs l O i i a t t i b h e i e s l r - C co a a u p c n - it t a s l 1959 July 1 45,802 7,825 339 2,167 4,549 1 424 47,497 396 157 1.682 26,235 414 1,150 1.612 7 913 8 45,821 8,118 331 2,506 4,274 1,275 47,003 395 156 ,668 26,182 710 699 ,590 7,919 15 46,421 8,246 333 2,881 4,210 1 304 49,371 384 158 ,668 26,189 519 794 ,626 7 901 22 46,946 7,573 335 2,405 4,308 1,315 48,305 380 156 ,648 26,191 562 807 ,625 7,886 29 47,146 7,243 336 2,097 4,477 1,211 47,837 373 156 ,576 26,174 387 971 ,659 7,933 Aug 5 46,399 7 966 338 1,907 4 633 1 191 47,447 370 154 ,568 26,195 392 925 675 7 944 12 46,318 8,159 344 1,656 4,357 1,204 48,332 356 155 ,556 26,194 404 1,068 ,700 7,959 19 45,608 7 861 350 3,061 4 328 1 179 47 159 354 154 ,542 26 199 348 888 731 7 972 26 46,182 7,456 323 2,815 4,370 1,143 46,978 375 154 518 26,188 313 1,041 761 7,983 Sept 2 . . 45,651 7,972 339 2,622 4,345 1,197 46,866 358 153 1,493 26,216 424 953 1,794 8,004 9 45,857 8,370 344 1,884 4,218 1 122 47,372 356 156 1,478 26,238 284 1,140 1 831 7 999 16 46,186 8,784 318 2,424 4,129 1,340 49,236 351 153 1,459 26,217 208 1,189 1,770 7,974 23 45 660 7 772 320 2,808 4 173 1 191 47 296 350 152 1,455 26 236 420 941 1 793 7 976 30 45,746 7,857 311 3,081 4,348 1,225 47,554 349 149 1,444 26,242 164 702 1,792 8,024 Oct 7 45,522 8,357 310 2,020 4,119 1,205 47,050 345 127 1,413 26,235 402 949 1,841 8,038 14 46 302 8 712 318 1,282 3 947 1 264 49 516 341 129 1,407 26 244 275 1 099 1 891 8 016 21 46,175 8,071 321 2,658 3,941 1,185 48,408 342 125 1,383 26,264 575 656 1,869 8,007 28 . . 46,371 7,680 339 2,392 4,011 1,105 48,055 330 126 1,366 26,255 579 693 1,876 8,038 Nov 4 46 189 8 538 335 2 385 4 418 1 189 47 912 330 124 1,347 26 254 380 843 1 914 8 069 11 46,318 8 604 332 1,832 4 235 1 339 47,881 326 126 1,328 26,135 323 936 1 963 8 080 18 46,374 8,388 323 2,262 4,417 1,363 48,498 328 123 1,284 26,011 515 891 1,998 8,072 25 46,616 7,680 307 2,073 4,501 1,241 48,232 332 127 1,296 26,005 423 1,043 2,041 8,077 Dec 2 46 375 8 176 316 2 667 4 521 1 341 48 030 332 126 1,290 25 998 371 1,180 2 038 8 112 9 46,900 8,162 312 1,776 4,336 1 178 48,204 337 126 1,300 26,024 391 1,204 2,056 8 097 16 . . 47,839 8,535 317 2,267 4,430 1,422 50,249 336 125 1,319 26,034 390 835 2,007 8,062 23 47,541 8,304 318 2,511 4,437 1 426 49,779 343 126 1,395 26,116 291 1,065 1 939 8 070 30 47,995 8,276 325 2,202 4,577 1,476 49,787 337 126 1,411 26,245 246 864 1,813 8,121 1960 Jan 6 47,180 8 980 323 1,727 4,571 1 355 49 252 336 124 1.477 26 076 1,147 614 1 742 8 123 13 47,537 8,610 317 2,014 4,398 1,146 50,302 333 122 1,480 25,941 350 643 1,777 8,116 20 47,395 7 931 318 1,467 4 455 1 146 49 315 329 122 1,480 25 878 621 688 1 904 8 094 27 46,954 7,340 325 1,570 4,369 1,024 48,337 326 127 1,533 25,826 242 1,044 1,893 8,120 Feb 3 45,998 7,823 304 1,867 4,666 1 141 47,366 316 127 1,542 25,816 613 879 1,926 8,137 10 46 142 7 736 320 1,395 4 524 999 47 265 300 129 1,538 25 821 380 1,034 1 945 8 140 17 45,019 7,649 321 2,329 4,414 1,062 47,323 288 127 1,566 25,807 588 1,195 2,062 8,135 24 45,410 7,210 320 2,235 4,441 1 084 46 924 283 128 1,555 25,800 237 1,348 2 036 8 143 Mar 2 44,892 7,571 320 2,229 4,645 1,071 46,448 269 125 1,550 25,831 552 1,013 2,072 8,180 9 45,115 7,562 327 1,244 4,400 961 45,996 273 125 1,547 25,868 515 1,186 2,096 8 181 16 45 372 7 967 330 2 190 4 155 1 107 48 072 273 124 1,555 25 898 267 1 219 2 060 8 167 23 44,969 7,405 333 2,194 4,433 994 46,050 261 125 1,572 25,945 231 1,253 2,126 8,165 30 44,568 7,247 340 2,061 4,510 975 45,531 263 124 1,575 25,957 665 1,266 2,091 8,214 Apr. 6 44,637 7,945 351 1,154 4,299 1,035 46,083 266 117 1,595 25,991 557 1,078 2,107 8,230 13 45,623 7,857 341 903 4,225 1,084 48,375 293 117 1,603 25,971 314 1,409 2,180 8 234 20 ... 46 392 7 674 318 1 783 4 698 1 103 48 168 306 117 1,643 25 928 179 1 218 2 275 8 215 27 45,890 7,109 326 2,127 4,701 1,023 47,163 326 117 1,660 25,926 405 1,242 2,235 8,266 May 4 44,687 7,501 330 2,943 4,899 1,000 46,116 330 116 1,675 25,969 389 1,216 2,258 8,287 11 44,790 7,483 323 2,762 4,658 912 46,602 334 116 1,672 26,001 613 975 2,313 8,288 18 44,012 7,408 326 3,477 4,678 959 46 005 334 115 1,667 26,039 113 1,451 2 404 8 284 25 44,397 6,833 372 3,505 4,655 884 45,466 330 114 1 687 26,064 158 1,483 2,369 8,300 * For description of revised coverage, see BULLETIN for June 1961, 1 Demand deposits other than interbank and U. S. Government, less p. 654. cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1959-61 865 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES OUTSIDE NEW YORK CITY—Continued [Revised coverage. * In millions of dollars] Deposits Borrowings Demand Time De- Other Capital Wednesday d j m u ep s a a t o d e n s - d d i t ! s Dom In e t s e - rban F k or- G U o .S v . t. S p s a i t o u c a n l b a t d i e - l t- s C c o a f e e i f n e f r r i d t s d - i ' - p v s a i I d h a r n t u n i d n p d a i e s - l , r s - , I b n a t n e k r- P G U s a o a o . n s v v t d S a - t. l . S p s a i t o u c a n l b a t d i e - l t- s p v s a i I d h a r n t n u i d n p d a i e s l - , s r B F F a . r o n R m k . s o F t r h o e m rs li i a ti b e i s l- co a u c n - ts tic eign divi- checks, corpo- ings divi- corposions etc. rations sions rations 1960 June 1.... 44,305 7,415 326 3,528 4,888 1,032 46,055 316 115 1.698 26,101 75 1,295 2,360 8,333 8. ... 44,411 7,759 312 2,514 4,589 991 45,494 307 113 1,678 26,178 400 1,227 2,372 8,336 15 45,010 8,117 324 3,163 4,322 1,121 48,295 297 110 1,716 26,212 206 1,079 2,413 8.312 22 45,100 7,454 325 2,986 4,545 1,098 46,764 304 110 1,705 26,292 522 944 2,445 8,333 29 44,339 7,404 336 3,571 4,507 996 45,735 300 110 1,744 26,457 63 1,246 2,306 8,399 July i«.... 4 4 3 4 , , 8 4 5 7 1 0 8 8, , 3 1 0 7 1 6 3 3 5 3 3 6 4 3 , , 2 2 5 7 5 2 4 4, , 0 3 4 7 5 4 1 1, , 0 1 3 5 4 6 4 4 6 7 , , 4 6 2 5 4 2 3 3 0 1 8 0 1 1 0 0 9 8 1 1 . .7 7 6 3 7 4 2 26 6 , , 4 4 8 5 6 0 3 1 8 1 0 7 1 1 , . 2 28 8 2 2 2 2, , 2 2 8 2 4 0 8 8 , , 3 3 9 8 2 2 20 45,080 7,827 337 3,454 4,197 988 47,487 309 110 1,781 26,540 805 885 2,364 8,365 27 45,553 7,446 353 3,125 4,383 983 46,924 310 107 1,795 26,561 140 1,234 2,351 8,392 Aug. 3 44,977 8,078 346 3,223 4,705 1,018 46,458 326 110 1.794 26,608 189 1,290 2,361 8.425 10 45,030 8,292 335 2,681 4,472 981 46,455 332 108 \,19l 26,681 100 1,202 2,444 8,424 17 44,367 8,251 352 3,400 4,410 1,017 46,778 346 108 1,830 26,794 271 1,234 2.476 8,427 24 44,666 7.723 345 2,856 4,357 959 45,795 349 110 1,896 26,844 99 1,217 2,443 8,435 31 44,849 7,796 347 2,687 4,557 997 46,218 347 111 26,866 258 1,108 2,498 8,483 Sept. 7 44,792 8,695 331 1,870 4,455 984 46,523 381 110 1.881 26,935 72 1,331 2,514 8,492 14.... 45,345 8,965 333 1,660 4,296 1,037 48,846 384 110 1.887 26,983 71 1,260 2,598 8,474 21 44,850 8,671 337 3,093 4,306 1,002 47,221 383 110 1.892 27,041 11 960 2,609 8.476 28 44,603 7,965 314 3,545 4,370 927 46,271 386 111 K85O 27,107 450 534 2,543 8,521 Oct. 5 44,409 8,937 315 3,069 4,391 994 46,556 386 113 1,848 27,200 44 969 2,550 8,536 12 44,657 9,331 324 2,137 3,942 922 48,211 371 112 1.836 27,284 68 982 2,609 8,552 19 45,345 9,379 346 1,512 4,080 941 48,177 374 110 1,835 27,345 12 644 2,711 8,538 26 45,908 8,278 340 2,886 4,227 917 47,899 356 110 1,847 27,382 503 594 2,658 8,577 Nov. 2 45,375 8,934 336 3,126 4,465 ,027 47,615 363 1.860 27,440 307 774 2,714 590 9 45,230 8,873 343 2,607 4,315 ,019 47,352 366 1,843 27,404 76 1,145 2,726 605 16 45,034 9,351 339 2,991 4,343 ,224 48,664 367 112 1.831 27,292 54 1,037 2,838 602 23 45,336 8,273 351 2,841 4,553 1,102 47,593 364 114 1,834 27,320 250 843 2,785 602 30 45,721 9,075 344 2,582 4,637 1,085 47,823 359 114 1,894 27,290 25 555 2,834 652 Dec. 7 45,661 8,991 341 1,543 4,345 1,033 47,540 362 116 1.972 27,373 38 1,014 2,782 8,661 14 47,237 9,099 350 1,302 4,287 1,197 49,766 365 117 1.986 27,396 23 852 2,780 8.640 21 47,071 9,061 327 2,569 4,317 1,140 49,667 394 116 2.069 | 27,461 47 874 2,770 8.635 28!!!!'.'. 46,956 9,031 355 2,734 4,482 1,088 49,598 398 113 2.096 27,619 22 803 2,679 8,674 1961 Jan. 4 46,270 10,048 325 2,603 4,615 1,223 49,332 396 115 |2.154 27,726 72 1,103 2,489 8.677 11 46,574 9,622 323 1,524 4,396 1,061 49,176 395 114 !2.163 27,756 17 850 2,427 8.684 18 46.867 9,056 318 1,460 4,568 1,024 49,208 397 118 |2.191 27,793 35 807 2,534 8.661 25 46^924 8,595 326 1,504 4,612 956 48,241 398 124 I2.239 27,827 20 367 2,540 8,666 Feb. 1 46,213 8,353 327 2,158 4,842 1,022 47,927 401 125 2.250 ! 28,493 122 674 2,612 8,721 8 45,787 8,564 323 1,622 4,573 903 46,961 405 120 2,258 I 28,560 364 720 2,553 8,731 15 45,203 8,770 334 2,710 4,515 1.119 48,465 401 119 !2.278 28,603 400 816 2,607 8.710 22 45,037 8,170 313 2,855 4,605 954 46,879 404 121 I 2.254 i 28,676 250 799 2,719 8,740 Mar. 1 44,906 8,376 303 2,842 4,775 1,077 47,116 402 120 |2.254 28,740 24 770 2.723 8.773 8 44,943 8,524 350 1,703 4,376 932 46,421 413 121 |2.273 28,834 132 1,010 2,636 8,788 15 45,907 8,591 336 2,033 4,285 ,238 48,834 406 127 2.235 28,785 24 1,092 2,468 8,769 22 45,386 8,127 317 2,305 4,516 1,083 46,892 413 128 2.260 28,849 34 926 2,492 8,773 29 '.'.'.I'.'.45,042 7,718 349 2,044 4,521 1,015 46,120 415 129 2,293 28,934 60 1,147 2,498 8,828 Apr-1§:::::: 45,077 8,898 358 2,048 4,506 1,078 47,043 412 129 2,354 29,035 60 707 2,439 8,827 46,137 8,755 352 962 4,437 1,112 48,870 425 128 2,395 29,144 45 674 2,393 8.832 19 46,931 8,572 352 770 4,895 1,182 48,703 431 132 2,450 29,063 19 701 2,472 8,806 26 46,441 7.965 345 874 4,949 1,014 47,798 434 121 2,486 29,161 11 1,081 2,482 8,830 * For description of revised coverage, see BULLETIN for June 1961, 1 Demand deposits other than interbank and U. S. Government, less p. 654. cash items reported as in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments. 868 Gold production 869 Net gold purchases and gold stock of the United States. 870 Estimated foreign gold reserves and dollar holdings 871 International capital transactions of the United States 872 United States balance of payments 881 Money rates in foreign countries 881 Foreign exchange rates. 883 Index to statistical tables 889 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. 867 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

868 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] E m n o d n t o h f w m E t o o a s r t t t a l e i d - l d l M F I t u n a o r t n n y 'l d e- U S n ta i t t e e s d r m w e E s a o s t t t r e i l o - d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p g h . o e , 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 May 1 489 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 ,175 287 906 42 74 Aug 2,562 19,045 80 156 293 ,094 287 904 42 74 S O e c p t t ... . "46; 690 2 2 , , 5 6 6 0 4 3 1 1 8 8 , , 7 4 2 4 5 3 19;400 8 8 4 4 1 1 5 5 9 7 2 29 9 3 3 , , 0 1 9 1 4 2 2 2 8 8 7 7 8 8 9 9 1 4 4 4 2 5 7 7 5 6 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 17,480 138 150 293 ,156 287 885 39 79 Feb 2,447 17,412 158 149 293 ,137 287 886 45 79 Mar ^40,660 2.476 17,433 ^20,750 188 150 293 ,132 287 884 44 '80 Apr .... 2,476 17.435 153 293 ,086 891 46 81 May 2,479 17 4^1 153 293 0fi9 899 46 E m n o d n t o h f Cuba m De a n rk - D R o e ic l p m i a c u n i b n - - E d c o u r a- U g E i t . R g o i A a y n e n . - — p R - . E v l a - d S o a r l- l F a i n n d - France2 R F m e e G p d a o e u n e f r b r y - a l , i l c Greece G m u a a l t a e- India I n n e d s o ia - 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—May 19 31 10 20 174 30 38 1,513 2,741 26 24 247 33 June 19 31 10 20 174 30 38 1,551 2,772 26 24 247 33 July 19 31 10 20 174 30 38 1,560 2,818 26 24 247 33 Aug 3 31 10 20 174 30 38 1,568 2,879 26 24 247 33 Sept .... 1 31 10 20 174 30 38 1,627 2,888 31 24 247 33 Oct 31 10 20 174 30 41 1,622 2,915 31 24 247 37 Nov . 31 10 ->o 174 30 41 1,626 2,943 31 24 247 57 Dec 31 10 90 174 30 41 1,641 2,971 76 24 247 58 1961—Jan 31 10 20 174 30 41 1,641 2,999 76 24 247 58 Feb 31 20 174 30 41 1,644 3,029 76 24 247 Mar 31 20 174 30 41 1,883 3,242 76 247 Apr 31 ! 20 174 26 41 1,952 3,296 247 May . ... 31 20 174 41 1 994 3,433 247 Ire- E m n o d n t o h f Tran 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 I960— May 131 84 18 1,983 102 142 ,164 34 30 52 28 15 549 June 131 84 18 1,997 102 142 .231 34 30 52 28 16 549 July 131 84 18 1,998 102 122 ,246 34 30 52 28 16 550 Aug 131 84 18 2,088 102 122 ,246 35 30 52 28 12 550 Sept 131 84 18 2,186 102 121 ,346 35 30 52 27 13 550 Oct 131 111 18 2,186 102 140 .376 35 30 52 42 14 550 Nov 131 98 18 2,198 102 139 ,376 35 30 52 42 14 550 Dec 130 98 18 2,203 119 137 ,451 35 30 52 42 15 552 1961 Jan 130 98 18 2,204 119 135 ,451 35 30 52 47 16 553 Feb 130 98 18 2,217 119 135 ,451 35 30 52 47 18 553 Mar 130 98 18 2.128 119 ,451 35 30 53 47 19 539 Apr 130 18 119 .458 35 30 53 47 20 510 May 130 18 119 ,458 35 30 53 47 20 } 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 869 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Syrian Bank E m n o d n t o h f A So fr u ic th a Spain Sweden Sw la it n z d er- U gi . R o A n e — . - R • . T la h n a d i- Turkey U K d n o i i n m t g e 3 d - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - m S I e e f n t o n t t r l ' t l e s - 4 E E P F U 5 - 1954—Dec 199 132 265 ,513 17 113 144 2,762 227 403 14 76 153 1955—Dec 212 132 276 ,597 19 112 144 2,120 216 403 16 121 244 1956—Dec 224 132 266 ,676 19 112 144 2,133 186 603 17 59 268 1957—Dec 217 101 219 ,718 24 112 144 2,273 180 719 13 24 254 1958—Dec 211 57 204 ,925 24 112 144 3,069 180 719 17 -42 126 1959—Dec 238 68 191 ,934 104 133 2,736 180 652 16 -134 40 1960—May 255 78 171 1,767 104 133 2,859 180 512 7 -122 June 240 78 171 1,774 104 133 2,892 180 512 7 -103 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 Sept 204 98 171 1,980 104 133 180 462 6 -79 53 Oct 187 108 171 2,020 104 133 180 428 6 -54 Nov 176 158 171 2,059 104 134 180 398 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 2,239 134 2.948 180 398 111 May 149 170 2,247 2,903 398 44 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 5 European Payments Union through December 1958 and European avoids the overstatement of total world gold reserves since most of the Fund thereafter. gold deposited with the B.I.S. is included in the gold reserves of individual countries. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated world Africa North and South America Other Year or month production1 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 6 31 0 161 1 7 0 4 1 15 2 37 8 5 7 I960 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 .1 2.8 .5 June 391.6 63.4 1.6 2.6 3.9 13.5 .8 .6 .3 : 3.4 .4 July 3 92.5 63.6 f, 2.6 4.5 13.8 .7 .5 .4 'o 3.2 4 Aug 3 92.7 63.5 .7 2.6 4.9 13.3 .8 .6 .4 1.3 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 3 92.6 63 4 6 2.5 4 4 14 1 7 .6 3 -> 3 3 Nov 3 92.0 63.4 6 2.5 4.3 13.7 .9 .6 .4 1 3.1 .5 Dec 62.2 .7 2.5 3.9 13.8 .6 .3 1.2 3.4 .5 1961 Jan 63.7 7 2.5 3.2 13 2 .6 .3 1 4 2.9 5 Feb 62.7 5 2.5 2.9 12.6 .6 .4 1.0 2.9 Mar 65.7 q 2.5 3 7 13.7 .4 1.2 Apr 65 3 3.2 13.1 .4 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

870 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: Austria -6 -84 -83 — 1 -1 -85 3 3 -329 -39 -141 -26 -25 -7 -83 -68 -34 -266 -173 -56 — 117 -130 -226 -10 -34 -34 -23 Italy -65 25 — -2 6 3 1 49 -30 -249 —io —25 -110 — 105 100 Portugal .... -60 -55 -5 -20 -10 31 32 -114 — 33 — 81 — 58 Switzerland .. -65 -16 -8 -215 20 -324 -160 -165 -55 -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 18 8 -21 -38 -96 — 2 1 -11 -83 -35 Total -1,016 -378 -78 80 68-2,326 -827 -1,718 -40 -49 -576 -1,053 -244 15 5 Latin America: Argentina . . -85 115 75 67 -50 — 30 -20 —90 Mexico -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: -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 j 1 14 0) -3 -5 -38 0) -8 0) -29 0) 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 U. S. GOLD STOCK, AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U. S. MONETARY AUTHORITIES [In millions of dollars] Gold Gold Year (end S t o o f c k year) in s T c t r o o e c t a a k s l : e, im N p e o t rt, d m e a c E r r a k e r a e - s d e : , Month (end S o t f o m ck onth) in s T c t r o o e c t a a k s l : e, im N p e o t rt, d m e a E c r r a k e r a e - s d e : , c h F u o o r l r r d e e i i n n g c g n y s Tr u e r a y s- Total 1 c o r ( r e - a d ) s e e - ex (- p ) ort c o r ( r e - a i ) n se - Tr u e r a y s- Total 1 c o r ( r e - d a ) s e e - ex ( p -) ort c o r ( r e - a ) in se - m (e o n n d th o ) f 1949 24 427 24,563 165 686 -496 I960—June 19,322 19,363 -32 77 -102 1950 22 706 22,820 -1,743 -371 -1,352 July 19,144 19,188 -174 49 -222 1951 22,695 22,873 53 -549 618 Aug 19,005 19,045 -144 12 -151 1952 23 187 23,252 380 684 -305 Sept 18,685 18,725 -319 5 -319 1953 22 030 22 091 — 1 162 2 — 1 171 Oct 18,402 18,443 -282 125 -397 Nov 17,910 17,948 -495 19 -512 1954 21,713 21,793 -297 16 -325 Dec 17,767 17,804 -144 3 -145 1955 21,690 21,753 -41 97 -132 1956 21 949 22 058 306 106 319 1961_Jan 17,441 17,480 -324 -20 -322 1957 22 781 22'857 799 104 600 Feb 17,373 17,412 -68 -47 3 1958 20,534 20,582 -2,275 260 -2,515 Mar 17,388 17,433 21 -137 161 25 Apr 17,390 17,435 2 -88 92 175 1959 19,456 19,507 2-1,076 302 -1,324 May 17,403 17,451 16 -131 152 165 1960 17,767 17,804 -1,703 333 -1,982 June *>17,550 P17,603 (3) 4254 (3) P 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 available. statement "Member Bank Reserves, Reserve Bank Credit, and Related * 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 $11,503 million on June 30, 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 871 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, U.S. Govt. Area and country Gold & U.S. Gold& U.S. Gold& U.S. Gold & U.S. Gold& bonds & notes1 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 Western Europe: Austria 623 7 556 490 516 7 536 491 3 Belgium 1,272 7 1,339 1,340 1,240 7 1,317 1,282 2 Denmark 168 64 145 111 78 53 85 89 31 Finland 109 123 99 85 1 87 85 France 1,945 35 2,041 2,310 2,273 17 2,160 2,475 Germany (Fed. Rep. of) 4,624 816 4,682 5,243 5,995 816 6,447 6,752 Greece 212 186 138 109 139 143 Italy 3,119 3,053 3,049 3,181 3,080 2,912 Netherlands 1,617 1,646 1,643 1,646 1,779 1,731 T P N S S S w w o p u o a r r e r i t k i t w d u n z e e g e a y n r a y l l and 2, 4 6 9 1 1 1 0 8 0 2 5 6 4 6 3 5 4 4 1 1 8 4 0 3 8 1 1 1 2, 6 7 3 1 1 1 0 7 8 2 8 6 4 8 8 9 9 3 1 7 8 4 3 9 7 1 2, 4 6 2 7 1 1 1 3 2 3 3 5 2 7 7 3 1 2 1 ( 7 8 5 2 3 9 4 1 8 ) 2,7 6 2 3 1 1 3 3 9 8 1 4 5 8 5 6 5 9 1 ( 7 7 5 3 2 1 8 4 8 ) 2,8 6 3 3 1 1 6 3 2 9 1 5 3 6 7 7 2 1 1 P 7 5 4 > 3 7 7 1 3 1 9 8 4 4 2 1 1 8 2,7 4 6 3 1 1 2 3 1 1 5 1 1 8 5 6 8 3 1 ( 9 9 4 2 3 1 1 1 1 ) United Kingdom 3.490 3.716 4,124 403 4,503 381 4,467 412 4,380 448 Other 3 592 51 616 38 506 38 469 39 524 39 44 589 45 Total 22,207 855 22,354 866 23,345 885 24,413 849 25,107 838 25,290 867 Canada 3,158 452 3,307 485 3,439 429 3,552 424 3,324 446 3,315 464 Latin America: Argentina 393 443 454 419 501 Brazil 478 450 448 460 481 480 Chile 228 193 186 179 180 177 Colombia 288 277 262 242 236 240 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 1 Other * 253 273 388 400 370 317 28 Total 3,909 105 3,823 106 3,717 105 3,666 86 3,630 59 3,653 41 Asia: India 361 351 306 297 301 295 Indonesia 172 183 188 195 '236 159 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 2 Thailand 240 248 258 270 284 318 (2) Other 1,244 1,236 1,107 1,026 989 986 45 Total 3,949 53 4,028 70 3,996 115 4,165 103 '"4,346 87 92 4,452 57 All other: Australia 264 272 263 259 235 233 Egyptian Region—U.A.R 194 207 216 196 196 195 Union of South Africa 287 299 280 235 207 227 Other 5 525 41 528 549 57 553 601 27 600 Total 1,270 42 1,306 55 1,308 58 1,243 29 1,239 28 35 Total foreign countries 6 34,493 1,507 34,818 1,58: 35,805 1,59: 37,039 1,491 r37,646 1,409 1,426 International institutions 5,565 660 5,753 709 5,831 755 6,129 671 6,393 884 900 Grand totals 40,058 2,167 40,571 2,291 41,636 2,347 43,168 2,162 r44,039 2,293 2,326 Memorandum item: Sterling area 4,729 407 4,972 476 5,302 550 5,627 489 5,558 512 536 5,488 529 P Preliminary. r 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 J 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

872 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] 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 ro ta p l e Canada A L m a e t r i i n ca Asia o A th l e l r tutions 2 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 9,149 7,076 1,987 990 5,496 8,473 2,198 2,408 2,774 373 I960 May 20,177 3,359 16,818 9,269 7,549 2,217 1,500 4,931 8,648 2,423 2,528 2,817 403 June. 20,434 3,317 17,118 9,594 7,524 2,471 1,599 4,862 8,932 2 530 2 434 2 824 397 July 20,740 3,334 17,406 9,753 7,653 2,701 1,736 4,565 9,003 2,683 2,496 2,854 369 Aus 21 209 3,466 17,742 10,153 7,589 2,866 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 1,828 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 1,641 3,954 8,959 2,507 2 336 3 017 362 Dec 21,320 3,954 17,366 10,320 7,046 3,476 1,667 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 21,093 3,877 17,216 10,308 6,908 3,510 1,755 3,612 8,877 2,431 2,372 3,188 348 Apr v 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 Mayp 21,069 3,920 17,150 9,921 7,229 3,086 1,645 3,979 8,711 2,622 2,294 3,171 352 Table la. Other Europe End of month E O u t r h o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - France Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l w a e n r i - t d z- T k u ey r- ot A h n e - r' 1956—Dec 4,019 296 117 65 53 626 177 930 134 67 137 43 217 836 20 299 1957—Dec 4,310 349 130 112 64 354 154 1,079 203 93 142 24 260 967 18 360 1958—Dec 5,081 411 115 169 69 532 126 1,121 339 130 163 36 303 852 20 694 1959 Dec 5,496 331 138 137 71 655 186 1,370 485 95 138 86 213 969 31 590 I960 May 4,931 221 141 82 71 726 128 1,042 430 97 104 120 267 928 24 550 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 Aue 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 Mar. 3,612 198 150 58 44 592 67 784 280 83 76 111 268 556 24 323 Apr.p 3,768 194 187 57 44 634 68 823 265 84 80 118 282 539 17 376 Mayp 3,979 189 220 47 51 723 62 857 249 98 82 125 339 523 13 401 Table lb. Latin America Neth- End of month A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t A a a i e u l n n l r n r e d d - i - s s - l a p P i R m c u a e b n o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L i m c a th t a i e e 6 n r r nam 1956 Dec 2,346 146 29 225 91 153 211 68 25 64 433 69 109 84 73 455 111 1957_Dec 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958 Dec . . 2,403 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 133 1959—Dec 2,408 337 24 151 185 217 164 37 28 37 442 88 129 82 62 277 148 I960—May 2,528 412 22 172 156 205 138 35 33 52 409 88 123 79 63 351 191 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 2,336 335 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 2,372 313 23 193 133 160 63 31 28 53 336 77 95 65 47 494 261 Apr.1* 2,341 326 21 185 128 149 62 29 29 58 358 84 89 66 49 458 249 2,294 308 21 220 119 132 61 32 28 58 332 84 80 64 46 454 254 p Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 873 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATESs BY COUNTRIES*—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other End of month Hong Indo- K r R e o e a - - , Phil- Tai- Thai- Aus- Con- E ti g a y n p-Un o i f on Total Kong India nesia Iran Israel Japan pu li b c - p i i p n - es wan land Other Total tralia gi R o e n - —A S f o r u ic t a h Other of the U.A.R. 1956—Dec 2,415 66 76 186 20 45 1,017 99 272 61 148 425 346 84 44 50 53 114 1957—Dec 1 946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 40 38 153 1958 Dec 2,205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 16 30 125 1959—Dec 2,774 60 114 139 47 87 1,285 148 172 94 136 494 373 110 31 20 49 162 1960—May 2 817 58 67 138 47 91 1.445 136 194 90 152 399 403 113 46 41 30 174 June . 2,824 58 59 155 37 80 1,476 139 198 90 154 379 397 114 37 42 40 164 July 2 854 59 55 158 35 68 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 Sent 2,997 59 50 162 25 59 1,705 148 224 89 166 311 374 100 29 22 31 192 Oct. 2,998 58 36 170 26 62 1,758 153 217 86 169 263 384 87 30 24 30 213 Nov . . 3,017 60 37 148 25 71 1,808 150 212 84 177 245 362 80 32 27 33 189 Dec 3,107 57 54 178 22 75 1,887 152 203 84 180 215 352 88 32 22 29 181 1961—Jan 3,145 57 45 181 20 67 953 139 193 84 190 216 342 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 3,188 53 48 101 43 62 2,028 155 195 76 214 214 348 83 31 21 31 182 Apr v 3,194 51 40 89 41 50 2,097 154 172 77 210 215 393 124 32 21 30 187 Mayp 3,171 51 43 86 41 42 2,035 163 173 77 218 243 352 76 22 22 40 192 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 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 34.2 44.1 34.4 6.9 Czechoslovakia 8 .. .7 .6 7 10 36.3 36.0 35 8 34 8 Estonia .. 1.7 1.7 1.8 n.a Iraq 19.6 18.0 63 1 n a .7 .9 1.3 1.0 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 ReDublic of 9 0 10 0 5 4 2 7 Laos . 33 1 20 9 21 0 5 0 Latvia . .5 .6 .6 .5 Lebanon 28.2 37.9 38.0 36 2 Lithuania .5 .7 .6 .6 Malaya, Fed. of 1.6 1.2 1.4 6.3 Luxembourg .. ... 16.4 16.1 7.2 12.6 Pakistan 12.8 5.6 23.5 10.6 Monaco 5.4 5.9 5.3 4.1 Portuguese India (Goa) 2.5 2.5 2.3 1.4 Poland* 3.2 4.9 4.0 6.1 Ryukyu Islands 32.7 15.2 14.8 n.a. 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 Ghana .7 .4 n.a. Haiti 11.2 7.7 10.5 io!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. 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. .9 .9 .9 n.a. .8 .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 $7 million on May 31, 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

874 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 Payable End of month, or area Total in foreign and country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other 2 certificates1 certificates Total amounts outstanding 1956—Dec 14,939 12,860 5,979 5,990 891 2,030 1,653 243 134 49 1957 Dec 15,158 12,847 5,875 5,840 1,132 2,252 1,766 278 209 59 1958 Dec 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959—Dec 19,383 16,908 6,341 9,239 1,328 2,398 1,833 295 270 77 1960 Mav . ... 20,177 17,833 6,920 9,331 1,583 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 AUE 21,209 18,865 7,631 9,710 1,524 2,253 1,770 182 301 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 ,271 2,105 1,776 113 216 112 Mar 21,093 18,875 7,723 9,909 .244 2,106 1,792 102 213 111 Apr p 20,849 18,609 7,756 9,588 1,264 2,129 1,806 103 220 111 May23 21,069 18,756 7,971 9,497 1,287 2,181 1,836 129 216 133 Area and country detail, Mar. 31, 1961 Europe: Austria 198 196 189 7 2 2 (3) (3) Belgium 150 113 93 5 15 37 33 4 1 58 51 15 35 1 6 6 Finland 44 43 16 13 14 1 France 592 538 239 263 36 53 46 4 4 1 Germany, Fed. Rep. of.... 3,510 3,487 249 2,826 412 23 19 1 2 1 Greece . • 67 50 35 15 16 16 Italy 784 758 138 441 179 26 21 3 1 (3) Netherlands 280 253 109 130 14 25 21 2 2 3 Norway 83 48 46 3 34 33 1 Portugal 76 37 33 4 38 37 (3) 2 (3) Spain 111 90 89 1 22 21 (3) Sweden 268 259 67 181 11 9 9 (3) (3) (3) 556 446 255 46 145 106 73 7 26 Turkey 24 22 22 2 2 United Kingdom 1,755 1,403 1,016 338 48 296 150 49 97 55 Yusoslavia 14 13 13 (3) 1 1 (3) Other Europe 309 265 81 102 83 14 11 (3) 30 Total 8,877 8,071 2,703 4,393 975 710 501 69 141 96 2,431 2,226 1,595 622 8 198 170 20 8 6 Latin America: 313 251 141 89 21 62 61 1 Bolivia 23 8 8 16 16 (3) (3) P) Brazil 193 64 61 (3) 2 129 119 1 9 O~) Chile 133 92 92 (3) 41 40 (3) (3) Colombia 160 93 75 (3) 18 67 66 (3) 1 (3) 63 4 4 59 57 (3) 2 (3) D El o m Sa i l n v i a c d an o r Republic 2 3 8 1 3 1 1 0 1 6 0 (3) (3) 2 2 1 2 2 2 1 1 1 Guatemala 53 36 20 7 10 16 16 (3} 1 Mtexico •••• 336 187 184 (3) 2 149 146 2 1 (3) Neth. Antilles and Suri- 77 44 23 6 15 32 18 3 11 1 95 16 15 1 79 61 18 Peru 65 24 24 41 40 2 UruEuav 47 18 17 j 29 23 5 (3) Venezuela 494 298 298 (3) 195 190 2 4 (3) Other Latin America 260 177 111 56 10 81 76 2 4 1 Total 2,372 1,328 1,088 159 81 1,040 969 11 59 3 v Preliminary. 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 $2,554 million on May 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFL CAPITAL TRANSACTIONS OF THE U. S. 875 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN T HE 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 r d y Other i Total Deposits T bi r l e ls a s a u n r d y Other i certificates certificates Area and country detail, Mar. 31, 1961—Cont. Asia: Hons Kons 53 28 24 4 25 24 e> 1 India 48 37 33 4 10 10 (2) 101 98 70 10 18 2 2 Iran 43 38 38 5 5 (2) 62 59 30 7 22 3 3 Japan 2,028 2,009 1,041 902 66 17 16 (2) 1 2 Korea Rep of 155 154 154 e 1 1 T P T h a h i i a w l i i l p a a p n n i d nes 2 1 7 1 9 6 4 5 2 1 7 1 7 2 1 6 1 6 2 6 2 9 4 171 i 1 o 29 1 5 3 9 1 5 3 8 (2) (2) (2) Other Asia 214 178 145 25 9 35 33 (2) 1 (2) Total 3,188 3,061 1,790 1,117 154 125 121 4 2 1 All other: Australia 83 80 43 34 3 3 3 1 Congo Rep. of the 31 30 11 5 14 1 Egyptian Region—U.A.R.. 21 20 17 3 1 1 (2) Union of South Africa.... 31 29 28 1 1 1 (2) 1 Other 182 154 113 34 7 27 25 1 Total 348 313 212 76 25 33 30 1 2 3 Total foreign countries. 17,216 14,998 7,388 6,366 1,244 2,106 1,792 102 213 111 International institutions.... 3,877 3,877 334 33,543 Grand total 21,093 18,875 7,723 9,909 1,244 2,106 1,792 102 213 111 1 Represents principally bankers' acceptances and commercial paper. 3 Includes $2,594 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] End of month Total France R m G F e a e p e n d . r 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 1,099 435 69 1959 Dec 2,623 51 54 30 38 121 234 534 272 1,175 586 56 1960 Mav 2,691 26 55 32 36 135 226 509 258 1 124 743 56 2,764 28 62 32 42 181 230 575 272 1,111 746 60 July 3,062 27 63 30 36 234 227 617 336 1,203 845 61 Aug 3,117 33 68 35 41 239 212 628 341 1 200 886 62 Sept 3,160 29 77 33 45 256 226 665 356 1,150 921 68 Oct 3,361 32 84 42 54 237 245 694 397 1,244 956 70 Nov 3,325 28 78 35 55 222 240 658 376 1,254 972 65 Dec 3,590 32 82 34 60 245 264 717 409 1,354 1 042 68 1961 Jan 3,586 35 78 38 61 197 237 646 417 1,338 1,113 72 Feb 3,672 37 81 36 61 170 224 609 377 1,390 1 224 73 Mar 3,947 44 108 36 74 167 246 676 467 1 374 1 354 76 Aprp 4,114 44 134 46 70 170 232 695 496 1,394 1 453 76 May? 4,088 42 145 42 65 171 230 695 478 1,336 1,502 75 P Preliminary. banks and bankers on behalf of their customers in the United States; i 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

876 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Other Aus- Bel- Den- End of month Europe tria gium mark 1956 Dec 216 7 28 12 1957 Dec 211 6 25 11 1958—Dec 315 7 65 14 1959 Dec 234 4 56 18 I960 Mav 226 2 46 7 June 230 2 50 7 July 227 3 49 6 Aue 212 2 41 7 Sept 226 3 41 9 Oct 245 2 53 10 Nov 240 3 50 Dec 264 2 65 1961 Jan 237 2 63 Feb 224 2 61 Mar 246 3 58 Apr P 232 2 56 230 3 58 COCO Tj Fin- land 4 4 12 12 11 11 NOOO 0000 9 7 8 9 ONON O> 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- 4 21 23 2 8 13 6 29 23 2 8 10 7 56 22 2 30 24 5 38 7 2 8 19 4 36 7 2 5 23 4 34 7 2 5 22 5 36 8 2 7 22 6 30 9 2 7 18 5 29 11 3 10 23 5 32 16 3 8 25 7 30 17 3 7 6 33 17 4 8 5 34 11 3 6 9 7 32 10 2 6 10 6 47 10 3 7 11 7 42 10 2 7 11 7 44 10 3 8 %% g Tur- Yugo- All key slavia other 88 <*) 7 76 10 72 (1 9 47 3 18 60 12 13 62 12 14 55 12 12 59 11 13 61 9 15 58 7 16 53 8 15 49 11 19 41 9 14 25 32 9 16 26 35 12 16 24 24 16 19 25 15 15 21 Table 3b. Latin America Neth- Do- er- End of month A L m i a c t e a in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba m p i R c u i e a b n - n - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l t A a a il n n l n e d d - s s lic Surinam 1956 Dec 840 15 4 72 16 145 90 7 11 7 213 5 1957 Dec 956 28 3 100 33 103 113 15 8 8 231 2 1958 Dec 1,099 40 3 148 52 51 166 19 10 12 293 6 1959—Dec 1,175 60 3 117 59 68 115 29 15 10 291 4 1960 Mav 1,124 68 4 161 50 77 77 19 6 13 325 5 June 1,111 76 4 156 50 77 67 17 7 11 321 5 July 1,203 81 4 173 57 80 62 16 7 11 335 5 Aug . ... 1,200 87 4 176 54 78 55 18 9 11 333 6 Sept 1.150 96 4 189 57 79 31 17 14 11 316 4 Oct [,244 108 4 212 55 77 29 17 19 12 303 4 Nov [,254 112 4 206 63 76 27 17 19 13 302 Dec 1,354 121 4 225 73 80 26 16 22 14 343 1961 Jan [ 338 122 4 229 74 80 21 14 21 13 342 Feb [ 390 122 4 228 77 79 21 13 19 14 313 Mar 374 128 4 241 88 78 21 13 19 15 306 Apr p [,394 127 5 213 118 79 21 13 17 12 323 MayP 1,336 133 5 202 111 81 20 14 15 14 322 moo *r Panama, Other p R u e b - - Peru g U u r a u y - V zu e e n l e a - A L m at e in r- lic of ica 12 35 15 144 49 18 31 42 170 51 23 31 52 142 53 18 36 47 247 57 22 41 49 157 50 17 43 42 169 50 17 43 38 224 50 16 46 39 219 50 20 43 52 164 52 19 42 55 233 56 22 43 52 235 57 23 44 57 234 64 27 48 50 231 56 5 28 48 48 311 60 5 26 48 44 274 63 5 29 50 40 281 61 7 38 55 43 215 63 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 p P p h in il e - s Tai- T la h n a d i- Other Total t A ra u l s i - a C o R o f e n t p g h . o e , U g E i t R . g o i A a e y n - n . p — R - . U S A o n f o r u i f i o t c h n a Other 1956—Dec... 337 4 20 16 170 16 6 91 43 11 17 1957—Dec... 386 7 22 24 146 53 6 14 110 50 13 12 19 1958—Dec... 435 6 27 23 179 67 6 13 111 69 13 21 29 1959—Dec... 586 10 29 14 324 24 9 15 155 56 18 12 21 1960—May.. 743 12 33 16 488 21 10 12 145 56 21 11 20 June.. 746 11 7 35 17 497 14 11 11 143 60 23 11 21 July.. 845 10 9 36 16 586 22 10 15 141 61 25 12 21 Aug.. 886 10 7 38 15 628 26 10 14 140 62 25 10 22 Sept.. 921 9 9 36 14 660 23 6 15 149 68 27 11 23 Oct... 956 8 11 35 15 693 25 8 15 147 70 29 10 26 Nov.. 972 8 11 34 17 712 24 7 16 143 66 27 10 25 Dec, 1,042 9 9 33 24 796 19 7 24 121 68 27 11 24 1961—Jan... 1,113 34 27 867 16 7 22 124 72 28 3 12 26 Feb... 1,124 9 43 32 956 18 10 24 123 73 28 3 12 26 Mar.. 1,354 10 11 48 33 1,074 19 11 23 126 76 26 7 13 26 Apr.P 1,453 10 11 52 30 1,162 23 11 23 130 76 27 8 13 24 1,502 10 12 47 33 1,201 26 14 25 134 75 25 10 13 24 P Preliminary. 2 Less than $500,000. i See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 877 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 total1 Collec- Total tions Deposits Total Banks and out- Other Total with Other official Others standing foreigners institutions Total amounts outstanding 1955—Dec. 671 1,549 1,385 489 236 353 307 164 144 20 1956—Dec. 839 1,946 1,796 582 330 440 444 150 131 19 1957—Dec. 1,174 2,199 2,052 627 303 423 699 147 132 15 1958—Dec. 1,362 2,542 2,344 840 428 421 656 198 181 16 1959—Dec. 1,545 2,623 2,406 848 460 516 582 217 203 15 1960—May.. 1,628 2,691 2,466 768 392 569 737 224 191 34 June. . 1,599 2,764 2,485 726 387 579 793 280 198 82 July.. 1,666 3,062 2,665 731 387 561 986 397 223 173 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 Mar... 1,616 3,947 3,451 844 494 679 1,434 496 249 247 Apr.?. 1,639 4,114 3,590 912 527 716 1,435 524 241 283 May*. 1,634 4,088 3,581 871 523 710 1,478 506 235 271 Area and country detail, Mar. 31, 1961 Europe: 1 Austria 3 2 () 2 Belgium.. 31 58 55 35 10 Denmark. 6 12 12 1 2 1 Finland. . 3 10 10 (2) 2 8 France 17 44 37 13 12 Germany, Fed. Rep. of.. 35 108 90 28 n 23 28 18 Greece 9 6 6 (2) 2 4 (2) I N N ta e o l t r y h w e a r y lands 1 2 5 1 0 4 4 4 3 1 7 6 0 3 3 1 3 8 0 1 6 6 1 7 6 1 1 1 2 7 2 6 3 Portugal 2 3 3 2 Spain 3 7 7 1 Sweden 40 26 23 2 7 6 Switzerland 7 74 36 8 19 5 38 26 Turkey 35 35 31 4 (2) United Kingdom. 13 167 36 17 131 71 60 Yugoslavia 2 12 12 7 Other Europe 16 16 3 Total. 372 676 461 162 73 125 101 215 141 74 Canada 63 467 237 12 191 9 25 230 67 163 Latin America: Argentina 112 128 111 10 16 35 50 Bolivia 4 4 4 Brazil 203 241 240 93 16 33 Chile 35 88 88 20 25 16 26 Colombia. . . . 26 78 78 5 10 25 38 Cuba 21 21 2 19 Dominican Republic 13 13 5 4 4 El Salvador () 19 19 9 4 5 Guatemala 9 15 15 3 7 3 Mexico 175 306 302 83 59 35 125 Netherlands Antilles and Surinam Panama, Rep. of 24 26 26 1 14 5 6 Peru 11 48 48 2 6 21 19 Uruguay 1 44 44 5 3 4 33 Venezuela 180 274 273 137 47 67 22 Other Latin America.... 76 63 63 7 10 29 16 Total 858 1,374 1,352 380 213 312 447 23 20 Preliminary. 2 Less than $500,000. 1 Represents mainly loans with an original maturity of more than 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

878 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- A c r o e u a n a tr n y d t t e o r t m a — l1 Total Loans to: Collec- Total Ba i o n n f s f k i t s c i t i a a u l n - d Others sta t o i n o u d n t i - s ng Other Total f D or e w e p i i g o t n h si e t r s s Other tions Area and country detai , Mar. 31, 1961— Cont. Asia: Hong Kong 10 10 4 2 3 1 India 20 11 a10 3 5 1 1 1 Indonesia . • . • 41 14 48 (2) (2} Israel 9 33 33 3 4 Japan 18 1,074 1,055 140 3 117 795 20 20 (2) 3 3 3 Thailand 1 6 6 2 1 1 3 1 9 2 1 1 3 1 9 1 2 9 5 P C2 ) ) 3 1 1 1 3 8 1 (2) (2) (2) Other Asia 2 122 122 98 4 19 2 (2) (2) (2) Total 126 1,354 1,333 283 11 192 847 21 20 j All other: Australia 22 26 22 1 13 8 4 1 3 Congo Rep. of the 37 4 4 2 2 Egyptian Region—U.A.R.. 4 7 6 2 (2) Union of South Africa.... 61 13 12 1 11 (2) Other 73 26 23 3 4 15 1 3 (2) 3 Total 198 76 68 7 5 42 14 8 1 6 International institutions.... Grand total 1,616 3,947 3,451 844 494 679 1,434 496 249 247 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 i [In millions of dollars] U. >3. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Net purchases, Year or month c P ha u s r e - s Sales or sales F ( o — re ) ign c P ha u s r e - s Sales c s N a h l a e e t s 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 t s 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 t s s e p s ( u .o - r ) r - Total countries 1957 666 718 —52 117 1,617 1,423 194 699 1,392 -693 593 622 -29 1958 1,224 1,188 36 -237 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1959 1,217 528 689 527 2,593 2,158 435 946 1,458 -512 566 804 -238 I960 1,730 1,603 127 -98 2,418 2,167 251 '882 1,432 r-550 502 '589 r-87 I960 May 166 241 -75 -29 205 183 23 59 87 -28 58 46 12 198 170 29 —5 272 220 52 84 142 -58 50 70 -19 July 48 58 -10 -9 189 192 -4 53 83 -30 35 46 -11 Aug 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 -8 244 268 —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 63 86 -23 -17 370 329 42 43 91 -48 56 91 -35 Apr » 91 98 -7 35 348 308 39 43 96 -53 48 94 -46 May*3 155 207 -51 -41 343 299 45 59 122 -64 56 97 -41 v Preliminary. r Revised. 2 Includes small amounts of U. S. municipal securities. 1 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. 879 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 Total 2 Year or month Stocks Bonds Belgium France N la e e n r t d - h s - S l w a er n 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 i m a c t a e in r- ot A h l e l r 2 1957 194 143 51 14 8 35 101 77 20 255 -99 23 15 1958 -39 -56 17 -3 2 -8 19 -1 1 10 -86 23 14 1959 435 363 73 5 40 31 254 15 35 379 -30 40 46 I960 251 201 50 5 38 1 171 -48 66 234 -46 36 28 I960 May 23 6 17 1 3 3 4 -3 4 13 4 3 3 June 52 46 6 2 3 2 30 11 3 50 —4 3 4 July -4 -1 -3 2 1 -1 4 -1 4 -12 2 3 AUK -1 4 s 2 'I 13 -4 1 16 -22 3 2 Sept -18 -18 1 -1 -12 -7 7 -13 -4 1 -2 Oct -8 -22 14 -4 2 20 -29 8 -7 -6 2 3 Nov 7 10 -3 -1 3 14 -20 8 3 -2 5 2 Dec -12 7 -18 3 2 -2 -21 5 -17 5 1961 Jan 30 32 -1 1 5 -2 5 7 7 22 -4 8 5 Feb 17 32 -14 1 3 1 17 2 2 25 -13 1 6 Mar 42 32 10 2 3 2 18 5 5 30 6 -2 8 39 55 -16 — 1 (3) 3 21 9 32 -9 8 9 Mavp 45 58 -13 5 29 2 9 50 -19 9 4 v Preliminary. 2 Includes transactions of international institutions. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Assets in custody Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A La m t e in r- Asia o A th l e l r End of month Deposits tutions tries ica U. S. Govt. Miscelsecurities2 laneous3 1957 -384 -338 231 -552 15 -45 13 1958 -558 -805 -72 -543 5 -45 -150 1959—Dec., 345 4,477 570 1959 -157 -593 -50 -443 11 -97 -15 I960 -147 -491 -116 -202 -96 -41 — 36 I960—June, 254 4,977 672 July. 215 5,272 671 1960—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... j -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 June, 220 5,723 688 Apr.P 3 -102 -9 -54 -20 -19 0) May?.. 1 -106 -26 -50 -6 -22 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of p. 870 for total gold under earmark at J> Preliminary. Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

880 EVFL CAPITAL TRANSACTIONS OF THE U. S, TABLE 9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS [End of year or quarter. In millions of dollars] Liabilities to foreigners Claims on foreigners Area and country 1960 1960 1959 1959 1 2 3 4P 1 2 3 Europe: 1 3 2 2 1 4 4 5 6 8 Belgium 28 21 16 18 18 10 9 11 9 12 Denmark 2 2 2 2 1 9 4 5 8 12 Finland 1 1 1 1 1 3 2 1 2 1 42 43 37 20 29 25 28 33 36 38 Germany, Fed. Rep. of 55 56 48 46 41 31 25 27 26 33 Greece 1 1 1 1 2 3 2 3 2 Italy 13 14 13 15 16 33 26 26 29 36 Netherlands . .. 39 39 44 56 48 21 15 16 14 17 11 9 7 7 5 4 4 6 6 6 Portugal 1 1 1 2 3 4 3 3 Spain . 8 9 10 11 12 11 10 11 Sweden 26 20 14 8 6 22 23 27 27 26 Switzerland 34 42 29 30 26 13 19 20 19 17 Turkey 2 2 1 3 3 13 9 9 7 7 United Kingdom 112 109 89 80 63 53 73 148 162 633 Yugoslavia ... 1 1 1 1 1 1 1 1 Other Europe 5 5 6 5 3 3 5 6 Total 382 376 320 304 274 264 265 357 373 869 Canada 54 54 58 58 54 101 89 111 138 164 Latin America: Argentina 12 5 9 7 7 25 14 12 19 20 1 3 2 2 1 3 4 3 2 3 Brazil 18 15 17 15 15 54 55 65 69 76 Chile 4 5 5 5 3 10 9 9 9 12 Colombia 3 3 3 3 4 7 9 11 11 11 Cuba . . . 5 9 4 3 2 27 26 20 18 8 Dominican Republic i 1 1 (J1) 3 2 2 2 3 E G l u S at a e lv m a a d l o a r C 0 1 ) ) 8 C 0 1 ) ) 4 1 3 1 4 2 2 4 4 2 Mexico 6 27 30 30 31 36 Neth. Antilles and Surinam, 7 6 5 5 7 1 1 2 1 2 Panama Rep. of... 2 3 2 6 2 11 5 12 4 7 Peru 3 2 3 4 4 8 6 8 13 8 Uruguay • 4 4 3 4 1 2 3 5 4 4 Venezuela 18 20 19 20 21 35 32 31 29 34 Other Latin America 4 5 4 4 5 16 18 19 19 20 Total 87 86 80 86 79 235 220 234 239 248 Asia: Hong Kong . .. 2 3 2 3 3 2 2 2 1 2 India 8 3 4 4 6 5 7 7 11 12 Indonesia 3 3 4 4 3 2 2 1 1 Iran 4 3 4 5 6 7 8 8 7 8 Israel 2 1 1 3 5 11 11 10 9 11 Japan 15 23 19 18 28 36 41 39 35 52 Korea Rep of 0) 0) C1) 1 1 1 1 1 Philippines 6 10 8 7 9 7 Taiwan ... 1 1 2 2 3 2 2 2 3 3 Thailand 6 4 3 3 3 3 3 4 4 4 Other Asia 4 5 5 5 6 13 15 18 17 17 Total 53 53 51 55 68 92 100 99 98 119 All other: Australia 5 6 8 12 14 16 15 16 19 21 Congo, Rep. of the 1 1 1 1 1 1 3 Egyptian Region—U.A.R.. 1 1 2 3 5 6 5 6 Union of South Africa 7 6 6 1 1 6 8 8 8 6 Other 5 6 5 5 5 10 11 11 10 13 Total 18 19 22 21 23 38 41 41 44 49 International institutions.... 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) Grand total 593 588 531 524 497 730 715 843 893 1,450 P Preliminary. 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 881 U. S. BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1958 1959' 1960 r 1961 Item Exports of goods and services, total1.. 5,611 5,965 5,607 6,142 5,463 5,848 5,950 6,448 6,353 6,962 6,659 7,326 6,883 Merchandise 4,058 4,193 3,816 4,196 3,807 4,074 4,058 4,343 4,607 4,994 4,676 5,132 5,001 Services2 1,553 1,772 1,791 1,946 1,656 1,774 1,892 2,105 1,746 1,968 1,983 2,194 1,882 Imports of goods and services, total... 4,941 5,278 5,388 5,446 5,401 5,964 6,228 5,944 5,769 6,074 6,057 5,427 5,322 Merchandise 3,139 3,166 3,124 3,522 3,594 3,879 3,847 3,974 3,830 3,857 3,550 3,485 3,406 Services 970 1,200 1,425 1,095 1,027 1,296 1,595 1,216 1,172 1,461 1,709 1,215 1,157 Military expenditures 832 912 839 829 780 789 786 754 767 756 798 727 759 Balance on goods and servicesl 670 687 219 696 62 -116 -278 504 584 888 602 1,899 1,561 Unilateral transfers (net) 3 -563 -598 -544 -633 -621 -581 -547 -675! -579 -631 -618 -661! -700 Private remittances and pensions... -178 -174 -174 -196 -184 -187 -214 -206i -198 -213 -207 -230 -210 Government nonmilitary grants.... -385 -424 -370 -437 -437 -394 -333 — 469i -381 -418 -411 -431 -490 U.S. long- and short-term capital (net) 3 -887 -1,251 -784 -893 -494 '-1,032 -607 -5951 -875 -1,110 -1,075 -1,905 -1,357 Private, total -642 -1,025 -451 -726 -412 -738 -387 -838\ -651 -724 -924 -1.557 -937 Direct investment -155 -411 -156 -372 -287 -442 -224 — 4191 -303 -331 -327 -733 -424 Portfolio and short-term investment -487 -614 -295 -354 -125 -296 -163 -419! -348 -393 -597 -824 -513 Government -245 -226 -333 -167 -82 4-294 -220 243| -224 -386 -151 -348 -420 Foreign capital and gold (net) 580 1,086 934 901 953 41,439 1,440 62o| 821 981 1,208 1,119: 427 Increase in foreign short-term assets and Government securities 197 26 477 502 837 4990 1,250 560! 760 858 548 253! 50 Increase in other foreign assets.... 13 -15 -26 52 21 52 23 -12! 11 29 23 -55| 31 Gold sales by United States 370 1,075 483 347 95 4397 167 72| 50 94 637 921 346 Errors and omissions 200 76 175 -71 100 290 146 49 -128 -117 -452| 69 p Preliminary. r Revised. 3 Minus sign indicates net outflow. 1 Excluding military transfers under grants. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 2 Including military transactions. of which $344 million was transferred in gold and $1,031 million in 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 1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c c o 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 s a 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 i c a v o t a e u t n e t 1958—Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 1.50 2.50 1959—Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 1.50 2.00 1960—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 0.75 2.00 Mar 3.21 2.98 4.61 4.48 3.74 3.00 3.70 2.50 3.38 1.03 0.75 2.00 Apr 3.30 3.03 4.63 4.45 3.65 3.00 3.70 2.38 2.94 0.77 0.75 2.00 May 3.18 2.92 4.55 4.38 3.81 3.00 2.25 2.63 2.00 1 Based on average yield of weekly tenders during month. 4 Rate in effect at end of month. 2 Based on weekly averages of daily closing rates. 5 Based on average of lowest and highest quotation during month. 3 Rate shown is on private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

882 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 June 30, 1960 Rate Country 1960 1961 as of June 30, Per Month 1961 cent effective July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Argentina2 6.0 Dec. 1957 6.0 Austria 5.0 Mar. 1960 5.0 Belgium 4.0 Dec. 1959 5.0 5.0 Brazil2 10.0 Apr. 1958 10.0 3.0 Feb 1948 3.0 Canada 3... . 3.32 June 1960 3.17 2.5 1.95 3.28 4.02 3.5 3.29 3.46 3.46 3.53 3.42 2.82 2.82 Ceylon2 2.5 Dec. 1959 4.0 4.0 Chile4 16.4 Jan. 1960 16.55 16.74 16.74 Colombia2 5.0 Aug. 1959 5.0 Costa Rica2 3.0 Apr. 1939 3.0 Cuba2 6.0 Jan. 1960 6.0 Denmark 5.5 Jan. 1960 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 France 4.0 Apr. 1959 3.5 3.5 Germany 5.0 June 1960 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 India6 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 Norway ... 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 Portusal 2.0 Jan. 1944 2.0 South Africa ... 4.0 Jan. 1959 4.5 5 0 5.0 Spain 4.6 Apr. 1960 4.0 4.0 Sweden . .. 5.0 Jan. 1960 5.0 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 6.0 June 1956 9.0 7 5 7.5 United Kingdom 6.0 June 1960 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 883 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 n s ia - d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) ( F m i a n r l k an k d a) F (f r r a a n n c c e ) Official Free 1955 7.183 222.41 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 2.207 223.88 3.8536 2.0044 103.03 21.049 3118 2 2374 1959 l 730 223.81 3.8619 2.0012 104.27 21.055 .3115 2038 I960 . 1.2026 223.71 3.8461 2.0053 103.12 21.048 .3112 3 20.389 I960 June 1.1989 223.32 3.8426 2.0053 101.79 21.020 3112 20 401 July 1.2010 223.78 3.8468 2.0041 102.19 21.048 .3111 20 404 1.2022 223.92 3.8573 1.9955 103.10 21.061 .3111 20.404 Sect 1.2037 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 L.2061 223.69 3.8409 2.0131 101.78 21.044 .3112 20 387 1961 Jan 1.2058 223.62 3.8391 2.0074 100.69 21.037 .3112 20.401 Feb 1.2061 223.10 3.8352 2.0026 101.03 21.013 .3112 20 402 Mar 1.2073 222.91 3.8314 2.0042 101.26 20.990 .3111 20 404 Apr 1.2075 222.95 3.8306 1.9985 101.11 20.992 .3111 20.400 Miay . 1.2071 222.63 3.8308 1.9983 101.26 20.988 .3110 20 404 096 222.30 3.8368 2.0018 99.47 20.984 .3110 20.405 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 l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - 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 June 23.980 20.935 280.27 .1611 .2768 32.785 8.0056 26.519 277 49 J A U u ly g 2 2 3 3 . . 9 9 7 7 9 8 2 2 0 0 . . 9 9 6 7 6 8 2 2 8 8 0 1 . . 8 0 4 2 . . 1 1 6 6 1 1 1 1 . . 2 2 7 7 8 8 3 7 3 3 2 2 . . 8 8 3 4 9 6 8 8 . . 0 0 0 0 5 5 6 6 2 2 6 6 .5 5 1 1 2 1 2 2 7 7 8 8 0 2 6 4 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 4 25.020 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 25.166 20.889 278.98 .1611 .2763 32.489 8.0056 27.828 276.22 Year or month N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r a u t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u i n m t n g e d d - ) 1955 14.008 49.677 3.4900 278.09 19.333 23 331 279 13 1956 14 008 49.676 3.4900 278.52 19 333 23 334 279 57 1957 14 008 49 693 3.4900 278.28 19 331 23 330 279 32 1958 14.008 49.695 3.4900 279.93 2.3810 19 328 23 328 280 98 1959 14 028 49 721 3.4967 279.83 2 0579 19 324 23 142 280 88 I960 14.018 649.770 3.4937 279.71 1.6635 19 349 23 152 280 76 I960 June .. .. 14.007 3.4905 279.22 J fy^f, 19 365 23 175 280 27 July 14.018 3.4936 279.79 I.6640 19 366 23 183 280 84 Aug 14.026 3.4956 279.97 1.6640 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 I 6640 19 365 23 211 281 16 Nov 14 038 3 4992 280.30 I 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 [.6635 19 339 23 220 280 64 Feb 13.985 3.4861 7 279.19 8 139.37 [.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 1.6643 19.354 23.122 279.81 May 13.964 3.4851 139.18 [.6644 19.378 23.101 279.40 June . 13.952 3.4815 138.97 [ 6644 19.365 23.144 278.98 1 Effective Jan. 12, 1959, the Argentine Government established a from 4.20 to 4.00 marks per U. S. dollar. single exchange rate for the peso in place of the former official and free 5 Effective Mar. 7, 1961, the par value of the guilder was changed from rates. 3.80 to 3.62 guilders per U. S. dollar. 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12, 1957, 6 Based on quotations through Apr. 22, 1960. was extended to all foreign exchange transactions on Oct. 28, 1957, and 7 Based on quotations through Feb. 10, 1961. on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc 8 Effective Feb. 14, 1961, South Africa adopted the decimal system. was further devalued to 493.706 francs per U. S. dollar. The new currency unit, 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. * 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 LLOYD M. SCHAEFFER, Chief Federal Reserve Counsel 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 884 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 885 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

886 FEDERAL RESERVE BULLETIN • JULY 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 Norman G. Dash James V. Vergari Robert N. Hilkert Wallace M. Catanach David P. Eastburn Richard G. Wilgus Murdoch K. Goodwin Cleveland W. D. Fulton Roger R. Clouse W. Braddock Hickman John E. Orin Donald S. Thompson E. A. Fink L. Merle Hostetler Paul C. Stetzelberger Clyde Harrell Martin Morrison 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 A. B. Merritt H. E. Hemmings R. S. Einzig John A. O'Kane Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis Helena C. A. Van Nice Cleveland Cincinnati R. G. Johnson Kansas City.... Denver Cecil Puckett 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. A more complete list, including periodic releases and additional reprints, appeared on pages 745-48 of the June 1961 Bulletin. {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. 887 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

888 FEDERAL RESERVE BULLETIN • JULY 1961 REPRINTS REVISED SERIES FOR SEASONALLY ADJUSTED (From Federal Reserve Bulletin unless preceded MONEY SUPPLY. February 1960. 4 pages. by an asterisk) INTEREST RATES IN LEADING COUNTRIES. June 1960. 6 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. THE BALANCE SHEET OF AGRICULTURE, 1960. August 1960. 9 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 CONSUMER BUYING INTENTIONS AND QUARTERLY pages. SURVEY OF CONSUMER BUYING INTENTIONS. Combined reprint. September 1960. 31 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pages. THE U. S. BALANCE OF PAYMENTS, 1959-60. October 1960. 7 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- A NEW MEASURE OF THE MONEY SUPPLY. October 1955. 40 pages. ber 1960. 22 pages. SURVEYS OF BANK LOANS FOR COMMERCIAL AND CAPITAL MARKETS IN 1960. December 1960. INDUSTRIAL PURPOSES. Business Loans of 7 pages. Member Banks. April 1956. 14 pages. Credit IMPLEMENTATION OF THE 1959 ACT ON RESERVE Lines and Minimum Balance Requirements. REQUIREMENTS. December 1960. 6 pages. June 1956. 7 pages. Member Bank Lending SMALL BUSINESS FINANCING: CORPORATE MANUto Small Business, 1955-57. April 1958. 19 FACTURERS. January 1961. 15 pages. pages. Member Bank Term Lending to Business, 1955-57. April 1959. 16 pages. Security CREDIT AND MONEY IN 1960. February 1961. Pledged on Business Loans at Member Banks 8 pages. September 1959. 16 pages. GOLD AND DOLLAR TRANSFERS IN 1960. March 1961. 7 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also, similar reprint FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. from April 1953 BULLETIN.) March 1961. 10 pages. SURVEY OF FINANCE COMPANIES, MID-1955. April STATISTICS ON THE GOVERNMENT SECURITIES 1957. 17 pages. MARKET. April 1961. 8 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- OWNERSHIP OF DEMAND DEPOSITS. April 1961. DEXES. December 1957. 30 pages. 3 pages. OPEN MARKET OPERATIONS IN LONG-TERM SE- SURVEY OF COMMON TRUST FUNDS, 19OU. May CURITIES. November 1958. 15 pages. 1961. 7 pages. (Similar Surveys available for each year of the 1955-59 period.) *PART I, ALL-BANK STATISTICS, 1896-1955. April 1959. 94 pages. QUARTERLY SURVEY OF CONSUMER BUYING IN- TENTIONS. May 1961. 7 pages. (Also, simi- 1959 SURVEY OF CONSUMER FINANCES. March, lar reprints from BULLETINS for December July, and September 1959. 48 pages. (Simi- 1960 and March 1961.) lar Surveys available for some earlier years in the period 1955-58.) CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER TIME DEPOSITS. May 1961. 2 pages. (Also, A QUARTERLY PRESENTATION OF FLOW OF FUNDS, similar reprint from July 1960 BULLETN.) SAVING, AND INVESTMENT. August 1959. 49 BANKING AND MONETARY STATISTICS, 1960. Sepages. lected series of banking and monetary statistics THE GOVERNMENT SECURITIES MARKET. August for 1960 only. February and May 1961. 13 1959. 22 pages. pages. REVISED INDUSTRIAL PRODUCTION INDEX. De- BANK CREDIT AND MONEY IN RECOVERY. July cember 1959. 24 pages. 1961. 8 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 810, 812 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 804, 806 Adjusted, and currency, 800 Assets and liabilities (See also Foreign liabilities and Banks, by classes, 795, 801, 805, 808, 812, claims): 852, 858 Banks and the monetary system, consoli- Federal Reserve Banks, 796, 879 dated, 800 Postal savings, 794, 800 Corporate, current, 822 Discount rates, 794, 882 Domestic banks, by classes, 801, 804, 806, 812, Discounts and advances by Federal Reserve 848, 854 Banks, 790, 795, 796 Federal Reserve Banks, 796 Dividends, corporate, 821, 822 Automobiles: Dollar assets, foreign, 871, 879 Consumer instalment credit, 826, 827, 828 Production index, 830, 833 Earnings and hours, manufacturing industries, 836, 839 Employment, 836, 838, 839 Bankers' balances, 805, 807 (See also Foreign liabilities and claims) Farm mortgage loans, 823, 824 Banks and the monetary system, consolidated state- Federal finance: ment, 800 Cash transactions, 814 Bonds (See also U. S. Govt. securities): Receipts and expenditures, 815 New issues, 819, 820, 822 Treasurer's balance, 814 Prices and yields, 810, 811 Federal home loan banks, loans, etc., 825 Brokers and dealers in securities, bank Federal Housing Administration, loans, etc., 823, loans to, 804, 806 824, 825 Business expenditures on new plant and equip- Federal National Mortgage Association, ment, 822 loans, etc., 825 Business indexes, 836 Federal Reserve Banks: Business loans (See Commercial and industrial loans) Condition statement, 796 U. S. Govt. securities held by, 790, 795, 796, Capital accounts: 816, 817 Banks, by classes, 801, 805, 808 Federal Reserve credit, 790, 795, 796 Federal Reserve Banks, 796 Federal Reserve notes, 796, 798 Carloadings, 836 Finance company paper, 810, 812 Central banks, foreign, 868, 882 Financial institutions, loans to, 804, 806 Coins, circulation of, 798 Float, 790 Commercial banks: Flow of funds, saving and financial flows, 846 Assets and liabilities, 801, 804 Foreign central banks, 868, 882 Consumer loans held, by type, 827 Foreign deposits in U. S. banks, 790, 796, 800, 805, Number, by classes, 801 808, 879 Real estate mortgages held, by type, 823 Foreign exchange rates, 883 Commercial and industrial loans: Foreign liabilities and claims: Commercial banks, 804 Banks, 872, 874, 877, 879 Weekly reporting member banks, 806, 809 Nonfinancial concerns, 880 Commercial paper, 810, 812 Foreign trade, 841 Condition statements (See Assets and liabilities) Construction, 836, 837 Gold: Consumer credit: Earmarked, 870 Instalment credit, 826, 827, 828, 829 Net purchases by U. S., 870 Major parts, 826, 828 Production, 869, 870 Noninstalment credit, by holder, 827 Reserves of central banks and governments, 868 Consumer price indexes, 836, 842 Reserves of foreign countries and international Consumption expenditures, 844, 845 institutions, 871 Corporate sales, profits, taxes, and dividends, 821, 822 Stock, 790, 800, 870 Corporate security issues, 820, 822 Gold certificates, 796, 798 Corporate security prices and yields, 810, 811 Govt. debt (See U. S. Govt. securities) Cost of living (See Consumer price indexes) Gross national product, 844, 845 Currency in circulation, 791, 798, 799 Hours and earnings, manufacturing indus- Customer credit, stock market, 811 tries, 836, 839 Housing starts, 837 Debits to deposit accounts, 799 Demand deposits: Industrial production index, 830, 836 Adjusted, banks and the monetary system, 800 Instalment loans, 826, 827, 828, 829 Adjusted, commercial banks, by Insurance companies, 813, 816, 817, 824 classes, 799, 805 Insured commercial banks, 803, 804 Banks, by classes, 795, 801, 808 Interbank deposits, 795, 801, 805 Turnover of, 799 Interest rates: Type of holder, at commercial banks, 805 Bond yields, 810 Department stores: Business loans by banks, 809 Merchandising data, 841 Federal Reserve Bank discount rates, 794 Sales and stocks, 836, 840 Foreign countries, 881, 882 889 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

890 FEDERAL RESERVE BULLETIN • JULY 1961 Interest rates—Continued Reserves—Continued Open market, 810, 881 Foreign countries and international institu- Stock yields, 810 tions, 871 Time deposits, maximum rates, 794 Member banks, 790, 792, 795, 805, 807 International capital transactions of the U. S., 872 Residential mortgage loans, 823, 824, 825 International institutions, 868, 870, 871 Inventories, 844 Sales finance companies, consumer loans of, Investments {See also specific types of investments): 826, 827, 829 Banks, by classes, 801, 804, 807, 812, 849, 855 Saving: Federal Reserve Banks, 795, 796 Flow-of-funds series, 846 Life insurance companies, 813 National income series, 845 Savings and loan associations, 813 Savings deposits {See Time deposits) Savings institutions, principal assets, 812, 813 Labor force, 838 Savings and loan associations, 813, 817, 824 Loans {See also specific types of loans): Securities, international transactions, 878, 879 Banks, by classes, 801, 804, 806, 812, 848, 854 Security issues, 819, 820, 822 Federal Reserve Banks, 790, 795, 796 Silver coin and silver certificates, 798 Insurance companies, 813, 824 State member banks, 803 Savings and loan associations, 813, 824 State and municipal securities: Loans insured or guaranteed, 823, 824, 825 New issues, 819, 820 Prices and yields, 810, 811 Manufactures, production index, 830, 836 States and political subdivisions: Margin requirements, 794 Deposits of, 805, 808 Member banks: Holdings of U. S. Govt. securities, 816 Assets and liabilities, by classes, 801, 804 Ownership of obligations of, 804, 812, 813 Borrowings at Federal Reserve Banks, 792, Stock market credit, 811 796, 808 Stocks: Deposits, by classes, 795 New issues, 820 Number, by classes, 802 Prices and yields, 810, 811 Reserve requirements, by classes, 795 Tax receipts, Federal, 815 Reserves and related items, 790 Time deposits, 794, 795, 800, 801, 805, 808 Weekly reporting series, 806, 848 Treasurer's account balance, 814 Mining, production index, 830, 836 Treasury cash, 790, 798, 800 Money rates {See Interest rates) Treasury currency, 790, 798, 800 Money supply and related data, 799 Treasury deposits, 790, 796, 814 Mortgages {See Real estate loans) Mutual savings banks, 800, 801, 803, 812, 816, Unemployment, 838 817, 823 U. S. balance of payments, 881 U. S. Govt. balances: National banks, 803 Commercial bank holdings, by classes, 805, 808 National income, 844, 845 Consolidated monetary statement, 800 National security expenditures, 815, 844 Treasury deposits at Federal Reserve Nonmember banks, 796, 803, 804, 805 Banks, 790, 796, 814 U. S. Govt. securities: Payrolls, manufacturing, index, 836 Bank holdings, 800, 801, 804, 807, 812, 816, 817 Personal income, 845 Dealer transactions, positions, and financing, 818 Postal Savings System, 794, 800 Federal Reserve Bank holdings, 790, 795, 796, Prices: 816, 817 Consumer, 836, 842 Foreign and international holdings, 796, 871 Security, 811 International transactions, 878 Wholesale commodity, 836, 842 New issues, gross proceeds, 820 Production, 830, 836 Outstanding, by type of security, 816, 817, 819 Profits, corporate, 821, 822 Ownership of, 816, 817 Prices and yields, 810, 811 Real estate loans: United States notes, outstanding and in circula- Banks, by classes, 804, 806, 812, 823 tion, 798 Type of mortgage holder, 823, 824, 825 Utilities, production index, 830, 836 Type of property mortgaged, 823, 824, 825 Vault cash, 790, 795, 805 Reserve requirements, member banks, 795 Reserves: Veterans Administration, loans, etc., 823, 824, 825 Commercial banks, 805 Federal Reserve Banks, 796 Weekly reporting member banks, 806, 848 Foreign central banks and governments, 868 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 Aug. 21 > 1959 Dram U/H.W. g<xlVm,Cart Co THE FEDERAL RESERVE SYSTEM g) 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