Federal Reserve Bulletin, 1961-08
FEDERAL RESERVE I I August 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 Interest Rates in Leading Countries 891 Quarterly Survey of Consumer Buying Intentions 899 Proposed Legislation on Finance Charges 905 The Balance Sheet of Agriculture, 1961 908 Law Department 917 Current Events and Announcements 924 National Summary of Business Conditions 925 Financial and Business Statistics, U. S. (Contents on p. 927) 928 International Financial Statistics (Contents on p. 1005) 1006 Board of Governors and Staff 1022 Open Market Committee and Staff; Federal Advisory Council 1023 Federal Reserve Banks and Branches 1023 Federal Reserve Board Publications 1025 Index to Statistical Tables 1027 Map of Federal Reserve System Inside back cover Volume 47 Number 8 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
INTERNATIONAL financial developments to developments in the Congo and in Cuba, as well as domestic economic conditions have and from speculation on possible changes strongly influenced interest rates in leading in currency values. Some of this specucountries during the past year. In part lation took the form of international interest because of increased market adaptation to arbitrage movements without forward cover the wider convertibility of currencies re- of any exchange risks. As a result, the established nearly three years ago, interna- normal tendency for interest arbitrage movetional flows of funds responded to differences in interest rates and credit conditions more rapidly and on a larger scale than in BILL RATES AND INTEREST ARBITRAGE Pel tent per on previous postwar years. Some countries adjusted their policy practices in an attempt to moderate these flows. INTERNATIONAL CAPITAL FLOWS Increased international flows of short-term RATE DIFFERENTIAL I capital after mid-1960 at first reflected the sharp widening of interest rate differentials that resulted from previous increases in central bank discount rates and money market rates in the United Kingdom and Germany and from easing of market rates in the FORWARD EXCHANGE MARGIN! United States. This divergence in interest FAVOR OF M Y. \ A rate trends developed last year as the United States was experiencing a mild recession _NET COVERED YIELD fAVQ, 0F L0NDON _ while boom conditions continued to prevail in Europe. Partly because of the increased tendency for funds to move in response to rate differentials, U.S. interest rates did not decline last year to as low levels as in other postwar recessions. With the economic up- NOTE.—Friday figures. Bill rates, 3-month Treasury, for turn this year there has not been the prompt U. S. (New York) computed from closing bid prices, and for U. K. (London) average yield at tender. Forward and sharp rise in rates that ensued in pre- exchange margin: N. Y. closing quotations on 3-month forward sterling, discount (favor of N. Y.) or premium (favor vious periods of recovery. of London). Latest figures shown: August 4. Solid line in middle grid is the difference between the There were also flows to and among two bill rates and measures the incentive to move funds from one market to the other without cover of foreign exchange European markets resulting from interna- risk. Line in bottom grid is the difference between the bill rate differential and the forward exchange margin (sum of tional uncertainties, such as those relating the two when both favor the same center) and measures incentive to move with cover of foreign exchange risk. 891 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
892 FEDERAL RESERVE BULLETIN • AUGUST 1961 ments to be self-limiting, although it con- promote credit expansion while minimizing tinued to manifest itself to some extent, for downward pressure on short-term interest many months did not operate with sufficient rates. strength to eliminate the incentive to move In Germany, where boom conditions confunds. This is illustrated in the incentives tinued, the Federal Bank discount rate was to arbitrage between Treasury bill rates in reduced. Bank reserve requirements also the New York and London markets, as were eased repeatedly. shown in the chart on the preceding page. In Britain, where economic activity and Since last autumn, some leading countries levels of resource utilization remained high, have taken steps intended to limit recurrence and long-term interest rates continued their of destabilizing short-term capital move- general upward movement, the discount rate ments and other steps to help restore equi- of the Bank of England was reduced late last librium in international payments. In the year to discourage inflows of funds. In July United States, where industrial production 1961, however, this rate was raised as part and employment continued to decline until of a program designed to stem recent out- January, the Federal Reserve maintained its flows of funds and to help eliminate a baldiscount rates at the 3 per cent level of Sep- ance-of-payments deficit. tember 1960, and it endeavored to supply reserves to banks in a manner that would NORTH AMERICA \fter moving similarly for many years, inerest rates in the United States and in INDUSTRIAL PRODUCTION Tanada have shown somewhat divergent 1957*100, leoionolly adjusted Ratio teals' endencies since last autumn. Although - 140 ates in both countries declined through GERMANY />-N , _ /* **' ^*^* he summer of 1960, Canadian rates rose - 120 iharply in the latter part of the year while FRANCE _ / KI U N N G IT D E O D M _ 100 hose in the United States remained relaively stable. More recently, rates in Can- V• • t ida have declined from the levels reached 1 1 ! 1 80 n the latter part of 1960. United States. The general level of in- - 140 erest rates in the United States rose during WEST EUROrE he economic upswing from mid-195 8 to - HO CANADA ;arly 1960 to the highest levels since the y* \ r 1920's, then declined through August as -I 100 economic activity declined. During the rest UNITED STATES af 1960 and the first months of 1961, most 1 1 1 1 1 10 rates fluctuated within a narrow range. 1957 1959 1961 Since late winter, market yields on private and on State and local government NOTE.—Federal Reserve index for United States. Other indexes shifted to 1957 base by Federal Reserve. Organiza- securities have tended to move up, as ecotion for European Economic Cooperation (OEEC) indexes for Germany, United Kingdom, and West Europe; national nomic recovery progressed and as the marindexes for other countries. Latest figures shown (preliminary): June, except Canada (May). Federal Reserve estimates ket absorbed a large volume of long-term for June for United Kingdom and West Europe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES IN LEADING COUNTRIES 893 borrowing, particularly by corporations. And after mid-May, yields on intermediate- INTIRfST RATES IN NORTH AMERICA and long-term U.S. Government securities GOVERNMENT BONDS rose fairly sharply. For neither private nor government securities, however, has the rise CANADA /""' *~. been as sudden or sharp as it was in 1958, when yields had fallen much lower. Rates on short-term U.S. Government 1 1 1 1 securities continued to fluctuate within a narrow range through early August. IIIASURY (HIS In 1960 the Federal Reserve followed a policy of ease to counter recessionary CAN J ADA / A ' V\ tendencies and encourage expansion. This policy was continued into the summer of 1961, as recovery from the mild recession ^_ progressed. The Federal Reserve also had ** \ to take account of a balance-of-payments 1 1 i i ! deficit and, last year, of a gold outflow. To 1999 minimize downward pressures on short-term interest rates, declines in which might have NOTE.—Treasury bills, 3-month: United States, monthly average yields computed from daily closing bid prices; Canada, accentuated outward movements of short- based on average yield of weekly tenders during month. Government bonds, long-term: United States, monthly average term capital, Federal Reserve open market yields based on marketable issues maturing or callable in 10 years or more; Canada, last-Wednesday-of-month quotations operating procedures were modified. for 3% per cent bonds of 1975-78. Latest figures shown: July. In late summer and fall of 1960, a large in the next three months despite economic part of the bank reserves needed to meet slack evidenced by growing unemployment. seasonal requirements and offset the reserve In mid-September the 3-month Treasury bill effects of the gold outflow were supplied by yield was about Vi percentage point below means other than the purchase of Treasury that on U.S. bills. By early December it was bills, notably through granting authority for about l'/2 percentage points above U.S. member banks to count vault cash as reserves yields. Yields on government issues with and through some purchases of short-term longer maturities rose more than V2 percentsecurities other than bills. Later, when it age point during this period, and the differwas necessary to absorb reserves, this was ence between Canadian and U.S. yields accomplished by the sale of bills. Beginning widened. in February 1961 open market operations The beginning of the rise in rates coinwere extended to longer term U.S. Govern- cided with the introduction of a large issue ment securities. of long-term government bonds in mid- Canada. There was a marked reversal September. The issue found little public in Canadian interest rate movements in the interest, and the major part was purchased or latter part of 1960. After having declined financed by the commercial banking system. rapidly from August 1959, yields on all Although the money supply rose rather maturities reached low levels in mid-Sep- sharply, upward pressure on rates was sustember 1960, then moved sharply upward tained by sizable refinancing issues and by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
894 FEDERAL RESERVE BULLETIN • AUGUST 1961 the general public's preference for more The June 1960 increase in the bank liquid assets. Private nonbank holdings of rate and in associated money market and marketable government bonds declined by bank lending rates, together with earlier more than $200 million during the second decreases in short-term rates in the United half of 1960. States, stimulated a shift of short-term funds At the turn of the year there was some from New York to London. In late Oceasing of interest rates under the influence tober and in early December, the Bank of of a continued rise in the money supply. England reduced its discount rate from 6 In March and April of this year, heavy re- to 5 per cent in two steps to help reestabfinancing put upward pressure on interest lish a better alignment of London and New rates, but in mid-June rates declined again York money rates, and to discourage the after the government announced that credit flow of interest-sensitive funds into the Lonconditions would be eased to promote do- don money market. Money market rates mestic expansion and discourage large capi- generally eased from their mid-1960 peaks tal inflows. At the same time the govern- during the last half of the year, and flucment announced its intention to facilitate a tuated narrowly in the first half of 1961. reduction in the exchange value of the Cana- In July the British Government andian dollar. The 3-month Treasury bill rate nounced a number of important measures fell to about 2.6 per cent by the end of the designed to correct a large deficit in the month. Yields on longer maturities also basic balance of payments and to halt the declined. heavy outflow of short-term capital that developed after revaluation of the German UNITED KINGDOM mark and the Dutch guilder in March. Long-term interest rates in Great Britain Among these measures was an increase in moved generally up throughout 1960 and the discount rate of the Bank of England the first seven months of 1961, under pres- from 5 per cent, the rate established in sure of heavy demands for capital and December 1960, to 7 per cent. The amount credit. Banks sold government securities of special deposits which London clearing in order to expand their loans. Other in- banks are required to maintain with the vestors added to their holdings during 1960, Bank of England was also raised from 2 to but tended to reduce them in the first half 3 per cent of each bank's total deposits. of 1961. By early August the yield on In addition, arrangements were made with undated 3Vi per cent War Loan reached the International Monetary Fund for a subnearly 7 per cent. stantial drawing and a stand-by credit. From March 1960 through the first half CONTINENTAL WEST EUROPE of this year, industrial production in the United Kingdom was relatively stable, al- Interest rates in leading continental West though with sustained pressure on produc- European countries generally remained stative resources. Steps taken in the first ble or declined during most of the past year, half of 1960 to moderate this pressure cul- although Swiss and German rates have risen minated in the raising of the discount rate in recent months. The declines, unlike those of the Bank of England from 5 to 6 per in earlier postwar periods of declining incent in June. terest rates, did not reflect any weakening Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES IN LEADING COUNTRIES 895 of economic activity for boom conditions prevailed in most countries. Instead, the INTEREST RATES IN WEST EUROPE Per cenl par annum declines reflected such factors as the rise in OOVflNMINT tONDS liquidity due to inflows of funds from abroad, increased savings, expectations of further increases in bond prices, and official measures designed to encourage lower interest rates. The measures to encourage interest rate declines had various objectives. In countries SWITZERLAND that were attempting to control strong inflationary pressures, a primary objective was J L to eliminate or reduce large-scale capital TIIASUIY BILLS inflows as a means of avoiding further large increases in liquidity. The monetary au- UNHID KINGDOM thorities in such countries have recently tended to take the view that in the light of the circumstances they were facing—notably the magnitude of short-term capital inflows during the past year relative to the size of their money markets—low interest rates, by discouraging capital inflows, would aid their antiinflationary policies. NOTE.—Treasury bills: Germany, end-of-month selling rates on 60- to 90-day bills; United Kingdom, based on average Countries with large balance-of-payments yield at Friday tenders for 3-month bills. Government bonds, long-term: Monthly average yields, unless otherwise noted, surpluses also fostered interest rate declines for the following: France, composite of nonindexed issues, figures for every fourth Monday through 19S9 and for last in an effort to improve international balance- Friday of month thereafter. Germany, weighted average yield before tax on 6 per cent fully taxed issues through 1958 of-payments equilibrium. and on loans of public authorities thereafter. Switzerland, weighted average yield on 12 Confederation and Swiss Rail- In addition, in some European countries way bonds, last Friday of month. United Kingdom, War Loan, 3'/2 per cent undated. Latest figures shown: July. interest rates during postwar years have been relatively high. Several of these coun- them. These measures included prohibitries have attempted to lower their general tion of interest payments on foreign deinterest rate structures to encourage private mand and time deposits and of the sale of domestic investment, and they made some money market paper to foreigners. From progress last year. June through October 1960, gold and for- Germany. In November 1960, Germany eign exchange reserves, including German reversed its policy of attempting to limit bank balances at foreign banks and money credit expansion through measures intended market investments abijoad, had increased to reduce bank liquidity. This policy was by about $1 billion as a result of capital inreversed because it involved high interest flows as well as a balanice-of-payments surrates which contributed to heavy inflows of plus on current account. capital from abroad. In November 1960, the Federal Bank re- Such inflows had continued on a sub- duced its discount rate from 5 to 4 per cent. stantial scale despite the adoption in June Reductions in January and May of 1961 1960 of special measures to discourage brought the rate to 3 per cent. Reductions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
896 FEDERAL RESERVE BULLETIN • AUGUST 1961 in reserve requirements through July low- in liquidity due to foreign exchange inflow; ered these requirements by about a fourth and to monetary actions designed to foster from their level at the end of last year. In relatively low interest rates to encourage line with this easing of the money market, private investment during a period of no Treasury bill rates were substantially re- marked pressure on productive resources. duced. In July 1960 rates were lowered on Treas- Yields on long-term securities also de- ury certificates sold to the public, and in clined sharply until May, but did not reach December rates were reduced on those sold levels likely to bring a significant volume of to banks. In October the Bank of France foreign issues on the German market. On lowered its discount rate from 4 to 3Vi per the contrary, foreign funds were attracted to cent and its rate on advances against govern- German bonds—particularly after the Ger- ment securities from 5Vi to 5 per cent. man policy reversal of last November—not Certain governmental and quasi-governonly by yields that continued to be compara- mental institutions lowered their mortgage tively high and by possible speculative gains and other lending rates by V* to V2 percentin the event of an upward revaluation of the age point. currency (which occurred in March of this In January 1961 there were reductions of year), but also by the expectation that Ger- up to VA percentage point in the interest paid man bond prices would rise further. Because by savings and by commercial banks on time of continued capital inflow as well as a sur- deposits and deposit certificates. plus on current account, the over-all German Switzerland. Swiss money and capital balance-of-payments surplus remained very markets were among those strongly influhigh during the first half of 1961. enced by the international capital move- The rise in bond prices and decline in ments of the past year. Largely because of yields halted in May. Since mid-June yields the increasing supply of funds seeking inhave increased slightly. Foreign buying di- vestment there, the average yield on longminished and in June turned into net selling, term government bonds declined from 3.32 partly in reaction to reemergence of the Ber- per cent in January 1960 to 2.82 per cent lin question. The shift in market conditions in April 1961. Interest rates paid on 3appears to have led to an increase in demand month deposits fluctuated moderately in for mortgage loan commitments, and this has 1960 around an average of 1.86 per cent tended to put upward pressure on interest for the year, but dropped to 1.50 per cent rates. with the very large movement of short-term France. Although rising investment in- funds to Switzerland in March 1961. creased demands for credit and capital, Throughout the past year, Swiss economic short-term money rates in France were at activity was booming, and pressure on reabout the same level in 1960 as in 1959. sources was strong. Under the circum- In the first half of 1961 these rates were stances, the Swiss monetary authorities took slightly lower, while intermediate- and long- the view that efforts to prevent inflation by term rates remained near the reduced level tightening credit and thereby bringing upreached at the end of 1959. This stability ward pressure on interest rates would be of interest rates was due primarily to a high self-defeating because more funds would be rate of private saving; to the further increase attracted from abroad. Therefore, to dis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES IN LEADING COUNTRIES 897 courage capital inflows and encourage out- Such inflows tended to increase during flows, they attempted to facilitate the mainte- the latter part of 1960 as Dutch commercial nance of low interest rates and to make it banks found it less attractive to keep funds unprofitable for foreign funds to enter abroad than before, in part because of de- Switzerland. clines in interest rates abroad. To dis- The official discount rate has been kept courage repatriation of these funds the at 2 per cent since February 1959. Since Netherlands Bank facilitated a considerable August 1960 the banks, in agreement with rise in money market liquidity and declines the Swiss National Bank, have refused to in interest rates. The 90-day Treasury bill accept foreign demand deposits, have not rate, which had averaged 2.45 per cent in paid interest on other foreign-owned de- the first quarter of 1960, fell to 1.51 per cent posits made since July 1960, and have im- by December and to .88 per cent in June of this year. posed a service charge of Vx of 1 per cent per calendar quarter on deposits held less On the other hand the Bank absorbed a than six months. considerable part of the rise in liquidity asso- Despite these restrictions, large-scale in- ciated with the inflow of gold and foreign flows occurred but most of them were not exchange. This was done primarily by inrelated to interest rate differentials. Because creasing the minimum reserves the commerof the inflationary dangers implicit in these cial banks are required to hold from 7 per large inflows, arrangements were made for cent to 10 per cent between July 1960 and temporary sterilization of part of the result- April 1961 and by government borrowing and accumulation of cash balances. ing accretions of Swiss franc reserves. Under such arrangements a portion of such accre- Since April of this year, foreign issues tions was blocked in special deposits at the have again been permitted on the capital Swiss National Bank. market. Such issues had been forbidden since 1955. Several have been placed since Since April, interest rates on long-term April, usually at yields of AVi to 5 per cent. bonds and on 3-month deposits have risen. On September 1 a system of special meas- Large flotations of foreign and domestic ures to curtail credit expansion by the comissues on the Swiss capital market during mercial banks will be put into effect for the the first seven months of the year and exfirst time since these measures were drawn pectations of an increase in mortgage rates up by the Netherlands Bank in agreement in the autumn contributed to the rise. with the commercial banks in the spring of The Netherlands. During 1960 and the 1960. first half of 1961 the main threat to monetary stability in the Netherlands, as in Swit- JAPAN zerland, was an inflow of gold and for- The current economic boom in Japan, which eign exchange resulting from balance-of- began in mid-1958, has created tight money payments surpluses during a boom. In the market conditions. From August 1960 to Netherlands the surpluses reflected large ex- the spring of this year, however, most interports and an inflow of long-term capital. Tn est rates were reduced in line with the longthe circumstances the Netherlands attempted run trend of Japanese rates to come closer to discourage money inflows. to those in Western money markets. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
898 FEDERAL RESERVE BULLETIN • AUGUST 1961 Bank of Japan lowered its basic discount A sizable inflow of foreign short-term rate from 7.30 to 6.94 per cent in August capital, particularly in the form of accept- 1960 and to 6.57 per cent in January 1961. ance credits and borrowings of dollars from European banks by Japanese banks, was The average rate charged on bank loans stimulated last year by relaxation of governand discounts declined from 8.22 per cent ment controls and by international differin July 1960 to 7.89 per cent in May 1961. ences in interest rates. Since March this In April the Government lowered interest inflow has tapered off. rates on a broad variety of deposit, savings, In July the Bank of Japan raised its disand trust accounts, and the rates on longcount rate to 6.94 per cent. It took this acterm bank loans. In the same month the tion in response to a large expansion of new-issue terms for various public and pri- bank credit and to the deterioration in the vate bonds were changed, establishing Japanese balance of payments since early in lower yields. the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Quarterly Survey of Consumer Buying Intentions CONSUMERS' PLANS to buy automobiles, no change rose. Expectations regarding which had been close to year-earlier levels future incomes remained about the same as in both January and April, rose from April in July 1960, with about three-fifths of the to July. Reported plans to buy houses and consumers anticipating little change and most household durable goods, however, re- one-fourth somewhat higher incomes a year mained below year-earlier levels. These hence. findings are from the eleventh Quarterly Automobiles. Plans to purchase new Survey of Consumer Buying Intentions, con- automobiles during the next 6 months were ducted in the third week of July.1 reported by 3.4 per cent of the families The proportion of consumers reporting in interviewed in July, compared with 3.1 per July that they planned to buy new or used cent a year earlier and 3.2 per cent in July automobiles within the next 6 months was 1959. Increases from a year earlier in slightly larger than in July 1960 and about plans to buy new cars occurred in most inthe same as in July 1959. The proportion come and age groups. The increase from of families with plans to buy major house- April to July was similar to the 1959 movehold durable goods, however, was smaller ment and contrasted with a slight decline than in either of the two preceding July over the same period of 1960. Surveys. Plans to purchase houses during In July, 4.2 per cent of consumers rethe coming year were reported about as ported plans to buy used cars within the often as in the three preceding Surveys, but next 6 months. This was the same proporless often than in July 1960. tion as in July 1959 but more than in July In July the proportion of consumers re- 1960 when only 3.8 per cent reported such porting lower incomes than a year earlier plans. Plans to buy within 12 months folwas slightly smaller than in previous Surveys lowed a pattern similar to 6-month plans this year, but it continued to be somewhat for both new and used cars. higher than in the two preceding Julys. Re- A higher proportion of families reported ports of income increases showed little that they were dissatisfied with the car curchange from April to July, while reports of rently owned than a year earlier or in July 1959. On the other hand, somewhat fewer 1This article presents the findings of the July 1961 Quarterly Survey of Consumer Buying Intentions, con- reported that they had been shopping for a ducted for the Board of Governors by the Bureau of car. the Census. The Quarterly Survey is conducted under The proportion of consumers reporting the supervision of Mona E. Dingle of the Board's staff and Selma F. Goldsmith of the Bureau of the purchases of new cars in the second quar- Census. The current article was prepared by Tynan ter of this year, as in the first quarter, was Smith. Articles covering the previous Quarterly Surveys appeared in earlier issues of the BULLETIN. A smaller than in the corresponding period of description of the Survey appeared in the BULLETIN last year. While this finding was in general for September 1960, pp. 977-1003. 899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
900 FEDERAL RESERVE BULLETIN • AUGUST 1961 agreement with the reduced level of new car Household durable goods. In July, plans sales in the first half of 1961, the decline to buy the three major household appliances indicated by the Survey was somewhat covered by the Survey—washing machines, larger than that shown by sales data from refrigerators, and television sets—during the other sources. next 6 months continued lower than in the Survey reports of used car purchases by same period of 1960. As in April, the consumers during the second quarter of this reduction from year-earlier levels reflected year were about as frequent as in the second decreases in plans to buy washing machines quarters of 1960 and 1959. In contrast, and refrigerators. Plans to buy these two sales data indicate a slightly lower level of items declined slightly from April to July used car sales than in the second quarter of this year, compared with sharp increases in either of the two previous years. 1959, and in July were below their July 1959 levels. Plans to buy television sets were slightly above July levels of the past PLANS TO BUY two years. The lower levels of 6-month WITHIN 6 MONTHS Per cent buying plans for washing machines and re- NEW AUTOMOBILES 5 frigerators reflected primarily a decline in 1959 . the proportion of consumers reporting in- •••" "•••••.. 4 1961 definite plans. The proportions reporting I960 — 3 that they "definitely" or "probably" would purchase these items were about the same ~v 1 1 L_ 2 this July as at the same time in the two Per cent preceding years. Plans to buy the durable items covered for the first time in the January 1960 Survey—air conditioners, clothes dryers, dishwashers, and radio and phonographic equipment—were also generally below yearearlier levels in July. The only exception was plans to buy radio and phonographic equipment. The slight increase in plans to buy these items probably reflected the continued interest in, and promotion of, stereophonic and phonographic equipment. Reports of purchases of the household durable goods covered by the Survey indicate about 10 purchases per 100 families in the second quarter of this year. This compares with 10.8 per 100 families in the second quarter of last year. The decline JULY OCT. JAN. in purchases appeared to be general for most * Sum of plans per 100 families. items except dishwashers and radio and NOTE.—Plans to buy major household durable goods refer to sum of plans to buy washing machines, refrigerators, and tele- phonographic equipment. The lower level vision sets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 901 of purchases is consistent with gross na- SAMPLING ERRORS OF PROPORTIONS tional product estimates, which show de- The chances are 68 in 100 that the value being estimated lies within a range equal to the reported percentage plus or minus the number clines in total consumer expenditures for of percentage points shown below. household durable goods from year-earlier Reported percentage levels. Number of households Houses. About 5 per cent of the families 2 or 98 10 or 90 25 or 75 50 interviewed in July planned to purchase a 1,000,000 0.8 1.8 2.6 3.0 2,000,000 0.6 1.3 1.8 2.1 house during the next 12 months. This was 5,000,000 0.4 0.8 1.2 1.4 about the same proportion as in April but 10,000,000 0.3 0.6 0.8 1.0 20,000,000 0.2 0.4 0.6 0.7 less than the 5.4 per cent reporting such 50,000,000 0.1 0.3 0.4 0.4 plans in July 1960. Most income and age groups, except those with incomes under Survey) rather than in terms of the actual $3,000 and families headed by persons un- number of households sampled. The chances der 35 years of age, reported declines in are 68 in 100, or about 2 in 3, that an estihouse purchase plans. mate from the Survey would differ from a According to the Survey, about as many complete census by less than the sample erfamilies purchased houses in the second rors shown in the preceding table and 95 in quarter of the year as in the first quarter, 100 that the difference would be less than but somewhat fewer than in the second twice the errors shown. quarter of 1960. The decline from a year ago appears to be primarily in purchases SAMPLE SIZE FOR SPECIFIED GROUPS of new houses. As is indicated in the note to Table 4, however, data on purchases Families or households 1 of houses are subject to somewhat larger Group characteristic Proportion Approximate numin July 1961 ber applicable to sampling errors than other data from the Survey all Surveys Survey because of special problems involved Total 100.0 54,000,000 in estimating house purchases. Income: 2 Sampling variability. Data from Quarterly Under $3,000 28.5 15,000,000 $3,000-54,999 21.5 12,000,000 Surveys are based on about 17,000 inter- $ $ 5 7 , , 0 5 0 0 0 0 - - $ $ 7 9 , , 4 9 9 9 9 9 2 1 4 0 . . 2 8 1 6 2 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 $10,000 and over 9.2 5,000,000 views and, as is true of all sample surveys, Not ascertained 5.8 4,000,000 may differ because of sampling variability Age of head: Under 35 23.4 13,000,000 from data that would be obtained if a com- 35-54 41.9 23,000,000 55 and over 34.7 18,000,000 plete census were taken. The reliability of 1 For the Quarterly Survey, data are collected only from the estimates of percentages obtained from the principal family in the household. Therefore the number of families is the same as the number of households. Survey depends on the size of the estimated 2 Total money income (before taxes) of family in 12 months immediately preceding interview. percentage and the size of the total sample —or portion of the sample—on which the The approximate number of households percentage is based. by income and age groups is shown in the Sampling errors are shown in the table table above. The estimated size of each for selected percentages and sample sizes. subgroup may be used in the foregoing table The sample sizes are expressed in terms of to obtain the approximate sampling error for the estimated number of households repre- that subgroup in preceding Surveys as well sented by the Survey (or portion of the as in the July 1961 Survey. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
902 FEDERAL RESERVE BULLETIN • AUGUST 1961 TABLE 1 PLANS TO BUY HOUSES AND DURABLE GOODS, 1959-61x 1959 1960 1961 Buying plan Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. Apr. July Percentage of all families New or used automobile:2 Planning to buy within 12 months 17.1 15.8 17.1 21.2 18.7 17.1 16.8 18.6 17.9 16.6 17.4 Doesn't know about 12-month plan... 6.9 6.4 6.5 5.6 7.8 7.1 7.1 7.4 7.6 7.3 7.5 Planning to buy within 6 months 8.5 7.6 8.4 10.3 9.5 8.1 9.1 9.0 8.4 8.4 Doesn't know about 6-month plan 3.4 3.0 3.1 2.8 3.6 3.0 2.8 2.8 2.7 2.9 2.9 Has shopped for automobile3 5.1 4.8 5.2 6.5 4.5 5.5 4.9 6.3 4.5 5.1 4.6 Dissatisfied with automobile owned... 8.1 8.1 9.1 9.8 8.7 8.0 9.6 10.0 8.9 9.1 New automobile: Planning to buy within 12 months 6.7 6.6 7.0 9.6 7.4 7.0 6.9 7.9 7.4 6.8 7.6 Planning to buy within 6 months 3.1 2.7 3.2 4.7 3.5 3.3 3.1 3.7 3.5 3.1 3.4 Degree of certainty: Definitely 1.2 0.9 1.2 1.8 1.3 1.5 1.2 1.5 .4 1.1 1.4 Probably 1.1 0.9 1.1 1.6 1.0 0.9 1.0 1.2 .1 1.1 1.1 Maybe 0.8 0.8 0.9 1.2 1.1 0.8 0.8 0.9 .0 0.9 1.0 Timing of planned purchase: First 3 months 0.9 0.7 0.9 1.4 0.9 1.2 0.9 1.3 .0 0.9 1.1 Second 3 months 1.4 1.4 1.4 2.1 1.7 1.3 1.4 1.4 .6 1.4 1.5 Doesn't know when in 6 months., 0.7 0.6 0.8 1.1 0.8 0.7 0.7 0.9 0.9 0.8 0.8 Used automobile: Planning to buy within 12 months 8.5 7.2 7.8 9.3 7.2 7.2 8.0 8.3 7.7 7.9 Planning to buy within 6 months 4.7 4.1 4.2 4.7 4.6 3.9 3.8 4.0 4.5 4.1 4.2 Degree of certainty: Definitely 1.3 1.4 1.4 1.6 1.6 .3 1.4 1.2 1.5 1.6 1.5 Probably 1.6 1.5 1.5 1.4 1.5 .2 1.2 1.3 1.4 1.3 1.2 Maybe 1.7 1.1 1.2 1.6 1.5 .3 1.2 1.4 1.6 1.3 1.5 Timing of planned purchase: First 3 months 1.2 1.5 1.5 1.4 1.3 .4 1.4 1.3 1.3 1.7 1.6 Second 3 months 1.9 1.4 1.3 2.0 2.0 .3 1.2 1.7 2.0 1.3 1.6 Doesn't know when in 6 months., 1.5 1.1 1.3 1.2 1.2 .1 1.1 0.9 1.2 1.1 1.0 House (new or existing): Planning to buy within 24 months (12.0 11.1 11.2 10.6 10.3 10.0 10.0 Doesn't know about 24-month plan... 6.6 6.2 6.6 6.8 6.4 6.3 6.1 Planning to buy within 12 months 5.8 5.3 5.4 5.0 4.8 5.1 5.0 Degree of certainty: Definitely 2.3 2.2 2.2 2.0 1.9 2.1 2.0 Probably 1.8 1.6 1.6 .5 1.5 1.5 .6 Maybe 1.7 1.5 1.5 .5 1.4 1.4 .4 Timing of planned purchase: First 6 months 2.4 2.5 2.4 .9 1.9 2.3 .9 Second 6 months 1.8 1.3 1.7 .9 1.5 1.4 .7 Doesn't know when in 12 months 1.6 1.4 1.3 .1 1.4 1.3 .4 Doesn't know about 12-month plan... 2.4 2.4 2.4 2.5 2.1 2.2 2.2 Plans per 100 families Household durable goods: 4 Planning to buy within 6 months 24.3 21.9 20.1 21.0 20.5 20.2 18.4 Degree of certainty: Definitely 7.5 7.7 6.5 7.4 6.3 6.5 6.2 Probably 6.0 5.8 5.0 5.5 5.4 5.6 4.8 Maybe 10.7 8.5 8.6 8.1 8.8 8.1 7.3 Timing of planned purchase: n.a. n.a. n.a. First 3 months 5.4 7.4 5.9 6.8 5.1 6.7 5.8 Second 3 months 10.6 7.7 7.4 8.2 8.8 7.8 7.4 Doesn't know when in 6 months. 8.2 6.7 6.7 6.0 6.6 5.7 5.2 Doesn't know about 6-month plan 5.5 5.4 4.7 4.5 4.7 5.0 4.6 Major household durable goods:5 Planning to buy within 6 months 13.9 12.4 14.2 17.3 15.7 13.9 14.0 13.8 13.7 13.0 12.8 Degree of certainty: D Pr e o f b in a i b te l l y y > 7.5 7.0 7.4 8.8 / ( 4 3 '7 .3 4 3 . . 7 1 4 3 . . 4 0 4 3 . . 7 1 4 3 . . 1 0 4 3 . . 1 1 4 3 . . 1 1 Maybe 6.4 5.5 6.8 8.5 7.7 6.2 6.7 5.9 6.6 5.8 5.6 Timing of planned purchase: First 3 months 3.2 3.4 3.8 4.7 3.7 3.8 3.8 4.2 3.5 3.7 3.9 Second 3 months 4.9 4.1 4.5 6.0 5.8 4.9 4.7 5.1 5.1 5.0 4.7 Doesn't know when in 6 months. 5.8 5.0 5.9 6.7 6.1 5.2 5.4 4.5 5.1 4.2 4.2 Doesn't know about 6-month plan 3.8 3.2 3.4 2.4 2.8 2.7 2.9 2.6 2.9 2.8 2.9 n.a. Not available. 3 In the weeks immediately preceding interview. 1 As reported in interviews in January 1959 and in the first month 4 Sum of plans to buy washing machines, refrigerators, television of succeeding quarters. Interviews are taken in the week that sets, air conditioners, clothes dryers, radio and phonographic equipincludes the 19th of the month. Planning period begins on date of ment, and dishwashers. interview. 5 Sum of plans to buy first three items listed in note 4. 2 Includes those undecided between new and used. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 903 TABLE 2 PLANS TO BUY HOUSES AND DURABLE GOODS WITHIN INCOME AND AGE GROUPS, 1959-61 1959 1960 1961 Planning period, and income or age group Jan. Apr. July Oct. Jan. Apr. July Oct. Jan Apr. July Planners as a percentage of all families in group Planning to buy new automobile within 6 months: All families 3.1 2.7 3.2 4.7 3.5 3.3 3.1 3.7 3.5 3.1 3.4 Income: 1 Under $3,000 0.2 0.5 0.9 0.7 0.7 0.9 0.8 0.6 0.6 0.8 0.7 $3,000-$4,999 1.9 1.8 1.8 3.2 2.3 1.7 1.5 2.4 1.9 1.7 2.2 $5,000-$7,499 4.0 3.2 4.1 5.6 4.0 4.5 3.6 4.5 4.1 3.8 3.8 $7,500-59,999 7.4 6.4 7.0 10.2 6.8 5.5 6.6 6.8 6.3 4.8 6.0 $10,000 and over 11.0 8.7 10.7 15.6 12.0 9.6 9.9 11.7 11.3 9.6 11.0 Age of head: Under 35 3.3 3.3 3.5 4.4 3.2 3.3 3.4 3.7 3.6 3.2 3.3 35-54 3.6 3.1 3.8 5.9 4.5 4.1 3.7 4.4 4.3 3.7 4.3 55 and over 2.1 1.8 2.4 3.4 2.5 2.3 2.1 2.9 2.5 2.4 2.3 Planning to buy used automobile within 6 months: All families 4.7 4.2 Income: * Under $3,000 3.7 2.6 3.2 3.4 3.1 2.6 2.9 2.9 2.8 2.5 2.7 $3,000-$4,999 6.0 4.7 4.8 5.9 4.8 4.3 4.1 4.4 4.9 5.1 4.5 $5,000-$7,499 5.6 5.2 5.3 6.3 6.0 4.9 4.6 4.9 6.0 4.6 5.3 $7,500-$9,999 5.2 5.5 5.3 4.7 6.3 4.8 5.4 5.6 4.9 5.4 5.2 $10,000 and over 4.3 3.8 3.9 3.3 5.5 3.3 4.1 3.9 4.8 4.3 4.7 Age of head: Under 35 7.5 6.3 6.9 7.7 6.5 6.8 6.6 6.7 7.1 6.8 7.1 35-54 5.0 4.6 4.6 4.9 5.5 4.3 4.0 4.3 5.0 4.8 4.7 55 and over 2.3 1.8 1.7 2.3 2.1 1.4 1.5 1.6 2.0 1.5 1.6 Planning to buy house within 12 months All families 5.8 5.3 5.4 5.0 4.8 5.1 5.0 Income: * Under $3,000 1.9 1.7 2.1 1.8 1.5 1.7 2.2 $3,000-$4,999 5.3 5.1 5.4 4.9 4.1 4.8 4.8 $5,000-$7,499 8.4 7.1 7.3 7.0 6.6 6.4 6.7 $7,500-$9,999 n.a. n.a. n.a. 9.1 8.4 8.6 8.4 7.3 7.9 7.9 $10,000 and over 11.5 10.2 9.1 7.3 8.6 8.1 7.7 Age of head: Under 35 10.1 9.4 9.8 9.2 8.8 9.3 9.9 35-54 6.2 5.6 5.5 5.1 5.1 5.1 4.7 55 and over 2.4 2.0 2.2 2.0 1.7 2.1 2.1 Plans per 100 families in group Planning to buy household durable goods within 6 months:2 All families 24.3 21.9 20.1 21.0 20.5 20.2 18.4 Income: * Under $3,000 13.4 12.1 11.1 10.8 10.0 10.4 10.7 $3,000-$4,999 21.1 19.3 18.8 19.6 15.0 15.9 14.8 $5,000-$7,499 129.1 24.0 24.1 24.9 24.7 21.4 20.5 $7,500-$9,999 n.a. n.a. n.a. -(39.9 30.8 29.8 32.2 31.5 28.6 28.4 $10,000 and over 146.9 43.8 39.1 41.1 40.8 39.7 34.0 Age of head: Under 35 31.0 32.0 29.8 31.2 27.3 29.6 26.9 35-54 28.1 24.4 22.0 23.7 23.9 21.8 20.2 55 and over 14.9 11.9 11.2 10.6 11.8 12.0 10.4 Planning to buy major household durable goods within 6 months: 3 All families 13.9 12.4 14.2 17.3 15.7 13.9 14.0 13.8 13.7 13.0 12.8 Income:* Under $3,000 10.9 8.6 10.6 12.9 11.6 9.9 9.8 9.2 8.5 8.7 9.5 $3,000-$4,999 14.6 13.0 14.5 18.7 14.8 13.3 14.0 14.4 11.6 11.5 11.4 $5,000-$7,499 15.2 14.0 16.6 19.6 17.7 14.5 16.3 15.9 16.2 13.7 13.6 $7,500-$9,999 18.3 16.4 17.9 20.9 23.3 17.0 18.0 19.0 18.5 15.2 18.7 $10,000 and over 21.9 18.0 22.0 26.3 23.9 21.4 22.4 21.4 23.1 21.5 19.2 Age of head: Under 35 18.8 16.4 17.4 21.5 18.7 19.8 19.5 19.7 17.5 18.3 17.8 35-54 14.8 13.3 16.1 18.9 17.8 15.0 15.3 15.3 15.5 13.7 14.0 55 and over 9.3 8.1 9.7 12.3 10.9 8.6 8.7 8.2 8.9 8.6 7.9 n.a. Not available. sets, air conditioners, clothes dryers, radio and phonographic equip- 1 Total money income (before taxes) of family in 12 months ment, and dishwashers. immediately preceding interview. 3 Sum of plans to buy first three items listed in note 2. 2 Sum of plans to buy washing machines, refrigerators, television Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
904 FEDERAL RESERVE BULLETIN • AUGUST 1961 TABLE 3 PLANS TO BUY SPECIFIED HOUSEHOLD DURABLE GOODS WITHIN 6 MONTHS, 1959-61 [Percentage of all families] 1959 1960 1961 Type of durable good Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. Apr. July Washing machine 5.9 5.1 6.1 7.0 6.5 6.0 5.9 5.5 5.5 5.3 5.1 Refrigerator 3.7 3.5 3.4 3.7 3.6 3.4 Television set 4.3 3.9 Air conditioner f 3.2 3.4 1.4 1.3 2.0 2.6 1.1 C R l a o d t i h o e s a n d d r y p e h r onographic equipment * n.a. n.a. n.a. n.a. ) 2 2 . . 3 2 1 1. . 9 8 2 1 . . 0 9 2 2 . . 3 7 2 1 . . 1 9 2 1 . . 1 8 2 1. . 7 1 Dishwasher I 0.9 0.8 0.8 0.8 0.8 0.8 0.7 n.a. Not available. 1 Radios or phonographs (or their component parts) together costing $100 or more. TABLE 4 PURCHASERS OF HOUSES AND SPECIFIED DURABLE GOODS, BY QUARTERS, 1959-61x [Percentage of all families] 1959 1960 1961 Item Jan.- Apr.- July- Oct.- Jan.- Apr.- July- Oct.- Jan.- Apr.- Mar. June Sept. Dec. Mar. June Sept. Dec. Mar. June Automobile: New. 2.4 2.8 2.6 2.4 2.7 3.2 2.8 2.8 2.1 2.2 Used 5.2 5.7 5.2 4.7 5.0 5.7 5.2 4.9 5.1 5.9 House (new or existing)2 n.a. n.a. n.a. 1.5 0.8 1.4 1.4 1.2 1.0 1.1 Washing machine 2.5 2.5 3.3 3.2 2.4 2.7 2.8 2.9 2.2 2.5 Refrigerator . ... 1 7 2.2 3.1 2.3 1.6 2.4 2.7 1.9 1.7 2.2 Television set 3.4 2.6 3.3 4.8 3.3 2.9 3.4 4.8 2.8 2.7 Air conditioner 0 2 0.3 1.1 1 0 0 2 0.2 0.8 Clothes dryer 1.4 0.6 0.5 0.7 1.1 0.7 0.4 Radio and phonographic equipment 3 n.a. n.a. n.a. 2.5 1.0 0.9 1.0 2.9 0.9 1.0 Dishwasher. 0.4 0.3 0.3 0.3 0.4 0.2 0.3 n.a. Not available. other data because of special problems involved in estimating pur- 1 As reported in month immediately following purchase period. chases of new houses. 2 Estimates are subject to somewhat larger sampling errors than 3 Radios or phonographs (or their component parts) together costing $100 or more. TABLE 5 PAST AND EXPECTED CHANGES IN INCOME, 1959-61 [Percentage distribution of families] 1959 1960 1961 Direction of change Jan. Apr. July Oct. Jan. Apr. July Oct. Jan. Apr. July Current income compared with a year earlier: Higher 23.3 22.9 23.9 24 A 25.0 22.2 21.5 23.2 22.6 20.7 20.6 Same 55.6 59.7 59.4 57.3 57.1 61.3 61 9 58.7 57.9 59.9 61.0 Lower . . . . . .. 20.2 16.7 16.1 17.9 17.0 15.5 15.7 17.0 18.7 18.5 17.6 Doesn't know 1.0 0.7 0.6 0.7 0.9 1.0 0.9 1.1 0.8 0.8 0.9 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Expected income compared with current:l Higher 24.8 21.6 23.6 25.1 24.4 24.2 24.6 24.5 24.6 23.9 24.7 Same 57.1 61.1 60.2 58.7 59.6 60.2 59.6 59.2 57.2 59.4 58.5 Lower 7.0 6.1 6.4 6.3 5.7 5.6 5.9 5.8 6.0 5.4 5.8 Doesn't know 11.1 11.2 9.8 10.0 10.2 10.0 9.8 10.5 12.2 11.4 11.0 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Expected a year hence. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Proposed Legislation on Finance Charges You HAVE ASKED that I appear before customers with better information, is a you today to comment on S. 1740, a bill to commendable social and economic objective. require disclosure of finance charges in con- While we are in full sympathy with the nection with extensions of credit. I am "truth in lending" objective of the bill, we glad to give you such assistance as I can in also believe, as we stated last year, that your consideration of this proposal. administration of such legislation would not Briefly, the bill would require a person constitute an appropriate activity for the engaged in the business of extending credit Federal Reserve System. As you are aware, to furnish to each of his customers prior to the major responsibility of the Federal the consummation of a credit transaction a Reserve is influencing the reserves of the written statement setting forth certain de- banking system in the interests of economic tails concerning the credit in accordance stability and growth. The statute proposed with rules and regulations prescribed by the in S. 1740, it seems to me, would be essen- Board of Governors of the Federal Reserve tially a trade practices law not related to our System. These details would include (1) primary responsibility, which is to regulate the finance charge expressed in dollars and the availability and supply of credit in accents and (2) the percentage that the finance cordance with the over-all needs of the charge bears to the total amount to be economy. financed expressed as a simple annual rate The bill is designed to protect the inon the outstanding unpaid balance of the terests of borrowers or other retail credit obligation. customers on a continuing basis. It would I should like to begin my statement by do this by improving the quality of their reaffirming the Board's general position as information concerning the finance charges set forth in our report and statement on on credit contracts into which they may S. 2755, the similar bill considered by your enter. As a result of the better information Subcommittee last year, and repeated in our on financing charges, the bill would prerecent report on S. 1740. The Board is in sumably facilitate customer choice as to full accord with the objective of requiring type and source of available credit financing lenders and vendors to disclose fully their best suited to his pocketbook. In this way, interest rates and finance charges to credit the bill would work from the demand side customers. The regulation of trade practices to make the market for funds more comof vendors and lenders in stating finance petitive and make more efficient the allocacharges, where necessary to provide credit tion of resources generally. The bill would not be administered as a NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal contracyclical instrument, tightened in boom Reserve System, before the Subcommittee on Productimes and eased in times of slack. Rather tion and Stabilization of the Senate Banking and Currency Committee, July 19, 1961. it would be administered so as to give bor- 905 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
906 FEDERAL RESERVE BULLETIN • AUGUST 1961 rowers truthful information at all times— instalment credit has been more responsive good and bad alike. Thus, regulation of to changes in terms, such as maturities and the disclosure of finance charges under the downpayments, and in credit standards of bill would differ from the administration of lenders than to changes in finance charges. general monetary policy. Its administration Finance charges on instalment loans, like would also differ with respect to cyclical charges on other types of credit, have risen flexibility from the selective credit regula- from the lows reached in the World War II tions, such as regulation of stock market period. The rise has been gradual and, uncredit which the Federal Reserve administers like money market interest rates, rates on at present, and from regulations of consumer consumer loans have not varied much in credit and real estate credit which the Fed- response to changes in the availability of eral Reserve has administered in the past. and demand for credit over the course of postwar business cycles. The question as to whether or not knowledge as to the actual cost of an article One factor of particular importance in bought on credit tends to diminish cyclical connection with the prevailing level and fluctuations can be thought of in two parts. relative invariability of credit charges on One part has to do with the price of the instalment loans is the presence of State laws article itself; the other with the additional setting maximum finance rates. Another cost of buying it "on time." factor is the relative importance of costs other than the cost of money per se in the Decisions as to whether or not to buy consumer lending business. These costs, the item at all are made more intelligently, which include the cost of credit investigaof course, when the true price is known. tion, collection, and provision for losses, Since prices of goods and services fluctuate, do not show much cyclical fluctuation. potential buyers tend to be encouraged to purchase by prices they consider low and This is not to say that consumer instaldiscouraged by those they consider high. ment credit is unresponsive to changes in Price changes on the items themselves, there- monetary policy. Instalment lenders, like fore, do have contracyclical influence, and other lenders, are affected by changes in the this influence is enhanced when potential supply of bank reserves. Commercial buyers are quoted the total cost as well as banks, which are most directly affected by the monthly payment. changes in Federal Reserve policy, themselves hold about two-fifths of all outstand- If consumer finance charges actually did ing consumer credit and also make loans in fluctuate with economic cycles, knowledge substantial volume to finance companies and of the total cost of consumer credit itself retailers. would tend to have contracyclical effects. However, finance charges on consumer in- Changes in the availability of credit to stalment credit, a major area that would be instalment vendors and lenders tend to be covered by the bill, have not shown much reflected more in changes in the credit fluctuation in response to cyclical changes standards which lenders and vendors apply in the availability of credit during the post- than in changes in their finance charges. war period. Also, it is hard to find evidence When credit conditions tend to tighten, more as to consumer responsiveness to the changes restrictive credit standards tend to eliminate in charges that have occurred. Consumer customers who are marginal risks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PROPOSED LEGISLATION ON FINANCE CHARGES 907 On the other hand, when credit condi- to the mortgage credit area. Mortgage intions become easier, instalment lenders and terest rates, like finance charges on convendors are more willing to extend credit and sumer credit, have risen since the war, alto accept marginal risks. Moreover, con- though they have fluctuated more in response sumer lenders and vendors tend to engage to changes in credit availability. in more promotional activity when funds Contract rates on first mortgages tend to are readily available and to cut back on be close to their effective rates. It is true such activity when funds are hard to come that appreciable discounts are sometimes by. charged on mortgages insured or guaranteed In view of the technical characteristics by the Federal Government. This happens of the consumer credit business, it seems when administratively determined rates are unlikely that a fuller awareness by consum- below market rates. However, sizable disers of instalment finance charges in and of counts are seldom charged on mortgages of itself would make for increased cyclical vari- the conventional type. Moreover, charges ation in such charges and thereby result in other than the cost of money typically add much contracyclical effect on consumer bor- little to the contract interest rates on mortrowing. Whatever increased cyclical varia- gages. tion in rates and in borrower responsiveness There is unfortunately little information to to rate changes did result from the bill be had about practices in disclosing financing would, of course, be salutary. Cyclical charges to borrowers in second and third flexibility in financing costs serves generally mortgage financing. If there is a problem to discourage borrowing in boom periods requiring compulsory disclosure of contract and to encourage it in periods of slack. costs in the mortgage field, it would seem to Perhaps the most important effect of the relate more to this area of financing than to bill in the instalment credit field would be first mortgages. in furthering the healthful functioning of In conclusion, let me say that the Board the economy generally, through better al- of Governors looks with favor on the general location of resources. It would, indeed, be principle of the bill of requiring disclosure beneficial if a fuller consumer awareness of of finance charges. At the same time, howcredit charges resulted in the avoidance of ever, the Board believes that the administraparticularly burdensome indebtedness on the tion of such a trade practice function would part of some consumers or caused them to be essentially unrelated to the Board's presallocate their funds more economically. ent responsibilities. On behalf of the Board, While most of the discussion of this bill therefore, I wish to reaffirm the position we has been in terms of its role in requiring dis- took last year that administration of such closure of terms on short-term consumer legislation would not constitute an approcredit, the bill also would apparently apply priate activity for the Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
The Balance Sheet of Agriculture, 1961 The major factual portion of the 17th in a series W. H. Scofield, F. D. Stocker, and Q. F. Dallaof annual reports on the financial condition of valle. agriculture, as issued by the U.S. Department of Data relating to the inventories of livestock, Agriculture, is given below.1 The full report has crops, machinery, and household equipment were prepared under the direction of the following been published as an Agriculture Information persons: livestock—R. H. Moats; crops—C. E. Bulletin of the Department of Agriculture. Burkhead and R. P. Hardy; machinery—Robert The study was prepared, under the direction of H. Masucci and Mardy Myers; household equip- Norman J. Wall, Chief, Agricultural Finance ment—Jean L. Pennock. Data relating to farm Branch, Farm Economics Division, Economic Re- income and expenditures were compiled under the search Service, by F. L. Garlock, F. D. Hansing, direction of Mardy Myers and Albert Kendall. SUMMARY OF THE 1961 BALANCE SHEET During 1960, the value of farm assets rose from indicate that nearly 260,000 fewer farmers had about $204.8 billion to about $206.1 billion; land checking accounts early in 1961 than a year values continued to rise in all regions except the earlier. Corn Belt; and, at $11.7 billion, the net realized There are also indications that more farmers income of farm operators from farming was about had difficulty in financing their operations in 1960 4 per cent higher than in 1959. Opposed to these than in other recent years. This is suggested by a gains were an increase in farm debts that equaled substantially lower rate of increase in non-realthe increase in farm asset values; a decline in farm estate farm debt, by an increase in the proportion mortgage debt repayments accompanied by an in- of farm mortgage loans used to refinance existing crease in renewals of non-real-estate farm debts; debts, and by the fact that the Farmers Home Adand a drop in the liquid financial assets of farmers. ministration supplied a larger part of the operat- Despite the higher income in 1960, indications ing credit obtained by farmers in 1960 than in are that farmers were in a tighter cash position other recent years. than in 1959. This is suggested not only by the The tighter cash position of farmers and their continued decline in farmers' liquid assets and the greater difficulty in obtaining financing are interdebt trends cited above, but also by a reduction of related, because farmers use credit to maintain about $475 million in farmers' expenditures for their bank accounts as well as to buy goods and motor vehicles and machinery. The Federal Re- services. A possible reason for the tighter situaserve estimates of farmer-owned demand deposits tion in 1960 is suggested by reports of lending 1 The balance sheet as presented here brings to- In using and interpreting the balance sheet, it gether the assets and liabilities of agriculture as should be remembered that the data are aggregates though it were one large enterprise. It is the 17th in and that they do not show the distribution of assets a series that contain comparable annual estimates and debts among owner-operators, tenants, and landbeginning in 1940. The annual changes shown pro- lords. Nor do the data permit full separation of the vide a means of appraising the effects of developments farm firm as a production unit from the farm family in both the farm and nonfarm sectors of the economy as a consumption unit. on the financial structure of agriculture. The general financial and credit position of agri- This report shows farm assets and farm debts as of culture and the way it varies among regions is given the beginning of 1961 and selected earlier years. It special attention in the Agricultural Finance Outlook deals mainly with changes in the financial situation of issued in November of each year by the Farm Ecoagriculture that occurred during 1960. nomics Division, Economic Research Service. 908 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE BALANCE SHEET OF AGRICULTURE, 1961 909 institutions that a growing number of farmers probable that the financial pressures on smaller have built up their debts to such levels that lend- farmers became heavier in 1960. ers are reluctant to extend them additional credit. The principal reason for the increase in the But apparently something more than this is in- value of farm assets in 1960 was the continued volved. From the decline in the number of rise in the price of farm real estate. Early in farmers who have checking accounts it seems 1961, this asset reached a record high value of $136.5 billion, and it represented so large a part of the value of all farm assets that it raised the total value of these assets despite a net decline TABLE 1 in non-real-estate farm assets (Table I).2 COMPARATIVE BALANCE SHEET OF AGRICULTURE, Farm assets other than real estate that increased UNITED STATES, JANUARY 1, 1940, 1960, AND 19611 in 1960 included crop inventories, household furnishings and equipment, and investment in farm [In billions of dollars] cooperatives. The increases in the values of these assets were small. Substantial declines occurred New ?asis2 in farmers' holdings of deposits and currency and Item 1940 1960 1961 1960 1961 in the value of motor vehicles and machinery on farms. Depreciation exceeded farm expenditures Assets for motor vehicles and machinery. Physical assets: During 1960 farm debt rose from $24.1 billion Real estate 33.6 129.1 130.6 134.8 136.5 Non-real-estate: to $25.4 billion. Most of the increase was in farm Livestock 5 1 315.5 415.5 15.5 15.5 Machinery and motor ve- mortgage loans. Part of the rise of $800 million hicles 3.1 318.6 18.1 18.6 18.1 Crops stored on and off in farm mortgage debt was caused by a decline in farms5 2.7 37.9 8.1 7.9 8.1 Household furnishings and payments on mortgage loans. Price-support loans equipment 6. 4.3 13.5 13.7 10.1 10.3 of the Commodity Credit Corporation increased Financial assets: Deposits and currency 3.2 9.1 8.7 9.1 8.7 by about $100 million, and other non-real-estate United States savings bonds .. .2 35.1 5.1 4.7 4.6 Investment in cooperatives . . . .8 4.3 4.1 4.3 loans to farmers increased by about $400 million. 4.1 Total7 53.0 3202.9 204.1 204.8 206.1 Despite the increases in farm debt during recent Claims years, proprietor's equities on January 1, 1961, Liabilities: amounted to about $181 billion, or nearly 88 per Real estate debt 6.6 12.3 13.1 12.3 13.1 Non-real-estate debt to: cent of the value of farm assets. Commodity Credit Corporation8 .4 31.2 1.3 1.2 1.3 As reflected by valuations in 1940 prices, the Ot t h i e o r n s9 reporting institu- 1 5 6 7 7.0 6.7 7.0 physical quantity of farm assets at the beginning Nonreporting creditors* °... 1.5 3.9 4.0 3.9 4.0 of 1961 showed little change—possibly a slight Total liabilities 7 10.0 324.1 25.4 24.1 25.4 decline—from a year earlier (Table 2). Proprietors' equities 43.0 3178.8 178.7 180.7 180.7 Both gross and net income from agriculture Total? 53.0 3202.9 204.1 204.8 206.1 were about $700 million higher in 1960 than in 1959, and the net realized income of farm opera- 2 1 T D e o n e t s a t n iv o e t i e n s c ti l m ud a e t e d s a b ta a s f e o d r A on la s re k v a is a i n o d n s H i a n w p a r i o i. cess as a result of tors from farming was up nearly $500 million. the 1959 Census of Agriculture. Realized net income from farming is estimated" 3 Revised. 4 Beginning with 1961, horses and mules are excluded. (new basis) at $2,925 per farm in 1960 compared 5 Includes all crops held on farms for whatever purpose and crops held off farms as security for Commodity Credit Corporation loans. with $2,738 in 1959. On Jan. 1, 1960, the latter totaled $499 million. 6 Estimated valuation for 1940, plus purchases minus depreciation since then. i Total of rounded data. 2 The number of farms and the size of the farm 8 Although these are nonrecourse loans, they are included as liabilities because borrowers must either repay in cash or deliver the population are used in computing values for some of commodities on which the loans were based. The values of the the series in these tables. As the 1959 Census of underlying commodities are included among the assets; hence the loans must be included as liabilities to avoid overstating the amount Agriculture showed a greater reduction in the number of proprietors' equities. of farms than had been expected, the affected series 9 Loans of all operating banks, the production credit associations, and the Farmers Home Administration, and discounts of the Federal must be revised. In Table 1 and some of the other intermediate credit banks for agricultural credit corporations and tables, the figures presented under the heading "new livestock loan companies. 10 Loans and credits extended by dealers, merchants, finance basis" are preliminary estimates of what the values companies, individuals, and others. Estimates based on fragmentary are likely to be after final revisions have been made. data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
910 FEDERAL RESERVE BULLETIN • AUGUST 1961 TABLE 2 creased sufficiently to overbalance a decline in business purchases for fixed investment. In addi- PHYSICAL ASSETS OF AGRICULTURE VALUED AT 1940 tion to a strong domestic demand, foreign takings PRICES, UNITED STATES, JANUARY 1, 1940, 1960, AND 1961x of agricultural products rose to a new record in 1960, in both volume and dollar value, as part [In billions of dollars] of a general export expansion. The general price level—a major influence on New basis 2 values of farmland and other farm assets—showed Type 1940 1960 1961 1960 1961 small increases during 1960. The consumer price index (1947-49=100) rose steadily and at year- Real estate3 33.6 38.2 38.3 38.2 38.3 Livestock 5.1 45.1 54.8 5.1 4.8 end, at 127.5, was 2 points above the index a C M r a o c p h s i n s e to ry re d an o d n m a o n t d o r o f v f e f h a ic rm le s s. . . . 2 3 . . 7 1 4 3 7 . . 8 2 4 7 . . 0 0 7 3. . 8 2 4 7 . . 0 0 year earlier. Ho e u q s u e i h p o m ld e nt6 furnishings and 4.3 7.2 7.3 5.4 5.5 Beginning early in 1960, monetary policies of Total? 48.8 61.5 61.4 59.7 59.6 TABLE 3 1 Does not include data for Alaska and Hawaii. 2 Tentative estimates based on revisions in process as a result COMPARATIVE INCOME STATEMENT OF AGRICULTURE, of 3 th T e h i 1 s 9 5 s 9 e r C ie e s n w su a s s o d f e A ve g l r o i p cu ed lt u b re y . Alvin S. Tostlebe from data for UNITED STATES, 1940, 1959, AND I9601 census years 1880 to 1950. (See Agricultural Finance Review, Nov. 1952.) Estimates for 1960 and 1961 are extensions of these data. [In millions of dollars] 4 Revised. 5 Beginning with 1961, horses and mules are excluded. <s Purchases since 1940 are deflated by an index of prices paid by Item 1940 19592 1960 farmers for house-furnishings. 7 Total of rounded data. How net income was obtained Gross farm income: INFLUENCE OF THE ECONOMIC SITUATION Cash receipts from farm marketings 8,382 33,452 34,014 Government payments to farmers 723 681 693 Home consumption of farm products... 1,210 1,410 1,342 These changes in the financial situation of farmers Rental value of farm dwellings 723 1,971 2,020 occurred in an economic environment of expand- Net change in inventory^ 281 92 258 ing activity at the beginning of the year and Total 11,319 37,606 38,327 gradually declining activity after the first quarter. Production costs, other than wages, rent, and interest on mortgages: The sharp rise in economic activity at the begin- Feed bought 998 4,808 4,848 Livestock bought, except horses and ning of the year was spurred by business demand mules 517 2,723 2,508 Fertilizer and lime bought 306 1,460 1,463 for inventories with which to rebuild stocks de- Repairs and operation of capital items.. 1,006 4,002 3,986 pleted during the 1959 steel strike. By the sec- Depreciation and other consumption of farm capital 796 4,135 4,144 ond quarter, however, inventory investment had Taxes on farm real estate and personal property 451 1,436 1,553 slackened considerably, and in the fourth quar- Seed bought 197 506 538 Miscellaneous 708 2,665 2,728 ter there was disinvestment. Total 21,735 Industrial production (seasonally adjusted) Net income from agriculture 15,871 started the year at a record 11 per cent above the How net income was distributed 1957 base, but by year-end, the index was at a rate of only 3 per cent above 1957. Employment Wages to hired labor (cash and perquisites) 1,029 2,962 2,935 also peaked in 1960. An expansion during the Ne l t a n r d e l n o t r d a s n n d o t G li o v v in e g rn o m n e n fa t rm pa s y 4 ments to , 448 1,011 1.030 first half of the year brought total civilian employ- Interest on farm-mortgage debt 293 580 636 Net income of farm operators 4,570 11,318 11,958 ment to a record 68.7 million in July. But layoffs Net income from agriculture 6,340 15,871 16,559 after midyear, especially in manufacturing, re- Realized net income of farm operators duced the total to 66 million at the close of the year. Net income of farm operators 4,570 11,318 11,958 Net change in inventory 281 92 258 For the year, consumer disposable income to- Realized net income of farm operators .. 4,289 11,226 11,700 taled $351.8 billion, 4 per cent above the 1959 total, and the gross national product was $504.4 1 Does not include data for Alaska and Hawaii. 2 Revised. billion, a rise of 4.5 per cent over 1959. Final 3 Reflects the physical changes during the year in all livestock and crops on farms, except crops under CCC loan, with the changes demand grew slowly throughout the year as con- valued at average prices for the year. sumer, government, and foreign purchases in- 4 After subtraction of taxes, mortgage interest, and other expenses paid by such landlords. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE BALANCE SHEET OF AGRICULTURE, 1961 911 the Federal Reserve changed from restraint to With gross farm income greater in 1960 and ease. The demand for credit also eased. Loans production costs changing very little, the net inof commercial banks, for example, increased only come from agriculture increased about 4 per cent $7.4 billion in 1960, compared with a rise of $12.6 to a total of $16.6 billion. After allowing for billion in 1959. Interest rates in the central money wages to hired labor, net rent, and interest on markets moved generally lower during the year. farm mortgage debt, the net income of farm operators increased by almost 6 per cent to almost $12 AGRICULTURAL INCOME billion. Omitting adjustments for changes in in- Total gross farm income was $38.3 billion in 1960, ventory, the realized net income of farm operanearly 2 per cent higher than in 1959 (Table 3). tors was about $11.7 billion, or about 4 per Most of this increase was in cash receipts from cent more than in 1959. farm marketings. The purchasing power of the realized net in- Production costs (other than wages, rent, and come of farm operators from farming increased interest on mortgages) were up less than one-half of 1 per cent in 1960. Most of the cost items 3.6 per cent over that in 1959. This resulted increased slightly from 1959, but livestock pur- chiefly from an increase in current dollar income chases and repairs on capital items decreased and a relatively smaller increase in prices paid slightly. for items and services used in family living. THE 1961 BALANCE SHEET IN DETAIL In the preceding paragraphs, the balance sheet for that date. The average value of land and was summarized in general terms. In the sections buildings per farm was nearly $36,000 in 1961. that follow, each item of the 1961 balance sheet Market prices of farm real estate strengthened is treated in detail. slightly in the Corn Belt in the four months ended March 1, 1961, but remained about 3 per cent below a year earlier. Elsewhere, prices held ASSETS steady or showed) small gains in the year ended Assets fall into two general classes: (1) physical March 1, 1961, but the gains were generally less assets, both real estate and tangible personal; and than had prevailed before 1960. (2) financial assets, which include cash, bank deposits, U.S. savings bonds, and farmers' investments in cooperative associations. CHANGE IN DOLLAR VALUE OF FARMLAND* Farm real estate. Preliminary (new basis) estimates place the total market value of farm real estate at $136.5 billion as of March 1, 1961. This is only $1.7 billion, or 1 per cent, higher than the revised estimate for March 1, 1960, which is $5.7 billion higher than had previously been estimated for that date. The value of farm buildings in March 1961 is estimated at $28.4 billion, or 20.8 per cent of the total value of land and buildings. Dwellings on farms are estimated to account for about half of the total value of all farm buildings. The rise in market value per acre of farm real estate slowed perceptibly in 1960 after having advanced at an annual rate of 6 to 7 per cent be- The rate of voluntary sales in the year ended tween the spring of 1956 and the fall of 1959. March 1, 1961, was 8 per cent below that of the The revised (new basis) national estimate of $122 previous year and the lowest since the early per acre for March 1, 1960, was about $10 per thirties. This low rate of 28.1 farms per 1,000, acre higher than had been estimated previously applied to the smaller number of farms, probably Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
912 FEDERAL RESERVE BULLETIN • AUGUST 1961 represented the smallest number of farm sales in TABLE 4 many years. Weaker demand, rather than a smaller LIVESTOCK AND POULTRY ON FARMS: UNITED STATES, supply of farms for sale, was responsible. Farm JANUARY 1, 1960 AND 1961 * foreclosures and other distress transfers were at about the same low rate as those in the last few years. 19602 1961 Sales made in 1960-61 were financed in about Value Value the same general way as they were a year earlier. Class Num- Num- A total of about $1.5 billion in credit was extended ber Per Total ber Per Total (mil- head 3 (mil- (mil- head 3 (milas a result of voluntary transfers, and half of this lions) (dol- lion lions) (dol- lion lars) dol- lars) dolwas provided by sellers. The land instalment con- lars) lars) tract continues to be the principal means of financing sales of farms, particularly in the Lake, Cattle 96 137 00 13 150 97 134.00 13 046 Milk cows4 20 210.00 4,102 19 208.00 4,004 Corn Belt, and Great Plains States. Downpay- Hogs 59 18 50 1 092 55 27.00 1 491 All sheep 5 33 16.45 545 33 14.57 480 ments made by buyers under this method of sale Stock sheep 6 29 16.50 477 29 14.60 419 Horses and mules.. 3 113.00 34S averaged 27 per cent, whereas buyers who ob- Chickens .... 369 1.06 391 358 1.25 447 Turkeys 6 4.89 27 7 4.94 34 tained mortgage financing from commercial lenders averaged downpayments of 45 per cent. Total 15,553 15,498 Livestock and poultry. The estimated value of 1 Does not include data for Alaska and Hawaii. livestock on farms on January 1, 1961, excluding 2 Revised. 3 Rounded to significant price intervals. horses and mules, totaled $15.5 billion (Table 4). 4 Included in cattle. 5 Includes sheep and lambs on feed for market. This was about the same as the value shown for 6 Included in all sheep. a year earlier, which included horses and mules.3 7 Beginning with 1961, estimates are discontinued because of decline in number of horses and mules on farms. In 1960, other livestock on farms increased in value by nearly $300 million. This increase resulted from a $400 million increase in the value of provided the necessary data for revising estimates hogs and an increase of $62 million in the value of of the numbers and value of livestock on farms chickens and turkeys. Declining values for cattle, from January 1, 1955, to January 1, 1960. When down $104 million, and for sheep, down $66 milthe revisions were made, it was found that the lion, offset part of the gain for the other groups. numbers and values of livestock on farms as of The value of livestock on farms represented 7.5 January 1 for all years from 1956 to date were per cent of total farm assets on January 1, 1961. less than previously estimated. The number of all cattle and calves on farms Motor vehicles and machinery on farms. Farm increased during 1960 for the third consecutive operators invested $3.1 billion in motor vehicles year. After increasing for two years, the number and farm machinery during 1960, a drop of $475 of hogs and pigs on farms declined to 55.3 million million from the amount invested in 1959 and a on January 1, 1961, down 6 per cent from a year continuation of the decline from the recent high earlier. The number of all sheep on farms also peak achieved in 1958. Farmers cut back most declined, but the total on January 1, 1961, 32.9 on their purchases of tractors. Expenditures for million, was still the second highest number on tractors were reduced to $496 million, $267 milfarms since 1948. lion less than in 1959, and the lowest since 1947. Completion of the 1959 Census of Agriculture Although expenditures for new machines were reduced in 1960, they were still large as reflected by increases in numbers of major machines on 3 Starting with January 1, 1961, estimates of the value of horses and mules on farms will no longer farms. Despite the increases in numbers of mabe made. On January 1, 1940, the first date for chines, the value of the inventory declined about which balance-sheet data were aggregated, the value $480 million from the record high level of $18.6 of horses and mules totaled about $1.3 billion, almost billion on January 1, 1960 (Table 5). 9 per cent of total livestock values. On January 1, Prices paid by farmers for new machines were 1960, the value of horses and mules totaled $0.3 billion, only 2 per cent of the total farm investment slightly higher in 1960 than they were in 1959 in livestock. for tractors and "other" farm machinery, un- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE BALANCE SHEET OF AGRICULTURE, 1961 913 TABLE 5 assets at $13.3 billion on January 1, 1961, a decrease of $500 million from a year earlier (Table MOTOR VEHICLES AND FARM MACHINERY, UNITED 6). STATES, JANUARY 1, SPECIFIED YEARS, 1940-61* In millions> of dollars] TABLE 6 Auto- Motor- Other farm LIQUID FINANCIAL ASSETS OWNED BY FARMERS, Year Total mobiles trucks Tractors machinery UNITED STATES, JANUARY 1, SPECIFIED YEARS, 1940 TO 1961 X 1940 3,060 958 262 503 1,337 1950 . 11,314 2,324 1,446 2,380 5,164 1955 . 16,164 3,827 1,885 3,120 7,332 [In billions of dollars] 19602..... 18,574 4,133 2,254 3,597 8,590 19613..... 18,094 3,885 2,197 3,384 8,628 Deposits U. S. 1 Does not include data for Alaska and Hawaii. Year Total Currency savings 2 Revised. Demand Time bonds 3 Preliminary. 1940 3.4 0.7 1.3 1.2 0.2 1945 11.3 2.6 3.6 1.7 3.4 changed for trucks, and lower for automobiles as 1950 13.8 2.5 4.5 2.1 4.7 the compact models came on the market in in- 1 1 9 9 5 6 5 0 2 1 1 4 4 . . 4 2 2 1. . 9 2 4 4 . . 7 3 2 2 . . 5 9 25 5 . . 1 0 creasing numbers. 1961 13.8 1.8 4.0 2.9 5.1 Crop inventories. Farmer-owned inventories of Hew basis : 1960 13.8 1.9 4.3 2.9 4.7 harvested crops on January 1, 1961, including 1961 13.3 1.8 4.0 2.9 4.6 crops pledged under loan to the Commodity Credit 1 Does not include data for Alaska and Hawaii. Corporation, were valued at slightly over $8 bil- 2 Revised. lion, an increase of about 3.5 per cent over the value a year earlier. This increase resulted chiefly About $300 million of the decrease in liquid from an increase in the quantity of stocks stored financial assets in 1960 was in farmers' checking off farms under CCC loans. On January 1, 1961, accounts. According to Federal Reserve estithe value of stocks stored off farms was almost 30 mates, farmer-owned demand deposits decreased per cent more than a year earlier. Off-farm during 1960 in all except the Kansas City and storage of all major crops except soybeans and Cleveland Districts. The average size of farmers' rice showed an increase in value on January 1, checking accounts increased about 2.5 per cent 1961, over a year earlier, with wheat and grain nationally during 1960, while the number of acsorghum accounting for most of the increase. counts decreased by more than 8 per cent. Of the The value of all crops stored on farms changed 12 Federal Reserve districts, 10 showed decreases less than 2 per cent between January 1, 1960, and in the number of farm checking accounts. Seven January 1, 1961. Food grain stocks, however, had increases in the average size of demand deincreased in value about 25 per cent, chiefly be- posits ranging from 5 to 12 per cent, while the cause of an increase of about 28 per cent in the other 5 had decreases ranging from 4 to 18 physical quantity of wheat stocks. The inventory per cent. value of hay and forage increased about 3 per Preliminary (new basis) estimates indicate that cent, while feed grains decreased about 2 per cent the value of the U. S. savings bonds owned by and soybeans, the principal oil crop, decreased farmers on January 1, 1961, was about $4.6 about 13 per cent. billion, $100 million less than a year earlier. As measured in 1940 prices, the physical quan- During 1960, purchases of both E and H bonds tity of crop inventories increased about 5 per cent declined. Redemptions of E bonds increased, but between January 1, 1960, and January 1, 1961. redemptions of H bonds decreased. Purchases of For crops stored on farms, the quantity increased E bonds increased slightly in the Northeast, Lake about 3 per cent, and for crops stored off farms States, and Southeast. Purchases of H bonds inunder CCC loan, it increased about 33 per cent. creased slightly during 1960 in the Southern Plains, Liquid financial assets. The bank deposits, cur- Lake States, and Southeast. rency, and U. S. savings bonds owned by farmers Net worth of farmers' cooperatives. On January declined during 1960 for the second consecutive 1, 1961, the net worth of farmers' cooperatives year. New basis estimates place the total of these was $4.3 billion, reflecting an increase of a little Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
914 FEDERAL RESERVE BULLETIN • AUGUST 1961 more than 5 per cent during 1960. For the last billion, an increase of $800 million (6.6 per cent) eight years, the net worth of cooperatives has during 1960 (Table 7). This increase was less increased by 5 to 8 per cent each year. than the increase in 1959, but it was the fourth The marketing and purchasing associations con- largest annual increase since 1910. tinue to have the largest net worth, accounting for a little more than 50 per cent of the total TABLE 7 net worth of cooperatives on January 1, 1961. FARM MORTGAGE DEBT OUTSTANDING, BY LENDERS, The rural electric cooperatives increased 14.3 UNITED STATES, JANUARY 1, SPECIFIED per cent in net worth, the largest increase of any YEARS, 1940-61 * of the cooperative groups. For this group, however, it was the smallest increase in the last 10 Increase, or Amount decrease (-)3 years. (In millions of dollars) (per cent) Lender The net worth of production credit associations 1940 1950 1960 19612 1950-61 1960-61 increased to a high of $301 million on January 1, 1961. This was an increase of 9 per cent in Total 6,586 5,57912,289 13,103 134.8 6.6 1960 compared with increases of 14 per cent for Federal land banks4. 2,010 906 2,335 2,538 180.2 8.7 both 1958 and 1959. Fe g d a e g ra e l C o F r a p r o m r at M io o n r 4, t 5 - 713 59 0 0 100.0 During 1960, because of greater fire losses, Farmers Home Administration 6 32 193 437 482 149.2 10.2 the net worth of farmers' mutual fire insurance Life insurance companies4 984 1,172 2,820 2,984 154.6 5.8 companies decreased almost 3.5 per cent. Insured commercial banks 534 879 1,554 1,617 83.8 4.0 Assets used in farm production. Preliminary Individuals and miscellaneous 2,313 2,370 5,143 5,482 131.4 6.6 (new basis) estimates put the value of the assets used in farm production on January 1, 1961, at 1 Does not include data for Alaska and Hawaii. $163.5 billion, or about four-fifths of the total 2 3 C P o re m li p m u i t n e a d r y f . rom unrounded data. value of all farm assets. During 1960, these 4 Includes regular mortgages, purchase-money mortgages, and sales contracts. assets increased by about one-half of 1 per cent. 5 Loans were made for the Corporation by the Land Bank Commissioner. Authority to make new loans expired July 1, 1947. The value of farmland and service buildings, On June 30, 1955, loans of the Federal Farm Mortgage Corporation were sold to the 12 Federal land banks. which make up about three-quarters of the total 6 Data for 1940 include only tenant-purchase loans and direct soil and water loans to individuals. Thereafter, data include also productive assets, increased by about 1.3 per cent. farm-development, farm-enlargement, and project-liquidation loans; All other categories of assets declined during farm-housing loans, beginning with July 1950; and building-improvement loans beginning with 1955. 1960. More significant is the amount of productive FARM MORTGAGE DEBT HELD capital per farm and per worker. Although the BY MAJOR LENDERS value of productive assets has increased greatly BIL. DOLLARS"] over the last 10 years, numbers of farms and |]] Farmers Home A dm. of farmworkers have decreased; thus, assets per jo _E2Fed. Farm Mort. Corp, farm and per farmworker have increased even more than the total of productive assets. CLAIMS Claims on agricultural assets are of two general kinds: (1) liabilities, which are divided into real estate and non-real-estate debts; and (2) equities, 1910 1920 1930 1940 1950 1960 which represent the value of the residual rights in agricultural assets belonging to the proprietors— owner-operators, tenants, and landlords. Included among these proprietors are individuals, corpora- All lender groups increased their holdings of tions, and Federal, State, and local government farm mortgages during 1960. The largest peragencies. centage increase was made by the Farmers Home Farm real estate debt Farm mortgage debt Administration. It resulted from heavy lending outstanding on January 1, 1961, totaled $13.1 activity during the last half of 1960 when the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
THE BALANCE SHEET OF AGRICULTURE, 1961 915 1961 fiscal appropriations became available. The Non-real-estate debt. The non-real-estate debt smallest increase was by insured commercial of farmers (including CCC loans) on January 1, banks, whose holdings were increased by 4 per 1961, was estimated to be $12.3 billion, an incent. The increase by banks was probably limited crease of about 4 per cent over a year earlier by the relatively high ratios of loans to deposits, (Table 8). Loans held by banks and Federally which developed at many banks during recent years. TABLE 8 Two significant changes in lending activity oc- FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES, curred during 1960. The first was a decline in JANUARY 1, SPECIFIED YEARS, 1940-611 payments on principal indebtedness. According [In billions of dollars] to reports from three lender groups—the life insurance companies, the Federal land banks, and Type 1940 1950 1960 1961 the Farmers Home Administration—the payment rate on debt outstanding during 1960 was the Price-support loans made or guaranteed by CCC 2 0.4 1.7 31.2 1.3 lowest since 1957. This happened despite the Other loans by banks and Federally sponsored agencies 1.5 2.8 6.7 7.0 fact that the source of funds for payments, farm Loans and book credits by miscellaneous lenders4 1.5 2.4 3.9 4.0 operators' realized net income, was higher in Total, excluding CCC loans 3.0 5.2 10.6 11.0 1960 than in 1959. Total, including CCC loans 3.4 6.9 311.8 12.3 The second important change in farm lending activity occurred in the use of farm mortgage 2 1 A D l o th es o u n g o h t i t n h c e l s u e d e a r d e a n ta o n fo r r e c A o l u a r s s k e a l o an an d s H , t a h w ey a ii a . re treated as debts. funds. Reports from 20 life insurance companies Borrowers must either pay them in cash or deliver the commodities on which they are based. indicate that there was an increase in the use of 3 Revised. 4 Estimates based on fragmentary data. funds for refinancing mortgages and for making repairs and improvements to land and buildings and a decline in the planned use of funds for NON-REAL-ESTATE FARM LOANS purchasing farm real estate and for refinancing Held by Banks and Federally Sponsored Agencies* other indebtedness. Scattered reports from the %JIL. i field indicate that more and more loans secured 0 iU F. H. A.° by real estate are used by borrowers for buying Prod, credit ciss'ns* seed, feed, machinery, and livestock. The gen- 4 &3 All operating banks m 81 erally lower rate of farm transfers and a weakened Hi A demand for land reflects this situation. In total, 2 II ' { §«K ill however, mortgage loans used to refinance existing 385 \ I I I i I ft II 888 indebtedness increased and those used for other 0purposes decreased in 1960. 1910 1920 1930 1940 1950 1960 The volume of farm mortgages recorded was smaller in 1960 than in 1959. The number of mortgages recorded was also down, but the average size was up. Loan size has increased year sponsored agencies, which represent about twoafter year in response to higher land prices and thirds of the total non-real-estate debt, increased the increased cost of equipping and operating a only 4 per cent during 1960 compared with almost farm business. 16 per cent during 1959. Price-support loans Interest rates on new farm mortgage loans in owed by farmers to the Commodity Credit Cor- 1960 remained firm at about 6 per cent until the poration and debts owed to miscellaneous lenders last quarter, when the rates charged by major each increased $100 million. lenders declined slightly. On outstanding mort- During 1960, outstanding loans held by banks gage loans, the average interest rate on January 1, increased only 3.5 per cent compared with an 1961, was 5.05 per cent—highest since the mid- increase of almost 16 per cent during the prethirties—compared with 4.97 per cent on January ceding year. Loans held by the production credit 1, 1960. associations increased only 9 per cent during the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
916 FEDERAL RESERVE BULLETIN • AUGUST 1961 same period compared with an increase of 22 per cent. Emergency loans increased only 2 per cent. cent a year earlier. Loans held by the Farmers Interest payments on non-real-estate debt in- Home Administration—a small part of the total— creased again during 1960. Interest charges for increased nearly 6 per cent during 1960 compared banks and Federally sponsored agencies are estiwith a decline of 2 per cent during 1959. mated to have increased almost 13 per cent during Farmers' non-real-estate loans held by the prin- 1960 to a high of almost $490 million. Despite cipal lending agencies increased in all geographic this increase, interest rates paid by farmers deregions except the Corn Belt, where there was a creased somewhat during the latter part of 1960. decline of 1 per cent. Areas of greatest expansion This was particularly true of loans made by the were in the Delta, Southeast, and Lake States. production credit associations, which tend to Expansion of bank loans was not large during follow rates in the money market. Rates for 1960. Areas of greatest increase were in the marketable securities in the central money mar- Northeast, Northern Plains, and Lake States. kets declined sharply during the first half of 1960. Loans made by the production credit associations This reduced the cost of money to the banks of increased about one-sixth in the Lake, Southeast, the Farm Credit System and lowered the yields and Pacific regions. of alternative investments for other farm lenders. The continued increase in outstanding non-real- Bank rates on farm loans showed little change as estate loans of farmers during 1960 probably they are not very responsive to changes in the resulted chiefly from an increase in the volume of money market. renewed loans. From January through October Total farm debt Excluding price-support loans, 1960, new loans of the production credit associathe total farm debt during 1960 increased 5 per tions were slightly lower than during the same cent to a high of $24.1 billion. Farm mortgage periods of 1959. Since then, they have run debt increased $800 million, or about 6.6 per higher than in the corresponding months a year cent, compared with an increase of $400 million, earlier. Renewals were 19 per cent larger during or nearly 4 per cent, in non-real-estate loans. The 1960 than a year earlier, and in the early months aggregate farm mortgage debt and non-real-estate of 1961 they were greater than in the corredebt held by institutional lenders showed the sponding months of the previous year. largest increases in the Delta and Southeast re- Probably because more farmers needed credit, gions. In both regions, the percentage increase and more of them could not obtain all the credit in non-real-estate loans was slightly higher than they needed from banks and production credit for mortgage loans. The Corn Belt showed the associations, non-real-estate loans obligated by the smallest increase in total farm debt during 1960. Farmers Home Administration were 26 per cent greater during the second half of 1960 than in the This was the only region in which the non-realsame period a year earlier. Most of this increase estate loans decreased during 1960; mortgage was in operating loans, which increased 28 per loans increased by only about 5 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Administrative interpretations, new regulations, and similar material Old Series Currency Adjustment Act amounts thereof outstanding on the books of the Treasury and to credit such amounts to the appro- The Act of Congress approved June 30, 1961 priate receipt account. (Public Law 87-66) cited as the "Old Series Cur- Sec. 8. (a) The fifth paragraph of Section 16 of the Federal Reserve Act (12 U.S.C., 415) is amended rency Adjustment Act," authorizes the Board of by adding at the end thereof the following new sen- Governors, with the approval of the Secretary of tence: "The liability of a Federal Reserve bank with respect to its outstanding Federal Reserve notes shall the Treasury, to require any Federal Reserve Bank be reduced by any amount paid by such bank to the to pay to the Secretary an amount equal to the Secretary of the Treasury under section 4 of the Old amount of Federal Reserve notes of any series Series Currency Adjustment Act." (b) The seventh paragraph of Section 16 of the prior to the series of 1928 issued by such bank Federal Reserve Act (12 U.S.C., sec. 416) is amended and outstanding at the time of such payment. The by striking out the third sentence and inserting in lieu thereof the following: "Any Federal Reserve bank Act also amends Section 16 of the Federal Reserve shall further be entitled to receive back the collateral Act with respect to the liability, collateral, re- deposited with the Federal Reserve agent for the serves, and redemption fund for any notes as to security of any notes with respect to which such bank has made payment to the Secretary of the Treasury which a Reserve Bank has made such payment to under section 4 of the Old Series Currency Adjustthe Secretary. The text of these provisions of the ment Act. Federal Reserve banks shall not be required to maintain the reserve or the redemption fund Act read as follows: heretofore provided for against Federal Reserve notes Sec. 4. The Board of Governors of the Federal which have been retired, or as to which payment has Reserve System, with the approval of the Secretary, been made to the Secretary of the Treasury under may require any Federal Reserve bank to pay to the section 4 of the Old Series Currency Adjustment Act." Secretary, to be credited as a public debt receipt, an Sec. 9. Nothing contained in this Act shall impair amount equal to the amount of Federal Reserve notes the redeemability of any currency of the United States of any series prior to the series of 1928 issued to such as now provided by law. bank and outstanding at the time of such payment. Sec. 5. Any currency the funds for the redemption or security of which have been transferred pursuant to Orders Under Section 3 the provisions of Section 3 of this Act, and any Fed- of Bank Holding Company Act eral Reserve notes as to which payment has been made under Section 4 of this Act, shall thereafter, The Board of Governors of the Federal Reserve upon presentation at the Treasury for redemption, be redeemed by the Secretary from the general fund of System has issued the following Orders and Statethe Treasury and thereupon retired. ments with respect to applications by bank hold- Sec. 6. (b) Except as provided in subsection (c) ing companies for approval of the acquisition of of this section, there shall be carried on the books of the Treasury as public debt bearing no interest Fed- voting shares of certain banks. eral Reserve notes as to which payment has been made to the Secretary under Section 4 of this Act and the amount of the payment credited as a public debt THE ATLANTIC NATIONAL BANK OF receipt in accordance with such section. JACKSONVILLE AND ATLANTIC (c) The Secretary is authorized to determine, from TRUST COMPANY time to time, the amount of— (1) outstanding currency of any type desig- In the Matter of the Applications of The nated in subsections (a) and (b) of this Atlantic National Bank of Jacksonville and Atsection. (2) circulating notes of Federal Reserve lantic Trust Company for prior approval of Banks, issued prior to July 1, 1929, for acquisition of voting shares of the Lake Shore which the United States has assumed Atlantic Bank, Jacksonville, Florida. liability, and (3) circulating notes of national bankin? associations, issued orior to July 1, 1929, ORDER APPROVING APPLICATIONS UNDER BANK for which the United States has assumed HOLDING COMPANY ACT liability. which, in his judgment, have been destroyed or There having come before the Board of Govirretrievably lost and so will never be presented for redemption, and to reduce accordingly the amount or ernors pursuant to Section 3 (a) (2) of the Bank 917 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
918 FEDERAL RESERVE BULLETIN • AUGUST 1961 Holding Company Act of 1956 (12 USC 1842) shareholders of The Atlantic National Bank of and Section 4(a)(2) of the Board's Regulation Y Jacksonville. (12 CFR 222.4(a)(2)), applications by The At- Views and recommendations of the supervisory lantic National Bank of Jacksonville and Atlantic authorities. One of the Applicant companies is a Trust Company, both of Jacksonville, Florida, for national bank. The proposed bank to be acquired the Board's prior approval of the acquisition of up is to be a State bank. Pursuant to Section 3(b) to 39,400 of the 40,000 shares of a proposed bank, of the Act, notice of the application was given to, the Lake Shore Atlantic Bank, Jacksonville, and views and recommendations requested of, Florida; a Notice of receipt of applications having both the Comptroller of the Currency and the been published in the Federal Register on May 9, State Commissioner of Banking of the State of 1961 (26 Federal Register 4006), which provided Florida. Both recommended approval of the interested persons an opportunity to submit com- applications. ments and views regarding the proposed acquisi- Statutory factors. Section 3(c) of the Act retion; and the time for filing such comments and quires the Board to take into consideration the views having expired and no such comments or following five factors: (1) the financial history views having been filed; and condition of the holding companies and bank IT IS HEREBY ORDERED, for the reasons set forth concerned; (2) their prospects; (3) the character in the Board's Statement of this date that the said of their management; (4) the convenience, needs, and welfare of the communities and the area conapplications be and hereby are granted, and the cerned; and (5) whether or not the effect of the acquisition by The Atlantic National Bank of acquisition would be to expand the size or ex- Jacksonville and Atlantic Trust Company of up to tent of the bank holding company system involved 39,400 of the 40,000 shares of Lake Shore Atbeyond limits consistent with adequate and sound lantic Bank, Jacksonville, Florida is hereby apbanking, the public interest, and the preservation proved, provided that such acquisition is comof competition in the field of banking. pleted within three months from the date hereof. Dated at Washington, D.C. this 2nd day of Discussion. The 17 commercial banks in Duval August, 1961. County (in which Jacksonville is located) hold total deposits of $662 million as of December 31, By order of the Board of Governors. 1960. Applicants' group of banks includes four of these, with total deposits of $236 million. The Voting for this action: Governors Balderston, Mills, Robertson, and Shepardson. Absent and not voting: largest of these four banks is The Atlantic Na- Chairman Martin and Governor King. tional Bank of Jacksonville, with total deposits of (Signed) KENNETH A. KENYON, $209 million. Bank would be located in a suburban area about Assistant Secretary. two miles southwest of the city limits of Jackson- [SEAL] ville, at the intersection of Harlow and Blanding Boulevards, and .4 mile south of a fairly large STATEMENT shopping center. Bank's anticipated primary serv- The Atlantic National Bank of Jacksonville and ice area has a population estimated at 20,000 to Atlantic Trust Company, both of Jacksonville, 30,000. The area has no industry, but popula- Florida ("Applicants"), have applied pursuant to tion growth has been pronounced in recent years Section 3(a) (2) of the Bank Holding Company and may be expected to continue in the foreseeable Act of 1956 ("the Act"), for the Board's prior future. At present, there is no bank located within approval of the acquisition of up to 39,400 of Bank's anticipated primary service area. The two the 40,000 shares of a proposed new bank, the banks closest to Bank's proposed site are about Lake Shore Atlantic Bank, Jacksonville, Florida 4.5 and 5 miles distant. Of Applicants' banks, ("Bank"). Both of the Applicants are registered The Atlantic National Bank of Jacksonville is the bank holding companies; Atlantic Trust Company closest to the proposed location of Bank. It is (which is not a bank) directly owns a controlling approximately 8 miles away. interest in eight banks, and all of its outstanding The financial history and condition, prospects, stock is held by trustees for the benefit of the and management of the Applicants are satis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 919 factory. The prospects and proposed management NORTHWEST BANCORPORATION of Bank are also satisfactory; since Bank has not In the Matter of the Application of Northwest yet been established, financial history and con- Bancorporation for prior approval of acquisition dition are not relevant factors with respect to it. of Roseville Northwestern National Bank, Rose- Relative to the fourth statutory factor, while the ville, Minnesota. need for a bank in the area is not deemed urgent, it is felt that a need is sufficiently evidenced and that the convenience and welfare of the area con- ORDER DENYING APPLICATION UNDER BANK cerned would be benefited to an extent which HOLDING COMPANY ACT would support approval under this factor. WHEREAS, there has come before the Board of The proposed acquisition would give the Ap- Governors, pursuant to Section 3(a)(2) of the plicants' group 5 of the 18 banks (27.8 per cent) Bank Holding Company Act of 1956 (12 USC in the metropolitan area of Jacksonville (Duval 1842) and Section 222.4(a)(2) of Federal Re- County). It does not appear that the acquisition serve Regulation Y (12 CFR 222.4(a) (2)), an would increase substantially Applicants' present application by Northwest Bancorporation, Mincontrol of banking resources nor strengthen sig- neapolis, Minnesota, for the Board's prior apnificantly their competitive ability. The banks in proval of the acquisition by Northwest of 950 of Applicants' holding company system held approx- 1,000 voting shares of Roseville Northwestern imately 32 per cent of the deposits of individuals, National Bank, a proposed new bank; and a Notice partnerships, and corporations ("IPC deposits") of Application and Order for Hearing, together of all banks in Duval County, compared with with related Orders, have been published on about 29 per cent held by the Florida National August 31, 1960 (25 Federal Register 8339); Group (not a bank holding company as defined WHEREAS, a public hearing has been held purin the Act), 23 per cent by the Barnett National suant to Section 222.7(a) of Regulation Y (12 Bank of Jacksonville and the subsidiary banks of CFR 222.7(a)), and the Hearing Officer has the affiliated Barnett National Securities Corpora- riled a Report, Rulings on Requests to Find and tion (a registered bank holding company), and Findings of Fact, Conclusions, and Recommenda- 16 per cent by all other banks. If Bank's an- tion that the application be approved, all such ticipated deposits at the end of three years of steps having been taken in accordance with the operation should consist entirely of IPC deposits Board's Rules of Practice for Formal Hearings and should be added to Applicants' year-end 1960 (12 CFR 263); and totals, Applicants' proportion of the total of such WHEREAS, Chairman Martin and Governors deposits held by Duval County banks would in- Shepardson and King having voted to approve crease by only 1 percentage point. this application for the reasons set forth in their In the Board's opinion, under Applicants' con- Statement of this date, and Governors Balderston, trol Lake Shore would be operated soundly, and Mills, and Robertson having voted not to approve the establishment of the bank would not produce this application for the reasons set forth in their an overbanked situation in the area. Neither Statements of this date, the application has failed does it appear that the proposed acquisition would to receive a majority vote of the Board for expand the size of the Applicants' system beyond approval; limits consistent with adequate and sound bank- IT IS ORDERED, that said application be and ing, the public interest, and the preservation of hereby is denied. competition in the field of banking. It is the judgment of the Board, based on the Dated at Washington, D.C. this 8th day of relevant facts considered in the light of the general August, 1961. purposes of the Act and the factors enumerated By order of the Board of Governors. in Section 3(c) thereof, that the proposed acquisition would be consistent with the statutory ob- (Signed) KENNETH A. KENYON, jectives and the public interest, and that the ap- Assistant Secretary. plication should be approved. [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
920 FEDERAL RESERVE BULLETIN • AUGUST 1961 STATEMENT OF CHAIRMAN MARTIN AND While this is admittedly a difficult case, we GOVERNORS SHEPARDSON AND KING agree with the Hearing Officer's conclusion that a Northwest Bancorporation's application to balancing of all considerations pertinent to the acquire the stock of the proposed Roseville North- five statutory factors set forth in Section 3(c) western National Bank was filed with the Board of the Act warrants favorable action in this case. on June 29, 1960, after preliminary approval of As to the first three factors—financial history the Bank's organization had been granted by the and condition, prospects, and management—there Comptroller of the Currency. As required by the appear to be no considerations that would affirm- Bank Holding Company Act, the Board requested atively suggest approval, but likewise none, either the Comptroller's views with respect to North- as to Northwest or as to Bank, that would suggest west's application, and the Comptroller recom- disapproval of the application. mended approval. With respect to the convenience, needs, and Although a hearing on the application was not welfare of the area proposed to be served by required by the statute, the Board ordered a pub- Bank, we agree with the finding of the Hearing lic hearing, which was conducted before a Hear- Officer that there is a need for a bank in the ing Officer at the Federal Reserve Bank of Min- Village of Roseville. Between 1950 and 1960, neapolis from October 17 to October 26, 1960. Roseville has grown in population from about In addition to testimony by witnesses for the 6,500 to about 24,000. Continued growth is Applicant, testimony in opposition to the applica- anticipated, and for some time Roseville's resition was presented by witnesses for three banks, dents and businesses have been making efforts the Falcon Heights State Bank and the St. Anthony to obtain a bank in the Village, leading to the Park State Bank, both of St. Paul, and the Fidelity two separate proposals for the establishment of Bank and Trust Company of Minneapolis. Also a bank at the proposed site. opposing the application were witnesses repre- We concede that the prospect of the organsenting a group that had applied to the Minnesota ization of the Roseville State Bank somewhat Department of Commerce for authority to organ- lessens the favorable weight of considerations ize a State bank to be called "Roseville State relating to the need for banking services in Rose- Bank" and to be located at the same site as that ville. However, we still regard the needs and contemplated for Northwest's proposed bank. The convenience of the community as lending strong United States Department of Justice filed a State- support for approval of Northwest's application. ment in Opposition, which was introduced at the Our opportunity to evaluate Northwest's proposal hearing and made a part of the record. The has enabled us to satisfy ourselves that Northwest Hearing Officer in his Report of February 21, can and would provide needed services to the com- 1961, recommended that the application be ap- munity in a sound manner. While there is subproved. stantial evidence in the record in this case as to The application to organize Roseville State the State bank proposal, that application is not Bank was filed with the Department of Commerce before us and our opportunity to make a similar of Minnesota one week after the filing of North- evaluation of it is necessarily limited. Further, we west's application with the Comptroller of the cannot adopt the views of the Minnesota Depart- Currency. The Department of Commerce held a ment of Commerce on the merits of that proposal hearing on the Roseville State Bank application as our own, because the Department acts under after the Comptroller's preliminary approval of the one statute and the Board under another. Moreorganization of Northwest's bank and after the over, the grant of permission to the State bank Board's hearing. The Department of Commerce group is, by its terms, subject to the Board's action approved the State bank application, but because on Northwest's application. In these circumstances, the Department was of the opinion that at the we believe that our responsibilities under the Act, present time only one of the two proposed banks as well as justice to the applicant, require us to give should be established, and because Northwest's weight to the favorable effects of the proposed application was prior in time, such approval was transaction under the fourth factor despite the conditioned upon denial of Northwest's application alternative prospect of organization of the Roseby the Board. ville State Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 921 The question, then, is whether this favorable commercial banks. The Northwest and First Bank consideration is outbalanced by any adverse con- Stock systems together hold over 75 per cent of siderations under the fifth factor relating to "pres- such deposits in the area. In Ramsey County ervation of competition in the field of banking." alone, Northwest banks hold only 11 per cent of For several reasons, we regard the expansive such deposits while First Bank Stock banks hold effect of the proposed acquisition as not signifi- 57 per cent. cantly adverse to approval. Bank is a proposed We believe the combined resources of Northbank, so that there would be no immediate shift west banks and First Bank Stock banks to be a of deposits to the holding company's control such material consideration, since the two systems are as there would be upon acquisition of an existing by far the largest banking organizations in the bank. The addition of deposits to the holding area in terms of aggregate resources under cencompany system would be gradual and Bank's tralized control. In this situation, their comprojected deposits even after a few years would bined size is pertinent to the effect of the Northconstitute only a very small percentage of total west system's own size and any expansion thereof deposits in the relevant areas (which are dis- on the smaller organizations, whether systems or cussed more fully below). Further, Northwest independent banks. We believe that there is banks' percentage of total commercial bank de- potential danger to competition in a high degree posits in the Minneapolis-St. Paul Metropolitan of concentration, but we do not find substantial Area has declined in the period 1945 to 1960, as evidence in the record in this case that the size of has the percentage held by the banks of First Northwest or of the two large holding company Bank Stock Corporation, the other large bank systems combined has had a demonstrable adverse holding company in the area. In the same period, effect on banking competition in the area, and it the percentage of such deposits held by nonhold- does not appear that the proposed acquisition ing-company banks has increased. If this trend would increase present concentration to a sigshould continue, Bank's growth might well be nificant degree. insufficient to offset it and thus it would not have The establishment of Bank would actually inthe effect of increasing the relative size of the crease competition for Roseville banking business. applicant's system in such area in terms of deposits. While Bank would draw some business away from In Ramsey County, including St. Paul, North- existing banks, we agree with the conclusion of the west has increased its percentage of total com- Hearing Officer that Bank would not create an mercial bank deposits in the period 1945 to 1960, overbanked situation in the area of Roseville but only from 7 to 10 per cent. The declining and that the acquisition would otherwise be contrend in the Metropolitan Area as a whole is sistent with adequate and sound banking. apparently attributable in part to the fact that On the basis of the record in this case, we conthe deposit strength of the nonholding-company clude that any adverse considerations under the banks is found more in faster-growing suburban fifth statutory factor are outweighed by favorable areas while that of the Northwest system is in the considerations under the fourth factor and, in the more settled downtown areas. The proposed absence of unfavorable considerations under the acquisition would, of course, add a new bank in first three factors, that the acquisition would be a fast-growing area but probably would not by consistent with the public interest and that the itself materially affect the over-all situation. application should be approved. We agree with the Hearing Officer's view that, on the record, the Twin Cities area comprises an STATEMENT OF GOVERNORS BALDERSTON integrated financial center and that, for evaluation AND ROBERTSON of the situation with respect to concentration in this case, Ramsey County should be viewed in After consideration of all facts relevant to the conjunction with Hennepin County and as a five statutory factors, it is our opinion that this part of the Metropolitan Area. In the Metro- application should be denied. politan Area (five counties), Northwest banks The record of the public hearing in this case hold about 34 per cent of deposits of individuals, discloses a situation with respect to concentration partnerships and corporations ("IPC deposits") in of banking resources that is of concern to us un- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
922 FEDERAL RESERVE BULLETIN • AUGUST 1961 der the fifth statutory factor, which requires the petition in that area, since that effect can be Board to consider whether the effect of a holding achieved by the establishment of either bank and company's acquisition of a bank would be to ex- perhaps somewhat more by the establishment of pand the size or extent of the bank holding com- the State bank, since some Roseville banking busipany system involved beyond limits consistent ness is now in Northwest banks. with, among other things, "the preservation of We therefore conclude that, in net result, the competition in the field of banking." proposed acquisition would have potentially ad- As of June 15, 1960, banks controlled by North- verse effects under the fifth statutory factor and, west held more than one-third of the deposits of unless we find sufficient offsetting favorable conindividuals, partnerships, and corporations ("IPC siderations under the other factors, we cannot deposits") held by commercial banks in the Min- approve this application. neapolis-St. Paul Metropolitan Area. Over three- We find Northwest's financial history and conquarters of such deposits were held by banks condition, its prospects, and its management to be trolled by Northwest and by First Bank Stock Corsatisfactory. It further appears that Bank would poration, also a bank holding company. While be adequately capitalized and managed and that the banks of each of these two systems may acits prospects are favorable. Consequently, untively compete with those of the other, and even der the first three statutory factors there is no obamong themselves to some extent, such concentrajection to approval, but neither is approval affirmtion of control of banking resources represents an atively indicated. excessive imbalance of competitive strength among banks in the area. Upon consideration of the convenience, needs, and welfare of the area concerned, we find that In Ramsey County alone (which includes St. the establishment of a bank at the proposed site Paul and Roseville), Northwest's banks have only is justified. However, the proposal to establish about 11 per cent of the IPC deposits of com- Roseville State Bank raises a strong probability mercial banks as against 57 per cent in First Bank that the convenience and needs of residents and Stock's banks but, although Northwest contends businesses in the Roseville area, to the extent that that only the situation in Ramsey County should they are not now served by existing banks, will be be considered in this case, we agree with the Hearprovided for within a reasonable time even if ing Officer that Ramsey County should be con- Northwest's application is denied. While this sidered in conjunction with Hennepin County, consideration is not, in itself, adverse to Northwest, the two comprising most of the Metropolitan Area. it materially diminishes the weight of the argu- Although the acquisition would not immediately ments for approval based on the need for a bank increase the relative size of the Northwest system in Roseville. to the same extent that the acquisition of an existing independent bank would, the tendency of the Organization of the State bank was approved establishment of a Northwest bank in the fast- by the Minnesota Department of Commerce on growing Roseville area would be expansive from March 6, 1961, "provided that the application the standpoint of concentration, while the tend- of the Roseville Northwestern National Bank ency of the establishment of a new independent pending before the Federal Reserve Board shall bank would be to further the slight gradual de- be denied. . . ." We make no conjecture as to cline in concentration of banking resources in the effect such approval might have had upon the holding companies in the Metropolitan Area that favorable recommendations of the Hearing Officer has been in process in recent years. In view of and the Comptroller of the Currency, which were the still high levels of such concentration, the made prior to the State action, but in our view latter effect is to be desired, and would be pro- it further lessens the importance of approval of moted by denial of Northwest's application be- Northwest's application to the provision of bankcause of the apparent certainty that Roseville State ing facilities in Roseville. Bank would thereupon be established. These con- We conclude upon the record as a whole that siderations must be regarded as adverse to ap- considerations favorable to approval are outproval. Our conclusion is not altered by the fact weighed by those that are adverse, and that this that a new bank in Roseville would increase com- application should therefore be denied. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
923 LAW DEPARTMENT STATEMENT OF GOVERNOR MILLS "service station" banking facilities that have been evolved over the years for the convenient use of Persuasive reasons for denying this application population concentrations located within the terfocus on a choice between the proposed Roseville ritorial boundaries of a large metropolitan area. State Bank and the proposed Roseville North- Provision of this kind of commercial banking servwestern National Bank as the more appropriate ice can fill an important community need and is commercial banking vehicle capable of adequately not to be compared to the expansion of a bank serving the clearly demonstrated banking needs of holding company into a distant geographical area the growing community of Roseville. In this case, alien to the existing field of its operations. the minimal expansion in the size of the applicant In the instant case, however, the commercial Northwest Bancorporation that would result from banking facilities proposed to be made available the proposed acquisition cannot be considered as by the Roseville State Bank for the community being contrary to the public interest on adverse of Roseville are indicated as being adequate for grounds of comparative size of competing comthe convenience, needs, and welfare of that commercial banking institutions operating in the Metmunity, and as they would be supplied by a new ropolitan Area of St. Paul-Minneapolis. In fact, competitive element introduced into the St. Paulother things being equal, a strong argument could Minneapolis commercial banking complex, pribe made for permitting the parent Northwest Ban- macy of the choice of banking services sought to corporation to make available its recognized high be granted should fall to the lot of that proposed quality banking services through the proposed institution. Roseville Northwestern National Bank to a sec- The application of the Northwest Bancorporation of the St. Paul-Minneapolis Metropolitan tion, Minneapolis, to establish the Roseville North- Area that it does not materially serve at the present western National Bank consequently should be time and which might benefit from the kind of denied. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Current Events and Announcements REVISED DATA FOR FLOW OF FUNDS/SAVING ERRATA TABLES Certain figures for March 9, 1960, as published Extensive revisions have been made in the data for in the BULLETIN for July 1961 should be changed the Flow of Funds/Saving tables that appear on as follows: Real estate loans, from 13,122 to 12,pages 984-1000 of this BULLETIN. These data, to- 904 on page 848 and from 12,197 to 11,979 on gether with revised data for years and quarters page 860. All other loans, from 14,529 to 14,not shown in this issue, will be shown in a new 747 on page 848 and from 11,939 to 12,157 on Supplement containing amounts outstanding for page 860. the period 1945-60 and flows annually and quarterly beginning with 1946 and 1952, respectively. ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM The Supplement will also contain additional de- The following bank was admitted to Membership tail on transaction accounts and financial sectors in the Federal Reserve System during the period and subsectors. This new consolidated Supple- June 16, 1961 to July 16, 1961: ment, which is scheduled for distribution later this year, will supersede Supplements No. 2, 3, Montana Great Falls Central Bank of Montana and 4. Publication of the Supplement will be announced in this section of the BULLETIN. TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR QUARTERLY NEW SERIES ON COMMERCIAL BANK DEPOSITS Estimates of time deposits and U. S. Government Latest BULLETIN Reference demand deposits of all commercial banks have Annually Issue Page Bank holding companies: been prepared on a daily average basis, semi- List of, Dec. 31, 1960 June 1961 723 Banking offices and deposits of group monthly for the period 1947 to date (see page banks, Dec. 31, 1960 June 1961 722 1001). These series combine reported figures Banking and monetary statistics, 1960.. { j^ J961 gjg^i Banks and branches, number of, by class for member bank deposits with estimates for non- and State Apr. 1961 486-87 Earnings and expenses: member banks. The estimates for nonmember Federal Reserve Banks Feb. 1961 228-29 Member banks: banks are based on ratios of nonmember deposits Calendar year May 1961 604-12 First half of year Nov. 1960 1294 to country member bank deposits derived from Operating ratios May 1961 613-15 Insured commercial banks May 1961 616 regular Reports of Condition and interpolated for Stock Exchange firms, detailed debit and credit balances Sept. 1960 1069 intervening periods. These ratios are applied to Semiannually the semimonthly average deposit figures for coun- Banking offices: try member banks. Analysis of changes in number of Aug. 1961 1002 On, and not on, Federal Reserve Par List, number of Aug. 1961 1003 The new series will appear in the BULLETIN Quarterly each month in the table on "Money Supply and Cash receipts from and payments to the related Data" (see page 937); they will replace public May 1961 622 Flow of funds Aug. 1961 984-1000 the member bank data formerly shown in that Selected assets and liabilities of Federal business-type activities Aug. 1961 1004 table. 924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication August 15 Industrial production, construction activity, and duction of industrial and commercial machinery nonfarm employment continued to increase in increased and total output of business equipment July. The unemployment rate was unchanged. regained its mid-1960 level. Total commercial bank credit increased further, Output of iron and steel, other metals, and conwhile the money supply showed little change and struction materials continued to rise. Total outtime deposits rose substantially. Following an- put of durable materials, however, was still somenouncement in late July of a substantial increase what below its high in early 1960 when inventory in defense spending, common stock prices rose accumulation was at an exceptionally rapid rate. and yields on U. S. Government and on corporate Nondurable materials reached another new high bonds advanced. Commodity prices generally as output of chemicals, paper, and some other changed little. materials rose further. INDUSTRIAL PRODUCTION CONSTRUCTION Industrial production rose further in July to a New construction activity advanced 2 per cent new high as gains continued widespread among further in July to a seasonally adjusted annual both final products and materials. At 112 per cent rate of $58.7 billion, a new high. Residential of the 1957 average, the index was 2 per cent and highway building continued to rise and activity higher than in June and 2V2 per cent above the on military facilities increased sharply while most plateau in the first half of 1960. The previous other construction changed little. high of 111 was in January 1960. Output of consumer goods, already at a record EMPLOYMENT high in June, rose further in July. Output of Seasonally adjusted employment in nonfarm estelevision and home radios remained at advanced tablishments continued to rise in July, reflecting levels while production of most other home goods further gains in durable goods industries and in and of consumer staples continued to increase. construction, trade, and services. At 53.4 million, Auto assemblies were unchanged after allowance nonfarm employment was 1.2 million above the for the earlier model changeover this year. Pro- March low and equal to the peak reached a year earlier. The seasonally adjusted rate of unemploy- 1NDUSTR1AL PRODUCTION ment was 6.9 per cent, about the level prevailing 1957 = 100 since December. DISTRIBUTION - TOTAl - A*V / ~ FlNAt - A/V / - PRODUCTS >fVX A/« Retail sales, which had increased more than 2 per cent from April to June, declined 1 per cent in July mainly because of a decrease at stores in \% / MATERIALS the automotive group. Department store sales rose further in July, and total sales at stores other than NONDURABIE /\ / CONSUMER A/^V / the automotive group were nearly maintained; in MANUFACTURES^^/ ^Sj GOODS r*y \J - June total sales excepting the automotive group had risen 2 per cent, almost regaining the peak V V „/ EQUIPMENT of April 1960. _ 1 \ } DURABLE _ \ /' MANUFACTURES AGRICULTURE v 1 1 I 1 I . . . 1 1 I 1 1 The crop production forecast based on August 1 1957 1959 1957 1959 conditions was 113 per cent of the 1947-49 aver- Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for July. age, 1 per cent higher than a month earlier but 925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
926 FEDERAL RESERVE BULLETIN • AUGUST 1961 7 per cent below the production record in 1960. The average money supply, seasonally adjusted, Feed grain output is expected to be down 15 per showed little change at the level prevailing since cent from last year as acreage was reduced under late March. Time deposits increased substantially the Feed Grain Program. The cotton crop was further. forecast at 13.9 million bales, 3 per cent less than Member bank excess reserves averaged about last year. Output of livestock and products is $600 million and borrowings from the Federal increasing further this year. Reserve averaged about $75 million over the four weeks ending August 9. Between early July and early August, reserves were absorbed principally by COMMODITY PRICES reductions in Reserve Bank float and were supplied The comprehensive index of wholesale commod- by currency inflow and Federal Reserve purchases ity prices has been relatively stable since mid-July. of U. S. Government securities. Required reserves Although prices of steel scrap and a few other rose reflecting mainly increases in U. S. Governsensitive industrial materials have increased, prices ment deposits associated with bank purchases of of basic commodities generally have shown little new Treasury securities. change since July 25 when an increase in defense spending was announced. SECURITY MARKETS Common stock prices declined during the first BANK CREDIT AND RESERVES three weeks of July and then advanced substan- Total commercial bank credit increased further tially to new highs. Yields on U. S. Government in July, as banks added to holdings of U. S. Gov- securities rose considerably after the third week ernment securities in connection with Treasury of July, and yields on corporate bonds also infinancing operations. Bank holdings of other creased while those on State and local issues securities also rose while loans declined somewhat. changed little. RETAIL TRADE INTEREST RATES 1947 - 49 - 100 RETAIL SALES DEPARTMENT STORES LONG-TERM : ..,-/v: GOVERNMENT SECURITIES . _ TOTAL A/*Y ^^ _ V" STOCKS ^^^/VV/TOTAl LESS ,. 1 1 ! 1 1 _ - , 1 SALE 1 S 1 11 f**}M/f Federal Reserve indexes, seasonally adjusted; retail sales Discount rate, range or level for all F. R. Banks. Weekly based on Department of Commerce data. Monthly figures; average market yields for U. S. Government bonds maturing latest for stocks is June, for other series, July. in 10 years or more and for 90-day Treasury bills. Latest figures shown are for week ending August 11. 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 928 Reserve Bank discount rates; margin requirements; reserve requirements. . 932 Federal Reserve Banks. 933 Currency in circulation, money supply; bank debits 936 All banks: consolidated statement of monetary system; deposits and currency. . 938 All banks, by classes 939 Commercial banks, by classes. . 942 Weekly reporting member banks. 944 Business loans 947 Interest rates. . . . . 948 Security prices; stock market credit; open market paper. . 949 Savings institutions. 950 Federal finance 952 Security issues 957 Business finance . . 959 Real estate credit 961 Short- and intermediate-term consumer credit. . 964 Industrial production ... 968 Selected indexes on business activity. 974 Construction 974 Employment and earnings. 976 Department stores . 978 Foreign trade . ... 979 Wholesale and consumer prices. . . 980 National product and income series. ... 982 Flow of funds, saving, and investment. . 984 Commercial Bank Deposits. . 1001 Changes in number of banking offices in the United States. 1002 Banking offices on Federal Reserve par list and not on par list. 1003 Federal business-type activities. 1004 Index to statistical tables. 1027 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. 927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
928 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves3 U. S. Govt. securities ury Cur- Treas- with F. R. Banks Period cur- rency ury Other or Dis- Gold rency in cash F. R. date Held counts To- stock out- cir- hold- ac- Bought under and Float i tal* stand- cula- ings counts With Cur- Total out- repur- ad- ing tion Treas- For- Other i Total F.R. rency right chase vances ury eign Banks and agree- coin ment Averages of daily figures 1929—June 179 179 978 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June.... 1,933 1,933 250 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 665522 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947_Dec 21,905 21,905 268 68122,858 22,712 4,556 28,937 1,330 967 1.016 614 17,261 17,261 1950—Dec 20,345 20,336 9 142 1,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 1951—Dec 23,409 23,310 99 657 ,375 25.446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952—Dec 24,400 23,876 524 ,633 ,262 27,299 23,276 4,806 30,494 1,271 569 745 290 832 21,180 21,180 1953—Dec 25,639 25,218 421 448 1,018 27,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954—Dec 24,917 24,888 29 407 992 26,317 21,711 4.982 30.749 805 443 439 365 929 19,279 19,279 1955—Dec 24,602 24,318 284 840 ,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec.. 24,765 24,498 267 706 1,633:27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec.. 23,982 23,615 367 716 1,443 26,,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec.. 26,312 26,216 96 564 1,496 28..412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec.. 27,036 26.991 43 911 426 29.4^5 19.482 5,311 12.775 396 524 1*1 148 1.195 18 91218.628 304 I960—June. 26,124 26,118 6 425 1,159 27,737 19,343 5,353 31,926 414 496 221 381 994 18,294 18,001 293 1960 July 26,619 26,521 98 388 1,140 28,176 19,245 5,357 32,174 406 492 213 375 910 18,518 18,208 310 Aug 26,983 26,768 215 293 894 28,206 19,052 5,364 32,091 403 490 202 377 948 18,501 18,111 390 Sept 26,653 26,546 107 233 ,168 28,088 18,870 5,374 32,151 400 516 216 390 962 18,570 17,697 873 Oct 27,056 26,929 127 170 8,490 18,571 5,382 32,183 406 488 226 405 891 18,733 17,843 890 Nov 27,871 27,542 329 160 ; 156 29,241 18,058 5,391 32,474 405 462 243 396 973 19,004 17,737 1,267 Dec 27,248 27,170 78 94 ,665 29,060 17,954 5,396 33,019 408 522 250 495 .029 19,283 16,688 2,595 1961 Jan , 26,942 26,862 80 58 1,43128,484 17,567 5,401 32,265 411 482 239 399 941 19,315 16,715 2.600 Feb , 26,829 26,630 199 146 .12128.145 17,402 5,404 31,841 422 521 189 392 1,054 18.964 16,532 2,432 Mar 26,831 26,826 5 80 ,07128,030 17,380 5,408 31,839 426 459 240 383 1,052 18,809 16,419 2,390 Apr 26,676 26,663 13 63 ,14027,925 17,389 5,414 31,913 408 422 207 316 987 18,884 16,474 2,410 May , 26,747 26,722 25 101 119 28,007 17,397 5,425 32,011 420 463 205 293 1,017 18,856 16,420 2,436 June 26,935 26,927 8 66 265 28,304 17,475 5,432 32,246 411 515 205 250 1,038 19,042 16,547 2,495 27,024 27,014 10 52 388 28,498 17,540 5,450 32,586 401 474 235 279 967^19,055 16,547^2,508 July Week ending- 1960 25,968 25,941 436 924 27,358 19,352 5,349 31,812 414 468 206 321 1,033 18,121 17,806 315 June 1 26,134 26,118 400 993 27,557 19,352 5.350 31,917 424 445 199 343 1,034 18,153 17,897 256 15. 26,176 26,176 375 ,02927,609 19,351 5,353 31,976 415 490 206 365 1,001 18,156 17,859 297 22. 26,011 26,011 550 ,505 28.096 19,346 5,354 31,927 412 550 225 398 970 18,602 18,315 287 29. 26,129 26,129 412 ,168 27,739 19,325 5,356 31,867 406 505 249 415 971 18,342 18,007 335 July 6. 26,553 26,491 62 440 ,039 28,063 19,322 5,356 32,155 406 517 226 398 958 18,320 18,079 241 13. 26,613 26,517 96 341 ,133 28,115 19,282 5,356 32,361 406 422 214 374 935 18,349 18,041 308 20. 26,556 26,416 140 429 ,423 28,437 19,251 5,357 32,199 409 548 209 374 884 18,761 18,422 339 27. 26,599 26,522 77 351 ,085 28,063 19,191 5,357 32,041 405 488 202 371 884 18,552 18,219 333 Aug. 3. 26,930 26,760 170 315 877 28,151 19,147 5,358 32,046 408 466 221 358 884 18,591 18,272 319 10. 27,099 26,806 293 293 822 28,246 19,098 5,359 32,129 404 452 192 363 884 18,525 18,279 246 17. 27,041 26,812 229 416 976 28,469 19,039 5,363 32,184 409 555 190 386 904 18,564 18,243 321 24. 26,992 26,772 220 193 1,014 28,245 19,026 5,366 32,087 400 485 195 380 1,016 18,404 18,075 329 31. 26,788 26,682 106 273 788 27,882 19,006 5,370 31,980 395 487 225 384 1,014 18,466 17,772 694 Sept. 7. 26,784 26,640 144 262 861 27,941 18,999 5,372 32,174 399 477 233 411 1,011 18,358 17,607 751 14. 26,649 26,524 125 301 1,052 28,035 18,975 5,374 32,291 401 465 204 373 974 18,581 17,676 905 21. 26,541 26,495 46 86 * ,527 28,189 18,828 5,376 32,171 403 551 224 379 936 18,635 17,729 906 28. 26,539 26,456 83 244 ,242 28,059 18,731 5,375 32,004 399 579 200 378 934 18,609 17,671 938 Oct. 5. 27,028 26,836 192 219 1,096 28,385 18,671 5,377 32,049 403 467 213 443 936 18,759 17,922 837 12. 27,268 27,136 132 168 1,038 28,517 18,615 5,380 32,276 408 474 202 379 932 18,640 17,840 800 19. 27,036 27,036 95 1,453 28,621 18,586 5,382 32,304 413 489 215 393 864 18,839 17,909 930 26. 26,760 26,681 79 262 1,354 28,415 18,552 5,383 32,120 403 546 257 373 862 18,729 17,789 940 Nov. 2. 27,313 26,946 367 211 1,098 28,662 18,405 32,104 403 442 254 456 865 18,873 17,931 942 9. 28,015 27,439 576 158 >,154 18,124 32,298 398 418 250 395 864 18,797 18,045 752 16. 28,105 27,588 517 190 976 29,325 18,068 32,527 402 519 230 408 914 18,734 17,784 950 23. 27,831 27,678 153 121 ,532 29,542 17,999 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 2,537 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK RESERVES AND RELATED ITEMS 929 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves3 U. S. Govt. securities ury Cur- Treas- with F. R. Banks cur- rency ury Other Period Dis- Gold rency in cash F. R. d o a r te Total B r o o i u g u t h g - h t t u c r a H e h n g p e a d r l u e s e d e e r r - - c v o a a a u n n d n c d - e ts s Float1 t T al o - 2 stock s o t i a n u n g t- d- c t c u i i o l r a n - - h in o g ld s Tr u e r a y s- F e o ig r- n Other i co a u c n - ts Total B F W a i . n t k h R s . r C c e a o n n u i c r d n - y ment Averages of daily figures Week ending— 1960 Dec. 7 27,421 27,421 1,057 28,594 17,974 5,391 32,722 413 473 253 474 1,066 18,916 16,558 2,358 14 27,381 27,381 ' —28,778 18,083 5,396 33,038 410 522 237 680 1,037 18,932 16,334 2,598 21 27,034 27,010 "24 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 2,150 29,336 17,882 5,398 33,195 401 522 260 391 1,019 19,447 16,82* 2,619 1961 Jan. 4. 27,375 26,984 391 184 1,789 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 1,350 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 1,408 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 1,523 28,450 17,490 5,402 31,964 417 507 245 392 942 19,467 16,875 2,592 Feb. 1. 26,600 26,582 18 75 1,131 2:7,853 17,441 5,402 31,776 422 510 227 393 951 18,963 16,417 2,546 8. 26,860 26,672 188 188 1,053 2288,;148 17,429 5,403 31,805 413 523 196 383 ,018 18,948 16,641 2,307 15. 27,007 26,653 354 20: 829 28,086 17,410 5,404 31,930 417 526 185 401 ,022 18,844 16,420 2,424 22. 26,740 26,589 151 116 1,326 28,232 17,385 5,405 31,857 424 496 172 392 ,093 19,045 16,587 2,458 Mar. 1 26,706 26,621 85 59 1,294 28,109 17,373 5,405 31,768 437 531 199 400 ,093 19,014 16,458 2,556 8 26,793 26,775 18 104 1,068 28,014 17,373 5,405 31,794 433 415 233 398 ,087 18,671 16,433 2,238 15 27,008 27,003 5 58 1.003 28,116 17,374 5,407 31,901 428 418 267 389 ,057 18,827 16,437 2,390 22 26,864 26,864 62 1,260 28,234 17,385 5,409 31,887 418 506 238 365 ,035 18,955 16,578 2,377 29 26,724 26,724 87 1.004 27,863 17,389 5,408 31,775 426 497 218 370 ,032 18,793 16,342 2,451 Apr. 5 26,870 26,836 115 942 277,973 17,388 5,410 31,903 404 429 250 388 ,028 18,702 16,369 2,333 12 26,868 26,854 59 1,004 27,978 17,389 5,411 32,007 406 398 212 310 ,014 18,782 16,429 2,353 19 ... 2.6,601 26,591 5: 1,310 28,009 17,390 5,414 31,980 411 424 172 309 966 19,026 16,552 2,474 26 26,389 26,389 1,279 27,755 17,390 5,417 31,807 414 374 194 298 963 19,018 16,511 2,507 May 3 26,692 26,692 66 066 27,868 17,390 5,420 31,842 408 572 221 298 962 18,808 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 1,308 28,070 17,403 5,426 32,001 420 483 201 280 1,075 18,917 16,440 2,477 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 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 ;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 1,379 28,319 17,533 5,434 32,201 404 624 221 259 1,023 19,121 16,553 2,568 27,283 27,274 49 1,20228,568 17,550 5,435 32,484 388 434 233 317 1,007 19,086 16,689 2,397 "7,266 27,266 48 1,29128,641 17,550 5,433 32,797 385 390 231 255 996 19,102 16,570 2,532 19. 26,737 26,737 56 28,575 17,547 5,437 32,634 392 605 218 274 946 19,077 16,491^2,586 26. 26,731 26,720 50 476 28,289 17,525 5,440 32,476 399 498 251 274 944^19,006 16,412^2,594 End of month 1961 May 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 2 2 7 7 , , 2 4 5 2 3 2 2 2 7 7 , , 1 25 8 3 8 '234 5 3 9 6 1 1 , ,1 1 7 1 1 52 2 8 8 , , 6 4 2 9 8 6 P1 1 7 7 , , 5 5 2 5 7 0 ' 5 5 , , 4 5 3 4 7 12> 3 3 2 2 ,4 ,4 0 7 5 0 379 4 4 1 0 5 8 2 22 2 6 0 3 30 5 3 0 1, 9 0 5 0 1 4 ^1 1 9 9 , , 1 41 6 0 4 1 1 6 6 , , 8 7 5 1 6 6 ' 2 2 , , 6 3 9 0 4 8 July Wednesday 1961 '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 June 7 !6,845 26,845 63 1,187 28,132 17,476 5,434 32,271 417 565 202 241 1,007 19,096 16,339 2,757 2 1 1 4 ! 1 6 6 , , 8 7 6 7 5 4 2 2 6 6, , 8 7 4 7 5 4 20 8 8 1 6 1,0 2 9 9 3 0 2 2 8 7 , , 2 9 7 8 3 8 1 1 7 7 , , 5 5 2 5 6 0 5 5 , , 4 4 3 3 3 3 3 3 2 2 , , 2 2 1 6 1 8 4 4 0 1 9 0 5 6 6 4 3 9 2 1 0 7 0 6 2 3 9 1 3 8 1 1 , , 0 0 2 2 0 2 1 1 9 8 , ,9 3 5 1 3 8 1 16 6 , , 1 5 0 6 5 0 2 2 , , 7 8 5 4 8 8 2,58:::::::: 27,383 27,383 61 1,063 28,542 17,550 5,433 32,745 392 349 275 234 1,006 18,980 16,524 2,456 27,143 27,143 44 1,309 28,529 17,551 5,433 32,703 400 493 216 269 945 19,351 16,487 2,864 19 26,567 26,567 172 1,591 28,363 17,526 5,438 32,560 401 646 237 265 943 19,068 16,2"7""5*'22,793 26 26,924 26,924 59 1,124 28,140 17,527 5,443 32,414 406 537 258 262 947 19,131 16,286 '2,845 P Prrreeiliimmiinnaarryy.. 33 BBeeggiinnnniinngg wwiitthh NNoovv.. 2244,, 11996600,, aallll ccuurrrreennccyy aannad ccoomin nheeilad bbyy mmeemmbbeerr Figures beginning with 1960 reflect a minor change in concept of bbaankkss aalllolwd eda sa sr ;r eserves;ig d uringp the period D, ec. 1, 1959-No,v . 263,, 1960, float. . FTo, r expl1a~n.-a*t.i-o~n. , s.e_e. «th!.e- nB ULLETIN rfo~r. TF?e-Lb ruary i1^9i6 1, _p . 1*6*4*. oonnllyy ppaarrtt ooff ssuucchh hhoollddiinnggss wweerree aalllloowweedd . MMoonntthhllyy aavveerraaggeess ooff ccuurrrreennccyy * Includes industrial loans and acceptances, when held. For holdings and coin are estimated. of acceptances on Wednesday and end-of-month dates, see subsequent * Less than $500,000. tables on Federal Reserve Banks. (Industrial loan program discontinued Aug. 21, 1959.) See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
930 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. In millions of dollars] All member banks Central reserve city banks—New York Central reserve city banks—Chicago Bor- Bor- Bor- Period s T h e e r o r e l v t - d a e i l s s q e u R r r i v e e r - e e - s d 2 s E 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 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 s3 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 - d s2 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 s3 Banks 4 Banks'* Banks * 1929 June 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 1 63 -62 1933—June 5 2,160 1,797 363 184 179 861 792 69 69 211 133 78 n & n.a. 1939—Dec 11,473 6,462 5,011 5,008 5,623 3,012 2,611 n.a. n.a. 1,141 601 540 n a n.a. 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a. 1,143 848 295 n a n.a. 1945 Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 Q1Q Q0A 14 14 1947—Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 024 I 011 13 6 7 1950 Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 1,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 356 I 353 3 64 —61 1952 Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 ,406 1,409 -4 232 -236 1953 Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 1,295 1 37 -36 1954 Dec .. 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 1,210 -1 15 -16 1955 Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 1,166 1,164 2 85 -83 1956 Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 [,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 Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 11,038 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 I960 July 18,518 18,010 508 388 120 3,864 3,853 11 14 -3 1,020 [,010 10 49 -39 Aug • . 18 501 17 961 540 293 247 3 780 3 780 27 —27 I 027 I 024 3 41 — 38 Sent 18,570 17^931 639 225 414 3,773 3,755 18 20 -2 [,014 i|on 3 8 -5 O N c o t v 1 19 8 , , 0 7 0 3 4 3 1 1 8 8 , , 0 2 9 4 5 8 7 6 5 3 6 8 1 1 4 4 9 2 4 6 8 1 9 4 3 3, , 7 7 7 8 0 8 3 3 , , 7 7 6 1 5 8 2 5 2 2 1 1 3 8 3 9 4 1,0 O 1 O 1 fi I 909087 4 8 1 6 2 - - 4 2 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 .. . 19,042 18,430 612 63 549 3,698 3,658 40 40 970 964 6 1 5 July *>19,055P18.471 *584 51 »533 ^3,648 ^3,638 P9 2 P7 *>958 *>955 *>3 3 p Week ending— I960—July 6 18,320 17,883 437 440 -3 3 884 3,880 4 4 1,002 1,001 1 43 -42 13 18,349 17,775 574 341 233 3,769 3,757 13 26 -13 997 989 8 12 -4 20 18,761 18,245 516 429 87 3,929 3,919 10 34 -24 1,035 1,034 1 77 -76 27 18,552 18,078 474 351 123 3,875 3,858 17 17 1,020 1,012 8 29 -21 1961—Jan. 4.... 19,944 18,930 1,014 176 838 3,840 3,821 19 71 -52 985 985 42 -42 11 19,226 18,654 572 51 521 3,676 3,670 6 6 972 965 8 8 18.... 19,292 18,500 792 35 757 3,625 3,611 15 15 948 945 3 1 2 25.... 19,467 18,463 1,004 47 957 3,761 3,629 132 132 967 951 16 1 15 Feb. 1.... 18,963 18,415 548 66 482 3,658 3,659 -1 3 -4 957 960 -2 8 -10 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 9 945 943 12 -11 15 18,827 18,192 635 49 586 3 636 3,592 44 44 927 929 -2 22 18,955 18,451 504 52 452 3,693 3,669 25 25 959 951 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 12.... 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 1 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 12 953 950 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 19,296 18,750 546 42 504 3 785 3 767 18 18 993 995 -2 -2 28 19,120 18,493 627 81 546 3,725 3,687 37 37 984 969 16 16 Iuly ii:::: 1 1 9 9 , , 1 0 0 8 3 6 1 18 8 , , 4 5 4 3 6 9 6 5 5 4 7 7 4 4 8 7 4 6 9 1 9 0 3 3 ,7 6 4 5 4 1 3 3 , , 6 7 2 3 5 4 2 1 5 0 2 1 5 0 9 9 6 5 5 0 9 94 6 4 0 6 5 1 6 4 19 2*19,077^18,384 *>693 55 ^638 3,579 3,575 4 ii -7 945 946 2 -2 26.... 2>19,006^18,357 *>649 50 ^599 3,648 3,585 62 62 957 948 9 4 5 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK RESERVES AND RELATED ITEMS 931 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 a v * 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 s w . t 4 - res F e r r e v e es 3 re T h s e o e l r t d v a i l es R re e s q er u v ir e e s d 2 re E s x e c rv es e s s3 B B in o a g r n r s k o s a w ' t * - res F e r r e v e es' 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—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 1960—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 May.... 7,780 7,726 54 36 18 6,547 6,055 491 40 451 June.... 7,823 7,740 83 17 66 6,551 6,068 483 45 438 July.... *>7,861 *7,796 ?65 8 P57 *6,588 *>6,081 P507 38 *469 Week ending— 1960—July 6. 7,536 7,502 34 228 -194 5,897 5,500 397 169 229 7,594 7,507 88 127 -40 5,989 5,522 466 176 291 20\ 7,738 7,701 37 198 -160 6,059 5,592 467 120 348 27. 7,695 7,649 45 171 -125 5,962 5,559 403 151 251 1961—Jan. 4. 8,135 8,007 128 44 84 6,984 6,118 867 19 849 11. 8,009 7,916 93 10 83 6,569 6,103 466 41 425 18. 7,923 7,848 75 17 58 6,795 6,096 699 17 682 25. 8,057 7,813 244 10 233 6,683 6,070 613 36 577 Feb. 1. 7,798 7,762 36 19 17 6,550 6,035 515 36 475 8. 7,813 7,769 44 81 -37 6,541 6,032 509 60 449 15. 7,764 7,700 64 74 -10 6,562 6,017 545 26 519 22. 7,858 7,745 112 47 66 6,604 6,024 580 27 553 Mar. 1. 7,787 7,756 31 17 14 6,607 6,018 589 29 560 8. 7,771 7,735 36 31 5 6,372 5,994 378 50 328 15. 7,717 7,650 67 21 47 6,547 6,021 525 28 497 22. 7,829 7,773 56 18 38 6,473 6,057 416 34 382 29. 7,710 7,644 65 20 45 6,513 5,998 516 37 479 Apr. i5. 7,732 7,663 69 34 35 6,388 5,977 410 70 340 7,777 7,690 87 23 64 6,530 6,033 497 23 475 19. 7,854 1,11'4 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 25 471 28. 7,881 7,769 112 13 99 6,530 6,068 462 68 394 July i5. 7,850 7,787 63 12 51 6,527 6,059 468 35 432 7,883 7,785 97 8 90 6,619 6,091 528 39 489 19. 7,809 7,770 39 9 30 *>6,741 *>6,093 *>648 33 *615 26. 7,871 7,755 116 1 115 *>6,531 ^6,069 *462 45 n.a. Not available. » Preliminary. averages for all classes of banks beginning with January 1960 are esti- 1 Based on figures at close of business through November 1959; there- mated. after on closing figures for balances with Reserve Banks and opening 3 Monthly averages for all classes of banks beginning with January figures for allowable cash. Beginning with Nov. 24, 1960, all currency 1960 are estimated. and coin held by member banks allowed as reserves; during the period 4 Based on closing figures. Dec. 1, 1959-Nov. 23, 1960, only part of such holdings has been allowed. 5 This total excludes, and that in the preceding table includes, $51 Monthly averages of currency and coin are estimated. million in balances of unlicensed banks. 2 Based on deposits as of opening of business each day. Monthly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
932 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous July 31 beginning—• rate July 31 beginning— rate July 31 beginning— rate Boston 3 Aug. 23, 1960 3!/2 Aug. 23, 1960 4 4 Aug. 23, 1960 4V4 New York 3 Aug. 12, 1960 Aug. 12, 1960 4 41/2 June 10, 1960 Philadelnhia 3 Aug. 19, 1960 Aug. 19, 1960 4 41/2 Aug. 19, 1960 5 Cleveland 3 Aug. 12, 1960 3*4 Aug. 12, 1960 4 4*4 Aug. 12, 1960 5 Richmond. . . . 3 Aug. 12, 1960 Aug. 12, 1960 4 Aug. 12, 1960 41/2 Atlanta 3 Aug. 16, 1960 Aug. 16, 1960 4 41/2 Aug. 16, 1960 Chicago 3 Aug. 19, 1960 3*4 Aug. 19, 1960 4 41/2 June 10, 1960 5 St. Louis 3 Aug. 19, 1960 Aug. 19, 1960 4 4 Aug. 19, 1960 41/2 Minneapolis 3 Aug. 15, 1960 3*4 Aug. 15, 1960 4 4 Aug. 15, 1960 D K a a l n l s a a s s City . 3 3 A Se u p g t . . 1 9 2 , , 1 1 9 9 6 6 0 0 3 31 * /2 4 A Se u p g t . . 1 9 2 , , 1 1 9 9 6 6 0 0 4 4 4 41/2 A Se u p g t . . 1 9 2 , , 1 1 9 9 6 6 0 0 4*4 San Francisco 3 Sept. 2, 1960 31/2 31/2 Sept. 2, 1960 4 41/2 June 3, 1960 5 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES 1 MARGIN REQUIREMENTS 1 [Per cent per annum] [Per cent of market value] Range F. R. Range F. R. Aug. 5, Oct. 16, Effec- Date (or level)— Bank Date (or level)— Bank Prescribed in accordance with 1958- 1958- tive effective all F. R. of effective all F. R. of Securities Exchange Act of 1934 Oct. 15, July 27, July 28, Banks N. Y. Banks N. Y. 1958 1960 1960 1948 1957 Regulation T: Jan. 12... 1 -1*4 WA Aug. 9... 3 -3*4 3 For extensions of credit by brokers and 19... WA WA 23... 31/2 dealers on listed securities 70 90 70 Aug. 13... WA-WI ig Nov. 15... 3 ^3*4 3 For short sales 70 90 70 23... 1*4 Dec. 2... 3 3 Regulation U: For loans by banks on stocks 70 90 70 1950 1958 Aug. 21... WA Jan. 22... 234-3 3 25. .. WA WA 24... 234-3 234 1 Regulations T and U limit the amount of credit that may be extended Mar. 7... 214-3 2*4 on a security by prescribing a maximum loan value, which is a specified 1953 13... 2*4-234 2*4 percentage of its market value at the time of extension: margin require- Jan. 16... WA-2 2 21... 214 2*4 ments are the difference between the market value (100%) and the maxi- 23... 2 Apr. 18... 134-214 mum loan value. May 9... WA 134 1954 Aug. 15... WA-2 134 Feb. 5... WA-2 13/4 Sept. 12... 2 15. .. WA 134 23... 2 2 Apr. 14. .. WI-WA 134 Oct. 24... 2 -2*i 2 MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS 16... 1*4-1% 1*4 Nov. 7... 21/2 21/2 May 21... 11/2 1*4 [Per cent per annum] 1959 1955 Mar. 6... 21/2-3 3 Apr. 14... 11/2-134 1*4 16... 3 3 Nov. 1, Feb. 1, Jan. 1, Effec- May 15 2 . .. . . . 134 1 13 3 4 4 J M u a n y e 2 1 9 2 . . . . . . 3 -31/2 3 31 * / 4 2 Type of deposit Ja 1 n 9 . 3 3 3 - 1, De 1 c 9 . 3 5 3 - 1, D 1 ec 9 . 3 6 3 - 1, Ja t n iv . e 1, Aug. 4... WA Sept. 11... 3I/2—4 4 1935 1935 1956 1957 5... 134-2i4 2 18... 4 4 12. .. 2 -214 2 Sept. 9... 2 -214 IB 1960 Savings deposits 3 2V2 2*4 3 13. .. 214 June 3... 3*4-4 4 Nov. 18... 2*4-2% 2*4 10... 31/2^4 3*2 Postal savings deposits 3 21/2 21/2 3 19 2 5 3 6 . .. 2*4 2*2 AA Uiltgr. 11 1 Z 4 O . . .. . . 3 3 3 J 1/2 Ot I h n e r 6 ti m m o e n d th e s p o o s r i t m s o p r a e yable: 3 SB fA 3 Apr. 13... 21/2-3 234 Sept. 9... In 90 days to 6 months. . . 3 21/2 Aug. 2 2 0 4 . . . . . . 2 2 3 3 4 4 - - 3 3 234 In e 1 f 9 fe 6 c 1 t In less than 90 days 3 21/2 1 31... 3 July 31... 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; Seot. 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^, 2.50; June 29, 2.75; and July 20 and 31, 2.50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RESERVE REQUIREMENTS 933 MEMBER BANK RESERVE REQUIREMENTS DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS, BY CLASSES [Per cent of deposits] [Averages of daily figures. * In millions of dollars] Net demand deposits1 Time deposits Central reserve All city banks Reserve Coun- Effective date Central member city try of change C r b e e c a s n i e n t t r y k r v s a 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 - r r e e a c s s i n e e t r r d y v v e e C ba o tr n u y k n s - banks Y N o e r w k c C a h g i- o banks banks banks Four weeks ending June 14, 1961 Tn effect Dec. 31, 1945.. 20 20 14 6 6 Gross demand: Total 120,923 23,935 5,995 46,860 44,132 1948 Feb 27 Interbank 13,410 4,339 1,200 6,474 1,397 June 11 24 U. S. Government. 3,728 661 196 1,441 1,430 Sept. 16, 24*.... 26 22 16 7*4 Other 103,785 18,936 4,600 38,944 41,305 1949__May 1,5* 24 21 15 Net demand2 101,648 19,676 5,181 39,048 37,743 June 30, July 1 *. 20 14 6 6 Time 63,815 6,536 1,870 24,867 30,542 Aug. 1,11*.... "23%" !§* 13 5 Demand balances due Aug. 16, 18*.... 23 12 •••-•• from domestic banks. 6,659 108 101 1,957 4,492 A Se u p g t . . 25 1 2 2^ 2i/2 IS* C B u al r a r n en ce c s y a w n i d t h c oi F n . R. 2,469 171 32 771 1,496 1951—Jan. 11, 16*.... 23 19 13 6 6 Banks 16,390 3,439 921 6,985 5,045 Jan. 25, Feb. 1*. 24 20 14 Total reserves held 18,859 3,610 953 7,756 6,541 1953—July 1,9* 22 19 13 Required. 18,264 3,573 948 7,686 6,056 1954—June 16, 24*.... 21 5 5 Excess 595 37 5 70 485 July 29, Aug. 1 * 20 18 12 1958—Feb. 27, Mar. I* l9i/2 11% Four weeks ending July 12, 1961 Mar. 20, Apr. 1 * 19 11 Apr. 17 18>/2 Gross demand: Apr. 24 18 16i/2 Total 123,893 24,926 6,155 48,214 44,599 1960—Sept. 1 IV/t Interbank 13,984 4,562 1 224 6,751 1.447 Nov. 24 12 U. S. Government. 4,927 1,065 336 1,937 f,588 Dec. 1 16i/2 Net d O e t m he a r nd2 1 1 0 0 4 3 , , 9 2 8 5 2 6 2 1 0 9 , , 4 2 0 9 5 9 4 5 , , 5 2 9 8 4 6 3 3 9 9 , , 6 5 8 2 7 6 4 3 1 7 , , 5 8 6 7 4 8 In effect Aug. 1, 1961 . . !6?/2 16i/2 12 5 5 Time 64,490 6,732 1,899 25,108 30,751 Demand balances due from domestic banks. 7,013 117 102 2,126 4,667 Present legal require- Currency and coin 2,493 170 31 775 1,518 ments : Balances with F. R. Minimum 2 10 10 7 3 3 Banks 16,658 3,556 942 7,105 5,054 Maximum... 2 O'J 2 22 14 6 6 Total reserves held 19,151 3,726 973 7,880 6.572 Required 18,557 3,703 967 7,804 6,083 Excess 594 23 6 76 ! 489 * 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 i [In millions of dollars] Wednesday End of month 1961 1961 1960 July 26 July 19 July 12 July 5 June 28 July June July Discounts and advances—total.. . 59 172 44 61 86 59 36 343 Within 15 days 57 170 42 58 82 55 32 333 16 days to 90 days 2 2 2 3 4 4 4 10 91 days to 1 year..... (2) Acceptances—total....... 33 33 33 35 35 32 36 29 Within 15 days 8 8 7 9 9 8 8 6 16 days to 90 days. 25 25 26 26 26 24 23 U. S. Government securities—tot a 26,924 26,567 27,143 27,383 26,774 27,422 27,253 26,885 Within 15 days 5,200 5,123 432 497 308 5,380 341 5,932 16 days to 90 days.... 1,066 1,102 6,284 6,450 6,222 1,146 6,503 1.541 91 days to 1 year. 7,737 7,736 7,821 7,830 7,710 7,895 7,834 12;275 Over 1 year to 5 years 10,511 10,281 10,281 10,281 10,240 10,575 10,268 5.687 Over 5 to 10 years 2,210 2,148 2,148 2,148 2,135 2,218 2,141 1,179 Over 10 years 200 177 177 177 159 208 166 271 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
934 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 1961 1961 1960 July 26 July 19 July 12 July 5 June 28 July June July Assets 16,175 16,175 16,201 16,211 16,198 16,175 16,213 17,881 Redemption fund for F. R. notes 1,048 1,048 1,048 1,041 1,043 1,048 1,043 958 Total sold certificate reserves 17,223 17,223 17,249 17,252 17,241 17,223 17,256 18,839 Cash 393 375 349 339 375 394 378 413 Discounts and advances: For member banks 59 162 44 60 84 59 35 343 For nonmember banks etc 10 1 2 1 Acceptances—Bought outright 33 33 33 35 35 32 36 29 Held under repurchase agreemen t U. S. Government securities: Bought outright: Bills 2,166 2,123 2,699 2,939 2,455 2,227 2,840 2,769 Certificates Special Other 6,511 6,511 6,511 6,511 6,500 6,522 6,511 8,507 Notes 14,836 14,646 14,646 14,646 14,585 14 969 14 634 13 010 Bonds 3,411 3,287 3,287 3,287 3,234 3,470 3,268 2,484 Total bought outright . • . 26,924 26,567 27,143 27,383 26,774 27,188 27,253 26,770 Held under repurchase agreement 234 115 Total U. S. Government securities 26,924 26,567 27,143 27,383 26,774 27,422 27,253 26,885 Total loans and securities ... 27,016 26,772 27,220 27,479 26,895 27,513 27,325 27,257 Cash items in process of collection .. 4,336 5,215 4,961 4,138 4,441 3,787 4,000 3,569 Bank premises 111 111 111 111 111 111 111 105 Other assets 324 305 288 273 252 334 260 339 Total assets 49,403 50,001 50,178 49,592 49,315 49,362 49,330 50,522 Liabilities 27,466 27,595 27,717 27,745 27,310 27,494 27,432 27,193 Deposits: 16,286 16,275 16,487 16,524 16,105 16,856 16,716 18 261 U S Treasurer—general account 537 646 493 349 649 415 408 477 Foreign 258 237 216 275 200 226 220 215 Other 262 265 269 234 318 303 350 353 Total deposits. . 17,343 17,423 17,465 17,382 17,272 17,800 17,694 19,306 Deferred availability cash items 3,212 3,624 3,652 3,075 3,348 2,672 2,829 2,695 Other liabilities and accrued dividends 48 41 42 46 53 53 139 44 Total liabilities 48,069 48,683 48,876 48,248 47,983 48,019 47,994 49,238 Capital Accounts Capital paid in 428 427 426 425 424 429 425 401 Surplus 817 817 817 817 817 817 817 775 Other capital accounts 89 74 59 102 91 97 94 108 Total liabilities and capital accounts 49,403 50,001 50,178 49,592 49,315 49,362 49,330 50,522 Contingent liability on acceptances purchased for 147 149 149 155 156 144 156 180 U. S. Government securities held in custody for foreign account 5,695 5,658 5,675 5,677 5,802 5,660 5,723 5,272 Federal Reserve Notes—Federal Reserre Agents' Accounts F R. notes outstanding (issued to Bank) 29,156 29,206 29,212 29,056 28,934 29,105 28,960 28,652 Collateral held against notes outstanding: Gold certificate account 9,055 9,055 9,030 8,965 8,975 <),075 8,975 10,565 8 11 10 12 20 18 7 70 U. S. Government securities 21,335 21,335 21,360 21,235 21,235 21,335 21,235 19,180 Total collateral 30,398 30,401 30,400 30,212 30,230 30,428 30,217 29,815 i No accrued dividends at end of June. 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 935 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1961 [In millions of dollars] Item Total Boston Y N o e r w k P p d h h e il i l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap 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 16,175 792 3,989 968 1,465 994 822 2,796 591 332 655 660 2,111 Redemption fund for F. R. note* 1,048 63 241 64 90 84 61 189 46 27 47 34 102 Total gold certificate reserves 17,223 855 4,230 1,032 1,555 1,078 883 2,985 637 359 702 694 2,213 F. R. notes of other Banks 412 37 106 35 20 21 59 24 13 23 14 17 43 Other cash 394 25 72 18 39 17 32 71 19 11 12 22 56 Discounts and advances: Secured by U. S. Govt. securities.. 59 0) 4 1 6 6 4 17 14 2 3 1 1 Other 0) (!) 0) (]) (0 Acceptances: Bought outright 32 32 Held under repurchase agreement.. U. S. Govt. securities: 27,188 1,447 6,724 1,571 2,305 1,721 1,495 4,645 1,094 636 1,185 1,104 3,261 Held under repurchase agreement.. 234 234 Total loans and securities 27,513 1,447 6,994 1,572 2,311 1,727 1,499 4,662 1,108 638 1,188 1,105 3,262 Cash items in process of collection... 4,795 364 987 312 379 324 344 111 191 149 242 210 516 Bank premises 111 4 9 4 8 6 13 24 7 5 6 14 11 Other assets .... 334 18 83 19 30 20 19 56 13 8 14 14 40 Total assets . ..... 50,782 2,750 12,481 2,992 4,342 3,193 2,849 8,599 1,988 1,193 2,178 2,076 6,141 Liabilities Federal Reserve notes 27,906 1,633 6,420 1,825 2,501 2,173 1,597 5,176 1,194 584 1,159 837 2,807 Deposits: Member bank reserves .... 16,856 657 4,642 778 1,300 671 831 2,631 580 404 763 987 2,612 U. S. Treasurer—general account.. 415 29 43 13 18 48 36 60 28 21 45 29 45 226 12 2 46 15 23 12 13 35 9 6 11 14 30 Other 303 0) 260 0) 1 2 2 0) C1) 1 35 Total deposits 17,800 698 4,991 806 1,342 733 881 2,728 617 431 820 1,031 2,722 Deferred availability cash items 3,680 351 687 281 371 222 295 495 130 146 140 130 432 Other liabilities and accrued dividends. 53 3 16 2 5 3 3 8 2 2 2 6 Total liabilities 49,439 2,685 12,114 2,914 4,219 3,131 2,776 8,407 1,943 1,162 2,121 2,000 5,967 Capital Accounts Capital paid in . 429 21 117 25 40 20 23 60 14 10 18 25 56 Surplus 817 40 229 48 75 37 44 116 27 19 35 47 100 Other capital accounts 97 4 21 5 8 5 6 16 4 2 4 4 18 Total liabilities and capital accounts.. 50,782 2,750 12,481 2,992 4,342 3,193 2,849 8,599 1,988 1,193 2,178 2,076 6,141 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): July 31, 1961 37.7 36.7 37.1 39.2 40.5 37.1 35.6 37.8 35.2 35.4 35.5 37.2 40.0 June 30 1961 37.9 36.0 38.6 38.5 37.9 36.7 34.0 38.6 38.3 32.3 38.0 37.6 39.5 July 31 1960 40.2 38.0 42.3 40.7 40.9 37.1 36.4 40.4 38.0 36.2 38.1 39.1 41.2 Contingent liability on acceptances purchased for foreign correspondents 144 338 9 13 7 8 21 5 3 6 9 18 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (Issued to Bank) ?9,105 1,687 6,731 1,89? 2,646 2 258 1,662 1,248 664 1,195 887 Collateral held against notes outstanding: Gold certificate account 9,075 495 2,000 650 870 735 475 1,700 380 170 325 275 1,000 Eligible paper 18 1 14 3 U. S. Govt. securities 21,335 1,275 5,100 1,325 1,880 1,560 1,300 3,800 935 510 900 650 2,100 Total collateral .. ... 30,428 1,770 7,100 1,976 2,750 2,295 1,775 5,500 1,329 680 1,228 925 3,100 1 Less than $500,000. 3 After deducting $106,000,000 participations of other Federal Reserve 2 After deducting $180,000,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
936 CURRENCY DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by U. S. Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2 048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6 782 9 201 7 834 2 327 4 220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,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 ,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 ,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 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 ,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 [,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 I 465 87 2 156 6 584 10 305 9 154 2 741 5 852 244 309 3 6 June 32,405 23,229 2,462 [ 462 88 2,162 6,638 10,418 9,176 2,757 5,861 243 306 3 5 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 circulation 1 Total out- Held by Kind of currency s J t u a 1 n n 9 e d 6 3 i 1 n 0 g , A g s a o s g l s i d a l e v i c a n e u n s r r t d ity Tr c e a a s s h ury B F a F a . n o n R d k r . s B a F g a a . e n n R n d k t . s s Ju 1 n 9 e 6 3 1 0, M 1 a 9 y 6 1 31, Ju 1 n 9 e 6 3 0 0, certificates agents Gold 17,550 17,285 2265 Gold certificates 17,285 14,440 2,816 30 30 30 Federal Reserve notes 28,960 78 1,529 27,353 27,157 27,094 Treasury currency—total 5,437 32,376 36 378 5,022 5,010 4,941 Standard silver dollars 488 124 25 10 329 326 305 Silver bullion 2,252 2,252 S S M U i u n l i b v n i e s t o e i r d r d c i c a e S o r r t y t i a i n f t s i e c i s l a v t n e e o r s t c e a o s n i d n Treasury notes of 1890 2 1 2 ,3 6 5 3 7 0 4 9 6 7 9 4 4 5 1 " 28 2 5 7 1 4 6 2 1 , , 0 5 5 3 4 9 1 8 8 6 8 5 2 1 , , 1 5 5 3 0 3 8 1 1 8 1 7 2 1 , ,4 1 5 3 8 2 1 4 4 8 8 9 Federal Reserve Bank notes 93 (4) 92 92 100 National Bank notes 54 (4) (4) 54 54 56 Total June 30 1961 (5) 19,662 379 14,440 4,724 32,405 May 31, 1961 (5) 19,501 408 14,279 4,759 32 197 June 30 1960 . (5) 21,455 395 16,213 4,398 32,065 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. 929. such gold certificates. Federal Reserve notes are obligations of the 2 Includes $156,039,431 held as reserve against United States notes United States and a first lien on all the assets of the issuing Federal Reserve and Treasury notes of 1890. Bank. Federal Reserve notes are secured by the deposit with Federal 3 To avoid duplication, amount of silver dollars and bullion held as Reserve agents of a like amount of gold certificates or of gold certificates security against silver certificates and Treasury notes of 1890 outstanding and such discounted or purchased paper as is eligible under the terms of is not included in total Treasury currency outstanding. the Federal Reserve Act, or of direct obligations of the United States. * Less than $500,000. Each Federal Reserve Bank must maintain a reserve in gold certificates of 5 Because some of the types of currency shown are held as collateral or at least 25 per cent against its Federal Reserve notes in actual circulareserves against other types, a grand total of all types has no special tion. Gold certificates deposited with Federal Reserve agents as collatsignificance and is not shown. See NOTE for explanation of duplications. eral, and those deposited with the Treasury of the United States as a 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 937 MONEY SUPPLY AND RELATED DATA [Averages of daily figures. In billions of dollars] Money supply Related Related deposits Money supply deposits (not (not seasonally (not Period S a e d a j s u o s n t a e l d ly Not a d s j e u a s s t o e n d ally s a e d a j s u o s n t a e l d ly )l Week adjusted) s a e d a j s u o s n te a d ll ) y 1 ending— Total r C en u c r- y D p e o m d s e i a - t n s d i Total r C en u c r- y D p e o m d s e i a t - s n d i Time G U o .S v . t. Total r C en u c r- y D p e o m d s e i a - t n s d 1 Time G U o .S v . t. 1953—Dec 128.1 27.7 100.4 131.4 28.2 103.3 44.7 3.8 1960 1954_Dec 131.8 27.4 104.4 135.0 27.9 107.1 48.5 5.0 1955—Dec 134.6 27.8 106.8 137.9 28.3 109.6 50.0 3.4 June 1 136.9 28.7 108.2 68.3 6.9 1956—Dec 136.5 28.2 108.3 139.7 28.7 111.0 51.8 3.4 8 137.5 29.0 108.5 68.5 6.4 1957—Dec 135.5 28.3 107.2 138.8 28.9 109.9 57.1 3.5 15 139.0 28.9 110.1 68.5 5.1 1958—Dec 140.8 28.6 112.2 144.3 29.2 115.1 65.1 3.9 22 138.3 28.9 109.4 68.7 7.0 1959—Dec 141.5 28.9 112.6 144.9 29.5 115.5 67.0 4.9 29 137.6 28.7 108.8 68.9 6.6 1960—Dec 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 137.5 29.3 108.2 69.2 7.2 138.4 29.3 109.1 69.3 5.6 I960—July 139.6 28.9 110.7 138.7 29.1 109.6 69.5 6.7 20 139.1 29.1 110.0 69.5 7.6 Aug 139.7 28.9 110.8 138.9 29.0 109.8 70.3 6.1 27 139.1 28.9 110.2 69.7 6.6 Sept 140.4 29.0 111.5 139.7 29.1 110.7 71.2 5.4 Aug. 3 139.7 29.0 110.8 70.0 6.5 Oct 140.6 29.0 111.6 140.6 29 A 111.5 71.8 5.7 10 139.9 29.3 110.6 69.9 6.0 Nov 140.2 29.0 111.2 141.4 29.2 112.2 72.0 5.8 17 138.9 29.1 109.8 70.1 6.1 Dec. 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 1961 1961—Jan 140.6 28.9 111.7 143.7 28.8 114.9 73.7 4.1 Feb 141.2 28.9 112.3 140.9 28.6 112.3 75.1 4.8 May 3 .... 141.6 28.6 113.1 77.5 3.2 Mar 141.5 29.0 112.6 140.1 28.6 111.4 75.9 4.7 10 140.8 28.9 112.0 78.0 3.9 Apr 142.0 29.0 113.0 141.7 28.7 113.0 76.9 2.9 17 140.3 28.8 111.5 77.9 4.5 May 142.0 29.0 113.0 140.0 28.7 111.3 78.1 4.6 24 139.0 28.7 110.3 78.3 5.8 June 142.1 28.9 113.2 140.7 28.9 111.8 79.0 4.5 31 139.2 28.6 110.6 78.5 5.0 July P 142.0 29.0 113.0 141.1 29.2 111.9 79.9 4.3 June 7 140.2 29.0 111.3 78.7 4.0 14 141.9 29.0 112.9 78.8 2.2 Semi-monthly 21 141.4 28.9 112.5 79.0 5.7 28 139.6 28.8 110.8 79.2 5.7 1961—May 1 142.0 29.0 113.0 140.8 28.8 112.0 77.8 3.9 July 5 139.9 29.2 110.7 79.6 6.1 141.9 28.9 113.0 139.3 28.6 110.6 78.3 5.3 12 140.8 29.4 111.4 79.8 4.5 June 1 142.4 28.9 113.5 141.1 29.0 112.1 78.8 3.3 19 141.2 29.2 112.0 79.9 3.2 2 141.9 29.0 112.9 140.3 28.9 111.5 79.2 5.8 26 141.3 29.0 112.3 80.2 2.8 July 1 142.1 29.0 113.1 140.6 29.3 111.3 79.7 4.8 Aug. 2v 141.9 29.0 112.8 80.3 6.0 2v 142.0 29.1 112.9 141.6 29.1 112.5 80.1 3.9 p Preliminary. 1947, see the BULLETIN for October 1960, pp. 1102-1123. Back data for 1 At all commercial banks. time deposits and U.S. Government demand deposits are shown on p. 1001 of this BULLETIN. NOTE.—For description of series and for figures beginning with January BANK DEBITS AND DEPOSIT TURNOVER Debits to demand deposit accounts, except interbank and Annual rate of turnover U. S. Government accounts of demand deposits except interbank (in millions of dollars) and U. S. Government deposits Leading centers Leading centers Year or month All 337 other 337 other reporting reporting reporting centers New York 6 others * centers2 New York 6 others i centers2 Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356 768 888 455 489 311 979,002 49.5 30.4 23.0 1958 2,439,754 958,721 487,432 993,600 53.6 30.0 22.9 1959 2,679,167 1,023,605 545,258 1,110,304 56.4 32.5 24.5 I960 2 838 754 1 102 850 577 606 1,158 298 60 0 34.8 25.7 I960—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 Aus 241,771 99,947 92,435 50,127 49,474 99,036 99,862 65.5 59.8 36.7 34.7 26.6 26.0 Sept 240,772 103,832 97,162 48,974 47,909 96,224 95,700 68.5 65.9 35.8 35.5 26.0 26.2 Oct 233,131 91,870 89 905 48 084 47 567 95,418 95 659 60.0 59.2 34.9 34.7 25.5 25.7 Nov.. 235,100 98,791 91,020 49,017 47,577 98,306 96,503 63.5 61.3 35.8 34.9 26.2 26.2 Dec 256,905 88,381 101,551 47,871 52,313 94,687 103,041 57.8 64.4 34.3 36.5 25.1 26.6 1961—Jan '257,714 97,520 104,473 51,046 52.382 '97,504 '100,860 63.0 65.5 36.5 36.3 25.7 '25.8 Feb '222,722 98,269 89,831 50,199 44,861 '97,719 '88:030 63.7 61.4 35.8 33.5 25.7 24.4 Mar . '265,442 101,454 110,455 49.484 53,354 '98,447 '101^633 67.1 69.9 35.4 38.1 '26.1 26.! Apr '240,966 103,451 101,151 51,281 48,529 '97,332 '91,286 68.0 67.8 36.9 37.1 '25.6 '24.9 May '268,804 113,337 111,463 53,180 53,782 '102,847 '103,560 74.6 72.0 38.0 37.8 26.9 26.8 June '•271,830 103,829 113,228 '52.292 r54,277 '101,549 '104,325 70.6 75.6 37.7 38.6 26.6 27.1 July 247,657 104,542 100,591 50:736 49.085 100,710 97,981 70.6 70.4 ^36.7 ?36.5 2>26.2 »26.4 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 i 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
938 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Treas- net- Date Gold s r t o c e u i a u n n u r n r g c y t d - - y - Total Lo n a e n t s, Tot U al . S. G m o C a v e o r n e c m d r i n a - m l ent R F e e o d s 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 T a i i a a n p t o n i b e i e t d t i t 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 ts y C c m o a a a n u p n i c e s n 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 I960—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 R00 28,000 291,900 264,000 27,900 July 26P. 17,500 5,400 272,200 145,100 98,800 71,100 26,900 800 28,300 295,200 267,200 27,900 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series' For- Date p b e o d n a i s g e e n i - n t t k s, T h c i r u o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c m n t d i k g a - s s l B F a . A n t R ks . Total Total m T C b e i a m o r n c m e k ia - s l de M p b sa o a u v n s t i i k u n t s a s g 3 2 l s S S P y a o v s s t i e t n a m g l s p m o D d a s e e i n - t - d s4 b r C o e s a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i l c t d d y s j m p 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 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 85: 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31.. 1,682 1,336 1,45" 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,40026,100 1950—Dec. 30.. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,600 90,00024,600 1958—Dec. 31.. 3,870 683 4,558 358 242,553 98,306 63,166 34,006 1,13411155,507 28,740 138,800 110,700 28,100 1959—Dec. 31.. 3,203 391 5,319 504 246,603101,779 65,884 34,947 948 115,402 29,422 140,200 112,000 28,200 1960—June 29.. 2,900 400 7,300 500 239,800103,700 67,400 35,400 800107,800 28,300 138,000 109,900 28,100 July 27.. 2,800 400 6,500 500 242,600104,200 67,900 35,500 8001110,100 28,400 138,600 110,300 28,300 Aug. 31.. 3,000 400 5,700 500 242,700105,200 68,900 35,600 8001108,900 28,500 138,600 110,300 28,300 Sept. 28.. 2,900 400 7,700 600 243,600106,000 69,400 35,800 800 109,300 28,300 138,500 110,300 28,200 Oct. 26.. 3,100 400 6,200 500 247,200106,700 70,000 35,900 800112,200 28,300 139,900 111,500 28 400 Nov. 30.. 3,100 400 5,600 500 247,300106,700 70,000 35,900 800 111,900 28,700 138,800 110,60028 Dec. 31.. 3,184 377 6,193 485 252,926108,468 71,380 36,318 770115,102 29,356 139,200 00028,200 1961—Jan. 25.. 3,100 400 3,600 500 251,600109,000 71,700 36,500 800 114,700 28,000 140,700 112,30028,400 Mar. If. 3,100 400 6,100 400 249,500110,700 73,300 36,600 700 110,600 28,200 139,400 110,900 28,500 Mar. 29* 3,300 400 4,400 500 250,200111,900 74,200 37,000 700110,300 28,000 140,400 112,100 28,300 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 37,000 700 110,600 28,400 140,800 112,30028,500 June 28^. 1,300 400 5,900 600 255,700116,600 78,600 37,300 700 110,800 28,300 141,000 112.70028,300 July 26? 1,300 400 5,900 50C 259,200117,600 79,500 37,500 700113,000 28,500 141,600 113,200 28,400 P Preliminary. • Revised preliminary figures. in seasonal factor for demand deposits adjusted for Mar. 30, 1960, f 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. * 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 * Prior to June 30, 1947, includes a small amount of demand deposits. Savings System and the Exchange Stabilization Fund with the U. S. 4 Demand deposits other than interbank and U. S. Govt., less cash Treasury are netted against capital and miscellaneous accounts, net, items reported as in process of collection. instead of against U. S. Govt. deposits and Treasury cash. Total deposits 5 Seasonally adjusted series begin in 1946 and are available only for last and currency shown in the monthly Chart Book excludes foreign bank de- Wednesday of the month. For description of series and for back data posits, net, and Treasury cash. Except on call dates, figures are rounded sec the BULLETIN for February 1960, pp. 133-36. Special*adjustment to nearest $100 million and may not add to the totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL BANKS 939 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank2 Other Total Num- Cla a s n s d o d f a b t a e nk Total Loans o G U bl o . i v g S t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s: c b a i a l l p i i n a t i d i t - e a s l Total 2 De- Demand r B i o n o w g r s - - c c a o a p u c i - n ta t l s ba b o n e f r ks tions co a u c n - ts 3 mand Time U.S. Time Govt. Other All bankss 1941—Dec. 31 61,126 26,615 25, 999 27,344 90,908 81 10,982 44,355 26,479 23 8,414 14,826 1945__Dec. 31 140,227 30,362101, 577 35,415177,332165 14,065 105,935 45,613 22710,54214,553 1947_Dec. 3H.... 134,924 43,002 81;199 10,72338,388 175,091161;86512,793 240 1,346 94,38153,105 6611,94814,714 1958—Dec. 31 221,485 21,571 73,64126,273 49,911276,430250,05715,799 2,374 4,253 132 97,498 8121,70514,020 1959_Dec. 31 227,831 135,958 65,80126,07150,296283,629254,88515650 ,443 5,054 622 101,116 624 22,91513,991 1960—June 29 227,200 40.990 760 25450 43710276,710244,470 300 ,440 7,060 570 103,100 2,170 23,77014.000 July 27 229,370140,520 200 25,650 43 770279050 245,900 13070 ,480 6,230 460 103,660 2,590 2389013,999 Nov. 30 234.510 142,090 560 25,860 46, 287650 254,20015,600 ,740 5,360125,290 106.210 1,330 2459013,985 Dec. 31 238,623144,764 242 26,617 53.022 298 126 266,196 ,080 ,800 5,949 133,408107,959 16724,53913,986 1961—Jan. 25 236,450 141,590 320 26,540 44,610 287400 255,05015^20 ,800 3,320 126,380 108,530 600 24 13,986 Mar. If... 238,960 144,240 840 26!880 46!260291',510 257,43014,420 ,800 5,830125,120110,260 ,860 24, 13,978 Mar.29*..., 238,000144,290 240 27!470 42 890 287500253,34013,660 ,820 4,160 122,200111,500 ,880 24 13,977 Apr. 26*..., 239,630 144,950 100 27,580 44!200 290!370 25635013 50—0 ,900 2,010 126,690112,250 ,750 24 13,974 May 31*... 241,110 145,600 800 27710 44!920 292!620 258 16013,500 430 4,790 124,260115,180 ,690 25 13,975 June 28* 242,660 146,400 250 28010 44!420 293760 259 52013,680 430 5,630123,560116,220 ,400 25 13,978 July 26*.... 245,630146,260 71,120 28,250 43,980296270 262,16013560 440 5,560125,350 117,250 ,210 25,29013,793 All commercial banks: 1941—Dec. 31... 21,714 21,808 26,551 79,104 71 10,982 44,349 15,952 23 ,17314,278 1945_Dec. 31... 26.083 90,606 34,806160,312 150 14,065 105,921 30,241 219 ,95014,011 1947__Dec. 31*.. 38,057 69,221 006 37 502 155,377144,10312,792 240 1,343 94 367 35,360 6510,05914,181 1958—Dec. 31... 98,214 66,376 20 575 48,990 238,651216,01715,799 2,372 4,250130,10463,493 73188,,44886613,501 1959—Dec. 31... 110,832 58,937 20 50149,467244!686 219,90315, ,441 5,050 131,593 66,169 61519,55613.474 I960—June 29... 114,840 54,210 19 850 42!880 237040 209; 010 13 ,440 7,060119,54067,670 2,17020,28013,485 July 27... 114,170 56,700 20 020 43,010 239270 210',42013,070 ,480 6,230121,430 68,210 2,590 20,38013,484 Nov. 30... 115,010 60,180 20 300 46 110 247290 218,230 600 ,740 5,360125,26070,270 1,330 21,00013.470 Dec. 31... 117,64: 61,00320864 52 150 257552229,843 079 ,799 5,945 379 71,641 163 20,98613,472 1961—Jan. 25... 114,210 61,880 205,930 43810246,590218,530 15020 ,800 3,320 350 72,040 600 21,10013,472 Mar. If.. 116,720 61,310 21,270 45430250,430220,76014,420 ,800 5,830125,09073,620 ,860 21,17013,464 Mar. 29*.. 116,640 59,670 21;680 42,040246,020216,33013,660 ,820 4,160 122,17074,520 ,880 21,17013,463 Apr. 260.. 117,180 60,740 211, 8"0"0 4"3", 4•00"249,040219,39013,500 ,900 2,010 126,66075,320 ,750 21,20013,460 May 31*.. 117,600 61,450 211,90044,090251,030221,09013 5""00" 430 4,790124,23078,140 ,690 21,42013,461 June 28P.. 118,200 61,95022,170 43,540251,950222,20013,680 430 5,630123,53078,930 ,40021,56013,464 July 26^.. 117,730 64,830 22,36043,260254,230224,68013560 440 5,560125,32079,800 ,210 21,58013,459 AH member banks: 1941—Dec. 31.. 18,021 19,539 5,961 23,123 68,121 61,71710,385 140 709 ,13612,347 4 5.886 6,619 1945—Dec. 31.. 22,775 78,338 6,07029,845 138,304129,67013,576 64 22 179 ,64024,210 208 7.58( 6,884 1947—Dec. 31.. 32,628 57,914 304 32845 132,060122,52812,353 50 1,176 ,60928,340 54 8.464 6,923 1958—Dec. 31.. 84,061 54,29916 504 43,188 202017182,81615,227 2,187 3.822 51,132 5415.460 6,312 1959—Dec. 31.. 94,779 46,81316,28' 43 509 205726184,70615,048 ,338 4,504110,98952,827 58116,264 6,233 I960—June 29. . 97,898 42,98015,71537.97 199,243175,20012.775 ,298 6,360100,79053.977 2,06916.822 6.212 July 27. . 97,183 45,23815, 37,981201,057176,21412,524 ,336 5,622102,36654,366 2,50516,892 6,204 Nov. 30. . 97,708 48,22416,06540,384 207455182,55015,014 ,594 4,781 105,12856,033 1,26917,390 6,178 Dec. 31.. 99,933 49,10616,579 45J56 216.577193,02916,436 .639 5.287112,39351,212 13017,398 6,174 1961--Jan. 25. . 96,773 49,80616,66138,174206,507182,60314,465 .636 105,99057,598 56317.464 6,164 Mar. If. 99,558 49,43817,02039,900211,040185 13,912 ,639 105,35359,319 1,82517,629 6,160 Mar. 29P . 99,473 48.03017,37236,842207,099181 13.181 .664 102.77060,101 1,82717,65! 6,151 Apr. 26*\ 99,913 49,02017,46538,007209,737184 i11813,007 ,741 106.83960,825 1,72017,683 6,147 May 31*>. 100,140 49,817 ,493 735211,580185,72713,025 268 104,69363,543 1,63917,865 6,147 June 28P 100,603 50,353 ,719 289212 186,80' 13,203 27: 104,06764,237 1,35917,963 6,141 July 26^ 100,098 52,90717,88837,991214 188,91613,070 275 105,57964,965 1,17817,98! 6,138 All mutual savings banks: 1941_Dec. 31 10,379 4,90 3.704 1.774 793 11,804 10,533 6 10,527 1.241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17.020 15,385 14 15,371 1,592 542 1947_Dec. 3H 18,641 4.944 11.978 1,718 886 19,71 17,763 17,745 1 .889 533 1958_Dec. 31 36,320 23,357 7,265 5,698 921 37,779 34,040 2934,006 3,219 519 1959—Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 34,948 3,359 517 I960— N J J u u o l n y v e . 2 3 2 9 0 7 3 3 3 8 8 9 , , , 4 3 0 8 0 2 0 0 0 2 2 2 6 6 7 , , , 3 1 0 5 5 8 0 0 0 6 6 6 , , , 5 5 3 0 5 8 0 0 0 5 5 5 , , . 6 6 5 0 3 6 0 0 0 7 7 8 6 7 3 0 0 0 4 3 3 0 9 9 , , , 3 7 6 6 8 7 0 0 0 3 3 3 5 5 5 , , , 4 4 9 8 6 7 0 0 0 ( (5 5) ) (5) (5) 3 3 3 5 5 5 , . . 4 9 4 5 4 3 0 0 0 (5) 3 3 3 , . , 5 4 5 1 9 9 0 0 0 5 5 5 1 1 1 5 5 5 Dec. 31 39,114 27,122 6,239 5,752 872 40,574 36,353 16.318 3,55? 514 1961—Jan. 25 39,430 27,380 6,440 5,610 800 40,810 36,520 (5) 16.490 3.580 514 Mar. If 39,660 27,520 6,530 5,610 830 41,080 36,670 (5) (5) 36.640 3.620 514 J M M A J u u p n a l a y r y r e . . 2 2 2 3 2 8 9 6 6 1 * * * ^ * > 4 4 4 4 3 0 0 0 0 9 , , , , , 0 1 3 7 9 1 6 4 1 1 0 0 0 0 0 2 2 2 2 2 8 8 7 7 8 , , , , , 2 5 6 7 0 3 0 5 7 0 0 0 0 0 0 6 6 6 6 6 , , , , , 3 2 5 3 3 0 9 7 6 5 0 0 0 0 0 5 5 5 5 5 , , , , , 8 7 7 8 8 1 9 8 4 9 0 0 0 0 0 8 8 8 8 7 0 3 5 8 2 0 0 0 0 0 4 4 4 4 4 1 1 2 1 1 , . , , , 4 5 0 3 8 8 9 4 3 1 0 0 0 0 0 3 3 3 3 3 7 7 7 6 7 , , , , , 0 3 0 9 4 1 6 7 2 8 0 0 0 0 0 8 (5) ( ( ( * 5 5 ) ) ) 30i 3 3 3 3 3 6 6 7 7 7 , , , , , 9 9 0 2 4 8 3 4 9 5 0 0 0 0 0 3 3 3 3 3 , , , , 6 7 6 6 W 1 0 3 5 O 0 0 0 0 5 5 5 5 5 1 1 1 1 1 4 4 4 4 4 p Preliminary. * Revised preliminary figures. bank (two prior to July 1961 and three prior to 1960) that became members f This date used instead of last Wednesday of February. in 1941 (these banks are excluded from all commercial banks). * 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) one mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
940 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o f d a b 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 s2 c c b T o a i a l a l u o p i n i c a t n t i d i - - t a t e a s l s l : Total 2 m D I a n e n t - e d rba T n i k m 2 e U. D S. ema O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f r ks - Other 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 4,202 866 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 .739 968 20.704 3,482 3,282 18 1959—Dec. 31. .. 25,291 18,121 5,002 2,168 9 MA 35,750 30,647 4.765 988 1.027 20,419 3,448 *232 3,361 16 I960—June 29. .. 25,320 18,060 5.273 1.987 7.773 34.600 28.654 4,339 985 1.415 18.379 3.536 473 3.427 16 July 27. .. 25,698 17,610 5,975 2,113 7,639 34,886 28,243 4,013 ,012 1,276 18,366 3,576 946 3,450 16 Nov. 30. .. 26,402 17,742 6,619 2,041 8,380 36.512 29.922 4.737 ,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 ,216 1,217 21,833 4,206 3 ^54 15 1961—Jan. 25. .. 26,821 17,387 7.062 2,372 7,561 36.048 29,979 4.661 ,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 ,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 ,237 818 19,203 4,750 All 3,575 15 Apr. 26*.. 27,725 18,447 6,588 2,690 8,037 37,668 30,722 3,891 ,281 204 20,415 4,931 593 3,592 15 May 31*.. 27,756 18,179 7,116 2,461 8,144 37,811 31,012 4,150 161 754 19,568 6,379 390 3,630 15 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 July 26?. . 28,732 18,100 8,090 2,542 7,820 38,619 31,717 4,027 169 1,203 19,532 6,786 392 3,626 15 Chicago: 1941—Dec. 31 .. 2,760 954 1.430 376 .566 4,363 4,057 1,035 127 2.419 476 288 13 1945_Dec. 31.. 5,931 1,333 4,213 385 ,489 7.459 7.046 1.312 1,552 3.462 719 377 12 1947—Dec. 31.. 5,088 1,801 2,890 397 ,739 6,866 6,402 1,217 72 4,201 913 426 14 1958—Dec. 31.. 6,830 3,637 2,562 631 2.158 9,071 8.214 1,357 249 5,136 1,438 3 733 14 1959—Dec. 31.. 6,885 4,206 1,985 694 2.003 8,967 8.062 1.231 272 5,070 1,468 40 762 14 I960—June 29.. 6,598 4.342 1.620 636 .854 8.546 7.474 1.151 407 4.442 1.426 161 769 11 July 27. . 6,811 4,284 1,845 682 ,745 8,662 7,551 1,163 342 4,552 1,444 195 770 11 Nov. 30.. 6.729 4,260 1,841 628 2.040 8.892 7,800 1.359 261 4.629 1,490 93 813 10 Dec. 31.. 7,050 4,485 1,882 683 2,046 9,219 8,197 1,380 327 4,899 1,530 35 822 10 1961—Jan. 25.. 6.875 4.195 1.989 691 ,814 8,809 7,733 1.254 141 4.743 1.532 88 821 10 Mar. If. 7.094 4.534 1,886 674 ,894 9.118 7.950 1,221 285 4,665 1,715 138 826 10 Mar. 29P. 7,049 4,403 1,939 707 .635 8.826 7,436 1,188 232 4,256 1,681 362 827 10 Apr. 26*. 6,847 4,401 1,682 764 ,730 8,718 7,643 1,162 57 4,625 1,717 54 831 10 May 31 P. 7,051 4,291 1,994 766 ,897 9.091 7 978 1,186 219 4,704 1.859 73 841 10 June 28". 7,034 4,277 2,047 710 ,864 9.043 7.994 1.205 326 4 569 1.884 15 842 10 July 26*. 7,211 4,151 2,301 759 ,954 9,307 8,227 1,205 385 4,700 1,927 56 841 10 Reserve city member banks:6 1941—Dec. 31 15,347 7,105 6.467 1,776 8,518 24,430 22.313 4,356 104 491 12,557 4.806 1 967 351 1945_Dec. 31 40,108 8.514 29,552 2.042 11.286 51.898 49.085 6!418 30 8.221 24,655 9,760 2 2',566 359 1947_Dec. 31 36,040 13,449 20,196 2,396 13.066 49.659 46.467 5.627 22: 405 28,99011,423 1 2,844 353 1958—Dec. 31 60,558 34,003 20,645 5,910 17,701 79.781 72.647 7.506 377 1,429 42,259 21,075 14 5,760 274 1959—Dec. 31 61,621 38,686 17,292 5,64318.211 81,443 73.675 7.450 303 1,698 42,66821,555 238 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 July 27 60,427 39,290 15,825 5,312 15,743 77,938 68,796 6,074 250 2,247 38,92521,300 1.063 6,256 222 Nov. 30 61,625 39.273 16.943 5,409 16,649 80.141 71,126 7.433 293 1,867 39,6 "5'4 ~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 5.548 15,789 79.543 70,958 7,020 326 1,085 39,883 22.644 237 6,422 214 Mar. It 63,470 40,282 17.521 5.667 16,243 81.632 72.418 6,836 329 2,130 39,488 23,635 577 6,573 213 Mar. 29*> 62,559 39,928 16,947 5,684 14,891 79,359 70,197 6,316 311 1,474 38,474 2133,622 694 6,589 206 Aor. 26P 63,418 39,916 17,805 5,697 15,529 80,838 71,556 6,554 341 617 40,077 2"3,967 879 6,588 205 May 31* 63,706 40,015 17,876 5,815 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 5,913 15,755 81 7«5 72,559 6,495 57 1,989 38.93325.085 662 6.684 205 July 26v 65,089 39,910 19,171 6,00815,733 82.777 73,695 6,443 59 1,999 39,866 25,328 535 6,685 204 Country memberbanks:6 1941 _Dec. 31 12,518 5.890 4.377 2.250 6,402 19.466 17,415 792 225 10,109 6,258 4 1,982 6,219 1945_Dec. 31 35,002 5.596 26,999 2.408 10,632 46,059 43,418 1,207 5,465 24,23512,494 11 2,525 6,476 1947_Dec. 31 36,324 10,199 22.857 3.268 10,778 47,553 44,443 1,056 432 28,37814,560 23 2,934 6,519 1958—Dec. 31 61,511 30.257 23.606 7.648 14,031 76.767 70,277 1,578 1,175 42,349 25.137 37 5,685 6,006 1959_Dec. 31 64.082 33.766 22,535 7,781 14,122 79.567 72,323 1,602 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 1,223 1,947 40,003 27,847 371 6,369 5,962 July 27 65,377 35,999 21,593 7,785 12,854 79,571 71,624 1,274 1,757 40,523 28,046 301 6,416 5,955 Nov. 30 67.241 36.433 22.821 7.987 13,315 81.910 73,702 1,485 1.698 41,897 28,596 207 6,614 5.936 Dec. 31 67,890 36,981 22,848 8,06014,740 84,126 76,004 1,778 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 1,530 1,099 42,10729,171 139 6.652 5,925 Mar. It 67,762 36.601 23.056 8,105 13,123 82.290 74,003 1,436 1.772 41,240 29,529 219 6.646 5,922 Mar. 67,897 36,864 22,786 8,247 12,479 81,821 73,480 1,361 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 1,400 828 41,72230,210 194 6,672 5,917 May 31*. 68,937 37,655 22,831 8,451 12,774 83,129 74,624 1,346 1,617 41,13130,493 291 6,754 5,917 June 28*. 69,226 37,936 22,754 8.53612,417 83,14Q 74,589 1,359 1,632 40,88530.676 229 6,825 5,911 July 26* 69,861 37,937 23,345 8,57912,484 83,673 75,277 1,395 1,440 41,481:30,924 195 6,829 5,909 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 totaPloans 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 941 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 b T a i a l a l o p i n i c a t i t - d i t a - e a l s l Total 2 m D In a e n t - e d rba T n i k m 2 e Dema O n t d her Time r B i o n o w g r s - - c c T a o o p u t i n a ta t l s l N b b a o u n e f m r ks counts 3 U.S. Govt. Other AH insured commercial banks: 1 1 9 9 4 4 1 5 — _D D e e c c . . 3 3 1 1 4 2 9 1 , , 2 8 9 0 0 9 2 2 1 5 , , 2 7 5 6 9 5 2 8 1 8 , , 0 9 4 1 6 2 7 6,9 13 8 1 4 3 2 4 5 1 7 5 6 7 , , 8 5 2 4 0 41 6 4 9 7 , , 4 7 1 7 1 5 1 13 0 , , 8 6 8 5 3 4 23 1 , ,7 7 6 4 2 0 4 8 1 0 , , 2 2 9 7 8 62 1 9 5 , , 8 6 7 9 6 9 21 1 5 0 6 8 , , 8 6 4 7 4 1 1 1 3 3 , , , ,2 4 9 2 7 6 1947—Dec. 31 [14,274 37,583 67,941 750 36; 152,773333 141,85112,615 54 1,325 92,97534,882 61 9,73413,,398 1957—Dec. 31 168,595 93,430 57,580 17585 48!127 220,865199,87615,489 1,264 3,859123,12756,137 66 177,0,015113,142 1958—Dec. 31 [83,596 97,730 65.669 20198 48,689 236.7"2"4" 214,48515,653 2.209 4.241129,21463,168 6718,15413,101 1959—Dec. 31 [88,790110,299 58,348 2014349,158 242828 218,47415,500 1,358 5,037130,72065,858 602 19,20613,107 1960—June 15 [88,691114,785 54,366 19540 46,825 240728 212,44213,756 1,324 6,396124,09166,875 2,57319,997813,140 Dec. 31 198,011117,092 60,468 2045151,836 255669 228,40116,921 1,667 5,932132,53371,348 14920,662813,119 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,80614,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 2"0,114 90,220 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22, ,024 _~_~.,182 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1957—Dec. 31 91,201 50,350 31,234 9,617 26,786 120,153109,091 8,958 517 2.166 66,546 3300,904 38 9,070 4,620 1958—Dec. 31 99,277 52,627 35.71410.936 265,781128.397116.714 9,035 767 2.292 69,80834.812 43 9;643 4,578 1959—Dec. 31 102,615 59,962 31,76110,892 277,464132,636 119,638 8,947 514 2,742 71,01536,421 34010,302 4,542 I960—June 15 102,309 62,398 380 131,433116,178 7,937 472 3,594 67,270 36,905 ,49110,686 4,542 Dec. 31 107,546 63,694 32,71211,140 28,675139,261124,911 9,829 611 3,265 71,660 39,546 11111,098 4530 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 1166,320 10 5,817 1,734 1959_Dec. 31.. 55,264 34,817 15,052 5 396 16,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 1,691 1960—June 15.. 55,348 35,946 14,228 5 174 15,495 72,734 63,341 5,429 833 2,151 38,296 1166,631 1,012 6,143 1,675 Dec. 31. . 58,073 36,240 16,394 5,43917,081 77,316 68,118 6,608 1,028 2,022 40,73317,727 20 6,299 1,644 Insured nonmember commercial banks: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945_Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 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 17,58010,873 2,500 6,753 1958—Dec. 31.. 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,766 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 13,059 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 6,08f 39,114 35,391 484 645 20,14014,095 3,232 6,948 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947_Dec. 31«... 2,009 474 1,280 255 576 2,643 2,251 177 185 1,392 478 325 783 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 317 425 1958—Dec. 31 1,568 484 707 377 301 1.927 1,532 146 163 890 325 332 399 1959—Dec. 31 1,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 1960—June 15 1,446 522 547 377 299 1,815 1,386 163 122 792 290 353 350 Dec. 31 1,498 550 535 413 314 1,883 1,443 159 132 846 293 358 352 I All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10.992 9,573 457 5,504 3,613 1.288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947__Dec. 31 < 18,454 5,43: 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 11,17: 3,608 5,684 33,897 30,715 554 138 427 18,42011.176 2,817 7,178 1958—Dec. 31 30,327 14,165 12.088 4,074 5.805 36.664 33,227 572 185 428 19,65512,387 3,028 7,192 1959__Dec. 31 32,419 16,068 12,134 4,216 5.961 38.990 35,224 601 103 545 20,60513,370 3,294 7,244 I960—June 15 32,498 16,97: 11,395 4,131 5,251 38.397 34,328 553 141 669 19,31813,648 3.503 7,276 Dec. 31 33,910 17,719 11,904 4,287 6,396 40,99' 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 1 2 1212,192 1,252 194 1957—Dec. 31 26,535 17,194 5.404 3,937 719 27,671 25,022 1 3 26 24•,991 2,308 239 1958—Dec. 31 28,980 19.180 5.215 4,585 752 30,189 27,277 2 3 28 27,243 2,473 241 1959—Dec. 31 30,580 20,94: 5,016 4,622 686 31,743 28,577 2 3 28 28,544 2,654 268 I960—June 15 31.133 21,721 4.743 4,669 624 32.211 28,824 2 2 28 28,791 2,735 268 Dec. 31 33,794 23.852 4,78' 5,155 766 35,092 31,502 1 4 2931,468 2,998 325 Noninsured mutual savings banks: 1 I 1 1 1 1 1 9 9 9 9 9 9 9 6 5 5 4 4 5 4 0 8 9 5 7 7 1 — — — — — — — D J D D D D D D u e e e e e e e n c c c c c c c . e . . . . . . 3 1 3 3 3 3 3 3 1 5 1 1 1 1 1 H 7 7 7 6 8 5 5 5 , , , , , , , . 9 3 3 1 2 6 3 9 8 4 6 6 4 8 2 5 1 1 1 7 6 7 0 7 4 4 4 4 4 3 1 1 , , , , , , , , 2 0 1 3 1 3 1 2 5 8 2 9 8 4 7 7 ( 4 f 8 4 8 7 0 2 2 3 3 3 1 1 1 , , , , , , , , 1 8 4 : 8 0 0 5 5 1 4 4 7 5 2 3 3 8 8 5 0 1 1 1 , , , 9 9 7 3 0 1 6 5 1 5 7 4 4 3 6 9 3 3 6 1 9 4 0 7 2 6 1 1 1 1 1 1 1 4 0 7 4 4 6 8 ' 1 1 1 2 3 9 0 7 7 9 7 7 5 6 5 , , , , , . , , 2 2 3 5 4 4 8 5 1 8 8 0 8 9 4 9 5 1 9 0 7 7 6 6 6 6 6 4 8 5 5 6 , , , , , , , , 5 4 6 7 7 8 5 0 1 0 7 4 5 5 6 2 1 5 2 0 6 4 3 2 4 5 5 6 6 6 6 8 , , , , , . , , 6 5 8 0 4 7 7 5 7 1 5 3 0 2 6 5 1 0 0 4 0 8 2 3 1, 7 7 7 5 6 7 0 5 5 7 4 0 3 5 3 5 1 7 6 5 0 8 7 5 4 2 2 2 3 2 3 1 8 9 7 4 3 4 5 8 3 6 8 9 9 7 0 9 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
942 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES i [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 s e a r a o n c te f i 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 - Total2 c o m m c p k i l i p n u i n a 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 d a T s u r r e e n e o o r r a d c c c s - l a u - h r r a o r i y t s t T i h i i e n n e o s g g rs b i a T n n f o s i k n ti s a t t u n o c t o i i o a t T h n l o e s rs l R t o e a a e s t n a e - l s O l u v o i d t t a i a n h o i d l n - - e s - s r O lo t a h n e s r To U ta . l S. B G il o l v s ern C ti m e fi r e - - nt N ob o l t i e g s ati B on o s nds S p t d s a i i t g o u c o o i a n v a l a b n t f i d - e i l t - s - - s O s ri e t t h c ie e u s r per ers sions Total: 3 1947__Dec. 31.. 116,28438,057 18,167 1,660 830 ,220 115 9,393 5,723 94769,2212,193 7,789 034 53,205 276 3i,729 1958—Dec. 31.. 185,16598,214 40,425 4,973 2,832 ,829 719 25,255:-.,,698 3,437 66;376 6,294 7,399 396 39,287 505 4t,070 1959—Dec. 314. 190,270110,832 40,174 5,018 3,018 ,850 819 7,11828,060 24,,166 2,78458,9376,300 2,420 856 35,360 958 31,543 1960—June 15.. 190,137115,307 41 i775 5,363 2,602 ,739 2,365 7,06328,353:25,523 2,747 5544,9133,593 2,210 ,887 789 31,127 Dec. 31.. 199,509117.642 43,1255,676 3,284 ,833 966 1,"1 06' 28,713 26,396 2,9016\,0038,072 2,920 19,01330,998 570 31,294 1961—Apr. 12.. 199,120117,050 42,590 6,020 2,460 ,850 1,970 5,760 28,770 26,820 3,210 60,1306,870 2,120 19^50 31,190 710 31,230 All insured: 1941—Dec. 31.. 49,29021,259 ,214 450 614 662 40 4,773 4,-505 21,046 988 3,15916,899 3,6513,333 1945—Dec. 31.. 121,80925,765 ,461 3143,164 3,606 49 4,677 2,361 1,132 88,9122,45519,07116,045 5511,342 3,873",258 1947—Dec. 31.. 114,27437,58318,012 610 8231,190 114 9,266 5,654 91467,9412,124 7,552 5,91852,347 5,129 3,621 1958—Dec. 31.. 183,59697,730 40,289 4;913 2,797 1,810 713 25,14820,589 3,42065,6696,159 7,36213,24038,90816, ,932 1959—Dec. 314, 188,790110,299 40,022 4,973 2982 1,827 813 7,105 27,94824,032 767 58,3486,189 2,404114,72935,02716,7213,422 1960—June 15.. 188,691114.785 41,625 5318 25841,719 2,360 7043 281240 25,387 2, ,3663,527 2,18415,090 33i566 16^45 2",994 Dec. 31.. 198,011117,092 42,957 628 2471,811 965 7090 28,602 26,263 2,883 60,4687,994 2,88418,868 300,72217,300 3,150 1961—Apr. 12.. 197,596116,486 42,419 971 ,4281,829 1,972 5 i 744 28J 65826,680 3,186 59,5896,794 2,08419,799 300,911 18,438 3,083 Member, total: 1941—Dec. 31.. 43,521 18 671 972 594 598 39 3,494 3,653 19,539 971 3,00715,561 3,090 2,871 1945—Dec. 31.. 107,18322 949 8553,1333,378 47 3,455 1,900 1,057 7788,3382,27516,98514,27144,807 3,,254 2,815 1947—Dec. 31.. 97,84632,628 962 1,046 8111,065 113 7,130 4,662 83957,9141,987 5,816 4,815 4"5,295 4,,199 3,105 1958—Dec. 31.. 154,86584,061 ,444 3,052 2,730 1,599 710 20,01317,028 3,21154,2994,644 6,143 11,117 32,39613,,405 3,100 1959-Dec. 314. 157,87994,779 36,826 3,1162 ,8851,5"8"7" 811 6,80122,,1 .8.5. 19,877 2,603 4"6,8134,612 1,812 11,604 28,78513,,677 2,610 1960—June 15.. 157,65798,344 204 3,297 2,4691,488 2,309 6,"7 3"6 22,309 20,932 2,550 43,5262,521 1,583 11, ,46313,473 2,315 Dec. 31.. 165,61999,933 288 3,509 3,1241,564 947 6,726 22 518 21,622 2,694 49', 106 66,402 2,296 15,072 25,33514,1412,439 1961—Apr. 12.. 165,48199,50438,821 ,709 2,3081,582 1,929 5,427 22 716 22,107 3,003 48,3325,216 1,681 15,93325,50215,,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 80 287 27217,574 477 3,433 3,32510,339 606 629 1947_Dec. 31..20,393 7,179 5,361 545 267 93 111 564 23811,9721,002 640 558 9.772 638 604 1958—Dec. 31.. 25,96616,16510,928 ,652 382 503 641 ,502 921 7,486 643 1,106 1,602 4,135 1,869 446 1959—Dec. 314.25,29118,12110,549 ,740 403 531 1,788 936 ,739 833 5,002 639 227 1,277 2,859 1,833 335 1960—June 15.. 25,77418,35010,499 71,463 366 1,050 1,886 870 ,821 795 5,384 681 369 1,546 2,788 1,722 319 1961—A D p ec r . . 31 1 . 2. . . 2 2 1 6 , , 1 9 2 0 6 2 1 1 8 7 , , 4 6 6 7 5 8 1 1 0 0 , , 8 70 7 7 6 1V 6 0 11 1 , , ,5 1 J 7 7 /4 9 t 3 3 9 7 9 2 5 5 0 0 0 8 1 1 , , 7 3 9 4 9 8 8 8 6 5 8 6 , , 9 9 3 5 0 0 1, 9 1 4 9 0 0 6 6, , 4 9 1 8 9 0 1, 8 4 0 2 4 2 5 51 7 5 8 1 1 , , 7 6 0 7 8 6 3 3 , , 2 4 7 2 2 4 2 1 , ,9 4 6 9 4 7 3 30 1 8 7 Chicago:* 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 1,864 181 204 1947__Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1958—Dec. 31.. 6,830 3,637 2,628 266 97 10 161 357 210 2,562 232 361 522 1,446 491 140 1959—Dec. 31 4. 6,885 4,206 2,527 268 124 33 588 183 435 148 1,985 108 78 467 1,332 562 133 I960—June 15.. 6,707 4,386 2,716 187 123 93 581 183 396 211 1,664 46 42 480 1,096 564 93 Dec. 31.. 7,050 4,485 2,690 322 134 67 564 196 421 197 1,882 132 37 663 1,050 607 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 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31..40,108 8,514 3,661 205 427 1,503 17 1,459 855 38729,552 ,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,.6-4 51,293 2,370 4,497 1122,484 4,8641,047 1959—Dec. 314. 61,62138,686 1"5,252 765 580 776 235 3,369 9,251 8,211 980 17,292 1,484 645 4,10911,054 4,830 813 I960—June 15.. 59,75039,534 15,778 805 511 713 924 3,184 9,036 8,430 892 14,921 464 365 4,006 100,086 4,623 672 Dec. 31.. 62,95340,00216,223 887 719 739 351 3,216 9,005 8,721 909 ,031 794 5,461 9,111 4,817 738 1961—Apr. 12.. 63,20:40,02715.910 946 553 712 930 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 ,028 1945—Dec. 31.. 35,002 5,596 1,484 42 471 4 1,881 707 35926,999 630 5,102 4,544 166,722 1,342 ,067 1947__Dec. 31.. 36,32410,199 3,096 23 227 5 3,827 1,979 222244 2"2,857 480 2,583 2,108 17,687 2,006 ,262 1958—Dec. 31.. 61,51130,257 8,080 2,368 294 268 6 10,806 8,239 777799 23; 606 2,475 2,306 4,495 14,330 6,181 ,467 1959—Dec. 31 4. 64,08233,766 8.498 2,321 298 284 11 1,05611,816 9,491 64322,5352,381 863 5,751 13,540 6,452 ,330 I960—June 15.. 65,42716,074 9,212 2,465 308 286 242 1,08512,22010,286 665522 2211,,"5"5"6 '1,329 807 5,92813,493 6,565 ,232 Dec. 31.. 67,89036,981 9.499 2,589 508 293 29 1,14712.44910,550 664477 2222,,848 2,817 888 7,24011,903 6,752\3O8 1961—Apr. 12.. 68,50537,267 9,5772,714 359 367 307 95012.56110,540 64822.882 2,511 580 7,63512,156 7,042 ,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 22612,088 ,651 1,255 2,280 6,901 3,102 971 1959—Dec. 314. 32.419 16,068 3,3481,902 133 263 317 5,888 4,289 18112,134 ,689 608 3,254 6,584 3,283 934 I960—June 15.. 32,49816,972 3,5712,066 134 251 327 6,053 4,591 19711,395 ,073 627 3,265 6,429 3,317 814 Dec. 31.. 33,91017,719 3,8382,167 161 269 379 6,205 4,774 207 11,9041,670 624 3,941 5,668 3,431 857 1 All commercial banks in the United States. These figures exclude fications of cities and individual banks, and by mergers, etc. 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 943 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Bal- Dec b c o C a a m n l l a l m k s d s e a a r o n t c e f d ial F B s s w e e R e a d r r i n e v t e v - h k e r e s a s l C va a u s l h t b m a a w d n e n o i c s k t - e t h s i s c * ju p m s a o d t a e d s e d n i - - t " d s ' D I o n d - t e e p r o b s a i ] n t F s k or- G U o . v S t . . p s S o u a t li a b n t t d i d e c i s a - l C c o a f e e i f n e f r r d i d s t - i ' - a p v n s a i I d h r d n u t i d p n c a i e s o l - , r s r , - - I b n a t n er k - p G U a o o n . s v S t d a t . l S p i t o c a a l t i l e t- s p a v n a s I i h d r d n t i u d c n p a o i e s - l r , r s - - , r B in o o w g r s - - c C o a t a u a c p - n l i t - s mestic6 eign visions ch e e tc c . ks, p ti o o r n a s - ings visions p ti o o r n a s - Total :3 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1958—Dec. 31.... 18,427 3,249 12,609115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 73 18,486 1959—Dec. 31.... 17,931 3,012 12,237115,420 13,944 1,705 5,050 11,459 3,910 116,225 1,441 285 3,166 62,718 615 19,556 I960—June 15.... 17,917 3,252 10,999110,025 12,484 1,436 6,414 10,753 3,701 110,429 1,446 259 3,616 63,2902,59020,331 Dec. 31.... 16,720 3,346 13,681 115,120 15,453 1,627 5,945 11,674 4,602 117,103 1,799 262 4,544 66,836 163 20,986 1961—Apr. 12.... 16,190 3,560 11,590115,470 13,290 ,000 2,310 11,020 3,480 113,210 410 280 5,040 71,250 1,65021,530 All insured: 1941_Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1958—Dec. 31.... 18,427 3,227 12,353114,645 14,025 1,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 67 18,154 1959—Dec. 31.... 17,931 2,990 11,969114,563 13,825 1,675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 602 19,206 i960—June 15.... 17,917 3,232 10,737109,249 12,356 1,400 6,396 10,648 3,655 109,788 1,324 259 3,555 63,0612,573 19,978 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 66,605 149 20,628 1961_Apr. 12.... 16,188 3,539 11,346 114,520 13,182 956 2,302 10,933 3,443 112,516 280 276 4,946 70,9041,63921,154 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 54 15,460 1959—Dec. 31.... 17,932 2,222 7,532 95,274 13,389 1,659 4,504 8,915 3,542 98,532 1,338 259 2,383 50,185 581 16,264 1960—June 15.... 17,918 2,427 6,913 91,042 11,980 1,387 5,745 8,304 3,366 93,896 1,305 234 2,768 50,5342,503 16,829 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 53,477 130 17,398 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 57,750 1,610 17,857 New York City.-s 1941 Dec. 31.. 5 105 93 141 10 761 3 595 607 866 319 450 11,282 6 29 778 1 648 1945—Dec. 31...'! 4^015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2; 120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1958—Dec. 31.... 4,454 161 92 16,170 3,519 1,267 968 329 1,540 18,835 1,739 36 100 3,345 3,282 1959—Dec. 31.... 3,908 151 138 15,494 3,462 1,303 1,027 310 1,536 18,573 988 24 65 3,359 "232 3,361 I960—June 15 4,054 144 87 15,332 3,149 1,060 1,140 294 1,849 17,754 992 24 95 3,360 980 3,430 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 I 027 8 127 233 34 2 152 476 288 1945—Dec. 31.!. *942 36 200 3,153 ,292 20 1,552 237 66 3,160 719 377 1947_Dec. 31 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1958—Dec. 31.... 1,058 36 185 4,271 1,314 43 249 302 88 4,746 34 7 7 1,423 3 733 1959—Dec. 31.... 920 33 142 4,171 1,187 43 272 329 105 4,636 23 8 12 1,449 40 762 I960—June 15.... 995 28 109 3,678 1,193 40 335 283 85 4,301 43 4 8 1,401 333 765 Dec. 31.... 899 33 171 3,968 1,327 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 1945_Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1958—Dec. 31.... 7,472 768 2,670 35,505 7,217 289 1,429 3,153 1,052 38,054 377 124 1,471 19,480 14 5,760 1959—Dec. 31.... 7,532 681 2,381 35,095 7,162 288 1,698 3,304 1,043 38,321 303 95 1,229 20,231 238 6,106 1960—June 15.... 7,482 740 2,229 32,873 6,354 272 2,319 2,803 801 36,156 245 80 1,375 19,484 870 6,181 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 1,565 13 1,175 4,819 1,032 36,498 36 132 1,250 23,755 37 5,685 1959—Dec. 31.... 5,573 1,357 4,870 40,514 1,578 24 1,508 4,972 857 37,003 24 132 1,077 25,146 71 6,035 I960—June 15.... 5,388 1,515 4,488 39,159 ,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 5s 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 16,53^ 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 3^90 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 I960. 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. * 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
944 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loans For purchasing or carrying securities To financial institutions Loans Wednesday T lo a o n a t d n a s l in a v n e d st- Com- a T n o d b d r e o a k l e e r r s s To others Banks in N s o ti n tu b t a i n o k ns All Valuam in e v n e t s s t- 1 jus a t d e - d2 j L u a o st d a e - n d s 2 in t a c r d n i i a u a d l l s- A t c u g u r l r a - i l - G U t l i o i o o g . b S n a v - . 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 S n a v - . 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 e i e o m a c s r - l - - - n s c s P a a o o a f n e 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 e o v - n es panies etc. Total— Leading Cities 1961 Apr 26 112,618 111,059 69,801 31,735 1,156 609 1,788 112 1,254 537 1,559 3,289 1,588 12,772 16,513 1,552 May 3 112,872 111,606 70,153 31,905 1,184 614 1.886 112 1.271 578 1 3,375 1.585 12,770 16 428 1 555 112,698 111,272 70,109 31,803 1 185 594 ,95?. 109 ,?,68 576 1,4?6 3,292 [,603 12,803 16,481 1,557 17 113,820 112,822 70,432 31,883 ,185 891 ,973 108 ,?85 558 998 3,287 1,618 12,825 16 427 J 558 24 113,308 111,927 69,901 31,586 ,197 549 j 9??, 126 ,310 561 1.381 3,287 1,639 12,842 16,439 ,557 31 113,444 112,147 69,913 31,460 ,141 542 1.897 108 1,326 585 1,297 3,382 1,675 12,855 16,504 ,562 112,912 111,406 69,047 31,161 [,149 163 1,996 103 1,326 558 1 506 3 257 [,663 12,832 16 402 563 14 114,744 113,807 69,848 31,519 ,148 360 2,098 103 ,33? 551 937 3,314 1,703 12,863 16 420 563 21 115,512 114,190 70,350 31,702 147 729 2,036 105 ,340 564 1,3?? 3,360 [,672 12,904 16,354 ,563 28 • . 114,343 113,106 70,171 31,769 ,155 380 2,061 104 1,343 579 1,237 3,332 [,693 12,896 16,418 ,559 july 5 115,084 113,257 70,361 31,615 151 475 2,069 106 ,360 614 1 3 482 1,727 12,902 16 430 570 113,683 112,402 69,940 31,549 161 336 2,114 103 367 587 1' 281 3,253 1,730 12,923 16,387 ,570 19 114,304 112,910 69,989 31,380 ,160 793 2,073 106 .376 572 1 394 3,144 1,737 12,942 16 276 570 26 116,067 115,045 69,835 31,320 1 168 720 2,012 106 T,364 582 1*022 3,116 .748 12,952 16,317 1,570 New York City 1961 Apr 26 27,441 26,599 17,453 10,538 6 310 1,163 20 366 272 84? 1,047 287 758 3,114 428 May 3 27,428 26,670 17,609 10,631 313 1.194 20 374 301 758 1.114 286 759 3,044 432 10 27,236 26,659 17,585 10,560 5 356 L 257 18 378 294 577 [,039 300 770 3 040 432 17 27,394 27,267 17,870 10,588 5 614 ,??6 18 384 292 1,048 301 775 3,051 432 24 27,292 26,827 17,512 10,425 368 17 390 291 465 1,056 302 771 3,057 432 31 27,478 26,962 17,507 10,415 5 288 238 17 402 301 [ 129 309 111 3 061 435 June 7 27,324 26,589 16,975 10,243 5 87 ,294 16 405 278 735 [ 031 309 757 2 985 435 14 28,264 27,815 17,474 10,417 5 254 396 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 ,345 19 414 299 453 1,110 319 755 3,019 433 July 5 28,664 27,746 17,795 10,515 3 316 ,344 20 417 323 918 1,186 331 758 3,018 436 12 27,592 27,002 17,433 10,468 3 195 ,364 20 419 302 590 008 320 763 3 007 436 19 . . 27,819 27,354 17,581 10,357 3 519 351 20 423 295 465 976 312 766 2 995 436 26 28,455 27,980 17,477 10,366 3 451 .311 20 419 297 475 970 309 760 3 008 437 Outside New York City 1961 Apr 26 85,177 84,460 52,348 21,197 ,150 299 625 92 888 265 717 2,242 1,301 12,014 13,399 1,124 May 3 85,444 84,936 52,544 21,274 ,179 301 692 92 897 277 508 2,261 1.299 12,011 13 384 I 113 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 I 126 24 86,016 85,100 52,389 21,161 ,19? 181 660 109 920 270 2,231 1,337 12,071 13 382 175 31 85,966 85,185 52,406 21,045 ,136 254 659 91 924 284 781 2,253 1,366 12,078 13,443 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 ,129 21 87,179 86,204 52,596 21,203 [,143 237 720 87 930 277 975 2,249 1,359 12,129 13 391 28 86,283 85,499 52,485 21,198 ,152 115 716 85 929 280 784 2,222 1,374 12,141 13,399 l!l26 July 5 . . 86,420 85,511 52,566 21,100 ,148 159 725 86 943 291 909 2,296 1,396 12,144 13,412 ,134 12 86,091 85,400 52,507 21,081 ,158 141 750 83 948 285 691 2-245 I 410 12 160 13 380 I 134 19 86,485 85,556 52,408 21,023 ,157 274 722 86 953 277 929 2 168 1,425 12,176 13,281 1,134 26 . . 87,612 87,065 52,358 20,954 ,165 269 701 86 945 285 547 2,146 I 439 12,192 13,309 [ 133 1 After deduction of valuation reserves. NOTE.—Figures reflect new coverage; for description of changes in the 2 Exclusive of loans to domestic commercial banks and after deduction series, see BULLETIN for June 1961, p. 654. of valuation reserves; individual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
WEEKLY REPORTING MEMBER BANKS 945 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 C t a i e f t i e r - - s Wi N th o - m te a s tu an ri d n g b — onds O s ri e t t c h ie u e s - r Total d b a o w B a n t m a n i i c c t l e k e h - s s s - b a w B e f a n o i a n c i g r t l e k n h - - s s Cu c a r o r n e i d n ncy B s F w e R a r . i n v e R t - k e h . s s a o s A t s h e l e l t r s a c l c T i a c a a t p o i o b n e i t u i d s t a l a n i l - l ts in 1 to After 1 year 5 years 5 years Total— Leading Cities 1961 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 ,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 ,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 ,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 ,320 12,200 4,277 144,489 14 33,124 5,177 2,330 5,164 15,945 4,508 10,835 17,279 3,373 114 ,423 12,369 4,227 149,890 21.. . . 32 935 4 894 2 379 6 163 14 983 4 516 10 905 16,792 2,834 129 ,394 12,435 4,226 148,139 28 31,976 3,923 2,386 6,223 14,948 4,496 10,959 16,988 3,172 120 ,469 12,227 4,303 146,974 July 5 31.974 3,959 2,386 6,264 14.927 4 4^8 10 922 16,852 3,064 111 306 12,371 4,331 149,051 12 . . . U 456 3 522 2 418 6 256 14 855 4 405 11 006 17,099 3,149 123 ,494 12,333 4,334 148 384 19 31.899 3,856 2,553 6,278 14,802 4,410 11,022 16,617 2,934 128 ,399 12,156 4,343 147,762 26 34,103 6,138 2,547 6,299 14,726 4,393 11,107 16,973 3,032 133 .429 12,379 4,510 148,582 New York City 1961 Apr. 26 6,453 975 550 800 3,297 831 2,693 3,590 82 64 192 3,252 1,883 37,346 May 3 . . 6 495 915 636 826 3 286 832 2 566 3,723 90 71 175 3,387 1,856 37 024 10 6 599 939 704 843 3,276 837 2 475 3,884 73 70 190 3,551 1.837 37,225 17 6,911 1,034 755 1,084 3,245 793 2,486 4,254 96 53 176 3,929 ,765 37,890 24 6 855 935 803 1,099 3 220 798 2 460 3,921 70 65 187 3,599 ,828 36,886 31 6,994 1,005 831 [,135 3,236 787 2,461 3,652 67 49 184 3,352 ,889 37,469 June 7 7,091 1,095 833 [,140 3,233 790 2,523 3,602 52 49 188 3,313 ,851 36,561 14 7,837 1,831 852 [,106 3,256 792 2,504 4,001 116 51 188 3,646 ,816 39,135 21 7,693 1,665 875 ,440 2,927 786 2,539 3,897 71 65 186 3,575 ,821 38,045 28 7,364 1,344 869 ,446 2,918 787 2,557 3,986 107 57 193 3,629 ,858 38,114 Julv 5 7 420 1 419 870 476 2 869 786 2 531 3,503 62 48 194 3,199 ,860 38 356 Y 12!.: 7,074 1,054 884 1,474 2,871 791 2,495 3,947 88 57 191 3,611 ,882 37,884 19 . .. 7 286 1 160 994 458 2 878 796 2 487 3,845 73 63 181 3.528 .903 38 113 26 7,963 1,876 984 .473 2 845 785 2 540 3,920 70 58 181 3,611 2,045 38,262 Outside New York City 1961 Apr. 26 23,887 2,605 757 3,613 12,844 4,068 8,225 12,653 2,851 58 1,206 8,538 2,401 107,551 May 3 24,095 2,813 774 3,646 12,817 4,045 8,297 13,133 3,005 85 1.103 8,940 2,463 108,758 10 23,691 2,440 781 3,669 12,795 4,006 8,398 12,779 2,692 63 ,157 8,867 2,451 107,877 17 24 527 2 413 1 448 3,889 12 923 3 854 8 466 12,938 2,865 64 1,178 8,831 2,360 110,037 24 24,333 2,324 1,454 3,897 12,869 3,789 8,378 12,644 2,569 64 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 64 ?11 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 63 1,132 8,887 2,426 107,928 14 25,287 3,346 1,478 4,058 12 689 3 716 8,331 13,278 3,257 63 ?35 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 64 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 63 1,276 8,598 2,445 108,860 Julv 5 24,554 2,540 1,516 4.788 12,058 3,652 8,391 13,349 3,002 63 ,112 9,172 2,471 110,695 y 12 :* 24 382 2,468 1,534 4782 11,984 3 614 8,511 13,152 3,061 66 303 8,722 2,452 110,500 19 24,613 2,696 1,559 4,820 11,924 3,614 8,535 12,772 2,861 65 1,218 8,628 2,440 109,649 26 26,140 4,262 1,563 4,826 11,881 3,608 8,567 13,053 2,962 75 248 8,768 2,465 110,320 NOTE.—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
946 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 ju u T s n o t a e t d a d l - i j p m u o s a d a t s d e e n i - - d t d s 2 Total 3 p v r c s a i a I o h d a r n t r t i n i u d n p o p d a i e o n s - l , r s - s - , S p s d s a i t i o u c i a o n v l b a t n d i i e - l t - s - s e F ig o n r- * G U o . v S ' . t. b c m m D c a o t i e n i e o m a c s - r k l - - - s Totals S in a g v s - 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 - , S p s a i t o u c a n l b a t d 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 a i u t c a - n l ts corpo- divirations sions Total- Leading Cities: 1961 Apr. 26.... 125,62164,064 87,446 65,418 5,229 1,600 1,07610,554 38,175'27,819 '5,480 2,723 ,864 11 1,674 5,198 12,393 May 3.... 126,767 62,550 88,229 63,869 5,572 1,512 2,854 11,090 38,538'27,902 '5,699 2,775 ,868 25 1,277 5,261 12,452 10.... 125,608 62,246 86,840 63,490 5,186 1,612 2,24410,897 38,768'27,994 '5,790 2,797 ,890 192 1,626 5,214 12,462 17..., 128,205 61,313 89,331 63,926 5,138 1,625 3~9~9'4 11,234 38,874'28,066 '5,805 2,803 ,894 715 1,277 5,268 12,462 24..., 125,107 61,876 86,041 62,651 5,223 1,562 446 10,104 39,066r28,131 '5,871 2,839 ,920 176 1,607 5,329 12,461 31.... 127,,247 62,120 88,056 64,168 5,490 1,564 2^982 10J80539,191'28,202 '5,939 2,837 ,913 46 1,426 5,341 12,509 June 7 124,919 62,210 85,628 63,391 5,210 1,523 1,56510,88739,291'28,408 '5,858 2,809 ,908 27 1,705 5,335 12,503 14.... 131,072 63,433 91,610 66,811 4,891 1,592 2,78811,749 39,462'28,449 '5,974 2,822 ,906 17 882 5,428 12,491 21.... 128,916 62,600 89,480 64,512 4,737 1,712 4,75010,52139,436'28,509 '5,933 2,817 ,866 44 1,507 5,188 12,484 28..., 127,967 62,156 88,255 63,750 4,932 1,626 3,834 1"0,92539,712'28,627 '6,102 2,799 ,874 20 1,221 5,244 12,522 JuIy i5... 1 1 2 2 9 9 , , 3 5 0 3 5 0 6 6 1 1 , , 8 15 9 5 2 8 8 9 9 , , 6 3 9 4 8 6 6 6 3 5, , 4 8 5 6 1 6 4 5 , , 7 01 1 5 6 1 1 , , 6 5 1 9 5 8 4 2 , , 0 0 1 8 5 9 1 12 1, 50 7 9 4 7 4 { 3 3 9 9 , , 8 9 3 5 2 9 2 2 8 8 , , 7 7 1 6 4 3 6 6 , , 1 1 3 9 3 4 2 2 , , 7 8 8 0 9 3 , , 8 8 8 8 1 3 1 1 1 , , 8 4 8 6 5 7 5 5 , , 0 0 5 6 1 1 1 1 2 2 , , 5 5 5 5 0 2 19... 128,320 '6"2,509 88,203 65,212 4,516 1,621 1,790 11,406.40,117 28,805 6,281 2,793 ,920 141 1,608 5,168 12,525 26... 129,598 63,398 89,382 64,692 4,822 1,669 4,164 10,788 40,216 28823 6,343 2,794 ,937 11 1 ,078 5,352 12,543 New York City 1961 Apr. 26 30,47417,064 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 ',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 ,257 1,020 2,953 6,180 2,564 ,797 240 ,451 230 732 2,685 3,594 24 29,11616,167 23,530 16,635 268 ,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 ,204 756 3,151 6,295 2,582 ,876 246 ,465 396 2,766 3,600 June 7 29.63016,329 23,310 16.886 250 .165 398 2,799 6,320 2.590 ,878 259 ,463 563 2.782 3,586 14 32,44416,994 26,033 18,098 258 ,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 ,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 ,217 1,083 3,142 6,520 2,632 2,027 259 ,466 457 2,715 3,581 July 5 31,28215,917 24,755 16,719 272 ,210 1,212 3,297 6,527 2,639 2,019 257 ,474 797 2,676 3,601 12 30.91116,046 24,329 16,921 338 ,197 577 3,243 6,582 2,658 2,051 256 ,478 688 2,681 3,604 19 31,06016,202 24,372 16,881 293 1,222 488 3,136 6,688 2,667 2,129 245 1,505 75 689 2,684 3,605 26 31,40716,610 24,693 16,901 277 1,243 1,192 3,049 6,714 2,672 2,132 249 1,519 394 2,863 3,598 Outside New York City 1961 Apr. 26... 95,147 47,000 62,945 47,751 4,949 394 874 7,75132,202r25,293 '3,822 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 r25,362 '3,943 2,536 424 25 950 2,510 8,863 10... 95.454 46,125 62,86! 46,797 4,921 370 1,632 7,91932,593 r25,439 '3,987 2,558 435 65 982 2,506 8,870 17... 97,556 45,294 64.862 47.130 4,856 36R 2,974 8,28132,694r25,502 '4,008 2,563 443 485 545 2,583 8,868 24... 95,33145,709 62,511 46,016 4.955 357 2,605 7,42732,820r25,558 '4,049 2,586 449 118 895 2,573 8,877 31... 96,540 46,065 63,644 46,971 5,216 360 2,226 7,65432,896r25,620 '4,063 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 8,08832,971 '•25,818 '3,980 2,550 445 27 1,142 2,553 8,917 14... 98,628 46.439 65,577 48,713 4,633 352 2,029 8,52333,051 '25,848 '4,032 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 33,029r25,901 '3,996 2,547 411 44 847 2,492 8,898 28... 96,606 45,750 63,414 46,552 4,712 409 2,751 7,78333,192r25,995 '4,075 2,540 408 20 764 2,529 8,941 July 5... 98,248 45,238 64,943 47,147 4,743 388 2,803 8,447 33,305 26,075 4,114 2,532 407 25 1,088 2,385 8,949 12... 98,394 45,846! 65,017 48,530 4,378 418 1,512 8,854 33,377 26,105 4,143 2,547 405 9 779 2,370 8,948 19... 97,260 46,307 63,831 48,331 4,223 399 1,302 8,270 33,429'26,138 4,152 2,548 415 66 919 2,484 8,920 26... 98,19146,788 64,689j 47,791 4,545 426 2,972 7,739 33,502 26,151 4,211 2,545 418 11 684 2,489 8,945 ' Revised. 4 Comprises deposits of foreign governments and official institutions, 1 Total demand and total time deposits. central banks, international institutions, banks in foreign countries, and 2 Beginning with Apr. 26, 1961, based on demand deposits other than foreign branches of U. S. banks other than reporting bank. domestic commercial interbank and U. S. Government, less cash items $ Includes U. S. Government, postal savings, domestic commercial reported as in process of collection. interbank, and mutual savings banks, not shown separately. 3 Includes certified and officers' checks and deposits of mutual savings NOTE.—Figures reflect new coverage; for description of changes in the banks, not shown separately. series, see BULLETIN for June 1961, p. 654. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS LOANS OF BANKS 947 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 t l o F i b q a o n a u o c d o d c r , o , a T l p e e a p a x n t a t h d i r l e e e r l s , , M m p u a r e c e n o t t t d a d s a 3 l - l s ch r P l u e c e a e m o b u n t a b r m d i o l c e , , - a r l, Other ( T r w e s a r h t a n a a o l d d 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 t r o i i i a l n o r i n c t n t i a s l ) e . - - s s C t t i r o o u n n c - - bu o t s y A t i o p h n l f e e e l s r ss c c h l N f a a i n e s e g s d t i e - s ch r b w e a i a e i n p n a n n e d o l g g k k l ' r e l l s t — y - 4 1960—Jan.-June -558 273 1,062 -52 354 372 -677 -48 96 155 977 1,186 579 -215 -665 58 -29 -28 507 61 35 310 615 305 July-Dec -498 177 -100 81 249 -175 -325 -330 53 406 -463 -387 1961—Jan.-June -73 9 -65 -54 19 46 -104 -106 62 -18 -284 -275 1961—May -13 32 68 -4 131 -16 -69 27 12 126 292 309 June -108 -4 -242 -51 -25 -28 51 -50 16 15 -425 -449 July Week ending— 13 18 28 5 16 29 -4 13 7 -4 122 170 -63 9 -20 1 — 7 26 -41 -24 16 16 -87 -102 1961—May 3 47 20 -22 -22 6 11 -16 -18 16 -1 21 80 1 1 0 7 -6 -2 8 - -1 2 1 7 - - 3 2 0 2 - - 3 6 2 -7 10 -1 -3 7 - - 2 2 0 3 - - 5 2 1 6 1 8 5 - -1 1 9 2 -254 - - 2 1 9 2 7 6 2 3 4 1 -54 -4 -112 -23 8 -17 -47 -36 1 7 -276 -299 June 7 20 26 59 28 37 15 -5 72 16 64 333 358 2 1 1 4 -5 7 0 0 -3 14 10 1 1 9 - - 1 8 2 6 3 3 -23 8 -2 1 7 0 -3 2 3 4 -2 2 7 1 2 2 5 9 1 5 8 5 1 1 6 8 7 3 Wy 2 A 8 -46 -1 12 - -2 8 3 7 -5 1 2 2 -10 7 -3 4 4 6 -60 2 -1 1 4 7 -4 1 -1 -7 5 7 5 -1 -6 5 6 4 -30 -10 -85 -28 -3 13 -22 12 23 -130 -169 19 -40 c -47 18 -22 -26 30 34 2 -6 -63 -60 26 1 Data for sample of about 200 banks reporting changes in their 2 Figures for periods other than weekly are based on weekly changes larger loans; these banks hold about 95 per cent of total commercial 3 Includes machinery and transportation equipment. and industrial loans of all weekly reporting member banks and about 4 Revised to reflect new coverage; see BULLETIN for June 1961, p. 654. 70 per cent of those of all commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS i [Weighted averages. Per cent per annum] Size of loan Size of loan Area (thousands of dollars) Area (thousands of dollars) and All All period loans 10- 100- 200 period loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly (cont.) :2 19 large cities: New York City: I960—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, 3*4; 1954—Mar. 17, 3; 1955—Aug. 4, 3*4; 2 Based on new loans and renewals for first 15 days of month. Oct. 14, 3Vi; 1956—Apr. 13, 3^; Aug. 21, 4; 1957—Aug. 6, 4^; 1958— Jan. 22, 4; Apr. 21, 3%; Sept. 11, 4; 1959—May 18, 4Vi; Sept. 1, 5; and NOTE.—Bank prime rate was 3 per cent Jan. 1, 1952-Apr. 26, 1953. 1960—Aug. 23, 4i/2. Changes thereafter occurred on the following dates (new levels shown, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
948 INTEREST RATES MONEY MARKET RATES [Per cent per annum] U. S. Government Securities (taxable)4 Year, month, or week m 4 m p P - c o a e r o n t p r i o m m c t e h i r - 6 e a s , l - 1 c m d F 3 o p p i i - o m r l n a a e n t a p p o c c t n e h e t a l c 6 r d n s y e - y 2 , 9 b a 0 a a P c n n r c d i c k e m a e e p y s e r t s , - s 3 ' on i R s s a 3 n u t - e e e m w onth M b y il a i l e s r l k d et on i R s s a 6 n u t - e e e m w onth M b y il a i l e s r l k d et 9 ( - m y B t i o a e i r l l l k d 1 s ) e 2 t -m . o nt O h th i e ss r- u S es | 1 3 is . y s t u e o a e r 5 s _ 6 1958 average. 2.46 2.12 2.04 1.839 1.78 2.09 2.90 1959 average. 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 1960 average. 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 1960—July. . 3.39 2.98 3.13 2.396 2.30 2.826 2.71 3.03 3.13 3.71 Aug... 3.34 2.94 3.04 2.286 2.30 2.574 2.59 2.82 2.89 3.50 Sept... 3.39 3.13 3.00 2.489 2.48 2.803 2.83 2.86 2.99 3.50 Oct.. . 3.30 3.11 3.00 2.426 2.30 2.845 2.73 2.92 3.01 3.61 Nov... 3.28 2.91 3.00 2.384 2.37 2.650 2.66 2.87 2.99 3.68 Dec.. . 3.23 2.97 2.92 2.272 2.25 2.530 2.50 2.64 2.79 3.51 1961—Jan 2.78 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 July 2.72 2.50 2.75 2.268 2.24 2.457 2.45 2.79 2.87 3.69 Week ending— 1961—July 1 2.78 2.54 2.75 219 2.27 2.399 2.45 2.77 3.01 3.71 2.75 2.50 2.75 2*.305 2.31 2.486 2 49 2.80 2.98 3.69 15 2.75 2.50 2.75 2.322 2.25 2.512 2.46 2.72 2.88 3.72 2.68 2.50 2.75 -)200 2.19 2.385 2.39 2.81 2.82 3.66 29 2.70 2.50 2.75 ->244 2.22 2.446 2.46 2.83 2.84 3.68 1 Average of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Average of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Consists of certificates of indebtedness and selected note and bond 3 Average of daily prevailing rates. issues. 6 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Government bonds Corporate bonds 3 Stocks 5 State By selected By Dividend/ Earnings/ Year, month, or week United and local3 ratings groups price ratio price ratio States (long- j Total4 term) 2 Indus- Rail- Public Pre- Com- Com- Total 4 Aaa Baa Aaa Baa trial road utility ferred mon mon Number of issues . . . 4-9 20 120 30 30 40 40 40 500 500 1958 average 3.43 3.36 2.92 3.95 4.16 3.79 4.73 3.98 4.39 4.10 4.45 3.97 6.02 1959 average 4.07 3.74 3.35 4.24 4.65 4.38 5.05 4.51 4.75 4.70 4.69 3.23 5.92 1960 average 4.01 3.69 3.26 4.22 4.73 4.41 5.19 4.59 4.92 4.69 4.75 3.46 5.87 I960—July 3.86 3.73 3.31 4.26 4.74 4.41 5.22 4.61 4.90 4.71 4.70 3.49 Aug.. . . 3.79 3.57 3.10 4.15 4.61 4.28 5.08 4.49 4.82 4.53 4.61 3.43 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 MAX 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 July.. , 3.90 3.63 3.35 3.94 4.70 4.41 5.09 4.59 4.89 4.60 4.69 2.99 Week ending— 1961—July 1. 3.93 3.63 3.37 3.94 4.66 4.36 5.05 4.57 C4.84 4.55 4.69 3.03 3.92 3.64 3.37 3.94 4.67 4.39 5.07 4.59 4.87 4.57 4.70 2.98 15. 3.92 3.63 3.36 3.95 4.69 4.41 5.08 4.58 4.88 4.59 4.69 3.00 22. 3.88 3.62 3.34 3.93 4.70 4.41 5.09 4.60 4.91 4.60 4.67 3.03 29. 3.89 3.61 3.33 3.93 4.71 4.42 5.10 4.60 4.90 4.62 4.69 2.97 c Corrected. » 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; dividends/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 949 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) '• Total dus- Rail- lic Total porta- lic- nance, Min- of trial road util- Du- Non- tion util- and ing shares) ity Total rable du- ity servrable ice Number of issues. 15 17 500 425 25 50 300 193 108 85 18 34 45 10 1958 average. 94.02 106.4 102.9 46.24 49.36 27.05 37.22 93.2 92.5 90.4 94.4 91.0 95.8 95.1 97.9 2,965 1959 average. 85.49 100.7 95.0 57.38 61.45 35.09 44.15 116.7 116.5 120.8 112.6 115.6 117.6 122.3 95.0 3,242 1960 average. 86.22 103.9 94.7 55.85 59.43 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3 127.4 73.8 3,042 I960—July.. 88.12 103.9 94.8 55.84 59.25 30.19 48.02 114.5 111.2 119.0 104.0 95.7 131.0 131.0 68.6 2,694 Aug.. 88.93 106.7 96.4 56.51 59.96 30.19 48.65 115.6 112.2 119.8 105.1 96.1 132.6 131.8 71.6 2,841 Sept.. 88.57 106.7 96.8 54.81 57.96 28.76 48.64 112.1 107.6 114.1 101.7 91.5 134.2 127.2 70.1 2,898 Oct.. 87.50 105.9 96.0 53.73 56.90 27.77 47.34 109.1 104.9 109.4 100.8 88.0 130.5 122.8 71.8 2,592 Nov.. 87.23 107.7 95.5 55.47 58.89 28.93 47.83 112.6 108.5 113.0 104.5 91.7 132.0 129.3 74.1 100 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 78.2 684 1961—Jan 87.70 108.1 95.6 59.72 63.20 31.43 52.73 120.9 115.3 118.6 112.1 100.3 148.7J 134.8 85. 4,243 Feb 88.74 109.7 96.3 62.17 65.71 32.17 55.64 125.4 119.2 121.4 117.3 102.6 156.0 139.8 89.0 4,884 Mar 89.07 108.9 97.0 64.12 67.83 32.93 57.06 129.8 123.9 127.8 120.3 104.2 159.2 146.7 89.2 5,365 Apr 88.80 108.1 96.4 65.83 69.64 32.35 59.09 133.0 125.8 128.5 123.3 103.4 168.9 150.4 93.5 5,089 May 89.74 109.0 96.0 66.50 70.34 33.08 59.59 134.9 127.6 130.6 124.9 107.5 170.0 153.1 96.6 4,617 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 July 87.57 106.7 94.5 65.38 69.09 31.78 59.36 132.7 125. 126.5 123.9 103.3 166.7! 158.5 93.1 3,045 Week ending— i 1961—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 8 87.39 106.3 94.7 65.61 69.38 32.48 59.00 132.9 125.4 126.5 124.4 105.5 165.8 159.4 95.1! 2,991 15 87.38 106.4 94.6 65.37 69.01 31.94 59.73 131.9 124.4 125.4 123.4 102.8 165.5 158.2 93.2! 2,969 22 87.78 107.1 94.5 64.69 68.33 31.02 59.09 130.9 123.3 124.8 121.9 100.3 165.5 156.9 91.6 2,710 29 87.76 107.1 94.2 65.85 69.62 31.67 59.63 135.0 127.6 129.3 126.0 104.4 170.1 159.3 92.6 3,472 i Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5 ^-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit 2 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 monthl other than firms2 chasing and carrying securities 3 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 1957—Dec.. 3,576 68 2,482 60 1,094 125 1,706 896 1958—Dec.. 4,537 146 3,285 63 1,252 234 2,071 1,159 1959—Dec. 4,454 150 3,280 164 1,174 221 2,362 996 I960—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 1,021 Sept.. 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 1.062 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 1,507 Apr... 5,190 50 3,936 112 1,254 67 2,284 1,508 May.. 5,386 40 4,060 108 1,326 58 2,529 1,453 June.. r5,367 51 r4,024 104 1,343 r67 2,748 1,280 Julv... 5,355 50 3,991 106 1,364 71 2,728 1,207 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 excerrt member firms of national securities exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
950 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and inance company paper Heldby- ]Jased 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 1 (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 31,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,168 677 2,491 1,151 319 282 36 75 82 675 357 309 74 162 249 I960—June 4,553 1.115 3,438 1,382 311 229 82 30 182 859 375 501 94 91 321 July 4,749 1,213 3,536 1,561 404 299 104 29 180 948 400 545 166 76 373 Aug 5,019 ,365 3,654 1,656 424 316 108 33 204 996 407 594 179 83 393 Sept 4,656 1,361 3,295 1,668 392 284 108 42 204 1,031 409 632 123 107 398 Oct 5,184 1,493 3,691 1,753 501 356 145 39 196 1,017 405 633 139 157 419 Nov 5,222 1,505 3,717 1,868 628 454 175 48 227 965 401 647 146 229 445 Dec 4,418 1,358 3,060 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961—Jan 5,010 1,465 3,545 2,029 725 514 210 46 197 1,061 400 677 118 299 535 Feb 4,968 [,479 3,489 2,049 730 554 176 46 179 1,093 388 702 104 291 563 Mar 4,992 1,525 3,467 2,231 842 641 202 46 173 1,169 408 821 110 269 623 Apr '5,001 ,532 3,469 2,254 858 661 197 45 151 1,200 397 863 93 268 633 Mav .... r4 848 r 478 3,370 2,203 808 645 163 ^7 166 1,192 379 864 74 235 651 June 4,581 ,460 3,391 2,271 913 697 216 36 156 1,166 395 896 70 207 703 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! 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 I9593 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 I960 Apr 25,323 386 6,735 722 4,857 690 575 39,288 35,184 713 3,391 57,916 1,059 May 25 484 446 6,655 699 4,870 732 578 39,464 35,242 799 3,423 54,364 1.042 June 25,653 396 6,562 695 4,927 840 569 39,642 35,463 720 3,459 52,638 ,028 July 25,812 435 6,514 691 4,965 771 572 39,760 35,484 795 3,481 53,276 ,03! Aug 26 018 449 6,544 686 4,957 765 564 39,983 35,589 878 3,516 56,013 ,090 Sept 26,214 435 6,512 687 4,989 787 592 40,216 35,867 806 3,543 58,782 ,164 Oct 26,382 417 6,356 681 4,985 779 585 40,185 35,923 740 3,522 60,396 ,205 Nov 26,553 425 6,288 676 5,019 788 590 40,339 35,962 810 3,567 60,420 ,242 Dec 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 .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 Mar 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 May 27,570 449 6,337 665 5,126 834 607 41,588 37,060 883 3,645 67,236 1,556 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 951 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date Total Mort- Real Policy Other assets Total united Sta lo te c a a l nd Foreign2 Total Bonds Stocks gages estate loans assets States (U.S.) End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1953 78,533 12,537 9,829 1,298 ,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 1,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 I960—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 1,592 49,880 46,092 3,788 40,631 3,786 4,957 5,658 July 117,005 11,654 6,632 3,421 1,601 50,051 46,223 3,828 40,694 3,809 5,029 5,768 Aug 117,581 11,650 6,592 3,464 [,595 50,261 46,380 3,881 40,920 3,822 5,085 5,842 Sept 117,947 11,750 6,586 3,546 1,618 50,299 46,414 3,885 41,099 3,828 5,138 5,833 Oct 118,544 11,729 6,524 3,579 1,626 50,610 46,669 3,941 41,313 3,834 5,182 5,876 Nov 119,066 11,788 6,547 3,605 1,636 50,811 46,831 3,980 41,521 3,851 5,225 5,870 Dec 119,717 11,729 6,444 3,622 1,663 51,010 46,956 4,054 41,798 3,804 5,267 6,109 1961—Jan 120,467 11,881 6,545 3,671 1,665 51,306 47,211 4,095 42,008 3,813 5,303 6,156 Feb 120,951 11,944 6,542 3,702 1,700 51,446 47,296 4,150 42,143 3,822 5,345 6,251 Mar 121,469 11,987 6,535 3,735 1,717 51,612 47,377 4,235 42,351 3,823 5,409 6,287 Apr 121,921 11,982 6,488 3,769 .725 51.812 47,563 4.249 42,553 3,827 5,461 6,286 May 122,462 12,063 6,551 3,774 1,738 52,008 47,672 4,336 42,723 3,837 5,508 6,323 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 * [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 Other 3 a li s a T s b e o i t l t s i a t 2 i l — es S c a a v p i i n ta g l s u R n e d a s i 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 r a o n c s e s i s n Other c m o l m e o n a m t n s i t 5 tions profits 1941 4,578 107 344 775 6,049 4,682 475 256 36 n a 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 n.a. 1953 21,962 1,920 1,479 1,297 26,733 22,846 1,901 1,027 959 n.a. 1954 26,108 2,013 1,971 1,469 31,633 27,252 2 187 950 1,244 n a 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40 007 3 173 2,146 2,770 48,138 41 912 3 363 cl 379 1 4,94 862 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 J.lfiO I960—May 55,655 4,735 1,950 4,024 66,364 57,085 4,430 1,727 1,325 ,797 1,642 June 56,435 4,592 2,279 3,966 67,272 58,301 4,643 1,938 1,372 ,018 1,614 July 57,050 4,559 2,043 3,839 67,491 58,450 4,636 1,811 1,367 ,227 ,647 Aug 57,763 4,532 2,073 3,841 68,209 58,939 4,637 1,833 1,353 ,447 1,635 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 1,209 1,987 1,451 Dec 60,084 4,586 2,715 4,104 71,489 62,154 4,982 2,191 1,183 979 I 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 1,127 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 ,787 Aor 62.265 4.960 2.706 4.^04 74,235 64.420 5.002 1.708 1.322 1.783 f 951 May 63,080 4,960 2,855 4,520 75,415 65,220 5,005 1,749 1,413 2,028 2,115 c Corrected. 1958, no deduction is made for mortgage pledged shares. These have 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
952 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 u n i s d p s : t ts a I G c t L r n t e a o i t s o n r v s n a s : t - s - . 1 E p T r u f q e r t b u o o h c a l t m e t i a s l c s l . : 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 u r x n u e d - s d s s : i t - A m L d e e j n s u s t s : s t 3 - E p p t T q o u a u o y b a t t t l h a l s i s e l c . : t p o p fr u a o o y b ( m r t l - s i ) , c . , & ( c ( o d r ) d r I e a i , e n r a d g i b e - s n e e c t e - n t , .) a t i r G g n . N e v o f n . e u v . t b L n t & . y e d s s s— O d n c e a t o h b s n h e t - * r E b i o q n c N u r g a r a e s o l o h t s w r — - Cal. year—1958 68,262 16,797 3,278 81,728 75,349 17,856 4,190 89,014 -7,287 7,533 -717 487 7,762 1959.. 72,738 18,830 3,966 87,552 79,778 20,244 4,466 95,560 -8,006 10,112 -543 2,081 8,580 1960 79,518 22,732 3,906 98,287 77,565 22,242 5,114 94,694 3,593 -548 ,625 491 -2,670 Fiscal year—1958. 68,550 '16,319 '2,917 81,892 71,369 '16,059 '4,016 83,412 -1,520 6,216 657 -200 5,760 1959. 67,915 '16,950 '3,161 81,660 80,342 '18,462 '4,002 94,804 -13,144 9,656 ,181 2,160 8,678 1960. 77,763 520,534 3,167 95,078 76,539 520,891 3,129 94,301 111 3,371 953 597 1,821 1 77,578 23,792 4,176 97,132 81,503 23,182 5,406 99,279 -2,147 2,103 871 534 Semiannually: 1959—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... 35,329 510,219 1,526 43,993 40,217 510,561 2,089 48,688 -4,695 3,410 -184 468 3,124 1961—Jan.-JuneP. 42,249 13,572 2,650 53,139 41,286 12,621 3,316 50,591 2,548 -1,307 1,055 66 -2,426 Monthly: I960—June 10,891 52,417 840 12,465 6,521 51,943 232 8,232 4,232 -2,715 1,022 -114 -3,624 July 3,128 1,047 203 3,970 6,172 1,780 476 7,476 -3,506 2,094 -517 84 2,525 Aug 6,454 2,968 179 9,236 6,803 1,759 -365 8,926 311 -338 1,130 -35 -1,433 Sept 8,981 1,380 209 10,146 6,793 1,772 816 7,748 2,398 -320 -368 76 -29 Oct 2,823 1,081 247 3,651 6,829 1,681 631 7,879 -4,228 2,197 -514 112 2,600 Nov 6,300 2,344 236 8,403 6,773 1,754 -147 8,674 -271 -62 339 154 -555 Dec 7,643 1,399 452 8,586 6,847 1,815 678 7,984 603 -161 -254 77 16 1961—Jan 4,846 858 116 5,586 6,470 1,938 1,133 7,275 -1,689 -323 -483 42 119 Feb 6,537 2,684 303 8,916 6,236 2,046 415 7,867 1,049 381 -65 34 412 Mar 8.524 1,939 203 10,256 7,012 2,059 810 8,260 1,996 -3,231 403 -24 -3,609 Apr 5,125 1,539 364 6,295 6,450 2,225 383 8,292 -1,997 513 -916 16 1,412 May 6,467 3,577 305 9,731 7,169 2,033 -260 9,462 269 2,280 1,559 -4 725 June*3 10.750 2,975 1,359 12,362 7; 948 2,320 826 9,442 2,920 -927 556 3 -1,486 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a ., s h o r b a d l e a c n . c ( e — s: ) Accou S n ta t te o s f ( T e r n e d a s o u f r e p r e r o i f o d U ) nited Period Trust Net Net Increase, Deposits in— Net fund market inv. (-) or s B d u u e r o f p 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 r o m c n it u , - t c o R i l c e T i a a c r s t o e h i n o a - n s. is a ( G + s g u ) e o o a n v n f c t c . y e i s a n G e g c e o F . n v e b c t d y . y . d ( e d g - c i ) r r r , o e e s a c i s n s t e T o r H u e t a e s s l i d u d r e y a T u c r c r e e o a r u ' s s n - t Balance T T a u r x e r a y a s n - d O as n t s h e e t e ts r ) o ti b o l n ig s a 6 - & fu n tr d u s s 6 t p d u e b b li t c A L c o c a t n s. Fiscal year—1958 . . . -2,819 262 670 567 -197 5,816 140 4,159 9,749 8,218 1,121 1959... -12,427 -1,511 -29 71 1,112 8,363 -23 -4,399 5,350 3,744 1,071 1960... 1,224 -359 -149 1,023 -714 1,625 -4 2,654 8,005 6,458 1,043 -3,925 610 449 -733 -436 2,640 -83 -1,311 6,694 5,453 833 Semiannually: 1 19 9 6 5 0 9 — __ J j a ul n y . - - D Ju e n c e . . .. .. -5 6 , , 6 8 1 4 7 1 -1,1 8 8 2 7 8 -4 2 3 8 7 8 6 3 5 6 7 6 -1,6 9 2 1 5 1 -4 6 , , 4 0 6 9 7 2 -1 1 0 0 5 1 2,4 2 2 3 1 3 5 8, , 0 5 0 8 5 3 5 5 0 0 4 4 4 6 , , 2 4 1 5 6 8 1, 8 0 6 4 3 3 July-Dec -4,888 -341 C19 -493 275 3.886 52 -1,594 6,411 485 5,165 761 1961—Jan.-June^.. 963 951 430 -240 -711 -1,246 -135 283 6,694 408 5,453 833 Monthly: 1960—June 4,370 473 -303 150 -1,043 -3.036 118 494 8,005 504 6,458 1,043 July -3,044 -734 C152 23 616 2; 008 27 -1,006 6,998 477 5,676 845 Aug -349 1,209 -533 -694 -1,083 334 -12 -1,104 5,894 481 4,628 785 Sept 2,188 -392 559 24 245 -249 -48 2,423 8,317 489 6,987 841 Oct -4,006 -600 241 21 659 2,063 23 -1,645 6,672 437 5,447 788 Nov -473 590 -643 88 -310 -73 20 -841 5,831 512 4,517 802 Dec 796 -416 244 46 148 -197 42 580 6,411 485 5,165 761 1961—Jan 1,624 -1,080 423 27 -181 15 -1,582 4,829 588 3,215 1,026 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 June*7 2,801 655 -216 29 -655 -1,175 -94 1,532 6,694 408 5,453 833 c Corrected. Budget expenditures, and payroll deductions for Federal employees ren.a. Not available. *> Preliminary. ' 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 953 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 f t O u a r n u g ld d T s e - ? t rans H f t f w r e u i u r g n a s s y h d t - to R m a t r i c . e r e c e - R n t - . t . c fu R e r o n i e e p f - d - t s s B c T u e r o d i e p t - g a t e s l t W he I i n l t d h d - ivid O ua th l er C ra o t r i p o o n - ta c E x i x s e e - s t p m a E l x o e m e n y s - t - s O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r s r e s .' - ' Fiscal year—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 1961? 77,578 11,586 2,923 571 5,752 99,405 32,969 13,175 21,765 12,069 12,502 6,935 n.a. n.a. n.a. Scmiannually: 1959—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 1,576 297 793 43,070 16,616 3,185 8,838 6,238 5,063 3,130 1,685 1.008 3,315 1961—Jan.-June 42,249 6,824 1,347 274 4,959 56,335 16,353 9,990 2,927 5,831 7,439 3,795 n.a. n.a. Monthly: 1960—June 10,891 1,104 238 50 252 12,804 2,273 1,852 5,530 1,118 1,155 876 303 183 July 3,128 365 257 17 167 3,976 1,055 346 670 995 383 527 238 151 Aug 6,454 1,524 296 83 203 8,590 4,849 147 409 1,121 1,608 456 272 179 1,448 Sept 8,981 739 262 52 161 10,211 2,527 1,959 3,492 1,024 792 417 277 177 Oct 2,823 373 253 15 173 3,641 1,066 230 481 1,021 389 454 321 158 Nov 6,300 1,214 268 81 29 7,900 4,527 121 455 1,069 1,295 433 319 178 1,275 Dec 7,643 547 240 49 61 8,751 2,591 383 3,331 1,008 596 842 259 164 1961—Jan... 4,846 304 223 13 64 5,537 1,049 2,149 534 918 348 539 204 128 Feb 6,537 1,448 235 77 530 9,153 4,781 786 444 861 1,814 467 169 116 1,403 Mar 8,524 1,285 213 48 1,792 11,878 2,413 759 5,799 1,082 1,348 477 313 213 Apr 5,125 720 201 14 1,296 7,359 916 3,403 493 831 736 980 231 160 May. ..... 6,467 1,941 237 77 1,036 9,767 4,743 956 411 1,072 2,020 565 285 176 June**..... 10;749 1,127 238 44 242 12,642 2,450 1,937 5,246 1,067 1,173 769 n.a. Budget expenditures9 Major national security Agri- Vet- culture Period Total2 Total i M de i f l e it n a s r e y M a a s il n s i i c t s a e t r - y A en t e o r m gy ic f a i I n f a n f a n a t n d i l r c . s e In e t s e t r- ic e b e s r f e e s a i r n t n v a s e s n - - ' d w L a a e n l b f d o ar r e t a c a u r g u e n r r l - d a - i- l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources Fiscal year—1958 71,369 44,142 39,062 2,187 2,268 2,231 7,689 5,026 3,447 4,389 1,544 2,109 1,359 1959 80,342 46,426 41,233 2,340 2,541 3,780 7,671 5,174 4,421 6,529 1,669 3,421 1,606 1960 76,539 45,627 41,215 1,609 2,623 1,833 9,266 5,060 4,419 4,838 1,713 2,782 1 695 1961^.... 81,503 47,393 43,215 1,439 2,716 2,556 9,055 5,248 4,957 5.086 2,008 3,908 1,932 Semiannually: 1959—July-Dec 39,191 23,119 20,975 715 1,290 650 4,494 2,493 2,086 2,961 941 1,950 833 1960—Jan.-June 37,348 22,508 20,240 894 1,333 1,183 4,772 2,567 2,333 1,877 772 832 862 July-Dec 40,217 23,186 21,170 644 1,342 1,068 4,587 2,577 2,225 2,998 1,056 1,870 951 1961— Jan.-June?'.. . 41,286 24,207 22.045 795 1,374 1,488 4,468 2,671 2,732 2,088 952 2,038 981 Monthly: 1960—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 88 217 202 727 431 406 130 129 334 134 Mar 7,012 4,279 3,935 99 236 199 738 480 399 223 134 359 194 Apr 6,450 3,754 3,392 135 230 217 730 443 224 332 206 399 144 May 7,169 4,144 3,804 88 246 182 723 441 486 587 146 312 156 June*' 7,948 4,559 4,048 294 244 192 770 432 696 775 195 379 190 3 Consists primarily of (1) intra-Governmental transactions as de- 7 Includes transfers to Federal disability insurance trust fund. scribed in note 1, (2) net accruals over payments of interest on savings 8 Represents the sum of taxes for old-age insurance, railroad retirebonds and Treasury bills, (3) Budget expenditures involving issuance of ment, and unemployment insurance. Federal securities, (4) cash transactions between International Monetary 9 For more details see the Treasury Bulletin, Budget Receipts and Fund and the Treasury, (5) reconciliation items to Treasury cash, and Expenditures, Table 6, and the 1962 Budget Document, Special Analysis C. (6) net operating transactions of Govt. sponsored enterprises. 1 ° Includes stockpiling and defense production expansion not shown 4 Primarily adjustments 2,3, and 4, described in note 3. separately. 5 Adjusted for reclassification of certain repayment of advances from For other notes, see opposite page. the general fund. 6 Excludes net transactions of Govt. sponsored enterprises, which are included in the corresponding columns above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
954 FEDERAL FINANCE U. S. GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of U. S. Treasury. In billions of dollars] End of month 1941—Dec 1945—Dec, 1947_Dec 1953—Dec 1954 Dec 1955 Dec 1956 Dec 1957 Dec 1958—Dec 1959 Dec I960 July Axis. Sept Oct Nov Dec 1961 Jan Feb Mar Apr Winy .. . June July llI Public issues3 Marketable Nonmarket<ible Total gross Con- Special d d i e r b e t c 2 t Total Total Bills C c e a r t t e if s i- Notes Bank Bond B s ank b v i o b e n l r d e t- s Total? b S i o n a n g v d s - s s i T a n a n a g v d x s - issues eligi- re- notes ble* stricted 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 278 7 278.1 255 7 198 8 17 0 38.2 23.0 68.4 52 2 56 9 48 2 8.2 20.0 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (<) 43.9 276 7 276 6 228 6 160 4 25 2 19.0 35 3 80 9 10 8 57 4 56 3 45.6 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 288.5 288.3 241.1 186.9 36.4 17.7 51.6 81.3 6.2 48.0 47.4 44.2 288.8 288.7 240.4 186.3 36.4 25.5 42.0 82.3 6.2 48.0 47.3 45.2 288 6 288 4 240 4 186 4 36 5 25 5 42 1 82 3 6 1 47 9 47 3 45 0 290.6 290.5 243.1 189.4 39.5 25.5 42.1 82.3 5.8 48.0 47.4 44.3 290 6 290.4 242 6 188.8 39.5 18.4 51.2 79.7 5.7 48.0 47.4 44.6 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 290.2 290.0 242.8 189.3 39.7 18.4 51.3 79.8 5.6 47.9 47.2 43.8 290.7 290.5 243.5 189.9 39.9 11.5 58.7 79.8 5.6 47.9 47.3 43.7 287 7 287 5 240 1 186 5 36 5 11 5 57 8 80 7 5 5 48 0 47 4 44.0 288.2 288.0 241.6 188.1 38.2 11.5 57.5 80.9 5.4 48.0 47.4 43.0 290 4 290.1 242 3 188 9 38.4 13.3 56.2 80.9 5.4 48.1 47.5 44.5 289.2 289.0 240.6 187.1 36.7 13.3 56.3 80.8 5.4 48.1 47.5 45.0 292.6 292.4 244.8 191.3 40.8 13.3 56.3 80.8 5.3 48.2 47.6 44.2 1 Includes some debt not subject to statutory debt limitation (amounting * Includes Treasury bonds and minor amounts of Panama Canal and to $444 million on July 31, 1961) and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces * Includes non-interest-bearing debt, not shown separately. leave bonds, adjusted service bonds, and REA bonds, not shown seps Includes amounts held by Govt. agencies and trust funds, which arately. aggregated $11,046 million on June 30, 1961. « Less than $50 million. OWNERSHIP OF U. S. GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] ]tfeld by- Held by the public Total gross debt U. S. Govt. E m n o d n t o h f in ( a i g n n c t g l e u u e a d d r - - a t g ru 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 r m ci - al 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 . se ti c e u s r ) i- Special Public Banks banks2 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 8.8 15.3 19.2 14.4 50.0 13.5 13.9 t955_Dec 280.8 43.9 7.8 24.8 204.3 62.0 8.5 14.6 23.5 15.1 50.2 14.8 15.6 1956—Dec 276.7 45.6 8.4 24.9 197.8 59.5 8.0 13.2 19.1 16.1 50.1 15.6 16.1 1957—Dec 275.0 45.8 9.4 24.2 195.5 59.5 7.6 12.5 18.6 17.0 48.2 15.4 16.6 1958 Dec 283.0 44.8 9.6 26.3 202.3 67.5 7.3 12.7 18.8 16.7 47.7 15.1 16.6 1959 Dec 290.9 43.5 10 2 26.6 210 6 60.3 6.9 12.5 22.6 17.7 45 9 22.6 22.1 1960 May . 289 5 43 9 10.5 26.0 209.1 r56.O 6.7 12.2 23.7 18.0 45.6 r23.9 22.9 June 286.5 44.9 10.4 26.5 204.6 '55.3 6.6 12.0 20.7 18.1 45.6 '23.6 22.7 July 288.5 44.2 10.6 26.9 206.8 '57.4 6.5 12.0 21.1 17.9 45.6 '23.2 23.0 Aug 288.8 45.2 10.7 26.8 206.1 '57.5 6.6 12.0 20.4 17.7 45.6 '22.9 23.4 Sept 288.6 45.0 10.6 27.0 206.0 '58.6 6.5 12.0 19.3 17.4 45.6 '•23.1 23.5 Oct 290 6 44.3 10 8 27.4 208.2 r6l.4 6.4 11.9 20.1 17.3 45.6 r21.9 23 6 Nov 290.6 44.6 10.8 27.5 207.7 r61.2 6.3 11.9 20.6 17.2 45.6 '21.9 22.8 Dec 290.4 44.3 10.7 27.4 207.9 '62.1 6.3 11.9 19.7 17.0 45.7 '21.2 24.2 1961—Jan 290.2 43.8 10.7 26.6 209.1 '62.7 6.3 11.9 20.1 17.1 45.8 '21.1 24.0 Feb . 290.7 43.7 10.8 26.7 209.6 r61.9 6.4 11.8 21.2 17.3 45.8 r21.2 23.9 Mar 287.7 44.0 10.9 26.7 206.1 r59.7 6.6 11.7 19.5 17.4 45.9 '21.3 24.1 Anr 288.2 41 0 11.0 26 8 207.5 '61.7 6.3 11.6 20.0 17.2 45.9 '20.8 23.9 May 290.4 44.5 11.0 26.9 208.0 62.1 6.3 11.6 20.6 17.1 46.0 20.6 23.5 ' 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 955 OWNERSHIP OF U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk l d e e s t 2 - v b C e o r o t n i n b d - s le Total W 1 i y th e i a n r y 1 e - a 5 rs 5-10 10 O y v e e a r rs All holders: 1958—June 30. 75,573 22,406 32,920 20,416 90,932 8,898 66,675 67,782 41,071 22,961 34,860 1959—June 30. 85,709 32,017 33,843 27,314 84,853 7,681 78.027 72,958 56,819 18,538 29,713 1960—June 30. 90,151 33,415 17,650 51,483 81,297 6,306 83,845 68,982 72,844 21,731 20,288 Dec. 31. 94,695 39,446 18,442 51,284 79,843 5,680 89,015 73,830 72,298 18,684 24,204 1961—Apr. 30. 93,596 38,213 11,503 57,518 80,913 5,448 88,148 77,246 62,026 27,654 21,222 May 31. 94,277 38,411 13,338 56,246 80,899 5,384 88,893 77,411 63,835 26,438 21,210 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 I960—June 30 10,246 371 459 ,810 5,136 2,470 7,776 1,070 2,683 2,062 1,961 Dec. 31 10,528 591 461 ,771 5,294 2,411 8,117 1,482 2,432 1,602 2,601 1961—Apr. 30. 10,753 845 257 ,400 5,889 2,363 8,391 1,775 1,789 2,532 2,295 May 31 . 10,815 805 216 ,302 6,141 2,352 8,463 1,524 1,890 2,550 2,499 Federal Reserve Banks: 1958—June 30 25,438 2,703 19,946 2,789 25,438 23,010 1,014 57 1,358 1 I9 9 6 5 0 9 — __ J j u u n ne e 3 3 0 0 2 2 6 6, , 5 0 2 4 3 * 2 2 , , 0 5 3 1 2 3 1 8 8 , , 5 6 0 5 8 0 1 2 3 , , 8 01 7 1 9 2 2 , , 4 4 8 9 4 1 2 26 6 , , 5 0 2 4 3 4 2 1 0 9 , , 6 38 8 5 7 5 3 , , 6 8 8 8 9 7 1, 4 1 1 7 0 9 1, 2 0 7 6 1 0 Dec. 31 27,384 3,217 9,082 12,519 2,566 27,384 15,223 10,711 1,179 271 1961—Apr. 30. 26,772 2,483 5,001 16,436 2,852 26,772 15,154 9,603 1,863 152 May 31. 26,887 2,652 6,517 14,548 3,170 26,887 14,149 10,471 2,116 152 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 I960—June 30. . 48,099 2,376 1,832 15,598 28,199 95 48,004 6,546 33,342 5,966 2,151 Dec. 31. . 54,349 6,976 2,573 16,947 27,763 89 54,260 14,697 31,596 5,654 2,313 1961—Apr. 30.. 54,091 6,447 2,030 17,801 27,730 | 84 54,007 16,609 27,157 8,263 1,978 May 31. . 54,623 5,917 3,026 18,299 27,298 84 54,540 17,789 27,427 7,402 1,922 Mutual savings banks: i 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 1960—June 30 6,489 209 166 1,199 4,607 309 6,181 463 ,720 2,662 1.336 Dec. 31 . . . .. 6,188 144 143 1.190 4,466 245 5,944 480 ,544 1,849 2,071 1961—Apr. 30. 6,273 207 96 1,294 4,453 222 6,051 600 ,428 2,330 1,692 May 31. 6,247 232 97 1,339 4,357 222 6,025 671 ,460 2,290 1,604 Insurance companies: 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1.650 1,004 5,074 1959—June 30 10,947 503 347 798 7,371 ',928 9,019 1,092 2; 085 1,678 4,164 1960—June 30.... 10,521 232 165 1,225 7,304 ,595 8,926 595 2,794 3,063 2,475 Dec, 31 . . . 10,394 341 145 1,375 7,139 ,393 9,001 940 2,508 2,075 3,477 196l_Apr. 30. ,.. 10,176 283 95 1,342 7.136 ,321 8,856 973 2,056 3,148 2,679 May 31. . 10,194 342 112 1,349 7; 106 ,286 8,908 1,038 2,076 3,118 2,675 Other investors: Nonfinancial corporations: 3 I960—June 30 11,494 4,579 1.740 1.882 3,284 \\.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—Apr. 30. 10,683 5,466 1,102 2,104 2,007 10,678 8,776 1,756 108 38 May 31. 11,233 6,047 892 2,177 2,112 11,228 9,244 1,827 115 42 Savings and loan associations: 3 1960—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—Apr. 30. 2,694 141 577 1,884 2,634 355 760 766 753 May 31. 2,704 139 605 1,863 2,645 374 786 739 745 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 I960—June 30. 74,299 22,957 4,711 16,263 28.602 1,766 72,533 32,184 22,800 6,229 11,317 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—Apr. 30. 72,153 22,342 2,889 16,565 28,964 1,394 70,759 33,005 17,476 8,644 11,634 May 31. 71,575 22,277 2,441 16,628 28,852 1,377 70,198 32,622 17,897 8,108 11,571 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 6,282 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 490 ruary 1960. Monthly figures for February-May 1960 shown in the nonfinancial corporations and 489 savings and loan associations, which Treasury Bulletin for September 1960, pp. 55-56. See also note 4. together accounted for about half of the total holdings of all nonfinancial 4 Holdings of nonfinancial corporations and savings and loan associacorporations and savings and loan associations. tions included in this category until February 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
956 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— agency Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e -1 ar 0 s 10 A f y t e e a r rs se d G U c e a u a o . n r l v d i e S 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 m c k i s a - l o A th l e l r securities brokers 1961 Apr. 5 1,977 1,591 237 99 49 508 17 754 697 88 12 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 1,105 365 112 39 473 33 686 428 85 17 1,569 1,105 350 76 38 462 24 693 390 81 24 1,427 1,024 263 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 1,004 170 45 22 338 18 559 327 86 28 1,443 1,267 117 35 23 451 22 635 334 64 July 5 1.412 1,209 156 26 21 379 16 506 513 70 12 1,573 1,417 108 34 13 535 12 608 418 69 19 2.301 1,846 381 65 9 768 49 862 621 78 26'' 1.825 1,339 397 69 20 492 33 771 523 66 p Preliminary. 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 1 [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- tions 2 other York where City 1961 Mar. 1 2,597 1,936 575 85 126 1961 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 ,471 435 43 83 8 2,284 435 558 1,095 196 29 1,827 1,372 313 142 133 15 2,263 516 547 1,023 175 22.... 2,108 457 669 831 151 Apr. 5 1,980 1,613 232 135 143 29.... 1,816 221 482 928 184 12 2,264 1,880 247 137 119 19 2,888 :2,547 213 128 105 1,897 349 477 921 151 26 2,528 2,204 214 109 115 Apr-.!:::: 2,108 513 463 966 167 19 2,615 589 663 [,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 [,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 14 2.086 ,757 346 -17 145 21. ... 2:579 2.316 280 -19 134 June 7.... 2,214 475 328 (,209 202 28.... 2,455 2.219 257 -21 130 14.... 1.985 509 245 ,054 178 21.... 2,612 830 556 1,037 188 July 5.... 2,248 2.067 205 -24 165 28.... 2,432 595 409 1,217 210 July 5.... 2,260 598 339 1,154 169 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 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JULY 31, 19611 [On basis of daily statements of U. S. Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury bills2—Cont. Treasury notes—Cont. Treasury bonds—Cont. Aug. 3, 1961 1,701 Jan. 15, 1962 1,502 May 15, 1963 4 1,743 Dec. 15, 1964-69... 2Vi 2,557 A A u u g g . . 1 1 0 7 , , 1 1 9 9 6 6 1 1 1 1 , . 7 7 0 0 1 0 J J a a n n . . 2 1 5 8 , , 1 1 9 9 6 6 2 2 5 5 0 0 0 0 M Oc a t y . 15 1 , , 1 1 9 9 6 6 3 3 I 3 V V 2 4 . 2,7 5 5 0 3 6 F M e a b r . . 1 1 5 5 , , 1 1 9 9 6 6 5 5 -70.. .2 2 V % i 4 6 , . 6 8 8 9 8 6 A A u u g g . . 2 3 4 1, , 1 1 9 9 6 6 1 1 1 1, , 6 7 0 0 1 0 A M p a r r . . 2 1 3 5 , , 1 1 9 9 6 6 2 2 * 2 3 . , 0 50 0 3 0 N A o pr v . . 15 1 , , 1 1 9 9 6 6 4 3 4 P % A 3,0 4 1 5 1 7 A M u a g y . 1 1 5 5 , , 1 1 9 9 6 6 6 6 3*/ 3 4 1 1 , , 2 4 1 8 3 4 Sept. 7, 1961 1,701 July 15, 1962 2,004 May 15, 1964 4% 4,933 Nov. 15, 1966 3% 2,438 Sept. 14, 1961 1,701 May 15, 1964 3% 3,893 Mar. 15, 1966-71... 2# 2,928 Sept. 21, 1961 1,701 Certificates Aug. 15, 1964 5 2,316 June 15, 1967-72... 2ft 1,775 Sept. 22, 1961* 1,503 Oct. 1,1964 VA 490 Sept. 15, 1967-72... 2 % 2,716 Scot. 28. 1961. 1,700 Aug. 1,1961 3V8 7,829 Nov. 15, 1964 4% 4,195 Nov. 15, 1967 3% 3,604 Oct. 5,1961 1,701 May 15, 1962 3 5,509 Apr. 1,1965 iy£ 466 Dec. 15, 1967-72... 2Vi 3,553 Oct. 13, 1961. 1.701 May 15, 1965 4% 2,113 May 15, 1968 3% 1,390 Oct. 16. 1961 i;502 Treasury notes Oct. 1,1965 \Vi 315 Oct. 1,1969 4 1,424 Oct. 19, 1961 1.600 Aug. 1,1961 4 2,136 Apr. 1,1966 11/2 107 Nov. 15, 1974 3% 654 Oct. 26, 1961 1,600 Oct. 1,1961 Wi 332 May 15, 1975-85.. .414 470 Nov. 2, is>6i 600 Feb. 15, 1962 3V4 9,098 Treasury bonds June 15, 1978-83... 314 1,597 N N o ov v . . 1 9 6 , , 1 1 9 9 6 6 1 1 6 6 0 0 0 1 F F e e b b . . 1 1 5 5 , , 1 1 9 9 6 6 2 2 3& 4 1,4 6 3 4 5 7 N Se o p v t . . 1 1 5 5 , , 1 1 9 9 6 6 1 1 . . . . . . . . 2y4 2 6 , , 2 9 3 6 9 3 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 8 8 0 0 3% 4 8 64 8 3 4 Nov. 24, 1961 600 Apr. 1,1962 IVi 551 June 15, 1959-62. 28 3,961 May 15, 1985 314 1,133 Nov. 30, 1961 600 May 15, 1962 4 2,211 Dec. 15, 1959-62...214 2,271 Feb. 15, 1990...... 31/2 2,719 Dec. 7,1961 500 Aug. 15, 1962 4 158 Dec. 15, 1960-65 3.. 2*A 1,485 Feb. 15, 1995 3 2,695 Dec. 14, 1961... . 500 Aug. 15, 1962 3VA 7,325 June 15, 1962-67... 1.464 Nov. 15, 1998 3% 2,343 Dec. 21, 1961 501 Oct. 1,1962 1V4 590 Aug. 15, 1963 4,317 D Ja e n c . . 2 4 8 , , 1 1 9 9 6 6 1 2.. 5 5 0 0 0 0 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 6 6 2 3 3 2 Y % 4 2 1 , , 8 14 3 3 9 D Fe e b c . . 1 1 5 5 , , 1 1 9 9 6 6 4 3-68... 3 1, , 8 8 1 5 9 4 Co I n n v v e e r s ti t b m le e n b t o S n e d r s ies B Jan. 11, 1962 500 Apr. 1,1963 \Vi 533 June 15, 1964-69... 2,638 Apr. 1, 1975-80... 2% 5,327 * Tax anticipation series. 2 Sold on discount basis. For discounts on individual issues, see tables » Direct public issues. on Money Market Rates, p. 948. 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] Al issues (new capital and refunding) Issues for newcapital Type of issue Type of issuer2 1Use 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 i p t a t s o a t e n t h r t c r d u y i o i c a - r t l - Others a d e m r e 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 t a w i n h i e t l d e e e s i- r r r , , h R d i t o n e i e u a g n s l s 7 i - - - V a a e n i t d e s' r- O p p o t u h s r e e - s r ity 1953 5,558 3,495 1,558 496 9 767 2,091 2,701 n.a. 5,477 1,320 1,588 803 506 141 1954 6,969 3,380 3,205 374 9 2,047 1,463 3 459 n.a. 6 789 1,432 2 136 1 270 456 162 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 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 [ 464 1957 8 6,925 4,792 1,967 66 99 1,489 1,272 4,163 6,568 6,874 2,524 1,036 1 516 113 333 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 ,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 68 ^ I960 7,302 4,677 2,097 403 125 1,110 1,985 4,206 7,112 7,257 2,411 1,007 1 318 425 201 894 I960—\pr 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 1 137 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 86 399 504 708 375 36 r109 63 31 93 Feb..... 662 367 283 9 4 62 223 377 712 661 229 95 195 9 13 121 Mar.. .. 763 610 137 16 252 75 436 703 759 225 48 169 100 216 April1".. 724 543 124 51 6 271 113 340 745 720 209 67 67 170 151 May.... 59! 370 208 12 18 199 374 670 588 264 26 150 5 143 n.a. Not available. r Revised. 5 Consists of municipalities, counties, townships, school districts and, 1 Data prior to 1957 are from the Bond Buyer as classified by Federal prior to 1957, small unclassified issues. Reserve. 6 Excludes Federal Government loans. These data are based on date 2 Classifications prior to 1957 as to use of proceeds and type of issuer of delivery of bonds to purchaser (and of payment to issuer), which occurs are based principally on issues of $500,000 or more; smaller issues not after date of sale. Other data in table are based on date of sale. classified. As a result some categories, particularly education, are under- 7 Includes urban redevelopment loans. stated relative to later data. 8 Beginning in 1957 this figure differs from that shown on the following 3 Includes only bonds sold pursuant to the Housing Act of 1949. page, which is based on Bond Buyer data. The principal difference is in These are secured by contract requiring the Public Housing Administra- the treatment of Federal Government loans. tion to make annual contributions to the local authority. 9 Less than $500,000. * Beginning with 1957, coverage is considerably broader than earlier. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
958 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Propo a s l e l d c o u r s p e o o ra f t n e e i t s s p u r e o r c s e * eds Noncorporate Corporate New capital Year or Remonth tire- Total G U o . v S t . .3 a F e g c e r y e a d * n l - - S n m a p t i n a c a u d t i l - e - Other5 Total Total o B P f l f o i u e c n r b ly e 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 t u h r e - r m s ri e o t e c i f 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 I960 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 I960—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 May.. 4,402 2,245 149 625 69 1,314 994 662 331 91 229 1,286 1,223 1,052 171 63 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e ll r a c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1953 2,128 90 502 40 553 36 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—May. 92 68 6 78 144 36 157 1 June. 249 49 1 38 35 362 3 61 286 9 July. . 182 38 9 50 126 14 57 282 Aug.. 220 6 51 (9) 92 222 165 215 Sept.. 161 4 45 51 303 94 72 Oct.. 185 4 66 6 36 203 '0 254 147 8 Nov.. 249 27 79 3 45 314 27 242 Dec. 191 22 61 1 78 180 1 100 242 1961—Jan.. . 169 1 33 1 81 () 137 21 138 Feb.. 99 5 91 2 55 160 41 223 Mar.. 248 32 47 5 72 10 84 19 70 92 Apr.. 570 19 86 1 28 1 200 21 993 45 238 May. 444 22 67 1 73 421 24 81 12 137 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. 8 Represents all issues other than those for retirement of securities. 5 Represents foreign governments, International Bank for Reconstruc- 9 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS FINANCE 959 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1959 1960 1961 1956 1957 1958 1959 1960 Manufacturing Total (180 corps.): Sales 107,717 114,229 105,134 273120,742 27,233 28,999 31,573 30,924 28,103 30,142 28,988 Profits before taxes 13,418 13,349 1100,446666 094 13,363 2,506 3,059 4,002 3,544 2,710 3,107 2,666 Profits after taxes 7,094 7,177 5,714 443 7,077 1,125 1,678 2,063 1,813 1,499 1,703 1,429 Dividends 4,068 4,192 4,078 342 4,492 1,036 1,249 1,092 1,099 1,101 1,201 1,113 Nondurable goods industries (79 corps.)'.1 Sales 39,463 41,704 41,541 465 46,819 11,406 11,572 11,599 11,663 11,616 11,941 12,172 Profits before taxes 5,146 5,010 4,402 652 5,526 1,411 1,388 1,407 1,421 1,404 1,294 1,325 Profits after taxes 2,943 2,944 2,574 212 3,161 791 810 785 797 814 765 752 Dividends 1,683 1,776 1,785 912 1,978 448 564 482 486 482 528 486 Durable goodsindustries (101 corps.):2 Sales 68,254 72,525 63,593 808 73,923 15,827 17,428 19,974 19,260 16,487 18,201 16,816 Profits before taxes 8,272 8,339 6,065 442 7,837 1,095 1,670 2,595 2,123 1,306 1,813 1,341 Profits after taxes 4,151 4,233 3,140 231 3,915 333 868 1,277 1,016 684 938 677 Dividends 2,385 2,416 2,294 430 2,515 588 684 610 612 619 674 627 Selected industries: Foods and kindred products (25 corps.): Sales •,394 9,987 10,707 11,303 11,814 2,898 2,829 2,821 2,928 2,943 3,122 3,026 Profits before taxes 955 1,024 1,152 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 92 100 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 19,226 21,035 20,898 3,649 4,591 6,003 5,442 4,939 4,513 4,396 Profits before taxes ,331 2,977 2,182 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 60' 729 734 934 760 239 236 197 202 185 175 178 Dividends 403 416 422 448 482 109 121 121 119 120 123 121 Automobiles and equipment (14 corps.): Sales ,21 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 1,33.^ 2,985 3,100 356 500 1,076 936 273 816 478 Profits after taxes ,186 1.354 706 1,479 1,529 155 254 521 457 151 400 223 Dividends 791 805 758 807 833 195 233 199 199 207 228 213 Public Utility Railroad: Operating revenue 10,551 10,491 9,565 9 825 9,514 2,365 2,435 2,411 2,477 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 876 737 602 578 445 86 185 99 139 65 141 -13 Dividends 46: 438 419 406 383 79 130 91 94 73 126 86 Electric Power: Operating revenue 9,049 9,670 10,195 11,129 11,861 2,693 2,85 3,166 2,837 2,865 2,993 3,267 Profits before taxes 2,46: 2.579 2,704 2,983 3,169 714 740 901 739 757 772 918 Profits after taxes 1,326 1,413 1,519 1,655 1,795 389 41 50: 422 418 452 523 Dividends 1,02: 1,069 1,134 1,219 1,30: 302 31 325 321 322 335 343 Telephone: Operating revenue 5,966 6,467 6,939 7,57: 8,111 1,909 1,947 1,96' 2,025 2,042 2,077 2,090 Profits before taxes 1,430 1,562 1,860 2,153 2,326 537 543 558 585 589 594 587 Profits after taxes 715 788 921 1,073 1,155 268 275 27' 290 294 294 290 Dividends 55: 613 674 743 806 190 192 196 200 203 207 210 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
960 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu ea a r rt o er r P b t r e a o f x o f e i r t s e s c ta o In x m - e e s P t a r a f o x te f e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s - d Y qu ea ar r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1953 38.3 20.2 18.1 9.2 8.9 1954 34.1 17.2 16.8 9.8 7.0 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 ... 44.9 21.8 23.0 11.2 11.8 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956 44.7 21.2 23.5 12.1 11.3 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957 43 2 20.9 22.3 12.6 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 1958r 37.4 18.6 18.8 12.4 6.4 1957 ... 14,350 3,609 10,741 9,638 2,584 7,053 4,712 1,024 3,688 1959r 46.8 23.1 23.7 13.4 10.3 1958 14,761 5,296 9,465 9,673 3,817 5,856 5,088 1,479 3,609 I960 45.0 22.3 22.7 14.1 8.6 1959 12,855 4,858 7,998 7,125 3,049 4,076 5,730 1,809 3,922 1960 12,958 4,760 8,198 8,044 3,010 5,034 4,914 1,751 3,164 1959—I r 46.1 22.8 23.4 13.0 10.4 2r 51.5 25.4 26.1 13.3 12.8 1960—1 2,950 1,211 1,739 1,608 728 880 1,341 482 859 3r 44.8 22.1 22.7 13.7 9.0 2 3,101 1,163 1,937 1,808 717 1,090 1,293 446 847 4r 44.9 22.1 22.7 13.8 8.9 3 3,293 1,215 2,077 2,055 849 1,206 1,238 366 872 4 3,615 1,171 2,445 2,573 715 1,859 1,042 456 586 I960— Ir 48.1 23.9 24.2 14.0 10.2 2r 46.3 23.0 23.3 14.0 9.3 1961—1 3,247 1,417 1,830 1,488 770 718 1,759 647 1,112 3r'.'.'.'.'. 43.2 21.4 21.7 14.1 7.6 4r 42.6 21.1 21.4 14.3 7.2 1 Reflects cash transactions only. As contrasted with data shown on p. 958 new issue* 1961—1 39.6 19.6 20.0 14.2 5.8 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 r Revised. include the same types of issues, and also securities retired with internal funds or with NOTE.—Quarterly data are at seasonally adjusted proceeds of issues for that purpose shown on p. 958. annual rates. 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 a r p e k i t t i a n l g Total Cash s G U ec o . u S v r t . i . - Not r e e s c e a i n va d b a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c t l d i a o a e x m - ra e l Other ties G U o . v S t. . 2 Other G U o . v S t . . 2 Other bilities 1953 91 8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954. 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103 0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2 3 73.8 19.3 25.7 1956 . 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111 6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2 3 84 3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 .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 .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 .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 .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 .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 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 .8 100.9 12.1 37.5 i 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 EQUIPMENT1 [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Total Transportation factur- (season- Year Total M fa i c a n t n u g u r- - M in i g n- Rail- P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 Quarter Total m a in n in g d - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he ll r 3 a a j l u n ly s n t u a e a d d l road Other ing rate) 1953 28.3 11.9 [.0 1.3 1.6 4.6 1.7 6.3 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 1960—1 7.9 3.3 .7 1.2 2.7 35.2 1955 28.7 11.4 .0 .9 1.6 4.3 2.0 7.5 2 9.3 4.0 .8 1.4 3.0 36.3 1956 35.1 15.0 1.2 1.2 1.7 4.9 2.7 8.4 3 9.0 3.9 .7 1.5 2.9 35.9 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 4 9.5 4.3 .7 1.6 3.0 35.5 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 1959 32.5 12.1 1.0 .9 2.0 5.7 2.7 8.2 1961—1 7.6 3.2 .6 1.1 2.7 33.9 1960 35.7 14.5 1.0 1.0 1.9 5.7 3.1 8.4 24.... 8.7 3.8 .7 1.5 2.8 33.9 196M 34.5 14.0 .0 .7 1.8 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 961 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 d s l - t F u i i n c t n i i s a o 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 l t d h e e v o r r I i a t s d n h n u d e d a i r - l s s h A e o r l l d s l - T 1 o - t a to l 4- t F f u i a n i c t t n i n i s a o a t i l l i n n y - s - ho O h u e o 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 o a a t p i l i n n l - r y s - o p a e n O h r d e o t t i r h l e d s e s - r 1 h A e o r l l d s l - t F u i i n c t n i i s o a a t l i 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 I960? 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 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 210.0 160.4 11.3 38.4 196.6 144.1 120.7 23.4 52.6 35.0 17.6 13.3 4.7 8.6 p Preliminary. Administration, and Federal land banks, and in earlier years RFC, * Derived figures, which include negligible amounts of farm loans held HOLC, and Federal Farm Mortgage Corporation. Other Federal by savings and loan associations. agencies (amounts small or separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. SOURCE.—Federal Deposit Insurance Corporation, Federal Home NOTE.—Figures for first three quarters of each year are Federal Reserve Loan Bank Board, Institute of Life Insurance, Departments of Agriestimates. Financial institutions represent commercial banks (including culture and Commerce, Federal National Mortgage Association, Federal nondeposit trust companies but not trust departments), mutual savings Housing Administration, Public Housing Administration, Veterans banks, life insurance companies, and savings and loan associations. Administration, Comptroller of the Currency, and Federal Reserve. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bankholdings 3 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C 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 I960.. 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—Sept 27,635 20,040 6,045 3,175 10,820 6,010 1,585 24 600 22 126 6 095 8 580 7 451 2 420 54 Dec 28,145 20,320 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,275 8,589 7,622 2,451 55 I960 Mar 28,228 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 1 Represents all banks in the United States and possessions. 4 On Jan. 1, 1959, holdings of commercial banks increased by $143 2 Includes loans held by nondeposit trust companies, but excludes million, and those of mutual savings banks declined by that amount, holdings of trust departments of commercial banks. March and Septem- as a result of the absorption of a mutual savings bank by a commercial ber figures are Federal Reserve estimates based on data from Member bank. Bank Call Report and from weekly reporting member banks. 5 Data reflect a $40 million reclassification by one bank from commer- 3 Figures for 1941 and 1945, except for the grand total, are estimates cial and industrial to real estate loans, reported August 24, 1960. based on Federal Reserve preliminary tabulation of a revised series of SOURCE.—All-bank series prepared by Federal Deposit Insurance banking statistics. March and September figures are Federal Reserve Corporation from data supplied by Federal and State bank supervisory estimates based in part on data from National Association of Mutual agencies, Comptroller of the Currency, and Federal Reserve. Savings Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
962 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total in F s H u A re - d a g V n u t A e a e r - - d Other Farm Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm 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 4,819 1.301 195 3 341 438 17.062 34,395 7,443 7,43^ 19.519 2 6*7 1959'. 5,970 5,472 1,549 201 3,722 498 39,197 36,353 8,273 7,086 20,994 2,844 1960.. 6,083 5,619 1,401 288 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 1960-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 June.. . 537 489 99 13 377 48 42,905 39,827 9,403 6,736 23,688 3,078 f Revised. 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 (witho B ut y s t e y a p s e o n o a f l le a n d d ju e s r tment) Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in r A e - d - a g n V u t A e a e r - - d ti C v o e o n n n a - l - 2 Y m e o a n r t o h r Se a a a l d s l o y - n- W se a a i d t s j h o u o n s u a t- t l in S lo g a a s v n & - I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed i ment 2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1.913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1954 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 I 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 ,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 Ui,304 4,678 6,132 60,084 3,523 7,211 49,350 1959 32,235 13,094 1,523 5,832 1,780 I960 29,341 12,158 .318 4,520 1.557 1960 1960 June ,397 471 598 56,435 3,255 7,228 45,952 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 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 SeDt 2,464 2,598 1,097 111 381 145 Dec 1,150 367 460 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 1,356 426 515 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 May 1,511 460 603 63,080 3,770 7,204 52,106 Mar 2,398 2,444 1,060 94 394 106 June? 1,738 531 715 64,020 3,813 7,188 53,019 Apr 2,476 2,358 1,038 89 386 114 May 2,700 1,199 100 444 138 v Preliminary. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Beginning with 1958 includes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. SOURCE.—Federal Home Loan Bank Board. SOURCE.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REAL ESTATE CREDIT 963 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month mortgages P e r c o t j - - P e i r m r o ty p - - mortgages End of G un o d v e e r r w nm rit e te n n t- Con- Total p e N r r t o e i w e p s - i p e s E r r t t o i x i n e p - g s - g m a ty g o p e r e s t- i p lo m r a o e n v n s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - y q e u a a r r t o e r r Total FHA- VA- t v io e 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 1959 131.0 53.8 23.8 30.0 77.2 I960—June 539 170 195 71 103 175 143 32 I960 141.8 56.4 26.7 29.7 85.4 July 509 162 200 59 88 160 126 34 Aug 615 189 228 97 100 181 139 41 1959_Sept 128.1 53.1 22.9 30.2 75.0 Sept 613 192 233 119 68 169 132 37 Dec...... 131.0 53.8 23.8 30.0 77.2 Oct 573 196 237 46 94 162 125 36 Nov 558 181 223 78 77 150 113 37 1960—Mar...... 133.2 54.5 24.6 29.9 78.7 Dec 558 167 223 92 76 142 109 33 June 136.2 55.0 25.2 29.8 81.2 Sept 139.2 55.8 26.0 29.8 83.4 1961—Jan 564 186 224 89 65 130 101 28 Dec 141.8 56.4 26.7 29.7 85.4 Feb 448 148 193 57 50 108 81 27 Mar 480 143 204 72 60 125 93 32 1961—Mar.P.... 144.1 57.1 27.4 29.7 87.0 Apr 458 124 193 75 65 109 78 31 May 501 130 219 84 68 123 83 41 June 563 132 254 90 87 137 89 48 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 ts y- 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 r o m r 1 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 I960—June 5,827 3,042 2,784 74 50 592 I960—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 Auc 5 991 3 185 2 806 96 584 Sept... 160 121 1,736 1,002 734 737 Sept 6,050 3,240 2,810 84 1 584 Oct.... 133 134 1,735 986 749 762 Oct 6,106 3,293 2,812 79 1 571 Nov... 125 119 1,741 976 765 788 Nov 6,143 3,333 2,810 69 9 575 Dec.... 344 104 1,981 1,089 892 938 Dec 6,159 3,356 2,803 69 27 576 1961—Jan.... 90 500 1,571 888 683 959 1961—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 June . . . . 5,763 3,191 2,572 38 18 544 July... 271 270 1,871 1,062 809 1,048 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
964 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e * co p g O n a o s t p o h u e d e m r r s * er e a r n R l n d o i e z a p m a n a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945.... 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1954.... 32,464 23,568 9,809 6,751 1,616 5,392 8,896 2,408 4,485 2,003 1955.... 38,882 28,958 13,472 7,634 1,689 6,163 9,924 3,002 4,795 2,127 1956 42,511 31,897 14,459 8,580 1,895 6,963 10,614 3,253 4,995 2,366 1957 45,286 34,183 15,409 8,782 2,089 7,903 11,103 3,364 5,146 2,593 1958 45,544 34,057 14,237 8,923 2,327 8,570 11,487 3,627 5,060 2,800 19593 52,119 39,852 16,549 10,476 2,784 10,043 12,267 4,144 5,104 3,019 1960 56,049 43,281 17,866 11,215 3,008 11,192 12,768 4,311 5,187 3,270 1960—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 3,32b 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 ADr 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 17,24? 10 60? 2 943 11.340 12 ?M 4.524 4,274 3,465 June.. 54.786 42 441 17.358 10.666 2^958 11,459 12.345 4.547 4.349 3 449 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. 1035^2; December 1957, in part for business. pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17. 2 Represents repair and modernization loans held by financial institu- Revised monthly data for 1958 and 1959 (with notes describing the tions; holdings of retail outlets are included in other consumer goods changes) are shown on pp. 1406-09 of the BULLETIN for December 1960. paper. A detailed description of the methods used to derive the estimates may be 3 Includes data for Alaska and Hawaii beginning with January and obtained from Division of Research and Statistics. August 1959, respectively. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n m c k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i c a C u n o n m o a m i n n e e c s - - r e i 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 - H a s h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b t e o i r l - s e 3 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1,511 1,044 365 487 1,101 1956 31,897 27,154 11,777 9,100 2,014 3,056 1,207 4,743 1,408 1,187 377 502 1,269 1957 34,183 29,515 12,843 9,573 2,429 3,333 1,337 4,668 1,393 1,210 361 478 1,226 1958 34,057 29,074 12,780 8,740 2,668 3,384 1,502 4,983 1,882 1,128 292 506 1 ,175 19594 39,852 34,176 15,227 10,145 3,280 3,774 1,750 5,676 2,292 1,225 310 481 1,368 43,281 37,502 16,398 11,134 3,906 4,212 1,852 5,779 2,401 1,189 292 513 1,384 1960 1960—June 41,752 36,481 16,145 10,945 626 3,957 1,808 5,271 2,073 1,132 291 512 1,263 July. 42,050 36,857 16,239 11,062 679 4,049 1,828 193 2,020 1,124 290 516 1,243 Aug. 42,378 37,199 16,362 11,142 3,754 4,099 1,842 179 2,012 1,132 290 520 1,225 Sept. 42,517 37,318 16,416 11,154 ,795 4,111 1,842 199 2,049 1,129 291 519 1,211 Oct.. 42,591 37,330 16,408 11,147 ,833 4,097 1,845 261 2,103 1,130 290 518 ',220 Nov. 42,703 37,368 16,402 11,141 3,870 4,107 1,848 335 2,155 1,140 288 517 ,235 Dec. 43,281 37,502 16,398 11,134 3,906 4,212 1,852 5,779 2,401 1,189 292 513 ,384 1961—Jan.. 42,782 38,186 17,261 11,030 3,860 4,179 1,856 4,596 1,342 1,151 286 504 ,313 Feb. 42,264 37,790 17,001 10,914 3,863 4,151 1,861 4,474 1,348 1,121 279 497 ,229 Mar. 42,058 37,542 16,860 10,787 3,897 4,131 1,867 4,516 1,442 1,092 274 491 ,217 Apr. 41,988 37,434 16,776 10,733 3,937 4,133 1,855 4,554 1,527 1,077 269 488 ,193 May 42,127 37,462 16,776 10,696 3,991 4.133 1,866 4,665 1,634 1.071 270 488 ,202 June 42.441 37,663 16,804 10,768 4,074 4,151 1.866 4,778 1,732 1.076 272 490 .208 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 965 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 p o e D r b i i r l e e ct g O p c o a t o o p h n d e e - r r s R e m l r t o a e n i o n a p o iz n d d a n a s i - r - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i t l l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r s r r m i R z l o o a e a d a n t p i 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 2,116 2,690 2,163 3,505 I960—June 10,945 7,767 2,175 49 954 I960—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 1,070 Mav . . 16,776 5 177 2.774 3, IRt 2.100 3,594 June 10.768 7,214 2,447 69 1,038 June 16,804 5.178 2,796 3.085 2 111 3,634 i Includes data for Hawaii, beginning with August 1959. 1 Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Singlepayment Charge accounts E o n r d m o o f 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 i o l r - e s g p O c u o a o t m p o h n e d e e - r r s r m i R z l o o a e a d a n p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - b C m c a o i n e a m r k l - l s - oan f O i s i n c n t i s h a a t n e l i- r - s m t p D o a e r e r e n t - s - t i o O r u e t t t h l a e e il t r s C ca re rd d s it 2 S c e r r e v d i i c t e tutions 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1 19 9 5 5 5 4 4 5 , , 5 4 1 0 0 6 7 5 6 3 1 9 5 3 3 7 7 5 2 32 8 6 2 3 3 , , 3 7 1 8 4 2 1 1 9 9 4 4 1 5 3 3 , , 0 2 8 0 7 3 6 67 9 4 3 1 7 5 2 2 2 2 9 7 0 5 1 1 * ,3 3 2 7 2 0 8 5 4 9 5 7 1 1 1 1 1 9 9 9 9 9 5 5 5 6 5 9 7 6 0 8 1 7 7 9 6 8 , , , , , 0 9 5 2 8 9 7 5 7 0 9 0 4 7 4 1 1 1 1 , , , , 1 3 6 1 9 0 8 1 4 4 6 8 8 3 8 6 6 6 7 8 5 8 1 4 2 8 5 0 8 2 4 4 7 7 5 1 8 8 0 9 0 1 9 3 3 4 4 5 6 5 , , , , , 2 8 6 2 9 7 8 8 0 4 8 2 6 8 8 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 4 5 6 8 7 . . . 1 1 1 9 8 1 1 0 , , , , , 9 8 4 1 6 9 2 8 0 1 4 6 7 3 4 2 2 2 2 3 , , , , 0 9 8 6 1 9 3 3 4 5 6 7 5 3 6 4 4 4 3 3 2 7 1 6 1 7 1 0 7 2 7 9 8 8 8 9 0 7 6 9 3 7 6 2 3 3 3 3 3 3 , , , , , 5 7 8 9 8 1 1 0 5 4 5 7 8 3 2 2 2 3 3 1 6 1 1 4 7 0 6 7 5 7 2 2 2 2 2* , , , 1 5 8 3 0 2 9 0 6 0 7 3 0 6 3 i960—Ju J n u e l . y.. 9 9, , 3 5 9 5 1 6 1 1, , 5 5 3 1 6 6 8 8 6 4 0 4 7 7 5 6 1 3 6 6, , 3 2 9 8 7 0 1 1 9 96 59 0 3 1 1 2 2 , , 7 26 6 7 8 3 3, , 7 5 3 8 7 2 5 5 7 6 4 2 9 9 5 4 8 1 3 3 ^ ,8 7 0 5 1 3 4 3 4 9 5 3 3 3* ,2 0 7 1 0 9 A S O N D e c u o e p t g v c t . . . . . . . . . . 9 9 9 9 9 , , , , , 8 9 7 6 7 2 7 4 9 7 5 0 8 5 5 1 1 1 , , , , , 5 6 5 5 6 9 7 6 1 0 1 9 5 8 6 8 8 8 8 8 8 8 8 8 7 5 0 5 2 4 7 7 7 7 7 8 7 8 8 7 1 9 4 0 4 6 6 6 6 6 , , , , , 6 5 5 5 4 8 5 0 2 8 6 5 5 2 2 1960— A O J S u J e c u l u p t y g n t e.... 1 1 1 1 1 1 1 1 1 1 , , , , , 7 7 7 7 9 4 5 5 1 1 8 3 9 4 0 3 3 3 3 3 , , , , , 7 6 6 6 6 1 5 8 9 6 5 6 2 2 3 6 6 6 6 5 2 1 0 8 0 0 2 2 0 2 6 6 5 5 6 3 2 6 8 8 3 5 1 4 4 3 3 3 3 3 , , , , , 1 2 2 3 2 9 9 6 8 3 9 5 6 2 6 4 4 4 4 4 5 0 5 3 4 7 8 9 2 3 3 3 3 3 3 , , , , , 1 1 1 1 1 6 1 9 4 8 1 1 3 8 3 1961— F J e an b . . . . . 9 9 , , 8 8 9 7 5 5 , , 5 5 9 9 9 9 8 8 5 6 0 3 7 76 7 7 2 6 6 , , 6 6 6 5 1 9 D N e o c v 1 12 1 , , 7 9 6 2 8 3 3 3 , , 7 7 1 3 1 7 5 5 9 7 0 4 7 94 0 1 9 3 3, , 8 3 0 2 1 6 4 44 28 5 3 3 , , 1 2 5 7 9 0 J M A M u p a n a r r y e . . . . . . 1 9 9 9 0 , , , , 8 9 9 0 9 2 9 9 5 5 1 0 , , , 6 6 6 1 2 8 1 5 0 8 8 R 8 3 4 4 1Q 6 3 6 7 7 7 T 6 6 7 7 9 5 8 f, 6 6 f 6 > , , , . 6 7 6 l" 9 8 7 > 9 2 7 « 1961— F M A Ja e p n a b r r 1 1 1 1 1 1 2 1 , , , , 9 8 8 2 8 4 3 3 4 8 8 9 3 3 3 3 , , , , 8 7 7 7 4 4 9 8 2 0 3 9 6 5 5 5 2 6 9 7 4 0 2 4 6 6 6 8 3 6 3 0 1 9 7 5 2 2 3 3 , , , , 9 9 0 3 2 2 3 4 6 6 5 6 4 4 4 4 4 4 3 4 1 8 0 2 3 3 3 3 , , , , 3 4 4 4 2 2 2 8 6 7 0 6 May.... 12.263 3,904 670 634 3 210 470 T, 4£S 1 Includes data for Alaska and Hawaii, beginning with January and June 12,345 3,970 577 624 3,286 439 3^449 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
966 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir t io a n n d loans Personsil loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1954 31,051 11 807 9 117 8 866 1955 39,039 16,745 10,634 I 388 10,272 1956 40 175 15 563 11 702 568 11 342 1957 42,545 16 545 11 747 660 12 593 1958 40,789 14 316 11 638 12.974 19591 49,045 17,941 13,837 2'201 15,066 I960 50 343 17,839 14,226 2 058 16,220 I960—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 ,168 1,085 176 183 ,453 ,415 Aug 4,072 4,365 [,422 1,570 ,112 ,165 180 202 ,358 ,428 Sept 4,125 4,010 1,422 1,372 1,162 1,173 164 177 ,377 ,288 Oct 4,108 4,012 1,460 1,407 1,165 1,207 160 172 323 ,226 Nov 4,134 4,067 1,482 1,364 ,159 1,217 160 163 ,333 ,323 Dec 4,007 4,641 1,325 1,248 ,200 1,654 147 138 ,335 ,601 1961—Jan 3,869 3,473 1,239 1,130 [,185 I 012 140 117 ,305 ,214 Feb 3,803 3,241 1,190 1,051 ,131 888 141 114 1,341 ,188 Mar 4,002 3,995 1,288 1,330 1,212 I 125 159 150 1,343 ,390 Apr 3,883 3,765 1,243 1,247 1,145 1,053 157 151 [,338 ,314 May . . 4,001 4,280 1 315 1461 158 [ 219 168 185 360 ,415 June 4,116 4,402 1,347 1,525 1,190 1,214 167 178 1,412 ,485 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 I9591 43,407 15,698 12,307 1,751 13,651 1960 46 914 16 522 13 487 8^4 15 071 I960 June 3,934 3,988 1,392 1 409 1 144 155 158 1,252 J 277 July 3,997 3,858 1,385 ,335 1,148 1,095 155 154 1,309 1,274 Aus 3,918 4,037 1,388 ,443 1,123 1,140 156 161 1,251 1,293 Sept 3,958 3,871 1,375 ,371 1,141 1,107 149 151 1,293 1,242 Oct 3,994 3 938 1,417 436 1,147 1,125 160 160 1 270 ,217 Nov 3,946 3,955 1,397 ,389 1,119 1,127 158 156 1,272 1,283 Dec 3 931 4 063 1,356 1,349 1,156 1,154 153 150 1,266 410 1961—Jan 3 972 3 972 1 387 385 ,154 1,177 159 158 1 272 I 252 Feb 4,011 3 759 1,363 ,279 1,191 1,145 152 146 1 305 I 189 Mar 3,954 4,201 1,353 ,448 1,163 1,239 158 163 1,280 1,351 Apr 4,022 3,835 1,388 ,312 1,186 1,147 156 151 1,292 1,225 May 3,974 4,141 1,365 ,419 1,148 1,202 160 164 1,301 1,356 June 4,016 4,088 1,386 ,409 1,137 1,150 160 163 1,333 ,366 Net increase or decrease ( —) in credit outstanding2 1954 563 -26 -28 6 611 1955 5 390 3 663 883 73 771 1956 2,939 987 946 206 800 1957 . . 2,286 950 202 194 940 1958 -126 — 1 172 141 238 667 19591 5,795 2,312 1,553 457 1,473 1960 3 429 1 317 739 224 1 149 I960—June 379 627 146 324 113 123 31 40 89 140 July . 217 298 32 138 20 -to 21 29 144 141 Aug 154 328 34 127 -11 25 24 41 107 135 Sept 167 139 47 1 21 66 15 26 84 46 Oct 114 74 43 -29 18 82 0 12 53 9 Nov 188 112 85 -25 40 90 2 7 61 40 Dec 76 578 -31 -101 44 500 -6 -12 69 191 1961—Jan -103 -499 -148 -255 31 -165 -19 -41 33 -38 Feb -208 -518 -173 -228 -60 -257 -11 -32 36 Mar 48 -206 -65 -118 49 -114 1 -13 63 39 Apr -139 -70 -145 -65 -41 -94 1 0 46 89 May 27 139 -50 42 10 17 8 21 59 59 June 100 314 -39 116 53 64 7 15 79 119 lExtensions and repayments include currant 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 967 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Sales finance Other financial Total Commercial banks companies institutions Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 19561 40,175 14,463 9,600 9,474 6,638 19571 42,545 15,355 10,200 10,495 6,495 19581 40,789 14,860 8,907 10,459 6,563 19591, 2 49,045 17,976 11,007 12 122 7,940 1960 50,343 17,854 11,110 13,363 8,016 1960—June. 4,313 4,615 1,534 ,658 943 1,050 1.128 1,185 708 722 July. 4,214 4,156 1,437 ,458 894 955 ,233 1,201 650 542 Aug.. 4,072 4,365 1,442 ,560 894 989 ,129 1,192 607 624 Sept.. 4,125 4,010 1,470 ,430 888 879 ,118 1,051 649 650 Oct.. 4,108 4,012 ,473 ,419 896 880 ,072 1,011 667 702 Nov.. 4,134 4,067 ,495 ,385 918 872 ,078 1,093 643 717 Dec. 4,007 4,641 ,399 ,370 847 865 ,077 1,302 684 1,104 1961—Jan. i 3,869 3,473 ,373 ,321 800 737 ,028 928 668 487 Feb. i 3,803 3,241 ,358 ,189 786 656 ,059 942 600 454 Mar 4,002 3,995 ,404 ,433 807 806 ,096 1,126 695 630 Apr 3,883 3,765 ,371 ,400 810 763 ,063 1,023 639 579 May 4,001 4,280 ,420 ,573 802 868 ,124 1,165 655 674 June 4,116 4,402 ,444 ,567 858 949 ,165 1,221 649 665 Repayments 1954 30,488 11,469 7,043 6,511 5,465 1955 33,649 12,304 7,901 7,553 5,891 19561 37,236 13,362 8,943 8,603 6,328 19571 40,259 14,360 9,727 9,673 6,499 19581 40,915 14,647 9,774 10,004 6,490 19591,2 43,407 15,560 9,623 10,943 7,281 1960 46,914 16,692 10,241 12,197 7,784 I960—June. 3,934 3,988 1,400 ,424 849 849 ,024 1,041 661 674 July. 3,997 3,858 1,395 ,364 867 838 ,075 1,036 660 620 Aug.. 3,918 4,037 1,376 ,437 870 909 ,027 1,053 645 638 Sept.. 3,958 3,871 1,388 ,376 877 867 ,044 998 649 630 Oct.. 3,994 3,938 1,445 ,427 868 887 ,021 984 660 640 Nov.. 3,946 3,955 1,411 ,391 876 878 ,027 1,043 632 643 Dec. 3,931 4,063 1,376 ,374 853 872 ,034 1,157 668 660 1961—Jan. i. 3,972 3,972 1,433 ,434 855 841 ,011 1,003 673 694 Feb.i. 4,011 3,759 1,534 ,449 873 807 ,054 962 550 541 Mar... 3,954 4,201 1,488 ,574 871 933 ,051 1,106 544 588 Apr... 4,022 3,835 1,551 ,484 866 817 ,052 993 553 541 May.. 3,974 4,141 1,500 ,573 873 905 ,052 1,100 549 563 June.. 4,016 4,088 1,508 ,539 872 877 ,098 1,120 538 552 Net increase or decrease ( —) in credit outstanding3 1954... 563 -202 217 472 76 1955... 5,390 ,805 2,299 896 390 19561.. 2,939 176 657 871 235 19571.. 2,286 ,066 473 822 -75 19581.. -126 -63 -833 455 315 19591, : 5,795 2,447 1,405 1,250 693 1960... 3,429 1,171 989 1,166 103 1960—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 o 28 -7 51 27 7 62 Nov... 188 112 84 -6 42 -6 51 50 11 74 Dec.. . 76 578 23 -4 -6 -7 43 145 16 444 1961_Jan.i. -103 -499 916 863 -55 -104 17 -75 -981 -1,183 Feb. 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 June.. 100 314 -64 28 -14 72 67 101 111 113 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 extension and repayments for some 1960, pp. 1406-09. types of holders do not equal the changes in outstanding credit. A discussion of the composition and characteristics of the data and 2 Extensions and repayments include current data for Alaska and a description of the methods used to derive the estimates are shown Hawaii beginning with January and August 1959, respectively. The in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment differences between extensions and repayments do not equal the changes credit extended and repaid are based on information from accounting in outstanding credit for 1959 because the differences do not reflect the records of retail outlets and financial institutions and often include charges effect of the introduction of outstanding balances for these two States. incurred under the instalment contract. Renewals and refinancing of 3 Obtained by subtracting instalment credit repaid from instalment loans, repurchases and resales of instalment paper, and certain other transcredit extended, except as indicated in notes 1 and 2. actions may increase the amount of both credit extended and credit NOTE.—Monthly figures for 1940-54 are shown on pp. 1049-54 of repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
968 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49= 100 [Seasonally adjusted] A av n e n ra u g a e l 1960 1961 Grouping 1959 1960 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June INDUSTRY GROUPINGS Total index 159 164 166 166 165 162 161 159 156 155 155 156 160 164 168 158 163 165 165 163 767 760 757 754 755 752 755 755 163 166 Durable 165 169 173 173 169 166 164 159 156 154 153 154 161 167 171 155 160 163 163 162 159 160 158 156 155 156 157 160 '162 165 Mining .... 125 128 128 128 129 127 128 129 129 129 128 127 r128 128 129 Utilities 268 287 288 289 292 293 289 286 286 290 291 291 296 '304 304 Durable Manufactures Primary and fabricated metals 125 128 126 124 122 779 118 777 108 707 108 709 777 126 729 114 115 112 108 106 102 100 94 88 91 93 94 105 115 117 107 110 105 100 94 90 91 85 80 82 86 87 98 108 110 Fabricated metal products . . . . 142 145 148 148 147 144 144 138 137 132 131 131 135 143 146 Structural metal parts 150 155 158 160 160 157 156 151 147 145 141 141 144 152 158 Machinery and related products 197 205 207 209 206 204 201 797 795 190 189 759 195 201 205 169 174 178 180 176 173 167 167 166 166 165 165 169 171 176 Nonelectrical machinery 141 145 148 152 146 143 142 140 137 136 136 135 140 141 144 212 222 226 226 223 222 208 211 213 215 214 213 216 221 229 228 238 237 237 237 237 240 226 218 208 205 206 220 r231 235 Motor vehicles and parts. , 147 168 176 166 167 168 170 151 142 130 127 126 144 157 166 Aircraft and other equipment 390 368 347 372 367 368 371 373 369 366 363 367 366 '373 365 Instruments and related products 209 221 224 226 227 220 220 221 216 216 210 210 210 r215 220 Clay glass, and lumber 143 139 144 145 139 137 135 132 729 729 725 131 755 137 143 Clay, glass, and stone products 159 158 164 165 162 157 157 155 148 145 144 149 151 155 162 Lumber and products . 125 118 120 122 113 114 111 105 106 111 110 110 117 117 122 Furniture and miscellaneous 147 153 158 755 755 150 151 149 145 143 144 145 148 '752 756 Furniture and fixtures 164 171 177 177 173 169 168 167 163 159 158 161 165 167 172 Misc. manufactures 133 138 143 143 141 134 138 135 130 130 132 131 134 139 143 Nondurable Manufactures Textile apparel, and leather products... ... 136 136 141 140 138 133 133 131 727 72¥ 727 750 132 134 757 Textile mill products 126 121 128 126 124 118 116 113 109 110 113 116 118 122 125 Apparel products 153 159 162 163 161 155 156 156 152 144 147 152 153 r153 156 Leather and products 119 113 116 115 116 109 113 112 108 109 108 108 112 112 Paper and printing 154 160 160 161 161 161 767 160 759 759 759 759 16~> 163 164 Paper and products 170 172 172 173 172 173 172 168 168 170 174 173 180 179 181 Printing and publishing 143 152 152 153 153 153 154 155 152 151 150 150 150 r\5\ 153 Newspapers ... . 135 141 143 142 141 140 142 141 139 136 134 136 137 137 138 Chemical, petroleum, and rubber products 215 224 233 232 229 224 223 221 218 277 276 216 r~>25 232 239 Chemicals and products . . 240 255 263 263 260 254 255 252 252 250 249 252 259 r266 275 Industrial chemicals . . . 298 320 331 331 330 320 314 318 315 315 312 321 328 339 Petroleum products . . 158 161 167 172 168 167 164 162 158 159 160 158 162 '167 168 Rubber and plastics products. 199 200 214 204 201 194 192 191 184 180 178 168 '192 199 Foods beverages, and tobacco . . 128 132 132 132 132 132 133 131 752 752 752 754 134 r135 755 Foods and beverages 128 132 132 132 132 132 134 131 133 133 133 134 134 >i35 136 Food manufactures 131 134 134 134 135 135 136 134 135 135 135 137 1V7 139 139 Beverages 117 120 122 122 120 122 123 119 120 122 119 121 122 117 Tobacco products 127 130 131 126 130 130 131 133 131 129 133 132 139 132 Mining Coal oil, and gas 122 122 122 122 123 121 122 124 722 722 72/ 121 rl23 123 725 Coal 68 67 64 64 65 64 66 63 67 64 63 56 63 66 62 Crude oil and natural gas . . 147 147 148 148 149 147 148 (51 148 148 148 150 r151 M49 150 Oil and gas extraction 145 147 148 148 149 147 147 150 147 147 148 152 r151 r149 150 Crude oil 135 135 137 137 138 136 136 H9 135 134 135 139 139 r138 139 Gas and gas liquids 210 228 226 229 230 226 234 231 238 159 145 145 143 144 144 147 152 148 i54 144 136 145 143 142 146 163 167 167 757 76*2 160 163 168 772 765 767 759 r157 769 Metal mining. 107 133 133 130 133 127 121 131 147 150 146 146 127 ni9 138 Stone and earth minerals 188 194 201 205 202 197 201 195 188 193 185 186 192 rl97 201 Utilities Electric 270 289 289 291 296 297 293 291 290 293 294 292 297 307 Gas 265 285 289 286 284 281 279 274 277 SUMMARY MARKET GROUPINGS Final products, total . . 162 169 171 170 169 168 168 166 164 162 162 162 166 r168 171 Consumer goods 155 162 165 164 162 161 162 159 158 155 155 156 160 163 167 Equipment, including defense 188 195 196 198 195 195 195 193 191 188 188 188 190 192 193 Materials 157 160 161 161 159 157 156 153 150 148 149 150 156 161 164 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION 969 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Without seasonal adjustment] A av n e n ra u g a e l 1960 1961 Grouping 1959 1960 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June INDUSTRY GROUPINGS Total index. 159 164 166 157 162 164 166 161 154 155 156 158 162 164 168 Manufacturing, total. 158 163 165 155 160 162 755 759 757 757 154 755 160 755 757 Durable 165 169 172 160 160 165 168 162 156 154 155 157 167 172 Nondurable 155 160 162 153 165 164 167 160 149 153 157 158 162 162 166 Mining 125 128 129 124 130 129 129 128 128 128 128 127 127 128 130 Utilities 268 287 Durable Manufactures Primary and fabricated metals. 125 128 127 113 118 120 120 775 705 108 709 772 779 727 730 Primary metals 114 115 114 93 98 99 102 95 86 93 97 99 109 117 119 Iron and steel 107 110 106 87 89 90 93 85 78 85 88 91 101 110 112 Fabricated metal products 142 145 146 143 148 151 148 141 137 130 128 130 135 140 146 Structural metal parts 150 155 157 154 158 159 159 155 152 144 140 141 143 150 157 Machinery and related products . .. 197 205 206 795 188 199 204 207 797 793 795 794 799 207 205 Machinery 169 174 178 168 169 174 170 169 167 167 170 169 172 172 176 Nonelectrical machinery 141 145 149 145 139 141 140 137 138 138 140 140 144 143 145 Electrical machinery 212 222 223 203 216 229 219 220 214 213 217 216 216 217 227 Transportation equipment 228 238 237 220 197 219 244 238 229 216 212 213 225 231 236 Motor vehicles and parts 147 168 174 149 117 145 175 167 157 138 134 132 149 159 167 Aircraft and other equipment. . 390 368 346 359 359 363 369 372 371 374 371 375 371 '368 364 Instruments and related products . 209 221 223 219 223 220 222 222 219 216 212 213 212 215 219 Ordnance and accessories Clay, glass, and lumber 143 139 152 142 148 145 144 752 720 775 727 725 134 141 750 Clay, glass, and stone products. 159 158 168 162 168 163 164 155 144 136 137 145 151 158 166 Lumber and products 125 118 133 117 125 124 122 104 92 97 103 104 115 121 132 Furniture and miscellaneous. 147 153 755 750 75P 755 750 154 148 759 142 143 144 146 753 Furniture and fixtures 164 171 173 169 177 176 176 169 166 156 158 159 160 161 168 Misc. manufactures 133 138 140 133 144 142 147 142 132 125 129 129 129 134 140 Nondurable Manufactures Textile, apparel, and leather products 136 136 136 124 144 129 757 752 114 725 757 757 755 735 735 Textile mill products 126 121 127 112 124 116 121 116 105 112 117 117 123 125 125 Apparel products 153 159 154 143 171 149 162 156 129 146 162 162 161 156 154 Leather and products 119 113 113 103 122 111 114 108 99 111 119 118 114 106 Paper and printing 154 160 757 149 158 163 759 164 755 755 759 755 755 164 755 Paper and products 170 172 176 156 174 174 183 171 152 169 175 178 185 180 186 Printing and publishing 143 152 151 145 148 155 160 159 154 147 148 153 154 153 152 Newspapers 135 141 143 124 126 141 153 154 138 125 130 141 146 146 139 Chemical, petroleum, and rubber products... 215 224 231 218 225 226 227 222 275 279 227 227 r230 232 238 Chemicals and products 240 255 262 248 256 255 258 253 247 250 253 259 268 r269 274 Industrial chemicals 298 320 326 312 317 316 317 320 315 315 322 330 335 i 342 Petroleum products 158 161 167 171 173 171 163 160 162 159 162 157 157 '164 i68 Rubber and plastic products 199 200 207 177 191 196 202 195 176 189 188 176 197 194 Foods, beverages, and tobacco 128 132 135 133 142 146 145 735 124 126 129 rl32 739 Foods and beverages 128 132 134 134 142 147 145 134 127 124 124 125 129 131 139 Food manufactures 131 134 133 135 144 152 150 139 132 129 128 127 129 132 138 Beverages 117 120 144 131 132 123 125 108 105 100 106 116 130 129 Tobacco products 127 130 143 116 139 135 140 133 106 129 134 131 133 136 Mining Coal, oil, and gas 122 122 120 775 727 727 725 124 124 725 725 124 H23 r122 720 Coal 68 67 66 51 68 67 72 66 65 63 64 57 61 ! 64 62 Crude oil and natural gas 147 147 144 143 145 145 146 150 151 153 154 154 151 148 146 Oil and gas extraction 145 147 143 142 144 144 145 149 151 152 154 157 153 ,149 146 Crude oil 135 135 133 132 133 134 133 137 137 138 140 143 141 1137 135 Gas and gas liquids 210 228 212 210 217 217 226 238 250 Oil and gas drilling 159 145 146 147 149 147 148 149 150 157 143 129 137 i 140 143 Metal, stone, and earth minerals 146 163 757 757 183 178 772 757 149 146 144 147 753 r169 790 Metal mining 107 133 164 149 153 \A1 133 119 118 118 120 120 119 137 170 Stone and earth minerals 188 194 210 213 214 210 212 197 182 175 168 175 188 '201 210 Utilities Electric 270 289 279 288 303 304 285 280 294 313 304 298 291 291 265 285 Gas SUMMARY MARKET GROUPINGS 162 169 171 163 168 171 174 167 161 162 164 164 ! 167 167 172 Final products, total 155 162 164 155 163 165 170 162 152 154 157 156 160 i 161 166 Consumer goods 188 195 197 193 191 194 192 190 191 191 191 191 193 ! 193 195 Equipment, including defense 157 160 162 151 157 158 159 155 148 149 150 152 157 ! 161 165 Materials r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
970 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957=100 (Seasonally adjusted] p 1 r 9 o 5 - 7 a A v n e n ra u g a e l 1960 1961 Grouping portion 1959 1960 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total index 100 00 105 108 109 110 108 107 106 105 103 102 102 103 '106 108 110 Manufacturing total 86 49 105 705 770 770 108 707 705 104 702 707 707 702 705 705 770 Durable 49 66 102 104 105 106 104 102 101 98 96 95 94 95 99 103 105 Nondurable . 36.83 110 114 116 116 115 113 113 112 111 112 114 116 118 Mining 8.55 95 97 97 97 98 96 97 98 98 98 97 97 r97 97 98 Utilities 4.96 115 123 124 124 125 126 124 123 123 124 125 125 127 130 131 Durable Manufactures Primary and fabricated metals 13.15 95 95 96 95 93 97 90 55 52 52 52 53 59 96 98 Primary metals 1 73 90 91 88 85 83 80 78 74 69 71 73 74 82 90 9? Iron and steel 6.21 86 88 84 80 76 72 73 68 64 66 69 69 79 86 88 Fabricated metal products 5.42 104 106 108 109 108 106 105 101 101 97 96 96 99 105 107 Structural metal parts . 2.91 101 103 106 107 107 105 104 101 98 97 94 94 96 102 106 Machinery and related products 25 9* 102 705 707 705 /05 705 104 102 700 95 97 97 101 104 106 is.:i 103 106 109 110 107 105 102 102 101 101 101 101 103 104 107 Nonelectrical machinery 8.92 99 102 105 107 103 101 100 98 96 96 96 95 98 99 101 Electrical machinery 6.39 108 112 114 114 113 112 105 107 108 109 108 108 109 112 116 Transportation equipment 10.76 98 102 102 102 101 102 103 97 93 89 88 88 94 99 101 Motor vehicles and parts 5.04 100 115 120 113 114 115 116 103 97 89 86 86 99 108 113 Aircraft and other equipment 5.50 94 89 84 90 88 89 89 90 89 88 88 89 88 90 88 Instruments and related products 1.66 112 119 121 121 122 118 119 119 116 116 113 113 113 116 119 Ordnance and accessories 1.25 Clay, glass, and lumber 4.57 111 709 772 773 709 707 705 703 700 700 700 702 705 707 772 Clay glass and stone p r o d u c t s . .. 2.92 110 110 114 114 112 109 109 107 103 101 100 103 105 107 112 Lumber and products 1.65 113 107 109 111 102 103 100 95 96 100 99 100 106 106 110 Furniture and miscellaneous 2.96 112 775 720 720 775 114 775 7 73 7/0 709 709 7/0 112 775 7/5 Furniture and fixtures 1.48 115 120 123 124 121 118 117 117 114 111 111 112 115 117 120 Misc manufactures 1.48 109 113 117 117 115 109 113 110 107 107 108 107 110 114 117 Nondurable Manufactures Textile, apparel, and leather products 7.32 7/5 7/5 779 //9 7/7 772 772 705 705 107 110 112 773 775 Textile mill products 2.78 113 109 115 113 (11 106 104 101 98 98 102 104 106 109 112 Apparel products 3.44 120 125 127 128 127 122 122 123 119 113 116 120 120 120 123 Leather and products 1.10 106 101 104 103 103 97 101 99 96 97 96 96 100 100 Paper and printing 7.93 /05 //2 772 772 //2 772 773 112 77/ 113 774 775 Paper and products 3.21 111 112 112 112 112 112 112 110 109 111 113 113 117 117 118 Printing and publishing 4.66 105 112 112 113 112 113 114 112 111 110 110 110 111 112 Newspapers 1.53 104 108 109 108 108 107 108 108 106 104 102 104 105 105 106 Chemical, petroleum, and rubber products 10.95 113 7/5 722 122 720 775 777 116 7/5 7/4 113 773 rI/8 722 126 Chemicals and products 7 10 114 121 125 125 124 121 121 120 120 119 118 120 123 127 131 Industrial chemicals 3.61 118 127 132 131 131 127 125 126 125 125 124 127 130 135 Petroleum products 1 93 105 108 11! 115 112 HI 109 108 105 106 106 106 108 111 112 Rubber and plastics products 1.91 114 115 122 117 115 111 110 109 105 103 102 96 110 114 Foods, beverages, and tobacco 10.64 107 709 770 770 /70 770 777 109 7 70 110 7/0 112 r772 773 Foods and beverages 9.87 106 109 109 110 109 HO 111 109 110 110 110 111 111 112 113 Food manufactures 8.31 106 109 109 109 109 109 111 109 110 110 110 111 111 113 113 Beverages 1.56 106 109 110 111 109 110 112 108 109 108 109 111 107 Tobacco products . .77 112 114 115 111 114 114 115 117 115 113 116 116 122 116 Mining Coal oil and gas 7.05 96 95 95 95 96 95 96 97 96 95 95 95 97 96 96 Coal 1.30 82 82 78 78 80 11 81 11 81 78 11 68 11 81 75 Crude oil and natural gas 5.75 99 98 99 99 100 99 99 101 99 99 99 101 101 100 101 Oil and gas extraction 4.98 99 100 101 102 102 101 101 103 101 101 101 104 104 103 103 Crude oil 4.33 98 98 99 100 100 99 99 101 98 98 98 101 101 100 101 Gas and gas liquids .65 106 116 115 116 117 115 118 117 121 Oil and gas drilling .77 93 85 85 84 85 84 86 89 87 90 85 80 85 84 83 Metal stone and earth minerals 1.50 94 705 107 707 107 704 703 704 705 770 705 707 102 '707 705 Metal mining .70 11 96 97 94 96 92 88 95 107 109 106 106 92 r86 100 Stone and earth minerals .80 108 112 116 118 116 114 116 113 109 111 106 107 110 114 116 Utilities Flectric 3.76 115 124 123 '26 127 125 124 124 125 125 125 127 131 Gas 1.20 114 123 124 123 122 121 120 118 119 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION 971 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total index 100.00 105 108 109 no 108 107 106 105 103 102 102 103 106 108 110 Final products total 46.75 707 777 112 772 777 770 777 709 108 707 707 707 709 777 775 C Eq o u n i s p u m m e e n r t go in o c d l s uding defense 3 1 1 5 . . 1 6 3 2 no 1 1 0 1 3 5 1 1 1 0 7 3 1 1 0 1 4 6 1 1 0 1 3 5 1 1 0 1 3 4 1 1 1 0 5 3 1 1 0 1 2 3 1 10 1 1 2 no no 1 9 1 9 1 1 1 1 0 4 0 1 1 1 0 5 1 1 1 1 0 8 2 Materials 53.25 110040 106 106 106 105 104 103 101 99 19080 19080 99 103 106 109 Consumer Goods A utomotive products 3.35 103 777 727 114 775 777 727 772 705 94 90 88 103 108 775 Autos . 2.03 96 117 123 108 114 119 123 109 97 78 73 71 92 101 109 Auto parts and allied products 1.32 113 117 118 122 118 113 118 116 118 118 115 115 120 118 120 Home goods and apparel 9.60 116 777 727 779 777 775 772 772 777 108 709 772 775 776 720 Ho A m p e p l g ia o n o c d e s s TV and radios 4 1 . . 4 7 0 5 1 1 1 1 5 4 1 1 1 1 5 1 1 11 2 8 0 1 1 1 1 7 3 1 1 1 0 4 8 1 10 1 5 2 1 1 1 0 0 3 n 10 o 4 1 10 1 6 0 1 1 0 0 8 6 1 1 0 0 9 9 n 10 o 8 1 11 1 1 4 1 1 1 1 7 6 1 1 2 2 3 2 Appliances 1.26 119 117 121 119 116 no 112 114 116 116 114 113 115 118 122 TV and home radios .49 102 96 109 97 87 93 82 78 82 80 94 95 100 110 126 Furniture and rugs 1.18 119 118 122 118 119 119 115 114 113 109 109 110 116 117 120 Misc home goods 1.47 113 117 122 121 118 114 115 114 112 111 110 112 115 118 122 Apparel incl knit goods and shoes 5.20 116 118 121 121 119 113 114 114 111 108 no 114 116 115 118 Consumer staples 18.18 108 775 114 775 114 114 775 775 114 774 114 774 775 7/7 118 Processed foods 8.11 106 109 110 110 110 no no 109 109 no no 111 in 113 114 Beverages and tobacco 2.32 108 111 112 111 in 112 113 111 111 112 in 111 114 110 D Ne ru w g s s p a s p o e a r p s m an a d g a to zi i n le e t s r ie a s nd books 2 1 . .4 7 4 3 1 11 0 1 6 1 1 1 1 8 4 1 1 2 1 2 3 1 1 2 1 2 6 1 1 2 1 0 5 1 1 1 1 9 6 1 1 2 1 2 5 1 1 1 1 8 6 1 1 1 1 8 6 1 1 1 1 8 7 1 11 1 5 7 1 11 1 4 6 1 1 1 1 9 4 1 1 1 2 6 3 1 1 2 1 6 7 Consumer fuel and lighting 3.45 113 119 120 122 122 121 120 119 119 123 125 122 123 125 Fuel oil and gasoline 1.19 104 106 107 109 108 106 105 105 104 108 112 107 105 105 106 Residential utilities 2.26 117 127 127 129 129 130 128 126 127 131 132 130 132 136 Electricity 1.57 118 128 126 129 131 132 130 130 130 133 133 129 132 136 69 115 Equipment Business equipment 12.16 700 705 705 705 705 705 705 705 702 70/ 101 100 102 705 104 Industrial equipment 7.29 97 102 103 104 103 101 99 100 98 98 98 96 97 99 99 Commercial equipment 2.46 104 118 120 121 121 120 121 119 117 118 118 117 118 120 123 Freight and passenger equipment 1.83 98 101 99 101 95 101 103 99 99 95 91 93 94 95 94 Farm equipment .58 115 91 89 88 83 87 86 88 99 98 103 104 107 104 106 Defense equipment . 3.46 Materials Durable goods materials 27.81 100 702 702 707 100 99 97 94 97 90 89 90 96 707 104 Consumer durable 3.67 101 109 115 no 106 112 103 94 91 88 83 85 93 107 111 Equipment 8.10 103 101 98 102 101 97 98 98 95 95 95 95 98 99 101 Construction 9.05 107 107 no no 109 106 105 102 99 98 97 99 104 107 110 Metal materials n.e c 6.99 89 92 86 86 84 81 79 77 75 77 78 79 86 94 Nondurable materials 25.44 107 770 777 772 777 709 709 709 108 107 108 109 111 772 114 Business supplies 8.87 108 no 111 113 111 no no no no 108 108 108 110 113 Containers 2.91 109 109 108 113 111 108 107 106 109 108 no 112 114 no 114 General business supplies 5.96 107 111 113 113 112 111 111 112 110 109 108 107 110 110 112 Nondurable materials nee 7.05 115 119 123 123 121 117 116 116 115 114 116 118 121 124 128 Business fuel and power 9.52 100 103 103 103 104 102 103 103 102 101 102 102 104 105 105 Mineral fuels 6.29 96 97 97 97 98 96 97 98 97 96 96 96 98 r98 97 Nonresidential utilities 2.70 113 120 121 120 122 122 121 120 120 119 119 121 123 126 Electricity 2.19 113 121 121 121 123 124 122 121 120 119 120 122 124 127 General industrial .99 110 115 117 117 118 117 113 112 113 112 114 117 Commercial and other 1.12 118 127 126 127 130 132 131 130 128 128 128 131 136 138 Gas .51 113 120 .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 no 116 121 116 115 114 115 111 108 102 101 100 109 113 118 Apparel and staples 23.38 no 114 115 116 115 114 115 114 113 113 113 114 115 116 118 r Revised. NNOOTTEE.—.PPuubblilisshheedd ggropugp ings include some series and subtotals not series and subtotals withotu t seaosao naald jaudsjtumsetmnte nat rea rpeu bpluisbhliesdh edin itnh ethe shh own seppyar atelly . DDetialidle d ddesici ripption da nhd ihisilt oridc al data are ialvbalilable monththlyl y B Buis iness IIdnd exes rell ease, ,w hhiihch i is aavaaiilalbablb llee oon rreeqquuesett f froom hthtee iinn IInndduussttrriiaall PPrroodduuccttiioonn1—91599 59 RReevviissiioonn ((ffoorr aannnnoouunncceemmeenntt ooff tthhaatt ppuubb- DDiivviissiioonn ooff AAddmmiinniissttrraattiivvee SSeerrvviicceess , BBooaarrdd ooff GGoovveerrnnoorrss ooff tthhee FFeeddeerraall 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
972 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] p 1 r 9 o 5 - 7 a A v n e n ra u g a e l 1960 1961 Grouping tion 1959 1960 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total index 100.00 105 108 109 103 107 108 110 106 101 102 103 104 107 108 111 Manufacturing total . . .. 86.49 705 705 7/0 703 706 /05 770 106 700 70/ 102 103 rJQJ 108 77/ Durable 49.66 102 104 106 99 98 102 103 100 96 95 96 97 100 103 106 Nondurable 36.83 110 114 116 109 117 117 119 114 106 109 111 112 115 118 Mining . .. . . 8.55 95 97 98 94 98 98 98 97 97 97 97 96 97 98 99 Utilities 4.96 115 123 Durable Manufactures Primary and fabricated metals . . . . .. 13.15 95 95 97 56 90 91 92 56 57 53 53 55 91 97 99 Primary metals 7.73 90 91 89 73 11 78 80 74 68 73 76 78 86 92 93 Iron and steel . .. 6.21 86 88 85 69 72 72 75 68 62 68 71 73 81 88 90 Fabricated metal products 5.42 104 106 107 105 109 110 109 103 101 96 94 96 99 103 107 Structural metal parts 2.91 101 103 105 103 105 106 106 104 101 96 93 94 96 '101 105 Machinery and related products 28.98 702 706 707 707 97 703 105 104 702 100 100 100 103 104 106 Machinery . .. 15.31 103 106 108 102 103 106 104 103 102 102 103 103 105 105 107 Nonelectrical machinery 8.92 99 102 105 102 98 99 98 97 97 97 99 99 101 101 102 Electrical machinery 6.39 108 112 113 103 109 116 111 112 108 108 110 109 109 110 115 Transportation equipment 10.76 98 102 101 94 84 94 104 102 98 93 91 91 96 99 101 Motor vehicles and parts 5.04 100 115 119 102 80 99 120 114 107 94 91 91 102 109 114 Aircraft and other equipment . . 5.50 94 89 83 87 86 88 89 90 89 90 89 90 89 89 88 Instruments and related products 1.66 112 119 120 118 120 119 119 119 118 116 114 114 114 116 118 Ordnance and accessories 1.25 Clay, glass and lumber 4.57 777 709 775 770 7/5 /73 7/2 703 94 92 95 95 104 770 777 Clay glass and stone products ... 2.92 110 110 117 113 116 113 114 108 100 95 95 101 105 110 115 Lumber and products 1.65 113 107 120 106 114 113 110 94 83 88 93 94 104 109 120 Furniture and miscellaneous 2.96 772 776 118 114 727 720 122 7/7 772 106 /05 705 109 77/ 776 Furniture and fixtures 1.48 115 120 121 119 124 123 123 118 117 109 110 111 112 112 118 Misc manufactures ... . . 1.48 109 113 115 109 118 116 121 116 108 102 106 106 106 110 115 Nondurable Manufactures Textile, apparel, and leather products 7.32 775 775 775 705 722 no 776 7/2 97 107 776 116 '7/6 '7/5 114 Textile mill products 2.78 113 109 114 100 111 104 108 104 94 100 105 105 no 113 112 Apparel products 3.44 120 125 121 113 134 117 127 123 102 115 128 128 126 123 Leather and products 1.10 106 101 101 92 108 99 102 96 88 99 106 105 101 94 Paper and printing 7.93 108 772 112 104 114 7 75 775 707 709 111 114 116 r114 776 Paoer and products 3.27 111 112 114 101 113 113 119 111 99 110 114 116 121 117 121 Printing and publishing 4.66 105 111 111 107 109 114 117 117 113 108 109 113 113 113 111 Newspapers 1.53 104 108 no 95 97 108 117 118 105 96 99 108 112 112 106 Chemical, petroleum, and rubber products 10.94 113 775 727 114 7/5 7/5 7/9 7/7 113 7/5 116 116 ''727 722 725 Chemicals and products 7.10 114 121 125 118 122 121 123 121 118 119 121 123 127 128 131 Industrial chemicals 3.61 118 127 130 124 126 125 126 127 125 125 128 131 133 136 Petroleum products 1.93 105 108 111 114 115 114 109 107 108 106 108 105 105 109 112 1.91 114 115 119 101 109 112 116 112 101 108 108 101 '113 111 Poods beverages and tobacco .... 10.64 107 709 772 770 775 /27 /27 /// 104 104 104 104 107 r110 7/6 Foods and beverages 9.87 106 109 111 111 118 122 120 111 105 103 103 104 107 115 Food manufactures 8.31 106 109 108 109 117 124 122 113 107 105 104 103 107 112 Beverages 1.56 106 109 130 119 120 112 113 98 96 91 96 105 117 117 Tobacco products . . • .77 112 114 125 102 122 118 123 117 93 113 118 115 117 120 Mining Coal oil and gas 7.05 96 95 94 90 94 94 96 97 97 95 95 97 r96 95 94 Coal 1.30 82 82 80 63 83 82 88 80 79 76 78 69 75 78 76 Crude oil and natural sas 5.75 99 98 97 96 97 97 98 100 101 103 103 103 r99 98 Oil and gas extraction . . 4.98 99 100 98 97 99 99 99 102 103 104 106 107 105 102 100 Crude oil 4.33 98 98 97 96 97 97 97 100 100 101 102 104 102 100 98 Gas and gas liquids ... .65 106 116 108 107 110 110 115 121 127 Oil and gas drilling ... .77 93 85 86 86 88 86 87 88 88 92 84 76 82 84 Metal, stone, and earth minerals 7.50 94 705 720 776 7/7 114 110 101 96 94 92 94 95 '705 722 M^etal mining .70 77 96 119 108 111 107 97 86 86 85 87 87 r86 r99 123 Stone and earth minerals .80 108 112 121 123 123 121 122 114 105 101 97 101 108 116 121 Utilities Electric 3.76 115 124 119 123 129 130 122 126 134 130 127 124 124 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 973 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] Grouping p p 19 r o o 5 r - - 7 a A v n e n ra u g a e l tion 1959 196C June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.' Apr. May June Total index. 100.00 105 108 109 103 107 108 110 106 101 102 103 104 107 108 111 Final products, total 46.75 107 HI 112 107 HI 112 114 110 106 106 108 707 770 770 775 Consumer goods 31.13 110 115 116 110 115 117 121 115 108 109 111 111 113 114 118 Equipment, including defense. 15.62 100 103 104 102 101 102 101 100 101 101 101 101 102 102 103 Materials 53.25 104 106 107 100 104 105 105 102 98 98 99 101 104 '107 109 Consumer Goods A utomotive products 3.55 103 117 125 103 83 98 129 120 110 98 96 94 108 772 775 Autos 2.03 96 117 127 94 60 84 134 123 108 86 83 81 102 107 116 Auto parts and allied products. 1.32 113 117 121 116 117 120 121 114 112 117 116 115 119 119 122 Home goods and apparel 9.60 116 117 117 107 120 115 119 114 101 106 116 775 116 r115 777 Home goods 4.40 115 115 118 105 111 118 118 114 107 103 110 112 114 114 118 Appliances, TV, and radios 1.75 114 111 116 95 97 112 109 108 98 98 112 112 115 114 119 Appliances 1.26 119 117 126 107 96 110 107 111 107 106 120 122 127 122 ! 124 TV and home radios .49 102 96 92 63 98 117 114 99 77 80 94 86 84 96 106 Furniture and rugs 1.18 119 118 117 112 121 122 122 116 116 108 111 112 114 115 Misc. home goods 1.47 113 117 120 112 120 123 125 121 110 104 108 111 114 120 Apparel, incl. knit goods and shoes... 5.20 116 118 117 109 127 112 120 114 97 109 120 119 118 115 116 Consumer staples 18.18 108 113 114 113 119 122 120 114 HI 112 112 777 775 114 118 Processed foods 8.11 106 109 108 110 118 124 122 112 107 104 103 103 104 107 1 112 Beverages and tobacco 2.32 108 111 129 113 121 114 116 104 95 98 104 108 117 118 Drugs, soap, and toiletries 2.73 111 118 120 114 122 121 125 120 117 118 118 117 122 122 125 Newspapers, magazines, and books. 1.44 106 114 111 113 116 118 117 116 116 116 115 115 114 '115 116 Consumer fuel and lighting 3.45 113 119 115 118 121 122 115 115 123 134 132 125 121 119 F R u e e s l i d o e i n l t a ia n l d u g ti a li s t o ie li s ne 2 1 . .1 2 9 6 1 11 0 7 4 1 10 2 6 7 106 108 110 108 104 105 108 112 113 105 100 103 I 105 Electricity 1.57 118 128 116 122 128 130 121 122 136 154 149 138 132 I 125 Gas .69 115 125 Equipment Business equipment 12.16 100 105 107 104 103 104 103 101 102 102 702 102 705 705 705 Industrial equipment 7.29 97 102 104 102 102 102 99 99 99 98 97 96 98 99 100 Commercial equipment 2.46 104 118 119 117 119 121 122 120 120 119 119 118 118 120 123 Freight and passenger equipment. 1.83 98 101 105 101 92 96 99 95 96 94 93 98 99 98 99 Farm equipment .58 115 91 91 79 75 78 85 78 95 101 113 119 123 110 108 Defense equipment. 3.46 Materials Durable goods materials. 27.81 100 102 104 96 97 100 99 95 90 90 90 91 96 707 105 Consumer durable 3.67 101 109 109 96 91 108 109 105 98 93 88 88 92 102 104 Equipment 8.10 103 101 98 97 97 97 97 98 97 97 97 97 98 99 101 Construction 9.05 107 107 114 109 112 112 111 103 96 93 93 96 103 108 115 Metal materials n.e.c 6.99 89 92 93 77 81 82 83 77 71 75 79 81 95 97 Nondurable materials 25.44 707 110 111 104 110 110 112 110 106 108 709 777 112 r775 7/5 Business supplies 8.87 108 110 112 104 111 113 116 111 104 106 108 110 114 r112 114 Containers 2.91 109 109 114 106 118 115 115 102 94 102 107 112 116 114 121 General business supplies. 5.96 107 111 112 103 108 112 116 115 109 107 108 110 r113 r112 111 Nondurable materials n.e.c.. 7.05 115 119 121 112 118 116 119 119 112 116 119 120 123 r125 126 Business fuel and power 9.52 100 103 101 99 104 103 103 102 103 103 104 104 103 103 Mineral fuels 6.29 96 97 94 90 95 95 97 98 98 99 100 99 '97 !95 Nonresidential utilities 2.70 113 120 Electricity 2.19 113 121 121 124 131 129 123 118 118 119 117 119 119 124 General industrial .99 110 115 117 112 119 118 116 114 113 112 109 114 112 118 Ga C s ommercial and other. 1. . 1 5 2 1 1 11 1 3 8 1 12 2 7 0 128 136 143 142 130 124 125 127 125 126 128 131 Industrial .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 110 116 121 104 99 110 123 117 108 101 104 104 112 113 118 Apparel and staples 23.38 110 114 115 112 121 119 120 114 108 112 114 113 114 114 118 ' Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production--1959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see the BULLETIN for June 1960, p. 632). Figures for individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
974 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49 = 100, unless otherwise indicated] Construction Manu- Industrial production contracts i facturing3 Prices Nonag- Major market groupings ricul- Depart- Major industry tural Freight ment Y m e o a n r th or Total M t f i u a a n c r n g - - u- gro M u in p i g n i - ngs 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 i e a n s l i - - o A th l e l r m t p o e e l m t o n a y t - l — - 2 p m E l m o en y - t - P ro a l y ls - l c i o n a a g r d s - - v ( s s r a t a e o l l t u r e a e e s i ) l 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 1960 D164 pt63 "128 ^287 "169 "162 *195 "160 117 112 120.9 99.1 170.2 78 145 126.5 119.6 1960—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 165 161 129 293 169 162 195 159 132 117 121.3 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 ni9.9 Feb 155 152 128 291 162 155 188 149 80 86 118.8 92.5 157.1 73 145 127.5 M20.0 Mar . 156 153 127 291 162 156 188 150 126 113 118.7 92.6 158.2 72 146 127.5 H19.9 Anr 160 158 M28 296 166 160 190 156 134 116 119.4 93.8 160,3 74 148 127.5 M19.4 May 164 163 128 304 '168 163 192 161 143 122 120.1 '95.6 r164.8 76 144 127.4 '118.7 J Ju u l n y e 1 1 6 7 8 1 1 1 6 6 6 9 1 1 2 3 9 0 3 30 0 8 4 1 1 7 7 1 4 1 16 6 8 7 1 1 9 9 3 7 1 16 6 8 4 143 128 P\ 1 2 2 \ 1.0 5 P 9 9 6 7 . . 5 0^ 1 1 7 6 0 9 . . 8 8 7 7 4 1 P e1 1 5 4 1 9 127.6 1 1 1 1 8 8 . . 2 6 • Estimated. * Preliminary. r Revised. were: residential, 271; all other, 266. A description of the old index, Adj. = adjusted for seasonal variation. Unadj. = without seasonal including seasonal adjustments, may be obtained from the Division of adjustment. Research and Statistics. • See note 1. 2 Employees only, excluding personnel in the armed forces. 1 Indexes beginning with 1956 are based on data for 48 States from 3 Production workers only. F W. Dodge Corporation, 1957 = 100. Figures for earlier years are NOTE.—Indexes for employment (excluding Alaska and Hawaii), 3-month moving averages, based on value data for 37 States east of payrolls, and prices are compiled by the Bureau of Labor Statistics. the Rocky Mountains, 1947-49= 100; the data for 1956 on this basis CONSTRUCTION CONTRACTS [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Annual totails 1960 1961 Type of ownership and type of construction 1959 1960 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total construction . .... 36,269 36,318 3,472 3,597 3,295 3,119 3,319 2,886 2,718 2,485 2,235 3,166 3,298 3,501 3,602 By type of ownership: Public 11,068 1?.587 1737 1,413 1,018 995 1.125 1,071 1?,18 838 732 1090 1,170 P7 1,235 Private 25,201 73731 ? ?36 2,184 2,277 2,124 2,194 1,815 1,500 1,647 1,504 ? 075 ? 178 ? 374 2 367 By type of construction: Residential 17,150 15 105 1483 1,329 1,433 1,277 1,390 1,253 878 974 870 1,371 ,454 1.55^ Nonresidential 11 387 1?,?40 1,110 1,152 1,177 1,124 1,165 916 994 813 804 0^7 1050 1,105 Public works and utilities 7,732 8,973 879 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 975 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates.l Monthly data at seasonally adjusted annual rates. In millions of dollars] Private Public Year or month Total Total d N f e r a e n o r s t m n i i - - al Total In tr d i u a B l s- usine m C s e s o r m cia - l P u u ti b li l t i y c O n d r t e t o e i h s a n n i e l - - - r M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r o A th l e l r 1952 34,670 23,889 12,842 7,500 2,320 1,137 4,043 3,547 10,781 ,387 2,679 790 5,925 1953 37,019 25,783 13,777 8,495 2.229 1,791 4,475 3,511 11,236 ,290 3,015 883 6,048 1954 '39,234 r27,556 15,379 '8,403 2; 030 2,212 '4,161 3,774 11,678 ,003 3,680 982 6,013 1955 44,164 32,440 18,705 9.980 2,399 3.218 4,363 3,755 11,724 ,287 3,861 .085 5,491 1956 '45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 '12,748 ,360 '4,431 ,275 5,682 1957 '47,845 r33,766 17,019 12,535 3,557 3,564 5,414 '4,212 '14,079 ,287 '4.954 ,344 6,494 1958 '48,950 r33,493 18,047 '11,058 2,382 3,589 '5,087 '4,388 '15,457 ,402 '5,545 ,387 7,123 19592*- 56,555 40,344 24.962 11,044 2,106 3,930 5,008 4,338 16,211 ,488 5,870 ,467 7,386 I960' 55,556 39,603 22,546 12,354 2,851 4,180 5,323 4,703 15,953 ,386 5,464 ,487 7.616 I960—July' 55,750 39,487 22,748 12,067 2,839 3,976 5,252 4,672 16,263 .340 5,524 .462 7.937 Aug.' 55.837 39,474 22,448 12,323 2,880 4,033 5,410 4,703 16,363 .444 5,724 .451 7.744 Sept.' 55,599 39.316 22,102 12,510 2,958 4,134 5.418 4.704 16,283 .340 5.602 .452 7,88^ Oct.' 55,552 39.200 21.834 12.633 3,010 4,262 5,361 4,733 16,352 ,490 5 427 .458 7.977 Nov.' 56.079 39,624 22,016 12,855 3.025 4.378 5.452 4,753 16.455 ,678 5.243 .454 8.080 Dec.' 56,650 39,639 21,91b 13,002 3.025 4,519 5,458 4,721 17,011 ,531 5,953 .477 8,050 1951—Jan.'.. . 56.018 38,575 20.649 11,209 3.053 4,848 5.308 4,717 17,443 .284 6.470 ,530 8.159 Feb.'. . 55,717 37,962 20,016 13.197 2,992 4.821 5.384 4.749 17,755 ,942 5,934 ,549 8.330 Mar.'. . 55.794 38.511 20,508 13.098 2,957 4,743 5.398 4,905 17,283 ,764 5,662 ,569 8,288 Apr.'. . 55.883 39,365 21.421 12,880 2,921 4,635 5,323 5,064 16.518 ,651 5,060 ,601 8.205 MayP. . 55.892 39,606 21,631 12,747 2.849 4.515 5,383 5,228 16.286 ,507 4,983 .606 8,193 57,771 40,670 22.595 12.642 2.750 4.510 5.382 ,433 17,101 ,344 5,804 ,594 8.359 July? 58,683 41,165 23,080 12.649 2,672 4,578 5,399 5,436 17,518 .615 5,994 .571 8.338 p Preliminary. ' Revised. 1961 by the Census Bureau in the annual series only. 1 Data for 1952-58 are joint estimates of ths Departments of Commerce 2 Beginning with 1959, series includes Alaska and Hawaii. and Labor, with a few minor revisions for 1952 and for 1956-58 addsd in NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, and Veterans Administration. In thousands of units] Seasonally adjusted Nonannual rate Metro- Year or month (private only) Total p a o re li a ta s n l p a o re li a t s a n 1 Total Nonfarm 1952 ,127 795 332 1953 1,104 804 300 1954 1,220 897 324 1955 ,329 976 353 1956 1,118 780 338 1957 . .. ,042 700 342 1958 ,209 827 382 1959 1,379 946 432 I9593 1,554 1,077 All 1960 . . . . .296 '889 '407 I960—June ,279 ,264 '128 84 44 July r ,227 r1,209 '118 83 36 Aug 355 335 '135 85 50 Sept ,089 ,067 '103 69 34 Oct ; 273 \ 237 '113 78 35 Nov ,220 r ,206 '95 66 Dec '996 '987 '71 50 1961—Jan r ,127 r ,098 '73 51 Feb 169 115 '81 56 Mar r ,296 r1,262 '110 79 Apr ,166 ,143 '115 80 May ,295 V ,272 ^131 89 June V ,374 V ,347 ^137 94 ot ot ot or Private Gov M er e n m m o e r n a t n -u d n u d m e r i w te r m itt : en 2 Public Total family fam 2- ily f M am ul i t l i y - Total FHA VA ,069 939 46 84 59 421 280 141 ,068 933 42 94 36 409 252 157 ,202 1,077 34 90 19 581 276 307 ,310 1,190 33 87 19 670 277 393 ,094 981 31 82 24 465 195 271 993 840 33 120 49 322 193 128 ,142 933 39 170 68 439 337 102 ,343 1,079 49 215 36 458 349 109 ,517 1,234 56 227 37 458 349 109 .252 '995 '44 '214 '44 336 261 75 '123 101 4 18 5 34 26 8 '114 92 4 18 4 31 24 7 '130 105 4 21 5 15 26 8 '97 77 3 17 6 29 22 '110 86 4 21 3 28 23 6 '93 69 3 20 2 26 20 5 '64 46 3 15 7 19 14 5 '70 50 3 17 3 19 14 5 '76 56 4 16 5 18 13 5 31 '105 78 4 23 5 27 20 6 36 '111 84 4 24 4 26 20 6 42 H21 98 4 25 H '32 '24 8 43 n.a. n.a. n.a. ^22 8 n.a. Not available. v Preliminary, ' Revised. the Bureau of Labor Statistics, for which annual totals are given through 1 For new series, based on revised definition of metropolitan areas. 1959. 2 Data from Federal Housing Administration and Veterans' Ad- Most of the revisions shown in this series are accounted for by changes ministration represent units started, based on filed office reports of first in basic data—both public and private—for 1960. In addition, seasonal compliance inspections. factors for total starts series have been revised back to January 1959 by 3 New series, including both farm and nonfarm unless otherwise the Census Bureau. indicated. Not strictly comparable with nonfarm series developed by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
976 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 Employedl Unemploy- Year or month institutional labor Not in the ment population force Total In nonagri- In U pl n o e y m ed - labor force (per r a c t e e nt)2 Total cultural industries agriculture 1954 116 220 67 818 64 468 60 890 54 395 6 495 3 578 48 401 5 6 1955 117,388 68,896 65,848 62 944 56 225 6,718 2 904 48 492 4 4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48 348 4.2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50 666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 I960 125,368 73.126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 I960—July . 125,288 75,215 72,706 68 689 61 805 6,885 4 017 50 074 5.5 Aug 125,499 74,551 72,070 68,282 61,828 6,454 3,788 50 948 5.8 Sept 125,717 73,672 71,155 67,767 61,179 6,588 3,388 52,045 5.7 Oct 125,936 73,592 71,069 67,490 61,244 6,247 3 579 52 344 6.3 Nov 126,222 73,746 71,213 67,182 61,516 5,666 4,031 52,476 6.2 Dec 126,482 73,079 70,549 66,009 61,059 4,950 4,540 53,403 6.8 1961—Jan 126 725 72,361 69,837 64 452 59 818 4,634 5 385 54 364 6.6 Feb 126,918 72,894 70,360 64,655 59,947 4,708 5,705 54,024 6.8 Mar 127,115 73,540 71,011 65,516 60,539 4,977 5,495 53,574 6.9 Apr 127,337 73,216 70,696 65,734 60,734 5,000 4,962 54 121 6.8 May . ... 127,558 74,059 71,546 66,778 61,234 5,544 4,768 53,499 6.9 June 127,768 76 790 74 286 68.706 62,035 6,671 5,580 50,977 6.8 July 127,986 76,153 73,639 68,499 62,046 6,453 5,140 51,833 6.9 1 Includes self-employed, unpaid family, and domestic service workers. force by about 300,000. Most of the increase was in nonagricultural 2 Per cent of civilian labor force. Monthly data are seasonally industries. adjusted. Information relating to persons 14 years of age and over is obtained NOTE.—Inclusion of figures for Alaska and Hawaii beginning with through interviews of households on a sample basis. Monthly data January 1960 increased population by about 500,000 and total labor relate to the calendar week that contains the 12th day; annual data are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal. Year or month Total i M t a u n r u in 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 16,563 111 2 759 4 062 10 846 2 219 5 916 6 914 1956 51,766 16,903 807 2 929 4 161 11,221 2 308 6 160 7*277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 1958 50,543 15,468 721 2,648 3,903 11,141 2,374 6,395 7 893 1959 51,975 16,168 676 2 767 3 902 11,385 2 425 6 525 8 127 I960 52,895 16,336 664 2,771 3,902 11,643 2,485 6,637 8 456 SEASONALLY ADJUSTED 1960 Julv 53,145 16,417 658 2,858 3,910 11,736 2,480 6,682 8,404 Aug .. 53,046 16 265 665 2 835 3 892 11 764 2 499 6 652 8 474 Sept 52,998 16,275 660 2,800 3,879 11,665 2,515 6,665 8^539 Oct 52.809 16,132 656 2 804 3 879 11,668 2 514 6 632 8 524 Nov 52 591 16 030 644 2 783 3 858 11 568 2 512 6 665 8 531 Dec 52,221 15,790 638 2,647 3,821 11,541 2,517 6,679 8 588 1961 Jan 52,232 15,676 629 2,698 3,820 11,634 2,515 6,651 8,609 Feb 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 8j 662 Aor 52,243 15,678 629 2,781 3,763 11,546 2,520 6,646 8,680 May 52,541 15,910 636 2,752 3,776 11 577 2 528 6 653 8 709 June23 52,938 16,047 635 2,844 3,801 11,632 2,529 6,693 8,757 53,160 16,109 635 2,888 3,805 11,679 2,535 6,741 8,768 WITHOUT SEASONAL ADJUSTMENT 1960 July 52,923 16,250 655 3,098 3,939 11,591 2,530 6,715 8,145 Aug 53,062 16,386 672 3,130 3,921 11,592 2,536 6,685 8,140 Sept 53,496 16,505 663 3,069 3,907 11,665 2 515 6 698 8 474 Oct 53,391 16,313 656 3,006 3,889 11,742 2,501 6,698 8.586 Nov 53 133 16 129 647 2 847 3 868 11 842 2 499 6 665 8 636 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 May 52,407 15,726 630 2,799 3,773 11,446 2,528 6,753 8,752 June25 53,116 15,975 638 3,035 3,816 11,559 2,554 6,793 8,746 July2* 52,937 15,948 632 3,131 3,833 11,535 2,586 6,775 8,497 v Preliminary. month. Proprietors, self-employed persons, domestic servants, unpaid * Excludes data for Alaska and Hawaii. family workers, and members of the armed forces are excluded. Back 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 977 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 July May June?3 July? July May Total 12,321 11,819 11,941 11,997 12,145 11,643 11,866 11,828 Durable goods 7,000 6,614 6,706 6,772 6,888 6,595 6,710 6,661 Ordnance and accessories 72 74 75 73 72 74 75 73 Lumber and wood products 594 548 573 576 606 551 593 588 Furniture and fixtures 334 312 318 323 321 304 308 310 Stone, clay, and glass products 455 420 426 431 450 420 428 427 Primary metal industries 933 881 897 919 924 877 897 910 Fabricated metal products 842 792 805 824 817 788 801 799 Machinery except electrical 1,147 1,071 1,071 1,083 1,130 1,082 1,082 1,067 Electrical machinery 881 845 855 875 850 837 846 844 Transportation equipment 1,105 1,059 1,064 1.040 1,105 1,059 1,064 1,040 Instruments and related products 228 213 215 216 223 212 214 212 Miscellaneous manufacturing industries 409 399 407 412 389 391 401 391 Nondurable goods 5,321 5,205 5,235 5,225 5,257 5,048 5,156 5,167 Food and kindred products 1,014 1,019 1,025 1,012 1,064 951 1,008 1,064 Tobacco manufactures 79 73 74 74 69 63 65 64 Textile-mill products 874 827 834 849 848 823 834 824 Apparel and other finished textiles 1,110 1,089 1,091 1,074 1,060 1,035 1,047 1,026 Paper and allied products 449 439 442 441 445 435 442 437 Printing, publishing and allied industries... 574 570 570 575 568 567 570 569 Chemicals and allied products 548 538 544 547 537 535 536 536 Products of petroleum and coal 150 143 144 139 153 144 146 142 Rubber products 198 185 188 194 192 184 188 188 Leather and leather products 325 322 323 320 322 311 321 317 * 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 July May June33 July*3 July May June23 July*3 July May ' Junep | Julyp Total. 91.14 92.66 94.24 94.00 39.8 39.6 40.1 40.0 2.29 2.34 2.35 2.35 Durable goods 97.76 100.50 101.91 101.40 39.9 40.2 40.6 40.4 2.45 2.50 2.51 2.51 Ordnance and accessories 105.20 110.98 1110.43 111.66 40.0 40.8 40.6 40.9 2.63 2.72 2.72 2.73 Lumber and wood products 81.35 83.20 85.03 85.01 39.3 40.0 40.3 40.1 2.07 2.08 2.11 2.12 Furniture and fixtures 74.40 72.56 75.01 75.76 40.0 38.8 39.9 40.3 1.86 1.87 1.88 1.88 Stone, clay, and glass products 93.02 94.83 96.41 96.59 40.8 40.7 41.2 41.1 2.28 2.33 2.34 2.35 Primary metal industries 108.75 114.26 117.09 119.07 38.7 39.4 40.1 40.5 2.81 2.90 2.92 2.94 Fabricated metal products 99.63 101.66 103.16 103.07 40.5 40.5 41.1 40.9 2.46 2.51 2.51 2.52 Machinery except electrical 105.11 107.04 107.57 106.52 40.9 40.7 40.9 40.5 2.57 2.63 2.63 2.63 Electrical machinery 90.39 94.40 95.75 95.44 39.3 40.0 40.4 40.1 2.30 2.36 2.37 2.38 Transportation equipment 110.15 113.40 113.81 113.65 40.2 40.5 40.5 40.3 2.74 2.80 2.81 2.82 Instruments and related products 95.75 97.53 98.90 98.01 40.4 40.3 40.7 40.5 2.37 2.42 2.43 2.42 Miscellaneous manufacturing industries... 76.44 79.00 80.00 79.20 39.4 39.7 40.2 40.0 1.94 1.99 1.99 1.98 Nondurable goods 82.37 83.07 83.92 84.32 39.6 39.0 39.4 39.4 2.08 2.13 2.13 2.14 Food and kindred products 89.60 92.21 92.25 91.35 41.1 40.8 41.0 40.6 2.18 2.26 2.25 2.25 Tobacco manufactures 68.43 72.20 75.43 71.05 37.6 38.2 39.7 38.2 1.82 1.89 1.90 1.86 Textile-mill products 64.31 64.78 65.93 65.44 39.7 39.5 40.2 39.9 1.62 1.64 1.64 1.64 Apparel and other finished textiles 56.42 55.62 56.05 57.40 36.4 35.2 35.7 36.1 1.55 1.58 1.57 1.59 Paper and allied products 97.33 98.75 100.77 100.77 42.5 42.2 42.7 42.7 2.29 2.34 2.36 2.36 Printing, publishing and allied industries. .106.20 107.07 106.97 107.54 38.2 37.7 37.8 38.0 2.78 2.84 2.83 2.83 Chemicals and allied products 106.08 106.14 108.84 109.25 41.6 41.3 41.7 41.7 2.55 2.57 2.61 2.62 Products of petroleum and coal 121.18 123.82 126.16 126.16 41.5 41.0 41.5 41.5 2.92 3.02 3.04 3.04 Rubber products 103.53 101.89 103.60 103.74 40.6 39.8 40.0 39.9 2.55 2.56 2.59 2.60 Leather and leather products 62.98 61.82 63.67 63.79 38.4 36.8 37.9 38.2 1.64 1.68 1.68 1.67 v Preliminary. NOTE.—Data are for production and related workers. Back data are available from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
978 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average=100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i ia l l - - C la le n v d e- m Ri o c n h d - l A an t t - a c C a h g i- o Lo S u t i . s M ap i o n l n is e- E C C i a t n y sas Dallas F c S i r s a a c n n o - SALESi 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 128 148 169 125 137 128 146 159 143 1959 144 126 131 140 139 156 181 133 144 134 155 172 157 1960 145 128 135 140 140 154 182 134 143 '137 155 169 156 SEASONALLY ADJUSTED 1960—June 145 129 '137 144 '137 150 '184 134 '143 '138 154 170 153 July '148 125 135 142 143 157 194 141 144 '137 159 175 159 Aug 144 124 137 136 139 150 178 134 140 '133 151 169 155 Sept 144 126 136 139 140 155 185 132 138 '135 154 166 155 Oct 150 129 140 145 144 163 189 140 149 '139 164 172 160 Nov 142 129 131 136 136 151 179 129 139 '137 157 163 152 Dec 147 128 135 136 142 154 187 137 142 '139 159 171 159 1961—Jan 142 126 129 132 140 146 177 130 145 '134 164 165 154 Feb 145 126 136 143 135 155 181 128 134 '143 156 170 164 Mar 146 135 140 145 144 157 178 127 142 '135 158 168 160 Apr 148 132 140 141 139 156 183 135 142 143 162 111 164 May 144 133 136 138 138 150 175 132 138 139 152 160 153 June P149 136 142 146 143 "157 185 137 ^143 144 *>159 162 162 WITHOUT SEASONAL ADJUSTMENT 1960—June 137 123 '131 134 '129 140 165 129 '133 '134 146 156 '148 July 122 95 101 108 116 130 165 113 119 '110 140 156 142 Aug 132 106 109 114 128 137 170 123 134 '133 154 165 154 Sept 145 131 138 141 140 156 172 136 142 '145 159 159 152 Oct 153 132 147 149 145 170 187 143 152 '153 164 176 156 Nov 171 155 167 178 167 183 206 158 166 '155 181 190 177 Dec 262 249 245 250 254 285 329 238 248 '239 274 293 282 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 '105 114 127 126 Mar 132 116 128 134 130 142 177 116 126 '121 137 155 138 134 120 125 131 126 139 172 123 127 128 147 159 148 May 140 131 132 135 133 149 171 131 140 133 152 160 145 June 129 136 136 134 P146 166 132 33133 139 *>151 149 156 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 1960 165 147 149 164 149 185 228 154 150 153 165 187 178 SEASONALLY ADJUSTED 1960—June M64 148 149 '166 150 187 227 152 152 152 161 192 '179 July 167 149 151 166 160 188 227 155 154 157 165 190 180 Aug 169 153 154 166 157 191 232 158 154 162 165 192 182 Sept 168 152 153 166 154 191 230 160 152 159 171 189 178 Oct 167 152 151 165 151 185 231 159 150 158 173 192 179 Nov 169 151 152 166 163 184 235 158 149 157 173 192 178 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 164 152 150 162 142 187 225 155 152 152 167 178 179 June "164 155 148 166 147 184 227 151 152 151 ?166 180 WITHOUT SEASONAL ADJUSTMENT 1960—June 157 139 140 '155 142 '176 213 149 143 143 '157 179 '174 July 158 135 137 149 147 173 211 152 146 148 158 180 177 Aug 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 V5 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 '152 169 150 190 238 159 154 153 174 186 181 May 165 155 151 165 146 '187 228 158 150 152 168 177 178 June "156 146 139 155 140 173 213 148 143 142 ^163 167 P Preliminary. ' 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 979 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales4 Period m S (t a o f o l o n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) i o m ( s e r O t o n i d a n d n u n e g t t r d - h o s - ) 1 f m c ( e t o R f i o o n p e t r t - t a h s l 2 ) o m ( r N t o d f o o e n e t r w r t a h s l 3 ) Stocks o s O t r i a d n u n e g t d r - s - o S st p o r t i a d o n l u n u c e g t d s - k rs - s ce R i e p - ts Annual average: 1952 397 1,097 435 397 401 2.9 4.1 1.0 1953 406 1,163 421 408 401 3.0 4.1 1.0 1954 409 1,140 388 410 412 3.0 4.0 1.0 1955 437 1,195 446 444 449 2.9 4.0 1.0 1956 454 1,286 470 459 458 3.0 4.1 1.0 1957 459 1,338 461 461 458 3.1 4.1 1.0 1958 462 1,323 437 462 464 3.0 4.1 1.0 1959 488 1,391 510 495 498 3.0 4.1 1.1 1960 492 1,466 517 494 491 3.1 4.3 1.0 Month: 1960—June '455 n,390 '620 r364 '563 3.1 1.4 4.4 0.8 July 373 1,371 678 363 425 3.7 1.8 5.5 1.0 Aug 452 1,463 629 544 495 3.2 1.4 4.6 1.2 Sept 471 1,564 621 572 564 3.3 1.3 4.6 1.2 Oct 520 1,670 581 626 586 3.2 1.1 4.3 1.2 Nov 584 1,735 479 649 547 3.0 0.8 3.8 l.l Dec 932 1,339 331 536 388 1.4 0.4 1.8 0.6 1961—Jan... . 370 1,316 436 347 452 3.6 1.2 4.7 0.9 Feb.... 348 1,368 474 400 438 3.9 1.4 5.3 1.1 Mar.. . 479 1,459 441 570 537 3.0 0.9 4.0 1.2 Apr... 430 1,502 387 473 419 3.5 0.9 4.4 May.. 476 1,475 419 449 481 3.1 0.9 4.0 0.9 June?*. 467 1,389 617 381 579 3.0 1.3 4.3 0.8 v Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1960, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see the department store sales. BULLETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports1 Mer m ch il a it n a d r i y s - e a i e d x p sh o i r p ts m e e x n c ts lu 2 ding Merchandise imports3 Period 1959 1960 1961 1959 1960 1961 1959 1960 1961 Jan 1,401 1,561 1,647 ,287 1,484 1,539 ,154 1,143 1,124 Feb 1,279 1,576 1,672 ,182 1 .497 1,606 ,119 J.289 1,046 Mar 1,459 1,749 1,934 ,378 ,632 1,889 ,295 1,378 1,231 Apr 1,481 1,818 1,706 ,345 ,703 1,647 ,221 ,261 1,042 M^ay I 558 1,804 1,744 ,418 710 1 671 I 264 I 262 1 195 June 1,427 1,737 1,699 ,351 ,637 1,644 1,370 1,307 1,220 July 1,470 1,699 ,356 ,629 1,250 1,150 Aug I 410 1,609 ,313 547 I 188 I 229 Sept 1,487 1,610 ,407 ,557 ,395 1,160 Oct . 1,482 1,744 .399 ,690 1,202 .157 Nov 1 482 1 797 1,380 724 1 283 t 161 Dec 6SS 1,797 1,580 741 467 1,157 Jan -June 8,605 10,245 10,402 7,961 9,663 9,996 7,423 7,640 6,858 1 Exports of domestic and foreign merchandise. 3 General imoorts 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
980 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 . . .. 55.3 41.6 83 6 45 9 1941 62.9 5?.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—June 126.5 120.3 131.3 141.6 124.7 132.3 104.3 137.3 108.9 145.8 156.1 133.2 121.1 132.0 July 126.6 120.6 131.3 141.8 124.8 132.9 104.1 137.4 109.1 145.9 156.4 133.4 121.6 132.2 126.6 120.1 131.5 141.9 124.9 133.4 103.5 137.6 109.3 146.2 156.7 133.8 121.9 132.4 Sent 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 A 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 127.4 120.7 132.2 141 4 126.2 136.5 103.5 H8.7 109.6 146.6 160.4 133.8 123.9 133.1 June .. 127.6 120.9 132.4 143.5 126.3 135.6 103.9 138.9 109.6 147.7 160.9 133.9 123.5 133.1 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49 = 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - F p u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t d e - d e s - l - l H s e p u k a a r i n c i o t d n h t d d e s s e - s , r , r p p e u F a a l o r c u a n n o w t t e d d d s e l e , - d r C a p i u a l c h r l n c o a i e e t d l d m s s d - - p R u a b r u n c o e b t d d r s - - L p w u a b u r n c e o m o t d r o s d - d - p p a P u a l a r l u n c o p ie l t d d e p s d - r,M p m u a r e e n c o t t t d d a a s l - l s p c m u M e a t r h i r n c o v i o y a t n d d e - s - - - h F d o h t o b a u u t u o n h l u r r e r l d s e n a e d s e r - i- - p N t m u m e a r o r c l o i e l a n t n i d - s l c - - - b e b p o b r u T a a r a e t n c o c o t g v t l d c d - e s e - o - s d n c M e el o i l s u a - - s 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97 S 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102 5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 89.6 1958 119.2 94.9 110.9 126.0 93.5 100.6 112.7 110.4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1959 119.5 89.1 107.0 128.2 95.0 114.3 112.7 109.9 144.5 125.8 132.2 153.6 153.0 123.4 137.7 131.4 94.5 I960 119.6 88.8 107.7 128.3 96.1 110.3 113.8 110.2 144.7 121.3 133.2 153.8 153.4 123.1 138.0 131.8 92.1 I960 June . . 119.5 89.0 107.6 128.2 96.3 110.3 112.3 110.2 146.7 122.4 133.5 153.8 153.2 123.0 137.8 131.7 90.9 July 119.7 88.9 108.9 128.2 96.3 110.1 113.8 110.4 146.9 121.5 133.5 153.4 153.3 123.1 137.8 131.8 90.8 Aug . 119.2 86.6 107.8 128.2 96.1 108.7 115.3 110.5 145.3 119.6 133.0 153.6 153.3 122.9 137.8 132.0 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 90.3 Nov 119.6 89.9 109.1 127.9 95.4 108.5 116.1 110.3 143.6 116.9 133.1 152.3 153.0 122.6 137.9 132.0 90.6 Dec 119.5 88.7 109.2 127.9 95.2 108.8 116.2 110.4 141.2 116.5 132.3 152.2 153.1 122.6 137.9 132.1 92.4 1961 Jan 119.9 89.7 109.9 128.1 94.8 108.3 117.2 109.7 139.7 115.7 132.2 152.2 153.5 122.3 138.5 132.1 95.6 Feb 120.0 90.0 110.5 128.1 94.7 108.0 117.7 110.0 139.6 114.7 132.2 152.3 153.4 122.2 138.4 132.1 95.2 M!ar 119 9 89.9 109.6 128.2 94.4 109 5 117.5 110.1 139.9 115.4 131.5 152 4 153 4 122 2 138.6 132 1 96 8 Apr 119.4 88.5 108.7 128.0 94.1 109.9 115.2 110.2 140.1 118.0 131.0 152.7 153.1 122.5 138.6 132.0 97.7 May 118.7 86.8 107.5 127.6 94.0 110.7 113.6 109.9 140.2 117.6 126.1 153.0 153.1 122.4 138.5 132.1 99.5 June 118.2 85.1 106.7 127.4 93.7 110.3 114.3 109.3 139.6 117.8 126.5 153.1 153.2 122.4 138.5 132.1 95.9 NOTE.—Indexes for January through June 1961 have been calculated indexes are directly comparable with the December 1960 indexes calculated incorporating a revised weighting structure reflecting 1958 values. These with the old weights. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES 981 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1960 1961 1960 Subgroup Subgroup June Apr. May June June Apr. I May June Farm Products: Pulp, Paper and Allied Products—Cont. Fresh and dried produce 109.7 100.2 101.4 103.4 Paperboard 135.9 129.1 128.9 128.9 Grains 77.5 73.8 74.8 74.2 Converted paper and paperboard 130.9 129.7 120.9 121.2 Livestock and poultry 85.1 82.0 78.2 75.4 Building paper and board 145.1 145.3 144.6 144.9 Plant and animal fibers 96.7 93.4 95.2 96.2 Fluid milk 93.3 97.0 95.6 94.7 Metals and Metal Products: Eggs 64.2 66.5 63.3 63.3 Hay and seeds 74.4 96.4 92.1 83.6 Iron and steel 169.9 170.8 170.2 170.3 Other farm products 128.0 129.4 129.5 129.0 Nonferrous metals 138.9 132.4 134.4 134.9 Metal containers 153.9 156.6 156.6 156.6 Processed Foods: Hardware 174.5 175.2 176.3 176.3 Plumbing equipment 131.3 130.9 131.3 132.2 Cereal and bakery products 121.2 123.6 123.6 123.7 Heating equipment 120.0 115.2 115.4 115.4 Meats, poultry, and fish 98.1 94.3 91.8 89.9 Fabricated structural metal products 134.9 132.8 132.4 132.3 Dairy products and ice cream 116.0 119.6 119.2 119.4 Fabricated nonstructural metal Canned, frozen fruits, and vegetables, 106.9 109.0 108.7 products 146.0 150.1 150.0 149.9 Sugar and confectionery 114.3 114^9 115.8 116.4 Packaged beverage materials 145.2 139.1 139.1 139.1 Machinery and Motive Products: Other processed foods 103.9 102.4 102.6 103.1 Agricultural machinery and equip- Textile Products and Apparel: ment 145.9 148.6 148.6 148.8 Construction machinery and equip- Cotton products 94.8 89.9 89.9 89.5 ment 175.3 178.6 178.5 178.2 Wool products 102.1 100.1 100.9 101.1 Metal working machinery 179.7 181.8 181.7 181.5 Synthetic textiles 79.6 75.8 75.4 75.1 General purpose machinery and Silk products 121.6 129.5 131.5 130.8 equipment 166.4 166.3 166.4 166.5 Apparel , 100.8 100.4 100.3 100.4 Miscellaneous machinery 150.2 151.4 151.4 151.3 Other textile products 85.1 93.6 92.8 85.7 Special industry machinery and equipment (Jan. 1961= 100) 100.3 100.4 100.5 Hides, Skins, and Leather Products: Electrical machinery and equipment 153.3 152.5 152.2 152.3 Hides and skins 67.1 68.0 71.0 68.1 Motor vehicles 141.6 140.3 140.3 140.7 Leather 103.0 102.2 104.1 104.1 Transportation equip., R. R. rolling Footwear , 132.5 132.7 132.8 132.8 stock (Jan. 1961 = 100) 100.0 100.0 100.0 Other leather products 106.4 104.3 104.6 104.5 Furniture and Other Household Dura- Fuel and Related Products, and Power: bles: Coal 119.5 119.6 117.4 117.7 Household furniture 124.9 126.3 126.4 126.4 Coke 170.4 170.4 170.4 170.4 Commercial furniture 156.7 155.9 155.9 155.9 Gas fuels (Jan. 1958 = 100) 112.2 118.3 118.7 115.5 Floor covering 130.6 128.6 128.6 128.5 Electric power (Jan. 1958 — 100). . . 101.8 102.5 102.4 102.3 Household appliances 101.7 100.0 99.9 99.9 Crude petroleum and natural gasoline 126.8 127.2 127.2 127.2 Television, radios, phonographs.... 91.4 90.7 89.8 90.0 Petroleum products, refined 113.5 117.9 115.0 117.0 Other household durable goods 157.4 157.8 157.8 157.8 Chemicals and Allied Products: Nonmetallic Mineral Products: Industrial chemicals 124.6 123.2 122.8 122.2 Flat glass 130.2 132.4 132.4 132.0 Prepared paint 128.3 132.4 132.4 132.4 Concrete ingredients 142.1 142.6 142.6 142.6 Paint materials 103.2 103.5 102.2 101.3 Concrete products 131.3 131.3 131.3 131.3 Drugs and Pharmaceuticals '94.3 92.6 92.4 92.4 Structural clay products 161.7 162.1 161.5 161.6 Fats and oils, inedible 47.9 62.1 61.4 53.8 Gypsum products 133.2 134.6 134.6 134.6 Mixed fertilizers 110.2 112.3 112.3 112.3 Prepared asphalt roofing 106.6 114.2 112.9 112.9 Fertilizer materials 108.8 112.3 112.3 112.3 Other nonmetallic minerals 134.6 133.7 133.7 133.7 Other chemicals and products 106.4 105.6 105.8 105.8 Tobacco Products and Bottled Bev- Rubber and Products: erages : Crude rubber 169.6 138.2 140.8 137.4 Cigarettes 134.8 n.a. 134.8 134.8 Tires and tubes 137.0 138.4 138.4 138.4 Cigars 106.5 n.a. 106.5 106.5 Other rubber products 145.6 142.5 141.6 141.6 Other tobacco products 155.7 n.a. 156.4 157.0 Alcoholic beverages 120.6 121.1 121.2 121.2 Lumber and Wood Products: Nonalcoholic beverages 171.1 171.6 171.6 171.6 Lumber 123.1 116.5 117.0 117.0 Miscellaneous: Millwork 136.9 134.8 133.4 134.0 Plywood 95.5 99.1 97.2 97.3 Toys, sporting goods, small arms. . . 118.3 119.0 118.9 118.9 Manufactured animal feeds 67.6 77.5 80.3 75.0 Pulp, Paper, and Allied Products: Notions and accessories 96.4 96.4 96.4 96.4 Jewelry, watches, photo equipment.. 110.2 111.2 111.0 111.0 Woodpulp 121.2 114.4 114.4 114.4 Other miscellaneous 132.6 131.7 131.8 132.2 Wastepaper 82.3 62.1 62.1 65.0 Paper 145.9 145.4 145.4 145.9 n.a. Not available. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
982 NATIONAL PRODUCT AND INCOME GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates 1960 1961 1929 1933 1941 1950 1956 1957 1958 1959 1960 Gross national product 104.4 56.0 125.8 284.6 419.2 442.8 444.5 482.8 504.4 506.4 505.1 504.5 500.8 516.1 Personal consumption expenditures 79.0 46.4 81.9 195.0 269.9 285.2 293.2 314.0 328.9 329.9 329.7 332.3 330.7 336.1 Durable goods. 9.2 3.5 9.7 30.4 38.5 40.4 37.3 43.5 44.3 45.3 43.4 43.8 39.4 42.0 Nondurable goods 37.7 22.3 43.2 99.8 131.4 137.7 141.6 147.3 -•152.4 153.3 152.7 153.1 153.7 154.1 Services 32.1 20.7 29.0 64.9 100.0 107.1 114.3 123.2 132.2 131.2 133.6 135.4 137.5 139.9 Gross private domestic investment 16.2 1.4 18.1 50.0 67.4 66.1 56.6 72.4 72.4 74.6 70.5 65.6 59 68.8 New Construction 8.7 1 6.6\ 24.2 35.5 36.1 35.5 40.2 40.7 40 40.4 40.7 39 41.3 Residential, nonfarm 3.6 .5 3.5 14.1 17.7 17.0 18.0 22.3 21.1 21 21.0 20.5 19 20.6 Other 5.1 1.0 3.1 10.1 17.8 19.0 17.4 17.9 19.6 19 19.4 20.2 20 20.7 Producers' durable equipment 5.9 1.6 6.9 18.9 27.2 28.5 23.1 25.9 27.5 28.6 27.7 26.7 24 24.7 Change in business inventories 1.' -1.6 4.5 6.8 4.7 1.6 -2.0 6.3 4.2 5.4 2.4 -1.9 -4 2.8 Nonfarm only 1.1 -1.4 4.0, 6.0 5.1 .8 -2.9 6.2 4.0 5.1 2.0 -2.2 -4 2.4 Net exports of goods and services .8 .2 1.1 .6 2.9 4.9 1.2 -.7 3.0 2.3 3.0 5.1 3.9 Exports 7.0 2.4 6.0 13.1 23.1 26.2 22.7 23.1 26.7 26.7 26.8 27.6 26.4 Imports 6.3 2.3 4.8 12.5 20.2 21.3 21.5 23.8 23.6 24.4 23.8 22.4 22.5 Government purchases of goods and services. 8.5 8.0 24.8 39.0 79.0 86.5 93.5 97.1 100.1 99.6 101.9 101.6 105.0 107.3 Federal 1.3 2.0 16.9 19.3 45.7 49.7 52.6 53.5 52.9 52.9 54.0\ 55.0 54.7 56.6 National defense r 13.8 14.3 40.4 44.4 44.8 46.2 45.5 45.5 45.4 45.7 47.2 48.8 Other 1.3 2.0 5.2 5.7 5.7 8.3 7.8 8.0 7.9 9.1 7.9 8.0 8.3 Less: Government sales .0 .0 .1 .3 .4 .5 .5 .6 .6 .6 .6 .5 .5 State and local 6.0 7.8 19.7 33.2 36.8 40.8 43.6 47.2 46.8 48.0 48.6 50.3 50.6 7.2 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1; 318.1 400.9 408.6 401.3 428.4 440.8 443.4 440.2 438.4 433.2 445.5 r Revised. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates 1960 1961 1929 1933 1941 1950 1956 1957 1958 1959 1960 2 3 4 1 2 87.8 40.2 104.7 241.9 350.8 366.9 367.4 399.6 417.1 419.2 419.0 416.5 412.2 Compensation of employees 51.1 29.5 64.8 154.2 242.5 255.5 257.1 278.4 293.7 294.6 296.0 294.0 292.6 300.2 Wages and salaries 50.4 29.0 62.1 146.4 227.6 238.5 239.8 258.5 271.3 272.4 273.2 277 3 270 1 277 3 Private .. 45.5 23.9 51.9 124.1 189.6 198.4 196.6 213.2 223.0 224.6 224.2 221.6 219.7 226.0 Military .3 .3 1.9 5.0 9.7 9.6 9.8 9.9 9.9 9.8 9.9 10.0 10.1 4 6 4.9 8.3 17.3 28.4 30.5 r33.5 35.4 38.5 38.0 39.1 39 7 41 2 Supplements to wages and salaries .7 .5 2.7 7.8 14.9 77.0 17.3 20.0 22.4 22.2 22.7 22.7 22.5 22.9 Employer contributions for social insurance . .1 2.0 4.0 6.8 7.8 8.0 9.7 11.5 11.4 11.8 11.5 11.7 .6 .4 .7 3.8 8.1 9.1 9.4 10.3 10.9 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 48.6 48.7 49.0 48.9 49.2 Business and professional 8.8 3.2 10.9 23.5 32.1 32.7 32.5 35.0 36.2 36.4 36.3 36.3 36.0 36.3 Farm 6.0 2.4 6.5 14.0 11.6 11.8 13.5 11.3 12.0 12.3 12.4 12.7 12.9 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 11.5 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 45.9 44.1 42.9 40.0 Profits before tax 9.6 .2 77.0 40.6 44.7 43.2 37.4 46.8 45.0 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 23.0 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 23.3 27.7 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 14.1 14.3 14.2 14.2 Undistributed profits 2.4 -2.4 4.9 13.6 11.3 9.7 6.4 10.3 8.6 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 -.4 .9 .3 .4 19.6 Net interest . . 6.4 5.0 4.5 5.5 11.7 13 4 14.8 16.6 18.4 18.3 18.6 18.9 19.2 r Revised. ment to the Survey of Current Business for 1959) and the Survey of Current NOTE.—For explanation of series ses U. S. Income and Output (a supple- Business, July 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL PRODUCT AND INCOME 983 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Annual totals Quarterly totals at seasonally adjusted annual rates Item 1960 1961 1929 1933 1941 1950 1956 1957 1958 1959 1960 2 3 4 1 2 Gross national product 104.4 56.0 125.8 284.6 419.2 442.8 444.5 482.8 504.4 506.4 505.1 504.5 500.8 516.1 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 34.4 37.4 38.6 40.8 43.1 43.0 43.2 43.7 44.2 45.0 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 35.7 38.2 39.3 42.7 45.6 45.9 45.5 45.9 45.7 46.4 Business transfer payments .6 .7 .5 .8 1.6 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1 8 1 8 Statistical discrepancy .3 .9 .4 -.7 -2.4 -.6 -1.5 -1.7 -2.6 -2.9 -4.0 -2.9 -2.6 Plus: Subsidies less current surplus of government enterprises -.1 .0 .2 .9 1.0 1.1 .4 .5 .6 5 5 1 4 Equals: National income 87.8 40.2 104.7 241.9 350.8 366.9 367.4 399.6 417.1 419.2 419.0 416.5 412.2 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 42.0 41.7 37.2 46.4 45.1 45.9 44.1 42.9 40.0 Contributions for social insurance .2 .3 2.8 6.9 12.6 14.5 14.8 17.6 20.7 20.7 21.1 20.8 21.2 "iV.i Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 17.2 20.1 24.5 25.4 27.3 26.8 27.5 28.8 30.1 31.0 Net interest paid by government 1.0 1.2 1.3 4.8 5.7 6.2 6.2 7.1 7.8 7.8 7.8 7.7 7.5 7.3 Dividends 5.8 2.1 4.5 9.2 12.1 12.6 12.4 13.4 14.1 14.0 14.1 14.3 14.2 14.2 Business transfer payments .6 .7 .5 .8 1.6 1.8 1.8 1.8 1.8 1 8 1 8 1 8 1 8 1 8 Equals: Personal income 85.8 47.2 96.3 228.5 332.9 351.4 360.3 383.3 402.2 403.1 405.1 405.4 404.7 413.2 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.8 40.0 42.6 42.3 46.0 50.4 50.5 50.8 50.5 50.3 51.4 Federal 1.3 .5 2.0 18.2 35.2 37.3 36.6 39.6 43.2 43.3 43.5 43.1 -42.6 43.6 1.4 1.0 1.3 2.6 4.8 5.3 5.7 6.4 7.2 7.2 7.3 7.4 7.7 7.8 State and local 83.1 45.7 93.0 207.7 292.9 308.8 317.9 337.3 351.8 352.7 354.4 354.9 354.3 361.8 Equals: Disposable personal income 79.0 46.4 81.9 195.0 269.9 285.2 293.2 314.0 328.9 329.9 329.7 332.3 330.7 336.1 Less: Personal consumption expenditures.... 4.2 -.6 11.1 12.6 23.0 23.6 24.7 23.4 22.9 22.8 24.6 22.7 23.7 25.8 Equals: Personal saving Addendum: Disposable personal income constant (1954) dollars 134.9 102.1 175.1 231.0 286.9 293.8 296.3 310.6 319.0 320.3 321.0 320.1 r318.4 324.8 r Revised. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] 1960 1961 1959 1960 Itemi June July Aug. Sept Oct. Nov. Dec. Jan. Feb. | Mar. j Apr. May j June** Total personal income 383.3 402.2 404.4 404.7 405.2 405.5 406.4 406.0 404.0 403.6 403.1 407.3J 409.8! 413.2 416.7 Wage and salary disbursements 258.5 271.3 273.2 273.6 273.2 273.0 272.9 271.5 269.6 269.6 259.51 271.1\ 274.6< 277.2 280.0 Commodity-producing industries. 107.2 110.4 111.7 111.3 110.2 110.0 108.5 108.3 106.2 106.2 105.6 106.5} 109.1; 110.5 112.4 D S G e i o M r s v v tr a e i i c n r b e n u u m f i t a n i e c v d n t e u u t s r i t i n r n d i g e u s s o tr n i l e y s 4 8 6 3 4 5 8 7 . . . . 7 3 2 7 8 7 4 1 0 7 . . . 8 7 4 8 4 4 7 8 0 8 2 . . . . 6 9 0 6 4 4 8 7 8 1 8 2 . . . . 0 1 6 6 4 7 4 8 9 2 1 6 . . . . 1 6 2 9 4 8 7 4 9 2 1 6 . . . . 4 3 3 7 4 8 7 4 6 9 2 1 . . . . 3 6 4 4 8 7 4 4 5 9 1 2 . . . . 4 7 5 0 8 7 4 4 4 1 9 1 . . . . 0 8 8 7 4 8 7 5 1 1 3 0 . . . . 6 8 0 8 8 7 4 5 3 1 1 0 . . . . 5 8 7 4 8 7 4 5 4 2 0 1 . . . . n 7 1 8 1 1 ! 8 7 4 5 6 2 1 2 .1 . . . 3 0 3 \ ! ! | 8 7 4 5 7 2 2 1 . . . . 6 9 5 3 4 8 7 5 8 2 3 1 . . . . 9 8 3 6 Other labor income.. . 10.3 10.9 10.8 10.9 10.9 10.9 11.1 11.2 11.3 11.0 10.7 10.6! 10.7 10.8i 11.0 Proprietors' income 46.3 48.2 49.0 48.7 48.8 48.7 48.9 49.2 48.9 48.9 48.7 49.0\ 49.01 49.1 49.4 Business and professional. 35.0 36.2 36.4 36.3 36.3 36.3 36.4 36.4 36.0 36.0 35.8 36.0 36.li 36.3 36.4 Farm 11.3 12.0 12.7 12.3 12.4 12.4 12.5 12.8 12.8 12.8 12.9 13.0| 12.9J 12.9 13.0 Rental income 11.9 11.7 11.7 11.7 11.7 11.7 11.7 11.7 11.6 11.6 11.5 11.41 11.5 11.5 11.5 Dividends 13.4 14.1 14.0 14.0 14.1 14.3 14.4 14.4 14.1 14.2 14.2 14.21 14.2 14.2 14.2 Personal interest income.. . . 23.6 26.2 26.2 26.3 26.4 26.6 26.6 26.7 26.7 26.8 26.8 26.8J 26. 27.0 27.1 Transfer payments 27.2 29. 28.7 28.8 29.3 29.8 30.2 30.7 31.0 31.1 31.1 33.7; 32.5! 33.0 33.1 Less: Personal contributions for social insurance 7.9 9.3 9.3 9.3 9.3 9.4 9.3 9.3 9.2 9.6 9.4 9.6; 9.6| 9.7J 9.7 Nonagricultural inconip . 368.1 386.2 387.6 388.3 388.7 389.0 389.8 389.1 386.8 386.2 ! I i 390.41 392.9! 396.4: 399.6 Agricultural income 15.3 16.1 16.8 16.4 16.5 16.5 16.6 16.9 16.8 16.9 16.9 16.9| 16.8| 171 Preliminary, NOTE.—For explanation of series see U. S. Income and Output (a supplei Monthly data are seasonally adjusted totals at annual rates. ment to the Survey of Current Business for 1959) and the Survey of Current Business, July 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 1. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR FIRST QUARTER, GO [In billions of dollars] Sector C an o s p n d e r s c o u n t f o i m o t r n e - r Farm N 1 onfinanc c i o a r l N p b o o u r n a s - t i e n e l ss sectors Government sectors2 C b o a m n m ki e n r g ci 3 al Sav F in in g a s ncial s I e n c s t u or ra s nce5 F n i . n e a . n c. c 6 e R s w e e s o c t t r - o l o d r f- se A ct H ors a c D n re c is p y - - 7 s i N n a a v v n a e i d t n l s . g tment Transaction category A Gross saving2,9 18.6 .6 2.7 1.3 -.1 27.7 113.! 28.5 B Capital consumption^ 11. 1.0 2.2 21.4 21.4 C Net saving (A-B)... 6.8 A -.1 6.3 7.2 D Gross investment (E+J)2 17.7 2.7 1.3 -1.5 .7 24.5 -.7 24.6 D E Privvaattee ccaapp ital exppenditures (net of sales)13 13.6 1.1 2.4 6.5 23.8 23.8 F Consumer durable goods. . . 8.9 8.9 G Nonfarm resident, constr.1-*. 4.0 4.0 4.0 H Plant and equipment .7 1.0 6.1 10.1 10.1 I Change in inventories15 .1 .3 .4 .8 J Net financial invest. (K - L)... 4.2 -.5 .3 -3.3 1.3 -1.5 .1 .1 .7 -.7 K Net acquis. of finan. assets 5.9 -.4 -2.3 -1.5 .7 -5.1 2.2 2.4 1.4 L Net increase in liab.17 1.7 1.0 2.2 -5.; 2.1 2.0 -.5 1.4 1.6 .6 M Gold and Treas. currency18 -.4 -.4 M N Dem. dep. and currency ^ . -1.6 -3.2 -1.7 -.5 -8.2 -.1 -.1 -8.2 -1.0 * N O Fixed-value redeem, claims.. 4.4 .9 .3 2.9 2.7 5.6 5.6 * O P Time deposits2^ 2.3 2.9 .7 3.5 3.5 * P Q Savings shares21 2.0 2.0 2.0 2.0 Q R U. S. savings bonds22 .1 .1 .1 R S Saving through life insur.23 . 1.0 .9 1.0 1.0 S T Saving through pen. funds24. 1.7 .5 1.1 1.7 1.7 T U Credit and equity mkt. instr., 1.7 -2.2 -1.5 2.3 -2.9 1.6 -4.8 2.7 2.2 -.6 .5 .5 .5 U w V S F t e a d te e r a a n l d o l b o l c ig a a l t o io b n li s g 2 a 5 tions. -!i 2 -.3 .1 -3.1 L6 -3.2 .7 . . 5 1 -3 1 . . 1 6 -3 1 . . 1 6 * W V X Y z C C 1 o o - r r t p p o . o 4 r a - a n f t a d e m f s o i t l o r y e c i k m gn o r b t o ga n g d e s s .. .. .4 7 3.0 -.3 -.3 . . 4 7 .1 1.7 . . . 3 4 5 2 1. . . 2 3 8 2 1 . . . 3 2 8 .1 X Y Other mortgages .3 .2 .2 1.2 1.2 Consumer credit -2.1 .5 -2.l| -2.1 Security credit26 .3 -1.1 - 8 -.4 -.4 Bank loans n.e.c.2? .3 -2.4 -2.5 -.1 -1.1 -2.5 -2.5 -.1 Other loans28 .2 .2 .4 -.5 .5 1.6 1.6 .5 f Trade credit 292.5 1.2 -1.3 1.6 g Proprietors' net invest, in noncorporate business1... -1.2 -1.0 -1.2 -1.2 h Misc. financial trans.3o .7 .6 i Sector discrepancies (A —D)31. 2.1 -.3 3.9 * Less than $50 million. p Preliminary. In Tables 3-4, figures for 1959 have been adjusted to eliminate the effect of certain structural changes, NOTE.—U= uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions in order to reflect only transaction flows. Structural changes are (1) the shift of banks in Alaska and of assets; financial sources of funds, net changes in liabilities. Hawaii from the finance n.e.c. sector to the commercial banking sector (2) and the shift of a large mutual For discussion of saving and investment concepts see pp. 831-43 of the BULLETIN for August 1959. savings bank to the commercial banking sector resulting from a bank merger early in 1959. The adjust- Descriptions of sectors and of transaction categories are given in notes to tables and in "Technical Notes," ments apply to the first three quarters and to the annual totals for 1959. pp. 846-59 of the BULLETIN for August 1959. Details may not add to totals because of rounding. For other notes see pp. 985 and 987. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 985 TABLE 2. SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transa o c r t io se n c t c o a r tegory, 1959 1960 1961 1956 1957 1958 1959 1960 1 2 3 4 1 2 3 4 \v A Net national saving 2 41.0 37.4 19.2 35.9 36.9 10.8 9.3 9.1 6.7 12.1 11.1 10.1 3.6 7.2 A B C C Fa o r n m su m an e d r n a o n n d c n o o rp n . p r b o u fi s t iness32.. . 29.4* 28.6 * 26.4 * 30.2* 2 - 7 .1 .8 8 .6 1 -3 7 . . 0 8 -1 8 . 5 4 5 3 .9 8 -1 8 . 2 1 - 5 .1 7 - 8 .7 4 2 5. . 7 0 6. . 8 1 B C D Corporate nonfinancial business. . 5.9 5.3 3.1 11.4 6.1 1.3 4.1 3.2 2.9 .2 1.4 2.6 2.0 -1.0 D E Federal Government2 5.9 3.6 -8.2 -5.0 3.8 .7 1.3 -2.0 -5.0 4.0 4.7 -.6 -4.3 1.3 E F State and local government2 -3.0 -3.6 -4.9 -4.1 -5.0 -.8 -1.6 -.8 -.8 -.6 -1.2 -1.6 -1.6 -1.1 F G Financial sectors 2.9 3.5 2.8 3.5 4.2 1.0 .6 1.9 1.7 .6 1.9 * 1.1 G H Canital consurriDtion ^ - 67.4 73.2 75.6 79.4 83.5 19.4 19.8 20.0 20.3 20.5 20.7 21.0 21.3 21.4 H I Consumer and nonprofit 36.9 40.0 41.6 43.5 45.7 10.7 10.8 10.9 11.1 11.2 11.3 11.5 11.7 11.8 I J Consumer durable goods 33.0 35.8 37.0 38.6 40.4 9.5 9.6 9.7 9.8 9.9 10.0 10.2 10.3 10.4 J K Owner-occupied homes 3.3 3.7 4.0 4.3 4.6 1.0 1.1 1.1 1.1 1 1 1 2 1 2 1 2 K L Plant and equip, (nonprofit).. . . .5 .6 .6 .6 .7 2 .2 2 2 2 2 2 2 2 L M Farm business 3.7 3.9 4.0 4.2 4.1 1.0 1.0 1.1 1.1 1.0 1.0 1.0 1.0 M N Noncorp. nonfinan. business 7.5 8.1 8.0 8.3 8.6 2.0 2.1 2.1 2.1 2.'l 2.2 2.2 2.2 2.2 N O Corporate nonfinancial business. . 19.1 21.0 21.9 23.2 24.7 5.6 5.8 5.8 6.0 6.0 6.2 6.2 6.3 6.3 O 108.4 110.6 94.8 115.4 120.4 30.2 29.1 29.1 27.1 32.6 31.8 31.0 24.9 28.5 P Q Consumer and nonprofit 66.2 68.6 68.0 73.7 73.5 18.8 18.7 19.4 16.9 19.3 17.0 20.0 17.3 18.6 Q R Farm and noncorp. business 11.3 12.0 11.9 12.4 12.7 3.6 1.6 7.0 1.9 3.1 2.5 5.2 3.3 R S Corporate nonfinancial business. . 25.0 26.3 24.9 34.6 30.8 6.8 9^9 9.0 9.0 6.2 7.5 8.8 8.3 5.3 S T Federal Government2 5.9 3.6 -8.2 -5.0 3.8 .7 1.3 -2.0 -5.0 4.0 4.7 -.6 -4.3 1.3 T U State and local government2 -3.0 -3.6 -4.9 -4.1 -5.0 -.8 -1.6 -.8 -.8 -.6 — 12 -1.6 -1.6 -1.1 U V Financial sectors 3.0 3.7 3.0 3.7 4.5 1.1 .7 2.0 -.1 1.8 \l 2.0 * 1.1 V W Gross national investment2 107.9 110.6 94.2 114.2 117.6 26.1 30.3 27.3 30.5 29.9 30.0 27.9 29.8 24.6 W X Consumer durable goods 38.5 40.4 37.3 43.5 44.3 9.4 11.2 10.4 12.5 10.1 11.5 10.2 12.6 8.9 X Y Other gross private domestic fixed investment 62.6 64.5 58.6 66.1 68.2 13.9 17.3 17.6 17.4 15.1 17.9 17.7 17.6 14.1 Y Z Consumer and nonprofit 19.0 18.1 18.1 22.1 21.5 5.1 4.9 5.9 6.2 5.3 4.9 5.6 5.7 4.7 Z a Nonfarm residen. constr.14.. . 16.9 15.6 15.3 19.2 18.4 4.4 4.2 5.7 5.4 4.6 4.2 4.7 4.9 4.0 a b Plant and equip, (nonprofit).. . 2.1 2.5 2.7 2.9 3.2 .6 .7 .8 .8 .7 .7 .9 .8 .7 b c Farm business 3.8 4.0 4.4 4.7 4 2 1 1 1 4 1 2 1 0 1 1 1 2 1 l 9 1 0 c d Noncorp. nonfinan. business14. 9.8 9.4 9.0 10.7 10.8 2.1 3.2 2.9 2.4 2.2 3.3 2.8 2.5 2.1 d e Corp. nonfinan. business [ 4. . 29.3 32.3 26.4 27.9 30.8 5.4 7.5 7.4 7.6 6.3 8.4 8.0 8.2 6.1 e Financial sectors 7 8 7 8 8 2 2 2 2 2 2 2 2 2 f g Change in inventories15 4.7 1.6 -2.0 6.3 4.2 3.3 2.3 * .7 4.6 .5 .2 -1.1 • 8 g \ i i N Fa o r n m c o b r u p s . in n e o s n s finan. business. . . 2 A . . 8 2 -.2 .9 . . 1 9 .3 9 1 * 0 .4 * * — 5 * * .1 1 .1 * — .1 6 .1 3 h i j Corp. nonfinan. business 4.9 .6 -2.6 5.3 3.1 2.2 1.8 .1 1.2 31. 23 .4 .1 -.6 .4 j k Net financial investment16 2.1 4.2 .3 -1.7 .8 -.4 -.4 -.8 .1 1 — 1 8 8 k 1 Consumer and nonprofit 11.5 14.0 18.8 11.0 5.7 4.4 1.8 2.6 2.2 2.4 -1.6 3.6 1.3 4.2 1 m Net acquis. offinan. assets. . . 26.8 26.0 30.9 31.6 21.9 7.5 7.9 7.6 8.5 4.4 3.6 7.4 6.5 5.9 m n Net increase in liabilities 15.3 12.0 12.1 20.6 16.2 3.1 6.1 5.0 6.4 2.0 5.2 3.9 5.1 7.7 n o Farm and noncorp. business.. . -2.1 -2.3 -2.1 -4.0 -3.5 - .7 -4.9 -2.5 4.1 -2.7 -1.4 -1.6 2.2 -.2 o p Net acquis. offinan. assets. .. .4 .8 1.1 j y — 5 * — 3 1 _ 5 2 _ ? 3 — 4 n q Net increase in liabilities 2.5 3.1 3.3 3.3 3.3 .2 4.9 2.2 -4.0 2.3 1.6 1.4 -1.9 -'•2 q r Corp. nonfinan. business -13.3 -8.6 -3.6 -3.4 — 7 6 — 3 2 1.6 — 1 7 — 4 0 — 2 4 — 1 1 * -3.3 r s Net acquis. offinan. assets. .. 4.4 4.5 11.3 13.7 3.3 -.2 5.8 3.6 4.4 -2.2 1.1 1.8 2.6 -2.3 s t Net increase in liabilities 17.7 13.1 15.0 17.0 10.9 3.0 4.3 3.7 6.1 1.8 3.6 2.9 2.6 1.0 t u Federal Government 5.9 3.6 -8.2 -5.0 3.8 .7 1.3 -2.0 -5.0 4.0 4.7 -.6 -4.3 1.3 u v Net acquis. offinan. assets. . . 1.6 3.2 1.6 6.3 3.7 .2 4.2 2.6 -.8 - .3 4.2 .7 -1.0 -7.5 v w Net increase in liabilities -4.3 - .4 4:1 11.2 - .1 -.5 2.9 4.7 4.2 -4.3 — .4 1.3 3.3 -2.8 w x State and local governments. . . — 2 2 -3.1 -4.0 -3.4 -1.6 -1.3 -1.4 -.5 -1.0 — 2.2 .3 -1.5 x y Net acquis. offinan. assets. . . 2.6 3.3 3.0 2.6 .6 .9 1.3 1.1 .4 -'.2 1.3 • 7 y z Net increase in liabilities 4.8 6.4 2.5 7.0 6.0 l'.8 1.9 2.3 1.0 1.6 1.4 2.0 1.0 2.2 z aa Financial sectors 2.7 3.0 7.7 4.5 5.8 1.6 .9 2.6 - .5 2.1 1.6 1.9 .1 1.1 aa bb Net acquis. offinan. assets. .. 22.7 24.1 4.5 30.0 34.3 .3 10.4 8.9 10.4 -2.6 12.5 10.0 14.4 -.6 bb cc Net increase in liabilities 20.0 21.1 36.3 25.5 28.5 — 1 2 9.5 6.3 70.9 -4.7 10.9 8.0 14.3 -7.7 cc dd Financial trans, discrep -.2 -2.4 31.8 -1.0 A -1.6 .2 -.2 -1.2 .3 1 1.1 -.7 dd -3.8 ee Discrepancy (P —W)31 .5 * .6 1.1 2.8 4.0 — 1.2 1.8 -3.5 2.7 1 9 3 1 3.9 3.9 ee * Less than $50 million. v Preliminary. for August 1959. For other notes ses below and second page following. NOTE.—Descriptions of sectors and of transaction categories are given Back data available in Flow-of-Funds Supplements. in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN Notes to Tables 1, 2, and 3. 9 For content of sector savins, see Tables 1 and 4 and pp. 833 and 849 1 Net saving of, and consumer investment in, unincorporated business of the BULLETIN for August 1959. discussed on p. 838 of the BULLETIN for August 1959. See note 32, p. 987. 1 o Rest-of-world surplus on current transactions with United States. 2 For govt. sectors, saving is excess of all nonfinancial receipts over all 1 x Discrepancy between total nonfinancial sources and uses of funds nonfinancial outlays; investment, changes in financial assets and liabilities (Line A minus line E in "all sectors" column). only. Govt. current outlays include, and govt. (and national) invest- 12 Depreciation, accidental damage to fixed capital, and capital outlays ment excludes, govt. purchases of tangible assets. charged to current account. Annual data in Table 2 are from Dept. of 3 Consolidated account for monetary authorities (Federal Reserve Commerce national income accounts except for F. R. estimates of de- System, ESF, and Treasury currency accounts) and commercial banks preciation on consumer durable goods. Depreciation on latter item in United States (excluding territories and possessions). and on farm assets at current cost; other depreciation, in general, at 4 Mutual savings banks, savings and loan assns., and credit unions. original cost. Line H in Table 2 includes amounts for financial sectors 5 Life and nonlife insurance companies and private pension plans. not shown separately. 6 Finance companies, open-end investment companies, security brokers 13 Transactions in land excluded from sector investment for statistical and dealers, banks in U. S. territories and possessions, and U. S. agencies reasons. Such transactions, when recorded as capital flows, affect of foreign banks. sector allocation of investment but not the national total. 7 For discussion, see p. 857 of the BULLETIN for August 1959. 14 For consumers, 1- to 4-family dwellings completed and purchases of 8 Totals for domestic sectors; financial entries are net uses plus items additions and alterations. Investment of nonfarm business sectors in discrepancy column. For comparison with national saving and in- includes work in process on 1- to 4-family dwellings and other private vestment in national income accounts of Dept. of Commerce, see p. 842 residential construction. of the BULLETIN for August 1959. For other notes to Tables 1-3 see second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
986 FLOW OF FUNDS/SAVING TABLE 3. SUMMARY OF PRINCIPAL FINANCIAL FLOWS 3 3 [In billions of dollars] Quarterly totals Annual totals Transaction category, or sector 1959 1960 1961 1956 1957 1958 1959 1960 I. Demand deposits and currency A Net increase in commercial bkg. system liability 19 1.7 5.8 1.1 .1 -7.0 2.1 2.1 3.8 -8.8 2.5 1.5[ 4.9 -8.2 B Net increase in assets, by sector 1.7 .7 6.5 1.6 1.0 -5.5 1.9 2.1 3.1 -7.5 2.6 1.8! 4.0! -7.2 C D O Fe th d e e r r a d l o G m o e v s e ti r c n m se e c n to t rs - 1 .2 .7 . . 2 3 6. . 3 1 . . 7 8 . . 9 1 -4 -. . 5 8 1. . 0 7 1. . 5 5 -1 4 . . 2 4 -6.6A - 2 .3 .8 • :i| -1.7J - - 5 1 . . 4 7 E Consumer and nonprofit 1.0 -1.0 2.5 1.0 .3 -1.1 -.6 1.0 1.7 -2.7 -1.0 2A -1.6 F Farm and noncorporate bus.... .1 .7 1.2 -.3 -.2 -.2 -.2 2 -.1 1.9 -.1 H G S C t o a r te p o a r n a d te lo n c o a n l f i g n o a v n e c r ia n l m b e u n s t .1 1.7 .5 -.7 .2 -2 -. . 4 9 1. . 4 1 -.2 .2 \'.S .6 -3.4 * 4 2.0 .8 t -3 -. ^ 5 2 I Financial sectors .3 .1 .6 -.3 * -.3 .6 -.4 '.5 .71 -.1 J Rest of the world .2 .1 * -.1 .2 .1 -.1 -.4 .3! * K Discrepancy (A —B) -1.4 -.7 -.5 -.9 -1.5 .2 -1.3 -.3 .9; -1.0 II. Fixed-value redeemable claims A Net increase, by type.. . . 9.0 10.1 16.2 7.6 14.8 2.3 3.0 1.6 1.6 3.9 3.9 5.4! 5.6 A B Time deposits 3.7 6.8 10.2 2.2 7.0 1.1 1.2 -.1 1.7 2.6| 2.5 3.5 B C Savings shares 5.4 5.2 6.6 7.2 8.1 1.4 2.3 1.2 2.3 2 2.4 1.4 2.81 2.0 C D U.S. savings bonds22. -.1 -1.9 -.5 -1.8 -.3 7 -.5 -.5 -.6 1 .11 .1 D -'.2 E Net increase in liab., by sectoi34.. . 9.0 10.1 16.2 7.6 14.8 2.3 3.0 .7 1.6 3.9 3.9 5.6 F Federal Government -.3 -2.2 -.7 -2.0 -.4 -.2 -.6 -.6 -.6 1.6 2 -.1 G Commercial banking 2.1 5.5 8.0 1.2 5.8 .6 .9 -.1 -.2 2 2 2!9 H Savings institutions 7.3 6.9 8.9 8.4 9.5 1.9 2.6 1.4 2.4 2 2^6 V.8 3.3| 2.7 1.9 I Net increase in assets, by sector3 4. . 9.0 10.1 16.2 7.6 14.8 2.3 3.0 .7 1.6 1.6 3.9 3.9 5:S 5.6 J L K O R C e o th s n t e s r o u f m d o t e h m r e e a w s n t o d ic r l n d s o e ( n c t p i t m o ro r e f s i 3 d t 5 eposits). - 9 .1 .0 9. . 8 4 1 1 3 . . . 7 9 6 - - 9 . . 9 9 .3 1 1 2 . . . 7 8 3 2.2 - 3 .4 .4 * - - 1 . . 7 3 .7 _ 2 .0 7 _ 1 . . 6 2 ? 3. . . 4 3 2 3. • . 2 3 l 5| . .1 7! 4 1 . . 4 2 _ 1 III. Saving through life insurance and pension funds A Net increase, by type 9.5 9.2 10.4 11.7 11.3 2.9 3.2 2.5 3.1 2.8 3.1 2.4 3.0 2.6 B Life insurance 3.8 2.8 3.4 3.7 3.6 .8 1.2 .7 .9 .8 .8 1.0 1.0 1.0 C Pension funds 5.8 6.3 7.0 8.0 7.7 2.1 2.0 1.8 2.2 2.0 2.3 1.4 2.0; 1.7 D Net increase in liab., by sector *, u\ 9.5 9.2 10.4 11.7 11.3 2.9 3.2 2.5 3.1 2.8 3.1 2.4 3.o! 2.6 E Federal Government 1.0 .6 1.0 1.0 1.0 .2 .4 .3 .1 .1 .7 .1 .1! .1 F State and local government 1.4 1.6 1.7 1.9 2.1 .5 .5 .5 .5 .5 .5 .5 .5; .5 G Life insurance companies 4.7 4.2 4.7 5.5 4.7 1.3 1.5 1.1 1.6 1.0 1.0 1.2 1.41 1.2 H Private noninsured pension plans 2.3 2.8 2.9 3.2 3.4 1.0 .5 .9 1.1 .5 1.01 IV. Credit and equity market instruments A Net increase, by type 30.7 36.6 46.2 61.2 39.5 7.0 18.7 18.2 17.3 2.5 12.0 10.3 14.6 .5 B Federal obligations -5.6 1.1 9.0 11.3 -2.2 2.0 5.3 4.0 -4.1 -1.4 1.2 2 2i -3.1 C Short-term direct3 7 7.4 5.5 -1.2 5.5 -5.1 -4.6 4.7 .7 4.7 -7.4 -2.1 5.3 - .Hl .9 D Other -13.0 -4.4 10.2 5.8 2.9 4.6 -2.7 4.6 -.7 3.3 .6 -4.1 3.0 -4.0 E State and local obligations.. . 3.2 4.6 5.7 4.9 3.6 1.3 1.4 1.7 .4 1.0 .7 1.4 .5: F Corporate and foreign bonds. 5.0 7.5 6.8 4.5 5.6 1.0 1.0 1.1 1.5 1.2 1.2 1.3 1.9| G Corporate stock 3.8 4.0 4.2 4.4 3.5 1.2 1.3 .7 1.0 .9 .9 1 .2 H 1- to 4-family mortgages 10. 8.6 10.1 13.2 10.9 2.8 3.8 3.7 i!9 2.3 2.9 3.0 2.6 2.3 I Other mortgages 3.8 3.5 5.2 6.0 4.5 1.2 1.7 1.6 1.5 1.0 1.3 1.2 1 .11 1 ^ J Consumer credit 3.b 2.8 .3 6.4 3.9 -.6 2.5 2.7 -.8 2.4 .6 1.8 -2 T K Security credit -.6 -.3 1.7 .1 .4 -.2 .6 -1.6 .5 .6 -.4 L Bank loans n.e.c 5.8 2.3 1.3 7.5 3.2 -.7 3^8 .3 2.1 - .6 l"4i -2.5 M Other loans .9 2.6 2.0 2.9 5.9 .9 1.2 2.3 1.5 .6 1.5; 1.6 N Funds raised, by sector3 4 31.2 36.9 46.2 61.2 39.4 7.0 18.7 18.2 17.2 2.5 12.0 10.3 14.6 .5 N O Consumer and nonprofit 15.2 11.9 12.0 20.5 16.2 3.1 6.1 5.0 6.3 2.0 5.2 3.8 5.1 1.7 O P Farm business .9 1.1 1.5 1.9 1.1 .7 1.1 .3 — .2 .5 .8 2 -.4 .5 P g Noncorporate nonfinancial bus.. 1.8 1.2 2.2 4.6 3.4 TT 2.6 1.5 \.2 .3 1.3 -A 1.8, Q Corporate nonfinancial business. 13.2 13.1 11.8 11.7 10.6 2^0 3.8 3.0 3.0 2.7 3.0 2.5 2.3 2.3 R Federal Government -5.4 1.0 9.3 10.7 -1.7 _ 2 1.7 5.2 4.1 -4.1 -1.5 1.4 2.5! -2.9 S s State and local government 3.3 4.8 5.9 5.1 3.8 1.5 1.8 .5 1.0 .8 1.5 •5| 1.6 T T U R Fi e n s a t n o c f i a t l h e s e w ct o o r r l s d 1 1 . . 2 0 2 1 . . 4 4 2 1 . . 3 1 5. . 7 9 4 2 . . 1 0 1. . 5 4 2.3 -.3 .3 1. . 7 5 . . 7 4 2. . 0 7 ! | -1.1 U V w Funds advanced, by sector3 4 30.7 36.6 46.2 61.2 39.5 7.0 18.7 18.2 17.2 2.5 12.0 10.3 14.6! .5 W X Y z C C F Fe a o o d r n r m e p s r o u a a r m l a n e t G d e r o n n a v o o n e n d n r c f n i n o m n o r a p e n n n . p c t r b i o a u f l s i i t b n u es s s in . e . s . s . . -3 7 1 . . . 7 . 5 1 3 7 2 . . . . 7 4 1 6 4 1 . . 3 7 1 4 3 5 . . . . 7 5 1 -2 2 2 .1 . . . 3 4 1 - 4 .3 . . . 9 3 7 3 1 1 . . . . 5 2 7 2 1 1 . . 4 0 - - 4 . . 4 2 .0 -\ - '.2 .7 2 -1 - 1 . . 1 8 . . 2 4 -2 ' .0 •"4 ! i- - 1 1 . . 4 . . 5 7 1 X Y Z State and local government 2.3 2.7 1.5 2.9 1.0 .6 .4 1.2 .9 1.3 -.3 .8 Commercial banking system.... 4.8 4.3 17.0 5.6 10.0 -5.4 4.2 3.3 -7. .4 5.1 -4.8 Monetary authorities .3 2.2 .3 .7 -.9 .6 .5 -1.4 5.1 .5 7.5! -.7 Commercial banks 4.5 5! 14.9 5.3 9.3 -4.5 3.6 2.8 3.4 -6.4 1.2 4.5 .4! -4.0 Securities -3.5 1.3 10.4 -7.2 2.4 -4.2 -1.7 - .4 -5.6 3.9 3.7 7.2! -1.6 Savin L g o s a n in s s * t * itutions 8 7 . . 0 4 3 7 . . 8 2 4 9 . . 5 3 1 1 2 0 . . 5 6 9 6. . 9 4 - 2. . 7 3 5 3 . . 3 2 3 3 . . 6 0 3 1 . . 8 7 -. 2 8 .3 3. . 7 3 A 2.2| -2 2 .4 .7 Insurance sector 8.1 8.4 9.0 10.1 10.3 2.5 2.6 2.3 2.6 2.8 2.3 2.7} 1 2 Finance n.e.c 1.6 2.5 2.0 4.6 5.1 .9 .9 .8 2.0 .4 2.4 2.4 1.8! -.6 Rest of the world 1.3 .6 i 3.1 1.1 .2 1.0 1.3 .7 .5 .7 .3j .1 .3 * Less than $50 million. Preliminary. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 987 Notes to Tables /, 2, and 3 (cont.). 2 6 Loans from banks for purchasing or carrying securities and cus- 15 After inventory valuation adjustment. tomer debit and net free credit balances on books of security brokers 16 Financial component of national investment equals net lending to and dealers. rest of world; financial flows among domestic sectors cancel out in national 2 7 Mainly commercial, industrial, and agricultural loans (other than total. (Discrepancies in financial transactions attributed entirely to open market paper and CCC-guaranteed loans); includes loans to foreign domestic transactions.) Differs from U. S. "net foreign investment" banks, loans to individuals (other than consumer credit), and other loans. (net exports minus net unilateral transfers in national income accounts) Gross of valuation reserves. Loans to domestic commercial banks by discrepancy in rest-of-world account, which equals "errors and excluded in consolidated banking statement. omissions" in Dept. of Commerce balance-of-payments statement for 28 Mainly Federal Government loans (other than mortgages), CCCthe United States. guaranteed loans, open market paper, finance company loans to business, 1i "Liabilities" cover equity as well as debt claims. and policy loans on life insurance. !8 For description, see p. 852 of the BULLETIN for August 1959. 2 9 Trade debt net of trade credit. 19 Demand deposit liabilities of banking system are net of F. R. float 30 For coverage, see p. 856 of the BULLETIN for August 1959. See also and cash items in process of collection as reported by commercial banks. notes for this category in individual sector statements in Table 4. Sum of sector holdings (partly on holder-record basis) differs from 31 Saving and investment are equal in concept but may differ statistically liability total mainly because of mail float (checks in transit from drawers because of discrepancies. See p. 857 of the BULLETIN for August 1959. to drawees). See Table 4 (G), lines K-o, for sector allocation of demand 32 Annual figures for farm sector are retained earnings of corporate deposit and currency liability on a net bank-record basis. For further farms; farm and nonfarm unincorporated businesses shown as having discussion, see p. 852 of the BULLETIN for August 1959. zero annual net saving. Quarterly figures for both sectors include 20 At commercial and mutual savings banks and Postal Savings System. seasonal net saving. See p. 838 of the BULLETIN for August 1959. 21 Shares in savings and loan associations and credit unions. 3 3 Data for excluded categories—trade credit, proprietors' net invest- 22 Consumer-held only; includes net interest accruals. Savings bonds ment, gold, Treasury currency, and misc.—appear in Tables 1 and 4 and held by other sectors included in Federal obligations category. Supplement No. 2. 2 3 Private and Federal Government life insurance. Estimated as equal 3^ For sector transactions in specific instruments, see Tables 1 and 4. to changes in reserves against life insurance policies and supplementary 3 5 Mainly time deposits of State, and local governments, corpo raet contracts and in policy dividend accumulations. businesses, and savings institutions. 2 4 Private pension plans and railroad and govt. employee retirement 3 6 Includes life insurance issued by fraternal orders not shown sepafunds. Estimated as equal to changes in reserves of pension plans ad- rately. All assets in these categories are treated as consumer holdings. ministered by life insurance companies and in assets of other private 3 7 Marketable issues maturing within one year. plans and of railroad and govt. employee retirement funds. 3 8 Excludes loans to domestic commercial banks. Consists of mort- 2 5 Excludes Federal debt held by Federal agencies, consumer-held gages, consumer credit, security credit, other loans, and bank loans, n.e.c. savings bonds, special notes issued to IMF, and currency items in public Gross of valuation reserves. debt; includes Federal agency debt and accrued interest on Treasury bills NOTE.—Back data available in Flow-of-Funds Supplements. and on savings bonds (other than consumer-held). TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1961 1956 1957 1958 1959 1960 1 2 3 4 1 2 3 4 (A) Consumer and nonprofit organization sector A Current receiots . 314.2 331.3 339.2 361.9 381.0 87.1 90.3 91.2 93.4 92.2 94.9 96.3 97.6 94 5 A B Income receipts 1 293.4 307.3 310.6 332.1 349.0 79.7 82.8 83.9 85.7 84.3 87.0 88.3 89.4 85.6 B C Transfer receipts2 20.7 24.0 28.6 29.8 31.9 7.5 7.4 7.3 7.6 7.9 7.9 7.9 8.2 9.0 C D Income taxes and other deductions.. 42.7 45.9 45.5 49.8 55.2 12.4 13.8 12.7 10.9 14.0 16.1 13.6 11.6 13.5 D E Taxes less tax refunds3 36.8 39.1 38.5 41.7 45.8 10.1 11.5 10.8 9.3 11.3 13.3 11 4 9 8 10 7 E F Pension and OASI deductions*... 5.9 6.8 7.0 8.1 9.4 2.3 2.3 1.9 1.6 2.7 2.7 2.2 1.8 2.9 F G Cur. receipts after deduct. (A—D).. 271.5 285.4 293.7 312.1 325.7 74.7 76.4 78.5 82.5 78.2 78.8 82.7 86.0 81.0 G H Cur. expend, for goods and serv.5.. 211.3 222.9 232.8 246.7 260.1 58.0 60.2 60.8 67.6 61.0 64.2 64.3 70.7 64.1 H I Net life insurance premiums *> 3.2 3.0 2.9 3.3 3.3 .8 .8 .8 .9 .7 .7 .8 1.0 .8 I J Current surplus (G — H—I) 57.0 59.5 58.0 62.1 62.4 15.9 15.5 16.9 13.9 16.5 13.9 17.6 14.4 16.1 J K Insurance and retirement credits7... 9.2 9.1 10.0 11.5 11.2 2.9 3.2 2.5 3.0 2.7 3.1 2.4 2.9 2.5 K L Capital consumption ' 36.9 40.0 41.6 43.5 45.7 10.7 10.8 10.9 11.1 11.2 11.3 11 5 11.7 118 L M Net saving (J + K — L) 29.4 28.6 26.4 30.2 27.8 8.1 7.8 8.4 5.8 8.1 5.7 8.4 5.7 6.8 M N Gross saving (L+M) 66.2 68.6 68.0 73.6 73.5 18.8 18.7 19.4 16.9 19.3 17.0 20.0 17.3 18.6 N O Gross investment (P+T) 69.1 72.5 74.2 76.6 71.5 18.8 17.9 19.0 20.9 17.9 14.7 19.3 19.6 17.7 O P Capital expend, (net of sales)... 57.6 58.5 55.4 65.6 65.8 14.5 16.1 16.3 18.7 15.5 16.3 15.8 18.3 13.6 P 16.9 15.6 15.3 19.2 18.4 4.4 4.2 5 1 5 4 4 6 4 2 4 7 4 9 4 0 Q R Consumer durable goods 38.5 40.4 37.3 43.5 44.3 9.4 11.2 10.4 12.5 10.1 11.5 10.2 12.6 8.9 R S Plant and equip, (nonprofit) 2.1 2.5 2.7 2.9 3.2 .6 .7 .8 .8 .7 .7 .9 .8 .7 S T Net financial investment (U—j). 11.5 14.0 18.8 11.0 4.4 1.8 2.6 2.2 2.4 -1.6 3.6 1.3 4.2 T U Net acouis. of finan assets' 26.8 26.0 30.9 31.6 21.9 7.5 7.9 7.6 8.5 4.4 3.6 7.4 6.5 5.9 U V Demand deposits and currency. 1.0 -1.0 2.5 1.0 .3 -1.1 -.6 1.0 1.6 -2.7 -1.0 1.9 2.1 -1.6 V W Fixed-value redeem, claims.... 9.0 9.8 13.6 9.3 12.8 2.2 3.4 1.7 2.0 1.6 3.4 3.2 4.6 4.4 W X Time deposits 3.8 6.5 7.8 4.0 4.9 1.0 1.6 1.0 .3 .2 1.0 1.8 1.8 2.3 X Y Savings shares 5.3 5.2 6.4 7.1 8.1 1.4 2.2 1.2 2.3 1.6 2.5 1.4 2.7 2.0 Y Z US savings bonds * ® -.1 -1.9 c -1.8 -.3 -.2 -.5 -.5 -.6 2 -.1 * .1 .1 Z a Saving through life insurance... 3.8 2.8 3.4 3.7 3.6 .8 1.2 .7 .9 .8 .8 1.0 1.0 1.0 a b Saving through pension funds.. 5.8 6.3 7.0 8.0 7.7 2.1 2.0 1.8 2.2 2.0 2.3 1.4 2.0 1.7 b c Cr. and equity mkt. instr.11.... 7.5 7.7 4.3 15.5 2.4 4.9 3.5 3.9 3.3 4.0 -.7 1.2 -2.0 1.7 c d Federal obligations 1.0 .8 -2.3 10.2 -1.5 3.8 1.7 1.9 2.9 2.2 -1.3 -.6 -1.8 -.2 d e State and local obligations... 1.6 2.0 1.3 2.3 .9 .4 .7 1.0 .1 .5 .3 .4 -.3 -.1 e f Corporate and foreign bonds. 1.2 1.3 1.0 * 1.1 -.1 .4 -.2 .7 -.2 .5 .2 .4 f g h C M o o r r p tg o a ra g t e e s stock 2 1 . . 1 6 1 1. . 9 7 2 1 . . 2 9 2 1 . . 2 0 1. .3 4 . . 4 3 '.9 . . 2 5 .5 . . 4 3 -.1 .5 . . 5 3 '. e 3 . . 7 6 h g i Net invest, in noncorp. bus 2 .3 -6.0 -4.9 -1.5 -1.5 -1.5 -1.5 -1.2 -1.2 -1.2 -1.2 -1.2 i j Net increase in liabilities 15.3 12.0 12.1 20.6 16.2 3.1 6.1 5.0 6.4 2.0 5.2 3.9 5.7 1.7 j k Consumer . 14.9 11.6 11.5 20.1 15.9 3.0 5.9 4.9 6.2 2.0 5.1 3.7 5.1 1.4 k 11.0 8.7 9.6 13.1 11.3 3.2 3.2 3.3 3.3 3.0 2.5 2.8 3.0 3.0 1 m Consumer credit • ... 3.6 2.8 .3 6.4 3.9 -.6 2.5 1.7 2.7 .8 2.4 .6 1.8 -2.1 m n Security credit * -.4 * -.1 .2 2 .1 -.4 * .1 .1 .3 n o Other loans12 .3 .5 .4 .6 .8 .1 .1 '.1 2 .2 .2 .2 .2 .2 o p Nonprofit organizations!3 .4 .4 .6 .5 .3 .2 .2 .1 .1 * .1 .1 .1 • 4 p q Discrepancy (N — O) -2.8 -3.9 -6.2 -2.9 2.0 -.1 .7 .4 4.0 1.4 2.2 .7 -2.2 .8 q * Less than $50 million. P Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
988 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1961 1956 1957 1958 1959 1960 1 2 3 4 1 2 3 4 \v (B) Farm business sector A Net income 8.6 8.7 10.6 8.4 9.1 2.0 1.5 2.2 2.7 1.5 1.7 2.6 3.3 2.1 A B Proprietors' income withdrawalsJ 4.. 8.5 8.6 10.5 8.3 9.0 2.4 2.1 1.9 2.0 1.9 2.3 2.4 2 4 2.5 B C Net saving (A—B) 15 * * -.1 -.4 ", .2 .7 -.5 -.7 _2 .8 -.4 C D Capital consumption . 3.7 3.9 4.2 4 1 1 0 1 l 1 l 1 l 1 0 10 1 0 1 0 D E Current surplus= gross saving (C-f E>) 3.7 3.9 4 4. . 0 0 4.1 4.1 .6 10 .4 1.3 1.8 .6 .4 1.3 1.8 .6 E F Gross investment (G+J) 3.7 3.9 4.0 4.1 4.1 .6 .4 1.3 1.8 .6 .4 1.3 1.8 .6 F G Capital expenditures 3.4 4.7 5.4 4.7 4.4 1.2 1.4 1.2 1.0 1.1 1.2 1.2 1.0 1.1 G H Construction and equipment16... 3.8 4.0 4.4 4.7 4.2 1 1 1 4 1 2 1.0 1.1 1.2 1.1 .9 1 0 H I Change in inventories -.4 .8 .9 .1 .3 * * * * .1 .1 .1 I J Net financial investment {K—L) 3 — 9 — 1 4 — 6 — 4 — 1 0 / s — 5 — 5 I .8 -.5 J K Net acquis of financial assets 1 ^ . -.2 j 3 — .4 — ? — l — ] — 7 — 1 — 7 — 7 — 1 — 1 K L M Ne C t r i e n d c i r t e a m s a e r i k n e t l ia in bi s l t i r t u ie m s ents -.5 .9 1. . 1 8 1 1 . 7 5 19 2 1 .1 1 .4 7 1 .9 l - . 3 2 — -. 9 2 .4 5 .S 8 - . 2 2 - — .9 4 .5 5 M L N Mortgages . . .8 .6 .7 1.0 8 .3 4 2 .1 .2 .3 .2 .1 2 N O Bank loans n.e.c.18 * .3 .6 .7 .2 .1 .5 .1 — .1 .1 .3 _ 2 .1 O P Other loans 19 .1 2 .2 .2 2 2 * 9 2 2 * — 2 2 P Q Trade debt .1 .1 .1 .1 .2 .2 ^ 3 .2 .2 -.1 -.3 .2 Q R Proprietors' net investment.... -i!4 -.5 .1 -1.8 -1.1 -.5 -•5 -!5 -!5 -5 3 -.3 -.3 -.3 R (QN oncorpDrate ncnfinancial busiiless sector A Net income20 37.8 38.6 38.3 40.7 42.1 10.9 8.0 8.4 13.3 9.6 11.1 9.6 11.7 11.0 A B Proprietors' income withdrawals21.. 37.8 38.6 38.3 40.7 42 1 10 0 10.2 10.2 10.3 10.4 10.6 10.5 10.5 10.4 B C Net saving (A—B)15 .9 -2.2 -1.8 3.1 -.8 .6 -1.0 1.2 .6 C D Capital consumption 7.5 8.1 8.6 8.3 "8.6 2.0 2.1 2.1 2 1 2.1 2.2 2.2 2 2 2.2 D E Current surplus= gross saving(C-f D) 7.5 8.1 8.0 8.3 8.6 2.9 -.1 .3 5.2 1.3 2.7 1.2 3.4 2.7 E F Gross investment (G-4-J) 7.5 8.1 8.0 8.3 8.6 3.0 -.3 .3 5.2 1.3 2.7 1.2 3.4 2.7 F G Capital expenditures 10.0 9.6 H.7 11.6 11.7 3.2 3.6 2.9 1.9 3.5 3.3 2.9 2.0 2.4 G H Plant and equipment22 9.8 9.4 9.0 10.7 10.8 2.1 3.2 2.9 2.4 2.2 3.3 2.8 2.5 2.1 H T Chanee in inventories20 _ 2 9 9 1 0 4 * c 1 3 1 — 6 3 I J Net financial investment (K—TV) -2.4 -1.5 — .7 -3.3 -3.7 -.2 -3.9 -2.6 3.3 -2.3 -.6 -1.7 1.4 .3 J L K M Ne C D t o e a n m c s q a u u n m i d s. e r d o e f c p r fi o e n d s a i i t n t s c i a a n l d a s c s u e r ts rency. . . . 6 3 3 . . . 9 8 1 -.1 . . 8 9 -.3 A -.1 .1 * - - .1 .4 3 . ' 1 i o - — . 2 A -A . . 2 3 - - A .4 * . . 2 2 * - . * 2 . A 4 * - - .4 .4 M K L N Net increase in liabilities 3.0 2.4 1.6 3.1.1 3.1 - .2 4.0 2.4 -3.0 1.8 .8 1.5 -1.0 -.7 N O Credit market instruments 1.8 1.2 2 2 4.6 3.4 -.1 2.6 1.5 1.2 .3 1.3 1.8 -2.2 O P Mortgages .8 .9 \.6 1.5 .9 * .7 .6 .2 -.1 .5 A .1 * P Q Bank loans n.e.c .6 _ 2 .5 2.4 1.5 9 1.8 .9 .6 -.1 .8 -.5 1.2 -2.4 Q R Other loans 2 3 .4 .5 .2 .7 1.0 2 2 * .3 .5 * * .5 .2 R S Trade debt24 1 4 — 6 2 6 3 5 1 5 2 4 1 9 -3 2 2 5 A 2.6 -1.9 2 5 S T Proprietors' net investment.... 1.2 .8 -.1 -4.2 -3.8 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 -1.0 T (D) Corporate nonfinancial business sector A Profits2 o 36.9 36.0 31.3 39.6 37.9 9.0 11.3 9.5 9.8 9.5 10.1 9.3 9.1 7.7 A B Profits tax Davments Tnet)2^ 21.6 21.1 18.8 18.0 20.9 5.4 4.8 4.0 3.9 6.7 6.1 4.2 3.9 6.1 B C Net dividend navments26 9 4 9.5 9.4 10.2 10 8 2 4 2 4 2.4 3.0 2.6 2.5 2.5 3.2 2 6 C D Net saving (A—B—C) 5.9 5.3 3.1 11.4 6.1 1.3 4.1 3.2 2.9 .2 1.4 2.6 2.0 -1.0 D E Capital consumption 19.1 21.0 21.9 23.2 24.7 5.6 5.8 5.8 6.0 6.0 6.2 6.2 6.3 6.3 E F Current surplus = gross saving(D -f E) 25.0 26.3 24.9 34.6 30.8 6.8 9.9 9.0 9.0 6.2 7.5 8.8 8.3 5.3 F Ci Clrn<*i investment n~T-4-\f) 20.8 24.3 20.1 29.8 26 3 4.4 10.9 7.4 7.0 5.5 6.3 6.9 7.6 3.2 G H Capital expenditures 34.2 32.9 23.8 33.2 33.9 7.6 9.4 7.5 8.7 9.5 8.7 8.1 7.6 6.5 H I Fixed investment 29.3 32.3 26.4 27.9 30.8 5.4 7.5 7.4 7.6 6.3 8.4 8.0 8.2 6.1 I 28.9 31.6 25.0 26.3 29.5 5.4 6.7 6.7 7.4 6.4 7.7 7.4 8.1 6.1 J K Other .4 .7 1 .4 1.6 1.3 * .8 .6 .1 -.1 .7 . 6 .2 * K r Change in inventories20 4.9 .6 -2.6 5.3 3.1 2.2 1.8 .1 1.2 3.2 A .1 - .6 .4 L M Net financial investment (N-V) -13.3 -8.6 -3.6 -3.4 -7.6 -3.2 1.6 j -1.7 -4.0 -2.4 -1.1 * -3.3 M O N Ne D t e a m cq a u n is d . d o e f p fi o n s a i n ts c i a a n l d a s c s u e r ts rency. 4. A 4 4.5 11 1 . . 3 7 13.7 * - 3 .7 .3 - - 2 .2 .9 5 1 . . 8 4 -. 3 2 .6 4 1 . . 4 8 - - 2 3 .2 .4 1. . 1 7 1. A 8 2 2 . . 6 0 - -2 3 .3 .2 O N P Credit market instruments2^ -3.7 .6 1.5 4.7 -2 1 .3 1.2 1.4 1.9 -.2 -1.2 -1.8 1.1 -1.5 P — 4 4 * 7 3 4 — 3 0 6 7 1 3 8 2 — 1 5 — 1 6 3 — 3 Q 4 .2 .5 .8 3 -.8 .3 .1 1.3 1.1 .3 j 1.2 — 1.9 R S Other loans (finance oaDer) .1 .3 .3 .4 .4 .1 -.1 -.2 1.1 * -.1 -.5 .6 S T Trade credit 6 0 1 8 6 4 8 0 4 2 2 2 3.0 2.4 .4 1.2 1.2 2.9 -1.2 1 2 T U Other financial assets 2 ® 1.8 2.1 1.7 1.0 2.0 .3 .3 .3 2 .4 .6 .8 1.3 U V Net increase in liabilities29 17.6 13.1 15.0 77.0 10.9 3.0 4.3 3.7 6.1 7.5 3.5 2.9 2.6 1.0 V W Credit and equity market instr.. 13.2 13.1 11.8 11.7 10.6 2.0 3.8 3.0 3.0 2.7 3.0 2.5 2.3 2.3 W \{ Corporate bonds 3.7 6.3 5.7 3.1 3.5 .6 .9 .6 1.1 .4 .9 .8 1.4 .4 X 2.3 2.4 2.3 2.3 1.8 .5 .8 .3 .6 .4 .5 .6 .3 .7 Y Z Mortgages 1.8 1.8 3.2 3.4 2.3 .4 1.2 1.1 .7 .2 .8 .8 A .3 Z a Bank loans nee 5.3 2.0 .5 2.5 1.6 .1 .9 1.1 .4 1.0 A .4 -.2 .6 a .1 .5 .1 .4 1.4 .3 * -.1 .2 .7 A A .2 b 4.3 j 3.2 5.2 A 1.0 .4 .7 3.1 -.9 .5 .4 A -1.3 c d Discrepancy (F — G) 4.2 2.0 4.8 4.9 4.6 2.4 -1.1 1.6 1.9 .8 1.2 1.8 .7 2.1 d e Memo: Profits tax accruals25 19.5 18.8 16.1 20.4 19.2 4.7 5.9 4.9 4.9 5.0 5.1 4.6 4.5 3.9 e * Less than $50 million. v Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 989 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1956 1957 1958 1959 1960 (E) Federal Government sector A Tax receipts (net of refunds). . 69.1 71.5 67.7 72.3 79.6 19.0 19.6 17.5 16.2 21.5 22.4 18.9 16.9 20.2 B Individual income 34. lj 36.1 34.6 38.6 41.6 9.7 10.7 9.7 8.6 10.5 11.8 10.5 8.8 9.9 C Corporate profits 22.4| 21.8 19.9 19.4 22.0 6.0 5.4 4.1 3.9 7.1 6.4 4.4 4.1 6.6 D Other3* 12.6 13.6 13.2 14.3 16.0 3.3 3.5 3.7 3.7 3.9 4.1 4.0 4.0 3.7 Social insurance programs 3 2 E Premiums received 8.0 9.5 10.4 11.3 14.7 2.6 3.5 3.0 2.2 4.9 3.7 2.8J 3.8 F Lif B e e i n n e s f u it r s a n p c a e id and retirement 7.2 9.3 12.4 12.9 14.2 3.3 3.1 3.1 3.3 I 3.5 3.5! 3.7 4.4 programs3 3 O Premiums received 1 1.7 1.8 1.9 .4 .5 .5 .5! .4! .5 .5 G H Benefits paid 2.0 2.1 2.3 2.5 .6 .6 .6 .6 .6 .6 H r Net grants and donations paid 34.. 10.0 11.4 13.4 14.5 14.0 3.3 3.3 3.9 4.0 3 i 3.•64!! 3.7 3.7 3.6 I j Net interest paid3 5 5.3 5.7 5.5 6.4 7.1 1.5 1.5 1.6 1.7 1.8 1. s I 1.8 1.7 1.7 J K Other net purchases of goods and services3 6 47.6 50.2 53.6 53.3 53.5 12.5 13.2 13.5 14.1 12.0 13.0 13.9 14.7 12.8 K L Construction expenditures 2.7 3.0 3.4 3.7 3.7 .8 1.2 1.0 .8 .7 .9 1.0 .8 L M Other 44.8 47.2 50.2 49.6 49.8 11.7 12.0 12.5 13.3 11.3 12.0 12.8 11.9 M N Current surplus (A, E, and G, less F and H through K) 6.9 4.2 -7.2 -4.0 4.8 1.7 -1.7 -4.9 4.1 5.4 -.4! -4.2 1.4 N O Credits imputed to consumers3 7... 1.0 1.0 1.0 1.0 .4 .3 .1 .1 .7 .1! .1 .1 O P Gross and net saving (N —O) 5.9 3^6 -8.2 -5.0 3.8 1.3 -2.0 -5.0 4.0 4.7 -.6 -4.3 1.3 P Q Net finan. investment (R — X). 5.9 3.6 -8.2\ -5.0 3.8 1.3 -2.0 -5.0 4.0 -4.3 1.3 Q R Net acquis. offinan. assets 1.6 3.2 1.6 6.3 3.7 4.2 2.6 -.8 -.3 -1.0 -1.5 R S T U D Cr e M e m d o a it r n t d m g a a d r g e k e p e s o t 3 s 8 i i t n s s a tr n u d m c e u n rr t e s n . c .. y . -. 1 2 . . 1 8 2^4 2 1. A . 7 3 3. . 8 7 2 1 . . . 3 2 9 1 1. . . 7 0 6 1 1 . . . 5 0 6 -1.2 . . 5 4 -.4 .3 * 2 1 . . . 8 3 3 -1.7 . . 3 6 -1.7 .1 * U T S V Other loans39 .3 1.4 1.0 1.0 .4 * -.3 1.0 .3 .1 V w Other financial assets 4<> .6 .6 T 1.7 .5 1.6 .2 -.1 .1 .2 W X Net increase in liabilities -4.3 -.4 9.7 11.2 - .5 2.9 4.7 4.2 -4.3 3.3 -2.8 X Y z C Fi o x P C n e o o s d s u n - t m v s a u l a e m l r s u a e e s v r a i - r v n h e i g d e n e l g d d e e m t s p h v a o r g b s o s l i u e t . s g b h c o la n l i i d f m s e s 1 .. -.3 — - - 1 '. 2 . 3 9 "> - - _ . 5 . 2 1 - - - 2 1. . . 2 0 _ - - '. . 3 4 2 - - . 2 .2 - - -. . . 1 5 6 - - - . . . 1 5 6 - - . . 6 6 * — - — A . . 2 2 *l . . 1 1 * Y Z a insurance and retir. funds.... 1.0 .6 1.0 1.0 1.0 .4 .3 .1 A .7 .1 .1 .1 b Federal obligations41 -5.1 1.4 9.0 11.3 2 2 2.0 5.3 4.0 -4.1 -1.4 1.2 2.2 -3.1 c Short-term direct42 7.4 5.5 -1.2 5.5 -4.6 4.7 .7 4.7 -7.4 -2.1 5.3 -.8 .9 d Other direct and guaranteed.. -13.0 -6.2 10.7 3.6 3.0 4.4 -3.5 3.7 -1.1 3.5 -3.4 2.9 -3.5 e Nonguaranteed43 .6 2.1 -.5 2.2 .2 .8 .8 .4 .7 -.7 -.5 f Other loans44 -.3 -.4 .4 -.6 .5 -.2 ^ — l .1 -.1 .3 • 2 g Other liabilities45 .3 .1 1.5 1.0 -.2 1.3 -.3 .7 .5 -.2 * h Memo: Assets of OASI fund. i c -1.7 .2 -.5 .2 -.7 -j (F) State and local government sector Tax receipts4** 27.3 29.4 30.9 33.5 36.4 8.5 8.7 9 9.3: 8.9 9.2 9.2 A Net insurance and grants receipts4? .4 .9 1.8 2 7 2.1 1.1 • 4! .6 .4 B Net interest paid .5 .6 \l .7 .2 .2 .2 C Other net purchases of goods and services 3 6 28.8 31.8 35.4 37.7 40.6 8.7 9.6 9.7 9.7| 9.1 10.2 10.6 10.7 10.0 Construction and land 11.1 12.1 13.3 14.0 13.9 2.8 3.7 4.2 2.5 3.5| 4.2 3.6 2.8 Other by govt. enterprises -1.7 -1.8 -1.9 -2.2 -2.4 — .5 -.5 -.6 -.6 j -.6 -.6 -.6 Other by general government. . . 19.4 21.5 23.9 25.9 29.1 6.4 6.4 6.1 6.9! 7.1 6.9 7.7 7.8 Current surplus (A+B-C-D). .. -1.6 -2.0 -3.3 — "> 2 -2.9 ".I -1.1 -.4 -.3! -.1 -1.1 -1.1 -.6 Credits imputed to consumers48... 1.4 1.6 1.7 \'.9 2.1 .5 .5 .5! .5 -d .5 .5 Gross and net saving (H — I) -3.0 -3.6 -4.9 -4.1 -5.0 -1.6 -\.2 -1.6 -1.1 Net finan. investment (L— S).. -2.2 -3.1 -5.2 -4.0 -3.4 -.8! -1.3 .3\ -.5 I | .3 -1.5 Net acquis. offinan. assets 2.6 3.3 2.5 3.0 2.6 .31 1.1 1.3 .7 M Demand deposits and currency .2 .2 .2 .5 .2 -1.6 A -.5 N Time deposits * A .8 4 1.4 A A\ .3 .3 O Credit market instruments 2.3 2.7 1.5 2^9 1.0 "".6 A 1.2 .9 .4! -.3 .8 P Federal obligations 1.1 1.0 4 1.2 -.7 -A .7 .5 -.8 -A .4 o State and local obligations.. .5 .5 '.5 .4 .3 A A .1 .1 .1 A .1 Other4* .7 1.1 1.4 1.4 1.4 .3 .3 .3 .3 .3 .3 .3 R s Net increase in liabilities 4.8 6.4 7.7 7.0 6.0 1.8 1.9 2.3 1.0 1.6\ 1.4\ 2.0 1.0 2.2 S T V U Sta S O t h e th o a e r n t r - d te l r o m cal obligations.... 3.2 1 4 4. . . 3 6 4 5 5. . . 2 7 4 4 4 . . . 9 5 3 3 3. ! 6 7 2 1.3 1.4 1 1 . . . 2 7 6 A 1 1. . 0 0 * ~d .1 1 1 . . . 2 4 2 , - . . . 6 5 2 1 1 . . . 3 6 3 U V T Consumer saving through w retirement funds 1.4 1.6 1.7 1.9 2.1 .5 .5 .5 .5 W Other liabilities so .2 .3 .4 .2 .3 .1 111 .2 .1 X Y Discrepancy (J - K). -.5 .2 -.1 -1.6 -.3 -1.2 -.1 — 1 \ A Y Less than $50 million. Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
990 FLOW OF FUNDS/SAVING TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1961 1956 1957 1958 1959 1960 (G) Commercial banking and monetary authorities sector A Net operating surplus 3.0 3.5 3.5 4.2 4.7! 1.0 1 _0| 1.1 l.li 1.2 1.2; 1.2 1.2; 1.2 B Profits tax & net div. pvmts. 51 1.8 2.1 2.4 2.5 3.0! .7 .5 .6, .9 .7 .7 C Current surplus = gross saving (A-B)52 1.4 1.6 1.6! .5; .4 C D Gross investment (E+F).. 1.3 1.1 1.3 2.4 2.4! .7: 1.3 -.2 .7 -.1 .3 D E Capital expenditures.. .3 .4 .4 .4 .4 .7 .1 .1 E •J-\ F Net financial invest. (G — W).. 1.0 .7 .9\ 2.0\ 2.0 .61 1.2 .6 -.2J F G H Net acquis. offinan. assets5*. ... 5. . 1 3 5. . 4 8 - 1 2 4 . . 3 7\ -1 4 . . 1 6 -1 8 . . 7 4 -5 - . .1 (5 - 5 .7 .5 3.2 - 3 .1 '.5 -7.8 * _ 5 _ 4. . 5 6 - 6 .9 .7, - - 5 . . 4 7 H G I J Cr F ed e i d t e m ra a l r o k b e l t i g in a s ti t o ru n m s ents -3 4 . . 1 8 4.3 1 10 7 . . 0 0 i -7 5 . . 1 6 1 2 0 . . 7 0 - - 5 5 . . 4 3 -1 4 . . 3 2 _ 3 !5 2 - 3 .2 .5 - -6 7 . . 7 8 5-1 3 . . 1 8 4 7. . 5 0 - - 4 3 . . 8 2 J I N O L M K M Co o O N S m n h t o e m h o n t e a r e g t r r r - u y c t d i e a a i r a r r l m a e u n b c t h t a t d e o n a i e r k n r i d s t d e i 4 e 3 c s g t4 u 2 a . r . . .. .. - - 3 _ 7 4 . 3 . . 8 . 8 2 2 -2 1 . . 2 . . 9 2 5 2 6 7 . . . . . 2 9 9 1 9 \ \ ; 1 - - - 7 - 3 3 . . . 4 . 5 . 1 9 3 | -1 3 1 . . . 8 . 9 8 7 - -4 - - 6 . 1 . . 4 . 2 9 . 0 8 - - l 2 — . . 9 \ 1 . \ O . 6 2 \ \ — - - - A .5 ' . . 9 5 4 - - 2 . 2 3 . . 5 . 3 / - - - 1 5 - - 4 . . . . 4 5 . 3 6 6 - / l . . 9 • 5 ? 5 | ! -l 5 . . 6 . . 0 5 3 i 1 - 4 3 . . 7 . . . 6 1 1 4 3 ! ! \ : - - - - - 2 2 . . . . . 1 4 7 0 5 M N K O L s P V u C S O B S C M e t o a o t a o c h n n r t u r e p k e s t r r . g u i a l t a m l a o y n o g n a d e a e d l n n r o s s l s a c o f S o n n r c - e r s a . * e e d l i . i g c t o n b l b ig o a n t d io s n . s . . . . - - - A 5 1 1 . .1 8 . . . ' 8 . 7 4 2 - - 2 1 1 . . 2 1 . . . . . 0 3 2 1 6 - 2 . 1 1 . . . 3 6 4 1 j _ _ 2 2 7 ^ ^ . . 8 5 6 4 2 4 2 i 3 r 1 . . . . . 3 2 6 4 3 2 i — -'.2 . . 4 6 2 * 4 ! ' 1. ' . 2 . 9 * 2 - 2 .1 . . 5 1 * -\ - ' A .5 . A 3 2 * -.6 . .4 3 ; ; 1 - 1 1 • . . l 0 j 4 . J ! 4 | - -2 1 . . . . . . 5 1 9 3 5 4 U R Q V T P S w Net increase in liabilities 4.1 4.7 13.8\ 2.6 6.4 -6.2 3.0 2.0 3.8 4.4'\ 3.9\ 6.9! -5.5 W X Dem. dep. net & currency55. 1.7 1.1 .1 -7.0 2 1 2.1 3.8 2.5! i 4.9! -8.2 X z Y D D u u e e t t o o U re . s S t . o G f o w v o t r .5 ld 6 . . 7 1 -.1 .9 -.9 1. . 0 2 1. . 9 1 1.3 - -. . 4 7 4 2.7j -1.5; -1.9 * Y Z a Due to others5<5 5.6 .3 -.7 .9 .1 -7.7 i.i! 6*2! -6.3 b Demand deposits, net55.. 1.4\ -1.1 5.2 -.3 -.6 -5.1 .4 .2 4.2 -6.4 1.2\ 5./! 5.0 c Currency .4 .6 - .1 - .8 .5 * -1.3 1.0\ 7.3 d e f g T O i t m D D he e u u r e e d l e t i t o a o p b o o c i s l o t i i h t t n i s e e s r s u s 5 m 7 ers 2 2 . . 2 1 5 5 . . 5 2 8 5 2 . . . 0 6 4 -1 3 1 . . . . 8 0 2 4 5 3 . . .' 8 7 5 . . . . 5 6 1 2 - 1 .5 . . 4 9 - - 1 A .0 .9 _ • 4 ! 1. . . 5 9 6 1 ! 9 i\ - 2 1 . . . .1 3 1 1 1 i ! 2 1 1 . . . . 9 2 7 1 .3; h Discrepancy (C - D). -.3 -. -.5 -.3 -.7 -.3' -.2j .6^ .1 (H) Nonbank financial sectors73 A Current surplus 5 8 8.6 9.3 9.3 10.8 10.9 3.0 2.7 3.1 1.9 3.7 1 i 3.2 1.8 2.7 A B Credits imputed to consumers59... 6.8 7.0 7.4 8.7 8.0 2.2 2.3 1.7 2.5 2.1 Y.9 1.7 2.3 1 .9 B 1.8 2.3 1.9 2.1 2.9 .8 .4 1.4 -.6 1 .6 .3 1.5 -.5 .8 C C Gross saving (A-B)52 D Gross inrestment (E+F) 2.0 2.7 3.9 3.0 4.2 1.1 .5 1.5 -.1 1.3 1.0 1.4 .5 1.0 D E Capital expend, (insur. sec *or) .3 .4 .3 .4 .4 .7 ./ .7 .1 .7 .1 .1 .1 .1 E F Net financial invest. (G-Z) . .. 1.7 2.4 3.5 2.6 3.8 1.0 .4 1.4 - .2 7.9 .9 J .3 .4 .9 F G Net acquis. offinan. assets 17.6 18.7 21.6 25.4 25.9 5.9 6.9 5.8 6.9 5.2 7.5 5.5 7.7 4.5 G By subsector: H Mutual savings banks 2.0 1.8 2.6 1.5 1.6 .7 A A A A 2 .6 A .9 H I S & L assns. & cr. unions... 5.6 5.6 7.5 8.8 8.4 1.7 2.8 2.1 2.1 1.6 2A 1.8 2.6 1 .9 I J Life insurance companies... 5.2 4.9 5.2 5.2 5.4 1.1 1.4 1.2 1.5 1.2 1.2 1.4 1.6 .9 J K Other insurance companies.. .7 1.0 1.2 1.9 1.7 .4 .4 .7 .4 .4 4 .4 .4 .4 K L Noninsured pension funds.. 2.3 2.8 2.9 3.2 3.4 1.0 .8 .5 .9 1.1 g s 1.0 .8 L M Finance n.e.c 1.8 2.7 2.2 4.9 5.4 .9 1.0 1.0 1.9 .5 2!4 !s 1.7 -.4 M By type: N Demand dep. and currency. 2 .3 .7 .1 .6 -.3 * -.3 .6 -.4 *y .7 -.1 N 0 Cr. and equity mkt. instr.... \1 A 18.2 20.3 25.3 24.7 6.1 6.7 6.2 6.3 5.5 6.9 5.6 6.7 4.4 O P Federal obligations -1.1 -.3 .9 .9 * .5 .1 .6 -.3 ,'\ -.3 -) -.1 .2 P Q State and local oblig .8 .9 1.1 1.6 1.6 .5 .4 .5 2 A .6 "5 ,2 .6 Q R. Corp. and foreign bonds.. 3.6 5.2 4.8 3.5 3.5 .9 .8 .4 1 .5 .3 1.1 '.5 1 .6 .1 R % Corporate stock 1.4 2.1 2.3 3.1 3.1 .8 .6 .5 1.1 .5 1.0 A 1.2 .5 S T 1- to 4-family mortgages. 8.4 6.3 8.0 9.6 9.6 2.0 2.6 2.8 2.2 2.1 2.5 2.7 2.4 2.1 T U Other mortgages 1.8 1.5 2 2 2.4 2.2 .5 . 6 .7 .6 .6 .6 .6 .5 U V Consumer credit 1.6 1.3 -!3 2.7 2.2 %2 .9 1.0 .6 A 1.0 .6 2 -.4 V W Security credit .1 _ 2 1.0 * * A .1 -.1 -.1 — i .1 _ 2 .3 W X Other loans™ .4 \'A .2 1.5 2.6 .1 .5 -.1 .4 \'.3 .5 * .9 .5 X Y Other financial assets «i .2 .2 .6 * .6 * .1 -.2 * A 2 * .3 .2 Y Z Net increase in liabilities 15.9 16.3 18.0 22.9 22.1 4.9 6.5 4.4 7.1 4.0 6.6 4.2 7.3 3.6 Z a Dep. in mutual savings bks.... 1.8 1.7 2.3 1.2 1.4 .5 .3 2 .1 .3 .2 A .5 .7 a b Savings shares 5.4 5.2 6.6 7.2 8.1 1.4 2.3 \'.2 2.3 1.6 2.4 1.4 2.8 2.0 b c Saving through life insurance.. 3.6 2.7 3.3 3.6 3.5 .8 1.2 .7 9 .8 .8 1.0 1.0 .9 c d Saving through pension funds, 3.5 4.3 4.4 5.2 4.6 1.5 1.1 1.0 \'.6 1.4 1.1 .8 1.4 1.1 d e Cr. and equity mkt. instr.62... 1.0 2.1 1.1 5.6 4.0 .6 1.5 1.2 2.3 -.3 1.7 .6 1.9 -1.2 e f Corporate bonds \ \ .7 2 1.0 1.6 .2 .1 .4 3 .5 ") .4 .5 .3 f g Corporate stock \A 1.2 1.8 1.5 .5 .3 .4 !5 .5 '.3 .3 .4 .4 g h Security credit -.6 .1 .6 * .5 -.4 -.1 _ ] .6 -1.2 .5 .5 .7 -.8 h 1 Bank loans n.e.c -.6 -.4 -1.1 1.4 -.3 .5 !3 .7 -.6 .5 — .5 .3 -1.1 i j Open market paper 6 3 .2 .5 -.1 .5 .8 .5 .2 -.1 -.1 1.1 * _ 2 .5 j k FHLB loans to S & L assns.6 -.2 * * .8 -.2 -.2 .4 .3 .3 -.6 %2 * '.2 -.5 k I Miscellaneous*4 .5 .3 .3 .1 .5 .1 * .1 _ j .3 A * - .2 * 1 m Ditcrep. & unident. assets (C—D). -.2 -.4 -2.0 -.9 -1.4 -.3 -.1 -.1 -.5 -.8 .1 -.9 -.3 m •Less than $50 million. » Preliminary. For other notes see end of table Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 991 TABLE 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued [In billions of dollars] Quarterly totals Annual totals Category 1959 1960 1961 1956 1957 1958 1959 1960 \v (I) Rest-of-world sector65 | A Net purch. of goods and serv. (B — C) 3.4 5.4 1.8 -.2 3.6 * -.2 A 4 .5 .5 1.8 1.4 A B Purch. of goods and services66... 23.2 26.3 22.9 23.3 26.9 5.4 5.8 5*.9 6A 6.2 6.6 7.2 6.7 B C Sales of goods and services 19.8 20.9 21.1 2? 5j 23.3 5.4 b.O 6.2 5.9 5.8 6.1 5.4 5.3 C D Net unilateral receipts66 1.9 1.9 1.9 2.11 2.1 .5 .6 .5 .5 .6 D E Current surplus (D—A) -1.5 -3.5 .1 2.3 -1.5 .6 \l .8 .2 * - 3 * -1.2 Q E F Net financial investment (G—N) -2.1 -4.2 o 1.7 - .8 .4 .4 .8 * - .1 -./ .7 -.8 -.? F G Net acquis. offinan. assets 1.5 -.1 3.5 5.8 4.1 .9 2.8 1.4 .6 .8 1.0 7.2 7.7 .6 G H Gold -.3 2.3 1.1 1.7 .1 .7 .2 .1 * A .6 .9 .4 H I U.S. dem. dep. and currency... .2 .1 * i .2 1 -.1 -.4 * * .3 * I J Time deposits -.1 * -.9 .3 .1 -.4 -!3 3 -.2 .2 .3 .1 * J K Federal obligations .8 .2 .9 2.8 .3 .2 .9 1.2 !5 * .1 .3 * K L M O M t i h s e c r . f c i r n e a d n i c t i m al a a rk ss e e t ts i 6 n 8 str.67.... . . 4 5 -.1 .4 * 2.5 1. . 0 8 -.1 .7 1. . 3 1 . . 2 1 . . 2 2 . . 4 9 !7 .2 i -.4 * . . 1 1 M L -.1 N Net increase in liabilities. 3.6 4.1 .3 4.1 5.0 .5 2.4 .6 .6 .9 1.1 1.1 1.9 1.4 N O Securities .4 .5 3.8 .7 .7 .3 .1 .1 A .3 .2 .1 A .2 O P Loans6? .6 .9 1.2 .2 1.4 -.1 .2 .1 * .1 .4 .3 .6 .5 P Q Miscellaneous70 2.6 2.8 1 1 .5 1 3.3 3.0 .3 2.0 .4 .5 .5 .6 .7 1.2 .7 Q R Discrepancy (E—F) 71 f .7 .4 .5 -.6 .1 .3 .2 * -.1 -.1 -.5 R S Memo: Unilateral transfers in kind 7 2 3.1 2.9 2.7 2.3 2.2 .6 7 .5 .5 .6 .7 .4 .6 S * Less than $50 million. p Preliminary. governments, and to savings and loan associations (by FHLB). Excludes i Payrolls, interest, dividends, and income withdrawals from unincor- CCC-guaranteed loans other than those on tobacco. porated business. 40 Treasury currency assets, time deposits, trade credit, and mis- 2 Grant and donation receipts of consumers and nonprofit organiza- cellaneous (mainly foreign cash and subscription to IMF). tions (net of transfers within the sector), social insurance benefits, and 41 See Table 1, note 25. 42 See Table 3, note 37. benefits from private pension and government retirement funds. 43 Securities and note^ issued by FNMA- Federal land banks, home 3 Federal, State, and local income and estate and gift taxes. loans banks, intermediate credit banks, banks for cooperatives, and TVA. 4 Mainly employee contributions to OASI and to private pension and 44 CCC-guaranteed bank loans and CCC certificates of interest. government retirement funds. 45 Treasury currency liabilities, trade debt, and misc. liabilities (special 5 Figures include net operating outlays of nonprofit organizations and IMF notes, misc. deposits, and private equity in Govt. enterprises). net transfer payments abroad. 46 Excludes employment taxes. 6 Net of dividends on and benefits from private life insurance and 47 Receipts of Federal Government grants; payments of direct relief individual annuity policies and Government life insurance. and other transfers; and receipts and payments in connection with 7 In connection with consumer saving through life insurance, private government employee retirement, unemployment insurance, workmen's pension funds, railroad retirement, and government employee retirement. compensation, and cash sickness compensation programs. 8 For details, see Table 2, lines J-L. 4 8 in connection with saving through govt. employee retirement funds. 9 Breakdown by consumer and nonprofit not available. 49 Corporate bonds and mortgages. 1 ° Includes net accruals of interest. 5 o Trade debt and loans from Federal Government. 11 Includes net free credit balances with brokers not shown separately. 51 Includes payment to Treasury on F. R. notes outstanding. 12 Policy loans. 52 Net saving is less than line C by the amount of capital consumption, 13 Consists of commercial mortgages, bank loans, loans from Govern- about $0.1 billion a year. ment, and trade debt. 5 3 Includes misc. and Treasury currency assets not shown separately. 14 Estimated as equal to seasonally adjusted net income of unincor- 54 Open market paper, CCC-guaranteed loans, and CCC certificates of porated farms. Figures include small amounts of dividends and profits interest. taxes paid by corporate farms. 5 5 Net of Federal Reserve float and cash items in process of collection is See Table 2, note 32. as reported by commercial banks. 16 Includes farm residential construction. 56 Bank-record basis, net of bank float; differs from sector demand 17 Mainly demand deposits and currency. deposits and currency assets (shown in Table 3 and in nonbank sector 1 * Excludes CCC-guaranteed loans. See p. 840 of the BULLETIN for accounts in Table 4) principally because of man float August 1959. 57 Mainly stock issues and balances due to own foreign branches. 19 Government loans; excludes CCC loans. 5 8 Includes premiums on life insurance and private pension plans, less 2 o After inventory valuation adjustment. benefit payments and policy dividends. 21 Estimated as equal to seasonally adjusted business lit income. 5 9 In connection with consumer saving through life insurance and 22 Includes business residential construction. pension funds. 2 3 Mainly REA and other loans from Federal Government and loans 6 o Mainly finance company loans to business and insurance policy loans. from finance companies. 61 Trade credit, time deposits, sayings shares, and miscellaneous assets. 2 4 Net of trade receivables. 62 Lines /, j, and most of / are liabilities of finance companies; line g, 2 5 Federal, State, and local taxes on profits. shares of open-end investment companies; and line h, liabilities of security 26 Includes profits paid by U. S. branches to foreign parent corporations brokers and dealers. less profits paid by foreign branches to U. S. parent corporations. 63 Part of "other loans" category. 2 7 Includes State and local obligations not shown separately. 64 Deposits at banks in U. S. possessions and agencies of foreign banks. 2 8 Miscellaneous financial assets (direct investments in foreign branches 65 Consolidated; records only transactions with U. S. and holdings of foreign cash), and time deposits. 66 Excludes unilateral transfers in kind, shown in line S. 29 Includes direct investments from abroad not shown separately. 67 Corporate securities, security credit, and acceptances. 3 o Mainly commercial paper and loans from finance companies. 6 8 Direct investments, unidentified assets, IMF holdings of special 31 Mainly excise taxes and customs receipts; also includes estate and U. S. notes, and miscellaneous deposits. gift taxes and payment to Treasury on F. R. notes outstanding. 69 Security credit, bank loans n.e.c, and other loans (consisting of 32 OASI, disability insurance, and unemployment programs. Line E loans from U. S. Government and acceptances). includes Federal employment taxes and States deposits in unemployment 70 Direct investments, foreign currency and deposits held by U. S. compensation trust funds; line Ft Federal benefit payments to consumers domestic sectors, and other liabilities. and State withdrawals from these trust funds. 71 "Errors and omissions" in U. S. balance-of-payments statement. 33 Veterans' life insurance and Government employee and railroad re- 72 Grants in the form of goods and services by U. S. Government and tirement funds. Line G excludes Government contributions to these funds. private individuals and institutions. 34 Transfer payments (other than insurance benefits) to individuals, 73 For detail by subsector, see Supplement 3. plus net cash unilateral transfers to foreign countries, grants-in-aid to NOTE.—"Liabilities" covers equity as well as debt claims. State and local governments, and subsidies to business. 3 5 Includes net accruals on savings bonds and Treasury bills. For descriptions of sectors, of capital expenditures, and of financial 3 6 Purchases less sales for general govt. and govt. enterprises, including transaction categories, see notes to corresponding items in Tables 1, 2, outlays for tangible capital and (for Federal Govt.) net disbursements to and 3, pp. 984, 985, 987, and "Technical Notes," pp. 846-59 of the farmers in form of CCC-direct and guaranteed loans. BULLETIN for August 1959. For discussion of saving and investment 37 In connection with saving through Government life insurance and concepts, see p. 834 of the BULLETIN for August 1959. Government employee and railroad retirement funds. Back data available in Flow-of-Funds Supplements. 3« Mainly on 1- to 4-family and farm properties. Details may not add to totals because of rounding. 3 9 Mainly loans to business sectors, to foreign and State and local Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
O TABLE 5. SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1960 to [In billions of dollars] Consumer Nonfinancial business sectors Government sectors2 Financial sectors Sector an s p d e r c o t n f o i o t r n- Farm1 cor N po o r n a - te 1 Corporate Federal an S d t a lo te cal C b o a m n m ki e n r g ci 3 al ins S ti a t v u i t n i g o s ns4 Insurance5 F n i . n e a . n c. c 6 e R s w e e s o c t r t - o l o d r f- se A ct l o l rs a c D n r c e is y p - - 7 s i N n a a v v n a e i d t n l s . g tment Transaction category U S U S A Gross saving2,9 73.5 4 1 8.6 30.8 -5.0 1.6 2.5 -.5 118.9 120.4 B Capital Consumption^ 45.7 4.1 8.6 24.7 .3 83.5 83.5 C Net saving (A —B) 27.8 -.1 6.1 3.8 -5.0 1.4 2.5 -.5 35.4 36.9 D Gross investment (E+J)2 71.5 4.1 8.6 26.3 3.8 -3.4 2.4 2.7 116.6 117.6 D E Private capital expenditures (net of sales) 13 65.8 4.4 11.7 33.9 .4 .4 116.7 116.7 F Consumer durable goods... 44.3 44.3 44.3 G Nonfarm resident, constr.1^ 18.4 1.3 L3 21.1 21.1 H Plant and equipment 3.2 4.2 9.5 29.5 A ".4 47.1 47.1 I Change in inventories^. ... .3 3.1 4.2 4.2 J Net financial invest. (K-L).. 5.7 -.4 -3.1 -7.6 -3.4 2.0 .7 2.3 -.8 -.1 16.8 K Net acquis. of finan. assets 21.9 -.2 3.3 3.7 2.6 8.4 10.0 10.5 4.1 69.7 5.0 K L Net increase in liab.17 16.2 3.1 10.9 -.1 6.0 6.4 9.3 8.2 4.7 5.0 69.8 4.1 L M Gold and Treas. currency^. -1.6 1.7 -1.7 M N Dem. dep. and currency19. . .3 -.2 -.1 -.7 1.0 .1 .1 N O Fixed-value redeem, claims.. 12.8 -.4 1.4 5 9.5 14 14.8 -.3 P Time deposits2** 4.9 -.2 1.4 5.8 1.4 7.0 7.0 -.3 Q Savings shares21 8.1 8.1 8.1 8.1 R U. S. savings bonds22 -.3 3 -.3 -.3 S Saving through life insures . 3.6 .1 3.5 3.6 3.6 S T Saving through pen. funds2-*. 7.7 .9 2.1 4.6 7.7 7.7 T U Credit and equity mkt. instr.. 2.4 16.2 3.4 -2.1 10.6 2.3 -1.7 1.0 3.8 10.0 9.4 -.2 10.3 5.1 1.1 2.0 39.5 39.4 .9 U V Federal obligations2^ -1.5 -3.0 -2.2 n 2.7 -.4 -.5 1.0 .3 -2.2 -2.2 .3 V w State and local obligations. .9 .1 .3 3.6 .6 1.6 .1 3.6 3.6 W X Corp. and foreign bonds.. 1.1 3.5 1.1 _ 2 3.3 .1 5.6 5. .5 X Y Corporate stock .3 1 2.3 3.5 3.5 .1 Y z 1 - to 4-family mortgages.. .2 11.3 _ 2 _ 2 .1 7 1.7 10.9 10.9 Z C O o th n e s r u m m e o r r t c g r a e g d e i s t 1.2 3. . 9 1 L2 2.5 1. . 3 6 1. . 0 7 1.1 1.5 4 3. . 9 5 4 3. . 9 5 Security credit26 -.1 .3 .4 .4 Bank loans n.e.c.2? .2 1.5 1.6 3.2 -.3 .1 3.2 3.2 Other loans2s .8 .1 1.0 .4 1.4 1.0 1.4 1.2 5.9 5. Trade credit .1 293.5 4.2 .1 4.4 4.4 Proprietors' net invest, in noncorporate business1.. -4. -1.1 -3.8 -4.9 -4. Misc. financial trans.30. . . . L7 1.0 3.0 3.6 4. 1.0 i Sector discrepancies (A —D)31 2.0 4.6 -1.6 -1.3 -.6 * Less than $50 million. Details may not add to totals because of rounding. NOTE.—U=uses of funds; S= sources of funds. Financial uses of funds represent net acquisitions For other notes see pp. 984, 985, and 987. of assets; financial sources of funds, net changes in liabilities. See also announcement on p. 924 of this BULLETIN. For discussion of saving and investment concepts see pp. 831-43 of the BULLETIN for August 1959. Descriptions of sectors and of transactions categories are given in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE 6. STRUCTURE OF FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1960 [Amounts outstanding at end of year. In billions of dollars] Sector C no o n n a p s n u r d o m fi e t r Nonnnancial business sectors Government sectors Financial institutions sectors R w es o t r - l o d f- se A ct l o l rs sector Farm co N rp o o n r - ate Corporate Federal an S d ta lo te cal C b o a m n m ki e n rc g i 2 al ins S ti a t v u i t n i g o s ns3 Insurance4 F n i . n e a . n c. c 5 e sector Transaction category 1 A L A L A L A L A L A L A L A L A L A L A L A L K Total of assets below6 935.0 5.7 18.0 190.6 51.1 51.5 251.9 115.7 173.8 55.2 62.4 1,910.8 K L Total of liabilities below 6 273 4 '9615 226.5 28^5 61 4 1,414.2 L IM Gold and Treasury currency6 .1 2.7 23 0 22 7 45.9 2.7 M Gold 17 8 22.7 40.5 Treasury currency .1 2 7 5 ? 5.3 2.7 N Demand deposits and currency7 62.5 5.6 13.0 33.1 6 9 11 8 152.0 2.8 3.5 3 7 4 7 147.5 152.0 N O Fixed-value redeemable claims 214.2 1.5 .3 46 5 4 6 73.4 .9 103.5 1 9 223.3 223.3 O P Time deposits8 102.2 1.5 3 8 4 6 73.4 .1 36.4 1 9 110.6 110.6 P Q Savings shares9 66.3 .8 67.1 67.1 67.1 Q R U. S. savings bondsl0 45.6 . . . 45 6 45.6 45.6 R S Savings in life insurance 11 90.7 6 *5 84 3 90.7 90.7 S T Savings in pension fundsi2 82.6 14.1 19.0 49.5 82.6 82.6 T U Credit and equity market instruments. 485.0 207.3 20.1 4.9 43.7 34.1 147.4 34.3 195.5 35.2 69.3 228.5 110.1 2.2 168.4 51.5 24.9 21.2 21.9 1,173.2 732.3 U V Federal obligations 13 24 4 20.2 194.8 17.5 90.1 12.1 15.9 3 1 10 0 193.3 194.8 V W X C St o a r t p e o a r n at d e lo a c n a d l f o o b re li i g g a n t io b n o s nds6 2 9 7 . . 3 5 2.1 " 74'. 9 7 7 .2 8 67 9 1 1 7 6 0 3 8 7 6 1 5 2 .4 8 1. .4 9 9.8 .6 5.4 9 6 0 7 . . 2 9 9 6 0 7 . . 2 9 X W Y Corporate stock6 391.5 n.a. n a .8 24.7 15.4 n.a. 9.5 n.a. 442.0 n.a. Y Z 1- to 4-family mortgages 11.8 135.3 5.0 1.4 7.1 1.3 19.2 74.7 26.1 1.6 141.8 141.8 Z a Other mortgages 19.3 1 l 13 i 16 5 34 0 4 1 1 3 9 5 12 8 17 6 1 64.7 64.7 a Multifamily and commercial.... 13.9 1.1 16.5 34.0 11 1.3 7 9 12.7 14.6 .1 51.6 51.6 Farm 5 4 13 1 3 0 1.6 .1 3 0 * 13.1 13.1 b Consumer credit 56.0 4.9 9.4 20 1 5 0 16 6 . 56.0 56.0 b c d B Se a c n u k r i l ty o a c n r s e d n i . t e 1 .c 4 . 15 1.1 2 5 .4 6 5 0 14 1 . .1 314 62 5 4 1 2 4.5 5 6 .4 1 .1 3. . 0 1 6 1 2 0 . . 4 9 6 1 2 0 . . 4 9 d c e Other loans!6 6.8 2.0 8.0 2.5 5.6 23.1 .7 1.4 3.5 .2 2.0 5.8 7.9 3.6 1.0 13.4 44.0 43.6 e f Trade credit 2.0 2 5 3 5 90 2 62 6 1 8 3 1 1 9 93.8 75.8 f h. Miscellaneous finan. instruments6.... .1 .1 31.6 7.8 5.0 .3 1.1 1.9 3.7 11.9 39.5 53.7 54.8 h A= Assets, L= Liabilities. * Less than $50 million, n.a. Not available. i! Estimated as equal to reserves against life insurance policies and supplementary contracts and policy 1 Lines identified alphabetically correspond to lines in Table 5; unlettered lines indicate detail not dividend accumulations. shown in Table 5. 12 Private pension plans and railroad and govt. employee retirement funds. Estimated as equal to 2 Consolidated account for monetary authorities (Federal Reserve System, ESF, and Treasury currency reserves of pension plans administered by life insurance companies and assets of other private plans and accounts) and commercial banks. of railroad and govt. employee retirement funds. 3 Mutual savings banks, savings and loan associations, and credit unions. 13 Excludes Federal debt held by Federal agencies, consumer-held savings bonds, special notes issued 4 Life and nonlife insurance companies and private pension plans. to IMF, and currency items in public debt; includes Federal agency debt and accrued interest on Treasury 5 Finance companies, open-end investment companies, security brokers and dealers, banks in U. S. bills and on savings bonds (other than consumer-held). territories and possessions, and U. S. agencies of foreign banks. 14 Loans from banks for purchasing or carrying securities and customer debit and net free credit balances 6 Changes in amounts outstanding for year-end dates do not agree with corresponding flows for some with security brokers. categories. See pp. 851-59 of the BULLETIN for August 1959. 15 Mainly commercial, industrial, and agricultural loans (other than open market paper and CCC- 7 Demand deposit liabilities of banking system are net of F. R. Float and cash items in process of collec- guaranteed loans); includes loans to foreign banks, loans to individuals (other than consumer credit), tion as reported by commercial banks. Sum of sector holdings (partly on holder-record basis) differs and other loans. Gross of valuation reserves. Excludes loans to commercial banks. f:om liability total mainly because of mail float (checks in transit from drawers to drawees). J 6 Mainly Federal Government loans (other than mortgages), CCC-guaranteed loans, open market 8 At commercial and mutual savings banks and the Postal Savings System. paper, finance company loans to business, and policy loans on life insurance. - 1 ' ° S C ha o r n e s s u i m n e s r a -h v e in ld g s o a n n l d y ; l o i a n n c lu a d ss e o s ci a a c t c io ru n e s d a n in d t e c r r e e s d t i . t u S n a io vi n n s g . s bonds held by other sectors included in N Ba O c T k E d .— at F a o a r v f a u i r la th b e le r i d n e s F c l r o ip w t - io o n f- s F , u s n e d e s "T S e u c p h p n le ic m a e l n N ts o . tes," pp. 846-57 of the BULLETIN for August 1959. Federal obligations category. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
994 FLOW OF FUNDS/SAVING TABLE 7. SUMMARY OF PRINCIPAL FINANCIAL ASSETS AND LIABILITIES [Amounts outstanding at end of year. In billions of dollars] Transaction category, or sector * 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 I. Currency and demand deposits A Total liab. of com. bkg. system 2 119.4 118.9 118.9 124.1 130.9 137.4 137.4 141.9 144.2 145.9 145.2 151.0 151.9 152.0 A B Total assets, by sector 113.3 113.1 112.7 117.0 123.7 128.7 128.5 134.7 135.5 137.9 139.7 144.8 146.5 147.5 B C Federal Government 3.7 4.9 5.2 5.0 5.1 7.0 5.4 5.7 5.1 4.9 5.2 5.3 6.0 6.9 C D Other domestic sectors 105.1 103.4 102.6 107.2 114.3 117.2 118.9 124.7 126.1 127.8 128.1 134.8 135.8 135.9 D E Consumer and nonprofit 53.5 51.4 49.0 50.8 53.9 55.9 56.5 59.0 58.2 59.1 58.2 60.9 62.2 62.5 E F Farm and noncorporate bus.... 16.3 15.8 15.8 16.0 17.3 16.8 16.7 17.1 17.4 17.5 18.3 19.7 18.9 18.5 F G Corporate nonfinancial business. 23.4 23.6 24.7 26.2 27.9 28.7 28.9 30.9 32.0 32.1 32.1 33.8 33.8 33.1 G H State and local government.... 6.9 7.4 7.6 8.1 8.5 9.0 9.7 10.0 10.4 10.6 10.8 11.0 11.6 11.8 H I Financial sectors. . 5.0 5.1 5.4 6.1 6.7 6.8 7.2 7 6 8 2 8 5 8 8 9 5 9 4 10 0 1 J Rest of the world 4.5 4.8 4.8 4.7 4.3 4.5 4.2 4.3 4.3 4.5 4.7 4.7 4.8 4.7 J K Discrepancy (A -B) 6.1 5.8 6.2 7.1 7.2 8.7 8.9 7.1 8.6 8.7 7.3 b.2 5.4 4.5 K II. Fixed-value redeemable claims A Total by type 114.1 117.9 122.0 124.6 128.7 136.8 145.9 156.9 165.3 174.3 184.4 200.6 208.5 223.3 A B Time deposits 56.8 58.0 59.2 60.0 62.4 67.0 72.0 77.5 80.4 84 1 90 9 101 4 103 4 110 6 B C Savings shares 10.3 11.6 13.2 14.8 17.2 20.5 24.5 29.4 34.6 40.1 45.3 51.8 59.0 67.1 C D US savings bonds3 47.0 48.3 49.6 49.8 49.2 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 45.6 D E Total liabilities bv sector4 . .. 114.1 117.9 122.0 124.6 128.7 136.8 145.9 156.9 165.3 174.3 184.4 200.6 208.5 223.3 E F Federal Government 50.5 51.7 53.0 52.8 52.0 51.9 51.8 52.2 52.2 51.9 49 6 48.9 46 9 46 5 F G Commercial banking . 35.5 36.1 36.6 36.9 38.6 41.7 45.1 48 9 50 3 52 3 57 8 65 8 67 6 73 4 G H Savings institutions 28.0 30.0 32.5 34.9 38.1 43.2 48.9 55.7 62.8 70.1 77.0 85.9 94.0 103.5 H I Total assets bv sector4 114.1 117.9 122.0 124.6 128.7 136.8 145.9 156.9 165.3 174 3 184 4 200 6 208 5 223 3 I J Consumer and nonprofit 111.9 115.4 119.2 121.5 125.2 132.8 140.9 150.6 159.3 168.3 178.1 191.7 201.4 214.2 J K L O R t e h s e t r o d f o t m he e s w ti o c r l s d e c ( t t o im rs e 5 deposits). 1 2.2 2.5 * 2.7 2. . 7 4 3. . 1 5 .7 1.3 1.8 1.7 1.6 1.6 2.5 1.6 7 1 . . 2 9 K L III. Savings in life insurance and pension fundsf A Total by type 63.7 69.0 74.8 81.3 88.0 95.7 103.5 111.4 120.2 129.8 139.1 149.8 160.8 173.4 A B Life insurance 49.8 52.6 55.3 58.0 60.7 63.9 67.1 70.2 73.4 77.2 80 0 83 4 87 1 90 7 B C Pension funds 13.9 16.4 19.5 23.4 27.3 31.8 36.4 41.2 46.8 52.7 59 1 66.4 73.7 82 6 C D Total liabilities by sector4 *> 63.7 69.0 74.8 81.3 88.0 95.7 103.5 111.4 120.2 129.8 139 1 149 8 160 8 173 4 D E Federal Government 9.4 10.5 11.6 12.7 13.6 14.6 15.2 15.3 15.9 17.0 17.5 18.5 19.5 20 5 E F State and local government 3.1 3.6 4.4 5.2 6.0 6.9 8.1 9.3 10.6 12.1 13.7 15.6 16.8 19.0 F G Life insurance companies . ... 46.6 49.7 52.9 56.2 59.7 63.9 68.0 72.5 77.1 81.8 86 0 90.7 96 2 100 9 G H Private noninsured pension plans. 3.3 3.9 4.5 5.9 7.3 8.8 10.6 12.6 14.9 17.2 20.0 23.0 26.3 30.8 H IV. Credit and equity market instruments A. Total by type .. 439.0 451.6 480.0 533.8 581.1 628.1 650.7 755.1 854.8 902.8 896.41057.21149.51173 2 A B Federal obligations 175.8 167.6 168.7 168.4 168.6 172.8 177.8 179.4 180.2 174.6 175 7 184 8 195 6 193 3 B C Short-term direct7 55.9 53.4 63.9 66.6 55.6 62.6 79.1 67.3 60.2 67.6 73.1 71.9 77.4 72.3 C D Other 119.9 114.2 104.8 101.8 113.0 110.2 98.7 112.1 120.0 106.9 102.5 113.0 118.2 121.0 D E State and local obligations 21.7 23.8 26.2 29.2 31.3 34.1 38.0 42.5 46.0 49.2 53.8 59.5 64.3 67.9 E F Corporate and foreign bonds 30.4 35.0 38.2 40.7 44.6 49.5 54.1 57.6 61.4 66.5 73.8 80.2 84.7 90.2 F G Corporate stock8 109.0 108.0 120.0 146.0 170.0 186.0 179.0 258.0 317.0 338.0 299.0 418.0 454.0 442.0 G H 1 - to 4-family mortgages 28.2 33.3 37.6 45.2 51.7 58.5 66.1 75.7 88.2 99.0 107.6 117.7 130.8 141.8 H I Other mortgages 20.7 22.9 25.1 27.6 30.6 32.9 35.2 38.0 41.7 45.5 49.0 54.2 60.2 64 7 T J Consumer credit 11.6 14.4 17.4 21.5 22.7 27.5 31.4 32.5 38.9 42.5 45.3 45.5 52.1 56.0 J K Security credit 3.4 3.6 4.4 5.4 5.0 5.7 6.5 8.6 9.6 9.0 8.7 10.4 10.5 10.9 K L Bank loans n.e.c 21.9 23.4 21.8 27.9 32.6 34.9 34.0 34.2 42.1 47.9 50.2 51.5 59.2 62.4 L M Other loans . ... 16.3 19.4 20.6 21.9 23.9 26.1 28.6 28.7 29.7 30.6 33.3 35.3 38.0 44.0 M N Total liabilities bv sector4 9 328.8 342.7 359.1 387.1 410.5 441.7 471.6 496.8 537.7 565.2 598.0 639.6 696.5 732 3 N O Consumer and nonprofit 39.1 47.2 54.8 67.1 75.4 87.1 99.3 111.0 131.4 146.6 158.5 170.5 191.1 207.3 O 7.3 8.0 8.4 9.4 10.7 11.5 11.5 12 3 13 5 14 4 15 5 17 0 19 0 20 1 P Q Noncorporate nonfinancial bus.. . 18.0 18.9 19.5 22.2 24.0 25.6 26.0 27.5 30.3 32.2 33.4 35.6 40.3 43.7 Q R Corporate nonfinancial business.. 50.5 56.6 59.2 65.9 74.1 81.1 86.0 90.4 98.2 109.0 119.6 129.2 138.7 147.4 R S Federal Government 174.8 167.9 169.0 168.2 168.6 173.4 180.1 181.6 181.5 176.2 177.1 186.5 197.2 195.5 S T State and local government 22.2 24.4 26.7 29.8 32.1 35.3 38.8 43.0 46.5 49.7 54.6 60.5 65.6 69.3 T U Financial sectors . 5.1 6.7 8.1 10.3 10.6 12.3 14.3 15.5 20.6 20.4 21.3 20.8 24.6 27.0 U V Rest of the world .. 11.7 12.9 13.4 14.3 14.9 15.4 15.5 15.5 15.7 16.6 18.0 19.5 20.0 21.9 V W Total assets by sector4 J ° 439.0 451.6 480.0 533.8 581.1 628.1 650.7 755.1 854.8 902.8 896.41057.21149.51173.2 W X Consumer and nonprofit 153.1 152.7 163.1 187.4 209.1 224.8 219.7 291.2 351.1 375.3 343.1 453.7 498.3 485 0 X Y Farm and noncorp. business 2.2 2.6 2.8 3.3 3.6 4.0 4.2 4.3 4.4 4.7 4.8 4.7 4.8 4.9 Y Z Corporate nonfinancial business.. 17.3 18.8 21.5 25.3 27.3 27.6 29.7 27.7 33.1 29.4 30.0 31.5 36.3 34.1 Z a Federal Government .. 13.8 15.3 16.6 17.8 19.4 21.0 21.9 21.6 23.0 24.1 26.5 28.2 32.0 34.3 a b State and local government 10.3 11.3 12.3 13.8 15.3 17.4 20.0 22.9 24.8 27.1 29.8 31.3 34.2 35.2 b c Commercial banking system 138.5 137.8 139.3 147.7 156.8 166.8 172.2 181.5 186.3 191.0 195.3 212.8 218.6 228.5 c d Monetary authorities .... 22.6 23.5 19.0 20.8 23.8 24.8 26.0 25.1 24.8 25.1 24.3 26.5 26.8 27.5 d e Commercial banks 115.9 114.3 120.3 126.9 133.0 142.0 146.2 156.4 161.4 165.9 171.0 186.3 191.7 201.0 e 77.9 71.5 76.9 74.1 74.5 77.1 77.7 84.9 77,8 74.3 75.6 86.4 78.9 81 2 f g Loonsii .... 38.0 42.8 43.5 52.9 58.5 65.0 68 5 71.5 81 6 91.6 95.4 99 9 112.9 119.8 g h Savings institutions 29.8 32.0 34.5 37.7 40.7 45.8 51.7 58.3 66.5 73.9 81.1 90.4 100.7 110.1 h i Insurance sector 61.1 66.3 72.2 78.7 84.9 92.6 100.5 110.6 120.1 128.2 135.8 147.3 158.2 168.4 i j Finance nee 8.9 10.4 12.9 15.6 16.9 19.6 21.9 26.2 32.6 34.6 35.8 41.1 46.3 51.5 j k Rest of the world 4.0 4.2 4.8 6.5 7.0 8.4 8.9 10.9 13.1 14.5 14.1 16.3 20.1 21.2 k • 1 L A e l s p s h t a h b a e n t ic $ 5 d 0 e s m ig i n ll a io ti n o . n s of categ t o r S ie e s e c p o . r 1 re 0 s 0 p 0 o n n d o te to f t . hose i . n Ta 1 b 4 l e „ 3. t d o e p d o r s a it w a ee n s d ) . cu S rr e e c n c T y a b li l a e b i 8 li ( t G y ) o , n li n a e s n e d t - 1 b , a f n o k r - r s e e c c o t r o d r b al a l s o i c s a . tion of demand 2 Demand deposit liabilities of banking system are net of F. R. float 3 Consumer-held only; includes accrued interest. Savings bonds held and cash items in process of collection as reported by commercial banks. by other sectors included in Federal obligations category. Sum of sector holdings (partly on holder-record basis) differs from For other notes see p. 1000. liability total mainly because of mail float (checks in transit from drawers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 995 TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES [Amounts outstanding at end of year. In billions of dollars] Category* 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 (A) Consumer and nonprofit organizations sector U Total financial assets ^ 382.2 388.5 406.1 441.1 476.2 509.1 520.6 612.2 688.7 732.6 718.5 856.1 922.6 935.0 U V Demand deposits and currency... 53.5 51.4 49.0 50.8 53.9 55.9 56.5 59.0 58.2 59.1 58.2 60.9 62.2 62.5 V Consumers 50.9 48.7 46.2 47.9 50.7 52.6 53.0 55.3 54.5 55.3 54.0 56.7 57.8 58.0 Nonprofit organizations 2.6 2.7 2.8 2.9 3.2 3.3 3.5 3.7 3.7 3.8 4.2 4.2 4.4 4.5 W Fixed-value redeemable claims... 111.9 115.4 119.2 121.5 125.2 132.7 140.9 150.6 159.3 168.3 178.1 191.7 201.4 214.2 W X Time deposits 54.7 55.6 56.4 56.9 59.0 63.2 67.3 71.6 74 8 78.6 85 1 92.9 97.2 102.2 X Svgs. and loan assn. shares.... 9.7 10.9 12.4 13.9 16.0 19.0 22.6 27.0 31.8 36.6 41.4 47.2 53.8 61.4 Credit union shares. .... .5 .6 .7 .8 1 1 1 4 1 7 2 0 2 4 2 9 3 4 3 9 4 4 5.0 Z U. S. savings bonds3 47.0 48.3 49.6 49.8 49.2 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 45.6 Z a Savings in life insurance 49.8 52.6 55.3 58.0 60.7 63.9 67.1 70.2 73.4 77.2 80.0 8 i.4 87.1 90.7 a Privatef 44.4 47.0 49.6 52.0 54.6 57.7 60.9 64.2 67.6 71.1 73.8 77.2 80.8 84.3 Government 5.4 5.6 5.6 6.0 6.1 6 2 6.3 6.0 5 9 6 0 6 ? 6 2 6.3 6.5 Savings in pension funds 13.9 16.4 19.5 23.4 27.3 31.8 36.4 41.2 46.8 52.7 59.1 66.4 73.7 82.6 b Private 6.7 7.9 9.1 11.5 13.8 16.5 19.4 22.6 26.1 29.7 34 0 38.5 43.8 49.5 Government 7.2 8.5 10.4 11.9 13.4 15.3 17.0 18.7 20.7 23.0 25.1 27.9 29.9 33.1 z Credit and equity mkt. instr.f 153.1 152.7 163.1 187.4 209.1 224.8 219.7 291.2 351.1 375.3 343.1 453.7 498.3 485.0 c d Federal obligations.. .... 18.9 17.5 17.2 16.7 15.9 15 7 15.9 13.9 16 1 17 1 18 0 35 6 26 1 24.4 d Direct and guaranteed 18.8 17.3 17.0 16.5 15.6 15.4 15.6 13.6 15.2 15.9 16.1 14.0 23.0 21.3 Nonguaranteed I .2 p 2 .3 .3 .3 .3 c 1.2 1 9 1.6 3.1 3.1 e State and local obligations 12.0 13.0 u'.i 13.8 14.2 15.3 16.9 17.7 19 4 21 0 ">i 1 24 3 2b.6 27.5 e f Corporate and foreign bonds... 6.7 6.4 5.7 5.4 5.0 5.2 5.2 4.2 5.4 6.6 7.7 8.3 8.3 9.3 f » Corporate stock4 100.4 99.5 109.6 133.7 155.5 169.4 161.5 233.6 287.5 306.3 268.2 376.9 406.7 391.5 g 1_ to 4-family mortgages 6.7 7.2 7.5 7.5 7.8 8.1 8.6 8.9 9.2 9.7 10.6 11 ^ 11.6 11.8 Other mortgages 7.9 8.5 9.0 9.4 10.0 10.5 11.0 11.7 12.6 13.7 14.7 16.2 18.1 19.3 Security credit.... .6 .6 .6 .9 .8 .7 .7 1.0 .9 .9 .9 1.2 1.0 1.1 i Total liabilities 39.8 48.0 55.6 68.0 76.3 88.3 100.5 112.3 132.9 148.2 160.2 172.3 193.0 209.3 j k Consumer debt (credit mkt. instr.). 38.5 46.5 54.0 66.0 74.3 86.0 98.3 109.7 129.4 144.4 156.0 167.4 187.7 203.6 k 1 I- to 4-family mortgages 22.9 28.0 32.1 39.0 46.0 52.6 60.2 69.2 81.5 92.6 101.3 110.9 124.0 135.3 1 m Consumer credit.... 11.6 14.4 17.4 21.5 22.7 27 5 31.4 32.5 38 9 42 5 45 3 45 > S2.1 56.0 m Instalment 6 / 9.0 // 6 14 7 15 3 19 4 23 0 '3 0 29 0 31 9 34 2 34 I 39 9 43.3 Noninstalnient 4 9 5.5 5.* 6,8 7 4 8 1 8 4 8 9 9.9 10.6 II.1 11.5 12.3 12.8 n Security credit 1.7 1.5 1.8 2.5 2 4 2.6 3.0 4.1 4.8 4.8 4.4 5.5 5.4 n o Other loans 5 2.3 2.5 2 7 3 0 3 3 3.4 3.7 3.9 4.2 4.5 5.0 S 5 6.1 6.8 o p Nonprofit organ, debt 1.3 1.5 1.6 2.0 2.0 2.3 2.3 2.6 3 4 3.8 4.2 4^9 5.4 5.7 p Credit mkt. instruments , 6 .8 .8 1 l 1 l 1 l 1 1 3 2 0 2 2 i s 1 0 3 5 3.7 Other mortgages .3 .3 .4 .4 .4 .5 .5 .6 ,7 .7 8 9 1 0 1.1 Bank loans nee 3 4 4 7 7 6 6 7 1 4 1 5 1 7 *» 1 1 4 2 6 Trade credit.... .7 .8 .8 .9 .9 1.1 1.2 1.3 1 4 1 6 1 7 1 8 1 9 2.0 t See p. 1000 note f. * At estimated market price. Annual changes differ from flow figures 1 Lines identified alphabetically correspond to lines in Table 4 (A); shown in Table 4 (A), which reflect only net funds put into securities. unlettered lines indicate detail not shown in Table 4. 5 Predominantly loans on insurance policies. 2 Excludes proprietors' net investment in noncorporate business for NOTE.—Definitions of sectors and transaction categories are given in wh 3 i c C h o n n o su a m m e o r- u h n e t l d o u o t n s l t y an ; d in i c n l g u d is e s a a v c a c il r a u b e l d e . interest, and armed forces leave "T B ec a h c n k i c d a a l t a N a o v te ai s l , a " b l p e p in . 8 F 4 l 6 o - w 59 -o o f- f F t u h n e d B s U S L u LE p T p I l N em fo en r t A s. ugust 1959. bonds prior to 1954. Details may not add to totals because of rounding. Notes to Table 7 (cont.). 8 At market value. 8 a * n F d o S r u s p e p c l t e o m r e a n ss t e N ts o a . n 2 d . liabilities for each instrument, see Tables 6 and 9 I ° N In o c a lu m d o e u s n c ts o r i p n o c r l a u t d e e d s to fo ck r c a o t r m po a r r a k t e e t s v t a o l c u k e . . 5 Mainly time deposits of State and local governments, corporate II Excludes loans to domestic commercial banks. Consists of mortbusinesses, and savings institutions. gages, consumer credit, security credit, other loans, and bank loans, n.e.c. 6 Includes life insurance issued by fraternal orders not shown sepa- Gross of valuation reserves. rately. Assets in these categories shown as consumer holdings. NOTE.—For descriptions of sectors and of transaction categories 7 Beginning with 1951, direct marketable issues maturing within one see "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. year; prior to 1951, issues maturing or callable within one year. Includes Back data available in Flow-of-Funds Supplements. savings notes prior to their retirement in 1956. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
996 FLOW OF FUNDS/SAVING TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category 1 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 (B) Farm business sector K Total financial assets2 7.1 6.8 6.4 6.4 6.6 6.5 6.4 6.3 6.3 6.1 6.0 6.3 5 9 5.7 Demand deposits and currency... 7.0 6.7 6.3 6.3 6.5 6.4 6.3 6.2 6.2 6.0 5.9 6.2 5.8 5.6 L Total liabilities3 8.5 9.4 10.0 11.2 13.0 13.8 13.6 14.4 15.6 16.5 17.7 19.3 21.4 22.6 M Credit market instruments 7 3 8.0 8.4 9.4 10.7 11.5 11.5 12.3 13.5 14 4 15 5 17 0 ly o 20.1 N Mortgages 5.1 5.3 5.6 6.1 6.7 7.3 7.8 8.3 9.1 9.9 10.5 11.3 12.3 13.1 O Bank loans n.e.c.4 1 6 1.9 2.0 2.5 3.1 3.2 2 8 2 9 3 3 3 * 3 6 4 2 4 8 5.0 P Other loansS .7 .8 .8 .8 1.0 1.0 1.0 1.1 1.1 1.2 1 .4 1 6 1 .8 2.0 Q Trade debt 1.1 1.4 1.6 1.8 2.2 2.3 2.1 2.1 2.1 2.1 2.2 2.3 2.4 2.5 Memo: CCC direct and guaranteed loans not included above 1 1.2 1.7 .8 .6 1.2 2.4 2.4 1.9 1 6 1 2 2.5 1.2 1.5 (C) Noncorporate nonfinancial business sector K Total financial assets 11.5 11.7 12.3 13.1 14.4 14.4 14.6 15.2 15.7 16.3 17.2 18.2 17.9 18.0 L Demand deposits and currency 9.3 9.1 9.5 9.7 10.8 10.4 10.4 10.9 11.2 11 5 12 4 13.5 13.1 13.0 M Consumer credit 2.2 2.6 2.8 3.3 3.6 4.0 4.2 4.3 4.4 4.7 4.8 4.7 4.8! 4.9 N Total liabilities3 15.4 16.7 17.4 19.6 20.6 21.4 22.3 24.9 27.8 29.7 31.3 32.9 40.31 47.2 O Credit market instruments.... 18.0 18.9 19.5 22.2 24.0 25.6 26.0 27.5 30.3 32.2 33.4 35.6 40.31 43.7 1- to 4-family mortgages 4.4 4.4 4.5 4.9 4.7 4.8 4.8 5.0 5.2 5.0 5.0 5.2 5.2 5.0 Multifamily and com. mtgs. 5.6 6.2 6.7 7.3 7.9 8.4 9.0 9.7 10.6 11.6 12.6 13.9 15.4 16.5 Q Bank loans n.e.c 6.1 6.0 5.6 6.8 7.7 8.4 8.1 8.2 9.2 9.8 9.6 10.1 12.6 14.1 R Other Ioans6 1.9 2.3 2.6 3.2 3.7 4.0 4.2 4.5 5.3 5.7 6.2 6.4 7.0 8.0 S Trade debt, net -2.6 -2.2 -2.0 -2.5 -3.4 -4.2 -3.7 -2.6 -2.5 -2.5 -2.1 -2.6 * 3.5 Trade debt 2.8 3.6 3.8 4.5 3.8 4.1 5.2 6.6 7.2 8.1 8.8 9.0 11.6 15.1 Trade receivables 5.4 5.8 5.8 7.0 7.3 8.4 8.9 9.1 9.7 10.6 10.9 11.6 11.6 11.6 (D) Corporate nonfinancial business sector N Total financial assets 81.7 86.1 92.3 108.2 116.8 122.8 125.8 131.3 149.3 154.7 160.2 172.5 187.2 190.6 O Demand deposits and currency. .. 23.4 23.6 24.7 26.2 27.9 28.7 28.9 30.9 32.0 32.1 32.1 33.8 33.8 33.1 P Credit market instruments 17.3 18.8 21.5 25.3 27.3 27.6 29.7 27.7 33.1 29.4 30.0 31.5 36.3 34.1 Q Federal obligations 14.1 14.7 16.7 19.6 20.7 19.9 21.5 19.1 23.5 19.2 19.2 19 > 23.2 20.2 State and local obligations .4 .4 .5 .5 .6 .7 .8 1.0 1.2 1.3 1.5 1.7 1.9 2.1 R Consumer credit 2.9 3.4 3.8 4.6 5.1 5.9 6.1 6.4 7.1 7.5 7.7 8.2 9.0 9.4 S Other loans .1 .3 .5 .6 .9 1.2 1.4 1.2 1.2 1.4 1 6 1 1 2 i 2.5 T Trade credit 31.4 33.9 34.3 43.8 47.3 50.6 49.8 53.7 63.8 69.8 71.6 78.1 86.0 90.2 T M im isc e e d ll e a p n o e s o i u ts s7 8. . 6 9 9. . 8 9 10. .9 9 12 . . 9 0 13 . . 9 3 15 . . 9 0 16. .9 5 n \ ' .9 \ 1 1 9 . . 0 5 22 1 . . 4 0 25 1 . . 4 0 27 1 .5 .(< 30 i . . 0 :• 31 1. .6 5 V Total liabilities 879.7 87.2 88.6 101.8 113.5 123.7 128.5 135.2 152.2 167.6 178.3 191.2 206.1 215.5 W Credit market instruments 50.5 56.6 59.2 65.9 74.1 81.1 86.0 90.4 98.2 109.0 119.6 129.2 138.7 147.4 X Corporate bonds 27.2 31.3 34.1 35.7 38.9 43.4 46.7 50.1 52.8 56.4 62.6 68.4 71.' 74.9 1- to 4-family mortgages 9 .8 .8 .9 1.3 1.1 1.2 1.2 1.4 1.5 1.4 1.4 1.6 1.6 1.4 Multifamily and com. mtgs 9.8 11.1 12.4 13.9 15.6 16.7 18.0 19.4 21.3 23.3 25.1 28.1 31.5 34.0 a Bank loans n.e.c 11.0 11.7 10.0 13.1 16.3 17.3 17.3 16.7 19.5 24.8 26.8 27.3 29. h 31.4 b Other loansio 1.5 1.6 1.7 2.0 2.2 2.4 2.8 2.8 "I 0 3.2 3.7 3 R 4 ? 5.6 c Trade debt 26.6 27.8 26.5 32.8 36.2 39.1 38.8 40.8 49.7 54.0 53.9 57.0 62.3 62.6 Miscellaneous11 2.6 2.8 2.9 3.1 3.3 3.5 3.8 4.0 4.3 4.5 4.8 4.9 5.1 5.5 e Memo: Profits tax liability12 11.3 12.1 9.9 17.4 22.1 18.9 19.5 16.2 20.3 18.6 16.4 13.9 16.5 14.9 * Less than $50 million. 8 Includes $200 million of security credit not shown separately. 1 Lines identified alphabetically correspond to lines in Table 4(B)-(D); 9 Construction loans. unlettered lines indicate detail not shown in Table 4. 1 o Mainly loans from finance companies, commercial paper and 2 Includes equity in Federal land banks not shown separately. Government loans. 3 Excludes proprietors' net investment for which amounts outstanding 1! Direct investments of foreign affiliates. are not estimated. 12 Federal, State, and local taxes on profits. 4 Excludes CCC-guaranteed loans. See p. 840 of the BULLETIN for NOTE.—Definitions of sectors and transaction categories are given in August 1959. "Technical Notes," pp. 846-59 of the BULLETIN for August 1959. 5 Government loans; excludes CCC loans. Back data available in Flow-of-Funds Supplements. 6 Mainly REA and other loans from Federal Government and loans Details may not add to totals because of rounding. from finance companies. 7 Foreign currency and deposits and direct investments abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 997 TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category 1 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 (E) Federal Government sector R Total financial assets2 21.5 24.2 25.9 27.4 30.1 34.6 33.7 34.0 34.9 36.5 39.7 41.2 47.5 51.1 R S De A m v a a n il d a b d l e e p f o u s n i d ts s a a n t d F . c R ur . r B en a c n y k . s . . . 3 1. . 0 7 9 4 1 1 . . . 9 1 9 5 2. . . 6 2 8 5 2 . . 0 3 7 5 2 . . 1 7 3 4 7 . . 4 0 4 5 3. . 4 4 3 5 3 . . 7 5 6 5 3 . . 1 0 4 4 2. . 9 9 4 5 3. . 1 2 5 5 3 . . 3 5 4 4 6. . 0 2 5 5 6 . . 2 9 5 S Currency and other deposits... 1.9 1.9 1.8 2.0 2.1 2.2 1.7 1.7 1.7 1.6 1.6 1.5 1.3 1.2 T Credit market instruments 13.8 15.3 16.6 17.8 19.4 21.0 21.9 21.6 23.0 24.1 26.5 28.2 32.0 34.3 T 1- to 4-family mortgages .6 .7 1.2 1.5 2.1 2.5 2.8 2.8 3.0 3.5 4.7 4.7 6.3 7.1 Other mortgages 3 1 2 1.2 1.2 1.3 1 3 1 4 1 7 1 8 2.2 2 5 2.8 3 1 3 7 4 1 V Other loans 12.0 13.5 14.2 15.1 16.0 17.1 17.4 17.0 17.8 18.1 19.0 20.4 22.1 23.1 V To savings and loan assns .4 .5 .4 .8 .8 .9 .9 .9 1.4 1.2 1.3 1.3 2.1 2.0 To rest of world 8.3 9.5 9.9 10.1 10.3 10.6 10.9 10.7 10.6 10.7 11.0 11.6 11.7 12.2 To others 3.2 3.5 3.9 4.2 5.0 5.6 5.6 5.4 5.7 6.2 6.8 7.5 8.3 8.9 Treasury currency assets4 A I •1 .1 2 .1 2 A * * • * A A Trade credit s. .4 1.3 2.3 2.2 2.4 2.3 2A 2^3 \.l 1.7 1.8 Miscellaneous *> 3.7 3.7 3.8 3.9 3.9 3.9 3.9 3.9 4.1 4.6 5.3 5.6 7.4 7.8 X Total liabilities 239.8 234.6 237.7 239.2 241.7 247.5 254.8 257.1 257.7 252.9 252.4 262.2 273.2 273.4 X Y Fixed-value redeemable claims... 50.5 51.7 53.0 52.8 52.0 51.9 51.8 52.2 52.2 51.9 49.6 48.9 46.9 46.5 Y Z Postal savings deposits 3.5 3.4 3.3 3.0 2.8 2.7 2.5 2.2 2.0 1.7 1.4 1.2 1.0 .8 Z a Consumer-held svgs. bonds7 8.. 47.0 48.3 49.6 49.8 49.2 49.2 49.4 50.0 50.2 50.1 48.2 47.7 45.9 45.6 a Consumer svgs. in life insurance.. 5.4 5.6 5.6 6.0 6.1 6.2 6.3 6.0 5.9 6.0 6.2 6.2 6.3 6.5 Consumer svgs. in retirement fds.. 4.1 4.9 6.0 6.7 7.5 8.4 8.9 9.4 10.0 10.9 11.3 12.3 13.2 14.1 Credit market instruments 174.8 167.9 169.0 168.2 168.6 173.4 180.1 181.6 181.5 176.2 177.1 186.5 197.2 195.5 c Federal obligations 9 174.7 167.0 168.0 167.8 168.3 172.7 177.9 179.3 180.4 175.3 176.7 185.7 197.0 194.8 c d Short-term directl0 55.9 53.4 63.9 66.6 55.6 62.6 79.1 67.3 60.2 67.6 73.1 71.9 77.4 72.3 d e Other direct and guaranteed.. 117.4 112.0 102.6 99.3 110.6 108.0 96.7 109.9 116.5 103.5 97.3 108.0 111.6 114.6 e f Nonguaranteed^ * 1.4 1.6 1.5 1.9 2.2 2.1 2.1 2.1 3.6 4.2 6.3 5.8 8.0 7.9 f .1 .9 1.0 A .3 .7 2.2 2.3 1.2 .9 .5 .8 2 .7 g Trade debt13 1.1 2.7 2.8 2.6 2.4 2.3 2.6 2.8 2.8 2.9 3.1 Treasury currency liability *4 2.4 2.4 2.4 2.4 2.4 2.4 2.5 2.5 2.5 2.5 2 6 2.6 2 6 2.7 Miscellaneous liabilities 2.6 2.1 1.8 2.0 2.4 2.4 2.6 3.1 3.2 2.8 2.8 2.9 4.1 5.0 Deposits of savings and loan associations at FHLB .1 .1 .3 .2 .3 .4 .6 .8 .7 .7 .7 .8 .6 .9 Demand notes issued to IMF. . 1 5 1.2 1.0 1.3 1.3 1 3 1 3 1.5 1 6 1 1 7 8 2 1 2.5 Other is 1 0 8 5 5 8 7 7 8 9 1 0 1 4 1 3 1 4 1 6 Memo: Assets of OASI fund 9.4 10.7 11.8 13.7 15.5 17.4 18.7 20.6 21.7 22.5 22.4 21.9 20.1 20.3 i (F) State and local government sector L Total financial assets 18.1 19.9 21.2 23.3 25.4 28.1 31.6 35.3 37.5 40.1 43.3 45.9 48.9 51.5 L M Demand deposits and currency... 6.9 7.4 7.6 8.1 8.5 9.0 9.7 10.0 10.4 10.6 10.8 11.0 11.6 11.8 M N Time deposits .9 1.1 1.3 1.4 1.5 1.6 2.0 2.4 2.4 2.4 2.8 3.6 3.2 4.6 N O Credit market instruments 10.3 11.3 12.3 13.8 15.3 17.4 20 0 22.9 24.8 27.1 29.8 31.3 34.2 35.2 O P Federal obligations. 7.3 7.9 8.1 8.8 9.7 11.3 12.9 14.6 15.4 16.5 17.5 17.1 18.2 17.5 P Direct and guaranteed 7.3 7.9 8.1 8.8 9.6 11.2 12.8 14.5 15.2 16.2 17.1 16.8 77.5 17.1 Nonguaran teed .1 .1 .1 .1 .2 .3 .4 .3 .4 .4 Q State and local obligations 2.5 2.6 3.1 3.6 3.8 4.0 4 4 4.7 5.1 5 6 6.1 6.6 7 0 7.2 Q Corporate bonds . .5 .7 .9 1.1 1.3 1.6 2.0 2.7 3.2 3.8 4.6 5.6 6.7 7.8 1- to 4-family mortgages * .1 .1 .2 .2 .3 .4 .5 .5 .6 .8 1.0 1.2 1.3 Multifamily and com. mtgs. . . . * .1 .1 .2 .2 .3 .4 .5 .5 .6 .8 1.0 1.2 1.3 S Total liabilities 26.2 29.0 32.2 36.1 39.3 43.5 48.3 53.8 58.8 63.6 70.1 78.1 84.3 90.5 S Credit market instruments 22.2 24.4 26.7 29.8 32.1 35.3 38.8 43.0 46.5 49.7 54.6 60.5 65.6 69.3 T State and local obligations 21.7 23.8 26.2 29.2 31.3 34.1 38.0 42.5 46.0 49.2 53.8 59.5 64.3 67.9 T Other loans (Federal Govt.) .5 .6 .5 .6 .8 1.1 .8 .5 .5 .6 .8 1.0 1.2 1.4 Trade debt .9 1.0 1.1 1.2 1.2 1.3 1.4 1.6 1.7 1.8 1.8 2.0 2.0 2.1 W Consumer savings in retirement funds 3.1 3.6 4.4 5.2 6.0 6.9 8.1 9.3 10.6 12.1 13.7 15.6 16.8 19.0 W * Less than $50 million. 10 Beginning with 1951, direct marketable issues maturing within one 1 Lines that are identified alphabetically correspond to lines in Table year; prior to 1951, issues maturing or callable within one year. Includes 4(E) and (F); unlettered lines indicate detail not shown in Table 4. savings notes prior to their retirement in 1956. 2 Prior to 1950, includes small amounts of savings and loan shares 11 Securities and notes issued by FNMA, Federal land banks, home not shown separately. loan banks, intermediate credit banks, and banks for cooperatives. 3 Mainly farm mortgages. 12 CCC certificates of interest and liability for CCC-guaranteed loans. 4 Silver bullion held at cost in account of Treasurer of the United See discussion on p. 840 of the BULLETIN for August 1959. States. 13 Payable to corporations. 5 Prepayments and advances to corporations. 14 Seigniorage on silver, deposits with Federal Government for re- <> Mainly Subscriptions to International Monetary Fund and Inter- demption of Federal Reserve Bank notes and national bank notes, and national Bank for Reconstruction and Development; capital stock of liability of Federal Government in connection with minor coin and U. S. Exchange Stabilization Fund; and holdings of foreign cash assets. notes not backed by gold reserves. 7 Prior to 1954, includes armed forces leave bonds. 15 Private equity in Government enterprises, and miscellaneous trust 8 Includes accrued interest. and deposit liabilities. 9 Excludes Federal debt held by Federal agencies, consumer-held NOTE.—Definitions of sectors and transaction categories are in "Techsavings bonds, special notes issued to IMF, and currency items in public nical Notes," pp. 846-59 of the BULLETIN for August 1959. debt; includes Federal agency debt and accrued interest on Treasury bills Back data available in Flow-of-Funds Supplements. and on savings bonds (other than consumer-held). Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
998 FLOW OF FUNDS/SAVING TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category i 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 (G) Commercial banking and monetary authorities sector A Total financial assets 166.0 166.8 168.5 175.3 184.4 194.8 199.1 208.3 213.0 218.1 223.5 238.6 243.4 251.9 A B Gold2 22.9 24.4 24.6 22.8 22.9 23.3 22.1 21.8 21.8 22.1 22.9 20.6 19.5 17.8 B C Treasury currency 3 4.9 4.9 5.0 5.1 5.2 5.2 C D Credit and equity market instr.... 138.5 137.8 139.3 147.7 156.8 166.8 172.2 181.5 186.3 191.0 195.3 212.8 218.6 228.5 D E Federal obligations * 93.0 87.3 87.2 84.5 86.9 89.5 90.7 95.3 88.2 85.2 84.6 95.0 87.4 90.1 E F Monetary authorities 22.6 23.4 18.9 20.8 23.8 24.7 25.9 25.0 24.8 25.0 24.3 26.4 26.7 27.4 F G Short-term direct5 19.9 12.4 12.0 16.0 13.4 14.8 17.0 19.4 20.7 22.1 21.4 21.0 18.7 15.2 G H Other direct 2.7 10.9 6.9 4.8 10.4 10.0 9.0 5.5 4.1 2.9 2.8 5.4 8.0 12.2 H I Commercial banks* 70.5 63.9 68.3 6-3.7 63.1 64.8 64.8 70.4 63.4 60.2 60.3 68.6 60.7 62.6 I J Short-term direct5 19.2 19.4 26.5 22.2 15.8 19.2 28.2 17.6 9.0 13.8 15.7 16.6 13.6 17.0 J K Other direct and guar 50.1 43.3 40.5 39.8 45.7 44.1 35.2 51.4 52.6 44.8 42.5 49.7 45.3 44.0 K L Nonguaranteed6 1 ? 1.3 1 3 1 7 1 6 1.5 1.3 1 4 1.8 1.6 2 1 2 2 1 7 1.6 L M State and local obligations 5.3 5.7 6.5 8.1 9.2 10.2 10.8 12.6 12.7 12.9 13.9 16.5 17.0 17.6 M N Corp. and foreign bonds 2.2 1.9 2.1 2.2 2.2 2.1 2.1 1.9 1.7 1.3 1.4 1.3 1.2 1.0 N 0 1- to 4-family mortgages 6.3 7.3 7.9 9.4 10.2 11.1 11.9 13.2 14.9 16.1 16.2 17.4 19.1 19.2 O P Other mortgages 3 t 3.5 3 7 4.2 4.4 4.6 4.8 5.2 5.9 6.4 6.9 7 8 8 9 9.5 P Q Consumer credit 3.8 4.8 5.8 7.4 7.5 9.4 10.9 10.9 13.2 14.6 15.8 15.9 18.8 20.1 Q R Security loans 2.1 2.3 2.6 2.9 2.6 3.2 3.6 4.5 5.0 4.3 4.2 4.7 4.9 5.1 R S Bank loans n.e.c 21.9 23 4 21 8 27.9 32.6 34.9 34.0 34.2 42.1 47.9 50.2 51 5 59 2 62.4 S T To nonfinancial business 18 7 19.6 17.6 22.4 27.2 28.9 28.2 27.8 32.0 38.0 40.1 41.6 47.3 50.5 T U To nonbank finan. sectors.... 2.3 2.7 3.1 4.1 4.0 4.6 4.6 4 6 7 1 6 H 6 ? 5 2 6 6 6.3 U V To other sectors1 .9 1.1 1.1 14 I 5 1.4 1 2 1 7 2 8 ? 2 3.8 4 8 5.3 5.6 V W Other loans .8 1.6 1.7 1.2 1.3 1.8 3.4 3.7 2.4 2.3 2.1 2.6 2.1 3.5 W X CCC-guaranteed loans* / .9 1 0 .4 .3 .7 2.2 2 3 1.2 .9 5 8 2 .7 X Y Open market paper .6 .5 .5 .5 .6 .7 .8 1.0 .8 .9 1.1 1.2 1.2 2.1 Y Z Secured by hypothecated dep.. 1 .2 .2 .3 .4 .4 .4 .5 .5 .6 .6 6 7 .7 Z a Miscellaneous9 .2 .2 .2 .2 A .1 .2 .2 .2 .4 .2 .2 .3 b Total liabilities 155.6 155.7 156.2 161.9 170.5 180.0 183.3 191.5 195.2 199.1 203.5 217.2 220.2 226.5 c Demand dep., net, and currencyl °. 119.4 118.9 118.9 124.1 130.9 137.4 137.4 141.9 144.2 145.9 145.2 151.0 151.9 152.0 d Due to U. S. Government11... 3.4 4.6 5.1 4.6 4.7 6.4 5.1 5.4 4.7 4.8 5.0 5.1 5.8 6.7 e Monetary authorities 2.0 2.3 2.0 1.8 1.4 7.5 1.0 1.2 1.0 1.1 1.1 .9 .7 .7 f Commercial banks 1.3 2.3 3.1 2.8 3.4 4.9 4.1 4.2 3.7 3.7 3.9 4.2 5.0 5.9 g Due to rest of the world 4.5 4.8 4.8 4.7 4.3 4.5 4.2 4.3 4.3 4.5 4.7 4.7 4.8 4.7 h Monetary authorities12 1.4 1.7 1.9 1.7 1.4 1.4 1.3 1.4 1.3 1.2 1.2 1.2 1.3 1.2 1 Commercial banks 3.0 3.1 2.9 3.0 2.9 3.1 2.9 3.0 3.0 3.3 3.4 3.5 3.5 3.5 j Due to others 11 111.6 109.5 109.0 114.8 121.9 126.4 128.0 132.2 135.2 136.6 135.5 141.1 141.4 140.6 k Demand deposits, net10 85.6 84.0 84.2 90.0 96.2 99.6 100.6 105.0 107.5 108.9 107.9 113.1 112.7 112.0 1 Currency 25.9 25.5 24.8 24.8 25.7 26.8 27.4 27.2 27.6 27.7 27.7 28.1 28.7 28.6 m Time deposits 35.5 36.1 36.6 36.9 38.6 41.7 45.1 48.9 50.3 52.3 57.8 65.8 67.6 73.4 n o D D u u e e t t o o U re . s t S o . f G t o h v e e w rn o m rl e d nt .1 * <" * 1 . . 2 2 . . 2 4 . . 3 5 . . 3 7 1. . 3 3 1. . 8 4 1. . 7 4 1. . 6 3 1. . 6 3 2. . 5 3 1. . 6 3 1. . 9 3 p Due to State and loc. govts .9 1.1 1.3 1.4 1.5 1.6 2.0 2.4 2.4 2.4 2.8 3.6 3.2 4.6 q Due to others 13 34.5 34.9 35.0 34.9 36.3 39.0 41.6 44.3 45.9 48.0 53.2 59.4 62.5 66.6 r Other liabilities 14 .6 .6 .7 .8 1.0 .9 .8 .7 .8 .8 .6 .5 .7 1.1 (G.I) Monetary authorities subsector15 s Total financial assets 50.6 53.0 48.6 49.6 52.5 53.8 53.7 52.5 53.1 53.8 53.9 53.5 53.5 52.5 t Inch in consol. sector acct.16.... 50.0 52.4 48.0 48.1 51.3 52.7 52.8 51.7 51.4 52.1 52.4 52.2 51.5 50.6 Excl. from consol. sector acct.: u F. R. float .5 .5 .5 1.4 1.2 1.0 .9 .8 1.6 1.7 1.4 1.3 1.6 1.8 v F. R. loans to domestic banks. * * * .1 * .1 * * .1 * * * .5 w Total liabilities 50.1 52.4 47.7 48.7 51.7 53.0 52.9 51.7 52.2 52.9 53.0 52.5 52.6 51.7 w x Incl. in consol. sector acct.17.... 29.6 29.7 28.9 28.5 28.6 30.0 29.9 30.0 30.2 30.2 30.2 30.3 30.9 30.8 x Excl. from consol. sector acct.: y Member bank reserves 17.9 20.5 16.6 17.7 20.1 20.0 20.2 18.9 19.0 19.1 19.0 18.5 18.2 17.1 y z Other dep. of domestic banks. .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 z aa Currency held by com. banks. 2.2 2.0 2.0 2.2 2.7 2.8 2.5 2i5 2.7 3.3 3i3 3.2 3!o 3.3 aa bb Capital stock of F. R. Banks.. .2 .2 .2 .2 .2 .3 .3 .3 .3 .3 .3 .4 .4 .4 bb (G.2) Commercial banks subsector!5 cc Total financial assets 136.3 137.0 139.2 147.1 156.1 165.0 169.2 178.2 183.4 188.4 193.9 208.6 213.4 221.8 cc dd Incl. in consol. sector acct. *8.... 115.9 114.4 120.4 127.1 133.1 142.1 146.3 156.6 161.6 166.0 171.2 186.5 192.0 201.3 dd Excl. from consol. sector acct. : ee Demand dep. and currency 19. 20.1 22.5 18.5 19.7 22.7 22.6 22.6 21.3 21.5 22.1 22.4 21.7 21.0 20.1 ff Capital stock of F. R. Banks.. .2 .2 .2 .2 .2 .3 .3 .3 .3 .3 .3 .4 .4 .4 gg Total liabilities 126.5 126.6 127.9 134.8 143.1 151.1 154.4 162.4 166.7 170.6 174.8 188.2 191.3 197.6 gg hh Incl. in consol. sector acct.20.... 126.0 126.0 127.3 133.3 141.9 150.0 153.4 161.6 165.0 168.9 173.4 186.9 189.2 195.7 hh Excl. from consol. sector acct.: ii F. R. float21 .5 .5 .5 1.4 1.2 1.0 .9 .8 1.6 1.7 1.4 1.3 1.6 1.8 jj Borrowings at F. R. Banks. .. * * * .1 * * * .1 * * * .5 * Less than $50 million. For other notes see second page following. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FLOW OF FUNDS/SAVING 999 TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category 1 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 (H) Nonbank financial sectors—total A Total financial assets 105.9 115.1 126.5 139.5 150.9 167.0 183.8 205.6 230.4248.4265.0 292.3 318.8 344.7 A B Demand deposits and currency... 5.0 5.1 5.4 6.1 6.7 6.8 7.2 7.6 8.2 8.5 8.8 9.5 9.4 10.0 B C Credit and equity mkt. instr 99.8 108.8 119.6 132.0 142.5 158.0 174.2 195.1 219.1236.7 252.7 278.7 305.3 330.0 C D Other 1.1 1.2 1.4 1.4 1.7 2.1 2.4 3.0 3.0 3.2 3.5 4.1 4.1 4.7 D E Total liabilities 85.8 93.2 100.8 110.3 118.9 131.7 145.6 160.4 179.61944 209.5 226.1 246.3 267.9 F Fixed-value redeemable claims. . . 28.0 30.0 32.5 34.9 38.1 43 2 48.9 55 7 62.8 70.1 77 0 XS 9 94 0 103.5 G Insurance and pension reserves... 51.2 54.9 58.8 63.5 68.5 74.2 80.2 86.8 93.7 100.8 107.8 115.7 124.6 133.8 H Credit and equity mkt. instr 5.0 6.6 8.0 10.2 10.5 12.3 14.3 15.4 20.6 20.4 21.3 20.8 24.6 27.0 I Miscellaneous 1.6 1.6 1.6 1.7 1.9 2.0 2.1 2.4 2.6 3 1 3.4 3.7 3.1 3.7 (H.I) Savings institutions sector2 A Total financial assets, 31.5 33.9 36.6 39.8 43.2 48.7 55 0 62 3 70.7 78.3 85.7 95.7 105 7 115.7 B Demand deposits and currency. 1 ? 1.3 1.4 1.4 1 7 1 7 1 8 2.2 2 3 2.5 2 5 2 9 2 6 2.8 C Fixed-value redeemable claims3. .3 .3 .3 .3 .3 .4 .5 .6 .6 .7 .7 .9 9 .9 D Credit and equity mkt. instr.4.. 29.8 32.0 34.5 37.7 40.7 45.8 51.7 58.3 66.5 73.9 81.1 90.4 100.7 110.1 E Federal obligations 13.9 13.2 13.1 12.5 11.6 11.5 11.4 11.0 11.2 11.3 11.7 12.0 12.5 12.1 F Direct and guaranteed 13.9 13.1 13.0 12.5 11.6 11.3 11.2 10.9 10.9 10.9 10.9 11.2 11.5 11.0 G Nonguaranteed * .1 * * * .1 .2 .1 .3 .4 .8 .8 1.1 1.1 H State and local obligations 5.. 1 .1 .1 1 1 3 4 6 6 7 7 7 7 .1 I Corporate bonds 5 1 5 1.9 2.1 2.0 2.2 2 5 2.8 2.9 2.6 2 6 3.2 3.8 3 6 3.8 J Corporate stock5 1 2 2 2 2 3 4 6 7 7 8 9 8 .8 K 1 - to 4-family mortgages 10.8 12.7 14.6 17.5 20.3 24.0 28.5 34.2 41.3 47.2 52.4 58.9 66.7 74.7 L Other mortgages 3.0 3.4 3.8 4.5 5.3 5.9 6.5 7.1 7.8 8.5 9.1 10.4 11.7 12.8 M Consumer credit .4 .5 .6 .9 .9 1.2 1.6 1.8 2.3 2.7 3.2 3.6 4.4 5.0 N Miscellaneous6 .2 .2 .4 .4 .5 .7 .9 1.2 1.2 1.3 1.3 1.6 1.5 1.9 O Total liabilities 28.6 30.6 33.0 35.8 39.0 44.1 50.0 56.7 64.4 71.4 78.4 87.3 96.4 105.6 P Deposits at mutual svgs. banks. 17.8 18.4 19.3 20.0 20.9 22.6 24.4 26.4 28.2 30.0 31.7 34.0 35.0 36.4 Q Savings shares 10.3 11.6 13.2 14.8 17.2 20.5 24.5 29.4 34.6 40.1 45.3 51.8 59.0 67.1 R Savings and loan assns 9.8 11.0 12.5 14.0 16.1 19.2 22.8 27.3 32.2 37.1 41.9 48.0 54.6 62.2 S Credit unions .5 .6 .7 .8 1.1 1.4 1.7 2.0 2.4 2.9 3.4 3.9 4.4 5.0 T Credit market instr.7 .5 .6 .5 .9 .9 .9 1.0 1.0 1.6 1.4 1.4 1.4 2.4 2.2 (H.2) Insurance sector2 A Total financial assetsf 63.9 69.1 75.3 82.0 88.6 96.4 104.6 114.7 124.4 132.7 140.5 152.3 163.4 173.8 B Demand deposits and currency 2.2 2.2 2.3 2.6 2.8 2.9 3.1 3.1 3.2; 3.1 3.2 3.4 3.4 3.5 C Credit and equity mkt. instr 61.1 66.3 72.2 78.7 84.9 92.6 100.5 110.6 120.11 128.2 135.8 147.3 158.2 168.4 D Federal obligations 26.1 23.5 22.7 21.4 19.4 19.1 19.1 18.5 18.2 16.8 15.9 16.2 16.4 15.9 E Short-term direct .8 /./ 1.5 1.8 1.5 1.5 1.9 1.5 M 1 o 1 4 / 6 / 6 1.6 F Other 25.3 22.4 21.2 19.6 17.9 17.5 17 ? 17.1 17 3 15 7 14 5 14 6 14 8 14.3 G State and local obligations.. 1.3 1.8 2.3 2.7 3.0 3.4 4.3 5.6 6.6, 7.5 8.3 9.3 10.8 12.4 H Corporate bonds 18.6 23.3 26.2 28.8 32.5 36.8 40.8 44.2 46.8| 50.5 55.0 59.1 62.6 65.8 I Corporate stock 4.2 4.4 5.3 6.5 7.4 8.6 9.3 12.2 14 4 15.4 15 9 19 7 22.6 24.7 J 1- to 4-family mortgages 3.5 4.9 6.1 8.6 10.7 11.9 13.3 15.3 17.9 20.5 21.9 23 0 24.4 26.1 K Other mortgages 5.5 6.2 7.2 8.1 9.2 10.0 10.7 11.5 12.5 13.6 14.6 15.5 16.5 17.6 L Other loans 8 2.0 2.1 2.3 2.5 2.7 2.8 3.0 3.3 3.6 3.8 4.3 4.5 5.0 5.8 M Trade credit» .6 .7 .7 .7 .8 .9 1.0 1.2 1.3 1.5 1.6 1.8 1.9 N Total liabilitiesf 51.2 54.9 58.8 63.5 68.5 74.2 80.2 86.8 93.7 100.8 107.8 115.7 124.6 133.8 N O Savings in life insurance 44.4 47.0 49.6 52 0 54.6 57 7 60.9i 64.21 67.6 71.1 73.8 77.2 80.8 84.3 O P Savings in pension fundsf.... 6.7 7.9 9.1 11.5 13.8 16.5 19.4 22.6 26.1 29.7 34.0 38.5 43.8 49.5 P (H.3) Finance n.e.c. sector2 A Total financial assets 10.5 12.1 14.7 17.7 19.1 21.9 24.2 28.6 35.3 37.4 38.8 44.3 49.7 55.2 B Demand deposits and currency.. 1.6 1.7 1.7 2.1 2.3 2.2 2.2 2.4 2.7 2.9 3.0 3.2 3.4 3.7 C Credit and equity mkt. instr 8.9 10.4 12.9 15.6 16.9 19.6 21.9 26.2 32.6 34.6 35.8 41.1 46.3 51.5 D Federal obligations 1.4 2.0 1.8 1.7 1.4 1.9 1.8 2.1 1.6 1.8 2.1 2.3 2.1 3.1 E State and local obligations.... .3 .3 .3 .4 .4 .3 .5 .4 .4 .2 .3 .3 .4 F Corporate bonds .8 .6 1.0 1.0 1.2 1.1 1.0 1.4 1.4 1.4 1.5 1.6 1.8 1.9 G Corporate stock 1.8 1.7 2.4 2.7 3.4 4.0 4.1 6.3 7.9 8.6 8.1 12 3 14.5 15.4 H Mortgages .3 .3 .4 .7 .6 .8 .8 1.0 1.6 1.5 1.2 1.7 1.7 1.7 I Consumer credit 2.4 3.2 4.3 5.3 5.6 7.1 8.6 9.1 11.9 13.0 13.8 13.1 15.1 16.6 J Security credit .6 .6 1.0 1.6 1.6 1.7 2.2 3.1 3.6 3.7 3.5 4.5 4.5 4.5 K Other loans i o 1.3 1.7 1.6 2.2 2.6 2.8 2.9 2.9 4.2 4.4 5.3 5.3 6.2 7.9 L Total liabilities 6.1 7.6 9.1 11.0 11.4 13.3 15.4 16.9 21.6 22.2 23.3 23.1 25.4 28.5 M Credit market instrumentsll.... 4.4 6.0 7.5 9.3 9.6 11.3 13.3 14.5 19.0 19.1 20.0 19.4 22.2 24.9 N Corporate bonds .5 1.0 1.4 1.7 2.0 2.3 3.7 4.0 5.3 6.4 7.1 7.3 8.3 9.8 O Security credit 1.5 2.0 2.5 2.9 2.6 3.1 3.4 4.4 4.7 4.2 4.3 4.8 4.9 5.4 P Bank loans n.e.c 2.2 2.6 3.1 4.0 3.9 4.6 4.5 4.6 7.2 6.6 6.2 5.0 6.3 6.1 Q Other loans (open mkt. paper). .2 .4 .6 .7 1.1 1.4 1.6 1.5 1.7 1.9 2.3 2.2 2.7 3.6 R Miscellaneous 12 1.6 1.6 1.6 1.7 1.9 2.0 2.1 2.4 2.6 3.1 3.4 3.7 3.1 3.7 • Less than $50 million. f See p. 1000 note f. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1000 FLOW OF FUNDS/SAVING TABLE 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Continued) [Amounts outstanding at end of year. In billions of dollars] Category * 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 (I) Rest-of-the-world sector G Total financial assets2 24.9 24.3 25.4 30.0 30.9 32.7 35.5 39.7 43.0 45.0 44.4 50.8 57.4 62.4 H Gold3 11 3 10.2 10.5 12.5 12.8 12.6 14.2 15.1 15.9 16.1 16.0 18.9 20.7 22.7 I U. S. dem. dep. and currency. 4.5 4.8 4.8 4.7 4.3 4.5 4.2 4.3 4.3 4.5 4.7 4.7 4.x 4.7 Deposits of foreign banks . . 1.8 2.2 2.1 2.4 1.9 2.0 1.8 2.0 1.9 2.1 2.1 1.9 2 0 1.8 Other deposits and currency ? 6 2.6 2.7 2.4 2.3 2.5 2.5 2 3 2 3 2 4 2.5 2 8 2.7 2.9 Time deposits * * .2 .4 .5 .7 1.3 1.8 1.7 1.6 1.6 2.5 1.6 1.9 Credit and equity mkt. instr... 4.0 4.2 4.8 6.5 7.0 8.4 8.9 10.9 13.1 14.5 14.1 16.3 20.1 21.2 K Federal obligations r ? 1.6 1.9 3.1 3.0 4.0 4 5 4 8 5.8 6 6 6 8 6 8 9 6 10.0 Corporate stock4 2.5 2.3 2.5 2.9 3.4 3.7 3.6 5.3 6.6 7.0 6.1 8.3 9.4 9.5 Others 3 .3 .4 .5 6 6 7 9 7 9 1 2 1 1 1.1 1.6 Miscellaneous6 5.1 5.1 5.2 5.9 6.3 6.6 6.9 7.5 8.1 8.3 8.1 8.4 10.2 11.9 N Total liabilities7 24.0 26.4 28.0 30.2 32.0 34.2 35.7 37.3 39.3 43.6 48.7 52.6 57.3 61.4 N Credit and equity mkt. instr.8. 11.7 12.9 13.4 14.3 14.9 15.4 15.5 15.5 15.7 16.6 18.0 19.5 20.0 21.9 Bonds4 2.7 2.7 2.7 3.3 3.7 3.8 3.7 3.5 3.3 3.7 4.1 4.5 4.9 5.4 Bank loans n.e.c 6 6 .7 .7 8 8 7 1 0 1 4 1 8 2 1 2.6 2.9 3.0 Other loans9 8.4 9.5 10.0 10.2 10.4 10.8 11.0 10.9 10.9 11.2 11.7 12.3 12.2 13.4 Q Miscellaneous 12.3 13.5 14.6 15.9 17.1 18.8 20.3 21.8 23.6 27.0 30.7 33.1 37.3 39.5 U. S. subscription to IMF andlBRDiO 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 3.4 4.8 4.9 Other** 8.9 10.1 11.2 12.5 13.7 15.5 16.9 18.4 20.2 23.5 27.3 29.7 32.5 34.6 * Less than $50 million. 7 Excludes amounts for corporate stock and unidentified liabilities~(in 1 Lines identified alphabetically correspond to lines in Table 4(1); miscellaneous category) for which estimates of amounts outstanding are unlettered lines indicate detail not shown in Table 4. not available. 2 Excludes amounts for unidentified assets (in miscellaneous category) 8 Includes security credit not shown separately. for which estimates of amounts outstanding are not available. 9 Predominantly U. S. Government loans. 3 Holdings of international institutions and foreign central banks and 10 Includes subscriptions to IFC (1956) and IAB (1959). governments, excluding U.S.S.R. Reflects net foreign gold production 11 U. S. direct investment abroad and holdings of foreign currency. (output plus net U.S.S.R. gold exports, less consumption and net increase in private holdings) as well as gold transactions with the U. S. NOTE.—"Liabilities" cover equity as well as debt claims. Definitions of 4 At estimated market value; annual changes thus differ from cor- sectors and transaction categories are given in "Technical Notes," pp. responding flows, which reflect only net funds put into securities. 846-59 of the BULLETIN for August 1959. 5 Commercial paper, corporate bonds, and security credit. Back data available in Flow-of-Funds Supplements. 6 Mainly direct investments in U. S., deposits with U. S. agencies of Details may not add to totals because of rounding. foreign banks, and notes of the International Monetary Fund. Notes to Table 8 (G), (G.I), and (G.2) on second preceding page. 1 Alphabetic identification of lines does not correspond to that in and Exchange Stabilization Fund stock held by U. S. Treasury ($1.8 Table 4(G). billion through 1946 and $0.2 billion thereafter). 2 Monetary gold stock and active gold held by Exchange Stabilization 15 Each subsector statement is consolidated. For example, gold Fund. certificates held by Federal Reserve (a Federal Reserve asset and a 3 Silver and claims on Federal Government sector representing backing Treasury gold-account liability) are excluded from assets and liabilities (other than small gold reserve) for U. S. currency other than Federal in monetary authorities subsector, and interbank loans and interbank Reserve notes. See note 14 to part E of this table. deposits of commercial banks are excluded from assets and liabilities in 4 Change in amount outstanding beginning 1958 differs from flows due c su o b m s m ec e t r o c r i s a , l s b h a o n w k n s u su n b d s e e r c " to E r x . clu D d e e b d t f a ro n m d e c q o u n it s y o l r i e d l a a t t e i d o n s s e h c i t p o s r b a e c t c w o e u e n n t " t h in e to 5 v a B lu eg a i t n io n n in g a d w ju i s th tm e 1 n 9 t 5 . 1, direct marketable issues maturing within one t a h c e c o s u tu n b t f f o o r r t e h a e c h c o s m ub m s e e r c c t i o a r l , b a a r n e k e i l n i g m i a n n a d t e m d o in n e d ta e r r y iv a a t u i t o h n o r o it f i e c s o n se so ct l o id r a . ted year; prior to 1951, issues maturing or callable within one year. 16 Lines B, C, and F, small amounts of foreign and industrial loans in 6 Securities and notes issued by FNMA, Federal land banks, home line S and of acceptances in line Y, and Exchange Stabilization Find loan banks, intermediate credit banks, and banks for cooperatives. deposits in line a. 7 Nonprofit organizations and rest of the world. 17 Lines e, h, and /, and Exchange Stabilization Fund stock component 8 Includes CCC certificates of interest. of line r. 9 Balances with foreign banks, balances due from foreign branches, 18 Lines / through a, except as indicated in note 16. and Exchange Stabilization Fund deposits with U. S. Treasury. 19 Vault cash and reserves and other balances at Federal Reserve Banks; I o Net of Federal Reserve float and cash items in process of collection differs from sum of lines y, z, and aa because of timing differences in as reported by commercial banks. recording reserve balances at Federal Reserve Banks and at member banks. II Bank-record basis, net of bank float; differs from sector demand 2 2! 0 N L e i t n t e ed s /, a / g , a k i , n s a t n d c o m m ; m a e n r d c i r a , l e b x a c n e k p t d a e s m in a d n i d c a d te e d p o in s it n s o t i e n 1 d 7 e . riving the dep 12 o s D it e s p a o n s d it s c u of r r f e o n r c e y ig a n s s b e a t n s k p s r i a n n c d ip i a n l t ly er n b a e t c i a o u n s a e l o o f r g m an ai i l z a f t l i o o a n t. s at Federal commercial banking and monetary authorities sector. Reserve Banks, and U. S. currency held abroad. NOTE.—Definitions of sectors and transaction categories are in "Tech- 13 Mainly consumers and corporate business sector. Includes a small nical Notes," pp. 846-59 of the BULLETIN for August 1959. amount of hypothecated deposits. Back data available in Flow-of-Funds Supplements. i * Balances due to foreign branches, loans from Federal Government, Details may not add to totals because of rounding. Notes to Table 8 (H), (H.I), (H.2), and (H.3) on preceding page. t Beginning in 1955, the pension fund subsector includes estimates for 7 Bank loans, and advances from Federal home loan banks to savings multiemployer and union administered plans, resulting in small dis- and loan associations. continuities in the insurance sector assets and liabilities and in consumer 8 Mainly policy loans; includes small amount of open market paper. assets. 9 Receivables from agents. 1 Alphabetic identification of lines does not correspond to that in 1 ° Mainly finance company loans to business; also loans of banks in Table 4(H). territories and possessions and acceptances. 2 Detailed subsector accounts for this sector are shown in Supplement 1 * Lines N, P, and Q are liabilities of finance companies. Line O is No. 3. liabilities of brokers and dealers. 3 Time deposits held by mutual savings banks and savings and loan i2 Deposits at banks in U. S. possessions and agencies of foreign banks. association shares held by credit unions. * Includes small amount of other loans held by mutual savings banks NOTE.—Definitions of sectors and transaction categories are in "Technot shown separately. nical Notes," pp. 846-59 of the BULLETIN for August 1959. 5 Holdings of mutual savings banks only. Back data available in Flow-of-Funds Supplements. 6 Savings and loan association equity in, and deposits at, Federal home Details may not add to totals because of rounding. loan banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMERCIAL BANK DEPOSITS 1001 GROSS TIME DEPOSITS OF ALL COMMERCIAL BANKS [Averages of daily figures. la millions of dollars] Semi p - e m r o i n o t d hly 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 Jan. —1 33,370 35,610 36,218 36,641 36,964 38,733 41,753 45,160 48,956 50,258 52,529 57,898 65,965 67,285 73,450 2 33,425 35,633 36,165 36,625 36,900 38,784 41,776 45,262 48,982 50,192 52,909 58,342 66,050 66,780 73,870 Feb. —1 33,526 35,740 36,224 36,710 36,857 38,935 41,897 45,498 49,060 50,215 53,198 59,123 66,114 66,818 74,926 2 33,661 35,806 36,267 36,774 36,842 39,018 42,041 45,653 49,106 50,280 53,473 59,808 66,208 66,849 75,196 Mar. —1 33,827 35,991 36,364 36,871 36,916 39,217 42,225 45,963 49,229 50,446 53,875 60,579 66,449 67,133 75,651 2 33,824 35,931 36,381 36,930 36,879 39,297 42,309 46,121 49,334 50,599 54,287 61,248 66,760 67,487 76,099 Apr. —1 33,903 35,953 36,422 36,997 36,923 39,407 42,418 46,396 49,401 50,702 54,584 61,807 67,053 67,832 76,655 2 33,936 35,929 36,497 37,059 36,970 39,456 42,531 46,503 49,314 50,667 54,648 62,349 67,175 67,889 77,131 May —1 34,014 35,898 36,554 37,114 36,971 39,544 42,694 46,755 49,377 50,720 54,889 62,879 67,388 68,145 77,848 2 34,052 35,909 36,579 37,117 36,981 39,688 42,798 46,972 49,474 50,816 55,225 63,267 67,592 68,259 78,313 June —1 34,118 35,989 36,629 37,160 37,085 39,867 42,982 47,186 49,642 51,028 55,460 63,748 67,699 68,461 78,779 2 34,158 36,030 36,689 37,223 37,325 40,076 43,194 47,440 49,752 51,383 55,724 64,231 67,750 68,834 79,152 July —1 34,228 36,115 36,739 37,228 37,528 40,187 43,380 47,722 49,859 51,570 55,955 64,795 67,902 69,302^79,728 2 34,410 36,097 36,703 37,057 37,601 40,286 43,490 48,035 49,837 51,602 56,088 64,937 67,781 69,695^80,134 Aug. —1 34,464 36,073 36,689 36,959 37,710 40,393 43,600 48,242 49,936 51,683 56,287 65,238 67,729 69,979 2 34,692 36,045 36,667 36,889 37,803 40,476 43,694 48,343 50,024 51,846 56,408 65,353 67,905 70,667 Sept. —1 34,773 36,056 36,675 36,831 37,894 40,600 43,847 48,439 50,126 52,017 56,616 65,572 67,894 71,019 2 34,990 36,083 36,625 36,799 38,015 40,737 43,951 48,445 50,150 52,045 56,769 65,426 67,827 71,298 Oct. —1 35,046 36,120 36,654 36,822 38,165 40,957 44,229 48,647 50,277 52,175 57,031 65,480 61,11A 71,700 2 35,302 36,131 36,635 36,814 38,178 41,067 44,493 48,699 50,349 52,215 57,202 65,518 67,636 71,979 Nov. —1 35,253 36,122 36,621 36,828 38,361 41,235 44,649 48,777 50,412 52,175 57,135 65,410 67,412 72,060 2 35,298 35,968 36,409 36,663 38,162 41,120 44,388 48,334 50,004 51,628 56,711 64,860 66,757 71,883 Dec. —1 35,182 35,820 36,273 36,569 38,158 41,130 44,453 48,217 49,974 51,644 56,908 64,969 66,779 72,201 2 35,391 35,922 36,384 36,705 38,385 41,440 44,845 48,695 50,088 51,976 57,318 65,287 67,168 72,838 v Preliminary. U. S. GOVERNMENT DEMAND DEPOSITS OF ALL COMMERCIAL BANKS [Averages of daily figures. In millions of dollars] Semi-monthly period 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 Jan. —1 787 1,632 2,761 1,948 2,470 4,008 3,109 3,238 2,621 2,515 2,742 2,990 4,504 4,685 2 2,739 953 1,652 2,884 2,170 2,041 3,449 2,855 2,807 1,727 1,476 1,845 3,465 3,689 3,524 Feb. —1 3,183 1,472 2,473 3,454 2,836 2,954 4,188 3,310 3,634 2,295 1,624 2,065 4,284 3,820 3,986 2 3,396 1,845 3,068 3,933 3,830 3,752 5,085 4,179 3,743 3,225 2,320 2,959 4,349 4,467 5,739 Mar. —1 3,750 1,947 2,783 3,143 3,598 2,915 3,901 3,347 3,581 3,028 2,078 3,350 3,177 3,784 4,553 2 3,386 2,272 3,212 3,849 5,309 4,802 4,779 4,689 3,965 5,037 3,869 5,262 4,197 4,801 4,911 3,098 2,387 2,979 3,674 6,442 4,764 4,525 4,558 5,339 4,349 4,970 3,480 5,313 3,235 3,442 Apr. -1 2,776 2,278 2,195 2,918 5,682 4,163 2,958 3,491 4,462 3,826 3,871 4,934 4,008 4,200 2,311 2,404 2,618 1,811 2,697 5,135 4,033 2,719 3,077 4,825 4,627 4,172 5,317 5,139 5,849 3,938 May —1 2,233 2,764 1,977 3,299 5,144 4,603 2,836 4,713 5,006 5,569 4,000 5,665 5,319 6,816 5,265 959 2,258 1,236 2,713 4,148 3,645 1,981 3,648 3,911 4,180 3,620 4,379 3,515 5,838 3,298 June —1 968 2,045 1,680 3,376 4,952 4,913 3,287 4,078 4,148 4,190 4,377 7,697 4,539 6,838 5,769 2 July —1 954 1,709 1,604 3,470 5,341 8,236 2,807 4,955 4,080 4,483 5,667 7,254 4,347 6,510 *>4,772 2 1,019 2,228 1,185 3,271 4,349 6,992 7,528 3,484 5,058 3,295 4,116 4,801 5,440 6,848 *>3,902 Aug. —1 1,351 2,403 2,376 2,905 4,066 6,364 6,740 4,607 4,742 3,128 2,384 4,575 4,293 6,147 2 1,471 2,553 3,256 3,805 4,347 6,228 6,819 5,131 5,011 5,661 3,692 5,903 5,703 6,002 Sept. —1 1,467 2,219 2,788 3,466 2,968 4,539 5,575 4,037 4,114 4,441 2,864 4,231 4,706 4,377 1,698 2,630 3,583 3,376 4,267 5,770 5,660 3,948 3,615 4,421 4,112 3,847 5,592 6,348 Oct. —1 2,503 2,499 3,488 2,869 4,382 5,466 4,938 6,216 4,209 4,116 5,132 4,301 4,509 5,945 2 1,974 2,121 3,376 2,830 3,503 5,346 3,545 5,915 4,690 3,767 3,266 4,124 5,216 5,378 Nov. —1 1,709 2,308 3,385 2,872 2,943 4,378 4,128 5,730 3,993 3,197 2,701 2,954 4,887 5,800 2 1,588 2,550 3,680 3,163 3,190 6,018 5,726 6,697 4,553 5,106 3,298 4,925 4,545 5,790 Dec. —1 950 1,750 2,832 2,438 2,506 5,030 3,986 5,559 3,248 3,227 3,177 3,739 4,661 4,066 2 996 1,830 2,706 2,289 2,974 4,791 3,672 4,563 3,537 3,548 3,743 3,984 5,200 5,241 v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1002 BANKING OFFICES CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES 1 Commercia and stock savings banks and nondeposit trust companies Mutual savings All Type of office and type of change banks Member banks Nonmember banks Total Total ti N on a- al me S m ta b te er2 Total su In re - d in N s o ur n e - d su I r n e - d2 in N s o ur n e - d Banks (head office) Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31 1941 14 825 14 277 6,619 5 117 1 502 7,661 6,810 851 52 496 Dec. 31, 19473 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1951 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec* 31 1956 . .. 14 167 13 640 6,462 4 651 1 811 7,181 6,737 444 223 304 Dec. 31, 1957 14,090 13,568 6,393 4,620 1,773 7,178 6,753 425 239 283 Dec 31 1958 14 020 13 501 6,312 4 578 1 734 7,192 6,793 399 241 278 Dec. 31, 1959 13,991 13,474 6,233 4 542 1.691 7.244 6,878 366 268 249 Dec. 31, 1960 13,986 13,472 6,174 4,530 1,644 7,300 6,948 352 325 189 June 30 1961 . 13,978 13,464 6,141 4,524 1,617 7,324 6,991 333 325 189 Branches and additional offices Dec 31 1934 3,133 3,007 2,224 1,243 981 783 47*3 4126 Dec. 31 1941 3 699 3 564 2,580 1 565 1 015 984 932 52 32 103 Dec 31 19473 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1951 5 383 5 153 3,837 2 370 1 467 1,316 1,275 41 165 65 Dec. 31, 1956 7 955 7,589 5,886 3 809 2,077 1,703 1,666 37 257 109 Dec 31 1957 8.609 8,204 6,378 4,178 2,200 1,826 1,789 37 296 109 Dec. 31 1958 9 286 8 861 6,924 4 534 2 390 1,937 1,898 39 305 120 Dec. 31, 1959 10 099 9.652 7,492 4,973 2,519 2,160 2,118 42 318 129 Dec. 31 1960 . . . . 10 969 10 483 8,133 5 509 2 624 2,350 2,303 47 381 105 June 30, 1961 11,370 10,863 8,483 5,728 2,755 2,380 2,336 44 398 109 Changes, Jan.-June 30, 1961 Banks: New banks ^ +63 +_63 + 12 + 1 +51 +45 +6 Suspensions i Consolidations and absorptions: Banks converted into branches -65 -65 -39 -19 -20 -26 -24 -2 Other -3 -3 -2 -1 — 1 Voluntary liquidations * -1 -1 -1 2 Conversions: National into State -1 _j + 1 + 1 State into national + 3 +5 -2 -3 Federal Reserve membership:7 Admissions of State banks . + 3 +3 -3 -2 i Withdrawals of State banks2 -8 -8 +7 +7 Federal Deposit insurance:8 Admissions of State banks +20 — 20 Net increase or decrease -8 -8 -33 -6 -27 +24 +43 -19 Number of banks June 30 1961 13,978 13,464 6,141 4,524 1,617 7,324 6,991 333 325 189 Branches and additional offices except banking facilities:9 De novo branches + 359 + 338 +255 + 187 + 68 + 83 + 83 + 17 +4 Banks converted into branches +65 +65 + 52 +34 + 13 + 13 Discontinued... .. .. — 25 -25 -20 — 14 — 5 — 5 Interclass branch changes: National to State member — 12 + 12 National to nonmember ... . . . . 2 2 +2 +2 State member to national + 15 -15 State member to nonmember Nonmember to national + 10 + 10 -10 -10 Nonmember to State member +53 + 53 -53 -53 Noninsured to insured + 3 — 3 Net increase or decrease + 399 +378 + 348 +218 + 130 +30 + 33 -3 + 17 +4 Number of branches and additional offices, June 30 1961. 11,101 10,594 8,243 5,516 2,727 2,351 2,307 44 398 109 Banking facilities:9 Established + 5 + 5 +5 +4 + 1 Discontinued -3 Interclass changes: National to nonmember -1 -1 + 1 + 1 Net i N nc o r n e m as e e m o b r e r d e t c o r e n a a s t e ional +2 +2 + 1 + + 1 1 + 1 Number of facilities June 30 1961 269 269 240 212 28 29 29 1 Beginning with 1959, figures include all banks in Alaska and Hawaii. 4 Separate figures not available. One national bank in Alaska with no branches and one in the Virgin 5 Exclusive of new banks organized to succeed operating banks. Islands with one branch have been included in this series since 1954 and 6 Exclusive of liquidations incident to succession, conversion, and 1957, respectively. Other banks in territories and possessions are ex- absorption of banks. cluded. 7 Exclusive of conversions of State member banks into national banks 2 State member bank and insured mutual savings bank figures both that are shown separately under conversions. include, 1941 to 1959, inclusive, three member mutual savings banks not 8 Exclusive of insured nonmember banks converted into national banks included in the total for commercial banks; and subsequent figures reflect or admitted to Federal Reserve membership, and vice versa. the withdrawal of one from membership in 1960 and one in 1961. State 9 Banking facilities (other than branches) that are provided at military member bank figures also include, since 1954, one noninsured trust and other Government establishments through arrangements made by company without deposits. the Treasury Department. 3 Series revised as of June 30, 1947. The revision resulted in a net addition of 115 banks and 9 branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE PAR LIST 1003 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST* Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve district, branches and offices1 Total Member Nonmember State, or other area Banks a B n r d a n o c ff h i e ce s s Banks a B n r d a n o c ff h i e c s es Banks a B n r d a n o c f h fi e c s es Banks a B n r d a n o c ff h i e ce s s Banks a B n r d a n o c f h fi e c s es Total, including Puerto Rico and Virgin Islands:2 Dec 31 1960 13,383 10,585 11,711 10,268 6,169 8,147 5,542 2,121 1,672 317 June 30 1961 13,375 10,967 11,723 10,652 6,138 8,500 5,585 2,152 1,652 315 Districts, June 30, 1961: Boston 401 773 401 773 263 621 138 152 New York2 574 1 964 574 1 964 480 1 720 94 244 Philadelphia 630 713 630 '713 484 572 146 141 Cleveland 921 993 921 993 558 860 363 133 Richmond 924 1,294 785 1,156 432 721 353 435 139 138 Atlanta 1,375 573 827 524 419 427 408 97 548 49 Chicago 2,475 1,177 2,475 1,177 998 715 1,477 462 St. Louis 1,473 372 1,189 299 480 204 709 95 284 73 Minneapolis 1,307 141 709 97 474 49 235 48 598 44 Kansas City 1,780 125 1,776 125 754 95 1,022 30 4 Dallas 1,149 159 1,072 148 634 106 438 42 77 11 San Francisco 366 2,683 364 2,683 162 2,410 202 273 2 State or area, June 30, 1961: Alabama 238 94 156 93 93 87 63 6 82 1 Alaska 14 34 12 34 7 32 5 2 2 Arizona ... 9 179 9 179 4 145 5 34 Arkansas 236 52 132 33 78 29 54 4 104 19 California 113 1,731 113 1,731 59 1,603 54 128 Colorado 166 7 166 7 96 6 70 1 Connecticut 64 206 64 206 31 160 33 46 Delaware 20 54 20 54 5 25 15 29 District of Columbia 11 67 11 67 8 61 3 6 Florida 310 14 269 13 130 11 139 2 41 1 Georgia 419 118 143 116 68 97 75 19 276 2 Hawaii 7 87 7 87 2 30 5 57 Idaho 32 86 32 86 18 79 14 7 Illinois 971 4 970 4 524 4 446 i Indiana 442 324 442 3^4 225 219 217 105 Iowa 670 188 670 188 163 17 507 171 Kansas 589 29 589 29 212 21 377 8 Kentucky 353 154 353 154 102 107 251 47 Louisiana 191 181 85 152 53 121 32 31 106 29 M^aine 46 134 46 134 29 93 17 41 Maryland 133 252 133 252 59 125 74 127 Massachusetts 166 384 166 384 119 324 47 60 Michigan 376 592 376 592 213 480 163 112 Minnesota 687 6 290 6 208 6 82 397 Mississippi 193 142 55 73 35 45 20 28 138 69 Missouri 623 32 569 32 171 22 398 10 54 Montana 121 1 121 1 87 1 34 Nebraska 421 14 421 14 138 12 283 2 Nevada 7 39 7 39 5 34 2 5 New Hampshire 73 4 73 4 52 3 21 1 New Jersey 249 447 249 447 215 399 34 48 New Mexico 57 61 57 61 37 36 20 25 New York 389 1 426 389 1 426 337 1 354 52 72 North Carolina 171 '523 100 '393 37 212 63 181 71 130 North Dakota 156 29 58 9 40 3 18 6 98 20 Ohio 583 658 583 658 368 570 215 88 Oklahoma 388 24 382 24 226 24 156 6 48 20 I 48 204 13 175 35 29 Pennsylvania 686 830 686 830 526 708 160 122 Rhode Island 9 91 9 91 5 69 4 22 South Carolina 146 153 79 145 31 107 48 38 67 8 South Dakota 174 59 71 35 59 28 12 7 103 24 Tennessee 295 225 220 213 82 153 138 60 75 12 Texas 1,017 30 987 30 576 28 411 2 30 Utah 50 75 50 75 20 64 30 11 54 34 54 34 31 18 23 16 Virginia 305 299 304 299 197 216 107 83 1 Washington 88 299 88 299 35 286 53 13 West Virsinia 182 182 111 71 Wisconsin 561 160 561 160 157 30 404 130 Wyoming 55 1 55 1 40 1 15 Puerto Rico2 10 124 10 124 14 10 110 Virgin Islands2 1 6 1 6 1 6 1 Comprises all commercial banking offices in the United States, Puerto 2 Puerto Rico and the Virgin Islands assigned to the New York District Rico, and the Virgin Islands on which checks are drawn, including 269 for purposes of Regulation J, "Check Clearing and Collection." Member banking facilities. Number of banks and branches differs from that in branches in Puerto Rico and all except one in the Virgin Islands are the preceding table because this table includes banks in Puerto Rico and branchss of New York banks. the Virgin Islands, but excludes banks and trust companies on which no checks are drawn and one member mutual savings bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1004 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity* 1960 1961 1954 1955 1956 1957 1958 1959 1 2 3 Loans, by purpose and agency: To aid agriculture, total 6,929 6,715 6,752 6,681 8,672 7,762 8,178 7,797 8,191 8,299 8,817 Banks for cooperatives 367 375 457 454 511 623 609 553 591 650 667 Federal intermediate credit banks2.. 638 689 734 935 1,169 1,396 1,499 1,698 1,698 1,502 1,626 Farmers Home Administration 701 681 724 832 819 916 1,001 1,013 1,032 984 1,081 Rural Electrification Administration. 2,226 2,348 2,488 2,688 2,874 3,083 3,140 3,186 3,236 3,287 3,329 Commodity Credit Corporation 2,981 2,621 2,349 1,778 3,298 1,745 1,929 1,347 1,634 1,877 2,114 Other agencies 18 1 (3) (3) (3) To aid home owners, total 2,907 3,205 3,680 4,769 4,860 6,735 6,998 7,564 7,854 8,032 7,948 Federal National Mortgage Association. 2,461 2,641 3,072 3,998 3,924 5,568 5,759 6,017 6,237 6,342 6,196 Veterans Administration , 383 480 464 770 936 1,167 1,238 1,370 1,432 1,498 1,556 Other agencies , 63 84 145 1 1 1 1 176 185 193 197 To industry, total 431 678 619 674 680 733 739 754 750 748 737 Treasury Department... 353 306 209 251 216 185 184 182 180 178 175 C O o th m e m r a e g rc e e n c D ie e s partment. 79 2 1 6 1 1 2 2 1 1 9 9 1 2 2 0 1 6 7 2 1 7 8 8 7 3 1 8 6 2 6 3 1 9 5 7 8 4 1 1 5 7 5 4 1 2 5 5 4 4 1 1 5 8 1 4 1 2 3 4 9 To financing institutions 870 1,419 1,233 1,270 1,298 2,136 1,522 1,802 1,783 2,027 1,525 To aid States, territories, etc., total. 272 245 246 264 293 319 316 311 388 333 337 Public Housing Administration.. 112 90 106 105 106 87 91 92 136 98 95 Other agencies 160 155 140 159 187 231 225 219 252 234 242 Foreign, total 8,001 7,988 8,223 8,754 9,510 9,840 9,972 10,164 10,245 10,394 10,674 Export-Import Bank 2,806 2,702 2,701 3,040 3,362 3,235 3,239 3,261 3,254 3,313 3,390 Treasury Department 3,570 3,519 3,470 3,470 3,419 3,373 3,373 3,373 3,373 3,320 3,320 International Cooperation Administration. 13624 1,767 1,995 2,195 2,682 3,043 3,115 3,244 3,291 3,363 3,511 Other agencies , 1 57 49 46 189 244 286 327 399 452 All other purposes, total 166 256 213 344 548 752 782 985 968 1,003 1,052 Housing and Home Finance Agency. 127 209 156 283 458 691 722 765 823 855 902 Other agencies 39 47 57 62 89 62 60 219 145 148 150 Less: Reserves for losses -228 -268 -309 -367 -368 -413 -418 -544 -560 -503 -517 Total loans receivable (net). 19,348 20,238 20,657 22,395 25,493 27,865 28,090 28,833 29,628 30,333 30,574 Investments: U. S. Government securities, total 2,967 3,236 3,739 3,804 4,198 4,670 4,998 4,874 4,931 5,096 5,484 Federal home loan banks 641 745 1,018 896 995 1,092 1,282 1,165 1,186 1,230 1,498 Federal Savings and Loan Insurance Corp.. 228 241 256 274 288 332 345 328 317 331 346 Federal Housing Administration 327 381 458 471 567 649 667 653 688 698 725 Federal Deposit Insurance Corporation.... 1,624 1,720 1,825 1,937 2,049 2,178 2,270 2,289 2,292 2,310 2,403 Other agencies 147 149 181 226 300 419 435 440 447 525 512 Investment in international institutions 3,385 3,385 3,420 3,420 3,420 4,795 4,796 4,875 4,875 4,949 4,949 Other securities* 197 179 249 298 283 323 337 338 335 345 340 Inventories, total 3,852 4,356 21,375 21,628 20,810 21,476 21,294 20,832 20,644 20,527 20,099 Commodity Credit Corporation.. 3,302 3,747 3,651 3,025 3,036 4,493 4,257 4,228 4,172 4,279 3,867 Defense Department 11,004 11,136 9,681 8,422 8,425 7,971 7,761 7,527 7,471 O G t e h n e e r r a a l g S en e c rv ie ic s es Administration. > 550 609 \ [ 6, 2 5 0 1 1 7 7,2 1 8 85 2 7,9 1 1 7 9 4 8,3 1 7 9 0 4 8,4 1 2 9 0 3 8,4 1 4 8 7 6 8,5 2 0 0 1 9 8,5 2 1 0 3 8 8,5 2 5 0 7 4 Land, structures, and equipment, total 8,046 7,822 9,985 9,962 10,670 9,124 9,156 9,023 9,381 9,411 9,514 Commerce Dept. (primarily maritime activities) 4,798 4,822 4,502 4,535 4,721 2,880 2,928 2,736 2,912 2,917 2,942 Panama Canal Company 421 421 398 398 396 411 411 418 417 417 417 Tennessee Valley Authority 1,739 1,829 1,762 1,801 1,777 1,924 1,911 1,930 1,916 1,903 1,961 Housing and Home Finance Agency 728 450 236 88 25 9 9 9 9 9 9 Nat. Aeronautics and Space Administration 276 283 285 310 313 368 454 462 479 Bonneville Power Administration 311 342 372 352 349 355 353 351 348 General Services Administration 1,298 1,308 1,322 1,221 1,261 1,312 1,339 1,283 1,287 Post Office Department 590 599 637 640 640 492 540 559 558 Other agencies 360 300 613 608 1,134 1,376 1,333 1,402 1,442 1,511 1,514 Bonds, notes, & debentures payable (not guar.), total... 1,068 2,379 2,711 4,662 4,038 5,974 5,767 6,308 5,612 5,707 5,271 Banks for cooperatives 156 185 257 247 303 404 396 342 362 438 456 Federal intermediate credit banks 640 665 721 902 1,124 1,359 1,440 1,628 1,669 1,460 1,554 Federal home loan banks 272 958 963 825 714 1,774 1,293 1,255 1,167 1,266 824 Federal National Mortgage Association 570 770 2,688 1,898 2,437 2,638 3,082 2,413 2,542 2,436 1 Figures exclude interagency items. Prior to 1956, data for trust NOTE.—Coverage has changed in some of the periods shown. Berevolving funds included such items. ginning with 1956, changes reflect the expended coverage and the new 2 Effective Jan. 1, 1957, the production credit corporations were merged classification of activities by type of fund now reported in the Treasury in the Federal intermediate credit banks, pursuant to the Farm Credit Bulletin. Classifications by supervisory authorities are those in existence Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations currently. Where current Treasury compilations do not provide a deof the banks are classified as trust revolving transactions. tailed breakdown of loans, these items have been classified by Federal 3 Less than $500,000. Reserve on basis of information about the type of lending activity involved. 4 Includes investment of the Agricultural Marketing revolving fund in the banks for cooperatives; Treasury compilations prior to 1956 classified this item as an interagency asset. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial Statistics * International * Reported gold reserves of central banks and governments. . 1006 Gold production. 1007 Net gold purchases and gold stock of the United States. 1008 Estimated foreign gold reserves and dollar holdings. 1009 International capital transactions of the United States. 1010 United States balance of payments. 1019 Money rates in foreign countries. 1019 Foreign exchange rates. 1021 Index to statistical tables 1027 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. 1005 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1006 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- E m n o d n t o h f w m t o o a r t t a l e d l d 1 M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p g h . o e , 1954 Dec . . 36,940 1,740 21,793 13,405 372 138 62 778 322 1,073 42 86 115 1955—Dec 37,620 1,808 21,753 14,060 372 144 71 929 323 1,134 44 86 116 1956 Dec 38,115 1,692 22,058 14,365 224 107 71 925 324 1,103 46 57 122 1957 Dec 38,820 1,180 22,857 14,785 126 126 103 Q1S 324 1,100 40 62 81 1958—Dec 39,490 1,332 20,582 17,575 60 162 194 [,270 325 1,078 40 72 83 1959—Dec 40,185 2,407 19,507 18,270 56 154 292 1,134 327 960 43 71 42 I960—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 Sept 40,690 2,564 18,725 19,400 84 159 293 1,094 287 894 42 75 Oct 2 603 18 443 84 157 293 1 112 287 891 45 76 Nov 2 723 17 948 84 147 293 I 158 287 886 45 77 Dec 40,525 2,439 17,804 20,280 104 147 293 1,170 287 885 45 78 1961 Jan 2 446 17 480 138 150 293 I 156 287 885 39 79 Feb 2 447 17 412 158 149 293 I 137 287 886 45 79 Mar M0,660 2,476 17,433 ^20,750 188 150 293 1,132 287 884 44 80 Apr 2 476 17 435 193 153 293 [,086 288 891 46 81 May 2,479 17,451 153 293 1,069 288 899 46 82 June 2,482 17,603 293 1,074 906 47 Domin- Egyp- Ger- E m n o d n t o h f Cuba m De a n rk - R i e c l p i a c u n b- E d c o u r a- U gi t . R o i A a n e n . — - R. E v l a - d S o al r - l F a i n n d - France2 R F m e e p d a o u n e f 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 I960—June 19 31 10 20 174 30 38 [.551 2.772 26 24 247 33 July 19 31 10 20 174 30 38 1,560 2,818 26 24 247 33 Aug 3 31 10 20 174 30 38 I 568 2 879 26 24 247 33 Sept 3 31 10 20 174 30 38 1,627 2,888 31 24 247 33 Oct 1 31 10 20 174 30 41 I 622 2 915 31 24 247 37 Nov 1 31 10 20 174 30 41 [,626 2,943 31 24 247 57 Dec 1 31 10 20 174 30 41 1,641 2,971 76 24 247 58 1961—Jan 1 31 10 20 174 30 41 1,641 2,999 76 24 247 58 Feb 1 31 20 174 30 41 1,644 3,029 76 24 247 58 Mar 31 20 174 30 41 [ 883 3 242 16 247 Apr 31 20 174 26 41 ,952 3,296 11 247 May 31 20 174 25 41 994 3 433 80 247 June 31 20 174 45 2,020 3,513 247 Ire- E m n o d n t o h f Iran Iraq R l e a p n u d b , - Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l ulic of 1954—Dec 138 18 346 63 62 796 33 45 38 35 9 429 1955—Dec 138 8 18 352 74 142 865 33 45 48 35 16 428 1956—Dec 138 14 18 338 77 167 844 33 50 49 35 22 448 1957—Dec 138 20 18 452 91 180 744 33 45 49 28 6 461 1958—Dec 141 34 18 1,086 91 143 1,050 33 43 49 19 10 493 1959_Dec 140 84 18 1,749 102 142 1,132 34 30 50 28 9 548 I960—June 131 84 18 1,997 102 142 1,231 34 30 52 28 16 549 July . . . 131 84 18 1,998 102 122 1,246 34 30 52 28 16 550 Aug 131 84 18 2,088 102 122 1,246 35 30 52 28 12 550 Sept 131 84 18 2,186 102 121 1.346 35 30 52 27 13 550 Oct 131 111 18 2,186 102 140 ,376 35 30 52 42 14 550 Nov 131 98 18 2,198 102 139 ,376 35 30 52 42 14 550 Dec 130 98 18 2,203 119 137 1,451 35 30 52 42 15 552 1961—Jan 130 98 18 2,204 119 135 1,451 35 30 52 47 16 553 Feb 130 98 18 2,217 119 135 1,451 35 30 52 47 18 553 Mar 130 98 18 2,128 119 136 1,451 35 30 53 47 19 539 Apr 130 18 2,128 119 1,458 35 30 53 47 20 510 May 130 18 119 1 458 3S 30 53 47 20 496 June 18 119 1,464 35 30 53 47 21 v Preliminary. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD RESERVES AND PRODUCTION 1007 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] E m n o d n t o h f A So fr u ic th a Spain Sweden Sw la i n tz d er- U g S i y . R o A r e n i - . a — R n . T la h n a d i- Turkey U K d n o i i n m t g e 3 d - U gu r a u y - V zu e e n l e a - Y sl u a g vi o a - m S B I e e f n a t o n t t n r l ' t l k e s - 4 E E P F U 5 - 1954 Dec 199 132 265 ,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 1,934 104 133 2,736 180 652 16 — 134 40 I960—June 240 78 171 1,774 104 133 2.892 180 512 7 — 103 48 July 233 78 171 ,896 104 133 2,996 180 512 7 -107 Aug 219 88 171 I 960 104 133 3 072 180 512 7 — 103 Sept 204 98 171 980 104 133 3,108 180 462 6 -79 53 Oct 187 108 171 2 020 104 133 3 139 180 428 6 — 54 Nov 176 158 171 2,059 104 134 3.167 180 398 5 — 36 Dec 178 178 170 2,185 104 134 3,231 180 398 4 -19 56 1961—Jan 170 189 170 2 184 104 134 3 245 180 398 5 53 Feb 187 205 170 2,162 104 134 3,195 180 398 5 83 Mar 196 205 170 2,165 104 134 3,021 180 398 5 48 78 Apr 172 205 170 2,239 104 134 2 948 180 398 5 111 May 149 205 170 2,247 104 134 2,903 180 398 5 44 June 153 217 170 2,271 134 2,772 398 — 17 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] Productionreported monthly Estimated Africa North and South America Other Year or month p w ro o d r u ld ction i Total A So fr u ic th a R de h s o ia - Ghana C o R o f e n t p h g . e o, U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 2 Brazil Co b l i o a m- t A ra u l s i - a India 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—May 92.0 63.1 1.6 2.6 1.4 4.1 13.2 .8 .5 .3 1.1 2.8 .5 June 391.6 63.4 1.6 2.6 3.9 13.5 .8 .6 .3 1.1 3.4 4 July 3 92.5 63.6 1.6 2 6 4.5 13.8 .7 .5 .4 1 7 3 2 Aug 3 92.7 63.5 1.7 2.6 4.9 13.3 .8 .6 .4 3 3.1 5 Sept 3 93.1 63.4 7 2 6 5.0 12.9 1.3 .6 .3 4 3 4 Oct 3 92 6 63 4 6 2 5 4.4 14.1 .7 .6 .3 3 3 r 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 3 4 1961—Jan 63.7 7 2.5 3.2 13.2 .6 .3 4 2 9 5 Feb 62 7 2 5 2.9 12.6 .6 4 0 2 9 Mar 65 7 9 2.5 3.7 13.7 .4 Aor 65.3 8 3.2 13.1 .4 0 May 67.5 3.3 13.4 .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
1008 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals Area and country 1960 1961 1953 1954 1955 1956 1957 1958 1959 1960 1 2 3 4 1 Western Europe: -6 -84 -83 -1 -1 -85 3 3 -329 -39 -141 -26 —25 -7 -83 -68 -34 -266 -173 —56 — 117 Germany (Fed. Rep. of) -130 -226 -10 -34 -34 -23 Italy -65 25 — -2 6 3 1 49 -30 -249 -10 -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 United Kinsdom —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 -ir -83 -35 Total -1,016 -378 -78 80 68-2,326 -827 -1,718 -40 -49 -576 -1,053 -244 Canada 15 5 Latin America: Argentina -85 115 75 67 -50 -30 -20 -90 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 -1 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 iXess 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- rold 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 Tr u ( e e r a n y s d S - t o o f c k y T e o a t r a ) l i in s c o T c t r ( r o r o e - e c d a t ) a a s k e s l e - : e, i e m x N ( p o p - e o r ) o t r r t t , d m e c o a E c r ( r r e r - a k e a i ) r a n e s - s d e - e : , Month T (e r u e n r a d y s S - o t f o c m k T o o n t t a h l ) i in s c o T c t r ( r o r o e - e d c a t ) a a s k e s l e - : e, i e m x N p o p e o r o t r r t t , d m e c o a E c r ( r r e r - a k e a ) i r a e n s - s d e - e : , c h F m ( u o e o r l o n r r d d n e e i i n t n g h o c g n ) f y s 1949 24 427 24 563 165 686 -496 I960—July 19,144 19,188 -174 49 -222 1950 22 706 22,820 -1,743 -371 -1,352 Aug 19,005 19,045 -144 12 -151 1951 22.695 22,873 53 -549 618 Sept 18,685 18,725 -319 5 -319 1952 23 187 23 252 380 684 -305 Oct 18,402 18,443 -282 125 -397 1953 22 030 22,091 -1,162 2 -1,171 Nov 17,910 17,948 -495 19 -512 Dec 17,767 17,804 -144 3 -145 1954 21,713 21,793 -297 16 -325 1955 21 690 21,753 -41 97 -132 1961—Jan 17,441 17,480 -324 -20 -322 1956 . .. 21,949 22,058 306 106 319 Feb 17,373 17,412 -68 -47 3 1957 22,781 22,857 799 104 600 Mar 17,388 17,433 21 -137 161 25 1958 20,534 20,582 -2,275 260 -2,515 Apr 17,390 17,435 2 -88 92 175 May 17,403 17,451 16 -131 152 165 1959 19,456 19,507 2-1,076 302 -1,324 June 17,550 17,603 152 -96 254 186 1960 17,767 17,804 -1,703 333 -1,982 July ?17,527 ^17,590 P-13 (3) 4-3 (3) p Preliminary. 2 Includes payment of $344 million as increase in U. S. gold subscripi 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 4 Gold held under earmark at the Federal Reserve Banks for foreign Items" or in the Treasury statement, "Circulation Statement of United and international accounts amounted to $11,506 million on July 31, 1961. ; States Money." Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GOLD RESERVES AND DOLLAR HOLDINGS 1009 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1959 Mar. 31, 1960 June 30, 1960 Sept. 30, 1960 Dec. 31, 1960 Mar. 31, 1961* U.S. Govt. Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold & U.S. Gold& bonds & notes* Gold& U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- short- Govt. term bonds term bonds term bonds term bonds term term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars Old New dollars & notes series series Western Europe: Austria 623 556 490 516 536 7 491 3 Belgium 272 1,339 1,340 1,240 1,316 6 1,282 2 Denmark 168 145 111 78 85 28 89 31 Finland 109 123 99 85 87 1 85 France 945 2,041 2,310 2,273 2,160 16 2,475 Germany (Fed. Rep. of) 624 4,682 5,243 5,995 6,447 i16 6,752 Greece 212 186 138 109 139 143 Italy 119 3,053 3,049 3,181 () 3,080 () 2,912 Netherlands 617 1,646 1,643 1 1,646 14 1,779 1,731 P T N S S Sw w p o u o r a r r i e t t i k w d z u n e e e g a y n r a y la l nd 4 9 6 1 1 1 0 0 8 2 6 5 3 4 6 5 4 4 1 1 ( 4 8 0 2 3 1 8 1 1 ) 2, 6 7 3 1 1 1 7 0 8 2 6 8 4 8 9 3 9 8 1 ( 7 8 4 2 9 3 7 1 1 ) 2, 6 2 4 7 1 1 3 2 3 1 3 5 7 7 2 1 3 2 1 7 8 5 9 3 4 8 2, 6 2 7 3 1 1 3 9 3 8 4 1 5 5 8 9 5 6 1 7 7 5 8 4 3 8 1 2,8 6 3 3 1 1 6 3 9 2 1 5 6 7 7 3 1 2 1 7 5 4 3 7 7 3 1 9 8 4 4 2 1 8 2, 4 7 6 3 1 1 2 3 1 1 1 5 8 5 1 6 3 8 1 ( 9 9 4 2 3 1 1 1 1 ) United Kingdom 490 323 3,716 368 4,124 4,503 4,467 4,380 449 Other 3 592 51 616 38 506 38 469 39 '525 39 44 589 45 Total 855 22,354 866 23,345 885 24,413 849 25,107 819 838 25,290 868 Canada 452 3,307 485 3,439 429 3,552 424 3,324 416 446 3,315 464 Latin America: Argentina 393 443 454 419 501 1 Brazil 478 450 448 460 481 480 4 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 584 574 497 495 534 472 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 * 253 273 388 400 370 316 28 Total 3,909 105 3,823 106 3,717 105 3,666 86 3,630 3,653 41 Asia: India 361 351 306 297 40 301 295 Indonesia 172 183 188 195 1(2) 236 159 Iran 187 176 168 156 152 173 Japan 564 1,644 1,755 1,984 2,166 2,307 Philippines 181 190 214 237 i 218 214 2 Thailand '245 '253 '264 '276 '290 318 (2) Other 245 1,236 1,107 1,026 989 986 45 Total 955 r4,033 70 r4,002 115 r4,171 103 '4,352 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 () Others 525 528 '548 '552 '600 27 35 600 38 Total 270 4: 1,306 55 '1,307 58 '1,242 29 '1,238 28 35 Total foreign countries6 499 1,507 r34,823 1,58: '35,810 1,59: '37,044 1,491 r37,651 1,409 1,426 International institutions 565 660 '5,754 709 '5,835 755 '6,133 671 '6,394 884 900 Grand total6 064 2,16' r40,577 2,291 r41,645 2,34' '43,177 2,16: r44,045 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 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 1 net gold assets (see note 1 to table on reported gold reserves). year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1010 INTT CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] In- Ger- Grand terna- Foreign countries many, United Other Total Latin All End of month total tional Fed. King- Europe Europe Canada America Asia other insti- Rep. dom tutions2 Total Official Private of 1956 Dec 14,939 1,452 13,487 8,045 5,442 1,835 [,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 r19,389 43,158 '16,231 '9,154 7,076 1,987 990 5,496 8,473 2,198 2,408 '2,780 373 I960 June '20,443 r3,320 '17,123 '9,599 7,524 2,471 1,599 4,862 8,932 2,530 2,434 '2,830 397 July '20,748 '3,336 '17,412 '9,759 7,653 2,701 ,736 4,565 9,003 2,683 2,496 '2,860 369 Aug '21 217 '3,469 '17,748 '10,159 7,589 2,866 ,800 4,515 9,180 2,699 2,541 '2,942 386 Sept '21,213 '3,569 '17,644 '10,094 7,550 3,107 1,828 4,243 9,178 2,658 2,433 '3,003 374 Oct r21 419 '3,685 '17,734 '10,305 7,429 3,290 1,793 4,188 9,271 2,711 2,365 '3,004 384 Nov r20,886 r3,700 '17,186 '10,077 7,109 3,364 ,641 3,954 8,959 2,507 2,336 '3,022 362 Dec '21,326 '3,955 '17,371 '10,326 '7,045 3,476 1,667 3,902 9,045 2,439 2,422 '3,113 352 1961 Jan '20,916 r3,942 '16,974 '10,145 '6,829 3,502 1,633 3,581 8,716 2,442 2,324 '3,150 342 Feb '20,773 r3,817 '16,956 '10,095 '6,860 3,583 1,568 '3,536 8,688 2,422 2,294 '3,204 348 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 20 857 3,917 16,940 9,895 7,044 3,184 1,619 3,765 8,568 2,437 2,343 3,198 393 May*3 21,069 3,920 17,150 9,921 7,229 3,086 [,645 3,979 8,711 2,622 2,294 3,171 352 June^1 21,478 3,970 17,508 10,056 7,453 3,075 I 709 4,364 9,147 2,656 2,217 3,132 357 Table la. Other Europe End of month E O u t r h o e p r e A tr u i s a - 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 it - d z- T k u e r y - ot A he ll rs 1956 Dec 4,019 296 117 65 53 626 177 930 134 67 137 43 217 836 20 299 1957 Dec 4,310 349 130 112 64 354 154 1,079 203 93 142 24 260 967 18 360 1958 Dec 5,081 411 115 169 69 532 126 1,121 339 130 163 36 303 852 20 694 1959 Dec 5,496 331 138 137 71 655 186 ,370 485 95 138 86 213 969 31 590 1960 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 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 '146 54 46 519 63 877 328 81 84 149 227 678 18 r389 1961 Jan 3,581 213 '132 54 45 579 49 794 275 80 81 114 229 612 21 '303 Feb . ... '3,536 205 '139 52 47 687 52 724 246 82 80 127 233 568 19 '274 Mar 3,612 198 150 58 44 592 67 784 280 83 76 111 268 556 24 323 Apr 3,765 194 187 57 44 633 68 823 265 84 80 118 282 538 17 376 Mayp 3,979 189 220 47 51 723 62 857 249 98 82 125 339 523 13 401 June** 4,364 187 237 50 67 842 59 925 270 101 73 135 404 579 16 419 Table lb. Latin America Neth- End of month A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i a i o e b c 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 n r l 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 a t e * i e n r r nam 1956 Dec 2,346 146 29 225 91 153 211 68 25 64 433 69 109 84 73 455 111 1957 Dec 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958 Dec 2,403 150 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 1960 June 2,434 388 21 162 144 189 130 35 31 46 355 94 116 77 60 301 285 July . .. 2 496 394 20 162 132 185 120 35 27 40 390 100 123 82 55 355 275 Axis, 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 30^ 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 2,343 326 21 185 128 149 62 29 29 58 358 84 89 66 49 458 251 Mayp 2,294 308 21 220 119 132 61 32 28 58 332 84 80 64 46 454 2">4 June*5 2,217 283 21 186 124 119 58 31 27 59 333 90 78 72 50 428 259 p Preliminary. ' Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CAPITAL TRANSACTIONS OF THE U. S. 1011 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other End of month K re o a - , Con- Egyp-Union Hong Indo- Re- Phil- Tai- Thai- Aus- tian of Total Kong India nesia Iran Israel Japan pub- ip- wan land Other Total tralia Re- South Other lic pines gion—Africa 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 7 ?o« 62 77 108 43 56 935 145 176 99 371 279 79 30 16 30 125 1959—Dec '2,780 60 114 139 47 87 J 9R5148 172 94 '141 494 373 110 31 20 49 162 I960—june '2,830 58 59 155 37 80 1,476 139 198 90 '160 379 397 114 37 42 40 164 July '2,860 59 55 158 35 68 1,536 143 216 87 '164 339 369 107 25 46 36 155 Aug '2,942 58 51 164 27 72 1,627 144 219 89 '169 322 386 95 27 40 32 191 Sent .... '3,003 59 50 162 25 59 1,705 148 224 89 '172 311 374 100 29 22 31 192 Oct. r3,004 58 36 170 26 62 1,758 153 217 86 '175 263 384 87 30 24 30 213 Nov '3,022 60 37 148 25 71 1,808 150 212 84 '183 245 362 80 32 27 33 189 Dec '3,113 57 54 178 22 75 R87 152 203 84 '186 215 352 88 32 22 29 181 1961—Jan r3 150 57 45 181 20 67 1,953 139 193 84 '195 216 342 72 33 20 39 178 Feb '3,204 52 44 150 45 69 1,991 145 198 81 '209 219 347 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 3 198 51 40 89 41 50 2,096 154 172 77 215 215 393 124 32 21 30 187 May*5 3 171 51 43 86 41 42 2.035 163 173 77 218 243 352 76 22 22 40 192 Junep 3,132 52 41 85 48 47 1,983 168 162 81 227 238 357 83 20 16 39 199 Table Id. Supplementary Areas and Countries7 End of year End of year Area or country Area or country 1957 1958 1959 1960 1957 1958 1959 1960 Other Europe: Other Asia (Cont.): Albania .1 .3 .3 .2 Burma. 6.7 5.9 4.3 .9 Bulgaria .6 .3 1.2 .5 Cambodia 20.0 24.9 19.7 10.9 Cyprus .1 .2 .3 .5 Ceylon 34.2 44.1 34.4 6.9 Czechoslovakia8 .7 .6 .7 1.0 China Mainland* 36.3 36.0 35.8 34.8 Estonia 1.7 1.7 1.8 n.a. Iraq 19.6 18.0 63.1 n.a. Hungary .7 .9 1.3 1.0 Jordan , 1.6 2.8 2.5 1.8 Iceland 2.9 3.5 2.7 5.1 Kuwait 5.9 10.3 9.4 9.6 Ireland, Republic of 9.0 10.0 5.4 2.7 Laos , 33.1 20.9 21.0 5.0 Latvia .5 .6 .6 .5 Lebanon 28.2 37.9 38.0 36.2 Lithuania .5 .7 .6 .6 Malaya, Fed. of , 1.6 1.2 1.4 6.3 Luxembourg 16.4 16.1 7.2 12.6 Pakistan , 12.8 5.6 23.5 10.6 Monaco 5.4 5.9 5.3 4.1 Portuguese India (Goa). 2.5 2.5 2.3 1.4 Poland* 3.2 4.9 4.0 6.1 Ryukyu Islands , 32.7 15.2 14.8 n.a. 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: Bahamas9 47.2 All other: Bermuda 7.9 6.8 14.3 21.7 Algeria .9 .5 .6 .4 Costa Rica 16.4 24.5 18.9 19.8 Ethiopia and Eritrea 35.1 27.8 18.7 9.3 Ecuador 22.7 17.4 21.7 27.3 French Somaliland 3.1 1.0 2.0 .9 French West Indies and French Guiana. .8 .5 .5 .4 Ghana .7 .4 n.a. Haiti 11.2 7.7 10.5 10.7 Liberia 23.0 13.0 20.3 n.a. Honduras 12.6 6.3 12.8 15.0 Libya 10.7 6.4 17.6 5.6 Nicaragua 12.7 11.3 12.5 11.9 Madeira Islands .9 1.0 .6 .9 Paraguay 5.1 3.4 6.7 4.6 Morocco 51.5 43.5 57.8 64.3 West Indies Federation* 15.8 31.6 32.6 11.3 Mozambique 3.4 2.9 2.0 2.2 New Caledonia 1.7 1.4 1.3 n.a. Other Asia: New Zealand 1.9 6.9 6.8 n.a. Aden 1.7 2.2 n.a. Somali Republic 1.3 1.3 .8 3.5 Afghanistan 4.7 4.5 11.0 9.8 Sudan 1.7 5.2 1.6 n.a. Bahrein Islands .9 .9 .9 n.a. Tunisia .3 8.4 2.8 n.a. Not available. p Preliminary. ' Revised. 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 June 30, Tables la-lc. 1961. 8 Based on reports by banks in all Federal Reserve districts. 2 Includes International Bank for Reconstruction and Development, 9 Prior to 1960 data for the Bahamas included with West Indies International Monetary Fund, and United Nations and other inter- Federation. national organizations. NOTE.—Statistics on international capital transactions of the United 3 Represents liabilities to foreign central banks and foreign central States are based on reports by U. S. banks, bankers, brokers, and dealers, governments and their agencies (including official purchasing missions, by branches or agencies of foreign banks, by certain domestic institutions trade and shipping missions, diplomatic and consular establishments, etc.). not classified as banks that maintain deposit or custody accounts for * 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 « 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
1012 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 End of month, or area To banks and official institutions To all other foreigners Payable 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* 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 [,132 2,252 1,766 278 209 59 1958 Dec 16.159 6,772 VK23 1,075 2,430 1,951 306 174 59 1959—Dec '19,389 '16,913 6,341 '9,254 1,328 2,398 1,833 295 270 77 I960—June '20,443 '18,110 '7,189 '9,300 1,620 2,250 1,794 167 289 84 July '20,748 '18,414 '7,368 '9,509 1,538 2,250 1,780 165 305 '85 Aue '21,217 '18,873 '7,634 '9,716 1,524 2,253 1,770 182 301 91 Sept '21,213 '18,857 '7,651 '9,687 ,519 2,238 1,786 173 279 118 Oct '21,419 '19,013 '7,642 '9,885 1,485 2,262 1,826 172 264 144 Nov '20,886 '18,577 '7,454 '9,686 1,437 2,182 1,777 158 247 127 Dec '21,326 '18,986 '7,568 '10,018 1,401 '2,227 r[,846 148 233 113 1961 Jan '20,916 '18,672 '7,322 '10,051 1,299 2,122 1,772 128 222 121 Feb '20,773 '18,556 '7,492 '9,794 1,271 2,105 1,776 113 216 112 Mar 21,093 18,875 7,723 9,909 1,244 2,106 1,792 102 213 111 Apr 20,857 18,617 7,756 9,594 1,267 2,129 1,806 103 220 111 May? 21,069 18,756 7,971 9,497 1.287 2,181 1,836 129 216 133 Junep 21,478 19,123 8,221 9,585 1,317 2,199 1,842 133 223 157 Area and country detail, Apr. 30, 1961 Europe: Austria 194 192 184 8 2 2 (3) (3) 187 148 129 5 14 38 34 (3) 4 1 57 50 12 38 1 7 6 (3) (3) (3) Finland 44 43 19 5 18 2 2 633 582 273 272 37 50 44 3 2 1 Germany, Fed. Rep. of.... 3,184 3,159 254 2,492 413 24 20 1 3 2 Greece 68 52 34 18 (3) 16 16 Italy 823 797 163 454 179 26 21 3 1 (3) Netherlands 265 227 112 104 12 35 30 1 4 3 84 49 46 2 35 33 1 Portugal • «• 80 40 37 3 40 38 (3) 2 (3) Spain 118 99 98 1 19 18 (3) 1 (3) 282 272 59 205 9 10 9 (3) (3) 538 430 244 44 141 104 73 7 24 5 17 15 15 2 2 United JCinedom 1,619 1,288 956 273 60 285 133 50 102 45 10 10 9 (3) 1 1 (3) Other Europe 366 324 90 119 115 12 11 (3) 1 30 Total 8,568 7,777 2,733 4,029 1,015 705 492 69 144 86 2,437 2,203 1,575 620 8 218 188 23 8 16 Latin America: 326 261 163 77 20 65 64 1 Bolivia 21 6 6 15 15 (3) (3) (3) 185 58 55 3 126 117 8 128 87 81 6 41 41 (3) (3) (3) 149 81 74 7 69 68 (3) 1 (3) Cuba ............ 62 3 3 59 57 (3) 2 (3) Dominican Republic 29 10 10 19 18 1 Fl Salvador 29 8 7 (3) 21 21 (3) 1 Guatemala 58 39 23 6 10 19 18 (3) Mexico 358 216 207 9 142 138 1 2 (3) Neth. Antilles and Suri- 84 44 22 6 16 39 17 2 19 1 89 14 12 2 75 60 14 Peru 66 24 23 1 42 41 (3) 1 TJriiBiiav • . 49 21 19 1 29 24 5 (3) Venezuela •• 458 255 254 203 198 1 4 1 Other Latin America 251 167 110 40 16 82 77 1 4 2 Total 2,343 1,293 1,071 136 86 1,046 973 10 63 4 p Preliminary. ' Revised. 2 Represents principally bankers* acceptances and commercial paper. i Includes special nonnegotiable, non-interest-bearing U. S. notes 3 Less than $500,000. (International Monetary Fund series and International Development Association series), which amounted to $2,554 million on June 30, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTL CAPITAL TRANSACTIONS OF THE U. S. 1013 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Area and Total 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' certificates certificates Area and country detai, Apr. 30, 1961—Cont. Asia: Hong Kong 51 25 22 4 26 26 (2) (2) India 40 30 26 4 9 9 (2) Indonesia 89 86 70 12 4 2 Iran 41 36 36 6 6 (2) Israel 50 45 25 4 16 5 5 2,096 2,075 1,062 945 68 19 17 (2) 2 2 154 152 152 (2) 1 172 152 142 10 20 19 (2) (2) (2) Taiwan 77 71 69 (2) 2 6 6 Thailand 215 213 21 181 11 3 3 (? Other Asia 215 181 138 34 9 33 32 (2) 1 Total 3,198 3,066 1,762 1,177 127 129 124 1 4 3 All other: Australia 124 121 84 34 2 3 3 Congo Rep of the 32 30 12 5 14 1 <i Egyptian Region—U.A.R.. 21 20 16 3 (2) 1 Union of South Africa.... 30 28 28 3 3 p> Other 187 162 121 33 8 23 21 1 Xotal 393 361 261 75 25 30 28 1 2 2 Total foreign countries. 16,940 14,700 7,402 6,037 1,261 2,129 1,806 103 220 111 International institutions.... 3,917 3,917 354 3 3,557 6 Grand total 20,857 18,617 7,756 9,594 1,267 2,129 1,806 103 220 111 1 Represents principally bankers' acceptances and commercial paper. 3 Includes $2,607 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 57 54 30 38 121 234 534 272 1,175 586 56 1960 June 2,764 28 62 32 42 181 230 575 272 1,111 746 60 July 3,062 27 63 30 36 234 227 617 336 1,203 845 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 '3,603 32 82 34 60 245 264 717 409 '1,356 '1,053 '69 1961 Jan '3,600 35 78 38 61 197 237 646 417 '1,340 '1,125 '73 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 Apr 4,121 44 135 46 70 173 231 699 499 1,394 1,453 76 Mayp 4.088 42 145 42 65 171 2^0 695 478 1 336 1 502 75 June^ .. .... 4,046 44 148 34 64 165 233 687 437 1,243 1,603 76 P Preliminary. ' Revised. banks and bankers on behalf of their customers in the United States; 1 Short-term claims reported in these statistics represent principally and foreign currency balances held abroad by banks and bankers and their the following items payable on demand or with a contractural maturity customers in the United States; excludes convertible currencies held by of not more than 1 year; loans made to and acceptances made for U. S. monetary authorities. foreigners; drafts drawn against foreigners that are being collected by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1014 INT'L 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- Fin- End of month Europe tria gium mark land 1956—Dec 216 7 28 12 4 1957 Dec 211 6 25 11 4 1958_Dec 315 7 65 14 6 1959 Dec 234 4 56 18 1960 June 230 2 50 7 July 227 3 49 6 Aus •. 212 2 41 7 Sept 226 3 41 9 Oct 245 2 53 10 Nov 240 3 50 13 Dec 264 2 65 13 1961—jari 237 2 63 14 Feb 224 2 61 12 Mar 246 3 58 12 Apr 231 2 56 11 May*5 230 3 58 11 233 3 43 9 oo ooa Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - o A th l e l r 4 21 23 2 8 13 oo (2) 7 6 29 23 2 8 10 76 (2) 10 7 56 22 2 30 24 72 1 9 5 38 7 2 8 19 47 3 18 4 34 7 2 5 22 62 12 14 5 36 8 2 7 22 55 12 12 7 6 30 9 2 7 18 59 11 13 8 5 29 11 3 10 23 61 9 15 9 5 32 16 3 8 25 58 7 16 9 7 30 17 3 7 26 53 8 15 9 6 33 17 4 8 28 49 11 19 9 5 34 11 3 6 26 41 9 14 9 7 32 10 2 6 25 32 9 16 10 6 47 10 3 7 26 35 12 16 11 7 42 10 2 7 24 24 16 19 11 7 44 10 3 8 25 15 15 21 14 7 45 11 3 11 25 24 16 22 Table 3b. Latin America Neth- End of month A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p D i R c l u i i a o e c b n n - - - - v S a E d a l l o - r G m u a a l t a e- M ic e o x- l S t A a a i e u l n n l r n r e d d - i - s s - l a P p i R m c u a e n b o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e r n r nam 1956 Dec 840 15 4 72 16 145 90 7 11 7 213 5 12 35 15 144 49 1957 Dec 956 28 3 100 33 103 113 15 8 8 231 2 18 31 42 170 51 1958—Dec ,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959 Dec ,175 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 I960 June ,111 76 4 156 50 77 67 17 7 11 321 5 17 43 42 169 50 July ,203 81 4 173 57 80 62 16 7 11 335 5 17 43 38 224 50 Aus .... 200 87 4 176 54 78 55 18 9 11 333 6 16 46 39 219 50 Sept ,150 96 4 189 57 79 31 17 14 11 316 4 20 43 52 164 52 Oct ,?44 108 4 212 55 77 29 17 19 12 303 4 19 42 55 233 56 Nov ,254 112 4 206 63 76 27 17 19 13 302 5 22 43 52 235 57 Dec r ,356 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 '66 1961—Jan r ,340 122 4 229 74 r81 21 14 21 13 '343 5 27 48 '51 231 r57 Feb 390 122 4 228 77 79 21 13 19 14 313 5 28 48 48 311 60 Mar ,374 128 4 241 78 21 13 19 15 306 5 26 48 44 274 63 Apr ,394 127 5 213 118 79 21 13 17 12 323 5 29 50 40 281 61 Mayp ,336 133 5 202 111 81 20 14 15 14 322 7 38 55 43 215 61 June^ ,243 142 5 182 114 91 20 13 12 13 327 6 26 61 46 121 63 Table 3c. Asia and AH Other Asia All other End of month Total H K o o n n g g India Iran Israel Japan ip P p h i i n l e - s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - C o R o f e n t p g h . o e , g E i t R g o ia y n e n - — p- U S A o n f o r u i f i o t c h n a Other U.A.R. 1956—Dec 337 4 6 20 16 170 16 6 9 91 43 11 6 2 8 17 1957_Dec 386 7 6 22 24 146 53 6 14 110 50 13 5 1 12 19 1958 Dec 435 6 4 27 23 179 67 6 13 111 69 13 4 3 21 29 1959 Dec 586 10 6 29 14 324 24 9 15 155 56 18 3 2 12 21 746 11 7 35 17 497 14 11 11 143 60 23 3 2 11 21 July 845 10 9 36 16 586 22 10 15 141 61 25 3 2 12 21 Aus 886 10 7 38 15 628 26 10 14 140 62 25 2 1 10 22 Sept 921 9 9 36 14 660 23 6 15 149 68 27 5 2 11 23 Oct 956 8 11 35 15 693 25 8 15 147 70 29 3 2 10 26 Nov 972 8 11 34 17 712 24 7 16 143 66 27 2 2 10 25 Dec '1,053 9 9 33 24 r807 19 7 24 121 '69 '28 3 3 11 24 1961 Jan '1,125 8 8 34 '28 '879 16 7 22 124 '73 28 3 3 12 r27 Feb 1,124 9 9 43 32 956 18 10 24 123 73 28 4 3 12 26 Mar 1,354 10 11 48 33 1,074 19 11 23 126 76 26 4 7 13 26 Apr 1,453 10 11 52 30 1,162 23 11 23 130 76 27 4 8 13 24 Mayp 1,502 10 12 47 33 1,201 26 14 25 134 75 25 3 10 13 24 1,603 9 41 47 33 1,277 24 15 27 131 76 25 3 10 15 23 P Preliminary. ' Revised, 2 Less than $500,000. i See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTX CAPITAL TRANSACTIONS OF THE U. S. 1015 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 totali Collec- Total tions Deposits Total Banks and out- Other Total with Other official standing foreigners institu- Others tions 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—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 '3,603 '3,123 814 482 605 '1,222 480 242 238 1961—Jan.. . 1,654 '3,600 '3,130 '799 460 620 '1,251 471 194 277 Feb... 1,598 3,672 3,246 '861 455 622 '1,307 426 207 219 Mar... 1.616 3.947 3,451 844 494 679 1,434 496 249 247 Apr... 1,639 4,121 3,591 907 527 716 1,440 531 245 286 May P. 1,634 4.088 3,581 871 523 710 1,478 506 235 271 June?5. 1,847 4,046 3,596 810 506 711 1,569 450 249 201 Area and country detail, Apr. 30, 1961 Europe: Austria 7 2 2 Belgium 31 56 55 39 Denmark 5 11 10 3 6 1 1 Finland 3 11 11 2 8 (2) France 17 44 41 6 12 17 4 3 Germany, Fed. Rep. of... 40 135 116 31 30 24 130 19 15 Greece 9 7 7 2 5 (2) Italy 23 46 44 15 7 17 Netherlands 19 42 35 7 14 12 7 Norway 155 10 9 2 6 1 Portugal 2 2 2 2 Spain 4 7 7 2 () Sweden 39 24 22 2 6 6 Switzerland 70 38 9 18 7 31 16 15 Turkey 24 24 20 4 United Kingdom 13 173 30 14 13 143 82. 62 Yugoslavia 2 16 16 7 2 Other Europe 6 19 19 3 5 Total 384 699 487 156 97 128 105 213 132 81 Canada 62 499 235 10 190 10 26 263 67 197 Latin America: Argentina 108 127 18 34 48 16 16 Bolivia 5 5 () 1 4 Brazil 203 213 213 84 15 32 82 Chile 36 118 118 52 28 16 Colombia 24 79 79 4 11 26 Cuba 21 21 2 19 Dominican Republic 13 12 1 3 4 El Salvador () 17 17 1 5 6 G M u e a x t i e c m o ala 10 32 1 3 2 31 1 8 2 6 2 2 3 7 5 133 3 Netherlands Antilles and 195 Surinam Panama, Rep. of 19 29 29 1 16 6 6 Peru 11 50 50 4 7 20 20 Uruguay 1 40 40 6 3 4 Venezuela 181 281 279 136 43 81 20 Other Latin America 75 61 61 4 12 30 15 Total 1,394 1,371 402 222 325 423 23 20 Preliminary. ' Revised, 2 Less than $500,000. i Represents mainly loans with an original maturity of more than 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1016 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- A c r o e u a n a tr n y d term— Loans to: total 1 Total Collec- Total Ba i o n n f s f k i t c s it 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 e w p ig i o t n h s e it r s s Other tions Area and country detail, Apr. 30, 1961—Cont. Asia: Hong Kong (2) 10 10 4 2 3 C2) (2) (2) India 17 11 10 i (2) 6 1 (2) (2) Indonesia . . 41 (2) g (2) (2) (2) Iran 14 52 40 (2) (2) Israel 9 30 (23> 3 30 J K a o p r a e n a Rep. of 19 1,162 3 1,138 3 1 ( 7 2 7 ) 2 13 2 2 826 24 24 (2) T Ph ai i w lip a p n i nes .. 15 1 2 1 3 1 2 1 3 1 21 2 ( (2 2) ) 1 1 2 9 (2) (2) (2) Thailand 6 23 23 10 3 9 (2) (2) Other Asia 2 127 127 102 4 19 2 (2) (2) (2) Total 124 1,453 1,427 334 12 210 871 25 24 1 All other: Australia 24 27 23 (2) 2 13 8 4 I 3 Congo, Rep. of the 37 4 4 2 Egyptian Region—U.A.R.. 4 8 8 2 1 6 (2) (2) U Ot n h i e o r n of South Africa.... 6 7 1 2 2 1 4 3 2 1 3 2 (1 3 1 1 1 1 6 1 1 ( ( 2 2 ) ) (2) Total 199 76 70 6 6 43 15 6 2 4 International institutions Grand total 1,639 4,121 3,591 907 527 716 1,440 531 245 286 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. S. 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 ( —) c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u - o r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u - o r ) - r ch P a u s r e - s Sales c s N a h l a e e s t s e p s ( , u - o r ) - r Total c F o o u r n e t i r g ie n s 1957.. 666 718 -52 117 1,617 1,423 194 699 1,392 -693 593 622 -29 1958 1 224 1,188 36 -237 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1959 1,217 528 689 527 2,593 2.158 435 946 1,458 -512 566 804 -238 1960... 1,730 1,603 127 -98 r2,419 2^167 r252 r883 rl,445 r562 r509 r592 r83 I960 June 198 170 29 -5 272 220 52 84 142 -58 50 70 -19 July 48 58 -10 -9 189 192 -4 53 83 -30 r36 46 r-10 Aug 61 187 -126 -50 183 184 -1 36 r72 r-36 r36 r49 — 13 Sent. 44 93 -49 -42 181 199 -18 73 r90 r-17 r37 45 -9 Oct 148 196 -48 -48 179 187 -8 244 268 -24 '36 42 r-6 D N e o c v 3 1 4 9 5 5 26 9 2 8 9 8 7 2 - -2 1 1 3 2 1 0 8 8 7 2 1 2 8 0 0 -12 7 3 3 6 1 4 7 4 8 -4 -8 6 r r 4 3 4 3 5 5 2 6 r r - - 2 1 0 2 1961—Jan 73 96 -23 -23 250 219 30 54 r98 r44 r53 r52 2 Feb '322 r69 r253 r82 270 253 17 46 74 -28 r3S 63 r-24 Mar 63 86 -23 -17 r371 329 42 43 91 -48 r58 91 r-33 Apr 91 97 -7 35 348 308 40 44 97 -54 50 96 -46 Mayp 155 207 -51 -41 343 299 45 59 122 -64 56 97 -41 June3* 41 74 -33 -33 302 276 27 60 87 -27 52 72 -20 P 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. 1017 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 Year or month Total 2 Stocks Bonds Belgium France N la e e n r t d - h s - S l w a e n r it - d z- U K d n i o i n t m g ed - E O u t r h o e p r e E T u o r t o a p l e Canada A L m i a c t a e i r n - ot A he ll r* 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 252 201 50 5 38 171 -48 66 234 -46 36 28 I960 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 -1 4 -5 2 (3) 13 -4 1 16 -22 3 2 Sept -18 -18 1 1 -1 -1 -12 -7 7 -13 -4 1 -2 Oct — 8 -22 14 —4 2 —4 20 -29 8 -7 -6 2 3 Nov 7 10 -3 — 1 3 14 -20 8 3 5 2 Dec -12 7 -18 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 18 5 5 30 6 -2 8 Apr 40 56 -16 (3) 3 21 9 32 -9 9 9 Mayp 45 58 -13 5 5 29 2 9 50 -19 9 4 June25.... 27 33 -6 (') -1 3 19 11 2 34 -14 4 2 * Preliminary. 2 Inclmdes transactions of international institutions. l 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] Y m e o a n r th or n t a I u i n n t t i i t s o o e ti n r n - - a s l f c T o t o r r o e i u t e i n a g s l - n Europe C a a d n a - A L m i a c t e a i r n - Asia o A th l e l r End of month Deposits U. S A . G sse o t v s t . in cus M to i d sc y elsecurities 2 laneous 3 1957 — 384 — 318 231 -552 15 — 45 13 1958 -558 -805 -72 -543 5 -45 -150 1959—Dec. 345 4,477 570 1959 -157 -593 -50 -443 11 -97 -15 1960 — 147 r498 r 117 r-196 r-107 -41 -36 I960—July. 215 5,272 671 Aug. 204 5,423 701 1960—June... 5 -83 -27 -53 3 -4 -2 Sept. 223 5,479 713 July.... -9 '-31 -6 r-S -15 -4 2 Oct.. 251 5,634 718 A Se u p g t - - 1 2 0 1 '-3 -5 9 '-35 c 12 5 r - _ 7 9 — -6 1 1 1 N De o c v . . 2 2 5 1 2 7 5 5 , , 4 7 3 2 0 6 7 75 5 6 2 Oct.. . . -16 '-13 -10 r8 6 7 -24 Nov 7 '-27 -19 r10 -14 -6 1 1961—Jan.. 238 5,793 714 Dec.... 2 '-68 -21 r_l7 -24 -9 3 F M e a b r . . . 2 27 0 1 7 5 5, , 9 8 3 7 5 9 6 6 9 9 4 0 1961—Jan -1 '-41 -27 r c r__7 -6 4 Apr. 230 5,634 672 Feb.... 15 '-68 -30 r-6 -26 -4 -1 May 210 5,637 687 Mar.... -3 '-78 -24 r-42 C1) -11 -2 June 220 5,723 6S8 Apr.... 3 -102 -9 -55 -20 -19 0) July. 226 5,660 667 May*3. . 1 -106 -26 -50 -6 -22 -15 -32 -18 -23 3 9 -3 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of p. 1008 for total gold under earmark at Preliminary. r Revised, Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 3 C U o . n S s . i s T ts r e o a f s u b r a y n k bi e l r ls s , ' c a e c r c t e if p ic ta a n te c s e s o , f c o in m d m eb e t r e c d i n al e s p s a , p n e o r t , e a s, n d an f d o r b e o ig n n d s a . nd international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1018 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE *.—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 4, 1 2 3 4» Europe: Austria 1 3 2 2 4 4 5 6 8 28 21 16 18 18 10 9 11 9 12 2 2 2 2 1 9 4 5 8 12 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 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 Norway 11 9 7 7 5 4 4 6 6 6 Portugal 1 1 1 2 3 4 3 3 8 9 10 11 12 11 10 11 Sweden 26 20 14 8 6 22 23 27 27 26 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 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: 12 5 9 7 7 25 14 12 19 20 Bolivia 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 3 3 3 3 4 7 9 11 11 11 Cuba 5 9 4 3 2 27 26 20 18 8 Dominican Republic 1 1 1 1 1 3 2 2 2 3 El Salvador P) ft ft P) ft 1 2 2 2 P) 4 3 4 4 4 Mexico 5 5 7 6 27 30 30 31 36 Neth. Antilles and Surinam, 7 6 5 5 7 1 1 2 1 2 Panama. Reo of 2 3 2 6 2 11 5 12 4 7 Peru 3 2 3 4 4 8 6 8 13 8 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: Honiz Konz 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 1 4 3 4 5 6 7 8 8 7 8 Israel 2 1 3 5 11 11 10 9 11 15 23 19 18 28 36 41 39 35 52 Korea Rep of. 1 1 1 1 10 8 7 9 7 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 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. . .. P) P) P) P) C1) P) P) P) P) P) Grand total . .... 593 588 531 524 497 730 715 843 893 1,450 P Preliminary. mercial concerns in the United States. Data exclude 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 1019 U. S. BALANCE OF PAYMENTS [Department of Commerce estimates. Quarterly totals in millions of dollars] 1958 1959 1960 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 Services* 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 services1.... 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 -206 -198 -213 -207 -230 -210 Government nonmilitary grants.... -385 -424 -370 -437 -437 -394 -333 -469 -381 -418 -411 -431 -490 U.S. long- and short-term capital (net) 3 -887 -1,251 -784 -893 -494 4-1,032 -607 -595 -875 -1,110 -1,075 -1,905 -1,357 Private, total -642 -1,025 -451 -726 -412 -738 -557 -838 -651 -724 -924 -1,557 -937 Direct investment -155 -411 -156 -312 -287 -442 -224 -419 -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 1,440 620 821 981 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 -1 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. 3 Minus sign indicates net outflow. 1 Excluding military transfers under grants. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 2 Including military transactions. of which $344 million was transferred in gold and $1,031 million in non-interest-bearing U.S. Government securities. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Switzerland Month 3 T m r b e o i a l n s ls u t , h r s y i D m a o d y n a - e y t y o 2 - 3 B a a a m c n n c o c k e e n p e s t r t , h - s s ' 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - e y t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - y e t y o 5 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e to y - d P is r r 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 I960—June 2.87 2.84 5.04 4.88 3.98 3.25 4.15 4.88 4.75 2.49 t .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 LOO 2.00 Feb 3.05 2.52 4.48 4.31 3.76 3.00 3.59 3.00 3.38 1.14 (3.75 2.00 Mar 3.21 2.98 4.61 4.48 3.74 3.00 3.70 2.50 3.38 1.03 ().75 2.00 Apr 3.30 3.03 4.63 4.45 3.65 3.00 3.70 2.38 2.94 0.77 ().75 2.00 May 3.18 2.92 4.55 4.38 3.81 3.00 3.91 2.25 2.63 0.83 (3.75 2.00 June 2.69 2.45 4.64 4.50 3.67 3.00 0.88 ().75 2.00 1 Based on average yield of weekly tenders during month. 4 Rate in effect at end of month. 2 Based on weekly averages of daily closing rates. 5 Based on average of lowest and highest quotation during month. 3 Rate shown is on private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1020 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS» [Per cent per annum] Rate as of Changes during the last 12 months July 31, 1960 Rate Country 1960 1961 Ju a l s y o 3 f 1, Per Month 1961 cent effective Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Argentina^ .. . ...... 6.0 Dec. 1957 6.0 5.0 Mar. 1960 5.0 4.0 Dec. 1959 5.0 5.0 Brazil2 10.0 Apr. 1958 10.0 3.0 Feb. 1948 3.0 3.17 July 1960 2.5 1.95 3.28 4.02 3.5 3.29 3.46 3.46 3.53 3.42 2.82 2.80 2.80 Ceylon 2 2.5 Dec. 1959 4.0 4.0 Chile4 16.55 July 1960 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 6.6 6.0 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 ^ • • 2.0 Jan. 1953 2.0 Iceland . 11.0 Feb. 1960 9.0 9.0 India** 4.0 May 1957 4.0 Indonesia 2 3.0 Apr. 1946 3.0 Jj-gjl 4.0 Aug. 1948 4.0 Ireland 5.5 July 1960 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 6.94 6.94 Mexico 4.5 June 1942 4.5 Netherlands .. 3.5 Nov. 1959 3.5 New Zealand... ... .. 6.0 Oct. 1959 7.0 7.0 Nicaragua 6.0 Apr. 1954 6.0 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru2 9.5 Nov. 1959 9.5 Philippine Republic2 6.0 May 1960 5.75 5.0 3.0 3.0 Portugal • . .. 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 Switzerland 2 0 Feb 1959 2.0 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 7.0 7.0 Venezuela2 4.5 Nov. 1959 6.5 4.5 4.5 1 Rates shown represent mainly those at which the central bank either Indonesia—various rates depending on type of paper, collateral, comdiscounts or makes advances against eligible commercial paper and/or modity involved, etc.; government securities for commercial banks or brokers. For countries Japan—penalty rates (exceeding the basic rate shown) for borrowings with more than one rate applicable to such discounts or advances, the from the Central bank in excess of an individual bank's quota; rate shown is the one at which it is understood the central bank transacts Peru—8 per cent for agricultural, industrial and mining paper; the largest proportion of its credit operations. In certain cases other Philippine Republic—3.0 per cent for crop loan paper and export packrates for these countries are given in note 2. ing credit paper; and 2 Discounts or advances at other rates include: Venezuela—4 per cent for rediscounts of certain agricultural paper and Argentina—3 and 5 per cent for certain rural and industrial paper, de- for advances against government bonds or gold and 5 per cent on adpending on type of transaction; vances against securities of Venezuelan companies. Brazil—8 per cent for secured paper and 4 per cent for certain agricultural 3 Beginning with Nov. 1, 1956, the discount rate has been set each paper; week at .25 of 1 per cent above the latest average tender rate for Treasury Ceylon—4.0 per cent for advances against certain types of commercial bills; end-of-month rate shown. and production paper; 4 Beginning with Apr. 1, 1959, new rediscounts have been granted at Colombia—3.5 per cent for agricultural and industrial development the average rate charged by banks in the previous half year. Old redispaper of up to 150 days, 3 per cent for economic development paper counts remain subject to old rates provided their amount is reduced by of up to 5 years, and 2 per cent for specific small business, cooperative one-eighth each month beginning May 1, 1959, but the rates are raised and employee paper; by 1.5 per cent for each month in which the reduction does not occur. Costa Rica—5 per cent for paper related to commercial transactions 5 Rate shown is for advances only. (rate shown is for agricultural and industrial paper); ^ Beginning with May 16, 1957, this rate applies to advances against Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by commercial paper as well as against government securities and other national public securities; eligible paper. Ecuador—6 per cent for bank acceptances for commercial purposes; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE RATES 1021 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 101.401 20.894 .4354 1956 5.556 2.835 222.76 3.8580 2.0030 101.600 20.946 .4354 1957 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 .3995 .2376 1958 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 .3118 2 2374 1959 i 1.2730 223.81 3.8619 2.0012 104.267 21.055 .3115 .2038 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 .3112 3 20.389 I960 July 1.2010 223.78 3.8468 2.0041 102.192 21.048 .3111 20.404 1.2022 223.92 3.8573 1.9955 103.101 21.061 .3111 20.404 Sept 1.2037 224.12 3.8609 2.0024 102.818 21.072 .3111 20.404 Oct.!.!...! 1.2042 224.03 3.8509 2.0061 102.181 21.063 .3111 20.375 Nov 1.2054 224.18 3.8432 2.0130 102.367 21.065 .3112 20.402 Dec 1.2061 223.69 3.8409 2.0131 101.781 21.044 .3112 20.387 1961 Jan 1.2058 223.62 3.8391 2.0074 100.694 21.037 .3112 20.401 Feb 1.2061 223.10 3.8352 2.0026 101.026 21.013 .3112 20.402 Mar 1.2073 222.91 3.8314 2.0042 101.265 20.990 .3111 20.404 Apr 1.2075 222.95 3.8306 1.9985 101.110 20.992 .3111 20.400 May 1.2071 222.63 3.8308 1.9983 101.255 20.988 .3110 20.404 June 1.2096 222 30 3.8368 2.0018 99.471 20.984 .3110 20.405 July 1.2113 222.10 3.8554 2.0081 96.701 20.951 .3109 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 July 23.979 20.966 280.84 .1611 .2783 32.839 8.0056 26.511 278.06 23.978 20.978 281.02 .1611 .2787 32.846 8.0056 26.512 278 24 Sept 23.978 20.990 281.27 .1611 .2787 32.851 8.0056 26.518 278.49 Oct 23.968 20.983 281.16 .1611 .2787 32.838 8.0056 26 518 278 37 Nov 23.974 21.000 281.35 .1610 .2778 32.858 8.0056 26.492 278.57 Dec 23.973 20.982 280.74 .1610 .2781 32.833 8.0056 26.517 277.96 1961 Jan 23.968 20.975 280.64 .1610 .2786 32.826 8.0056 26.499 277 86 Feb 23.966 20.950 279.99 .1607 .2786 32.774 8.0056 26.400 277.22 Mar 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 June 25.166 20.889 278.98 .1611 .2763 32.489 8.0056 27.828 276 22 July 25.127 20.886 278.74 .1611 .2762 32.488 8.0056 27.827 275.98 Year or month N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b 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 ( S e fr r w a la n i n t c - d ) ( U p K d o n i o u i n m t n g e d d - ) 1955 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 14 008 49 676 3 4900 278 52 19 333 23 334 279 57 1957 . 14 008 49 693 3.4900 278.28 19.331 23.330 279 32 1958 14 008 49 695 3 4900 279 93 2 3810 19 328 23 328 280 98 1959 14.028 49.721 3.4967 279.83 2.0579 19.324 23.142 280 88 I960 . 14 018 649 770 3.4937 279 71 1 6635 19 349 23 152 280 76 I960 July 14 018 3.4936 279.79 1.6640 19.366 23.183 280.84 Aug 14.026 3.4956 279.97 1.6640 19.392 23.198 281.02 Sect 14.040 3.4979 280.22 1.6640 19.379 23.219 281 27 Oct 14.032 3.4973 280.11 .6640 19.365 23.211 281.16 Nov 14 038 3 4992 280 30 6641 19 355 23 216 281 35 Dec . . .. 14 021 3.4950 279.69 L.6642 19.334 23.225 280.74 1961—Jan 14.004 3.4928 279.59 1.6635 19.339 23.220 280 64 Feb 13.985 3.4861 7 279.19 8 139.37 I.6644 19.342 23.144 279.99 Mar 13.985 3.4903 139.35 1.6644 19.353 23.144 279.75 Apr 13.9S9 3.4920 139.38 1.6643 19.354 23.122 279.81 May 13.964 3.4851 139.18 1.6644 19.378 23.101 279.40 June 13.952 3.4815 138.97 I.6644 19.365 23.144 278.98 July 13.947 3.4797 138.85 I.6644 19.357 23.169 278.74 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 EEffffeeccttiivvee FFeebb.. 1144,, 11996611,, SSoouutthh AAffrriiccaa aaddoopptteedd tthhee ddeecciimmaall ssyysstteenm. was further devalued to 493.706 francs per U. S. dollar. Thet nneeww ccuurrrreennccyy uunniitt,, tthhee rraanndd,, rreeppllaacceess tthhee ppoouunndd aanndd ccoonnssiissttss cof 3 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. 100 cceenntt!s; 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. WOODUEF 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. LEAVTTT, 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 1022 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BANKS AND BRANCHES 1023 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
1024 FEDERAL RESERVE BULLETIN • AUGUST 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. ColdweU 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. Barglebaugfa 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. 1025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1026 FEDERAL RESERVE BULLETIN • AUGUST 1961 REPRINTS REVISED SERIES FOR SEASONALLY ADJUSTED (From Federal Reserve Bulletin unless preceded MONEY SUPPLY. February 1960. 4 pages. by an asterisk) CONSUMER BUYING INTENTIONS AND QUARTERLY THE MONETARY SYSTEM OF THE UNITED STATES. SURVEY OF CONSUMER BUYING INTENTIONS. February 1953. 16 pages. Combined reprint. September 1960. 31 pages. THE U. S. BALANCE OF PAYMENTS, 1959-60. Oc- INFLUENCE OF CREDIT AND MONETARY MEASURES tober 1960. 7 pages. ON ECONOMIC STABILITY. March 1953. 16 pages. A NEW MEASURE OF THE MONEY SUPPLY. October 1960. 22 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC CAPITAL MARKETS IN 1960. December 1960. STABILITY. May 1953. 7 pages. 7 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- IMPLEMENTATION OF THE 1959 ACT ON RESERVE COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- REQUIREMENTS. December 1960. 6 pages. ber 1955. 40 pages. SMALL BUSINESS FINANCING: CORPORATE MANU- SURVEYS OF BANK LOANS FOR COMMERCIAL AND FACTURERS. January 1961. 15 pages. INDUSTRIAL PURPOSES. Business Loans of CREDIT AND MONEY IN 1960. February 1961. Member Banks. April 1956. 14 pages. Credit 8 pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. Member Bank Lending GOLD AND DOLLAR TRANSFERS IN 1960. March to Small Business, 1955-57. April 1958. 19 1961. 7 pages. pages. Member Bank Term Lending to Busi- FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. ness, 1955-57. April 1959. 16 pages. Security March 1961. 10 pages. Pledged on Business Loans at Member Banks STATISTICS ON THE GOVERNMENT SECURITIES September 1959. 16 pages. MARKET. April 1961. 8 pages. REVISION OF CONSUMER CREDIT STATISTICS. Oc- OWNERSHIP OF DEMAND DEPOSITS. April 1961. tober 1956. 24 pages. (Also, similar reprint 3 pages. from April 1953 BULLETIN.) SURVEY OF COMMON TRUST FUNDS, 19e>0. May 1961. 7 pages. (Similar Surveys available SURVEY OF FINANCE COMPANIES, MID-1955. April for each year of the 1955-59 period.) 1957. 17 pages. QUARTERLY SURVEY OF CONSUMER BUYING IN- REVISION OF MONTHLY DEPARTMENT STORE IN- TENTIONS. May 1961. 7 pages. (Also, simi- DEXES. December 1957. 30 pages. lar reprints from BULLETINS for December OPEN MARKET OPERATIONS IN LONG-TERM SE- 1960 and March 1961.) CURITIES. November 1958. 15 pages. CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER •PART I, ALL-BANK STATISTICS, 1896-1955. TIME DEPOSITS. May 1961. 2 pages. (Also, April 1959. 94 pages. similar reprint from July 1960 BULLETIN.) BANKING AND MONETARY STATISTICS, 1960. Se- 1959 SURVEY OF CONSUMER FINANCES. March, lected series of banking and monetary statistics July, and September 1959. 48 pages. (Simifor 1960 only. February and May 1961. 13 lar Surveys available for some earlier years in pages. the period 1955-58.) BANK CREDIT AND MONEY IN RECOVERY. July A QUARTERLY PRESENTATION OF FLOW OF FUNDS, 1961. 8 pages. SAVING, AND INVESTMENT. August 1959. 49 INTEREST RATES IN LEADING COUNTRIES. August pages. 1961. 8 pages. THE GOVERNMENT SECURITIES MARKET. August QUARTERLY SURVEY OF CONSUMER BUYING IN- 1959. 22 pages. TENTIONS. August 1961. 6 pages. REVISED INDUSTRIAL PRODUCTION INDEX. De- THE BALANCE SHEET OF AGRICULTURE, 1961. cember 1959. 24 pages. August 1961. 9 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Index to Statistical Tables Acceptances, bankers', 948, 950 Department stores: Agricultural loans of commercial banks, 942, 944 Merchandising data, 979 Assets and liabilities {See also Foreign liabilities and Sales and stocks, 974, 978 claims): Deposits {See also specific types of deposits): Banks and the monetary system, consoli- Adjusted, and currency, 938 dated, 938 Banks, by classes, 933, 939, 943, 946, 950 Corporate, current, 960 Federal Reserve Banks, 934, 1017 Domestic banks, by classes, 939, 942, 944, 950 Postal savings, 932, 938 Federal business-type activities, Discount rates, 932, 1020 by fund or activity, 1004 Discounts and advances by Federal Reserve Federal Reserve Banks, 934 Banks, 928, 933, 934 Automobiles: Dividends, corporate, 959, 960 Consumer instalment credit, 964, 965, 966 Dollar assets, foreign, 1009, 1017 Production index, 968, 971 Bankers' balances, 943, 945 Earnings and hours, manufacturing indus- {See also Foreign liabilities and claims) tries, 974, 977 Banking offices: Employment, 974, 976, 977 Changes in number, 1002 On, and not on, Par List, number, 1003 Farm mortgage loans, 961, 962, 1004 Banks and the monetary system, consolidated state- Federal business-type activities, assets and liabilities, ment, 938 by fund or activity, 1004 Bonds {See also U. S. Govt. securities): Federal finance: New issues, 957, 958, 960 Cash transactions, 952 Prices and yields, 948, 949 Receipts and expenditures, 953 Brokers and dealers in securities, bank Treasurer's balance, 952 loans to, 942, 944 Federal home loan banks, loans, etc., 963, 1004 Business expenditures on new plant and equip- Federal Housing Administration, loans, etc., 961, 962, ment, 960 963, 1004 Business indexes, 974 Federal National Mortgage Association, Business loans {See Commercial and industrial loans) loans, etc., 963, 1004 Capital accounts: Federal Reserve Banks: Banks, by classes, 939, 943, 946 Condition statement, 934 Federal Reserve Banks, 934 U. S. Govt. securities held by, 928, 933, 934, Carloadings, 974 954, 955 Central banks, foreign, 1006, 1020 Federal Reserve credit, 928, 933, 934 Coins, circulation of, 936 Federal Reserve notes, 934, 936 Commercial banks: Finance company paper, 948, 950 Assets and liabilities, 939, 942 Financial institutions, loans to, 942, 944 Consumer loans held, by type, 965 Float, 928 Number, by classes, 939 Flow of funds: Real estate mortgages held, by type, 961 Financial assets and liabilities, 993 Time and Govt. demand deposits, 1001 Saving and financial flows, 984 Commercial and industrial loans: Foreign central banks, 1006, 1020 Commercial banks, 942 Foreign currencies, convertible, holdings by U. S. Weekly reporting member banks, 944, 947 monetary authorities, 1008 Commercial paper, 948, 950 Foreign deposits in U. S. banks, 928, 934, 938, 943, Condition statements {See Assets and liabilities) 946, 1017 Construction, 974, 975 Foreign exchange rates, 1021 Consumer credit: Foreign liabilities and claims: Instalment credit, 964, 965, 966, 967 Banks, 1010, 1012, 1015, 1017 Major parts, 964, 966 Nonfinancial concerns, 1018 Noninstalment credit, by holder, 965 Foreign trade, 979 Consumer price indexes, 974, 980 Consumption expenditures, 982, 983 Gold: Corporate sales, profits, taxes, and dividends, 959, 960 Earmarked, 1008 Corporate security issues, 958, 960 Net purchases by U. S., 1008 Corporate security prices and yields, 948, 949 Production, 1007 Cost of living {See Consumer price indexes) Reserves of central banks and governments, 1006 Currency in circulation, 928, 936, 937 Reserves of foreign countries and international Customer credit, stock market, 949 institutions, 1009 Debits to deposit accounts, 937 Stock, 928, 938, 1008 Demand deposits: Gold certificates, 934, 936 Adjusted, banks and the monetary system, 938 Govt. debt {See U. S. Govt. securities) Adjusted, commercial banks, by classes, 937, 943 Gross national product, 982, 983 Banks, by classes, 933, 939, 946 Turnover of, 937 Hours and earnings, manufacturing indus- Type of holder, at commercial banks, 943 tries, 974, 977 U. S. Govt., at commercial banks, 1001 Housing starts, 975 1027 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1028 FEDERAL RESERVE BULLETIN • AUGUST 1961 Industrial production index, 968, 974 Reserves: Instalment loans, 964, 965, 966, 967 Commercial banks, 943 Insurance companies, 951, 954, 955, 962 Federal Reserve Banks, 934 Insured commercial banks, 941, 942, 1002 Foreign central banks and governments, 1006 Interbank deposits, 933, 939, 943 Foreign countries and international institu- Interest rates: tions, 1009 Bond yields, 948 Member banks, 928, 930, 933, 943, 945 Business loans by banks, 947 Residential mortgage loans, 961, 962, 963 Federal Reserve Bank discount rates, 932 Foreign countries, 1019, 1020 Sales finance companies, consumer loans of, 964, Open market, 948, 1019 965, 967 Stock yields, 948 Saving: Time deposits, maximum rates, 932 Flow-of-funds series, 984 International capital transactions of the U. S., 1010 National income series, 983 International institutions, 1006, 1008, 1009 Savings deposits (See Time deposits) Inventories, 982 Savings institutions, principal assets, 950, 951 Investments (See also specific types of investments): Savings and loan associations, 951, 955, 962 Banks, by classes, 939, 942, 945, 950 Securities, international transactions, 1016, 1017 Federal Reserve Banks, 933, 934 Security issues, 957, 958, 960 Govt. agencies, etc., 1004 Silver coin and silver certificates, 936 Life insurance companies, 951 State member banks, 941, 1002 Savings and loan associations, 951 State and municipal securities: New issues, 957, 958 Labor force, 976 Prices and yields, 948, 949 Loans (See also specific types of loans): States and political subdivisions: Banks, by classes, 939, 942, 944, 950 Deposits of, 943, 946 Federal Reserve Banks, 928, 933, 934 Holdings of U. S. Govt. securities, 954 Govt. agencies, etc., 1004 Ownership of obligations of, 942, 950, 951 Insurance companies, 951, 962 Stock market credit, 949 Savings and loan associations, 951, 962 Stocks: Loans insured or guaranteed, 961, 962, 963 New issues, 958 Prices and yields, 948, 949 Manufactures, production index, 968, 974 Margin requirements, 932 Member banks: Tax receipts, Federal, 953 Assets and liabilities, by classes, 939, 942 Time deposits, 932, 933, 938, 939, 943, 946, 1001 Banking offices, changes in number, 1002 Treasurer's account balance, 952 Borrowings at Federal Reserve Banks, 930, Treasury cash, 928, 936, 938 934, 946 Treasury currency, 928, 936, 938 Deposits, by classes, 933 Treasury deposits, 928, 934, 952 Number, by classes, 940 Reserve requirements, by classes, 933 Unemployment, 976 Reserves and related items, 928 U. S. balance of payments, 1019 Weekly reporting series, 944 U. S. Govt. balances: Mining, production index, 968, 974 Commercial bank holdings, by classes, 943, 946 Money rates (See Interest rates) Consolidated monetary statement, 938 Money supply and related data, 937 Demand deposits at commercial banks, 1001 Mortgages (See Real estate loans) Treasury deposits at Federal Reserve Mutual savings banks, 938, 939, 941, 950, 954, 955, Banks, 928, 934, 952 961, 1002 U. S. Govt. securities: Bank holdings, 938, 939, 942, 945, 950, 954, 955 National banks, 941, 1002 Dealer transactions, positions, and financing, 956 National income, 982, 983 Federal Reserve Bank holdings, 928, 933, 934, National security expenditures, 953, 982 954, 955 Nonmember banks, 934, 941, 942, 943, 1002 Foreign and international holdings, 934, 1009 International transactions, 1016 Par List, banking offices on, and not on, number, 1003 New issues, gross proceeds, 958 Payrolls, manufacturing, index, 974 Outstanding, by type of security, 954, 955, 957 Personal income, 983 Ownership of, 954, 955 Postal Savings System, 932, 938 Prices and yields, 948, 949 Prices: United States notes, outstanding and in circula- Consumer, 974, 980 tion, 936 Security, 949 Utilities, production index, 968, 974 Wholesale commodity, 974, 980 Production, 968, 974 Vault cash, 928, 933, 943 Profits, corporate, 959, 960 Veterans Administration, loans, etc., 961, 962, Real estate loans: 963, 1004 Banks, by classes, 942, 944, 950, 961 Type of mortgage holder, 961, 962, 963 Weekly reporting member banks, 944 Type of property mortgaged, 961, 962, 963 Reserve requirements, member banks, 933 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 'Pram hy t. H? (jafm, Cut (o 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
Cite this document
Federal Reserve (1961, July 31). Federal Reserve Bulletin, 1961-08. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196108
@misc{wtfs_bulletin_196108,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1961-08},
year = {1961},
month = {Jul},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196108},
note = {Retrieved via When the Fed Speaks corpus}
}