Federal Reserve Bulletin, 1961-09

FEDERAL RESERVE September 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. Noycs 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 Capital Markets in 1961 1029 Law Department 1036 Current Events and Announcements 1043 National Summary of Business Conditions 1045 Financial and Business Statistics, U. S. (Contents on p. 1047) 1048 International Financial Statistics (Contents on p. 1109) 1110 Board of Governors and Staff 1126 Open Market Committee and Staff; Federal Advisory Council 1127 Federal Reserve Banks and Branches 1127 Federal Reserve Board Publications 1129 Index to Statistical Tables 1131 Map of Federal Reserve System Inside back cover Volume 47 * Number 9 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

Capital Markets in 1961 DEMANDS for long-term funds expanded increase in total financing that accompanied sharply last spring after the trough of the the rapid upswing in economic activity this recession was passed. Financing through spring. Offerings of corporate securities capital markets, especially by corporations, were unusually light during the first quarter increased markedly during the second quar- but reached record levels in the second. For ter when major users obtained about one- the first half of the year the volume of new third more long-term funds than in the sec- corporate issues was about the same as the ond quarter of 1960 and more than in any previous record in the first half of 1957 previous second quarter. Demands for short- when corporate outlays for plant and equipand intermediate-term funds followed a ment were more than 10 per cent higher course typical of this phase of recent busi- than they have been this year. ness cycles, with a substantial net repayment New mortgage financing accelerated in in the first quarter and a less than seasonal the spring of this year, but for the first half increase in the second. FLOWS OF FUNDS IN TWO CYCLES. »Y HALF TIA«» CYCLICAL PATTERN OF FINANCING The pattern of long-term financing in 1957-58 CYCLE 1960-61 reflected the mildness of the recession as well as the vigor of the recovery. Inwk dustrial production declined only 7 per cent 1 H from the 1960 peak, compared with about 15 per cent in 1957-58 and more than 10 per cent in 1953-54. The moderate nature of the recession helps to explain the increase in private demands for long-term funds in the second half of 1960. The initial recovery phase was vigorous, and shortly after midyear the production index had exceeded its previous high. In 195 8 business also moved quickly from recession to recovery and demands for funds mounted, but in 1954—when the economy continued 1957 1958 to operate at depressed levels throughout the summer—demands on capital markets NOTE.—Flow-of-funds data; net change in selected credit and increased more slowly. equity market instruments. Estimates for second quarter 1961 preliminary. Bank loans n.e.c. are mainly loans to business. Corporate securities include equity as well as debt issues of Corporations accounted for most of the domestic corporations, foreign corporations, international institutions, and foreign governments sold in the United States. 1029 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1030 FEDERAL RESERVE BULLETIN • SEPTEMBER 1961 the net increase in mortgage debt was con- most types of long-term debt as new issues siderably less than in 1959 when residential increased and the momentum of the busiconstruction activity was at a peak rate. De- ness upswing became apparent. mands by State and local governments for Interest rates had begun to decline on a long-term funds were also larger than in broad scale some months before the mid- 1960, though below the levels reached dur- 1960 downturn in economic activity. The ing the early stages of previous postwar re- decline was interrupted in the autumn but coveries. was resumed during the winter. By the In the short- and intermediate-term area business borrowing at banks continued to SELECTED YIELDS expand during the downswing in the second Per cent per onnum half of 1960, in contrast to the recession phases in 1953 and in 1957. Following the usual cyclical pattern, a decline in borrow- COMMON STOCKS FHA MORTGAGES ing in the first quarter of 1961 was only partly offset by an increase in the second, as some corporate issuers of new securities repaid bank debt. Consumers generally repay debt in the first months of the year and expand their borrowing in the spring. This spring, as is typical immediately after a trough in business activity, the increase in consumer credit was not enough to offset the earlier net re- STATE AND LOCAL duction. In these circumstances, consumer GOVT. BONDS finance companies made large net repayment of bank loans. The Federal Government, which usually 1953 1955 1957 1959 1961 repays debt in the first half of the year, retired $3 billion in the first quarter of 1961 NOTE.—Monthly averages for (1) 500 common stocks (90 before mid-1957) from Standard and Poor's Corporation; (2) but became a net cash borrower on a small 30 corporate bonds rated Aaa from Moody's Investors Service; (3) 5 State and local government bonds rated Aaa from scale in the second. In addition, the Treasury Moody's Investors Service; and (4) U. S. Government bonds maturing or callable in 10 years or more. For FHA mortundertook an advance refunding in March, gages, data are for last month of quarter mid-1953 through mid-1955 and monthly thereafter; data are Federal Reserve which extended the maturity of $6 billion computations from average prices reported by FHA (dashed lines indicate periods when averages were adjusting to changes of intermediate-term securities bv somewhat in contractual interest rates and no data were available). less than five years. spring of 1961 yields on long-term U. S. Government securities reached a level 3A of 1 percentage point below the 1960 high. MARKET DEVELOPMENTS For newly issued corporate bonds the rela- The pattern of capital market financing this tive decline was a little more, but for outyear was reflected in declining interest rates standing issues of top quality it was only in the opening months and then in a mod- about half as much as for long-term Federate and irregular stiffening of yields on eral securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1961 1031 The first evidence of cyclical upturn in Treasury, were a factor in the market this interest rates appeared in late February in spring when a heavy volume of long-term the market for obligations of State and local private debt was being issued. governments. The volume of issues offered In the stock market, average prices by these units, which had been small in the turned strongly upward last October and by closing months of 1960, expanded sharply January were above previous highs. As the in the first quarter of 1961. Meanwhile, the rise continued, the amount of trading and calendar of expected corporate issues began the use of credit by stock market customers to expand, and a moderate upturn in correached record levels for the postwar period. porate yields occurred around mid-March. In May, when prices lost their upward mo- Market rates on long-term U. S. Governmentum, activity declined and the level of ment securities continued to decline until credit stabilized. As international tensions May. Yields on FHA mortgages, which had mounted in the summer, prices rose again risen sharply in late 1959, declined slowly but without unusually active trading or a from early 1960 into the summer of 1961. further increase in the use of credit. The moderate firming of most long-term Stocks in industries whose profits norrates in the recovery period this year conmally respond sharply to cyclical recoveries trasts with a sharp rise in 1958 and a proshared in the general price rise but did not longed continuation of low yields after the trough in 1954. Recovery in economic ac- lead it. On balance, prices are now highest tivity and in private demands for funds has relative to earlier peaks in those industries been sharper than it was in 1954. The steep in which profits had declined little or had rise in market yields after mid-195 8 re- continued to advance during the recession. flected in part abnormal pressures on capital Each successive increase in stock prices and money markets arising out of specula- this year has lowered the current rate of retive activity. No such pressures developed turn on newly purchased stock. Average this year. Although a flow of capital abroad dividend yields have been at or below 3 per tended to limit the decline in yields in late cent since March, while high-grade bonds 1960 and early 1961, this pressure was rehave afforded investors yields from 1 to 1V2 laxed by early spring and was probably not percentage points more than stocks. This a factor in the upturn in yields. relationship, together with the high degree In reaction to the outflow of short-term of public interest in new issues in the overfunds in the autumn and winter, the Federal the-counter market, created a favorable op- Reserve altered its practices with respect to portunity for equity financing. Nevertheless, open market operations. In supplying rethe dollar volume of new stock issues—exserves to the banking system, the Federal cept for a single issue of record size—was Reserve shifted the composition of its purno larger in the first half of 1961 than in the chases to include some intermediate- and same period of either 1960 or 1959. The long-term securities, thereby lessening downward pressures that might otherwise have number of new issues sold, however, particubeen exerted on short-term rates. These larly by relatively small or new companies, purchases of intermediate- and long-term was unusually large and remained substansecurities, together with purchases by the tial throughout the summer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1032 FEDERAL RESERVE BULLETIN • SEPTEMBER 1961 USES OF FUNDS In financing capital outlays, public utilities typically depend more than other corpo- The most striking development in capital rations upon external sources. Offerings by markets this year has been the record volgas and electric companies, while large, were ume of corporate security flotations in the about in line with recent magnitudes. In the second quarter. Mortgage financing and last few years financing by this group has borrowing by State and local government been at a somewhat lower level than during units also absorbed substantial amounts of the heavy build-up of productive capacity in funds, but these totals remained well below the mid-1950's. earlier peaks. Corporations. Flotations of corporate securities for new capital in the first six months CORPORATE INVESTMENT of this year exceeded $6.5 billion. This was Seasonnlly o iJ nied annual roles CORPORATE SECURITY ISSUES, tr HAU YIA.S Billions of dollars CAPITAL OUTLAYS ! 2 I ? 12 '2 1 1957 1958 1959 1960 1961 NOTE.—Net proceeds for new capital as published by Securi- NOTE.—Excludes banks and insurance companies. Federal ties and Exchange Commission. Reserve estimates based on Department of Commerce and Securities and Exchange Commission data. Internal funds comprise retained earnings plus depreciation allowances. two-fifths more than a year earlier and Among other industry groups, new financabout the same as in the first half of 1957 when expenditures on plant and equipment ing by communications companies during were at levels that have not been re-attained. the first half of 1961 was unusually large but For the most part, financing was widely most of the total represented a stock issue distributed among industry groups. After of nearly $1 billion offered through subtwo years of relative independence from ex- scription rights. Finance companies, which ternal sources for long-term funds, manu- had raised record amounts in the long-term facturing corporations returned to the cap- markets last year, sold only a moderate volital markets in large numbers. In the first ume of securities this year, a pattern they half of 1961 they issued $2 billion of new also followed in the early stage of previous securities, about equal to the full year totals recoveries. for 1959 and 1960. The timing and magnitude of new cor- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1961 1033 porate flotations this spring appear to have Investors refrained from bidding actively for been influenced to an important extent by securities with successively lower interest market expectations regarding interest rates yields, and this was a factor limiting the deand the availability of funds. For most cor- cline in market rates early this year. The porations, current needs for long-term funds smallness of this decline accounted in part were not pressing. Outlays for plant and for the unusually low volume of new issues equipment had risen less than seasonally in the first quarter, as corporate borrowers from the first quarter, and prospective in- at first tended to postpone new flotations. creases for the rest of 1961 were moderate. As it became clear that the recession was Furthermore, internal funds—depreciation mild, corporations began to schedule new allowances plus retained earnings—were issues for sale before the anticipated rise in rising rapidly with the sharp recovery in rates. The heavy volume of offerings in profits and for the corporate sector as a the second quarter thus included anticipawhole exceeded capital expenditures. tory as well as deferred borrowing. Al- Although some corporations were underthough corporate issues continued in large taking capital outlays in excess of internal volume in July, such financing slackened funds, many companies were able to apply later in the summer. part of their retained earnings, as well as The absorption of new securities in the the proceeds of new security issues, to purspring and early summer with only a modposes other than capital outlays. Net workerate rise in average interest rates was due ing capital—current assets minus current in part to the prevalence of manufacturing liabilities—of nonfinancial corporations as a corporations among issuers. In view of the group increased more than $3.5 billion in fact that these corporations rely less on exthe second quarter, a record rise. Much of ternal financing, their security issues tend the increase reflected an expansion in the to find a receptive market and can usually amount of credit extended to other busibe sold at lower interest rates than those of nesses, accompanying the rise in sales. Corporations reduced Government security public utilities or railroads. holdings only slightly in the second quarter Mortgages. The increase in mortgage of 1961, in contrast to heavy liquidation in debt outstanding was greater than that in the 1954 and 1958. Moreover, they partially first half of 1960 but considerably less than rebuilt cash balances, which they had drawn the record expansion that accompanied the down during the first quarter. high levels of residential construction activ- Since corporations issued such a large ity in 1959. In contrast to 1957-58, expanvolume of securities under these circum- sion of mortgage debt on 1- to 4-family stances, they must have regarded the spring houses, after allowance for seasonal variaand early summer of 1961 as an opportune tion, did not slacken in the course of the time to borrow long-term funds to meet recession that began in mid-1960. anticipated future needs and to repay bank Residential construction activity turned debt. Throughout the downward phase of the downward after mid-1959, well in advance 1960-61 business cycle, market participants of economic activity as a whole, and conwere aware of the possibility of a rapid up- tinued to decline throughout 1960. The turn in interest rates, similar to that in 1958. reduction was sharpest for 1- to 4-family Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1034 FEDERAL RESERVE BULLETIN • SEPTEMBER 1961 residences. New housing starts declined Construction put in place was only one-tenth more than a fourth from mid-1959 to the more than in the corresponding period of fourth quarter of 1960. Although lower 1960, whereas long-term borrowing was 25 than in the first half of 1960, residential con- per cent higher. struction has been rising this year, with apartment construction accounting for an MAJOR SOURCES OF FUNDS increasing share of the total. Private non- The bulk of funds flowing into capital marresidential construction has been rising slowkets come ultimately from consumers either ly but steadily since the autumn of 1959. by way of financial institutions or as a re- Since the early part of 1960, residential sult of direct purchases of securities. In the mortgage financing has thus been more recession and recovery of 1960-61, conbuoyant than residential construction. This sumers' acquisitions of savings deposits and appears to have resulted in part from exshares increased markedly. Meanwhile tensions of mortgage credit on an increasing commercial banks and savings institutions number of existing houses and in part from stepped up the rate at which they invested an easing of terms on all types of residential in capital market instruments. At the same mortgages. The tendency toward lower time, the consumer sector tended to shift downpayments and longer maturities has rethe composition of its security holdings out flected increased availability of mortgage of U. S. Government securities and into credit, as inflows of funds accelerated at private long-term obligations, especially corsavings and loan associations and mutual porate securities. savings banks and reserve positions of com- Consumers. Personal income declined mercial banks were eased. very little in the course of the recession and State and local governments. Net long-term rose sharply with economic recovery. Conborrowing by State and local governments sumer spending, particularly for durable was one-fourth larger in the first half of goods, declined more than after-tax incomes, 1961 than in the same period of 1960. Such and then lagged as incomes began to rise borrowing usually rises when interest rates again. As a result, consumer saving rose are cyclically low, but the increase in 1961 both in absolute terms and in relation to was much less than in the first half of either incomes, and took the form primarily of a 1954 or 1958. This year, as in 1958, the rapid build-up in liquid assets. This was increased borrowing was to finance a broad reflected in substantial increases in time and range of facilities, including schools, sewer savings deposits at commercial and mutual and water systems, and highways, whereas savings banks and shares at savings and in 1954 most of it had been for construction loan associations. of toll highways. As in 1957-58, there was a shift from State and local governments may use accumulation to reduction in holdings of funds obtained from sale of bonds to finance U. S. Government securities by the consumer current construction, to replace funds used sector, which also includes personal trusts for construction in an earlier period, or to and nonprofit organizations such as educaprovide funds for future construction. In tional institutions. From available statistics the first half of 1961 new long-term bor- it is not possible to identify the transactions rowing rose more than new construction. of specific investor groups, but consumers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1961 1035 panies was about 15 per cent larger than CONSUMER FINANCIAL INVESTMENT IN in the first half of 1960. This is the first TWO CYCLES, BY HALF YEARS time since 1958 in which there has been a significant year-to-year increase in the 1957-58 CTCIE 1940-41 CYCIS amount of new funds available for investment at life insurance companies. As a result, life insurance companies acquired mortgages and private securities without reducing their holdings of Government securities as much as last year. In the face of a large volume of new corporate issues, the increase in insurance company takings of such securities was moderate. This may have reflected the fact that most of the increase in corporate securities this year was in the form of public offerings, rather than private placements. Publicly marketed securities appeal less 1957 .1958 strongly to life insurance companies with NOTE.—Flow-of-funds data; selected components of net ac- their specialized ability to seek out and evalquisitions of financial assets for consumer and nonprofit organizations sector. Excluded are savings through life insurance and uate opportunities to make higher yielding pension funds, demand deposits and currency, U. S. savings bonds, and net investment in unincorporated business. Esti- investments through direct placements. mates for second quarter 1961 preliminary. Commercial banks. After rising with unusual rapidity in the second half of 1960, and nonprofit institutions together sold or otherwise relinquished a substantial volume commercial bank credit increased more of Government securities in the second quar- slowly in 1961. Expansion during the year ter of 1961 while purchasing corporate ending in mid-1961 was at about the same bonds in large amounts. In addition, con- rate as in the corresponding period of 1957sumers exerted a relatively strong demand 58. In both periods the expansion took the for common stocks, contributing to the rapid form mainly of acquisitions of U. S. Govrise in stock prices this year. ernment and State and local securities, there- Nonbank financial institutions. Flows of by contributing to the flow of funds into funds into nonbank financial institutions money and capital markets. accelerated in the latter part of 1960 and The deposit growth accompanying the the rate of inflow continued high in 1961. expansion of commercial bank credit was In the first half of the year shares in savings primarily in time and savings deposits, which and loan associations increased one-fifth rose at a very rapid rate from mid-1960 more than in the same period of 1960. through the summer of 1961. In addition Growth in deposits at mutual savings banks to the large increase in savings by consumers was more than twice as large as last year. Both types of institutions invested most of in this form, corporations invested substantheir net inflow in mortgages. tially in negotiable time certificates of de- Growth in assets of life insurance com- posit at larger banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Withheld Taxes as Deposits Since one of the primary purposes of the 1960 for Reserve Purposes amendment was to eliminate differences in the definition of deposits for purposes of (a) reports In a ruling published in the 1942 Federal Re- of condition submitted to the three Federal suserve BULLETIN, page 532, the Board stated that pervisory agencies, (b) reserve requirements, and deductions of Social Security taxes by a bank from (c) Federal deposit insurance assessments, and salaries of its employees should be treated as in view of the court decisions referred to above, "Other liabilities" in condition reports and not as the Board has decided that the two rulings pubdeposits for reserve purposes. lished in the Federal Reserve BULLETIN for 1942 In a ruling published in the 1944 BULLETIN, and 1944, referred to above, should be regarded as page 670, the Board applied the same principle superseded and that withheld taxes, including withwith respect to (1) State income taxes withheld held income taxes and Social Security taxes of a from salaries of a bank's own employees who bank's own employees, should be classified herereside outside the State, and (2) Federal income after as deposits in condition reports and in comtaxes withheld from payments made by a bank puting required reserves. as disbursing agent for dividends, bond interest, etc., where withholding at source is required un- Order Under Section 3 der the Internal Revenue Act. of Bank Holding Company Act On the other hand, the Federal Deposit Insurance Corporation has always regarded moneys The Board of Governors of the Federal Reserve withheld for these purposes as deposits that should System has issued the following Order and Statebe included in the assessment base for deposit ment with respect to an application by a bank insurance. Its position was upheld in two cases holding company for approval of the acquisition decided by Federal Courts under the Federal De- of voting shares of a bank: posit Insurance Act prior to its amendment in THE FIRST VIRGINIA CORPORATION 1960 and the regulations of the FDIC in force at the time. In 1955 the United States District In the Matter of the Application of The First Court for the Southern District of New York Virginia Corporation for prior approval of acquidecided that withheld income and Social Security sition of voting shares of Richmond Bank and taxes, and taxes on. dividends and interest on se- Trust Company, Richmond, Virginia curities, payable by the bank as agent for the ORDER APPROVING APPLICATION UNDER issuing corporations, should be included as depos- BANK HOLDING COMPANY ACT its in the assessment base (FDIC v. Irving Trust Co., 137 Fed. Supp. 145, 154). In 1957 the United WHEREAS, there has come before the Board of States Court of Appeals for the Seventh Circuit Governors, pursuant to Section 3(a)(2) of the held that money withheld by the bank for pay- Bank Holding Company Act of 1956 (12 USC ment of Federal income taxes on its employees' 1842) and Section 4(a)(2) of the Board's Regusalaries and for payment of employees' share of lation Y (12 CFR 222.4(a)(2)), an application Federal Social Security taxes were deposits and on behalf of The First Virginia Corporation, should be included in the assessment base (FDIC Arlington, Virginia, for the Board's prior apv. Cont. III. N. Bk., 245 F. 2d 567, 576). proval of the acquisition of 80 per cent or more When the Federal Deposit Insurance Act was of the voting shares of Richmond Bank and Trust amended on July 14, 1960, the definition of the Company, Richmond, Virginia; and a Notice of term "deposit" in 12 U.S.C. 1813 (1) was ex- Application has been published in the Federal panded to include specifically "withheld taxes." Register on May 18, 1961 (26 Federal Register 1036 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1037 4342), which provided interested persons an op- and sound banking, the public interest, and the portunity to submit comments and views regard- preservation of competition in the field of banking. ing the proposed acquisition; and the time for Discussion. First presently controls five banks filing such comments and views has expired and in northern Virginia with a total of 13 offices no such comments or views have been filed; and aggregate deposits of about $84,966,000 at TT IS HEREBY ORDERED, for the reasons set forth April 12, 1961. Bank, which had total deposits in the Board's Statement of this date, that said of about $3,201,000 as of April 12, 1961, and application be and hereby is granted, and the acno branches, is located in that part of Richmond quisition by The First Virginia Corporation of known as South Richmond and is approximately 80 per cent or more of the voting shares of 100 miles from the nearest banking office of the Richmond Bank and Trust Company, Richmond, First system. Virginia, is hereby approved, provided that such acquisition is completed within three months from The financial history and condition, the prosthe date hereof. pects, and the management of First are satisfactory, in the opinion of the Board. The Board Dated at Washington, D. C. this 5th day of also finds that the condition of Bank is sound September, 1961. and its management competent. However, Bank By order of the Board of Governors. is located in an area which has been becoming predominantly industrial and in which there is Voting for this action: Chairman Martin, and Governors Balderston, Mills, and King. Absent and not strong competition from larger banks, as disvoting: Governors Robertson and Shepardson. cussed more fully below. Bank's growth has (Signed) MERRITT SHERMAN, been moderate as compared with that of other banks that have been better able to serve the in- Secretary, creasing credit needs of businesses in the area. [SEAL] Bank has established no branches, while the four largest Richmond banks have branches in or near STATEMENT Bank's primary service area, some of which have The First Virginia Corporation, Arlington, been established in recent years. It appears that Virginia ("First"), a registered bank holding comthrough assistance in these respects and others, pany, has applied pursuant to Section 3(a)(2) of First could significantly improve Bank's prospects, the Bank Holding Company Act of 1956 ("the in addition to providing better assurance of man- Act"), for the Board's prior approval of the acagement continuity for the future. Thus, there quisition of 80 per cent or more of the capital are some considerations under the first three facstock of Richmond Bank and Trust Company, tors that weigh in favor of approval of this appli- Richmond, Virginia ("Bank"). cation. Views and recommendations of supervisory au- A brief summary of the situation with respect thority. As required by Section 3(b) of the Act, to existing banks in the area will have relevance the Board forwarded notice of the application to to the Board's considerations under both the fourth the Commissioner of Banking for the State of and fifth statutory factors. The Richmond Metro- Virginia, who expressed no objection to approval. politan Area is served by 10 banks operating 50 Statutory factors. Section 3(c) of the Act re- offices, 40 of which are in the City of Richquires the Board to take into consideration the mond. Only two of these banks, both recently following five factors: (1) the financial history established, and none of those in Richmond itself, and condition of the holding company and bank are smaller than Bank in total deposits. Bank's concerned; (2) their prospects; (3) the char- primary service area appears to be served to some acter of their management; (4) the convenience, extent by at least nine banking offices other than needs, and welfare of the communities and the Bank, each of which is an office of one of Richarea concerned; and (5) whether or not the effect mond's four largest banks and eight of which of the acquisition would be to expand the size are less than two miles from Bank. or extent of the bank holding company system For the present, at least, there appear to be involved beyond limits consistent with adequate sufficient banking facilities and services available Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1038 FEDERAL RESERVE BULLETIN • SEPTEMBER 1961 to residents and businesses in Bank's service area of Receipt of Application has been published in to serve the convenience and fill the needs of the the Federal Register on June 9, 1961 (26 Federal area adequately. On the other hand, it is believed Register 5191) which provided an opportunity that the proposed acquisition of Bank by First for submission of comments and views regarding would in various ways enable Bank to serve its the proposed acquisition; and the time for filing customers somewhat better than it has been able such comments and views has expired and no such to do in the context of changing circumstances. comments or views have been filed; The acquisition would not unduly expand the IT IS HEREBY ORDERED, for the reasons set forth size of the holding company system involved. in the Board's Statement of this date, that said As noted, First's subsidiary banking office nearest application be and hereby is granted, and the acto Bank is 100 miles away. The addition of Bank quisition by the First Security Corporation of all to the system would not have any noticeable efthe outstanding common stock of Sanpete Valley fect on First's competitive position in the areas Bank, Mount Pleasant, Utah, is hereby approved, where its other banks are located. Nor would provided that such acquisition is completed within it significantly affect First's position in the State, three months from the date hereof. since after acquisition, First's banks would hold Dated at Washington, D.C. this 7th day of less than three per cent of the total deposits of September, 1961. all Virginia banks. Apparently no competition would be eliminated. To the contrary, the holding By order of the Board of Governors. company affiliation would be likely to strengthen Voting for this action: Chairman Martin, and Gov- Bank as a competitor in the Richmond area withernors Balderston, Mills, and Shepardson. Absent out reducing the number of alternative sources of and not voting: Governors Robertson and King. banking service for that market. (Signed) MERRITT SHERMAN, In summary, we find no adverse considerations Secretary. that would outweigh those noted as favorable [SEAL] to approval of this application. It is the judg- STATEMENT ment of the Board, based on the relevant facts considered in the light of the general purposes First Security Corporation ("First"), a bank of the Act and the factors enumerated in Section holding company, has applied, pursuant to Section 3(c) thereof, that the proposed acquisition would 3(a)(2) of the Bank Holding Company Act of be consistent with the statutory objectives and 1956 ("the Act"), for the Board's prior approval the public interest, and that the application should of the acquisition of all the voting shares of Sanbe approved. pete Valley Bank, Mount Pleasant, Utah ("Bank"). FIRST SECURITY CORPORATION Views and recommendations of supervisory In the Matter of the Application of First Secu- authority. Pursuant to Section 3(b) of the Act rity Corporation for prior approval of acquisition the Bank Commissioner of the State of Utah was of all the common stock of the Sanpete Valley asked for his views and recommendations. He Bank, Mount Pleasant, Utah. interposed no objection to approval of the application. ORDER APPROVING APPLICATION UNDER Statutory factors. Section 3(c) of the Act re- BANK HOLDING COMPANY ACT quires the Board to take into consideration the WHEREAS, there has come before the Board following five factors: (1) the financial history of Governors pursuant to Section 3(a) (2) of the and condition of the holding company and bank Bank Holding Company Act of 1956 (12 USC concerned; (2) their prospects; (3) the character 1842) and Section 4(a)(2) of Federal Reserve of their management; (4) the convenience, needs, Regulation Y (12 CFR 222.4(a) (2)), an applica- and welfare of the communities and the area contion on behalf of First Security Corporation, Salt cerned; and (5) whether or not the effect of the Lake City, Utah, for the Board's prior approval acquisition would be to expand the size or extent of the acquisition of all the voting shares of San- of the bank holding company system involved pete Valley Bank, Mount Pleasant, Utah; a Notice beyond limits consistent with adequate and sound Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1039 LAW DEPARTMENT banking, the public interest, and the preservation Town of Nephi, some 30 miles northwest of of competition in the field of banking. Mount Pleasant. As of June 21, 1961, the Nephi Discussion. The Applicant is a bank holding Office had total deposits of individuals, partnercompany with its principal office in Salt Lake City, ships and corporations ("IPC deposits") of $3.7 Utah. It owns a large majority of the stock of million. Of such deposits, $237,850 (6.4 per four banks in Utah, Wyoming, and Idaho, the cent of total IPC deposits) originated from the largest of which is the First Security Bank of northern Sanpete County area. Of the latter Utah, N.A. The percentages of all bank deposits amount, $202,300 were from the Town of Founand banking offices in the State of Utah that are tain Green, in the northwest section of the County, held by First are 31 per cent and 36 per cent, about 14 miles from Nephi with no intervening respectively. towns, and about 15 miles from Mount Pleasant Bank is located in Mount Pleasant, approxi- with the community of Moroni in between. Thus, mately the geographical center of Utah and is it may be seen that the Nephi Office of First the only banking office located in its primary Security Bank of Utah does not have a large service area, which has been defined as the north- volume of deposits originating from Bank's priern part of Sanpete County. Deposits of Bank mary service area and by far the larger portion were about $3.6 million at the end of 1960. It derived from such area comes from Fountain appears that most of the people in Sanpete Green. Further, from the standpoint of highway County live in cities and towns which are centered access, Nephi's location in relation to either the in irrigated lands. Between the northern and northern portion or the southern portion of Sansouthern populated portions of the County lies a pete County militates against its having any strong considerable area of barren land, and this has competitive force in such areas. Consequently, it resulted in the political subdivision of the County is the Board's opinion that no significant reduction into two school districts and is also an economic in competition would result from approval of the factor determining the centers of trade and busi- proposed acquisition. ness. There are three independent banks in the It is the judgment of the Board, based on the southern portion of Sanpete County, ranging from relevant facts considered in the light of the general 17 to 39 miles from Mount Pleasant. purposes of the Act and the factors enumerated in Section 3(c) thereof, that the proposed acquisi- The financial prospects and the financial history tion would be consistent with the statutory objecand condition of both First and Bank are satisfactives and the public interest and that the applicatory. tion should be approved. The management of First is capable and experienced and if the application is approved, Bank will undoubtedly benefit from the supervision Order Under Section 4 which First would be able to provide. of Bank Holding Company Act Bank appears to have been serving the con- The Board of Governors of the Federal Reserve venience, needs, and welfare of its community in System has issued an Order approving a request a satisfactory manner. However, the acquisition by a bank holding company for a determination by First would probably enable Bank to expand under Section 4(c)(6) of the Bank Holding Comits mortgage and installment loan programs and pany Act of 1956 that certain subsidiary corporato offer additional services, should the need for tions are exempt from the prohibitions of Section 4 such increased or additional services arise. of the Act. The Board's Order and accompanying Turning to the fifth factor enumerated in Sec- Report and Recommended Decision of the Heartion 3(c) of the Act, the acquisition would not, ing Examiner, read as follows: in the Board's judgment, expand the size or extent of the bank holding company system involved OTTO BREMER COMPANY beyond limits consistent with adequate and sound banking, the public interest and the preservation In the Matter of the Application of Otto Bremer of competition in the field of banking. Company Pursuant to Section 4(c)(6) of the Bank First's banking office nearest to Bank, a branch Holding Company Act of 1956. Docket No. of First Security Bank of Utah, N.A.. is in the BHC-63 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1040 FEDERAL RESERVE BULLETIN • SEPTEMBER 1961 ORDER of that Act, and, therefore, Applicant's request with respect to Farmers State Agency, Inc., The Otto Bremer Company, St. Paul, Min- Citizens Agency, Inc., and Warren Agency, Inc., nesota, a bank holding company within the meanshall be, and hereby is, granted; provided that this ing of Section 2(a) of the Bank Holding Company determination shall be subject to revocation by the Act of 1956 (12 USC 1841), has filed a request Board if the facts upon which it is based should for a determination by the Board of Governors change in such a manner as to make the reasons of the Federal Reserve System that several comfor such determination no longer applicable. panies proposed to be formed, namely, Farmers State Agency, Inc., Minnewauken, North Dakota; Dated at Washington, D. C. this 29th day of Citizens Agency, Inc., Brandon, Minnesota, and August, 1961. Warren Agency, Inc., Warren, Minnesota, and By order of the Board of Governors. their activities, are of the kind described in Section 4(c)(6) of the Act and Section 5(b) of the Voting for this action: Chairman Martin, Governors Board's Regulation Y (12 CFR 222.5(b)), so as Balderston, Mills, and Shepardson. Absent and not voting: Governors Robertson and King. to make it unnecessary for the prohibitions of Section 4 of the Act with respect to acquisition (Signed) KENNETH A. KEN YON, and retention of shares in nonbanking organiza- Assistant Secretary. tions to apply in order to carry out the purposes [SEAL] of the Act. A hearing having been held pursuant to Section REPORT AND RECOMMENDED DECISION 4(c)(6) of the Act and in accordance with Sections 5(b) and 7(a) of the Board's Regulation STATEMENT OF THE CASE Y; the Hearing Examiner having filed on August The Applicant, Otto Bremer Company, St. Paul, 10, 1961, his Report and Recommended Decision Minnesota, a bank holding company, has filed with wherein he recommended that the request with the Board of Governors a request or Application for respect to Farmers State Agency, Inc., Citizens a determination by the Board, pursuant to Section 4(c)(6) of the Bank Holding Company Act of 1956 Agency, Inc., and Warren Agency, Inc., be 12 U.S.C.A. 1J1841, et. seq.) and Section 5(b) of granted; the time for filing with the Board excep- the Board's Regulation Y (12 CFR 222.5(b)) relating tions and brief to the recommended decision of to several companies proposed to be established, namely, Farmers State Agency, Incorporated, Minthe Hearing Examiner having expired without newauken, North Dakota, Citizens Agency, Incorpoany exceptions or brief having been filed; the rated, Brandon, Minnesota, and Warren Agency, In- Board having given due consideration to all rel- corporated, Warren, Minnesota. Specifically, the Applicant seeks consent of the Board for Applicant to evant aspects of the matter; and all such steps acquire a controlling interest in the voting shares of having been taken in accordance with the Board's each proposed Company. In accordance with the requirements of the Act Rules of Practice for Formal Hearings (12 CFR and Regulation Y the Beard provided for a hearing 263), the Board hereby adopts the findings of fact, upon the Application before the undersigned Hearing conclusions of law, and recommendations of the Examiner duly designated and selected. Upon due notice such hearing was held in Minneapolis, Min- Hearing Examiner as set forth in the attached nesota, on May 10, 1961. The Applicant and the copy of his Report and Recommended Decision, Board were represented at the hearing by counsel and, further, makes the following Order: and afforded full opportunity to be heard, to examine witnesses, and to introduce evidence. Thereafter, cer- IT IS HEREBY ORDERED, on the basis of the find- tain information requested by the Hearing Examiner was supplied by counsel and admitted into evidence ings of fact and conclusions of law hereinbefore by order of the Hearing Examiner, dated June 13, adopted, that Farmers State Agency, Inc., Citizens 1961. At the same time the transcript of record was Agency, Inc., and Warren Agency, Inc. and their ordered corrected in certain particulars specified by counsel for the Board. Upon request of counsel for activities, are determined to be so closely related the Applicant time for filing briefs and proposed findto the business of banking or of managing or con- ings was fixed at July 31, 1961. Counsel for the Applicant has filed Proposed Findings and Conclusions. trolling banks as to be a proper incident thereto To the extent consistent with the findings made below, and as to make it unnecessary for the prohibitions these are accepted. of Section 4 of the Bank Holding Company Act Upon the basis of the entire record in the case, I of 1956 to apply in order to carry out the purposes now make the following: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1041 FINDINGS OF FACT The types of insurance sold by the agencies (with some variation from agency to agency) include au- The section of the Act involved: The pertinent tomobile, bonds, credit life, crop and livestock, farm portion of the Act is as follows: equipment, fire, hail, windstorm, health and accident, "Sec. 4. (a) Except as otherwise provided in this inland marine, liability, mortgage insurance, and Act, no bank holding company shall— workmen's compensation. Bank borrowers or cusk'( 1) after the date of enactment of this Act acquire tomers are not required by the bank to secure insurdirect or indirect ownership or control of any voting ance from bank-related agencies. Minnesota law shares of any company which is not a bank. . . . forbids the lender on financed property or secured loans to require insurance on such property to be procured from a particular source. (Minnesota Stat- "(c) The prohibitions in this section shall not utes Ann. 72.34) apply— In 1960 the agencies earned insurance commissions * • * as follows: "(6) to shares of any company all the activities of which are of a financial, fiduciary, or insurance nature and which the Board after due notice and hearing, Citizens Agency $12,344.63 and on the basis of the record made at such hearing, Farmers Agency 16,146.18 by order has determined to be so closely related to the Warren Agency 19,792.06 business of banking or of managing or controlling On an overall basis, most of the insurance originating banks as to be a proper incident thereto and as to these commissions was written for customers of the make it unnecessary for the prohibitions of this banks.2 Some proportion covers collateral held by section to apply in order to carry out the purposes of the bank.3 Other is sold to bank borrowers carrying this Act." unsecured loans.4 Section 5(b) of the Board's Regulation Y imple- In this geographical area the operation of bankments the Statute by providing for the filing of ap- connected insurance agencies is considered to be of plications with the Board for determinations pursuant benefit to banks in providing additional income, insurto Section 4(c)(6) of the Act, for hearing thereon, ance services in connection with banking programs, and for Board order determining the matter. and a convenience to bank customers. It is also said to be a competitive factor. The Applicant: Otto Bremer Company, a Minnesota corporation with its principal office at St. Paul, Min- Area practice and legality under State law: Evinesota, is a bank holding company within the mean- dence submitted by the Applicant indicates that at the ing of Section 2(a) of the Act, and has duly registered present time the majority of banks in the States of as such with the Board. All of the Applicant's shares Minnesota and North Dakota have affiliated insurance of stock are owned by Otto Bremer Foundation, a agencies, incorporated or otherwise, usually operating charitable foundation. At present, the Applicant owns on the bank premises to all appearances as departa stock interest in 39 banks, located mainly in Min- ments of the bank, with bank officers or employees as nesota and North Dakota. It has a majority interest the licensed insurance agents. Though methods of in 21 such banks and a minority interest in 18. In 8 disposition of the insurance income varies, the most of these 18 the Applicant owns 25 per cent or more common arrangement is to have it retained by the of the outstanding voting shares. bank. Minnesota and North Dakota statutes do not The issue: In sum, the Applicant seeks permission expressly prohibit the operation of an insurance to incorporate 3 insurance agencies presently operating agency on bank premises or for the benefit of the in connection with 3 of the Applicant's banks. bank. The banking and insurance authorities of those States are aware of the practice and have not disap- The banks involved: The banks involved are Farmproved it. ers State Bank of Minnewaukan, located in Minnewaukan, North Dakota (approximate population 550); Purpose of the proposal: The stated purpose of the Citizens State Bank of Brandon, located in Brandon, proposed incorporation of the insurance activities is to Minnesota (approximate population 350); and State insulate the banks from any liability arising out of the Bank of Warren, located in Warren, Minnesota (ap- operation of the agencies by reason of their close proximate population 1900). Applicant owns more association with the bank. than a majority of the voting shares of each bank. Proposed manner of operation: It is proposed that There are 5 to 6 other banks in the competitive area 3 incorporated agencies be established, one in connecof each of the involved banks; the areas are primarily tion with each related bank. Voting shares of each agricultural in character. The capital, surplus, and corporation will be allotted to the shareholders of the undivided profits of each of the banks is in excess connected bank (except one person at Farmers holdof $100,000/ ing only qualifying bank shares) in the same proportion as their holdings in the bank. Overtly the insur- The agencies: All banks in the competitive area of ance business will be conducted on the bank premises the Applicant's banks involved have affiliated insurin much the same fashion as at present. The corporaance departments or agencies, generally unincorpotion will pay the bank an appropriate sum for the rated. For 25 or more years each of the 3 banks of the Applicant has operated an unincorporated insurance agency on the bank premises as a department of 2 The percentage of total premium income derived from inthe bank, utilizing bank facilities and personnel. The surance sold to noncustomers of the related banks is 1.84 per cent in the case of Warren State Bank, 8 per cent at Citizens department is an integral part of the bank, the licensed State Bank, and an apparently substantial amount in the case agents being officers of the bank, and all profits of the of Farmers. insurance business inuring to the benefit of the bank. 3 Specifically, about 34 per cent in the case of Farmers, 12 per cent at Citizens, and 7.56 per cent at Warren. 4 At Warren 62.68 per cent; at Citizens 41 per cent. The 1 Specifically: Citizens State Bank $176,711.13: State Bank of record is not clear as to Farmers, but the amount appears to Warren $343,738.19; Farmers State Bank $351,060.61. be substantial. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1042 FEDERAL RESERVE BULLETIN • SEPTEMBER 1961 use of bank space, facilities and personnel. Earnings and Warren Agency, Incorporated, as proposed are will, of course, accrue to the stockholders of the so closely related to the business of banking as concorporation. In this regard the arrangement will pre- ducted by the Applicant in connection with the related sumably result in loss of income to the bank to the banks, respectively, Farmers State Bank of Minneextent that the corporation's net earnings exceed com- waukan, Citizens State Bank of Brandon, and State pensatory payments. The corporations will confine Bank of Warren, as to be proper incidents thereto themselves exclusively to insurance activities. In gen- and as to make it unnecessary for the prohibitions of eral, officers and directors of the corporation are ex- Section 4 of the Act to apply in order to carry out pected to be the officers and directors of the related the purposes of the Act. It will therefore be recombank. It is proposed that a tie-in agreement be re- mended that Applicant's request to acquire voting quired so that bank and corporation shares be traded shares in each company equal to Applicant's interest as one unit. in the related bank be granted. If there should be substantial change in the factual CONCLUDING FINDINGS or legal situation in the future so as to make the present conclusions no longer applicable, the recom- On the basis of the evidence adduced in the proceed- mendation will, of course, cease to obtain. (Northing, this case is indistinguishable in its essential aspects west Bancorporation, 45 Federal Reserve BULLETIN from others originating in the same geographical area 962, 972.) —some involving the same Applicant—in which the Board has exempted from the prohibition provisions of Section 4 of the Act bank-connected companies of CONCLUSIONS OF LAW the type here proposed.5 In 1960 the Board granted a request by the Ap- 1. All the activities of Farmers State Agency, Inplicant for approval of incorporation of a bank-con- corporated, Citizens Agency, Incorporated, and Warnected insurance agency upon facts, in relevant phase, ren Agency, Incorporated, as proposed, are of an substantially like those here. Otto Bremer Company, insurance nature. 46 Federal Reserve BULLETIN 621. 2. Farmers State Agency, Incorporated, Citizens Where there are close historical, physical, and per- Agency, Incorporated, and Warren Agency, Incorposonnel relationships between the operations of a bank rated, their operations and activities, as proposed, are and of a connected insurance agency, and these so closely related to the business of banking as to be relationship are sanctioned or not disapproved by local a proper incident thereto. governmental authority, and where the arrangements have a wide acceptance in area practice, the insurance 3. It is unnecessary to apply the prohibitions of activity may be a proper incident of banking, and Section 4 of the Act to Farmers State Agency, ownership of the insurance company's shares by a Incorporated, Citizens Agency, Incorporated, and bank holding company appropriately exempted from Warren Agency, Incorporated, in order to carry out the prohibition requirement of Section 4. The present the purposes of the Act. case substantially reflects the factors required under Board principles for such a determination here. RECOMMENDATIONS The activities involved are solely of an insurance nature; they have been carried on for many years in It is recommended that the Board of Governors of connection with the operation of the related banks, the Federal Reserve System: much like a department of the bank, utilizing bank 1. Enter an order determining the issue in this premises, equipment, and personnel. There is a signifiproceeding in accordance with the findings of fact cant relationship between the insurance and the bankand conclusions of law made above, and ing activities in, each particular instance. The insurance operation in this area is of benefit to the bank; 2. Grant the request of Otto Bremer Company, St. the relationship between the insurance and the bank- Paul, Minnesota, for an order under Section 4(c)(6) ing activity is not disapproved by local authority; of the Act permitting Otto Bremer Company to acthe relationship is an historical one having substantial quire voting shares in Farmers State Agency, Incoracceptance in area practice as legitimate and in the porated, Citizens Agency, Incorporated, and Warren public interest. On the basis of these factors it is my Agency, Incorporated, equal to Applicant's interest conclusion that exemption is appropriate and will ac- in, respectively, Farmers State Bank of Minnewaukan, cordingly so recommend. Minnewaukan, North Dakota, Citizens State Bank of It is found that the activities of Farmers State Brandon, Brandon, Minnesota, and State Bank of Agency, Incorporated, Citizens Agency, Incorporated, Warren, Warren, Minnesota. 5 See, for example, First Bank Stock Corporation, 45 Federal Dated at Washington, D. C, this 10th day of Reserve BULLETIN 917; Otto Bremer Company, Id. 892; Bank August, 1961. Shares, Inc., Id. 954; Northwest Bancorporation, Id. 963. Sub- (Signed) CHARLES W. SCHNEIDER, secment decisions confirm the principles laid down in those Hearing Examiner. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements APPOINTMENT OF BOARD MEMBER tion, and National Committee on Government The President, on August 10, 1961, sent to the Finance, Brookings Institution. Senate the nomination of George W. Mitchell of Mr. Mitchell's Federal Reserve service began Illinois as a Member of the Board of Governors. in 1944 when he was appointed a Tax Economist The nomination was confirmed by the Senate at the Federal Reserve Bank of Chicago. He was without objection on August 17, and Mr. Mitchell made a Vice President of the Bank in 1951 and took the oath of office at the Federal Reserve Bank was serving in that capacity at the time of his of Chicago on August 31. appointment to be a Member of the Board of Mr. Mitchell was appointed for the unexpired Governors. portion of a term ending January 31, 1962. He succeeds M. S. Szymczak who resigned effective CHANGE IN BOARD'S STAFF June 1. Roland I. Robinson, Adviser in the Division of Mr. Mitchell, the son of George R. and Minnie Research and Statistics since September 10, 1956, German Mitchell, was born in Richland Center, resigned on August 31, 1961, to accept a pro- Wisconsin, on February 23, 1904. He married fessorial appointment at Michigan State Uni- Grace Marion Muir on August 30, 1927, and they versity. have one son and three daughters. He graduated Mr. Robinson had previously served as an from the University of Wisconsin in 1925 and for economist at the Board for twelve years during a year thereafter did research work for the Nathe period 1934-46 and as a consultant during tional Bureau of Economic Research. He was the summer of 1951. He was an instructor in subsequently a research assistant at United Typoeconomics at the University of Michigan in the thetae of America in Washington, an instructor at early 1930's; Economist, National Association of the University of Iowa, and a research assistant Savings Banks in 1946-47; Consultant in Public at the University of Chicago. In 1933 he became Debt Management at the Treasury Department in Director of Research for the Tax Commission of 1951-53; and Professor of Banking at Norththe State of Illinois, and was later appointed a western University from 1947 to September 1956. Member of the Commission. Thereafter he was assistant to the director of Revenue of the State of Illinois, and for a two-year period beginning ELECTION OF DIRECTOR in 1949 was Director of Finance for the State of The Federal Reserve Bank of New York on Illinois. August 18 announced the election of Albert L. He is the editor of an eight-volume series en- Nickerson as a Class B director of the Bank to titled Survey of Finance in Illinois, published by serve for the remainder of a term expiring Dethe State of Illinois, and is the co-author (with cember 31, 1963. Mr. Nickerson is President and George R. Davies) of Business Activity in Iowa, Chairman, Executive Committee, Socony Mobil and (with Richard A. Nelson) of Assessment of Oil Company, Inc., New York, New York. As a Real Estate in Iowa and other Midwestern States. director of the New York Bank he succeeds Mr. He is a past president of the National Tax As- Augustus C. Long, Chairman of the Board of sociation and a member of the American Eco- Texaco, Inc., New York City, who recently renomic Association, American Finance Associa- signed. 1043 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1044 FEDERAL RESERVE BULLETIN • SEPTEMBER 1961 HISTORICAL CHART BOOK. TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR QUARTERLY The 1961 edition of the Historical Chart Book, a supplement to the monthly Federal Reserve Latest BULLETIN Reference Chart Book on financial and business statistics, Annually Issue Page will be available for distribution about mid-Octo- Bank holding companies: List of, Dec. 31, 1960 June 1961 723 ber, on the terms indicated on page 1129. Banking offices and deposits of group banks, Dec. 31, 1960 June 1961 722 This edition includes a new section on growth Banking and monetary statistics, I960.. {May 1961 618-21 in the economy since the turn of the century. Banks and branches, number of, by class and State Apr. 1961 486-87 About two-thirds of the charts have been redrawn Earnings and expenses: with plotting space through 1965. All charts Federal Reserve Banks Feb. 1961 228-29 Member banks: include the latest data available on September Calendar year May 1961 604-12 First half of year Nov. 1960 1294 5, 1961. Operating ratios May 1961 613-15 Insured commercial banks May 1961 616 Stock Exchange firms, detailed debit and credit balances Sept. 1961 1106 ADMISSION OF STATE BANK TO MEMBERSHIP IN Semiannually THE FEDERAL RESERVE SYSTEM Banking offices: Analysis of changes in number of Aug. 1961 1002 The following bank was admitted to Membership On, and not on, Federal Reserve Par List, number of Aug. 1961 1003 in the Federal Reserve System during the period Quarterly July 16, 1961 to August 15, 1961: Cash receipts from and payments to the public Sept. 1961 1107 Flow of funds Aug. 1961 984-1000 Illinois Selected assets and liabilities of Federal business-type activities Aug. 1961 1004 Niles Golf Mill State Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication September 14 Industrial production rose somewhat further pand in August. Steel mill operations rose only in August and construction activity remained at seasonally, however, as demands were limited by the advanced July level. While employment in the earlier auto-model changeovers and the posnonfarm establishments continued to increase, the sibility of work stoppages at auto plants. In early unemployment rate remained at the high level September, with a new labor contract in prospect prevailing since December. Sales at retail stores in the auto industry, steel mill operations showed changed little from July. The money supply was more than seasonal gains. unchanged, but time deposits continued to increase substantially. Bond yields generally showed little CONSTRUCTION change. New construction activity changed little in INDUSTRIAL PRODUCTION August from the revised July rate and, at a seasonally adjusted annual rate of $58.3 billion, was 3 Industrial production rose in August to 113 per per cent above the average in the second quarter cent of the 1957 average, compared with 112 in of this year and equal to the record high reached July and 102 at the low of last winter. Output in mid-1959. In August, highway construction of industrial materials increased slightly further. Among final products, output of business equip- rose for the third successive month and residential ment advanced to a new high and consumer goods construction, which began to advance in March, production was maintained at the record level also edged higher. Activity on military facilities reached in July. declined following some increase in July. Output of apparel and most home goods re- EMPLOYMENT mained at advanced rates in August while output of television and home radios declined. Auto Employment in nonfarm establishments rose assemblies were maintained after allowance for slightly further in August, despite a large reducthe earlier model changeover this year. Produc- tion at automobile plants reflecting the early model tion of commercial and industrial machinery rose changeover this year. Employment continued to further. increase in the metal and machinery industries Output of durable materials continued to ex- and in retail trade. Employment in finance and State and local government rose to new highs. The seasonally adjusted unemployment rate, at INDUSTRIAL PRODUCTION 1957 100 6.9 per cent, remained at the high level prevailing since December. DISTRIBUTION \J Sales at retail stores changed little in August. Department store sales remained close to the advanced level reached in July. Sales of new autos declined further, with the 1961 model year coming to an end and inventories not burdensome. At the end of August, dealer stocks of new autos were one-fourth below a year earlier. '• /''MA NUF A f T AGRICULTURE Major improvements in prospects for feed grains, oilseeds, and cotton during August raised Federal Reserve indexes, seasonally adjusted, Monthly figures, latest shown are for August. the Department of Agriculture's September 1 crop 1045 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1046 FEDERAL RESERVE BULLETIN • SEPTEMBER 1961 production forecast 3 per cent from a month Reserve averaged about $50 million over the four earlier to 116 per cent of the 1947-49 average. weeks ending September 6. Both excess reserves At this level, crop production would be 4 per and borrowings were about the same as in the cent under last year's record. A corn crop of preceding four-week period. Between early August 3.5 billion bushels is in prospect compared with and early September reserves were absorbed prin- 3.9 billion bushels in 1960; while acreage was cipally through currency and gold outflows and reduced 18 per cent from last year, largely by were supplied through Federal Reserve purchases the feed grain program, yields are expected to be of U. S. Government securities. Required reserves 11 per cent higher. declined somewhat. COMMODITY PRICES SECURITY MARKETS The wholesale commodity price index showed Yields on medium- and long-term bonds generlittle change in August and early September. ally changed little from mid-August through the Prices of scrap metals, tin, and a few other sensifirst week in September. Following a Treasury tive materials increased somewhat, but average announcement on September 7 of an advance rewholesale prices of industrial commodities were funding of bonds maturing in 1970 and 1971 into stable. Wholesale prices of meats rose moderately, bonds maturing in 1980, 1990, and 1998, long-term reflecting seasonally smaller supplies. Treasury bond yields rose almost five basis points to new highs for the year. BANK CREDIT AND RESERVES Treasury bill yields declined from mid-August Total commercial bank credit declined slightly to mid-September. On September 7, the Treasury in August following an increase of almost $3 bil- announced also that in the next two months it will lion in July that was associated mainly with Treas- raise about $5 billion of new money by issuing ury financing. In August, bank holdings of U. S. short-term securities. This financing includes $2.5 Government securities declined only moderately billion of June tax anticipation bills, about $2 while holdings of State, local, and other securities billion of notes maturing in the spring of 1963, rose further and loans changed little. The average and an increase of $500 million in the October money supply, seasonally adjusted, remained at the 15 issue of one-year bills. level prevailing since early spring. Time deposits Common stock prices have shown little net continued to increase substantially. change since mid-August when they reached new Member bank excess reserves averaged about highs. $585 million and borrowings from the Federal INTEREST RATES RETAIL TRADE 1947 -49 = 100 Discount rate, range or level for all F. R. Banks. Weekly Federal Reserve indexes, seasonally adjusted; retail sales average market yields for U. S. Government bonds maturing based on Department of Commerce data. Monthly figures; in 10 years or more and for 90-day Treasury bills. Latest latest for stocks is July, for other series, August. figures shown are for week ending September 8. 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. 1048 Reserve Bank discount rates; margin requirements; reserve requirements 1052 Federal Reserve Banks. 1053 Currency in circulation, money supply; bank debits. 1056 All banks: consolidated statement of monetary system; deposits and currency 1058 All banks, by classes 1059 Commercial banks, by classes 1062 Weekly reporting member banks 1064 Business loans 1067 Interest rates 1068 Security prices; stock market credit; open market paper 1069 Savings institutions 1070 Federal finance 1072 Security issues. 1077 Business finance 1079 Real estate credit. . 1081 Short- and intermediate-term consumer credit. 1084 Industrial production 1088 Selected indexes on business activity 1094 Construction 1094 Employment and earnings. 1096 Department stores 1098 Foreign trade . . . . 1099 Wholesale and consumer prices. 1100 National product and income series. 1102 Flow of funds, saving, and investment. 1104 Stock market credit. 1106 Cash receipts from and payments to the public. 1107 Tables not published each month—list with latest Bulletin reference 1044 Index to statistical tables 1131 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. 1047 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1048 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 2 stand- cula- ings counts With Cur- Total out- repur- ad- ing tion Treas- For- Otheri Total F. R. rency right chase vances Banks and agree- coin ment Ayerages of daily figures 1929—June 179 179 978i 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 83 2,612 17,518 2,956 7,609 2,402 616 739 248! 11,473 11,473 1941—Dec 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec 23,708 23,708 381 652 2>44,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1947—Dec 21,905 21,905 268 68122,858 22,712 4,556 28,937 1,330 967 1,016 614 17,261 17,261 1950—Dec 20,345 20,336 9 142 117 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 1375 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 ,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 1,389 26,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec 24,765 24,498 267 706 1,633 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', 444433 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 1,4 9"6 28.412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec 27,036 26,993 43 911 1.426 29.435 19.482 5,311 32,775 396 524 161 348 1,195 18.932 18,628 304 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 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 L68 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 ,490 18,571 5,382 32,183 406 488 226 405 891 18,733 17,843 890 Nov 27,871 27,542 329 160 156 29,241 18,058 5,391 32,474 405 462 243 396 973 19,004 17,737 1,267 Dec 27,248 27,170 78 94 665 29,060 17,954 5,396 33,019 408 522 250 495 1,029 19,283 16,688 2,595 1961 Jan 26,942 26,862 58 1,43128,484 17,567 5,401 32,265 411 482 239 399 941 19,315 16,715 2,600 Feb 26,829 26,630 199 146 1,12128,145 17,402 5,404 31,841 422 521 189 392 1,054 18,964 16,532 2,432 Mar 26,831 26,826 5 80 1,07128,030 17,380 5,408 31,839 426 459 240 383 1,052 18,809 16,419 2,390 Apr 26,676 26,663 13 63 1"1~40 27,925 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 July 27,024 27,014 10 52 1,38828,498 17,540 5,450 32,586 ••400 474 235 279 967 19,063 16,547 2,516 27,415 21,327 68 1,14528,661 17,575 5,547 32,569 421 489 241 294 1,068 19224 16,701^2,523 Aug Week ending— 1960 July if::::::: 2 2 6 6 , , 6 5 1 5 3 3 2 2 6 6 , , 4 5 9 1 1 7 9 6 6 2 4 34 4 1 0 1 1 , , 1 0 3 3 3 9 2 2 8 8 , , 1 0 1 6 5 3 1 1 9 9 , , 3 2 2 8 2 2 5 5 , , 3 3 5 5 6 6 3 32 2 , , 3 1 6 5 1 5 4 40 0 6 6 4 5 2 1 2 7 2 2 2 1 6 4 3 3 9 7 8 4 9 93 5 5 8 1 1 8 8, , 3 3 4 2 9 0 1 18 8 , , 0 0 4 7 1 9 2 3 4 0 1 8 20 26,556 26,416 140 429 1,423 28,437 19,251 5,357 32,199 409 548 209 374 884 18,761 18,422 339 27 2.6,599 26,522 77 351 1,085 28,063 19,191 5,357 32,041 405 488 202 371 884 18,552 18,219 333 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 7—8 827,882 19,006 5,370 31,980 395 487 225 384 1,014 18,466 17,772 694 Sept-,]::::::: 2 26 6 , , 6 7 4 8 9 4 2 2 6 6 , , 6 5 4 2 0 4 1 12 4 5 4 2 30 6 1 2 1, 8 05 6 2 12 2 7 8 , , 9 0 4 3 1 5 1 1 8 8 , , 9 9 7 9 5 9 5 5, , 3 3 7 7 4 2 3 3 2 2 , , 2 1 9 7 1 4 4 3 0 9 1 9 4 46 7 5 7 2 23 0 3 4 4 3 1 7 1 3 1,0 9 1 7 1 4 1 1 8 8 , , 5 3 8 5 1 8 1 1 7 7 , , 6 6 7 0 6 7 9 75 0 1 5 21 26,541 26,495 46 86 1,5"27 "2,8189 18,828 5,376 32,171 403 551 224 379 936 18,635 17,729 906 28 26,539 26,456 83 244 1,242 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 1,03828,517 18,615 5,380 32,276 408 474 202 379 932 18,640 17,840 800 19 27,036 27,036 95 1,45328,621 18,586 5,382 32,304 413 489 215 393 864 18,839 17,909 930 26 26,760 26,681 79 262 1,35428,415 18,552 5,383 32,120 403 546 257 373 862 18,729 17,789 940 Nov. 2 27,313 26,946 367 211 1,098 28,662 18,405 5,387 32,104 403 442 254 456 865 18,873 17,931 942 9 28,015 27,439 576 158 928 29,154 18,124 5,389 32,298 398 418 250 395 864 18,797 18,045 752 16 28,105 27,588 517 190 976 29,325 18,068 5,391 32,527 402 519 230 408 914 18,734 17,784 950 23 27,831 27,678 153 121 1,532 29,542 17,999 5,392 32,532 407 469 224 388 1,073 18,761 17,839 922 30 27,623 27,607 16 121 1,228 29,022 17,957 5,392 32,640 414 460 258 387 1,0/1 19,67. 17,141 2,537 Dec. 7 27,421 27,421 67 1,057 28,594 17,974 5,391 32,722 413 473 253 474 1,066 18,916 16,558 2,358 14 27,381 27,381 76 1,272 28,778 18,083 5,396 33,038 410 522 237 680 1.037 18,932 16,334 2,598 21 27,034 27,010 24 80 2,15129,316 17,957 5,396 33,174 414 592 246 443 ,018 19,460 16,782 2,678 28 27,074 26,946 128 56 2,150 29,336 17, f" 5,398 33,195 401 522 260 391 1,019 19,447 16,828 2,619 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1049 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 h t g - t ht 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 Float t T a o l - 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 R k h . s r C c e a o n n u i c d r n - y ment Averages of daily figures Week ending— 1961 Jan. 4 27,375 26,984 391 184 1,78929,420 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 2"8",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 27,853 17,441 5,402 31,776 422 510 227 393 951 18,963 16,417 2,546 26,860 26,672 188 198 1,05328,148 17,429 5,403 31,805 413 523 196 383 ,018 18,948 16,641 2,307 15. 27,007 26,653 354 202 829 2288,086 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 ,294 28,109 17,373 5,405 31,768 437 531 199 400 ,093 19,014 16,458 2,556 26,793 26,775 18 104 ,068 28,014 17,373 5,405 31,794 433 415 233 398 ,087 18,671 16,433 2,238 15 27,008 27,003 5 58 ,003 28,116 17,374 5,407 31,901 428 418 267 389 ,057 18,827 16,437 2,390 22 26,864 26,864 62 ,260 28,234 17,385 5,409 31,887 418 506 238 365 ,035 18,955 16,578 2,377 29 26,724 26,724 87 ,004 27,863 17,389 5,408 31,775 426 497 218 370 ,032 18,793 16,342 2,451 Apr- .2::::::::26,870 26,836 115 942 27,973 17,388 5,410 31,903 404 429 250 3S8 ,028 18,702 16,369 2,333 26,868 26,854 59 ,004 27,978 17,389 5,411 32,007 406 398 212 310 ,014 18,782 16,429 2,353 19 26,601 26,591 52 ,310 28,009 17,390 5,414 31,980 411 424 172 309 966 19,026 16,552 2,474 26 26,389 26,389 42 ,279 27,755 17,390 5,417 31,807 414 374 194 298 963 19,018 16,511 2,507 May 3. 26,692 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 ,003 27,914 17,390 5,422 31,968 420 396 204 304 961 18,754 16,474 2,280 17. 26,725 26,683 179 ,237 28,180 17,395 5,424 32,081 424 550 206 304 984 18,909 16,451 2,458 24. n.6,653 26,598 71 ,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 ,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 ,118 28,177 17,449 5,433 32,299 410 480 203 242 1,043 18,844 16,382 2,462 21.. 26,848 26,845 44 ,556 28,486 17,487 5,433 32,247 410 481 193 233 1,021 19,296 16,820 2,476 28.. 26,820 26,817 84 ,379 28,319 17,533 5,434 32,201 404 624 221 259 1,023 19,121 16,553 2,568 July 5 27,283 21,21A 49 1,202 28,568 17,550 5,435 32,484 388 434 233 317 1,007 19,086 16,689 2,397 12 27,266 27,266 48 1,291 28,641 17,550 5,433 32,797 385 390 231 255 996 19,102 16,570 2,532 19 26,737 26,737 56 1,748 28,575 17,547 5,437 32,634 392 605 218 274 946 19,075 16,491 2,584 26 26,731 26,720 50 1,476 -2,8289 17,525 5,440 32,476 399 498 251 274 944 19,007 16,412 2,595 Aug. 2 27,319 27,229 90 75 1,081 28,508 17,527 5,527 32,450 444 456 238 306 969 19,286 16,699 2,587 9 27,614 27,484 130 123 i;006 28,777 17,548 5,543 32,564 423 467 234 304 1,024 19,208 16,852 2,356 16 27,471 27,275 196 62 1,109 28,676 17,601 5,545 32,664 422 498 257 275 1,039 19,197 16,667 2,530 23 27,197 27,191 6 39 1, ,681 17,602 5,548 32,594 423 488 243 292 1,108 19,202 16,682 2,520 30 27,276 27,276 37 1,101 28,447 17,579 5,552 32,474 416 498 230 298 1,109 ^19,160 16,554^2,606 End of month 1961 June 27,253 27,253 1,171 28,496 17,550 5,437 32,405 379 408 220 350 1,004 19,410 16,716 2,694 July 27,422 27,188 234 1,115 28,628 17,527 5,540 32,477 465 415 226 303 951 19,215 16,856 2,359 Aug 27,697 27,697 1,057 28,835^17,451*>5,553^32,596 543 270 291 1,111 "19,394 16,620*>2,774 Wednesday 1961 July 5 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 12 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 19,069 16,275 2,794 26 26,924 26,924 59 1,124 "2"8,140 17,527 5,443 32,414 406 537 258 262 947 19,130 16,286 2,844 Aug. 2 27,569 27,425 144 168 995 28,765 17,527 5,542 32,490 426 546 211 333 ,025 19,477 16,803 2,674 9 27,500 27,352 148 473 887 28,892 17,602 5,544 32,624 432 449 255 270 ,020 19,626 16,987 2,639 16 27,411 27,279 132 116 1,310 28,869 17,602 5,545 32,640 428 524 229 289 ,112 19,499 16,794 2,705 23 27,016 27,016 62 1,066 28,176 17,602 5,552 32,511 421 575 244 293 ,107 18,962 16,178 2,784 30 27,259 27,259 59 923 28,273 17,452 5,553 32,521 422 525 226 290 ,108^19,050 16,185^2,865 ^ Preliminary. r Revised. 3 Beginning with Nov. 24, 1960, all currency and coin held by member 1 Figures beginning with 1960 reflect a minor change in concept of banks allowed as reserves; during the period Dec. 1, 1959-Nov. 23, I960, float. For explanation, see the BULLETIN for February 1961, p. 164. only part of such holdings were allowed. Monthly averages of currency 2 Includes industrial loans and acceptances, when held. For holdings and coin are estimated. of acceptances on Wednesday and end-of-month dates, see subsequent 4 Less than $500,000. tables on Federal Reserve Banks. (Industrial loan program discontinued Aug. 21, 1959.) See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1050 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 r e o r e v l t - d a e l i 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 e v - e e s s s 3 F r i o . n a w g R t s - . se F r r r v e e - e e s 3 s T h e e r o r e l v t - d a e i l s s q e u R r r v i e e r - e - e s d 2 s E e x r r v c e- e e s s s 3 F r i o . n a w g R t s - . se F r r r e v 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 e v e r - - e e s d 2 s E e x r r c e v - e e s s s 3 F r i o . n a w g R t s - . se F r r r v e e - e e s 3 Banks* Banks* Banks* 1929—June 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 1 63 -62 1933—June 52,160 1,797 363 184 179 861 792 69 69 211 133 78 n.a. n.a. 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 n.a. n.a. 1,141 601 540 n.a. n.a. 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 n.a. n.a. 1,143 848 295 n.a. n.a. 1945_Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947_Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 ,024 ,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 ,199 ,191 8 5 3 1951—Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 ,356 ,353 3 64 -61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 ,406 ,409 -4 232 -236 1953—Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 ,295 ,295 37 -36 1954—Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 ,210 ,210 15 -16 1955—Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 ,166 ,164 85 -83 1956—Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 ,149 ,138 97 -86 1957—Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 ,136 ,127 85 -77 1958—Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 -80 ,077 ,070 39 -31 1959—Dec 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 ,038 ,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—Aug 18,501 17,961 540 293 247 3,780 3,780 27 -27 1,027 ,024 3 41 -38 Sept 18,570 17,931 639 225 414 3,773 3,755 18 20 -2 1,014 ,011 3 8 -5 Oct 18,733 18,095 638 149 489 3,788 3,765 22 13 9 1,011 ,007 4 6 -2 Nov 19,004 18,248 756 142 614 3,770 3,718 52 18 34 1,006 998 1 -4 Dec 19,283 18,514 769 87 682 3,687 3,658 29 19 10 958 953 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 26 954 948 7 36 -29 Mar 18,809 18,263 546 70 476 3,623 3,613 10 9 946 936 9 8 1 Apr 18,884 18,266 618 56 562 3,649 3,588 62 60 923 927 -4 -4 May 18,856 18,307 549 96 453 3,576 3,581 -5 -2: 953 945 5 June 19,042 18,430 612 63 549 3,698 3,658 40 40 970 964 5 July 19,063 18,482 581 51 530 3,648 3,639 9 958 955 Aug ^19,224^18,619 ^605 67 ^538 2*3,645 ^3,629 Week ending— I960—Aug. 3. 18,591 18,103 488 315 173 3,879 -1 1,021 ,021 100 -101 10. 18,525 18,018 507 293 214 3,811 1,029 ,023 6 109 -102 17. 18,564 17,983 581 416 165 3,794 3,778 16 -8 1,029 ,031 _2 30 -33 24. 18,404 17,938 466 193 273 3,761 3,750 12 1 1.034 ,023 11 31. 18,466 17,827 639 273 366 3,737 3,734 3 -17 i;023 ,018 4 1961—Mar. 1. 19,014 18,335 679 50 629 3,670 3,613 57 57 950 948 2 -2 8. 18,671 18,244 427 94 333 3,58" 3,572 11 9 945 943 2 -11 15. 18,827 18,192 635 49 586 3,636 3,592 44 44 927 929 -1 -2 22. 18,955 18,451 504 52 452 3,693 3,669 25 25 959 951 8 7 29. 18,793 18,193 600 78 522 3,633 3,620 13 13 936 930 6 -16 18,702 18,167 535 107 428 3,647 3,613 35 35 935 914 19 ::: 18,782 18,201 581 s: 529 3,54f 3,552 -7 -13 929 927 2 19... 19,026 18,345 681 637 3,628 3,589 38 38 936 930 6 26... 19,018 18,287 731 44 694 3,597 3,577 20 20 925 924 2 37 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 -27 933 935 -2 1 -3 17... 18,909 18,307 602 173 429 3,585 3,578 8 -4! 944 939 10 -6 24... 18,917 18,352 565 66 499 3,603 3,583 20 953 950 1 31... 18,872 18,257 615 523 3,601 3,556 46 954 95: 2 9: June 7... 18,804 18,233 571 509 3,597 3,573 24 955 950 2 14... 18,844 18,215 629 6: 558 3,638 3,582 55 948 94: 6 5 21... 19,296 18,750 546 71 504 3,785 3,767 18 993 995 -2 28... 19,120 18,493 627 4: 546 3,725 3,687 3' 984 969 16 16 81 July 5... 19,086 18,539 547 48 499 3,744 3,734 10 965 960 1 4 12... 19,103 18,446 657 47 610 3,651 3,625 25 950 944 6 6 19... 19,075 18,386 689 55 63. 3,579 3,575 4 945 946 2 -2 26. .. 19,007 18,357 650 50 600 3,648 3,585 6: 957 948 5 Aug. 2... 19,286 18,809 47' 75 402 3,739 3,747 996 99: 9. .. 19,208 18,651 55' 123 43. 3,683 3,660 971 971 -5 16. .. 19,197 18,593 604 6 542 3,59' 3,609 969 96' -3 23. .. 19,202 18,605 59' 3' 560 3,613 3,610 965 960 5 30. .. 19160 ^18,567 3' 3,60" 3,594 965 962 2 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1051 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period re T h s e o e l r t d v a * l es R re e s q e u rv ir e e s d 2 re E s x e c rv es e s s3 B B in o a g r n r s k o a s w * t - res F e r r e v e es 3 re T h s e o e l r t d v a * l es R re e s q er u v i e re s d 2 re E s x e c rv es e s s3 B B i F n o a . g r n r s R k o a s w . * t - res F e r r e v e es3 1929—June 761 749 12 409 -397 632 610 22 327 -305 1933 jUne 648 528 120 58 62 441 344 96 126 -30 1939—Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941 Dec . 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945 —Dec. ., 6,394 5 976 418 96 322 4,576 3,566 1,011 46 965 1947 Dec . . 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950—Dec 6,689 6 458 232 50 182 4,761 4 099 663 29 634 1951 Dec 7,922 7,738 184 354 -170 5,756 5,161 596 89 507 1952—Dec 8,323 8 203 120 639 -519 6,094 5,518 576 236 340 1953 Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954 Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955—Dec 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956—Dec 8,078 7,983 96 299 -203 5,859 5,371 488 144 344 1957 Dec .. . 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958—Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959 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 I960—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. c 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.... 7,863 7,798 64 8 56 6,595 6,090 505 38 467 Aug ^'7,943 ^7,882 ^60 13 *-47 ^6,667 ^6,141 ^526 43 483 Week ending— I960—Aug. 3 7,683 7,641 42 102 -60 6,009 5,562 447 113 334 10 . 7,679 7,629 50 73 -23 6,005 5,558 447 110 336 17 7,659 7,623 36 178 -142 6,082 5,552 531 109 422 24 7,657 7,607 49 66 -17 5,953 5,558 394 127 267 31 ... 7,584 7,550 34 132 -99 6,123 5,526 597 120 478 1961—Mar. 1 7,787 7,756 31 17 14 6,607 6,018 589 29 560 8 7,771 7,735 36 31 5 6,372 5,994 378 50 328 15 7,717 7 650 67 21 47 6,547 6,021 525 28 497 22 7,829 7,773 56 18 38 6,473 6,057 416 34 382 29... 7,710 7,644 65 20 45 6,513 5,998 516 37 479 Apr. 5 7,732 7,663 69 34 35 6,388 5,977 410 70 340 12 7,777 7,690 87 23 64 6,530 6,033 497 23 475 19 7,854 7,774 80 14 66 6,608 6,051 557 30 527 26 7,782 7,742 40 18 22 6,714 6,044 670 19 650 May 3 7,803 7,732 71 19 51 6,358 6,024 333 41 290 10 7,760 7,724 36 23 12 6,500 6,047 453 22 431 17.... 7,773 7,733 40 74 -33 6,607 6,058 550 38 512 24 7.775 7,740 35 34 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 5 7,850 7,787 63 12 51 6,527 6,059 468 35 432 12 7,883 7,785 97 8 90 6,619 6,091 528 39 489 19 7,809 7,770 39 9 30 6,742 6,094 648 33 615 26 7;871 7,755 116 1 115 6,531 6,069 462 45 418 Aug. 2 7,967 7,931 35 20 15 6,585 6,140 445 38 407 9 7,927 7,885 42 31 10 6,627 6,135 491 66 425 16.. 7,919 7,873 46 13 33 6,712 6,144 568 38 531 23 7,963 7,890 73 2 71 6,661 6,144 517 35 480 30 7,919 7,868 51 4 47 *>6,671 *>6,143 *528 30 H98 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. 3 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. * Based on deposits as of opening of business each day. Monthly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1052 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member Federal Reserve Bank a o d b v l a i n g c a e ti s o n se s c a u n re d d d b is y c o el u i n gi t b s le o f p a a n p d er Other [ s S e e c c u . r e 1 d 0 (b a ) d J vances o b b an li ( k g la s a s t t s i o e p c n a u s r r . e o d S f e t b c h y . e 1 d U 3 i ) r . e S ct . (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Aug. 31 beginning— Aug. 31 beginning- rate Aug. 31 beginning— rate Boston Aug. 23,1960 Aug. 23,1960 Aug. 23, 1960 New York... Aug. 12,1960 Aug. 12,1960 /2 June 10, 1960 Philadelphia.. Aug. 19,1960 Aug. 19,1960 4*4 Aug. 19, 1960 Cleveland Aug. 12,1960 Aug. 12,1960 4% Aug. 12, 1960 Richmond. . . Aug. 12,1960 Aug. 12,1960 Aug. 12, 1960 C S A t h t . l i a L c n a o t g u a o is A A A u u u g g g . . . 1 1 1 9 9 6 , , ,1 1 1 9 9 9 6 6 6 0 0 0 A A A u u u g g g . . . 1 1 1 6 9 9 , , , 1 1 1 9 9 9 6 6 6 0 0 0 4 4 4 1 y /2 2 A J A u u u n g g e . . 1 1 1 6 0 9 , , , 1 1 1 9 9 9 6 6 6 0 0 0 Minneapolis.. Aug. 15,1960 Aug. 15,1960 4 Aug. 15, 1960 Kansas City.. Aug. 12,1960 Aug. 12,1960 4 I Aug. 12, 1960 Dallas Sept. 9,1960 Sept. 9,1960 41/2 i Sept. 9, 1960 San Francisco Sept. 2,1960 Sept. 2,1960 41/2 i June 3, 1960 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK DISCOUNT RATES 1 MARGIN REQUIREMENTS 1 [Per cent per annum] [Per cent of market value] Range F. R. Range F. R. Aug. 5, Oct. 16, Effec- Date (or level)— Bank Date (or level)— Bank Prescribed in accordance with 1958- 1958- tive effective all F. R. of effective all F. R. of Securities Exchange Act of 1934 Oct. 15, July 27, July 28, Banks N. Y. Banks N. Y. 1958 1960 1960 1948 1957 Regulation T: Jan. 12... 1 -WA IB Aug. 9... 3 -3% 3 For extensions of credit by brokers and 19... WA 23... 314 3*4 dealers on listed securities 70 90 70 Au8'23::: WA 1 - % WI ig D N e o c v . . 1 2 5 . . . . . . 3 -3*4 3 3 Re F g o u r l a s t h io o n r t U sa : les 70 90 70 For loans by banks on stocks 70 90 70 1950 1958 Aug. 21 ... 1*4_1^ 134 Jan. 22... 234-3 3 25... WA 134 24... 234-3 23/4 * Regulations T and U limit the amount of credit that may be extended Mar. 7... 2*4-3 214 on a security by prescribing a maximum loan value, which is a specified 1953 13... 214-234 214 percentage of its market value at the time of extension: margin require- Jan. 16... WA-2 2 21... 2*4 214 ments are the difference between the market value (100%) and the maxi- 23. .. 2 2 Apr. 18. .. 134-2*4 1*4 mum loan value. May 9... 134 134 1954 Aug. 15... 134-2 1*4 Feb. 5... 13/£—2 134 Sept. 12... 134-2 2 15... WA 134 23... 2 2 Apr. 14. .. 1 i/2-l VA 1% Oct. 24... 2 -2% 2 MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS 16... l V4 Nov. 7... 2*4 2% May 21 ... 1% [Per cent per annum] 1959 1955 Mar. 6... 2V 3 Apr. 14. .. 1 *4—13^ 11/2 \e... 3 Nov. 1, Feb. 1, Jan. 1, Effec- May 15 2 . .. . . . "ft* 134 J M u a n y e 2 1 9 2 . . . . . . 3 -31/2 3*4 Type of deposit Ja 1 n 9 . 3 3 3- 1, D 1 e 9 c. 3 5 3 - 1, D 1 e 9 c. 3 6 3 - 1, Ja t n iv . e 1, Aug. 4... 134-214 134 Sept. 11... 3*4—4 4 1935 1935 1956 1957 5. .. WA-2VA 2 18... 4 4 Sept. 12 9 . .. . . . 2 2 - - 2 2 1 * 4 4 12 1960 Savings deposits 3 2% 2*4 3 Nov. 1 1 3 8 . . . . . . i2**i June 1 3 0 . .. . . . 3 3 1 1 / / 2 4 - - 4 4 4 3% Postal savings deposits 3 21/2 2*4 3 23... 2*4 2*2 14... 31/2 3*4 Aug. 12... 3 -3% 3 Other time deposits payable: 1956 Sept. 9... 3 3 In 6 months or more 3 2*4 I* 3 Apr. 13. .. 2*2—3 234 In 90 days to 6 months. . . 2*4 2% Aug. 2 2 0 4 . . . . . . 2 23 3 4 4 — -3 3 2 3 34 In e 1 ff 9 e 6 c 1 t In less than 90 days 2*4 1 31... 3 3 Aug. 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; SeDt. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, have been the same as those in effect for member banks. 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31- Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, and Aug. 1-3, 2.50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 1053 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 Central All city banks Reserve Coun- Ef o fe f c c ti h v a e n g d e ate C r b e e c a s n i e n t t r y k r v 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 re 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 - Item m b e a m nk b s er Y N o e r w k c C a h g i o - b c a i n ty ks ba tr n y ks banks Four weeks ending July 12, 1961 In effect Dec. 31, 1945.. 20 20 14 6 6 Gross demand: Total 123,893 24,926 6,155 48,214 44,599 1948—Feb. 27 22 Interbank 13,984 4,562 1,224 6,751 1,447 June 11 24 U. S. Government. 4,927 1,065 336 1,937 1,588 Sept. 16,24*.... 26 22 16 7% Other 104,982 19,299 4,594 39,526 41,564 1949_May 1,5* 24 21 15 Net demand 2 103,256 20,405 5,286 39,687 37,878 June 30, July 1*. 20 14 6 6 Time 64,490 6,732 1,899 25,108 30,751 Aug. 1,11*.... !2* 13 5 Demand balances due Aug. 16, 18*.... 12 5 from domestic banks. 7,013 117 102 2,126 4,667 Aug. 25 11* Currency and coin 2,493 170 31 775 1,518 Sept. 1 Balances with F. R. 1951—Jan. 11, 16*.... 23 19 13 6 6 Banks 16,658 3,556 942 7,105 5,054 Jan. 25,Feb. 1*. 24 20 14 Total reserves held 19,151 3,726 973 7,880 6,572 1953—July 1,9* 22 19 13 Required 18,557 3,703 967 7,804 6,083 1954_june 16,24*.... 21 5 5 Excess 594 23 6 76 489 July 29, Aug. 1 * 20 18 12 1958_Feb. 27, Mar. 1* 8* 17% 11% Four weeks ending Aug. 9, 1961 Mar. 20, Apr. 1 * 17 11 Apr. 17 !S* Gross demand: Apr. 24 16% Total 122,920 24,231 6,094 47,993 44,602 I960— N Se o p v t . 24 1 17% 12 I U n . t e S r . b a G n o k vernment. 1 3 3 , , 8 8 0 07 6 4,4 8 5 4 8 3 1,2 2 3 4 1 1 6 1 , , 6 4 5 4 5 7 1 1 , , 2 4 7 6 5 3 Dec. 1 16*4 Other 105,306 18,929 4,622 39,891 41,864 Net demand2 103,032 19,967 5,257 39,793 38,016 In effect Sept. 1, 1961.. 16% 16% 12 5 5 Time 65,226 6,947 1,935 25,393 30,950 Demand balances due from domestic banks. 6,881 107 100 2,006 4,669 Present legal require- Currency and coin 2,530 166 31 781 1,552 ments : Balances with F. R. Minimum 2 10 10 7 3 3 Banks 16,614 3,496 937 7,112 5,069 Maximum 2 22 2 22 14 6 6 Total reserves held 19,144 3,662 968 7,893 6,621 Required 18,551 3,642 964 7,835 6,109 Excess 593 20 4 58 512 * 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' [Tn millions of dollars] Wednesday End of month Item 1961 1961 1960 Aug. 30 ! Aug. 23 Aug. 16 Aug. 9 Aug. 2 August July August Discounts and advances—total. 59 62 116 473 168 47 59 405 Within 15 days 57 60 114 471 165 45 55 400 16 days to 90 days 2 2 3 2 4 5 91 days to 1 year Acceptances—total. . 32 32 32 32 33 34 32 33 Within 15 days.... 12 10 10 11 10 12 8 8 16 days to 90 days. 20 22 22 21 23 22 24 25 U. S. Government securities—total. 27,259 27,016 27,411 27,500 27,569 27,697 27,422 26,762 Within 15 days 235 346 564 591 631 266 5,380 419 16 days to 90 days 1,059 922 963 1,042 984 1,192 1,146 6,472 91 days to 1 year 11,601 11,400 11,536 7,891 8,024 11,853 7,895 12,734 Over 1 year to 5 years 11,900 11,896 11,896 15,527 15,487 11,914 10,575 5,687 Over 5 years to 10 years 2,246 2,234 2,234 2,232 2.229 2,252 2,218 1,179 Over 10 years 218 218 218 217 214 220 208 271 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

1054 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday Ead of month Item 1961 1961 1960 Aug. 30 Aug. 23 Aug. 16 Aug. 9 Aug. 2 August July August Assets 16,142 17,291 16,291 16,292 16,225 16,142 16,175 17 736 Redemption fund for F. R. notes 1,045 1,047 1,040 1,043 1,043 1,045 1,048 973 Total sold certificate reserves . .... 17,187 17,338 17,331 17,335 17,268 17,187 17,223 18,709 Cash 416 415 396 388 395 418 394 429 Discounts and advances: For member banks 59 47 116 473 168 47 59 405 For nonmember banks, etc 15 AcceDtances Bousht outrizht 32 32 32 32 33 34 32 32 Held under repurchase agreement 1 U. S. Government securities: Bought outright: BUls 2,268 2 057 2,195 2,294 2,369 2,659 2,227 2 639 Certificates—Special Other 1,683 1,683 1,710 1,710 1,722 1,683 6,522 14 007 Notes 19,795 19,777 19,846 19,839 19,840 19,827 14,969 7,510 3,513 3,499 3,528 3,509 3,494 3,528 3,470 2,484 Total bought outright 27,259 27,016 27,279 27,352 27,425 27,697 27,188 26,640 Held under repurchase agreement 132 148 144 234 122 Total U. S. Government securities 27,259 27,016 27,411 27,500 27,569 27,697 27,422 26,762 27,350 27,110 27,559 28,005 27,770 27,778 27,513 27,200 Cash items in process of collection 4,047 4,380 5,401 4,171 4,425 3,867 3,787 3,714 111 111 111 110 111 110 111 105 Other assets 184 170 158 285 263 187 334 207 Total assets 49,295 49,524 50,956 50,294 50,232 49,547 49,362 50,364 Liabilities Federal Reserve notes 27,541 27,532 27,648 27,634 27,510 27,605 27,494 27,179 Deposits: 16,185 16,178 16,794 16,987 16,803 16,620 16,856 17,735 U S Treasurer—general account 525 575 524 449 546 543 415 481 226 244 229 255 211 270 226 204 Other . . 290 293 289 270 333 291 303 432 17,226 17,290 17,836 17,961 17,893 17,724 17,800 18,852 Deferred availability cash items 3,124 3,314 4,091 3,284 3,430 2,810 2,672 3,007 Other liabilities and accrued dividends 58 56 63 55 52 61 53 42 47,949 48,192 49,638 48,934 48,885 48,200 48,019 49,080 Capital Accounts Capital paid in 430 430 429 429 429 430 429 402 817 817 817 817 817 817 817 775 Other capital accounts 99 85 72 114 101 100 97 107 Total liabilities and capital accounts 49,295 49,524 50,956 50,294 50,232 49,547 49,362 50,364 Contingent liability on acceptances purchased for foreign correspondents 136 139 143 143 143 137 144 204 U. S. Government securities held in custody for foreign account .. 5,968 6,011 6,170 6,176 5,720 5,903 5,660 5,423 Federal Resenre Notes—Federal Resenre Agents' Accounts 29,153 29,133 ?9,131 29,131 79,093 29,138 29 105 28 663 Collateral held against notes outstanding: 9,075 9,075 9,075 9,075 9,075 9,075 9,075 10,465 10 8 28 22 15 9 18 56 U. S. Government securities 21,380 21,360 21,335 21,335 21,335 21,380 21,335 19,280 Total collateral 30,465 30,443 30,438 30,432 30,425 30,464 30,428 29,801 NOTE.—For explanation of adjustments in preparing this consoli- ratios see opposite page. dated statement, see the BULLETIN for February 1961, p. 164. For reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1055 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 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 i a t n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account. 16,142 724 4,179 900 1,327 1,050 786 2,666 597 325 753 685 2,150 Redemption fund for F. R. note*. .. 1,045 62 235 64 92 89 64 187 45 27 47 33 100 Total gold certificate reserves 17,187 786 4.414 964 1,419 1,139 850 2,853 642 352 800 718 2,250 F. R. notes of other Banks. 429 49 105 27 35 Other cash 418 85 22 54 Discounts and advances: Secured by U. S. Govt securities. 47 12 0) Other Acceptances: Bought outright 34 34 Held under repurchase agreement. U. S. Govt. securities: Bought outright 27,697 I,474| 6,850 1,600 2,348 1,753 1,523 4,732 1,115 648 1,207 1,125 3,322 Held under repurchase agreement. Total loans and securities 27,778 1,477 6,892 1,604 2,349 1,757 1,528 4,744! 1,116 649! 1,211 1,129 3,322 j Cash items in process of collection.. 4,950 356 964 295 400 353| 350 833I 203 159 245 211 581 Bank premises 110 4 9 4 8 6 13 24! 7 5 6 3 3 11 Other assets 187 10 45 10 17 11 11| 31 7 4 10 8 Total assets. 51,059 2,710 12,514 2,938 4,246 3,315| 2,853j 8,580] 2,008 1,202 2,298 2,119 6,276 Liabilities D Fe e d p e o r s a i l t s R : eserve notes 28,034 1,626| 6,417 1,814 2,516 2,226 1,603 5,206 1,195 579 1,1631 8461I 2,843 Member bank reserves 16,620 632 4,607 750 1,226 674 851 2,416 571 431 822i 9531 2,687 U. S. Treasurer—general account,. 543 381 73 50 25 53 37j 58 24 25 i 46| 59 Foreign 270 275 16 25 13 14! 38 9 6 33 Other 291 244 1 1 11 1 1 1 | 35 Total deposits 17,724 685 4,999 817 1,277 742 903I 2,513 605 463 890! 1,016 2,814 Deferred availability cash items..... 3,893 330 715 227 323 281 271 658 160 127 186! 179 436 Other liabilities and accrued dividends. 61 3 15 3 4| 3 10 3 2 Total liabilities. 49,712 2,644 12,146 2,861 4,122 3,253 2,780 8,387 1,963 1,171 2,241 2,043 6,101 Capital Accounts Capital paid in 430 117 40 20 23 61 25! 56 Surplus.. 817 229 751 37 1 116 47! 100 Other capital accounts. 100 22 9! 5 16 4! 19 Total liabilities and capital accounts.. 51,059 2,710 12,514 2,938| 4,246! 3,315j 2,853? 8,580J 2,008 1,202 2,298; 2,119 6,276 Ratio of gold certificate reserves to i deposit and F. R. note liabilities combined fper cent): August 31, 1961 37.6 34.0 38.7 36.6 37.4 38.4 33.9! 37.0| 35.7 33.81 39.0i 39.8 July 31, 1961 37.7 36.7 37.1 39.2 40.51 37.1| 35.61 37.8! 35.2 35.4; 35.5! 37.2! 40.0 August 31, 1960 40.3 37.1 42.6 39.3 41.11 37.0 35.9, 41.4i 39.1 35.81 37.3ii 37.4 41.5 Contingent liability on acceptances purchased for foreign correspondents 137 339 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 29,139 1,690 6,658 1 866 657 ">->95 1,675 1,241 663 1">00 901 2 970 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 9 4 4 U. S. Govt. securities 21,380 1,275 5,100 1,325 1,880 1,605 1,300 3,800 935 510 900 650 2,100 Total collateral . 30,464 1,770 7,100 1 ,979 2,750 2,340 1,775 5,500 1,316 680 1229 925 3,100 1 Less than $500,000. 3 After deducting $98,000,000 participations of other Federal Reserve 2 After deducting S 195,000,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1056 CURRENCY DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [Condensed from Circulation Statement of United States Money, issued by Treasury Department. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 . . 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1 404 1,048 65 2,110 6,275 9,119 8,850 2,548 5 070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 . . . . 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2 027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 31,834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958 32,193 22,856 2 182 1 494 83 2,186 6,624 10,288 9,337 2 792 5 886 275 373 3 9 1959 . . . 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960 Tuly 32,039 22,946 2,345 1,428 84 2,124 6.567 10,398 9,094 2,739 5,776 250 320 3 5 Aug .. 32,027 22,912 2,364 1,426 85 2,113 6,525 10,399 9,115 2,738 5,800 250 319 3 5 Sept 32,022 22,900 2,375 1,444 85 2,133 6,542 10,320 9,122 2,728 5,818 249 319 3 5 Oct . .. 32,144 22,996 2,390 1,457 84 2,147 6,557 10,362 9,148 2,731 5,844 248 317 3 5 Nov 32,632 23,410 2 417 1 487 86 2,191 6,683 10,545 9 222 2 762 5 888 248 317 3 5 Dec 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 Jan. .. 31,776 22,580 2,391 1,439 86 2,120 6,409 10,135 9,196 2,752 5,875 247 314 3 5 Feb 31,769 22,612 2,392 1,431 86 2,114 6,438 10,150 9,158 2,736 5,855 246 312 3 5 Mar . ... 31,891 22,742 2,406 1,434 86 2,124 6,496 10,198 9,148 2,733 5,851 245 312 3 5 Apr 31,830 22,702 2 417 1,433 86 2,119 6,476 10,171 9,128 2,726 5 839 245 310 3 6 May 32,197 23,042 2,445 1,465 87 2,156 6,584 10,305 9,154 2,741 5,852 244 309 3 6 June 32,405 23,229 2,462 1,462 88 2,162 6,638 10,418 9,176 2,757 5,861 243 306 3 5 July 32,477 23,299 2,475 1,460 88 2,151 6,622 10,505 9,177 2,761 5,862 242 304 3 5 * 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 [Condensed from Circulation Statement of United States Money, issued by Treasury Department. In millions of dollars] Held in the Treasury Currency in circulationl Held by Kind of currency T s J o t u a t 1 l a n y 9 l d 6 3 i o 1 n 1 u g , t- A g s a o s g l s i d a l e v i c n e a u s r n r t d ity Tr c e a a s s h ury B F F a a . n n o R d r k . s B a F g a a . e n n n R d k t . s s Ju 1 ly 96 3 1 1, Ju 1 n 9 e 6 3 1 0, Ju 1 ly 96 3 0 1, certificates agents Gold 17,527 (17,223) 2 304 Gold certificates (17,223) 14,407 2,816 30 30 Federal Reserve notes.... 29,104 96 1,610 27,398 27,353 27,105 Treasury currency—total. 5,540 (2,348) 65 396 5,079 5,022 4,904 Standard silver dollars . . 488 96 51 332 329 307 Silver bullion 2,252 2,252 Silver certificates (2,348) 301 2,047 3 2,096 3 2,089 Subsidiary silver coin. . . 1,612 51 1,555 1,548 1,485 Minor coin 597 7 589 585 553 United States notes 347 27 315 318 316 In process of retirement4 244 1 243 5 146 5 155 Total—July 31, 1961 . 652,171 (19,571) 465 14,407 4,822 32,477 June 30, 1961. 6 51,947 (19,662) 379 14,440 I 4,724 32,405 July 31, I960. 6 53,154 (21,264) I 406 16,022 j 4,687 32,039 1 Outside Treasury and Federal Reserve Banks. Includes any paper $1,141,667 Treasury notes of 1890 (large size), and $36,419,050 large size currency outside the United States and currency and coin held by banks. Federal Reserve notes. (Federal Reserve Banks and national banks no Estimated totals for Wednesday dates, are shown in table on p. 1049. longer have liability for their currency herein mentioned, as payment 2 Includes $156,039,431 as reserve against $346,681,016 United States therefor has been made to the Treasury as required by law.) notes, under Act of May 31, 1878 and subsequent enactments. 5 Represents only Federal Reserve Bank notes and national bank notes; 3 Includes $1,141,667 Treasury notes of 1890 on June 30, 1961 and see also note 4. $1,141,684 on July 31, 1960; see also note 4. 6 These totals do not include all items shown, as some items represent 4 Redeemable from the general fund of the Treasury when presented. the security for other items: gold certificates are secured by gold, and As of July 31, 1961, comprises $92,313,926 Federal Reserve Bank notes silver certificates by standard silver dollars and monetized silver bullion. and $54,468,145 national bank notes previously reported as in process Duplications are shown in parentheses. For explanation of currency of retirement and the following under the provisions of the Old Series reserves and security features, see Circulation Statement of United States Currency Adjustment Act of June 30, 1961: $29,959,809 gold certificates Money issued by the Treasury Department, or BULLETIN for August issued prior to Series of 1934, $29,958,443 large size silver certificates, 1961, p. 936, or earlier issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY SUPPLY; BANK DEBITS 1057 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 ' 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 d m s e i a - t n s1 d 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 - ts n d i 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 July 6 . , . 137.5 29.3 108.2 69.2 7.2 1956—Dec......... 136.5 28.2 108.3 139.7 28.7 111.0 51.8 3.4 13 138.4 29.3 109.1 69.3 5.6 1957—Dec 135.5 28.3 107.2 138.8 28.9 109.9 57.1 3.5 20 139.1 29.1 110.0 69.5 7.6 1958—Dec 140.8 28.6 112.2 144.3 29.2 115.1 65.1 3.9 27 139.1 28.9 110.2 69.7 6.6 1959—Dec 141.5 28.9 112.6 144.9 29.5 115.5 67.0 4.9 Aug. 3 139.7 29.0 110.8 70.0 6.5 1960—Dec......... 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 10 139.9 29.3 110.6 69.9 6.0 17 138.9 29.1 109.8 70.1 6.1 I960—Aug 139.7 28.9 110.8 138.9 29.0 109.8 70.3 6.1 24 138.0 29.0 109.0 70.7 6.5 Sept 140.4 29.0 111.5 139.7 29.1 110.7 71.2 5.4 31 138.3 28.8 109.5 70.7 5.5 Oct 140.6 29.0 111.6 140.6 29.1 111.5 71.8 5.7 Sept. 7 139.0 29.3 109.7 70.9 5.1 Nov 140.2 29.0 111.2 141.4 29.2 112.2 72.0 5.8 14 140.5 29.2 111.4 71.1 3.6 Dec 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 21 141.1 29.0 112.1 71.2 4.9 1961—Jan 140.6 28.9 111.7 143.7 28.8 114.9 73.7 4.1 1961 Feb 141.2 28.9 112.3 140.9 28.6 112.3 75.1 4.8 Mar 141.5 29.0 112.6 140.1 28.6 111.4 75.9 4.7 June 7 140.2 29.0 111.3 78.7 4.0 Apr 142.0 29.0 113.0 141.7 28.7 113.0 76.9 2.9 14 141.9 29.0 112.9 78.8 2.2 May 142.0 29.0 113.0 140.0 28.7 111.3 78.1 4.6 21 141.4 28.9 112.5 79.0 5.7 June 142.1 28.9 113.2 140.7 28.9 111.8 79.0 4.5 28 139.6 28.8 110.8 79.2 5.7 July 142.0 29.0 113.0 141.1 29.2 111.9 79.9 4.3 139.9 29.2 110.7 79.6 6.1 Aug. P 141.8 29.0 112.8 141.( 29.2 111.9 80.7 5.5 July ,! 140.8 29.4 111.4 79.8 4.5 19 141.2 29.2 112.0 79.9 3.2 Semi-monthly 26 141.3 29.0 112.3 80.2 2.8 Aug. 2 142.0 29.0 113.0 80.3 6.0 1961—June 1 142.4 28.9 113.5 141.1 29.0 112.1 78.8 3.3 9 141.9 29.4 112.6 80.5 5.1 2 141.9 29.0 112.9 140.3 28.9 111.5 79.2 5.8 16 142.0 29.3 112.7 80.7 4.8 July 1 , 142.1 29.0 113.1 140.6 29.3 111.3 79.7 4.8 23 140.1 29.2 110.8 80.7 6.1 141.9 29.0 112.9 141.5 29.1 112.4 80.1 3.9 30*>.... 140.6 29.0 111.6 80.8 5.6 Aug. 1 . . 141.9 29.0 M12.8 141.9 29.3 r112.6 80.5 5.1 Sept. 6^ 141.4 29.4 112.0 81.0 5.4 2P 141.8 29.0 112.8 140.3 29.1 111.2 80.8 5.8 I " Preliminary. 1947, see the BULLETIN for October I960, pp. 1102-1123. For back data 1 At all commercial banks. on time deposits and U.S. Government demand deposits see the BULLETIN for August 1961, p. 1001. 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 centers 2 Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1 887,366 738,925 390 066 758 375 42 3 25 8 19 2 1955 2,043,548 766,890 431,651 845,007 42 7 27 3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1958 2,439,754 958,721 487 432 993,600 53.6 30.0 22.9 1959 2 679 167 1 023 605 545 258 I 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— Aug 241,771 99.947 92,435 50,127 49,474 99,036 99,862 65.5 59.8 36.7 34.7 26.6 26.0 Sept. . ...... 240 772 103^832 97 162 48 974 47 909 96 224 95 700 68.5 65 9 35 8 35.5 26 0 26.2 Oct 233,131 91,870 89,905 48 084 47 567 95 418 95 659 60.0 59.2 34.9 34.7 25.5 25.7 Nov . 235,100 98,791 91,020 49,017 47,577 98,306 96,503 63.5 61.3 35.8 34.9 26.2 26.2 Dec 256,905 88,381 101,551 47,871 52,313 94,687 103,041 57.8 64.4 34.3 36.5 25.1 26.6 1961—Jan . 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 26.1 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 54,277 101,549 104,325 70.6 75.6 37.7 38.6 26.6 27.1 Julv r247,667 104,542 100,591 50,736 49 085 r100,720 r97,991 70 6 70.4 36 7 36.5 26 2 26.4 Aug 255,536 109,053 100,856 52,154 51,445 102,380 103,235 73.4 66.9 P38.1 *36.l ^26.7 P26.1 * Preliminary. T Revised. NOTE.—For description of series and for revised monthly figures Adj. =• adjusted for seasonal variation. Unadj. = without seasonal beginning with 1950, see the BULLETIN for January 1960, pp. 8-11. Seasonadjustment. ally adjusted figures for earlier years, prepared by Federal Reserve Bank 1 Boston, Philadelphia, Chicago, Detroit, San Francisco and Los of New York, together with unadjusted data were published in the Angeles. 2 Prior to April 1955, 338 centers. BULLETIN for May 1959, p. 554. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1058 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o r n c m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e it d t al, c d u e r a p r n o e d n si c t y s co m n a u i c e n s - t c ts . , 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 l959_Dec. 31.. 19,456 5,311 255,435 135,867 93,497 65,801 26.648 1,048 26.071 280;202 256,020 24,186 1960-June 29.. 19,300 5,400 252,500 139,100 87,900 60,800 26,200 900 25,500 277,200 251,000 26,200 1960—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 28P 17,600 5,400 268,900 145,100 95,800 68,300 26,800 800 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 Aug. 30* 17,500 5,600 272,200 145,100 98,600 70,600 27,300 800 28,500 295,200 266,400 28,700 Details of Deposits and Currency U.S. Govt. balances Deposits adjusted and currency Seasonally adjusted series6 Forp b e o d n a i s g e e n i - n t t k 2 s, T h c i r u o n a e r l s g 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 R t ks . Total Total m T C b e i a o m 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 s a g 3 4 l s S S P y a o v s s t i e t n a m g l s i p m o D d a s e e i n - - t d s? . r b C o s e a i n u u d n c t r k e. - - y c a d d u d e e T r a j p m u r o n o e s t a d s n a t n e i l c t d d y s j m p u D a o d s a d e s e t n - e i - - t d d s b r C o e s a i n u u n d c t r k e - y - s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149; 22,540J 3,639! 1933—June 30.. 50 264 852 35 40,828 21,656 10,849 9,621 l,186i 14,4111 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 ,336 1,452 870 170,008 56,411 35,249 17,746 3,416i 87,121 26,476 110,500 84,400 26,100 1950—Dec. 30.. 2,518 ,293 2,989 668 176,916 59,247 36,314 20,009 2,923! 92,272 25,398 114,600 90,000 24,600 1958—Dec. 31.. 3,870 683 4,558 358 242,553 98,306 63,166 34,006 1,1341115,507 28,7401 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 29,4221 140,200 112,000(28,200 I960—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 I960—Aug. 31.. 3,000 400 5,700 500 242,700105,200 68,900i 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 28,3OOi 138,500 110,300 28,200 Oct. 26.. 3,100 400 6,200 500 247,200106,700 70,000 35,900 800i 112,200 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 28,700 138,800 110,60028,200 Dec. 31.. 3,184 377 6,193 485 252,926108,468 71,380 36,318 77OJI15,102 29,356 139,200 111,00028,200 1961— Jan. 25.. 3,100 400 3,600 500 251,600109,000 71,700 36,500 8001114,700 28,000 140,700 112,300 28,400 Mar. It 100 400 6,100 400 249,500110,700 73,300 36,600 7001110,600 28,200 139,400 110,900 28,500 Mar. 29* 3; 300 400 4,400 500 250,200111,900 74,200 37,000 7001110,300! 28,000 140,400 112,100 28,300 Apr. 26* 3,200 400 2,300 500 254,200112,700 75,000 36,900 700! 113,600 27,900 141,500 113,300 28,200 May 31* 1,100 400 5,100 400 254,600115,600 77,800 37,000 700|110,600 28,400 140,800 112,300 28,500 June 28P. 1,300 400 5,900 600 255,700116,600 78,6OOj 37,300 7001110,800 28,300 141,000 112,700 28,300 July 26*. 1,300 400 5,9001 500 259,200117,600 79,500; 37,500 700113,000 28,500! 141,600 113,200 28,400 Aug. 30*\ 1,300 400 5,600 500 258,600118,500 80,300 37,600 700111,600 28,500 141,400 113,100 28,300 * Preliminary. * Revised 'preliminary figures, see the BULLETIN for February 1960, pp. 133-36. Special adjustment t This date used instead of last Wednesday of February. Seasonal in seasonal factor for demand deposits adjusted for Mar. 30, 1960, adjustment factors used, however, were for last Wednesday of February. shown on p. 135, note 3, of that BULLETIN, has been revised from —0.9 1 Represents all commercial and savings banks, Federal Reserve Banks, to —0.5. The new factor is 97.9. Postal Savings System, and Treasury currency funds (the gold account, NOTE.—For description of statement and back figures, see the BULLETIN Treasury currency account, and Exchange Stabilization Fund). for January 1948, pp. 24-32. The composition of a few items differs 2 Beginning with May 1961 the reclassification of deposits of foreign slightly from the description in the BULLETIN article; stock of Federal central banks reduced this item by $1,900 million ($1,500 million to time Reserve Banks held by member banks is included in other securities and deposits adjusted and $400 million to demand deposits adjusted). in capital and miscellaneous accounts, net, and balances of the Postal 3 Excludes interbank time deposits; U. S. Treasurer's time deposits, Savings System and the Exchange Stabilization Fund with the U. S. open account; and deposits of Postal Savings System in banks. Treasury are netted against capital and miscellaneous accounts, net, 4 Prior to June 30, 1947, includes a small amount of demand deposits. instead of against U. S. Govt. deposits and Treasury cash. Total deposits s Demand deposits other than interbank and U. S. Govt., less cash and currency shown in the monthly Chart Book excludes foreign bank deitems reported as in process of collection. posits, net, and Treasury cash. Except on call dates, figures are rounded 6 Seasonally adjusted series begin in 1946 and are available only for last to nearest $100 million and may not add to the totals. Wednesday of the month. For description of series and for back data Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1059 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES' [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b io l o . 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 n t i t d i - - t a t e a s l s l •' Total 2 I m n D a t e e n - r d ban T k i 2 m , e 7 U.S D . ema O n t d her Time r B i o n o w g r s - - c T a o p t i a ta l l N ba b u o n e m f r k - s Other Govt. All banks: 1941—Dec. 31.. 61,126 26,615 25,511 ,999 27 90,908 81 10.982 44.355 26,479 23 ,414 14.826 1945—Dec. 31.. 140,227 30.362 101,288 ,577 35 177,332165 14 065 105,935 45,613 227 ,54214,553 1947—Dec. 3H. 134,924 43,002 81,199 ,723 38 175,091161^86512,793 240 1 .3461 9438153,105 66 ,948 14.714 t958—Dec. 31.. 221,485121,571 73,641 273 49 276 4'30 250K05715,799 2,374 4.253 13013297.498 8121.705 14,020 1959—Dec. 31.. 227,831135,958 65,801 26,07150296 283629 254,88515.6650 1.443 5,054 ,62: 101,116 62422.915 13.991 I960—June 29.. 227.200140,990 60,760 25 450 43710 276710 2441.47013,300 1.440 7,060 570 103,100 2,170i23,77014,000 Aug. 31.. 229,940141,230 63,110 25 600 43830 280,000 245,830 13500 1,610 5,440] 120,600104,680 2,920:24,12013,998 Dec. 31. . 238,623144,764 67.242 ' 617 53022298,126266,19617,0080 1,800 5.949 133,408 107,959 167124,539 13,986 1961—Jan. 25.. 236.450141,590 58.320 540 44610 287400 25505015j020 1.800 3.320 126.380 108,530 600 24 68013,986 Mar. 238,960144,240 67 840 880 46260 291510 257,43014,420 1 .8005.830 125.120 110,260 1,860 24,790 13,973 Mar. 238.000144,290 66 240 470 42 890 287500 25334013,660 1 8">04 160 122200 111,500 1.880 24.800113.977 Apr. 26*. 239,630144,950 67,100 580 44200 290,370 256350 500 1,900 2.010 126 690 112,250 1,750 24,800113,974 May 31*. 241,110145,600 67,800 27 710 44920292,620258,160 500 430 4,790 124 2601115,180 1,690125,070 13,975 June 28*>. 242,660146,400 68,250 28 010 44420 293,760 259,52013,6680 430 5,630! 123 560 116,220 1,400125,250 13,978 July 26*. 245,630146,260 71,120 28 250 43980 296,270262,16013,560 440 5,560 125 350 117.250 1,21025,290 13,793 Aug. 30?. 245,920146,830 70,580 28 510 43030 295,610260,370 13290 430 5,340:i23 180)118,130 1 ,870125,520 13,968 All commercial banks: 1941—Dec. 31... 50 21 71421 80S 26,551 79, 10,982 44 349 15,952 23 ,173 14,278 1945—Dec. 31... 124 26,083 90.606 34,806160. 14,065 105.921 30,241 219 ,950 14,011 1947_Dec. 314.. 116 38.057 69.22t 006 37 502155,377144.10312.792 240 1,343! 94,367135.360 65 ,059 14.181 1958—Dec. 31 . .. 185 98.214 66,376 20575 48990238.651216 01715 7992,372 4 2501130 104 63.491 73 ,486 13,501 1959—Dec. 31... 190 110,832 58,937 2050149,467244686 21990315,649 1,441 5,050 131,593 66.169 615 19',556 13,474 I960—June 29. .. 188 114,840 54,210 '1"9850142 040 209 01013,300 1 4407,O6O|119,540 67,670 2.170! 20•,2"8'"0 13,485 Aug. 31. .. 191 114,660 56,580 20000 43,080 00021024013,500 1,610 5,440! 120570 69,120 2.920120 58013,483 Dec. 31... 199 117.642 61,00320864 52,150257,552 229,84317,079 * ,7995,945 133.37971,641) 163|20^98613,472 1961—Jan. 25... 197 114,210 61,880 20930 43,810246,590218,53015.020 ,800 3,3201126,350 72.040! 600 21,100 13,472 Mar. It.. 199 116,720 61,310 21 270 45,430 250,430220.760 14.420 ,800 5.830 125,090 73,620|1 860 21.17013.464 Mar. 29*.. 197 116,640l 59,67021680 42 246,020216,33013,660 ,820 4.160 ,170 74,520 1,880 21.170 13.463 Apr. 26*. . 199 117J80J 60,740 21800 43.400 249040 219390 ,500 ,900 2.010 ,660 75.320 1.750121,200 13,460 May 31*.. 200 117,600 61,450 21900 44 030 221090 ,500 430 4,790 230 78,140 1,690 21,42013,461 June 28*>. . 202 118,200 61,950 22170 43, 950 222200 ,680| 430 5,630 530 78,930 1,400 21,56013,464 July 26P.. 204 117,730 64,830 22360 43,260 254230 224680 ,560j 440 5,560 320 79,800 1,210 21,58013,459 Aug. 30*1. . 204 118,100 64,260 22620 42,340253,370 222,770 ,290 430 5,340 150 80,560 1,870)21,78013,454 AH member banks: 1941—Dec. 31 ,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 ,709 12,347 4 5,886 6,619 1945—Dec. 31 183 22,775 78,338 070 29 138,304129,67013,576 64 22,179 24,210 208 7,589 6,884 1947—Dec. 31 ,846 32,628 57,914 304 32 132,060122,52812,353 50 ,176 609 28,340 54 8,464 6,923 1958—Dec. 31 ,865 84,061 54,29916504 43 202,017182,81615,227 2,187 3,822 110.44851,132 5415,460 6,312 1959—Dec. 31 ,879 94,779 46,81316,287 43 205.726184,70615,048 .338 4.504 110,98952,827 58116,264 6,233 1960—June 29 ,593 97,898 42,98015171537.977199,243175,20012.775 ,298 6,360 100 79053,977 ,C6916,822 6.212 Aug. 31 587 97,523 45,19815,86638,033201,632175,99912,943 ,467 4,887 101,594 55,108 ,783 17,056 6,205 Dec. 31 ;6i9 99,933 49,10616,579 45,756 216,577193,02916,436 .639 5,287 112,39357,272 13017,398 6,174 1961—Jan. 25.... ,240 96,773 49,80616,66138,174206,507182,60314,465 ,636 2,914 105,990 57,598 56317,464 6,164 Mar. 1t .016 99,558 49,43817,020 39,900211,040185,40213,912 .639 5. 105,35359,319 ,825 17,629 6,160 Mar. 29" .875 99,473 48.03017,37236;842 207,099181,43713,181 .664 3. 770 60,101 .827 17,651 6,151 Apr. 26* 398 99,913 49,02017,465 209,737184,11813,007 ,741 1.706 839 60.825 .72017,683 6,147 May 3\P 450100,140 49,817 493 211,580185,72713,025 268 4,198 693 63,543, ,639 17,865 6,147 June 28p 675100,603 50,353 719 212,422186,80713.203 273 5,027 067 64,237 ,359 17,963 6,141 July 26*> 893100,098 52,907 888 37991214,376188,91613,070 275 5,027 579 64,965 ,178 17,981 6,138 Aug. 30*> 100,379 52,35818,11336,940213,235186,81612,787 270 4,738 ,427 65,594' ,822 18,141 6.137 ! 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,< 1,246 609 17.020 15.385 14 15.371 1\ 1,592 542 1947—Dec. 3H 18,641 4,944 11,978 1,718 886 19,714 17,763 ....I 17,745 .! 1,889 533 1 19 9 5 5 9 8 _ — _D D e e c c . . 3 3 1 1 3 37 6 , , 5 3 6 2 1 0 2 25 3 , , 1 3 2 5 6 7 7 6, . 8 2 6 6 4 5 5 5 , . 6 5 9 7 8 0 9 8 2 2 1 9 3 38 7 , , 9 7 4 7 3 9 3 34 4 , , 9 0 8 4 3 0 3 3 1 3 3 4 4 , ,9 0 4 0 8 6 0 8 1 3 3 . , 3 2 5 1 9 9 5 5 1 1 9 7 I960—June 29 38,300 26,150 6.550 5.600 8^0 39.670 35.460 30 35,430 I 3.490 515 Aug. 31 38,700 26,570 6,530 5,600 750 40,000 35,590 30 35,560 I 3,540 515 Dec. 31 . ., 39,114 27,122 6,239 5,752 872 40,574 36,353 2936.318 4| 3.553: 514 1961—Jan. 25 39,430 27,380 6,440 5,610 800 40,810 36.520 3036.490 (5) i 3,580 514 Mar. It 39,660 27,520 6,530 5,610 830 41,080 36,670 3036,640 (5) I 3,620 514 Mar. 29* 40,010 27,650 6,570 5,790 850 41.480 37,010 3036,980 (5) ' 3,630 514 Apr. 26* 30,910 27,770 6,360 5,780 800 41,330 36,960 3036,930 (5) 3,600 514 May 31* 40,160 28,000 6,350 5,810 830 41,590 37,070 30 37,040 3,650 514 June 28P 40,340 28,200 6,300 5,840 880 41,810 37,320 30 37,290 8 3,690 514 July 26*> 40,710 28,530 6,290 5,890 720 42,040 37,480 30 37,450 3,710 514 Aug. 30* 40,940 28,730 6,320 5,890 690 42,240 37,600 30 37,570 3,740 514 " Preliminary. * Revised preliminary figures. bank (two prior to July 1961 and three prior to 1960) that became members t This date used instead of last Wednesday of February. in 1941 (these banks are excluded from all commercial banks). 1 All banks in the United States. Beginning with January 1959, Stock savings banks and nondeposit trust companies are included with all banks in Alaska with total deposits of $172 million were included commercial banks. Number of banks includes a few noninsured banks, in the series (a national member bank has been included since April for which asset and liability data are not available. Comparability of 1954); beginning with August 1959, all banks in Hawaii with total deposits figures for classes of banks is affected somewhat by changes in Federal of $365 million were included in the series (a national member bank Reserve membership, insurance status, and the reserve classifications of with total deposits of $220 million has been included in the series since cities and individual banks, and by mergers, etc. April 1959). 2 Beginning with June 30, 1942, excludes reciprocal balances, which on All banks comprise all commercial banks and all mutual savings banks. Dec. 31, 1942, aggregated $513 million at all member banks and $525 All commercial banks comprise (1) all nonmember commerical and million at all insured commercial banks. (2) all member commercial banks. Member banks include (1) a national 3 Includes other assets and liabilities not shown separately. bank in the Virgin Islands that became a member on May 31, 1957, (2) For other notes see following two pages. a noninsured nondeposit trust company, and (3) one mutual savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1060 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— T l o ia t - al Interbank2,7 Other Bor- Total Num- Cla a s n s d o d f a b t a e nk Total Loans o G U t b i o o l . i S n v g s t . a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b o a i a l a u p i n c t n i d i - t t e a s s l 3 Total* m D a e n - d Time U. D S e . mand Time r i o n w gs - c c a o a p u c i n - ta ts l ba b o n e f r ks Govt. Other Central reserve city member banks: New York City: 1941—Dec. 31 12,896 4,072 7,265 1.559 6.637 19.862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26.143 7.334 17,574 1,235 6.439 32.887 30,121 4.640 17 6.940 17.287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1.242 7.261 27.982 25,216 4,453 12 267 19.040 1,445 30 2,259 37 1958—Dec. 31 25,966 16,165 7.486 2.315 9,298 36,398 31,679 4,786 1.739 968 20,704 3,482 3,282 18 1959—Dec. 31 25,291 18.121 5.002 2,168 9,174 35,750 30.647 4,765 988 1,027 20,419 3,448 232 3,361 16 I960—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 Aug. 31 25,438 17,236 6,031 2,171 7,829 34,928 27,945 4,057 1,101 1,005 18,148 3,634 1,083 3,483 15 Dec. 31 27,726 18,465 6,980 2,28210,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3,554 15 1961—Jan. 25 26,821 17,387 7.062 2,372 7,561 36,048 29,979 4.661 1,221 589 19,257 4,251 99 3.569 15 Mar. 1 + 27,690 18,141 6.975 2.574 8.640 38,000 31,031 4.419 1,220 992 19,960 4,440 891 3,584 15 Mar. 29* 27,370 18.278 6,358 2,734 7,837 37,093 30,324 4,316 1,237 818 19,203 4,750 477 3,575 15 Apr. 26* 27,725 18,447 6,588 2,690 8,037 37,668 30,722 3.891 1,281 204 20,415 4,931 593 3,592 15 May 31 P 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 18,2Q5 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 Aug. 30? 28,505 17,643 8,186 2,676 7,350 37,795 30,352 3,735 166 18,639 6,924 902 3,656 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 Aug. 31. . 6,661 4,317 1,727 617 ,927 8,698 7,647 1,236 275 4,629 1,452 117 783 11 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. 29?. 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*. 7,051 4,291 1,994 766 ,897 9,091 7,978 1,186 219 4,704 1,859 73 841 10 June 28P. 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 Aug. 30*. 7,165 4,191 2; 227 747 ,769 9,073 7,901 1,190 281 4,494 1,926 131 852 10 Reserve city member banks:6 1941—Dec. 31 15,347 7,105 6.467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,04211,286 51,898 49,085 6.418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31 36,040 13,449 20.196 2,396 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 5,91017,701 79,781 72,647 7,506 377 1,429 42,2"5"9 21,075 14 5,760 274 1959—Dec. 31 61,621 38.686 17,292 64318,211 81,443 73,675 7.450 303 1,698 42,668 21,555 238 6.106 265 I960—June 29 59,563 39,421 14,846 296 "1-5,786 77,090 68,028 6.062 241 2.591 37,96621,168 1,064 6,257 223 Aug. 31. 60,683 39,497 15,920 266 15,353 77,796 68,484 6,342 285 1,984 38,284 "2,1589 1,093 6,306 218 Dec. 31 62,953 40,002 17,396 554 18,668 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 54815.789 79,543 70,958 7.020 326 1,085 39,883 22,644 237 6,422 214 Mar. If 63,470 40,282 17,521 5,66716,243 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 5,68414,891 79,359 70,197 6,316 311 1,474 38,474 23,622 694 6,589 ?06 Apr. 26* 63,418 39,916 17,805 5,69715,529 80,838 71,556 6,554 341 617 40,077 23,967 879 6,588 205 May 31 * 63,706 40,015 17.876 5,81515,920 81.549 72,113 6,343 60 1.608 39,290 24,812 885 6,640 205 June 28* 64,082 40,095 18,074 5,91315.755 81.765 72,559 6,495 57 1,989 38,933 25.085 662 6,684 205 July 26*. 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 Aug. 30P 65,112 40,401 18,650 6,06115,109 82.161 72,926 6.456 57 1,925 38,890 25,598 552 6,744 205 Country member banks:6 1941—Dec. 31 12,518 5,890 4.377 2.250 6.402 19.466 17,415 792 225 10,109 6.258 4 1,982 6,219 1945—Dec. 31 35,002 5.596 26,999 2,408 10.632 46.059 43,418 1,207 5,465 24,23512.494 11 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3.26810.778 47,553 44,443 ,056 432 28,37814,560 23 2,934 6.519 1958—Dec. 31 61,511 30,257 23.606 7,648 14.031 76,767 70,277 ,578 ,175 42,349 25,137 37 5,685 6.006 1959—Dec. 31 64,082 33,765 22,535 7,781 14.122 79,567 72,323 ,602 ,508 42,832 26,356 71 6.035 5,938 I960—June 29 65.112 36,075 21,241 7,796|12,564 79.007 71,044 ,223 ,947 40,003 27,847 371 6,369 5,962 Aug. 31.. 65,805 36,473 21,520 7,812 12,924 80,210 71,923 ,308 ,623 40,53328,433 490 6,484 5,961 Dec. 3! 67,890 36,981 22.848 8,06014,740 84,126 76,004 ,778 ,783 43,39529,011 23 6,599 5,932 1961—Jan. 25 67.665 36,428 23,187 8,05013,010 82,107 73.933 .530 ,099 42,107 29,171 139 6,652 5,925 Mar. It 67,762 36.601 23.056 8,105 13,123 82.290 74.003 ,436 .772 41,240 29.529 219 6.646 5,922 Mar. 29* 67,897 36,864 22,786 8,24712,479 81,821 73,480 ,361 ,197 40,837 30,048 294 6,660 5,920 Apr. 26* 68,408 37,149 22,945 8,314 12,711 82,513 74,197 .400 828 41,722 30,210 194 6,672 5,917 May 31* 68,937 37,655 22,831 8,451 12,774 83,129 74,624 ,346 1,617 41,13130,493 291 6,754 5,917 June 28* 69,226 37,936 22,754 8,5^6,12,417 83,149 74.589 ,359 1,632 40,88530,676 229 6,825 5,911 July 26* 69,861 37,937 23,345 8,579,12,484 83,673 75,277 ,395 1,440 41,48130,924 195 6,829 5,909 Aug. 30*.... 70,068 38,144 23.295 8,629 12,712 84,206 75,637 ,406 1,644 41,404|31,146 237 6,889 5,907 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- nearest $10 million, no amount is shown except on call dates. nounced in November 1947 by the Federal bank supervisory agencies. 6 Beginning with February 1960 reserve city banks with total loans and At that time a net of 115 noninsured nonmember commercial banks investments of $950 million and total deposits of $1,070 million were with total'loans and investments of about $110 million were added, and reclassified as countrv banks. 8 banks with total loans and investments of $34 million were transferred 7 See note 2, p. 1058. *row 5 L i e n s o s n i t n h s a u n r ^ e $ d 5 m m u i t l u li a o l n . s av B in e g c s a u to se n p o r n e r l n im em in b a e r r y c d o a m ta m e a r r c e i a r l o u b n a d n e k d s . to the For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1061 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b i o o l . i S v n g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c c b T o a i a l a l u o p i n i c a t n t i d i - - a t t e a l s s l 3 Total 2 m D In a e n t - e d rba T n i k m 2 e U. D S e . ma O n t d her Time r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l b N a b u o n e m f k r - s Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 298;15,699 10 6,84413,426 1945—Dec. 31 121,809 25,765 88,912 7".13134,292 157,544 147,775 13,883 276 29,876 215 8,67113,297 1947—Dec. 31 114,274 37,583 67,941 8750 36,926 152,733 141,851 12,615 54 97534,882 61 9,7341133,398 1957—Dec. 31 168,595 93,430 57,580 17585 48,127 220,865 199,876 15,489 1,264 127 56,137 6617,05113,142 1958—Dec. 31 183,596 97,730 65.669 20198 48,689 236.724 214,485 15,653 2,209 214 63,168 6718,15413\101 1959—Dec. 31 188,790 1,1100,299 58,348 20,143 49,158 242,828 218,474 15,500 1,358 720 65,858 60219,20613,107 1960-June 15 188,691 114,785 54.366 19,540 46,825 240,728 212,442 13,756 1,324 6,396 091 66,875 :,57319,97813,140 Dec. 31 198,011 117,092 60,468 20,451 51,836 255,669 228,401 16,921 1,6675,932 533 71,348 14920,62813,119 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,80614977 433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31......... 69,312 13,925 51,250 4,137 20 114 220 84,939 9,229 14,013 45.47316,224 78 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22024 182 82,023 8,375 35 795 53,54119,278 45 5,409 5,005 1957—Dec. 31 91,201 50,350 31,234 9,617 2678612O;i53109,091 8,958 517 2,166 66,54630,904 38 9,070 4,620 1958—Dec. 31 99,277 52.627 35.71410.936 26781128.397116.714 9,035 767 2.292 69,808 3344,812 43 9,643 4,578 1959—Dec. 31 102,615 59,962 31,76110,892 27464132,636119,638 8,947 514 2,742 71,01536,421 34010,302 4,542 I960—June 15 102,309 62,398 29.29810,61426,380 131,433116,178 7,937 472 3,594 67,270 3-6,905 ,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 4,530 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8.145 24,688 22,259 3,739 621 13,874 4.025 1 2,246 ,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 ,867 1947—Dec. 31 32,566 t1,200 19,240 2,125 10,822 43,879 40,505 3.978 15 381 27,068 9,062 9 3,055 ,918 1957—Dec. 31 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 ,773 1958—Dec. 31 55,588 31,435 18,585 5.568 16,407 73,620 66.102 6.192 1,420 1,530 40,64016.320 10 5,817 ,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 .691 I960—June 15.... 55,348 35,946 14,228 5,174 15,495 72,734 63,341 5,429 833 2.151 38,29616,631 1,012 6,143 ,675 Dec. 31 58,073 36,240 16,394 5,439 17,081 77,316 68,118 6,608 1,028 2,022 40,73317,727 20 6,299 ,644 Insured nonmember commercial banks: 1941—Dec. 31 5.776 3,241 1,509 1,025 2.668 8,708 7,702 129 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 ,560 10,635 5,680 1,083 6,416 l947_Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1957—Dec. 31 26,268 12.493 10,512 3,264 5,383 32,066 29,266 407 388 17,58010,873 2,500 6,753 1958—Dec. 31 28,759 13,682 11.381 3,696 5.504 34,737 31,696 426 419 18.76612,063 2,696 6,793 1959—Dec. 31 30,939 15.534 11,546 3,859 5.651 37,132 33,795 451 533 19.73213,059 2,944 6,878 I960—June 15 31.052 16.450 10,848 3.755 4.952 36,582 32,942 389 651 18,52513.357 3,151 6,926 Dec. 31 32,411 17,169 11,368 3,874 6,08: 39,114 35,391 484 645 20,14014,095 3,232 6,948 Nominsured nonmember commercial banks: 1941—Dec. 31 1.457 455 761 241 76.1 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 I960—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 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. 3H.. 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 11,172 3,608 5,684 33,897 30,715 554 138 427 18,42011,176 2,817 7,178 1958—Dec. 31 30.327 14.165 12,088 4,074 5.805 36,664 33,227 572 185 428 19,65512,387 3,028 7,192 1959—Dec. 31........ 32.419 16,068 12,134 4,216 5,961 38,990 35,224 601 103 545 20,60513,370 3,294 7,244 I960—June 15 32.498 16.972 11,395 4.131 5.251 38,397 34.328 553 141 669 19,31813.648 3,503 7,276 Dec. 31. ....... 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20.98614,388 3,590 7,300 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 42 151 1.958 1.789 1,789 164 52 1945_Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 10,351 1,034 192 1947-—Dec. 31 ..... 12,683 3.560 8,165 958 675 13,499 12,207 1212.192 1.252 194 1957—Dec. 3t 26,535 17,194 5,404 3.937 719 27,671 25.022 2266 24.991 2,308 239 1958—Dec. 31 28,980 19.180 5.215 4,585 752 30,189 27,277 2827,243 2,473 241 1959—Dec. 31 30,580 20,942 5,016 4,622 686 31.743 28,577 28 28,544 2,654 268 I960—June 15 31,133 21,721 4.743 4,669 624 32.211 28,824 28 28,,791 2,735 268 Dec. 31 33,794 23,852 4,787 5,155 766 35.092 31,502 31,468 2,998 325 Noninsured mutual savings batiks: 1941—Dec. 31 8.687 259 3,075 1.353 642 9.846 8.744 8,738 1,077 496 1945—Dec. 31 5.361 198 3.522 641 180 5,596 5.022 5.020 558 350 1947_Dec. 3H 5,957 ,384 3,813 760 211 6,215 5.556 5,553 637 339 1957—Dec. 31 7.246 4.022 2.148 1,076 171 7,497 6,672 6,671 751 283 1958—Dec. 31 7.341 4,177 2,050 1,113 169 7,589 6,763 6.762 746 278 1959—Dec. 31......... 6,981 4,184 1,848 949 143 7,200 6,405 6,404 705 249 I960—June 15.... 7,167 4,348 1,885 934 141 7,387 6,511 6,510 730 247 Dec. 31 5,320 3,270j 1,453 597 107 5,481 4,850 4,850 555 189 For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see the BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1062 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans 2 Investments Com- Loans for Loans Oblic b o c C a m a l n l a m l k s d e s a r a o c n te i f d al i l m T n o a v o e a n e n n t d a s s t t l s - 2 Total 2 c o m m c k i l i p n u i n a e e a e g d - r t r l n - - - A c tu u a g l r l r - - i- p o k b a T s r u r e n e o o r r d c c - s c a u h r r a r it y s T i i i e n n o s g g i T n f o s in ti a t t n u o c ti i o a T l n o s l R t o a a e t n a e l s O l v o u i d t t i a a n o h i d - l n - e s - s r O lo t a h n e s r To U ta . l S. B G il o ls vern C t m i e fi r e - - nt N ob o l t i e g s atio B n o s nds S p t s a i i t g o u c o o a n a b l a t n f d i - - e l t s - s O s r e i t t h c i e e u r s pa- deal-others banks others diviper ers sions Total: 3 1947—-Doc. 31.. 116,284 38,057 18,167 ,660 830 1,220 115 9,393 5,723 947 69,2212,193 7,789 6.034 53,205 5,,276 3,729 1958—Dec. 31.. 185,16598,"2' 14' 4400i,442255 4,9732,832|1,829 719 25,255:20,698 3,437 66;376 6,294 7,399|13,396 39,287 16,,5505 4,070 1959.__Dec. 31*. t90,270 110,83240,174 5,018 3,018 1,850 819 7,118 28,060 2244;,166 2,784 58,937 6,300 2,420j14,856 35,360 16,,9"58 3,543 I960—June 15.. 190,137 115,307 41,775 5,363 2,602 1,739 2,365 7,063 28}353 :25,523 2,747 3,593 2,210 15,22433,887|16;,,.7_8.9 3,127 Dec. 31.. 199,509 117.642 43,125 5,676 3,2841,833 966 7,106 28,713 2:6,396 2,901 003 8,072 2,920 19,01330,998117,5703,294 1961—Apr. 12.. 199,120 117,050 42,590 6,020 2,46011,850 1,970 5~7'~60 28,770 26,820 3/210 60,130 6,870 2,120 19 9""50" 31,190 18,710 3",230 AH insured: 1941—Dec. 31.. 49,290 21,259 ,2141,450 614i 662 40 4,773 4,505 21,046 988 3,159 16,S99] 3,6513,333 1945_Dec. 31.. 121,809 25,765 ,4611,314 3,164 3,606 49 4,677 2,361 1,132 88;912 2,45519,071 16,045 51,342! 3^73 3,258 1947—Dec. 31.. 114,27437,583 18,0121,610 823 r *"~ 114 9,266 5,654 91467,9412,124 7,552| 5,918 52,347j, 5", 129 3,6"2'1 1 !9 9 5 5 9 8 _ — - D D e ec c . . 3 3 1 1 . 4 . . 1 1 8 8 3 8 , , , 5 7 9 9 6— 0 9 1 7 10 , . 7 2 3 9 0 9 4 4 0 0 , , 2 0 8 2 9 2 4 4 , , 9 9" 1 7" 3 3 2 2 , , 7 9 9 8 7 2 ! , , 8 8 2 1 7 0 7 8 1 1 3 3 7,1052 2 7 5 , , 9 1 4 4 8 8 2 2 01 4 '0, , , 0 :5 3 8 2 9 2 3 , , 7 4 6 2 7 06 5 5 8 , , 6 3 6 4 9 86 6 , , 1 1 8 5 9 9 7 2, , 4 3 0 6 4 21 14 3 , , 7 2 2 4 9 0 3 35 8 , s 0 9 2 0 7 8 * |l 1 6 6 , , 2 7 6 2 6 1 3 3 , , 9 4 3 2 2 2 I960—June 15.. 188,691114.785 41 5,318 2,584 ,719 2,360 7,04328i240 25,387 2,728 54',3663,527 2,18415,090 33,566116,545 2,994 Dec. 31.. 198,011 117.092 42,957 5,6283,247 ,811 965 7,090 "2"8 ,602 26,263 2,883 60,4687,994 2,884 18,868 30,722:17,300:3,150 1961— Apr. 12.. 197,596116,486 42,419 5,9712,428 ,829 1,972 5,744 28,65826,680 3,186 59,589 6,794 2,08419,799130,91lj18,438;3,083 Member, total: 194i_Dec. 31.. 43,521 18,021 ,671 972 598 39 3,494 3.653 19,539 971 007 15,561 j 3090 2,871 l945__Dec. 31.. (07,18322,775 ,949 8553,133 3,378 47 3,455 1,900 1,057 78,338 ,27516.985 ,27144,807! 3 254 2.815 1947_Dec. 31.. 97,84632,62816,9621,046 8111,065 113 7,130 4,662 839 57,914 ,987 5,816 815145,295 i 4 199 3,105 1958—Dec. 31.. 154,86584,06137,444 3 052 2,730 1,599 710 20,013 17,028 3,211 54,299 ,644 6,143 117 32,,396113 405 3,100 1959—Doc. 31*.. 157,87994779 36,826 3,1'1"6- 2,885 ,587 811 6,801 22,185119,877 2,603 46,813 ,612 812 tl ,604 28,,785113 677 2,610 I960—June 15.. 157,657 98344138,204 ,297 2,469 ,488 2,309 6,73622,309 20,932 2,550 43,526 2,521 .583 11,959 27,,-463113 473 2,315 Dec. 31.. 165,619 99933 39,288 3,509 3,124 1,564 947 6,726 22,,518 21,622 2,694 49,106 6,402 ,296| 15,072 25,335114 141 2,439 1961—Apr. 12.. 165,48199 504 38.821 1,709 2,308 1,582 1,929 5,427 22,716 22,107 3,003 48,332 ,216 ,681jl5 933 25,,502! 15 284 2,361 New York City:* ! 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 ,623 5,331 729 830 1945__Dec. 31.. 26.143 7,334 3,044 2,4531,172 26 80 287 27217,574 477 ,433 ,325 10,339 606 629 1947_Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 ,002 640 558 9,772 638 604 1958—Dec. 31.. 25,96616,165 10,928 1,652 382 503 641 1,502 921 7,486 643 ,106 ,602 4,135 1.869 446 1959—Dec. 314. 25,291 18,121 10,549 1,740 403 531 1,788 936 1,739 833 5,002 639 227! 1,277 2,859 1,833 335 I960—June 15.. 25,77418,350 10,499 1,463 366 1,050 1,886 870 1,821 795 5,384 681 369 i 1,546 2,788 1.722 319 Dec. 31.. 27,72618,465 10,876 10 1,574 399 500 1,799 868 1,930 940 6,980 ,422 578! 1,708 3,272 1,964 317 1961—Apr. 12.. 26,90217,678 10,707 ",179 372 508 1,348 856 1,950 1,190 6,419 804 515! 1,676 3,424 •>,497 308 I Chicago:* 1941 _Dec. 31.. 2,760 954 732 48 52 22 95 1,430 .... i 153, ,022j 182J 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133J 1.467! 74? 864! 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132! 235 248 ,274? 213 185 1958_Dec. 31.. 6,830 3,637 2,628 266 97 10 161 357 210 2,562 232 361 522 ,446! 491 140 1959—Dec. 314. 6,885 4,206 2,527 268 124 33 588 183 435 148 1,985 108 78 467 ,332; 562 133 (960—June 15.. 6,707 4,386 2,716 187 123 93 581 183 396 211 1,664 46 42 4801 .096; 564 93 Dec. 31.. 7,050 4,485 2,690 322 134 67 564 196 421 197 1,882 132 37 663 ,050; 6071 76 1961—Apr. 12.. 6.871 4,532 2,627 218 131 184 479 1931 586 206 1,569 154 20l 537| 857! 693 i 77 Reserve city: i 1941_Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 508 6,467 295 7511 5,421i 956 820 1945_Dec. 31.. 40,108 8,514 3.661 205 427 ,503 17 1,459 855 38729,5521,034 6,982 5,653 15,8831 1.126! 916 1947—Dec. 31.. 36,04013,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 l,9Ol|l5,563j 1,3421,053 1958_Dec. 31.. 60,55834,00315,808 669 518 851 191 8,405 6,930 1,30120,6451,293 2,370 4,497j!2,484i 4,8641,047 t959_Dec. 314. 61,62138,68615,252 765 580 776 235 3,369 9,251 8,211 980 17,2921,484 645 4,109111,054'4,830 813 I960—June 15.. 59,75039,53415,778 805 511 713 924 3,184 9,036 8,430 892 14,921 464 365 4,00610,086! 4,623 672 Dec. 31.. 62,95340,002| 16,223 887 719 739 351 3,.2 16, 9,005 8,721 90917,396 2,031 794 5,461 9,1111 4,817 738 1961—Apr. 12.. 63,203 40',027 15,910 946 553 712| 930 2,650 9,106 9,030 95917,4621,747 566\6,086 9,064: 5.052 661 ! Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1.823 1,528 4,377 110 ' 481! 3,787| 1,222 ,028 1945—Dec. 31.. 35,002 5.596 1,484 648 42 471 4 1,88! 707 359(26,999 630 5,102i 4,544 16.722! 1,342 ,067 1947_Dec. 31.. 36,32410,199 3,096 818 23 227 5 3,827 1,979 224|22,857 480 2,583 2,108jl7,687| 2,006 1,262 1958—Dec. 31.. 61,51130,257 8,080 2,368 294 268 6 10,806 8,239 779123,6062,475 2,306 4,495114,330 6,181 ,467 1959—Dec. 314. 64,082 "3"3,766 8,498 2,321 298 284 11 1,056 11,816 9,491 643 22,5352,381 863 5,751113.540 6,452 ,330 I960—June 15.. 65,42736,074 ,212 2,465 308 286 242 1,085 12,22010,286 652 21,556 1,329 807 5,928 13,493 6,565 ,232 Dec. 31.. 67,890 "3'6,981 499 2,589 508 293 29 1,147 12,44910,550 647 22,8"4"8 "2,817 888 7,240|11,903! 6,752 1,308 1961—Apr. 12.. 68.50537,267 577 2,714 359 367 307 95012.561110,540 648 22,8822,511 580 7,635112,156i 7,042 1,315 Nonmember:3 1947—Dec. 31.. 18,454 5,432 1,205 614 20! 156 2,266 1,061 10911,318 206 1,973 f,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. 31 4. 32,41916,068 3,3481,902 1331 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 1,073 627 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 5,668j 3,431 857 1 All commercial banks in the United States. These figures exclude fications of cities and individual banks, and by mergers, etc. ddaattaa ffoorr bbaannkkss iinn UU.. SS.. ppoosssseessssiioonnss eexxcceepptt ffoorr mmeemmbbeerr bbaannkkss.. DDuurriinngg 22 B Beeggininnniningg wwitihth JJuunnee 3300, , 11994488, , fifgiguureress ffoor r vvaarrioiouuss loloaann itietemmss aarere S1y94st1e mth;r eteh emseu tubaaln skasv i(ntgwso babnekgsi nbneincagm we imthe mJubneers 1o9f 6t0h)e aFreed eirnacl luRdeesde rvine s a h d o d w t n o t g h r e o s t s o t ( a i l . e a . n , d b e a f r o e r e n o d t e e d n u ti c r t e i l o y n co o m f p v a a r l a u b at le io w n it r h e s p e r r i v o e r s ): f ig th u e re y s . d o T o n t o a t l 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 rTor 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 1063 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES > [In millions of dollars) Demand deposits Time deposits p _ JtvC- Bal- Dec b c o C a a m l n l a l k m s d s e a a o r n t c e f d ial F B s s w e o R e a d r r i n e v e t v - k h e r e s s al C va i a n u s l h t b m a a w n d e n o i c s k t - e t h s i s c «ju p m s o a d t a d e s e n - i - d t d s 7 m D e t s o n d t - t e i e c p r 6 o t> si e a F t n i s o g k r n - 8 G U o . v S t . . p v s S o i u a l t s i a b n i t o t d d i e c n i s a - s l c C c h o a e f e e i f e t n e f c r r c i d t . d s - k i ' - s, a p v n s a p i t I d h d i r n o o t u i d r n p c n a a i e s o s l - - , r s r - , - b In a t n e k r - 8 p G U s i a o n o a . n s g v v d t S s a - t . . l s v S p u i a i t s o b c a n i l a d o t d i e l i n t s - - s p a v n a s p I t i h i d r d n o o t i u d n r c p n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p - n l i t - s Total: 3 1947—Dec. 31.... 17,796 25216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 866 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_Dcc. 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 10.999 110,025 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 1,000 2,310 11,020 3,480 113,210 410 280 5,040 71,250 1,65021,530 Ail 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 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31 17,796 2,145 9,736 85,751 11,236 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 11,969 114,563 13,825 1,675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 602 19,206 1960—June 15,... 17,917 3,232 10,737 109,249 12,356 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 13,409 114,292 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 11,346114,520 13,182 956 2,302 10,933 3,443 112,516 280 276 4,946 70,904 1,639 21,154 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 1,243 22,179 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 196a—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 Citv:* 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 " "io 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 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:* 1941—Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945 Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1 1 ft J* 9 9 4 5I 7 8 — — JLD- D ^Ve/ e Vtc c . «/ 3 3* 1 •1•• ..a.. 1 l! 0 0 5 7 8 0 3 3 0 6 1 1 8 7 5 5 4 3 , , 2 7 7 3 1 7 1 1 , 3 1 1 9 4 6 4 2 3 1 24 7 9 2 2 3 8 0 5 2 8 6 8 3 4 3 ' ,7 8 4 5 6 3 34 7 2 7 9 1,4 9 2 02 3 "**3 7 4 3 2 3 6 1959—Dec. 31.... 920 33 142 4,171 1,187 43 272 329 105 4,636 23 8 1 1,449 40 762 I960—June 15.... 995 28 109 3,678 1,193 40 335 283 85 4,301 43 4 1,401 333 765 Dec. 31.... 899 33 171 3,968 1,327 53 327 298 102 4,499 61 2 7 U521 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 I960—June 15.... 7,482 740 2,229 32,873 6,354 272 2,319 2,803 801 36,156 245 80 1,375 19,484 870 6,181 Dec. 31.... 7,354 753 2,610 34,357 7,688 301 1,960 3,329 953 37,986 326 85 1,787 20,652 73 6,423 1961—Apr. 12.... 6,986 851 2,074 34,393 6,884 207 679 3,111 839 36,768 61 98 2,038 22,016 642 6,592 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31 4,993 929 3,900 27,424 ,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1958—Dec. 31.... 5,444 1,476 5,030 40,272 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 Nonraember:3 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1 596 1958 Dec 31 808 4,633 19,300 528 43 428 2,325 331 16,999 185 27 747 11 613 20 3,027 1959 Dec 31 790 4,706 20,146 555 46 545 2,544 369 17,692 103 26 783 12,560 34 3^294 I960—June 15 826 4,087 18,983 504 49 669 2,449 335 16,533 141 25 848 12,775 87 3^504 Dec. 31 828 5,099 20,525 578 65 657 2,658 357 17,970 160 25 985 13,378 33 3,590 3 Breakdowns of loan, investment, and deposit classifications are not $525 million at all insured commercial banks. available prior to 1947; summary figures for earlier dates appear in the 7 Through 1960, demand deposits other than interbank and U.S. preceding table. Government, less cash items reported as in process of collection; beginning 4 For a discussion of revision in loan schedule, see the BULLETIN for with 1961, demand deposits other than domestic commercial interbank January 1960, p. 12. and U.S. Government, less cash items reported as in process of collection 5 Central reserve city banks. 8 See note 2, p. 1058. < Beginning with June 30, 1942, excludes reciprocal bank balances, For other notes see opposite page. which on Dec. 31, 1942, aggregated $513 million at all member banks and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1064 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loan.J For purchasing or carrying securities To financial institutions Wednesday T lo a o n a t n d a s l i L n a o v n a e d n st s - Com- a T n o d b d r e o a k l e e r r s s To others Banks in N s o ti n tu b t a i n o k ns All Valuam in e v n e t s s t - 1 ju a st d e - d2 j L u a s o t d a e - n d s 2 in a c d n ia u d l s- A t c u g u r l r a - i l - Do- s P o e n r a - l e R st e a a t l e o lo th an er s se t r i r o e v - n es trial G U t l i o i o o g . b S n v a - - . s t. O c t s u t i e h e r - s e i- r G U t l i o i o o . g b v n a S - - s t . . O c t s u t i h e e r - s e i- r F ei o g r n - c m m c o t i i e e m a c s r l - - - n c s a a o a f n n l m i e d - c s - e Other panies etc. Total— Leading Cities 1961 June 7 ... 112,912 111,406 69,047 31,161 1,149 163 1,996 103 1,326 558 1 506 3 257 12 83~ 16 402 14 114,744 113,807 69,848 31,519 1J48 360 2,098 103 1,332 551 917 3,314 ,701 12,861 16 420 563 21 115,512 114,190 70,350 31,702 1 147 729 2,036 105 1,340 564 1,322 3,360 67? 12,904 16 354 563 28 114,343 113,106 70,171 31,769 1,155 380 2,061 104 1,343 579 1,237 3,332 ,693 12,896 16,418 1,559 July 5 115,084 113,257 70,361 31,615 1,151 475 2,069 106 1,360 614 1,827 3 482 ,7V 12,902 16 430 570 113,683 112,402 69,940 31,549 1 161 336 2,114 103 1,367 587 1,281 3,253 ,710 12,921 16,387 570 19 114,304 112,910 69,989 31,380 1,160 793 2,073 106 1,376 572 1,394 3 144 ,737 12 942 16 276 570 26 116,067 115,045 69,835 31,320 1,168 720 2,012 106 1,364 582 1,022 3,116 ,748 12,952 16,317 570 Aug 2 .... 116,510 114,923 70,072 31,499 1,091 620 2,003 106 1,371 582 1 587 3 321 745 12 956 16 346 568 9 115,233 114,041 69,623 31,359 1095 434 1,948 110 1,367 572 1,192 3,266 761 12,973 16 304 568 16 . . 116,194 114,555 70,040 31,592 1,101 529 1,893 106 1,370 580 1 639 3 379 1 781 13 002 16 278 I 571 23 115,649 114,224 69,704 31,498 1 116 426 1,847 104 1,378 551 1,425 3,304 1,786 13 038 16*224 I 568 30 115 779 114,301 69,551 31,476 1;IP 279 1,857 102 1,377 565 1 478 3 254 1 790 13 055 16 253 New York City 1961 June 7 27,324 26,589 16,975 10,243 5 87 1.294 16 405 278 735 1.031 309 757 2,985 435 14 28,264 27,815 17,474 10,417 254 ,196 17 409 274 449 ,099 312 759 2 966 434 21 28,333 27,986 17,754 10,499 4 492 ,116 18 410 287 347 ,111 313 775 2,963 434 28 28,060 27,607 17,686 10,571 3 265 1,345 19 414 299 453 ,110 319 755 3,019 433 July 5 28,664 27,746 17,795 10,515 316 ,144 20 417 323 918 ,186 331 758 3 018 436 12 27,592 27,002 17,433 10,468 3 195 1,364 20 419 302 590 ,008 320 763 3,007 436 19 27,819 27,354 17,581 10,357 1 519 ,151 20 423 295 465 976 312 766 2,995 436 26 28,455 27,980 17,477 10,366 1 451 ,111 20 419 297 475 970 309 760 3,008 437 Aug 2 28,691 28,017 17,623 10,447 1 470 ,774 20 420 296 674 1,071 307 764 2,990 439 9 27,896 27,610 17,256 10,292 1 306 20 421 293 286 1,072 310 771 2 976 439 16 28,403 27,884 17,334 10,358 3 281 1,179 20 424 307 519 1,147 311 767 2 977 440 23 28,210 27,618 17,048 10,303 4 196 1,147 20 426 285 592 [,084 306 775 2,942 440 30 28,226 27,682 16,939 10,284 4 147 1 151 20 426 289 544 .010 301 774 2 952 439 Outside New York City ! 1961 June 7 . . . 85,588 84,817 52,072 20,918 ,144 76 702 87 921 280 771 2 226 1 154 12 07* 13 417 1 iJSt 14 86,480 85,992 52,374 21,102 ,141 106 702 86 923 277 488 2,215 1,191 12,104 13,454 1,129 21 87,179 86,204 52,596 21,203 237 720 87 930 277 975 2,249 1,159 12,129 13 39 1 129 28 86,283 85,499 52,485 21,198 J52 115 716 85 929 280 784 2,222 1,374 12,141 13,399 1,126 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 1,134 86,091 85,400 52,507 21,081 ,158 141 750 83 948 285 691 2,245 1,410 12,160 13 380 1 134 19 86,485 85,556 52,408 21,023 ,157 274 722 86 953 277 929 2,168 1,475 12,176 13,28 1,134 26 87,612 87,065 52,358 20,954 ,165 269 701 86 945 285 547 2,146 1,439 12,192 13,309 1,133 Aug 2 87,819 86,906 52,449 21,052 ,088 150 729 86 951 286 913 2,250 1,418 12,192 13 356 1 129 9 87,337 86,431 52,367 21,067 ,09? 128 717 90 946 279 906 2,194 1,451 12,202 13,328 I 129 16 87,791 86,671 52,706 21,234 ,098 248 714 86 946 273 1,120 2 232 1 470 12 235 13 30 1 131 23 87,439 86,606 52,656 21,195 .11? 230 700 84 952 266 833 2,220 1,480 12 263 13 282 1 128 30 . 87,553 86,619 52,612 21,192 1,108 132 706 82 95, 276 934 2,224 1,489 12,281 13,30 1 130 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 1065 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Total U. S. Government obligations assets— All Total Wednesday Total c C t a i e f t i e r - - s Wi N th o - m tes a 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 n i i a c c t l e k e h - s s s - b a w e B f n a i o n a i c g r t l e k n h - - s s Cur a r n e d ncy B s F w e R a . r i n e v R t - h k e . s s i a o s t s h e e t r s a c l c i a a c a t p i b n o e i d i u s t l a n i- l ts in 1 to After 1 year 5 years Total— Leading Cities 1961 June 7. 31,431 3,494 2,302 5,180 15,941 4,514 10,928 16,334 2,702 112 1,320 12,200 4,277 144,489 14. 33,124 5,177 2,330 5,164 15,945 4,508 10,835 17,279 3,373 114 1,423 12,369 4,227 149,890 21. 32,935 4,894 2,379 6,163 14,983 4,516 10,905 16,792 2,834 129 1,394 12,435 4,226 148,139 28. 31,976 3,923 2,386 6,223 14,948 4,496 10,959 16,988 3,172 120 1,469 12,227 4,303 146,974 July 5 31,974 3,959 2,386 6,264 14,927 4,438 10,922 16,852 3,064 111 1,306 12,371 4,331 149,051 12 31,456 3,522 2,418 6,256 14,855 4,405 11,006 17,099 3,149 123 1,494 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 1,399 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 1,429 12,379 4,510 148,582 Aug. 2 33,790 5,856 1,556 5,498 16,385 4,495 11,061 16,807 2,802 124 1,342 12,539 4,34: 149,418 9 33,327 5,386 1,540 5,345 16,565 4,491 11,091 16,887 2,644 121 1,360 12,762 4,375 147,253 16 33,328 5,461 1,520 6,212 15,944 4,191 11,187 16,827 2,853 125 1,347 12,502 4,290 149,734 23 33,322 5,394 1,522 6,312 15,944 4,150 11,198 16,446 2,785 118 1,403 12,140 4,260 146,964 30 33,464 5,632 1,521 6,267 15,918 4,126 11,286 16,330 2,607 130 1,462 12,131 4,364 146,843 New York City 1961 i June 7 7,091 ,095 833 1,140 3,233 790 2,523 3,602 52 188 3,313 3,851 36,561 14 7,837 ,831 852 1,106 3,256 792 2,504 4,001 116 188 3,646 1,816 39,135 21 7,693 ,665 875 1,440 2,927 786 2,539 3,897 71 186 3,575 1,821 38,045 28 7,364 ,344 869 1,446 2,918 78 2,557 3,986 107 193 3,629 1,858 38,114 July ,2::::::::: 7,420 ,419 870 1,4761 2,869 786 2,531 3,503 62 194 3,199 1,860 38,356 7,07' ,054 884 1,474 2,871 791 2,495 3,947 88 191 3,611 1,882 37,884 19 7,286 ,160 994 1,458 2,878 796 2.487 3,845 73 181 3,528 1,903 38,113 26 7,963 ,876 984 1,473 2,845 785 2,540 3,920 70 181 3,611 2,045 38,262 Aug. 2 7,85: ,852 521 1,203 3,457 825 2,536 3,750 70 182 3,444 1,859 38,311 9 7,814 ,81'' 513 1,147 3,514 826 2,540 3,926 77 180 3,623 1,904 37,547 16 7,967 ,99: 510 1,398 3,264 802 2,583 3,725 58 177 3,436 l,85r 37,896 23 7,9T ,98 510 1,440 3,249 792 2,598 3,620 61 173 3,336 1,866 37,286 30 8,069 2,19' 493 1,327 3,270 782 2,67' 3,742 61 187 3,432 1,91 37,448 Outside New York City 1961 June 7. 24,340 2,399 1,469 4,040 12,708 3,724 ,405 12,732 2,650 1,132 8,887 2,426 107,928 14 25,287 3,346 1,478 4,058 12,689 3,716 ,33 13,278 3,257 1,235 8,723 2,41 110,755 21 25,24." 3,229 1,504 4,723 12,056 3,730 :,366 12,895 2,763 1,208 8,860 2,405 110,094 28 24,61! 2,579 1,51~ 4,777 12,030 3,709 :,402 13,002 3,065 1,276 8,598 2,445 108,860 July 5 24,554 2,540 1,516 4,788 12,058 3,652 ,39 13,349 3,002 1,112 9,172 2,47 110,695 12 24,38." 2,468 1,534 4,782 11,984 3,614 1,51 13,152 3,061 1,303 8,722 2,452 110,500 19 24,61 2,696 1,559 4,820 11,924 3,614 1,535 12,772 2,861 1,218 8,628 2,440 109,649 26 26,14C 4,262 1,563 4,826 11,881 3,608 i,567 13,053 2,962 1,248 8,768 2,465 110,320 Aug. 2 25,93: 4,004 1,035 4,295 12,928 3,670 1,52: 13,057 2,732 1,160 9,095 2,48: 111,107 9 25,51: 3,57" 1,027 4,198 13,051 3,665 1,55 12,96 2,567 1,180 9,139 2,47 109,706 16 25,361 3,46! 1,010 4,814 12,680 3,389 !,604 13,10: 2,795 1,170 9,066 2,43 111,838 23 25.35C 3,41 1,012 4,872 12,695 3,358 S.600 12,82< 2,724 1,230 8,804 2,394 109,678 30 25,395 3,43: 1,028 4,940 12,648 3,344 12,58 2,546 1,275 8,699 2,45' 109,395 NOTE.—Figures reflect new coverage; for description of changes in/the series, see BULLETIN for June 1961, p. 654. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1066 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Deposits Borrowings Demand Time Wednesday ju u T s n o t a e t d a d l - * j p m u D o a s d a t d s e e e n - i - - t d d s 2 Total 3 p v s a i I d h a r n t u n i d n p d a i e s - l , s r- , 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 G U o . v S 't. c m m D o t e i e o m c s - r - - - Totals S in a g v s - p v a i I d r n t u d n a i e - l O s r- , the S p r a t o a n l t t d i i e t m - s e For- B F F r a . o n m R ks . o F th ro e m rs O li i t a t h i b e e i s r l- c C o i a a t u c a p - n - l ts corpo- divi- cial ships, ical eign4 rations sions banks and subcorpo- divirations sions Total— Leading Cities: 1961 June 7 124,919 62,210 85,628 63,391 5,210 1,523 1,56510,887 39,29128,408 5,858 2,809 1,908 27 1,705 5,33512,503 14 131,072 63,433 91,610 66,811 4,891 1,592 2,78811,74939,462 2"8",449 5,974 2,822 1.906 17 882 5,42812,491 21 128,916 62,600 89,480 64,512 4,737 1,712 4,75010,52139,43628,509 5,933 2,817 1,866 44 1,507 5,18812,484 28 127,967 62,156 88,255 63,750 4,932 1,626 3,83410,925 39,712 28,627 6,102 2,799 1,874 20 1,221 5,24412,522 July 5 129,530 61,155 89,698 63,866 5,015 1,598 4,015 11,744 39,832 28,714 6,133 2,789 1,881 25 1,885 5,061 12,550 12 129,305161,892 89,346 65,451 4,716 1,615 2,089 12,09739,959128,763 6,194 2,803 1,883 9 1,467 5,051 12,552 19 128,320 62,509 88,203 65,212 4,516 1,621 1,790 114,0""6 40,117|28,805 6,281 2,793 1,920 141 1,608 5,16812,525 26 129,598 63,398 89,382 64,692 4,822 1,669 4,164jlO,788 40,216)28,823 6,343 2,794 1,937 11 1,078 5,352 12,543 Aug. 2 129,731 62,381 89,427 64,044 5,107 1,682 4,O86|11,2O1 40,304128,862 6,389 2,783 1,962 122 1,714 5,241 12,610 9 127,484 61,998 87,046 63,157 4,776 1,593 3,079111,21l|40,438|28,955 6,394 2,799 1,975 399 1,439 5,305 12,626 16 129,587 61,017 89,113 64,013 4,712 1,689 4,11611,557i40,474J28,985 6,336 2,811 2,022 88 1,9471 5,488 12,624 23 127.367 61,434 86,846 62,748 4,702 1,667 3,748 11,055 40,521 29,015 6,351 2,811 2,027 5 1,561 5,409 12,622 127;039 61,855 86,379 62,935 4,847 1,598 3,568 10,586 40,660 29,030 6,415 2,817 2,083 26 1,674 5,449 12,655 30 New York City 1961 29,630 16,329 23,310 16,886 250 ,165 398 2,799 6,320 2,590 1,878 259 ,463 563 2,782 3,586 June 7 32,444 16,994 26,033 18,098 258 ,240 759 3,226 6,411 2,601 1,942 272 ,461 261 2,842 3,588 14 31,103 16,667 24,696 17,170 247 ,284 1,311 2,724 6,407 2,608 1,937 270 ,455 660 2,696 3,586 21 31,361 16,406 24,841 17,198 220 ,217 1,083 3,142 6,520 2,632 2,027 259 ,466 457 2,715 3,581 28 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 30,911 16,046 24,329 16,921 338 ,197 577 3,243 6,582 2,658 2,051 256 ,478;. 688 2,681 3,604 19 31,060 1166,202 24,372 16,881 293 ,222 488 3,136 6,688 2,667 2,129 245 ,505 75 689 2,684 3,605 26 31,407 16,610 24,693 16,901 277 ,243 1,192 3,049 6,714 2,672 2,132 249 ,519 394 2,863 3,598 Aug. 2 31,234 16,197 24,506 16,660 265 1,261 1,238 3,060 6,728 2,673 2,140 248 ,533 76 638 2,734 3,629 9 30,276 15,949 23,537 16,336 234 1,181 937 2,830 6,739 2,685 2,121 253 ,541 123 719 2,792 3,637 16 30,525 15,795 23,735 16,408 260 1,263 1,088 2,943 6,790 2,694 2,111 260 ,584 906 2,826 3,639 23 30,132 15,845 23,319 16,229 239 1,229 962 2,922 6,813 2,697 2,121 262 ,592 671 2,845 3,638 30 30,047 15,967 23,190 16,422 324 1,138 887 2,770 6,857 2,709 2,141 250 ,617 ""is 891 2,865 3,627 Outside New York City 1961 June 7 95,289 45 62,318 46,505 4,960 358 1,167 8,08832,97125,818 3,980 2,550 445 27 ,142 2,553 8,917 14 98,628 46! 65,577 48,713 4,633 352 2,029 8,52333,05125,848 4,032 2,550 445 17 621 2,586 8,903 21 97,813 45 64,784 47,342 4,490 428 3,439 7,797 33,029 '2"5901 3,996 2,547 411 44 847 2,492 8,898 28 96,606 45 63,414 46,552 4,712 409 2,751 7,78333,192 25,995 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 ,088 2,385 8,949 12 98,394 45,846 65,017 48,530 4,378 418 1,512 8,854 33,377126,105 4,143 2,547 405 9 779 2,370 8,948 19 97,260 46,307 63,831 48,331 4,223 399 l,302J 8,270 33,429126,138: 4,152 2,548 415 66 919 2,484 8,920 26 98,19146,788 64,689 47,791 4,545 426 2,972 7,739 33,502,26,151 4,211 2,545 418 11 684 2,489 8,945 Aug. 2 98,497 46 64,921 47,384 4,842 421 2,848 8,141 33,576i26,189 4,249 2,535 429 46 1.0761 2,507 8,981 9 97,208 46 63,509 46,821 4,542 412 2,142: 8,381 33,699 26,270 4,273 2,546 434: 276 720 2,513 8,989 16 99,062 45 65,378 47,605 4,452 426! 3,028 8,614i33,684 26,291 4,225 2,551 438, 1,041 2,662 8,985 23 97,235 45 63,527 46,519 4,463 438| 2,786 8,133 33,708 26,318 4,230 2,549 435; 890 2,564! 8,984 30 96,992 45^888 63,189 46,513 4,523 460 2,6811 7,816 33,803 26,321 4,274: 2,567 4661 783j 2,584j 9,028 1 Total demand and total time deposits. 4 Comprises deposits of foreign governments and official institutions' 2 Beginning with Apr. 26, 1961, based on demand deposits other than central banks, international institutions, banks in foreign countries, and domestic commercial interbank and U. S. Government, less cash items foreign branches of U. S. banks other than reporting bank. reported as in process of collection. 5 Includes U. S. Government, postal savings, domestic commercial 3 Includes certified and officers' checks and deposits of mutual savings interbank, and mutual savings banks, not shown separately. banks, not shown separately. NOTE.—Figures reflect new coverage; for description of changes in the 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 1067 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY» [Net increase, or decrease (—). In millions of dollars] Manufacturing and mining Comm'I 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 c e e n o t t t d a d s a 3 l - l s ch r P l u e c e a e m o b u n t a b r m d i l o 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 p t ( t t r o u i i i a l n o r b i n c n t t l i s a l i ) e . - c - 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 f l e e l e s r ss c c h l f N a a i n e s e d s g t i e - s c r h w b e a a i e i p n a n n n e o l d g k g k l r ' e l s l t y — * - 1960—Jan.-June.. -558 273 1,062 -52 354 372 -677 -48 96 155 977 1,186 July-Dec... 579 -215 -665 58 -29 -28 507 61 35 310 615 305 1961—Jan.-June.. -498 177 -100 81 249 -175 -325 -330 53 406 -463 -387 1961—June -13 32 68 -4 131 -16 -69 27 12 126 292 309 July -108 4 -242 -51 -25 -28 51 -50 16 15 -425 -449 Aug 106 76 -83 -143 17 61 87 -94 9 118 155 156 Week ending— 1961—June 7... -54 -4 -112 -23 -17 -47 -36 1 7 -276 -299 14... 20 26 59 28 37 15 -5 72 16 64 333 358 21... 70 14 19 -1 23 8 -27 24 21 29 181 183 28... -50 -3 101 63 -23 10 -33 -27 25 55 67 July 5... -87 -52 -10 -3 6 -2 -14 1 -155 -154 12... -46 12 -23 12 7 4 4 -60 17 A -77 -66 19... -30 -10 -85 -28 -3 13 -22 12 23 -130 -169 26... -40 e -47 18 -22 -26 30 34 2 -6 -63 -60 Aug. 2... i 32 55 -20 4 20 26 53 173 179 9... 2 17 -18 -134 7 12 9 -83 32 -154 -140 16... 66 35 25 13 17 19 17 36 219 233 23... -7 -6 -19 -10 7 4 1 -25 1 9 -45 j -94 30... 46 -2 -90 -4 -14 31 9 -12 -11 -39 j -22 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» [Weighted averages. Per cent per annum] Size of loan Size of loan Area (thousands of dollars) Area (thousands of dollars) All All period loans 1- 10- 100- 200 period loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterlv (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 1960 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 1960—June ... . 5 58 6 10 5 84 5 61 5 41 SeDt 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, 3Vi; 1954—Mar. 17, 3; 1955—Aug. 4, 3^; 2 Based on new loans and renewals for first 15 days of month. Oct. 14, 3%; 1956—Apr. 13, 3%; Aug. 21, 4; 1957—Aug. 6, 4&; 1958— Jan. 22, 4; Apr. 21, 3^i; Sept. 11, 4; 1959—May 18, 4^; Sept. 1, 5; and NOTE.—Bank prime rate was 3 per cent Jan. 1, 1952-Apr. 26, 1953. I960—Aug. 23, 4%. Changes thereafter occurred on the following dates (new levels shown, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1068 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 i p r o m m c t e h i r - e 6 a s , l - 1 c m d F 3 o p i p - i o m r l n a e a n t a p p o c c t n e t e a h l c 6 r d n y s 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 R is s a 3 n u t - e e e m w onth M b y il a i l e r s k ld et on R is 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 -mont O h th is e s r u s es 3 is - y s t e u o a e r s 5 6 - 1958 average 2 46 2 12 2 04 1 839 1 78 2 09 2 90 1959 average 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 I960 average .. . 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 1960 Aug 3.34 2.94 3.04 2.286 2.30 2.574 2.59 2.82 2.89 3.50 Sept 3.39 3.13 3.00 2.489 2.48 2.803 2.83 2.86 2.99 3.50 Oct 3.30 3.11 3.00 2.426 2.30 2.845 2.73 2.92 3.01 3.61 Nov .. 3.28 2.91 3.00 2.384 2.37 2.650 2.66 2.87 2.99 3 68 Dec 3.23 2.97 2.92 2.272 2.25 2.530 2.50 2.64 2.79 3.51 1961—Jan 2.98 2.78 2.86 2.302 2.24 2.496 2.47 2.63 2.70 3.53 Feb 3.03 2.65 2.78 2.408 2.42 2.601 2.60 2.75 2.84 3.54 Mar 3.03 2 76 2.94 2.420 2.39 2.591 2.54 2.76 2.86 3.43 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 Aug 2.92 2.64 2.81 2.402 2.39 2.670 2.66 2.91 3.03 3.80 Week ending— 1961 Aug 5 2 75 2 50 2.75 2.300 2.28 2.557 2.51 2.85 2.85 3.74 12 2.83 2.60 2.75 2.366 2.38 2.617 2.64 2.93 3.02 3.86 19 3 00 2 69 2 80 2 519 2.50 2.765 2.78 2 95 3 11 3 83 26 .... 3.00 2.69 2 88 2.503 2.41 2.793 2.71 2.89 3.09 3.77 Sept 2 3.05 2.69 2.88 2.321 2.34 2.617 2.65 2.90 3.06 3.77 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 1 [Per cent per annum] Government bonds Corporate bonds3 Stocks 5 State By selected By Dividend/ Earnings/ Year, month, or week United and local3 ratings groups price ratio price ratio S (l t o a n te g s - Total 4 term) 2 Total 4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues 4-9 20 5 5 120 30 30 40 40 40 14 500 500 1958 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 r5.91 1960 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 r5.98 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 r5.33 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 r4.18 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 Aus 4 00 3.62 3.33 3.96 4.73 4.45 5.11 4.60 4.92 4.67 4.69 2.91 Week ending— 1961 Aug 5 . .. 3.95 3.60 3.32 3.93 4.72 4.45 5.11 4.60 4.92 4.65 4.68 2.93 12 4.03 3.62 3.32 3.97 4.73 4.45 5.11 4.60 4.92 4.66 4.68 2.90 19 4.01 3.63 3.33 3.97 4.74 4.45 5.12 4.61 4.92 4.68 4.70 2.91 26 . . .. 4.01 3.63 3.33 3.97 4.74 4.44 5.11 4.61 4.93 4.68 4.69 2.90 Sept. 2 4.01 3.63 3.34 3.98 4.74 4.44 5.12 4.61 4.93 4.68 4.70 2.91 *> Preliminary. r Revised. 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 1069 SECURITY PRICES1 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 thou- (long- (high- (high- In- Pub- Trans- Pub- sands term^ grade) 3grade)3 Total dus- Rail- lic Total porta- lic- Min- of trial road util- Du- Non- tion util- ing shares) ity Total rable du- ity rable Number of issues. 15 17 500 425 25 50 300 193 108 85 18 34 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 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 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 73.8 3,042 I960—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 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 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 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 74.1 3,100 Dec... 87.84 108.0 95.1 56.80 60.22 29.03 49.78 115.2 110.3 114.5 106.4 92.6 138.5 78.2 3,684 1961—Jan... 87.70 108.1 95.6 59.72 63.20 31.43 52.73 120.9 115.3 118.6 112.1 100.3 148.7 85.1 4,243 Feb.., 88.74 109.7 96.3 62.17 65.71 32.17 55.64 125.4 119.2 121.4 117.3 102.6 156.0 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 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 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 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 97.0 3,324 July.. 87.57 106.7 94.5 65.38 69.09 31.78 59.36 132.7 125.2 126.5 123.9 103.3 166.7 93.1 3,045 Aug.. 86.27 106.5 93.9 67.79 71.69 32.76 61.19 137.4 130.1 131.3 129.0 107.0 170.6 92.8 3,545 Week ending— 1961—Aug. 5.. 87.00 106.9 94.0 67.21 71.17 31.97 60.24 137.1 129.9 131. 128.1 106.0 170.0 163.5 93.5 3,767 86.00 106.3 93.8 67.85 71.83 32.45 60.87 137.7 130.4 132.0 128.9 106.5 171.3 164.0 93.4 3,633 19.'! 86.22 106.3 93.9 67.86 71.83 32.80 61.02 138.2 131.0 131.6 130.5 108.3 170.9 164.6 92.9 3,605 26.. 86.15 106.7 93.9 68.02 71.86 33.30 61.73 136.6 129.2 129.7 128.6 107.1 170.2 164.7 91.5 3,444 Sept. 2.. 86.20 106.3 94.1 67.86 71.62 33.16 62.17 137.7 130.5 132.3 128.9 107.9 169.7 167.1 91.5 3,033 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. « Average daily volume of trading in stocks on the New York Stock Exchange for a 5V£-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 Total- Net debit balances with Bank loans to others (than securities New York Stock Exchange brokers and dealers) for pur- Money borrowed Customers' End of month i other than firms 2 chasing and carrying securities3 net U. S. Govt. free obligations credit (col. 3 + Secured by Secured by U. S. Govt. Other On On balances col. 5) U. S. Govt. other obligations securities U. S. Govt. other obligations securities obligations securities 1957_Dec.. 3,576 68 2,482 60 1,094 125 1,706 896 1958—Dec.. 4,537 146 3,285 63 1,252 234 2,071 1,159 1959—Dec.. '4,461 150 3,280 164 '1,181 221 2,362 996 I960—Aug., '4,252 111 3,109 140 '1,143 173 2,063 ,021 Sept '4,292 122 3,137 147 '1,155 177 2,143 ,059 Oct.. '4,303 111 3,133 136 '1,170 161 2,139 ,063 Nov. '4,303 99 3,141 128 '1,162 139 2,129 ,062 Dec.. '4,415 95 3,222 134 '1,193 142 2,133 ,135 1961—Jan.. '4,424 77 3,253 123 '1,171 101 1,937 ,269 Feb.. '4,532 68 3,358 127 '1,174 94 1,905 ,392 Mar. '4,787 55 3,601 110 '1,186 70 1,927 ,507 Apr. 5,190 50 3,936 112 1,254 67 2,284 ,508 May 5,386 40 4,060 108 1,326 58 2,529 ,453 June 5,367 51 4,024 104 1,343 67 2,748 ,280 July. 5,355 50 3,991 106 1,364 '69 2,728 ,207 Aug. 5,349 49 3,972 102 1,377 56 2,679 ,208 ' 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 exceDt member firms of national securities exchanges. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1070 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and tinance company paper Held by- Based on— End of year Accepting banks F. R. Goods stored in or or month Placed Total Banks Im- Ex- shipped between Placed direct- Others ports ports Dollar points in:— Total through ly into from exdealers i (finance To- Own Bills Own For- United United change paper) 2 tal bills bought acct. eign States States United Foreign corr. States countries 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958 3 2,744 840 3 1,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,168 677 2,491 1,151 319 282 36 75 82 675 357 309 74 162 249 I960 July 4,749 1,213 3,536 1,561 404 299 104 29 180 948 400 545 166 76 373 5,019 1,365 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 1,479 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 1,532 3,469 2,254 858 661 197 45 151 1,200 397 863 93 268 633 May 4.848 1,478 3,370 2,203 808 645 163 37 166 1,192 379 864 74 235 651 C4,851 1,460 3,391 2,271 913 697 216 36 156 1,166 395 896 70 207 703 July 4,904 1,534 3,370 2,301 915 727 188 32 144 1,210 415 926 45 186 729 c Corrected. 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; placed directly, 1891. 2 As reported by finance companies that place their paper directly with investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars] Loans Securities Total assets— End of year State Corpo- Cash Other l T ia o b t i a li l - Deposits l O ia t b h i e li r - Su a r c p - lus M co o m rt m ga it g m e e l n o t a s n 2 or month Mort- U.S. and rate assets assets ties ties counts gage Other Govt. local and and govt. other i surplus accts. Number Amount 1941 4,787 89 3,592 1,786 829 689 11,772 10,503 38 1,231 n.a. n.a. 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1953 12,792 165 9,191 428 3,311 982 330 27,199 24,388 203 2,608 n.a. n.a. 1954 14,845 188 8,755 608 3,548 1,026 380 29,350 26,351 261 2,738 n.a. n.a. 1955 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 n.a. n.a. 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 n.a. n.a. 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 n.a. n.a. 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 ,664 19593 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 ,170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 ,200 I960 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 ,031 Aug 26,018 449 6,544 686 4,957 765 564 39,983 35,589 878 3,516 56,013 1,090 Sept 26,214 435 6,512 687 4,989 787 592 40,216 35,867 806 3,543 58,782 1,164 Oct 26,382 417 6,356 681 4,985 779 585 40,185 35,923 740 3,522 60,396 1,205 Nov 26,553 425 6,288 676 5,019 788 590 40,339 35,962 810 3,567 60,420 1,242 Dec 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961—Jan 26,863 412 6,349 667 5,079 825 610 40,804 36,513 728 3,563 63,470 1,241 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 [,488 May 27,570 449 6,337 665 5,126 834 607 41,588 37,060 883 3,645 67,236 1,556 June 27,766 415 6,303 689 5,142 861 616 41,792 37,409 722 3,662 66,467 1,674 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 1071 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d St ( a l U o te c .S a a . l n ) d Foreign 2 Total Bonds Stocks gages estate loans assets End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 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 <m 1960 119,576 11,679 6,427 3,588 ,664 51,857 46,876 4,981 41,771 3,765 5,231 5^273 End of month:4 1958—Dec.... 107,580 11,242 7,182 2,691 ,369 46,420 43,044 3,376 37,092 3,387 4,186 5,253 1959—Dec.... 113,650 11,599 6,858 3,221 ,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 1960—June... 116,377 11,468 6,559 3,317 ,592 49,880 46,092 3,788 40,631 3,786 4,957 5,658 July... 117,005 11,654 6,632 3,421 ,601 50,051 46,223 3,828 40,694 3,809 5,029 5,768 Aug 117,581 11,650 6,592 3,464 1,595 50,261 46,380 3,881 40,920 3,822 5,085 5,842 Sept.... 117,947 11,750 6,586 3,546 1,618 50,299 46,414 3,885 41,099 3,828 5,138 5,833 Oct.. .. 118,544 11,729 6,524 3,579 1,626 50,610 46,669 3,941 41,313 3,834 5,182 5,876 Nov.... 119,066 11,788 6,547 3,605 1,636 50,811 46,831 3,980 41,521 3,851 5,225 5,870 Dec.... 119,717 11,729 6,444 3,622 1,663 51,010 46,956 4,054 41,798 3,804 5,267 6,109 1961—Jan 120,467 11,881 6,545 3,671 1,665 51,306 47,211 4,095 42,008 3,813 5,303 6,156 Feb.... 120,951 11,944 6,542 3,702 1,700 51,446 47,296 4,150 42,143 3,822 5,345 6,251 Mar... 121,469 11,987 6,535 3,735 1,717 51,612 47,377 4,235 42,351 3,823 5,409 6,287 Aor.... 121.921 11,982 6,488 3,769 1,725 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 June... 122,861 11,927 6,401 3,779 1,747 52,277 47,937 4,340 42.905 3,856 5,553 6,343 1 Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included, in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on an amortized basis and stocks at end-of-year market value. SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities Total Mortgage E o n r d m of o n y t e h ar g M ag o e r s t- o G U b o l . i S v g . t a . - Cash Other3 a li s a T s b e o i t l t s i a t 2 i l — es S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 4 d L p o ro an ce s s i s n Other c m o l m e o n a m t n s i t * tions profits 1941 4,578 107 344 775 6,049 4,682 475 256 636 n.a. 1945 5,376 2,420 450 356 8,747 7,365 644 336 402 n.a. 1953 21,962 1,920 1,479 1,297 26,733 22,846 1,901 1,027 959 n.a. 1954 26,108 2,013 1,971 1,469 31,633 27,252 2,187 950 1,244 n.a. 1955 31,408 2,338 2,063 1,789 37,656 32,142 2,557 1,546 1,411 833 1956 35,729 2,782 2,119 2,199 42,875 37,148 2,950 1,347 1,430 843 1957 40,007 3,173 2,146 2,770 48,138 41,912 3,363 1,379 t 484 R67 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 ,293 874 1,285 1960 60,084 4,586 2,715 4,104 71,489 62,154 4,982 2,191 1,183 979 1,360 I960—June 56,435 4,592 2,279 3,966 67,272 58,301 4,643 1,938 1,372 1,018 1,614 July .... 57,050 4,559 2,043 3,839 67,491 58,450 4,636 1,811 1,367 1,227 1,647 Aug 57,763 4,532 2,073 3,841 68,209 58,939 4,637 1,833 ,353 1,447 1,635 Sept 58,406 4,533 2,097 3,904 68,940 59,541 4,640 1,882 ,313 ,564 ,559 Oct 59,011 4,553 2,201 3,989 69,754 60,208 4,640 1,868 ,280 1,758 1,509 Nov 59,512 4,589 2,287 4,142 70,530 60,766 4,649 1,919 ,209 ,987 ,451 Dec 60,084 4,586 2,715 4,104 71,489 62,154 4,982 2,191 1,183 979 ,360 1961—Jan 60,455 4,679 2,620 3,997 71,751 62,745 4,980 1,726 ,114 ,186 ,425 Feb 60,882 4,871 2,679 4,068 72,500 63,298 4,984 1,646 ,127 L,445 ,556 Mar 61,571 4,978 2,682 4,191 73,422 64,003 4,991 1,620 ,226 ,582 ,787 Aor 62,265 4 960 2,706 4,304 74,235 64.420 5,002 1,708 ,322 ,783 [,9*1 May 63,080 4,960 2,855 4,520 75.415 65.220 5.005 1.749 .413 2,028 \115 June 64,073 4,991 2,987 4,460 76,511 66,582 5,287 2,023 ,535 1,084 2,120 n.a. Not available. 1958, no deduction is made for mortgage pledged shares. These have 1 Figures are for all savings and loan associations in the United States. declined consistently in recent years and amounted to $42 million at the D as a so ta c ia b t e io g n in s n a in n g d a w n i n th u al 1 9 r 5 e 3 p or a t r s e o b f a n se o d n in o s n u re m d o a n s t s h o ly c ia r t e io p n o s r . t s D of a ta in s p u ri r o ed r end 3 I o n f c l 1 u 9 d 5 e 7 s . other loans, stock in the Federal home loan banks and other to 1953 are based entirely on annual reports. investments, real estate owned and sold on contract, and office buildings 2 Prior to 1958 mortgages are net of mortgage pledged shares. Asset and 4 C fi o x n tu s r i e st s s . 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

1072 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 from, In- Less—- Equals— r B e u c N e d e i g p t e t t s re T P f c u r l e u u n i s d p s : t ts ac I t G L r n t e a i o t o s n r v s n a s t s - - : . i E p T r f u q e r t o u b o h c t a l m e t a i s l c l s . 2 : B p t u e u e n d r x e d g - s i e - t p T P t f e u u e r l n u r x u n e d s - d s s : i t - A m L d e e j n s u s t s s : t 3 - E p p t T q o u a o u b y t t a l h t a l i s e l s c . : t p p o u a t o h ( y b r e - t l s i ) c . , & ( c ( c o - d r d r r e a ) e i e , r a g a d b e s s e e i c t e e n n - t , .) t a i r G n g . N v e o f n . e u v . t b n t & . y ds O d n c e t a o h b s n e h t - 4 r b r i o e n c N ( r p a g ) r a e s o y h o t w t 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 1,625 491 -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 -1,181 2,160 8,678 1960... 77,763 520,534 3,167 95,078 76,539 520,891 3,129 94,301 777 3,371 953 597 1,821 1961P.. 77,578 23,792 4,170 97,144 81,503 23,182 5,394 99,291 -2,147 2,103 871 536 697 Semiannually: 1959—July-Dec... 33,575 9,381 2,147 40,784 39,191 10,563 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 11,593 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.-June*\ 42,249 13,573 2,644 53,151 41,286 12,621 3,305 50,603 2,548 -1,307 1,055 68 -2,427 Monthly: I960—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*1 10,749 2,975 ,353 12,367 7,948 2,320 822 9,446 2,921 -927 556 3 -1,486 July 2,982 1,002 200 3,781 6,32." 1,873 305 7,890 -4,109 3,499 -863 194 4,168 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a . s , h o r b a d l e a c n . c ( e — s: ) Acco S un ta t t e o s f ( T en re d a s o u f r e p r e r o i f o d U ) nited Period s B u d N u e r o p f d e i r l g c t u i e t s t , a l c d T a f c e u t r o u f i n u i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h n o a - n s. i m s a o ( G s g + b N a u e o l r ) a i e n v k g o n t c t e a c f . y t - e i i n & s a n G e v g N c . e o t F . e r n v u e t b ( c t d s . y - y t . ) I d n ( p e d g - c c u i ) r r o r r b , o e e e r a l s c a i i s s c n t s e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance B ( F a D a a . v b n e a l R p k e il . o s - sits T T a L i r u x n o e r — a a y a n s n - d O as n t s e h e t e ts r tions6 funds6 debt funds) Accts. Fiscal year—1958 -2,819 262 670 567 -197 5,816 140 4,159 9,749 410 8,218 1,121 1959 -12,427 -1,511 -29 71 1,112 8,363 -23 -4,399 5,350 535 3,744 1,071 1960 1,224 -359 -149 1,023 -714 1,625 -4 2,654 8,005 504 6,458 1,043 -3,925 610 449 -733 -436 2,640 -83 -1,311 6,694 408 5,453 833 Semiannually: 1959_july-Dec -5,617 -1,187 -437 366 911 6,092 -105 233 5,583 504 4,216 863 I960—Jan.-June 6,841 828 288 657 -1,625 -4,467 101 2,421 8,005 504 6,458 1,043 July-Dec -4,888 -341 19 -493 275 3,886 52 -1,594 6,411 485 5,165 761 1961—Jan.-JuneP 963 951 430 -240 -711 -1,246 -135 283 6,694 408 5,453 833 Monthly: I960—July -3,044 -734 152 23 616 2,008 27 -1,006 6,998 477 5,676 845 Aug -349 1,209 -533 -694 -1,083 334 -12 -1,104 5,894 481 4,628 785 Sept 2,188 -392 559 24 245 -249 -48 2,423 8,317 489 6,987 841 Oct -4,006 -600 241 21 659 2,063 23 -1,645 6,672 437 5,447 788 Nov -473 590 -643 88 -310 -73 20 -841 5,831 512 4,517 802 Dec 796 -416 244 46 148 -197 42 580 6,411 485 5,165 761 1961—Jan -1,624 -1,080 423 27 868 -181 15 -1,582 4,829 588 3,215 1,026 Feb 301 638 -57 8 65 508 1 1,463 6,292 467 4,881 944 Mar 1,512 -119 580 -87 -423 -3,072 -112 -1,498 4,794 443 3,533 818 Apr -1,325 -686 205 -132 842 516 181 -761 4,034 633 2,315 1,086 May -702 1,544 -503 -86 -1,409 2,158 -126 1,128 5,162 372 3,994 796 Junep 2,801 655 -216 29 -655 -1,175 -94 1,532 6,694 408 5,453 833 July -3,340 -871 34 24 780 3,433 163 -101 6,593 415 5,287 891 n.a. Not available. p Preliminary. Budget expenditures, and payroll deductions for Federal employees re- 1 Consists primarily of interest payments by Treasury to trust accounts tirement, health and life insurance funds. and to Treasury by Govt. agencies, transfers to trust accounts representing 2 Small adjustments to arrive at this total are not shown separately. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1073 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profit taxes Period B ce u N r i d e p e - g t t s e 2 t Old T - rans H fe i r g s h - to R. R. fu R o n e f d - s B c T u e r o d i e p t - g a t e s l t Individual Corpo- ta c E i x x s e e - s t p m a E l x o e m e n y s - t - 8 O ce r t i e h p - e ts r Liquor b T ac o- co a t M a n i d l f e r r s r e s .' - ' age way re- re- With- ration f t u r n u d st 7 t f r u u n s d t m tir e e n - t ceipts held Other acct. 1 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 6,925 n.a. n.a. n.a. Semiannually: 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 94B 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 12,927 5,831 7,439 3,795 n.a. n.a. n.a. Monthly: I960—July 3,128 365 257 17 167 3,976 1,055 346 670 995 383 527 23S 151 Aug 6,454 1,524 296 83 203 8,590 4,849 147 409 1,121 1,608 456 272 179 !,44S 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 48 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,G49 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 n.a. June*> 10,749 1,127 238 44 242 12,642 2,450 1,937 5,246 1,067 1,173 769 n.a. n.a. July 291 253 14 178 3,779 1,235 245 520 975 306 498 n.a. n.a. n.a. Budget expenditures9 Major national security Agri- Vet- culture Period Total 2 Total 10 M de i f l e it n a s r e y M a a s il n s i i c t s a e t r - y A en t e o r m gy ic f a i I n f a f n a n a t n i d l r c . s e In e t s e t r- ic e b e s r e f e s a i n r t n v a s e s n - - ' d w L a a e n l b f d o ar r e t a c a u r g u n e r r l - a d - 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 n e a n 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 1961P 81,503 47,402 43,218 1,446 2,716 2,592 9,055 5,262 4,949 5,039 2,008 3,939 1,931 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 ,056 1,870 951 1961—Jan.-June?' 41,286 24,216 22,048 802 1,374 1.524 4,468 2,685 2,724 2,041 952 2,069 980 Monthly: I960—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 1S2 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 June23 7,948 4,568 4,051 301 244 213 770 446 692 757 195 392 189 July? 6,322 3,452 3,179 26 232 223 773 422 398 486 153 318 156 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. Fiscal and semiannual totals adjusted; monthly totals are not. Jan.-June 4 Primarily adjustments 2, 3, and 4, described in note 3. totals derived by subtracting July-Dec, totals from fiscal year totals. 5 Adjusted for reclassification of certain repayment of advances from 10 Includes stockpiling and defense production expansion not shown the general fund. separately. 6 Excludes net transactions of Govt. sponsored enterprises, which are For other notes, see opposite page. included in the corresponding columns above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1074 FEDERAL FINANCE U. S. GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of U. S. Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable Total End of Total gross Con- Special month d g e ro b s t* s d d i e r b e t c 2 t Total Total Bills C c e a r t t e if s i- Notes Bonds b v i o b e n l r d e t- s Total 5 S in a g v s - s T a a n a v d x - issues Bank Bank bonds ings eligi- re- notes ble* stricted 1941—Dec 64 3 57 9 50 5 41 6 2 0 6 0 33 6 8 9 6 1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17 0 38.2 23.0 68.4 52 2 56 9 48.2 8.2 20.0 1947—Dec 257 0 256 9 225 3 165 8 15 1 21.2 11 4 68 4 49 6 59 5 52 1 5 4 29.0 1953—Dec 275 2 275 2 231 7 154 6 19 5 26.4 31 4 63 9 13 4 12 0 65 1 57 7 6.0 41.2 1954—Dec 278.8 278.8 233 2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63 6 57 7 4.5 42.6 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956—Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 Dec • • • 275 0 274 9 227 1 164 2 26 9 34 6 20 7 82 1 9 5 53 4 52 5 45 8 1958—Dec 283 0 282 9 236 0 175 6 29 7 36 4 26 1 83 4 8 3 52 1 51 2 44.8 1959—Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960—Aug 288.8 288.7 240.4 186.3 36.4 42.0 82.3 6.2 48.0 47.3 45.2 Sept 288.6 288.4 240.4 186.4 36.5 25.5 42.1 82.3 6.1 47.9 47.3 45.0 Oct 290.6 290.5 243.1 189.4 39.5 25.5 42.1 82.3 5.8 48.0 47.4 44.3 Nov 290.6 290.4 242.6 188.8 39.5 18.4 51.2 79.7 5.7 48.0 47.4 44.€ Dec 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Jan 290.2 290.0 242 8 189 3 39.7 18.4 51.3 79.8 5 6 47.9 47.2 43.8 Feb 290.7 290.5 243.5 189.9 39.9 11.5 58.7 79.8 5.6 47.9 47.3 43.7 Mar 287.7 287.5 240.1 186.5 36.5 11.5 57.8 80.7 5.5 48.0 47.4 44.0 Apr 288.2 288.0 241.6 188.1 38.2 11.5 57.5 80.9 5.4 48.0 47.4 43.0 May 290 4 290 1 242 3 188 9 38 4 13 3 56 2 80 9 5 4 48 1 47 5 44,5 289 2 289.0 240 6 187 1 36 7 13.3 56.3 80.8 5 4 48 1 47.5 45.0 July 292.6 292.4 244.8 191.3 40.8 13.3 56.3 80.8 5.3 48.2 47.6 44.2 Aug ... 294.0 293.7 245.1 191.1 40.9 5.5 65.0 79.7 5.2 48.3 47.6 45.6 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $442 million on Aug. 31, 1961, and fully guaranteed securities, not postal savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, adjusted service bonds, and REA bonds, not shown sep- 3 Includes amounts held by Govt. agencies and trust funds, which arately. aggregated $11,018 million on July 31, 1961. 6 Less than $50 million. OWNERSHIP OF U. S. GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Held by— Held by the public Total gross debt U. S. Govt. E m n o d n t o h f i ( n a i s g n n t e i c t c e g e l u s u u e ) r d a d i- r - - Sp a t e g r c u e i s a n t l c i f e u s n P a d u n s b d 1 lic R F B e e a d s n e e r k r v a s e l Total m b C a e n o r k m ci s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r s - g S a o t n v a d t t e s. Savi I n n g d s ividu O al t s her i M t n o v i r s e s c s 3 . issues issues bonds securities 1941—Dec 64.3 7.0 2.6 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257.0 29.0 5.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1952—Dec 267.4 39.2 6.7 24.7 196.9 63.4 9.5 16.0 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 25.9 201.0 63.7 9.2 15.9 21.5 12.7 49.4 15.4 13.2 1954_Dec 278.8 42.6 7.0 24.9 204.2 69.2 8.8 15.3 19.2 14.4 50.0 13.5 13.9 1955—Dec 280.8 43.9 7.8 24.8 204.3 62.0 8.5 14.6 23.5 15.1 50.2 14.8 15.6 1956—Dec 276.7 45.6 8.4 24.9 197.8 59.5 8.0 13.2 19.1 16.1 50.1 15.6 16,1 1957—Dec 275.0 45.8 9.4 24.2 195.5 59.5 7.6 12.5 18.6 17.0 48.2 15.4 16.6 1958—Dec 283.0 44.8 9.6 26.3 202.3 67.5 7.3 12.7 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—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 61.4 6.4 11.9 20.1 17.3 45.6 21.9 23.6 Nov 290.6 44.6 10.8 27.5 207.7 61.2 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 61.9 6.4 11.8 21.2 17.3 45.8 21.2 23 9 Mar 287.7 44.0 10.9 26.7 206.1 59.7 6.6 11.7 19.5 17.4 45.9 21.3 24.1 Apr 288.2 43.0 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 June 289.2 45.0 11.0 27.3 205.9 62.5 6.3 11.4 18.4 17.3 46.1 20.7 23.2 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $100 million on Dec. 31, 1960. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1075 OWNERSHIP OF U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a b n rk l d e e s t 2 - v b e C o r o t n i n b d - l s e Total W 1 i y th e i a n r 5-10 10 O y v e e a r rs All holders: 1958—June 30. 175.573 22,406 32,920 20,416 90,932 166,675 67,782 41,071 22 %1 34,860 1959—June 30. 185.709 32,017 33,843 27,314 84,853 7,681 178.027 72.958 56,819 18.518 29.713 I960—June 30. 190.151 33,415 17,650 51,483 81,297 6,306 183;845 68,982 72.844 21 731 20,288 Dec. 31. 194,695 39,446 18,442 51,284 79,843 5,680 189,015 73,830 72,298 18,684 24,204 1961—May 31. 194,277 38,411 13,338 56,246 80,899 5,384 188,893 77,411 63,835 26.438 21,210 June 30. 192,513 36,723 13,338 56,257 80,830 5,365 187,148 79,635 59,885 26,435 21,193 U. S. Govt. agencies and trust funds: 1958—June 30 9.477 173 599 1,169 4,703 2,833 6,644 899 1.565 913 3,267 1959—June 30 9 68 \ 86 537 1,389 4,988 2,680 7,001 930 1,679 1,448 2,944 1960—June 30 10.246 371 459 1,810 5,136 2,470 7,776 1,070 2,683 2,062 1,961 Dec. 31 10,528 591 461 1,771 5,294 2,411 8,117 1,482 2,432 1,602 2,601 1961—May 31. 10,815 805 216 1,302 6,141 2,352 8,463 1,524 1,890 2,550 2,499 June 30. 10,848 801 222 1,246 6,235 2,345 8,503 1,671 1,693 2,576 2,564 Federal Reserve Banks: 1958—June 30 25 438 2 703 19,946 2.789 25 438 23 010 1 014 57 1,358 1959—June 30 26 044 2,032 18.650 2.879 2.484 26.044 20 687 3.887 410 1,060 I960—June 30 26,523 2 513 8,508 13,011 2,491 26,523 19 385 5,689 ,179 271 Dec. 31 27,384 3,217 9,082 12,519 2,566 27,384 15,223 10,711 ,179 271 1961—May 31.. 26,887 2,652 6,517 14,548 3,170 26,887 14,149 10,471 2,116 152 June 30.. 27,253 2,840 6,511 14,634 3,268 27,253 14,677 10,268 2,141 166 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 04 5 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—May 31. 54,623 5,917 3,026 18,299 27,298 84 54,540 17,789 27,427 7,402 1,922 June 30. 55,116 6,379 3,123 18,373 27,158 84 55,033 20,153 25,577 7,386 1,918 Mutual savings banks: 1958—June 30 7 110 89 132 465 5.493 931 6,179 303 1,106 675 4,094 1959—June 30 7 079 175 209 684 5,228 783 6,296 480 1,360 1 700 2,756 I960-June 30 6 489 209 166 1,199 4,607 309 6.181 463 1,720 2 662 1,336 Dec. 31 6,188 144 143 1,190 4,466 245 5,944 480 1,544 1 849 2.071 1961_May 31 . 6.247 232 97 1,339 4,357 222 6,025 671 1,460 2,290 1,604 June 30. 6,215 227 102 1,343 4,324 218 5,996 724 1,414 2,289 1,569 10 SRO 254 112 614 7,398 2.202 8.378 651 1,650 1,004 5 074 j 959—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 1961—May 31 . 10.194 342 112 1,349 7,106 ,286 8,908 1,038 2,076 3,118 2,675 June 30. 10,034 242 101 1,346 7,064 ,282 8,752 1,107 1,873 3,113 2,659 Other investors: Nonfinancial corporations: 3 I960—June 30 11 494 4,579 1,740 1,882 3.284 11,485 8 442 2,871 98 75 Dec. 31 10,746 5,599 1,331 1,712 2,099 10,741 8,340 2,269 58 72 1961_May 31 . 11,233 6.047 892 2,177 2,112 11,228 9,244 1,827 115 42 June 30. 10,048 4,885 754 2,227 2,177 10,043 8,368 1,521 114 40 Savings and loan associations: 3 I960—June 30 2 480 178 495 1.675 62 2,418 297 947 472 703 Dec. 31 2 515 163 510 1,724 61 2 454 322 858 473 802 1961—May 31 . 2.704 139 605 1,863 59 2,645 786 739 745 June 30. 2,703 112 613 1,881 60 2,642 370 782 747 744 All others: 4 1958—June 30 65 459 15.392 8,799 6,636 31 829 2,802 62 657 29 4«9 11 24? 6 054 15 872 1959—June 30 78 444 25,659 10.216 9,147 31.252 2.171 76 27 "* 39 724 16 503 5 069 14 977 I960—June 30 74,299 22,957 4,711 16,263 28,602 1,766 V 5H 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--May 31. 71.575 22,277 2,441 16,628 28,852 1,377 70,198 32.622 17,897 8.108 11,571 June 30. 70,297 21,238 2,488 16,477 28,724 1,371 68,926 32,566 16,757 11,534 1 Direct public issues. Holdings of "all others," a residual throughout, include holdings of Data comolete 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 6,270 commercial banks, 512 mutual savings banks, 2 Includes minor amounts of Panama Canal and postal savings bonds. and 827 insurance companies, which together accounted for more than 3 Holdings first reported separatelv in the Treasury Survey for Feb- 90 per cent of all holdings of banks and insurance companies, and 488 ruary 1960. Monthlv figures for February-May 1960 shown in the nonfinancial corporations and 489 savings and loan associations, which Treasury Bulletin for September 1960, on. 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

1076 FEDERAL FINANCE DEALER TRANSACTIONS IN U. S. GOVERNMENT SECURITIES 1 [Averages of daily figures. Par value, in millions of dollars] U. S. Government securities By maturity By type of customer Federal Week ending— U. S. agency Total Govt. Other Com- securities Within 1-5 5-10 After securities dealers mercial All 1 year years years 10 years dealers and banks other and brokers brokers 1961 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 33 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. n, 280 '1,821 '384 65 10 '759 '50 '855 '616 '76 26. 1,819 1,321 414 64 20 492 33 771 523 63 Aug. 2 1.653 1,370 226 42 15 508 60 680 405 57 9 1,396 1.067 262 48 20 426 39 564 367 71 16 1,271 1J046 150 53 22 399 29 437 406 27 23 1,380 1,213 114 34 19 439 14 502 425 56 1,322 1,160 114 32 16 398 30 498 495 71 p Preliminary. r Revised. or purchases or sales of securities under repurchase agreements, reverse 1 The transactions data combine market purchases and sales of U. S. repurchase (resale), or similar contracts. The averages are based on the Government securities dealers reporting to the Federal Reserve Bank of number of trading days in the week. New York. They do not include allotments of and exchanges for new NOTE.—Details may not add to totals because of rounding. U. S. Government securities, redemptions of called or matured securities, DEALER POSITIONS IN U. S. GOVERNMENT SECURITIESi FINANCING OF U. S. GOVERNMENT SECURITIES DEALERS* [Averages of daily figures.2 Par value, in millions of dollars] [Averages of daily figures. In millions of dollars] U.S. Government sePurities, by maturity Week Federal Commercial banks ending- All Within 1-5 After se a c g u e r n i c ti y es Week All Corpora- All maturities 1 year years 5 years ending— sources New Else- tions 2 other York wkere City 1961 Apr.^.... 1,980 1,613 232 135 143 1961 2,264 1,880 247 137 119 2 1 6 9 2 2 , , 8 5 8 2 8 8 2 2 , , 5 2 4 0 7 4 2 2 1 1 3 4 1 10 2 9 8 1 1 1 0 5 5 Aprii:::: 2 1 , , 1 89 0 7 8 3 5 4 1 9 3 4 4 7 6 7 3 9 9 2 6 1 6 1 1 5 6 1 7 19 2,615 589 663 1,201 162 May 3 2,344 1,970 244 131 132 26.... 2,423 425 552 1,278 168 10.... 2,927 2,204 581 142 139 17 3,237 2,560 560 118 159 May 3 2,277 440 619 1,072 147 24 2,778 2,250 459 69 179 10 2,147 433 495 1,049 170 31.... 2,534 2,049 459 26 172 17 2,873 850 633 [,149 241 24.... 2,912 791 560 [,350 211 June 7.... 1,943 1,613 354 23 146 31 2,535 509 468 1,355 203 14 2,086 1,757 346 -17 145 21 .... 2,579 2,316 280 -19 134 June 7.... 2,214 475 328 1,209 202 28 '2,462 '2,226 257 '-21 130 14 1,985 509 245 1,054 178 21 2,612 830 556 1,037 188 July 5 '2,247 '2,066 205 -24 '166 28 2,432 595 409 1,217 210 12 2,323 2,163 179 -20 125 19 2,844 2,620 212 12 109 July 5.... 2,260 598 339 1,154 169 26 2,733 2,017 593 123 109 12. ... 2,196 502 387 1,162 145 19. ... 2,489 677 484 1,187 140 Aug. 2.... 2,739 2,317 338 85 127 26.... 2,779 716 532 1,341 189 9.... 2,645 2,446 168 32 124 Aug. 2.... 2,885 869 469 1,270 276 r Revised. 9 2,666 727 467 1,164 307 1 The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the contract 1 The figures are 7-day averages and include both bank and nonis matched by a reverse repurchase (resale) agreement or delayed delivery bank dealers. See also note 1 of the opposite table on this page. sale with the same maturity and involving the same amount of securities. 2 All business corporations except commercial banks and insurance Included in the repurchase contracts are some that more nearly represent companies. investments by the holders of the securities rather than dealer trading NOTE.—Details may not add to totals because of rounding. positions. 2 Averages are based on number of trading days in the week. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE; SECURITY ISSUES 1077 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, AUGUST 31, 19611 [On basis of daily statements of U. S. Treasury. In millions of dollars] !<5<jue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount reasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Sept. 7, 1961 ,701 Feb. 15, 1962 600 May 15, 1963 3% 2,753 Dec. 15, 1964-69... 2Vi 2,556 Sept. 14, 1961 ,701 Feb. 23, 1962 600 Oct. 1,1963 1% 506 Feb. 15, 1965 2% 6S896 Sept. 21, 1961 ,701 Mar. 1,1962 600 Nov. 15, 1963 4% 3,011 Mar. 15, 1965-70... 2Vi 4,688 Sept. 22, 1961* .503 Mar. 23, 1962* 3,503 Apr. 1,1964 114 457 May 15, 1966 3% 1.213 Sept. 28. 1961 ,700 Apr. 15, 1962 2.000 May 15, 1964 4% 4,933 Aug. 15, 1966 3 i;484 Oct. 5, 1961 ,701 July 15, 1962 2,004 May 15, 1964 3% 3,893 Nov. 15,1966 3% 2,438 Oct. 13, 1961 ,701 Aug. 15, 1964 5 2.316 Mar. 15, 1966-71.. .2V4 2,927 Oct. 16, 1961 ,502 Certificates Aug. 15, 1964 3^ 5,018 June 15, 1967-72... 2 % 1,768 Oct. 19, 1961 ,600 Oct. 1, 1964 \Vi 490 Sept. 15, 1967-72... 2 Vi 2,716 Oct. 26, 1961 ,600 May 15, 1962 ...3 5,509 Nov. 15, 1964 4% 4,195 Nov. 15, 1967 3% 3,604 Nov, 2, 1961, ,702 Apr. 1,1965 \Vi 466 Dec. 15, 1967-72...2% 3,547 N N o o v v . . 1 9 6 , , 1 19 9 6 6 1 1 . i 7 7 0 0 1 2 Tre O a c s t u . ry 1 n , o t 1 e 9 s 61 V/2 52 O M c a t y . 1 1 5, , 1 1 9 9 6 6 5 5 4 1% y8 2,1 3 1 1 3 5 O M c a t y . 1 1 5, , 1 1 9 9 6 6 9 8 3% 4 2 1 , , 1 4 3 2 7 4 Nov. 24, 1961 ,701 Feb. 15, 1962 3Vt 9,098 Apr. 1,1966 1% 175 Nov. 15, 1974 3% 654 Nov. 30, 1961 .701 Feb. 15, 1962 3% 647 May 15, 1975-85.. .414 470 Dec. 7,1961 ' MX) Feb. 15, 1962 4 1,435 Treasury bonds June 15, 1978-83... 3^ 1,597 Dec. 14, 1961 500 Apr. 1,1962 \Vi 551 Sept. 15, 1961 2% 351 Feb. 15, 1980 4 884 Dec. 21, 1961 501 May 15, 1962 4 2.211 Nov. 15, 1961 2Vi 6,963 Nov. 15, 1980 3H 643 Dec. 28, 1961 j 500 Aug. 15, 1962 4 158 June 15, 1959-62... 2 V4 3,960 May 15, 1985 314 1,133 Jan. 4,1962 ! 500 Aug. 15, 1962 3% 7,325 Dec. 15, 1959-62...214 2,271 Feb. 15, 1990 3% 2,718 Jan. 11, 1962 500 Oct. 1,1962 IVi 590 Dec. 15, 1960-65 2.. 2% 1,485 Feb. 15, 1995 3 2,692 Jan. 15, 1962 i 1,502 Nov. 15, 1962 3% 1,143 June 15, 1962-67... 2% 1.464 Nov. 15, 1998 3Vi 2,343 Jan. 18, 1962 I 500 Nov. 15, 1962 314 6,082 Aug. 15, 1963 2Vi 4;317 Jan. 25, 1962 ! 500 Feb. 15, 1963 2% 2,839 Dec. 15, 1963-68... 2% 1,819 Convertible bonds Feb. 1,1962 | 600 Apr. 1,1963 1V4 533 Feb. 15, 1964 3 3,854 Investment Series B Feb. 8, 1962 I 600 May 15, 1963 4 1,743 June 15, 1964-69... 2^ 2,638 Apr. 1, 1975-80... 2*/4 5,235 * Tax anticipation series, 2 Partially tax-exempt. 1 Direct public issues. NEW STATE AND LOCAL GOVERNMENT SECURITY ISSUES 1 [Investment Bankers Association data. Par amounts of long-term issues in millions of dollars] AHissues (new capital and refunding) Issues for new capital Type of issue Type of issuer 2 1Use of proceeds 2 Total amount Penod Special deliv- Water, Total G g o a e b a t n i l l o e i- r n - R n e u v e e- A P H u i u i o t t n b y h u g l o 3 s ic - r- F l G o e a o a d n l v e s t r . 4 - State d a s u i t t a s o a t n t h r t r d y u i o c - r t - Others ered ^ Total c E a d ti u o - n b R r a i o d n a g d d e s s s o u e a t t t w i n h i e l d e e s i- r r, h R 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 1*53 5,558 3,495 1,558 496 9 767 2 091 2 701 n.a. 5 477 1,320 1,588 803 506 141 1.119 19*4 . . .. 6,969 3,380 3,205 374 9 2,047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 1,333 5,976 3,770 1,730 474 2 1 408 1 097 3 472 n.a. 5 911 1,516 1 362 881 570 169 ,414 1956 . . 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5,383 1,455 698 1,399 258 110 [,464 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 ,352 I058 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 7,695 4,778 2,409 333 176 1,686 2,120 3,889 7,423 7,588 2,314 844 1,989 402 355 1.683 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 1960 June.... 992 547 426 20 238 345 409 547 991 304 58 183 8 51 387 July... 492 342 136 i 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 68 1961 Jan 709 556 85 63 4 225 86 399 504 708 375 36 '109 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 April. .. 724 543 124 si 6 271 113 340 745 720 209 67 67 55 170 151 May7"... 628 401 214 12 18 205 405 670 626 278 33 lfO 6 149 June.... 1,015 611 389 15 193 260 562 1,000 1,013 212 256 267 10 268 n.a. Not available. r Revised. 5 Consists of municipalities, counties, townships, school districts and, 1 Data prior to 1957 are from the Bond Buyer as classified by Federal prior to 1957, small unclassified issues. Reserve. 6 Excludes Federal Government loans. These data are based on date 2 Classifications prior to 1957 as to use of proceeds and type of issuer of delivery of bonds to purchaser (and of payment to issuer), which occurs are based principally on issues of $500,000 or more; smaller issues not after date of sale. Other data in table are based on date of sale. classified. As a result some categories, particularly education, are under- 7 Includes urban redevelopment loans. stated relative to later data. 8 Beginning in 1957 this figure differs from that shown on the following 3 Includes only bonds sold pursuant to the Housing Act of 1949. page, which is based on Bond Buyer data. The principal difference is in These are secured by contract requiring the Public Housing Administra- the treatment of Federal Government loans. tion to make annual contributions to the local authority. 9 Less than $500,000. 4 Beginning with 1957, coverage is considerably broader than earlier. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1078 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Grossproceeds all issuers2 Propo a s l e l d c o u r s p e o o r f a t n e e i t ss p u ro er c s e 6 eds Noncorporate Corporate New capital rear or Re- Inonth Total G U o . v S t . .3 a F e g e r e a d n l - - S n m a t i n a c u d i t - - e Others Total Total B P l o i u c n l b y d - s v P at r e i l - y f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey7 O p p o t u h s r e e - s r m s r t i e i o t r e c i e f e n u - s t pal offered placed 1953 *>88^4 13 957 106 5,558 306 8 898 7 083 3,856 ^ ??8 489 1,326 8 755 8,495 7,960 535 260 1954. 19 765 1? 53? 458 6,969 ?89 9 516 7,488 4,003 3 484 816 1,213 9,365 7,490 6,780 709 1,875 1955 ~>677 "> 6^8 746 5 977 18? 10 ">40 7 420 4 119 3 301 635 2,185 10 049 8,821 7 957 864 1,227 1956. 11 405 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 1? 884 9 957 6,118 3 839 411 2,516 12,661 12,447 11,784 663 214 1958 14 443 P 063 2 321 7 449 05? 11 558 9 653 6 332 3 M0 571 1 ,334 11 372 10,823 9,907 915 549 1959. 31 074 P •\-y> 707 7,681 616 9 748 7 190 3 557 3 63? 531 2,027 9,527 9,392 8.578 814 135 1960. ">7541 7,906 1,672 7,230 579 10 154 8 081 4,806 3 ?75 409 1,664 9,924 9,653 8,758 895 271 I960—June 7 SOl ^n 978 49 1 1?4 859 540 319 34 231 1,092 1,044 992 52 48 July 1,637 353 475 32 777 651 415 236 21 106 760 736 657 79 24 Aug.. 3,187 I,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 8H 160 343 38 9?8 778 621 157 45 105 910 890 830 60 20 Nov . | 986 149 496 6 I 009 875 518 357 16 118 988 956 805 15?, 32 Dec . 1947 348 181 490 34 895 764 323 441 45 86 879 852 749 103 27 1961—Tan.. 1774 455 706 1? 601 472 178 ?94 30 99 590 580 552 28 10 Feb.. 5,455 4 069 660 31 695 529 273 ?55 37 130 682 667 612 56 14 Mar 1 161 434 252 756 ?3 696 542 211 331 29 125 679 562 484 77 118 Apr.. n 393 348 100 710 '4 '? 931 '1,061 713 '348 '60 1,111 '2,203 '2,118 '2,055 '63 '85 May. '4 ,432 '2,244! 149 625 '72 342 '1,021 '666 '355 '92 '228 '1,314 '1,259 '1,090 '169 '55 June. 3,494 369| 278 1,035 33 1 779 1,495 924 572 40 244 1,744 1,318 1,127 191 426 Proposed uses of net proceeds,major groups of corporate issuers Year or Manufcicturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l in e a st n a 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 ">70 675 990 651 60 788 273 1955. 2,397 533 769 51 544 338 ,254 174 1 04* 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 8P 28 942 15 3 189 15 707 1 801 6 1960. 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1960--June 249 49 1 38 35 362 3 61 286 9 July 182 1 38 9 50 126 14 57 282 Aug.. 220 6 51 92 222 165 215 4 Sept, 161 4 45 51 303 ft 94 72 Oct.. 185 4 66 6 36 (°) 203 254 147 /g\ Nov 249 27 79 3 45 314 2 27 242 (9) Dec 191 22 61 1 78 1 180 100 242 3 1961-—Jan. 169 33 1 81 137 21 138 8 Feb.. 99 5 91 2 55 160 41 223 1 Mar 248 32 47 5 72 10 84 19 70 92 ADV.. '574 '78 1 '33 1 '254 21 '994 45 '186 r(9) r447 22 '110 '2 '67 f9) '439 '17 '85 1? '111 r2 June, 446 128 120 23 115 389 13 16 2i1 31 5 r Revised. tion and Development, and domestic eleemosynary and other nonprofit 1 Estimates of new issues maturing in more than one year sold for cash organizations. in the United States. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 2 Gross proceeds are derived by multiplying principal amounts or num- of flotation, i.e., compensation to underwriters, agents, etc., and expenses. ber of units by offering price. 7 Represents proceeds for plant and equipment and working capital. 3 Includes guaranteed issues. 8 Represents all issues other than those for retirement of securities. 4 Issues not guaranteed. 9 Less than $500,000. 5 Represents foreign governments, International Bank for Reconstruc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 1079 SALES, PROFITSy AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1959 1960 1961 1956 1957 1958 1959 1960 4 1 2 3 4 1 2 Manufacturing Total (180 corps.): Sales 107,717 114 ??9 105 134 118 773 120,742 28,999 31,573 30 9?4 78 103 30 14? 651 30,351 Profits before taxes 13 418 13 349 10 466 14.094 13,363 3 059 4 002 3 544 710 107 o 693 T,472 Profits after taxes 7 094 7 177 5 714 7 443 7,077 1,678 2 063 1 813 1499 1 703 '1,436 1,831 4 068 4 19? 4 078 4 34? 4,492 1,249 1,092 1 099 1, 101 '1,103 1,117 Nondurable goods industries (79 corps.): 1 Sales 39 463 41 704 41 541 45 465 46.819 11.572 11 599 663 11 616 11 941 '11,831 1? 146 Profits before taxes 5 146 5,010 4.402 5,652 5,526 1.388 1,407 1,421 1,404 ,294 '1,324 1,390 D Pr i o v f i i d t e s n a d f s ter taxes . . 2 1 ,6 9 8 4 3 3 j 9 7 4 76 4 2 1 5 7 7 8 4 5 3 1 91? 3 1 . , 1 97 6 8 1 5 8 6 1 4 0 7 4 8 82 5 4 7 8 9 6 7 4 8 8 1 ? 4 7 5 6 ?8 5 '7 4 5 8 7 6 4 7 9 7 ? 1 Durable goods industries (101 corps.):2 Sales 68 254 7? 575 63 593 7? 808 73.923 17,428 19 974 19 760 16 487 18 '16 1<? Profits before taxes 8.272 8.339 6,065 8.442 7.837 1.670 2,595 2,123 1,306 1.813 '1,368 2,083 Profits after taxes 4 151 4 733 3 140 4 3.915 868 1 277 1016 684 938 '679 1060 Dividends 2 385 7 416 2 294 430 2,515 684 610 61? 619 674 '618 6? 5 Selected industries: Foods and kindred products (25 corps.): Sales 9 394 9 987 10 707 11 303 11,814 2 829 2 821 9?8 943 p*> '3 172 Profits before taxes 955 1024 1,152 1 274 1,323 307 303 338 345 338 '319 357 Profits after taxes 460 4(>7 555 604 629 148 142 159 16? 166 150 169 Dividends 277 789 312 344 376 100 88 100 95 95 103 Chemicals and allied products (21 corps.): Sales.. . 10 199 10 669 10 390 11 979 12.319 3 038 3 057 3 146 096 0?0 f> 979 244 Profits before taxes 1.804 823 1,538 2 187 1,999 524 537 534 489 440 '438 513 Profits after taxes 942 948 829 1 m 1,062 280 276 ?50 267 Dividends . 698 737 717 799 794 264 191 186 187 ?30 193 189 Petroleum refining (16 corps.): Sales 12 454 13 463 12 838 13 37? 13.728 3,459 3 427 3,?8? ? 385 635 '3 488 399 Profits before taxes 1 444 375 919 1 187 1,261 302 307 79? 364 999 '3S4 274 Profits after taxes . 1,068 1 075 791 969 986 247 238 226 292 230 '272 214 Dividends 481 51? 516 518 521 134 130 130 133 134 Primary metals and products (35 corps.): Sales 22 365! ?? 468 19 226 71 035 20,898 4.591 6 003 5 44? 4 939 513 396 189 Profits before taxes 3 331 2977 2.182 2 331 2,263 411 854 611 411 387 309 547 Profits after taxes 1 7"(7 1 540! 1 154 1,178 233 ?05 166 288 Dividends 880 873 802 831 840 221 206 208 208 219 '207 20a Machinery (25 corps.): Sales 13 908 15 14.685 16.922i 16.503 4,413 4,000 4,171 4 015 4,316 4,137 4,485 Profits before taxes 1.209 1457: 1,463: 1.890 1,482 472 389 395 366 332 '362 398 Profits after taxes 607 7?9 734 934 760 236 197 185 175 178 2001 Dividends 403 416 422 448 482 121^ 121 119 P3 125 Automobiles and equipment (14 corps.): Sales 21.217 23 453 18.469 22 731, 24, T75i 5,262' 7.022 6,516 4 502 6,134 5,293 6,297 Profits before taxes .. ... 2 473 ? 701 1 332 ? 985^ 3.100 500 1 076 916 ?73 ft16 <17K 842 Profits after taxes , 1 186 1 354 706 1479 1,529; 254 457 151 400 419* Dividends 791 805 758 807 233 199 199 ?07 '?05 20? Public Utility Railroad: O Pr p o e fi r t a s t in b g ef o r r e e v e t n a u x e es 1 1 0 2 S 6 ^ 8 I 10 1 491 9 5 8 6 43 S ! q 845 9.5 6 1 4 4 9 1 2,4 2 3 4 5 2 2 4 1 1 6 1 5 4 ?p 77 104 2 3 1 0 6 4 9 1 2 2 6 9 2 e1 2 3 9 7 01 Profits after taxes 876 737 602' 578 445 185 99 139 65 141 -13 Dividends 46? 438 419 406 383 130 91 94 73 P6 86 e9J Electric Power: Operating revenue 9,049 9,670 10,195 11 129 11,861 2,852^ 3,166 2,837 2 865 2,993 3,267 2,981 Profits before taxes 2 462 579 2 704 ? 983 3,169 740 901 739 757 772 918 767 Profits after taxes 1.326 1,413 1,519 1,655 1,795 417 502 422 418 452 523 447 Dividends 1 022 1069 1,134 1 1,302 312 325 343 344 Telephone: O P P r r p o o e f f i i r t t a s s t i a b n f e g t f e o r r r e e v t a e t x n a e u x s e es 5 1 , 9 7 4 6 1 3 6 5 0 6 1 ,4 7 5 6 8 6 7 8 ? 6 1 , . 9 8 9 6 3 2 0 9 1 7 2 1 , ,0 5 1 7 7 5 3 2 3 2 8 1 , , , 1 1 3 1 5 2 1 5 6 1,9 5 2 4 7 4 7 5 3 1,9 2 5 6 7 5 7 7 8 2,0 2 2 9 5 0 2 0 2 5R 9 4 4 2 9 2,0 2 5 7 9 9 7 4 4 2,0 2 5 9 9 8 0 0 7 2,1 6 3 3 0 1 9 7 4 Dividends 552 613 674 743 806 192 196 200 203 207 210 214 e Estimated. ' Revised. Telephone. Revenues and profits are for telephone operations of the 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 Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1080 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES! [Department of Commerce estimates. In billions Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Profits In- Profits Cash Undis- Year or Year or before come after divi- tributed quarter quarter taxes taxes taxes dends profits 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 11956 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 3957 43.2 20.9 22.3 12.6 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5; 267 1,836 3,432 1958 37.4 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 1959 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 1960 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—1 46.1 22.8 23.4 13.0 10.4 2 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 3 44.8 22.1 22.7 13.7 9.0 2 3,101 1,163 1,937 1,808 111 1,090 1,293 446 847 4 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 1960—1 48.1 23.9 24.2 14.0 10.2 2 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 3. 43.2 21.4 21.7 14.1 7.6 4 42.6 21.1 21.4 14.3 7.2 1 Reflects cash transactions only. As contrasted with data shown on p. 1078 new issues 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 NOTE.—Quarterly data are at seasonally adjusted include the same type of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 1078. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1 [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 o a N r p k e it i t a n l g Total Cash s G U ec o . u v S r t i . . - Not r e e s c e a i n v d ab a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n ab d l e accts. F in e c t d a o e x m ra e l Other ties G U o . v S t. . 2 Other G U o . v S t. . 2 Other bi l l i i a ti - es 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 I957 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 127.5 278.7 37.2 22.6 2.9 119.0 88.2 8.8 151.2 1.7 99.0 15.3 35.2 I960 1 129 7 281.3 33.8 22.4 2.9 120.3 91.9 9.9 151.6 L.S 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 1.8 101.9 13.4 37.2 4 132.5 287.4 37.0 19.7 3.1 126.5 91.3 9.8 154.9 8 102.6 13.8 36.8 1961 1 134 3 286.6 34.8 19.5 3.2 125.5 92.9 10.7 152.3 1.8 100.9 12.1 37.5 2 137.9 291.4 36.0 19.4 3.1 129.2 92.3 11.3 153.5 1.7 102.4 11.7 37.7 1 Excludes banks, savings and loan associations, and insurance compa- 2 Receivables from, and payables to, the U. S. Government exclude nies. amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1 [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Min- Year Total factur- ing ing Railroad 1953 . .. 28.3 11.9 1.0 1 3 1954 26.8 11.0 0 .9 1955 28 7 11.4 0 .9 1956 35.1 15.0 1.2 1957 37.0 16.0 1.4 1958 30.5 11.4 .9 1959 . .. 32.5 12.1 0 35 7 14.5 0 196H' 34.6 13.8 1.0 OO ON Manu- Total factur- (season- Public Com- ing Trans- Public All ally adutili- muni- Other2 Quarter Total and porta- utili- other3 justed ties cations min- tion ties annual Other ing rate) i.6 4.6 1.7 6.3 1960—1 7.9 3.3 .7 1.2 2.7 35.2 .5 4.2 1.7 6.5 2 9.3 4.0 .8 1.4 3.0 36.3 6 4.3 2.0 7.5 3 9.0 3.9 .7 1.5 2.9 35.9 7 4.9 2.7 8.4 4 9.5 4.3 .7 1.6 3.0 35.5 .8 6.2 3.0 7.4 1.5 6.1 2.6 7.2 1961—1 7.6 3 2 .6 1.1 2.7 33.9 1.0 9 5 5. . 7 7 2 3. . 1 7 8 8 . .4 2 2 34r 8 8. . 8 6 3 3 ' . . 7 7 . . 7 7 1 1 . . 4 6 2 2. . 9 9 3 34 3 . . 8 5 .6 1.9 5.8 11.5 44.... 9.6 4.2 .6 1.7 3.1 35.9 I r Revised. 3 Includes communications and other. 1 Corporate and noncorporate business, excluding agriculture. 4 Anticipated by business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1081 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multifamily and holders 1- to 4-family houses commercial properties1 E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s o a a t l i n n - - s S F e a e c l g e d i e e c e n s t r e - a d l v o I i a t d n h n u d e d a i r - l s s h A o er l l s d l - Total t F u i i n c t n i i s o a a ti l n n - s - O ho e th r l s d e - r Total t F u i i n c t n i i s o a a ti l n n - s - O ho e th r ld s e - r h A o er l l s d l - t F u i i n c t n i i s o a a ti l n n - - s ho O ld th e e rs r 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 oo 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.35 206.5 157.6 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." 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, 1 Derived figures, which include negligible amounts of farm loans held HOLC, and Federal Farm Mortgage Corporation. Other Federal by savings and loan associations. agencies (amounts small or separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. SOURCE.—Federal Deposit Insurance Corporation, Federal Home NOTE.—Figures for first three quarters of each year are Federal Reserve Loan Bank Board, Institute of Life Insurance, Departments of Agriestimates. Financial institutions represent commercial banks (including culture and Commerce, Federal National Mortgage Association, Federal nondeposit trust companies but not trust departments), mutual savings Housing Administration, Public Housing Administration, Veterans banks, life insurance companies, and savings and loan associations. Administration, Comptroller of the Currency, and Federal Reserve. Selected Federal agencies are FNMA, FHA, VA, PHA, Farmers Home MORTGAGE LOANS HELD BY BANKS1 [In millions of dollars] Commercial bank holdings2 Mutual savings bankholdings End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - 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 ^75 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 1960- Mar 28,228 20,292 6.053 3,124 11,115 6,345 1,591 25,421 22,889 6 422 8 735 7 732 2 478 54 June 28,463 20,334 5,978 3,032 11,324 6,484 1,646 25,881 23,319 6,569 8,880 7,870 2,509 53 Sept .... 428,693 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 ? 584 54 1961 Mar 29,059 20,413 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. estimates based in part on data from National Association of Mutual 2 Includes loans held by nondeposit trust companies, but excludes Savings Banks. holdings of trust departments of commercial banks. March and Septem- 4 Data reflect a $40 million reclassification by one bank from commerber figures are Federal Reserve estimates based on data from Member cial and industrial to reat estate loans, reported August 24, 1960. Bank Call Report and from weekly reporting member banks. SOURCE.—All-bank series prepared by Federal Deposit Insurance 3 Figures for 1941 and 1945, except for the grand total, are estimates Corporation from data supplied by Federal and State bank supervisory based on Federal Reserve preliminary tabulation of a revised series of agencies, Comptroller of the Currency, and Federal Reserve. banking statistics. March and September figures are Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1082 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941. 6,442 5,529 815 4,714 913 1945. 976 6,636 5,860 1,394 4,466 776 1954. 5.344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955. 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956. 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957. 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7,721 18,180 2,584 1958. 5,277 4,839 1.301 195 3,343 438 37,062 34,395 7,443 7,433 19.519 2,667 1959. 5,970 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—July.. 420 392 90 22 280 28 40,694 ?7,769 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 July. 465 433 94 16 323 32 43,052 39,959 9,452 6,698 23,809 3,093 NOTE.—Certain mortgage loans secured by land on which oil drilling end-of-year figures, because monthly figures represent book value of or extracting operations are in process are classified with farm through ledger assets whereas year-end figures represent annual statement asset June 1959 and with "other" nonfarm thereafter. These loans totaled values, and because data for year-end adjustments are more complete. $38 million on July 31, 1959. SOURCE.—Institute of Life Insurance; end-of-year figures are from For loans acquired, the monthly figures may not add to annual totals Life Insurance Fact Book, and end-of-month figures from the Tally of and for loans outstanding, the end-of-December figures may differ from Life Insurance Statistics. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total By type of lender (without seasonal adjustment) Y m e o a n r t o h r TotaP 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 - - l2 Y m e o a n r t o h r Se a a a l d s ly o - n- W se a a i d t s j h o u o n s u t a - t l in l S o g a s a 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 1 ment2 assns. panies banks banks 1941 379 437 581 4 578 1945 913 181 j 35« Mf) 1941 4,732 1,490 404 1 165 218 1945 5,650 2,017 250 1,097 217 1954 969 3,076 3,846 26,108 170 4 709 20 229 1955 11;?55 3,984 5 155 V 408 1 404 5 883 24 121 1954 22,974 8,312 1.768 4 239 1,501 1956 . .. U,325 3,699 4 6?0 35 7?0 486 6 643 77 600 1955 28,484 10,452 ,932 5,617 1,858 1957 If ,160 3,484 4,591 40,007 1 643 7 011 31 353 1956 27,088 9,532 ,799 5,458 1,824 1958 r,182 4,050 5 17?, 45 677 7 ?06 7 077 36 344 1957 24,244 9 217 472 4 264 1 429 1959 i< 151 5,201 6,613 53 194 2 997 7 192 43 005 1958 27,388 10,516 ,460 5,204 1,640 I960 ut,304 4,678 6 n? 60 084 3 523 7 211 49 350 1959 32,235 13 094 .523 5 832 1,780 I960 29,341 12,158 1,318 4,520 1 1960 1960 July ,268 408 57 050 3 304 7 233 46 5H n« AUR... ..... 4H 430 651 57 763 3 357 7 229 47 177 2,427 2,690 1,167 119 415 Sept........ Vf> 402 591 58 406 3 398 7 225 47 783 July 2,493 2,528 1,048 116 378 145 Oct ,250 394 545 59 011 447 7 216 48 348 Aug 2 488 2,784 1,201 123 406 158 Nov. 140 332 508 59 512 3 487 7 214 48 811 Sept 2,464 2,598 1,097 111 381 145 Dec. 150 367 460 60 084 3,523 7,211 49 350 Oct 2,451 2,525 1,053 106 372 146 Nov 2 426 2,378 978 97 363 143 1961 Dec 2,407 2,338 961 95 361 n? Jan 969 285 400 60 455 3,561 7,191 49,703 1961 Feb 1,001 288 395 60 88? 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 Aor L309 417 504 6? ?65 3 70? 7 195 51 368 Feb 2,387 1,997 838 78 321 95 May 1,511 460 603 63 080 3,770 7 704 5? 106 Mar 2 398 2,444 1,060 94 394 106 June 1,771 532 71?' 64 073 3,835 7,186 53 052 Apr 2,476 2,358 1,038 89 386 114 July? 1,480 428 659 64,805 3,880 7,183 53,742 May 2,561 2,700 1,199 100 444 H8 June 2,856 1,292 104 460 153 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 1083 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 bans VA-guaranteed loans Home Home mortgages Proj- Prop- mortgages Government- Year or month erty underwritten Total p e N r r t e o i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y g o p e r e s t- i p l m o r i o a m e n v n - e s t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - y q E e u n a a d r r t o o e f r r Total FHA- VA- t C i v o e o n n n a - - l Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1945 18.6 4.3 4.1 2 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 July 509 162 200 59 88 160 126 34 1960 141.8 56.4 26.7 29.7 85 4 Aug 615 189 228 7 100 181 139 41 Sept 613 192 233 119 68 169 132 37 1959—Sept 128.1 53.1 22.9 30.2 75.0 Oct 573 196 237 46 94 162 125 36 Dec...... 131.0 53.8 23.8 30.0 77.2 Nov 558 181 223 78 77 150 113 37 Dec 558 167 223 92 76 142 109 33 1960—Mar...... 133.2 54.5 24.6 29.9 78.7 1961—Jan 564 186 224 89 65 130 101 28 S Ju e n p e t 1 13 3 6 9 .2 2 5 55 5 . . 8 0 2 26 5 . . 0 2 2 2 9 9 . . 8 8 8 8 3 1 . . 4 2 Feb 448 148 193 57 50 108 81 27 Dec 141.8 56.4 26.7 29.7 85 4 Mar 480 143 204 72 60 125 93 32 Apr 458 124 193 75 65 109 78 31 1961— Mar.*.... 144.1 57.1 27.4 29.7 87.0 May 501 130 219 84 68 123 83 41 June • •.. . • 563 132 254 90 87 137 89 48 July 543 134 252 80 76 144 90 54 v 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 FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a ts y- a d n e d m t a i n m d e or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s- - ed Total t S e h r o m r 1 t L te o r n m g 2 - deposits 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 1,096 764 1957 1 116 1,079 1,265 731 534 653 1958 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 819 1959 5,531 2,546 2,985 1,907 5 568 1959 2 067 1,231 2,134 1,192 942 589 1960 6,159 3,356 2,803 1,248 357 576 I960 1,943 2,097 1,981 1,089 892 938 I960 July 5,918 3,121 2,797 113 3 569 I960—Aug 168 146 1,696 967 729 730 Auti 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 56 564 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 July 5,765 3,204 2,561 35 6 579 Aug.. 245 115 2,001 1,147 854 1,019 1 Operations beginning with Nov. 1, 1954, are on the basis of FNMA's 1 Secured or unsecured loans maturing in one year or less. new charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. Data ex- 1 year but not more than 10 years. clude conventional mortgage loans acquired by FNMA from the RFC SOURCE.—Federal Home Loan Bank Board. Mortgage Company, the Defense Homes Corporation, and the Public Housing Administration. SOURCE.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1084 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 i co p g O n a o s t p o h u e d e m r r s i er e a r n R l n d o i e z a m p 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 I9593 52,119 39,852 16,549 10,476 2,784 10,043 12,267 4,144 5,104 3,019 I960 56,049 43,281 17,866 11,215 3,008 11,192 12,768 4,311 5,187 3,270 I960—July 53,809 42,050 17,893 10,452 2,934 10,771 11,759 4,265 4 311 3,183 54,092 42,378 18,020 10,477 2,975 10,906 11,714 4,276 4,277 3,161 Sept 54,265 42,517 18,021 10,543 3,001 10,952 11,748 4,317 4,283 3,148 Oct 54,344 42,591 17,992 10,625 3,013 10,961 11,753 4,272 4 370 3,111 Nov 54,626 42,703 17,967 10,715 3,020 11,001 11,923 4,301 4,463 3,159 Dec 56,049 43,281 17,866 11,215 3,008 11,192 12,768 4,311 5,187 3,270 1961 Jan 55,021 42,782 17,611 11,050 2,967 11,154 12,239 4,314 4 599 3 326 Feb 54,102 42,264 17,383 10,793 2,935 11,153 11,838 4,381 4,037 3,420 Mar 53,906 42,058 17,265 10,679 2,922 11,192 11,848 4 417 4 004 3 427 Apr 53,972 41,988 17,200 10,585 2,922 11,281 11,984 4,402 4,096 3,486 May 54,390 42,127 17,242 10,602 2,943 11,340 12,263 4,524 4,274 3,465 June 54,786 42,441 17,358 10,666 2,958 11,459 12,345 4,547 4,349 3,449 July 54,687 42,457 17,358 10,636 2,964 11,499 12,230 4,523 4,272 3,435 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1946, of purchasing automobiles and other consumer goods, whether held by and a general description of the series, are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April "1953; monthly figures for 1947-57, in the BULLETIN individuals of automobiles or other consumer goods that may be used for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957, in part for business. pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17. 2 Represents repair and modernization loans held by financial institu- Revised monthly data for 1958 and 1959 (with notes describing the tions; holdings of retail outlets are included in other consumer goods changes) are shown on pp. 1406-09 of the BULLETIN for December 1960. A detailed description of the methods used to derive the estimates may be 3 Includes data for Alaska and Hawaii beginning with January and obtained from Division of Research and Statistics. August 1959, respectively. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i t l t - Total m b C e a o r n m c k i - s al f p i S c n a o a a n l m 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 n u n o a o m i m n n e c e s - - e r 1 Other i Total D s m t e o p e r a e n r t s t 2 - F s t t u u o r r r n e e i s - H s a h a t o p o n o u p r c l s l d e e i e s - - d m A ea o u l b t e o i r l - e s3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 . 6 085 4 480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1954 23 568 19 450 8,796 6,144 1 342 2 257 911 4,118 1,242 984 377 463 1 052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1,511 1,044 365 487 1,101 1956 . 31 897 27,154 11,777 9,100 2,014 3,056 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 1959* 39,852 34,176 15,227 10,145 3,280 3,774 1,750 5,676 2,292 1,225 310 481 1,368 1960 43 281 37 502 16 398 11,134 3 906 4,212 1,852 5,779 2 401 1 189 292 513 1 384 I960 July 42 050 36,857 16,239 11,062 3 679 4,049 1,828 5,193 2 020 1 124 290 516 1 243 Aug.. . ... 42,378 37,199 16,362 11,142 3,754 4,099 1,842 5,179 2,012 1,132 290 520 l'22S Sept 42,517 37,318 16,416 11,154 3,795 4,111 1,842 5,199 2,049 1,129 291 519 1,211 Oct 42 591 37 330 16 408 11,147 3 833 4,097 1,845 5 261 2 103 1 130 290 518 1 *>20 Nov 42 703 37,368 16,402 11,141 3,870 4,107 1,848 5,335 2,155 1,140 288 517 1*215 Dec 43,281 37,502 16,398 11,134 3,906 4,212 1,852 5,779 2.401 1,189 292 513 1,384 1961—Jan 42,782 38,186 17,261 11,030 3,860 4,179 1,856 4,596 1,342 1,151 286 504 1.313 Feb . 42 264 37 790 17,001 10,914 3,863 4,151 1,861 4,474 348 1 121 279 497 1 2^9 Mar 42,058 37,542 16,860 10,787 3.897 4,131 1,867 4,516 1,442 1,092 274 491 1 217 Apr 41,988 37,434 16,776 10,733 3,937 4.133 1,855 4,554 ,527 1,077 269 488 1 193 May 42 127 17 462 16,776 10.6Q6 3 9Q1 4 113 1,866 4,665 I 614 1 071 270 4£8 1 202 June 42 441 37,663 16,804 10,768 4 074 4 151 1 866 4,778 i 732 1 076 272 490 1208 July 42,457 37,638 16,757 10,750 4,110 4,165 1,856 4,819 1,794 1,067 274 490 1,194 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 1085 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r r s r e R m l r t o a e n i o a n p o iz n d d a n a s - ir - s l P o o a e 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 s o 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 g s p O c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a d a n p ti e n d a o r s i n n r - l s P o o a e n n r a - s l 1939.. 1,197 878 115 148 56 1939 ... 1,079 237 178 166 135 363 1941. . 1,797 1,363 167 201 66 1941 1 726 447 338 309 161 471 1945.. 300 164 24 58 54 1945 745 66 143 114 110 312 1954. . 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955.. 8,443 6,919 ,034 25 465 1955 .. 10,601 3,243 2,062 2,042 1,338 1,916 1956.. 9,100 7,283 ,227 23 567 1956 11 777 3 651 2,075 2 464 1,469 2,118 1957.. 9,573 7,470 ,413 20 670 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958.. 8,740 6,404 ,567 19 750 1958 12,780 4,014 2,170 2,269 1,715 2,612 19591. 10,145 7,328 ,883 35 899 19591 15,227 4 827 2,525 2 640 2 039 3,196 1960. . U,134 7,695 2,374 64 1,001 1960 16,398 5,264 2,776 2,690 2,163 3,505 I960—July.. 11,062 7,822 2,225 52 963 I960—July 16,239 5,242 2,777 2,690 2,119 3,411 Aug.. 11,142 7,855 2,260 57 970 Aus 16,362 5,290 2,790 2,684 2,144 3,454 Sept.. 11,154 7,832 2,292 60 970 Sept. 16 416 5 313 2 778 2 686 2,162 3,477 Oct... 11,147 7,796 2,319 63 969 Oct 16,408 5,311 2,776 2,681 2,170 3,470 Nov.. 11,141 7,757 2,347 63 974 Nov 16,402 5,304 2,783 2,670 2,173 3,472 Dec. 11,134 7,695 2,374 64 1,001 Dec 16,398 5,264 2,776 2,690 2,163 3,505 1961—Jan... 11,030 7,555 2,412 64 999 1961—Jan 17 261 5 196 2 757 3,683 2,131 3,494 Feb.. 10,914 7,429 2,420 64 1,001 Feb 17,001 5,121 2,737 3,546 2,104 3,493 Mar.. 10,787 7,314 2,402 66 1,005 Mar 16,860 5,102 2,747 3,409 2,087 3,515 Apr.. 10,733 7,245 2,405 67 1,016 Apr. 16 776 5 090 2 752 3 278 2,090 3,566 May. 10,696 7,204 2,405 67 1,020 May 16 776 5'127 2,774 3,181 2,100 3,594 June. 10,768 7,214 2,447 69 1,038 June 16,804 5,178 2,796 3,085 2,111 3,634 July.. 10,750 7,182 2,453 71 1,044 July 16,757 5,198 2,796 3,004 2,116 3,643 ""I i Includes data for Hawaii, beginning with August 1959. i Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Singlepayment Charge accounts E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i t l l t - m A pa o u p b t e i o l r - e s g O p c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a d a n p ti n d e a o s r i n r n- l s P o o a e n r n a - s l E o n r d m of o n y t e h ar c T m n r o o e e d n t n a i - t t l 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 n e - t- t s! o O r u e t t t h l a e e il t r s C c r a e r d d i s t 2 S c e r r e v d i i c t e tutions 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1 1 9 9 5 5 4 5. 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 ,2 0 0 8 3 7 6 67 9 4 3 1 7 5 2 2 2 29 7 0 5 1 1 J ,3 3 7 2 0 2 5 84 9 5 7 1 1 I 1 9 9 9 9 5 5 5 5 9 8 6 7 1 . . 7 7 6 8 , , , 5 8 2 0 5 0 7 9 4 4 7 9 1 1 1 , , , 3 1 1 9 8 4 0 4 8 3 6 8 6 7 6 6 1 5 4 2 0 8 8 2 4 4 7 5 8 1 0 9 9 0 3 3 4 4 5 5 , , , , 2 8 2 9 7 8 0 4 8 2 8 8 1 1 1 1 9 9 9 9 5 5 5 5 6 7 5 4 1 1 9 8 0 1 , , , , 9 8 6 1 9 2 1 0 4 6 4 3 2 2 2 2 , , , , 0 8 9 6 9 3 3 4 6 7 5 3 4 4 3 3 1 2 6 1 0 7 7 2 7 8 8 8 9 6 7 9 3 2 6 3 3 3 3 3 , , , , 7 5 8 9 1 1 4 5 7 5 2 3 2 2 3 1 6 1 1 7 0 6 7 7 2 2 2 2 * * ) 1 5 0 3 2 9 0 6 7 3 3 6 I960 9,970 1,618 885 781 6,686 1958 11,487 3,156 471 907 3,808 345 2,800 I960—J A u u l s y 9 9, , 6 5 9 5 5 6 1 1 , , 5 5 3 6 6 5 8 8 6 7 0 4 7 7 6 7 3 4 6 6 , , 3 4 9 8 7 2 1 I9 9 6 5 0 93 1 1 2 2 , , 7 2 6 6 8 7 3 3, , 7 5 3 8 7 2 5 57 6 4 2 9 9 4 5 1 8 3 3, , 8 7 0 5 1 3 4 3 4 9 5 3 3 3 * ,2 0 7 1 0 9 S O N D e c e o p t c v t 9 9 9 9 , , , , 7 7 8 9 4 7 2 7 8 5 5 0 1 1 1 1 , , , , 6 5 5 6 9 0 7 1 1 6 9 8 8 8 8 88 8 8 8 5 0 2 5 7 7 7 7 8 8 7 8 4 1 9 0 6 6 6 6 , , , , 5 6 5 5 5 8 2 0 5 6 2 5 I960—J A S O u e u c l p y t g t 1 1 1 1 1 1 1 1 , , , , 7 7 7 7 1 4 5 5 4 8 9 3 3 3 3 3 , , , , 7 6 6 6 1 5 6 9 5 6 3 2 6 6 6 5 2 0 0 8 0 2 2 0 5 6 6 5 6 2 8 8 1 5 4 4 3 3 3 3 , , , , 1 2 2 2 9 9 3 6 9 5 6 6 4 4 4 4 5 3 5 4 7 2 9 3 3 3 3 3 , , , , 1 1 1 1 6 8 4 1 1 3 8 1 1961— F Ja e n b 9 9 ,8 8 9 7 5 5 1 1 , 5 5 9 9 9 9 8 8 6 5 3 0 7 76 7 7 2 6 6 , , 6 6 6 5 1 9 N De o c v 1 12 1 , , 7 9 6 2 8 3 3 3 , , 7 7 1 3 1 7 5 57 9 4 0 9 7 4 0 1 9 3 3 , , 8 3 0 2 1 6 4 4 4 2 5 8 3 3 , ,1 2 5 7 9 0 Mar . 9,895 1,611 843 769 6,672 1961—Jan 12,239 3,740 574 805 3,346 448 3,326 J A J M u u p a l n y y r e .. 1 1 9 9 0 0 , , 1 0 9 9 3 9 2 9 1 1 5 0 1 1 1 1 , , , 6 6 6 6 4 9 8 2 9 2 0 5 8 8 8 8 3 5 4 3 9 0 6 6 7 7 7 11 7 7 6 1 8 6 5 6 6 6 6 , , , , 8 7 6 7 1 2 9 8 2 6 9 7 F M A M e p a b a r r y. . . . 1 1 1 1 1 1 1 2 , , , , 9 8 2 8 8 4 6 3 4 8 3 8 3 3 3 3 , , , , 7 8 7 9 9 4 8 0 3 2 9 4 6 5 5 6 2 9 6 2 4 2 0 0 6 6 6 6 6 3 3 3 9 1 7 4 2 2 3 3 , , , , 9 9 0 21 2 2 3 0 6 6 5 4 4 4 4 4 3 4 3 1 0 2 0 3 3 3 3 , , , , 4 4 4 4 2 2 8 6 7 0 6 5 June.... 12,345 3,970 577 624 3,286 439 3,449 i Includes data for Alaska and Hawaii, beginning with January and July 12,230 3,982 541 574 3,240 458 3,435 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

1086 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir ti o a n n d loans Personal loans Year or month 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 1 261 8 866 1955 39,039 16,745 10,634 1,388 10,272 1956 40,175 15,563 11,702 1,568 11,342 1957 42,545 16,545 11,747 1,660 12,593 1958 40,789 14,316 11,638 1,861 12,974 19591 49,045 17,941 13,837 2.201 15,066 1960 50,343 17,839 14,226 2,058 16,220 1960 July 4,214 4,156 1,417 1.473 1,168 1,085 176 183 1.453 1,415 4,072 4,365 1,422 1,570 1,112 1,165 180 202 1,358 1,428 Sept 4,125 4,010 1,422 1,372 1.162 1,173 164 177 1,377 1,288 Oct 4,108 4,012 1,460 1,407 1,165 1,207 160 172 ,323 1,226 Nov 4,134 4,067 1,482 1,364 1,159 1,217 160 163 1,333 1,323 Dec 4,007 4,641 1,325 1,248 1,200 1,654 147 138 1,335 1 601 1961 Jan 3,869 3,473 1,239 1,130 1,185 1,012 140 117 1,305 1,214 Feb 3,803 3,241 1,190 1,051 1,131 888 141 114 1,341 1,188 Mar 4,002 3,995 1,288 1,330 1,212 1,125 159 150 343 1 390 Apr 3,883 3,765 1,243 1,247 1,145 1,053 157 151 ,338 1,314 May 4,001 4,280 1,315 1.461 1,158 1,219 168 185 360 1 415 June 4,116 4,402 1,347 1^525 1,190 1,214 167 178 1,412 1,485 July 3,961 3,976 1,301 1,383 1,172 1,095 154 164 1,334 1,334 Repayments 1954 30,488 11,833 9,145 1.255 8,255 1955 33,649 13,082 9,751 [,315 9,501 1956 37,236 14,576 10,756 1,362 10,542 1957 40,259 15,595 11,545 ,466 11 653 1958 40,915 15,488 11,497 ,623 12,307 I9591 43,407 15,698 12,307 751 13 651 1960 46,914 16,522 13,487 ,834 15,071 I960—July 3,997 3,858 1,385 1.335 1,148 1,095 155 154 1.309 1,274 3,918 4,037 1,388 1,443 1.123 1,140 156 161 ,251 1,293 Sept 3,958 3,871 1,375 ,371 ,141 1,107 149 151 ,293 1.242 Oct 3,994 3,938 1,417 ,436 ,147 1,125 160 160 ,270 1,217 Nov 3,946 3,955 1,397 .389 ,119 1,127 158 156 .272 1,283 Dec 3,931 4,063 1,356 1,349 ,156 1,154 153 150 1,266 1,410 1961 Jan 3,972 3,972 1,387 1,385 ,154 1,177 159 158 1,272 [,252 Feb 4,011 3,759 1,363 1,279 ,191 1,145 152 146 1,305 [,189 Mar 3,954 4,201 1,353 1,448 ,163 1,239 158 163 1,280 1,351 Apr 4,022 3,835 1,388 1,312 ,186 1,147 156 151 1,292 1,225 May 3,974 4,141 1,365 1,419 ,148 1,202 160 164 1,301 1,356 June 4,016 4,088 1,386 1,409 ,137 1,150 160 163 1,333 1,366 July 4,035 3,960 1,403 1,383 ,159 1,125 157 158 1,316 1,294 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 I9591 .. . 5,795 2,312 1,553 457 1 473 I960 3,429 1 317 739 224 1 149 I960 July 217 298 32 138 20 -10 21 29 144 141 154 328 34 127 -11 25 24 41 107 135 Sept 167 139 47 1 21 66 15 26 84 46 Oct 114 74 43 -29 18 82 0 12 53 9 Nov .... 188 112 85 -25 40 90 2 7 61 40 Dec 76 578 -31 -101 44 500 -6 -12 69 191 1961 Jan -103 -499 -148 -255 31 -165 -19 -41 33 -38 Feb -208 -518 -173 -228 -60 -257 -11 -32 36 -1 Mar 48 -206 -65 -118 49 -114 1 -13 63 39 Apr -139 -70 -145 -65 -41 -94 1 0 46 89 May 27 139 -50 42 10 17 8 21 59 59 June » 100 314 -39 116 53 64 7 15 79 119 July -74 16 -102 0 13 -30 -3 6 18 40 JExtensions and repayments include current data for Alaska and A discussion of the composition and characteristics of the data and Hawaii beginning with January and August 1959, respectively. The a description of the methods used to derive the estimates are shown differences between extensions and repayments do not equal the changes in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment in outstanding credit for 1959 because the differences do not reflect the credit extended and repaid are based on information from accounting effect of the introduction of outstanding balances for these two States. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except as indicated in note 1. loans, repurchases and resales of instalment paper, and certain other the N O B T U E, L — LE M TI o N n t f h o l r y O fig c u to re b s e r fo 1 r 95 1 6 9 ; 4 0 f - o 5 r 4 1 a 9 re 5 5 s - h 5 o 9, w n in on th e p p B . U 1 L 0 L 4 E 3 T - I 4 N 8 f o o f r t r r e a p n a s id ac w tio it n h s o u m t a a y d d in in cr g e a to se t h th e e a a m m o o u u n n t t o o f f c r b e o d t i h t c o r u e t d s i t t a n e d x i t n en g d . ed and credit 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 1087 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r t it f u i t n i a o n n c s ial Retail outlets Year or month Adjusted U ju n 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 I9571 42,545 15,355 10,200 10 495 6 495 19581 . .. 40,789 14,860 8,907 10,459 6,563 19591 2 49 045 17,976 11 007 12 122 7 940 1960 ' 50,343 17,854 11,110 13,363 8 016 1960 July 4,214 4,156 1.437 1,458 894 955 1,233 1,201 650 542 Aug 4,072 4,365 1,442 1,560 894 989 1,129 1,192 607 624 Sept 4,125 4,010 1,470 1,430 888 879 1,118 1,051 649 650 Oct 4,108 4,012 1,473 1,419 896 880 1,072 1 011 667 702 Nov 4,134 4,067 1,495 1,385 918 872 1,078 1,093 643 717 Dec 4,007 4,641 1,399 1,370 847 865 1,077 1,302 684 1,104 1961 Jan 1 3,869 3,473 1,373 1.321 800 737 1,028 928 668 487 Feb 1 3,803 3,241 1,358 ,189 786 656 1,059 942 600 454 Mar 4,002 3,995 1,404 ,433 807 806 1,096 1,126 695 630 Apr 3,883 3,765 [.371 1,400 810 763 1,063 1 023 639 579 May 4,001 4,280 K420 [,573 802 868 1,124 1,165 655 674 June 4,116 4,402 1,444 ,567 858 949 1,165 1,221 649 665 July 3,961 3,976 1,397 1,455 772 844 1,098 1,096 694 581 Repayments 1954 30,488 11,469 7,043 6,511 5,465 I955 33,649 12,304 7,901 7,553 5,891 19561 37,236 13,362 8,943 8,603 6,328 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 I960 46,914 16,692 10,241 12,197 7,784 I960 July 3,997 3,858 1.395 1.364 867 838 1.075 1,036 660 620 Aug.. 3,918 4,037 1,376 1,437 870 909 1,027 1,053 645 638 Sept . . 3,958 3,871 1,388 [,376 877 867 1,044 998 649 630 Oct 3,994 3,938 1,445 1,427 868 887 1,021 984 660 640 Nov 3,946 3,955 1,411 1,391 876 878 1,027 1,043 632 643 Dec 3,931 4,063 1,376 [.374 853 872 1,034 1,157 668 660 1961 Jan 1 3,972 3,972 1,433 1,434 855 841 1,011 1,003 673 694 Feb 1 4,011 3,759 1,534 1,449 873 807 [,054 962 550 541 Mar 3,954 4,201 1.488 1,574 871 933 1.051 1,106 544 588 Apr 4,022 3,835 1,551 1,484 866 817 1,052 993 553 541 May 3,974 4,141 1,500 1,573 873 905 1,052 1,100 549 563 June 4,016 4,088 1,508 1,539 872 877 1,098 1,120 538 552 July 4,035 3,960 1,509 1,502 872 862 1,082 1,056 572 540 Net increase or decrease (—) in credit outstanding3 1954 563 -202 217 472 76 1955 5 390 1 805 2,299 896 390 19561 2,939 1,176 657 871 235 I9571 2,286 1,066 473 822 -75 19581 -126 -63 -833 455 315 19591 2 5,795 2,447 1,405 1,250 693 1960 3 429 1 171 989 1 166 103 1960—July 217 298 42 94 27 117 158 165 -10 -78 Aug 154 328 66 123 24 80 102 139 -38 -14 Sept 167 139 82 54 11 12 74 53 0 20 Oct 114 74 28 -8 28 -7 51 27 7 62 Nov 188 112 84 -6 42 -6 51 50 11 74 Dec 76 578 23 -4 -6 -7 43 145 16 444 1961 Jan 1 -103 -499 916 863 -55 -104 17 -75 -981 -1,183 Feb 1 -208 -518 -176 -260 -52 -116 5 -20 15 -122 Mar 48 -206 -84 -141 -64 -127 45 20 151 42 Apr -139 -70 -180 -84 -56 -54 11 30 86 38 May 27 139 -80 0 -71 -37 72 65 106 111 June 100 314 -64 28 -14 72 67 101 111 113 July -74 16 -112 -47 -100 -18 16 40 122 41 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

1088 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49= 100 [Seasonally adjusted] Annual average 1960 1961 Grouping 1959 1960 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July INDUSTRY GROUPINGS Total index 159 164 166 165 162 161 159 156 155 155 156 160 164 168 170 Manufacturing, total 158 163 165 163 161 160 157 154 153 152 153 158 163 166 169 Durable 165 169 173 169 166 164 159 156 154 153 154 161 167 171 175 Nondurable. . 155 160 163 162 159 160 158 156 155 156 157 160 162 165 167 Mining 125 128 128 129 127 128 129 129 129 128 127 128 128 129 129 Utilities 268 287 289 292 293 289 286 286 290 291 291 296 303 r306 311 Durable Manufactures Primary and fabricated metals 125 128 124 122 119 118 111 108 107 108 109 117 126 129 133 Primary metals . 114 115 108 106 102 100 94 88 91 93 94 105 115 118 121 Iron and steel 107 110 100 94 90 91 85 80 82 86 87 98 108 111 114 Fabricated metal products 142 145 148 147 144 144 138 137 132 131 131 135 143 146 149 Structural metal parts . 150 155 160 160 157 156 151 147 145 141 141 144 152 158 162 Machinery and related products 197 205 209 206 204 201 197 193 190 189 189 195 201 '206 210 169 174 180 176 173 167 167 166 166 165 165 169 171 176 180 Nonelectrical machinery ... 141 145 152 146 143 142 140 137 136 136 135 140 141 144 147 Electrical machinery 212 222 226 223 222 208 211 213 215 214 213 216 221 229 235 228 238 237 237 237 240 226 218 208 205 206 220 231 235 239 Motor vehicles and parts 147 168 166 167 168 170 151 142 130 127 126 144 157 165 167 Aircraft and other equipment 390 368 372 367 368 371 373 369 366 363 367 366 373 r366 376 209 221 226 227 220 220 221 216 216 210 210 210 215 220 222 Clay glass, and lumber 143 139 145 139 137 135 132 129 129 128 131 135 r138 *W4 145 Clay, glass, and stone products 159 158 165 162 157 157 155 148 145 144 149 151 155 162 164 Lumber and products 125 118 122 113 114 111 105 106 111 110 110 117 118 122 124 147 153 158 155 150 151 149 145 143 144 145 148 152 156 156 Furniture and fixtures 164 171 177 173 169 168 167 163 159 158 161 165 167 172 172 Misc. manufactures 133 138 143 141 134 138 135 130 130 132 131 134 139 142 143 Nondurable Manufactures Textile apparel, and leather products 136 136 140 138 133 133 131 127 124 127 130 132 134 137 140 Textile mill products 126 ill 126 124 118 116 113 109 110 113 116 118 122 125 128 Apparel products 153 159 163 161 155 156 156 152 144 147 152 153 153 156 162 Leather and products 119 113 115 116 109 113 112 108 109 108 108 112 112 116 Paper and printing 154 160 161 161 161 161 160 159 159 159 159 162 163 164 165 170 172 173 172 173 172 168 168 170 174 173 180 179 182 179 Printing and publishing . .. 143 152 153 153 153 154 155 152 151 150 150 150 151 153 156 Newspapers 135 141 142 141 140 142 141 139 136 134 136 137 137 138 143 Chemical, petroleum^ and rubber products 215 224 232 229 224 223 221 218 217 216 216 225 232 '238 241 Chemicals and products 240 255 263 260 254 255 252 252 250 249 252 259 266 r273 278 Industrial chemicals. 298 320 331 330 320 314 318 315 315 312 321 328 339 351 158 161 172 168 167 164 162 158 159 160 158 162 167 166 172 Rubber and plastics products 199 200 204 201 194 192 191 184 180 178 168 192 199 211 Poods, beverages, and tobacco 128 132 132 132 132 133 131 132 132 132 134 134 135 r136 136 Foods and beverages 128 132 132 132 132 134 131 133 133 133 134 134 135 137 137 131 134 134 135 135 136 134 135 135 135 137 137 139 139 140 Beverages 117 120 122 120 122 123 119 120 122 119 121 122 117 123 127 130 126 130 130 131 133 131 129 133 132 139 132 132 Mining 122 122 122 123 121 122 124 122 122 121 121 123 123 r124 123 Coal 68 67 64 65 64 66 63 67 64 63 56 63 66 r64 64 Crude oil and natural gas 147 147 148 149 147 148 151 148 148 148 150 151 149 151 150 Oil and gas extraction 145 147 148 149 147 147 150 147 147 148 152 151 149 152 151 Crude oil 135 135 137 138 136 136 139 135 134 135 139 139 138 140 139 Gas and gas liquids 210 228 229 230 226 234 231 238 Oil and gas drilling 159 145 143 144 144 147 152 148 154 144 136 145 143 142 143 146 163 167 167 162 160 163 168 172 165 167 159 157 r161 166 Metal mining 107 133 130 133 127 121 131 147 150 146 146 127 119 123 129 Stone and earth minerals 188 194 205 202 197 201 195 188 193 185 186 192 197 201 204 Utilities Electric 270 289 291 296 297 293 291 290 293 294 292 297 307 309 Gas 265 285 286 284 281 279 274 277 SUMMARY MARKET GROUPINGS Final products total .. 162 169 170 169 168 168 166 164 162 162 162 166 168 171 174 Consumer goods 155 162 164 162 161 162 159 158 155 155 156 160 163 166 168 Equipment including defense 188 195 198 195 195 195 193 191 188 188 188 190 192 194 197 Materials 157 160 161 159 157 156 153 150 148 149 150 156 161 164 166 •"Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1089 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 = 100 [Without seasonal adjustment] Annual average 1961 1960 Grouping 1959 1960 July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July INDUSTRY GROUPINGS 159 164 157 162 164 166 161 154 155 156 158 162 164 168 161 158 163 155 750 752 755 759 75/ 757 75* 755 750 755 757 755 Durable 165 169 160 160 165 168 162 156 154 155 157 163 167 172 163 155 160 153 165 164 167 160 149 153 157 158 162 162 166 158 125 128 124 130 129 129 128 128 128 128 127 127 128 129 126 Utilities 268 287 Durable Manufactures 725 725 113 775 720 720 775 106 705 709 772 779 727 130 727 114 115 93 98 99 102 95 86 93 97 99 109 117 120 106 107 110 87 89 90 93 85 78 85 88 91 101 110 r113 100 142 145 143 148 151 148 141 1T7 130 1?8 130 135 140 146 145 Structural metal parts 150 155 154 158 159 159 155 152 144 140 141 143 150 157 156 197 205 195 755 199 204 207 197 191 795 79* 799 207 205 795 169 174 168 169 174 170 169 167 167 170 169 172 172 176 167 141 145 145 139 141 140 137 138 138 140 140 144 143 145 140 212 222 203 216 779 219 220 214 213 217 216 216 217 '226 211 228 238 220 197 219 244 238 229 216 212 213 225 231 236 219 147 168 149 117 145 175 167 157 138 114 132 149 159 167 146 Aircraft and other eouiDment 390 368 359 359 363 369 372 371 374 371 375 371 368 r365 363 Instrument* and related Droducts . ... 209 221 219 223 220 222 222 219 216 212 213 212 215 219 216 143 139 742 148 145 144 752 720 118 727 725 75¥ 141 750 144 159 158 162 168 163 164 155 144 136 137 145 151 158 166 164 125 118 117 125 124 122 104 92 97 103 104 115 121 132 120 147 755 750 759 755 750 154 7¥5 759 142 143 144 146 755 750 Furniture and fixtures 164 171 169 177 176 176 169 166 156 158 159 160 161 168 168 133 138 133 144 142 147 142 132 125 129 129 129 134 140 134 Nondurable Manufactures 136 136 124 144 72P 757 752 114 725 757 757 755 r136 755 725 126 121 112 124 116 121 116 105 112 117 117 123 126 125 112 153 159 143 171 149 162 156 129 146 162 162 161 156 154 145 119 113 103 122 111 114 108 99 111 119 118 114 106 113 154 750 149 755 755 759 75¥ 755 755 759 755 755 75¥ r755 154 170 172 156 174 174 183 171 152 169 175 178 185 180 187 162 Printinc and Dublishins 143 152 145 148 155 160 159 154 147 148 153 154 153 152 148 135 141 124 126 141 153 154 138 125 130 141 146 146 139 126 Chemical netroleutn and rubber products 275 224 275 225 226 227 222 275 279 227 227 230 232 255 226 Chemicals and Droducts 240 255 248 255 255 258 253 247 250 253 259 268 269 '275 261 298 320 312 317 316 317 320 315 315 322 330 335 342 345 158 161 171 173 171 163 160 162 159 162 157 157 164 166 170 199 200 177 191 196 202 195 176 189 188 176 197 194 205 725 132 133 142 146 745 755 725 124 725 725 729 752 759 755 128 132 134 142 147 145 134 127 124 124 125 129 131 139 138 Food manufactures 131 134 135 144 152 150 139 132 129 12« 127 129 132 138 139 117 120 131 132 123 125 108 105 100 106 116 130 129 145 Tobacco products 127 130 116 139 135 140 133 106 129 134 131 133 136 144 Mining Coal oil and sas 722 722 775 727 727 725 124 124 725 725 124 725 722 r727 777 Coal 68 67 51 68 67 72 66 65 63 64 57 61 64 54 Crude oil and natural ga.s 147 147 143 145 145 146 150 151 153 154 154 151 148 rJ47 145 Oil and cas extraction 145 147 142 144 144 145 149 151 152 154 157 153 149 147 144 Crude oil 135 135 m 133 134 133 137 137 138 140 143 141 137 136 133 Gas and gas liquids 210 228 210 217 217 226 238 250 159 145 147 149 147 148 149 150 i57 143 129 137 140 143 147 Metal Ktone and garth minerals 146 163 757 183 17S 772 757 149 146 144 747 755 759 '750 180 Metal mining 107 133 149 153 147 133 119 118 118 120 120 119 137 151 148 188 194 213 214 210 212 197 182 175 168 175 188 201 210 211 Utilities Electric 270 289 288 303 304 285 280 294 313 304 298 291 291 298 Gas 265 285 SUMMARY MARKET GROUPINGS Final nroducts total 162 169 163 168 171 174 167 161 162 164 164 167 167 172 165 155 162 155 163 165 170 162 152 154 157 156 160 160 166 158 Ffltrinment including defense ... 188 195 193 191 194 192 190 191 191 191 191 193 193 196 193 157 160 151 157 158 159 155 148 149 150 152 157 161 165 156 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1090 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 tion 1959 1960 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total index 100.00 105 108 no 108 107 106 105 103 102 102 103 106 108 no 112 86.49 705 108 7/0 108 707 705 704 702 707 707 702 705 108 772 Durable 49.66 102 104 106 104 102 101 98 96 95 94 95 99 103 105 107 36.83 no 114 116 M5 113 113 112 111 111 111 112 114 116 118 119 8.55 95 97 97 98 96 97 98 98 98 97 97 97 97 98 98 Utilities 4.96 115 123 124 125 126 124 123 123 124 125 125 127 130 131 134 Durable Manufactures Primary and fabricated metals 13.15 95 98 95 93 97 90 85 82 82 82 83 89 96 70/ 7.73 90 91 85 83 80 78 14 69 71 73 74 82 90 92 95 Iron and steel 6.21 86 88 80 76 72 73 68 64 66 69 69 79 86 r89 91 Fabricated metal products 5.42 104 106 109 108 106 105 101 101 97 96 96 99 105 107 109 Structural metal parts 2.91 101 103 107 107 105 104 101 98 97 94 94 96 102 106 108 Machinery and related products 28.98 702 705 108 705 705 704 702 700 98 97 97 101 704 705 108 Machinery 15.31 103 106 110 107 105 102 102 101 101 101 101 103 104 107 110 Nonelectrical machinery 8.92 99 102 107 103 101 100 98 96 96 96 95 98 99 101 103 Electrical machinery 6.39 108 112 114 113 112 105 107 108 109 108 108 109 112 116 119 Transportation equipment 10.76 98 102 102 101 102 103 97 93 89 88 88 94 99 101 102 Motor vehicles and parts 5.04 100 115 113 114 115 116 103 97 89 86 86 99 108 113 114 Aircraft and other equipment •. 5.50 94 89 90 88 89 89 90 89 88 88 89 88 90 88 91 Instruments and related products 1.66 112 119 121 122 118 119 119 116 116 113 113 113 116 119 119 Ordnance and accessories 1.25 4.57 111 709 775 709 707 705 705 700 700 700 702 705 707 772 7/5 Clay glass and stone products. 2.92 no 110 114 112 109 109 107 103 101 100 103 105 107 112 114 1.65 107 111 102 103 100 95 96 100 99 100 106 '107 112 113 Furniture and miscellaneous 2.96 775 720 118 774 775 775 770 709 709 7/0 112 7/5 118 119 1.48 111152 120 124 121 118 117 117 114 111 111 112 115 117 120 121 Misc manufactures . ... 1.48 109 113 117 115 109 113 110 107 107 108 107 no 114 117 117 Nondurable Manufactures Textile, apparel, and leather products 7.32 775 7/5 7/9 777 772 772 777 108 705 707 7/0 7/2 775 775 118 Textile mill products 2.78 113 109 113 111 106 104 101 98 98 102 104 106 '•110 112 115 Apparel products 3.44 120 125 128 127 122 122 123 119 113 116 120 120 120 123 127 Leather and products 1.10 106 101 103 103 97 101 99 96 97 96 96 100 100 104 7.93 108 112 772 772 772 775 772 777 777 111 777 775 774 775 775 Paper and products . 3.27 111 112 112 112 112 112 no 109 111 113 113 117 117 118 117 4.66 105 112 113 112 113 114 112 111 no no no 111 r113 115 Newspapers 1.53 104 108 108 108 107 108 108 106 104 102 104 105 105 106 109 Chemical, petroleum, and rubber products 10.95 113 118 722 720 77S 777 775 775 774 7/5 775 775 722 '725 727 Chemicals and products 7.10 114 121 125 124 121 121 120 120 119 118 120 123 127 r130 132 Industrial chemicals 3.61 118 127 131 131 127 125 126 125 125 124 127 130 135 139 Petroleum products 1.93 105 108 115 112 111 109 108 105 106 106 106 108 111 rlll 114 R.ubber and plastics products 1.91 114 115 117 115 111 no 109 105 103 102 96 no 114 121 Foods beverages and tobacco 10.64 707 109 770 110 770 777 709 770 770 770 777 772 772 775 774 Fo F o o d o s d a n m d a n b u e f v a e c r t a u s r e e s s 9 8. . 3 8 1 7 1 1 0 0 6 6 1 1 0 0 9 9 no 1 1 0 0 9 9 1 1 0 1 9 0 1 1 1 1 1 1 1 1 0 0 9 9 n n o o n n o o n n o o in i m n 1 11 1 3 2 1 1 1 1 3 3 1 1 1 1 3 4 1.56 106 109 i1n09 109 no 112 108 109 in 108 111091 \\\ 107 112 Tobacco products .77 112 114 in 114 114 115 117 115 113 116 116 122 116 116 Mining 7.05 95 95 95 96 95 96 97 96 95 95 95 97 96 r97 96 Coal 1.30 82 82 78 80 77 81 11 81 78 11 68 11 81 HI 11 Crude oil and natural gas 5.75 99 98 99 100 99 99 101 99 99 99 101 101 100 101 101 Oil and gas extraction . 4.98 99 100 102 102 101 101 103 101 101 101 104 104 103 r104 103 Crude oil 4.33 98 98 100 100 99 99 101 98 98 98 101 101 100 r102 101 Gas and gas liquids .65 106 116 116 117 115 118 117 121 Oil and °as drilling .77 93 85 84 85 84 86 89 87 90 85 80 85 84 83 84 Metal stone and earth minerals / 50 94 105 707 107 704 705 704 108 770 705 707 702 707 r103 106 M^etal minins .70 11 96 94 96 92 88 95 107 109 106 106 92 86 r89 94 Stone and earth minerals .80 108 112 118 116 114 116 113 109 111 106 107 no 114 116 117 Utilities Electric 3.76 115 124 1.24 126 127 125 124 124 125 125 125 127 131 132 Gas 1.20 114 123 123 122 121 120 118 119 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1091 MARKET GROUPINGS 1957= 100 [Seasonally adjusted] p 19 ro 5 - 7 A av n e n ra u g a e l 1960 1961 Grouping tion 1959 1960 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total index 100.00 105 108 110 108 107 106 105 103 102 102 103 106 108 110 112 46.75 107 111 112 111 110 777 109 108 107 107 107 109 111 113 114 Consurner goods ... ... 31.13 110 115 116 115 114 115 113 112 110 110 111 114 115 118 119 Equipment including defense 15.62 100 103 104 103 103 103 102 101 100 100 99 100 r102 102 104 Materials 53.25 104 106 106 105 104 103 101 99 98 98 99 103 106 109 110 Consumer Goods Automotive products 3.35 103 117 114 775 777 727 772 705 94 90 88 103 705 113 114 Autos 2.03 96 117 108 114 119 123 109 97 78 73 71 92 101 109 110 Auto parts and allied products 1.32 113 117 122 118 113 118 116 118 118 115 115 120 118 120 120 Home goods and apparel 9.60 116 117 119 777 775 772 772 111 108 709 112 115 116 120 123 Home goods 4 40 115 115 117 114 112 110 110 110 108 109 110 114 117 122 124 Appliances TV and radios 1 75 114 111 113 108 105 103 104 106 106 109 108 111 116 123 127 Appliances 1 26 119 117 119 116 110 112 114 116 116 114 113 115 118 122 126 TV and home radios .49 102 96 97 87 93 82 78 82 80 94 95 100 110 126 128 Furniture and rugs . 1.18 119 118 118 119 119 115 114 113 109 109 110 116 117 r122 120 Misc home goods I 47 113 117 121 118 114 115 114 112 111 110 112 115 118 122 123 Apparel incl knit goods and shoes 5 20 116 118 121 119 113 114 114 111 108 110 114 116 115 118 122 Consumer staples 18.18 108 113 115 114 774 775 113 114 114 114 114 115 117 118 119 Processed foods . . 8.11 106 109 110 110 110 110 109 109 110 110 111 111 113 114 114 Beverages and tobacco 2.32 108 111 111 111 112 113 111 111 117 111 111 114 110 113 Drugs soap and toiletries 2.73 111 118 122 120 119 122 118 118 118 117 116 119 123 r124 125 Newspapers magazines and books 1.44 106 114 116 115 116 115 116 116 117 115 114 114 116 117 119 Consumer fuel and lighting 3.45 113 119 122 122 121 120 119 119 123 125 122 123 125 124 Fuel oil and gasoline 1.19 104 106 109 108 106 105 105 104 108 112 107 105 105 r105 110 Residential utilities 2.26 117 127 129 129 130 128 126 127 131 132 130 132 r135 134 Electricity 1.57 118 128 129 131 132 130 130 130 133 133 129 132 136 135 Gas .69 115 125 Equipment Business equipment 12.16 100 105 106 105 705 705 103 102 101 101 100 102 103 104 105 Industrial equipment . . . .. 7.29 97 102 104 103 101 99 100 98 98 98 96 97 99 99 102 Commercial equipment 2.46 104 118 121 121 120 121 119 117 118 118 117 118 120 123 125 Freight and passenger equipment . 1.83 98 101 101 95 101 103 99 99 95 91 93 94 95 '95 96 Farm equipment.... .58 115 91 88 83 87 86 88 99 98 103 104 107 104 106 98 3.46 Materials Durable goods materials . • 27.81 100 102 101 700 99 97 94 97 90 89 90 96 101 104 105 Consumer durable 3.67 101 109 110 106 112 103 94 91 88 83 85 93 107 111 109 Equipment 8.10 103 101 102 101 97 98 98 95 95 95 95 98 99 101 104 Construction . 9.05 107 107 110 109 106 105 102 99 98 97 99 104 107 110 112 Mtetal materials nee 6.99 89 92 86 84 81 79 77 75 77 78 79 86 92 '93 95 Nondurable materials 25.44 107 no 112 7/7 709 709 709 705 107 108 709 111 112 114 116 Business supplies 8.87 108 110 113 111 110 110 110 110 108 108 108 111 110 113 114 Containers 2.91 109 109 113 111 108 107 106 109 108 110 112 114 110 r115 116 General business supplies 5.96 107 111 113 112 111 111 112 110 109 108 107 110 110 112 113 Nondurable materials nee 7.05 115 119 123 121 117 116 116 115 114 116 118 121 124 128 131 Business fuel and power 9.52 100 103 103 104 102 103 103 102 101 102 102 104 105 r106 106 Mineral fuels 6.29 96 97 97 98 96 97 98 97 96 96 96 98 98 r99 98 Nonresidential utilities 2.70 113 120 120 122 122 121 120 120 119 119 121 123 126 129 Electricity . 2.19 113 12! 121 123 124 122 121 120 119 120 122 124 127 no General industrial .99 110 115 117 118 117 113 112 113 111 112 114 111 117 120 Commercial and other 1.12 118 127 127 130 132 131 130 128 128 128 131 136 138 141 Gas .51 113 120 .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 110 116 116 115 114 115 111 108 102 101 100 109 113 118 119 Apparel and staples ,. 23.38 110 114 116 115 114 115 114 113 113 113 114 115 116 118 119 r Revised. NOTE.—Published groupings include some series and subtotals not series and subtotals without seasonal adjustment are published in the shown separately. Detailed description and historical data are available monthly Business Indexes release, which is available on request from the in Industrial Production—7959 Revision (for announcement of that pub- Division of Administrative Services, Board of Governors, of the Federal lication, see the BULLETIN for June 1960, p. 632). Figures for industrial Reserve System, Washington 25, D. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1092 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957= 100 [Without seasonal adjustment] p 19 ro 5 - 7 A av n e n ra u g a e l 1960 1961 Grouping portion 1959 1960 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. I Mar.! Apr. ! May June July Total index. 100.00 105 108 103 107 108 110 106 101 102 103 104 107 108 111 106 M U M t a i D N i n l n i o u i u t n i n r f e g a a d s b c u t l r u e a r b in le g, total. 4 8 3 4 8 9 6 6 . . . . . 5 9 6 8 4 5 6 6 3 9 1 1 1 1 9 1 0 1 0 5 5 5 0 2 1 1 1 1 9 0 1 0 2 7 8 4 4 3 1 1 9 9 0 0 4 9 3 9 1 1 9 9 1 0 8 8 7 6 1 1 1 9 1 0 0 8 7 8 2 1 1 1 9 1 1 0 8 0 9 3 1 1 1 9 0 1 0 7 6 4 0 1 1 9 9 0 0 6 7 6 0 1 1 9 9 0 0 7 5 1 9 1 1 9 9 1 0 6 7 1 2 1 1 9 9 0 1 7 6 3 2 7 1 1 9 1 0 0 7 5 7 0 1 1 1 9 0 1 0 8 3 5 8 1 1 11 0 1 8 6 1 7 1 1 9 0 0 1 6 5 0 2 Durable Manufactures P F P r a r i I S i b m m r t r o r i a a n u c r r a c y y a t t e u n m a d r d n a e d l m s t a t f m e e a ls e t b e a l r t l i a c p l a r p t o e a d d r u t s c m ts etals. 1 7 6 2 5 3 . . . . . 2 7 4 9 1 1 3 2 1 5 1 1 9 8 9 0 0 0 6 5 1 4 1 1 9 9 8 0 0 1 8 8 6 3 1 1 6 8 7 0 0 9 6 3 3 5 1 1 9 7 7 0 0 0 2 7 5 9 1 1 7 7 9 0 1 2 8 1 6 0 1 1 7 9 8 0 0 5 2 0 9 6 1 1 6 8 7 0 0 8 6 4 3 4 1 1 6 8 0 6 0 2 1 1 8 1 9 9 6 8 7 6 6 8 3 3 9 7 9 8 7 3 1 4 3 6 7 9 9 5 7 3 4 6 5 8 9 9 9 8 8 9 6 7 1 6 1 1 9 9 8 0 0 7 2 8 1 3 n 1 ' r o 0 9 9 o 4 7 1 1 1 9 8 8 0 0 2 0 3 6 4 T I O M M n r r a s a A N a E M d t c c n r l n i o h h e o u r s a n i c c i p m t n n n e r o t o r e a c e l e r i r e r f e r c n t t y c y v a a t t a e s l t a r a n i h i n o m n a c d i d c n d n a a l l a d e c o r e c s m h e t q c r h l i e e a u a a n e l s n c i t a e r s e p d h t r o d m e y e i r n d p q i e e e a u p n s p r r r i y t t r p o s o m d d u e u c n c ts t t . s . . . . . 2 1 1 5 5 8 6 1 1 8 0 5 . . . . . . . . . 6 2 5 0 9 3 7 3 9 6 5 0 4 2 9 6 1 8 1 1 1 1 1 9 9 9 1 0 0 0 0 8 4 9 2 3 0 8 2 1 1 1 1 1 1 1 8 1 1 0 0 0 1 0 9 9 5 6 6 2 2 2 1 1 1 1 1 1 9 8 0 1 0 0 0 0 4 7 1 8 3 2 2 2 1 1 1 9 9 8 8 8 2 0 0 8 7 0 6 4 0 3 9 1 1 1 1 9 8 9 9 1 0 1 0 9 8 9 4 9 6 6 3 1 1 1 1 H 1 9 8 1 2 0 0 0 I 8 9 9 0 5 4 4 1 1 1 1 1 1 9 9 1 0 1 0 1 0 0 7 9 3 4 4 2 2 1 1 1 1 1 9 9 8 1 0 0 0 0 8 7 9 8 7 2 8 2 1 1 1 1 9 9 9 9 1 0 0 0 7 3 4 0 6 8 0 2 1 1 1 1 9 9 9 8 0 0 1 1 9 1 1 9 0 3 4 0 7 1 1 1 9 9 9 9 0 1 0 0 0 9 1 1 0 4 3 9 7 1 1 1 1 1 9 8 0 0 1 0 0 0 6 9 1 5 4 9 5 2 7 1 1 1 1 1 9 8 1 0 0 0 0 1 9 9 6 1 4 5 9 0 7 1 1 1 1 1 1 1 8 1 0 1 0 0 1 0 0 8 8 1 5 5 6 4 7 2 7 1 1 1 1 9 9 8 1 0 0 0 0 4 8 7 6 7 7 0 2 C C l l a a y y , , g g l l a as s s s , , a a n n d d l s u to m n b e e r products. 4 2. . 9 5 2 7 1 1 1 1 1 0 1n0o9 7 1 7 1 0 3 7 1 7 1 5 6 7 11 7 3 5 7 1 7 1 2 4 1 10 0 8 3 1 9 0 4 0 9 9 2 5 9 9 5 5 1 9 0 8 1 1 1 0 0 4 5 7 1 7 1 0 0 7 11 7 5 7 7 1 7 1 2 4 Lumber and products 1.65 113 107 106 114 113 110 94 83 88 93 94 104 110 120 109 Furniture and miscellaneous. . 2.96 112 776 114 727 720 722 777 772 705 705 705 709 777 776 114 Furniture and fixtures 1.48 115 120 119 124 123 123 118 117 109 110 111 112 112 118 118 Misc. manufactures 1.48 109 113 109 118 116 121 116 108 102 106 106 106 110 115 110 Nondurable Manufactures Textile, apparel, and leather products. 7.32 775 775 705 722 770 116 772 97 707 776 776 776 775 114 705 Textile mill products 2.78 113 109 100 111 104 108 104 94 100 105 105 110 113 112 100 Apparel products 3.44 120 125 113 134 117 127 123 102 115 128 128 126 123 121 114 Leather and products 1.10 106 101 92 108 99 102 96 99 106 105 101 94 100 Paper and printing 7.93 108 772 104 777 774 775 775 707 709 777 114 776 114 776 707 Paper and products 3.27 111 112 101 113 113 119 111 99 110 114 116 121 117 '122 105 Printing and publishing. 4.66 105 111 107 109 114 117 117 113 108 109 113 113 113 112 109 Newspapers 1.53 104 108 95 97 108 117 118 105 96 99 108 112 112 106 96 Chemical, petroleum, and rubber products. 10.94 773 775 114 775 775 77P 777 775 775 776 776 727 722 725 775 Chemicals and products 7.10 114 121 118 122 121 123 121 118 119 121 123 127 128 131 124 Industrial chemicals 3.61 118 127 124 126 125 126 127 125 125 128 131 133 136 137 Petroleum products 1.93 105 108 114 115 114 109 107 108 106 108 105 105 109 111 in' Rubber and plastics products 1.91 114 115 101 109 112 116 112 101 108 108 101 113 111 117 Foods, beverages, and tobacco. 10.64 707 709 770 775 727 727 777 104 104 70¥ 104 707 770 776 775 Foods and beverages 9.87 106 109 111 118 122 120 111 105 103 103 104 107 109 115 114 Food manufactures 8.31 106 109 109 117 124 122 113 107 105 104 103 105 107 112 113 Beverages 1.56 106 109 119 120 112 113 98 96 91 96 105 117 117 132 Tobacco products .77 112 114 102 122 118 123 117 93 113 118 115 117 120 126 Mining Coal, oil, and gas 7.05 96 95 90 94 94 96 97 97 95 95 97 96 95 94 97 Coal 1.30 82 82 63 83 82 88 80 79 76 78 69 75 78 H5 66 Cr O ud il e a o n i d l a g n a d s e n x a t t r u a r c a t l i o g n a . s . . 4 5 . . 9 7 8 5 9 9 9 9 1 9 0 8 0 9 9 6 7 9 9 7 9 9 9 7 9 9 9 9 8 1 10 0 2 0 1 1 0 0 1 3 1 10 0 3 4 1 1 0 0 3 6 1 10 0 3 7 1 1 0 0 1 5 1 9 0 9 2 " r 19091 9 9 7 9 C G r a u s d a e n o d i l gas liquids. . 4. . 3 6 3 5 1 9 0 8 6 1 9 1 8 6 1 9 0 6 7 1 9 1 7 0 1 9 1 7 0 1 9 1 7 5 1 12 0 1 0 1 1 0 2 0 7 101 102 104 102 100 r99 97 Oil and gas drilling .77 93 85 86 86 87 92 76 j 81 82 | 84 86 Metal, stone, and earth minerals. 1.50 94 105 116 777 114 770 70/ 96 94 94 | 98 108 '7/6 7/5 Metal mining .70 11 96 108 111 107 97 86 86 85 87 : 86 99 '110 107 Stone and earth minerals .80 108 112 123 123 121 122 114 105 101 101 108 i 116 121 122 Utilities G El a e s ctric. 3 1 . . 7 2 6 0 1 1 1 1 4 5 1 1 2 2 3 4 123 129 130 122 120 126 134 I 130 127 124 i 124 127 •• For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1093 MARKET GROUPINGS 1957= 100 [Without seasonal adjustment] p 19 ro 5 - 7 a A v n e n ra u g a e l 1960 1961 Grouping portion S959 i960 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total index. 100.00 105 108 103 107 108 no 106 101 102 103 104 107 108 111 106 Final products total 46.75 107 107 111 112 114 110 106 106 108 107 110 110 113 109 Consumer goods •. 31.13 110 115 110 115 117 121 115 108 109 111 111 113 114 118 112 Eouioment includins defense 15.62 100 103 102 101 102 101 100 101 101 101 101 102 102 103 102 Materials 53.25 104 106 100 104 105 105 102 98 98 99 101 104 107 109 103 Consumer Goods 3.55 103 117 103 83 98 129 120 110 98 96 94 108 112 118 98 Autos 2.03 96 117 94 60 84 134 123 108 86 83 81 102 107 116 87 Auto parts and allied products 1.32 113 117 116 117 120 121 114 112 117 116 115 119 119 123 115 9.60 116 117 107 120 115 119 114 101 106 116 116 116 nu 117 108 Home goods 4.40 115 115 105 111 118 118 114 107 103 no 112 114 114 119 107 Appliances TV and radios 1.75 114 111 95 97 112 109 108 98 98 112 112 115 114 119 98 1.26 119 117 107 96 110 107 111 107 106 120 122 127 122 124 103 TV and home radios .49 102 96 63 98 117 114 99 77 80 94 86 84 96 106 83 Furniture and rugs 1.18 119 118 112 121 122 122 116 116 108 111 112 114 111 117 114 Misc home foods 1.47 113 117 112 120 123 125 121 no 104 108 111 114 116 120 114 Apparel incl knit goods and shoes 5.20 116 118 109 127 112 120 114 97 109 120 119 118 115 116 109 18.18 108 113 in 119 122 120 114 111 112 112 HI 113 114 118 116 Processed foods 8.11 106 109 110 118 124 122 112 107 104 103 103 104 107 112 113 2,32 108 111 113 121 114 116 104 95 98 104 108 117 118 130 Drugs soap and toiletries 2.73 111 118 114 122 121 125 120 117 118 118 117 122 122 125 118 1.44 106 114 113 116 118 117 116 116 116 115 115 114 115 116 116 Co F n u s e u l m o e i r l a fu n e d l g a a n s d o l l i i n c e h tins . ... 3 1 . .1 4 9 5 1 10 1 4 3 1 1 1 0 9 6 1 10 1 8 8 n 12 o 1 1 10 2 8 2 1 1 0 1 4 5 1 10 1 5 5 1 10 2 8 3 1 11 3 2 4 1 11 3 3 2 1 10 2 5 5 1 1 0 2 0 1 1 10 1 3 9 1 1 0 1 4 9 109 Residential utilities 2.26 117 127 Electricity 1.57 118 128 122 m 130 iii 122 136 154 149 138 132 125 i24 Gas .69 115 125 Equipment Business equipment 12.16 100 105 104 103 104 103 101 102 102 102 102 103 103 105 103 Industrial equipment 7.29 97 102 102 102 102 99 99 99 98 97 96 98 99 100 100 (Commercial equipment 2.46 104 118 117 119 121 122 120 120 119 119 118 118 120 122 121 Freight and passenger equipment 1.83 98 101 101 92 96 99 95 96 94 93 98 99 98 100 95 Farm equipment .58 115 91 79 75 78 85 78 95 101 113 119 123 110 108 87 3.46 Materials 27.81 100 102 96 97 100 99 95 90 90 90 91 96 101 105 99 Consumer durable 3.67 101 109 96 91 108 109 105 98 93 88 88 92 102 104 96 8.10 103 101 97 97 97 97 98 97 97 97 97 98 99 101 99 9.05 107 107 109 112 112 111 103 96 93 93 96 103 108 115 111 Metal materials n.e.c 6.99 89 92 77 81 82 83 77 71 75 79 81 88 95 97 87 Nondurable materials 25.44 107 110 104 110 110 112 110 106 108 109 111 112 113 r114 108 8.87 108 110 104 111 113 116 111 104 106 108 110 114 112 114 105 Containers 2.91 109 109 106 118 115 115 102 94 102 107 112 116 114 121 no General business supplies 5.96 107 in 103 108 112 116 115 109 107 108 110 113 112 111 103 Nondurable materials nee 7.05 115 119 112 118 116 119 119 112 116 119 120 123 126 126 118 Business fuel and power 9.52 100 103 99 104 103 103 102 103 103 104 104 103 103 104 103 6.29 96 97 90 95 95 97 98 98 99 100 99 98 97 r96 92 Nonresidcntia! utilities 2.70 113 120 Electricitv 2.19 113 121 124 in 129 123 118 118 119 117 119 If9 124 130 .99 110 115 112 119 118 116 114 113 112 109 114 112 118 119 Commercial and other . .... 1.12 118 127 136 143 142 130 124 125 127 125 126 128 131 142 Gas .51 113 120 .33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 110 116 104 99 110 123 117 108 101 104 104 112 113 119 103 23.38 no 114 112 121 119 120 114 108 112 114 113 114 114 117 115 r Revised. series and subtotals without seasonal adjustment are published in the sho N wOnTE . s — ep P a u ra b t l e i l s y h . e d D g e r t o ai u l p ed in g d s e sc in ri c p l t u i d o e n a so nd m e h is s t e o r r i i e c s a l a d n a d t a su ar b e t o a ta v l a s i la n b o le t D m i o v n is th io ly n B of u s A in d e m ss i n I i n s d tr e a x t e iv s e r e S le e a rv se ic , e w s, h B ic o h a r is d a o v f a i G la o b v le e r o n n o r r s e q o u f e t s h t e fr F o e m d e t r h a e l 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

1094 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise indicated] Construction Manu- Industrial production contracts i facturing 3 Prices Nonag- Major industry Major market groupings r t i u c r u a l l - Freight D m ep e a n r t tgroupings em- car- store Y m e o a n r t o h r Total Manu- Final C p o r n o - ducts M ri a a t l e s - R d t e e ia n s l i - - o A th l e l r t p o l t o a y l2 - p m E lo m en y - t - P ro a l y ls - l i o n a g d s - v ( s r a a e l l t u e a e s i ) l s C u o m n e - r m W c s o o h a d m l o e i l t - y efac- Min- Util- Total sumer Equiptur- ing ities goods ment ing 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 98 94 108 99 101 94 96 116 111 99 0 93.8 97 2 99 101 8 99 2 1950 113 114 105 123 112 115 102 114 185 142 102.3 99.6 111.7 97 107 102 8 103 1 1951 123 i23 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 13S 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 14 124.6 119.5 I960 ^164 2>163 P128 *>287 *>169 ^162 P195 ^160 117 112 120.9 99.1 170.2 78 145 126.5 119.6 I960—Julv 166 165 128 290 170 164 198 161 122 142 121.5 99.6 169.0 73 148 126.6 119 7 Aug 165 163 129 293 169 162 195 159 132 117 121.3 98.3 169.2 75 144 126.6 119.2 Sept 162 161 127 295 168 161 195 157 118 116 121.2 98.4 172.5 73 144 126.8 119.2 Oct 161 160 128 291 168 162 195 156 128 121 120.7 97.4 170 5 78 150 127 3 119 6 Nov 159 157 129 290 166 159 193 153 115 102 120.2 96.5 166.2 75 142 127.4 119.6 Dec 156 154 129 291 164 158 191 150 81 115 119.4 94.6 160.6 73 147 127.5 119.5 1961—Jan 155 153 129 290 162 155 188 148 90 95 119.4 93 7 158 5 75 142 127 4 119 9 Feb 155 152 128 291 162 155 188 149 80 86 118.8 92.5 157.1 73 145 127.5 120.0 Mar 156 153 127 291 162 156 188 150 126 113 118 7 92 6 158 2 72 146 127 5 119 9 Apr 160 158 128 296 166 160 190 156 134 116 119.4 93.8 160.3 74 148 127.5 119.4 May 164 163 128 '3O3 168 163 192 161 143 122 120.1 95.6 164.8 76 144 127.4 118.7 June .... 168 166 129 r3O6 171 r166 r194 164 143 128 121.0 96 5 r170 7 74 149 127 6 118 7 July 170 169 129 311 174 168 197 166 138 127 121.3 96.8 169.4 71 151 128 1 118 6 Aug Pill »170 P130 ^310 *174 ?168 ?200 P167 "121.5 *96.6^172.8 76 e150 119.0 e Estimated. v 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 ba obtained from the Division of adjustment. Research and Statistics. * See note 1. 2 Employees only, excluding personnel in the armsd forces. 1 Indexes beginning with 1956 are based on data for 48 States from 3 Production workers only. F. W. Dodge Corporation, 1957=100. Figures for earlier years are NOTE.—Indexes for employment (excluding Alaska and Hawaii), 3-month moving averages, based on value data for 37 States east of payrolls, and prices are compiled by the Bureau of Labor Statistics. the Rocky Mountains, 1947^9=100; the data for 1956 on this basis CONSTRUCTION CONTRACTS [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Annual totals 1960 1961 Type of ownership and type of construction 1959 1960 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total construction 36,269 36,318 3,597 3,295 3,119 3,319 2,886 2,718 2,485 2,235 3,166 3,298 3,501 3,602 3,529 By type of ownership: Public 11,068 12,587 1,413 1,018 995 1,125 1,071 1,218 838 732 1,090 1.170 1.127 1,235 Private 25,201 23,731 2,184 2,277 2,124 2,194 1,815 1,500 1,647 1,504 2,075 2,1281 2,374l 2.367 By type of construction: I Residential 17,150 15,105 1,329 1,433 1,277 1,390 1,253 878 974 870 1,3711 1,454 1.553 1,55? 1,502 Nonresidential 11.387 12,240 1,152 1,177 1,124 1,165 916 994 813 804 1,027; 1,0501 1,105 1,221 1,154 Public works and utilities 7,732! 8,973 1,116 685 717 764 717 846 698 5611 768| 794J 843 823 873 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 1095 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates.! Monthly data at seasonally adjusted annual rates. In millions of dollars] Private Public Year or month Total Total d N f e r a e n o r s t m n i i - a - l Total In tr d i u a B l s- usin m e C s e s o rc m ia - 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 l e - - - 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 1,387 2,679 790 5,925 1953.. 37,019 25,783 13,777 8,495 2,229 1,791 4.475 3,511 11,236 1,290 3,015 883 6,048 1954.. 39,234 27,556 15,379 8,403 2,030 2,212 4,161 3,774 11,678 1,003 3,680 982 6,013 1955.. 44,164 32.440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 1,287 3,861 1,085 5,491 1956.. 45,815 33^67 17,677 11,608 3,084 3,631 4,893 3,782 12,748 1,360 4,431 1,275 5,682 1957.. 47,845 33,766 17,019 12,535 3,557 3,564 5.414 4,212 14,079 1,287 4,954 1,344 6,494 1958.. 48,950 33,493 18,047 11,058 2,382 3,589 5,087 4,388 15,457 1,402 5,545 1,387 7,123 19592. 56,555 40,344 24.962 11,044 2,106 3,930 5,008 4,338 16,211 ,488 5,870 1,467 7,386 I960.. 55,556 39,603 22,546 12,354 2,851 4,180 5,323 4,703 15,953 ,386 5,464 1,487 7,616 I960—Aug.. 55,837 39,474 22,448 12,323 2,880 4,033 5,410 4,703 16,363 ,444 5,724 1,451 7,744 Sept., 55,599 39,316 22,102 12,510 2 958 4,134 5,418 4,704 16,283 ,340 5,602 1,452 7,889 Oct.. 55,552 39,200 21,834 12,633 3,010 4,262 5,361 4,733 16,352 ,490 5,427 1,458 7,977 Nov., 56,079 39,624 22,016 12,855 3,025 4,378 5.452 4,753 16.455 ,678 5,243 1,454 8,080 Dec. 56,650 39,639 21,916 13,002 3,025 4,519 5,458 4,721 17,011 ,531 5,953 1,477 8,050 1961—Jan 56.018 38,575 20,649 13,209 3,053 4,848 308 4,717 17,443 6,470 1,530 8,159 Feb 55,717 37,962 20.016 13,197 2,992 4,821 384 4,749 17,755 ,942 5,934 1,549 8,330 Mar 55,794 38,511 20,508 13,098 2,957 4,743 398 4,905 17,283 ,764 5,662 1,569 8,288 Apr 55,883 39,365 21,421 12,880 2,921 4,636 323 5,064 16,518 ,651 5,060 1,601 8,206 May 55.892 39,606 21,631 12,747 2,849 4,515 383 5,228 16.286 ,507 4,983 1.606 8,190 June 57,615 40,737 22,680 12,642 2,750 4,510 382 5,415 16,878 ,382 5,527 1,594 8,375 July* 58,217 41,310 23,252 12,707 2,672 4,578 5,457 5,351 16,907 1,475 5,770 1,582 8,080 Aug.?3 58,286 41,322 23*418 12,655 2,588 4,646 5,421 5,249 16,964 1,259 5,989 1,565 8,151 p Preliminary. 2 Beginning with 1959, series includes Alaska and Hawaii. 1 Data for 1952-58 are joint estimates of the Departments of Commerce and Labor. NEW HOUSING STARTS [Bureau of the Census, Federal Housing Administration, and Veterans Administration. In thousands of units] Seasonally Memorandum item: adjusted Non- Private Government-underwritten 2 annual rate Metro- metro- Year or month (private only) Total p a o re li a ta s n l p a o re li a ta s n ' 1- Multi- Total 'Nonfarm Total family family family Total FHA VA 1952. ,127 795 332 ,069 939 46 84 59 421 280 141 1953. ,104 804 300 ,068 933 42 94 36 409 252 157 1954. ,220 897 324 , 202 1,077 34 90 19 583 276 307 1955. ,329 976 353 ,310 1 ,190 33 87 19 670 277 393 1956. ,118 780 338 ,094 981 31 82 24 465 195 271 1957. ,042 700 342 993 840 33 120 49 322 193 128 1958. ,209 827 382 ,142 933 39 170 68 439 337 102 1959. ,379 946 432 ,343 1,079 49 215 36 458 349 109 19593. .554 1,077 477 ,517 1,234 56 227 37 458 349 109 1960.. ,296 889 407 ,252 995 44 214 44 336 261 75 1960—July.. .227 ,209 118 83 36 114 92 4 18 4 31 24 Aug.. .355 ,335 135 85 50 130 105 4 21 5 35 26 Sept.. ,089 .067 103 69 34 97 77 3 17 6 29 22 Oct... ,273 ,237 113 78 35 no 86 4 21 3 28 23 Nov.. ,220 ,206 95 66 28 69 3 20 2 26 20 Dec. 996 987 71 50 21 93 46 3 15 7 19 14 64 1961—Jan ,127 .098 73 51 21 70 50 3 17 3 19 14 Feb ,169 ,115 81 56 25 76 56 4 16 5 18 13 Mar ,296 ,262 no 79 31 105 78 4 23 5 27 20 Apr ,166 ,143 80 36 84 4 24 4 26 20 May ,291 ,268 115 90 41 127 96 4 26 4 32 24 June ,383 \P .352 131 93 46 P133 101 4 27 30 22 July *>1,317 \P ,296 ^138 86 40 P123 n.a. n.a. n.a. ^29 ^22 n.a. Not available. p Preliminary. 3 New series, including both farm and nonfarm unless otherwise 1 For new series, based on revised definition of metropolitan areas. indicated. Not strictly comparable with nonfarm series developed by 2 Data from Federal Housing Administration and Veterans' Ad- the Bureau of Labor Statistics, for which annual totals are given through ministration represent units started, based on filed office reports of first 1959. compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1096 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 i p n o st p it u u l t a i t o io n n al l f a o b rc o e r Unem- l N ab o o t r i n f o t r h c e e m ra e t n e t Total Total In in c d u n u l o t s u n t r r a a ie g l s ri- agric I u n lture ployed (per cent) 1954 116,220 67,818 64,468 60,890 54,395 6,495 3,578 48,401 5.6 1955 117,388 68,896 65,848 62,944 56,225 6,718 2,904 48,492 4.4 1956 118,734 70,387 67,530 64,708 58,135 6,572 2,822 48,348 4.2 1957 . .. 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 1960 125,368 73,126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 I960—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>03 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 Aug 128,183 75,610 73,081 68,539 62,215 6,325 4,542 52,573 6.9 1 Includes self-employed, unpaid family, and domestic service workers. Information relating to persons 14 years of age and over is obtained 2 Per cent of civilian labor force. Monthly data seasonally adjusted. through interviews of households on a sample basis. Monthly data NOTE.—Inclusion*of figures for Alaska and Hawaii beginning with relate to the calendar week that contains the 12th day; annual data are 1960 increased population by abou+ 500,000 and total labor force by averages of monthly figures. about 300,000. Most of the increase was in nonagricultural industries. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Total Trans- Federal, Year or month A I l n a c s l k . a A E l x as c k l. a M t a u n r u in f g ac- Mining c C o o n t n i s o t t r r n a u c c t - ti p p o u o n b r t l a a i n c - d Trade Finance Service S g ta o l t o v e c e , a r a l n n - d and and utilities ment Hawaii Hawaii * 1954... 48,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955... 50,056 16,563 777 2,759 4,062 10,846 2,219 5,916 6,914 1956... 51,766 16,903 807 2,929 4,161 11,221 2,308 6,160 7,277 1957... 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 1958... 50,543 15,468 721 2,648 3,903 11,141 2,374 6,395 7,893 1959... 52,205 51,975 16,168 676 2,767 3,902 11,385 2,425 6,525 8,127 1960... 53,137 52,898 16,337 664 2,772 3,902 11,642 2,485 6,638 8,458 SEASONALLY ADJUSTED I960—Aug.. 53,304 53,046 16,265 665 2,835 3,892 11,764 2,499 6,652 :,474 Sept.. 53,242 52,998 16,275 660 2,800 3,879 11,665 2,515 6,665 1,539 Oct.. 53,047 52,809 16,132 656 2,804 3,879 11,668 2,514 6,632 !,524 Nov.. 52,825 52,591 16,030 644 2,783 3,858 11,568 2,512 6,665 i,531 Dec. 52,453 52,221 15,790 638 2,647 3,821 11,541 2,517 6,679 1,588 1961—Jan... 52,460 52,232 15,676 629 2,698 3,820 11,634 2,515 6,651 1,609 Feb... 52,213 51,984 15,527 620 2,636 3,803 11,576 2,519 6,660 1,643 Mar... 52,166 51,939 15,541 622 2,715 3,768 11,479 2,520 6,632 1,662 Apr... 52,476 52,243 15,678 629 2,781 3,763 11,546 2,520 6,646 1,680 May.. 52,780 52,541 15,910 636 2,752 3,776 11,577 2,528 6,653 ;,709 June. . 53,197 52,949 16,048 637 2,843 3,803 11,649 2,531 6,695 1,743 July*7. 53,340 53,078 16,088 636 2,854 3,812 11,687 2,533 6,729 !,739 A 53,390 53,132 16,067 628 2,861 3,810 11,709 2,551 6,704 !,802 WITHOUT SEASONAL ADJUSTMENT I960—Aug.. 53,320 53,062 16,386 672 3,130 3,921 11,592 2,536 6,685 :,140 Sept.. 53,743 53,496 16,505 663 3,069 3,907 11,665 2,515 6,698 :,474 Oct.. 53,631 53,391 16,313 656 3,006 3,889 11,742 2,501 6,698 ;,586 Nov.. 53,370 53,133 16,129 647 2,847 3,868 11,842 2,499 6,665 ,636 Dec. 53,547 53,310 15,836 641 2,552 3,843 12,405 2,504 6,612 ,917 1961--Jan.. 51,661 51,437 15,580 629 2,385 3,763 11,464 2,490 6,518 1,608 Feb.. 51,314 51,090 15,473 620 2,264 3,759 11,279 2,494 6,527 1,674 Mar.. 51,621 51,397 15,497 622 2,414 3,749 11,337 2,507 6,566 1,705 Apr.. 52,073 51,843 15,536 623 2,617 3,756 11,389 2,520 6,679 1,723 May. 52.645 52,407 15,726 630 2,799 3,773 11,446 2,528 6,753 1,752 June. 53,374 53,123 15,973 640 3,034 3,818 11,575 2,556 6,795 1,732 53,119 52,858 15,932 633 3,094 3,840 11,543 2,584 6,763 !,469 Aug.p 53,400 53,142 16,194 634 3,158 3,838 11,538 2,589 6,738 !,453 p Preliminary. 1 Details add to this total. month. Proprietors, self-employed persons, domestic servants, unpaid NOTE.—Data include all full- and part-time employees v/ho worked family workers, and members of the armed forces are excluded. Back during, or received pay for, the pay period ending nearest the 15th of the data may be obtained form the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 1097 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 Aug. June Aug. June Aug.*7 Total, 12,158 11,933 11,974 11,943 12,265 11,860 11,804 12,057 Durable goods 6,875 6,702 6,762 6,724 6,833 6,706 6,651 6,682 Ordnance and accessories 72 74 74 74 72 74 74 74 Lumber and wood products 584 573 579 573 607 593 591 596 Furniture and fixtures 332 318 322 324 327 308 309 319 Stem®, clay, and glass products 448 426 435 438 452 428 431 442 Primary metal industries 915 898 908 924 930 898 899 919 Fabricated metal products 827 805 813 817 819 801 789 809 Machinery except electrical 1,141 1,068 1,086 1,099 1,112 1,079 1,070 1,072 Electrical machinery 879 853 866 882 861 844 836 864 Transportation equipment 1,036 1.064 1,050 952 1,036 1,064 1,050 952 Instruments and related products....... 229 216 216 220 '226 215 212 217 Miscellaneous manufacturing industries. 412 407 413 421 410 401 392 419 Nondurable goods , 5,283 5,231 5,212 5,219 5,432 5,154 5,153 5,375 Food and kindred products , 1,009 1,025 1,005 1,016 1,142 1,008 1,056 1,157 Tobacco manufactures 73 73 71 71 81 64 62 78 Textile-mill products , 868 833 848 845 859 833 823 837 Apparel and other finished textiles , 1,085 1,091 1,073 1,063 1,107 1,047 1,025 1,084 Paper and allied products , 449 443 440 441 451 443 436 443 Printing, publishing and allied industries. 579 570 576 577 573 570 570 571 Chemicals and allied products........... 546 542 545 547 538 534 534 539 Products of petroleum and coal. 151 143 141 141 154 145 144 144 Rubber products 198 188 193 193 196 188 187 191 Leather and leather products 325 323 320 325 331 321 317 331 p Preliminary. nearest the 15th of the month. Back data may be obtained from the NOTE.—Data covering production and related workers only (full-and Bureau of Labor Statistics. part-time) who worked during, or received pay for, the pay period ending HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earning (dollars per week) (per week) (dollars per hour) Industry group 1960 1961 1960 1961 1960 1961 Aug. June July^ Aug.*3 Aug. June July*3 Aug.*1 Aug. June July? Total 90.35 94.24 94.00 93.83 39.8 40.1 40.0 40.1 2.27 2.35 2.35 2.34 Durable goods 97.20 101.91 101.15 101.66 40.0 40.6 40.3 40.5 2.43 2.51 2.51 2.51 Ordnance and accessories 105.60 110.70 111.65 112.48 40.0 40.7 40.6 40.9 2.64 2.72 2.75 2.75 Lumber and wood products 81.97 84.65 82.35 83.41 39.6 40.5 39.4 40.1 2.07 2.09 2.09 2.08 Furniture and fixtures 75.89 75.01 74.61 76.55 40.8 39.9 39.9 40.5 1.86 1.88 1.87 1.89 Stone, clay, and glass products 93.89 96.64 96.17 96.82 41.0 41.3 41.1 41.2 2.29 2.34 2.34 2.35 Primary metal industries 106.68 117.09 117.49 118.78 38.1 40.1 40.1 40.4 2.80 2.92 2.93 2.94 Fabricated metal products 100.45 103.16 102.41 103.57 41.0 41.1 40.8 41.1 2.45 2.51 2.51 2.52 Machinery except electrical 103.68 107.98 106.78 106.78 40.5 40.9 40.6 40.6 2.56 2.64 2.63 2.63 Electrical machinery , 91.77 95.91 94.96 95.68 39.9 40.3 39.9 40.2 2.30 2.38 2.38 2.38 Transportation equipment 108.90 113.81 113.93 114.33 39.6 40.5 40.4 40.4 2.75 2.81 2.82 2.83 Instruments and related products 95.99 98.66 97.77 98.01 40.5 40.6 40.4 40.5 2.37 2.43 2.42 2.42 Miscellaneous manufacturing industries... 77.60 79.80 78.80 79.40 40.0 40.1 39.6 40.1 1.94 1.99 1.99 1.98 Nondurable goods 81.77 84.53 84.74 84.56 39.5 39.5 39.6 39.7 2.07 2.14 2.14 2.13 Food and kindred products 88.58 92.48 92.48 89.95 41.2 41.1 41.1 40.7 2.15 2.25 2.25 2.21 Tobacco manufactures 64.81 75.43 72.19 72.00 37.9 39.7 38.4 40.0 1.71 1.90 1.88 1.80 Textile-mill products 64.31 65.93 65.44 66.26 39.7 40.2 39.9 40.4 1.62 1.64 1.64 1.64 Apparel and other finished textiles 57.62 56.41 57.72 58.56 36.7 35.7 36.3 36.6 1.57 1.58 1.59 1.60 Paper and allied products 97.75 101.24 101.91 102.58 42.5 42.9 43.0 43.1 2.30 2.36 2.37 2.38 Printing, publishing and allied industries.. 106.09 107.35 106.97 107.26 38.3 37.8 37.8 37.9 2.77 2.84 2.83 2.83 Chemicals and allied products 104.90 109.10 108.73 109.15 41.3 41.8 41.5 41.5 2.54 2.61 2.62 2.63 Products of petroleum and coal 117.62 126.16 127.38 122.91 40.7 41.5 41.9 40.7 2.89 3.04 3.04 3.02 ~*ubber products 100.15 103.86 107.04 107.16 39.9 40.1 40.7 40.9 2.51 2.59 2.63 2.62 ^ther and leather products 62.48 63.84 63.96 64.05 38.1 38.0 38.3 37.9 1.64 1.68 1.67 1.69 re for production and related workers. Back data are bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1098 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 P a p d h h e i i l a l - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is M ap i o n l n is e- K C a i n ty 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—July 148 125 "136 143 142 157 194 141 143 137 159 175 160 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 148 132 140 141 139 156 183 135 142 143 162 177 164 May 144 133 136 138 138 150 175 132 138 139 152 160 153 June 149 136 142 146 142 156 185 137 143 144 159 162 162 July P151 134 142 145 150 P162 194 142 147 178 167 WITHOUT SEASONAL ADJUSTMENT 1960—July 122 95 '102 108 115 130 165 113 119 110 140 156 '143 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 Apr 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 141 129 136 136 133 146 166 132 133 139 151 149 156 July 102 106 110 122 165 114 122 H45 158 149 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 I960—July 167 149 150 165 160 188 227 155 154 157 165 190 ''179 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 1*5 147 184 227 151 152 151 166 180 178 July ^166 155 149 167 227 159 151 161 mi ^182 WITHOUT SEASONAL ADJUSTMENT 1960—July 157 135 136 '148 147 173 211 152 146 148 158 180 176 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 P5 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 J J u ul n y e , 156 1 14 4 1 6 1 13 3 5 9 1 1 5 5 4 0 140 173 2 21 1 1 3 1 1 4 5 8 6 1 1 4 4 3 3 1 15 4 2 2 163 »1 1 7 6 3 7 P1 1 7 7 3 3 P Preliminary. r Revised. NOTE.—For description of series see BULLETIN for December 195 1 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 Admir are 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 1099 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millions of dollars) Ratios to sales 4 Period m S (t a o f o o l n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) i o ( m s e r O t n o d i a n d u n e n g t r t d - h o s - J f ) m c ( e t R o f i o o p n e t r t t a - s h l 2 ) o m ( r N t o d f o o e n e t w r r t a h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S s o t p o r t i a o d n l u n u c e g t d s - k rs - s ce R i e p - ts Annual average: 1952 397 ,097 435 397 401 2.9 1.2 4.1 1953 406 ,163 421 408 401 3.0 1.1 4.1 1954 409 ,140 388 410 412 3.0 1.0 4.0 1955 437 ,195 446 444 449 2.9 1. 4.0 1956 454 ,286 470 459 458 3.0 1. 4.1 1957 459 ,338 461 461 458 3.1 4.1 1958 462 ,323 437 462 464 3.0 4.1 1959 488 ,391 510 495 498 3.0 4.1 1960 492 ,466 517 494 491 3.1 4.3 Month : 1960—July '376 ,381 '680 '368 '428 3.7 1.8 5.5 .0 Aug 452 ,463 629 544 495 3.2 1.4 4.6 .2 Sept 471 ,564 621 572 564 3.3 1.3 4.6 .2 Oct 520 ,670 581 626 586 3.2 1.1 4.3 .2 Nov 584 ,735 479 649 547 3.0 0.8 3.8 .1 Dec 932 ,339 331 536 388 1.4 0.4 1.8 0.6 1961—Jan 370 ,316 436 347 452 3.6 1.2 4.7 0.9 Feb 348 ,368 474 400 438 3.9 1.4 5.3 .1 Mar 479 ,459 441 570 537 3.0 0.9 4.0 .2 Apr '431 ,502 387 '474 '420 3.5 0.9 4.4 .1 May 476 ,475 419 449 481 3.1 0.9 4.0 0.9 June 467 ,389 619 381 581 3.0 1.3 4.3 0.8 July? 389 1,377 687 377 445 3.5 1.8 5.3 1.0 v Preliminary. ' 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 or ip ts m e e x n c t l s u 2 ding Merchandise imports3 Period 1959 1960 1961 1959 1960 1961 1959 1960 1961 Jan... . . .. . . . .. 1,401 1,561 ,647 ,287 ,484 ,539 1,154 1,143 ,124 Feb 1,279 ,576 ,672 ,182 ,497 ,606 1,119 1,289 ,046 Mar. . . . 1 459 749 934 378 632 889 295 I 378 ,231 Apr. . . .. 1,481 1,818 ,706 ,345 ,703 ,647 1,221 1,261 ,042 May 1,558 ,804 ,744 ,418 ,710 ,671 ,264 1,262 ,195 June 1,427 737 699 351 ,637 644 ,370 ,307 ,220 July.. 1,470 ,699 637 ,356 ,629 5SR ,250 1,150 .768 Aus 1,410 ,609 ,313 ,547 1,188 ,229 Sept 1,487 610 407 557 .395 I 160 Oct 1 482 I 744 3QQ 1 690 1 202 1 1 S7 Nov 1,482 797 1,380 1 724 1.283 161 Dec. 1,685 797 1,580 ,743 ,467 157 Jan -July 10,075 11,944 12,039 9,317 1 ,292 11,554 3,763 8,790 8,126 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. and supplies under Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1100 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947^-9 = 100] Housing Read- Other Year or month it A em ll s Foods G an a d s S fu o e l l i s d H f o u u r- se- H h o o u ld se- p A ar p e - l T p t o r i a r o n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re a i c n n r g e d a- g s a o e n o rv d d - s Total Rent elec- and nish- opera- tion ices tricity fuel oil ings tion 1929. 73.3 65.6 117.4 60.3 1933. 55.3 41.6 83.6 45.9 1941. 62.9 52.2 .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. 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 123.0 125.2 113.4 107.0 120.1 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 1960. 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 1960—July. 126.6 120.6 131.3 141.8 124.8 132.9 104.1 137.4 109.1 145.9 156.4 133.4 121.6 132.2 Aug.. 126.6 120.1 131.5 141.9 124.9 133.4 103.5 137.6 109.3 146.2 156.7 233.8 121.9 132.4 Sept., 126.8 120.2 132.0 142.1 125.7 134.8 104.1 138.0 110.6 144.7 156.9 133.9 122.1 132.7 Oct.. 127.3 120.9 132.2 142.5 125.7 136.1 104.0 138.1 111.0 146.1 157.3 134.0 121.9 132.7 Nov., 127.4 121.1 132.1 142.7 125.7 136.3 104.0 138.3 110.7 146.5 157.9 133.9 122.5 132.7 Dsc. 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 A or.. 127.5 121.2 132 3 1433 125.8 139.9 103.8 138.7 109.5 145.8 159.9 133.8 124.1 132.6 May. 127.4 1 20.7 132.2 143 4 126.2 136.5 101.5 138.7 109.6 146.6 160.4 133.8 123.9 133.1 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 July. 128.1 122.0 132.4 143.6 125.6 I135.9 103.6 ! 139.1 i 109.9 148.3 161.2 134.3 124.1 133.6 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49 = 100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t e d d - e s - l - l H p s e u a k a r i n c o i t d n h t d d e s s e s - , r , r p p e u F a a o r l c u a n n o w t t e d d d s e e l , - d r C p a i u a l h c r l n c o a i e e t d l d m s s d - - p R u a b r u c n o e b t d d r s - - 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 u l n c o p i l e t d d e p s d - r,M m p u a r e e c n o t t t d d a a s l - l s p c M u m e a t r h i r c n o v i o y a t d n d e s - - - - h F o d h b o t a u t u u o l n u h r r e r l d s e n a d e s e r - i- - p N t m u e m a r o r c l o i e a l n t n d i s - l c - - - b e b p o b r u a T a r a t e c n c o t o g v t l d c d - s e e - o - d s n c M e e o l i l s u a - - s 1953. 110.1 97.0 104.6 114.0 97.3 98 5 109.5 105.7 125.0 120 7 116.1 176 9 123.0 114.2 118 ? 115.7 97,8 1954. 110.3 95.6 105.3 114.5 95.2 94.7 108.1 107.0 126.9 118 0 116,3 128.0 124.6 115.4 120 9 120. 10? 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106 6 143.8 123 6 119.3 136. 128 4 115 9 124 121 6 92.0 1956. 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 1254 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 1190 129.6 151. 146.1 122.2 134f 126. 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.*> 94 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.«; 1960. 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 1380 131.8 92.1 1960--July 119.7 88.9 108.9 128.2 96.3 110. 113.8 110.4 146.9 121.5 133.5 1534 153.3 123.1 137 8 131. 90 8 Aug . . 119.2 86.6 107.8 128.2 96.1 108.7 115.3 110.5 145.3 1196 133.0 153 6 153.3 122.9 1378 132.0 89.9 Sept 119.2 87.7 108.1 127.9 95.9 108. 116.1 110.4 144.9 1187 133.0 153 5 151.4 122 8 1380 1320 91.1 Oct 119.6 89.5 109.0 128.0 95.8 108.5 116.2 110.3 144.7 117.7 133.4 152.8 152.9 122.7 138 132 0 90 Nov . .. . 119.6 89.9 109.1 127.9 95.4 108.5 116.1 110.3 143.6 1169 133.1 152 3 153.0 122.6 1379 1320 90.6 rw 119.5 88.7 109.2 127.9 95.2 108.8 116.2r110.2 141.2 116 132.3 152 153.1 122 6 1379 132 1 92.4 1961 Tan 119.9 89.7 109.9 128.1 94.8 108.3 117.2 109 7 139.7 115 7 132 2 152 ? 153 5 122 3 138 132 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 7 A M p ar r 1 1 1 1 9 9 . . 9 4 8 8 9 8 . . 9 5 1 1 0 0 8 9 . . 7 6 1 1 2 2 8 8 . . 0 2 9 9 4 4 .4 1 1 1 0 09 9 . 9 5 1 1 1 1 5 7. . 5 2 1 1 1 1 0 0 .1 2 1 1 4 3 0 9 . . 1 9 1 1 1 1 8 54 0 1 13 3 1 1 .5 0 152 4 7 1 15 5 3 3 .4 1 1 12 2 2 2 .2 5 1 1 3 3 8 8 6 1 1 3 3 2 2 o 9 9 6 7 . .7 8 May 118.7 86.8 107.5 127.6 94.0 110.7 113.6 109.9 140.2 117 6 126.1 1530 153.1 122.4 138 5 132 1 99 5 June 118.2 85.1 106.7 127.4 93.7 M101 114.3 109.3 139.6 117 8 126.5 153 1 153.2 122.4 138 3 132 1 95.9 July 118.6 86.6 107.5 127.4 93.8 111.2 114.6 108.9 139.1 117 3 126.4 153 1 153.2 122.3 1384 132 6 95.6 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE? 1101 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1960 1961 1960 S 1961 Subgroup Subgroup July June May July July i June May July Farm Products: I Pulp, Paper and Allied Products—Cont. : Fresh and dried produce 112.9 103.3 101.4 100.4 Paperboard 135.9 128.9 128.9 I 123.0 Grains 75.5 74.2 74.8 77.8 Converted paper and paperboard.. . 131.0 121.2 120.9 121.2 Livestock and poultry 84.1 75.4 78.2 75.5 Building paper and board 144.2 144.9 144.6 144.9 Plant and animal fibers 96.4 96.2 95.2 96.7 Fluid milk 95.5 r94.9 95.6 97.6 Metals and Metal Products: Eggs 65.4 63.3 63.3 75.5 Hay and seeds 73.5 83.6 92.1 83.6 Iron and steel , 169.5 170.3 170.2 170.1 Other farm products 127.7 129.0 129.5 129.3 Nonferrous metals 138.6 135.2 134.4 135.8 Metal containers , 153.6 156.6 156.6 156.6 Processed Foods: Hardware 174.5 176.3 176.3 176.3 Plumbing equipment 131.3 132.2 131.3 132.8 Cereal and bakery products 122.5 123.7 123.6 124.0 Heating equipment 118.7 115.4 115.4 115.5 Meats, poultry, and fish 99.5 89.9 91.8 92.5 Fabricated structural metal products 134.6 132.1 132.4 132.1 Dairy products and ice cream 117.3 -119.7 119.5 120.4 Fabricated nonstructural metal Canned, frozen fruits, and vegetables. 107.3 108.7 109.0 108.9 products 146.0 149.6 150.0 149.3 Sugar and confectionery 117.2 116.3 115.8 114.8 Packaged beverage materials 143.5 139.1 139.1 139.1 Machinery and Motive Products: Other processed foods 103.3 103.1 102.6 102.5 Agricultural machinery and equip- Textile Products and Apparel: ment 146.0 148.8 148.6 148.9 Construction machinery and equip- Cotton products 94.7 89.5 89.9 89.7 ment 175.5 178.2 178.5 178.2 Wool products 101.8 101.0 100.9 101.2 Metal working machinery 179.9 181.5 181.7 181.7 Synthetic textiles 79.6 75.1 75.4 75.1 General purpose machinery and Silk products 123.3 130.8 131.5 131.2 equipment 166.6 166.5 166.3 166.4 Apparel 101.0 100.4 100.3 100.4 Miscellaneous machinery 150.1 151.4 151.4 151.8 Other textile products. 81.9 85.7 90.7 Special industry machinery and equipment (Jan. 1961=100) 100.5 100.4 100.5 Hides, Skins, and Leather Products: Electrical machinery and equipment 153.5 152.3 152.2 152.2 Hides and skins 68.0 68.1 71.0 76.2 Motor vehicles , 141.6 140.7 140.3 140.8 Leather 102.2 102.6 104.1 102.6 Transportation equip., R. R. rolling Footwear 132.5 132.8 132.8 132.9 stock (Jan 1961= 100) 100.0 100.0 100.0 Other leather products . . . 105.6 104.5 104.6 104.9 \Furniture and Other Household Dura- Fuel and Related Products, and Power bles: Coal 120.3 117.7 117.4 118.7 Household furniture 125.0 126.4 126 4 126.4 Coke 170.4 170.4 170.4 170.4 Commercial furniture 157.1 155.9 155.9 155.9 Gas fuels (Jan. 1958= 100) 114.4 115.4 118.7 115.6 Floor covering 130.6 128.6 128 6 130.1 Electric power (Jan. 1958= 100) 102.0 102.3 102.4 102.5 Household appliances 101.7 '99.8 99 9 99.7 Crude petroleum and natural gasoline 126.8 127.2 127.2 127.2 Television, radios, phonographs 91.4 90.0 89 8 90.0 Petroleum products, refined 115.8 117.0 115.0 117.4 Other household durable goods 157.6 157.8 157 8 157.0 Chemicals and Allied Products: I Nonmetallic Mineral Products: Industrial chemicals 124.7 122.2 122.8 121.1 Flat glass 130.2 130.3 132.4 130.3 Prepared paint 128.4 132.4 132.4 132.4 Concrete ingredients 142.1 142.6 142.6 142.6 Paint materials 103.8 -101.0 101.5 101.0 Concrete products 131.3 131.3 131.3 131.3 Drugs and Pharmaceuticals 94.3 92.4 92.4 92.5 Structural clay products 161.8 161.6 161.5 161.6 Fats and oils, inedible 47.8 '•54.1 61.4 52.1 Gypsum products 133.2 134.6 134.6 134.6 Mixed fertilizers 110.3 112.3 112.3 113.0 Prepared asphalt roofing 106.6 112.9 112.9 114.2 Fertilizer materials 110.4 112.3 112.3 i 111.7 Other nonmetallic minerals 134.6 133.7 133.7 133.7 Other chemicals and products 106.4 105.8 105.8 105.8 Tobacco Products and Bottled Bev- Rubber and Products: erages : Crude rubber 160.9 137.4 140.8 136.2 Cigarettes 134.8 134.8 134.8 134.8 Tires and tubes 141.3 138.5 138.4 138.5 Cigars 106.5 106.5 106.5 106.5 Other rubber products. 145.6 141.6 141.6 140.9 Other tobacco products 155.7 157.0 156.4 157.8 Alcoholic beverages 120.6 121.2 121.2 121.1 Lumber and Wood Products: Nonalcoholic beverages 171.4 171.6 171.6 174.7 Lumber. . 121.6 117.0 117.0 116.8 Miscellaneous : Millwork. 137.2 134.0 133.4 132.5 Plywood.. 95.5 r97.2 97.2 97.2 Toys, sporting goods, small arms. . . 118.6 118.9 118.9 119.0 Manufactured animal feeds 67.3 75.0 80.3 74.6 Pulp, Paper, and Allied Products: Notions and accessories 97.3 96.4 96.4 96.4 Jewelry, watches, photo equipment.. 110.7 111.0 1U.0 110.9 Woodpulp 121.2 114.4 114.4 114.4 Other miscellaneous 132.5 132.2 131.8 131.8 Wastepaper 82.3 65.0 62.1 76.6 Paper 145.9 145.9 145.4 145.9 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1102 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 Item 1960 1961 1929 1933 1941 1950 1956 1957 1958 1959 1960 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 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. 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. 131.4 137.7 141.6 147.3 152.4 153.3 152.7 153. 153.7 154.1 Services 32. 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 59.8 68.8 New Construction 8.7 1.4 6.6 24.2 35.5 36.1 35.5 40.2 40.7 40.7 40.4 40.7 r39.6 41.3 Residential, nonfarm 3.6 .5 3.5 14. 17.7 17.0 18.0 22.3 21. 21.2 21.0 20.5 19.3 20.6 Other 5. 1.0 3.1 10. 17.8 19.0 17.4 17.9 19.6 19.5 19.4 20.2 20.4 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 24.2 24.7 Change in business inventories 1.7 -1.6 4.5 6.8 4.7 1.6 -2.0 6.3 4.2 5.4 2.4 -1.9 -4.0 2.8 Nonfarm only 1.8 -1.4 4.0 6.0 5.1 -2.9 6.2 4.0 5.1 2.0 -2.2 -4.3 2.4 Net exports of goods and services .2 1.1 2.9 4.9 1.2 -.7 3.0 2.3 3.0 5.1 5.3 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 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 22.3 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 53.0 54.7 55.5 National defense ' 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 , 3.2| 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 0 .1 .3 .4 .5 .5 .6 .6 .6 .6 .5 .5 State and local 7.2 6.0! 7.8 19.7 33.2 36.8 40.8 43.6 47. 46.8 48.0 48.6 50.3 50.6 Addendum: Gross national product in con stant (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 Item 1960 1961 1929 1933 1950 1956 1957 1958 1959 1960 National income 87.8 40.2 104.7 241.9 350.8 366.9 367.4 399.6 417.1 419. 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. 296.0 294.0 292.6 300.2 Wages and salaries 50.4 29.0\ 146.4 227.6 238.5 239.8 258.5 271.3 272. 273.2 271.3 270.1 277.3 Private 45.5 23.9 51.9 124.1 189.6 198.4 196.6 213.2 223.0 224 224.2 221.6 219.7 226.0 Military .3 .3 1.9 5.0 9.7 9.6 9. 9.9 9.9 9 9.9 10.0 10.1 10.1 Government civilian 4.6 4.9 8.3 17.3 28.4 30.5 33.5 35.4 38.5 38 39.1 39.7 r40.3 41.2 Supplements to wages and salaries .7 .5 2.7 14.9 17.0 17.3 20.0 22.4 22. 22.7 22.7 22.5 22.9 Employer contributions for social insurance .1 .1 2.0 4.0 6.8 7.8 8.0 9.7 11.5 11 11.8 11.5 11.7 12.0 Other labor income .6 .4 .7 3.8 8.1 9.1 9.4 10.3 10.9 10 10.9 11.2 10.8 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 36.3 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 12.4 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 •i 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 7.6i 17.91 21.2 20.9| 18.6 23.1 22.3 23.0 21 A 21.1 19.6 Profits after tax 8.3 9.4\ 22.8 23.5 22.3 18.8 23.7 22.7 23.3 21.7 21.4 20.0 Dividends 5.8 -U 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 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 -2.1 -2.5! -5.0! -2.7 -1.5 -.3 -.5 .0 -.4 .9 .3 .4 .3 I t Net interest 6.4 5.0 4.5i 5.5 11.7 13.4 14.8 16.6 18.4 18.3 18.6 18.9 19.2 19.6 r Revised. ment to the Survey of Current Business for 1959) and the Survey of Current NOTE.—For explanation of series see 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 1103 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates 1960 1961 1929 i 1933 1941 1950 1956 1957 1958 1959 1960 Gross national product. 104.4 56.0 125.8 284.6 419.2 442.8 444.5 482.8 504.4 506.4 505.1 504.51 500.8 516.1 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 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3! ! . . 9 7 . . 5 4 -.7 .8 -2 1 .4 .6 - 1 .6 -1 1 .5 . -1 1 .7 .8 -2.6 -2 1 .9 .8 -4. 1 0 .8 -2.9 -2 1 . . 6 8 ....! 1 . . ' 8 Plus: Subsidies less current surplus of government enterprises .0 .1! .2J .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 2.8 6.9 12.6 14.5 14.8 17.6 20.7 20.7 21.1 20.8 '21.2 21.7 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 4I Plus: Government transfer payments 5 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 i 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 2J 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 • 7j .5 1.6 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 Equals: Personal income.. 85.81 47.2j 96.3 228.5 332.9 351.4 360.3 383.3 402.2 403.1 405.1 405.4 413.2 404.7 j Less: Personal tax and nontax payments.. 2.6\ 1.51 3.3 20.8 40.0 42.6 42.3 46.0 50.4 50.5 50.8\ 51.4 50.5| '50.3 Federal 1.31 .5j 2.0 18.2 35.2 37.3 36.6 39.6 43.2 43.3 43.5 43.1 43.6 State and local. 1.4! 1.01 1.3 2.6 4.8 5.3 5 6.41 7.2 7.2 7.3 7.4 472..67| 7.8 Equals: Disposable personal income 83.1 45.7 93.0 207.7 292.9 308.8 317.9 337.3 351.8 352.7 354.4 354.9j 354.3! 361.8 Less: Personal consumption expenditures. . . 79.0 46.41 81.9 195.0 269.9| 285.2 293.2 314.0 328.9 329.9 329.7 332.3J 330.71 336.1 Equals: Personal saving. 4.2! -.61 11.1 12.6 23.o! 23.6 24.7 23.4 22.9! 22.8 24.6 22.7 23.7 25.8 j Addendum: Disposable personal income in constant (1954) dollars 134.91 102.1 175.1 231.0 286.9! 293.8 296.3 310.6 319.0! 320.3 321.0 320.l| 318.4I 324.8 PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] 1960 1961 Item* 1959 1960 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July*3 Total personal income... 383.3 402.2 404.7 405.2 405.5 406.4 406.0 404.0 403.6 403.1 407.3 409.8 413.2 417.3 421.8 Wage and salary disbursements 258.5 271.3 273.6 273.2 273.0 272.9 271.5 269.6 269.6 269.5 271.1 274.6 277.2 280.7 282.5 Commodity-producing industries.. . 107.2 110.4 111.3 110.2 110.0 108.5 108.3 106.2 106.2 105.6 106.5 109.1 110.5 112.7 113.5 Manufacturing onlv 84.7 87.4 88.0 86.9 86.7 86.3 85.4 84.0 83.8 83.5 84.1 86.1 57.6 88.9 89.4 Distributive industries 68.2 71.8 72.6 72.6 72.3 72.4 72.0 71.8 71.8 71.8 71.8 72.3 72.9 73.5 73.8 Service industries 37.7 40.7 41.1 41.2 41.3 41.4 41.5 41.7 41.6 41.7 42.1 42.3 42.5 42.9 43.5 Government .. 45.3 48.4 48 6 49 1 49 4 49 6 49 7 49 8 50 0 50 4 50 7 51 0 51 3 51 6 51 7 Other labor income 10.3 10.9 10.9 10.9 10.9 11.1 11.2 11.3 11.0 10.7 10.6 10.7 10.8 11.0 11.1 Proprietors' income 46.3 48.2 48.7 48.8 48.7 48.9 49.2 48.9 48.9 48.7 49.0 49.0 49.1 49.4 49.5 Business and professional 35.0 36.2 36.3 36.3 36.3 36.4 36.4 36.0 36.0 35.8 36.0 36.1 36.3 36.4 36.6 Farm 11.3 12.0 12 3 12 4 12 4 12 5 12 8 P 8 12 8 12 9 13 0 12 9 Y> 9 13 0 12 9 Rental income 11.9 11.7 11.7 11 7 11.7 11.7 11.6 11.6 11.5 11.4 11.5 11.5 11.5 11.5 Dividends ... 13.4 14.1 14 0 14 1 14 3 14 4 14 4 14 1 14 ° 14 "> 14 "> 14 2 14 ° 14 3 14 3 Personal interest income. . 23.6 26.2 26.3 26.4 26.6 26.6 26.7 26.7 26.8 26.8 26.8 26.8 27.0 27.1 27.2 Transfer payments... 27.2 29.1 28.8 29.3 29.8 30.2 30.7 31.0 31.1 31.1 33.7 32.5 33.0 33.0 35.4 Less: Personal contributions for social insurance. . 7 9 9 3 9 3 9 3 9 4 9 3 9 3 9 2 9 6 9 4 9 6 9 6 9 7 9 H 9 8 Nonagricultural income 368.1 386.2 388.3 388.7 389.0 389.8 389.1 387.2 386.8 386.2 390.4 392.9 396.4 400.2 404.7 Agricultural income 15.3 16.1 16.4 16.5 16.5 16.6 16.9 16.8 16.8 16.9 16.9 16.9 16.8 17.1 17.1 P Preliminary. NOTF.—For explanation of series see U. S. Income and Output (a supple- 1 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

1104 FLOW OF FUNDS/SAVING SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transa o c r t i s o e n c t c o a r tegory, 1959 1960 1961 1956 1957 1958 1959 1960 1 2 3 4 1 2 3 4 A Net national savins ^. . • 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 7.3 A C D B F C S C F t a o o a r r n t m p e su o a m r a n a n e d t d r e l n o n a c o n o a n n d l f c i n o g n o r o a n p v n e p . c r r b i n a o u l m f s it i b e n n u e t s s i s * n 2. e . ss .. .. - 2 3 5 5 9 . . . . 0 9 9 4 * - 2 3 5 3 8 . . . . 6 3 6 6 * -- 2 84 3 6 .. . . 92 1 4 * -- 3 1 45 0 1 ..10 . . 2 4 * - 2 - 5 6 3 7 . . 1 . . 0 . 1 8 8 - 8 1 .8 . . . . 1 3 6 7 - -1 3 4 7 1 . . . . . 6 0 1 8 3 — - - 1 8 3 2 . . 8 . . 5 . 4 2 0 - - 5 2 5 3 . . 8 . . . 0 9 8 9 - - 1 4 8 . . 6 . . . 2 0 1 2 - - 1 4 5 1 . . 1 . . 2 7 4 7 - ~ - 1 8 2 . . 6 . 6 . 4 6 - - 4 1 5 2 2 . . . . 6 3 7 0 0 - -1 - 1 6 1 . . . 2 . 3 1 0 8 C D E F B 2.9 3.5 2.8 3.5 4.2 1.0 .6 1.9 -.1 1.7 .6 1.9 * 1.5 G H Capital consumption3 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 l 1 l 1 i 1 i 1 i 1 2 1 2 1 2 K L Plant and equip, (nonprofit).... .5 .6 .6 .6 .7 .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 2il 2.1 2.1 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 7 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 1.6 7.0 1.9 3.1 2.5 5.2 3.0 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 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 T U State and local government1 -3.0 -3.6 -4.9 -4.1 -5.0 -.8 -1.6 -.8 -.8 -.6 -1.2 -1.6 -1.6 -1.1 U 3.0 3.7 3.0 3.7 4.5 1.1 .7 2.0 — .1 1.8 .7 2.0 • 16V W Gross national investmentl 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 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. constr4 16.9 15.6 75.5 19.2 18.4 4.4 4.2 5.1 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 1.1 .9 1.0 c d Noncorp. nonfinan. business4.. 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. business4 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 f Financial sectors .7 .8 .7 .8 .8 .2 .2 .2 .2 .2 .2 .2 .2 .2 f g Change in inventories s 4.7 1.6 -2.0 6.3 4.2 3.3 2.3 .7 4.6 .5 .2 -1.1 .8 g i j h C N Fa o o r r n m p c o b n rp u on s . i f n n in o e n s a s n fi . n a b n u . s i b ne u s s s iness... - 4 .4 . . 9 2 . . . 8 2 6 - - 2 . . 2 . 6 9 5. . . 3 1 9 3. . . 1 3 9 1.0 • 1. . 8 4 * .1 • - 1 .5 .2 * 1.3 * . . 1 1 4 . . 1 1 * - — . 6 . . 1 6 . . . 1 3 4 h i j 2 2 3.2 k Net financial investment ^ .... 2.1 4.2 .3 -1.7 .8 — 4 -.4 — .8 * .1 1 - l .8 8 k 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 4.0 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 5.5 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 1.4 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 -.5 o p q r Co N N r e e p t t . n a in c o c q n r u f e i i n a s. a s e o n f . i f n i b n u l a i s n a i . n b i e l s it s a i s e s s ets... -13 2 .3 . . 5 4 -8 3 . . . 6 1 8 -3 3 1 . . . 6 3 1 - - 3 3 . . 7 . 4 3 — - 3 . 7 2 . . 3 6 - - 3 . . 5 . 2 2 4 1 . . 9 6 * -. 2 3 .2 i - - 4 1 .0 .7 .1 - - 4 2 . . 5 . 0 3 — 1 1 . . 6 2 4 - - 1 1 . . 2 . 1 4 -1.9 .3 • - - 1 .4 3 . / r q p s Net acquis. offinan. assets... 4.4 4.5 11.3 13.7 3.3 -.2 5.8 3.6 4.4 -2.2 /./ 1.8 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 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 -1.5 v w Net increase in liabilities -4.3 — .4 9.7 11.2 -.1 -.5 2.9 4.7 4.2 -4.3 1.3 3.3 -2.8 w x State and local governments... -1.1 -3.1 -5.2 -4.0 -3.4 -1.6 -1.3 -1.4 .3 -.5 -i!o -2.2 -1.5 x y Net acquis. offinan. assets... 2.6 3.3 2.5 3.0 2.6 .2 .6 .9 1.3 1.1 .4 -.2 1.3 .7 y z 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 z aa Financial sectors 2.7 3.0 4.5 4.5 5.8 1.6 .9 2.6 5 1A 1.6 1.9 .1 1.5 aa bb Net acquis. offinan. assets... 22.7 24.1 36.3 30.0 34.3 .3 10.4 8.9 10.4 -2.6 12.5 10.0 14.4 -.2 bb cc Net increase in liabilities 20.0 21.1 31.8 25.5 28.5 -1.2 9.5 6.3 10.9 -4.7 10.9 8.0 14.3 -1.7 cc dd Financial trans, discrep -2.4 -3.8 -1.0 .1 -1.6 .2 -.2 -1.2 .3 -.1 1.1 -.7 dd ee Discrepancy (P—W)7 c * .6 1.1 2.8 4.0 -1.2 1.8 -3.5 2.7 1.9 3.1 3.9 4.0 ee • Less than $50 million. ' Preliminary. residential construction. 1 For govt. sectors, saving is excess of all nonfinancial receipts over all 3 After inventory valuation adjustment. nonfinancial outlays; investment, changes in financial assets and liabilities « Financial component of national investment equals net lending to only. Govt, current outlays include, and govt. (and national) investment rest of world; financial flows among domestic sectors cancel out in excludes, govt. purchases of tangible assets. national total. (Discrepancies in financial transactions attributed entirely 2 Annual figures for farm sector are retained earnings of corporate to domestic transactions.) Differs from U. S. "net foreign investment" farms; farm and nonfarm unincorporated businesses shown as having (net exports minus net unilateral transfers in national income accounts) zero annual net saving. Quarterly figures for both sectors include seasonal by discrepancy in rest-of-world account, which equals "errors and net saving. See p. 838 of the BULLETIN for August 1959. omissions" in Dept. of Commerce balance-of-payments statement for 3 Depredation, accidental damage to fixed capital, and capital outlays the United States. charged to current account. Line H includes amounts for financial 7 Saving and investment are equal in concept but may differ statistically sectors not shown separately. See discussion on p. 836 of the BULLETIN because of discrepancies. See p. 857 of the BULLETIN for August 1959. for August 1959. NOTE.—Descriptions of sectors and of transaction categories are given 4 For consumers, 1-to 4-family dwellings completed and purchases of in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN additions and alterations. Investment of nonfarm business sectors for August 1959. For latest detailed flow of funds/saving tables, see includes work in process on 1-to 4-family dwellings and other private the BULLETIN for August 1961. Notes to table on opposite page. held by other sectors included in Federal obligations category. 1 Demand deposit liabilities of banking system are net of F. R. float 3 Mainly time deposits of State and local governments, corporate and cash items in process of collection as reported by commercial banks. businesses, and savings institutions. Sum of sector holdings (partly on holder-record basis) differs from liability 4 Assets in these categories are treated as consumer holdings. total mainly because of mail float (checks in transit from drawers to 5 Marketable issues maturing within one year and, prior to 1956, drawees). For further discussion, see p. 853 of the BULLETIN for August savings notes. 1959. 6 Excludes loans to domestic commercial banks. Gross of valuation * Consumer-held only; includes net interest accruals. Savings bonds reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1105 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Annual totals Transaction category, or sector 1959 1960 1961 1956 1957 1958 1959 1960 1 2 3 4 1 2 3 4 I. Demand deposits and currency A Net increase in commercial bkg. system liabilityl 1.7 -.8 5.8 1.1 .1 -7.0 2.1 2.1 3.8 -8 8 2 5 1 5 4 9 -8.2 A 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 B C Federal Government -.2 .2 .1 .7 .9 -.5 1.0 1.5 -1.2 — .4 2 8 2 1 7 — 1.7 C D Other domestic sectors 1.7 .3 6.3 .8 .1 -4.8 .7 .5 4.4 -6.6 -.3 1.5 5.5 -5.4 D E F C Fa o r n m su m an e d r n a o n n d c n or o p n o p r r a o t f e it bus.... 1. . 0 1 -1.0 .7 2 1 . . 5 2 - 1 .8 .0 .3 3 - - 1 . . 2 1 - - . . 6 2 - 1 .2 .0 - 1 .2 .7 -2.7 i - — 1.0 .1 1.9 2.1 -1.6 E F G Corporate nonfinancial bus. ... .1 1.7 * -.7 -2 9 1.4 - 2 1.8 — 3 4 7 1 2 0 — 3 2 G H State and local government.... .2 .2 .2 .5 .2 -.4 .1 .2 .6 * — 4 — 2 8 -.5 H J I Re F st in o a f n t c h ia e l w se o c r t l o d rs . . . 2 2 . . 3 2 .7 * . . 1 1 .6 -.3 .2 * -.3 .1 -.1 .6 -.4 A .5 -.2 * . . 7 3 -.1 * I J K Discrepancy (A—B) -1.4 -.7 -.9 .2 .8 -\'.3 -.1 .9 -1.0 K II. Fixed-value redeemable claims B A Ne T t i i m nc e r e d a e s p e o s b it v s tvDe 9 3 . . 0 7 1 6 0 . . 8 1 1 1 6 0 . . 2 2 7 2 . . 6 2 1 7 4 . . 0 8 2 1. . 1 3 3 1 . . 0 2 .7 * - 1 .1 .6 1. . 6 2 3 1 . . 9 7 3 2 . . 9 6 2 5 . . 5 4 5 3 . . 6 5 A B C Savings shares 5.4 5.2 6.6 7.2 8.1 1.4 2.3 1.2 2.3 1.6 2.4 1.4 2.8 2.0 C D U S savings bonds ^ -1.9 -.5 -1.8 -.3 — 2 — .5 — 5 — 6 — 2 i * 1 D E Net increase in liab., by sector 9.0 10.1 16.2 7.6 14.8 2.3 3.0 .7 1.6 1.6 3.9 3.9 5.4 5.6 E F Federal Government -.3 -2.2 -.7 -2.0 -.4 2 -.6 -.6 -.6 -.2 -.2 * .1 F H G S C a o v m in m gs e r i c n ia st l i t b u a t n io k n in s g 2 7 . .3 1 5 6 . .9 5 8 8 . .9 0 8 1 . . 4 2 9 5 . . 5 8 1. . 9 6 2. . 6 9 - 1 .1 4 - 2 .2 4 1 9 2 1 5 6 2 1 * 2 8 23 13 2 2 .9 7 G H I Net increase in assets, by sector 9.0 10.1 16.2 7.6 14.8 2.3 3.0 .7 1.6 1.6 3.9 3.9 5.4 5.6 I J K . C O o th n e su r m d e o r m a e n st d ic n s o e n ct p o r r o s f 3 it. 9.0 * 9. . 8 4 1 1 3 . . 7 6 - 9 .9 .3 1 1 2 . . 7 8 2.2 3.4 - 1 .7 .7 - 2 .2 .0 1. . 6 2 3.4 3 3.2 5 4.6 4 1 . . 4 2 K J L Rest of the world (time deposits).. -.1 .9 -.9 .3 .1 * -A* -.3 -.3 -.2 .2 .3 .1 7 * L 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 A 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 B 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 C D Net increase in liab., by sector4 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 D E Federal Government 1.0 .6 1.0 1.0 1.0 .2 .4 .3 .1 1 7 1 1 1 E F State and local government 1.4 1.6 1.7 1.9 2.1 .5 .5 .5 .5 .5 .5 5 5 .5 F 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 4 1.2 G H Private noninsured pension plans. 2.3 2.8 2.9 3.2 3.4 1.0 .8 .5 .9 1.1 .8 .5 1.0 .8 H 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 A 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 2.2 -3.1 B C Short-term direct5 7.4 5.5 -1.2 5.5 -5.1 -4.6 4.7 .7 4.7 — 7 4 — 2 1 5 3 — 8 .9 C 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 D 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 1 6 E 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 .8 F G Corporate stock 3.8 4.0 4.2 4.4 3.5 1.2 1.3 .7 1.2 1.0 .9 .9 .7 1.2 G H 1 - to 4-family mortgages 10.8 8.6 10.1 13.2 10.9 2.8 3.8 3.7 2.9 2.3 2.9 3.0 2.6 2.3 H 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 l 1.2 I J 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 J K. Security credit -.6 -.3 1.7 .4 -.2 — .1 .6 — 1 6 5 6 9 - 4 K L Bank loans n e.c 5.8 2.3 1.3 7.5 3.2 -T 3.8 2.5 1.8 .3 2 1 - 6 1 4 -2.5 L M Other loans .9 2.6 2.0 2.9 5.9 .9 1.2 .2 .6 2.3 1.5 .6 1.5 1.6 M N Funds raised by sector 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 1.4 O P Farm business . .9 1.1 1.5 1.9 1.1 .7 1.1 .3 -.2 .5 .8 .2 — 4 .5 P Q Noncorporate nonfinancial bus 1.8 1.2 2.2 4.6 3.4 -.7 2.6 1.5 1.2 .3 1 3 — 1 1 8 -t 9 Q R S C Fe o d r e p r o a r l a t G e o n v o e n rn fi m na e n n c t i a . l business. . - 1 5 3 .4 .2 1 1 3 . . 0 1 1 9 1 . . 3 8 1 1 0 1 . . 7 7 1 j 0 .6 7 - 2 .2 .0 3 1 . . 8 7 5 3 . . 2 0 4 3 . . 1 0 -4 2 .1 .7 — 3 1 . 0 5 2 1 . 5 4 2 2 .3 5 -2 2 . . 9 3 R S T State and local government 3.3 4.8 5.9 5.1 3.8 1.4 1.5 1.8 .5 1 0 8 1 5 5 1 6 T U Financial sectors 1.2 2.4 1.1 5.7 4.1 .7 1.5 1.2 2.3 -.3 1.7 7 2 0 — 1.1 U V Rest of the world 1.0 1.4 2.3 .9 2.0 .2 .4 .3 .3 .5 .4 .7 .7 V W Funds advanced, by sector 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 Consumer and nonprofit 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 1.3 X Y Farm and noncorp. business .3 -.1 .1 .1 .2 i .3 -.4 .2 -.1 .4 -.4 Y Z Corporate nonfinancial business.. -3.7 .6 1.5 4.7 -2.1 1.2 \A 1.9 -.2 -1.2 -1.8 1.1 -1.5 Z a Federal Government 1.1 2.4 1.7 3.8 2.3 \l 1.7 1.0 .5 * 1.3 4 6 .1 a b State and local government 2.3 2.7 1.5 2.9 1.0 .6 .4 1.2 .8 .9 .4 2 * .8 b c Commercial banking system 4.8 4.3 17.0 5.6 10.0 -5.4 4.2 3.3 3.5 -7.8 5.1 5J 7.5 -4.8 c d Monetary authorities .3 -.8 2.2 .3 .7 -.9 .6 .5 -1.4 1.2 .5 .4 -.7 d e Commercial banks 4.5 5.1 14.9 5.3 9.3 -4.5 3.6 2.8 3^4 -6.4 3.9 4.5 7.2 -4.0 e f Securities -3.5 1.3 10.4 -7.2 2.4 -4.2 -1.7 -.8 -.4 -5 6 3 3 7 4 0 -16 f g Loans ^ 8.0 3.8 4.5 12.5 6.9 - .3 5.3 3.6 3.8 -.8 3 7 9 3 ? -2.4 g h Savings institutions 7.4 7.2 9.3 10.6 9.4 2.7 3.2 3.0 1.7 2.3 2.3 2.6 2.2 2.7 h i Insurance sector 8.1 8.4 9.0 10.1 10.3 2.5 2.6 2.3 2.6 2.8 2 4 2 4 2 7 2 7 i j Finance nee... 1.6 2.5 2.0 4.6 5.1 .9 .9 .8 2.0 .4 2.2 .7 1 8 -.6 j k Rest of the world 1.3 .6 -.1 3.1 .2 1.0 1.3 .7 .5 * .3 .3 .1 k * Less than $50 million. P Preliminary. sector transactions appear in other flow of funds/saving tables in the NOTE.—Data for excluded categories—trade credit, proprietors' net BULLETIN for August 1961. investment, gold, Treasury currency, and misc.—and more detail on For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1106 STOCK MARKET CREDIT DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE NEW YORK STOCK EXCHANGE CARRYING MARGIN ACCOUNTS, JUNE 1954-611 [End of month figures. Amounts in millions of dollars] Item 1954 1955 1956 1958 1959 1960 1961 DEBIT BALANCES Cash on hand and in banks 309 337 322 324 363 366 422 Securities borrowed 64 85 65 134 129 96 152 Securities sold, delivery pending (failed to deliver) 121 214 148 170 291 334 530 Net debit balances due from member firms of national securities exchanges: Member firms of New York Stock Exchange 77 144 151 132 159 134 216 Member firms of other exchanges 10 16 14 15 18 22 36 Net debit balances due from all other customers exclusive of firms' own partners: S S e e c c u u r r e e d d b b y y o U t . h e S r . c G o o ll v a e t r e n ra m l ent obligations 1,857 2,768 2,811 2,9 2 2 5 6 3 3,3 1 7 65 0 3,0 1 8 0 1 4 4,0 4 2 8 4 Net debit balances in partners' individual investment and trading accounts 10 14 21 • 35 36 37 58 Debit balances in firm investment and trading accounts: I I n n f f i ir r m m t in ra v d e i s n t g m e a n n t d a u c n c d o e u r n w ts riting accounts 492 673 625 ' 4 3 8 3 6 5 2 3 8 3 6 6 3 30 7 9 4 2 5 9 8 3 2 Commodity margins on deposit with banks and commodity guaranty funds on deposit.. 41 35 38 k 23 39 23 22 All other debit balances 98 144 137 151 190 218 309 Total. 3,080 4,430 4,332 4,985 5,382 5,097 6,694 CREDIT BALANCES Money borrowed: From banks and trust companies: U U . . S S . . b ag a e n n k c s ies of foreign banks 1,159 2,075 2,231 \1, 6 7 2 4 2 3 1, 6 87 05 1 1, 8 47 06 3 2,0 8 1 17 6 In New York City 976 1,744 1,872 1,402 1,428 1,157 1,515 Elsewhere 183 331 359 341 444 316 501 From other lenders (not including members of national securities exchanges) 2 , 14 40 35 21 31 52 47 Securities loaned 116 156 124 187 204 167 233 Securities bought, delivery pending (failed to receive) , 123 218 156 181 294 352 568 Net credit balances due to member firms of national securities exchanges: Member firms of New York Stock Exchange 68 126 123 120 132 120 174 Member firms of other exchanges , 11 11 9 13 11 23 Credit balances of other customers exclusive of firms' own partners: Free credit balances 838 919 837 1,034 1,070 1,006 1,264 Other net credit balances 248 239 207 367 277 246 335 Credit balances and money borrowed which are subordinated to general creditors under approved agreements 2 n.a. n.a. n.a. 20 22 25 31 Net credit balances in partners' individual investment and trading accounts 23 31 34 34 38 37 47 Credit balances in firm investment and trading accounts 45 62 34 82 71 61 100 All other credit balances (except those included in next item) 64 83 78 83 149 129 241 Net balance in capital and profit and loss accounts and partners' drawing accounts 372 469 466 483 604 612 797 Total. 3,080 4,430 4,332 4,985 5,382 5,097 6,694 Memorandum: Value of securities sold under repurchase agreements. 24 24 24 27 Number of firms. 278 299 303 316 320 328 336 Money borrowed according to type and ownership of collateral:— 3 Secured by customers' collateral: Entirely by obligations of U. S. Government or its agencies 245 156 '96 38 Entirely by other securities exempted under Section 3 (a) of Securities Exchange Act—1934 150 161 '123 108 By nonexempt securities or mixed collateral 1,451 1,824 •1,722 2,289 Secured by firm or partners' collateral: Entirely by obligations of U S. Government or its agencies 204 105 107 41 Entirely by other securities exempted under Section 3(a) of Securities Exchange Act—1934 98 64 99 104 By nonexempt securities or mixed collateral 239 198 182 300 Unsecured 1 1 n.a. Not available. r Revised. balances due from all other customers exclusive of firms' own partners," 1 Data not collected for June 1957. "money borrowed," and "credit balances of other customers exclusive of 2 Prior to 1958 probably includes some borrowing from U. S. agencies firms' own partners—free credit balances" are conceptually identical to of foreign banks. these items (including debit balances secured by and money borrowed on 3 Collected in 1958 for the first time. U. S. Government obligations), as shown in the table on Stock Market 4 Less than $500,000. Credit, p. 1069, but the data differ somewhat because of minor differences NOTE.—For explanation of these figures see "Statistics on Margin Ac- in coverage, statistical discrepancies in reporting, and—since June 1955 counts" in the BULLETIN for September 1936. The items "net debit for the item "money borrowed"—the date of reporting. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1107 CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [U. S. Treasury Department and Bureau of the Budget. In billions of dollars.] Seasonally adjusted Unadjusted C q a u l a e r n t d e a r r Receipts Payments re E c x e c i e p s t s s , o o f r Receipts Payments re E c x e c i e p s t s s , o o f r Year Receipts Payments pa re E y c m x e c e i e p n s t t s s s , o ( o f — r ) payments ( —) payments (—) 1960—1 '23.5 23.3 0.1 25.8 21.9 3.8 Calendar—1959 87.6 95.6 -8.0 2 '25.0 23.6 1.5 28.5 24.1 4.5 I960*3... 98.3 94.7 3.6 3*.... 25.1 23.6 1.5 23.4 24.2 -0.8 4*.... '24.8 24.2 '0.6 20.6 24.5 -3.9 Fiscal 1958 81.9 83.4 — 1 5 1959 81.7 94.8 —13] 1 1961—1*\... 22.5 24.9 -2.3 24.8 23.4 1.4 1960 95.1 94.3 0.8 2*.... 24.9 26.6 -1.7 28.4 27.2 1.2 1961^ 97.1 99.3 -2.1 p Preliminary r Revised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves of central banks and governments 1110 Gold production. 1111 Net gold purchases and gold stock of the United States 1112 Estimated foreign gold reserves and dollar holdings 1113 International capital transactions of the United States 1114 United States balance of payments. 1123 Money rates in foreign countries 1123 Foreign exchange rates 1125 Index to statistical tables 1131 Tables on the following pages include the prin- dealers in the United State* 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. 1109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1110 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Esti- Int'l Esti- E m n o d n t o h f w m t o o a r t t a l e d l d ! M F t u a o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e l o d d f A t r i g n e a n- t A ra u l s i - a A tr u i s a - g B iu el m - Brazil Canada Chile lo C m o b - ia C o R o f e n t p g h . e o, 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 P2 1957__Dec 38,820 1,180 22,857 14,785 126 126 103 915 324 1.100 40 62 81 1958—Dec 39,490 1,332 20,582 17,575 60 162 194 1,270 325 1,078 40 72 83 1959~Dec MO, 190 2,407 19,507 r18,275 56 154 292 1,134 327 960 43 71 42 I960—July 2 527 19 188 55 153 293 1,175 287 906 42 74 Aui? 2,562 19,045 80 156 293 .094 287 904 42 74 Sept. 40 690 2 564 18 725 19 400 84 159 293 I 094 287 894 42 75 Oct 2,603 18,443 84 157 293 [,112 287 891 45 76 Nov 2,723 17,948 84 147 293 ,158 287 886 45 77 Dec. . . . 40 525 2 439 17 804 20 280 104 147 293 1170 287 885 45 78 1961—Jan 2 446 17,480 138 150 293 156 287 885 39 79 Feb 2,447 17,412 158 149 293 1,137 287 886 45 79 Mar 40 660 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 17 451 192 153 293 069 288 899 46 82 June *>40 925 2 482 17,603 ^20 840 155 293 [,074 288 906 47 83 July 2,508 17,590 153 293 1,083 912 48 E m n o d n t o h f Cuba m D a e r n k - D R o i e c l m p i a c u n i b n - - E d c o u r a- U g E i t . R o g i A a n e y n . - — p R - . E v l a - d S o a r l- l F a i n n d - France2 R F m e e G p d a o e u n e f r b r y - a l , i l c Greece G m u a a l t a e- India I n n e d s o ia - 1954—Dec 186 31 12 23 174 29 31 708 626 11 27 247 81 1955—Dec 136 31 12 23 174 28 35 942 920 11 27 247 81 1956—Dec . ... 136 31 11 22 188 28 35 924 1,494 10 27 247 45 1957—Dec 136 31 11 22 188 31 35 581 2 542 13 27 247 39 1958—Dec 80 31 11 22 174 31 35 750 2,639 17 27 247 37 1959__Dec 50 31 10 20 174 30 38 1,290 2,637 26 24 247 33 I960—July 19 31 10 20 174 30 38 1 560 2,818 26 24 247 33 Aug 3 31 10 20 174 30 38 1,568 2,879 26 24 247 33 Sept 3 31 10 20 174 30 38 1,627 2,888 31 24 247 33 Oct 1 31 10 20 174 30 41 I 622 2 915 31 24 247 37 Nov 1 31 10 20 174 30 41 1,626 2.943 31 24 247 57 Dec.. . . 1 31 10 20 174 30 41 1,641 2,971 76 24 247 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 I 883 3 242 76 24 247 57 Apr 31 20 174 26 41 ,952 3,296 77 24 247 May. 31 20 174 25 41 994 1 433 80 247 June 31 20 174 22 45 2 020 3,525 77 247 July 31 20 174 45 2,037 247 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 4^ 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—July. 131 84 18 1,998 102 122 1,246 34 30 52 28 16 550 A ue 131 84 18 2,088 102 122 1.246 35 30 52 28 12 550 Sept 131 84 18 2,186 102 121 ,346 35 30 52 27 13 550 Oct 131 111 18 2,186 102 140 ,376 35 30 52 42 14 550 Nov 131 98 18 2,198 102 139 ,376 35 30 52 42 14 550 Dec 130 98 18 2,203 119 137 1,451 35 30 52 42 15 552 1961 Jan 130 98 18 2,204 119 135 ,451 35 30 52 47 16 553 Feb 130 98 18 2.217 119 135 .451 35 30 52 47 18 553 Mar 130 98 18 2,128 119 136 ,451 35 30 53 47 19 539 Apr 130 84 18 2,128 119 137 ,458 35 30 53 47 20 510 Mav no 18 2,128 119 458 35 30 53 47 20 496 Tune 130 18 119 1 464 3S 30 53 47 21 473 Julv 130 18 1,541 35 30 53 P Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 1111 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] Syrian Bank E m n o d n t o h f A So fr u ic th a Spain Sweden Sw la it n z d er- U gi . R o A n e — . - R • . T la h n a d i- Turkey U K d n o i i n m t g e 3 - d U gu r a u y - V zu e e n l e a - Y sl u a g vi o a - S I e f n t o t t r l 'l e- E E P F U 5 ments'* 1954 Dec 199 132 265 1,513 17 113 144 2,762 227 403 14 76 153 1955—Dec 212 132 276 1,597 19 112 144 2,120 216 403 16 121 244 1956 Dec 224 132 266 1,676 19 112 144 2,133 186 603 17 59 268 1957—Dec 217 101 219 1,718 24 112 144 2,273 180 719 13 24 254 1958—Dec 211 57 204 1,925 24 112 144 3,069 180 719 17 -42 126 1959—Dec 238 68 191 1,934 104 133 2,736 180 652 16 -134 40 I960 July . . 233 78 171 1 896 104 133 2 996 180 512 7 107 Aug 219 88 171 1,960 104 133 3,072 180 512 7 -103 Sept 204 98 171 1,980 104 133 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 5 -17 65' July . ... 159 244 170 2,322 134 2,453 398 — 19 i Excludes U.S.S.R., other Eastern European countries, and China 2 Represents holdings of Bank of France and French Exchange Stabili- Mainland. zation Fund. Represents reported gold holdings of central banks and governments 3 Beginning with December 1958, represents Exchange Equalization and international institutions, unpublished holdings of various central Account gold and convertible currency reserves, as reported by British banks and governments, estimated holdings of British Exchange Equaliza- Government; prior to that time represents reserves of gold and U. S. tion Account based on figures shown for United Kingdom, and esti- and Canadian dollars. mated official holdings of countries from which no reports are received. 4 Represents net gold assets of B.I.S., i.e., gold in bars and coins and The figures included for the Bank for International Settlements repre- other gold assets minus gold deposit liabilities. sent the Bank's gold assets net of gold deposit liabilities. This procedure 5 European Payments Union through December 1958 and European avoids the overstatement of total world gold reserves since most of the Fund thereafter. gold deposited with the B.I.S. is included in the gold reserves of individual countries. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated world Africa North and South America Other Year or month production! Total2 A So fr u ic th a R de h s o i - a 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 i u c a a - - ^ 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 1.099 4 748.4 19.6 31.0 58.8 161.1 10.5 7.0 4.1 15 2 r38 0 5 7 i960 June 91 6 63 4 1 6 2 6 3 9 13 5 8 6 3 1 1 3 4 4 July 92.5 63.6 6 2.6 4.5 13.8 .7 .5 .4 3.2 4 Aug 92.7 63.5 1.7 2.6 4.9 13.3 .8 .6 .4 1.3 3.1 .5 O Se c p t t 9 9 3 2 . . 1 6 6 6 3 3 . . 4 4 7 6 2 2. . 5 6 4 5 . . 4 0 1 1 4 2 . . 1 9 1. . 3 7 . .6 6 . .3 3 4 3 3 .4 3 5 5 Nov 92.0 63.4 6 2.5 4.3 13.7 .9 .6 .4 1 3.1 5 Dec 90.7 62.2 1.7 2.5 3.9 13.8 .6 .6 .3 1.2 3.4 .5 1961 Jan 90.9 63.7 7 2.5 3.2 13.2 .9 .6 .3 4 2.9 5 Feb 88 4 62.7 S 2.5 2.9 12.6 .8 .6 .4 0 2 9 5 Mar 65.7 9 2.5 3.7 13.7 .4 2.9 5 Apr 65 3 R 3 2 13 1 4 n 3 4 May 67.5 3.3 13.4 .4 June . 67.3 3.8 12.8 .4 r Revised. Bureau of Mines. Production reported monthly: reports from individual 1 Excludes U.S.S.R., other Eastern European countries, China Main- countries except Ghana, Republic of the Congo and Brazil, data for land, and North Korea. which are from American Bureau of Metal Statistics. For the United 2 Beginning 1960 excludes Republic of the Congo. States, annual figures are from the U. S. Bureau of the Mint and monthly 3 Gold exports representing about 90 per cent of total production. figures are from American Bureau of Metal Statistics. SOURCE.—Estimated world production; based on reports of the U. S. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1112 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 2 3 4 1 2 Western Europe: Austria -6 -84 -83 -1 -85 3 3 -329 -39 -141 —25 j — 83 -68 -34 -266 -173 —56 — 117 Germany (Fed. Rep. of) -i30 -226 -10 -34 -34 -23 N It e a t ly herlands -65 25 — — 2 3 6 4 1 9 -30 —249 —25 — 110 — 105 100 -60 -55 ~5 -20 -10 Spain 31 32 -114 -33 -si -58 Switzerland -65 -16 -8 215 20 — 324 — 160 — 55 20 United Kingdom -480 -50 100 -900 -350 -550 -200 —— 315650 — 150 225 Bank for Int'l Settlements .. —94 -20 -178 -32 — 36 — 36 — 23 Other -37 -6 4 18 8 -21 -38 -96 1 -11 -83 -35 -3 Total -1,016 -378 -78 80 68 -2,326 -827 -1,718 -49 -576 -1,053 -244 202 Canada 15 5 Latin America: 85 115 75 67 — 50 — 30 —20 —90 -28 80 -30 20 20 Venezuela -30 -200 65 Other -19 12 14 56 6 2 -16 -30 -1 -6 -22 -12 5 Total -132 62 14 -28 81 69 19 -100 -1 -36 -62 -102 5 Asia: Japan -30 -157 -15 -15 Other -6 -10 -5 0) 18 -4 -28 -97 -26 -4 -67 -20 -27 Total -6 -10 -5 C1) 18 -34 -186 -113 -26 -19 -67 -20 -27 All other -10 -1 1 14 0) -3 — 5 -38 -8 0) -29 0) -1 Total foreign countries... -1,164 -327 -68 80 172 -2,294 -998 -1,969 -84 -632 -1,212 -366 179 International institutions2 200 600 3-44 300 300 Grand total -1,164 -327 -68 280 772 -2,294 3-1,041 -1,669 -84 -632 -912 -366 179 1 Less than $500,000. 3 Includes payment of $344 million in June 1959 as increase in U. S. 2 Figures represent purchases of gold from, or sales to (—), the Inter- gold subscription to the International Monetary Fund. national MonetaryfFund. 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 n a y d s S - t o o f c y k T e o a t r a ) l i in s o c T c t r r ( r o o e - e c d a t ) a a k s e s l e : - e, i e m x ( N p - p o ) e o r o t r r t t , d m e c o a c E r ( r r r e a - k e a i ) r a n e s - d e s - e : , Month T (e r u n e r d a y s S - o t f o m ck T o o n t t a h l ) i in s c o T c t r r ( r o o e - e c d a t ) a a k s e s e l : - e, i e m x N ( p p o - e r o o ) t r r t t , d m e c o a c E r ( r r r e - a k e ) a i r a n e s - d e s - e : , c h F m ( u o e o r n l o r d r d n e e i t i n n g h o g c n f ) y s 1949 24,427 24,563 165 686 -496 I960—Aug 19,005 19,045 -144 12 -151 1950 22,706 22,820 -1,743 -371 -1,352 Sept 18,685 18,725 -319 5 -319 1951 22 695 22,873 53 -549 618 Oct 18,402 18,443 -282 125 -397 1952 23,187 23,252 380 684 -305 Nov 17,910 17,948 -495 19 -512 1953 22,030 22,091 -1,162 2 -1,171 Dec 17,767 17,804 -144 3 -145 1954 21 713 21 793 -297 16 -325 1961—Jan 17,441 17,480 -324 -20 -322 1955 21 690 21 753 -41 97 -132 Feb 17,373 17,412 -68 -47 3 1956 21,949 22,058 306 106 319 Mar 17,388 17,433 21 -137 161 25 1957 22,781 22,857 799 104 600 Apr 17,390 17,435 2 -88 92 175 1958 20,534 20,582 -2,275 260 -2,515 May 17,403 17,451 16 -131 152 165 June 17,550 17,603 152 -96 254 186 1959 19,456 19,507 2-1,076 302 -1,324 July 17,527 17,590 -13 2 -3 105 1960 17,767 17,804 -1,703 333 -1,982 Aug P17,451 *17,53O *-60 (3) 4-23 (3) P Preliminary. 2 Includes payment of $344 million as increase in U. S. gold subscripl 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 $11,529 million on Aug. 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 1113 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31,1959 June 30, 1960 Sept 30, 1960 Dec. 31, 1960 Mar. 3I, 1961 June 30, 1961? U.S. Govt. Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& bonds & notes i Gold& U.S. Gold& U.S. short- Govt. short- Govt. short- Govt. short- short- Govt. short- Govt. term bonds term bonds term bonds term term bonds term bonds dollars & notes dollars & notes dollars & notes dollars Old New dollars & notes dollars & notes series series Western Europe: Austria 623 7 490 7 516 7 536 7 3 491 3 480 3 Belgium.. 1,272 7 1,340 7 1,240 7 1,316 6 2 1,282 2 1,311 Denmark 168 64 111 53 78 53 85 28 31 89 31 81 31 Finland 109 1 99 1 85 1 87 1 85 112 2 1,945 35 2,310 18 2,273 17 2,160 16 2 475 e 2 862 4 Germanv rFed Rco of) ... 4,624 16 5,243 16 5,995 16 6,447 16 3 6,752 3 6,588 3 Greece 212 138 109 139 143 136 Italy 3,119 3,049 ft 3,181 (2) 3,080 (2) 2,912 (2) 3 053 •2\ Netherlands 1,617 1,643 1,646 14 1,779 4 1 731 3 1 734 3 125 141 131 158 115 158 111 143 148 113 141 131 132 686 1 637 1 638 1 636 615 1 546 1 154 3 227 3 235 3 327 3 316 1 352 1 Sweden 404 101 432 79 395 78 397 77 82 438 93 574 51 2,903 88 2,713 84 2,786 74 2,863 57 94 2 721 91 2 850 87 164 152 149 152 158 150 United Kingdom 3,490 4.124 403 4,503 4,467 412 4,380 449 4,109 439 Other 3 '597 51 506 38 469 39 525 39 44 589 45 611 47 Total '22,212 855 23,345 885 24,413 849 25,107 819 838 25,290 868 25,680 804 3,158 452 3,439 429 3,552 424 3,324 416 446 3,315 464 3,562 463 Latin America: 393 443 454 419 1 501 1 475 1 478 448 j 460 j 481 2 2 480 2 474 2 228 (2) 186 (2) 179 8 180 8 177 (2) 171 288 (2) 262 242 236 240 202 1 Cuba 214 8? 149 82 108 78 1 64 (2) 59 (2) 61 70 65 631 68 1 77 (2) 83 Mexico 584 3 497 4 495 4 534 2 7 472 6 470 5 p&nama Republic of 129 3 116 2 127 2 123 2 I 95 1 78 1 110 1 105 97 114 (2) 112 119 (2) 242 240 (2) 244 231 1 j 227 1 230 1 929 2 813 3 795 3 796 3 1 892 1 826 1 Other « 253 12 388 11 400 11 370 9 316 28 282 57 Total 3,909 105 3,717 105 3,666 86 3,630 59 15 3 653 41 3 469 69 Asia: India 361 306 40 297 40 301 40 41 295 6 288 6 172 (1 188 195 236 158 142 187 168 156 152 173 (2) 178 (2) 1,564 2 1,755 2 1,984 2 2,166 2 3 2,307 3 2,262 3 Philippines 181 3 214 2 237 2 218 2 2 214 2 183 2 Thailand, 245 I 264 1 276 290 S 318 (2) 331 (2) Other ... . 1,245 46 1,107 70 1,026 59 989 45 986 45 1,010 45 Total 3,955 53 4,002 115 4,171 103 4,352 87 92 4,451 57 4,394 57 All other: Australia 264 (2) 263 (2) 259 235 233 238 (2) Egyptian Region—U.A.R 194 216 (2) 196 196 195 190 Union of South Africa 287 280 235 207 227 192 •2\ Others '526 41 548 57 552 28 600 27 35 600 38 621 37 Total '1,271 42 1,307 58 1,242 29 1,238 28 35 1,255 38 1,241 37 Total foreign countries 6 '34,505 1,507 35,810 1,592 37,044 1,491 37,651 1,409 1,426 37,964 1,468 38,346 1,430 International institutions 5,565 660 5,835 755 6,133 671 6,394 884 900 6,353 1,064 6,452 1,011 Grand total^ o '40,070 2,167 41,645 2,347 43,177 2,162 44,045 2,293 2,326 44,317 2,532 44,798 2,441 Memorandum item: '4,730 407 5,302 550 5,627 489 5,558 512 536 5,488 531 5,179 521 » Preliminary. r Revised. *> 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 3 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, Eu- Liabilities to Foreigners Reported by Banks in th< United States by ropean Fund, and the Bank for International Settlements; the figures Countries" (Tables 1 and la-Id of the following section). U. S. Govt. for the gold reserves of the B.I.S. represent the Bank's net gold assets bonds and notes are holdings with original maturities of more than \ (see note 1 to table on reported gold reserves). year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1114 INTFL 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 1,012 4,019 6,865 1,516 2,346 2,415 346 1957 Dec 15 158 1,517 13,641 7,917 5,724 1,557 1,275 4,310 7,142 1,623 2,575 1 946 355 1958—Dec 16,159 1,544 14,615 8,665 5,950 1,755 873 5,081 7,708 2,019 2,403 2,205 279 1959 Dec 19,389 43,158 16,231 9,154 7,076 1,987 990 5,496 8,473 2,198 2,408 2,780 373 1960 July 20 748 3,336 17,412 9,759 7,653 2,701 1,736 4,565 9,003 2,683 2,496 2 860 369 Aug 21,217 3,469 17,748 10,159 7,589 2,866 1.800 4,515 9,180 2,699 2,541 2,942 386 Sept 21 213 3,569 17,644 10,094 7,550 3,107 ,828 4,243 9,178 2,658 2,433 3 003 374 Oct 21,419 3,685 17,734 10,305 7,429 3,290 1,793 4,188 9,271 2,711 2,365 3,004 384 Nov . 20 886 3,700 17,186 10,077 7,109 3,364 1,641 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 3,942 16,974 10,145 6,829 3,502 1,633 3,581 8,716 2,442 2,324 3,150 342 Feb 20 773 3,817 16,956 10,095 6,860 3,583 1,568 3,536 8,688 2,422 2,294 3,204 r347 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 21,070 3,920 17,150 9,929 7,221 3,086 1,642 3,978 8,706 2,620 2,294 3,177 352 Junep 21 478 3,970 17,508 10,056 7,453 3,075 1,709 4,364 9,147 2,656 2,217 3,132 357 July*3 . ... 21,750 3,983 17,767 10,099 7,668 2,970 1,691 4,643 9,304 2,704 2,305 3,091 362 Table la. Other Europe End of month E O u t r h o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - France Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- S l w a e n r i - t d z- T k u e r y - ot A he ll rs 1956 Dec . ... 4,019 296 117 65 53 626 177 930 134 67 137 43 217 836 20 299 1957 Dec 4,310 349 130 112 64 354 154 1,079 203 93 142 24 260 967 18 360 1958—Dec 5,081 411 115 169 69 532 126 1,121 339 130 163 36 303 852 20 694 1959 Dec 5,496 331 138 137 71 655 186 1,370 485 95 138 86 213 969 31 590 1960 July 4,565 197 172 72 64 650 97 1,087 386 88 88 133 250 878 18 386 Aug 4,515 203 166 53 49 726 75 1,119 355 85 87 132 250 820 14 380 Sept 4,243 223 146 47 47 646 78 995 300 85 88 137 224 806 16 403 Oct 4,188 229 140 53 48 658 54 953 289 83 84 187 219 755 18 418 Nov 3,954 271 141 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 18 389 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 May 3,978 189 220 47 51 723 62 858 250 98 82 125 339 522 13 399 Junep 4,364 187 237 50 67 842 59 925 270 101 73 135 404 579 16 419 July?5 4,643 195 310 36 77 1,012 59 1,008 252 95 80 134 436 549 13 389 Table lb. Latin America Neth- Do- er- Pan- End of month A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a 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 u l n n l n r e d d i - s s - l a p i R m c u e b o a - - f , Peru U gu r a u y - V zu e e n l e a - O A L ic a t m h a ti e e 6 n r r nam 1956—Dec 2,346 146 29 225 91 153 211 68 25 64 433 69 109 84 73 455 111 1957 Dec 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958 Dec 2,403 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 133 1959—Dec 2,408 337 24 151 185 217 164 37 28 37 442 88 129 82 62 277 148 i960 Julv 2 496 394 20 162 132 185 120 35 27 40 390 100 123 82 55 355 275 Aug . • •. 2,541 393 20 176 132 175 111 36 23 37 399 91 128 77 54 407 282 Seot 2,433 370 23 173 137 167 105 33 22 41 374 88 127 70 64 333 306 Oct 2 365 324 22 185 116 181 90 34 22 41 358 79 126 64 61 349 313 Nov 2 336 335 21 186 117 166 84 34 24 42 359 68 122 64 52 360 303 Dec 2,422 315 23 194 135 158 77 37 24 44 397 72 123 72 51 398 302 1961 Jan 2,324 299 22 203 120 174 68 31 27 50 367 70 108 65 49 378 293 Feb 2,294 289 24 170 112 172 66 30 31 51 349 69 100 62 52 446 271 Mar 2 ^72 313 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 Mav 2 ?<J4 303 21 2?0 119 132 61 32 28 58 332 83 80 64 46 454 255 June*7 2,217 283 21 186 124 119 58 31 27 59 333 90 78 72 50 428 259 July?3 2,305 278 23 231 116 149 53 32 31 55 339 87 77 83 50 439 264 P Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1115 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Ko- End of month rea, Con- Egyp-Union Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p R l u o i e c b f - - P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total t A ra u l s ia - , R ? t o h e ° f » e p. U gi t R . o i A a n e n . - — R. A S f o r o u i f c t a h Other 1956—Dec 2,415 66 76 186 20 45 1,017 99 272 61 148 425 346 84 44 50 53 114 1957 Dec 1 946 70 82 151 55 52 586 117 175 86 157 417 355 85 39 40 38 153 1958—Dec 2 205 62 77 108 43 56 935 145 176 99 133 371 279 79 30 16 30 125 1959—Dec 2,780 60 114 139 47 87 1.285 148 172 94 141 494 373 110 31 20 49 162 I960 July . 2,860 59 55 158 35 68 1,536 143 216 87 164 339 369 107 25 46 36 155 Aue 2,942 58 51 164 27 72 1,627 144 219 89 169 322 386 95 27 40 32 191 Sept 3,003 59 50 162 25 59 1,705 148 224 89 172 311 374 100 29 22 31 192 Oct 3,004 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 [,808 150 212 84 183 245 362 80 32 27 33 189 Dec 3,113 57 54 178 22 75 ,887 152 203 84 186 215 352 88 32 22 29 181 1961 Jan 3,150 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 f 991 145 198 81 209 219 347 73 33 20 36 184 Mar 3,188 53 48 101 43 62 2i6'28 155 195 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 3,177 51 43 86 41 42 2,036 163 173 77 223 243 352 76 22 22 40 192 3,132 52 41 85 48 47 1,983 168 162 81 227 238 357 83 20 16 39 199 July*5 3,091 52 37 74 32 51 1,913 178 182 80 231 258 362 81 29 16 40 196 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 .2 .3 .5 Ceylon 34.2 44.1 34.4 6.9 Czechoslovakia8 '.7 .6 .7 1.0 China Mainland8. 36.3 36.0 35.8 34.8 Estonia 1.7 1.7 1 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 8 7 2.2 2.6 12.1 Syrian Region—U.A.R.. 3.5 4.7 5.0 n.a. Yugoslavia8 10.6 9.5 6.2 10.0 Viet-Nam 58.5 48.8 68.3 n.a. Ot B C H P B E H N W F h a r e c o e a o i a e e r c r u r h s i n a s n m a t t a a t i d L g a c r d m u a u u h a I o R n g d a t r a r i a a d W y u i n s s c i a * e a e A s s t m F I e e n d r d i e c i r e a a s : t i a o n n d * French Guiana. 2 1 1 1 1 1 5 7 2 5 2 1 6 2 . . . . . . . . . 9 1 7 8 7 8 2 4 6 2 3 1 1 7 6 3 6 4 1 1 7 . . . . . . . . . 4 7 6 3 5 8 5 3 4 3 2 1 1 1 1 1 6 2 1 2 2 8 0 4 . . . . . . . . . 7 6 7 5 5 8 9 5 3 4 2 2 1 1 1 1 1 4 7 7 1 1 1 5 0 9 . . . . . . . . . . 6 3 9 7 3 4 2 0 7 8 AH N A E L L F M M M G r i i t e l h o b b o o a h e g w t a d n y e r z i e h o o n r a a e c r e i C p i a c h m i a a r r c i a : a a b o S l e i o I a q d s m n u l o a d e a n n l i E i d a l s r a i n tr d ea 3 2 5 1 3 3 5 1 3 1 0 . . . . . . . . . 4 1 1 5 9 9 7 0 7 2 4 1 6 2 3 7 1 1 1 3 . . . . . . . . . . 9 4 5 8 4 5 0 0 0 7 2 5 1 1 2 2 7 0 1 7 8 . . . . . . . . . . 0 0 3 8 6 3 6 4 6 7 6 n n n 9 2 5 4 . . . . . . . . . . a a a 2 ? 6 3 9 4 9 . . . 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. 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 $4 million on July 31, Tables la-lc. 1961. 8 Based on reports by banks in all Federal Reserve districts. 2 Includes International Bank for Reconstruction and Development, 9 Prior to 1960 data for the Bahamas included with West Indies International Monetary Fund, and United Nations and other inter- Federation. national organizations. NOTE.—Statistics on international capital transactions of the United 3 Represents liabilities to foreign central banks and foreign central States are based on reports by U. S. banks, bankers, brokers, and dealers, governments and their agencies (including official purchasing missions, by branches or agencies of foreign banks, by certain domestic institutions trade and shipping missions, diplomatic and consular establishments, etc.). not classified as banks that maintain deposit or custody accounts for 4 Includes $1,031 million representing increase in U. S. dollar sub- foreigners, and by the U. S. Treasury. The term "foreigner" is used to scription to the International Monetary Fund paid in June 1959. designate foreign governments, central banks, and other official institu- 5 Includes Bank for International Settlements. tions, as well as banks, organizations, and individuals domiciled abroad * 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

1116 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 Total To banks and official institutions To all other foreigners in P a f y o a re b i l g e n and country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 2 Total Deposits T bi r l e ls a s a u n r d y Other2 certificates1 certificates Total amounts outstanding 1956 Dec 14,939 12,860 5,979 5,990 891 2,030 1.653 243 134 49 1957 Dec 15,158 12,847 5,875 5,840 1,132 2,252 1,766 278 209 59 1958 Dec 16,159 13,669 6,772 5,823 1,075 2,430 1,951 306 174 59 1959 Dec 19,389 16,913 6,341 *9,245 1,328 2,398 ,833 295 270 77 I960—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 SeDt 21,213 18,857 7,651 9,687 1,519 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 1,846 148 233 113 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 21,070 18,759 7,971 9,503 1,285 2,177 1.836 129 212 133 Junep 21,478 19,123 8 221 9,585 1,317 2,199 1,842 133 223 157 JulyP 21,750 19,420 8,490 9,563 1,367 2,185 1,863 109 213 145 Area and country detail, May 31, 1961 Eu A ro u p st e r : ia 189 188 184 4 1 (1 (3) Belgium 220 180 166 5 10 39 34 (3 47 40 13 27 1 7 7 (3) Finland 51 50 25 13 12 1 1 (3) 723 674 267 371 36 48 42 4 2 1 Germany, Fed. Rep. of ... 3,086 3,058 243 2,404 411 27 22 1 3 1 62 46 37 9 (3) 16 16 Italy 858 830 147 499 183 28 23 3 1 (3) 250 217 112 94 11 32 25 1 5 1 98 61 41 15 4 37 36 1 Portugal 82 43 40 3 39 37 (3) 2 125 102 101 1 23 22 (3) 1 (3) 339 329 94 194 42 9 9 (3) (3 Switzerland 522 420 233 44 143 98 69 6 23 4 Turkey 13 11 11 2 2 United Kingdom 1,642 1,279 1,006 221 52 304 130 76 98 60 7 7 6 (3) 1 Other Europe 392 337 89 i26 123 11 10 (3) 1 44 Total 8,706 7,871 2,814 4,020 1,037 722 488 94 140 113 Canada 2,620 2,362 1,724 629 8 250 213 26 11 9 Latin America: Argentina 308 243 151 70 21 65 64 1 Bolivia 21 5 5 16 16 (3) (3) (3) 220 101 97 (3) 4 119 110 8 (3) Chile 119 77 76 1 42 42 (3) (3) 132 66 61 (3) 5 6 64 (3) j Cuba 61 3 3 (3) 58 56 (3) 2 (3) Dominican Republic 32 11 11 21 21 pi Salvador 28 7 6 1 21 20 (3) Ouatemala 58 41 25 7 10 18 18 332 180 169 11 152 149 (3) 2 (3) Neth. Antilles and Suri- 83 47 28 5 15 35 19 j 14 1 Panama Rer> of 80 9 7 1 71 58 12 64 22 21 1 42 40 (3) 1 (3) 46 18 17 1 29 24 4 Venezuela • . • 454 247 247 (3) 207 201 2 4 (3) Other Latin America 255 164 107 41 16 88 83 2 4 2 Total 2,294 1,241 1,031 123 87 1,048 986 8 55 5 c Corrected. v Preliminary. 2 Represents principally bankers* acceptances and commercial paper. 1 Includes special nonnegotiable, non-interest-bearing U. S. notes 3 Less than $500,000. (International Monetary Fund series and International Development Association series), which amounted to $2,599 million on July 31, 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTX CAPITAL TRANSACTIONS OF THE U. S. 1117 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Area and Payable country in foreign U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other 1 Total Deposits T bi r l e ls a s a u n r d y Other i certificates certificates Area and country detai1, May 31, 1961—Cont. Asia: Hong Kong 51 25 21 4 25 25 1 India 43 36 33 4 6 5 (2) (2) / Indonesia 86 84 72 8 4 2 2 (2) 41 35 35 5 5 Israel 42 38 25 2 12 4 4 Japan 2 036 2,017 1,069 882 66 18 15 (2) 2 2 163 161 160 (2) 2 2 Philippines 1 7 7 7 3 1 7 5 1 3 1 6 4 8 2 (2) 1 2 1 20 6 20 6 (2) (2) (2) Thailand 223 221 21 190 10 3 3 Other Asia 243 208 159 35 14 34 33 (2) 1 1 Total 3,177 3,048 1,806 1,116 127 126 120 1 5 4 All other: 76 73 34 36 2 3 3 (2) (2) (2) Congo Rep of the 22 21 10 3 7 1 1 Egyptian Region—U.A.R.. 22 21 13 6 2 1 1 Union of South Africa 40 36 36 3 3 (? 1 Other 192 167 128 32 8 24 22 1 2 Total 352 317 221 76 20 32 29 1 2 3 Total foreign countries. 17,150 14,840 7,596 5,964 1,279 2,177 1,836 129 212 133 International institutions.... 3,920 3,920 375 3 3,539 6 Grand total 21,070 18,759 7,971 9,503 1,285 2,177 1,836 129 212 133 1 Represents principally bankers' acceptances and commercial paper. 3 Includes $2,554 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 e - d 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 I960 July 3,062 27 63 30 36 234 227 617 336 1,203 845 61 3,117 33 68 35 41 239 212 628 341 1,200 886 62 Sept 3,160 29 77 33 45 256 226 665 356 1,150 921 68 Oct 3,361 32 84 42 54 237 245 694 397 I 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 ,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 May 4.081 42 145 42 65 171 228 693 478 1,336 1 497 75 June** 4,046 44 148 34 64 165 233 687 437 [ 243 1 603 76 July*3 4,107 46 141 35 64 187 210 685 414 1,245 1,674 90 P Preliminary. banks and bankers on behalf of their customers in the United States; i Short-term claims reported in these statistics represent principally and foreign currency balances held abroad by banks and bankers and their the following items payable on demand or with a contractual maturity customers in the United States; excludes convertible currencies held by of not more than 1 year: loans made to and acceptances made" or 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

1118 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 Neth- End of month E O u t r h o e p r e A tr u i s a - g B iu el m - m De ar n k - l F a i n n d - Greece la e n r d - 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 1956—Dec 216 7 28 12 4 4 21 23 2 8 13 88 (2) 7 1957 Dec 211 6 25 11 4 6 29 23 2 8 10 76 (2) 10 1958 Dec 315 7 65 14 6 7 56 22 2 30 24 72 9 1959 Dec 234 4 56 18 8 5 38 7 2 8 19 47 3 18 I960 Julv 227 3 49 6 9 5 36 8 2 7 22 55 12 12 Aue 212 2 41 7 7 6 30 9 2 7 18 59 11 13 Sept 226 3 41 9 8 5 29 11 3 10 23 61 9 15 Oct 245 2 53 10 9 5 32 16 3 8 25 58 7 16 Nov 240 3 50 13 9 7 30 17 3 7 26 53 8 15 Dec 264 2 65 13 9 6 33 17 4 8 28 49 11 19 1961 Jan 237 2 63 14 9 5 34 11 3 6 26 41 9 14 Feb 224 2 61 12 9 7 32 10 2 6 25 32 9 16 Mar 246 3 58 12 10 6 47 10 3 7 26 35 12 16 Apr 231 2 56 11 11 7 42 10 2 7 24 24 16 19 May 228 3 58 11 11 7 42 10 3 8 25 15 16 21 June** 233 3 43 9 14 7 45 11 3 11 25 24 16 22 210 3 43 9 14 8 47 11 2 8 17 13 16 19 Table 3b. Latin America Neth- End of month A L m i a c t e a in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t A a a i e u l n n l r n r e d d - i - s - s l a p P i R m c u a e n b o a - - - . f Peru U gu r a u y - V zu e e n l e a - A O L 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 1,175 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 I960 Julv . ,203 81 4 173 57 80 62 16 7 11 335 5 17 43 38 224 50 Aug ,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 ,244 108 4 212 55 77 29 17 19 12 303 4 19 42 55 233 56 Nov ,754 112 4 206 63 76 27 17 19 13 302 5 22 43 52 235 57 Dec ,356 121 4 225 73 80 26 16 22 14 343 8 23 44 57 234 66 1961 Jan 1,340 122 4 229 74 81 21 14 21 13 343 5 27 48 51 231 57 Feb [,390 122 4 228 77 79 21 13 19 14 313 5 28 48 48 311 60 Mar [,374 128 4 241 88 78 21 13 19 15 306 5 26 48 44 274 63 Apr 1,394 127 5 213 118 79 21 13 17 12 323 5 29 50 40 281 61 May 1,336 133 5 202 111 81 20 14 15 14 322 7 38 55 43 215 63 June25 1,243 142 5 182 114 91 20 13 12 13 327 6 26 61 46 121 63 JulyP 1,245 148 5 160 120 91 19 12 14 14 336 8 25 63 38 119 71 Table 3c. Asia and All Other Asia All other End of month Total H K o o n n g g India Iran Israel Japan ip P p h in il e - s T w a a i n - T la h n a d i- Other Total t A ra u l s i - a C o R o f e n th p g e . o, g E i t R o g ia y n e n p - — - S U o n o u i f t o h n Other U.A.R. Africa 1956—Dec 337 4 6 20 16 170 16 6 9 91 43 11 6 2 8 17 1957 Dec 386 7 6 22 24 146 53 6 14 110 50 13 5 12 19 1958 Dec 435 6 4 27 23 179 67 6 13 111 69 13 4 3 21 29 1959 Dec 586 10 6 29 14 324 24 9 15 155 56 18 3 2 12 21 I960—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 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 r65 27 2 2 10 25 Dec 1,053 9 9 33 24 807 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 27 Feb 1,224 9 9 43 32 956 18 10 24 123 73 28 4 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 May [ 497 10 12 47 33 1,196 26 14 25 134 75 25 3 10 13 24 June3' 1,603 9 41 47 33 1,277 24 15 27 131 76 25 3 10 15 23 July? 1,674 9 40 36 34 1,341 42 13 30 129 90 26 3 13 24 23 v Preliminary. r Revised. 2 Less than $500,000. 1 See note 1 on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1119 TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- End of month, or area term— Loans to and country total1 Collec- Total tions Deposits Total Banks and out- Other Total with Other official 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 I960—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 .440 531 245 286 May. 1,634 4,081 3,574 871 521 710 f,473 506 235 271 June23 1,847 4,046 3,596 810 506 711 1,569 450 249 201 JulyP. 1,902 4,107 3,697 843 526 719 1,609 409 229 180 Area and country detail, May 31, 1961 Europe: Austria 7 3 3 2 Belgium 29 58 56 39 10 2 2 2 (2) Denmark 6 11 10 1 2 6 1 1 Finland 3 11 11 2 9 France 16 42 39 12 18 2 Germany, Fed. Rep. of... 44 145 124 37 33 22 32 20 17 4 Greece 8 7 7 2 5 Italy 26 42 40 8 18 2 "l Netherlands 28 42 37 17 11 5 (2) Norway 151 10 9 1 2 1 1 Portugal 2 3 2 2 Spain 4 8 7 3 1 1 1 1 Sweden 39 25 23 2 6 6 2 (2) Switzerland 8 65 39 10 18 6 27 12 15 Turkey 15 15 11 3 United Kingdom 13 171 30 12 14 142 101 41 Yugoslavia 2 16 16 7 2 ..... 6 21 20 5 5 Other Europe 393 693 487 146 104 127 110 207 146 61 Total... 59 478 231 10 181 10 30 247 45 203 Canada Latin America: 98 133 118 12 19 36 50 15 15 (2) A C C B B r h r o o a l i g l z i l e o i v n e m i l t b a i i n a a 2 2 3 0 5 7 1 4 2 1 2 8 0 1 5 0 1 2 1 2 1 2 8 0 1 5 0 1 2 1 4 8 8 5 0 1 1 1 2 7 9 1 2 3 1 1 4 5 3 5 8 4 2 0 9 '•(2)' "'(2)* C Do u m b i a nican Republic 14 14 5 1 4 4 El Salvador 15 15 5 1 5 5 Guatemala 10 14 14 2 2 7 3 (2) Mexico 197 322 318 96 60 34 128 4 Netherlands Antilles and Surinam 1 Panama, Rep. of 21 38 38 2 25 6 5 Peru 11 55 55 2 8 22 23 Uruguay 2 43 43 6 3 4 29 (2) O V t en h e e z r u L e a l t a in America 1 7 7 4 9 2 6 1 3 5 2 6 1 3 4 9 4 2 3 1 3 3 7 3 2 0 1 1 5 6 1 Total 862 1,336 1,315 359 218 319 420 22 19 Preliminary, 2 Less than $500,000. i Represents mainly loans with an original maturity of more than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1120 INFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 4. CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Short-term Payable in dollars Payable in foreign currencies Long- A c r o e u a n t a r n y d t t e o rm ta — l1 Total Total Ba i o n n f s f k i t c s it i L a u a l - n o d ans t O o: thers s C ta t o o i n o u l d l n t e i - s n c- g Other Total f D or e e w p ig i o t n h si e t r s s Other tions Area and country detail, May 31, 1961—Cont. Asia: Hong Kong 10 10 4 2 3 India . .... 17 12 11 i 7 1 1 (2\ Iran . ... 4 1 1 3 47 47 (2) 9 1 « Israel 8 33 33 (2) 27 Japan 18 1,196 1,173 189 5 138 840 24 23 (2) Korea Rep of . 3 3 3 Philippines 15 26 26 23 I 2 (2) (2) (2) Taiwan 1 14 14 2 (2) 1 11 Thailand 6 25 25 9 3 13 (2) (vr (2) Other Asia 2 129 130 102 3 21 2 C2) Total 120 1,497 1,472 348 13 214 897 25 24 All other: Australia 24 25 21 2 12 7 4 1 3 Congo, Rep. of the 38 3 3 2 1 Egyptian Region—U.A.R.. 4 10 9 2 1 7 Union of South Africa.... 61 13 12 1 11 1 (2) (2) Other . 72 24 23 3 16 1 1 3 Total 200 75 69 7 6 40 16 6 2 4 International institutions.... Grand total 1,634 4,081 3,574 871 521 710 1,473 506 235 271 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 ch P a u s r e - s Sales or sales F ( o — rei ) gn c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r Total countries 1957 . 666 718 -52 117 1,617 1,423 194 699 1,392 -693 593 622 -29 1958 1,224 1,188 36 -237 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1959 1,217 528 689 527 2,593 2,158 435 946 1,458 -512 566 804 -238 I960 1,730 1,603 127 -98 2,419 2,167 252 883 1,445 -562 509 592 -83 I960 July 48 58 -10 -9 189 192 -4 53 83 -30 36 46 -10 Aug. 61 187 -126 -50 183 184 -1 36 72 -36 36 49 -13 Sept 44 93 -49 -42 181 199 -18 73 90 -17 37 45 -9 Oct 148 196 -48 -48 179 187 -8 244 268 -24 36 42 -6 Nov 345 262 82 -13 187 180 7 36 44 -8 44 56 -12 Dec 195 98 97 -21 208 220 -12 31 78 -46 33 52 -20 1961—Jan 73 96 -23 -23 250 219 30 54 98 -44 53 52 2 Feb 322 69 253 82 270 253 17 46 74 -28 38 63 -24 Mar 63 86 -23 -17 371 329 42 43 91 -48 58 91 -33 Apr 91 97 -7 35 348 308 40 44 97 -54 50 96 -46 May 155 207 -51 -41 344 299 45 59 122 -64 57 96 -39 Junep 41 74 -33 -33 302 276 27 60 87 -27 52 72 -20 July*3 170 128 42 42 192 210 -18 48 111 -64 33 52 -18 P Preliminary. 2 Includes small amounts of U. S. municipal securities. i Includes transactions of international institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1121 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 i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- 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—July -4 — 3 (3) 2 1 -1 4 4 -12 2 3 All2 . . 4 c 2 I? 13 A 16 -22 3 2 Sept -18 — 18 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 — 2 5 2 Dec -12 7 -18 3 2 -2 -21 5 -17 5 1961 Jan 30 32 -1 1 5 -2 5 7 7 22 _4 8 5 Feb 17 32 -14 3 1 17 2 2 25 -13 1 6 Mar 42 32 10 2 3 -3 18 5 5 30 6 -2 g Apr 40 56 -16 3 21 9 32 -9 9 9 May 45 58 —13 (3) 5 29 10 50 -19 9 4 27 33 -6 (3) -1 3 19 11 2 34 -14 4 2 j j p -18 -5 -13 -1 _2 -6 i -12 -13 2 5 » Preliminary. 2 Includes transactions of international institutions. i Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS» [Net sales, (-). In millions of dollars] [In millions of dollars] Inter- Total Latin Assets in custody Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - Am ic e a r- Asia o A th l e l r End of month Deposits tutions tries U. S. Govt. Miscelsecurities 2 laneous 3 1957 -384 -338 231 -552 15 -45 13 1958 -558 -805 -72 -543 5 -45 -150 1959—Dec.. 345 4,477 570 1959 -157 -593 -50 -443 11 -97 -15 1960 -147 -498 -117 -196 -107 -41 -36 I960—Aug. 204 5,423 701 Sept. 223 5,479 713 I960—July.... -9 -31 -6 -8 -15 -4 2 Oct.. 251 5,634 718 Aug -10 -39 -35 5 -9 i 1 Nov. 252 5,430 752 Sept.... -21 « -5 12 -7 -6 1 Dec.. 217 5,726 756 Oct.... -16 -13 -10 8 6 7 -24 Nov.... 7 -27 -19 10 -14 -6 1 1961—Jan.. 238 5,793 714 Dec... 2 -68 -21 -17 -24 n 3 Feb.. 207 5,879 694 Mar. 271 5,935 690 1961—Jan _1 -41 -27 -5 -7 -6 4 Apr.. 230 5,634 672 Feb.... 15 -68 -30 -6 -26 -4 -1 May. 210 5,637 687 Mar.... -3 -78 -24 -42 0) -11 -2 June. 220 5,723 688 Apr.... 3 -102 -9 -55 -20 -19 C1) July. 226 5,660 667 May... 1 -104 -25 -50 -6 -22 -1 Aug. 270 5,903 660 Junep.. -15 -32 -18 -23 3 9 -3 July*... 3 -85 12 -67 1 -5 -25 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of p. 1112 for total gold under earmark at Preliminary, Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign aad international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1122 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS [End of year or quarter. In millions of dollars] Liabilitiesto foreigners Cl£iims on foreigners Area and country 1960 1960 1959 1959 1 2 3 4P 1 2 3 Europe: 1 3 2 1 4 4 5 6 8 Belsium 28 21 16 18 18 10 9 11 9 12 2 2 2 2 1 9 4 5 8 12 Finland T 43 37 1 20 1 29 1 25 3 28 2 33 1 3 2 6 38 1 42 Germany, Fed. Rep. of 55 56 48 46 41 31 25 27 26 33 Greece 1 1 1 1 2 3 2 3 2 Italy 13 14 13 15 16 33 26 26 29 36 Netherlands 39 39 44 56 48 21 15 16 14 17 11 9 7 7 5 4 4 6 6 6 1 O 0) 1 2 3 4 3 3 26 8 20 194 9 8 1 6 0 2 1 2 1 2 1 3 2 2 1 7 1 2 1 7 0 2 1 6 1 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 Other Europe 5 1 5 6 1 5 1 3 1 (1i *l 3 5 1 6 1 Total 382 376 320 304 274 264 265 357 373 869 54 54 58 58 54 101 89 111 138 164 Latin America: 12 5 9 7 7 25 14 12 19 20 1 3 2 2 1 3 4 3 2 3 Brazil 18 15 17 15 15 54 55 65 69 76 Chile 4 5 5 5 3 10 9 9 9 12 3 3 3 3 4 7 9 11 11 11 Cuba 5 9 4 3 2 27 26 20 18 8 D El o S m a i l n v i a c d a o n r Reoublic 0) 1 1 0) 1 0) 1 o 3 2 1 2 2 2 2 2 3 Guatemala C1) 0 0) C1 6 ) 2 4 7 3 3 0 3 4 0 3 4 1 3 4 6 Neth. Antilles and Surinam. 7 6 5 5 7 1 1 2 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: Hone Kong 2 3 2 3 3 2 2 2 1 2 India 8 3 4 4 6 5 7 7 11 12 Indonesia 3 3 4 4 3 2 2 1 1 4 3 4 5 6 7 8 8 7 8 Israel 2 1 3 5 11 11 10 9 11 Japan 15 23 19 18 28 36 41 39 35 52 K Ph o i r li e o a D u R ie e s p of °] (17> (I^ °l 1 1 0 8 1 7 1 9 1 7 1 T T a h i a w il a a n nd 6 41 2 3 2 3 33 2 3 2 3 2 4 4 3 4 3 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 0) 0) 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 6 8 8 8 6 Other 5 6 5 5 5 10 11 11 10 13 Total 18 19 22 21 23 38 41 41 44 49 International institutions.... 0) 0) 0) 0) C1) 0) 0) 0) 0) 0) Grand total 593 588 531 524 497 730 715 843 893 1,450 P Preliminary. mercial concerns in the United States. Data exclude claims held through 1 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 1123 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 Services2 1,553 1,772 1,791 1,946 1,656 1,774 1,892 2,105 1,746 1,968 1,983 2,194 1,882 Imports of goods and services, total... 4,941 5,278 5,388 5,446 5,401 5,964 6,228 5,944 5,769 6,074 6,057 5,427 5,322 Merchandise 3,139 3,166 3,124 3,522 3,594 3,879 3.847 3,974 3,830 3.857 3,550 3,485 3,406 Services 970 1,200 1,425 1,095 1,027 1,296 1,595 1,216 1,172 1,461 1,709 1,215 1,157 Military expenditures 832 912 839 829 780 789 786 754 767 756 798 727 759 Balance on goods and 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 -1,032 -607 -595 -875 -1,110 -1,075-1,905 -1,357 Private, total -642 -1,025 -451 -726 -412 -738 -387 -838 -651 -724 -924 -1,557 -937 Direct investment -155 -411 -156 -37: -287 -442 -224 -41: -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 so: and Government securities 197 26 477 837 4990 1,250 560 760 858 548 253 50 Increase in other foreign assets 13 -15 -26 52 21 52 23 -12 11 29 23 -55 31 Gold sales by United States 370 1,075 483 347 95 4397 167 72 50 94 637 921 346 Errors and omissions 200 76 175 -71 100 290 -8 146 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 S l w an it d zer- Month 3 T m r b e o i a l n s ls u t , h r s y i D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e 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 a e o p n o w k o n a s e i n r t s c s ' e D m a o d y n a - y e t y o 3 - Tr 6 d b e 0 a i a - l y s l 9 s u s 0 , 4 ry D m a o d y n a - y e t y o 5 - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1958_Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 1.50 2.50 1959_Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 1.50 2.00 1960—July 3.13 3.24 5.76 5.58 4.67 4.00 4.53 4.88 4.69 2.19 .64 2.00 Aug 2.53 2.70 5.75 5.58 4.79 4.00 4.05 4.88 4 75 2.05 .56 2.00 Sept 1.89 1.58 5.71 5.53 4.85 4.00 4 15 4.88 5.25 2.00 .50 2.00 Oct 2.65 2.36 5.62 5.36 4.79 3.92 3 99 4.88 5.31 1.96 .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 .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 .00 2.00 Feb 3.05 2.52 4.48 4.31 3.76 3.00 3.59 3.00 3.38 1 14 ().75 2.00 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 () 75 2.00 June 2.69 2.45 4.64 4.50 3.67 3.00 3.76 2.25 2.56 0,88 ().75 2.00 July 2.61 2.55 4.72 5.10 3.98 3.38 2.25 2.63 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

1124 MONEY RATES CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Rate as of Changes during the last 12 months Aug. 31, 1960 Rate Country 1960 1961 A a u s g . o f 31, Per Month 1961 cent effective Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Arcentina 2 6.0 Dec. 1957 6.0 Austria 5.0 Mar. 1960 5.0 Belgium . . 5.0 Aug. 1960 4.75 4.75 Brazil2 10.0 Apr. 1958 10.0 Burma. 3.0 Feb. 1948 3.0 Canada3 . 2.5 Aug. 1960 1.95 3.28 4.02 3.5 3.29 3.46 3.46 3.53 3.42 2.82 2.80 2.51 2.51 Ceylon2 4.0 Aug. 1960 4.0 Chile * 16.55 July 1960 16.74 15 88 15.88 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 6 4.0 May 1957 4.0 Indonesia2.. 3.0 Apr. 1946 3.0 Iran 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 6.94 Aug. 1960 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 4.5 Aug. 1960 5 0 5.0 Spain 4.6 Apr. 1960 4.6 4.0 Sweden 5.0 Jan. 1960 5.0 Switzerland 2.0 Feb. 1959 2.0 Thailand 7.0 Feb. 1945 7.0 Turkey 6.0 June 1956 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—4iO 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); 6 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 1125 FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month (peso) (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B (f e r lg a i n u c m ) C (d a o n ll a a d r a ) C (r e u y p l e o e n ) ( F m i a n r la k n 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 1960. 1.2026 223.71 3.8461 2.0053 103.122 21.048 .3112 3 20.389 1960—Aug., 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 8314 2.0042 101.265 20.990 .3111 20.404 Apr.. 1.2075 222.95 8306 1.9985 101.110 20.992 .3111 20.400 May. 1.2071 222.63 8308 1.9983 101.255 20.988 .3110 20.404 June. 1.2096 222.30 8368 2.0018 99.471 20.984 .3110 20.405 July.. 1.2113 222.10 8554 2.0081 96.701 20.951 .3109 20.405 Aug.. 1.2104 223.34 3.8592 2.0080 96.933 21.012 .3109 20.352 Year or month ( G d m e e r u a m t r s a k c n h ) y e (r I u n p d e ia e) ( I p r o el 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 i e a l t n d h d e - r s ) Z (p e N o a u e la w n n d d ) 1955 23.765 20.894 279.13 32.624 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 1960 23.976 20.968 280.76 .1610 .2778 32.817 8.0056 26.513 277.98 I960—Aug. 23.978 20.978 281.02 .1611 .2787 32.846 8.0056 26.512 278.24 Sept. 23.978 20.990 281.27 .1611 .2787 32.851 8.0056 26.518 278.49 Oct.. 23.968 20.983 281.16 .1611 .2787 32.838 8.0056 26.518 278.37 Nov. 23.974 21.000 281.35 .1610 .2778 32.858 8.0056 26.492 278.57 Dec 23.973 20.982 280.74 .1610 .2781 32.833 8.0056 26.517 277.96 1961—Jan.. 23.968 20.975 280.64 .1610 .2786 32.826 8.0056 26.499 277.86 Feb.. 23.966 20.950 279.99 .1607 .2786 32.774 8.0056 26.400 277.22 Mar. 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 Aug. 25.046 20.998 280.29 .1611 .2762 32.604 8.0056 27.771 277.52 Year or month N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e S fr r w a la n i n t c - d ) ( U p K d o n i o u i n m t n g e d d - ) 1955. 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956. 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1957. 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1958. 14.008 49.695 3.4900 279.93 2.3810 19.328 23.328 280.98 1959. 14.028 49.721 3.4967 279.83 2.0579 19.324 23.142 280.88 1960. 14.018 «49.770 3.4937 279.71 1.6635 19.349 23.152 280.76 I960—Aug.. 14.026 3.4956 279.97 .6640 19.392 23.198 281.02 Sept.. 14.040 3.4979 280.22 .6640 19.379 23.219 281.27 Oct... 14.032 3.4973 280.11 .6640 19.365 23.211 281.16 Nov.. 14.038 3.4992 280.30 .6641 19.355 23.216 281.35 Dec... 14.021 3.4950 279.69 .6642 19.334 23.225 280.74 1961—Jan... 14.004 3.4928 279.59 .6635 19.339 23.220 280.64 Feb... 13.985 3.4861 7 279.19 «139.37 .6644 19.342 23.144 279.99 Mar.. 13.985 3.4903 139.35 .6644 19.353 23.144 279.75 Apr... 13.989 3.4920 139.38 .6643 19.354 23.122 279.81 May.. 13.964 3.4851 139.18 .6644 19.378 23.101 279.40 June.. 13.952 3.4815 138.97 .6644 19.365 23.144 278.98 July.. 13.947 3.4797 138.85 .6644 19.357 23.169 278.74 Aug.. 14.004 3.4875 139.62 .6644 19.366 23.163 280.29 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, « Based on quotations through Apr. 22, 1960. was extended to all foreign exchange transactions on Oct. 28, 1957, and 7 Based on quotations through Feb. 10, 1961. on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc 8 Effective Feb. 14, 1961, South Africa adopted the decimal system. was further devalued to 493.706 francs per U. S. dollar. The new currency unit, the rand, replaces the pound and consists of 3 A new franc equal to 100 old francs was introduced on Jan. 1, 1960. 100 cents; it is equivalent to 10 shillings or one-half the former pound. « Effective Mar. 5,1961, the par value of the deutsche mark was changed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman A. L. MILLS, JR. CHAS. N. SHEPARDSON G. H. KING, JR. J. L. ROBERTSON GEORGE W. MITCHELL WOODLIEF THOMAS, Adviser to the Board RALPH A. YOUNG, Adviser to the Board JEROME W. SHAY, Legislative Counsel CHARLES MOLONY, Assistant to the Board CLARKE L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS MERRITT SHERMAN, Secretary FREDERIC SOLOMON, Director KENNETH A. KENYON, Assistant Secretary ROBERT C. MASTERS, Associate Director ELIZABETH L. CARMTCHAEL, Assistant Secretary C. C. HOSTRUP, Assistant Director LEGAL DIVISION GLENN M. GOODMAN, Assistant Director HOWARD H. HACKLEY, General Counsel HENRY BENNER, Assistant Director DAVID B. HEXTER, Assistant General Counsel JAMES C. SMITH, Assistant Director G. HOWLAND CHASE, Assistant General Counsel BRENTON C. LEAVITT, Assistant Director THOMAS J. O'CONNELL, Assistant General LLOYD M. SCHAEFFER, Chief Federal Reserve Counsel Examiner WILSON L. HOOFF, Assistant General Counsel DIVISION OF RESEARCH AND STATISTICS GUY E. NOYES, Director DIVISION OF PERSONNEL ADMINISTRATION FRANK R. GARFIELD, Adviser EDWIN J. JOHNSON, Director ROBERT C. HOLLAND, Adviser ALBERT R. KOCH. Adviser H. FRANKLIN SPRECHER, JR., Assistant Director DANIEL H. BRILL, Associate Adviser LEWIS N. DEMBITZ, Associate Adviser KENNETH B. WILLIAMS. Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES DIVISION OF INTERNATIONAL FINANCE JOSEPH E. KELLEHER, Director RALPH A. YOUNG, Director HARRY E. KERN, Assistant Director J. HERBERT FURTH, Adviser A. B. HERSEY, Adviser ROBERT L. SAMMONS, Adviser OFFICE OF THE CONTROLLER SAMUEL I. KATZ, Associate Adviser J. J. CONNELL, Controller DIVISION OF BANK OPERATIONS SAMPSON H. BASS, Assistant Controller JOHN R. FARRELL, Director GERALD M. CONKLING, Assistant Director OFFICE OF DEFENSE PLANNING M. B. DANIELS, Assistant Director JOHN N. KILEY. JR., Assistant Director INNIS D. HARRIS, Coordinator 1126 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1127 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 GEORGE W. MITCHELL EDWARD A. WAYNE J. L. ROBERTSON RALPH A. YOUNG, Secretary ERNEST T. BAUGHMAN, Associate Economist MERRITT SHERMAN, Assistant Secretary P. E. COLDWELL, Associate Economist KENNETH A. KENYON, Assistant Secretary ROBERT S. EINZIG, Associate Economist HOWARD H. HACKLEY, General Counsel GEORGE GARVY, 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

1128 FEDERAL RESERVE BULLETIN • SEPTEMBER 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 J. G. Dickerson, Jr. John L. Nosker Benjamin U. Ratchford Aubrey N. Heflin Upton S. Martin Joseph M. Nowlan James M. Slay 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 Richard A. Moffatt C. J. Scanlon A. M. Gustavson L. H. Jones H. J. Newman Hugh J. Helmer C. T. Laibly Harry S. Schultz St. Louis Delos C. Johns Marvin L. Bennett George E. Kroner Howard H. Weigel Darryl R. Francis Homer Jones Dale M. Lewis Joseph C. Wotawa Minneapolis Frederick L. Deming Kyle K. Fossum M. B. Holmgren F. L. Parsons A. W. Mills C. W. Groth A. W. Johnson M. H. Strothman, Jr. H. G. McConnell Kansas City George H. Clay John T. Boysen F. H. Larson Clarence W. Tow Henry O. Koppang C. A. Cravens L. F. Mills J. T. White J. R. Euans E. U. Sherman Dallas Watrous H. Irons James L. Cauthen G. R. Murff L. G. Pondrom Harry A. Shuford P. E. Coldwell James A. Parker W. M. Pritchett Thomas A. Hardin Thomas W. Plant San Francisco ... Eliot J. Swan J. L. Barbonchielli E. H. Galvin A. B. Merritt H. E. Hemmings R. S. Einzig John A. O'Kane Vice Presidents in Charge of Branches of Federal Reserve Banks Federal Reserve Federal Reserve Bank of Branch Vice Presidents Bank of Branch Vice Presidents New York Buffalo I. B. Smith Minneapolis.... Helena C. A. Van Nice Cleveland Cincinnati R. G. Johnson Kansas City.... Denver Cecil Puckett F. O. Kiel Oklahoma City H. W. Pritz Pittsburgh Omaha P. A. Debus Richmond Baltimore D. F. Hagner Charlotte E. F. MacDonald Atlanta Birmingham H. C. Frazer Dallas El Paso Howard Carrithers Jacksonville T. A. Lanford Houston J. L. Cook Nashville R. E. Moody, Jr. San Antonio Carl H. Moore New Orleans M. L. Shaw Chicago Detroit R. A. Swaney San Francisco... Los Angeles W. F. Volberg St. Louis Little Rock Fred Burton Portland J. A. Randall Louisville Donald L. Henry Salt Lake City A. L. Price Memphis E. Francis DeVos Seattle E. R. Barglebaugh Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 745-48 of the June 1961 Bulletin. {Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND TREASURY-FEDERAL RESERVE STUDY OF THE GOV- FUNCTIONS. April 1961. 238 pages. ERNMENT SECURITIES MARKET. Part I. July 1959. 108 pages. Part II. February 1960 ANNUAL REPORT OF THE BOARD OF GOVERNORS 159 pages. Part III. February 1960. 112 OF THE FEDERAL RESERVE SYSTEM. pages. Individual books $1.00 each; set of 3 FEDERAL RESERVE BULLETIN. Monthly. Subbooks $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.) FEDERAL RESERVE CHART BOOK ON FINANCIAL DEBITS AND CLEARINGS STATISITICS AND THEIR AND BUSINESS STATISTICS. Monthly. Annual USE (rev. ed.). May 1959. 144 pages. $1.00 subscription includes one issue of Historical per copy; in quantities of 10 or more for single Supplement. Subscription price in the United shipment, 85 cents each. 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 issue for single shipment.) THE FEDERAL RESERVE ACT, as amended through HISTORICAL CHART BOOK. Issued each September December 31, 1956, with an Appendix conas a supplement to the monthly chart book on taining provisions of certain other statutes affinancial and business statistics. Annual sub- fecting the Reserve System. 385 pages. $1.00. scription to the monthly chart book includes FLOW OF FUNDS IN THE UNITED STATES, 1939-53 one issue of the historical. In the United States December 1955. 390 pages. $2.75. and countries listed above under Federal Reserve Bulletin, single copies 60 cents each; else- BANKING AND MONETARY STATISTICS. November where, 70 cents each. (Group rate in quan- 1943. 979 pages. $1.50. tities of 10 or more for single shipment 50 REGULATIONS OF THE BOARD OF GOVERNORS OF cents each.) 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. 1129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1130 FEDERAL RESERVE BULLETIN • SEPTEMBER 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 STABILITY. May 1953. 7 pages. IMPLEMENTATION OF THE 1959 ACT ON RESERVE REQUIREMENTS. December 1960. 6 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- SMALL BUSINESS FINANCING: CORPORATE MANU- FACTURERS. January 1961. 15 pages. ber 1955. 40 pages. CREDIT AND MONEY IN 1960. February 1961. SURVEYS OF BANK LOANS FOR COMMERCIAL AND 8 pages. INDUSTRIAL PURPOSES. Business Loans of Member Banks. April 1956. 14 pages. Credit GOLD AND DOLLAR TRANSFERS IN 1960. March Lines and Minimum Balance Requirements. 1961. 7 pages. June 1956. 7 pages. Member Bank Lending FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. to Small Business, 1955-57. April 1958. 19 March 1961. 10 pages. pages. Member Bank Term Lending to Business, 1955-57. April 1959. 16 pages. Security STATISTICS ON THE GOVERNMENT SECURITIES Pledged on Business Loans at Member Banks. MARKET. April 1961. 8 pages. September 1959. 16 pages. OWNERSHIP OF DEMAND DEPOSITS. April 1961. 3 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also, similar reprint SURVEY OF COMMON TRUST FUNDS, 1960. May from April 1953 BULLETIN.) 1961. 7 pages. (Similar Surveys available for each year of the 1955-59 period.) SURVEY OF FINANCE COMPANIES, MID-1955. April 1957. 17 pages. CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER TIME DEPOSITS. May 1961. 2 pages. (Also, REVISION OF MONTHLY DEPARTMENT STORE INsimilar reprint from July 1960 BULLETIN.) DEXES. December 1957. 30 pages. BANKING AND MONETARY STATISTICS, 1960. Se- OPEN MARKET OPERATIONS IN LONG-TERM SE- lected series of banking and monetary statistics CURITIES. November 1958. 15 pages. for 1960 only. February and May 1961. 13 •PART I, ALL-BANK STATISTICS, 1896-1955. pages. April 1959. 94 pages. BANK CREDIT AND MONEY IN RECOVERY. July 1959 SURVEY OF CONSUMER FINANCES. March, 1961. 8 pages. July, and September 1959. 48 pages. (Simi- INTEREST RATES IN LEADING COUNTRIES. August lar Surveys available for some earlier years in 1961. 8 pages. the period 1955-58.) QUARTERLY SURVEY OF CONSUMER BUYING IN- A QUARTERLY PRESENTATION OF FLOW OF FUNDS, TENTIONS. August 1961. 6 pages. (Also, SAVING, AND INVESTMENT. August 1959. 49 similar reprints from BULLETINS for December pages. 1960 and March, May 1961.) THE GOVERNMENT SECURITIES MARKET. August THE BALANCE SHEET OF AGRICULTURE, 1961. 1959. 22 pages. August 1961. 9 pages. REVISED INDUSTRIAL PRODUCTION INDEX. De- CAPITAL MARKETS IN 1961. September 1961. cember 1959. 24 pages. 7 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1068, 1070 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 1062, 1064 Adjusted, and currency, 1058 Assets and liabilities (See also Foreign liabilities and Banks, by classes, 1053, 1059, 1063, 1066, 1070 claims) : Federal Reserve Banks, 1054, 1121 Banks and the monetary system, Postal savings, 1052, 1058 consolidated, 1058 Discount rates, 1052, 1124 Corporate, current, 1080 Domestic banks, by classes, 1059, 1062, Discounts and advances by Federal Reserve 1064, 1070 Banks, 1048, 1053, 1054 Federal Reserve Banks, 1054 Dividends, corporate, 1079, 1080 Automobiles: Dollar assets, foreign, 1113, 1121 Consumer instalment credit, 1084, 1085, 1086 Production index, 1088, 1091 Earnings and hours, manufacturing industries, 1094, 1097 Bankers' balances, 1063, 1065 Employment, 1094, 1096, 1097 (See also Foreign liabilities and claims) Banks and the monetary system, consolidated Farm mortgage loans, 1081, 1082 statement, 1058 Federal finance: Bonds (See also U. S. Govt. securities): Cash transactions, 1072 New issues, 1077, 1078, 1080 Prices and yields, 1068, 1069 Receipts and expenditures, 1073, 1107 Brokers and dealers in securities, bank Treasurer's balance, 1072 loans to, 1062, 1064 Federal home loan banks, loans, etc., 1083 Business expenditures on new plant and Federal Housing Administration, loans, etc., 1081, equipment, 1080 1082, 1083 Business indexes, 1094 Federal National Mortgage Association, Business loans (See Commercial and industrial loans) loans, etc., 1083 Federal Reserve Banks: Capital accounts: Condition statement, 1054 Banks, by classes, 1059, 1063, 1066 U. S. Govt. securities held by, 1048, 1053, 1054, Federal Reserve Banks, 1054 1074, 1075 Carloadings, 1094 Federal Reserve credit, 1048, 1053, 1054 Central banks, foreign, 1110, 1124 Federal Reserve notes, 1054, 1056 Coins, circulation of, 1056 Finance company paper, 1068, 1070 Commercial banks: Financial institutions, loans to, 1062, 1064 Assets and liabilities, 1059, 1062 Float, 1048 Consumer loans held, by type, 1085 Flow of funds, saving and financial flows, 1104 Number, by classes, 1059 Foreign central banks, 1110, 1124 Real estate mortgages held, by type, 1081 Foreign currencies, convertible, holdings by U. S. Commercial and industrial loans: monetary authorities, 1112 Commercial banks, 1062 Foreign deposits in U. S. banks, 1048, 1054, 1058, Weekly reporting member banks, 1064, 1067 1063, 1066, 1121 Commercial paper, 1068, 1070 Foreign exchange rates, 1125 Condition statements (See Assets and liabilities) Foreign liabilities and claims: Construction, 1094, 1095 Banks, 1114, 1116, 1119, 1121 Consumer credit: Nonfinancial concerns, 1122 Instalment credit, 1084, 1085, 1086, 1087 Major parts, 1084, 1086 Foreign trade, 1099 Noninstalment credit, by holder, 1085 Gold: Consumer price indexes, 1094, 1100 Earmarked, 1112 Consumption expenditures, 1102, 1103 Net purchases by U. S., 1112 Corporate sales, profits, taxes, and divi- Production, 1111 dends, 1079, 1080. Reserves of central banks and governments, 1110 Corporate security issues, 1078, 1080 Reserves of foreign countries and international Corporate security prices and yields, 1068, 1069 institutions, 1113 Cost of living (See Consumer price indexes) Stock, 1048, 1058, 1112 Currency in circulation, 1048, 1056, 1057 Customer credit, stock market, 1069, 1106 Gold certificates, 1054, 1056 Govt. debt (See U. S. Govt. securities) Debits to deposit accounts, 1057 Gross national product, 1102, 1103 Demand deposits: Adjusted, banks and the monetary system, 1058 Hours and earnings, manufacturing Adjusted, commercial banks, by industries, 1094, 1097 classes, 1057, 1063 Housing starts, 1095 Banks, by classes, 1053, 1059, 1066 Turnover of, 1057 Industrial production index, 1088, 1094 Type of holder, at commercial banks, 1063 Instalment loans, 1084, 1085, 1086, 1087 Department stores: Insurance companies, 1071, 1074, 1075, 1082 Merchandising data, 1099 Insured commercial banks, 1061, 1062 Sales and stocks, 1094, 1098 Interbank deposits, 1053, 1059, 1063 1131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1132 FEDERAL RESERVE BULLETIN • SEPTEMBER 1961 Interest rates: Residential mortgage loans, 1081, 1082, 1083 Bond yields, 1068 Business loans by banks, 1067 Sales finance companies, consumer loans of, 1084, Federal Reserve Bank discount rates, 1052 1085, 1087 Foreign countries, 1123, 1124 Open market, 1068, 1123 Saving: Stock yields, 1068 Flow-of-funds series, 1104 Time deposits, maximum rates, 1052 National income series, 1103 International capital transactions of the U. S., 1114 Savings deposits (See Time deposits) International institutions, 1110, 1112, 1113 Savings institutions, principal assets, 1070, 1071 Inventories, 1102 Investments (See also specific types of investments): Savings and loan associations, 1071, 1075, 1082 Banks, by classes, 1059, 1062, 1065, 1070 Securities, international transactions, 1120, 1121 Federal Reserve Banks, 1053, 1054 Security issues, 1077, 1078, 1080 Life insurance companies, 1071 Silver coin and silver certificates, 1056 Savings and loan associations, 1071 State member banks, 1061 State and municipal securities: Labor force, 1096 New issues, 1077, 1078 Loans (See also specific types of loans): Banks, by classes, 1059, 1062, 1064, 1070 Prices and yields, 1068, 1069 Federal Reserve Banks, 1048, 1053, 1054 States and political subdivisions: Insurance companies, 1071, 1082 Deposits of, 1063, 1066 Sayings and loan associations, 1071, 1082 Holdings of U. S. Govt. securities, 1074 Loans insured or guaranteed, 1081, 1082, 1083 Ownership of obligations of, 1062, 1070, 1071 Manufactures, production index, 1088, 1094 Stock market credit, 1069, 1106 Margin requirements, 1052 Stocks: Member banks: New issues, 1078 Assets and liabilities, by classes, 1059, 1062 Borrowings at Federal Reserve Banks,, 1050, Prices and yields, 1068, 1069 1054, 1066 Tax receipts, Federal, 1073 Deposits, by classes, 1053 Time deposits, 1052, 1053, 1058, 1059, 1063, 1066 Number, by classes, 1060 Treasurer's account balance, 1072 Reserve requirements, by classes, 1053 Treasury cash, 1048, 1056, 1058 Reserves and related items, 1048 Treasury currency, 1048, 1056, 1058 Weekly reporting series, 1064 Treasury deposits, 1048, 1054, 1072 Mining, production index, 1088, 1094 Money rates (See Interest rates) Unemployment, 1096 Money supply and related data, 1057 U. S. balance of payments, 1123 Mortgages (See Real estate loans) U. S. Govt. balances: Mutual savings banks, 1058, 1059, 1061, 1070, Commercial bank holdings, by 1074, 1075, 1081 classes, 1063, 1066 Consolidated monetary statement, 1058 National banks, 1061 Treasury deposits at Federal Reserve Banks, 1048, National income, 1102, 1103 1054, 1072 National security expenditures, 1073, 1102 U. S. Govt. securities: Nonmember banks, 1054, 1061, 1062, 1063 Bank holdings, 1058, 1059, 1062, 1065, 1070, Payrolls, manufacturing, index, 1094 1074, 1075 Personal income, 1103 Dealer transactions, positions, and financing, 1076 Postal Savings System, 1052, 1058 Federal Reserve Bank holdings, 1048, 1053, Prices : 1054, 1074, 1075 Consumer, 1094, 1100 Foreign and international holdings, 1054, 1113 Security, 1069 International transactions, 1120 Wholesale commodity, 1094, 1100 New issues, gross proceeds, 1078 Production, 1088, 1094 Outstanding, by type of security, 1074, Profits, corporate, 1079, 1080 1075, 1077 Ownership of, 1074, 1075 Real estate loans: Prices and yields, 1068, 1069 Banks, by classes, 1062, 1064, 1070, 1081 United States notes, outstanding and in Type of mortgage holder, 1081, 1082, 1083 circulation, 1056 Type of property mortgaged, 1081, 1082, 1083 Utilities, production index, 1088, 1094 Reserve requirements, member banks, 1053 Reserves: Vault cash, 1048, 1053, 1063 Commercial banks, 1063 Federal Reserve Banks, 1054 Veterans Administration, loans, etc., 1081, 1082, 1083 Foreign central banks and governments, 1110 Foreign countries and international institutions, 1113 Weekly reporting member banks, 1064 Member banks, 1048, 1050, 1053, 1063, 1065 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 (o THE FEDERAL RESERVE SYSTEM Q) a 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