Federal Reserve Bulletin, 1961-11

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

E D I T O R I AL C O M M I T T EE Charles Molony Ralph A. Young Woodlief Thomas Guy E. Noyes The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents I. I-1 iI' 'i• ; Expansion in Economic Activity 1275 :; Quarterly Survey of Consumer Buying Intentions 1282 j! Law Department 1289 1 Current Events and Announcements 1296 j j National Summary of Business Conditions 1297 1 Financial and Business Statistics, U. S. (Contents on p. 1299) 1300 j International Financial Statistics (Contents on p. 1359) 1360 Board of Governors and Staff 1376 Open Market Committee and Staff; Federal Advisory Council 1377 Federal Reserve Banks and Branches 1377 Federal Reserve Board Publications 1379 Index to Statistical Tables 1381 Map of Federal Reserve System Insideback cover Volume 47 * Number n 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

Expansion in Economic Activity ECONOMIC ACTIVITY has increased sharply The 1960-61 recession was moderate from its recession low last winter. Gross na- and short. Consumer incomes were maintional product reached a new high in the tained throughout the recession despite curthird quarter, and after allowance for price tailments in employment and industrial changes, the total output of goods and serv- production, and decreases in consumer deices was about 2 per cent above the level in mands were confined mainly to housing the spring of 1960, the peak period of the and durable goods. The decline in busipreceding cyclical expansion. A further gain ness investment in new plant and equipis occurring in the current quarter. ment was moderate. Government purchases Activity increased rapidly until midyear of goods and services began to advance and then expanded at a slower pace. The early in 1961. Net exports rose sharply slackening of the rise in employment, indus- during the contraction phase of the cycle, trial production, income, and retail sales re- as imports declined while exports expanded flected in part model changeovers and work in response to high levels of activity abroad. stoppages in the auto industry and abnormal Altogether, final purchases of goods and weather conditions. By late October, out- services increased throughout 1960 and put and sales of automobiles had recovered, then showed only a slight dip in early 1961. and their high levels were reinforcing the In contrast, the inventory adjustment was expansion in other sectors of the economy. large. It began some months before the NOTE.—Department of Commerce quarterly estimates, ad- investment includes producers' durable equipment and total justed for seasonal variation, except for GNP in 1960 prices, private construction. Latest figures shown, third quarter. which are estimates of Council of Economic Advisers. Other 1275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1276 FEDERAL RESERVE BULLETIN • NOVEMBER 1961 upper turning point, as manufacturers cur- sures. Although up considerably from its tailed sharply their accumulation of steel cyclical low last February, nonfarm emstocks. During the recession, stocks of ployment in October was just about back durable goods were reduced by manufac- to its preceding cyclical peak. Meanwhile, turers and distributors, while stocks of non- the civilian labor force has continued its durable goods increased somewhat. steady growth, and the seasonally adjusted unemployment rate, at 6.8 per cent in October, has shown little change this year. CYCLICAL RECOVERY Stability of industrial prices has helped General recovery was under way in March. to maintain exports. But as economic ac- As incomes began to rise sharply, consumer tivity here has advanced, imports have demands for new houses and durable goods increased, and the U. S. trade surplus has turned up promptly. Housing starts, hownarrowed appreciably in recent months. ever, rose less rapidly than in 1958. Business soon responded to improvement in PERSONAL INCOME consumer and government demands by end- Personal income remained almost stable during inventory liquidation and resuming ining the recent recession, as it had in other ventory accumulation. Business outlays for postwar recessions. Wages and salaries new plant and equipment also began to rise declined in the industrial sector but conearlier than usual in a cyclical recovery, but tinued to rise slowly in service industries so far the amount of increase has been and government. Other income payments moderate. The bulk of the increase in the dollar value of gross national product achieved PERSONAL INCOME Annual rales. thus far represents an increase in physical Billions of dollori volume. Prices of some industrial materials - 420 that typically show large cyclical fluctuations IOTAI ^f have increased moderately, but prices of industrial commodities as a whole have declined slightly this year. Wholesale prices of farm products and foods are also somewhat lower, and the wholesale price index 1 ; for all commodities has declined 1 per cent '_ WAGES AND SALARIES'. since last winter. Consumer prices have OTHER risen, but the rise has been smaller thus far INDUSTRIES _, OTHER than in either 1959 or 1960. / INCOME Relative stability in broad measures of prices despite the higher level of output j^V ~ ^•"^ COMMODITY-PRODUCING ~ reflects both continued high unemployment INDUSTRIES and the existence of a considerable amount 1 60 of unutilized industrial capacity. Output per manhour has increased rapidly, as is NOTE.—Department of Commerce monthly figures, adjusted usual in a recovery period, and this too for seasonal variation. Other industries include distributive, service, and government. Other income includes all personal has helped to restrain upward price pres- income except wages and salaries. Latest figures shown, October estimates of Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPANSION IN ECONOMIC ACTIVITY 1277 increased moderately, mainly because of has been rising and that used to buy goods larger payments for unemployment com- has been declining. After adjustment for pensation and increased Social Security price changes, the difference is less probenefits. Corporations maintained their nounced, as prices of services have condividend payments despite sharply reduced tinued to rise appreciably while average profits. prices of goods have increased little—par- Personal income began to rise in March ticularly since 1958. when industrial output and employment be- Durable goods. Fluctuations in the degan to increase. In March, and again in mand for durable goods account for most July, advance payments of National Serv- of the cyclical fluctuation in total consumpice Life Insurance dividends gave large tem- tion expenditures. In the recent recession, porary boosts to personal income in the form of transfer payments. In April a temporary Federal program was initiated, as in 1958, CONSUMER EXPENDITURES 1957 = 100 to extend payment of unemployment compensation to unemployed workers exhausting 140 their rights under regular programs. And, effective in late summer, Social Security re- SERVICES ,.«•-* tirement benefits were liberalized. Employment and wages and salaries rose in most industries through June. Between ALL GOODS June and September, however, industrial payrolls leveled off. During this period, 80 industrial activity was limited as a result of model changeovers and work stoppages 120 in the auto industry, and, in September, NONDURABLE also by a hurricane. Industrial activity GOODS began to increase again in October, and personal income rose to a new high, about 5 per cent above the recession low. •O 1957 1959 CONSUMPTION NOTE.—Indexes based on Department of Commerce quar- Consumer buying of goods rose more slowly terly estimates, adjusted for seasonal variation. Latest figures shown, third quarter. than income in both the second and third quarters. Because of this lag, total con- consumer outlays for such goods declined sumption expenditures did not quite keep about as much as they did in the more severe pace with income, and the rate of consumer 1957-58 recession. However, they turned saving continued to rise. The increase ap- up much more promptly in this recovery. peared primarily as a rapid build-up in con- Sales of new domestic autos increased sumer holdings of liquid assets. from a seasonally adjusted annual rate of In recent years, total consumption has 4.9 million units in the first quarter of 1961 increased about in line with income, but to 5.6 million in the second. Dealer stocks the proportion of income used for services were low at midyear, and, with output lim- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1278 FEDERAL RESERVE BULLETIN • NOVEMBER 1961 ited by an unusually early model changeover ices by 7.3 per cent per year, on the average, and work stoppages, sales declined during while increasing their spending for goods by the third quarter to an average annual rate about 4 per cent. Total consumption exof 5.2 million. The work stoppages con- penditures and disposable personal income tinued into early October, but following their meanwhile have risen by about 5 per cent settlement, output expanded sharply. In per year. the month of October, sales rose to an annual Throughout the postwar period, expendirate of 6.2 million, about equal to the 1960 tures for services have risen steadily, even high. In early November, sales increased increasing during recessions when personal further. income leveled off. During the recent reces- The demand for used cars was strong sion, the dollar amount of increase in outthroughout the year, and supplies were lim- lays for services offset the decline in expendiited during the summer and early fall. Prices tures for durable goods, and as a result total of used cars have increased 20 per cent from consumption expenditures remained stable. their cyclical low in January and are now The consumer stock of durable goods has about back to their high before the reces- increased greatly, and outlays for the fision. New model cars were introduced this nancing, insurance, and maintenance of year at about the same list prices as those these goods are an important part of the on 1961 models. service total. Expenditures of this sort for housing, including the imputed rent of Sales of major home goods also turned owner-occupied dwellings, now account for up in early spring and have continued to nearly one-third of total consumer service rise since then. The steady rise reflected outlays. in part the larger volume of residential construction. In recent years, however, rent and other service expenditures for housing have been Nondurable goods. After the first quarter growing at a slower rate than certain other of this year, outlays by consumers for nonservice expenditures, notably those for perdurable goods resumed the moderate upsonal business, education, and medical and ward trend that has prevailed throughout personal care. Private outlays for education most of the postwar period. Such staple have accelerated since 1957, in part because items as foods, beverages, tobacco products, of the rapid increase in the number of youths drugs, and toilet articles bulk large in this of college age and the generally heightened broad aggregate. Demand for these staples interest in education. The longer life span tends to rise as the population grows. and medical progress have contributed Fluctuations in semidurable items, notably to the rapid growth in outlays for medical clothing and shoes, are generally responsible care. for whatever cyclical fluctuation appears in total consumer outlays for nondurable goods. BUSINESS INVESTMENT Consumer outlays for clothing and shoes rose considerably during the 1958-60 ex- Business inventory and equipment demands pansion, were curtailed in the recession, and picked up unusually promptly in this rehave increased again in recent months. covery period, and rising business outlays Services. Since 1954, consumers have have made an important contribution to the been increasing their expenditures for serv- increase in gross national product. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPANSION IN ECONOMIC ACTIVITY 1279 Inventories. Changes in business inven- Manufacturers' sales have about kept tory buying have been unusually large over pace with inventories in recent months, and the past two years. The rate of accumula- the inventory-sales ratio has been fairly tion in early 1960 was very high, and the stable for manufacturers of durable goods decline in the rate of accumulation during as well as for those manufacturing nonthe first half of 1960 was unusually rapid. durable goods. According to the most re- Although inventory liquidation was moder- cent Commerce Department survey, manuate, the shift from accumulation at an an- facturers expect the book value of their nual rate of $11 billion in early 1960 to inventories to increase in the fourth quarter liquidation at a $4 billion rate in the first quarter of 1961 represented a contractive influence of $15 billion. However, because most other major components rose, total gross national product declined only $1 billion. Demands for inventory picked up in early spring, and the shift from net decumulation in the first quarter of 1961 to net accumulation in the third quarter contributed $8.5 billion to the $25 billion rise in the annual rate of gross national product. This was a much larger contribution from inventory buying than usual for the early stages of a recovery and reflects in part the mildness of the preceding downturn in activity and the relatively low level of inventories in a number of industries when the recession began. The decline in book value of business inventories from June 1960 to March 1961 was concentrated in materials and goods in process held by durable goods manufac- NOTE.—Department of Commerce monthly figures, adjusted for seasonal variation. Figures for inventories are book values. Latest figures shown, September. turers and in consumer durable goods held by distributors. During the recovery pe- by the same amount as they increased in riod through September, retail stocks of the third quarter. Stocks held by durable durable goods remained near their March goods producers are expected to account levels. Meantime, inventories held by dur- for two-thirds of the rise. able goods manufacturers stabilized and Plant and equipment Outlays for new then increased. In the third quarter the nonfarm plant and equipment in the fourth increase in inventories held by durable quarter are now expected to be up 7 per goods manufacturers accounted for nearly cent from the second quarter, almost to the all of the total increase in manufacturers' mid-1960 high, according to the latest Comstocks. merce-SEC survey. The cyclical swing in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1280 FEDERAL RESERVE BULLETIN • NOVEMBER 1961 total outlays since mid-1960 reflects pri- spite these cuts, total outlays by the mining, marily fluctuations in purchases of equip- transportation, and utility industries are now ment; construction outlays increased mod- increasing, but planned fourth-quarter outerately during the recession and recovery lays are below the high levels reached in period. 1957. Most major industry groups have shared By early 1960, outlays for fixed investin the current increase in plant and equip- ment by industries manufacturing nondurment outlays, although at different rates. In able goods had not recovered to 1957 levels 1959 and 1960, outlays for fixed capital by mainly because of much smaller outlays by industries manufacturing durable goods re- the petroleum industry. After showing little mained moderately below the highest levels decline during the recent recession, outlays by these industries are now increasing at a substantial rate. For all nondurable goods PLANT AND EQUIPMENT OUTLAYS industries except petroleum, total outlays >tet, biH'Ons of doMors 1 40 planned for the fourth quarter are nearly 10 TOTAL NONFARM per cent above the highest level reached in the 1955-57 expansion. Business concerns in the commercial and miscellaneous sector brought their outlays to record levels in 1960, and after a moder- 25 ate decline in the first half of 1961, their MANUFACTURING: 10 plans call for outlays to increase in the fourth quarter to a level that will exceed the previ- OUBABLi GOOOS ous record by 4 per cent. This sector, which includes the communications, trade, COMMERCIAL service, finance, and construction indus- AND MISCELLANEOUS tries, now accounts for about one-third of all fixed-capital investment by nonfarm OTHER NONMANUFACTURINC business. The upward trend in expenditures has been associated with the large volume of construction of office buildings, NOTE.—Department of Commerce and Securities and Ex- shopping centers, and other commercial change Commission quarterly estimates, adjusted for seasonal variation. Other nonmanuiacturing includes mining, trans- and service facilities. portation, and public utilities. Third and fourth quarter figures are anticipated spending. According to the recent McGraw-Hill reached in the 1955-57 investment boom. survey of business plans for fixed investment Thus far this year outlays by durable goods for the year 1962, outlays for plant and producers have shown only a slight tendency equipment will be 4 per cent higher than to expand. In most of these industries rates the 1961 total. The indicated 1962 level of capacity utilization remain low. is about the same as the rate expected to Railroads reduced their outlays one-third be reached in the current quarter. It may from mid-1960 to mid-1961, and at the be noted, however, that anticipation surtime of the late summer Commerce-SEC veys taken in the autumn of 1954 and 1958 survey they were planning further cuts. De- understated substantially the amount of in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EXPANSION IN ECONOMIC ACTIVITY 1281 crease that actually developed in 1955 and level. State and local government outlays 1959. continued the steady rise that has prevailed Current rates of capacity utilization are throughout the postwar period, and with the above those at the recession low but con- heightening of international tensions, the siderably below those at the preceding Federal Government stepped up its defense cyclical peaks. Although unutilized capac- expenditures this year after several years ity is large, outlays for further expansion of little change. are likely to increase. Expansion will be Nearly half of the increase in government needed to meet production needs for new purchases of goods and services over the products already on the market and to per- first three quarters of this year reflected mit the development and marketing of other larger Federal defense expenditures. The new products. Incentives will remain Federal budget estimates prepared this fall strong to modernize equipment in order to suggest a large further increase by midmeet domestic and foreign competition. 1962. Large and increasing expenditures for re- State and local government outlays have search and development are providing both increased faster in recent years than those new product opportunities and new ways of any other major demand sector to meet of cutting costs. The larger volume of in- the needs of a rapidly growing population ternal funds available to businesses from for schools, highways, and other public growing depreciation allowances and re- facilities and services. tained earnings are favorable to business As a result of their sustained expansion, plans for increased outlays for new plant State and local government outlays now acand equipment. count for about 10 per cent of gross national product, compared with 7.5 per cent in GOVERNMENT 1955. Purchases of goods and services by Total government purchases of goods and the Federal Government account for about services in the third quarter this year were 11 per cent of the total, about the same 7 per cent above the fourth quarter 1960 as the 1955-60 average. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Quarterly Survey of Consumer Buying Intentions RECENT SURVEY DATA show little change sumer expectations regarding future income in consumer plans to buy houses and most prospects were similar to those reported in types of household durable goods since the the preceding Surveys. About three-fifths April and July Surveys. Reported plans to of the respondents continued to expect little buy new and used automobiles increased or no change in incomes, and fewer than 6 from April to October, somewhat more per cent expected lower incomes. than in the same months of 1960. These Automobiles. The numbers of consumers findings are from the twelfth Quarterly Sur- expressing plans to buy new and used autovey of Consumer Buying Intentions, con- mobiles within the next 6 or 12 months were ducted in the third week of October.1 about the same in October as a year earlier. In October, as in July, consumers re- There was an increase, however, in the numported about the same number of plans to ber that said they did not know about their buy automobiles as they had a year earlier, plans. Experience has shown that this group when purchases were at a much higher an- of nonplanners is much more likely to buy nual rate than in the first 9 months of this cars than other nonplanners. year. The proportion reporting plans to buy Reported plans to buy new cars were the houses was about the same as in October same in October as a year earlier, and plans 1960, but the proportion planning to buy to buy used cars were somewhat higher. The household durable goods has continued be- proportion of respondents that expressed low year-earlier levels. plans to buy but were undecided between Consumer reports of changes in income new and used automobiles, however, was over the preceding 12 months were about somewhat smaller. In the accompanying the same as in October 1960 but more favor- chart and in the following discussion, the able than in earlier Surveys this year. The data for plans to buy new and used cars proportion of respondents reporting lower include a proportionate share of these planincomes has declined moderately since ners.2 April, and the proportion reporting higher The proportion of families in October incomes has risen correspondingly. Con- reporting 6-month plans to buy new cars, at 4.2 per cent, was about the same as a year lrThis article presents the findings of the October 1961 Quarterly Survey of Consumer Buying Intentions, conducted for the Board of Governors by the 2 The number of planners undecided between new Bureau of the Census. The Quarterly Survey is con- and used cars—although a relatively small proporducted under the supervision of Mona E. Dingle of tion of the total—has fluctuated sharply on a yearthe Board's staff and Selma F. Goldsmith of the Bu- to-year basis. When these planners are included in reau of the Census. The current article was prepared buying plans data for new and for used cars on a by Theodore G. Flechsig. Articles covering the pre- pro rata basis, the relationship of plans data to actual vious Quarterly Surveys appeared in earlier issues of purchases is closer than when the plans data are the BULLETIN. A description of the Survey appeared restricted to those specifying plans to buy either new in the BULLETIN for September 1960, pp. 977-1003. or used cars. 1282 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 1283 earlier. Plans to buy new cars have in- PLANS TO BUY creased since April after having been some- WITHIN 6 MONTHS what below year-earlier levels in the first two Surveys this year. - 4 Plans to purchase used automobiles within the following 6 months were reported by 4,9 per cent of the families interviewed in October, compared with 4.7 per cent reported a year earlier. There has been little - 6 change from year-earlier levels in plans to buy used cars since the January Survey. - 4 As in April and July, the proportion of families that reported having shopped for a Number* car in the weeks immediately preceding the MAJOR HOUSEHOLD DURABLE GOODS Survey was smaller in October than in the 18 same period a year earlier. In contrast with earlier Surveys this year, fewer respondents 12 in October than a year ago expressed dissatisfaction with the car they owned. WITHIN 12 MONTHS The number of new car purchases re- HOUSES ported by consumers for the third quarter of 1961 was one-fifth smaller than the number reported for the third quarter of 1960. In the first half of 1961 consumers had also JAN. APR. JULY OCT. JAN. reported substantially fewer purchases of *Sum of plans per 100 families. new cars than in corresponding period of NOTE.—Plans to buy new automobiles and used automobiles include pro rata shares of planners undecided between new 1960. Sales data from trade and other and used. Plans to buy major household durable goods refer to sum of plans to buy washing machines, refrigerators, and television sets. sources indicate a similar decline in new car transactions. According to the Survey, 5.4 per cent of the families interviewed re- change since April. In both July and Ocported purchases of used cars in the third tober, however, the proportions of families quarter. This was about the same propor- planning to buy within 3 months were tion as in the third quarters of 1959 and slightly larger than in the corresponding 1960. Used car sales reported by franchised Surveys in 1960. In earlier Surveys this dealers were somewhat smaller than in the year plans to buy washing machines and recorresponding periods of 1959 and 1960. frigerators accounted for the decline from Household durable goods. As shown in year-earlier levels. Plans to purchase these the chart, 6-month plans in October to buy two items increased from July to October the three major household appliances cov- to about the October 1960 level, but intenered by the Survey—washing machines, re- tions to buy television sets rose less sharply frigerators and television sets—remained than usual and for the first time this year below year-earlier levels. While reported were lower than a year earlier. plans were nearer to year-earlier levels in Buying plans reported in the 1961 Sur- April than in January, there has been little veys for the four growth items—air con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1284 FEDERAL RESERVE BULLETIN • NOVEMBER 1961 ditioners, clothes dryers, dishwashers, and from data that would be obtained if a comradio and phonographic equipment—in plete census were taken. The reliability of general have also been well below plans re- estimates of percentages obtained from the ported in the corresponding 1960 Surveys. Survey depends on the size of the estimated The decline from year-earlier levels has re- percentage and the size of the total sample— flected, for the most part, declines in plans or portion of the sample—on which the to buy air conditioners and clothes dryers. percentage is based. According to the October Survey, consumers reported 12 purchases of household SAMPLING ERRORS OF PROPORTIONS durable goods per 100 families in the third The chances are 68 in 100 that the value being estimated lies within quarter of 1961, the same as in the third a range equal to the reported percentage plus or minus the number of percentage points shown below. quarter of 1960. In the first quarter of 1961, purchases per 100 families had been Reported percentage Number of about 7 per cent smaller than a year earlier. households 2 or 98 5 or 95 10 or 90 25 or 75 50 These data on the number of purchases are 1,000,000... 0.8 1.3 1.8 2.6 3.0 consistent with the trend in expenditures for 2,000,000... 0.6 0.9 1.3 1.8 2.1 5,000,000... 0.4 0.6 0.8 1.2 1.4 household equipment shown in the gross 10,000,000... 0.3 0.4 0.6 0.8 1.0 national product estimates, which indicate a 20,000,000... 0.2 0.3 0.4 0.6 0.7 50,000,000... 0.1 0.2 0.3 0.4 0.4 similar decline and recovery in consumer spending. Sampling errors are shown in the table Houses. In contrast to the decline in plans for selected percentages and sample sizes. in 1960, plans to buy houses increased from The sample sizes are expressed in terms of January to April 1961 and have changed the estimated number of households reprelittle since then. In October the number of sented by the Survey (or portion of the families reporting plans to buy new and ex- Survey) rather than in terms of the actual isting houses within the following 12 months number of households sampled. The was about the same as a year earlier, after chances are 68 in 100, or about 2 in 3. having been below year-earlier levels in the three preceding Surveys, but in the recent Survey the proportion indicating that their SAMPLE SIZE FOR SPECIFIED GROUPS plans were definite was somewhat larger Families or households * than a year ago. Group characteristic Proportion Approximate num- In the year ending in October 1961, in Oct. 1961 ber applicable to Survey all Surveys 4.7 per cent of the consumers interviewed reported purchases of new and existing Total 100.0 54,000,000 houses, compared with 5.1 per cent the year Income .-2 Under $3,000 28.5 15,000,000 before. The number of house purchases $3,000-$4,999 21.5 12,000,000 $5,000-57,499 23.6 12,000,000 reported in the third quarter of 1961, how- $7,500-$9,999 10.8 6,000,000 $10,000 and over 9.8 5,000,000 ever, was the same as in the third quarter Not ascertained 5.7 4,000,000 Age of head: of 1960. Under 35 23.8 13,000,000 35-54 41.7 23,000,000 Sampling variability. Data from Quarterly 55 and over 34.5 18,000,000 Surveys are based on about 17,000 inter- 1 For the Quarterly Survey, data are collected only from the views and, as is true of all sample surveys, principal family in the household. Therefore the number of families is the same as the number of households. may differ because of sampling variability 2 Total money income (before taxes) of family in 12 months immediately preceding interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 1285 that an estimate from the Survey would number of households by income and age differ from a complete census by less than groups. The estimated size of each subthe sample errors shown in the table and group may be used in the first table to 95 in 100 that the difference would be less obtain the approximate sampling error for than twice the errors shown. that subgroup in preceding Surveys as well The second table shows the approximate as in the October 1961 Survey. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1286 FEDERAL RESERVE BULLETIN • NOVEMBER 1961 TABLE 1 PLANS TO BUY HOUSES AND DURABLE GOODS, 1959-61* 1959 1960 1961 Buying plan July Oct. Jan. Apr. July Oct. Jan. Apr. July Oct Percentage of all families New or used automobile:2 Planning to buy within 12 months.... 17.1 21.2 18.7 17.1 16.8 18.6 17.9 16.6 17.4 18.5 Doesn't know about 12-month plan.. 6.5 5.6 7.8 7.5 7.1 7.1 7.4 7.6 7.3 8.0 Planning to buy within 6 months 8.4 10.3 9.5 8.8 8.1 9.1 9.0 8.4 8.4 9.1 Doesn't know about 6-month plan. . . 3.1 2.8 3.6 3.0 2.8 2.8 2.7 2.9 2.9 3.1 Has shopped for automobile 3 5.2 6.5 4.5 5.5 4.9 6.3 4.5 5.1 4.6 5.0 Dissatisfied with automobile owned... 8.1 9.1 9.8 8.7 8.0 9.6 10.0 8.9 9.1 9.2 New automobile: Planning to buy within 12 months.... 7.0 9.6 7.4 7.0 6.9 7.9 7.4 6.8 7.6 8.1 Planning to buy within 6 months 3.2 4.7 3.5 3.3 3.1 3.7 3.5 3.1 3.4 3.7 Degree of certainty: Definitely 1.2 1.8 1.3 1.5 1.2 1.5 1.4 1.4 1.6 Probably 1.1 1.6 1.0 0.9 1.0 1.2 1.1 1.1 1.1 1.2 Maybe 0.9 1.2 1.1 0.8 0.8 0.9 1.0 0.9 1.0 0.9 Timing of planned purchase: First 3 months 0.9 1.4 0.9 1.2 0.9 1.3 1.0 0.9 1.1 1.4 Second 3 months 1.4 2.1 1.7 1.3 1.4 1.4 1.6 1.4 1.5 1.5 Doesn't know when in 6 months. 0.8 1.1 0.8 0.7 0.7 0.9 0.9 0.8 0.8 0.8 Used automobile: Planning to buy within 12 months.... 7.8 9.3 8.4 7.2 7.2 8.0 8.3 7.7 7.9 8.2 Planning to buy within 6 months 4.2 4.7 4.6 3.9 3.8 4.0 4.5 4.1 4.2 4.4 Degree of certainty: Definitely 1.4 1.6 1.6 .3 1.4 .2 1.5 .6 1.5 .4 Probably 1.5 1.4 1.5 .2 1.2 .3 1.4 .3 1.2 .5 Maybe 1.2 1.6 1.5 .3 1.2 .4 1.6 .3 1.5 .5 Timing of planned purchase: First 3 months 1.5 1.4 1.3 .4 1.4 .3 1.3 .7 1.6 .4 Second 3 months 1.3 2.0 2.0 .3 1.2 .7 2.0 .3 1.6 .7 Doesn't know when in 6 months. 1.3 1.2 1.2 .1 1.1 0.9 1.2 .1 1.0 .3 House (new or existing): Planning to buy within 24 months.... 12.0 11.1 11.2 10.6 10.3 10.0 10.0 10.6 Doesn't know about 24-month plan.. 6.6 6.2 6.6 6.8 6.4 6.3 6.1 6.4 Planning to buy within 12 months.... 5.8 5.3 5.4 5.0 4.8 5.1 5.0 Degree of certainty: Definitely 2.3 2.2 2.2 2.0 1.9 2.1 2.0 2.2 Probably 1.8 1.6 1.6 .5 1.5 1.5 .6 1.6 Maybe 1.7 1.5 1.5 .5 1.4 1.4 .4 1.3 Timing of planned purchase: First 6 months 2.4 2.5 2.4 .9 1.9 2.3 .9 2.0 Second 6 months 1.8 1.3 1.7 .9 1.5 1.4 .7 1.8 Doesn't know when in 12 months 1.6 1.4 1.3 1.4 1.3 .4 1.3 Doesn't know about 12-month plan. . 2.4 2.4 2.4 2.5 2.1 2.2 2.2 2.3 Plans per 100 families Household durable goods:4 Planning to buy within 6 months f24.3 21.9 20.1 21.0 20.5 20.2 18.4 Degree of certainty: Definitely 7.5 7.7 6.5 7.4 6.3 6.5 6.2 7.0 Probably 6.0 5.8 5.0 5.5 5.4 5.6 4.8 5.0 Maybe n.a. 10.7 8.5 8.6 8.1 8.8 8.1 7.3 7.6 Timing of planned purchase: First 3 months 5.4 7.4 5.9 6.8 5.1 6.7 5.8 6.9 Second 3 months 10.6 7.7 7.4 8.2 8.8 7.8 7.4 7.1 Doesn't know when in 6 months.. 8.2 6.7 6.7 6.0 6.6 5.7 5.2 5.6 Doesn't know about 6-month plan.... 5.5 5.4 4.7 4.5 4.7 5.0 4.6 4.6 Major household durable goods:5 Planning to buy within 6 months 14.2 17.3 15.7 13.9 14.0 13.8 13.7 13.0 12.8 13.1 Degree of certainty: D Pr e o f b in a i b te l l y y > 7.4 8.8 / 4'7 4 3 . . 7 1 4 3 . . 4 0 4 3 . . 7 1 4 3 . . 1 0 4 3 . . 1 1 4 3 . . 1 1 4 2 . . 5 8 Maybe 6.8 8.5 6.2 6.7 5.9 6.6 5.8 5.6 5.9 Timing of planned purchase: First 3 months 3.8 4.7 3.7 3.8 3.8 4.2 3.5 3.7 3.9 4.5 Second 3 months 4.5 6.0 5.8 4.9 4.7 5.1 5.1 5.0 4.7 4.3 Doesn't know when in 6 months.. 5.9 6.7 6.1 5.2 5.4 4.5 5.1 4.2 4.2 4.3 Doesn't know about 6-month plan.... 3.4 2.4 2.8 2.7 2.9 2.6 2.9 2.8 2.9 2.9 n.a. Not available. 3 In the weeks immediately preceding interview. 1 As reported in interviews in the first month of each calendar 4 Sum of plans to buy washing machines, refrigerators, television quarter. Interviews are taken in the week that includes the 19th of sets, air conditioners, clothes dryers, radio and phonographic equipthe month. Planning period begins on date of interview. ment, and dishwashers. 2 Includes those undecided between new and used. 5 Sum of plans to buy first three items listed in note 4. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

QUARTERLY SURVEY OF CONSUMER BUYING INTENTIONS 1287 TABLE 2 PLANS TO BUY HOUSES AND DURABLE GOODS WITHIN INCOME AND AGE GROUPS, 1959-61 1959 1960 1961 Planning period, and income or age group July Oct. Jan. Apr. July Oct. Jan. Apr. July Oct. Planners as a percentage of all families in group Planning to buy new automobile within 6 months: All families 3.2 4.7 3.5 3.3 3.1 3.7 3.5 3.1 3.4 3.7 Income:1 Under $3,000 0.9 0.7 0.7 0.9 0.8 0.6 0.6 0.8 0.7 0.7 $3,000-$4,999 1.8 3.2 2.3 1.7 1.5 2.4 1.9 1.7 2.2 2.3 $5,000-$7,499 4.1 5.6 4.0 4.5 3.6 4.5 4.1 3.8 3.8 3.4 $7,500-59,999 7.0 10.2 6.8 5.5 6.6 6.8 6.3 4.8 6.0 6.7 $10,000 and over 10.7 15.6 12.0 9.6 9.9 11.7 11.3 9.6 11.0 13.4 Age of head: Under 35 3.5 4.4 3.2 3.3 3.4 3.7 3.6 3.2 3.3 3.4 35-54 3.8 5.9 4.5 4.1 3.7 4.4 4.3 3.7 4.3 4.6 55 and over 2.4 3.4 2.5 2.3 2.1 2.9 2.5 2.4 2.3 2.7 Planning to buy used automobile within 6 months: All families 4.2 4.7 4.6 3.9 3.8 4.0 4.5 4.1 4.2 4.4 Income: * Under $3,000 3.2 3.4 3.1 2.6 2.9 2.9 2.8 2.5 2.7 3.0 $3,000-$4,999 4.8 5.9 4.8 4.3 4.1 4.4 4.9 5.1 4.5 4.7 $5,000-$7,499 5.3 6.3 6.0 4.9 4.6 4.9 6.0 4.6 5.3 5.7 $7,500-$9,999 5.3 4.7 6.3 4.8 5.4 5.6 4.9 5.4 5.2 5.5 $10,000 and over 3.9 3.3 5.5 3.3 4.1 3.9 4.8 4.3 4.7 4.1 Age of head: Under 35 6.9 7.7 6.5 6.8 6.6 6.7 7.1 6.8 7.1 7.0 35-54 4.6 4.9 5.5 4.3 4.0 4.3 5.0 4.8 4.7 4.8 55 and over 1.7 2.3 2.1 1.4 1.5 1.6 2.0 1.5 1.6 2.1 Planning to buy house within 12 months: All families 5.8 5.3 5.4 5.0 4.8 5.1 5.0 5.1 Income:l Under $3,000 1.9 1.7 2.1 1.8 1.5 1.7 2.2 2.4 $3,000-$4,999 5.3 5.1 5.4 4.9 4.1 4.8 4.8 4.6 $5,000-$7,499 8.4 7.1 7.3 7.0 6.6 6.4 6.7 6.1 $7,500-$9,999 n.a. 8.4 8.6 8.4 7.3 7.9 7.9 7.8 $10,000 and over 1L5 10.2 9.1 7.3 8.6 8.1 7.7 9.5 Age of head: Under 35 10.1 9.4 9.8 9.2 8.8 9.3 9.9 9.5 35-54 6.2 5.6 5.5 5.1 5.1 5.1 4.7 5.3 55 and over 2.4 2.0 2.2 2.0 1.7 2.1 2.1 2.0 Plans per 100 families in group Planning to buy household durable goods within 6 months:2 All families 24.3 21.9 20.1 21.0 20.5 20.2 18.4 19.6 Income:1 Under $3,000 13.4 12.1 11.1 10.8 10.0 10.4 10.7 10.9 $3,000-$4,999 21.1 19.3 18.8 19.6 15.0 15.9 14.8 16.5 $5,000-$7,499 29.1 24.0 24.1 24.9 24.7 21 A 20.5 21.1 $7,500-$9,999 n.a. ^ 39.9 30.8 29.8 32.2 31.5 28.6 28.4 30.2 $10,000 and over 46.9 43.8 39.1 41.1 40.8 39.7 34.0 37.5 Age of head: Under 35 31.0 32.0 29.8 31.2 27.3 29.6 26.9 28.1 35-54 28.1 24.4 22.0 23.7 23.9 21.8 20.2 21.3 55 and over 14.9 11.9 11.2 10.6 11.8 12.0 10.4 11.8 Planning to buy major household durable goods within 6 months:3 All families 14.2 17.3 15.7 13.9 14.0 13.8 13.7 13.0 12.8 13.1 Income: *• Under $3,000 10.6 12.9 11.6 9.9 9.8 9.2 8.5 8.7 9.5 9.5 $3,000-$4,999 14.5 18.7 14.8 13.3 14.0 14.4 11.6 11.5 11.4 12.4 $5,000-$7,499 16.6 19.6 17.7 14.5 16.3 15.9 16.2 13.7 13.6 13.9 $7,500-$9,999 17.9 20.9 23.3 17.0 18.0 19.0 18.5 15.2 18.7 17.7 $10,000 and over 22.0 26.3 23.9 21.4 22.4 21.4 23.1 21.5 19.2 20.2 Age of head: Under 35 17.4 21.5 18.7 19.8 19.5 19.7 17.5 18.3 17.8 18.3 35-54 16.1 18.9 17.8 15.0 15.3 15.3 15.5 13.7 14.0 14.0 55 and over 9.7 12.3 10.9 8.6 8.7 8.2 8.9 8.6 7.9 8.6 n.a. Not available. 2 Sum of plans to buy washing machines, refrigerators, television 1 Total money income (before taxes) of family in 12 months sets, air conditioners, clothes dryers, radio and phonographic equipimmediately preceding interview. ment, and dishwashers. 3 Sum of plans to buy first three items listed in note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1288 FEDERAL RESERVE BULLETIN • NOVEMBER 1961 TABLE 3 PLANS TO BUY SPECIFIED HOUSEHOLD DURABLE GOODS WITHIN 6 MONTHS, 1959-61 [Percentage of all families] 1959 1960 1961 Type of durable good July Oct. Jan. Apr. July Oct. Jan. Apr. July Oct. Washing machine 6.1 7.0 6.5 6.0 5.9 5.5 5.5 5.3 5.1 5.4 Refrigerator 4.1 4.7 4.5 3.8 4.0 3.4 3.7 3.6 3.4 3.3 Television set 4.0 5.7 4.6 4.1 4.0 4.9 4.4 4.1 4.2 4.5 Air conditioner 3.2 3.4 1.4 1.3 2.0 2.6 1.1 1.2 Clothes dryer 2.2 1.8 2.0 2.3 1.9 1.8 1.7 1.9 Radio and phonographic equipment 1 2.3 1.9 1.9 2.7 2.1 2.1 2.1 2.5 Dishwasher 0.9 0.8 0.8 0.8 0.8 0.8 0.7 0.8 n.a. Not available. 1 Radios or phonographs (or their component parts) together costing $100 or more. TABLE 4 PURCHASERS OF HOUSES AND SPECIFIED DURABLE GOODS, BY QUARTERS, 1959-611 [Percentage of all families] 1959 1960 1961 Item Apr.- July- Oct.- Jan.- Apr.- July- Oct.- Jan.- Apr, July- June Sept. Dec. Mar. June Sept. Dec. Mar. June Sept. Automobile: New 2.8 2.6 2.4 2.7 3.2 2.8 2.8 2.1 2.2 2.2 Used 5.7 5.2 4.7 5.0 5.7 5.2 4.9 5.1 5.9 5.4 House (new or existing) 2 n.a. n.a. 1.5 0.8 1.4 1.4 1.2 1.0 1.1 1.4 2.5 3.3 3.2 2.4 2.7 2.8 2.9 2.2 2.5 2.8 2.2 3.1 2.3 1.6 2.4 2.7 1.9 1.7 2.2 2.8 Television set . .. 2.6 3.3 4.8 3.3 2.9 3.4 4.8 2.8 2.7 3.3 0.2 0.3 1.1 1.0 0.2 0.2 0 8 1.0 Clothes dryer 1.4 0.6 0 5 0 7 1 1 0 7 0 4 0 6 Radio and t>hono&raDhic eouioment^ n.a. n.a. 2.5 1.0 0.9 1.0 2.9 0.9 1.0 1.0 0.4 0.3 0.3 0.3 0.4 0.2 0.3 0.3 n.a. Not available. other data because of special problems involved in estimating pur- 1 As reported in month immediately following purchase period. chases of new houses. 2 Estimates are subject to somewhat larger sampling errors than 3 Radios or phonographs (or their component parts) together costing $100 or more. TABLE 5 PAST AND EXPECTED CHANGES IN INCOME, 1959-61 [Percentage distribution of families] 1959 1960 1961 Direction of change July Oct. Jan. Apr. July Oct. Jan. Apr. July Oct. Current income compared with a year earlier: Higher 23.9 24.1 25.0 22.2 21.5 23.2 22.6 20.7 20.6 22.6 Same 59.4 57.3 57.1 61.3 61.9 58.7 57.9 59.9 61.0 59.9 Lower 16.1 17.9 17.0 15.5 15.7 17.0 18.7 18.5 17.6 16.6 Doesn't know 0.6 0.7 0.9 1.0 0.9 1.1 0.8 0.8 0.9 0.9 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Expected income compared with current:1 Higher 23.6 25.1 24.4 24.2 24.6 24 5 24 6 23 9 24 7 23 7 Same . . .. 60.2 58.7 59.6 60.2 59.6 59.2 57.2 59.4 58.5 59.3 6.4 6.3 5.7 5.6 5.9 5.8 6 0 5.4 5.8 5.7 Doesn't know 9.8 10.0 10.2 10.0 9.8 10.5 12.2 11.4 11.0 11.3 All families 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Expected a year hence. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Federal Farm Mortgage Corporation Bonds 1,000 voting shares of Roseville Northwestern National Bank, a proposed new bank; and a Notice The Act of Congress, approved October 4, 1961 of Application and Order for Hearing, together (Public Law 87-353), which abolished the Federal with related Orders, have been published on Aug- Farm Mortgage Corporation, amended Sections 13 ust 31, 1960 (25 Federal Register 8339); and 14(b) of the Federal Reserve Act so as to WHEREAS, a public hearing has been held pursueliminate reference to bonds of the Federal Farm ant to Section 222.7(a) of Regulation Y (12 CFR Mortgage Corporation. The text of the provisions 222.7(a)), and the Hearing Officer has filed a amending the Federal Reserve Act read as follows: Report, Rulings on Requests to Find and Findings Sec. 3. * * * of Fact, Conclusions, and Recommendation that the application be approved, all such steps having (c) The first sentence of the eighth paragraph of Section 13 of the Federal Reserve Act, as amended been taken in accordance with the Board's Rules (12 U.S.C. 347), is amended by striking out "or by the of Practice for Formal Hearings (12 CFR 263); deposit or pledge of Federal Farm Mortgage Corporation bonds issued under the Federal Farm Mortgage and Corporation Act,". WHEREAS, the Board on August 8, 1961, issued (d) The first sentence of Section 14(b) of the Fedan Order denying said application (26 Federal eral Reserve Act, as amended (12 U.S.C. 355), is amended by striking out "bonds of the Federal Farm Register 7554; 1961 Federal Reserve BULLETIN Mortgage Corporation having maturities from date of 919), and on August 23, 1961, issued an Order purchase of not exceeding six months,". (26 Federal Register 8090) granting a petition by Northwest Bancorporation for reconsideration of Orders Under Section 3 the Order of August 8 and granting petitioner's of Bank Holding Company Act request for oral argument, which was held at the The Board of Governors of the Federal Reserve Offices of the Board, Washington, D.C., on Sep- System has issued the following Orders and State- tember 1, 1961: ments with respect to applications by bank holding IT IS ORDERED, upon reconsideration and for the companies for approval of the acquisition of vot- reasons set forth in the Board's Statement of this ing shares of banks. date, that the application of Northwest Bancorporation to acquire voting shares of the proposed NORTHWEST BANCORPORATION Roseville Northwestern National Bank be and hereby is denied, and it is further ORDERED that In the Matter of the Application of Northwest the Board's Order of August 8, set aside by the Bancorporation for prior approval of acquisition Order of August 23 until final determination of of Roseville Northwestern National Bank, Rosethe matter on reconsideration, be and hereby is ville, Minnesota. revoked. ORDER DENYING APPLICATION UNDER Dated at Washington, D.C., this 19th day of BANK HOLDING COMPANY ACT October, 1961. By order of the Board of Governors. WHEREAS, there has come before the Board of Governors, pursuant to Section 3(a) (2) of the Voting for this action: Chairman Martin and Gov- Bank Holding Company Act of 1956 (12 USC ernors Balderston, Mills, and Robertson. Voting against this action: Governors Shepardson and King. 1842) and Section 222.4(a)(2) of Federal Re- Governor Mitchell took no part in consideration of serve Regulation Y (12 CFR 222.4(a) (2)), an this matter. application by Northwest Bancorporation, Minne- (Signed) MERRITT SHERMAN, apolis, Minnesota, for the Board's prior approval Secretary. of the acquisition by the corporation of 950 of [SEAL] 1289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1290 FEDERAL RESERVE BULLETIN • NOVEMBER 1961 STATEMENT UPON RECONSIDERATION in his Report of February 21, 1961, recommended that the application be approved. This matter is now before the Board pursuant On March 6, 1961, after the Hearing Officer to the Board's Order of August 23, 1961, which had made and filed his report, the Minnesota Degranted a petition by Northwest Bancorporation, partment of Commerce issued an order approving Minneapolis, Minnesota ("Northwest"), for rethe organization of Roseville State Bank, "proconsideration of the Board's Order of August 8, vided that the application of the Roseville North- 1961, denying Northwest's application under Secwestern National Bank pending before the Federal tion 3 (a) of the Bank Holding Company Act of Reserve Board shall be denied, or on appeal there- 1956 ("the Act") for prior approval of the acquifrom also denied." sition by Northwest of 950 of 1,000 voting shares Pursuant to Northwest's request in its petition of Roseville Northwestern National Bank ("Rosefor reconsideration of the Board's Order of Augville Northwestern"), a proposed new bank to be ust 8, 1961, denying the application, the Board established in Roseville, Minnesota. granted Northwest an opportunity for oral argu- Background. Northwest filed its application to ment before the Board in a public proceeding held organize Roseville Northwestern with the Comp- September 1, 1961, at the offices of the Board in troller of the Currency on April 20, 1960. Pre- Washington, D.C. Representatives of those who liminary approval of that application was granted appeared in opposition at the hearing in Minneby the Comptroller on June 13, 1960. North- apolis also presented oral views on September 1. west's application to the Board under the Act was Statutory factors. Section 3(c) of the Act refiled June 29, 1960. As required by the Act, the quires the Board to take into consideration the Board requested the Comptroller's views with refollowing five factors: (1) the financial history spect to the acquisition of the shares of Roseville and condition of the holding company and bank Northwestern by Northwest and the Comptroller concerned; (2) their prospects; (3) the character recommended approval. of their management; (4) the convenience, needs, Pursuant to public notice of receipt of the ap- and welfare of the communities and area conplication, opposition to approval of the applica- cerned; and (5) whether the effect of the protion was filed on behalf of six existing banks that posed acquisition would be to expand the size opposed the establishment of any bank in Rose- or extent of the bank holding company system ville, and on behalf of a group of individuals that involved beyond limits consistent with adequate had applied to the Minnesota Department of Com- and sound banking, the public interest, and the merce for authority to establish a bank, to be preservation of competition in the field of banking. called the "Roseville State Bank," at the same Discussion. The Northwest Bancorporation site as that proposed for Roseville Northwestern. holding company system, at August 31, 1960, in- Opposition was also expressed by a representative cluded 104 banking offices in 6 north-central States of the Independent Bankers' Association, Sauk and Montana, holding deposits of about $1.8 bil- Centre, Minnesota. lion. The Hearing Officer concluded without The Board, in its discretion under Section 222.7 reservation that the financial history and condiof Federal Reserve Regulation Y (12 CFR 222.7), tion of Northwest are satisfactory and the Board ordered a public hearing which was held at the concurs in that finding. The prospects for con- Federal Reserve Bank of Minneapolis before a tinued successful operation of Northwest by com- Hearing Officer from October 17 to October 26, petent management are good. Likewise, the rec- 1960. Those mentioned above as opposing ap- ord indicates that Roseville Northwestern would proval were represented at the hearing and testi- be adequately capitalized, would have sound manmony was given on their behalf, except that three agement, and would have good prospects for sucof the existing banks withdrew their opposition cess. These considerations under the first three prior to the hearing. The United States Depart- statutory factors are favorable, however, only in ment of Justice was not represented at the hear- the sense that nothing inimical to approval is dising but prior thereto filed a Statement in Opposi- closed; they do not constitute affirmative grounds tion, which was introduced at the hearing and for approval. made a part of the record. The Hearing Officer, The initial consideration of this matter, result- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1291 ing in the August 8 Order of denial turned pri- lish . . a bank" (in Roseville), the Hearing marily on a weighing of the benefits that would be Officer did not mention the Roseville State Bank expected to result to the Roseville area from estab- proposal, or the effect it had on his recommendalishment of Roseville Northwestern against certain tion, in the Findings or Conclusions of his Report. adverse considerations with respect to the effect of Conclusion number 4 states: "The proposed bank the proposed acquisition on the competitive situa- and acquisition of stock would serve the convenition. The Board's present decision upon recon- ence, needs and welfare of the community and sideration likewise turns principally on considera- area to be served and not be contrary to the pubtions under the fourth and fifth statutory factors, lic interest." This does not express a conclusion enumerated above. that the community and area may not also be The Hearing Officer concluded, and the Board served if this application is denied. In spite of a finds, that the convenience, needs, and welfare of suggestion to the contrary in the Hearing Officer's the projected service area of Roseville Northwest- Report, the record warrants a reasonable degree of ern, which is substantially the Village of Roseville, assurance that Roseville State Bank would adewould be served by the establishment of the bank quately serve the community and area. It furat its proposed site. The Village, incorporated in ther appears reasonably certain that the State bank 1948, lies immediately to the north and east, re- will be established if Roseville Northwestern is spectively, of the corporate limits of St. Paul and not. Consequently, the satisfaction of the needs Minneapolis. Between 1950 and 1960, Roseville's and convenience of the community is not dependpopulation increased from about 6,400 to about ent on approval of this application, and the con- 24,000. In addition to substantial residential areas, siderations under the fourth statutory factor do Roseville has a number of businesses and some not, therefore, afford a strong basis for such industry, with more anticipated. Roseville North- approval. western's proposed site is in one of several shop- Because the record contains full information ping centers in Roseville—one for which substan- only with respect to Northwest's application, we tial expansion plans have been formulated. No cannot appraise the merits of the State bank probank is presently located within the corporate lim- posal with the same certainty as we can those of its of Roseville. As the Hearing Officer found, the other, and we are satisfied of Northwest's caresidents and businesses in Roseville have for some pacity to operate a sound and effective bank in time shown interest in the establishment of a bank Roseville. This consideration advantageous to in the Village, as have businesses considering lo- Northwest is, however, outweighed by adverse ascation there. pects of its proposal under the fifth statutory The Hearing Officer also found that "banking factor. services presently afforded residents and busi- Unquestionably, the establishment of a new nessmen of Roseville by the banks operating in bank in Roseville would add an alternative source neighboring communities are somewhat conveni- of banking service for residents and businesses in ent. ." Falcon Heights State Bank is only a the area and thereby increase competition for their mile south of the proposed site, and it is apparent banking business. It does not appear that such that the absence of a bank within Roseville has increase would seriously affect Falcon Heights not prevented substantial growth of the Village. State Bank, the nearest to the proposed site, or Nevertheless, Roseville has a large settled area al- other banks now drawing business from the area. ready, and substantial additional growth is ex- On the other hand, a portion of Roseville's bankpected, particularly in the northern sections of the ing business is now held by subsidiaries of North- Village. It therefore appears that the convenience west, including its downtown banks in Minneaand needs of Roseville would be served by a bank polis and St. Paul. While such amount is not large, at the proposed site within the Village, even it is apparent that competition among Twin Cities though Roseville is not without banking service. banks would be increased somewhat more if the Other than noting the opposition of the Rose- new bank were an independent bank, rather than ville State Bank's proponents to approval of the a Northwest subsidiary. application, and the fact that for "two years or More significant is the situation with respect to more, various groups have been hoping to estab- concentration of banking resources in the Twin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1292 FEDERAL RESERVE BULLETIN • NOVEMBER 1961 Cities area, which we, with the Hearing Officer, service. That the Roseville State Bank apparently view as the pertinent area for this purpose. On the stands ready for establishment as an alternative basis of the record, we cannot agree with North- to Roseville Northwestern is therefore a significant west's contention that Ramsey County (which in- consideration adverse to approval of this applicacludes St. Paul and Roseville) should be regarded tion. The Hearing Officer did not so conclude, as a financial market distinct from Hennepin but at the date of his Report the Roseville State County where Minneapolis is situated. Nor can Bank plan was still dependent on State approval, we disregard Hennepin County on the ground that and the subsequent receipt of that approval, con- Roseville is in Ramsey County, since the down- ditioned only upon denial of this application, matown areas of St. Paul and Minneapolis are about terially alters the situation. equally accessible from Roseville. This opinion should not be construed as indi- Northwest banks in Hennepin and Ramsey cating a general preference for any independent Counties held, at June 15, 1960, 35 per cent of bank over a holding company bank. In this case, the "IPC" deposits (deposits of individuals, part- however, the independent bank alternative is such nerships, and corporations) in commercial banks that the convenience of the community does not in the two-county area. Banks of First Bank weigh sufficiently on the side of approval of this Stock Corporation, the other large Twin Cities- application to offset the anticompetitive tendency based holding company, held about 45 per cent of of the proposed acquisition. such deposits in the area, while the third largest Upon reconsideration of the record in this case, banking organization, in terms of aggregate re- in the light of the general purposes of the Act sources under centralized control, held less than and the factors enumerated in Section 3(c), it is 5 per cent of such deposits. Thus, the distribution the judgment of the Board that the proposed acof banking resources among alternative sources of quisition would not be consistent with the statubanking service in the area reflects a wide disparity tory objectives and the public interest and that between the two largest organizations and their the application should be denied. nearest competitors. As noted in an earlier statement in this case, while the banks of each of the DISSENTING STATEMENT OF two large systems actively compete with those of GOVERNORS SHEPARDSON AND KING the other, and even among themselves to some extent, such concentration represents an excessive Having further considered this matter in the imbalance of competitive strength and opportunity light of the oral argument before the Board on among banks in the area. September 1, 1961, we find no basis for departing from the views expressed in our Statement of It appears that the Northwest system has not August 8, 1961. increased its relative size in recent years in terms In our opinion, the majority relies excessively of deposits of commercial banks in the two-county area. Nevertheless, in the period 1945 to 1960 on the State bank proposal, which should the system shared proportionately in the general clearly by subordinated to Northwest's plan in growth while increasing the number of its offices the Board's consideration because the latter aponly 14 per cent as against almost 50 per cent for plication was filed first and is the only one fully nonholding-company banks as a group. before the Board. Moreover, differences between It is also true, as noted in a previous statement, the competitive effects of the two proposals do that the establishment of Roseville Northwestern not appear to us, on the record as a whole, as would not necessarily increase the relative size of significant as the majority opinion would indicate. the Northwest system to the same extent as would Any expansive effects of the proposed acquisition the acquisition of an existing bank. However, the would be minimal, and the record does not demontendency of the establishment of a Northwest strate that the present size of the Northwest sysbank in the fast-growing Roseville area would be tem has adversely affected competition among expansive, while the establishment of a new in- banks in the Twin Cities area. dependent bank there would tend to reduce con- In short, the adverse considerations noted by the centration, and would add to the number of majority are insufficient, in our view, to block the separately-owned alternative sources of banking provision of needed banking services by a new Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1293 local bank under the sponsorship of an or- Voting for this action: Governors Balderston, Mills, Robertson, Shepardson, King, and Mitchell. Absent ganization of established capacity and compeand not voting: Chairman Martin. tence. We would therefore approve this appli- (Signed) MERRITT SHERMAN, cation. Secretary. [SEAL] FIRST COLORADO BANKSHARES, INC. In the matter of the application of First Colorado STATEMENT Bankshares, Inc., Englewood, Colorado. For prior First Colorado Bankshares, Inc., Englewood, approval of action to become a bank holding com- Colorado, ("Applicant") has applied, pursuant to pany under Section 3(a)(l) of the Bank Holding Section 3(a)(l) of the Bank Holding Company Company Act of 1956. Act of 1956 ("the Act"), for the Board's prior approval of action that would result in Applicant ORDER APPROVING APPLICATION becoming a bank holding company—namely, ac- UNDER BANK HOLDING COMPANY ACT quisition of over 50 per cent of the voting shares of The First National Bank of Englewood, Engle- There having come before the Board of Govwood, Colorado ("First"); University Hills Bank, ernors, pursuant to Section 3(a)(l) of the Bank Denver, Colorado ("University Hills"); and Lake- Holding Company Act of 1956 (12 U.S.C. 1842) side National Bank, Lakeside Center, Colorado and Section 4(a)(l) of the Board's Regulation Y ("Lakeside"). (12 CFR 222.4 (a)(l)), an application by First Views and recommendations of supervisory au- Colorado Bankshares, Inc., a Colorado corporathorities. As required by Section 3(b) of the Act, tion with its principal office in Englewood, Colothe Board notified the Comptroller of the Currado, for the Board's prior approval of action rency and the Commissioner of Banks for the whereby Applicant would become a bank holding State of Colorado of the receipt of the application company through the acquisition of 50 per cent and requested their views. The Comptroller of or more of the outstanding voting shares of The the Currency recommended approval and the First National Bank of Englewood, Englewood, Commissioner interposed no objection to approval Colorado; University Hills Bank, Denver, Coloof the application. rado; and Lakeside National Bank, Lakeside Cen- Statutory factors. Section 3(c) of the Act reter, Colorado; a notice of receipt of application quires the Board to take into consideration the having been published in the Federal Register on following five factors: (1) the financial history June 29, 1961 (26 F.R. 5851), which notice proand condition of the holding company and banks vided for the filing of comments and views regardconcerned; (2) their prospects; (3) the character ing the proposed acquisition; and the time proof their management; (4) the convenience, needs vided by the notice for filing comments and views and welfare of the communities and area conhaving expired and no comments or views having cerned; and (5) whether the effect of the acquisibeen filed; tions would be to expand the size or extent of the IT IS HEREBY ORDERED, for the reasons set forth bank holding company system involved beyond in the Board's Statement of this date, that the limits consistent with adequate and sound banksaid application be and hereby is granted, and ing, the public interest, and the preservation of the acquisition by First Colorado Bankshares, competition in the field of banking. Inc., of 50 per cent or more of the outstanding Discussion. The three banks are located in voting shares of The First National Bank of Ensuburban areas in or around Denver. First is glewood, University Hills Bank, and Lakeside located in the town of Englewood south of the National Bank is hereby approved, provided that downtown section of Denver; University Hills is such acquisitions are completed within three located in the University Hills Shopping Center months from the date hereof. in the southeast part of Denver; and Lakeside is Dated at Washington, D. C, this 27th day of located northwest of the Denver business district October, 1961. in Lakeside Center. Lakeside is about 15 road By order of the Board of Governors. miles from First and 16 miles from University Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1294 FEDERAL RESERVE BULLETIN • NOVEMBER 1961 Hills. First and University Hills are about 3!/2 that, accordingly, the application should be aproad miles apart. As of December 31, 1960, the proved. three banks held total deposits of $40.6 million. MONTANA SHARES, INCORPORATED The financial history, condition, prospects, and management of the three banks are satisfactory, In the matter of the application of Montana as are the proposed financial structure, proposed Shares, Incorporated, Great Falls, Montana, for management, and prospects of the Applicant. prior approval of the acquisition of bank shares The primary service areas of the three banks under Section 3(a)(2) of the Bank Holding Comdo not overlap; thus, it appears that the locations pany Act of 1956. of the banks are not conducive to active competition between them. Moreover, stockholders com- ORDER APPROVING APPLICATION mon to these banks together hold a majority of the UNDER BANK HOLDING COMPANY ACT stock of each, so that the likelihood of competition between them is further reduced. There has come before the Board of Governors, pursuant to Section 3(a) (2) of the Bank It appears that harmonious working relation- Holding Company Act of 1956 (12 U.S.C. 1842) ships have resulted from the common ownership and Section 222.4(a)(2) of the Board's Regulaof the three banks. The assurance of continuation Y (12 CFR 222.4(a)(2)), an application tion of these relationships could result in some by Montana Shares, Incorporated, Great Falls, benefit to the communities concerned through ad- Montana, a registered bank holding company, for ditional services that each bank could render bethe Board's prior approval of Applicant's acquicause of their affiliation through the holding comsition of an additional 4 per cent of the voting pany relationship. shares of the First State Bank of Chinook, Chi- It appears that the affiliation of these banks nook, Montana; notice of receipt of the applicathrough the holding company arrangement would tion was published in the Federal Register on have little effect on their competitive positions. August 19, 1961 (26 F.R. 7788), which notice The total resources controlled by the proposed provided for the filing of comments and views holding company would not represent an undue regarding the proposed acquisition; and the time concentration, nor, because of the existing relaprovided by the notice for filing comments and tionships, would the formation of the holding views having expired and no comments or views company materially alter the situation with respect having been filed; to concentration. Applicant's proposed bank hold- IT IS HEREBY ORDERED, for the reasons set forth ing company system would be relatively small in in the Board's Statement of this date, that the terms of the over-all banking business in the Densaid application be and hereby is granted, and the ver area and also in the State of Colorado. As of acquisition by Montana Shares, Incorporated, of April 12, 1961, the aggregate deposits of the pro- 30 shares of the outstanding voting shares of the posed subsidiary banks represented only 2.1 per First State Bank of Chinook is hereby approved, cent of the deposits of all insured commercial provided (1) that the acquisition shall not be conbanks in the State of Colorado, and only 3.5 per summated within seven calendar days following cent of the total deposits of all insured comthe date of this Order and (2) that such acquisimercial banks in Denver and those outside Denver tion shall be consummated within three months with which Applicant's proposed subsidiaries from the date of this Order. could be expected to compete to some extent. Dated at Washington, D. C, this 15th day of Viewing the relevant facts in the light of the November, 1961. purposes of the Act and the factors enumerated By order of the Board of Governors. in Section 3(c), it is the judgment of the Board Voting for this action: Governors Mills, Robertson, that the proposed formation of a holding company Shepardson, King, and Mitchell. Absent and not system comprising First National Bank of Engle- voting: Chairman Martin and Governor Balderston. wood, University Hills Bank, and Lakeside Na- (Signed) MERRITT SHERMAN, tional Bank would not be inconsistent with the Secretary. statutory objectives and the public interest and [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1295 STATEMENT ship of Bank's outstanding voting shares to Montana Shares, Incorporated, Great Falls, slightly more than 50 per cent. Montana ("Applicant"), a bank holding com- The financial history and condition, prospects, pany, has applied, pursuant to Section 3 (a) (2) of and management of Applicant and Bank are satthe Bank Holding Company Act of 1956 ("the isfactory. The proposed acquisition will not Act"), for the Board's prior approval of Appli- materially affect these factors. cant's acquisition of an additional 4 per cent of Bank is located in the town of Chinook, Blaine the voting shares of First State Bank of Chinook, County. The County, with a population of 8,100 Chinook, Montana ("Bank"). in 1960, is served by three banks located within Views and recommendations of Superintendent its boundaries. In addition to Bank, The Farmof Banks. As required by Section 3(b) of the ers National Bank is located in Chinook. Secur- Act, the Board notified the Superintendent of ity State Bank is located 21 miles east at Harlem. Banks of the State of Montana of the receipt of Neither of the latter two banks is a holding comthe application and requested his views thereon. pany subsidiary. While the three banks men- The Superintendent of Banks recommended ap- tioned are the principal competitors for the proval of the application. banking business originating in and around Chinook, some competition is also offered by two Statutory factors. Section 3(c) of the Act rebanks located 22 miles west of Chinook at Havre, quires the Board to take into consideration the Montana, one a subsidiary of Applicant, the other following five factors: (1) the financial history a subsidiary of First Bank Stock Corporation, also and condition of the holding company and the a bank holding company. bank concerned; (2) their prospects; (3) the character of their management; (4) the conven- Inasmuch as no significant change will occur ience, needs and welfare of the community and either in the nature or scope of Bank's operations area concerned; and (5) whether the effect of as a result of the proposed acquisition, it follows the acquisition would be to expand the size or that there will be no material effect on the conextent of the bank holding company system in- venience, needs, and welfare of the community volved beyond limits consistent with adequate and area concerned. and sound banking, the public interest, and the Similarly, in view of Applicant's present effecpreservation of competition in the field of bank- tive control of Bank, it does not appear that the ing. acquisition of an additional 30 shares of Bank's Discussion. Applicant now owns, and has stock will have any measurable impact on bankowned since prior to the enactment of the Act, ing competition, or that it will produce any sigslightly in excess of 46 per cent of the 750 out- nificant expansion in the size or extent of Applistanding shares of Bank. During the same pe- cant's holding company system. riod, Applicant has held voting control of Bank It is the judgment of the Board that the prothrough ownership of more than 50 per cent of posed acquisition would be consistent with the the shares of Bank's stock voted in the annual general purposes of the Act and the factors enuelection of Bank's directors. Approval of this merated in Section 3(c) and, accordingly, that application would increase Applicant's owner- the application should be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements RESIGNATION OF DIRECTOR ADMISSION OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Dr. Clay Lyle, who had served as a director of the The following bank was admitted to Member- Memphis Branch of the Federal Reserve Bank of ship in the Federal Reserve System during the St. Louis since January 1, 1960, resigned effective period October 16, 1961 to November 15, 1961: November 1, 1961. Dr. Lyle was formerly Dean Michigan and Director Emeritus, Division of Agriculture, Birmingham. . Birmingham-Bloomfield Bank Mississippi State University, State College, Missis- TABLES PUBLISHED ANNUALLY, SEMIANNUALLY, OR sippi. QUARTERLY Latest BULLETIN Reference REVISED EDITION OF FEDERAL RESERVE ACT Annually Issue Page The Board of Governors of the Federal Reserve Bank holding companies: List of, Dec. 31, 1960 June 1961 723 System has recently published a revised edition of Banking offices and deposits of group banks, Dec. 31, 1960 June 1961 722 the Federal Reserve Act, as amended through Oc- Banking and monetary statistics, 1960.. /Feb. 1961 232-39 \May 1961 618-21 tober 1, 1961, with an appendix containing provi- Banks and branches, number of, by class and State Apr. 1961 486-87 sions of certain other statutes affecting the Federal Earnings and expenses: Federal Reserve Banks Feb. 1961 228-29 Reserve System. The new edition, which has been Member banks: Calendar year May 1961 604-12 prepared in the Board's Legal Division, brings up First half of year Nov. 1960 1294 Operating ratios May 1961 613-15 to date and supersedes the one which was pub- Insured commercial banks May 1961 616 Stock Exchange firms, detailed debit and lished in 1957. credit balances Sept. 1961 1106 Semiannually A complimentary copy is being sent to each Banking offices: member bank of the Federal Reserve System. Ad- Analysis of changes in number of.... Aug. 1961 1002 On, and not on, Federal Reserve Par ditional copies may be obtained by member banks List, number of Aug. 1961 1003 at a cost of $1.25 each. Copies also are available Quarterly Cash receipts from and payments to the for sale to the public at the same price from the public Nov. 1961 1358 Flow of funds Oct. 1961 1242-49 Board's Division of Administrative Services or any Selected assets and liabilities of Federal business-type activities Aug. 1961 1004 of the Federal Reserve Banks. 1296 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication November 16 Industrial production and retail sales rose in CONSTRUCTION October. The value of construction activity remained close to the record September rate. Al- The value of new construction activity in Octhough employment increased, the labor force also tober, at a seasonally adjusted annual rate of increased and the unemployment rate was un- $58.5 billion, was little changed from the record changed. The money supply rose further. high reached in September and 5 per cent above a year ago. While private construction edged off in October, public construction increased somewhat. INDUSTRIAL PRODUCTION Industrial production recovered in October to DISTRIBUTION the August level of 113 per cent of the 1957 average from 112 in September. Auto assemblies in- Retail sales, which had changed little through creased about one-fourth in October; during the the summer months, rose 2Vi per cent in Octofirst two weeks of the month there continued to be ber. A sharp increase in sales of new autos was work stoppages at some major auto assembly primarily responsible for the improvement alplants and supplying industries, but the effect of though sales at apparel and department stores also work stoppages was smaller than in September. advanced. Dealer sales of new domestic autos Output of both business and defense equipment rose to an annual rate of 6VA- million units from rose further in October to a level about 5 per cent the curtailed September rate of about AVi million. above the previous record high reached in mid- 1960. Output of business equipment was up COMMODITY PRICES about one-tenth from the moderately curtailed level of last spring. Iron and steel output has The wholesale commodity price index showed shown little further rise since midyear as opera- little change in late October and early November. tions have been limited partly by the develop- Prices of steel scrap, lead, and some other sensiments in auto production. Output of most other tive materials declined but prices of most other materials rose in October from the temporarily industrial materials and products were stable. reduced levels in September. Prices of livestock and meats declined somewhat, reflecting mainly a seasonal expansion in supplies. INDUSTRIAL PRODUCTION 1957 = 100 ^ BANK CREDIT AND RESERVES Total commercial bank credit increased slightly further in October following a sharp rise in September. The recent increases have been associated in large part with Treasury financing operations. Bank holdings of securities other than U. S. Government issues and loans were about unchanged in October. The average money supply, seasonally adjusted, increased further following a substantial rise in September. Time deposits also \ j DURABLE \ / MANUFACTURES continued to expand. Total reserves and required reserves of member _1 I L 1 I 1 banks increased substantially in October. Reserves Federal Reserve indexes, seasonally adjusted. Monthly fig- were supplied largely through Federal Reserve ures, latest shown are for October. 1297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1298 FEDERAL RESERVE BULLETIN • NOVEMBER 1961 purchases of U. S. Government securities. They half of October but rose in the first half of Nowere absorbed in the main by currency and gold vember. Common stock prices advanced to new outflows and some reduction in float. Member record levels. bank excess reserves declined somewhat and bor- The Treasury's November refunding was acrowings from the Federal Reserve Banks were up complished by offering holders of the maturing a little. 2V£ per cent bonds the right to convert into three different issues, including a new 15-month note SECURITY MARKETS and outstanding 4V^-year and 13-year bonds. At- Yields on corporate and State and local govern- trition of about $500 million was more than covment bonds declined somewhat between mid-Oc- ered by the auction of $800 million of short-term tober and mid-November. Yields on all maturi- bills. ties of Treasury issues edged lower in the second INTEREST RATES RETAIL TRADE 1947 - 49 = 100 DEPARTMENT STORES | \/" STOCKS 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 September, for other series, October. figures shown are for week ending October 6. 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. 1300 Reserve Bank discount rates; margin requirements; reserve requirements 1304 Federal Reserve Banks 1305 Currency in circulation, money supply; bank debits 1308 All banks: consolidated statement of monetary system; deposits and currency 1310 All banks, by classes. . 1311 Commercial banks, by classes 1314 Weekly reporting member banks 1316 Business loans 1319 Interest rates 1320 Security prices; stock market credit; open market paper. 1321 Savings institutions. 1322 Federal finance 1324 Security issues. 1329 Business finance . 1331 Real estate credit. 1333 Short- and intermediate-term consumer credit 1336 Industrial production 1340 Selected indexes on business activity 1346 Construction . 1346 Employment and earnings 1348 Department stores 1350 Foreign trade 1351 Wholesale and consumer prices. 1352 National product and income series 1354 Flow of funds, saving, and investment. 1356 Cash receipts from and payments to the public. 1358 Tables not published each month—list with latest Bulletin reference 1296 Index to statistical tables 1381 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. 1299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1300 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves 3 U.S. Govt. securities ury Cur- Treas- with F. R. Banks Period cur- rency ury Other or Dis- Gold rency in cash F. R. date Held counts To- stock out- cir- hold- ac- Bought under and Float i tal* stand- cula- ings counts With Cur- Total out- repur- ad- ing tion Treas- For- Other i F. R. rency Total right chase vances ury eign Banks and agree- coin ment Arerages of daily figures 1929—June 179 179 978 61 1,317 4,024 2,018 4,400 210 30 in 376 2,314 2,314 1933 June ... 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941 Dec 7,719 7,719 5 170 7,404 ?? 759 3,?39 10,985 2 189 592 1 531 292 1? 81? 1? 81? 1945—Dec 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16.027 1947 Dec 21,905 21,905 268 68122,858 22,712 4,556 28,937 1,330 967 1 01 £ 614 17,261 17,261 1950 Dec 0,345 70,336 9 142 117?11606 ?7,879 4,6?9 77.806 1,290 615 920 353 739 17 391 17,391 1951 Dec 23,409 23,310 99 657 }'37525,446 22,483 4,701 29,139 1,280 271 571 264 796 20,310 20,310 1952 Dec ?4.400 73,876 524 1,633 76?77,799 73,776 4,806 30,494 1 271 569 745 ?90 832 ?1 180 71,180 1953—Dec 25,639 25,218 421 448 01827,107 22,028 4,885 30,968 767 602 466 390 908 19,920 19,920 1954 Dec ?4.917 74,888 29 407 99? 76 317 71,711 4 98? 30 749 805 443 439 365 929 19 ?79 19 779 1955—Dec 24,602 24,318 284 840 »38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956-Dec 24,765 24,498 267 706 63327.156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957 Dec ?V98? 73,615 367 716 443?6 186 7?,769 5,144 31 93? 768 385 345 186 1 063 19 470 19,470 1958—Dec 26,312 26,216 96 564 J 49628.412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959 Dec ?7,036 76 993 43 911 4?6 ?9 435 1948? 5.311 1? 775 396 524 161 348 1 195 186?8 304 1893? I960 June 26,124 26,118 6 425 15927,737 19,343 5,353 31,926 414 496 221 381 '994 18,001 293 18,294 1960 Oct 77,056 76,979 127 170 ??578,490 18.571 5.38? 3? 183 406 488 226 405 891 17843 890 18 733 Nov 7,7,871 77,54? 329 160 1 156 79,741 18058 5,391 3? 474 405 462 243 396 973 17737 1,267 19004 Dec 27 248 27,170 78 94 665 79 060 17954 5 396 33 019 408 522 250 495 1,029 16688 2,595 19783 1961 Jan 7,694? 7,686? 80 58 431 78 484 17567 5 401 3? 765 411 482 239 399 941 16715 2,600 193H Feb ?6 879 76 630 199 146 1?1 ?8 145 1740? 5 404 31 841 422 521 189 39? 1,054 16 53? 2 432 18964 Mar 76 831 7,6,876 80 1071 78 030 17 380 5 408 31 839 426 459 240 383 ,05? 16419 2,390 18809 Apr ?6 676 76,663 13 63 1 140 77975 17389 5 414 31 913 408 422 207 316 987 16474 2,410 18 884 May 76 747 76,77? 25 101 119 78,007 17397 5 47*5 3? 011 420 463 205 793 1,017 164?0 2,436 18 856 76,935 76,977 8 66 ?65 78,304 17475 5.4^7 3? 746 411 515 205 ?50 ,038 16 547 2,495 19 04? July 7.7074 77,014 10 52 1 388 7.8 ,498 17,540 5,450 3? 586 400 474 235 ?79 967 16547 2,516 19 063 Aug 27 415 77 377 88 68 145 78 661 17575 547 32 569 420 489 241 794 1,068 16701 2,522 19 ??3 Sept. 77 563 77 558 e, 38 445 ?9 080 17446 5 556 n? 719 r411 473 285 313 ,071 16811 2,561 19 37? Oct 28 044 77997 47 67 3S8 7.9 504 17329 5 569 3? 863 415 469 254 305 1.014 1708? P2,572 P19 654 Week ending— 1960 Sept 7 ?6 784 76 640 144 262 861 77 941 18W9 5 37? 3? 174 399 477 233 411 1,011 17607 751 18 358 14 76 649 76 574 125 301 05? ?8 035 18975 5 374 3? 791 401 465 204 373 974 17676 905 18581 21 ?6 541 76495 46 86 1 577 78 189 188?8 5 376 3? 171 403 551 224 379 936 177?9 906 18635 28 ... 26 539 26 456 83 244 1 24228 059 18 731 5 375 32 004 399 579 200 378 934 17,671 938 18,609 Oct 5 77 078 ?6 836 192 219 1096?8 385 18 671 5 377 3? 049 403 467 213 443 936 17,9?? 837 18,7S9 12 . . 77 768 77 136 132 168 1038 ?8 517 18615 5 380 3? ?76 408 474 202 932 17,840 800 181640 19 77 036 77036 95 14S3 ?8 6^1 IK586 3?,304 413 489 215 393 864 17909 930 18839 26 ?6 760 ?6 681 79 262 1,354 ?8 415 1855? 5 383 3? 1?0 403 546 257 373 862 17,789 940 18,779 Nov. 2 7.7313 76946 367 211 1098 ?8 66? 18405 5 387 37 104 403 442 254 4S6 865 17,931 942 18,873 9 78015 ?7 439 576 158 978 ?9 154 18 1?4 5 389 3? 798 398 418 250 395 864 18,045 752 18,797 16 78 105 77 588 517 190 976 ?9 375 18068 5 391 3? 577 402 519 230 408 914 17784 C949 C18,733 23 77 831 77 678 153 121 1 S3? ?9 54? 17999 39? 3? 53? 407 469 224 388 1,073 17,839 922 18,761 30 77673 77 607 16 121 1778 79 07? 17957 5 39? 37, 640 414 460 258 387 1,071 17,141 2,537 19,678 Dec. 7 77,421 27421 (4 67 1,057 78 594 17974 5 391 3? 77? 413 473 253 474 1,066 16,S58 2,358 18,916 14 77.381 77 381 76 1,77??8,778 18,083 5.396 33,038 410 522 237 680 1.037 16,334 2,598 18,93? 21 7,7034 77 010 24 80 7,151 79 316 17,957 5 396 33, 174 414 592 246 443 1,018 16,78? 2,678 19,460 28 27,074 26,946 128 56 ,15079 336 1788? 398 33, 195 401 522 260 391 1,019 16,8?8 2,619 19,447 1961 Jan 4 ... 77.375 ?6,984 391 184 1,789 ?9,4?0 17,748 5,398 3?,853 399 441 245 473 954 17p(T> 2,742 19 944 11 77.174 76,986 138 60 1.35078.59? 17.679 5.399 3?,637 403 413 239 381 941 16,605 2,621 19,7^6 18 76,967 76,948 44 1,408 ?8J471 17,594 ,40 3?,787 412 528 248 389 940 16 2 630 19 0Q2 25 26,82 26,821 57 1,52328,450 17,490 5,402 31,964 417 507 245 39? 942 16,875 2,592 19,467 Feb. 1 76,600 76,58? 18 75 1.13177.853 17,44 .40? 31,776 422 510 227 393 951 16,417 2,546 18,963 8 76,860 76,67? 188 18 1,053 ?8,148 17,479 5,40 3180 413 523 196 383 1,018 16,641 2,307 18,948 15 77,007 26,653 354 202 87,978,08fi 17,410 5,404 31,930 417 526 185 401 1,022 16,4?n 2,424 18,844 22 26,740 26,589 15 11 1,326 28,232 17,38 5,40 31,857 424 496 172 392 1,093 16,587 2,45 19,045 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1301 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, reserves 3 U. S. Govt. securities ury Cur- Treas- with F. R. Banks cur- rency ury Other Period Dis- Gold rency in cash F. R. d o a r te Total B r o o ig u u h t g - t ht u c r a H e h n g p e a d r l e u s e d e e r r - - c v o a a a n u n d c d n - e ts s Float i 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 B F W . a n i R t k h . s Total ment •MBMaaa Averages of daily figures Week ending— 1961 Mar. 1 26,706 26,621 59 1,294 28,109 17,373 5,405 31,768 437 531 199 400 1,093 16,458 2,556 19,014 8 26,793 26,775 104 ',068 28.014 17,373 5,405 31,794 433 415 233 398 1,087 16,433 2,238 18,671 15 27,008 27,003 58 ,003 28,116 17,374 5,407 31,901 428 418 267 389 1,057 16,437 2,390 18,827 22 26,864 26,864 62 ,260 28,234 17,385 5,409 31,887 418 506 238 365 1,035 16,578 2,377 18,955 29 26,724 26,724 87 ,004 27,863 17,389 5,408 31,775 426 497 218 370 1,032 16,342 2,451 18,793 ^•il:::::::: 2 2 6 6 , , 8 8 6 7 8 0 2 2 6 6 , , 8 8 3 5 6 4 1 5 1 9 5 ,0 9 0 4 4 2 2 2 7 7 , , 9 9 7 7 8 3 1 1 7 7 , , 3 3 8 8 9 8 5 5 , ,4 4 1 1 1 0 3 3 2 1, , 9 0 0 0 3 7 4 40 0 6 4 4 3 2 9 9 8 2 2 5 1 0 2 3 3 8 1 8 0 1 1 , , 0 0 2 1 8 4 1 1 6 6 , , 3 4 6 2 9 9 2 2 , , 3 3 3 5 3 3 1 1 8 8 , , 7 7 0 8 2 2 19 26,60! 26,591 52 ,310 28,009 17,390 5,414 31,980 411 424 172 309 966 16,552 2,474 19,026 26 26,389 26,389 42 ,279 27,755 17,390 5,417 31,807 414 374 194 298 963 16,511 2,507 19,018 May 3 26,692 26,692 66 ,066 27,868 17,390 5,420 31,842 408 572 221 298 962 16,373 2,435 18,808 10 26,801 26,792 70 ,00327,914 17,390 5,422 31,968 420 396 204 304 961 16,474 2,280 18,754 17 26,725 26,683 179 ,237 28,180 17,395 5,424 32,081 424 550 206 304 984 16,451 2,458 18,909 24 26,653 26,598 71 ,308 28,070 17,403 5,426 32,001 420 483 201 280 ,075 16,440 2,477 18,917 31 26,802 26,799 97 965 27,904 17,402 5,428 32,058 416 374 211 275 ,073 16,329 2,543 18,872 June 7 27,061 27,041 66 ,010 28,175 17,410 5,429 32,198 425 473 198 239 ,071 16,410 2,394 18,804 14 26,946 26,946 75 ,11828,177 17,449 5,433 32,299 410 480 203 242 ,043 16,382 2,462 18,844 21 26,848 26,845 44 ,556 28,486 17,487 5,433 32,247 410 481 193 233 ,021 16,820 2,476 19,296 28 26,820 26,817 84 ,379 28,319 17,533 5,434 32,201 404 624 221 259 ,023 16,553C2,567 19,120 my ,1:::::::: 27,283 27,274 49 ,202 28,568 17,550 5,435 32,484 388 434 233 317 1,007 16,689 2,397 19,086 27,266 27,266 48 ,29128,641 17,550 5,433 32,797 385 390 231 255 996 16,570C2,533 19,103 19 26,737 26,737 56 ,748 28,575 17,547 5,437 32,634 392 605 218 274 946 16,491 2,584 19,075 26 26,731 26,720 50 ,476 28,289 17,525 5,440 32,476 399 498 251 274 944 16,412 2,595 19,007 Aug. 2 27,319 27,229 90 75 ,08128,508 17,527 5,527 32,450 444 456 238 306 969 16,699 2,587 19,286 9 27,614 27,484 130 123 ,006 28,777 17,548 5,543 32,564 423 467 234 304 ,024 16,852 2,356 19,208 16 27,471 27,275 196 62 ,109 28,676 17,601 5,545 32,664 422 498 257 275 ,039 16,667 2,530 19,197 23 27,197 27,191 6 39 ,410 28,681 17,602 5,548 32,594 423 488 243 292 ,108 16,682 2,520 19,202 30 21,216 27,276 37 ,10128,447 17,579 5,552 32,474 416 498 230 298 ,109 16,554 2,606 19,160 ^.S::::::: 27,840 27,840 57 999 28,931 17,451 5,553 32,664 406 469 270 303 ,111 16,712 2,402 19,114 27,803 27,803 28 ,186 29,052 17,451 5,553 32,836 414 469 275 319 ,088 16,655 2,543 19,198 20 27,330 27,320 10 45 ,84329,251 17,451 5,554 32,775 413 566 282 313 ,048 16,861 2,612 19,473 27 27,200 27,197 3 29 ,72328,986 17,451 5,560 32,612 414 436 296 320 ,049 16,871 2,648 19,519 Oct. 4 27,834 27,823 11 36 ,332 29,237 17,380 5,563 32,678 408 422 300 281 ,054 17,036 2,569 19,605 11 28,195 28,143 52 31 ,257 29,517 17,350 5,565 32,886 417 450 261 363 ,052 17,005 2,421 19,426 18 28,250 28,130 120 147 ,30529,737 17,336 5,568 33,010 422 479 248 300 998 17,184 2,620 19,804 27,819 27,791 28 57 ,630 29,544 17,302 5,572 32,849 414 486 249 268 991 17,162^2,664^19,826 25 End of month 1961 Aug.. 27,697 27,697 1,057 28,835 17,451 5,551 32,609 394 543 270 291 1,111 16,620 2,795 19,415 Sept.. 27,799 27,788 1,351 29,213 17,376 5,561 32,6^8 400 348 312 273 1,057 17,105 2,338 19,443 Oct.. 28,268 28,268 1,178 2"9",543*17,3O1*>5,578*>32,823 *>422 502 249 550 988 16,888^2,806p19,694 Wednesday 1961 27,902 27,902 68 ,080 29,084 17,452 5,553 32,828 418 557 274 324 1,108 16,580 2,599 19,179 Sept-.!::::::: 27,806 27,806 32 ,310 29,181 17,452 5,553 32,816 418 460 289 321 1,049 16,833 2,839 19,672 20 27,478 27,408 70 203 ,730 29,444 17,452 5,555 32,675 420 559 269 321 1,054 17,153 2,880 20,033 27 27,081 27,081 84 ,300 28,498 17,452 5,562 32,602 41b 485 353 298 1,048 16,310 2,930 19,240 Oct. 4 27,932 27,932 68 ,187 29,221 17,351 5,564 32,739 419 481 241 293 1,051 16,912 2,640 19,552 11 28,276 28,150 126 95 ,102 29,507 17,351 5,566 33,045 419 549 238 322 1,049 16,802 2,782 19,584 18 27,983 27,983 44 ,649 29,712 17,303 5,570 32,939 431 458 287 267 994 17,210 2,,8 74 2.0,084 25 27,957 27,905 "52 248 ,179 29,421 17,303 5,573] 32,776 415 384 242 276 994 17,209 *2,950 *'>2"0,159 e Corrected. * Preliminary. r Revised. 3 Beginning with Nov. 24. 1960, all currencv and coin held by member ~ \F^oirgrucwrisc u.b egig * iroihiu um19ar6y0. fl t • ivcviscu. g - oc^iiuiukkig wulu ldi^ r, -*-r- *^w, an d;v ui ncm»tvgh * uu mpimd nDciu uy1 m 1cm9, o5e9rN o2v3. 2139,6 01960, floia tF. iguFroers ebxepglainnnaitniogn ,w siethe B1U9L6L0E TreIfNle fcot r aF embrinuoarr yc 1h9a6n1g,e pi.n 1 6c4o.ncept of obnanlyk sp aarllto owfe sdu acsh rheoseldrvinegs;s dwuerrine ga ltlhoew peedr.i odM Doencth. l1y, a1v9e5r9a-gNeso vo. f2 c3u, rr1e9n6c0y, 1 Includes industrial loans and acceptances, when held. For holdings and coin are estimated. of acceptances on Wednesday and end-of-month dates, see subsequent * Less than $500,000. tables on Federal Reserve Banks. (Industrial loan program discontinued Aug. 21, 1959.) See also note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1302 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. In millions of dollars] All member banks Central reserve city banks—New York Central reserve city banks—Chicago Bor- Bor- Bor- Period s h T e e r o r e l v t d - a e i l s s q e u R r r i v e r e - 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 v e e e - e s 3 s T h e e r o r e l v t d - a e * l s s q e u R r r v i e e r e - e - s d 2 s E e x r r c v e e - e s s s 3 F r i o n . a w g R t s - . se F r r r v e e - e e s3 s T h e e r o r e l v t d - a e * l s s q e u R r r i v e e r - e e - s d 2 s E e x r r c v e e - e s s s 3 F r i o n . a w g R t s - . se F r r r v e e - e e s3 Banks 4 Banks* Banks « 1929—June 2,314 2,275 39 974 -935 762 755 7 174 -167 161 161 1 63 —62 1933 June . ... 5 2,160 1,797 363 184 179 861 792 69 69 211 133 78 n 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 Q a. n.a. 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947 Dec 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1951 Dec 20,310 19,484 826 657 169 5,275 5,231 44 151 -107 1,356 1,353 3 64 —61 1952—Dec 21,180 20,457 723 1,593 -870 5,357 5,328 30 486 -456 1,406 1,409 -4 232 -237 1953 Dec 19,920 19,227 693 441 252 4,762 4,748 14 115 -101 1,295 1,295 1 37 -36 1954 Dec 19,279 18,576 703 246 457 4,508 4,497 12 62 -50 1,210 L210 -1 15 -16 1955 Dec 19,240 18,646 594 839 -245 4,432 4,397 35 196 -162 1,166 1,164 2 85 -83 1956 Dec 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 :1,149 1,138 12 97 -86 1957 Dec 19,420 18,843 577 710 -133 4,336 4,303 34 139 — 105 1,136 1,127 8 85 —77 1958 Dec 18,899 18,383 516 557 -41 4,033 4,010 23 103 -80 1,077 1,070 7 39 -31 1959 Dec . . 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 .038 03R 104 -104 I960 June 18,294 17,828 466 425 41 3,852 3,819 33 17 16 987 988 -1 58 -59 I960 Oct 18,733 18,095 638 149 489 3,788 3,765 22 13 9 1,011 1,007 4 6 -2 Nov 19,004 18,248 756 142 614 3,770 3,718 52 18 34 1,006 998 8 12 -4 Dec 19,283 18,514 769 87 682 3,687 3,658 29 19 10 958 953 4 8 A 1961 Jan 19,315 18,570 745 49 696 3,693 3,667 26 26 963 959 4 4 Feb 18,964 18,310 654 137 517 3,632 3,598 34 8 26 954 948 7 36 -29 Mar 18,809 18,263 546 70 476 3,623 3,613 10 1 9 946 936 9 8 Apr 18,884 18,266 618 56 562 3,649 3,588 62 2 60 923 927 -4 —4 May 18,856 18,307 549 96 453 3,576 3,581 -5 17 -22 953 945 8 3 5 June 19,042 18,430 612 63 549 3,698 3,658 40 40 970 964 6 1 5 July 19 063 18 482 581 51 530 3 648 3,639 9 2 7 958 955 3 3 AUK .... 19,223 18,619 604 67 537 3,645 3,629 16 9 7 970 967 3 2 1 Sept 19,372 18,783 589 37 552 3,686 3,681 6 4 2 966 963 3 1 2 Oct *19,654*>19,149 P5O5 65 P440 *3,733 "3,716 *16 4 P12 ^983 "985 v — 1 23 p_24 Week ending— I960—Oct. 5 18,759 18,148 611 200 411 3,910 3,877 33 14 19 1,033 1,021 13 6 6 12 18,640 17,951 689 148 541 3,697 3,701 -4 — 4 1,001 1,002 -2 1 -2 19.... 18,839 17,963 876 74 802 3,830 3,706 123 123 1,015 998 17 1 16 26 18,729 18,200 529 240 289 3,795 3,798 -3 58 -61 1,004 ,009 -5 21 -26 1961—May 3 18,808 18,341 467 61 406 3,698 3,645 53 53 949 940 9 1 9 10.... 18,754 18,276 478 64 414 3,561 3,570 -9 18 -27 933 935 -2 1 -3 17 18,909 18,307 602 173 429 3,585 3,578 8 51 -43 944 939 5 10 -6 24.... 18,917 18,352 565 66 499 3,603 3,583 20 8 12 953 950 3 2 31 18,872 18,257 615 92 523 3,601 3,556 46 46 954 952 2 2 June 7.... 18,804 18,233 571 62 509 3,597 3,573 24 24 955 950 5 2 2 14 18,844 18,215 629 71 558 3,638 3,582 55 55 948 942 6 1 5 21 19 296 18 750 546 42 504 3 785 3 767 18 18 993 995 —2 — 2 28.... 19,120 18,493 627 81 546 3,725 3,687 37 37 984 969 16 16 Julv 5.. . 19,086 18,539 547 48 499 3,744 3,734 10 10 965 960 5 1 4 y 12!:.! 19,103 18,446 657 47 610 3,651 3,625 25 25 950 944 6 6 19 19,075 18,386 689 55 634 3,579 3,575 4 11 n 945 946 2 -2 26 19,007 18,357 650 50 600 3,648 3,585 62 62 957 948 9 4 5 Aug. 2 19,286 18,809 477 75 402 3,739 3,747 -8 12 -20 996 992 4 4 9 19,208 18,651 557 123 434 3,683 3,660 23 21 2 971 971 5 -5 16.... 19,197 18,593 604 62 542 3,597 3,609 -12 6 -18 969 967 2 5 -3 23.... 19,202 18,605 597 37 560 3,613 3,610 2 2 965 960 5 5 30.... 19,160 18,566 594 37 557 3,607 3,594 13 2 11 965 962 2 2 Sept. 6 19,114 18,573 541 57 484 3,673 3,622 51 51 957 958 -1 -1 13 19 198 18 609 589 27 562 3,627 3,625 2 2 947 952 -5 -5 20.... 19,473 18,906 567 44 523 3,744 3,738 6 12 -6 979 972 7 4 3 27 19,519 18,862 657 27 630 3,713 3,686 26 23 962 960 2 1 1 3 Oct. 4 19,605 19,121 484 34 450 3,794 3,768 26 24 985 982 3 3 11 19,426 18,933 493 29 464 3,654 3,649 6 1 6 968 968 1 6 -5 18 19,804 19,229 575 145 430 3,716 3,706 11 ii 980 983 -3 78 -81 25 P19,826 P19,277 *>549 56 *493 3,772 3,768 A -3 ,001 998 4 17 -13 7 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1303 RESERVES AND BORROWINGS OF MEMBER BANKS, BY CLASSES—Continued [Averages of daily figures. In millions of dollars] Reserve city banks Country banks Period re h T s e o e l r t d a v * l es R re e s q e u rv ir e e s d 2 re E se x r c v e e s s s 3 B B in F o a g . r n r s R o k a w s . t 4 - res F e r r e v e es3 re T h s e o e l r t d v a * e l s R re e s q e u rv ir e e s d 2 re E s x e c rv es e s s3 B B in F o a g . r n s r R o k a w . s t 4 - res F e r r e v e es ' 1929 June 761 749 12 409 -397 632 610 22 327 -305 1933—June 648 528 120 58 62 441 344 96 126 — 30 1939 Dec 3,140 1,953 1,188 n.a. n.a. 1,568 897 671 n.a. n.a. 1941 Dec 4,317 3,014 1,303 n.a. n.a. 2,210 1,406 804 n.a. n.a. 1945—Dec 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1947—Dec 6,861 6,589 271 123 148 4,972 4,375 597 57 540 1950 Dec ... . 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1951—Dec 7,922 7,738 184 354 -170 5,756 5,161 596 89 507 1952 Dec 8,323 8,203 120 639 -519 6,094 5,518 576 236 340 1953—Dec 7,962 7,877 85 184 -99 5,901 5,307 594 105 489 1954 Dec 7,927 7,836 91 117 -26 5,634 5,032 602 52 550 1955 Dec . . 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956 Dec 8,078 7 983 96 299 -203 5,859 5,371 488 144 344 1957_Dec 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958 Dec 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959—Dec 7,954 7,912 41 490 -449 6,020 5,569 450 213 237 I960 June 7,540 7,496 44 164 -120 5,915 5,525 390 186 204 I960—Oct.. 7,761 7,696 65 67 2 6,173 5,626 546 63 483 Nov 7,854 7,761 94 56 38 6,374 5,771 602 56 546 Dec 7,950 7,851 100 20 80 6,689 6,053 636 40 596 1961—Jan 7,960 7,859 101 14 87 6,699 6,085 614 31 583 Feb 7,810 7,743 67 57 10 6,568 6,022 546 36 510 Mar.. 7,756 7,698 58 23 35 6,485 6,016 469 38 431 Apr 7,783 7,723 60 21 39 6,529 6,029 500 33 467 May 7,780 7,726 54 36 18 6,547 6,055 491 40 451 June 7,823 7,740 83 17 66 6,551 6,068 483 45 438 July .. . 7,863 7,798 64 8 56 6,595 6,090 505 38 467 AUE 7,940 7,883 57 13 44 6,668 6,141 527 43 484 Sept . . 7,993 7,930 63 13 50 6,727 6,209 518 19 499 Oct "8.145 ?8,120 P25 18 P7 *>6,793 ^6,328 *>465 20 M45 Week ending— I960—Oct. 5.. 7,727 7,666 61 83 -22 6,089 5,585 504 97 408 12.. . . 7,711 7,642 69 97 -29 6,231 5,606 626 50 576 19.... 7,827 7,654 173 18 155 6,166 5,604 562 55 507 26. 7,768 7,738 30 110 -80 6,162 5,655 506 51 455 1961 May 3 7,803 7,732 71 19 51 6,358 6,024 333 41 290 10 .... 7,760 7,724 36 23 12 6,500 6,047 453 22 431 17 7,773 7,733 40 74 -33 6,607 6,058 550 38 512 24 7,775 7,740 35 34 1 6,585 6,079 506 22 484 31. 7,783 7,697 86 21 65 6,534 6,052 482 71 411 June 7 7,711 7,659 53 20 32 6,541 6,051 490 40 450 14. 7,755 7,649 106 21 85 6,503 6,042 461 49 411 21 7,907 7,873 33 17 16 6,610 6,114 496 25 471 28. 7,881 7,769 112 13 99 6,530 6,068 462 68 394 July 5.. . 7,850 7,787 63 12 51 6,527 6,059 468 35 432 12i. .. V 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 6,142 528 30 499 Sept 6 7,953 7,855 98 13 85 6,531 6,137 393 44 349 13 7,896 7,854 42 12 30 6,727 6,178 549 15 534 20.... 8,001 7,972 30 15 15 6,749 6,225 524 13 511 27 8,012 7,971 42 12 29 6,832 6,244 587 11 576 Oct. 4... 8,127 8,066 61 10 50 6,699 6,304 395 23 372 11... 8,068 8,023 45 12 33 6,736 6,294 441 11 430 18.. 8,216 8,190 26 32 -6 6,892 6,350 541 24 517 25.. 8,188 8,161 27 20 7 P6,862 *>6,350 *>512 12 P500 n.a. Not available. » Preliminary. averages for all classes of banks beginning with January 1960 are esti- 1 Based on figures at close of business through November 1959; there- mated. after on closing figures for balances with Reserve Banks and opening 3 Monthly averages for all classes of banks beginning with January figures for allowable cash. Beginning with Nov. 24, 1960, all currency 1960 are estimated. and coin held by member banks allowed as reserves; during the period 4 Based on closing figures. Dec. 1, 1959-Nov. 23, 1960, only part of such holdings has been allowed. 5 This total excludes, and that in the preceding table includes, $51 Monthly averages of currency and coin are estimated. million in balances of unlicensed banks. 2 Based on deposits as of opening of business each day. Monthly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1304 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advance ( s S s e e e c s u . r 1 ed 3 a b n y d e l 1 ig 3 i a b ) l e i paper [Sec. 10(b)] ob ( l l i a g s a t t io p n a s r . of S e th c e . U 13 . ) S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Oct. 31 beginning— rate Oct. 31 beginning— rate Oct. 31 beginning— rate Boston Aug. 23,1960 Aug. 23,1960 Aug.23, 1960 New York... Aug. 12, 1960 Aug. 12,1960 June 10, 1960 Philadelphia.. Aug. 19, 1960 Aug. 19, 1960 Aug.19, 1960 Cleveland Aug. 12, I960 Aug. 12, 1960 Aug.12,1960 Richmond Aug. 12, 1960 Aug. 12, 1960 Aug.12,1960 Atlanta Aug. 16, 1960 Aug. 16, 1960 Aug.16,1960 & Chicago Aug. 19, 1960 Aug. 19, 1960 June 10,1960 5 St. Louis Aug. 19, 1960 Aug. 19, 1960 Aug.19, 1960 Minneapolis.. Aug. 15, 1960 Aug. 15, 1960 Aug.15,1960 f Kansas City.. Aug. 12, 1960 Aug. 12, 1960 Aug.12, 1960 Dallas Sept. 9, 1960 Sept. 9, 1960 Sept. 9, 1960 San Francisco Sept. 2,1960 Sept. 2,1960 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 i MARGIN REQUIREMENTS 1 [Per cent per annum] [Per cent of market value] Ranse 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 I960 1960 1948 1957 Regulation T: Jan. 12. 1 -WA WWAA Aug. 9... 3 -31,2 For extensions of credit by brokers and Aug. 1 1 3 9. . WA W -W A I 1188 Nov. 2 1 3 5 . . . . . . Fo d r e s a h le o r r s t o sa n l e l s isted securities 7 7 0 0 9 9 0 0 7 7 0 0 Dec. 2... 3~ Regulation U: For loans by banks on stocks 70 90 70 1950 1958 Aug. 21. 1*4 Jan. 22... 2*4-3 1*4 24... 2*4-3 1 Regulations T and U limit the amount of credit that may be extended Mar. 7... 214-3 on a security by prescribing a maximum loan value, which is a specifisd 1953 13... 214-2*4 percentage of its market value at ths time of extension: margin require- Jan. 16. 11**44-2 21... ments are the difference between the market value (100%) and the maxi- 23. Apr. 18... mum loan value. May 9... 1954 Aug. 15... Feb. 5. 1*4-2 Sept. 12... 1*4-2 15. 1*4 Apr. 14. i%m Oct. 24!!! 2 -21/ MAXIMUM INTEREST RATES PAYABLE ON TIME DEPOSITS 16. Nov. 7... 2i/4 May 21. [Per cent per annum] 1959 1955 Mar. 6... A M p a , y M 2 . . J M u a n y e 2 1 1 6 9 2 . . . . . . . . . 3 ^3% S f Type of deposit J N a 1 o n 9 v . 3 . 3 3 - 1 1 , , D F 1 e e 9 c b 3 . . 5 3 1 - 1 , , D J 1 e a 9 c n . 3 . 6 3 1 - 1 , , J E a t f n i f v e . e c 1 - Aug. 4. Sept. 11... 1935 1935 1956 1957 5. 18... 4 12. 1960 Savings deposits 3 21/2 21/4 3 June 3... 3V4-4 Nov. 18. 214-214 10... Postal savings deposits 3 2% 2iy4 3 23. 2V 14... 1956 A Se u p g t . . 1 9 2 . . . . . . 3 ^ Ot I h n e r 6 t m im o e n t d h e s p o o s r it m s o p r a e yable: 3 2V4 fA Apr. ,3. In 90 days to 6 months. . . 3 1961 In less than 90 days 3 % 1 Aug. 24. In effect Oct. 31... 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 19 N 4 O 1- T 4 E 7 . , — Se T e h t e h e ra B te U L c L h E a T rg IN e d f o b r y J a th n e u a F ry e d 1 e 9 ra 5 l 9 , R p e . s 7 e 6 rv . e Bank of New York e o v n e n li t k e ex d c e e p ed o s t i h ts e u m n a d x e i r m t u h m e l r a a w te s p o a f y t a h b e l e S b ta y t e S i t n a te w b hi a c n h k s th o e r m tr e u m st b e c r o m ba p n a k n ie i s s on repurchase contracts against U. S. Govt. securities was the same as located. Effective Feb. 1, 1936, maximum rates that may be paid by its discount rate except in the following periods (rates in percentages): insured nonmember commercial banks, as established by the F.D.I.C., 1955—May 4-6,1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, have been the same as those in effect for member banks. 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31- Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4. 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; and Oct. 23, 2.75. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE REQUIREMENTS 1305 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 Ef o fe f c c ti h v a e n d ge ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty r k v s e C ba o tr n u y k n s - C r r e e e a c s s n i n e e t t r r y d r v v a e e l C ba o tr n u y k n s - Item m b e a A m n l k b l s er Y N o e c r w i k ty ban c C k a s h g i o - R b e c a s i n e ty r k v s e C ba o tr n u y k n s banks Four weeks ending Sept. 6, 1961 In effect Dec. 31, 1945.. 20 20 14 6 6 Gross demand: Total 122,182 23,585 6,033 47,817 44,747 1948_Feb. 27 22 Interbank 13,652 4,281 1,229 6,695 1,447 June 11 24 U. S. Government. 4,876 982 291 1,923 1,679 Sept. 16,24*.... 26 22 16 ?* Other 103,655 18,323 4,513 39,198 41,621 1949—May 1,5* 24 21 15 Net demand 2 103,132 19,734 5,242 39,950 38,206 June 30, July 1*. 20 14 6 Time 65,732 7,054 1,936 25,598 31,144 Aug. 1,11*.... g* 13 6 Demand balances due Aug. 16,18*.... 12 5 5 from domestic banks. 6,811 97 98 1,931 4,686 A Se u p g t . . 25 1 i* 8* C Ba u l r a r n e c n e c s y a w nd it h c oi F n . R. 2,515 164 31 782 1,539 1 1 1 9 9 9 5 5 5 4 3 1 — — — J J J J u u a a n l n n y . . e 2 1 1 5 1 6 1 , , , F , 2 9 1 e 4 * 6 b * * . 1 .. * .. . 2 2 2 2 3 4 2 1 2 1 1 0 9 9 1 1 1 3 4 3 6 5 6 5 To B R E ta e x a l q c n e u r k e s i s s r s e e d rves held 1 1 1 8 9 6 , , , 5 1 b 5 8 6 5 8 4 4 8 3 3 3 3 , , , 6 6 4 0 2 5 1 9 2 8 3 9 9 96 6 3 2 4 3 2 7 7 7 , , , 1 9 8 5 3 7 6 7 9 7 2 6 6 5, , , 1 5 6 1 0 0 4 4 5 2 2 4 July 29, Aug. 1* 20 18 12 1958—Feb. 27, Mar. fr* 8* 17K Four weeks ending Oct. 4, 1961 Mar. 20, Apr. 1* Apr. 17 1!* Gross demand: Apr. 24 16% Total 125,885 24,699 6,146 49,060 45,979 1960—Sept. 1 Interbank 14,311 4,422 1,284 7,089 1,516 Nov. 24 im 12 U. S. Government. 4,904 943 289 1,951 1,721 Dec. 1 Other 106,669 19,334 4,573 40,020 42,742 Net demand2 104,919 20,269 5,269 40,457 38,924 In effect Nov. 1, 1961.. 16% 16% 12 5 5 Time 66,286 7,200 1,941 25,804 31,341 Demand balances due from domestic banks. 7,268 116 88 2,060 5,004 Present legal require- Currency and coin 2,594 173 30 812 1,578 ments : Balances with F. R. Minimum 2 10 10 7 3 3 Banks 16,855 3,546 938 7,197 5,174 Maximum 2 22 2 22 14 6 6 Total reserves held 19,449 3,719 968 8,009 6,752 Required 18,874 3,704 966 7,966 6,238 Excess 575 15 2 43 514 * First-of-month or midmonth dates record changes at country banks, and other dates (usually Thurs.) record changes at central reserve or reserve city banks. 1 Balances with Reserve Banks are as of close of business; figures for all 1 Demand deposits subject to reserve requirements which, beginning other reported items (that is, excluding total reserves held and excess rewith Aug. 23, 1935, have been total demand deposits minus cash items in serves) are as of opening of business. process of collection and demand balances due from domestic banks (also 2 Demand deposits subject to reserve requirements, i.e., gross demand minus war loan and Series E bond accounts during the period Apr. 13, deposits minus cash items reported as in process of collection and demand 1943-June 30, 1947). balances due from domestic banks. 2 Prior to July 28, 1959, the minimum and maximum legal requirements against net demand deposits of central reserve city banks were 13 and 26 per cent, respectively, and the maximum for reserve city banks was 20 per cent. MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS i [In millions of dollars] Wednesday End of month Item 1961 1961 1960 Oct. 25 Oct. 18 Oct. 11 Oct. 4 Sept. 27 October September October Discounts and advances—total. 248 44 95 68 84 59 28 193 Within 15 days 243 39 93 65 81 53 24 167 16 days to 90 days 5 5 2 3 3 6 4 26 91 days to 1 year Acceptances—total. . 37 36 34 34 33 38 35 39 Within 15 days.... 10 8 9 10 9 10 10 10 16 days to 90 days. 27 28 25 24 24 28 25 29 U. S. Government securities—total. 27,957 27,983 28,276 27,932 27,081 28,268 27,799 27,402 Within 15 days 542 561 645 436 227 405 227 5,735 16 days to 90 days 912 935 988 1,027 1,113 1,332 1,245 1,568 91 days to 1 year 11,991 12,005 12,161 12,046 11,399 11,990 11,916 12,934 Over 1 year to 5 years 11,990 11,968 11,968 11,917 11,864 12,016 11,908 5,716 Over 5 years to 10 years 2,284 2,280 2,280 2,276 2,254 2,287 2,274 1,178 Over 10 years 238 234 234 230 224 238 229 271 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

1306 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS [In millions of dollars] Wednesday End of month Item 1961 1961 1960 Oct. 25 Oct. 18 Oct. 11 Oct. 4 Sept. 27 October September October Assets Gold certificate account 15,936 15,960 16,008 16,009 16,109 15,926 16,034 17,126 Redemption fund for F. R. notes 1,092 1,062 1,062 1,065 1,065 1,102 1,065 981 Total gold certificate reserves... 17,028 17,022 17,070 17,074 17,174 17,028 17,099 18,107 Cash 404 378 380 400 415 404 423 406 Discounts and advances: For member banks 246 42 93 66 82 57 26 171 For nonmember banks etc . 2 2 2 2 2 2 2 22 Acceptances—Bought outright 37 36 34 34 33 38 35 38 Held under repurchase agreement U. S. Government securities: Bought outright: Bills 2,913 3,034 3,190 3,071 2,360 3,242 2,959 2,971 Certificates Special Other 1,649 1,639 1,639 1,632 i,62i 1,654 1,632 14,019 Notes 19,747 19,727 19,738 19,678 19,639 19,769 19,670 7,515 Bonds 3,596 3,583 3,583 3,551 3,461 3,603 3,527 2,520 Total bought outright 27,905 27,983 28,150 27,932 27,081 28,268 27,788 27,025 Held under repurchase agreement 52 126 11 377 Total U. S. Government securities... 27,957 27,983 28,276 27,932 27,081 28,268 27,799 27,402 Total loans and securities 28,242 28,063 28,405 28,034 27,198 28,365 27,862 27,633 Cash items in process of collection 4,676 5,618 4,589 4,674 4,759 4,462 4,317 3,873 Bank premises 110 no 110 110 110 110 110 107 Other assets 310 293 304 283 244 329 272 360 Total assets 50,770 51,484 50,858 50,575 49,900 50,698 50,083 50,486 Liabilities Federal Reserve notes...... 27,748 27,896 27,997 27,717 27,593 27,798 27,640 27,256 Deposits: Member bank reserves 17,209 17,210 16,802 16,912 36,310 16,888 17,105 17,956 \j JS Treasurer—general account 384 458 549 481 485 502 348 437 Foreign 242 287 238 241 353 249 312 251 Other 276 267 322 293 298 555 273 477 Total deposits 18,111 18,222 17,911 17,927 17.446 18,194 18,038 19,121 Deferred availability cash items 3.497 3,969 3,487 3,487 3,459 3,279 2,966 2,777 Other liabilities and accrued dividends 70 69 91 86 60 69 91 46 Total liabilities . . .. 49.426 50.156 49,486 49,217 48,558 49,340 48,735 49,200 Capital Accounts 433 433 433 432 432 433 432 405 Surplus 817 817 817 817 817 817 817 775 Other capital accounts 94 78 122 109 93 108 99 106 Total liabilities and capital accounts 50,770 51,484 50,858 50,575 49,900 50,698 50,083 50,486 Contingent liability on acceptances purchased for foreign correspondents 119 121 122 123 125 117 123 196 U. S. Government securities held in custody for 6,149 6,120 6,196 6,129 6,051 5,988 ! 6,036 5,634 Federal Reserve Notes—Federal Reserve Agents' Accounts F. R. notes outstanding (issued to Bank) 29,444 29,473 29,418 29,190 29,205 29,463 29,194 28,839 Collateral held against notes outst*in ding: Gold certificate account 8,565 9,065 9,065 9,065 9,065 8,535 9,065 10,300 Eligible paper 15 7 4 11 23 10 36 U. S. Government securities. . . ->[,835 21,510 21,510 21,480 21,480 21,835 21,480 19,670 Total collateral 30,415 30.582 30,579 30,552 30,556 30,393 30.555 30,006 NOTE.—For explanation of adjustments in preparing this consolidated statement, see the BULLETIN for February 1961, p. 164. For reserve ratios sec opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1307 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1961 [In millions of dollars] Item Total Boston Y N o e r w k P p d h h e il i l a a - - C l l a e n v d e- m Ri o c n h d - At t l a an- c C a h g i o - Lo S u t. is M ap in o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets 15,926 827 4,197 795 1,322 1,092 796 2,598 648 279 674 624 2,074 Redemption fund for F. R. notes.... 1,102 65 274 66 91 92 62 189 47 26 46 35 109 Total gold certificate reserves 17,028 892 4,471 861 1,413 1,184 858 2,787 695 305 720 659 2,183 F R notes of other Banks 431 42 129 38 19 22 53 30 11 20 15 16 36 Other cash 404 27 96 19 32 21 29 67 17 11 13 16 S6 Discounts and advances: Secured by U. S. Govt. securities .. 57 5 7 1 6 3 5 4 6 2 16 2 Other 2 C1) 1 0) (l) 0) 0) 1 0) C1) o C1) "•"(V) Acceptances: Bousht outright 38 38 Held under repurchase agreement. U. S. Govt. securities: 28,268 1,505 6,991 1,633 2,397 1,789 1,554 4,830 1,138 661 1,232 1,148 3,390 Held under repurchase agreement.. Total loans and securities 28,365 1,510 7,037 1,634 2,403 1,792 1,559 4,835 1,144 663 1,248 1,150 3,390 Cash items in process of collection... 5,420 383 1,083 345 434 369 391 963 243 168 279 222 540 Bank premises 110 4 9 4 8 6 13 24 7 5 6 13 11 Other assets 329 17 80 18 29 21 19 55 13 8 15 14 40 Total assets 52,087 2,875 12,905 2,919 4,338 3,415 2,922 8,761 2,130 1,180 2,296 2,090 6,256 Liabilities Federal Reserve notes 28,229 1,639 6,411 1,819 2,539 2,291 1,621 5,221 1,221 574 1,168 851 2,874 Deposits: Member bank reserves 16,888 760 4,661 716 1,268 684 830 2,576 608 409 793 924 2,659 U. S. Treasurer—general account.. 502 36 53 17 35 58 41 57 41 25 45 37 57 Foreign 249 11 2 84 13 21 11 12 33 8 5 10 13 28 Other 555 1 498 1 1 3 5 1 0) 1 1 1 42 Total deposits 18,194 808 5,296 747 1,325 756 888 2,667 657 440 849 975 2,786 Deferred availability cash items 4,237 359 810 271 343 301 335 667 202 134 218 185 412 Other liabilities and accrued dividends 69 3 17 4 6 4 4 12 3 1 4 3 8 Total liabilities 50,729 2,809 12,534 2,841 4,213 3,352 2,848 8,567 2,083 1,149 2,239 2,014 6,080 Capital Accounts Capital paid in .. 433 21 118 25 40 20 24 61 15 10 18 25 56 Surplus 817 40 229 48 75 37 44 116 27 19 35 47 100 Other capital accounts 108 24 10 6 6 17 2 4 4 20 « Total liabilities and capital accounts. 52,087 2,875 12,905 2,919 4,338 3,415 2,922 8,761 2,130 1,180 2,296 2,090 6,256 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent): Oct 31 1961 36.7 36.5 38.2 33.6 36.6 38.9 34.2 35.3 37.0 30 1 35 7 36 1 38 6 Sept. 30, 1961 37.1 36.8 36.0 36.4 37.8 38.6 34.4 37.6 37.0 33.1 37.9 37.4 39.0 Oct 31 1960 38 7 37.4 39.0 38.9 41.5 37.7 37.0 38.8 37.6 39.4 36.6 37.3 39.0 Contingent liability on acceptances purchased for foreign correspondents 117 6 3 31 11 6 17 4 3 5 7 15 Federal Reserve Notes—Federal Reserve Agent's Accounts F. R. notes outstanding (issued to Bank) 29,463 1,713 6,757 1,876 ,686 2,363 ,689 S^46 1,272 655 1,202 909 995 Collateral held against notes outstanding : Gold certificate account 8,535 495 1,500 600 870 755 475 ,700 380 160 325 275 1,000 Eligible paper 23 1 6 16 U. S. Govt. securities 21,835 1,275 5,400 1,325 1,880 1,635 1,300 3,800 935 510 900 675 2,200 Total collateral 30,393 1,770 6,900 1,926 2,750 2,390 1,775 5,500 1,321 670 1,241 950 3,200 1 Less than $500,000. 3 After deducting $86,000,000 participations of other Federal Reserve 2 After deducting $165,000,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1308 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 ,494 83 2,186 6 624 10 288 9 337 2 792 5 886 275 373 3 9 1959 32,591 23,264 2,304 1,511 85 2.216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960—Sept 32,022 22,900 2,375 ,444 85 2,133 6,542 10,320 9,122 2 728 5 818 249 319 3 5 Oct 32,144 22,996 2,390 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 [,433 86 2,119 6,476 10,171 9,128 2,726 5,S39 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 I 460 88 2 151 6 622 10 505 9 177 2 761 5 862 242 304 3 5 Aug 32,609 23,390 2,491 [,463 89 2,154 6,647 10,547 9,219 2 768 5 898 242 302 3 5 Sept 32,658 23,415 2,506 1,475 88 2,163 6,656 10,527 9,243 2,766 5,926 241 301 3 5 l Outside Treasury and Federal Reserve Banks. Prior to 1955 the currency shown by denomination by amounts of unassorted currency otals 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 circulationi Held by Total out- F. R. standing As security For Banks Kind of currency Sept. 30, against Treasury F. R. and Sept. 30, Aug. 31, Sept. 30, 1961 gold and cash Banks agents 1961 1961 1960 silver and certificates agents Gold 17,376 (17,099) 2 277 Gold certificates . (17,099) 14,283 2,8i6 30 Federal Reserve notes 29,194 92 1,555 27,548 27 517 27 065 Treasury currency—total 5,563 (2,372) 30 421 5,110 5,092 4,927 Standard silver dollars . 487 120 18 13 337 335 314 Silver bullion 2 252 2 252 Silver certificates (2,372) 323 2,049 2,045 3 2,081 Subsidiary silver coin 1 626 6 48 1,572 1,563 1,500 Minor coin 607 2 8 598 593 562 United States notes 347 4 29 314 315 317 In process of retirement4 243 1 (7) 241 242 5 153 Total Sept 30 1961 6 52,133 (19,471) 400 14,283 4,792 32,658 Aug 31 1961 6 52,141 (19,556) 394 14,371 4,767 32,609 Sept. 30 1960 6 52,806 (20,815) 396 15,578 4,810 32,022 1 Outside Treasury and Federal Reserve Banks. Includes any paper s Represents only Federal Reserve Bank notes and national bank notes; currency outside the United States and currency and coin held by banks. see also note 4. Estimated totals for Wednesday dates, are shown in table on p. 1301. 6 These totals do not include all items shown, as some items represent 2 Includes $156,039,431 as reserve against $346,681,016 United States the security for other items; gold certificates are secured by gold, and notes, under Act of May 31, 1878 and subsequent enactments. silver certificates by standard slver dollars and monetized silver bullion. 3 Includes $1,141,684 Treasury notes of 1890; see also note 4. Duplications are shown in parentheses. For explanation of currency 4 Redeemable from the general fund of the Treasury when presented. reserves and security features, see Circulation Statement of United States (Federal Reserve Banks and national banks no longer have liability for Money issued by the Treasury Department, or BULLETIN for August their currency included herein, as payment therefor has been made to the 1961, p. 936, or earlier issues. Treasury as required by law.) 7 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY SUPPLY; BANK DEBITS 1309 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 Seasonally Not seasonally seasonally adjusted) seasonally Period adjusted adjusted adjusted)1 en W di e n e g k — adjusted) * Total r C en u c r y - D po e d m s e it - a s n 1 d Total r C en u c r y - D po e d m s e it - a s n ! d Time G U o .S v . t. Total r C en u c r y - D po e d m s e it - a s n l d Time G U o .S vt . . 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 Sept. 7 139.0 29.3 109.7 70.9 5.1 1956—Dec 136.5 28.2 108.3 139.7 28.7 111.0 51.8 3.4 14 140.5 29.2 111.4 71.1 3.6 1957—Dec 135.5 28.3 107.2 138.8 28.9 109.9 57.1 3.5 21 141.1 29.0 112.1 71.2 4.9 1958—Dec 140.8 28.6 112.2 144.3 29.2 115.1 65.1 3.9 28 138.5 28.8 109.7 71.3 7.3 1959—Dec 141.5 28.9 112.6 144.9 29.5 115.5 67.0 4.9 Oct. 5 138.9 29.0 109.9 71.6 7.5 1960—Dec 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 12 139.8 29.3 110.5 71.7 5.6 19 141.1 29.1 111.9 71.9 4.3 I960—Oct 140.6 29.0 111.6 140.6 29.1 111.5 71.8 5.7 26 141.3 28.9 112.3 72.0 5.4 Nov. 140.2 29.0 111.2 141.4 29.2 112.2 72.0 5.8 Nov. 2 141.8 28.9 112.9 72.0 6.2 Dec 140.4 29.0 111.4 143.8 29.5 114.3 72.5 4.7 9 141.5 29.3 112.2 72.3 6.0 16. 141.9 29.3 112.6 71.8 5.4 1961—Jan 140.6 28.9 111.7 143.7 28.8 114.9 73.7 4.1 Feb 141.2 28.9 112.3 140.9 28.6 112.3 75.1 4.8 1961 Mar 141.5 29.0 112.6 140.1 28.6 111.4 75.9 4.7 Apr 142.0 29.0 113.0 141.7 28.7 113.0 76.9 2.9 Aug. 2 142.0 29.0 113.0 80.3 6.0 May 142.0 29.0 113.0 140.0 28.7 111.3 78.1 4.6 9 141.9 29.4 112.6 80.5 5.1 June 142.1 28.9 113.2 140.7 28.9 111.8 79.0 4.5 16 ., 141.8 29.3 112.5 80.7 4.8 July 142.0 29.0 113.0 141.1 29.2 111.9 79.9 4.3 23 139.9 29.2 110.7 80.7 6.1 Aug 141.8 29.0 112.8 141.1 29.2 111.9 80.7 5.5 30 , , 140.4 29.0 111.4 80.8 5.6 Sept 143.0 29.2 113.8 142.4 29.3 113.1 81.3 5.2 SepM 141.2 29.4 111.8 81.0 5.4 Oct.*> 143.7 29.3 114.4 143.6 29.4 114.2 82.0 6.5 142.8 29.4 113.4 8t.2 3.6 143.8 29.3 114.6 81.3 4.4 Semi-monthly 20 141.6 29.1 112.5 81.5 5.9 27 141.7 29.2 112.5 81.8 8.2 1961—Aug. 1.... 141.9 29.0 112.8 141.9 29.3 112.6 80.5 5.1 Oct. 4 142.7 29.6 113.1 81.9 6.2 2.... 141.8 29.0 112.8 140.3 29.1 111.2 80.8 5.8 11 144.0 29.5 114.4 82.0 6.9 Sept. 1.... '142.7 29.2 113.6 142.3 29.4 112.9 81.2 4.5 18 144.3 29.3 114.9 82.0 6.2 143.3 29.2 114.1 142.4 29.2 113.2 81.5 5.9 25? 144.9 29.2 115.7 82.2 5.6 Oct. 1.'.'.'.' 143.1 29.4 113.8 142.8 29.5 113.3 81.9 6.9 Nov. IP 2*>... 144.2 29.3 114.9 144.4 29.3 115.1 82.1 6.1 » Preliminary. r Revised. 1947, see BULLETIN for October 1960, pp. 1102-1123. For back data on 1 At all commercial banks. time deposits and U.S. Government demand deposits see 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 ancI Annual rate of turnover U. S. Government accounts of demand deposits except interbank (in millions of dollars) and U. S. Government deposits Year or month All Leading centers 337 other Leading centers 337 other reporting reporting reporting centers New York 6 others * centers2 New York 6 others1 centers2 Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. Adj. Unadj. 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19 2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23 0 1958 2,439,754 958 721 487 432 993,600 53.6 30 0 22 9 1959 2,679,167 1,023,605 545,258 1,110,304 56.4 32.5 24.5 I960 2,838,754 1,102,850 577,606 1,158,298 60.0 34.8 25.7 I960 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 26.8 271,830 103,829 113,228 52,292 54,277 101,549 104,325 70.6 75.6 37.7 38.6 26.6 27.1 July . . . 247,667 104 542 100,591 50,736 49 085 100,720 97,991 70.6 70.4 36.7 36.5 26.2 26 4 Aug r255,540 109,053 100,856 52,154 51,445 '102,385 '103,239 73.4 66.9 38.1 36.1 26.7 26.1 Sept '246,582 109,783 100,293 51,331 48,991 '100,208 '97,298 74.2 71.4 37.3 36.9 26.3 26.5 Oct 275,115 113,524 113,732 53,983 54,678 103,969 106,705 76.1 75.0 P37.9 P26.9 P27.0 » Preliminary. r Revised. NOTE.—For description of series and for revised monthly figures Adj.= adjusted for seasonal variation. Unadj. = without seasonal beginning with 1950, see BULLETIN for January 1960, pp. 8-11. Seasonally adjustment. adjusted figures for earlier years, prepared by Federal Reserve Bank of i Boston, Philadelphia, Chicago, Detroit, San Francisco and Los New York, together with unadjusted data were published in BULLETIN for Angeles. * Prior to April 1955, 338 centers. May 1959, p. 554. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1310 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, Date Gold T s r t o c e u r i a u n n u e r n g a r c y t d - - y s - - Total Lo n a e n t s, Tot U al . S. G m o C a v e o n r e m c d r i n a - m l en R t F e e o d s b e e l r r i v a g e l ation O s ther O s r e i t t c h ie u e s - r c l n T a i i a n a p t o e n i b e i e t t d t t i a - s a l l - l, c d u e T r a p r o n o e t d s n a i l c t y s C co m a a n a u p n i c e n s i d - t t c t a s . l , savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1958—Dec. 31 20,534 5,234 249,082 121,602 101,207 73,641 26,347 1,219 26,273 274,850 252,022 22,829 1959—Dec. 31 19,456 5,311 255,435 135,867 93,497 65,801 26,648 1,048 26,071 280,202 256,020 24,186 1960—June 29 19.300 5,400 252,500 139,100 87,900 60,800 26,200 900 25,500 277,200 251,000 26,200 I960—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. 25 500 5,400 263,500 141,000 95,900 68,300 26,700 800 26,500 286,400 259,200 27,200 Mar. If ,400 5,400 264,700 142,500 95,300 67,800 26,700 800 26,900 287,500 259,500 27,900 400 5,400 263,800 142,600 93,700 66,200 26,700 800 27,500 286,600 258,900 27,700 Mar. 29 400 5,400 265,000 143,300 94,100 67,100 26,200 800 27,600 287,800 260,600 27,200 Apr. 26 400 400 267,400 144,300 95,500 67,800 26,900 800 27,700 290,200 261,700 28,600 May 31 550 437 269,828 145,784 96,121 68,104 27,253 764 27,923 292,816 265,604 27,212 June 30 500 400 272,200 145,300 98,700 71,000 26,900 800 28,100 295,100 267,200 27,900 July 26 500 600 272,100 145,200 98,500 70,500 27,300 800 28,400 295,100 266,400 28,700 Aug. 30 500 600 276,800 147,500 100,200 72,400 27,100 700 29,100 299,800 271,000 28,800 S O e c p t. t . 2 25 7 ? * 300 5,600 278,400 147,800 101,500 72,800 28,000 700 29.000 301,200 272,500 28,800 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series * For- I Date p b e n o d a i e s g e n i t - n t 2 k s , | I T h c i r u o n a e r l g s a y d h s s - - m sa b c e v a a o A r i n n c m n d t k i g a - s s l B F a . A n R k t s . Total Total m T b C e a i o r m n c m k i e a s - l de M p b s o a a u n v s t i i k u t n s s a g 4 3 l s S S P y a o v s s t i t e n a m g l s p m o D d s a e e i n - t - s d 5 b r C o e s a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m u r o n o e s t a d s n a t n e i l c t d d s y j p m u D o a d s a d s e e t n e i - - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29 365 204 381 36 54, 28,611 19,557 8,905 149 22,540 3,639 1 1 9 9 3 3 9 3 — _ D ju e ne c . 3 3 0 0 1,21 5 7 0 2,4 2 0 64 9 8 84 5 6 2 63 3 4 5 4 6 0 3 . ; 2 27 1 , , 0 6 5 5 9 6 1 1 5 0 , ,8 2 4 5 9 8 1 9 0 , , 6 5 2 2 1 3 1 1 , , 2 1 7 8 8 6 2 1 9 4 , , 7 4 9 1 3 1 4 6 , , 7 40 6 1 1 1941—Dec. 31 1,498 ,215 1,895 867 76 i 27,729 15,884 10,532 1,313 38,992 9,615 1945_Dec. 31 2,141 :,287 24,608 977 150; 48,452 30,135 15,385 2,932 75,851 26,490 l947_Dec. 31 1,682 ,336 1,452 870 170; 56,411 35,249 17,746 3,416 87,121 26,476 110,500 84,400 26,100 1950—Dec. 30 2,518 ,293 2,989 668 176 59,247 36,314 20,009 2,923 92,272 25,398 114,600 90,000 24,600 1958—Dec. 31 3,870 683 4,558 358 242,553 98,306 63,166 34,006 1,134115,507 28,740 138,800 110,700 28,100 1959—Dec. 31 3,203 391 5,319 504 246,603101,779 65,884 34,947 948115,402 29,422 140,200 112,000j28,200 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—Oct. 26 3,100 400 6,200 500 247,200106,700 70,000 35,900 800112,200 28,300 139,900 111,500 28,400 Nov. 30 3,100 400 5,600 500 247,300106,700 70,000 35,900 800111,900 28,700 138,800 110,600 28,200 Dec. 31 3.184 377 6,193 485 252,926108,468 71,380 36,318 770115,102 29,356 139,200 111,000 28,200 1961—Jan. 25 3,100 400 3,600 500 251 109,000 71,700 36,500 800114,700 28,000 140,700 112,300 288,400 Mar. If 3.100 400 6,100 400 249 110,700 73,300 36,600 700110,600 28,200 139,400 110,900 288,500 Mar. 29 3; 300 400 4,400 500 250 111,900 74,200 37,000 700110,300 28,000 140,400 112,100 288,300 Apr. 26 3,200 400 2,300 500 254 112,700 75,000 36,900 700113,600 27,900 141,500 113,300 288,200 May 31 1,100 400 5,100 400 254 115,700 77,900 37,000 700110,600 28,400 140,800 112,300 288,500 June 30 1,250 379 6,638 408 256 117,080 79,092 37,286 702110,488 29,361 140,900 112,700 288,200 July 26 1,300 400 5,800 500 259 117,700 79,500 37,500 700113,000 28,400 141,500 113,200 288,300 Aug. 30 1,300 400 5,600 500 258 118,600 80,200 37,600 700111,500 28,500 141,300 113,000 288,300 Sept. 27*> 1,400 400 8,000 500 260 119,500 80,900 37,900 700112,800 28,500 142,200 113,800 288,400 Oct. 25* 1,300 400 6,000! 400 264 120,100 81,400 38,000 700115,700 28,700 143,800 115,000 288,800 p Preliminary. 5 Demand deposits other than interbank and U. S. Govt., less cash t This date used instead of last Wednesday of February. Seasonal items reported as in process of collection. adjustment factors used, however, were for last Wednesday of February. 6 Seasonally adjusted series begin in 1946 and are available only for last 1 Represents all commercial and savings banks, Federal Reserve Banks, Wednesday of the month. For description of series and for back data Postal Savings System, and Treasury currency funds (the gold account, see BULLETIN for February 1960, pp. 133-36. Treasury currency account, and Exchange Stabilization Fund). NOTE.—For description of statement and back figures, see BULLETIN 2 Beginning with May 1961 the reclassification of deposits of foreign for January 1948, pp. 24-32. The composition of a few items differs central banks reduced this item by $1,900 million ($1,500 million to time slightly from the description in BULLETIN article; stock of Federal Reserve deposits adjusted and $400 million to demand deposits adjusted). Banks held by member banks is included in other securities and in capital 3 Excludes interbank time deposits; U. S. Treasurer's time deposits, and miscellaneous accounts, net, and balances of the Postal Savings open account; and deposits of Postal Savings System in banks. System and the Exchange Stabilization Fund with the U. S. Treasury 4 Before June 30, 1947, includes a small amount of demand deposits. are netted against capital and miscellaneous accounts, net, instead of Beginning with June 1961 includes amounts now reported by insured against U. S. Govt. deposits and Treasury cash. Total deposits and mutual savings banks as demand deposits; formerly, before passage of currency shown in the monthly Chart Book excludes foreign bank dethe recent amendment of the F.D.I. Act, reported as time deposits or posits, net, and Treasury cash. Except on call dates, figures are rounded other liabilities. to nearest $100 million and may not add to the totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1311 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Interbank2 Other Total Num- Cla a s n s d o d f a b te ank U.S. Other a C ss a e s t h s2 bi l l i i a ti - es r B o o w r- - ca a p c i - tal b o e f r Total Loans o G t b io o li n v g s t a . - s ri e t c ie u s - c c o a a a u p n c n i d - t t a s l 3 Total 2 m D a e n - d Time U. D S e . mand Time7 ings counts banks Govt. Other All banks: l941_Dec. 31 61,126 26,615 25,511 ,999 27 90,908 81,816 10,982 44,355 26,479 23 8,41414,826 1945_Dec. 31 140,227 30,362101,288 ,577 35 177,332165,612 14,065 105,935 45,613 22710,54214,553 1947—Dec. 3H 134,924 43,002 81,199 .723 38 175,091161,86512,793 240 1,346 94,3381 53,105 6611,94814,714 1958—Dec. 31 221,485121,571 73,641 273 49! 276,430 250;05715,799 2,374 4,253130,132 97,498 8121,70514,020 1 I9 9 6 5 0 9 — — J D u e n c e . 2 3 9 1 2 2 2 2 7 7, , 8 2 3 0 1 0 1 1 3 4 5 0 , , 9 9 5 9 8 0 65, , 8 7 0 6 1 0 2 2 6 5 , 4 07 5 1 0 5 4 0 3 : 7 2 1 9 0 6 2 28 7 3 67 62 1 9 0 2 2 4 5 4 4 ; ; 4 8 7 8 0 5 13, 6 3 5 0 0 0 ', , 4 4 4 4 3 0 7 5 ^ ,0 0 5 6 4 0 1 1 3 1 1 9, , 5 6 7 2 0 21 1 0 0 1 3 , , 1 1 1 0 6 0 2,1 6 7 2 0 4 2 2 3 2 , ; 1 1 3 4 , , 9 0 9 0 1 0 Oct. 26 234,520141,720 ,790 26010 45850 286550 252;51014,180 ,690 -~- 450106,220 2,480 24; 13,989 Dec. 31 238,623144,764 ,242 26;617 53022 298126 266;19617,080 ,800 ,408107,959 167 24; 13,986 1961—Mar. 29 238,000 144,290 240 27,470 42890 287500 253;34013,660 ,820 4; 160 122,200111,500 1,880 24; 13,977 Apr. 26 239,630144,950 100 27,580 44200 290370 256;35013,500 ,900 2,010'1-2'6,690 112,250 1,750 24;800 13,974 May 31 241,320145,850 800 27,670 44920 292830 258;250 500 430 4,790 124,260115,270 1,740 25;140 13,975 June 30 242,192146,164 104 27,923 46457 295567 262;547 633 462 6,3681"2-"5,419116,666 452 25;40513,977 July 26 245,600146,450 ,040 28.110 44150 296460 262;360 13620 460 5,550 125,410117,320 1,230 25;35013,973 Aug. 30 245,880147,030 ,490 28;360 43170 295760 260;560 13340 460 5,340 123250118,170 1,880 25570 13,968 Sept. 27P 251,030149,570 380 29080 44840 302760 267;190 970 480 7,750125,870 119,120 2,150 2572013,965 Oct. 25? 251,220 149,380 72,840 29,000 46150 304,310 269,12014i53O 480 5,680 128700 119,730 1,830 25,760 13,951 Ail commercial banks: 1941—Dec. 31 746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 17314,278 1945_Dec. 31 019 26,083 90,606 7,331 34,806160,312150,227 14,065 105,921 30,241 219 95014,011 1947_Dec. 314 284 38,057 69,221 9,00637,502155,377144,10312,792 240 1,343 94,367 35,360 6510^59 14,181 1958—Dec. 31 165 98,214 66,376 20,575 48,990 238651216,01715,799 2,372 4,250 130,104 63,493 7318,48613,501 1959—Dec. 31 270 11"0,832 58,937 20,50149,467 244686 21990315, ,441 5,050131,593 66,169 61519,55613,474 I960—June 29 900 114,840 54,21019850 42,880 237.040209;01013 ,440 7,060119,540 67,670 2,170 20280 13,485 Oct. 26 580114,790 60,390 20400 45,100 246;290 216;58014 ,690 5,970 124,420 70,320 2,480 20810 13,474 Dec. 31 509117,642 61,003 20864 52,150 257.552 229;84317 ,799 5,945133,379 71,641 163 20 13,472 1961—Mar. 29 990 1' 16',640 59,670 21680 42,040 246;020 216;330 13,660 ,820 4,160 122,170 74,520 1,880 21 13,463 Apr. 26 720 117,180 60,740 21800 43,400 249; ,900 2,010 126,660 75,320 1,750 21 13,460 May 31 160 117,850 61,450 21860 44,090 251;040219; 430 4,790124,230 78,230 1,740 21490 13,461 June 30 848117,953 61,824 2207145,595253 240 221; 461 6,362125,161 79,380 443 2174513,463 July 26 007700 11"8,070 64,740 22260 43320 254749 224; 460 5,550 125,350 79,810 1,230 2168013,459 Aug. 30 112200 118,450 64,160 22510 42,370 253480 224; 460 5,340123,190 80,540 1,880 2187013,454 Sept. 27P 070120,790 66,090 23190 44,020 260580 222; 480 7,750 125,810 81,210 2,150 2199013,451 Oct. 25*> 290 1-2,0470 66,630 23 190 45,320 261 340 229; 480 5,680 128,640 81,720 1,830 22,06013,437 910 231; Alt member banks: 1941_Dec. 31 18,021 19,539 5,96123,123 68,121 61,717 10,385 140 ,709 37,136 12,347 4 5,886 6,619 1945_Dec. 31 22,775 78,338 6,070 29 138,304129,67013,576 64 22.179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 32,628 57,914 7,304 32 132,060122,52812,353 50 176 80,609 2-8,340 54 8,464 6,923 1958—Dec. 31 84,061 54,29916,504 43;188 202017 182,81615,227 2,187 3,822 110,448 51,132 54 155,460 6,312 1959—Dec. 31 94,779 46,813 16,287 43;509 205726 184,70615,048 ,338 4,504 110,989 52,827 58116,264 6,233 1960—June 29 97,898 42,98015,715 37; 199,243175,20012,775 ,298 6,360 100,790 53,977 2,06916,822 6,212 Oct. 26 97,469 48,379 16,194 39, 206,669181,06413,601 ,552 104,498 56,028 2,42917,239 6,187 Dec. 31 99,933 49,106 16,579 45;756 216.577193,02916,436 ,639 112,393 57,272 130 17,398 6,174 1961—Mar. 29 99,473 48,03017,372 36;842 207;099181,43713,181 ,664 102,770 60,101 1,82717,651 6,151 Apr. 26 99,913 49,02017,465 38;007 209;737184,11813,007 ,741 706 106,839 60,825 1,720 1177,683 6,147 May 31 450 100,140 49,817 17,493 38.735 211.580185,72713,025 268 198104,693 63,543 1,63917,865 6,147 June 30 99,992 50,361 17,696 40,084 213J19189,226 13,077 276 731105,568 64,574 38218,027 6,141 July 26 100,098 52,907 17,888 37,991214,376 188,91613,070 275 027105,579 64,965 1,17817,981 6,138 Aug. 30 850 100,379 52,35818,113 36.940 213;235186,81612,787 270 738103,427 65,594 1,82218,141 6,137 Sept. 27? 102,373 53,95918,714 38;665 219;304192,49213,395 293 975105,669 66,160 2,12618,228 6,132 Oct. 25? 102,107 54,29018,687 39;721220;414193,86313,913 293 020108,063 66,574 1,80818,293 6,122 All mutual savings banks: l941_Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 6 ! 10,5271 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947_Dec. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 3 17,745 1,889 533 1958—Dec. 31 36,320 23,357 7,265 5,698 921 37,779 34,040 3 34,006 3,219 519 1959—Dec. 31 37,561 25,126 6,864 5,570 829 38,943 34,983 4 34,948 10 3,359 517 I960—June 29 38,300 26,150 6,550 5,600 830 39,670 35,460 35,430 3,490 515 Oct. 26 38,940 26,930 6,400 5,610 750 40,260 35,930 35,900 3,560 515 Dec. 31 39,114 27,122 6,239 5,752 872 40,574 36,353 36,318 3,553 514 196l_Mar. 29 40,010 27,650 6,570 5,790 850 41,480 37,010 36,980 3,630 514 Apr. 26 39,910 27,770 6,360 800 41,330 36,960 36,930 3,600 514 May 31 40,160 28,000 6,350 830 41,590 37,070 37,040 3,650 514 June 30 40,344 28,211 6,281 862 41,818 37,551 37,484 3,660 514 July 26 40,530 28,380 6,300 830 41,980 37,570 (5) (5) 37,"'" 3,670 514 Aug. 30 40,760 28,580 6,330 800 42,180 37,690 (5) 37,630 3,700 514 Sept. 27? 40,960 28,780 6,290 820 42,420 37,970 37,910 3,730 514 Oct. 25P 40,930 28,910 6,210 5,810 830 42,400 38,070 38,010 3.700 514 p Preliminary. commercial banks. Number of banks includes a few noninsured banks, 1 All banks in the United States (including all banks in Alaska and for which asset and liability data are not available. Comparability of Hawaii, beginning with January and August 1959, respectively). figures for classes of banks is affected somewhat by changes in Federal All banks comprise all commercial banks and all mutual savings banks. Reserve membership, insurance status, and the reserve classifications of All commercial banks comprise (1) all nonmember commercial and cities and individual banks, and by mergers, etc. (2) all member commercial banks. Member banks include (1) a national 2 Reciprocal balances excluded beginning with 1942. Reclassification bank in the Virgin Islands that became a member on May 31, 1957, (2) of deposits of foreign central banks in May 1961 reduced interbank a noninsured nondeposit trust company, and (3) one mutual savings deposits by a total of $1,900 million ($1,500 million time to other time bank (two prior to July 1961 and three prior to I960) that became members and $400 million demand to other demand). in 1941 (these banks are excluded from all commercial banks). 3 Includes other assets and liabilities not shown separately. Stock savings banks and nondeposit trust companies are included with For other notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1312 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i— Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i v g S t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c b T a i a l l o p i i n a t t i d i a t - e a l s l Total 2 D In e t - erbank2 Dema O n t d her r B i o n o w g r s - - c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f r ks tions co a u c n - ts 3 mand Time U. S. Time 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 Oct. 26 25,927 17,082 6,625 2,220 8,541 36,136 29;071 4,137 1,179 1,234 18,782 3,739 1,201 3,500 15 Dec. 31 27,726 18,465 6,980 2,282 10,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3,554 15 196l_Mar. 29 27,370 18,278 6,358 2,734 7,837 37,093 30,324 4,316 1,237 818 19,203 4,750 477 3,575 15 Apr. 26 27,725 18,447 6,588 2,690 8,037 37,668 30,722 3,891 1,281 204 20,415 4,931 593 3,592 15 May 31 27,756 18,179 7,116 2,461 8,144 37,811 31,012 4; 150 161 754 19,568 6,379 390 3,630 15 June 30 28,220 18,054 7,642 2,524 8,616 38,741 32,225 4,211 167 1,380 19,832 6,635 121 3,634 15 July 26 28,732 18,100 8,090 2,542 7,820 38,619 31,717 4,027 169 1,203 19,532 6,786 392 3,626 15 Aug. 30 28,505 17,643 8,186 2,676 7,350 37,795 30,352 3,735 166 888 18,639 6,924 902 3,656 15 Sept. 27? 29,462 18,189 8,403 2,870 8,065 39,536 31,917 3,930 181 1,484 19,315 7,007 ,106 3,654 14 Oct. 25? 28,746 18,022 7,942 2,782 8,168 38,857 31,455 3,903 178 967 19,323 7,084 860 3,692 14 Chicago: 1941_Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947_Dec. 31 5,088 1,801 2,890 397 1,739 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 1,854 8,546 7; 474 1,151 407 4,442 1,426 161 769 11 Oct. 26 6,847 4,328 1,903 616 1,954 8,923 7,725 1,231 301 4,662 1,470 219 804 10 Dec. 31 7,050 4,485 1,882 683 2,046 9,219 8,197 1,380 327 4,899 1,530 35 822 10 1961—Mar. 29 7,049 4,403 1,939 707 1,635 8,826 7,436 1,188 232 4,256 1,681 362 827 10 Apr. 26 6,847 4,401 1,682 764 1,730 8,718 7,643 1,162 57 4,625 1,717 54 831 10 May 31 7,051 4,291 1,994 766 1,897 9,091 7,978 1,186 219 4,704 1,859 73 841 10 June 10 7,020 4,249 2,058 714 1,899 9,068 8,037 1,125 380 4,602 1,920 10 848 10 July 26 7,211 4,151 2,301 759 1,954 9,307 8,227 1,205 385 4,700 1,927 56 841 10 Aug. 30 7,165 4,191 2,227 747 1,769 9,073 7,901 1,190 281 4,494 1,926 131 852 10 Sept. 27*> 7,282 4,214 2,238 830 1,865 9,300 8,159 1,208 475 4,535 1,931 96 855 9 Oct. 25* 7,562 4,359 2,364 839 1,841 9,561 8,250 1,255 304 4,728 1,949 254 855 9 Reserve city member banks:6 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945_Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947_Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,99011,423 1 2,844 353 1958—Dec. 31 60,558 34,003 20,645 5,910 1177,701 79,781 72,647 7,506 377 1,429 42 "" 21,075 14 5,760 274 1959—Dec. 31 61,621 38,686 17,292 5,64318,211 81,443 73,675 7,450 303 1,698 42;66821,555 238 6,106 265 1960—June 29 59,563 39,421 14,846 5,29615,786 77,090 68,028 6,062 241 2,591 37,9"6"6 -2'1,168 1,064 6,257 223 Oct. 26 61,805 39,354 17,040 5,411 15,998 79,643 70,421 6,774 286 2,062 39,410 21,889 822 6,366 218 Dec. 31 62,953 40,002 17,396 5,55418,668 83,464 75,067 7,989 326 1,960 42,26722,525 73 6,423 217 1961—Mar. 29 62,559 39,928 16,947 5,684 14,891 79,359 70,197 6,316 311 1,474 38,474 2233,622 694 6,589 206 Apr. 26 63,418 39,916 17,805 5,69715,529 80,838 71,556 6,554 341 617 40,07723,967 879 6,588 205 May 31 63,706 40,015 17,876 5,815 15,920 81,549 72,113 6,343 60 1,608 39,229900 2244,812 885 6,640 205 June 30 63,670 39,747 18,053 5,87016,529 82,141 73,557 6,335 62 2,241 39,72125,199 131 6,684 205 July 26 65,089 39,910 19,171 6,00815,733 82,777 73,695 6,443 59 1,999 39,8~6"6 "2,5328 535 6,685 204 Aug. 30 65,112 40,401 18,650 6,061 15,109 82,161 72,926 6,456 57 1,925 38,890 25,598 552 6,744 205 Sept. 27^ 66,715 41,093 19,384 6,23816,065 84,748 75,207 6,806 65 2,896 39,566 25,874 845 6,786 205 Oct. 25*> 66,833 40,961 19,642 6,23016,469 85,283 75,960 7,183 64 1,930 40,778 26,005 616 6,794 207 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 1,056 432 28,37814,560 23 2,934 6,519 1958—Dec. 31 61,511 30,257 23,606 7,648 14,031 76,767 70,277 1,578 ,175 42,3-4"9 "2"5,137 37 5,685 6,006 1959—Dec. 31 64,08" 33,766 22,535 7,781 14,122 79,567 72,323 1,602 ,508 42,832 26,356 71 6,035 5,938 I960—June 29 65,11: 36,075 21,241 7,79612,564 79,007 71,044 1,223 ,947 40,003 27,847 371 6,369 5,962 Oct. 26 67,463 36,705 22,811 7,947 13,135 81,967 73,847 1,459 ,788 41,644 28,930 187 6,569 5,944 Dec. 31 67,890 36,981 22,848 8,06014,740 84,126 76,004 1,778 ,783 43,39529,011 23 6,599 5,932 1961_Mar. 29 67,897 36,864 22,786 8,24712,479 81,821 73,480 1,361 ,197 40,837 "3,0048 294 6,660 5,920 Apr. 26 68,408 37,149 22,945 8,314 12,711 82,513 74,197 1,400 828 41,722 30,210 194 6,672 5,917 May 31 68,937 37,655 22,831 8,451 12,774 83,129 74,624 1,346 ,617 41,13130,493 291 6,754 5,917 June 30 69,139 37,942 22,608 8,58813,039 83,769 75,407 1,406 ,730 41,441133 3300,820 121 6,861 5,911 July 26 69,861 37,937 23,345 8,57912.484 83,673 75,277 1,395 ,440 41,48130,924 195 6,829 5,909 Aug. 30 70,068 38,144 23,295 8,62912,712 84.206 75,637 1,406 ,644 41, 4"0"4 ~31'146 237 6,889 5,907 Sept. 27? 71,587 38,877 23,934 8,77612,670 85,720 77,209 1,451 2,120 42,253 31; 348 79 6,933 5,904 Oct. 25P 71,943 38,765 24,342 8,83613,243 86,713 78,198 1,572 1,819 43,234 31,536 78 6,952 5,892 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 5 Less than $5 million. Because preliminary data are rounded to the nounced in November 1947 by the Federal bank supervisory agencies. nearest $10 million, no amount is shown except on call dates. At that time a net of 115 noninsured nonmember commercial banks 6 Beginning with February 1960 reserve city banks with total loans and with total loans and investments of about $110 million were added, and investments of $950 million and total deposits of $1,070 million were 8 banks with total loans and investments of $34 million were transferred reclassified as country banks. from noninsured mutual savings to nonmember commercial banks. 7 See note 4, page 1310. For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1313 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 n v g S t a s . . - O s r e i t t c h i u e e s - r a C ss a e s t h s2 c c b T o a i a l a u l p o i i n a c t n t i d i - t a - t e a l s s l 3 Total2 m D I a n e n t - e d rba T n i k m 2 e U. D S. ema O n t d her Time r B in o o w g r s - - c c T a o a p o u c t i n - t a a t l s l b N a b u o n e m f r ks - Govt. Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 69,411 10,654 1,762 41,29815,699 10 6,84413,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292 147,775 13,883 23,740 ',276 2299,876 215 ,67113,297 1947—Dec. 31 114,274 37,583 67,941 750 36926 141,85112,615 54 1,325 92,97534,882 61 9*7,'3413,398 1957—Dec. 31 168,595 93,430 57,580 585 48127 220 199,87615,489 1,264 3,859 123,127 5"6",137 66 17,05113,142 1958—Dec. 31 183,596 97,730 65,669 20 198 48689 236724 214,48515,653 2,209 4,241 129,214 63,168 67 18 15413,101 1959—Dec. 31 188,790 11100,299 58,348 20 143 49158 242828 218,47415,500 1,358 5,037 130,720 65,858 602 1920613,107 1960—Dec. 31 198,011 117,092 60,468 20^51 51 836 255669 228,40116,921 1,667 5,932 132,533 71,348 149 2062813,119 1961—June 30 200,353 117,400 61,297 21,655 45^29 251 910 223,60313,475 305 6,352 124^03 79,068 433 2137713,129 National member banks: 1941—Dec. 31 27,571 11,725 12,039 806 14. 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 137 20; 84,939 9,229 14,013 45,47316,224 78 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 178 22; 82,023 8,375 35 795 53,541 _1.9,278 45 5,409 5,005 1957—Dec. 31 91,201 50,350 31,234 617 26! 120,153109,091 8,958 517 2,166 66,546 3"0,904 38 9,070 4,620 1958—Dec. 31 99,211 52,627 35,714 936 26! 128,397116,714 9,035 767 2,292 69,808 34,812 43 9,643 4,578 1959—Dec. 31 102,615 59,962 31,761 892 27; 132,636119,638 8,947 514 2,742 71,01536,421 34010,302 4,542 1960—Dec. 31 107,546 63,694 32,71211,140 28,675139,261124,911 9,829 611 3,265 71,660 3399,546 11111,098 4,530 1961—June 30 108,843 63,440 33,52211,88125,274137,299122,485 7,749 99 3,541 67,60143,494 35511,439 4,524 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31 32,566 11,200 19,240 2,12510,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1957—Dec. 31 51,152 30,600 15,846 4,70715,960 68,676 61,545 6,124 729 1,306 39,00114,386 18 5,483 1,773 1958—Dec. 31 55,588 31,435 18,585 5,56816,407 73,620 66,102 6,192 1,420 1,530 40,64016,320 10 5,817 1,734 1959—Dec. 31 55,264 34,817 15,052 5,39616,045 73,090 65,069 6,102 825 1,763 39,97416,406 240 5,962 1,691 1960—Dec. 31 58,073 36,240 16,394 5,43917,081 77,316 68,118 6,608 1,028 2,022 40,73317,727 20 6,299 1,644 1961—June 30 59,207 36,553 16,839 5,81514,809 76,420 66,741 5,328 177 2,190 37,967 "2'1,080 27 6,588 1,617 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,70: 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 1,271 6,478 1957—Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 407 388 17,580 1"0,873 2,500 6,753 1958—Dec. 31 28,759 13,682 11,381 3,696 5,504 34,737 31,696 426 419 18,766 12,063 2,696 6,793 1959—Dec. 31 30,939 15,534 11,546 3,859 5,651 37,132 33,795 451 533 19,73213,059 2,944 6,878 1960—Dec. 31 32,411 17,169 11,368 3,874 6,082 39,114 35,391 484 645 20,140 1144,095 3,232 6,948 1961—Jane 30 32,318 17,416 10,941 3,961 5,247 38,206 34,391 398 621 18,83514,509 3,351 6,990 Noninsured nonmember commerical banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,87: 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 3H 2,009 474 1,280 255 576 2,643 2,251 177 185 1,392 478 325 783 1957—Dec. 31 1,473 468 660 345 301 1,831 1,449 147 121 840 303 317 425 1958—Dec. 31 1,568 484 707 377 301 1,927 1,532 146 163 890 325 33 399 1959—Dec. 31 1,480 534 589 358 309 1,858 1,429 150 83 873 311 350 366 1960—Dec. 31 1,498 550 535 413 314 1,883 1,443 159 13: 846 293 358 352 1961—June 30 1,495 553 526 416 266 1,839 1,394 158 156 758 311 368 333 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 18 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 11 1,362 7,130 1947—Dec. 314 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 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 21 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 20 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 34 3|294 7,244 I960—Dec. 31 33,910 17,719 11,904 4,287 6,396 40,997 36,834 643 160 657 20,98614,388 33 3,590 7,300 1961—June 30 33,813 17,968 11,467 4,377 5,513 40,045 35,785 556 185 631 19,59314,820 61 3,719 7,323 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 12,192 1,252 194 1957—Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 26 2244,991 2,308 239 1958—Dec. 31 28,980 19,180 5,215 4,585 75: 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 "2"8,544 2,654 268 1960—Dec. 31 33,794 23,852 4,787 5,155 766 35,092 31,502 29 31,468 2,998 325 1961—June 30 34,764 24,775 4,741 5,248 756 36,074 32,530 257 32,267 3,090 325 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 64: 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 3H 5,95 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1957—Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 1958—Dec. 31 7,341 4,177 2,050 1,113 169 7,589 6,763 6,762 746 278 1959—Dec. 31 6,981 4,184 1,848 949 143 7,200 6,405 6,404 705 249 1960—Dec. 31 5,320 3,270 1,453 59' 107 5,481 4,850 4,850 555 189 1961—June 30 5,580 3,436 1,540 604 106 5,744 5,020 5,019 570 189 For other notes sec preceding two pages. NOTE.—For revisions in series prior to June 30. 1947, see BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1314 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Com- Loans for Loans Oblic b o c C m a a l n l a m l k s d s e a r a o c n te i f d al i l m T n o a v o a e n e n n t d a s t s t l s 2 - Total 2 c o m m c k p i l i p n u n i a e e a e a g d - r r t - n l - - - A c tu a u g r l l r - - i- o p b k a T s r u r e n e o o r r d c c s - c a u h r r o a r it y s t i T h i i e n n e o s g g rs b i a T n n f o s i k n ti s a t t u n o t c o i i o a t T h n l o e s rs l R o t e a a e s t n a - e l s O l u v o i d t t a i a n h o i d l n - - e s - s r O lo th a e n r s To U ta . l S. B G il o ls vern C t m i c fi r e - - nt N ob o l t i e g s atio B n o s nds S p t d s a i i g t o u o c o i a n a v l a b n t f i d - e i l t - s - - s O s r e i t t h c i e e u s r per deal- sions ers Total: 3 1947—Dec. 31.. 116,284 38,,0 5.7 18,167 830 ,220 115 9,393 5,723 947 69,2212,193 7,789 034 53,205 5,276 3,729 1958—Dec. 31.. 185,165 98,214 40,425 4 2,832 ,829 719 25,25520,698 3,437 66,376 6,294 7,399 396 39;287 16,505 4,070 1959—Dec. 31*. 190,270110,832 40 3,018 ,850 819 7,118 28;060 24,166 2,784 58,937 6,300 2,420 856 355,36016,9583,543 1960—Dec. 31.. 199,509117,642 43; 125 5676 3,284 ,833 906 7,106 28,713 26,396 2,90161,003 8,072 2,920 013 300,99817,5"7"0" 3",294 1961—Apr. 12.. 199,120117,050 42,590 6020 2,460 ,850 1,970 5,760 28,770 26,820 3,2"1 ~0 60,130 6,870 2,120 ,950 311,19018,710 3,230 June 30.. 201,848 117,953 42,759 6044 2,933 ,994 993 6,00129,265 27,283 3,102 61,824 7,379 3,330 20,528 30,587 "18,7283,344 All insured: 1941—Dec. 31.. 49,290 21,259 ,214 450 614 662 40 4,773 4,505 21046 3,15916.899 6513,333 1945_Dec. 31.. 121,809 25,765 ,461 3311443,164 3,606 49 4,677 2,361 1,132 88912 2 19,07116,045 51 342 873 3,258 1947—Dec. 31.. 114,274 37,58318,012 .6"1" 0 823 ,190 114 9,266 5,654 914 67941 7,552 5,918 52347 129 3,621 1958—Dec. 31.. 183,596 97,730 40 289 4,913 2,797 ,810 713 25,148 2>00;,589 3,420 65669 6 7,36213,240 3890816,266 3,932 1959—Dec. 31*. 188,790 110,299 40;022 4,973 2,982 ,827 813 7,105 27,948 24,032 2,76758 348 6! 2.40414,729 3502716,7213,422 I960—Dec. 31.. 198,011117,092 42,957 5,628 3,247 ,811 965 7,090 28,602 26,263 2,883 60 468 7 2,88418,868 3072217,300 3,150 1961—Apr. 12.. 197,596116,486 42419 5 —' ~ — ,829 ,972 5,744 28,658 26,680 3,186 59 589 6; 2,08419,799 3091118,4383,083 June 30.. 200,353117,400 42569 6,005 2;909 ,970 993 5,981 29,159 27,147 3,085 61 3,295 2200,366 3033718,454 3,201 Member, total: 1941_Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19539 971 3,007 ,090 2,871 1945—Dec. 31.. 107,18322,775 8,949 855 3,133 3,378 47 3,455 1,900 1,057 78!338 2,27516,98514,271 ,254 2,815 1947_Dec. 31.. 97,846 3322,628 16,962 1.046 811 1,065 113 7,130 4,662 839 57;914 ,987 5,816 4,815 45 ,1993,105 1958—Dec. 31.. 154,86584,061 37,444 3,052 2,730 1,599 710 20,013 17,028 3,21154 299 4,644 6,14311,117 32 _1.3,,.4.0.5 3,100 1959—Dec. 3M. 157,87994,779 3"6,826 3,116 2,885 '1 ,5"8"7" 811 6,80122,185 19,877 2,603 46 8134,612 1,81211,604 28 13,677 2,610 I960—Dec. 31.. 165,61999,933 ,5093,124 1,564 947 6,726 22,518 21,622 2,694 49 106 6,402 2,296 1155,072 25 14,1412,439 1961—Apr. 12.. 165,48199,504 38;8213^09 22,330088 1,582 ,929 ",427 22,716 22,107 3,003 48 332 5,216 1,68115,933 25 ,284 2,361 June 30.. 168,04999,99238,872 3,7212,7801,709 970 ,644 23,086 22,421 2,900 50 361 ,962 2,951 16,476 24 ,220 2,475 New York City:* 1941—Dec. 31.. 12,896 0721 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945_Dec. 31.. 26,143 334 3,044 2,4531,172 26 80 287 27217,574 477 3,433 3,32510,339 606 629 1947—Dec. 31.. 20,393 1791 5,361j 545 267 93 111 564 23811,9721,002 640 558 9,772 638 604 1958—Dec. 31.. 25i966 16; 165 10,928 1,652 382 503 641 1,502 921 7,486 643 1,106 1,602 4,135 1,869 446 1959—Dec. 31*. 25,29118,12110,549; 1,740 403 531 1,788 936 1,739 833 5,002 639 227 1,277 2,859 1,833 335 I960—Dec. 31.. 27,72618,46510,8761 101,574 399 500 1.799 868 1,930 940 6,980 ,422 578 1,708 3,272 1,964 317 1961—Apr. 12.. 26,90217,67810,707 1,179 372 508 1.348 856 1,950 1,190 6,419 804 515 1,676 3,424 2,497 308 June 30.. 28,22018,O54jlO.578l 1,629 429 476 1,448 841 2,074 1,025 7,642 ,512 887 1,882 3,362 2,196 328 Chicago: 5 1941_Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 ,022 182 193 t945_Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 133 1,467 749 ,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 132 235 248 2,274 213 185 1958—Dec. 31.. 6,830 3,637 2,628 266 97 10 161 357 210 2,562 232 361 522 ,446 491 140 1959—Dec. 31*. 6,885 4,206 2,527 268 124 33 588 183 435 148 1,985 108 78 467 ,332 562 133 I960—Dec. 31.. 7,050 4,485 2,690 322 134 67 564 196 421 197 1,882 132 37 663 ,050 607 76 1961—Apr. 12.. 6,871 4.532 2,627 218 131 184 479 193 586 206 1,569 154 20 537 857 693 77 June 30.. 7,020 4,249 2.555 205 131 91 459 202 538 188 2.057 438 153 595 871 630 84 Reserve city: 1941—Dec. 31.. 15,347 ,105) 3.456 300 114 194 4 1,527 .508 6,467 295 751 5,421 956 820 1945_Dec. 31.. 40,108 ,514j 3,661 205 4271,503 17 1,459 855 387 29,552 ,034 6,982 5,65315,883 1,126 916 1947_Dec. 31.. 36,04013,449 7,088 225 170 484 15 3,147 1,969 35120,196 373 2,358 1,90115,563 1,3421,053 1958—Dec. 31.. 60,55834,00315,808 669 518 851 191 8,405 6,930 1,30120,645 ,293 2,370 4,49712,484 4,8641,047 1959—Dec. 31*. 61,62138,686 15,252 765 580 776 235 3,369 9,251 8,211 998800 17,292 ,484 645 4,10911,054 4,830 813 1960—Dec. 31.. 62,95340,00216,223 887 719 739 351 3,216 9,005 8,721 90917,396 2,031 794 5,461 9,111 4,817 738 1961—Apr. 12.. 63,20340,02715,910 946 553 712 930 2,650 9,106 9,030 95917,462 ,747 566 6,086 9,064 5,052 661 June 30.. 63,67039,74715,862 963 610 749 344 2,751 9,256 8,954 1,02818,0531,784 1,175 6,292 8.803 5,174 696 Country: 1941_Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 481 3,787 1,2221,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 5,102 4,54416,722 1,3421,067 1947—Dec. 31.. 36,32410,199 3,096 818 23 227 5 3,827 1,979 224 22,857 2,583 2,10817,687 2,0061,262 1958—Dec. 31.. 61,51130,257 8,080 2,368 294 268 6 10,806 8,239 779 23;606 2,475 2,306 4,49514,330 6,181 1,467 1959—Dec. 31*. 64,08233,766 8; ,321 298 284 11 1,056 11,816 9,491 643 22,5352,381 863 5,75113,540 6,4521,330 1960—Dec. 31.. 67,89036,981 9,499 2,589 508 293 29 " ' "~ 12,44910,550 647 22,8482,817 888 7,240 1111,903 6,7521,308 1961—Apr. 12.. 68,50537,267 9,577 2,714 359 367 307 950 12,56110,540 64822,8822,511 580 7,63512,156 7,0421,315 June 30.. 69,13937,942 9,877 2,737 337 400 59 986 12,78810,855 65922.6082.228 737 7,70611,937 7,2201,368 Nonmember:3 1947_Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 tO911,318 206 1,973 1,219 7,920 1,078 625 1958—Dec. 31.. 30,32714,165 2,981 1,921 102 230 5,256 3,671 22612,0881,651 l,255j2,280 6,901 3,102 971 1959—Dec. 31*. 32,41916,068 3,348 1,902 133 263 317 5,888 4,289 18112,1341,689 608 3,254 6,584 3,283 934 I960—Dec. 31... 33,910 17,719 3,838 2',167 161 269 379 6,205 4,774 20711,904 11,670 624 3,941 5,668 3,431 857 1961—June 30.. 33,81317,968 3,,886 2,323 153 285 357 6,187 4.862 20211,4671,417 380 4,052 5,618 3,508! 869 1 All commsroial batiks in the United States. These figures exclude fications of cities and individual banks, and by mergers, etc. data for banks in U. S. possessions except for member banks. During 2 Beginning with June 30, 1948, figures for various loan items are 1941 thres mutual savings banks became members of the Federal Reserve shown gross (i.e., before deduction of valuation reserves); thsy do not System; these banks (two beginning with June 1960) are included in add to the total and are not entirely comparable with prior figures. Total member banks but are not included in all insured or total banks. Com- loans continue to be shown net. parability of figures for classes of banks is affected somewhat by changes For other notes see opposite page. in Federal Reserve membership, insurance status, and the reserve classi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1315 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES » [In millions of dollars] Demand deposits Time deposits j\.e- Bal- Deco C m la m ss e r o c f ial s w er i v th es Cash a w nc it e h s m d a e n - d In d t e e p r o b s a i n ts k States C f e ie rt d i- vi I d n u d a i- ls, U.S. States vi I d n u d a i- ls, Bor- C t a a p l ib c a a n ll k d a a n te d F B s e R e a d r n e e v - k r e a s l vault b m a d e n o s k - ti s c 6 ju p s o a te d s d i - t s 7 Do- For- G U o .S v . t. p s o u a li b n t d i d c i a - l c o a e f n f r d i s - ' a p n s a h d rt i n p c e o s, r r - - I b n a t n e k r- p s a o a n s v t d - a ' l s p u i o b c l d a i l t i - - p a a s n h r d t i n c p o e s, r r - - ings co a u c n - ts mestic 6 eign8 visions checks, pora- ings visions poraetc. tions tions Total:* 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 [,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1958—Dec. 31.... 18,427 3,249 12,609115,518 14,142 1,657 4,250 10,928 4,043 115,132 2,372 327 3,576 59,590 73 18,486 1959_Dec. 31.... 17,931 3,012 12,237115,420 13,944 1,705 5,050 11,459 3,910 116.225 1,441 285 3,166 62,718 615 19,556 1960—Dec. 31.... 16,720 3,346 13,681115,120 15,453 1,627 5,945 11,674 4,602 117.103 1,799 262 4,544 66,836 16320,986 196i_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 June 30 16,488 2,903 11,184112,030 12,568 ,064 6,362 11,849 3.759 109,553 461 288 5.266 73.826 44321,745 AH insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36.544 158 59 492 15,146 10 6.844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72.593 70 103 496 29,277 215 8.671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 ,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9.734 1958—Dec. 31.... 18,427 3,227 12,353114,645 14,025 ,629 4,241 10,841 4,001 114,372 2,209 327 3,512 59,329 67 18,154 1959—Dec. 31.... 17,931 2,990 11,969114,563 13,825 ,675 5,037 11,372 3,866 115,482 1,358 285 3,095 62,478 602 19,206 1960—Dec. 31.... 16,720 3,326 13,409 114,292 15,339 ,582 5,932 11,582 4,564 116,388 1,667 262 4,481 66,605 14920,628 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 1,63921,154 June 30.... 16,488 2,885 10,959 111,187 12,443 ,031 6,352 11,754 3.725 108,924 305 288 5 209 73.572 433 21,377 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 SO 418 11,878 4 5,886 1945__Dec. 31.... 15,811 1,438 7,117 64,184 12,333 ,24322,179 4,240 2,450 62.950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 ,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 ,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 ,659 4,504 8,915 3.542 98,532 1,338 259 2,383 50,185 581 16,264 1960—Dec. 31.... 16,720 2.518 8,582 94.594 14,875 ,561 5,287 9,016 4,244 99,134 1.639 237 3,559 53,477 130 17,398 1961—Dec. 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 June 30 16,488 2.142 6.897 92,750 12,061 1,016 5,731 9,241 3,441 92,886 276 263 4,203 60,108 382 18,027 New York City:5 1941—Dec. 31 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4.015 111 78 15,065 3.535 1,105 6,940 237 1,338 15,712 17 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—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 June 30 3,563 130 98 16,119 3,462 749 1,380 365 1.825 17,642 167 44 245 6,346 121 3,634 Chicago:5 194t_Dec. 31.... 1.021 43 298 2,215 ,027 8 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3,153 .292 20 1,552 237 66 3,160 719 377 1 19 9 5 4 8 7 — _r D > eecc . . 3 3 1 1.... 1 1 . , 0 0 7 5 0 8 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 2 7 4 2 9 2 3 8 0 5 2 6 8 3 8 4 3 , . 7 8 4 5 6 3 " " 34 7 2 • 7 9 1,4 9 2 0 3 2 "'"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 12 1,449 40 762 1960—Dec. 31.... 899 33 171 3,968 1,327 53 327 298 102 4,499 61 2 7 1.521 35 822 1961—Apr. 12.... 895 31 88 3,871 [,216 37 87 211 85 4.382 8 2 8 1.794 42 830 June 30 994 28 111 3,881 1,093 33 380 364 113 4,125 10 2 8 1.910 10 848 Reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 2% 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—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 June 30 7,104 654 2,071 33,432 6,115 220 2,241 3,286 845 35.590 62 101 2,197 22,901 131 6,684 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8.500 30 31 146 6,082 4 1.982 1945__Dec. 31 4,527 796 4,665 23,595 ,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2.525 1947—Dec. 31.... 4,993 929 3,900 27.424 ,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2.934 1958-Dec. 31.... 5,444 1,476 5,030 40,272 ,565 13 1,175 4,819 1,032 36,498 36 132 1,250 23,755 37 5,685 1959—Dec. 31.... 5.573 1,357 4,870 40,514 ,578 24 1,508 4,972 857 37,003 24 132 1,077 25,146 71 6,035 I960—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 June 30.... 4,828 1.329 4,618 39,318 .392 14 1,730 5,226 657 35,530 37 116 1,752 28.952 121 6,861 Nonmeraber: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—Dec. M 828 5 099 20'525 578 65 657 2 658 357 17,970 160 25 985 13 378 33 3,590 1961—June 30 761 4.288 19^280 507 49 631 2,609 318 16,666 185 25 1,063 13,732 61 3,720 3 Breakdowns of loan, investment, and deposit classifications are not with 1961. demand deposits other than domestic commercial interbank available prior to 1947; summary figures for earlier dates appear in the and U.S. Government, less cash items reported as in process of collection. preceding table. 8 Beginning with June 1961, reclassification of deposits of foreign 4 For a discussion of revision in loan schedule, see the BULLETIN for central banks reduced foreign interbank demand deposits by about $400 January 1960, p. 12. million and interbank time deposits by about $1,500 million. These 5 Central reserve city banks. amounts are now included in demand and time deposits of individuals, * Beginning with 1942, excludes reciprocal bank balances. partnerships, and corporations. * Through 1960, demand deposits other than interbank and U.S. For other notes see opposite page. Government, less cash items reported as in process of collection; beginning Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1316 WEEKLY REPORTING MEMBER BANKS ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES [In millions of dollars] Loanj For purchasing or carrying securities To financial institutions Wednesday T lo a o a n t n d a s l i L n a o v n a e d s n t 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 es ts t- 1 ju a st d c - 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 r l a - i l - Do- s P o e n r a - l e R st e a a t l e l o o t a h n er s se t r i r o e v - n es trial G U t l o i i o o . g b n v a S - t - s . . O c t u s t i e h e r - s e i- r G U t l o i i o o . g b n v a S - t - s . . O c t s u t i e h e r - s e i- r F ei o g r n - c m m c o t i e i 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 Aug. 2 116,510 114,923 70,072 31,499 1.091 620 106 1.371 582 1,587 3,321 1,745 12,956 16,346 1,568 9 115,233 114,041 69,623 31,359 1,095 434 1,948 110 1,367 572 1,192 3,266 1,763 12,973 16,304 1,568 16 116,194 114,555 70,040 31,592 ,101 529 1,893 106 ,170 580 1,639 3,379 1,781 13,002 16,278 1,571 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 1,568 30 115,779 114,301 69,551 31,476 ,11? 279 1,857 102 1,377 565 1,478 3,254 1,790 13,055 16,253 1,569 Sept. 6 115,519 114,270 69,662 31,548 1,116 264 1,853 103 1,355 572 1,249 3,274 1,818 13,058 16,273 1,577 p 13: 116,648 115,106 70,306 31,728 1,134 477 1,978 107 [,373 559 1 542 3 286 1 852 13,101 16,282 1,571 20 117,251 115,920 71,025 31,937 1,145 755 1,985 118 [,370 552 1,331 3,495 1,868 13,126 16,245 1,571 273 118,706 117,103 '70,989 '31,805 1,166 739 1,898 109 l,320 '509 1,603 '3,460 2,027 13,136 16,391 1,571 Oct 4 117,677 116,175 70,726 31,786 1,179 474 1,853 104 1,317 522 1 502 3 389 2 143 13 140 16 396 1,577 11 118,561 116,984 70,989 31,849 1,180 711 1,982 99 1,305 535 1,577 3,219 2,128 13,196 16,359 1,574 18 119,473 117,777 71,466 32,020 1,189 1,013 1,932 96 I 101 530 1,696 3,174 2,180 13,221 16,379 1,569 25 118,242 117,035 71,093 31,877 [. 205 750 1,993 103 1,304 530 1 207 3 047 2,191 13,247 16,413 1,567 New York City 1961 Aug. 2 28,691 28,017 17,623 10,447 3 470 1.274 20 420 296 674 1.071 307 764 2,990 419 g 9,:.: 27,896 27,610 17,256 10,292 3 306 1,231 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 1,084 306 775 2,942 440 30 28,226 27,682 16,939 10,284 4 147 1,151 20 426 289 544 1,030 301 774 2,952 419 Sent 6 28,169 27,652 17,035 10,351 4 132 1,160 21 426 296 517 1,054 309 769 2,954 441 lS:::.:::::.:: 28,768 28,298 17,365 10,409 4 276 1,250 20 432 280 470 1,094 312 778 2,951 441 20 28,811 28,638 17,751 10,502 4 436 1,235 27 429 263 173 1,197 347 784 2,968 441 273 29,174 28,879 17,734 10,484 8 485 1,149 27 434 227 295 .173 389 787 3,012 441 Oct 4 28,531 28,233 17,471 10,511 9 254 1,115 20 421 235 298 1,151 412 785 2,999 441 11 28,741 28,435 17,679 10,517 9 420 1,226 20 415 237 306 1,070 417 794 2,995 441 18 29,469 28,760 17,969 10,603 9 673 1,171 20 413 231 709 1,041 418 801 3,026 417 25 28,453 28,210 17,609 10,546 9 431 .146 25 414 231 243 995 418 808 3 023 417 Outside New York City 1961 Aug. 2 87,819 86,906 52,449 21,052 1.088 150 729 86 951 286 913 2,250 1,438 12,192 13,356 1.179 9! ::: :; .:: 87,337 86,431 52,367 21,067 1,092 128 717 90 946 279 906 2,194 1,453 12,202 13,328 1,129 16 87,791 86,671 52,706 21,234 1,098 248 714 86 946 273 1,120 2,232 1,470 12,235 13,301 1,111 23 87,439 86,606 52,656 21,195 1,112 230 700 84 952 266 833 2,220 1 480 12,263 13 282 ,178 30 87,553 86,619 52,612 21,192 1,108 132 706 82 951 276 934 2,224 1,489 12,281 13,301 ,110 Sent 6 87,350 86,618 52,627 21,197 1,112 132 693 82 929 276 732 2,220 1,509 12,289 13,319 1,131 IS:::::::::::. 87,880 86,808 52,941 21,319 1,130 201 728 87 941 279 1,072 2 192 1 540 12 323 13,331 ,110 20 88,440 87,282 53,274 21,435 1,141 319 750 91 941 289 1,158 2,298 1,521 12,342 13,277 1,130 273 89,532 '88,224 '53,255 '21,321 1,158 254 749 82 886 '282 1,308 '2,287 1,638 12,349 13,379 1,130 Oct. 4 89,146 87,942 53,255 21,275 1,170 220 738 84 896 287 1,204 2,238 1,731 12,355 13,397 1,136 11 89,820 88,549 53,310 21,332 1,171 291 756 79 890 298 1,271 2,149 1,711 12,402 13,364 [,133 18 90,004 89,017 53,497 21,417 1,180 340 761 76 888 299 987 2,133 1,762 12,420 13,353 [,132 25 89,789 88,825 53,484 21,331 1,196 319 847 78 890 299 964 2,052 1,773 12,439 13,390 1,130 r Revised. of commercial loans by industry effective Sept. 27, 1961. For banks in 1 After deduction of valuation reserves. all leading cities, the change reduced commercial and industrial loans by 2 Exclusive of loans to domestic commercial banks and after deduction a net of $135 million. Prior figures are not being revised. of valuation reserves; individual loan items are shown gross. NOTE.—Figures reflect new coverage; for description of changes in the 3 Several loan categories have been revised incident to new classifications series, see BULLETIN for June 1961, p. 654. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 1317 ASSETS AND LIABILITIES OF BANKS IN LEADING CITIES—Continued [In millions of dollars] Cash assets, excluding cash items in process Investments of collection Tota U. S. Government obligations assets— Wednesday Total Bills c C t a i e f t i e r - - s Wi N th o - m te a s tu an ri d n g b — onds O s ri e t t c h ie u e s - r Total d b a o w B a n t m n i a i c c t l e k e h - s s s - b a w e B f a n o i n a i c g r t l e k n h - - s s Cu c a r o r n e i d n ncy B s F w e R a . r i n e v t R - k h e . s s a o s A t s h e l e l t r s a c l c T i a a c a t p o i n o b e i t d u i s t a l a n i l - l ts in 1 to After 1 year 5 years 5 years Total— Leading Cities 1961 Aug. 2 33,790 5,856 1,556 5,498 16,385 4,495 11,061 16,807 2,802 124 [,342 12,539 4,342 149,418 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 Sept. 6 33,321 5,556 1,516 6,244 15,887 4,118 11,287 16,973 3,001 132 ,377 12,463 4,410 148,166 13!. 33,171 5,457 1,508 6,229 15,847 4,130 11,629 17,211 2,955 141 1,475 12,640 4,420 151,134 20 33,181 5,469 1,550 6,284 15,792 4,086 11,714 17,452 2,875 142 1,449 12,986 4,370 151,402 27 34,414 6,717 1,548 6,310 15,776 4,063 11,700 16,727 2,824 153 [,490 12,260 4,474 151,540 Oct 4 . 33,643 6,109 1,530 6,325 15,638 4,041 11,806 17,249 2,932 152 ,336 12,829 4,420 151,753 11 34 240 5,607 1 514 6,333 16,755 4 031 11,755 16,973 2,833 150 L444 12,546 4,411 152 835 18 34,608 6,059 1,516 6,319 16,719 3,995 11,703 17,415 2,937 138 460 12,880 4,427 154,439 25 34,327 5,879 1,507 6,299 16,668 3,974 11,615 17,461 2,761 150 1,483 13,067 4,426 151,630 New York City 1961 Aug. 2 7,858 1,852 521 1.203 3,457 825 2,536 3,750 70 54 182 3,444 1.859 38,311 9 7,814 1,814 513 1,147 3,514 826 2,540 3,926 77 46 180 3.623 1,904 37.547 16 7,967 1,993 510 1,398 3,264 802 2 583 3,725 58 54 177 3,436 1,859 37 896 23 7,972 1,981 510 1,440 3,249 792 2,598 3,620 61 50 173 3.336 1,866 37,286 30 8,069 2,197 493 1,327 3,270 782 2,674 3,742 61 62 187 3,432 1,914 37,448 Sent. 6 7,939 2 128 494 1,270 3,269 778 2,678 3,879 54 62 184 3,579 1,924 37,419 I?:::::::::: 8,042 2,254 486 1,262 3,267 773 2,891 4,147 70 71 200 3,806 1,961 38,990 20 . .. . 8 003 2 279 495 I 292 3,197 740 2 884 4,148 79 72 186 3,811 1,905 38 935 27 8,280 2,573 498 1,299 3,172 738 2,865 3,922 61 78 199 3,584 1,984 39,181 Oct. 4 7,853 2,205 499 1,340 3,068 741 2,909 4,256 78 75 183 3,920 1,937 38 972 11.. . 7 875 1 996 500 I 320 3,317 742 2 881 4,003 86 67 210 3,640 1,918 39 274 18 7,921 2,083 504 1.337 3,265 732 2,870 3,663 78 56 192 3,337 1,947 39,568 25 7,823 1,995 506 i;341 3,267 714 2,778 4,349 68 70 205 4,006 QH 38,502 Outside New York City 1961 Aug. 2 25.932 4,004 1,035 4,295 12.928 3 670 8 525 13 057 2 732 70 1,160 9,095 2,483 111,107 9::.::::::: 25,513 3,572 1,027 4,198 13.051 3,665 8,551 12,961 2,567 75 1,180 9,139 2.471 109,706 16 . 25,361 3,468 1,010 4,814 12,680 3,389 8,604 13,102 2,795 71 1,170 9.066 2.431 111,838 23 25,350 3,413 1,012 4,872 12,695 3,358 8,600 12,826 2,724 68 1,230 8,804 2,394 109,678 30 25.395 3.435 1,028 4,940 12,648 3,344 8,612 12,588 2,546 68 1,275 8,699 2,450 109,395 Sent 6 . 25,382 3,428 1,022 4,974 12,618 3,340 8,609 13,094 2,947 70 1,193 8,884 2,486 110,747 13:::::::::: 25,129 3,203 1,022 4,967 12,580 3,357 8,738 13,064 2,885 70 1,275 8,834 2,459 112,144 20 25,178 3,190 1,055 4,992 12,595 3,346 8,830 13,304 2,796 70 1,263 9,175 2,465 112,467 27 26,134 4,144 1,050 5,011 12,604 3,325 8,835 12,805 2,763 75 1,291 8,676 2,490 112,359 Oct. 4 25,790 3,904 1,031 4,985 12,570 3,300 8,897 12,993 2,854 77 1,153 8,909 2,483 112,781 11. . 26,365 3,611 1,014 5,013 13,438 3,289 8,874 12,970 2,7'47 83 1,234 8,906 2,493 113,561 18 26,687 3,976 1,012 4,982 13,454 3,263 8,833 13,752 2,859 82 1,268 9,543 2,480 114,871 25 26,504 3,884 1,001 4,958 13,401 3,260 8,837 13,112 2,693 80 1,278 9,061 2,513 113,128 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

1318 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 - i j p u m D s o a d a t d e s e e n - i - - d t d s ? TotaP p v c s a i I o d h a r n r t u n i d n p p a d i e o s - l , s r - - , S p d s a i t o u c i a n v l b a t i d e i - l t - - s e F ig o n r- ^ G U o .S v . 't. c m m D c o t e i i e o m a c s r - l - - - Total* S in a g v s - p v s a i I d h r n t u i d n p a i e s - l O , r s - , the S p r a i t o c a n l t a t i d i e l t m - s e e F ig o n r- • 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 - ] - ts rations sions banks and subcorpo- divirations sions Toted— Leading Cities: 1961 Aug. 2... 129,73162,381 89,427 64,044 5,107 ,682 4,08611,20140,304 28,,862 6,389 2,783 1,962 122 1,714 5,24112,610 9... 127,484 6"1,998 87,046 63,157 4,776 ,593 3,0.7.9. 11,.2 1140,,4 38 _2_8,,9'55 6,394 2,799 1,975 399 1,439 5,30512,626 16... 129,587 61,017 89,113 64,013 4,712 ,689 4,111166 11,557 40,474 28,985 6,336 2,811 2,022 88 1,947 5,48812,624 23... 127,367 61,434 86,846 62,748 4,702 ,667 3,748 29,015 6,351 2,811 2,027 1,561 5,40912,622 30... 127,039 61,855 86,379 62,935 4,847 ,598 3,568 586 40)660 29,030 6,415 2,817 2,083 26 1,674 5,44912,655 Sep,^... 128,475 61,791 87,722 63,895 4,673 ,583 2,787 880 40,753 29,079 6,458 2,783 2,127 31 1,503 5,48812,669 130,896 63,341 89,957 67,108 4,480 ,573 1,974 787 40,939 29,110 6,589 2,809 2,126 11 2,025 5,52912,673 20... 131,304 62,720 90,394 65,689 4,494 ,635 3,626 719 40,910 29,156 6,519 2,788 2,140 179 1,761 5,51012,648 27... 131,36162,166 90,354 64,480 4,693 ,643 5,533 022 41,00729,244 6,512 2,777 2,154 72 2,003 5,42212,682 Oct. 4... 132,067 61,542 90,894 64,305 4,739 1,624 5,02311,922 41,173 29,400 6,498 2,775 2,180 24 1,744 5,18512,733 11... 132,< ,189 91,741 65,924 4,374 1,586 4,669 11)993 41,258 29,466 6,512 2,757 2,205 75 1,780 5,23212,749 18... 134,387 63410 93,170 67,325 4,407 1,721 4,36612,270 41,217 29,516 6,499 2,709 2,174 19 1,934 5,37312,726 25... 131,705 63920 90,463 66,365 4,505 1,634 3,62811,41441,242 29,565 6,485 2,703 2,180 226 1,544 5,41912,736 New York City 1961 Aug. 2 31,23416,197 24,506 16,660 265 ,261 1,238 3,060 6,728 2,673 2,140 248 ,533 76 638 2,734 3,629 9 30,227766 15,949 23,537 16,336 234 ,181 937 2,830 6,739 2,685 2,121 253 ,541 123 719 2,792 3,637 16 30,5._2.5 15,795 23,735 16,408 260 ,263 1,088 2,943 6,790 2,694 2,111 260 ,584 906 2,826 3,639 23 30, 1~3~2 15,845 23,319 16,229 239 ,229 962 2,922 6,813 2,697 2,121 262 ,592 671 2,845 3,638 30 30, ,967 23,190 16,422 324 ,138 887 2,770 6,857 2,709 2,141 250 ,617 891 2,865 3,627 30,19416,212 23,319 16,595 246 ,159 709 2,951 6,875 2,711 2,149 247 ,636 713 2,876 3,631 *"• it:::::: 31,21416,818 24,226 17,761 240 ,150 474 2,820 6,988 2,716 2,264 250 ,630 1,221 2,913 3,634 20 3 3 1 1 , , 4 6 5 0 8 81 1 6 6, , 5 1 6 6 5 0 2 2 4 4 , , 6 5 5 2 3 0 1 1 7 6 , , 1 9 8 1 1 4 2 29 7 9 4 , , 2 2 2 4 9 0 1, 9 48 0 2 9 2 2, , 9 9 1 7 0 5 6 6 , , 9 9 3 5 8 5 2 2 , , 7 74 3 6 0 2 2 , , 1 18 7 6 0 2 2 4 3 8 8 , ,6 6 5 4 7 2 1, 9 08 8 7 4 2 2, , 8 7 3 9 6 2 3 3 , , 6 6 1 2 9 5 27 Oct. 4 31,634 15,955 24,589 16,733 275 ,209 1,328 3,058 7,045 2,761 2,207 255 ,680 951 2,725 3,649 11 31,75815,838 24,675 17,016 277 ,197 1,254 2,971 7,083 2,770 2,219 252 ,698 1,091 2,765 3,655 18 32,38916,758 25,361 17,795 327 ,308 1,158 2,956 7,028 2,769 2,211 242 ,663 720 2,801 3,658 25 31,15416,512 24,126 17,059 310 ,208 956 2,871 7,028 2,787 2,198 238 ,665 45 813 2,827 3,663 Outside New York City 1961 Aug. 2.... 98,497 46,184 64,921 47,384 4,842 421 2,848 8,14133,576 26,189 4,249 2,535 429 46 1,076 2,507 8,981 9..., 97,208 46,049 63,509 46,821 4,542 412 2,142 8,38133,699 26,270 4,273 2,546 434 276 720 2,513 8,989 16..., 99,062 45;,222 65,378 47,605 4,452 426 3,028 8,614 33)684 26,291 4,225 2,551 438 88 1,041 2,662 8,985 23..., 97,235 45!,589 63,527 46,519 4,463 438 2,786 8,13333,70826,318 4,230 2,549 435 5 890 2,564 8,984 30..., 96,,'992 45 63,189 46,513 4,523 460 2,681 7,816 3~3803 26,321 4,274 2,567 466 783 2,584 9,028 Sept. 6 98,28145,579 64,403 47,300 4,427 424 2,078 8,,929 33,87826,368 4,309 2,536 491 26 790 2,612 9,038 13... 99,682 4"6,523 65,731 49,347 4,240 423 1,500 8,96733,95126,394 4,325 2,559 496 3 804 2,616 9,039 20... 99,846 46,155 65,874 48,508 4,220 406 2,717 8,774 4 33))99772 2266,426 4,333 2,540 498 97 777 2,718 9,029 27.... 99,753 46,006 65,701 47,566 4,394 403 4,051 112 34,052 26,498 4,342 2,539 497 47 916 2,586 9,057 Oct. 4... 100,433 45,587 66,305 47,572 4,464 415 3,695 8,864 34,12826,639 4,291 2,520 500 11 793 2,460 9,084 11... 101,241 46,351 67,066 48,908 4,097 389 3,415 9,02234,17526,696 4,293 2,505 507 70 689 2,467 9,094 18.... 101,998 46,652 67,809 49,530 4,080 413 3,208 9,314 34)189 2266,747 4,288 2,467 511 19 1,214! 2,572 9,068 25.... 100,55147,408 66,337 49,306 4,195 426 2,672| 8,54334)214 26,778 4,287 2,465 515 181 731! 2,592 9,073 * Total demand and total time deposits. * 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 1319 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY' [Net increase, or decrease (—), during period.2 In millions of dollars] Week ending— Month Quarter Half year Business ot borrower3 1961 1961 1961 1960 1961 1960 O 2 c 5 t. O 1 c 8 t. O 4 c, S 2 ep 7 t. Oct. Sept. Aug. S Ju e l p y t - . J S u e l p y t - . O De c c t . .- J J a u n n . e - J J a u n n . e - Classification basis New Old New Old Durable goods manufacturing: Primary metals 9 9 -11 4 7 T M r a a c n h s i p n o e r r t y ation equipment — -2 3 7 7 -9 8 -1 1 0 9 - - 1 2 6 1 - - 1 5 5 - - 1 7 6 7 24 -83 -301 -355 -310 -100 1,062 O O t t h h e e r r f d a u b r r a i b ca le t e g d o o m d e s tal products - - 2 1 1 8 -15 - - 6 7 -11 A - - 1 1 0 - - - 3 5 1 1 n.a. n.a. Nondurable goods manufacturing: Food, liquor, and tobacco -5 46 33 68 36 36 142 158 106 156 141 438 -498 -558 T C P e e h x t e r t m o il l i e e c s u a , m l a s p r a p e n a f d i r n e i r l n u , g b a b n e d r leather - - 4 5 1 5 7 -7 3 7 3 6 - - 2 2 1 1 4 4 - - 2 2 1 8 -24 -29 -1 -2 6 3 8 7 6 -2 4 9 2 -14 7 3 6 -15 4 2 3 -7 8 5 8 -3 1 0 3 3 4 1 8 7 1 7 - 2 5 7 2 3 Mi O n t i h n e g r , n i o n n c d lu u d ra in b g le g c o ru o d d e s petroleum and -9 -11 -4 -4 -9 -28 n.a. n.a. n.a. n.a. n.a. n.a. n.a. natural gas -9 155 5 18 5 -24 170 3 17 73 -102 249 354 Trade: Commodity dealers 42 17 16 31 2 106 -36 87 102 120 387 -325 -677 O Re th ta e i r l wholesale -13 14 2 7 0 2 1 7 9 2 1 5 6 -1 7 3 7 6 61 124 -30 -175 372 Transportation, communication, and other public utilities 9 -37 3 49 50 52 24 193 -94 49 66 -4 -330 -48 Construction -2 -3 13 3 -9 -10 11 17 9 43 34 1 53 96 All other types of business, mainly services.. -6 4 19 10 -45 -44 27 -2 118 131 101 209 406 155 Net change in classified loans -116 154 105 93 -6 236 461 155 190 196 419 -463 977 Commercial and industrial change—all weekly reporting banks4 -143 171 63 -19 5-132 5-132 72 329 156 36 -107 412 -387 1,186 n.a. Not available. includes a part of old "Other manufacturing and mining," with which i Data for sample of about 200 banks reporting changes in their larger it is compared; a part of "Metals and metal products;" and coal, crude loans; these banks hold about 95 per cent of total commercial and in- petroleum, and natural gas from old "Petroleum, coal, chemicals, and dustrial loans of all weekly reporting member banks and about 70 per rubber." "Other durable" and "Other nondurable" were in old "Other cent of those of all commercial banks. manufacturing and mining." 2 Figures for periods other than weekly are based on weekly changes. 4 Revised to reflect new coverage; see BULLETIN for June 1961, p. 654. 3 Because of reclassifications as of Sept. 27, 1961, many categories are 5 Includes decrease of $135 million resulting from corrections of not strictly comparable with prior data; for example, new "Mining" misclassifications disclosed incident to the revisions as*of Sept. -27, 1961 . BANK RATES ON SHORT-TERM BUSINESS LOANS i [Weighted averages. Per cent per annum] Size of loan Size of loan A an re d a All (thousands of dollars) A an re d a All (thousands of dollars) period loans 10- 100- 200 period loans 1- 10- 100- 200 10 100 200 and over 10 100 200 and over Annual averages, Quarterly—cont.:2 19 large cities: New York City: I960—Sept 4.74 5.73 5.45 5.00 4.62 1952 3.5 4.9 4.2 3.7 3.3 Dec 4.77 5.73 5.42 4.99 4.66 1953 3.7 5.0 4.4 3.9 3.5 1961_Mar 4.75 5.67 5.40 5.03 4.64 1954 3.6 5.0 4.3 3.9 3.4 June 4.75 5.63 5.39 5.06 4.63 1955 3.7 5.0 4.4 4.0 3.5 Sept 4.75 5.65 5.36 5.06 4.64 1956 4.2 5.2 4.8 4.4 4.0 7 Northern and 1957 4.6 5.5 5.1 4.8 4.5 Eastern cities: 1958 4.3 5.5 5.0 4.6 4.1 1960—Sept 4.96 5.90 5.54 5.21 4.81 1959 5.0 5.8 5.5 5.2 4.9 Dec 4.97 5.86 5.52 5.19 4.83 1960 5.2 6.0 5.7 5.4 5.0 1961—Mar 4.96 5.85 5.49 5.20 4.82 June 4.95 5.84 5.45 5.15 4.82 Sept 5.05 5.86 5.53 5.18 4.93 Quarterly:2 19 large cities: 11 Southern and Western cities: I960—Sept 4.97 5.94 5.58 5.21 4.78 1960—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 Sept 4.99 5.87 5.52 5.19 4.82 Sept 5.26 5.97 5.62 5.28 5.04 1 For description see BULLETIN for March 1949, pp. 228-37. per cent): 1953—Apr. 27, 3*4; 1954—Mar. 17, 3; 1955—Aug. 4, 3V4; 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, 4Vi; 1958— Jan. 22, 4; Apr. 21, 3Vi; Sept. 11, 4; 1959—May 18, 4Vi; Sept. t, 5; and NOTE.—Bank prime rate was 3 per cent Jan. 1, 1952-Apr. 26, 1953. I960—Aug. 23, 4i/2. Changes thereafter occurred on the following dates (new levels shown, in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1320 INTEREST RATES MONEY MARKET RATES [Per cent per annum] Ur. S. Government Securities (taxable)4 Prime Finance Year, month, or week m 4 m p c o - a e o t n p r m o c t e h i e r - a s - , l i c m d 3 o p p i - m o r l a a e n t p p c o c t e e a t h l 6 r d n y s - y 2 , 9 b a 0 a P a c n n r c d i c k e m a e e p y s r e t s , s - 3 ' o i n R s s a 3 n u t - e e e m w onth M b y il a i l e r s l k d et o i n R s s a 6 n u t - e e e m w onth M b y il a i l e s r l k d et 9 ( - m y B t i o a e i r l l l k d 1 s e ) 2 t -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 3.97 3.82 3.49 3.405 3.37 3.832 3.79 4.11 4.33 1960 average 3.85 3.54 3.51 2.928 2.87 3.247 3.20 3.41 3.55 3.99 I960—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 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 2.92 2.64 2.81 2.402 2.39 2.670 2.66 2.91 3.03 3.80 Sept 3.05 2.68 2.84 2.304 2.28 2.689 2.68 2.88 3.03 3.77 Oct 3.00 2.79 2.75 2.350 2.30 2.702 2.66 2.90 2.97 3.64 Week ending— 1961 Sent 30 . 3.00 2.66 2.75 2.233 2.25 2.697 2.69 2.87 2.98 3.70 Oct 7 3.00 2.81 2.75 2.302 2.28 2.683 2.64 2.83 2.91 3.65 14 3.00 2.81 2.75 2.389 2.34 2.684 2.67 2.84 2.96 3.67 21 3.00 2.81 2.75 2.382 2.29 2.734 2.68 2.97 3.02 3.66 28 3.00 2.76 2.75 2.325 2.29 2.708 2.67 2.94 2.97 3.62 i Average of daily offering rates of dealers. « Except for new bill issues, yields are averages computed from daily * Average of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Consists of certificates of indebtedness and selected note and bond 3 Average of daily prevailing rates. issues. « Consists of selected note and bond issues. BOND AND STOCK YIELDS 1 [Per cent per annum] Government bonds <Corporate bonds 3 Stocks 5 State By selected By Dividend/ Earnings/ Year, month, or week United and localj ratings groups price ratio price ratio States (long- TotaH term) 2 Total* 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 - 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 5.91 I960—-Oct 3 91 3.64 3 20 4 16 4 63 4 30 5 11 4 50 4 84 4 56 4 75 3 60 Nov 3.93 3.57 3.14 4.09 4.64 4.31 5.08 4.51 4.85 4.56 4.78 3.51 Dec 3.88 3.53 3.12 4.03 4.66 4.35 5.10 4.55 4.87 4.58 4.84 3.41 5.33 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 4.18 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 3.88 3.63 3.35 3.97 4.63 4.33 5.03 4.54 4.83 4.52 4.66 2 99 H 67 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 Aug 4.00 3.62 3.33 3.96 4.73 4.45 5.11 4.60 4.92 4.67 4.69 2.91 Sept 4.02 3.64 3.33 4.02 4.74 4.45 5.12 4.61 4.94 4.67 4.69 2.93 Oct 3.98 3.59 3.28 3.98 4.73 4.42 5.13 4.60 4.92 4.66 4.62 2.91 Week ending— 1961 Sept 30 3.98 3.61 3.31 4.00 4.74 4.45 5.12 4.60 4.95 4.67 4.65 2.97 Oct. 7 3.98 3.61 3.30 4.00 4.74 4.43 5.13 4.60 4.94 4.66 4.63 2.94 14 4 00 3.60 3.30 4.00 4 72 4.42 5 13 4 60 4 92 4 65 4 63 2 90 21 3.98 3.59 3.27 4.00 4.72 4.42 5.13 4.59 4.92 4.66 4 61 2 90 28 3.96 3.56 3.25 3.94 4.72 4.42 5.13 4.60 4.91 4.65 4.60 2.90 p Preliminary. • Includes bonds rated Aa and A, data for which are not shown sepa- * 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 1321 SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's index Securities and Exchange Commission index of (1941-43= 10) (1957-59= 100) trad- Ye o a r r , w m e o ek nth, t ( G U e lo r o . n m v S g t ^ . . - n g ( i r M h c a i i d g u p h e - a ) - l 3 g ( C r h r p a a i o o d g t r e - e h - ) - 3 Total d tr I u n ia s - l - R ro a a i d l- P u i l u t t i i y c b l- - Total Tot M al anu r D f a a b u c l - e turin N r g d a o b u n l - e - T p t r o i a o r n n ta s - - P u l i u i t t c i y b l - - - T n s a a r e i f n n c a r i- e v d c d e - e , , M in i g n- s s t h i h a n a ( o n o i g r n f d - e u * s s - ) Number of issues. 15 17 500 425 25 50 300 193 108 85 18 34 45 10 1958 average. 94.02 106.4 102.9 46.24 49.36 27.05 37.22 93.2 92.5 90.4 94.4 91.0 95.8 95.1 97.9 2,965 1959 average. 85.49 100.7 95.0 57.38 61.45 35.09 44.15 116.7 116.5 120.8 112.6 115.6 117.6 122.3 95.0 3,242 1960 average. 86.22 103.9 94.7 55.85 59.43 30.31 46.86 113.9 110.9 117.3 104.9 95.8 129.3 127.4 73.8 3,042 I960—Oct.. 87.50 105.9 96.0 53.73 56.90 27.77 47.34 109.1 104.9 109.4 100.8 88.0 130.5 122.8 71.8 2,592 Nov.. 87.23 107.7 95.5 55.47 58.89 28.93 47.83 112.6 108.5 113.0 104.5 91.7 132.0 129.3 74.1 3,100 Dec.. 87.84 108.0 95.1 56.80 60.22 29.03 49.78 115.2 110.3 114.5 106.4 92.6 138.5 132.4 78.2 3,684 1961—Jan... 87.70 108.1 95.6 59.72 63.20 31.43 52.73 120.9 115.3 118.6 112. 100.3 148.7 134.8 85.1 4,243 Feb.., 88.74 109.7 96.3 62.17 65.71 32.17 55.64 125.4 119.2 121.4 117.3 102.6 156.0 139.8 89.0 4,884 Mar.. 89.07 108.9 97.0 64.12 67.83 32.93 57.06 129.8 123.9 127.8 120.3 104.2 159.2 146.7 89.2 5,365 Apr.. 88.80 108.1 96.4 65.83 69.64 32.35 59.09 133.0 125.8 128.5 123.3 103.4 168.9 150.4 93.5 5,089 May. 89.74 109.0 96.0 66.50 70.34 33.08 59.59 134.9 127.6 130.6 124.9 107.5 170.0 153.1 <96.9 4,617 June. 87.83 106.8 95.0 65.62 69.48 32.41 58.43 132.8 126.0 128.0 124.2 105.1 164.0 156.0 97.0 3,324 July.. 87.57 106.7 94.5 65.38 69.09 31.78 59.36 132.7 125.2 126.5 123.9 103.3 166.7 158.5 93.1 3,045 Aug.. 86.27 106.5 93.9 67.79 71.69 32.76 61.19 137.4 130.1 131.3 129.0 107.0 170.6 164.2 92.8 3,545 Sept.. 86.09 106.6 93.9 67.26 70.89 33.02 62.19 136.2 128.9 131.7 126.4 106.8 168.9 166.4 87.3 3,193 Oct.. 86.61 107.7 94.6 68.00 71.42 34.53 64.15 138.0 129.1 132.2 126.4 110.1 173.9 76.6 90.3 3,318 Week ending— 1961—Sept. 30 86.60 107.4 94.2 66.27 69.75 32.87 61.77 134.9 127.0 130.7 123.7 106.5 169.5 166.6 85.7 3,311 Oct. 7 86.60 107.4 94.4 67.28 70.71 34.11 63.24 137.4 129.2 132.7 126.0 110.9 171.8 171.4 87.0 3,248 14 86.26 107.4 94.6 68.08 71.51 34.98 64.11 137.5 128.8 132.3 125.5 111.0 173.3 174.8 89.0 3,235 21 86.55 107.7 94.5 68.17 71.60 34.78 64.25 138.5 129.4 132.1 127.0 110.1 174.5 180.5 92.3 3,364 28 86.82 108.4 94.9 68.23 71.64 34.39 64.66 138.4 129. 131.5 127.0 108.5 175.9 179.8 92.7 3,398 c Corrected. 2 Prices derived from average market yields in preceding table on basis * Monthly and weekly data for (1) U. S. Govt. bond prices, Standard of an assumed 3 per cent, 20-year bond. and Poor's common stock indexes, and volume of trading are averages 3 Prices derived from average yields, as computed by Standard and of daily figures; (2) municipal and corporate bond prices are based on Poor's Corporation, on basis of a 4 per cent, 20-year bond. Wednesday closing prices; and (3) the Securities and Exchange Commis- * Average daily volume of trading in stocks on the New York Stock sion series on common stock prices are based on weekly closing prices. Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit2 End of month' o s t T e h c o e u r t r a i t t h l i - e a s n N N ew et Y d o e r b k it f S i b r t m a o l c s a k 2 n c E e x s c w ha it n h ge ch b a B r s o a i k n n e g k r s a l o n a a d n n d c s a d t r o e r y a o l i e n th r g s e ) r s s e f o c ( u r t r h p i a t u i n e r s - 2 Money borrowed Cust n o e m t ers' U. S. Govt. free ob (c c l o i o g l l . a . t 3 5 io ) + ns U S ob e . c l S i u g . r a e G t d i o o b v n y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o on v s t. se O cu th ri e ti r es U ob . l S ig O . a n G tio o n v s t. se o c O u th r n i e t r ies ba c l r a e n d c it es 1957—Dec. 3,576 68 2,482 60 ,094 125 1,706 896 1958—Dec. 4,537 146 3,285 63 ,252 234 2,071 1,159 1959—Dec. 4,461 150 3,280 164 ,181 221 2,362 996 I960—Oct.. 4,303 111 3,133 136 ,170 161 2,139 ,063 Nov. 4,303 99 3,141 128 ,162 139 2,129 ,062 Dec. 4,415 95 3,222 134 ,193 142 2,133 ,135 1961—Jan.. 4,424 77 3,253 123 ,171 101 1,937 ,269 Feb.. 4,532 68 3,358 127 ,174 94 1,905 ,392 Mar. 4,787 55 3,601 110 ,186 70 1,927 ,507 Apr.. 5,190 50 3,936 112 ,254 67 2,284 ,508 May, 5,386 40 4,060 108 ,326 58 2,529 ,453 June. 5,367 51 4,024 104 ,343 67 2,748 ,280 July. 5,355 50 3,991 106 ,364 69 2,728 ,207 Aug. 5,349 49 3,972 102 ,377 56 2,679 ,208 Sept. * 5,311 46 3,991 M09 ,320 64 2,666 ,227 Oct.. 5,333 44 4,029 103 ,304 56 2,654 ,214 1 Data for cols. 4-7 are for last Wednesday of month. 3 Figures are for weekly reporting member banks. Prior to July 1959, 2 Ledger balances of member firms of the New York Stock Exchange loans for purchasing or carrying U. S. Government securities were recarrying margin accounts, as reported to the Exchange. Customers' debit ported separately only by New York and Chicago banks. Accordingly, and free credit balances exclude balances maintained with the reporting for that period col. 5 includes any loans for purchasing or carrying such firm by other member firms of national securities exchanges and balances securities at other reporting banks. Composition of series also changed of the reporting firm and of general partners of the reporting firm. Bal- beginning with July 1959; revised data for the new reporting series (but ances are net for each customer—i.e., all accounts of one customer are not for the breakdown of loans by purpose) are available back through consolidated. Money borrowed includes borrowings from banks and July 1958 and have been incorporated. from other lenders except member firms of national securities exchanges. 4 Reclassification of loans reduced these items by $66 million. See note 3, p. 1316. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1322 OPEN MARKET PAPER; SAVINGS INSTITUTIONS COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and 1inance company paper Held by- Based on— End of year Accepting banks F. R. Goods stored in or or month Placed Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in— Total through ly into from exdealers i ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 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 32,744 840 31,904 1,194 302 238 64 49 68 775 254 349 83 244 263 1959 3,168 677 2,491 1,151 319 282 36 75 82 675 357 309 74 162 249 I960—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 I 479 3,489 2,049 730 554 176 46 179 1,093 388 702 104 291 563 Mar 4,992 [,525 3,467 2,231 842 641 202 46 173 1,169 408 821 110 269 623 Apr 5 001 I 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 June . . 4,851 1,460 3,391 2,271 913 697 216 36 156 1,166 395 896 70 207 703 July 4,904 [,534 3,370 2,301 915 727 188 32 144 1,210 415 926 45 186 729 AUK 4,862 [,617 3,245 2.400 970 753 217 34 137 1,259 429 964 49 192 765 Sept 4,789 1,730 3,059 2,422 946 740 207 35 123 1,318 452 964 59 191 757 1 As reported by dealers; includes finance company paper as well as 3 Beginning with November 1958, series includes all paper with maturity other commercial paper sold in the open market. of 270 days and over. Figures on old basis for December were (in 2 As reported by finance companies that place their paper directly with millions of dollars): Total 2,731; placed directly, 1891. investors. MUTUAL SAVINGS BANKS [Data from National Association of Mutual Savings Banks unless otherwise noted. Amounts in millions of dollars] Loans Securities Total assets— Mortgage oan Total Other Surplus commitments2 E o n r d m of o n y t e h ar M ga o g r e t- Other G U o .S v . t. S g l a o o t n c a v d a t t e l . C o r t o a h a n r e t p d e r o i - a C s a se sh ts O as t s h e e ts r s l a u ia a c t r i b n c p e i t d l s l s u i . - s Deposits lia ti b e i s li- co a u c n - ts Number Amount 1941 4,787 89 3,592 1,"86 829 689 11,772 10,503 38 1,231 n.a. n.a. 1945 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1953 12,792 165 9,191 428 3,311 982 330 27,199 24,388 203 2,608 n.a. n.a. 1954 14,845 188 8,755 608 3,548 1,026 380 29,350 26,351 261 2,738 n.a. n.a. 1955.. 17,279 211 8,464 646 3,366 966 414 31,346 28,182 310 2,854 n.a. n.a. 1956 19,559 248 7,982 675 3,549 920 448 33,381 30,026 369 2,986 n.a. n.a. 1957 20,971 253 7,583 685 4,344 889 490 35,215 31,683 427 3,105 n.a. n.a. 1958 23,038 320 7,270 729 4,971 921 535 37,784 34,031 526 3,227 89,912 1,664 19593 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 I960—Aug 26,018 449 6,544 686 4,957 765 564 39,983 35,589 878 3,516 56,013 1,090 Seot 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 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 ,334 Mar 27,207 453 6,566 666 5,110 855 624 41,480 37,000 850 3,630 68,646 ,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 27 771 417 6,296 687 5,158 861 616 41,806 37,427 720 3,659 66,467 1,674 July 27,972 385 6,314 685 5,160 835 620 41,970 37,450 852 3,668 66,544 ,792 Aug 28,179 431 6,320 686 5,137 821 629 42,202 37,549 935 3,718 64,910 1,536 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 1323 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets United State and gages estate loans assets Total States local Foreign2 Total Bonds Stocks (U.S.) End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38.040 3,503 32,989 2,817 3,519 4,076 1957 101,309 10,690 7.029 2,376 1,285 44,057 40;666 3,391 35,236 3,119 3,869 4,338 1958 107,580 11,234 7,183 2,681 1,370 47,108 42,999 4,109 37,062 3,364 4,188 4,624 1959 113,650 11,581 6,868 3,200 1,513 49,666 45,105 4,561 39,197 3,651 4,618 4,937 1960 119,576 11,679 6,427 3,588 1,664 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 1,369 46,420 43,044 3,376 37,092 3,387 4,186 5,253 1959—Dec 113,650 11,599 6,858 3,221 1,520 48,840 45,157 3,683 39,237 3,678 4,620 5,676 I960—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 Apr 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 July 123,381 11,972 6,440 3,786 1,746 52,622 48,244 4,378 43,052 3,870 5,541 6,324 Aug 123,902 12,021 6,440 3,822 1,759 52,839 48,424 4,415 43,216 3,901 5,580 6,345 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 End of year assets2— loan or month M ga o g r e t s - o G U b o l . i S v g t . a . - Cash Other3 lia T b o il t i a ti l es S c a a v p i i n ta g l s u R n e d a s i e n v r d i v d e e s d B m or o r n o e w y e 4 d L p o r a o n ce s s i s n Other c m om en m ts i 5 ttions 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 1,484 862 1958 45,627 3,819 2,585 3,108 55,139 47,976 3,845 1,444 ,161 713 1,475 1959 53,194 4,477 2,183 3,676 63,530 54,583 4,393 2,387 ,293 874 1,285 1960 60,084 4,586 2,715 4,104 71,489 62,154 4,982 2,191 ,183 979 1,360 I960—Aug. 57,763 4,532 2,073 3,841 68,209 58,939 4,637 1,833 ,353 ,447 ,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 ,758 ,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 ,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 ,445 ,556 Mar. 61,571 4,978 2,682 4,191 73,422 64,003 4,991 1,620 ,226 ,582 ,787 Apr.. 62,265 4,960 2,706 4,304 74,235 64,420 5,002 1,708 ,322 ,783 ,951 May. 63,080 4,960 2,855 4,520 75,415 65,220 5,005 1,749 ,413 ,028 2,115 June, 64,073 4,991 2,987 4,460 76,511 66,582 5,287 2,023 ,535 ,084 2,120 July. 64,811 4,983 2,760 4,308 76,862 66,693 5,281 2,022 ,551 ,315 2,144 Aug. 65,717 5,051 2,674 4,387 77,829 67,189 5,284 2,154 ,594 ,608 2,186 0 Corrected. 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 s t o a 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 o a rt r s e o b f a n s o ed n in o s n u re m d o a n s th so ly c ia r t e io p n o s r . t s D of a ta in s p u r r i e o d 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 and fixtures. 2 Prior to 1958 mortgages are net of mortgage pledged shares. Asset 4 Consists of FHLB advances and other borrowing. items will not add to total assets, which include gross mortgages with 5 Not a balance-sheet item. no deductions for mortgage pledged shares. Beginning with January NOTE.—Data for 1960 and 1961 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1324 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period r B e u N ce d e i g p t e t t s re T P f c u r l e u n u i s d s p : t ts ac I G L t n r t e i a o t o s r n v s n a s t : s - . - * E p T r u f q e r t b o u o h c l t a m t e i a 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 r u 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 a t l t h a i l s e l c s . : t p p o fr u a t o o h y b ( m r e t l - i s , ) c . , & ( c ( o c - d r d r r I e ) a i e e n , r a g a d b e - s s e e i c t e e n n - t , .) t a it r n G g . N v e o f n . e u v . b t n t L & . y d e s ss— O d n c e a t o b h s n t e h - 4 r E b r i o q e n c ( N u r p g a ) r a a e s o l y h o t w s 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 5 20,534 3,167 95,078 76,539 5 20,891 3,129 94,301 111 3,371 953 597 1,821 11 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 10,568 1,465 48,295 -7,511 7,329! -856 574 7,615 I960—Jan.-June.. 44,188 12,420 2,287 54,294 37,348 11,590 2,931 46,006 8.288 -3,958 1,809 23 -5,794 July-Dec... 35,329 5 10,219 1,526 43,993 40,217 5 10,561 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—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 2,197i -514 112 2,600 Nov 6,300 2,344 236 8,403 6,773 1,754 -147 8,674 -271 -621 339 154 -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 Junep 10,749 2,975 1,353 12,367 7,948 2,320 822 9,446 2,921 -927 556 3 -1,486 July 2,982 1,002 189 3,793 6,322 1,873 293 7,902 -4,109 3,498 -863 195 4,167 Aug 6,367 3,297 298 9,357 7,631 2,052 -869 10,552 -1,195 1,412! 1,291 -442 563 S 8,945 1,478 199 10,218 6,771 2,204 727 8,248 1,970 449! -544 54 939 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a . s , h o r b a d l e a c n . c ( e — s: ) Acco S un ta t t e o s f ( T en re d a s o u f r e p r e r o io f d U ) nited s B d u u N e r o p f d i e 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 o n a n - s. i m s o a ( G s g + b N a u e o l r ) a i e n v k g n t c o e t a c . y t - f e i i n & s a n G e v g N c . e o t F . r e 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 l s a 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 c r c r e e o a r u ' s s n - t Balance B ( F a a D a . v b n e a l R k p e il . s o - sits t T a l i x u r n o e r — a a a y n n s- d O as n t s e h e t e ts r tions 6 funds 6 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 1961P.. -3,925 610 449 -733 -436 2,640 -83 -1,311 6,694 408 5,453 833 Semiannually: 1 19 9 6 5 0 9 — _ju J l a y n _ . D -Ju ec n . e . . . . . . -5 6 , , 6 8 1 4 7 1 -1,1 8 8 2 7 8 -4 2 3 8 7 8 6 3 5 6 7 6 -1,6 9 2 1 5 1 -4 6 , , 4 0 6 9 7 2 -1 1 0 0 5 1 2,4 2 2 3 1 3 5 8, , 0 5 0 8 5 3 5 5 0 0 4 4 4 6 , , 2 4 1 5 6 8 1,0 8 4 6 3 3 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: 1960—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 -All, 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 1,463 6,292 467 4,881 944 Mar 1,512 -119 580 -87 -423 -3,072 -112 -1,498 4,794 443 3,533 818 Apr -1,325 -686 205 -132 842 516 181 -761 4,034 633 2,315 1,086 May -702 1,544 -503 -86 -1,409 2,158 -126 1,128 5,162 372 3,994 796 June? 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 Aug , -1,265 1,244 -549 32 -1,397 1,310 -52 -572 6,020 543 4,745 732 Sept 2,174 -726 663 108 662 35 -20 2,936 8,956 348 7,754 853 n.a. Not available. p Preliminary. Budget expenditures, and payroll deductions for Federal employees re- * 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 1325 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin unless otherwise n®ted. 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 p e e - g t t s e 2 t f t O u a r n u g ld d T s e - t ? rans H f f t w r u e i u r g n a s s d y h t - to R m a ti r c . r e e c e - n R t - . t . c fu e R r o n i e e p f - d - t s s B c T u e r o d i e p t - g a t e l s t W he I i n t ld h d - ivid O ua th l er C ra o t r i p o o n - ta c E x i x s e e - s t p m a E x lo 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 r s e s .' - ' Fiscal year—1958.... 68,550 7,733 2,116 575 4,433 83,974 27,041 11,528 20,533 10,814 8,644 5,414 2,946 1,734 4,316 1959.... 67,915 8,004 2,171 525 4,933 83,904 29,001 11,733 18,092 10,760 8,854 5,464 3,002 1,807 4,315 I960.... 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 77,578 11,586 2,923 571 5,752 99,405 32,969 13,175 21,765 12,069 12,502 6,925 3,213 1,991 5,294 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 1960—Jan.-June 44,188 6,396 1,361 300 4,327 56,927 16,023 10,230 13,856 5,917 7,032 3,869 1,491 948 2,706 July-Dec 35,329 4,762 1,576 297 793 43,070 16,616 3,185 8,838 6,238 5,063 3,130 1,685 1,008 2,724 1961—Jan.-JuneP 42,249 6,824 1,347 274 4,959 56,335 16,353 9,990 12,927 5,831 7,439 3,795 1,528 983 2,570 Monthly: 1960—Sept 8,981 739 262 52 161 10,211 2,527 1,959 3,492 1,024 792 417 277 177 n.a. 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 1,049 2,149 534 918 348 539 204 128 Feb 6,537 1,448 235 77 530 9,153 4,781 786 444 861 1,814 467 169 116 1,403 Mar 8,524 1,285 213 48 1,792 11,878 2,413 759 5,799 1,082 1,348 477 313 213 Apr 5,125 720 201 14 1,296 7,359 916 3,403 493 831 736 980 231 160 May 6,467 1,941 237 77 1,036 9,767 4,743 956 411 1,072 2,020 565 285 176 1,167 June* 10,749 1,127 238 44 242 12,642 2,450 1,937 5,246 1,067 1,173 769 327 190 July 2,982 291 253 14 178 3,779 1,235 245 520 975 306 498 238 137 Aug 6,367 1,736 273 84 203 8,713 4,654 161 382 1,197 1,821 498 293 197 Sept.P 8,945 829 267 55 185 10,285 2,662 2,017 3,251 983 488 n.a. n.a. Budget expenditures9 Major national security Agri- Vet- culture Period Total 2 Total i M de i f l e it n a s r e y M as il s i i t s a 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 e f s a i r n t n v a s e s n - - ' d L w a a e n b lf d o a r re 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 a e n n l r t - nsources Fiscal year—1958.. 71,369 44,142 39,062 2,187 2,268 2,231 7,689 5,026 3,447 4,389 1,544 2,109 1,359 1959.. 80,342 46,426 41,233 2,340 2,541 3,780 7,671 5,174 4,421 6,529 1,669 3,421 1,606 1960.. 76,539 45,627 41,215 1,609 2,623 1,833 9,266 5,060 4,419 4,838 1,713 2,782 1,695 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: 1 t9 9 5 6 9 0— _ju J l a y_ n D .-J e u c n .. e. 3 3 9 7 , , 1 3 9 4 1 8 2 2 3 2 , , 1 5 1 0 9 8 2 2 0 0 , , 9 2 7 4 5 0 7 8 1 9 5 4 1 1 , , 3 2 3 9 3 0 1, 6 18 5 3 0 4 4 , , 7 4 7 9 2 4 2 2 , ,4 5 9 6 3 7 2 2, , 3 0 3 8 3 6 2 1 , , 9 8 6 7 1 7 9 7 4 7 1 2 1, 8 95 32 0 8 8 6 3 2 3 July-Dec.. 40,217 23,186 21,170 644 1,342 1,068 4,587 2,577 2,225 2,998 1,056 1,870 951 1961—Jan.-June? 41,286 24,216 22,048 802 1,374 1,524 4,468 2,685 2,724 2,041 952 2,069 980 Monthly: I960—Sept 6,793 3,910 3,600 79 226 161 746 416 388 412 213 380 182 Oct 6,829 3,728 3,432 77 217 164 756 422 376 727 182 330 140 Nov 6,773 3,884 3,537 114 228 301 740 436 378 476 193 236 140 Dec 6,847 4,217 3,867 123 222 143 772 438 366 594 146 219 165 1961—Jan 6,470 3,693 3,398 91 201 221 780 444 431 446 142 215 163 Feb 6,236 3,778 3,468 88 217 202 727 431 406 130 129 334 134 Mar 7,012 4,279 3,935 99 236 199 738 480 399 223 134 359 194 Apr 6,450 3,754 3,392 135 230 217 730 443 224 332 206 399 144 May 7,169 4,144 3,804 88 246 182 723 441 486 587 146 312 156 June?.... 7,948 4,568 4,051 301 244 213 770 446 692 757 195 392 189 July 6,322 3,453 3,179 27 232 223 773 422 398 486 153 318 157 Aug 7,631 4,046 3,763 51 227 255 739 471 535 711 236 440 252 Sept.P 6,771 3,855 3,585 62 204 292 740 418 402 419 218 313 119 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 1 ° 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

1326 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of U. S. Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s i l d T g i r o r o e t s a c s l t Total Total Bills c i C e n a d e t d e n r e t s e i b f s o i t s - - f Notes B e b l a l i e g n i 4 k - Bon s d t B s r r i a e c n - te k d b C v i o b o e n l r n e d t - - s Totals b S i o n a n g v d s - s n i s T a o n a n a t g v d e x s - s S i p ss e u c e ia s l 1941 Dec 64 3 57 9 50 5 41 6 2 0 6 0 33 6 8 9 6 1 2 5 7 0 1945_Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947_Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1953 Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 43.9 1956—Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957_Dec 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1958—Dec 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960—Oct 290.6 290.5 243.1 189.4 39.5 25.5 42.1 82.3 5.8 48.0 47.4 44.3 Nov 290.6 290.4 242.6 188.8 39.5 18.4 51.2 79.7 5.7 48.0 47.4 44.6 Dec ... 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961_Jan 290.2 290.0 242.8 189.3 39.7 18.4 51.3 79.8 5.6 47.9 47.2 43.8 Feb 290.7 290.5 243.5 189.9 39.9 11.5 58.7 79.8 5.6 47.9 47.3 43.7 Mar . 287.7 287.5 240.1 186.5 36.5 11.5 57.8 80.7 5.5 48.0 47.4 44.0 Apr 288.2 288.0 241.6 188.1 38.2 11.5 57.5 80.9 5.4 48.0 47.4 43.0 May 290.4 290.1 242.3 188.9 38.4 13.3 56.2 80.9 5.4 48.1 47.5 44.5 June 289.2 289.0 240.6 187.1 36.7 13.3 56.3 80.8 5.4 48.1 47.5 45.0 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 47,6 45.6 Sept 294.0 293.7 245.8 191.9 41.9 5.5 65.2 79.3 5.1 488 47.7 45.0 Oct . 296.0 295.7 248.8 195.2 42.6 5.5 67.8 79.3 4.7 48.9 47.7 43.9 c Corrected. 4 Includes Treasury bonds and minor amounts of Panama Canal and 1 Includes some debt not subject to statutory debt limitation (amounting postal savings bonds. to $440 million on Oct. 31, 1961), and fully guaranteed securities, not 5 Includes Series A investment bonds, depositary bonds, armed forces shown separately. leave bonds, adjusted service bonds, certificate of indebtedness—Foreign 2 Includes non-interest-bearing debt, not shown separately. series, and REA bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $10,902 million on Sept. 30, 1961. OWNERSHIP OF U. S. GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Held by- Held by the public Total gross debt U. S. Govt. E m n o d n t o h f in ( a i g n n c t g e lu u e d d a - r- a tr g u e s n t c i f e u s n a d n s d l R Fe e d se e r r v a e l Total m C e o rc m ia - l M sav u i t n u g a s l I a n n su ce r- c O o t r h p e o r - S lo a t c a n a t d e l Individuals i M nv i e sc s- . se ti c e u s r ) i- Special Public Banks banks2 banks panies rations govts. Savings Other tors 3 issues issues bonds securities 1941—Dec 64.3 7.0 2.6 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec . 278 7 20 0 7.0 24.3 227 4 90 8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947 Dec 257.0 29.0 5.4 22.6 200.1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1952—Dec 267.4 39.2 6.7 24.7 196.9 63.4 9.5 16.0 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 25.9 201.0 63.7 9.2 15.9 21.5 12.7 49.4 15.4 13.2 1954—Dec 278.8 42.6 7.0 24.9 204.2 69.2 8.8 15.3 19.2 14.4 50.0 13.5 13.9 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 I960—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 r20 5 17.2 45.9 r20 3 23 9 May 290.4 44.5 11.0 26.9 208.0 62.1 6.3 11.6 '21.2 17.1 46.0 '20.0 23.5 June 289.2 45.0 11.0 27.3 205.9 62.5 6.3 11.4 '19.4 17.3 46.1 '19.7 23.2 July 292.6 44.2 11.0 27.4 210.0 65.5 6.3 11.5 19.8 17.3 46.1 19.8 23.7 Aug 294.0 45.6 10.9 27.7 209.8 65.1 6.3 11.5 20.2 17.2 46.1 20.1 23.2 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $100 million on Dec. 31, 1960. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1327 OWNERSHIP OF U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk l d e e s t 2 - v b C e o r o t n i n d b - s le Total W 1 i y th e i a n r y 1 e - a 5 rs 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 22,961 34,860 1959_june 30 185,709 32,017 33,843 27,314 84,853 7,681 178,027 72,958 56,819 18,538 29,713 1960—June 30 190,151 33,415 17,650 51,483 81,297 6,306 183,845 68,982 72,844 21,731 20,288 1961—June 30 192,513 36,723 13,338 56,257 80,830 5,365 187,148 79,635 59,885 26,435 21,193 July 31 196,602 40,828 13,338 56,294 80,814 5,327 191,275 83,739 59,923 26,433 21,181 Aug. 31 196,374 40,928 5,509 65,048 79,653 5,235 191,138 79,189 65,092 25,693 21,164 U. S. Govt. agencies and trust funds: 1958—June 30 9,477 173 599 ,169 4,703 2,833 6,644 899 1,565 913 3,267 1959—June 30 9,681 86 537 ,389 4,988 2,680 7,001 930 1,679 1,448 2,944 1960—June 30 10,246 371 459 ,810 5,136 2,470 7,776 1,070 2,683 2,062 1,961 1961—June 30 10,848 801 222 ,246 6,235 2,345 8,503 1,671 1,693 2,576 2,564 July 31 10,820 772 217 ,239 6,247 2,345 8,475 1,626 1,692 2,578 2,579 Aug. 31 10,699 640 144 ,341 6,253 2,321 8,378 1,314 1,917 2,545 2,603 Federal Reserve Banks: 1958—June 30 25,438 2,703 19,946 2,789 25,438 23,010 1,014 57 1,358 1959_june 30 26,044 2,032 18,650 2,879 2,484 26,044 20,687 3,887 410 1,060 1960—June 30 26,523 2,513 8,508 13,011 2,491 26,523 19,385 5,689 1,179 271 1961—June 30 27,253 2,840 6,511 14.634 3,268 27,253 14,677 10,268 2,141 166 July 31 27,422 2,443 6,522 14,968 3,488 27,422 14,422 10,574 2,217 208 Aug 31 27,697 2,659 1,683 19,827 3,528 27,697 13,311 11,914 2,252 220 Commercial banks: 1958—June 30 57,509 3,796 3,331 11,532 38,720 130 57,379 13,431 24,494 14,259 5,195 1959—June 30 53,513 3,563 3,883 12,417 33,531 120 53,394 10,045 31,304 8,233 3,812 1960—June 30 48,099 2,376 1,832 15,598 28,199 95 48,004 6,546 33,342 5,966 2,151 1961—June 30 55,116 6,379 3,123 18,373 27,158 84 55,033 20,153 25,577 7,386 1,918 July 31 57,711 9,153 3,327 18,185 26,963 83 57,6^8 23,004 25,359 7,368 1,897 Aug. 31 57,383 8,814 2,003 20,246 26,238 83 57,300 21,307 27,428 6,685 1,881 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 1960—June 30 6,489 209 166 1,199 4,607 309 6,181 463 1,720 2,662 1,336 1961—June 30 6,215 227 102 1,343 4,324 218 5,996 724 1,414 2,289 1.569 July 31 6,214 269 109 1,344 4,278 215 5,999 778 1,401 2,278 1,542 Aug. 31 6,219 279 62 1,407 4,263 207 6,010 789 1,428 2,265 1,528 Insurance companies: 1958—June 30 10,580 254 112 614 7,398 2,202 8,378 651 1,650 1,004 5,074 1959_june 30 10,947 503 347 798 7,371 1,928 9,019 1,092 2,085 1,678 4,164 1960—June 30 10,521 232 165 1,225 7,304 1,595 8,926 595 2,794 3,063 2,475 1961—June 30 10,034 242 101 *1,345 7,064 1,282 8,752 1,107 1,873 3.113 2,659 July 31 10,118 345 100 1,356 7,048 1,268 8,850 1,194 1,886 3,107 2,663 Aug. 31 10,132 396 64 1,414 7,017 1,241 8,891 1,180 1,982 3,085 2,644 Other investors : Nonfinancial corporations: 3 1960—June 30 11,494 4,579 1,740 1,882 3,284 11,485 8,442 2,871 98 75 1961—June 30 10,048 4,885 754 2.227 2,177 10,043 8,368 1,521 114 40 July 31 10,148 5,509 434 2,171 2,028 10,143 8,437 1,558 108 40 Aug. 31 10,390 5,732 253 2,475 1,925 10,385 8,552 1,715 84 33 Savings and loan associations:3 1960—June 30 2,480 178 70 495 1,675 2,418 297 947 472 703 1961—June 30 2,703 112 37 613 1,881 2,642 370 782 747 744 July 31 2,690 105 43 579 1,904 2,631 363 766 758 743 Aug. 31 2,728 102 29 616 1,923 2,669 410 801 715 743 All others:4 1958—June 30 65,459 15,392 8,799 6,636 31,829 2.802 62,657 29,489 11,243 6,054 15,872 1959—June 30 78,444 25,659 10.216 9,147 31.252 2.171 76,273 39,724 16,503 5,069 14,977 I960—June 30 74,299 22,957 4,711 16,263 28,602 1,766 72,533 32,184 22,800 6,229 11,317 1961—June 30 70,297 21,238 2,488 16,477 28,724 1,371 68,926 32.566 16,757 8,069 11,534 July 31 71,480 22,231 2,587 16,452 28,858 1,352 70.128 33.916 16,687 8,018 11,508 Aug. 31 71,126 22,307 1,272 17,721 28.507 1,319 69.807 32.326 17,908 8,062 11,512 c Corrected. 1 Direct public issues. Holdings of "all others," a residual throughout, include holdings of Data complete for U. S. Govt. agencies and trust funds and Federal all those not reporting in the Treasury Survey, including investor groups Reserve Banks, but for other groups are based on Survey data. Latest not listed separately. data shown are for 6,266 commercial banks, 512 mutual savings banks, 2 Includes minor amounts of Panama Canal and postal savings bonds. and 826 insurance companies, which together accounted for more than 3 Holdings first reoorted separately in the Treasury Survey for Feb- 90 per cent of all holdings of banks and insurance companies, and 488 ruary 1960. Monthly figures for February-May 1960 shown in the nonfinancial corporations and 489 savings and loan associations, which Treasury Bulletin for September 1960, pp. 55-56. See also note 4. together accounted for about half of the total holdings of all nonfinancial 4 Holdings of nonfinancial corporations and savings and loan associacorporations and savings and loan associations. tions included in this category until February 1960. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1328 FEDERAL FINANCE DEALER TRANSACTIONS IN U. S. GOVERNMENT SECURITIES 1 [Averages of daily figures. Par value, in millions of dollars] U. S. Government securities By maturity By type of customer Federal Week ending- agency U.S. securities Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 A f y te e r ars se d G c e u a o r l v i e t t r i . e s s d O e a a t n h l d e e r r s m C b e a o r n m c k ia s - l o A th l e l r and brokers brokers 1961 July iS:::::::::: 1 1 , , 4 5 1 7 2 3 , , 2 4 0 1 9 7 1 1 5 0 6 8 2 3 6 4 2 1 1 3 5 3 3 7 5 9 1 1 6 2 6 5 0 0 8 6 4 5 1 1 8 3 6 7 9 0 19 2,280 ,821 384 65 10 759 50 855 616 76 26 1,819 ,321 414 64 20 492 33 771 523 63 Aug. 2 1,653 ,370 226 42 15 508 60 680 405 57 9 1,396 ,067 262 48 20 426 39 564 367 71 16 1,271 ,046 150 53 22 399 29 438 406 27 23 1,379 ,213 114 34 19 439 14 500 426 56 30 1,342 ,178 116 32 16 398 30 508 406 77 Sept. 6 1,244 ,098 120 13 13 307 23 504 411 53 1,424 ,123 183 69 50 417 24 555 429 152 20!'.'.'.'.'.'.'.'. 1,397 ,147 154 55 42 389 25 621 362 110 27 1,588 ,300 214 44 30 410 27 706 446 62 Oct. 4 1.751 ,417 288 23 23 571 36 704 441 83 11 1,798 ,409 349 20 20 561 47 795 396 47 18 1,973 1,687 241 27 18 613 61 764 536 75 25* 1,377 1,157 172 31 17 480 21 546 341 58 P Preliminary. or purchases or sales of securities under repurchase agreements, reverse * The transactions data combine market purchases and sales of U. S. repurchase (resale), or similar contracts. The averages are based on the Government securities dealers reporting to the Federal Reserve Bank of number of trading days in the week. New York. They do not include allotments of and exchanges for new NOTE.—Details may not add to totals because of rounding. U. S. Government securities, redemptions of called or matured securities, DEALER POSITIONS IN U. S. GOVERNMENT SECURITIES i FINANCING OF U. S. GOVERNMENT SECURITIES DEALERS» [Averages of daily figures.2 Par value, in millions of dollars] [Averages of daily figures. In millions of dollars] U. S. Government securities, by maturity Federal Commercial banks Week agency ending— All Within 1-5 After securities Week All Corpora- All maturities 1 year years 5 years ending— sources Y N C o e it r w y k w E h ls e e r - e tions 2 other 1961 June 7.... 1,943 1,613 354 -23 146 1961 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 July .i:::: 2,247 2,066 205 -24 166 2 2 1 8 . . . . . . . . 2 2 , , 4 6 3 1 2 2 5 8 9 3 5 0 4 5 0 5 9 6 1 1, , 2 0 1 3 7 7 2 1 1 8 0 8 2,323 2,163 179 -20 125 19 2,844 2,620 212 12 109 July 5.... 2,260 598 339 .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 16 2,875 2,703 184 -14 108 Aug. 2.... 2,885 869 469 1,270 276 23.... 2,513 2,353 153 6 95 9 2,666 727 467 1,164 307 30.... 2,067 1,921 151 -5 82 16 2,985 807 480 1,275 423 23.... 2,696 716 531 1,235 214 Sept. 6 2,082 1,925 162 -6 78 30.... 1,985 333 267 1,238 147 13 2,423 2,253 162 10 81 20 2,685 2,497 161 27 114 1,988 312 372 1,178 127 27.... 2,699 2,545 130 25 135 2,266 573 425 1,120 148 20.... 2,730 991 714 841 184 Oct. 4 2,397 2,303 90 5 128 27 2,642 836 731 882 193 Oct. 4 2,363 707 596 813 247 1 The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract unless the contract is matched by a reverse repurchase (resale) agreement or delayed delivery * The figures are 7-day averages and include both bank and nonsale with the same maturity and involving the same amount of securities. bank dealers. See also note 1 of the opposite table on this page. Included in the repurchase contracts are some that more nearly represent 2 All business corporations except commercial banks and insurance investments by the holders of the securities rather than dealer trading companies. positions. NOTE.—Details may not add to totals because of rounding. 2 Averages are based on number of trading days in the week. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE; SECURITY ISSUES 1329 U. S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, OCTOBER 31, 19611 [On basis of daily statements of U. S. Treasury, In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury nt<otes—Cont. Treasury bonds—Cont. Nov. 2,1961.. 1,702 Apr. 15, 1962 2,000 Oct. 1.1963 lVi 506 Dec. 15, 1964-69... 2% 2,556 Nov. 9, 1961.. 1,701 Apr. 19, 1962 600 Nov. 15, 1963 4% 3,011 Feb. 15, 1965 2% 6,896 Nov. 16, 1961.. 1,702 Apr. 26, 1962 600 Apr. 1, 1964 1% 457 Mar. 15, 1965-70.. ,2Vi 2,432 Nov. 24, 1961.. 1,701 June 22, 1962* 2,511 May 15, 1964 4% 4,933 May 15, 1966 3% 1,213 Nov. 30, 1961.. 1,701 July 15, 1962 2,004 May 15, 1964 354 3,893 Aug. 15, 1966 3 1,484 Dec. 7,1961., 1,609 2,003 Aug. 15, 1964 5 2,316 Nov. 15, 1966 3% 2,438 Dec. 14, 1961.. 1,601 Oct. 15, 1962 Aug. 15 1964 33/4 5,019 Mar. 15, 1966-71.. .2% 1,422 Dec. 21,1961.. 1,601 Oct. , 1964 IVi 490 June 15, 1967-72...2% 1,763 Dec. 28, 1961.. 1,600 Certificates Nov. 15;, 1964 4% 4,195 Sept. 15, 1967-72... 2Vi 2,716 Jan. 4,1962., 1,600 5,509 Apr. i;, 1965 IVi 466 Nov. 15, 1967 3H 3,604 Jan. 11, 1962.. 1,601 May 15, 1962 3 May 15:,, 1965 4% 2,113 Dec, 15, 1967-72... 2Vi 3,537 Jan. 15,1962., 1,502 Oct. 1, 1965 1% 315 May 15, 1968 3% 2,137 Jan. 18, 1962.. 1,600 Treasury notes 9,098 Apr. 1, 1966 n/>. 675 Oct. 1,1969 4 1,423 J F a e n b . . 25 1 , , 1 1 9 9 6 6 2 2 . . , . 1,6 6 0 0 1 0 F F e eb b . . 1 1 5 5 , , 1 1 9 9 6 6 2 2 3 3 V % 4 1,4 6 3 4 5 7 Oct. 1, 1966 11/2 17 N M o a v y . 1 1 5 5 , , 1 1 9 9 7 7 4 5 -85.. A 3 V % A 4 65 7 4 0 Feb. 8,1962., 600 Feb. 15, 1962 4 551 June 15, 1978-83... 3VA 1,596 Feb. 15,1962., 600 Apr. 1,1962 \Vi 2,211 Treasury bonds Feb. 15, 1980 4 884 Feb. 23, 1962., 600 May 15, 1962. 4 158 Nov. 15, 1961 2Vi 6,963 Nov. 15, 1980 3H 1,916 M M M a a a r r r . . . 1 1 5 8 , , , 1 1 1 9 9 9 6 6 6 2 2 2 . . . , , , 6 6 5 0 0 9 1 0 5 A A O u u ct g g . . . 1 1 1 5 5 , , , 1 1 1 9 9 9 6 6 6 2 2 2 1 3* % 4 4 7 1 , , 3 1 5 2 4 9 5 3 0 J D D u e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 5 5 0 9 9 - - - 6 6 6 5 2 2 2 . . , . . . . . 2 2 2 V % y4 4 3 2 1 , , . 9 2 48 6 7 5 4 1 M F F e e a b b y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 9 8 0 5 5 3 3* % 4 3 4 2 1 , , , 0 6 1 1 3 8 6 2 6 Mar. 22, 1962. 600 Nov. 15, 1962 354 6,082 June 15, 1962-67... 2% 1,464 Nov. 15, 1998 3Vi 3,528 Mar. 23, 1962* 3,503 Nov. 15, 1962 3V4 2,839 Aug. 15, 1963 2Vi 4,317 Mar. 29, 1962. 600 Feb. 15, 1963 2% 533 Dec. 15, 1963-68... 2 Vi 1,818 Convertible bonds Apr. 5, 1962., 600 Apr. 1,1963 1% 1,743 Feb. 15, 1964 3 3,854 Investment Series B Apr. 12, 1962. 600 May 15, 1963 4 5,047 June 15, 1964-69... 2Vi 2,637 Apr. 1,1975-80...2% 4,705 May 15, 1963 3% • 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) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer 2 \Use of proceeds2 Total amount Period Special deliv- Water, Total G g o a e b a t n i l l o e i- n r- R n e u v e e- A P H u i u i o t t n b y h u g l 3 o s ic - r- F l G o e a o a d n l v e s t r . 4 - State d a s u i t t a s o a t n t h r t r d y u i o c - r t - Others ered 6 Total c E a d ti u o - n b R r a i o d n a g d d e s s s o u e a t t t w i n h i e l d e e s i- r r, h R d i t n o i e e u a g n s l s i 7 - - - V a a e n i t d e s' r- O p p o t u h s r e e - s r ity 1953 5,558 3,495 1,558 496 9 767 2 091 2 701 n.a. 5 477 1,320 1 588 803 506 141 1 11* 1954 6,969 3,380 3,205 374 9 2.047 1,463 3,459 n.a. 6,789 1,432 2,136 1,270 456 162 rn 1955 5,976 3,770 1,730 474 2 1,408 1,097 3,472 n.a. 5,911 1,516 1,362 881 570 169 414 1956 5,446 3,577 1,626 199 44 800 983 3,664 n.a. 5 383 1,455 698 1,399 258 110 1 464 1957 8 6,925 4,792 1,967 66 99 1,489 1,272 4,163 6,568 6,874 2,524 1,036 1,516 113 333 1958 7,526 5,447 1,777 187 115 1,993 1,371 4,162 7,708 7 441 2,617 1,164 1 412 251 339 I 657 1959 7,695 4,778 2,409 333 176 1,686 2,120 3 889 7,423 7 588 2,314 844 1 989 402 355 683 1960 7,302 4,677 2,097 403 125 1,110 1,985 4,206 7,112 7,257 2,411 1,007 1,318 425 201 894 1960—July.... 492 342 136 1 14 28 130 335 934 492 161 68 124 1 137 Aug.. 611 356 249 6 76 308 227 501 606 165 232 111 5 94 Sept.. 683 502 126 49 7 165 137 381 623 683 200 177 100 50 50 106 Oct... 353 271 72 9 6 75 272 589 348 176 8 73 92 Nov.. 506 351 144 11 102 70 334 432 501 181 81 101 (9) 138 Dec... 496 270 108 98 21 49 99 348 448 491 162 44 119 99 68 1961—Jan... 709 556 85 63 4 225 86 399 504 708 375 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 5i 6 271 113 340 745 720 209 67 67 170 151 May.. 628 401 214 12 18 205 405 670 626 278 33 IfO 6 149 June.. 1,015 611 389 15 193 260 562 693 1,013 212 256 267 10 268 July.. 447 291 89 52 14 103 103 240 1,015 444 141 68 80 52 102 n.a. Not available. 5 Consists of municipalities, counties, townships, school districts and, 1 Data prior to 1957 are from the Bond Buyer as classified by Federal prior to 1957, small unclassified issues. Reserve. 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

1330 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Proposed use of net proceeds, Gross proceeds, all issuers2 all corporate issuers6 Noncorporate Corporate New capital Year or Remonth tire- Total G U o . v S t . . 3 a F e g e r e a d n 4 l - - S n m a p t i n a c a u d t l i - 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 ey' O p p o t u h s r e e - s r m s ri e t o e c i f e n u s t offered placed 1953 28,824 13,957 106 5,558 306 7,083 3,856 3,228 489 1,326 8,755 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957 30,571 9,601 572 6,958 557 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1958 34,443 12,063 2,321 7,449 1,052 11,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 1960 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 I960—Aug.. 3,187 1,371 199 607 14 996 821 592 229 34 141 976 966 895 71 10 Sept.. 1,808 338 682 41 747 619 329 289 37 91 731 726 671 55 5 Oct... 1,814 345 160 343 38 928 778 621 157 45 105 910 890 830 60 20 Nov.. 1,986 326 149 496 6 1,009 875 518 357 16 118 988 956 805 152 32 Dec... 1,947 348 181 490 34 895 764 323 441 45 86 879 852 749 103 27 1961—Jan... 1,774 455 706 12 601 472 178 294 30 99 590 580 552 28 10 Feb... 5,455 4,069 660 31 695 529 273 255 37 130 682 667 612 56 14 Mar.. 2,161 434 252 756 23 696 542 211 331 29 125 679 562 484 77 118 Apr... 3,393 348 100 710 4 2,231 1,061 713 348 60 1,111 2,203 2,118 2,055 63 85 May.. 4,432 2,244 149 625 72 1,342 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 July.. 1,824 342 463 12 1,006 748 424 324 20 238 980 957 795 162 23 Aug.. 2,046 392 250 603 2 798 627 225 402 42 129 111 739 633 106 39 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e ll r a c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu- capitals secu- capital8 secu- capital8 secu- capital8 secu- capital8 securities rities rities rities rities rities 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 1,384 21 1,815 17 1957 4,104 49 579 29 802 14 3,821 51 1,441 4 1,701 67 1958 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959 1,941 70 812 28 942 15 3,189 15 707 1,801 6 1960 1,997 79 794 30 672 39 2,754 51 1,036 2,401 71 oj 1960—Aug. 220 6 51 92 222 165 215 Sept. 161 4 45 51 303 () 94 72 Oct.. 185 4 66 6 36 203 10 254 147 Nov. 249 27 79 3 45 314 2 27 242 Dec. 191 22 61 1 78 180 1 100 242 1961—Jan.. 169 1 33 1 81 137 21 138 Feb.. 99 5 91 2 55 160 41 223 Mar. 248 32 47 5 72 10 84 19 70 92 Apr.. 574 16 78 1 33 254 21 994 45 186 May, 447 22 110 2 67 439 17 85 12 111 June, 446 128 120 23 115 389 13 16 251 231 July. 411 14 84 2 11 8 263 3 4 184 Aug. 260 31 78 1 20 245 4 10 127 1 Estimates of new issues maturing in more than one year sold for cash tion and Development, and domestic eleemosynary and other nonprofit in the United States. organizations. 2 Gross proceeds are derived by multiplying principal amounts or num- 6 Estimated net proceeds are equal to estimated gross proceeds less cost ber of units by offering price. of notation, i.e., compensation to underwriters, agents, etc., and expenses. 3 Includes guaranteed issues. 7 Represents proceeds for plant and equipment and working capital. 4 Issues not guaranteed. 8 Represents all issues other than those for retirement of securities. 5 Represents foreign governments, International Bank for Reconstruc- 9 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 1331 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 19591 1960 1961 1956 1957 1958 1959 1960 4 1 2 3 4 1 2 Manufacturing Total (180 corps.): Sales 107,717 114,229 105,134 118,273 120,742 28,999 31,573 30,924 28,103 30,142 28,651 30,353 13,418 13,349 10 466 14,094 13,363 3,059 4,002 3,544 2,710 3,107 2 693 3 472 Profits after taxes 7,094 7,177 5,714 7,443 7,077 1,678 2,063 1,813 1,499 1,703 1,436 1,831 Dividends 4,068 4,192 4,078 4,342 4,492 1,249 1,092 1,099 1,101 1,201 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 11,663 11,616 11,941 11,831 12,146 5,146 5,010 4 402 5,652 5,526 1,388 1 407 1,421 1,404 1 294 1 324 1 390 2,943 2,944 2,574 3,212 3,161 810 785 797 814 765 757 771 1 683 1,776 1 785 1,912 1,978 564 482 486 482 528 486 492 Durable goods industries (101 corps.):2 Sales 68,254 72,525 63,593 72,808 73,923 17,428 19,974 19,260 16,487 18,201 16,820 19,207 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 4,151 4,233 3,140 4,231 3,915 868 1,277 1,016 684 938 679 1,060 Dividends 2,385 2,416 2,294 2,430 2,515 684 610 612 619 674 618 625 Selected industries: Foods and kindred products (25 corps.): Sales 9,394 9,987 10 707 11,303 11,814 2,829 2,821 2,928 2,943 3 122 3 021 3 172 Profits before taxes 955 1,024 1,152 1,274 1,323 307 303 338 345 338 319 357 Profits after taxes 460 497 555 604 629 148 142 159 162 166 150 169 Dividends . . . 277 289 312 344 376 100 92 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 3,096 3 020 2 979 3 244 Profits before taxes . .. 1,804 1,823 1,538 2,187 1,999 524 537 534 489 440 438 513 Profits after taxes 942 948 829 1,131 1,062 280 276 281 256 250 229 267 698 737 717 799 794 264 191 186 187 230 193 189 Petroleum refining (16 corps.): Sales 12 454 13,463 12 838 13,372 13,728 3,459 3 427 3,282 3,385 3 635 3 488 3 399 1,444 1,325 919 1,187 1,261 302 307 292 364 299 354 274 Profits after taxes 1 068 1,075 791 969 986 247 238 226 292 230 272 214 481 512 516 518 521 134 130 130 128 133 129 134 Primary metals and products (35 corps.): Sales 22 365 22,468 19 226 21,035 20,898 4,591 6,003 5,442 4,939 4 513 4 396 5,189 Profits before taxes 3,331 2,977 2,182 2,331 2,263 411 854 611 411 387 309 547 Profits after taxes 1 727 1,540 1 154 1,222 1,178 233 426 322 224 205 166 288 880 873 802 831 840 221 206 208 208 219 207 208 Machinery (25 corps.): Sales 13 908 15,115 14 685 16,922 16,503 4,413 4,000 4,171 4,015 4,316 4,137 4,485 Profits before taxes . .. . 1 209 1 457 1 463 1,890 1,482 472 389 395 366 332 362 398 '607 729 '734 934 760 236 197 202 185 175 178 200 Dividends 403 416 422 448 482 121 121 119 120 123 121 125 Automobiles and equipment (14 corps.): Sales 21,217 23,453 18,469 22,731 24,175 5,262 7,022 6,516 4,502 6,134 5,293 6,297 Profits before taxes 2 473 2,701 1 332 2,985 3,100 500 1,076 936 273 816 478 842 1,186 1,354 706 1,479 1,529 254 521 457 151 400 223 419 Dividends . 791 805 758 807 833 233 199 199 207 228 205 207 Public Utility Railroad: Operating revenue 10,551 10,491 9,565 9,825 9,514 2,435 2,411 2,477 2,322 2,304 2,129 2,290 Profits before taxes . 1,268 1,058 843 845 649 242 165 212 104 169 26 137 Profits after taxes 876 737 602 578 445 185 99 139 65 141 -13 74 Dividends . . . 462 438 419 406 383 130 91 94 73 126 86 91 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 2,579 2,704 2,983 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 1,069 1,134 1,219 1,302 312 325 321 322 335 343 344 Telephone: 5 966 6,467 6 939 7,572 8,111 1,947 1,967 2,025 2,042 2,077 2,090 2 139 Profits before taxes 1,430 1,562 1,860 2,153 2,326 543 558 585 589 594 587 614 715 788 921 1,073 1,155 275 277 290 294 294 290 307 Dividends . ... 552 613 674 743 806 192 196 200 203 207 210 214 1 Includes 17 companies in groups not shown separately. Telephone. Revenues and profits are for telephone operations of the 2 Includes 27 companies in groups not shown separately. Bell System Consolidated (including the 20 operating subsidiaries and NOTE.—Manufacturing corporations. Data are obtained primarily the Long Lines and General departments of American Telephone and from published company reports. Telegraph Company) and for two affiliated telephone companies, which Railroads. Figures are for Class I line-haul railroads (which account together represent about 85 per cent of all telephone operations. Divifor 95 per cent of all railroad operations) and are obtained from reports dends are for the 20 operating subsidiaries and the two affiliates. Data of the Interstate Commerce Commission. are obtained from the Federal Communications Commission. Electric Power. Figures are for Class A and B electric utilities (which All series. Profits before taxes refer to income after all charges and account for about 95 per cent of all electric power operations) and are before Federal income taxes and dividends. For detailed description of obtained from reports of the Federal Power Commission, except that series (but not for figures), see pp. 662-66 of the BULLETIN for June 1949 quarterly figures on operating revenue and profits before taxes are partly (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public estimated by the Federal Reserve to include affiliated nonelectric opera- utilities); and p. 908 of the BULLETIN for September 1944 (electric power) tions. For back data for manufacturing, see pp. 792-93 of the BULLETIN for 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

1332 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t r e a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s d - Y qu e a a r r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1953 38.3 20.2 18.1 9.2 8.9 1954... . 34.1 17.2 16.8 9.8 7.0 1953. 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 44.9 21.8 23.0 11.2 11.8 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956 . 44.7 21.2 23.5 12.1 11.3 1955 12,474 5,599 6,875 7,571 3,383 4 188 4,903 2,216 2,687 1957 43.2 20.9 22.3 12.6 9.7 1956 13,201 5,038 8,162 7,934 3,203 4,731 5,267 1,836 3,432 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 I960 45.0 22.3 22.7 14.1 8.6 1959. 12,855 4,858 7,998 7,125 3,049 4,076 5,730 1,809 3,922 I960 12,958 4,760 8,198 8,044 3,010 5,034 4,914 1,751 3,164 1959—2 51.5 25.4 26.1 13.3 12.8 3 44.8 22.1 22.7 13.7 9.0 1960—2 3,101 1,163 1,937 1,808 717 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 2 5,566 1,808 3,758 3,273 1,255 2,018 2,293 553 1,740 4 42.6 21.1 21.4 14.3 7.2 1961—1 39.6 19.6 20.0 14.2 5.8 1 Reflects cash transactions only. As contrasted with data shown on p. 1330 new issues 2 ... 45.2 22.4 22.8 14.2 8.6 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. 1330. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U e t c i o . e u S v s r . t i . - G N U o o . v t S r e e t . s . c 2 e a i n v d ab O a le c th c e ts r . I t n o v ri e e n s - Other Total G N U o o . t v e S t p s . . a 2 a y n a d b l O e ac th c e ts r . F i b n e i c l t l d i a i o a t e x i m - r e a s e l Other 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.0 34.6 23.5 2.3 86.6 72.8 4.2 121.0 2.3 73.8 19.3 25.7 1956 107.4 237.9 34.8 19.1 2.6 95.1 80.4 5.9 130.5 2.4 81.5 17.6 29.0 1957 111.6 244.7 34.9 18.6 2.8 99.4 82.2 6.7 133.1 2-3 84.3 15.4 31.1 1958 118.7 255.3 37.4 18.8 2.8 106.9 81.9 7.5 136.6 L.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 7 99.0 15.3 35.2 I960—1 129.7 281.3 33.8 22.4 2.9 120.3 91.9 9.9 151.6 8 99.6 13.9 36.2 2 130.2 283.0 34.6 20.7 2,9 122.8 92.1 10.0 152.9 .8 101.3 12.9 36.9 3 131.6 285.8 35.0 19.3 2.9 125.8 92.6 10.1 154.2 1.8 101.9 13.4 37.2 4 132.5 287.4 37.0 19.7 3.1 126.5 91.3 9.8 154.9 1.8 102.6 13.8 36.8 1961—1 134.3 286.6 34.8 19.5 3.2 125.5 92.9 10.7 152.3 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 i 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 * [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Total factur- (season- Manu- Min- Public Com- ing Trans- Public All ally ad- Year Total factur- ing utili- muni- Other2 Quarter Total and porta- utili- other3 justed ing Rail- ties cations min- tion ties annual road Other ing rate) 1953 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 1960—1 7.9 3.3 .7 1.2 2.7 35.2 1954 26 8 11.0 1.0 .9 1.5 4.2 1.7 6.5 2 9.3 4.0 .8 1.4 3.0 36.3 1955 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 3 9.0 3.9 .7 1.5 2.9 35.9 1956 35.1 15.0 1.2 1.2 1.7 4.9 2.7 8.4 4 9.5 4.3 .7 6 3.0 35.5 1957 37.0 16.0 1.2 1.4 1.8 6.2 3.0 7.4 1958 30.5 11.4 .9 .8 1.5 6.1 2.6 7.2 1961—1 7.6 3.2 .6 1 2.7 33.9 1959 32.5 12.1 1.0 .9 2.0 5.7 2.7 8.2 2 8.6 3.7 .7 4 2.9 33.5 I960 35.7 14.5 1.0 1.0 1.9 5.7 3.1 8.4 34.... 8.8 3.7 .7 1.6 2.9 34.8 1961* 34.6 13.8 1.0 .6 1.9 5.8 l: .5 44.... 9.6 4.2 .6 L.7 3.1 35.9 i Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. * Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1333 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multifamily and 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 h n s t r e - o a d l l de v o r I i a s t d n h n u d e d a i r - l s s h A o er l l s d l - T 1 o - t a to l 4- t F f u i a i n c m t n i i s o a a i t l l i n n y - s - ho O h u o e s th r e l s d e s - r c T o o m ta m l erc t F i u i a i n c t l n i i s o a a t p l i n n - r s - ope O h rt o e t i h e r l s d 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 - h O ol t d h e e r r s2 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 1.3 3.4 1 1 9 9 5 5 4 5 1 12 1 9 3 . . 9 7 9 8 9 5. . 7 3 4 5 . . 6 2 2 2 3 5 . . 4 4 1 1 0 2 5 0. . 9 4 7858..72 7632..85 1 14 3 . . 4 2 2 3 9 2 . . 7 6 2 1 1 9 . . 8 9 1 9 0 . . 8 8 9 8 . . 1 3 3 3 . . 6 3 55..40 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 206.8 157.6 11.2 38.0 193.7 141.8 118.4 23.4 51.9 34.5 17.4 13.1 4.7 8.4 1959—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 1960—Mar 194.5 148.0 10.3 36.3 182.1 133.3 111.1 22.2 48.8 32.4 16.3 12.5 4.5 8.0 June . . 198.7 151.3 10.6 36.8 185.9 136.1 113.6 22.5 49.8 33.1 16.7 12.8 4.6 8.2 Sent 203.0 154.6 11.0 37.5 190.1 139.2 116.1 23.1 50.9 33.8 17.0 13.0 4.6 8.3 Dec 206.8 157.6 11.2 38.0 193.7 141.8 118.4 23.4 51.9 34.5 17.4 13.1 4.7 8.4 1961 Mar P 209.9 160.1 11.3 38.6 196.6 143.8 120.3 23.5 52.8 35.1 17.7 13.3 4.7 8.6 Junep . .. 214.8 164.4 11.2 39.3 201.1 147.1 123.7 23.5 54.0 35.9 18.1 13.7 4.8 8.9 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 BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 Residential Residential End of year 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 5^5 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 ,336 19,746 17,703 4,409 7,139 6,155 1,984 59 1957 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958 25,523 18,591 5,476 3,335 9,780 5,461 1,471 23,263 20,935 5,501 8,361 7,073 2,275 53 1959 28,145 20,321 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 1960 28,806 20,362 5,851 2,859 11,652 6,796 [,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1959—Dec 28,145 20,321 6,122 3,161 11,037 6,237 1,588 24,992 22,486 6,276 8,589 7,622 2,451 55 1960—Mar 28,228 20,292 6,053 3,124 11,113 6,345 ,S91 25,404 22,871 6,415 8,729 7,727 2,479 54 June 28,463 20,334 5,978 3,032 11,324 6,484 1,646 25,849 23,293 6,571 8,879 7,843 2,503 53 Sent 428.693 20,399 5,906 2,919 11,574 6,651 ,643 26,430 23,835 6,832 8,941 8,062 2,542 53 Dec 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961—Mar 28,763 20,168 5,740 2,774 11,654 6,918 ,677 27,446 24,786 7,342 9,079 8,365 2,608 52 June .. 29,442 20,597 5,818 2,727 12,052 7,131 1,714 28,015 25,319 7,634 9,192 8,493 2,645 51 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- * 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 real 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

1334 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm Total Total in F s H u A re - d a g V n u t A e a e r - - d Other Farm 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5 860 1 394 4 466 776 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4 643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2.273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7 304 16 577 2 481 1957 5,230 4,823 653 831 3,339 407 35,236 32,652 6,751 7 721 18,180 2.584 1958 5,277 4,839 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 I960 6,083 5,619 1,401 288 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 I960—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 3,053 537 489 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 Aug . 557 517 116 18 383 40 43,216 40,105 9,501 6,660 23,944 3,111 Sept 511 472 106 15 351 39 43,381 40,252 9,541 6,624 24,087 3,129 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 oj 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) By type of lender Total (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A a e r e - - d ti C v o e o n n n a - - l 2 Y m e o a n r t o h r Se a a a l d s ly o - n- W se a a i d t s j h o u o n s u a t- t l in S lo g a a s v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed1 ment2 panies banks banks 1941 t 379 437 581 4,578 1945 1 913 181 1 358 5,376 1941. 4,732 1,490 404 1,165 218 1945. 5,650 2,017 250 1,097 217 1954 ?,969 3,076 846 26,108 1 170 4 709 20,229 1955 11,255 3,984 ,155 31,408 1,404 ,883 24,121 1954. 22,974 8,312 ,768 4,239 1,501 1956 If>,325 3,699 4 670 35,729 1,486 6 643 27,600 1955. 28,484 10,452 ,932 5,617 1,858 1957 IfL160 3,484 4 591 40,007 1643 7,011 31,353 1956. 27,088 9,532 ,799 5,458 1,824 1958 r. 182 4 050 5,17? 45,627 ,?06 7,077 36,344 1957. 24,244 9,217 ,472 4,264 1,429 1959 i«,151 6 53,194 2 997 7,19? 43,005 1958. 27,388 10,516 ,460 5,204 1,640 I960 u1,304 4,678 6,132 60,084 3,523 7,211 49,350 1959. 32,235 13,094 ,523 5,832 1,780 1960. 29,341 12,158 ,318 4,520 1,557 1960 1960 Sept 1,316 402 591 58,406 7 47,783 Oct i,?50 394 545 59,011 3,447 7 216 48,348 Aug.. 2,488 2,784 1,201 123 406 158 Nov i,140 508 59,512 3487 7 214 48,811 Sept.. 2,464 2,598 1,097 111 381 145 Dec . i,150 367 460 60,084 7 49,350 Oct.. 2,451 2,525 1,053 106 372 146 Nov.. 2,426 2,378 978 97 363 143 1961 Dec.. 2,407 2,338 961 95 361 132 Jan .. .. 969 285 400 60,455 .561 7,191 49,703 1961 Feb ,001 288 395 60,882 3,610 7,193 50,079 Mar 356 426 515 61,571 ,658 7J83 50 730 Jan 2,373 2,075 830 83 337 110 ADr . . . .309 417 504 62,265 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,?04 52,106 Mar 2,398 2,444 1,060 94 394 106 June 71? 64,073 3,835 7,186 53,052 Apr 2,476 2,358 1,038 89 386 114 July L *482 422 659 64,811 3,888 7 53,740 May 2,561 2,700 1,199 100 444 138 Aug 1,763 498 785 65,717 3,954 7,156 54,607 June 2,581 2,856 1,292 104 460 153 Sept p 1,609 430 707 66,518 3,998 7,142 55,378 July 2,652 2,653 1,166 95 425 168 Aug 3,004 1,346 111 483 179 » 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 1335 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month mortgages Proj- P e r r o ty p- mortgages G un o d v e e r r w nm rit e t n en t- Total p N ro ew p- p is E r t o i x n p - g - 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 N ro ew p- p is E r t o i x n p - g - y q E e u n a a d r r t o o e f r r Total t C i v o e o n n n a - - l erties erties erties erties FHA- VA- Total in- guarsured anteed 1945 665 257 217 20 171 192 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1945 18.6 4.3 4.1 .2 14.3 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1954 75.7 32.1 12.8 19.3 43.6 1957 3,715 880 1,371 595 869 3,761 2,890 863 1955 88.2 38.9 14.3 24.6 49.3 1958 6,349 1,666 2,885 929 868 1,865 1,311 549 1956 99.0 43.9 15.5 28.4 55.1 1959 7,694 2 563 3 507 628 997 2,787 2,051 730 1957.. . 107.6 47.2 16.5 30.7 60.4 I960 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—Sept 613 192 233 119 68 169 132 37 1960 141.8 56.4 26.7 29.7 85.4 Oct 573 196 237 46 94 162 125 36 Nov 558 181 223 78 77 150 113 37 1959—Sept 128.1 53.1 22.9 30.2 75.0 Dec 558 167 223 92 76 142 109 33 Dec 131.0 53.8 23.8 30.0 77.2 1961 Jan 564 186 224 89 65 130 101 28 1960—Mar 133.3 54.5 24.6 29.9 78.8 Feb 448 148 193 57 50 108 81 27 June 136.1 55.0 25.2 29.8 81.1 Mar 480 143 204 72 60 125 93 32 Sept 139.2 55.8 26.0 29.8 83.4 Apr 458 124 193 75 65 109 78 31 Dec 141.8 56.4 26.7 29.7 85.4 May 501 130 219 84 68 123 83 41 June 563 132 254 90 87 137 89 48 1961— Mar.*5 143.8 57.1 26.4 29.7 86.7 July 543 134 252 80 76 144 90 54 June39.... 147.1 57.8 28.0 29.8 89.3 AUH 647 164 299 96 182 113 68 Sept 569 147 276 73 74 168 98 70 p Preliminary. 1 Monthly figures do not reflect mortgage amendments included in annual totals. NOTE.—For total debt outstanding, figures for first 2 These loans are not ordinarily secured by mortgages. three quarters of year are Federal Reserve estimates. 3 Includes a small amount of alteration and repair loans, not shown separately; only such For conventional, figures are derived. loans in amounts of more than $1,000 need be secured. SOURCE.—Federal Home Loan Bank Board, Federal NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Housing Administration, Veterans Administration, and loans, gross amount of loans closed. Figures do not take account of principal repayments Federal Reserve. on previously insured or guaranteed loans. For VA-guaranteed loans amounts by type are derived from data on number and average amount of loans closed. SOURCE.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANKS [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) Members' (during mit- Year or month Ad- Repay- demand ]End of year period) ments vances ments and time 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 rm ng 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 I 417 991 426 698 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 683 1957. 3,974 1,237 2,737 1,096 3 764 1^57. . . . 1,116 1 079 1,265 731 534 653 1958 3,901 1,483 2,418 623 482 1,541 1958 1,364 1,331 1,298 685 613 819 1959. 5,531 2,546 2,985 1,907 5 568 1959 2,067 1,231 2,134 1,192 942 589 1960 6,159 3,356 2,803 1,248 357 576 1960 1,943 2,097 1,981 1,089 892 938 I960 Kmt 6 050 3 240 2,810 84 1 584 I960—Oct 133 134 ,735 986 749 762 Oct 6,106 3,293 2,812 79 1 571 Nov 125 119 ,741 976 765 788 Nov . . 6,143 3,333 2,810 69 9 575 Dec 344 104 1,981 1,089 892 938 Dec 6,159 3,356 2,803 69 27 576 1961—Jan 90 500 1,571 888 683 959 1961—Tan 6,154 3,357 2,797 56 33 564 Feb 100 176 1,496 822 674 978 Feb 6,110 3,336 2,775 54 75 539 Mar 135 154 ,477 781 696 1,026 Mar 6,017 3,298 2,719 48 116 540 Apr 205 106 ,576 807 769 1,056 Apr 5,858 3,211 2,646 38 177 532 May 197 149 1,624 852 772 1,089 May ... 5,772 3,188 2,584 42 101 523 June 367 122 ,869 975 894 1,154 June 5,763 3,191 2,572 38 18 544 July 271 270 ,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 AUK . ... 5,804 3,245 2,559 71 3 593 Sept C244 120 2,124 1,233 892 1,022 Sept 5,841 3,281 2,561 76 10 626 Oct 257 179 :Z,202 1,239 963 1,008 1 Operations beginning with Nov. 1, 1954, are on the basis of FNMA's c Corrected. new charter, under which it maintains three separate programs: secondary 1 Secured or unsecured loans maturing in one year or less. market, special assistance, and management and liquidation. Data ex- 2 Secured loans, amortized quarterly, having maturities of more than clude conventional mortgage loans acquired by FNMA from the RFC 1 year but not more than 10 years. Mortgage Company, the Defense Homes Corporation, and the Public SOURCE.—Federal Home Loan Bank Board. Housing Administration. SOURCE.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1336 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 i o r l - e i co p g O n a o s p t o h u e d e m r r s i er e a r n R l n d o i e a z p m n a a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 . 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1954 32,464 23,568 9,809 6,751 1,616 5,392 8,896 2,408 4,485 2,003 1955 38,882 28,958 13,472 7,634 1,689 6,163 9,924 3,002 4,795 2,127 1956 42,511 31,897 14,459 8,580 1,895 6,963 10,614 3,253 4,995 2,366 1957 45,286 34,183 15,409 8,782 2,089 7,903 11,103 3,364 5,146 2,593 1958 45,544 34,057 14,237 8,923 2,327 8,570 11,487 3,627 5,060 2,800 19593 52,119 39,852 16,549 10,476 2,784 10,043 12,267 4,144 5,104 3,019 1960 56,049 43,281 17,866 11,215 3,008 11,192 12,768 4,311 5,187 3,270 1960—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 Aug. 54,889 42,636 17,350 10,682 2,995 11,609 12,253 4,556 4,288 3,409 Sept. 54,869 42,554 17.179 10,706 3,008 11,661 12,315 4,614 4,303 3,398 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1946, of purchasing automobiles and other consumer goods, whether held by and a general description of the series, are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1947-57, in the BULLETIN individuals of automobiles or other consumer goods that may be used for April 1953, pp. 347-53; October 1956, pp. 1035-42; December 1957, in part for business. pp. 1420-22; November 1958, p. 1344; and November 1959, pp. 1416-17. 2 Represents repair and modernization loans held by financial institu- Revised monthly data for 1958 and 1959 (with notes describing the tions; holdings of retail outlets are included in other consumer goods changes) are shown on pp. 1406-09 of the BULLETIN for December 1960. paper. A detailed description of the methods used to derive the estimates may^be 3 Includes data for Alaska and Hawaii beginning with January and obtained from Division of Research and Statistics. August 1959, respectively. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n m c k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i C c a u n o n a o m m i n n e e c s - - r e i Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u u o r r r n e e i s - H a s h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b t e o i r l - s e 3 Other 1939 4,503 3,065 1,079 1.197 132 657 1 438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1.242 984 377 463 1.052 1955 28,958 24,450 10,601 8,443 1,678 2,656 ,072 4,508 ,511 ,044 365 487 101 1956 31,897 27,154 11,777 9,100 2,014 3,056 ,207 4,743 [,408 ,187 377 502 ,269 1957 34,183 29,515 12,843 9,573 2,429 3,333 ,337 4,668 1,393 ,210 361 478 226 1958 34,057 29,074 12,780 8,740 2,668 3,384 ,502 4,983 .882 ,128 292 506 ,175 19594 39,852 34,176 15,227 10,145 3,280 3 774 ,750 5 676 2'292 225 310 481 368 I960 43,281 37,502 16,398 11,134 3,906 4,212 ,852 5 779 2,401 1,189 292 513 384 I960—Sept 42,517 37,318 16,416 11,154 3,795 4,111 1,842 5,199 2,049 1,129 291 519 ,211 Oct 42,591 37,330 16,408 11,147 3,833 4,097 1,845 5,261 2,103 1,130 290 518 ,220 Nov 42,703 37,368 16,402 11,141 3,870 4,107 1,848 5,335 2,155 1,140 288 517 ,235 Dec 43,281 37,502 16,398 11,134 3,906 4,212 1,852 5,779 2,401 1,189 292 513 [,384 1961—Jan 42,782 38,186 17,261 11,030 3,860 4,179 1,856 4,596 1.342 1,151 286 504 1 313 Feb 42,264 37,790 17,001 10,914 3,863 4,151 1,861 4,474 1,348 1,121 279 497 1,229 Mar 42,058 37,542 16,860 10,787 3,897 4 131 I 867 4 516 1 442 I 092 274 491 I 217 Apr 41,988 37,434 16,776 10,733 3,937 4 133 I 855 4 554 I 527 I 077 269 488 I 193 May 42,127 37,462 16,776 10,696 3,991 4,133 1.866 4.665 1,634 1,071 270 488 1,202 June 42,441 37,663 16,804 10,768 4,074 4,151 1,866 4,778 1,732 1.076 272 490 1,208 July 42,457 37,638 16,757 10,750 4,110 4 165 1,856 4,819 1 794 1 067 274 490 I 194 Aus 42,636 37,730 16.755 10,730 4,171 4,193 1.881 4,906 1,880 1 076 275 488 1,187 Sept 42,554 37,562 16,604 10,690 4,194 4,181 1,893 4,992 1 974 1,084 277 482 I 175 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 1337 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 o o f n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r r s r e R m l r t o a e n i n o a p o iz n d d a n a s - ir - s l P o o e a n r n a - s l E o n r d m o o f n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p O c u o a t o m o p h n d e e e - r s r r m i R z lo o a e a a n d p ti n d e a o s r i n r n- l s o P o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,777 3,651 2,075 2,464 1,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,843 4,130 2,225 2,557 1,580 2,351 1958 8,740 6,404 1,567 19 750 1958 12,780 4,014 2,170 2,269 1,715 2,612 19591 10,145 7,328 1,883 55 899 19591 15,227 4,827 2,525 2,640 2,039 3,196 1960 11,134 7,695 2,374 64 1,001 1960 16,398 5,264 2,776 2,690 2,163 3,505 1960—Sept. 11,154 7,832 2,292 60 970 1960—Sept.. . . 16,416 5,313 2,778 2,686 t2,162 3,477 Oct.. 11,147 7,796 2,319 63 969 O N c o t v 1 1 6 6 , , 4 4 0 0 8 2 5 5, , 3 3 1 0 1 4 2 2, , 7 7 8 7 3 6 2 2 , , 6 6 8 7 1 0 A2 2, , 1 1 7 7 3 0 3 3, , 4 4 7 7 2 0 N De o c v . . 1 1 1 1, , 1 1 4 3 1 4 7 7 , , 7 69 5 5 7 2 2 , , 3 3 7 4 4 7 6 6 3 4 1,0 9 0 7 1 4 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 [,016 Apr 16,776 5,090 2,752 3,278 2,090 3,566 May 10,696 7,204 2,405 67 ,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 Aug. 10,730 7,137 2,476 62 1,055 Aug 16,755 5,214 2,795 2,927 2,131 3,688 Sept. 10,690 7,025 2,518 65 1,082 Sept.. . . 16,604 5,186 2,759 2,820 2,137 3,702 i Includes data for Hawaii, beginning with August 1959. 1 Includes data for Alaska and Hawaii, beginning with January and August 1959, respectively. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Singlepayment Charge accounts E o n r d m 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 o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m R iz l o o a e a d n a p ti n e d a o r s i n n r - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n n r o s o e e t t n d n a a - i l t l t - b C m c a o i n e a m r k l - l s - oan t f O u i s i n c n t t i i s h a o a t n e l i n - - r s s m p t D o a e r e r e n - t- s t 1 o O r u e t t t h l a e e i t l 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 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 1941 3 087 693 152 275 1 370 597 1 19 9 5 5 5 4 4 5 , , 5 4 1 0 0 6 7 5 6 3 1 9 3 5 7 3 5 7 2 3 8 2 2 6 3 3 , , 3 7 1 8 4 2 1945 3,203 674 72 290 1,322 845 1 1 1 1 1 9 9 9 9 9 5 5 5 5 6 9 6 8 7 0 1 9 6 7 7 8 , , , , , 2 9 0 5 8 7 9 5 7 0 7 9 4 0 4 , , , , 9 1 3 6 1 4 4 8 1 0 8 3 8 8 6 6 6 7 6 8 4 5 8 1 2 8 8 5 0 2 4 4 7 7 5 8 0 8 9 1 1 3 9 3 0 4 4 5 6 5 , , , , , 2 8 9 6 2 7 8 4 0 8 8 2 8 8 6 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 5 8 7 4 6 1 1 1 9 8 1 1 0 , , , , , 9 8 4 1 6 2 9 8 0 1 4 7 6 3 4 2 2 2 2 3 , , , 6 8 1 0 9 3 5 4 3 9 5 6 3 7 6 4 4 4 3 3 7 2 1 1 6 1 7 0 2 7 7 9 8 8 8 9 0 7 6 9 3 7 6 2 3 3 3 3 3 3 , , , , '8 5 7 9 8 1 1 0 5 4 5 7 8 3 2 2 2 3 3 1 6 1 1 4 7 0 6 7 5 7 2 2 2 2 2 ^ ^ , , 0 5 1 8 3 0 9 2 0 6 3 3 7 0 6 I960—S O e c p t t . . . 9 9 , , 7 7 4 7 8 5 , ,5 5 9 7 1 9 8 8 8 8 5 2 7 7 7 8 9 0 6 6 , , 5 5 0 2 5 2 1 I9 9 6 5 0 93. . 1 1 2 2 , , 2 7 6 6 7 8 3 3 , , 7 5 3 8 7 2 5 57 6 4 2 9 94 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 Nov. 9,825 ,606 880 784 6,555 1960—Sept 11,748 3,715 602 625 3,199 459 3,148 Dec. 9,970 ,618 885 781 6,686 Oct 11,753 3,692 580 661 3,266 443 3,111 1961— F Ja e n b . . . 9 9 , , 8 8 9 7 5 5 , , 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 5 9 7 0 4 7 94 0 1 9 3 3, , 8 3 0 2 1 6 4 44 2 5 8 3 3 , , 1 2 5 7 9 0 Mar. 9,895 ,611 843 769 6,672 1961— Jan 12,239 3,740 574 805 3,346 448 3,326 Apr. 9,925 ,625 836 765 6,699 Feb 11,838 3,789 592 669 2,926 442 3,420 May 9,990 ,649 839 776 6,726 Mar 11,848 3,793 624 637 2,926 441 3,427 June 10,091 ,680 846 778 6,787 Apr 11,984 3,842 560 631 3,035 430 3,486 July. 10,131 ,692 850 777 6,812 May.... 12,263 3,904 620 634 3,210 430 3,465 S A e u p g t . . 1 1 0 0 , , 2 2 4 6 5 8 1, ,7 7 1 2 6 7 8 8 6 5 1 8 8 80 0 6 2 6 6, , 8 8 7 6 7 6 J Ju u l n y e.... 1 1 2 2 , , 3 2 4 3 5 0 3 3 , , 9 9 8 7 2 0 5 54 7 1 7 6 5 2 7 4 4 3 3, , 2 2 4 8 0 6 4 4 3 5 9 8 3 3 , , 4 4 3 4 5 9 Aug 12,253 3,958 598 589 3,211 488 3,409 1 Includes data for Alaska and Hawaii, beginning with January and Sept 12,315 3,986 628 623 3,195 485 3,398 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

1338 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 ,261 8,866 1955.. 39,039 16,745 10,634 ,388 10,272 1956.. 40,175 15,563 11,702 ,568 11,342 1957.. 42,545 16,545 11,747 ,660 12,593 1958.. 40,789 14,316 11,638 ,861 12,974 19591. 49,045 17,941 13,837 2,201 15,066 I960.. 50,343 17,839 14,226 2,058 16,220 1960—Sept.. 4,125 4,010 ,422 1,372 ,162 1,173 164 177 1,377 ,288 Oct.. , 4,108 4,012 ,460 1,407 ,165 1,207 160 172 1,323 ,226 Nov.. 4,134 4,067 ,482 1,364 ,159 1,217 160 163 1,333 ,323 Dec. 4,007 4,641 ,325 1,248 ,200 1,654 147 138 1,335 ,601 1961—Jan.. . 3,869 3,473 ,239 1,130 ,185 1,012 140 117 1,305 ,214 Feb.. 3,803 3,241 ,190 1,051 ,131 888 141 114 1,341 ,188 Mar.. 4,002 3,995 ,288 1,330 ,212 1,125 159 150 1,343 ,390 Apr.. 3,883 3,765 ,243 1,247 ,145 1,053 157 151 1,338 ,314 May. 4,001 4,280 ,315 1,461 ,158 1,219 168 185 1,360 ,415 June. 4,116 4,402 ,347 1,525 ,190 1,214 167 178 1,412 ,485 July.. 3,961 3,976 ,301 1,383 ,172 1,095 154 164 1,334 ,334 Aug.. 4,081 4,319 ,297 1,412 ,166 1,216 188 206 1,430 ,485 Sept.. 4,010 3,860 1,239 1,178 ,198 1,209 163 173 1,410 ,300 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 ,362 10,542 1957 40,259 15,595 11,545 ,466 11,653 1958 40,915 15,488 11,497 ,623 12,307 19591 43,407 15,698 12,307 ,751 13,651 1960 46,914 16,522 13,487 ,834 15,071 I960—Sept.. 3,958 3,871 1,375 ,371 ,141 ,107 149 151 1,293 ,242 Oct.. . 3,994 3,938 1,417 .436 ,147 ,125 160 160 1,270 ,217 Nov.. 3,946 3,955 1,397 ,389 ,119 ,127 158 156 1,272 ,283 Dec. 3,931 4,063 1,356 ,349 ,156 ,154 153 150 1,266 ,410 1961—Jan... 3,972 3,972 1,387 ,385 ,154 ,177 159 158 1,272 ,252 Feb.. 4,011 3,759 1,363 ,279 ,191 ,145 152 146 1,305 ,189 Mar.. 3,954 4,201 1,353 ,448 ,163 ,239 158 163 1,280 ,351 Apr.. 4,022 3,835 1,388 ,312 ,186 ,147 156 151 1,292 ,225 May. 3,974 4,141 1,365 ,419 ,148 ,202 160 164 1,301 ,356 June. 4,016 4,088 1,386 ,409 ,137 ,150 160 163 1,333 ,366 July. . 4,035 3,960 1,403 ,383 ,159 ,125 157 158 1,316 ,294 Aug.. 4,055 4,140 1.384 ,420 ,152 ,170 171 175 1,348 ,375 Sept.. 4,085 3,942 1,374 ,349 ,230 ,185 161 160 1,320 ,248 Net increase or decrease ( —) in credit outstanding2 1954.. 563 -26 6 611 1955.. 5,390 3,663 883 73 111 1956.. 2,939 987 946 206 800 1957.. 2,286 950 202 194 940 1958.. -126 -1,172 141 238 667 19591. 5,795 2,312 1,553 457 1,473 I960.. 3,429 1,317 739 224 1,149 I960—Sept.. 167 139 47 1 21 66 15 26 84 46 Oct.. 114 74 43 -29 18 82 0 12 53 9 Nov.. 188 112 85 -25 40 90 2 7 61 40 Dec. 76 578 -31 -101 44 500 -6 -12 69 191 1961—Jan.. . -103 -499 -148 -255 31 -165 -19 -41 33 -38 Feb.., -208 -518 -173 -228 -60 -257 -11 -32 36 Mar.. 48 -206 -65 -118 49 -114 1 -13 63 39 Apr.. -139 -70 -145 -65 -41 -94 1 0 46 89 May. 27 139 -50 42 10 17 8 21 59 59 June. 100 314 -39 116 53 64 7 15 79 119 July.. -74 16 -102 0 13 -30 3 6 18 40 Aug.. 26 179 -87 -8 14 46 17 31 82 110 Sept.. -75 -82 -135 -171 -32 24 2 13 90 52 1 Extensions and repayments include current data for Alaska and A discussion of the composition and characteristics of the data and Hawaii beginning with January and August 1959, respectively. The a description of the methods used to derive the estimates are shown differences between extensions and repayments do not equal the changes in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment in outstanding credit for 1959 because the differences do not reflect the credit extended and repaid are based on information from accounting effect of the introduction of outstanding balances for these two States. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except as indicated in note 1. loans, repurchases and resales of instalment paper, and certain other NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-48 of transactions may increase the amount of both credit extended and credit the BULLETIN for October 1956; for 1955-59, in the BULLETIN for repaid without adding to the amount of credit outstanding. December 1957, pp. 1420-22, November 1959, p. 1418, and December 1960, pp. 1406-09. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1339 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 i n es ce Ot i h n e s r ti t f u in ti a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 19561 40,175 14,463 9,600 9,474 6,638 19571 42,545 15,355 10,200 10,495 6,495 19581 40,789 14,860 8,907 10,459 6,563 19591, 2 49,045 17,976 11,007 12,122 7,940 1960 50,343 17,854 11,110 13,363 8,016 I960 Sept 4,125 4,010 1.470 1.430 888 879 1,118 1,051 649 65Q Oct 4,108 4,012 ,473 1,419 896 880 1,072 1,011 667 702 Nov 4,134 4,067 ,495 1,385 918 872 1,078 1 093 643 717 Dec 4,007 4,641 1,399 [,370 847 865 1,077 1,302 684 1,104 1961 Jan i 3,869 3,473 1,373 1,321 800 737 1,028 928 668 487 Feb. i 3,803 3,241 [,358 1,189 786 656 1,059 942 600 454 Mar 4,002 3,995 [,404 1,433 807 806 1,096 1 126 695 630 Apr 3,883 3,765 1,371 1,400 810 763 1,063 1,023 639 579 May 4,001 4,280 1,420 1,573 802 868 1,124 1,165 655 674 4,116 4,402 1,444 [.567 858 949 1,165 1 221 649 665 Julv 3,961 3,976 1,397 U455 772 844 1,098 1,096 694 581 Aus 4,081 4,319 1,437 1,532 836 906 1,172 1 222 636 659 Sept 4,010 3,860 L403 1,346 816 799 1,139 1,056 652 659 Repayments 1954 30,488 11,469 7,043 6 511 5,465 1955 33,649 12,304 7 901 7 553 5 891 19561 37,236 13,362 8,943 8,603 6,328 19571 40,259 14,360 9,727 9,673 6,499 19581 40,915 14,647 9,774 10,004 6,490 19591, 2 43,407 15,560 9,623 10,943 7,281 1960 46,914 16,692 10,241 12,197 7,784 I960—Sept 3,958 3,871 1,388 1,376 877 867 1.044 998 649 630 Oct 3,994 3,938 1,445 1,427 868 887 1,021 984 660 640 Nov 3,946 3,955 1,411 1,391 876 878 1,027 1,043 632 643 Dec . . 3,931 4,063 1,376 1,374 853 872 1,034 1,157 668 660 1961 Jan i 3,972 3,972 1,433 1,434 855 841 1,011 1 003 673 694 Feb. i 4,011 3,759 1,534 1,449 873 807 1,054 962 550 541 Mar 3,954 4,201 1,488 1,574 871 933 I 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 [,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 Aug 4,055 4,140 1,488 1,534 898 926 I 094 1,108 575 572 Sept 4,085 3,942 1,538 1,497 864 839 .095 1,033 588 573 Net increase or decrease ( —) in credit outstanding 3 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 4^5 315 I9591 2 5,795 2,447 1,405 1 250 693 I960 3,429 1 171 989 1 166 103 I960—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 -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 26 179 -51 -2 -62 -20 78 114 61 87 Sept -75 -82 -135 -151 -48 -40 44 23 64 86 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

1340 INDUSTRIAL PRODUCTION INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49- 100 [Seasonally adjusted] Annual average 1960 1961 Grouping 1959 1960 Sept Oct. Nov. Dec. Jan. Feb. Mar.Apr. May June July Aug. Sept. INDUSTRY GROUPINGS Total index 159 164 162 161 159 156 155 155 156 160 164 168 170 171 169 755 163 160 159 157 154 153 752 755 755 76*5 755 759 770 168 Durable 165 169 166 164 159 156 154 153 154 161 167 171 175 175 172 Nondurable 155 160 159 159 158 156 155 156 157 160 162 165 167 169 168 Mining 125 128 127 128 129 129 r128 r127 127 128 128 128 129 130 129 Utilities 268 287 293 289 287 287 290 r292 291 296 r304 r307 r307 r314 318 Durable Manufactures 125 127 119 118 111 108 707 108 109 777 126 72P 752 755 755 114 115 102 100 94 88 91 93 94 105 115 118 121 125 126 107 110 90 91 85 80 82 86 87 98 108 111 114 115 116 142 145 144 144 138 137 132 131 131 135 143 146 148 151 144 Structural metal parts 150 155 157 156 151 147 145 141 141 144 152 158 160 164 158 197 205 204 200 197 193 190 189 189 195 201 206 270 r210 203 169 174 173 167 167 166 166 165 165 169 171 176 181 178 178 141 145 143 142 140 137 136 136 135 140 141 144 147 145 145 Electrical machinery 212 222 221 207 212 214 215 214 213 216 221 229 237 232 233 228 238 236 238 226 218 208 205 206 220 231 235 239 240 222 147 168 167 168 150 142 130 127 126 144 157 165 167 169 140 Aircraft and other equipment 390 368 368 371 373 369 366 363 367 366 373 366 376 375 386 209 221 220 220 221 216 216 210 210 210 215 220 222 227 226 143 139 137 136 132 129 129 725 757 135 755 144 145 144 142 Clay glass and stone products 159 158 157 157 155 148 145 144 149 151 155 162 165 165 162 125 118 114 111 105 106 111 110 110 117 118 122 123 r120 77P 147 153 150 151 149 145 143 144 145 148 752 755 755 157 158 164 171 169 168 167 163 159 158 161 165 167 173 172 116 177 Misc. manufactures 133 138 134 138 135 130 130 132 131 134 139 142 142 142 142 Nondurable Manufactures 136 136 133 133 131 127 124 727 750 752 75* 757 740 r142 140 Textile mill products «. 126 121 118 116 113 109 110 113 116 118 122 125 127 129 130 153 158 155 156 156 152 144 147 152 153 153 156 162 '165 159 Leather and products 119 113 109 113 112 108 109 108 108 112 112 116 113 116 Paper and printing • • . . .... . 154 160 161 161 160 159 159 159 759 162 755 164 '164 '759 \168 170 172 173 172 168 168 170 174 173 180 179 182 179 189 189 143 151 153 154 155 152 151 150 150 150 151 153 154 155 155 Newspapers 135 140 140 142 141 139 136 134 136 137 137 138 139 140 140 215 224 224 773 221 218 277 276" 275 225 232 237 243 243 240 240 255 254 254 252 251 250 249 252 259 266 272 '277 '278 2761 Industrial chemicals 298 319 320 313 318 315 315 312 321 328 339 347 r356 360 158 162 167 164 163 158 159 160 158 162 167 166 174 172 166 Rubber and plastics products 199 200 194 192 191 184 180 178 168 192 199 211 215 215 128 131 132 133 132 133 132 752 134 134 755 755 757 '757 755 Foods and beverages 128 H2 132 134 132 133 133 133 134 134 135 137 138 137 138 131 135 135 136 H4 135 135 135 137 137 139 139 140 139 139 117 119 120 121 120 123 122 119 121 122 117 123 129 127 Tobacco products 127 130 130 131 133 131 129 133 132 139 132 132 125 135 Mining 122 122 121 122 124 122 r121 727 r120 725 725 '725 725 725 124 Coal 68 68 64 66 63 67 64 63 56 63 66 64 64 67 68 147 147 147 148 151 148 148 r147 149 151 149 150 150 152 150 Oil and gas extraction 145 147 147 147 150 147 146 146 150 151 149 151 151 152 151 135 135 136 136 139 135 134 135 139 139 138 139 139 141 139 Gas and gas liquids . .. 210 228 226 234 231 238 231 226 231 238 233 234 Oil and gas drilling 159 145 144 147 152 148 154 144 136 145 143 142 143 i41 141 146 164 162 160 163 168 772 165 167 75P 757 757 '755 '750 161 107 134 127 121 131 147 150 146 146 127 119 123 124 124 128 188 195 197 201 195 188 193 185 186 192 197 201 204 198 196 Utilities Electric 270 289 297 201 290 293 294 292 297 307 309 309 317 Gas 265 284 281 278 275 278 285 288 291 296 299 301 SUMMARY MARKET GROUPINGS Final products, total 162 168 168 168 166 164 162 162 162 166 16S 171 174 174 172 155 161 160 161 159 158 155 155 156 160 163 166 169 169 165 Equipment, including defense 188 195 195 195 193 191 188 188 188 190 192 194 197 198 201 Materials 157 160 157 156 153 150 14S 149 150 156 161 164 166! 168 166 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1341 INDUSTRY AND SUMMARY MARKET GROUPINGS 1947-49 -100 (Without seasonal adjustment] Annual average 1960 1961 Grouping 1959 1960 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May j June July Aug. Sept INDUSTRY GROUPINGS Total index. 159 164 164 166 160 154 155 156 158 162 164 168 160 172 Manufacturing, total. 158 163 162 165 159 151 151 154 155 160 163 167 158 170 Durable 165 169 165 168 162 156 154 155 157 163 167 172 163 172 Nondurable 155 160 164 167 160 149 153 157 158 162 162 166 158 171 Mining 125 128 129 129 128 128 128 '127 '126 127 128 129 125 131 Utilities 268 287 Durable Manufactures Primary and fabricated metals. 125 727 120 120 113 106 108 109 112 119 127 130 120 130 133 Primary metals 114 115 99 102 95 86 93 97 99 109 117 120 105 115 122 Iron and steel 107 110 90 93 85 78 85 88 91 101 110 113 99 108 116 Fabricated metal products 142 145 151 148 141 137 130 128 130 135 140 146 143 153 150 Structural metal parts 150 155 159 159 155 152 144 140 141 143 150 157 154 161 159 Machinery and related products... 197 205 199 204 201 197 193 193 194 199 201 205 195 190 202 Machinery 169 174 174 170 169 167 167 170 169 172 172 176 167 170 179 Nonelectrical machinery 141 145 141 140 137 138 138 140 140 144 143 145 140 138 142 Electrical machinery 212 222 229 219 220 214 213 217 216 216 217 226 211 224 241 Transportation equipment 228 238 219 244 238 229 216 212 213 225 231 236 219 196 216 Motor vehicles and parts 147 168 145 175 167 157 138 134 132 149 159 167 146 114 134 Aircraft and other equipment.. 390 368 363 369 372 371 374 371 375 371 368 365 362 366 381 Instruments and related products. 209 221 220 222 222 219 216 212 213 212 215 219 216 223 226 Ordnance and accessories Clay, glass, and lumber 139 145 144 132 120 118 121 126 134 141 150 143 152 150 Clay, glass, and stone products. 158 163 164 155 144 136 137 145 151 158 166 164 171 167 Lumber and products 118 124 122 104 92 97 103 104 115 121 132 119 131 131 Furniture and miscellaneous., 153 158 160 154 148 139 142 143 144 146 153 150 161 166 Furniture and fixtures 171 176 176 169 166 156 158 159 160 161 168 168 180 183 Misc. manufactures 138 142 147 142 132 125 129 129 129 134 140 134 145 150 Nondurable Manufactures Textile, apparel, and leather products. 136 129 137 132 114 126 137 137 138 136 135 124 rJ48 133 Textile mill products 126 116 121 117 105 112 117 117 123 126 125 111 130 126 Apparel products 153 149 162 156 129 146 162 162 161 156 154 145 176 148 Leather and products 119 111 114 108 99 111 119 118 114 106 113 102 120 Paper and printing. 154 163 169 164 153 156 159 163 166 164 166 153 166 170 Paper and products 170 174 183 171 152 169 175 178 185 180 187 162 r192 190 Printiniig and publishing., 143 155 160 159 154 147 148 153 154 153 152 '147 150 158 Newspapers 135 141 153 154 138 125 130 141 146 146 139 122 126 140 Chemical, petroleum, and rubber products. 215 225 227 222 215 219 221 221 230 232 238 226 240 240 Chemicals and products 240 255 257 253 247 250 253 259 268 269 275 260 '274 274 Industrial chemicals 298 316 316 320 315 315 322 330 335 342 345 •335 350 Petroleum products 158 171 163 160 162 159 162 157 157 164 166 173 177 no' Rubber and plastic products 199 196 202 195 176 189 188 176 197 194 205 181 207 Foods, beverages, and tobacco 128 146 145 134 126 124 125 126 129 132 139 137 148 Foods and beverages , 128 147 145 134 128 124 124 125 129 131 139 139 148 153 Food manufactures 131 152 150 139 132 129 12S 127 129 132 138 139 151 156 Beverages 117 121 123 110 111 100 106 116 130 129 145 138 137 Tobacco products 127 135 140 133 106 129 134 131 133 136 144 115 145 Mining Coal, oil, and gas 122 122 121 123 124 124 125 125 '123 123 122 '120 117 123 124 Coal 68 68 67 72 66 65 63 64 57 61 64 61 54 70 72 Crude oil and natural gas. 147 147 145 146 150 151 153 152 153 151 148 147 145 147 148 Oil and gas extraction.. 145 147 144 145 149 151 152 153 156 153 "148 147 144 147 148 Crude oil 135 135 134 133 137 137 138 !40 143 141 137 136 133 136 137 Gas and gas liquids.. 210 228 217 226 238 250 251 246 242 238 225 220 Oil and gas drilling.... 159 145 147 148 149 150 157 143 129 137 140 143 147 146 144 Metal, stone, and earth minerals., 146 164 178 172 157 149 146 144 147 153 169 180 776* 775 178 Metal mining 107 134 147 133 119 118 118 120 120 119 137 151 143 143 148 Stone and earth minerals 188 195 210 212 197 182 175 168 175 188 201 210 212 210 208 Utilities Electric. 270 289 304 285 280 294 313 304 298 291 291 298 306 325 Gas 265 284 SUMMARY MARKET GROUPINGS Final products, total 162 170 174 167 161 162 164 167 167 172 165 172 176 Consumer goods 155 161 165 170 161 152 154 156 160 160 166 158 167 171 Equipment, including defense. 188 195 194 192 190 191 191 191 193 193 196 192 194 200 Materials 157 160 158 15* 155 148 149 152 157 161 165 156 '166 167 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1342 INDUSTRIAL PRODUCTION INDUSTRY GROUPINGS 1957 =100 [Seasonally adjusted] p 19 r 5 o 7 - a A v n e n ra u g a e l 1961 Grouping portion 1959 1960 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total index 100.00 105 108 107 106 105 103 102 102 103 106 108 110 112 113 112 Manufacturing total 86.49 105 108 107 106 104 702 707 707 702 705 705 777 772 775 777 Durable 49.66 102 104 102 101 98 96 95 94 95 99 103 105 107 108 106 36.83 110 113 113 113 112 111 111 111 112 114 116 117 119 120 119 Mining 8.55 95 97 96 97 98 98 98 96 96 97 97 98 98 '99 98 Utilities 4.96 115 123 126 124 123 123 125 125 125 127 130 131 '132 '135 137 Durable Manufactures Primary ond fabricated metals 13.15 95 91 91 90 85 82 82 82 55 89 96 99 700 '704 702 7.73 90 90 80 78 74 69 71 73 74 82 90 92 95 98 99 Iron and steel 6.21 86 88 72 73 68 64 66 69 69 79 86 89 91 92 93 5.42 104 106 106 105 101 101 97 96 96 99 105 107 108 111 105 Structural metal parts 2.91 101 104 105 104 101 98 97 94 94 96 102 106 107 110 105 Machinery and related products 28.98 102 106 705 705 702 700 98 97 97 707 104 705 705 705 705 15.31 103 106 105 102 102 101 101 101 101 103 104 107 110 109 108 8.92 99 102 101 100 98 96 96 96 95 98 99 101 103 102 102 Electrical machinery 6.39 108 112 112 105 107 108 109 108 108 109 112 116 120 118 118 10.76 98 102 101 102 97 93 89 88 88 94 99 101 102 103 95 M^otor vehicles and parts ...... 5.04 100 115 114 115 103 97 89 86 86 99 108 113 114 '116 95 Aircraft and other equipment 5.50 94 89 89 89 90 89 88 88 89 88 90 88 91 90 93 1.66 112 119 118 119 119 116 116 113 113 113 116 119 119 122 121 1.25 Clay glass and lumber 4.57 111 709 707 705 705 100 700 700 702 705 707 772 775 112 777 Clay glass and stone products 2.92 110 110 109 109 107 103 101 100 103 105 107 112 114 114 112 1.65 113 107 103 100 95 96 100 99 100 106 107 111 111 '109 108 2.96 112 116 114 775 775 770 709 709 770 772 775 779 119 120 720 Furniture and fixtures 1.48 115 120 118 117 117 114 111 111 112 115 117 121 111 123 124 Misc manufactures 1.48 109 113 110 113 110 107 107 108 107 110 114 117 117 116 116 Nondurable Manufactures Textile apparel and leather products 7.32 115 115 772 772 777 108 705 707 770 772 775 775 775 '720 775 Textile mill products 2.78 113 109 106 104 102 98 98 102 104 106 110 112 '114 116 117 3.44 120 124 122 122 123 119 113 116 120 120 120 123 127 '130 125 Leather and oroducts 1.10 106 1G0 97 101 99 96 97 96 96 100 100 104 101 103 Paper and printing . 7.93 108 772 772 775 772 777 777 775 114 775 775 '775 775 3.27 111 112 112 112 110 109 111 113 113 117 117 118 117 '123 123 Printing and publishing 4.66 105 111 112 113 114 112 111 110 110 110 111 113 114 114 114 Newspapers 1.53 104 107 107 108 108 106 104 102 104 105 105 106 '107 107 107 Chemical petroleum, and rubber products. . 10.95 113 778 775 777 77<5 775 114 775 775 775 722 725 127 128 725 Chemicals and products 7.10 114 121 121 121 120 120 119 118 120 123 127 129 132 132 132 Industrial chemicals 3.61 118 127 127 124 126 125 125 124 127 130 135 138 141 143 Petroleum products 1.93 105 108 111 109 108 106 106 106 106 108 111 111 116 115 iii Rubber and plastics products 1.91 114 114 111 110 109 105 103 102 96 110 114 121 123 123 10.64 107 709 770 777 770 770 770 770 777 772 772 775 114 rll4 775 Foods and beverages 9.87 106 109 109 111 109 110 110 110 111 111 112 113 114 '114 114 Food manufactures 8.31 106 109 109 111 109 110 110 110 111 111 113 113 114 '113 113 1.56 106 108 108 110 109 112 111 108 109 111 107 112 117 115 Tobacco products .77 112 114 114 115 117 115 113 116 116 122 116 116 110 119 Mining Coal oil and gas • 7.05 96 96 95 96 97 96 95 94 94 97 96 97 r96 95 97 Coal 1.30 82 83 11 81 11 81 78 11 68 11 81 11 11 81 82 Crude oil and natural sas 5.75 99 98 99 99 101 99 99 98 100 101 100 101 101 '102 101 Oil and gas extraction 4.98 99 100 101 101 103 101 101 100 103 104 103 104 103 '105 103 Crude oil 4.33 98 98 99 99 101 98 98 98 101 101 100 101 101 '103 101 Gas and gas liquids .65 106 116 115 118 117 121 120 115 117 Oil and gas drilling .77 93 85 84 86 89 87 90 85 80 85 84 83 84 82 83 Metal stone and earth minerals 1.50 94 705 104 705 104 108 770 705 707 702 707 705 705 705 .70 11 97 92 88 95 107 109 106 106 92 86 89 90 '90 w 93 Stone and earth minerals .. .80 108 112 114 116 113 109 111 106 107 110 114 116 118 114 113 Utilities Electric 3.76 115 123 127 125 124 124 125 125 127 131 132 132 135 Gas 1.20 114 123 121 120 118 120 123 124 125 For notes seo opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1343 MARKET GROUPINGS 1957=100 [Seasonally adjusted] 1 p 9 ro 5 - 7 a A v n e n ra u g a e l 1960 1961 Grouping portion 1959 1960 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept Total index. 100.00 105 108 107 106 105 103 102 102 103 106 108 110 112 113 112 Final products, total 46.75 707 777 7/0 770 709 705 707 707 707 709 77/ 773 7/4 775 773 Consumer goods 31.13 110 114 114 114 113 112 110 110 111 114 115 118 120 120 117 Equipment, including defense. 15.62 100 103 103 103 102 101 100 99 100 102 102 104 105 106 Materials 53.25 104 106 104 103 101 99 98 103 106 109 110 111 109 Comsumer Goods Automotive products 3.35 103 777 776 720 773 706 94 90 703 108 773 775 r117 96 Autos 2.03 96 117 119 123 109 97 78 73 71 92 101 109 110 110 82 Auto parts and allied products. 1.32 113 117 112 116 118 119 118 115 115 120 118 120 125 126 118 Home goods and apparel 9.60 116 776 773 772 772 777 705 709 112 775 776 720 723 '•722 720 Home goods 4.40 115 115 112 110 110 110 108 109 110 114 117 122 124 120 121 Appliances, TV, and radios 1.75 114 112 105 103 104 106 106 109 108 111 116 123 127 116 119 Appliances 1.26 119 118 110 112 114 116 116 114 113 115 118 122 126 121 127 TV and home radios .49 102 96 93 82 78 82 80 94 95 100 110 126 128 102 100 Furniture and rugs 1.18 119 118 119 115 114 113 109 109 110 116 117 122 119 122 126 Misc. home goods 1.47 113 117 114 115 114 112 111 110 112 115 118 122 123 124 119 Apparel, incl. knit goods and shoes. 5.20 116 117 113 114 114 111 108 110 114 116 115 118 122 124 119 Consumer staples 18.18 108 773 114 774 773 773 114 114 114 775 777 775 779 r119 779 Processed foods 8.11 106 109 110 110 109 109 110 110 111 111 113 114 114 114 114 Beverages and tobacco 2.32 108 110 110 112 111 113 112 111 111 114 110 113 115 116 Drugs, soap, and toiletries 2.73 111 118 119 122 118 118 118 117 116 119 123 124 126 126 Newspapers, magazines, and books. 1.44 106 113 116 115 116 116 117 115 114 114 116 117 119 117 119 Consumer fuel and lighting 3.45 113 119 121 120 119 119 123 125 121 123 125 124 127 129 Fuel oil and gasoline 1.19 104 106 106 105 105 104 108 112 107 105 105 105 112 111 iO4* Residential utilities 2.26 117 126 129 127 126 127 131 131 129 132 135 134 135 139 Electricity 1.57 118 127 132 130 130 130 133 133 129 132 136 135 136 140 Gas 115 124 Equipment Business equipment 12.16 100 705 705 705 703 702 707 707 700 702 703 104 705 706 707 Industrial equipment 7.29 97 102 101 99 100 98 98 98 96 97 99 99 101 102 101 Commercial equipment 2.46 104 118 120 121 119 117 118 118 117 118 120 123 125 127 128 Freight and passenger equipment. 1.83 98 101 101 103 99 99 95 91 93 94 95 95 96 98 105 Farm equipment .58 115 92 87 86 99 103 104 107 104 106 98 78 98 Defense equipment. 3.46 Materials Durable goods materials. 27.81 700 702 99 97 94 97 90 59 90 96 707 104 104 706 104 Consumer durable 3.67 101 109 112 103 94 91 88 83 85 93 107 109 109 115 99 Equipment 8.10 103 101 97 98 98 95 95 95 95 98 99 101 104 105 101 Construction 9.05 107 107 106 105 102 99 98 97 99 104 107 110 111 112 109 Metal materials n.e.c 6.99 89 92 81 79 77 75 77 78 79 86 92 93 94 97 Nondurable materials 25.44 707 770 709 709 709 705 707 705 709 777 772 114 775 777 776 Business supplies 8.87 108 110 110 110 110 110 108 108 108 111 110 113 114 116 114 Containers 2.91 109 109 109 107 106 109 108 110 112 114 110 115 116 121 118 General business supplies. 5.96 107 111 111 111 112 110 109 108 107 110 110 112 114 113 112 Nondurable materials n.e.c.. 7.05 115 119 117 116 116 115 114 116 118 121 124 128 130 131 129 Business fuel and power 9.52 100 103 103 103 103 102 101 101 102 104 105 106 106 108 Mineral fuels 6.29 96 97 96 97 98 97 96 96 96 98 98 98 98 noo 99 Nonresidential utilities 2.70 113 121 123 121 120 120 119 120 122 123 126 129 129 131 Electricity 2.19 113 120 124 122 121 120 119 120 122 124 127 130 129 132 General industrial .99 110 115 117 113 112 113 111 112 114 111 117 120 120 122 Commercial and other. 1.12 118 127 132 131 130 128 128 128 131 136 138 141 139 143 Gas .51 113 121 Industrial .33 Commercial and other. .18 Supplementary groups of consumer goods Automotive and home goods. 7.75 110 116 114 115 111 108 102 101 100 109 113 118 120 118 110 Apparel and staples 23.38 110 114 114 114 113 113 113 113 114 115 116 118 119 120 119 r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include seme series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors, of the Federal in Industrial Production—7959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see BULLETIN, for June 1960, p. 632). Figures for industrial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1344 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 Sept Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total index 100.00 105 108 108 109 106 101 102 103 104 107 108 111 106 Ill 113 Manufacturing total . . . .. 86.49 105 108 108 no 106 101 101 102 103 107 108 111 105 111 113 Durable 49.66 102 104 102 103 100 96 95 96 97 100 103 106 100 10? 106 36.83 110 113 116 119 114 106 109 111 112 115 115 118 112 123 122 Mining .. 8.55 95 97 98 98 97 97 97 97 96 97 r9? 98 95 99 100 Utilities 4.96 115 123 Durable Manufactures Primary and fabricated metals 13,15 95 97 91 92 86 81 83 83 85 91 97 100 92 99 102 Primary metals 7.73 90 90 78 80 74 68 73 76 78 86 92 94 82 91 96 6.21 86 88 72 75 68 62 68 71 73 81 88 91 80 87 93 Fabricated metal products 5.42 104 106 110 109 103 101 96 94 96 99 103 107 105 112 110 Structural metal parts 2.91 101 104 106 106 104 101 96 93 94 96 101 105 103 108 106 Machinery and related products 28,98 102 106 103 105 104 102 100 100 100 103 104 106 101 98 105 Machinery 15.31 103 106 106 104 103 102 102 103 103 105 105 107 102 104 109 8.92 99 102 99 98 97 97 97 99 99 101 101 102 98 97 100 Electrical machinery 6.39 108 112 116 111 112 108 108 110 109 109 110 115 107 Ml 3 122 Motor vehicles and parts . . 1 5 0 . . 0 7 4 6 1 9 0 8 0 1 11 0 5 2 9 9 4 9 1 12 0 0 4 1 11 0 4 2 1 9 0 8 7 9 9 3 4 9 9 1 1 9 9 1 1 1 9 0 6 2 1 9 0 9 9 1 1 0 1 1 4 1 9 0 4 0 7 8 8 4 9 9 2 1 Aircraft and other equipment 5.50 94 89 88 89 90 89 90 89 90 89 89 88 87 88 92 Instruments and related products 1.66 112 119 119 119 119 118 116 114 114 114 116 118 116 120 122 1.25 Clay glass and lumber 4.57 111 109 113 112 103 94 92 95 98 104 no 117 112 118 117 Clay glass and stone products 2 1 . .6 9 5 2 1 1 1 1 0 3 1 10 1 7 0 1 1 1 1 3 3 1 11 1 0 4 1 9 0 4 8 1 S 00 3 9 8 5 8 9 9 5 3 1 9 0 4 1 1 1 0 0 5 4 1 1 1 1 0 0 1 1 1 2 5 0 1 10 1 8 4 M 11 1 8 9 1 1 1 1 6 9 Furniture and miscellaneous 2.96 112 116 120 122 117 112 106 108 108 109 111 116 114 122 126 Furniture and fixtures 1.48 115 120 123 121 118 117 109 110 111 112 112 118 118 126 128 Misc manufactures 1.48 109 113 116 121 116 108 102 106 106 106 110 115 110 119 123 Nondurable Manufactures Textile apparel and leather products 7.32 115 115 110 116 112 97 107 116 116 116 115 114 105 126 113 2.78 113 109 104 109 105 94 100 105 105 110 113 112 100 111 113 Apparel products 3.44 120 124 117 127 123 102 115 128 128 126 123 121 114 139 116 1.10 106 100 99 102 96 88 99 106 105 101 94 100 90 107 Paper and printing •• 7.93 108 112 114 118 115 107 109 111 114 116 114 116 107 116 119 Paper and products 3.27 111 112 113 119 111 99 110 114 116 121 117 122 105 M25 124 Printing and publishing 4.66 105 111 114 117 117 113 108 109 113 113 113 112 r108 110 116 1.53 104 107 108 117 118 105 96 99 108 112 112 106 '94 96 107 Chemical petroleum and rubber products 10.94 113 118 118 119 117 113 115 116 116 121 122 125 119 126 126 7.10 114 121 121 123 120 118 119 121 123 127 128 131 124 M31 130 3.61 118 127 125 126 127 125 125 128 131 133 136 137 133 139 Petroleum products 1.93 105 108 114 109 107 108 106 108 105 105 109 111 115 118 113 Rubber and Dlastics oroducts 1.91 114 114 112 116 112 101 108 108 101 113 111 117 104 118 Foods beverages and tobacco 10.64 107 109 m 120 111 105 104 104 104 107 110 116 114 123 126 9.87 106 109 121 120 111 106 103 103 104 107 109 115 115 123 126 Food manufactures 8.31 106 109 124 122 113 107 105 104 103 105 107 112 113 123 127 1.56 106 108 110 111 99 101 91 96 105 117 117 132 125 124 .77 112 114 iu 123 117 93 113 118 115 117 120 126 101 128 Mining Coal oil, and gas 7.05 96 96 94 96 97 97 98 95 96 96 95 94 91 96 97 Coal 1.30 82 83 82 88 80 79 76 78 69 75 78 75 66 85 87 Crude oil and natural gas 5.75 99 98 97 98 100 101 103 102 103 101 99 99 97 '99 99 4.98 99 100 99 99 102 103 104 105 107 105 102 101 99 M01 101 4.33 98 98 97 97 100 100 tot 102 104 102 100 99 97 r99 100 Gas and gas liquids .65 106 116 110 115 121 127 127 125 123 121 114 112 Oil and gas drilling .77 93 85 86 87 88 88 92 84 76 81 82 84 86 86 84 1.50 94 705 114 no 101 96 94 92 94 98 108 116 113 r113 114 Metal mining. .70 77 97 107 97 86 86 85 87 87 86 99 110 103 M03 107 Stone and earth minerals .80 108 112 121 122 114 105 101 97 101 108 116 121 122 121 120 Utilities Electric 3.76 115 123 no 122 120 126 134 130 127 124 124 127 131 139 Gas 1.20 114 123 1 1 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION 1345 MARKET GROUPINGS 1957 = 100 [Without seasonal adjustment] 1957 A av n e n ra u g a e l 1960 1961 Grouping proportion 1959 1960 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total index 100 00 105 108 108 109 106 101 102 103 104 107 108 111 106 Ill 113 Final products total 46 75 107 111 112 114 110 106 106 108 107 110 110 113 109 113 116 Consumer goods . . . .. 31.13 110 114 117 120 114 108 109 111 111 113 114 118 112 119 121 Equipment including defense 15.62 100 103 102 102 100 101 101 101 101 102 102 103 102 102 105 Materials 53 25 104 106 105 105 102 98 98 99 101 104 107 109 103 r110 110 Consumer Goods Automotive products 3.35 103 117 98 129 120 110 98 96 94 108 112 118 99 73 96 Autos 2.03 96 111 84 134 123 108 86 83 81 102 107 116 87 39 11 Auto parts and allied products 1.32 113 117 120 121 114 112 117 116 115 119 119 123 119 125 126 Home goods and apparel 9.60 116 116 115 119 114 101 706 116 116 116 114 117 108 123 120 Home goods . ... 4 40 115 115 118 118 114 107 103 110 112 114 114 119 108 116 127 Appliances, TV, and radios 1.75 114 112 112 109 108 98 98 112 112 115 114 119 98 103 126 Appliances . . .. 1 26 119 118 110 107 111 107 106 120 122 127 122 124 104 100 126 TV and home radios .49 102 96 117 114 99 77 80 94 86 84 96 106 83 111 125 Furniture and rugs 1.18 119 118 122 122 116 116 108 111 112 114 111 117 113 123 128 Misc. home goods .. . 1.47 113 117 123 125 121 110 104 108 111 114 116 120 114 126 128 Apparel, incl. knit goods and shoes 5.20 116 117 112 120 114 97 109 120 119 118 115 116 109 130 114 Consumer staples 18.18 108 113 121 120 113 111 112 112 111 113 114 118 r117 125 126 Processed foods 8 11 106 109 124 122 112 107 104 103 103 104 107 112 113 123 127 Beverages and tobacco 2 32 108 110 113 115 105 98 98 104 108 117 118 130 117 125 Drugs soap and toiletries 2 73 111 118 121 125 120 117 118 118 117 122 122 125 118 127 126 Newspapers, magazines, and books 1.44 106 113 118 116 116 116 115 114 115 116 116 118 121 Consumer fuel and lighting 3.45 113 119 121 115 115 123 134 132 125 121 119 119 124 128 Fuel oil and gasoline 1.19 104 106 108 104 105 108 112 113 105 100 103 104 112 r113 107 Residential utilities 2.26 117 126 Electricity 1.57 118 127 130 i 21 122 136 154 149 138 132 125 124 128 137 Gas .69 115 124 Equipment Business equipment 12.16 100 105 104 103 101 102 102 102 102 103 103 105 103 103 106 Industrial equipment 7 29 97 102 102 99 99 99 98 97 96 98 99 100 100 101 102 Commercial equipment 2.46 104 118 121 122 120 120 119 119 118 118 120 122 121 126 128 Freight and passenger equipment 1.83 98 101 96 99 95 96 94 93 98 99 98 100 95 94 100 Farm equipment .58 115 92 78 85 78 95 101 113 119 123 110 108 87 71 87 Defense equipment ... 3.46 Materials Durable goods materials 27.81 100 102 100 99 95 90 90 90 91 96 101 105 99 103 104 Consumer durable 3.67 101 109 108 109 105 98 93 88 88 92 102 104 94 98 96 Equipment . . .. 8.10 103 101 97 97 98 97 97 97 97 98 99 101 99 101 101 Construction 9.05 107 107 112 111 103 96 93 93 96 103 108 115 110 115 114 Metal materials nee 6.99 89 92 82 83 77 71 75 79 81 88 95 97 86 93 98 Nondurable materials . . . . 25 44 107 110 110 112 110 106 108 109 111 112 113 114 108 116 117 Business supplies 8.87 108 110 113 116 111 104 106 108 110 114 112 114 '105 116 118 Containers . .. 2 91 109 109 116 115 102 94 102 107 112 116 114 121 110 r130 126 General business supplies 5.96 107 111 112 116 115 109 107 108 110 113 112 111 '103 109 114 Nondurable materials nee 7.05 115 119 116 119 119 112 116 119 120 123 126 126 ••118 129 128 Business fuel and power 9.52 100 103 103 103 103 103 103 103 103 103 103 104 102 r108 109 M^ineral fuels 6.29 96 97 95 97 98 98 98 99 98 97 96 92 97 98 Nonresidential utilities 2.70 113 121 Electricity . 2.19 113 120 129 123 118 118 119 117 119 119 124 130 133 140 General industrial .99 110 115 118 116 114 113 112 109 114 112 118 119 116 123 Commercial and other 1.12 118 127 142 130 124 125 127 125 126 128 131 142 150 158 Gas .51 113 121 Industrial 33 Commercial and other .18 Supplementary groups of consumer goods Automotive and home goods 7.75 110 116 110 123 117 108 101 104 104 112 113 119 104 97 114 Apparel and staples . . . . 23.38 110 114 119 120 114 108 112 114 113 114 114 117 115 126 124 r Revised. series and subtotals without seasonal adjustment are published in the NOTE.—Published groupings include some series and subtotals not monthly Business Indexes release, which is available on request from the shown separately. Detailed description and historical data are available Division of Administrative Services, Board of Governors of the Federal in Industrial Production—1959 Revision (for announcement of that pub- Reserve System, Washington 25, D. C. lication, see BULLETIN for June 1960, p. 632). Figures for individual Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1346 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise indicated] Industrial production C c o o n n s t t r r a u c c t t s i o i n fa M ctu a r n i u n - g4 Prices Major industry Major market groupings N ri o c n u a l- g- Freight D m ep e a n r t t- Y m e o a n r th or Total M f a ac n - u- gro M up in in - gs Util- Tot F a i l nal s C u p m o r n o e - d r uc E t q s uip- 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 to m p t e e l a m o n l y 2 t - — , - 3 m p E l e o m n y - t - 3 r P o a ll y s - 3 l i c n o a g a r s d - - 5 v ( s s r a t a e o l l t u e a r e e s i ) l s C um on e - r m W c s o o h a d m l o i e t l - y et i u n r g - ing ities goods ment 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 98 105 101.6 102.8 105.0 118 104 102.8 104.4 1949 98 98 94 108 99 101 94 96 116 111 99.1 93.8 97.2 100 99 101 8 99.2 1950 113 114 105 123 112 115 102 114 185 142 102.4 99.7 111.7 108 107 102.8 103.1 1951 123 123 115 140 121 114 142 124 170 172 108.3 106.4 110.1 112 112 111 0 114.8 1952 127 127 114 152 130 116 170 125 183 183 110.5 106.3 137.0 106 114 113.5 111.6 1953 138 139 117 166 138 124 182 137 178 201 113.7 111.9 151.7 108 118 114.4 110.1 1954 130 129 113 178 132 123 161 128 232 204 111.0 102.0 138.4 97 118 114.8 110.3 1955 146 145 125 199 144 136 172 147 280 248 114.7 105.8 153.6 107 128 114.5 110.7 1956 151 150 132 218 150 139 188 151 *99 •98 118.6 106.9 162.4 107 135 116.2 114.3 1957 152 150 132 233 152 141 189 151 100 100 119.7 105.0 164.3 100 135 120.2 117.6 1958 141 139 120 244 145 140 165 138 113 107 116.4 95.5 151.5 87 136 123.5 119.2 1959 159 158 125 268 162 155 188 157 132 101 120.8 100.3 170.3 90 144 124 6 119.5 I960 164 163 128 287 168 161 195 160 117 112 123.0 100.0 172.8 88 145 126.5 119.6 I960 Sept 162 160 127 293 168 160 195 157 118 116 122.9 98.7 175.0 82 '145 126.8 119.2 Oct 161 159 128 289 168 161 195 156 128 121 122.6 97 7 172 9 85 '148 127.3 119.6 Nov . .. 159 157 129 287 166 159 193 153 115 102 122.2 96.6 168.4 83 '144 127.4 119.6 Dec 156 154 129 287 164 158 191 150 81 115 121.6 95.2 162.9 80 '146 127.5 119.5 1961 Jan 155 153 129 290 162 155 188 148 90 95 121.3 94.1 160.3 80 142 127.4 119.9 Feb 155 152 128 291 162 155 188 149 80 86 121.1 93 6 158 8 81 145 127 5 120.0 Mar 156 153 127 291 162 156 188 150 126 113 121.2 94.0 160.3 81 146 127.5 119.9 Apr 160 158 128 296 166 160 190 156 134 116 121.5 94.8 162.6 83 148 127.5 119.4 May 164 163 128 303 168 163 192 161 143 122 122.0 96.0 166.9 84 144 127.4 118.7 June 168 166 129 306 171 166 194 164 143 128 122.6 96.7 172.4 83 149 127.6 118.2 July 170 169 129 '307 174 169 197 166 138 127 123.0 96.8 171.3 85 151 128.1 118.6 Aug 171 170 '130 '314 174 169 198 168 146 123 123.0 96.8 174.4 84 150 128.0 '118.9 Sept 169 168 129 318 172 165 201 166 127 102 123.2 96.4 175.7 83 150 128.3 118.8 Oct *172 *170 P131 *>321 *176 *168 *>206 ^168 P123.5 *>96.4*>178.6 87 «151 e Estimated. *> Preliminary. ' Revised. including seasonal adjustments, may be obtained from the Division of Adj.—adjusted for seasonal variation. Unadj.=without seasonal Research and Statistics. adjustment. 2 Employees only, excluding personnel in the armed forces. * See note 1. 3 Revised data. l Indexes beginning with 1956 are based on data for 48 States from 4 Production workers only. F. W. Dodge Corporation, 1957—100. Figures for earlier years are s Revised index 1957 = 100. 3-month moving averages, based on value data for 37 States east of NOTE.—Indexes for employmsnt (including Alaska and Hawaii), the Rocky Mountains, 1947-49^-100; the data for 1956 on this basis payrolls, and prices are compiled by the Bureau of Labor Statistics. were: residential ,271; all other, 266. A description of the old index, 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. 36,269 36,318 3,119 3,319 2,886 2,718 2,485 2,235 3,166 3,298 3,501 3,602 3,529 3,543 3,004 By type of ownership: Public 11,068 12,587 995 1,125 1,071 1,218 838 732 1,090 1,170 1,127 1,235 1,265 1,158 Private 25,201 23,731 2,124 2,194 1,815 1,500 1,647 1,504 2,075 2,128 2,374 2,367 2,263 2,384 By type of construction: Residential 17,150 15,105 1,277 1,390 1,253 878 974 870 1,371 1,454 1,553 1,558 1,502 1,589 1,381 Nonresidential 11,387 12,240 1,124 1,165 916 994 813 804 1,027 1,050 1,105 1,221 1,154 1,087 987 Public works and utilities 7,732 8,973 717 764 717 846 698 561 768 794 843 823 873 866 637 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 1347 VALUE OF NEW CONSTRUCTION ACTIVITY [Bureau of the Census estimates. * Monthly data at seasonally adjusted annual rates. In millions of dollars] Private Public Year or month Total Total d N f r e a e n o r s t 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 o t e i h s a n n i l e - - - r Total M ta i r l y i- H w ig ay h- S w a e a n w t d e e r r o A th l e l r 1952 34,670 23.889 12,842 7,500 2,320 1,137 4,043 3,547 10,781 ,387 2,679 790 5,925 1953 37,019 25,783 13,777 8,495 2,229 1,791 4,475 3,511 11,236 ,290 3,015 883 6,048 1954 39,234 27,556 15,379 8.403 2,030 2,212 4,161 3,774 11,678 ,003 3,680 982 6,013 1955 44,164 32,440 18,705 9,980 2,399 3,218 4,363 3,755 11,724 ,287 3,861 1,085 5,491 1956 45,815 33,067 17,677 11,608 3,084 3,631 4,893 3,782 12,748 ,360 4,431 1,275 5,682 1957 47,845 33,766 17,019 12,535 3.557 3,564 5,414 4,212 14,079 ,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 ,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 1960 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—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 5,308 4,717 17,443 ,284 6,470 ,530 8,159 Feb... 55,717 37,962 20,016 13,197 2,992 4,821 5,384 4,749 17,755 ,942 5,934 ,549 8,330 Mar.. 55,794 38.511 20,508 13,098 2,957 4,743 5,398 4,905 17,283 ,764 5,662 ,569 8,288 Apr.. '55,504 '38;986 '21,042 12,880 2,921 4,636 5,323 5,064 16,518 ,651 5,060 ,601 8,206 May. '55,518 '39,232 '21,257 12,747 2,849 4,515 5,383 5,228 16,286 ,507 4,983 ,606 8,190 June., r57,206 '40,328 '22,271 12,642 2,750 4,510 5,382 5,415 16,878 ,382 5,527 ,594 8,375 July.. r57,039 '41,176 '23,118 12,707 2,672 4,578 5,457 5,351 15,863 1,140 5,128 ,582 8,013 Aug.. 57,983 41,281 23,306 12,704 2,588 4,646 5,470 5,271 16,702 1,153 5,762 ,560 8,227 Sept.p 58,625 41,603 23,659 12,792 2,610 4,718 5,464 5,152 17,022 1,159 5,960 ,575 8,328 Oct.10. 58,457 41,295 23,621 12,691 2,608 4,681 5,402 4,983 17,162 1,145 5,988 ,617 8,412 p Preliminary. ' Revised. 2 Beginning with 1959, series includes Alaska and Hawaii. i 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 politan politan Public Total Nonfarm areasi areas1 Total fam 1- ily family f M am ul i t l i y - Total FHA VA 1952.. 1,127 795 332 1,069 939 46 84 59 All 280 141 1953.. 1,104 804 300 1,068 933 42 94 36 409 252 157 1954.. 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955.. 1,329 976 353 1,310 1,190 33 87 19 670 277 393 1956.. 1,118 780 338 1,094 981 31 82 24 465 195 271 1957.. ,042 700 342 993 840 33 120 49 322 193 128 1958.. ,209 827 382 1,142 933 39 170 68 439 337 102 1959.. ,379 946 432 1,343 1,079 49 215 36 458 349 109 19593. ,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960.. ,296 889 407 1,252 995 44 214 44 336 261 75 1960—Sept.. ,089 ,067 103 69 34 97 77 3 17 6 29 22 7 Oct.. ,273 ,237 113 78 35 110 86 4 21 3 28 23 6 Nov.. ,220 ,206 95 66 28 93 69 3 20 2 26 20 5 Dec.. 996 987 71 50 21 64 46 3 15 7 19 14 5 1961—Jan ,127 ,098 73 51 21 70 50 3 17 3 19 14 5 Feb.... ,169 ,115 81 56 25 76 56 4 16 5 18 13 5 Mar.... ,296 ,262 110 79 31 105 78 4 23 5 27 20 6 Apr.... ,166 ,143 115 80 36 111 84 4 24 4 26 20 6 May... ,291 ,268 131 90 41 127 96 4 26 4 32 24 June... ,381 ,351 138 93 46 132 100 4 29 6 30 22 July.... ,343 ,318 129 88 41 125 96 4 25 3 29 21 Aug ,321 ?1,296 *130 87 42 96 3 28 n 34 26 Sept ,360 ^1,343 *125 35 n.a. n.a. n.a. 21 n.a. Not available. * Preliminary. 3 New series, including both farm and nonfarm unless otherwise 1 For new series, based on revised definition of metropolitan areas. indicated. Not strictly comparable with nonfarm series developed by 2 Data from Federal Housing Administration and Veterans' Ad- the Bureau of Labor Statistics, for which annual totals are given through ministration represent units started, based on filed office reports of first 1959. compliance inspections. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1348 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of Labor Statistics estimates, without seasonal adjustment. In thousands of persons unless otherwise indicated] Civilian labor force Year or month i p n T o s o t p t i a t u u l l t a n i t o o i n o n n a - l T l f a o o b r t c o a e r l Total Total I E n m c u n p l o l t o u n y r a a e g l d r i * - In U pl n o e y m ed - l N ab o o t r i n f o t r h c e e U (p n e e m r r m a e c t p n e e n l t o t y ) industries agriculture 1954 116,220 67,818 64,468 60,890 54,395 6,495 3,578 48,401 5.6 1955 117,388 68,896 65,848 62,944 56,225 6,718 2,904 48,492 4.4 1956 118,734 70,387 67 530 64,708 58,135 6 572 2,822 48,348 4.2 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 4.3 1958 121,950 71,284 68,647 63,966 58,122 5,844 4,681 50,666 6.8 1959 123,366 71,946 69,394 65,581 59,745 5,836 3,813 51,420 5.5 I960 125,368 73,126 70,612 66,681 60,958 5,723 3,931 52,242 5.6 1960—-Oct 125,936 73,592 71,069 67,490 61,244 6,247 3,579 52,344 6.3 Nov 126,222 73,746 71,213 67,182 61,516 5,666 4,031 52,476 6.2 Dec 126,482 73,079 70,549 66,009 61,059 4,950 4,540 53,403 6.8 1961—Jan... 126,725 72,361 69,837 64,452 59,818 4,634 5,385 54,364 6.6 Feb 126,918 72,894 70,360 64,655 59,947 4,708 5,705 54,024 6.8 Mar 127,115 73,540 71,011 65,516 60,539 4,977 5,495 53,574 6.9 Apr 127,337 73,216 70,696 65,734 60,734 5,000 4,962 54,121 6.8 May 127,558 74,059 71,546 66,778 61,234 5,544 4,768 53,499 6.9 June.... 127,768 76,790 74,286 68,706 62,035 6,671 5,580 50,977 6.8 July 127,986 76,153 73,639 68,499 62,046 6,453 5,140 51,833 6.9 Aug 128,183 75,610 73 081 68,539 62,215 6,325 4,542 52 573 6.9 Sept 128,372 73,670 71,123 67,038 61,372 5,666 4,085 54,701 6.8 Oct 128,571 74,345 71,759 67,824 61,860 5,964 3,934 54,226 6.8 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 about 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] Trans- Federal, Year or month Total 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 St g a o l t o v e c e , a r a l n n - d utilities ment 1954. ... 49 022 16,314 791 2,612 4 084 10 235 2 234 6,002 6,751 1955 50,675 16,882 792 2,802 4,141 10,535 2,335 6,274 6,914 1956 52,408 17,243 822 2,999 4,244 10,858 2,429 6,536 7,277 1957. ... . 52,904 17,174 828 2,923 4,241 10,886 2,477 6,749 7,626 1958 51,423 15,945 751 2,778 3,976 10,750 2,519 6,811 7,893 1959 53,380 16,667 731 2,955 4,010 11,125 2,597 7,105 8,190 1960 . . 54,347 16,762 709 2,882 4 017 11,412 2,684 7,361 8,520 SEASONALLY ADJUSTED I960 Oct 54,190 16,489 698 2,877 3,991 11,423 2,707 7,415 8,590 Nov.. . . 53,995 16,351 693 2,832 3,976 11,371 2,719 7,431 8,622 Dec 53,707 16,174 679 2,757 3,950 11,334 2,723 7,447 8,643 1961—Jan.. 53,581 16,021 672 2,773 3,931 11,347 2,727 7,439 8,671 Feb 53 485 15,962 667 2,765 3 922 11 296 2 731 7 460 8,682 Mar 53,561 16,023 668 2,792 3,919 11,252 2,732 7,463 8,712 Apr 53,663 16,119 666 2,766 3 901 11 320 2 732 7 425 8,734 May 53,894 16,275 670 2,742 3s903 11,355 2,739 7,436 8,774 June 54 182 16,373 669 2,795 3 914 11 392 2 747 7 471 8 821 July 54,335 16,392 672 2,776 3 942 11 437 2 748 7,533 8,835 Aug 54,333 16,381 665 2,770 3,939 11,410 2,757 7,546 8,865 Sept P ... 54,417 16,342 667 2,777 3 953 11 414 2 762 7 582 8,920 Oct.p 54,576 16,352 663 2,788 3 958 11,471 2,770 7,604 8,970 WITHOUT SEASONAL ADJUSTMENT I960—Oct.. 54,882 16,739 706 3,110 4 015 11 509 2 702 7 452 8,649 Nov 54,595 16,538 695 2,942 3,992 11,608 2,705 7,416 8,699 Dec 54,706 16,213 682 2,630 3,966 12,146 2,709 7,380 8,980 1961—Jan 52,864 15,933 666 2,457 3,888 11,233 2,702 7,313 8,672 Feb . 52,523 15,838 656 2,342 3,87i 11,040 2,706 7,333 8,737 Mar 52,785 15,866 654 2,454 3,872 11,101 2,710 7,359 8,769 Apr.. . 53 171 15,904 657 2,619 3,870 11,162 2,724 7,448 8,787 May 53,708 16,076 668 2,775 3,891 11,238 2,734 7,510 8,816 June. . . .. 54,429 16,320 678 2,971 3,945 11,354 2,766 7,598 8,797 July 54,227 16,268 672 3,023 3,977 11,327 2,795 7,631 8,534 Aug. 54,538 16,531 677 3,075 3,971 11,342 2,801 7,606 8,535 Sept.*> S5,092 16,664 677 3,046 3,985 11,429 2,776 7,627 8,888 Oct p 55,260 16,598 670 3,014 3,982 11,557 2,764 7,642 9,033 » Preliminary. J Data include figures for Alaska and Hawaii. of the month. Proprietors, self-employed persons, domestic servants, NOTE.—Revised data include all full- and part-time employees who unpaid family workers, and members of the armed forces are excluded. worked during, or received pay for, the pay period ending nearest the 15th Back data may be obtained from the Bureau of Labor Statistics. 'j££ { Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 1349 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES 1 [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1960 1961 1960 1961 Oct. Aug. Oct. Aug. Sept.P Oct.p Total 12,278 12,156 12,112 12,108 12,530 12,274 12,418 12,352 Durable goads 6,784 6,699 6,680 6,675 6,880 6,641 6,760 6,769 Ordnance and accessories 90 95 97 99 89 94 97 98 Lumber and wood products 551 538 541 537 571 568 567 556 Furniture and fixtures 312 309 308 306 321 311 316 315 Stone, clay, and glass products 476 464 460 464 485 477 477 473 Primary metal industries 916 944 952 955 922 940 957 962 Fabricated metal products 851 838 830 823 868 831 836 839 Machinery except electrical 996 967 967 978 980 950 962 962 Electrical machinery 942 972 957 984 955 968 982 998 Transportation equipment 1,113 1,039 1,040 1,000 1,124 961 1,016 1,010 Instruments and related products 226 225 224 222 229 223 226 225 Miscellaneous manufacturing industries. 311 308 304 307 336 317 325 331 Nondurable goods 5,494 5,457 5,432 5,433 5,650 5,633 5,658 5,583 Food and kindred products 1,217 1,182 1,177 1,174 1,308 1,318 1,328 1,262 Tobacco manufactures 86 80 85 76 104 89 107 92 Textile-mill products 803 795 794 795 813 802 804 805 Apparel and other finished textiles 1,080 1,081 1,066 1,072 1,094 1,100 1,085 1,086 Paper and allied products All 472 469 472 478 475 477 478 Printing, publishing and allied industries 595 596 597 596 603 594 601 604 Chemicals and allied products 505 510 508 509 506 509 510 510 Products of petroleum and coal 137 134 131 133 137 135 133 133 Rubber products 279 287 289 290 288 284 294 299 Leather and leather products 321 320 316 316 320 327 319 315 p Preliminary. (full-and part-time) who worked during, or received pay for, the pay 1 Data include figures for Alaska and Hawaii. period ending nearest the 15th of the month. Back data may be obtained form the Bureau of Labor Statistics. NOTE.—Revised data covering production and related workers only HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES i [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 Oct. Aug. Sept.p Oct. Aug. Sept." Oct. Aug. Sept.? Oct.? Total 90.12 92.86 92.50 94.71 39.7 40.2 39.7 40.3 2.27 2.31 2.33 2.35 Durable goods 97.69 100.44 99.35 102.41 40.2 40.5 39.9 40.8 2.43 2.48 2.49 2.51 Ordnance and accessories 109.62 112.87 114.52 116.05 40.6 40.6 40.9 41.3 2.70 2.78 2.80 2.81 Lumber and wood products 75.65 79.19 79.99 80.60 39.4 40.2 39.6 40.1 1.92 1.97 2.02 2.01 Furniture and fixtures 76.17 78.12 79.13 79.32 40.3 40.9 41.0 41.1 1.89 1.91 1.93 1.93 Stone, clay, and glass products, 94.94 98.18 97.88 98.12 41.1 41.6 41.3 41.4 2.31 2.36 2.37 2.37 Primary metal industries 105.36 116.11 118.37 119.39 37.9 39.9 40.4 40.2 2.78 2.91 2.93 2.97 Fabricated metal products 99.47 102.34 98.55 103.16 40.6 41.1 39.9 41.1 2.45 2.49 2.47 2.51 Machinery except electrical 104.19 106.75 107.57 109.03 40.7 40.9 40.9 41.3 2.56 2.61 2.63 2.64 Electrical machinery 92.29 94.94 93.77 96.05 40.3 40.4 39.9 40.7 2.29 2.35 2.35 2.36 Transportation equipment 114.95 112.96 104.53 115.46 41.2 40.2 37.2 40.8 2.79 2.81 2.81 2.83 Instruments and related products 95.00 97.75 97.99 98.7t 40.6 40.9 41.0 41.3 2.34 2.39 2.39 2.39 Miscellaneous manufacturing industries... 75.22 74.47 76.40 76.99 39.8 39.4 40.0 40.1 1.89 1.89 1.91 1.92 Nondurable goods 80.55 83.58 84.14 84.74 39.1 39.8 39.5 39.6 2.96 2.10 2.13 2.14 Food and kindred products 86.73 88.60 89.64 89.82 41.3 41.4 41.5 41.2 2.10 2.14 2.16 2.18 Tobacco manufactures 64.15 68.17 66.72 68.51 40.6 40.1 41.7 39.6 1.58 1.70 1.60 1.73 Textile-mill products 62.47 66.02 66.26 67.98 38.8 40.5 40.4 41.2 1.61 1.63 1.64 1.65 Apparel and other finished textiles 57.19 59.86 56.93 60.33 35.3 36.5 34.5 35.7 1.62 1.64 1.65 1.69 Paper and allied products 96.44 101.05 101.67 101.20 42.3 43.0 42.9 42.7 2.28 2.35 2.37 2.37 Printing, publishing and allied industries.. 103.83 105.33 106.92 106.09 38.6 38.3 38.6 38.3 2.69 2.75 2.77 2.77 Chemicals and allied products 103.73 107.49 107.79 108.73 41.0 41.5 41.3 41.5 2.53 2.59 2.61 2.62 Products of petroleum and coal 118.53 122.59 126.88 126.16 41.3 41.0 41.6 41.5 2.87 2.99 3.05 3.04 Rubber products 93.77 97.85 99.46 97.12 39.9 40.6 41.1 40.3 2.35 2.41 2.42 2.41 Leather and leather products 59.07 62.79 62.05 62.22 35.8 37.6 36.5 36.6 1.65 1.67 1.70 1.70 p Preliminary. NOTE.—Revised data are for production and related workers, Back 1 Data include figures for Alaska and Hawaii. data are available from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1350 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average=»100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t. is M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALES i 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 135 122 124 132 129 148 166 128 138 128 142 159 140 1958 136 122 127 133 128 148 169 125 137 128 146 159 143 1959 144 126 131 140 139 156 181 133 144 134 155 172 157 I960 145 128 135 140 140 154 182 134 143 137 155 169 156 SEASONALLY ADJUSTED I960 Sept '145 126 '137 139 '139 '156 185 132 138 135 154 '173 '156 Oct '148 129 140 145 144 163 189 140 149 139 164 172 160 Nov '144 129 131 136 136 151 179 129 139 137 157 163 152 Dec '146 128 135 136 142 154 187 137 142 139 159 171 159 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 151 134 142 145 '145 161 194 143 147 137 165 178 167 150 132 '143 142 '145 156 179 137 141 133 157 '184 157 Sept 130 136 140 144 *156 192 136 141 139 ^163 175 170 WITHOUT SEASONAL ADJUSTMENT I960 Sept 145 131 '139 141 '139 '157 172 136 142 145 159 '166 152 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 140 131 132 135 133 149 171 131 140 133 152 160 145 141 129 136 136 133 146 166 132 133 139 151 149 156 July 126 102 106 110 122 134 165 114 122 109 145 158 149 136 112 114 119 132 142 172 126 135 133 160 '181 156 Sept .... .... ... 135 138 142 141 P157 178 140 145 149 168 166 STOCKS i 1953 131 124 120 129 125 141 155 122 131 123 146 143 140 1954 128 126 117 127 122 138 152 120 125 124 141 140 135 1955 136 132 119 135 124 159 170 127 135 130 152 153 142 1956 148 141 130 148 133 175 195 138 148 142 164 168 156 1957 152 138 138 154 136 178 203 143 150 146 160 174 158 1958 148 136 136 152 129 172 197 139 143 137 153 165 155 1959 156 142 142 160 134 179 210 148 144 144 157 178 167 I960 165 147 149 164 149 185 228 154 150 155 165 187 178 SEASONALLY ADJUSTED I960 Sept '168 152 '152 '165 154 '189 230 160 152 163 171 '190 '179 Oct 167 152 151 165 151 185 231 159 150 161 173 192 179 Nov 169 151 152 166 163 184 235 158 149 160 173 192 178 Dec 166 147 149 164 145 187 233 158 147 154 174 182 180 1961—Jan 162 147 150 161 142 182 224 149 148 148 169 181 178 Feb 161 146 148 157 142 181 221 148 147 152 164 178 182 Mar 161 145 147 158 142 182 221 151 150 148 166 179 179 Apr 162 149 146 158 143 183 229 150 148 149 168 179 178 May 164 152 150 162 142 187 225 155 152 152 167 178 179 164 155 148 165 147 184 227 151 152 151 166 180 178 July 166 155 149 165 151 187 227 159 151 161 171 182 176 169 157 150 '165 151 189 239 160 154 157 172 190 182 Sept 160 151 170 151 166 154 WITHOUT SEASONAL ADJUSTMENT I960—Sept '176 159 '160 '173 160 '200 239 166 161 169 176 201 '189 Oct 187 172 171 190 169 211 251 175 171 178 187 211 198 Nov 192 177 176 191 184 213 266 177 170 182 196 211 205 Dec 150 137 140 148 132 172 205 137 133 143 156 169 165 1961—Jan 145 131 136 142 125 162 207 134 132 136 152 160 158 Feb 153 137 138 151 136 170 221 140 139 146 158 172 168 Mar 164 147 150 162 146 186 232 151 151 151 169 183 178 Apr 169 155 152 169 150 190 238 159 154 153 174 186 181 May 165 155 151 165 146 187 228 158 150 152 168 177 178 156 146 139 154 140 173 213 148 143 142 163 167 173 July 157 141 134 148 139 173 211 156 143 152 164 173 173 Aug 165 152 147 '158 145 186 231 156 152 154 170 190 180 Sept 168 158 179 157 ^249 173 163 P159 P Preliminary. r Revised. NOTE.—For description of series see BULLETIN for December 1957, 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 Adminisare as of the end of the month or averages of monthly data. trative Services. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 1351 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (in millionsof dollars) Ratios to sales4 Period S (t a f o l o e t r a s l i St ( o e o c n f k d s i o s r O t d i a n u e n g r t d - s - * c ( e t R i o p e t t a - s l 2 o ( r N t d o e e t w r a s l 3 Stocks s O t i a n u n g t d - - S st p o t a o l u n u c t d s k - - s ce R i e p - ts month) month) (end of fIr o»rr for orders ing month) month) month) orders Annual average: 1952 397 1,097 435 397 401 2.9 L.2 4.1 1.0 1953 406 1,163 421 408 401 3.0 .1 4.1 1.0 1954 409 1,140 388 410 412 3.0 .0 4.0 1.0 1955 437 1,195 446 444 449 2.9 .1 4.0 1.0 1956 454 1,286 470 459 458 3.0 .1 4.1 1.0 1957 459 1,338 461 461 458 3.1 .1 4.1 1.0 1958 462 1,323 437 462 464 3.0 LO 4.1 1.0 1959 488 1,391 510 495 498 3.0 .1 4.1 1.1 1960 492 1,466 517 494 491 3.1 l.l 4.3 1.0 Month: 1960—Sept.. '473 '1,573 '623 '570 '562 3.3 1.3 4.6 1.2 Oct.. 520 1,670 581 626 586 3.2 .1 4.3 1.2 Nov.. 584 1,735 479 649 547 3.0 ).8 3.8 1.1 Dec... 932 1,339 331 536 388 1.4 ).4 1.8 0.6 1961—Jan... 370 1,316 436 347 452 3.6 1.2 4.7 0.9 Feb... 348 1,368 474 400 438 3.9 1.4 5.3 1.1 Mar.. 479 1,459 441 570 537 3.0 0.9 4.0 1.2 Apr... 431 1,502 387 474 420 3.5 0.9 4.4 1.1 May.. 476 1,475 419 449 481 3.1 0.9 4.0 0.9 June.. 467 1,389 619 381 581 3.0 1.3 4,3 0.8 July.. 389 1,376 689 376 446 3.5 1.8 5.3 1.0 Aug.. 467 1,469 649 560 520 3.1 1.4 4.5 1.2 Sept.? 475 1,573 654 579 584 3.3 1.4 4.7 1.2 p Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1960, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see the department store sales. BULLETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports * Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports 3 Period 1959 1960 1961 1959 1960 1961 1959 1960 1961 Jan 1.401 1,561 1,647 1,287 1.484 1.539 1.154 1.143 1.124 Fob 1,279 1,576 1,672 1,182 ,497 1,606 ,119 ,289 1,046 Mar 1,459 1,749 1,934 1,378 1,632 1,889 ,295 ,378 1,231 Apr 1,481 1,818 1,706 1.345 1,703 L,647 ,221 ,261 1,042 May 1,558 1,804 1,744 1,418 1,710 1,671 1,264 1,262 1,195 June 1,427 1,737 1,699 1,351 1,637 1,644 1,370 1,307 1,220 July 1,470 1,699 1,637 1,356 1,629 1,558 1,250 1,150 1,268 Aug 1,410 1,609 1,653 1,313 1,547 1,581 1,188 1,229 1,234 Sept 1,487 1,610 1,616 1,407 1,557 [,395 1,160 Oct 1,482 1,744 1,399 1,690 1,202 .157 Nov 482 1,797 •*8n 1,724 1,283 1,161 Dec 1,685 1,797 1,580 1.743 .467 1,157 Jan -Sept 12,972 15,163 15,308 12,037 14,396 14,677 11,256 11,179 10,536 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

1352 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49 = 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a d c s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A ar p e - ! T p t r o i a o r n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117 4 60 3 1933 . 55.3 41.6 83 6 45 9 1941 62.9 52.2 88.4 55.6 1945 76 9 68.9 90 9 76 3 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107 9 123 5 106 1 117 4 104 3 128.0 125.2 113.4 107.0 120.1 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1957 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1958 123.5 120.3 127.7 137.7 117.0 134.9 103.9 131.4 107.0 140.5 144.4 128.6 116.7 127.2 1959 124.6 118.3 129.2 139.7 119.9 136.6 103.9 134.3 107.9 146.3 150.8 131.2 118.6 129.7 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 I960 Sept 126.8 120.2 132.0 142.1 125.7 134.8 104.1 138.0 110.6 144.7 156.9 133.9 122.1 132.7 Oct 127.3 120.9 132.2 142.5 125 7 136.1 104 0 138 1 111 0 146.1 157 3 134 0 121 9 132.7 Nov 127.4 121.1 132.1 142.7 125.7 136.3 104.0 138.3 110.7 146.5 157.9 133.9 122.5 132.7 Dec 127.5 121.4 132.3 142.8 125.6 137.0 103.9 138.3 110.6 146.5 158.0 133.7 122.3 132.7 1961_Jan 127.4 121 3 132.3 142 9 125 9 139 6 103 6 138 3 109 4 146 2 158 5 133 7 122.2 132.6 Feb 127.5 121.4 132.4 143.1 125.9 141.3 103.7 138.3 109.6 146.2 159.4 133.8 122.7 132.6 Mar . . 127.5 121.2 132.5 143.1 125.9 141.3 103.9 138.5 109.8 145.7 159.6 133.6 123.4 132.6 Apr 127.5 121.2 132.3 143.3 125.8 139.9 103.8 138.7 109.5 145.8 159.9 133.8 124.1 132.6 May 127.4 120.7 132.2 143.4 126.2 136.5 103.5 138.7 109.6 146.6 160.4 133.8 123.9 133.1 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 128.1 122.0 132.4 143.6 125.6 135.9 103.6 139.1 109.9 148.3 161.2 134.3 124.1 133.6 Aug 128.0 121.2 132.3 143.6 125.6 136 9 103 2 138 8 109.9 149.3 161 4 134.2 124.4 133.6 Sept 128.3 121.1 132.6 143.9 125.7 137.2 103.8 138.9 111.1 149.4 161.7 134.3 125.0 133.8 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 s e p u k a a r i n c i o t d n h t d d e s s e s - , r , r p p e u F a a o l r c a n u 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 e ie t d l m d s s d - - p R u a b r u n c o e b t d d r s - - w L p u a b r u o n c o e m o t d d r s d - - p p a P u a a l r l u n c o p ie t l d d e s p 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 m u a t e r h i n c o r v o i a t y n d d e - s - - - h F d o h t b o a u u t u o n l h u r r e r l d e s n a e d s e r - i- - p N t m u m e a r o c r o l i e l a n t n d i - s l c - - - b b p e o b u T a a r r t e a n c o c o t v g t l c d d - e s - e o - d s c M el i l s a - - 1953 110. 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126. 89.6 1958 119.2 94.9 110.9 126.0 93.5 r100.6 112.7 110.4 145.0 117.7 131.0 150.4 149.8 123.2 136.0 128.2 94.2 1959 119.5 89.1 107.0 128.2 95.0 114.3 112.7 109.9 144.5 125.8 132.2 153.6 153.0 123.4 137.7 131.4 94.5 1960 119.6 88.8 107.7 128.3 96.1 110.3 113.8 110.2 144.7 121.3 133.2 153.8 153.4 123.1 138.0 131.8 92.1 I960—Sept. 119.2 87.7 108.1 127.9 95.9 108.1 116. 110.4 144.9 118.7 133.0 153.5 151.4 122.8 138.0 132.0 91.1 Oct.. 119.6 89.5 109.0 128.0 95.8 108.5 116.2 110.1 144.7 117.7 133.4 152.8 152.9 122.7 138.1 132.0 90.3 Nov. 119.6 89.9 109.1 127.9 95.4 108.5 116. 110.1 143.6 116.9 133.1 152.3 153.0 122.6 137.9 132.0 90.6 Dec. 119.5 88.7 109.2 127.9 95.2 108.8 116.2 110.2 141 116.5 132.3 152.2 153.1 122.6 137.9 132.1 92.4 1961—Jan.. 119.9 89.7 109.9 128. 94.8 108.3 117.2 109.7 139 115.7 132.2 152.2 153.5 122.3 138 132.1 95.6 Feb. 120.0 90.0 110.5 128. 94.7 108.0 117.7 110.0 139.6 114.7 132.2 152.3 153.4 122.2 138 132.1 95.2 Mar. 119.9 89.9 109.6 128.2 94.4 109.5 117.5 110.1 139.9 115.4 131.5 152.4 153.4 122.2 138.6 132.1 96.8 Apr. 119.4 88.5 108.7 128.0 94.1 109.9 115.2 110.2 140.1 118.0 131.0 152.7 153.1 122.5 138.6 132.0 97.7 May 118.7 86.8 107.5 127.6 94.0 110.7 113.6 109.9 140.2 117.6 126.1 153.0 153.1 122.4 138.5 132.1 99.5 June 118.2 85.1 106.7 127.4 93.7 110.1 114.3 109.3 139.6 117.8 126.5 153.1 153.2 122.4 138.3 132.1 95.9 July. 118.6 87.1 107.5 127.4 93.9 111.1 114.6! 108.9 139.0 117.2 126.4 153.2 153.0 122.3 138.4 132.6 95.6 Aug. 118.9 »"88.6r108.1 127.4 94.2 113.1 114.4 M08.4 139.4 115.9 126.3 153.6 152.7 r122.1 138.5 132.8 95.6 Sept. 118.8 87.2 108.1 127.5 94.4 113.5 113.7 108.2 139.6 115.5 128.6 153.8 152.7 122.2 138.5 133.4 95.6 ^Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1353 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1960 1961 1960 1961 Subgroup Subgroup Sept. July Aug. Sept. Sept. July Aug. Sept. Farm Products: Pulp, Paper and Allied Products—Cont.: Fresh and dried produce 104.7 104.3 '97.3 95.0 Paperboard 135.9 123.0 122.8 122.8 Grains 74.9 77.8 78.1 78.0 Converted paper and paperboard... 130.6 121.2 121.2 125.5 Livestock and poultry , 79.0 75.5 80.3 77.6 Building paper and board 145.3 144.9 144.8 144.8 Plant and animal fibers , 92.1 96.7 98.4 98.7 Fluid milk , 99.8 98.1 '98.4 99.8 Metals and Metal Products: Eggs 85.5 75.5 80.7 76.6 Hay and seeds 72.3 83.7 82.9 80.0 Iron and steel , 169.7 170.1 170.5 170.8 Other farm products 129.5 129.3 129.3 131.2 Nonferrous metals , 138.4 135.8 136.2 136.3 Metal containers 153.6 156.6 156.6 156.6 Processed Foods: Hardware 174.5 176.3 176.4 176.5 Plumbing equipment 131.5 132.8 133.5 133.5 Cereal and bakery products 122.4 123.9 123.9 124.3 Heating equipment 119.3 115.5 115.6 115.2 D M a e i a ry ts , p p ro o d u u lt c r t y s , a a n n d d i f c is e h cream 1 9 2 6 0 . . 0 5 1 9 2 2 0 . . 5 4 r1 9 2 4 1 . . 8 0 1 9 2 4 1 . . 3 9 F Fa a b b r r i i c c a a t t e e d d stru n c o t n u s r t a r l u c m tu et r a a l l pro m du e c ta ts l 134.2 132.3 132.3 132.2 Canned, frozen fruits, and vegetables. 107.7 109.0 107.4 107.2 products 146.2 149.2 150.4 150.8 Sugar and confectionery 117.9 114.8 113.0 112.8 Packaged beverage materials 140.9 139.1 138.6 138.6 Machinery and Motive Products: Other processed foods 101.4 102.5 102.1 102.3 Agricultural machinery and equip- Textile Products and Apparel: ment 146.2 148.8 148.9 148.7 Construction machinery and equip- Cotton products 93.4 89.7 90.4 91.0 ment 176.7 178.3 178.5 178.5 Wool products 101.2 101.2 101.7 101.8 Metal working machinery 181.0 181.7 181.7 182.1 Synthetic textiles 78.6 75.1 75.1 75.1 General purpose machinery and Silk products 128.4 131.2 136.2 136.2 equipment 166.9 166.5 166.3 166.4 Apparel 101.1 100.4 100.6 100.7 Miscellaneous machinery 150.2 151.8 152.0 152.0 Other textile products 85.7 90.7 91.0 90.5 Special industry machinery and equipment (Jan. 1961= 100) 100.5 100.5 100.7 Hides, Skins, and Leather Products: Electrical machinery and equipment 152.7 151.8 150.5 150.4 Hides and skins 62.3 76.2 82.9 82.5 Motor vehicles 135.4 140.5 140.5 140.3 Leather 97.5 102.6 106.3 107.6 Transportation equip., R. R. rolling Footwear 132.5 132.9 133.5 133.9 stock (Jan 1961 = 100) 100.0 100.3 100.3 Other leather products 103.9 104.3 105.1 105.4 Furniture and Other Household Dura- Fuel and Related Products, and Power bles: Coal 122.4 118.7 119.2 120.1 Household furniture 125.0 126.4 126.4 126.6 Coke 170.4 170.4 170.4 170.4 Commercial furniture 157.1 155.9 155.9 156.7 Gas fuels (Jan. 1958= 100) 121.3 115.6 116.6 116.9 Floor covering 130.5 129.7 129.7 129.7 Electric power (Jan. 1958= 100) 102.1 102.5 102.4 102.4 Household appliances 100.9 99.8 99.8 99.8 Crude petroleum and natural gasoline 126.8 127.2 127.2 127.2 Television, radios, phonographs. 91.1 90.0 '88.7 88.3 Petroleum products, refined 119.2 117.4 116.8 115.1 Other household durable goods.. 157.6 156.9 157.2 157.2 Chemicals and Allied Products: Nonmetallic Mineral Products: Industrial chemicals 124.5 121.1 120.8 120.6 Flat glass 132.4 130.3 130.3 130.3 Prepared paint 128.4 132.4 132.4 132.4 Concrete ingredients 142.2 142.6 142.4 142.4 Paint materials 104.6 101.0 101.1 99.9 Concrete products 131.0 131.3 131.3 131.4 Drugs and Pharmaceuticals , 93.7 92.5 '91.3 91.2 Structural clay products 162.1 161.6 161.7 161.9 Fats and oils, inedible , 47.7 52.2 51.1 49.3 Gypsum products 133.2 134.6 137.3 137.3 Mixed fertilizers , 112.9 113.0 113.6 114.4 Prepared asphalt roofing.... 106.6 114.2 114.2 114.2 Fertilizer materials , 108.3 111.7 110.0 110.2 Other nonmetallic minerals. 134.5 133.7 133.7 133.5 Other chemicals and products 106.7 105.8 105.3 105.3 Tobacco Products and Bottled Bev- Rubber and Products : erages : Crude rubber 147.7 136.2 137.9 138.9 Cigarettes 134.8 134.8 134.8 134.8 Tires and tubes 141.3 138.3 138.3 138.3 Cigars 106.5 106.5 106.5 106.5 Other rubber products 146.6 140.9 141.1 141.0 Other tobacco products. 155.7 157.8 157.8 157.8 Alcoholic beverages 121.1 121.1 121.1 121.2 Lumber and Wood Products: Nonalcoholic beverages. 171.4 174.8 176.3 180.5 Lumber 117.9 116.8 115.8 115.5 Miscellaneous: P M ly il w lw o o o r d k 1 9 3 6 5 . . 4 5 1 9 3 7 2 . . 2 0 1 r9 3 5 0 . . 3 7 1 9 3 3 0 . . 9 7 Toys, sporting goods, small arms. . 118.6 119.0 119.7 119.6 Manufactured animal feeds 67.7 74.6 74.3 74.2 Pulp, Paper, and Allied Products: Notions and accessories 96.4 96.4 96.4 96.4 Jewelry, watches, photo equipment. 110.9 111.0 •111.7 111.9 Woodpulp 121.2 114.4 114.4 114.4 Other miscellaneous 132.5 131.8 132.6 132.3 Wastepaper 77.4 76.6 76.6 76.6 Paper 145.4 145.9 145.9 145.3 * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1354 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 Gross national product 104.4 56.0 125.8 284.6 419.2 442.8 444.5 482.8 504.4 505.1 504.5 500.8 516.1 525.8 Personal consumption expenditures 79.0 46.4 81.9 195.0 269.9 285.2 293.2 314.0 328.9 329.7 332.3 330.7 336.1 341.0 Durable goods 9.2 3.5 9.7 30.4 38.5 40.4 37.3 43.5 44.3 43.4 43.8 39.4 42.0 42.3 Nondurable goods 37.7 22.3 43.2 99.8 131.4 137.7 141.6 147.3 152.4 152.7 153.1 153.7 154. 156.2 Services 32.1 20.7 29.0 64.9 100.0 107.1 114.3 123.2 132.2 133.6 135.4 137.5 139.9 142.4 Gross private domestic investment 16.2 1.4 18.1 50.0 67.4 66.1 56.6 72.4 72.4 70.5 65.6 59.8 68.8 73.2 New Construction 8.7 1.4 6.6 24.2 35.5 36.1 35.5 40.2 40.7 40.4 40.7 39.6 41.3 42.7 Residential, nonfarm 3.6 .5 3.5 14.1 17.7 17.0 18.0 22.3 21.1 21.0 20.5 19.3 20.6 22 A Other 5.1 1.0 3.1 10.1 17.8 19.0 17.4 17.9 19.6 19.4 20.2 20.4 20.7 20.6 Producers' durable equipment 5.9 1.6 6.9 18.9 27.2 28.5 23.1 25.9 27.5 27.7 26.7 24.2 24.7 26.0 Change in business inventories 1.7 -1.6 4.5 6.8 4.7 1.6 -2.0 6.3 4.2 2.4 -1.9 -4.0 2.8 4.5 Nonfarm only 1.8 -1.4 4.0 6.0 5.1 -2.9 6.2 4.0 2.0 -2.2 -4.3 2.4 4.1 Net exports of goods and services .8 .2 1.1 .6 2.9 4.9 1.2 -.7 3.0 3.0 5.1 5.3 3.9 2.6 Exports 7.0 2.4 6.0 13.1 23. 26.2 22.7 23.1 26.7 26.8 27.6 27.6 26.4 27.0 Imports 6.3 2.3 4.8 12.5 20.2 21.3 21.5 23.8 23.6 23.8 22.4 22.3 22.5 24.5 Government purchases of goods and services. 8.5 8.0 24.8 39.0 79.0 86.5 93.5 97.1 100.1 101.9 101.6 105.0 107.3 109.0 Federal 1.3 2.0 16.9 19.3 45.7 49.7 52.6 53.5 52.9 54.0 53.0 54.7 56.6 57.4 N O a th ti e o r nal defense \ 1.3 2.0 r 13.8 1 5 4 . . 2 3 4 5 0 . . 7 4 4 5 4 . . 7 4 4 8 4 . . 3 8 4 7 6 . . 8 2 4 8 5 . . 0 5 4 9 5 . . 1 4 4 7 5 . . 9 7 4 8 7 . . 0 2 4 8 8 . . 3 8 4 8 9 . . 9 0 Less: Government sales .0 .0 .1 .3 .5 .5 .6 .6 .6 .5 .5 .6 State and local 7.2 6.0 7.8 19.7 33.2 36i8 40.8 43.6 47.2 48.0 48.6 50.3 50.6 51.6 Addendum: Gross national product in constant (1954) dollars 181.8 126.6 238.1 318.1 400.9 408.6 401.3 428.4 440.8 440.2 438.4 433.2 445.5 451.8 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 1941 1950 1956 1957 1958 1959 1960 National income 87.8 40.2 104.7 241.9 350.8 366.9 367.4 399.6 417.1 419.0 416.5 412.2 426.0 Compensation of employees 51.1 29.5 64.8 154.2 242.5 255.5 257.1 278.4 293.7 296.0 294.0 292.6 300.2 306.2 Wages and salaries 50.4 29.0 62.1 146.4 227.6 238.5 239.8 258.5 271.3 273.2 271.3 270.1 277.3 282.7 Private 45.5 23.9 51.9 124.1 189.6 198.4 196.6 213.2 223.0 224.2 221.6 219.7 226.0 230.7 G M o il v it e a r r n y m ent civilian , , 4. . 6 3 4.9 8 1 . . 3 9 1 5 7 . . 0 3 2 9 8 . . 7 4 3 9 0 . . 6 5 3 9 3 . . 8 5 3 9 5 . . 9 4 3 9 8 . . 9 5 3 9 9 . . 9 1 3 1 9 0 . . 7 0 4 1 0 0 . . 3 1 4 1 1 0 . . 2 1 4 1 1 0. . 2 9 Supplements to wages and salaries .7 .5 2.7 7.8 14.9 17.0 17.3 20.0 22.4 22.7 22.7 22.5 22.9 23.4 Employer contributions for social insurance .1 .1 2.0 4.0 6.8 7.8 8.0 9.7 11.5 11.8 11.5 11.7 12.0 12.2 Other labor income .6 .4 .7 3.8 8.1 9.1 9.4 10.3 10.9 10.9 11.2 10.8 10.8 11.2 Proprietors* income 14.8 5.6 17.4 37.5 43.7 44.5 46.1 46.3 48.2 48.7 49.0 48.9 49.2 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 36.6 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 12.8 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 11.5 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 44.1 42.9 40.0 45.5 Profits before tax 9.6 .2 17.0 40.6 44. 43.2 37.4 46.8 45.0 43.2 42.6 39.6 45.2 Profits tax liability 1.4 .5 7.6 17.9 21. 20.9 18.6 23.1 22.3 21.4 21.1 19.6 22.4 Profits after tax 8.3 — .4 9.4 22.5 23.5 22.3 18.8 23.7 22.7 21.7 21.4 20.0 22.8 Dividends 5.8 2.1 4.5 9. 12.1 12.6 12. 13.4 14.1 14.1 14.3 14.2 14.2 14.3 Undistributed profits 2.4 -2.4 4.9 13.6 9.7 6.4 10.3 8.6 7.6 7.2 5.8 8.6 11.3 Inventory valuation adjustment -2.1 -2.5 -5.0 -1.5 — .3 .0 .9 .3 .4 .3 -2.7 Net interest 6.4 5.0 4.5 5.5 13. 14.8 16.6 18.4 18.6 18.9 19.2 19.6 26.2 11.7 NOTB.—For explanation of series see U. S. Income and Output (a supplement to the Survey of Current Business for 1959) and the Survey of Current Business, July 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 1355 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Quarterly totals Annual totals at seasonally adjusted annual rates Item 1960 1961 1929 1933 1941 1950 1956 1957 1958 1959 1960 Gross national product 104.4 56.0 125.8 284.6 419.2 442.8 444.5 482.8 504.4 505.1 504.5 500.8 516.1 525.8 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 34.4 37.4 38.6 40.8 43.1 43.2 43.7 44.2 45.0 45.5 Indirect business tax and nontax liability 7.0 7.1 11.3 23.7 35.7 38.2 39.3 42.7 45.6 45.5 45.9 45.7 46.4 47.5 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 . . 3 6 . . 7 9 . . 5 4 -.7 .8 -2 1 . . 4 6 - 1 .6 .8 -1 1 .5 .8 -1 1 .7 .8 -2 1 . . 6 8 -4 1 . . 0 8 -2 1 .9 .8 -2 1 . . 6 8 -1 1 .7 .8 1.8 Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 .9 1.0 1.1 .4 .5 .5 .5 .5 1.4 Equals: National income 87.8 40.2 104.7 241.9 350.8 366.9 367.4 399.6 417.1 419.0 416.5 412.2 426.0 Less: Corporate profits and inventory valuation adjustment 10. -2.0 14.5 35.7 42.0 41.7 37.2 46.4 45.1 44.1 42.9 40.0 45.5 Contributions for social insurance.... .2 .3 2.8 6.9 12.6 14.5 14.8 17.6 20.7 21.1 20.8 21.2 21.7 22.0 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 17.2 20.1 24.5 25.4 27.3 27.5 28.8 30.1 31.0 31.6 Net interest paid by government 1.0 1.2 1.3 4.8 5.7 6.2 6.2 7.1 7.8 7.8 7.7 7.5 7.3 7.2 Dividends 5.8 2.1 4.5 9.2 12.1 12.6 12.4 13.4 14.1 14.1 14.3 14.2 14.2 14.3 Business transfer payments .6 .5 1.6 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 .7 Equals: Personal income 85.8 96.3 228.5 332.9 351.4 360.3 383.3 402.2 405.1 405.4 404.7 413.2 420.3 47.2 Less: Personal tax and nontax payments 2.6 3.3 20.8 40.0 42.6 42.3 46.0 50.4 50.8 50.5 50.3 51.4 52.5 7.5 Federal 1.3 .5 2.0 18.2 35.2 37.3 36.6 39.6 43.2 43.5 43. 42.6 43.6 44.5 1.4 1.0 1.3 2.6 4.8 5.3 6.4 7.2 7.3 7.4 7.7 7.8 8.0 State and local 5.7 83.1 45.7 93.0 207.7 292.9 308.8 337.3 351.8 354.4 354.9 354.3 361.8 367.8 Equals: Disposable personal income 317.9 79.0 46.4 81.9 195.0 269.9 285.2 314.0 328.9 329.7 332.3 330.7 336.1 341 .0 Less: Personal consumption expenditures. . . 293.2 4.2 -.6 11.1 12.6 23.0 23.6 23.4 22.9 24.6 22.7 23.7 25.8 26.8 Equals: Personal saving 24.7 Addendum: Disposable personal income in constant (1954) dollars 134.9 102.1 175.1 231.0 286.9 293.8 296.3 310.6 319.0 321.0 320.1 318.4 324.8 329.0 PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] 1960 1961 Item* 1959 1960 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total personal income. 383.3 402.2 405.5 406.4 406.0 404.0 403.6 403.1 407.3 409.8 413.2 417.3 421.2 419.4 420.2 Wage and salary disbursements 258.5 271.3 273.0 272.9 271.5 269.6 269.6 269.5 271.1 274.6 277.2 280.7 282.3 282.8 283.2 Commodity-producing industries... 107.2 110.4 110.0 108.5 108.3 106.2 106.2 105.6 106.5 109.1 110.5 112.7 113.2 112.9 112.4 Manufacturing only 84.7 87.4 55.7 86.3 85.4 84.0 83.8 83.5 84.1 86.1 87.6 88.9 89.3 89.0 88.6 Distributive industries 68.2 71.8 72.3 72.4 72.0 71.8 71.8 71.8 71.8 72.3 72.9 73.5 74.0 74.2 74.6 Service industries 37.7 40.7 41.3 41.4 41.5 41.7 41.6 41.7 42.1 42.3 42.5 42.9 43.3 43.6 43.8 Government 45.3 48.4 49.4 49.6 49.7 49.8 50.0 50.4 50.7 51.0 51.3 51.6 51.8 52.1 52.4 Other labor income 10.3 10.9 10.9 11.] 11.2 11.3 11.0 10.7 10.6 10.7 10.8 11.0 11.1 11.2 11.2 Proprietors' income 46.3 48.2 48.7 48.9 49.2 48.9 48.9 48.7 49.0 49.0 49.1 49.4 49.5 49.4 49.4 Business and professional. 35.0 36.2 36.3 36.4 36.4 36.0 36.0 35.8 36.0 36.1 36.3 36.4 36.6 36.6 36.7 Farm 11.3 12.0 12.4 12.5 12.8 12.8 12.8 12.9 13.0 12.9 12.9 13.0 12.9 12.8 12.7 Rental income 11.9 11.7 11.7 11.7 11.7 11.6 11.6 11.5 11. 11.5 11.5 11.5 11.5 11.5 11.5 Dividends 13.4 14. 14.3 14.4 14.4 14.1 14.2 14.2 14.2 14.2 14.2 14.3 14.3 14.3 14.4 Personal interest income. 23.6 26.2 26.6 26.6 26.7 26.7 26.8 26.8 26.8 26.8 27.0 27. 27.2 27.4 27.5 Transfer payments 27.2 29. 29.8 30.2 30.7 31.0 31.1 31.1 33.7 32.5 33.0 33.0 35.2 32.5 32.7 Less: Personal contributions for social insurance 7.9 9.3 9.4 9.3 9.3 9.2 9.6 9.4 9.6 9.6 9.7 9.8 9.8 9.8 9-9 Nonagricultural income. 368.1 386.2 389.0 389.8 389.1 387.2 386.8 386.2 390.4 392.9 396.4 400.2 404.0 402.4 403.2 Agricultural income 15.3 16.1 16.5 16.6 16.9 16.8 16.8 16.9 16.9 16.9 16.8 17.1 17.2 17.0 17.0 Preliminary, NOTE.—For explanation of series see U. S. Income and Output (a supplei Monthly data are seasonally adjusted totals at annual rates. ment to the Survey of Current Business for 1959) and the Survey of Current Business, July 1961. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1356 FLOW OF FUNDS/SAVING SAVING AND INVESTMENT [In billions of dollars] Quarterly totals Annual totals Transaction category, 1959 1960 1961 or sector 1956 1957 1958 1959 1960 2 3 4 1 2 3 4 1 2, A. Net national saving * 41.0 37.4 19.2 35.9 36.9 9.3 9.1 6.7 12.1 11.1 10.1 3.6 6.9 5.9 A B Consumer and nonprofit 29.4 28.6 26.4 30.2 27.8 7.8 8.4 5.8 8.1 5.7 8.4 5.7 7.1 5.5 B C Farm and noncorp. business2 .... * * * -.1 -3.0 -1.5 3.9 -1.2 i 2.0 -.6 -1.5 C D Corporate nonfinancial business . 5 9 5.3 3.1 11 4 6 1 4.1 3.2 2.9 .2 1 A 2 0 — 1 0 2 0 D E Federal Government * 5.9 3.6 -8.2 -5.0 3.8 1.3 -2.0 -5.0 4.0 4.7 -.6 -4.3 1.1 .2 E F State and local governments1 .. . . -3.0 -3.6 -4.9 -4.1 -5.0 -1.6 o -.8 -.6 -1.2 -1.6 -1.6 -1.2 -1.0 F G Financial sectors 2.9 3.5 2.8 3.5 4.2 .6 \.9 1.7 .6 1.9 * 1.5 .7 G H Capital consumption 3 67.4 73.2 75.6 79.4 83.5 19.8 20.0 20.3 20.5 20.7 21.0 21.3 21.4 21.7 H I Consumer and nonprofit 36.9 40.0 41.6 43.5 45.7 10.8 10.9 11.1 11.2 11.3 11.5 11.7 11.8 11.9 I J Consumer durable goods 33.0 35.8 37.0 38.6 40.4 9.6 9.7 9.8 9.9 10.0 10.2 10.3 10.4 10.5 J K Owner-occupied homes 3 3 3 7 4 0 4 3 4 6 1 1 1 l 1 l 1 l 1 2 1 2 1 2 1 2 1 2 K L Plant and equip, (nonprofit).... .5 .6 .6 .6 .7 .2 .2 .2 .2 .2 2 .2 .2 .2 L M Farm business 3.7 3.9 4.0 4.2 4.1 1.0 1.1 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 2.1 2.1 2.1 2.1 2.2 1.2 2.2 2.2 2.2 N O Corporate nonfinancial business. . 19.1 21.0 21.9 23.2 24.7 5.8 5.8 6.0 6.0 6.2 6.2 6.3 6.3 6.5 O P Gross national saving * 108.4 110.6 94.8 115.4 120.4 29.1 29.1 27.1 32.6 31.8 31.0 24.9 28.3 27.6 P Q Consumer and nonprofit 66.2 68.6 68.0 73.7 73.5 18.7 19.4 16.9 19.3 17.0 20.0 17.3 18.9 17.4 Q R Farm and noncorp business 11.3 12 0 11 9 12 4 12 7 .1 1 6 7 0 1 9 3.1 2.5 5 2 2 6 1 8 R S Corporate nonfinancial business. . 25.0 26.3 24.9 34.6 30.8 9.9 9.0 9.0 6.2 7.5 8.8 8.3 5.3 8.5 S T Federal Government 1 5.9 3.6 -8.2 -5.0 3.8 1.3 -2.0 -5.0 4.0 4.7 -.6 -4.3 1.1 .2 T U State and local governments * -3.0 -3.6 -4.9 -4.1 -5.0 -1.6 -.8 -.8 -.6 -1.2 -1.6 -1.6 -1.2 -1.0 U 3.0 -.1 1.8 .7 2.0 * 1.6 .8 V W Gross national investmentl 107.9 110.6 94.2 114.2 117.6 30.3 27.3 30.5 29.9 30.0 27.9 29.8 24.6 28.6 W X Consumer durable goods 38.5 40.4 37.3 43.5 44.3 11.2 10.4 12.5 10.1 11.5 10.2 12.6 8.9 10.6 X Y Other gross private domestic fixed investment 62.6 64.5 58.6 66.1 68.2 17.3 17.6 17.4 15.1 17.9 17.7 17.6 14.1 17.4 Y Z Consumer and nonprofit 19.0 18.1 18.1 22.1 21.5 4.9 5.9 6.2 5.3 4.9 5.6 5.7 4.7 4.7 Z a Nonfarm residen. constr.4. . . . 16.9 75.6 75.5 79.2 18.4 4.2 5.7 5.4 4.6 4.2 4.7 4.9 4.0 3.9 a b Plant and equip, (nonprofit)... 2.1 2.5 2.7 2.9 3.2 .7 .8 .8 .7 .7 .9 .8 .7 .9 b c Farm business 3 8 4 0 4 4 A 7 A 2 1 4 1 ? 1 0 1 l 1 2 1 l 9 1 0 1 3 c d Noncorp nonfinan. business4. . 9 8 9.4 9.0 10 7 10 8 3.2 2 9 2 4 2 2 3.3 2.8 2.5 2.1 3.2 d e Corp. nonfinan. business4 29.3 32.3 26.4 27.9 30.8 7.5 7.4 7.6 6.3 8.4 8.0 8.2 6.1 8.0 e f Financial sectors 7 8 7 8 8 i 2 2 2 .2 2 2 2 f g Change in inventories 5 4 7 1 6 — ? 0 6 3 4 2 2 3 * 7 4 6 .5 .2 — 1.1 8 .3 g h Farm business — 4 .8 .9 .1 3 * * .1 .1 .1 .1 .1 h i Noncorp. nonfinan. business. . . .2 2 2 .9 .9 .4 * 1.3 .1 * -.6 .3 * i j Corp. nonfinan. business 4.9 .6 5.3 3.1 1.8 .1 3.2 .4 .1 -.6 .4 .2 j k Net financial investment6 2 1 4 2 3 — 1 7 g — 4 — 8 * 1 8 8 3 k 1 Consumer and nonprofit 11.5 14.0 18.8 11.0 5.7 1.8 2.6 2.2 2.4 -1.6 1.3 4.0 2.3 1 m Net acquis. of finan. assets. . . 26.8 26.0 30.9 31.6 21.9 7.9 7.6 8.5 4.4 3.6 7.4 6.5 5.7 7.0 m n Net increase in liabilities 15.3 12.0 12.1 20.6 16.2 6.1 5.0 6.4 2.0 5.2 3.9 5.1 7.2 4.6 n o Farm and noncorp. business... -2.1 -2.3 -2.1 -4.0 -3.5 -4.9 -2.5 4.1 -2.7 -1.4 -1.6 2.2 o -2.8 o p Net acquis. of finan. assets. . . .4 .8 1.1 -.7 -.3 .7 -.5 .2 - .2 .3 - .4 .2 p q Net increase in liabilities 2.5 3.1 3.3 3.3 3.3 4.9 2.2 -4.0 2.3 1.6 1.4 -7.9 .5 3.0 q r Corp. nonfinan. business -13.3 -8.6 -3.6 -3.4 -7.6 1.6 -.1 -1.7 -4.0 -2.4 -1.1 * -3.2 .1 r s Net acquis. of finan. assets. .. 4.4 4.5 77.3 73.7 3.3 5.8 3.6 4.4 -2.2 7.7 1.8 2.6 -2.2 5.0 s t Net increase in liabilities .. 17 7 13 1 75 0 77 0 10 9 4 3 3 7 6 1 1.8 3.6 2.9 2.6 1.0 5.0 t u Federal Government 5.9 3.6 -8.2 -5.0 3.8 1.3 -2.0 -5.0 4.0 A.I -.6 -4.3 1.1 .2 u v Net acquis. of finan. assets. .. 1.6 3.2 1.6 6.3 3.7 4.2 2.6 -.8 o 4.2 .7 -1.0 -7.5 2.2 v w Net increase in liabilities -4.3 -.4 9.7 11.2 — .1 2.9 4.7 4.2 -4.3 7.3 3.3 -2.7 2.7 w x State and local governments. . . -2.2 — 3 1 -5.2 -4.0 -3.4 j 2 -1.4 .3 -.5 -l'.O -2.2 .3 -1.2 -.2 x y Net acquis. of finan. assets. .. 2.6 3.3 2.5 3.0 2.6 .6 .9 1.3 1.1 .4 _ 2 7.3 .9 7.5 y z Net increase in liabilities 4.8 6.4 7.7 7.0 6.0 1.9 2.3 1.0 1.6 1.4 2.0 1.0 2.7 1.6 z aa Financial sectors 2.7 3.0 4.5 4.5 5.8 .9 2.6 _ ^ 2.1 1.6 1.9 .1 1.5 * aa bb Net acquis. of finan. assets. .. 22.7 24.1 36.3 30.0 34.3 10.4 8.9 10.4 -2.6 72.5 10.0 14.4 -.7 14.8 bb cc Net increase in liabilities 20.0 21.1 31.8 25.5 28.5 9.5 6.3 10.9 -4.7 70.9 8.0 14.3 -1.6 14.8 cc dd Financial trans, discrep -2.4 -3.8 -1.0 .1 -.2 -1.2 .3 1.1 -.5 .7 dd ee Discrepancy (P —W)7 * 6 1 l 2.8 -1.2 1.8 -3.5 2.7 1.9 3.1 3.9 3.7 -1.0 ee * Less than $50 million. P Preliminary. residential construction. 1 For govt. sectors, saving is excess of all nonfinancial receipts over all 5 After inventory valuation adjustment. nonfinancial outlays; investment, changes in financial assets and liabilities 6 Financial component of national investment equals net lending to only. Govt. current outlays include, and govt. (and national) investment rest of world; financial flows among domestic sectors cancel out in excludes, govt. purchases of tangible assets. national total. (Discrepancies in financial transactions attributed entirely 2 Annual figures for farm sector are retained earnings of corporate to domestic transactions.) Differs from U.S. "net foreign investment" farms; farm and nonfarm unincorporated businesses shown as having (net exports minus net unilateral transfers in national income accounts) zero annual net saving. Quarterly figures for both sectors include seasonal by discrepancy in rest-of-world account, which equals "errors and net saving. See p. 838 of the BULLETIN for August 1959. omissions" in Dept. of Commerce balance-of-payments statement for 3 Depreciation, accidental damage to fixed capital, and capital outlays the United States. charged to current account. Line H includes amounts for financial 7 Saving and investment are equal in concept but may differ statistically sectors not shown separately. See discussion on p. 836 of the BULLETIN because of discrepancies. See p. 857 of the BULLETIN for August 1959. for August 1959. NOTE.—Descriptions of sectors and of transaction categories are given 4 For consumers, 1- to 4-family dwellings, completed and purchases of in notes to tables and in "Technical Notes," pp. 846-59 of the BULLETIN additions and alterations. Investment of nonfarm business sectors for August 1959. For latest detailed flow of funds/saving tables, see includes work in process on 1- to 4-family dwellings and other private the BULLETIN for 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 2 Consumer-held only; includes net interest accruals. Savings bonds reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLOW OF FUNDS/SAVING 1357 SUMMARY OF PRINCIPAL FINANCIAL FLOWS [In billions of dollars] Quarterly totals Annual totals Transaction category, or sector 1959 ' I960 1961 1956 1957 1958 1959 1960 2 3 4 ' 1 2 3 4 1 2, I. Demand deposits and currency A Net increase in commercial bkg. system liability * 1.7 -.8 5.8 1.1 .1 2 1 2 1 3 8 -8.8 2.5 1.5 4.9 -8.2 4.0 A B Net increase in assets, by sector 1.7 .7 6.5 1.6 1.0 1.9 2.1 3.1 -7.5 2.6 1.8 4.0 -7.2 3.5 B D C O Fe th d e e r r a d l o G m o e v s e ti r c n m se e c n to t rs - 1 .2 .7 !3 6. . 3 1 . . 8 7 . . 1 9 1. . 0 7 1. . 5 5 -1 4 . : 2 4 - - 6 . . 4 6 - 2 .3 .8 \'.5 -1 5 . . 7 5 - - 1 5 . . 7 4 2 1 . . 0 6 C D E Consumer and nonprofit 1.0 -1.0 2.5 1.0 .3 -.6 1.0 1.7 -2.7 -1.0 1.9 2.1 -1.6 -.2 E F Farm and noncorporate bus.... .1 .7 1 2 — 8 — .3 2 2 -.2 — 1 — 1 — 1 F G Corporate nonfinancial bus 1 1.7 -.7 1.4 -.2 1.8 -3.4 .7 .1 2.0 -3.2 .8 G H State and local government.... 2 .2 2 5 .2 1 2 6 — 4 — 2 8 _ 5 6 H T Financial sectors .2 .3 .7 .6 -.3 .6 -.4 .5 2 .7 .4 I J Rest of the world. .2 .2 2 .1 -.1 -.4 * .3 * -.1 J K Discrepancy (A —B) .1 -1.4 -.7 g '.2 .8 -1.3 -.1 -.3 .9 -1.0 .5 K II. Fixed-value redeemable claims A Net increase, by type 9.0 10.1 16.2 7.6 14.8 3.0 .7 1.6 1.6 3.9 3.9 5.4 5.7 6.7 A B Time deposits 3.7 6.8 10.2 2.2 7.0 1.2 * .2 1.7 2.6 2.5 3.5 3.9 B C Savings shares 5 4 5 2 6 6 7 2 8 1 2 3 1 2 2 3 1 6 2 4 1 4 2 8 2 0 2 7 C D US savings bonds2 -1.9 -.5 -1.8 -.3 -.5 -.5 -.6 -.2 -.1 * .1 .3 .1 D E Net increase in liab.. by sector 9.0 10.1 16.2 7.6 14.8 3.0 .7 1.6 1.6 3.9 3.9 5.4 5.7 6.7 E F Federal Government -.3 -2.2 -.7 -2.0 -.4 -.6 -.6 -.6 _ 2 -.2 -.1 * .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 ti n o k n i s ng 2 7 . . 1 3 5 6 . . 5 9 8 8 . . 0 9 8 1 .2 4 9 5 . . 5 8 2 .9 6 - 1 .1 .4 _ 2 .4 2 1 * 9 2 1 .5 6 2 1 . 2 8 2 3 . 1 3 2 2 . 9 6 3 3 . . 5 1 H G I Net increase in assets, by sector 9.0 10.1 16.2 7.6 14.8 3.0 .7 1.6 1.6 3.9 3.9 5.4 5.7 6.7 I J Consumer and nonprofit 9.0 9.8 13.6 9.3 12.8 3.4 1.7 2.0 1.6 3.4 3.2 4.6 4.5 5.7 J K Other domestic sectors 3 * 4 1 7 Q 1.7 * _ 7 — 2 2 3 5 7 1 2 9 K L Rest of the world (time deposits). . -.1 * .9 9 .3 A -.3 _ 3 _ 2 .2 .3 .1 .1 L III. Saving through life insurance and pension funds A Net increase, by type 9.5 9.2 10.4 11.7 11.3 3.2 2.5 3.1 2.8 3.1 2.4 3.0 2.8 3.5 A B Life insurance . . .. 3 8 2 8 3 4 3 7 3 6 1 .2 .7 9 .8 .8 1.0 1.0 1.0 .9 B C Pension funds 5.8 6.3 7.0 8.0 7.7 2.0 1.8 2.2 2.0 2.3 1.4 2.0 1.8 2.6 C D Net increase in liab., by sector4 9.5 9.2 10.4 11.7 11.3 3.2 2.5 3.1 2.8 3.1 2.4 3.0 2.8 3.5 D E F S F t e a d t e e ra a l n d G l o o v c e a r l n g m o e v n e t rnment 1 1 . 4 0 1.6 6 1 1. 7 0 1 1. 9 0 2 1 . 1 0 .5 4 .5 3 .5 1 .5 1 .5 7 .5 1 .5 1 .6 t .6 8 E F G Life insurance companies 4.7 4.2 4.7 5.5 4.7 1.5 1.1 1.6 1 .0 1.0 1.2 1.4 1.2 1.1 G H Private noninsured pension plans 2 3 2 8 2 9 3 2 3 4 8 5 9 1 1 8 5 1 0 9 9 H IV. Credit and equity market instruments A Net increase, by type 30.7 36.6 46.2 61.2 39.5 18.7 18.2 17.3 2.5 12.0 10.3 14.6 .2 14.3 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 3 8 B C Short-term direct5 7.4 5.5 -1 .2 5.5 -5 1 4.7 .7 4.7 -7.4 -2.1 5.3 -.8 .9 4.8 C D Other -13 0 -4.4 10.2 5.8 2.9 -2.7 4.6 -.7 3.3 .6 -4.1 3.0 -4.2 -4.0 D E State and local obligations 3.2 4.6 5.7 4.9 3 6 1.4 1.7 .4 1.0 .7 1 .4 .5 1 4 1.0 E F Corporate and foreign bonds 5.0 7.5 6.8 4.5 5.6 1.0 1.1 1.5 1.2 1.2 1.3 1.9 .8 2.2 F G Corporate stock 4.0 4.2 4.4 3.5 1 .3 .7 1 .2 1.0 .9 .9 .7 1 .2 1.8 G H 1 - to 4-family mortgages 10.8 8.6 10.1 13.2 10.9 3.8 3.7 2.9 2.3 2.9 3.0 2.6 2.0 3.3 H I Other mortgages 3.8 3.5 5.2 6.0 4 5 1 .7 1.6 1 .5 1.0 1.3 1.2 1 .1 1.1 1.7 T J Consumer credit 3.6 2.8 .3 6.4 3.9 2.5 1.7 2.7 -.8 2.4 .6 1.8 -2.1 .9 J K Security credit -.6 -.3 1.7 .1 .4 -.1 -.3 .6 -1.6 .5 .6 .9 — .4 1.3 K L Bank loans n.e.c 5.8 2.3 1 .3 7 5 3 2 3 8 2.5 1.8 .3 2.1 — .6 1 4 -2 2 1 2 L M Other loans 9 2 6 2 0 2 9 5 9 1 2 2 .6 2 3 1 5 6 1 5 1 7 2 M N Funds raised by sector 31 2 36 9 46 2 61 2 39 4 18 7 18 2 17 2 2 5 12 0 10 3 14 6 2 14 3 N O Consumer and nonprofit 15.2 11.9 12.0 20.5 16.2 6.1 5.0 6.3 2.0 5.2 3.8 5.1 1.1 4.6 O P Farm business 9 1 l 1 5 1 9 1 i 1 i 3 _ 2 5 8 2 — 4 .6 .9 P Q Noncorporate nonfinancial bus.. . 1.8 1.2 2.2 4.6 3.4 2.6 1.5 1.2 .3 1 .3 -.1 1.8 -1.5 1.5 Q R Corporate nonfinancial business. . 13.2 13.1 11.8 11.7 10.6 3.8 3.0 3.0 2.7 3.0 2.5 2.3 2.1 4.0 R S Federal Government -5.4 1 .0 9.3 10.7 -1 7 1.7 5.2 4.1 -4.1 -1.5 1.4 2.5 — 3 1 5 S T State and local government 3 3 4 8 5 9 5 1 3 8 1 5 1 8 5 1 0 8 1 5 5 1 5 1 1 T U Financial sectors 1.2 2.4 1.1 5.7 4.1 1.5 1.2 2.3 -.3 1.7 .7 2.0 -1 .1 1.6 U V Rest of the world 1 0 1 4 2 3 9 0 0 4 3 1 3 5 4 7 7 1 V W Funds advanced, bv sector 30.7 36.6 46.2 61.2 39.5 18.7 18.2 17.2 2.5 12.0 10.3 14.6 .2 14.3 W X Consumer and nonprofit 7.5 7.7 15.5 2.4 3.5 3.9 3.3 4.0 -.7 1.2 -2.0 .6 -.8 X Y Farm and noncorp. business .3 .1 — 1 .1 .1 .2 -.1 .3 -.4 .2 -.1 .4 -.4 .2 Y Z Corporate nonfinancial business. . -3.7 .6 \.5 4.7 2 i 1.2 1.4 .9 — 2 -1.2 -1.8 1.1 -1 .5 .5 Z a Federal Government 1.1 2.4 1.7 3 8 2 3 1.7 1.0 .5 * 1.3 .4 .6 .2 .1 a b State and local government 2.3 2.7 1.5 2.9 1.0 .4 1.2 .8 .9 .4 -.3 * 1.1 .4 b c Commercial banking system 4.8 4.3 17.0 5.6 10.0 4.2 3.3 3.5 -7.8 5.1 5.1 7.5 -4.8 6.8 c d Monetary authorities .3 -.8 2.2 .3 .7 .6 .5 .1 -1.4 1.2 .5 .4 -.7 .5 d e Commercial banks 4 5 5 1 14 9 5 3 9.3 3.6 2.8 3.4 -6.4 3.9 4.5 7.2 -4.0 6.2 e f Securities -3 5 / 3 10.4 — 7 2 2 4 -1.7 - .8 -.4 -5.6 .3 3.7 4.0 -1.6 3.6 f g Loans 6 8.0 3.8 4.5 12.5 6.9 5.3 3.6 3.8 -.8 3.7 .9 3.2 -2.4 2.6 g h Savings institutions 7.4 7.2 9.3 10.6 9.4 3.2 3.0 1.7 2.3 2.3 2.6 2.2 1.1 3.0 h i Insurance sector 8.1 8.4 9.0 10.1 10.3 2.6 2.3 2.6 2.8 2.4 2.4 2.7 2.8 2.5 i j Finance nee 1.6 2.5 2.0 4.6 5.1 .9 .8 2.0 .4 2.2 .7 1.8 -.6 1.8 j k Rest of the world 1.3 .6 3.1 1.1 1.0 1.3 .7 .5 .3 .3 .1 -.2 k * Less than $50 million. v Preliminary. sector transactions aooear 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

1358 FEDERAL FINANCE CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC [U. S. Treasury department and Bureau of the Budget. In billions of dollars.] Seasonally adjusted Unadjusted Excess of C q a u l a e r n t d e a r r Receipts Payments r E ec 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 y c m ei e p n t t s s , ( o — r ) payments (—) payments (—) I960—£.... 25.0 23.6 1.5 28.5 24.1 4.5 Calendar—1959.... 87.6 95.6 -8.0 3*... 25.1 23.6 1.5 23.4 24.2 -0.8 196O*>... 98.3 94.7 3.6 4*... 24.8 24.2 0.6 20.6 24.5 -3.9 Fiscal—1958 81.9 83.4 -1.5 1961—1*... 22.5 24.9 —2.3 24.8 23.4 1.4 1959. 81.7 94.8 -13.1 2P.,. 24.9 26.6 -1.7 28.4 27.2 1.2 1960 95.1 94.3 0.8 3*>... 25.2 26.1 -0.9 23,4 26.7 -3.3 1961* 97.1 99.3 -2.1 Preliminary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * Reported gold reserves oi central banks and governments 1360 Gold production. 1361 Net gold purchases and gold stock of the United States 1362 Estimated foreign goJd reserves and dollar holdings 1363 International capital transactions of the United States 1364 United States balance of payments 1373 Money rates in foreign countries 1373 Foreign exchange rates 1375 Index to statistical tables 1381 Tables on the following pages include the prin- dealers in the United States in accordance with cipal available statistics of current significance the Treasury Regulation of November 12, 1934. relating to international capital transactions of Other data are compiled largely from regularly the United States, foreign gold reserves and dol- published sources such as central bank statelar holdings, and the balance of payments of the ments and official statistical bulletins. Back fig- United States. The figures on international cap- ures for 1941 and prior years, together with deital transactions are collected by the Federal Re- scriptive text, may be obtained from the Board's serve Banks from banks, bankers, brokers, and publication. Banking and Monetary Statistics. 1359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1360 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 l a e d l d i M F ta u o r n n y d e- U S n ta i t t e e s d r m w es a o t t r e o ld d f A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia C o R o f n e t p g h . o e , 1954—Dec 36,940 1 740 21,793 13,405 372 138 62 778 322 1 073 42 86 115 1955 Dec 37,620 1,808 21,753 14,060 372 144 71 929 323 1,134 44 86 116 1956 Dec 38,115 1,692 22,058 14,365 224 107 71 925 324 1,103 46 57 122 1957—Dec 38,820 1 180 22 857 14,785 126 126 103 915 324 1,100 40 62 81 1958 Dec 39,490 1,332 20,582 17,575 60 162 194 1,270 325 1,078 40 72 83 1959 Dec . . . 40,190 2,407 19,507 18,275 56 154 292 1,134 327 960 43 71 42 1960—Sept 40,690 2,564 18,725 19,400 84 159 293 1,094 287 894 42 75 Oct 2,603 18,443 84 157 293 1,112 287 891 45 76 Nov 2,723 17,948 84 147 293 1,158 287 886 45 77 Dec . ... 40,525 2,439 17,804 20,280 104 147 293 1,170 287 885 45 78 1961 Jan . ... 2 446 17 480 138 150 293 1 156 287 885 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 1,086 288 891 46 81 May 2,479 17,451 192 153 293 1,069 288 899 46 82 June ^40,915 2,482 17,603 *>20,830 192 155 293 1,074 288 906 47 83 July 2 508 17 590 192 153 293 1 083 288 912 48 84 Aug . 2,042 17,530 152 293 1,151 288 920 48 Sept 2,046 17,457 298 1,165 927 48 E m n o d n t o h f Cuba m De a n rk - D R o i e c l p m i a c u n i b n - - E d c o u r a- U g E i t . R g o i A a n y e n . - — p R - . E v l a - d S o a r l- l F a i n n d - France2 R F m e e G p d a o e u n e f r b r y - a l , i l c Greece G m u a a l t a e- India I n n e d s o ia - 1954—Dec . . 186 31 12 23 174 29 31 708 626 11 27 247 81 1955—Dec 136 31 12 23 174 28 35 942 920 11 27 247 81 1956—Dec 136 31 11 22 188 28 35 924 1,494 10 27 247 45 1957—Dec 136 31 11 22 188 31 35 581 2,542 13 27 247 39 1958—Dec 80 31 22 174 31 35 750 2 639 17 27 247 37 1959 Dec 50 31 10 20 174 30 38 1 ?Q0 2,637 26 24 247 33 I960—Sept 3 31 10 20 174 30 38 ,627 2,888 31 24 247 33 Oct 31 10 20 174 30 41 1,622 2,915 31 24 247 37 Nov . . .. 31 10 20 174 30 41 ,626 2,943 31 24 247 57 Dec 31 10 20 174 30 41 ,641 2,971 76 24 247 58 1961—Jan 31 10 20 174 30 41 ,641 2,999 76 24 247 58 Feb 31 20 174 30 41 1,644 3,029 76 24 247 58 Mar 31 20 174 30 41 ,883 3,242 76 24 247 57 Apr 31 20 174 26 41 ,952 3,296 77 24 247 57 May 31 20 174 25 41 994 3 433 80 24 247 57 June 31 20 174 22 45 2,020 3,513 77 24 247 July 31 20 174 17 45 2,037 3,525 77 247 Aus Tl 20 174 17 45 2 124 1 644 77 247 Sept 31 20 174 17 45 2,124 3.644 247 Ire- E m n o d n o th f Iran Iraq R l e a p n u d b , - Italy a L n e o b n - M ic e o x- N l e a t n h d e s r- Ze N a e la w nd N w o a r y - P s a ta k n i- Peru ip P p h i i n l e - s Po g r a t l ulic of 1954 Dec 138 18 346 63 62 796 33 45 38 35 9 429 1955—Dec 138 8 18 352 74 142 865 33 45 48 35 16 428 1956 Dec 138 14 18 338 77 167 844 33 50 49 35 22 448 1957—Dec 138 20 18 452 91 180 744 33 45 49 28 6 461 1958 Dec 141 34 18 1,086 91 143 ,050 33 43 49 19 10 493 1959—Dec 140 84 18 1,749 102 142 ,132 34 30 50 28 9 548 I960—Sept 131 84 18 2,186 102 121 ,346 35 30 52 27 13 550 Oct 131 18 2,186 102 140 ,376 35 30 52 42 14 550 Nov 131 98 18 2,198 102 139 376 35 30 52 42 14 550 Dec 130 98 18 2,203 119 137 451 35 30 52 42 15 552 1961—Jan 130 98 18 2,204 119 135 ,451 35 30 52 47 16 553 Feb 130 98 18 2,217 119 135 ,451 35 30 52 47 18 553 Mar 130 98 18 2.128 119 136 451 35 30 53 47 19 539 Apr 130 84 18 2,128 119 137 458 35 30 53 47 20 510 May 130 84 18 2,128 119 136 ,458 35 30 53 47 20 496 June 130 84 18 2,134 119 117 ,464 35 30 53 47 21 473 July 130 84 18 2,157 119 541 35 30 53 47 21 452 Aua . ... 18 119 ,581 1 30 53 47 22 448 Sept . . .. 18 119 581 1 30 53 47 22 P Preliminary. For other notes sec end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND PRODUCTION 1361 REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued [In millions of dollars] E m r o d n t o h f A So fr u ic th a Spain Sweden Sw la i n tz d er- U g S i y . R o A r n e i . - a — R n . T la h n a d i- Turkey U K d n o i i n m t g e 3 d - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - m S B I e e f n a o t n t t n r l ' t l k e s - 4 E E P F U 3 - 1954-Dec 199 132 265 1,513 113 144 2,762 227 403 76 153 1955—Dec 212 132 276 1,597 112 144 2,120 216 403 121 244 1956-Dec 224 132 266 1,676 112 144 2,133 186 603 59 268 1957—Dec 217 101 219 1,718 112 144 2,273 180 719 24 254 1958—Dec 211 57 204 1,925 112 144 3,069 180 719 -42 126 1959—Dec 238 68 191 1,934 104 133 2,736 180 652 -134 40 I960—Sept 204 98 171 1,980 104 133 108 180 462 -79 53 Oct 187 108 171 2,020 104 133 139 180 428 -54 Nov 176 158 171 2,059 104 134 167 180 398 -36 Dec 178 178 170 2,185 104 134 231 180 398 -19 56 1961—Jan 170 189 170 104 134 3,245 180 398 53 Feb 187 205 170 104 134 3,195 180 398 83 Mar 196 205 170 2,165 104 134 3,021 180 398 48 78 Apr 172 205 170 2,239 104 134 2,948 180 398 111 May 149 205 170 2,247 104 134 2,903 180 398 44 June 153 217 170 2,271 104 134 2,772 180 398 -17 65 July 159 244 170 2,322 104 134 2,453 398 -19 Aug 179 272 180 2,428 139 3,486 398 91 Sept 205 277 180 2,472 139 3,553 398 164 1 Excludes U.S.S.R., other Eastern European countries, and China 2 Represents holdings of Bank of France and French Exchange Stabili- Mainland. zation Fund. Represents reported gold holdings of central banks and governments 3 Beginning with December 1958, represents Exchange Equalization and international institutions, unpublished holdings of various central Account gold and convertible currency reserves, as reported by British banks and governments, estimated holdings of British Exchange Equaliza- Government; prior to that time represents reserves of gold and U. S. tion Account based on figures shown for United Kingdom, and esti- and Canadian dollars. ; mated official holdings of countries from which no reports are received. 4 Represents net gold assets of B.I.S., i.e., gold in bars and coins and The figures included for the Bank for International Settlements repre- other gold assets minus gold deposit liabilities. sent the Bank's gold assets net of gold deposit liabilities. This procedure 5 European Payments Union through December 1958 and European avoids the overstatement of total world gold reserves since most of the Fund thereafter. gold deposited with the B.I.S. is included in the gold reserves of individual countries. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Es w tim or a ld ted Africa North and South America Other Year or month production^ Total 2 A So fr u ic th a R de h s o i - a Ghana C o R f o e n t p h g . e o, U S n ta i t t e e s d C a a d n a - M ic e o x- r N ag ic u a a - 3 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 4.2 114 37 9 6 3 1958 1,050.0 980.1 618.0 19.4 29.2 12.8 61.6 158.8 11.6 7J2 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 I960 1 099 4 748 4 19 6 31 0 58 8 161 1 10 5 7 0 4 1 !<; "> 38 0 5 7 I960 Aug .... 92.7 63.5 .7 2.6 4.9 13.3 = .8 •6 .4 3.1 .5 Sept 93.1 63.4 .7 2.6 5.0 12.9 1.3, .3 'A .5 Oct 92.6 63.4 6 2.5 4.4 14.1 ' .7 3 -> 3 3 5 Nov 92 0 63.4 6 2 5 4.3 13 7 i 9 6 4 1 \ 3 1 5 Dec 90 7 62 2 7 2 5 3 9 13 8 6 6 3 1 2 3 4 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 2.5 2.9 12.6 .8 .6 4 0 2 9 5 Mar 65.7 9 2.5 3.7 13.7 1 1 4 1 2 2 9 5 Aor 65.3 8 3.2 . 13.1 .7 .4 0 3 4 4 67.5 7 3.3 13.4 .4 0 2 9 4 June 67.3 8 3 8 12.8 4 "> 2 9 July '61.7 7 3.8 12.6 0 •68 8 3 8 12.5 1 Excludes U.S.S.R., other Eastern European countries, China Main- Bureau of Mines. Production reported monthly: reports from individual land, and North Korea. countries except Ghana, Republic of the Congo and Brazil, data for 2 Beginning 1960 excludes Republic of the Congo. which are from American Bureau of Metal Statistics. For the United 3 Gold exports representing about 90 per cent of total production. States, annual figures are from the U. S. Bureau of the Mint and monthly SOURCE.—Estimated world production; based on reports of the U. S. figures are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1362 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 (956 1957 1958 1959 i960 2 3 4 1 2 Western Europe: -6 -84 -83 -I Belgium -85 "*3 3 -329 -39 -141 -15 -7 -83 France -68 -34 -266 173 56 117 Germany (Fed. Rep. of) -130 -226 -to -34 -34 -23 Italy 349 100 Netherlands. -65 25 -261 -30 *_249 -25 -110 -105 Portugal. -60 -55 -20 -10 31 32 — 114 -33 -81 -58 -65 -16 -8 -215 20 -324 -160 -165 -55 -20 United Kingdom -480 -50 iOO -900 -350 -550 -200 -350 -150 225 Bank for Int'l Settlements.... -94 -20 -178 -32 -36 -36 —23 Other -37 -6 4 18 8 -21 -38 -96 1 -ii -83 -35 -3 Total ... . -1,016 -378 -78 SO 68-2,326 -827 -i.718 -49 -576 -1,053 -244 202 15 5 Latin America: -85 115 75 67 -50 -30 -20 -90 Mexico -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 -too -i -36 -62 -102 '5 Asia: -30 -157 -15 -15 ^6 -10 -S '(i) is -4 -28 -97 """-26 -4 -67 -20 -27 lotal ..... -6 -io (*) 18 -34 -186 -11.1 -26 -19 -67 -20 -27 All other .... ... -10 14 0) -3 -5 -38 -a 0) -29 0) -t Total foreign countries... -1,164 -327 -68 80 172-2,294 -998 -lv969 -m -632 -1,212 -366 179 200 600 3-44 300 300 -1,164 -327 --68 280 111-2,294 3-1,041 -iv669 -m -632 -912 -366 179 1 Less than $500,000. 3 Includes payment of $344 million in June 1959 as increase in U. S. nat 2 i o F n i a g l u r M es o n re e p ta r r e y s e F nt u n p d u . rchases of gold from, or , - )t the Inter- gold subscription to the International Monetary Fund. ANALYSIS OF CHANGES IN V. S. GOLD &TOCK, AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U. S. MONETARY AUTHORITIES fin millions of dollars] Geld Gold Year Tr u ( e e r a n y s d S - t o o f c k y T e o a t r a ) l i in s c o T c t r ( r o r o e - e d c a t ) a a s k e s l e - : e, i e m x ( N - p ( p . ) e o r o t r r t t , d m e c o a c B r ( r r r e - a k e ) a i r a e n s - s e - d e : , Month T (e r u e n r a d y s S - o t f o c m k T o o n t t a h l ) * in s o c T c t ( r r o r o e - e d c a > t a a k s e s l e - : e, i e m x N o p p e o r o t r r t t , d m e c o E a c r < r e r r a e - k a i r ) a n s e - s e - d e : , c h F m ( u o e o r l n o r r d n e e d i n i t n g h o c g n ) y f s 1949 24,427 24,563 165 686 -496 I960—Oct 18,402 18,443 -282 125 -397 1950 ... >. . 22,706 22,820 -1,743 -:m -i, 352 Nov 17,910 17,948 -495 19 -512 1951 22 695 22,873 53 -549 618 Dec 17,767 17,804 -144 3 -145 1952 23,187 23,252 380 684 -305 22 030 22 091 1,162 2 -Li171 1961— F Ja e n b 1 1 7 7 , , 4 3 4 7 1 3 1 t7 7 ,v4 4 1 8 2 0 -3 -6 2 8 4 - -4 20 7 -322 1954 21,713 21.793 -297 16 -.525 Mar 17,388 17,433 21 -137 161 **"25 1955 ....... 21,690 21,753 -41 97 -132 Apr 17,390 17,435 2 -88 92 175 1956 21.949 22,058 306 106 519 May 17,403 17,451 16 -131 152 165 1957 22,781 22,857 799 104 600 June 17,550 17,603 152 -96 254 186 1958 20,534 20,582 - 2,275 260 --^.'515 July 17,527 17,590 -13 2 -3 105 Aug 17,451 17,530 -60 -33 -23 106 1 1 9 9 5 6 9 0 , 1 1 9 7 , , 4 7 5 6 6 7 1 1 7 9 , , 8 5 0 0 4 7 2 - - 1 1 , ,0 7 7 0 6 3 3 3T 0 ' 2 < - -1 it3 ,9 2 8 4 2 S O e c p t t ^1 1 7 7 , , 3 3 0 7 1 6 *» 1 1 7 7 ,4 .3 5 3 7 1 *»- - 1 7 2 3 6 -5 ( 8 3) 4-43 4 6 0 2 ) * Preliminary. 2 Includes payment of $344 million as increase in U. S. gold subscripi Includes gold in Exchange Stabilization Fund, which is uot included tion to the International Monetary Fund. in statistics on gold stock (Treasury gold) used in the Federal Reserve 3 Not available. statement "Member Bank Reserves, Reserve Bank Credit, and Related * Gold held under earmark at the FFeeddeerraal Reserve Banks for foreign Items" or in the Treasury statement, "Circulation Statement of United and international accounts amounted to $11,568 million on Oct. 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 1363 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. 31, 1961 June 30, 1961" U.S. Govt. Area and country Gold & U.S. Gold & U.S. Gold& U.S Gold & bonds & notesl 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 I Western Europe: Austria 623 490 516 7 536 491 480 Belgium ,,272' 1,340 1,240 7 n ,H2 '1,279 1,307 Denmark 168 111 78 53 89 81 31 Finland 109 99 85 1 85 85 112 2 France ,945 2,310 2,273 17 87 '2,474 2.862 4 Germany (Fed. Rep. of) ,624 5,243 5,995 16 2.16C 6,752 6,588 3 G I N P S T N S S U O t t w o p w u a r e o n h e a l r r t e r i i y t e k h e i t t w d u n z e c r e e e g e d a e s y r n r a y l l a l K a n n i d n d s gdom , , , . 2 4 6 5 1 1 9 6 4 1 1 1 8 0 9 1 0 2 1 9 5 6 2 6 4 7 9 3 5 7 0 4 4 3 1 1 ( 2 4 0 8 5 3 1 1 8 2 1 3 1 ) 4 3 2 1 , , , , 2 4 7 1 0 6 6 5 1 1 1 2 3 3 3 0 3 1 4 4 2 5 7 2 7 1 6 8 2 3 3 4 9 & 1 ( 5 7 8 3 1 8 9 4 8 7 3 1 4 3 2 1 , , , , 1 6 2 4 6 7 5 1 3 1 1 3 3 8 6 0 9 1 4 4 8 0 5 8 9 9 5 5 9 1 6 6 3 3 1 8 8 ( 5 7 7 1 1 8 8 4 2 4 3 1 ) 6 4 2 i 1 , , , , , ' 4 8 4 6 3 7 1 5 0 1 1 5 3 9 6 3 2 4 7 6 8 1 5 2 6 7 9 9 ? ! 2 7 5 7 7 0 4 1 ( 7 1 4 5 3 2 7 3 7 9 3 ) 4 1 2 9 4 8 4 0 4 4 4 2 8 1 1 '4 2 2 1 , , , , ' 3 9 7 7 5 6 4 3 1 1 1 3 7 1 2 9 1 3 1 4 1 5 1 9 2 1 2 5 8 6 3 3 8 4 1 ( 4 4 9 9 4 5 9 3 1 1 2 1 ) 3 4 2 1 . , , , 0 1 5 6 7 3 5 8 1 1 1 5 3 C 0 3 4 3 5 7 5 5 9 9 1 6 5 9 6 2 4 0 0 4 1 3 ( 5 4 8 3 5 1 7 7 ) 2 39 Total. 22,212 855 23,345 885 24,413 849 25f107 819 838 '25,288 25,681 801 Canada 3,158; 452 3,439 429 3,552 42.4 416 446 '3,313 464 3,565 463 Latin America: Argentina 3931 (2) 443 454 419 501 475 Brazil 478 1 448 460 481 480 474 Chile 228 (s22) 186 179 180 177 171| Colombia 288 ( ) 262 242 236 240 202 Cuba 214| 149 108 78 64 59 Guatemala 61 70 65 68 77 83! Mexico 584, 3 497 495 534 472 450 Panama, Republic of.. 129! 3 116 127 123 95 78 Peru 110! 1 105 97 ((4 112 118 Uruguay 242 j (2) 240 244 231 227 230 Venezuela 929) 3 813 795 796 892 826' 1 Other* 253! 12 388 400 170 '317 303 57 Total. 3,909 105 3,717 105 3,666 86 3,630 59 '3,654 41 3,469, Asia: India 306 297 301 41 295 288 Indonesia.. 172 i 188 195 236 158 142 Iran 187: 168 156 152 173 178 () Japan 1,56'! 1,755 1,984 2,166 '2,306 2,262 Philippines. 1811 214 237 218 214 184 Thailand... 245 i 264 276 290 318 331 3 Other 1,2451 1,107 1,026 989 986 1,010 Total. 53 4,002 115 4,171 4,^2 87 92 '4,450 4,395 57 All other: Australia 2641 263 259 2J3 233 Egyptian Region—U.A.R. 194! 216 196 196 195 190 Union of South Africa. . . 2871 280 235 207 227 192 Others 526 548 552 600 '601 624 Total 1,271] 42 1,307 58 1,242 29 1 ,238 28 35 rl,256 38 1,244 37 Total foreign countries6. 34,505j 1.507 35,810 1,592 37,044 1,491 37,651 1,409 1,426 r37,961 1,468 38,354 1,427 International institutions 5,5651 660 5,835 755 6,133 671 6,394 884 900 6,353 1,064 6,452 1,011 Grand total<> 40,070 2,167 41,645 2,347 43,177 2,162 44,045 2,293 2,326 r44,314 2,532 44,806 2,438 Memorandum item: Sterling area 4,730 407 5,302 550 5,627 489 5,558 512 536 5,488 531 5,1791 51? p 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 5 Includes unspecified countries in Africa, Oceania, and Eastern based on a survey as of Nov. 30, 1960, and reported securities transactions Europe, and all Western European dependencies located outside Europe in December. Data are not available to reconcile the two series or to and Asia. revise figures for earlier dates. 6 Excludes gold reserves of the U. S. S. R., other Eastern European 2 Less than $500,000. countries, and China Mainland. 3 Includes other Western European countries, unpublished gold NOTE.—Gold and short-term dollars include reported and estimated reserves of certain Western European countries, gold to be distributed official gold reserves, and total dollar holdings as shown in "Short-term by the Tripartite Commission for Restitution of Monetary Gold, Eu- Liabilities to Foreigners Reported by Banks in the United States by ropean Fund, and the Bank for International Settlement; the figures Countries" (Tables 1 and la-lc 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 1 (see note 1 to table on reported gold reserves). year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1364 INTT CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] In- Ger- Grand terna- Foreign countries many, United Other Total Latin All End of month total tional Fed. King- Europe Europe Canada America Asia other insti- Rep. dom tutions 2 Total Official Private of 1956—Dec 14,939 1,452 13,487 8,045 5,442 1 835 1 012 4 019 6 865 1 516 2 346 2 415 346 1957 Dec 15,158 1,517 13,641 7,917 5,724 1,557 1,275 4,310 7,142 1,623 2,575 1,946 355 L958—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 I960 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 3 290 793 4 188 9 271 2 711 2 365 3 004 384 Nov 20,886 3,700 17,186 10,077 7,109 3,364 ,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 ,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 ,633 3,581 8,716 2,442 2,324 3,150 342 Feb '20,769 3,817 '•16,952 10,095 '6,857 3,583 ,567 3,536 '8 687 r2 421 2 294 '3 203 347 Mar. . . '21,090 3,877 '•17,213 '10,309 '6,904 3,510 ' ,754 3,612 '8,876 '2,429 2,372 '3,187 348 A M p a r y r2 2 0 15, 8 0 5 7 8 0 3 3 , , 9 9 1 2 7 0 1 1 7 6 , , 1 9 5 4 0 0 r9 9 , , 8 9 9 2 6 9 7 7 , , 2 0 2 4 1 4 3 3 , , 1 0 8 8 4 6 ,6 6 1 4 9 7 3 3 ,9 7 7 6 8 5 8 8 ,7 5 0 6 6 8 2 2 , 4 6 3 20 7 '2 2 , 3 2 4 9 4 4 3 3 ,1 1 7 9 7 8 3 3 9 5 3 2 June 21,492 3,970 17,522 10,067 7,455 3,075 \\%9 4 364 9 148 2 659 2 216 3 133 367 July 21,756 3,983 17,773 10,096 7,677 2,970 1,691 4,640 9,301 2,712 2,307 3,091 362 Aug v . . 21,628 3,404 18,224 10.537 7,687 2,791 2 434 4 637 9 863 2 708 2 274 3 031 349 Sept.^ 21,943 3,434 18,509 10,929 7,580 2,756 2,620 4,853 10,229 2,648 2,357 2,900 375 Table la. Other Europe End of month E O u t r h o e p r e A tr u i s a - g B iu el m - m D a e r n k - l F a i n n d - France Greece Italy N la e e n r t d - h s - N w o a r y - t P u o g r a - l 1956—Dec 4,019 296 117 65 53 626 177 930 134 67 137 1957 Dec 4,310 349 130 112 64 354 154 1,079 203 93 142 1958—Dec S 081 411 115 169 69 532 126 1,121 339 130 163 1959—Dec 5,496 331 138 137 71 655 186 1,370 485 95 I960 Sept 4,243 223 146 47 47 646 78 995 300 85 Oct 4,188 229 140 53 48 658 54 953 289 83 Nov 3,954 231 141 53 45 583 67 923 277 81 Dec 3,902 243 r142 54 46 519 63 877 328 81 1961 Jan 3,581 213 132 54 45 579 49 794 275 80 Feb 3,536 205 '136 52 47 687 52 724 246 82 Mar 3,612 198 '147 58 44 '591 67 784 280 83 Apr 3,765 194 '183 57 44 633 68 823 265 84 May 3,978 189 220 47 51 723 62 858 250 98 June . .. 4,364 187 233 50 61 842 59 925 271 101 July 4,640 195 310 36 11 1,012 59 1,008 252 101 Aug p . • 4,637 212 300 38 87 871 55 1,098 200 105 Sept v 4,853 226 313 48 89 890 43 1,151 223 105 >U OO» 00 00.&• Spain S d w e e n - S l w a e n r i - t d z- T k u e r y - ot A he ll r 3 43 217 836 20 299 24 260 967 18 360 36 303 852 20 694 86 213 969 31 590 137 224 806 16 403 187 219 755 18 418 85 157 210 693 17 391 84 149 227 678 18 '393 81 114 229 612 21 303 80 127 233 568 19 '278 76 111 268 556 24 '326 80 118 282 538 17 '380 82 125 339 522 13 399 73 135 404 579 16 422 80 134 423 552 13 389 84 133 387 661 17 390 86 128 386 705 19 441 Table lb. Latin America Neth- End of month A L m i a c t a e in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a e o c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t A a a i e u l n n l r n r e d d - i - s - s l a p P i R m c u a e b n o a - - - , f Peru U gu r a u y - V zu e e n l e a - O L A ic a t m h a ti e e « n r r nam 1956 Dec 2,346 146 29 225 91 153 211 68 25 64 433 69 109 84 73 455 111 1957 Dec 2,575 137 26 132 75 153 235 54 27 65 386 73 136 60 55 835 124 1958—Dec 2,403 150 22 138 100 169 286 40 26 42 418 79 146 77 82 494 133 1959 Dec 2,408 337 24 151 185 217 164 37 28 37 442 88 129 82 62 277 148 I960—Sept 2,433 370 23 173 137 167 105 33 22 41 374 88 127 70 64 333 306 Oct 2,365 324 22 185 116 181 90 34 22 41 358 79 126 64 61 349 313 Nov 2,336 335 21 186 117 166 84 34 24 42 359 68 122 64 52 360 ?03 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 . . M72 313 23 193 133 160 63 31 28 53 336 77 95 65 47 494 r260 Apr '2,344 326 21 185 128 149 62 29 29 58 358 84 89 66 49 458 r252 May > 294 308 21 220 119 132 61 32 28 58 332 83 80 64 46 454 255 June • 2,216 283 21 186 124 119 58 31 27 59 333 90 78 71 50 428 259 July 2,307 278 23 231 116 150 53 32 31 55 339 87 77 83 50 439 264 Aug.P 2,274 275 24 218 125 134 49 30 27 49 430 81 78 86 52 367 250 Sept.P 2,357 253 23 263 130 137 45 29 26 46 413 87 79 76 49 448 254 f Preliminary. ' Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1365 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other End of month Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p K r R l u e i o e a c b - - , - P p i h i p n i - e l- s T w a a i n - T la h n a d i- Other Total t A ra u l s i - a C R g t o o h e o f n e p , - . U g E i t . R g o i A a y e n n . - p — R - . U A S f n o o r i u i f o c t a n h Other of 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—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 1,808 150 212 84 183 245 362 80 32 27 33 189 Dec 3,113 57 54 178 22 75 1,887 152 203 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 F M e a b r r T 3 - 3, 2 1 0 87 3 5 5 2 3 4 4 8 4 1 10 5 1 0 4 4 5 3 6 6 9 2 r r 2 l, , 9 0 9 2 0 7 1 1 5 4 5 5 1 1 9 9 8 5 7 8 6 1 2 2 1 0 4 9 2 2 1 1 9 4 3 34 4 8 7 7 8 3 3 3 3 3 1 2 2 0 1 3 3 6 1 1 1 8 8 2 4 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 19? June 3,133 52 41 85 48 47 1,983 168 163 81 227 238 367 83 30 16 39 199 J A u u ly g.75 3 3 ,0 0 3 9 1 1 5 5 2 3 7 3 8 7 7 7 4 8 3 3 2 9 6 5 4 1 1 1 , , 9 76 1 6 3 1 1 7 8 8 6 1 1 8 7 2 4 8 8 0 9 2 2 3 3 1 7 2 2 5 6 8 8 3 3 6 4 2 9 7 8 9 1 2 2 9 7 2 1 1 6 4 4 0 0 1 18 9 1 6 Sept p 2,900 55 86 77 37 62 1,649 194 152 90 240 259 375 86 43 15 46 185 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 Burma. 6.7 5.9 4.3 .9 Bulgaria .6 1.2 .5 Cambodia 20.0 24.9 19.7 10.9 Cyprus .1 .3 .5 Ceylon 34.2 44.1 34.4 6.9 Czechoslovakia 8 .7 .7 1.0 China Mainland 8 36.3 36.0 35.8 34.8 Estonia 1.7 1.8 n.a. Iraq 19.6 18.0 63.1 n.a. Hungary 1 1.0 Joornd'an 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 8 3.2 4.9 4.0 6.1 Ryukyu Islands 32.7 15.2 14.8 n.a. Rumania8 .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. Yugoslavia 8 10.6 9.5 6.2 10.0 Viet-Nam 58.5 48.8 68.3 n.a. Ot C H B B E F H N P W h r e a c o e a o i a e e r r c u r h s i n n s a m a t t a a L t d i a g c r d m u u a h a u I o R n d g t r a a r i a a W d u y s i n s c ? i a e a e A s s t m F I e e n r d 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 7 5 2 6 2 1 2 5 . . . . . . . . . 9 1 7 8 4 6 2 7 8 2 1 3 1 6 7 6 4 3 1 7 1 . . . . . . . . . 8 3 7 5 4 6 5 3 4 2 3 1 1 1 1 1 6 1 2 8 4 0 2 2 . . . . . . . . . 7 7 9 6 5 5 5 8 3 4 2 2 1 1 1 1 1 4 1 7 7 9 0 1 5 1 . . . . . . . . . . 6 7 2 3 8 7 9 4 0 3 All A E F G L L N M M M r t i i o l e h b b h e a o o g t w a n y d e i h e z r o n o r r c a e a e i i p a C c h i m r a a r i : c a a a b o S l e i I a o q d s n m u l o d a e n a n i l E d a i s l r a it n r d ea .. . . 3 2 5 1 3 5 3 3 1 1 0 . . . . . . . . . 1 4 1 7 9 0 5 9 7 2 4 1 6 2 7 3 1 1 1 3 . . . . . . . . . . 4 0 0 9 8 4 5 5 7 0 2 5 1 1 2 2 0 7 1 8 7 . . . . . . . . . . 0 0 3 3 8 6 7 6 6 4 6 n n n 9 5 2 4 . . . . . . . . . . a a a 3 6 2 3 4 9 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. r Revised. partial breakdown of the amounts shown in the "other" categories in 1 Does not include banking liabilities to foreigners maturing in more Tables la-lc. than one year; such liabilities amounted to $3 million on Sept. 30, 1961, 8 Based on reports by banks in all Federal Reserve districts. 2 Includes International Bank for Reconstruction and Development, 9 Prior to 1960 data for the Bahamas included with West Indies International Monetary Fund, and United Nations and other inter- Federation. national organizations. NOTE.—Statistics on international capital transactions of the United 3 Represents liabilities to foreign central banks and foreign central States are based on reports by U. S. banks, bankers, brokers, and dealers, governments and their agencies (including official purchasing missions, by branches or agencies of foreign banks, by certain domestic institutions trade and shipping missions, diplomatic and consular establishments, etc.). not classified as banks that maintain deposit or custody accounts for 4 Includes $1,031 million representing increase in U. S. dollar sub- foreigners, and by the U. S. Treasury. The term "foreigner" is used to scription to the International Monetary Fund paid in June 1959. designate foreign governments, central banks, and other official institu- 5 Includes Bank for International Settlements. tions, as well as banks, organizations, and individuals domiciled abroad 6 Beginning June 1960 includes Inter-American Development Bank. and the foreign subsidiaries and offices of U. S. banks and commercial 7 Except where noted, these data are based on reports by banks in firms. the Second (New York) Federal Reserve District. They represent a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1366 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES [In millions of dollars] Payable in dollars To banks and official institutions To all other foreigners Payable End of month, or area Total in foreign and country currencies U.S. U.S. Total Deposits Treasury Other 2 Total Deposits Treasury Other 2 bills and bills and certificates^ certificates Total amounts outstanding 1956 Dec 14,939 12,860 5,979 5,990 891 2,030 243 134 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 1,833 295 270 77 1960 Sent 21,213 18,857 7,651 9,687 1 S19 2,238 1,786 173 279 118 Oct 21,419 19,013 7,642 9,885 ,485 2,262 1,826 172 264 144 Nov 20,886 18,577 7,454 9,686 ,437 2,182 1,777 158 247 127 Dec 21,326 18,986 7,568 10,018 ,401 2,227 1,846 148 233 113 1961 Jan 20,916 18,672 7,322 10,051 ,299 2,122 1,772 128 222 121 Feb '20,769 '18,553 '7,488 9,794 ,271 2,105 1,776 113 216 112 Mar '21,090 '18,872 '7,719 9,909 ,244 2,106 1,792 102 213 111 Apr '20,858 18,617 7,756 9 594 ,267 2,129 1,806 103 220 111 May 21,070 18,759 7,971 9,503 ,285 2,177 1,836 129 212 133 21,492 19.136 8 234 9 585 ,317 2.199 1,842 133 223 157 July 21,756 19,419 8,492 9,620 ,307 2,191 1,865 109 217 145 Augp 21,628 19,309 8,632 9 343 ,334 2.206 1 871 109 226 113 21,943 19,609 8,680 9,542 ,386 2,226 1,888 119 219 107 Area and country detail, July 31, 1961 Europe: 195 194 189 5 1 Belgium 310 270 217 42 11 38 32 (3) 6 (3) 36 28 20 7 8 7 1 (3) 77 75 42 15 18 2 2 (3) (3) France 1,012 964 267 662 35 47 41 3 j Germany, Fed. Rep. of 2,970 2,938 332 2,191 415 30 24 1 5 2 59 43 36 7 16 16 Italy 1,008 981 173 628 180 26 22 3 252 224 120 93 11 29 22 2 5 (3) 101 66 46 13 7 36 35 1 (3) 80 39 37 2 41 39 7 (3) 134 111 110 1 23 23 (3) (3) (3) 423 412 96 275 41 10 10 (3) (3) Switzerland 552 450 274 42 134 95 70 5 6 Turkey 13 11 11 2 2 20 United Kingdom 1,691 1,337 1,042 221 74 284 124 55 70 Yugoslavia • ... 7 7 6 1 1 1 Other Europe 382 329 93 99 137 12 11 (3) 1051 41 Total ... . 9,301 8,479 3,112 4,295 1,072 700 481 71 148 122 Canada 2,712 2,458 1,816 635 7 240 198 26 16 15 Latin America: Argentina 278 209 145 55 9 68 67 1 Bolivia 23 7 7 16 16 (3) Brazil 231 99 96 (3) 3 132 125 7 (3) Chile 116 71 71 45 44 1 (3) Colombia 150 83 79 (3) 4 67 66 1 (3) Cuba 53 3 3 51 49 2 (3) Dominican Republic 32 13 13 i e> 19 19 Fl Salvador 31 12 11 19 19 CTiia.teixi3.lci 55 37 24 5 8 18 18 Mexico . ......... 339 175 174 1 164 160 3 I Neth. Antilles and Surinam 87 49 32 4 13 36 19 16 i Panama Reo of 77 12 11 1 65 59 5 Peru 83 40 40 42 41 I (i) Uruguay 50 21 20 1 28 24 1 3 (3) Venezuela . 439 223 223 (3) 215 210 2 3 (3) Other Latin America 264 169 123 29 17 94 88 4 2 Total 2,307 1,224 1,071 94 59 1,080 1,024 11 45 3 P Preliminary. r Revised. 2 Represents principally bankers' acceptances and commercial paper. i Includes special nonnegotiable, non-interest-bearing U. S. notes 3 Less than $500,000. (International Monetary Fund series and International Development Association series), which amounted to $2,112 million on Sept. 30, 19 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1367 TABLE 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPES—Continued [In millions of dollars] Payable in dollars Area and Total To banks and official institutions To all other foreigners in P a f y o a re b i l g e n country U.S. U.S. currencies Total Deposits T bi r l e ls a s a u n r d y Other i Total Deposits T bi r l e ls a s a u n r d y Other i certificates certificates Area and country detail, July 31, 1961—Cont. Asia: Hong Kong . . • .... 52 26 22 4 26 25 (2) 1 India 37 28 24 4 7 7 (2) 1 Indonesia • 74 72 67 5 (2) 2 2 Iran 32 27 27 2 5 5 Israel 51 47 26 2 19 5 5 Japan 1,913 1,893 1,074 746 73 19 15 (2) 4 1 Korea Rep of . . 178 177 177 (2) (2) 1 Philippines 182 162 138 5 19 20 20 (2) (2) (2) Taiwan • 80 75 72 3 6 6 Thailand 231 229 40 183 6 3 3 Other Asia 258 218 176 23 19 40 39 (2) 1 1 Total 3,091 2,953 1,842 964 147 135 128 1 6 3 All other: Australia 81 78 39 36 3 3 3 Congo Rep of the 29 28 22 2 4 1 Egyptian Region—U.A.R.. 16 14 12 2 1 1 PJ O U t n h i e o r n of S . outh Afr . ic . a . .... 1 4 9 0 6 1 3 6 5 7 1 3 5 5 8 2 7 29 3 2 3 7 *l (2i 1 Total . . 362 324 267 40 17 37 34 1 2 3 Total foreign countries. 17,773 15,436 8,108 6,027 1,301 2,191 1,865 109 217 145 International institutions.... 3,983 3,983 384 33,593 6 Grand total 21,756 19,419 8,492 9,620 1,307 2,191 1,865 109 217 145 1 Represents principally bankers' acceptances and commercial paper. 3 Includes $2,599 million of special nonnegotiable, non-interest-bearing 2 Less than $500,000. U. S. notes (International Monetary Fund series and International Development Association series). TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding, in millions of dollars] Ger- End of month Total France R m F e a e p n d . y . o , f Italy S l z a w e n r i d - t- U K d n i o n i 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 i m a c t a e in r- Asia o A th l e l r 1956 Dec 1,946 18 157 43 29 104 216 568 157 840 337 43 1957 Dec 2,199 114 140 56 34 98 211 654 154 956 386 50 1958 Dec . 2,542 102 77 36 42 124 315 696 243 099 435 69 1959 Dec 2,623 57 54 3d 38 121 234 534 272 ,175 586 56 1960 Sept 3,160 29 77 33 45 256 226 665 356 ,150 921 68 Oct 3,361 32 84 42 54 237 245 694 397 244 956 70 Nov 3,325 28 78 35 55 222 240 658 376 ,254 972 65 Dec r3,602 32 82 34 60 245 264 717 409 ,356 rl,052 69 1961 Jan '3,597 35 78 38 61 197 237 646 417 ,340 r\A7A 73 Feb r3,668 37 81 36 61 170 224 609 377 I 390 220 73 A M p a r r r r 3 4, , 1 9 1 4 4 2 4 4 4 4 1 13 0 5 8 4 3 6 6 7 7 0 4 1 1 6 7 7 3 r2 2 2 4 7 6 r6 6 9 7 5 6 4 4 6 9 7 9 [ 1 , , 3 3 7 9 4 4 r I ,3 4 4 5 9 0 7 7 6 6 May r4,080 42 145 42 65 171 228 693 478 I 336 I 497 75 4,042 44 148 33 64 165 233 687 437 1,243 I 598 76 July 4,106 46 141 35 64 187 209 684 414 1,245 I 674 90 Aug.* 4,078 40 136 37 58 138 178 587 460 1,295 1,637 98 Sept p 4,124 34 146 34 67 183 187 651 456 1,351 I 578 88 p Preliminary. r Revised. 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 for U. S. monetary authorities. foreigners; drafts drawn against foreigners that are being collected by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1368 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 3. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 3a. Other Europe Other Aus- Bel- Den- Fin- Neth- Nor- Por- End of month Europe tria gium mark land Greece la e n r d - s way tugal Spain 1956 Dec . . 216 7 28 12 4 4 21 23 2 1957 Dec 211 6 25 11 4 6 29 23 2 1958 Dec 315 7 65 14 6 7 56 22 2 1959—Dec 234 4 56 18 8 5 38 7 2 I960 Sect 226 3 41 9 8 5 29 11 3 Oct 245 2 53 10 9 5 32 16 3 Nov 240 3 50 13 9 7 30 17 3 Dec 264 2 65 13 6 33 17 4 1961 Jan 237 2 63 14 5 34 11 3 Feb 224 2 61 12 7 32 10 2 Mar 246 3 58 12 10 6 47 10 3 Apr r227 2 56 11 u 7 '38 10 2 May 228 3 58 11 11 7 42 10 3 June . 233 3 43 9 14 7 45 11 3 Julv 209 3 43 9 14 8 47 11 2 Aug ^ 178 3 13 11 14 6 43 11 2 Sept p 187 3 10 10 16 7 45 13 2 ooooc Swe- Tur- Yugo- All den key slavia other 13 88 7 10 76 10 24 72 1 9 8 19 47 3 18 10 23 61 9 15 8 25 58 7 16 7 26 53 8 15 8 28 49 11 19 6 26 41 9 14 6 25 32 9 16 7 26 35 12 16 7 24 24 16 19 8 25 15 16 21 11 25 24 16 22 8 17 13 15 19 7 16 22 14 17 7 15 31 8 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 p m D i R c l u i i a o e c b n n - - - - v S a E a d l l o - r G m u a a l t a e- M ic e o x- l S t A a a i e u l n n l r n r e d d - - i s s - l a P p i R m c u a e n b o a - - - , f Peru U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e n r 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 1,099 40 3 148 52 51 166 19 10 12 293 6 23 31 52 142 53 1959 Dec 1,175 60 3 117 59 68 115 29 15 10 291 4 18 36 47 247 57 I960 Sept 1,150 96 4 189 57 79 31 17 14 11 316 4 20 43 52 164 52 Oct 1,244 108 4 212 55 77 29 17 19 12 303 4 19 42 55 233 56 Nov 1,254 112 4 206 63 76 27 17 19 13 302 5 22 43 52 235 57 Dec 1,356 121 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 1,390 122 4 228 77 79 21 13 19 14 313 5 28 48 48 311 60 Mar 1,374 128 4 241 88 78 21 13 19 15 306 5 26 48 44 274 63 A M p a r y 1 1 , , 3 3 9 3 4 6 1 1 2 3 7 3 5 5 2 20 1 2 3 1 1 1 1 8 1 7 81 9 2 20 1 1 14 3 1 15 7 1 14 2 r3 3 2 2 1 3 7 5 2 38 9 5 55 0 4 43 0 2 21 8 5 1 6 63 1 1,243 143 5 182 114 91 20 13 12 13 327 6 26 61 46 121 63 July 1,245 148 5 160 120 91 20 12 14 14 336 8 25 63 38 119 71 Aug.p 1,295 158 8 147 119 91 20 13 17 17 375 8 28 67 39 121 68 Sept.2* 1,351 162 5 180 117 90 19 12 15 16 384 6 30 68 39 137 72 Table 3c. Asia and All Other Asia All other End of month Total H Ko 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 ia - C R o e n p g . o, E t R g ia y e n - p- S U o n o u i f o th n Other of the gion— Africa U.A.R. 1956 Dec 337 4 6 20 16 170 16 6 9 91 43 11 6 2 8 17 1957—Dec 386 7 6 22 24 146 53 6 14 110 50 13 5 1 12 19 1958 Dec 435 6 4 27 23 179 67 6 13 111 69 13 4 3 21 29 1959 Dec 586 10 6 29 14 324 24 9 15 155 56 18 3 2 12 21 I960 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 65 27 2 2 10 25 Dec rl,052 9 9 33 24 r806 19 7 24 121 69 28 3 3 11 24 1961 Jan '1.121 8 8 34 28 '875 16 7 22 124 73 28 3 3 12 27 Feb ,220 9 9 43 32 '952 18 10 24 123 73 28 4 3 12 26 Mar 1,349 10 11 48 33 ,069 19 11 23 126 76 26 4 7 13 26 Apr r1,450 10 11 52 30 r ,159 23 11 23 130 76 27 4 8 13 24 May 1,497 10 12 47 33 ,196 26 14 25 134 75 25 3 10 13 24 June 1,598 9 41 47 33 ,272 24 15 27 131 76 25 3 10 15 23 July 1,674 9 40 36 34 ,341 42 13 30 129 90 26 3 13 24 23 Aug p 1,637 10 10 36 31 ,346 37 12 29 126 98 32 3 13 24 25 Sept.** 1,578 10 8 35 31 ,288 38 10 32 126 88 27 3 13 19 26 P Preliminary. r Revised. 2 Less than $500,000. * Sec 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. 1369 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 o a f n d m o c n o t u h n , t r o y r area 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 s e it r s s Other tions Total amounts outstanding 1955—Dec. 671 1,549 1,385 489 236 353 307 164 144 20 1956—Dec. 839 1,946 1,796 582 330 440 444 150 131 19 1957—Dec. 1,174 2,199 2,052 627 303 423 699 147 132 15 1958—Dec. 1,362 2,542 2,344 840 428 421 656 198 181 16 1959—Dec.. 1,545 2,623 2,406 848 460 516 582 217 203 15 1960—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 '3,602 3,123 814 482 605 r ,221 480 242 238 1961—Jan.... 1,654 '3,597 '3,126 799 460 620 r1,247 471 194 277 Feb..., 1,598 '3,668 '3,242 861 455 622 r1,303 426 207 219 Mar... 1,616 '3,942 '3,446 844 494 679 r ,429 496 249 247 Apr..., 1,639 '4,114 '3,584 907 '523 716 r1,438 531 245 286 May.., 1,635 '4,080 '3,573 '870 '520 710 1,473 '507 235 '272 June.., 1,847 4,042 3,590 810 506 711 1,564 451 249 202 July. . . 1,902 4,106 3,695 843 525 718 1,608 412 229 183 Aug.*. 1,830 4,078 3,665 756 537 719 1,653 413 236 177 Sept.*. 1 855 4,124 3,679 777 573 699 L63O 446 266 180 Area and country detail, July 31, 1961 Europe: Austria... 11 3 2 (2) 2 (2) (2) (2) Belgium.. 27 43 42 29 4 9 1 (?) Denmark. 5 9 9 1 2 6 Finland. . 3 14 14 1 <2> 2 12 (2) (2) France... 15 46 43 5 11 17 4 4 Germany, Fed. Rep. of.. 50 141 124 31 45 22 27 17 15 2 Greece 7 8 8 1 2 4 (2) N I N ta o e l t r y h w e a r y lands 1 2 3 5 3 5 0 4 3 1 7 5 1 4 3 1 2 3 0 7 7 1 21 5 1 1 1 1 6 4 6 3 5 1 5 1 *(2)" Portugal 2 2 1 Spain 4 8 7 1 1 Sweden.... 50 17 16 2 (2) (2) Switzerland. 64 36 9 16 5 28 10 18 Turkey 13 13 7 2 4 United Kingdom. 187 55 32 2 12 133 100 32 Yugoslavia 15 15 6 1 4 (2) ..... Other Europe 19 18 4 4 5 Total. 407 684 491 147 114 118 112 193 140 53 Canada. 265 414 245 11 184 11 40 169 46 123 Latin America: Argentina. . . 94 148 135 23 39 61 13 13 Bolivia (2) 5 5 (2) 4 (2) C B h ra i z le il 24 3 8 4 1 1 6 2 0 0 1 1 6 2 0 0 49 2 2 5 4 3 1 4 5 2 3 9 2 ( ( 2 2 ) ) Colombia. . . 27 91 91 5 12 27 48 (2) Cuba 1 20 20 18 Dominican Republic 12 12 5 1 4 El Salvador 14 14 1 I 5 Guatemala 10 14 14 2 1 6 4 (2) Mexico 196 336 331 99 62 35 136 Netherlands Antilles and Surinam Panama, Rep. of 21 25 25 3 13 6 3 (2) Peru 12 63 63 2 9 21 32 (2) (2) Uruguay 38 38 4 4 4 26( Venezuela 184 119 118 19 13 76 Other Latin America 72 71 71 4 15 30 22 Total. 904 1,245 1,225 278 209 324 413 20 17 P Preliminary. r Revised. * Less than $500,000. i Represents mainly loans with an original maturity of more than 1 year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1370 INTT 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 r t m al — i Total Loans to: Collec- Total Ba i o n n f s f k i t c i s t i a u a l n - d Others sta t o i n o u d n t i - s ng Other Total f D or e w e p i i g o t n h si e t r s s Other tions Area and country detail, July 31, 1961—Cont. Asia: Hong Kong 9 9 4 2 3 1 (2) (2) I In n d d o ia nesia 4 1 3 9 ( 4 2 0 ) ( 3 2 9 ) 32 (2) (2 6 ) 1 (2) 1 13 36 36 4 <3 32 1 (2) (2) Israel 9 34 34 3 3 25 Japan 20 1,341 1,317 194 3 156 963 24 24 (2) Korea Rep of 3 3 (2) 3 Philippines 14 42 42 39 1 1 2 (2) (2) T O h th a e il r a n A d s ia . . 5 2 1 1 3 2 1 0 6 3 1 3 2 1 0 6 3 9 1 9 2 3 ( ( 2 2 ) ) 22 3 1 1 1 2 0 4 1 (2) (2) Total 125 1,674 1,648 390 11 229 1,019 26 25 1 Allother: Australia 21 26 23 3 2 11 7 3 2 Congo, Rep. of the 40 3 3 2 2 Egyptian Region—U.A.R.. 4 13 13 5 1 1 8 (2) (2) Union of South Africa 63 24 24 5 9 10 (2) C2) Other 72 23 22 2 4 15 1 (2) Total 201 90 86 17 6 37 26 4 1 3 International institutions. . Grand total 1,902 4,106 3,695 843 525 718 1,608 412 229 183 1 Represents mainly loans with an original maturity of more than 2 Less than $500,000. 1 year. TABLE 5. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES * [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities2 Foreign bonds Foreign stocks Net purchases, Year or month c P ha u s r e - s Sales or sales F ( o — re ) ign c P ha u s r e - s Sales c s N a h l a e e t s s e p s, u ( o - r ) r - ch P a u s r e - s Sales c s N a h l a e e s t s e p s, ( u o - r ) r - ch P a u s r e - s Sales c s N a h l a e e t s s e p s, ( u o - r r ) - Total countries 1957 666 718 -52 117 1,617 1,423 194 699 1,392 -693 593 622 -29 1958 1,224 1,188 36 -237 1,759 1,798 -39 889 1,915 -1,026 467 804 -336 1959 1,217 528 689 527 2,593 2,158 435 946 1,458 -512 566 804 -238 I960 1,730 1,603 127 -98 2,419 2,167 252 883 1,445 -562 509 592 -83 1960—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 '•101 '-10 '32 348 308 40 44 97 -54 50 96 -46 May 155 r206 r-50 r-40 344 299 45 59 r124 r-65 57 96 -39 June 41 74 -33 -33 303 276 27 60 87 -27 53 72 -19 July 170 128 42 42 194 212 -18 50 117 -67 35 55 -20 Aug.P 340 177 163 49 246 254 —8 37 30 7 40 59 — 19 Septp 22 26 -4 5 216 216 223 228 -5 41 58 -17 Preliminary. r Revised. 2 Includes small amounts of U. S. municipal securities. * 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. 1371 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* 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 r2 1957. 194 143 51 14 35 101 77 20 255 -99 23 15 1958. -39 -56 17 -3 2 -8 19 -1 10 -86 23 14 1959. 435 363 73 5 40 31 254 15 35 379 -30 40 46 1960. 252 201 50 5 38 171 -48 66 234 -46 36 28 I I960—Sept.. -18 -18 1 1 -1 -1 -12 -7 -13 -4 1 -2 Oct.., -8 -22 14 A 2 3 20 -29 -7 -6 2 3 Nov.. 7 10 -3 -1 3 I] 14 -20 3 -2 5 2 Dec. -12 7 -18 3 2 -2 -21 -17 0) 5 1961—Jan 30 32 -1 5 -2 5 7 7 22 -4 5 Feb 17 32 -14 3 1 17 2 2 25 -13 1 6 Mar 42 32 10 2 -3 18 5 5 30 6 -2 8 Apr 40 56 -16 -1 -1 3 21 9 j 32 Q 9 9 May 45 58 -13 5 29 1 10 50 -19 9 4 June 27 33 -6 3 19 11 2 34 -14 4 2 July -18 -5 -13 -2 -6 -1 -12 -13 2 5 AAug. 2 -10 -2 -1 6 7 4 -14 1 -14 2 3 Sept.* 15 -15 2 2 2 11 -17 4 1 Preliminary. 2 Includes transactions of international institutions. 1 Includes small amounts of U. S. municipal securities. 3 Less than $500,000. TABLE 7. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 8. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES, BY AREAS FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS» [Net sales, (-). In millions of dollars] [In million of dollars] Inter- Total Latin Assets in custody Y m e o a n r th or na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A i m ca er- Asia o A th l e l r End of month Deposits tutions tries U. S. Govt. Miscelsecurities2 laneous3 1957 -384 -338 231 -552 15 -45 13 1958 -558 -805 -72 -543 5 -45 -150 1959—Dec 345 4,477 570 1959 -157 -593 -50 —443 11 -97 -15 I960 -147 -498 -117 -196 -107 -41 -36 I960—Oct 251 5,634 718 Nov 252 5,430 752 I960—Sept.... -21 -5 -5 12 -7 -6 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 g 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 '-26 -50 -6 -22 j Aug 270 5,903 660 June... -15 -31 -17 -23 3 9 -3 Sept 312 6,036 662 July.... 3 -89 12 -66 1 -5 -30 Oct 249 5,988 652 Aug.p.. 6 -17 -10 -5 1 -3 1 Sept. P.. 4 -26 -5 6 2 -7 -22 1 Excludes assets held for international institutions, and earmarked gold. See note 4 at bottom of p. 1362 for total gold under earmark at p Preliminary. r Revised. Federal Reserve Banks for foreign and international accounts. i Less than $500,000. 2 U. S. Treasury bills, certificates of indebtedness, notes, and bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1372 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 9.—SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONFINANCIAL CONCERNS [End of quarter. In millions of dollars] Liabilities to foreigners Claims on foreigners Revisec series2 Revised series2 Area and country 1960 I960 1960 1961 1960 1961 2 3 4 4 \P 2 3 4 4 1P Europe: Austria. 2 2 1 2 2 5 6 7 8 5 Belgium 16 18 18 18 29 11 10 12 12 11 Denmark 2 2 1 1 2 6 8 12 12 12 Finland 1 1 1 2 2 2 37 20 29 29 33 33 36 38 39 45 Germany, Fed. Rep. of 48 46 41 41 48 28 26 34 39 38 Greece 1 1 1 1 2 3 2 2 2 Italy 13 15 16 16 20 29 34 38 41 Netherlands 44 56 48 48 62 2166 14 17 18 17 Norway 7 7 5 5 6 6 6 6 6 7 Portugal 1 1 1 4 3 3 3 4 Spain 9 10 10 9 11 10 11 11 7 Sweden 14 8 6 6 5 27 27 26 26 26 Switzerland 29 30 26 27 25 20 19 17 18 23 Turkey 1 3 3 3 3 9 7 7 7 5 United Kingdom 89 80 63 67 80 148 163 640 643 257 1 1 1 1 1 1 1 1 2 Other Europe 6 5 3 4 2 3 5 4 5 5 Total 320 304 274 279 330 357 374 873 891 506 58 58 53 57 37 125 174 177 205 334 Latin America: 9 7 7 7 7 12 19 20 20 25 Bolivia 2 2 1 1 3 2 3 3 3 Brazil 17 15 16 17 19 65 69 76 78 60 Chile 5 5 3 3 4 9 9 11 12 14 3 3 4 4 5 11 11 11 12 13 Cuba 4 3 2 2 2 20 18 8 8 6 Dominican Republic 1 1 1 1 (J) 2 2 3 3 3 El Salvador (j) 0) (|) 0) 2 2 2 2 2 Guatemala 0) 0) 4 4 4 4 4 Mexico 30 31 36 39 45 Neth. Antilles and Surinam. 5 5 7 7 4 2 1 2 2 2 Panama Reo of 2 6 2 2 3 12 4 7 7 9 Peru 3 4 4 4 5 8 13 8 9 9 Uruguay 3 4 1 1 2 5 4 4 4 6 Venezuela 19 20 21 22 22 32 30 34 34 37 Other Latin America 4 4 4 4 8 19 19 20 20 22 Total 80 86 81 84 89 235 239 248 257 259 Asia: Hong Kong 2 3 3 3 3 2 1 2 2 3 India 4 4 6 7 6 7 11 12 15 10 Indonesia 4 4 3 3 11 1 1 1 4 4 5 6 7 6 8 7 8 8 9 Israel 1 3 5 5 4 10 9 11 11 7 19 18 27 30 58 39 35 51 60 57 Korea Rep of 0) 0) 0) 1 1 Philippines 5 7 9 7 9 8 Taiwan 2 2 3 3 2 2 3 3 3 4 Thailand 3 3 3 3 3 4 4 3 4 3 Other Asia 5 5 6 8 8 18 17 17 20 17 Total 51 55 68 75 109 99 98 119 136 124 All other: 8 12 14 14 15 16 19 21 22 19 Congo Rep of the . .. 1 1 2 1 1 3 3 2 Egyptian Region—U.A.R.. 1 1 2 2 2 6 5 6 7 7 Union of South Africa.... 6 1 1 2 8 8 6 7 9 Other 5 5 5 7 10 11 10 13 15 13 Total 22 21 23 25 30 41 44 49 52 51 International institutions.... 0) 0) 0) 0) 0) 0) 0) 0) 0) Grand total 531 525 498 520 595 858 931 1,467 1,541 1,274 J> Preliminary. NOTE.—Reported by exporters, importers, and industrial and com- 1 Less than $500,000. mercial concerns in the United States. Data exclude claims held through 2 Includes data for a number of firms reporting for the first time on U. S. banks, and intercompany accounts between U. S. companies and Dec. 31, 1960. their foreign affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. BALANCE OF PAYMENTS 1373 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, total *. 5,965 5,607 6,142 5,463 5,848 5,950 6,448 6,353 6,962 6,659 7,326 6,898 7,025 Merchandise 4,193 3,816 4,196 3,807 4,074 4,058 4,343 4,607 4,994 4,676 5,132 5,009 4,910 Services 2 1,772 1,791 1,946 1,656 1,774 1,892 2,105 1,746 1,968 1,983 2,194 1,889 2,115 Imports of goods and services, total.. 5,278 5,388 5,446 5,401 5,964 6,228 5,944 5,769 6,074 6,057 5,427 5,322 5,634 Merchandise 3,166 3,124 3,522 3,594 3,879 3,847 3,974 3,830 3,857 3,550 3,485 3,407 3,469 Services 1,200 1,425 1,095 1,027 1,296 1,595 1,216 1,172 1,461 1,709 1,215 1,156 1,417 Military expenditures 912 839 829 780 789 786 754 767 756 798 727 759 748 Balance on goods and services1 687 219 696 62 -116 -278 504 584 888 602 1,899 1,576 1,391 Unilateral transfers (net)3 -598 -544 -633 -621 -581 -547 -675 -579 -631 -618 -661 -700 -681 Private remittances and pensions.. -174 -174 -196 -184 -187 -214 -206 -198 -213 -207 -230 -210 -221 Government nonmilitary grants.. -424 -370 -437 -437 -394 -333 -469 -381 -418 -411 -431 -490| -460 U.S. long- and short-term capital (net) 1,251 -784 -893 -494 -1,032 -607 -595 -875 -1,110 -1,075 -1,905 -1,400 -589 Private, total -1,025 -451 -726 -412 -738 -387 -838 -651 -724 -924 -1,557 — 9X0 -934 Direct investment -411 -156 -372 -287 -442 -224 -419 -303 -331 -327 -733 -464 -431 Portfolio and short-term investment -614 -295 -354 -125 -296 -163 -419 -348 -393 -597 -516 -503 Government -333 -167 -82 4-294 -220 243 -224 -386 -151 -348 -420 345 -226 Foreign capital and gold (net) 934 901 953 n,439 1,440 620 821 981 1,208 1,119 533 161 Increase in foreign short-term as- 1,086 sets and Government securities 477 502 '785 '1,109 r425 r737 548 '261 r63! r327 Increase in other foreign assets. . 26 -26 52 r73 195 164 123 187 r150 23 r-63 124J 164 Gold sales by United States -15 483 347 95 4397 167 72 50 94 637 921 53461 s-330 1,075 Errors and omissions 76 175 100 290 146 49 -128 -117 -452 -9| -282 I P Preliminary. r Revised. 4 Excluding additional U.S. subscription to IMF of $1,375 million, 1 Excluding military transfers under grants. of which $344 million was transferred in gold and $1,031 million in 2 Including military transactions. non-interest-bearing U.S. Government securities. 3 Minus sign indicates net outflow. 5 Net of change in convertible currencies held by Exchange Stabilization Fund. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Germany Netherlands Sw la i n tz d er- Month 3 T m r b e o i a l n s ls u t , h ry s1 m D o a d y n a - y e t y o 2 - 3 B a a m a c n n c o c e k e n p e s t t r , h - s s ' 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - y e t y o 3 - Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - y e t y o 5 - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1958—Dec 3.46 2.07 3.34 3.16 2.70 2.00 6.07 2.38 2.63 2.26 .50 2.50 1959—Dec 5.02 4.30 3.72 3.61 2.85 2.00 4.07 3.75 3.56 2.52 .50 2.00 I960—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 .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 .77 .75 2.00 May 3.18 2.92 4.55 4.38 3.81 3.00 3.91 2.25 2.63 .83 .75 2.00 June 2.69 2.45 4.64 4.50 3.67 3.00 3.76 2.25 2.56 .88 .75 2.00 July 2.61 2.55 4.72 5.10 3.98 3.38 3.65 2.25 2.63 . 88 .75 2.00 Aug 2.48 2.29 6.91 6.71 5.64 5.00 3.52 2.25 2.44 .84 .75 2.00 Sept 2.42 2.17 6.84 5.94 5.71 5.00 2.25 2.94 1.01 .95 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

1374 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 Oct. 31, 1960 Rate Country 1960 1961 O a c s t . o 3 f 1, Per Month 1961 cent effective Nov.' Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 6.0 Dec. 1957 6.0 Austria .... 5.0 Mar. 1960 5.0 Belcium . .......... 5.0 Aug. 1960 4.75 4.75 Brazil2 10.0 Apr. 1958 10.0 Burma • 3.0 Feb. 1948 3.0 3.28 Oct. 1960 4.02 3.5 3.29 3.46 3.46 3.53 3.42 2.82 2.80 2.51 2.84 2.75 2.75 Ceylon 4.0 Aug. 1960 4.0 Chile4 16.55 July 1960 16.74 15 88 15.88 Colombia 2 . .. 5.0 Aug. 1959 5.0 Costa Rica* 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 3.0 Nov. 1952 3.0 El Salvador2 5.5 Jan. 1960 6.0 6.0 Finland 6.75 Mar. 1959 6.75 France • .... 3.5 Oct. 1960 3.5 Germany 5.0 June 1960 4.6 3.5 3.0 3.0 7.0 Apr. 1960 6.0 6.0 Honduras^ .. •• 2.0 Jan. 1953 2.0 Iceland • • • • • 11.0 Feb. 1960 9.0 9.0 India <* 4.0 May 1957 4.0 Indonesia2 3.0 Apr. 1946 3.0 Iran .............. 4.0 Aug. 1948 4.0 5.5 July 1960 5.31 4.62 4.38 4.75 4.62 4.78 6.88 6.75 6.75 Israel 6.0 Feb. 1955 6.0 Xtaly 3.5 June 1958 3.5 Japan2 6.94 Aug. 1960 6.57 6.94 7.3 7.3 4.5 June 1942 4.5 Netherlands 3.5 Nov. 1959 3.5 New Zealand 6.0 Oct. 1959 7.0 7.0 6.0 Apr. 1954 6.0 Norway •• • •• 3.5 Feb. 1955 3.5 Pakistan 4.0 Jan. 1959 4.0 Peru2 9.5 Nov. 1959 9.5 Philippine Republic2 5.75 Sept. 1960 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 4.0 4.0 Sweden ................. 5.0 Jan. 1960 5.0 2.0 Feb. 1959 2.0 7.0 Feb. 1945 7.0 6 0 June 1956- 9 0 7 5 7.5 United Kingdom 5.5 Oct. 1960 5.0 7.0 6.5 6.5 6.5 Oct. 1960 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 Colombia—3.5 per cent for agricultural and industrial development bills; end-of-month rate shown. paper of up to 150 days, 3 per cent for economic development paper * Beginning with Apr. 1, 1959, new rediscounts have been granted at of up to 5 years, and 2 per cent for specific small business, cooperative the average rate charged by banks in the previous half year. Old redisand employee paper; counts remain subject to old rates provided their amount is reduced by Costa Rica—5 per cent for paper related to commercial transactions one-eighth each month beginning May 1, 1959, but the rates are raised (rate shown is for agricultural and industrial paper); by 1.5 per cent for each month in which the reduction does not occur. Cuba—5.5 per cent for sugar loans and 5 per cent for loans secured by 5 Rate shown is for advances only. national public securities; * Beginning with May 16, 1957, this rate applies to advances against Ecuador—6 per cent for bank acceptances for commercial purposes; commercial paper as well as against government securities and other eligible paper. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES 1375 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 o ra u u l n s ia - d) (s A ch u i s l t l r in ia g) B ( e fr 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 ) (m Fi 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.SI 3.8539 1.9906 104.291 20.913 .3995 .2376 1958 5.556 2.207 223.88 3.8536 2.0044 103.025 21.049 .3118 2 2374 1959 i 1.2730 223.81 3.8619 2.0012 104.267 21.055 .3115 .2038 I960 1.2026 223.71 3.8461 2.0053 103.122 21.048 .3112 3 20 389 I960—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 .2073 222.91 3.8314 2.0042 101.265 20.990 .3111 20.404 Apr I.2075 222.95 3.8306 1.9985 101.110 20.992 .3111 20 400 May .2071 222.63 3.8308 1.9983 101.255 20.988 .3110 20.404 June . . 1.2096 222.30 3.8368 2.0018 99.471 20.984 3110 20 405 July 1.2113 222.10 3.8554 2.0081 96.701 20.951 .3109 20.405 Aug .2104 223.34 3.8592 2.0080 96.933 21.012 .3109 20.352 Sept I.2061 224.08 3.8634 2.0084 97.003 21.076 .3109 20 331 Oct .2056 224.33 3.8660 2.0085 97.039 21.094 .3108 20.337 Year or month G (d m e e r u a m t r s k a c n h ) y e (r I u n p d e ia e) ( I p 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 s a l i l l a a a y r - ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - 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 I960. 23.976 20.968 280.76 .1610 .2778 32.817 8.0056 26.513 277.98 I960—Oct 23.968 20.983 281.16 .1611 .2787 32.838 8.0056 26.518 278.37 Nov 23.974 21.000 281.35 .1610 .2778 32.858 8.0056 26.492 278 57 Dec 23.973 20.982 280.74 .1610 .2781 32.833 8.0056 26.517 277.96 1961—Jan 23.968 20.975 280.64 .1610 .2786 32.826 8.0056 26.499 277.86 Feb 23.966 20.950 279.99 .1607 .2786 32.774 8.0056 26 400 277 22 Mar 4 25.020 20.940 279.75 .1607 .2786 32.699 8.0056 5 27.582 276.98 Apr 25.185 20.940 279.81 .1609 .2772 32.600 8.0056 27.820 277.03 May . .. 25.184 20.919 279.40 .1611 .2763 32.518 8.0056 27 826 276.63 June 25.166 20.889 278.98 .1611 .2763 32.489 8.0056 27.828 276.22 July 25.127 20.886 278.74 .1611 .2762 32.488 8.0056 27 827 275 98 Aug 25.046 20.998 280.29 .1611 .2762 32.604 8.0056 27.771 277.52 Sept . .. 25.019 21.067 281.22 .1611 .2762 32.716 8.0056 27 676 278 44 Oct 25.016 21.089 281.54 .1611 .2762 32.752 8.0056 27.731 278.75 Year or month N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o c g 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 r e o d n e a n ) z ( e f S r r w a la n i n t c - ) d ( U p K d o n i o u i n t m 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 6 49.770 3.4937 279.71 1.6635 19.349 23.152 280.76 I960—Oct 14.032 3.4973 280.11 1.6640 19.365 23 211 281 16 Nov 14 038 3.4992 280.30 1.6641 19.355 23 216 281 35 Dec 14.021 3.4950 279.69 1.6642 19.334 23.225 280.74 1961 Jan 14 004 3.4928 279.59 19.339 23 220 280 64 Feb 13 985 3.4861 7 279.19 8 139.37 1.6644 19.342 23.144 279.99 Mar . . 13.985 3.4903 139.35 L.6644 19.353 23.144 279 75 Apr 13 989 3.4920 139.38 I 6643 19 354 23 122 279 81 May 13.964 3.4851 139.18 1.6644 19.378 23.101 279.40 June 13.952 3.4815 138.97 L.6644 19.365 23.144 278.98 July 13.947 3.4797 138.85 1.6644 19.357 23.169 278.74 Aug 14.004 3.4875 139.62 1.6644 19.366 23.163 280.29 Sept 14.041 3.4941 140.09 1.6644 19.329 23.167 281.22 Oct 14.051 3.5013 140.24 I.6644 19.351 23.133 281.54 1 Effective Jan. 12, 1959, the Argentine Government established a from 4.20 to 4.00 marks per U. S. dollar. single exchange rate for the peso in place of the former official and free 5 Effective Mar. 7, 1961, the par value of the guilder was changed from rates. 3.80 to 3.62 guilders per U. S. dollar. 2 Effective rate of 420 francs per U. S. dollar, established Aug. 12,1957, 6 Based on quotations through Apr. 22, 1960. was extended to all foreign exchange transactions on Oct. 28, 1957, and 7 Based on quotations through Feb. 10, 1961. on June 23, 1958, became the official rate. On Dec. 29, 1958, the franc s Effective Feb. 14, 1961, South, AAffrt"ica 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. CARMICHAEL, Assistant Secretary C. C. HOSTRUP, Assistant Director LEGAL DIVISION GLENN M. GOODMAN, Assistant Director HOWARD H. HACKLEY, General Counsel HENRY BENNER, Assistant Director DAVID B. HEXTER, Assistant General Counsel JAMES C. SMITH, Assistant Director G. HOWLAND CHASE, Assistant General Counsel BRENTON C. LEAVITT, Assistant Director THOMAS J. O'CONNELL, Assistant General LLOYD M. SCHAEFFER, Chief Federal Reserve Counsel 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 1376 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1377 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

1378 FEDERAL RESERVE BULLETIN • NOVEMBER 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. 0. 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 per annum or 60 cents per copy; elsewhere THE FEDERAL FUNDS MARKET—A Study by a $7.00 per annum or 70 cents per copy. (Group Federal Reserve System Committee. May subscriptions in the United States for 10 or 1959. Ill pages. $1.00 per copy; in quantimore copies to one address, 50 cents per copy ties of 10 or more for single shipment, 85 per month, or $5.00 for 12 months.) cents each. 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 per annum or 60 cents per copy; elsewhere ALL-BANK STATISTICS, 1896-1955. Part I, U. S. $7.00 per annum or 70 cents each. (Group Summary. Part II, Summaries by States and rate of 50 cents each for 10 or more of same other areas. April 1959. 1,229 pages. $4.00. issue for single shipment.) THE FEDERAL RESERVE ACT, as amended through HISTORICAL CHART BOOK. Issued each September October 1, 1961, with an Appendix conas a supplement to the monthly chart book on taining provisions of certain other statutes affinancial and business statistics. Annual subfecting the Reserve System. 386 pages. $1.25. scription to the monthly chart book includes one issue of the historical. In the United States FLOW OF FUNDS IN THE UNITED STATES, 1939-53 and countries listed above under Federal Re- December 1955. 390 pages. $2.75. serve Bulletin, single copies 60 cents each; elsewhere, 70 cents each. (Group rate in quan- BANKING AND MONETARY STATISTICS. November tities of 10 or more for single shipment 50 1943. 979 pages. $1.50. cents each.) REGULATIONS OF THE BOARD OF GOVERNORS OF INDUSTRIAL PRODUCTION CHART BOOK. February THE FEDERAL RESERVE SYSTEM. 1961. 210 pages. $1.75 per copy; in quantities of 10 or more for single shipment, $1.50 PUBLISHED INTERPRETATIONS of the Board, as of each. January 1, 1961. $2.50 each. 1379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1380 FEDERAL RESERVE BULLETIN • NOVEMBER 1961 REPRINTS CONSUMER BUYING INTENTIONS AND QUARTERLY (From Federal Reserve Bulletin unless preceded SURVEY OF CONSUMER BUYING INTENTIONS. Combined reprint. September 1960. 31 pages. by an asterisk) A NEW MEASURE OF THE MONEY SUPPLY. Octo- THE MONETARY SYSTEM OF THE UNITED STATES. ber 1960. 22 pages. February 1953. 16 pages. IMPLEMENTATION OF THE 1959 ACT ON RESERVE INFLUENCE OF CREDIT AND MONETARY MEASURES REQUIREMENTS. December 1960. 6 pages. ON ECONOMIC STABILITY. March 1953. 16 pages. SMALL BUSINESS FINANCING: CORPORATE MANU- FACTURERS. January 1961. 15 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC CREDIT AND MONEY IN 1960. February 1961. STABILITY. May 1953. 7 pages. 8 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- GOLD AND DOLLAR TRANSFERS IN 1960. March COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- 1961. 7 pages. ber 1955. 40 pages. FEDERAL RESERVE OPERATIONS IN PERSPECTIVE. SURVEYS OF BANK LOANS FOR COMMERCIAL AND March 1961. 10 pages. INDUSTRIAL PURPOSES. Business Loans of STATISTICS ON THE GOVERNMENT SECURITIES Member Banks. April 1956. 14 pages. Credit MARKET. April 1961. 8 pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. Member Bank Lending OWNERSHIP OF DEMAND DEPOSITS. April 1961. to Small Business, 1955-57. April 1958. 19 3 pages. pages. Member Bank Term Lending to Busi- SURVEY OF COMMON TRUST FUNDS, 1960. May ness, 1955-57. April 1959. 16 pages. Security 1961. 7 pages. (Similar Surveys available Pledged on Business Loans at Member Banks. for each year of the 1955-60 period.) September 1959. 16 pages. CLASSIFICATION SYSTEM FOR SAVINGS AND OTHER REVISION OF CONSUMER CREDIT STATISTICS. Oc- TIME DEPOSITS. May 1961. 2 pages. (Also, tober 1956. 24 pages. (Also, similar reprint similar reprint from July 1960 BULLETIN.) from April 1953 BULLETIN.) BANKING AND MONETARY STATISTICS, 1960. Selected series of banking and monetary statistics REVISION OF MONTHLY DEPARTMENT STORE INfor 1960 only. February and May 1961. 13 DEXES. December 1957. 30 pages. pages. OPEN MARKET OPERATIONS IN LONG-TERM SE- BANK CREDIT AND MONEY IN RECOVERY. July CURITIES. November 1958. 15 pages. 1961. 8 pages. •PART I, ALL-BANK STATISTICS, 1896-1955. INTEREST RATES IN LEADING COUNTRIES. August April 1959. 94 pages. 1961. 8 pages. 1959 SURVEY OF CONSUMER FINANCES. March, THE BALANCE SHEET OF AGRICULTURE, 1961. July, and September 1959. 48 pages. (Simi- August 1961. 9 pages. lar Surveys available for some earlier years in CAPITAL MARKETS IN 1961. September 1961. the period 1955-58.) 7 pages. U. S. BALANCE OF PAYMENTS IN 1961. October A QUARTERLY PRESENTATION OF FLOW OF FUNDS, SAVING, AND INVESTMENT. August 1959. 49 1961. 7 pages. pages. SURVEY OF FINANCE COMPANIES, MID-1960. October 1961. 21 pages. THE GOVERNMENT SECURITIES MARKET. August 1959. 22 pages. LIQUIDITY AND PUBLIC POLICY. October 1961. 17 pages. REVISED INDUSTRIAL PRODUCTION INDEX. De- QUARTERLY SURVEY OF CONSUMER BUYING INcember 1959. 24 pages. TENTIONS. November 1961. 7 pages. (Also, REVISED SERIES FOR SEASONALLY ADJUSTED similar reprints from BULLETINS for December MONEY SUPPLY. February 1960. 4 pages. 1960 and March, May, August 1961.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1320, 1322 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 1314, 1316 Adjusted, and currency, 1310 Assets and liabilities (See also Foreign liabilities Banks, by classes, 1305, 1311, 1315, 1318, 1322 and claims): Federal Reserve Banks, 1306, 1371 Banks and the monetary system, Postal savings, 1304, 1310 consolidated, 1310 Discount rates, 1304, 1374 Corporate, current, 1332 Discounts and advances by Federal Reserve Domestic banks, by classes, 1311, 1314, Banks, 1300, 1305, 1306 1316, 1322 Dividends, corporate, 1331, 1332 Federal Reserve Banks, 1306 Dollar assets, foreign, 1363, 1371 Automobiles: Consumer instalment credit, 1336, 1337, 1338 Earnings and hours, manufacturing indus- Production index, 1340, 1343 tries, 1346, 1349 Employment, 1346, 1348, 1349 Bankers' balances, 1315, 1317 (See also Foreign liabilities and claims) Farm mortgage loans, 1333, 1334 Banks and the monetary system, consolidated Federal finance: statement, 1310 Cash transactions, 1324 Bonds (See also U. S. Govt. securities): Receipts and expenditures, 1325, 1358 New issues, 1329, 1330, 1332 Treasurer's balance, 1324 Prices and yields, 1320, 1321 Federal home loan banks, loans, etc., 1335 Brokers and dealers in securities, bank Federal Housing Administration, loans, etc., 1333, loans to, 1314, 1316 1334, 1335 Business expenditures on new plant and Federal National Mortgage Association, equipment, 1332 loans, etc., 1335 Business indexes, 1346 Federal Reserve Banks: Business loans (See Commercial and industrial loans) Condition statement, 1306 U. S. Govt. securities held by, 1300, 1305, Capital accounts: 1306, 1326, 1327 Banks, by classes, 1311, 1315, 1318 Federal Reserve Banks, 1306 Federal Reserve credit, 1300, 1305, 1306 Carloadings, 1346 Federal Reserve notes, 1306, 1308 Central banks, foreign, 1360, 1374 Finance company paper, 1320, 1322 Coins, circulation of, 1308 Financial institutions, loans to, 1314, 1316 Commercial banks: Float, 1300 Assets and liabilities, 1311, 1314 Flow of funds, saving and financial flows, 1356 Consumer loans held, by type, 1337 Foreign central banks, 1360, 1374 Number, by classes, 1311 Foreign currencies, convertible, holdings by U. S. Real estate mortgages held, by type, 1333 monetary authorities, 1362 Commercial and industrial loans: Commercial banks, 1314 Foreign deposits in U. S. banks, 1300, 1306, 1310, Weekly reporting member banks, 1316, 1319 1315, 1318, 1371 Commercial paper, 1320, 1322 Foreign exchange rates, 1375 Condition statements (See Assets and liabilities) Foreign liabilities and claims: Construction, 1346, 1347 Banks, 1364, 1366, 1369, 1371 Consumer credit: Nonfinancial concerns, 1372 Instalment credit, 1336, 1337, 1338, 1339 Foreign trade, 1351 Major parts, 1336, 1338 Noninstalment credit, by holder, 1337 Gold: Consumer price indexes, 1346, 1352 Earmarked, 1362 Consumption expenditures, 1354, 1355 Net purchases by U. S., 1362 Corporate sales, profits, taxes, and divi- Production, 1361 dends, 1331, 1332 Reserves of central banks and governments, 1360 Corporate security issues, 1330, 1332 Reserves of foreign countries and international Corporate security prices and yields, 1320, 1321 institutions, 1363 Cost of living (See Consumer price indexes) Stock, 1300, 1310, 1362 Currency in circulation, 1300, 1308, 1309 Gold certificates, 1306, 1308 Customer credit, stock market, 1321 Govt. debt (See U. S. Govt. securities) Gross national product, 1354, 1355 Debits to deposit accounts, 1309 Demand deposits: Hours and earnings, manufacturing indus- Adjusted, banks and the monetary system, 1310 tries, 1346, 1349 Adjusted, commercial banks, by Housing starts, 1347 classes, 1309, 1315 Banks, by classes, 1305, 1311, 1318 Industrial production index, 1340, 1346 Turnover of, 1309 Instalment loans, 1336, 1337, 1338, 1339 Type of holder, at commercial banks, 1315 Department stores: Insurance companies, 1323, 1326, 1327, 1334 Merchandising data, 1351 Insured commercial banks, 1313, 1314 Sales and stocks, 1346, 1350 Interbank deposits, 1305, 1311, 1315 1381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1382 FEDERAL RESERVE BULLETIN • NOVEMBER 1961 Interest rates: Reserves—Continued Bond yields, 1320 Foreign central banks and governments, 1360 Business loans by banks, 1319 Foreign countries and international Federal Reserve Bank discount rates, 1304 institutions, 1363 Foreign countries, 1373, 1374 Member banks, 1300, 1302, 1305, 1315, 1317 Open market, 1320, 1373 Residential mortgage loans, 1333, 1334, 1335 Stock yields, 1320 Time deposits, maximum rates, 1304 Sales finance companies, consumer loans of, 1336, International capital transactions of the U. S., 1364 1337, 1339 International institutions, 1360, 1362, 1363 Saving: Inventories, 1354 Flow-of-funds series, 1356 Investments (See also specific types of investments): National income series, 1355 Banks, by classes, 1311, 1314, 1317, 1322 Savings deposits (See Time deposits) Federal Reserve Banks, 1305, 1306 Savings institutions, principal assets, 1322, 1323 Life insurance companies, 1323 Savings and loan associations, 1323, 1327, 1334 Savings and loan associations, 1323 Securities, international transactions, 1370, 1371 Security issues, 1329, 1330, 1332 Labor force, 1348 Silver coin and silver certificates. 1308 Loans (See also specific types of loans): State member banks, 1313 Banks, by classes, 1311, 1314, 1316, 1322 State and municipal securities: Federal Reserve Banks, 1300, 1305, 1306 New issues, 1329, 1330 Insurance companies, 1323, 1334 Prices and yields, 1320, 1321 Savings and loan associations, 1323, 1334 States and political subdivisions: Loans insured or guaranteed, 1333, 1334, 1335 Deposits of, 1315, 1318 Holdings of U. S, Govt. securities, 1326 Manufactures, production index, 1340, 1346 Ownership of obligations of. 1314. 1322. 1323 Margin requirements, 1304 Stock market credit, 1321 Member banks: Stocks: Assets and liabilities, by classes, 1311, 1314 New issues, 1330 Borrowings at Federal Reserve Banks, 1302, Prices and yields, 1320, 1321 1306, 1318 Deposits, by classes, 1305 Tax receipts, Federal, 1325 Number, by classes, 1312 Time deposits, 1304, 1305, 1310, 1311, 1315, 1318 Reserve requirements, by classes, 1305 Treasurer's account balance, 1324 Reserves and related items, 1300 Treasury cash, 1300, 1308, 1310 Weekly reporting series, 1316 Treasury currency, 1300, 1308, 1310 Mining, production index, 1340, 1346 Treasury deposits, 1300, 1306. 1324 Money rates (See Interest rates) Unemployment, 1348 Money supply and related data, 1309 U. S. balance of payments, 1373 Mortgages (See Real estate loans) U. S. Govt. balances: Mutual savings banks, 1310, 1311, 1313, 1322, 1326, Commercial bank holdings, by classes, 1315, 1318 1327, 1333 Consolidated monetary statement, 1310 Treasury deposits at Federal Reserve National banks, 1313 Banks, 1300, 1306, 1324 National income, 1354, 1355 U. S. Govt. securities: National security expenditures, 1325, 1354 Bank holdings, 1310, 1311, 1314, 1317, 1322, Nonmember banks, 1306, 1313, 1314, 1315 1326, 1327 Dealer transactions, positions, and financing, 1328 Payrolls, manufacturing, index, 1346 Federal Reserve Bank holdings, 1300, 1305, Personal income, 1355 1306, 1326, 1327 Postal Savings System, 1304, 1310 Foreign and international holdings, 1306, 1363 Prices: International transactions, 1370 Consumer, 1346, 1352 New issues, gross proceeds, 1330 Security, 1321 Outstanding, by type of security. 1326. 1327, 1329 Wholesale commodity, 1346, 1352 Ownership of, 1326, 1327 Production, 1340, 1346 Prices and yields, 1320, 1321 Profits, corporate, 1331, 1332 United States notes, outstanding and in circulation, 1308 Real estate loans: Utilities, production index, 1340, 1346 Banks, by classes, 1314, 1316, 1322, 1333 Type of mortgage holder, 1333, 1334, 1335 Vault cash, 1300, 1305, 1315 Type of property mortgaged, 1333, 1334, 1335 Reserve requirements, member banks, 1305 Veterans Administration, loans, etc., 1333, 1334, 1335 Reserves: Commercial banks, 1315 Weekly reporting member banks, 1316 Federal Reserve Banks, 1306 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES C° THE FEDERAL RESERVE SYSTEM g) Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System © Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis